Full text of Commercial and Financial Chronicle : October 21, 1916, Vol. 103, No. 2678

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Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Electric Railway Section
Bankers* Convention Section__________State and City Section

VOL- 103_____________ SATURDAY, OCTOBER 21 1916
.

Ctottitlje.

NO. 2678
Week ending October 14.

Clearings at—

PUBLISHED WEEKLY.

Inc. or
D ec.

1915.

T erm s o f S u b sc rip tio n — P a y a b le in Advance
F o r O n o Y e a r ....................................................................
$10 0 0
F o r S ix M o n th s ......................................................................
' .
g 00
E u rop ean S u b s cr ip tio n (in c lu d in g p o s t a g e )........
........................
13 00
E u rop ea n S u b s cr ip tio n s ix m on th s (in c lu d in g p o s t a g e ).......................... 7 5 0
A n n u al S u b s crip tio n in L o n d o n (in c lu d in g p o sta g e )
............... & 2 1 4 s .
S ix M on th s S u b s cr ip tio n in L o n d o n (In clu d in g p o s t a g e )!'.'.'.................£ 1 11
Canadian S u b s cr ip tio n (in c lu d in g p o s t a g e ) ................................................. $ 1 1 6 0

Subscription includes following Supplements—

B ank and Quotation (monthly) |railway and industrial (3 times yearly)
R ailway E arnings (monthly)
klectiiio railw ay (3 times yearly)
S t a t e and city (sem i-a n n u a lly) |B ankers ’ C o n v e n t io n (y e a r ly )

Terms of Advertising— Per Inch Space
T ra n sien t m a tter p e r in c h sp aco (I d a gato l in e s ).......................................... *4 20
( T w o M o n th s
(.s tim e s )................................. 2 2 0 0
HtnrwllnnIlnaiTinil
(13
S ta n d in g B
u sin ess cf ianr di ss .)
/ TlWCO
g ix M oMoIltilS
n th s
(2 0 timGS).................................
t im e s ).................................. 5209 0 0
\ T w e lv e M o n th s (52 tim e s )................................ 8 7 0 0

Chicago Office—39 S o n th L a S allo S tre e t, T e le p h o n e R a n d o lp h 7396.
London Office—E d w a rd s & S m ith , 1 D ra p e rs’ G ard en s, E. C.
'

W IL L IA M O. DANA COM PANY, P u b lish ers,
F r o n t , P in o a n d D c p c y s t e r S ts ., N e w Y o r k ,
Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y
Jacob Seibert Jr., President and Troas.; George S. Dana and Arnold Q Dana
Vice-Presidents; Arnold G . Dana, Sec. Addresses o f all, Office o f the Com pany

CLEARING-HOUSE RETURNS.
T h e fo llo w in g ta b le, m a d e u p b y te le g ra p h . & c ., in d ica te s th a t th e t o t a l
b a n k clea rings o f all th e clea rin g bo u se s o f th e U n ite d S tates fo r tlio w eek
enc!
Lpen $ 6 ,2 4 7 ,8 9 0 ,7 8 5 a g a in st $ 5 ,4 4 0 ,9 3 4 ,9 1 5 last w eek
a n d $ 4 ,6 5 0 ,0 2 9 ,4 6 4 th e co r re s p o n d in g w eek last y e a r.
Clearings— Returns by Telegraph.
Week ending Oct. 21.

1915.

$3,244,023,298
211,750,371
280,160,875
34,373,688
417,815,081
110,057,747
36,445,960

$2,419,476,934
162,606,663
170,922,809
35,688,121
302,461,192
80,868,101
20,600,958

+ 34.1
+ 3 0 .2
+ 6 3 .9
— 3.7
+ 3 8 .1
+ 3 0 .1
+ 76.9

Seven cities, five days.
Othor cities, five days___

$4,334,033,029
855,014,269

$3,192,624,778
701,046,298

+ 3 5 .8
+ 21.9

Total all cities, five days.
All cities, one day..... .......... ..

$5,189,647,298
1,085,243,487

$3,893,071,070
756,958,388

+ 3 3 .3
+ 43.4

$0,274,890,785

*4,050,629,404

+ 34.9

-

as,
Week ending October 14.

Clearings at—
1915.

1915.

Inc. or
D ec.

%

1914.

1913.

N ow Y ork ........... 3,342.579,117 2.860,690,408 + 16.9
1.161,740.377
265,562,241
Philadelphia____
199,283,288 + 28.7 140,830,285 1,919,226,147
160,737,583
62,109,776
Pittsburgh...........
53,439,558 + 15.3
61,616,036
67,910,724
37,046,468
Baltimore . . .
38,381,287
— 1.1
33,996,612
40,272,480
13,527,595
Buffalo_________
12.060,671 + 12.2
11,308,430
16,041,124
4.963.807
A lbany--------5,840.184 — 15.0
6,750,144
7,787,922
Washington-------9,460,789
8,140,558 + 16.2
7,244,348
7.618,135
5,938.144
R och ester______
6.475.623
+ 8.4
4,600,169
4,964,678
2
.
888,886
Scranton_______
2,933,198
— 1.5
2,867.430
2.868.574
3,819,324
Syracuso ----------3,477,837 + 10.0
3,162,186
3,150,684
2,393,810
Reading-------2,132,849 + 12.2
1,963,942
2.011.519
2,856,586
W ilm ington_____
2,353,113 + 21.4
1.502,721
1,888,927
1,681,969
Wilkes-Barre____
1,858,345
— 9.5
1,525,782
1.800.520
3,436.684
W heeling____
2,372,445 + 4 4 .9
2.039,160
2,460.115
1,048.361
Y ork ......................
1,016.908
+ 3 .1
1,012.195
933,950
1,970,908
T renton_____
1,843,308
+ 7.4
1,759,594
1,674.098
1,434,439
1.201.972 + 19.4
E r i e ......................
1,020.090
1,190,643
797,265
G rconsburg-------691,447 + 15.4
688,972
550,000
1,245,259
C h ester.........
1,079,059 + 15.4
781,744
718,007
845,600
B ingh am ton____
736,400 + 14.8
679,500
749.100
650,000
A lto o n a ______
521,408 + 24.8
698,183
640.578
1,936,619
L a n oastcr______
1.872.623
+ 3.4
1.694,033
1,813.838
412,338
M o n tc la ir ______
423,339
— 2.6
384,385
397,693
T otal M iddle. 3,760,514,985 3,207,825,828 + 17.2
1.439,835,338 2,237.413,005
B oston__________
189,721.963 203,064.782
— 7.0
174,031,208
P rovlden oe_____
11.070.400
10,151.600 + 15.0 134,223,120
8,364.100
10.749,600
TTnrt.ford
._
8.287.081
6,880.376 + 20.5
4,330,732
4,944,922
N ew H a v e n ..___
4,012,002
4.217.899
+ 9.4
3,643,120
3,401,209
3,704.358
Springfield______
3.476.562
+ 6.6
2.658.429
3.161.818
2 ,200.000
Portland .
___
2, 100,000 + 4.8
1,900,000
2,001,913
W orcester......... 3,490,300
3.714.899
— 6.0
2,060,050
3.482.906
2,000,612
Fall River______
1,452,196 + 3 7 .7
1,011,033
1,429,103
1,721,722
N ow B e d fo r d ...
1,606,319
+ 7.2
1,185.470
1,283.892
024,102
L o w e ll_________
916.631
+ 0.8
703,333
514,129
873,339
n o ly o k o ________
706,911 + 23.5
732,745
035,402
725,000
Bangor..................
542,996 + 3 3 .5
437,371
603,830
229,930,879 239.731,16ll — 4 .ll 162,160,103
T o t . New E n g.
206,740,061
Note. For Canadian clearing* seo “ Commercial and Miscellaneous N ews.”




416,135,009 339,807,107
31,289,050
28,117,050
52,905,375
33,967,488
47,409,412
34,625,112
24,025,085
18.048,473
11,991,572
9.154,077
10.374,900
7,499,100
8,168,388
7,149,840
3.550.000
3,229,511
4,580,386
3,422,009
3.108.906
1,917,295
2,376,698
1,883,438
1,686,694
1,126,704
1.749.907
1,275,404
3.727.000
2,137,000
696,563
720,454
1,453,788
1.036,401
3,068,127
1,762,795
880,245
891,682
849,192
713,655
1,016,563
813,676
2,514,933
1,919,371
743,528
508,326
1,112,379
730,399
615,887
525,237
943,202
651,856
362,586
266,193
545,715
458,209
675.000
510,334
1,054,432
671,280
348,669
300,485
97,668
66,550
355,640
___ 299,719
640,412.499 606,227,230

San Francisco___

75,482,181
25,475,752
17,842,721
18,534,800
6,160,593
13,240,435
2,757,672
4,553,591
2,600,000
2,087.690
1.612,885
1,196,010
1,279,850
1,384,731
747,089
639,867
598,170
176,100,043

Per
Cent.

1910.

New Y o r k ...
B o s t o n ...........
Philadelphia .
Baltim ore___
C h ic a g o _____
St. Louis___
N ew Orleans-

Total all cities for w eek_____________

C h icago_______
Cincinnati_____
C levelan d _____
D etroit________
M ilw a u k ee____
Indianapolis___
C olu m bu s_____
T o le d o _________
P e o r ia _________
Grand R a p id s ...
D a y t o n ...............
Evansville......... .
Springfield, 111..
Fort W ayne___
Akron__________
L exin gton ...........
R o ck fo rd _______
Y ou ngstow n___
South Bend.........
Bloom ington___
Q uincy.................
Canton_________
D ecatu r_______
Springfield, O . . .
M a n sfie ld ............
Jackson ________
Jacksonville, 111.
Danville________
L im a ___________
Lansing________
Ann Arbor...........
A d rian ........... ......
O w en sboro_____
T ot.M ld.W est.

-

Total Pacifio—

Denver_________
St. Joseph______
D uluth_________
D es M oines_____
Sioux C ity............
W ich ita ..............
Topeka _______
Davenport_____
Lincoln ..............
Cedar R a p id s..
Fargo..................
Colorado Springs.
P u e b lo ......... .
F r e m o n t___
W aterloo_______
H elena_____ . . . .
Aberdeen_______
H astin gs_______
B illin g s________
T o t .Oth .West
St. Louis_______
New Orleans____
Louisville_______
H ouston________
G alveston ______
R ich m on d ______
Atlanta . . . _____
M em phis_______
Savannah ______
Fort W o r th ..
Nashville____
Augusta................
N o r fo lk ________
Birm ingham ____
Little R ock _____
Charleston______
Knoxville_______
Jack son v ille____
Chattanooga____
M o b ile..................
O klahom a______
M a c o n _________
A u s tin ..................
V ick sbu rg ______
Jackson ________
M u sk ogee______
T u ls a ......... ..........
M eridian..............
Total Southern
Total all______
Outside N . Y .

1913.

%

+ 22.5 276,509,991 321,827,627
+ 11.3
22,341.400
26,816,100
+ 55.8
23,833,822
26,065.849
+ 36.9
27,325,110
31,413,435
+ 33.1
17,514,529
16,732,708
+ 3 1 .0
8,223.271
8,447,038
+ 38.3
6,554,700
7,295,900
+ 14.3
5,930.945
6,386,325
+ 9.9
2,764,317
3,962,128
+ 33.8
3,237,395
3,851,013
+ 62.1
1,838,013
2,426,164
+ 2 6 .2
1,226,275
1,405,882
+ 4 9 .7
1,104,273
1,124,443
+ 3 7 .2
1,265,974
1,309.764
+ 74.4
1,749,000
1.590.000
— 4.1
551,081
650,341
+ 4 0 .2
913,285
1.036,217
+ 74.1
1,702,135
1,801,723
— 1.3
719,001
691.729
+ 19.1
659,650
700,670
+ 2 4 .9
820,507
864,552
+ 3 1 .0
1,586,059
1.400.000
+ 46.2
457,698
473,769
+ 5 0 .5
742,779
599,726
+ 17.1
516,195
492,191
+ 4 4 .7
500,000
527,976
+ 36 .1
265,420
344,709
+ 19.0
403,263
458,602
+ 32.4
464.537
518,807
+ 57.1
588.538
543,719
+ 13.7
265,528
266,798
+ 46.8
53,353
10,693
+ 18.7
360,600
404,056
+ 2 6 .5
412,978,644 473.349,654

58,922,853 + 28 .1
21,341,624 + 19.4
12,745,622 + 4 0 .0
14,140,233 + 31.1
4,387,153 + 4 0 .4
7,848,443 + 68.4
2,159,345 + 2 7 .7
3,726,123 + 22.2
2,430,739
+ 7.0
2,171,564
— 3.9
1,358,337 + 18.7
1,106,884
+ 8.1
883,982 + 44.8
732,810 + 89.0
533,094 + 40.1
302,908 + 78.2
512,755
10
135,304,469 + 3 0 .2

+ .

54,647,100
22,949,832
13,320,999
12,573,068
3,961,301
6,310,254
1,977,088
3,692,850
2,038.706
1,932,098
1,361,115
975,929
906,960
714,894
621,000
317,619
509,017
128,709,820

55.968,234
24,389,520
15,743,603
14,965.990
4,888.901
7.156.678
2,323,516
3,650,027
2,537,530
2,749.512
1 .200,000
953,479
997,109
780,979
596,189
300.000

139,201,266
126,291,127
85,110.533 + 4 8 .4
67,813,616
65.103.877
37,024,817
31,272,863 + 18.4
38.447.598
33.698,789
30,773,597
22,933,278 + 34.2
18,577.454
20.298,006
16,531,694
12,843,120 + 2 8 .6
12.239,601
9,488.384
15,335,564
12,388,940 + 2 3 .8
10,247,007
11,432,781
10,688,228
7,128,624 + 4 9 .9
6,726,701
7,438,370
6,342,669
7,910,963 — 19.8
7,419,598
6,665.265
6,520,396
6,920,027 + 10.l!
4,906,335'
6,624,673
5,000,000
4,101.369 + 34.1
3.289.737
4,138.553
5,709,710
3,784,084 + 50.9
3,593.845
3,565,481
1,939,542
1,475,990 + 3 1 .4
1,432.063
1,590,043
1,970,475
1,629,129 + 20.9
1.380.738
1.813.327
3,955,980
2,517,711 + 57.1
2,265,195
2,118,033
2,033,662
2,183,167
— 6.9
1,556,257
1,798,475
1,729,833
1,777,569
— 2.7
1,729,503
630.268
1,066,269
739.234 + 44.2
719,780
739,500
670,644
371,986 + 60.4
662,373
817.881
722,448
360,492 + 97.2
343,897
336,763
2,060,746
1,803,519 + 14.2
1,271,757
1,702,851
2,202,138
1.419,491 + 65.2
1,233,538
1.192,114
1,062,451
1,047,116
+ 1.4
868,140
652,385
534,093
223,658 + 138.9
232,963
203,339
1,128.551
878,849 + 2 8 .4
482,683
679,796
281.794.634 209,827.712 + 3 4 .3
187.440,339 181,534,954
122,378,843
89,168,803 + 3 7 .2
70.175.768
80,953,265
32.721.718
20.603,036 + 58.8
15,570,883
20.175,925
17,621,972
12,623,503 + 38.8
11,240,847
14.191.696
17,659,682
10,540,090 + 58.0
7,899.789
11,415.051
5,228,316
4,526.823 + 15.5
3,767,500
4.758,000
21,107.420
12,651.821 + 66.8
8,522,413
9,000,000
30.573,106
20,015,570 + 52.7
13,805,644
22,678.960
15.758,579
9,793,463 + 60.9
7,182,078
11,412,758
11,327,302
6,891,654 + 64.4
3,806,000
9,757,546
11.533.000
9,596,435 + 20.2
9,290,577
9,310.368
10,521,077
7,817,870 + 3 4 .6
6,506.253
8,674.545
3.912.053
2,554,479 + 5 3 .2
2,110,860
3.428.440
6,838.954
4,328,712 + 3 4 .9
3,930,152
4,231.026
2,631,916
2,701,630
— 2.6
2,640.103
3,690,376
6.387.663
2,723,203 + 9 7 .8
2.233.768
2,829.436
2.780.053
2,248,025 + 2 3 .7
1,652,549
3,232,194
2,057.645
1,978,793
+ 4.0
2,190.737
2,062,613
3.100.000
3.041,302
+ 1.6
2,681,148
3,410.994
2,560.964
2,465,205
+ 3 .9
2.153.508
2,650,451
1,053,240
1,071,078 — 17.2
1,000,000
1,853,349
6.976.718
3,058,000 + 128.1
3.068.300
2.725,636
8,974,375
4,575.004 + 90.2
3.794.276
6,047,064
2.750.000
1,613,693 + 7 0 .6
1,501,411
1,905.963
601.001
323.859 + 5 4 .7
276,685
343,462
561.000
497,557 + 13.8
431,314
627,718
2,005,484
1.051.778 + 9 0 .7
959,851
1,267,252
4,391,294
1,622.408 + 170.7
1,616,921
1.455.441
368,500
371,800

—0.9

352,181.875 240,462,300 + 4 6 .5 1 189,916,34l| 249,995,529
,440,934,915 4,539,478.700 + 1 9 .9 2,521,029.636 3!488,234.46S
098,355,798 .678.788,2921 + 2 6 .0 1.359,289.258^1,569,008,32S

1453

THE CHRONICLE

THE FINANCIAL SITUATION.

[Von. 103.

control of Government funds, and these powers have
been increased under the Federal Reserve Law. We
do not believe the Republicans have any designs upon
or with reference to the new banking system, as the
President charges. We are inclined to think that,
like so many of the banking fraternity, they have no
settled views and are reserving judgment to see how
the law is going to work. But the circumstances
named ensure control of the Reserve system to an
incoming Administration whether there is any desire
for it or not. And this being so, the possibility of
a contest for such control between the two great po­
litical parties is always present. Obviously the pros­
pect of having the country’s banking system made a
speculative football every four years during the Presi­
dential contest is not an inviting or an assuring one.
The President and the Secretary of the Treasury
are claiming credit for the Democratic Party for this
piece of banking legislation, but in their utterances
of this week they have unwittingly disclosed a seri­
ous flaw in it, for politics ought to be irrevocably di­
vorced from banking, and it is discouraging to think
that in the new banking law this was not accom­
plished.
•

Both the President and the Secretary of the Treas­
ury have this week expressed fear lest in the event
of the election of Mr. Hughes the Federal Reserve
banking systeih be put in jeopardy. In a speech
from the “ Summer White House” at Long Branch
to a delegation that visited him on Monday the
President indicated his belief that the Republican
leaders were, in the first place, after the scalp of
Comptroller Williams; “ in the second place, they
desire to get control of the new banking system, and,
in the third place, they wish to put the army and
navy of the United States back of their financial
enterprises in Mexico and throughout the world.’ ’
Secretary of the Treasury M cAdoo, on his part, in
speaking at a political gathering at Chicago on
Wednesday, expressed the belief (according to an
account of the speech which appeared in the “ Evening
Post” of this city) that Mr. Hughes “ if elected intends
to repeal the Federal Reserve A ct” and establish a
central bank “ because the Republican Party has
always stood for Wall Street and a central bank.
The demand of Wall Street for a central bank will
Building construction operations in the United
be gratified if the Republicans regain control of the
States continue to exhibit a degree of activity in that
Government.”
important industry that in turn reflects the quite
We think our readers will agree with us in thinking
generally very satisfactory conditions of the com­
that the injection of politics in banking legislation
mercial and industrial affairs of the country. It is
and in banking discussions is to be strongly depre­
true, of course, that the aggregate returns for the
cated. The Federal Reserve banking system is as jatest month— September— do not show up as favor­
yet only in its initial stages and its permanence and ably, compared with last year, as early periods of
success depend entirely upon the way it is adminis­ 1916, but this is due entirely to the result in Greater
tered. Through administration and amendment the New York, where an interval of comparative dulness
law has already been greatly changed and further has succeeded the extreme activity induced by desire
steps in the same direction might easily imperil its to file plans in anticipation of a change in the building
safety and existence. But consideration of the mat­ laws. It is to be noted, too, that the current year’s
ter should be non-partisan and non-political. It is figures now contrast with a period in 1915 when
to the credit of our legislators,
Republican building operations began to feel in no uncertain
and Democratic alike, that during the course of way the prosperity that had come to us here as a
the passage of the law through Congress par­ result of the enormous demand for our commodities
tisan considerations were largely absent, and from warring Europe. Then also building work
departure from that rule now is to be sincerely arranged for in the nine months stands well in excess
of any similar period in the history of the country
deplored.
If it be true, as the President asserts, that the new and for the particular cities covered greater than for
banking system is subject to political control, then the twelve months of 1914.
Our returns for September 1916 from 164 cities
there is an element of weakness in it that seriously
impairs its usefulness, to say the least, and that will furnish a total of contemplated outlay of $69,892,212,
eventually undermine confidence in it. From the this being only $58,227 (or less than one-tenth of 1%)
first it has seemed to us that the presence on the below the very full aggregate for the month of 1915
Federal Reserve Board of two members of the Gov­ and fully 20% more than in 1914. Manhattan Bor­
ernment, the Secretary of the Treasury and the ough records a noticeable decline from a year ago,
Comptroller of the Currency, who change with every as does every other division of Greater New York,
change in the political complexion of the Administra­ so that for the city as a whole the comparison is
tion, constitutes a feature of the law that is open to between only $8,165,486 and $11,122,866. Outside
grave objection on the ground mentioned. There are of New York the expenditures arranged for under the
only five other members, and while these hold their month’s contracts aggregate $61,726,726, against
offices on ten-year tenure, the fact is the terms of $58,827,573 last year and approximately 43 millions
these five members expire at two-year intervals and in 1914. With a large majority of the cities showing
their successors are appointed by the incoming Ad­ gains this year it is obviously not feasible to draw
ministration . As therefore a new President has the ap­ attention to them individually, but it is a fact of
pointment of two of the five members, during his four- interest that large percentages of increase are ex­
year incumbency of the Presidential office, this gives, hibited in such representative municipalities as De­
with the Secretary of the Treasury and the Comp troit, St. Louis, Minneapolis, Omaha, Denver, Buf­
troller of the Currency, four of the seven members falo, Syracuse, Akron, Dayton, Portland, Ore., San
Diego, Richmond, Nashville, Dallas and Birming­
of the Board.
The Secretary of the Treasury has always possessed ham. On the other hand, mentionable losses are to
large independent powers in connection with the be seen at Philadelphia, Pittsburgh, Washington,
banks and the financial situation, by reason of his St. Paul. Milwaukee, Cincinnati. Bridgeport, New



Got. 21 1916.]

THE CHRONICLE

1453

Haven, Albany, Atlanta and Houston, but in most net arrivals aggregated only 163,206, against 688,137
instances following a period of very active opera­ in 1913, with the totals in the intervening years
tions.
37,371 in 1915 and 267,645 in 1914. It is to be noted
The aggregate since Jan. 1 is, as already stated, in passing that in the most recent influx Greeks and
very much larger than a year ago. The disburse­ Mexicans have predominated, although the inflow
ments arranged for at the 164 cities reach $768,074,­ from almost all countries has exceeded the outflow.
206, as against 608 millions in 1915 and 636% millions
in 1914. Greater New York's figures are 187%
The Entente Powers on Tuesday formally recog­
millions, 134% millions and 118% millions, respec­ nized the Provisional Government of Greece in the
tively, in the three years, and for the other cities Island of Crete as set up by former Premier Venizelos.
collectively the totals are 580% millions, contrasting I he Entente consuls at Canea,the capital of Crete,
with 473% millions and 518 1-3 millions. Twenty- have been instructed to act together in this matter.
four cities in'N ew England show only a slight gain, Only in Crete, however, has the question of official
but 41 municipalities in the Middle section (New York recognition yet arisen. Meanwhile, martial law
City excluded) exhibit an increase of 15 millions, of exists in Athens, where extremely turbulent condi­
which 4 % millions is at Philadelphia. The Middle tions prevail. Reuters’ correspondent wires that
West (28 cities) records an augmentation of nearly Greek reservists have taken the law in their own
52 millions, of which 22 millions is at Chicago, hands, despite the presence of strong detachments of
12% millions at Detroit and 6 millions at Akron, and Entente marines, who aregiven virtually no assistance
a gain of 8 % millions at 14 Pacific Coast points is by the Greek authorities in maintaining order. The
quite generally shared in. The “ Other Western’ chief of French police control in the Greek capital
division, comprising 23 municipalities in the country has informed editors of the anti-Venizelos press that
west of the Mississippi Itiver, except Arkansas, the French will exercise a newspaper censorship and
Texas, Oklahoma and the States bordering on the newspapers printing anti-Entente articles run the
Pacific, show an increase of 22% millions, to which risk of suspension. French artillery and machine
Duluth, Minneapolis and St. Louis were the principa guns now command approaches of principal streets
contributors, and at the South (33 cities) an increase in Athens. Pressure is being brought to bear on the
of 8 % millions is exhibited.
Greek foreign office to enforce more stringent deal­
Canadian building operations, while a little more ings with the Greek faction headed by King Constan­
active than a year ago, continue on a very restricted tine. About 1,000 Entente marines are said to have
scale as compared with 1914 or 1913. We have landed at Piraeus and have occupied the, railway
returns for September from 29 cities in the Eastern station at that point. Recent reports published
provinces, and combined they show an increase of in Greek newspapers that an American fleet of 30
only about one-third of a million dollars over 1915, warships was on the way to Greece, inspired a crowd
with a loss of over 5 millsions from 1914. At 17 of Royalists to insist on seeing Mr. Droppers the
cities in the Western division the permits issued call American Minister, although the Legation remained
for an outlay of $1,022,870, against $439,055 a year dark and no one answered the bell. Unknown to the
ago. The 46 cities collectively furnish an aggregate crowd, the American Minister and the Legation’s
of $3,371,599, against $2,423,233 for the month of secretary were watching the demonstration from
1915 and some 8 millions two years ago. Eor the windows of the American Club directly opposite.
nine months the estimated outlay arranged for at the When it was seen at last that no response could be
identical 46 cities is moderately greater than last had at the time from the Legation, a Committee was
year, $27,412,153 (of which $21,488,218 in the East appointed to wait upon Mr. Droppers and beg him
and $5,923,935 in the West), comparing with $24, to put the case of Greece before the American people.
414,042 ($19,564,138 East and $4,849,904 West) in Mr. Droppers promised he would forward to Wash­
1915. In 1914, however, the grand aggregate was ington the petition for protection of Greece from the
close to 90 millions and in 1913 in excess of 100 pressure of the Entente Powers. The Greek Govern­
millions.
ment is reported to have protested to neutral powers
against the manner of application of police control in
The latest official immigration bulletin, covering Athens on the ground that it constitutes a severe
August 1916 indicates that the flow of aliens to the violation of the sovereign rights of Greece. The
United States, while moderately larger than for most Entente countries, it is reported, sent their ultimatum
months since the breaking out of hostilities in Europe to Greece because they had unearthed a Royalist
con tinues of very restricted volume compared with simi­ plot to fight the Entente. It was planned, accord­
lar periods prior to the war— a situation not at all ing to information contained in Athens dispatches,
anomalous, with means of transportation greatly that if the Allies should seek to coerce Greece into
contracted, travel itself hazardous and steps taken joining the war and try to force Venizelos as Premier
to reduce emigration to a minimum, if not shut it upon King Constantine, the King should retire
off entirely. In August only 36,347 aliens (29,975 northward along the railway, taking the troops with
immigrant and 6,372 non-immigrant) entered through him, and concentrate at Trikala, in Thessaly, and
the various seaports of the country (mainly through lie entrenched there until the arrival of the German
New York) or came across the border from Canada army, when he would strike in unison with them at
and Mexico, whereas in the month of 1913 the total the Allies. “ When a high diplomatic personage be­
was no less than 142,655. Striking a balance be­ sought King Constantine to change his policy,”
tween the inward and outward movement of aliens, says the “ Daily Telegraph’s” Athens correspondent,
the net gain in the foreign-born population of the “ the King replied: T prefer to lose my throne
United States in this latest period is found to have rather than endanger Greece. I am convinced that
been but 21,413, against 93,560 three years ago. in fifteen days Rumania will exist no more. If
Finally, for the elapsed portion of the current fiscal Greece went into the war, then, after the conquest
year (the eight months ended Aug. 31 1916), the of Rumania, the irresistible German forces would be



1454

THE CHRONICLE

[Vol. 103.

directed against Greece, and she would share the ranian Regiment, an honorary position. The action
was taken at the Field Marshal’s own request.
fate of Serbia and Rumania.’ ”
Increased activity seems again to be developing
The defeat of the Rumanian forces by the troops of on the western front. The French gradually are
the Central Powers does not appear from latest ad­ drawing their forces closer to the town of Peronne
vices to have been as complete as dispatches from on the eastern bank of the Somme River in France.
Berlin had maintained. At any rate, advices re­ Following an advance on Wednesday along a mile
ceived by way of London yesterday declare that win­ front between Biaches and La Maisonnette on the
ning an important victory over one of the armies of west side of the river, an attack which was launched
Gen. von Falkenhayn in Transylvania, Rumanian on Thursday secured further gains, virtually bringing
forces have driven back the Austro-Germans from the French troops to the banks of the stream. To
Trotus Valley. This victory has enabled the Ru­ the north and east of Sailly-Saillisel, where the French
manians to occupy a large section of territory which have advanced their line materially in the past few
they had been obliged to give up. The battle, it is days at a cost which the Berlin War Office asserts
said, was fought just inside the frontier, where the was not commensurate with the gains, the Germans
Gyimes Pass cuts the Carpathians and leads down into made a violent counter-attack, which was repulsed.
the Trotus Valley. One Rumanian army attacked Berlin admits that in the German attacks on the
an Austro-German force, seizing all the field artillery Sars-Morval front the British captured German
accompanying that force and taking 600 prisoners. positions, though declaring that these positions later
Another army made a surprise attack on a different were retaken. The greater part of the trenches on
section of the front, driving the Austrians back. the road between Eaucourt l’Abbaye and Le Barque,
Rumanian advices also speak of a victory in the Pre­ which were captured by the British on Oct. 18, were
deal region, south of Kronstadt, where the forces of retaken yesterday by German troops in an attack,
Gen. von Falkenhayn had been assailed in a fierce according to the official statement issued at the Ger­
counter drive several days ago. Besides a number of man Army Headquarters. South of Sborow in Galicia
attacks made at various points of the Rumanian several enterprises have been carried out successfully
front, particularly near the Bukowina border, Aus­ by the Austrians, while at other points Russian at­
tro-German attempts were made to launch an of­ tacks were put down. There appears to have been no
fensive in Volhynia and Galicia and the Bulgars en­ change in the situation in Macedonia, although both
deavored to wrest the initiative from the French and the Entente Powers and the Teutonic Allies make
Serbians on the left wing of the Allied forces in M ace­ claim to minor successes on various sectors. Except
donia. All these attempts are said to have failed on M t. Pasubio in the Trentino region, where the
and resulted in reverses for the Central Powers. Austrians in violent attacks recaptured positions
The Serbians, too, appear to have been making head­ taken on Tuesday by the Italians, only to be driven
way, having occupied Brod, pushed ahead and out again, artillery duels are in progress throughout
stormed the heights to the north of that place, later the Austro-Italian theatre.
The German submarine activity has kept up, but
taking the village of Veles-Selo, where Bulgarians
were obliged to fall back. The capture of Brod puts there has been no renewal of attacks on shipping
the Serbians inside the second line of Bulgarian de­ along the American coast. The Cunard liner
fense before the city of Monastir. Brod was the Alaunia, a vessel of 13,405 gross tons, which sailed
most important point of support for the railway and from New York on Oct. 7, struck a mine on Thurs­
its fall is believed by military critics to mean the day in the English Channel after discharging all
breaking down of the entire system of defense based her passengers at Falmouth. The mine responsible
for the destruction was obviously an English one
on it.
The Serbians have now before them only the third that probably had been forced from its moorings.
and final lines of permanent fortifications erected It at any rate was in the area of a British mine field.
by the Bulgarians on the westerly slope of Morshova The only casualties were four of the crew. The
range, forming the only remaining line of defense Swiss Government in consequence of a recent eco­
in front of Monastir. Advices from Petrograc nomic arrangement with Germany has prohibited
state that a new Russian offensive in Galicia against Swiss factories from exporting ammunition to the
Lemberg was ordered to relieve pressure on Rumania, Entente Powers if they are using German coal or
which a few days ago seemed in danger of being steel. This order will render idle large numbers of
crushed by the army that General von Falkenhayn men, among whom there is much discontent. The
is launching against the Transylvania frontier. owners of the factories after a meeting protested
These attacks have compelled Von Falkenhayn to against the order, arguing that Switzerland receives
detach some of his forces to aid the Austro-Germans Belgian and not German coal, and that Entente
before Lemberg. As a result the Transylvania drive Powers supply raw material for their ammunition.
has almost come to a halt, thus enabling the Ruman­
ians to take the offensive again. Russian military
experts, who characterize Von Falkenhayn’s cam­
paign as a “ punitive expedition” against Rumania,
say his attacks have passed the dangerous stage.
Advices yesterday declared that Von Falkenhayn
has been wounded in the leg and compelled to re­
linquish command of his armies. This news fol­
lowed upon formal announcement that the Kaiser
has placed the name of Field Marshal von Kluck,
commander of the drive toward Paris at the begin­
ning of the war, on the retired list, having been
appointed by the Kaiser Chief of the Sixth Pomme


Press correspondents in London seem to reflect
discouragement at the British financial centre. Con­
ditions have not changed essentially. Early in the
week the rather unsatisfactory developments from
the standpoint of the Entente Powers in connection
with Rumania, was a direct source of depression.
Subsequently some improvement was reported, at
any rate to the extent that unfavorable expectations
were not realized fully. Hence a better tone became
evident toward the close of the week. But aside
from the Rumanian influence, there was one more
effective, namely the competition of the new 6%

Oct. 21 1010.]

THE CHRONICLE

1455

Exchequer bonds with the hotter grades of invest­ enthusiasts. Furthermore, the income yield of
ments. With a Government bond available on a 6% Consols, which now is about 4 % % , compares un­
basis there not unnaturally has been a disposition favorably with Exchequer sixes. Shares of com­
to sell securities less attractive. The purchases of the panies trading in the Dutch East Indies were especi­
Exchequer 6s during the week (reported on Wednes­ ally under pressure, owing to the threat of a 30%
day by the Treasury) aggregated £16,000,000; the tax on profits to be imposed by the Dutch Government
preceding week they amounted to more than £20,­ in addition to the British taxation on excess profits.
000,000, making a total of £36,000,000, which is a One correspondent cables that peace rumors emanat­
large amount of funds to take out of the market at ing from America do not excite interest at the British
his time. In addition the books are still open in Lon­ centre. The whole financial and military program
don for subscriptions to the French national loan, of the Allies, he adds, is based on the assumption
which also, it will be recalled, is an attractive one. that peace is not even in sight. A new steamship
Thus there has been double inducement to transfer consolidation has, to some extent, renewed interest
funds from older classes of securities to the new war on the London market in steamship shares. Sir
loans. Call money in Lombard Street closed at John Ellerman has purchased control of the Wilson
4 % % , against 4 % % a week ago.
Line, though the terms of the purchase have not been
Answering criticism that the Government had erred cabled. The Wilson Line is practically a private
by naming a too high rate for the new Exchequer concern having only nine stockholders. Its capital
sixes, Ileginald McKenna, the Chancellor, admitted is £2,000,000, with a bond issue of £500,000. The
the contention that the 6 % rate would lead to their fleet consists of 80 steamers, whose tonnage in­
being largely held abroad. He startled his hearers by creases that of the Ellerman line to 1,400,000 tons.
declaring that that was the very object desired. “ It The British Government has ordered, with a view
must be remembered,” he said,“ we have to pay a of the restrictions on lighting, on account of raids,
very considerable amount day by day in the United and in order to economize on coal, that all shops
States. At present we have to find £2,000,000 shall close at 7 o’clock in the evening in winter,
(nearly $10,000,000) a day for every working day. except on Saturday, when the time for closing will
That means a prodigious amount to find every six be 8 o’clock. The order goes into effect on Oct. 30
days.” The Chancellor added that it was not possible and does not apply to the sale of intoxicants. The
“ to apply pre-war standards and to say that 5 % is revenue of the United Kingdom last week was
enough, or that we could get it more cheaply. Very £8,423,000 and the expenditure £32,296,000.
The
likely it could be done if wo only wanted a little or amount of Treasury bills outstanding was increased
even the equivalent of the greatest sum ever raised by £16,464,000. As already noted, the sales of
before the war. It should be remembered, however, Exchequer bonds aggregated £16,000,000. Greek
we have to raise a maximum sum about once a month stocks at the close were somewhat steadier, following
and it is only possible to find out by the daily examina­ a sharp reduction in the price level.
tion of the results of borrowings and payments,
whether we arc successful in meeting our obligations.
On the Paris Bourse the tone seems to have been
In order to meet all expenses and to keep our under­ a rather indifferent one with comparatively slight
takings with our Allies, I have to make sure of getting activity during the greater part of the week. Strength
m oney.” Mr. M cKenna added significantly that was shown in Chicago Milwaukee & St. Paul R R .
unless Great Britain was able to raise the needed stock, the price rising to 500 francs, while the quo­
money in the United States she would have to go tation for Pennsylvania R R . stock rose to 506.50
short of supplies from there, which were absolutely francs, a feature adequately explained by the official
essential to the purposes of the Allies. Defending announcement notifying the Bourse authorities that
the issue of the 6 % bonds, the Chancellor mentioned the French Government was willing to buy the securi­
the fact that within a fortnight the Exchequer bonds ties at these prices. A sharp advance in Turkish
had been sold to the extent of £36,000,000. He 4% bonds has aroused considerable curiosity. Press
added that the present moment of competition for correspondents report that large American subscrip­
money was unfavorable to the issue of a long-term tions to the French war loan have been cabled to
loan, but the Government intended to resort to such Paris. Heavy subscriptions to the new national
a loan when the Treasury considered it advisable, loan are exercising a similar influence in Paris to that
and the Government would not shrink from the ful­ of the Exchequer bonds on London Stock Exchange
fillment of its promise in regard to the conversion quotations. In other words, there is evidence of a
of previous loans.
tendency to liquidate less attractive securities in
A feature that is attracting attention at the order to reinvest the proceeds in the latest loan. All
British centre at the moment is the tendency toward indications, both in Paris and from the departments,
insurance consolidations. Two important events concerning the loan are even more excellent than at
of this nature have occurred this week. It is under­ first reported. It has been announced officially that
stood that other announcements are to follow. The there were 120,000 individual subscribers to the loan
Guardian Assurance Co. is taking over the Reliance at the Bank of France alone— a number which sug­
Marine Assurance C o., thereby entering the marine gests the large volume of subscriptions, especially
insurance business, which is the only class of insur­ when it is remembered they also were received at all
ance that the Guardian Co. has heretofore not the post offices, Government financial bureaus of all
entered. The Royal Insurance Co. is taking over kinds, and all other banks as well aa the Bank of
the Legal Insurance Co. The latter has a premium France.
list of £200,000 annually.
Ihe French Ministry of Labor has just completed
English Consols closed last night at 57 (after an inquiry into industrial activities in France. Its
having sold at 56% on Wednesday), comparing report covers a total of 49,728 establishments em­
with 57% a week ago. There was quite heavy early- ploying before the war 1,765,400 hands. Figures for
week selling of these securities by disappointed peace April 1916 indicate a diminution of less than 20% ,



1456

THE CHRONICLE

the places of mobilized workmen having been taken
by refugees from the invaded regions, by workmen
imported from the colonies and by women. The
inquiry does not cover mines, quarries, railroads,
tramways or Government establishments of the
Ministries of War and Marine, and does not indicate
what part of the work done in the factories is for
account of the Government, which necessarily in this
way limits the value of the figures. French imports
are still on the increase, according to figures of the
French Customs Office received here. For the eight
months of this year, compared with the like period
last year, an incresae of 1,419,351,000 francs in
value of imports into France was noted. The figures
for this year are: Foodstuffs, 1,838,057,000 francs:
materials for manufacture, 2,673,349,000; manu­
factured goods, 1,986,635,000, a total of imports of
6,498,041,000 francs. During the same period the
amount of exports decreased about 9,000,000 francs.
The price of money on the Paris Bourse advanced
1% for the mid-month settlement.
Advices from Paris state that the Russian railway
loan produced 700,000,000 rubles, thus covering
twice over the amount asked. A press dispatch from
Petrograd says that the budget of 1917 submitted
to the Duma and Council of the Empire has been
framed in view of the probability of the war lasting
for the whole financial year. Revenue and expendi­
ture balance at a total of 4,078,000,000 rubles, this
being the first time the Russian budget has reached
four billions. The excess expenditure over the real
revenue, amounting to 73,000,000 rubles, will be
covered by credit operations. The receipts from the
sale of intoxicating liquors, which in 1913 were
approximately 100,000,000 rubles, are now estimated
at only 50,000,000 rubles. An explanatory memo­
randum attached to the budget points out that the
taxable resources of the Empire have increased almost
entirely as a result of the enforcement of temperance.

[Vol. 108.

President von Batocki, the newspaper adds, an­
nounced that the authorities were taking counsel
on steps deemed necessary, and in the mean time all
trade in seed potatoes would bo forbidden.
The German Government has instituted a cam­
paign for collecting old gold articles of all kinds for the
purpose of replenishing reserves of the precious
metal. The movement is reported by cable to have
met with distinct success. In Berlin a rush of
people to the seven collection depots that have been
established especially for the purpose, was so great
that it was found necessary to arrange for the open­
ing of additional depots. The Berlin Goldsmiths
Guild furnished an expert for every .depot.
Official bank rates at the leading European cen­
tres continue to be quoted at 5% in Paris, Vienna
and Copenhagen; 53^% in Italy, Sweden and Portu­
gal; 6% in London and Petrograd, and 4 ] / f /0 in
Switzerland, Holland, Spain and Norway. In Lon­
don the private bank rate has remained at 5
5 % % for sixty-day and ninety-day bills.
Cables
from Berlin still give 4 Y i% as the nominal private
bank rate at that centre. No reports have been re­
ceived by cable of open market rates at other Euro­
pean centres, as far as we have been able to learn.
Money on call in London is quoted at 4 % % , against
last week. The rate of discount of the Bank
of Bengal was raised from 6 to 7% on Saturday.

The Bank of England this week showed an addi­
tional gain in its gold item of £758,722. Note
circulation declined £186,000; hence the total re­
serve was increased £945,000, and the proportion of
reserve to liabilities advanced to 23.30%, against
22.66% last week and 30.97% at this date a year ago.
Public deposits increased £454,000, although other
deposits were reduced £865,000. Government securi­
ties continue
without
change.
Loans (other
securities) decreased £1,384,000. The Bank’s hold­
ings of gold aggregate £56,455,151, which compares
Very little of a financial nature has come forward with £58,885,570 last year and £60,062,756 in 1914.
by cable from Berlin this week. The fifth war Reserves now stand at £38,237,000, against £44,­
loan, according to the correspondent of the Asso­ 762,225 and £43,713,856 one and two years ago
ciated Press, attained its successful total of over respectively. Loans amount to £101,389,000, com­
10.500.000. 000 marks by the subscriptions of big paring with £98,618,390 in 1915 and £108,787,978
interests— those lending more than 50,000 marks the year preceding. The Bank reports as of October
apiece— while the individuals subscribing less than 14 the amount of currency notes outstanding as
50,000 marks fell off considerably from figures of £122,607,392, against £121,950,768 a week ago. The
the fourth loan. According to a recapitulation of amount of gold held for the redemption of such notes
the loan statistics just published, the number of remains at £28,500,000. Our special correspondent
subscribers who wanted over 50,000 marks increasec is no longer able to give details by cable of the gold
from 16,762 to 19,375 and their loans increased from movement into and out of the Bank for the Bank
4.718.000. 000 to 5,821,000,000. The subscribersweek, inasmuch as the Bank has discontinued such
of more than 1,000,000 marks increased by 151 reports. We append a tabular statement of com­
to 725, and their loans by 636,000,000 marks, parisons:
B A N K O F E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
the biggest increase in any one class. The smallest
1912.
1913.
1914.
1915.
1910.
subscribers, those loaning less than 200 marks,
Oct. 23.
Oct. 22.
Oct. 21.
Oct. 20.
Oct. 18.
£
£
£
£
£
fell off in number by 612,034, and in subscriptions
Circulation........... . . 30,667,000 32,573,345 34,798,900 28,074,890 28,535,250
by 47,000,000 marks. Germany’s output of pig Public deposits.. . . 55,589,000 40,128,445 15,764,074 5,951,439 11,362,505
d e p o sits.-- -.103,495,00.’ 98,380,914 143,058,390 41,321,900 44,129,270
iron in September was 1,160,000 tons, compared Other
Govcrnm ’ t securities 42,187,000 18,895,781 24,074,087 13,488,105 13,037,909
24,929,023 32,725,080
with 1,145,000 tons in August, or about 37,225 tons Other securities.- ..101,389,000 98,618,390 108,787,978
Reserve notes & coin 38,237,000 44,702,225 43,713,850 26,001,438 27,501,122
per working day in September as against 36,943 Coin and bullion. 50,455,151 58,885,570 00,002,750 30,820,328 37,580,372
of reserve
tons in August, according to the Overseas News Proportion
49.50%
27.50%
56.25%
30.97%
23.30%
to liabilities__ . . .
5%
5%
5%
5%
6%
Agency. President von Batocki of the German Bank rate............. . . .
Food Regulation Board, admitted in the Reichstag
The Bank of France in its weekly statement regis­
this week, that the potato harvest of Germany has
been disappointing, quoting the “ Kolnische Volks tered a further gain in its gold holdings, the addition
Zeitung,” stating that the shortage was due to being 29,250,000 francs; the gain again is in the
a lack of seed potatoes left over from last year. amount held by the Bank itself, the balance lie




Oct. 21 1916.]

THE CHRONICLE

abroad remaining unchanged at 674,558,075 francs.
The total holdings at home and abroad aggregate
4,885,784,700 francs, as compared with 4,692,674,062
francs (all in vault) last year and 4,141,350,000
francs in 1914. The silver item showed a falling off
of 3,726,000 francs during the week. The total stock
of that metal now on hand amounts to 328,540,000
francs, against 363,291,901 francs in 1915 and 625,­
325,000 francs the year preceding. Note circulation
shows the enormous reduction of 228,877,000 francs.
Treasury deposits register a gain of 31,153,000 francs.
General deposits were expanded 195,911,000 francs,
and bills discounted 16,923,000 francs, while the
Bank’s advances decreased 1,702,000 francs. Note
circulation is now 16,800,017,000 francs, comparing
with 13,831,993,620 francs and 6,683,175,000 francs,
one and two years ago, respectively. General de­
posits amount to 2,541,755,000 francs, as against
2,574,027,430 last year and 947,575,000 francs in
1914. Bills discounted aggregate 452,150,000 francs,
as compared with 268,326,000 francs in 1915 and
advances amount to 1,188,492,000 francs, against
575,512,316 francs last year. In 1914 bills dis­
counted and advances combined totaled 3,202,975,­
000 francs. Treasury deposits arc 79,451,000 francs.
Last year they amounted to 82,594,291 francs and
in 1914 to 382,575,000 francs. The figures here
given for 1914 are those for the week ending July 30,
the Bank having discontinued the publication of
weekly returns with the outbreak of the war.
The weekly return of the Imperial Bank of Ger­
many as of Oct. 14 shows the following changes:
Total coin and bullion increased 6,751,000 marks,
while gold increased 8,200,000 marks. Treasury
notes showed a contraction of 29,645,000 marks;
notes of other banks expanded 1,374,000 marks;
bills discounted increased 10,860,000 marks; ad­
vances increased 4,000 marks; investments increased
6.888.000 marks; notes in circulation showed a re­
duction of 103,698,000 marks; deposits were increased
73.336.000 marks, and other liabilities expanded
28.336.000 marks. The Bank’s gold holdings now
stand at 2,502,222,000 marks, against 2,426,359,000
marks in 1915 and 1,801,719,000 marks the previous
year. Note circulation totals 7,126,653,000 marks,
comparing with 5,777,260,000 marks last year and
4.061.172.000 marks in 1914.
In local money circles there have been few develop­
ments meriting special mention. On Tuesday the
call money rate advanced to 4 % as a result of the
demand for funds in connection with final payment
for the city of Paris loan, but on Wednesday and
the succeeding days of the week 3 % was the maxi­
mum, the special demand having been satisfied.
For specific maturities any pressure is rather on the
part of lenders than of borrowers. The resumption
of the import gold movement has furnished an added
influence in the general easiness of the situation.
Offerings of commercial paper were comparatively
light. Trade and industry, and especially Stock
Exchange transactions, continue exceedingly active
and the requirements for funds are large in all
branches of our national activity. Nevertheless,
it is obvious that the supply is in excess of the de­
mand. No important applications on the capital
market have developed this week. The New York
Central has announced a new issue of 825,000,000
stock to be offered to stockholders at par in propor­



1457

tion to their holdings. This issue, however, still
requires approval of the Public Service Commission,
and it is not considered likely that a distribution of
the new securities will be possible until the new
year. It is understood that there is to be another
$250,000,000 collateral loan offered on behalf of the
United Kingdom in a short time. There also are
negotiations in progress for a Russian loan and a
new French credit (the latter involving $100,000,000
having virtually been completed) as well as prospects
of an offering of bonds for Argentina to be made in
this market. All these transactions, however, are
of the future and are not exercising any stimulative
interest on money rates at the moment. Large
American subscriptions are reported in the case of
the British Exchequer six per cents.
The weekly statement of New York Clearing House
banks and trust companies, which was issued on
last Saturday, was hardly as favorable as antici­
pated, although there was a decrease in the loan item
of $17,164,000. Net demand deposits showed the
large reduction of $42,316,000, and net time deposits
decreased $2,256,000. Reserves in “ own vaults”
registered an additional decrease of $20,837,000 to
$408,960,000, of which $342,922,000 is specie. A
year ago the total in own vaults was $527,677,000,
including $454,440,000 in specie. Reserves in Fed­
eral Reserve banks were increased $890,000 to $171,­
012,000, as compared with $155,428,000 in 1915.
Reserves in other depositories decreased $904,000 to
$52,957,000, against $33,534,000 last year. Note
circulation totals $31,484,000, an increase of $402,­
000. Aggregate reserves were reduced $20,851,000
to $632,929,000, which compares with $716,639,000
at this date the preceding year. The reserve re­
quired was also decreased— $7,209,930— while the
surplus reserve declined $13,641,070, bringing the
total excess reserve to $68,914,410, the smallest total
in quite some time, and in sharp contrast with a sur­
plus of $188,263,720 held in the corresponding week
of 1915. The bank statement in fuller detail is
given in a subsequent section of this issue.
Referring to money rates in detail, loans on call
ranged between 2 )4 @ 4 % , against 2 @ 4 % a week ago.
On Monday 2 % % was the high, 234% low and 2 )4 %
the ruling quotation. Tuesday the maximum moved
up to 4 % , with 2 )4 % and 2 )4 % still the low and re­
newal figures. Wednesday’s range was 2 % @ 3 % and
3% the basis for renewals. On Thursday 3% was
again the high and ruling rate, with 2 )4 % the mini­
mum. Friday 2 )4 @ 3 % continued the range, while
renewals continued at 3% . For fixed maturities
more activity was shown in the opening transactions,
though rates were still without change; later in the
week the market resumed its usual dulness and sixtyday money continued as heretofore at 3 @ 3 )4 % ,
ninety days at 3 )4 @ 3 )4 % and four, five and six
months at 3 )4 % . Last year sixty days was quoted
at 2 )4 % , ninety days at 2 % % , four months at 2^4@
3% , five months at 3% and six months at 3 @ 3 )4 % .
Commercial paper was steady, with moderately active
dealings still on the basis of 3 )4 @ 3 )4 % for sixty and
ninety days’ endorsed bills receivable and six months’
names of choice character. Names less well known
continue to require 4% . Banks’ and bankers’ ac­
ceptances are quoted as follows:
--------------------------- Spot

Ninety
Days.
Eligible member banks..................
2 ^ @ 2 7-10
Eligible non-member b ills----------2 11-16@2 9-16
Ineligible bills...................................
2 Y i@ 2 y,

Delivery --------------------------Delivery
Sixty
Thirty
within
Days.
Days.
30 Days.
2H @ 2J^ 2 ^ @ 2 hi 3 @ 2
2yt © 2}4
2 k i® 2 %
3K @ 2K
3 H @ 2 J i 3 > * @ 3M

[Vol . 103.

THE CHRONICLE

1458

5

Banks—
1 to 15 days m aturity............ 3 54 3

B

5

5

5

454 654

354 354 3'4 354 354 3

4

4

354 4

454 5

454 5

Trade Acceptances—
354 354
1 to 30 days m aturity_____ 3H 354 354 3
31 to 60
“
"
......... 3 54 3 54 354 354 354 354
3 54 354
61 to 00
“
"
......... 354 354 354 4

_
_

Commodity Paper—
1 to 30 days m aturity-------- 3 54
31 to 60
“
"
......... 354
61 to 00
"
"
-------- 354
61 days to 6 months maturity

_
_
_
_

_
_

Minneapolis.

j Chicago.

1

Boston.

91 days to 6 months maturity 5

| Atlanta.

There have been no changes this week in the rates ments, did not cause even a ripple in Thursday’s
exchange dealings, which were dull and uninteresting,
of any of the Federal Reserve banks.
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .
at the previous basis of 4 76 7-16 for cable transfers,
4 75^4 for demand and 4 7134 f ° r sixty days. On
2
5
M £
CLASSES
Friday the market ruled quiet but steady and still
«
8
3
fe
<3
OF
1
s
S
3 13
DISCOUNTS A N D LOANS
without essential change. Closing quotations were
£
3
►
4
s<3 O a
a
§
4 7134 f ° r sixty days, 4 75^4 f° r demand and 4 7 5 %
Q 3
S a. o 5
for cable transfers. Commercial sight finished at
Commercial Paper—
3
3
3
4
75 7-16, sixty days at 4 7 0 % , ninety days at
4
354 354
354 3
4
4
4
4
4
4
4
354
11 to 30
"
"
......... 354 4
4
0
8 % , documents for payment (sixty days) at
4
4
4
4 54
4
4
4
4
4
4
4
4 54 4
454 4
s i to 60
“
"
......... 4
4
70%
and seven-day grain bills at 4 74^4. Cotton
4
4
4
454 4
454 454 4
454
454 4
6i to 00 ;• _ "
.......... 4
and
grain
for payment closed at 4 75 7-16.
Lice-Stock Paper—

354
354
354

_
_
_

354 3
3H 3
3 54 3

...

3
3% 4
3
354 4
354 354 4
3
3
3

3H 4
354 4
354 4

354 3
354 3
3 54 354
3
3
3

354
4
451
5

O PE N M A R K E T D IS C O U N T A N D P U R C H A SE R A T E S O F F E D E R A L
RE SE RVE BAN KS.
Bankers' Acceptances.— Authorized discount rate for all Federal Reser ve banks
minimum, 2 % : maximum, 4 % .
, Trade Acceptances.— Bills with maturities of 00 days or less, purchased In open
market without member bank endorsement, b y New Orleans branch of Atlanta
Federal Reserve Bank; 354 to 4 % .
Commercial Paper.— Bills purchased In open market b y Dallas Federal Reserve
Bank; 3 to 5 % .
Bills o f Exchange.— Bills purchased In open market by Atlanta Federal Reserve
Bank; 354 to 654 % .
Bills WUh or Without Member Bank Endorsement.— Bills with maturities o f 00 day»
or less purchased In open market b y St. Louis Federal Reserve Bank; 2 to 4 % .

The sterling exchange situation remains an arbi­
trary one, with rates scarcely varying from day to
day. There has been a renewal of the inward gold
movement, $15,250,000 having arrived at New York
and $10,000,000 at Philadelphia. Estimates in
usually well informed circles are that the current
movement will reach fully $50,000,000. This influx
is considered a preliminary to the announcement of a
new $250,000,000 secured loan for the United King­
dom. A statement to the House of Commons by the
Chancellor of the Exchequer, which we refer to in
greater detail in a preceding paragraph in our re­
marks on the London financial situation, is significant
as showing the necessity for a steady supply of
English gold or credit on this side for Britain. Mr.
McKenna intimated that the 6% rate on Exchequer
bonds was intended to draw foreign subscriptions.
"T hat is the very thing we desire,” he added, "it
must be remembered that we have to pay a very
considerable amount day by day in the United
States. At present we have to find £2,000,000 a day
for every working day. That means a prodigious
amount to find every six days.”
Compared with Friday of last week, sterling ex­
change on Saturday, although quiet and inactive,
ruled steady and quotations were not changed from
4 75^8 for demand, 4 76 7-16 for cable transfers and
4 7134 for sixty days. M onday’s market showed no
new feature; trading was confined within narrow
limits, with demand still ruling at 4 7 5 % , cable
transfers at 4 76 7-16 and sixty days at 4 713
Despite the renewal of gold importations, sterling
rates on Tuesday continued pegged at 4 7 5 % for
demand, 4 76 7-16 for cable transfers and 4 7134 for
sixty days; the volume of transactions was again
small. On Wednesday the arrival of another large
consignment of the precious metal from Canada was
unable to move sterling from the new rut into which
it has settled, showing that the market is a purely
nominal affair, and quotations remained at Tuesday’s
levels. News of the sinking of the Cunarder Alaunia,
as well as the prospects of further heavy gold ship­



In the Continental exchanges few new features of
importance have developed, the most striking event
of the week having been the weakness in rubles, which
dropped to 31.00 on Tuesday, the lowest figure
touched in some time, and which may be said to be
occasioned by large offerings being pressed upon a
dull and narrow market. Later in the week a partial
rally took place from the extreme low point. Reichs­
marks have been irregular. Francs, too, moved
somewhat
irregularly
but
were
fairly
well
maintained, while lire again were heavy. The
sterling check rate on Paris closed at 2 7 .8 1 % , UIJ~
changed. In New York sight bills on the French
centre finished at 5 84^4, cables at 5 8324 >commercial
sight at 5 8434 and commercial sixty days at 5 90,
against 5 8 4 % , 5 8434» 5 8534 and 5 90, respectively,
a week ago. Demand bills on Berlin closed at 70­
5-16 and cables at 7024 > which compares with 7024
and 70 7-16 last Friday. Kronen, however, were
easier, finishing at 11.97, against 12.00 the week
previous. Rubles closed at 31.20, compared with
31.60 the previous close. Lire finished at 6 52 for
bankers’ sight and 6 5134 f° r cables, against 6 4724
and 6 47 last week.
As to the neutral exchanges, dulness and inactivity
have been the feature, with weakness reported in the
Scandinavian quotations. Greek exchange, although
still almost nominal, has moved up to 5 14, an advance
of 134c. Guilders were slightly firmer. Bankers’
sight on Amsterdam closed at 41 3-16, against 40 % ’,
cables at 41 1-16, against 40 15-16; commercial sight
at 41@41 1-16, against 4024, and commercial sixty
days at 40 % , an advance of 34- Copenhagen
checks closed at 27.25, against 27.25. Checks on
Norway finished at 27.72, against 27.80, and checks
on Sweden closed at 28.40, against 28.45 last week.
Spanish pesetas closed at 20.14, which is as against
20.13 the previous close.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $259,000 net in cash as a result of the currency
movements for the week ending Oct. 20. Their re­
ceipts from the interior have aggregated $8,564,000,
while the shipments have reached $8,823,000. Add­
ing the Sub-Treasury and Federal Reserve operations
and the gold imports, which together occasioned a
gain of $11,218,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a gain of $10,959,000,
as follows:
Week ending Oct. 20.

Into
Banks.

Out o f
Banks.

Net Changf i n
Bank Holdings.

Sub-Tr. & Fed.Res.oper.&gokl lmpta

$8,564,000
32,336,000

$8,823,000 Loss
$259,000
21,118,000 Gain 11,218,000

T o ta l.....................................................

$40,000,000

$29,941,000 Gain $10,959,000

The following table indicates the amount of bullion
in the principal European banks:

Oot. 21 1916.]

THE CHRONICLE

1459

report of appeals to American sympathy against the
action of the Allies.
£
£
£
£
£
£
In such bewildering confusion of events, it is
E n gla n d .. 56,455.151
56,455,151 58,885,570
58,885,570
F r a n co a .. 169,529,005 13,142,400 182,671,465 187,706,960 14,531,680 202,238,640
exceedingly difficult to form any clear conception of
Germany . 125,056,600
844,500 125,901,100 121,317,950
1,809,200 123,127,150
Russia
155,615,000 9.785.000 165,400,000 159,188,000
1.963.000 161,151,000
what the Greek situation actually is, of the reason
Aus-IIun.c 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
S pa in ____ 47.177.000 29.807.000 76.984.000 30.944.000 29.349.000 00,293,000
for this action by the Allies, or of what the outcome
Ita ly _____ 37.783.000 3.109.000 40.892.000 45.971.000 4.463.000 50.434.000
515,700 49,461,700 32.554.000
N ethcrl’ds 48.946.000
152,700 32,706,700
600,000 15.980.000 15.380.000
is likely to be. This perplexity is certainly not
N at. B el. h 15.380.000
600,000 15.980.000
Swltz’ land 11,533,400
11,533,400 9,719,400
9,719,400
9.499.000
Sweden . .
9.499.000 6.300.000
removed by the fact that previous dispatches had
6.300.000
8.647.000
D enm ark.
‘ 22 V,666 8.868.000 5.928.000
281,000 6.209.000
N o r w a y ..
0,274,000
6,274,000 3.555.000
seemed to indicate Crete and possibly other districts
3.555.000
T o t. week. 743,473,216 70,164,600 813,637,816 729,027,880 65,289,580 794,317,460
of Greece as in the hands of a provisional, and there­
P rev.w cek 740,323,663 70,704,995 811,028,658 720,845,137 65,875,770 792,720,907
fore virtually insurgent, government formed by
n G old holdings of the Bank o f Franco this year are exclusive o f £25,902 323
held abroad.
Venizelos. As further sources of bewilderment,
* Th e gold holdings of the Bank o f Russia for both years In the above statement
the
latest of the numerous makeshift Greek Cabinets
have been revised b y eliminating the so-called gold balance held abroad,
had been announced to contain as Minister of Marine
c July 30 1914 In both years, h A ug. 6 1914 In both years.
an Admiral openly in sympathy with Venizelos, and
it has very lately been reported that the Cabinet
T H E E N I G M A OF GR EECE.
itself had renewed a proposition for committing
Ever since the centre of the Allied operations in Greece to the side of the Allies.
southeastern Europe shifted from Gallipoli to
On the mere face of things, the only explanation
Saloniki, the attitude of Greece has been the mystery of this extraordinary situation would appear to be
of European politics. On one occasion only did that the belief of the Allied states men and generals that
mystery seem to be cleared up— when the Associated the Greek King has been planning treachery, even
Press correspondent at Athens, on September 28, after offering support to the Allies. The supposition
cabled that he had direct assurances from the King is in a way confirmed by the fact that, except for
that Greece would presently enter the war on the occasional engagements which did not greatly alter
side of the Allies. That announcement seemed the alignment of the armies, the Allied troops at
plausible, because at the time all evidences pointed Saloniki have not moved— this notwithstanding the
to the fact that the Greek people were in open re­ imperative need for their active co-operation in the
volt against the pro-German policy of the King.
effort to checkmate the Austro-German drive
But the predicted declaration of war did not come. against Rumania.
Whether because of dispute over the terms of alliance
What evidence, if any, the Allies possess of bad
or for other reasons, matters remained as before, faith on the part of the Greek King, is naturally
until last week the Allies took the drastic step of unknown. It seems to be the case that the King
demanding surrender to them of practically the entire has made no secret of his unchanged sympathy with
Greek fleet, the disarming of ships not surrendered, their enemy. A dispatch to the London “ Chronicle”
and also the surrender of control over the chief strate­ last Saturday reported that the King had said to
gic railway of Greece. The Greek army had already “ a high diplomatic personage” : “ I prefer to lose
been demobilized; but it was now demanded, also, my throne rather than to endanger Greece. I am
that the sea-coast forts should be dismantled or convinced that in fifteen days Rumania will exist
handed over to the Allies. This clearly indicated no more.” This statement, being anonymous,
that the intimation as to Greece voluntarily joining must be taken for what it is worth. The official
the Allies was either premature, or else that the statement of the King to the dismissed sailors last
Kings’s intentions, even when taking such action, Tuesday declared that the Government, “ with
were not trusted.
stricken and with bleeding hearts from new wounds
The further question remained, what would be the deep in our souls,” had been “ obliged to order you
effect on Greek public sentiment of this seizure of to leave the ships on which you brought the news
fleet and forts? It was promptly demonstrated, so of the freeing of our liberated brothers,” and that
far as the cabled news went, that resentment over the “ you came with tortured hearts and eyes wet with
Allies’ action was the dominant motive. Dispatches tears, every man faithful to his oath, to the side of
this week from correspondents of London newspapers your King.” Yet this language was not incompatible
in Athens have reported the people of that city with good faith in any larger negotiation. The com­
(apparently for the most part the released reservists) ment of the Paris press on this order to the fleet,
as in a riot against the Allies. On Wednesday, the lowever, was summed up in a statement that the
cables described the people at large as angry and King “ affirms his antipathy to the Entente,” that
sullen over the occupation of Greek public buildings. “ Constantine is the friend of the enemy,” and that
The French Admiral was publicly hissed by the lis declaration to the navy expresses “ his hostility
crowd; a hostile demonstration occurred against the to our cause and the tenacity of his sympathies
British Legation; these demonstrations being led by for our adversaries.”
demobilized Greek reservists and by Greek sailors
Whatever the underlying facts of the case, it is
released on the seizure of the fleet.
lardly open to doubt that the Allies have adopted
One dispatch to London even reported a man in the the deliberate policy of rendering the King, and the
crowd at Athens to have been badly handled because Greek forces subject to his order, incapable of
he had cheered for Venizelos. Further cables from attacking the Allied army in the rear, in case of an
Athens, published Thursday and Friday, reported advance northward from Saloniki. The danger
the arrest by French marines of Greeks who had involved by such a possibility is sufficiently obvious,
joined the hostile demonstration, and also described when one considers the long march necessary before
the Greek Government’s protest against such arrests the Saloniki army should reach the Bulgarian fron­
and the transfer of Allied forces to buildings in the tier, and the impossibility of leaving more than a
neighborhood of the Royal Palace, after marching slender guard for the communications. It must also
through the streets of Athens. There was a verbatim fairly be admitted that last month’s all but deliberate
Oct. 19 1 9 1 6 .^

Oct. 21'1915.

Banks of

Oold.




Silver.

Total.

Oold.

Silver.

Total.

1460

THE CHRONICLE

[Vol. 103.

sacrifice of the Greek garrisons at frontier towns happen in Greece during the next few days to throw
to the Bulgarians and Germans cast a very sinister light on the real character of the situation. The one
light on the policies of the King. In all probability, seemingly evident fact is that calculations of the
that incident lies at the root of the entire Allied Allies regarding Bulgaria and Rumania have been
program, and the high-handed actions of this past upset by something— possibly the attitude of the
week are probably due to realization that no time Greek Court— and that their present policy is
can be lost in preparing for the northward move­ directed to bending all efforts toward the end of
breaking through from the south to the Rumanian
ment.
There is an extremely interesting historical frontier.
parallel with the present attitude of the Allies
A LIV E
TO
toward Greece— a parallel which is not without T H E B A N K E R S ’ C O N V E N T I O N
C
U
R
R
E
N
T
I
S
S
U
E
S
.
actual bearing on the present situation. In the
There is much in the addresses made at the recent
early years of the Napoleonic wars, the position of
Denmark, a small neutral State interposed at a convention of the American bankers that is well
highly strategic point between powerful belligerents, worthy of a wider hearing and a broader application
closely resembled the present position of Greece. than was there given them, much, indeed, that we fear
During 1800, Denmark joined an armed neutrality will be hidden in the necessarily voluminous extra
league with Russia, Prussia and Sweden; that action number in which we printed the proceedings last
being taken largely to counterbalance England’s week for the benefit of the subscribers to our paper.
For example, Mr. Vanderlip in his important
maritime activities. In the following year, Nelson
entered the Baltic with an English fleet, destroyed opening address turned deliberately away from all
the Danish vessels, bombarded Copenhagen, and questions of technical or immediate concern to his
audience to deal with the great issues before the
forced a treaty of actual peace with England.
The action was then believed to have been in­ country and the world. lie passed by even the great
spired by belief in the secret sympathy of Den­ questions of international trade and finance as af­
mark’s Government and people with the French. fected by the war, and to be more affected when the
In 1807, when Denmark had again asserted her war closes, that he might deal with what he termed
neutrality, secret information to Canning, at the “ the great laws in the statute book of human nature
British Foreign Office, indicated that Napoleon, and society.” He would have us think “ socially
having just concluded the Peace of Tilsit with and fundamentally,” rather than of our own im­
Russia and Prussia, was about to force the Danish mediate affairs. “ Society in its international organ­
navy and army to his side. The English fleet was ization and relations seems to have broken down,”
once more sent to Copenhagen, with the demand was his contention; and he sought to point out how
for open alliance with England and for surrender it may be re-established.
The startling surprise of the war is “ the revelation
of the Danish fleet to English control; favorable
terms as to arrangements after war being offered of incapacity or undevelopmcnt which Europe has
to the Danish Government. These demands were given.” We must apply it to ourselves. We are
refused, whereupon Copenhagen was again bom­ of the same blood and the same social order, with
the same incapacities, the same lack of vision, of
barded and the fleet compelled to surrender.
Now, the result of this action of 1807 was an patience, of insight, and the same immaturity of
alliance of Denmark with Napoleon, and her par­ judgment.
Underneath every other question is the question
ticipation in the results of his defeat seven years
later. To what extent the outcome of the present of our national integrity and the means that can
Greek situation will repeat this episode of past insure its continuance. He would put first of these
history, depends partly on the course of events, but in our situation the need of universal military, in­
largely also on the real attitude of the Greek people. dustrial and economic preparedness. His words
It is impossible for outside observers to feel sure to here are so emphatic that we give them in full.
what extent the recent demonstration against the
I believe that the surest insurance of peace this
Allies, however much warranted by indignation over country can have is the universal training in military
invasion of Greek national rights, was confined to service of its men. I admit that perhaps there is no
dismissed soldiers and sailors, and to what extent other subject regarding which I have so diametri­
it represented the feeling of the whole people. An cally changed my opinions. I once thought you
army suddenly sent back to civil life— especially an could count universal military service as an economic
waste. I feel confident, in the light of the events
army whose staff and officers have repeatedly been
of the last two years, that it is not oidy a military
described as intriguing on the side of the King and necessity of superlative importance, but that our
against the Entente Allies— might easily create a national life would draw a unity, our democracy
wholly new and serious situation, and all the cables would receive a reinvigoration, and our youth would
seem to indicate that this week’s outbreak of popular obtain a physical training and comprehension of the
value of obedience and a patriotic devotion to the
feeling at Athens has been headed by the reservists.
welfare of the nation, which could be obtained in no
On the one hand, the Allies have certainly placed
themselves in a most equivocal position through their other way.
The man, he says, who belittles this, who holds
action regarding the fleet, the army, the forts anc
the public buildings. Yet on the other hand, it is it unthinkable that with our peaceable intentions
difficult to say, with the information at our hand, we should be attacked, fails to interpret the great
whether the good faith of the Greek King may not events of our day, and is dangerous to the welfare
have been absolutely disproved by his action re­ of his country. At once he proceeds to emphasize
garding the garrisons surrendered to the enemy, as moral training and the development of a public
by his previous defiance of his ministry’s decisions. opinion that shall discern the right and have the
The attitude of Yenizelos himself regarding this courage to enforce it, a public opinion that cannot
latest episode is not known. Almost anything may be lulled into drowsiness, or misled by expediency



Oot. 21 1916.]

THE CHRONICLE

or self-interest. It must be ready for decisions that
entail sacrifice in the cause of justice and truth.
He discusses the problems of the domestic life
of the nation from the same standpoint and says
many wise and strong things as to our present
troubles. They are to be met with better under­
standing of economic laws, by broader sympathy,
by the honest acceptance of individual responsibility.
Many current fallacies have to be met, as to the
inevitable conflict of classes, the relation of capital
to industry, the dependence of wages upon general
prosperity and productiveness. The welfare of all
is wrapped up in the efficient activity of the com­
munity working harmoniously with proper equip­
ment, under the lead of capable managers and per­
fected organization. The new sense of oneness of
life and interest which the war has produced among
the people of the different nations of Europe has
already produced economic and industrial results
which are to have wide influence.
There is the great lesson for us. They have
learned by adversity. We are exempt. We shall
be in some respects stronger after the war. We
shall be richer and with more productive capacity
than ever before, but this will only avail if we cul­
tivate a spirit of unity and that good understanding
which comes when men enjoy common blessings and
are animated by generous purposes. The “ new
freedom” which now misleads some, will then ripen
into a new patriotism which characterizes men who
realize how much they owe to their common coun­
try.
Mr. James K. Lynch, the retiring President of the
Association, in his annual address, spoke somewhat
to the same effect. We quote as follows:
It is easier to point out what is wrong than to tell
how to remedy the wrong, but there are certain
fundamentals that are so plain that none can ignore
them. As a nation, we have grown rich, and have
grown fat, and have grown soft, and we are to-day
the most tempting prize under the blue canopy of
heaven.
If as a nation we are sick, it is as individuals that
we must supply the cure. We are ourselves-to blame
not Congress, not the Government, but just we
Americans. Congress does not lead, but follows
public opinion. First of all, we need co-operation,
team work, the things that win in any line of human
endeavor, and to secure this there is nothing quite
so good as universal military training, which arouses
national feeling and national consciousness as nothing
else can do. Our educators are already demanding
this training as a remedy for the excessive individual­
ism of the boys who have an exaggerated idea of their
importance and of their rights, with a deficient sense
of their responsibilities and their duties. As has
been aptly said,it is as absurd to have some men
volunteer to fight the battles of the republic as it
would be to have some men volunteer to pay the
taxes. Let the burden of military service rest on
all, rich and pool alike, and then it will not press
unduly hard on anyone, and if war should come, it
will not be the best and bravest and most generoushearted that will be first sacrificed, but each will
go in his turn.
The primary purpose of a government is to provide
adequate defense for the country governed and
how shamefully this purpose has been neglected
under one administration after another is a familiar
tale. Should our people demand that the army
be disbanded and the navy scrapped, : the position
would be consistent, but to consent to an army
pitifully inadequate and to a navy, that dooms our
boys to hopeless defeat and certain death is not" the
American way of doing. Intact,'^Am erica is^not



1461

awake; her people have been busy getting rich and
her legislators have carried village politics into
national affairs, and have busied themselves with
petty improvements and meddled with the business
concerns of the citizens, without a clear idea of the
harm they were doing or an understanding of the
world problems requiring solution. We need the
industrial organization of the country, and we must
in some way cause our legislators to understand that
our steel mills, our railroad systems, our ship yards,
our factories and our shops are to be encouraged and
developed to the end that they may serve the.nation.
If the government finds it necessary to build an
armor plant or a gun factory, it should be to supple­
ment the private factories and not with the fatuous
idea of putting any of them out of business. There
is enough work for all before this country can be
deemed adequately protected.
There is no question now before the country of
greater importance than the agricultural one. M r.
Joseph Hirsch of the National Bank of Corpus
Christi, Texas, presented an elaborate paper, show­
ing what great advance is making in those States
in which interest is aroused in improving methods.
The facts he gives are remarkable, both as showing
the extent and strength of the new movement and
the increase of production already attained. In
1915 on 20,000 farms with 218,000 acres, 1,180
pounds of cotton per acre was raised, as against
623, the earlier average. Similarly, the corn crop
advanced from 20 bushels to 37 bushels per acre;
representing in cotton an increase approximately of
four million dollars and in corn of seven millions.
He gives account of the different agencies which
are now at work to produce these results, not the
least important of which is the country banks. This
is naturally leading to an entirely new feeling of the
country toward the banks, as it is greatly widening
the sphere of their influence and acitvity.
In this connection President Lynch’s comments on
the Farmers’ Land Bank Bill are suggestive:
The Federal Farm Loan Act which became a law
in July of this year is a piece of legislation regarding
which there is a wide difference of opinion. That
the Act will prove workable is probable, but that it
contains great possibilities for evil is certain. When
the Government places its credit behind one class
of the community, no matter how important the
class may be, it is setting a precedent which is sure
to be followed by demands for assistance from other
classes equally worthy. In part the end sought
is sociological and is in fact an effort to stem the
drift of population to the cities. Lower rates of
interest and greater facilities for getting into debt
will not of themselves serve to accomplish this result.
The men who have the most intimate experience
with farm conditions generally believe that borrow­
ing is already too easy for the farmer.
Instruction in proper methods of husbandry,
improvement in living conditions and particularly
improvement in facilities for social recreation will do
more to keep the boys and girls on the farm than
will improved methods of borrowing. Reforms of
this character also tend to reduce rates of interest
by the only method which can legitimately reduce
them, that is, by improving the security.
Such purely financial schemes have an influence
far beyond their original aim. They affect the life
and thought of the nation.
M r. B. F. Harris, Chairman of the Agricultural
Commission, in presenting its report, made an ad­
dress summing up the history of the new “ bankerfarmer” movement and the thoughts before the
convention, in which he used the following signifi­
cant words, with which we must close:

THE CHRONICLE

1463

Our greatest danger to-day is not so much from
corruption in public life, as from the cowardice of
our public officials and from citizens, particularly
those situated as are we. And just here, as empha­
sizing this greatest danger to our Republic — cowardice
— and speaking solemnly and solely for myself, I
register my protest, as every similarly-minded
American should, at the amazing attitude of the
National Administration and Congress in the ill
considered and panicky haste with which they—
sworn to act for the welfare of every citizen of the
nation— cringed and threw up their hands on fortyeight hours’ notice so to do from a handful of men.
I care not who the men are, nor the merits of their
case— the humblest toilers or the most arrogant
captains of industry would hardly hold their flag
and its representatives so lightly, or dare to attempt
so gigantic a “ hold-up” of the rights of afreepeople.
And yet, un-American and intolerant as were the
methods of these men, the abject, unjustifiable
surrender of Congress is the sinister sign in the whole
miserable transaction. It is the greatest break­
down, the heaviest body blow our nation has had.
The international situation, the effect of a nation­
wide strike, sinks into insignificance for us in com­
parison with this fundamental assault on and sur­
render of vital principles, the square deal and
self respect.
From beginning to end the convention showed
the breadth of its interests and upheld the highest
ideals of what should characterize the intelligent
patriotism of a great Republic.
GROUP I N S U R A N C E A N D T H E L O C A L
TRACTIO N

STR IKE.

Mr. Whitridge has followed his open-letter adver­
tisement to the employees of the Third Avenue sur­
face line and indirectly to the public by another
brief one to those employees at present on strike.
He reminds them that nearly all of them are insured
for $1,000 each under a group contract made by the
company with a prominent life and accident insur­
ance company, and he notifies them that unless they
return to work on or before Oct. 20 these policies
will be canceled. But the policy contains a provision
which he cites: that in case the holder leaves the rail­
road company’s employment he may continue the
life and accident insurance under the group contract,
without a medical examination, provided he makes
written application to that effect to the insurance
company within ten days after termination of the
employment, “ requesting that the insurance be con­
tinued, at his own cost, for the same amount at the
schedule rate for his then age, to be paid by him an­
nually in advance to the insurance company, and
that his new occupation shall not be of a more hazard­
ous nature than his occupation while in the employ
of the railway company.”
So M r. Whitridge reminds them of what they
might discover for themselves if the excitement and
preoccupation by their present situation did not make
them overlook it, that if they wish to continue these
policies they must act for themselves by notifying
the insurance company and getting the new terms.
“ If the Amalgamated Society of Street and Rail­
way Employees of the United States were anything
more than the irresponsible humbug I have declared
it to be,” adds M r. Whitridge, it might arrange to
handle the insurance hereafter, but he assumes that
it will not do so, and he cannot suppose any of these
former employees will expect the company to carry
insurance for them any longer. But it seems to him
a pity for the families to lose it, and therefore he



[Vol. 108.

urges the men to try to attend to this provision now
for themselves, since they have chosen to part com­
pany with their employment without just cause.
Certainly this is a kindly reminder, although it
does bear a pungent comment as a sting. That com­
ment must be admitted to be true. The society with
the long name came here, unasked, and attempted to
constrain men who were doing well and were fairly
satisfied into coming under an outside and distant
control. The constraint was laid, as always, upon
both employees and employers, with a heavy loss in
wages to both and with a prolonged inconvenience to
the public, being in effect equivalent to a sort of in­
vasion, for it went so far as to openly threaten a state
of famine in the city. It failed, but its mischiefs re­
main. There was rioting, with the usual results to
individuals; and thousands of men, partly moved by
actual fear for the safety of themselves and their
families, and partly deluded by brave talk and smooth
promises, left their work. Now the work has been
lost to them, except as they have returned within the
time limit set, and their insurance must be saved by
their own act and at their own charge if they would
not lose that also.
The union leads them into trouble, and leaves them
to rescue themselves if they can. The luckless indi­
vidual hatters in Danbury were led into trouble by
trusting to this distant and always boastful power,
and some mine workers have fallen into the same
error. The union does not stand by its agreements,
keeps no books, makes no accounting of funds, per­
mits its managers to live elegantly with no severer
labor than with the mouth, and leaves its dupes to
save themselves when the statute law and the law of
business are against them.
Incidentally, Mr. Whitridge’s notice to (he men
serves to call public attention anew to the quiet
though great spread of group insurance through the
action of employers, and to the modes of welfare work
(of which this form of insurance is only one) in which
capital and labor are coming together, notwithstand­
ing the disapproval of Mr. Gompcrs and the other
union leaders and their efforts to prevent. How
far a humanitarian feeling and how far a keensighted sense of policy operate to push on this move­
ment nobody could tell— perhaps not even the em­
ployers could, since conduct is often a result of mo­
tives too closely blended for analysis. It does not
matter in the least; the fact itself suffices. The pun­
ishment which mistakes bring is the only effectual
means of lessening mistakes. It is to be hoped that
laborers will soon begin to learn that they have suf­
fered themselves to be led into attempting, through
coercion, what can be reached only by friendly and
rational co-operation.
TH E GREAT NORTHERN R A I L W A Y C O M P A N Y
REPORT.

Very naturally the first thought that arises in
considering the annual report of the Great Northern
Railway Company for the 1916 fiscal year is that
since the previous report James J. Hill, the founder
of the system, and one of the very greatest figures
in American history, has passed away. A fine
tribute to his memory was paid by the board of
directors of the company soon after his death, which,
as will be remembered, occurred on May 29 last,
and this is reproduced in the report. M r. Hill
was such a conspicuous and such a picturesque figure,

O0T. 21 1916.]

THE CHRONICLE

was so frank and democratic in his ways and sayings,
gave expression from time to time to such homely
utterances embodying the very essence of wisdom,
and was so typical of the spirit of progress that has
carried the country to the forefront of the world,
that it is impossible to contemplate his death with­
out a sense of personal loss.
Mr. Hill was an “ Empire Builder” in the fullest
sense of the word. He had imagination and pro­
phetic vision of a kind with which few men are
gifted, and in the Croat Northern System estab­
lished a transportation machine from which benefits
will flow for his countrymen to the end of time, con­
stituting an imperishable monument for him. What
brings his death home with peculiar force, however,
is that though endowed with exceptional genius,
he yet made every one feel that he was one of us
and a part of us. This makes sorrow over his death
deep, general and sincere.
The annual report shows that when M r. Hill’s
career closed, the property he brought into being
was at the zenith of its prosperity. The twelve
months covered by the report were a period of
favorable conditions, and it is needless to say that
the organization he created and has left behind
knew how to avail to the utmost of the advantages
growing out of such a situation. This prosperous
period came after two years of decidedly adverse
conditions. Under the revival of activity the road
recovered the whole of its losses of the previous two
years and established a new high record of revenues.
The industrial recuperation in other parts of the
country arising out of the war was not without influ­
ence in stimulating trade in the territory tributary
to the lines of the system, but the bulk of the gain
in traffic and revenues, which marked the course
of affairs, came from an entirely different source,
namely the phenomenal spring-wheat crop raised
in 1915 in the territory at the eastern end of the
system and which is not to be duplicated in the
harvest of the present season.
The report tells us that the grain traffic was the
largest ever handled, there being approximately
177,000,000 bushels marketed at stations on the
line, as compared with 110,303,000 bushels the
previous year. In the year before the amount of
grain handled was approximately 133,000,000 bushels,
while further back, in 1912-13, the total handled
was about 151,000,000, which was the maximum
up to that time. The report tells us that Montana
alone in the latest year furnished 25,500,000 bushels,
or more than double the production the year before.
Pains are taken, however, to state that the c u r r e n t
season’s crop, excepting in Montana, will be much
below the average, owing to damage caused by rust
and a long period of hot, dry weather coming at a
critical time. Revenues from this traffic, therefore,
during the new or current year, will, it is stated,
show considerable decrease. The report does not
say so, but it seems likely that a portion of the falling
off at least will be made good by gains from other
sources.
The addition to gross earnings, as compared with
the year preceding, was $14,099,020, and the ad­
dition to net, after the deduction of expenses and
taxes (taxes having risen no less than $502,539)
$6,511,279. In the previous year the loss amounted
to $9,092,079 in gross, but in the net at that time
there was a gain of $1,412,229, owing to a great
saving in operating expenses. In the year before




1463

there was a heavy reduction in both gross and net,
though it is not possible to state the exact amount
of the decrease on the present basis, since, effective
July 1 1914, the Inter-State Commerce Commission
put into force new classifications for both revenues
and expenditures, the most important change being
in the abolition of the so-called “ outside operations”
and the inclusion of the items under that head with
ordinary revenues and with ordinary expenditures.
On the old basis of accounting, the result for the
twelve months ending June 30 1914 was a loss of
$3,218,898 in gross revenues and of $4,383,572 in
the net revenue.
It would thus appear that in 1916 all the loss of the
preceding two years had been recovered, though
whether this is entirely so in the case of the gross
cannot be stated with absolute positiveness, in view
of the changes in the classifications of the accounts.
The net earnings certainly were the best on record.
Further development of operating efficiency is
looked for as a matter of course in the case of the
Great Northern Railway and expectations in that
regard are not disappointed. As pointed out by us
in reviews of previous reports, the Great Northern
was the first of the American railroads to devote
particular attention to the subject of trainload, this
being one of the ways in which the late Mr. Hill
effected economies of operation. Under normal
conditions the Great Northern keeps adding to its
trainloads year by year. In the fiscal year 1915,
however, it was not possible to keep the trainload
up to the previous maximum, owing to the tre­
mendous shrinkage at that time in the tonnage of
carload commodities like ore, coal, grain and lumber.
Accordingly, the average trainload of revenue freight
declined from 003 tons in 1914 to 050 tons for 1915.
In 1910, with a recovery in the volume of
tonnage in the bulky and low class freights this set­
back was retrieved. Accordingly, the trainload
is up again to 603 tons. This compares with 650
tons in 1915 and 063 tons, as already stated, in 1914.
In 1913 the trainload was only 634 tons, in 1912 no
more than 601 tons, in 1911 but 524 tons, in 1910
518 tons and in 1909 502 tons. This is the average
for revenue tonnage alone. Including freight car­
ried for the company’s own use the train load for
1910 would be 763 tons. With the recover}'- in
tonnage of carload commodities, iron and copper
ore, grain, &c., average freight rates, which the
previous year had shown a slight upward turn, re­
sumed their downward course, the average per ton
per mile being 7.70 mills, against 8.16 mills in 1915,
7.94 mills in 1914, 7.65 mills in 1913 and 7.68 mills
in 1912.
In the passenger department the recovery in the
late year was slight, the total of the passenger
revenues for 1916 being $13,661,644, against $13,­
164,857 for 1915 and $15,234,462 for 1914. Passen­
ger revenues are slow to revive after business de­
pression and from that source there is likely to come
a gain the current fiscal year to offset in part the
loss in grain. In certain classes of freight there is
also likely to be an increase. On that point the
statistics in the present report are rather suggestive.
Thus, while freight revenues are far in excess of
those of two years ago, the comparison being between
$60,177,249 for 1916 and $55,084,925 for 1914, the
number of tons of freight handled in 1916 was not
up to that of 1914, the revenue tonnage for 1916
having been 28,929,130 tons, against 23,453,059

1464

THE CHRONICLE

tons in 1915, but comparing with 30,857,598 tons in
1914. Here, therefore, there is room for further
recovery. The tonnage movement one mile, of
course, far exceeds that of two years ago, 7,809,816,­
834 tons of revenue freight having been carried one
mile in 1916, against only 5,773,779,488 ton miles
in 1915 and 6,930,295,709 ton miles in 1914. The
explanation is that the company handled a smaller
number of tons but had a longer haul on it, this
presumably being due to the large proportion of
grain carried.
Under the great gain in net revenues the general
income account for the twelve months is unusually
gratifying. After providing for 7% dividends on
the $250,000,000 (roughly) of stock outstanding,
calling for $17,456,390, a balance remains on the
operations of the twelve months in amount of no
less than $10,144,224, equal to 4 % more on the
outstanding stock. The greater part of the amount,
however, was set aside for special purposes, $3,­
500,000 being transferred to the Fund for Permanent
Improvements and Betterments, another $1,000,000
going to the Pension Fund, $256,331 being con­
tributed for the renewal of Allouez Bay ore-docks,
and $3,100,865 being applied to miscellaneous ap­
propriations. Even then an unused balance of
$2,287,027 remained to be carried to the credit of
profit and loss.
Financially, the company is in easy circumstances
and during the twelve months the amount of cash
on hand increased from $11,590,502 to $16,049,873.
Including this cash, but. not including the value of
fuel and material on hand, the total of current
assets June 30 1916 was $34,006,083, while the
total of current liabilities was only $9,771,087.

P R O S P E R IT Y OF S O U T H E R N R A I L W A Y .

It is a wonderful record of prosperity that the
Southern Railway Co. reveals in its annual report
for the fiscal year ending June 30 1916. In the
previous fiscal year under the sudden and unex­
pected collapse in the price of cotton, the South’s
chief staple, following the outbreak of the European
war, the company had to contend with a period of
severe industrial depression and proved equal to
the occasion, making a very creditable record for
itself. In the year under review, with a complete
recovery in the price of cotton and a return of
normal conditions in other respects, the road had
opportunity to show what it could do in favoring
circumstances of an unusually pronounced character
— the stimulus afforded by war purchases having
counted as a benefit to it, the same as to the rest
of the country— and its record for this period is no
less noteworthy than the other. The large loss
of the previous year was, of course, recovered, but
that was by no means the only achievement. The
advance in operating economy and efficiency is a
no less striking feature of the year’s results.
It is a distinguishing characteristic of all the
annual reports of United States railroads that have
thus far come to hand, that they show it was pos­
sible to carry forward to the net earnings a very
large portion of the really noteworthy gains in the
gross revenues. In the Louisville & Nashville case,
as we saw last week, nearly the entire amount of the
great increase in gross earnings was saved for the
net, a gain of $8,711,978 in gross having been at­
tended by an augmentation in expenses of no more



[Vol. 103.

than $358,692, leaving, therefore, a gain in net of
$8,353,286. The Southern Railway has done even
better than that. It has added $7,798,165 to gross
revenues and at the same time diminished expenses
by $133,594, yielding, therefore, a gain in net of
$7,931,760. The elaborate remarks of the President
of the company have always been a feature of the
annual report of the Southern Railway and the
custom is being continued under the administration
of President Fairfax Harrison, whose discussions
of the year’s results and conditions are unusually
interesting and highly illuminating.
Mr. Harrison significantly says that in the ex­
penses there is reflected the lesson of experience
learned during the previous year of depression. In
other words, expenses were so controlled that in the
aggregate they were actually less than in the previous
year, as just shown. In explaining how this was
brought about Mr. Harrison points out that there
was a marked increase in efficiency in all the physical
operations of the road. With an increase in gross
revenues of 12.54%, and an increase in the number
of revenue tons of freight moved one mile of 20.16%,
indicating how much larger was the business of the
late year than that of the preceding year, the number
of miles run by the revenue trains was actually
decreased 1.89% and transportation expenses were
likewise slightly reduced. Transportation costs per
dollar of revenue were 32.50 cents, or 11.18% less
than 1915 and 10.57% less than in 1914. This was
accomplished, we are told, in various ways. Great
attention was given to better loading of trains and
the average load was brought up to over 441 tons,
as against 382 tons in 1915, 339 tons in 1914 and
228 tons in 1908.
In other words, in eight years the average train
load has just about doubled and the greater part of
the increase was made in the last two years. A
revenue trainload of 441 tons must be considered
exceedingly good for a system spread out over such
a large area as is the Southern Railway, with much
scattered mileage and large pieces of road having
only a very light traffic. As Mr. Harrison well
says, in considering the achievement the map of the
Southern Railway and the characteristics of its
traffic should not be forgotten. The relatively large
proportion of branch-line mileage embraced in the
system and on which an arbitrary service must be
maintained, together with the amount of high class
merchandise and perishable freight carried, are con­
stant limitations on average tonnage.
Many indications of operating economy and ef­
ficiency are furnished. Not only was the average
number of cars in a train appreciably increased, and
the number of tons of freight in each car also raised,
but freight locomotive fuel costs per 100 ton-miles
decreased 10.42% as compared with 1915 and
19.81% as compared with 1914, while pounds of
coal consumed per 100 ton-miles were 6.32% less
in 1916 than in 1915, and 14.18% less than in 1914.
Though freight earnings between 1908 and 1916
increased from $34,171,329 to $47,420,481, the
number of miles run by freight locomotives was re­
duced from 17,622,105 to 14,366,475. Another
important item in the reduction in expenses was the
diminution in the charges for injuries to persons and
loss and damage to freight and baggage and to stock
and property. Only $1,867,817 of outlays was
incurred in that way in 1916, against $2,282,966 in
1915 and $2,650,092 in 1914.

OCT. 21 1916.]

THE CHRONICLE

All this indicates, as Mr. Harrison puts it, “ what
has been accomplished by the intelligent work of the
operating officers, plus the intelligent investment of
capital in facilities for economical operation.” It
appears that the reduction in total expenses would
have been greater than it actually was, except that
the valuation of the company’s property, which is
being conducted by the Federal Government, added
$172,751 to the general expenses during the year.
This was an increase of $74,560 over the previous
year, and makes the total cost of this work to June 30
1916, $308,986.
We have stated that transportation expenses had
been reduced. The total under this head was $22,­
751,698, against $22,757,597 in the previous year,
notwithstanding the great expansion in the volume
of the traffic. We have already indicated how this
was accomplished. The maintenance expenses, on
the other hand', were larger, but not so very much so,
standing at $19,359,112 for 1916, against $19,143,386
for 1915, $492,434 more having been spent for
maintenance of equipment and $276,708 less upon
maintenance of way and structures. Mr. Harrison
states that the property has been well maintained
and its actual condition at the close of the year was
better than ever it was. During the depression of
the previous year a substantial item of retrenchment
was in the postponement of maintenance of freighttrain cars which were then idle. On June 30 1915,
it is stated, 11.65% of the freight-train cars, owned
by the company, were in bad order. On the other
hand, on June 30 1916 the percentage of freight-train
cars, owned by the company, which were in bad
order was only 1.58%.
One item of expense is always on the increase,
namely the taxes. For 1916 these amounted to
$2,916,426, against $2,595,828 for 1915 and $2,­
480,387 for 1913. Of every dollar of revenue 4.17
cents went last year for taxes, as compared with
3.79 cents in 1914 when the revenues were sub­
stantially the same.
The gain in gross earnings was not fully equal to
the previous year’s loss. The total of the gross,
after having dropped from $70,750,916 in 1914 to
$62,199,509 in 1915, recovered to $69,997,675.
The small difference is accounted for by the fact
that only a small part of the previous year’s loss in
the passenger business was regained, the receipts
from passengers in 1916 having been $16,615,857,
against $16,175,673 in 1915 and $19,016,098 in 1914.
The freight revenues were the very largest in the
company’s history, being $47,020,481 for 1916,
against $40,458,857 for 1915 and $45,632,207 for
1914, the previous maximum. The report says that
while the system did not share in a large way in the
movement of munitions and supplies for the nations
at war, it handled a substantial tonnage of raw ma­
terials for the manufacture of munitions as well as
some of the munitions themselves.
In the net earnings, under the greater efficiency
of operations and the saving in expenses, the im­
provement has been really marvelous, the total of the
net being $23,956,559 for 1916, against only $16,­
024,798 for 1915 and comparing with $18,990,347 for
1914 and $20,336,102 for 1913. After allowing for
fixed charges, the balance remaining on the year’s
operations was no less than $9,245,703, as against
only $1,523,369 in 1915 and sufficient to pay over
5% on the $180,000,000 of preferred and common
stock combined. There is no intention, however,




1465

of resuming dividends on the preferred shares at
this time. The report says: “ the Board deems it
proper to express a firm and deliberate conviction
that the interests of the stockholders will be best
served by continuing at this time the policy of con­
servation of the resources of the company. When,
through the strengthening of those resources and the
solution of the problem of permanent financing of
existing and future capital requirements, the pay­
ment of dividends can be once again confidently
resumed, such distribution should reasonably be
expected to continue without interruption by periods
of temporary business depression. The Board be­
lieves that assurance of stability of income is of more
real importance to the stockholders than a dividend
at this time.”
President Harrison speaks encouragingly of the
outlook for the immediate future. He says prospects
are favorable for a healthy growth in all lines of
freight traffic during the year 1917. The South,
he states, has had a prosperous year and intends to
have another. Throughout the South there is ap­
parent “ that feeling of industrial and commercial
exhilaration which comes to every Southern man
whether or not he owns any of the staple, with the
exultant repetition of the phrase ‘fifteen-cent cot­
ton.’ ”
Since Mr. Harrison penned these words,
the price of cotton has advanced over 3 cents more
giving additional emphasis to his statement.
No new railroad was built or acquired during the
year, the company’s policy being, as announced
the previous year, “ better” railroad, not “ more”
railroad. The South undoubtedly needs additional
railroads for its full development, it is declared, but
there is now small public inducement held out to
private initiative to assume the permanent respon­
sibility of operation of a new railroad in territory
where traffic must be created. The company’s use
of new capital has for some years been devoted to
providing betterments for greater economy and
efficiency of operation, and these, as we have seen,
show telling results. The company during the twelve
months was able to increase its holdings of cash
from $3,075,178 to $7,127,172. In addition it held
on June 30 1916 $4,934,746 of time and special
deposits and is apparently well supplied with funds
for the time being.

R A IL R O A D

GROSS A N D

NET

E AR N IN G S

FOR

AUGUST.

The gross earnings of United States railroads are
now and have been ever since last September so
uniformly favorable that it is not necessary to speak
of their general character, but merely to record the
amount of gain and to note whether the improvement
continues as large as before. Suffice it, therefore,
to say that our compilations to-day, which this time
cover the month of August, show that the gains
still continue large, both in gross and in net. In the
gross, the increase reaches $54,673,436, or 19.61%,
and while $28,300,221 of this gain was consumed by
augmented expenses, this still left an improvement
of $26,373,215
in the net.
'
’
/ I \
T\nn I___ \
August (458 roads)—
1916.
Miles of road___________________
245,516
Gross earnings_________________ $333,460,457
Operating expenses........... .......... 207,622,608
N et e arn in gs.......................... 8125,837,849

915.
244,765
278,787,021
179,322,387
$99,464,634

Inc. ( + ) or Dec. (— ) .
Amount.
+ .7 5 1
0.31
+ $54,673,436 19.61
+28,300,221 15.78
+$26,373,215

26.51

Both the ratios and absolute amounts of the in­
creases here recorded are larger than were the

1466

THE CHRONICLE

corresponding gains for the month preceding anc
the improvement derives additional significance
from the circumstance that it follows improvement,
too, in the same month of the preceding year. Prior
to 1915, however, the returns had been for several
years poor or indifferent, and to that extent the
gains of 1916 and 1915 reflect simply a recovery
of previous losses. For August 1915 the increase
was $5,272,843 in gross and $10,039,578 in net.
In August 1914, on the other hand, there was a loss
of $11,326,412 in gross, though accompanied by a
trifling gain in the net. Contrariwise, in August
1913 our compilation registered a gain of $4,342,006
in the gross, but attended by an increase of $13,­
448,176 in expenses, thus producing a loss in net of
$9,106,170. In August 1912 the results were very
satisfactory, there having then been $25,860,384
gain in gross and $11,425,466 gain in net. This,
however, followed a falling off in both gross and net
earnings in August 1911, though not a very large
falling off in either case, the decrease then having
been $1,967,695 in gross and $595,069 in net. In
August 1910 there was also a decrease in net, due
entirely to augmented expenses, the addition to the
gross having been no less than $18,279,972, but
expenses having risen $18,939,835, hence causing
a loss in net of $659,863. In August of the year
before (1909) there was material improvement
in both gross and net, but here again the improve­
ment was related to an unfavorable showing in
the preceding year. In other words, the improve­
ment followed from the circumstance that in 1908,
succeeding the panic of 1907, there had been tre­
mendous losses. According to the tabulations of
the Inter-State Commerce Commission, the gain
for August 1909 reached $29,682,863 in gross and
$15,065,001 in net. In August 1908 the decrease
in gross by the figures of the Inter-State Commerce
Commission was $34,366,578, and in net $9,222,389.
In the table we now present we furnish the August
comparisons back to 1896. For 1910, 1909 and
1908 we use the Inter-State Commerce Commission’s
totals, but for the preceding years we give the
results just as registered by our own tables each
year— a portion of the railroad mileage of the coun­
try being always unrepresented in the totals, owing
to the refusal of some of the roads in those days to
furnish monthly figures for publication.
Gross Earnings.

Year.
Year
Given.

Year
Inc. ( + ) or
Preceding.
Dec. (— ).

Net Earnings.
Year
Given.

Au gust.
S
S
S
S
1 8 9 6 .. 52,240,197
.
55,319,991 — 3,079,794 17,418.959
1S97
06,842,723 58,087,815 + 8.154,908 24,228,620
1898
_____________
77,840,913
70,324,949 + 1,521,96-1 27,942,001
1899
_____________
81,952,795
70,905,451 + 10,987,344 29,730,908
1 9 0 0 .. 92,007,423
.
85,191,125 + 6,870,298 33,210,118
1901 . . . 108,575,332 90,440,678 + 12,134,654 40,548,771
1 9 0 2 .. 105,390,629
.
102,111,428 + 3,279,201 35,928,409
1 9 0 3 .. 121,050,739
.
105,267,440 + 15,783,293 41,282,319
1 9 0 4 .. 119,821,635
.
119,065,743
+ 155,892 43,168,250
1 9 0 5 .. 125,099,094
.
114,112,603 + 10,987,091 43,201,744
1 9 0 0 .. 137,589,500
.
122,898.408 + 14,691,092 48,074,911
1 9 0 7 .. 144,913,337
.
128,178,064 + 16,735,273 45,629,104
1 9 0 8 .. 206,755,804
.
241,122,442 — 34,30G,578 75,028,707
1 9 0 9 .. 230,559,877
.
206,877,014 + 29,082,803 90,384,539
1 9 1 0 .. 254,005,972
.
235,720,000 + 18,279,972 89,517,074
1911 . . . 243,810.594 245,784,289 — 1,907,695 80.224.971
1912 . . . 270,927,410 251,067,032 + 25,800,384 99.143.971
1 9 1 3 .. 259,835,029
.
255,493,023 + 4,342,000 83,143,024
1 9 1 4 .. 209,593,440
.
280,919,858 — 11,320,412 87,772,384
1 9 1 5 .. 279.891,224
.
274,018,381 + 5,272,843 99,713,187
1 9 1 6 .. 333,400,457
.
278,787,021 + 54,073,430 125,837,849

Year
Inc. ( + ) or
Preceding.
Dec. (— ).
S
19,023,398
19,592,109
28,189,822
25,200,009
31,032,360
34,210,061
37,770,140
35,747,474
40,913,469
40,480,712
42,719,70S
44,849,985
84,251,090
75,319,538
90,176,937
86,820,040
87,718,505
92,249,194
87,300,840
89,073,609
99,464,634

S
— 1,004,439
+ 4,030,451
— 247,221
+ 4,530,959
+ 2,183,758
+ 6,338,710
— 1,847,737
+ 5,534,845
+ 2,254,781
+ 2,721,032
+ 5,355,143
+ 779,119
— 9,222,389
+ 15,005,001
— 659,863
— 595,069
+ 11,425,400
— 9,100,170
+ 471,544
+ 10,039,578
+ 20,373,215
Note.— In 1S96 the number ot roads included lor the month of August was 127: in
1897, 135: in 1898, 138: In 1899, 113; in 1900, 129; in 1901, 110; in 1902, 105' in
1903, 114; In 1904, 100; In 1905, 95; In 1906, 91; in 1907, 80; In 1908 the returns
were based on 231,220 miles; in 1909 on 247,544 miles: in 1910, on 238,493 miles; in
1911, on 230,530 miles; In 1912, on 239,230 miles; in 1913, on 219,492 miles; in 1914
on 240,831 miles; in 1915, on 247,809 miles; in 1910, on 245,510 miles
’

In the case of the separate roads, we have a long
list of gains in the gross, the most of them for large
amounts, but in the net, while the gains are also
very numerous, they are less conspicuous, and
furthermore a few roads like the Erie, the Baltimore
& Ohio and the Delaware & Hudson form exceptions
to the rule by reason of heavy increases in expenses.
It should be understood, however, that in the case
of these separate roads present gains do not always
succeed gains last year, but often follow large losses




[Vol. 103

then. This is particularly true of such roads as the
Great Northern, the Chicago Burlington & Quincy,
the Chicago & North Western, the Ilock Island,
the St. Paul & Omaha, the Missouri Pacific and
many of the roads in the South.
The Pennsylvania Railroad has added $5,304,291
to its gross of last year and $1,618,755 to its net.
This is on the lines directly operated east and west
of Pittsburgh. Including all lines owned and con­
trolled which make monthly returns to the Inter­
State Commerce Commission, the result is a gain
of $6,305,828 in gross and of $1,923,931 in net, and
this follows $1,021,529 gain in gross and $1,239,005
gain in net in August 1915. The New York Central
this time reports $3,916,984 increase in gross and
$1,808,882 increase in net. These figures relate to
the operations of the New York Central itself. In­
cluding the various auxiliary and controlled roads,
the whole going to form the New York Central
System, we get $6,336,338 improvement in gross and
$2,806,084 improvement in net, following $1,265,854
gain in gross and $1,751,949 gain in net in August
last year. In the following we show all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net.
P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S IN A U G U S T .
Increases.
Increases.
P e n n s y lv a n ia ........................a$5 ,304 ,29 1 St L o u is S o u t h w e s t e r n ..
§2 6 8 ,4 9 3
N o w Y o r k C e n tr a l_______ 53.91C ,984
2 66 ,280
N a sh C h a t & St L o u is ___
U n ion P a c i f ic ____________
2 ,4 3 8 ,2 5 7 In t & G rea t N o r t n e r n ___
2 6 1 ,0 4 8
A te n T o p & S an ta F e ___
2 ,3 3 4 ,4 8 4 C h ic a g o & A l t o n ....................
2 53 ,632
C h ic a g o B u rl & Q u i n c y . .
2 ,068,844 C h ic a g o G rea t W e s te rn . .
2 51 ,332
S outhern P a c i f ic ________
1,947,329 N Y C h ic Sc St L o u is ____
249 ,4 8 3
G rea t N o r t h e r n __________ 1 .851,407 Y a z o o & M is s V a lle y ____
247,304
C h ic a g o M ilw Sc St P a u l.
1 ,736,018 F lo rid a E a st C o a s t ...........
242 ,1 8 3
C h ic Sc N o rth W e s t e r n ..
1,680,205 D e la w a ro & H u d s o n ____
2 2 3 ,8 5 9
M isso u ri P a c i f ic _________
1,213,068 C en tral o f G e o r g i a ............
2 1 5 ,2 9 6
1,201,372 N O T e x a s & M e x i c o ____
B a ltim o re & O h io _______
2 0 7 ,6 9 9
C h ic R o c k Isl Sc P a c L in es 1,174,352 T exa s Sc P a c if ic .....................
2 03 ,122
St L ou is & San F ra n cisco
1,105,953 T o le d o Sc O h io C e n t r a l ..
199,612
S outhern R a ilw a y _______
1,099,001 C in e N O & T e x P a c ____
195,472
L o u is v ille & N a s h v illo . . .
1 ,021,4 67 V a n d a lia .................................
188,385
N o rth e rn P a c if ic ________
964,674 C h ic a g o & E a stern 111___
186,222
Illin ois C e n tr a l___________
964,265 Elirin Jo lie t & E a s te rn ___
175,944
P h ila d e lp h ia Sc R e a d in g .
895,454 C o lo r a d o & S o u th e r n ___
170,097
N Y N i f & H a r tfo r d ____
885 ,680 G ra n d T r u n k W e s t e r n ..
166,883
B o sto n Sc M a in e _________
865 ,342 W estern M a r y la n d ______
165.891
M ic h ig a n C e n tr a l_______
828 ,9 6 5 H o c k in g V a lle y --------------165,618
E r i e . . . ...................................
751 ,963 C e n tra l N e w E n g la n d ___
157,637
C le v e C in e C h ic Sc S t L . .
687 ,9 1 8 In d ia n a H a rbor B e l t ____
150,412
L e h ig h V a lle y ................
656 .047 C e n tia l N e w j e r s e y _____
149,132
N o r fo lk & W e s te rn _____
613,521 M a in e C e n tr a l.........................
134 ,709
M issou ri K a n & T e x a s ..
591,204 L o n g I s la n d ________________
134 ,488
D e la w a re L a ck & W e s t ..
590,570 C h ic a g o ln d & L o u i s v . . .
134,024
M in n St P & S S M _____
590.004 K a n sa s C Itv S o u th e rn ___
130,596
A tla n tic C o a s t L in e ______
588,750 D e n v e r Sc I ilo G ra n d e ___
117,392
D u lu th M is s a b o & N o r . .
5 29 ,796 B in gh am Sc G a r fie ld ____
113 ,006
W a b a s h .. ..............................
436,671 M o b ilo Sc O h io _____________
111 ,099
P ittsb u rg h & L a k e E r i e . .
379 ,568 B essem er & L a k o E r ie ___
103 ,534
El P a so S ou th W e s t e r n ..
3 74 ,429 V irg in ia n .....................................
102 ,945
C h esapeake & O h io _____
333 ,834
S eab oard A ir L in e .............
330.403
R e p re s e n tin g 72 roads
l ’ ere M a r q u e t t e ..................
3 2 2 ,5 2 9
In o u r c o m p ila t io n ..$ 5 0 ,4 8 1 ,8 6 6
W h e e lin g & L a ke E r ie ___
311 .326
C h ic a g o St P a u l M & 0 . _
297 ,310
P h ila ila lt o & W a s h ______
284,505
Hrrrpn<tn
B u ff R o c h Sc P itts b u r g h .
271 ,277 G ra n d C a n y o n . . ............. ..
$15 1 ,9 9 6
N ote.— A ll th e figu res in th e a b o v e are on tiro basis o f th e returns file d
w ith th o In te r-S ta te C o m m e rce C o m m is s io n .
W h e re , h o w e v e r , these
retu rn s d o n o t sh o w th o to ta l fo r a n y s y s te m , w o h a v o co m b in e d th o se p a ­
rate ro a d s , s o as to m ak e th e results c o n fo r m as nearly as p o ssib le t o th ose
g iv e n in the statem en ts fu rn ish ed b y th o co m p a n ie s th em selves.
a T h is is th o result fo r th o P e n n sy lv a n ia U l i . , to g e th e r w ith the P en nsyl­
van ia Company an d th o P ittsb u rg h C in cin n a ti C h ic a g o & s t . L o u is , tho
P en n sylva n ia l t R . r e p o rtin g $ 2 ,9 9 0 ,1 6 6 in crea se, th o P en n sylva n ia Company
$ 1 ,5 5 7 ,3 1 5 g ain an d th o P. C . C . & S t. L . $ 7 5 6,81 0 g a in .
In clu d in g all
lines o w n e d a n d c o n tr o lle d w h ich m a k e m o n th ly returns t o th o I n te r -S ta te
C o m m e r c e C o n u n lsslo n , th o result Is a g ain o f $ 6 ,3 0 5 ,8 2 8 .
b T h e se fig u re s c o v e r m e re ly th e o p e ra tio n s o f th o N e w Y o r k C en tral
Itself. I n clu d in g th o variou s a u x ilia ry an d co n tr o lle d r o a d s , lik e th o
M ic h ig a n C e n tra l, th o “ B ig F o u r ,” & c ., th o w h o le g o in g t o fo rm th e N o w
Y o r k C e n tra l System, th e result Is a gain o f $ 6 ,3 3 6 ,3 3 8 .
P R IN C IP A L C H A N G E S IN N E T E A R N IN G S IN A U G U S T .
Increases.
Increases.
N ew Y o r k C e n tr a l_______6 $ 1 ,808,882 T e x a s Sc P a c if ic __________
$19 2,65 0
A t c h T o p Sc San ta F e ___
1,6 3 2 ,5 1 6 C o lo r a d o & S o u th e r n ____
177,308
P e n n s y lv a n ia ..................... a l , 618 ,755
S eab oard A ir L i n o ____
175 ,408
C h ic a g o B u rl & Q u i n c y ..
1,465,353 St L o u is S o u t h w e s t e r n ..
167,060
U n ion P a c ific ____________
1,420,070 C in e N e w O rl & T e x P a c .
163,344
C h ic a g o Sc N o rth W estern 1,199,895 P ete M a r q u e t t e __________
162,020
Southern P a c i f ic ________
1,114,969 C h ic a g o St P M & C m . . .
156,537
C h ic R o c k Isl Sc P a c L in e s 1 ,110,640 \ a z o o Sc M is s V a lle y ____
154,182
G rea t N o rth e r n __________
891 ,195 C h ic a g o G rea t W e s t e r n ..
143,364
C h ic M ilw & S t P a id ____
839 .877 C en tral o f G e o r g ia _______
141,414
P h iladelph ia Sc R e a d in g .
804 ,016 N ash C h a t Sc St L o u is ___
137,329
M is s o u ri P a c ific __________
535,869 L eh igh V a lle y ------------------136,481
Southern R a ilw a y _______
531,743 C h ic a g o Sc A l t o n ------------135 ,534
M in n St P aul & S S M ___
5 2 1 ,8
D e n v e r Sc R io G ra u d o ___
132,770
L o u isv ille & N a s h v illo ___
4 9 7 ,4 5 6 W h eelin g Sc L a k o E r ie . _ .
129,878
N o rth e rn P a c i f ic ________
4 8 9 ,3 7 6 N e w O rl T e x a s Sc M e x ic o
127,401
A tla n tic C o a s t L in e _____
447,001 W estern M a r y la n d _____
119,122
B o s to n & M a in e _________
4 3 7 ,6 6 6 C e n tra l N e w E n g l a n d .. .
106,705
Illin ois C e n tr a l___________
433 ,1 8 0 B u ffa lo R o c h Sc P i t t s b . .
104,628
St L o u is Sc S an F r a n ____
413 ,2 3 9 C in e H a m Sc D a y t o n ____
104 ,323
D u lu th M is s a b o & N o r . .
389,701
N o r fo lk Sc W e s te rn _____
3 69 ,860
R ep resen tin g 50 road s
El P a so S o u th w e ste rn ___
368 ,3 3 0
in o u r c o m p ila t io n - .$ 2 4 ,1 6 7 ,4 5 2
M ic h ig a n C e n tr a l_______
352,533
C le v e C in e C h ic Sc St L _ _
290,041
Decreases.
N Y N II & H a r tfo r d ____
274 ,878 E r i e ..........................................
$244,174
In te rn a tl Sc G re a t N o r . .
2 23 ,549 G ra n d C a n y o n
149,669
W a b a s h ______________
213 ,799 B a ltim o re & O h io _______
126,353
F lo rid a E a st C o a s t ______
204,893 D elaw aro Sc H u d s o n ____
118,133
C h esa p ea k e & O h io _____
204 ,822
D e la w a ro L a ck Sc W e s t . .
193,416
R e p re s e n tin g 4 roads
in o u r c o m p il a t i o n ..
$63 8,32 9
a T h is Is th o result fo r th e P e n n s y lv a n ia I I R . , to g e th e r w ith th o P en n syl­
v a n ia Company, an d th e P itts b u r g h C in cin n a ti C h ic a g o & S t. L ou is, tho
P e n n sy lv a n ia R R . re p o rtin g $ 7 5 7 ,8 0 9 in crea se, the P en n sylva n ia Company
$ 6 8 1 ,3 7 7 gain a n d th o P . C . C . & S t . L . $ 1 7 9,56 9 g a in . In c lu d in g all Ilnoo

Oct. 21 1916.]

THE CHRONICLE

o w n e d an d c o n tr o lle d w h ich m ak e m o n th ly returns t o th o I n te r -S ta to C o m ­
m e r ce C o m m is s io n , th o result Is a g ain o f SI ,1)23,931.
I) T h ese fig u res c o v e r m e re ly th e o p e ra tio n s o f th e N e w Y o r k C e n tra l
Itself.
In clu d in g th o variou s a u x ilia ry a n d c o n tr o lle d r o a d s , lik e the
M ic h ig a n C e n tr a l, th o " B i g F o u r ,” & c ., th o w h o le g o in g t o fo r m th o N o w
Y o r k C en tra l System, th o result Is a gain o f $ 2 ,8 0 6 ,0 8 4 .

Arranging the roads now in groups or geographical
divisions, according to their location, we find what
would be expected, namely an increase in gross and
net alike in the case of every division.
Our sum
mary by groups is as follows:
SU M M A R Y B Y GROUPS.

------------------------Gross Earnings--------------------—
1916.
1915.
Inc. ( + ) or Dec.(— )

Section or Group.
August—

G r o u p 1 (1 7 r o a d s ) N e w E n g l a n d ---------G r o u p 2 (7 9 r o a d s ) E a s t a n d M i d d l e . .
G r o u p 3 (6 2 r o a d s ) M l d d lo W e s t ...........
G r o u p s 4 & 5 (9 2 r o a d s ) S o u t h e r n _____
G r o u p s 6 & 7 (7 3 r o a d s ) N o r t h w e s t ___
G r o u p s 8 & 9 (9 5 r o a d s ) S o u t h w e s t ____
G r o u p 1 0 (4 0 r o a d s ) P a c i f i c C o a s t -------

S
1 5 ,0 0 9 ,1 5 1
9 0 ,2 8 3 ,7 5 6
4 1 ,9 5 5 ,5 7 4
3 8 ,6 5 5 ,4 2 9
7 4 ,7 9 7 ,7 0 7
5 1 ,2 2 0 ,3 3 1
2 1 ,5 3 8 ,5 0 9

S
1 2 ,8 9 5 ,8 5 9
7 7 ,2 4 9 ,9 7 1
3 4 ,4 6 7 ,1 7 0
3 2 ,4 2 3 ,3 8 5
6 0 ,7 3 6 ,1 9 3
4 1 ,9 2 6 ,2 6 2
1 9 ,0 8 8 ,1 8 1

T o t a l ( 4 5 8 r o a d s ) ....................................... 3 3 3 ,4 6 0 ,4 5 7 2 7 8 ,7 8 7 ,0 2 1

-------Mileage------1916.
1915.
G r o u p N o . 1 ...................
7 .6 3 4
7 .6 4 0
G r o u p N o . 2 ................... 2 9 .7 5 3
2 9 .6 1 2
G r o u p N o . 3 ................... 2 3 .1 5 8
2 3 .5 2 8
G rou p s N o s. 4 & 5 . . .
4 1 .8 4 1 4 1 .6 4 4
G rou p s N o s. 6 & 7 . . .
6 6 .8 6 5 6 6 .5 2 9
G rou p s N os. 8 & 9 . . .
5 7 .8 4 1 5 7 .4 7 3
G r o u p N o . 1 0 ................ 1 8 .4 2 4
1 8 .3 3 9

S
+ 2 ,1 1 3 ,2 9 2
+ 1 3 ,0 3 3 ,7 8 5
+ 7 ,4 8 8 ,4 0 4
+ 6 ,2 3 2 ,0 4 4
+ 1 4 ,0 6 1 ,5 1 4
+ 9 ,2 9 4 ,0 6 9
+ 2 ,4 5 0 ,3 2 8

%
1 6 .3 9
16 8 7
21 7 3
1 9 .2 2
23+5
22 + 7
1 2 .8 4

+ 5 4 ,6 7 3 ,4 3 6

1 9 .6 1

-------------------—Net Earnings----------------------1916.
1915. Inc.( + ) or Dec.(— ) .

s

s

5 ,3 0 8 ,1 4 3
3 2 + 6 5 ,1 2 2
1 5 ,4 2 8 ,4 2 3
1 3 ,6 0 8 ,6 7 8
3 1 ,0 9 0 ,3 0 7
1 8 ,5 2 5 ,9 3 2
9 ,7 1 1 ,2 4 4

4 ,4 7 7 ,4 8 1
2 8 ,2 5 1 ,7 4 3
1 2 ,6 4 3 ,6 0 4
1 0 ,0 5 1 ,7 4 7
2 2 ,9 9 7 ,0 0 2
1 2 ,6 3 0 ,4 1 9
8 ,4 1 2 ,0 7 8

s

+ 8 3 0 ,6 6 2
+ 3 ,9 1 3 ,3 7 9
+ 2 ,7 8 4 ,9 1 9
+ 3 ,5 5 6 ,9 3 1
+ 8 ,0 9 3 ,2 4 5
+ 5 ,8 9 5 ,5 1 3
+ 1 ,2 9 8 ,5 0 0

%

1 8 .5 5
1 3 .8 5
2 2 .0 3
3 5 .3 8
3 5 .1 9
4 6 .0 8
1 5 .4 4

T o t a l ........................ 245.516 244.705 125,837,849 99,464,634 +20,373,215 20.51
N O T E . — Group I. I n c lu d e s a ll o f t h e N e w E n g l a n d S t a t e s .
Group II . I n c lu d e s a ll o f N e w Y o r k a n d P e n n s y lv a n ia e x c e p t t h a t p o r t io n w e s t
o f P it t s b u r g h a n d B u f f a lo : a ls o a ll o f N e w J e r s e y , D e la w a r e a n d M a r y l a n d , a n d
t h o e x t r e m e n o r t h e r n p o r t io n o f W e s t V ir g in ia .
Group I I I . I n c lu d e s a ll o f O h io a n d I n d ia n a ; a ll o f M i c h i g a n e x c e p t t h e n o r t h e r n
p e n in s u l a , a n d t h a t p o r t i o n o f N e w Y o r k a n d P e n n s y lv a n ia w e s t o f B u f f a l o a n d
P itts b u r g h .
Groups IV. and V. c o m b i n e d in c lu d o t h o S o u t h e r n S t a t e s s o u t h o f t h e O h io a n d
c a s t o f t h o M is s is s ip p i R i v e r .
Groups VI. and VII. c o m b in e d I n c lu d o t h e n o r t h e r n p e n in s u la o f M i c h i g a n , a ll o f
M i n n e s o t a , W i s c o n s in , I o w a a n d I llin o is ; a ll o f S o u t h D a k o t a a n d N o r t h D a k o t a
a n d M i s s o u r i n o r t h o f S t . L o u is a n d K a n s a s C i t y ; a ls o a ll o f M o n t a n a , W y o m i n g
a n d N e b r a s k a , t o g e t h e r w it h C o l o r a d o n o r t h o f a lin o p a r a lle l t o t h e ' S t a t e lin e
p a s s in g t h r o u g h D e n v e r .
Groups V III. and I X . c o m b i n e d I n c lu d e a ll o f K a n s a s , O k l a h o m a , A r k a n s a s a n d
I n d i a n T e r r i t o r y , M i s s o u r i s o u t h o f S t . L o u is a n d K a n s a s C i t y ; C o l o r a d o s o u t h
o f D e n v e r , t h e w h o le o f T e x a s a n d t h o b u lk o f L o u is ia n a ; a n d t h a t p o r t i o n o f
N e w M e x i c o n o r t h o f a lin e r u n n in g fr o m t h e n o r t h w e s t c o r n e r o f t h e S t a t e t h r o u g h
S a n t a F c a n d e a s t o f a lin e r u n n in g fr o m S a n t a F e t o E l P a s o .
Group X . I n c lu d e s a ll o f W a s h i n g t o n , O r e g o n , I d a h o , C a li f o r n ia , N e v a d a , U t a h
a n d A r iz o n a a n d t h o w e s t e r n p a r t o f N o w M e x i c o .

A L B A N I A ’ S D IR E DISTRESS— H E L P N E E D E D .

The following moving appeal on behalf of the
suffering people of Albania should not fail of response,
and we gladly give publicity to it.
October 14 1916.
Editor “ Commercial & Financial Chronicle,” New York,
Dear Sir.— Starving Albania, without ovon one nowspaper
of its own to make public its need, is dying in silence, its
tragedy passed by unheeded.
W ill “ Tho Commercial & Financial Chroniclo” open a door’
through which its appeal for help may reach tho people of
tho United Statos?
Yours Truly,
W il l ia m W il l a r d H o w a r d

Secretary.

The foregoing letter is accompanied by a printed
circular entitled American Fair Play, which we repro­
duce here, because it describes a situation which
cannot fail to touch the hearts of all sympathetic
persons. It will be observed that the Treasurer to
whom contributions may be sent is the Rev. Frederick
Lynch, Editor of “ The Christian W ork.”
A m e r ic a n

F a ir

P lay.

Wliilo tho people of tho United States havo boon sonding
thirty million dollars’ worth of relief to Europo and Turkey,
two hundred thousand women and children in Albania havo
died of starvation.
Wliilo each woman and child in Belgium has had plenty
to oat, women and children in Albania havo gnawed at the
carcasses of doad horses in tho streots.
William Willard Howard, of Now York, who has returned
from his third trip to this hunger zono of Europe, predicts
that tho ontiro population of Albania will die of famino and
postilenco unless helped. Ho says that in Albania corn is
fifty dollars a bushel, flour eighty dollars a sack, and maca­
roni fivo dollars a pound.
“ Tlio tragedy of Albania,” says M r . Howard, “ is that a
nation is dying of hunger, while tho peoplo of tho United
States, laden with gifts for tho rest of Europo and for Turkey
pass by on tho other sido.
“ Thirty millions of dollars havo been given by tho peoplo
of tho United States for roliof work of various kinds in
Bolgium, Poland, Armenia, Syria and tho warring countries




1467

of Europe, while two hundred thousand women and children
in Southeastern Europe havo starved to death unheeded and
uncared for. N ot one woman or child has died of hunger
in Belgium; two hundred thousand in Albania.
“ Is it fair— is it human— that the innocent women and
children of Albania, who never did anyone any harm, should
bo trampled under foot and left to perish, at a time when all
others are fed ?
“ Is this American fair play?
“ I have appealed for help in high places. I have begged a
crust of bread of those who have given millions to Belgium,
Poland, Armenia and Syria. I have begged in vain.
“ The Albanians are as much entitled to sympathy and help
as others. They havo not taken part in the war. They fed
and sheltered the refugees from Serbia, even with the last
measure of corn that the famine-smitten villages possessed.
They havo not done any wrong; yet armies have swept over
their country, taking what could bo found to take, leaving
to tho starving women and children only the carcasses of dead
horses in the streets.
“ I ask only American fair play for the famished children
of Albania. I ask of all fair-minded men and women in the
United States: W h y should the Albanians— threo hundred
thousand of whom are Christians— bo left to starve, while wo
press forward, in generous rivalry, to feed the others? The
Albanians are more numerous than tho Armenians; yet we
feed tho Armenians and let tho Albanians starve.
“ Having appealed to deaf ears in high places I now appeal
to the plain people— to fair-minded men and women who
would not let even a dog starve to death, no matter what his
breed. I want to go back to Albania with a shipload of food.
I havo arranged for a ship— a new American ship, just
launched and fitted for sea. The ship is ready and waiting.
“ A number of distinguished gentlemen in N ew York—
mostly clergymen and editors of newspapers— will co-operate
in an appeal for a relief cargo for the ship. The treasurer
selected to receive contributions is tho R ev. Frederick Lynch,
D . D ., Editor of “ The Christian W ork” and Secretary of the
Carnegio Church Peace Union. Contributions in any
amount— from the price of a loaf of bread upward— may bo
sent to tho Balkan Relief Fund, 70 Fifth Avenue, Now
York C ity .”

PROPOSAL TO OPEN THE FLOOD GATES OF
INFLATION.
[F rom th e “ B a n k e rs ’ M a g a z in e ” fo r O cto b e r .]
F r o m th e " F e d e r a l R e s e rv e B u lle tin ,” th o o ffic ia l p u b lic a tio n o f th o F e d ­
eral R e s e rv e B o a rd a t W a s h in g to n , co m e s th is re m a rk a b le p ie c o o f in fo r ­
m a tio n : “ In s u b m ittin g its ann ual r e p o r t t o C on gress o n F e b . 1 1916, th e
F ed era l R e s e rv e B o a rd m a d e th e fo llo w in g r e c o m m e n d a tio n s fo r a m e n d ­
m e n ts t o th o F ed era l R e se rv e A c t .
[H ero fo llo w a n u m b e r o f p ro p o s e d
a m e n d m e n ts , c o n c lu d in g w ith these tw o :
" A m e n d s e ctio n 11 b y a d d in g a cla u se ‘m ’ as fo llo w s:
" ( m ) U p o n th e a ffir m a tiv e v o t e o f n o t less th an fiv o o f its m e m bers
th o F ed era l R e s e r v e B o a rd shall h a v e p o w e r , fr o m tim o t o tim e , b y general
ru lin g co v e r in g all d istricts a lik e , t o p e rm it m e m b e r ban k s—
" 1 . T o c a rry in th e F ed era l R e s e rv o ban k s o f th eir re s p e c tiv e d is tricts
a n y p o rtio n o f th eir reserves n o w requ ired b y s e ctio n 19 o f this A c t t o b o
h e ld in th eir o w n va u lts.
“ 2 . T o c o u n t as p a rt o f th eir la w fu l reserves F ed era l R e se rv e n o te s o f
their o w n d is tric t n o t e x ce e d in g in th o a ggregate an a m o u n t e q u a l t o fiv e
p e r c e n tu m o f th oir n e t d e m a n d d e p o s its .”
I f th o fir s t r e c o m m e n d a tio n c o n te m p la te s , as it seem s t o , th a t a b a n k
m a y b o a llo w e d to d e p o s it all its reserves w ith a F ed era l R e s e rv e b a n k , th is
w o u ld m ean th a t a b a n k c o u ld d o business w ith o u t a n y real m o n o y o n h an d
s o fa r as th o law is c o n ce rn e d . B u t w o rse than th a t, it w o u ld m ean th a t
th o rcse rvo m o n e y th e ban ks n o w h o ld , an d u p o n w h ich c re d its h a v o a l­
r e a d y been cre a te d t o th o e x te n t o f several tim e s th o a m o u n t o f resorvo,
w o u ld b o used b y th e F ed eral R e s e rv e ban ks (o r a t least th e y c o u ld b o s o
used) as th o basis fo r still m ore cr e d it.
A s o n o o f th o p u rp oses o f th o F ed era l R e s e r v e A c t w as t o re m e d y th o e vils
cau sed b y re d e p o sitin g reserves, a ch a n g o o f th is c h a ra cte r w o u ld b o a
b a ck w a rd s te p . U n d er th e o ld sy s te m th e ban ks m u st k e e p p a r t o f th eir
reserves in th eir o w n va u lts.
B u t this p ro p o s a l is m u c h less o b je c tio n a b le th a n th o s u cce e d in g o n e ,
w h ic h w o u ld p e rm it m e m b e r ban k s t o c o u n t th o n o te s o f th e F ed era l R e ­
s erve B a n k o f th oir d is tric t as p a r t o f th eir la w fu l reserves.
N o t sin ce th e fre e c o in a g e o f silv e r w as p ro p o s e d , in 1896, has a n y th in g
m o re d an gerou s an d u n so u n d been su ggested b y a n y o n o o f a u th o r ity on
m o n e ta r y an d b a n k in g a ffa irs .
T h is p r o p o s a l, in essen ce, is o n o fo r s till fu r th e r d ilu tin g th e a lre a d y w e a k ­
en ed b a n k in g reserves o f th o U n ited S tates.
Is th is s ta te m e n t a m ere th e o r y , o r w ill it be a r th o te st o f p ra c tic a l ex­
a m in a tio n ?
R o u g h ly , th o a m o u n ts a n d k in d s o f " m o n e y ” o th e r than g o ld n o w a v a ila ­
ble fo r b a n k in g reserves o f S ta te ba n k s are sh ow n as b e lo w :
G r e e n b a c k s ____________________________
S i l v e r ...........................................................
N a tio n a l b a n k n o te s ___________________

$ 3 4 6 ,0 0 0 ,0 0 0
5 0 0 ,0 0 0 ,0 0 0
7 0 0 ,0 0 0 ,0 0 0

T o t a l ......................................................$ 1 ,5 4 6 ,0 0 0 ,0 0 0
T r u e e n o u g h , b o th th e green b a ck s an d s ilv e r d o lla rs h a v o a s u b sta n tia l
g o ld v a lu e ; th o fir s t o n a c c o u n t o f th e T r e a s u r y reserve s u p p o rtin g th e m ,
a n d th o s e co n d becau se o f their o w n in trin sic v a lu e . B u t a llo w in g fo r this
f a c t o r , a b o u t h a lf th o su m a b o v o m e n tio n e d Is u n su p p o rte d b y g o ld .
I f G re s h a m ’s la w , th a t b a d m o n e y d riv e s o u t g o o d , is v a lid , th e n w hen
t h o p resen t e c o n o m ic co n d itio n s aro reversed s o th a t th o exch an g es te n d

THE CHRONICLE

1468

a ga in st th o U n ited S ta tes, w e shall see an e x p u lsio n o f g o ld fr o m th o c o u n ­
tr y an d p erh ap s In a v e r y largo v o lu m e .
B u t as i f th e c h a r a c te r o f tho reserve m o n e y w ere n o t a lr e a d y q u e stio n a b le
e n ou g h , th e F ed era l R eserve B o a rd n o w p ro p o se s th a t it b o m a d e still
w orse, n a m e ly , b y p e r m ittin g F ed era l R e s e rv e n o te s t o b e c o u n te d as a
p a rt o f th e reserves o f ban ks b e lo n g in g t o th e F ed era l R e s e rv e s y s te m .
T h e se F ed era l R e s e r v o n ote s m a y b e b ased o n a g o ld reservo as lo w as fo r t y
p er c e n t , an d th o m argin a b o v e th at w ill o f co u rse b e c r e d it in o n o fo rm or
a n o th e r . T h a t is, ba n k s w ill be usin g c r e d it— so m e o f th eir o w n c r e d it,
t o o — as reserve, in stead o f using fo r th a t p u rp o se th e sta n d a rd m e ta llic
m oney.
W h ile th o p r o p o s a l o f th o F ed era l R e se rv e B o a rd o n ly co n te m p la te d
th a t fiv e p e r c e n t o f th e reserves m ig h t b o h eld in th is fo r m , a n d e ven this
w a s d e p e n d e n t u p o n perm issio n fr o m th o B o a rd , th o su ggestion m u s t bo
reg a rd ed as u n sou n d in p rin cip le an d m e re ly as an en terin g w e d g e in the
p roces s o f in fla tio n w h ich began b y m a k in g th e F ed era l R e se rv e n otes
o b lig a tio n s o f th e G o v e rn m e n t and thus s u b s ta n tia lly e n d o w in g th em w ith
a qu a si-leg a l-ten d er q u a lity an d assuring th eir use as reserves b y th e S tate
b a n k s . F u rth erm ore, th ero is p ra c tic a lly n o lim it t o th e v o lu m e o f F e d ­
eral R e s e r v o n o te s th a t m a y b e issu ed, an d th o bars o n c e lot d o w n fo r th eir
use as reserves, th e c o u n t r y has taken a s te p to w a rd th e p o lic y o f d a n ge ro u s
in fla tio n th a t w as c h e c k e d w h en free s ilv e r w as d e fe a te d in 1896.
T h e r o is n eed in th is c o u n t r y t o -d a y fo r a N a tio n a l S o u n d M o n e y L e a gu e
th a t w ill in still in to th o m in ds o f th e F ed eral R eserve B o a rd a n d o f oth ers
a k n o w le d g e o f s o m e o f th e p rim a ry e c o n o m ic p rin cip le s a b o u t m o n e y and
b a n k in g , a disregard o f w h ich has in v o lv e d in disa ste r this a n d o th e r c o u n ­
tries th a t h a v e fo r g o tte n th o teach in gs o f e xp e rie n ce .

t o a llied R ow ers, has likew ise ceased t o a p p ly in A lgeria, w here a s p e c ia l
e g u la tio n w as esta b lish e d b y t w o d e c r e e s o f M a r c h 20 an d J u ly 25 1916.
B y re a so n o f th o m easu res ta k e n , th a n k s t o th e g o o d fa ith o f th o d e b tors
an d t o th o r e c o v e r y o f e c o n o m ic a c t iv it y , th e p a y m e n ts o f p o s tp o n e d bills
h a v e been e ffe c t e d a t th e B a n k o f F ra n ce in a m o st s a tisfa c to r y m anner.
T h o co m m e r c ia l p a p e r b e n e fitin g b y th o p o s tp o n e m e n t o f m atu rities
co n s titu te d a t th e b e g in n in g o f th o w a r a to ta l o f 4 ,4 8 0 ,0 0 0 ,0 0 0 fra n cs.
N o w , o n S e p t. 14 1916, it d o e s n o t a m o u n t t o m oro th a n 1 ,3 93,000,000.
In v ie w o f th is s itu a tio n , w o th in k th a t th ere is n o o cca sio n fo r m o d ify in g
th e existin g re gu la tio n s, an d w o c o n s e q u e n tly h a v e the h o n o r t o su b m it th e
presen t d e cre e , w h ich lias as its o b je c t th o exten sion o f th o p re v io u s m o r a ­
to r iu m p ro v is io n s fo r a p e r io d o f n in e ty fu ll d a y s .

N E W FRENCH CREDIT.
The Guaranty Trust C o., the Bankers Trust C o ., and
William P . Bonbright & C o ., are said to have practically
completed arrangements for a new French credit. The credit,
it is understood, will not be for the account of tho French
Government, but will be for French industrial concerns to
cover the purchase of goods in this country and will, it is
said, be the largest of its kind yet undertaken by American
bankers. It is expected to reach the neighborhood of $100,­
000,000. From 25 to 50 French industrial and importing
concerns will be represented in the credit, and banks through­
out this country will be allowed to participate in accepting
the bills of tho French concerns. Theso acceptances will
run for 90 days and will carry the privilege of five renowals,
making the full length of the credit a year and a half. The
discount rate plus a commission that tho accepting banks
will receive will bring tho return on the credit up to slightly
over 6 % . As additional security to make the bills accept­
able to banks which have not the facility to investigate the
credit standing of the French concerns there will be deposited
with tho Guaranty Trust Co. 12 0% in French Treasury
bonds. It is pointed out that this arrangement brings
together in one transaction a large number of French firms
desiring credit in this country with tho banks throughout
the country. The acceptances will be so distributed among
the banks that the liability that each ono assumes will be
divided among a number of the French concerns. This
means, it is stated, that the banks can participate in the
total credit to a much larger extent than the 1 0 % of their
capital and surplus to which they are limited in loans to one
concern. The acceptances will be available for rediscount
or sale at tho Federal Reserve banks. The banks on which
the French concerns draw their bills can either keep them for
investment or stamp them with their acceptance and resell
them in the market at tho current low discount rate, thus
making a profit on tho difference in rates without tioing
up any capital.

FRENCH WAR RESOURCES— AM O U NTS RECEIVED UP
TO JULY 31 1916.
In tho issue of “ L ’Economiste Francais” for Sept. 16 1916
wo find tho following figures showing the amounts obtained
on account of the war up to July 31 1916:
Francs.

L o a n In 5 % R e n t e s ...................................................................... - ................................... 1 1 ,9 2 5 ,0 0 0 ,0 0 0
O b l ig a t io n s o f N a t i o n a l D e f e n s o n o t c o n v e r t e d I n t o 5 % R e n t e s -------- 1 ,0 3 7 ,0 0 0 ,0 0 0
B o n d s o f N a t i o n a l D e f e n s o ................................................................. ......................... 1 3 ,1 0 0 ,0 0 0 ,0 0 0
T r a n s a c t i o n s c o m p l e t e d In t h e U n it e d S t a t e s -------------------------------------------

1 ,4 7 0 ,0 0 0 ,0 0 0

T r e a s u r y B o n d s n e g o t ia t e d In E n g l a n d ( u p t o J u ly 31 1 9 1 0 ) ------------ 2 ,3 1 5 ,0 0 0 ,0 0 0
A d v a n c e s o f t h e B a n k o f F r a n c o (u p t o J u ly 31 1 9 1 0 ) .............................

8 ,3 0 0 ,0 0 0 ,0 0 0

A d v a n c e s o f t h o B a n k o f A l g e r i a -------------------------------------------------------------------

4 5 ,0 0 0 ,0 0 0

T o t a I ............................................................................... ........................................................ 3 8 ,2 6 4 ,0 0 0 ,0 0 0

THE LATEST FRENCH MORATORIUM.
[F rom

“ L ’E c o n o m is to F ra n ca is,”

S e p t. 23

1916.1

The “ Journal Officiel” of Sept. 201916 publishes the latest
decreo of the French Government further extending the
moratorium. The explanatory statement accompanying tho
same is as follows:
B y su cce s s iv e decrees, d a tin g fr o m A u g u st 1914, th o G o v e rn m e n t has
reg u la ted , in th e cou rse o f th o t w o years sin co th e o u tb re a k o f h ostilities,
th o p o s tp o n e m e n t o f m aturities o f n e g o tia b le securities. T h o last d ccreo
w as th a t o f Ju n o 21 1916.
T h is p o s tp o n e m e n t, w h ic h , b y v ir tu e o f th e d e cre e o f D e c . 23 1915, w as
b r o u g h t t o an en d in th o ca se o f d e b to r s fu rn ish in g su p p lies t o th e S ta to or




[Vol. 103.

H E AVY

SUBSCRIPTIONS FOR N E W FRENCH LOAN.

In addition to the heavy subscriptions already reported in
France for the new French 5 % 15-year tax-free national loan,
referred to in these columns on the 7th, there have been a
strikingly largo number of substantial subscriptions received
in Paris from neutral countries, from Switzerland in particu­
lar. The subscription books in this country have been open
for about twelve days, and the bankers, with whom tho
special arrangements for tho benefit of American subscribers
has been made by the French Government, Messrs. Brown
Brothers & C o. and Messrs. A . Iselin & C o., report that, duo
to these favorable terms, subscriptions and inquiries liavo
been coming in largo numbers.
Indications now are that
by the time subscriptions close on October 28th, there will
be a widespread distribution of obligations of tho French
Republic in the hands of investors in the United States.

LORD ROBERTS SAW NECESSITY OF WAR AS A
RESULT OF OVER-CIVILIZATION.
The assertion that the present war was nocessary, and
that it came at tho right psychological momont, has come
from no loss a personage than Great Britain’s late Fiolcl
Marshal, Lord .Roberts, familiarly known as “ B ob s.” Lord
Roberts gave expression to his opinion on the necessity of
the conflict in an essay which was read by Cosmo Hamilton
at a meeting of tho Contemporary Club at Bridgeport
on the 13tli inst. Lord Roberts pictured over-civilization
developing into degeneracy, the diseased country reaching
a condition where it must either die or bo operated upon.
It is, he said, the “ inevitable law, both of nature and na­
tions,” and ho pointed to war as tho final test. “ W a r ,” ho
continued, “ places it upon tho operating tablo and cuts out
of its body the cancerous growths which are results of over­
civilization. The pendulum swings back again and tho con­
valescent nation makes a new beginning.” The following
account of tho essay appeared in the Now York “ Tribune”
of the 14th inst.:
" T h e r e is o n o a sp e ct o f th e g reat E u ro p e a n w ar w ith w h ich , s o far as I
k n o w , n o o n o has h a d th e co u ra g e t o d e a l,” L o r d R o b e rts w ro te .
“ M any
p en s h a v e b e e n b u s y in w ritin g o f its horrors, its e xtra ord in a ry d e v e lo p ­
m en t in scie n ce and ch e m is tr y , th o h e roism o f its u n its, th o g roat b ea u ty
th a t h a s b e e n b r o u g h t o u t b y it In th e w a y o f h um an sa crifice and th o u n ­
a c c o u n ta b le n u m b e r o f in d iv id u a l a cts o f exqu isito k in dn ess. I t rom ains
t o deal w ith its n eed.
“ I a m o n o o f th oso w h o h o ld th a t this w ar w as v irtu a lly n ecessary t o all
o f th o n a tio n s engaged in it, as w ell as t o th oso w h o are sta n d in g asido and,
it is h o p e d , learnin g lessons. T h e h is to ry o f th e w o rld m akes it v e ry clear
th a t a t th e m o m e n t w hen co u n trie s arriv o at o v e r-civ iliz a tio n som eth in g
m u st h a p p e n , and th a t som eth in g is w ar.
" A s s o o n as n a tio n s b e c o m e o v e r -civ iliz e d d e gen era cy sots in. T h o first
sot o f p ersons t o b o a tta c k e d is th a t w h ich form s tho g o v e rn m e n t o f the
c o u n tr y .
W hile It Is tru e th a t go v e rn m e n ts are never rep resen tative an d
po liticia n s aro m e re ly parasites, e ven u n d er th o b est co n d itio n s , it is a s to n ­
ishin g h o w q u ic k ly tho oxa m p lo o f their dishonest self-seeking an d in e ffi­
c ie n cy runs th rou gh th o nation s w h ich th e y d o n o t represent. I t is v ery
n atu ral fo r a m an — let him b e B ritish , F re n ch , Italian o r G erm an — w ho
w atch es th e p e t t y sq u a b b le s , th o s te a d y a n d grow in g pilferlngs o f his g o v ­
ern m en t, to b e c o m e e ffe c tiv e an d gra d u a lly grow o u t o f tho h a b it o f straigh t
thinking and h o n e st dealin g.
" A general carelessness sets in , lik o a b lig h t.
It spreads t o tho yo u n g er
gen eration , an d a diseased co u n tr y is v e r y q u ic k ly b ro u g h t t o tho c o n d itio n
w hen it m u st eith er d ie o r b o o p e ra te d u p o n . I t is tho in e vita b le la w , b o th
o f n ature an d n a tion s. T h e n c o m e s w ar— tho final test.
" I f a co u n tr y has a n y health le ft in its c o n s titu tio n it r e v iv e s, gathers
its e lf to geth er, m akes th o m o st trem en dou s sacrifices, p u ts fo rth an effort
o f tho stren gth o f w h ich n o m an th o u g h t it ca p a b lo a n d rises liko th o ph oen ix
fro m th o fla m e s. W a r p laces it u p o n th o op eratin g ta b lo an d cu ts o u t o f
its b o d y th e ca n cerou s gro w th s w h ich aro results o f o v e r -civ iliz a tio n . T h o
p e n d u lu m sw ings b a c k again an d th o co n v a le sce n t n a tio n m akes a new
boginning.
" P a c ifis m an d th e desiro fo r p acifism sh o w n o t o n ly an u tter ign oran co
o f h is to ry and t h o p s y c h o lo g y o f n a tio n s, b u t is itso lf a p r o o f o f tho arrival
o f d egen era cy and th a t cu riou s fo rm o f brain anaem ia w h ich is o n o o f tho
w orst diseases th a t ca n a ffe ct a n ation .
" T h o m o m e n t w h en a co u n tr y has b e c o m e o v e r-civ iliz e d is sh ow n b y a
su d d en o u tb re a k o f tw isted th o u g h t.
D ir e c tly a c o u n t r y ’s press b e c o m e
fu ll o f a rticles p u ttin g fo rw a rd anti-vivisectlon ism , a p e a ce a t a n y p rice,
th e crim in a lity o f c o rp o ra l p u n ish m en t a n d h ysterical p e titio n s against tho
tak in g o f d egen erate life , it is tim e fo r th o w ise m en to tak o s to c k . A n aem ia
has set in and a to n ic is b a d ly n eeded— iron being th o best o f th em .
" W it h a n a em ia co m e s th e d isin clin a tio n t o lo o k fa c ts in tho fa c e , an d
p o liticia n s , lim itin g tho p o lic y o f th o o s tr ic h , c o m m e n ce s t o h id e th eir heads
s o th a t th e y m a y n o t sec th o a p p ro a ch o f tro u b le . T h o n , in e v ita b ly , th o
la b o r m a rk e t b e co m e s u n s e ttle d , d e m a g o g u e s seizo e v e r y o p p o r t u n it y t o
s h o w th oir s tr e n g th , an d la b o r is org a n ize d again st c a p ita l. T r a d e s u n ion s,

Oct. 21 1916]

THE CHRONICLE

fin d in g w eak lin g s again st th e m , c o m m e n ce t o b u lly . A ll th e ten d en cies
o f cffo ton ess, p e rv crtis m an d n ation a l carelessness set in o n e a fte r a n o th e r.
“ P o liticia n s d e m a n d p a y fo r w ork w h ich sh o u ld b o p a tr io tic a lly g iv e n to
th e n a tion ; m en , w om en an d ch ild re n sneak o u t o f c o n fo rm in g t o th e re ­
ligiou s ob serv a n ces o f a form e r g en era tion ; all m en be g in t o liv e a b o v e th eir
in com es; a g rotes q u e extra v a g a n ce in w o m e n ’s dress fo llo w s ; s c h o o lb o y s an d
u n d ergrad u ates th in k it necessary t o be g in w here th eir fa th e rs le ft o f f ; a
p o litic a l c o r ru p tio n begins to b o th e sm art th in g; th e n a tio n has b e g u n to
liv e fo r the m o m e n t.
“ E v e n a t th is tim e, w hen m en are still o u t o f the h a b it o f lo o k in g tru th
in th e fa c e , a h ow l o f in d ig n a tio n w ill b o raised fro m all sides w h en I h a v o
th e tem erity t o assert th a t G e rm a n y is th o A llie s ’ b est frie n d . H u t th is is
tru o, becau so G erm a n y has su p p lie d th e t o n ic w h ich E n g la n d , F ra n ce an d
R u ssia u rgen tly n eed ed . B y m a k in g w ar G e rm a n y has fo r c e d these c o u n ­
tries o u t o f deg en era cy a n d has o b lig e d th em t o set their hou ses in ord e r.
* ‘ G erm a n y has a w ak en ed th o n a tio n a l sp irit a n d th e sense o f p a trio tis m
w h ich p oliticia n s h a d a lm os t k illed an d w h ich o v e r -civ iliz a tio n h ad c o v e r e d
w ith a th ick ven eor o f laissor-fa iro. G e rm a n y has a lm o st p u t so m e s e m b la n c o o f sense and stron gtli in to .tho g o v e r n m e n ts o f th o A llie s , an d i f she
has n ot in ado o v o r y p o litic ia n h o n e s t, at a n y ra te sho has fo r c o d th e m t o
w ith d ra w th eir head s fro m th o san d .
“ I t is th o insonsato G e rm a n y , w ith her lu st fo r p o w e r, w ith her c a r e fu lly
co n s tr u c te d d ea th m a ch in es, her fu n d a m e n ta l in c a p a b ility o f fig h tin g fa ir ,
w h ich has b r o u g h t b a c k h e a lth t o th o n a tio n s a rra yed a gain st her w ith
a m a zin g u n con sciou sn ess. G e rm a n y is a t th is m o m e n t p e r fo rm in g a
d eed w h ich w ill h a v o its e ffe c t u p o n th o fu tu re o f th o w o rld a n d — p a ra ­
d o x ic a l as it m a y seem — is rescu in g h er o p p o n e n ts fr o m su icid e.
“ T h erefore, I assert th a t th is w ar w as necessary; th a t it c a m e at th e rig h t
p s y c h o lo g ica l m o m e n t; th a t it fo u n d th o A llie s u n re a d y , a n d , d e m a n d in g o f
th em tho m o s t trem en d ou s e ffo r t , re scu e d th em fr o m fr o m th o d ire e ffe c ts
o f s e lf-in d u lg e n ce , an d has b r o u g h t o u t a ga in e v e r y g o o d in s tin c t, e v e r y
fin e and sim p lo clo m o n t w h ich fir s t o f a ll m a d e th o se n ation s gro a t.
“ H istory rop oats its e lf w ith th o m o s t m o n o to n o u s re ite ra tio n . T h e
p reson t is th o past en tered th ro u g h a n o th e r g a te , and w ar is as in e v ita b le
as d o a th . I t is n o t a n d n ever w as an a c c id e n t.
In o v e ry in sta n ce fr o m
th o b og in n in g o f tim e it is a w ell do se rve d p u n ish m e n t, w o rk e d u p t o an d
ea rn ed . It w ill c o m e again w ith th o sw in g o f tho p e n d u lu m .
I t is s a lu ta r y ,
n ecessary and is th o o n ly n a tio n a l t o n ic th a t ca n b o p r e s c r ib e d .”

FURTHER REDUCTION IN FOREIGN HOLDINGS OF
UNITED STATES STEEL SHARES.
A further decrease in the foreign holdings of the stock
of tho United States Steel Corporation has occurred since
March 31 1916, tho date on which tho last record of these
holdings was referred to in these columns. During tho
interval to Sept. 30 1916 the foreign holdings (common and
preferred) havo decreased from 896,560 to. 708,905. On
Dec. 31 1915 tho holdings abroad totaled 971,21 9. A t the
end of 1914 tho total amount of Steel Corporation stock so
held was 1,502,521 shares, while before tho war— on March 31
1914, they aggregated SI ,597,947. Tho bulk of the reduc­
tion since March 31 1916 has occurred in tho English hold­
ings, tho amount boing reduced from 446,978 shares to 27 5,­
613. In tho following wo show tho holdings by countries
for September 30, in comparison with previous dates.
F O R E IG N

H O L D IN G S

OF

SHARES

OF

U.

COMMON STOCK.
Sept. 3 0 Dec. 31 Dec. 31
1916.

1915.

A f r i c a ___________
15
5
A l g e r i a _________
150
A r g e n t i n a ...........
23
23
A u s t r a lia _______
23
38
A u s t r ia - H u n g y
472
5 32
____
A z o r e s ...................
B e l g i u m ------------2 ,6 3 9
2 ,0 3 9
B e r m u d a _______
95
95
B r a z i l....................
7
7
B r it i s h I n d i a . .
24
24
( 'a n a d a -------------- 3 2 ,6 6 6 3 8 ,0 1 1
C e n t r a l A m e r ic a
133
235
11
C h i l e ..................
11
10
C h i n a . .................
13
C o l u m b i a ______
—
—
D e n m a r k _______
E g y p t ...................
E n g l a n d .............. 2 1 4 ,5 2 4 3 5 5 ,0 8 8
F r a n c e - ................ 4 4 ,5 9 5 5 0 ,1 9 3
G e r m a n y .............
733
1 ,1 7 8
G ib r a lt a r ... . .
G r e e c e ..................
H o l l a n d ................ 2 3 6 ,1 0 7 2 3 8 ,6 1 7
I r e l a n d .................
1 ,0 6 5
1 ,7 3 0
279
I t a l y ......................
280
J a p a n ....................
—
—
_____
_____
L u x e m b u r g ____
75
75
M a l t a ___________
250
140
M e x i c o ................
___
_____
M o r o c c o ........... ..
20
20
N o r w a y _________
3
3
P o r t u g a l ________
R u s s i a ...................
S c o t l a n d ________
7 62
3 ,4 3 5
,
S c r v l a ..............
S p a i n ............. ..
8 00
6 10
S w e d e n _____. . .
13
69
S w it z e r la n d ____
1 ,2 1 2
1 ,2 6 7
T u r k e y ..
16
45
_
W a le s .
315
W e s t I n d i e s ___
1 ,4 5 2
1 ,5 6 8

__
__

__
__

__
__

__
__

1914.

1914.

1916.

3 ,5 0 0
46
18
17
5 4 ,2 5 9
382
8
13
_______

1 ,3 3 9
40
17
15
4 2 ,3 9 0
273
7
9

___

3 4 2 ,6 4 5
2,<191
146
5
_______
75
300
—
70
190
10
4 ,2 0 8

___

1 ,2 2 5
1
1 ,4 7 0
16
6 23
1 ,8 7 2

C O R P O R A T IO N .

PREFERRED STOCK.

1
290
S
23
648

___
___

STEEL

Afar. 31 Sept. 30 Dec. 31 Dec. 31 M ar. 31

2
340
8
3
690

7 1 0 ,6 2 1
6 4 ,5 3 7
2 ,6 0 4
100

S.

___
_______
8 0 1 ,4 9 7
6 8 ,2 6 9
2 ,1 5 1
100
_
_
3 5 7 ,2 9 3
2 ,4 9 1
1 56
5
________
75
25

1915.

1914.

38
2 5 ,4 4 4
1 ,0 9 1
1 ,9 8 5
61
15
405
16

38
2 0 ,4 9 4
3 ,9 2 9
2 ,1 4 8
61
15
405
16

31
6

27
6

io
973
220
720
1 ,1 3 6
3 ,1 7 7
100
619
947

33
1 2 ,2 6 6
220
421
1 ,1 3 0
2 ,6 9 5
100
7 88
863

38
2 9 .0 0 0
4 ,1 1 9
1 ,6 7 8
81

1 90
10
3 ,7 0 8
—

1 ,3 2 5
36
535
16
5 93
1 ,8 0 0

1 ,7 1 8

405
235
7
27

269
7
17

120
43
1 3 ,7 4 7
220
432
1 ,1 3 7
2 ,6 1 7
100
1 ,0 6 8
874

1 20
40
1 3 ,2 5 3
220
,6 2 2
r ,i3 7
2 ,5 5 6
1 00
532
501

—

60

1914.

35
55
58
37
75
105
75
75
24
18
11
17
4 03
484
388
484
2 ,0 8 6
3 ,4 8 3
3 ,6 8 3
316
120
120
341
6 97
339
689
25
21
25
4
82
16
31
22
104
119
81
80
3 7 ,2 3 2 3 6 ,4 5 3 3 4 ,6 7 3 3 5 ,5 4 8
225
237
146
149
24
23
12
50
57
42
43
30
30
140
1 40
40
40
40
40
140
1 40
6 1 ,0 8 9 1 4 7 ,4 5 3 1 7 4 ,9 0 6 1 8 1 ,0 4 5
2 9 ,1 3 3 3 2 ,5 2 4 3 6 ,7 4 9 3 5 0 43
1 ,2 3 5
1,3 3 0
3 ,2 5 2
3 l5 4 1

T o t a l ................ 5 3 7 ,8 0 9 6 9 6 .6 3 1 1 ,1 9 3 .0 6 4 1 ,2 8 5 ,6 3 6 il 7 1 ,0 9 6 2 7 4 .5 8 8
3 0 9 .4 5 7 3 1 2 ,3 1 1

Date—M a rch
June
D ec.
D eo.
M a rch
S ep t.

31
30
31
31
31
30

COMMON.
Shares.
1 9 1 4 --------------1 ,2 8 5 ,6 3 6
1 9 1 4 ................ 1 ,2 7 4 ,2 4 7
1 9 1 4 . . . — 1 ,1 9 3 ,0 6 4
1 9 1 5 -------------- 6 9 6 ,6 3 1
1 9 1 6 ................ 6 3 4 ,4 6 9
5 3 7 ,8 0 9
1 9 1 6 -------------

Percent.
2 5 .2 9
25 07
23A 7
l.-! 7 0
12 4 8
1 0 .5 8

Date—
M a rch
Juno
D ec.
D eo.
M a rch
S ep t.

31
30
31
31
31
30

PREFERRED.
Shares.
1 9 1 4 . ...........
1 9 1 4 -----------1 9 1 4 -----------1 9 1 5 ..............
1 9 1 6 ..............
1 9 1 6 ..............

3 1 2 ,3 1 1
3 1 2 ,8 3 2
3 0 9 ,4 5 7
2 7 4 ,5 8 8
2 6 2 ,0 9 1
1 7 1 ,0 9 6

Per Cent.
8 .6 7

8.68
8 .5 9
7 .6 2
7 .2 7
4 .7 5

Comparative figures for period ending Marcli 31 1916
were given in V . 102, p. 1498.




1469

PROPOSED FINANCING OF CHINESE RAILROAD
CONSTRUCTION BY A M ER IC AN CAPI T A D PROTESTS OF JAPAN A N D RUSSIA.
Announcement was made on the 2d inst. of the conclusion
of arrangements for the construction of not exceeding 1,100
miles of railroad in China to be financed by American capital.
The American International Corporation, formed by inter­
ests in the National City C o ., as indicated in our “ Railroad
and Industrial News Departm ent,” Oct. 7, in making known
the arrangements to this end, issued a statement saying:
1 lio A m e rica n In te rn a tio n a l C o r p o r a t io n a n d th e S le m s-C a re y R a ilw a y
& ( anal C o . , w h ic h is o w n e d jo in t ly b y th e A m e rica n In te rn a tio n a l C o rp o *
ra tio n a n d M e s s rs . Siem s a n d C a r e y , o n S e p t. 30 s ig n e d w ith th o C h inese
G o v e rn m e n t a c o n t r a c t fo r th e b u ild in g o f C h in e se G o v e rn m e n t ra ilw a ys,
tile c o n s tr u c tio n o f w h ich w o u ld b o fin a n c e d b y C h in ese G o v e rn m e n t b o n d s
t o b e issu ed th ro u g h th e A m e r ic a n I n te rn a tio n a l C o r p o r a t io n .

Further details concerning the matter were also outlined
in that issue. It is stated that the Siems-Carey contract
calls for an expenditure of $60,00 0,0 00.
Advices from Pekin on tho 14th inst. stated that protest
against the concessions for railway and canal construction
which had been granted to American interests had been
entered by Japan and Russia. According to these advices,
Prince Nicholas Koudacheff, the Russian Minister to China,
lodged a protest at the Chinese Foreign Office against the
proposed railroad to bo built by Americans from Feng-Cheng,
Shansi Province, to Lanchow-Fu, in Kansu Province,
alleging that tho Chinese Minister in Petrograd promised
verbally eighteen years ago that Russia should have the privi­
lege of building railways in the vicinity of Mongolia. The
disputed line was to run for a distance of approximately 400
miles. The agreement entered into between the SiemsCarey Company of St. Paul with the Chinese Government
empowers the American company to construct equal mileage
elsewhere if the protest holds. According to cable dispatches
to the press associations, Baron Gonsuke Ilayashi, the Jap­
anese Minister, protested on the 14th to the Foreign Office
against the Government’s agreement with American con­
tractors for the reconstruction of 200 miles of the Grand
Canal in Shantung Province. The Japanese claim, it was
stated, by reason of their conquest of the Province of Shan­
tung, all the rights heretofore held by Germany in the devel­
opment of that Chinese province. The Chinese Govern­
ment contends that Germany must be defeated before such
a claim will hold good. The dispute involves the SiemsCarey agreement providing for the construction of the north­
ern half of the Grand Canal.
On the other hand, from Tokio on the 15th came the report
that no protests had as yet been lodged by Japan with the
Chinese Government against the American railroad project,
and it was added that the future action of tho Government
could not be discussed. Admission was made, however, at
tho Foreign Office at Tokio that the Japanese Government
had begun an inquiry into the granting by the Chinese
Government of the concession for the reconstruction of part
of the Grand Canal in Shantung Province to the Siems-Carey
Company. Chester P . Siems of St. Paul, President of the
Siems-Carey Company, was credited on the 15th inst. as
saying:
I a m surprised at th e a c tio n o f R u ssia a n d J a p a n , b u t d o n o t b e liev e
their p ro te sts w ill a v a il, as th e c o n tr a c ts fo r th e w o rk are sig n e d .
A c tu a l c o n s tru ctio n will n o t be g in u n til th e SCO,000,000 loan t o b e m ade
b y th e A m e rica n In tern ation al C o r p o r a tio n has b e e n n e g o tia te d .
R o t h the
In tern ation al C o r p o r a tio n a n d o u r c o m p a n y are p r o t e c te d b y c o n tr a c ts
•slth th o C h in ese G o v e rn m e n t.

In reports from Washington on tho 16th inst. that the
Japanese and Russian protests to China against the railway
concessions made to American interests had been confirmed
officially at the Chinese legation, it was added that no details
concerning the protests had been received. It was further
said that no report had been received by the State Depart­
ment on the subject, and no inquiry was expected to be made,
unless the American International Corporation should appeal
to tho Government for protection of treaty rights of equal
commercial opportunity in China.

DAY LIGHT SAVING PLAN ENDED I N
GERMANY AN D FRANCE.

HOLLAND,

The legal time in Holland, Germany and France was put
back one hour on Oct. 1, in expiration of the summer period
during which, under the daylight saving plan, it was ad­
vanced one hour. The daylight saving plan was inaugurated
in Holland and Germany at midnight on April 30 1916. The
clocks in Great Britain, as reported in our issue of Sept. 30,
were also put back one hour on Oct. 1. The daylight saving
measuro in that country was adopted on M a y 21 1916.
France put the plan into effect on June 14. The plan, it is

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said, is generally considered to have proved a success, even
with the farmers, who at first objected to it. The Govern­
ment of Great Britain has appointed a committee to consider
the social and economic results of the plan, to report as to
whether it is advisable to repeat the experiment, what modi­
fications, if any, should be introduced, and the length of
time it should be kept in operation.

EARLY CLOSING HOUR I N ENGLAND.
England’s Home Secretary Herbert L . Samuel announced
on the 17th inst. that in view of the restrictions on lighting
on account of raids and in order to economize on coal, the
Government intended ordering all shops to close at 7 o’clock
in the evening in winter, except on Saturdays, when the time
for closing would be 8 o’clock. The order goes into effect
on Oct. 30 and does not, it is said, apply to the sale of in­
toxicants.

VIEWS ON FEDERAL CONTROL OR REGULATION OF
RAILROADS— QUERIES OF TRAFFIC LEAGUE.
As bearing upon the hearings which will be opened in
Washington on N o v . 20 by a joint committee of Congress,
appointed “ to investigate the conditions relating to inter­
state and foreign commerce, and the necessity of further
legislation relating thereto,” George A . Post, President of the
Railway Business Association, announced on the 19th inst.
that his Association has for many months studied the defects
in the present system of regulating railways, and advocates
a number of specific measures. This information was con­
veyed by M r . Post to the Society of Railway Financial Offi­
cers at Washington. His Association, he stated, has ex­
changed views with many other business organizations, one
such body being the National Industrial Traffic League,
composed of traffic managers of industrial concerns and
traffic bureaus of boards of trade. The Traffic League
recently issued to members a set of questions bearing upon
some of the measures which will be advocated before the joint
committee of Congress next month. In this circular the
desire was expressed by the League that the members should
confer with their companies or with their associations, as the
case might be, and be prepared to express authoritatively
at a subsequent meeting of the League the view of those
whom they represent. A set of answers to the questions of
the League was composed by M r . Post with a view to stimu­
lating discussion. M r. Post pointed out that what he had to
say was the result of official opportunities for study and con­
ference, but was not official in the sense that every member
of his Association, or even every member of its General
Executive Committee, had sanctioned it. H e expressed his
confidence, however, that a majority of his associates con­
cur in thinking that along the general lines indicated lies the
wise and safe course for Congress to pursue. The questions
of the League, verbatim and seriatum, with the answers
thereto, were set out by M r . Post, and we give the same in
part below:

[Vol. 103

a d d itio n t o c a p ita liz a tio n . In nu m erou s in stan ces in q u ir y has d is clos ed
th a t a fa c to r In th eir d is a p p o in tm e n t w as o b sta cle s p la ce d in tho w a y o f
s e c u r ity issues b y c o n flic t in g S tate regu la tion s. In o th e r cases th e m a rk et
fo r sale o f secu rities fo r su ch purposes w as said t o h a v o been p r a ctica lly
clo se d be ca u so ra te regu latin g a u th orities ign ored th e e ffe c t o f rising ex­
pen ses u p o n n e t in c o m e . S everal S tates as w ell as C on gress m a y in the
case o f a g iv e n railroad m ak e co m p u ls o ry ad d itio n s t o Its expenses.
A ll o f th ese agen cies h a v e a u th o r ity o v e r its ra tes. N o a u th o r ity a n y ­
w h ere h as re s p o n s ib ility fo r k eep in g th e expenses w ith in th o re v e n u e or
raising th e reven u e t o m e e t th e expenses.
A n o th e r o b s tr u c tio n t o fre e d o m o f trade has b een th e ra te p o lic y o f several
S ta tes. T h e se S tates s o regulate ta riffs as t o b u ild u p their o w n sh ippin g
ce n tre s a t th e expense o f cen tres in o th e r S tates. A lle g e d discrim in a tion s
s h o u ld , o f c o u rs e , b e a d ju d ic a te d n o t b y o n e o f tho p arties, in this case a
S ta te , b u t b y an im p artial trib u n a l, o b v io u s ly a n d necessarily F ed era l.
T h e re v e n u o , m o r e o v e r , o f a ra ilw a y is th o sum o f its earnings fr o m all
sou rces. T h is in clu d es earnings o n hauls w h o lly w ith in a S ta to. I f It is
th e p o lic y o f on e S tate t o depress rates below the general a verage, th o d e fic it
m u st b e taken o u t o f th e p o c k e ts o f p e o p le in o th e r States.
O ne o f th o b r ig h te s t ch a p te rs in A m e rica n h is to ry is th e p ion eerin g
w h ich has p ie rce d th e w ilderness an d crea ted new com m u n ities fo r th e
d e v e lo p m e n t o f A m e r ic a n life an d th e co n su m p tio n o f A m e rica n p r o d u c ts .
T h is fa c to r has m e t w ith a c h e c k , a p p a re n tly m ore th an te m p o ra ry . M ile s
o f lin e increa sed 1915 o v e r 1910, 7 % . T h is is n o greater than th o in crcaso
per c e n t in th e yea rs 1895 t o 1900, w h ich e m braced the d e p th s o f industrial
b lig h t a n d p a in fu l r e c o v e r y . E v e n 1890 t o 1895, in clu d in g tw o yea rs o f
dep re ssio n , sh o w e d an Increase o f 1 0 % ; w hile th e increase 1905 o v e r 1900
w as 1 2 % , a n d 1910 o v e r 1905, in clu d in g a p a n ic p e r io d , 10 % — all these in
co m p a riso n w ith 7 % , 1915 o v e r 1910. M o r e o v e r , th o latest yea rs sh ow
th is c h e c k in th e m o s t a c u te degree. D u rin g 1911 th e n u m bor o f m iles
a d d e d w as 5,407; d u rin g 1912, 3 ,614; d u rin g 1913, 3 ,6 1 8 ; d u rin g 1914,
3 ,0 7 7 , a n d d u r in g 1 9 1 5 . 1 .0 2 2 .
2 . Q . Shall th e L e a gu e fa v o r exclu sive F ed era l in co rp o ra tio n o f all
c o m m o n carriers an d F e d e ra l re g u la tio n o f th e issuanco o f secu rlies?
A . Y es.
F r o m th o p o in t o f v ie w o f th e railroad c o r p o r a tio n s , it is in tolera b le
th a t w h a t is e x a cte d b y o n e State sh ou ld b e p ro h ib ite d b y a n o th e r, an d
expen sive th a t a ro a d s h o u ld h a v e t o incur th e d e la y o f g o in g fro m on e
State t o an o th e r fo r sa n ctio n o f an issue w h ich in th e end m a y h a v e o v e r ­
s ta y e d th o m a rk e t o f w h ich it w as designed t o tak o a d v a n ta g e . T h e m a rk et
fo r securities in th e exch an g es o f the w o rld is cu rtailed becau se su ch secu ri­
ties ca n o n ly be a r th e s a n ctio n o f o n e o r m ore States an d S tate p restigo is a
v a g u e th in g a b r o a d i f n o t a t h o m e as w ell.
F r o m th o p o in t o f v ie w o f th e general p u b lic . F ed era l regu lation is n o less
e sse n tia l.
3. Q . I f there is t o b e exclu sive F ed era l in co rp o ra tio n an d re gu lation
w h at shall b o d o n e a b o u t ta x a tio n ? S hall th e S ta to co n tin u e t o t a x , o r
shall th e ta x b e fix e d a n d co n tr o lle d b y th e F ederal G o v e rn m e n t, a n d th en
a p p o rtio n e d a m o n g th e States traversed b y th e re sp e ctiv e r a ilro a d s ?
A . T h e S tates sh ou ld c o n tin u e t o exercise d ir e ctly th e fu n ctio n o f ta x a tio n ,
m a k in g w h a te ve r ch an ges in p resen t arrangem ents m a y b e necessary in
o rd e r t o a d ju s t ta x a tio n b y th o States t o F ed era l in co rp o ra tio n .
T h e p e o p le o f th is c o u n t r y p ro p e r ly regard th e taxin g p o w e r as a loca l
fu n c tio n w ith w h ich th e y o u g h t n ever t o p a r t. L e a d in g a u th orities on
ta x a tio n seem t o b o u n a n im ou s o n this p o in t. T h e c o n v ic tio n o f tho p e o p le
in fa v o r o f th a t p o lic y is d e e p ly r o o te d an d I h a v e n o t h eard a n y o n e a d v o ­
c a te F ed era l m a n a ge m e n t o f railw ay ta x a tio n .

4 . Q . I f ex clu siv e F ed era l co n tr o l is t o b e th e p o lic y , w h a t shall b e d o n e
a b o u t th e p o lic e p o w e r o f th e S ta te, th e rig h t t o regulate h ours o f s e rv ice,
o p e ra tio n o f train s o n S u n d ays an d legal h o lid a y s , speed lim its, fe n c in g ,
tra ck e le v a tio n , & c .? A . S o -ca lle d p o lic e pow ers sh ou ld b o exercised b y
w h ich e v e r ju ris d ictio n is n atu ra lly co n ce rn e d .
H o u rs o f se rvice sh ou ld b e regu lated F e d e ra lly . S u n d a y a n d h o lid a y
restriction s u p o n train o p e ra tio n sh ou ld b e F ed ora l; oth erw ise, ordin an ces
o f o n e S tate m a y d e n y t o shippers o f a n oth er S tato free access t o m a rk et
fo r p erish able co m m o d itie s . L im it o n speed o f trains seem s t o b e w ith in
th e p r o v in c e o f th e m u n ic ip a lity , b u t otherw ise n atu rally F ed era l. F e n c ­
in g is o b v io u s ly a lo ca l co n c e r n . T r a c k e le v a tio n , Inclu din g all gra d e
crossing regulation s, sh ou ld rem ain w ithin th e jo in t ju risd ictio n o f th e
Stato and th o m u n icip a lity .
5. Q . W h a t ch an ges aro n e cessary in th e p resen t A c t t o regu late c o m ­
m e r ce ? W h y ?
A . T h is q u estion is answ ered u n d er su bsequ en t h e a d in g s.
. I f y o u fa v o r exclu sive F ed era l c o n tr o l:
Q . (a) Shall su ch an A c t b e ad m in istered b y o n e c o m m is s io n ? A . I
am s tro n g ly Im pressed w ith th e p ro p o sa l th a t n o t all th o fu n ctio n s n ow
1.
Q .— Shall th e L ea g u e fa v o r ex clu siv e F ed era l c o n tr o l o r regulationp e rfo rm e d b y th e In te r-S ta te C o m m e rce C om m ission sh ou ld b e v e s te d in
as o p p o s e d t o th e p resen t d u a l s y s te m ? A .— Y e s , e x c e p t in m a tte rs w h ich
it, esp e cia lly th a t th o C om m issio n sh ou ld b o relieved o f d e te ctio n , p ro s ecu ­
tio n an d a d ju d ica tio n o f in fraction s o f th o law .
a re d is tin c tiv e ly lo c a l, su ch as ta x a tio n , lo ca tio n o f sta tio n s, speed lim it o f
train s w ith in m u n icip a litie s, fe n cin g o rd in an ces a n d g rad e-crossin g separa­
Q . (6) I Io w m a n y m e m b e rs?
H o w s e le cte d ? A . T h o In te r-S ta te
tio n .
C o m m e rce C om m issio n h as urged th a t tho n u m ber bo increased fro m sovon
T h e s e rv ice g iv e n In th e U n ite d S tates enab les p ro d u ce rs t o co m p e te o v e r
t o n in e. I t has been m y o b se rv a tio n th a t th o C om m issio n has a lw a ys
a larger area th an ever has been k n o w n in a n y o th e r part o f th e w o rld .
m an ifested relu cta n ce t o re co m m e n d p rovision s w hich w ou ld in v o lv o in­
S h ort-lin e roa d s o f earlier d a y s h a v e been c o n s o lid a te d In lo n g , th ro u gh sys­
crease in its a p p ro p ria tio n . I w o u ld b e d isp osed t o a c c e p t their Judgm ent
tem s. T h is enab les b u y e rs t o o b ta in q u ick and regular deliveries a n d p r o ­ o n th is p o in t. I see n o reason w h y selection o f th o com m ission ers s h ou ld
n o t co n tin u e t o b e th ro u g h ap p o in tm e n t b y th o P residen t an d co n firm a tio n
m o te s con c e n tr a tio n fo r ch e a p p r o d u c tio n , w hile a t th e sam e tim e fa cilita t­
in g c o m p e titio n in th o interest o f th e co n su m e r. T h o result is th a t lo n g­
b y tho Senate.
d is ta n c e tr a ffic Is m u ch th e greater p a r t o f all tr a ffic . Shippers are able,
Q . (c) H o w should su ch a b o d y b o o rg a n iz e d ? A . I f w h at is m e a n t is
w ith referen ce t o a p red o m in a n t p a rt o f their o u tp u t , to n e go tia te w ith a
th e m e th o d o f selectin g th o ch airm a n an d his tenure as su ch , I a m aw are
few ra ilroa d system s fo r th rou gh cars an d train s c o v e r in g a te rritory w hich
o f so m e sen tim en t in fa v o r o f h a v in g th e P residen t designate o n e o f tho
m a y e m b r a c e m a n y S ta tes. S w itch in g a n d w a reh ou se fa cilitie s a t term i­
com m ission ers ch airm a n fo r a sta te d term . T h is q u estion has great im ­
nals a n d ju n c t io n s h a v e been a gre a t a id t o ra p id m o v e m e n t o f ton n ago
p o rta n ce as bearing o n th o e ffic ie n cy o f th o w ork an d th e c o n tin u ity o f
a n d h en ce to en largem en t o f selling areas. E x ce p t in th o E a st, th e railroad
p o lic y , b u t I d o n o t feel c o m p e te n t t o pass ju d g m e n t u p o n it. I w ou ld
w as th e first institu tion established in e v e ry to w n an d u su ally p r o v id e d itself fa v o r lon ger term s an d som ew h a t higher salaries fo r th o com m ission ers.
a t co m p a r a tiv e ly sm all expense w ith w e ll-situ a te d la n d t o uso fo r term inal
Q . (d) I f region a l, h o w sh ou ld th e regions b e de te rm in e d ?
W hy?
pu rp oses.
A . E n largem en t o f th o F ed era l s co p e m u st b e a cco m p a n ie d b y a stren gth ­
Since 1907 it has b e c o m e a n n u a lly clea rer th a t s o m e tendencies adverse
en in g o f th e F ed era l m e ch an ism . T h e com m ission has been a tte m p tin g
t o th ese w ere a t w o rk . T r a ffic m anagers fo r sh ip p e rs h a v e increasingly
t o adm in ister regional ro u tin e th ro u gh exam iners. S uch auxiliaries m u st
r e p o rte d a relu cta n ce o f railw ay m anagers t o a d d t o o p e ra tin g expenses b y
b e m a d e m o re resp on sible. O ur co m m itte e is m u ch im pressed w ith th o
im p r o v e m e n t o f serv ice. T h o m o s t seriou s resu lt has a ffe c te d term inals.
p rop osa l th a t regional com m ission s sh ou ld b o cre a te d a n a logou s to tho
T o w n s h a v e g ro w n in to cities and cities in to great m e tro p o lita n cen tres.
R e se rve ban k s. I t w o u ld b e o u r idea th a t C on gress, h a v in g ob ta in e d the
T h e c o s t o f lan d has risen a n d railw ays h a v e fo u n d it m o re an d m o re ex­
a d v ic e o f th e C o m m issio n , sh ou ld prescribe the n u m bor o f districts an d
p en siv e t o m ak e th eir properties k e e p p a c e w ith th e g r o w th o f business.
th a t th e C om m issio n sh ou ld d e fin e their bou n daries w ith a vie w to m a p p in g
In q u ir y has elicited th e exp lan ation th a t expenses o n th e existing basis o f
o u t areas w h ich co rre sp o n d t o tr a ffic m o v e m e n t, e n tirely ignorin g sta to
service h a v e s te a d ily increased w ith o u t a n y s y s te m a tic co g n iza n ce o f this
lines. T h e law m ig h t s p e cifica lly Invite th o C om m ission t o re co m m en d
situ a tion on th e reven u e s ide b y th e v a rio u s g o v e rn m e n ta l u n its. T h o roads
fro m tim e t o tim e ch an ges in th o n u m ber o f districts.
h a v e fea red t o u n d erta k e p r o je cts in years o f g o o d business. T h e y h ave
Q . (e) S hou ld the p o w e r o f the region al com m ission ers bo fin a l o r s u b je c t
ap p reh en d ed th a t th e y m ig h t eith er h a v o t o ca n ce l a t th e n ext recession
t o som o central b o d y ?
A . S u b je c t to th o In te r-S ta te C o m m e rce C o m m is ­
tra ffic fa cilities o n ce a ffo r d e d , o r fin d their balan ce sheet w ith an u n c o m ­ sion , in o rd e r t o insure u n ifo rm ity o f p o lic y th ro u g h o u t th e co u n tr y .
fo r t a b ly n arrow m argin o f s a fe ty . T h e y h a v e p referred t o a v o id in m a n y
T h e p ro p o sa l o f region al co m m ission s orig in a tes w ith th e railw ays,
Instances establishing su ch facilities.
w h ose rep resen tative b e fo r e a co m m itte e o f C on gress explain ed it. U n der
A su bstan tial p r o p o r tio n o f th o increase in o p e ra tin g oxponscs has been
th a t plan fin d in g s b y th o regional su b -com m ission s w o u ld b e file d w ith
im p os ed b y S ta te au th orities an d in v o lv e s d u p lica tio n o f S ta te w ith F e d ­
tho In te r-S ta te C o m m e r c e C o m m issio n , an d if thoro w oro e x ce p tio n s b y
eral r e g u la tio n , as w ell as d u p lica tio n o n e S ta te w itli an o th e r. P h ysi­
eith er litiga n t these e x ce p tio n s w ou ld b e argued; in th e a b se n ce o f e x ce p ­
c a l fa cilities w h ich h a v e been d en ied t o sh ippers w o u ld h a v e entailed an
tion s w ith in a sp e cifie d tim e th o d e cree fro m b e lo w w o u ld g o in to o ffe c t




6

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THE CHRONICLE

a u to m a tica lly unless otherw ise o rd ered b y th e In te r-S ta te C o m m e r c e
C om m ission .
.
7 . I f y o u fa v o r th e present system :
Q . (a) Shall th e In ter-S ta te C o m m e rce C o m m issio n b e re o r g a n iz e d ?
W h y ? A . In th e sense in d ica ted I d o n o t fa v o r th e p resent sy s te m . T h o
answ er t o (a) h as already been giv e n .
Q . (6) I f s o , h o w ? M e r e ly b y Increasing its m e m b e rs w ith a u th o r ity
t o s u b d iv id e its elf In d ivision s fo r separate p arts o f its w o rk , o r s h o u ld it
b o la rgely increased w ith units sittin g p e rm a n e n tly in d iffe re n t p arts o f tho
cou n try ? W h y ?
A . I t is learned th a t w h a t th o C o m m issio n h ad in
m in d in asking C on gress to a u th orize d iv isio n s o f th e C o m m issio n t o a c t
fo r th o w h olo w as th at variou s fu n ctio n s t o b o p e rfo rm e d in tho m ain a t
W a s h in g ton sh ou ld b o assigned t o div isio n s an d n o t th a t th o com m ission ers
sh ou ld h a v e territoria l division s. T h e fu n c tio n s e v id e n tly referred t o
w h ich aro t o b o assigned t o division s o f th o C om m issio n aro su ch m a tte rs
as v a lu a tion , issue o f secu rities, a c c o u n tin g , sa fe ty ap p lia n ce s an d th e lik e,
con cern in g w h ich th o C om m issio n as a w h o lo ca n la y d o w n a p o lic y t o bo
a d m in istered b y such division s. R e g io n a l a d m in istration has been referred
to in tho answ er t o 6 (d) an d (e ).
8. Q . T h o L ea g u e desires its m em bers also t o discuss an d o ffe r sugges­
tion s o r recom m en d a tion s u p o n a n y ph a se o f th is general s u b je c t th a t m a y
b o o f interest t o th o m em b er respon din g. A . I t w as th o u g h t essential
b e fo r e r e p ly in g t o y o u r circu la r t o ascertain a u th o r ita tiv e ly w h at aro th e
p roposals o f the railw ays.
W e are assured th a t 8 4 % o f th e gross ra ilw a y earnings o f th o c o u n tr y is
represented in th o R a ilw a y E x e cu tiv e s A d v is o r y C o m m itte e o n F ed era l
L eg isla tion , o f w h ich th o C h airm an is F ran k T r u m b u ll an d th o G eneral
C ou n sel A . P . T h o m . M essrs. T r u m b u ll an d T h o m a d v o c a te ce rta in
m easures n o t m en tion ed in th e replies a lre a d y g iv e n . B rie fly , these are:
1. T h o p eriod o f suspension o f ra te a d va n ces sh ou ld b e redu ced fro m a
p ossib lo aggregate o f ten m o n th s u n d er th o presen t law t o a m axim u m o f
s ix ty d a y s , th o increase t o g o in to e ffe c t a t the e xp iration o f such tim e If
n o t a lrea d y d e c id e d , an d re fu n d t o b e m a d e t o th o sh ipper i f th o a d v a n ce
shall u ltim a te ly b e fo rb id d e n .
2. T h o In te r -S ta te C o m m e rce C o m m issio n sh ou ld h a v e a u th o r ity t o fix
m in im u m as w ell as m axim u m rates.
A w id esp read sen tim en t exists a m o n g sh ippers in fa v o r o f th is am e n d ­
m e n t. S h ippers as w ell as railroads h a ve reason t o desire th is p o w e r
b e s to w e d u p on th e C om m issio n . Shippors fin d th e la c k o f each a u th o rity
an o b s ta c lo in th o a d ju d ic a tio n o f con tro v e rsie s betw e e n sh ip p in g cen tres
w h ero th e m ain qu estion Is n o t th e level o f rates b u t tho re la tio n o f o n e
rate t o anoth er. •
3 . T h o law s h ou ld s p e c ific a lly im p ose u p o n th e In te r-S ta te C o m m e rce
C om m ission th o fu n c tio n , in rate re g u la tio n , o f co n sid e rin g th e e ffe c t o f
rates u p on to ta l earnings in th e ligh t o f expenses an d h en ce th e e ffe c t u p o n
c r e d it, t o th o en d th at th e c o u n tr y m a y b e assured o f a d e q u a te fa cilitie s
o n existin g lines and o f h e a lth y exten sion in to n ow te rrito ry .
T h is seem s fu n d a m en ta l. I t is th o c o m m e rcia l ph a se.
I t in v o lv e s a
f a c t o fte n fo rg o tte n .
R e g u la te railw ays h o w so e v e r s tr ic tly , y o u ca n n o t
regulato th o in v estor a n d y o u c a n n o t a b s o lv e a ra ilro a d fro m th o n ecessity
o f m akin g b o t h en d s m eet. U n d o u b te d ly th e greatest d e fe c t in regu la tion
as it has been a p p lied sin c e 1907 has been o u r failu re t o insist th a t th o
G ov ern m en t s h ou ld recogn ize In this m a tte r th e re s p o n s ib ility th a t goes
w ith pow er.
In con clu sion I desire t o express c o rd ia l a p p ro v a l o f th e p o lic y a d o p te d
b y th o L ea gu o in arranging fo r its m em bers to c o n fe r w ith th eir p rin cip a ls
b e fo r e expressing an o p in io n u p o n these Im porta n t m easures. N o d o u b t
th e in tercha nge o f view s suggested in their circu lar w ill ten d t o draw th e
head s o f enterprises a n d o f a ssocia tion s in to th e p relim in ary d iscu ssion .
T h o shippors o f th o c o u n tr y s h o u ld a p p e a r b e fo ro th o N e w la n d s J o in t
C om m itte e o f C on gress on o r a fte r N o v . 20 u p o n a p la tfo r m an d th ro u gh an
organ ization c o m p le te ly re p resen tative a n d co m p e te n t, n o t o n ly as t o
rates an d s e rv ice, b u t as t o o v e r y elem en t w h ich has t o b o con sid ered b y
th ose respon sible fo r th o m a n agem en t o f industrial a n d m o rca n tilo e n te rprlses.

PRESIDENT WILSON SA YS REPUBLICANS ARE AFTER
THE SCALP OF THE COMPTROLLER.
To a delegation of independents (styling themselves the
“ Wilson Volunteers” ), who visited him at Long Branch on
M onday tho 16th inst., President Wilson laid to Republican
leaders tho desire to obtain the scalp of the present Comp­
troller of tho Currency, to get control of tho new banking
system, and “ to put tho army and navy of the United States
back of their financial enterprises in Mexico and throughout
the world.” The delegation was headed by Amos Pinchot
and Rabbi Stephen S. Wise of New York, and the purpose
of their visit was to advise the President of their plans to
campaign for him “ from the Battery to Buffalo.” Resolu­
tions setting out the reasons for their support were presented
by the delegates. In part the President spoke as follows:
T h o p rob lem th a t A m erica lias h ad t o fa ce fo r som o tim o has bo o n t o unite
an d orga n izo her progressive fo rc e s . T h e y h a v e been present in th o n ation
fo r a lon g tim o . T h e y h a v e been ru n n in g lik e und ercu rren ts. T h e y h a ve
been assorting th em selves hero, th ero, an d elsew here in som etim es un ex­
p e cte d qu a rters, b u t n o t u n til fo u r years a g o d id th e y discloso their
n u m erica l fo rc e . T h o figu res ot fo u r years a g o a ro v e r y strik in g, an d em ph a­
size th e resp on sib ility w hich rests u p o n us n o w w h o are a tte m p tin g t o
represent th o progressive fo rce s o f tho co u n tr y .
Y o u w ill rem em b er th a t fo u r years a g o thero w ere so m e th in g o v e r fifte e n
m illion v o te s ca st. O u t o f th a t fifte e n m illio n , ten m illion w ere cast fo r tho
p rogressive ca n d id a tes and program s o f th e ca m p a ig n . T h o progressives
o f th a t tim o w oro d iv id e d in to tw o g ro u p s. T h e re w as th o D e m o c r a tic
g r o u p an d th o n ew p a r ty gro u p w h ich called itse lf th e P rogressive P a rty ,
an d if y o u a d d th e six m illion v o te s cast fo r th o D e m o c r a tic ca n d id a te t o tho
fo u r m illion v o t e s ca st fo r th e P rogressive ca n d id a te y o u liav o tw o-th ird s
o f th o v o te r s o f th a t yea r. O n ly fiv e m illion o f th o re ck o n in g aro left, and
o f th ose fiv e m illion o n ly th ree an d a h a lf v o t e d fo r th o R e p u b lica n ca n d i­
d a te , a m os t ex tra ord in a ry m an ifestation o f th o desire o f th o p e o p le o f th e
U n ited States t o m o v e forw a rd alo n g new an d co n s tru ctiv e lines in respect
o f th eir p u b lic p o lic y .
O ne o f th o t w o progressive g ro u p s o f th a t ca m p a ign p revailed — th e
D e m o c r a tic g r o u p . F o r a lon g tim o , gen tlem en , th o p rogressive clem en t
in th e D e m o c r a tic p a r ty h a d been th o d om in an t clem en t in th a t p a r ty . It
w as n o t k n ow n u n til 1912 h o w stro n g th o p rogressive elem en t h a d be co m e
in th e R e p u b lica n P a r t y , an d all th a t h a d been la ck in g in th o D e m o c r a tic
P a rty w as an o p p o r tu n ity t o o rgan ize th a t fo rce fo r a ctio n w ithin th a t b o d y
N o w , sin co th en , tin s g rou p in th e D e m o c r a tic P a rty h as h ad an o p p o r tu n ity
t o sh ow th o c o u n tr y w heth er It m e a n t w h a t it said o r n o t, an d it has show n




1471

th a t it d id m ean w h a t it said; th a t it w as a gen u in e p rogressive fo r c e , r e a d y
t o d o th e things th a t it h ad p ro m ise d t o d o , an d t o d o th em w ith th o rou g h ­
ness a n d w ith o u t th e slightest h e s ita tio n , b ecau se o f a n y co u n te r-cu rren ts
o r in flu en ces th a t m ig h t b e p la y in g u p o n it.
T h o o n ly e lem en t, th e o n ly sen tim en t o f p rid e I feel a b o u t t h e p a s t three
yea rs a n d a h a lf is th a t I sh ou ld h a v e been priv ile g e d t o b e a sso cia te d w ith
th e actin g p a rt o f th is progressive b o d y o f A m e rica n v o te r s . B e ca u se it has
been a great in spira tion t o feel th a t th e sp irit o f so m a n y m en w as bein g
o ppressed in co n c r e te legislation , fo r w h ich th e c o u n t r y h ad be e n lo n g in g ,
w h ich it h ad been d e m a n d in g , w h ich it h a d be e n r e p e a te d ly p ro m ise d an d
n e v e r vo u ch s a fe d b y th o se w h o p ro m ise d it. N o w I th in k th a t it is ev id en t
t o th e c o u n t r y , as y o u h a v e said v e r y g e n erou sly th a t it is e v id e n t t o y o u ,
th a t w h a t has been d o n e has been sin cerely d o n e , th a t it has h a d a real
p erm an en t fo rc e b e h in d It, an d th a t its lines ca n b e p r o je cte d a n d c o n tin u e d
u n d er th e sam e in stru m en talities.
So th a t th e situ a tion th a t th o c o u n tr y fa ce s ju s t n o w is th is: I t w an ts
g en u in e, h u m an e, ju s t, a n d p rogressive legislation .
I t h as an Instrum ent
a t h an d w h ich has p r o v e d se rviceab le in o b ta in in g legislation o f th a t sort
an d th e q u estion fo r th e 10,000,000 v o te r s is. W ill th e y retain th is in stru ­
m e n t o r r e je c t i t ?
T h e q u e stio n is e xtra o rd in a ry fro m o n e p o in t o f v ie w ,
becau se th e y are n o w in v ite d b y th e R e p u b lic a n P a r t y t o su b stitu te th e
leaders o f 3 ,5 0 0 ,0 0 0 fo r th o leaders o f th e 10,0 0 0 ,0 0 0 . S o m o , u n h a p p ily ,
w h o w ere th e leaders o f a p o r tio n o f th e 10 ,000,000 h a v e ceased t o b e their
leaders an d h a v e th ro w n in their fo rtu n e s w ith th e 3 ,5 0 0 ,0 0 0 , b u t a v e r y
largo p ro p o rtio n o f th o se w h o w ere th e leaders o f th o 10 ,000,000 are n ow
s till w ith th e 10 ,000,000 h e a rt an d so u l, a n d th e c o u n t r y is a c tu a lly ask ed
t o s u b stitu te fo r th em leaders o f th e 3 ,5 0 0 ,0 0 0 .
A n d w h o are th e leaders o f th e threo an d a h a lf m illio n ? T h e m en w h o
c a n su m u p their desires in three p ro p o s itio n s .
To put it as they icould put
it, they uant the scalp of the present Comptroller of the Currency— I ca n o n ly
c o n je ctu r e becau se fo r th e firs t tim e in m a n y years h e has o b lig e d th e ban k s
t o o b e y th o ba n k in g la w . K n o w in g h im t o b e h o n o ra b le , k n o w in g h im t o
b e e ffic ie n t, I can c o n je ctu r e n o o th er reason . In th e se co n d p la c e , th e y
desiro t o g e t c o n tr o l o f th e new ba n k in g s y ste m , a n d . In th o th ird p la c e , th ey
w ish t o p u t th o a rm y an d n a v y o f th e U n ited States b a c k o f th eir fin a n cia l
enterprises in M e x ic o and th ro u g h o u t th e w o rld . In p r iv a te th is Is w h a t
th e y a v o w . I t o u g h t t o b e a v o w e d in p u b lic , a n d it sum m arizes as c o m ­
p a c t ly an d n e a tly as it need b e su m m arized th o general p u rp o se s o f th e
leaders o f th e three a n d a h a lf m illion .
I
w an t t o sa y in passing w ith regard t o th is 3 ,5 0 0 ,0 0 0 o f m y fe llo w c o u n tr y -m e n th a t I d o n o t belie v e th em t o b e in th e p lo t . I b e lie v e th em t o
h a v e been m isled b y an cien t prepossession s, b y o ld p re ju d ice s , b y in v e te ra te
h a b its o f v o tin g fro m w h ich th e y h a v e been u n a b le t o break a w a y . B u t
th e p u rp o se o f their leaders is p a te n t t o e v e r y o n e w h o has stu d ie d th e annals
o f th e re ce n t legislation o f this co u n tr y .
H e re , th e n , w e strike th e essence o f th e ca m p a ign — an in stru m e n ta lity
o f e n lig h ten ed legislation, gen u in ely d e m o cra tic In sp irit, is, i f th eir sugges­
tion s are a c c e p te d , t o b e replaced b y m en w h o h a v e n o p u b lic o b je c ts e x cep t
th e o b je c ts o f s p o lia tio n . C a n a n y o n e w o n d e r th a t th o u g h tfu l m en in
su ch circu m sta n ce s are begin n in g t o see th a t w e are fa c in g th e m o s t critica l
c h o ic e , th e m o s t critica l p o litica l c h o ico , th a t has been m a d e in o u r genera­
t io n , b ecau se w e are now t o ch o o s e , fo r th e tim e be in g a t a n y ra te , th e v e r y
ch a ra cte r a n d fo u n d a tio n o f o u r G o v e rn m e n t. W e are t o c h o o s e its s p irit.
Its o b je c t, Its m o tiv e , an d w e are t o ch o o s e betw een th e in terest o f th e
great m ass a n d b o d y o f th e p e o p le an d th e interest o f certa in p r iv a te ly
co n tr o lle d an d se cre tly c o n ce rtin g Interest.
T h e m o s t im p o rta n t th in g w h en y o u are in th e presen ce o f a crisis lik e
th is is t o b e sure th a t all th e fo rce s th a t are liberal, all th e forces th a t h a v e a
tru e visio n o f th e fu tu re , shall b e k e p t to g e th e r and m a d e an org a n ic fig h tin g
b o d y . T h o m o s t im p o rta n t thing is th a t n o d ivergencies o f v ie w w ith
re g a rd t o p a rticu la r lines o f a ctio n sh ou ld separate th is gen erou s fo r c e .
T h e n e cessity is th a t w e sh ou ld all co n se n t in c o n ce rt t o the sam e leader­
s h ip , t o th o sam e org a n ic c o n n e ctio n s . I am n o t n o w speakin g o f p o litica l
o rg a n iz a tio n , b u t w h at I m a y p erh ap s call spiritual organ ization — th e sam e
o rg a n ic c o n n e c tio n ; an d m o re th an th a t, t o th e sam e p a c e . I f s o m e o f th e
te a m is g o in g t o lag b eh in d th e rest w e ca n n o t a d v a n ce th o g a m e . W e m u st
strik e th e sam e p a c e , strike it to ge th e r, s o th a t w e c o n ce rt e v e ry th in g th a t
is d o n e , an d so c o m p a c t an irresistible fo rc e w h ich th is n a tio n w ill b e h a p p y
t o fo llo w , n o t o n ly in o u r tim e , n o t o n ly un d er us w h o are m ere in cid e n ts in
th o great s to r y , b u t in th e years t o co m e a n d A m e rica shall h a v e fo u n d her
real p la ce in the h isto ry o f m an k in d.
S o fa r A m erica has co n ce n tra te d her th o u g h t t o o m u ch u p o n h erself. So
fa r she has th o u g h t t o o m u ch o f her internal d e v e lo p m e n t m erely w ith o u t
fo re ca stin g w h at use she is g o in g t o m ak e o f th e great p o w e r w h ich she has
a ccu m u la te d . A n d n o w , b y circu m stan ces w h ich she d id n o t ch o o s e , o v e r
w h ich she h a d n o c o n tr o l, she has been th ru st o u t in to th e great gam e o f
m a n k in d , o n th e stage o f th e w o rld itself, a n d hero she m u st k n o w w h a t
she is a b o u t, and n o n ation in th e w orld m u st d o u b t th a t all her fo rc e s are
gath ered an d organ ized in th e Interest o f Justice, righteousness, an d hum an e
go v e rn m e n t. N o t m e rely th a t th e law s m a y b o n e ga tive ly h u m an e, b u t
th a t th e y m a y b o p o s itiv e ly h elpfu l t o th e a d v a n ce m e n t o f th e life o f m e n ,
t o th e preservation o f their h ealth , t o th e p r o m o tio n o f th o in terest o f th o
lo w e st as w ell as th o highest creation o f th e a tm osp h ere o f p u r ity a n d o f
disin terestedness w h ich o u g h t t o p en etrate e v e r y de p a rtm e n t o f go v e rn m e n t
in e v e ry th in g .

Easy to Alter Character of Federal Reserve Law.
S o th e real q u estion n o w is, A re w e g o in g t o driv e o u r stakes d o w n here a t
th is p o in t w h ich w e h a v e reach ed , in such fashion th a t w e ca n n e v e r b o
fo rc e d b a c k h a n d th e n , h a v in g m a d e o u r ch o ice w h ere w e w ill g o , b e ju s t
as e ffe c t iv e in o ffe n siv e a ctio n as in d efen sive a c t io n ? W e h a v e g o t t o
h o ld o u r o w n against e v e ry kin d o f in ro a d . V e r y su btle in roa d s w ill bo
a tte m p te d . I t w ou ld b o easy b y ch a n gin g th e p resen t F ed era l R e se rve A c t
a little t o ch an ge It alto g e th e r. I t w o u ld b e p ossible b y ch a n gin g recen t
legislation o n ly in parts t o g iv e it an e n tire ly d iffe re n t ch a ra cter. A ll sorts
o f in sid iou s su ggestion s, I h a v e a lrea d y been m a d e aw are o f th a t are v e r y
in n o ce n t u p o n th o su rfa ce , w h ero b y som e little o p e n in g , h a rd ly t o b e p er­
ce iv e d , th o o ld in flu en ces m a y creep in an d perh ap s establish a fo o th o ld
an d a c o n tr o l. W e h a v e g o t t o b e o n th e alert t o h o ld w h at w o h a v e g o t ,
and w hile w e stan d o n th e deten sive, w e h a v e also g o t t o lo o k fo rw a rd an d
m a k e re a d y fo r a great o ffe n s iv e . N o t o ffe n s iv e in th e sense in w h ich it
is used in w a rfa re , n o t t o g e t th e b e tte r o f s o m e b o d y , b u t t o ta k e a d v a n ta g e
o f a great o p p o r tu n ity an d d o a great thing in th e w a y it o u g h t t o b e d o n e .

PRESIDENT WILSON ON BENEFIT TO FARMER OF
FEDERAL RESERVE ACT, RURAL CREDIT ACT, &c.
A lengthy address on the workings, so far as the fanners
are affected, of the Federal Reserve Act and the several sup­
plemental pieces of legislation, the Rural Credits A c t, the
Federal Warehouse and Grain Standards Acts, was de­
livered by President Wilson to a gathering of farmers at
Tomlinson Hall, Indianapolis, on the 12th inst. In dilating

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upon the fact that “ never before in the history of our country
did we have an elastic currency,” the President set out that
“ we had a fixed body of currency, and when you went to
move the crops you ran up against the limit of it.”
“ There
is not any limit any m ore,” he added, “ or, to speak more
correctly, the only limit is good commercial paper, and your
commercial paper is as good as anybody elso’s .” The Presi­
dent took occasion to state that you cannot get money on a
land mortgage under the Federal Reserve system for a longer
period than five years, and he pointed out that that was
why the Rural Credits Act— permitting borrowings on land
mortgages for a period of not less than five nor more than
forty years— was made supplemental and corrective. The
President’s remarks to the farmers are quoted in large part
below:
I t is an in terestin g cir c u m s ta n c e , m y fe llo w -c itiz e n s — th o so o f y o u w h o
a rc fa rm ers w ill b ea r w itness t o th is— th a t u n til th e passage o f th e fe d e r a l
R es erv e A c t the fa rm ers o f th is c o u n t r y w ere n o t u p o n th e sam e fo o tin g
w ith o th e r business m en in A m e r ic a . A p p a r e n t ly A m e rica n s h a d m a d e tho
m ista k e o f s u p p osin g th a t all th a t a fa r m e r d id w as to raise c r o p s , an d I
s u p p os o in cid e n ta lly t o h au l th e m t o m a r k e t, o r haul th e m t o tho nearest
ra ilw a y s ta tion so th a t th e y m ig h t g e t to a m o re d is ta n t m a rk e t; w hereas,
as a m a tter o f fa c t , the fa r m e r ca n n o t b e e ffic ie n t in tho c o n d u c t o f his in­
d u s tr y unless he is a business m a n . U nless h e k n o w s , th a t is t o s a y , h o w to
c o -o p e r a te w ith o th e r fa rm e rs in m a rk e tin g his c r o p s , n o t in d rib le ts , in
w a g on lo a d s , b u t in train lo a d s .
H e has g o t t o be a business m an in k n o w ­
in g as o th e r business m en d o , h o w to c o -o p e ra te w ith o th e r fa rm e rs in the
c o n d u c t o f w hat is really a business o f d is trib u tio n as w ell as a business o f
p r o d u c t io n .
Ho c a n n o t c o -o p e ra te a lo n g the lines o f o r d in a r y a c t iv it y un­
less h o is s u p p o rte d in th a t a c t iv it y b y the in stru m e n ta litie s o f c r e d it at
th o b a n k , ju s t e x a c tly as oth e r business m en are s u p p o r te d .
T h e re fo r e , w hen w o c a m e t o lo o k o v e r th e fie ld a v a ila b le fo r legislation
fo r th e assistance o f th e fa r m e r , w e saw th a t tiiero w ere tw o tilin gs n eces­
sa ry to d o . O ne w as t o assist th e fa rm e r as a fa rm e r an d tho o th e r w a s to
assist th e fa rm er as a business m a n . S o m e p a rt o f the assista n ce g iv e n to
th o fa rm e r as a fa rm e r is o f lo n g sta n d in g in the legisla tion an d p ra ctice
o f this c o u n t r y — I m ean agricu ltu ral in s tru ctio n .
It is an in terestin g thing
th a t th e la n d g ran t p o lic y an d th e agricu ltu ra l co lle g e s w h ich liav o rece iv e d
a id fr o m th e F ed era l G o v e rn m e n t fo r th e p u rp o s e o f p r o m o tin g ag ricu ltu re ,
ex p erim en t s ta tion s a n d a g ricu ltu ra l in stru ctio n in c o lle g e s, h a v e g o n e v e r y
m u ch fa rth er and is still v e r y m u ch m ore a d v a n c e d than sim ilar assistance
g iv en t o a n y oth er in d u stry b y th e F ed eral G o v e rn m e n t.
O n e o f th e signal om ission s o f Federal le gislation y e t t o b o re m ed ied is
g iv in g v o c a tio n a l e d u ca tio n in o th e r indu stries u p o n th o sam e scale an d w itii
th e sam e in telligen ce u p o n w h ich it has been g iv e n to agricu ltu ra l interests.
I t is cle a rly th e leg itim a te fu n c tio n , if it b o n o t tho c le a r d u t y , o f the F ed ­
eral G o v e rn m e n t, t o see th a t in stru ctio n in s c ie n tific ag ricu ltu re is as w ide­
sp read as it is p ossible to m a k e it; b u t o b v io u s ly it is also its d u t y t o see
th a t m en arc train ed in th eir v o c a tio n s , in t lie m ech a n ica l ca llin gs, in all
th ose g reat processes w h ich h a v e m a d e this c o u n t r y r ic h , an d b y re a ctio n
h a v e ten d ed to m a k e the fa rm e r h im s e lf rich .
I a m to ld th at s om e v e r y in terestin g hearings to o k p la c e in th is c it y n o t
lo n g a g o , w hen th e R u ra l C re d it B o a rd v isite d In d ia n a p o lis a n d s o u g h t to
ta k o te s tim o n y as t o the co n d itio n s w h ich th a t B o a rd has im p o s e d u p on
it as a d u t y .
I a m to ld th a t in th a t hearin g te s tim o n y w as g iv e n th a t it
w as n o t pa rticu la rly d iffic u lt in In d ia n a fo r a fa rm er t o g e t a loan o f a
th ou sa n d d olla rs o r m o re , b u t it w as v e r y d iffic u lt fo r h im t o g e t a loan o f
less th an a th ou san d dolla rs; an d it w as rath er d iffic u lt fo r h im t o g e t a
loan o f even a th ou san d o r m ore a t th e rates o f interest w h ich o th e r bu si­
ness m en p a y for the m o n e y w h ich th e y b o r r o w . T h a t w as e x a c t ly w h at tho
F ed era l R eserve A c t w as m a d e t o m e e t.
I lik e t o tell a b o u t th is becau se
th e fa rm ers d o n o t seem t o h a v e d is c o v e re d it, an d the ban kers d o n o t seem
t o h a v e d iv u lg e d it.
B u t u n d er th at A c t a fa r m e r can b o rro w a n y su m o f m o n e y u p o n e x a c tly
th o sam e basis th a t a n y b o d y else c a n . I f I a m a m e rch a n t an d h a v o a bill
o f la d in g , I can g o t o th o b a n k w itii th a t b ill o f la d in g a n d b o r r o w m o n e y
o n it a t a reason able rate o f in te re st. N o w , u n d e r th o F ed eral R eserve
A c t , i f y o u can p resen t a p a p e r, th o s e cu rity o f w h ich is y o u r ca ttle o r tho
p r o d u c ts o f y o u r fa r m , w h en the sam o are so m e w h e ro in a w arehouse,
fo r w h ich y o u can sh ow a w areh ou se c e r tific a te , y o u h a v o g o t tho sam e k in d
o f co m m e r c ia l p a p er th a t I , as a m e rch a n t, w o u ld h a v e if I h a v o a b ill o f
la d in g ; an d y o u c o u ld g e t m o n e y o n th a t fo r the th in gs y o u are d o in g right
a w a y , b u y in g fertilizer, o r b u y in g a d d itio n a l c a ttle , using it fo r th o im p r o v e ­
m en ts y o u in ten d ed t o p u t o n th e fa r m rig h t a w a y , o r im p le m e n ts y o u m ust
buy.
A n d u p o n that se c u r ity th e b a n k ca n lend ju s t as fre e ly as it w o u ld lend
th e m erch a n t u p on his s e c u r ity . B y sen d in g th at t o th o F e d e ra l R e se rv e
b a n k o f th o d is tric t, th e y ca n g e t cu r r e n c y o n it; s o y o u ca n n o t e x p a n d th at
k in d o f c red it— I m ean th a t k in d o f a d e m a n d fo r m o n e y — b e y o n d th o su p ­
p ly o f m o n e y , b eca u se tho m o n e y co m e s in q u a n titie s to m eet tho d e m a n d
a n d shrinks w ith th e d e m a n d .
N e v e r b efore in tho h is to ry o f this c o u n t r y , t o o u r sh a m e b o it s a id , d id
w o h a v e an elastic c u r r e n c y . W o had a fix e d b o d y o f cu r r e n c y a n d w hen
y o u w en t t o m o v e tho c r o p s y o u ran up a gain st the lim it o f it. T h e re is
n o t a n y lim it a n y m o re . O r, t o sp e a k m o ro c o r r e c t ly , th o o n ly lim it is
g o o d c o m m e rcia l p a p e r, an d y o u r c o m m e rcia l p a p e r is as g o o d as a n y b o d y
els o 's . T h a t n o t o n ly , b u t th o tim e u p o n w h ich y o u ca n b o r r o w is e ven
m o r e fa v o r a b le than th a t u p o n w h ich th e m e rch a n t ca n b o r r o w .
T h o F ed eral R es erv e A c t lim its loan s t o m e rch a n ts u p o n th eir m e rca n ­
tile p a p er t o a lim it o f n in e ty d a y s . I t lim its agricu ltu ral p a p e r t o six
m o n th s . In oth er w ord s, y o u h a v o tw ico as lo n g a p e rio d in w h ich t o p a y
th a t loan as has th e m erch a n t. T h a t is n o t becu aso tho law w a n te d t o p la y
fa v o r ite s o r had a n y featu res o f class le gisla tio n , b u t b eca u se o f tho law o f
n a tu re, w h ich takes a b o u t six m o n th s t o turn a ro u n d . W e d id n ’ t fix tho
six m on th s . It w as fix e d b y the re v o lu tio n o f tho season s, a n d I th in k th at
is v e r y p ru d on t, an d it c o n fo rm s its term s t o the re v o lu tio n s o f tho seasons.
I f it d id n o t , the seasons w o u ld n o t m in d , b u t th o c o u n t r y w o u ld su ffer;
w hereas in o rd in a ry m erca n tile p ro c e d u r e , it d o e s n o t take six m o n th s to
tu rn a rou n d ; y o u ca n realize u p o n y o u r m erch a n d ise w ith in a s h orter tim e;
w hereas th e fa rm e r ca n n o t realize o n his c r o p s u n til his c r o p s c o m o o u t o f
th o g rou n d w here th ey are g ro w in g .
T h a t is w hero his assots are g o in g t o c o m o fr o m ; an d th at is w here ho is
g o in g t o g e t tho m o n e y t o p a y his d e b ts .
N o t o n ly th at, b u t fo r tho fir s t tim e in th o h is to ry o f th e c o u n t r y , tho
F ed era l R eserv o A c t p e r m itte d tho n ation a l ban kers o f th is c o u n t r y to
loan m o n e y on the se c u r ity o f la n d m o rtg a ge s. A llo w e d thorn t o loan up
t o 2 5 % o f their c a p ita l, plus 2 5 % o f their tim e d e p o s its .
In o th e r w o rd s,
it m a d o , i f I rem em b er th e figu res c o r r e c t ly , 5 5 0 0 ,0 0 0 ,0 0 0 a v a ila b le fo r
loa n in g on the s e cu rity o f lan d m o rtg a g e s. In 1915, $ 2 0 ,0 0 0 ,0 0 0 w ere
oa n ed o n th at basis, a n d b y Ju n o 1916 .$'15,000,000 h a d been lo a n e d on




IYol. 108

th a t basis. A n d w hereas th e o th e r loans o f th o ban kers re sp o n d in g to
the e xp an sion o f co m m e r c ia l cre d its a m o n g th e fa rm ors, th a t had been p r a c ­
tic a lly n egligible b e fo re th a t tim e , at the present tiino th e y fo o t a .$125,000,­
000. N o t o n ly th a t, b u t the farm ers are g e ttin g w iso a b o u t it.
I heard ju s t th e o th e r d a y o f a g r o u p o f fa rm e rs in M o n ta n a w h o w on t to
the b an k ers fro m w h o m th e y h a d been b o r r o w in g , a n d sa id , ' ‘ W o are n ot
g o in g t o b o r r o w fro m y o u a n y lo n g e r a t the in terest wo h a v o been p a y in g ,
b ecau se w o h a v e d is c o v e re d w o ca n g e t it c h e a p e r .”
W h e re u p o n tho natural
th in g h a p p e n e d , th o rates o f in terest in th e ban k s w h ich h ad b e fo ro been
lo a n in g t o th em ca m e d o w n t o th o level w h ich is e stablish ed in tiiis now
c o m p e t it iv e m ark et b y th e F ed eral R eserve A c t .
B u t y o u c a n n o t g e t m o n e y o n a lan d m o rtg a g e u n d e r th o F ed era l R osorvo
sy ste m fo r a lon ger p e rio d th an fiv e years. T h a t w as w h y the R u ra l C r e d it
A c t w as m a d e su p p le m e n ta l a n d c o r r e c t iv e — n o t s o m u ch c o r re c tiv e as
s u p p le m e n ta l— b ecau se it w as necessary t o d e v ise a new sy s te m fo r len d in g
in o n o y o n th e se c u r ity o f la n d .
I a m n o t g o in g in to th e d eta ils o f th at s y s ­
te m , b ecau se th e y are a v a ila b le to y o u , th o u g h th o y are ex tre m e ly inter­
estin g.
I a m m e re ly g o in g to call y o u r a tte n tio n t o th is, th a t u n d e r th a t
sy s te m y o u ca n bo rro w fro m th o n ew series o f b a n k s, w ith an a d d itio n a l
an d new c a p ita l, w ith a d d itio n a l resou rces a n d w ith m u ch o f th o .assots o f
the U n ited S tates T r e a s u r y b a c k o f it, m o n e y o n lo n g term s, as m u ch as
fo r t y y e a rs , n o t less th an fiv e . I t d o c s n o t in v a d e tho v a lid ity o f tins F ed ­
eral R e s e rv o A c t , y o u o b s e r v e .
It is n o t less than fiv e , b u t a n y w h e r o
fro m fiv e t o fo r t y yea rs.
N o t o n ly th a t, b u t if y o u b o r r o w fo r fo r t y years, y o u w ill fin d b y tho tim e
th irty -th re e years h a v e g o n e o u t , th a t y o u h a ve p a id th o m o rtg a g e , becau so
there is a sy ste m o f a m o r tiz a tio n , as it is ca lle d . T h a t is m e r e ly a b ig
w o rd w h ich m ean s p a y in g it o f f b y d egrees. A p e rio d o f a m o r tiz a tio n b y
w h ich b y p a y in g 1 per c o n t o f in terest o n the lo a n , th a t l p er c e n t a c c u m u ­
la tin g a t c o m p o u n d interest, w ill, in a p e r io d o f th irty -th r e o yea rs, h a vo
p aid o f f the p rin cip a l o f th e m o rtg a g o . S o th a t a m a n m a y , b y k eep in g
u p his p a y m e n ts o f in terest, c a r r y a fo r t y -y e a r m o r tg a g e a n d , b e fo ro tho
fo r t y years is o v e r , fin d he has n o t g o t a n y m o rtg a g o .
In the m e a n tim e , th o tw e lve R u ra l C r e d it ban k s, w h ich this sy s te m es ta b ­
lishes, w ill be s o rela ted t o each o th e r an d s o a d m in iste re d in c o -o p e ra tio n
w ith e a ch o th e r, th a t the resou rces o f each w ill bo the resou rces o f a ll—
o r , ra th e r, I sh o u ld p u t it, th e resou rces o f all w ill bo th o resou rces o f each ;
s o each w ill b o as s tro n g as the s y s te m .
•
A n d n o t o n ly th a t, b u t it rests fir s t o f all u p o n a v o lu n ta r y c o -o p e r a tiv e
a s s o cia tio n o f farm ers th e m se lv e s. Y o u d o n ’ t b o rro w as individuals, b u t
first ten o r m oro fa rm e rs establish th em selves to g e th e r, an d th ro u g h tho
c o m b in a tio n a p p ly fo r the loa n s w h ich their m e m b e rs desire. Y o u d o n 't
h a ve t o g o t o the b a n k to g e t th o loan ; y o u are c e r tifie d b y y o u r a s s o cia tio n ,
an d if the s e c u r ity , u nd er the assessm ent o f tho v alu o o f the la n d , be fo u n d
t o be c o r r e c t , y o u can b o rro w u p to 5 0 % o f the valu o, w ith o u t so m u ch as
g o in g a n d sp e a k in g w ith the au th o ritie s o f th o b a n k , th ro u gh tho c o m m o n
a g e n t o f 1tho a s s o cia tio n .
S o th at these aro th o m ean s b y w h ich th o F ed era l G o v e rn m e n t is h e lp in g
th e fa rm e r to d o business in a bu sin ess-like w a y ; a n d b a ck o f th a t, m y fol­
lo w -citiz e n s, re m e m b e r th a t th e C o n g re ss h a s p assed tho W aro h o u so A c t ,
w h ich g iv e s assista n ce t o th e F ed era l G o v e rn m e n t in the esta b lish m en t
an d m a in te n a n ce o f w areh ou ses, s o th a t there m ig h t bo m ore w arehouses
a v a ila b le in w h ich y o u c o u ld p u t y o u r c r o p s , g e t y o u r ce r tific a te s o f s torage
a n d then b o r r o w y o u r m o n e y o n theso c e r tific a te s .
A n d n o t o n ly th a t, b u t it has p assed an A c t w h ic h , it seem s t o m o, is o f
th e v e r y g reatest v alu e t o tho fa rm e r.
I m ean th e G ra in S tan d ard s A c t ,
b y w h ich grain is t o b e so ld an d b o u g h t a c c o r d in g t o ce rta in sta n d a rd s,
w h ich h a v e so m e tim e s been n eglected in the b u y in g ; a n d b y th e n egligen ce
o f w h ich th e fa rm e r has so m e tim e s been s a d ly c h e a te d in tho p rices ho g o t .
S o th a t th e F ed era l G o v e rn m e n t is seein g t o it th a t th e m id d le m a n p a y s
fo r w h a t h o g e ts, an d th a t b y in d isp u ta b le m e th o d s the grain is s ta n d a rd iz e d ,
s o th a t A m e rica n s b u y w h at th e y aro to ld th e y aro b u y in g a n d foreign ers
b u y w hat th e y aro t o ld th e y are b u y in g ; an d all th o w o rld k n ow s th a t A m e r ­
ica is trad in g o n a business basis.
N o w , d o n ’ t y o u th in k th a t is an in terestin g s t o r y ? T h a t is tho s t o r y I
c a m o t o tell y o u ; a n d I a m g o in g t o s a y in y o u r p rlv a to ear th a t I a m p er­
s o n a lly p r o u d t o tell it, becau se I w as pe rso n a lly p riv ile g e d t o h a v e a g reat
deal to d o w ith it.
D o n ’ t m isu n dersta n d m o .
I a m n o t cla im in g th o cr e d it
fo r th is.
I a m s im p ly w a n tin g t o tell y o u h o w a p p re c ia tiv e I a m t o h a vo
h ad an o p p o r t u n it y in it.
I d o n ’ t a p p a r e n tly d o m u ch m oro th a n sign b ills;
b u t I a lw a y s k n ow w h at is in th em b e fo ro I sign th e m .
A ll tho rest o f m y life it w ill bo a m a tte r o f p ride w ith m o th a t I w as p r iv ­
ileged t o p la y a p a rt in s e rv in g the fa rm e rs o f this c o u n t r y to bo better
farm ers and t o bo real business m e n . T h e y w ere a t a fa ta l d is a d v a n ta g e
in th e fie ld o f cr e d it; th e y w ere a t a fa ta l d is a d v a n ta g e in th e d istrib u tion
o f their p r o d u c ts ; th e y were at a d is a d v a n ta g e as c o m p a r e d w ith fa rm e rs in
o th e r co u n trie s w ith re sp e ct t o the s c ie n tific m e th o d s o f fa rm in g .

PRESIDENT WILSON ON UNIVERSAL CO-OPERATION.
Universal co-operation, instead of exclusivo combinations,
was urged by President Wilson before a gathering at Indian­
apolis on the 12th inst., assembled to celobrato tho contonnial
anniversary of the birth of tho Stato in conjunction with
Good Roads D ay. Tho President’s remarks on this point
had special reference to capital and labor, and wo quote in
part what ho had to say below:
W o h a v e been tr y in g t o d o th in g s b y c o m b in in g , b y s e ttin g o f f on e
p o w e r fu l g r o u p again st a n o th e r, b y s e ttin g u p g r o u p s in p a rticu la r in du s­
trie s o r spheres o f o u r life , w h ich tr y t o c x c lu d o all th o g ro u p s b y th o pow er
o r b y th o m e th o d o f tlio ir d e s t r o y in g co m p e titio n . T h a t is r.ot th o w a y
t o b u ild a nation to g e th e r ; th at is tho w a y to bu ild it in to w arrin g elem en ts.
In ste a d o f e x clu s iv o c o m b in a tio n s , I w a n t t o seo u n iversal co -o p e ra tio n .
T h e r o a ro g o o d signs in th o air. Y o u n o tice d h o w a lm o s t e v e r y great p r o ­
fession e v e r y y e a r h o ld s a co n g re ss o f so m e s o r t. W h y , oven th o a d v e r ­
tisin g m e n , w h o w e th o u g h t w ere th o sh arpest c o m p e tito r s in A m e rica ,
h a v o a n a tio n a l a sso cia tio n in w h ich th e y c o -o p e ra te . F o r w h at p u r p o s o ?
F o r th o p u rp o s o o f g o ttin g a h ea d o f each o t h e r ? N o . F o r tho p u rp oso
o f g u id in g o n o a n oth er an d s o ttin g u p sta n d a rd s, an d th o c h ie f stan d ard
th o y h a v o a d o p te d is th o w o rd “ T r u t h ,” th a t th o y w o n ’ t fo o l th o p oop lo
t o w h o m th e y address a d v e rtise m e n ts, th a t th o y w ill tell tho tr u th and
prosper o n th o tru th . A n d s o in p rofession a fte r profession — th 6 m ost
r e tic e n t, s o fa r as I ca n seo, be in g th o legal p rofession — m en aro g e ttin g
to g e th e r b y w ay o f c o -o p e ra tio n in ste a d o f b y w ay o f m u tu al d e s tr u c tio n .
I h o ld th is to b o a h a p p y o m e n .
I s co th o g r o w th In A m e rica o f this
c o n c e p tio n o f s o lid a rity o f th o in terest o f e a ch be in g tho in terest o f a ll,
an d th o in terest o f e a ch g ro w in g o u t o f th e in terest o f all.
T h e re is o n o fie ld in w h ich w e aro p a r ticu la r ly slu ggard in re sp e ct o f th is.
I m ean th o re la tio n s be tw e e n ca p ita l an d la b o r. N o th in g c a n b o fo r th o
in terest o f ca p ita l th a t Is n o t fo r tho Interest o f labor; an d n o th in g ca n b o in
th e interest o f la b o r w h ich is n o t in th o in terest o f ca p ita l.
If m en w an t to
g e t rich , th o y m u s t h a v o h u m a n re la tion sh ip s w itii th oso w h o h e lp them

Oci 21 1916.]

t o get ric h . T h a t is a lesson th a t m en h a v e b e e n ex ce e d in g ly slow t o learn,
slow er th a n a n y o th e r lesson o f co -o p e ra tio n in A m e rica . I p r a y G o d th a t
their eyes m a y b e o p e n e d , an d th a t th e y m a y sco that: th e fu tu re o f this
co u n tr y lies in th eir c o -o p e ra tio n , o p e n , c a n d id , c o r d ia l an d n o t in their
a n ta g on ism , an d th a t If th e y w ill o n c e g e t to g e th e r an d p la n in th e sam o
sp irit th e sam o th in gs, th e in d u stry o f A m e rica w ill g o fo rw a rd b y leaps an d
b o u n d s s u ch as w e lia v o n ever y e t sco n . S om etim es it is n ecessary
in o rd e r t o arrest atten tio n t o pull m en u p w ith a ro u n d tu rn an d s a y : S to p !
lo o k ! lis te n !” b eca u se p re se n tly , if y o u d o n ’t , th e g re a t fo rce s o f so c ie t y w ill
co r re c t th e th in g s th a t h a v e g o n e w ro n g.
S o cie ty is th e ju r y . T h e p arties a rc n o t g o in g t o s ettle.
I h c n a tio n is
g o in g to s ettle, and I am cou n sel fo r th e n a tio n .
A n d s o , m y fellow -citiz e n s, y o u seo h o w this little p la n t o f th e ca u se o f
g o o d road s spreads in to a g reat tree be a rin g u p o n its b o u g h s th e fru its o f
th e s a v or o f life . AVo h a ve g o t t o k n o w ea ch o th e r; w e lia v o g o t t o c o ­
o p era te w ith each oth e r; w e h a v e g o t t o stan d to g e th e r; w o h a v e g o t to
lia v o the sam o c o n c e p tio n o f o u r life an d d e stin y; w e lia v o g o t t o th in k the
sam e th ou gh ts an d p u r p o s e th e sam e p u rp o se s. T h a t is a ll th a t p o litics
is fo r. A s a co n te s t fo r o f fi c e , it is c o n tc m p tib lo , b u t as a c o m b in a tio n o f
t h o u g h tfu l m en t o a ccom p lish so m e th in g fo r th e n a tio n , it is h o n o ra b le .
I f I co u ld n o t lie a ssocia ted w ith a C on gress th a t d id so m e th in g, I w o u ld
q u it. I f I d id n ’ t th in k th a t m ak in g speech es co n tr ib u te d a little b it t o the
co m m o n th o u g h t, th at h ad n o th in g t o d o w ith selfish p u rp o se , b u t h ad
e v ery th in g t o d o w ith co m b in e d p u rp o se . I w o u ld n ’ t m a k e a n y speech es.
S peeches aro n o t interesting becau se o f th e m a n w h o m akes th e m o r t h o
w ord s h o uses. T h e y aro interesting in p r o p o r tio n as th e p e o p le w h o hear
b eliev o w h a t lie sa y s. “ T a lk in g th ro u gh th e h a t ” o u g h t t o b o a d e a d in­
d u s tr y . It ou g h t to b o d isco u ra ge d b y silen ce an d e m p ty halls, and eve ry
m a n o u g h t to h a v o as a m o t to o v e r th e sta ge fr o m w h ich h o speaks theso
s im p le and fa m ilia r w ord s, “ P u t u p o r sh u t u p .”
I am re a d y t o take m y
o w n m ed icin o.
I f I d o n 't p u t u p , I a m re a d y t o sh u t u p .
I w a n t t o leave a v e r y solem n th o u g h t in y o u r m in ds.
A m erica is
a b o u t t o experience her re b irth . AVo h a v o be e n m ak in g A m erica in pieces
fo r the sako o f th e piece s. N o w w e h a v e g o t to con stru ct her e n tire , for
th e sako o f th e w h ole an d fo r th e sako o f th e w o rld , b ecau se, ladies and
g en tlem en , there is a ta sk ahead o f us fo r w h ich w o m u st b o v e r y s o b e rly
p rep ared .
I h a v o sa id , an d shall s a y again , th a t w hen th e great present w ar is o v e r
it w ill b o the d u ty o f A m e rica to jo in w ith the o th e r n ation s o f the w orld
in som e k in d o f a league fo r th e m ain ten an ce o f p eace. N o w , A m e rica w as
n o t a p a r ty t o this w ar, and the o n ly term s u p on w h ich wre will bo a d m itte d
to a league, alm ost all the o th e r p ow erfu l m em bers o f w h ich aro en gag ed
in th e w ar a n d m ad e in fin ite sacrifices w hen w o ap p a re n tly m a d e n on e,
aro th e o n ly term s
w h ich w o desire, n a m e ly th a t A m e rica sh all n o t
stan d fo r n ation al aggression, b u t shall stan d fo r th e ju s t co n c e p tio n s an d
bases o f p ea ce, fo r th e c o m p e titio n s o f m e rit alon e and fo r the generous
r iv a lr y o f lib erty .
I t is n o w u p t o us t o say w h eth er w o a rc g o in g t o p la y in th e w o rld at
largo th e rolo w h ich th e m akers o f this great n a tio n b o a ste d a n d p re d icte d
w o should alw a ys p la y a m o n g th e n ation s o f th e w o rld .
A ro w o r e a d y to a lw a ys b o th e frien d s o f ju s tic e , o f fairn ess, o f lib e r ty
o f p ea co an d o f those a c c o m m o d a tio n s w h ich rest u p o n ju s tic o an d p e a c e ?
In these tw o tryin g years th a t h a v e ju s t g o n e b y w e h a v e fo rb o rn e , w o h a vo
n o t a llow ed p r o v o c a tio n to d istu rb o u r ju d g m e n ts , w o h a v o seen t o it th a t
A m erica k e p t her poise w h en all th e rest o f th e w o rld seem ed to h a v e lost
its poise.
O n ly u p o n th e term s o f retain in g th at p o ise and using th e sp le n d id fo rce
w h ich alw ays com es w ith p o iso ca n w e h o p o t o p la y th e bon e fie ie n t part
in th e h is tory o f th o w o rld w h ich I h a v o ju s t n o w in tim a te d . S o , m y
fellow c o u n tr y m e n , b u ild u p theso n ew ro a d s , in th o c o n s tr u c tio n o f
w h ich th o F ed era l G o v e rn m e n t is n o w t o p la y so largo a p a rt, th o spirit
o f n a tion a lity , th o sp irit o f co -o p e ra tio n , th e spirit o f lib e r ty , th e p o w e r
w h ich o n ly a few p e o p lo k n o w h o w t o e xercise.

FEDERAL TRADE COMMISSION RECOMMENDS
REDUCTION IN SIZE OF S U N D A Y PAPERS.
The Federal Trade Commission this Aveek recommended
a reduction in tho size of tho Sunday newspapers as a means
of conserving tho newsprint paper supply of the country
and possibly preventing the suspension of smaller noAvspapers.
The recommendation was contained in tho following letter
sent to tho publishers of largo Sunday neAvspapers on tho
16th inst.:
In co n n e ctio n w ith its in vestiga tion o f n ew sprin t p rice s th e C om m issio n
lias given serious con sid eration t o p ossib le m eans o f p re v e n tin g th o suspen­
sion o f p ap ers becau se o f th e increasing s c a r c ity an d a d v a n c in g prices. T h o
present situ ation can o n ly be a llo v ia tcd b y increasing tho o u tp u t or red u cin g
con su m p tion .
T h o C om m ission has co n fe rre d w ith a n u m b e r o f p ro m in e n t p u b lish ers
regarding w a y s t o redu ce c o n s u m p tio n in a d d itio n to th o cu ttin g o f f o f
returns, elim in atin g w astes, & c ., w h ich m a n y new spapers are re p o rte d to
h a v o already d on e. T h e se publishers aro o f th o o p in io n th a t there is still
an o p p o r tu n ity to e ffe c t a con sid era b le re d u ctio n in c o n s u m p tio n b y cu ttin g
d o w n tho sizo o f S u n d a y new spapers. T h e y feel th a t th o elim in a tio n o f
certa in featu res w ou ld m eet w ith p u b lic a p p ro v a l, a n d w o u ld n o t decreaso
th e revenues o f tho publishers.
T h o p a p er saved b y cu ttin g d o w n th e size o f o n e largo S u n d a y e d itio n
several pages w ould bo su fficie n t t o k eep a nu m ber o f sm aller pap ers su p p lied
fo r a con sid erable tim e. U nless present su p p lies o f pap ers ca n b o increased,
w h ich does n ot n ow seem p r o b a b le , such unselfish a ctio n o n th o part o f
largo c it y papers appears t o b e the o n ly m ean s th a t w ill sa vo m a n y o f tho
sm aller publishers fro m goin g o u t o f business.
T h e C om m ission asks y o u r co -o p e ra tio n in th is m a tte r, and w o u ld lik e to
k n ow y o u r attitu d o tow a rd this p r o p o s itio n . T h e C o m m is s io n w o u ld also
a p p recia te a n y suggestions th at o c c u r to y o u regardin g p ra c tic a l w a ys o f
m ak in g this prop osa l effe ctiv e .

SEVEN-HOUR D A Y TO BE DEM ANDED BY MINERS.
Supplementing his announcement at Great Falls, M o n t.,
last month, concerning the proposed institution of a campaign
for a national shorter working day for miners, John P. W hite,
President of tho United Mine Workers of America, speaking
at the Miners’ Day celebration at Bcllairo, Ohio, on tho 7th
inst., stated that demands for a seven-hour day for coal
miners would be made at coming Avago conferences. Such a
move, ho said, is necessary to conserve the economic and




1473

THE CHRONICLE

social welfare of tho miners’ organization, and results from
the increase in tho use of mining machines. M r. White said:
H a v in g esta b lish e d th e e ig h t-h o u r d a y u n iv e rsa lly th ro u g h o u t th e ju ris­
d ic tio n o f o u r u n io n , a n d likew ise th e m in e run s y s te m , wo c a n w ell a fford
t o turn o u r a tte n tio n in th e c o m in g w age co n fe re n ce s t o a fu rth er red u ction
in th e h ou rs o f la b o r , fo r , in m y o p in io n , su ch a m o v e is necessary if w e
are t o co n se rv e th e e c o n o m ic an d so cia l w e lfa re in o u r v a s t m em bersh ip .
T h is is m a d e a lm o s t essential b ecau se o f th e in crea sed use and in trod u c­
tio n o f m ach in es. T h e re co rd s sh ow th a t th ere are m ore m ach in es used in
c o a l m in in g n o w th an a t a n y o th e r tim e in o u r h is to ry .
So w idespread
has b e c o m e th eir use th a t p ic k m in in g in m a n y d istricts has b e c o m e alm ost
a lost a rt.
T h e re w ere in use in th e c o a l m in es o f th e U n ite d S tates in 1913 16,378
m a ch in es, p r o d u c in g 2 4 2 ,421 ,71 3 ton s o f c o a l. In 1914 th e n u m b er w as
in crea sed t o 16,507 m achines p ro d u c in g 2 1 8 ,399 ,28 7 ton s o f c o a l.
D e sp ite th e d e p ression th a t p re v a ile d in 1914, re d u cin g th e to t a l o u tp u t
o f th o m in es, th e m a ch in es in o p e ra tio n increased as those figu res s h ow .
I a m th erefore im p ressed w ith th e g reat fa c t th a t if w e pre p a re o u r m o v e ­
m en t fo r th e in a u gu ra tion o f th is ca rd in a l reform in o u r co m in g w age c o n ­
feren ces, w o w ill b e a b le to secure it a n d its b e n e fits w ill re d o u n d g r e a tly
t o th e a d v a n c e m e n t o f o u r p e o p le . T h is w ill result in an eigh t-h ou r d a y
fro m b a n k t o b a n k , o r a se ven -h ou r d a y o n th e present basis.

COMPARATIVE COST OF LEATHER A N D FINDINGS.
Tho unprecedented advance in the price of materials en­
tering into the manufacture of leather is dealt with in the
monthly letter of the First National Bank of Boston, in
which is sliOAvn the high prices of leather and findings in
September 1916 as compared Avitli those for February 1916
and July 1915. W e print the table beloAv:
Comparative Cost of Leather and Findings Entering into Construction of Shoes.
% Inc.
July'IS. F e b .’ 16. Sept. ’ 16. (14 mos.)
S 0 .50-.54
SO. 36
T a n c a l f _________________________ _____ .8 0 .2 9
.46-.50
B la ck d u ll c a l f ________________ _______ .
.35
.29
•65-.70
C o lo r e d k i d _____________ ___________ .
.55
.40
•28-.50
Men’s gla ze d k i d _____________________ . .17 -.3 5
.18 -.4 0
.32
AVom en's glazed k i d . ___ ______ _____ .
.20
.28
F u ll c h ro m e side le a th e r_____________ .
.34
.29
.24
P a te n t sid e le a th e r___________________ .
.32
.37
.29
.19
B la c k sheep s k in s_____________________ .
.07
.65
U n io n so lo le a th e r____________________ .
.58
.46
.38
H e m lo c k sole le a th e r _________________ .
.28
.35
.30
.34
AVomen’s c u t soles, first q u a lit y _____ .
.20
.50
.40
.47
M e n ’s c u t soles, first q u a lit y ________ .
.12 H
•19H
D u c k lin in g (per y a r d ) _____________ - •1 4 H
1.25
Men’s laces (p e r g r o s s )_______________ . .4 )
.1 8 -.2 0
.08
M a t sheep t o p p in g ___________________ .
.60
.40
.52
P a ck e r Steer B a c k s . ................................ .

.12

.11

1.00

80
65
70
65-43
60
42
27
171
41

21

70
25
58
150
150
50

GROWTH OF POSTAL SAVINGS DEPOSITS.
A total of $100,000,000 to the credit of postal savings
depositors in the United States is reported by tho Postal
Savings Division of the Post Office Department in Washing­
ton, in a statement issued under date of Oct. 13. The increase
in deposits in the last two months has broken all records,
averaging over S I,000,000 a Aveek. For last month, Sep­
tember, the net gain Avas $4,900,000, or three times the gain
for September 1915. “ These enormous savings” says the
statement, “ have come principally from foreign-born wageearners and reflect in large degree the nation-Avide demand for
labor at advanced prices.” On Sept. 30 tAvelve cities had
over a million dollars on deposit as folloAVs:
N o w Y o r k _________________8 2 1 ,0 5 7 ,4 2 6
B r o o k ly n ................
6 ,7 1 4 ,2 7 7
C h ic a g o ___________________
4 ,7 1 4 ,0 9 7
B o s t o n ____________________
2 ,3 7 6 ,2 6 6
D e t r o i t ____________ - _____ 2 .2 6 1 .6 3 3
P itts b u r g h ......... ...................
1,7 2 4 ,9 1 9

P o r tla n d , O re g o n __________ $ 1 ,1 9 7 ,0 0 2
P h ila d e lp h ia .......................... 1,183,950
San F r a n c is c o ______________ 1,1 6 4 ,6 2 8
M ilw a u k e e .
------------------- 1 ,097,629
C le v e la n d ...... ................ ......... 1,0 6 0 ,9 4 8
B u t t e , M o n t a n a . . ............... 1 ,035,312

C le v e la n d and B u tte jo in e d th e m illio n -d o lla r class la st m o n th .
A t th e c lo s e o f S e p te m b e r, 100 p o s t o ffic e s nad each m o r e than 8 1 0 0.00 0
o f p o sta l s a v in g s , an d th e net g ain fo r th e m o n th a t these o ffic e s w as $ 3 ,5 4 8 ,­
2 6 6 , as again st $ 1 ,2 8 4 ,1 7 2 in S e p tem ber 1915.

ENGINEERS COMBINE W IT H SCIENTISTS IN ORGAN­
IZATION OF NATIONAL RESEARCH COUNCIL.
It is announced that arrangements have just been com­
pleted in New York Avhereby the resources of the Engineer­
ing Foundation, under the auspices of the four principal na­
tional engineering societies, are placed at the disposal of the
National Research Council, Avhich Avas appointed by the
National Academy of Science at the request of President
W ilson. The object of the Council is to co-ordinate the
scientific research work of the country in order to secure ef­
ficiency in the solution of the problems of war and peace.
The Council Avas without funds until the Engineering Founda­
tion, established to further scientific and engineering re­
search, offered to place its resources at the Council’s disposal,
including the services of its Secretary, D r. Cary T . Hutch­
inson, to act as Secretary of the Council. The offer was ac­
cepted and plans for immediate activities have been placed
in the hands of an executive committee.
In indicating Iioav thoroughly every branch of science and
engineering is represented in the Council, D r. George E .
Hale, Director of the M t . Wilson Solar Observatory and
Chairman of the Council, Avho Avas in N cav York early in

1474

THE CHEONICLE

October, called attention to the personnel of the body, say­
ing that it is the purpose of the Council to enlist the co-oper­
ation, in the solution of the country’s industrial and military
problems of a scientific character, of every possible established
agency. Medicine, for example, is represented on the Council
by D r . William H . W elch, President of the National Academy
of Science, Brigadier-General William C . Gorgas, SurgeonGeneral of the United States Arm y; D r. Simon Flexner,
Director of the Rockefeller Medical Institute, and D r. Vic­
tor C . Vaughan, past President of the American Medical
Society; biological science by D r. Edwin G . Conklin, pro­
fessor of zoology, Princeton University; chemistry by D r.
A . A . Noyes of Massachusetts Institute of Technology, and
D r. L . H . Baekeland; physics by D r. A . A . Michelson of the
University of Chicago; and electricity by Professor M . I.
Pupin of Columbia University.
These branches, with tho exception of medicine, are in the
realm of puro science. Recognizing, however, that the
practical applications of the principles which the pure scien­
tists discover rest largely with engineers, thero is a strong
representation from the great engineering societies. Clomens
Herschel, President of the American Society of Civil Engi­
neers; John J. Carty, chief engineer of the American Tele­
phone & Telegraph C o.; Gano Dunn, President of the J. G .
White Engineering Corporation; C . E . Skinner, director of
the research laboratory of the Westinghouse Company, and
D r. W . R . W hitney, director of tho research laboratory of the
General Electric Company, are among those who will repre­
sent the engineering side of the Council’s work.
The important military aspects will be presented to tho
Council by Major-General William Crozier, Chief of Ord­
nance of the U . S. Arm y; by Lieutenant-Colonel George 0 .
Squier, Chief of Aviation of the U . S. Arm y, and Chief
Constructor David W . Taylor, U . S. N av y. Other branches
of the Government are represented by D r. S. W . Stratton,
Director of the National Bureau of Standards; Van H . M an­
ning, Director of the Bureau of Mines, and Professor Chas.
F . M arvin, Chief of the United States Weather Bureau.
The other members of the Council are D r. John A . Brashear, Pittsburgh; D r. \\. F . M . Goss, dean of engineering,
University of Illinois; D r. William H . Holmes, Curator
United States National IVIuseum; D r. W . W . Keen, Presi­
dent American Philosophical Society; Prof. E . C . Pickering,
director Harvard College Observatory; M r . Charles F . Rand,
President United Engineering Society; Prof. Theodore W .
Richards, Harvard University; Prof. R . A . Millikan, Uni­
versity of Chicago; M r. Ambrose Swasey, Cleveland; Dr.
Elihu Thomson, Swampscott, M ass.; D r. C . R . Van Ilise,
President American Association for the Advancement of
Science; D r. Charles D . W alcott, Secretary Smithsonian
institution; D r. J. M . Coulter, professor of botany, Prince­
ton University; Prof. R . H . Chittenden, dean of Sheffield
Scientific School, Yale University; Prof. Raymond Pearl,
biologist, Maine Experiment Station, Orono, M e .; M . T .
Bogert, professor of organic chemistry, Columbia University.
Other members of the Council, it is stated, will bo appointed
from time to time as the needs of the work dictate.

R. II. TREMAN OF THE N E W YORK FEDERAL RESERVE
B AN K ON TRADE ACCEPTANCES.
“ Trade Acceptances” was the subject of a discussion by
R . II. Treman, Deputy-Govornor of the Federal Reserve
Bank of New York, beforo a joint session of tho National
Association of Hardwaro Manufacturers and tho National
Hardware Manufacturers’ Association at Atlantic City on
tho 18th inst. In his opening remarks M r . Treman stated
that “ ono of the most important changes in present customs
and methods of transacting business in tho United States,
suggested by tho provisions of tho Federal Reserve A ct,
is the proposal to substitute the ‘trade acceptance’ for the
‘open book account,’ now so generally employed in tho oxtension of credit.” While this proposal, he added, has been
considered by chambers of commerce in some cities and has
been discussed to a limited extent in periodicals, it is apparent
that the subject has not received tho careful consideration
from individual firms and corporations its importance and
benefits justify.” In his treatment of the subject M r.
Treman spoke in part as follows:
U n d er ou r sy stem o f gra n tin g e a sy an d gen erou s cre d its, b u yers h a vo
b e c o m e v e r y careless a b o u t recogn izin g and adh ering t o the s trict term s o f
p a y m e n t, an d a p p a ren tly ov e rlo o k th e fa c t th a t th o cash d isco u n t is a pre­
m iu m allow ed o n ly fo r p r o m p t p a y m e n t, an d w hen th o cash d is co u n t is
d e d u cte d c o n tr a r y t o th e term s, it is a fo rm o f g ra ft in w h ich th e y aro in ­
d u lg in g an d it has its u n fa v o r a b le e ffe c ts on business eth ics an d pra ctico .
B eca u se o f th o abu ses th a t are so general in th is resp ect, thero aro m a n y
w h o fa v o r th o elim in ation o f th e cash d isco u n t system en tirely an d it is




[Vol. 108

o n o o f th o a rgu m en ts w h y a ch an ge t o tho trade a cce p ta n ce p la n o f settlom e u t is s tr o n g ly r e co m m e n d e d . . . .
A “ tra d e a c c e p t a n c e ” is d e fin e d b y th o Federal R e se rv e B o a rd in Its
circu la r o f J u ly 15 1915 as “ A bill o f exchange, draw n t o o rd e r, h a vin g a
d e fin ite m a tu r ity , an d p a y a b le in dolla rs in the U n ite d States, tho o b lig a ­
tio n to p a y w h ich has been a cc e p te d b y an a ck n o w le d g m e n t, w ritten or
s ta m p e d , an d sign ed , across th e fa c e o f th o Instrum ent, b y th o c o m p a n y ,
firm , co r p o r a tio n or person u p o n w h o m it is draw n ; su ch agreem ent t o b o
to th o e ffe c t thac th e a cc e p to r w ill p a y at m a tu r ity , a cco rd in g t o its ten or,
su ch d r a ft o r b ill w ith o u t qu a lify in g c o n d itio n .”
T o d e scrib e it p erh ap s m o re s im p ly , “ a trade a cce p ta n ce is a 'tim e d r a ft’
draw n b y th o seller o f m erch an dise on th o b u y e r fo r th o p urchaso p r ice "o f
th e g o o d s , an d a cce p te d b y tho b u y e r p a y a b lo o n a certa in d a to a t a cer­
tain d a te at a certain p la c e .”
H a v in g d e fin e d a tra d e a cce p ta n ce , it m a y b o w ell hero t o d e fin o a b a n k ­
e r’s a c c e p ta n c e , as ap p a re n tly there is so m o co n fu sio n as t o th o t w o kinds
o f acce p ta n ce s an d h o w th e y arc used.
T h e F e d e ra l R e se rv e B o a rd has d e fin e d a “ b a n k e r’s a c c e p ta n c e ” as “ a
d ra ft o r bill o f e xch an g e o f w h ich th e a cc e p to r is a b a n k o r trust c o m p a n y ,
o r a firm , p e rso n , c o m p a n y o r co r p o r a tio n engaged in th o business o f gran t­
in g ba n k e rs’ a c c e p ta n c e c r e d its ,” th o b u y e r h a v in g arranged w ith th e
b a n k o r o th e r p a r ty t o “ a c c e p t ,” th u s len din g its cre d it fo r w h ich th o b u y er
giv e s s a tisfa c to r y se cu rity and p a y s a com m issio n .
T h o " b a n k e r s ’ a c c e p ta n c e s ” w ill b o used in the han dling o f co m m o d itie s
su ch as gra in , c o t t o n , c o p p e r , & c ., b u t their use in o rd in a ry co m m e rcia l
tran saction s w ill b e lim ited and co m p a r a tiv e ly in fre q u e n t, an d th o co n s id ­
e ration o f th eir use th e re fo re is n o t a tte m p te d at th is tim e . . . .
T h o “ tra d e a c c e p ta n c e ” p la n is n o t a new schem e o r m e th o d , b ecau se it
w as e m p lo y e d , as has been p r e v io u s ly stated, in th o earlier h isto ry o f ou r
c o u n tr y an d it has b e c o m e p r a c tic a lly o b so le to o n ly in m ore recent tim es.
N o o th e r n ation c o n d u c ts its business as it is d o n e in th o U n ited States.
In E n g la n d , G e rm a n y , F ran ce, an d o th e r co u n tries, i f a m erch an t has n ot
s u fficie n t cash t o p a y fo r m erch an dise, instead o f b o rro w in g o f Ids ban k
on ids ow n p ro m isso ry n o te s, as is cu s to m a ry here, h o give s a n o te t o th o
seller, or m ore c o m m o n ly th o seller draw s a tim e d ra ft on th o b u y e r, w h ich
w o call a tra d e a c c e p ta n c e , a n d then th e d ra ft o r tra d o a cce p ta n ce is dis­
co u n te d at the b a n k . Such p ap er in E n gla n d is k n o w n as a “ b i ll ,” w lioreas
w o ch a ra cte rize it as a “ d r a f t .”
T h o largo c o m m e rcia l ba n k s in L o n d o n ,
B erlin and P aris h o ld in th eir p o r tfo lio s largo q u a n tities o f these b ills , w h ich
are co n s ta n tly m a tu rin g , an d under sudden e m ergen cy th o y in dorso thorn to
th o central ban ks fo r red iscou n t.
In F ra n co a b o u t o n e -h a lf o f th o tra d o bills in circu la tio n aro in am ou n ts
n o t m o re th an $20 an d o u t o f $ 3 ,0 0 0 ,0 0 0 ,0 0 0 o f a cce p ta n ce s d isco u n te d
in o n o ye a r b y th e B a n k o f F ran co, th o averago w as o n ly a b o u t $100 an d
som e a cce p ta n ce s w ere as low in a m o u n t as $ 1 , th ero bein g ov e r $50 0 ,0 0 0 ,0 0 0
d is c o u n te d in a m o u n ts less th an $2 5 , th u s show in g th o possibilities in th o
d e v e lo p m e n t o f th o trado a cce p ta n ce s y s t e m .*1’
>.*✓ »•¥*>
A m o n g th e objections o ffe re d t o th o p ro p o s e d ch a n g e aro—
(a) T h a t w h olesale d is trib u tio n , e sp e cia lly In th o U n ite d S tates, Is c o n ­
d u c te d o v e r great d ista n ce s, an d con sid e rin g the sh o rt term o f c re d it u sually
g iv e n , o p e n a cco u n ts aro m o r e c o n v e n ie n t.
(b ) T h a t w h ere pu rch ases aro m a d e fre q u e n tly and in sm all a m o u n ts ,
o p e n b o o k a c c o u n ts aro p re fe ra b le .
(c) T h a t If tra d e a cce p ta n ce s w ere gen erally u sed b y th o tw o m illion
(e stim a te d ) business fir m s in th e c o u n t r y an d a largo p r o p o r tio n o f th o
a c c e p ta n c e s s h o u ld b o d is c o u n te d , it w o u ld entail g reat in crea se In clerical
fo r c e , b o o k s , & c ., b y b a n k s, an d w o u ld te n d to an o v e r-e x te n sio n o r Infla­
tio n o f cr e d it.
' (d j T h a t in o rd in a ry p r a c tic o so m o d ra fts w ill b e lost o r m islaid an d in
o th e r cases th o y w ill n o t b e p a id at m a tu r ity , cau sin g d e fa u lt.
(0) T h a t th e a c c e p ta n c e sy s te m d oes n o t take Into a c c o u n t th o necessity
o f e x a m in a tio n o f g o o d s b e fo ro a cce p ta n ce b y th o m erch an ts t o gu ard again st
s h o rta g e , q u a lity n o t up t o sa m p les, an d o th er ju s t causes fo r retu rn in g
m e rch a n d ise .
(f) T h a t th e b e st m e rch a n ts w ill co n tin u e t o b o r r o w th o c a p ita l th oy
n e e d o n th e ir ow n sin g le n am e p r o m isso ry n otes an d b y co n tin u in g th o
p r a c tic e o f o p e n b o o k a c c o u n ts , th e y w ill g iv e th o b u y e r longer cre d its than
th o s e w h o a d o p t th e tra d e a c c e p ta n c e p la n , an d thus w ill h o ld an d increase
th eir business t o th e d e trim e n t o f (h e ir co m p e tito rs .
(g) T h a t It is su ggested th a t b an k ers w ill n o t fa v o r tills ch an ge because
th o y aro c o n te n t t o loan th eir m o n e y on sin gle n a m e p a p e r o n w h ich th o y
secu re h igh er rates th an th e y w ill be a b lo t o d o w h en th o y d is co u n t trado
a cce p ta n ce s.
(h ) T h a t business has been su cce ssfu lly co n d u c te d u n d e r th is system o f
o p e n b o o k a c c o u n ts , so w h y ch a n g e it t o a now sy ste m w ith all th a t It
In volves o f tro u b le and expen se.
(1) T h a t th ere is a natu ral p r o jiu llco on the p a r t o f th o seller w hen e x ­
te n d in g th o c r e d it again st ta k in g th o in itia tiv e to b rin g a b o u t a be tte r cre d it
s y s te m , fo r fe a r o f lo sin g cu sto m e rs w iio m a y n o t ta k e k in d ly t o th o ch a n g e
t o d e fin ite m a tu ritie s.
(j) T h a t th e v a r ia tio n In trad e d isco u n ts an d d iffe r e n t le n gth s o f cre d it
g iv e n m a k e it m o re d iffic u lt t o use th o tra d e a cce p ta n ce .
(k ) T h a t m a n y a su ccessfu l business m a n o f t o -d a y w o u ld n e v e r h a v o
a tta in e d success i f his business h ad n o t been fo ste re d and assisted b y th o
e xten sion o f cr e d it b y th o jo b b e r and m a n u fa ctu re r b e y o n d the a ctu al te rm s,
w h en a c r o p failure o r o th e r c a ta s tr o p h e h ad o v e rta k e n h im .
T h e se o b je c tio n s represent th o su m to ta l o ffe re d d u rin g several m o n th s
d iscu ssion o f th o t o p ic . T h o s e ju s t o u tlin e d u n d o u b te d ly , at firs t g la n ce ,
ap p a re n tly p resen t a caso a ga in st th o tra d o a c ce p ta n ce s y s to m , b u t, w h ile
so m o o f these o b je c tio n s aro real an d v a lid , a c lo s o an a lysis w ill s h o w th a t
m o s t o f th em aro based eith er o n an o v e r c o n s e r v a tiv e doslro t o c lin g t o
present m e th o d s , h o w e v e r c ru d e an d u n s c ie n tific , o r a n a rro w v ie w p o in t
th a t sees o n ly lo ca l, lim ite d o r t e m p o r a r y c o n d itio n s , o r (an d th is Is p er­
hap s th o p rin cip a l basis) a total la ck o f co m p re h e n sio n o f w h a t th o trado
a cce p ta n ce system Is an d h o w fle x ib ly It ca n b o a c c o m m o d a te d to ou r b u s i­
ness n eeds.
L e t us n ow co n sid e r th o advantages cla im e d b y th ose w h o fa v o r th o ch a n go .
T h o y s ta te —
(a) T h a t o p e n b o o k a c c o u n ts , 1. o. d e a d ca p ita l, w ill bo transferred Into
tra d o a cce p ta n ce s , w h ic h is liv e c a p ita l, i. o. s e lf-liq u id a tin g c o m m e rcia l
cr e d it pap er a v a ila b le fo r tho p a y m e n t o f d e b ts an d w h en d is c o u n te d , llk o
p r o m isso ry n o te s b ecom es a basis fo r issu o o f cu r r e n c y a n d b a n k reserves
under th o Federal R e se rv e A c t .
(b ) T h a t th e y sh o w o n th oir fa ce s th a t th e y arise o u t o f a b o n a fld o
c o m m e rcia l tra n sa ctio n .
(c) T h a t a c c e p ta n c e s , b e in g tw o -n a m e d d ra fts , aro safer, m ore liq u id fo r
ban kers t o h o ld , an d m o re lik e ly t o b o p a id at m a tu r ity th an s in g le n a m e
p r o m isso ry n o te s.
(d) T h a t ban ks w o u ld h a v o b e tte r k n ow led ge o f a b o r r o w e r ’s fin a n cia l
p o s itio n th ro u gh tra d o d ra fts Instead o f d ir e ct n o te s.
(e) T h a t th o tra d o a c c e p ta n c e system w o u ld p r a c tic a lly e lim in a te th o
o v e r d u o a cco u n ts w h ic h , a c c o r d in g t o th o record s s u b m itte d fr o m jo b b e r s
and m a n u fa ctu re rs h erew ith , a m o u n t t o a b o u t 5 0 % o f th o sales, an d If legal
p ro ce e d in g s are n e cessary, a tra d o a c c e p ta n c e Is m u c h b e tto r to h a vo than

OCT. 21 1916.]

THE CHRONICLE

an open b ook accou n t, because the seller has an acknowledgem ent In
writing o f the account.
(f) T h a t the use o f the trado acceptance would rem ove the necessity for
tho m anufacturer or jobber, with somowhat limited capital, borrowing so
heavily In order to act as banker in supplying credit to custom ers, as Is now
done to such an unreasonable extent.
(g) T hat the trade acceptance would reduce loss b y bad debts b y effecting
p rom p t paym ents and would save tho interest on overdue accounts.
(h) T hat trado acceptances would tend to educate the retailer, who will
havo acceptances to meet at certain dcflnlto tim es, not to over-bu y, thus
tying up to o m uch o f his capital, or to extend too long credits to his own
custom ers, both o f which are serious defects In the present business system .
(i) T hat trado acceptances will tend to eliminate the abuse o f the exten­
sion o f credits to those retailers w ho, having but little real capital themselves
invested, learn to conduct their business principally on tho credit extended
to them b y rival jobbers or manufacturers.
(j) T hat those who settle b y trado acceptances will put themselves Into
tho class o f preferred buyers, the same as those w ho discount for cash, as
against thoso who will decline to givo a trade acceptance and insist upon
a long b ook account. U ltim ately goods will be sold to those w ho demand
long credits on the basis only o f higher price over thoso who discount or
send trade acceptances.
(k) T h a t the trade acceptance system , even with small retailers, would
work a great improvem ent in our whole merchandising system , and tend
to m ake the untrained and unsystem atic tradesman o f less m enace to his
com petitor who does business on sound methods.
(l) T hat trado acceptances would curtail or end tho bad practico o f
taking unearned or unauthorized discounts, would curb tho unfair practice
o f returning merchandise after shipment has been m ade, would tend to stop
the pernicious habit o f assigning or hypothecating b ook accounts to secure
working capital, and would operate to reduco tho overhead costs o f doing
business and enable both m anufacturer and jobber to sell at lower prices.
(m ) That the Federal Reserve Board, recognizing tho advantages o f tho
“ trado acceptance” havo authorized special rates o f discount for this
class o f paper and that all Federal Reserve banks in establishing rates have
m ado a rate generally one-half ( A % ) o f one per cent lower for trade accep­
tances than tho rate for prom issory notes.
P robably other advantages can bo cited, but these will bo sufficient to
indicate tho principal reasons given for tho adoption o f tho trade ac­
ceptance system, and they would seem to bo convincing.
As tho banks might correctly bo termed indirect partners in every busi­
ness, a few words as to how this change will affect tho banks and what the
standpoint o f tho banker is in connection therewith, should be included in
this discussion.
A prom inent W estern banker has recently stated that “ There is n o doubt
whatever that if trado acceptances were generally used, commercial banks
would faro immeasurably better than under present circumstances, because
they would get two-nam e paper in tho place o f tho single name paper now
held. In other words, their londing risk or hazard would bo considerably
lessened."
It is a fact that "under the banking systems o f no other country in tho
, w orld, where credit forms a basis o f currency, is singlo namo paper ac­
ceptable to banks o f issue, while on the other hand two-name, self-liquidating
trado paper is universally required, and tho Bank o f Franco requires at
least threo nam es.”
It is generally recognized that tho best investments o f a bank’s resources
aro in tho purchase o f paper representing sales o f com m odities or mer­
chandise actually made, payment for which is to bo m ade In tho futuro, and
as a basic proposition they aro entitled to a lower rate o f discount than a
loan based on raw materials or merchandise not yet sold, which m ay bo
destroyed, affected b y ago, or never be sold.
In londing on single name paper tho banker is loaning really against
m ixed security, i. o., goods already sold (represented b y accounts or bills
eccivable) and b y goods in stock not yet sold; and, therefore, the trado
acceptance is a m oro acceptable form o f investment, as it represents sales
a ctually m ade and carrying tw o names instead o f one as security.
M a n y State banks and, tinder Section 5200 o f tho National Bank A ct,
all national banks are limited in their loans to any singlo borrower to 10%
o f their capital and surplus, which in many cases obliges the larger borrower
to go outside o f his own city for part o f his loans, thus preventing his local
bank from using Its funds In what in m any cases would be m ost desirable
loans. This, however, could bo overcom o if tho borrower held trado ac­
ceptances o f his customers which he could discount with his bank without
regard to tho 10% limitation, as they would bo “ bills o f exchange drawn in
good faith against actually existing values.” And this procedure would also
havo tho advantage o f leaving tho member bank with a class o f paper
which it could in turn rediscount with its Federal Rcservo bank without
regard to tho 10% limitation contained in Section 13 o f tho Federal R e ­
servo A ct.
It is admitted b y bankers that if tho trado acceptance plan Is adopted,
thero will bo a tendency towards banks making a somewhat lower rate
when they purchase or discount these acceptances than they aro now
doing In tho purchase o f singlo namo paper, but admitting that banks may
havo to loan on this paper at lower rates than on single name paper, their
net earnings should in the end be larger, or at least m ore regular and moro
to bo depended upon, with lass loss incurred In the purchase.
From an econom ic standpoint a reform o f our credit system seems most
essential and it would appear that the present season o f prosperity is a most
favorable opportunity to break away from the crudo and unscientific
m ethods which under past conditions were evolved and served their pur­
pose well, but now should give w ay and be succeeded b y tho m ost perfect
credit system which can bo developed, and undoubtedly tho trado ac­
ceptance system b y reason o f its m any advantages should receive most
earnest consideration and study looking toward its adoption, whether
through a special committee to bo appointed b y you r organization, which
com m ittee shall consider the subject and make a report looking to uniform
action on tho part o f jobbers and manufacturers in case they approve of
tho change proposed, or whether it should bo left for each firm or corpora­
tion to consider and act upon individually, which, of course, would bo loss
successful in developing tho system, is a matter for your decision.

INCREASED POWERS UNDER FEDERAL RESERVE
A M EN D M EN T S.
In a circular calling attention to the recent amendments
to tho Fedoral Reserve A ct, R . II. Troman, Deputy Governor
of tho Fedoral Reserve Bank of New York points out that tho
amendments woro of three kinds— viz., those broadening the
powers of member banks; thoso affecting the relations of
member banks to their Federal Reserve banks, and thoso
affecting operations of Federal Reserve banks. Tho circular




1475

is devoted to a recital of the increased powers, as affecting
acceptances, loans on real estate and banking in foreign
countries. W e give it in full below:
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
N ew York, October 13 1916.
To the Cashier,

S ir:-O n Septem ber 7 1916, the bill amending the Federal Reserve A ct in
several im portant particulars became a law. T he amendments were o f three
kinds:
Those broadening the powers o f member banks;
Those affecting the relations o f member banks to their Federal Reserve
banks;
'
Thoso affecting the operations o f Federal Reserve banks.
The amendments were printed in full In the Federal Reserve Bulletin for
Septem ber, o f which you have received a co p y . It is desired, how ever, to
call tho attention o f m em ber banks In this district to tho following increased
powers o f m ember banks:
Acceptances.

H eretofore the acceptances which m ember banks have been authorized
to make have been lim ited to those based upon transactions involving the
im portation or exportation o f goods. Under the now amendment they
aro also perm itted—
(a) to accept drafts or bills o f exchange which grow out o f transactions
involving the dom estic shipment o f goods, provided shipping docum ents
conveying or securing title are attached at the tim e o f acceptance, or which
aro secured at the tim e o f acceptance b y a warehouse receipt or other such
docum ent convoying or securing title covering readily m arketable staples.
(b) to accept drafts or bills o f exchange drawn b y banks or bankers In
foreign countries, dependencies or insular possessions o f tho United States,
for the purpose o f furnishing dollar exchange.
Loans On Real Estate.

Heretofore national banks not situated In Central Reserve cities have
been limited in their loans on real estate to those secured b y im proved and
unencumbered farm land situated within their Federal Reserve districts.
T ho amendment authorizes such national banks to loan also upon other
real estate provided it is im proved and unencumbered and situated within
100 miles o f the lending bank and the loan does not run longer than one
year. T he farm land upon which loans m ay b e m ade m ay now bo situated
either within the district or within 100 miles o f the lending bank.
Banking in Foreign Countries.

Heretofore national banks with a capital and surplus o f ono million
dollars or m oro have been perm itted to establish branches in foreign coun­
tries. Under tho amendment they are also perm itted, with the approval
o f tho Federal R eserve B oard, to invest an amount not exceeding in the
aggregate 10% o f their paid In capital stock and surplus in tho stock o f one
or m ore banks or corporations chartered or Incorporated under the laws o f
tho United States or o f any State, which aro principally engaged in inter­
national or foreign banking, or banking in a dependency or insular possession
o f the United States.
Following the adoption o f these amendments, the Federal Reserve Board
has reissued Its regulations in sim plified and consolidated form , superseding
all its preceding circulars and regulations. A co p y o f these regulations In
pamphlet form Is enclosed herewith and m ay bo substituted in your files for
all existing circulars and regulations o f tho Federal Reserve Board b ut not
for thoso o f the Federal Reserve Bank o f N ew Y ork.
On pages 7 and 13 o f the pamphlet will bo found the regulations covering
tho now powers conferred b y tho amendments to accept drafts drawn to
furnish dollar exchange and to loan on real estate other than farm land.
A ttention is particularly called to regulation A on pages 2, 3 and 4 , w h l^
contains the inform ation required b y a member bank In rediscounting with
its Federal Reserve bank. M em ber banks increasing or decreasing their
capital stock or surplus will fin d the necessary procedure set forth under
regulation I on page 18. The remaining regulations relate to other activities
o f m em ber banks, open market operations o f Federal Reserve banks,
membership o f Stato banks, etc.
M r . Joseph D . H iggins, form erly assistant to the Fedoral Reserve Agent
has been appointed Assistant Cashier o f the bank.
R espectfully,
R . II. T R E M A N , Deputy Governor.

ELECTION OF SUCCESSORS OF DIRECTORS OF N E W
YORK RESERVE BANK.
Pierre Jay, Chairman of the Federal Reserve Bank of New
York, announced to member banks on the 18th inst. that the
terms of William Woodward, Class A director, and Henry R .
Towne, Class B director, will expire on Dec. 31. The in­
structions of the Reserve Bank with regard to the election of
their successors is set out as follows:
Circular N o . 52.
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
New York, October 18 1916.
To ihe Cashier:
Sir— On D ec. 31 the terms o f Messrs. W illiam W oodw ard, Class A direc­
tor, and Henry R . T ow ne, Class B director, o f the Federal Reserve Bank o f
Now Y ork , will expire.
The Federal Reserve Board has designated N o v . 21 as tho d a y for tho
election o f their successors, who will servo for terms o f threo years each.
B oth o f the retiring directors were chosen b y Group I, and therefore this
will bo tho only group which will vote at the com ing election.
Si
The law provides that the directors o f each member bank may nominate
ono candidate for director o f Class A and ono candidate for director o f Class
B , and shall elect a “ district reserve elector” who shall cast votes in behalf
o f his bank for tho directors to be elected. Blanks are enclosed herewith
to all banks in Group I , upon which the board o f directors o f each such bank
should, b y resolution in the form printed on the blanks, certify its nom ina­
tions for directors and its choice o f elector, and forward them to mo as soon
as possible after it has taken action.
On N o v . 11 the period within which these certifications o f electors and
nominations o f directors m ay be mado will terminate. Electors whose
names aro received after 12 o ’clock noon o f that day will not be entitled to
vote nor will nominations received thereafter be listed.
On N o v . 13 a list o f the electors representing each bank in Group I will
bo mailed to each such elector, and on the same day there will be mailed to
all member banks in the district, for their inform ation, a list o f all those
nominated for Class A and Class B directors, with tho names o f the banks
nominating them.
On N o v . 20 the formal list o f candidates nominated will be mailed to each
elector, together with a preferential ballot providing for the recording o f.
I first, second and other choices for each o f the directors to be elected.j&W ith

1476

THE CHRONICLE

in fifteen days from the receipt o f said list and ballot every elector must re­
cord his votes.
On or about D ec. 6 the announcement o f the results o f the election will bo
made.
W hile on ly banks in Group I will nom inate and elect directors, this cir­
cular is sent to all banks in the district for their inform ation.
There are appended hereto, (1) those portions o f the Federal Reserve A ct
prescribing the manner in which directors o f Federal Reservo banks shall
be elected, and (2) a list o f the banks com posing Group I o f this district.
Respectfully,
P IE R R E J A Y , Chairman.

FORMS OF N E W YORK RESERVE B A N K RELATIVE
TO DISCOUNTING OF MEMBERS'
PROMISSORY NOTES.
Supplementing its circular to member banks (printed in
our issue of Sept. 30) concerning the discounting by a Fed­
eral Reserve bank of members’ own promissory notes running
for a period not exceeding fifteen days, the Federal Reserve
Bank of N ew York, through Deputy-Governor Robert H .
Treman, has prepared for members several forms to be used
in connection therewith. One of these is a form of resolu­
tion authorizing such advances, and to rediscount its bills
receivable; another the draft of a promissory note prepared
for execution by member banks desiring to borrow upon their
own obligations, and the third a blank form of application
for an advance or rediscount. W e give below M r . Treman’s
circular and the forms accompanying it, but omitting the
blank form of application for rediscounts or advances.
[Circular N o. 50.]
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
To the Cashier:

New York, Oct. 13 1916.

Sir: Referring to our Circular N o. 48, under date o f Sept. 26 1916, you
are advised that it will be necessary for a member bank desiring to discount
its ow n note for a period not to exceed 15 days to have a v o te o f its board o f
directors authorizing the making o f such advances. W o therefore encloso
herewith a form o f voto to be passed b y your board o f directors i f desired.
A co p y , d uly authenticated b y your Cashier or the Secretary for your
board, should bo forwarded to this bank. This vote, when executed, will
cover both the discount o f your own note or notes and tho rediscount o f
such drafts, notes, bills o f exchange and acceptances as m ay bo eligible
•under the provisions o f Section 13 o f tho Federal Reserve A ct, and will
supersede any prior authorization for rediscounts which you m ay have on
file with this bank.
Y ou r attention is also invited to tho fa ct that, under tho amendment to
the Federal Reserve A ct, no w aiver.of dem and, notice and protest need bo
included in terms in the indorsement o f your bank on bills, notes and other
receivables which are offered for rediscount or as collateral security for an
advance. Consequently, all refercnco to granting authority for such pur­
pose has been eliminated from the form o f vote sent herowlth. A n ordi­
nary Indorsement, provided it includes tho written signature o f an authorized
officer, will b e sufficient to com ply with tho terms o f the A ct.
W e also include herewith a cop y o f the form o f prom issory note prepared
for execution b y such member banks as m ay desire to borrow upon their own
obligations, together with a cop y o f form o f application for an advance
to be used in connection therewith, which is com bined with a revised form
o f application for rediscount.
Should you desiro additional copies o f any o f tho enclosed form s, we shall
be glad to forward them to you upon request.
I t should be understood that tho collateral security offered for an ad­
vance not exceeding 15 days upon the note o f a member bank m ay consist
o f any notes, drafts, bills o f exchange or bankers’ acceptances which are
eligible for rediscount or purchase b y Federal Reserve banks and which havo
maturities at tho tim e the advance is m ade o f not exceeding ninety days
or, in case o f agricultural paper, six m onths.
In Circular N o. 48, owing to a clerical error, the rates o f discount estab­
lished b y this bank wore not quite correctly stated. T h o rates now pre­
vailing aro as follows:
For notes, drafts and bills o f exchange, including prom issory notes
secured b y cligiblo collateral, having a m aturity at tim e o f discount
o f not m ore than 15 d a ys___________ ________ ____________ _________ 3 %
F or notes, drafts and bills o f exenange, having a m aturity at tim e o f
discount o f m oro than 15 days and not m oro than 90 d a ys_________ 4 %
F or agricultural paper having a m aturity at tim e o f discount of. m oro
than 90 days and not m ore than six m onths........... ............................
5%
For trade acceptances having a m aturity at tim e o f discount o f not
m ore than 90 days......................................................................................... 3>5%
R espectfully,
.
R O B E R T II. T R E M A N , Deputy Governor.
R E SO L U TIO N A U T H O R IZ IN G B A N K S T O SE C U R E A D V A N C E S
FR O M FE D E R A L RESERVE B A N K .
Whereas, It is deslraole that tho officers o f this bank should from tim e to
tim e be able to secure advances from tho Federal Reserve Bank o f Now
Y ork on prom issory notes o f this bank secured b y collateral, and to re­
discount its bills receivable: now , therefore,
Resolved, T hat the President, any Vice-President, and Cashier o f this
bank are, and each or oither o f them is, hereby authorized to make, execute
and deliver from tim e to tim e to the Federal Reserve Bank o f N ow Y ork
prom issory notes o f this bank not exceeding 15 days’ m aturity, and to
transfer, deposit or pledgo as collateral security therefor notes, drafts, bills
o f exchange or bankers’ acceptances eligible for rediscount or purchaso b y
Federal Reserve banks under the provisions o f tho Federal Reserve A ct,
or bonds or notes o f the United States, in such sums and upon such terms
as m ay to them or either o f them seem advisable.
I I „ T hat each or either o f the said officers is hereby authorized to re­
discount from tim e to tim e with the Federal Reservo Bank o f New York
notes, drafts, bills o f exchango, acceptances and other bills receivable o f
tho kinds and maturities b y the Federal Reserve A ct m ado eligible for re­
discount, in such sums and upon such terms as m ay to them or either o f
them seem advisablo.
I I I . T hat each or either o f the said officers is hereby authorized to indorso
In behalf o f this bank any notes, drafts, bills o f exchango, acceptances or
other bills receivable, or registered bonds or notes o f tho United States now
or hereafter owned b y this bank for tho purpose o f rediscounting such
notes, drafts, bills o f exchange, acceptances or other bills receivables with,
o f transferring or pledging such notes, drafts, bills o f exchange, acceptances,




(Vol. 105

or other bills receivables or registered bonds o f notes o f tho United States
to , tho Federal Reserve Bank o f N ew Y ork , and to d o any and all other
acts necessary in the premises.
IV . T hat tho foregoing powers shall continue until express notice o f their
revocation has been duly given in writing to tho said Federal Reservo
Bank o f N ew Y ork.
I, tho undersigned, do hereby certify that tho foregoing Is a true and
correct co p y o f a resolution o f the board o f directors o f t h o ________________
duly adopted at a regular m eeting o f the said board held o n _____________ , a
quorum being present, and o f tho whole o f tho said resolution, as set forth
In the m inutes o f tho said m eeting, and that the said resolution has not
been rescinded or m od ified .
In witness whereof, I havo hereunto subscribed m y namo and affixed the
corporate seal o f the said bank this___________ day o f ___________ _ 1 9 . . .
- ............... ......... .............................. Cashier,

(or) Secretary of the Board o f Directors
F O R M OF N O T E .
5 -------------------

-------------------------------------------19- -

---------------------------- days after date, for valuo received, the undersigned
bank promises to pay to the order o f the Federal Reserve Bank o f N ow Y o r k ,
at its o ffic e in tho C ity o f N ow Y ork, N . Y .,
-------- -------------- ------------------------------------------------------------------------------- Dollars
having deposited with and pledged to the said Federal Reservo bank, as
collateral security for the paym ent o f this and any other liability or liabili­
ties, whether direct or contingent, o f tho undersigned bank to tho said
Federal Reservo bank, duo to becom e due or that m ay bo hereafter con ­
tracted, notes, drafts, bills o f exchango or bankers’ acceptances, or bonds
or notes o f tho United States, as described In tho schedule Included in tho
application fo r loan, d a t e d ---------------------------- accom panying and m ado a
part hereof. T ho said Federal Reserve bank Is also given a lion, for the
paym ent o f this noto and any other o f tho said liabilities, upon all tho
property or securities now or hereafter left in tho possession o f tho said
Federal Reservo bank b y tho undersigned bank anti also upon any balanco
o f tho deposit account o f tho undersigned bank with tho said Federal Re­
serve bank, and it is hereby agreed b y the undersigned bank that tho said
Federal Reservo bank has tho right to require such additional security as
it m ay deem proper, and, on failure to respond forthw ith to such require­
ment or on the non-paym ent o f this note or on the non-paym ent o f any
other liability or liabilities o f tho undersigned bank as abovo sot forth, tho
said Federal Reserve bank, or any holder hereof, is hereby given full
authority to sell, assign and deliver, or collect, the wliolo or any part o f the
abovo named collaterals, or any substitute therefor, or any addition thereto,
at any public or private sale or on any brokers’ board or stock exchango, at
any tim e or times hereafter, without demand, advertisement or notice: and,
upon such sale, the said Federal Reservo bank or tho holder hereof m ay be­
com e tho purchaser o f the whole or any part o f such collaterals, free from
any right o f redem ption, and, after deducting all legal or other costs and
expenses for collection, salo and delivery, m ay apply tho residuo o f tho pro­
ceeds o f such collections, sale or sales to tho paym ent o f any, either or all
o f the said liabilities, as the said Federal Reserve bank, or Its assigns, shall
deem proper, returning the over-plus to the undersigned bank.
By.

INTERLOCKING DIRECTORATE PROVISION OF CLAY­
TON ACT AS APPLIED TO PRIVATE BANKERS.
Its interpretation of the meaning of the interlocking di­
rectorate provision in the Clayton A ct as applied to private
bankers was announced by the Federal Reservo Board on the
6th inst. The Board holds that no private banker whose
partnership or firm assets aggregate more than $5,000,000 is
eligible, under the terms of the Clayton A ct, to serve as a
director of any member bank, and no private banker, regard­
less of the amount of partnership or firm assets, is oligiblo
to servo as a director, or other officor or employee, of any
member bank located in a city of moro than 200,000 inhabi­
tants, if such firm or partnership is located in tho same city.
The term “ private banker’ ’ is interpreted by the Board not
to includo “ the ordinary stock, note or commodity broker,
unless a substantial proportion of his profits aro derived from
or a substantial part of his business consists in one or more
of the banking activities described, nor is it interpreted to
include partnerships or individuals using only their own funds
in making loans or investments.” Tho following is tho an­
nouncement made by the Board in the matter:
Section 8 o f the C layton A ct, which becom es effectivo on O ct. 15 1916,
prohibits private bankers under certain conditions from sorving as officers
or directors o f member banks.
A number o f Inquiries havo been received asking the B oard’s interpreta­
tion o f tho language “ private banker” as used in tho C layton A ct. As
the Board is required, under the provisions o f tho Clayton A ct, to prosecute
those violating its terms, it is necessary that it should mako clear its inter­
pretation o f tho languago used in order that tho banks m ay com ply with the
letter and spirit o f the A ct.
T he purpose o f the A ct, as its titlo implies, was to prevent unlawful
restraints and m onopolies. It is obvious, theroforo, that Congress intended
to prohibit com m on control o f member banks and o f privato banks engaged
in the same activities as m ember banks, and that it intended to preserve
com petition in cities o f m ore than two hundred thousand inhabitants be­
tween member banks, privato. bankers and other incorporated banks, and
likewise Intended to preservo com petition between member banks, regard­
less o f their location, and State banks, trust com panies or private bankers
having aggregate rasources o f m ore than fivo million dollars.
In this view the Board interprets the term ' ‘private bankor” to includo
partnerships or individuals who aro engaged in tho banking business, as
that term Is generally understood— Including those partnerships and Indi­
viduals who solicit or receivo deposits subject to check, who d o a foroign
oxchango, acceptance, loan or discount business, or who purchaso and sell '
and distribute issues o f securities by which capital is furnished for business
or public enterprises.
Tho term “ private banker" is interpreted not to includo tho ordinary
stock, note or com m odity broker, unless a substantial proportion o f his
profits aro derived from , or a substantial part o f his business consists in
one or m oro o f tho banking activities described, nor is it Interpreted to in-

OCT. 21 1916.]

THE CHRONICLE

cludo partnerships or individuals using only their own funds in m aking
loans or investments.
N o private banker whoso partnership or firm assets aggregate m ore than
fivo m illion dollars is eligible, under the terms o f the C layton A ct, to servo
as a director o f any member bank, and no privato banker, regardless o f the
am ount o f partnership or firm assets, is eligible to serve as a diroctor, other
officer or em ployee o f any member bank located in a city o f m oro than 200,­
000 inhabitants, if such firm or partnership is located In the same city.
T he Kern amendment to tho C layton A ct does not authorize the Federal
Roservo B oard to grant permission to such private bankers to servo as o f­
ficers or directors o f a member bank even though it appears that they are
n ot in substantial com petition with such m ember bank.

WISCONSIN COUNTIES TRANSFERRED FROM M I N ­
NEAPOLIS TO CHICAGO FEDERAL RESERVE DISTRICT.
The petition of the banks in Southeastern Wisconsin for
their transfer from the Minneapolis to tho Chicago Federal
Reserve District has been granted in part by the Federal
Reservo Board at Washington. Altogether the petition re­
quested that thirty-four counties in Wisconsin be transferred
from tho Minneapolis to the Chicago district; tho Board on
tho 13th inst. advised the Minneapolis Federal Reserve
Bank that it had decided to take from its district and assign
to the Chicago district twenty-five Wisconsin counties, leav­
ing tho other nine, which had been concerned, undisturbed.
The transfer will go into effect on Jan. 1 next. N o change
was made by the Federal Reserve Board as to the northern
Michigan counties where banks had also appealed for a
transfer from the Minneapolis to the Chicago district.
Last M a y the Board dismissed tho petition of tho Wisconsin
bankers, without prejudice to tho rights of the petitioners to
filo an amonded petition later. A rehearing of both the W is­
consin and Michigan bankers was accorded by the Board in
August. Under the Board’s action of the 13th inst. the coun­
ties transferred from tho Minneapolis to the Chicago Reserve
district includo Monroe, Jackson, Clark, Marathon, Lan­
glade, Oconto and Marinette, in Wisconsin, together with
all other Wisconsin counties now in the Minneapolis district
east and south of that territory.

COMPARATIVE STATEMENT OF DEPOSITS I N RE­
SERVE CITIES OF SAN FRANCISCO DISTRICT.
The following comparative statement of deposits, loans,
cash and total resources of all the national banks in seven
Reserve cities of the Federal Reserve District of San Fran­
cisco, namely, San Francisco, Los Angeles, Portland, Tacom a,
Seattle, Spokane and Salt Lake C ity, has been furnished by
the San Francisco Federal Reserve Bank:
Deposits—
San F r a n c is c o ______________
O th er 6 c it ie s ...........................

Sept. 2 ’ 15.
Sept. 12 '16. Inc.
.$185,268,000 $230,157,000 24%
. 192.594,000 236.540,000 2 2%

T o t a l ____________ ................
Loans and Investments—
San F r a n c is c o _______________
O th er 6 c it ie s ------------ ---------

.$377,862,000 $466,697,000 2 3%

T o t a l ______________________
Cash and Exchange—
S an F r a n cis c o ...........................
O th er 6 c it ie s ........ ...................

.$328,082,000 $384,122,000 17%

T o t a l ______________________
Total Resources—
San F r a n c is c o .............................
O th er 6 c it ie s ------------------------

.$159,867,000 $191,973,000 19%

T o t a l ---------------------------------Deposits—•
San F r a n cis c o -----------------------O th er 6 c it ie s .............................
T o t a l .................... - ..................
Loans and Investments—
S an F r a n c is c o -----------------------O th er 6 c it ie s ________________
T o t a l .........................................
Cash and Exchange—
S an F r a n c is c o ............. - ...........
O th er 6 c it ie s ________________
T o t a l ______________________
Total Resources—
San F r a n c is c o ________________
O th er 6 c it ie s ________________
T o t a l ______________________

.$162,725,000 $190,194,000 17%
. 165,357,000 193,928,000 17%

. $87,807,000 $105,725,000 20%
. 72,060,000
86,248,000 17%

.$257,340,000 $314,207,000 22%
. 243,436,000 287,622,000 18%
-$500,776,000 $601,829,000 2 0%
June 30 T 6 . Sept. 12 ’ 16. Inc.
-$196,509,000 $230,157,000 17%
- 222,617,000 236,540,000 5 %
.$419,126,000 $466,697,000 11%
-$173,597,000 $190,194,000 10%
- 189,794,000 193,928,000 3 %
-$363,391,000 $384,122,000

6%

- $89,278,000 $105,725,000 19%
- 76,430,000
86,248,000 10%
.$165,708,000 $191,973,000 16%
.$281,443,000 $314,207,000 12%
. 274,482.000 287,622,000 4 %
$555,925,000 $601,829,000 8 %

CLEARING OPERATIONS OF THE RICHMOND
RESERVE BANK.
Tho clearing operations of the Federal Reserve Bank of
Richmond covering tho period from the date of its inaugura­
tion, on July 15, to Sept. 30, are set out in a circular issued
by tho bank under date of Oct. 11. From this it is shown
that in tho period mentioned tho bank handled 770,254
checks, amounting to $305,157,900; that tho cost per $1,000
n handling tho same was 3.1 8 cents; that the servico cha r




1477

to members, based on actual cost of handling, was
cents per item up to Aug. 31, and for the month of Septem­
ber 1 14 cents per item. There are other facts of interest
in the circular and hence we give it in full below:
F E D E R A L R E S E R V E B A N K O F R IC H M O N D .
Clearing Operations.
„
October 11 1916.
To Members of the Federal Reserve Dank of Richmond:
F or the inform ation o f member banks w c are sending a statement o f
operations o f our C ollection Departm ent from the inauguration c f the new
collecting and clearing system on July 15 up to Sept. 30, a period o f sixtysix working days.
D uring that period this bank handled 776,254 checks, am ounting to
$305,157,900.
T no cost per $1,000 in handling this business was 3.18 cen ts, which is
astonishingly low .
T he service charge to members, based upon actual cost o f handling, was
1 % cents per item up to A ug. 31.
F cr tho m onth o f Septem ber the service charge was 1H cents per item ,
tho reduction in cost being due to tho larger number o f checks handled
w ithout increase in force.
T ho d a ily average number c f Items handled in September was 13,823.
as against an average o f 10,502 fo r the period up to the 31st o f August.
T h o total cost o f handling during September amounted t o . .$4,112 88
Tho scrvico charge at 1 Y cents amounted t o _______________$4,031 30
Our collection department is now well organized, and is capable o f hand­
ling an increase o f 50 per cent in number o f items without additions to the
forco.
I f member banks will be good enough to follow the suggestions and direc­
tions which we send out from tim e to tim e, in order to facilitate the working
o f tho s js te m , they will aid us greatly in rendering satisfactory service.
T he volume o f collections now being m ade through the Federal Reserve
banks is very large, as will be seen b y examination o f tne following table,
taken from the O ctober “ B ulletin" o f the Federal Reserve Board:
Operations of the Federal Reserve Inter-District Clearing System, Aug. 16 to
Sept. 15 1916.
Bank.

Aver. No. of Aver. Amount Member Banks State Banks
Items Hand­
of Daily
in the
Remitting
led Daily.
Clearings.
District.
at Par.

B oston .....................
New Y o r k _______
P h iladelph ia_____
C le v e la n d _______
R ich m on d..............
A tla n t a __________
Chicago _________
St. L o u i s ..............
M in n e a p o lis_____
Kansas C ity _____
D a lla s ___________
San Francisco____

31,937
30,436
21,414
11.915
12,685
10,127
21,195
7,780
7.591
10,311
8,443
3,563

T otal ..................

177.397

$7,602,340
17,463,481
10.357,717
5,371,006
4,871,323
2,734,585
9,822,884
4,330,971
7,849,627
4,782,630
2,683,162
1,049,975

09
93
00
85
00
02
00
40
38
15
00
00

l$78,559,703 82

402
626
630
756
520
391
993
469
750 ■
939
622
520
7,618

*241
29
135
473
257
462
1,314
763
1,100
1,392
241
1,042
1

7,449

* All State banks in district.
C ollections can now bo m ade on m oro than 15,000 banks without an
exchange charge.
Thero is another clearing function being perform ed b y the Federal R e ­
serve system , and that so quietly and easily that it escapes the attention
w hich it deserves.
In the operation o f the collection system and in other transactions be­
tween the Federal Reserve banks o f the several districts, balances naturally
aro created for settlement.
Theso settlements are now being m ade once a week and aro effected
through the m edium o f a Gold Settlement Fund in the custody o f tne Fed­
eral Reserve B oard, and stored in the vaults o f the Treasury Departm ent.
T his fund, deposited b y the Federal Reserve banks and a part o f their
reserve, was on Sept. 21 $121,230,000.
T h o clearing between the Federal Reserve banks on that d a y amounted
to $158,558,000, and was settled b y the transfer o f ownership o f only $9,­
539,000 in gold , and this transfer was effected b y bookkeeping entries.
T he econom ical working o f this system is apparent, and its potential
usefulness to the country is m anifest.
Maintenance of Reserve Balances.
Our dally adtices o f remittances received, showing what part is placed to
credit and the exact dates on which tho balanco o f any rem ittance will becom o available, should enable members to determine the standing o f their
accounts on our books at any tim e, but to further aid m embers in testing
their reserve balances b y our books we shall begin in the near future to
send weekly statements o f accounts.
If all members would keep “ transit accounts” as suggested In our circu­
lar on that subject, then their entries and ours would be coincident and their
balances would agree with our books at all times.
O f course, delays in the mails, either w ay, would create exceptions, but
i f members will adopt tue practice o f advising us when our remittances
reach them to o late to be handled according to the schedule tim e, wo will
m ake tho date o f our entries correspond and thus avoid tho impairment
o f reserve whicn such delay m ight otherwise cause.
W o tnink it fair to all concerned, and as equitable to one bank as another,
aqd very greatly to tho interest o f the whole collection system , that re­
m ittances from us. containing only checks upon the bank to which they aro
sent, should, when received before the close o f banking hours, bo treated
ju st as a deposit would be treated when m ade within the tim e specified.
T ho utm ost prom ptness possible is in the interest o f all.
R esp ectfully,
G E O . J. S E A Y . Governor.
Clearing Operations from July 15 to Sept. 30 1916.
In
Richmond.

Balance of Outside of
Dist. N o. 5. Dist. No. 5.

Total.

__ ,;ato am ount____ $89,617,700 $123,981,800 $91,558,400 $305,157,900
T otal N o. Items clear’d
55,830
650,184
70,240
776.254
Averages based on 66
business days:
A m ount per Item___
$1,605
$191
$1,303
$393
A m ount per d a y ____ $1,357,846
$1,878,512 $1,387,248
$4,623,591
N um ber per d a y ___
846
9.851
1.064
11,761
C ost per $1,000 to
member banks based
on servico charge o f
1 Y c . per item up to
A ug. 31 and lt fc .
per item for Sept___
Free
6.55 cents
.96 cents
3.18 cents
Note.-—As o f Sept. 30 the par collection system applied to 520 m ember
and 254 non-mem ber banks in the district. O f the la tter, 56 rem it direct
to the Federal Reserve Bank, the balanco clearing through members at par

1478

THE CHRONICLE

ACTION BY ILLINOIS BANKERS' ASSOCIATION
RESPECTING PRIVATE B AN K LEGISLATION.
The question of private bank legislation was the chief
matter of discussion at the meeting of the Illinois Bankers’
Association at Danville, 111., on the 3d, 4th and 5th inst.
The meeting of the Association had been preceded by a
hearing in Chicago on the question of measures for the regu­
lation of private banks in the State. Indications that the
down-State private bankers would oppose State regulatory
measures were furnished, it was said, at a meeting of seventyfive private bankers on the 3d in connection with the con­
vention of the State Bankers’ Association. A t this meeting
some of the private bankers, according to the Chicago
“ Tribune,” argued that the present State laws would drive
one hundred and twenty-five banks out of small towns and
by restricting real estate loans would bar as many more.
George Woodruff of Joliet, President of the Association;
Vice-President W . S. Rearick of Ashland; State Treasurer
Andrew Russel and Senator Curtis all urged that the confer­
ence yield to public opinion. The counseling of the conserva­
tives bore fruit, a compromise being worked out by leading
interests in the Association’s private bank section and the
general body; in announcing this on the 4th, President
Woodruff said:
Tho Illinois Bankers’ Association is not to take an official vote com m itting
the organization for or against State supervision o f privato banks. B oth
groups will name boforo N o v . 1 com m ittees o f five members to work out a
bill in which particular attention is to bo given to the C ook C ounty problem
and the changing o f other phases o f the present State laws that bear down
hardest on private bankers.

A resolution to this end was adopted on the 5th. It is
stated that the committee is empowered to draft a measure
providing for tho State control of private banks, and another
for tho creation of a separate banking department in the State
Auditor’s office. The proposed bills are to be presented to
tho executive council at its midwinter meeting, before their
submission to tho State Legislature. Richard R . M eents,
a private banker of Ashkum and Clifton, and said to bo an
opponent of any legislation, is quoted in the Chicago “ Tri­
bune” as saying:
T he com prom ise postpones matters temporarily, at any rate. I t chokes
o f f all action hero at this time leaving the Association on record against
regulation. That action was taken four years ago. W o will go so far as
to favor a bill to put C ook C ounty banks under supervision, but not tho
dow n-State bankers, bccauso thero is no necessity for it.

The Association also adopted a resolution declaring its
opposition to the proposal, which failed at the recent session
of Congress, to establish branch banks in the United States,
and placed itself on record as disapproving any attempt to
amend the Foderal banking laws in this respect. The
Chicago “ Herald” reports that the resolution asserts that tho
proposed amendments to the Foderal Reserve Act is “ con­
trary to the spirit” of the Act “ in establishing twelvo regional
Reserve banks in order that the banking power of this coun­
try might not be centralized in one place.” The resolutions
further declare that “ such an act would, in time, place in
the hands of a fow the banking control of this country and
create tho greatest monopoly that the world has ever seen.”
Tho resolution further sets out that “ certain large bankers
and quite a few politicians havo been working industriously
to amend tho Federal Reserve Act and establish branch
banks in this country.”
President Woodruff in his annual address as President, in
urging the Association to form a bankers’-labor department,
with a view to bringing about more harmonious relations be­
tween labor and capital, said:
T he relations between capital and labor are rapidly becom ing more tenso.
I beliove tho same persuasive m ethods that were used to reinstate the banker
in tho opinion o f tho farmer should bo now used to aid hi tho solution o f tho
labor problem .

Sonator Hollis discussed “ The Federal Farm Loan A c t” at
the convention; a chargo said to have been made by him dur­
ing his speech, that Illinois farmers are paying 2 5 % interest
on farm loans, is reported to havo aroused tho iro of his hear­
ers. H e, however, modified his assertion, it is stated, by
announcing that tho bankers were not responsible for the
high rate of interest, the blame being laid by him to tho
commission men.

RECOMMENDATIONS OF INVESTMENT BANKERS'
EDUCATIONAL COMMITTEE.
The Investment Bankers’ Committee on Education,
Lawrence Chamberlin, Chairman, which was appointed to
considor what undertaking by the Association was appro­
priate and feasiblo to equip more thoroughly and at less ex­
pense of time and effort then hitherto new recruits to tho
Investment business, recommended in its report presented at




(Vol. 103.

the recent annual meeting, the compilation of a digest
and syllabus of financial literature bearing on investment
banking and particularly on securities and security selling,
and the mapping out of a course of study based on tho moro
easily accessible texts referred to in the digest. This sylla­
bus and bibliography, says the report, would have two dis­
tinct parts and aims, viz.:
First, and im m ediately m oro im portant, would bo this education in the
narrower sense. It can bo written to cover the spare time o f the salesman
o f average intelligence over a period o f six or eight m onths, indicating how
he is to study and where the material, and supplementing the present ac­
cessible material where it is lacking. T he second ob je ct would bo a b y­
product, so to speak, o f the first, nam ely, to direct tho attention o f firms
to sources o f supply o f inform ation bearing on tho big problems involving
financial p olicy, &c. W o all know that when tho war broke out W all
Street’s analysis o f tho result on prices and interest rates was not a thing to
be proud o f. T he answer was to bo had, but m ost people did not know
where to get it. Witness tho efforts o f the P ublicity C om m ittee at that
timo to obtain Governm ent bond quotations during and after previous Euro­
pean wars. All these sources referred to would not necessarily be textual.
Some o f them m ight bo institutional. For instance, under this head it
would bo a duty to point out such sources as tho Com m ercial M useum o f
Philadelphia, about which you heard yesterday. T ho only printing in­
volved during tho first year woidd bo the syllabus and any subject m atter,
as already described, not easily accessible in book or pam phlet form , and
any subject m atter that has not been adequately treated in previous texts.

B y next fall, the report added, arrangements also can be
made, if desirable, with three or more universities rightly
located geographically, by which they would start corre­
spondence courses under an instructor appointed at tho sug­
gestion of the Educational Committee— courses which would
bo available not only to our members but to numberless young
men who are beginning to prepare themselves for financial
work in this country. It would be available for lesser edu­
cational institutions if desired, such as our friends tho Ameri­
can Institute of Banking. It could bo used in the financial
courses given by the Young M en ’s Christian Association,
and in extension courses in the financial districts under the
auspices of the financial houses, such as we havo in New
York City now. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

H. PARKER WILLIS ON THE N E W PHILIPPINE B AN K
A N D OPPORTUNITIES FOR AM ERICAN CAPITAL.
H.
Parker W illis, Secretary of the Federal Reservo Board
at Washington, who received a six month’s leave of absence
from tho Board last February to go to tho Philippines to
organize the now Insular bank, has returned to tho Capitol.
M r . Willis has issued a statement in which ho roports that
the new Philippine bank has been successfully established
and in which ho gives other facts relative to it and tho oppor­
tunity for American capital in the Philippines. W o quote
what ho has to say below:
Tho Philippine N ational Bank, provided last winter b y A ct N o . 2612 ot
tho Insular Legislature, has been successfully established, and at tho time o f
m y departure from tho island on A ug. 31 was in excellent condition and had
every reason to expect a successful future. T ho bank has been assigned an
authorized capital o f 20,000,000 pesos, or $10,000,000 in American currency.
O f this amount 10,100,000 pesos, or S5,050.000. has been subscribed b y tho
Governm ent, and tho m oney to take up tho stock appropriated. T ho
Governm ent subscriptions are payablo in installments, however, and in tho
meantimo tho balance o f tho stock has been placed on tho market and offered
to privato subscribers. Sales o f the stock were steadily being mado In lots
o f varying size, and thero is every reason to suppose that tho privately owned
shares will bo widely distributed throughout the Islands b y tho time tho
Governm ent subscriptions are fully paid up. Tho Philippine National
Bank is tho depositary o f tho Insular Governm ent, o f all municipal Govern­
ments Including tho city o f M anila, o f tho provincial governments, o f tho
postal savings bank, and o f various other institutions. It is expected that
when tho transfer o f the Manila and Dagupan Railway to tho Insular
Governm ent has taken place, the financial operations o f tho railroad will
bo entrusted to tho Philippine N ational Bank.
T he bank thus has a largo volum e o f purely governm ental business to
transact. I t has not, howover, confined Itself to governmental operations,
but has also begun the receiving o f general deposits, and has been tho
recipient o f funds from a largo number o f privato depositors, m any o f them
business men in M anila or other cities o f tho Philippines. Foreign oxchango
business has been undertaken b y tho bank on a substantial scale, and rela­
tions have been established with tho principal places on tho China coast and
In Japan, while good banking connections havo been effected in New Y ork,
London and other American and European cities. Tho bank Is advertising
that it intends to mako a specialty o f foreign transactions designed to
facilitate the exportation and importation o f Philippine products, and has
already succeeded In attracting to itself a good deal o f business o f this
description.
T ho prosperity o f this, as well as o f other banks or tho Philippines, o f
course, depends upon the general business situation in tho islands. There
seems to bo no reason to doubt the soundness o f that situation. E xport and
im port business is steadily advancing and prices o f nearly all products wero
very high at tho tim e I left tho islands. T ho greatest obstaclo to tho full
development o f business is found in tho transportation situation, which,
o f courso, has been bad all through tho European war, and has beon par­
ticularly trying during tho last few m onths owing to tho obstacles placed in
tho w ay o f tho transaction o f business and o f the inovomont o f goods as tho
result o f tho action o f tho various belligerent countries. In spito o f this
handicap, trade is generally admitted to bo in a very promising and satis­
factory state.
Tho sugar industry, with things as they are in tho w orld’s sugar markets,
is highly profitable wherever modern machinery has been Installed, as it
has at a number o f points in tho Islands. V ery substantial interest In tho
sugar situation Is being shown b y outsldo Investors, and there Is abundant
reason to expect that In tho near future thero will bo a largo developm ent o f
m odern sugar mills equipped with proper machinery and ablo to produce
good contrlfugal sugar for export.

Oct. 21 1916.]

THE CHRONICLE

T he cocoanut oil industry is also showing marked developm ent, the busi­
ness o f extracting the oil on the spot having been recently introduced in
place o f the older m ethod o f shipping the copra abroad for tho extraction
o f tho oil.
The cigar business has been greatly stimulated b y the high prices o f
tobacco in Europe and the United States.
H em p is high in price and as usual is in strong demand.
In consequonco o f the good prices realized for their products tho natives
have becom e bettor customers than in tho past, and their desire for American
goods o f all kinds makes tho islands a desirable market for textiles, auto­
m obiles, iron and steol products o f all kinds, various forms o f wearing
apparel, particularly shoes, canned goods and a great variety o f manufac­
tures, particularly those which havo a relatively large value in small bulk
and hence are able to bear com paratively high rates o f freight
Ono serious obstacle to the growtli o f business in tho Philippines has been
tho lack o f capital and the high rates charged for loans both at banks and
elsewhere. T h o now bank m ay bo able to 'relieve this condition in some
measure, and is endeavoring to d o what it can in that direction, but real
relief will com o only from tho larger investments o f funds in tho Islands by
American capitalists. W hile it m ay be a good while before general investors
in tho United States becom e very deeply interested in Philippine opportuni­
ties, those who are familiar with tho business openings in special lines,
such as those I havo referred to above, are already manifesting genuine
interest and in a practical way.
T he Philippines aro devloping their trado not only with the United States,
but also to a very considerable extent with Japan, and in a somewhat lesser
degree with China. Chinese trado has been badly crippled b y tho revolu­
tionary activities that havo been in progress in that country, but conditions
appear to be steadily growing more stable there, and as they d o, tho trado
o f tho Philippines with China will im prove still further.
D uo to tho absorption o f English merchants in conditions growing out o f
tho war, and to the present forced withdrawal o f Gorman m oney from the
field, there is now an unusual opening for American capitalists in China.
A s recent announcements havo shown this opening is being availed o f on
a very largo scale b y some o f tho m ore enterprising and there aro m any
indications that small operators will shortly begin to further tho sale o f
American goods in China, recognizing that a very unusual opportunity is
now presented to them. Up to date much o f tho advantage tints offered
has been absorbed b y the Japanese, but it is likely that they will not long
be allowed to en joy these new and exceptional advantages without com ­
petition.
While tho Philippines can obtain an im portant and valuable share in this
now Chinese trado, the opportunity is one that is a good deal m ore valuable
to American business men than to business men in the Philippines. Tho
Philippines for a long time to com e will be largoly a market for American
m anufactures, just as China will bo, and tho trade o f the islands with China
will consist largoly in tho exchange o f raw products for Chinese goods. Tho
organization o f the now bank is intended to assist all these trado m ovem ents,
and so far as possible to encourage the investment o f capital from tho United
States in tho islands, with the assurance o f stable and reasonable accom m o­
dation to all form s o f legitimate business.

APPOINTMENTS

FOR ASSOCIATION
CITY BANKERS.

OF

RESERVE

Percy H . Johnston of Louisville, as President of the
Association of Reserve City Bankers, announces the appoint­
ment of two important committees in the Association.
Under a resolution passed last M a y , directing the President
to appoint a committee consisting of not less than five
members, “ That shall have to do with matters appertaining
to audits, audited statements, credits, credit information,
purchase and sale of commercial paper through brokers and
allied subjects of general interest to said banks,” he has
named the following as members of this committee:

1479

When the Investment Bankers’ Association o f America was organized
five years ago one o f the principal objects sought to be accom plished was to
surround the offerings o f its members with greater safeguards, and to afford
protection alike to the public and the dealer. This has been the outstand­
ing thought at all o f the conventions o f the A ssociation, and it was the
underlying thought o f the Cincinnati convention, where were assembled
500 representatives o f the investment banking houses o f the nation. In
all o f tho debates, discussions, speeches and resolutions safety and the
maintenance o f high and higher standards were the principal topics. In­
vestm ent banking houses from every portion o f the United States were
represented. There were discussions o f problems and practices affecting
security offerings in parts o f the country. T he Association is beginning
to make real progress toward the standardization o f m ethod.

A t a meeting of the N ew York State Bankers’ Association,
Group V I I I ., on the 18th inst., the following committee was
elected for the ensuing year: Lewis L. Clarke, Chairman;
Theodore Hetzler, Secretary and Treasurer; Henry P . Davi­
son, George F . Baker Jr., W . N . Duane, James R . Perkins,
Walter E . Frew and Thomas Cochran.
The October number of “ The Guaranty N ew s,” published
by the employees of the Guaranty Trust C o ., is the largest
edition over issued, with many features of general interest
to our readers. The leading article entitled “ Historic
Ground,” deals with some of the places of great historic
interest in the financial section of Manhattan.
The timeli­
ness of this monograph is apparent, inasmuch as the one
hundred and fiftieth anniversary of the completion of St.
Paul’s Chapel is being celebrated this month. Other articles
in this lively little trust company journal are: “ Wartime
London,” “ Plattsburg, A Sound Investment,” “ Bank Train­
ing for College M e n ,” and “ Professor Emery Goes to Russia.”
T . D . M ac Gregor is the editor.
The Bankers Trust Co. of 14 W all Street, has announced
tho resignation of ten of its directors, as a result of the
Clayton Law, which went into effect M onday, Oct. 16.
Only one new director has been elected to the Bankers Trust
board, viz.: II. C . M e Eldowney, President of the Union
Trust Co. of Pittsburgh. Those who resigned were:
J. S. Alexander, President o f tbe National Bank o f Comm erce; E . H .
Ferry, Vice-President o f tho H anover National Bank; A . Barton Hepburn,
Chairman o f tho Chase National Bank; F . L. Hine, President o f tho First
National Bank; Gates W . M cG arrah, President o f the M echanics & M etals
National Bank; C . D . N orton, Vice-President o f the First National Bank;
ESwinney; Gilbert G . T horne, President o f the National Park Bank;
A . II. W iggin, President o f the Chase National Bank; and Samuel AVoolverton, Vice-President o f the H anover National Bank.

Through the operation of the Clayton A ct, the Hanover
National Bank of this city loses eight of its directors: J. W il­
liam Clark, President of the Clark Thread Co. of Newark,
N . J ., Ernest Iselin, Secretary of the Buffalo Rochester &
Pittsburgh R y . C o ., Arthur Curtiss James, W . De L.
Kountzo of Kountze Bros., 141 Broadway; John J. Riker of
L . F. Kiosewotter, Vice-President o f tho Bank o f N ew Y ork , N . IJ.
A ., Chairman;
• 19 Cedar Street; William Rockefeller and W . Emlen Roose­
velt of the firm of Roosevelt & Son, this city.
B . W . Lewis, Cashier M ellon National Bank, Pittsburgh;

E . L. M a ttson , Vice-President Scandinavian American National Bank,
M in n eap olis;
J. F. D o Richards, Cashier Omaha National Bank, Omaha, N ob .;
II. S. Rossell, Asst. Cashier, M erchants National Bank R ichm ond, V a.

Another resolution passed by tho Association at tho same
time directed tho President to appoint a committee, consist­
ing of not less than fivo members, “ That shall havo to do
with matters of general interest to tho Reserve City banks,
appertaining to the collection of checks, domestic exchangej
transit of items and similar subjects.” This committee'
named this week, consists of:
F . A . C randall, Vice-President f tho National C ity Bank, ChairmanII. L . Itoso, Cashlor First N ational Bank, Louisville, ICy.;
’
G eo. II. S. Soule, Assistant Cashier National Shawmut Bank BostonFrank K . H ouston, Vice-President Third National Bank, St. Louis- ’
Carl I I . Lewis, Assistant Cashier Central Bank & Trust C orp ., Atlanta

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 100
shares, of which 90 shares were sold at the Stock Exchange
and 10 shares at auction. Forty shares of trust company
stock were also sold at auction.
Shares. B A N K — New York.
Low. High. Close. Last previous sale
+00 Comm erce, N a t. Bank o f ____ 174
175
174
Oct. 191 Q
i 7fi ’
B A N K— Brooklyn.
10 P eople’s National B an k......... 130}* 130}* 130}* O ct. 1911 — ir,«
T R U S T C O M P A N Y — New York.
40 Guaranty T rust C o .................. 436}* 436}* 436}* M a y 1916— 4 3 5

Five directors in the National City Bank of this city have
resigned on account of tho Clayton A ct. They are Edwin
S. Marston, President of tho Farmers Loan & Trust C o .;
Moses Taylor of Kean, Taylor & C o .; Samuel Sloan, Vice­
President of the Farmers Loan & Trust C o .; M . Taylor Pyne
and Beokman Winthrop of Robert Winthrop & Co.
Nine directors of the Mechanics & M etals National Bank
of this city have resigned because of the interlocking provi­
sion of the Clayton A ct. They are Frederick W . Allen,
Otis II. Cutler, Eugene Delano, Henry Hentz, Clarence H.'
Kelsey, Percy A . Rockefeller, Charles II. Sabin, Elbridge G .
Snow and M . Orme Wilson.
The Liberty National Bank of this city has lost four of its
directors because of the Clayton A ct. Those who have re­
signed are Henry P. Davison of J. P . Morgan & C o.; Albert
H . W iggin, President of the Chase National Bank; Samuel
L . Fuller of the firm of Kissel, Kinnicutt & C o ., this city
and Francis L . Hine, President of the First National Bank,
also of this city.

The following have withdrawn from the board of the N a ­
tional Bank of Commerce in this city: E . J. Berwind, Paul
* Sold at the Stock Exchange.
D . Cravath, Daniel Guggenheim, Adrian Iselin, A . D . Juilliard, Alvin W . Krech, Charles Lanier, Charles A . Peabody
C.
T . William s, Manager of Investments of the Fidelity
and Harry Payne Whitney.
Trust Co. of Baltimore, and one of tho founders of the
Investment Bankers’ Association of America, and its first
August Belmont has resigned as a director of the National
Treasurer, who attended tho rocent annual meeting at
Park Bank of this city and Joseph D . Oliver, President of the
Cincinnati, is quoted in tho Baltimore “ News” of the 6th
Oliver Chilled Plow C o ., has been elected to succeed him.
nst. as follows concerning the proceedings:




1480

[Vol. 103.

THE CHRONICLE

Samuel H . Miller and Edward R . Tinker, both Vice­
Presidents in the Chase National Bank of this city, have
been chosen directors in that institution, to succeed Francis
L . Hine and George F . Baker Jr., President and Vice­
President, respectively, of the First National Bank, who have
resigned from the board of the Chase because of the Clay­
ton A ct.

C . Bissell, Assistant
Assistant Treasurer.

Secretary and St.

Clair Litligow,

Edward I. Edwards, Comptroller for the Stato of New
Jersey, was elected President of the First National Bank in
Jersey C ity, on the 13th inst., to succeed George T . Smith,
resigned. The resignation of President Smith, which
was accepted by the board on the 13th inst., was in
In order to comply with the provisions of the Clayton A ct, compliance with the requirements of the Clayton A ct,
Herman D . Kountze, President of the Atlantic National which prohibits interlocking directorates. M r . Smith will
Bank of the C ity of New York, has retired from the firm of retain his position as President of tho N ew Jersey Title
Kountze Brothers, private bankers; Augustus F . Kountze Guarantee & Trust C o. of Jersey C ity. It is also stated that
and William de Lancey Kountze, of the firm of Kountze M r. Edwards will continue to serve as Vice-President of tho
Brothers, have resigned as Directors of the Atlantic National Merchants National Bank of Jersey C ity. M r . Edwards
Bank, and C . F . Junod and William B . Davis have been entered the First National Bank in-1882 as a messenger boy
chosen to succeed them.
and rose by persevering efforts in the interest of the insti­
tution to be Assistant Cashier, Cashier and finally President.
To comply with the Clayton A ct, the following members of In 1888 his health broke and ho gavo up banking to take up
the board of the Farmers’ Loan & Trust C o ., this city, have outdoor work, joining his brothers in the contracting busi­
handed in their resignations: H . A . C . Taylor, George F . ness. In 1903 he was invited by the late E . F . C . Young,
Baker, Percy A . Rockefeller, T . F . Vietor, J. W . Sterling, President of the bank, to re-enter tho banking business.
Cleveland H . Dodge, Frank A . Vanderlip, James A . Stillman On Feb. 7 1911 M r . Edwards was elected Comptroller of
and Edgar Palmer.
the State of New Jersey at a joint session of tho Legislature,
and was re-elected in February 1914 to serve to tho end of
Due to the Clayton Law, the following directors have re­ the term, expiring next year. M r. Edwards was ono of the
signed from the board of the Metropolitan Trust Co. of this young men in the Democratic Party who, with M cCoom bs,
city: Anton A . Raven, John T . Terry and Henry W . Do M cA d oo, the late Robert Davis and ex-Senator Smith,
Forest. T o fill the vacancies caused by these resignations, took up the first Presidential candidacy of Woodrow Wilson
Cornelius Eldert and John T . Terry Jr. have been elected when he was Governor of New Jersey and was not seriously
members of the board.
thought of as his party’s choice for President. Tho First
National Bank is the oldest national bank in Jersey C ity, its
George W . Perkins and Joseph P . Grace have resigned from charter dating back to 1863. On Sept. 13 1879 E . F . C .
the board of trustees of the N ew York Trust Co. of this city Young became President. He had started at the bank as
and Alfred A . Cook and George Doubleday have been elected a teller #n d had risen to the highest position through hard
trustees.
work and skill as a banker. It was during M r . Young’s
administration that the bank had its greatest development
As a result of the operations of the Clayton law, the fol­
and became the strong financial institution it has ever been
lowing directors have resigned from the Guaranty Trust Co.
since. M r . Young was President until his death D ec. 6
of this city: Gates W . McGarrah, President of the Mechanics
1908. To succeed M r . Edwards as Cashier, the directors
& M etals National Bank; Albert H . Wiggin, President of
have chosen Henry Brown Jr., formerly Assistant Cashier;
the Chase National Bank; Valentine P . Snyder, former
Jacob Wortendyke has been appointed Assistant Cashier.
President of the National Bank of Commerce, and John D .
Like M r. Edwards, both M r . Brown and M r . Wortendyke
R yan, President of the Anaconda Copper Co.
started their careers in tho First National Bank as messen­
ger boys.
D . A . Rowe, formerly paying teller at the main office of
the Union Trust C o. o f this city, has been appointed an
Henry W ard Ford, President of the First National Bank
Assistant Secretary of that company. M r . Rowe’s con­ of Morristown, N . J ., has been elected a director and Vice­
nection with the company extends over a period of 27 years. President of the Greenwich Bank of this city. M r . Ford will
continue as President of the Morristown institution.
George L . LeBlanc, for the past three years Manager of the
Foreign Department of the Equitable Trust C o. of this city,
has been elected a director and Vice-President of that insti­
tution.
The Bankers Trust C o. of this city has recently completed
alterations to its offices, 14 W all S t., which will increase the
office space to the extent of almost two entire floors. The
transfer and registration departments, heretofore situated
on the first floor, have been moved to the basement, while
the tellers’ and the reorganization departments have taken
over the first floor, thus giving the trust department greatly
increased space. The credit department will hereafter be
located on the third floor.
A t a meeting of the directors of the Industrial Finance
Corporation on Oct. 17 it was reported that the corporation’s
capital stock had been increased from $1,000,000 preferred
and $500,000 common to $3,000,000 preferred and $700,000
common. The concern organizes throughout the United
States local companies to operate the Morris Plan of in­
dustrial loans and investments, of which there are now fiftyfour. The Morris Plan Co. of New York, organized at the
close of 1914 with a capital of $100,000, has just increased
its stock to $1,000,000. It is making small loans at the rate
of $250,000 a month.
The first regular meeting of the Commerce Club, an
organization formed by employees of the National Bank of
Commerce of this city, was held in the banking rooms last
Tuesday evening. The meeting was addressed by James S.
Alexander, President, and J. Howard Ardrey, Vice-President,
of the bank. The enthusiasm displayed by tho members and
the large attendance, forecast a popular and successful
ca re e r for the Commerce Club. Its officers are: W . Benson
Bertholf, President;
R . W . Saunders, Vice-President;
Leopold Roeder, Secretary; Ira W . Aldom , Treasurer; E .




Edward S. Pierson, President of the Greenville Banking
& Trust Co. and the Claremont Bank, both of Jersey C ity,
N . J ., died at his home in East Orange, N . J ., on tho 14th
inst., following an illness of several months. M r . Pierson
was born in East Orange forty-three years ago. A t the age
of nineteen he entered the employ of the then recently
established Second National Bank of Orange. H e was
later chosen Secretary and Treasurer of the newly organized
Greenville Banking & Trust C o. of Jersey C ity, and in 1904
was elected President of that company. In 1909 M r.
Pierson founded and became President of tho Claremont
Bank of Jersey C ity. H e was President of tho New Jersey
State Bankers’ Association last year and was also active in
many municipal and political affairs.
Isaac W aats Brooks, of Torrington, Conn., banker and
former State Senator, died on Oct. 17, at the ago of seventytwo. He received his first banking experience at Torring­
ton, then Wolcottville, when he and his brother, John W .
Brooks, established tho private banking houso of Brooks
Brothers, which in 1899 was incorporated and named tho
Brooks National Bank, with Isaac W . Brooks as President.
M r . Brooks has held that position ever since. He was Secre­
tary and Treasurer of the Torrington Savings Bank, from
1873 until 1914, when he was made President. M r. Brooks
was for many years a director in tho First National Bank of
Litchfield, Conn., resigning in January of this year becauso
of ill health. In 1884 he was elected to tho General Assembly.
In 1893 he was reelected and was chosen Speakor. In 1906
he was again sent to the Legislature as a momber of tho
Senate from the Thirtieth District. Ho was reelected in
1908 and was President pro tom of the Senato in 1909.
As indicated last week, tho Citizens Commercial Trust
C o. of Buffalo is now domiciled in new quarters in the

Oct. 21 1916.]

Ellicott Square Building. Hoggson Brothers of New York,
designed and equipped the new quarters. The main bank­
ing room has a street frontage of fifty-two feet, with a depth
of sixty-four feet. In tho basement, seventy-fivo feet wide
by ono hundred and twenty feet long, is located the safe
deposit department, storage vaults, &c. The facade of the
bank is formed by tho piers of the building. Three large
plate glass windows, set in copper frames, occupying the
entire front, afford amplo light in tho banking quarters.
Tho vestibule is finished in copper and tho imposing archi­
tectural treatment of tho doorway gives importance to the
entrance of the bank. The public space is laid out in the
form of a Greek cross, one axis following the line of the main
entrance, the other leading from the entrance of the public
corridor of the Ellicott Square Building. This cruciform
arrangement of the public space divides the banking room
into four quarters. In laying out tho different departments,
their interrelation was studied so that the handling of routine
business may be accomplished without confusion or delay.
The Citizens Commercial Trust Co. has capital and surplus
of $1,250,000 each. The institution represents a consoli­
dation of tho Citizens Bank of Buffalo, the Black Rock
Bank and tho Security Safe Deposit Co. On Sept. 20 it
reported deposits of $7,484,024. It is the only institution
in the city operating more than ono branch. The officers
are: Joseph Block, Chairman of tho board; William H .
Crosby, President; William H . Andrews, Norman A . M ac­
Donald, Roy II. Griffin and Sydnor J. Tucker, Vice-Presi­
dents; E . B . Clare-Avery, Secretary; Robert C . Gaupp,
Treasurer; Leo B . Seitz, William F . Chase, Bernard M . N orcros and Harry G . Hoffman, Assistant Secretaries. Vice­
President Griffin previously held a similar position with the
Peoples Trust & Savings Bank; M r . Tucker was formerly
with tho National City Bank of N ew York, and E . B . ClareAvery was formerly with the Merchants-Laclede National
Bank of St. Louis.
The Bankers Trust Company of Buffalo, according to the
Buffalo “ Commercial,” is to absorb the Central National
Bank (capital $1,000,000) of Buffalo early in December.
The Trust Company, it is announced, will increase its
capital stock from $1,000,000 to $2,000,000, in order that
tho increased capital may be used to absorb tho Central
National stock by exchanging share for share, with the
present stockholders of tho Central National Bank. George
F . Rand will retire as Chairman of the Bankers Trust Com­
pany Board, and will be succeeded in that post by W alter P .
Cooke now President of the Bankers Trust. M r . Rand will
continue as a director of the institution. Clifford Hubbell,
President of tho Central National will servo as President of
tho enlarged Bankers Trust Co.
William W hitm an, Jr. has been chosen a director of the
National Union Bank of Boston.
A charter has been granted for the organization of a new
national bank in South Boston, M a ss., to bo known as the
South Boston National Bank. In the summer the Massa­
chusetts Stato Board of Incorporation refused a petition for
the establishment of a trust company in South Boston, which
was to have been known as tho South Boston Trust Com­
pany. Tho capital of the latter was to have been $200,000,
and it reported that the new venture will be capitalized for a
like amount. Joseph A . M aynard, a director of the Fidelity
Trust Company of Boston, is said to be associated with others
in tho organization of the new bank.
On account of tho Clayton A ct several changes, in addition
to those noted in theso columns during tho past few weeks,
have been made in the directorates of Philadelphia institu­
tions. Leonard T . Beale and Jay Gates, Vice-Presidents of
the Pennsylvania Company for Insurances on Lives and G rant­
ing Annuities, have been chosen directors in tho Farmers &
Mechanics National Bank to succeed E . C . Felton and C . S.
W . Packard, resigned.
Joseph M oore, Jr. and Lowis Lillio, have been elected to tho
Board of the Franklin National Bank to succeed Thomas
De W itt Cuyler, President of tho Commercial Trust Com­
pany and Goorgo II. Frazier of Brown Bros. & C o., whoso
resignations were noted in theso columns on tho 14th inst.
Goorgo II. Earle, Jr., Vice-President of tho M arket Street
National Bank, has resigned from tho Board of the Trades­
mens National Bank, of which ho is also a Vice-President.
Richard Y . Cook, President of the Guarantee Trust & Safe
Deposit Company, has resigned from tho Boards of tho
M arket Street and Tradesmens national banks. Ho will




1481

THE CHRONICLE

retain his position with the Guarantee, and will continue as
Vice-President of the Pennsylvania Warehousing & Safe
Deposit Company, and as director of the Finance Company
of Pennsylvania and the Real Estate Trust Company. James
F . Sullivan, President of the M arket Street National Bank,
has also withdrawn from the Board of the Tradesmens
National Bank.
Henry Tatnall, Vice-President in charge of Finance of the
Pennsylvania Railroad and Seward Prosser, President of the
Bankers Trust C o. of N ew York, withdrew from the Board
of directors of the Commercial Trust Co. of Philadelphia, on
the 11th inst., in compliance with the requirements of the
Clayton A ct.
Howard A . Loeb, President of the Tradesmen’s National
Bank of Philadelphia, has been elected a director of the
Guarantee Trust & Safe Deposit Company of Philadelphia
to succeed the late D r. Herbert M . Howe.
Walter Smedley has been chosen a member of the Board
of the Logan Trust Company of Philadelphia, to fill the
vacancy caused by the death of Charles A . Longstreeth.
The Philadelphia Stock Exchange Building, on the north
side of Walnut S t., west of Broad, was sold on Sept. 22 to
Horace Trumbauer, the architect who designed the building,
and Charles G . W etter, surviving member of the firm of
George F . Payne & C o ., which erected the building about
four years ago. The price for which the building was sold
was not announced, but the deed gives the consideration,
it is said, as nominal, subject to existing mortgages aggre­
gating $1 ,350 ,00 0. A three-years’ option on the property,
at $1,550,000, held by the Philadelphia Stock Exchange,
was allowed to lapse last M arch, as a result of dissension
among members concerning its purchase. The building is
operated under the management of tho Land Title & Trust
C o ., which also operates other large Philadelphia buildings.
The deposits of the Second National Bank of Philadelphia
(at Frankford) reached over $4,000,000 on Oct. 13— the
first time in the history of the institution this amount has
been held on deposit. The resources of the institution aggre­
gate $5,125,000. Its capital is $280,000 and it has a surplus
of $560,000. Tho officers of the bank are Franklin Smedley,
President; Daniel R . Greenwood, Vice-President; John E .
Gossling, Cashier, and W . Grant Hallowell, Assistant
Cashier.
Albert David Heffner, First Vice-President of the New
First National Bank of Columbus, Ohio, a position he had
held for twenty years, died on the 16th inst. in his sixtyninth year. He was a native of Columbus and early in life
entered politics, serving on tho City Council for two terms,
as a member of the Ohio State Legislature, as County
Treasurer and in other capacities.
The Dime Savings Bank of Detroit, M ich ., on the 16th
inst. officially opened its new Broadway Park branch with
George E . Gledhill as its active Manager. The new branch
building is a two-story stone structure situated at Broad­
way and Witherill Streets, in the Grand Circus Park district
of Detroit. M r . Gledhill has been connected with the Dime
Savings Bank for ten years and prior to that held the position
of Treasurer of tbeJMichigan Central Railway.
m

♦—

Omaha, N e b ., banks during the twelve months between
Sept. 2 1915 and Sept. 12 1916, experienced what is generally
considered the most noteworthy growth in the financial his­
tory of the city. A year ago deposits, in round numbers,
aggregated about $62,000,000; to-day total deposits of $94,­
000,000 are shown, a gain of $32,000,000, or over 5 0 % dur­
ing the year. During the same period loans have risen
from $42,000,000 to $57,000,000, an increase of $15,000,000,
or over 4 0 % . One of thejbest showdngs of the individual in­
stitutions is witnessedjin the deposits of the Omaha National
Bank. On June 30 1915 this bank had on deposit $15,752,­
556; at tho close of business on Sept. 12 deposits were reported
at $19,415,806— a gain of over three and one-half million
dollars. Other banks, both large and small, have enjoyed
the prosperity prevailing in Nebraska.
The National Bank of Commerce in St. Louis, in par­
ticipating in the Veiled Prophet festivities held in St. Louis
on the evening of October 10, illuminated its 30-foot flag
on top of the Commerce Building. The idea was conceived

1483

THE CHRONICLE

by John G . Lonsdale, President of the bank and the effect
of the illuminated flag was said to be unusual. The rays
of a 175,000 candle-power light extending from a fourthstory window were directed upon the flag, which gave the
appearance of its suspension in the air by an invisible hand.
Gilmer S. Adams and W . J. Abram have resigned from the
board of the First National Bank of St. Louis, because of the
provisions of the Clayton A c t. M r . Adams will continue
as a director of the Citizens National Bank, while M r .
Abram will retain his membership on the board of the
Union National Bank of St. Louis.
John D . Abbitt of Franklin, V a ., will become President of
the Mercantile Bank of Norfolk, V a ., to take effect Jan. 1
1917, according to an announcement made on Oct. 14 by
the Board of that institution. In the presidency M r. Abbitt
will succeed J. G . M cN eal who will serve as Chairman of the
Board. M r. M cN eal has been President of the Mercantile
Bank for about a year, having replaced C . C . Cobb. W . F .
H . Enos, Vice-President of the bank will become Cashier on
Jan. 1, and will retain his membership on the Board. M r.
Abbitt has been for the past three years President of the
Merchants-Farmers Bank of Franklin, V a ., and from 1904
to 1913 served as Cashier of that institution. The Mercan­
tile Bank began business in 1904. It has a capital of $100,­
000, double the amount with which it first started business.
Eugene W . Stetson, President of the Citizens National
Bank of M acon, G a ., has been named as a Vice-President
of the Guaranty Trust Co. of New York. M r . Stetson, who
is also Vice-President of the Macon Savings Bank, and an
officer or director of several railroad, public service and
manufacturing corporations in Georgia, is one of the best
known of the younger bankers of the South. He was gradu­
ated from Mercer University in 1901, and began his business
career with the American National Bank of M acon. In
1904 he was elected Cashier of the Exchange Bank of Fitz­
gerald, G a ., which he converted into a national bank. In
1907 he organized the Citizens National Bank of M acon.
M r . Stetson has been President of the Macon Chamber of
Commerce and First Vice-President of the Georgia Chamber
of Commerce. H e has been interested in many public
affairs in his State and is also active in the American Bankers’
Association, serving on important committees and having
been a member of the Executive Council.
The Royal Bank of Canada (head office Montreal) has
entered into an agreement for the purchase of the assets
of the Quebec Bank (head office Quebec), according to an
official announcement made on the 11th inst. A share­
holders’ meeting has been called by the Quebec Bank for
N o v . 28 for the purpose of ratifying the agreement. This
step has been agreed to by the directors of the two banks
with the approval of the Finance Minister. Under it the
Royal Bank will give to the stockholders of the Quebec
Bank one share of Royal Bank stock plus $75 cash for each
three shares of Quebec Bank stock. As the paid-up capital
of the Quebec Bank is $2,735,100, the shareholders will
receive 9,117 shares of Royal stock and $683,775 in cash.
Shareholders with split shares will have their fractions dealt
with on a basis of $225. In the circular sent out by the
Quebec Bank to its shareholders the directors state that after
persistent and vigorous efforts to establish the bank in the
W est and to increase business in the East, they have come
to the conclusion that the interests of the shareholders would
be better served by amalgamation with a larger bank than
by continuing the separate business of the institution. The
terms of the agreement provide that three directors of the
Quebec Bank shall be added to the board of the Royal Bank.
If the absorption of the Quebec Bank goes into effect on
Jan. 1 as planned, it is pointed out that the Royal Bank will then
rank as the second largest bank in Canada in point of total
resources. In its last annual report, on Aug. 31 1916, the
Quebec Bank’s total assets aggregated $22,250,037, which,
added to those of the Royal Bank on the same date, amount­
ing to $228,411,224, gives total resources of $260,661,261.
As a result of the above plans, the subscribed capital of the
Royal Bank will be raised from $12,000,000 to $12,911,700.
The present paid-in capital of the Royal Bank is $11,987,070
and its authorized capital is $25,000,000. B y the merger
the Royal Bank will gain fifteen branches in Quebec Province,
one in Ontario, nine in Saskatchewan and two in Alberta.
This is the second time within the last two years that the




fVoL. 103

Royal Bank has undertaken a merger with another Canadian
institution. In 1915 negotiations were begun for a merger
with the Bank of Hamilton. These plans, however, failed
of consummation, since the Minister of Finance took the
position that the amalgamation was not necessary. The
Royal Bank is headed by Sir Herbert Holt as President,
with Edson L . Pease as Managing Director. John T . Ross
is President of the Quebec Bank, which is the second oldest
of the chartered banks in Canada, having been founded in
1818. The Royal Bank has deposits in the neighborhood of
$188,000,000, while those of the Quebec Bank amount to
about fourteen and a half million dollars. The authorized
capital of the Quebec Bank is $5,000,000.
The Bank of Italy has completed arrangements for taking
over the Fresno National Bank of Fresno, C al., and the
Bank of Gilroy, C al., and will operate the same as branches;
two other institutions, as noted in our issue of June 24, the
First National Bank and the Commercial Savings Bank of
Merced, C a l., have also been acquired by it.
A meeting of the stockholders of the Bank of Italy, in
San Francisco, C al., will be held on Dec. 12 to ratify the
action of their directors who have recommended that the
banks capital be increase from $2,000,000 to $5,000,000.
After the stockholders have ratified the board’s action, it
is said, that $1,000,000 of the capital will be offered for sale
at $140 a share, thus giving the bank a paid in capital of
$3,000,000, with surplus and undivided profits of over $ 1 ,­
000,000.
The Control of theTioneer Bank of Porterville,Cal., is also
said to have been purchased by the Bank of Italy. The
Fresno National Bank had a capital of $200,000 and deposits
of over $1,000,000.

ENGLISH F IN AN C IA L MARKETS— PER CABLE.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
Oct. 14.
Week ending Oct. 20.
Sat.
Sliver, per o z ________
d . 32%
Consols, 2% per cents______ H oliday
British 4% per cents----------- H oliday
French Rentes (In Paris), fr . 61.50
French W ar Loan, 5% (In
P a r is )........... ................... f r . 90.00

Oct. 16.
Mon.
32 9-16
57%
95
61.50

Oct. 17.
Tues.
32 5-16
56%
95%
61.40

Oct. 18.
Wed.
32 5-16
56%
95%
61.40

Oct. 19.
Thurs.
32 5-16
57
95%
61.30

90.00

90.00

90.00

90.00

Oct. 20.
Frl.
32%
57
96
61.30
8^00

The price of silver in N ew York on the same days liag been
Silver in N . Y „ per o z - .c t s . 68

68%

67%

67%

67%

07%

New York City Banks and Trust Companies
As*
B a n k s-N .Y . Bid
America*___ 645
560
Amer E xch . 240
250
A tlantic____ 180
185
Battery Park 165
175
____
Bowery * ___ 400
Bronx Boro* 200
____
Bronx N a t ..
180
BryantPark* 140
150
Butch * D r. 115
377 "
Chase, new . 372
233
Chat A Phon 228
Chelsea Ex*
125
Chemical__ 3 9 5 " 402
CltlzeusCent 180
185
C it y .............. 500
567
195
Coal A Iron. 185
______
C olonial*___ 450
..
Columbia* . 310
C om m erce.. t!7 4 tl7 5
Corn E xch*. 335
340
Cosm oporn*
85
100
East R iv e r ..
75
Fidelity * . . . 150
165
Fifth A v e * .. 4300 4800
F lfth ............ 250
275
First_______ 990 1010
190
Garfield------ 180
Germ-Amer* 130
140
____
German Ex* 390
Germania * . 410
G otham ------ 200
Greenwich*. 315
Hanover . . . 645
655"'
Harrlman . . 375
390
Imp A T rad . 495
505
Irving
190
195
L iberty____ 825
875
L incoln____ 330
340

__

__
__

B anks.
M anhattan *
M ark A Fult
M ech A M et
Merchants’ .
M etropolis*.
M etropol’n •
M u tu a l____
New N eth *.
New iforkCo
New Y o r k ..
Paclflo *____
Park_______
People’s * ___
Prod E xch *.
Public *____
Seaboard___
Second_____
Sherm an___
State *.........
23d W ard*.
Union E xch.
Unit States*
Wash I l ’ ts*.
Westch Av*
West Hide* .
Y o r k v llle * ..

Bid
325
250
283
250
290
178
350
215
395
275
480

220
220 "
420
395
125
113

100
150
600
275
160

__

A tk

335
289"
265
____
185
____
225
725
405
____
600
235
198
____
430
410
135
118
135
160
____
.
175
365

525"

B r o o k ly n

Coney Isl’d*
First..............
Flatbush___
G reen poln t.
Hillside * . . .
Homestead *
M echanics*.
M o n ta u k * ..
Nassau
.
N atlon’ICity
North Side*.
People’s ____

130
255
170
150
HO
130
90

140
270

..

165

120
115
140
105

200

210

265
170
tl30U

275
180

T r u s t C o ’s.

Bid

At

N ew Y ork

A stor.......... .. 460
Bankers T r . 475
B'way Trust 145
CentralTrust 785
Columbia . . 620
Commercial. 110
E m p ire____ 290
Equitable T r 490
Farm L A Tr 1600
Fidelity____ 200
F ulton_____ 280
Guaranty Tr t436<4
H udson____ 140
Law T it A Tr 137
LlncoInTrust 108
Metropolitan 420
M u t’ l (W est­
chester) . . 125
N Y Life Ins
A T r u s t.. 975
N Y T r u s t.. 600
Title G uAT r 400
Transatlan ’0
Union Trust 400 "
US M tgA T r 440
UnitedStates 1010
Westchester. 130

470
480
150
795
630
310"
500
1650

210

147"
145
117
430

__
1000

610
410
155
410
455
1025
140

B ro o k ly n

Brooklyn Tr
Franklin___
H am ilton___
Kings C o . . .
M anufact’rs
C itizen s..
People’s -----Queens C o . .

550
255
265
640

2*85
275
660

145
282
70

150
292
80

—

♦Banks marked with a (*) are State banks.
tS a le at auction or at Stock
Exchange this week.
i New stock.
y Ex-rights.

New York City Realty and Surety Companies
Alliance R 'ty
Amer Surety
Bond A M G
Casualty Co
City Invest’g
Preferred.

B id

A ik

70
150
298

80
160
303

18
60

21
68

__ __

LawyersM tg
M tg B o n d ..
N at Surety.
N Y Title A
M t g e ____

B id

A ik

163
no
279

168
114
283

90

96

Realty Assoc
(Brooklyn)
U S Casualty
US TltleO A l
Wes A Bronx
Title A M O

B id

A ik

95
195
60

100
210

165

175

60

iommer cial autTBXisccllaixcaus l^extrs
VawwwwwkwwV
vvw
iaM
^vv»%»vv»wwvvv^c»vvvvvvvvvwit

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
, Dividends announced this week are ■printed in italics.

THE CHRONICLE

Oct. 21 1916.]
Name of Company.

When
Per
Cent. Payable.

R a ilroads (Steam ).
Atoh Topeka & S. F ., com . (qu.) (N o. 46)
1K
1
Buffalo A Susquehanna, common (quar.)
Cincinnati Sandusky A Cleveland, pref------ $1.50
3
Cuba R R „ com m on____________________
2K
Georgia Southern it- Fla. 1st A 2d pref-----2
Grand Trunk of Canada, guaranteed-----2K
First preference______________________
IK
Great Northern (quar.)------------------------IK
Illinois Central (guar.) (No. 124)------------New York Central R R . (quar.)------------IK
1
N orfolk A Western, adj. pref. ( q u a r .)...
Northern Pacific (quar.)..............................
IK
Reading Com pany, com mon (quar.)------ SI
50c.
Reading Company, first preferred (quar.)..
S treet and E lectric R ailw ays.
American Railways, preferred (quar.).........
IK
Bangor R y . A Electric, com mon (q u a r .)..
K
1
Brazilian Trac., Right it- Power, ord'y (qu.)
Capo Breton Eleo. C o., com . (N o. 14).
IK
3
Preferred (N o. 21).....................................
Cities Service, com . A pref. (monthly) —
K
Cities Service, common (monthly)......... —
K
Common (payable In common stock)------ /4
Preferred (monthly).....................................
K
Columbus Ry., P. A LI., com. (qu.) (No.11)
IK
Preferred B (quar.) (No. 11)----------------IK
1
Com m onw. Pow ., R y . & L ., com . ( q u .) ..
Preferred (quar.).......................................
IK
Cumberland Co. (Me.) Pow. it L., pf. (qu.)
IK
D etroit United R y . (quar.)........................
IK
Duqucsno Light, prof, (qu.) (N o. 7 )____
IK
East St. Louis & Sub. C o ., pref. (quar.).
K
Havana Elec Ry., L. it Pow., com. A pref.
3
Jacksonville (Fla.) T ract., pref. (q u a r .).. 75o.
Lehigh Valley Transit, preferred (quar.)___
IK
Lewiston Augusta A Waters., pref. (quar.)
IK
Milwaukee Eleo. R y . A Light, prof, (qu.)
IK
Montreal Tram ways (quar.)..................
2K
Philadelphia C o., com . (qu.) (N o. 1 4 0 ).. 87K o.
6% preferred (N o. 8) ________________ $1.50
Public Service Invest., pref. (quar.).........
IK
W est Penn Power, pref. (quar.) (N o. 3 ) . .
IK
West Penn R ys., pref. (qu.) (N o. 4 4 )-----IK
York Railways, preferred (quar.)----------- 62 Kc

Banka.

Books Closed.
Days Inclusive.

Deo. 1 Holders
O ct.31 Holders
N ov. 1 O ct. 21
N ov. 1 Holders
N ov. 8 Holders
N ov. 1 O ct. 10
N ov. 1 O ct. 10
N ov. 1 Sept. 23
Deo. 1 Holders
N ov. 1 Holders
N ov. 18 Holders
N ov. 1 Holders
N ov. 9 Holders
Deo. 14 Holders
N ov.
N ov.
D ec.
N ov.
N ov.
N ov.
D ec.
iDcc.
Deo.
N ov.
N ov.
N ov.
N ov.
N ov.
D ec.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
Oct.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
O ct.

of reo.
of roe.
to
of reo.
o f rec.
to
to
to
of reo.
of reo.
of rec.
of rec.
of rec.
of rec.

3la

20

31
16a
16a
15
15
15
15
14
14

20
20
14
16

2

14
15
16a
31a
18
20a
14
2a
2a
16 a

1
1
20a

N ov. 1 Holders of reo. O ct. 31
4
Corn Exchange (quar.).......................... —
T r u s t C om panies.
I K N ov. 1 Holders of reo. O ct. 23
Broadway (quar.)...........................................
.M iscellaneous
Aotna Explosives, Ino., pref. (quar.)-----I K O ct. 25 Holders of reo. O ct. 14
50o. N ov. 15 Holders of reo. N ov. 1
American Bank Note, common (quar.)-----Amerioan Cigar, common (quar.)_______
I K N ov. 1 Holders o f reo. O ct. 14a
American Cyanamld, pref______________
6 D ec. 1 Holders of rec. Aug. 1
Am or. District Tcleg. of N . J. (quar.)___
1
O ct. 28 Holders of rec. O ct. 14
Am cr. Gas A Eleo., pref. (qu.) (N o. 3 9 ).
I K N ov. 1 Holders of reo. O ct. 20
American Glue, com m on....... .....................
3
iN ov. 1 Oct. 26
to
N ov. 1
Amer. Graphophone, pref. (quar.) (No. 74)
I K N ov. 15 Holders of reo. N ov. la
Amer. Light A Traction, com . (qu ar.)___
2 K N ov. 1 O ct. 15 to O ct. 31
Common (payable In com mon s t o c k ).. f 2 K N ov. 1 O ct. 15
to
Oct. 31
Preferred (quar.)..... ..................................
to
O ct. 31
I K N ov. 1 Oct. 15
American Locom otlvo, preferred (quar.).
O ct. 17
I K O ct 21 Sept. 19 to
American M alt Corporation, pref. (quar.)
50c, N ov. 2 Holders of reo. O ct. 17a
American Malting C o., preferred_______
70c. N ov. 1 Holders of rec. O ct. 16a
American Window Glass Machine, pref. . . 12K N ov. 3 Holders of reo. O ct. 27
Amer. Zinc, Lead A Sm elt., pref. (quar.) S I.50 N ov. 1 Holders of reo. O ct. 21a
$2
N ov. 27 Holders of reo. O ct. 21a
Anaconda Copper Mining (quar.)_______
to
N ov. 1
Atlantic Steel, preferred__________________
3 K N ov. 1 Oct. 22
to
O ct. 31
Atlas Powder, preferred (quar.)________
I K N ov. 1 Oct. 21
Barnhart Bros.A Splndler,lstA2d pf.(qu.)
I K N ov. 1 Holders or reo. Oot. 27a
4
N ov. 15 Holders of reo. N ov. 8
Bond it Mortgage Guarantee (quar.)______
Brown Shoe, Ino., pref. (quar.)------------I K N ov. 1 Holders of reo. O ct. 25a
Burns Bros., com . (quar.) (N o. 12)_____
I K N ov. 15 Holders of rec. N ov. la
Preferred (quar.) (N o. 15)______ _____
I K N ov. 1 Holders o f rec. O ct. 20a
Cambria Steel (quar.)____________________
I K N ov. 15 Holders o f rec. O ct. 31a
Canada Steamship Lines, nrof__________
IK N ov. 1 Holders o f rec. O ct. la
Central Leather, common (quar.)_______
1
N ov. 1 Holders o f rec. O ct. 10a
1
Common (extra).........................................
N ov. 1 Holders of rec. O ct. 10a
Charcoal Iron of America, preferred_____
lOo O ct. 31 H olders.of rec. Oct. 15
Preferred......... ........ ................ ............ ......
lOo. N ov 29 Holders of rec. N ov. 15
Preferred________ ____________________
100. Dec. 30 Holders of rec. D ec. 15
Chicago Pneumatic Tool (quar.)......... ..
1
O ct. 25 Oct. 15 to
O ct. 25
1
Clvio Investment A Industrial ( q u a r .)...
N ov 15 Holders of reo Oct. 31
Cluctt, Peabody A C o., Ino., com . (quar.)
I K N ov. 1 Holders of reo Oot. 21a
Colorado Power, Preferred ( q u a r .) ____
I K D eo. 15 Holders of rec. N ov 30
Commonwealth Edison (qu ar.)_________
2
Nov
1 Holders o f rec Oct 14a
Consolidation Coal (quar.)______________
I K O ct. 31 Holders of rec. O ct. 21 a
____
Crocker-Wheeler, common (quar.)................
I K O ct. 16 Oct. 6 to
____
Preferred (quar.).......................... ..............
I K Oct. 16 Oct. 6 to
Crucible Steel, preferred (extra)..................
62
N ov. 29 Holders of reo. N ov. 15
Cruclblo Steel, pref. (extra) (N o. 8) ......... h iK O ct. 31 Holders o f rce. O ct. 16a
De Long Hook <t Eye (quar.) (No. 05)____
2
N ov. 1 Holders of rec. O ct. 23
Dominion Bridge, Ltd. (quar.)___________
2
N ov. 15
Extra_______________ _____ _______ ___
3
N ov. 15
du Pont (E.I.) de Nom. Powd., com . (qu.)
I K N ov. 1 Holders of reo. Oot. 21
Preferred (quar.).......................................
IK N ov. 1 Holders of rec. O ct. 21 a
Eastman K odak, com m on (quar.)______
2K Jan. l Holders of rec. Nov.</15a
Common (extra)_____________________
5
N ov. 15 Holders of rec. O ct. 25
Preferred (quar.)...................... ................
I K Jan. 1 Holders o f rec. Nov.rflSa
Edison Eleo. III. of Boston (qu.) (N o. 110)
3
N ov. 1 Holders of reo. O ct. 16
Edison Elec. III. of Brockton (qu.) (No. 00)
2
N ov. 1 Holders of rec. Oct 20
Electrical Securities Corp., pref. (quar.)
I K N ov. 1 Holders of rec. O ct. 25a
Eleo. Bond A Share, pref. (quar.) (No.40)
I K N ov. 1 Holders o f roc. O ct. 20
Elgin National W atch (quar.)....................
2
N ov. 1 Holders of roe. O ct. 25
Eureka Pipe Lino (quar.)_______________
6 N ov. 1 Holders of rec. O ct. 16
Fajardo Sugar (quar.)...................................
2 K N ov 1 Holders o f reo. Oot. 18
Fall River Gas Works (quar.) (No. 88) ____
3
N ov. 1 Holders o f reo. O ct. 18a
Federal Sugar Refining, pref. (quar.)____
I K Oot. 30 Holders of rec. O ct. 27a
Fisher B ody Corporation, pref. (N o. 1)__
I K N ov. 1 Holders o f reo. O ct. 17a
Ft. Worth Pow. it Light, pf. (qu.) (No. 21)
I K N ov. 1 Holders o f rec. Oot. 20
General Chemical, common (quar.)_______
I K Deo. 1 H olderslof rec. N o v. 20
General M otors, common (quar.)..............
5
N ov. 1 H olders,of rec. Oct. 14a
Preferred (q n a r.)._ ...................................
N ov. 1 Holders of rec. Oct. 14a
Goodrich (B . F.) C o., common (q u a r .)..
1
N ov. 15 Holders o f rec. N ov. 3a
Granby Consol. M in ., Smelt. A P ow .(qu.)
2
N ov. 1 Holders o f rec. O ct. 18a
Grant Motor Car Corp., pref. (quar.).........
I K N ov. 1 Holders o f reo. Oct. 15
1
Great Northern Paper (quar.)....................
N ov. 1 Holders o f rec. Oct. 31
2
Gulf States Steel, common (N o. 1)............
Jan. 2 Holders of reo. D eo. 15a
G ulf States Steel, 2d pref. (quar.)..............
t iK N ov. 1 Holders o f rec. O ct. 14a
H olly Sugar Corporation, pref. (q u a r .)..
I K N ov. 1 Holders o f rec. O ct.
15
Ilom cstako M ining (monthly) (N o. 505). 65o. Oot. 25 Holders of reo. Oot. 20a
Houghton C o. Eleo. Light, com . (N o. 23) 82 K o. N ov. 1 Holders of reo. O ct. 16a
75o
Preferred (N o. 28)____________________
N ov. 1 Holders of reo. O ct. 16a
Illinois Northern Utilities, pref. (q u a r .)..
1 O ct. 21 to Oct. 31
I K N ov
111. A Power Securities, pf. (qu.) (N o. 17)
IK N o v. 15 Holders of rec. O ct. 31
Indiana Pipe Lino (qu ar.)______________ $2
N ov. 15 Holders of rec. O ct. 23
Indianapolis Telephone, preferred________
I K N ov. 1 Holders o f reo. O ct. 20
Inspiration Consolidated Copper (quar.) 52
Oot. 30 Holders of rec. O ct. 13a
3
International Banking Corporation_____
N ov. 1 Oct. 21
to dOct. 31
International Nickel, prof, (quar.)
I K N ov. 1 Holders of reo. Oct 16a
Intcrocean Oil, first preferred
1 Holders of reo. Oot. 20
3 K N ov
Isle Itoyalo Copper C o. (quar )
O ct. 31 Holders of rec. O ct. 3
SI
E x tra ----------- ------------ ----- '
1
O ct. 31 Holders of reo. O ct. 3
Kayscr (Julius) A C o.—
First and second preferred (quar )
I K N ov. 1 Holders of reo. Oot. 20a
Kellogg Switchboard A- Supply (quar )
2
O ct. 31 Holders of reo. Oot. 27
Kclly-Sprlngfleld Tiro, com m on (quar ) ’
N ov. 1 Holders o f reo. O ct. 16a
St
Kclsoy Wheel, Ino., pref. (qu.) (N o i)
I K N ov. 1 Holders o f rec. Oct. 16
Kerr Lake Mining (quar.) (N o. 45)
25o. Deo. 15 Holders of reo. Deo. la
K cystono Telephone, pref. (q u a r .)..
$1.50 N ov. 1 Holders of reo. O ct. 20a
Keystone Watchcase (quar.)................
I K N ov. 1 Holders o f rec. Oct. 19
Kings Co. Elec. L. A Pow. (quar.) (No. 07)
2
Deo. 1 Holders o f reo. N ov. 20




When
Per
Cent. Payable.

Name of Company.

N ov. 3a
Oct 6a
N ov. 1
June 15a
O ct. 30
N ov. 1
N ov. 1
O ct. 13
N ov. 9
O ct. 6a
O ct. 31a
O ct. 11 a
O ct. 2 la
N ov. 28

15 Holders o f rec. Oot.
1 Holders o f rec. O ct.
1 Holders of rce. O ct.
1 Holders of rec. O ct.
1 Holders o f rec. O ct.
1 Holders of reo. O ct.
1 Holders of rec. N ov.
1 Holders of reo. N ov.
1 Holders o f rec. N ov.
1 Holders of rec. Oct.
1 Holders of rec. O ct.
1 Holders o f reo. O ct.
1 Holders of reo. Oot.
1 Holders o f reo. Oot.
1 Holders of rec.N ov.
1 Holders o f reo. Oot.
1 Holders of rec. O ct.
to
N ov.
15 O ct. 26
1 Holders of reo. O ct.
10 Holders of reo. Oot.
1 Holders of reo. O ct.
31 Holders of reo. O ct.
2 Holders of rec. O ct.
1 Holders of reo. Oot.
1 Holders of rec. Oet.
1 Holders of reo. Oot.
to
N ov.
1 O ct. 17
to
N ov.
1 Oct. 22
30 Holders o f rec. O ct.

1483

M isce lla n e o u s (C o n c lu d e d ).
Lowell Elec. Light Corp. (quar.) (No. 8 2 ) ..
Manati Sugar, com m on_________________
Com m on (payable In com m on s t o c k )..
Massachusetts Gas Cos., com mon (quar.)
M ia m i Copper C o. (quar.) (N o. 17)_____
M idwest Oil, preferred__________________
M idwest Refining (qu ar.)_______________
Milwaukee A Chicago Breweries__________
Mitchell Motors (quar.)__________________
Montreal L t., l i t . A Pow . (qu.) (N o. 6 2 ).
National Carbon, preferred (qu ar.)_____
National Lead, preferred (quar.)__________
National Refining, common (quar.)______
Common (extra)________________________
National Transit_________________________
N at. Zinc A Lead (qu ar.)________________
North Butte M ining (quar.) (N o. 4 0 ) - - Ohio Cities Gas com . (pay. In com . stk.)
Osceola Consolidated Mining (quar.)____
Pacific C oast C o ., 1st pref. (qu ar.)______
Second preferred (qu ar.)_____________
Pacific Pow. A Light, pref. (quar.) (No. 25)
Packard Motor Car, common_____________
Penmans, Limited, com m on (quar.)_____
Preferred (quar.)_____________________
Penn Seaboard Steel (quar.)______________
Peoples Gas Light A Coke (qu ar.)______
Pittsburgh Brewing, preferred....................
Pittsburgh Coal, preferred (quar.)______
Porlland(Ore.)Gas A Coke.pf. (qu.) (No.27)
Pullman Co. (quar.)_____________________
Prairie Oil A Gas (quar.)_______________
E x tra _________________________________
Prairie Pipe Line (quar.)_______________
E x tra _________________________________
Procter A Gamble, common (quar.)_______
Pyrene M fg., com. (quar.) (No. 16)______
Public Service C o. o f N o. 111., com . (qu.)
Preferred (quar.)_____________________
Quaker Oats, preferred (qu ar.)________
R eo M otor Car__________________________
E x tra _______ ____________ ____________
Sapulpa Refining (monthly) ______________
Savoy OH (m onthly)______ ______________
E x tr a _________________________________
Sears, Roebuck A Co., common (quar.)____
Sierra Pacific Elec. Co., pf. (qu.) (No. 29)
Sinclair Oil A Refining (qu ar.)__________
Steel C o. of Canada, pf.(qu .) (N o. 2 1 ) . . I
Swift A C o. (extra).............................
"
Texas Power A Light, pref. (qu.) (No. 18)I
Trenton Potteries, non-cum. pref. (quar.)..
Union Oil (quar.)...............................
United Cigar M frs., common (quar.)_____
United Cigar Stores, common (quar.)___
United Drug, 1st pref. (quar j (N o. 3 ) . . .
United Electric Securities, preferred______
U .S. Cast I. PipcA F dy., pf.(qu.) (N o .51)
U. S. Rubber, 1st preferred (quar.)___. . .
Second preferred (quar.)_____'________
U. S. Steamship______________________ II
United Verde Exten. M ining (N o. 2 ) ___
Vacuum Oil............................................... ........
Warner (Chas.) C o., 1st A 2d pref. (q u .).
Warwick Iron A Steel____________________ !
Washington Oil_________________________
Westlnghouse Air Brake (quar.)________
Westlnghouse Air Brake (e x t r a )..............
Westlnghouse Elec. A M fg., com . (quar.)
Wtllys-Overland, common (quar.)________
W oolworth (F .W .) C o ., c o m .(q u .)(N o .18)

2K
k2K

/20
1 Ye
$1 50
2c.
SI
63
S I.50
2
IK
IK
IK
IK
50c.
2
75c.
/5
$5
1K

1

IK
IK

1

IK
SI
IK
62
IK
IK
2

5
5
5

20c.
IK
IK
IK
2K
7K
10c.
5c.
5c.
IK
1

S I.25
IK
33 1-3
IK
IK
S I.50
1
IK
IK
3K
IK
2
IK
10c.
50o
3
IK
3
$4
S2
S5
75c.
75o.

2

N ov.
D ec.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
D ec.
N ov.
N ov.
D ec.
O ct.
O ct.
D ec.
O ct.
Nov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
O ct.
O ct.
N ov.
N ov.
O ct.
O ct.
O ct.
O ct.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
O ct.
O ct.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
Oct.
O ct.
N ov.
N ov.
N ov.
N ov.
N ov.
Oct.
O ct.
N ov.
N ov.
O ct.
O ct.
N ov.
Oot.
O ct.
N ov.
O ct.
N ov.
D ec.

Books Closed.
Days Inclusive.

1 Holders o f rec O ct. 20a
1 Holders o f rec, N ov . 28
S Holders of rec, O ct. 31
1 Holders o f reo , O ct. 14
15 Holders o f rec. N o v . la
20 Holders o f reo N ov . la
I sHolders of rec O ct. 14a
1 O ct. 17
N ov. 1
to
24 Holders of rec N ov . 10
15 Holders of re.c . O ct. 31
15 Holders o f rec. N o v . 4a
15 Holders o f rec. N ov. 24
15 Holders o f rec. N ov . I
15 Holders of rec. N ov . 1
15 Holders of rec. N ov . 30a
31 Holders of rec. O ct. 21
23 Holders o f rec. O ct. 6a
1 Holders of rec. N ov . 15
31 Holders of rec. O ct. 3
1 Holders of rec. O ct. 20a
1; Holders o f rec. O ct. 20a
L Holders o f reo. O ct. 20
1 jHolders o f rec. O ct. 6
15H olders of reo. N ov . 6a
Holders of rec. O ct. 21a
Holders o f rec. O ct. 25
Holders of rec. N ov. la
Holders of reo O ct. 20a
Holders o f rec. O ct. 14a
Holders o f reo. O ct. 20
Holders of rec. O ct. 31
Holders of reo. Sept. 30
H o ld e r s of rec. Sept. 30
Holders o f reo. Sept. 30a
Holders of rec. Sept. 30a
Holders of reo. O ct. 31a
O ct. 26
to
O ct. 31
Holders o f rec. O ct. 17a
Holders of rec. O ct. 17a
Holders o f rec. N ov . la
Holders o f rec. O ct. 16a
Holders of rec. O ct. 16a
Oct. 22
to N ov . 1
Holders of rec. O ct. 16
Holders o f rec. O ct. 26
Holders o f rec. O ct. 31a
Holders o f reo. O ct. 23a
Holders o f rec. O ct. 31
Holders of reo. O ct. 14
Holders of rec. O ct. 16a
Holders of rec. O ct. 21
Holders of rec. O ct. 19
Holders of rec. O ct. 9
Holders of reo. O ct. 24
Holders of reo. O ct. 27a
Holders of reo. O ct. 16
Holders of rec. Oct. 13
Holders of rec. N ov . 3a
Holders o f rec. O ct. 14a
Holders o f rec. O ct. 14a
Holders of rec. O ct. 16
Holders of reo. O ct. 16
Holders o f reo. O ct. 17
Holders o f rec. Sept. 30
Holders o f reo. O ct. 31
to
Sept. 21
O ct. 20
Holders o f rec. Sept. 30a
Holders of rec. O ct. 31a
Holders of rec. O ct. 6a
Holders o f reo. O ct. 23
Holders of rec. N ov . 10a

a Transfer books not closed for this dividend. 6 Less British Income tax. d Cor­
rection. e Payable In stock. /P a y a b le In com m on stock, g Payable In scrip.
6 On account of accumulated dividends, i Declared 3 % , payable 1 K % N o v . 1
to holders of record O ct. 14, and 1 K % Feb. 1 1917 to holders of record Jan. 15 1917.
k Declared on common stock 2 K % , payable D ec. 1 to holders of record N ov. 28;
2 K % payable M ar. 1 1917 to holders of rec. Feb. 26 1917; 2 K % June 1 1917 to
holders of rec. M ay 29 1917; 2 K % payable Sept. 1 1917 to holders of rec. Aug. 29
1917.

C an adian B an k C learin g s.— The clearings for the week
ending Oct. 14 at Canadian cities, in comparison with the
same week in 1915, shows an increase in the aggregate of
2 0 .9 % .
Week ending October 14.

Clearings at—
1916.
C a n ada—
M o n tr e a l______________
T o r o n t o _______________
W in n ip eg..... ............ ........
V a n cou ver_____________
O tta w a ________________
Q u e b e c ________________
H a lifa x ________________
H a m ilto n ______________
Calgary________________
St. John_______________
Victoria________________
L on don_________________
E d m o n to n _____________
R e g in a ..... ............ ............
B ran don _______________
L ethbridge_____________
Saskatoon______________
M oose Jaw_____________
Brantford______________
Fort W illiam___________
New Westminster______
Medicine H at___________
Peterborough___________
Sherbrooke ____________
Kitchener _____________

1915.

Inc. or
Dec.

1914.

1913.

S
S
$
%
70.159,431 51,784,575 + 35.5 47,360,992
43,634,612 32,697,178 + 33.4 31,000.000
39,672,482 43,453,023
— 8.7 32.978,978
5,879,350
4,830,110 + 21.7
6,125,882
4,766,096
3,526,798 + 3 5 .2
3,445,364
3,201,154 + 14.1
3,750,555
3,101,320
2,049,018
1,820,493 + 12.6
2.303,074
2,715,427 + 3 0 .9
3,554,059
2,704,707
3,466,109
+ 9.9
3,809,031
3,857,456
1,252,745 + 24.2
1,555,843
1,326,319
1,238,144 + 26,1
1,562,668
1.692,801
1,555,672 + 16.5
1,812,839
1,491,442
1,494,851 + 4 1 .6
2,116,360
2,194,788
2,076,405 + 40.1
2,908,425
1 ,888,022
572,987
465,559 + 23.0
545,186
592,632
374,958 + 58.2
323.407
1,353,231
1,266,006
+ 6.9
954,366
1,059,933
829,664 + 2 7 .7
853,362
733,326
510,845 + 43.7
481,186
514,868
384,657 + 33.8
650,252
249,300
204,730 + 21.8
260,348
393,640
237,376 + 65.9
250,747
474,927
349,763 + 3 5 .7
418,946
512,503 Not inch in total.
532,774 N ot Incl. in total.
193,175,613 159,736,242

S
59,787,975
45.726,234
42,709,787
11.868,547
4,371,716
3,411,170
2,036,242
3,499,344
4,957,216
1,726.259
3,142,612
1,728,588
4,056,732
3,068,060
757,500
604,851
1,970,384
1,147,183
706,351
1,165.907
535,083
605,5S7

+ 2 0 .9 146,208,945 199,574,329

N IC A R A G U A C U S T O M S R E C E IP T S .— W e append a
statement showing the Nicaraguan customs receipts for
six months of 1916, compared with 1915:
February.
M a r c h ___

_
_
.

1916.
$72,515 87
60,248 23
88,103 62

1915.
$45,064 68
59,460 45
67,607 88

Increase ( + )
Decrease (— ) .
+ $27,451 19
+ 7 8 7 78
+ 2 0.495 74

.

$220,867 72

$172,133 01

+ $48,734 71

M ay

.

$88,058 I I
87,394 43
106,598 43

$68,627 96
81,187 68
65,773 53

+ $19,430 15
+ 6,206 80
+ $40,824 90

.

$282,051 02

$215,589 17

+ $66,461 85

.

$502,918 74

$387,722 18

+ $115,196 56

1484

THE CHRONICLE

N a tio n a l B a n k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
. A P P L IC A T IO N S F O R C H A R T E R S .
F or organization o f national banks:
Farmers & M erchants National Bank, N am pa, Idaho. C ap ital. $50,000
T o succeed the Citizens N ational Bank.
T he First National Bank o f Brewster, M inn. C apital_________ 25,000
T o succeed the Farmers State Bank, Brewster, M inn.
T ho B oonvllle National Bank, Boonvllle, M o . C apital_______
75,000
T o succeed tho Contral National Bank, B oonvllle, M o .
The First N ational Bank o f C hoteau, M on t. C apital_________ 50,000
T o succeed Hlrshberg B ras., bankers, C hoteau, M o n t.
T otal capital.................................... ............................... .$200,000
C H A R T E R S ISS U E D .
Original organizations:
Tho First N ational Bank o f W ilder, Idaho. C apital___________ $25,000
T ho M acon Ridgo National Bank o f Delhi, La. C apital______
25,000
T ho First National Bank o f Hinsdale, M on t.
C apital_________
25,000
T ho First National Bank o f W lllisvlllo, 111. C apital_________
25,000
Succeeds tho Farmers & Citizens Bank o f W lllisville, 111.
T otal capital....................................................................... $100,000

[Vol. 103

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
10 Commercial Trust C o ............ ..4 1 5
56 H yper Humus C o ., pref......... \$ 1,700
28 Hyper Humus C o., co m ____/
lot
30 Falrmount Savings T ru st_____ 100
25 Indep. F. I. Sec., S25 eaoh____20k*
14 Real Estate Trust C o., p ref..90-90k*
27 Peoples N at. F. Ins., $25 each. 18
50 Amer. Plpo & Construe. C o ____ 31
24 Phila. Bourse, com ., $50 each. 6}* -7 200 Harwood Electric, prof_________ 80k*
25 Guarantee Trust & S .D . C o . 160-161
7 J. B. Stetson C o., com . .380k*-380k*
Bonds.
Per cent.
100 Camden & Sub. R y ., $25 each . 19
200 N evada W onder M ining C o___2.27
$19,000 Gloucester, N . J ., Sch. Dls.
24 k* Bullfrog-Goldfield R R ........... $8 lot
99
4k*s, 193 7.-----------20 Ridge Ave. Bank, $50 e a c h . .. 55
$1,000 Springfield Consol. Water
1 Fidelity Trust C o _____________ 712 k*
1st 5s, 1958..........
82k*
1 Girard T r u s t. ______ ________900
$2,000 Harrisburg Gas C o. 1st 5s,
1 Penn. C o. for Insurances, & C..725
1928.................................. .. .......... -.1 0 2 }*

Imports an d Exports for the Week.— The following are
the reported imports of merchandise at New York for the
week ending Oct. 14 and since the first week of January:
F O R E IG N IM P O R T S A T N E W Y O R K .
For Week.

1916.

For tho week......... ..
Previously reported.

T otal 41 weeks__ $1,002,775,935

A u c tio n S a les.— Among other securities, tho following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in N ew York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
Shares.
100,000
1,000
50
25

Slocks.
Per cent.
Ebner G old M ining C o . . \S1,000
lot
H um bolt M ining C o ____ /
Excelsior Brewing C o -------- 150
Collcgo Heights Land C o.
of Niagara Falls, c o m . . . 2 5 X
40 Guaranty Trust C o ----------436}*
44 Zellwood Fla. Farms C o.,
com .............................. $2 per sh.

Shares. Slocks.
Per cent.
10 People’s Nat. B k. o f Bklyn.130}*
2 Flushing Terr. R ealty C o.255
Bonds.
Per cent.
$2,000 Sleepy H ollow
County
Club 6s .......................... ...................50
$650 W eatherford, T ex., W ater, Lt.
& Ice C o. 1st " B ” 5s, 1933______ 30

B y Messrs. R . L . D ay & C o ., Boston:
Shares. Stocks.
$ per sh.
1 Boylston National Bank........... 130
10 N at. Rockland Bank, Roxbury.320
3 Androscoggin M ills.................... 200
10 Merrlmaok M fg ., p re fe rre d ... 87
50 W amsutta M ills........................... 113
14 Peppered M fg ..............
185}*
30 Pacific M ills.................... ..1 6 0 -1 6 0 }*
1 Great Falls M fg ---------------------- 200
20 Arlington M ills.....................106-106}*
10 W est Point M fg ........................... 169}*
1 Cornell M ills..................................151k*
1 Franklin C o ................................. 212}*
50 Arlington M ills ............................ 106k*

Shares. Stocks.
$ per sh.
3 Granite M ills, Fall R ive r......... 102 'A
1 Salmon Falls M fg ., c o m ............ 59
k* Salmon Falls M fg ., C om ______ 30k*
5 Bay State St. R y . 1st pref____97
16 Saco-Lowell Shops, c o m ...........128}*
16 Textile Secur. C o .. $50 e a c h . .. 66
7 Plym outh Cordage, e x-dlv____186
1 American Glue, p r e f .. ...............147
6 Greenfield T a p * D ie C orp., pf.101 k*
5 W m . Carter C o ., pref........... ..1 0 1
30 M ass. Ltg. Cos., pf., rights o n . 102}*
4 Laconia Car, preferred-............87
5 M ass. Ltg. Cos. rights..............
25c.

B y Messrs. Francis Hensliaw & C o ., Boston:
Shares. Stocks.
$ per sh.
6 Merohants National Bank------290
1-3 Brooksldo M ills.......................... 50
3 Androscoggin M ills.....................201
5 Draper Corporation----------------- 145
10 Butler M ill, com m on__________95}*
5 Pacific M ills________ _________ 160

Shares. Stocks.
% per sh.
35 Barnard M anufacturing........... 59k*
5 Nashua & Lowell R R _________ 175
5 International Braid, pref_____ 102
3 Lawrence M anufacturing_____ 112
22 Sullivan M achinery........... ......... 140
16-88 Fisk Rubber C o ., pref...........
4o.

1914.

1915.

$15,581,988
987,193,947

1913.

$20,069,370
745,856,737

$17,745,214
765,339,705

$19,876,181
753,248,733

$765,926,107;

$783,084,919!

$773,124,914

E X PO R T S FROM N EW Y O R K .
1914.

1916.

1915.

$41,717,700
2,247,376,997

$58,657,889
1,246,477,330

$15,664,857
586,234,934

$15,913,135
676,793,387

T otal 41 w e e k s ... $2,247,376,997 $1,305,135,219

$601,899,791

$692,706,522

F or the week_______
Previously reported.

1913.

E X P O R T S A N D IM P O R T S O F S P E C IE A T N E W Y O R K .
Imports.

Exports.

Week ending Oct. 14.
G o ld .

Week.
Great Britain_______
Fran co______________
G erm any......................
W est Indies....... ..........
M exico..........................
South Am erica...........
All other co u n trie s...
Total 1916________
Total 1915........... ..
Total 1914...............
Silver.
Great Britain.............
F ran ce........... ..............
G erm any......... ............
W est Indies.................
M exico............. ............
South A m erica..........
All other co u n trie s...

Week.

$18,312

$6,508,693

100,000

27,162,941
707,500
9,945,213
14,281,348

Since
Jan. 1.
$37,125,762
14,840

$566
14,290
202,974
43,670

9,787,151
2,644,651
8,035,074
2,188,910

$118,312,$58,605,695
600,000, 12,898,988
57,446 128,104,614

S261.500 $59,796,288
6,037,031 48,736,829
105,983
7,427,952

$929,871 $37,709,119
398,600

$18,157
6,631

500

Total 1916.........................................
Total 1915......... ........................... ..
Total 1914.........................................

Since
Jan. 1.

* 855,2l i
29,467
1,532,203
10,300

$930,371 $40,534,900'
1,051,395 31,960,050;
634,225 34,693,384

S315
19,175
95,243
9,294

'201*693
7,307,341
4,841,542
1,336,648

$124,027 $13,712,012
7,663,974
440,855
7,450,514
252,311

Of the above Imports for the week In 1916, $110,000 were American gold coin.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Oct. 14:
Aggregate increases o f over 18 millions in m ember bank deposits, offset in part b y net withdrawals o f 9.25 millions o f Governm ent deposits, also
gains o f 7-4 m illions in the com bined gold reserves and o f 4.8 millions in tho total cash reserves o f the Federal Reserve banks, are indicated b y tho weekly
statement issued b y the Federal Reserve Board as at close o f business on O ct. 13 1916.
In the case o f Philadelphia a gain o f 2.2 m illions in total reserve is due chiefly to tho gain in m em ber bank deposits. Chicago and Dallas report
increases o f 1.4 millions and o f 2.4 millions in their cash reserves, together with increases in total deposits and reductions in the amounts duo from other
Federal Reserve banks. M inneapolis shows a gain o f 1.6 millions in its cash reserve, accom panied b y a reduction o f 2.1 millions in Its favorable
balanco In account with other Federal Reserve banks and an incroaso o f over $600,000 in earning assets. The San Francisco bank liquidated over
3 m illions o f its balances due from other Federal Reserve banks, o f which it used about 1 m illion in increasing its earning assets and over 1.5 m illions
to strengthen its cash reserve.
Aggregate holdings o f discounted paper show a decrease o f 1.6 millions, all the 3 Southern banks, especially Dallas, reporting smaller amounts o f
com m ercial paper on hand than the week beforo. A bou t §281,000 o f the paper discounted b y the Federal Reserve banks is represented b y m ember
banks’ ow n notes secured b y com m ercial paper. There is b ut little chango in tho total o f acceptances on hand. O f tho total bills— Including accep­
tances— held b y the banks, 4 0.9 % m ature within 30 days, and 3 3.8% after 30 though within 60 days. Transactions in U. S. securities, including the
conversion on Oct. 1 o f 2 % bonds into 3 % bonds and 1-year notes, are reported b y 5 banks, resulting in a decrease b y 1.7 m illions in tho am ount o f
bonds and In an increase b y 1.7 millions in the amount o f 1-year notes on hand.
Large purchases o f N ew Y ork C ity notes during tho past week are m ainly responsible for the Increase o f 2.5 millions in tho holdings o f m unicipal
warrants. T otal earning assets are given as 184.1 millions, or over 330% o f the banks' paid-in capital, com pared with 274% reported about 6 m ouths
before. O f tho total earning assets 4 2 .1 % Is represented b y acceptances; 2 3.2% b y U. S. bonds; 17.1% b y warrants; 12% b y discounts, and 5 .6 %
b y Treasury notes.
All the banks, except N ew Y ork , show net withdrawals o f Governm ent funds, while all the banks except Cleveland and M inneapolis report sub­
stantial Increases in m ember bank deposits.
Thero has been no change in the amount o f Federal Reserve Bank notes in circulation. Federal Reserve agents report a total o f $225,882,030 o f
Federal R eserve notes issued to tho banks, or $5,392,000 in excess o f the total shown tho week before. Against the total issued they hold $210,­
088,000 o f gold and $16,296,000 o f paper. T ho banks show a total o f $207,124,000 o f Federal Reserve notes in actual circulation, whllo thelraggregato net liabilities on notes issued to them b y the agents Is given as $12,316,000.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for eaoh of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Fedoral Reserve banks. The statement of Federal Reserve
Agents’ Accounts (the third table following) gives dotails regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and botween the latter and the Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s in e s s O c t .
Oct. 13 1916. Oct.

6

1916. Sept. 29 lO ieJ^ pf. 22 1916 Sept. 15 1916 Sept.

8 1916.

13 1916,

Sept. 1 1916. Aug. 25 1916 Aug. 18 1916

RESOURCES.
G old coin and certificates In v ault_____________ $267,400,000 $265,626,000 $260,845,000 $258,711.000 $250,308,000 5248,846,000 $245,358,000 $259,799,000 $260,926,000
G old settlement fund_________________________ 125,261,000 119,441,000 124.421,000 117,791,000 125,271,000 118,950,000 104,601,000 110,951,000 110 ,001,000
1,991,000
1,637,000
1,687,000
G old redemption fund with U . S. Treasurer..
1,884,000
1,812,000
1,910,000
1,929,000,
1,941,000
1,894,000
Total gold reserve........................ ................... $394,348,000 $386,977,000 $387,195,000 $378,443,000 $377,473,000 $369,680,000 $351,771,000 $372,387,000 $372,918,000
16,998,000
12,205,000
13,605,000
Legal tender notes, silver, &o________________
11,377,000
13,991,000
7,898,000
27,487,000
7,811,000,
7,642,000
Total reserve..................................... .............. $405,725,000 $400,968,000 $395,006,0005386,085,000 $385,371,000 $397,167,000 $365,376,000 $384,652,000 $389,916,000
500,000
500,000
6% redemption fund ag’at F . R . bk notes
370,000
500,000
500,000
500,000
1 484.000
500,000
500,000
Bills discounted and bought—
Maturities within 10 days_______________
Maturities from 11 to 30 days....................
Maturities from 31 to 60 days....... ............
Maturities from 61 to 90 days___________
Maturities over 90 days---------------------------

T o ta l.....................................................

$13,543,000
27.175.000
33.591.000
23.986.000
1,191,000

$15,061,000 $21,408,000' $24,378,000
27.810.000
23.245.000 24,238,000
32.112.000
30.527.000 37,893,000
24.947.000
23.882.000j 23,594,000
1,164,000
1,516,000
1,487,000

$15,685,000 $14,318,000
32.521.000
32.236.000
39.625.000
39.788.000
19.333.000
20.697.000
1,631,000
1,823.000

$15,733,000
23.671.000
42.674.000
21.250.000
2,342,000

$12,955,000
27.507.000
42.781.000
23.548.000
2,387,000

$8,163,000
29.267.000
42.400.000
24.584.000
2,480,000

$99,486,000 $101,094,000 $108,578,0005111.590,000 $110,322,000 $107,335,000 $105,670,000 $109,178,000 $106,894,000

•Acceptances (Included In above)_______ _____

$77,387,000

$77,438,000

$80,625,000| $83,884,000

$82,609,000

$79,808,000

$79,278,000

$82,146,000

$80,138,000

Investments: U . S. bonds.....................................
One-year U . 8 . Treasury n o te s ..
Municipal warrants____________

$42,642,000
10.444.000
31.542.000

$44,370,000
8,763,000
29,085,000

$46,544,0001 $47,553,000
6,927,000
8,039,000
24,028,000 24,137,000

$46,915,000
9,039,000
23.714,000

$45,954,000
9,055.000
21,166,000

$46,821,000
8,205,000
21,302,000

$46,796,000
8,205,000
27,863,000

$47,029,000
7,885,000
27,788,000

Total earning assets_______ ___. . . . . . ___ $184,114,000 $183,312,000 $184,077,0005191,319,000 $189,990,000 $183,510,000 $181,993,000 $192,042,000 $189,596,000




Oct. 21 1916.]

THE CHRONICLE
Oct. 13 1916. Oct.

RESOURCES (Concluded).

1916. Sept. 29 1916 Sept. 22 1916 Sept. 15 1916 Sept.

8 1916

Sept. 1 1916 Aug. 25 1916 Aug. 18 1916

5590,209,000 S584,780,000 $579,583,000 $577,904,000 $575,861,000 $581,161,000 $547,874,000 $577,194,000 $580,012,000
$15,230,000
30,089,000
2,675,000

Federal Reserve notes— N etD ue from Federal Reserve b:
All other resources___________

S14,894,000
26,232.000
3,045,000

$14,250,000
31,365,000
7,543,000

$16,080,000
29,266,000
8,451,000

$19,975,000
28,937,000
2,969,000

$19,324,000
28,706,000
t 3 ,403,000

$ 21 , 222,000 $19,887,000
21,068,000
21,654,000
3,541,000
3,226,000

$20,890,000
35,607,000
3,031,000

$638,253,000 $628,951,000 $632,741,000 $631,701,000 $627,742,000 $632,594,000 $607,402,000 $623,611,000 $624,193,000

Total resources_____
LIABILITIES.
Capital paid In_________________________
Government deposits.. ............................
M em ber bank deposits— N et---------------Federal Reserve notes— N et----------------Federal Reserve bank notes In circulation____
All other liabilities.......................................
Total liabilities.

.$55,682,000
24.715.000
541,043,000
12.316.000
1,033,000
464,000

555.684.000
33.971.000
526.019.000
11.782.000
1,033,000
462,000

$55,393,000
38.985.000
521,740,000
13.216.000
3,033,000
374,000

$55,423,000
39.947.000
518,456.000
14.605.000
2,914,000
356,000

$55,416,000
40.199.000
514,343,000
14.223.000
3,214,000
347,000

$55,406,000
44.236.000
514,225,000
16.076.000
2,334,000
317,000

$55,390,000
50.918.000
484,697,000
14.416.000
1,690,000
291,000

$55,363,000
50.099.000
502,421.000
13.733.000
1,690,000
305,000

$55,110,000
49.717.000
505,090,000
12.295.000
1,691,000
290,000

3638,253,000 $628,951,000 $632,741,000 $631,701,000 $627,742,000 $632,594,000 $607,402,000 $623,611,000 $624,193,000

G old reserve ag’st net dep. & note liabilities (a)
Cash reservo ag’st net dep. & note liabilities (a)

circulation

6

1485

(a ).

(a) Loss Items In transit between Federal Re­
serve banks, viz--------------------------------------Federal Reserve .Voles—
Issued to the banks....... .................. ............
In bands of banks______________________
In circulation.

71.6%
73.6%

70.9%
73.5%

71.4%
72.8%

69.8%
71.0%

69.9%
71.4%

67.7%
72.8%

68.4%
71.0%

68.4%
70.6%

68.3%
. 71.4%

73.4%

74.2%

73.6%

71.9%

72.2%

73.8%

71.9%

71.4%

72.1%

S30,089,000

$26,232,000

$31,365,000

$29,266,000

$28,937,000

$28,706,000

$35,607,000

$21,654,000

$21,068,000

$225,882,000 S220,490,000 $213,967,000 $209,778,000 $202,530,000 $199,218,000 $194,645,000 $179,838,000 $176,620,000
23,121,000
18.753,000
19,126,000
17,429,000 . 18,143,000
21.437,000
24,084,000
23,493,000
22,176,000
S207,124,000 $201,364,000 $196,538,000 $191,635,000 $179,409,000 $177,781,000 $170,561,000 $150,345,000 $154,444,000

Gold and lawful money with Agent_______
Carried to net assets________ _____________
Carried to net liabilities...................................

S210,088,000 $204,476,000 $197,572,000 $193,110,000 $185,161,090 $181,029,000 $177,035,000 $163,834,000 $162,036,000
16.080,000
19.975.000
14.894.000
14.250.000
19.324.000
15.230.000
20.890.000
21 , 222,000 19.887.000
14,605,000
11.782.000
13.216.000
14.223.000
12.316.000
16.076.000
14.416.000
13,733 000
12.295.000

Federal Reserve Notes (Agents' Accounts)—
Received from the Com ptroller......... ..
Returned to the Com ptroller_________

$368,100,000 $364,140,000 $354,160,000 $352,900,000 $351,400,000 $349,900,000 $312,100,000 $302,660,000 $300,520,000
78,716,000
77,588,000
72,042,000
70,891,000
69.829,000
68,582,000
67,097,000
66,197,000
65,126,000

Amount chargeable to Agent.
In hands of Agent......... ..................

S289,381,000 $286,552,000 $282,118,000 $282,009,000 $281,571,000 $281,318,000 $245,003,000 $236,463,000 $235,394,000
63,502,000
66,062,000
68,151,000
72,231,000
79,041,000
82,100,000
50,358,000
56,625,000
58,774,000

Issued to Federal Reserve banks......... S225.882.000 S220.490.000 $213,967,000 $209,778,000 $202,530,000 $199,218,000 $194,645,000 $179,838,000 $176,620,000
How Secured—
By gold coin and certificates_____________ $132,218,000 $130,128,000 $131,628,000 $131,535,000 $129,365,000 $127,675,000 $124,475,000 $114,796,000 $112,146,000
B y lawful m oney_____ __________ _____ _
15.794.000
By commercial paper____________________
16.014.000
16.395.000
16,668,000
17.369.000
18.173.000
17.610.000
16.004.000
14.584.000
11.880.000
Credit balances In gold redemption fu n d..
11.918.000
9,764,000
10.345.000
10.366.000
10.964.000
10.860.000
11.138.000
11.240.000
Credit balances with Federal Reserve B ’d.
65,960,000
62.430.000
56.180.000
51.230.000
45.430.000
42.390.000
41,700,000
37.900.000
38.650.000
T o t a l .......................................................... $225,882,000 5220,490,000 $213,967,000 $209,778,000 $202,530,000 $199,202,000 $194,645,000 $179,838,000 $176,620,000
Commercial paper delivered to F. R . A g e n t..

$16,296,000

$16,220,000

♦Including bankers’ and trade acceptances bought tn the opon market,

$17,054,000

$17,981,000

$18,452,000

$18,702,000

$17,842,000

$17,048,000

$16,547,000

t Amended figures.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS O CT. 13 191 •
Boston.
New York. Philadel'a. Cleveland. Richmond Atlanta.
Chicago. St. Louis. i f inneap. Kan. City
Dallas. San Fran
Total.
$
RESOURCES.
$
$
1
$
1
$
%
*
$
$
$
$
S
*
Gold coin & ctfs. In vault 7,660,000 165,793,000 13,900,000 14,951,000 4,042.000 4.076.000 26.956.000 4.685.000 6.408.000 4,099,000 3.419.000 11,411,000 267.400.000
Gold settlement f u n d ... 10,389,000 4,561,000 16,238,000 13,461,000 16,913,000 2.822.000 28.289.000 5.039.000 4.720.000 9,610,000 9.141.000 4,078,000 125.261.000
G old redemption fu n d ..
5,000
250,000
50,000
78,000
233,000
71,000
30,000[
119,000
230,000
200,000
411,000
10,000 1,687,000
Total gold reserve____ 18,054,000 170.604,000 30,188,00028,490,000 21,188,000 7,128,000*55,445,000 9.795.000 11,158,000 13,828,000 12,971,00945,499,000 394,348,000
Legal-ten .notes .all v . .Ac
80,000 7,148,000:
274,000 1,117,000, . 60,000
581,000:
625,000 1.160.000
191,OOOj
5,000
81,000
69,000, 11,377,000
Total reserve________ 18,134,000 177,752,000 30,462,000 29,607,000 21,254,000 7,689,000 56.070,000 10,955,00011,349,00013,833,000 13,052,000 15,568,000 405,725,000
5% redemp. fund— F .R .
bank n o t e s ..................
Bills:
Discounted—Members
Bought In open m k t ..

370,000

370,000

556,000
998,000
77,000
338,000 4.316.000 3.365.000 2.591.000 2.255.000 1.671.000 1.360.000 4,165,000
404,000 22.099.000
10,201,000 22,535,000 11,106,000 6,233,000 1.779.000 3.736.000 5.452.000 5.174.000 2.939.000
1.680.000
221,000 6,331,000 77.387.000

Total bills on hand___ 10,757,000 23,533,00011,182,000 6,571,000 6,095,000 7,101,000 8,043,000 7,432,000 4,610,000; 3,040,000 4,386,000 6,735,000 99,486,000
Investments: U. S. bds. 2.172.000
One-yr. U S. T r. notes 1,000,000
Municipal w arrants.. 4.417.000

1,773,000 2,306,000 6,245,000
633,000 1,508,000 7.596.000 2.689.000 2.920.000 9,270,000 2,896,000 2.634.000 42.642.000
955,000 1,174,000
760,000 1,020,000
570,000
526.000 1.517.000
700,0001 963,000
529,000
680,000 10.444.000
8,071,000 3,505,000 4,053,000
61,1)00
291.000 4.303.000 1.585.000 1.754.000
611,000
2.891.000 31.542.000

Total earning assets.. 18,348,000 34,332,00018,168,00017,629,000 7,859,000 9,426,000 21,^59,000 12,276,000 9,984,00013,884,000 7,811,000 12,940,000184,114,000
Fed. Res've notes— Net 1.590.000
Duo from other Federal
Reserve Banks— N et. 8.148.000
All other resources.........
105,000

8,745,000
8,038,000
163,000

693,000

330,000

....... ...................... - - ­ 1,347,000
67,000
298,000
20,000

1.289.000

1,251,000

-------------

1,382,000) 15,280,000

6,479,000 1,382,000* 1,671,000
532,000
132,000
69,000'
154,000

465.000 1,308,000 n30,089,000
435.000
537,000, 2,675,000

2 ,020,000 6.212.000
163,000

Total resources______ 46,323,000229,030,000 49,390,000 47,864,000 30,480,000 19,298,000 85,562,000 29,842,000 24,035,000 29,912,000 21,763,000 31,735,000 638,253,000
LIABILITIES.
|
Capital paid In.........
5.024.000 11.902,000 5.224.000 5,994,000 3,325,000
Government deposits___ 2.147.000 3,203,000 3.410.000 1,244,000 2,872,000
M em ber bk deposlts-N et 38,993,000 213,925,000 34,193,000 40,086,000 19,977 000
Fed. Res’ ve notes— N et.
F.R .bank notes in clrc'n
Due to F .R .banks— Net
6,441,000
540,000
All other liabilities_____
...............
159,000
122,000 _______
135,000

2.493.000 6.677.000 2.794.000 2.597.000 3.043.000 2.689.000 3,920,000 55.682.000
3.176.000 2.825.000 2.170.000 1.049.000
292,000 24.715.000
538.000 1.789.000
11,472,000 76,060,000 22,529,000 20,389,000 24,539,000 14,372,000 27,508,000 544,043,000
2.124.000
2.349.000
759.000 2.913.000
12.316.000
1.033.000
1,033,000
33,000

15,000

464,000

Total liabilities............ 40,323,000229,030,000 49,390,00047,864,000 30,480.000 19,298,000 85,562,000 29,842,000 24,035,00029,912,00021,763,000 31,735,000 638,253,000
Federal Reserve Notes—
Issued to banks______ 11,219,000 77,603,000 8,006,000 8,917,000 14,814,000 20,705,000 3.314.000 12,436,000 14,743,000 18,331,00025,658,000 10,076,000 225,882,000
In hands of banks____ 1,590,000 ■ 8,745,000
693,000
330,000
649,000
897,000 1.289.000
998,000 1,251,000,
781,000!
153,000! 1,382,000. 18,758,000
F .R . notes In circulation 9,659,900 68,858,000, 7,313,000 8,617,00014,165,000 19,808,000 2,025,000 11,438,00013,492,00017,550,000 25,505,000 8,694,000207,124,000
Gold and lawful money
with agent.................... 11,249,000 77,603,000 8,006,000 8,947 000 9,994,000 17,684,000 3.314.000 9,0S9,000 14,743,000 16,791,00022,592,000 10,076,000 210,088,000
693.000
330,000
Carried to net assets------ 1,590,000 8,745,000,
1.289.000 ________ 1,251,000 ________
_________ 1,382,000 15,280,000
Carried to net liabilities.
4 ,171,666 2 .124,666 .............- J 2,349,000 ............ 759,000' 2,913,000 ______________ 1 12,316,000
a Items In transit, 1. e., total amounts due from less total amounts duo to other Federal Reserve banks.

STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS OCT. 13 1916.
Boston.

New York. Philadel'a. Cleveland. Richmond

Atlanta.

Chicago.

St. Louts. Mtnneap. Kan. City

Dallas.

Sail Fran.

Total.

s
S
s
$
Federal Reserve Notes—
$
$
$
$
$
$
$
$
$
Reo’d from Cotnptrolr 24,880,000 143,100,000 15,480,000 15,160,000 22,500,000 27,920,000 9.380.000 16,560,000 21 ,000,000 22,620,000 35,320,000 13,880,000 368,100,000
Returned to Comptrol 5,611,000 46,037,000 5,074,000 2,913,000 5,536,000 3,230,000 1.185.000 1,962,000
627,000 1,676,000 3,621,000 1,244,000 78,716,000
Chargeable to Agent__ 19,269,000 97,363,000 10.406,000 12,247,000 16,964,000 24,690,000 8,195,000 14,598,00020,373,000 20,944,000 31,699,000 12,636,000 289,384,000
In hands of F.R .A gent

8,020,000

19,760,000 2,400,000 3,300,000 2,150,000 3,985,000 4,881,000 2,162,000 5,630,000 2,613,000 0,041,000 2,560,000 63,502,000

Issued to F. R . bank. 11,249,000 77,603,000 8,006,000 8,947,000 14,814,000 20,705,000 3,314,000 12,436,000)14,743,000 18,331,000 25,658,000 10,076,000 225,882,000
Held by F. It. Agent—
Gold coin A certfs____ 10,500,000 73,615,000 3,820,000 8,460,000
5.063.000 11.620.000 4.270.000 10.340.000
4,560,000
132,248.000
Credit balances'
In gold redemption f’d
486,000
749,090 3,985,000
487,000
494,000 1.074.000
773,000 1 .021.000 1.372.000
234,000
716,090
486,000 11,880,000
With F. It. Board____
3,700,000
9.500.000 12,050,000 3,080,000 3,310,000, 2,350,000 11,500,000 10.880.000
Notes secured by com­
mercial p.iper.......... ..
3,347,000
4.820.000 3.021.000
1,540,000 3.066.000
15,794,000
T o t a l ........................ 11,249,000 77,603.000 8,006,000 8,947,000 14,814,000 20,705,000 3,314,000 12,436,000' 14,743,000 18,331,000 25,658,000 10,076,000 225,882,000
Amount of com m ’ l paper
delivered to F .R .A g ’ t
3.023,000 ................1 3.348.0001 ................ 1,641,000 3,305,000 ..........i 16,296,000




1486

THE CHRONICLE

[Vol. 103

S ta te m e n t o f New Y o rk C ity C learing H ou se B an ks and T ru st C om p an ies.— The following detailed statement
shows the condition of the New York Citv Clearing House members for the week ending Oct. 14. The figures for the sep­
arate banks are the avorages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .
C L E A R IN G HOUSE
M EM BERS.

Loans,
Discounts,
Investm'ts,
/N a t. B ’ks S ept.121
&c.
\StateB’ksSept. 20j
Capital.

W eek E n d in g
O ct. 14 1016.
(00s omitted.)

Net
Profits.

M em bers o f Federal
R eserve B a nk.
■5
s
4.887.0
Bank of N . Y ., N .B .A . 2 ,000,0
2.419.0
M erchants' N at. Bank 2 ,000,0
9.455.2
6, 000,0
M ech. A Metals N a t ..
25.000. a42.650,9
0
National C ity B a n k ..
8.264.6
Chemical N at. Bank___
3.000.
0
801,6
1 . 000 .
0
Atlantic National Bank
300.0
93,0
N at. Butchers' A D rov.
0
5,378,9
Amer. Exch. Nat Bank 5.000.
0
18,408,2
National Bank of C om . 25.000.
2.009.3
Chatham A Phenlx N at. 3.500.0
0
15,916,0
H anover National Bank 3.000.
2.550.0
2.582.2
Citizens’ Central N a t ..
M arket A Fulton N at.
1.000.0 2.037.7
Corn Exchange B a n k ..
3.500.0
7.086.8
1.500.0
7.630.9
Im porters' A Traders’ . .
5.000.
0
15,909,7
National Park Bank___
77,3
250.0
East River N at. B a n k ..
3.452.2
1 .000.
0
Second National Bank.
First National Bank___ 10.000.0 23,705,4
4,077,5
Irving National B a n k ..
4.000.
0
500.0
1.138.1
N . Y . County N at. B k .
10 , 000,0 10 , 866,6
Chase National Bank.
1.000. 0
1.942.8
Lincoln National Bank.
1.292.9
1 , 000,0
Garfleld National Bank
250.0
425.7
Fifth National B a n k ..
1, 000,0 2.983.9
Seaboard N at. B a n k ..
1, 000,0 3.518.9
Liberty National Bank
749,2
1, 000,0
Coal A Iron Nat. Bank
1,123,0
1, 000,0
Union Exchange N at.
1, 000,0
1.131.9
Nassau N at. Bank___
1.500.0
957.8
Broadway Trust C o . .

Average.

Nat .Bank Nat .Bank
Federal
Notes
Notes
Reserve
[Reserve
[Not
Notes
for State Counted
as
Institu­
[Not
Reserve]. Reserve].
tions] .

Legal
Tenders.

Average.

Average.
$

$

Average. Average.
S
$
564.0
1 ,001,0
3.712.0
5.341.0
1.067.0
195.0
125.0
1.859.0
2 202.0
1.325.0
952.0
1 .210.0
825.0
4.127.0
574.0
4.133.0
249.0
500.0
1.552.0
3.894.0
719.0
4.660.0
164.0
469.0
435.0
2.084.0
651.0
214.0
348.0
490.0
537.0

Average.
$

Average.
$

Reserve
with
Legal
Deposi­
taries.

Addit -al
Deposits
with
Net
Legal
Demand
Deposi­ Deposits.
taries.

Average. Average.
$
$
2.289.0
1.994.0
9.068.0
33.818.0
2.593.0
1.033.0
129.0
6.005.0
18.138.0
4.874.0
10.658.0
2.601.0
909.0
7,000,0
2.303.0
11.996.0
209.0
1.115.0
11.761.0
6.186.0
783.0
16.384.0
1.568.0
772.0
425.0
4.551.0
4.969.0
840.0
984.0
656.0
1.875.0

Nationa
Net
Bank
Time
Circula­
Deposits.
tion.

Average. Average,
Average.
t
$
S
788.0
31.021.0
482,0
25.855.0
1.788.0
122.981.0
2.902.0
4.957.0
419.406.0
5.742.0
1.799.0
31.693.0
450.0
13.566.0
340,0
150.0
49,0
2.152.0
4.812.0
4.793.0
74.998.0
1.046.0
155.0
241.334.0
1.773.0
5.289.0
62.694.0
130.0
140.707.0
1,327,0
25.697.0
1.016.0
115.0
10.793.0
98.641.0
51.0
31.283.0
3.561.0
1,892,0
147.889.0
50.0
2.400.0
25,0
700.0
15.640.0
4.714.0
125.0
160.644.0
6.40.0
81.550.0
372.0
198.0
10.652.0
450.0
225.801.0 10,803,0
19.697.0
891.0
41,0
398.0
9.157.0
248.0
175,0
5.283.0
70.0
47.946.0
497.0
2,250,0
52.572.0
241.0
413.0
10.099.0
397.0
29.0
10.253.0
50.0
18.0
9.565.0
392.0
23.486.0

33.710.0
1.906.0
27.811.0
1.390.0
121,011,0 11.063.0
397.889.0 50.339.0
2.166.0
37.197.0
12.294.0
1.911.0
76,0
2.899.0
4.576.0
79.782.0
236.099.0 17.868.0
3.832.0
62.870.0
125.454.0 21.619.0
1.103.0
27.959.0
1.028.0
10.501.0
5.445.0
91.113.0
2 .002.0
34.244.0
145.751.0 10.185.0
106,0
2.328.0
1,081,0
18.354.0
168.865.0 15.908.0
5.347.0
73.716.0
10.349.0
399.0
203.758.0 23.016.0
18.624.0
2.042.0
756.0
9.426.0
5.582.0
116.0
40.185.0
2.719.0
50.342.0
3.269.0
909.0
9.775.0
11.615.0
298.0
9.971.0
421.0
21.879.0
1.910.0

874.0
267.0
870.0
6.729.0
620.0
197.0
34.0
2.430.0
6.498.0
1.829.0
1.015.0
108.0
543.0
1 .120.0
1.131.0
1.887.0
36.0
241.0
720.0
1.291.0
105.0
9.500.0
751.0
76.0
122.0
2.334.0
451.0
131.0
207.0
119.0
173.0

Totals, avge. for weok 123,850,0 202,974,2 2,101,353,0 195,466,0

42,415,0

46,178,0

1,924,0

1,885,0 168,486,0

2,165,488,0

38,284,0

2.098.181.0
2.101.053.0
2.080.244.0
2.057.137.0

186.516.0
209.292.0
215.183.0
217.501.0

52.383.0
43.947.0
38.634.0
42.934.0

42.967.0
51.382.0
43.581.0
55.300.0

1.963.0
1.635.0
1.836.0
2.094.0

1,812,0
1.923.0
1.659.0
1.830.0

171.012.0
179.122.0
166.394.0
177.039.0

2.164.128.0
2.189.573.0
2.160.361.0
2.164.046.0

39.005.0
37.694.0
35.866.0
38.536.0

42.604.0
33.074.0
11.298.0
6.809.0
2.774.0
16.796.0
3.988.0
6.371.0
17.936.0
5.161.0
6.549.0
13.873.0
4.443.0
16.390.0
23.456.0

6.337.0
4.125.0
997.0
539.0

1.249.0
574.0
598.0
77.0
154.0
1.099.0
57.0
75.0
891.0
92.0
201.0
374.0
136.0
405.0
530.0

92.0
68.0
174.0
136.0
6,0
37.0
33.0
8,0
60.0
103.0
60,0
41.0
32.0
76.0
176.0

750,0

993.0
338.0
986.0
2.107.0
393.0
606.0
726.0
251.0
1.432.0
2.127.0

2.773.0
1.400.0
135.0
463.0
79.0
1.061.0
51.0
143.0
732.0
59.0
71.0
431.0
252.0
416.0
707.0

3.064.0

1,000,0
200,0
1,000,0
1.500.0

5.165.5
6.383.9
1,244,3
1.019.6
457,5
2.035.7
799.0
797.1
2,267,6
858.9
1.082.5
2.184.9
529.9
1.123.6
695,7

Totals, avge. for w eek.

11,950,0

26,645,7

211,522,0

22,158,0

8,773,0

6,512,0

776,0

Totals,
Totals,
Totals,
Totals,

O ct. 14
O ct.
7
Sept. 30
Sept. 23

209.184.0
212.424.0
209.923.0
207.825.0

21.704.0
22.045.0
22.412.0
21.034.0

6.927.0
9.182.0
8.571.0
7.449.0

1.884.0
33.520.0
211.084.0 17.264.0
4.198.0
61.675.0
2.041.0
28.671.0
2 .211.0
41.416.0
339.785.0 28.150.0
651.0
9,936,0
1.580.0
27.197.0
5.361.0
79.478.0
1.761.0
23.193.0
7.271.0
79.011.0
1.232.0
18.809.0
924.0
13.667.0
4.921.0
63.794.0

331.0
306.0
132.0
13.0
192.0
1.213.0
57.0
318.0
171.0
103.0
3.048.0
171.0
101.0
544,0

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

S ta te B a n ks.
Not Members of
Federal Reserve Bank.
Bank of M anhattan C o .
Bank of Am erica............
Greenwich Bank______
Pacific Bank___________
People's Bank________
M etropolitan Bank____
Bowery B a n k .......... ......
German-Amerlcan Bank
Fifth Avenue Bank____
German Exchange Bank
Germania Bank______
Bank of M etropolis___
West Side Bank_______
N . Y . Produce E x. B k .
State Bank________

actual
actual
actual
actual

condition
condition
condition
condition

O ct. 14
O ct.
7
Sept. 30
Sept. 23

2.050.0
1.500.0
500.0
500,0,
200.0
2 , 000,0
250.0
750.0
100.0

200,0
200,0

T r u s t C om p a n ies.
Not Members of
Federal Reserve Bank.
4.031.4
1.500.0
Brooklyn Trust C o ____
Bankers’ Trust C o ......... 10,000,0 16,403,0
2 , 000,0
4,547,1
U. 8. M tge. A Trust Co
1.692.9
1.250.0
Astor Trust C o .............
5.000. 0 12.542.4
Title Guar. A Trust C o .
Guaranty Trust C o ____ 20 , 000,0 32.149.4
1.250.4
1.000.
0
Fidelity Trust C o ____
5.571.0
4.000.
0
Lawyers’ Title A Trust
2 .000 .
8.266.9
0
Colum bia Trust C o ___
1,000,0
1.690.4
People’s Trust C o _____
3.000.
11,406,9
0
New York Trust C o ___
1. 000 . 0 1.337.1
Franklin Trust C o_____
1, 000,0
548,1
Lincoln Trust C o . .
2 , 000,0
5.454.2
M etropolitan Trust C o .

2 01 .0

.

6,0
22,0
70.0
14.0
36.0
11.0

2,0

90,0

291.0
24.0
34.0
134.0
567.0
2,0
91.0
4.0
32.0
35.0
13.0
123.0
45.0
82.0
20,0

6.0

23.0

42.0
22.0
802,0
22,0
23,0
66,0
55.0
163,0
34.0
10.0
14,0
64.0
3.0
51.0
’ 54,6
15.0
110,0
109,0
94.0
4.0
47.0

2 1 .0

6,0

17.0
35.0

68.0

25.0
9,0
12.0
35,0

20,0

312,6
310.0
785.0
284.0
1.136.0
1.575.0

1.229.0
80,0
1.004.0
393,0

49.381.0
31.380.0
11.939.0
6.185.0
2.642.0
15.886.0
3.602.0
6.523.0
19.116.0
4.778.0
6.539.0
13.076.0
4.733.0
17.918.0
26.255.0

1, 102,0

61,0

8,627,0

3,749,0

219,956,0

6.269.0
6.620.0
6.747.0
6.603.0

1, 110,0
1.104.0
1.141.0
998,0

71.0
48.0
71.0
74.0

8.440.0
8.698.0
8.429.0
8.543.0

2.879.0
4.065.0
2 .211.0
3,783,0

776.0
806.0
807.0
808.0

214.0
466.0
210.0
115.0
131.0
1,409,0
88,0
92,0
614.0
362.0
834.0
281.0
231.0
198.0

231.0
20,0
174.0
29.0
153.0
841.0
34.0

1.322.0 4.024.0
9.543.0 2.850.0
2.332.0 3.764.0
1.126.0 1.213.0
1.334.0 1.252.0
871.0
15,475,0
676.0
391.0
350.0
1.004.0
25.0
901.0
3.118.0
216,0
746.0
20.0
1.144.0
3.592.0 4.523.0
78.0
594.0
818.0
22.0
652.0
651,0
8,0
3.047.0 3.202.0
30,0

5.727.0
26.440.0
190.859.0 25.912.0
46.656.0 15.481.0
6.496.0
22.549.0
968.0
26.687.0
309.511.0 34.194.0
1.034.0
7,845,0
1.081.0
20.071.0
62.366.0 18.468.0
1, 002,0
22.875.0
7.986.0
71.608.0
16.359.0
2.698.0
697.0
13.015.0
4.676.0
60.938.0
897,782,0 126,420,0

'569*6
3,0
2 0,0

" 169,6

28,0

'2*16,6
217.0

” 74’,6

34.0
17.0
2 1.0

21.0

124.0
121.0
53.0
41.0
51.0
375,0

T otals, avge. for week.

54,750,0 106,891,2 1,031,236,0

79,449,0

6,700,0

5,248,0

2,268,0

488,0

44,897,0 25,627,0

T otals,
Totals,
T otals,
T otals,

O ct. 14
O ct.
7
Sept. 30
Sept. 23

1.030.367.0
1.041.419.0
1.057.271.0
1.050.651.0

81.154.0

3.403.0
4.985.0
12.174.0
13.683.0

4.312.0
3.790.0
7.172.0
4.127.0

2.209.0
1 .886.0
2.017.0
1.055.0

467.0
515.0
523.0
408.0

44.517.0
45.163.0
46.141.0
45.819.0

actual
actual
actual
actual

condition
condition
condition
condition

75.564.0
78.984.0
78.767.0

Grand Aggregate, avge. 190,550,0 336,511,1 3,344,111,0 297,073,0 57,888,0
— 5,400,0 -14.854,0 — 1,492,0
Com parlson prev. weok
289,374,0 62,713,0 53,548,0
-17,527,0 + 4,599,0 -8 ,2 4 4 ,0

Grand Aggregate,actual condition
Com parison prev. week

O ct.

14

Grand Aggregate actual condition
Grand Aggregate actual condition
Grand Aggregate actual.condltlon

O ct.
7(3,354,896,0 306.901.0
Sept. 30 3,347.438.0 316.579.0
Sept. 23 3,315,613,0 317.302.0

58.114.0
59.379.0
64.066.0

61.792.0
57.500.0
66.030.0

3,325,0
+ 335,0

25.281.0
34 894.0
24.568.0
25.572.0

.

801.104.0
902.484.0
922.489.0
916.161.0

31,340,0

1,0

25,0

126,061,0
129.598.0
129.650.0
129.035.0

1,924,0
+ 76,0

2,434,0 222,010,0 29,376,0 3,283,226,0 165,480,0
+ 636,0 -4,177,0 — 19,497,0 — 839,0
+ 35,0

1,963,0
+ 328,0

2,350,0 223,969,0 28.160,0 3,271,097,0 165,842,0
— 136,0
— 14,0 -10799,0 — 12,316,0 — 2,256,0

1.635.0
1.836.0
2.094.0

2.486.0 223,983,0 38.959.0 3.313.413.0 168,098.0
2.253.0 220,964,0 26.779.0 3.301.510.0 166,323,0
2,312,0;231,401,0 29.355.0 3.293.755.0 168,379,0

31,340,0
+ 184,0

a Includes capital set aside for Foreign Branches, $3,000,000

A ctu a l Figures.

A verages.
Cash Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

a Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
Cash Reserve Reserve in
from
Previous Week in Vault. '.Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PreviousWeel

s
S
$
s
s
I
s
S
$
M embers Federal
$
$
$
$
Reserve Bank____ 284,059,000 168,486,000 452.545.000 391,702,010 60,842,960 — 12,773,370 281.866,000171,012,000 452.878.000 391,493,290 61,384,710 — 17,296,450
State Banks*_______ 38.545.000 8,627,000 47,172,000 39,592,080 7,579,920
— 350,840 36.016.000 8.440,000 44,456,000 38,855,700 5,600,300 — 2,258,620
1,929,400 + 5,914,000
Trust Com panies*-- 93.665.000 44,897,000 138.562.000 131,667,300 3,894,700 + 2,924,600 91.078.000 44,517,000 135.595.000 133,665,600
Total O ct. 1 4 _____ 416.269.000 222,010,000 638.279.000 565,961,420 72,317,580— 10,199,610 408,960,000223,969,000632,929,000564,014,590 68,914,410 — 13,641,070
Total O ct. 7 _____ 430.277.000 221,374,000 051.651.000 569,133,810 82,517,190— 13,810,130 429,797,000 223,983.000 653,780.009 571,224,520 82,555,480 — 0,634,000
Total Sept.30____ 437.618.000 227,581,000 665. 199.000 568,841,680, 96,357.320 — 7.333. 120 436,616.000 220,964,000 657,580,000 568,390,430 89,189,570 — 24,044,560
Total Sept.23......... 437.625.000 229,620.000 667,245,0001563.554,560 103.690,440 +28,745,600 450.051,000 231.401.000 681.452,000 567,317.870 114,134,130 + 25,186,180
• N ot members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Tim e Deposits, which was as follows: O ct. 14, $1,911,200: O ct. 7, $1,829,850: Sept. 30, $1,890,850; Sept. 23, $2,012,700,
b This is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In tne case of Members of the Federal Iteservo Banks
‘ ncludea also the amount of reserve required on Net Tim e Deposits.which was as follows: O ct. 14, $1,950,250; O ct. 7, $1,884,700; Sept. 30, $1,793,300; Sept. 23, $1,926,800.




Oct. 21 1916.j

THE CHRONICLE

The State Banking Department reports weekly figures,
showing the condition of State banks and trust companies
in New York City not in the Clearing House, and these are
shown in the following table:
S U M M A R Y O F ST A TE BA N KS A N D T R U S T C O M PA N IE S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(.Figures Furnished by Slate Banking Department.) Differences from
Oct. 14.
previous week.
Loans and in v estm en ts...................... ........................... $726,307,500 Inc. $6,900 900
G o l d -------------59,549,100 Inc.
993,’500
Currency and bank notes______________
9,936,900 Inc.
314 000
909,783,300 Inc.
l,8 1 o ’,100
Total deposits..................
Deposits, eliminating amounts duo from reserve
depositaries and from other banks and trust com ­
panies In New York C ity, and exchanges__________ 772,215,700 Inc
5 989 300
Reserve on deposits.......................................
201,934,400 D ec. 2’.23()’ 300
Percentage of reserve, 2 8 .2 % .
’
R E SE R V E .
-------- Stale Banks------------ Trust Companies— ■
Cash In vau lts....................
..$13 ,09 9,60 0
10.83%
556,438 400 9 49%
Deposits In banks and trust cos______ 20,451,600 16.99%
111,998,800 18.83%
T o t a l .......................................................$33,551,200 27.88%

$168,433,200 28.32%

The averages of the Now York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
C O M B IN E D

Week ended—

July 22.........
July 29.........
Aug. 5 .........
Aug. 12 .........
Aug. 19.........
Aug. 26.........
Sopt 2 .........
Sept. 9 .........
Sept. 16.........
Sept. 2 3 .........
Sopt. 3 0 .........
Oct. 7.........
Oct. 14_____

RESU LTS OF BA N K S A N D T R U S T C O M P A N IE S
O REA TE R NEW YO RK .
We omit ciphers in all these figures.

Loans and
Investments

Demand
DeposUs.

Specie.

Other
Money.

S
3,901,908,7
3,903.877,9
3.926,034,6
3,939,268.3
3,952,230,3
3,917,932,5
3,906,687,2
4,032,032,9
4,028,996,0
4,028,792,5
4,059,932,9
4,083,917,0
4,070,418,5

$
3.871,422,7
3.870,450,5
3,840,711,7
3,868,552,7
3,899,806,1
3,932,563,9
3.973,033,4
4,008,621,1
4,005,139,9
4,038.274,9
4,067,109,0
4,003,969,4
4,055,441,7

S
413,663,2
417,059.9
417,394,3
425,409,4
431,356,5
442,280,4
441,533,7
413,564,9
411,874,2
431,116.0
433,820,9
426,406,6
414,560,1

$
79,582,4
79,857,2
77,337,1
75,347,5
74.696,7
74,651,4
75,932,3
66,542,4
69,334,1
75,822,4
72,725,7
72,038,9
71,244,9

IN

Total
Entire
Money
Reserve on
Holdings. DeposUs.
$
493,250,6
496,917,1
494,731,4
500,750,9
509.053,2
516,931,8
517,406,0
480,107,3
481,208,3
500,939,0
506,546,6
49.3.505,5
485,805,0

S
812,531,2
824,628,3
828,101,3
842,538,1
810.040,0
803,003,9
861,249,6
821,018,7
833.730,4
875,570,3
877,445,1
855,865 7
840,263,4

1487

In addition to the returns of “ State banks and trust com­
panies in New York City not in the Clearing House,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State. The figures are compiled so as to distin­
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions were published in the
“ Chronicle” March 28 1914 f 7 . 98, p. 96 8). The regula­
tions relating to calculating the amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the “ Chronicle” April 4 1914 (V . 98 , p. 1045).
S T A T E B A N K S A N D T R U S T C O M P A N IE S .
Week ended Oct. 14.

State Batiks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Oreater N . Y. Greater N . Y. Greater N . Y Greater N . Y.

Capital a3 o f June 30____

S
23,450,000

S
75,550,000

$
11,783,000

Surplus as o f June 30____

40,068,500

173,239,300

14,654,000

14,381,600

Loans and Investments. .
Change from last week.

401,421,000 1,653,867,400
+ 2,223,700 — 7,270,900

159,649,100
+ 1,294,200

252,180,200
+ 1,289,200

G o ld .....................................
Change from last week.

42,022,600
— 1,411,700

139,035,500
+ 5,134,200

-----------------

............

Currency and bank notes.
Change from last week.

20,883,200
+448,700

15,139,300
— S96.900

D eposits____________
Change from last week.

560,527,000 1,974.343,700
+ 6,539,300 — 15,524,100

Roserve on deposits_____
Change from last week.

111,785,100
— 501,000

348,911,500
— 6,696,900

P. c. of reserve to deposits
Percentage last w ee k ..

26.4%
26.6%

22.7%
22.9%

+ Increase over last week.

$
14,900,000

...........
OQ7
onn
i17*?
/ o,uy
( ,oUu

-

....................

+ 1,201,900

272,019,600
+ 1,623,500

33,298,600
+ 109,800

42,897,200
+ 376,000

22.4%
22.4%

19.5%
19.6%

1

— Decrease from last week.

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by clearing non­
member institutions which are not included in the “ Clearing House return” on the preceding page:
______________ R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE .
C L E A R IN G
WON -M E M B E R S .
W eek E n d in g
O c t . 14 1916.

Capital.

Loans,
Discounts
fN at. bks. Sept. 12
Invest­
(State bks. Sept. 20 ments, Ac.

M em bers o f

fed'l R eserve B ank

$
400.000
300.000
300.000
400.000
250.000
220.000
125,000

Battery Park N a t .. .
First N at., Brooklyn
N at. C ity, Brooklyn
First N at.. Jers. City
Hudson C o. N ., J .C .
First N at., Hoboken
Second N at., H obok.

T o t a l ...................... 1,995,000
S ta te B anks.
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash. H ’ ts.
Colonial Bank............ 400.000
300.000
Columbia Bank____
Fidelity Bank.
200.000
500.000
International B ank.
Mutual Bank.
200.000
200,000
New Nethorland____
Yorkvlllo Bank ___
100,000
Mechanics’ , B k ly n .. 1,600,000
200,000
North Side, B k ly n ..
T o t a l ...................... 3,800,000
T r u s t C om pa n ies.
Not Members of the
Federal Reserve Bank.
HamlltonTrust.Bkln
Mechanics’ .Bayonne
Total
Grand aggregate-----Comparison ,p rov.wk
Excess reserve.
Grand aggr’to O ct. 7
Grand aggr’ teSept.30
Grand aggr’teSept.23
Grand aggr'teScpt.16
Grand aggr'teSept. 9

Net
ProfUs.

Nat .Bank
Notes [Re­
serve for
State In­
stitutions]

Legal
Tenders.

a Old.

Average. Average. Average.
%
s
$
$
326,000 5.608.000 567.000
65.000
685.400 5.274.000
151.000
45.000
599.100 5.787.000
166.000
79.000
1,286,600 4.875.000 209.000 354,000
762,800 4.993.000 159.000
16.000
627,900 6.038.000 173.000
24.000
292.100 4.941.000
63,000
44.000
4,579,900 37.516,000 1.488,000

420,690
895.000
682,300
191.900
126.900
487,100
233.900
589,400
874.000
195.200

2.194.000
8.698.000

8 , 000,000
1.359.000
3.455.000
6.492.000
3.941.000
6.379.000
18,171,000
4.587.000

140.000
485.000
651.000
108.000
308.000
602.000
180,000
441.000
885.000
270.000

4,696,300 63,282,000 4,070,000

Average.
$

$

627,000

657,000

8,000

28,000
498.000
237.000
30.000
54.000
181.000
173.000
292.000
801.000
103,000

62,000
160,000
174.000
11,000
1,000
60,000
40.000
105.000
228.000
20.000

622,000 2,397,000

861,000

113,000

167.000
26,000
10,000
21,000

62,000
42.000
85.000
144.000
57.000

148,000

Average.
%
15.000

10.000

16,000
3.000
9.000
4.000

AddUlonal
Deposits
wUh Legal
Net
Depos­
Demand
itaries.
DeposUs.

Average.

Average.

$

S

472.000
610.000
710.000
493.000
492.000
405.000
319.000

244.000
79,000
2,273.000
593.000
468.000
447.000

4,104.000 29,269,000

107.000
567.000
516.000
63,000

,783,000
,449,000
,604,000
,268,000
,325,000
,532,000
,934,000
,955.000
,654,000
,477,000

70 ,666
410 ,000

33,000.3,948,000

6,817,000 65,891,000

1,207,000

983,000
2,875,000

190.000
664.000
334.000
263.000
" f.6 6 6
200.000
515.000
415.000
332.000
’ s',656 235.000
213.000
417.000
445.000
1,179,000 3,555,000
249.000
306.000

8.151.000
5.435.000

538,000
84,000

69.000
51.000

19,000
100,000

54.000
30.000

13,000

4,000
20,000

328.000
123.000

1,859,000 6.582.000
663,000 2.465.000

700,000

1,414,800 13,586,000

622.000

120,000

119,000

90,000

13,000

24,000

451,000

2,522,000

Due
from
Banks.

Individ'l.

Total.

S
$ •
$
$
81,663,0 184,445,0 325.893.0 510.338.0
4,459.0 143.587.0 148.040.0
5,961,0

Total . . .
Oot.
7 ...
Sept. 3 0 . . .
’ ’ 2 3 ...
’ ’ 1 6 . ..
"
9 ...
"
2. . .
Aug. 2 0 . . .
”
1 9 ...
•• 12 . . .

87.624.0
81.270.0
79.252.0
81.524.0
77.697.0
71.312.0
72.434.0
09.971.0
72.588.0
66.743.0

188.904.0 469.480.0
183.118.0 460.022.0
175.527.0 451.646.0
175.724.0 443.715.0
171.784.0 440.268.0
108.040.0 434.993.0
169.921.0 438.547.0
108.209.0 429.679.0
166.587.0 431.907.0
101.405.01427.724.0

658.384.0
643.140.0
627.173.0
619.439.0
012.052.0
603.933.0
608.458.0
597.838.0
598.494.0
589.129.0

100 ,000

357 ,000
270 ,000

9,027,000 3,858,000
10.910,000 1,512,000
+ 49,000
+ 4,000

1.274.000 2,972^000
1,235,000.2,946,000
1.240.000 2,900,000
1.234.000 2.891,000
1,272,UOO 2.847,000

10.861.000 1.508,000
10.803.000 1,512,000
10.705.000 1,6X3,000
10.659.000 1,499,000
10.571.000U, 516,000

Reserve
Held.

Excess
Reserve.

$
92.503.0
27.516.0

$
31,343,0
6,035,0

120.019.0
119.456.0
111.684.0
108.796.0
109.588.0
108.504.0
105.855.0
108.373.0
100.982.0
105.238.0

37.978.0
38.465.0
32.566.0
30.978.0
32.047.0
31.140.0
28.353.0
31.310.0
30.395.0
29.179.0

Note.— National bank noto circulation Oct. 14, $9,179,000; exchanges for Ciearl
lng House (Included In ’ ’ Bank D ep osits” ), banks, $20,936,000; trust companies
$2,875,000; total, $23,811,000. Capital and surplus at latest datesT banks’
$64,175,600; trust companies, $11,295,200; total, $105,470,800.




5,845,000 1,512,000

1.369.000 3,173,000 951,000 274.000
114,000,7,900,000 13.443.000
+ 95,000 + 201000 + 73.000 + 71.000 + 24,000 -6 3 .0 0 0 -2 ,1 3 6 ,0 0 0

DeposUs.
Bank.

National
Bank
Circu­
lation.

Average.
Average. Average.
s
S
s
5.193.000
254.000 190.000
4.862.000
120.000 297.000
5.870.000
40,000
119.000
4.114.000
393.000
4.102.000
198.000
2.473.000 3.256.000 217.000
2.655.000 2.175.000
98,000

1,116,100
298.700

6.495.000 10.691.000 114384000 6,180,000
+ 481,000 + 133 000
$483,460 Increaso
6.495.000 10.691.000 113903000 ,6,047,000
6.295.000 10.317.600 113401000 6,110,000
6.295.000 10.317.600 112771000 6,213,000
6.295.000 10.317.500 112476000 6.128,000
6,295 000 10.317.500 111363 000 0.015,000

Net
Time
DeposUs.

57,000 3,501,000

27,000

113,000

Reserve
tcUh
Legal
DeposUaries.

500.000
200.000

O ct. 14.
$
N at. banks. 378.958.0
Trust c o s .. 153.272.0
532.230.0
526.818.0
522.799.0
517.519.0
515.320.0
514.717.0
515.893.0
611.476.0
510.242.0
508.341.0

Average.
3.000
10,000
9.000
14.000
84.000
24.000
4.000

Philadelphia Banks.— Summary of woekly totals of
Clearing H ou-e banks and trust companies of Philadelphia:
Loans,
Disc'is A
Invest'ts.

Nat .Bank
Notes[Not Federal
Counted
Reserve
as
Notes(Not
Reserve]. Reserve]

878.000 ” 203,000
850.000
185.000
754.000 222.000
721.000 255.000
748.000 267.000

90,0007.963,000; 15,579,000
68.000 7.874,000 14.217.000
78.000 17.794.000 13,409,000
101,000 7,760,000 11,841,000
79,000 7,683.000 11,490,000! 101541000

Boston Clearing-House Banks.— W e give below a sum ­
mary showing tho totals for all the items in the Boston Clear­
ing-House weekly statement for a series of weeks:
BO STON C L E A R IN G HOUSE M E M B E R S .
Oct. 14
1916.
Circulation.......................... ......
Loans, dtso’ ts A Investments.
Individual deposits. lnol.U.S.
D uo to banks......... ............ ......
Tim e deposits..........................
Exchanges lor Clear. House.
Due from other banks______
Cash reserve________ _____ _
Reserve In Fed. Ites’ ve Banks
Reserve with other banks__
Reserve excess In b a n k .........
Excess with Reserve A g e n t..
Excess with Fed. R es’ve B’k .

Change from
previous week.

Oct. 7
1916.

56.497.000 Inc.
326.000 $61.471.000
446.348.000 Inc. 8.849.000 437 .499,000
353.593.000 Inc.
978,000; 352!,615,000
150.161.000 Inc. 5.111.000 145 ,050,000
28.158.000 Deo.
237,000, 28 ,395,000
19.531.000 Inc.
349,000! 19 ,182,000
45.996.000 Inc. 2,900,000. 43 ,096,000
25.715.000 Inc.
722.000
,993,000
21,606,000jlnc.
960.000
,646,000
4S,247,000|Deo 7.141.000
,388,000
755,000 lino.
104.000
651.000
31,607,000! Deo 7.553.000
,160,000
3,806,0001 Inc.
445.000
,361,000

Sept 30
1916.
$6,471,000
432.128.000
349.058.000
131.319.000
27.972.000
17.600.000
40.509.000
25.056.000
24.621.000
46.852.000
1,010,000
30.820.000
4.581,000

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

[Vol. 103.

THE CHRONICLE

1488
| & w Iv £ ^ *s,

(S a x je tte ,

Wall Street, Friday Night, Oct. 20 1910.
T h e M oney M arket an d F in a n cia l S itu a tio n .— The
recent, almost unprecedented advance in security values has
this week been partially obscured by the bewildering upward
movement of some commodity values. Of the latter, cotton
is most conspicuous, selling at a substantial fraction above
19 cents, a price for which one must go back to Civil W ar
days to find a parallel.
,
W heat has made a similar, if not quite as sensational a
record. It advanced on the Chicago Board of Trade 10
cents per bushel in two days, causing an advance of 75 cents
per barrel in the price of flour. These facts gave a plausible
reason, if there were no other cause, for raising the price of
almost every necessity of life, and this is a matter which
comes very closely homo to every one.
A few matters of a strictly financial character have been of
interest, notably an announcement that the New York
Central Railwav will, early in 1917, bring out a new stock
issue of $25,000,000. Call loan rates have again touched
4 % and have averaged higher than for sevei*al months past.
Receipts of gold this week, for foreign credit, amount to $15,­
250,000, and each of the three principal European banks re­
port a substantial increase in their gold holdings. Although
the German Bank’s weekly statements have for several weeks
past shown a steady increase in its supply of gold, the German
Government has recently opened several depots where gold
in any form other than coin may be exchanged for paper
money and this plan to mobilize the yellow metal of that
country is reported to have been unexpectedly successful.
F oreign E x ch an ge.— Sterling exchange was withoug im­
portant change. A total of $15,250,000 of gold has been
received at N ew York from Canada this week and $10,000,­
000 reached Philadelphia, also from Canada. On the other
hand, two shipments of the precious metal, aggregating
$1,100,000, were made from New York to Canada.
T o - d a y ’s (F r id a y ’s) a ctu a l rates fo r sterlin g e xch an g e w ore 4 71 % fo r

fo r lo n g a n d 5 8 4 % for sh ort.
G e rm a n y b a n k e rs’ m arks w ere 70 5-10 for
s ig h t, n om in a l for lon g an d n om in a l fo r s h o rt. A m s te rd a m b a n k e rs’
guilders w ere 41 i-1 6 fo>- sh o rt
,
E x ch a n g e at P aris o n L o n d o n , 2 7 .8 1 % f r . ; w e e k s ran ge, 2 7 .S 1 % fr.
h igh an d a ls o 27.81 % fr . low .
E x ch a n g e at B erlin o n L o n d o n , n o t q u o ta b le .
'f i l e ran ge for foreign exch an g e fo r th e w eek fo llo w s:
Cables.
Checks.
Sterling Actual—
Sixty Dags
4 75 11-10
4 76 H
H ig h for th e w e e k ___
4 71 %
4 76 7-16
L o w fo r th e w e e k ___
4 71 %
4 75J-8
Paris Bankers' Francs—
5 83
5 84
H ig h for th e w e e k ___
5 8914
5 83 %
5 84X
L o w fo r th e w e e k ___
5 00
Germang Bankers’ Marks—
70 Vs
70 9-16
H ig h fo r th e w e e k ----------70 %
70 5-16
L o w fo r th e w e e k —
------Amsterdam Bankers’ Guilders—
4 t%
41 3-16
H ig h fo r th e w e e k ___
40%
40 15-16
40%
L o w fo r th e w e e k ___
40 Vs
B o s to n ,
p er 8 1 ,0 0 0 d is co u n t b id .
D o m e stic E x ch a n g e . — C h ic a g o
par
S t. L ou is 15c. per 8 1 .0 0 0 d is co u n t b id and 10c. d isco u n t ask ed.
San F r a n cis c o . 10c. p er 8 1 ,0 0 0 p r e m iu m . M o n tr e a l, p a r. M in n e a p o lis ,
3 0 c. p er 8 1 ,0 0 0 p rem iu m . C in cin n a ti, par. N e w O rleans, s ig h t, 5 0 c. p er
8 1 ,0 0 0 d is c o u n t, a n d b rok ers, 5 0 c. pre m iu m .

State and R ailroad B o n d s.— Sales of State bonds at the
Board this week are limited to $10,000 N . Y . State 4s, I960,
at 105, and $25,000 Va. 6 s Tr. Co. receipts at 54 to 54J^.
The volume of business in the market for railway and in­
dustrial bonds has increased considerably over that of last
week, while prices, contrary to the general decline noted at
that time, advanced. Issues of the foreign governments,
such as Anglo-French 5s, American Foreign Securities 5s,
United Kingdom of Great Britain and Ireland 5s and the
various Dominion of Canada issues, have been very popular.
Chesapeake & Ohio con. 5s moved up from 105 % to 107 %
and St. Louis & Southwestern con. 4s from 66 M to 69, these
being the sharpest advances in a list of 25 most active issues.
Chic. R . I. & Pac. ref. 4s, fell away a fraction, but the deb.
5s advanced from 6 0 V* to 62
United Railroads of San
Francisco 4s showed the greatest loss, falling from 36 to
34, recovering at the close to 35, while Steel s. f. 5s, in
sympathy with the shares, gained fractionally.
Sales on a s-20-F basis, indicating presumably sales on
foreign account, have declined, being $7,000, as against $15,­
000 a week ago.
U n ited States B o n d s.— Sales of Government bonds at
the Board include $3,000 3s coup, at 100 Vs apd $1,000 4s
coup, at 11134. For to-day's -prices of all the different issues

issues, Norfolk & Western and Canadian Pacific, reacting
somewhat from their recent advance, wero tho only stocks
to show a net loss for the week, tho former after advancing
from 14434 to 14734, closed at 14334, while the latter lost
a point, closing at 17534.
.
.
N o declines were registered in a list of 25 most active
industrial stocks. American Beet Sugar advanced from
96 to IOO34 , the final figure being 9934. Duo to tho high
prices obtained for the commodity, tho paper stocks gained
sharply and Bethlehem Steel and General M otors, always
spectacular, advanced 534 and 30 points respectively.
American Locomotive moved up from 75 to 82 closing at
that figure. The high, low and last prices for Baldwin
Locomotive, Atlantic .Gulf & W est Indies S. S ., Crucible
Steel and International Mercantile Marino com. and pref.
were 8 5 3 4 -7 9 3 4 -8 5 , 9 8 -9 0 3 4 -0 7 3 4 , 8734 ,7934-8634, 4234­
3 6 34-4034 and 11734-1C6-11534- The copper issues wero
strong, while Indus. Alcohol, the most violent, moved up
from 10834 to 14134, closing at 13634- Steel advanced from
10834 to 11934, while gains of from 1 t o 3 pts. werecommon.
For daily volume of business see page 1497.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow.
STOCKS.
Week ending Oct. 20.

Sales
for
Week

Range f ° r Week.
Highest.

Par Shares ? per
57%
Acm e Tea tem ctfs_. 100 *
96
1st prof tem ctfs. .100
147
Adams Express_____100
42
Amer nank N o te ___ 50
Am B r a k e s * F c t f s .100
> 9%
195
Preferred c t f s ------100.
120 Vi
American E xpress.. . 100
2
Assets Realization ..1 0 0
67%
Associated O il--------- 100 _ _
Batopllas M ining------20
1%
66
Brown Shoe_________ 100
100 10O
P referred_________ 100
1,100
9%
Brunswick Term inal. 100
9 97 %
Buff Hoch & P ltts b .. 100
500 78%
Burns Bros...................100
300
28
Butterlck..................... 100
100 86
Case (J /I), p r e f ___ 100
48 140 %
Cent & So Am T eleg.100
500 10 %
Chicago * A lton____100
400 83
Cleveland * P lttsb— 50
100 109 %
Cluctt., Peab A Co. pflOO
Cons G .E L& P (Balt) 100 7,780 xmx
300
i
R ights..........................
200 20
Cons Tnt-State Call M 10
10 50
Crex Carpet_________100
400
95
Deere & Co. pref____100
655 141
D etroit E d is o n _____100
525 116
Detroit U nited_____100
100 118%
Diamond M atch ____100
200
Duluth S S * Atl pf.100 3,300 12
50%
G aston.W ill*W ig no par
100 350
Ingersoll-R an d......... 100
100 SO
Tnt Harvest C orp__ 100
200
Towa Central________100
3%
262 10
Jewel Tea. pref_____ 100
900 71%
K C Ft S * M . pref. 100
100 97 X
Kavser (Julius)* C o . 100
150
Kellv-Sprlngf, prof. .100
100 0b X
Keokuk A Des M — 100
4X
120 129
Kings C o Elec L & P . 100 1,000
108%
Laclede G as......... .......100
Liggett * Myers,preflOO , , 33!!! 123%
17
Loose-Wiles Blscult-100
82
First preferred____100,
Second preferred. .100
5nn 60
121
Lorlllard (P ). p r e f ... 100 o
66
M av Dept Stores__ 100
900 103
Preferred_________ 100
100
M inn * St Louis oM .100^„ OIf. 6%
Minn * St Louis new. 100 ’ ,An 26 X
N Y Ch * StL (2d pD 100
AV'’ 57
Norfolk Southern .100 „
24
Owens Bottle-M aeh 25, i ’fN. 93
36
Pacific Tel * Tel — 100'
700 14%
Peoria * Eastern__ 100
200 37
Pittsburgh C o a l ___ 100i
120 105%
Plttsb Steel, pref__ 100,
Pub Sorv N .1 rights____ j 627,
■1110 g ^
Quicksilver M ining. .100,
200 126%
* '
Sears, Roebuck, pref.100
Sloss-Shefr S * T, p f.1 001 400} 96 X
275 98%
Standard M illin g __ 100,
400 93
P referred_________ 100
200
T ol St T, * W est____100
6
Trust receipts_______ I 300
12
Pref trust receipts____ | 200
300 49
United Cigar M frs..lO O,
500
29%
U S Express................ 100 .
■,
U S R e n l t v * Tmof-.IOO
30%
U S Reduc A R erin.-100
1%
P referred_________100
1H
Wells Fargo Express. 100 ‘ ’ “ [AllSO
White M otor, new____5 0 1J,‘ UU 57%

|

per
share.
X
Oct 17 59
96%
Oct 14 . 17
Oct 20
Oct 20 42
Oct. 14 109%
Oct 16 195
O ct 16 131
2
Oct 17 68
Oct 19
2%
Oct 14 71%
Oct 14
Oct 19 100
10
Oct 19
97%
Oct 16 80
Oct 14 29
Oct 17 80
Oct 20 142%
Oct 14 10 %
Oct 18 83
Oct 19 109%
Oct 20
119%
Oct 14
1%
Oct 18 20
Oct 17 50
Oct 14 95%
Oct IS 142
Oct 17 119
Oct 17 118%
Oct 20 12
Oct 14 51%
Oct 20 250
Oct 20 80
Oct 20 6
Oct 20 110
Oct/HS 74%
Oct’ l 4 97%
Oct 19 99%
Oct,
4%
Oct 17 129
Oct 17 109%
Oct 16 123%
Oct 17 34
Oct 14 85
Oct 18 60
Oct 19 121%
Oct 20 67%
Oct 17 105
O ct 16 6 %
O ct 20 32%
Oct 19 57
Oct 19 24%
Oct 20 95
Oct 16 41%
Oct 17 15%
Oct 17 38%
Oct 19 105%
Oct 17 5%
Oct’' 16 3
Ocf,’ 16 126%
Oct
98%
Oct 18 99%
Oct 20 93
O ct 16 9 %
Oct 16 6%
Oct 18 12
O ct 17 49%
Oct 16 31
Oct 20 32
Oof. 17 2%
Oct|18
3
O ct 16 132%
Oct 16 59%

Range since Jan. 1.
Lowest.

Highest

share. i per share $ per share
Aug 59% Oct
Oct 20 51
Oct 20 93% Sept 97% Juno
Oct 20 1 3 2 % M a r 1541
Jan
O ct 20 38 % Sept 42
Oct
Oct 14 100
Apr 109% Oct
Oct 16 165
Feb 198
July
Oct 20 123
June 140% Jan
2 % Oct
Jan
Oct 17
8
Jan 77
Oct 18 62
Jan
Oct 19
1 % June 3% Jan
Oct 19 50% Jan 71% Oct
Jan
Oct 19 95%
M ay
102
6 July 14
Oct 16
Jan
M ay 100
Oct 16 92
July
Aug 87
Jan
Oct 17 66
Apr 31
Oct 17 28
Jan
Oct 90
Oct 20 82
M ay
July 142
Oct 19 134
Oct
Feb 11% Oct
8
Oct 20
M ay 83
Oct 19 79
Oct
June 112
Oct 20 108
Jan
Oct 19 108% Mar 119% Oct
1
Oct
Oct 20
1 % Oct
Aug 23
Oct 17 18
July
Feb 50
Oct 14 41
M ay
M ay 98% Feb
Oct 17 89
Mar 142
Oct 19 131
Oct
Jan 119% Aug
Oct 19 70
Oct 20 102% M ar 121
Sept
Jan 14
O ct 18 10
Jan
Oct 19 50% Oct 51% Oct
Apr 300
Oct 20 205
Apr
Oet 20 68% M ar 84% M ay
2
July 6
Oct 20
M ay
July 113
Oct 19 101
Apr
Mar 74% Oct
Oct 14 60
80%
Mar
Oct 19
100
June
Oct 18 95% July 101
Sept
3
M ar 5 % M ay
Oct 17
Oct 17 126% M ay 131
Feb
Oct 17 103% M ar 109% Oct
M ar 123% Oct
Oct 17 118
Sept 34
Oct 19 14
Oct
Mar 91 % Jan
Oct 18 78
M ar 62% M ay
Oct 19 50
Oct 17 115% Jan 122% Sept
Oct 20 50% Jan 68% Oct
M ay
Oct 18 102% Jan 109
M ar 15% Jan
4
Oct 20
Oct 32% Oct
Oct 17 26
Apr 67
Oct 19 50
Juno
Apr 27
Oct 20 20
Jan
Sept 96
O ct 18 83
Oct
Oct 19 32% Apr 4 4
Jan
8
Mar 15% Oct
Oct 16
Oct 17 22 % Apr 38% Oct
Oct 17 93% Feb 106
Oct
5% Oct 5% Oct
Oct 19
Oct 16 2% M ar 6% Jan
Juno 127% M ar
Oct 14 125
Oct 20 91 % Apr 101
Jan
Mar 103% M ay
Oct 20 SO
Aug 91
Oct 18 85
M ay
Apr 10% Oct
5
Oct 16
M ay
5
Oct 10
6% Oct
Feb 13
K
Oct 17
Oct
19
46
Oct 64
Oct
M ar
Scpl 49% Apr
Oct 20 28
June 49
Oct 20 25
Feb
June 3% Jan
1
Oct 19
% Aug 4
Oct 19
Jan
Oot 17 123% Muy 135
Jan
Oct 19 57% Oct 59% Oct

O u tside S ecu rities.— Business at tho Broad Street
“ curb” has been brisk and with prices that generally show
advances. Aetna Explosives moved up from 1 0 % to l l / i ,
the final figure being fractionally below that point, and
Butterworth-Judson gained from 0 9 % to 74 V*, closing at 74.
and for week's range see third page following.
Carbon Steel fluctuated between 80 and 02 V*. Chevrolet
R ailroad and Misc. S to ck s.— Despite various disturbing M otors, as usual tho most spectacular, advanced trom l.n
Ccmeral
features among which aro the suspected presence of German to 203, the close to-night, however, being at j
submarines in the trans-Atlantic shipping lanes and some M otors, w. i., moved between 150 and 163, closing at. 103;
uncertainty as to results of the approaching election, the the high, low and last prices for Haskell & Barker, Midvale
market has been exceptionally strong this week. On M on­ Steel, Mitchell Motors and Submarine Boat being 41 /a ,
day, after a moderate decline, prices advanced sharply in 38V*, 41 K ; 08, 66 M , 0 7 Va; 07, 6 4 H , f £ H and 4 3 ^ - 4 1 K ,
the last hour, continuing the movement till tho latter part 42 Vi. Marlin Arms advanced from 30V* .to °p» [oil to 49
of the week. M onday also was the second day in somo weeks and closed at 60;United Motors lost 1 Vi points for the week.
The Standard Oil issues were fairly active, Illinois Iip e
that transactions totaled less than 1 ,000,000 shares.
_
Among tho railroad issues Atchison and Baltimore & Ohio Lino advancing from 210 to 230, but closing at 2 -2 . Ohio
gained nearly a point each for tho week, whilo Chesapeake & Oil moved up from 320 to 302, the last quotation being 307.
Ohio advanced from 6534 to 69 J4 and Reading from 10534 Prairie Pipe Line fell from 200 to 207, but Standard Oil of
to 111, tho final figures being 6 9 % and 111. Southern New Jersey and Standard Oil of New York gained 10 and
Railway and Union Pacific gained from 2734 anfi 14634 1 1 points, respectively.
.
,
A oomolete record of "cu rb ” transactions tor the week
to 38 and 15034 respectively, falling away at the closo,
however, to 29 and 15034- From a list of 15 most active will be found on page 1497.




New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

148 9

O C C U PY IN G T W O PAGES.
F or record o f sales d u r in g th e w eek o f stock s u su ally in a ctiv e , see p r e ce d in g page.
h io h

and

Saturday.
Oct. 14.

low

s a l e p r ic e s -

Oct. 16.

Oct. 17.

-PER SHARE, NOT PER CENT.
Oct. 18.

Oct. 19

Friday
Oct. 20

Salestor
the
Week
Shares

ST O C K S
N EW Y O R K ST O C K
EXCHANGE

PER SHARE
Ranoe Since Jan. 1
On basis 0/ 100-share lots
Lowest

Highest

PER SHARE
Range Jor Precious
Year 1915
Lowest

Highest

$ per share
5 per share $ per short
j per share. S per ahare. 5 per share. S per share S per share
R a ilro a d s
Par $ per share
92*2 Feb 111*4 NOV
.00% 105% 1003s 105% 100*4 10,900 Atch Topeka & Santa Fe.-lO O 100% Apr 22 108% Oct 5
105*4 00*4 100*8 00% 100
96
Jan 102% N o v
100*2 100*2 100*2 .00% 100% 100% 100% 100% 100% 100% 1,300 D o pref______________ 100 98% Aug 30 102 Feb 24
98 M a r 116 N o v
.20 *118*2 120 120 .20*2 119% 119% 120*2 120*2
600 Atlantic Coast Line R R ___100 100*2 Apr 19 121*2 O ct 10
*117
88% 88 88% 88 88*2 87% 88*2 8,900 Baltimore A O hio............... 100 82% Apr 24 96 Jan 4 63% Feb 96 D ec
873S 873.1 88
7934 N o v
80 Jan 15
753,j 75% §75% 75^4
67
Feb
72*2 Aug 30
75*4 75*4
1,150
Do
p r e f-- ___________ 100
75% 75*2
75% 75%
85
85
85
85*2 *84
85%
85% 85*8
85
1,200 Brooklyn Rapid T r a n s it--100 83*2 Sept25 88% June 6 83*4 Aug 93 Apr
85
175
175% 175
6,900 Canadian P a c if ic ..............100 zl62% M ar 1 18334 Jan 3 138 July 194 N o v
170*2 177
175*2
175*2 170*2 175% 170
6434 N o v
35% J u ly
71 O ct 19
58 Apr 24
09% 70*2 83,000 Chesapeake & O hio______ 100
68*4 09*2 09% 71
00*4 68*2 08*4 08*8
15%Jan 3
10*4 Jan 17*2 N ov
13% 14
11% Apr 24
13% 14
4,200 Chicago Great W estern__ 100
13*2' 13'%
13*2 13%
13*4 13*2
41*2 ^4ov
41% Oct 20
25*2 M ay
33 Apr 24
39*2 41
39*4 40*8
41
41% 18,700
Do
p r e f .. ...................... 100
39*4 39%
38*4 40
77% July 101*8 D ec
943t 95%
95
91 Apr 22 102% Jan 3
95
91% 95*2
95*2
7,000 Chicago M llw A St P a u l..100
95*4 95*2
95*4
Dec
127 127% 127 127
12,8 123 *127*2 128*2
5,850
Do
pref______________ 100 124% Septl3 136*8 Jan 5 120% Sep 135
600 Chicago & North western. .100 124 Sept 8 134% Jan 3 118*2 July 135% N o v
120 120 1273. 127*4 128 128 128 128*2 *123 ' 129 127% 127%
163 July §180 N o v
175
175 *170
*170
175 *170
175 *170 175
ISO *170
100 D o pref
. . _____ 100 §165 Apr 13 175 Jan 11
175
10*2 July 38% Apr
22% 2278 22*8 24*2 21*4 25% 23% 24% 23% 24% 21*2 25 132,600 Chicago R ock Isl * P a c__ 100 15% Apr 22 25% Oct 17
59*2 June 8 §21 Jan 52 O ct
1)8 *50 58 *57 57*2
500 Clev Cln C h lc& St Louis. .100
56
38 Apr 27
50
57*2 57*2 *57
50*2 57
77
Oct
53*8 Feb
8U4 84*i *83*2 84*2 *83*2 84*2
100 D o pref............. .............100 70 Feb 2 86 Junel4
*83*8 84*2 *83*2 84*2 *83*2 84*.|
38% N o v
24 M a r
35
36*2 Junel3
34
34
34*2
2434 Apr 24
33% 33%
34*2 31*2
800 Colorado A Southern_____100
31*2 31*2
*33*2 34
02 02*8 * 01*2 02% *01*2 02*2
02 02
02
000 D o 1st pref....................100 46 Apr 1 62% Oct 18! 45 Jan 60 N o v
61*8 01*8 02
52 N o v
35
Sep
50
49% 49% *48
55
*45
*48
100 D o 2d pref. ________ 100 40 M a r l3 5734JuuelO
50
*45
*47
51
50
200 Delaware A H udson______ 100 149% Apr 20 156 Oct 4 138*2 Aug 154*8 N o v
154 1543,1
*151 155 *140 142 *152 154
Delaware Lack A Western.-SO 216 M a r l 8 238 Sept26 1 9 9 % Jan 238 N o v
*231*2 238 *231*2 238 *231*2 23 S *231*2 238 *235 238 *235 238
4
Jan
16*2 N ov
18
8% M ar30 19*4 Oct 6
19
1,200 Denver A Rio Grande____100
18
18*2 18%
17*4 17*2 *17
18
18*2 18%
18
413i 43
15 M a r 8 45% Oot 6
6*2 Jan 29% N o v
Do
pref______________ 100
42
41
4 178 4 1 *4 42
41% 42*2 10,900
42*2
42
44%
45% N o v
32 Apr 22
43% Jan 31
19% Feb
3 734 38*8
38% 39*8
37% 38*4
38% 39
38
38*2 38% 47,400 Erie......................................... 100
39*4
59*2 N o v
48 Apr 22
59% Jan 3
32*4 Feb
4,700
D o 1st pref-----------------100
52fy 62*4
53*.j 533.,
53
53%
53
53%
533.1 54%
53*2 54%
54*4 D ec
41 Apr 22
54% Jan 3
27
Feb
Do 2d pref___________100
700
44*2 44*2 45
45
45
45
44% 44%
45
45
45*2 45*2
112S4 Jan 128% N o v
11734 118
2,900 Great Northern pref______ 10*) 116*s Aug 30 127*2Jau 4
118*8 118*2 1187S 11878 118*2 118% 118*2 118% 118*2 119
54
Oct
25*4 Jan
Iron Ore properties. ..Vo par 33% June26
5034 Jan 3
41*2 42*2
■12% 44*4 23,300
40% 41*i
42% 43*1
42*2 43%
42% 43%
Apr
99% Apr 17 109% Oct 5
99 July 113
107 107*8 107*4 109
108 109
108*8 1093a 103*8 109% 108*4 109% 12,900 Illinois Central....... ............ 100
25*2 N o v
2 l's Jan 3
18% July
15% Feb 15
13,250 Interbor Con Corp. vtc No par
17*4 17*4
17% 18
173i 18%
17*2 17%
17*2 17*2
17*2* 18*2
70 July
82 N o v
71 Feb 15
77*2 Jan 3
Do
pref______________ 100
2,400
74
*73»i 74
74
75
75% *74*2 75
74*2 74*2
75
76
35*8 N o v
32% Jan 4
20 *8 Feb
23% Apr 28
27% 27% 11,500 Kansas City Southern____100
2734 28%
27*8 27*8
27% 28*4
27*:> 27%
27*2 27%
64% Jan 3
54% Feb
65*2 N ov
700
58 Aug 18
Do
pref........... .............. 100
*G038 01
60% 00% *60*8 01
01
61
61
61
00*2 00*2
16**g Dec
22*2 July 19
5
Jan
1,300 Lake Erie 8c W estern_____100
10 M ay 2
20% 21
*20*4 21
20
20
*19
19% 21
19*4 19*4
21*2
41*2 D ec
19 M ay
32 Apr 20
400
Do
pref.......................... 100
46 Oct 6
45
45
44% 44%
45
45
*13*2 45
45
44*2
*44
S3*4 N ov
64)*8 Feb
74% Jun 31
87*8 O ct 5
84% 85% 41,200 Lehigh Valley_____ ________50
84
85*4
84%
8478 83
83*2 84*8
84
83*4 85%
27% Oct
41*2 Junel2
15
Jan
30
31
35
1,600 Long Island............................ 50
20 Jan 31
35
*33
*33
*33
35
35
*33
*33
800 Louisville * Nashville____100 121% M ar 1 140 Oct 5 104*2 July 130*2 N ov
137*2 137*2 137*8 137% 137% 137%
137*a 137*2 138*2 138*2 138 138
D ec
____ *129
125 June 132
132
Manhattan Elevated_____ 100 128 Apr 28 131% Jan 28
132 *128 130 *128 132
*129 131 *129
120 ♦125 120
Jan 126*2 N ov
1,000 M inn St Paul & S S M ____100 116*4 Apr 24 130 Oct 4 106
121 121
125 125*4 12534 125% 125% 125% *125
Deo
____ ____ *133 130 *133
130
200
Do
pref.......................... 100 128% Sept26 137 Jan 15 123 June 136
136 *130 136
135*4 135*4 *132
15% Apr
5
4
Sep
5*%
5%
5%
7% Jan 13
5
5*4
578
16.500 Missouri Kansas A Texas. 100
5*8
3% Sept 6
4*8
4*2
4*8
40
Apr
11%
14*2
15
14*2
14*2
15
15
2,400
16%
Jan
4
10*8
Sep
15
13*2
D
o
pref______________
100
*12
15*4
10
Apr
3
14*2
1% July
18% Apr
5*4
____
5*8
0
57s
0%
7
7% 10,000 Missouri Pacific__________100
0*8
7% Oct 23
5*2
678
3*4 Sept 1
7*2 N ov
5
6
3
Dec
5
578
7
5*4
5%
0*8
5*4
0*8
7% 28,100
Trust co ctfs of deposit___
7% Oct 20
7*8
3*4 Sept 1
243i 25*4
2334 2 134
24% 25
25
24*i 25*i
25*8
____ ___________
51% 5M4 51 '8 53
533s 5334
533.1 54% 54% 50
53*2 53*2
56 Oct 20
9,450
D o pref (or Inc bonds) d o . . .
47% Sept 5
107% 108% 107% 108*2 107% 103% 107% 108% 60,200 N Y Central A Hud R iver. 100 100% Apr 22 114% O ct 5
81*2 M ar 110% D ec
107*8 108*4 10778 109
46% D ec
*33
*33
30
*33
36
*33
30 June
30
45 Jan 13
38
*33
38
*31
33 Apr 17
38
N Y Chic & St Louis........... 100
89
O ct
5934 00
01
60% 01%
43
Feb
01
01
77% Jan 10
00% 01%
57 Apr 26
61*8
4,700 N Y N H A H artford.........100
00*4 01
35
Apr
2134 Jan
31 Jan 3
27*2 27%
27*2 27*2
26*8 27*2 27*8 27*2
26 M ay 5
28
1,100 N Y Ontario A W estern__ 100
28*8 *2734 28%
1443s 145l2 145 147*8 144*8 140*8 113 145*4 143% 144*2 143
99*2 Jan 122% Dec
144% 55,500 Norfolk A W estern..............100 114 M at 1 147% O ct 16
90 June
89
80*2 Sep
*85% 87
84*s Feb 25
89*s M ay22
*80
80*2 80*2 *80
88
D o adjustment p r e f.. . 100
85% 80
400
111
99*8 Feb 11838 Dec
110*2 111
111*2 111% 111% 111*8 111% 111
5,300 Northern Pacific__________100 108% S ept 2 118%Jan 4
111*2 111*2 111%
61*2 N ov
573.1 58*2
55 S eptl2
60 O ct 4 5 1 % Feb
15,990 Pennsylvania..........................50
57*8 5.8
58
58
57% 58
57*8 57%
58*4
58*4
86 N ov
82
88 June 6
65 M ay
79
79
80
82
78 Feb 17
80
82
82
82
83
82
900 Pitts Cln Chic A St L o u is .. 100
83
98% June
* __
90 June
9834 Jan 13
88 Jan 26
9.8 *
98 *
95
98 *____
95
300
Do
pref........... .............. 100
98
98
85% N ov
75's Jan 31 115*2 Sept27
69% May
105*2 100*4 100*8 108*4 108 109% 108% 110% 110 111*2 110% 111% 190,300 R ea din g________ __________ 50
45 June
41% Feb 19
40% Sep
46 Feb 29
44*8 44*8 *44
45
44
*44
45
*44
45
41
925
1st preferred____________50
43*2 43*2
44
Apr
52 M a y l9
40
Feb
40
40
41% Feb 21
40
40
§40
40
350
2d preferred....................-50
*45*2 40*2 *40
40*2
40*2 40*2
19% Oct 20
19% 19%
15*2 M a yl8
18
8,000 St Louis A San Fran new (w 1).
18*2
18*2 19*4
18*4
18*8 18*2 *18
18*2 18%
23 N ov
11
Sep
22
22 * _
21
22*2
22*2 Oct 20
*19
22
1,200 St Louis Southwestern___ 100
16 M ay 4
21
21
21*2 21*2 *20
29
Sep
45*2 Dec
44
46*2 June 9
*42
45
*40
2,000
*40
45
43*2 45
44
Do
pref______________ 100
37% Sept 7
44*2 ♦13
44*2
20% N ov
17
10%
18%Jan 13
11*8 July
17
*10
1,000 Seaboard Air Line________ 100
17
17*4
10*8 10*4
14 Apr 22
10*4 10*2
10*4 17
4334 N ov
39
38% 39
3734 38*4
30*4 July
39
38
2,500
42% Oct 10
38
38*2 39*2 *38*2 39*2
Do
p r e f . . . ....................100
34's Apr 24
81*4 Feb 104% D ec
99*8 100*8 100 101*2 100*2 101% 100*2 101% 100*2 101*4 100% 101*8 18,104 Southern Pacific C o ......... .100
94% Apr 22 104*8 Jan 4
2*1% 28% 29%
273.1 29*4
29
26 N ov
29*i 30
12*2 July
28% 29*2 91,900 Southern Railway________ 100
27*8 28
3034 Oct 10
18 Apr 24
0731 08%
68% 09*2
42 July
65 N ov
07
08*2 09% *07*2 69
68% 09%
07*4
4,700
72 O ct 10
56 Apr 24
1234 14
13
13*4 13*4
13
13*2 14<i
13*2
14
14*8
8*2 July 17% Apr
15
16.S00
6*2 Feb 14 15 O ct 20
57% 68*4
64% Oct
57*4 58
35
Jan
57*8 5778 57*| 57*4
57% 57*2
50*2 57
68*2 June22
4,000
97
*90
Apr
*90
97*2 *90
97*2 *90
97*2 *90
97
90 July 100
97
97
99 June 8
91 M ar 24
100
148*2 149*4 148% 150% 150 151% 150's 151*8 160,800 Union P a c ific ......................100 12934 Apr 22 152% Sept27
115*4 Jan 141*2 N ov
110*4 147*4 147*2 MO
82% 85 '4 ____ ____
83
83
82% 83*s
84% N ov
82*2 82%
58278 827«
2,212
Do
pref______________ 100 z80 Sept 1 84*2 Sept29 z79 M ar
9*2 9*2 9*2
27*2 Oct
9%
8
Jan
9*8
9*2
9*2
9*8
9*2
9*2
9
734 M ay 9 21*4 Jan 4
9
1,500 United Railways Invest__ 100
4734 Oct
22*4 22*4
22*2 23*2
21*4 21*2 *21
22*2
22% 23
21% M ar
39^4 Jail 3
17 ScptlO
2,000
Do
p r e f......................... 100
14*4 14%
14% 14%
14% 15
17% N ov
15
15%
12% Oct
113s 14*8
17 Jan 3
15% 15% 14,700 W a b a s h ..... ......................... .100
13*8 Septl3
49*4 N ov
53
54
52
52*2 53*8
53%
53
53% 50%
43% Oct
52*8
50*2 58
41*2 M ar 1 58 Oct 23
56,700
32*2 N ov
29% 30*8
25*2 Oct
287s 29
29*8 30
29*2 30*8
31
32% Jan 15
29% 31*.|
25 Apr 22
31% 48,500
D o pref B d o ............... 100
29% 31*8
35*2 Oct
9*4 Jan
29% 31*4
30*4 31*4
30% 31
34% Mar 27
30*4 30%
29*2 30*4
24*2 Feb 2S
16,400 Western M aryland_______ 100
50% Oct
55
53
63
53
25
Jan
*51
54*2 ____ ____
40 M ar 7
52*2 53% *51
54
55 O ct 16
Do
pref..........................100
4,000
6*4 N ov
21,
3
2%
2%
3
278
2
2
*2 July
3
2*4
6 July 10
2*2
2*2
2 Oct 19
5,500 Wheeling A Lake Erie____100
1934 N ov
2 Aug
5*2
18*2 July 5
5*2
*5*2 10
5*2
5*2 5*2 *4
8
7*2
5*4 Sept30
7*2
900
D o 1st preferred______ 100
234
8*8 N ov
23.1
% Aug
2% 3*4
2%
3
2*2
7% July 5
2*4
23.1
2%
*2*2
21?
3,000
D o 2d preferred______ 100
2*4 O ct 4
50
45 N ov
50
28 July
49*2 49*2 48
48
52
48*2 49*2
*50
50
56*2 July 20
50
33 Apr 19
1,800 Wisconsin Central............. 100
In d u stria l & M iscella n eou s
15
15
15
*14*8 15
*15
15
21% Apr 29 ___________ ------ --------10*2
14 Aug 22
i51., 18
15*2 15%
2,400 Advance Rum ely............... 100
31
31
31
31
31
31
32
31
*31*2 32*2
43 Apr 28
31*8 3,5
05
*03
03*.| 03*4
_____ _____
*03*2 05
67 Septl4
63 July31
03 ' *03 ‘ 05
03
200 Ajax Rubber Inc....... ............ 50
12
12
12
12*8
12
12*8
12
40% Apr
12
21*4 Dec
26*2 Jan 7
11*2 Aug 30
11% 13*2
13
13*2
7,400 Alaska Gold M ines............... 10
7
078
7
7
7
078
7's
934 Dec 13*2 N ov
7
7%
G34 Oct 9
10*4 Jan 7
7%
7
7%
5,500 Alaska Juneau Gold M ln 'g.10
24 14 24*8 25
25
24
20*8
25*2 20
7*4 Jan
33% M ar 14
49*2 Oct
25% 20
19 July 19
25% 20%
9,500
79
79 %
80
80
79*2 80-% 80*2 81*2
8578 D ec
33
Feb
81
84*2 M a yl6
81
70*2 July 18
81*4
81*|
3,500
*79 80
78% 79
79*4 80
78% 80*2
74% N ov
8334 S eptl4
48
Jan
79
7!)
63 Apr 22
79*2 79*2
3,100
101 101 *100
*97% 973.1 *98 102
♦97 102
90 Mar 101*8 N ov
102 *100
96 M ar 23 102 S eptl2
102
100
99 1U034 99 100*8
97>i 99
72% D ec
95*2 97*4
33% Jan
98*2 99%
61% Feb 1 10034 Oct 17
99*s 100
34,800
*98 101
*98 100
100 100
*99 101
95 N ov
99
83
Feb
*98
99
93 Apr 24 102 June22
99
600
60% 61*2
58*4 00*4
00*4 01%
57*2 58
00% 01%
68*2 Sept29 25 Feb 68*2 Oct
50*4 June27
00% 01% 21,000
114 *1 13*4 114 §115
*112 114
115 * ll3 * i 111
108% July 13 115% Sept30
91*2 Jan 113% N ov
118
04*4 66*2
00*2 08*% 00% 67*2
63*2 64
98
Oct
40
Feb
00% 09*4
78 Jan 3
52 July 8
08*4 09*2 30,000
* 1 1()‘2 1 iy |2 118*8 118*8 118*8 1 18*8 117*2 117*2 ____
115% Aug 9 119*2 M ar 11 l l l i 2M ay 118 Aug
*1 17*2 119*4
500
54 O'l
53*2
55% 57*2
54*2 54*2
64
Oct
50
57*2 Jan 17
39
Ian
50%
50*2 Apr 22
55*2 50% 11,000
5 100
*100 102 §102
91 June 102*4 N ov
102 * 100 102
98 Jan 6 102 M ar 15
00
18% 20*2
127s 13*8
13*2 19
lx
19%
14*4
Oct
4%
Feb
16*8 18
8’4
June
3
20*2
Oct
17
17
17% 127,000
75
/?$*2 70% 79
69*4 70*2 69*2 75
1934 Jan 59% Oct
74
70*?
45 M ar 1
79 Oot 18
74
75*2 53,800
28*4 28% *28
28*4
28
28
28
28*2
35
Apr
20% Jan
28
28%
25 Jan 20
31*2 Feb 19
29%
4,100
28*2
25*4
25*4 26 3.1 25% 25%
23*4 21
22*2 23
31% Oct
7% Jan
17*4 July 14
26% Oct 18
24% 25% 29,400 American Linseed________ 100
56
59*4
59
54
S4
54*2 55
00*2
50*2 Oct
24
Jan
57*i 59*4
38*4 M ar 1 60*2 Oct 18
58
59% 19,430
78
79*2
/ bM 78
78% 79%
7 IS4 Oct
74*2 75
78% 80
19 Mar
58 July 14
84*2 O ct 3
79*2 83*2 33,500
105*2 105% IO5I4 100
75 Mar 105 N ov
100*4 *105
103*8 103*8 *103*2 101*2
99*2 July 13 107 Sept25
Do
pref............... .......... 100
800
100*4
9% n
10-38 11
9%
8*2
13% Oct
8*8
10% 12*8
3% Apr
*7*2
12% Oct 19
5*2 June 3
11*2 19,344 American M alt C orp......... 100
11*8
47*2 47%
44
46*4 z 46*2 48
21% M ay
37*2 D ec
*42*2 44
48
49%
49% Oct 19
4,8*2 49%
Do
pref______________ 100 i31% Jan 14
3,800
*88
*88
90
89
88% M ay
*83
78
Jan
89
*87*2 88*2 *88
88 M ay 26
84% July 13
89
*88
Amer Smelters Sec pref B . 100
95*2 95*2 9*5*2 95*2
92
D ec
90
95% 95% *95
86
Oct
*95
*95*8 90*«
97 Sept 6
91% July 11
90
400
105*2 100*4 100*2 109% 109*8 111*4 100^3 111*8 109*2 111
88*2 Apr 22 117 Sept25 56 Jan 108% Deo
109% 112*2 80,750 Amer Smelting A Refining .100
116*4 117% 117*2 117% 117*2 118
Jan 113 N ov
110*8 110*8 110*2 116*2 116%
109*4 Apr 22 118 Oct 20 100
1,400
Apr
Jan 105
*138
145 *138 145 *140 145 *138 115 *138
145 *138 145
130 M ar23 149*2June 8 144
no
Jan 110% N ov
110 110 *108 112*2
♦108 110 *108 110 *108 110 *108
100*2 M ar 22 110 Jan 27 103
100
01
61*2
74% Oct
60*8 61%
59
60
61
24*8 Mar
57*8 58*4
44 Apr 24
65*2 Oct 5
01*2
01*2 61%
0,000 Am Steel Foundry............. 100
113*4 114*8 115
99*2 Feb 119% N ov
116% 110*8 I l » 58 110% 117% 110*4 117% 110*4 117% 43,650 American Sugar R efin in g.. 100 105*2 Apr 22 118% O ct 17
1197s 1197s *119 122
119*4 119*4 * 1193.1 122
Feb 119% N ov
120*8 121
120's 121
741
Do
pref.......................... 100 115% M ay 5 121 Oct 19 109
1327s 13278 133 133*4 133% 133% 133 133% 133% 133*1 133% 133*8
116
Jan 130*4 N ov
2,500 Amer Telephone A T eleg. .100 126*4 Feb 1 zl34% Sept29
220 220
224 221*2 220 22S
220 220 *219 223
1.88 Fob 16 228 Oct 19 195*2 Deo 252*2 Apr
225U 227
3,100
*103*2 110*2 *108*2 110*2 110 110 *108*2 110% *10S*2 110*1 *108*2 110*2
103*4 Jan 111 N ov
105*4 Apr g4 113 Sept23
100
48*8 49
50
50% 51
50
56
Oct
5012 51
51% 52*2
42 Jan 11
40 Nov
55*4 M ar 14
53
53% 19,250
97*8 97*s 97% 98 98
98
98
98*4 N ov
95
Dec
98
92 Jan 10 102 M arlO
98%
98
98%
1,300
5311 33*4
343, 30
37
41%
15
Apr
41*2 40
5 July
42*2 44*2
11 Jan 8
44*20ct 19
41% 43% 69,400 Am Writing Paper p r e f.. 100
45*4
46
47
403i 47*2 47% 48*8
71% Deo
40% 47%
67*4 Dec
2938 July 10
97% Apr 10
8,900 Am Zinc Lead A S -------------25
47*2 48
t7
/7
77
77*8 77 77*2 78 78
77*-» 771o
59^2 July 11
79*o SeptI 1
903.| 91*2
91*8 93*2
93% 94%
93% 94%
,-2434 Feb 91% Nov
94*t 95%
77 Apr 22 102 " Scpt25
92% 91*8 1533)00 Anaconda C opper-------- — 50
01
94*8 97
94
07
93% 98
96
00
00
00
00*2
00*2 67
07
67%
67*» 67*2
61 July 12
79*2 80*4
80*2 84%
83% 85%
83% 85*s
26% Mar 154*2 Oct
83*2 85
65% July 14 118% Jan 3
8 i *8 85% 503100 Baldwin Locom otive_____ 100
107 107
107*2 *107
Sep
92 Mar 114
108 ♦100*2 103 * 10712 108
Do
pref......... .................100 104 June20 110 May24
10.8 108
500
161
160*4 16i
101*2 103 103
157 *•> 163
159 160
533 547 540*2 550 *540 " 550 549 549 *535 550
532 532
Oct
46% Jan 000
415 Jan 11 580 S eptl4
2,255
*130 135 *130 137
133 133 *130 130*4 *131
Oct
91
Jan 184
137 *130 136*4
145 Jan 6
Do
pref.......................... 100 126 July 21
100

S ver share.
105
105*2
1001a 100*2
120
*117
8d 2 87
*75
75*4
841s 84*s
175*4 175*2
05*4
*13
13*2
3734 38*4
94*2 95
*12712 128

• Bid and asked prices: no sales on this day.
p aid, i Ex-dlvIdend. » Full paid.




r Ei-rlghts

} Less than 100 shares.

a E i-dlv

and rights.

6 New stock.

< Par *23 per share.

* First Installment

1490

New York Stock Record— Concluded— Page 2
F or re co rd o f sales d u r in g th e w eek o f sto ck s u su a lly In activ e, see s e co n d page p re ce d in g .

a

tan a n d

Saturday
Oct. 14.

low

Monday
Oct. 16.

s a l e p r ic e s — p e r

Tuesday
Oct. 17.

s h a r e , n o t per c e n t .

Wednesday
Oct. 18.

Thursday
Oct 19

Friday
Oct 20

Sales/or
the
Week
Shares

S T n r if s
N E W Y O R K ST O C K
EXCHANGE

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

Highest

PER SHARE
Range for Previous
Year 1915
Lowest

Highest

S per share $ per share $ per share S per share $ per share $ per share
Indu strlal& M lsc.C C on .) Par 5 per share
$ per share %per short
61% 63
63% 643s
63% 63%
64
6534 9,600 Butte <fe Superior Copper___10
62l2 63*8
63% 64%
60% July 11
)
56% All
79%June
22
22 %
23
23 14 2334 24
23 % 2434 *23% 24%
23% 25%
8.300 California Petroleum, vtc.10 0
423s Jan
8 Julj
38% Deo
15 June27
49
49
50
50
100
Do
pref..... ...........
52% 52%
51% 52% *51
5H 2 52
3,700
52%
40 June29
30 Julj
81
Deo
7934 82%
76
77
7934 82%
77U 79
80% 82%
81% 82% 83,000 Central Leather__________100
49 Apr 22
61% NoV
5
32.% Fct
*114 115 ►114 115
Do
pref_______________ 100 108% Jan 3 115% Oct
400
114% 114%
11478 11478 114% 114% ►114 115
100% Jar 110% N ov
*104 106
104 104
3,100 Chandler M otor Car......... 100
105U 105% 104 104% 105 107% 106% 106%
88% Apr 24 131 June
21
21U
21% 2134 21% 23
2078 20% 21 21
16,100 Chile C opper______________ 25
21
21 %
19% July 14
23% De<
26% N ov
25% Jan
52% 52%
55
5534
543s 55%
55% 56
55% 56% 27,800 Chino Copper_____________ 5 46% July 11
53 14 545s
32% Jai
57% N ov
51
5234 53t4 54 78 53% 54%
4934 51
53% 55% 47,400 Colorado Fuel & Iron_____ 100
53% 54%
38% Apr 22
21% Jar
66% Sep
3834 41U
35% 37%
39U 41
78,900 Columbia Gas & E l e o ____100
39
40%
36% 39%
36% 38
30% Sept28
*47
47%
47
47
*47% 48%
47% 48
48
48
800 Com puting-Tab-R ecord ..1 0 0
40% July24
41% N ot
49% Deo
140l2 142
14034 142I4 13934 142
139% 140
139% 141% 140 140% 11,100 Consolidated Gas (N Y )._ 1 0 0 130% M ar 1 11434 Jan
113% Jar 150% Oct
104 104% 105 10578 105% 106
104 106
6,050 Continental Can....... ........... 100
1031s 104% 102% 103%
75% Jan 31
40% Jail 127
Oct
*110 115 *110 115
" "
112
112
112
112
*110 115
200
Do
pref....... .............
100 106 Feb 1
8.8% Jar 109% Deo
1512 1534
16
1634
1634 18% 17% 18% 17% ‘ 18% 17% 18 25,500 Corn Products R e fin in g.. 1100 13% Aug 8 25% Jan 21
21% Oct
8
Jan
*90% 9134 *90!2 91%
91% 91% *91% 92%
1.300
91% 9158 91% 92%
Do
pref........................... 100
85 June26
65
Jan
96% Deo
7834 80
80% 8578 84% 87%
8534 87% 148,800 Crucible Steel of A m erica.100
85% 87%
85
87%
52-%Jan 12
18% May 109% Sep
II8I4 120 2120 12112 122 122 122% 122% 1223| 123 122 122% 2.300 D o pref....................... ..1 0 0 108%Jan 11
84 May 112% Sep
64
64%
65
67
6534 69% 112,850 Cuba Cane Sugar......... No par
63
633s
65% 66% 65% 66%
52% Aug 3
9634 97
96% 96'2 96% 97
96*4 96%
5,950
96% 96%
96% 97
Do
pref______ ________ 100
93 July 14
19434 19434 196 196 204 2 0 1 ■190 205 215 218
195 195
1,500 Cuban-Amerlcan Sugar___100 152 Jan 5
Deo
38
Jan 177
*108% 109 *108
110 *108 110 *10,8% 109
109 109
100
Do
pref.....................
100 10434 Feb 1
Sep
93 Mar 110
42% 42%
42% 44
44% 45%
45% 46%
45
45% 46% 23,800 Distillers' Securities C orp.100
47%
41 July 10
50% Oct
5% Mar
24% 24% *24% 25
*24% 25
24% 24% *24% 25
24% 25
1,900 D om e M ines, L td __________ 10
22% Aug 29
t l6 June
30% Deo
*85
90
*85
95
90
90
*85
95
*85
90
95
90
200 Drlggs-Seabury O rd______ 100
85 Sept 8
22
*16
21
23% *16
*19
21
*19
21
*16
*16
22
Federal Mining & S m e lt ... 100
1233 July 13 35 Jan
60 Juno
8 Mar
403.1 41% *40
42 | *38
42
*38
42
*37
39% 39%
42
300
Do
pref______ ________ 100
57% Jan
35% Apr 24
05 June
20 Mar
*325 330
335 335 §339 339 §337% 339 §335 340
329 329
376 General C h e m ica l..............100 §265 Jan 5
Oct
165
Jan 360
*115
*115
*114
115%
115%
117
*115
116
117
117 *115
117
200
Do
pref................
100 {113 Jan 5
106 M ar (7116% N ov
175 176
177 1783# 177% 181% 1S0% 182% 182 186
185 1873 46,100 General Electric...................100 159 Apr 22
138 Mar 185% O ct
760 779% 790 790 *770 799 *640 790
789 790
600 General M otors___________ 100 405 Apr 24
Dec
82
Jan 558
123
123% 123% 123% 124 124% 124% 124% 1233.1 124% 124% 125
5,300
Do
pref....................... ..1 0 0 108 July 14
Deo
90% Jan 136
72% 73
73% 74%
71% 72%
73
73% 7434
74
73% 74
16,300 Goodrich C o (B F )________ 100
6734 Jan 31
80% Oct
24% Jan
*113% 115
114 114 *113% 114% *113% 114%
400
Do
p r e f .. ....................... 100 11034 Feb 1
95
Jan 114% Oct
90
92
92
93
90
*87
92
z90
*88
90
91% 91%
900 Granby Cons M 8 & P ____100
80 July 12
91 June
79% Apr
49% 50
51% 51%
51
51%
51
52% 52%
52
52%
53
7,400 Greene Cananea C o p p e r .. 100
31 June26
52% Deo
37
Oct
92
*89% 92
93%
94
94%
94
94%
94
94
94
95
2,200 Gulf States Steel tr ctfs___100
71 M ay 4
*99 103
*99 103
*99 103
*99 103
*99 103
D o 1st pref tr ctfs......... 100
87 M ay 4
*90
93% 94 % *92
97
94
94% 94%
98
94
400
D o 2d pref tr ctfs_____ 100
72 M ay 5
633# 64%
62
64%
63% 64%
61% 62%
63% 64%
64
65% 73,500 Inspiration Cons Copper___20
42% Apr 22
16% Jan
47% Oct
*15% 16
* 14
17
*15
*15
17
18
*16% 18
*16% 1,8
Internat Agrlcul C orp ____100
5% Mar ' 29% N ov
29% Jan
11 Aug 30
44
*44
45
45% 47
46%
46j2 45
46*4 47%
3,600
Do
pref........................... 100
3S% July 14
71% Deo
74 Jan
8 Mar
115% 115% 115% 115% 115% 115% 116 117
116% 117% 117% 119%
1,800 Intern Harvester of N J ___100 108% Jan 7
90 M ay 114 Juno
36
37% 39'%
401# 42%
37
41% 42%
39% 413l
40% 41% 9,8,540 Int More Marine ctfs of d e p ..
13% Feb 15
20% Deo
18
Dec
100 107% 10,8% 115% 114% 117% 115% 117% 114% 117% 114% 117 239,950
D o prof ctfs of dep..............
61% M ar 1
77% Deo
55% Nov
50% 50%
50% 53%
52% 53%
52% 53%
52% 53%
52% 531., 79,250 Intern Nickel (The) v t 0 ...2 5
39% Aug 22
179% Dec 223% Oct
43% 46
36% 38
374i 47
45% 51%
47% 503i
49 162,300 International Paper______ 100
46
9% Mar 1
12% Deo
8
Jan
90% 9834 99 100
95
95%
99% 104% 102 105
102 104% 31,200
Do
pref........................... 100
42% Feb 1
50% Dec
33
Fob
*86
*87
90
89
*86
90
89
89% 90
89% 89%
89
wel Tea, Inc..............
lo o
800
67 M ar 9
75% 76
z70
77% 79
78
78% 79
78
79%
78% 783,
6,000 Kelly-Sprlngfleld T ire......... 25
66 July 18
50% 51%
51% 52%
52% 53%
52% 53
52% 53%
52% 53% 50,000 Kennecott Copper___No par
44% Aug 2
83% 84%
84% 85%
85% 86
84% 86
85
86
86
86% 12,300 Lackawanna Steel_________ 100
64 M ay 5
94% Sep
28
Jan
42
*42
44
*43
43
44
43
43% 44
42% 43%
43
1,000 Leo Rubber & T iro___No par
41 July 13
56% June (
*255 290 §285 285 *260 290
285 290
294 300
293 299
1,475
240 Apr 14
Deo
207
Jan 260
*200 225 *190 225 *205 225
222 222 *205 235 *205 235
100
179%Jan 19
165% Jan 189 N ov
*84% 85%
85
85
85% 86%
86l.| 86% *86
86% 86%
871.1
1,300
78 Apr 14
84 N ov
72% Jan
67
*65
*65
68
67
68
*66
68
*66
*65
6,8
6,8
100
Do pref .
69% Jan
65% Jan 20
64% Oct
84% 86%
883.i 92%
86% 89%
88% 89%
90
91
88% 88%
14,200
57% Mar 3
92
Oct
15% Jan
*86% 87%
87
87
86% 87%
87
87
87
87%
87% 87%
1,200
D o 1st pref stk tr ctfs. 100
73 Apr 22
93 Jan 3
431,1
Jan 103% Deo
54% 50%
55
55% 56
56
*54% 56
56% 56%
56
2,300
561.,
42% M ar 2
D o 2d pref stk tr ctfs. 100
60% June 6
68% Oct
18
Jan
105% 106% 106% 108% 108% 110% 109% 111% 109% 111% 109% 110% 50.0S0
88% June28 129% Jan 3 51 Jan 124% Deo
*90
*91
*91
96
96
96
*91
*91
*91
96
96
96
89% June28 105% Jan
67
Jan 104% Deo
37
3834 39
37%
37% 38
38
38%
38
38
38%
38%
8,550
33 Aug 3
36% Deo
41% Sept25
17% Jan
92% 92%
94% 94% *93
96
94% 96
95% 96
*94
96
900
68% M ar 1 96% Oot 6 42 Jan 79% Dec
*116 117
117 117 *117
*117
*117
119 *117
119
Do
pref.
100
Deo
109 Jan 3 117 Scpt28
99
Jan 120
128 128
129 131% 129 129
127% 128% 128 128% 1273i 131
6,700 rational Blsi
Jan
118 Sept 9 131%Oot 19 116
Apr 132
*127% 130 *126% 130
128% 128% *126% 130 *126% 130 *126% 130
100
Do
pref.
124 June30 129% M ay 12 119 M ay 127% Deo
833,
83
83
*81% 83% *81%
83
83% 83%
83%
900
90 Aug
71 M ay 9
84% Septl2
68 M ar
26% 27
*27
28
28
28%
2.8
29
28% 28%
2.8%
30
4,000
1934 Apr 22
36% Oct
31% Scpt29
9% Jan
*94
*94
95% 95%
96
96%
95
*94
95
96
*94
96
200
Do
prof,
92 Jan 19
97
Deo
97% Feb 18
79
Apr
0S34 693,| 69% 70%
67% 67%
07% 69
69% 70
69
69%
6,900 rational Lea
60% Apr 22
70% M ay
74% Sept21
44
.Jan
114% 114% *114 115
115 115 *114% 116% 114 l i t
115 115
500
Do
pref.
112 Feb 9 117% Oct 3 101% Jan 115 N ov
22% 223i
21
21% 21%
21%
22% 22%
22% 22% 20,400
21% 22%
15 Jan 31
17 N ov
23% Sept25
11% Feb
152% 154
156 157% 157% 159% 157 159
158 162
159 159
9,600
118 July 14 162% O ct 4
56% Feb 164% Sep
6934 72
*68
69
69
69
*68
70%
70
70
71% 713,
4,600
65% Apr 26
81
Apr
75 Jan 3
64
Jau
82% 84%
81% 82%
83% 85
84
81
81%
85%
84
84% 19,100
75 Oct 9
85% Oct 19
6%
*6%
7
6%
7
6%
6%
6%
658
6%
6*2
6%
4,800
12% Deo
6 July 20 11%Jan 7
2
Feb
*24
25
25
25%
25% 26%
26% 27%
26
26
26
26
5,300
38
Aug
1134Jan 3
31 Aug 21
z8% Dec
111% 112
111% 112% 111 112 *110% 112 §111% 111% 110% 110%
1,650
100% M ay 5 118 O ct 10 106% Dec 123% Apr
40% 41
40% 40%
40% 40%
40
40%
40% 40%
40% 41%
2,100
49
Sep
38 Junol5
46 Jan 17
35% Apr
35% 36
36% 37
36% 37%
36% 37%
36% 37%
36% 37% 18,600
25% July28
37% Oct 5
*100 107
106% 106% 107
107% 107% 10,8 10,8%
107
SOO D o
pref ctfs d e p o s it.. 100 100% Aug 25 108*4 Oct 5
65
05'% 67
07% 68%
65%
67% 68%
68% 73
72% 733, 39,900 ressed Steel C a r ............. 100
42% July 14
25 Marl 78% Oct
73% Oct 20
*103
104% 105
101 104 *104 105 *10t
105 *104 105
105
300
D o pref
......................100
Oct
97 July 18 105 Oct 6
86 Mar 106
*129% 130% 130 130
*129 132 *129 132
100
114
an 31 137 Sept‘27 100% Aug 120
Deo
170 170
172 172
170% 172
171 171
171% 173% 170 171%
2,950
159% M ay 10 177 Sept30
150% Mar 170% Oct
53
50
51
51% 53
54%
53% 54
52% 54%
53% 54% 14,800
32 Apr 22
54
Oct
19 Mar
57% Oct 6
100% 100% 100% 100% 100 100 *100 102
100% 100% *1003, 101%
700
Do
pref.
95% M ar 9 102% Oct 4
87 Mar 102 N ov
25
25
25
25%
25
25%
25
25%
25% 26
25% 25%
28,550
20 June23
27% N ov
27 Scpt25
15% Jan
70% 74
74% 76%
74
74%
68% 09%
75%
76%
75% 77% 130,900
42 Junc26
83% Sept29
57% Dec
19
Feb
112
111% 112
112
112% 112% 112 112 *112 112% 112 112%
1,400
Do
pref.
100% Juuc26 110% S e p t ll
72
Jan 112% Deo
78% 78%
78% 79%
79% 793i
79
79
80
80
1,200
77 Sept 15
84% Sept 19
*211 213 *211 215
214% 215
215 215% 215 215
215 215
750
168% M ar l 216 Sopt27 sl31% M ar 209% Feb
28*4 29
28% 2S3.| 28% 29%
2834 293s
28
28% 28%
28%
5,100
21 July 11
40% Feb 14
54% 55%
60
62
57% 58
61
61
63
6334 8,800
60% 61
37 July 14
66% Deo
60% Oct 0
24
Jan
212 212
*202 210 *202 205 *202 209
210 210 *20,8 215
200
Deo
146 Jan 29 240 June10
40
Feb 164
128% 130% 129% 132% 132 133% 132 132% 132% 137
134% 136% 52,200
Oct
119% Sept 1 167 Jan 3
35% Jan 195
111
111
111
111
111%
*111
112%
110% 110%
111 l i t
1113#
845
Do
prof.
108% Sept26 114 M ar 14
91
Jan 119% Oct
66
65% 66
67% 69%
67% 69%
60
67% 69%
68
68
4,000
63% Oot 9
79% Sept25
22% 24%
21% 22%
22% 23
22% 23 14 22% 23%
23% 26,900
23
21% Oct 11
66% Jan 5 25^2 Feb 70 Sep
220 220
221 221% 222% 224% 222% 225
222 223% 223 225
6,300
177% June27 235% Jan 3 120 M ay 237
Deo
55^4
53% 56%
54% 55
55
55% 56
55
56
54% 55% 10,800
48% Sept 7
.100
59% Oot 5
*105
105% *105 105% *105 105%
106 *101% 105% *105 105% *105
Do
pref.
99 July 14 109% Mar 16
.100
95 M ay 103 N ov
109 109
*105 109
109 109
*105% 109
109% 109%
500
86 Jan 12 109% Oct 20 55 Feb 97 Oct
143,4 18%
11
12% 153s
11% 11%
12%
14% 18
15
17% 117,700
4% M ay 9
18% Oot 19
4% Jan
9% Deo
743i
62% 04%
72
66
70
59
01
68% 71%
73
75% 20,150
Do
pref.
28 Jan 27
31% Deo
75% O ct 20
22% July
91
87% 90
96
94
98%
99 103
100 104% 16,200
87% Oct 16 10 t% O ct 20
1013! 101% 10134 101%
101% 102
100% 100% 101% 101% 10134 102
2,900
69 Feb 9 105% Aug 9
69
Dec 610% Oct
*117 119% *117
119 *117
119 *117 119 *117 119
Do
pref.
611% Feb 10 120 Aug 9 611% Oct 612% N ov
*159 159% 159% 161% 161
161% 161 161% 161 164
161% 163%
7,200
136% Jan 31 169% Juno 8 139 N ov 163 N ov
22% 22% *22% 24%
22% 24%
25
24% 26%
26%
25% 2534
5,900
15% Jan 31
31% Oct
28 Oct 2
8
Jan
57
56
57
57
57
56
56% 57
57
57%
1,500
Do
pref.
48% Feb 5
55% N ov
32% Mar
57% Oct 20
117 118% 119 127% 125% 129% 127% 141% 15334 141% 1353, 138% 11,900 r S Industrie
131% Deo
97 July 13 170% Apr 0
15
Jan
*100 103 *100 103 *100 103 *99% 103 *100 103 *100 103
Do
pref.
99% July 11 114 Jan 13
70
Jan 107 N ov
57% 58%
58% 59% t 59% 60%
62%
60
61
61
61% 25,300
60%
74% Apr
47% M ar l
44 July
63% Sopt29
*112 113 *112 112 % 113 113 112 1 12% 111 % 112% 11 13, 112% 2,100 D o 1st preferred.
106% Feb 5 115 SeptlS
Apr
101% Feb 110
71% 72%
71% 73
73
73
72
73%
72
71% 72l.t
73%
5,200
62% June27
80% Apr 4
*503t
52
*503,
*50% 52% *5034 5134 *50% 52%
51
51S
4
51
100 D o pref.
50 Juue20
53%
June
9
1193s 1172900 fnlted States
108 109 *110 110 % 112% 114% 113% 114% 114% 116% 116
89% Deo
z79% Mar 1 120% Sept29
38
Feb
120 120% 120 120% 120% 120% 120% 120% 120% 120% 120% 121% 5,251 D o pref.
Oct
115 M ay 3 122 Sept20 x 102
Feb 117
92% 93%
92% 94%
94% 95%
94% 95%
95% 96%
953, 97% 37,600
74% July 14
81% Deo
48% Jan
99% Sept25
*17
*17
18
*17
1.8 1.8 *17% 19
18
17%
17% IS
1,200 I
10% June 9
20% Fob 3
*110 112 110% 110% *110 112 *110 112 % 43*4 44
44
45% 14,900%
30 Apr 24
52
Oct
51 Jan 17
15
Jan
*44
45
44% 44%
44
44
47% *110 112% *110 112 %
47
100 D o pref.
108 Apr 22 113% Sept‘25
80
Jan 113% Deo
42
42%
42
41% 41%
43
42*4 44% *45
50
48
4,8
500%
41 July27
36 June
02% Jan 7
74
Oct
101%
105%
103% 105% 103% 105% 103% 104% 28,950,1
100% 100% 100% 101%
87 Mar 1 105% Oot 18
90 N ov
57
Jan
62% 63%
62% 64%
60% 62%
62% 63%
63% 64% 66,300jl
60% 61
52% July 14
32
Feb
71% M ar 15
74% Oct
*70
*70
*70
75
73% 74
75
75
*70
75
*70
75
70 Apr 19
79 M ar 15
.50
58% Mar
85
Oct
43% 44
44
44%
45
45
45% 47%
46
46
45%
48% 93,300 1
43 Oot 9 n325 Juno 5 n87
Feb n268 N ov
103% 103% 103% 103% 103% 103% 103 103
*102% 103
103 103%
1,000 D o pref Sub rects full pd 100 102 M ar 2 117 Juno 5
140 140
141
111
140 140
140 140% 140% 140% 140 140
900 1
118 Jan 5 141% O ct 5
90% Jan 120% Deo
12434 124%
124% 1243t *121 125% *124%
200 D o pref.
.100 123 Junc29 125% Oct 3 115
Jan 124 Aug
33% 33%
34
33
31% 313,
34
33
500 \
25 Julyl3
36% S e p tll
100
*95
100
*95
98% 98%
100 100
200 D o pref A v t c .
95 July 13 100 SeptlO
.100
60
60
60
____ ____
60% 60%
60
60% 60%
58% 59%
1,200 D o pref B v t o .
52% July 14
.100
66% Septl4
1
A/ilr rl ItrI<1nn rf
iR x-dlvldoru f “ T p a 0/ M O O ^ s h a r e th,aday' 0 LeS8 than 100 3llar03' * E *-rW»W. a Ex-dl v. and rights.
6 Now stock, c Par $25 per she

..........

..........
...........

__

__ __

___

__

__

__




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

1491

Week's
Range or
Last Sale

Range
Since
Jan. 1

High No. Low High
Ask Low
Bid
U. S. G overn m en t.
99
99t?
9912 100 99 Aug '16
U S 2s oonsol registered__ <11930 Q - J
10012 Sept’ 16 —
99ia 100i2
9912
U 8 2s oonsol coupon____ <11930 Q - J
. _ 99*4 10234
U 3 3s registered.................*1918 Q - F 10034 101% 100i2 Aug '16
3
1007s
10078
100 102%
U 8 3s co u p o n ___________ *1918 Q - F 10034
109*4 I l l 's
U 8 4s registered......... .........1925 Q - F 110 n o % 11034 Oct '16 —
1 110 11212
HH4
IIII4
U 8 4s coupon ........................ 1925 Q - F 110
98*4 O ct '16
9914
U 8 Pan Canal 10-30-yr 2s.*1930 Q - F
97 July’ 15
9914
U 8 Pan Canal 10-30-yr 2S..1938 Q - N
103 Oot '16 . . . . 1017s 10314
U 8 Panama Canal 3s g ____1901 Q -M 102
100 Feb '15
U 8 Philippine Island 4s. 1914-34 Q - F 100
F oreign G overn m en t.
98% Sale
98i2
9914 966 98 99's
Amer Foreign Secur 5s (w 1 ).’ 19
95
95 Salo
95*8 3764 9312 96's
Anglo-French 5-yr 5s Exter loan. A - O
92 Salo
92
4 89*4 95*8
9212
Argentine— Internal 5s of 1909-. M - S
693s
70
8 69
Chinese (Hukuang R y )— 5s of ' l l J - D t 6934 Salo
78l4
3 9614 100*4
lOOU
Cuba— External debt 5s o f 1904. IV! - S 100'4 Salo lOOU
96% Salo
5 94ig 97
00l4
96i2
Exter d t 5s of '14 ser A . -.19 49 F - A
86I2 Salo 8G12 86i2 4 8H 2 87
External loan 4M 8.............. 1949 F - A
Dom inion o f Canada g 5s w 11921 A - O 100i2 Sale IOOI4 100i2 207 983s 100l 2
100*4 163 97i 8 101U
Do
do
1926 A - O 1003s Sale IOOI4
IOU 2 115 9634 1023s
Do
do
1931 A - O 101 Salo 101
2 82% 88I4
88
Japanese G ovt— £loan 4MS-1925 F - A t 8 / 7g 8812 87*4
8734
88's 12 7812 88%
Second series 4 Ha________1925 J - J t 87i4 89
81% Salo
81
D o do "Germ an stamp” 8178 37 73 84l4
t 71
75
70 O ct '16 ____
Sterling loan 4s...................1931
63
7212
57
50 Aug '16 ____
M exico— Exter loan £ 5s o f 1899 Q - J t 47
45
60
36
50
39 Aug '16 ___ _ 2712 50
G old debt 4s of 1 9 0 4 .....1 9 5 4 J - D
98*4 Sale
—
Pari?, C ity of, 6-year 6s ------1921 A - O
99ls
98*8
98*8 99's
Prov of Alberta— dob 4 1 4 s.. 1924 F - A t
95i 2 Jan '15
T ok yo City— 5s loan o f 1912____ M - S t 79
78
81
80*8 ” 20 *74
80%
99 Sale
99%, 4969 9878 9 9 %
99
U K of Gt Brit & I 2-yr 5 s ..1918
t These are prices on the basis of s h o e
S tato and C ity S ecu ritie s.
5 101 104U
1033s
N Y City— IH b C o r p stock . 1960 M - S 10338 10312 10314
4 H s Corporate stock_____ 1964 M - S 10438 10412 104*8 O c t '1 6 ____ 101 104*2
4J4s Corporate s tock ____1966 A - O 10434 salo 104*8 ’ 10134 274 104lg 10434
4M s Serial corp stock . 1917-31 A - O
110's 135 io 6is l i o 's
4 >4s Corporate stock......... 1965 J - D 110 Sale 109>2
52 1057s 109*4
10912
4 >4s Corporate stock......... 1963 M - S *10612 10958 109
52 97% 101*8
1011s
4% Corporate stock......... 1959 M -N 101 Sale 10078
6 98 IOU4
101 *8
4 % Corporate stock......... 1958 M -N 101 Salo 101
6 97*8 10134
101
4% Corporate stock......... 1957 M -N 101 Salo 10078
97*4 97U
4% Corporate stock_____ 1956 M -N 1003s 100% 9714 Jan '16 . . . .
109i2 35 105*4 10934
New 4>4s.............................1957 M - N 1 09 U ____ 109i2
8 lOOU 101
100*8
100*8
N ow 444s.............................1917 M -N
3 108 109*4
10912
444% Corporate s t o c k ... 1957 M -N 109 109*4 10914
10078 Juno’ 16 —
444% Assessment b o n d s ..1917 M -N
10078 1007s
9312 93*8 93l2 O ct '16 . . . .
883^ 9312
344% Corporate stock___1954 M -N
N Y State— 4s........................ 1961 M - S 10434 10534 105 July’ 16 . . . . 10212 105*8
Canal Improvement 4s__ 1961 J - J 10434 ___ 105 S ept’ 16 . . . . 102 105U
10434
___
102U Jan '16 . . . . IO2I4 102U
Canal Improvement 4s__ 1962 J - J
105
10 102i2 108
Canal Improvement 4s___1960 J - J 104*4 100 105
Canal Improvement 444s. 1964 J - J 114*4 . . . . 11578 Sept’ 16 —
113 11578
Canal Improvement 4448.1965 J - J 109*4____ 109*4 Sept’ lO —
IO8I2 109*4
Highway Im prov't 4448--1963 M - S 114*4 11578 11578 Oct '16 . . . . 112 i2 116
Highway Im prov’ t 444S..1965 M - S 10934 11114 109*8 July’ 10 . . . . 107 109*4
86*4 88 85 Aug '16 —
84*4 883s
Virginia funded debt 2-3S...1991 J - J
35 50
54*4 Salo 54
54'2
6s deferred Brown Bros c t f s . ..
5812
R a ilroad
6 63 68*8
65
68 6478 65
Ann Arbor 1st g 4s................ 51995 Q - J
207
94
Salo
9312
94
92lg 95l«
Atch T op A 8 Fo gen g 4s___1995 A - O
92
92l2 ____ 92
Registered ............... .......... 1995 A - O
9H 4 93*8
8712
87>2 Halo 85
83M 88
Adjustment gold 4s_____ A1995 N ov
—
82
Oot
'15
83 >2 8514
81
80i2
R eg istered .....................111995 N ov
34 83l4 88U
87 Salo
8578
87
Stam ped______ _______*1995 M -N
10 100*4 IO8I2
106
C on v gold 4s......................... 1955 J - D 10512 10612 10512
18
10512
IO6I2
105*8
IOOI
4
101*4 108*8
Conv 48 Issue of 1910_____ 1960 J - D
101
10 IOOI
10-year 5s_________ _____ 1917 J - D 1003 4 Salo 10034
2 101»4
9 6 * 4 ___
90% Oot '16 —
East Okla DIv 1st g 4s____1928 M - 8
953s 96%
84
Salo
84
84
3
J
J
R ocky M tn DIv 1st 4s____ 1965
84
0012 92*8 00l2 9012 11 89 89
Trans Con Short L 1st 4s. 1958 J - J
92
96% 98l2 O8I2 Oot '16 . . . .
Cal-Arl- 1st A ref 444s"A” 1962 M - S
90*8 00
104
105 12 1027g Aug '16
M
S
8 Fe Pres A Ph 1st g 5 s . . . 1942
102%
104M
92
93*4
1 2 91 943s
Atl Coast I. 1st gold 4s____*1952 M - 8 02 Salo
93*4 Salo 91*4 94
Gen unified 444s................1964 J - D
240 89
94
Ala M id 1st gu gold 5s____ 1928 M - N 107 10778 106*8 Ju n o'16 —
IO6I4 107»s
93 i4 ____ 93%
9378
Bruns A W 1st gu gold 43.1938 J - J
9312 05
Charles A Sav 1st gold 7s. 1936 J - J 1333g ____ 12978 Aug '15
87i2 Salo
L A N coll gold 4s..............01952 M -N
86i2 88*2 63 83'2 88*12
Sav F A W 1st gold 6s-------1934 A - O U 83 4 ___ 1191a July'16 . . . . ligig *122
1st gold 5s.........................1934 A - O 106 ____ 105 July 15
99i8 ____ 99ig Feb '16 —
SII Sp Oca A O gu g 4s------ 1918 J - J
99ig 99is
94 Salo
Balt A Ohio prior 344s.......... 1925 J - J
46 92l4 94
93*8
94
92i8 ____ 92 Jun e'16 —
R eg istered ......... ...........*1925 Q - J
9H2 92*8
9 l 7s 92
9134
92
1st 50-year gold 4s--------- *1948 A - O
63 89*4 92l2
R eg istered ......... ...........*1948 Q - J ------- 01i2 91% O ct '16 . . . .
8(912 91*2
96 Sale
10-yr conv 444s--------------- 1933
263 9378 98*8
95*8
96
Refund A gen 5s Series A . 1995 J - D IOD 4 Salo 101's
101>4 168 99% 10134
Pitts June 1st gold 6s -------1922 J - J 108 109 112 Jan '12
91i2 ____ 91*4 Oot '10 . . . .
P June A M DIv 1st g 3 44s 1925 M -N
91
92
P I E A W V a Sys ref I s .. 1941 M - N 87i2 Salo
27 85'g 90
8 7 12
8734
Southw DIv 1st gold 3448.1925 J - J
91*4 Salo
30 8934 9212
9112
92
Cent Ohio R 1st c g 4 44s.. 1930 M - S
99 101i8 100 Apr '13
Cl Lor A W con 1st g 5s. ..1 9 3 3 A - O 107 . . .
106*4 Oot '16 —
i06»4 107%
M onon River 1st gu g 5 s . . 1919 F - A 100*4____ 100*4 Oot '16 . . . . 100*4 101
Ohio River R R 1st g 5 s . . .1936 J - D 100i8 ___ 107 July'16 —
106l2 107*8
General gold 5s.............. 1937 A - O 104ia 105*4 105 July'16 —
105 10514
Pitts Clev A T ol 1st g 6s . . 1922 A - O 107 . . . . 113l| Feb '12
Pitts A West 1st g 4s......... 1917 J - J
99*8____ 99*8 Sept’ 16 —
99*8 99 !2
Buffalo R A P gen g 5s......... 1937 M - S 109U ____ 108*4 July'16 —
107'2 n o
Consol 444s.........................1957 M -N 102 . . . 101% Sept’ 16 . . . . IOU
4 103
All A West 1st g 4s g u____1998 A - O
9 3 U ____ 92*8 M ur’ 16 —
92% 02%
Clear A Mah 1st gu g 5 s ..1943 J - J 106 ____ 103's Feb '16 -----103is
103lg
R och A Pitts 1st gold 6 s ..1921 F - A 108 ____ 1001* Aug '16 . . . .
107*8 109U
Consol 1st g 6s................ 1922 J - D IO8I2__ 109 O ct '16 —
107*4
110U
Canada Sou cons gu A 5s___1962 A - O
103*8 Salo 103*8
10312
IOH2 104*4
Car Clinch A Ohio 1st 30-yr 5s '38 J - D
91
94?a 94% Oot '10 . . . .
92
95l 2
Central of Ga 1st gold 5 s ...p l9 4 5 F - A 10734 . . . . 107*8 Sept’ lO . . . . 10712 108
Consol gold 5s_____ ______ 1945 M -N 1013.1 Salo IOU4
10134
8 100 102
82i2 87*4 8412 M a y '16 . . . .
Chatt DIv pur money g 4s 1951 J - D
83M 84M
M ao A Nor DIv 1st g 58.-1946 J - J 104*8 . . .
10378 Oct '16 —
10134 10378
M id Ga A Atl DIv 5s......... 1947 J - J 1033.4 . . .
IOOI4 M a r '15
M obile DIv 1st g 5s........... 1946 J - J 104*8____ 104 O ct '16 ____ 10214 104
94i 2 9534 943.1
95
Cen R R A B of G a col g 5 s .. 1937 M - N
2 94 97
11738
Cent o f N J gen’l gold 6s ------1987 J - J 1173s Salo 1173s
50 115*4 H 8I4
Registered .................... *1987 Q - J 117 Salo U 6 la
117
8 115 117U
Am D ock A Imp gu 5s------1921 J - J 103*8 104 103*8 Oot '16 —
103U 103*4
Lch A H udR lvgcn gU g 5s . 1920 J - J
100 Juno’ 13
90%
100<2 Jan '13
N Y A Long Br gen g 4s . . 1941 M - S
81
8134
8134
1 79 83
Cont Vermont 1st gu g 4 s ..e l9 2 0 Q - *
96* Sale
90
9678
6 94i2 98
Chesa A O fund A Impt 5S..1929 J - J
IO7I4 14 104*4 107*8
1st consol gold 5s_________1939 M -N 107% Sale IO6I2
1041s
Registered .
1939 M -N 104 106 104's
1 103 10H2
9178 Salo
91
9178 48 89
General gold 444s.............. 1992 M - S
9314
88*4 91 9012 Feb '16 . . . . 90la
R eg istered .................. 1992 M - S
91
85*4 Salo
8512
8534
00 83's 89
20-year convertible 4 44s . . 1930 F - A
Sale
96*4
9434
98
3221 92lg 98
30-year conv secured 5 s .. 1946 A - O
84
85i2 84 A u g '16 . . . .
Big Sandy 1st 4s_______ 1944 J - D
83% 85
83
84
Coal River R y 1st gu 4s 1945 J - D
83 O ct '16 . . . .
8212 84*4
9212 —
Craig Valley 1st g 5s.
1940 J - J
96*4 Feb '16 —
96*4 00»4
Potts Creek Br 1st 4 s . . . 1916 J - J
8434 Jan '13
87l2 88
R A A DIv 1st con g 4 s ...1 9 8 9 J - J
87 Oot '16
841* 88
827g
2d consol gold 4s_____ 1989 J - J
82i2 83'4 82*4
3 8U 2 83lg
88
89
Greenbrier R y 1st gu g 4s. 1940 M - N
88I2 Sept’ lO —
8812 8812
Warm Springs V 1st g 5 s . . 1941 M - S
9 2 '2 ------- 11314 Feb '15
Chic A Alton R R ref g 3 s . . . 1949 A - O
60>2 6278 60i2
60*8
13 57
60*8
Railway 1st Hen 344s........... 1950 j - j
5 0 '2
9 43
5 0 '8 ------- 50's
50M
Ohio B A Q Denver DIv 4 s .. 1922 F - A
9978 ------- 997g Aug '16
99 100
Illinois DIv 3 Ha
. 1940 J - J
841
84>4 84*4 84
3 83U 87

__

j'-'j

.

_.

__

•N o price Friday: latest this weak,




d Due April,

e Due May.

g Due June,

BO N DS
N . Y . STO C K E X C H A N G E .
Week Ending O ct. 20.

Interest
Period

Price
Friday
Oct. 20.

BONDS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 20.

Bonds
Sold

In Jan. 1909 the Kxchange method oj quoting bonds teat changed, and prices are now all— “ and imereti"— except for Income and defaulted bondt.

Bid

Chic Burl A Q (Con.)—
Iow a D iv sink fund 5s____1919
Sinking fund 4s......... ..1 9 1 9
Joint bonds. See Great North
Nebraska Extension 4s___1927
R e g is te re d ____________ 1927
Southwestern D iv 4s......... 1921
General 4s..............................1958
Chic A E III ref A Imp 4s g — 1955
U S M tg A T r C o ctfs of dep
1st consol gold 6s.............1 9 3 4

Price
Friday
Oct. 20.

J - J
A -O
A -O

Week's
Range or
Last Sale

Ask Low
94*4 Sale 9434
1025*____ 102%
0934 ____ 99*4

Range
Since
Jan. 1

High1 No. Low High
95%, 38 93% 96%
1 102% 103%
99*4
99% 99%

102%1

7 97% 100
98
98%
98 July’ 16
96
98
9978 ____ 99% June’ 15
76 92
94 Sale
93%
94
94%
26
29
26% Sept’ 16
21% 26%
26i2 28
25 O ct '16
20 26
A - O 106 ____ 107% Aug '16 ____ 104 107%
2 75 93
90
95
M- N
89%
89%
85 ____ 82 M a y ’ 16
M- N
82
82
90 ____ 89% O ct '16 . . . .
75
89%
85
9112 89% Oot '16 . . . .
Guar T r C o ctfs o f dep.
74
89%
97*4 Feb '13
F- A
25 ____ 26 Sept'16 ___
J - J
21 26’
93 69 74
71i4 Sale
M- S
70
71%
114%
1 111% 115
J - J 114's 115 114%
10034
____
___
100 Sept’ 16
100 101
J - J
8412 ____ 83 Sept’ 16
J - J
83
83%
70
75
J - J
70 Sept’ 16
70
70
89<4____ 88 Sept’ 16
Chic Ind A Sou 50-yr 4s____1956 J - J
88
91%
Chic L S A East 1st 444s____1969 J - D ------- 96*8 97% Apr ’ 16 —
97% 97%
Chicago Milwaukee A St Paul—
92lg 92 >4 92
6 89% 94
92%
Gen’I gold 4s Series A ___el989 J - J
92% Feb ’ 16 . . . .
R e g is te r e d ___________ el989 Q - J
92% 92%
9534 Sale
13 92
Permanent 4s____________ 1925 J - D
95%
95%
95%
19 91% 96%
95*8 Sale
Gen A ref Ser A 4 H b____ O2014 A - O
95
95%
20 105% 110
Gen ref conv ser B 5s____<>2014 F - A 107 107lg 107
107%
79*4 803g 7934
1 78
7934
Gen’l gold 3M s Ser B ____el989 J - J
81%
5 100% 104
102*4
General 4 Ms Ser C ______ e l989 J - J 102 103 102%
9212 92% 92%
9 90
25-year deben 4s_________ 1934 J - J
92*4
93%
101% 105 100 103%
Convertible 4 H b_________ 1932 J - D IOII4 Salo 101
Chic A L Sup D iv g 5s____ 1921 J - J 103i4 ____ 103 July’ 16 ____ 103 103%
Chic A M o Rlv D iv 5 s . . . 1926 J - J 105>8____ 105 Sept’ 16 ____ 104% 105%
13 102 104%
103%
Chic A P W 1st g 5s.......... 1921 J - J 103% 103*8 103
92l2 9234 92%
21 89% 92%
92%
C M A Puget Sd 1st gu 4s. 1949 J - J
Dubuque D iv 1st s f 6s___1920 J - J 106 ____ 106 S ept’ lO ____ 106 107%
Fargo A Sou assum g 6 s . . 1924 J - J 110 ____ 110 Jun e'13
La Crosse A D 1st 5s.......... 1919 J - J 10212 ____ 102% O ct '16 ____ 102 102%
W ls A M inn D iv g 5s.......... 1921 J - J 1 0 3 's ____ 102*4 Sept’ 16 —
102% 105
J - J 107 ____ 107 Sept'16 . . . . 106% 107%
M il A N o 1st ext 4 M s____1934 J - D 1 0 U 8 ____ 101% Sept’ 16 —
101% 101%
.
.
.
.
102*8____
101*4 June'16
Cons extended 4 M s____1934 J - D
101 101%
95' s ____ 96 Aug ’ 16 —
Chic A N or W estExt 4sl886-1926 F - A
95% 97%
94*8____ 97 Apr ’ 16 ____ 97
Registered ............1886-1926 F - A
97
13 80
82*4 Sale
82%
82%
General gold 3 M s ............ 1987 M -N
84
. . 81% Oct ’ 16 —
R e g istered .................... pl987 Q - F *81
81% 81%
14 93% 95%
95
9514 95
General 4s............................ 1987 M -N
95%
94
94 Sept’ 16 ____ 93% 96
Stamped 4s...................... 1987 M - N
114% 105 112% H6%
General 5s stam ped........... 1987 M - N 114 11438 114%
Sinking fund 6s......... 1879-1929 A - O 11018____ 112% Jan ’ 16 . . . . 112% 112%
Registered ............1879-1929 A - O *109 ____ 109% Apr ’ 16 —
109% 1091a
5 104 104*4
104%
Sinking fund 5s......... 1879-1929 A - O 10412 105l2 104%
R e g is te r e d ............1879-1929 A - O 1041a ____ 103% Apr ’ 16 —
103% 104
1 101% 103%
103
Debenture 5s____________ 1921 A - O 103 10334 103
1 102% 102%
102%
R e g iste re d ____________ 1921 A - O * - - - - 10212 102%
Sinking fund deb 5s______ 1933 M -N 103*4____ 103*4 O ct ’ 16 . . . . 103% 105
R e g is te re d ____________ 1933 M -N 102 103 104% June’ 16 . . . . 104% 104%
Frem Elk A M o V 1st 6 s .. 1933 A - O 120M ___ _ 120% Sept’ 16 ____ 120% 121
90% Sep 09
M an G B A N W 1st 3MS-1941 J - J
M llw A S L 1st gu 3M S-.-1941 J - J
M il L S A W est 1st g 6s. . . 1921 M - S 107 109 108 July’ 16
108 109
Ext A Imp 8 f gold 5s___1929 F - A IO6I2 ____ 106% O ct ’ 16 ____ 106 107%
Ashland D iv 1st g 6 s . . . 1925 M - 8 111*4____ 111% D eo '15
111
112
111 Sept’ 16
M ich D iv 1st gold 6 s . . .1924 J - J
111 112%
8 91
92
94'2 92%
92%
M il Spar A N W 1st gu 4s. 1947 M - S
94
Northw Union 1st 7s g ..,1 9 1 7 M - 8 IOH 4 ____ 107% M ay’ 14
10638
107
1 105’ 109
106%
106%
St L Peo A N W 1st gu 5s. 1948 J - J
Winona A St P 1st ext 78.1916 J - D ____ . . . . 102% D eo '15
4 i o i 102%
101
Chicago Rock Isl A P ac 6 s ..1917 J - J 101 101% 101
101 Sept’ 16 ____ 101 102
R e g is te re d ...................... 1917 J - J ------- 101
86 Sale
81 82
8434
86
Ry general gold 4s...............1988 J - J
87
83 June’ 16 ____ 83
R e g iste re d ____________ 1988 J - J ------- 83
84%
75 Sale
74*4
76% 284 63% 76%
Refunding gold 4s...............1934 A - O
62% Sale
923 41% 66%
60%
63
30-year debenture 5s_____ 1932 J - J
____
97U
97%
96% Sept’ 16
Coll trust Series P 4s.......... 1918 M -N
95
97%
50
62
58 Sept’ 16 ____ 54
R I Ark A Louis 1st 4 M S - 1934 M - S
65%
2 97% 101%
100%
Bur C R A N — 1st g 5 s .. .19.34 A - O 100*8____ 100%
99*4____
100% M a r’ 14
C R I F A N W ls t g U 5 8 . . 1921 A - O
M A St L 1st gu g 7s......... 1927 J - D
9934 ____ 99*4 O ct ’ 16 . . . .
Choc Okla A G gen g 5s. .01919 J - J
98'% 99%
93 ____ 97% July’ 15
Consol gold 5 s ................1952 M -N
62
64% 63% O ct ’ 16 ____ 55
K eok A Des Moines 1st 5s 1923 A - O
65
66*8____
67 Aug ’ 16 . . . .
St Paul A K C Sb L 1st 4 M s '41 F - A
65
71
Chic St P M A O con 6s____1930 J - D 117*8 119 117*8 O ct '16 ____ 117% 118%
9 H 2 ____ 87*4 Feb ’ 16 - ---1 87% 87%
Cons 6s reduced to 3M S..1930 J - D
16 100 103
101%
Debenture 5s....................... 1930 M - S 101*8 Sale 101%
Ch St P A Minn 1st g 6 s . . 1918 M -N 1 1 7 U ____ 117% M a y '16 ____ 117% 118%
N orth Wisconsin 1st 6s___1930 J - J 11714 ____ 129% M ay’ 09
2 104’ 105%
104%
St P A S C ity 1st g 6s____1919 A - O 10412 10578 104%
Superior Short L 1st 5s g.?1930 M - S 104*8____ 104% Aug ’ 16 ____ 104% 104%
83
85
3 68 85
85
85
Chic T H A So-cast 1st 5s___1960 J - D
1 106 107%
107
Chic A W est Ind gen g 6s.?1932 Q -M 107 ____ 107
7634 77*2 77%
23 75% 81%
77%
Consol 50-year 4s________1952 J - J
91 ____ 86% Jan ’ 16 —
86% 86%
Cin H A D 2d gold 4 M s____1937 J - J
60
gO
\j\j
ou
1st A refunding 4s________1959 J - J
7 6 % ____ *78 ' A u g’ 16 m i
1st guaranteed 4s.................1959 J - J
78 ' _78 ’
40 ____ 25 July’ 16
Cin D A I 1st gu g 5s____1941 M -N
C Find A Ft W 1st gu 4s g 1923 M - N 20 ____ 88 M ar’ l l ____
65 July’ 14
Cin I A W 1st gu g 4s____1953 J - J
90 ____ 94% D eo ’ 14
D ay A M ich 1st cons 4M S. 1931 J - J
65 July’ 14
Ind D ec A W 1st g 5s......... 1935 J - J
107% D ec ’02 ____
1st guar gold 5s...............1935 J - J
80*4 Sale
25 77% 81 ’
80%
81
Cleve Cin C A St L gen 4 s .. 1993 J - D
87'4 Sale 86%
24 83% 90%
87%
20-yr deb 4 Ms..................... 1931 J - J
10 99% 101
101
Gen 5s Series B __________ 1993 J - D 100% 101 101
85% 8534 8534 O ct ’ 16 ____ 82
87
Cairo D iv 1st gold 4s_____ 1939 J - J
77% 83
76% Oct ’ 16 ____ 75% 77%
Cin W A M D iv 1st g 4 s .. 1991 J - J
82% Sale
81%
823g
5 79
St L D iv 1st coll tr g 4 s . . .1990 M -N
84%
82% M ar’ 14 . . . .
R e g is te re d ....... ........... ..1 9 9 0 M - N
83 ____ 83 Sept’ 16 ____ 83” ’ 86%
Spr A Col D iv 1st g 4s____1940 M - S
81
83% 84*4 Jan '16 . . . .
84% 84%
W W Val D iv 1st g 4s____1940 J - J
C I St L A C consol 6s____1920 M -N 105's 10534 105 June’ 16 ____ 105 105%
9234 ____ 92*4 O ct ’ 16 ____ 91% 92%
1st gold 4s.......................*1936 Q - F
9 1 % ____ 88% M a y ’ 15
R e g is te r e d .................*1936 q - f
Cin 8 A Cl con 1st g 5s___1923 J - J 102*4____ 102 Sept'16 ____ 102 102%
C C C A I gen con g 6s___1934 J - J 116*8____ 116% June’ 16 ____ 116% 116%
79 ____ 94 July'08
Ind B A W 1st pref 4s____1940 A - O
O Ind A W 1st pref 5s._.<fl938 O - T
72" Sale
72
72
5 63 77
Peo A East 1st con 4s____1940 A - O
36
37
35% O ct ’ 16 __
23
38
Incom e 4s......................... 1990 Apr
37 99% 101%
101%
Cleve Short L 1st gu 4 M s .. . 1961 A - O 101% 101% 101
10
13% 10 O ct ’ 16 ____
7
16%
Col M idland 1st g 4 s ............. 1947 J - J
*10 Sale
40
10
’ 11%
6
15%
Trust C o certfs o f deposit
93 sale
85 90
93
93%
93%
Colorado A Sou 1st g 4s____i929 F - A
86
86% 86
15 82% 87%
86%
Refund A Ext 4 M s........... 1935 M -N
5 104% 106%
105
Ft W A D e n C 1st g 6 s . . .1921 J - D 105 Sale 105
Conn A Pas RIvs 1st g 4 s . . . 1943 A - O ------- 95
94 Feb ’ 16 —
94
94’
Cuba R R 1st 50-yr 5s g ____1952 J - J ------- 95
Del Lack A Western—
86 ____ 86% Sept’ lO
M orris A Es 1st gu 3M S..2000 J - D
85% 87
N Y Lack A W 1st 6s____1921 J - J 106% 110is 107% Sept'16
106*8 109%
1 102% 104
103*4
Construction 5 s . . .......... 1923 F - A 103 % ____ 103%
98*4 99% 98*4
2 98
98%
Term A Im prove 4s____1923 M -N
98*4
84
86 102% Feb ’03
Warren 1st ref gu g 3M S..2000 F - A
103 104%
Del A Hud 1st Pa D iv 7 s . . .1917 M - S 103 104% 103 Oct ’ 16
104% 104%
R e g iste re d _____________1917 M - S ------- -------- 104% Feb ’ 16 —
ft Due July, ft Due Aug. 0 Due Oot. » Due N ov
1 Due D eo t O ption sale.
M -N
M -N
M- S
M- S
J - J

98*8 99

__
__

__

__

14 92
| Period

BON DS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 20.

Price
Friday
Oct. 20.

Week's
Range or
Last Sale

jja

Range
Since
Jan. 1

Bid
As* Low
High No. Low High
Delaware <k Hudson (Coni)—
- J 101% 102 101% Oct ’ 16 ____ 100% 102
1st lien equip g 4M s______ 1922
-N
20 90*4 99%
1st & ref 4s.......................... 1943
98%
97% 9S58 981,1
- O 106-% 107% 106% Oct T6 ____ 105 108
20-year conv os__________1935
- O
10 85% 88
88
87% 883S 88
Alb A Susq conv 3M s____ 1916
-N 1 1 2 % ------ 112% Oct TO ____1 112% 113
Renss & Saratoga 1st 78 -. 1921
- J
79%
80% 130 76
80% Sale
D ;u v & It G r 1st con g 4s. .1936
80*2
- J
22 83
85%
85% . . . 85%
86
Consol gold 4M 3..........
1936
-D
40 78-% 87
87 Sale
84%
87
Improvement gold 5s____ 1928
- A
42 55*2 73
71 Sale
71
71%
1st & refunding 5a. . .......... 1955
- D
2 86% 88
88
88
88 Sale
Rio G r June 1st gu g 5 s .. 1939
- J
3 4 % ____ 61% Apr ’ l l ____
Rio G r Sou 1st gold 4s___1940
- J
3 4 % ____ 35 June’ 16 ____ 35
G u aran teed.................. .1940
35*4
- J
14 73
70%
77%
70% Salo
78*3
R io Gr West 1st g 4s.......... 1939
- O
5 61
07%
67%
67% Sale
07%
M tgo & coll trust 4s A . . 1949
- O
94 ____ 90 Apr T4 ___ _ _ .
Utah Cent 1st gu g 4s.al917
____
N
99 Sept’ 16
99
99
Des M oines Un Ity 1st g 5 s .1917
-D
90 Jan T6 ___
80
85
90
90
D et & M ack— 1st lien g 4 s .. 1995
-D
75 July’ 16 ____ 75
G old 4s.................................1995
80
85
85
-N
35 90-2 94
92%
94
94 Salo
D et R IvT u n — Ter Tun 4>$sl961
5 104 105*4
- J 1 0 5 % ____ 10-134
105%
Dul Mlssabe & N or gen 5S..1941
- O 102% 103 101% Sept’ 16 ____ 101*2 103%
D ul & Iron Range 1st 5s____1937
- O
106
M ar’08
R eg istered ...........................1937
- J
94% 96% 90 Oct T6 ____ 92% 90
D ul So Shore <fe Atl g 5s____1937
- N 104 ____ 104
104
3 103 101
Elgin Joliet & East 1st g 53.1941
S 1085$ 109 109
2 108% 11138
109
Erie 1st consol gold 7s......... 1920
-N
90 ____ 95% Sept’ 16 ____ 95*2 98*2
N Y & Eric 1st ext g 4s___1947
____
- S 10134 102 101 Juno’ 10
101 % 102%
2d ext gold 5 s ............ ..1 9 1 9
- s
100% Aug T6 ___ too 100
3d ext gold 4 M s..............1923
- 0 101 % ____ 1015s Aug TO ____ 101% 102%
4th ext gold 5s................1920
____
-D
91
. . 94 N o v ’ 15
5th ext gold 4s................1928
- S 109% Sale 108%
6 108 111
109%
N Y L E A VV 1st g Id 7 s .. 1920
- J
9 83
84%
85
84% 85
80*2
Erlo 1st con g 4s prior____1996
- J
80 Oct T5 ____
83
83
R eg istered ...................... 1996
- J
303 71
74 Sale
73%
74
77
1st consol gen Hen g 4s___1996
J
72% Juno’ 16 ____ 72*2 76%
R eg istered ...................... 1996
- A
89% 893S 89% Oct TO ____ 88% 90
Penn coll trust gold 4s____1951
-O
6834
69
65 68
68% Sale
72%
60-year conv 4s Series A . . 1953
-O
74 Salo
73%
74% 131 70
84
do
Series U . ......... 1953
- O
80% Sale
86%
87% 199 84
Gen conv Is Series D _____ 19.52
885s
- N 107 108% 107 Oct TO ___ 105% 107%
Chic A Erie 1st gold 5 s . . . 1982
J
1041.1____ 101 Feb *16
Clev A Mahon Vail g 5s. .1938
- O 12234 ___ 123 July’ 16 ___ 121*2 123%
Long D ock consol g 6s___1935
- N 1013s 101 102
Mar’ 16 ___ 102 102
Coal A R R 1st cur gu 6 s .. 1922
- J 100 ____ 106 Aug TO ___ 102% 106
D ock A Imp 1st ext 5 s . . . 1943
-N
103% Aug T2 ___
N Y A Green L gu g 5s___1946
- J ____ 96% 99 M ay’ 16 ___
N Y Susq A W 1st ref 5 s .. 1937
98% 99
-A
100% Dec ’06
2d gold 4M s.................... 1937
- A
76
77
78 Sept’ 16 __ _ 72
81
General gold 5s..............1940
N
10511 10673 10512 Sept*16
lO.^lg 1051?
Terminal 1st gold 5s......... 1943
_ 104 " 104 “
- O 1 04 % ____ 104 Sept’ 16
M id of N J 1st ext 5s_____ 1940
-D
813S 82% 81% Sept’ 16 ___
81% 90
Wllk A Eas 1st gu g 5 s . . . 19 12
- J ____ 40 106 M ay’ 12 ___
Ev A Ind 1st con gu g 6s____1926
- J
97%
97%
3 90 102
983s 101
Evansv A T II 1st cons 6 s ..1921
___
O
56 ____ 63 M ay’ 16
1st general gold 5s...............1942
03
63
- O
198 N o v ’ ll
M t Vernon 1st gold 6s____1923
-O
Sull C o Branch 1st g 5 s . . . 1930
-D
94
95
31 91% 95
95 Salo
Florida E Coast 1st 4M S---1059
- J
85%
Fort St U D C o 1st g 4>Ss.-1941
- J
66% 70% 63 Sept’ 16 —
Ft W A Rio Gr 1st g 4s..........1928
61% 69
Great Northern—
- J 98*2 Salo 98%
98S8 199 97% 99
C B A Q coll trust 4s_____ 1921
J
2
98%
Sale
98%
9S%
97*2 98%
Registered h...................1 9 2 1
- J 100% Sale 100%
10 98% 100%
100%
1st A ref 4M s Series A . ..1 9 6 1
- J
R eg istered ...................... 1961
J
I
96% 102
97%
97%
96
97%
8t Paul M A Man Is......... 1933
- J 120% 121% 120% Sept’ 16 ___ 120% 122
1st consol gold 6s........... 1933
-J
IPJ34 Aug 16 ___ U934 121%
R eg istered ................... 1933
J
14
1 03 % ___ 103%
103%
101% 10334
Reduced to gold 4M3.1933
-J
102% M ay’ Hi ___ 102% 102%
R eg istered ...............1933
-D
98
90% 96% Oct TO ___
M ont ext 1st gold I s . . . 1937
9538 97*4
D
___
95% M ar’ 10
R eg istered ......... ......... 1937
96% 96%
-J
85*2 N o v ’ 15
Pacific ext guar 4s £ ...1 9 1 0
-O
94 ..
92% Aug T6 __ _ 92% 93
E M inn N or D iv 1st g 4s. 1948
- J 108% 109% 109% June’ 16
M inn Union 1st g 6s......... 1922
109% 109%
- J 123% 124*4 120% Sept’ 16 ___ 1203s 123
M ont C 1st gu g 6s............1937
-J
130*4 M ay’00
R eg istered ...................1937
- J 1093s 110% 109% Aug' TO .... 109% 11034
1st guar gold 5s......... 1937
-J
R eg istered ...............1937
- D 109 % ____ 10934 Aug T6 ___ 109% 110%
Will A S F 1st gold 5 s .. 1938
70
78
75 Jan Trt ___
74
75
Green Bay A W deb ctfs “ A ” ____ *'eb
71 11
14
14%
14% Salo
Debenture ctfs " B " _
___ ■’eb
14%
- J 8634____ 86 Oct TO ___ 84% 88*2
Gulf A S I 1st ref A 1 g 5 s . . 61952
- J 92
95
91% Oct TO ___ 90% 90
Hocking Val 1st cons g 4 M s. 1999
-J
R eg istered _____ ______
1999
-O
8 7 % ___ 87% Scpt'16
Col A II V 1st ext g 4s___1948
87
88
-A
88 ___
87 Aug T6 ___
Col A T ol 1st ext 4s____1955
80
87
- J 87
94*2 Keb ’ 15
Houston Belt A Term 1st 5 s. 1937
- J 97% ____ 975s S cp t’ 16 ___ 90*3 97%
Illinois Contral 1st gold 4s__1951
- J
R eg istered _______________ 1951
- J
85% 86% 85% Sept’ 16 ___ 83
85%
1st gold 3 Ms......................... 1951
- J
83 N o v ’ 15
83 .
R eg istered ...............
1951
-O
84% 86
84*2 Sept’ 16
84% 86%
Extended 1st gold 3 M s . . . 1951
-O
R eg istered ____________ 1951
83 __
- S
80 J’ly ’09
1st gold 3s sterling________1951
-s
R eg istered ....................... 1951
- 0 89% 9012 89%
23 83
Coll trust gold 4s_________ 1952
89*2
91%
-0
95% Sep T 2 __
R eg istered ........... ........... 1952
42 87% 92*3
1st refunding 4s...................1955 I-N
91% Salo
91%
92*2
- J ____ 81% 8034 Sept’ 16 ___ 80% 83
Purchased lines 3M s.......... 1952
37 84% 87%
85%
80%
86% Salo
L N O A Texas gold 4s___ 1953 1- N
84% .
R eg istered _____ _______ 1953 [- N
-D
8 9 % ____ 90 Oct T6
Cairo Bridge gold 4s_____1950
90
92*2
-J
74 Feb '14
Litchfield D lv 1st g 3s____1951
- J 79
1 78% 81%
79*2
Loulsv Dlv A Term g 3M s 1953
79% 79%
-J
83 Aug T2 ___
R eg istered ____________ 1953
- A 100% ____ 102 June’ 10 ___ 101% 102
M iddle D lv reg 5s________1921
-A
70
72% 70 Aug ’ ll] ___
70
71
Omaha Dlv 1st gold 3s___ 1951
- J ____ 77
68*2 Sep T5 -St Louis D lv A Term g 3s. 1951
-J
81% Jan TO
Gold 3 M s......................... 1951
81% 81%
- J 79 ___ 80 June’ 10
R eg istered ..................1951
80
80
- J
78% 79
Sprlngf Dlv 1st g 3M S ...1 9 5 1
79
80% 79 Sept’ 10 ___
-A
7 89
91 ____ 91
91
Western lines 1st g 4s____1951
91
-A
R eg istered ....................... 1951
-D
Bellev A Car 1st 6s______ 1923
117*2 M ay’ 10
80 ____ 94*2 J’l> T2
Carb A Shaw 1st gold 4 s .. 1932 1- S
- D 1 07 % ___ 107%
4 ioo'% 109’
107%
Chic St L A N O gold 5 s .. 1951
-D
114 Feb ' l l
R eg istered ____________ 1951
-D
G old 3 M s......................... 1951
90 Oot ’09
-D
R eg istered ................... 1951
- D 102% 102% 102
102*
Joint 1st ref 5s Series A . 1963
10 100 103%
-D
M cm ph D lv 1st g 4s___1951
88% 89% 86% D ec T5
- O ___ 87%
R eg istered ...................1951
St Louis Sou 1st gu g 4 s .. 1931 1- s ____ 92% 98 JuIy’ OS
- J 9 0 % ___
tnd 111 A Iowa 1st g 4s_____ 1950
90
92%
Int A Great Nor 1st g 6s____1919 I-N
983i 99
98%
98%
13 95
98*3
-D
91%
James Frank A Clear 1st 4s. 1959
91% 91% 91%
5 89% 92%
-O
Kansas City Sou 1st gold 3s. 1950
69%
09
70% 69*4
1C 66% 71
R eg istered _______________ 1950 , - o
03 Oct ’ 01
- J 90% Sale 90%
21 89% 94
Ref A Impt 5s_______ Apr 1950
90%
-J
Kansas C ity Terra 1st 4s___1960
27 85% 89%
88% Salo
88
88%
- J 99% Salo 99*2
2 96*i 101%
Lake Erlo A West 1st g 5 s .. 1937
101%
- J 82
2d gold 5 s . . ..................... 1941
83% 81*2 Sept’ 10
75
83*2
North Ohio 1st guar g 5 s .. 1945 i - C
72
98 M ar’ ll
- J 190% 101% 100% Sept’ 16
Leh Vail N Y 1st gu g 4 M s .. 1940
100% 103
- J 99% 101 100*2 M ay’ lt
R eg is tered ..............
1940
100*2 102
Lehigh Vall( Pa) cons g 4 s . . 2003 1 -N
91% . . 91*4 Oct ’ If
89% 92*4
100%
General cons 4 M s......... 2003 1 -N lOO’ i 100% 100%
6 99% 101%
- O 112% ____ 112% Oct ’ It
Leh V Term R y 1st gu g 5 s .. 1941
110 112%
Registered....... ......................1941 k-O 111% ____ 1111*2 June’ 16 —
111*2 111*2
« No prtco Friday: latest bid sod ,m<ed thl t w ek. <1 Due Jan
Due Feb.
V Due N ov. t Option sale.




[Vol. 103.

New York Bond Record— Continued— Page 2

_

__

BONDS
N . Y . ST O C K E X C H A N G E .
Week Ending O ct. 20.

§1

Leh Val Coal C o 1st gu g 5s. 1933 J - J
Registered............................. 1933 J - J
1st int reduced to 4s......... 1933 J - J
Leh A N Y 1st guar g 4s____1945 M - S
Registered......... .........
1945 M - S
Long Isld 1st cons gold 5 s . . 61931 Q - J
1st consol gold 4s_______ 61931 Q - J
General gold 4s___________ 1938 J - D
Ferry gold 4MS....... ...........1922 IY1- S
G old 4s.................................. 1932 J - D
Unified gold 4s___________ 1949 M - S
Debenture gold 5s......... ..1 9 3 4 J -D
Guar refunding gold 4s___1949 M - S
1949 M - S
Registered..............
N Y B A M B 1st con g 5s.1935 A - O
N Y A R B 1st gold 5 s . . . 1927 M - S
N or Sh B 1st con g gu 5s.ol932 Q - J
Louisiana A Ark 1st g 5s____1927 M - S
Loulsv A Nashv gen 6s_____ 1930 J - D
G old 5s.....................
1937 M -N
Unified gold 4s___________ 1940 J - J
Registered......................... 1910 J - J
Collateral trust gold 5s___1931 M - N
E II A Nash 1st g 6s_____ 1919 J - D
L Cln A Lex gold 4M s___1931 M - N
N O A M 1st gold 6a_____ 1930 J - J
2d gold 6s........... ............. 1930 J - J
Paducah A M em D iv 4 s .. 1946 F - A
St Louis Dlv 1st gold 6S..1921 M - S
2d gold 3s......................... 1980 M - S
Atl Knox A Cln Dlv I s . . . 1955 M -N
Atl Knox A N or 1st g 5 s .. 1946 J - D
Render Bdge 1st s f g 6s. .1 9 3 1 M - S
K entucky Central gold 4s. 1987 J - J
Lex A East 1st 50-yr 5s gu.1965 A - O
L A N A M A M 1st g 4 Ms 1945 M - S
L A N-South M Joint 4 s ..1952 J - J
Registered.......................61952 Q - J
N Fla A S 1st gu g 5s____1937 F - A
N A C B dgegcn gu g 4M3-1945 J - J
Pensac A Atl 1st gu g 6 s .. 1921 F - A
S A N Ala cons gu g 5s__ 1936 F - A
Gen cons gu 50-year 5s. 1963 A - O
L A Jeff Bdge C o gu g 4 s . . . 1945 M - S
Manila R R — Sou lines 4 s . . . 1936 M -N
M ex Internat 1st cons g 4 s .. 1977 M - S
Stamped guaranteed_____1977 M - S
Midland Term — 1st s f g 53.1925 J - D
M inn A St L 1st gold 7s____1927 J - D
Pacific Ext 1st gold 6s____ 1921 A - O
1st consol gold 5s_________ 1934 M - N
1st A refunding gold 4s___ 1949 M - S
R ef A ext 50-yr 5s Ser A . . 1962 Q - r
Dos M A Ft D 1st gu 4 s .. 1935 j - j
Iowa Central 1st gold 5 s .. 1938 J - D
Refunding gold 4s.......... 1951 M - S
M StPASSM con g 4s Int g u . 1938 J - J
1st Chic Term s f 4s______ 1941 M - N
M S S A A 1st g 4s Int g u . 1926 J - J
Mississippi Central 1st 5 s . . . 1949 J - J
M o Kan A Tex 1st gold 4S..1990 J - D
2d gold 4s...................
01990 F - A
1st ext gold 5s..................... 1944 M - N
1st A refunding 4s............ 2004 M - S
Gen sinking fund 4M s___ 1936 J - J
St Louis Dlv 1st ref g 4 s . . 2001 A AO
Dali A W aco 1st gu g 5 s .. 1940 M - N
Kan C ity A Pac 1st g 4 s .. 1990 F - A
M o K A E 1st gu g 5s____1942 A - O
M K A Okla 1st guar 5S..1942 M -N
M K A T of T 1st gu g 5s. 1942 M - S
Slier Sh A So 1st gu g 5 s .. 1942 J - D
Texas A Okla 1st gu g 5 s .. 1943 M - S
Missouri Pacific (reorg Co)
1st A refunding 5s wh Iss 1923
General 4s when Issued . . .
Missouri Pac 1st cons g 6s___ 1920
Trust gold 5s stamped___ al917
R eg istered .................... al917
1st collateral gold 5s_____ 1920
Registered______________1920
40-year gold loan 4s_______1945
1st A ref conv 5s.................1959
3d 7s extended at 4 % ____ 1938
Boonv St L A S 1st 5s gu.1951
Cent Br R y 1st gu g 4s___ 1919
Cent Br U P 1st g 4s.......... 1948
Leroy A C V A L 1st g 5 s .. 1928
Pac R of M o 1st ext g 4 s .. 1938
2d extended gold 5s____ 1938
St L ir M A S gen con g 5s.1931
Gen con stamp gu g 5s. .1931

Price
Friday
Oct. 20.
Bid
105
92
89

Range
Since
Jan. 1

Week's
Range or
Last Sale

Ask Low
High
____ 104% Sept’ 16
105 O ct ’ 13
____
____ 89% July’ 16

10512____
9 414 ____
86D 87%
95
991S
85l2
97>8
Sale

101% ___

106
94%
86
99%
99%
84%
96
90
95
101%
102%
100
97%

Low
104

June’ 16
Ju n e'16
Oct '16
Apr '16
O ct '06
July’ 16
Sept'16
90%
Jan ' l l
104%
Sept’ 16
Aug '16
July’ 16

97

Sale

89 ____
101 ____
102% 103%

84%
96
86 %

88
97
90%

88%
107
61
85%
107%
105%
87%
102%
100
99%
101
Sept’ 1 6 ------ 77%
Feb ’ 0 5 -----Sept’ 1 6 ------ 10534
M a y ’ 1 6 ------ 97%
M a y ’ 1 6 ------ 108%
105%
Sept’ 16
100
103
80%
Apr ’ 16

107%
9738
108%
108%
103%
82%

115
102%
80
52%
50

115
103%
90
64%
64

90%
108%
64
90
107%
107
89%
102%
101
82

86
90%
51% 02
91% 98%
97
90
70%
40
37%
51
30
37

__

52% .
55 .
81

90
106%
96%
90
9934

10034 102
11334 116%

100% ____ 101
79% 82
80
95
1 0 5 % ____ 105%
99 ____
97%
108 % ____ 108%
1 07 % ____ 107%
102% 103% 102%
79 ____ 81%
------- 79
77 M ar’ 10
79 N o v ’ 10
101 O ct '09
111 115% 115 M ar’ 16
102% 103% 103%
103%
87
89
86%
86 %
64 Sale
60%
64
64 Sale
63
64
60 Feb ’ 15
87% 90
89
89
61 Sale
58%
62
9234
933t
93% Salo
85 ____ 97% June’ 12
97% 98'; 97%
97%
93 ____ 92% Sept’ 16
77 Salo
76%
77%
47% Salo
47
48
443.,
40
44% 4434
62
62*4
62% Salo
38% 41
40% O ct ’ 16
37
45
37% O ct ’ 16
68
0934 Deo T3
6 5 % ____ 72 July’ 16
84
84% 84
84
75
70 Oct TO
72%
Oct TO
50%
S ept’ 16
57% 5734 Sept’ 16
96%. Sale j
67% Sale i
102% SaleJ
101 . .

89%
104%
94%
85
99%

101% 105
102% 103
99% 102
88
97%
111% 113
1083S 110%
92% 96
93
93%
103% 105%

103 ____
9 8 % ____
91
94
112%
112% 113% 112%
109% 110% 109 A u g ’ 16
95 Salo
94%
95%
93% Sept’ 16
105% 100 105% Oct ’ 16
107 % ____ 107% Dec ’ 15
101% ____ 101% Sept’ 16
1 1 4 % ____ 114% O ct '16
107 109% 109% M a y ’ 15
89 ____ 88% July’ 16
106% 108 108 Apr ’ 16
61% 63% 62
62
88 Sale
88
88
108 ____ 107% O ct ’ 16
1 0 6 % ____ 106% June’ 16
88% Sopt’ 16

102% 102% 102%

High
106%

99%
93%
78%
50%
52%
62 %
48
40
72
89%
70
73
50%
63

46 94
96%
94
96%
68% 3162 03% 68%
63%
100 102%
101%
102 %
100 Sept’ 16
89% 100
82 Oct T5
83% 97
97
97
51%
52
51%
52
82 M a y’ 16
100 Feb T3
67 Aug T6
77% D eo T3
110 M ar ’05
89% Sept’ 10
100% July’ 16
101%
103%
102 J’ly T4
833i
8334
80% Oct T 2
79
79
87 Sept’ 15
111% Sept’ lO
109 Fob TO
75% Sopt’ 16
99%
99%
80 Deo T6
88% Apr TO
107 Oct TO
110% M ar’ 16
10034 July’ 16
113 July’04
30% Aug TO
35 Aug TO
96% Feb T3
30 A u g ’ 15
40 M a y ’ 15
74
74
113%
114% 590
37
85%
85%
94%
95% 107
52
84%
84%
8234
1
82%
60
92%
93%
90 Juue’ 16
77%
78
76%
76%
7734
78%
78 Oot TO

84% 843*
Registered___________ 1929 J - J
79 Sale
R l v A G D I v 1st g 4 s . . . 1933 M -N
Verdi V I A W 1st g 5 s . . . 1926 M - S
80 ____
M ob A Ohio new gold 6s____1927 J - D 1 1 3 % ____
1st extension gold 6s____51927 Q - J ____ 109%
General gold 4s.............. ...1 9 3 8 M - S
75% . . .
99% 101
M ontgom ery D lv 1st g 53.1947 F - A
91 . . .
St Louis D lv 53..................... 1927 J - D
87% 88%
St L A Cairo guar g 4s____1931 J - J
Nashv Chatt A St L 1st 5s. 192S A - O 107 107%
Jasper Branch 1st g 6s____1923 J - J 107 % ____
M cM M W A Al 1st 6 s . . .1917 J - J 100% ___
T A P Branch 1st 6s_____ 1917 J - J 100% ___
30 ____
Nat ltys of M ex pr lien 4Ms_1957 J
Guaranteed general 4s____1977 A - O
N at o f M ex prior Hen 4 M 8..19 26 J - J
30 ____
1st consol 4s______ _______ 1951 A - O
N O M ob A Chic 1st ref 5 s .. 1960 J - J ____ 55
73% 75
New Orleans Term 1st 4s___1953 J - J
N Y Cent R R conv deb 6 s .. 1935 M -N 113% Salo
85% 85%
Consol 4s Series A ...............1998 F - A
95 Salo
R ef A imp 4 Ms “ A ” ..........2013 A - O
84% Salo
N Y Central A H R g 3M S..1997 J - J
Registered......................... 1997 J - J 8 3 8 1 % ____
Debenture gold 4s________1934 M -N
93 Sale
Registered..............
1934 M -N
78 Salo
Lake Shoro coll g 3 M s___1998 F - A
76
79
Registered...................
1998 F - A
78% Sale
M ich Cent coll gold 3 M S --1998 F - A
74 ____
R e g is te r e d ......................1998 F - A
Battle C r A Stur 1st gu 3s. 1989 J - D
6 3 % ____
95 July TO
90 ____
Beech Creek 1st gu g 4 s .. 1936 J - J
Registered_____ ________ 1936 J - J
9 3 % ____ 9334 Sept’ 10
2d guar gold 5s_________ 1938 J - J 102 % ____ 104 M a y ’ 16
Registered___________ 1936 J - J
Beech Cr Ext 1stg 3 M s . . 51951 A - O
88 ju n e ’ 16
Cart A Ad l s t g u g 4 s _____ 1981 J - D
90
91
G ouv A Oswe 1st gu g 5 s ..1942 J - D 104% .
M oll A M ai 1st gu g 4s___1991 M - S ____ 94% 94 M ar’ 16
87 ____ 89% Feb TO
N J June R guar 1st 4s___1986; F - A
N Y A Harlem g 3M s____2000|M-N *86 . .
85 JnntTO
N Y A Northern 1st g 5s. 1923 A - O 106% ..
106% Sept’ 10
90
90% 88 Aug TO
N Y A Pu 1st cons gu g 4s 1993j A - O
Pine Creek reg guar 6s____1932! J - D 117 ____ 113 M ay’ 15
R W A O con 1st ext 5 a ..51922! A - O 103% 104% 103% Oct. TO
R W A O T It 1st gu g 5s._ 1918IM -N 102
104 Junc’ 10
1 Duo April, « Due M ay. 0 Duo June, h Due J u lv
D ue Aug.

39% 52
40
52
82
85

89
92
100 100%
9934 103%
74%

85

O S' *79 ‘
111% 115
102 109
75
70%
99% 102
88%
103%
110%
100%

88«4
107%
110%
101%
30%
35

69
74
110% 117%
81% 86%
91% 9538
81% 84%
80% 83
8934 93%
90
90
74
79%
73% 78
80%
75
74
78
94% 96%
93% 93%
104 104
88

88

94
89%

94
89%

105% 106%
88
91%
10338 104%
0 Due Oot.

BON DS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 20.

Price
Friday
Oct. 20.

Week'*
Range or
Last Sale

Bid
Aik Low
High
N Y Cent & H It K R (Con.)—
95
88
Rutland 1st con g 412s ___1941 J - J
81*4 D ec ’ 15
6814 Oct ’ 16
68 12
Og & L Cham 1st gu 4s g 1948 J - J
67
J
J
92 Juue’09
Rut-Canada 1st gu g 43-1949
96
100 Oct ’ 15
St Lawr & Adlr 1st g 5s___199(5 J - J
111 I19ia M ar’ 12
2d gold (is........................ 199(5 A
97%
97i 2 July'18
Utica .5s Blk ltlv gu g 4a__ 1922 J - J
85%
85*2 Sale' 85
Lake Shore gold 3%a_____ 1997 J - D
84
83% July 16
R e g is te r e d ____________ 1997 J - D
95%
95%
Debenture gold 4s_____ 1928 M - S 95% Sale
95% Sale
95%
95*4
25-year gold 4s_________ 1931 M -N
94*4 Oot ’ 16
R eg istered __________ 1931 IYI-N
K a A & G It 1st gu c 5s___193S J - J
101% D ec ’ 15
M ahon C ’l Itlt 1st 5s_____ 1934 J - J 106
103 July 16
Pitts 3s L Erie 2d g 5 s ...a l9 2 8 A - O 103 ,
130% Jan ’09
Pitts M cK 3c Y 1st gu 6S--1932 J - J li5 %
2d guaranteed (is______ 1931 J - J 113% ,
123% M a r’ 12
M cK ees 3c B V 1st g 68-1918 J - J
M ichigan Central 5a......... 1931 IYI - S 106% ,
106% Aug ’ 16
105 July’ 16
R e g is te re d ____________ 1931 Q -M 105
98 Apt ’ 12
4s.........................................1940 J - J
90*4
87 Feb ’ 14
R e g is te re d __________ 1940 J - J
90 June’08
J L 3: S 1st gold 3 H s ___ 1951 M - S
82% 86
82% Scpt’ 16
1st gold 3M s___________ 1952 M -N
88
89% 88 Oct ’ 16
20-year debenture 4s___ 1929 A - O
94% Sale
94%
94%
N Y Chic & St L 1st g 4 s -.1937 A - O
90
R e g is te re d ......... . ..........1937 A - O
90*4 Aug ’ 16
77%
Debenture 4s__________ 1931 M -N
77%
77%
92%
West Shore 1st 4s guar___2301 J - J
91%
92%
89 Salo
R eg istered ____________ 2361 J - J
89
89%
N Y C Lines eq tr 5 s .-1916-22 M - N 100*4 Sale 100*4
100*4
Equip trust 45^8.-1917-1925 J - J
99%
99*4 July’ 16
N Y Connect 1st gu 4 55s A . .1953 F - A 98% 98% 98*4
98%
N Y N H 3c Hartford—
80
79% Sept’ 16
N on-conv deben 4s______ 1947 M - S
71 S ept'16
71
N on-conv deben 3%%____ 1947 M - S
69% Oct '16
69
N on-conv deben 3H a ____ 1954 A - O
77% Sopt'16
77% 79
N on-conv deben 4 s ........... 1955 J - J
77% Oct ’ 16
77% 79
N on-conv deben 4s........... 1956 M -N
68% 69% 69 Oot '16
Conv debenture 354s.......... 1956 J - J
112*4
Conv debenture 6s.............. 1948 J - J 112*4 Sale 112%
79%
Cons R y non-conv 4s_____ 1930 F - A
N on-conv deben 4s____ 1954 J - J ____ 82% 91% Jan ’ 12
79% Apr ’ 16
N on-conv deben 4s____ 1955 J - J
N on-conv deben 4s____ 1955 A - O
N on-conv deben 4s____ 1956 J - J
91% Sopt’ 16
90% ..
Harlem R -l’ t Ches 1st 4s. 1954 M -N
99% June‘ 12
B <fc N Y Air Line 1st 4 s ..1955 F - A 89% ..
. . . 82% 79%
82
Cent New Eng 1st gu 4S-.1961 J - J
Hartford St R y 1st 4s____1930 M - S
105% Mny'16
Ilousatoulc R cons g 5s___1937 M -N 107 .
87 J’iy '14
91% ,
Naugatuck R R 1st 4s____1954 M -N
88 A u g ’ 13
90% .
N Y Prov 3c Boston 4s____ 1942 A - O
75% 76% 75
75%
N Y W ’ches.tcB 1st sort 454s '46 J
107 Aug ’0y
N n 3c D erby cons cy 5s. .1918 M -N 100%
Boston Terminal 1st 4s___1939 A - O
108 . . .
New England cons 5s____1945 J
92 . . .
99% M ar’ 12
Consol 4s_______________1945 J - J
69% Sept’ 16
Providence Secur deb 4s. .1957 M -N ------- 70
99% Deo ’ 14
Prov 3c Springfield 1st 53-1922 J - J
Providence Term 1st 4 s .-.1 9 5 6 M - S
83% Feb ’ 14
W 3c Con East 1st 4 54s___ 1943 J - J
N Y O 3c W ref 1st g 4s____g1992 M - S
81
81
92% June‘ 12
Registered 85,000 o n ly ..((1992 M - S
General 4s..............................1955 J - D
79
79 Apr ’ 16
80% 82
78 Aug '16
Norfolk Sou 1st * ref A 5 s . . 1961 F - A
100
99 101 100
N orf 3c Sou 1st gold 5s........... 1941 M -N
120
120
N orf & West gen gold 6s____1931 M - A 120
Improvement & ext g 88.-1934 F - A 1 2 0 % 122 121% July’ 16
120 S ep t'16
Now River 1st gold 6s____1932 A - O 118*4
94%
95
95 Sale
N 3c W R y 1st cons g 4s___1996 A - O
93% Deo '16
R eg is te re d ....... ............... 1996 A - O
90
90 *91 ’ 90
D Iv’l 1st lion 3e gen g 4s. 1944 J - J
143*4
143*4
10-25-year conv 4s_____ 1932 J - D 139%
137% O ct ’ 16
10-20-year conv 4s_____ 1932 M - S
144 Oot ’ 16
10-25-year conv 454s___ 1938 M - S
89%
89%
89*4
Pocah C & C Joint 4s___1941 J - D
103 Sept’ 16
C C A T 1st guar gold 5 s .. 1922 J - J 102%
94
93
93 O ct ’ 16
Sclo V A N E 1st gu g 4 s .. 1989 M - N
93% Sale
92%
93%
N or Pacific prior lien g 4s__ 1997 Q - J
91%
92% Oot ’ 16
R eg istered ....................... 1997 G - J
66%
67
General lien gold 3s_____ a2047 Q - F 67
65%
65% June’ 16
R e g is te re d ___________ a2047 Q - F
91%
91% Sept’ 16
St Pnul-Duluth D lv g 4 s .. 1996 J ' D
109%
109*4
St P A N P gen gold 6 s .-.19 23 F - A 109%
109% Oct ’ 15
Registered certificates..1923 Q - A
107 M ar’ 16
St Paul A Duluth 1st 5 s .. 1931 F - F 1 0 7 '
100*4 Sopt’ 16
2d 5s..................................1917 A - O 100%
91% Sept’ 16
88
1st consol gold 4s______ 1968 J - D
85*4 87% 90% Fob ’ 16
Wash Cent 1st gold 4s____1948 Q -M
N or Pao Term C o 1st g 6s___1933 J - J 111 112% 111% S cp t’ 16
86 %
86
Oregon-Wash 1st A ref 4 s . . .1961 J - J
86*8 86
96 Sept’ 16
96
Pacific Coast C o l s t g 5s____1940 J - D
98
Paducah A Ills 1st s f 412s . .1955 J - J
98*s 99% 98% Oct '16
99%
Pennsylvania R R 1st g 4s___1923 M -N
99% O ct '16
Consol gold 5s___________ 1919 M - S 102 %
103 O ct '16
Consol gold 4s.... ............... 1943 M -N
98% Oct ’ 16
98*8
Consol gold 4 s . . ................1948 M -N
99% 99*4 99%
99%
Consol 4 J ^ s .......................I 9 6 0 F- A 105*4 Salo 105*4
106%
General 4J4s when Issued.1905 J - D 102 % Salo 102%
102%
97
Alieg Val gen guar g 4 s . . . 1942 M - 8
97
97% 97
D It R R A B ’ge 1st gu 4s g_1936 F - A 94%
94% Sopt’ 16
99%
Phlla Balt A W 1st g 4s. .1943 M - N
98% S ept’ 16
Sodus Bay A Sou 1st g 53.2924 J - J
102 Jan ’03
93
Sunbury A Lewis 1st g 4s. 1936 J
99% 100 % 99% Sept’ 16
U N J R It A Can gen 4 s ..1944 M - S
Pennsylvania Co—
Guar 1st gold 4>$s________1921 J - J 101%
101%
101%
R eg istered ____________ 1921 J - J 100 % 101% 100 Aug ’ 16
Guar 34*8 coll trust reg A . 1937 M - S 86 %
86% Jan ’ 16
85%
Guar 3H s coll trust scr B.1911 F - A
85 Sept’ 16
Trust Co ctfs gu g 3 H S ...1 9 1 6 M - N
100% Jan ’ 16
84% 87
Guar 3 ^ 8 trust ctfs C ____1942 J - D
86% July 16
86
Guar 3 H8 trust ctfs D ____1944 J
86*4 86 %
86 %
95
Guar 15-25-ycar gold 4 s ..1931 A - O
98% 95
95%
92
40-year guar 4s ctfs Ser E .1952 M -N
92 A u g ’ 16
91
M
N
Cln Lcb A Nor gu 4s g . .. l 9 4 2
91 Oot ’ 16
99%
Cl A M ar 1st gu g 4)$S ---19 35 M -N
99 A u g ’ 16
Cl A P gen gu 4M sser A . . 1942 J - J 103*i
103% Oct '16
Series B ............................. 1942 A - O 103*4
104 Deo ’ 15
88
Int reduced to 3 M s .-1942 A - O
91% Feb ’ 12
Scries C 3 M s.....................1948 M - N 88 %
90% Oct ’ 12
88
Series D 3 H s __________ 1950 F - A
89% Sept’ 16
88%
88% O ct '16
Erie A Pitts gu g 3)^8 B ..1 9 4 0 J - J
88
%
Series C ...................
1940 J - J
90% J’ ly ’ 12
99%
G r It A I ex 1st gu g 4)4sl941 J - J
99% Aug ’ 16
94%
Ohio Connect 1st gu 4 s ...1 9 4 3 M - S
93 M a y '14
Pitts Y A Ash 1st cons 53.1927 M - N 104%
109 M ay’ 10
99%
T ol W V A O gu 4)4s A ___1931 J •
98% Oct ’ 15
99%
Series B 4 M s...................1933 J
98% Juno’ ls
Series C 4s....................... 1942 M
91*4
94 Apr ’ 16
P C C A St L gu 4M s A ___1940 A - O 101%
101%
101%
Series B guar................... 1912 A - O 101% 102% 101%
101%
Scries C guar................... 1942 M - N 101%
97% July’ 15
Series D 4s guar...............1945 M - N 95% Salo
05%
95%
Scries E 3M s guar g o ld . 1949 F - A
95%
95%
95%
Series F guar 4s g o l d . . . 1953 J - D
95%
95% Jan '14
Series O 4s guar......... ..1957 M - N 95%
9578 S ept’ 16
Series I cons gu 4 M s . . . 1963 F - A 101
101 A u g ’ 16
C St L A P 1st cons g 5 s .. 1932 A - O
107%
107% Sept’ 16
* N o prlco Friday;latest bid and asked. a Due Jan. 6 Due Feb.
1 Option sale;




1493

New York Bond Record—Continued— Page 3

ion

Range
Since
Jan. 1
Low
68%

97%
83%
83
94%
93*4
94
102

High
69

97%
86
83*4
96
95%
94*4
104

106% 106%
105 105

82%
86 %
91
90*4
77%
87%
86 %
100%
99*4
97%

85
90*2
95%
93*4
84*4
93
90
102
100%
100 %

79%
71
69%
77%
77%

81%
73
72
81%
82
68*4 73
110 116
70%

79%

91% 93
79"% *83

69%

70

777g 84
76
79
78
80
97 100
1187S 120
120% 122
119% 120%
91% 95%
88*4
113%
114
115%
88
103
91%
91%
90%
65%
63%
91%
109%

91
146%
143
144
90%
103%
94
94%
93%
67
65*4
91%
113

107

107

100% 101%
90
90

111

83%
93
98
98%

102%

91%
90%
111%
88
100
9878
99%
103%
99%

98%
98 100%
104% 106%
100*4 1027g
96% 07
94% 96
98% 98%
99% 100
100%
100
86 %
85
99%
86 %
85
94%
92
90%
99
103%

102 %
101%
86 %
85%
100%
86 %
86%
95%
92
91
99*4
105%

89% 89%
88% 90
95%

99%

93% 94
101 102%
101% 102%
91*4 95%
92
95%
9578 9578
101

BO N DS
Y . ST O C K E X C H A N G E
Week Ending O ct. 20.

102%

107% 107%

t Due May.

Peoria & Pekin Un 1st g 6 s . . 1921
2d gold 4M s.......................*1921
Pere M arquette— R ef 4s____1955
Refunding guar 4s________1955
Chic & West M ich 5s......... 1921
Flint & P M gold 6s____1920
1st consol gold 5s______ 1939
Pt Huron D lv l s t g 5 s .. 1939
Philippine R y 1st 30-yr a f 4s 1937
Pitts Sh & L E 1st g 5s......... 1940
1st consol gold 5s_________ 1943
Reading C o gen gold 4s......... 1997
R e g is te r e d .................
1997
Jersey Central coll g 4s. ..1 9 5 1
Atlantic City guar 4s g ___1951

Interest
Period

Oct. 21 1916.]

Price
Friday
Oct. 20.

Bid
Aik
Q - F 100 ____
M -N
87 ____
J - J
27
32
J - J
27
32
8 9 % ____
J - D
A - O 105 ____
70 ____
M -N
40
48
A -O
J - J ____ 49
A - O 1 06 % ____
J - J
96
96%
J - J
J - J
95
95*4
96
96%
A -O
93 ____
J * J
80 Sale
J - J

Week's
Range or
Last Sale
Low
102
87
14
27%
85
105
75%
40
50
106%
113%
95*4
95
96
80

High
N ov'1 5
M a r’ 16
Apr '16
29
Ju n e'16
Oct ’ 16
Apr ’ 16
S op t’ 16
Apr '16
Aug '16
N o v ’ 11
96%
95
96

Rang*
Since
Jan. 1

is
as

No. Low
___

87
14
29
85
105
76
40
51
106%

1

93%
92*4
94%

96%
95
97%

3

59

80

6

____
____

____
____
___.
__ ...
46
5

80

High

87
14
14
83
101
74
40
50
106%

912 67% 71%
70% Sale
70%
71
J
J
86% Sale 86
86% 91 83% 88
J - J
88 Salo 86
88 312 74 88
J - J
504 39
58 Sale
58
July
56%
58
St Louis * San Fran gen 6s. 1931 J - J 110% 113 113 Sept’ 16 ____ 109 118
General gold 5s_______ 1931 J - J 102*4____ 102*4 Oct '16 ____ 100% 103%
J - J
78 M ay’ 16 ____ 68% 78
76
78
M -N
73% Oct ’ 16 ____ 45^ 73
76
79
77
77U 60 46 77%
Trust C o ctfs o f d e p o s it.,
72
74% 74%
74%
20 43% 74%
do
Stamped
9 2 % ____ 92% Sept'16
A -O
Southw D lv 1st g 5s____19
89
93
5 67% 8334
Refunding gold 4s_____ 1951 J - J 83*4 Salo
82
83*4
R e g is te re d __________1951 J - J
80*4 M a r ’ l l
8 2 % ____ 82%
1
82%
Trust C o ctfs o f deposit
76% 78%
do
Stamped
M -N 109% 111% n o
no
9 109% 110%
104 75
77 Sale
A- O
76%
77
78
90 ____ 90 Ju n e'16
A - O
90
90
21 75% 80
M- N
77*4 78*4 78
78%
64% 68
6434
64 Oct ’ 16 — -1 62
2d g 4s Income bond ctfs.p l9 8 9 J - J
69% Sale
67*8
69% 278 60% 69%
Consol gold 4s....... ............ 1932 J - D
69 Sale
103 60
J - J
67%
69
70
____ I
J - D 100 ____
2 02% 70*4
67
69
69%
69%
j - j
1 101% 101%
j - j 101% ____ 101%
101%
3 74
80% 81
80%
80%
84%
A -O
7 78% 83%
80% Salo
A -O
80%
81
67% Sale
66%
67% 128 64
70
F- A
21 65% 72
67% Sale
A -O
67
67%
2 82 87%
86*4 87% 86%
86%
Atl BIrm 30-yr 1st g 4s..«1933 M - S
88% 88% 88 June’ lb . . . . 88 88
J - J
J - J 100% ____
10153____
9 102% 103%
102*4
J - J 102*4____ 102*4
1031.1 ___
j - I 101% ____ 102% Oct ’ 16 ____ 161% 103
...
------J - J 102 ____ 99% Aug ’ 15 —
Southern Pacific Co—
87% Sale
J - D
86%
88 123 83% 88
____
90 Feb ’ 14 ____
J - D ____ 86
88% Sale 88%
88% 367 86% 89%
M- S
370 102% 107%
J - D 106 Sale 104%
106
31 87% 91
90*4 Sale
F -A
90%
90%
F -A
86*4 89
87% S ept’ 16
18 84% 91
90*4 92
J - D
90%
91
85
85% 85 O ct ’ 16
A -O
84
86*4
102 102
G H 4 S A M 4 P 1st 5 s . . 1931 M -N ------- 104% 102 M a y ’ 16
99*2____ 99 Sept'16 - - - 99
99
2d exten 5 i guar______ 1931 J - J
M -N ------- 102% 100% Jan 'lb . . . . 100% 100%
102 M a y ’ 16
101 102%
M -N ____ 102
5 100 103%
100
M -N 100% 102% 100
10! 106 106%
106%
J - J 106 ____ 106%
96 ____ 96 O ct ’ 16 ____ 94% 96
Gen gold 4s lnt g u a r ... 1921 A - O
109% N o v 'l t ____
- - ___
M -N
. . . 103 N o v ’ 16
A & N W 1st gu g 5s......... 1941 J - J 101
1 0 5 % ____
Louisiana West 1st 6 s ..
____I
104% 104*4
A - O 103*8 105% 104*4 July’ 16
- - ____ 105 Jan ’ 16 . . . . 105 105
J - J
____
A -O
106*4____ 105 Oct ’ 16 ____
1
102%
100% 102%
J - J 101% 102% 102%
M - N 107% . . . 107% S ept’ 16 . . . . 107% 107%
4 94% 97
96 Salo
96
96
J - J
85% Salo
79 82% 86
A-O
84%
85%
93 100
- -.
96 Apr ’ 14
J - J
91 Sale
J - J
90*4
91% 197 89% 91%
J - J 102% Sale 101*4
102% 210 100 103%
J - J ____ 102% 100% A u g ’ 16 - - - - 100% 100%
246 69
75% Sale
A -O
75%
76
77
78 Sale
M- S
78
78
78
1 75
2 100 104
J - J 10C% 101% 101%
101%
82*4 86
84%
J - J
84% Oct '16 - - - - 80
J - J 1 02 % ____ 102% Sept’ 16 ____ 102% 103%
98*4 99% 98% Sept’ 16 ____ 98% 99
J - D
2 94% 96
J - J ------- 98
94%
94%
56 100*4 103*4
J
J 103*4 Sale 102%
103*4
15 81% 85%
J - J 8 1 % ____ 83%
83%
79% 81%
2d 4s.................................1948 J - J ------- 82
81% M ar’ I6 . . . .
75 ____ 75*4 Deo 14 . . . .
.
A- O
J - J 1 0 4 % ____ 104% Apr '16 ____ 103% 104%
10 105% 106*4
M - N 106*4 Sale 106*4
106*4
4 99% 101%
M - S 100 101 101
101
1 57 60
A - O ____ 60
58
58
J - J 106% 107% 107 Sept’ 16 ____ 106% 107%
J - J 108 ____ 109% Aug T6 . . . . 108 110%
J - J 103 % ____ 106 Sept’ 16 —
105% 106
71% 76% 71*4 M a y ’ 16 ____ 71*4 71*4
J - J
A - O 103% 104% 103% Sept’ i6 . . . . 103% 104%
....
M- N
73 Sep ’ 12 ____
M -N 101 161% 101 Oct '16 ____ ioo% 103
M - S 102 % ____ 102% June’ lb ____ 102 102%
M- S 1 0 3 % ____ 103% Aug ’ 16 ____ 102 103%
M - S 1 0 4 % ____ 104 M ar’ 13
M -N 106% ____ 108 Sept’ 16 ____ 162*4 ioo'%
J - J 1 0 3 % ____ 105 M a y ’ 16 ____ 102% 105
86% 91
A-O
90 Sept’ 16 ____ 89% 90*4
92
92*4 91 Sept’ 16 ____ 91
F- A
94%
W O & W 1st cy gu 4s__
92 ____ 91% Oct ’ 16 ____ 91% 93
J - J
Spokane Internat 1st g 5 s ..
99*4 102 100% O ct '16 ____ 98% 100%
A- O
F - A 100 108 105 Aug ’ 16 ____ 103% 106%
1 84% 88
84% Sale
J -J
84%
84%
A - O 100*4____ 100% Aug ’ 16
99% 101%
63 95
98% Sale
J -D
98
98%
98%
Tex & Pac 1st gold 5s.
38% 45
M ar
36% Sept'16 ____ 35
45
89
89% 88 O ct '16 ____ 88
90
La D lv B L 1st g 5s........... 1931 J - J
____ 95 106*2 N ov ’04
F -A
2 103 105’ %
104
104
j - j 103*4 105
A - O ____ 100% 101% M ay’ 16 ____ 101 102%
J - D ____ 93
94 M ay’ 16
93
94
82% 83% 82
1 82
82
84%
A -O
96% 98
J - J
97 O ct '16 ____ 97
99
53% 55
61
J - J
53% O ct '16 ____ 50
81% 85
J - J
81% O ct ’ 16
78% 83
57% 59*4 60 O ct '16 ____ 54
A -O
62
____
20
50
F -A
18% M ar’ 16
18% 18%
Coll tr 4s g Ser A ____
83
84
J - D
83 Apr ’ 16 ___
83
86
J - D ____ 100% 10C% Sept’ 16 ____ 99% 101%
A -O
74 M ar'15
J - J
98 Salo
59 95% 98%
97%
98
96 ____ 96 O ct ’ 16
J - J
95
97%
J - J
95% Sale
94*4
95% 109 92% 95%
M- S
91*4 Sale
60 89% 91*4
91%
91*4
J -D
21 91% 93
91*8 92% 91%
92%

g Due June.

A Due July,

k Due Aug.

0 Due Oot.

p Due Nov.

q Due Dec

New York Bond Record—Concluded— Page 4

BONDS
Y . ST O C K E X C H A N G E
Week Ending O ct. 20.

Price
Friday
Oct. 20.

Week’s
Range or
Last Sale

Bonds
Sold

1494

Ranoe
Since
Jan. 1

Bid
As* Low
High No. Low High
Union Pacific (Con) —
107%
Ore Short Lino 1st g 6a___ 1922 F
108 Sept’ 16
107% 109
106 107%
1st consol g 5a_________ 1946 J - J 100% 107 106% Oct ’ 16
86 91
Guar refund 4a......... .......1929 J - D
93% Sale
93%
94
94
102
M ar’ 16 . . . 102 102
Utah A N or gold 5a_____1926 J - J 101
92% 100
90 Apr ’ 16 —
1st extended 4a_______ 1933 J - J
90
95
90%
90% O ot ’ 16 —
Vandalla cona g 4a Ser A _____1955 F - A
90% 91
91 June’ lG _____ 91
90%
Consol 4a Series B _______ 1957 M - N
91%
87
42% Aug ’ 15
Vera C rui A P 1st gu 4 H S ..1 9 3 4 J - J
99% Salo
99%
Virginian 1st 5s Series A ____ 1962 M -N
99% 181 97% 99%
105% Sale 104%
75 103 105%
Wabash lat gold 5a_________1939 M -N
105%
99%
45 98 100
2d gold 5a............................. 1939 F - A 100 Sale
100
80 110
90 Juno’ 12
Debenture Series B ______ 1939 J - J
96%
100 M a y ’ 16 _____ 96% 100
1st lien equip a fd g 5a____1921 M - S
lat lien 50-yr g term 4a___1954 J - J
75
65 D ec ’ 15
105 July’ lG
D et & Ch Ext 1st g 5a_____ 1941 J - J 103%
103 105
80
80 Aug ’ 12
Dea M oin D iv la tg 4a_____1939 J - J
72
72 Apr ’ 16 _____ 72
76
Om D iv 1sti 3 M s..............1941 A - O
73
82 % 85% 86 Juno’ 16 _____ 82
T ol A Ch D iv 1st g 4 s____1941 M - S
87
W ab Pitta Term Is t g 4a____1954 J - D
1*3 2%
n * Oct ’ 16
%
4%
2
Cent and O ld Col T r C o certs. _
i-i
1%
1%
1%
%
3%
2
2
2
Colum bia T r C o certfa..............
10
1%
‘2 3*2
Col T r ctfa for Cent T r ctfa____
1*2 2
1*2 Sept’ 16 _____
%
3%
2d gold 4a________________ 1954 J - D
% Aug '16 _____
*i
%
%
Trust Co certfa______ _____ _
%
% July’ 16 _____
*3
*4
84% Aug ’ 16 _____ 83% 84%
84%
Wash Term l lat gu 3 H a____1945 F - A
94
lat 40-yr guar 4s................1945 F - A
95% 91% Aug ’ 15
74
W est M aryland 1st g 4a_____1952 A - O
66 71
74% Sale
74%
75%
105%
105%
W est N Y * Pa lat g 5a_____1937 J - J 105%
2 103% 105%
84% 85% 84 %
84%
Gen gold 4a...........................1943 A - O
7 81% 84%
37 Aug ’ 16 _____ 37
37
Income 5a.....................
pl943 N ov
37
100 Sept’ 16 —
Wheeling A L E 1st g 5a____ 1926 A - O 100%
98 102
99% O ct ’ 16
98
Wheel D iv 1st gold 5a____ 1928 J - J
96
99%
97 M ar ’ 16 _____ 97
Exten A Im pt gold 5a____ 1930 F - A
97% 99
97
78%
78% Salo
R R 1st consol 4a_________ 1949 M - S
78%
68
80
75
80 Sept’ 16 _____ 80
20-year equip a f 5s............. 1922 J - J
90
80
87
88 Oct ’ 16 —
89
Winston-Salem S B lat 4s__ 1960 J - J
84% 88
88
88
Salo
Wis Cent 50-yr lat gen 4s . ..1 9 4 9 J - J
45 84
88%
88%
88% Oot ’ 16 —
88
Sup & D ul div & term lat 4a '36 M -N
90
85
90%
Street Railw ay
Brooklyn Rapid Tran g 5a_.1945 A - O 101 Sale 100%
101
7 100% 103%
75% 77% 75% Oct '16 _____ 74% 81
lat refund conv gold 4a__ 2002 J - J
52 100 101%
6-year secured notes 5a.._1918 J - J 100% Salo 100%
100%
102 O ct ’ 16 _____ 100% 102%
Bk C ity lat con 5 s . . 1916-1941 J - J 102
94% 95% 93% Sept’ 16 _____ 93% 94%
Bk Q C o A S con gu g 6 a ..1941 M -N
97
101 M a y ’ 13 _____
Bklyn Q Co A S 1st 5a____1941 J - J
Bklyn Un El 1st g 4-5a.._1950 F - A 101% 101% 101
101
1 100 102
101 101% 101
101
Stamped guar 4-5a......... 1950 F - A
1 100% 102%
84
84% 84
84
Kings County E 1st g 4s. 1949 F - A
3 82% 86%
84
Stamped guar 4s........... 1949 F - A
84% 83% Oct ’ 16
82% 86%
Nassau Elec guar gold 4 s. 1951 J - J
73% 74% 73%
74
5 73
76%
9634
Chicago Rya 1st 5a..............1 9 2 7 F - A
96% 97
7 95% 98%
Conn R y & L is t & ref g 4 Ha 1951 J - J l O U i ____ 101%
0 99% 102
—
Stamped guar 4 H a ............1951 J - J
101% 101%
9978 ____
17 74% 85%
D et United 1st cons g 4 H a .-1932 J - J
8434 Sale
Ft Smith L t & T r 1st g 5 a . . . 1936 M - S
_____
Havana Elec consol g 5a____ 1952 F - A
—
I ! ! ! "94*
87
94%
Hud A Manhat 5a Ser A ____ 1957 F - A
70 Sale
50 68% 76%
69i2
26
Adjust income 5a_________ 1957
21 25% 31%
2612 Sale
N Y & Jersey 1st 5s........... 1932 F - A
100'4 ___ .00% .
100% 102
7234
Interboro-M etrop coll 4H 8.1956 A - O
73% Sale
111 72% 76%
Interboro Rap Tran 1st 5 a ..1966 J - J
98*4.
914 97% 99%
98% Sale
9134
M anhat R y (N Y ) cons g 4 s . 1990 A - O
9134 Sale
8 88% 93
Stamped tax-exem pt_____ 1990 A - O
92% Sale
92*4.
7 89
93%
M etropolitan Street R y—
Bw av A 7th Av 1st c g 53.1943 J - D
98
99%
93% 100%
Col A 9th Av lat gu g 5a. _ 1993 M - S
98
99% 99
10 98 100%
Lex A v * P F 1stg u g 5 s ._ 1993 M - S 100 101 100 <
99 101
30
M et W S El (Chic) ls t g 4 s _ . 1938 F- A
M llw Elec R y & Lt cona g 5a 1926 F - A 102% Sale 10214
3 101 102%
Refunding & exten 4 H a ..1931 J - J
91%
MInneap St 1st cons g 5s__ 1919 J - J 100%
100% 101
94
M ontreal Tram 1 s t * ref 5s. 1941 J - J
95
92
95
New Orl R y & L t gen 4 H a- -1935 J - J
85%
_____
80
86
99
N Y M unlclp R y 1st a f 5a A 1966 J - J
_____
99
99
N Y Rya 1st R E * cf 4s___1942 J - J
75
75% 745S
23 73% 79
5114
30-year adj Inc 5s............al942 A - O
53% Sale
199 51% 63%
86
86 Sale
N Y State Rys 1st cons 4 H a -1962 M -N
86
10 83
88%
Portland R y 1st A ref 5s____ 1930 M - N
85% 88%
91
94%
Portld R y Lt & P 1st ref 5s. 1942 F - A —
78
78% 80
100 t,
Portland Gen Elec 1st 5s. 1935 J - J
96 a __
St Jos R y , L , II * P 1st g 5a. 1937 M - N *99%
95
96
100 Sep '15
St Paul City Cab cons g 5 s . .1937 J - J •102%
81% 82
20 81
Third A ve 1st ref 4a...............1960 J - J
81*2
82
83%
A dj Inc 5s--------------------------------al960 A - O
77*2
78
77% Sale
15 77% 84%
Third Ave R y 1st g 5a............ 1937 J - J 107 109% 10818 Sept’ l
100 108%
T ri-C ity R y A Lt 1st s f 5 a ..1923 A - O 100% Salo 100
100i4
16 98% 100%
Undergr of London 4 H a____ 1933 J - J
96
Income 6s..............................1948
69 Jan '16
69
80
68
69
84 Oct* '08
Union Elev (Chic) 1st g 5s. .1949 A - O
80
67 _______
United R ys Inv 5a Pitta lss.1926 M -N
67
74
United Rya St L la tg 4a____ 1934 J - J
61% 68
59% 62
61U S cp t’ 16
55
51% 65
St Loula Transit gu 5s____ 1924 A - O
65
59%
34
35 Sale
United R R s San Fr s f 4 s .._ 1 9 2 7 A - O
139 30
46%
Va R y A Poiv lat & ref 5s. .1934 J - J —
90% 8812
92
3 87
G as an d E lectric L igh t
104%
Atlanta G L C o lat g 5s......... 1947 J - D
Bklyn Un Gas 1st conag 5a. 1945 M -N 106% 107
105 107
Buffalo C ity Gas 1st g 5 a ...1 9 4 7 A - O
54 June’ l;
Columbus Gas 1st gold 5 s .. 1932 J - J
97 Feb '1,
Consol Gas conv deb 6a____1920 Q - F 127 Salo 126%
127
25 120 i27
D etroit C ity Gas gold 5 s . . . 1923 J - J 101% 102 101%
2 101 102%
1011
100
D etroit Gas C o cona 1st g 5a 1918 F - A
101% 101%
101% O ct ’ ll
D etroit Edison 1st coll tr 5s. 1933 J - J 103% 104% 104%
104 L
3 102% 104%
1st & ref 5s ser A _______ *1940 M - S 101% —
101% Oct *16
100% 101%
Eq G L N Y 1st cons g 5S..1932 M - S
100% M ay'15
Gas A Elec Berg Co c g 5 a .. 1919 J - D 100
100 Feb ’ 13
Hudson C o Gas 1st g 5a____1949 M -N
103 104 103%
103%
2 103 103%
K an City (M o) Gas 1st g 5s. 1922 A - O
91 Jan ’ 16
91
91
Kings Co El L A P g 5s____ 1937 A - O 105%
105%
105%
5 104 105%
Purchase money 6s............ 1997 A - O 116% 118 117 S ept’ 16
114% 118%
Convertible deb 6a_______1925 M - 8 120 129% 128
128
7 126 128
Ed El 111 Bkn 1st con i 4a. 1939 J - J
88% S ept’ 16
88
88%
Lac Gas L of St L 1st g 5 s ..e l9 1 9 Q - F 102 102>8 102
102
28 100% 105
R ef and ext 1st g 5s______ 1934 A - O
10218 Salo 102 %
102 %
3 100% 102%
Milwaukee Gas L lat 4s____1927 M -N
91% 93%
9338 ____ 93 Sept'16
Newark Con Gas g 5s_______1948 J - D 103*2____ 103% M a r '16
1035s 103%
N Y G E L II A P g 5s____ 1948 J - D 104l4 10458 104%
104%
8 103 105%
Purchase m oney g 4s____ 1949 F - A
S0>8 Salo
7 83% 87
85%
86%
Ed El 11 1st cona g 5s____1995 J - J 108 ____ 108
4 108 109
108%
N Y A Q El L & P 1st con g 5a 1930 F - A 10018____ 10034 Aug '16 —
100% 101%
N Y A Rich Gas 1st g 5a____1921 M -N
92% July’09
Pacific G A El C o Cal G A E
Corp unifying A ref 5 s . . . 1937 M - N
99%
99%
99i2 Sale
13 9758 100
Pacific G A E g e n A ref 5 a ..l9 4 2 J - J
92
76 92
9218 Salo
02%
92%
Pac Pow A L t 1st A ref 20-yr
6s Internat Series________ 1930'F - A ____ 96
92% Sept’ 16 — - 92
93%
Pat A Passaic G A El 5a____1949 M - S 101% ____ 99% O ct ’ 15
Peop Gas A C 1st cons g 6 s . . 1943! A - O
114% 116%
115 Sept’ 16
Refunding gold 5a_______ 1947, M - S 102 102 % 102
102 %
100% 102%
Registered........................ 1947 M - S ____ 99% 99 3 e p f 13
0
C h G -L A C o k c Is t g u g 5 s .l9 3 7 J - J 103 ____ 10278
102%
3 100% 102%
Con G C o of Chi Is tg u g 5 a l9 3 6 J - D 101% Sale 101%
101%
2 101 101%
Ind Nat Gas A Oil 30-yr 5a 1936 M - N ------- 88
86 O ct ’ 16
86
87
Mu Fuel Gas 1st gu g 5 s ._ 1947 M - N 1007*____ 100% M ar’ 16
100% 100%
Philadelphia Co conv 5s____1919 F - A
OSI-j
97% S ept’ 16 _____ i90% 98%
Conv deben gold 5s............1922 M - N
927» Sale" 92
92%
63 88
93%
Stand Gas A El conv s f 6s . .1926 J - D 100% Sale
9978
100%
12 98% 102%
Syracuse Lighting 1st g 5 a .. 1951 J - D 1003i ____ 101 S ept’ 16
99% 101
Syracuse IJaht A Power 5s lOM'.T - »
1. .Tnn»,10
Hfllo

• Noprto* Friday: latest bid and asked.

itized for
for FRASER
FRASER
Digitized


a Dm Jan.

t Due Apr.

BONDS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 20.
Trenton G A El 1st g 5s____ 1949 M - S
Union Elec Lt A P 1st g 5 s .. 1932 \I- S
Refunding A extension 5s. 1933 M -N
United Fuel Gas 1st s f 6 s . 1936 J - J
Utah Power A Lt 1st 5s____1944 F - A
Utica Eleo Lt A P lat g 5 s .. 1950 J - J
Utica Gas A Elec ref 5s_____ 1957 J - J
Westchester Ltg gold 5s____1950 J - D
M iscella n eou s
Adams Ex coll tr g 4s______ 1948 M - S
Alaska G old M deb 6s A ____1925 M - S
Conv deb 6s series B _____ 1920 M - S
Arm our A C o 1st real est 4 H s ’ 39 J - D
Booth Fisheries deb s f 6c ..1 9 2 6 A - O
Braden C op M coll tr 3 f 6s. 1931 F -A
Bush Terminal 1st 4a............1952 A - O
Consol 5s________
1955 J - J
Bldgs 5s guar tax e x _____ 1960 A - O
Chtc U nStat’ u 1st gu 4 Ha A 1963 J - J
Chile Copper 10-yr conv 7s. 1923 M -N
Computing T ab-R ec s f 6 s .. 1941 J - J
Granby C o n s M S A P c o n 6 s A ’ 2S M -N
Stam ped................................ 1928 M -N
Great Falls Pow 1st s f 5s. .1940 M - N
Int Mercan Marine 4 H a____1922 A - O
Certificates of deposit..... .............. .......
New 1st A coll tr s f 6s. .1941 A - O
Int Navigation lat a f 5a____1929 F - A
M ontana Power 1st 5s A . _ . l ° 4 3 J - J
M orris A C o 1st s f 4 H a____1939 J - J
M tge Bond (N Y) 4s ser 2 . . 1966 A - O
10-20-yr 5s series 3 ......... 1932 J - J
N Y D ock 50-yr 1st g 4 s . ..1 9 5 1 F - A
Niagara Falls Power lat 5a. 1932 J - J
R ef A gen 6s..................__al932 A - O
Niug Lock A O Pow 1st 5 a .. 1954 M - N
Ontario Power N F 1st 5s. .1943 F - A
Ontario Transmission 5s____1945 M -N
Pub Serv Corp N J gen 5 s .. 1959 A - O
Tennessee Cop 1st conv 6 s . . 1925 M - N
Wash Water Power 1st 5s. .1939 J - J
M a n u fa ctu rin g & In du strial
Am Ag Chem 1st c 5s............. 1928 A - O
Conv deben 5s......................1924 F - A
Am C ot Oil debenture 6 s . . . 1931 M -N
Am Hide A L l s t s f g 6 s ____1919 M - 8
Am cr Ice Secur deb g 6s____1925 A - O
Am Smelt Securities s f 6s__192G F - A
Am Thread 1st coll tr 4s____1919 J
Am T obacco 40-year g 6 s .. . 1944 A - O
G old 4s..................................1951 F - A
Am W rit Paper 1st s f 5s___ 1919 J - J
Baldw Loco Works 1st 5 s .-.1 9 4 0 M -N
Beth Steel 1st oxt 8 f 5s_____1926 J - J
1st A ref 5s guar A ............. 1942 M -N
Cent Leather 20-ye^r g 5s. .1925 A
Consol T obacco g 4s________1951 F
Corn Prod Rer s f g 5s.......... 1931 M - N
1st 25-ycar a f 5a________1934 M - N
Cuban-Am Sugar poll tr 6s. .1918 A - O
Distil Sec C or conv lat g 5a. 1927 A - O
E I du Pont Powder 4 H a __ 1936 J - D
General Baking lat 25-yr 6a. 1936 J - D
Gen Electric deb g 3 H 8 ____ 1942 F - A
Debenture 5a....................... 1952 M - S
III Steel deb 4 H s ___________ 1940 A - O
Indiana Steel lat 5a.............. .1952 M - N
Ingeraoll-Rand lat 5a_______1935 J - J
Int Agricul Corp 1st 20-yr 5s 1932 M - N
Int Paper C o lat con g 6a_..1 918 F - A
Consol conv s f g 5s_______1935 J - J
Lackaw Steel 1st g 5s_______1923 A - O
1st cons 5s Series A _____ 1950 M - S
Liggett A M yers T ob ac 7 a ..1944! A - O
6 s ............................................. 1951 F - A
Lorlllard C o (P) 7a................. 1944 A - 0
6a........................................ ..195 1 F - A
M exican PetrolLtdcon 6s A 1921 A - O
1st lien A ref 6s aeries C ..1 9 2 1 A - O
Nat Enam A Stpg 1st 5s___1929 J - D
Nat Starch 20-yr deb 5s____ 1930 J- J
National Tu be 1st 5s............ 1952 M - N
N Y Air Brake 1st conv 6s. .1928 M - N
Railway Steel Spring—
Latrobo Plant 1st a f 5a. .1921 J - J
Interocean P 1st s f 5s__ 1931 A - O
Repub I A S 10-30-yr 5s s f_1940 A - O
Standard M illing lat 5a____ 1930 M - N
The Toxaa C o conv deb 6s. .1931 J - J
Union Bag A Paper lat 5 s .. 1930 J - J
Stam ped................................1930 J - J
U S Realty A I conv deb g 5a 1924 J - J
U S Red A ltefg 1st g 6s____1931 J - J
U S Rubber 10-yr col tr GS..1918 J - D
U S Smelt Itef A M conv 6a. 1926 F - A
U S Steel Corp— Icou p____ (11963 M - N
S f 10-60-yr 5 a /r e g ..........dl963 M - N
Va-Car Chem 1st 15-yr 5s___ 1923 J - D
Conv deb 6a.......................el924 A - O
West Electric lat 5a D e c . . . 1922 J - J
Westlngh’se E A M conv 5s. 1931 J - J
10-year coll tr notea 5 s . . . 1917 A - O
C oal & Iron
Buff A Suaq Iron s f 5a........ 1932; J - D
Debenture 5s_____ _____ a 1926 M - S
Col F A I C o gen s f 5a____1943 F - A
Col Indus 1st A coll 5s gu ___1934 F - A
Cons Ind Coal M e 1st 5 s ._.1935 J - D
Cons Coal or M d lstA ref 5a. 1950 J - D
Continental Coal 1st g 5s___1952 F - A
Gr R lv Coal A C 1st g 6s. .*1919 A - O
K an A H C A C 1st sf g 5a. . 1951 J - J
Pocah Con Collier lat a f 5a. 1957 J - J
St L Rock M t A P 5a atm pd.1955 J - J
Tenn Coal gen 5s................. 1951
J - J
Birm D iv 1st consol 6s___1917 J - J
Tenn D iv 1st g 6s...........al917 A - O
Cah C M Co 1st gu 6s____1922 J - D
Victor Fuel 1st 3 f 5s..............1953 J - J
Va Iron CoalACoke 1st g 5s. 1949 M- S
T elegra p h & T o le p h o n o
Am Telep A Tel coil tr 4s__ 1929 J - J
Convertlb-o 4 a . . . ..............1936 M - S
20-yr convertible 4 H a____1933 M - S
Cent Dlat Tel lat 30-yr 5 a .. 1943 J - D
Commercial Cablo lat g 4 a ..2397 ,Q - J
Registered ...........................2397|Q- J
Cumb T A T lat A ven 5a___1937 J - J
Keystone Telephone 1st 5 s .. 1935 J - J
M otropol Tel A Tel lat a f 5a 191s !M -N
M ich State Telep lat 5a____1924! F - A
N Y A N J Telephono 5s g.1920 M -N
N Y Telep 1st A g e n s f lH a .1 9 3 9 M -N
Pao T el A Tel 1st 5a_______ 1937 J - J
South Bell Tel A T 1st s r 5s_ 1941 J - J
West Uulon coll tr cur 5 s . . . 1938 J - J
Fd and real cat g 4 H 9____1950 M - N
M ut Un Tel gu ext 5s____194%M -N
VorthwixifTol i t i i i Uup l O l i ' j . I

[Vol. 103.

Price
Friday
Oct. 20.

Week’s
Range or
Last Sale

Bid
Ask Low
High
101% _____ 101% June’ 14
101% 102 100% July’ 16
89 M ar’ 15
100 Salo 100
100
96 Sale
95%
96
100% --- 102% M ar’ 15
100% ___ 98 Aug ’ 15
105 105% 105%
105%
85 Sale
85
87%
85
86
93% Sale
92U Sale
98% 99
88 ____
91% 95
8978 Sale
100% Sale
127% Salo
86 Salo
106 106%
106 107
100% 101%
110 % ___
109% 110%
98% Sale
1 0 9 % ____
99% Salo
9 2 % ____
71% 73%
102% 104%
105% . .
93 ____
93
93%
------- 95
93 Sale
97% Salo
____ 100 %
102% 103%
100% Sale
96
97%
103% Sale
87% Salo
114i4 Sale
98% 99%
119% 120
85
87
87% Salo
103 105
103% 104
101% 101%

102% Sale
8 1 % ____
------- 99%
98% 98%
102% 102%
73% Sale
101% 102
____ 95
82
82%
105% Sale
93% Sale
104% Sale
75
78
10158 102
97 Sale
99% Sale
96% Salo
126% Salo

Range
Since
Jan. 1
Low

High

100% 101%
100 100
93% 06%
104% 105%

82
85
85%
86
86 %
85
85
85
85
93%
94
93
92%
92%
90
98%
99
97%
87% Oct ’ 16
86 %
86 %
92% Oct ’ 16
37 86
89
90
100%
100% 126 99%
125
127% 15'J 120%
8 81
85%
86
10 101%
106%
106%
106
106
5 103
100% S ept’ 16
99%
111 Oct ’ 16
95
109%
109%
95%
96%
97%
98%
110 Oct '16
91%
99
99%
95%
92% Sept’ 16
92%
83 Apr ’ 14
94 June’ 16
94
72 S ept’ 16
71
102% June’ 16
100%
105% O ct '16
105%
92 Sept’ 16
92
93
93%
92
86 S ept’ 10
86
92%
93
89%
93
99
88
103% Jan ’ 14
102%
103
100%
100 %
97
97%
103%
103%
87%
87%
110%
114%
99%
99%
120 S ept’ 16
83% O ct ’ 16
84%
87%
105 Oct ’ 16
103%
104%
101%
101%
102%
102%
82% O ct ’ 16
98% O ct ’ 16
97%
98%
102%
102%
73%
74%
101% O ct ’ 16
85 M ar’ 16
82%
82%
105
105%
93%
94
103%
105
100 O ct ’ 13
7G O ct ’ 16
101%
102
9G
9/
99%
100
96%
96%
126%
127%
101%
102
127%
127%
100%
101%
112 %
110
116% Oot '16

85%
117
105
95
92%
99%
89
92%
91
100%
135%
86
109%
109
101%
111
111
99%
110
99%
03
94%
75%
102%

105%
92%
95%
90%
93%
125

101% 103%
96% 101
95% 97%
103% 104%
85
88%
106% 118
97% 99%
118 120
82% 85%
65% 87%
104% 105
102% 104%
99% 103%
100% 103
82% 82%
98% 100%
95% 99%
101% 103
69% 78
101 107%
85 85
78
83%
103% 105%
89% 94
101% 105

85
92
85% Aug ’ 16
102% Sale 102
102%
103% 104 103%
104

74%
101%
81
97%
90
123%
100%
122 %
100%
106%
105
96%
85%
99%
101

100% 101% 100%
97% 98% 98
100% Sale I 99%
9513 981a 98*3
105% Sale 105%
93% Salo
93%
92 ____
87%
69
70 Sale
15
16% 15
102% Sale 102 %
109% 111% 110%
106% Salo 106
106
~98% Sale' 98%
101 101% 101%
1 0 3 % ____ 103%
124
l00% 101*4 101

S opt’ 16
98
100 %
98%
105%
03%
S opt’ 16
70%
O ct '16
102%
111%
106%
10 G%
99
101%
103%
O ct ’ 16
O ct ’ 16

99%
04%
95%
95%
104
80%
82%
68
10%
101%
100
103%
103%
96%
100
101%
112
100%

100%
98
100%
100
106
93%
87%
73
16
103%
115%
100%
106%
99%
103%
103%
141%
101%

96% July’ 10
99
95
93 O ct '16
98% 98%
98%
79%
Salo
80
73 M ar’ 14
93
" 93"
93
99% Feb ’ 14
94% M ar’ 16
99
July’ 15
93 O ct ’ 16
85% 85
85
101% O ct ’ 16
I6l% 100% S opt’ 16
100% O ct ’ 16
108 101 D eo ’ 14
87% 73 Apr ’ 14
84% 83% O ct ’ 16

96%
00
02%
74%

96%
90%
98%
82

00

93

101% 102

127% 127%

100% 101

112% Salo
108 120

100

90%
93%
98%
79%
18
92%

93%
85
101%
100 %
100%
83%

ION; 100

92% Salo
------ 105%
112 % 112%
102% 103
73
75
____ 73
100% Salo
-------100
100% ___
100% Salo
101% ___
98% Sale
102 Sale
101% Sale
101 101%
97 Sale
102% _____
04% . .

102

02%
93%
10534 O ct TO
112
102%

73
71

100 %

112%
102%

July’ 10
M ay’ 16
100 %

98 Apr ’ 16
100% S opt’ 16
100 %

101

101% Oct '16
98%
98%
101%
101%

102
101%

102 Oct ’ 16
06%
97%
101% Apr ’ 16
95
--

79
102%
97
100%
97%
127%
130
127%
102 %
128
125%
102
88%

102%
105%

04% 9434
89
84
100%
100%
100%

94
88%
103%
102
102

82%

90%

90%
100
105%
101%
73
71
99%
98
100%
09%

93%
105%
113%
103%
73
71
100%
98

101%
101

100% 101%

97%
99%
99%
100
94%
101%
OK

99%
102
101%

102%

97%
101 %

<Due May « Dm June. » Due July, t Du* Aug. « Du* Oot. » Du* Nov. < Dm D m . « Option Hit.

Oot. 211916.]

BOSTON STOCK EXCHANGE—Stock Record

SHAKE PRICES—NOT PER CEN TU M
S a tu r d a y
O ct. 14.

\ M onday
O ct. 16.

| T u esd a y
O ct. 17.

\ W ed n esd a y
O ct. 18."

PRICES.

T h u rsd a y
O ct 19

Sales
o f the
F r id a y
O ct 20

W eek
S h a res

STO C K S
BO STON ST O C K
EXCHANGE

BONDS
See N ext P age

Range Since Jan. 1

1495
Range fo r Previous
Year 1915
Highest

R a ilroad s
►105
*106 106% *106% 106%
L a s t Sale! IO434 Oct'16
Atch Topeka & Santa F e .,1 0 0 102 M a r
108 Jan 3
92*4 Feb
109% N ov
►100%
*100% 101 *100% 101
L a s t S ale 10 0 % O ct’ 16
Do
pref______ ________100
98*4 Aug 17 101% M a r 9
97 Jan
101% N o v
*177 181
181
178 179
178 180
180 180i2
223 Boston & Albany.................100 174% Sept25 198 Feb 16 170 M ar 198 Jan
SO
80%
80%
80% 80%
81
82%
8212 85
986 Boston Elevated__________ 100
65% Apr 24
88% Jan 19
73 June
96 Jan
122 122 *120 125
►122
►120 125
20 Boston & L o w e l l............... 100 122 S eptl4 145 Feb 11
109 Feb
138% Oct
44
45
*44
45
*44
45
45
4412 45
462 Boston & M aine...................100
52 Feb 14
34 Aug 29
20 Feb
37%
Oct
*207 211 *207 211
L a s t S ale 210
►210
O ct’ 16
Boston & Providence_____ 100 200 Aug
235% May29 ^225 Jan
240 June
4 * __
4 *__
4
L a s t S a le i u
M a y’ 16
Boston Suburban Eleo C os___
5 Jan
4% Feb 29
5 D ec
10 M a r
40 *
40 *
40
L a s t S a le 39
M a y ’ 16
Do
prel................................
40% Feb 29
39 M a yl9
40 Sep
56 M a r
*4%
5
5
*4%
*4%
5
L a s t S a le A h
Sept’ 16
Boston & Woro Electric C o s ..
5% Jan
4 M a r l8
5 N ov
9 Sep
47
*44% 47
*44%
*4412 47
L a s t S a le A S
Sept’ 16
Do
pref...................... ........
42 Feb 28
39 Jan
45% Ju lylS
47 July
L a s t S ale 154 Sept’ 16
Cblo Juno R y & U S Y . . .1 0 0 154 July26 154 July26
157 Feb
160 Sep
105 105
105 106
106 106
105 105 *105 106
19
D o p r e f ______________
102% Apr 26 110 J u ly l4
101% July 110 A p r.
150 153 *150 153 *150 153
150 150 *150
1 Connecticut R iver.............. 100 123 Sept
162 Feb 19 140 Feb
165 Jan
*76
77
76% 77
75% 75%
75
75
75
75
60 Fitchburg pref........... ........... 100
87 Feb 14
69% Sept27
51 Feb
76 N o v
►129 130% *129% ____ 129% 129% 129% 129% *1291-2
*130 130%
310 Georgia R y & Elec stampdlOO 122 Jan
114 Apr
129% Sept21
120 Feb
*88%
*89
90% 90% *89
90*8 90%
15
Do
pref....... ............... -.1 0 0 x86 Jan 10
84
Aug
90%
O
ct
17
88
M ar
9934 *99
9934 993.1 9934 9934 *99
9934
*99
9934 9934 9934
36 Maine Central....................... 100
92 M a r 103% N o v
98 Septl9 102 Jan 17
*434
534
5^4
*5
6
6
*5
*5
*5
200 Mass Electric C os.............. .100
478 June
5 J u ly l4
8%
Aug
30
10
Sep
*34
35
35
35
35
35
34
341,1 *34
35%
34
79
D o pref stamped________100
31 M ay 2
33 July
44 Aug 9
56 Jan
60
61
61
61%
60
58
60% 61%
61
61% 60%
929 N Y N II & H artford......... 100
67 M ay 5
77*4 Jan 3
43 Feb
87*4 Oct
105 107 *105 107 *105 107
104 104 *105 107
20 Northern New Ham pshire. 100
97 Jan
89
Oct
107
S
ep
tl4
98
Apr
141% 141% 141% 141% 141% 141% *141%
141% 141%
Old C olony_______________100 135 Sept21 157 Feb 26 140 Aug
157 Apr
*28
30
30
30
28
*28
*28
28
*26
28
Rutland, pref____________ 100
20 M ay 1 30 Jan 3
15 M a r
30
N ov
*14834
149%
►146% 147 *148% 149
*149% 150
L a s t S a le 150 O ct’ 16
Union Paciflo_____________ 100 130 Apr 26 1513s Sept27
116% Jan 141% N o v
L a s t S a le 845S Oct'16
Do
pref_______________100
81% M a r 1
84% Oct 3
79*4 M a r
817g Oct
109 109 *110 112% 109 111 *110 110% 109 109
109 109
56 Vermont & Massachusetts. 100 100% Aug 29 125 M a r 1 105 Feb
125 Apr
58% 58% *58
*58
58%
58
58
59
21 West End Street___________ 50 z55 Sept21
*58
59
58% 58%
67% Jan 19
61 M ay
72% Jan
*76
—
*76
—
76
76
76
76
25
Do
pref_______________100
*72
70
76
70
69 J u ly l3
86 Feb 25
80 July
93% Feb
M iscella n eou s
*79
*78% 80
79-% 7938 79% 79%
125 Amer Agrlcul Chemical___100
*-----79%
64 Apr 24
82% Sept22
48 Jan
73*4 N o v
101 101
101 101
101% IOM4 101 101% 10U, 1013,1 101% 101%
390
Do
pref_______________100
95% M ar23 102% O ct 2
87% M ar 101% N o v
134
134
134
134 134
*1%
134
275 Amer Pneumatlo S e rv ice .. 60
*1%
13.,
1%
l% J u ly 8
1*4
134
3% Apr 12
1*4 M a r
4% Oct
*11
12
► 11 % 12
►11
12
12
12
55
D o pref________________50
* 11%
12
* 11%
12
16 M ay 4
11 Oot
13 Dec
19% Jan
*11312 114% 115% 115% I I 6 I4 118*2 117 117% 117 117%
1,122 Amer Sugar Rerinlng_____ 100 106 Apr 22 118% O ct 17 100 Feb
119 % N ov
11914 IHJI4 119U 120
140
Do
pref......... ............. ..1 0 0 114% M a r 1 120% O ct 20 109 Feb
119% 120 119% 119% 11934 120 120% 120%
119 D ec
132l2 133
13234 133%! 133‘
1,493 Amer Teiep & Teleg_______100 126% Jan 31 134% Sept30
13312 133 133% 133 133% 133 133%
116 Jan
130% N o v
*48
49
513., 513., 53% 53%
*4912 50%
51
51
130 American W oolen o f M ass.100
*50% 51%
42 Aug
55 M a r l4
16% Apr
57% Oct
97U 97l 2
98
98%
973t 98
401
D
o
pref...........................100
98%
98*4
97l 2 98
98
98%
92 Jan 11 101% M a r l4
77 Feb
99% Oct
*73
74
74
*731, 74
73 14 73 %j *7314 74
185 Amoskeag M anufacturin g___
66 Jan
76 Aug 18
59% Jan
67 Apr
*98
74
Do
pref____
98l| *98
"98% 98%
9812, 98
98
98 July24 101% Feb 10
97% M ay 101 Feb
97%
99%
96%
99%
91
93-%
97%
9334
9334
07
36,532 Atl Gulf & W I S 8 L in e s ..100
93%
27 Jan 14
4 Feb
99% Oct 19
36 N o v
67% 07%
66% 60% 1,482
66% 67
65
67
67%
65
D o pref...........................100
66
67
42 Jan 15
69% S eptl4
978 M ar
49 N o v
213, 22%
22% 24%
2134 22
23
*22
21% 22%
*21l2 22
875 Cuban Port C em en t...$ 1 5 pd u>8% Apr 28
25% July20
*8%
9
9
9
9
9
*9
10
9
9
175 East Boston Land________ 10
13% Jan 19
8% Aug 16
8% Dec
13% Apr
232 232 *233 234
234 234% 234 % 234%
235 236 *233 234
160 Edison Electric Ilium _____ 100 234 Apr 27 250 M a r 7 230 M ay 260 Jan
178 180% 181 181
1S4 185% 185% 180
*17512 17012 *177 178
270 General Electric........... . .. 1 0 0
159%
Apr
22
186
O
ct
20
138%
Feb
184%
Oct
98
99
100
100
100
100
101 101
100 100
*98<2 100
300 M cElwaln (W H) 1st pref. 100
95 June 8 102%Sept 8
96% Aug 104 M a r
82
83%
83% 86%
87% 90
82% 8212 82% 82%
88 % 89%
4,303 Massachusetts Gas C o s ...1 0 0
79 Sept21
90 Oct 19
78 Apr
94 Aug
80% 81
82% 82%
81
82
82
82
81
813.,
8134 82%
246
D o pref........................... 100
78 S eptl4
89 Feb 14
84 N o v
92% Jan
*162 103% 102
163% 165
162%
>16334 166
5 Mergenthaler L in o t y p e ... 100 155 M ay 4 172 Jan 19 154 Feb 200 Jan
.
*.60
....
*.60
*.00
L a s t S ale 1
O ct’ 16 ............M exican Telephone..............10
.90 Aug
2% Jan 15
% Apr
3 Sep
*____
17
17
17
17
L a s t S ale 16 June’ 16
............Mississippi River P o w e r .. 100
15 Jan 18
19 Apr 10
10 Juno
16% Deo
39
39 *___
39
39
L a s t S ale 39
Aug’ 16 ............ D o pref....... .............
100
39 Apr 21
44 Feb 8
35 Feb
46% Jan
*27
’ 2 7 ' 27
*27" _
*27
*27
__
4 New Eng Cotton Yarn____100
30 Jan 7
23% J u ly l8
20 Apr
30 N o v
*55
55% 55% *55
00
60* *55
60
*55
00
100
10
D o pref..................
50 Jan 24
58 Jan 7
25 July
55 D ec
128% 12878 129 129
129 129
128% 129
129 129
129% 130
849 New England T elephon e..100 126 Aug 16 140 M a r l7 zl27% June 143 Jan
144% 146
146 147
143 144 *142 144
147 147
206 Nlpe Bay Com pany______ 100 102% Jan 11 160 M ay 5
170% 171
170% 170% 171% 171% 171 171
172 172
171% 171%
207
Pullman
Com
pany________100
158%
Apr
28
175
O ct 5 150 Feb
5434 5634 55% 5534 55% 65% 55
170 Oct
553s 56
55% 56
55%
5,025 Punta Allegre S u g a r......... 50
51 O ct 10
58% Oct 11
16
1534 153.» 15% 15%
*15% 16
16
*15% 16
17 Reece Button-H ole_______ 10
15 Feb 3
16% M ay23
15 Sep
18% Jan
144 147% 147% 148% 148% 150
143
170% 173 zl40
154 159%
5,590
Swift
&
C
o
.......
...........
100
125
Feb 5 177 Oct
104*4 Jan
128 N o v
61
01
61
61
*60
61
61
61
60% 01
61
01
132 Torrlngton_________________ 25
35
Jan
14
67
Septl9
28
M
ar
36%
Deo
32
32
*31% ____ *31% —
32
32
* 3 2 % ____
30 D o pref...... ................... 25
28 Jan 14
33 M ar 2
20 M ar
30% Sep
159% 10134 161 16134 160% 162
158l2 159
100% 104
162’ 163" "
2,085 United Fruit_____________ 100 136% Jan 31 168*4 Aug 21
110 Feb
163 N o v
56% 57%
5634 57%
56 '4 50%
57
57
573,
57%
57
57%
3,368 United Shoe M ach C o rp ._ 25
63% M a yl2
50 June23
48 Aug
65 M ay
2934 293.1 2934 30
30
2934 30% 30 30
30
30
30%
274
D o pref_________
25
28% Jan 3
31 Septl8
28 M a r
30 Aug
108 108% 109% 112%. 113% 1143,t 113% 11434 114% 110% 116 119% 12,406 U S Steel Corporation____100
7934 M a r 1 120% Sept29
38 Feb
89% D eo
*120 120 % 120% ---120% * 120 % 120% 119% 119% *120% 1203,
6
D o pref_______________ 100 115% Feb 5 121% O ct 2 102% Jan
117%
Oct
734 8
734 8
8
8
83S 10
8% I
8%
8%
8*4
23,014 Ventura Consol Oil Fields.
13 Jan 3
6% Septl8
10% D ec
14% N o v
M
in
ing
*3%
4
*3%
*3%
334 '
3%
4%
4%
4%
*4
4%
4%
410 Adventure C on .......................25
1*4 Feb 17
5% Apr 11
4 Jan
47g Apr
104 105
105 106
105 105
105% 105% 105% 106%
240 A h m eek ___________________ 25
91 Aug
108 Sept25
92% Dec 103 Aug
12
12%
12
12%
12
11% 12
11% 12%
13% "Is" "13%
10
4,043 Alaska G old_________
11*4 Sept 2
26% Jan 7
21% Dec
40*4 Apr
*1
1*8
1%
1%
*1 Mi 1%
1%
*1
1%
1%
1%
1%
840 Algomah M in in g ................... 25
*4 M ay 3
2 Apr 7
.45 Feb
4*4 Apr
67
67% 68
*69
67
70
69
70
70
70
69% 71
690 A llouez____________
25
58 J u ly l7
74% Feb 21
35% Jan
66 D ec
45
46
45%
46%
47
46% 47%
46*2 473
48%
47% 48%
6,749 Amor Zinc, Lead & Sm elt. 25
29% J u ly ll
97% Apr 10
16*4 Jan
72% N o v
76
*76% 77%
76% 76%
76
773s 78
77% 78
480
D o pref________________ 25
60 J u ly ll
79 Sept 9
12
12%
12
11% 11%
12%
12% 12%
11% 11%
1 2 % “12 %
2,893 Arizona Commercial______
5
7% July29
14 S eptl3
3% Jan
9% Apr
2%
2%
2
2
2
2%
2
2
2
2% 2,045 Butte-Balaklava C o p p e r .. 10
1%
2%
1%
Aug
2
5% Feb 5
2 Jan
4*4 Apr
63% 64
62% 62%
62% 62%
63% 64%
*63
64
64% 6534
520 Butte & Sup Cop ( L t d ) .. . 10
60% JulylO 105% M a r 9
35*4 Jan
80 June
73% 74
73% 74
75
76% 77%
74% 75
76%
763., 77%
2,852 Calumet & Arizona.............. 10
66 June28
77% O ct 19
51% Feb
78*4 Apr
570 575
572 580
578 578
570 570
573 573
580 580
84 Calumet & H e o la ..............25
515 J u ly l4 590 Sept25 350 Jan
630 Apr
21
21
21
21
21
21
21
21
21%
22
22
21
205 Centennial......................
25
14 J u ly l7
24 Sept28
15 Jan
25 Apr
53
53
*54% 543.1 54-38 54%
55*4 55%
56
56
*56
56%
545 Chino Copper____________ 5
46 J u ly ll
60 Feb 19
327s Jan
57 N o v
69
(35*2 66
66
67% 68
68
69
70%
67%
67% 68%
9,135 Copper Range Cons C o ___25
54% J u ly ll
73 Sept29
30 Jan
65 Deo
2%
*2%
2%
*2%
*2%
*2%
3
3
3
3
3
3
70 D aly-W est_________________ 20
2 J u ly l3
378 M a r l 7
1% Jan
5*4 Apr
*14% 15
14% 15
15
15% 15*4
15%
15
15%
15% 15%
2,565 East Butte Copper M in ____ 10
11% J u ly l2
17*4 S ept 8
8% Jan
16% Deo
8
*8
8%
9%
9%
8%
8%
8%
9%
8%
9%
9%
1.245 F ra n k lin ................................. 25
6 Junc23
10*4 Jan
4% Feb
14% Apr
89% 90
92
90
90
91
91
90
90
92Sg z90% 90%
575
Granby
Consolidated..........
100
79 Ju lyl4
9834 Feb 10
58 Jan
94% Apr
*49% 50
*50% 51%
50% 50%
5034 52
52
52
52
52
282 Greene Cananea__________ 100
34*4 June26
52% M a r 9
23% Feb
52% Deo
*12
14
13
14
*13
14
14
14
14
14
14
14
419 Hancock Consolidated_____ 25
10% June28
19% Jan
11 Jan
24% Apr
*3
3%
*3
3%
*3
3%
*3
3%
3%
*3%
4
3%
90
Indiana
M
ining____________
25
2 JulylO
6 Jan
2%
Jan
10% Apr
*43
45
*43
44%
44
44
*44
45%
44
45
51
45%
1,769 Island Creek Coal________
1 42 8ept27
5434 Apr 11
41 M a r
52 Aug
*90
92
*90
91
*90
91%
91
91
*903., 91%
90
91
99
D
o
pref______________
1
92
M
ay23
88
Jan
29
85% Jan
32
91% Apr
32%
32% 32%
32% 33%
33% 33%
33% 34%
341., 35
1,803 Islo Royale Copper_________25
25 J u ly l3
3734 Sept27
17% Jan
*434
34 Apr
4%
*-134
5
*434
4%
*4%
4%
4%
4%
4%
274 Kerr Lake_______________
5
3% M a r 4
5% M ay 3
3 Aug
5% Apr
6
*0
6*2
678
6*2
6*8
6
6
6
6
6%
6%
710 Keweenaw Copper_______ 25
2*4 Feb 11
8 Apr 6
1% Aug
4% Apr
*13% 13% *13% 14
*13% 14
*13% 14
13% 14%
14% 14%
100 Lake Copper C o ___________ 25
9% J u ly l4
19% Feb 10
5%
Jan
1978
Deo
4
4%
*4%
4%
41.1
4%
4%
4*2
*4%
4%
4%
485 La Salle Copper___________25
5*4 Jan 3
3% J u ly l5
434
3% Jan
4%
4-%
9 Apr
6
4%
434
4%
*4%
45S 4%
4%
4%
950 M ason Valley M ine______
5
1% Aug 3
5 % O ct 11
1 M ar
14% 15
14% 15%
15% 15%
5 Deo
16
1538 16
16%
16%
17
2,445 Mass Consol_____________ 25
10 J u ly l3
17% Sept29
* 2 *•>
3 Jan
*2%
*2%
3
*23t
3
3
17 Apr
3
3
3 ft
3%
3%
1,080 M ayflow er_______________ 25
2 July 5
5 Feb 10
33J
3 Aug
*3%
3%
4%
3%
8 Apr
4%
3%
4%
4%
45g
4%
4%
5,100 M ichigan_________________ 25
l% Jan 5
4% O ct 19
93% 94% *93% 95
.60 M a r
92
92%
93% 93%
3 Apr
95
95%
95
95%
766 M ohaw k__________________25
77% J u ly ll 103% M arlO
46% Jan
*21
21% *21% 21% *20% 21%
22% 22%
22% 223s
98 D eo
22% 22%
215
Nevada
Consolidated_____
5
15
Jan
28
23% Sept25
6%
C>7S
*6%
11% Feb
7
6%
17 Apr
6%
6%
7%
0
%
6
%
2,025 New Arcadian Copper____25
434 July 14
10% Jan 4
14% 15
14% 14% *13% 14%
4% Feb
*14% 15
14%June
*14
15
14
'14
250 Now Idrta Quicksilver____ 5
9 JulylO
24*4 Jan 19
4 July
8
8
13% Aug
8
7% 7%
7%
7%
77g
7%
77*
8
8%
1,030 Nlplsslng M ines............... .. 5
6 M ar 1
9 S eptl4
21
20% 21
21
20% 20%
5% Aug
878 N o v
2014 21
21
21
21
21
930 North Butte_____________ 15
20 J u ly l3
32 Jan 3
2
22% Jan
*1%
*1%
2
3878 Apr
*17S 2
2%
*1%
2
2
*2%
2%
200 North L a k e .. . ....................25
.50 June 2
4% Jan 3
*1%
2
1 Jan
4% Apr
1%
*13S 2
*1%
1%
1%
*13S 2
*1%
2
20
OJIbway
M
ining_________
25
1% J u ly l5
2% Apr 6
*2
.50 M ar
3% Apr
1%
*1%
*2
2%
1%
2%
2%
23s
2%
*2%
2%
385 Old C olony....... ...................25
1% J u ly l4
4 Jan 3
2% N o v
69% 70
69% 70%
7% Apr
70
70
68
69
697S 70%
70
70%
950 Old Dominion C o__________ 25
60 J u ly l4
73*4 M a r i l
89
38% M ar
64 Deo
89
90
90%
89
*88
87
90
92
*91
91%
391
Osceola...............................
25
70 J u ly l4 101% M a r l4
64 Jan
93% Apr
14% 14%
15
15%
*14% 15
*14% 15
15*2 157g
16
17%
6,065 Pond Creek Coal___________ 10
l l% M a r 7
12 Jan
17% Oct 20
19% Aug
90
91
90
91
91
*88
89
88
88
92
*91
92%
152 Q uin cy...............
25
81 J u ly l2
9834 M a y l6
50 Jan
95 Apr
25
25% 25%
25
*25
*25% 25%
25%
25*2 *25
25% 25-%
33 R ay Consolidated C opper. 10
20*4 June22
15*4 Jan
27% Oct 6
27% N o v
87
87%
86
86
*84
80
88
85
85%
88%
88% 89
635 St M ary’s Mineral L a n d .. 25
61%Jan 31
93%Sept22
28 Jan
65% Deo
2
2
2%
2
2
*2%
2
2
1%
2%
2%
2%
1,735 Santa Fo G old & C o p p e r .. 10
378 Jan 8
1% July28
1 M ar
5 Oct
9%
9%
9%
9%
9%
9%
9%
9%
9%
93,8
9%
9%
1,197 Shannon__________________ 10
7 J u ly l3
12% Feb 14
4 Jan
11% Apr
*28
29
•28
30
29
*29
*28
29
L a s t S a le 2
Sliattuck-Arlzona__________ 10
24*4 J u ly ll
40% Feb 14
18*4 Jan
38 N o v
*5%
*5
5%
6
5%
5%
0%
*5%
6I.1
5*2
430
South
Lake________________25
8% Jan 4
4 Aug 4
5% N o v
7*4 July
*15
15% 15%
16% *15
15% 16
16
15
15
16
16
230 Superior__________________ 25.
28% Jan 3
12% Julyl5
22% Jan
4% 4 %
41% Apr
43,
4%
4%
4% 4 %
4%
4 Mi 4%
4%
4%
2,540 Superior Boston Copper. 10
l% Jan 13
6 S eptl4
1 M ar
4% Apr
40
39% 42
42
45%
45% 47
41
41%
47
49
5,761
Ta m a ra ck.......... .............
25
56% Jan 14
35 Aug 5
25 Jan
58% Aug
7*4
7%
738
7%
7-%
7
7
7%
7%
7%
7
635 T rin ity .......................
7%
25
4% J u ly l2
12*4 Jan 3
.67
.73
2% Feb
15% Oct
.67
.70
.70
.71
.72
.70
.71
.72
.70
.72
6,800 Tuolumne Copper________
1
.15Jan 26
.74 O ct 13
*71% 72%
.20 Jan
71% 72%
.63 Apr
72% 73
71-% 73
72% 73
723., 7 3 %
2,765
U S Smelt Refin & M in ___50
54% Jan 3
80% June 9
51% 51*2
20
Feb
51*4 613s
54
Deo
51% 5138 50% 5138 51
513s
51
51%
449
Do
p r e f .. ........... ............. 50
49 Feb 1 53*4 Apr 11
4
4
4
28 Jan
50% D ec
-1
4
4%
4
■1
4
4 Mi
4
4>li
3,687
3
Feb
11
Utah-Apex
M
ining_______
5
5% Apr 10
14% 14*2
14% 14%
2 Jan
5*8
June
14% 14%
14% 14%
14% 14%
14% 14%
740 Utah Consolidated_______
12% Jan 15
5
15*4 Feb 11
*92% 02-34 92% 93%
9% Feb
16% June
94% 94% *95% 96
96
96
95% 95%
205 Utah Copper C o ___________ 10
75 June27
9978 Sept25
48*4 Jan
7%
81*4 D ec
7%
7*8
7-%
7%
7%
7%
7%
7%
7%
7%
7%
7,680 Utah M etal & Tunnel_____
1
6% J u lylS
11% M a rlS
4*4
4%
4%
4%
4%
5
5%
5%
5
5%
5%
53.,
5,890 V ictoria___________________ 25
2*4 Jan 3
578 Oct 19
5%
5
1 Feb
4% Apr
5
5*4
5-%
53S
5%
5%
5*4
53,
735 W in on a ____________________ 25
334 M ar27
7% May31
47
1*4 Jan
46
♦46
46
5% M ay
47
47
46
46% *47
47
47
48
132 W olverine.......... .............
25
4.5 Oct 9
67% Feb 10
*1*1
13«
*l*i
1%
32 Jan
70
Apr
*1%
1»f
*13i
M i1 * 13 ,
2
350 W vnnd nt.t.________________25
1% Aiie 12
2*4 Feb 14
.50 V nr
2% a nr •
•Bid and asked 0rices, a Ex-dividend and rights, b Ex-stock dividend.
c Assessment paid. AEx-rlghtt. s Ex-dlvldend. » Ex Tamarack stock.
10 H alf-paid.

_

10534 *106
101 *100%
181
181
S0*4 80%
122
125
45
46
*210
4 *___
40 *
5
*4%
*44%
47

10634
101
181
80%
122
45

__ __




Outside Stock Exchanges____

S to ck s—

B o sto n B on d R eco rd .— Transactions in bonds at Bos­
ton Stock Exchange Oct. 14 to Oct. 20, both inclusive:
F r id a y
H'eeA’s R a n g e
L ast
o f P r ic e s .
S a le .
H ig h .
P ric e . L o w .

B on d s—
Am Ag Chemical 5 s .. 1928
5 s _________________1924
Am T el A Tel coll tr 4 s .’29
Convertible 4 % s __ 1933
A tl G A W I SS I, 5 s .. 1959
Anglo-French 5s. ____. . .
Chic June A U S Y 5s. 1940
G t N or-C B A Q 4 s . . . 1921
K C Clin A Spring 5s. 1925
K C Mem A Blrm 4s. _ 1934
Income 5 s..................1934
Mass Gas 4 % s _______ 1929
Miss River Power 5 s .. 1951
N E Telephone 5s____1932
New River 5 s ______. . 1934
Pond Creek Coal 6s. .1923
Swift A Co 1st 5s......... 1944
United Fruit 4 % s ____1923
U S Smelt R A M conv 6 s . .
W estern T el A T c l 5 s .1932

102%
101
92%
84
101%
98%

91%

80%
99
101%
110%

102%
100%
92%
112%
84
95%
101 %
98%
98%
79
81
91%
97%
77
102
79%
98%
101
98%
110%
101

103
101%
92%
112%
84%
95%
101;%
98%
9 8 1s
79
SI
92
97%
78%
102%
SO xi
99
101%
98%
111%
101%

S ales
fo r
W eek .

S9.000
5,500
73,000
8,700
85,000
5,000
10,000
4,000
2,000
3,000
1,000
6.000
2,000
5,000
21,000
76,000
9,500
27,000
9,000
11,000
31,500

R ange sin ce J a n .

H ig h .

L ow .

100%
96 %
90%
105%
74
94
100%
97%
97%
62
80
07%
96%
77
101%
75
87
98%
97%
109%
99

1.

M ay
July
Jan
M ar
Jan
M ar
M ay
July
M ay
Mar
Oct
Feb
M ar
July
Jan
Jan
Feb
Jan
Jan
Apr
Jan

103% July
101% Oct
93 Apr
113% o c t
85% Sept
95% Jan
Aug
102
Feb
99
98% Feb
Oct
79
M ar
92
Sept
92
99% Jan
Jan
81
M ay
104
80% Oct
Oct
99
102% O ct
100% July
June
115
101% June

P h ila d elp h ia Stock E x ch an ge.— The complete record
of transactions at the Philadelphia Stock Exchange from
Oct. 14 to Oct. 20, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

S to c k s —

[Vol. 103

THE CHRONICLE

1496

F r id a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le .
H ig h .
P a r . P r ic e . L o w .

Alliance Insurance_____ 10
American H allw ays____ 50
100
P referred ..................1 0 0
Baldwin L o c om otiv e.. 100
P referred..................... 100 i0 7 '
Buff A Susq Corp v t c . 100
Prelerred v t c ............ 100
Cambria I r o n .................. 50
Cambria Steel__________ 50 125
Catawlssa first pref____ 50
Consol T rac of N J ____ 100
69
Klco Storage B a ttery.. 100
E lm ira * W illiam sport..50
General A sp h alt-.......... 100
P referred......... ........... 100 '7 2 %
Hunt A Broad T o p _____ 50
P referred______ ______50
Insurance Co of N A ___10 " 2 7 %
J G Brill C o ___________ 100
Kentucky S ecu rities... 100J
Preferred .....................100
K eystone Telephone____ 50
14%
Lake Superior C orp ___ 100
77%
Lehigh N avigation_____ 50
84%
Lehigh Valley....... .......... 50
20%
Lehigh Valley T ra n sit..50
P referred.......................50
Mlnehlll & S H ......... . . . 5 0
N orthern Central______ 50
94
North Pennsylvania____ 50
Pennsylv Salt M fg _____ 50 100
58
Pennsylvania___________50
Philadelphia C o (P itts ).50
Prer (cumulative 0% ).5 0
28%
Philadelphia EIectrlc.22%
19 %
Phlla It T vot tr rect3 ..50
80
Philadelphia T ra ctio n ..50
Railways C o G e n e r a l... 10
R ea d in g_______________ 50 i i o %
4
Ton-Belm ont D evel_____ 1
6
Tonopah M ining________ 1
45
Union T raction________ 50
United Cos of N J .......... 100 2 2 4 %
02%
United Gas Im pt______ 50
U S Steel Corporation. 100 119 %
P referred....................100
OH
Warwick Iron & S te e l.. 10
Welsbach C o _________ 100
W est Jersey & Sea Shore.50
Westmoreland C oal____ 50
W m Cramp A Sons____ 100
13 %
Y ork R a ilw a y s................ 50
B on d s.
Allegheny Vail gen 43.1942
00%
Amer Gas & Elec 5 s ..2007
do
small......... 2007
Amer Rys coll tr 5s regl917
Baldwin Locom 1st 5 s.1940 105
96
Choc Okla A G cons 5sl952
Consol Trac N J 1st 5s 1932
Edison Elec stk tr ctf 5s '46
81%
Elec & Peop tr ctfs 4s. 1945
do
small______ 1945
H arwood Electric 6 s .. 1942
Inter-State Rys coll 4s 1943
Keystone Telep 1st 5s. 1935
Lake Superior Corp 5s 1924
Lch C A N fund*im p4sl948
Consol 4 % s .............. 1954 102%
Leh Vail cons 4 % s ___ 1923
Consol regls 6s____1923
01%
General consol 4s. .2003
General consol 4%s.2003 100%
Lch Val Coal 1st 5 s .. 1933
N or Cent 2d 5s ser B.1926
Penn R R general 4 % s.l965
Consol 4 % s ________1960 105%
Pennsylvania C o 4 s ..1931
Phila C o consAcoll tr5s ’51
Phlla Elec tr ctfs 5 s .. 1948
do
small______ 1948
Trust certlfs 4s____1950
do
sm all......... 1950
96%
Reading general 4s__ 1997
Spanlsh-Amer Iron 6s. 1927
Standard Gas A El 6s. 1926 10O
71%
United Rys Invest 53.1926
Welsbach C o 5s______ 1930
W est N Y A Pa 1st 5s. 1937
General 4s_________ 1943
97%
Y ork Railways 1st 5s. 1937

S a les
fo r
W eek .
S h a r es.

102

102

109
109%
80% 81%
81
81
103% 103%
57
57
97% 97%
37
37%
97% 97%
102% 102%
102
102

109% 109%
91% 91%
100% 101

105
106%
102 %
105%
96
89
106
105%
86
85
96
102 %
100
71
99%
105%
85
97%

105
106%
102 %
105%
96
89
106
105%
88
88%
96%
102 %
100
71%
99%
105%
85%
9S

52.000
8,000
1,200
1,000
6,000
1,000

1.000

3.000
6.000
1,000

1.000

9.000
5.000
5.000
1.000
17.000
5.000
1.000
3.000
99.000
1.000
5.000
23.000
II,
3.000
2.000
28.000
2,000
39.000
6,500
9.000
2.000
2 ,0 00

5.000
12,800
3.000
17.000
19.000

R ange

s in ce

Low.

96% Sept
89% Jan
89% Jan
99% Oct
104
M ay
93
M ay
101% Jan
105
M ar
79% M ay
76
Apr
101
Jan
57
M ay
96
Jan
20% Jan
97
Jan
101
Aug
101
Aug
109% Sept
89
Sept
99 % Aug
104
Aug
106% Oct
100% Jan
104%000July
94% Jan
87
Aug
103% Jan
103
Jan
81% M ay
82
M ay
93% M ay
101% M ay
98% Jan
67% Apr
94 % Jan
104
Aug
81% Jan
92% Jan

1

Jan.

Arundel Sand A Gravel 100
Atlan Coat L (C o n n )..100
Baltimore Electric pref.50
Baltimore T u b e_______ 100
P referred__________ 100
Chalmers Oil A G as_____5
Commercial Credit pref B 25
Consol Gas E I, A Pow . 100
P referred___________100
Rights_________ ______

120
45%
126
106
7%
4%
26%
118%
120%
1%

Cosden G as......... .............. 5

16
13

Cosden rights____________
Davison Chemical no par

%
46%

Houston Oil trust ctfs. 100
Preferred trust ctfs,. 100
M erAM lnersTrans new 100

17%
61%

M t V-W oodb Mills v t rlOO

14%

Okla Producing A R e f. .5
Pennsyl W at A Pow er. 100
Poole Engineering A M 100
Sapulpa Refining_______ 5
Seaboard Air Line pref. 100
United Ry A E lec______ 50
W ayland Oil A C.as______ 5

79
110
9%
28%
5%

Alabama C o gen 6s__ 1033
Atl C I, R R conv deb 4s ’39
91%

H ig h .

20%
36
100
115%
109%
57%
62%
47
145
55%
73%
72%
5Q
38
73%
5%

15%
79%
87
23%
44%
58%
90
95
102%
60
45%
45
29%
21%
80
5
115%
5 7-16
7
46%
227%
93%
120
121%
11%
45
51
72%
87
16%

Oct
Apr
M ar
Feb
M ar
Oct
Jan
Feb
Oct
Feb
Sept
Sept
Oct
M ar
M ar
Jan
M ar
Oct
Jan
Oct
Oct
M ar
Sept
Jan
Oct
M ar
M ar
June
Jan
Sept
Feb
Oct
Jan
Apr
Juno
Sept
Oct
M ay
Sept
M ay
Jan
Sept
Juno
Oct
Sept
Sept
Juno
Feb
Jan
Oct
Jan
June

97
97
96%
99%
106
96
102%
109%
81%
83
103%
58
100
39%
98
103%
102
111
94
103%
106
106%
103
106%
96
94
106
105%
88
88%
96%
102%
102%
74
99%
109
85%
98

Jan
Oct
Oct
Oct
M ar
Oct
Apr
Oct
Feb
Jan
Oct
Jan
Feb
Sep
M ar
Feb
Oct
July
Feb
Feb
Jan
Oct
Feb
Feb
Oct
Feb
Oct
Oct
Oct
Oct
Jan
Oct
M ay
Apr
Sept
June
June
Oct

12

27%
48%
24%
85

15

B altim ore Stock E x ch an ge .— Complete record of the
transactions at the Baltimore Stock Exchange from Oct. 14
to Oct. 20, both inclusive:




24
1st preferred_______ 100

75

17% M ay
20
20%
20%
28% Jan
17
34
34
874
93% Feb
98 % 100
July
110 69
79 % 82
Sept
3 104
107
107
Jan
38
40
57 %
57
July
54
10
57
57
44
Jan
52
45
45
70% Jan
1,265
100
145
Sept
53
3
53%
53 %
M ar
70
60
73%
73%
68% 00% 1.178 58% Apr
Oct
50
50
50
50
100
27% Aug
20 % 20 %
69
Aug
255
72
72%
June
25
5
July
9
30
Jan
25
109
27%
27%
Apr
34
25
37
37
16% Feb
20
22% 24%
22
70% Feb
83
83
12 % Oct
150
12% 13
8 % Jan
13% 14% 10,065
74
M ay
330
76% 77%
74% Jan
839
83
85%
Jan
18
80
20
20 %
Jan
38
446
42% 42%
Feb
56
23
57% 57%
Sept
85
28
89
89
92% Mar
23
94
95
182
July
97
99% 100
4,062
55% Aug
57% 58%
38% Sept
40
40
40
39% July
605
41% 42
M ar
27
6,619
28% 28%
M ay
5,940
17
19
19%
1S6 75 M ay
79% 80
40 4 1-16
Oct
4 1-16 4 1-16
4,150
75% Jan
105% 111%
M ar
4
4% 4% 1,308
495
5 15-16 6 1-16
5% Aug
889
41% Jan
44
45
5 222 % July
224% 224%
87% M ay
89
93% 19,008
79% Mar
108% 119% 47,618
23 115% M ay
120 % 120 %
Aug
I,
9% 444
9%
9%
July
10 41
41% 41%
48% Sept
93
50 % 50%
65% Apr
79
72
72
M ar
70
275
78% SO
8 % Feb
75
13% 13%
96% 96%
96% 97
96% 96%
99% 99%
104% 105
96
96

F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .

97

Chicago R y 1st 5s___ 1927
CltyASub(W ash) 1st 5s ’48
Consolidated Gas 5 s .. 1939
General 4 % s ........... 1954
Consol G F L A P 4 % s .l9 3 5
Consol Coal ref 5s — 1950

i05%
94%

Fair A Clarks Trac 5s 1938
Ga Sou A Florida 5 s . . .945

101 %

93%
102%

Jamison C A C -G C 5s. 1930
105%
M d Electric R y 1st 5s 1931
M St A St PC Jt 5 8 ...1 9 2 8
M t V -W oodb notes 6s 1918
N o Balt Trac 5s

65

1942
94%

United R y A E 4 s___ 1949
Funding 5s________ 1936

64%
88

W il A Weldon 5s____1935

...

S a les
fo r
S h a r es.

R an ge sin ce J a n .

1.

H ig h .

L ow .

Apr
139
15
50
Sept
50
Apr
30
188
35% Aug
267
50 110% M ay
41
July
173
Jan
155
63
82% Jan
254
3% Sept
1,470
1,355
3% M ay
26% June
547
Mar
4,178 107
June
755 107
11,617
1/l6 Oct
96
Feb
829
2,644
13% Aug
6
Apr
4,555
1,115
4% Apr
48,194
% Oct
35% Aug
685
31
Aug
200
13% Aug
683
57
July
429
50% Feb
20
57
June
57
74
35
Aug
131
10
M ar
49
109
June
85% Sept
208
6
M ar
1,133
72
M ar
1,550
92
Sept
240
596
7% Aug
36
Sept
100
2,428
25% Jan
715
3% Aug

Oct
25
68% Oct
41
Oct
42
Feb.
Oct
120
45% Oct
131 Vi .Aug
106% Oct
Jan
8
4% Oct
26 'A .June
119% u c t
120% Oct
1% Oct
Jan
103
26 n June
18% June
6% Juno
5-32 Oct
71% Jan
35
Sept
23% Jan
Jan
68
80
June
65M Jan
M ar
75
16% Jan
Sept
60
90
Jan
10
Oct
79% Sept
148
Jan
16% Feb
41
Jnn
Feb
29
9% Feb

23
66%
39
37%
120
43%
126
106
5%
4%
26%
116
119%
1 199%
16
12%
4%
%
46%
35
15%
60
70%
60
75
13
59,%
88
9%
76%
109%
9%
39%
28
5

25
68%
40
38
120
45%
126%
106%
8
4%
26%
119%
120%
6 1%
100%
10%
13%
4%
5-32
47
35
17%
61%
72 %
60
75
14%
60
89
10
79
110
9%
39%
28%
5%

85
77
75
102%
93%
91%
100
100%
96%
102%
105%
94%
91 %
93%
102
100
100%
101%
27
80%
93%
99
105%
98%
99%
103 %
102 %
ioo%;
05
106%
93%
83%
64
87%
87 1i
09%
88%
85
107

76% Jan
85
§2,000
85
77
4,500
60
Jan
77
58
75
■ 600
Jan
75
1.000 101
Sept 103
102%
94
91
5,000
Juno
93%
M ar
93
91
3,390
92
99
Aug 100
1,000
100
1,000
99% Apr 100%
100%
96
M ay
99%
3,000
97
3,000 102% ■Jan 102%
102%
5,000 105% Sept 107
106
94%
92% M ay
9,000
94%
91%
80% Aug
91 % 31,000
93%
91
July
93 % 13,000
Aug 120
102% 47,000 100
99% Aug 100%
1,500
100
99% Jan 101%
1,000
100%
July 103
2,000 101
101%
27
2,000
20% Apr
27
82%
Apr
15,500
79
81
Jan
93%
91
2,000
93 %
99%
98% Jan
4,000
99
1,000 105% Oct 105 Vi
105%
98%
3,000
97% Sept
98%
6,000
96% Jan 100
100
Jan 103%
103% 26,000 101
2,000 lo t
Aug 102 %
102%
M ar 102%
98
102% 10,000
65
Oct
65
3,000
65
Feb 106%
1,000 106
106%
04%
90
Jan
94% 28,000
85
82
July
83% 15,000
64%
60% June
64% 52,000
88
4,500
84 % Jan
88
88%
1,100
83% M ay
88
1,000
99
Feb 100
99%
91
9,000
Oct
88
89
84
Jan
2.00C
87
85%
1,000 100% Jan 1 107%
107

Oct
Oct
Oct
M ar
Oct
Jan
Feb
Sept
Feb
Sept
Feb
Oct
Oct
Oct
Juno
Feb
Feb
Jan
Oct
M ay
Oct
Jan
Oct
Oct
Oct
June
M ay
Oct
Oct
M ar
Oct
Jan
Oct
Oct
Oct
Sept
Jan
Jan
July

P ittsb u rg h Stock E xch an ge.— The complete record of
transactions at the Pittsburgh Stock Exchango from Oct. 14
to Oct. 20, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent. For bonds the quotations aro per cent
of par value.

S to ck s—

F rid a y
W e e k 's R a n ge
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .

Amer Sewer Pipe--------- 100
Am Wind Glass M a ch . 100
Preferred___________ 100
Canoy River G as______ 25
Columbia Gas A E lec. .100
Consolidated Ice, co m . .50
P referred .................... .50
Crucible Steel pref------100
Independent B re w in g ..50
P referred____________ 50
La Belle Iron W orks— 100
Lone Star G as--------------100
M frs Light A H eat..........50
National F ireproofing..50
P referred____________ 50
Ohio Fuel OH.......................1
Ohio Fuel Supply----------25
Plttsb Brewing, com — 50
Pittsburgh C o a l --------- 100
Pitts Con M M A T ......I
P lttsburgh-Idaho------------1
Plttsb A Lake Erie R R -----Pitts Oil A G as.............. 100
Pittsburgh Plate Glass. 100
Pure OH, com m on------------5
River Side West Oil, com25
Ross M ining A M illing— 1
San T o y M ining--------------1
Union Natural G as.............
Union Switch A Signal.. 50
P referred____________ 50
U S Glass.......................-100
U S Steel Corp, com — 100
W est’house Air B r a k e ..50
W est’ house Elec A M fg .50
W est Penn T r A W P . . 100
B on d s—
Col Gas A Elec 5s____1927
Independent Brew 6 s .1955
Pitts A Alleg Tel 5 s .. . 1949
Plttsb Brewing 6s____1949
W est Penn Rys 5s____1931
x

Ex-dlvldend.

16
62%
128%
40%
37%
122
6%
23
76%
59%
7%
17%
49%
6%
36%
lie
197
10%
126
21%
28c
20e
172
39%
117%
158
63%

60

S a les
fo r
W eek .
S h a res.

R ange s in ce J a n .
L ow .

293
15% 16
2,345
62% 65%
505
127% 128%
170
40% 41
3,009
35% 41
100
4
100
30
30
10
122
122
3,992
6%
5%
278
23
22
2,440
69% 77%
127
89
90
2,792
59%
57
235
8%
7%
216
18%
18
210
17% 17%
1,073
49% 50
474
6
6%
25
36% 36%
l i e 106,700
70
700
1.15 1.15
197
50
197
3,060
10
13%
110
126
126
7,130
21
21%
100
12% 12%
21,700
350
27c
18,100
21c
20c
10
172
172
20
119
119
10
118
118
9,80
39% 41%
880
117%
107
1,330
159
156
1,650
04%
61
100
23
23

15
34%
122%
36
14%
3
22
109%
2%
15%
49
87
49%
6%
15%
14
38
4%
23%
5c
1.10
197
6%
115
z l7 %
12
5o
14o
141%
109
118
25%
80%
133%
53%
17

$2,000
1,000
9,000
2,000
1,000

80
49
77%
64
100

89
60
77%
75
75
100% 100%
89
60

77%

1.

H ig h .

June
17%
66
June
July 155
June
42%
Mar
43%
5
July
Oct
35
Jan 122
M ar
7
Mar
23
June
80%
Aug
93
Apr
59%
12
July
July
24%
Aug
19
Feb
50
Mar
6%
Apr
37%
9o
Sept
1.25
Sept
Oct 215
M ar
13%
Jan 128
M ay
21%
M ar
14
Apr
45o
June
25c
Apr 175
M ay 126
Oct 130
June
46%
Jan 119%
Apr 160
July
71%
Jan
24

Jan
Oct
Apr
Jan
Oct
M ar
Jan
Oct
Sept
Sept
Oct
Jan
Sept
Jan
Jan
Jan
Oct
Aug
Oct
Oct
Sept
M ar
Oct
Sept
Oct
M ay
Oct
Jan
Oct
Jan
Jan
Oct
Sept
Oct
M ar
Sept

89
02
77%
75%
100%

Oct
Aug
Oct
Oct
Apr

Feb
Mar
Oct
M ar
Jan

THE CHRONICLE

Oct. 21 1916.]

C hicago S tock E xch an ge.— Complete record of transac­
tions at Chicago Stock Exchange from Oct. 14 to Oct. 20, both
inclusive, compiled from the official sales lists, is as follows:

S to c k s —

American Radiator____100
Amer Shipbuilding____100

4o0 44
a s 'A

Amor Strawboard_____100
Booth Fisheries, com . .100

92 A
48
56
87

Cal & Chic Canal & D .100
Chic Cy & C R y pt sh com
P referred----------------

5
34

Cliio Pneumatic Tool .
Cldc Rys part ctf “ 2 "
Cldcago Title & Trust.
COmmonw’ th -E d ison ..

72>4
22

J00
..
100
100

1434*

Diamond M atch ______ 100
Hartman C orp..................
Hart, Shaff&M arx,com . 100
P referred........... ........ 10'
Illinois Brick....... .......... 100

119
72
8844
118
9144

National Carbon______ 100 245
P referred............. ......100 12444
People’s Gas Lt & Coke 100
Prest-O-Li te Co Inc (no par) 11844
Pub Serv of N 111, com . 100
P referred___________100 102
Sears-Roebuck, com . _ 100
Stew Warn Speed, c om .100
Swift & C o ____________100
Rights W T & A _______
Union Carbide C o ____100
United Pap Board.com . 100
W ard, M ontg & C o, p r o f..
Western Stone................100
B on ds.

a

216
11344
154
14J4
164
3044
75
116
244

400
56
92
37
56
8644
5244
444
33
40
7244
22
223
14244
9444
118
72
88
118
8844
2044
223
123
111
11844
ill
H0144
325
11044
21244
11344
Z14044
1344
164
25
73
11544
144
9344
92
99
7744
9844
9644
8944
71
64
40
10244
10244
102
10244
7144
9244
9544
102
10244
96
9044
10244
10144
10244

9344

Chic Pueu T ool 1st 53.1921
Chicago Rys 5 s .. — 1927
Cldc Rys 5s series A -----Chic Rys 4s, Series " B ” .
Cldc R y pr m M g 4s 1927
Cldc R y Adj Inc 4s. 1927
Chicago Telephone 5s. 1923
Commonw-Edison 5s. 1943
Commonw Elec 5s. 1943
Cudahy Pack 1st M 5sl924
M etr W Side El 1st 4s. 1938
Morris & C o 444s------1939
Ogden Gas 5s------------- 1945
I’ eop G L & C ref g 5s. 1947
Cldc Gas L & C 1st 5s ’37
Pub Serv Co 1st ref g 5s ’56
South Side Elev 4 44s. 1924
Sulzberger&SonslstM6s’41
Swift & Co 1st g 5 s . . . 1944
Wilson & C o 1st 6 s . . . 1941
x Ex-dividend.

S a les
fo r
W eek .
S h a r es.

F r id a y
W e e k 's R a n ge
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .

7744
9944
9644
71

16244*
10244
9544

10144
10244

s in ce

385
33
75 44
12
25
66
45
244
15
25
6344
13
6211
13944
89
102
72
86
11444
7644
644
167
12044
110
11844
107
100
309
107
16944
8244
12644
1344
al55
1344
5144
11244
144

$10,000
3,000
30,000
88,000
12,000
28,000
2,000
21,000
3,000
1,000
15,000
25,000
1,000
3,000
1,000
48,000
14,000
13,000
1,000
9,000
1,000
11,000
51,000
3,000

9244
83
9s %
6944
97
90
8644
6554
64
3354
10144
10144
10154
10144
71
8954
9554
10144
102
94
8844
9944
9844
10254

Ex-dlvIdcnd 2 % , stock dividend 4 0 % .

1

Jan.

L ow .

77
1,425
273
172
120
197
1
2,037
3,498
50
413
155
50
509
155
403
330
285
50
918
435
416
118
244
185
114
132
111
22
1,101
3,987
15,614
2,439
655
10,175
427
126
550

40044
5845
94
50
50
87
5244
5%
35
40
z73
2244
223
14344
95
120
72
89
118
92
2144
245
12444
11244
119 44
117
10244
325%
111
216
110
175
15
170
3154
7544
116 1
244
93 44
92
9944
79
9944
9644
8944
72
64
41
102 44
10244
102
10244
7144
92 44
9544
10244
10244
96
90 44
102 44
10144
10244

R ange

H ig h .

Jan
Jan
Jan
M ay
Jan
Jan
M ay
July
July
Apr
M ar
Apr
Oct
June

405
60
95
50
62
88
53
544
3544
72
79
2744
24944
147
98
122
7344
91
120
92
25
245
125
118
11944
11844
104
363
111
217
119
175
15
215
3154
7544
11744
244

M ar
Sept
Aug
Jan
Jan
July
Feb
M ay
Oct
Jan
Apr
Jan
M ar
Apr
Jan
Oct
Sept
June
Juno
June
Oct

9454
Sept
M ar
92
Apr 100
Sept
80
Apr
9944
M ay
9854
Aug
9254
July
75
Oot
70
June
41
Apr 10254
July 10244
July 10254
M ay 10244
M ay
7344
Jan
9954
Jan
9744
July 10244
M ay 10254
Jan
9644
Jan
9254
Apr 10244
Jan 10244
Oct 10244

Oct
Oct
Sept
Oct
Sept
Oct
Oct
Oct
Oct
M ay
Oct
July
Sept
Sept
Sept
Sept
Sept
Oct
Aug
Oct
Aug
Oct
Oct
Sept
Feb
Sept
Aug
Oct
Oct
Sept
Oct
Oct
Aug
Oct
Feb
Sept
Feb
Oct
Mar
Feb
Feb
Jan
Jan
Oct
Feb
Jan
M ar
M ar
Jan
July
M ar
Oct
Jan
Sept
Apr
Sept
Oct
Oct

6 E x-dlv., ex-rights.

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T IIE N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
Week ending
Ocl. 20 1916.

Slocks.
Shares.

S a tu rd a y ..
M on day __
Tuesday___
W ednesday
T h u rsd ay..
F r id a y ____

Par Value.

441,225
995,998
1,353,212
1,130,275
1,345,320
1,281,412

Bonds.

$3,000

$25,763,500 $12,117,500

$4,000

Week ending Oct. 20.

Sales at
New York Stock
Exchange.

U. S.
Bonds.

$581,500
2.211.500
2.074.500
2.458.000
3.162.000
1.630.000

$1,838,500
3.196.000
4.507.500
5.113.000
5.514.000
5.594.500

$39,734,250
91,741,300
123,556,700
104,658,000
121,936,200
117,235,750

6,547,442 $598,862,200

Total . . .

State, M un.
& Foreign
Bonds.

Railroad,

1,000

Jan. 1 to Oct. 20.

1915.

0,547,442
Stocks— N o. s h a r e s ...
5,371,560
155,010,169
134.492,346
Par value.................. $598,862,200 $475,708,275 $13,410,423,790 $11,581,939,915
$9,000
Bank shares, par-------$0,300
$208,800
$147,300
B onds.

Government bonds—
State, m un.,& c.,bonds
R I l. & mlsc. b o n d s ...
Total bond- -

$4,000
$12,117,500
25,763,500

$41,500
$544,500
23,704,000

$736,450
236.501.500
640.018.500

S888.500
19,851,000
659.934,700

S37.885.000

$24,290,000

S877,556,450

$680,674,200

D A IL Y T R A N S A C T IO N S A T T H E BO STO N , P H IL A D E L P H IA A N D
_______________________ B A L T IM O R E E X C H A N G E S .
Boston.
O c l.

20 1916.

Shares.
20 47’
31.793
43 982
31,350
48,988
55,773
232,361

Philadelphia.

Bond Sales.
$22,000
86,50 >
49,800
82.300
90,000
58.300
$308,900

Shares.

Baltimore.

Bond Sates.

Shares.

Bond Sales.

3,118

$12,300
67,100
56,400
76.000
81.000
77,300

10,442
25,285
29,980

38.000
60.000

118,550

$330,000

4,671
o.OoU

$370,100

New Y ork “ C u rb ” M arket.— Below we give a record of
the transactions in the outside security market from Oct. 14
to Oct. 20, both inclusive. It covers all the sales for the
week ending Friday afternoon.
Friday
Sales
Last Week’s Range for
Sale
o f Prices
Week
Par. Price. Low.
High. Shares.

Week ending Oct. 20.
S tock s—




1144

COOCOO
CNJr-<—1

Aeolian W eber Piano &
Pianola........................ 100
Aetna E x p los.r— (no par)
Amer-Brit M fg. c o m .. 100
Preferred....................100

200
26,500
800
160

Range sin ce Jan. 1.
Low.
12
7
15
40

Apr
July
Aug
Oct

High.
34
25
43
68

Jan
Feb
Jan
Apr

S to ck s— (C o n c l.)

1497
P ar.

Amer Druggist S y n d .r . 100
Am Int Corp $50 pd___100
Amer Sumatra T o b ____100
Am Writ Paper c o m .r . lot
Atlantic S t e e l________ 10C
Brit-Amer T o b ord bear.jtl
Butler C h endcal.r______ 6
U utterworth-Judson.r ( t ) .
Calif Packing C o r p .r ..( t )
California S h ip b ld g .r..lC
Carbon Steel, c o m .r ___101
Carwen Steel T o o l......... 1C
Car Ltg <£ P o w e r .r ____25
Central fo u n d r y com r 100
Preferred r __________lo t
Charcoal Iron Co of A m . 10
Preferred....... ...............it
Chevrolet M otor______ lot
Emerson Phonograph____5
Enger M otor Car r _____ 10
tails M otors C o r p .r ___10
t isher Body Corp pref .rlOC
IGaston, Williams & WigGenl Am Tank C a r . r .- ( t )
First preferred.r------ 100
General M o to rs .r .w 1------

L ast
S a le
P r ic e .

1244
24 44
944
444
74
3644
14J4
11%

14
2944
7
199
844
8
944
9544

163

Grant M otor Car C orp. 10
Guantanamo Sugar------50
Hall Switch & Sig, pf r.100
Haskell & B arkcartno oar)
Havana T ob acco, co m . 100

944
70
18
4144

Holly Sugar c o m ..(n o par)

48

Hutchinson Sug Plant r 25
im p Carbon Chaser, r ___1
Int Arms & Fuze Sec___25
Joplin Ore & S p e lte r.r.0.5
Kathodlon Bronze, p r e f ..5
Kelsey Wheel, c o m .r . . 100
Keystone Tire * Itu b b .-lO
Lake Torpedo B o a t .r .. 10
Loft, I n c . . .................... 100
Manhattan Elec SupplylOO
Manhattan Transit____20
M arconi Wireless of A m .6
M arlin Arms v t c (no par).
Preierred v t c ______ 100
M axim M unltlons.r____10
M exican Petrol Export r .
M idvale Steel & O r d .r .. 50
M itchell M otors.r(N o par)
M otor Products r .( n o par)
National Auto C o r p .r ____

7-16
22
46c
1844
1044
105
3244
60
94
6
1944
6744
6644
4444

Paauhau Sugar P la n t..r2 0
Pugh Stores C o r p .r .w 1.10
10
PullmanVentllatorCorp.r.5
244
Preferred . r ___________6
5
Republic M ot Truck r ( t ) .
Rlkcr & Heg (Corp f o r ) . .6
544
St Joseph L e a d .r --------- 10
19
S crip p s-B ooth -r-.(n o par)
Seab’d St & Manganese (t)
29
Smith ATerry Transp pf 10
1044
Spicer M fg .r ---------------100 10244
Springfield Body C orp . 100
9544
Preferred ............. — 100 12644
Submarine B o a t..(n o par)
4244
Times Sq Auto S u p .a i-(t)
4044
T od d Shipyards.r(no par)
81
Triangle Film Corp v t c .5
244
50
United Alloys Steel Corp rt
United M o to rs .r .(n o par)
67
United Profit Sharing— 1
144
U 8 Llgnt & Heat Corp r 10
U 8 Steamship________ 10
644
Western Pacific R R .r .1 0 0
Wheeling & Lake Erie r —

19

W orld Film v t c ________ 5
W right-Martin A I r .r ..( t )
Zinc Concentrating.r— 10

144
2344
444

R ig h ts —
N Y Central........................
Tennessee Copper-------------

44
344

Form er S tan d ard O il
Subsidiaries
Galena-Signal Oil_____ 100
Illinois Pipe Line........... 100
Ohio Oil.............................25 345
Prairie Oil & G as............100
Prairie Pipe Line______ 100 297
South Penn OH..............100 435
Standard Oil ( C a l i f) ... 100 350
Standard Oil (In d )____100
Standard OH of N J __ 100
Standard Oil of N . Y ..1 0 0 240
O th er Oil S to ck s
Alberta P etrol.r (prosp’ct)
70c
Barnett Oil A G a s .r ------1
244
Cosden A C o . r _________ 5
1644
Cosden Oil A G a s .r _____ 5
13
Preferred . r __________ 5 _____
Federal O i l .r . ....................5 2 15-16
Gen R ef A Prod . r ------------44
17
Houston Oil, c o m .r — 100
Internat P e tr o le u m .r ..£ l ______
K enova Oil (prospect) — 1
44
Metropolitan Petroleum .5
1344
43c
Midwest Oil c o m .r --------- 1
M uskogee R efining.r ------1 5 9-16
1
N Y-Oklahoma O il.r ____1
11
Oklahoma Oil c o m .r ------ 1
9-16
Preferred........................ 1
12
Oklahoma Prod A R e fg .,6
Omar OH A G as------------- 1
60c
Pan-Am Pet A Trams r . 100
Pennsylvania G asoline.r . l ______
Sapulpa R efining_____ r .5
944
Sequoyah Oil A R e f--------1
144
Sinclair Oil A R ef r(no par)
4944
Tex-M ex Petroleum i ------ 1
244
United Western O i l . r . . . ! 1 1-16
Utah Petrol (prospect) . . 1 42c
Vacuum G asAO .Ltd r.1.1
44
Ventura Cons’d O il.r ____5
944
Victoria O i l . r . . ................1
144

W eek ’s R ange
o f P r ic e s .
L ow .
H ig h .

S a les
fo r
W eek
S h a r es.

R ange

1,100
1244 13
57
58
l.lOC
23
6.90C
25 44
5
1144 57.00C
90
97 %
110
19
20
2,100
2 ,10C
4H
344
69 44 74 H 24,00C
36
3744 20.60C
7,500
1344 15
89
92
95
5,200
1144 1144
405
444
344
13
1.60C
1544
28
20C
2944
7
5,350
744
1,00C
744
744
190
203
5,185
9
1,570
844
8
1.70C
744
4,20C
844
944
93
1.30C
9544

1144
C1244
1944
2
55
1544
244
60
36
13
55
tt’744
344
11
20
544
544
115
844
744
844
93

59
95
155
93 44
844
70
16
*3844
244
51 %
48
97
2844
7-16
1944
45c
9
57
1744
10
1034
105
32
44
3
*3944
90
6
1944
6544
6344
67
42
15%
27 "
944
244
444
68
544
1844
5444
2944
1044
10044
8944
12644
4144
39
8044
2
4944
06
44
244
644
31
1744
41
19
5644
144
22
444

60
95
164
95
944
72
19
4 1 44
2 44
52
49 44
98
2844
44
22
50c
10
57
19
1144
11
105
35
44
344
63
95
644
1944
68
6744
67
44 44
15%
2744
1044
244
5
70
544
19
5744
2944
1044
10244
9544
12644
4344
41
*83
2 44
51 44
6844
144
244
7
39
1844
43
19
57 44
144
30
5

525
200
21,800
2,700
3,300
90C
950
4,850
200
475
761
625
850
32,250
750
5,600
600
100
4,800
7,800
1 500
800
1,600
1,700
2,300
16,450
4,300
13,200
700
57,200
9,300
200
3,100
75
1,100
5,500
6,000
2,000
600
6,600
4,300
1,335
600
1,200
5,100
833
10
12,300
3,300
975
2,800
62,000
20,200
23,100
1,400
6,200
36,150
1,400
350
200
2,400
2,800
77,600
5,600

59
95
124
93
7
«56
20
3344
144
51 %
41
9344
2744
25c
7
o35c
9
55
12
644
8%
105'
32
44
3
23
70
4
1744
57
6344
*62
42
12%
27
tc944
2
444
54
444
14
4944
2444
944
10044
51
101
3144
39
7344
2
49
57
44
244
4
27
12
36
19
46%
44
22
344

44
244
23

44
344
24

22,000
13,500
2,600

173
210
334
465
293
412
350
770
577
230
92

174
235
392
472
299
440
358
778
604
243
94

67o
70c
244
244
16
1644
1244 13 44
444
444
2*54#
1%
44
44
16
17
1044 11
44
44
12
1544
41c
43o
544 5 9-16
15-16
144
1
16
1044c *12c
7-16 9-16
944 12
55c
60c
4944 49 44
44
44
944
944
13% 13%
144
144
48
4944
144
244
1
1-16
42c
43 c
15-32
44
*8
944
1 1-16
144

1
20

44

71 151
2,410 155
3,950 189
80 359
210 205
240 325
262 z234
61 487
1,275 495
650 200
200
80
500
1,200
2,650
10,990
200
17,500
2,500
600
3,600
3,200
3,100
16,200
600
12,800
5,200
171,800
20,350
59.S00
16,400
100
400
1,100
5
8,600
13,800
8,000
4,700
15,500
46,500
11,285
78,580

sin ce

50c
244
13
644
344
44
44
12
9 44

1

Jan.
H ig h .

L ow .

June
Jan
Ocl
M ar
M ay
M ar
Sepl
Ocl
Oct
Feb
Jan
Aug
Jan
Jan
Aug
June
Jan
Oct
Oot
Oct
Oct
Oct
Oct
Sept
Apr
Sept
Sept
Julv
Oct
Apr
Sept
Aug
Julv
Sept
Oct
Aug
Sept
July
Sept
Oct
Oct
Apr
June
M ay
M ar
Sept
Apr
Oct
Aug
Oct
Feb
Oct
Oct
Sept
Oct
Aug
M ar
Julv
Sept
Aug
Aug
Oct
Apr
Apr
July
Oct
Julv
June
Oct
Aug
M ay
July
Apr
Sept
Sept
Julv
Oct
Aug
Oct
Oct
Sept

1444
161
2544
1144
97%
2044
744
74 44
3744
15
95
1144
744
1544
2944
844
744
278
1444
8
9 44
9544
60
66
164
98
14
86
43
5444
344
52
55
99
2844
53c
2644
061c
33
*6344
1944
1344
14%
105k
35
244
444
63
95
13
1944
7744
7344
87
4444
16%
2744
«i>1044
444
644
77
644
19
62
30
1144
10244
101
131
4544
41
83
644
5144
94
2 1-16
444
8
39
1844
45
2044
60
3
36
644

Jan
Sept
Oct
Oct
Aug
Apr
Oct
Oct
Oct
Oct
Oct
Apr
Oct
Oct
M ay
Oct
June
Jan
Oct
Sept
Oct
Oct
Oct
Oct
June
Apr
Feb
Jan
Oct
June
Oot
Sept
Jan
Aug
Jan
July
Oct
Jan
Sept
Oot
Jan
Jan
Oot
Oct
Jan
Oct
Jan
8ept
June
Oct
Oot
Oct
Oct
Aug
Sept
Feb
Oct
Sept
Sept
Sept
Oct
Oct
Oct
O ct
Oct
O ct
Jan
Oct
June

Jan
Jan
Sept
O ct
Sept
Jan
Sept
Apr

44 Oct
344 Oct
2444 Sept

Feb

174
235
392
472
Apr 305
M ar 440
Apr 384
Jan 800
Apr 604
M ar 243
95
Jan

June
68o
Jan
444
Aug
27
Apr
1844
Julv
644
Feb
2%
Aug 1 1-16
Aug
23
June
1344
Sept
93o
10
Aug
25
38c
Aug
85c
5% ,
144 Feb
70c June
144
1
%
7c M ar
21c
44 Aug
144
544 Aug1 12
Oct
48o
95c
M ay
46
50
44 Aug1
144
744 Aug
1644
944
1444
144 Sept
1 'As
50
3544 Aug
69c July
244
54c M ar
244
47o
35c Sept
28c Sept
44
1344
7 ' A l Sept
M ar
1
244

O ct

Sept
Oct
Jan
Sept
Oct
Oct

Oot
M ay
June
June
Feb
Oct
Sept
Jan
Jan
June
M ay
Feb
Oot
Aug
June
M ay
Oct
Aug
June
June
Feb
Sept
M ay
Oct
June
Sept
O ct
Jan
Jan

F r id a y
L ast
W eek s R ange
S a le .
o f P r ic e s .
P r ic e . L o w .
H ig h .

M in in g S tock s
Alaska-Brlt Col Metals i 1
Alaska Mines C o r p --------1
Alaska W estover C o p .r . l
Arizona C h loride-r_______
Arizona C o p p e rfle ld s .r-.l
Big Jim ______________ 10c
Big Ledge Copper C o ____1

A

84o

A

38o

1%

25o
78o
y*

36o
lA
10o

1 5-16

I 'A

7 'A

5H

37 A c

84o
9-16
38o
lA

1A
7 'A
OH

75o
90 o
Boston A Montana D e v __
89o
8
Butte Copper A Zinc v t c 5
7H
7 'A
94e
1
1
Butte D e tr o lt.r _________
Butte A N Y Copper------ 1 . . . . . .
1A
1H
Calaveras C op p er.r--------5
5X
an
5H
59o
58o
60c
Caledonia M lulng..............1
79c
77c
79c
Callf-Treadwell Gold M i l
2 3-16
Calumet A Jerome C op r . 1
2a
1%
2 'A 1 11-16 2 5-16
Canada Copper__________5
4 'A c 5c
38 'A
37 H 3 S A
Cerro de Pasco Cop (no par)
Consol Arlz Smelt----------- 5 1 15-16 1 11-16
in
2A
2 'A
Consol Copper Mines------ 5 ______
7-16 9-16
Consol-I Iom estead------ r . 1
A
6
Creason Con Gold M A M 1
6A
5H
1 1 5-16
Crystal Copper__________1
l 'A
SH
Darwin Lead-S M A D ___5
OH
OH
2 'A
2A
Dundee Arizona C o p p .f .l
in
3
Emma C o p p e r .r ________ 1 2 11-16
2A
4K
4A
First National Copper— 5
4A
58c
58c
62o
Goldfield C on s'd ............. 10
7o
8c
Goldfield M erger, r ----------1
56 o
4
Green M onster M in in g .r. 1
3A
4A
60c
550
60c
Grizzly Flats Gold M ------1
6 Vs 5 A 6 11-16
Hecla M ining__________25c
50o
57c
13c
V2A0
14c
Independence L e a d .r — 1
Inspiration N eedlesCoprf 1
IX
I 'A
1A
2
1 13-16 2 'A
Jerome Verde C op per.< -_l
3
Jerome Victor E x t e n .r .f .l
2A
2H
35c
35o
36o
Jumbo Extension_______ 1
4%
4A
4H
Kerr Lake....................— 5
47
47
9-16
%
%
La Rose Cons M ines--------5
50c
41o
50o
Louisiana Consolidated 10c
18
17 A
18
M agm a C opper---------------5
M arysville Gold M in ing. 1 1 15-16 1 7-16 1 15-16
4n
4A
60 o
62o
M e Klnley-Darragh-Sav. . 1
62o
63c
63o
M ich Gold M in A Mill r . l
2
2A
1 Vs
Mines C o of Am erica— 10
4
3A
M oja ve T u n gsten .r......... 2
3A
2
2A
M onitor SI1 L A Z M A M 1
90o
93o
29o 3 5 A c
M other L o d o .r ---------------1 3 5 ^ 0
i
1
I 'A
N evada Utah Blngh'm 2.50
77o
69o
77o
Newray Mines, L t d .r ------1
14 A
15 A
N.Y.AHonduras Rosario. 10
SA
7H
N lp lssln g......... ................... 5
8A
North Butte D e v e l.r ------ l
'A
'A
15c
16o
15o
Oatman G old K e y .!------1
45o
55 o
30o
Old Emma L e a sin g .r .. 10c
4o
76o
75o
77o
20o
22o
Plttsb Jerome Copper r_£1 2 5-16 2 3-16
2A
62o 6 3 A c
Portland Cons Copper— 1
3%
3A
3A
R ay I le r c u le s -r ---............5
Rex C on solidated.r_____ 1 2 9 ^ 0 2 S A c 30o
57c
56o
60c
Rochester M ines________ 1
% 5-16 7-16
St Nicholas Zinc r----------- 1
2A
2 'A
2A
Santa F e . ............. ............ 10
2
in
1A
Santa Rita D e v e lo p .r-----20o
19c
17c
20o
19o
Sliver Pick C o n s o l.r --------1
Standard Silver-Lead____1
1 A 1 7-16
1A
36c
39o
62o
610
83o
74c
84o
Tom m y Burns Gold pf -.1
4 'A
4<A
Tonopah B elm on t.r......... 1 ______
4 H 4 15-16
AH
Tonopah Extension_____ 1
5-16 5-16
Tri-Bulllon S A D . . ......... 5
3A
3A
9o
9H c
0 'A c
U 8 Continental M in es .rl
37 A 40
United Verde Exten.r.SOc
30H
3H
3A
67c
70o
West End C on solidated.. 1 69o
40c
37c
46c
W hlteCaps M in in g .r .. 10c
4 A *5
W hite Oaks Mines Cons r 5
AH
49
49
Yukon-Alaska T r r(no par)
I 'A 1 1-16
Yuscaran C on sol.r........... 6 1 1-16

___

___

___

___

___

B on ds—
IClty of Paris (France)—

M idvale St A Ord 5s.r.l936
Russian G ovt H H s.r.w 1..
Sinclair Oil A Ref Os.r.1926
Sulzberger A Sons 6 s .r.'4 1
West Pao R R new 53.1946

S a les
fo r
W eek .
S h a r es.

R a n ge sin ce J a n .
L ow .

1.

H ig h .

Quotations for Sundry Securities
All b o n d p rices are “ dad In te re st” ex ce p t w h ere m arked “ t "

OH

Consol-Alrz Smelt 5s. 1939

[Vol. 103.

THE CHRONICLE

1498

M ay
25o
Oct 1.02
4,100
83o
Oot
51,200
59o Sept
70o July
3,200
A July
380
Oct
16,400
36o
Oot
10,930
35c July
3 A Sept
2 3 A c Jan
1,000
9c
11,200
1 A Sept
1 A Feb
Oct
67,000
1 7-16 Feb
7H
600
1 5 A M ay
9 A Aug
50,209
50c M ar
2 A June
7,200
12>* M ar
4 A June
1
91c
Oot
18,000
Oot
500
Oct
4 A M ar
I 'A
Jan
2,050
0 A Sept
2A
1 5-32 Apr
8,800
Aug
53 o
Oct
9,500
77o
Oot
80o
93,100
Oct
1 A Aug
1A
44,600 1 3-10 M ar
2 A M ay
314 c Feb
9 !4 cM a y
12,000
1,100
Feb
42 A
32 A July
Jan
2
32,075
1 A July
1,220
3 A M ay
1 A Feb
13,900
A July
A Sept
18,100
6
Oot
6 A Sept
O ct
1,600
in
A July
18,000
Oot
on
5 H Sept
3
Oot
10,925
1 X Juno
24,100
1 7 A o Jan
3 H Oct
Jan
2,300
July
3
8A
7,000
1 3-16 Jan
58o
Oct
Jan
7,000
Aug
21o
7c
22,000
35o
60c
85,000
i
Aug
Oct
4A
60o
14,200
51o
Oct
Oct
13,600
Jan
3H
6 % Oct
33,000
58o
28o
150
Oct
95,000
lie
Oct
29,700
Oct
50c July
m
36,000
2 A M ay
1 A July
4,925
3 A Sept
1 % Juno
Jan
2,500
32o Sept
1A
100
4
Feb
*5 A M ay
38,000
June
58
47
M ay
600
1
9-16 M ar
81,000
50o
Oct
120 M ay
1,500
13
July
19 H M ay
15,325
1
Aug
1 % Oct
1,000
2
July
5A
3,100
72o M ay
38o M ar
8,500
Aug
Aug
70o
42c
4,600
4
Jan
Oot
1A
M ay
3,350
8
Aug
2A
9,000
Apr
2 A M ay
A
1
1,700
64o
115,500
20o
Jan
430 Apr.
1,200
Jan
1
Sept
5A
49,500
77c
34o June
Oot
1,500
Oct
17 A June
14 A
6,650
Feb
0 A Sept
6X
5,000
Feb
A
A June
5,000
Apr
15o
25c
Oct
80,350
12o
Aug
820
Oot
4,000
6o
3^0
4,400
77o
750
Oot
Oct
3,000
39o
20o
54,300
Oct
85o July
2 'A
2,500
62c
63>4c Oct
Oct
3,500
2 X M ar
5 A M ar
32,000
39o M ay
100
Aug
15,000
78o M ay
500 Sept
8,600
96o Sept
A Sept
3,700
2
Jan
Sept
3A
38,400
2
Oct
Oct
I 'A
26c
3,700
13o
3,100
3c
23>$cScpt
Feb
4,000
2
Jan
1
July
9,800
30o
950
Feb
1,500
81o
5lo
142,500
62 o Sept
84o
Oct
130
4
June
5 A M ay
8,700 3 15-1( Jan
7 'A M ay
5,000
1
Apr
'A Aug
3,400
3 A July
4 ’A
23,600
4o
Aug
18o M ar
19,100
Jan
45
Sept
6A
3,410
1a
3A
5,800
65o Sept
I X Juno
43,800
22H cJune
52o
Oct
3,510
3 H Aug
16 A M ay
200
45
Feb
39
Feb
2,200
1S
A M ay
'A July

Oot
OS A 176,000 tcO S H
138,000
50
25
M ar
102 A 42,000 100
8,000
103
99 A
94
July
OS'A 98 A 156,000
July
93,000 100
10 0 H 101
97 H OS A 58,000
94H Sept
11,000
Aug
99
1 0 2 'H 1 0 2 A
84 H 86
74,000
81
Sept

98 H

50
OS A

ioo n

___

43
102
102

Oct
M ar
Sept
June
Feb
1 02 X Sopt
9 9 A M ay
102 A Sent
86
Oot
50
104
125
100

•Odd lota, t N o par value. 1 Listed aa a prospect. I Listed on the Stock Ex­
change this week, whero additional transactions will bo found, m New stock, par
value $12 50. n Old stock, par value $25. o New stock, r Unlisted. * Ex-100%
stock dividend, t $50 paid, u Ex-cash and stock dividends, v $10 paid, w When
Issued, i Ex-dlvldend. v Ex-rlghts. z Ex-stock dividend.

C U R R E N T N O T IC E ,
— D a y & Zim merman, constructing architects, engineers and managers
o f 611 Chestnut S t ., Philadelphia, have prepared a pam phlet, “ Architecture
and, Ind ustry,” for distribution among the readers o f tho “ C hronicle.”
W rite the firm for a com plim entary cop y .
— H erbert S. Polhem us and W illiam J. Banigan have organized tho now
firm o f II. S. Polhemus & C o ., at 52 B roadw ay, this city, to deal in Invest­
m ent securities. M r . Polhem us was form erly connected with Chas. II.
Jones & C o ., 20 Broad St.
— A . II. BIckmoro Sc C o ., I l l Broadway, this city, will mall a cop y o f
their Investment m onthly, “ Bond T op ics,” each m onth froo o f chargo to
any reader who asks for “ B ooklet C . I1'.-2 0 0 ."
— Schm idt & Gallatin, members o f the N ew Y ork Stock Exchange, 111
B roadw ay, this city , will deal In Chaso N ational Bank stock, In which tho
firm are specialists. ’Phono 3260 Itector.
— T ho Toledo Investment banking firm o f T erry, Briggs Sc C o. has
opened a Chicago offlco at 19 South La Sallo S t., undor tho management
o f W illiam II. M a y.
— J. S. Farleo Sc C o ., 66 B roadw ay, this city , havo opened a branch
offlco In tho Brisbane Building, B uffalo, under tho management o f Stephen
Daws.
— Robert R . Forrester, 61 Broadway, tills city, will mall a letter describ­
in g tho Tidewater Oil C o. on request, which ho recommonds for Investment.




S ta n d a rd OH S to c k s P e S hari
Par

Bii.

4»*.

17
Anglo-Amer OH new____£1 *16
Atlantic Refining________100 850 860
Home-Scrymaer C o ......... 100 400 420
105
Buckeye Pipe Line C o ___50 *103
Chesebrougti M fg now___100 460 490
70
Colonial OH_____ ______..1 0 0
50
Continental OH_________ 100 555 565
45
Crescent Pipe O ne C o____50; *40
Cumberland Pipe Llne.-lO O 100 105
Eureka Pipe Lino C o ____100 240 215
Galena-Signal Oil com ___100 172 175
Preferred_____________ 100 140 145
Illinois Pipe Line........... .100 220 225
Indiana PIpo Lino C o ____50 *107 110
Internat Petroleum______ £1 *11 1 11%
National Transit C o .-1 2 .5 0 ; *18 : 19
N ew York Transit C o ___100 215 220
Northern Pipe Line C o.-lO O ' 105 108
Ohio Oil C o .......................... 25*350 355
Penn-Mex Fuel C o ________25 *67 | 70
Pierce Oil C orp ___________ 25 ►14% 15
Pralrlo Oil A G as.............. 100 465 470
l’ ralrlo Plpo Line________100 295 300
Solar R e fin in g ................ 100 390 405
Southern Pipe Line C o.-lO O 225 230
South Penn OH__________ 100 415 420
Southwest Pa Plpo Lines. 100 113 117
Standard OH (California) 100 310 315
Standard Oil (In d ia n a ).. 100 770 775
Standard Oil (KaDsas)-.lOO 540 550
Standard OH (Kentucky) 100 580 600
Standard OH (N ebraska).100 530 550
Standard OH of New Jer. 100 598 602
Standard OH of New Y ’rklOO 238 240
Standard Oil (O hio)......... 100 420 430
Swan A Finch___________ 100 105 115
94
Union Tank Line C o ____100
92
Vacuum OH_____________ 100 298 302
45
Washington O il__________ 10 *35
B o n d s.
p ercen t.
Pierce Oil Corp conv 68.1924 82

84

T o b a c c o S to ck s — P e r Sha r«.
Par

American Cigar commonlOO
Preferred______________100
Amor M achine A F d r y ..100
Brittah-Amer T obac o r d . .£ l
Ordinary, bearer______ £1
Conley Foil______________100
Johnson Tin Foil A M e t. 100
MacAndrows A F o r b e s ..100
Preferred______________100
Porto lUcan-Amer T ob .-lO O
Reynolds (R J) T o b a cco . 100
Preferred_____________ 100
Young ( J S) C o . ...............100
Prelorred...............
100

B id .

A ik .

118
100
90
♦1812 20
*19
20
300 360
100 150
195 205
99 101
265 275
595 620
120 123
150 160
106 110
112
98
80

S h o rt T erm N o te s. P e r C e n t.
Am Cot OH 5s 1917...M A N
Amer Loeom 5s, July ’ 17.J-J
Am T A T 4 1$8 1918____
Anaconda Copper 6s T7 M-S
Canadian Pac 6s 1924. MAS2
Chic A West Ind 5s '1 7-M A S
Erio R R 5M8 1917------A-O
Geuoral Rubber 5s 1918 JAD
Hocking Valley 5s 1917.M -N
Iut Harv 6s Feb 16 T 8 .F -A
K C Rya 5 ^ 9 1918____JAJ
M organAW rlght 5s D e c .1,18
New Eng N av 6s 1917.M -N
N Y N II A II 4 A s M ay 1917
Penn C o 4>Ss 1921-.JA D 15
Pub Ser Corp N J 5s *19 MAS
Rem Ams U .M .C .5sT 91'A A
Southern Ry 5s 1917.-M-82
United Fruit 6s 1018.. M-N
UtahSecurCorp 6s'22 M -S15
Winches RepArms5sT8M&S
New Y o r k C ity N otes—
6s Sept 1 1017........................
C a n ad ian G o v t. N otes—
5s Aug 1 1917__________FAA

100% 101%
100i2 101
100i2 10034
I 0 0 i2 10U34
103 103%
100 100%
100 % 101
100% 101 %
100% 101
101% 10134
100% 101
1003g 100%
10012 100%
100% 100%
100% 101%
1003., 101
85% 87
1003g 10058
101 101%
9634
96

0812 98%
102% 102%
100 % 10034

O rd n a n c e S to ck s — P e r S T ta ri.
60
Aetna Explosives pref___100
55
20
Amer A British M fg _____ 100
10
40
Preferred_____________ 100 20
Atlas Powder co m m o n ..100 170 180
Preferred_____________ 100 98 100
Babcock A W ilcox______ 100 120 125
Bliss (E W) C o c o m m o n ..50 *705 740
85
Preferred..................
50 *75
Canada Fdys <fe Forgings 100 180 190
Preferred______________100 90 100
40
Canadian Car & Fdry___100
30
75
Preferred______________100 60
Canadian Explosives comlOO 380 460
Preferred_____________ 100 100 no
95
Carbon Steel com m on___100
90
92
1st preferred__________ 100 88
70
2d preferred................ .100
65
C o ifs Patent Fire Arms
M fg ..................................100 870 885
Crocker-Wheeler Co co m . 100 95 100
duPont (E I) de Nemours
290
A C o, com m on______ 100 280
107
Debenture stock____100 103
Electric Boat___________ 100 420 430
Preferred........... ............. 100 420 430
Hercules Powder com ___100 335 345
Preferred_____________ 100 116 120
24
Hopkins A AUen A r m s ..100 18
60
Preferred_____________ 100 45
25
International Arms______ 25 *20
11
Lake Torpedo Boat c o m .. 10 10
67
M idvale Steel A Ordnanco 50 *66
Nllcs-Bement-Pond c o m .100 180 185
Preferred_____________ 100 105 no
Scovlll M fg ....... ................. 100 650 670
43
Submarine B oat__ (no par.) *42
Winchester Repeat Arms 100 1200 1400

P u b lic U tilities—

Am Gas A Elec com ______ 50 *154 156
P referred .._____ _______ 60 *49% 51
Am Lt A True com m on. .100 373 376
Preferred______________100 110 112
71
70
Amer Power A Lt com ___100
85
84
Preferred.....................-.1 0 0
43
Amer Publlo Utilities comlOO 41
75
Preferred_____________ 100 74
Cities Service C o co m ___100 313 318
P referred ..
100 92% 93
61% 03
Com 'w 'lth Pow R y A L ..1 0 0
86
Preferred_____ ________ 100 84
96
98
Dayton Pow A Lt pref___100
Elec Bond A Share p r e f..100 101 103
19
Federal Light A Traction 100 18
56
Preferred______________100 64
89% 90%
Great Wcet Pow 6s 1946 .JAJ
85
Indiana Lighting C o ____100
79% :S1
4s 1958
F-A
North'n States Pow c o m .100 98 100
Preferred_____ ________ 100 99 100
96% 97
1st A ref 5s 1941____AAO
Pacific Gas A Elec c o m .. 100 67% 58
92
1st preferred__________ 100 00
52
53
Republic R y A Light------ 100
82
Preferred_____________ 100 80
92
South Calif Edison c o m ..100 91
Preferred______________100 106 109
Southwest Pow A I, pref. 100 97% 100
Standard Gas A El (D e l). 50 *14% 16
Preferred_____________ 60 *40% 42
12
13
Tennessee R y L A P comlOO
Preferred______________100 52% 54
14
17
United Gas A Eleo C o rp . 100
75
1st preferred__________ 100 X71
18
2d preferred_____ _ — 100 15
R R . E q u ip m en ts— P e r C t. B a n s
49
51
A i k . United Lt A Rya com ___100
BUI.
79
1st preferred__________ 100 78
Baltimore A Ohio 4 A c _____
4.40 4.25
18% 19%
Western Power co m m o n .100
Buff Roch A Pittsburgh 4J4s 4.40 4.2
70
Preferred______________100 68
Equipment 4s_____________
4.40 4.25
Canadian Pacific 4 HJs______
4.50 4.35
Caro Cllnchf Sc Ohio 5s_____ 4.70 4.45
Central of Georgia 5s_________ 4.25 4.00
In d u stria l
Equipment 4%>s___________
4.70 4.45
and M iscella n eou s
Chicago A Alton 4s......... ......... 5.50 5.00
Chicago A Eastern 111 6> 4s.. 5.75 6.25
American Brass_________ 100 335 340
Equipment 4 H *___________
5.75 5.2
79
82
Chic Ind & Loulsv 4 A b _____
4.75 4.50 American Chicle com ____100
88
Preferred_____ ________ 100 84
Chic St L A N O 5s....................
4.75 4.50
Chicago A N W 4 A s ................
4.35 4.15 Am Graphophone c o m ..100 181 185
Preferred_____________ 100 180 183
Chicago R I A Pac 4 ^ 8 ______
6.25 4.90
Colorado A Southern 5s____ 4.75; 4.50 American Ilardwaro____100 137 140
44
Erie 5s.........................................
4.60 4.40 Amer Typefounders co m . 100 40
Preferred...................
100 04
98
Equipment 4 H s __________ 4.60J 4.40
Equipment 4s_____________
4.60 4.40 Borden's Cond M ilk com . 100 110% 111%
Preferred..............
100 106 108
Hocking Valley 4s___________
4.50 4.30
Equipment 5s____________ 4.50! 4.30 Celluloid Com pany_____ 100; 188 105
2% 3
Illinois Central 6s___________ 4.37i 4.20 Havana T obacco C o____ 100;
0
0%
Preferred_____ ________ 100;
Equipment 4 H s___________
4.37 4.20
58
1st g 5s Juno 1 1922..J-D , /6 0
Kanawha A Michigan 4M&-- 4.55 4.35
16
Louisville A Nashville 5s____ 4.371 4.20 Intercontlnen Rub c o m ..100' 14
_
M inn St P A S S M 4 H s____ 4.50i 4.35 Internat Banking C o ____100, 160
43
Missouri Kansas A Toxas 6s. 5.50 5.00 International Salt______ 100, 41
78
1st g 5s 1951.............. A-O /7 5
Missouri Pacific 5s___________ 6.50 5.00
M obllo A Ohio 5s......................
4.60 4.45 International Silver prof. 100 107 110
94
Equipment 4 A c ___________
4.60 4.45 Lehigh Valloy Coal Sales. 50 *91
68
70
New York Centra! Lines 6 s .. 4.50 4.35 Otis Elevator com ----------100
90
Preferred......... - ............100. 94
Equipment 4 H s ........... ......... 4.50 4.35
|
N Y Ontario A West 4 ^ 8 - - - 4-50 4.35 Romlngton Typewriter—
18
C om m on--------------------- 100 17
Norfolk A Western 454s____ 4.37; 4.20
1st preferred__________ 100 84
88
Equipment 4s_____________
4.37 4.20
2d preferred..... ............. 100 49
52
Pennsylvania R R 4 H s _____ 4.35 4.15
Equipment 4s_____________
4.35 4.15 Royal Baking Powd c o m .100 165 160
Preferred--------------------- 100 102 104
St Louis Iron M t A Sou 5 s .. 5.50! 5.00
St Louis A San Francisco 5s. 5.50 5.00
Seaboard Air Line 5s_________ 4.85 4.40
Equipment 4 )4 s ___________ 4.65 4.40
Southern Pacific C o 4>$8____
4.37 4.20
Southern Railway 4 H s ____
4.65 4.40
Toledo A Ohio Central 4s___ 4.90 4.50

' Per share.
Flat price.

& Basts. * Purchaser also pays accrued dividend.
nN om lnal. zEx-dlvldend. v Ex-rlghts.

_

i

New Stoo* ,

THE CHRONICLE

Oct. 21 1916.]

1499

ami |SUiIrxrail |ttieXIig;emje.
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of overy S T E A M railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. W e add a supplementary
statement to show the fiscal year totals of those roads whoso fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

J u ly 1 to Latest Date.
Current
Year.

Previous
Year.

9 9 1 ,4 3 4
4 3 2 ,0 3 9
427 ,6 3 7
7 8 0 ,2 8 5
2 4 ,9 4 3 ,6 8 3
885 ,8 8 2
220 .4 4 7
5 ,2 1 3 ,1 0 3
2 6 3 ,2 3 8
2 8 7 ,1 2 4
2 0 ,7 0 4 ,1 4 2
306 ,7 7 5
468 .4 4 8
2 ,6 6 5 ,4 1 7
184,560
9 ,890,161
4,1 1 2 ,6 8 0
293 .2 0 9
12,412,100
43,3 6 3 ,9 0 8
2 ,2 3 4 ,4 6 2
5 ,9 7 1 ,3 5 2
1 ,001,894
763 ,170
14,119,244
3 ,1 1 4 ,1 2 4
18,494,705
2 ,7 7 8 ,6 7 7
4 ,8 3 9 ,9 4 5
2 ,5 1 5 ,6 1 9
19,257,582

S
8 7 8 ,6 2 6
3 8 7 ,3 2 8
3 7 9 ,1 9 7
6 4 3 ,4 0 7
2 1 ,3 2 6 ,7 1 8
7 7 3 ,1 4 5
198.053
4 ,1 9 4 ,5 6 0
2 3 6 ,7 6 2
2 3 7 ,7 4 8
1 8 ,0 1 9 ,6 1 0
2 6 2 ,7 6 5
4 6 7 ,6 3 7
2 ,5 3 4 ,7 3 2
137.471
8 ,4 0 4 .2 6 0
3 ,4 8 0 ,3 1 7
2 3 7 ,6 1 4
8 .3 1 7 .6 0 0
3 2 ,5 9 4 ,8 2 7
1,887,824
5 ,4 2 5 ,0 2 0
7 22 ,352
6 6 1 ,8 1 2
13,329,528
2 ,5 6 3 ,4 1 6
15,5 2 1 ,6 5 0
2 ,4 6 1 ,2 0 5
4 ,2 3 2 ,5 4 2
2 .1 8 3 .6 0 0
1 6 ,5 0 4 ,4 5 8

Previous
Year.

$
A la N O & T e x Pac291 ,8 2 0
N O k N o r E a s t. S ep te m b e r
342 .0 1 4
141,278
135,784
A la & V ick sb u rg S ep tem b er
139,191
152,350
V ic k s S hrev & P_ S ep tem b er
53,182
58,902
A n n A r b o r _________ 1st w k O ct
13238861 10904377
A t c h T o p e k a & S Fe A u gu st
72,0 3 8
57,394
A tla n ta JBirm & A tl 1st w k O ct
114,706
101 ,268
A tla n ta k W e s t P t_ A u g u s t ___
A tla n tic C o a s t L in e A u g u s t ___ 2 ,6 0 5 ,9 2 3 2 ,0 1 7 ,1 7 3
135,069
120,169
C h ariest & W Car A u g u s t ___
150,741
126 .720
L o u ilo n d & S t L A u g u st . _
10550229 9 ,3 4 8 ,8 5 7
({B a ltim ore & O hio A u gu st —
B & O C h T e r H it A u g u s t ___
159,008
134,559
257 ,396
B a n g o r & A r o o s to o k A u g u s t ___
2 41 ,342
B essem er & L E r ie . A u g u s t ___ 1 ,372,459 1,268,92n
B irm in gh am S o u t h . A u g u st
9 6 .685
68,971
B o s to n & M a in e ___ A u g u s t ___ 5 ,1 7 0 ,3 6 6 4 .3 0 5 ,0 2 4
B u ff U ock & P it ls b 2 d w k O ct
2 8 7 ,6 4 0
254 ,4 3 0
B u ffa lo k Susq R R . A u g u s t ___
150,921
121,549
C a n ad ian N o r S y s t . 2d w k O c t
767 .8 0 0
8 4 7 .7 0 0
C a n ad ian P a c if ic ___ 2d w k O ct 3 ,0 3 4 ,0 0 0 2 ,9 8 8 ,0 0 0
C en tral o f G e o r g ia . A u g u st . .
899 ,997
1,115,293
C e n t o f N ow Jersoy A u g u s t ___ 2 ,9 9 5 ,4 4 6 2,8 1 6 ,9 6 2
358,211
C e n t N e w E n g la n d - A u g u st . .
515 ,8 4 8
341 ,2 1 0
C en tra l V e r m o n t .. A u g u s t ___
4 0 1 ,6 1 8
864.193
9 10 ,110
C h os k O h io L in e s . 2d w k O ct
1 ,628,690 1,375,058
C h ic a g o & A l t o n ___ A u g u st .
10216369 8 ,1 4 7 ,5 2 5
C h ic B u rl & Q u in cy A u gu st .
1,48b ,641 1,300,419
b C h ic a g o k E a st 111 A u gu st .
319 ,000
3 16 ,832
C C h ic G rout W e s t . . 2d w k O ct
150,958
163,309
C h ic In d & L o u is v . 2d w k O ct
10021195 8 ,2 8 5 ,1 7 6
C h ic M ilw k St l ’ - l A u g u st
C h ic M il & P u g S)
d C h le & N o rth W est A u g u s t ___ 9 ,6 1 4 ,3 5 8 7 .9 8 3 .3 5 9
157,053
143,810
C h ic P eoria & St L . A u g u st ___
C h ic R o c k Isl & P a c A u g u s t ___ 7 ,2 3 0 ,7 0 7 6 ,1 3 7 ,6 3 7
330 ,0 0 2
248 .720
C h ic R I & G u lf . A u g u s t ___
d C h ic St P M & O m A u g u s t ___ 1 ,796,115 1,498,741
247 ,4 3 0
C h ic T erro II & S E A u g u s t ___
177,854
C in H a m & D a y t o n A u g u s t ___ 1,044,531
994 ,0 8 6
C o lo r a d o M id la n d . A u g u st
189,178
137,181
3 4 0 ,2 0 8
e C o lo r a d o & S ou th 2d w k O ct
3 2 6 ,9 4 8
2 3 .6 8 5
C o r n w a l l ___________ A u g u s t ___
10,329
4 3 ,7 1 5
C orn w a ll & L eb an on A u g u s t ___
3 4 ,673
558 ,3 2 7
C u b a R a ilr o a d ____ A u g u s t ___
416 ,6 3 4
D ela w a re k H u dson A u g u s t ___ 2 ,3 5 4 ,1 6 2 2 ,1 3 0 ,3 0 3
D ela w L a ck & W est A u gu st
4,3 4 9 ,3 3 1 3 ,7 5 8 ,7 6 2
D e n y & R io G ra n d e 2d w k O ct
576 .7 0 0
5 77 .800
7 22 .592
W estern P a c i f i c . . A u g u s t ___
806 ,6 5 7
37,847
46,4 0 0
D e n v e r & Salt l ake 1st w k O ct
164,129
2 12 ,478
D e tr o it T o l & Ir o n t A u gu st . .
2 1 ,439
24,093
D e tr o it & M a c k in a c 2d w k O ct
109,427
130.147
D o t & T o l S h ore L . A u g u s t ___
9 17 .989
978 ,030
D u l & Iron R a n g e .. A u g u s t ___
D id M issa b o & N o r A u g u s t ___ 2 ,0 8 3 ,4 5 2 1,553,656
71,921
76,141
D u l S ou Shore & A tl 1st w k O ct
103,777
143.147
D u lu th W in n & I’ ac A u g u s t ___
9 93 ,467
1,169,411
E lgin J oliet & E a s t- A u g u s t . .
8 13 ,928
1,188,357
E l P a so & S ou W est A u g u s t . .
E r ie .......... ..................... A u g u s t _ . 6 ,6 9 7 ,7 2 7 5 ,9 4 5 ,7 6 5
345 ,453
587 ,636
F lo rid a E a st C o a s t . A u g u st ___
92,813
80,347
F o n d a J oh n s & G lo v A u gust ___
219 ,1 8 8
277 ,888
G eorg ia R a il r o a d .. A u g u s t ___
152,097
141,182
G ra n d T ru n k I’ a c . . 4 th w kS ept
G ra n d T r u n k S y s t . 2d w k O ct 1 ,300,095 1,067,819
G ra n d T ru n k R y 4th w k S ept 1,503,475 1,130,030
208 ,908
211 ,195
G ra n d T r k W e s t . 4tli w k S ept
77,946
81,732
D o t G r 11 & M ilw 4tli w kS ept
G rea t N o rth System S eptem ber 7,9 6 4 .4 0 9 7 .8 6 2 ,0 3 6
145,841
178.912
G u lf k S h ip Is la n d . A u g u s t ___
650,074
815 ,692
H o c k in g V a lle y ____ A u g u st ___
Illin ois C e n tr a l____ S ep tem ber 6,2 8 0 ,8 7 6 5 ,7 5 6 ,5 8 3
598 .049
859,097
I n te rn a t & G r t N o r A u g u s t ___
870 ,730
9 7 4 ,7 9 !
K an sas C it y S o u t h . S ep tem b er
208,521
161,397
L eh ig h k l iu d R l v . A u g u s t ___
270 ,0 0 9
242 ,622
L eh igh k N ew E n g . A u g u s t ___
L eh igh V a lle y _____ A u g u s t ___ 4 ,4 3 5 ,6 4 5 3 ,7 7 9 ,5 9 8
L o s A n geles & S L . A u g u s t ___
958 .193
9 9 2 ,7 2 5
L ou isia n a & A rkans A u g u s t ___
134,297
132,462
L ou isia n a R y & N a v A u g u s t ___
186,368
182,751
f L ou isv ille k N ash 1st w k O ct 1,304,865 1,085,745
M a in e C e n tr a l--------- A u g u s t ___ 1,185,226 1,050.517
4 0 ,525
42,191
M a r y la n d & P o n n a . A u g u s t ___
179 ,189
145,706
M id ia n d V a lle y ____ A u g u s t ___
19,909
21,677
M in era l R a n g e ------- 1st w k O ct
249 ,7 3 2
247 ,0 2 3
M in u e a p & St L ouis 2d w k O ct
7 41 ,266
693 ,685
M in n St P & S S M . 2d w k O ct
59,637
78,767
M ississip p i C e n tr a l. A u gu st ___
8 3 8 ,0 0 5
664,316
<j M o K a n k T e x a s . 2d w k O ct
h M issou ri P a c if ic . _ A u gu st ___ 6 ,3 2 4 .4 2 8 5 .1 1 1 .3 5 9
945 .7 6 0
N a s h v O h a tt & St L A u gu st ___ 1,212,040
j N e w Y o r k C en tral A u g u s t ___ 18078121 14531756
B o s to n k A lb a n y A u g u s t ___ 1 ,879,706 1,5 2 5 ,7 4 9
660 ,5 9 8
575 ,173
n L a k o E rlo & W _ A u gu st ___
M ic h ig a n C en tral A u g u s t ----- 4 ,0 7 2 ,6 9 3 3 ,2 4 3 ,7 2 8
C lo v e C C & St L A u g u st ----- 4,2 5 1 ,5 0 8 3 ,5 6 3 ,5 9 0
189,288
149,892
C in cin n a ti N o rth . A u g u s t ----P itts & L a ke Erie A u g u s t ----- 2 ,2 0 3 ,4 6 7 1,8 2 3 ,8 9 9
617 ,993
418,381
T o l & O h io C e n t . A u gu st —
3 37 ,065
290.761
K a n a w h a k M ic h A u gust —
T o t all lines a b o v o A u g u s t — 322 90439 26122929

,837,721 15 ,202,047
3 0 5 ,6 4 8
2 71 ,223
,6 12,092
,576,064
602 ,597
477 ,281
,444,075
,9 32,074
4 5 8 ,3 4 9
3 4 1 ,1 2 4
,978,422
,9 14,837
316 ,8 2 0
2 5 9 ,0 9 8
,741,976
,308,431
46,687
2 1 ,4 3 8
100,961
75,301
,129,818
8 36 ,724
,641,473
.175,452
,857,135
.145,833
,995,419
,8 03,510
,579,759
,4 2 5 ,0 4 3
613,411
573 ,1 6 4
398 .6 8 3
2 9 7 ,2 3 2
3 7 3 ,9 5 9
3 1 2 ,2 8 4
2 4 7 ,5 9 2
2 0 7 ,1 3 2
.013,159
,7 8 0 ,3 8 8
,981,622
.998,735
,121,610
,012,054
273,591
2 23 ,078
,282,477
,875,934
,228,440
,562,770
,003,941
.618,893
,094,540
7 0 8 ,2 4 0
189,951
166,220
558 .876
4 2 4 ,9 6 5
I l f , 491
9 4 6 ,0 3 5
,323,748
,776,513
,434,644
,936,259
,414,444
,97.7,976
854,701
773,971
,597,689
,8 82,788
335 ,090
2 8 5 ,8 6 2
,596,257
,193,210
,617,476
,105,252
,714,069
.2 57,748
,860,375
,5 09,492
410 ,464
3 1 5 ,4 9 2
460 ,397
590 ,011
,743,143
.5 13,360
,017,043
,0 41,655
271,441
269,351
3 50 .012
3 5 1 ,9 9 0
,414,378
,0 62,395
,269,763
,047,481
76,7 5 8
7 7 ,007
3 59 ,225
2 7 0 ,9 7 3
305 ,9 9 0
2 91 ,364
,277,332
.105,742
,629,012
,527,857
147,332
123,720
,289,618
.068,811
,895,102
,8 7 4 ,0 5 8
,266,307
,8 88.063
205 ,325
,479,526
714,331
.061,047
305 ,004
,064,551
930 ,6 6 4
,2 93,270
0 9 2 ,7 2 6
.7 27,048
3 5 1 ,0 3 7
2 8 8 ,9 1 0
268 ,422
,4 7 9 ,3 3 2
210,749,
8 2 1 ,3 4 8
620,7061
5 68 ,306
6 9 8 ,9 6 6 50 .783,343

ROADS.

J u ly 1 to Latest Date.

Latest Gross Earnings.
Week or
Month.

Current
Year.

Current
Year.

Previous
Year.

Previous
Year.

S
5
$
N o v a d a -C a l-O r e g o n 1st w k Oct
140 ,198
135 ,466
10,493
12,971
N ew O rl G re a t N o r . A u g u st
321 ,013
2 8 9 ,6 9 0
148,720
170,182
N O M o b ile & C h ic A u g u st .
329 ,806
2 8 2 ,8 0 4
143 ,208
184,102
N Y C h ic & S t L o u is A u g u st .
.0 1 7 .8 7 5
1,3 0 2 ,5 6 9 1 ,053,086 2,586 498
N Y N H & i l a r t f .. A u gust .
.511,713
7 ,1 4 9 ,7 3 2 6 ,2 6 4 ,0 5 3 14,117 ,077
N Y O n t & W estern A u gust .
,8 7 3 ,6 0 2
9 1 2 ,0 3 0 1,957 ,554
969,811
N Y Susq & W e s t . A u g u st .
602 .244
6 3 5 ,5 4 0
3 1 7 ,7 5 0
3 0 4 ,1 0 0
N o rfo lk S o u th e r n . A u g u s t .
6 7 7 ,9 1 0
4 1 1 ,9 7 7
808 022
3 4 5 ,4 6 5
N o r fo lk & W estern A u g u st .
5 ,3 4 3 ,0 1 3 4 ,7 2 9 ,4 9 1 10,188 ,134
.1 9 6 ,8 3 6
N o rth e rn P a c ific ___ A u g u s t .
7 ,0 4 1 ,0 0 3 6 ,0 7 6 ,3 2 9 13,773 .289
.4 2 6 ,1 1 3
N o rth w e ste rn P a c . . A u g u st .
506 .6 7 6
456.831 1,033 ,868
9 1 9 ,3 3 3
J u l y ____
P a c ific C o a s t C o
7 4 4 ,4 2 7
744 ,427
6 5 9 ,8 9 7
6 5 9 ,8 9 7
206 64931 17674765 40,3 0 4 ,730 34 .4 3 0 .4 1 0
p P e n n sy lv a n ia RR. A u g u st .
B a lt C h es & A t l . . A u g u s t _
172,930
332 ,527
153 .448
3 0 7 ,2 0 8
C u m b e rla n d V ail. A u g u s t _
3 1 1 ,4 1 0
579 .055
276 ,764
5 21 ,351
L o n g Island
A u gu st .
1 ,6 0 6 ,9 4 0 1,4 7 2 .4 5 2 3 ,2 8 7 ,576
,0 2 5 ,8 0 5
M a r y ’d D el & V a A u g u s t .
222 ,256
117,130
114,236
2 2 0 ,3 5 6
N Y P h lla & N o rf A u g u s t .
999, ,S22
4 3 7 ,8 4 7
3 8 1 ,2 3 0
8 6 2 ,6 9 4
P h il B a lt & W ash A u g u s t .
2 ,205,431 1.920,926 4.488, ,029
,8 2 5 ,6 1 3
1,117,660 1.018,421 2 , 102,,866
W J ersey & Seash A u g u s t .
.9 1 3 ,5 2 6
P e n n sy lv a n ia C o___ A u g u s t .
7 ,3 3 6 ,9 8 6 5,779,671 14,197, ,061
,4 1 9 ,6 9 5
G ra n d R at) & Ind A u g u s t .
5 85 ,143
5 0 3 ,7 6 9 1.085, ,677
9 5 8 ,7 2 6
P itts C C & S t L . A u gu st .
4 ,5 0 5 ,5 5 4 3 ,7 4 8 ,7 4 4 8,745, ,308
.1 3 8 ,9 3 0
V a n d a l i a ________ A u g u s t .
1 ,168,994
9 8 0 ,6 0 9 2,233, ,758
.9 0 1 .8 6 4
T o t a l lines—
E a s t P itts k E rie A u g u s t _
270 08400 23339742 53,0 7 6 ,373 4 5 ,7 4 0 ,3 8 2
W e s t P itts k E rie A u g u s t .
13761828 11152943 26,578, ,014 2 1 .6 9 7 .4 2 5
A ll E a s t & W e s t . A u g u s t ___ 407 70228 34492684 7 9 ,654 .387 6 7 ,4 3 7 ,8 0 7
P o re M a r q u e t t e . . 2 d w k O ct
4 00 ,182 6 ,6 7 7 ,080 5 ,7 1 3 ,2 8 2
4 7 0 ,4 9 0
R e a d in g C o —
P h ila k Reading. A u g u s t ___ 5 ,1 2 1 ,3 8 4 4 ,2 3 0 ,2 5 2
.895 ,594
.3 1 3 ,4 5 0
C o a l & Ir o n C o . . A u g u s t ___ 2 ,9 4 8 ,5 6 7 1,973,932
,627 ,978
,7 9 1 ,2 1 2
T o t a l b o th c o s ___ A u g u s t ___ 8 ,0 6 9 ,9 5 1 6 ,2 0 4 ,1 8 4
.523 ,572
,104.662
R ic h F red k P o to m A u g u s t ___
4 6 4 ,6 5 3
211 ,7 2 7
608 .959
2 8 3 ,1 3 6
R io G ra n d e J u n e . . July
8 6 ,1 2 9
86 .129
76,5 5 8
76,5 5 8
R io G ra n d e S o u t h . 2 d w k O ct
168 ,413
12,907
169,898
12,548
R u t la n d ____________ A u g u s t __
693 ,515
3 5 3 ,1 8 0
6 4 0 ,9 5 5
3 2 7 ,1 9 7
372 ,284
S t J o s & G ra n d I s l. A u g u s t _
2 4 5 .6 5 2
129,496
194,524
St L B r o w n s v & M . A u g u s t __
923 ,892
2 4 1 ,0 7 9
4 2 4 ,3 8 5
4 30 ,665
018 ,729
St L Ir o n M t n & So A u g u st __ 3 ,1 6 4 ,2 0 7 2 ,6 0 8 ,5 1 8
040 .5 6 7
St L o u is & San Fran A u gu st __ 4 ,8 5 9 ,0 3 6 3 ,7 5 3 ,0 8 3
3 0 3 ,3 0 6
290 ,192
St L o u is Sou th w est 2d wk Oct
266 ,822
2 7 7 ,0 0 0
3 5 7 ,0 0 0
.178 ,285
S ea b oa rd A ir L in e . A u gu st
3 06 ,602
1,969,095 1,632,751
.660 .700
Sou th ern P a c ific ___ A u g u s t ___ 151 63482 132 07856
,419 ,270
.1 71,060
S ou th ern R a ilw a y . . 2d w k O ct 1,562,988 1.372,851
,468 ,608
,1 8 3 ,6 4 6
2 16 ,128
M o b ile & O h io ___ 2d w k O ct
240 ,4 9 9
.372 ,229
,199,062
192,804
2 35 ,150
C in N O & T e x P . 2d w k O ct
,749,507
,321 ,608
103,964
82,8 4 5
,607 ,900
A la G re a t S o u t h . 2d w k O ct
.3 7 3 ,7 2 5
4 9 ,3 8 5
55,023
724 ,029
G e o rg ia S o & F la . 2 d w k O ct
6 5 1 ,9 3 3
508,234
4 6 6 ,7 8 5
988, ,823
S p o k P o r t & S eattle A u gu st . .
8 9 2 ,7 4 0
32 ,523
1,461
2 ,0 0 8
T e n n A la & G e o rg ia 1st w k O ct
2 2 ,0 4 4
295 ,316
132,214
15J.270
T e n n essee C e n tr a l. A u g u s t ___
2 6 2 ,0 8 9
T e x a s k P a c ific ____ 2d w k O ct
006 ,094
388,241
547 ,304
180,474
305 ,042
T o le d o P e o r & W est S e p te m b e r
111 ,951 (
104 ,3o7
3 1 4 ,5 9 6
T o le d o St L & W e s t 1st w k O ct
,617 ,653
406 ,721
108,319
118,226
T r in ity & B ra zos V A u g u s t ___
136 ,340
59,0421
111,877
74,2 5 5
U n io n P a c ific S y s t . A u g u s t
10884320 8 ,4 4 6 ,0 6 3 20 ,021 ,806
.292,929
V ir g in ia n ___________ A u g u s t ___
641 ,644 ; 1 ,447 ,390
,2 3 0 .2 6 0
7 59 ,146
W a b a s h ____________ A u g u s t ___ 3 .2 4 9 ,9 2 7 2 ,8 1 3 ,2 5 6
,274 ,847
.235,739
W e ste rn M a r y la n d . 2d w k O ct
,646 ,694
100 ,829
215 ,3 6 6
265 ,898
W e ste rn R y o f A la . A u g u s t ___
199 ,081
187 ,833
9 3 ,1 9 7
102,455
W h e e l k L a k e E r ie . S e p te m o e r
,850 ,667
749,501
9 7 9 ,0 9 8
9 3 2 ,6 2 5
Y a z o o & M is s V a il. S ep tem b er 1 ,415,813 1 ,1 0 0 ,1 6 6
,718 ,054
.9 9 7 ,2 0 9

B u ffa lo & Susq u eh an n a R l t ___
D e la w a re & H u d s o n ____________
E r i e ______________________________
N ew Y o r k C e n tra l .J ____________
B o s to n & A lb a n y _____________
L a k e E rie & W e s t e r n .n ______
M ic h ig a n C e n tr a l___________
C lo v e C in e C h ic k St L o u i s . .
C in cin n a ti N o r t h e r n _________
P itts b u r g h & L a k e E rie ______
T o le d o & O h io C e n tr a l_______
K a n a w h a & M ic h ig a n ________
T o t a l all lin es___ ___________
N e w Y o r k C h ic a g o & S t L o u is .
N Y Susq u eh an n a k W e s t e r n ..
p P e n n s y lv a n ia Railroad________
B a ltim o re C h e sa p & A tla n tic
C u m b e rla n d V a lle y ___________
L o n g I s la n d __________________
M a r y la n d D elaw & V ir g in ia .
N Y P h ila d e lp h ia & N o r fo lk .
P h ila B a ltim o re & W a sh in g ’n
W e s t Jersoy & S eash ore______
P e n n sy lv a n ia Company_________
G ra n d R a p id s & In d ia n a ____
P ittsl) C in e C h ic & St L o u is .
V a n d a lia _________________ _____
T o t a l lines— E a st P itts & Erie
— W e s t P itts & E rie
— A ll lines E & W .
R io G ra n d e J u n c t io n ____________
R u tla n d __________________________

Current
Year.

Previous
Year.

$ 1 ,1 1 6 ,3 3 5
17,6 1 2 ,0 7 6
49,1 1 7 ,4 9 1
132888184
14.0 7 7 .2 3 3
4 ,772.851
2 9 ,8 3 2 ,6 4 5
3 J .248 .9 0 2
1 ,246,246
1 5 ,7 4 5 .4 5 5
3 ,9 6 4 ,3 8 0
2 ,4 4 3 ,8 2 0
235219716
1 0 ,110,435
2 ,7 9 1 .1 5 4
151948923
792 ,7 8 8
2 ,3 5 8 ,0 0 6
9 ,9 9 4 ,9 1 6
5 86 ,954
3 ,4 7 5 ,8 2 3
1 6 ,5 7 4 ,3 7 8
5 .4 4 2 ,5 6 2
4 9 ,8 1 1 ,2 7 1
3 .8 5 3 ,2 8 5
3 3 ,1 0 8 ,3 8 2
8 .4 5 1 ,1 2 9
193833906
9 6 ,4 2 5 ,5 3 2
290259437
6 1 0 ,0 5 4
2 ,6 5 2 .3 6 5

$91 2 ,1 3 9
1 4,956,749
4 1 ,2 3 2 ,9 3 3
104438515
1 1,180,554
3 .8 3 0 .6 9 1
2 2 ,8 5 1 ,3 2 3
2 3 .7 6 9 ,3 0 9
9 96 ,389
1 0 ,5 1 7 .2 7 6
2 .8 9 3 ,4 1 2
1 .8 9 4 ,1 2 4
182372593
7 ,6 9 9 ,5 7 9
2.6 3 8 .5 7 1
122589414
7 9 3 ,9 6 5
1,9 1 3 ,3 3 9
9 ,0 7 8 ,8 0 5
599,031
2 ,7 2 8 .9 4 4
13,5 4 2 ,2 3 0
4 ,6 9 1 .7 4 8
3 6 ,6 3 5 .9 1 7
3 ,4 2 5 .2 5 8
2 5 .5 7 7 .5 4 1
7 ,0 5 8 .8 6 1
158012174
7 3 ,7 1 5 ,4 0 3
231 727576
5 3 9 ,3 3 3
2 ,2 7 4 ,2 9 8

Period.

Various Fiscal Years.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1)e c
Jan

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
l to
1 to
1 to

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

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
Aug
Aug
Aug
J u ly
Aug

31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4 th
1st
2d

w eek
w eek
w eek
w eek
w eek
w eek
w eok
w eok
w eek
w eek

Aug (35 r o a d s )____
Aug (33 r o a d s )____
A ug. (35 r o a d s )____

Aug
S ept
S ep t
S ept
S ept
O ct
O ct

(35
(35
(30
(30
(35
(3 5
(26

r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____

Current
Year.
$
15,151,993
15,698,481
15.813,607
22.6 3 2 ,9 0 6
13,302,575
13.701.400
1 3.523.400
19.509.961
14,736,262
13.468.961

Previous
Year
%
12,201,051
12,415,730
1 2 ,792,433
18,169,117
1 1 ,719,000
1 2 ,081,028
1 2,145,079
17,444.023
13,401,187
12.222.713

Increase or
Decrease.
$
+ 2 ,9 5 0 ,9 4 2
+ 3 ,2 8 2 .7 5 1
+ 3 ,0 2 1 .1 7 4
+ 4 ,4 6 3 ,7 8 9
+ 1.583.575
+ 1.6 2 0 ,3 7 2
+ 1,378,321
+ 2 ,0 0 5 ,9 3 8
+ 1 ,335,075
+ 1 .246,248

%
24 .1 9
20 .4 4
23 .6 2
24.0.5
13.51
13.41
11.34
11.27
9.96
10.20

Monthly Summaries.

Current
Year.

Previous
Year.

Cur..Yr. Prev. Yr.\
Mileage.
S
S
Decem ber . .2 4 8 ,4 3 7 247, 673 295 202 ,018 232,763
January__ .2 4 7 .6 2 0 246 838 267 043 .6 3 5 220 .203
F e b ru a ry .. .2 4 5 .5 4 1 244 809 267 579 ,814 209 .573
M a r c h ____ .2 4 7 .3 6 3 246 548 290 830 ,406 238 ,098
April _____ .2 4 6 ,6 1 5 245 773:288 453 ,7 0 0 237 .5 1 2
M a y ______ .2 4 8 .0 0 6 247, 189 308, 029 .0 9 0 244 .5 8 0
149,746 237 ,6 1 2
June______ .2 2 6 .7 5 2 225
J u l y ............ .2 4 4 ,2 4 9
A u gu st___ .2 4 5 ,5 1 6
S e p te m b e r . - 8 6 ,1 8 2

243
244
84

070
,595
,963
,843
,648
,685
967:
040.791 263 ,9 4 4 649
460 ,4 5 7 278 ,787 021
0 6 1 .4 2 7 70,3 5 4 431

Increase or
Decrease.

%

S
+62
+46
+58
+58
+50
+63
+47
+44
+54
+7

,438.948
,840,040
,005,851
,731.563
,941,052
,448.411
,536.779
,090,142
,673.436
706 .9 9 6

20.8 2
2 1 .2 7
2 7 .6 8
2 0 .4 7
2 1 .4 5
25.9 4

20.01
16.70
19.61
10.95

a Includes Cleveland Lorain k Wheeling R y . b Includes Evansville & Torre Haute, c Includes M ason C ity k Fort Dodge and the W isconsin
M innesota & P acific, d Includes not only operating revonuo, but also all other receipts, e Does not Include earnings o f C olorado Springs & C ripple
Crook District R y . / Includes Louisville k Atlantic and the Frankfort & Cincinnati, g Includes the Texas Central and the W ichita Falls lines, h I n ­
cludes the St. Louis Iron M ountain k Southern, i Includes the Lake Shore k M ichigan Southern R y ., Chicago Indiana & Southern R R . and D unkirk
Allegheny Valloy k Pittsburgh R R . n Includes the N orthern Ohio R R . p Includes the N orthern Central. * We no longer include the M exican ro a d i
In any o f our totals.




[Vol. 103

THE CHRONICLE

1500

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for tho second week
of October. The table covers 26 roads and shows 10 .2 0 %
increase in the aggregate over the same week last year.
Increase.

1915.

1916.

Second Week of October.

$

A la b a m a G rea t S o u th e r n _______
103.964
287 ,6 4 0
B u ffa lo R och ester & P itts b u rg h
C a n a d ia n N o rth e r n _____________
847 .7 0 0
C a n a d ia n P a c ific ________________ 3 ,0 3 4 ,0 0 0
940 ,1 1 0
C h esa p ea k e & O h io --------------------346 ,8 3 2
C h ic a g o G rea t W e s te rn ________
163,309
C h ic a g o In d & L o u is v ille _______
235 ,150
C in e N ew O rl & T e x a s P a c i f ic .
340 ,2 0 8
C o lo r a d o & S ou th ern ___________
576.700
D e n v e r & R io G ra n d e ___________
D e tr o it & M a c k in a c ____________
24,093
55,023
G eorg ia S outhern A F lo r id a ___
G ra n d T r u n k o f C a n a d a ______ 1
G ra n d T ru n k W e s te rn ______ [■ 1 ,300,095
D e tr o it G r H a v en & M i l w . .
C a n a d a A t la n t ic _____________ i
249 ,7 3 2
M in n e a p o lis & St L o u is ________I
Iow a C e n tr a l________________ /
693 ,6 8 5
M in n e a p o lis St P a u l & S S M _ _
838 ,0 0 5
M is s o u ri K an sas & T e x a s _____
216 ,1 2 8
M o b ilo & O h io ___________________
4 7 0 ,4 9 0
P ore M a r q u e t t e _________________
12,907
R i o G ra n d e S ou th ern ___________
357 ,000
S t L ou is S ou th w estern _________
S ou th ern R a ilw a y _______________ 1,5 6 2 ,9 8 8
547 ,304
T e x a s & P a c ific _________________
2 65 .898
W es tern M a r y la n d _____________

$

8 2 ,8 4 5
2 5 4 ,4 3 0
7 67 .800
2 ,9 8 8 ,0 0 0
864 ,193
3 1 9 ,0 0 0
150,958
192,804
3 2 6 ,9 4 8
577 .800
2 1 ,439
4 9 ,3 8 5

2 1 ,119
3 3 ,2 1 0
79,9 0 0
4 6 ,000
7 5 ,917
2 7 ,832
12,351
4 2 ,346
13,260

1 ,067,819

2 32 ,276

1,100

24",37l
70,3 0 8
359
80.0 0 0
190,137
159,063
50,532
73,052

Increase. Decrease.

1915.

S
94,783
58,902
72.03S
271,415
857 ,400
2 ,9 6 6 ,0 0 0
818,554
325 ,4 0 0
174,420
226,952
323 ,9 1 5
564,600
46,4 0 0
21,9 0 5
76,141
51,968

S
82,879
5.3,182
57,394
254 ,429
8 47 ,500
2 ,9 1 5 ,0 0 0
804 ,384
299 ,547
154,641
187,743
296 ,370
548 ,400
37,847
18,879
71,921
4 9 ,385

S
11,904
5,720
14,644
16,986
9,900
51,000
14,170
25,853
19,779
39,209
27,5 4 5
16,200
8,553
3 ,0 2 6
4,220
2,583

1 ,319,090

1 ,019,826

299 ,264

1,304,865
21,677
225 ,3 9 8

1,085,745
19,909
220 ,022

219 ,1 2 0
1,768
5,376

676 ,8 9 0
809 ,677
2 35 ,066
12,971
4 3 3 ,7 6 6
13,570
333,000
1,548,822
2,008
4 7 9 ,3 1 0
1 18,226
251 ,133

822 ,434
607 ,050
201,141
10,493
377 ,494
14,596
257 ,000
1 ,381,920
1.461
378 ,910
108,319
2 15 .366

$

__

145,544
202 ,627
33,9 2 5
2,4 7 8
56,272
1,026
76,000
166,902
547
100,400
9,907
3 5 ,767

T o t a l (35 r o a d s )_______ ______ 1 4,736,262 13,401,187 1,481,645
N e t increase ( 9 .9 6 % ) ___________
________
________ 1,335,075

146,570

Net Earnings Monthly to Latest Dates.— In our “ Rail­
way Earnings” Section or Supplement, which accompanies
to-day's issue of the “ C hroniclew e give the August figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple­
ment for full details regarding the August results for all the
separate companies.
In tho following we givo all statements that have come
in the present weok covering a later or a different period
from that to which the issue of tho “ Railway Earnings”
Section is devoted. W o also add tho returns of the indus­
trial companies received this week.
--------Gross Earnings----Current
Previous
Year.
Year.
S
K an sas C it y S o u t h . b - .S c p t
974,791
870 ,7 3 0
J u ly 1 t o S ep t 3 0 _______ 2 ,8 6 0 ,3 7 5 2 ,5 0 9 ,4 9 2
744 ,427
659 ,8 9 7
P a c ific C o a s t C o ________ J u ly
W h e e lin _g & L a k o E r ie .b .S e .p t
749 ,501
9 3 2 ,6 2 5
1,9 7 9 ,0 9 8
J u ly 1 t o S ep t 3 0 _______ 2 ,8 5 0 ,6 6 7

T o t a l o p e r a tin g re v e n u e s ____________________________
O p e ra tin g e x p e n se s_____________________________________

198,365
158,413

155 ,716
136,820

3 9 ,9 5 2
45
4 ,7 0 0
3 5 ,2 0 6

18,895

-------Net Earnings------Current
Previous
Year.
Year.
$
$
362 ,0 2 8
3 7 8 ,5 6 5
1,167,781
1,059,376
5 9 ,5 7 9
101 ,322
3 55 ,968
298 ,6 3 8
1,1 0 5 ,0 1 3
726,561

a N e t earnings n ero g iv e n are a fte r d e d u ctin g taxes,
b N e t earnings here g iv e n aro b e fo re d e d u ctin g ta x e s.
E X P R E S S C O M P A N IE S .
— Month o f June------- — July 1 to June 30—
1916.
1916.
1915.
1913.
American Express Co.—
$
$
3
T o t a l fro m tr a n s p o r ta tio n ___ 5 ,4 1 2 ,2 7 5
4 ,2 6 2 ,4 4 4 5 7 ,6 5 1 ,2 6 5 46.7 3 5 .4 1 5
2 ,1 3 1 ,5 4 0 2 8 ,8 6 0 ,5 4 8 2 3 ,4 5 8 ,8 6 0
E x p ress p riv ileg es— D r ______ 2 ,6 6 2 ,2 0 7

4,2 0 0
14,695

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

Week or
M on th .

Current
Year.

47,581
173 ,689

1916.

Roads.

150,453
5 ,2 6 2

Latest Gross Earnings.

In the table which follows we sum up separately the earn­
ings for the first week of October. The table covers 35 roads
and shows 9 .9 6 % increase in the aggregate over the same
week last year.

A la b a m a G rea t S o u th e r n .
A n n A r b o r ________________
A tla n ta B irm & A t la n t ic .
B u ffa lo R o c h e s te r & P itts b u r g h
C a n a d ia n N o rth e r n _____________
C a n a d ia n P a c if ic ________________
C h asapeak o & O h io _____________
C h ic a g o G roa t W e s t e r n ________
C h ic a g o In d ia n a p & L o u is v llle .
C ln c N e w O rl & 'l'oxa s P a c i f ic . _
C o lo r a d o & S o u th e rn ___________
D e n v e r & R io G ra n d e ___________
D e n v e r & Salt L alco____________
D e tr o it & M a c k in a c ____________
D u lu th S ou th S h ore & A tla n tic
G e o rg ia Sou th ern & F lo r id a . .
G ra n d T r u n k o f C a n a d a _______
G ra n d T ru n k W e s te r n ____
D e tr o it G ra n d I la v & M il w .
C a n a d a A t la n t ic ____________
L o u ls v lllo & N a s h v ille ________
M in e ra l R a n g e __________________
M in n e a p o lis & S t L o u is _______1
Io w a C e n tr a l________________ /
M in n e a p o lis St P aul & S S M . _
M is s o u ri K an sas & T e x a s ______
M o b ilo & O h io ___________________
N e vad a -C al 1fo m ia -O r e g o n _____
P ere M a r q u e t t e _________________
R io G ranclo S o u th e r n ___________
S t L o u is S ou th w estern ___ ______
S ou th ern R a ilw a y _______________
T en n essee A la b a m a & G e o r g ia .
T e x a s & P a c ific _________________
T o le d o S t L ou is & W e s te rn ____
W es tern M a r y la n d _____________

192,713
5 ,6 5 2

Name of
Road or Company.

2,7 0 9

T o t a l (26 r o a d s )............... ......... 13.468,961 1 2,222,713 1,319,300
N e t increase ( 1 0 .2 0 % ) __________
________
________ 1 ,246,248

First Week of October.

R e v e n u e fr o m tr a n s p o r ta tio n ______________________
O p e ra tio n s o th e r th a n tr a n s p o r ta tio n ___________

N e t o p e ra tin g r e v e n u e _________________
..
U n c o lle c tib le ro ve n u o fr o m tr a n s p o r ta tio n _____
E x p ress
ta x e s ___________________________________
O p e ra tin g in c o m e _________________________________

2,654
5,6 3 8

247 ,023
741 ,266
664 ,316
240 ,4 9 9
4 0 0 ,1 8 2
12,548
277 ,000
1,372,851
388,241
2 15 ,366

Decrease.

-------Month of July------- 1916.
1915.
Canadian Express Co.—
S
$
3 0 7 ,5 7 4
3 8 2 ,8 1 4
T o t a l fro m tr a n s p o r ta tio n _____________________________
157,121
E x p ross p riv ile g e s— D r ____________________________
190,101

A tla n tic S hore R y ___ S eptem ber
c A u r E lgin & C h ic R y A u g u s t ___
B a n g o r R y & E le ctric A u g u s t ___
B a to n R o u g e E le c C o A u g u s t ___
B e lt L R y C o r p (N V C ) J u ly _____
B erksh ire S treet I t y . A u gu st ___
B razilian T r a c , L & P A u g u s t ___
B r o c k & P ly m St R y A u g u s t ___
B k ly n R a p T r a n Syst J u l y ...........
C a p e B r e to n E lec C o A u g u s t ___
C h a tta n o o g a R y & L t A u g u s t ___
C itie s Service C o ____ S eptem ber
C e n t M is s V El P r o p . A u g u s t ___
C le v e P a in esv & E ast A u g u s t ___
C le v e S o u th w & C o l . A u g u s t ___
C o lu m b ia G as & E lec S ep tem b er
C o lu m b u s (G a ) El C o A u g u s t ___
C o lu m (O ) R y , P & L A u g u s t ___
g C o m ’ w ’ th P ,R y & L S eptem ber
C o n n e c tic u t C o _____ A u g u s t ___
C o n su m P o w ( M i c h ) . S eptem ber
C u m b C o ( M e ) P & L A u g u s t ___
D allas E le c tr ic C o r n . A u g u s t ___
D a y t o n P o w & L igh t S eptem ber
^ D e tr o it E d is o n _____ S eptem ber
D e tro it U n ite d Lines A u g u s t ___
D D E B & B a tt (R e c ) J u ly _____
D u lu th -S u p e rio r T r a c A u g u s o ___
E a st S t L o u is & S u b ­ A u g u s t ___
E a stern T e x a s E l e c . . A u g u s t ___
yE l P a so E le c tr ic C o . A u g u s t ___
42d St M & St N A v e J u ly ..........
G a lv -I I o u s E le c C o . . A u g u s t ___
g G e o rg ia R y & P o w . A u g u s t ___
G ra n d R a p id s R y C o A u gu st ___
G re a t W est P o w S y s t . S ep tem b er
H arrisbu rg R a ilw a ys J u l y ...........
H a va n a F.l R y L & 1’ . A u g u s t ___
H o n o lu lu R T & L a n d A u g u s t ___
H o u g h to n C o T r C o . A u g u s t ___
b H u d so n & M a n h a t . A u g u s t ___
Illin ois T r a c t i o n ____ A u g u s t ___
In te r b o r o R a p T r a n . J u ly _____
J a ck so n v ille T r a c C o A u g u s t ___
K e o k u k E le c t r ic ____ A u g u s t ___
K e y W e s t E le c t r ic ___ A u g u s t ----L a k e S horo E lec R y . A u g u s t ___
L e h igh V a lle y T ra n sit A u gu st ___
L e w ist A u g & W a te r v A u g u s t ___
L o n g Island E le c t r ic . J u ly ..........
L o u lsv lllo R a il w a y .. A u g u s t ___
M ilw El R y & L t C o . A u g u s t ___
M ilw L t , H t & T r C o \ u g u s t ___
M o n o n g a h e la V ail T r S e p te m b e r
N a s h v ille R y & L ig h t A u g u s t ___
N e w p N & H R y ,G & E A u g u s t ___
N Y C it y I n t e r b o r o .. J u l y ...........
N Y & L o n g I s la n d .. J u l y ...........
N Y & N o rth S h o r e .. J u l y ..........
N Y & Q ueens C o ___ J u l y ...........
N e w Y o r k R a ilw a y s . J u ly _____
N Y & S ta m fo r d R y . A u g u s t ___
N Y S tate R a ilw a y s . A u g u s t ___
N Y W estclie s & Bos A u gu st ___
N o rth a m p to n T r a c . . A u g u s t ___
N o r O h io T r a c & L t . A u g u s t ___
N o rth T e x a s E lectric A u g u s t ___
O cea n E le c tr ic (L I ).. J u ly ..........
P a c ific G as & E le c ___ A u g u s t ___
P a c L t & P o w C o r p . . A u g u s t ___
p P a d u ca h T r & L t C o A u g u s t ___
P e n sa co la E le ctric C o A u g u s t ___
P h ila R a p id T r a n s it . S eptem ber
P h lla & W estern R y . S eptem ber
P o r t (O re) R y , L& P C o . A u g u s t ___
g P u g e t S d T r , L & P_ A u g u s t ___
g R e p u b lic R y & L t . . S eptem ber
R h o d e Island C o ____ A u g u s t ___
R ic h m o n d L t & R R . J u ly ..........
St J os R y , L , It & P . A u g u s t ___
S an tiago E le c L t & T r A u g u s t ___
S av an n ah E le c tr ic C o A u g u s t ___
S e co n d A v o n u o (R c c ) J u l y ...........
S ou th ern B o u le v a rd - J u l y ...........
S ou th ern C a l E d is o n . \ u g u s t ___
S taten I s l’d M id la n d J u l y ...........
T a m p a E le c tr ic C o . . A u g u s t ___
T h ir d A v e n u e _______ J u ly ..........
T w in C it y R a p T r a n . 1st w k O ct
U n ion R y C o o f N Y C J u ly _____
V irgin ia R y & P ow er Septem ber
W a sh B a lt & A n n a p . S e p te m b e r
W e stclie ste r E le c t r ic . J u ly ...........
W e stch e ste r St R R . . A u g u s t ___
a W e s t P en n T r a c C o A u g u s t ___
Y o n k e rs R a ilr o a d ___ J u l y ...........
Y o r k R a ilw a y s _______ S ep tem b er
Y o u n g s to w n & O h io . A u g u s t ___
Y o u n g s to w n & S outh J u l y ...........

$

36,528
198,215
74,805
17,352
6 2 ,913
100,762
/ 7 184000
15.934
2715,702
35.264
100,238
722 ,055
24,196
46,303
121,633
606 ,750
74,428
290 .082
1434,201
910 ,430
383,137
306 ,679
149,870
127,369
781,994
1446,175
41,597
126,820
251 ,981
71,088
84.157
164,707
168,724
570,226
106,497
306,053
57,321
513 ,376
53,869
29,459
445 ,556
962 .672
265 0,99 6
49,422
19,795
10,161
167,567
229 ,705
87,115
29,348
250 ,857
541 ,149
177,507
123.673
199,574
100.877
54.178
41,041
15,447
139,789
1163,783
40,814
688 ,416
46,028
16,296
473 ,434
155,378
32,200
1462,480
291,131
26.158
24,399
2226,060
47,652
447 ,502
671,861
334 ,444
587 ,475
49,237
109,480
45,199
69,892
90,413
16,415
408 ,349
44,221
74,194
325 ,619
189,836
249 ,004
481,231
88,718
44,640
21,076
542,519
51,674
80,579
30,149
19,122

Previous
Year.
3 5 ,132
189,975
73,221
15,284
64.541
91,619
/6 5 7 6 0 0 0
14,395
262 4,42 7
33,2 2 6
91,2 1 3
349 ,456
2 3 ,1 9 6
45,047
1 14,658
540,312
56,0 0 0
242 ,2 9 9
1211,588
796,221
319 ,6 9 5
285 ,383
147,944
87,371
6 01 ,630
1228,043
4 0 ,508
98,056
2 05 ,259
55,065
75,111
162.751
135,757
4 98 ,869
101.207
240,921
79.422
465 ,554
4 7 ,745
25,511
4 2 7 ,1 9 5
884 ,7 8 8
244 8,78 8
47,613
19,170
9,0 0 0
144,479
198,669
79,359
32,4 3 7
2 3 8 ,7 3 3
4 6 5 ,2 3 4
147 ,035
87,812
166,467
93,465
58,814
44,5 5 2
16,251
134,381
1127,093
4 6 ,258
611 ,9 8 5
40,621
17,119
360 .055
147,066
3 2 ,176
1478,867
263 ,8 3 3
23,551
22.0 7 5
2,00997 9
4 2 ,316
460,861
606 ,229
266 ,3 0 2
5 11 ,492
48,331
104,194
3 9 ,1 8 2
6 5 ,768
85,231
2 1.542
4 2 9 ,5 6 0
4 8 ,1 0 2
78,924
329 ,2 2 4
180,330
2 72 ,043
4 5 2 ,0 0 5
76,671
6 2 ,4 2 6
24,7 1 8
429 ,821
65,901
72,186
25,0 7 7
16,851

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
S
281 ,071
279 ,041
1,354 ,077 1,2 6 2 ,6 8 6
530 942
5 12 ,804
137 013
120,580
464 077
441 ,4 7 9
656 816
6 1 0 ,0 3 6
Z54329 ,000 /5 0 9 6 4 .0 0 0
82 ,857
77,7 3 4
16,859 553 15,719,829
248 ,206
2 2 0 ,1 4 3
807 ,248
6 9 0 ,4 4 6
6,0 8 8 223 3 .0 4 5 .4 7 7
192 ,518
181.657
307 ,896
2 8 1 ,1 3 9
876 .687
8 1 0 ,8 3 9
6,5 0 6 ,647 5 ,8 8 9 ,7 2 3
547 ,505
4 5 4 .6 5 8
2,2 8 6 ,563 1,9 9 7 ,2 6 6
12,260 ,282 1 0,414,249
6 ,3 3 8 ,487 5 .3 7 1 .1 3 7
3 ,3 7 2 ,683 2 .7 5 3 .1 3 8
l ,869 ,410 1 ,722,693
1,240 152 1,1 6 5 ,4 4 5
1,138 385
756 ,1 4 8
7 ,0 5 6 249 5 ,4 2 7 ,5 2 6
10,422 ,431 8 ,5 1 0 ,6 1 3
288 ,968
278 ,924
904 ,063
750 ,3 1 8
1,920 ,131 1,5 7 9 ,8 4 5
532 ,463
4 4 1 ,6 5 2
696 ,236
623,761
1,144 ,182 1 ,1 2 3 ,4 0 8
1,266 ,593 1 .2 6 7 .4 7 8
4,548 ,368 4 ,1 7 0 ,5 2 2
860 ,184
767 ,5 2 4
2,731 .806 2 .0 2 8 ,6 4 3
603 ,955
535 .8 7 5
3,8 9 9 ,892 3 .6 6 5 ,4 3 3
427 ,358
3 84 .464
217 ,845
180,505
3 ,8 5 5 ,865 3 ,6 2 3 ,7 3 2
7,767 ,213 7 ,0 3 8 ,2 7 3
21,709 ,489 1 9 ,611,827
416 723
4 1 0 ,4 1 7
157 720
150,873
76 ,351
7 4 ,392
1 ,054 ,483
9 0 6 ,0 5 0
1,626 386 1.3 1 6 ,4 9 5
527 668
485,631
139 ,149
145.004
2,031 ,105 1 ,940,703
4 ,5 1 5 .782 3 ,8 3 8 ,6 7 6
1.190 ,524
9 6 7 ,3 2 2
1,100 ,121
7 0 8 ,7 9 2
1,553 ,246 1,3 8 0 ,4 0 0
678 ,627
592 ,1 7 6
422 ,732
3 9 9 ,6 9 6
234 ,703
2 4 4 ,7 4 0
93,1 9 9
92 ,864
7 8 9 ,3 7 5
845 ,879
7 ,9 3 2 ,431 7 ,7 1 5 ,3 9 8
2 57 ,316
253 .996
5,5 2 0 737 4 ,7 7 5 ,9 7 7
3 0 7 ,9 9 3
352 ,260
132 ,248
116 ,290
3,3 3 4 ,077 2 ,4 8 8 ,4 4 2
1,217 498 1 ,086,328
82 ,358
8 1 .9 0 3
12,228 210 1 2,165,072
2 ,1 4 0 483 1 .906.859
186,003
204 ,121
166,191
186 ,745
20,013 ,193 1 7,746,128
380 ,284
338 ,989
3,5 7 7 .697 3 ,6 6 5 ,1 6 2
5,180 ,552 4 .9 6 4 .8 6 0
2,9 3 0 648 2,2 3 4 ,9 2 1
3,8 8 5 262 3 ,2 7 9 ,7 6 0
223,861
234 284
828 ,3 2 0
888 343
356 513
3 0 7 ,7 1 8
528 491
526 ,8 8 4
502 310
4 94 ,547
128 046
130.608
3,288 ,370 3 ,1 4 7 ,6 3 8
190 .782
190.005
648 ,0 2 3
633 ,119
2,406 765 2 ,2 2 0 ,4 6 0
7,7 7 4 631 7 ,1 8 6 ,4 2 6
1,704 ,818 1,602,935
4,3 2 6 ,526 3 ,8 2 0 ,4 7 7
677 495
612 .465
317 ,030
3 3 4 ,5 0 0
162 ,735
167,080
4,0 3 6 ,449 3 ,2 4 7 ,8 7 3
419 ,9 4 9
440 ,984
597,393
710 ,157
188,420
220 ,845
109 ,403
95,0 0 8

b Represents Income from all sources, c These figures aro for consoli­
dated com pany, / Earnings now given In mllreis. g Includes constituent
com panies.

. 2 ,7 5 0 ,0 6 8
O p era tion s o th er th a n transp.i.
2 8 2 ,0 9 8

2 ,1 3 0 ,9 0 3 2 8 ,7 9 0 ,7 1 7 2 3 ,2 7 6 .5 5 5
299 ,971 3 ,1 5 0 ,0 2 2 2 ,388,646

Electric Railway and Other Public Utility Net Earn­
ings.— The following table pives tho returns of E L E C T R IC

. 3 ,0 3 2 ,1 6 7
. 2 ,7 3 0 .4 3 9

2 ,4 3 0 ,8 7 4 3 1 ,9 4 0 ,7 4 0 25,6 6 5 ,2 0 1
2 ,1 2 0 ,7 1 2 2 8 ,0 7 9 ,3 9 3 2 4 ,6 6 0 .3 0 5

railway and other public utility gross and net earnings with
charges and surplus roported this week:

N e t op era tin g ro v o n u e ___ .
U n c o lle c t ib le re v . fr o m tran s.i.
E x p ress ta xes_________
.
O p era tin g in c o m e ..................




3 0 1 ,7 2 7
928
3 7 ,257

3 1 0 ,1 6 2
534
3 9 .3 9 2

3 ,8 6 1 ,3 4 6
10,087
5 40 ,085

1,0 0 4 ,8 9 6
3,149
4 1 7 ,9 3 4

2 6 3 ,5 4 1

2 7 0 ,2 3 6

3 ,3 1 1 ,1 7 3

5 8 3 ,8 1 2

-Gross EarningsCurrenl
Previous
Year.
Year.
A tla n tic S h ore R y . b ___ S e p t
Jan 1 t o S e p t 3 0 _______

$

3 6 ,5 2 8
281 ,071

$

3 5 ,1 3 2
2 79 ,041

------- Net Earnings— •—
Current
Previous
Year.
Year.

$

1 1 ,728
67,7 9 0

12,871
57,062

— Gross Earnings-----Current
Previous
Year.
Year.
$
$
A m or I’ ow & L ig h t (su b cos
o n l y ) __________________ S ept
C ln c ln & S u b Hell T e l . . A u g
C u m b e rla n d T e l & T e l.A u g
I o w a T e le p h o n e -------------- A u g
Jan 1 t o A u g 3 1 ----------N e b ra s k a T e l e p h o n e ..- A u g
S an tiago E l L t & T r a c . - A u g
S ou th ern Bell T e l & T .a .A u fj
U ta h S ecu rities C o (su b cos
o n l y ) __________________Sept

A d iron E l P o w C o r p . A u g 16
15
8 m os TO
T5
A m erica n T e l & T e l—

1501

THE CHRONICLE

Oct. 21 1916.]

-------Net EarningsCurrent
Previous
Year.
Year.
$
S

724 ,019
8 ,2 5 4 ,1 8 0
237 ,6 9 9
1 ,878,633
708 ,9 3 9
5 ,4 7 1 ,5 7 5
285 ,279
2 ,1 4 8 ,3 7 0
227 ,823
1,7 1 2 ,9 4 4
4 5 ,199
356 ,513
611 ,8 2 0
4 ,7 4 0 ,2 3 7

6 46 ,635
7 ,7 0 7 ,0 7 3
217 ,620
1,7 4 7 ,3 4 4
639 ,004
5 ,2 2 1 ,1 3 8
2 50 ,738
1 ,892,010
2 0 7 ,6 7 8
1,541,769
39,182
3 0 7 ,7 1 8
5 3 6 ,7 3 7
4 ,3 4 8 ,5 6 0

3 6 3 ,5 1 5
3 ,8 4 6 ,9 0 5
8 1 ,859
061,491
190,896
1 ,4 6 4 ,2 3 6
7 7 ,126
5 66 ,083
50.551
4 3 5 ,4 0 5
2 2 ,308
171,945
160,079
1 ,1 5 5 ,7 3 9

3 0 3 .1 6 4
3 ,5 2 2 ,0 0 5
72,702
569 ,541
148,491
1 ,280,106
69,9 4 3
542,101
46,2 9 0
357 ,3 1 9

478 ,4 7 0
4 ,0 1 6 .5 4 3

4 1 2 ,4 3 6
3,5 0 1 .6 8 1

207 ,6 4 7
2,2 1 9 ,2 1 1

221 ,012
1.8 1 2 ,5 3 7

Gross
Earnings.
S
122,040
112,501
977 ,409
826 ,9 1 5

Net,after
Taxes.
8
28,0 0 9
4 9 ,1 4 9
4 0 9 ,4 3 9
3 37 ,335

Fixed
Charges.
$
2 1 ,0 0 9
21,0 0 3
171 ,776
168 ,882

Balance,
Surplus.
$
7 ,0 0 0
2 8 ,1 4 0
2 3 7 ,6 6 3
168 ,453

122,487
1,1 2 1 ,0 2 6

3 7 ,6 7 4 ,5 2 6 3 3 ,4 9 4 ,4 0 6 4 ,7 7 1 ,8 4 6 2 8 ,7 2 2 ,5 5 9
3 4 ,7 6 9 ,0 3 5 3 0 ,5 8 7 ,9 1 4 5 ,0 4 9 ,3 8 4 2 5 ,5 3 8 ,5 3 0
B ell T e l S yst In U S .A u g T 5 2 2 ,2 1 5 ,1 7 2 5 ,8 6 8 .0 4 6
1.778,482 * 4 ,6 5 1 ,6 6 9
T 5 1 9 ,6 6 5 ,3 5 0 5 ,2 3 5 .1 6 0
1 .830,345 * 3 .9 1 0 ,8 7 5
8 m os TO 171608490 4 7 ,5 8 5 ,6 6 6 1 4 ,5 8 7 .7 2 3 * 3 7 ,7 0 5 ,2 1 3
'1 5 153484690 4 1 ,4 4 0 ,3 3 7 1 5 ,0 0 0 ,9 8 6 * 3 0 ,5 1 3 ,1 5 0
700 ,183
341
7 0 0 ,5 2 4
7 22 ,055
C ities S c r v lco C o . .S e p t TO
294,321
40 834
335 ,1 6 5
3 4 9 ,4 5 6
T5
5 ,0 5 1 ,1 9 6
258 Oil
5,9 0 9 ,2 0 7
9 m os TO 6 ,0 8 8 ,2 2 3
2
,5
5 2 ,7 7 0
,501
307
2
,920,271
T 5 3 ,0 4 5 ,4 7 7
* 2 3,759
19 ,652
4 2 ,9 8 5
127,369
D a y t o n P o w & L t - .S e p t TO
*
2 0,205
.312
18
4
3
.4
2
3
87,371
* 3 20 ,087
107 ,815
489 ,1 8 6
9 m os TO 1,1 3 8 ,3 8 5
* 195 ,875
162 ,660
349 ,387
756 ,1 4 8
T5
D o tr o it E d is o n an d c o n s tlt co s —
87,7 2 2
180,680
2 08 ,402
S ep t TO
781 ,994
9 8 ,0 1 0
110,367
208 ,983
T5
001 ,0 3 0
8 0 0 ,9 0 7
1 ,774,127
9 m os TO 7 ,0 5 0 ,2 4 9 2 ,5 8 1 ,0 3 4
8 0 0 ,0 3 3
1,156,064
1,957,297
T 5 5 ,4 2 7 ,5 2 6
K in g s C o E l L t & P an d E d iso n E l 111 o f B k ly n —
574 ,553 * 1 ,0 9 6 ,3 2 6
9 m os S ep t 30 TO 5 ,9 2 0 ,3 7 5 1,6 2 0 ,4 3 2
6 4 8 ,0 7 6
* 9 50 ,079
'1 5 4 ,9 4 9 ,1 4 9 1 .550,850
9 2 ,947
113,886
206 ,853
688 ,446
N Y S ta to R y s ____ A u g TO
87,437
113,400
2 00 ,837
0 11 ,985
'15
854
,0 9 2
9
15
,439
1,770,131
5
,5
2
0
,7
3
7
8 m o s TO
574 ,097
9 3 1 ,7 2 0
1 ,505,817
'15 4 ,7 7 5 ,9 7 7
P a c T e l & T e l C o Syst—
5 64 ,200
616 ,8 0 0
1,1 8 1 ,0 0 0
3 m o s Sept 30 '16 5 ,5 0 2 ,0 0 0
516 ,8 3 2
617 ,442
1 .134.274
T 5 5,2 3 7 ,9 1 1
2 00 ,865
814 ,410
1 .015.275
P h ila R a p id T r a n . . S ep t TO 2 ,2 2 6 ,0 6 0
78,877
8
1
5
,0
1
1
894 ,4 8 8
'15 2 ,0 0 9 ,9 7 9
490 ,404
3 m o s TO 6 ,5 9 0 ,8 2 5 2 ,9 3 5 ,0 9 2 2 ,4 4 4 ,0 8 8
101,569
'15 5 ,8 4 7 ,6 4 8 2 ,5 4 9 ,7 1 8 2 ,4 4 8 ,1 4 9
P u g ot Sd T r a c , L t & l ’ ow and su bsid iary c o s —
A . . . . '1 ,1
A 7 1 Q A1
9SO
9 4 ,5 2 6
155 ,6 6 8
154,700
219 ,003
6 4 ,303
6 00 ,229
'15
1,2 3 9 .3 1 5
550 .091
1,789.400
8 m o s TO 5 ,1 8 0 ,5 5 2
1 ,2 6 1 ,6 0 0
5 4 5 ,8 7 9
1 ,807,479
'15 4 ,9 0 4 ,8 0 0
R e p u b lic R y & L t & Su b Cos* 7 8 ,6 4 2
72,351
150 ,755
334 ,4 4 4
S o p t TO
* 5 5 ,0 3 0
5 0 ,845
112,309
2 6 6 ,3 0 2
'1 5
* 5 9 9 ,8 1 0
628 ,182
1,2 2 3 ,5 0 8
9 m o s TO 2 ,9 3 0 ,6 4 8
503 .092
* 3 59 ,899
8 0 2 ,4 0 7
'1 5 2 ,2 3 4 .9 2 1
Net
Fixed d ig s.
Gross
& Taxes.
Earnings. Earnings.
S
$
S
C o iu ’w ’th P , R y & L t & C o n s tlt C o s — ^
709
,5
5
8
4
9
5 ,7 1 0
S ep t 10 1,434,201
614 ,8 8 4
436,571
'1 5 1,211,588
9 m os TO 1 2 ,200,282 6 ,2 9 5 ,4 2 8 4 ,4 4 0 ,0 3 7
'1 5 10,4 1 4 ,2 4 9 5 ,3 7 8 ,6 4 7 3 ,8 5 9 ,4 2 7
7,769
27.0S0
H on olu lu R T & L d .A q g TO
53,869
6 ,2 8 9
18,586
To
4 7 ,7 4 5
58,3
45
190,307
8 m os TO
4 2 7 ,3 5 8
50,309
150,586
384 ,4 0~4
T5
12,500
25,066
4 7 ,052
P h ila & W e s te rn ___S ep t TO
12,538
22,676
42,3 1 6
'15
112,891
2 0 0 ,0 0 6
9 m os ’ 10
3 80 ,284
110,533
175,852
3 38 ,989
'15
147,870
2 30 ,184
481,231
V irg in ia R y & P o w .S e p t TO
142,370
2 36 ,965
T5
4 5 2 ,0 0 5
443 ,417
748,091
3 m o s TO 1 ,407,335
6 9 1 ,5 3 5
4 2 9 ,0 7 5
'15 1,343,561
42,867
8 8 ,718
27,3 1 5
W a sh B a lt & A n n a p .S e p t T 6
3 8 ,522
2 5 ,9 2 8
76,671
'15
3 05 ,162
232 ,2 1 4
9 m o s TO
677 ,4 9 5
2 6 1 ,3 6 7
012 ,4 6 5
'15
224 ,1 2 5
80,5 7 9
4 3 ,3 8 8
2 5 ,819
Y o r k R a ilw a y s ____ S ept '16
72,180
37,6 3 3
'15
2 4 ,7 2 3
792 ,7 7 4
4 1 5 ,3 0 2
10 m os TO
2 58 ,497
007 ,094
'15
3 1 7 .2 5 7
2 3 2 ,1 1 6

Balance,
Surplus.

8
2 13 ,848
, 178,313
1.855,391
1,5 1 9 ,2 2 0
19,311
12,297
* 1 4 0 ,8 3 8
*108 ,031
12,506
10,1 3 8
8 7 ,1 1 5
6 5 ,3 1 9
* 9 7,527
* 1 0 3 ,8 3 5
* 3 3 1 ,3 5 4
*2 8 7 ,2 3 0
* 1 7 ,4 6 4
* 1 4,577
* 9 3,493
* 5 7 ,2 5 7
17,569
12,910
156,805
85,141

a N e t earnings hero g iv e n are a fte r d e d u ctin g taxes,
b N e t earnings here g iv e n are b e fo re d e d u ctin g taxes.
* A fte r a llow in g fo r o th e r in c o m e re c e iv e d .

ANNUAL REPORTS
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
havo been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. Tho latest index will bo found in the issue
of Sopt. 30. Tho next will appear in that of Oct. 28.

C O N SO LID A T E D B A L A N C E S H E E T
1916.
5
Assets__
R y . p r o p ., in c l. a d v . & Invest, in sys­
te m ro a d s (see d etails o n su b se q u e n t
__
page) ________________________________ 4 2 4 ,6 2 8 ,4 6 7
B o n d s assum ed— h e ld b y m tg .tru s te e s 1 4 ,106,000
C o s t o f o n e -h a lf in t. in C . B . & Q . s tk .
held b y tru stee o f jo in t b o n d s --------- 1 09 ,114 ,81 0
O th er secure. & in ve st, (see d e ta ils o n
s u b se q u e n t p a g e )___________________ 111 .555 ,72 9
C a sh on h a n d __________________________
D u e fro m a g e n ts ______________________
3 ,9 3 4 ,2 6 2
D u e fro m U . S. & C a n . P . O . d c p t s . .
2 2 3 ,7 6 8
D u e fro m U . S. T r a n s p o r t a t io n --------A d v a n c e d ch a rg e s .......... ...............
117,544
B ills r e c e iv a b ie ________________________ 1 0,248,927
O th er a c c o u n ts r e c e iv a b le , & c ________
3 ,4 1 6 ,8 6 3
M a te ria l an d fu e l_____________________
6,6 8 5 ,6 6 3
O th er w o rk in g assets a n d d e fe rre d
d e b it ite m s ( n e t ) ____________________
_______

Tho full text of tho remarks of Chairman and President
L . W . Hill is given on subsequent pages; also tho revenue and
income accounts, the general balance sheet in detail, &o., &c.
Tho comparative statement of traffic statistics and income
account for tho several years were published in last week’s
issue on page 1405.




1914.

S

4 2 1 ,3 5 5 ,7 5 9 41 4 .3 3 8 ,0 6 1
1 4 .1 0 6 .0 0 0
1 4 ,1 0 6 ,0 0 0
10 9 ,1 1 4 ,8 1 0 1 0 9 ,1 1 4 ,8 1 0
1 1 1 ,8 1 9 ,3 2 6 10 9 ,8 2 8 ,1 3 9
5 ,5 1 4 ,6 5 4
1 1 ,5 9 0 .5 0 3
2 ,9 4 6 ,3 9 0
1 ,9 5 2 ,0 9 8
197 ,863
214,441
12,838
12,212
5 6 ,4 1 8
5 5 ,444
8 ,5 1 1 ,8 1 0
1 0 ,3 6 5 ,0 1 0
3 ,8 8 9 ,2 1 0
2 ,4 8 4 ,0 2 3
6 ,5 5 8 ,7 9 7
4 ,3 9 0 ,2 5 3
1,7 4 2 ,4 5 7

T o t a l ________________________________ 700 ,096,752 6 8 7 .4 5 9 ,8 7 9 6 7 6 .8 1 7 ,4 4 7
Liabilities—
C a p ita l s t o c k .................................
249 476 ,8 5 0 24 9 .4 7 6 ,7 2 2 2 3 0 ,9 9 7 ,7 0 0
7 ,8 2 2 ,7 9 3
911
860
P a y m e n ts new s to c k s u b s c r ip tio n s —
F u n ded d e b t (see “ R y . & I n d .” S e c.
an d subsequ ent p a g e s )______________ 302 4 7 7 ,4 0 9 3 0 2 ,3 8 7 ,4 0 9 3 0 0 ,7 3 8 ,4 0 9
.............
2 ,8 8 9 ,2 5 6
2 2 5 ,0 0 0
B ills and a cco u n ts p a y a b le ----------------1 ,3 0 9 ,8 4 5
2 ,1 6 0 ,8 0 2
V ou ch ers u n p a id ------------------------------------27 0 8 ,3 2 4
2 ,1 9 7 ,3 6 1
2 ,7 6 2 ,2 4 7
U n p a id p a y -r o lls ------------------------------------- 30 5 0 ,1 2 5
2 ,7 6 9 ,1 2 6
2 ,7 0 8 ,9 3 7
U npaid c o u p o n s ----------------------------------- 2 , 803 ,614
2 .1 1 0 ,6 6 2
1 ,980.454
A c c r u e d ta x e s --------------------------------------- 2 3 24 ,247
_______
5 1 .300
In terest o n a ccru ed s to c k su b scrip tio n s
146 ,004
175 .817
151*629
A cc r u e d b o n d , & c ., in te re s t--------------2
,7
8
6
,5
9
9
6
,8 0 4 ,8 7 7
D u o a ffilia te d c o m p a n ie s --------------------- 3 ,367,351
5 ,3 4 2 .7 2 3
5 ,5 5 7 ,3 5 8
Im p r o v e m e n t and b e tte r m e n t f u n d . .
7, ,671,419
D e p r e cia tio n o f equ ip m e n t fu n d ---------27, ,037,847 2 6 ,5 4 1 ,8 1 8 2 5 ,8 1 0 .9 0 5
.............
3 8 4 ,4 9 7
D e p re cia tio n o f A llou ez B a y O re D o c k
_______
2 8 0 .5 3 2
M in n e s o ta ra te case re fu n d s--------------1 ,228,241
2 ,3 5 3 ,6 7 4
In su ra n ce , & c ., fu n d s _________________
3, 811 ,0 9 4
A d d itio n s an d b e tte rm e n ts paid fro m
im p ro v e m e n ts and renew als f u n d . . 36 737 ,1 9 8 3 5 ,5 5 0 ,9 2 0 3 4 ,2 7 9 .7 4 9
S t. P . M . Si M . co n s . m tg e . b o n d s re­
7 2 4 ,0 0 0
8 11 ,000
899 ,0 0 0
tir e d b y sin kin g fu n ds sin ce N o v . '07
7 2 0 ,3 5 3
607 ,6 5 5
9 8 4 ,0 2 4
M is c e lla n e o u s _________________________
O th er w o rk in g liab ilities & d e fe rre d
2 ,6 2 0 ,6 4 8
c r e d it item s ( n e t ) ___________________ 4 ,181,982
P r o fit a n d lo s s __________________________ 52,188,779 50,4 4 6 ,8 0 2 4 8 ,6 7 9 .2 1 9
T o t a l ........................................................7 0 0 ,0 9 6 ,7 5 2 6 8 7 .4 5 9 ,8 7 9 6 7 6 .8 1 7 .4 4 7
— V . 103, p . 1405. 938 .

New York New Haven & Hartford RR.
(45 th Annual Report— Year ending June 30 1916.)
Tho report of Chairman Howard Elliott will be cited fully
in next week’s issue of the “ Chronicle.”
S T A T IS T IC S .
1915-16.
1914-15.
1915-16.
1914-15.
Average miles____
2,005
2,003 R cv.fgt.tons carr’d28,285,411 23,842,023
d o carr. 1 mlle*2,461,694 *2,185,109
Total pas3. carr'd.82,246,385 78,172,698
do carr. i mile *1,571,060 *1,477,869 A v. rev. per ton
per mile_______ 1.528 cts. 1.434 cts.
A v. rev. per pass.
338,068
332,638
per m ile_______ 1.885 cts. 1.828 ots. Oper. rev. per mile
* T h re e (0 0 0 ) cip h ers o m it t e d .
ROLLING ST O C K A N D

F IS C A L R ESU LTS (R OAD PROPER).
1912-13.
1 91 1-1 2.
1913-14.
1914-15.
2.0 9 1
2 ,0 9 2
2 .0 1 6
2.0 0 3

1915-16.
A v e ra g e m ile s _____ ____
2 ,0 0 5
Equipment—
L o c o m o t iv e s _______ ____
1,261
____
2,341
____ 33.9 7 0
1,451
O th er c a r s _________ ____

IN C O M E A C C O U N T FOR

1,267
2,4 5 9
3 4 ,308
1,424
YEARS

1,244
2 ,3 5 4
3 8 ,0 5 3
1,210

1,349
2,361
3 6 ,1 8 5
1,221

1,308
2,3 6 0
3 5 .713
1,410
E N D IN G

JU N E

30.

Earnings—
1915-16.
1914-15.
1913-14.
F re ig h t
............... 8 37 ,448 ,02 1 $ 3 1 ,1 7 9 ,3 1 9 $ 3 2 ,4 7 6 ,6 3 9
P M s e S g O T i : : : : : : : : : : : : - ....................... 29 .020,567
27 .010,799 2 7 ,6 4 3 ,8 3 6
M a il express & c
_ . . . __ 5,7 2 6 ,0 2 1
4 ,5 2 0 .8 1 0
4 ,5 3 9 ,3 1 5
In cld 'e n ta T ,& c . . . l IZ1111111111 — - 3 ,5 1 7 ,0 4 4
2 ,6 6 8 ,3 3 6
2 ,7 9 2 ,8 0 2
T o t a l o p e ra tin g re ve n u e s___________ $ 7 6 ,3 1 1 ,6 5 3 $ 6 5 ,3 7 9 ,2 6 4 $67 ,4 5 2 ,5 9 2
Expenses—
$ 8 ,8 3 1 ,0 6 4
$7,7 2 9 ,2 4 1
M a in te n a n ce o f w a y & s tr u c tu re s ___ $ 8 ,7 7 9 ,1 6 6
1 0 ,3 9 2 .2 7 8
9 ,7 8 0 ,3 3 0
M a in te n a n c e o f e q u ip m e n t----------------- 10,8 5 9 ,6 5 6
502 ,0 2 0
4 7 3 ,3 6 8
T r a f f ic ............................
4 7 0 ,2 7 8
T r a n s p o r t a t io n ------------------------------------- 2 8 ,4 2 3 ,5 5 7 2 3 ,9 5 8 ,7 0 2 2 6 .9 7 8 .8 7 2
1,9 2 4 ,1 2 0
1 ,611,243
G en era l_________________________________
1,756.431
6 1 4 ,4 4 6
592 .054
M iscella n eou s o p e ra tio n s--------------------845 ,7 8 0
0 9 ,7 9 0
C rl8 ,3 1 4
.$ 5 1 ,0 7 8 ,3 5 8 $ 4 4 ,1 2 6 ,6 2 4 * 4 9 .2 3 3 ,0 1 0
(7 2 .9 9 )
(6 7 .4 9 )
(6 6 .9 3 )
P ercen tage o f expenses t o e a r n in g s ..
18,2 1 9 ,5 8 2
N e t ea rn in gs---------------------------------------- . 25,2.33,295 2 1 ,2 5 2 ,6 4 0
2 ,7 4 3 ,9 2 1
3 ,5 7 8 ,4 4 4
T a x e s ---------------------------------------------------- . 2 ,8 5 6 ,2 5 5
7,8 3 0
5,761
U n c o lle c t ib le s ___________.---------------------.
0 1 ,1 9 3
0 8 ,9 8 5
.
C /T 0 .602
.$ 2 2 ,381,882 $ 1 8 ,5 0 2 ,0 8 2 $ 1 4 ,6 5 0 ,1 2 3
2 ,5 4 2 .0 0 5
1 ,450,667
. 1,746,569
2 7 3 .2 4 4
179,118
.
941 ,766
2 ,4 5 3 ,0 8 8
1 ,443,422
. 1,171,552
2 .5 5 3 ,1 8 7
2 ,7 8 1 ,8 4 4
. 2 ,5 9 9 ,3 4 3

In terest o n b o n d s .

T o t a l n et in c o m e .....................................$28 ,8 4 1 ,1 1 2 $ 2 4 ,3 5 7 ,1 3 3 $2 2 ,4 7 1 ,6 4 7
In te re st on b o n d s, d e b e n tu re s, & c — $ 11 ,307 ,90 1 $ 1 1 ,1 8 0 ,3 2 3 $ 1 1 ,9 1 7 ,0 5 6
6 ,0 3 2 .9 6 0
R en tals' o f "leased lin e s , A c . . . J ---------- ' 6 ,156,401
0 ,1 7 4 ,0 5 8
2 ,8 9 3 ,5 6 9
R en ta ls o th e r than a b o v e ____________
5 ,8 3 8 ,7 4 5
3 ,5 3 1 ,0 8 8
x
2 ,356.769
D i v i d e n d s ----------------------------------------------- - - ­
1 ,0 9 8 ,3 2 5
995 ,572
S epa ra tely o p e ra te d p r o p e r tie s ----------981 ,5 9 5
2 6 1 ,0 7 4
168,121
M is c e lla n e o u s _________________________
240 ,7 1 2 __________
__ _____________
T o t a l d e d u ctio n s
. . ________ $ 2 4 ,5 2 5 ,3 5 5 $2 2 ,0 4 9 ,1 6 2 $ 2 4 ,5 5 9 ,*5 3
B a h u icc, s ^ p l i ^ o r d e f i c i t . . . . . ___ su r$4,315,7 5 7 su r$ 2 3 0 7 ,9 7 1 d e f$ 2 0 8 8 ,1 0 6
x C h arged against p r o fit a n d lo s s, b u t sh o w n here fo r s im p lic it y .
V . 103. p . 1302. 1210.

Norfolk Southern Railroad.

3 ,0 6 8 .1 4 8

1914-15.
$ 3 ,8 7 5 ,8 7 5
2 ,9 7 3 ,8 7 8

1913-14.
$ 4 ,2 5 6 ,1 8 0
3 ,1 7 0 ,0 9 4

N e t e a rn in gs___
T a x e s , & c --------------

$ 1 ,5 2 3 ,7 7 6
151,801

$9 0 1 ,9 9 3
132.327

$ 1 ,0 8 6 ,0 8 6
140,096

O th er in c o m e .

$ 1 ,3 7 1 ,9 7 5
319 .0 7 9

$76 9,67 1
3 0 7 ,1 6 6

$94 5,99 0
3 7 1 ,5 8 8

G ross In c o m e _________________
In te re s t, ren ts, & c --------------------

$ 1 ,7 2 1 ,0 5 4
1,3 3 0 ,0 4 4

$ 1 ,0 7 6 ,8 3 7
1,2 6 6 ,3 2 8

$ 1 ,3 1 7 ,5 7 8
1,3 7 0 ,9 6 7

B a la n ce , surplus o r d e f ic i t ............... s u r .$ 3 9 1 ,010 d e f.$ lS 9 ,4 9 1
— V . 101, p . 1266.

d e f.$ 53 ,389

Steam and Electric Lines—
G ross ea rn in gs________________

Great Northern Railway.
(27 th Annual Report— Year ending June 30 1916.)

JU N E 30.
1915.
$

1915-16.

1502

THE CHRONICLE
Boston & Maine Railroad.

(83rl Annual Report— Year ended June 30 1916.)
Pros. J. H . Hustia, Sept. 28, wrote in substance:
Results.— T h o op era tin g reven u es w e re S 5 .4 0 2 .3 7 9 , o r 1 1 .6 % , m o r e th an
la st y e a r , an d th o greatest in th e h is to ry o f th o r a ilro a d . N e a r ly all o f th e
Increase ca m e fro m th o tra n sp o rta tio n o f fre ig h t, w ith its in crcaso o f $ 5 ,­
0 5 1 ,0 9 3 , o r 1 8 .8 % .
P ra c tica lly all o f th is in crea se o c c u r r e d d u rin g th e
last n in e m on th s and w as d u e la rg e ly t o c o n d itio n s in cid e n t t o th e w a r.
Passen ger reven u e w as $ 1 5 ,0 2 8 ,3 1 7 . a d ecrease o f $ 4 7 3 ,8 8 0 , o r 3 .1 % .
l h i s p a rt o f th e r a ilro a d ’s business has been d is a p p o in tin g .
F o r several
years th o p assenger reven u e has sh ow n a d o w n w a rd tre n d .
I t w as h o p e d
th a t th e new passenger ta r iffs , e ffe c tiv e d u rin g th e p e r io d O c t . 1914 t o
Ju n o 1915, w ou ld e ffe c t s om e im p ro v e m e n t, b u t th o results h a v o n o t m et
ex p e cta tio n s . A n e ffo r t w as m a d e t o re v iso th o passen ger ta riffs s o as t o
e fle c t a s c ie n tific ra te sch ed u le w h ich w o u ld o n th o w h o le yie ld a g reater
revon u o. T h e plan as fin a lly m o d ifie d b y th o v a rio u s S ta te C o m m issio n s
d oes n o t p r o d u c e th e exp ecte d re ve n u e s, if in d e e d it p ro d u ce s a n y s u b s ta n ­
tia l increa se. O n th o oth er h a n d , th ere is n o w o n e m o t o r v e h ic le fo r e v e ry
34 p erson s in M a ssa ch u setts; o n e fo r e v e r y 30 persons in N o w H am psn ire,
o n e fo r e v e r y 39 persons in M a in e , o n e fo r e v e r y 32 person s in V e r m o n t,
and o n e fo r e v e r y 39 persons in N o w Y o r k .
T h e in crea sin g cost o f fuel an d o th e r su p p lies as w ell as th e higher w ages
alrea d y g ra n ted an d furth er a d ju s tm e n ts n o w u n d e r c o n s id e ra tio n , m a k e it
d o u b tfu l w h ether th o s a tisfa cto ry s h ow in g in tra n sp o rta tio n expenses
ca n b o m a in ta in ed . T h o re ve n u e to n s p e r fre ig h t tra in m ile w ere 3 6 2 .5
an Increase o f 29 t o n s , o r 8.7 % , o v e r 1915 an d o f 48 t o n s , o r 1 5 .3 % , o v e r 1914.
Maintenance.— In m ain ten an ce o f w a y an d stru ctu re s th o to ta l e xp e n d i­
tu res w ere $ 5 ,9 8 6 ,6 0 3 . T h e d ecrease o f $ 1 ,2 1 0 ,4 1 4 , o r 1 6 .8 % , is d u e t o
*'v° causes— a b n o rm a liy h ig h cn arges in 1915 an d unusual la b o r co n d itio n s
m 1916.
W h ile th e regular tra ck w o rk was begu n a c c o r d in g t o sch e d u le ,
a n d n o rm a lly w o u ld h a vo been p r a c tic a lly co m p le te d b y th o c lo s o o r th o
fisca l y e a r , th o unusual la b o r co n d itio n s a n d slow d e liv e ry o f m a teria l
m a d e it im p ra ctic a b le t o fin ish it b e fo re Ju n o 3 0 .
Total Expenditures for XTaint. of Way anil Struct, since 1908 (000 omitted) .
1908.
1909.
1910.
1911.
1912.
1913. 1914.
1915.
1916.
$ 4 ,6 0 9
$4,251 $ 5 ,2 5 3 $ 6 ,0 6 6 $5,8 2 3 $ 5 ,424 $ 6 ,5 4 5 $ 7 ,1 9 5 $ 5 ,9 8 6
T h o a v era g e c o s t p e r j e a r fo r 1908 t o 1914, in clu sive (o m ittin g 1915,
^ h ' c£ . Is a b n o rm a l), w as $ 5 ,4 2 4 ,8 4 6 .
In clu d in g 1915, th e a v e ra g e n a s
6 V 25- -Although th o expen d itu res fo r 1916 aro less th a n th o se fo r
1915, th e y aro g reater than th e av e ra g e fo r th o p r e v io u s e ig h t years.
Rolling Stock.— T h e r a ilroa d 's fre ig h t-ca r e q u ip m e n t w as in su fficie n t to
ta k e ca re o f th o u nu su ally he? v y fre ign t t r a ffic o f th o p a st y e a r.
It w as
n ecessa ry , th erefore, t o uso a larger nu m ber o f fre ign t cars o w n e d b y o th e r
r a ilroa d s , p a y in g th erefor th e c u s to m a r y p er die m re n ta l, w h ich in clu d es
o rd in a ry repairs. T h is is re fle cte d in tn e ite m “ h ire o f fre ig h t cars— d e b it
b a la n ce, sh ow n in tn e in c o m e a c c o u n t u nd er d -d u cticn s fro m gross in c o m e .
T n is Item a m ou n ted t o $ 2 ,0 7 4 ,2 4 8 fo r th o y e a r, an increase o f $87 7,92 3 o v e r
191 5. In o tn e r w ord s, the sh o rta go o f B . & M . fre ig h t ca r e q u ip m e n t r e ­
su lted in low er fre ig h t car rep air cn arges in o p e r a tin g exponses and h igh er
d e d u ctio n s fro m in c o m e (h ire o f e q u ip m e n t) than w o u ld h a v o been tho
case h ad m ore cars been ow n e d .
Expenditures for Maintenance o f Equipment.
(000 omitted)
1908. 1909.
1910.
1911. 1912.
1913.
1914.
1915.
1916
$ 4 ,3 5 2 $ 4 ,7 3 0 $ 5 ,4 4 6 $ 6 ,2 4 8 $6,411 $ 7 ,7 6 9 $7,7 3 3 $ 6 ,6 9 5 $ 6 ,588
xu T h ,0 ui'vcrag0 yea rly ex p en d itu re fo r m ain te n a n ce o f e q u ip m e n t d u rin g
th o eig h t years im m ed ia tely p re ce d in g 1916 w as $ 6 ,1 7 3 ,6 1 9 , in clu d in g th e
th ree years 1913, 1914 and 1915, In w h ich th ere w ero un u su ally h e a v v
ch arges for freig h t-ca r reh a b ilita tio n a n d fo r th e s a fo ty a p p lia n ce s requ ired
b y I<cd e ra l law s.
It w ill b o seen th a t th o expen d itu res in 1916 e x ceed ed
th o a v era g e for th o p reced in g e ig h t-y e a r p e rio d .
Capitalization.— T h e re has been n o ch a n g o in th o fu n d e d d e b t o r o u t ­
sta n d in g ca p ita l s to c k .
Floating Debt.— S h ort term n o te s o f th e c o m p a n y w ero o u ts ta n d in g
30 J 915 , 817 ,33 0 ,6 0 0 , d u o as fo llo w s : F e b . 3 1914, $ 40 ,000 ; Ju n o 2
191 4, $22 ,0 0 0 ; M a r . 2 1915, $19 1 ,0 0 0 ; S e p t. 2 1915, $ 1 7 ,0 8 3 ,6 0 0 .
Adjustment of the $1 7 ,3 3 6 ,6 0 0 Notes M ade During the Year 1915-16.
N o te s s e ttle d b y d e liv e r y o f M a in e R a ilw a y s C o m p a n ie s ’ n o t e s . .$ 3 ,7 1 0 ,2 9 0
N o te s s ettled b y p a y m en ts o f v e rd icts fo llo w in g c o u r t p ro c e e d in g s
3 20 ,250
N o te s ex ten d ed t o July- 17 1916 (a fu rth e r exten sion
w as m a d e t o A u g . 31 1 9 1 6 )-------------------------------------- $1 3 ,2 3 3 ,5 1 0
N o te s d u o M a r . 2 1916 on w h ich n o a c tio n taken .
1,000
N o te s d u o Jun o 2 1916 on w h ich n o a ctio n t a k e n ____
7 1 ,5 5 0
T o t a l n otes o u ts ta n d in g Jun e 30 1916 as p e r b a la n ce s h e e t . . . 1 3 ,306,060
A s sta ted elsew hero in th is r e p o r t, th e failu re o f th e e ffo r ts t o e ffe c t a
fin a n cial reorga n iza tion brou g h t a b o u t a te m p o ra ry r e c e iv e rs h ip , a n d these
n otes w ere n o t p a id a t their m a tu rity .
Feileral Valuation.— T h e v a lu a tio n o f th o sy ste m b y th o I .- S . O . C o m n ls sip n has boon a c tiv e ly c o n tin u e d d u rin g tn e y e a r , at a c o s t t o th e system
o f $16 5 ,7 2 0 , w hich is in clu d ed in o p e ra tin g expenses. T h o to ta l e x p e n d i­
tu re Incurred b y th o s y s tom , o n a c c o u n t o f th is w o rk t o Ju n o 30 1916, has
been $34 9 ,1 5 0 . F o r tiro B osto n & M a in e H it. a lo n e th oro w as e x p e n d e d on
th is a c c o u n t d u rin g th e year $ 1 5 7 ,8 9 7 . o r a to ta l o f $337,957 s in ce th o w ork
w as begu n in tn e fiscal year 1914. T h e w ork is nearing c o m p le tio n .
Additions and Betterments.— T h o e x p e n d it u r e m a d e d u rin g th o y e a r o n
, ii£counfc aggregated for e q u ip m e n t $40 6,93 7 anil o n ro a d $ 84 0,97 3;
to ta l $ 1 ,2 4 7 ,9 1 0 , leas cred its $ 9 1 7 ,1 0 1 ; net $ 3 0 0 ,8 0 9 , d istrib u te d as fo llo w s:
C r e d ite d t o c a p ita l a c c o u n t , $36 ,3 4 8 ; ch a rg e d to leased r o a d s , $25 5 ,4 5 3 ;
ch a rg ed as a d d ition a l rontal o f le a se d r o a d s , $ 8 1 ,7 0 3 .
y ea r there w as ch a rg e d t o o p e ra tin g expen ses th o su m o f
$ 1 ,0 1 9 ,7 5 5 fo r retirem en ts an d d e p r e c ia tio n o f e q u ip m e n t, an d p r o fit and
lass w as ch a rg ed w ith $16 9 ,4 3 8 fo r d e p re cia tio n p rio r to J u ly l 1907.
A u to m a tic b lo c k signals h a v o been co m p le te d an d places 1 In s e r v ic e
betw een W h ite R iv e r J u n ctio n , V t ., and W ells R iv e r . V t ., th u s c o m p le tin g
th e p r o te c tio n o f th e lin e fro m W h it e R iv e r J u n ctio n , V t . , t o N e w p o r t,
' nl " es- I n te rlo ck in g plants h a v e been p u t in op e ra tio n a t L y n n
an d W e s t L y n n . N o w c o a lin g p lan ts aro being c o n s tr u c te d a t Salom and
N a sh u a . L ig h t new steel bridges (re p la cin g lig h t s tru ctu re s) an d fo u r new
h n vo been erected . O n th e elim in a tio n o f h ig h w a y gra d e crossin gs
577 ,3 2 8 has been ex p en d ed ; th o total n e t e x p en d itu re fo r th is w ork on tn e
1|. & M . 14R. and ioased lines to Ju n o 30 1916 has been $ 7 ,0 9 4 ,8 9 3 . D u r in g
■e
’232 ton s o f new rails an d 10,161 to n s o f rela y rails w e re la id ,
also 974 ,590 ties w ero ren ew ed, an d 3 7 ,692 rods o f fonces h a v o been b u ilt.
Reorganization and Receivership.— In th o last annual r e p o r t, t h o n eed o f a
fin a n cial reorgan ization o f th o p rin cip a l pro p e rtie s c o m p ris in g tn e systom
w as explain ed an d th e b elief w as expressed th at a frie n d ly re o rga n iza tio n
w o u ld bo e ffe c te d .
\V hen it w as fo u n d th a t su ch a re o rga n iza tio n co u ld n o t
b o a cco m p lis h e d , e x ce p t o n te rm s th a t w o u ld n o t fu rn ish t h e necessary
relief t o tn e p rop erties as a w h o le , re ce iv e rsh ip , w h ich h ad been p o s tp o n e d
again an d again , b eca m e in ev ita b le , a n d o n A u g . 29 1916 Jam es I I . llu s t ls ,
1 resident ot y o u r c o m p a n y , w as a p p o in te d te m p o r a r y re ce iv e r b y th o U . S.
D is tr ic t C o u rt fo r th o D is tr ic t or M a ssa ch u se tts. O n S ep t. 5 1916 y o u r
b o a r d add ressed a le tte r t o th e sto ck h o ld e rs ex p la in in g th eir a ctio n (seo
V - l O 'lr ?• - 1,17)- (D efa u lt occu rre d S ep t. 1 1916 as t o Interest o n $ 1 0 ,0 0 0 ,­
000 4 % b on d s d u o S ep t. 1 1926 an d o n O c t . 1 as t o interest o n $1 1 ,7 0 0 ,0 0 0
4>3s d u o 1929.— E d .)
Labor Conditions.— A law e n a cte d b y C o n g re ss, e ffe c tiv e J a n . 1 1917
p r o v id e s th a t ‘ ‘eigh t hours shall . . . b o d e e m e d a d a y ’s w o rk . . . fo r
all em p lo y e s . . . engaged in a n y c a p a c it y in th o o p e r a tio n o f train s usod
tor th o tra n sp orta tion o f porsons o r p r o p e r ty (in te r-S ta to m o v e m e n ts ) . . .
T h o P residen t shall a p p o in t a co m m issio n o f th reo, w h ich shall o b s e r v o tho
op e r a tio n an d effe c ts o f tho in stitu tio n o f th o e ig h t-h o u r sta n d a rd w o rk ­
d a y . . . d u rin g a p oriod o f n o t less than six m o n th s n o r in oro th an nino
m o n th s , . . . a n d shall re p o r t its fin d in g s t o tho P resid en t a n d C o n ­
gress. . . . P en d in g tho re p o r t o f th o C o m m is s io n . . . an d fo r a p e rio d
o f th irty d a y s th ereafter, th o c o m p e n s a tio n o f railw ay e m p lo y e e s s u b je c t
t o th is A c t . . . sh all n ot bo re d u ce d be lo w th o present sta n d a rd d a y ’s
w a g e, and fo r all necessary tim o in oxcess o f e igh t h ou rs su ch e m p lo y e e s
shall be p aid a t a rate n o t less than the p r o r a ta rato fo r su ch sta n d a rd o ig h th o u r w ork d a y .
T h o m ea n in g o f th e law in its a p p lic a tio n an d s c o p e , as w ell as its c o n s ti­
t u tio n a lity , aro a t th o present tim e in d o u b t , b u t th o e ffe c t o f su b s titu tin g
eigh t hou rs fo r ten h ou rs as th o ba sic w o rk d a y w ou ld bo t o increase w ages
m a teria lly w ith o u t restrictin g th o h ou rs o f se rvico .
I f railroads aro h creaftor to fu rn ish su ita b le tra n sp o rta tio n s e rv ice it is
e v id e n t th at th eir c r e d it m u st bo su ch as w ill a d m it o f raising fu n d s fo r
necessary im p ro v e m e n ts a n d d e v e lo p m e n t.
In a il d iscu ssion s o f tho
eig h t-h ou r la w ” it w as m ado e v id e n t th at tho a d d itio n a l w age c o s ts m u st
b o transferred t o the p u b lic in the fo rm o f increased rates If this n eed o f
s u ita b le tra n sp orta tion s ervice w ero t o be m e t. I t w ill, th e ro fo ro , b o tho




[Vol. 103.

in te n tio n o f y o u r m an agem en t t o m a k e a p p lic a tio n t o th o usual trib u n a ls
fo r increased rates w hen th o e ffe c t o f th o a p p lic a tio n o f th o law is k n o w n .
O PE R A TIO N S A N D F IS C A L R ESU L TS.
, T
„ „ 1915-16.
1914-15.
1913-14.
1 91 2-1 3.
xMxIes op e ra te d Jun o 3 0
2 ,2 5 2
2 ,2 5 2
2 ,2 5 2
2 ,2 5 2
y Operations—
Passongers ca r r ie d .......... 4 2 ,5 1 8 ,7 4 5 4 3 ,4 7 2 ,1 5 8 4 7 ,0 3 2 ,5 3 5 4 9 ,9 1 8 ,1 0 3
P a ss, carried o n e m ilo _ _ 7 9 8 ,6 9 4 ,6 4 4 8 4 9 ,9 4 8 ,8 5 3 8 9 6 ,0 8 1 ,3 3 1 9 0 4 ,0 5 9 ,1 6 6
R a to per pass, p e r in ilo ,
1.851 c ts .
1.795 c t s .
1.769 c ts .
1.775 c ts .
f r e i g h t (to n s) c a r r ie d .. 2 6 ,4 9 7 ,0 3 9 2 2 ,6 7 8 ,4 8 0 2 4 ,7 5 2 ,8 8 4 2 5 ,4 7 3 ,5 6 8
l«r t (to n s) ca rr. 1 m il e .2 96 1598,986 241 6 4 5 8 ,2 5 3 2 63 5138,719 2 7 2 1 1 9 6 ,6 1 0
R a to per to n p er m i l e . . .
1.079 c ts .
1.114 c t s .
1.057 c ts .
1.054 c ts .
G ross earnings p e r m ile .
$ 2 3 ,0 1 0
$ 2 0 ,6 0 9
$ 2 1 ,2 6 2
_______
$ 2 1 ,5 4 5
* E x ciu d e e stroot ra ilw a ys (4 6 .8 0 m iles in 1915-16 a n d 50.21 m iles in
1914-15 an d 1 9 1 3 -1 4 .). y E x clu d e s o le ctric railw ays a n d w a te r lines.
I N C O M E A C C O U N T FOR Y E A R S E N D I N G J U N E 3 0 .
Earnings
191.5-16.
1914-15.
1913-14.
P a s s e n g e r ......................................................$ 1 5 ,0 2 8 ,3 1 7 $ 1 5 ,5 0 2 ,1 9 7 $ 1 6 ,1 1 1 ,5 4 8
F r e ig h t ........ .................................................... 3 1 ,9 6 3 ,4 8 9 *2 6 ,9
‘>7
. 1 2 ,3
. 97 2
7 ,9m1 o2 ,3aao
97
M a li, express, & c .......... ............................
3 ,6 0 6 ,7 6 9
* 3 ,0 7 9 ,1 4 6
2 .8 5 1 ,3 6 7
M is c e lla n e o u s ______________________
14 406
17,125
19,733
I n c id e n t a l _____________
1,4 6 2 ,4 4 7
1 ,1 6 2 ,1 8 4
1 ,265,241
T o t a l o p e ra tin g r o v e n u e s... .$ 5 2 ,0 7 5 ,4 2 8
$ 4 6 ,6 7 3 ,0 4 9 $ 4 8 ,1 6 0 ,2 8 6
Expenses—
M a in te n a n c e o f w a y an d s t r u c t u r e s .. $ 5 ,9 8 6 ,6 0 3 $ 7 ,1 9 7 ,0 1 7 * $ 6 ,7 0 0 ,9 1 3
M a in te n a n c e o f e q u ip m e n t....................
0 ,5 8 8 ;0 4 4
6,697,311
* 7 ,8 3 5 ,1 4 6
T r a ffic e xp en ses_______________
421 ,7 9 7
4 4 8 ,0 9 0
* 4 6 6 ,6 0 0
T r a n sp o rta tio n expen ses______ 2 1 ,7 5 7 ,0 6 6
2 0 ,1 7 8 ,3 3 3 * 2 2 ,4 3 4 ,9 0 4
1 ,238,292
G eneral o xp on ses_______________
1 ,188,851 * 1 ,1 6 9 ,7 7 8
M isce lla n e o u s o p e ra tio n s______
2 0 6 ,1 5 7
2 0 0 ,1 6 9
2 4 8 ,8 7 8
.$ 3 0 ,1 9 7 ,9 5 8 $ 3 5 ,9 0 9 ,7 7 2 $ 3 8 ,8 5 6 ,2 1 9
P o r ce n t o f o p o r. expenses t o earningsx
(6 9 .5 1 )
(7 6 .9 4 )
(8 0 .6 8 )
N e t o p e ra tin g re v e n u e _________
.$ 1 5 ,8 7 7 ,4 6 9 $ 1 0 ,7 6 3 ,2 7 7 $ 9 ,3 0 4 ,0 6 7
T a x e s a c c r u e d __________________
. 1 ,9 8 6 ,2 6 7
1,9 7 8 ,2 2 3
2 ,0 5 9 ,0 1 7
U n c o lle c t ib le s __________________
.
2 ,6 2 4
5,944
,$ 1 3 ,888,578
.
175,267
.
995 ,448

D iv id e n d in c o m e _______________I
I n t ., re n ts, & c ., re c e iv e d ______

N o t in c o m o ...............................................$1 5 ,0 5 9 ,2 9 3
Deduct—
R on ta ls o f leased r o a d s ________________ $ 5 ,6 2 6 ,0 2 9
H ire o f e q u ip m e n t.......................
2 ,0 7 4 ,2 4 8
O th er r e n t s ____________________________
4 85 ,844
In terest a c c r u e d ______________________
2 ,7 2 5 ,4 7 7
D is c o u n t o n n o te s_____________________
__________
8 2 ,064
S in k in g fu n d p a y m o n t ________________

$ 8 ,7 7 9 ,1 1 0
174,767
1,0 2 9 ,7 0 7

$ 7 ,2 4 5 ,0 5 0
8 9 5 ,6 3 3
1 ,010,962

$ 9 ,9 8 3 ,5 8 4

$ 9 ,1 5 1 ,6 4 5

$ 5 ,5 8 9 ,4 0 5

$ 5 ,4 8 7 ,6 2 9
1 ,5 8 3 ,7 7 4
504 ,1 4 7
3 ,3 1 7 .9 4 5
2 7 4 ,1 0 8
2 8 ,7 8 5

1,196,325

4 7 6 ,9 7 0
3 ,0 2 6 ,5 6 1
“

28", 785

T o t a l d e d u c tio n s ................................... .$ 1 0 ,9 9 3 ,6 0 2 $ 1 0 ,3 1 8 ,0 4 6 $ 1 1 ,1 9 6 ,3 8 7
B a la n ce , surplus o r d e fic it ............... _ s u r .$ 4 ,065,691 d o f .$ 3 3 4 ,4 0 2 d f$ 2 ,014 ,742
* C o m p a riso n s so m arked aro slig h tly in a ccu ra to , d u o t o ch an gos m ad e in
later yea rs, th o final resu lts, h o w e v e r, roxnaln u n ch a n g e d .
C O M B IN E D IN C O M E A C C O U N T FOR Y E A R S E N D IN G

J U N E 30.

In clu d e s th e B o s to n & M a in o R R „ V e rm o n t V a ilo y R R . , S u lliva n C o u n t y
I i R . , Y o r k H arbor & B e a ch R R ., M t . W ash in gton R y ., S t. J o h n s b u r y &
L a k e C h a m p la in R R ., M o n tp o lie r & W ells R iv e r R R ., B a rre & C h elsea
R R . a n d C o n w a y E le ctric S t. R y . , w ith in to r-c o . tran saction s e lim in a te d .
Revenues—
1915-16.
1914-15.
1913-14.
F r e i g h t . .........................................................$ 3 3 ,3 1 7 ,4 5 0 $ 2 8 ,0 4 8 ,7 9 4 * $ 2 9 ,2 0 5 ,3 5 2
P a ssen ger.....................................
1 5 ,5 0 8 ,5 1 0
1 5 .9 8 6 ,2 6 2 * 1 6 ,3 5 8 ,9 0 9
M a il an d o xp ress..........................................
2 ,1 1 9 ,9 2 2
1,835,991 * 1 ,7 6 8 ,6 0 2
O th er tr a n s p o r t a t io n ................................
1,637,017
1,384,410 * 1 ,4 7 7 ,1 9 7
I n c id e n t a l ..........................
1 .479.135
1,1 7 5 ,0 2 9 * 1 ,2 8 3 ,2 3 3
T o t a l o p e ra tin g r o v e n u o .....................$ 5 4 ,0 6 2 ,0 3 5 $ 4 8 ,4 3 0 ,4 8 6 S 50 ,0 9 3 ,2 9 3
Expenses—
M a in te n a n c e o f w a y , & c _______________ $ 6 ,3 0 0 ,7 0 4 $ 7 ,5 8 9 ,9 7 6 * $ 7 ,1 3 9 ,6 0 3
M a in te n a n c e o f e q u ip m e n t___________
0 ,7 9 4 ,0 2 0
6 ,9 0 9 ,1 1 5 * 8 ,0 4 3 ,8 4 4
T r a f f ic o x p o n s o s ______________________
433,231
4 5 9 ,8 3 3
*4 7 7 ,7 9 5
T r a n s p o r t a t io n ________________________ 2 2 ,5 3 1 ,7 2 6 2 0 ,8 8 5 ,3 2 7 *2 3 ,2 6 3 ,5 5 5
G eneral o xp on sos______________ _______
1 ,2 7 9 ,9 2 1
1 ,2 2 6 ,3 0 6 *1,208,521
M is c e lla n e o u s _________________________
2 06 ,157
2 0 0 ,1 7 0
2 4 8 ,8 7 8
.$ 3 7 ,5 4 5 ,7 6 0 $ 3 7 ,2 7 0 ,7 2 6 $ 4 0 ,3 8 2 ,1 9 6
-$ 1 6 ,5 1 6 ,2 7 5 $ 1 1 ,1 5 9 ,7 0 0 $ 9 ,7 1 1 ,0 9 7
. 2 .094,311
2 ,0 8 5 ,8 7 5
2 ,1 7 0 .1 3 0
.
2 ,6 2 5
5 ,9 4 5

U n co lle ctib le s

.$ 1 4 ,4 1 9 ,3 3 9
.
1,1 4 8 ,3 2 7

$ 9 ,0 0 7 ,9 4 0
1,204,766

$ 7 ,5 4 0 ,9 6 7
1,8 6 2 ,0 8 5

.$ 1 5 ,5 6 7 ,0 0 0 $ 1 0 ,2 7 2 ,7 0 6

$ 9 ,4 0 3 ,0 5 2

. $ 5 ,6 2 7 ,0 2 9
. 2 ,1 2 8 ,1 8 7
.
548 ,353
3 ,0 1 4 ,3 4 3

$ 5 ,4 8 9 ,6 5 6
1,644,174
584,421
3 ,5 3 4 ,9 1 6
2 9 0 ,6 5 5
2 8 ,7 8 5

Deductions—•
O th er rents
D is c o u n t o n n o te s ______________
S inking fxmd p a y m o n t_________

8 2 ,004

$ 5 ,5 9 0 ,4 0 5
1,2 3 6 ,9 5 0
5 5 6 ,4 2 9
3 ,3 2 4 ,7 5 8
11,819
2 8 ,7 8 5

T o t a l dcdxxctlons.......... ......................... $ 1 1 ,3 9 9 ,9 1 5 $ 1 0 ,7 4 9 ,1 4 0 $ 1 1 ,5 7 2 ,6 0 6
B a la n ce , surplus o r d e f i c i t . .............s u r .$ 4 ,1 6 7 .7 5 1 d f.$ 4 7 0 ,4 4 0 d f $ 2 ,169,554
* Soe f o o t-n o t e * a b o v o th is ta b le .

Assets—
Road A equip’ t .
Im pt. on leased
railway prop’y
Inv. lnaffil.cos.:
Stocks_______
Bonds..............
N otes..............
Other lnvestm’ ts
M Iso.phys.prop.
Seo.,Ao.,on hand
Cash....................
Special deposits.
Trafllo, A c ., bal.
Agts. & conduo.
M ater. A supp.
M iscellaneous..
D e l’d debit Item
Prepaid Int.,«Scc.
Other unadjust­
ed debits____

B A L A N C E S H E E T J U N E 30.
1910.
1915.
$
Liabilities—
■5
90,679,800 90,710,148 Com m on stock.
Preferred stock .
2,057,889
2,579,050 Prem. on com .
stock sold___
271,327
271,327 Funded d ebt___
437,018
437,619 I.oansAbllls pay.
982,273
835,991 Traffic, A c ., bal.
9,784,221 13,335,377 Accts. A wages.
103,441
162,726 M at’d int., A c .
1,321,512 U e n ts A ln t.a ccr
1,446,200
8,960,177
3.942.206 Accrued ta x e s..
41,738
8,265 M iscellaneous.,
122,660
109,939 a Duo leased rds.
2,978,598
1,970,938 Opcr. rcsorves-5,162,230
4,139,148 Unextlng. prom.
1,921,431
1,818,284
on fund. debt.
227,369
210,712 Acor.dopr.(cq’ t)
85,070
79,898 Oth.unadj.accts.
A dd’ns to prop.
886,313
1.269.206 Sink. fd. redoin.
o f Impr. b d s ..
Profit A io33-b.

T o t a l ..............120,808,369 123,208,947

1910.
S
39,505,391
3,149,800

1915.
%
39,505,391
3,149,800

6,501,020
43.338.000
13.300.000
2,310,421
3,189,852
300,924
820,767
643,808
2,145,178
1,852,346
090,357

0,501,620
43,338,000
17,336,600
1,836,224
2,038,729
293,733
834,020
617,919
1,867,329
1,852,340

287,000
0, ISO,S32
015,499
191,341

310,726
5,770,780
257,049
191,341

1,446,208
1,321,513
0 .2 3 ,9 0 0 def3,814,173

T o t a l ...............120,808,308 123,208,947

a A t ex p ira tio n o f leases, b A fte r d e d u ctin g $16 9 ,4 3 8 d e p re cia tio n .ac­
c ru e d p rio r t o J u ly 1 1907 o n e q u ip m e n t re tire d and m iscella n eou s not item s
a g g re g a tin g $ 5 8 ,1 1 4 .
N ote.— T h o c o m p a n y g u aran tees Ju n o 30 1916, $ 1 ,3 2 8 ,0 0 0 S t. J o h n sb u ry
& L a k o C h a m p la in R R . 1st M . 5s d u o M a r c h 1 1944; $50 0 ,0 0 0 C o n c o r d &
C la r e m o n t N . II. R R . 1st M . 5s d u o J a n . 1 1944; $1 0 0 ,0 0 0 P e te rb o ro u g h
& H illsb o ro u g h R R . I s t M . lH s d x x o J u ly 1 1917; $3 0 0 ,0 0 0 P ortlan d U n ion
R y . S ta . C o . sin k in g fu n d 4 % b o n d s d u o J u ly 1 1927-29, g u aran teed Jointly
w ith th o M a in e C e n tra l R R ., an d $ 2 ,3 0 0 ,0 0 0 V e rm o n t V a lley R R . 6 %
n o te s d y o Jxxly 17 1916, gu a ra n te e d b y C o n n e c tic u t R iv e r R R . an d th o B o s ­
to n & M a in e R R . — V . 103, p . 1412, 1300.

OCT. 21 1916.]

Chicago & Alton Railroad.

The Missouri Pacific System.
(7th Annual Report— Year ended June 30 1916.)
Receiver B . F . Bush says in substance:
Results.— E x ce p t fo r t h o in te rru p tio n o f t r a ffic b y flo o d s , th e o p e ra tin g
c o n d itio n s h a v e been ex ce p tio n a lly fa v o r a o lo , as in d ica te d b y an in crcaso
o f o v e r $ 6 ,000,000 dolla rs in o p e ra tin g reven u e w ith a decrease in t h e trans­
p o r ta tio n expenses. T h e han dling o f th is, th e largest Duslness in th o h is to ry
o f th o p r o p e r t y , at n o in crea sed c o s t an d w ith o u t co n g e s tio n o r d e la y —
o th e r than th oso resu ltin g fro m flo o d s a b o v e m e n tio n e d — w as m a d o p o s ­
sib le th rou gh the im p ro v e d p h y sica l c o n d itio n o f th o tr a n s p o r ta tio n fa ­
cilities and th o loya l c o -o p e ra tio n o f th e e n tire o rg a n iz a tio n . T h is Is re­
fle c te d in all o f th o tra n sp o rta tio n expen so a c c o u n ts , in th e a v e ra g e reven u e
ton s o f freigh t per tra in , w h ich w as increased fro m 4 1 6 .9 5 t o 443 .31 (sa v ­
ing nearly 9 00 ,000 train m ile s ), and esp ecia lly in th e ca s u a lty a c c o u n ts ,
w h ic h sh ow a re d u c tio n o f $55 2,93 4 39 c o m p a re d w itn th o p r e v io u s y e a r.
I f th o tra n sp orta tion r a tio o f 3 5 .3 5 % ( o f o p e ra tin g revenues) fo r th e year
1915 had o b ta in e d d u rin g th e p re se n t y e a r , th e re w o u ld h a v e be e n an In­
crease o f m oro than $ 2 ,0 0 0 ,0 0 0 instead o f th e d ecreaso o f $89 ,6 5 2 87 as
sh ow n . O f th e increase in re ve n u e , a m o u n tin g t o $ 6 ,1 6 2 ,9 9 6 , m e n tio n e d
a b o v e , 9 8 J ^ % w as saved so far as o p e r a tin g expen ses, e x c e p t m a in te n a n ce ,
w as con c e r n e d , b u t 9 1 M % w as p u t b a c k in to th e p r o p e r t y , as is expressed
in th e ch arges to m ain ten an ce.
T h o to ta l op era tin g revenues w ere $ 6 4 ,3 7 2 ,3 0 2 , an increa so o f $ 6 ,1 6 2 ,9 9 6 ,
o r 1 0 .5 9 % , being equal t o $8,7 6 8 p e r m ile o f ro a d o p e r a te d , as against
$7,9 9 0 in th o p re v io u s year.
F reigh t re v e n u e increased $ 4 ,8 2 6 ,6 8 4 , there
h a v in g been a su osta n tla l increase ( 1 4 .4 5 % ) in tn e to ta l to n n a ge o f c o m ­
m od ities h an dled , a lth o u g h p r o d u c ts o f agricu ltu re , w hen co m p a re d w ith
th o u n p reced en ted v o lu m e o f t h o p re v io u s y e a r , e x h ib its a re d u c tio n o f
744,051 to n s , o r 1 5 .3 5 % .
T h e n u m ber o f passengers ca rrie d w as less b y 612,381 (n e a rly 5 % )
than in th e p reviou s y e a r , a ltn o u g h tiio n u m b e r carried o n o m ile sh ow s an
increase o f 9 .3 1 1 ,1 5 6 , o r 1 .8 9 % . T h o passenger re ve n u o increa so o f $ 97 3,­
687 , or 9 .8 7 % , is d u e largely t o th o in crea sed rates gran ted u p on in tcr-S ta to
business b y th o I. 8 . O . C o m m issio n and u p o n in tra -S ta te business b y rea­
son o f tem p ora ry in ju n ctio n s a p p ly in g in N ebrask a and A rkansas. A p ­
p lic a tio n s w ere m ad e fo r perm ission t o increase passenger rates in M issou ri
an d K a n sa s, an d sllgn t increases w ere g ra n te d b y th e M is s o u ri C o m m is ­
s io n , b u t a rc n o t in e ffe c t b eca u se o f in ju n ctio n suits b ro u g n t in th o S tate
C o u rts t o test th o a u th o r ity o f tn e C om m issio n t o gran t those rates. In
K an sas t h e a p p lica tion is h eld tinder ad visem en t o y th e C o m m issio n .
M a in te n a n ce o f w a y and stru ctu res sh ow s an increaso ot $ „ , 4 4 6 ,7 8 5 ,

ln g th o passago n orth w ard o f th o G a lv e sto n s to r m , cau sed seriou s w ashouts
an d o v e r flo w s and th e suspension o f t r a ffic fo r m a n y d a y s o n several Im­
p o r ta n t lines. A g ain in l o b . , 1916. a storm o f lik e in te n sity v is ite d Illi­
n o is ; M issou ri an d A rk a n sas, cau sin g sim ilar d a m a g e t o th e p r o p e r ty ,
a n d a lon g er p eriod o f in te rru p tio n t o t r a ffic .
A to ta l exp en d itu re o f ap ­
p r ox im a tely $ 1 ,200,000 w as m a d e n ecessary fo r flo o d repairs t o roadw ay
and stru ctu res, in clu d in g tr a c k , e m ergen cy levee an d r iv e r p ro te ctio n w o rk .
In a d d ition to th oso charges to m ain ten an ce a cco u n ts in c id e n t to a d d itio n
an d betterm en t w o rk , large expen d itu res tiave been m a d e in im p ro v in g th o
p h y sica l c o n d itio n o f th o p ro p e rty in o rd e r t o k eep abreast o f th o t r a ffic
d e n s ity , w h ich has increased 3 0 % d u rin g th e last fo u r years.
M a in te n a n c e o f eq u ip m e n t show s an increase o f $ 3 ,1 8 7 ,1 2 9 . equal t o
2 9 .6 0 % , th e largest item being in repairs t o fre igh t ca rs , w h ich a m o u n te d
t o $2 ,2 1 3 ,8 2 4 ; 12,430 freigh t ca rs , c o n sistin g o f 7 .8 0 3 b o x , 3 ,6 5 8 c o a l, 606
s t o c k , 351 fla t and 12 fu rn itu re ca rs, w ere r e b u ilt, an d an a p p ro v e d t y p o
o f d r a ft gear as w ell as o th e r im p ro v e m e n ts a p p lie d . T h e ro w e re also 799
w o rk and m iscellaneous cars r e b u ilt, m a k in g a to ta l o f 13,229 fre ig h t and
w o rk eq u ip m en t cars re b u ilt. T h o lo c o m o t iv e s are in g o o d c o n d it io n and
su bsta n tia l progress has been m a d o in m o d e r n iz in g passen ger tra in cars
b v a p p ly in g steel un d erfram es, e le ctr ic lig n ts , & c. A p p lic a tio n o f th e re­
quired s a fe ty ap p lia n ce s t o all e q u ip m e n t is a b o u t 9 0 % co m p le te d . E x ­
clu siv e o f d e p r e c ia tio n , th e a v e ra g e ex p e n d itu re p er lo c o m o t iv e e qu a led
$ 3 ,2 4 7 ; p e r passenger train c a r , $ 1 ,2 9 8 : per fre igh t train c a r , $169.
Interest in Default.— In clu d e d in th e in te re s t on fu n d e d d e b t , (b u t in ­
c lu d e d th o c om b in ed In com o a cco u n ts ], is ($4,786,992] interest in d e fa u lt.
(1) M issou ri P a c ific R y . (to ta l so in d e fa u lt $ 4 ,5 1 3 ,5 7 5 )—
L ex in g ton D iv . 1st M ________ $ 2 9 ,7 9 2 1K a n . & C o l. I’ a c . 1st I t o f .M .$ 2 1 8,46 0
K a n . C . N . W . H it . l s t M . . . 5 1 ,2 0 0 C e n t. R r c h . U n . I’ a c . 1st M . 58,333
L o R o v & C a n . V a l. 1st M _ _ 2 6 , 0 0 0 C e n tra l B ra n ch R y . I s t M . . 120 ,830
M o . I’ a c . R y . T r u s t 5 % b o n d s , $ 7 1 8 ,7 5 0 ; less d e p o s ite d w ith
U n ion T r u s t C o . (a) K a n . & C o lo . R R . 1st M ., $6 1 ,2 3 0 ; ( 6)
Salina Sterling & E l P a so R R . 1st M . , $36 ,0 0 0 ; b a la n c e _________
621 .520
F irs t C olla tera l M t g e ., $ 44 1,65 0; less d e p o s ite d w ith B ankers
T r u s t C o ., tru stee: (a) K ansas C i t y S. \V. R y . 1st M . , $ 16 ,500 ;
( 6) K ansas C it y & 8 . 4V. R y . o f M o . 1st M . , $ 1 2 ,2 1 0 : (c) St.
L o u is O ak I lill & C a ro n d e le t R y . 1st M . , $ 12 ,000 ; b a la n c e ------ 400 ,940
4 0 -Y e a r 4 % G o ld L o a n , t h e M isso u ri P a c ific R y _ . - - - - - ................... 1,4 9 0 ,2 0 0
C o n v e r tib le 1st & R e fd g . M t g e ., th o M is s o u ri P a c ific R y . . . --------1 ,4 9 0 .3 0 0
(2) B o o n v llle S t. L ou is & Sou th ern R y . 1st M . (in clu d e d in re n t
for leased r o a d s )-------------------------—
- f , - v ; ' - v k --------22,9 1 7
(3) S t. L ou is Iron M t n . & S o u . R y . 1st & R e fd g . M t g e ., S I .7 6 5 ,3 8 0 , less $ 1 ,5 1 4 ,8 8 0 p a y a b le t o M o . I’ a c . R y ., n o t Inclu ded in
t h o co m b in e d in c o m e a c c o u n t; b a la n c e -------------— - - - - - r - ---------- , 250 ,500
Funded Debt.— T a e M isso u ri P a cific R y . C o . fu n d e d d e b t w as de cre a se d
$72 ,0 0 0 an d its eq u ip m e n t tru st o b lig a tio n s w e re decreased $ 7 3 4 ,0 0 0 .
Ir o n M o u n ta in eq u ip m e n t tru st o b lig a tio n s w ere d ecreased $85 7 .0 0 0 .
T h o “ T h re o -Y e a r 5 % S ecured G o ld N o te s ” o f 1911, p r e v io u s ly e x te n d e d
t o Ju n e 1 191(5, w ere a gain exte n d e d t o I le c . 1 1916, a t 6 % in terest,
w ith ad d ition al c o lla te ra l, a co m m issio n o f V£ o f 1 % being p aid to
assenting h olders, an d a pro visio n [recen tly a v a ile d o f .— E d .] for a fu rth er
extension t o Ju n o 1 1917. ( V . 102, ,». 1896, 207 7: V . 103, p . 1413.)
Rale of Wabash RR. Securities.— T h o p lan o f reorgan ization o f th o W a b a s h
R l t . C o . p ro v id e d fo r an assessm ent o f $654 82 in re sp e ct o f ea ch F irst R e ­
fu n d in g an d E x ten sion M o r tg a g e b o n d , $ 2 ,9 1 3 ,0 0 0 o f w h ich w e re o w n e d b y
S t. L o u is Iron M o u n ta in & S ou th ern R y . C o . U nder o r d e r o f C o u r t, th o
receiv er paid th o firs t in stallm en t o f 10 % o n th o assessm ent a n d su bse­
q u e n tly d isp osed o f th e ce r tific a te s o f d e p o s it represen tin g tn o b o n d s , tho
n e t p roceed s o f w h ic h , a m o u n tin g t o $ 8 9 2 ,6 4 3 , w ere d e p o s ite d w ith th o
tru stee o f tn o U n ifyin g a n d R e fu n d in g M o r tg a g e t o th o c r e d it o f th o a d d i­
tio n an d im p rov em en t fu n d . T h e d iffe re n ce betw een t h o led ger v a lu e an d
p ro ce e d s o f th o sale o f sam o, a m o u n tin g t o $98 6,37 0 5 8 , as w ell as th o ledger
v a lu o o f 2 8 ,2 6 2 shares o f c o m m o n an d 2 8 ,262 shares o f p re fe rre d s to c k
o w n e d b y th o 8t. L ou is Iron M o u n ta in & Sou th ern R y . C o . , an d 70 000
shares o f p rof, s to c k o f th o W abash R R . C o . ow n ed b y th e M is s o u r i P a cific
R y . C o . , w h ic h had p r e v io u s ly been w ritte n d o w n t o $31,6.31, w as w ritten
o f f t o p r o fit an d loss. T h is d is p o s e d o f all Interest o f these c o m p a n ie s In
th e secu rities o f th o W a b a sh R R . C o .
System Mileage.— T h e re has been an Increase o f 193 m iles In m iles o r
roa d o p e r r t e d , b y reason o f tracK age rights a cq u ire d u n d er 9 9 -y e a r c o n tr a c t
o v e r th e lines o f th o T ex a s & P a cific R y . C o . an d T ra n s-M iss is s ip p i T e r m i­
nal R R . C o . , A lexan dria t o N o w O rleans, A p ril 1 1916. A o n e -h a lf inter­
cat in perm an en t term inal fa cilitie s a t N e w O rleans w as also a cq u ir e d ,
th rou g h th e organ ization o f th e T ra n s-M iss is s ip p i R R . C o . , w h ic n co n tro ls
all o f th e term in als In and a b o u t N ew O rleans th a t are esp ecia lly necessary
t o th o business o f tn o S t. L o u is Ir o n M t n . & S ou . R y . (Jo. an d th e T e x a s
& P a c ific R y . C o . ( V . 102. p . 1 3 4 7 ,9 7 7 ).
T h o n ew d o u b le -tra ck b r id g e o f th o A rka n sas & M e m p n is R a ilw a y
B r id g e & T erm in a l C o . o v e r th e M ississip p i R iv e r a t M e m p h is is e x p e cte d
t o b o in co n d itio n b y J u ly 15 1916 t o en ab le its use fo r th e passago o f train s.
T h o now b rid g e w ill a ffo r d an estim ated s a v in g t o th is c o m p a n y o f $10 0,00 0
p er a n n u m .
(S ee V . 102. p . 799 ; V . 103. p . 31 9 .)
Charges to Road and Equipment.- Ih e s e aggregated $ 9 8 0 ,5 5 8 , v iz .:
I m p r o v e m e n ts an d a d d itio n s t o r o a d w a y , $ 1 ,6 2 9 ,0 7 9 ; im p ro v e m e n ts an d
a d d ition s t o e q u ip m e n t, $ 1 ,0 5 6 ,0 7 6 ; less c re d its a c c o u n t o f e q u ip m e n t
r e tired , $ 1 ,7 0 4 ,5 9 8 . A d d itio n a l real estato w as pu rch ased fo r term inal
facilities a t O m a h a , N e b ., J o p lin , M o ., and H o t S p rin gs, A r k ., anil largo
ex p en d itu res w ere necessary t o im p ro v e riv e r p r o te c tio n at v a riou s po in ts
on th o M issou ri R iv e r In M issou ri an d K ansas an d o n th o R e d R iv e r in
A rk a n sa s, b y rev etm en t w o rk an d raising track s. In excoss o f h a lf a m il­
lion c u b ic y a rd s o f m aterial w as used In fillin g bridges. T im b e r trestles
a ggrega tin g 11,700 lineal feet w ere elim in ated b y fillin g 10,888 lineal fe e t,
rep la cin g 697 lineal feet w ith steel an d 115 lineal fe e t w ith rail gird er
brid ges. N e w rail was la id on 126.26 m iles o f t r a c k , o f w h ich 76.54 m ill's
w as 9 0 -lb . an d 49 .7 2 m iles 8 5 -lb . s e c tio n . A d d itio n a l ballast w as ap p lie d
c on sistin g o f 134,677 y a rd s o f g ra v e l, 4 ,5 1 6 ya rd s o f r o c k a n d 2 4 ,7 9 5 yard s
o f cin d ers. P a y m e n t o f $155,000 has been m ado t o th e C it y o f St. L o u is ,
M o . , as th e M issou ri P a cific R y . C o . ’s p r o p o r tio n o f c o s t o f a new v ia d u c t
at C h ou tea u A v en u o.

For combined income account, see V . 103, p. 1406.




1503

THE CHRONICLE

(UfA Annual Report— Year ended June 30 1915.)
President W . G . Bierd, Chicago, says in substance:
Results.— T o t a l o p e ra tin g revenues w ore $ 1 6 ,3 2 5 ,2 8 8 , an in crea se o f
$ 2 ,0 7 9 ,6 6 4 , o r 1 4 .6 0 % . F reigh t reven u o in crea sed $ 1 ,9 2 6 ,1 5 1 , o r 2 0 .9 4 % .
D u o t o a general im p ro v e m e n t in th o business c o n d itio n s o f th o c o u n t r y , t h o
to n n a g o in p r o d u c ts o f ag ricu ltu re , a n im als, fo re s ts an d m a n u fa ctu res w ere
w ith o u t e x ce p tio n th o largest in th o h is to ry o f th e r o a d , w h ile p r o d u c ts o f
m in es and m erch an dise as w ell as o th e r m iscella n eou s c o m m o d itie s s h ow
g ra tify in g in crea ses. Passenger t r a ffic in crea sed $ 8 9 ,6 1 3 , o r 2 .3 3 % .
T h is la tter tr a ffic , w h ich un d erw en t a sovere d e p ression d u rin g t h e ea rly
m o n th s o f th o p e r io d , r e v iv e d su ffic ie n tly d u rin g A p ril, M a y an d Ju n o t o
b rin g alxiut th e a b o v e increase, a co n sid e ra b le p o r t io n o f w h ich w as d u o t o
m o b iliz a tio n o f U n ite d S ta te s tr o o p s .
M a in te n a n c e o f w a y an d s tru ctu re s increased $ 2 0 1 ,4 6 0 , o r 1 2 .2 3 % , d u e
t o th o u n u su ally h e a v y rainfall early in th o y e a r, in crea sed t ie , rail an d
ballast renew als, a n d w age increases b ro u g h t a b o u t b y s c a r c ity o f la b o r .
Non-Operating Income.— R e n ts re ce iv e d increased $ 1 4 2 ,7 1 7 , d u o t o : (a)
a d ju s tm e n t o f a c c o u n ts co v e r in g u se o f th o P e n n s y lv a n ia -A lto n jo in t tra ck s
a t C h ic a g o , 1906 t o d a te , w h e re b y th e P itts . C in . C h ic . & S t. L o u is R y .,
w h ich had been u sin g th o jo in t tra ck s as p a rt o f th o P e n n sylva n ia S y s tem ,
w ere required t o assum e a fu ll te n a n c y :
(b) R e v is io n o f B ig F o u r-A lto n
jo in t lino, iV an n t o B rid g e J u n ctio n , 111., a greem en t; (c) L ea se o f G ra n d
A v o . fre ig h t s u b -s ta tio n a t K a n sa s C it y t o K an sas C it y T e rm in a l C o .; (a)
L ea se o f p r o p e r ty a cq u ire d in exch a n g o w ith C h ic a g o U n io n S ta tio n C o .
Rents Paid increa sed $ 1 1 2 ,6 9 3 , d u o t o : (a) a d ju s tm e n t o f a c c o u n ts fo r
uso o f P e n n s y lv a n ia -A lto n jo in t tr a c k s , 1910 t o d a te , w h ereb y th o C h es. &
O h io R y ., w h ich th ro u gh an arran gem en t w ith th o C h ic a g o & A lt o n , h a d
been han dled o v e r th e jo in t tra ck s , w as d e cla re d a fu ll te n a n t; ( 6) U nusu­
a lly h e a v y repairs t o th e C h ic a g o U n ion D e p o t; (c) A d ju s tm e n t o f in terest
an d rental-charges fo r th o J o lie t U n io n D e p o t , 1912 t o d a te ; (d) U s e o f th e
now K ansas C it y T e rm in a l s ta tio n a n d fa cilitie s fo r th o e n tire y e a r .
Cost of Maintenance, Per M ile, o f A ll Tracks.
1903.
1905.
1907. 1909. 1911.
1912. 1913.
1914.
1915.
1916.
$931 $1,103 $ 1 ,0 0 2 $825 S l.0 9 5 $ 1 ,1 8 9 $1,5 6 7 $ 1 ,1 7 3
$937
$1,051
S aid c o s t , c o u n tin g 2 m iles o f sid in g an d o th e r tra ck e qu a l t o o n e m ile o f
m ain tr a c k , w as $ 1 ,2 0 5 in 1916 a n d $10 74 in 1915.
Cost of Repairs of Rolling Slock Per Unit o f A ll Equipment.
Cost o f
A v .,
7
Repairs—
1910. 1911.
1912.
1913.
1914.
1915.
1916. Years.
P er lo c o m o t iv e .S 2 .8 1 8 $ 3 ,336 $3,0 0 1 S 4.502 $ 3 ,5 0 4 $ 3 ,1 2 8 $3,1 3 1 $ 3 ,3 5 5
N o . on h a n d .
271
316
316
319
345
345
328
320
P e r pass. c a r , .
$68 2
$923 $ 1 ,0 3 5 $1,231 $ 1 ,0 2 2
$911
$98 4
$96 8
N o . on h a n d .
210
210
210
206
206
204
202
207
P er freigh t c a r .
$25
$70
$99
$107
$87
$67
$81
$76
N o . o n h a n d .12,035 11,994 11,910 11.749 13,750 1 3 ,850 13,519 12,687
[T h e e x p en d itu res fo r a d d itio n s an d b e tte rm e n ts a ggre ga te d (n e t ).
$ 32 4,72 1, in clu d in g : O n r o a d , $49 8,54 1 (O . & A . R R ., $23 2 ,0 5 1 ; leased
lin os, $ 2 6 6 ,4 9 0 ), less e q u ip m e n t c r e d it, $ 1 7 3 ,8 2 0 .]
O PE RA TIO N S A N D F IS C A L R ESU L TS.
191 2-1 3.
Operations—
1915-16.
1914-15.
191 3-1 4.
1,039
1,052
1,0 5 0
1,046
M ile s Ju n o 3 0 ___________
10,6 7 8 ,1 2 2
T o n s r e v . fre ig h t carried 9 ,5 1 5 ,2 6 2
7 ,8 6 4 ,2 8 3
8 .4 8 4 ,5 2 5
T o n s r o v . f r ’ t ca r. 1 m . .1 8 0 0 7 2 5 ,9 3 1 1435351.427 1164671,657 176 7291,064
$2.71
F r ’ t ro cts. p er tra in m ile
$ 2 .8 9
$ 2.68
$ 2.68
0.5 6 1 c t s .
0.641 c ts .
0.6 0 7 c ts .
F r ’ t rc cts . per to n p er m . 0 .6 1 8 c t s .
3 ,8 8 7 ,6 4 2
3 ,6 7 7 ,1 1 3
3 ,9 0 9 ,2 0 0
R o v . passengers c a r r ie d . 3 ,7 9 0 ,7 1 3
R o v . pass, ca rried 1 m ile2 0 4 ,4 2 1 ,8 0 6 19 8 ,4 0 7 ,6 4 6 21 8 ,6 3 8 ,9 2 2 2 1 4 ,9 8 3 ,0 4 0
1.962 c ts .
1.935 c ts .
1.889 c ts .
R o c ts . p er pass, p er m ile
1.922 c ts .
R e c t s . p e r pass. tr. m ilo
$1.4 5
$1 .4 2
(in c l. m ail & o x p re s s ).
$1.36 $1 .3 5
$14 ,688
$13 ,562
$ 1 3 ,6 3 0
G ross reven u o p er m ile .
$15,511
Y E A R S E N D IN G J U N E 30.
1913-14.
1915-16.
1914-15.
Operating Revenues—
S 9,200 ,5 4 7 $ 8 ,8 9 2 ,2 7 6
F r e ig h t ________________________________ -$ 1 1 ,1 2 6 ,6 9 7
3 .8 3 9 ,8 9 3
4 ,1 3 0 ,2 8 9
3 ,9 2 9 ,5 0 6
P a sse n ge r_____________________________ .
9 94 ,838
1.018,164
973 .117
M a il, express an d m isce lla n e o u s___. .
2 4 2 ,0 7 6
2 3 2 .0 6 6
I n c id e n ta l, & c ________________________
250,921
T o t a l o p e ra tin g re v e n u e s__________ -$ 1 6 ,3 2 5 ,2 8 8 $ 1 4 ,2 4 5 ,6 2 4 $ 1 4 ,2 5 9 ,4 7 9
$1,968,047
- $ 1 ,8 4 9 ,0 0 2 $1,647,541
5 ,5 9 3 .5 4 6
5,2 1 6 ,4 4 7
.
5,4 8 0 .9 1 7
3 .6 8 9 .7 0 9
3 ,3 3 4 .9 4 3
3 ,421,351
436 ,4 9 8
512 ,1 2 8
430 ,1 0 4
T r a ffic e xp en ses_____________________ .
4 0 7 ,5 0 0
369 ,6 2 9
3 6 1 ,5 2 0
G eneral exp e n se s_____________________ .
136 ,814
115,435
117,611
M isce lla n e o u s o p e r a tio n s ____________ .
0 .6 6 ,8 2 1
0 .3 9 ,6 7 7

T a x e s _________
U n co lle ctib le s

—$ 1 1 ,601 ,79 4 $1 1 ,0 7 2 ,7 0 7 $ 1 2 ,3 0 7 ,7 4 4
- $4,7 2 3 ,4 9 4
$ 3 ,1 7 2 ,9 1 7 $ 1 ,9 5 1 ,7 3 5
$ 5 6 8,93 8
$56 6,83 9
$50S,839
3 ,4 9 4
9 ,5 1 5
..................

O p e ra tin g in c o m o ___
O th e r in c o m o __________

- $ 4 ,1 4 7 ,1 4 0
254 .182

$ 2 ,6 6 0 ,5 8 4
97,2 3 7

$ 1 ,3 8 2 ,7 9 7
9 5 ,3 1 0

R e n ta ls p a i d ___________
M isce lla n e o u s in te re stin te re s t o n fu n d e d debt
M is c e lla n e o u s _________

. $ 4 ,4 0 1 ,3 2 2
$ 4 1 9,88 0
3 96 ,536
.
140,064
- 3 ,2 4 4 ,7 4 3
11,705
.
2 5 0 ,0 2 4
109,948

$ 2,757,821
$ 5 0 0,99 3
283 ,843
24,194
3 ,2 5 1 ,1 4 4
14,463
250 ,0 2 4
123,316

$ 1 ,4 7 8 ,1 0 7
$ 5 6 1 ,7 7 4
199,273
4,791
3 ,1 0 9 ,3 9 8
132
2 5 0 ,0 2 4
1 15 ,005

T o t a l d e d u c t io n s ____________________$ 4 ,5 7 2 ,9 0 0
$1,4 4 7 ,9 7 7 $ 4 ,2 4 0 ,3 9 7
B a la n ce , d e f ic it ________________________
$17 1,57 8 $ 1 ,6 9 0 ,1 5 6 $ 2 ,7 6 2 ,2 9 0
B A L A N C E S H E E T J U N E 30.
1916.
1915.
1915.
1916.
L ia b il it ie s —
A s s e ts —
$
%
S
S
868,700
868,700
Road A cqulp’ t-1 2 1 .129,032 121,096,128 Pr.lien&par.stk.
200,228 N on-cum .pf .stk. J9,544,000 19,544,000
Im p. leas. prop.
406,717
Common stock. 19,542,800 19,542,800
Sco.of prop.,& c..
4,027,745 Guarant’d stks. 3,693,200
3,693,200
cos.pledged- a 4,027,745
Fund, debt (see
Sco.of prop.,A c.,
46,842
“ R .A I .” Sec.) 85,073,000 85,164,000
40,842
cos.unpledgcd
1,609,342
E q. tr. notes,&o.
D epos. In lieu of
847,000
23,932
Duo affll. c o .’smtged. prop’y
32,615
9,912 Loans,thills pay. 2,657,040
1,675,000
retired. b ____
894,077
495,504
52,713 Traffic, & c.,bal.
592,796
Phys. prop., <to.
44,363
1,469,851
Acets. & wages. 1,614,318
A d v. Joliet U n.
949,879
133,551 Matured lnt.,<fco
972,043
D epot C o ____
145,000
1,442,179 M iscellaneous-.
174,073
311,745
Cash.................... 1,967,040
407,061
406,738
307,362
250,766 A ccr’d int., A c .
Traffic, <tc.,bal.
293,032
236,049 Taxes a ccru e d ..
293,266
146,816
Agts. & conduo.
636,215 Oper. reserves..
175,000
175,000
M ater. & supp.
682,846
2,151,170
886,721
637,185 Accrued depr’n . 2,835,888
M iscellaneous. 80,443
1,813,042 Deferred acc’ts.
75,955
Disc, on bds.,A o 1,687,447
172,343
Unadjust, acc’ ts b l, 120,301
Other unadjust450,941
500,530
cil a ccou n ts-.
7,451,023
Profit and lo s s .. *7,728,019
T o t a l ..............140,661,217 138,484,519

T o t a l .............. 140.661,217 138,484,519

a S ecurities p le d g e d in clu d e fo r e a ch ye a r a to t a l p a r v a lu e o f $ 7 ,6 5 8 ,8 0 0
an d b o o k va lu o $ 4 ,0 2 7 ,7 4 5 . v iz .- $ 3 ,0 0 0 ,0 0 0 K . C . S t. L . & C h ic . R R . p r e f.
and $ 1 5 7,10 0 c o m m o n s to c k ; $99 9 ,8 0 0 L ou isiana & M isso u ri R iv e r R R . p r e f.
an d $ 2 ,3 0 0 ,5 0 0 c o m m o n s to c k : $ 1 0 0 ,0 0 0 K an sas C it y T e rm in a l R y . c o m m o n
s to c k ; $ 3 0 0 ,0 0 0 M ississip p i R iv e r B rid ge C o . co m m o n s to c k : $ 4 9 9 ,3 0 0
P e o ria R y . T e r m , c a p ita l s to c k ; $20 5 ,8 0 0 T e rm in a l R R . A ssn , o f S t. L ou is
c a p ita l s t o c k a n d $ 96 ,300 R u tla n d T o lu c a & N o r t h . R R . c a p ita l s t o c k .
b In clu d es n o t o fo r $ 8 5 0 ,0 0 0 fro m C h ic a g o U n io n S ta tio n C o . in co n n e c­
tio n w ith exch an g o o f p r o p e r ty w ith th a t c o m p a n y w h ic h h as n o t boen fin ­
a lly c o n su m m a te d .
* A fte r a d d in g $122,999 fo r d e p re cia tio n a ccru ed p rio r t o J u ly 1 1907 o n
equ ip m e n t retired fro m s e rv ice , $142,091 surplus a p p ro p ria te d fo r in v e s t ­
m e n t In p h ysica l p r o p e r ty , an d d e d u ctin g su n d ry item s a g g r e g a tin g ( n e t ),
$ 6 ,9 8 1 , and $ 3 6 5,40 8 a d d itio n s t o p r o p e r ty th r o u g h in c o m o a n d su rplu s.
— V . 103, p . 1412.

1504

THE CHRONICLE
Atlantic Coast Line Railroad Co.

{Income Statement for Year ending June 30 1916.)
1915-16.
1914-15.
1913-14.
1912-13.
G ross ea rn in gs..................$3 4 ,4 4 5 ,1 1 0 $ 3 1 ,5 3 6 ,4 7 5 $ 3 6 ,8 3 2 ,7 8 0 $3 6 ,1 2 3 ,0 7 2
O p era tin g exp en ses____ 2 2 ,7 9 7 ,0 0 8 2 2 ,9 0 4 ,1 5 7 2 6 ,2 1 2 ,0 8 8 2 4 ,6 3 5 ,5 3 2
N e t earn in gs...............$ 1 1 ,6 4 8 ,1 0 2
T a x e s , & c _______________
1,809,297

$ 8 ,6 3 2 ,3 1 8 $ 1 0 ,6 2 0 ,6 9 2 $ 1 1 ,4 8 7 ,5 4 0
1,6 0 3 ,2 0 4
1,5 7 0 ,7 9 9
1,451,477

O p era tin g in c o m e ____ $ 9 ,8 3 8 ,8 0 5 $ 7 ,0 2 9 ,1 1 4
O th er i n c o m e ___________ 4 ,1 3 7 ,1 5 0 3 ,3 0 4 ,7 4 7

$ 9 ,0 4 9 ,8 9 3 $ 1 0 ,0 3 6 ,0 6 3
4 .0 5 6 ,0 4 2
3 ,7 2 1 ,9 0 8

G ross I n c o m e -------------- $ 1 3 ,9 7 5 ,9 5 5 $ 10 ,333 ,86 1 $ 1 3 ,1 0 5 ,9 3 5 $ 1 3 ,757 ,97 1
In teres t, ren ts, & c ________$ 6 ,2 2 0 ,4 1 9
$ 6 ,0 3 2 ,9 2 5 $ 5 ,7 7 6 ,9 2 7 $ 5 ,8 7 4 ,7 6 8
D iv s . on c o m m o n . . . ( 5 % ) 3 , 3 7 7 ,9 0 0 (5 )3 ,3 7 7 ,9 0 0 (7 )4 ,7 2 9 ,0 3 2 (7 )4 ,5 1 0 2 3 6
D iv s . o n R . & 1’ . “ A ” s t k .( 5 % j5 0 ,0 0 0
(5 )5 0 ,0 0 0
(7 )7 0 ,0 0 0
(7 )7 0 ,0 0 0
D iv s . on p r e f. ( 5 % ) _____
9 ,8 3 5
9 ,8 3 5
9 ,9 2 5
9,9 2 5
B a la n ce , s u rp lu s ---------$ 4 ,3 1 7 ,8 0 1
— V . 102, p . 1346, 344 .

$86 3,20 1

$ 2 ,5 2 0 ,0 5 1

$ 3 ,2 9 3 ,0 4 2

Atlantic Coast Line Co. of Connecticut.
{Report for Fiscal Year ended June 30 1916.)
This company owns SIS,590,600 of the $68,558,000 com­
mon stock of the Atlantic Coast Line Railroad Co. and sun­
dry other securities (see list below).
IN C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E 30.
Interest Received an—
1914-15.
1915-16.
A t la n tic C oa st L in o R R . o f S. O . 4 s _______________
$ 6 2 ,0 0 0
$ 6 2 ,0 0 0
A t la n t ic C o a s t L in e R R . C o n s o l. 4 s _______________
.->0,160
5.), 160
A tla n tic C o a s t L in e R R . G e n . U n ified -l'As______
135 ,360
135,360
A m a lg a m a te d P h o sp h a te C o . 5 s ___________________
4 0 ,0 7 5
3 8 ,9 2 5
108 ,375
91,7 3 6
In te r n a tio n a l A g ricu ltu ra l C o r p o r a tio n 5 s_______
M is c e l la n e o u s ------------7 4 ,487
58,4 2 5
Dividends on Stock Received—
9 2 9 ,5 3 0
929 ,530
A t la n t ic C oa st L in e R R . co m m o n a n d class A ___
O th er r a ilroa d d iv id e n d s ____________________________
5,8 2 8
11,949
W e s tin g h o u s e A ir B rak e C o ________________________
5 ,6 0 0
5 ,6 0 0
T o t a l (interest a n d d iv id e n d s )____________ ______ $ 1 ,4 1 1 ,4 1 6 $ 1 ,3 8 3 ,6 8 5
E x p en ses an d ta x e s ...................... ................................ ..
49,941
3 5 ,7 8 9
I n t . on 5 % c t f s . , $ 25 0,00 0; int. o n 4 % c tfs . B , $ 2 ,­
472 ; in t. o n 4 % c tfs . C , $ 1 2 0 ,0 0 0 ...........................
372 ,4 7 2
3 72 ,472
In terest o n D u t to n P h osp h a te C o . b o n d s b o u g h t .
_______
150
$ 9 8 9,00 2
B a la n ce fo r oth er d e d u ctio n s ____________________
M is c e lla n e o u s p r o fits fo r th e ye a r en d in g Jun o 30 1 91 6.......... ..

$97 5,27 4
2 7 ,625

T o t a l .................................................................................................................$ 1 ,0 0 2 ,8 9 9
l o t a l s u rp lu s b ro u g h t forw a rd fro m p re v io u s y e a r s ____________ 13,232,326
T o t a l f o r d iv id e n d s ______________________________________________$ 1 4 ,235 ,22 5
D iv id e n d s p aid ( 1 2 % ) .............................................................................
1,058,400
T o t a l p r o fit & loss su rp . Ju n e 30 1916, as p er b al . sheet b o lo w -$ 1 3 ,1 7 6 ,8 2 5
B A L A N C E S H E E T J U N E 30.
1916.
1914.
1915.
Assets—
$
$
Securities dep osited w ith S afe D e p o s it
& T r u s t C o . o f B a ltim o re ___________ a 5 , 136,960 a 5 ,136,960
5 ,5 6 2 ,3 6 0
R a ilroa d b o n d s ________________________
b96 4 ,5 0 0
b 9 6 4 ,5 0 0
999,631
O th er b o n d s . ________ ___________ ______ c l , 907,970
2 ,3 6 8 ,9 7 0
3,0 9 8 ,3 6 5
R a ilr o a d s t o c k s ________________________ d 2 1,095,283 21,0 7 4 ,2 8 3
20,0 2 5 ,5 3 3
O th er s t o c k s __________________________
e 3 5,063
e 3 5,963
e 3 5 ,0 6 3
O th er assets____________________________
f 1,563
22,5 6 3
73,347
Sisal H em p & D e v e lo p m e n t C o .
p r o p e r ty (60-95th s in te re s t)_______
2 0 ,0 0 0
B ills receiv a b le an d a d v a n c e s ________
2 0 9 ,7 0 5
2 0 9 ,7 0 5
165,000
D ep os its fo r interest an d d i v i d e n d s ..
67,433
63,893
65,144
C ash on d e p o s it ______________________
415 ,3 1 6
34,219
29,816
D iv id e n d s a c c r u e d ____________________
4 6 4 ,7 6 5
464 ,7 6 5
650,671
A t l. C o a s t L in e R R . c o m m o n s t o c k . .
_______
75,900
In c o m e tax retained fro m int. o n c t f s .
425
470
1,140

$

T o t a l ________________________________
Liabilities—
C a p ita l s t o c k __________________________
C ertifica tes o f in debtedn ess, 5 % ____
C ertifica tes o f in debtedn ess, 4 % ____
D e b e n tu re ctfs. o f In debtedness, 4 % .
D iv . on s to c k & int. o n c tfs . u n p a id .
R eserv e a c c t. Prairie P eb b le P h o s. C o .
P r o fit and loss, su rp lu s_______________
A t l. C oa st Lino R R . c o m m o n s t o c k . .
In c o m e tax fro m in t. o n c e r t if ic a t e s ..

3 0 ,3 1 8 ,9 8 3

3 0 .3 7 0 ,9 8 9

30,7 8 6 ,3 7 3

8 ,8 2 0 ,0 0 0
5 .0 0 0 .
61,8 0 0
3 .0 0 0 .
67,433
g l 92,500
13,176,825

8 ,8 2 9 ,0 0 0
000
5 .0 0 0 .
61,8 0 0
000
3 .0 0 0 .
63,893
g 192,500
13,232,326

425

470

8 ,8 2 0 ,0 0 0
000
5 .0 0 0 .
61,800
000
3 .0 0 0 .
65,144
262 ,000
1 3 ,500,389
7 5 ,9 0 0
1,140

T o t a l .......................................................... 3 0 ,3 1 8 ,9 8 3

3 0 ,3 7 0 ,9 8 9

3 0 ,7 8 6 ,3 7 3

Securities aimed June 39 1916.
a Securities dep osited w ith Safe D e p o s it & T r u s t C o . o f B a ltim o re as se­
c u r ity fo r $ 5 ,0 6 1 ,8 0 0 c ertifica te s o f in debtedn ess o f 1897-1900:
Par.
- Value.
- Book
A t l. C o a s t L in o C on s. 4 % b o n d s ____ $1,2 5 0 ,0 0 0
$1,1 2 5 ,0 0 0
A t l. C oa st L in e R I i . o f S .C . 4 % b o n d s 1,550,009
1,395,000
A t l. C oa st Lino R R . A 'A % u n if. b d s .
3 ,0 0 8 ,0 0 0
2 ,6 1 6 ,9 6 0 ­ -$5,136,960
b R a ilroad b on d s—
C o iu m . N o w b . & L a u r. R R . C o . 3 % .
3 1 8 .0 0 0
190,800
N orth w estern R R . C o . 1st C o n s o l 4 %
228 ,009
285 .0 0 0
N orth w estern R R . C o . l s t C o n s c l 5 %
67,5 0 0
75,000
A tla n tic C o a s t Line R R . c on s o l. 4 % .
3 ,6 0 0
4 ,9 0 0
C h arlestow n & W est C a ro. R y . 1st
con s M . 2 -5 % b o n d s _______________
791 .0 0 0
4 7 4 ,6 0 0 — $96 1,50 0
c O ther b on d s—
D u t to n P h osp hate C o . 5 % _________
$41 8,00 9
$10 6,00 0
In tern a tion a l A g ricu ltu ra l C o r p . 5 % . h i , 567 ,500
1.097,250
A m a lg a m a ted P h os. C o . 1st M . 5 % . .
766 ,000
7 0 4 ,7 2 0 — $ 1 ,907,970
d R a ilroad stock s—
N orth w estern R R . C o ________________
$50 ,000
$ 50 ,000
A tla n tic & N o rth C a rolin a I I R _______
' 1,100
1,100
A t l. C o a s t L ine R R . C o . class A ____
177,600
177,600
A t l. C o a s t L in e R R . C o . c o m m o n .. 18,4 1 3 ,0 0 0
19,753,227
W o o d s id o C o tto n M ills C o . c o m m o n .
16,000
15,000
W o o d s ld e C o tto n M ills C o . p referred
5,0 0 0
5.000
D u t to n P h osp h ate C o . s t o c k ________ 10,000 shares
1.000
S o. C a ro . P a cific R y . p referre d _____
104,600
88,751
C h arleston & W est C a ro. R y ________
1,200,009
9 60 ,000
N a s h v ille C h a tta n o o g a & St. L . R y .
4 8 ,0 0 0
4 3 ,6 0 5 -$ 2 1,095,283
e O th er stock s—
W estin g h ou se A ir B rak o C o __________
70,0 0 0
3 5 ,0 6 3 $35,063
f O th er assets—
C o iu m . N e w b . & L a u r. 5 % c t fs _____
127,200
1,272
A tla n tic C oa st L in e R R . 4 % c t fs ____
294
$1,5 6 3
291A R eserve against stock h old e rs lia b ility fo r cla im t o certa in lands o f
P rairie P eb b le P h osp h a te C o . represented b y $ 2 7 5 ,0 0 0 In tern ation al
A g ricu ltu ra l C o r p . 5 % b o n d s, h eld in escrow b y th e B ankers T r u s t C o .,
N . Y . , w h ich aro carried a m o n g th e assots o f this c o m p a n y a t 7 0 % .
ii In clu d es $27 5,00 9 Intern ation al A gricu ltu ra l C o r p . 5 % b o n d s held in
escrow b y B ankers T ru s t C o ., N . Y . , p on d in g settle m e n t o f litig a tio n in
resp ect to B on e V a lley lands o f P rairie P e b b le P h o s. C o .— V . 103, p . 577.

(The) Hocking Valley Railway Company.
(17 th Annual Report— Year ended June 30 1916.)
Tho report, signed'as of Sept. 21 by Chairman Frank
Trumbull and Geo. W . Stevens, says in substance:
Results.— O p era tin g reven u es Increased $ 1 ,2 3 0 ,3 7 3 , o r 1 9 .9 1 % . O n th o
ioth er h a n d , op era tin g expenses Increased $ 76 9,20 7, o r 1 8 .3 8 % , and taxes
ncreasod $ 83 ,229 , o r 1 9 .8 9 % . T h o o p e r a tin g in c o m e , th erefore, increased




[V o l . 103

$ 37 7,93 7, o r 2 3 .9 5 % . M isce lla n e o u s in c o m e i ncroasod $ 6 6 9 ,5 5 0 , or
2 2 8 .6 0 % ; rentals an d o th e r p a y m o n ts in crea sed $53 9 ,6 3 1 , an d th e in to ro st
ch arge (5 3 .9 2 % o f a m o u n t a vailable) decreased $ S 0 ,50 7, o r 5 .9 8 % .
Tho
net In com e fo r th e y ear was $ 1 ,0 8 1 ,7 6 6 , a n ln c r o a s e o f $5S S,363, o r 1 1 9 .2 5 % ,
o u t o f w h ich w ere p a id 4 % in d iv id e n d s , a ggre ga tin g $ 4 3 9 ,9 8 0 , le a v in g a
surplus b a lan ce fo r th o y ear o f $ 6 4 1 ,7 8 6 .
R ev e n u e co a l and c o k o to n n a g e w as 8 ,3 5 1 ,8 5 3 t o n s , an in crea se o f 3 3 .2 % ;
o th e r revenue fre ig h t to n n a g e w as 3 ,4 0 6 ,7 9 8 to n s , an increase o f 1 9 .9 % ;
to t a l, 11,758,651 to n s, in cre a s e 2 9 % .
F ro ig h t ro vo n u e w as $ 5 ,9 9 6 ,6 1 8 , an
increase o f 2 2 .1 % .
F reigh t tra in m ileage in crea sed 1 2 .5 % . R o v e n u e t o n
m iles in crea sed 2 6 % ; t o n m ile roven u o was 4 .0 6 m ills, a decroase o f 3 . 1 % .
R o v e n u e to n n a g e p er tra in m ile w as 1,159 to n s , an increase o f 1 2 % ; in c lu d ­
in g c o m p a n y ’s fre ig h t, th o to n n a g e p er train m ile w as 1,194 t o n s , an in ­
crease o f 1 1 . 8% .
Financial.— T h o ch an ges d u rin g th o y ear c o n s iste d in th e annual p a y ­
m e n ts o f $ 4 9 6 ,0 0 0 o n e q u ip m e n t tru sts, in th o retirem en t o f $ 4 ,0 0 0 ,0 0 0
1-year 6% g o ld n otes b y th o issue and sale o f $ 4 ,0 0 0 ,0 0 0 2 -y c a r 5 % g o ld
n o te s m atu rin g N o v . 1 1917, an d b y th o a d d itio n or $ 2 2 0 ,0 0 0 e q u ip m e n t
o b lig a tio n s in resp ect o f 200 5 0 -to n co a l cars a cq u ire d .
Additions, A c .— A d d it io n s an d b e tte rm e n ts m a d e d u rin g th o y o a r (n e t)
am o u n te d t o $36 4 ,9 9 4 , o f w h ich $ 93 ,493 w as ad d e d t o c o s t o f r o a d , and
$271,501 t o eq u ip m e n t.
D u rin g th o p ast sovon years th e net a d d it io n t o
p r o p e r ty w as: E q u ip m e n t, $ 4 ,0 3 4 ,5 1 0 ; a d d itio n s an d b e tte rm e n ts , $ 2 ,­
685 ,6 5 6 ; t o t a l, $ 6 ,7 2 0 ,1 6 6 .
Equipment.— T h e nu m ber o f fre ig h t-tra in cars has been in crea sed d u rin g
th o ye a r b y 259 and n ow aggregates 15,332, v iz .: o w n e d , 9 ,7 4 4 , increase 6 4 ;
e q u ip m e n t trusts 5 ,5 4 1 , increase 195; sp o cia l tru st 47, n o ch a n ge .
Maintenance.— T h o a v e ra g e a m o u n t e xp en d ed fo r ropairs p or lo c o m o t iv o
w as $2,429 92; p er pass, train ca r , $737 57; por fre ig h t tra in ca r , $66 3 6 .
T R A F F IC S T A T IS T IC S .
1913-14.
1915-16.
1914-15.
1912-13.
M ile s o p e ra te d Jun o 3 0 .
351
352
352
352
Operations—
1 ,414,404
1,4 8 7 ,9 0 9
1 ,6 8 1 ,4 0 6
Pass, carried (s te a m )___
1 ,7 8 0 ,4 2 4
Pass, carried ( e le c t r i c ) ..
3 7 0 ,9 3 9
322 ,128
4 74 ,744
4 9 6 ,7 1 6
Pass. ca r. 1 m ilo (s te a m ). 4 4 ,5 3 7 ,8 8 0 4 4 ,2 6 7 ,2 7 9 49,1 9 3 ,2 4 1
5 2 ,6 2 8 ,4 9 8
A v g o . reven u e per pa ss.
1.844 cts.
per m ile (s te a m )_____
1.891 c ts .
1.8 0 4 cts.
1.721 c ts .
9,1 1 3 ,5 3 9
T o n s fre ig h t c a r r ie d ____ 11,758,651
1 0 ,4 8 7 .0 4 8
11.1 7 8 .6 3 6
T o n s f g h t . carr. 1 m ile . 1476563,174 1171899,998 1315425,895 1453682.875
A v . rev. per to n per m ile 0 .4 0 6 c ts .
0.419 cts.
0.4 2 6 cts.
0 .4 3 8 c ts .
A v . r o v . tra in -lo a d (ton s)
1,159
1.035
1,000
988
$1.31
$1 .3 0
E a rn , p e r pass. tr. m ile .
$1 .3 6
$ 1 .2 8
E a rn , p o r fg h t . tr . m ile .
$4.71
$4 .3 4
$4.26
$4 .3 3
G EN ER A L IN C O M E A C C O U N T Y E A R S E N D IN G J U N E 30.
Revenues—
1915-16.
1914-15.
F re ig h t.......... ......................... $ 5 ,9 9 6 ,6 1 8 $ 4 ,9 1 2 ,9 8 2
P a s s e n g e r ............. ...................
8 6 1 ,1 7 4
832 ,733
M a il an d e xp ress...................
120,028
113 ,035
M is c e lla n e o u s ______________
4 3 3 ,7 0 6
3 2 2 ,4 0 3
T o t a l o p e r. r e v e n u e . . .$ 7 ,4 1 1 ,5 2 6
M a in t. o f w a y an d s t r u c . $72 8,17 8
M a in t. o f e q u ip m e n t____ 1 ,8 1 4 ,1 1 0
T r a f f ic ____________
99,7 4 7
T r a n s p o r t a t io n ___________ 2 ,1 3 7 ,4 7 2
M iscella n eou s o p e r a tio n s . _________
G e n e r a l.................... ...............
1 74 ,070

1913-14.
$ 5 ,6 0 1 ,3 8 2
910 ,311
121,7971
3 8 7 ,6 5 5 /

1 91 2-1 3.
$ 6 ,3 6 5 ,7 3 5
929 ,9 9 1
521 ,9 1 8

$6,1 8 1 ,1 5 3 $ 7 ,0 2 1 ,1 4 5
$ 7 0 7 ,2 0 7
$668,455
1,158,671
1 ,460,653
110,916
107,576
2,033,4911
2 ,391,641
1 ,4 8 3 /
172,602
175,422

$ 7 ,8 1 7 ,6 4 4
$78 1 ,1 0 9
1 ,595,266
106 ,384
2 ,3 3 2 .4 7 5
1 68 ,609

T o t a l op er. e x p e n s e s ..$ 4 ,9 5 3 ,5 7 7
P er co n t o x p . t o ro v e n u o .
( 66. 8)
N e t o p e ra tin g r o v e n u o ...$ 2 ,4 5 7 ,9 5 0
3 9 2 ,0 1 2
O th er in co m e ( n o t ) ..........

$ 4 ,1 8 4 ,3 7 0
(67.7)
$ 1 ,9 9 6 ,7 8 3
262 ,637

$ 4 ,8 0 3 ,7 4 6
(6 8 .4 )
$ 2 ,2 1 7 ,3 9 9
337 ,981

$ 4 ,9 8 3 ,8 4 3
(6 3 .8 )
$ 2 ,8 3 3 ,8 0 1
674 ,6 7 3

G ross i n c o m o __________ $ 2 ,849,962
In torost on fu n d e d d e b t . 1$ 1 ,265,943
I n t. o n e q u ip , tr u s ts ____ /
T a x e s, & c __________
502,253
D iv id e n d s p a id _________( 4 % )4 3 9 ,9 8 0

$2,2 5 9 ,4 2 0
$1,346,451
419,567
(4 )4 3 9 ,9 8 0

$ 2 ,5 5 5 ,3 8 0 $ 3 ,5 0 8 ,4 7 4
$ 1 ,1 4 8 ,5 0 3 / $ 1 ,0 5 5 ,6 6 0
1
5 8 ,510
451 ,1 3 6
47 7,900
(8)879,960(11)4)1264943

T o t a l d e d u c tio n s ..........$ 2 ,2 0 8 ,1 7 6
B a la n ce , s u rp lu s_________ $64 1,78 6

$2,2 0 5 ,9 9 8
$53,422

$ 2 ,4 7 9 ,5 9 9
$75,781

$ 2 ,8 5 7 ,0 1 3
$65 1,46 1

B A L A N C E S H E E T J U N E 30.
1915.
1916.
Assets—
S
$
Road & equlp’ t - - .4 3 ,753,309 43,388,315
Secure..prop.,& c.,
408,089
408,089
000cos., pledged___
23,503
do unpledged..
1S7.752
761,500
MIso. secure., d o . 1 ,928,950
000
763,292
Materials & supp. 1 ,033,852
54,609
56,710
Advances................
832,780
Cash_____________
948,309
82,315
Loans & bills rec.
77,315
47,790
Trafllc balances..
74,736
419,582
Agts. & conduc__
610,742
386,141
375,625
Miscell. accounts.
Secure, in treasury
501 1,844,176
29,129
Sinking fund.........
16
36,859
Insurance fund___
40,0.83
74,844
Other d e f. assets..
32,471

1916.
1915.
Liabilities—
S
$
Capital s t o o k ____11 ,000,000 11, 000,000
M ortgage b o n d s .. 19 ,867,000 19,872,000
6 % gold n o te s ’ 15. 4 ,000,000 4,000,000
Equip, tr. obllg’ns 2 ,051,000 2.327.000
840,682
909,070
Vouchers & wages.
455,142
Traffic balances-.
662,297
Loans & bills p a y. 1 ,035,787 1. 100.000
Miscell. accounts.
119,203
64,417
In t.,diva. ,&c., due.
371,109
370,5S8
Accrued int., & o ..
132,777
137,170
Accrued taxes____
263,500
296,105
Opcrat’g reserves.
23,320
11.793
Accrued doprcc’n . 1 ,424,416 1,227,429
Oth. def. cred. items
144,142
147,968
Add’ns to prop’ y . .
181,409
181,409
Fund, debt retired
131,332
131,332
Insurance fund &o.
40,901
37,676
Sur.ag.'t.cont. llab.
for freight claims
120,000
Profit and loss__ n7, 029,630 6,973,781

T o t a l ..................49,538,977 49,142,408

T o t a l .................. 49,538,977 49,142,408

a A fte r d e d u ctin g in 1915-16 $58 5,93 7 o ld a c c o u n t s w ritte n o f f , a n d
s u n d ry a d ju s tm e n ts .— V . 102, p . 2166, 1163.

Bangor & Aroostook RR.
(22 d Annual Report— Year ended June 20 1916.)
Pros. Percy R . Todd, Bangor, M e ., Sopt. 20, wrote in su b .:
Results.— T h e gross re v e n u o fro m ra il o p e ra tio n s w as $ 3 ,7 7 5 ,8 0 6 , an in»
crease o f $ 1 2 ,4 0 8 , and th o o p e r a tin g expenses $ 2 ,3 8 6 ,0 0 8 , an in cre a se o l
$2 4 ,8 6 3 . W h ile th e re w ero s u b sta n tia l increases in to n n a g e o f p a p e r, lum ­
b e r , & c ., th e increase w as m ore th an o ffso t b y th o falling o f f in fertilizer
p o t a t o and co a l to n n a ge s, la rg e ly d u e eith er d ir e ctly o r in d ire ctly t o th®
E u ro p e a n w a r. P o t a t o sh ip m e n ts fell o f f du rin g th e p ast season 1 8 .3 8 %
an d fertilizer fell o f f 7 .2 2 % .
T h o loss in fertilizer s h ip m e n ts is d u o t o tn o
In ability o f fertilizer co m p a n ie s t o o b ta in p o ta s h — w h ich is con sid ered an
essential in th e successful raisin g o f p o ta to o s — fro m G e rm a n y on a c c o u n t o f
th e w ar, an d th e sale w as, th e ro fo ro . m o ro o r less r e s tricte d , th e re b y re­
d u cin g tn o p r o d u c tio n p er acre o f p o ta to e s p la n te d . T h is season th e acreage
is rep o rte d to Do a b o u t th o sam e as last year an d it is e x p e cte d that tn o
sh ip m en ts w ill ne a b o u t th o sam e.
T h e lu m p er business has so m e w h a t im p ro v e d o v e r last y ear an d an in­
crease o f 8. 2 1 % w as m a d o in th o ton n age h a n d led o f lu m b e r an d o th e r
fo re st p ro d u cts.
O p e ra tin g expenses n a v e been m o re or loss a ffe c te d b y th e in crea sed c o s t
o f m aterials an d su p p lios, th o increase in m a n y cases ran gin g from 25 to
200% , and it is e x p e cte d th a t tno c o m p a n y ’s exponsos w ill be m ore a ffe c te d
fro m tn is a cco u n t during th o n ext y e a r.
T n o co n d itio n o f y o u r p r o p e r ty lias boon c o n tin u e d a t a h lg n sta to o f
e ffic ie n cy , w h ich luus en ab led us to rent, nine l o c o m o t h e s t o o th e r com p an ies
fo r so m o m o n th s, to e r e b y m a teria lly increasing o u r hire o f e o u lp m ’ t a c c ’ t.
A large v o lu m e o f tr a ffic w as re ce iv e d fro m C a n ad ian lin es th rou gh
th e m ed iu m o f tn e V a n Bu ren B r id g e C o . d u rin g th o y e a r , w h ich lias m a ­
terially increased j o u r c o m p a n y ’s reven u o.
Notes.— D u rin g th e ye a r $2,0 0 0 ,0 0 0 2 - jo a r 5 % g o ld n otes m a tu rin g
A p ril 1 1918 w ere so ld a n d tire $ 1 ,5 0 0 ,0 0 0 5 % g o ld n otes d u e M a y 1 1916
w ere paid o f f and ca n ce le d . (V . 102, p. 1810.)
Dividends.— In Jan . 1916 1% w as p aid for six m o n th s ended D e c. 31
1915 an d 2 % w as paid for t h e six m on th s en ded Ju n e 30 1916, m ak in g 3 %
fo r tn e y e a r, in all $10 3 ,4 5 8 , and th o balaneo o f in co m e a c c o u n t, a m o u n tin g
t o $ 1 3 7 ,1 5 1 , w as carried to surplus a cco u n t.

Oct. 21 1916.]

A N A L Y S T S OF F R E IG H T T R A F F IC (TO N S).
Forest
Coal.
PotaOther
M isccl,Tnr,^__ Prod iris
&c
toes. Ag.Prod. Paper, taneous.
Total.
7KQ 077 205 020 3 8 0 .6 5 8 65.404 102 ,630 2 6 7 ,1 3 3 1 .800,031
.......... 728 275 215 982 466 :4 3 2 731502 172,185 2 5 1 ,0 3 6 1,0 0 7 ,4 1 2
O PE R A TIO N S, E A R N IN G S , E X P E N S E S A N D C H A R G E S .
191 2-1 3.
1913-14.
Operations—
1915-16.
1914-15.
626
626
M ile s o p e r a te d --------------626
°-4P.
781 ,5 1 0
817 .282
7 4 0 ,8 8 5
P a ss, c a rried ( r e v e n u e ).
7 03 ,785
2 7 .1 4 3 ,4 6 2
P a ss, ca rried 1 m ilo ------- 2 5 ,7 2 9 ,9 6 o 2 6 ,1 0 0 ,5 0 0 2 8 ,2 1 7 ,2 0 1
2.31 cts.
2 .3 5 c ts .
2 .4 2 c ts .
c a r ’d
1 899 .931 P 9 0 7 .1 4 2
U K jff.7 4 5
17620,065
237 513 ,0 5 0 2 4 1 ,5 2 3 .6 5 0 2 1 3 .9 3 9 .5 9 7
O p e r /r e v ^ 'p e r m .’ o f ro a d
11,977
85,961
8 6 .0 1 9
$5,1 5 8
IN C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E 30.
1915-10.
1914-15.
Earnings—
1915-16.
P assen ger_______ $044,215
§631,082 N et earnings......... $1,389,798 $1,402,254
156,600
130,931
f r e i g h t .................. 2,921,039 2,920.807 Taxes, & c.............
M all, express, * 0209,952
205,449
O p e r 'g ln e o r a o ..$ l,233,132 $1,271,323
35,933
23,707
Gross earnlngS-S3,775,806 $3,703,398 Other Income____
Hire of equipment
223,955
183,590
Oper. Expenses—
$521,790
M alnt. of w ay,& o. $559,130
Gross net I n c .. . $1,493,020 $1,478,020
583,258
M alnt. of equlp’t .
591,042
Fixed, Charges—
30,043
Tralflo expenses..
35,593
Transport’n e x p .. 1,024,672 1,082,693 Int. on bonds, & c .$1,121,472 $1,113,989
116,267
101,850
142,754 Other Interest___
General exp., & c_.
175,570
10,900
D isc, on bonds,&o.
19,171
10,975
9,918
Total expense!-52,386,008 $2,361,144 Miscellaneous____
(2)08,972
Ratio exp. to earn.
(03.19)
(02.74) D ivid e n d s_*(3% )103,458
N ot earnings_____51,389,798 Sl,402,2o4
Total dcduc’n s.$l,355,869 $1,321,102
____
B a lan ce.................. $137,151
$157,518
♦ D ed u cted b y co m p a n y fro m p r o fit and lo ss, o u t sh ow n here fo r s im p lic ity

.

B A L A N C E S H E E T J U N E 30.
1910.
1915.
1916.
1915.
Liabilities—
$
S ___
S
$
Assets—
Capital
s
t
o
c
k
____
3,448,600
3,448.600
28,514,792
28,309,220
R oad & cqulp’ t . .
Bonds & car trusts 25,521,000 23,949,000
In v. In affll. cos.:
250,000 Loans & bills p a y . - - - - - - - - C500.000
S tock s
250,000
10,091
Traffic, & c., bals. 20,478
D ep.
of
mtge.
222,301
6,908 Vouchers A wages. 148,424
property s o ld ..
4,970
278,581 Matured Interest*
Cash____
397,915
343,657
330,725
rents unpaid —
284,938
Special deposits..
201,730
8,981
17,590
12,000 MIscell. accounts.
34,715
Loans & bills r e c ..
183,838
194,017
Accrucd
Interest.142,565
92,803
Traffic, &c., bals.
5,205
1,178
Accrued
taxes-----32,263
30,341
Agcnts & conduo.
239,173
315,189
474,220 Accrued deprec’n .
443,001
Materials & supp.
Other
unadjusted
44,037
54,045
M lsccll. accounts.
65,030
48,855
accounts, * c ___
11,729
12,813
A d v. paym ’ts, & o.
101,949
101.949
381.818 Approp’d surplus.
425,640
D isc, on bonds,Ao.
288,219
403.950
Profit
and
lo
s
s
..
143.818
89,191
Other unadj. accts.
T o t a l ..................30,612,500 30,432,109
T o t a l .................30,612,500 30,432,109
N ote.— T h e c o m p a n y also has in treasu ry 12,474 o f its p ro f, shares
w ith o u t v o t in g p o w e r, p le d g e d w ith th e O ld C o lo n y T r u s t C o . s in co 1901
u n d er tn o C o n s o lid a tio n R e fu n d in g M . b o n d s.
T h e c o m p a n y guaran tees th e p rin cip a l an d Interest o f th o $ 2 5 0,00 0
V a n B u ren B rid g e C o . b o n d s .— V . 103 , p . 843 .

Th e Texas & P acific R ailw ay Co.

(Report for Fiscal Year ending June 30 1916.)
Pros. Gcorgo J. Gould, N . Y . , Sopt. 25, wrote in substance:
9.1.23 m ills

t o 0.15 m ills w as d u e t o th e h e a v y d ecrease in h ig h -g ra d e
fr o m
t r a ffic tand increase In lo w re ve n u e bearin g to n n a g e . P a ssen ger reven u e
m% . O p e rta in g exponsas w ore 8 1 3 ,8 1 5 ,9 7 6 , a
in crea sed-----------—
8 2 1 5 ,1 9 0 , o- r- -5 .3
'^ N otw iU iV tailciln g' a 'lie t ^ lo c r o a s e o f $38 3,27 3 in c o s t o f tra n s p o rta tio n ,
th e e ffic ie n c y o f th o s e rv ice w as largely in crea sed . T h o n u m b e r o f to n s o f
fre ig h t p er freigh t train m ile, fo r in stan ce (In clu d in g c o m p a n y s f r e ig h t ), w as
Increased fro m 295 .43 tons t o 3 27 .03 to n s . T h e im p ro v e d results w ero
b r o u g h t a b o u t b y carefu l lo a d in g o f train s, Im p ro v e d m o t iv e p o w e r, d e ­
crease In th e c o s t o f fu e l an d th o a p p lic a tio n o f superh eaters, resu ltin g in a
s a v in g o f a b o u t 15% In th e fuel u sed b y lo co m o tiv e s , an d th o six now San ta
F o ty p o lo c o m o t iv o i, hau ling longer a n d h e a vie r train s, s a v in g fro m 5 0 %
t o 6 0 % in fu el on sim ilar v o lu m e o f business h a n dled b y th o engines th e y
r°^T'axes -__T h e ta x b u rd en co n tin u e s t o grow h e a v ie r, th o in crea se fo r tho
y e .4 b e in g $ 0 4 ,3 0 2 . «"r 7 .5 1 % . T a x e s a b so rb e d $ 9 2 0 ,4 3 8 , o r 4 .8 % o f th o
gross o p era tin g r even u es.
.
, _
. , TJ1>
... ,
Terminals.— T h o T ra n s-M ississip p i T erm in al U R . C o . ( V . 102, p . 977.
1347) b eg a n op era tin g th e pro p e rtie s a n d fa cilitie s fro m N o w O rleans to
M ilo P o s t 9, in clu d in g th o se a t W e s tw e g o , G o u ld sb o ro and N e w O rleans,
on F e b . 15 1916, th is b e in g th e d a te th a t th e new passen ger s ta tio n w as
o p en ed t o th e p u b lic . T h o n ew in b o u n d an d o u tb o u n d fre ig h t d e p o ts at
N e w O rleans h a v e been c o m p le te d a n d p u t In use.
T h e U n ion T orm ln al C o . o f D a lla s has p r a c tic a lly co m p le te d its u n ion
d e p o t , tracks an d n ecessary accessories in th o c it y o f D allas fo r th o jo in t
use b y th e eigh t railroads en terin g th a t c it y , an d w ill co m in e n co o p e r a tio n
s h o r tly .
( V . 102, p. 1898: V . 103, p . 146.)
Trackage..— -The S t. L ou is Tron M o u n ta in & Sou th ern I t y . C o . b e g a n o p e r ­
a tin g freig h t train s o n th o lino b etw een A le xa n d ria an d N o w O rleans on
A p ril 1 1910 u n d er agreem en t w ith y o u r c o m p a n y , d a te d N o v . 27 1914.
Litigation.— In D e c. 1915 tho re ce iv e r o f th e M is s o u r i P a cific -I ro n M o u n ­
tain railw ays, alleg in g o w n ersh ip o f $2 3 ,7 0 3 ,0 0 0 2d M t g e . in c o in o b o n d s o f
th is c o m p a n y , cau sed th o Bankers T r u s t C o ., as tru ste e , to b rin g s u it In th o
U . S. D is tr ic t C o u rt o f D alla s, fo r $ 2 3 ,8 7 2 ,2 2 8 fo r in terest a lleg ed t o be in
d o fa u lt, and asking fo re clo su re an d a receiversh ip fo r th e T e x a s & P a cific
I t y . (V . 102, p . 2 07 8, 198 8).
O ur rig h t t o a dism issal fo r w a n t o f ju ris­
d ic tio n h a v in g been a ffir m e d b y th o U . S. S u p rem o C o u r t, th e a foresaid
re ce iv e r in stitu ted p r a c tic a lly th o sam o su it in th o U . S. D is tr ic t C o u rt at
M o n r o e , L a . T h is su it is now p o n d in g an d Is b o ln g v ig o r o u s ly d e fe n d e d , as
th o c o m p a n y d on lcs th a t a n y in terest Is d u e on th o 2 d M t g e . an d n o rig h t
o f foreclosu re exists, an d thero is n o ju s t cause fo r th o a p p o in tm e n t o f a
rec e iv e r .
T h e rocolv cr m en tio n e d also Instituted su it t o o n fo r co c o lle c tio n a scries o f
$ 842,000 n otos o f tills c o m p a n y held b v h im as re ceiver; th is su it w as fo l­
low ed b y th o su it o f th o U n ion T r u s t C o . fo r $82 8 ,3 8 0 o n n o te s o f tills c o m ­
p a n y h eld b y It.
S u b se q u e n tly th o G o u ld E sta te c o m m e n ce d su it to
e n fo r ce th o c o lle c tio n o f a series o f $ 1 ,7 4 1 ,0 0 0 n otos held b y it o f this
c o m p a n y . A ll o f thoso n o te s w ere p a st d u o an d u n p a id . T h o suits are
n ° F u m /‘/ } tD>c'6t.— T h is Item w as d ecreased b y th e p a y m e n t o f $ 4 7 5,00 0 on
m a tu rin g eq u ip m en t o b lig a tio n s a n d in crea sed $22 0 ,0 0 0 b y d e fe rre d p a y ­
m en ts o n 13 lo c o m o tiv e s p u rch a se d .
Aildilions and Betterments.— D u rin g th o ye a r $ 8 /0 ,8 8 0 w as exp en d ed
fo r m iscella n eou s a d d itio n s an d b e tte rm e n ts, $49 8 ,2 1 3 o n ro a d an d $37 2,66 6
on eq u ip m e n t all o f w h ich w as ch arged t o in c o m o an d ca rried t o c o s t o f
roa d an d e q u ip m e n t. A to ta l o f $ 2 8 2,13 5 w as e xp on d ed fo r Im p ro v e m e n ts
an d p la cin g s a fe ty ap p lian ces on e q u ip m e n t as re q u ire d b y la w .
A M O U N T S OF
Forest.
1915-16 . . t o n s . 1,158,333
1 9 1 4 -1 5 ............... 936 ,849

C O M M O D IT IE S C A R R IED J U N E 30.
Animal. Agricul. M fg .& M er. Coal.
M iscell.
405 ,639 1,958,681 2 ,1 5 8 ,1 7 1 387,861 1 ,348,921
3 97 ,028 2,5 7 8 ,9 2 1 1 ,806.381 4 2 9 ,8 4 7
9 6 7 ,3 5 7

S T A T IS T IC S OF O PERATIO NS Y E A R S E N D IN G J U N E 30.
1915-16.
1914-15.
1913-14.
1912-13.
M ile s o p e r a t e d _________
1,94 4
1,901
1,885
1,885
Operations—
P assengers c a r r ie d _____
2 ,9 3 2 ,0 3 7
2 ,9 7 9 ,0 5 0
3 ,5 9 8 ,7 8 1
3 ,5 1 6 ,6 7 8
Bass, carried on e m i l e . .1 7 7 ,6 7 1 ,3 9 4 1 6 3 .303 ,47 3 1 90 ,316 ,62 7 18 6 .4 1 9 ,7 8 5
R a to per pass, p er m ilo .
2.41 c ts .
2 .4 0 c ts .
2 .4 5 c ts .
2 .4 2 cts.
F reig h t ( t o n s )___________ 7 .4 1 7 ,6 0 6
7 ,1 1 6 ,3 8 3
7 ,0 1 9 ,1 0 6
6 ,9 1 5 .4 0 2
T o n s o n e m i l e . . . .............146 272622 7 1347576581 1 3 1 194879 4 12 8 0 3 6 0 2 5 6
A v . ra te per ton per m llo 0 .9 2 c ts .
0 .9 2 c ts .
0 .9 7 c ts .
0 .9 7 c ts .
A v e r, tra in -lo a d ( r e v . ) . .
292
266
249
230




1505

THE CHRONICLE

IN C O M E A C C O U N T Y E A R S E N D IN G J U N E 30.
Dnrrnlinn Revenues—
1915—16.
1914—15.
1913—
14.
F re igh t
. . . . . . . _ _ ........................... $ 1 3 ,3 8 3 ,4 9 8 $ 1 2 ,4 4 3 .9 9 0 $1 2 .7 1 2 .3 4 4
4 ,6 7 1 ,6 1 0
P a ss e n g e r______________________________
4 ,0 6 7 .9 8 0
4
0
4
,8
0
0
343
,2 6 0
M a il
3 9 8 ,3 5 5
425 ,6 9 1
544.260
E x p ress---------------1 ____________________
512,163
2 0 2 ,8 4 4
191,103
M i s c l a n w u s : : _________________
180,247
3 9 9 .3 3 3
3 5 0 ,7 0 4
In c id e n ta l, & c _________________________
399 ,423
$ 1 7 ,9 4 4 ,6 3 8 $ 1 8 ,8 1 3 ,2 8 2
T o t a l ..............................- ..........................S 19 , 1 i S ’l ^
$ 9 ,982
$ 9 ,439
R e v e n u e s p er m ile o p e r a te d ----------------» 9 .g 5 4
M a in te n a n c e o f w a y and s t r u c t u r e s .. $ 2 ,0 1 9 ,7 4 0 $ 1 ,9 5 6 ,1 7 2 $ 2 ,2 1 5 ,5 1 4
2 ,9 7 6 ,7 3 4
2 ,9 1 6 .4 6 4
M a in te n a n ce o f e q u ip m e n t----------------- oMte.M Jo
4 6 0 ,2 1 9
4 4 5 ,1 7 0
T r a ffic e x p e n se s--------------464 ,617
8 ,0 6 4 ,5 7 8
7 .9 1 9 ,3 0 9
T r a n sp o rta tio n e xp en ses_____________
< c ,A - o i
520
,961
4
7
2
.5
8
6
okq
G eneral expen ses______________________
Cr. 12,357
T r a n sp o rta tio n fo r in v e s tm e n t----------- Cr.jA.AOo
2 2 3 ,1 3 3
160,043
M isce lla n e o u s o p e r a tio n s --------------------1 5 6 ,4 o l
T o t a l o p e ra tin g e x p e n se s----------------- $ 1 3 ,8 1 5 ,9 7 5 $ 1 3 ,8 5 7 ,3 8 7 $1 4 ,4 6 1 ,1 4 0
$ 4 ,0 8 7 ,2 5 1 $ 4 ,3 5 2 ,1 4 2
N e t reven u es fro m o p e r a t io n ----------------- $5,3 4 0 ,8 8 1
8 5 6 ,1 3 6
757 ,341
T a x e s a c c r u e d , & c _____________________
9 2 0 ,4 3 8
5,4 6 3
----------U n c o lle c t ib le s _________________________
9,807
O p e ra tin g in c o m e ____________________ $ 4 ,4 1 0 ,6 3 6
J o in t fa c ilitie s --------------------------------------143,486
R e n ts , & c _______________________________
2 6 3 ,8 6 2

$ 3 ,2 2 5 ,6 5 2
104 .358
179,514

$3,5 9 4 ,8 0 1
135,134
148,510

G ross c o r p o r a te in c o m o ______________ $ 4 ,8 1 7 ,9 8 4
A cc r u e d b o n d in te re s t__________________$ 1 ,5 6 1 ,0 7 2
O th er in te re s t_________
2 0 6 ,8 1 8
R e n ta ls , & c ____________________________
3 7 3 ,9 6 2
H ire o f eq u ip m e n t b a la n c e ------------------377 ,6 8 2
T o t a l d e d u ctio n s ______________________$ 2 ,5 1 9 ,5 3 4
N e t c o r p o r a te in c o m e ___________________ $ 2 ,2 9 8 ,4 5 0
Im p r o v e m e n ts -------------------- - ---------------6 5 0 ,8 8 0
E q u ip m e n t o b lig a tio n s p a i d --------------4 74 ,833
T o t a l _______ ______ - ............
$ 1 ,1 2 5 ,7 1 3
B a la n ce , su rp lu s________________________ $ 1 ,1 7 2 ,7 3 8

$ 3 ,5 0 9 ,5 2 4
$ 1 ,5 7 5 ,3 5 5
2 2 1 ,9 4 8
240 ,303
475 ,091
$ 2 ,5 1 2 ,6 9 7
$99 6,82 7
2 8 7 .7 7 4
4 57 .000
$74 4 ,7 7 4
$25 2 ,0 5 3

$ 3 ,8 7 8 ,4 4 5
$ 1 ,6 0 0 ,0 1 5
2 0 4 ,9 0 9
2 05 ,634
3 82 ,040
$ 2 ,3 9 2 ,5 9 8
$ 1 ,4 8 5 ,8 4 7
641 ,5 6 9
4 66 ,500
$ 1 ,1 0 8 ,0 6 9
$ 3 7 7,77 8

B A L A N C E S H E E T J U N E 30
1916.
1915.
1910 .
S
Liabilities—
S
Assets—
S
Road & equ lp 't. 109,250 903 108,387,663 Capital stock . . 38,763,810
Bonds, & c-------- 56,691,000
Inv. In affil.cos.:
Loans&bills pay. 3,561,380
267,
267 9S0
S t o c k s ......... 8,456
Traffic balances
627,
N otes.............. 1,635 317
Acc'ts & wages - 2,224,691
66
822
Advances____
257
M atur. Interest,
84,
82 ,260
Other invcstm ’ts
279,450
& c., unpaid- 33 ,221
Sinking fund,&o
4 625 Unmatured int.
7 ,782
M isc.phys.prop.
189,751
and rents-----659 410
791 ,490
Cash................. 324,578
1,047 ,575 Taxes..... .......... Stooks & bonds. 1,047 ,785
150,371
141 ,170 M iscellaneous. .
233 ,291
Agts. & conduc.
801,381
1,342 605 Unadjust, acc’ts
Materials &supp 1,426 ,606
2,560,172
Accrued
deprec.
921 ,786
M iscellaneous.. 1,213 ,862
207 949 Approp. surplus 10,581,495
Unadjust, acc'ts
208 ,224
•320,009
755 806 Profit and loss-Profit and lo s s ..

1915.
S
38,763,810
56,927,199
3,561,380
79,780
2,235,519
66,184
268,178
330,148
86,924
369,140
2,371,327
9,455,782

T o t a l ..............116,456,543 114,515,372
T o t a l .............. 116,456,543 114,515,372
♦ A fte r d e b itin g m iscella n eou s ite m s a g g re g a tin g (n e t) $ 8 6 ,9 2 2 . V . 103,
p . 240 .

Chicago & Eastern Illinois Railroad.
(including Operation to March 1 of Evansville & Indianapolis BR.]
(27 th Annual Report— Year ended June 30 1916.)
Receiver William J. Jackson, Sept. 15, says in substance:
Results.— T h e to t a l o p e ra tin g reven u e increased $ 2 ,5 9 7 ,6 3 2 , o r 1 8 .4 % .
an d to t a l o p e ra tin g expenses in crea sed $ 1 ,2 0 2 ,4 5 0 , o r 1 0 .5 % .
I n e pros­
p e r ity o f th o c o u n tr y b egan to b e re fle cte d in th e earnings o f this c o m p a n y
a b o u t A u g . 15 1915, an d c o n tin u e d th ro u g h o u t, th e y e a r . E ffe c tiv e w ith
th is fisca l y e a r, th o ra te fo r d e p re cia tio n o n e q u ip m e n t w as in crea sed fro m
M o f 1 % per an n u m t o 2 % p er a n n u m , w h ich represents an increase ot
$4 6 2 ,6 0 5 in th o m a in te n a n ce o f e q u ip m e n t ch arges. M isce lla n e o u s In com e
in crea sed 8 2 .5 % ($ 1 8 6 .9 8 3 ), th o result o f larger c re d its t o th e h ire or eq u ip ­
m e n t a c c o u n t, d u e t o th e g o o d business c o n d itio n s w h ich e n ab led th o r o a a
t o lo a d its e q u ip m e n t t o fo re ig n lines a n d earn p er die m o n its cars.
F o r th e fisca l y ear th e p r o p e r ty earned all fix e d ch arges, b o th th o s e p a y ­
ab le an d th o se n o t p a y a b le u nd er ord ers o f th e c o u r t , b y th e r e ce iv er, w ith
a su rplu s o f $ 8 6 ,5 7 9 .
,
^
..
, „ „„„
Improvements.— -Tho re ce iv e r has b e g u n th o c o n s tr u c tio n o f a new
passenger s ta tio n a t D a n v ille , 111., a t an e stim ated c o s t o f o.5-.j ,()0(L in­
c lu d in g th e street ch an ges an d th o c o m p a n y ’s p r o p o r tio n o f an in terlock in g
p la n t. T h o e stim ated c o s t o f e re ctin g th o repair s h o p , o ffic e b u ild in g an d
h o sp ita l a t D a n v ille is $ 1 0 0 ,0 0 0 .
,
W ith th e e x ce p tio n o f so m e brid ges w h ich m u st b e r e p la ce d o r stren g th ­
ened b e fo re h e a v y lo c o m o tiv e s ca n b o u sed , a n d s o m e lig h t rail w h ich m u st
b e renew ed w ith rail o f a h eavier s e c tio n , t h e r o a d w a y is in first-class c o n ­
d it io n . T h e w o rk o f repairin g an d stren gth en in g e q u ip m e n t w as c on tin u ed
an d g o o d progress w as m a d e d u rin g t h o y e a r .
_ - . ■ , . rniirfr
Receivers Certificates.— U nder an ord er en tered Ju n e 10 1916 , th e receiver
issu ed a new series o f $ 6 ,0 0 0 ,0 0 0 o f 6 % r e ce iv e r’s c e r tific a te s , d a te d J u ly 1
1916, p a y a b le J u ly 1 1917. t o p a y th o SO,0 0 0 ,0 0 0 o f c e rtifica te s m atu rin g
J u ly 1 1916
T h e new ce r tific a te s w ere given th e sam e lien w h ic h w as
d ecla red In fa v o r o f th e m a tu rin g ce r tific a te s ( V . 102. p . 2 2 5 3 ).
Evansville A Indianapolis f i / i . - O n a Dill fo r foreclosu rei fUedI b y th e
F a rm ers’ Loan & T r u s t C o ., tru stee u n d er th e m ortg a ges o f th e E v ansviU o
& In d ia n a p o lis R R . C o ., W illia m P . K a p p e s , as rece iv e r, t o o k possession
o f t h a t p r o p e r ty F e b . 29 1916. S ince th a t d a te th o p r o p e r ty has been
o p e r a te d sep arately and its a cco u n ts h avo been e lim in a te d fro m th e a cco u n ts
o f th e C h ic a g o & E a stern Illinois R R ., an d fo r th e p u rp o s e o f c o m p a r is o n ,
th e sta te m e n ts fo r th e p re ce d in g y e a r h a v o been p a rtia lly revised (V . 1U2,
P ‘ Industries^— D u rin g th e y ear 24 now in du stries, th e estim a ted c o s t o f
w n icli w as $ 1 ,3 7 3 ,4 6 5 , e m p lo y in g 912 m e n , w ith a yea rly in -a n d o u t -b o u n d
to n n a g e o f a p p ro x im a te ly 3,8 1 1 ca rs, w ero lo ca te d .
W E IG H T OF R A IL I N T R A C K ( M A I N , SECOND & T H IR D ) J U N E 30.
Total. 100(5. 90-/5. 85-/5. 80-/5. 7 5 -/5 .12-lb.
70-lb.67-lb. 65-/5. 60-/5. 5 8 A c
1 9 1 6 -. 1,199 46 210
250 326 0.11 15 24
5
99
19o 30
1 9 1 5 --1 .1 9 9 46 138
263 342 0 .0 2 17 23
5 100
222 143
O PERATIO N S, & C. (IN C L . E V A N S V IL L E & I N D I A N A P O L I S R R .).
1915-16.
1911-15.
1913-14.
1912-13.
M ile s o p e ra te d Jun e 3 0 1,136
1,282
1,282
l ,2 7 o
N o /p a sse n g e rs c a r r ie d ..
4 ,7 0 4 ,9 6 7 4*35 } *750 * 5 .1 49,170 *5,283,3/^7
P ass, carried o n e m il o - - 1 5 5 ,155,230 1 4 8 .0 4 1 ,7 9 6 * 1 6 6 ,5 1 6 ,2 6 8 107,8^ S ,8o2
1.76‘ c t s .
R a to p er pass, per m ile .
1.87 c t s .
1.84 c t s .
1-78 c t s .
R e v . fre ig h t (to n s) c a r r .
1 5 ,287,132 12,7 3 3 ,1 7 3 1 3 ,8 0o ’hVi 1 4,570,537
do
carried 1 m .
x ’2 ,3 4 5 ,6 2 8 x l , 9 5 2 ,101 * 2 ,2 1 2 ,6 8 4 x 2 .3 2 7 .3 7 8
0 .5 2 c ts .
R a to p er to n per m ilo ___
0 .5 3 c ts .
0 .5 3 c ts .
0.;>1 c ts .
x 000 s o m itte d . * Figures h a v e been s lig h tly c h a n g e d .
IN C O M E A C C O U N T FOR Y E A R S E N D E D J U N E 30.
1914-15.
1915-16.
1915-16.
1914-15.
$
$
Oper. Revenue—
S
S
2,622,903
Net
earnings_____
4,018,085
Freight.....................12,471.388 10.232.S26
627,200
703,457
P a ssen ger_______ 2,907,481 2,723,926 Tax accruals_____
1,473
4,981
M all, express, A c . 1,116,141
975,983 U ncollectibles____
Other than transp.
203,394
168,037 Operating Incom e. 3,309,647 1,994,230
66,959
Hire of equipment
594,107
T o t a l ..................16,698,404 14,100,772 Joint facility rent
251,459
incom e_________
308,426
Oper. Expenses—
272,100
174,968
M alnt. of w ay, & c. 2,284,191 2,215,871 Other in c o m e ____
M alnt. of equlp’ t . 3,849,471 3,146,073
Total incom e___ 4,387,148 2,584,748
Traffic expenses..
302,563
279,390
Transp'n expenses 5,721,359 5,315,560
648.792 1,345,863
M lsc. operation-.
95,282
95,756 Interest__________
801,130
•765,556
General expenses455,673
438,744 R e n ta ls __________
13,628
20,528
Transp. for Invest. Cr.28,219 Cr. 13,524 M iscellaneous____
T o t a l ..................12,680,319 11,477,869

Balance, s u r p .. 2,923,598

452,801

1506
C O N D E N SE D

THE CHRONICLE
GENERAL

B A L A N C E S H E E T , J U N E 30
1916.
1910.
19J51916.
1915.
Assets—
$
S
Liabilities—
$
j
R oad A equlp’ t __ 79,702,941 79 ,013,911 Capital s t o c k - - . b l 8 , 288,200bI8,288,200
Impta. ou leased
Stock liability for
property _..........
49,910
45,579
conversion__
14,552
13,552
Sinking funds, A c .
10,265
5,643
Funded debt-c62.679,150 62,880,150
M lsc. phys. p rop . 5,544,433 5 ,544,433 Receiver’s certifs. 6,200,000 6.000,000
Inv. In affil. cos.:
Loans A bills pay d 5,025,491 5,101,114
138,657
S t o c k s ................
138,658 Traffic, A c., b a l._
261,876
155,579
Bonds..................
466,408
415,"46
Accts. A wages_ 1,186,657 2,693,760
Advances______
777,379
743,038
M iscellaneous_
223,211
214,776
Other Investments 3,255.509 3 255,735 M at. lnt., &c.unpd
19,638
142,009
Cash........... ............ 1,694,041 1 ,027,072
Accrued lnt., & o-_ 419,455
372,809
Loans & bills reo_.
368,312
362,733 ln t. accr’d (court
Traffic, A o., bal._
392,007
287,316
order)..................... 5,616,734 2,779,716
Agents A conduc398,014
253,206
Other def. aco’ t s . . 147,831
79,550
Materials & supp- 1,455,277 1 329,416
Tax liability_
497,027
487,881
M iscellaneous____
939,329
854,732 Prem. on fund, d ’ t
90,704
90,704
Deferred I te m s .-.
136,683
115,342 Insur., A c ., res’ves
84,277
75,523
Trust assets......... a2,207,791 2 207,791 Operating reserves
90,000
36,500
Prepaid rents, A c .
17,211
13,681 Accrued depreo’n . 1,272,787
693,739
D isc.on fund.debt. 1,904,309 1 904,309 Unadjusted credits 603,342
408,015
Other unadj. d eb . 6,329,720
484,533 Sink, fund reserves
73,122
73,122
Approp. surp. not
107,485
„ specif. Invested.
107,485
Profit and losa.Cr.2,886,663D r.2,692,010
T o t a l ................ 105,788,203 98,002,173

T o t a l ................105,788,203 98,002,173

assets a t c lo s e o f y e a r, $ 8 ,6 1 6 ,0 9 1 : c o m p a n y issues in clu d ed
lance, $ 2 ,2 0 7 ,7 9 1 . b T o t a l b o o k liab ilities a t clo se o f y e a r ,
♦ ^ .o lS .g O O : treasury h old in gs in clu d e d . 8 7 ,5 3 0 ,0 0 0 ; b a la n ce , * 1 8 ,2 8 8 ,2 0 0 .
o^-r 5rn tl1,es, Ju n e „3Jk k2k6> 5 6 4 ,9 5 7 ,0 0 0 ; treasu ry h o ld in g s in­
c lu d e d , $2,2 7 7 ,8 5 0 ; ba la n ce, * 6 2 ,6 7 9 ,i5 0 . d C olla te ra l sold b y pledges,
p roceed s to b o cred ited on d e b t , a d ju s tm e n t in a b o y a u co a t Ju n e 30 1916
V . lU o, p . 1412, 1210*
aa/im

iVol .

103

B A L A N C E SH EET JU N E 30.
1916.
1915.
1916.
1915.
Assets—
s
s
Liabilities—
•5
S
Road A equlp’ t-.-G 3 ,004,311 62,003,324 Common stock____ 5 , 000,000 5,000,000
Improvements on
Preferred stock___ 15 , 000,000 15,000,000
leased property .
123,535
134,990 Bonds......................37 ,637,350 37,032,350
In v. In affil. cos.:
Due affil. cos.,non-)
S t o c k s ________ 4 ,780,572 4,823,502
negotiable...........>4 ,006,246/
5,000
Bonds__________
650.000
650,000 Loans & bills pay. J
3,665,141
N otes & certifs.
543,455
539,040 Traffio, A c ., bals.
346,8161 247,155
Advanccs______
966,717
912,496 Accounts & wages. 1 ,208,888
920,030
Other investments
644,426
643,379 Matured hit., A c .
347,585
123,740
D epos. In lieu of
Miscellaneous____
221,413
222,343
m tged. prop .sold 450.000
Accrued lnt., A c . .
393,721
414,072
M lsc. phys. prop.
421,364
456,670 Accrued taxes____
277,639
272,516
Cash_____________ 1 ,073,962
881,493 Accrued deprec’n . 4 ,027,652 3,590,481
Special deposits..
611,487
127,020 U nadj., A c ., acc’ ts
494,820
420,701
Traffic, &o., bals.
110,004
96,312 A dd’ns to property 3,,667,376 3,642,841
Agents & conduo.
133,911
115,940 Fund, debt retired
229,213
229,213
M aterial & s u p p .. 1, 242.687 1,306,992 Approp. surplus.. .
1,150,000
Miscellaneous____
574,609
972,528 Profit and loss___a2. 649,366 1,918,760
U nadj., & o.,accts.
237.046
190,723
T o t a l ..................75,568,086 73,854,409

T o t a l .................. 75,568,086 73,854,409

a A fte r d e d u ctin g *122 ,431 loss on re tire d ro a d an d e q u ip m e n t m is ce l­
lan eou s ite m s (net) a g g re g a tin g 568 ,2 7 5 , a n d c r e d itin g * 1 5 0 :0 0 0 p r o f it on
ro a d an d e q u ip m e n t s o ld .— V . 102, p . 3 4 4 .
1

In te r n a tio n a l & G reat N orth ern R y.

{5th Annual Report— Year ended June 30 1916.)
Assistant to Receiver Tliornwoll F ay,
Aug. 31, wrote in substance:

Houston, T ex .,

Results.-—T h o receivers’ o p e ra tin g rovon u os w ero * 9 ,3 8 3 ,7 0 7 ,
S“ dJ& 5
rev.enuo fro m o p e ra tio n s * 2 ,1 2 9 ,9 8 3 . T h o su rplu s, a fte r p a y in g
fo r h ire o f e q u ip m e n t, jo in t f a c ility ren ts, o th e r o p e ra tin g ch arges a n d a c ­
cru e d in terest o n r e ce iv e rs ’ o b lig a tio n s , w as * 1 ,1 7 9 ,8 7 5 .
(21s£ Annual Report— Year ended June 30 1916.)
Receivers Certificates.— T h e re w ero issued d u rin g th e y e a r * 1 ,4 0 0 0 0 0
i V m n ’' 011’, ce rtifica te s , d a te d M a y 1 1916, v iz .: (1) * 7 0 0 ,0 0 0 t o rotiro
C . II. Markham, Chairman of the Board, says in subst.:
* 7 0 0 ,0 0 0 c e rtifica te s th a t m a tu re d o n M a y 1 1916; (2) * 2 0 0 ,0 0 0 fo r c o n an ,n croa so o f 5 3 9 8 ,9 6 8 . o r 5 . 0 8 % , in fre ig h t ro vo n u o ,
f
5 nrt te rm Inala a t San A n to n io ; (3) * 3 4 5 ,0 0 0 fo r b a llastin g
ot 3538,722, o r 1 .2 9 % in passenger re v e n u e , a n d * 2 1 ,7 4 4 , o r 1 .7 4 % in o th er
track , and (4) * 1 5 o ,0 0 0 fo r pu rch ase o f steel passenger tra in ca rs. O f th o
m a k in g a to ta l Increase in reven u es fro m o p e ra tio n s o f
to ta l issuo, th ere w ero * 6 0 0 ,0 0 0 hold in th o treasu ry Ju n o 3 0 1916 t o b o s o ld
5 4 5 9 ,4 3 4 , oi 3 . 7 9 % . M a in te n a n c e o f w a y a n d stru ctu re s Increased *88,011
as th e fu n d s a rc-n e e d e d fo r th o purposes s ta to d .
(V . 102. p . 1625).
o r 5 .3 2 % , w h ile m a in te n a n ce o f e q u ip m e n t de cre a se d * 8 5 ,1 4 4 o r 3 7 9 %
r ixccl Charges Paid Off.— T h e fo llo w in g fix e d ch arges w ero p a id o f f d u rin g
Eqmprnmt Certificates.— Uuvlnz th e y e a r * 1 ,000,000 ce r tific a te s o f C en tral
th e y e a r u n d er ord ers o f th o c o u r t, o u t o f fu n d s c o m in g in to y o u r han ds
o f G o o rg la E q u ip m e n t Trust, Series “ L , ” w ero so ld a n d th e d is c o u n t an d
in o o S o «8,c,rat 0,ns ° ? t ^10 P ro p o rty : (1) P rin cip a l— e q u ip m e n t n o te s o f
e x p en se in c o n n e c tio n w ith th o lssu o ch a rg e d o f f.
E q u ip m e n t o b lig a tio n s
PJ08, * 3 8 ,0 0 0 , .and e q u ip m e n t n otes o f 1913, * 1 0 0 ,0 0 0 ; (2) in terest— o q u ip a g g re g a tin g *1 9 8 ,0 0 0 , a n d *6 0 ,0 0 0 G re e n v illo & N e w m a n M a in L in o &
n ..im J 'iV 03. 0 f
’ 4 k ° e q u i p m e n t n otes o f 1913, * 4 1 ,2 5 0 ; C o lo r a d o
U p p er C a h a b a bra n ch b o n d s m a tu re d an d w ero p a id .
B r id g o b o n d s, * 1 3 ,8 6 0 , and 1st M . b o n d s, *67 7 .4 3 0 ; gra n d t o ta l. * 8 7 7 ,9 5 0 .
N ew Bond Issu e.— D u r in g th o y e a r * 6 8 8 ,0 0 0 G eneral & R e fu n d in g M t g o .
Maintenance, A c .—-T h o prin cip a l d ecreases in m ain te n a n ce o f w a y an d
b o n d s w ere a u th orized a n d a re d ep o s ite d w ith tho trustoo fo r a u th e n tica tio n
stru ctu res lo ca te t o (1) bridges, trestles a n d c u lv e r ts , a n d (2) tios th o
o n req u est, m a k in g a to ta l o f *7 ,8 3 9 ,0 0 0 a v a ila b le fo r th o c o m p a n y ’s c o r ­
a m o u n ts b ein g * 3 5 ,9 7 3 an d * 6 6 .7 7 7 . re s p e ctiv e ly . T h e de cro a so in a c c o u n t
p o r a te p u rp o ses. O n ly * 1 2 2 ,0 0 0 h a v e been s o ld an d are o u ts ta n d in g .
208 ls d u o t o th e fa c t th a t th o p re v io u s y e a r ’s expenses w ero increased b y
Securities Owned. A n extra d iv id e n d o f * 3 9 9 ,8 4 0 w as r e c e iv e d from
extra o rd in a ry ch arges in th o a m o u n t o f ( 1 ), rep resen tin g th o ren ew al
p r o p o r tio n o f th o c o s t o f c o n s tr u c tin g th e fo u r steel brid g e s. T h e p r e v io u s
th e y e u'teani‘Sll P
° f S a v a n n a h - a n a ls In clu ded in d iv id e n d in c o m o fo r
t)Pn,SCii. f^r m a tnten an co o f w a y and s tru ctu re s w ero in crea sed
Jtoad and Equipment.— T h o ex p en d itu res fo r r o a d an d e q u ip m e n t, and
a p p ro x im a te ly * 5 0 ,0 0 0 o n a c c o u n t o f d isastrou s flo o d s , w h ile th oro w ero n o
ch a rg ed t o th a t a c c o u n t (a d d itio n s a n d b e tte r m e n ts ), a m o u n te d to *989 ,533
c o rre sp o n d in g expen d itu res in clu d ed in th o exponses d u rin g t h o ye a r under
v i z .: (1 ) stea m lo c o m o tiv e s , * 8 3 ,3 0 5 ; fre igh t train cars, S I ,09 0 ,0 4 0 ; w ork
re v ie w ,
t w e n t y m iles o f now 7 5 -lb . steel rails, o p o n -h o a rth p rocess, w ith
anrnPI* 088’ i 55C‘ ’ mV w 1’ eftu lp>nent re tired d u rin g y e a r, * 1 9 0 ,0 8 2 ; bal­
co n tin u o u s jo in ts , w ero p u rch ased d u rin g th o y e a r fo r renew als o n th o
L
o
n
g
v
io
w
-P
a le s tin o s u b d iv is io n , ten m iles th e re o f b ein g laid ; 10 m iles o f
in g co n s tr u c tio n , C r .,'* 2 ,9 7 9 .
Strl,Cturus’ * * .3 5 7 ; a n d (3) Interest du rnew 9 0 -lb . steel rail w ere laid b etw een A u stin an d San M a r c o s . S a tis­
T h ere w ere 10.436 m iles o f tra ck rela id w ith 90 -Ib . now
fa c to r y p rogress has been m a d e in repairs and renow als to o rld ges and trestles
ra ; 10-102 m iles w ith 8 0 -lb . n ew steel rail; .142 m ile w ith 7 0 -lb . new
Additions A Betterments.— T h is item fo r th o y ear e n d in g Jun o 30 1916
steel rail, m a k in g a to ta l o f 26.6 8 0 m iles o f track ro la ld w ith now steel rail.
b X i ? tC^ n o
* 1 -7 0 1 ■242; * 8 5 7 ,329 ch arged t o r o a d w a y , p r in c ip a lly
T o t a l crossties renew ed, 7 20 ,672 .
&C” an,? -5852,913 ch a rged t o e q u ip m e n t, p r in cip a lly
th e y ea r ,4 new M ik a d o t y p o lo c o m o tiv e s w ero
5 8 4 9,53 4 fre ig h t cars p u rch ased , & c ., & c.
pu rch a sed an d 8 lo c o m o tiv e s o f o b s o le te t y p o in n eed o f general repairs w ero
T h e ballast w o rk , w h ich w as co m m e n ce d on Ja n . 1 1915, has beon fo lr e tired , m a k in g a decrease o f 4 lo co m o tiv e s w ith an Increase o f 94 622 lbs
‘ " ' v.c, , ;u p en e rg e tica lly du rin g th o fisca l y ear, and a to ta l o f 180 m iles o f
in tr a c tiv e p ow er; 1 061 fre ig h t tra in ears w ero a d d e d , 679 fre igh t a n d w ork
i l l 1 ™ ,au.d 19 uules Passing sid in gs h a v o been ballasted w ith gra vel an d
Wl,ir0 soId pr d e s tr o y e d , a n d 13 fre ig h t a n d w o rk train cars w ero sh ell.
The Im p ro v e m e n ts in tra ck c o n d itio n s , b y reason o f th is b a llastin g,
ch a n g ed in class m a k in g an Increase o f 382 cars. T h o a ve ra ge c a p a c ity o f h a s been q u ite m a rk e d , an d it lias m a d e p ossible passenger sch edu les on th e
d iv isio n t o su cce ssfu lly c o m p e t e w ith o th e r lines betw een
387 460 to !is t t h ° Cl° S° ° f th e y ea r w as 37-53 t o n s ’ a n d tho to ta l c a p a c ity Hooruts to\Vno ratli
n d o th e r S o u th T e x a s p o in ts an d F o rt W o r th .
T h e net a d d itio n o f 831 fre ig h t cars o w n e d , to g e th e r w ith 1,136 cars
O PE R A TIO N S A N D F IS C A L R ESU L TS.
p la ce d in serv ico d u rin g th e y ear th ro u g h o p e ra tin g oxponsos u n d er gen eral
191 5-1 6.
191 4-1 5.
1913-14.
1912-13.
an d h e a v y repairs, w ill yie ld an incroaso o f a b o u t 2 5 % In fre ig h t ca r e f fi ­
A v e ra g e m iles o p e r a t e d .
1,9 2 4
1,924
1,924
1,924
c ie n c y .
Tho a c q u is itio n o f 5 00 now b o x cars and 200 s to c k cars has en a b led
Oper. (rev. traffic only) — a n o t sa vin g th e p a st y e a r o f * 5 0 ,3 0 2 in p er diem p a y m e n ts c o m p a r o d w ith
P assen gers ca rried
4 ,2 3 6 ,5 1 2
4 ,2 1 9 ,9 0 5
5 ,3 3 3 ,2 1 5
t h o y e a r 1914-15.
5 ,1 9 6 .8 8 6
P a ss, ca rried o n o m l l o - - 1 50 .171 ,83 9 14 7 ,0 5 1 ,0 8 0 1 8 1 ,675 ,92 8 1 7 6 .588 ,45 3
t
Russenger Service.— A p p r e cia tin g th e a d v a n ta g e possessed b y th o
R a to p e r pa ss, p er m ile . 2 .0 2 4 c ts .
2.041 c ts .
2 .1 0 0 c ts .
2 .1 6 8 cts.
ii
w ‘ th its c o n n e ctio n s t o S t. L o u is , b y reason o f sh o rte r
R e v . fre ig h t (ton s) carr_
5 ,1 8 1 ,2 7 6
4 ,9 0 2 ,5 9 5
5 ,6 3 1 5 7 9
m ileago th an a n y c o m p e tin g liuos, it w as arranged w ith c o n n e c tio n s t o p u t
5 ,712,117
R e v . f r t (ton s) ca r. 1 m .8 1 9 ,3 9 2 ,0 0 2 7 5 9 .8 5 2 ,9 1 2 8 4 7 ,0 0 5 ,4 9 4 839 ,5 2 8 ,6 8 5
2? r
, ^ Passenger tra in betw een G a lv e s to n , H o u s tn , San A n to n io an d
R a te p er t o n p er m i l o . . .
l.O O S cts .
1 .0 3 4 c t s .
1 .0 8 3 c t s .
S t. L o u is o n D e c . 5, w h ich train is c o m m o n ly k n o w n as th o “ Sunshine
1.049 cts.
A v e r . r e v . (tr .-lo a d ) ton s
315
295
280
S p ecial.
I h e s e rv ico a t o n c o b e ca m e v e r y p o p u la r an d th o tra v e lin g o n
278
E a rn s, p er fg h t. tr. lo a d .
* 3 .1 7 2
* 3 .0 5 6
* 3 .0 3 2
It has been ste a d ily in crea sin g s in ce . T h o I. & G . N . ro a d o w n e d n o steel
* 2 .9 1 2
E a rn s , p e r p a s s .-tr . m ile.
"
* 0 .8 0 0 0
* 0 .7 9 4 4
SO .9753
e q u ip m e n t fo r this train , hen ce it w as necessary t o use e q u ip m e n t b e lo n g in g
*0.9 8 3 3
E a rn s, p er m ile o f r o a d .
* 6 .5 3 2
* 6 ,2 9 2
* 7 ,4 4 0
*7,201
I ron M o u n ta in and M issou ri P a cific railw ays In th e th ro u g h s e rv ico .
W e h a v o c o n tr a c te d fo r 11 steel cars, n o w b ein g b u ilt fo r said servico.
I N C O M E A C C O U N T FOR Y E A R E N D I N G J U N E 3 0 .
R ESU LTS FOR Y E A R S E N D IN G J U N E 30 ( IN C L U D IN G R EC EIVER S'
Operating Revenues— •
1915-16.
1914-15.
1913-14.
O PE RA TIO N S A F T E R A U G . 10 1914).
F reig h t r e v e n u e ............................................* 8 ,2 5 8 ,3 4 6
* 7 ,8 5 9 ,3 7 8
* 9 ,1 6 9 ,0 9 0
Statistics—
1915-16.
P a ssen ger r e v e n u e _____________
3 ,0 3 9 ,9 0 5
1914-15.
1913-14.
1912-13.
3 ,0 0 1 ,1 8 3
3 ,8 1 5 ,4 7 4
A v e ra g e m iles o p e r a t e d .
1,160
1160
747 ,3 4 2
M a ll, express an d m iscella n eou s____
1,1 6 0
1,160
714 ,747
786,501
Passen
gers
c
a
r
r
ie
d
--------1 ,374,411
1,509,376
O th er tra n sp orta tion r o v e n u o _______
211,951
2 ,0 0 9 ,8 5 9
2 ,1 2 8 ,2 4 5
186,047
197,327
In cid en ta l — , .......
3 10 ,074
P a sse n g o rsca rrie d 1 m llo 7 4 .9 7 7 ,5 6 3 70,8 4 3 ,2 3 3 9 0 ,0 7 8 ,0 3 5 1 01 ,038 ,56 6
3 46 ,829
3 58 ,183
R a to p er pass, p er m llo .
2.431 c ts .
2 .4 7 9 cts.
2.491 c ts .
2 .4 3 9 c ts .
I o n s c a rrie d ......................
3 ,7 6 7 ,9 0 0
3 ,5 9 2 ,5 7 9
T o t a l o p e r a tin g r ov en u o _______
3 ,5 5 6 ,3 8 2
3 ,8 9 6 ,7 9 3
.* 1 2 ,5 6 7 ,6 1 8 * 1 2 ,1 0 8 ,1 8 4 * 1 4 .3 2 8 ,5 7 5
T
o
n
s
carried
o
n
o
m
i
l
o
.
.
680
.160,833
6
3
7
,154
,66
1
5
8
0
,8
2
7
,5
6
7
6
9
5
,4 1 0 ,5 1 2
Operating Expenses—
R e v e n u e p er to n p e r m ilo
l.O lO c t s .
1 .0 4 5 c t s .
1 .2 0 9 c t s .
1.161 c t s .
. * 1 ,7 4 2 ,2 6 9 * 1 ,6 5 4 ,2 5 7 * 2 ,1 1 5 ,8 4 8
IN C O M E A C C O U N T FOR Y E A R S E N D E D J U N E 3 0 .
2 ,1 6 1 ,7 2 9
2 ,2 4 6 ,8 7 3
2 ,8 3 1 ,1 8 2
T r a f f ic expen ses______________
431,291
4 0 7 ,1 7 4
429 ,583
Operating Revenue—■
1915-16.
1914-15.
1913-14.
T r a n s p o rta tio n oxp en ses_____
4 ,0 4 1 ,6 4 9
4 ,2 5 4 ,2 5 7
5
.0
1
4
,5
9
2
F
r
e
ig
h
t
___________________________
. * 6,869,511
Sf i.6 7 4 ,082 * 7 ,0 2 4 ,2 9 5
G en eral exp en ses______________
4 6 3 ,1 8 6
4 1 8 ,3 9 8
373 ,086
P a sse n ge r_________________________
. 1,847.233
1,7 8 0 ,2 0 8
2
,2 7 4 ,6 8 8
M is ce lla n e o u s o p e r a tio n s ____ I
17,718
18,145
21,473
M a ll, express an d m isce lla n e o u s.
.
559 ,403
5 04 ,456
5 4 2 ,6 1 2
.
Cr. 12,775
C r .2 5 ,592
I n c i d e n t a l _____________________
.
144,144
124,880
121,813
- * 8 ,8 4 5 ,0 6 7 * 8 .9 7 3 ,5 1 1 *1 0 ,7 8 5 ,7 6 4
T o t a l o p e ra tin g re ve n u e s_______
*9,4 2 0 ,2 9 1
* 9 ,0 8 3 ,6 2 6
* 9 ,9 6 3 ,4 0 7
(7 0 .3 8 )
(74.11)
(75.28)
Operating Expenses— •
- *3 ,7 2 2 ,5 5 1
S 3.134 ,673 *3,5 4 0 ,8 1 1
T a x e s _________
*6 3 9 ,5 2 0
* 5 7 6 ,5 4 4
* 6 3 1 ,5 9 7
* 1 ,4 5 0 ,1 2 7 * 1 ,5 3 9 ,7 8 3 * 1 ,6 3 3 ,0 5 4
U n collectib les .
15,742
10,496
1,623,909
1 ,585,929
1,1 1 6 ,8 7 3
T r a ffic e xp en ses______________________
254 ,063
2 6 9 ,8 6 9
3 2 0 ,9 9 6
- * 3 ,0 6 7 ,2 8 9 * 2 ,5 4 7 ,6 3 3 * 2 ,9 0 9 ,2 1 4
T ra n sp o rta tio n e xp en ses__________I I ]
3 ,7 9 2 ,9 8 4
4 ,1 2 1 ,5 8 3
4 ,5 5 8 ,4 6 1
G eneral e xp on ses______________________
Other Income— ■
346 ,919
3 6 1 ,4 5 2
3 9 9 ,0 0 1
M is c e lla n e o u s _____________________ I .
3 5 ,0 4 0
47,342
3 4 ,0 8 2
.
*2 1 2 ,9 3 2
* 1 9 5 ,6 3 0
* 217 ,384
C r42,207
C r l7 6 ,1 8 t
H ir o o f e q u ip m e n t________
3 2 6 ,2 4 2
187,075
155,049
In terest o n secu rities, A c 9 7 5 ,4 1 7
9 5 0 ,4 9 8
509 ,028
* 7 ,3 3 9 ,2 2 4 * 7 ,8 7 1 ,4 4 9 * 8 ,0 6 2 ,4 6 7
M is c e lla n e o u s ______________
.
2 3 ,142
2 2 ,7 9 5
17,326
N o t o p e ra tin g ro v e n u o ________
* 2 ,0 8 1 ,0 6 7
* 1 ,2 1 2 ,1 7 7 * 1 ,9 0 0 ,9 4 0
T a x e s a c c r u e d _________________
418 ,6 7 8
4 0 0 ,0 0 0
339 ,841
- * 4 ,6 0 5 ,0 2 1
* 3 ,9 0 3 ,6 3 1
*3,8 0 8 ,0 0 1
U n c o lle c t ib le s _________________
1,981
5,6 7 7
Deductions* 1 ,6 6 0 ,4 0 8
* 8 0 6 ,5 0 0 * 1 ,5 6 1 ,0 9 9
.
836 9,23 3
S369.013
*3 6 9 ,0 3 4
H iro o f e q u ip m e n t ..
459 ,144
3 9 0 ,7 2 6
J o in t fa c ilitie s _______
3 8 8 ,9 7 2
90,6 0 7
8 6 ,0 2 5
116,131
J o in t fa c ility r e n ts .
70,087
M is ce lla n e o u s r e n ts .
6 9 ,6 3 0
6 5 ,2 2 3
196,082
189,606
180,656
M is c e lla n e o u s _____
1,912
885
5,8 8 0
2 ,0 2 1 ,9 7 4
2,032,2711
2 ,0 4 1 ,4 8 3
In teres t o n u n fu n d ed d e b t .
861
2 0 ,0 0 4 /
* 2 ,1 9 1 ,5 5 0 * 1 ,2 6 7 ,7 4 1
M is c o lla n o o u s _______________
* 2 .0 2 1 ,1 7 4
4,9 5 0
4,7 0 7
9,6 5 5
*900 ,000
Deductions—
9 00 .000
900 ,000
*250 ,000
2 5 0 .0 0 0
*250 ,000
*1 1 6 ,0 9 8
*1 0 8 ,1 5 9
*107,881
H ire o f eq u ip m e n t_____________________
913,371
8 95 ,255
1 ,036,259
v
~—
—
—
—
—
—
—
—
—
—
—
—
—
—
—wi) ,000 , I (Jo
* 3 ,8 5 1 ,6 2 6 *3 .8 6 6 ,9 5 9
In te re st o n fu n d e d d e o t ______________
8
13
,612
8 4 2 ,4 8 2
1.3 0 7 ,7 3 0
B a la n ce , sur. o r d e f ................................su r.* 7 7 1 ,3 1 3 su r .*5 2 ,0 0 5 d e f.* 5 8 ,9 5 8
O th er in terest an d m is c e lla n e o u s .I ll
641 ,539
543 ,242
18,200
* D iv id e n d s w ero d e d u cte d b y th o c o m p a n y fro m p r o fit a n d lo ss, surplus
* 2 ,4 8 4 ,6 2 0 * 2 .3 8 9 ,1 3 8 * 2 ,4 7 0 ,0 7 0
b u t sh ow n h ero fo r th e sako o f s im p lic it y .
1
’
*2 9 3 ,0 7 0 * 1 ,1 3 1 ,3 9 7
* 4 4 8 ,8 9 6

C en tral o f G eorgia R ailw ay C om pany.




B A L A N C E S H E E T J U N E 30
1916.
1915.
1910.
1915.
Liabilities—
S
S
Assets—
5
$
.
1,422,000 1,422,000
R oad & cqulp’ t . . *39.083,977 37.573,324 Com m on stook
Preferred
stock
3,400,000
3,400,000
Sccur. pledged as
„„„
collateral, & o .. 12,150,000 12,150,000 M ortgage b o n d s ..20,347,000 26,347,000
7,409 3-year 5% n o te s.. 11 ,000,000 11 ,000,000
M lso. phys. prop .
7,409
Recelv.equip.notes
872,358 133,000
88,920
Cash In hands, &e.
73,535
Equip, notes Int.
U nion C om p. &
& Gr. N or. “ A "
750,000
850,000
4,400
W aroli. s t o c k ..
4,400
11,359
138,074 Long-term n o te s ..
Traffic, & o., b a l ..
150,989
1,400,000 600,000
252,130 Receiver’s certlfs.
Prooecds reo. ctfs.
50,335
402,996 315,100
270,452 Trafflo, & o., bals.
Agents & conduc.
283,805
1,977,380 1,826,018
091,459 Vouchers & wages.
Materials & su pp.
927,538
89,942
10,803
450,090 Miscellaneous-----M iscellaneous-----550,725
1,537,177 862,310
18,081 Matured Interest.
Sink., & o., funds19,919
185,361 180,009
78,330 U nm at.lnt.&rcnts.
Claims unadjusted
03,050
Taxes accrued-----261,438
150,190
I. & G rt. N or. R y .
251,854 228,192
782,819 Other unadj.acc’ts
general account. 1,091,937
5,078,000 6,078,000
500 Cond'l Interim c t f.
Secure, unpledged. a600,500
Receiver’s general
Other unadjusted,
a c c o u n t_______ 1,691,937
782,819
35,340
& o., a ccou n ts ..
72,190
80,000
80,000
723,802 Res’ve fund ( 5 % ) .
Profit and l o s s ... 1,010,480
T o t a l .................. 50,758,802 53,260,341
T o t a l ..................60,758,802 53,200,341
♦ A fter d e d u ctin g $ 54 7,62 2 reserve f o r a ccru e d d e p r e c ia tio n , a I n clu d e s
1st M . b o n d s in trea su ry , $ 5 0 0 , a n d r e c e iv e r ’s c e r tific a te s , $ 6 0 0 ,0 0 0 .—
V . 103, p . 239.

New York Railways Co.
(Report for Fiscal Year ending June 30 1916.)
Pros. Theodore P . Shonts, N . Y . , Sept. 15, wrote in subst.:
Revenue.— T h e gross passen ger reven u e w a s '$ 1 3 ,3 7 9 ,0 4 8 , an in cre a se o f
$ 3 6 8 ,1 1 5 , o r 2 .8 3 % . T h is in crea se is g r a tify in g c o n sid e rin g th o d istu rb e d
c o n d it io n o f th o stroets d u e t o s u b w a y co n s tr u c tio n w o rk an d th e o n tiro
su spen sion o f o p era tion s o n s o m o o f th e lin os d u rin g pe rio d s o f In spection
o f s u b w a y e x c a v a tio n s . O th er s treet r a ilw a y o p e ra tin g re v e n u e w as
$ 3 3 5 ,4 8 3 , a decrease o f $ 5 3 ,3 5 1 , o r 1 3 .7 2 % , d u o p rin c ip a lly t o a d ecrea se
In rev en u e fr o m a d v e rtis in g an d sale o f p o w e r. T h o gross o p e r a tin g r e v e ­
n u e th erefore Increased $ 3 1 4 ,7 6 4 , o r 2 .3 5 % .
,
.
S treet ra ilw a y op e r a tin g expenses w oro $ 8 ,3 7 4 ,0 7 9 , a decroaso o f $ 1 7 0 ,­
9 6 4 , o r 2 % . T h o op era tin g r a tio w as 6 1 .0 6 % , a docroaso m 2.71 % . I n e r o
w as a c tu a lly exp en d ed in t h e m a in ten a n ce of w a y an d stru ctu res a n d e q u ip ­
m en t $ 1 ,8 9 8 ,2 7 2 , an d there w as sot asid e in ro se rvo $ 8 4 4 ,6 3 4 , th e t o ta l,
$ 2 ,7 4 2 ,9 0 6 , b ein g an in crea se o f $ 6 2 ,9 5 3 .
.
...
T h o n o n -op era tin g In com e Increased $ 4 0 ,6 2 7 , o r 7 .7 1 % , d u o t o a d d i
tlon a l in c o m e fro m d iv id e n d s an d in terest revenues.
Interest on Adjustment Income Bonds.— In d ete rm in in g th o n e t in c o m e
a v a ila b le f o ? Interest o n th e A d ju s tm e n t M o r tg a g e fo r th o six m o n th s en d ed
T W I - t l l O l f i l t w a a fou n d p ossible t o r e a d ju s t th o a m o u n ts h e ld in reserve
fO T th e six m o n th s ^ p o rio d s e n d e d Jun o 30 1912, D e c . 31 1 9 1 2 a n d Ju n o 30
1913 so as t o retu rn t o in c o m e th o su m o f $ 1 2 8 ,9 2 6 . b e in g th o p o r t io n o f
siicii rosorvos n o t req u ire d t o liq u id a te th e o u ts ta n d in g lia b ility fo r e a c h
su ch p e r io d . T h o b o a r d also re d u ce d th o te n ta tiv e roservo fo r th o six
m o n th s en d ed D e c . 31 1915, s o th a t th e n o t resu lt o f th eso r e a d ju stm e n ts
w as t o p la co th o to ta l u n exp en d ed roservo fo r d a m a g e cla im s a n d expen ses
fr o m J a n . 1 1912 t o D e c . 31 1915 a t $ 7 8 4 ,5 7 8 . T h is su m w as re d u ce d
t h r o u g h disbu rsem en ts d u rin g th e s ix m o n th s su c c e e d in g t o $58 8 ,9 6 9 as
o f J u n e 30 1916.
,
In te r e s t is p a id fro m earnings o f th e calendar year an d p a y m e n ts m a d e
on O c t . 1 a n d A p ril 1 fo r each 6 m o s .’ p e r io d , as fo llo w s (p e r $ 1 ,0 0 0 b o n d ):
Payments as per Adjustment M tge. \But Charged in Income Account.
—. •r
T_
_
_no
T
4
91
Tol,
Total. Fisc. Y r. D ec. 3 1 . «7’ne30. Tot. P.Ct.
Cal. Y r . June 30. Dec. 31.
$22 50
$30 21 1 9 1 1 - 1 2 . . . ____ $7 71 $7 71 7.710
1912
.S7 71
23
45
39 81 191 21 3 — $22 50 16 3 6 38 863 .886
1913
___ 16 30
30 57 191 31 4 . . . 23 45 12 8836 33 3 .633
1914
----- V2. 88 17 69
31 94
1015
13 70
4 5 64 1 91 41 5 . . . 1769 13 70 31 39 3 .1 3 9
191 5- 1 6 . . . 31 94 19 81 51 75 5 .1 7 5
1 9 1 6 - ................. 19 81
Taxes.— T h e re w as a decrease in taxes assign able t o s treet r a ilw a y o p e r a ­
tion s o f $ 4 ,7 3 7 , o r .4 5 % . T h o taxes d u rin g th o y o a r a m o u n to d t o $ 1 ,0 3 8 ,­
122, o r 7 .7 6 % o f th o r e v e n u e fro m tra n sp o rta tio n .
F u rth er e ffo r ts a t a se ttle m e n t ap p e a rin g u n w is e , th o s p e cia l fra n ch ise
cases w oro tried in th o N . Y . Su p rom o C o u rt last J u n o , a n d a d e c is io n m a y
b o lo o k e d fo r in th e ea rly fa ll. T h o v a lu a tio n s re v ie w e d a g g re g a te $ 4 2 ,­
4 8 4 ,0 0 0 fo r 1912, $ 4 4 ,0 0 5 ,0 0 0 fo r 1913 a n d $ 4 0 ,9 4 5 ,0 0 0 fo r 1914. S u b ­
s ta n tia l red u ction s are e x p e c te d .
T h o v a lu a tio n s o f th e sp ecial fra n ch ises fo r 1916 w o ro fin a lly fix e d b y th o
S ta to T a x C o m m ission a t $ 2 9 ,4 1 7 ,0 0 0 , a decrease o f $ 5 ,5 2 8 ,0 0 0 fr o m 1915.
T h is resu lt again show s th a t tho-assessing o ffic e r s are n o w fo llo w in g C o u rt
d ecision s in fix in g th o v a lu a tio n w ith d u o regard t o th e earning p o w e r o f th o
s y s te m . T h o s e assessm ents w ill n o t b o litig a te d .
In th o excise ta x cases und er U . S. A c t o f 1909 r e fu n d s a ggrega tin g $2 9 ,2 3 5
h a v e b e e n s ecu red .
,
, , ,
* , ,
Car Improvements.— 550 cars h a v e b een e q u ip p e d d u rin g th e y o a r w ith
T u n g s te n o r M a z d a lam ps in p la c o o f c a r b o n la m p s , thus in cre a sin g th o
v o lu m e o f lig h t a b o u t 1 0 0 % . T u n g ste n lam ps are
sta n d a rd o n lall ca rs.
T h o b r a k o ap p aratu s on th o 176 low -le v e l stepless cars is b e in g m o d ifie d
w ith n ow gears a n d dru m s, thus p r o v id in g a h igh er b ra k in g p o w e r a n d e lim i­
n a tin g fr ic t io n an d lost m o tio n .
,
Wl .
,
23d St. liu. C o.— D u rin g th o y o a r th ere w ere issu ed $ 1 9 ,0 0 0 F ir s t R e a l
E s ta te & R e f . M o r tg a g e 4 % b o n d s a n d $ 1 ,300 o f c o n v e r tib le 4 % s crip in
th o a c q u is itio n o f 58 shares o f s to c k o f th o 23d S treet R y . C o . a n d $ 4 ,0 0 0
b o n d s in th o c o n v e r s io n o f sim ilar sc r ip . T h ro u g h th o issue t o Ju n o 30 1916
o f $ 1 ,7 7 4 ,0 0 0 o f sa id 4 % b o n d s and $ 2 ,250 c o n v e r tib le 4 % s c r ip , w o h a v e
a c q u ir e d 5 ,0 7 5 shares o f th o 6 ,0 0 0 shares o f s to c k o f th o 23d S t. R y . C o . ,
w ith a n ot s a v in g p e r a n n u m o f a b o u t $13 ,1 4 6 .
Additions and Betterments .— T h e se a m o u n te d d u rin g th o y ear t o $ 9 5 ,6 8 3 .
Real Estate.— -Y our Im p ro v e d p ro p e rtie s c o n tin u e d w ell ren ted d u rin g
th o y e a r . T h o 14 u n e n cu m b e re d lo ts in th o b lo c k b o u n d e d b y 140th a n d
141st streots, L e n o x a n d F ifth aven u as, ap p ra ised in th o re o rg a n iz a tio n a t
$ 1 6 4 ,0 0 0 , h a v e been a cq u iro d b y a d eed fro m th o re c e iv e r o f th o M e t r o ­
p o lita n S treot R y . C o ., a n d w o n o w o w n th o fee th erein , as w ell as th o lease­
h o ld in terest a cq u irod fr o m th o 6th A v o . R R . C o ., s u b je c t, h o w e v e r , t o a
d e fe c t In title w h ic h w o lia v o b ro u g h t an a c tio n t o q u ie t.
T h o p r o p e r ty o f th o E ig h th A v o . H R . C o ., c o m p ris in g 37 c i t y lo ts , o n th o
w est sld o o f 8th A v o ., b etw een 49tli an d 50th s tre o ts, w h ich is w o rth a b o u t
$ 1 ,000,000, has b e co m e t o o v a lu a b lo fo r ca r h o u s o p u rp o s e s , a n d e ffo r ts
aro b ein g m a d e t o leaso it fo r su lta b lo Im p ro v e m e n t.
Metropolitan Receivership Litigation.— O n F e b . 15 1916 an o r d e r w as
e n tered In th o a ctio n s p o n d in g sin co 1907 p r o v id in g fo r th o d isch a rg e o f
th o rocelv ors, y o u r c o m p a n y h a v in g a cq u iro d s u b s ta n tia lly all o f th o cla im s
o u ts ta n d in g . A s a result o f th is s ettlem en t a n d b y v ir tu o o f th o variou s
c o n te n tio n s raised on b e h a lf o f th is c o m p a n y d u rin g th o co u rse o f th o re­
ce iv e rs h ip , it r e c e iv e d , o r w ill r o c e lv e , b y w a y o f d iv id e n d u p o n its cla im s
a p p ro x im a te ly $ 4 ,2 5 0 ,0 0 0 , an u n e x p e cte d ly fa v o r a b le o u tc o m e .
Bridge Contract .— T h e c o n tr a c t fo r o p e ra tio n o v e r th o W illia m s b u rg
B r id g e term in a ted on A u g . 31 1915 b y e le ctio n o r th o c it y , an d t o d a to n o
now a rran gem en t has been agreed u p o n , th o u g h o p e r a tio n has c o n tin u e d
u n d or te m p o r a r y p erm its.
W a ges__ T h e w ages of c o n d u c to r s , m o to rm o n a n d o th e r e m p lo y e e s c o n ­
n e c te d w ith th e tra n sp o rta tio n d e p a rtm e n t w ere Increased d u rin g th o y e a r
a p p ro x im a te ly $ 13 0,00 0. Increases w ere also g ra n te d in t h e e n gin eerin g
a n d c a r e q u ip m e n t d ep a rtm en ts, th e to ta l a ggre ga tin g $ 1 8 0 ,0 0 0 p e r a n n u m .
T h o p o s it io n o f em p loy e e s has also been im p ro v e d in o th e r w a y s .
Cimtributions to N . Y . City by Way of I axes, A c . — T h e so v a rio u s ito m s,
e stim a ted In p a rt, fo r y e a r e n d in g Jun o 30 1916 ag g re g a te $ 1 ,3 3 2 ,5 2 1 ,
as fo llo w s :

Taxes—

Other Obligations—

G ross ea rn in g s_______________ $196,257 R e m o v a l o f s n o w a n d i c e . .$ 1 4 9 ,0 2 3
H tip u la tcd r e n ts ____________
41,000 P a v i n g ........ ................................. 29 3 ,8 6 8
3,0 5 4
C a r licen se fe e s ____________
57,820 R e n t o f tr a c k s , & c ...............
R e a l e s ta te .......... ....................... 2 7 8 ,9C0 W illia m sb u rg B r . to lls , A c . 2 4,509
9 ,7 2 4
S p ecia l fra n c h is e s .................... 2 78 ,355 C it y in s p e c to rs .........................
T h o to ta l o f $1,33 2 ,5 2 1 is a lm o s t 1 0 % o f th o gross passen ger re v e n u e fo r
th e y e a r . I f th o taxes p a id th o .Stato a n d the F e d e ra l G o v e rn m e n ts w ere
in c lu d e d th o to ta l w o u ld b o m u ch greater.
y P a v in g expenses w ere im p o se d u p o n th e street r a ilw a y co m p a n ie s a t th o
tim e o f h orse-ca r o p e r a tio n .
U nder p resen t d a y c o n d itio n s (e le c tr ic tr a c ­
t io n h a v in g elim in a ted th e w earin g o u t o f p a v e m e n ts in s treot c a r o p e r a tio n )
a ch a n g o in th o p a v in g requ irem en ts is n o t o n ly ju s tifie d b u t is a b so lu te ly
n ecessa ry t o c o n s c r v o th o reven u es o f th o c o m p a n y fo r c fflc lo n t tran s­
p o r t a t io n s e r v ic e .
In fa c t , s o m o m o d ifie d arran gem en t sh ou ld b o m a d e
b o t h fo r p a v in g an d sn o w r e m o v a l as w ell as fo r p u ttin g sp oclal tax burden s




1507

THE CHRONICLE

Oor. 21 1916.]

o n a re a s o n a b le b a sis, s o th a t th e r a ilw a y co m p a n ie s m a y s ecu re a r e a s o n ­
a b le re tu rn o n th e c a p ita l In vested a n d p r o p e r co m p e n s a tio n fo r se rvices
p e r fo rm e d .
I N C O M E A C C O U N T FOR T H E Y E A R E N D I N G J U N E 3 0 .
1915-16.
191 4-1 5.
191 3-1 4.
R e v e n u e pa sse n ge rs____________________2 5 7 ,0 2 8 ,5 6 3 2 5 1 ,2 6 4 ,5 2 1 2 6 1 ,7 6 2 ,1 5 1
R e v e n u e tr a n s fe rs _________
1 7 ,752,628
15 ,0 6 2 ,5 8 6 1 1 ,2 3 0 .4 9 2
F ree tra n sfe rs___________________
1 0 8 ,521 ,89 3 1 0 9 ,9 4 3 ,3 3 0 1 1 0 ,6 0 7 ,4 3 5
T o t a l pa ssen gers.....................................3 8 3 .3 0 3 ,0 8 4 3 7 6 ,2 7 0 ,4 3 7 3 8 3 ,6 0 0 .0 7 8
A v e ra g e fa re p a id _____________________
3 .4 9 c t s .
3 .4 6 c t s .
3 .5 0 c t s .
Revenues—
$ 1 3 ,3 7 9 ,0 4 8 $ 1 3 ,0 1 0 ,9 3 3 $ 1 3 ,4 2 1 ,6 8 1
T r a n s p o r t a t io n _________
A d v e r t is in g _____________________________
25 0 ,0 0 0
3 0 0 ,0 0 0
3 2 5 ,0 0 0
5 2 ,7 5 8
6 2 ,2 6 4
9 0 ,7 0 3
Sale o f p o w e r ___________________________
M is c e lla n e o u s __________________________
3 2 ,7 2 5
2 6 ,5 7 0
2 3 ,4 5 4
T o t a l re v e n u e s ............. .......................... $ 13 ,714 ,53 1 $ 1 3 ,3 9 9 ,7 6 7 $ 1 3 ,8 6 0 ,8 3 8
Expenses—
M a in te n a n c e o f w a y , & c ....................... $1,611,831 $1,581,1731
1.098,781
M a in te n a n c e o f e q u ip m e n t ___________
1 ,1 31,075
9 4 ,3 3 8
H o rse p o w e r ___________________________
8 2 ,4 2 5
8 3 4 ,6 0 3 $ 8 ,7 7 5 ,6 2 1
7 52 ,718
O p e ra tio n o f p o w e r p l a n t . . ..................
3 ,4 1 5 ,7 2 0
O p e ra tio n o f c a r s _______________________ 3 ,4 5 8 ,2 6 4
97 5 .8 2 0
In ju rie s t o person s , & c ..............................
80 9 ,6 6 0
5 5 0 .9 9 7 1
G eneral a n d m is ce lla n e o u s ___________
5 28 .105
$ 8 ,7 7 5 ,6 2 1
T o t a l o p e r a tin g e x p e n se s____________ $8 ,3 7 4 ,0 7 9 $ 8 ,5 5 1 ,4 3 2
N e t ea rn in gs____________________________ $ 5 ,3 4 0 ,4 5 2 $4,84.8,335 $ 5 ,0 8 5 ,2 1 7
1 .0 9 2 ,1 0 5
1.042.859
T a x e s . ..................
1 ,038,122
O p e ra tin g In c o m e — ........................... $ 4 ,3 0 2 ,3 3 0 $ 3 ,8 0 5 ,4 7 6 $ 3 ,9 9 3 ,1 1 2
Other Income—
D iv id e n d s o n se cu ritie s o w n e d _______
3 0 6 ,0 1 2
266,0611
In terest r e c e iv e d _______________________
110 ,975
9 4 ,3 1 9 [
4 6 0 ,4 7 7
R o a l e sta te , r e n t. & c -----------------------------X 150.883
xl6 6 ,8 6 2 J
G ro ss in c o m e --------------------------------------- $ 4 ,8 7 0 ,2 0 0 $ 4 ,3 3 2 ,7 1 8 $ 4 ,4 5 3 ,5 8 9
I n t . o n u n d e rly in g b o n d s , & c --------------- $ 2 ,7 0 7 ,8 8 4 $ 2 ,7 4 1 ,0 1 5 $ 2 ,7 1 0 ,3 8 5
6 9 1 .5 3 8
I n t . o n 1st real o st. & R e f . M . b o n d s .
722 ,609
6 5 1 ,8 3 8
$ 9 0 0 ,1 6 5 $ 1 ,0 9 1 ,3 6 6
B a l a n c o ................................- ...................$ 1 ,4 3 9 ,7 0 7
Surplus b eg in n in g y e a r ----------------------64
232
6 1 ,0 4 8
A d d itio n s .....................
145,446
2 1 .5 4 4
$ 9 6 1 ,4 4 5 $ 1 ,1 1 2 ,9 1 0
T o t a l . . . .......... ............................................. $ 1 ,5 8 5 ,2 1 6
9 61 .381
In te re st a d ju s t . M . In co m e b o n d s ___
1.58 4 ,9 4 6
1 ,1 1 2 ,6 7 8
( 3 .1 3 9 % )
( 3 .6 3 3 % )
do
ra te p e r c e n t _____________ * (5 .1 7 5 % )
T o t a l s u rp lu s ............................................
$270
$64
$23 2
♦For e x p la n a tio n o f in te re st o n a d ju s tm e n t m o r tg a g e in c o m e b o n d s fo r
1915-16 see t e x t a b o v e , x In c lu d e s th e n e t in c o m e fr o m o p e r a tio n o f lo ca l
ca r s o v e r th o W illia m s b u rg B r id g e .
G E N 'L B A L . S H E E T J U N E 30 1916 (Total each side, $ 9 2 ,0 7 0 ,2 5 9 ).
Assets—
Liabilities—
A co’ ts awaiting distribution .a$83,690.433 Capital stock............................. $17,495,060
Additions and betterm en ts.. 2,126,267 New Y ork R ys. C o . 1st real
estate & ref. m tge. 4s____ 18,069,948
1,582,501
Investments______ __________
AdJ. M . 5% Income bonds 30,626,977
M aterial and supplies..............
789,115
Convertible scrip at 4 % —
2,250
C a s h ........................................... 1,752,507
Underlying mtge. b o n d s .. 9,850,000
600,000
Certificate o f deposit_______
Real estate m ortgage..............
950,000
Cash on deposit for speclflo
633,414 Bills payable_________________b l,2 52,4 54
purposes (contra)________
321,035 A co’ ts awaiting distribution. a 7 ,882,013
Accounts and bills receivable
415,715
87,467 Accounts payableAccrued accounts___________
98,853 interest, & c., due and unpaid
Prepaid accounts, & o_______
633,414
(co n tr a )__________________
7,707
Contingent assets..............—
380,960 Acer. Int., rent, taxes, & c___ 1,223,800
Unamortlz. debt dlso. & exp.
11,512
Miscellaneous ______ ________
7,707
Contingent liabilities_______
Reserves____________________ c 3 ,649,138
Surplus_____________________
270
a P e n d in g a d ju s tm e n t a n d fin a l d ete rm in a tio n o f c o s t o f p r o p e r t y (see
c o n t r a ) . C o s t o f p r o p e r ty a s a c q u ir e d u n d er th o term s o f th e r e o rg a n iz a tion
plan o f th o M e t r o p o lit a n S treet R y . o f N o v . 29 1911 a n d a g re e m en t o f
salo th ereu n d er o f D e c . 30 1911, in clu d in g ra ilw a ys, e q u ip m e n t, real es ta te ,
in te re st a n d estates a c q u ir o d o r t o b e a cq u ire d un d er o r b y v ir tu e o f th e
fo re g o in g pla n a n d a g re e m e n t o f sale. T h is a m o u n t, as w ell as th e c orre­
sp o n d in g lia b ility a c c o u n ts , aro sta te d s u b je c t t o fin a l a d ju s tm e n t o n c o m ­
p le tio n o f th e a c c o u n tin g w ith th o jo in t co m m itte e an d th e r e c e iv e r o f th e
M e t r o p o lit a n S tre e t R y .
b Issu ed t o p u rch a se M e t r o p o lit a n C ro s s to w n R y . 1st M . 5s, $ 6 0 2 ,4 5 4 ,
a n d issu e d in renew al o f n o te (d u e O c t . 3 1 9 1 2 ), m a d e b y jo in t c o m m itte e ,
$ 6 5 0 ,0 0 0 .
c In clu d e s In ju ry a n d d a m a g e cla im s a n d expenses o f lit ig a t io n , $ 5 8 8 ,9 7 0 ;
accru e d a m o r tiz a tio n o f ca p ita l (co n tin g e n t a c c o u n t ), $ 2 ,9 8 8 ,0 7 4 ; a m o r ti­
z a tio n o f c a s t o f s t o c k (b rid g e o p e r a tin g c o . ) , $ 2 0 ,3 1 7 , a n d fo r d o u b tfu l
a c c o u n ts , $ 5 1 ,7 7 7 .— V . 103, p . 1119, 844 .

Wells Fargo & Company, New York.
{Report for Fiscal Year ending June 30 1916.)
Pres. B . D . Caldwell, N . Y . , Oct. 13, wrote in substance:
T h e largo in crea se In earnings fr o m express o p e ra tio n s resu lted t o a
c o n sid e ra b le e x te n t fr o m c o n d itio n s th a t c a n n o t b o co n sid e re d as n orm a l,
t o w i t : .( l ) th e a c t iv it y in general business; a n d ( 2 ) th e use o f th o express
fo r t r a ffic w h ich o r d in a rily go e s b y fre ig h t b u t w h ich s o u g h t th o express
o w in g t o th o unusual d em an d s u p o n th o fre ig h t fa cilitie s o f th e ra ilroa d s,
p a rticu la rly In th e ea st. A n e n co u ra g in g fe a tu re has be e n a g r o w in g
a p p re cia tio n o f th o express Turing a tim e in w h ic h its s e rv ice p r o v e d o f
greatest v a lu o t o b o t h th e p u b lic an d th e ra ilroa d s. T h e re p r o b a b ly n ev er
has be e n a p e rio d h e r e to fo r e in w h ic h t h o b e n e fit t o t h o sh ip p in g p u b lic o f
th o express as a sp e cia liz e d fo rm o f tra n sp o rta tio n In w h ich e x p e d itio n a n d
person al s e rv ice are fu n d a m e n ta l, w as s o fu lly d e m o n s tra te d .
A n Increase in w a g e s t o m in o r salaried e m p lo y e e s w as p u t in fo r c e to w a rd
th o c lo s o o f th o fis c a l y e a r, in v o lv in g an in crea sed y e a r ly e x p e n d itu re o f
al>The^H im ber^o f sto c k h o ld e r s a t th o c lo s e o f t h e y e a r w a s 5 ,0 2 5 , a re d u c ­
t io n o f 2 65 .
R ESU LTS FOR Y E A R S E N D IN G J U N E 30.
Statistics—
1915-16.
191 4-1 5.
191 3-1 4.
191 2-1 3.
M ile a g e o p e r . Ju n e 3 0 107.529
114,691
9 9 .0 1 7
9 6 ,8 4 7
T o t a l agencies
________
9,171
9 ,1 0 8
7 ,2 7 1
7,213
E m p lo y e e s (excl.& jo in t )
3 0,071
2 6 ,6 5 8
2 2 ,2 6 9
22,661
T r l m ^ r t a U m i U— — „ . . $ 4 5 , 4 2 0 , 6 2 2 $ 3 8 ,5 4 4 ,7 8 6 $ 3 1 ,3 5 3 ,2 2 9
(a )
G ro ss r e c e ip ts _________________ (N o w d iv id e d as s h o w n )---------- $ 3 1 ,8 6 2 ,9 3 2
E x p re ss priv ile g e s ( D r .) 2 3 ,4 1 4 ,2 4 9
19,72 4 ,4 1 4 1 5 ,816,159
15,81 6 ,1 5 9
R e v . fr o m tr a n s p o r t’n $ 2 2 ,0 0 6 ,3 7 3 $ 1 8 ,8 2 0 ,3 7 2 $ 1 5 ,5 3 7 ,0 7 0 $ 1 6 ,0 4 6 ,7 7 3
O th e r th a n tra n s p o rta ’n
1,13 4 ,9 0 2
7 34 ,633
6 6 8 ,7 8 5
(b )
T o t a l o p e r . r e v e n u e . . $ 2 3 ,1 4 1,275 $ 1 9 ,5 5 5 ,0 0 5 $ 1 6 ,2 0 5 ,8 5 5 $ 1 6 ,0 4 6 ,7 7 3
O p e ra tin g e xp en ses____ 19 ,8 4 7 ,6 8 8
17,860,839
14,732,253
14 ,6 0 0 ,0 9 0
N e t o p e r . r e v e n u e . .. $ 3 ,2 9 3 ,5 8 8
O u tsld o o p e r a tio n s (n et)
-----------

$ 1 ,6 9 4 ,1 6 6

$ 1 ,4 7 3 ,6 0 3

$ 1 ,4 4 6 ,6 8 3
2 7 ,9 0 5

T o t a l n e t re v e n u e ____ $ 3 .2 9 3 ,5 8 8
T a x e s a c c r u e d ___________
4 13 ,720

$ 1 ,6 9 4 ,1 6 6
41 3 ,2 9 4

$ 1 ,4 7 3 ,6 0 3
40 2 ,4 2 6

$1,474,588

O p e ra tin g in c o m e -------$2 ,8 7 9 ,8 6 8
O th er express in c o m e —
52,931

$ 1 ,2 8 0 ,8 7 2
2 5 .9 8 6

$ 1 ,0 7 1 ,1 7 7
3 8 ,1 6 8

$ 1 ,0 7 2 ,1 6 2
3 7 ,1 8 3

G ro ss (in c l. e x p r e s s ). . $ 2 .9 3 2 ,7 9 8
I n c o m o (o th e r s o u r c e s ).
1,087,97b

$ 1 ,3 0 6 ,8 5 8
1,03 1 ,8 2 0

$ 1 ,1 0 9 ,3 4 5
1.23 5 ,2 5 0

$ 1 ,1 0 9 ,3 4 5
1 ,2 3 5 ,2 5 0

4 0 2 ,4 2 6

G ross c o r p . in c o m e
$ 4 ,0 2 0 ,7 7 4 $ 2 ,3 3 8 ,6 7 8 $ 2 ,3 4 4 ,5 9 5 $ 2 ,3 4 4 ,5 9 5
♦Dividends p a ld — ( 6 % )1 .4 3 8 ,0 4 4 (6 % )1 .4 3 8 ,044 (8 )1 ,9 1 7 ,3 9 2 (8 )1 ,9 1 7 ,3 9 2

Balanco, s u rp lu s.......... $ 2 ,5 8 2 ,7 3 0

$ 9 0 0 ,6 3 4

$42 7 ,2 0 3

$42 7 ,2 0 3

♦ D iv id e n d s Inserted b y e d it o r .3?a N o t s h o w n u p s e p a ra te ly ,
c lu d e d in gross r e ce ip ts a b o v e .

b In ­

1508

THE CHRONICLE
B/\ L A N C E

S H E E T J U N E 30.
1916.
1915.
1916.
1915
Assets—
S
S
Liabilities—
$
$
Real p rop.A cquip.10 ,550,164 8,043,785 Stock outstandlng.23,967,400 23,967,400
Inv. In aflll. c o s -10,000
10,000 Traffic bals. d u o ..
162,004
66,125
Physlcal property.
193,748 1,999,264 Audited accounts
Cash on hand, & c. 7 ,588,464 7,488,978
and wages--------- 3,448,345 2,295,889
Stocks other c o s -. 5 ,533,438 4,758,801 M at.lnt.,rents,& c.
18,100
18,206
Bonds other c o s .. 17 ,048,226 13,796,860 Unpaid money orN otes other c o s .. 2 ,095,400 1,844,447
ders, checks, &c. 3,254,035 3,446,758
Loans <fe notes reo.
111,000
195,000 Express privileges. 2,428,245 1,670,642
Traffic bals. d u e ..
142,427
56,338
52,884
58,253 M iscellaneous____
Agts.&messengers. 1 ,219,731 1,433,117 Unmat. int., rents
M iscellaneous____
487,404
460,848
and d ividen ds..
719,022
719,022
Material & s u p p ..
197,459
174,451 Taxes accrued____
279,517
262,955
Unm at. int., rents
Operating reserves
224,362
178,019
and dividen ds..
352,701
305,889 Accrued deprec’n . 2,217,374 1,924,178
Advance paym ’ ts. 1, 206,666 1,286,667 Oth. unadj. acc’ ts.
74,465
29,692
Unadjusted acc’ ts.
308,262
253,811 Profit and lo s s ...10,195 ,884 7,478,401
T o t a l .................47,045,091 42,110,171
— V . 103, p . 1432.

T o t a l ..................47,045,091 42,110,171

RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic Ry
Earnings.—

G ross in c o m o . $ o0 o ,6 9 0
$ 1 9 1 ,5 1 9 1B a ia n co ---------su r.$ 1 5 9 ,7 0 6 d f$ 1 4 5 783
1‘ ixed charges fo r b o th years are sh o w n fo r co m p a r a tiv e p u rp oses o n
basis o f neio c o m p a n y w h ich t o o k possession J a n . 1 1916.— V . 103, p . 40 5 .

C an ad ian Pacific Ry.— Annual Meeting.— T I ig remarks
of the Chairman of the company, the Right Hon. Lord
Shaughnessy, K .C .V .O ., at the annual meeting in M on ­
treal on Oct. 4, will bo found on a subsequent page and should
bo read in connection with the report in V . 103, p. 850,
838.
The shareholders at the meeting also approved
& ,te„d, Fob; , 1 101,0. b etw een th e T o r o n t o H a m ilto n &
v it
Hy - P £ v i th o M ic h ig a n C e n tra l U K ., the C a n a d a S o u th e rn , th e N o w
J o r k C en tral B I t . and this c o m p a n y , p r o v id in g fo r th e Interch ange o f tr a ffic
betw een th e .soveral com p a n ie s p arties th e re to an d fo r th o Issuance fro m
tiin o t o tim e b y th o 1 o r o n to H am ilton & B u ffa lo Ity . C o . o n p ro p e r co n se n t
U H-’. ' i i t V i i /1,'1.’,01.1'16 n o t ex ce e d in g in th o a ggre ga te $ 10 ,000,000, be a rin g
in tcio s t at a rate n ot ex ceed in g 5 % p er a n n u m , sucli b o n d s t o b e secu red o n
th e p r o p e r ty an d assets, present an d fu tu re , o f th o T . H . & B . C o . s u b je c t
h o w e v e r , t o th o m ortg a g o d a te d 1896, an d t o b o u n co n d itio n a lly gu aran teed
b y th o fo u r com p a n ies a foresa id , th e said agreem en t p r o v id in g th a t i f tho
earnings o f th o I o r o n to H a m ilto n & B u ffa lo C o . are n o t s u ffic ie n t to p r o yjS® i°F th o p a y m e n t o f a n y o f the in terest o n th o b o n d s, th e d e fic it shah be
therein m e n tio n e d 1, com p a n ies p a rt,e s t o th o agreem en t in th e p ro p o rtio n s

C en tral V erm ont Ry.— Earnings.— Juno 30 year:
JuneSG Years— 1915-16.
1914-15.
1915-16.
1914-15.
Gross ea rn in g s...S 4 ,612,358 S i,210,411 Gross Incomo------SI,477,921 51,239,541
N et, after ta x e s .. 5974,604
S719.179 Interest, rents, &c. 1,302,713 1,224,123
Other Income-----503,317
520,362 Balance, surplus.. S175.208
515,418
— V . 103, p. 406.

Chicago Burlington & Quincy RR .— Director.—
B,vd d ; A s s t - t0 th e P re sid e n t o f th e G rea t N o rth e rn R y ., has been
e le cte d a d ir e c t o r , su cceed in g It. A . J a c k s o n , re sign e d .— V . 103 ,p .7 5 8 , 493 .

Chicago Rock Island & Pacific Ry.— Reorganization
Proceedings.— N . L . Amster, Boston, Chairman of stock­
holders committee, in commenting on tho progress
oeivership matters, as quoted says:

of re-

M a tte rs are n ow sh apin g them selves so th a t it lo o k s p o ssib le th a t w e shall
bo a b le to bring o u t th o reh a b ilita tio n plan w h ich th e va rio u s co m m itte e s
agreed u p o n last M a y (see V . 102, p . 1987, 1898, 1435.)
1 he receiver has this yea r sh ow n th o p r o p e r t y ’s a b ility n o t alon e t o m eet
Char??s ’1 bu t t o p a y o f f o v e r $ 2 ,4 0 0 ,0 0 0 p rin cip a l o f car tru st
OTw t ’i nnh nnnVlid cd s£ v e r ? L m ii1I,o n s , fo r P ro p e rty im p ro v e m e n ts and has
OVm „ - ' .000,000 in cash , w ith o u t issuing a n y new re c e iv e r ’s c e r tific a te s .
receiv er's certifica tes th a t lie d id issu e w ere to p a y o f f C h o cta w c o lbub
" : as ln lieu o f Issuing R e fu n d in g b o n d s, w h ich tho
c o m p a n y had a rig h t to issue, bu t c o u ld n o t w hile th o p r o p e r ty w as In th o
han ds o f a receiver. T h e se b o n d s w ill, h o w e v e r, b e co m e a v a ila b le fo r
treasu ry purposes as s o o n as th o rece ive rsh ip is d isch a rge d ,
in 7 l.c re c e iv e r s p relim in ary re p o rt fo r th e fiscal y e a r en ded Ju n o 30 show s
v ^ f „ ti 10i Conl panXtl'arn.e d a11 lt® interest ch arges, in clu d in g th a t o n th o d o Denture b o n d s , a lth ou g h n ot p a id , and $4 a sh are fo r th e s to c k .
K em a rk ap ie as last y ear s earnings w ere, th e three m on th s o f the new fiscal ye a r are
s tm m ore rem arkable.
F or th ese th re e m o n th s th e c o m p a n y has sh ow n an
increase in n et o v e r last y ear o f S 2 ,600,000, against a bare c o v e r in g o f fix e d
enarges last year.
tb a t.
R e fu n d in g b o n d h o ld e rs ’ co m m itte o h a v e agreed to
-withdraw o r d e la y tho foreclosu re proceedin gs are n o t c o n fir m e d , tn ou gh
p res u m a b ly said c o m m itte o w ou ld w e lco m e a n y reasonable plan th a t w ould
render foreclosu re u n n ecessary. In terest on th o .<111,114,000 4 % R e fu n d fhn «AnRn A’ one 3 7 as p .a Id ° ^ ’ J as c u s to m a r y , b u t th o in terest p aym en t on
th e $20 ,0 0,0 0 0 deD enturo 5 % b o n d s has rem ain ed in d e fa u lt sin ce an d in­
c lu d in g th o co u p o n o f Ja n . 15 1916.— E d .]— V . 103. p . 1412, 1301.

Connecting Railway (of Philadelphia).— Sale of Bonds
Guaranteed by Penna. RR. Co.— Brown Brothers & C o. and
Edward B. Smith & Co. jointly liavo purchased and re-sold
to investors 83,000,000 of this company’s First Mortgage
4 % gold bonds of 1911, duo March 15 1951, unconditionally
guaranteed as to principal and interest by the Pennsylvania
RR. C o ., by endorsement oneachbond. (See “ a d v t.” pages.)
o-rTin???,nn0 n d s al-c parb o f an a u th orized issuo o f $ 1 5 ,0 0 0 ,0 0 0 , o f w h ich
3 7 ,0 0 0 ,0 0 0 are n ow o u tsta n d in g , an d are secured b y first m o rtg a g o o n th e
p rop erties o f th o c o m p a n y , con sistin g o f a b o u t 35.49 m iles o f r ailroad , w hich
in clu d es 111.97 m iles o f tra ck , largely w ith in th o c it y lim its o f l ’ hila del1’ „ V K‘so lines in part furnish th o d ire ct c o n n e c tio n betw een th o m ain
o f th o P en n sylva n ia R R . an d th o P h iladelpnia & T r e n to n R R
th u s
to^uing^a co n n e c tio n fo r th e n o rth , so u th , east a n d w ost t r a ffic t o an d fro m

C

T h o p r o p e r ty w as leased t o th o P h ilad elp h ia & T r e n to n R R . in 1868 fo r
999 years.
W hen th o P en n sylva n ia R R . C o . leased th o P h ilad elp h ia &
T r e n to n in 1871, it assum ed all o b lig a tio n s o f th o la tte r c o m p a n y , in clu d in g
th o leaso o f th o C o n n e ctin g I t y ., an d th is p r o p e r ty is n o w o p e ra te d b y th o
I en n sylvan ia R R . C o . u n d er th o leaso a t a rental e q u iv a le n t t o all interest
ta xes an d o th e r charges a n d 4 % u p o n all o u ts ta n d in g c a p ita l s to c k
’
T h o c o s t o f th o p ro p e r ty t o Jun o 30 1916 a m o u n ts t o $ 9 ,9 7 6 ,3 1 6 .— V .
J o, P« lOJu*




Guantanamo & Western RR.- -Earnings.—
June 30 Years—
1915-16. 1914-15.
1915-16. 1914-15.
Gross earnings............... 5597,732 5465,097 Gross Incomo................ $164,685 5136,608
N et, after taxes............. $118,407 5108,618 Interest, rents, & o . . . 129,773 113,988
Other income_________
46,277 27 990 Baianco, surplus_____ 534,912 $22,620
— V . 103, p. 758.

Illinois Central RR.— Dividend Increased.— This com­
pany has declared a quarterly dividend of 1
on tho 8109,­
285,532 outstanding capital stock, thereby increasing the
annual rate from 5 % to 6 % , and changing distribution dates
from semi-annual to quarterly. The dividend just declared
is payablo Dec. 1 to holders of record N o v . 9.— V . 103
p. 1306, 1301, 1297.
’
Iowa Railway & Light Co. Earnings.—

Iowa Short Line RR.— Receiver's Sale.— •

„
,
1 9 1 5 -1 6 . 1 9 1 4 -1 5 .
B o n d , & c ., i n t -----$ 2 9 4,72 9 $20 4 ,5 0 0
O th er in t.,r e n ts .& c . 18,487
15 976
H ire o f o q u ip m 't 3 2 ,7 6 8 116 ,826

T h e agreem ent d a ted D e c . 7 1915 p r o v id in g fo r th e o p e ra tio n o f th e
JlS?ts 'o f th is c o m p a n y and o f th e A llan L in o SS. C o . b y th o C a n ad ian P a c ific
o c e a n S erv ices, L t d ., as m anagers and agents; b u t sin ce o w in g to th o w ar
,? , as bo,cn clefer-rexl an d a so m e w h a t d iffe re n t plan tiian th a t first
IP ayA»'0 d esirable, th o d ire cto rs t o b o e m p o w e re d t o sell th o
snares ot th e A llan L in e SS. C o . an d t o tran sfer th o soveral steam sh ip s anil
o th e r p r o p e r t y therein m en tio n e d cith e r t o th e C a n ad ian P a c ific O cea n
a d v i c e s , L t d ., o r t o s om e otiier c o m p a n y cre a te d fo r th a t p u rp ose in w h ich
th is c o m p a n y shall h a ve fu ll ow nersh ip an d c o n t r o l.— V . 103,p . 850 , 937 , 838

Denver & Rio Grande RR.— New Directors.—
G eorge G . H a v e n an d H arrison W illia m s o f N o w Y o r k h avo been elected
d ire cto rs su cceed in g^ E d gar L . M a r s to n an d E . L . B r o w n , w h o re sign e d .

July 31 Year: 1915-16.
1914-15.
1 9 1 5 -1 6 . 1 9 1 4 -1 5 .
G ross e a m in g s $ l,470,895 $1,3 1 5 ,4 2 5 B o n d in te re st____ $239,394 $22 5,11 3
O p .e x p .,ta x .,& c . 865 H 0 7
788 ,063 P re f. d iv s ________ 135,630 102 ,470
N o t a ft .t a x e s .& c .$605787
$52 7,36 2 B a ia n co , su rp lu s_$230 ,762 $19 9,77 9
— V . 102, p . 1163.

GENERAL INVESTMENT NEWS

June 30 Yrs.: 1915-16.
1914-15.
G ross earn in gs$ 3 ,0 5 1 ,877 $2,6 5 6 ,4 8 3
N e t, a fter ta x . $439,091
$13 3,80 2
O th er in c o m o .
66,599
57,717

[Vol. 103.

T h is p r o p e r ty , e xte n d in g fro m T r o y n o r t o C o u n c il Bluffs. Io w a , w as t o
h a v e been so ld a t a u c tio n O c t . 20. T h re e m o n th s a g o th o p r o p e r ty w as
sold t o th o L a n a C o n s tr u c tio n C o . o f C o u n c il B lu ffs fo r 324 000 b u t
p a y m e n t has n o t been fo r th c o m in g .— V . 95, p. 968 .

Kansas City Mexico & Orient RR.— Litigation.— Judge
Pollock of the U . S. District Court at Topeka recently
ordered tho(about) 824,000,000 bonds of the original company
to be delivered to tho Court to avoid a second receivership.
* T \r G en esee V a llo y T r u s t C o . an d th e T r a d e rs ’ N a tio n a l B a n k o f R o c h e s ­
te r, n . Y . o n O ct. 9 so u g h t a c o u r t o rd e r in th o W y a n d o tt o C o u n ty D is t r ic t
C o u rt a t K ansas C it y , M o ., restra in in g h olders o f $ 2 4 ,0 0 0 ,0 0 0 b o n d s o f
the c o m p a n y fro m p la cin g th em as s e c u r ity fo r th o u n p a id p o r tio n o f tho
p u rch ase p r lco fro m th o re ce iv e rs .— V . 103, p . 1301, 320 .

. Missouri Kansas & Texas Ry.— Foreclosure Suit Progress­
ing— Considerable Majority of First & Ref. M . 4s Deposited.—
Tho committeo of holders of First & Ref. M . 4 % gold bonds
due 2004, Alexander J. Hemphill, Chairman, urges the
prompt deposit of further amounts of these bonds with tho
Guaranty Trust C o ., N . Y . , as depositary, saying:
? eiem cm ado. ,in bhe P a y m e n t o f th o Interest o n theso
b o n d s d u o M a r c h 1 1916, and in th o p e r fo rm a n ce o f ce rta in c o v e n a n ts o f
th o m o r tg a g o , p ro ce e d in g s w ero In stitu ted b y th o F a rm e rs' L o a n & T r u s t
C o . ot N o w Y o r k , tru ste e , fo r th e fo re clo su re o f th o m o r tg a g o an d aro d u lv
p rogressin g. T h o p rin cip a l o f all th o o u ts ta n d in g b o n d s has been d ecla red
to bp d u o an d p a y a b le , in p u rsu a n ce o f th e p ro v is io n s o f th o m o rtg a g o .
a co n s id e ra b le m a jo r it y o f th o o u ts ta n d in g b o n d s a lre a d y h a v e be e n d e ­
p o site d . C e r tific a te s o f d e p o s it h a v o boon d u ly lis te d on tho N e w Y o r k
S to c k E x ch a n g e .— V . 103, p . 1210. 844 .

Missouri Pacific Ry.— Annual Report.—
Seo “ A n n u al R e p o rts ’ ’ a b o v o an d also in V . 103, p . 1406, 662.

New Terms for Kansas tfc Colorado Pacific Ry. First Re­
funding 6s.— The Cutting protective committeo for the
First & Refunding M tge. 30-year 6 % bonds (83,972,000 out­
standing) of tho Kansas & Colorado Pacific R y. lias ap­
proved tho plan of reorganization as modified July 25 1916
(V. 103, p. 406; V . 101, p. 130), coupled with the following
alternative offer to the holders of these bonds, which is new
as to paragraph (6), namely:
(а) P a r fo r par in th o now 5 % p referred s to c k (o r 5 % in c o m o b o n d s) m e n ­
tio n e d in said m o d ifie d plan as therein p r o v id e d ; or
( б) P ar fo r p a r in th o new G eneral M o r tg a g o 4 % b o n d s m e n tio n e d in said
m o d ifie d pla n , a n d , as an a d ju s tm e n t in lieu o f Interest o n their K . Sc C .
P a cific b o n d s, an a m o u n t o f cash equa l t o 6% per ann um fro m A u g . 1
1915 t o A u g . 1 1916, and a t 4 % p er ann um fro m A u g . 1 1916 t o th o d a to
fro m w h ich such now G eneral M tg o . 4 % b o n d s shall bo a r interest.
A n y b o n d h o ld e r w h o shall, o n o r b eforo D e c . 1 1916, havo d e p o s ite d
his b o n d s w ith th o G u a r a n ty T r u s t C o ., d e p o s ita r y u n d e r t h o p la n , o r
a n y o f its su b d op ositaries, o r w itli th o F ran klin T ru s t C o ., N o w Y o r k d e ­
p o sita ry fo r tho C u ttin g co m m itte o , w ill bo e n titled t o p a rticip a te in o n o
o f th o aforesaid o p tio n s , o u t w ill b o b o u n d b y o p tio n " a " unless he shall,
(1) on o r b e fo ro D e c. 1, h a v o filed n o tico o f his e lection to c o m e under o p ­
t i o n ‘ ‘ ft ; o r (2) unless b ein g a lre a d y a d e p o s ito r w ith th o Franklin T r . C o .,
ho shall, o n o r b eforo O ct. 3 0 , w ithdraw his b o n d s, p a v in g thereon $4 p er
b o n d fo r c o m m itte o expenses, & c.— V . 103, p . 1413, 1406.

New York Central RR.— Slock Increase.— Directors at a
meeting on the 19th inst. authorized an increaso in capital
stock of 825,000,000 by tho issuanco of 250,000 shares of
treasury stock, to be offered to stockholders at par to tho
oxtent of 1 0 % of their holdings. Tho proposed increaso
will be submitted to tho various commissions having au­
thority for their approval. N o dato has been sot for sub­
scriptions, but it is understood that subscriptions for tho
issuo will not bo invitod beforo tho early part of next year.
V . 103, p. 493, 407.
Northern Ohio Electric Corporation.— Preferred Stock
Offered— Purchase of Over 9 5 % of Common Stock of Northern
Ohio Traction & Light Co.— Ilodenpyl, Hardy & C o., Inc.,
New York, and E . W . Clark & C o., Pkila., aro offering by
adv. on another pago 86,000,000 6 % cumulative preferred
stock on a basis of 10 shares of prof, (par 8100) and 5 shares
of common stock (without par value) for 81,000. Preferred
as to assets and dividends. Callable at 105 and dividends.
Dividends Q .-M . Tho bankers roport in substance:
In c o r p o r a te d u n d e r th o law s o f N . Y . S ta to o n O c t . 18 1916 w ith tho
fo llo w in g c a p ita liz a tio n ;
I’ referred s t o c k ( 6 % c u m u la tlv o —$100 p er s h a r e )...................... 60,0 0 0 sharos
C o m m o n s to c k (w ith o u t par v a lu e )_________ .
75,000 shares
t o a cq u ire n o t less than 9 5 % o f th o $ 9 ,0 0 0 ,0 0 0 c o m m o n c a p ita l s to c k o f th o
N o rth e rn O h io T r a c tio n & L ight C o . s u b je c t to $ 4 ,5 0 0 ,0 0 0 ba la n ce o f p u r­
chase p rice p a y a b le w ith in o n o y oar an d to p r o v id e in th o treasury o f th o
co r p o r a tio n 8 1 ,4 0 0 .0 0 0 ca sh . T h o N o rth e rn O nto T r a c tio n & E ight C o .
also has ou tsta n d in g $ 1 4 ,0 7 5 ,0 0 0 b o n d s and $ 4 ,6 0 0 ,0 0 0 preferred s to c k ; it
has n o flo a tin g d e b t o th e r th a n curren t a cco u n ts an d has a p p ro x im a te ly
$ 1 ,8 0 0 ,0 0 0 cash in its treasu ry. T o th o exton t th a t a n y o f tno c o m m o n
s to c k is n o t a c q u ir e d , th e a m o u n t o f in d eb ted n ess assum ed will b o re d u ce d
and th o cash in th o treasury o f tho now co r p o r a tio n w ill bo in crea sed.
T h o sta te m e n t o f earnings be lo w Is based u p o n a cq u is itio n o f all th o c o m ­
m on s to c k an d Is s u b je c t t o a d ju s tm e n t t o th o e x te n t th e y aro n o t a cq u ire d .
Earnings of Northern Ohio Traction & Light Co. for the 12 Months ended
A ug. 31 1916— Amount Available to New Corporation
C it y ra ilw a y s .........................$1,826,171 N o t, a fte r ta x e s__________ $ 2 ,0 8 7 ,7 1 4
In te ru rb a n ra ilw a y s_____ 1,874,772 Fixed ch a rge s, in c l. pref.
E le c tr ic p o w e r and l i g h t . . 1,035,442
d iv id e n d . ..........................
864 ,745
|
T o ta l g -o s s e a rn in gs___ $ 4 ,7 3 6 ,3 8 5
A v a ila b le t o now c o r p . . $ 1 ,2 2 2 ,9 6 9

O 0T.

6%
6%

o n $ 4 ,5 0 0 ,0 0 0 Indebtedness assum ed in p u rch a so o f s t o c k . . .
o n $ 6 ,0 0 0 ,0 0 0 o f p referred s to c k o f new c o r p o r a t io n ............. -

$ 2 7 0 ,0 0 0
3 6 0 ,0 0 0

B a la n ce (e q u lv . t o $7 90 per sliaro o n 75,0 0 0 shares c o m . s to c k ) $ 5 9 2,96 9
T h e a b o v o results w ere a rriv e d at w ith o u t con sid e rin g in c o m o fr o m tlio
$ 1 ,4 0 0 ,0 0 0 cash p r o v id e d in Its tre a su ry .
Gross Earnings for Cal. Years 1906 to 1915 and for 12 M b s . etui. A ug. 31 1916.
1906.
1908.
1910.
1912.
1914.
1915.
1915-16.
1,703 340 1,8 9 0 ,4 7 3 2 ,4 3 7 ,4 2 6 2 ,9 9 6 ,0 3 7 3 ,6 3 6 ,0 8 5 3,8 9 0 ,7 5 1 4 ,7 3 6 ,3 8 5
F o r tlio 12 m o n th s e n d e d A u g . 31 1916, a gain st 1915. in crea ses in gross
earnings w ere: C it y ra ilw a ys, 2 8 .0 3 % ; in te ru rb a n r a ilw a y s, 1 8 .6 3 /0 ,
ele ctr ic p o w e r a n d lig h t, 4 7 .7 0 % .

ra ilw a y linos in A k ro n , C a n to n and M a s s illo n and tlio in teru rb an ro a d
botw een these cities a n d C le ve la n d and U h r ic h s v illo , R a v e n n a a n d W a d s ­
w o rth
A ls o d oes exclu siv e c o m m e rcia l ele ctric lig h t an d p o w e r business
in A k ro n an d d ir e c t ly o r in d ire c tly su p p lies e le ctr ic e n e rgy t o n in o o th e r
co m m u n itie s . T lio in teru rb a n ra ilw a y co m p rise s 165 m iles, c h ie fly laid
w itii 70 and 80-11). steel rails. T h e c it y lines a ggregate 76 m iles o f tra ck ,
70 t o 114-11). steel rails la id in c o n c r e te on p a v e d stre e ts.
R o llin g s t o c k ,
72 m o d e rn t y p e in teru rb an ca rs, 228 c it y cars an d 56 m iscella n eou s cars.
G en era tin g sta tio n s, in stalled c a p a c ity o f 3 2 ,5 0 0 k .w ., m o d e r n steel an d
b r ic k stru ctu res. T w o a d d itio n a l 2 0 ,000 k .w . tu rb o -g e n e ra to rs h a v e re­
c e n t ly b een o rd e re d , w h ich will d o u b le th e p resen t ge n e ra tin g c a p a c it y .
Franchises.— (1) T h e p rin cip a l e le ctric ligh t an d p o w e r p ro p e rtie s w h ich
p r o d u c e gross earnings o f a p p ro x im a te ly $ 1 ,000,000 a n n u ally are o p e r a te d
u n d er righ ts w ith o u t s p e c ifie d lim it as t o d u r a tio n .
(2) T h e c it y railw ay
fra n ch ises ex p ire as fo llo w s : A k ro n , 1924; C a n t o n , 1928, an d M a ssillo n
1932; 55 % o f tlio Interurban tra ck a g o is o n p r iv a te rig h t o f w a y o r s u b je c t
t o fra n ch ises w ith o u t s p e c ifie d lim it o f tim e , a n d 4 5 % is s u b je c t t o franchises
m a tu rin g fro m 1917 t o 1931.
U p o n c o m p le tio n o f th e presen t a u th orized
co n s tr u c tio n th e m ost p r o fita b le in teru rb a n d iv is io n , ex te n d in g fro m
C le v e la n d t o A k ro n , w ill b o d o u b le tr a c k e d o n p r iv a t e rig h t o f w a y .
Territory Served.— Six co u n tie s o f O h io , a r ic h a gricu ltu ral s e c tio n and
r a p id ly g row in g m a n u fa ctu rin g d is tric t. T h o co m b in e d p o p u la tio n in 1910
w as 9 7 9 ,0 6 5 , an increase o f 3 8 % o v e r 1900 an d 8 0 % o v e r 1890. C le v e la n d ,
w ith a p o p u la tio n o f 5 60 ,663 in l9 1 0 , th o six th largest c it y in th e U n ite d
S ta tes, in crea sed fro m 1900 t o 1910 4 6 .8 5 % ; A k ro n , 6 1 .6 4 % : C a n t o n ,
6 3 .7 4 % ; M a s s illo n . 1 6 .2 0 % ; B a rb e rto n , 1 1 6 .1 2 % ; N e w P h ila ., 3 7 .4 8 % .
Management.— U n d er th e d ir e ct su p e rv isio n an d m an agem en t o f H o d e n p y l, H a rd y & C o . , I n c ., o f N . Y . . and E . W . C la rk & C o . ot R h lla d elp h la .
See fu rth er d a ta . V . 103, p . 1210, 1413.

Northern Ohio Traction & Light Co.— Stock Acquisition.
Seo N orth ern O h io E le c tr ic C o r p . a b o v o .— V . 103, p . 1413, 1302.

Pennsylvania Co.— Certificates to be Paid.—
T h e G ira rd T ru s t C o . , P h ila ., w ill p a y o n N o v . 1 th o rem ain in g $ 1 ,3 2 4 ,­
000 o u tsta n d in g ce r tific a te s issued u n d e r t h o 3 J 4 % G o ld L o a n o f 1901.—
V . 103, p . 61.

Pittsburgh Cincinnati Chicago & St. Louis Ry.—
Merger.— 'Tlio shareholders on Oct. 17 approved the consoli­
dation with tho Vandalia R lt ., the Pittsburgh Wheeling &
Kentucky R R ., tho Chicago Indiana & Eastern Rys. C o.,
and tho Anderson Belt R y . under tho titlo of “ Pittsburgh,
Cincinnati Chicago & St. Louis R y .” See V . 103, p. 066.
A press r e p o r t sta tes t h a t th e new c o m p a n y , i f it is org a n iz e d , w ill bo
Capitalized a t $ 1 0 0 ,0 0 0 ,0 0 0 . T h e re w ill b o a new issue o f s t o c k , th e h o ld ­
ers in t h o fiv e roads in terested r e ce iv in g new s t o c k fo r th eir o ld . A new
b o a r d o f d irectors an d now o ffic e r s w ill b o e le cte d , b u t th is w ill n o t ta k e
p la c o u n til J a n . 1 1917 or la te r.— V . 103, p . 1033, 84 4 , 606.

Rio Grande Southern RR.— Report.— Year end. June 30:
1915-16. 1914-15.
JuneSO Years—
1915-10. 1914-15.
Gross earnings________ $502,022 $555,899 Gross incom o................$138,010 $151,574
N et, after taxes_______ $135,203 $148,351 Interest, rents, & c___ 202,505 200,430
$48,556
Other Incomo_________
3,353
3,224 lialanco, deficit............$03,889
— V. 101, p, 1014.

Sh eboygan Electric Co .— Bonds Offered.— Tho Chicago
Savings Bank & Trust C o., Chicago, H . F . Bachman & C o .,
Pliila., and tho Wisconsin Trust C o ., Milwaukee, W is., are
offering by adv. on another page at 9 6 K and interest $1 ,­
236,000 Refunding and Improvement M tge. 5 % gold bonds
dated July 1 1916, duo July 1 1946. Tho company owns and
operates the electric lighting, power and street railway busi­
ness in Sheboygan, W is., and vicinity, serving without com­
petition a population of approximately 40,000, and the net
earnings for the past year as reported are over twice the
nterest charges on all bonds now outstanding. The prop­
erty is under tho management of Kelsey, Brower & C o. of
Grand Rapids. A circular shows:
I n t . J. & J . in M ilw a u k e e o r N . Y . O p tio n a l at 105 an d in t. o n J u ly 1
1921 or a n y in terest d a to th e re a fte r. D e n o m . $ 1 ,000 a n d $500 c * . T h e
c o m p a n y agrees, in so far as m a y b o la w fu l, t o p a y th o n orm al F ed eral in­
c o m e ta x . T ru s tees , W isco n s in T r u s t C o ., M ilw a u k e e .

D ata from L etter o f Pres. J as. H . B rew er, S h e b o y g a n , W is., O c t. 1 ’ 16.
Business.— l n o c o m p a n y , fo rm e r ly t h e S h e b o y g a n R y . & E le c tr ic C o .,
ow n s an d op era tes th e ele ctric lig h tin g , p o w e r a n d street ra ilw a y p rop erties
In an d a b o u t S h e b o y g a n , W is .
A
Capitalization •
Authorized.
Outstanding.
7 % preferred s t o c k .............................................................0>)0 000
$350 00tf
C o m m o n s t o c k ...................... ..........................................
7 5 0 ,0 0 0
2 00 ,000
R e fu n d in g an d Im p r o v e m e n t 5 % b o n d s ............... 5 ,0 0 0 ,0 0 0
1,2 3 6 ,0 0 0
R es erv ed to retire p r io r lien b o n d s ____________
________
314 ,000
A d d itio n a l b on d s m a y b o issued fo r o n ly 7 5 % o f th o c o s t an d va lu e o f
p erm a n en t a d d itio n s an d im p ro v e m e n ts , a n d th en o n ly w hen th e n et earn­
ings are 1 H tim es th e interest ch arges on all b o n d s o u tsta n d in g a n d th oso
lssu ablo. A sin k in g fu n d p r o v id e s fo r th e p a y m e n t (J . & J .) o f 1 % o f
b on d s o u tsta n d in g In each o f tlio ten years 1920 t o 1930, 1 H % 1931 t o 1940
an d 2 % 1941 t o 1945.
l h i s fu n d m a y b o used t o r e tire o u tsta n d in g b o n d s
o r fo r extensions a n d p e rm a n e n t a d d itio n s a ga in st w h ic h in v e stm e n t a d d i­
tion a l b on d s m a y n o t b o issued.
Earnings for Year ended June 3 0 .
1913-14. 1914-15. 1915-16.1
1915-16.
G ross ..$ 2 9 3 ,1 7 7 $ 3 2 0,07 6 $36 2,61 1 In te re st c h a rg e s_____________ $77 ,500
N e t , a fter ta x e s------------------- 816 4 ,6 8 9 ] F o r d e p r e c ., sk. fd . & d iv s ..$ 8 7 ,1 8 9
F o r a d d ition a l d a ta regardin g p r o p e r t y , fra n ch ises, te r rito r y s e rv e d , & c .,
see V . 103 , p . 1302.

Tonopah & Goldfield RR.— Earnings. -For year:
June 30 Years—
1915-16. 1914-15.
1915-16. 1914-15.
Gross earnings.............. $681,781 $082,714 Interest, & o........... ...$ 1 1 3 ,7 5 9 S146.024
N et, after taxes............. $284,125 $278,822 Preferred divs. ( 7 % ) . 35,000
35,000
Other Incomo................. 19,818 25,509 C om m ondlvs. ( 7 % ) . . 115,500 115,500
Gross income........... S303,943 $304,331
Balanoo, s u r p lu s ... $39,084
$7,807
Clarence I. W orcester, of B o 3ton, Is Interested In the com pany.— V . 101, p.1887

United Railways Investment Co.— Earnings.—
June 30 Y r s• 1916-16.
1914-15. I
1915-16.
1914-15.
T o ta l i n c o n ie .$ l 766,226 $ 1 .7 4 9 , 826|Net i n c o m o . . $ 5 7 7,16 2
$48 9,92 0
E x p . ,& c . , d i g s . 1 ,1 8 9 ,0 6 4 1,259,9061 T o t a l s u r p ..$ 6 ,9 4 9 ,0 1 5 $ 6 ,2 8 5 ,5 1 8
C o n s o li d a t e d E a r n in g s — Y e a r s e n d i n g J u n e 30.
June 30
Gross
N et, after
Other
Interest, Divs. (see Hal. for
Years— Earnings.
la zes.
Income. Rents, & c.
below). Com.Div.A c
$

$

§

j

$

$

1915-16 .-3 4 ,4 9 5 ,5 7 2 1 5 ,979,224 4 02 ,907 1 0 ,037,950 1,738,901 4 ,6 0 5 ,2 7 9
1914-15 - .3 2 ,5 7 4 ,1 1 2 13,925 586 474,821 9 ,9 3 1 ,5 7 2 1,536,977 2 .9 3 1 ,8 5 8
D iv id e n d s in clu d e $ 7 9 9 ,1 3 0 fo r d iv id e n d o n U nited R a ilw a y s In v e stm e n t
C o . p r e f. s t o c k , alth ou gh n o n e w as d e cla re d .— V . 103, p . 1302.




1509

THE CHRONICLE

21 1916.]

Virginia & Southwestern Ry.

Earnings.—

1915-16.
1914-15.
June30 Years— 1915-16.
1914-15.
$399,665 $403,920
Gross earnings. . . $1,959,705 $1,799,301 Interest ch arges..
26,072
48,911
N et, after ta x e s .. $412,242
$379,709 Rents, & o........... ..
200,000 200,000
242,583
179,023 C om . divs. (10%J.
Other incom e____
Gross in co m e ..
— V . 103, p. 321.

$754,825

B a la n ce ............sur.$29,089 def.$93,370

3559,392

Western Maryland Ry.— Earnings.—
June 30 Yrs. 1915-16.
1914-15.
G ross e a in s .$ 1 0 ,9 3 0 ,3 6 9 $ 8 ,6 8 3 ,4 5 9
N e t , a ft . ta x e s$ 3 ,5 4 1 ,6 7 0 $ 2 ,1 1 8 ,2 5 8
O th er in c o m e .
3 1 2 ,8 9 3
2 6 8 ,8 6 6
— V . 103. p . 667.

I

1915-16.
1914-15.
G ross I n c o m e .$ 3 ,8 5 4 ,5 6 3 S 2 ,3 8 7 .124
I n t ., r e n ts , & c. 3 ,3 1 4 ,8 7 0 3 .2 9 5 ,0 2 9
B a la n c e ____s u r .$ 5 3 9 ,6 9 3 d f.$90 7 ,9 0 5

Wisconsin Central Ry.— New Director.—
G e o rg e F . R ip e r o f M in n e a p o lis has be e n ele cte d a d ir e cto r s u cce e d in g th e
la te W . F . F it c h o f M a r q u e t t e , M ic h .— V . 103, p . 1120.

INDUSTRIAL AND MISCELLANEOUS.
(The) American Brake Shoe & Foundry Co.— Plan
Operative.— The plan of Jan. 19 1915 (V . 100, p. 558, 2012),
for reincorporating the company under the laws of Delaware,
without change in the amounts or character of the pref. and
common stock, has been declared operative and the new stock
is now ready for distribution at the Bankers Trust C o ., 16
W all S t., in exchange for tho certificates of deposit.— V .
103, p. 1033.
American Hide & Leather Co., N. Y . — Informal Plan.—
The suggestions informally submitted to President Theodore
S. Haight by Swartwout & Appenzellar, N . Y . , on Sept. 29
1916, looking to a readjustment of the company’s finances
and the elimination of tho accumulated dividends on the
preferred stock, are as follows:
T h o a ccu m u la te d d iv id e n d s o n th o p re f. s t o c k issue a m o u n t n o w t o su ch
a sum (a b o u t 113 H % ) th a t it is p r a c tic a lly im p o ssib le fo r th e h o ld e rs o f th e
c o m m o n s t o c k t o h o p o fo r a n y retu rn o n th a t issue. T h e f a c t th a t th ose
d iv id e n d s aro a ccru e d lead s t o u n w arran ted e x p e cta tio n s o n th o p a r t o f
m a n y h o ld e rs o f th e p re fe rre d s t o c k , a n d exp e rie n ce has sh ow n th a t a re ­
fu n d in g p r o p o s itio n fo r th e m is a m o r e s a tis fa c to r y p ro ce d u re th a n t o a t­
te m p t their s lo w p a y m e n t th ro u g h su cce ssiv e yea rs.
N ew Company— One Class of Stock— 9 0 % Thereof to Pref., 1 0 % to Common
Shareholders.
A s a basis fo r a r e fu n d in g p r o p o s itio n , w o b e lie v e th a t th o p re se n t p r e f.
s t o c k , w ith Its accru e d d iv id e n d s , w o u ld be su b s ta n tia lly co m p e n s a te d i f it
re ce iv e d a p p ro x im a te ly 9 0 % o f th o c a p ita l s t o c k o f a su ccessor c o m p a n y ,
t o b o organ ized w ith o n ly o n e k in d o f s t o c k . W o b e lie v e lik ow lso th a t th o
resent c o m m o n s to c k w o u ld , as co m p e n s a tio n fo r its p resen t v o t in g p o w e r ,
o fu lly co m p e n s a te d i f th a t lssuo s h o u ld re ce iv e a p p ro x im a te ly 10 % o f
th e c a p ita liz a tio n o f th o successor c o m p a n y .
140 Shares N ew Stock for 100 Shares Present Pref.; 20 Shares for 100 Common.
B ased o n th o a b o v o p ercen ta ges, it w ill ap p ear th a t. If a su cce sso r c o m ­
p a n y b o organ ized w ith eith er $ 20 ,000,000 par v a lu o o f o n e k in d o f s t o c k
or w ith 200,000 shares o f n o p ar v a lu o s to c k (th o la tte r p la n n e ce ssita tin g
a ch an ge o f lo ca tio n t o N . Y . S ta te ), h o ld o rs o f th o presen t [$ 1 2 ,548,300]
preferred s to c k w o u ld r e c civ o fo r ea ch 100 shares p resen t p re fe rr e d 140
shares o f th o s to c k o f th o now c o m p a n y , w h ile e a ch 100 shares o f p resen t
[SI 1,274,100] co m m o n w o u ld re ce iv o 20 shares o f th o s to c k o f th o now c o m ­
p a n y . W e a rriv e at those e ven fig u re s b y m a k in g use o f th e p referred an d
c o m m o n s to c k o f th e present c o m p a n y n o w sh ow n t o b o in y o u r tre a su ry .
Of 2 0 0 .0 0 0 Shares of N ew Stock 198,224 1-5 would be Needed for this Exchange.
T h o a b o v e figu res w o u ld u tiliz e a to t a l o f 198 ,224 1-5 shares o f s t o c k o f
th e successor c o m p a n y .
Replacement o f Present Bonds by N ew Issue with Reduced Sinking Fund.
C o n cu rr e n tly , w o be lie v e It w o u ld bo a d v is a b le i f th e presen t o u ts ta n d ­
in g b o n d s w ith th eir h e a v y sin k in g fu n d c o u ld b o e xch a n g ed fo r a n o w issue
o f b o n d s, thus releasing a s u b sta n tia l su m p er an n u m fo r earnings a v a ila b le
fo r d iv id e n d s o n th e s to c k . T h e n et q u ic k assets aro s o la rg e th a t th e n ew
b o n d s w ith a re d u ce d sin k in g fu n d w o u ld b o a m p ly g o o d .
A s It m a y b o d eem ed a d v ls a b lo t o issue c o n v e r tib le n o te s o r b o n d s , in
ord e r t o rotiro th o presen t o u ts ta n d in g b o n d s, It w o u ld d o u b tle s s b e a d ­
v isa b le t o a u th o rize th o issue o f 5 0 ,0 0 0 a d d itio n a l shares o f s to c k in a d d i­
tio n t o th o 200,000 shares p ro p o s e d t o be p re s e n tly issu ed.

S

Opposition Plan.— Preferred shareholders Anderson Price,
Frederick Drew Bond and Hans P . Freece, who in June last
participated in legal steps to compel the payment of preferred
dividends, announce their intention to prepare a plan in
opposition to the foregoing.— V . 103, p. 1414.

American Window Glass Co., Pittsburgh.— Earnings.
Aug. 31 Years— 1015-16.
1914-15.
1915-16.
N et p r o fits ...........$3,401,978 $2,053,453 Charges................... $180,536
Other Income___
55,752
114,133 R o y a lt ie s ............ 1,380,861
♦Preferred divs___
739,075

1914-15.
$193,970
862,295
1,957,550

Total in c o m e ...8 3 ,517,730 S2,167,586
Balance ...su r.S l,217,258df.$846,230
» Deducted by com pany from profit and loss, but shown here for simplicity.—
V. 1 0 3 ,p. 62.

Atlanta Steel Co., Atlanta, Ga.— Earnings.—
Sept. 1916 and
Gross
Reserve Rcs'tcfor Res'vefor Balance,
9 M o s . to Sept. 3 0 —
Earnings, for Int. Rcplace'ts. D ivs. Surplus.
S e p t. 1916__________________$10 4 ,6 1 8 $ 5 ,0 0 0 $ 15 ,000
________
SS4.618
Ja n . 1 t o S e p t. 30 1916___ 6 7 9 ,3 3 7 4 8 ,0 0 0 7 5 ,0 0 0 $ 8 8 ,7 5 0 4 6 7 ,5 8 7
— V . 103, p . 1033, 765.

Central Aguirre Sugar Cos., Boston.— Earnings.—
1915-16.
1914-15.
July 31 Years— 1915-16.
1914-15.
Gross earn in gs...$4,566,327 S3,141,248 Dividends paid . . . $ 1,230,000
$380,000
569,755
$729,953
Expenses________ 2,626,409 1,890,285 Balance, surplus..
D epreciation_____
140,162
141,010 Total su rplu s____ $2,597,180 $2,027,424
— V. 103, P. 1120.
Three M o s. to
1916.
1915.
Sept. 30—
S
$
G ross e a r n in g s ..8 ,0 3 5 ,8 6 3 4 ,7 5 4 ,6 6 5
N e t e a r n in g s .. .1 ,4 3 2 ,7 5 7
5 6 7 ,1 9 0
O th er in c o m e ___ 162,434
105 ,650
— V . 103, p . 1410, 6 3 .

Three M o s. to
1916.
Sept. 30—
$
T o t a l in c o m e — 1,595,191
I n t ., taxes, & c ._ 6 8 5 ,9 6 6
B a l a n c e _______ su r909,225

1915.
S
6 7 2 ,8 4 0
673 .1 2 9
d e f 289

Consolidated Gas, Electric Light & Power Co., Bal­
timore.— Preferred Stock to be Retired.—
T h is c o m p a n y o n O c t . 19 g a v e fo rm a l n o tice th a t It w ill exercise its rig h t
t o redeem its $4,1 0 3 ,7 5 4 o u tsta n d in g p r e f. s t o c k a t $120 o n A p ril 2 n e x t, and
has o ffe re d t o b u y th e shares a t a n y tim e on and a fte r N o v . 17, b u t b e fo re
A p ril 1 at $120 an d d iv id e n d t o d a to o f p u rch a se . Seo p la n fo r retirem en t
o f preferred s to c k . V . 103. p . 1213.
_____

^ Consolidated Mining & Smelt. Co.'of Canada, Ltd.—
^ S h a r e h o ld e r s o f r e co rd O c t . 1 aro o ffe r e d th e rig h t t o su bscrib e a t par fo r
$ 2 ,1 0 6 ,8 3 5 new s to c k In t n e r a t io o f o n e n ew share fo r each share h eld.
P a y m e n t is t o b e m a d e in fo u r in sta llm e n ts, d u e D e c . 1, Ja n . 1, F en . 1 and
M a r . 1. T h e new issu e, it is u n d e rs to o d , w ill Increase th o ou tsta n d in g
c a p ita l s to c k t o $ 1 0 ,5 3 4 .3 7 5 .— V . 102, p . 1062.

jorn Products Refining Co.— Bond Call.—
O ne h u n d red an d fo u rte e n 2 5 -ye a r sin k in g fu n d g o ld b o n d s o f 1931, o f
$ 1 ,0 0 0 e a ch , h a v e been ca lle d fo r p a y m e n t a t p a r a n d Interest o n N o v . 1
a t T it le G u aran tee & T r u s t C o ., tru s te e .— V . 103, p . 4 0 9 , 6 3 .

1510

THE CHRONICLE

Corporation for R. & H. Stock.— Dissolution.—
T h e sh areh olders w ill r o t o o n O c t . 31 o n d is s o lv in g th is c o r p o r a tio n .
— V . 103, p . 66 7 .

(William) Cramp & Sons’ Ship & Engine Building
Co., Philadelphia.— Financing.— A press report says:
P la n s fo r a com p reh en siv e re fin a n cin g o f th e c o m p a n y a n d e v e n tu a lly a
resu m p tion o f d iv id e n d s on th o c o m m o n s to c k are u n d er seriou s co n s id e ra ­
t io n b y th o m a n a g om on t. T h o p r o p o s itio n as presen ted is t o re tiro a il
ob lig a tio n s a h ea d o f th o 3 6 ,0 9 8 .0 0 0 c a p ita l s t o c k , eith er b y r e fu n d in g in to
new m o r tg a g o b on d s or b y p a y m e n t o u t o f th e p ro ce e d s o f an issue o f p r o f,
s t o c k , at tho sam e tim o ca p ita liz in g t o present shareh olders $ 1 ,6 0 0 ,0 0 0 s p e n t
and t o b o exp en d ed o u t o f th o in co m e tor p la n t a d d itio n s an d im p ro v e m e n ts
u n d erta k en a y ea r a g o an d n o w a b o u t co m p le te d .
E x is tin g o b lig a tio n s , ap a rt fro m roal c s ta to m o rtg a ge s a n d g ro u n d ren ts
a m o u n tin g t o $ 5 5 5 ,0 0 0 , in c lu d e $ 1 ,0 7 5 ,0 0 0 1st 5s, $ 2 ,2 6 0 .0 0 0 5 % serial
b o n d s, m a tu rin g $ 2 8 0,00 0 y e a r ly , b u t a ll redeem able a t 102 H o n s h o rt
n o t ic e , an d $ 1 ,5 0 0 ,0 0 0 1-year 5 % n o te s, w h ich w ore s o ld la st su m m e r.
- * o r th o
e,n d c d A p ril 30 1916 th e c o m p a n y r e p o rte d net earnings
o r $ 1 ,4 9 7 ,2 5 5 . S h ou ld th o oxistin g o b lig a tio n s b o re tired th ro u g h issue
o f a b o u t $ 5 ,0 0 0 ,0 0 0 o f n ew 5 % b o n d s o r 7 % p r e f. s to c k , th o ch a rg o a gain st
in c o m e , ah ea d o f a n y d iv id e n d s o n th e c o m m o n s t o c k , w o u ld b o eith er
$2 5 0 ,0 0 0 o r $ 3 5 0 ,0 0 0 .— V . 103, p . 2 3 7 , 63.

[Vol. 103

e x ch a n g e d b e tw e e n O c t . 16 1916 a n d D e c . 15 1916. C e r tific a te s o f s t o c k
fo r e x ch a n g o sh o u ld b o en d orsed in b la n k w ith N . Y . S ta te s t o c k tran sfer ta x
s ta m p s a tta c h e d a t th o ra to o f 2 ce n ts p e r sh a ro , o r a c c o m p a n ie d b y an
e q u iv a le n t a m o u n t o f ca s h .— V . 103, p . 1317, 1300.

General Motors Corp. of Delaware.— Incorporated.—
S ee G en eral M o t o r s C o . a b o v e .— V . 103, p . 1214, 1300, 1317.

General Petroleum Co., San Francisco.— Bonds.—
See G eneral P lp o

L in o

C o r p . b e lo w .— V . 103. p . 1414, 1305.

General Pipe Line Co. (of Calif.).— Bonds Offered.—
The San Francisco bankers named below are offering at 100
and int. $4,000,000 1st M . 6 % sinking fund gold bonds, part
of a closed M . issue of $4,500,000, dated Jan. 1 1912; duo
Jan. 1 1925. A circular shows:

?T58t JtJ - In San F ra n cis c o o r N . Y .
D e n o m . $ 1 ,0 0 0 . C a lla b lo
a t 1021-4 an d in te re st fo r sin k in g fu n d . C a lla b lo a ll o r p a r t a t 105. F ed era l
In c o m e T a x p a id b y c o m p a n y
T r u s te e , C o lu m b ia T r u s t C o . , o f N . Y .
S in k in g fu n d b e g in n in g In 1917, $33 7 ,5 0 0 y e a r ly , plus in te re st o n b on d s
r e tire d , s h o u ld ta k o u p $ 3 ,2 9 4 ,0 0 0 b o n d s b e fo r e m a tu r ity .
t
nnn
Authorized. Outstanding.
1 st M . 6% b d s .($ 5 0 0 ,0 0 0 o w n e d b y G e n .P e tr .C o r p .) c lo s e d M . $4,5 0 0 000
Distillers’ Securities Corporation.— Merger Steps.—
C a p ita l s t o c k (o w n e d b y G e n . P e tro le u m C o r p . ) . . $ 7 ,5 0 0 ,0 0 0
7 500 000
T h e shareh olders o n O c t . 18 t o o k steps to w a rd m e rgin g th e c o m p a n y w ith
Properties— (a) G eneral P lp o L in o C o . ow n s a n d op e ra te s an 8-in ch lin e
all Its su bsidiaries In to a s ln g lo o r g a n iz a tio n . O n O c t . 20 it w as v o t e d to
fro
m
th
e
San
J
o
a
q
u
in
V
a
lle
y
fie
ld
s
t
o
a
n
d
u
p
o
n
G
o
v
e
rn
m
e
n
t
bre
a
k
w a te r a t
changei th o fis c a l p o r io d t o agree w ith th o ca le n d a r y e a r , an d t o ch a n g e th o
San 1 o d r o B a y , 189 .09 m iles: b ra n ch lin o t o M o ja v o , railw ay ju n c tio n p o in t,
d a te o f th o ann ual m e e tin g t o th o th ird W e d n e s d a y in M a r c h .— V . 103
51.82 m iles. S to ra g e c a p a c it y 3 ,1 5 0 ,0 0 0 barrels stoel tanks and a 500 ,0 0 0
p . 75 4 , 64.
barrels c o n c r e te re servior.
(b )G e n e r a l P e tr o le u m C o r p . ow n s In fe o 8,946
(Joseph) Dixon Crucible Co.— Dividends.—
acres In th o several oil fie ld s o f C a lifo rn ia , an d h olds Ieasos o n 2 ,1 8 9 ad d ition *
al acres o f p a te n te d lan d an d leases an d lo c a to r s ’ rights to 12,518 acres
E d w in R . C a se, J ersey C it y , w h o q u o te s th e s t o c k a t 300 b id , states
a d d itio n a l. I t leases also in M e x ic o 2 4 ,0 7 0 acres In th o oil fie ld s an d ow ns
t h a t In a d d itio n t o th e regu la r d iv id e n d a t ra to o f 5 % p e r ann um (2 1 4 %
J . & D .) th ero h a v o thus fa r b e e n p a id in 1916 e xtra d iv id e n d s a ggregatin g 317 acres o f w a te r fro n ta g e fo r term in al site . O n th o C a lifo rn ia lands
thero are 258 p r o d u c in g w ells an d 12 w ells b o ln g d rille d . C o m p a n y ’s
2 2 14%. S to c k o u ts ta n d in g $ 2 ,0 0 0 ,0 0 0 in $1 0 0 shares. C o m p a n y has
w ork s a t J e rs e y C it y fo r m a n u fa c tu r e o f lead p e n cils, b la ck le a d , s to v o
E T ™ nJSJ?.r<?,lu c t o n J8 4 .0 0 0 ,0 0 0 barrels a n n u a lly an d in a d d itio n is h an dlin g
8, 000.000 barrels eith or p u rch a se d o r e x ch a n g e d .
p o lis h , p lu m b a g o , c r u c ib le s , & c ., g ra p h ite m in es a t T lc o n d e r o g a , N . Y .
c e d a r m ill a t C r y s ta l R iv e r , F la .— V . 9 6 , p . 865 .
Appraisal o f Properties and Amounts o f 1st M . Ponds Outstanding.
1st M . bonds.
Fisher Body Corporation.— PreJ. Stock Sold.— Hallgarten G„ eneral, P lp o L in o C„ o ............... ................ ...................$ 5Appraisal.
,0 0 0 ,0 0 0
$ 4 ,5 0 0 ,0 0 0
& C o. and Eugone M eyor Jr. & C o ., each of New York, G eneral P e tro le u m C o r p o r a tio n ________________ 1 3 ,600,000
1,400,000

announce by advertisement on another page, for purposes
of record, that they have sold $5,000,000 7 % cumulative
preferred stock (par $100), Stock is preferred as to assets
and dividends and is redeemable at 120 and divs. See
description of property, & c., V . 103, p. 581, 1414.

Ford Motor Co. of Canada.— 10 Mos. to Sept. 30 —
P r o f it s ---------------------------------$ 1 ,8 2 5 ,4 5 8 D iv s . (see b e lo w )__________$ 6 ,6 0 0 ,0 0 0
I ro v lo u s s u rp lu s -------------- 6 ,5 2 9 ,8 0 0 R e s . business p r o f it t a x . .
716,136
T o t a l fo r d iv id e n d s ____ $ 8 ,3 5 5 ,2 5 8
T o t a l su rp lu s___________$ 1 ,0 3 9 ,1 2 2
D iv id e n d s as a b o v e in c lu d e $50 0 ,0 0 0 p a id O ct. 13 1915, $10 0 ,0 0 0 D e c . 1
a n d $ 6 ,0 0 0 ,0 0 0 Ja n . 12 1916, w h en t h o ca p ita l s t o c k w as increased
fr o m $ 1 ,0 0 0 ,0 0 0 t o $ 7 ,0 0 0 ,0 0 0 and w hen s to ck h o ld e rs r e c e iv e d 6 shares
fo r e v e r y o n e share o w n e d .— V . 103, p . 8 1 7 , 4 9 6 .

Gaston, Williams & Wigmore, Inc.— Stock Listed— Earns.
T h o N e w Y o r k S tock E x ch a n g e has a d m itte d t o list 163 ,845 share*
Of ca p ita l s t o c k o f n o p ar v a lu e , w ith a u th o r ity t o a d d 136,155 shares on
orricial n o tice o r Issuance o f p e rm a n e n t en graved ce r tific a te s in exchange
fo r presen t ou tsta n d in g c e r tific a t e s , m ak in g th e to ta l a m o u n t a u th orized
t o b e lis ted 300 ,000 shares.
Earnings for Period from A pril 20 1916 to August 31 1916.
I n c o m e fro m o p e r a t i o n s ..$ 1 ,3 0 1 ,8 2 8 1General expenses: ............. $39 4 ,4 7 1
D iv id e n d s an d interest o n
| In te ro st_ . .
259 252
on in v e s tm e n ts--------------4 3 ,7 0 2 T a x e s
.......................4 '4 2 5
P r o fits o n ex ch a n g e ------7 ,9 3 5 0 R e n t a ls ________ ___________
6 ,1 5 6
206,2391 A m o r tiz a tio n o f d is c o u n t
12,736
In terest ea rn ed ----------------T o b a c c o d e p a rtm e n t------9 1 ,8 0 1C ash d iv id e n d s ....................
3 0 0 ,0 0 0
C o n tin g e n cie s & a d j u s t s ..
332 ,9 2 2
B a la n co , su rp lu s_______

$34 1 ,5 4 2

T o t a l .....................................$ 1 ,6 5 1 ,5 0 4
„
,
„ „
.
Cal. Year
Jan. 1 to
Total
Results o f Operations for Old Co.
1915.
A p r. 19 ’ 16. 1514 M o s .
T o t a l gross In co m e ........ ............................ $ 5 ,2 8 1 ,1 5 2 $ 1 ,9 3 0 ,3 1 6 $ 7 ,2 1 1 ,4 6 8
N ot
- ~ r , - w - - x x -.v - .- r - 3 ,2 8 2 ,2 1 2
1 ,2 2 1 ,0 9 7
4 ,5 0 3 ,3 0 9
C a s h d iv id e n d s p a id N o v . 20 1914 t o S ep t. 28 191 5.........................
1 020 000
S t o c k d lv . A u g . 20 1915, in c . s to c k fro m $ 1 ,0 0 0 t o $ l , 0 0 0 ,0 0 0 ..
999 000
B a la n ce (in creased b y p r o fit a n d loss ite m s t o $ 3 ,2 6 6 ,7 0 3 ) .. $ 2 ,4 8 4 ,3 0 9
V . 103, p . 1034, 668.

General Chemical Co., N. Y .— 9 Mos. Earns, to Sept. 30:
9 Mos.to Sept. 30
1916. 1915.
1916.
1915.
N et p r o fit s ........... *9,138,138 *4,058,741 Pref. divs. (4 H % ) *684,374 *684,374
Insurance reserve.
120,000 165,050 Com . divs. (4>4% ) 689,977
513,022
D cpreo., & o., res.
1,500,000 750,000 Balance, s u rp lu s..*6,243,788 *1,946,295
— V . 103. p. 496, 410.

General Motors Co., New York.— Plan Operative— Ex­
change of Stock for Stock of Delaware Corporation.— Share­
holders representing upwards of 7 0 % of the outstanding stock
have approved the financial plan already outlined, the
adoption of which, tho directors believe, “ will afford the
present stockholders a more liquid and satisfactory invest­
ment and eventually will lead to economies in administra­
tion to the benefit of all shareholders.” The plan has there­
fore been made effective as of N o v . 1 and deposits of stock
for exchango for shares of the new Delaware corporation will
bo received at the Guaranty Trust C o ., 160 Broadway,
N . Y . , till D ec. 15, inclusive. The directors in circular dated
at N . Y . , Oct. 16, say in substance:
G eneral M o t o r s C o r p o r a tio n has be e n o rg a n iz e d u n d e r th o law s o f D e la ­
w a re [on O c t . 13) w ith an a u th o rize d c a p ita l s t o c k o f $ 1 0 2 ,6 0 0 ,0 0 0 , in
shares o f th e p a r v a lu e o f $100 e a ch , v iz .:
C o m m o n s t o c k _________________________________
« g 2 600 000
N o n -v o tin g p referred s t o c k , e n title d t o re ce lv o cu m u la tiv e d l v i ’
’
den d s a t th o ra to o f 6% p er a n n u m , an d s u b je c t t o re d e m p ­
tio n , a t o p t io n o f c o m p a n y , a t $110 a sh aro o n N o v . 1 1918
o r on a n y s u b seq u en t d iv id e n d -p a y in g d a to . In ca so o f d is ­
s o lu tio n , th o h old ers o f p re fe rre d s to c k aro e n title d eith er
t o b o p a id th o p a r v alu e th e r e o f an d a ccru ed d iv id e n d s thereon ,
o r , a t d is cre tio n o f d ir e cto r s , t o re c e lv o . in lieu th e re o f, a d is ­
tr ib u tio n in k in d o f p referred s t o c k o f G eneral M o t o r s C o .
o f N . J ., on th o basis o f on o s haro t h e r e o f fo r each 1 1-3 shares
o f p rof, s t o c k o f th o D e la w a re c o r p o r a tio n , b e fo r e a n y assets
aro d iv id e d a m o n g , o r p a id t o th o h olders o f c o m m o n s t o c k . . 20,000 000
A c o p y o f th e c e r tific a t e o f in c o rp o ra tio n o f G eneral M o t o r s C o r p o r a tio n ,
o f D e la w a re , m a y b o In spected a t th o G u a r a n ty T r u s t C o . Of N . Y .
Privilege o f Exchange Offered Shareholders o f General M otors Co. o f N . J .
(a) 1 1-3 shares o f p referred s t o c k o f th o D ola w a ro c o r p o r a tio n
fo r ea ch share ot p ref. s t o c k o f th o N o w Je rse y c o m p a n y .
$19 ,980 ,26 7]
[$ 1 4 ,985,200 o u ts ta n d in g , h e n ce ca llin g f o r ........ ................
(b ) F Ivo shares o f c o m m o n s t o c k o f th e D e la w a ro co r p o r a tio n
fo r o n o sharo o f c o m m o n s t o c k o f th e N o w J crso y c o m p a n y .
[$16,511,783 o u ts ta n d in g , lie n co ca llin g f o r .............
8 2 ,5 5 8 ,9 1 5
C e r tific a te s fo r fra ctio n a l shares w ill n o t b o issu ed, b u t , In p la c o t h e r e o f,
th o D ela w a ro co r p o r a tio n w ill p a y In cash at th o rate o f $100 a sharo fo r
its preferred s t o c k , a n d $150 a sh aro fo r its c o m m o n s to c k .
D iv id e n d s u p o n th o p referre d a n d c o m m o n s to c k o f th o D e la w a ro c o r ­
p o r a tio n w ill b o co m p u te d fr o m N o v . 1 1916 u p o n all o f Its s to c k Issued an d




Tkita 1
. . .
............... ...............................$ 1 8 ,6 0 0 .0 0 0
$ 5 ,9 0 0 ,0 0 0
(T h o p lp o lin o b o n d s c o v e r all p ro p e r tie s, s u b je c t in p a r t, t o G on eral
P e tro le u m $ 1 ,4 0 0 ,0 0 0 1st M o r tg a g e .)
Combined Earnings Before Depreciation and Mineral Exhaustion, as applied
to the Present Capitalization.
Year ended Dec. 31----------- -— 6 mos. ended
Gen. Petroleum Corp.—
1913.
1914.
1915.
June 30 1916.
$ 6 1 9,18 8
N e t ea rn in gs......................
$7 7 9 ,6 8 4 $ 1 ,1 5 7 ,5 1 7
$ 6 3 4,76 2
M tg o .

6%

b o n d s ______

8 4 ,000

8 4 ,0 0 0

8 4 ,0 0 0

4 2 ,0 0 0

B a la n c o _______________
General Pipe Line—
N o t e a rn in gs____________

$ 5 3 5,18 8

$69 5 ,6 8 4

$ 1 ,0 7 3 ,5 1 7

$59 2 ,7 6 2

4 1 4 ,1 0 3

6 4 0 ,3 6 0

805 ,8 0 9

6 7 1 ,4 2 2

T o t a l n o t e a rn in gs___
In terest o n G en eral P lp o
L in o I s t M . 6s ________

$949,291

$ 1 ,3 3 6 ,0 4 4

$ 1 ,8 7 9 ,3 2 6

$ 1 ,2 9 4 ,1 8 4

2 7 0 ,0 0 0

2 70 ,000

2 7 0 ,0 0 0

135,000

B a la n co foi* s in k fu n d ,
d o p re c. a n d d iv id e n d s .
$679,291 $ 1 ,0 6 6 ,0 4 4 $ 1 ,6 0 9 ,3 2 6 $ 1 ,1 2 9 ,1 8 4
In terest e a r n e d ............... ..
3 .5 tim e s
4 .9 tim es 6 .9 tim es
9.3 tim es
T h o San F ra n cis c o ban kers o ffe r in g th o b o n d s are B ly t h , W itt e r & C o .,
J. B a rth & C o . , G Irv in & M ille r , B o n d Sc G o o d w in an d C y ru s P e irce & C o .
— V . 103, p . 1441, 1121.

Great Northern Paper Co.— Dividend Record.—
A qu a rte rly d iv id e n d o f 1 % has bo o n d o c la r cd o n th o $ 6 ,0 0 0 ,0 0 0 s t o c k o f
tho c o m p a n y , p a y a b le N o v . 1 t o h o ld e rs o f re c o rd O ct. 3 1 . S in co an d in ­
clu d in g 1913, th o c o m p a n y lias p a id 1 0 % p or a n n u m , p a y m e n ts b ein g
m a d e 1 % each F e b .. M a y , A u g . an d N o v e m b e r an d 1 K % each M a r c h ,
Ju n o, S e p t, and D e c . T h o c o m p a n y ’s re c o rd is as fo llo w s :
’03. ’0 4 . ’0 5 . ’06. ’0 7 . ’0 8 -’0 9 . TO . ’ l l . '1 2 .
1913 t o 1916.
6 n o n e 4 H 6 4 >4 n on e 6
7
10 1 0 % (1 % Q -F & 1>4 % Q -M )

Gulf States Steel Co.— Earnings.—
T h e n et o p e ra tin g in c o m e fo r S e p tem ber 1916 w as $25 6 ,1 7 8 , an lncroase
Of $19 5,61 5 o v e r S eptem ber 1915, an d a fte r allo w in g fo r d e p r e c ia tio n , taxes
and reserves, th o n e t in co m e w as $ 2 2 9 ,0 2 4 .
F o r th o n in e m on th s o f 1916
th e to ta l n e t in c o m e a m o u n ts t o $ 1 ,6 0 9 ,9 4 1 , a g ain st $ 3 7 7,29 2 fo r th o sam o
p e rio d in 1915.
T h o now b y -p r o d u c t c o k e o v e n s n o w u n d o r c o n s tr u c tio n aro n earin g
c o m p le tio n .— V . 103, p . 1034, 582.

Hartford & New York Transportation Co.— Stk. Purch.
T h is c o m p a n y h as pu rch ased 5 ,0 0 0 shares (par $100) o f its ca p ita l s to c k
fro m th o N o w E n g la n d N a v ig a tio n C o ., an d has ca n ce le d tho shares, thus
re d u cin g th o o u ts ta n d in g c a p ita l s to c k fr o m $ 2 ,5 0 0 ,0 0 0 t o $ 2 ,0 0 0 ,0 0 0 . T h o
to ta l a u th o rize d has a ls o b o o n re d u ce d t o $ 2 ,0 0 0 ,0 0 0 .— V . 88, p . 1004.

Kennecott Copper Corp., N. Y .— Production (in Lbs.).—
June 1916.......... ................ 10,500.000 lbs. I September 1 9 1 6 ................. 8,000,000 lbs.
July 1916.............................10,750,000 lbs. Total (4 mos. In 191 6)...39,450,000 lbs.
Aug. 1916.............................10,200,000 l b s .[— V. 103, p. 582, 148.

Kings County Elec. Lt. & Power Co.— Earns.— Bonds.
9 Mos. to Sept. 30.
1916.
1915.
1916.
1915.
Gross earn in gs...*5,920,375 *4,949,150 Gross in c o m o ____*1,670,879 *1,598,150
Operat’g expenses. 2,568,275 2,160,915
Deduct—
Taxes......................
478,500
360,000 Int.on funded dobt *519,386
*593,612
877,383 Int. on unfunded
Depreciation......... 1,253,168
d e b t ......... ..........
39,960
39,263
Net e a r n in g s ...*1,620,432 $1,550,851 Bond disc.writ, off
15,202
15,202
Other incom o____
50,447
47,305
N et incom e____*1.096.320
*950,079
Gross income ..*1 ,6 7 0 .8 7 9 *1,598,156 Stock outston d.*15,607,600*13,428,600
T h o P . S . C o m m issio n has been asked t o s a n ctio n th e issuo o f $ 2 ,5 0 0 ,0 0 0
now 6% c o n v e r tib le d eb en tu res (co n v e r tib le in to s to c k a fto r throo yoars)
on a c c o u n t o f a d d itio n s a lre a d y m a d o , a n d also $ 1 ,000,000 sim ila r d e b e n ­
tures, th e a u th o riz a tio n o f w h ich b y th o C o m m is s io n lias boon held in a b e y an co fo r so m e yoars p e n d in g d e cis io n , o x p e c to d a t an ea rly d a y , in a lo n g ­
sta n d in g ra te ca so .— V . 103, p . 324 .

(S. S.) Kresge Company, Detroit.— Sales for Sept., &c.—
1916— September— 1915. Increase.!
1916— 9 M o s .— 1915.
Increase.
$2,2 2 4 ,9 6 8
$1,6 2 3 ,1 2 5
$601,8-131$17,3 1 6 ,5 3 8 $ 1 3 ,8 0 3 ,8 5 4 $ 3 ,5 1 2 ,6 8 4
— V . 103 , p . 2 4 2 .

Manhattan Electrical Supply Co., Inc.— Sale of First
Pref. Stock of New Company.— Chandler & C o ., as syndicate
managers, have underwritten and will shortly offer the
S I,500,000 cumulative 7 % first prof, shares of this new
Massachusetts corporation, which takes over the business
of the present Manhattan Electrical Supply Co.
Capitalization to be Authorized and Issxied (in $100 Shares) .
F irst P r e f. s t o c k , 7 % c u m u la tiv e , preferred as t o assots a n d d iv i­
d e n d s. Q u arterly d iv id e n d s co m m e n cin g J a n . 1 1917. C a ll­
a b lo a t $112 50 p er sharo. S in k in g fu n d , begin n in g O c t . 1
1917, o f $ 30 ,000 p e r a n n u m , p a y a b le $ 7 ,5 0 0 q u a rte rly t o an d
in clu d in g Ja n . 1 1921, an d thereafter $ 4 0 ,0 0 0 por a n n u m , to bo
a p p lie d t o th o re tire m e n t o f first prof, a t n o t o v e r $112 50 ___ $ 1 ,5 0 0 ,0 0 0
S e co n d P referred s t o c k , 7 % c u m u la tiv e __________________________
500 ,000
C o m m o n s t o c k _______________________________________________________ 3 ,0 0 0 ,0 0 0
M o r tg a g e o r fu n d e d d e b t ___________________________________________
N one
T h o presen t c o m p a n y ow n s an d o cc u p io s b u ild in g a t 17 P a rk P la c e ,
N . Y . , w here its h ead o fflc o s an d prin cip a l stores are lo ca te d .
It also o p ­
erates t w o largo m a n u fa ctu rin g p lan ts in Jersey C it y an d tw o hi N o r t h o m
O h io; a n d retail stores in N o w Y o r k , C h ic a g o an d S t. L o u is , w ith a sales

Oct. 21 1916.]

o f fi c e in San F ra n cis co . T h o business w as fo u n d e d in 1889 a n d lias been
d e v e lo p e d la rg ely th ro u gh re in v e stm e n t o f surplus p r o fits . T h e p rin cip a l
p r o d u c ts aro “ R e d S e a l” a n d “ I ll- U p ” d r y b a tteries an d “ M e s c o ’ e le ctric
a p p lia n ces. T h o g ross sales, w h ich in 1901 a g gregated $90 2 ,3 2 4 a n d in 1915
$ 3 ,0 1 4 ,0 0 0 . aro e x p ecte d t o roach $ 4 ,2 0 0 ,0 0 0 fo r th o y e a r 1910. N e t p ro fits
(a p p lica b le t o d iv id e n d s ), f o r 1915 w e re a b o u t $ 5 4 1 ,0 0 0 , o r m o r e than f lv o
tim es t h o f ir s t p r e fe r r e d d iv id e n d requ irem en ts an d s h o u ld b e la r g e r fo r 1916.
T h o not ta n g ib le assets, exclu sive o f g o o d -w ill, p a te n t rig h ts a n d tra d e
m a rk s, a t A u g . 31 1910 aro s ta te d as o v e r $ 2 ,4 9 0 ,0 0 0 , a n d th e n e t q u ick
assets at m ore th a n $ 1 ,6 0 0 ,0 0 0 , o r $106 p e r sh are. C a sh in b a n k A u g . 31
$ 4 8 9 ,8 4 8 , w ith n o d e b ts o th e r than cu rre n t a c c o u n ts . T h e a rticles o f in ­
c o r p o r a tio n w ill p r o v id e th a t n o b o n d s o r secu rities h a v in g p r io r it y t o th o
fir s t preferred s to c k m a y b e issu ed, n o r p re fe rre d s to c k in crea sed w ith o u t
w ritten con sen t o f a t least 7 5 % o f th o issued an d o u ts ta n d in g s to c k s o f
all classos. T h o o ffic e r s an d d ir e cto r s o f th o p rosen t c o m p a n y w ill rom ain
in c o n tr o l o f th o now c o r p o r a tio n , w ith J . J . G o rm a n as P re s id e n t.—
V . 103, p . 324 .

Maxim Munitions Corporation.— Acquisition.—
P resid en t J . W . O ’B a n n o n an n o u n ce s t h a t th o c o r p o r a t io n has se cu re d
c o n tr o l o f th o J . B . W iso c a rtrid g e p la n t a t W a te r to w n , N . Y . , t o increase
its fa cilities t o p r o d u c o 3 0 ,0 0 0 ,0 0 0 ca rtrid ge s per m o n th ; t o o x p e d ite d e liv ­
eries o f c o n tr a c ts in h an d an d t o ta k e ca r e o f a la rgo c o n t r a c t u n d er n e g o ­
tia tio n w ith im m ed ia te d e liv e rie s .— V . 103, p . 148.

Mills & Gibb, New York.— Receiver's Sale.—

P u rsu a n t t o a d ecre e o f t h o U . S . D is tr ic t C o u r t a t N . Y . o n O c t . 6 , th o
en tire p rop erty an d assets w ill b e so ld o n N o v . 15 at 286 F o u rth A v e .,
N . Y . C it y . B id s w ill bo re ce ive d fo r th e e n tiro p r o p e r ty , o r in parcels
con sistin g o f (a) m erch a n d ise, & c ., (b ) th e p rem ises o f th o c o m p a n y in
N . Y . C i t y , (c) real estate a t C a la is, F r a n co , and (d ) p erson al p r o p e r ty a t
N o tt in g h a m , E n g ., o r in a n y fo re ig n o f fic e o f th e d e fe n d a n t.
See re ­
org a n iz a tion p la n , V . 103, p . 1415.

Mitchell Motors Co.— Slock on $6 Basis.—
A qu a rterly d iv id e n d o f $1 50 has been d e cla re d , p a y a b lo N o v . 24, t o
s tock h old ers o f r ecord o n N o v . 10.— V . 103, p . 243, 65.

Mohawk Gas Co., Schenectady.— Capital Increased.—
T h is c o m p a n y has file d n o tice w ith th o S e cre ta ry o f S ta te at A lb a n y o f an
lncreaso in th e a u th o riz e d ca p ita l s to c k fro m $1,5 0 0 ,0 0 0 t o $ 1 ,9 0 0 ,0 0 0 .
— V . 7 7 , p . 1297.

Mt. Whitney Power & Elec. Co., Cal.— Control— Officers
O n S ep t. 5 th o c o n tr o l o f this c o m p a n y passed fro m J o h n H a y s H a m m o n d
t o I I . E . H u n tin g ton an d associa tes o f N o w Y o r k , and on th a t d a y th e f o l­
low in g o ffic e r s w ero e le cte d : P r e s ., G . C . W a r d ; lr o a s ., A . N . I fo m p ;
V lc o -P r e s ., B en M . M a d d o x , S. M itc h o ll and W . It. S p a ld in g; S e c ., E E .
B a k e r. D ire cto rs , C . It. B ly tli an d E . It. D a v is . T h o now ow n ers p la n
an on orgotic business ca m p a ig n fo r th o d e v e lo p m e n t o f th is c o . s te r rito r y .
— V . 102, p . 2 34 5.

Mt. Vernon-Woodberry Mills, Inc., Baltimore.— Un­
necessary Property to be Sold— Status.— Nelson, Cook & C o.,
Baltimoro, Oct. 18, wroto in substance:
T lio m ills a n d ten e m e n t p ro p e rtie s w h ic h aro t o b o o ffe r e d fo r salo o n
O c t . 23, 2 4 , A c ., aro o n ly th ose p rop erties w h ic h are n o t used b y th e prosent
c o r p o r a t io n , an d a lth o u g h o f c o n sid e ra b le v a lu e , th e y h a v o been d ism an tled
as g o in g p rop erties fo r several y e a rs. T h o o b je c t is t o g o t rid o f these u n ­
desira b le a n d useless p r o p e r tie s . T h e p r o p e r ty o f the pre d e ce sso r c o m p a n y
w as all sold u n d er th o fo re clo su re p ro ce e d in g s o f th e o ld m o r tg a g e in th o
early p a rt o f 1915 and then fin a lly reorga n ized .
T h e M t . V e r n o n -W o o d b e rr y M ills , I n c ., is in a v e r y p ro sp e ro u s c o n d itio n .
A t th o t im e o f th o re o rg a n iz a tio n it Issued $ 2 ,5 0 0 ,0 0 0 o f 3 -y e a r 6 % n o te s ,
a n d as th e cu rren t casli assets a t presen t aro m o r e titan $ 3 ,0 0 0 ,0 0 0 an d tho
$ 2 ,5 0 0 ,0 0 0 n otes aro t h e o n ly o b lig a tio n , it w ill b o seen th a t th o p r o p e r ty is
in a v e r y flo u ris h in g c o n d itio n .
W e in clos e c o p y o f last s ta te m e n t Issued Ju n e 30. [T ills sta te m e n t w as
p u b lis h e d in V . 103, p . 582 , an d sh o w e d fo r th e h a lf y ear a su rplu s o f
$ 3 2 0,73 4 a fter d e d u c tin g 3 % in terest o n th e $ 2 ,5 0 0 ,0 0 0 6 % n o te s an d also
$ 1 0 0 ,0 0 0 fo r d ep recia tio n an d $15,000 fo r t o r n a d o lo s s .— E d .] .
A n o th e r
q u a rte rly sta tem en t fo r th e p e rio d e n d in g S e p t. 30 is d u o , w h ic h w ill s h o w
v e r y larg ely in crea sed ea rn in gs.— V . 103, p . 5 8 2 .

Nash Motors Co.— Initial Preferred Dividend.—
A n initial q u a rte r ly d iv id e n d o f 1 5 4 % has been d eclared o n th o $ 5 ,0 0 0 ,­
000 p ro f, s t o c k , p a y a b lo N o v . X t o h old ers o f re co rd O c t . 2 0 .— V . 103,
p . 49 7 , 243.

National Motor Car & Vehicle Corporation (“ National
Cars” ), New York.— Syndicate Oversubscribed.— Pyne,
Kendall & Hollister and Leonard Snider & C o., both
of Now York, who as managers of a syndicate purchased
tho 53,000 shares of this company offered to the public (out
of a total issuo of 80,000 shares), announco that tho syndi­
cate has been largely over-subscribed at 842 50, the sub­
scribers including a large number of Stock Exchange houses
and prominent out-of-town investment houses. Arthur C.
Newby, President of tho existing company, reports:
(a) C a p ita liz a tio n , 8 0 ,000 sh ares, o f n o par v a lu e , o f w h ic h o v e r o n e th ird (27,000) w ill bo taken b y th e presen t m a n a ge m e n t an d its a ssocia tes.
[To bo In corp ora ted in N e w Y o r k S ta te w ith th e a b o v o o r sim ilar n am e.]
(b ) H as n o m o rtg a g e , n o b o n d e d d e b t an d n o p re fe rre d s t o c k .
(c) W ill at firs t b o a h o ld in g c o m p a n y fo r th o en tiro c a p ita l s t o c k o f th o
N a tio n a l M o t o r V e h icle C o . ( o f In d ia n a ), b u t it is in ten d ed p r o m p tly t o
take, o v e r th a t c o m p a n y as a g o in g co n ce rn w ith its m o d e rn p la n t, p rin ci­
p a lly rein forced co n c r e to , in In d ia n a p o lis , o f 262 ,000 s q . f t . flo o r s p a ce ,
o w n e d in feo s lm p lo (in clu d in g b u ild in g n o w n ea rin g c o m p le tio n t o p r o v ld o
fo r th o Increased o u t p u t ).
1
(d) E stim a ted n et earnings fo r y e a r en d . Ju n o 30 1917 fro m $ 1 ,0 0 0 000 t o
$ 1 , 100,000 o n a m axim u m o u t p u t o f a b o u t 6,000 ca rs , based u p o n ’ orders
a ctu a lly taken an d o n co n tra cts m a d e fo r needed m aterials. T h is is a t the
ra te o f o v e r 3 0 % on th o su b s c r ip tio n p rice o f $42 50 p e r share. W ith an
o u tp u t o f 2 ,4 9 9 cars last y e a r , th o n e t earnings w ero $42 5 ,0 0 0 equa l t o
1 2 1 4 % <>n th o c a p ita liz a tio n o f th o now c o m p a n y a t th o issue p rice
(o) N a tion a l M o t o r V e h iclo C o . an d its p red ecessor h a v e m a n u fa ctu re d
tlio w ell-k n ow n N a tio n a l cars fo r 16 years. T h e s ix -c y lin d e r 7-nassem rer
car sells for $ 1 ,7 5 0 an d a tw in six (1 2 -e y iin d e r) 7-passen ger ca r fo r $2 1r>()
(f) M a n a g e m e n t rem ain s w ith p e o p le w h o m a d e th o p rosen t c o m p a n y
su ccessfu l.

son,

V e h ic lo vyv,,f
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ibttll -L
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i.
B a n k , In d ia n a p olis; O . J . T lio m c n , o f R e d m o n d & C o .; L e o n a r d S n id e r, o f
L eon a rd S nider & C o . , a n d B u ell H o lliste r , o f 1 y n o , K e n d a ll & H o lliste r,
all o f N e w Y o r k .

New England Navigation Co.— Sub. Co. Stock Sold.—
Soo H a r tfo r d & N o w Y o r k T ra n sp o rta tio n C o . a b o v o .— V . 9 8 , p . 1396.

New England Power Co.— Notes Called.—
T w o hun dred and t w o ($202,000) 6 % 3 -y e a r g o ld n o te s d a te d N o v . 1
1914 h a v o been draw'll fo r re d e m p tio n a t p a r an d Interest o n N o v . 1 at
In tern a tion a l T r u s t C o . . B o s to n , trustee.
V . 103 , p . 243 .

Northern Transportation Co.— Bonds Offered.— Frazier
& Co., Phila., New York and Balt., aro offering at par and
intorest $200,000 First (closed) Mortgage 6 % marine equip­
ment bonds, dated Oct, 15 1916, duo $40,000 annually
Oct. 15 1917 to Oct. 15 1921, inclusive. A circular shows:
A u th o riz e d an d o u ts ta n d in g , $20 0 ,0 0 0 . In terest A . & O . 15. D o n o m .
$ 1 ,0 0 0 c * . C a lla b le a t 102 an d in t ., all o r in p a r t, b y lo t o n a n y interest
d a to , u p o n 90 d a y s ’ n o t ic e . 'I'lio co m p a n y c o v e n a n ts t o p a y b o th p rin cipa l
a n d Intorest w ith o u t d e d u ctio n fo r a n y G o v e rn m e n t, S ta te o r m u n icip a l
taxes n o w existin g. T r u s te e , W e s t E n d T r u s t C o . o f P h iladelph ia.
J o h n T . D o n o h u e , th o P re sid e n t, re p o rts: (a) Secu red b y an ab so lu te
firs t closed Hen o n ten s e a -g o in g vessels en gaged in th o A tla n tic coastw iso
tr a d e , w ith an astim a tod salos v a lu o o f a b o u t 2 )4 tim e s th o ou tsta n d in g




1511

THE CHRONICLE

b on d s,
(b ) B y N o v . 15 1916 net earnings sh o u ld b o a b o u t $ 2 9 ,0 0 0 per
m o n th , o r $ 3 5 0 ,0 0 0 p e r an n u m , o r 30 tim e s th o Interest ch a rge s, o r seven
tim e s th e in terest ch arges p lu s th e a m o u n t o f b o n d s m a tu rin g ea ch y e a r .
N e t earnings aro n o w ru n n in g a t o v e r $ 1 9 ,0 0 0 p e r m o n th .

N. Y. Steam Co.- Earns. Reported to P. S. Comm.—
1915-16.
April 30 Year— 1915-16.
1914-15.
Operating revenue $1,063,242 $1,184,052 Gross in c o m e ____ 5184,363
131,373
Operating Incom e. $131,839
5131,104 Charges__________
$52,990
Other Income____
52,524
62,125 Balance, su rplu s..
— V. 100, p. 1353.

1914-15.
5193,229
130,833
$62,396

Ogilvie F lour Mills Co., L td., M ontreal.— Earnings.—
Aug. SI Years— 1915-16.
1914-15. I
1915-16.
1914-15.
N et, after in t.,& o . $774,270 S I ,519,594 Com . d ivs.*------ (12)5300,000(8)5200,000
Prcf. diva. ( 7 % ) . .
140,000
140,000 |Balance, surplus.. 5334,270 51,179,594
* Includes In addition to the regular 8 % paid during the year, a bonus o f 4%
paid O ct. 2 1916.— V . 103, p. 1122.

P eople’ s Gas L ight & Coke Co., C hicago.— Rate Offer.—
T h is c o m p a n y , in c o n n e c tio n w ith th o p ro p o s e d settle m e n t o f th e $1 0 ,­
0 0 0 ,0 0 0 gas litig a tio n bro u g h t b y th e c it y t o r e c o v e r alleged o v erch a rg es
during th e p ast fiv e years, o n O ct. 10 m a d e an o ffe r t o th e c it y fo r th o n ext
fiv e years o f re vise d gas rates, o f 75 c t s ., 65 c ts . and 35 c t s ., w h ich it is said
w ill average 7 0 )4 c ts . p er 1,000 c u . f t .
T h e c o m p a n y also o ffe rs t o ta k e
consum ers in to a p ro fit-s h a rin g fo rm o f p a rtn e rs h ip , a llow in g rebates
a m o u n tin g t o a b o u t 2 ) 4 c ts . p er 1 .0 0 0 c u . f t . , b rin g in g th e p r ic e o f gas t o
d o m e s tic con su m ers t o a b o u t 68 1-3 c ts .
I t is e stim a te d th a t these re ­
p a y m e n ts w ill a m o u n t t o a b o u t $ 3 ,0 0 0 ,0 0 0 .
T h e c o m p a n y also desires t o ch a n g e its gas s ta n d a rd fro m 22 c a n d le-p ow er
t o the h e a tin g -p o w e r sta n d a rd o f 565 B ritis h th e rm o u n its p er 1,0 0 0 c u . f t .
T h is is a s tan d ard a d o p te d b y th e S ta to U tilitie s C o m m .— V . 103, p . 1215.

Pickands, M ather & C o., C leveland.— Properties.—
See U n ite d A llo y S te e l C o . b e lo w .— V . 10 3 , p . 148.

Pugh Stores Co., C h icago.— Stock Offering.— Miohaelis
& Co., N . Y ., are offering at par, $10 a share, by adv. on
another page, the remainder of the block of $5,000,000
capital stock. The company was incorporated Feb. 15 1915
in Maine and in addition to the Pugh mail order business
and the Pugh Terminal Warehouse, with its 23 acres of
floor space, in Chicago, it purposes to take over and very
largely increase in number the subsidiary general merchan­
dising chain stores, located in the twelve Central Western
States from Ohio to Nebraska, supplying general merchan­
dise of every character at popular prices. A circular shows:
A ft e r th e sa lo o f t h e $ 5 ,0 0 0 ,0 0 0 s to c k w h ic h y o u aro n o w o ffe r in g th e n et
ta n g ib lo assets, e x clu s iv e o f g o o d -w ill, tra d e -m a rk s, A c . , w ill b o as fo llo w s :
C u rr e n t assets: M e r ch a n d is e a t o r b e lo w c o s t , $ 1 ,2 7 5 ,3 2 7 ; n o to s
an d a c c o u n ts re c e iv a b le , $ 1 1 7 ,6 8 1 ; ca s h , $ 4 ,0 0 4 ,1 0 5 ; se cu rities
o f o th e r c o m p a n ie s , $ 6 ,0 2 0 ; t o t a l________________________________$ 5 ,4 0 3 ,1 3 3
B u ild in g s an d e q u ip m e n t: T erm in al w a reh ou se, $ 5 ,1 0 0 ,0 0 0 ;
sto re s, $54 4 ,8 5 4 ; real esta te, A c . , $ 28 7,00 0; fu rn itu re an d f ix ­
tu res, $ 8 ,7 5 9 ; leaseh olds, o r g a n iz a tio n , A c . , $ 1 ,0 1 6 ,1 7 0 ; t o t a l. 6 ,9 5 6 ,7 8 3
T o t a l assets, e x clu s iv e o f g o o d -w ill, tra d e -m a rk s, A c ________ $ 1 2 ,3 5 9 ,9 1 7

Offsets— C a p ita l s t o c k a u th o r iz e d , $ 2 0 ,0 0 0 ,0 0 0 in $10 shares;
issued fu lly p a id _________________________________________________ 1 2 ,281,950
C u rre n t lia b ilitie s : A c c o u n ts p a y a b lo , $69 ,3 1 9 ; c o n tin g e n t
lia b ility , $ 8 ,6 4 8 ........................... 1_____________________________ _
$77 ,967
T lio m o n e y o b ta in e d fr o m th o sale o f this s t o c k is t o b e u sed t o pu rch ase
a d d itio n a l m e rch a n d ise , t o in crea se th e c a p a c it y o f tlio w areh ou se a n d erect
an d e q u ip p r o d u c e b u ild in g s . T h e unissued ca p ita l s t o c k , $ 7 ,7 1 8 ,0 5 0 , is
reserved fo r a d d itio n s , im p ro v e m e n ts , w o rk in g c a p ita l, A c . T h e re is n o
b o n d e d d e b t o r p r o f, s t o c k , a n d n o n e can b o issued w ith o u t th e co n s e n t o f
a t le a st 7 5 % o f th o s to c k h o ld e r s. T h e a vera ge n e t result fr o m th e P u g h
ch ain sto re s n o w in o p e r a tio n lias be e n $ 7 ,5 0 0 p e r sto r e .
Management (all o f C h ic a g o ).— Jas. A . P u g h , P re s, an d G en . M g r .;
R ic h a r d 8 . F o ls o m , I r v in g S h u m a n , N o a h P a y n o , A . T . S ta ta a n d T . E .
ICevil, V ice -P r e s id e n ts ; E n d y fe d W illia m s , S e cre ta ry . M . I . K e v il,
A ssistan t t o P re sid e n t.
T h o b o o k s an d sta te m e n ts h a v e been a u d ite d b y M . A L . W . S cu d d er,
N o w Y o r k .— V . 103, p . 1416.

Reo M otor Car C o.— Extra Dividend.—
A n e xtra d iv id e n d o f 7 )4 % has been d ecla red o n th o s t o c k , a lo n g w ith th e
regular qu a rte rly 2 ) 4 % . b o t h p a y a b lo N o v . 1 t o h olders o f r e c o r d O c t . 16.
— V . 103, p . 1305. 1215.

Saline E lectric Co., Du Q uoin, & c., 111.— Bonds Offered.
— Bullard, Hetherington & C o., Chicago, are offering by adv.
on another pago $500,000 First Mortgage 10-year 6% Sink­
ing Fund gold bonds dated Sept. 1 1916, due Sept. 1 1926,
covering all property now or hereafter owned:
D a t a fr o m L e t t e r o f P r e s . J . J . F r e y , S t . L o u is , O c t . 19 1916.
Organization.— O rga n ized in M a r c h 1915 in Illin o is an d is su p p ly in g
e le ctr ic ity fo r lig h t, h e a t and p o w e r t o t w e lv e c itie s a n d to w n s in S outhern
Illin o is, h a v in g a p o p u la tio n e stim a te d a t 2 9 ,2 5 0 and va rie d industrial
Interests, th e to ta l a v a ila b le p o w e r business being estim ated at 5.0 0 0 h. p .,
n a m e ly , D u Q u o in , E ld o r a d o , S p a rta , C h e s te r , P lc k n e y v ille , N a s h v ille ,
E q u a lit y , lt id g w a y , S t. J o h n , I lo y le t o n , A d d le v ille an d I lu e g e ly . A ls o
m a n u fa ctu res an d furnishes ice t o six c o m m u n itie s an d operates th e w ater­
w ork s in th e citie s o f D u Q u o in and C h e s te r, o w n in g th e s o u r c e o f w ater
su p p ly in D u Q u o in and p a rt o f th e d is trib u tio n s y s te m , an d in C h ester th e
c o m p le te w a te rw o rk s. T h e en tire p r o p e r t y is o w n ed in fe e .

Capitalization—

Authorized. Outstanding.

F irst M o r tg a g e S in k in g F u n d g o ld b o n d s (th is is su e )$ 3 ,0 0 0 ,0 0 0
$50 0,00 0
196.600
P re fe rre d 6 % c u m u la tiv e s t o c k ______________________ 1 ,000,000
C o m m o n s t o c k _________________________________________
100,000
3 1 ,6 0 0
Bonds.— T h e se b o n d s are re d e e m a b le a t th e o p t io n o f th e c o m p a n y a t
101 and Int. o n an y in terest d a te u p o n 60 d a y s ’ pu b lish ed n o t ic e . In terest
M . A S. In C h ic a g o at th e o ffic e o f th e tr u s te e , tn e Illinois T r u s t A S avin gs
B a n k . D e n o m s. o f $100, $500 an d $ 1 ,000 c * A r * . P rin cip a l and Interest
p a y a b le w ith o u t d e d u ctio n fo r th e n orm al Federal in c o m e ta x . S in k in g
fund fo r retirem en t and c a n ce lla tio n o f b o n d s , b e g in n in g in 1917, in cash or
b o n d s, 1 % o f th e to ta l 1st M . bon d s ce r tifie d .
A d d itio n a l b on d s m a y be
Issued fo r n o t o v e r 8 0 % o f th e c o s t o f p e r m a n e n t a d d itio n s w hen annual
n et earnings are tw ice th e in terest o n all 1st M . b o n d s o u ts ta n d in g a n d
p r o p o s e d . T h o present Issue o f b on d s is t o reim bu rse th e c o m p a n y fo r
expen d itu res incurred in th e a c q u is itio n o f Its p rop erty an d Is restricted t o
8 0 % o f t h o d e p re cia te d va lu e o f th e p h ysica l p ro p e rty .
Properties Owned in Fee.— (1) E le c tr ic g e n eratin g p la n ts a t D u Q u oin ,
E ld o r a d o , N a s h v ille , S p a rta , C h ester an d P in ck n e y v ille , 111.; aggregate in­
stalled c a p a c ity 1,837 k . w . (2) 9 1 .5 m iles o f transm ission a n d d is trib u tio n
lines, co n n e c te d w ith 3 ,5 8 2 cu stom ers.
(3) I c e plants in D u Q u o in , N a sh ­
v ille , S p a rta , C h ester an d P in ck n ey vU le. T o t a l v a lu a tio n o f p h yscial
rop ertics, $ 63 7,39 0. E le ctric fra n ch ises ex te n d b e y o n d m a tu rity o f
on ds (m o s tly b e y o n d 193 3 ), e x c e p t In S p a rta a n d P in ck n e y v U le, w n ere
th e y exp lro Li J u ly 1926 and in 1921.

E

Consolidated Earnings of the Company and the Companies Acquired for the
Year Ended June 30 1916.

G ross e arn in gs_______________$ 1 7 9 ,0 4 5 1I n t. o n $500,000 6 % b o n d s . .$ 3 0 ,0 0 0
N e t , a fte r ta x e s_____________
68,0651 B a l a n c e ______________________ 3 8 ,0 6 5
T h e m an agem en t is in th e han ds o f m y s e lf an d asso cia te s, w h o h a v e been
a c tiv e ly id e n tifie d w ith th e H illsb o ro E le c tr ic L ig h t A P o w e r C o . s in ce 1903,
an d w ith its successor c o m p a n y , th e Sou th ern Illin o is L ig h t A P o w e r C o .—
(V . 9 8 , p . 917.*
_____________________________ _ _ ___________

Shawinigan W ater & Power C o.— Sale of Notes.— Stone
& Webster, Curtis & Sanger and Chase & C o., Boston, have
purchased from the company $2,500,000 2-year 5 % secured
gold coupon notes, dated Oct. 2 1916, due Oct. 1 1918,
through Aldred & Co. of New York.— V . 103, p . 1046.

1612

THE CHRONICLE

Southern New England (Bell) Teleph. Co.— New Stock.
T h o a u th orized ca p ita l s to c k h a v in g been increased fro m $ 1 0 ,0 0 0 ,0 0 0 t o
$ 1 5 ,0 0 0 ,0 0 0 , shareh olders o f re c o rd O c t . 16 h a v e tiro rig h t t o su b scrib e
a t p ar a t th o N o w H aven o f fi c o , 114 C o u rt S t ., o n o r b e fo r e N o v . 21 fo r
$ 1 ,0 0 0 ,0 0 0 n ew s to c k in a m o u n ts e q u a l t o 1 0 % o f presen t h o ld in g s . S u b ­
s crip tio n s are p a y a b le in fu ll on o r b o fo re D e c . 21 1016 and th o n o w s to c k
w ill be issued on or a b o u t Ja n . 1 1917 an d w ill p a r ticip a te in th o d iv id e n d
fo r th o q u a rter en d in g M a r c h 31 1917. T h e c o m p a n y w ill n o t d e a l in
" r ig h t s .” — V . 103, p . 1215.

Standard Oil Co. of Kansas.— Change in Charter.—
Sh a reh olders o f re c o rd S e p t. 29 w ill v o t e o n O c t . 30 t o ch a n g e th o ch arter
s o th a t th e c o m p a n y m a y (a) en te r th o p r o d u c in g f ie ld , b y drillin g, m a n u ­
fa c tu rin g and sellin g o f o ils , a n d (b ) t o o w n , o p e ra te a n d m a in ta in p ip e lines
fo r th e sh ip m en t o f its ow n oil o n ly .— -V. 103, p . 583 .

Tennessee Copper Co., N. Y .— Financial Plan.— At the
request of tho members of the board of directors, substan­
tially the following plan for refinancing the company has
been submitted in circular dated Oct. 16 by Adolph Lewisolin
& Sons and J. S. Bache & Co.:
T h e T en n essee C o p p e r & C h e m ica l C o r p o r a tio n has been o rg a n iz e d
u n d er th o law s o f N . Y . S ta te. I t p ro p o s e s t o a cq u ire all o f th o snares o f
s t o c k o f th o T en n essee C o p p e r C o . n o w issu ed a n d o u ts ta n d in g th a t sh all
b e exch a n g ed pursu an t t o th is p la n .
Exchange of Present Stock for the 4 0 0 ,0 0 0 Shares of Tenn. Copp. & Chern. Corn
T h e new c o m p a n y is t o h a v e a d u ly a u th o rize d issu e o f 4 0 0 ,0 0 0 shares, all
o f w h ich are t o bo w ith ou t n om in al o r p a r v a lu e . T h e se shares aro t o b o
issu ed as follow s:
(a) I n exch an g e, share fo r share, fo r su ch shares o f th o T e n ­
nessee C o p p e r C o . as shall b e exch a n g e d , as h ereinafter
p r o v id e d , t o th o exten t o f n o t m o r o t h a n _________________ 200.000 shares
(b ) F o r ca sh a t $16 p er share, a t w h ich p rico w o lia v o u n d er­
w ritten th e pu rch aso th ereof, th o privile ge being first
o ffe r e d t o su ch stock h old ers o f T e n n essee C o p p e r C o . as
shall h a v o m a d e th o exch an g o referred t o in su b d iv isio n
(a) t o su b scrib e th erefor, a t su ch p r i c e ____________________ 200,000 shares
S u ch o f tn o 2 0 0 ,0 0 0 shares m e n tio n e d in s u b d iv is io n (a) as shall n o t bo
issu ed in exch an g e for shares o f T en n essee C o p p e r C o . m a y b o issued fro m
tim e t o tim o , as required fo r a n y law fu l c o r p o r a te p u rp o s e o f th e novv c o m ­
p a n y . A t least $ 2 ,7 5 0 ,0 0 0 o f th o ca sh realized fro m tn o salo o f th o 200 000
shares o f s to c k o f th e now c o m p a n y m e n tio n e d in su b d iv is io n (b ) is t o bo
lo a n ed b y it t o th o T en n esseo C o p p e r C o . o n term s t o be arran ged.
I t is ex p e c te d th a t e v en tu a lly th o new c o m p a n y an d th o T en n esseo C o p ­
p e r C o . w ill b o a m a lg a m a ted b y s u ch p ro ce e d in g s as shall be la w fu l.
Voting Trust.— U p on th o co n s u m m a tio n o f th o plan herein o u tlin e d
A d o lp h L ew isoh n Is t o b o electe d P residen t o f b o t h c o m p a n ie s. A ll th e
s t o c k o f th e T en n esseo C o p p e r & C h e m ica l C o r p o r a tio n w ill b o p la ce d fo r
fiv e years in a v o t in g tru st— A d o lp h L ew isoh n , S am A . L e w iso h n a n d W il­
liam B . J o y c e are t o b o th o v o t in g tru stees.
Offer M ade to Each Stockholder of Tennessee Copper Co.
(1) T h o o p p o r t u n it y t o ex ch an g e h is s to c k fo r an e qu a l n u m b e r o f shares
o f s t o c k o f th e now c o m p a n y , and
(2) U p on h is m a k in g s u ch exch a n g o , t h e p riv ile g e o f s u b s c r ib in g , a t th o
p r ico o f $16 per share, for o n o a d d itio n a l sharo o f s to c k (v o tin g tru s t ce r­
t ific a te ) in th o now c o m p a n y fo r each sharo o f s to c k in th e T en n essee C o p p e r
C o . exch an g ed b y him fo r shares o f th o now c o m p a n y .
S tock h old ers w h o m ak e th is e xch an g e w ill n o t bo requ ired t o su b scrib e
fo r a n y o f tn o s t o c k in th e new c o m p a n y , b u t o n ly s u ch s to ck h o ld e rs as d o
m a k e th o exch an g e, o r th e ir assigns, aro t o h a v e th o p riv ile g e o f su b scrib in g
fo r th eso a d d itio n a l shares.
A s alread y s ta te d , w o h a v o ag re e d , b y an u n d e rw ritin g agreem en t t o
p u rch a so fro m th o new c o m p a n y a t $16 p er sh are all o f th o 200.000 shares
o f its s t o c k m en tion ed in s u b d iv is io n (b ) a b o v o fo r w h ich th o sto ck h o ld e rs
o f th o T en n essee C o p p e r C o ., o r th e ir a ssign s, shall n o t su b scrib e a n d p a y .
T o com p en s a te us for th o o b lig a tio n th u s assu m ed b y us, w o aro to re ce iv e
fr o m th e now c o m p a n y in c a s h an u n d e rw ritin g co m m issio n o f $2 fo r
ea ch o f t h o 200,000 shares.
T h is o ffe r a n d o u r u n d erw ritin g agreem en t aro c o n d itio n e d a t o u r e le ction
u p o n th e a c c e p ta n c e b y th o holders o f a t least tw o -th ird s o f th o shares o f
th e T on n esseo C o p p e r C o . o f t h e p riv ile g e t o o xch an g e tlioir shares f o r shares
in th o new c o m p a n y , and u p o n th e c o n s u m m a tio n o f s u ch e xch an g o
A c­
c o r d in g ly , th o stock h old ers aro in v ite d t o sign a t o n c o th o en closed w rit­
te n agreem en t t o exch an g o th eir shares o f s to c k and t o sen d it to th o C o lu m ­
b ia T r u s t C o ., 60 B r o a d w a y , N . Y . , o n o r b o fo r e N o v . 8 1916. U p o n th o
r e c e ip t o f th o req u isite n u m b er o f assents, th o assenting s to ck h o ld e rs w ill
b o requ ired t o d e p o s it th eir s to c k ce r tific a te s w ith th o said tru st c o . as
d e p o s ita r y , in exch an g o fo r tra n sfe ra b le r e ce ip ts . I t is o p tio n a l w it h a n y
s to c k h o ld e r t o a c c e p t o r r o je c t th e o ffe r n o w m a d o t o n h n . P r o m p t
a c t io n , h o w o v e r, is necessary.— V . 103, p . 1416, 1331.

Times Square Auto Supply Co.— Pref. Stock Offered.—
Wollonberger & Co,, Chicago, and Bamberger, Loob & Co.,
N . Y ., offer (see adv. pages) the unsold balance of SI,000,000
7 % cumulative pref. stock. Preferred as to assets and divi­
dends, redeemable at 115% and dividends on GO days’ notice.
Dividends Q.-J. See description of property and digest of
letter from President Froehlich in “ Chroniclo” of Sept. 30
V. 103, p. 1216.
Trumbull Steel Co., Youngstown, O.— Stock Offered.—
S hareh olders o f record O c t . 9 h a v e th o rig h t t o su b scrib o a t oar fo r
$ 1 ,2 5 0 ,0 0 0 7 % p referred and $ 2 ,5 0 0 ,0 0 0 c o m m o n s to c k fro m O c t . 10
t o N o v . 1. B o t h th e p referred a n d c o m m o n sto ck h o ld e rs m a y su b scrib e
fo r th e n ew preferred s to c k t o th o e xten t o f 22 % o f th eir present s to c k
h o ld in g s , b u t t h o c o m m o n sh areholders o n ly can su b scrib e fo r th o now
co m m o n to th o a m ou n t o f 9 0 % o f th e ir h old in gs. P a y m e n ts w ill b e m a d e
in fiv e in sta llm en ts, begin n in g Jan . 1 1917, an d q u a rte rly t o Ja n . 1 1918
in clu sive. O n J a n . 1 1917 t h e c o m p a n y w ill re tire fro m present surplus
a c c o u n t th e en tiro $25 0,00 0 ou tsta n d in g b o n d s. T h e c o m p a n y , it is s ta te d
co n te m p la te s im p orta n t increase in fa cilities.
T h e r e is n o w o u tsta n d in g $ 2 ,7 5 0 ,0 0 0 co m m o n s to c k and $ 2 ,7 5 0 ,0 0 0 p r e f
s t o c k , an d th o now issue w ill increase th is t o $ 5 ,2 5 0 ,0 0 0 c o m m o n an d
$ 4 ,0 0 0 ,0 0 0 preferred s to c k , th o to ta l a u th orized issues b e in g $6 000 000
c o m m o n an d $ 4 ,0 0 0 ,0 0 0 p referre d .— V . 102, p . 1065.
’
' w

Union Oil Co. of Cal., Los Angeles.— 9 Months’ State­
ment.— Pres. W . L. Stewart in circular Oct. 3 says in brief:
Approximate Results for N ine Months ending Sept. 30 1916.
_
-..
. ,
„
,
,
Amount.
Increase.
P r o fit s earn ed f ro m all op era tion s less general expen se.
ta x e s , in t . ch arges and e m p lo y e e s ’ share o f p r o f it s .$ 7 ,1 5 0 ,0 0 0 $3 550 000
N e t p r o fit (a fte r m a k in g provision fo r d e p r e c ia t io n ),
e q u iv a len t t o 2 1 % p er an n . on th e Issued c a p . s t k . 5 ,3 2 0 .0 0 0 3 070 000
O u r p rin cip a l su bsidiaries, tn e P r o d u ce r s ’ T ra n s­
p o r ta tio n C o . , U n ion T o o l C o . an d S ou th ern C a l. Iron
6 Steel C o . sh ow m ark ed increa ses in earnings.
P r o d u ctio n o f th e c o m p a n y a n d c o n tr o lle d co m p a n ie s
c o m b in e d , n et b a rrels........ .......................................... ..
4 ,9 5 5 ,0 0 0
1,120 000
S a l e s .................... ............................................................. ............. 2 0 ,5 5 0 ,0 0 0 6 ,6 0 0 ,0 0 0
T h e sales t o d a to th is y ea r exceed th o a ggre ga te fo r a n y previou s fiscal
y e a r . D eliveries o f fuel o il h a v o been largo, b u t w o h a v e been a b lo t o a c ­
q u ir e su bsta n tia l qu a n tities o f o il s o th a t o u r s to ra g o n o w exceeds th e qu a n ­
t it y carried a t th e c om m en cem en t o f th o y ear.
C a p ita l expen d itu res for th o nin e m o n th s w ere a p p ro x im a te ly $1 830 006
c o n sistin g p rin cip a lly o f th e c o s t o f n e w d rillin g a n d th e installm ents o n th o
p u rch aso p rico o f steam ships L a B rea a n d L o s A n g e lo s, n ow in service
C u rren t assets a t S ept. 30 1916 a p p ro x im a te $ 1 5 ,0 0 0 ,0 0 0 , a n d aro o v e r
7 t o 1 o f curren t liab ilities. T n o excess o f cu rren t assets o v e r cu rren t lia­
b ilities a t S ep t. 30 1916 is a p p ro x im a te ly $ 1 2 ,9 0 0 ,0 0 0 . C u rre n t liab ilities
at S ep t. 30 1916 a p p ro x im a te $ 2 ,1 0 0 ,0 0 0 , o f w h ich $ 3 6 5,00 0 represents
b ills p a y a b le o r tra d o a ccep ta n ces. F u rth er sin k in g fu n d in stallm en ts on
.h e C olla tera l T ru s t N o te s an d th o M is s io n T ra n sp o rta tio n & R e fin in g C o
r o n d s a ggregatin g to g eth er $ 5 0 0 ,0 0 0 , w ill b o p a id o n N o v . 1 n e x t. D u rin g
b u nin e m o n th s th ere has been an increase in 1 st M . b o n d s o u ts ta n d in g o f
6 2 8 ,0 0 0 ,
a re d u ctio n in Dills p a y a b le o f $ 8 3 5,00 0 an d colla tera l trust n otes
t 6 6 0 ,000. P u rch a so m o n e y o b lig a tio n s a t S e p t. 30 1916 sh ow an in crea se




(Vol. 103

o f $317,000 fro m t h e co m m e n ce m e n t c f th o y e a r , c o n s istin g o f lo n g -te rm
n otes g iv e n on a c c o u n t o f p u rch a se o f new steam sh ip s.
A d iv id e n d o f $1 50 p er sh aro w as d eclared on O c t . 2 , p a y a b le on O c t . 24
t o sto ck h o ld e rs o f r e co rd O c t . 9.
[T h e r e are a g a in ru m ors o f a p o s s ib le
ch a n g e in c o n t r o l.— E d .] — V . 103, p . 1416, 762.

United Alloy Steel Corp.— Stock Sold.— Hornblower &
Weeks, Dominick & Dominick and Kissel, Kinnicutt & Co.
of New York, managers of the syndicate that agreed to pur­
chase 200,000 shares of the stock of this now corporation,
witli no par value, announce the sale of tho entiro block at
$47 per share. Their adv., published for record purposes,
will bo found on another page. A circular shows:
Acquisition.— A ft e r an ex a m in a tio n o f th o p ro p e rtie s an d business o f th o
U n ite d Steel C o . o f C a n to n , O . (in c o r p o r a te d in 1901 in O h io ), an d re p o rt
th ereon b y Julian K e n n e d y , ap p ra isal b y th e A m erica n A p praisa l C o . an d
a u d it b y A r th u r Y o u n g & C o ., an agreem en t w as m a d e t o p urchaso b o t h
p r o p e r ty and business as a g o in g co n ce rn fo r $1 6 ,0 0 0 ,0 0 0 cash .
It is p r o ­
po se d to vest, th is p u rch a se In a N e w Y o r k co r p o r a tio n [in co rp o ra te d O c t . 181.
t o b o n am ed U n ite d A llo y Steel C o r p ., t o h a ve an a u th o rize d c a p ita l o f
525 ,000 shares (n o par va lu e ) an d t o issue 500 ,0 0 0 shares fo r tho p r o p e r ty
an d business plus $ 4 ,0 0 0 ,0 0 0 cash t o b e p a id in to th o n ow c o m p a n y , th o
rem ain in g 2 5 ,0 0 0 shares t o rem ain in th e treasu ry fo r th o present.
D a t a fr o m L e t t e r o f O c t . 5 1916 fr o m H a r r y R . J o n e s , P r e s id e n t o f
N ew C o m p a n y ( V i c e -P r e s .. T r e a s . a n d Q e n . A lgr. o f O ld C o .)
( 1 ) ’1 ho n ew c o m p a n y w ill h a v e a to ta l in g o t c a p a c ity o f ov e r 600 ,000 ton s
a y ear an d a ro llin g c a p a c ity o f 780 ,0 0 0 ton s a ye a r o f fin ish e d and sem i­
fin ish e d steel p r o d u c ts . T h o c o m p a n y ’s p lan ts a rc m o d e rn an d w ell
e q u ip p e d . E n largem en ts n o w a lm ost c o m p le te d w ere u n d ertak en in ord e r
th a t th o c o m p a n y m ig h t b o a b lo t o s a tisfy th o in crea sin g d em an d for its
p ro d u cts .
P la n t " A " is in full o p e ra tio n and consists o f nine op e n -h e a rth
furnaces an d t w o e le ctric fu rn aces.
P lan t “ B , ” w h ich is alm ost c o m ­
p le te d . has n o w in o p e ra tio n fiv e 7 5 -to n o p e n -h e a rth fu rn a ce s, and will h a v e
fiv o a d d itio n a l a b o u t Jan . 1 n e x t, w h ich a ll to geth er w ill g iv e us a to ta l
in g o t c a p a c ity o f a b o u t 50,0 0 0 to n s p e r m o n th , w ith a rolling c a p a c ity
o f a b o u t 6 5 ,000 tons per m o n th in th o fo rm o f n lo o m s, billets, slabs a n d sh eet
bars, an d a fin ish in g c a p a c it y o f a b o u t 2 5 ,0 0 0 to n s per m o n th in th e form
o f m eren an t b ars an d plates.
(2) G ross an d n e t earnings h a v e sh ow n a s te a d y an d p ersistent g r o w th .
G ross earnings Increased 5 0 0 % fro m 1911 t o 1916. an d net earnings in­
creased 5 4 2 % . E s tim a te d n e t earnings fo r th o year 1916, based on p r o ­
d u c tio n e qu a l t o 4 0 % o f th o c a p a c ity o f th o enlarged plants w hich w ill b o
in o p e r a tio n in 1917, aro equal t o a b o u t $7 p e r share o n 500 .000 shares.
(3) T h e business o f th e U n ite d Steel C o . has n o t been s u b je c t to t o o w ide
flu ctu a tio n s w h ich h a v e m a rk e d th e general steel in d u s tr y , its p r o d u c t
h a v in g co n siste d larg e ly o f h ig h -g ra d e an d special a llo y steels for w hich
th cro is an in crea sin g d e m a n d , n o ta b ly alloy s w ith v a n a o iu m , tu n g ste n , & c.
(4) T n o Dlast fu rn ace o f tn o U n ite d F u rn ace C o . (V . 103, p. 150 ), w hoso
s to c k is ow n e d e q u a lly b y tn e c o m p a n y an d l ic k a n d s , M a th e r & C o . o f
C le v e la n d , a d jo in s tn e U n ite d c o m p a n y ’s p la n t an d w ill su p p ly th e la tte r
w ith fro m 14,000 t o 16,000 to n s o f p ig iron p er m o n th , m o s tly In th e fo rm
o f pig Iron, an d w ill also furnisn c o k o fro m its 47 b y -p r o d u c t c o k e o v e n s .
A se co n d ola st fu rn ace is p lan n ed fo r tn e near future.
B a se d u p o n said cash p u rch ase p r ice a ctu a lly t o bo p a id fo r th o e n tiro
p r o p e r ty an d assets o f th o o ld c o m p a n y as a g o in g co n ce rn and in clu d in g
said a d d itio n a l cash w o rk in g ca p ita l t o be p r o v id e d , th e assets o f tho now
c o m p a n y w ill b o e q u iv a le n t t o ap p ro x im a te ly $40 per sh a re , o f w h ich $14
p e r sharo or a b o u t $ 7 ,0 0 0 ,0 0 0 w ill 1)6 represented b y net w ork in g c a p ita l.
F ro m th e in c e p tio n , w ith a ca p ita l o f $ 5 0 0 ,0 0 0 , o n ly $1,5 6 6 ,2 0 0 a d d l- ’
tio n a l now in o n o y has been p u t in to th o business, ou r grow th being largely
d u e to re in v e stm e n t o f surplus p r o fits . T h o present c a p ita l is $ 1 ,5 0 0 ,0 0 0 ,
a n d fo r s o m e years p a s t w e h a v o p a id 3 0 % d iv id e n d s .
*Earnings for
1912.
1913.
1914.
1915.
1916,
Years—
$
$
$
$
7 Months.
S a l e s ---------------------------.5 ,0 1 1 ,0 6 2 7 ,1 2 9 ,3 8 4 6 ,9 1 7 ,1 4 4 9 ,8 0 8 ,5 0 6 8 .1 4 6 ,3 8 5
N o t p ro fits b e fo r e d ep r.,
b on u ses, f e e . ............. 1 ,0 4 1 ,2 7 3 1,8 2 2 ,2 9 0 1 ,688,442 2 .9 9 1 ,2 8 9 1,8 8 1 ,7 4 0
A v a ila b le fo r d i v i d 'd s . 950 ,273 1,6 3 9 ,6 8 4 1 ,4 8 5 ,8 5 6 2 ,6 3 4 ,2 3 2 * 1 ,6 7 5 ,9 3 9
♦ E stim ated fo r 1916. $ 3 ,5 0 0 ,0 0 0 .
U n til w ithin th o la st 30 d a y s tn o c o m p a n y has n o t a c c e p te d an y s o ca lled w ar business. A t th is w ritin g w e aro s h ip p in g s o m e in gots t o o th e r
steel c o m p a n ie s t o be c o n v e r te d in to oille ts fo r so -ca llo d “ w ar ’ purposes.
Management.— P r a c tica lly th e sam e m en w h o h a v o oce n id e n tifie d w ith
th e U n ite d Steel C o . , in clu d in g II. H . Jones an d E d w ard L a n gen bach , th o
la st-n a m e d P residen t o f tn o o ld c o m p a n y , and now P residen t; E . L. H ang
(its S e c r e ta r y ). W ith th e e x ce p tio n o f tn o d ire cto rs w h o w ill represent
th e oan k ers, n o ch a n g e is co n te m p la te d .

United Furnace Co., Canton, Ohio.— Operations.—•
Seo U n ite d A llo y Steel C o . a b o v o .— V . 103, p . 150.

United Motors Corporation, New York.— Acquisition.
P res. A lfr e d P . Sloan Jr. Is q u o te d as fo llo w s; " T h e co rp o ra tio n has taken
o v e r th o B r o w n -L ip o -C h a p in C o ., w h ic h is th e largest m an u factu rer o f
differen tial gears in tne w o rld . T n e c o m p a n y has tlio exclu sive business
o f th o B u lc k , C a d illa c , O a k la n d an d C h e v r o le t co m p a n ie s , an d has largo
c o n tra cts w it h all tn o im p o rta n t a u to m o b ile m a n u fa ctu rers.
It is esti­
m a te d th a t th o a cq u is itio n o f th e B r o w n -L ip o -C h a p in C o . w ill a d d su b ­
sta n tia lly t o th e earnings o f th o U n ite d M o t o r s C o r p o r a tio n . T h o trans­
a ctio n w as m a d o w ith o u t increasing th e ca p ita liz a tio n o f th e la tte r c o m ­
p a n y .”
C o m p a ro V . 103, p . 1432, 1046.

United States Fidelity & Guaranty Co., Balto.— Par
Value of Shares Reduced— Capital Stock Increased.—
T h e sh areh olders v o te d o n O c t . 16 (a) t o ch a n g o th o par va lu e o f th o
shares fro m $100 t o $50 b y issuing t w o shares o f n ow s to c k fo r each share
o f o ld , an d (b ) t o increa so th o a u th orized s to c k fro m $ 2 ,000,000 t o $ 3 ,0 0 0 ,0 0 0 .— Y . 103, p . 1331.

United Steel Co., Canton, Ohio.— Stock Acquired.—
Seo U n ited A llo y Steel C o r p o r a tio n a b o v e .— V . 103, p . 150.

Westinghouse Air Brake Co.— Officers.—
II. H . W o stin g h ou so, lio re to fo ro P rosidon t, has been m a d e C h airm an o f
th o b o a r d . H o is su cco o d o d in th o P re sid e n cy b y J o h n F. M ille r , fo rm e rly
V ic o -P r e s ., and S. C . M c C o n a h e y has boon a p p o in te d a c tin g V ice -P ro s id o n t.
— V. 103, p . 1432, 1411.

White Motor Co.— Capital Stock Listed— Earnings.—
T h e N o w Y o r k S to c k
s to c k , w ith a u th o rity t o
o f p erm an en t e n gra ve d
c e r tific a te s , m a k in g th e

E x ch a n g e has a d m itte d to list $ 14 ,796 ,95 0 c a p ita l
a d d $ 1 ,2 0 3 ,0 5 0 s to c k o n o ffic ia l n o tico o f issu ance
ce r tific a te s in exch an g o fo r p resen t o u tsta n d in g
to ta l a m o u n t a u th o riz e d t o b o liste d $ 1 6 ,0 0 0 ,0 0 0

Earnings of the Company and its Predecessor (purchased Dec. 28 1915.
6 M os. to --------White Company—
—
Company- Cal. Years— ■
June 30 ’ 16 1912.
1013.
1914.
1915.
N e t— M a n u fa c t g . p r o fits
$
$
«
(1916 s u b j. t o a d ju s t.) .2 ,6 3 5 ,7 8 4
1 0,333,413
C a sh d isco u n ts, d iv id e n d s
o n in v e stm e n ts, & c ___ 115,209
T h e se details
3 45 ,167
n o t rep o rte d .
T o t a l in c o m e ___________2 ,750,993
10,678,580
Selling, general an d a d ­
m in istra tiv e e xp en ses- 847 ,472
1,895,497

$

$

N e t p r o f it ........................ 1,903,521 732 ,5 4 9 9 0 5 ,4 4 9 1,478,451
D iv id e n d N o . 1 qu a rter
en d ed M a r c h 31 1 9 1 6 -- 2 8 0 ,0 0 0 _______ _______
_______

8 ,7 8 3 ,0 8 3
_______

Surplus ............................. 1,623,521
— V . 103, p . 156.

CURRENT NOTICES.
— " P u b lic U tilitie s E x p la in e d " is th o latest b o o k lo t Issued b y W illia m s ,
T r o t h & C o lo m a n , sp e cia lists In p u b lic u tility s ecu rities, 60 W a ll S t ., tills
c it y . T h e fir m w ill g la d ly fu rn ish a co m p lim e n ta r y c o p y . W r lto M r .
T ro th .
.

Oct. 21 1916.]

THE CHRONICLE

1513

mil Jptfnxmjetrts,
GREAT NORTHERN RAILW AY COMPANY
TW EN TY-SEVENTH ANNUAL REPORT— FOR THE FISCAL Y E A R ENDED JUNE 30 1916.
To The Stockholders:
The Board of Directors submits tho following report for
the year ended June 30 1916:
CAPITAL STOCK.
Thero was no change during the year in amount of author­
ized share capital; same remains at $250,000,000 00.
Of tho capital authorized, there had been
issu ed t o Ju n e 30 1015-------------------------------------------------------------- 3 2 1 0 ,4 7 6 ,7 2 2 00

Thero have been issued during the year:
1

28-100 shares, a m ou n tin g t o ________________________________

128

00

GENERAL.
Charges on account of construction of new lines were as
follows:
W ild ro s e t o G re n o ra , N . D ........ ........... ............................ ....................... .. §2 2 ,4 1 9 65
M o c ca s in t o L e w isto w n , M o n t __________________________________ _
C r .5 0 38
N e w R o c k fo r d , N . D . , t o L e w is to w n , M o n t _______________________ 12,326 35
P le n ty w o o d t o S c o b e y , M o n t _______________________ .
**16115
160 48
W e n a tc h e e t o P a te r o s . W a s h _________________________
O ro v illo t o P a te ro s, W a s h ____________ __________ _
1 565 59
B lu estem t o P e a ch , W a s h ____________________________
44 334 29
T o ta l

$ 8 0 ,9 1 7 13

which has been charged to “ Cost of R oad.”
of the $19,000,000 issue, shown on page 6
There were purchased from the Great Northern Equipment
of last year’s report as not paid in full.
Company, 500 box cars of 80,000 pounds capacity, the cost of
T o t a l ou ts ta n d in g Ju n e 30 1 0 1 6 ___________
8 2 4 0 ,4 7 6 ,8 5 0 00
which has been charged to “ Cost of Equipment” and included
Tho stock outstanding June 30 1916 was represented by:
in table on following page. Details of other expenditures
S t o c k c e r tific a t e s ______________________________________________ 3 2 4 0 ,4 6 4 ,4 0 0 00
for Equipment are given in the President’s report which
F u ll-p a id s u b s crip tio n receip ts t o 310 ,0 0 0 ,0 0 0 issu e, n o t at
follows, and in tables on a following page.
th a t d a te su rren dered fo r e xch an g e in to s to c k c e r tific a t e s .
152 00
There was expended for Additions and Betterments the
S c r ip , fu ll-p a id ................
12,208 00
sum of $2,540,544 99 (see subsequent page), which was
charged to Cost of R oad.” Of the total, cost of Better­
T o t a l ........... ........................................................................................ 3 2 4 0 ,4 7 6 ,8 5 0 00
ments, $1,186,277 56, was paid from and debited against the
bund tor Permanent Improvements and Betterments” and
There remained unissued June 30 1916 17 3^ shares of was credited to “ Cost of Additions and Improvements made
Great Northern stock for acquiring 14 shares of The St. to the property of the Great Northern Railway Company
Paul Minneapolis & Manitoba Railway Company, o f which and paid for from ‘Fund for Permanent Improvements and
10 shares aro in the Treasury of tho Company and 4 shares Betterments/ ” This permanent Improvement Fund was
still outstanding; also under tho $19,000,000 00 issue, 14 credited $3,500,000 out of tho year’s income, as shown on
shares not paid in full and 5,200 shares not as yet offered for a subsequent page, and $5,692 47, net proceeds from sale
subscription by the Company.
of town lots and lands not forming a portion of the railwav
property or land grant.
There was expended for the New General Office Building
BONDED D E B T.
e m F A Minn referred to in last year’s report, tho sum
Tho balance sheet on a subsequent page, gives amounts of ot $601,442 48, which has been charged to “ Cost of Road”
bonds outstanding June 30 1916. A comparison with tho and included in table on a subsequent pago. Tho building
figures of June 30 1915 follows:
has been practically completed, and was occupied in NovemIncrease ( + ) .
noo
’ *ts tota^ cost to ^ate
^ is report is $1,685,1916.
1915.
Decrease (— ) .
HoJ 05.

O u tstan d in g in h a n d s o f
th o P u b lic — .......... .........$ 1 4 3 ,2 7 5 ,7 5 7 58 $ 1 4 3 ,3 9 1 ,9 0 9 09 — 311 6,15 1 51
(S eo d otail list o n a fo llo w ­
ing p a g e ) .
H old in th o C o m p a n y ’s
T r e a s u r y .............................. 37,4 8 2 ,1 5 1 51
3 7 ,2 7 6 ,0 0 0 00 + 2 0 6 ,1 5 1 51
H eld b y M o r tg a g e T ru ste e s 1 4 ,106,000 00
1 4,106,000 00
__________
T o t a ls .....................................$ 19 4,86 3,9 09 09 $ 1 9 4 ,7 7 3 ,9 0 9 09

+ $ 9 0 ,0 0 0 00

The decrease in amount of bonds outstanding in hands of
tho public was caused
.
b y re d e m p tio n , th rou gh op e ra tio n o f th e Sinking F u n d , as
p er ta b le on a su b seq u e n t p a go, o f .......... .......................................
p a r v a lu e , T h o Saint P aul M in n e a p o lis & M a n ito b a R a ilw a y
C o m p a n y C o n s o lid a te d M o r tg a g e H on d s. o f w h ich $9,0 0 0
w ero 4 A per c e n t a n d $ 7 9 ,0 0 0 w ero 4 p er c e n t b o n d s,
b y p u rch ase o f £ 1 0 7 ,9 0 0 , fa ce v a lu e , o f T h e S aint Pan
M in n e a p o lis & M a n ito b a R a ilw a y C o m p a n y P a c ific E x ­
ten sion M o r tg a g e 4 p er ce n t B o n d s , sa m e bein g held in the
T r e a s u r y o f th o C o m p a n y ......................

$ 88,000

00

This Company has subscribed, at par, for $150,000 of the
capital stock of the Great Falls & Teton County Railway
Company, paying ten per cent thereon. That Company has
commenced the construction of a line from Bynum to Pendroy, M ont., a distance of 8.7 miles.
The Company’s investment in Canadian Companies, on
account of advances made to pay for property, construction
additions and betterments, has been changed during the
year, as follows:
M id la n d R a ilw a y C o m p a n y o f M a n it o b a .......................................... C r .$ 3 ,7 9 7 72
’ *
’ 1 377 (53
M a n it o b a G re a t N o rth e rn R y . C o _________________________
C r o w ’s N e s t Sou th ern R a ilw a y C o ________________________ .
C r 2 001 43
V a n c o u v e r V ic to r ia & E a stern R y . & N a v . C o _____________ " ~
3 6 7 ,4 0 4 75
N e w W e s tm in s te r Sou th ern R y . C o _____________________ ' l l ”
C r .2 0 250 27
T o t a l ............................................................................................................ $ 3 4 3,23 3 01

The property investment of the Minneapolis Western Rail­
way Company was increased $14,971 03, and of the Duluth
Terminal Railway Company, $91 40, by expenditures for
additions and betterments.
The Midland Railway Company of Manitoba has laid 35
Less—
$61 1,15 1 51
miles of additional industry tracks.
sale o f th o C o m p a n y ’s F irst an d R e fu n d in g M o r tg a g e G o ld
The New Westminster Southern Railway Company in
B o n d s , Series “ A , ” 4 Yx p e r c e n t , o f par v a lu e .............................
4 g g of)()
Maicli 1916, sold that part of its lino of railway, extending
from Brownsville to Port Kells, B. C., a distance of 8 55
N c t dCCr0aS0....................................................................................... — ~ $ 1 1 6 ,1 5 1 51
miles, to the Canadian Northern Pacific Railwav Comnanv
for $256,500. This Company continues to operate over that
Tho increaso in bonds “ Held in Treasury” was caused
lino under a trackage arrangement.
b y th o issu an ce o f the C o m p a n y ’s F irst an d R e fu n d in g M o r t ­
The Company subscribed, at par, for $1,100,000, the entire
g a g e G o ld R on d s, Series " A , ” 4>£ p er c e n t, o f par v a lu e
$173 000 00 issue, of the capital stock of the Watertown & Sioux Falls
These bonds wero issued in accordance with tho terms of Railway Company, which was organized under the laws of
tho mortgage, against tho acquisition of tho following shares South Dakota, and which purchased at foreclosure sale as of
Juno 28 1916, the line of railway, extending from Sioux Falls
of stock:
to Watertown, S. D. (a distance of 103.2 miles), and all
G rea t N orth ern E q u ip m e n t C o . ................................$ 1 7 7 ,5 0 0 00 (1 775 shares)
appurtenances thereto, formerly owned and operated by the
b y (h e p u rch a so o f £ 1 0 7 ,9 0 0 , fa c e va iu o . o f T h e Saint P aul
’
South Ddkotfli (ventral Bailway Oompany. The Watertown
M in n e a p o lis & M a n ito b a R a ilw a y C o m p a n y P a c ific E x ­
& Sioux Falls Railway Company began operating this prop­
ten sion M o r tg a g o 4 p e r ce n t B o n d s __________________________
523
n
erty on July 1 1916.
T h e se b on d s aro s u b je c t t o lien o f th e C o m p a n y ’s F irst an d
' ° °
R e fu n d in g G o ld IJond M o r tg a g e and w ill p re s e n tly bo
As mentioned in last year’s report, the Cottonwood Coal
p led g ed w ith th o T ru s te e u n d er th e sam e.
Company has developed its coal property in Fergus County
Montana. A modern plant capable of mining 2,500 tons of
$70 1,15 1 51
Less—
coal per day, has been installed at Lehigh, M ont., at a cost
ale o f th o C o m p a n y ’s F irst an d R e fu n d in g M o r tg a g e G o ld
to June 30 1916 of approximately $525,000, and is practically
R o n d s , Series A , ”
p e r c e n t , o f par v a lu e ____________
completed.
4 9 5 ,0 0 0
Tho Glacier Park Hotel Company made some minor im­
N et in crea so___
$206,151 51
provements which were finished and ready for this season’s
business.




...
o^ .i,151 51

[Vol. 103.

THE CHRONICLE

1514

The field work in connection with the Federal Valuation
of this Company’s property, referred to in last year’s report,
will be practically finished during the coming fall. Much
remains to bo done before the final figures are determined.
This Company’s expenditure to date, in connection therowitli,
has amounted to approximately ,$487,000.
As shown on a subsequent page, the sum of $1,000,000
has been set aside as a Pension Fund, the income therefrom
to be applied to the payment of pensions to retired employees,
as provided in the plan effective September 16 1916.
With great sorrow, record is made of the death of M r.
James J. Hill on M ay 29 1916. The Board adopted a
memorial and resolutions, of which a copy is appended to
this report.
The Board respectfully calls the attention of the Stock­
holders to the reports of the President, of the Comptroller,
with customary balance sheet and statistical tables, and of
the Land Commissioner.
For the Board of Directors.
LOUIS W . HILL,

Chairman.

IN MEMORIAM
JAMES JEROME HILL

.

D IED
M ay 29 1916.
At a special meeting of tho Board of Directors of the
Great Northern Railway Company held in the City of St.
Paul on tho 3d day of Juno, 1916, the following memorial
and resolutions were unanimously adopted:
A great bereavement has fallen upon tho GreatNorthern
Railway Company and upon all those connected with it.
James J. Hill stood to it in the relation of a father to his
child. This is no common loss; for both tho relation and the
man were uniquo in the history of this, perhaps of any coun­
try.
.
.
Mr. Hill himself called tho creation of this railroad sys­
tem “ his great adventure.’ ’ No knight was ever more loyal
to his quest than he was to the mission that first filled his
vision and then engaged the full strength of the magnificent
powers with which he was endowed. The St. Paul & Pacific,
The St. Paul Minneapolis & Manitoba, tho Great Northern,
with all the wealth of allied systems and interdependent in­
terests— so runs the heritage. Never was any large human
enterprise so wholly the work, so fully the embodiment, of
an individual. Never did any man leave a worthier monu­
ment.
„
The history of tho Great Northern Railway Company is
an inseparable part of tho life of James J. Hill; and that is
as proud a claim as it could boast. Construction opera­
tion, financing, management, perfect adjustment to condi­
tions which required prophetic insight and perfect grasp of
means and ends down to the last detail, wero the work of
his brain and hands. Not for himself did he build; but for
the Northwest, for the nation, for all other people who in
their lesser ways create, for posterity and for tho many
thousands whoso trust in him was founded on a rock.
Many wore his interests; stretching to tho ends of the earth
the diverse activities tnat responded to the touch of his skilled
and powerful hand; but tho greatest and most closely inter­
woven with his life and thought was this Company, which
mourns in him to-day its father, its guide and its friend.
Not often is tho personal touch so real and so close. Every
man who was connected with this Company, from the of­
ficers and directors down to tho humblest employee, felt a
human and affectionate interest in James J. Hill. They
knew that he felt tho same in them. In thousands of hum­
ble homes as well as among the high places of this country,
there is mourning to-day because of tho death of a man in
whom true greatness was united with the humanity, under­
standing and sympathy that wore just as essential a part
of his personality. Not only this Company, but this coun­
try and tho world are poorer for his lamented death, but
richer by a memory that time nor change can ever impair.
Therefore, on this occasion, which no words can fittingly
meet or express, be it
Resolved, That in the death of James J. Hill tho Great
Northern Railway Company laments the loss of the man
who brought it into being, who made it an instrument for
the development of this country, who led it with unerring
wisdom, who foresaw and safeguarded its future and to whom
it owes all that it has been and all it hopes to be;
Resolved, That we sorrow not only for the man who di­
rected its fortunes for a generation, not only for tho wise
counselor and tho tower of strength that ho always was,
but for the sympathetic associate and the kind and generaous
friend;
Resolved, That we extend our sympathy to all those who,
many of them silent and unknown, feel with us tho depth of
this irreparable loss; but especially to the members of his
family, to whom the deepest affection of his great heart was
always given;
Resolved, That this memorial and these resolutions bo
fittingly engrossed and a copy sent to Mrs. Hill and to each
of tho other members of his frnaily.




REPORT OF PRESIDENT.
To The Board o f Directors:

Herewith report for fiscal year ended June 30 1916:
REVENUES, OPERATING EXPENSES, VOLUME OF
T RA FFIC , ETC.
Gross Operating Revenues for tho year wero $81,262,­
478 27, an increase of $14,099,620 61. This is 20 9932 per
cent over last year, while tho increase in Operating Expenses
was 19.2401 per cent. Tho various amounts making these
increases and the percentage of increase for each, as com­
pared with last year, are as follows:
-Increase over Last Y ea rRevenue from Transportation— •
Am ount.
Per Cent.
F r e i g h t .......... ................................... ........................................ $ 1 3 ,0 2 9 ,9 3 5 74 2 7 .6 3 6 6
P a s s e n g e r .................................
M a i l ___________
E x p r e s s _________
S leeping C a r, P a rlo r an d C h a ir C a r, E x cess B a g gago, an d O th er Passen ger T ra in R e v e n u e _______

$4 9 6 ,7 8 7 91
91,3 6 9 09
128,478 70

3.7 7 3 6
3 .7 4 9 3
7.5396

66,2 7 3 50

7.6 9 7 3

T o ta l Passon ger S e rvice T ra in R o v e n u o _________
S w itch in g, S pecial S e rv ice T r a in an d O th er F ro lgh t
T r a in R e v e n u e _____________________________________

S 782.909 20

4 .3 0 9 5

7 1 ,7 9 6 50

11.3283

T o ta l R o v e n u o fro m T r a n s p o r t a t io n ____________ $ 13 ,884 ,64 1 44
R e v e n u e fr o m O p e ra tio n s o th er th an T r a n sp o rta ­
t i o n __________________________________ ______________
214 ,9 7 9 17

21.0 5 3 9

G ross O p e ra tin g R o v o n u e s _____________
Operating Expenses—
M a in te n a n c e o f W a y a n d S tru ctu re s____
M a in te n a n c e o f E q u ip m e n t---------------------T r a f f ic E x p e n s e s__________________________
T ra n sp o rta tio n E x p e n s e s -------------------------M is ce lla n e o u s O p e ra tio n s -------------------------G en eral E x p en ses_________________________
T ra n sp o rta tio n fo r I n v e s tm e n t— C r -------

20.9 9 3 2

T o t a l O p e ra tin g E xpenses.

$ 1 4 ,0 9 9 ,6 2 0 61
. $ 1 ,4 5 6 ,9 7 3
. 1 ,587,607
.
1,197
. 4 ,6 4 9 ,0 2 5
6 0 ,5 4 6
.
9 6 ,664
.
105,212

17.6954

17.6168
78
36 2 2 .1972
06
.1025
59 2 2 .1 7 3 0
7 .4 2 7 3
25
35
7.6 7 9 4
85 171.5545

$7,085,801 54

19.2401

N e t O p e ra tin g R e v e n u e __________________________ $ 7 ,0 1 3 ,8 1 9 07 23.1215
T a x e s A c c r u e d ........................................................................
502 ,539 88
10.8548
O p e ra tin g I n c o m e _____________________ ___________ $ 6 ,5 1 1 ,2 7 9 19

25.3 3 0 9

It will bo noted that tho greater part of the increase in
revenues comes from freight business. The details of some
of the items contributing to this result aro as follows:
Tho grain traffic last season was tho largest ever handled,
there being approximately 177,000,000 bushels markotccl
at stations on the line, as compared with 110,303,000 bush­
els the provious year. Montana alono furnished 25,500,000
bushels, which is moro than doublo tho production of tho
year boforo. The 1910 crop, excepting in Montana, will bo
much below tho average, owing to damage causod by rust
and a long spell of hot, dry weather coming at a critical time.
Revenues from this traffic will, during tho coming year,
show considerable decrease.
The iron ore tonnage carried was 10,347,469 tons, an in­
crease of 936,839 tons, 9.95 per cent, ovor that of last year.
The movement of ore has been somowhat restricted on ac­
count of the scarcity of boats at the Head of the Lakes. An
increase in tonnage is expected for next season.
Other traffic also substantially increased, as follows:
Live stock, 19.94 per cent; forest products, 25.65 por cent;
coal, 26.75 per cent.
Numerous changes wero made in freight ratos, most of
which were of minor importance.
The Railroad and Warehouse Commission of Minnesota
ordered tho application of Minneapolis rates, between St.
Paul, Minnesota Transfer, and Hopkins, Minn., and all
points in the State, instead of tho actual distanco rates
previously used.
#
Tonnage of revenue freight carried increased over last
year 5,474,071 tons, 23.3405 per cent; length of avorago haul
increased 23.80 miles, 9.6677 per cent; ton-mileage increased
2,036,037,346, or 35.2635 per cent; average rovenuo por
ton-mile decreased .0461 cents, 5.6454 per cent, boing .7705
cents compared with .8166 cents in 1915, .7918 cents in 1914,
.7653 cents in 1913, .7688 cents in 1912. Tho decreaso in
average rovenue per ton per mile was duo principally to tho
increase in tonnage of carload commodities, iron and copper
ore, lumber, grain, and coal. The increase of 35.2635 per
cent in revenue ton-mileage is slightly moro than the incroaso
in freight and mixed train miles of 32.5303 por cont. Tho
tonnage hauled per train-milo was 663.254 tons, an increase
of 2.0623 per cent over last year.
Tho increase in taxes, $502,539 88, or 10.8548 per cent, is
occasioned partly by the larger amounts paid in Minnesota
on tho basis of gross earnings, and there were also increases
in Wisconsin, North Dakota, and Montana.
Number of passengers carried decreased 204,345, or 2.4131
per cent; number of passengers carried ono milo increased
26,236,587, or 4.5627 per cent, and averago distance carried
increased 4.853 miles, or 7.1469 per cent. Passenger revenue
increased $496,787 91, or 3.7736 per cent, and average
revenue per passenger per milo decreased from 2.289 cents
to 2.272 cents, or .017 cents, .7427 per cont. Passenger
train miles increased .7907 per cont, passenger servico train
revenue increased 4.3095 per cent, in total amount, and
3.5540 per cent per train mile. Passenger travel was some­
what affected by interruptions to train servico occasioned
by the unusually severe winter, and spring flloods, as ex­
plained in another part of this report. Tho European war
still continues its adverse effect upon travel to and from
Canada. Tho publicity campaign, advertising Glacier Park,
has resulted in a substantial increase in tourist travel, not
only to the Park, but to tho Pacific Coastand Alaska. The
operation of tho steamship servico of the Groat Northorn
Pacific Steamship Company between Portland and San Frau-

Oot. 21 1918.]

cisco during the past year has demonstrated its value as a
route to California, and contributes materially to this Com­
pany’s passenger business.
.
There have been no important changes in passenger rates
during the year, except that, on January 15 1916 following
an order from the Inter-State Commerce Commission, inter­
state passenger tariffs were placed in effect in the States of
Minnesota, Iowa, and Wisconsin on the basis of 2 .4 cents por
mile instead of the local State rate of 2 cents per mile.
Mail revenue increased $91,309 09, or 3.7493 per cent, the
result of roweighing mails carried on certain routes in Minne­
sota and Iowa.
Express revenue increased $128,478 70, or 7.5396 per cent.
This resulted partly .from the increase in express rates allowed
by the Inter-State Commerce Commission, effective Sep­
tember 1 1915, and partly from the general improvement in
business conditions.
The net revenue from operation of Sleeping and Parlor
Cars was $398,485 66. The loss from operation of Dining
and Buffet Cars was $42,742 56.
The net revenue from Eating Houses, Restaurants and
Train News Service, operated this year as last year by the
Company, was $101,848 10.
.
The coming of sottlers into the territory adjacent to this
Company’s lines has continued, moving principally into
Minnesota, North Dakota, and M ontana. The opening of
the Colville Indian Reservation, in the northeastern part of
Washington, will attract many now settlers to that section,
nearly all of which is directly tributary to this Company’s
line.
.
,
The last winter was one of the most severe ever experienced
in the history of the Company. Unusually heavy snows and
long continued spells of cold weather, followed by spring
floods, caused numerous blockades and washouts, inter­
rupting
traffic
and rendering operation difficult and
expensive.
,
„
, .
,
.
.
For at least a year the four trainmen s unions— engineers,
firemen, conductors, and brakemen and yardmen— have been
making demands upon all the railroads of the country, for
certain modifications of present rules and conditions of work,
which would result in very largo increases in wages, threaten­
ing a nation-wide strike if their demands were not granted.
To have acceded to the demands of these men, who are
already the highest paid employees in railway service, would
have given them an increase in pay of approximately twentyfive per cent, and would add to the operating expenses of the
railroads of this country over $100,000,000 per annum. The
railway managers, therefore, in their negotiations with these
organizations, suggested that their demands be submitted
to an impartial body for arbitration. This proposition was
rejected by the men, who refused to recede from their position
in any way. The matter was finally called to the attention
of Congress by the President of the United States, in a
special message. On September 2 1916 Congress passed an
Act “ To establish an eight-hour day for employees of carriers
engaged in inter-State and foreign commerce, and for other
purposes.” This Act becomes effective January 1 1917,
and provides that the compensation for the eight-hour day
shall be not less than the present pay for the ten-hour day,
with allowance for overtime in excess of eight hours at a rate
no less than the pro rata rate for such standard eight-hour
work-day. It is too early to predict the excat results of this
legislation, but, if enforced, a very large increase in the
operating expenses can be expected for tho coming year.
N E W L IN E S .
Construction of an extension to the Stanley-Wildrose
branch was commenced in June 1916. This line will extend
from Wildroso in a westerly direction to Grenora, N . D .,
an approximate distance of 36 miles, and will bo completed
about the end of October of this year.
Work was resumed during the year upon tho lines of the
Montana Eastern Railway Company, mentioned in last year’s
report as having been suspended. About thirty per cent
of the grading for the line, Lambert to Richey, Montana, an
approximate distance of 25 miles, has been finished, and the
line will be completed in the latter part of October 1916.
Work will also be resumod upon tho line, Lewistown to Grass
Range, Montana, with a view of having it completed early
in 1917.
In M a y 1916 tho Great Falls & Teton County Railway
Company began building a lino from Bvnum , (the present
terminus of the Great Northern Railway Company’s branch
lino from Power, M o n t.) northerly to Pendroy, M o n t., a
distance of 8.7 miles. This line will bo ready for operation
during the latter part of September of this year.
Work was recommenced upon the lino of the Vancouver
Viotoria & Eastern Railway & Navigation Company
between Sumas Landing and Kilgard, B . C ., a distance of
9.37 miles. This lino will be completed and placed in opera­
tion early in September 1 9 16, and will give this Company a
through Canadian Line from Oroville to Vancouver.
E Q U IP M E N T .
Of equipment contracted for during the year onded Juno 30
1915 there remained undelivered on that date, 2,000 freight
service cars. This year contracts were placed for 25 steam
locomotives and 500 freight service cars.
Of total equipment above mentioned, the following had
been received and takon into account June 30 1916:

15200 B o x

c a r s '40 fe e t lo n g , 8 0 .0 0 0 lb s . c a p a c ity .




1515

THE CHRONICLE

There remained to bo delivered on contracts June 30 1916
25 steam locomotives and 1,300 freight service oars.
The Company built at its shops 157 stock cars, 3 6 -ft.,
40,000 lbs. capacity.
.
Improvements to rolling stock have been continued, such
as electric headlights, superheaters, power grate shakers,
automatic stokers, and additional air pumps for locomotives;
electric lighting for passenger cars, etc. Expenditures have
also been made to comply with Federal Safety Appliances
laws.
Total amount expended for equipment purchased from the
Great Northern Equipment Company, built and under con­
struction at Company’s shops, and for improvements and
betterments to equipment in service, was $1,108,609 36, of
which $554,394 56 is for the Company, $529 89 credit is for
the Vancouver Victoria & Eastern R y . & N a v . C o ., and
$554,744 69 for the Great Northern Equipment C o.
There were taken out of service:
27
1
748
19
53
194
3
32

Steam lo co m o t iv e s ,
D in in g c a r ,
B o x cars,
R e frig e ra to r ca rs ,
S tock ca rs,
F la t and c o a l cars (42 s o l d ) ,
Sand cars.
W o o d e n o re ca rs,

16 C a b o o s e ca rs .
2 5 B a llast c a rs,
8 B o a rd in g c a rs,
1 T o o l ca r.
1 G ra v e l d o z e r ,
3 W a te r cars.
2 H y d r a u lic p u m p s.

The original cost of this equipment was $866,728 8 7 . Of
this amount $3,643 56 has been credited to the investment in
tho V . V . & E . R y. & N . Co. and $863,085 31 to “ Equipment
Account.” Both amounts, less amounts received for equip­
ment sold and salvage from equipment destroyed, have been
charged against various equipment “ Retirement” accounts
under Operating Expenses, or to “ Equipment Depreciation
F und.” Amount remaining to credit of this “ Fund” June
30 1916, as shown by balance sheet on a following page,
$27,037,847 20, represents full depreciation to that date on
all equipment then in service, list of which appears on a
subsequent page.
The following conversions were made:
5 B o x cars in to S now d o z e rs,
1 F lat ca r Into C a rp en ter c a r ,
2 F la t cars Into W a te r cars.

This resulted in a net credit of $3,038 14 to the Company’s
“ Equipment Account.”
>
Statement giving number, tractive power, weight, etc., of
steam locomotives and number, capacity, etc., of freight
cars appears on a subsequent page.
A D D IT IO N S A N D B E T T E R M E N T S .
All the work reported in progress last year has been com­
pleted except the filling of the False Creek tide lands, Van­
couver, B . C . Fifty-four per cent of the material required
for this filling has been placed.
Tracks were built at 17 mines on the Mesabi Iron Range,
and at 69 regular stations. The net increase in mileage of
sidings, spurs and other tracks, not including tracks on
new lines, is:
L in es ow ned b y th e G re a t N o rth e rn R y . C o ---------------------------------- 3 0 .1 0 m iles
L in es o w n e d b y C o n tro lle d C o m p a n ie s in U n ite d S ta te s--------------.69
“
L in es o w n e d b y C o n ti o ile d C o m p a n ie s in C a n a d a .............. ..............1.8 7
“
T o t a l a d d ition al side tra ck m ileage o n o ld lin e s .......................... .3 2 . 6 6 m iles

There were 169.43 miles of main tracks relaid with heavier
steel, all 90-pound rail. Table of mileage of weights of rail in
first main track of the Company and Controlled Companies
on June 30, each year, for 17 years, appears on a later page.
Excluding fences on new lines, 172.06 miles of wire rightof-way fences were built, and 8.56 miles of woven wire wore
placed on existing barbed wire fence.
Embankments were widened or restored to original width
or grade line on 932.54 miles of road; 52.96 miles of track
were ballasted for the first time; ballast was restored and an
additional lift given on 507.73 miles; ballast was restored to
its original height on 121.95 miles.
Bridges were erected as follows: 48 feet of concrete in
extending existing bridges; 557 lineal feet of steel, and 1,952
feet of concrete in replacement; 5,403 lineal feet of bridging
were filled with solid embankments. To provide for water­
ways at bridges filled, 81 concrete pipe and 10 cast iron pipe
culverts were put in. 140 timber culverts were replaced
with concrete or cast iron pipe culverts.
The approximate yardage of material moved in the work
heretofore mentioned is:
I n changes o f lines and r e d u ctio n o f g ra d e s------------------------W id en in g ban ks and raising sa g s-----------------------------------B a llastin g (g r a v e l)----------------------F illin g b rid g e s____________________________________________

8 6 .675 c u . y d s .
618 ,134 “
“
5 27 ,482 “
“
176,658 *

T o t a l ______ _______________________________ __________ — 1,403.949 c u . y d s .

And there were placed upon old lines:
C o n c r e t e ......................................... - ----------------- ----------------------R i .ir a p ........................................ - .......................................... ...........

5 3 .2 2 8 c u . y d s .
2 6 ,1 7 0 “
»

T o t a l ......... ............................. - .................. — ............................

7 9 ,398 c u . y d s .

A viaduct 1,354 feet in length, with an approach 572 feet
long, has been built over the tracks of this and other com­
panies to Tacoma, W ash. Approaches to other overhead
crossings, aggregating 202 feet in length were also con­
structed.
.
.
.
.
Framo depots were built a t6 stations,including 1 replacing
a depot burned; one depot was extended; portable depots at 10
stations including 1 to replaco a portable depot burned; 8
permanent and 3 portable loading platforms; 4 mail cranes;

1516

THE CHRONICLE

stock-yard facilities were improved at 66 stations; various
improvements, such as additional and improved station
platforms, and sidewalks, paving, electric lights, and drinking
fountains wero made at 30 stations; now 50-foot, 150-ton
track scales installed at Casselton, New Rockford and Devils
Lake, N . D ., and Breckonridge, M in n .; 50-foot, 100-ton
track scalo at Glasgow, M o n t.; 50-foot, 150-ton track scale
in placo of an 80-ton scalo at St. Cloud, M in n .; 50-foot,
100-ton track scales in place of 80-ton scales at Spokane,
W a sh ., and Fargo, N . D .; train order signals at 10 stations.
A brick and frame addition to the blacksmith shop was
built at St. Cloud, M in n .; a shelter shed at Superior, W is.,
shops; a system of fire protection at Hillyard, W a sh ., shops.
One new water tank, pipe line and pumping plant wero
erected at Durham, M o n t. Nine 50,000-gallon tanks were
replaced in kind; one 50,000-gallon tank was replaced with a
100,000-gallon tank. Improvements in water service, such
as additional wells, deepened wells, extension of suction lines,
electric lights in treating plants, additional outlet fixtures,
dams, connections with city mains, gasoline pumping plant,
and drainage for stand pipe pits wero made at 15 stations;
one pump house was erected to replace one destroyed by
fire.
Interlocking plant at Everett Jet., W ash ., destroyed by
fire, was rebuilt; interlocker at Bedford, N . D ., rebuilt
account track changes; one at Brookston, M in n ., refitted;
time locks placed at interlocking plants at Glyndon and
Tilden Jet., M in n .; automatic block signals, including
signal cabins, installed between Duluth-Superior bridge and
14th A vo. W est, Duluth, M in n ., and between Interbay and
Great Northern docks, Seattlo, W ash .; crossing alarm bells
at 8 crossings; crossing gates at 1 crossing flashing danger
signs at 1 crossing; route and approach locking at 4 crossings
in St. Paul, M in n .; distant signal at Snohomish River inter­
locker, Snohomish, W ash .; a battery-charging power house
was built at Mossmain M o n t.; supply house for automatic
signals at Blanchard, W ash .; 20 concrete battery vaults wero
installed between St. Paul and Minneapolis, M in n .; switches
between Seattlo and Everett, W ash ., wero insulated and re­
wired; west-bound track, Cedar Lake to Hutchinson Junc­
tion, M in n ., was rebonded and automatic signals refitted.
Other structures and improvements include: Now ice
houses at four stations; dredging dock slips at Allouez, W is.;
extending retort building, as shelter for crane, at tio-treating
plant, Somers, M o n t.; dredging flour dock slip at Superior,
W is.; extending dock warehouse at Seattlo, W ash.
Following is a classified statement of amounts actually
expended for Additions and Betterments, the names of tho
accounts given being thoso prescribed by the Inter-State
Commerce Commission:
Accounts.

Additions.

E n g in e e r in g ______________
L and fo r tran sp ort, p u rposes
G r a d in g ________________________
T u n n e ls an d s u b w a y s_________
B rid g es, trestles, an d c u lv e r ts .
T i e s ............. ..............

$34 ,3 4 3
129 ,936
117,477
5 ,5 2 8
17,653
4 1 ,8 9 4
87,721
3 9 .5 6 6
11,882
95,3 3 6
3 2 ,5 1 7

48
63
96
7C
83
38
93
67
61
2(]
57

454 ,933
3 3 ,7 9 9
2 9 ,3 3 0
9 2 ,2 3 9
1,746
*699
34,5 0 1

87
08
92
92
28
12
58

*295
5,5 8 6
1,360
6 ,8 7 5
494
222
* 2 ,029

50
19
14
38
99
49
42

9 3 ,698
* 1 5,550
19,858
8,2 8 3
*13,482

63
04
20
17
94

Rails..................................
O tiier track m a te ria l___________
B a lla s t __________________________
T r a c k la y in g and su r fa c in g ____
R ig h t-o f-w a y fen ces___________
s h e d s _______________
C rossin gs an d s ig n s ..
R o a d w a y b u ild in g s _______
W a te r s ta tio n s ____________
F u el s ta tio n s_____________
S h op s an d e n g ln e h o u s e s ..
G ra in e le v a to rs___________
W h a rves an d d o c k s _______
C o a l an d oro w h a rves___________
T e le g ra p h an d telep h on e l in e s ..
S ignals an d in terlock ers__
P o w e r p la n t b u ild in g s ___________
P o w e r d is trib u tion s y s to m s ____
M is ce lla n e o u s stru ctu res.
P a v in g ____________________
R o a d w a y m a c h in e s _____________
A ssessm ents fo r p u b lic im p ro v e ­
m e n ts ________________________
C o s t o f road p u rch a sed ________
S h op m a ch in e ry ________________
P ow er pla n t m a c h in e r y ________
In terest d u rin g c o n s t r u c t io n ..

Betterments.
$ 2 4 ,5 6 9 54
281 ,071
190,169
195,378
17,237
8 2 ,4 3 2
9 5 ,4 5 0
106,483
3 2 ,0 5 4
3 ,6 4 1

16
41
78
97
89
12
33
94

619
2 9 ,5 6 3
5 4 ,2 2 4
153
2 2 ,936
3,5 4 7
3 4 ,3 9 9
417
4 ,0 7 2
*210
1,046
2,667
939

61
89
85
59
61
38
85
58
21
72
82
81
47

88

* 79 4 1
46 46
5 ,1 7 0 93
3 ,3 8 2 61

T o t a l in c l. C a n ad ian L ines $ 1 ,3 6 4 ,7 3 3 78 $ 1 ,1 9 1 ,3 8 9 56
T o t a l C a n ad ian L i n e s ..
10,466 35
. 5 ,1 1 2 00

REVENUE ACCOUNT.
70 It T H E F I S C A L
v lN E S O P E R A T E D A S
£
^ T h Y O P E R A T E D ; M IN N E A P O L IS W E S T E ItN p R A IL W A Y
C O M P A N Y A N D D U L U T H T E R M IN A L R A IL W A Y C O M P A N Y .
R even u es.
Year ended June 30 1916 Year ended June 30 1915
Revenue from
Per cent
p er cent
c'Y-LtL
\\SportaUon—
° f Total.
Amount.
Amount.
of Total.
K
hl ; - ........................... 7 4 .0 5 2 9 $ 6 0 ,1 7 7 ,2 4 9 28 $ 4 7 ,1 4 7 ,3 1 3 54 70.1985
P
ger . . . .................. 16.8117 13,6 6 1 ,8 4 4 92
, assen
Assentfn,*
1 3 ,164,857 01
19.6014
E xcess B a g g a g e ------------.1614
131,160 71
151,349 81
.2253
S leepin g C a r ____________
.8746
710,713 06
6 3 2 ,6 2 6 07
.9419
P a rlor and C h air C a r . .
.0847
68,817 55
6 7 ,4 9 8 75
.1005
M a i l . ...................................
3.1113
2 ,5 2 8 ,3 2 5 78
2 ,4 3 6 ,9 5 6 69
3.6 2 8 4
E x p r e s s --------------------------- 2.2551
1,832,537 98
1 ,7 0 4 ,0 5 9 2 8
2.5 3 7 2
O th er P assenger T r a i n . _
.0204
16,583 92
9,5 2 7 11
.0142
S w it c h i n g _______________
.8176
664 ,412 37
599 ,3 6 0 97
.8924
S p ecial S e rvice T r a in ___
.0505
4
1
,0
2
0
18
34,431
33
.0513
O th e r F reigh t T r a in ____
.0002
146 25
____________
T ota l

R evenue

fro m
1 $ 6 5 ,9 4 7 ,9 7 0 56

455 ,553
6 3 ,3 6 2
8 3 .555
92,393
24,6 8 2
2,8 4 8
68,901
417
4 ,0 7 2
*210
751
8,2 5 4
2,2 9 9
6,8 7 5
415
268
* 2 ,029

48
97
77
51
89
26
43
58
21
72
32
00
61
38
58
95
42

98,869
*15,550
2 3 ,2 4 0
8,2 8 3
*13,482

56
04
81
17
94

15,578 35

* C red its .

M any important improvements are now in progress as
follows: New steel and concroto bridges, in placo of timber
structures, approximately 7,837 feet in length; rearranging
enlarging, and rebuilding round houses and other facilities
at 11 terminals; constructing new empty car yards at Superior
W is ., and Northtown, M in n .; change of line, including
double track concrete-lined tunnel at Paola, M o n t.; changes
of lino and construction of tunnels and snow sheds near
Embro, and Corea, W ash .; construction of snow sheds on
the west slope of tho Cascade Mountains between Embro and
T y e, and Tye and Tonga, W ash.; and between Leavenworth
and Cascado lunnel, W ash ., on the east slopo; constructing
warehouse and oil-storage tanks on docks, and warehouse
north of Garfield Streot, Seattlo, W ash .; erecting new
passenger station and filling False Creek tide lands at
Vancouver, B . C .
Tho property has been fully maintained during tho year.
Respectfully submitted,
L . W . H IL L , President.

98.1911

Revenue from Opera­
tions Other
Than
Transportation—
D in in g an d B u ffe t ______
H o te ls a n d R e s ta u ra n ts.
S ta tio n an d T ra in P riv ­
ileges an d T ra in N ew s
S e r v ic e ________________
P a rce l R o o m R e c e i p t s ..
Storago— F reigh t an d
B a g g a g e ...........................
D e m u r r a g e ...................... ..
T e le g ra p h & T e le p h o n e .
R e n ts o f B u ild in gs and
O th er P r o p e r t y _______
M is c e lla n e o u s __________

.5838
.4338

$47 4 ,4 1 8 81
3 5 2 ,5 2 0 30>

$42 1 ,5 5 0 93
293 ,1 4 2 96

.6277
.4365

.1953
.0515

158,693 89
4 1 .8 7 6 05

136,097 85
3 8 ,6 6 4 80

.2027
.0576

.0599
.1677
.0483

48,661 17
136,321 29
3 9 ,2 3 5 73

4 1 ,9 3 8 10
128,397 84
3 1 ,3 9 0 38

.0624
.1912
.0467

.0789
. 1404

64,0 7 4 63
114,064 40

3 4 ,6 2 0 47
89,0 8 3 77

.0515
.1326

T o t a l ........................... ..

1.7596

$ 1 ,4 2 9 ,8 6 6 27

$ 1 ,2 1 4 ,8 8 7

10

1.8089

$ 6 7 ,1 6 2 ,8 5 7

66

109 .000 0

G ross O p e ra tin g R e v O p e r a t in g E x p e n s e s .
Year ended June 30 1915
Class—
M a in te n a n c e o f W a y &
S tru ctu re s ____________
M a in te n a n ce o f E q u ip ­
m e n t .....................
T r a ffic E x p e n se s_______
T r a n sp o rta tio n E xpenses
M isce lla n e o u s O peration s
G eneral E x p e n se s.............
T ra n sp o rta tio n fo r In ­
v estm en t— C r .............
T ota l

O p eratin g

Per cent
of Total.

Amount.

22.1 5 0 8

.$9,727,327 50

$ 8 ,2 7 0 ,3 5 3 72

2 2 .4565

19.9024
2.6 6 1 4
50.8 0 3 9
1.9942
3 .0 8 6 5

8 ,7 3 9 ,9 0 8
1,168,733
2 2 ,3 1 0 ,0 5 5
8 7 5 ,7 3 0
1 ,3 5 5 ,4 1 9

7,1 5 2 ,3 0 1
1 ,167,536
18,2 6 1 ,0 2 9
815 ,1 8 4
1 ,2 5 8 ,7 5 5

72
24
40

10.4207
3 .1702
4 9 .5 8 4 3
2.2 1 3 5
3 .4 1 7 9

9 6 ,8 8 6 28

.2631

.6992

Per cent
of Total.

Amount..

95
27
31
49
75

263 ,099 13

59

21

Ex-

Per M ile of Road Operated—

$ 3 6 ,8 2 8 ,2 7 4 60 100.0000
1916.
1915.
- - $ 9 , 9 1 3 63
$ 8 ,1 8 0 86

tio n

150 71
..$ 1 0 ,0 9 1 19
..
5,4 5 3 26

$8,331 57
4 ,5 6 8 56

. . $ $4
4 , 60:57
3 7 93
93
a
m no
..
637
32

$3,7 6 3 01
574 31

O p eratin g I n c o m o -------------------------------------------------------0 00 06161
. . $ 4$,0
4 ,0

$ 3 ,1 8 8 70

Total.
$58 ,9 1 3 02
129,936 63
398 ,5 4 9 12
195,698 11
2 1 3 ,0 3 2 71
59,1 3 2 16
170,154 90
135,017 56
118,365 73
127,390,53
36,1 5 9 51

T o t a l G . N . R y . C o ------------- S I ,3 51 ,267 4 3 l$ l,1 8 6 ,2 7 7 56 $ 2 ,5 4 0 ,5 4 4 99




[Vol. 103

N e t O peratin g R e v e n u e ______________________
faxxes
'la
e s A ccru
c c r ueedd _________________________

O p eratin g E x pen ses, per ce n t o f:
T o t a l R e v e n u e fro m T r a n s p o rta tio n _____
G ross O p era tin g R e v e n u e _________________
O p era tin g E xpenses and T a x e s , p e r c e n t o f:
G ross O p era tin g R e v e n u e _________________

..

8,0 5 2 .8 1

8 ,0 6 1 .2 5

..
-

55.01
54 .0 4

55 .8 4
54.83

..

60 .3 6

61.7 3

IN C O M E A C C O U N T .
Fiscal Year ended June 39 1916.
L IN E S O P E R A T E D AS G R E A T N O R T H E R N R A IL W A Y C O M P A N Y
A N D T H O SE IN D E P E N D E N T L Y O P E R A T E D : M IN N E A P O L IS
W E S T E R N R A IL W A Y C O M P A N Y A N D D U L U T H T E R M IN A L
R A IL W A Y C O M P A N Y .
O p era tin g In co m e :
R ail O peration s:
O p eratin g R e v e n u e s______________________ $ 8 1 ,2 6 2 ,4 7 8 27
O p eratin g E x p e n se s........ ................................. 4 3 ,9 1 4 ,0 7 6 14
N e t O p era tin g R e v e n u e .. _____________________
$ 3 7 .3 4 8 402 13
R a ilw a y T a x e s A c c r u e d _______ ______ _______ ________ __________
5 ,1 3 2 ,2 0 8 29
O peratin g I n c o m o ................
$3 2 ,2 1 6 ,1 9 3 84
O th er In co m e :
R e n ts R e c e iv e d ___________________________________ $ 1 ,109,751 02
D iv id e n d s o n S to ck s O w n e d ___________________
6 0 ,6 5 5 12
9 52 ,103 96
In terest o n B o n d s O w n e d ______________________
G eneral In te re s t________________________________
721,912 01
M isce lla n e o u s I n c o m e __________________________
1,205 68
T o t a l O th er I n c o m e ________________________________________

2 ,8 4 5 ,6 2 7 79

G ross C o r p o r a te I n c o m e ...................
$ 35 ,061 ,82 1 63
D e d u ctio n s fro m G ross C o r p o r a te In co m e :
R en tals P a id .....................
$ 8 8 8,89 2 17
H ire o f E q u ip m en t— B a la n ce__________________
99,8 8 4 08
B o n d Interest A c c r u e d __________
6 ,4 4 3 ,2 6 0 87
M isce lla n e o u s D e d u c tio n s ______________________
29,1 6 4 22
T o t a l D e d u ctio n s fro m G ross C o r p o r a te I n c o m o _____
N o t C o r p o r a te I n c o m e .
...........
A g ain st W h ich H a v e B een C h arged:
D iv id e n d s o n G rea t N o rth e rn R y . S tock:
A u g . 2 1915, \Yx% o n $ 2 4 9 ,1 2 2 ,8 9 0 _____ $ 4 ,3 5 9 ,6 4 9
N o v . 1 1915, \ % % o n 2 4 9 ,4 6 0 ,6 0 0 ____
4 ,3 6 5 ,5 6 0
F eb . 1 1 9 1 6 , I H % o n 2 4 9 ,4 6 1 ,7 0 0 ____
4 ,3 6 5 ,5 7 9
M a y 1 1916, \ H % o n 2 4 9 ,4 6 2 ,9 0 0 ____
4 ,3 6 5 ,6 0 0

7,4 6 1 ,2 0 7 34
$ 2 7 ,6 0 0 ,6 1 4 29

00
50
75
75

T o ta l D iv id e n d s o n S t o c k _________________ $ 1 7 ,4 5 6 ,3 9 0 00
A p p ro p ria tio n s to C o v e r:
R en ew al o f A llou ez B a y O ro D o c k s _____
256,331 64
" F u n d fo r P erm anen t Im p ro v e m e n ts an d
B e tte rm e n ts ” ..................
3 ,5 0 0 ,0 0 0 90
P en sion F u n d ........................................
1 .000,000 00
M isce lla n e o u s A p p r o p r ia tio n s _______________
3 ,1 0 0 ,8 6 5 27
T o t a l ...................... ................................................................. ..

2 5 ,3 1 3 ,5 8 6 91

B a la n ce , transferred to P r o fit and L o s s__________________ $ 2 ,2 8 7 ,0 2 7 38
N ote.— A s in form er years, th o C o m p a n y ’s p r o p o r tio n o f In terest A c ­
cru ed o n N o rth e rn P a cific-G re a t N orth ern J o in t C . B . & Q . C ollateral
B o n d s and o f th o D iv id e n d s R e c e iv e d on th o O . B . Sc Q. S to c k d ep o site d
t o secu re said B o n d s, h a v o been o m itte d in th e a b o v e In c o m o A c c o u n t to
m a k e it m oro cle a r, th o so item s c o u n te rb a la n cin g .

C O N S O L ID A T E D

1517

THE CHRONICLE

Got. 21 1916.]
GENERAL

BALANCE
ASSETS.

SH EET

JU N E

30

1916

Cost of Properly.
P r o p e r ty ow n e d b y G roa t N o rth e r n R y . C o .
C o s t o f R o a d .......... ...............................- ........... 131 1.89 2,9 41 20
C o s t o f E q u ip m e n t -....................................... 7 3 )0 6 3 .6 0 2 75
2 ,2 2 8 ,5 8 4 98
C o s t o f E le v a t o r s ..................- --------- ----------T o t a l ............... ................ .................................................................... $ 3 8 7 ,1 8 5 ,0 2 8 93
P r o p e r ty o f tlio M in n e a p o lis W e ste rn R y .
C o ., th e en tire C a p ita l S to ck o f w h ich is
$ 7 5 8 ,0 4 0 77
C o s t o f E q u ip m e n t------------------------------------ ----------- i z & u j o

T o t a l__________

8 9 ,8 2 4 ,9 7 6 28

T o t a l ............................

T o t a l .................................. ........... ........... ...........................................
In v e s tm e n ts in O th or R a ilw a y s w h oso lines
fo rm a p a rt o f th e G roa t N o rth e rn S ystoin , rep resen ted b y th oir C a p ita l S to c k
an d a m o u n ts a d v a n ce d fo r C o n s tr u c tio n
i lu /u T h ^ e r m in a l R y . D o
------------------M id la n d R y . C o . o f M a n it o b a
.............
M a n it o b a G roa t N orth e rn R y . C o
-.
B ra n d o n Sask atch ew an & H u d so n s B a y
Ity . C o __________________________________
C r o w ’s N esV S ou thern R y . C o ....................
B e d lin g to n & N olson R y . C o
..................
N e ls o n & F o rt S hep pard R y . C o ------------R e d M o u n ta in R y . C o ------------------ -------- -V a n co u v e r V ic to r ia & E a stern R y . &
N a v ig a tio n C o __________________________
N o w W estm in ster S ou thern R y . C o -------

Brought Forward________________________________________________$ 6 1 0 ,2 7 1 ,7 7 5 92
Balance.
C o s t o f A d d itio n s an d Im p ro v e m e n ts m a d e
t o th o p r o p e r ty o f th o G rea t N orth ern
R y . C o . and p a id fo r fro m “ F u n d fo r
P erm a n en t Im p ro v e m e n ts a n d B e tte r­
m e n ts ” ____ ______ _______________ ______ $ 3 6 ,7 3 7 ,1 9 7 66
S t. P . M . & M . R y . C o n s o lid a te d M o r tg a g e
B o n d s r e tire d sin co N o v e m b e r 1 1907
th ro u g h o p e r a tio n o f th e S in kin g F u n d - 8 9 9 ,0 0 0 00
P r o fit an d L o s s ______________________________
5 2 ,1 8 8 ,7 7 8 62

$ 7 0 0 ,0 9 6 ,7 5 2 20

7 6 9 ,0 5 8 15
R E S O U R C E S A N D D I S B U R S E M E N T S Y E A R E N D E D J U N E 30 191 6.

* 4 0 7 .4 6 3 69
2 ,3 o 2 ,,975 89
2 ,0 6 7 ,8 7 7 68

RESOURCES.
C a sh o n h an d a n d in ban k s, Ju n e 30 1 9 1 5 - ..................................$ 1 1 ,5 9 0 ,5 0 2 04
R e ce ip ts :
N e t C o r p o r a te I n c o m e ______________________________________ 2 7 ,6 0 0 ,6 1 4 29
Secu rities Issu ed:
C a p ita l S to c k :
O f $ 1 9 ,0 0 0 .0 0 0 is su e________ __________________________ _
128 00
S to ck s O w n e d D e cre a se d :
$ 3 4 1 ,9 3 2 00
G re a t N o rth e r n R y . C o . S t o c k _____________
R e c e iv e d a c c o u n t o f liq u id a tio n L e I lo l
2 ,9 3 2 44
M in in g C o . S t o c k ----------------------------------------

.

2 ,1 5 0 ,0 0 0 00
4 ,2 1 6 ,4 8 5 59
9?
2 ,1 1 9 ,0 1 9 51
31 0 ,6 1 9 07
2 2 ,2 4 8 ,9 2 9 23
2 60 ,000 00

T o t a l ........................................... - - ................ ................................
3 6 ,1 9 8 ,3 7 0 66
In v es tm en ts in U n ion D e p o t an d T e rm in a l
C o m p a n ie s , represen ted b y C o s t o f their
S to c k s , B on d s a n d A d v a n c e s fo r C o n ­
s tr u c tio n pu rposes:
nn
S t. P a u l U n ion D e p o t C o ..................
$ 1 0 3 ,6 0 0 00
M in n e s o ta T ra n sfer R y . C o --------------------2 0 z ,4 M j o
L a k e S u p erior T e r m . & T r a n sf. R y . C o .
169,996 09

$ 3 4 4 ,8 6 4
Less, S to c k s A cq u ire d G r e a tN o r th e r n E q u lp m e n tC o .$ 1 7 7 ,5 0 0 00
S u b s crip tio n t o G re a t Falls an d
T e t o n C o u n t y R y . C o . S to c k
1 5 ,0 0 0 00
------------------192 .500
C u rren t L ia b ilitie s In creased:
B ills P a y a b lo __________________________________ 8 2 2 5 .0 0 0
A u d ite d V o u ch e rs U n p a i d . . -------------------------- 1 .3 9 8 ,4 7 8
8 5 2 ,7 6 4
U n p aid P a y R o lls _____________________________
U n p a id C o u p o n s ______________________________
3 4 ,4 8 7
O th er A c c o u n ts P a y a b le ______________
3 7 8 ,3 6 9

44

00
152 ,364 44
00
76
41
92
10

T o t a l ........................................... - ......................................................

476,009 47
$ 2 ,8 8 9 ,1 0 0 19
Less, M a t u r e d B o n d s a n d D e b e n tu re s u n ­
T o t a l R a ilw a y P r o p e r t y .............................................................. --$ 4 2 4 ,6 2 8 ,4 6 7 21
p
a
id
,
D
e
c
r
e
a
s
e
d
__________
2 ,0 0 0 00
Securities Owned.
----------------------2 ,8 8 7 ,1 0 0
B o n d s , th o p a y m e n t o f w h ich is assum ed
A c c r u e d L ia b ilitie s N o t D u e , In creased:
b y G roa t N orth ern R y . C o ., h e ld b y
106 000 00
A
c
c
r
u
e
d
T
a
x
e
s
n
o
t
d
u
e
__________
$
21
3,58
4
26
M o r tg a g e T ru stees: seo c o n t r a --------------l4,lU b,U 0U UU
In terest o n B ills P a y a b le n o t d u e ____________
5 ,6 2 5 00
C o s t o f S ecurities in han ds o f T ru s te e o f
-------------------- —
21 9 ,2 0 9
N I> - G . N ., C . B . & Q . C o lla te ra l J o in t
B o n d s o f O th er C o m p a n ie s D e cre a se d :
B o n d s (1 ,0 7 6 ,1 3 5 shares o f O . B . & Q .
B o n d s r e t ir e d ________________________________________________
1,500
D e fe rre d L ia b ilitie s In creased:
....................
1 0 9 ,1 1 4 ,8 0 9 76
B alan ces d u o A ffilia te d C o m p a n ie s _________
$ 58 0,75 2 21
O th er S ecurities O w ned:
E x ce s s o f O th er W o r k in g L ia b ilitie s a n d D e ­
Slocks, n o t in clu d in g S tock s o f th o R a ilferred C r e d it Ite m s o v e r O th er W o r k in g
A ssets a n d D efe rre d D e b it Ite m s ________ 1.561.T 33 90
K .T bU
” ! " . . D r ^ . cr . r . '“ * 32 . 395.863 on
---------------------2 ,1 4 2 ,0 8 6
Bonds, n o t in c lu d in g B o n d s o f th o R a il­
S u n d ry R e se rv e F u n d s In creased:
w ay and U nion D e p o t C o m p a n ie s
F u n d fo r P erm an en t Im p ro v e m e n ts a n d B e t­
a b o v e listed :
term en ts (n o t in clu d in g a m o u n t tran sIssu ed or A ssu m e d b y th o G roa t
ferrod t o F u n d fr o m In c o m e o r E x p e n d i­
N orth ern R y . C o ____________________ 37,48 2 ,1 5 1 51
tures ch arged aga in st th e F u n d d u rin g
Issu ed b y O th or C o m p a n ie s ----------------- 2 8 ,5 4 6 ,9 5 8 00
y e a r ) ________________________________________
S14 .97 4 11
E q u ip m e n t D e p r e cia tio n F u n d s _____________
49 6 ,0 2 9 64
T o t a l ..................................................... ......... ................................. 9 8 ,4 2 4 ,9 6 3 47
In su ran ce F u n d s ______________________________
9 1 ,6 7 9 70
Other Investments.
116 ,744 53
M isce lla n e o u s R e se rve F u n d s ________________
M is c e lla n e o u s In v es tm e n ts an d A d v a n c e s t o O th er than
----------------------7 19 ,427
R a ilw a y and U n ion D e p o t C o m p a n ie s a b o v e n a m e d ------U ,iJ U ,f P 5 us
T o t a l . . I ...............................
.$ 1 5 ,3 1 2 ,9 3 2
T o t a l .......... ............................................................. .......................$ 6 5 9 ,4 0 5 ,0 0 5 52
Current A s s e t s . _____
f j o Si,
_
___________$16 ,0 4 9 ,8 7 3 51
B ills R e c e iv a b le . 1 1 I I ----------------------------------248,926 94
3 ,9 3 4 ,2 6 1 71
D u o fr o m A g e n t s -------- - - — -------- -- — - - D u o fro m U . S. P ost O ffic e D e p a r t m e n t-2 18 ,414 63
D u o fro m U . S. T r a n s p o rta tio n .
------­
D u o fro m C a n a d ia n P o st O ffic o D e p a r tm t
5,353 6b
A d v a n c e d C h a rges--------------------------------q i i f t ’ anq nfi
O th er A c c o u n t s R e c e iv a b le ................. - ...........
3 ,4 1 6 ,8 6 3 00
3 4 ,0 0 6 ,0 8 3 74
6 ,6 8 5 ,6 6 2 94

.........................— .............................. $ 7 0 0 ,0 9 6 ,7 5 2 20
L I A B I L IT I E S .
Capital Stock.

Authorized Capital Stock o f Great N orth-

O u tstan d in g in han ds o f th o P u b l i c . — $143,275,757 58
H e ld In T r e a s u r y o f th o G rea t N o rth e rn

jf ,« M .i O iO i

Mortgage TrUSteOT: - - S:i-°-W
-14,106,000 00
194,863,909 09
Total Outstanding------------------N.
P .-O . N .. C . B. & Q. C ollateral 4 per
cen t J o in t B o n d s __________________________ $215,227,000 00
Less— N orth ern P a c ific R y . C o . ’s p r o ­
p o r tio n , o n e -h a lf------------------------------------ 107,613,500 00

1

107,613,500 00
$551,955,119 09

T o t a l C a p ita liz a tio n --------------------------Current Liabilities.
B ills P a y a b le ------ -------------------------------------------

2$7 0 8 '323 72

V

Matured Bondsand Debentures Unpaid-.

2.803.014 08
1.200 00

O th or A c c o u n t s P a y a b lo -------- --------- -----------

44

u S S w i S ' S S i S ' . i i li
y

S

i f A

r

-

T otal..........................

9,771,087 67

Total__________________________________________________

2,475,875 80

Accrued Liabilities Not Yet Due.
A c cru e d T a x es n o t d u o -------- ------------------------'146 nna i «
B on d Interest A ccru ed n o t d u o . - - - - - - - - r ’ n o r nr,
In terest o n B ills P a y a b lo A ccru e d n o t d u o - _______ o.BZa 00
Deferred Liabilities.
B a la n ces d u o A ffilia t e d C o m p a n ie s............ $ 3 ,3 b f ,351 03
E x cess o f O th er W ork in g L ia b ilitie s and
D eferred C red it Item s o v e r O th er W o rk ­
ing A ssets and D efe rre d D e b it I te m s —
4,181,981 91

Total___________________________ ______________________

'

7,549,332 94

Unexpended Balances in Sundry Funds.
F u n d fo r P erm an en t I m p r o v e m e n ts and
B etterm en ts-----------------------------------------------$7,671,418 97
A m o u n ts sot aside to c o v e r D e p re cia tio n
o f E q u ip m en t n ow in s e r v ic e ...................... 2 7 ,0 .1 /,8 4 / 20
In su ran ce F u n d s.......... ..........................................
’m n ’n n n m

Pension Fund__________________

1,000,000 00
1,268,338 57
Total...........................................................................................

M is cella n eou s Reserve Funds.........................




00

11

98
31

In creaso In C o s t o f R o a d _______________________________ $ 3 ,2 2 2 ,9 0 4 60
C o s t o f E q u ip m e n t__________
$55 4 ,3 9 4 56
Less, C o s t o f E q u ip m e n t O u t
o f S e rv ice ___________________ $86 3 ,0 8 5 31
A n d ad ju stm e n ts in a cco u n ts
ca u se d b y transfers betw een
classes ......................................
3 ,0 3 8 14
86 6 ,1 2 3 45
D e cre a se In C o s t o f E q u ip m e n t____________________C r e d it 3 11 ,728 89

.

ern R y . C o . issu able Jun o 30 1916---------- $21 9,4 7 8 ,6 0 0 00
Less— H eld in T rea su ry u n issu ed ------------ --------------1,750 UP
Issuod an d O u tsta n d in g ---------------- ---------- ----$ 2 4 9,4 7 6 ,8 5 0 00
P a rtia l P a y m en ts receiv e d o n S u b scrip tion s t o C a p ita l S to ck
8b0 00
Funded Debt.
B o n d s Issuod o r A ssum ed b y G roa t N o rth ­

Ry. Co.— seo contra----------------- --------

26

D IS B U R S E M E N T S .
E x p e n d e d fo r R a ilw a y P r o p e r ty :
B y th o G re a t N o rth e r n R a ilw a y C o .:
C o s t o f C o n s tr u c tio n ______________________
$8 0 ,9 1 7 13
C o s t o f A d d itio n s an d B e tte r m e n ts_______ 2 ,5 4 0 ,5 4 4 99
E x p e n d itu re fo r N e w G eneral O ffic e
B u ild in g .....................
6 01 ,442 48

................. „ ............. .................. ....
V a lu e o f M a te r ia l an d F u el on h a n d -------------- ----------- - ...........
T o ta l

19

T o t a l E x p en d itu res fo r R a ilw a y P r o p e r ty O w n e d b y
G re a t N o rth e rn R y . C o -------------------------------------------- $ 2 ,9 1 1 ,1 7 5 71
B y th o M in n e a p o lis W e ste rn R a ilw a y C o .:
C o s t o f A d d itio n s an d B e tte r m e n ts ________________________
1 4 ,9 /1 03
In v e s tm e n t in C o n tr o lle d C o m p a n ie s w h o se L ines fo rm a
p a rt o f th e R a ilw a y S y ste m . In creased :
...
In U n ite d S ta te s___________________________
$91 40
I n C a n a d a .........................- .............................. ..
3 4 3 ,2 3 3 01
343 3344 !
In v e s tm e n t in U n io n D e p o t a n d T e rm in a l C o m p a n ie s , I n ­
creased:
A d v a n c e s , M in n e s o ta T ra n sfe r R y . C o -------------------------F u n d e d D e b t:
O u tsta n d in g in han ds o f th o P u b lic , D ecreased :
T h e S t. I*. M . & M . R y . C o .'s P a c ific E x ­
te n sion M o r tg a g o B o n d s r e -a cq u ir e d —
$523,151 51
Less, G re a t N o rth e rn R y . C o .'s F irst and
R e fu n d in g M o r tg a g e G o ld B o n d s Series
‘ ■A ’ " SOld-------------- ----------------------------------. 49-5: ^
A m o u n t o f M is ce lla n e o u s In ve stm e n ts an d A d v a n c e s I n c r e a s e d _________________ ______________________________________
C u rre n t A ssets In creased:
_ .„
D u o fr o m A g e n t s _____________________________ $ 1 ,9 8 2 ,1 6 4 18
D u o fro m U . S. P o st O ffic e D e p a r tm e n t—
9,4 0 4 64
D u o fro m U . S. T r a n s p o rta tio n _____________
2 ,6 3 4 19
A d v a n c e d C h a r g e s___________________________
6 2 ,1 0 0 41
O th er A c c o u n ts R e c e iv a b le __________________
93 4 ,8 3 9 60

3 ,2 3 6 87

2 8 .1 5 1 5 1
__
2 ,6 9 5 ,4 7 5 24

$ 2 ,9 9 1 ,1 4 3 02
Less, D e cre a se In am ou n ts:
C en tral T r u s t C o m p a n y o f N e w Y o r k ,
Special D e p o s it t o p a y M a tu r e d b u t
U n presen tcd S t. P . M . & M . R y . C o .
D a k o ta E x ten sion B o n d s ..
S 2.000 00
B ills R e c e iv a b le _________________
2 6 ,5 7 8 63
D u o fro m C a n a d ia n P o s t O ffic e
D e p a r t m e n t __________________
77 29

2 8 ,6 5 5 92
2,9 6 2 ,487
2,2 9 5 409
V a lu e o f M a te r ia l, F u e l, & c ., o n H a n d , I n c r e a s e d ---------------R e fu n d s o f R e v e n u e U n der D e cis io n in “ M in n e s o ta R a te
.335
C a se s” _______________________ _____________— ..............— - - ­
P a rtial P a y m e n ts R e c e iv e d o n S u b scrip tio n s t o C a p ita l
51
S to c k , D e c r e a s e d ------------------------ ------------------------------------------P r o fit an d Loss:
545 050
N e t d e b it fro m su n d ry ad ju stm e n ts d u rin g y e a r . ............... D iv id e n d s P a id ------------------ --------- ----------------------------------------------- 17,456 .390
C a sh o n h an d an d In ba n k s, Jun e 30 1 9 1 6 ................................... 16,049 .873

10
46
78
20
49
00
51

T o t a l ............................................................................... ......................... $ 4 5 ,3 1 2 ,9 3 2 31

38,520,360 42

1518

THE CHRONICLE

S T A T E M E N T O F B O N D S A N D ST O C K O U T S T A N D IN G IN T H E
H A N D S O F T H E P U B L IC F O R W H IC H T H E G R E A T N O R T H ­
E R N R A I L W A Y C O M P A N Y IS R E S P O N S IB L E , D IR E C T L Y O R
UNDER GUARANTY.
_
D ue.

I n §*ah u S
r ,Pu.bl& „
July I 1915.

BO N D S.

$

Assumed by Great Northern Railway Co.—

In Hands o f
Public
July I 1916.
$

S t. P . M . & M . R y . C o .
C o n s o lid a te d M t g o .:
6%
1933
4& %
---1 9 3 3
---------------------- 1933
4% 0O
M o n t a n a E x to n ., 4 % -1 9 3 7
09 P a c ific E x te n sio n , 4% , 1940
E a stern R y . C o . o f M in n .
00 N o rth o r n D iv is io n , 1st
M o r tg a g e , 4 % ............1948
M o n t a n a C e n t. R y . C o .
00
F irst M o r tg a g e , 6 % . .1 9 3 7
00
F irst M o r tg a g e , 5 % - . 1937
W illm a r & S. F . R y . C o
00 F irst M o r tg a g e , 5 % . . 1 9 3 8
M in n e a p . U n ion R y . C o .
F irst M o r tg a g e , 6 %
1922
00
F irst M o r tg a g e , 5 % . . 1922
S p ok a n e F a lls & N o r t h ­
ern R y . C o .
00 F irst M o r tg a g e , 6 % - . 1 9 3 9

^ • 3 4 4 .0 0 0 0 0
2 1 . 0 0 0 00
10 .1 8 5 .0 0 0
2 9 ,0 9 0 ,9 0 9
9 .6 9 5 .0 0 0

'6 .0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
3 .6 2 5 .0 0 0
6 5 0 .0 0 0
2 2 9 .0 0 0
1 0 8 ,3 9 1 ,9 0 9

09

T ota l A m ount o f B onds
A ssu m ed b y G re a t
N o rth e rn R y . C o . .

AnnualChges.
Paid
1915-1916.
§

13 ,3 4 4 .0 0 0
2 1 ,0 9 8 ,0 0 0
8 ,2 3 7 ,0 0 0
1 0 ,1 8 5 ,0 0 0
2 8 ,5 6 7 ,7 5 7

00
00
00
00
58

^ S f ?
r 71
.July 1 1915.

D. . m o
B O N D S.

108.391.909 09

Brought forward.............
Issued by Great Northern

3 5 .0 0 0 .0 0 0 0 0

D ue.

m 5 f a CK K £ S
G o ld B o n d s , Series
“ A , ” 4 3 4 % - - ...........1961

1 4 3 .391 .90 9 09

T o t a l B o n d s o n R a il­
w a y P r o p o r ty o u t ­
s ta n d in g in H an d s
o f P u b lic -------------------

8 0 0 ,6 4 0 00
94 9 ,5 4 5 00
3 3 0 ,2 0 0 00 2 4 9 ,4 7 6 ,7 2 2 00
407 400 00 ________________
1 ,1 54[626 62

STOCK.
Issu ed b y G ro a t N o r t h ­
ern R a ilw a y C o -------

3 9 2 .8 6 8 .6 3 1 09

I n Hands o f
Public.
July 1 1916.
1 0 7 ,7 8 0 ,7 5 7 58

AnnualChges.
Paid V
191 5-1 916.
4 ,9 4 6 ,7 0 1 62

3 5 ,4 9 5 ,0 0 0 00

1 ,4 9 6 ,5 6 5 2 5

143 ,2 7 5 .7 5 7 58

6 ,4 4 3 ,2 6 6 87

2 4 9 ,4 7 6 .8 5 0 00 1 7 ,456,390 00

T o t a l B o n d s a n d S to c k

3 9 2 ,7 5 2 .6 0 7 58 2 3 .8 9 9 ,6 5 6 87

o I ? P? d niti,?n t o 5J10 b o n d s liste d a b o v e , th e G ro a t N o rth o rn an d N o rth e rn
3 8 7 ,8 0 0 00 P
a c ific R a ilw a y C o m p a n ie s h a v o issued th e ir jo in t C . B . & Q . C o lla te ra l
4 p e r ce n t bo n d s t o th o a m o u n t o f $ 2 1 5 ,2 2 7 ,0 0 0 00 secu red b y d o p o s it w ith
3 6 0 ,0 0 0 00 th e Stan d ard T r u s t C o . o f N e w Y o r k , as T r u s to o , o f 1,076,135 shares o f
2 0 0 ,0 0 0 00 th e C a p ita l S to ck o f th e C h ic a g o B u rlin g to n & Q u in cy R a ilro a d C o m p a n y .
T o t a l b o n d s a n d S to c k , as s h o w n a b o v e _________________
$ 3 9 2 ,7 5 2 607 58
M ilo s o f R o a d o w n e d b y th e G re a t N o rth e r n R y . C o . and
1 81 ,250 00
7 8 14 .24
C o n tr o lle d C o m p a n ie s ______________________________________
M ilo a g o o f M a in T r a c k s in S y s te m , in c lu d in g s e c o n d , th ird ,
1 29 ,000 00
fo u r th , f i f t h an d s ix th m a in tra ck s, co v e r e d b y th e a b o v e
3 2 ,5 0 0 00
ca p ita liz a tio n ........................... ................................................... .........
8 ,0 5 5 .4 2

9 ,6 9 5 ,0 0 0 00
6 ,0 0 0 ,0 0 0 00
4 ,0 0 0 ,0 0 0 00
3 ,6 2 5 ,0 0 0 00
2 ,1 5 0 ,0 0 0 00
6 5 0 ,0 0 0 0 0
2 2 9 ,0 0 0 00

107 ,7 8 0 ,7 5 7 58

[Vol. 103.

13,740 00

Bonds and Stock per-------------------------------------------M ile o f Road.

M a in h a ck s.

S t o c k ........ ................................... ................................. 3 1 ,9 2 5 93

3 0 ,9 7 0 06

T o t a l s ............................. ................ - ....................... $ 50 ,261 14

$ 4 8 ,7 5 6 32

4 ,9 4 6 ,7 0 1 62

S T A T IS T IC S O F F R E IG H T A N D P A S S E N G E R T R A F F IC O N S Y S T E M F O R T H E
P R E V IO U S Y E A R .

D E S C R IP T IO N .

YEAR

ENDED

JU N E

3 0 191 6, C O M P A R E D

Increase.

1916.

1915.
Am ount.

F R E IG H T T R A FFIC —
F reig h t T ra in M ile s ____________________

1 »OlV/»«7C>l

M ile a g e o f L o c o m o t iv e s e m p loy ed in " h o lp in g ” F re ig h t a n d M ix e d T rain s
P e rce n ta g e o f “ h e lp in g ” t o R e v o n u o T ra in M ile s _______
L o a d e d F reig h t C a r M ile s ________
E m p t y F reig h t C a r M ile s ........
C a b o o s e C a r M ile s _______ __

3 ,0 9 1 ,6 5 3
39 .5 3 5 3
Dect ease
20 1 ,4 1 0
18.9157

1 1 ,775,002

8 ,8 8 4 ,7 5 9

Inct case
2 ,8 9 0 ,2 4 3
32 *5303

5 46 .289
4 .6394

4 06 .571
4 .5 7 6 9

T o t a l __________________________
T o n s o f R e v e n u e F reig h t C a rried O n e M il o .............
T o t a l T o n s C a rried O n e M ile (R e v e n u e an d C o m p a n y F re igh t)
f r e i g h t R e v e n u e ____________

3 8 7 ,7 2 6 ,2 9 5

F r e ig h t per T r a in M il e _______
F reigh t per L oa d e d C a r M i l o .............
F reig h t C a rried O n o M ile p er M ile o f R o a d
o f O n e T o n — M ile s .

118 ,355 ,14 7

30 .5 2 5 4

5 ,4 7 4 ,0 7 1
1 ,0 2 4 ,6 3 2

23 .3 4 0 5
2 7 .6954

________ _____

6 ,4 9 8 ,7 0 3

2 3.9339

7 ,8 0 9 ,8 1 6 ,8 3 4
8 ,9 8 2 ,0 8 5 ,0 2 3

6 ,5 9 8 .3 4 0 ,9 2 8

i£,U«)0,U<3/
_ 4jOo*j, 144 iv/ pu
$ 1 3 ,0 2 9 ,9 3 5 14

3 5 .2 6 3 5
3 6 .1 2 6 4
27 .6 3 6 6

6 63 .254
2 2 .873
96 9 ,8 2 5

7 16 ,239

F reig h t R e v e n u e p er M ile o f R o a d _______
R e v e n u o p er T o n M ile — C e n ts .............
P ASSEN G ER TR A F F IC —
P a ssen ger T r a in M ile s ........................

Deer ease
.66
1.5124
Incr ease
l o . 4U2
2.0623
5 .9917
3 5 .4 0 5 2
2«>.oU
9 .6 6 7 7
Deer ease
3 .7665
Incr ease
2 7 .7704
Peer ease
5 .6 4 5 4
Incr ease
3 01 ,474
2 .6 0 0 9
Deer ease
18.9157

M ix e d T ra in M ile s _______ __

Incr ease

T o t a l _______________ .

.7907

M ile a g e o f L o c o m o t iv e s e m p lo y e d in “ h e lp in g ” P a ssen ger T ra in s
P e r c e n ta g e o f “ h e lp in g ” t o R e v e n u e T ra in M i l e s . . .

2 0 5 ,2 7 9
1.6093

9 0 ,4 0 7
.7143

P assen gers C a rr ie d ___________________
P assen gers C a rried O n e M il o ..........
P assen ger R o v o n u e . . .
P a ssen ger S e rv ice T ra in R e v o n u o ___
Averages—
P assen gers C a rried O n o M ilo p er M ile o f R o a d
D is ta n c e C a rrie d — M ile s _______
R e v e n u o p er P a ssen ger p er M ile — C e n ts

7 4 ,664

l

127.0610
.8950
Deer ease
2.4131
Incr ease
4 .5627
3 .7 7 3 6
7 82 ,909 20
4 .3 0 9 5
3 ,333
4 .8 5 3

2.2 7 2

4 .6 7 2 6
7 .1 4 6 9

Incr ease
4*4187
3 .5 o 4 0

$ 2 ,3 5 3 19
1.486

T O T AL T R A F F IC —
R e v e n u e T ra in M ile s — ■
F reig h t ............. .......................
P a ssen ger_________________

39.5353

2 .6009
301 ,474
Deer ease
18*9157
Incr ease

M ix e d _____________
Special S e r v ic e ________
T o t a l ________________________




27 .6 1 3 6
36 .9 4 8 0
3 7 .8 3 6 8

2 7 ,1 5 2 ,7 0 7

F reig h t R e v e n u e p er T r a in M il e _____________

Averages—
R e v e n u e fro m T r a n sp o rta tio n p er T r a in M ile
R e v e n u e O th er T h a n T r a n sp o rta tio n p e r T ra in M ilo
T o t a l O p era tin g R ov en u o per T ra in M il o ...............
O p era tin g E x pen ses p er T ra in M il e ....................
N o t O peratin g R e v e n u o per T ra in M il o ___

,UO')

3 3 .6 5 1 ,4 1 0

Averages— '
A ll F reig h t C a rs p er T r a in M ile ________

R e v e n u e fro m T r a n s p o r ta tio n ____________
R e v e n u e O th er th an T r a n s p o r t a t io n -.
T o t a l O p era tin g R e v e n u o ____________
O p era tin g E x p e n s e s . . ________
N e t O p era tin g R o v e n u e ___

3 4 .3 6 5 0

11 303 789
506 ,0 8 1 ,4 4 2

P a ssen ger S e rv ice T r a in R e v e n u e p o r M ile o f R o a d ____
P a ssen ger S erv ice T r a in R o v e n u e per T r a in M ilo

139 ,718
.0634
/O

..............................................

T o n s o f F reig h t C a rried —
R e v e n u e . , .......................................
C o m p a n y ................................ .........

T on s R evenuo
T o n s R ev en u e
Terns R e v e n u e
D is ta n c o H au l

Per Cent.

1 ,0 6 4 ,7 7 8

M ix e d T r a in M ile s ________________
T o t a l ........ ................................. .........

W IT H

•5. L.V / 1 / J i

$ 7Q 332 612

00

$ 3 ,369
.061
3 .4 3 0
1.853
1.577

15.6013
2 1 .0539
17.6954

7 ,0 1 3 ,8 1 9 07

23 .1 2 1 5

*uy t

6 .5541

.059

1519

THE CHRONICLE

Oct. 21 1916.]

N U M B E R OP M IL E S OP F IR S T M A IN TRAGIC L A ID W IT H E AO II W E IG H T O P S T E E L R A IL S ON JU N E 30T H OP E A C H Y E A R S H O W N
(D oes not Include rails laid In Second, T hird, F ourth, F ifth and Sixth M ain Tracks.)
Weight per Yard in Pounds.
Year.

90

85

Miles.

Miles.

|

1904
....... 1905
.........
38.96
1906
.........
410.25
1907
.........
748.33
122.67
1908
.......
838.81
405.64
1909
.......
831.58
697.57
1 9 1 0 --..................
797.74
850.17
1911
.........
763.84
1912
......... 1.052.14
738.34
1913
....... - 1,715.73
678.50
1914
......... 2.156.61
656.27
1915
_____ 2.208.63
564.43
2,312.20
1916
.....................
.....................

80

|

Miles.
122.28
245.63
259.35
257.53
254.53
469.72
646-69
622.52
602.60
584-52
562.48
542.08
516.02
506.46
468.50
456.09
422.87

77 H

|

Miles.
269.21
274.61
755.19
927.72
1.085.00
1.168.73
1,145.05
1.089.73
1.062.75
1.049.90
961 9 1
933.82
855.84
765.91
612.52
748.39
825.93

72-lb, Rails are re-rolled from used 80-lb. Rails.

75

72

70

Miles.
1.154.75
1.160.97
1,155.26
1.152.62
1.030.62
986.01
950.54
836.53
727.51
691.50
739.74
720.14
680.61
664.14
577.14
577.93
569.76

Miles.

Miles.

""25*29
26.35
24.75
24.75
24.75
25.29
25.29
25-29
24.82
24.82
24.82
24.52

Passenger Equipm ent:
Sleeping C a r s ____________________________________
Parlor C a r s ------------------------ - - ------------------------------O b s e r v a tio n

C o m p a r t m e n t C a r s -----------------------------------

D ining Cars----------------------------------------------------------C o a c h e s ________________________________________________________
T o u r i s t C a r s ----------------------- ----------------------------------------------------P a s s e n g e r a n d B a g g a g e C a r s . . . .........................................
B a g g a g e , M all and Express C ars...............................

1,294
C294

1,321

95
28
35
44
416
58
43
463

95
28
35
45
416
58
43
463

Gas-Electric M otor Cars--------------------------------------Open Observation Cars----------------------------------------Business C a r s ____________________________________

2
1

2
1

29

29

T otal Passenger E quipm ent___________________

1,214

1,215

Freight Equipm ent:
Box C ars_____________
Transfer Freight Cars.
Refrigerator C a r s ----Stock C a r s ----------------

33,275
50
3,801
2,264

32,828
50
3,820
2,160

Total Box, Refrigerator and Stock C ars_______ 39,390
Flat and Coal Cars----------------------------------6,396
Sand Cars________________________________
666
O r e C a r s (W o o d )--------------------------------------2,561
Ore Cars (Steel)___________
6,961
Total Flat, Gondola and Ore Cars.
Oil Tank Cars (Steel)..............................
Ballast Cars---------------------------------------Caboose Cars-------------------------------------Cinder Cars__________________________
Boarding C ars-----------------------------------Derrick and T ool Cars_______________
Steam Shovels-----------------------------------Lldgerw ood Unloadcrs----------------------Pile D rivers---------------------------------------R ota ry Snow Plow s................................
Snow Dozers_________________________
Other W ork E q u ip m en t......................

60

56

Miles.

Allies.
1,153.65
1,070-51
944.76
929.35
923.81
897.08
946-02
1,113.38
1,120.96
1,080.46
965.69
968.99
1.057.94
1 .0 0 2 .8 8
1.000.
1.000.
921.83

Miles.
1.725-20
1.708.78
1,758.90
1,650.53
1,594-85
1.512.96
1.474.05
1,390.25
1,35-1.63
1.229.65
1.193.38
1.202.60
1,203.48
1.173.44
1,155.04
98
1.155.02
69
1.194.44

94-96
102.00
111.12
111.12
111 .12

110.94
109.85
109.85
109.85
108.83
102.42
102.42
102.46

Miles.
5.404.20
5.447.96
5.845-78
5.879.20
5.942.60
6.101.82
6.248.69
6.457.64
6.687.98
6.876.34
6.999.94
7.051.63
7.177.57
7,464.45
7,528.16
7.822.87
7,814.24

June 30.

Number

Average
perEngine

Total.
1900 _____
1 9 0 1 _____
1902 ..........
1903 .........
1904 _____
1905 .........
1906 _____
1907 ..........
1908 _____
1909 ..........
1 9 1 0 _____
1 9 1 1 _____
1 9 1 2 ..........
1 9 1 3 ..........
1 9 1 4 .........
1 9 1 5 ..........
1 9 1 6 _____

550
563
608
637
708
707
786
943
1,081
1,073
1.123
1,169
1.187
1,280
1.320
1,317
1,290

12,147,810
12,847,630
15.050,560
16.278.760
19,058.360
19.060.270
21,959,730
28,335,770
34.398.875
34.049,845
36.641,215
38.868,760
40.054.060
46,709,400
48.708,578
48,705.178
48.054,720

,

Weight in Tons Ex­
clusive of Tender.
Total.
31.536
33,236
38,805
41,792
48,431
48,416
56,579
73,817
89.190
88,696
95.885
100,907
103,620
117,529
123,114
122,997
122,046

22,087
22,820
24,754
25,555
26,918
26,959
27,938
30.048
31,821
31,733
32,628
33,249
33,744
36.492
36.900
36,982
37,252

Average
Wt. per
Engine on
Average
Drivers
perEngine in Tons.
46.25
47.56
50.90
54.42
57.59
57.68
59.41
63.53
66.87
66.72
68.55
71.05
71.78
75.98
77.67
77.77
77.53

57.34
59.03
63.82
65.61
68.41
68.48
71.98
78.28
82.51
82.66
85.38
86.32
87.30
91.82
93.27
93.39
94.61

Freight Cars.

Capacity (in Tons).
16,806
115
479
604
149
132

19
21

21

15

Steam Locomotives.
Tractive Power
in Pounds.

(Includes B ox, Transfer, Freight, Rofrigorator, S tock, F lat, C o a l, G on dola}
Sand and Ore Cars— (both W ood and Steel.)

16,574
115
454
588
149
124

100

E Q U IP M E N T OF T H E G R E A T N O R T H E R N R A IL W A Y C O M P A N Y
A N D O P E R A T E D L IN E S A C T U A L L Y IN S E R V IC E ON JU NE 30
OF E AC H OF T H E Y E A R S B E L O W N A M E D A N D ALSO S H O W ­
IN G T H E T R A C T IV E P O W E R A N D W E IG H T OF S T E A M L O C O ­
M O T IV E S A N D C A P A C IT Y OF F R E IG H T O A R S .

38,858
6,593
669
2,583
6,961

101

19
15

10

10
59
141

55
143

Total Freight and W ork E quipm ent__________ 57,759

57,507

Note.— The above list does not include 2 Steam Locom otives and 1 Ca­
boose Car owned by the M idland R y. C o. o f M anitoba, and which com pany
is owned b y the Great Northern and N orthern P acific Railway Companies
join tly.

CURRENT NOTICE.
— All the bonds having been sold, Edward B . Smith & C o. o f Phila­
delphia and N ew York and Brown Brothers & C o. o f Philadelphia, Now
Y ork and B oston, are advertising in this issue as a m atter o f record only
their join t offering o f 83,000,000 Connecting Railroad C o. first mortgage
4 % bonds, duo M ar. 15 1951, at 98 and accrued interest, to yield about
4 .1 1 % . Paym ent o f principal and interest unconditionally guaranteed
b y the Pennsylvania Railroad C o. Seo to-d a y ’s m atter o f record adver­
tisement for other socurity features o f this offering.
— E . W . Clark & C o. and Ilodenpyl, H ardy & C o ., In c., are making a
public offering o f tno 6 % cumulative preferred stock o f the N orthern Ohio
E lectric Corporation at par, when as and if issued. E ach subscriber for ten
shares o f the preferred stock o f this corporation will receive five shares o f
com m on stock. T he Northern Ohio Electric Corporation was organized
to acquire not less than 95% o f the com m on capital stock o f the Northern
Ohio Traction & Light C o. See to-d a y ’s advertisem ent, published else­
where in this issue.
__T he firm o f John Nickerson Jr., Now Y ork, St. Louis and B oston, is
to-day advertising in the "C h ronicle” a page list o f public utility bonds
which they have investigated and recomm end as conservative issues,
yielding 5 to 6 % , and several public utility preferred stocks o f operating
com panies owning their property in fee are featured, yielding 6 to 7 % .
Investm ent dealers who desire to enter the field can receive from tlio firm
full particulars regarding m any attractive public utility preferred stock
Issues.
— W illiam A . R ead & C o., the Old C olon y Trust C o. o f Boston and
Ames, Emertch & C o ., C hicago, aro offering, at 9 7 'A and in t., the unsold
p ortion, being less than 23% o f an issuo o f 81,500,000 First M tge . Sinking
Fund 5% bonds o f the Consolidated Rendering C o. The bonds are dated
July 1 1916 and due July 1 1941. Interest J. & .1. A uthorized, $2,500,000.
Present Issue, $1,500,000. A description o f this issue will bo found In our
Issue o f July 22, V. 103, p. 323.
— Herbert E . Elder and O tto M . W hltstock, w ith W in. J. W ischmann as
special partner, have formed a partnership under the firm name o f Elder,
W hltstock &. C o ., at 120 Broadwr y , this city , to deal in unlisted stocks and
bonds. M r. Elder and M r. W hltstock were formerly associated with
Stranahan & C o ., o f New Y ork , Providence, D etroit and Augusta. M r.
W hltstock nas had considerable experience in London, handling South
American investments.




Miles.
979.11
987.46
972.32
961-45
958.83
940.03
909.91
813.50
712.62
709.79
721.28
709.78
703.18
551.58
539.31
668.56
650.64

66 H

6 6 >£-lb. Rails are re-rolled from used 75-lb. Rails.

E Q U IP M E N T OP G R E A T N O R T H E R N R A IL W A Y C O M P A N Y A N D
O P E R A T E D LIN ES A C T U A L L Y IN S E R V IC E FOR T H E Y E A R
ITH Y..........
EAR ENDED
E N D E D JU N E 30 1910, AS C O M P A R E l
JU N E 30 1915.
1915.
1916.
Class—
Locom otives:
1,317
Steam L o co m o tiv e s ______________________________
1 ,290
4
4
Electric L ocom otives________________________
Total L ocom otives_____________________________

4561
100.04
150.38
191.17
191.17
209.38
212.32
212.32
224.05
225.16

Total.
68

June 30.
1900.............................
1901 ...............................
1902...............................
1903...............................
1904...............................
1905______ _____ ____
1906....... .......................
1907...............................
1908...............................
1909....... ............ ..........
1910...............................
1911...............................
1912
..................
1913
..................
1914...............................
1 91 5 .
..................
1916..............................

21,484
22.989
24,944
28,426
30,791
31,277
33.296
38,385
42,131
42,280
44.283
46.101
47,641
53,595
55,279
55,664
55.964

Total.

Average per Car.

548,185
606,701
688,594
839,606
932,332
951.812
1,041.707
1,282,683
1,457,236
1.474.387
1.569,226
1.660,854
1,731.603
1,985.768
2,062,645
2,079,397
2,10,8,661

25.52
26.39
27.60
29.54
30.28
30.43
31.29
33.42
34.59
34.87
35.44
36.03
36.35
37.05
37.32
37.36
37.68

— A . B . Leach & C o ., 62 Cedar S t., this city , C hicago, Philadelphia,
B uffalo, Boston and Baltimore, announce that a woekly list o f offerings o f
standard m unicipal, railroad and public utility bonds with their current
prices will bo sent regularly to those asking to have tholr names placed on
their mailing list. Address M r. Fulcher, A . B . Leach & C o ., 62 Cedar
S t., N ew Y ork.
— Glover & M acG regor, 345 Fourth A vo ., Pittsburgh, have issued fo r
general distribution a new circular o f stocks and bonds for October invest­
m ent. Special attention is directed to the list o f W est Penn System se­
curities and three issues o f oil and gas bonds. T he firm aro specialists in
Pennsylvania municipal and American W ater W orks Jc E lectric C o. Issues.
— Eugeno M eyer & C o. and Ilallgarten & C o. o f this city aro join tly
publishing as a matter o f record an advertisement in to -d a y ’s "C h ron icle"
featuring their recent offering o f $5,000,000 Fisher B od y Corporation 7%
cumulative preferred stock. All the stock acquired b y the bankers has been
sold. Full details are published in the record advertisem ent.
— MJchaelis & C o ., 61 Broadway, this city , and W ldener Building, Phila­
delphia, are offering the unsold balance o f $5,000,000 Pugh Stores C o.
capital stock at $10 per share. This stock is fully paid and non-assessable.
T he com pany has no bonded debt or preferred stock. Descriptive circular
on request. See to-day's advertisem ent for all particulars.
— Inquiries aro Invited b y C olgate, Parker & C o ., 2 W all S t., this c ity ,
from savings banks, national banks, trust com panies, insurance com panies,
estates and individuals regarding the m unicipal and railroad bonds in
which thoy aro particularly interested. T he firm also deals In the internal
and external loans o f foreign Governm ents.
— Kintzing Post Emm ons, a m ember o f the N ew Y ork Stock Exchange:
J. F . M Iddledith and Georgo Sloan announce that they have form ed a co ­
partnership to deal in securities and to con du ct a general Stock Exchange
business under the firm name o f K . P. Emmons & C o ., at 111 B road­
w ay, this city.
— T h e firm o f D illon, Thom son & C lay has been dissolved by mutual
consent. It will continue solely for the purpose o f finishing matters now
entrusted to it by its clients. John C . Thom son and George S. C lay
will continue the independent practice o f law at 120 B roadw ay, N ew Y o rk
C ity.
— L yon , Gary & C o ., dealers in tim ber securities, C hicago, have estab­
lished an office at 454 California S t., San Francisco, for the handling o f
their W estern business. W e are inform ed that Fentress Hill is in charge.
Bonds dealt in by them are listed in our advertising pages.

1520

THE CHRONICLE

[V o l . 103.

CANADIAN PACIFIC RAILWAY COMPANY
REPORT OF THE PROCEEDINGS AT THE T H IR TY -F IF T H ANNUAL M E ETIN G OF THE SHAREHOLDERS
HELD AT M ON TREAL ON W EDN ESDAY, OCTOBER 4 1916.

The notice calling the meeting having been read by the
Secretary, the President, Lord Shaughnessy, in moving the
adoption of the report on the affairs of the Company for
the fiscal year ended June 30 1916, which had been printed
and distributed to the Shareholders, said:
On behalf of the Directors, I have the honor to submit for
your consideration and approval the Thirty-fifth Annual
Report of the Company.
The information contained in the Report with reference
to the outcome of the Company’s operations during the year,
and the condition of its affairs generally, must be as gratifying
to the Shareholders as it is to the Directors. While the gross
income from the business of your railway lines was below the
maximum that had been reached, the net revenue was in
excess of any previous year. The statements and statistics
give evidence of improved operating effectiveness and of
greater financial strength and stability.
Although the amount of the taxes that the Company may
be called upon to pay in Great Britain and Canada in connec­
tion with special war assessments is not as yet definitely
determined, it will, no doubt, be considerable, and prudence
suggests preparation to meet it. Then, as you are aware,
most of your ocean steamships have during the past two years
been engaged in Admiralty service. Some of them were
lost, although in this respect we have been singularly fortu­
nate, some were taken over by the Admiralty, and the charac­
ter of the service that the others have been performing will
make extensive rebuilding necessary whenever the steam­
ships are released.
To make provision for these excess war profit taxes and
other war assessments that the Company may be required
to pay, and for the rehabilitation of your ocean fleets at the
prices now current and that are likely to prevail for some
time to come, the Directors decided to transfer to a fund for
contingencies a very substantial sum that would in other
circumstances have gone to Special Income. I am confident
that this policy will meet with your hearty approval.
It is very comforting to know that June 30th last the cash
in hand, including the temporary investment in War Loans,
readily convertible, was nearly $47,000,000, or about $30,­
000,000 more than at the end of the previous fiscal year,
although in the meantime no capital securities of any descrip­
tion had been disposed of, but, of course, important works
requiring large expenditure, that were not immediately
necessary, were postponed until a more opportune time. In
addition to the cash in the Treasury you have available for
sale upwards of $40,000,000 of 4 % Consolidated Debenture
Stock for additional railway mileage built with funds ad­
vanced by the Shareholders.
In the opinion of the Directors the time has arrived when
the Company should arrange to carry its own fire and marine
insurance, or the greater portion of it, instead of paying
large annual premiums as at present. To that end, a transfer
of $331,000 was made to the fund last year, and further
transfers will be made year by year until the fund is sufficient
for the purpose in view.
In Eastern Canada the outcome of farming operations
this year was generally satisfactory, but the grain crops in
portions of the Western Provinces were injuriously affected
by unfavorable weather conditions during the late Summer,
and it is now thought that the total yield will be little more
than half of last season’s phenomenal crop. These conditions
will naturally be reflected in the Company’s revenue returns
during the next year, but general business is showing decided
improvement, and in any event there is every reason to
expect that the Company’s net income for the year will be
quite sufficient to meet the ordinary dividend distribution
without encroaching on the surplus of previous years.
The progress and prosperity of your Company during the
past few years tempted other railway companies to enter the
field, and they received encouragement and support from the
Dominion and Provincial Governments in the shape of cash
bonuses and guaranteed securities, with the result that hun­
dreds of millions of dollars were invested in railway lines



throughout Canada, many of them in territory already served
by your railway, years before they were required or could be
made self-sustaining. It has been necessary for Govern­
ment on more than one occasion to come to the aid of these
companies by advancing large amounts of money to prevent
liquidation and collapse. As a consequence, a situation
fraught with anxiety and some apprehension has developed.
Within the last few months a Board of Inquiry composed of
expert and capable men has been selected by the Dominion
Government to study every phase of the railway problem,
and to make a report incorporating suggestions and advice
that may serve to guide Government in dealing with the sub­
ject hereafter. It is to be regretted that a Board of this kind
was not asked to give information and advice before these
large expenditures and obligations were incurred, rather than
afterwards, but there is little doubt that its report and re­
commendations will be very useful to Parliament and the
Government.
I cannot too highly commend the Vice-Presidents and
their assistants for the splendid organization, the intelligence
and energy that were manifest in every branch of the Com­
pany’s service, and to which may bo attributed the very
gratifying outcome of the year’s business.
The vacancy in the Board of Directors caused by the death
of the lato Sir Sandford Fleming has not been filled. Your
Directors recommend that Sir Vincent Meredith, Bart., be
elected a Director to fill the vacancy, and his name
will appear on the ballot paper to be submitted to you
to-day.
•
Prior to the adoption of the Resolution approving of the
report, M r. Iluntly Drummond, a Shareholder, stated that
he desired on behalf of the Shareholders to express their
gratification at the satisfactory results of the year’s operations
of the Company, which could only be attributed to the
wisdom and foresight exercised by the President and the
remarkable esprit de corps which was known to exist through­
out the Company’s service. M r. Drummond also referred
to the enormous assistance the Company’s organization had
been in matters connected with the prosecution of the war
and to the generosity of the Company and its employees in
their contributions to the Patriotic Fund and for other war
purposes. He concluded his remarks by referring to the
anxiety that was felt amongst the Shareholders at the rumors
which had been current for some little time past of the possi­
bility of the retirement of Lord Shaughnessy from the
Presidency of the Company. He stated that in his opinion,
which he felt was generally shared, it was of vital importance
that Lord Shaughnessy should continue to direct the affairs
of the Company and suggested, if ho was not on too delicate
ground, that it would be very re-assuring to the Shareholders
if Lord Shaughnessy would make some statement on the
subject.
Lord Shaughnessy in his reply, after thanking M r. Drum­
mond for his expression of appreciation, stated that there
were two factors to be considered in the selection of a Presi­
dent, namely, the Board of Directors and the person who
might be named, but that if the Directors at the Meeting to
be held after this Meeting were to ask him to be President
of the Company he would be very pleased to accept, and
that if a year from now they again proposed that ho should
be President, he would be very glad to serve. Ho did not
think any man at his time of life should predict beyond
two years.
The President referred to his thirty-four years’ connection
with the Company, seventeen of them as President, and the
splendid organization which the Company possessed and in
which he personally took much pride. He mentioned that
many of his assistants and advisers on the staff had been
with him from the beginning. Indeed, that some of those
now holding positions o f greatest responsibility he had known
when they started as boys in the Company’s service. In
conclusion he assured M r. Drummond and the Shareholders
that so long as he was mentally and physically capable his
services would always be at their command.

THE CHRONICLE

Oct. 21 1916.]

She (Commercial Siro.cs*
COMMERCIAL EPITOME
Friday Night, Oct. 20 1916.
Trade continues in extraordinary volume at rising prices.
Violent advances have occurred in grain and cotton. Tho
British Government, having taken charge of grain importa­
tions, has bought heavily during the week of wheat. And
wheat prices aro now higher than they have been at any time
under normal conditions, since the Civil War. N o. 1 spring
wheat hero touched $2 on Oct. 18. Plainly, Europe is large­
ly dependent on America for food as well as clothing and
munitions. To-day corn advanced five cents a bushel and
in a singlo day wheat rose soven cents. Cotton has reached
the highest price seen at this time of the year for forty-threo
years. Retail trade at tho West has been favored by colder
weather. It is one of tho economic phenomena of tho times
that high prices do not seem to check consumption much, if
at all. Wholesale, as well as jobbing and retail sales are on
a scalo that astonishes everybody. Metals have advanced.
Steam coal is in sharp demand and both coal and coke have
risen. Trade in general merchandise is so large that car
shortages aro increasing. Tho farming class is unusually
prosperous, owing to the high prices current for grain. Tho
winter wheat acreage has been increased. Money continues
easy and collections aro good. The activity and strength
of the stock market is not without its stimulating effects in
tho commercial world. On tho other hand, costs of raw
materials aro rapidly increasing. Labor is scarco and high,
and the salaried class with moderate or small incomes feels
the pinch of the steadily rising cost of living, notably of food
and clothing. It is also said that flats and apartments in
New York at a moderate rental are in much smaller supply
than formerly. But whatever the inevitable drawbacks in
the general business situation, tho feeling for the most part
undoubtedly is optimistic.
LAUD in active demand from foreign sources and higher;
prime Western 16.25o.; refined to the Continent 17c.; South
America 17.35c.; Brazil 18.35c. Futures advanced to the
highest prices of the season in company with grain and also
because of a good demand. It is said that the Belgium
Relief Commission is in the market for backs, bellies and
lard. Foreign houses have certainly been good buyers;
so have packers and shorts. Hogs, though at one time
lower under big receipts, havo latterly advanced in sym­
pathy with products. Yet the hog packing at the West
within a week has been 524,000, against only 425,000 last
year. To-day futures advanced slightly and then reacted
on realizing sales.
D A IL Y C LO SIN G P R IC E S
Sat.
October dol ivory— cts .I5 .1 7
Docom ber delivery------ 1415
J an u ary delivery______ 13.50

OF L A U D F U T U R E S IN C H IC A G O .
Mon.
Tries. I Ved.
Thurs.
Fri.
15.22
15.37 15.60
15.65
15.60
J o'™
J o 'o l
Jo'nr
J .'§ 9
14.77
13.72
13.85 13.95
14.20
14.27 •

PORK strong; mess, 830 50@831; clear 827@829. Beef
products higher; mess, 822 50@823; extra India mess,
836@838. Cut meats in good demand and very firm;
pickled bans 10 to 20 lbs., 173^@18c.; pickled bellies 15j/2@
16c. Butter, creamery, 31@37M C> Cheese, State, 19@
21 K c. Eggs, fresh, 24@39c.
COFFEE dull and lower; No. 7 Rio, Oj^c.; No. 4 Santos.
1 0 M @ llc .; fair to good Cucuta, 11 M @11 Me. Futures have
fluctuated as a rule within narrow limits, declining early,
rallying later, and then easing a little. Brazilian receipts
liavo been liberal of late. Hedge selling by tho trado has
held pricos in check. Besides tho spot demand has been dis­
appointing. No further submarine attacks havo occurred,
and this of itself had a tendoncy to depress prices. But there
has been sorno outsido public buying on adverse crop reports
from Brazil pointing, it is said, to not over 12,000,000 bags
for tho noxt crop, owing to belated rains, and only 9,000,000
bags for tho present one. To-day futures closed 3 points
lower to 2 points higher, with sales of 37,250 bags.
Closing prices wero as follows:
October ..c tfl8 .2 3 © 8 .25
N ovem bor — 8.23
D ecem ber__ 8.23
J a n____
u a ry ____8.25

February .Qts8.28C08.3O
8.33
M arch______
'
~ ( 0 8 .3 4
A p ril_______ 8.37C >8.38
M a y ...............8 .4 1 0 8 .4 2

June------ cta_8.45C08.40
J u ly................ S.49C08.51
A u g u s t ..........8.5 1C08.55
SeP t .............. 8 .57 @ 8 .59

1531

Closing quotations follow:
O c to b e r .. cta 5.4 4O 5.50
N ovem ber__5 .4 4 0 4 .4 5
D ecem ber___5 .0 3 @ 5 .0 l
J a n u a ry ____ 4 .5 9 0 4 .6 0

February .ct3 4 .2 9 O 4 .3 0
M a rch _______4 .2 7 0 4 .2 9
A p ril...............4 .3 1 0 4 .3 3
M a y ...............4 .3 5 0 4 .3 7

J u n e _____ cts4 .3 7 © 4 .3 9
July.................4 .4 0 0 4 .4 2
A u g u s t ___ i _ 4 .4 2 0 4 .4 4
8 e p t ............... 4 .4 5 0 4 .4 7

OILS.— Linseed higher in response to a jump of 4 }4 to 5c.
in tho flaxseed market at Duluth. Buenos Aires higher;
heavy snows in Canada. City, raw, American seed, 84@
88c.; city boiled, American seed, 85@ 89c.; Calcutta, SI.
Lard, prime, SI 08@S1 16. Coacoanut, Cochin, 16@17c.,
Ceylon 14@15c. Corn oil moved up to 10.30@10.50c.
and palm, Lagos, to l l ^ @ 1 2 c . Cod, domestic, 70@72c.
Soya bean oil up to 10}4c., with a sharp demand. Cotton­
seed oil active and higher on the spot at 12.30c.; later lower
at 11.75c., owing mainly to profit taking. Spirits of turpen­
tine, 46Me* Strained rosin, common to good, 86 40.
PETROLEUM active and firm; refined in barrels, 88 35@
89 35^ bulk, 84 50@85 50; cases, 810 75@$11 75. Naptha,
73 to 76 degrees, in 100 gallon drums and over, 40}4c. Gaso­
line continues active; motor gasoline, in steel barrels, to
garages 22c.; to consumers 24c.; gasoline, gas machine, steel,
37c.; 73 to 76 degrees, steel and wood, 31@34c.; 68 to 70
degrees, 28@31c. Crude oil is firm and prices are believed
to have an upward tendency, though many are non­
plussed at the delay in advancing. Kentucky is producing
on something like a boom scale. Few completions, however,
are reported in Indiana. The field news is generally without
striking interest at this moment. Closing prices were
as follows:
Pennsylvania dark $2 60 N orth Lim a_______ SI 43
C abell______________2 12 South Lim a________ 1 43
M o r c o r b l a c k _______ 2 10
I n d ia n a ____________ 1 28
Now C astle______ 2 10 P rinceton___________1 47
C o rn in g ___________ 2 10 Somerset. 32 d e g .. 1 8 5
W ooster____________ 1 65 R agland__________
90
T hrall.......................
95 E lectra___________
95
Straw n___________
95 M o r a n ___________
95
Do S o to ....... ...........
SOI P ly m o u t h __________ 1 08

Illinois, above 30
degrees_________ SI 47
Kansas and Okla­
hom a __________
90
C addo L a ., l i g h t ..
90
C addo L a .. heavy .
65
C a n a d a ___________ 1 8 3
California o i l ___73 © 7 8
H enrietta_________
95

TOBACCO has been in fair demand and firm under the
stimulus of smal supplies. Ohio’s crop suffered from frost.
Farmers there are holding for much higher prices. It is said
that Gebhardt has sold at as high as 15c. Buyers have been
busy in New York and Wisconsin, and there is said to be not
much tobacco left. Sumatra is firm with a steady demand.
In Cuba the marketing of the crop is delayed by the scarcity
of labor.
COPPER firm, with renewed European buying; Lake here
on the spot 29b2@30c.; electrolytic, 2 9K @ 30c.; for future
delivery, 273^@28c. London has advanced, and has lat­
terly been strong. Tin lower on the spot at 40M c.; later,
however, 41c., owing to advances at Singapore and London.
Early in the week London and Singapore were lower. Arriv­
als thus far this month, 1,645 tons; afloat, 2,300 tons. Spel­
ter declined to 9M c., but later was 9% c., as offerings were
smaller. Lead firm on the spot at 7.05c., and though sales
aro light, increased business is expected before long. St.
Louis has been stronger. Pig iron still in brisk demand and
strong; No. 2 Northern, 820 25@820 75; No. 2 Southern,
814 50@815, Birmingham. Sales to Europe, present and
prospective, aro considered large. Great Britain has been
a large buyer. Steel is active and strong; shell steel is wanted
for delivery, even in the third quarter of 1917. Rumania,
as well as the other Allies, want steel. France wants
Bessemer steel bars and American contractors aro also in the
market. Railroads are buying rails on a fair scale. Liberal
sales of tin plates have been made. Wire has advanced.
Tho war, it is believed, will take all the steel that the United
States can supply. At the same time, a sharp and abnormal
advance in coke and coal, with increased operating costs,
introduce a new and suggestive factor— it is the fly in the
amber.

COTTON
Friday Night, Oct. 20 1910.
THE M OVEM ENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts havo reached
340,497 bales, against 322,759 bales last week and 324,221
bales the previous week, making tho total receipts since
Aug. 1 1916 2,237,852 bales, against 1,868,119 bales for the
same period of 1915, showing an increase since Aug. 1 1916
of 369,733 bales.
Sat.

'M on.

Tries.

Wed.

Thurs.

Fri.

Total.

SUGAR in good demand and again higher; centrifugal, G alveston______ 13,376 27,900 29,853 23,475 15,539 15,157 125,300
16,810
3,715
20,525
96-degreos test, 6.40c.; molasses, 89-degrees test, 5.63c.;
178
178
granidated, 7.35c. Futures advanced with a rather better
11,459 20,542 23,479 12,747 13,396 11,533 93,156
256
368
1,477
161
350
2,612
demand for raw sugar at higher prices. Cuban shippers
have been firm. Moreover, granulated has risen with a
4,379
4,379
steady demand from Europo and South America. Besides, Savannah ______ 4,536 6,712 10,264 6,493 7,051 4,001 39,057
4,000
4,000
tho beet-root crop seems to be not only smaller than ex­
2,769
1,392
1,871
1,137
1,357
1,649 10,175
329
827
1,408
1,066
496
1,570
pected, but late. Rains are said to havo damaged the Cali­ W ilm in g to n ____
5.696
4,804
4,093
3,588
4,730 28,089
fornia crop and car shortage delays the movement of that of N ’port News. &c. 4,272 6,602 ____
Colorado. Yet tho beet-root crop, it may bo added, is New Y o rk ______
229
464
541
1,053
125
245
2,657
561
134
736
25
1.347
772
3,575
after all estimated at 825,000 tons,as against 780,000 tons
536
536
last year, and when it moVes in earnest, as it is likely to do Philadelphia
364
198
562
before long, it may possibly have some effect on prices here. T otals this w eek.
40,081 66:089 72,120 50,401 62,826 48,980 340,497
But meltings havo been 59,000 tons, as against receipts of
Tho following shows the week’s total receipts, the total
only 40,000 tons, indicating a decreaso in Atlantic stocks
to 85,507 tons, certainly a slim total. To-day futures closed since Aug. 1 1916 and the stocks to-night, compared with
9 points lower to 19 higher with sales of 18,350 tons.
last year:




THE CHRONICLE

1522
1916.

Receipts to
Oct. 20

Galvoston_______ 125,300
Texas C ity ______ 20,525

903,076
73,720

Aransas Pass. &c_
N ow Orleans____
M o b i l e __________

3,026
428,SSI
44,723
6,705
20,728
413,385
41,500
69,016

178
93,156
2,612

4,370
Jacksonville, <Scc_
S a v a n n a h ..
_ 39,0 *'7
4,000
C harleston. __ . . 10,175
W i lm i n g t o n .___
N o r fo lk .. _______

5,696
2S.089

N ow York _______
B o s t o n __________
B a l t i m o r e ._____
P h ila d e lp h ia ____

2,657
3,575
530
562

Stock.

1915.

This Since Ano
Week.
1 1916.

This Since Aug
Week.
1 1915.
96,986
19,450
2,633
15,387
41,589
3,593

654,139
83,835
2,796
47,300
256,713
26,618
9,817
10,559
402,844
30,400
123,620
45
86,987
121,020
1,340
1,533
1,649
6,863
41

2,695
40,271
2,000
18,986
13,893
19,281
198
100,
73
775

51,536
151,164
8,515
6,175
9,251
4,453
1,092

—

1916.

1915.

370,424
44,524

279,894
27,148

269,587
10,131

16,100
201,308
16,713

4,957
187,939
(>,500
66,869

604
176,623
9,000
89,433

47,667
65,708

38,403
52,115

89,459
5,126
1,989
1,472

300,438
4,651
3,575
2,516

T o ta ls_________ 340,497 2,237,852 277,910 1,868.119 1,175,352 1,218,521

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1914.

1913.

1912.

1911.

121,979
13,928
26,582
4,837
42,080
3,000
7,665
5,961
9,745
268
4,022

113,671
28,049
59,152
24,762
133,263
13,500
32,870
34,529
30,339
328
18,159

180,414
27,167
72,229
12,824
99,292
20,500
23,067
22,190
33.159
2,078
20,015

137,563
.39,404
52,165
17,756
121,416
21,540
18,989
26,410
31,113

11,709

96.986
37,470
41,589
3,593
40,271
2,000
18.986
13,893
19,281
198
3,643

340,497

277,910

240,067

488,622

512,935

487,092

Receipts at—

1916.

G a lv e s to n ___
ToxasCity,&c.
N ow Orleans.
M o b ile ____ __
Savannah ___
Bruns w ide___
Charleston,&c
W ilm in g to n ..

125,300
20,703
93,156
2,612
39,057
1,000
10,175
5,696
28,039

N ’port N..&C.
A ll others____
T otal this wk.

1915.

20,636

Sinco Sept. 1. 2,237,852 1,868,119! 1,042,088 3,116,993 3,066,967 3,300,740

The exports for tho week ending this evening reach a total
of 155,491 bales, of which 07,412 were to Great Britain,
53,219 to Franco and 34,860 to other destinations. Exports
for the week and sinco Aug. 1 1916 are as follows:
Week ending Oct. 2 0 1 9 1 6 .
Exported to—
Exports
from —

Great
Britain. France. Other.

G a lv e s t o n ..
T exa s C ity .
N e w O r le a n t
M o b i l e ____
P e n s a c o la ..
S a v a n n a h ..
B r u n s w ic k _
W ilm in g to n
N o r f o l k _____
N ew Y ork .
B o s t o n _____
B a lt im o r e ..
P h lla d e l a . .
San F r a n ..
S e a t t l e ____
T a c o m a ___

2 3 ,7 4 2

1 2 ,4 1 0

3 2 ,8 6 7
1 2 ,7 8 1
3 0 ,2 4 8

2 1 ,1 4 9

_

2 1 ,1 4 9

5 ,7 1 5

5 ,7 1 5

_ __ 1 2 ,7 8 1

2 3 ,8 3 8

9 ,1 2 5

Total.

_____

3 ,2 8 3
1 ,1 1 8
1 1 .7 G 5
3,G G6
_____

1 ,1 6 4
—

1 4 ,6 7 7
50
740
5 ,2 1 8

1 9 ,1 2 4
1 ,1 6 8
1 1 .7 6 5
4 ,4 0 6
5 ,2 1 8

5 ,0 5 0

From Aug. 1 1 9 1 6 to Oct. 2 0 1 9 1 6 .
Exported to—
Great
Britain.
2 7 9 ,7 0 6
5 ,5 0 7
1 3 5 ,7 2 2
2 9 ,2 9 3
1 2 ,0 0 3
3 9 ,9 4 1
3 0 ,5 5 2
1 2 ,7 6 9
6 7 ,5 9 1
8 ,0 9 3
4 6 ,6 9 3
7 ,0 1 2

France.
2 1 ,3 7 1
3 2 ,0 0 8
4 5 ,5 4 6

Other.
9 4 ,6 1 6
6 2 ,0 5 4
400

3 6 ,6 9 0

4 1 ,7 5 2

1 9 ,3 5 5
9 ,5 0 0
4 8 ,8 6 6

3 9 ,3 3 1
1 ,1 0 0
1 1 5 ,3 2 6
386
1 ,0 0 0
2 ,5 4 0
3 2 ,1 8 1
4 0 ,0 8 0
2 2 ,9 2 9

_*___

Total.
3 9 5 ,6 9 3
3 7 ,5 1 5
2 4 3 ,3 2 2
2 9 ,6 9 3
1 2 ,0 0 3
1 1 8 ,3 8 3
3 0 ,5 5 2
5 8 ,6 8 6
2 3 ,3 7 5
2 3 1 ,7 8 3
8 ,4 7 9
4 7 ,6 9 3
1 0 ,1 5 2
3 2 ,1 8 1
4 0 ,0 8 0
2 2 ,9 2 9

—

—

5 ,0 5 0

..............

..............

6 7 ,4 1 2

5 3 ,2 1 9

3 4 ,8 6 0 1 5 5 ,4 9 1

6 7 5 ,4 8 2

2 1 3 ,3 4 2

4 5 3 ,6 9 5 1 ,3 4 2 ,5 1 9

T o t a l 1 9 1 5 . 1 0 0 ,5 4 6
T o t a l 1 0 1 4 . 5 1 ,0 1 0

2 9 ,0 9 5
454

6 5 ,0 5 9 1 9 4 ,7 0 0
3 0 ,3 2 3 8 1 ,8 1 7

4 6 9 ,3 4 1
1 9 4 ,2 6 1

1 8 3 ,0 5 0
4 ,2 6 4

4 8 2 ,5 6 2 1 ,1 3 4 ,9 5 3
1 9 6 ,6 5 5
3 9 5 ,1 8 0

T o t a l _____

Note.— E x p o r t s

f r o m N e w Y o r k I n c lu d e GO b a le s P e r u v ia n t o H a v r e .

In addition to above exports, our telegrams to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at the ports named. Wo add similar figures for
New York.
On Shipboard, Not Cleared for—■
Oct. 20 at—

Great
i GerBritain. France. many.

N ew O rlea n s..
G a lv e s to n ____
Savannah ____

15,201
72,378
4,500

M o b i l e .............
N orfolk .........
N ow Y o r k ____
Other p orts___

1,801
2,086
1,000
22,000

T otal 1 01 0 .. 110,020
T otal 1 9 1 5 .. 34,000
T otal 1 0 1 4 .. 23,500

Other
Cont’t.

Coastwise.

4,780 ............
6,500 ............

17,500
22,000
4,100

70S 38,198
27,000 28,487
3,000 11,000

2,000 ______
5,000 ______

5.000
8.000

18,280 ______ 57,209
21,972
100 57,550
8,001
3,571 00,512

130
1,800

Total.

1,991
4,780
8,000
35,000

Leaving
Stock.
231,389
241,037
176,330
60,869
8,140
60,022
81,450
80,253

32,638 228,002 047,200
13,444 128,002 1,000,450
17,571 119,155 481,813

Speculation in cotton has been very activo at a sensational
advance in prices. Sinco the first of tho month it has reached
$>13 40 per bale. This was due to a growing conviction that
the crop is short and tho consumption very largo. In other
words, there has been nothing really now in tho situation.
The opinion is simply stronger than over that the facts of
supply and demand warrant high prices this year. Predic­
tions are rifo of 20-cent cotton before the first of January.
Eighteen cents has been reached and passed, although it
was supposed last season that no such price could be attained
unless peace should bo declared in Europe. Now it is stated
that 75% of tho crop has been picked, against 60% a year
ago and 65% up to N ov. 1 1914. This would show that
although last year was a season of very rapid picking, owing
to high juices—about 12 cents—tho picking is even more
rapid this year under the spur of tho liighest prices seen at
this time of year for some 43 years. The ginning, too, is
said to be close up to the picking. Certainly some reports
say that tho ginning amounts to 7Q% thus far, as against
about 52% at this time last year. There liavo been somo
vague rumors also to the effect that tho National Ginnors’
Association will issue somo bullish figuros on tho size of tho
ginning up to Oct. 17, but very many doubted tho correct­




[Vol . 103.

ness of this rumor for tho reason that the general expectation
is of a largo total in tho next ginning report by tho Census
Bureau on Oct. 25, covering the period up to Oct. 17.
Bulls simply say that after tho next ginning report they look
for a sharp decrease in the figures. Meanwliilo, reports from
tho Southwest are that many fields are bare of cotton and
somo very sensational crop estimates are being telegraphed
from parts of tho South. Some of tho bulls do not believe
the crop is over 11,000,000 bales and somo putjit even smaller,
exclusive of lintors. Some are inclined to fix upon 12,000,000
bales including linters as about tho right figure, with tho
world’s consumption of American cotton fully as large as that
of last year if the cotton by any possibility can bo had.
Neill of Liverpool puts the total consumption of American
at 14,750,000 bales, contingent, however, on political de­
velopments. At the same time, ho estimates the crop, in­
cluding iinters, at 13,150,000 bales. The gist of the bull
argument is that there is a wide gap between production and
consumption. The bulls maintain that for the two years
past tho consumption has outrun the production by nearly
or quite 3,000,000 bales, and that this year something like
a cotton famine is threatened under conditions unparalleled
sinco tho days of the Civil War. Spot markets liavo been
advancing rapidly under the stimulus of an active demand.
Here in New York there has been a very noticeable broaden­
ing of speculation and the estimated transactions daily have
been anywhero from 500,000 to 600,000 bales. Tho outside
public has become interested in cotton, owing to tho fact
that tho price has reached and crossed 18 cents and that 20­
cent cotton is so loudly predicted. Also, large spot houses,
tho mills, and big operators hero in and out of Wall Street,
New Orleans and tho South as well as Liverpool have been
liberal buyers. Many Southern spot houses, it is understood,
have bought freely, preferring to cover their hedges hero
rather than continue to put up big margins, although in
somo cases their buying is understood to mean they have been
selling out spot cotton on a constantly improving basis.
Tho activo and rising cotton goods markets, tho strong stock
market and the big rise in wheat havo had a moro or loss sontimental influence on cotton. On the other hand, some are
beginning to look askance at a market which has advanced
so rapidly and so largely within so short a space of time, espe­
cially as a big ginning total is expected in tho Consus report
next Wednesday. Meantime, too, something unforeseen
may happen to dislodge tho holdings of tho outside public,
supposed to bo none too strongly held, as usual when tho
public take hold of a speculation in which violont fluctuations
occur. Tho other day Now Orleans suddenly broke 60
points under realizing sales, even on a day of generally ad­
vancing prices. This attracted wide attention from a fear
that something of the samo kind may occur hero. At New
York, however, the Clearing House system, it is argued, tonds
to check violent breaks, because everybody is held to so
strict account as to margins; but in many if not all of tho outof-town markets there is no clearing house. On the contrary,
the credit system is still in voguo there, with all that that im­
plies, and on which it is needless to dwell. Furthermore, if
by any chance there should bo a renewal of submarine at­
tacks on our coast it is believed that a sharp if not a violent
break in prices would inevitably occur. Also, the technical
position has not improved of lato. The long interest has
rapidly increased. Shorts have been frightened out of the
market. Besides, it is said, too, that tho mills are beginning
to buy less freely, either because they aro better supplied
with raw cotton than recently or because they doubt tho
stability of present prices. To-day prices advanced on kill­
ing frost in Texas, Arkansas and Oldahoma and good buying
by prominent trade interests and some bullish manipulation
at tho expense of the shorts. But later catno a reaction, in
spite of predictions of further frosts or freezing weather— it
was as low as 21 to 32 degrees in parts of the Southwest ovornight— and of frost in tho Eastern belt. New Orleans and
Ciiicago as well as Wall Street sold. Spot cotton closed at
18.40c. for middling uplands, showing an advanco for tho
week of 80 points.
The following averages of the differences between grades,
as figured from tho Oct. 19 quotations of tho cloven markets,
designated by tho Secretary of Agriculture, aro tho differ­
ences from middling established for deliveries in tho New
York market on October 26.
M i d d li n g fa ir ..........................................0 .7 6 on
S t r i c t g o o d m id d l in g ______ ________ 0 .5 3 on
G o o d m id d l in g _______________________ 0 .3 2 o n
S t r i c t m id d l in g _______________________ 0 .1 8 on
S t r i c t lo w m id d l in g _________________ 0 .3 0 o f f
L o w m id d l in g _______________________ 0 .7 0 o f f
S t r i c t g o o d o r d i n a r y ________________ 1 .1 7 o f f
G o o d o r d i n a r y _______________________ 1 .6 1 o f f
S t r ic t g o o d m i d . " y e l l o w ” t i n g e d . 0 21 o n
G o o d m id d lin g " y e l l o w ” t i n g e d . 0 .0 1 o i l

S t r i c t m id d lin g " y e l l o w ” t ln g e d .O 2 2
M i d d li n g " y e l l o w " t in g e d _________0 .4 3
S t r i c t lo w m id . " y e l l o w ” t in g e d . 0 .7 9
L o w m id d lin g " y e l l o w ” tin g e d
1 .1 9
G o o d m id d lin g " y e l l o w ” s t a in e d 0 .5 0
S t r i c t m id d lin g " y e l l o w ” s t a in e d . 0 71
M i d d li n g " y e l l o w ” s t a i n e d - - - . 0 . 9 5
G o o d m id d lin g “ b l u o ” s t a in e d
0 .5 3
S t r i c t m id d l in g " b l u e ” s t a i n e d . . 0 .8 2
M i d d l i n g " b l u e ” s t a in e d ............. 1 .1 5

o ff
o ff
o ff
o ff
o ff
o ff
o ff
o ff
o ff
o ff

The official quotation for middling upland cotton in tho
New York market each day for tho past week has boon:
Oct. 14 to Oct. 20—
S at. M oil. T u e s . W e d . T h u r s . Pri.
M iddling uplands_____________ 17.55 17.80 18.15 18.60 18.35 18.40

NEW Y O R K QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 20 for each of tho past 32 years havo been as follows:

1910.C____ .18.40
1015............ .12.65
1014............
1913............ .14.30
1012______ . 10.00
1911______ . 9.45
1010______ . 14.45
1909............ .13.90

190S-C-. . . . 0.25
1007____ ...1 1 .7 5
1000____ ...1 1 .0 0
1005____ ___10.40
1004____ ...1 0 .1 5
1903____ . . . 0.80
1902____ . . . 8.70
1901____ . . . 8.50

1000-C..........
1899_______
1808...............
1897...............
1896...............
1895...............
1894...............
1893_______

9.75
7.38
5.50
0.10
7.94
0.12
5.88
8.56

1892. J_____8.25
1891. . . . 8.31
1890. ______10.25
1880. ______10.56
1888. ______9.75
1887. ............ 0.62
1880. --------- 9.31
1885. --------- 9.81

FUTURES.— The highest, lowest and closing prices at
Now York for the past week have been as follows:
S a tu rd a y, M o n d a y , T u e s d a y , IV e d 'd a y , T h u r s d 'y , F r id a y ,
O ct.
14. O ct. 16. O ct. 17. O ct. 18. O ct. 19. O ct. 20.
O cto b er —

R ange____
Closing___

A p ril —

R ange____
Closing-----

M ay—

R ange____
Closing___
J u n e—

R ange____
Closing----J u ly —

R ange____
Closing----S ep tem b er—

R ange____
Closing___

/1 8 .

W eek.

_____

17.45 — 17.70 — 18.06 — 18.47 — 18.20 — 18.30 —

TVee*.

17.47-.65 17.54-.82 17.S0-.19 18.44-.78 18.22-.57 18.27-.54 17.47-/78
17.51-.51 17.80-.82 18.15-.17 18.53-.54jl8.26-.28 18.35-.37

_____

18.43 — 17.72-.43
17.72 —
17.54 — 17.82 — 18.20 — 18.53 — 18.29 — 18.38 —
17.56-.75 17.67-.90 17.93-.31 18.55-.84 18.32-.67 18.36-.65 17.56-/84
17.60-.62 17.88-.90 18.27-.30 1S.61-.63 18.36-.38 18.46-.48
17.80 —
17.80 —
17.62 — 17.91 — 18.30 — 18.63 — 18.38 — 18.50 —
17.65-.82 17.79-.00 18.00-.40 18.68-.96 18.42-.77 18.46-.74 17.65-/96
17.69-.70 17.98-.99 18.37-.39 18.71-.74 18.45-. 47 18.57-.59
18.75 — 18.73 — 17.84-.75
17.84-.87 17.86-.87
17.71 — 18.00 — 18.38 — 18.73 — 18.47 — 18.59 —
17.74-.86 17.86-.06 18.06-.48 18.73-.00 18.48-.80 18.55-.80 17.74-/00
17.71-.76 18.04-.06 18.43 — 18.80-.81 18.51-.53 18.62-.6.3
—

—

—

17.52-.55
17.52-.55
17.40 — 17.60-.57

/ 19.

T otal Great Britain....................
Stock at Hamburg......... .................
Stock at D rom on ________
Stock at Havre ________
Stock at M arseilles_____________
Stock at B a rcelon a ........................
Stock at G e n o a ......... - .......... ........
Stock at Trieste..............................T otal Continental stocks______

633,000 1,071,000
*1,000
*1,000
*1,000
*2,000
163,000
207,000
7,000
2,000
39,000
36,000
158,000
110,000
*1,C00
*1,000
370,000

833,000
*29,000
*155,000
210,000
3,000
27,000
27,000
*20,000

359,000

556,000
17,000
119,000
92,000
2,000
9,000
24,000
10,000

471,000

273,000

T otal European stocks------------ 1,003,000 1,430,000 1,304,000
India cotton afloat for Europo—
40,000
59,000
8 5 .00 Q
Ainer. cotton afloat for E u ro p e .. 550,796
548,709
209,126
Egypt,Brazil,& c.,afloat forE urope
43,000
§4,000 . l-2'OOO
Stock In Alexandria, E gy p t-------i r r ’nno *ro 9 'nnn
455,000
o02,000
Stock In Hombav India ___- __ 340,000
Stock in U S ports
Y ______ 1,175,352 1,218.521
600,968
Stock in U. S. Interior tow ns_____ 1,053,374
918,630
696,772
U S. exports to-d a y ______ _______
2,211
49.350
24,268

829,000
109,000
993’;!!![}
67 .000
arv7 ’n o !
107,000
782,686
522,301
41,909

T otal visible s u p p ly --..................4,302,733 4,897,270 3,546.134 3.973,796
O f tlio above, totals o f American and other descriptions are as follows:
j\.TYlCT\C(L1\~~~‘

Liverpool s t o c k .................... bales. 413,000
712,000
Manchester stock -------------------------38,000
47,000
Continental stock ________
*283,000
American afloat for Iiuropo........... 5 50,7%
548,769
U . S. port stocks-----------------------600,968
782,686
U . S. Interiorstoclcs..........
1,0.j3,374
918,630
U . S. exports to-d ay------------------2,211
49,350

464,000
33,000
*360,000
209,126

327,000
21,000
222,000
993,900

696,772
24,268

522,301
41,909

T otal A m erica n .______________ 3,515,733 3,766,270 2,388,134 2,910,796
LI vw pitol s tock ^ -- - —
145.000
London stock ----------------------------Manchester stock -----------------------Continental stock ---------------*87.000
Ihdia afloat for E uropo---------------40,000
E gy p t, Brazil, & c., a f l o a t ...........
4 3 ,0 )0
Stock in Alexandria, E gypt...........
95,000
Stock in B om bay, I n d ia ................ 340,000

231,000
ZA’RSR
*87,000
59,000
34,000
184,000
455 ,00 )

296,000
21,000
19,000
*111,000
85,000
19,000
*105,000
502,000

179,000
. 5,000
2 4,0 )0
51,000
109,000
67,000
221,000
407,000

T otal East India, & c----------------- 787,000 1,131,000 1,158,000 1,063,000
T otal A m erican ............................3,515,733 3,766,270 2,388,134 2,910,796
T otal vislblo s u p p ly .......... ........ 4,302,733 4,897,270 3,546,134 3,973,796
M iddling Upland, L iverpool...........
10.57d.
7.12d.
5.05d.
7.74d.
M iddling Upland, Now Y o r k -----18.40c.
12.45c................. ..
14.50c.
E gypt, G ood Brown, L iv e r p o o l.. 16.78d.
10.25d.
7.80d.
10.80d.
Peruvian, Rough G ood, Liverpool I4.00d.
lO.lOd.
8.75<l.
9.25d.
Broach, Fine, L iverpool......... ..
10.O ld.
6.75d.
4.50d. 7 l-16d.
Tinnevelly, G ood , Liverpool------- 10.07d.
6.87d.
4.65d.
7>id .
* Estimated.
C o n t in e n t a l im p o r t s f o r p a s t w e e k h a v o b e e n 4 5 ,0 0 0 b a le s .
T h e a b o v o fig u r o s f o r 1 9 1 0 s h o w a n in c r e a s e o v e r la s t w e e k
o f 3 5 5 ,3 0 2 b a le s , a lo s s o f 5 9 4 ,5 3 7 b a le s f r o m 1 9 1 5 , a n o x c e s s
o f 7 5 0 ,5 9 9 b a le s o v e r 1 9 1 4 a n d a g a in o f 3 2 8 ,9 3 7 b a le s o v e r
1913.
M ARKET

AND

SALES A T

NEW

YO RK .

T l i o t o t a l s a le s o f c o t t o n o n t h e s p o t e a c h d a y d u r i n g t h e
w e e k a t N e w Y o r k a r e i n d i c a t e d in t h e f o l l o w i n g s t a t e m e n t .
F o r th e c o n v e n ie n c e o f th o r e a d e r w o a ls o a d d c o lu m n s w h ic h
s h o w a t a g la n c e h o w th e m a r k e t fo r s p o t a n d fu tu r e s c lo s e d
on sam o d a y s.

S pot M a rk et
C lo sed .

Quiet 5 pts d e c___
Steady 2,5 pts adv .
Steady 35 pts adv
Steady 45 pts adv _ .
Steady 25 pts d e c, . "
Quiet 5 pts a d v ___




F u tu r e s
M a rk et
C lo sed .

Steady________
Very steady —
Very steady —
Barely s te a d y ..
S t e a d y _______
Barely stead y. -

SALES.
S p o t.

C o n t r 'c l

100

100

20 1916.

, S h ip ­

I te c e ip ts .

T o ta l

100
100

100

300
400

300
500

100

900

1,000

S ea son .

M o v e m e n t to O ct.

20.

|W eek .

W eek .

S ea so n .

996
266 8,552
5,951
2,584 36,890
3,731
1,976 9,993
3,417
878 18,803
9,609 47,152 9,812
3,487 35,102 8,307
1,154
701 2,313
1.80C 20,005 5,535
5,309
7,432 34,000
14,245 124,278 25,193
1,232
1,47C 14,552
3,133
5,751 22,607
5.014
2,682 6,619
7 841 31,474
7,836
143
1,229
668
2,080 19,139
5,000
6,832 24,945 5,206
309 5,972
1,778
2,474 9,900
1.S40
606 3,539
1,542
1,122 8,000 2,239
44,741 14,061
8,963
1,771
6,628 2.9S9
650
451
470
6,221 8,957 6,276
4,912 8,366
1,915
5,045 10,220
819
2,304 4,792
610
3,124 7,358
337
847 22,636 4,600
600 2,478
873
49,722 186,006 49,775
469
253
11,628 8,000
3,673
577
1,827
638
3,090
7,541
1,246
3,464
6,526 13,219
2,575 5,397 2,027
31,427247,916 95,176
7,452 8,628
3,867
2,500 3,300
1,725

7,012!
A la., E u fau la..
537
21,249
M ontgom ery..
2,490
11,773
S elm a_______
1,853
21,014!
Ark., H elen a ..
3,591
85,537:
Little R o c k .
16,189
8,815
46,664!
Pine Bluff . . .
C.a., Albany—
742
14,801j
42,137
Athens --------4,550
86,712,
Atlanta........... 11,476
A u gusta-------- 22.660 200.737
3 ,9 9 /
21,174
Colum bus-----6,969
71,234
M a c o n ...........
3,626
16,380
Rom e . . ____
74,217
La., Shreveport 10,474
390
1,198
Miss.,Columbus
4,778
23,963
Greenville . .
46,736i
Greenwood__ 11,763
6,113
1,337
M e rid ia n -----19,724:
3,550
N atch e z ------1,079
Vicksburg —
4,574
8,577
2,000
Yazoo City . .
M o ., St. Louis. 47,762 136,907
25,320
N .C .,G r’nsboro 2,883
664
3,279
Raleigh______
26,070
3,200
O ., Cincinnati.
Okla., Ardmore 3,944 • 25,002!
24,201
5,700
C hikasha__
15,616
H u g o _______
2,103
13,778'
O k la h o m a __
3.500
36,718
S.C.,G reenville 3,483
4,756|
Greenwood__
600
Tenn., Memphis 69,651 287,368
N ashville____
37,559;
T ex.. Abilene. _ 10,000
691
19,483
Ilren h am __
2,771
26,682
Clarksville___
D allas_______
7,197
49,647'
2,910
23,820
Honey G rove.
H ouston_____ 150,960 1,078,227
Paris________
58,116
5,963
30,672
San A n to n io ..
2,500

22 1915.

S h ip m erits.
W eek .

R e c e ip ts .

S tock s
O ct.

m en ts.

—

17.51-.70 17.59-.87 17.78-.22 18.37-.S0 18.28-. 63 18.32-.58 17.51-/80
17.57-.59 17.82-.83 18.18-.19 18.G0-.65.18.31-.32 |1S.40-.41

:z:

M o v e m e n t to O ct.
T ow ns.

T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig lit, as m a d o
u p b y c a b l o a n d t e l e g r a p h , is a s f o l l o w s .
F o r e ig n s to c k s ,
a s w e l l a s t lio a f l o a t , a r e t h is w e e k ’ s r e t u r n s , a n d c o n s e q u e n t l y
a ll f o r e i g n f i g u r o s a r e b r o u g h t d o w n t o T h u r s d a y e v e n i n g .
B u t t o m a k e t h e t o t a l t li o c o m p l e t e f i g u r e s f p r t o - n i g h t
(F r id a y ), w o a d d th e ite m o f e x p o r ts fr o m th e U n it e d S ta t e s ,
i n c l u d i n g in i t t h e e x p o r t s o f F r i d a y o n l y .
0c, 90—
1910.
1915.
1914.
1913.
Stock at L iverpool_________ bales. 558,000
913,000
760,000 506,000
Stock at L o n d o n ....... ....................30,000
71,000
21,000
5,000
Stock at M anchester____________
45,000
57,000
52,000
45,000

Saturday. - M on day —
Tuesday —
W ednesday Thursday - F riday_____
tc*
T otal —

AT THE IN TE RIO R TOWNS the movement— that is,
tho receipts for the weok and since Aug. 1, the shipments for
tho week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in
detail below.

|
!
17.50-.60 17.65-.96 18.05-.62 18.30-.44 18.12-.37 17.50-/62
17.35-.39 17.G0-.65 17.98 — 1S.40-.46 1S.13-.17 18.21-.25

N ovem b er—

R ange.........
Closing___
D ecem b er—
R ange____
Closing___
J a n u ary—
R ange------Closing----F eb ru a ry—
R ange____
Closing___
M a rch —
R ange____
Closing___

1523

THE CHRONICLE

Oct. 21 1916.1

S tock s
O ct.

22.

166 10.2S0
9,487
55,885
3,619 70,981
27,431
1,824 31,571
12,729
1,218 10,001
27,636 4,096 18,552
27,952 3,980 22,424
15,149
1,071 10,122
34.G36 2,750 21,798
2,604 17,583
36,681
165,245 10,394 155,025
800 32,619
15,796
2,123 12,986
24,611
8,225
17,938 3,298
48,333 4,967 38.948
4,504
524
3,479
3.80C 20,024
26.30C
39.864
3,075 21,239
8,554
1.928 9.210
1,075 9,765
13,928
9,869 2,504
/,797
11,035 2,436 11,052
37,465 9,0481 6,247
17,625 2,508
3,713
3,564
550
429
25,483 6,773 11,002
4,310
776 2,866
3,328
650
1,682
1,319
251
1,024
2,134
170
1,263
32,173
2,365 14,381
4.741
624 6,018
163,370 25,099 129,007
2,732
276 1,875
18,921
2.517 5,605
9,320
894 3,229
7,955
784 3,098
30,524
5,615 6,096
7,697
1,540
2,959
713,492 86,630 159,711
3,958
7,271
23,663
36,060
2,239 5,857

__

Total, 41 tow n s449,2982,754,7473G0.9061053374 294.5S9 1,778,414 210,579 918,G30
N o t e .— Our Inteilor Towns Table has been extended b y the addition o f 8 towns.
This has made necessary the revision o f tho Visible Supply T able and a number
o f other tables.

OVERLAND M OVEM EN T FOR THE W EEK AND
SINCE AUG. 1.— We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-1916-

O c t . 20—
S h ip p e d —

-1915-------

S in c e
A u g . 1.

W eek .

130,785
35.665
985
17,635
11,310
14,868
102,505

9,048
15,617
119
3,208
4,097
2,098
12,873

49,062
43,721
119
11,917
14.773
13,252
65,648

T otal gross overlan d________ -77,832

313,753

47,060

198.492

Overland to N . Y ., B oston, & c .. . 7,330
Between interior tow ns. _____ . 3,714
Inland. & c., from South______ .12,967

20,971
20,244
59,052

948
1,241
4,298

10,086
10,369
33,089

Via
Via
. Via
Via
Via
Via
Via

W eek .

St. L ou is___________________ .44,741
M ounds. & e________________ . 0,182
R ock Island________________ .
425
L o u isv ille ____________ _____ . 5,665
C incinnati_____ _____________ . 1,631
Virginia points_____________ . 2,204
other routes, & c____________ .13,981

D ed u ct sh ip m en ts—

S in c e
A u g . 1.

T otal to bo deducted-------------- -25,011

100,267

6,487

53,544

Leaving total net overland * -------- -52,821

213,486

40,573

144.948

* Including m ovem ent b y rail to Canada.

The foregoing shows the week’s net overland movement
has been 52,821 bales, against 40,513 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 63,538 bales.
-1915-

-1916In

S ig h t a n d S p i n n e r s ’
T a k in g s .

S in c e
A u g . 1.

S in ce

277,910
40,573

Southern consum ption to O ct. 20. . 79,000

2,237,852
213,486
911.000

6 6 ,000

A u g . 1.
1,868,119
144,948
772,000

.472,318
. 88,392

3,362,338
699,640

384.483
84,010

2,785,067
441,453

Came into sigttt during w e e k ..560,710
.560,710
Total In sight O ct. 20------

4,061,978

N or. spinners’ takings to Oct. 2 0 . 89,936

455,059

W eek .

.340,497

W eek .

468,493.
3,226,520
71,749

446,080

Movement into sight in previous years:
W eek —

B a le s .

|

S in c e A u g .

1—

B a le s .

1914— O ct. 23.......................... 459.98611914— O ct. 2 3 - . .....2 ,3 9 0 ,7 8 6
1913— O ct. 24.......................... 679,926 1913— O ct. 2 4 _____________ 4.376,391
1912— O ct. 25.......................... 618.48111912— O ct. 2 5 ................
4,256.586

QUOTATIONS FOR M ID D L IN G COTTON AT OTHER
M A RK ETS.— Below are tho closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
C lo s in g Q u o ta tio n s f o r M i d d lin g C o tto n o n
W e e k e n d in g
O c t . 20.

G a lve sto n _____
N ew Orleans___
M o b ile ________
Savannah -------Charleston-------■Wilmington____
N o r fo lk _______
B a ltim o re_____
Philadelphia___
A ugusta_______
M em p h is______
St. L ouis______
Houston-----------Little Itock____

S a tu r d a y .

M onday.

17.00
16.81
17
17 H
17

17.30
17.00
17.12
17 K

\avs

17 .iw
17 H

17.80
17.25
17.00
17
17.00
16.75

\7V i

17
17.13
17 M
18.05
17.38
17.12
17.20
16.75

T u esd a y.

17.60
17.31
17.37
17
17 H
17
17.38
17
18.40
17.63
17.37
17.25
17.50
17.00

W e d ' d a y . T h u r s d 'y .

F r id a y .

18
18
17 H
18.13
18
18.85
18.38
17.75

18.00
17.81
17.81
18
18
175*
17.88
18 Yx
18.60
18.32
17.75

18.00
17.75
17.81
18

18.00
17.25

17.80
17.75

17.90
17.75

18.00
17.81

\7V s

17 Yx
17.88
18
18.65
18.13
17.75

__

1524

THE CHRONICLE

N EW ORLEANS CONTRACT 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:
Saturday. Monday, Tuesday, Wed’day, Thursd’y, Friday,
Oct. 14. Oct. 16. Oct. 17. Oct. 18. Oct. 19. Oct. 20.
October—
R ange_____
Closing____
D ecem ber—

R ange_____
C losing____
January—
R ange.........
C losing____
March—
R ange_____
C losing____
May—
R ange_____
C losing____
July—
R ange_____
Closing____

Tone —

S p o t ______
O p tio n s ___

16.72-.80 16.90-.00 17.15-.33 17.65-.08 17.S0-.86 17.51-.69
16.82-.84 17.06-.08 17.44-.46 17.82-.84 17.50 — 17.60 —
17.00-.12 17.07-.34 17.37-.76 17.90-.35 17.70 .09 17.70-.95
17.07-.08 17.32-.33 17.70-.71 18.05-.06 17.73-.75 17.8 0.81
17.11-.23 17.25-.45 17.48-.87 18.13-.53 17.78-.20 17.81-.07
17.18-.19 17.43-.44 17.81-.82 18.15-.17 17.85-.86 17.91-.94
17.31-.43 17.47-.65 17.69-.07 18.34-.91 17.9 8.44 18.02 .28
17.37 .39 17.64 .65 18.02 .03 18.35 .37 18.0i-.09 18.15-.17
17.52-.63 17.66-.84 17.89-.24 18.47-.07 18.15-.56 18.21-.45
17.56-.57 17.82-.83 18.21-.22 18.51-.53 I8.24-.26 18.31-.32
17.62-.70 17.76-.92 17.97-.26 18.59-.17 18.22-.64 18.32-.55
17.69-.70 17.92-.93 18.29-.31 18.58-.60 18.33-.35 18.39-.41
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady Bar. st’y Bar. st’y Steady

W EATH ER REPORTS B Y TELE G R APH .— Advices to
us by telegraph this evening denote that rain has been quite
general and rather heavy at some points, interfering with the
gathering of the crop. Killing frosts are reported in Okla­
homa and portions of Texas. Marketing continues active.
Galveston, Tex.— General rains occurred over the greater
part of the State during the forepart of the week, which have
been followed by a oold wave. Killing frosts are reported
from the northwestern portion and heavy frosts have oc­
curred in other northern localities. Damago to tender vege­
tation in these parts has been reported. We have had rain
on one day during the past week, to the extent of ninety-eight
hundredths of an Inch. Average thermometer 65, liighest
84, lowest 46.
Abilene, Tex.— There has been rain on three days of the
past week, tho rainfall being two inches and sixty hundredths.
The thermometer has averaged 54, tho highest being 76
and the lowest 32.
Brenham, Tex.— W e have had rain on two days of the past
week, the rainfall being two inches and fourteen hundredths.
Tho thermometer has averaged 65, ranging from 40 to 90.
Cuero, Tex.— It has rained on three days of tho week, the
precipitation reaching forty hundredths of an inch. Tho
thermometer has ranged from 40 to 92, averaging 66.
Fort Worth, Tex. The week’s rainfall has been one inch
and seventy-two hundredths, on two days. Average ther­
mometer 61, highest 88, lowest 34.
Henrietta, Tex. There has been rain on three days of the
week, the rainfall being one inch and oight hundredths.
Tho thermometer has averaged 57, the highest being 82 and
the lowest 32.
Huntsville, Tex. There has been rain on one day the past
week, the rainfall reaching thirty-two hundredths of an inch.
The thermometer has averaged 62, ranging from 36 to 88.
Kerm lle, Tex.— W e have had rain on three days during
Hie week, to the extent of two inches and thirty hundredths.
The thermometer has averaged 57, ranging from 30 to 84.
Lampasas, Tex.— Rain has fallen on three days of the week,
the rainfall being one inch and eighty hundredths. Averago
thermometer 61, highost 92, lowest 30.
Longview, Tex.— The week’s rainfall has been three inches
and thirty-four hundredths, on three days. Tho thermo­
meter has averaged 61, the highest being 88 and tho lowest
Luling, Tex — There has been rain on three days of the past
week, the rainfall reaching one inch and eighty-two hundredths^ The thermometer has averaged 66, ranging from
Nacogdoches, Tex.— Rain has fallen on one day during the
week, the rainfall being one inch and twenty-six hundredths.
The thermometer has ranged from 34 to 90, averaging 62.
Palestine, Tex.— Rain has fallen on three days of the week,
tho rainfall being forty-eight hundredths of an inch. Aver­
age thermometer 62, highest 90, lowest 34.
Paris, Tex.— W e have had rain on four days of the past
week, the rainfall reaching two inches and ninety hundredths.
The thermometer has averaged 59, the highest being 86 and
the lowest 32.
San Antonio, Tex— It has rained on three days during the
week, the precipitation reaching one inch and sixty-eight
hundredths. The thermometer has averaged 65, ranging
from 42 to 88.
Taylor, Tex.— Wo have had rain on three days during the
week, the precipitation reaching ninety-four hundredths of
an inch. Minimum thermometer 38.
Weatherford, Tex.— Rain has fallen on three days of the
week, the rainfall being three inches and twenty hundredths.
Average thermometer 60, highest 88, lowest 32.
Ardmore, Okla.— We have had rain on three days the past
week, to the extent of two inches and sixty hundredths.
Highest thermometer 86, lowest 30.
Marlow, Okla.— 'There has been rain on three days the
past week, the rainfall reaching one inch and forty-six hun­
dredths. The thermometer has ranged from 41 to 81.
Eldorado, Ark.— Rain has fallen on three days during the
week, the rainfall being one inch and sixty-six hundredths.
The thermometer has ranged fromX32 to 91.




[Vol 103.

Little Rock, Ark.— Rain has fallen on four days of the week,
the rainfall being two inches and eighty-three hundredths.
Highest thermometer 86, lowest 51.
New Orleans, La.— There has been rain on four days durmg the week, the rainfall being six inches and sixty-three
hundredths. The thermometer has averaged 75, the high­
est being 87 and the lowest 51.
Shreveport, La.— We have had rain on two days during the
week, to the extent of two inches and eighteen hundredths.
The thermometer ha saveraged 70, ranging from 50 to 89.
Columbus, Miss.— We have had rain on two days during
the week, the precipitation reaching sixty-eight hundredths
of an inch. The thermometer has ranged from 44 to 90.
Vicksburg, Miss.— Rain has fallen on four days of the week,
tho rainfall being one inch and fifty-five hundredths. Aver­
age thermometer 71, highest 86, lowest 40.
Mobile, Ala.— Not much damage from the storm. Tho
week’s rainfall has been two inches and fifty-two hundredths,
on two days. The thermometer has averaged 74, the high­
est being 88 and the lowest 65.
Selma, Ala.— It has rained on four days during the week,
the precipitation reaching one inch and thirty-five hun­
dredths. The thermometer has averaged 70.5, ranging
from 52 to 85.
Madison, Fla.— 'There has been rain on one day during
the week, the rainfall being one inch and twenty-five hun­
dredths. The thermometer has ranged from 65 to 86, aver­
aging 76.
Albany, Ga.— This week’s rainfall has been ninety-eight
hundredths of an inch, on two days. Average thermometer
73, highest 89 and lowest 56.
Savannah^ Ga.—W e have had rain on two days tho past
week, the rainfall being one inch and thirty-eight hundredths.
The thermometer has averaged 74, the highest being 86
and the lowest 62.
Charleston, S. C — It has rained on two days during the
week, the precipitation reaching two inches and twenty-nine
hundredths. The thermometer has averaged 73, ranging
from 61 to 84.
Greenville,, S. C.— We have had rain on one day during
the week, tho rainfall being ninety-seven hundredths of an
inch. Minimum thermometer 42, maximum 86, mean 64.
Charlotte, N. C.—We have had rain on two days during the
week, the precipitation reaching one inch and twenty-two
hundredths. Tho thermometer has averaged 66, the highest
being 83 and the lowest 50.
Goldsboro, N. C.— We have had rain on two days during
the week, the rainfall being one inch and sixty-three hun­
dredths. Average thermometer 63, highest 86, lowest 39.
Memphis, Tenn.— We have had rain on four days of the
past week, tho rainfall reaching two inches and twelve hun­
dredths. Tho thermometer has averaged 68, tho highest
being 84 and the lowest 55. Picking season exceptionally
fine until rain came the latter part of week. Weather now
clear and cool. Marketing on a liberal scale.
IN D IA COTTON M OVEM EN T FROM ALL PORTS.
1916.

S ep t. 28.
R e c e ip ts a t —
W eek .

B o m b a y ............. ..........

»*//(// to
from,—

. 1915.

S in ce
A u g . 1.

11,000

W eek .

99,000

29,000

F o r th e W e e k .

Bombay—
1916___
1915----1914___
Calcutta—
1916___
1915----1914___
Madras—
1916___
1915___
1914___
All others—
1916___
1915___
1914___

1,000
1,000

Total all—
1916___
1915___
1914-----

10,000 ! 6,000 16,000
3,666 12,000 , 28,000 43,000
3,000 2,0001 1,000 6 ,000 |

2,000
2,000

__
__
__
__
__
—

___

Great
Britain.

214,000

Conti­
nent.

3,000

1,000

6,000
2,000

20,000

1,000

3,000
7.000

6,000 j 14,000
7,000' 26,000 35,000
3,000

___

■2,000

__
__

48,000

1.

Japan
& China.

Total.

1

8,000i

1,000

S in ce
A u g . 1.

W eek .

S in c e A u g u s t

Great Conti­ Japan
Britain. nent. J: China1 Total.
___

1914.

S in ce
A u g . 1.

15,000
30,000

.
f , 66 o

192,000
184,000
31,000

210,000
220,000

53,000
4,000

1,000

8,000
1,000

1.000

__
___
—

__

___
....

__ "

___
2,000
4,000: 2,000
1,000

2,000
2,000

" *i‘,666

2,000

3,000

. . . .

2,000

7,000
3,000

1,000

- ........
2,000
8,000

12,000

3,000

5,000
16,000
5,000

28,000

24,000

22,000

2,000

26,000
60,000
27,000

32,000
67,000
43,000

205,000
208,000
33,000

242,000
291,000
81,000

12,000

According to tho foregoing, Bom bay appears to show a d e c r e a s e compared with
last year In the week’s receipts of 18,000 bales. Exports from all India ports record
a loss o f 27,000 bales during the week, and sineo Aug. 1 show a d e c r e a s e of 19,000 bales

A LE X A N D R IA RECEIPTS AN D SHIPM ENTS.
Alexandria, Egypt.
September 27.
Receipts (cantars)—
T his w eek. ____________
Since A ug. 1____________
Exports (bales)—
To
To
To
To

L iverpool____________
M anchester__________
Continent and ln d la .
Am erica........................

T otal exports................

1916.

1915.

;
i

148,636
376,587

165,570
368,880

|

Since
Week. Aug. 1.

Since
Week. Aug. 1.

1914.

4,001
12,725
Since
Week. 'Aug. 1.

14,888
3,290
5,406
1,133

1*087

18,340
8,941
19,335
13,888

*492
2,714

1,375 24,717

1,087

60,504

3,2061 22,164

T.375

!

4,695
5.114
7,105
5.260.

Note.— A cantar is 99 lbs. E gyptian bales weigh about 750 lbs.
*
statement shows that the receipts for tho-week ending Sept. 27 wore
148,636 cantars and the foreign shipments 1,375 bales.

1525

HE CHRONICLE

Oct. 21 1916.]

W O R LD ’S SUPPLY AND TAKINGS OP COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.______________________
1915.

1916.

C o tt o n T a k in g s .
W eek a n d S ea son .

Season.

Week.

Week.

Season.

4,670,779
Visible supply O ct. I d ------------- 3,947,431
3,198,251
4,664,410
Visible supply A ug. 1------------560,716 4,061,978 468,493 3,226,520
American in sight to Oct. 20—
39.000
642,000
324.000
203.000
B om bay receipts to O ct. 19-----65.000
7.000 • 84,000
44.000
Other India shipm ’ts to O ct. 1930.000
156.000
142.000
Alexandria receipts to O ct. 1 8 .. • 640,000
2.000
63.000
32.000
23,000
Other supply to Oct. 18 * .........
T otal supply............................... 4,598.141
Ded uct—
Visible su p p ly Oct. 2 0 ................t4.302,733

7,695,229 5,217,272

8.463,930

4,302,733 4,897,270

4,897,270

295.408 3.292.496
277.408 2.634.496
18,000
758,000

T otal takings to O ct. 2 0 .a -----O f wnich Am erican - ................
O f which oth er..... .....................

320.002 3.566.660
234.002 2.714.660
86,000
852.000

* Embraces receipts in Europo from B razil, Smyrna, W est Indies, &c.
a This total embraces the total estimated consum ption b y Soutnern mills,
911,000 bales in 1916 and 772,000 Dales in 1015— tattings not being avail­
able— and the aggregate amounts taken b y Northern and foreign spinners,
2,481,496 bales in 1916 and 2,794,660 bales in 1915, o f which 1,723,496
bales and 1,942,660 bales A m erican.
b E stim ated.

E G Y PTIA N COTTON CRO P.— Under date of Boston
Oct. 16, Messrs. L. H. A. Schwartz & C o., issue the
following:
M ail advices from Alexandria stato that the latest crop nows Is loss
favorable, with tho ginning out-turn in lower E gypt decidedly inferior to
last year’s, which is always a bad sign. In m any districts tho first picking
is yielding less than anticipated, owing to tho smallness o f tho bolls.
The
pink worm is doing serious damago to tho bolls o f tho second picking. Cable
adviCos received to-day estimate tho out-turn o f tho E gyptian crop at not
o vor' 6 ,0 0 0 ,0 0 0 cantars.

COTTON FREIGH TS.— Current rates for cotton from
New York are as follows, quotations being in cents per pound:
L iverpool, 2.09c.; M anchester, 2.00c ; H avse, 2 .0 0 @ 2 .2 5 c.; R otterdam ,
3.00c. nom .; G enoa, 2.00c. asked; Naples, 2.00c. asked; Leghorn, 2 .6 0 c.;
Christiania, 3.25c.; Bergen, 3.25c.; Stockholm , 3.25c.; M alm o, 3 .2 5 c.;
Gothenburg, 3 .0 0 @ 3 .2 5 c.; Barcelona, 2 .0 0 @ 2 .2 5 c.; L isbon, 2 0 u c .;
Oporto, 2.7uc.; Marseilles. 2.50c. asked; Japan, 3.00c. asked; Shanghai,
3.00c. asked; B om bay, 3 .00c. asked; V ladivostok, 2.50c.

LIVERPOOL.— B y cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
Sept. 29.
42,000
3,000

O f which speculators to o k .
O f which exporters to o k . .

1,000

32,000

Actual export.
Forwarded____

1,000

T otal imports o f the w eek............

62,000
564,000
430,000
39,000
34,000
204,000
187,000

Oct. 6 .
46.000
4,000
1,000

36,000
3,000
90,000
563,000
425,000
92,000
77,000
235,000
205,000

Oct. 13.
41,000
4,000

Oct. 20.
44.000

1,000

30,000
4,000
82,000
559,000
419,000
83,000
69.000
297,000
263,000

31,000
58,000
558,000
413,000
57,000
42.000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday. | Monday. ! Tuesday.

Spot.
Market, [
12:15 1
P. M . 1

Good
delnand.

Mid.upl'ds
Sales_____
Spec.&exp.

holi

DAY.

Fair
business
doing.

Wednesday. Thursday.
Good
demand.

Fair
business
doing.

Friday.
Good
demand.

10.29

10.47

10.66

10.01

10.57

10,000

8,000

10,000

8,000
1,000

10,000

1,500

800

1,500

1,500

Futures.
Market 1
opened
/

Steady, 114
Firm,
Steady,
Steady,
Quiet,
4@ 5 pts. 10@11 pts. 1314 @1714 pts. dec. to 7@9 pts.
advance.
pts. adv. 3>$pts.adv. decline.
advance.

Market,
closed

Firm,
Very st’dy, Irregular, Steady. H
13H@15
14@15X
2014 @25 pt. adv. to
pts. adv.
pts. adv.
pts. adv. 5 pts. dec.

[
\

Quiet,
614 @10
Pts. dec.

M ANCHESTER M A R K E T .— Our report received by
The prices of futures at Liverpool for each day are given
cable to-night from Manchester states that the market
below. Prices are on the basis of upland, good ordinary
displays increasing strength and that deliveries are more clause, unless otherwise stated.
difficult to make. Wo give prices for to-day below and
The prices are given in pence and lOOths. Thus: 10 16 means 10 16-100d.
leave those for previous weeks of this and last year for
comparison:
O c t. 14
W ed.
Thur.*.
M on.
T u es.
F ri.
S at.
8H bs. Shirt- Com
ings, common Mid.
to finest.
Up's

32* Cop

Twist.
Sep. d.

d. 8.

1
8
15
22
29

14*
14M
1454
14%
14 U.

@
@
@
@
@

15
15H
15U
15
16M

0
13
20

1454
1454
15 M

@
@
@

15 54 0
15 M 9
16 'A 9

Oct.

8
8
8

8
8

d.

f ,i
O c t. 20. 12 % 1 2 %
p.m . p.m .

1915

1916

a.

d.

@ 10
@ 10
@ 10
@ 10
@ 10

7M
0
6
6
0

d.

32* Cop

Twist.

d.
8H
OH
OH
9H

d.
OH
OH
10 H
10 H

8H bs. Shirt- com
tngs, common Mid.
to finest.
Up •*
a.

d.

s.

d.

d.

10H

@
@
@
@
@

0 9 @8 0
0 10 @ 8 1H
7 3 @8 0
7 3 @ 7 10H
11H 7 4 H @ 8 0

6.78
6.12
6.44
6.59
6.97

0 @ 1 0 10H 9.93 10H
2 © 11 0
10.11 10 H
3 @ i i i « 10.57 1054

@
@
@

11
7
1154 7
1154 7

7.24
7.23
7.12

6
8
8
8
8

9.90
9.38
9.51
0.02
9.47

6H ©8
3 @8
3 @8

1
6
9

October .
Jan-Feb.
M ar-A p r
M ay-J no
July-A ug
O ct-N ov.

d.

d.

H O L I­
DAY.

12%
p. m .

4 12% 4 12% 4 12% 4 12% 4
p.m . p.m . p.m. p.m . p.m . p.m . p.m . p.m . p.m .

d.
d.
10 1614 25
10 1614 25
10 20
28 H
10 2114 30
10 1714 26
N
9 38

d.
35
34 14
38
3914
36 14
56

d.
d.
d.
d.
3914 53J4 60
4844
3914 54
6014 5 1 J4
6414 58
42 54 57
4414 59 H 68 ! 2 6114
41
58
66 >4 61)4
N
N

d.
55
5714
63 'i
6714
67

d.
4414
47
5314
58
5814

d.
45
48
5414
59
6014

BREADSTUFFS

Friday Night, Oct. 20 1916.
Flour has been quiet much of the time, as buyers cannot
wholly rid themselves of the idea that present high prices for
wheat are at once abnormal and temporary and that by
holding aloof, or by buying from hand to mouth now, they
will ultimately be able to purchase at a much lower level.
N E W Y O R K — T o Liverpool— O ct. 19— C edric, 2 ,1 1 1 ...............Tolal Sales.
Yet after several days of sharp advances in wheat the demand
T o Manchester— O ct. 11— Terence, 1 ,1 7 2 _ .______ _________
l 172
T o Havre— O ct. 17— Gisla, 597; Italior, 248_____________ I .
845
for flour did increase, as buyers became alarmed and fancy
T o La Pallico— Oct. 16— C lifton, 319_______________
319
grades
of spring wheat flour sold at as high as 810 a barrel.
T o Bergen— O ct. 13— Fram , 100______________________________
106
T o Barcelona— Oct. 14— C . Lopoa y Lopez, 2 ,428___O ct. 16—
Fancy patents advanced at Minneapolis to 89 25. At the
B alto, 1 ,0 0 9 - - .......................................................................
_ 3 ,4 2 8
same time there was more or less re-selling here on the part
T o Genoa— Oct. 11— B erit, l,2 0 0 - ..O c t . 13— Oaserta, 4 ,8 9 9 ..
OcU 14— 'R e d T talia, 4,500— Oct. 10—Sicilia. 4 50________ 11,049
of recent purchasers tempted by tho rise of prices to secure
T o Venezuela— O ct. 18— Philadelphia, 100
100
a profit. It is said, however, with every appearance of
G A L V E S T O N — T o Liverpool— O ct. 14— Penlco, 8,298- O ct. 19—
Craftsm an. 11,698_________________
19 906 probability, that if wheat continues to rise, the supply of
T o Manchester— O ct. 13— Bodeburn, 3,746 - I I ..........I
"""
3 ’746
flour available from second hands will become more and more
T o Gothenburg— O ct. 16— Tasm anlc, 8,200.............. ...... ....
8 200
T o Christiania— O ct. 16— Tasm anlc, 9 25....... .................
925 restricted.
The total output last week at Minneapolis,
T E X A S C IT Y — T o Havre— O ct. 17— Polstad, 12.781 ...........
12,781
Duluth and Milwaukee was 427,000 barrels, against 352,000
N E W O R LE A N S — T o Liverpool— O ct. 13— A ntillian, 8 ,4 1 7 ...
in the previous week and 567,000 in the same week last
O ct. 14— O m bian, 6,327
Oct. 17— W lm borno, 5,160____20,104
T o Manchester— Oct. 13— l ’ enare, 3,559
3 K59
year.
T o Glasgow— Oct. 13— Jancta, 175 _______ _______ I . I I I I I I I I I
' l 75
Wheat advanced sharply on a big export demand and
an active speculation. Prices reached the highest level
witnessed during the present European war. They reached
the highest point since the so-called Leiter corner in 1898
T o Mancnester— Oct. 7— M em phian, 1 7 ___O ct. 17— N ovian.
touched in M ay, after a European crop
1 0 0 ____________________ ______________ _____
.
H 7 when $1 85 was
T o Yarm outh— O ct. 10— G ov. C ob b , 5 0 . .
_
50 failure and the outbreak of war between this Country and
B A L T IM O R E — T o Liveroool— O et. 9— Edcnm oro," 2",139lI'-Oct.
In recent years the maximum figure was in Febru­
13— Rowanm ore, 9 ,0 2 6 . ---------------------------------- ----------------- 11,765 Spain.
Of late M ay has sold
P H IL A D E L P H IA — 'To Liverpool—4Jct. 7— Georgic, 3,660 .............. 3,666 ary 1915, when the price was 81 67.
T o Lisbon— Oct. 10— T iju ca, 740...................... ............................_
740 in Chicago at as high as 81 69%.
On Thursday some
8 AN FR A N C ISC O — T o Japan— Oct.. 10— China. 9 5 0 -..O e t . 16—
Darien Marti, 4 , 2 6 8 - - - - - - .............................................. ............... 5,218 Chicago reports put the export sales at 2,000,000 bushels;
T A C O M A — T o Japan— O ct. 12— Itsukushlma M arti, 5,050............ 5,050 on Wednesday they were 800,000 bushels, and on Tuesday
T o t a l.............................................. - .......... .................................. ................ 165,491 2,200,000 bushelsJchiefly hard winter, partly via Gulf and last
The particulars of tho foregoing shipments for the week, Monday 700,000 bushels. So that the record for tho week
is of almost colossal transaction for export. Most of this
arranged in our usual form, are as follows:
business has been done as a result of an arbitrary reduction
Great French
Hoi---- Olh.Europe— Vlad.,
Ac. Japan.
„
B r ita in .
Ports. land. North. South.
Total. in ocean freights from North America, from 14d. to 5d.
N ow Y o r k ___3,283
____
100 14,477
100
....
1,164
19,124 This was done by the British Government, which has taken
G a lv e s to n ___23,742
.
____ 9,125
____
____
____ 32,867
Texas C i t y .. _____ 12,781
12,781 entire control of all importations of wheat and flour and
New O rleans.23,838 12,410
36,248 lias been requisitioning ocean tonnage to facilitate such
Savannah ....................21,149
21,149
Prices have advanced by leaps and bounds.
W ilm in g ton .. -----5,715
5,715 imports.
____
B o sto n ......... .. 1,118
50
1,168 On October 17th they ran up 7 cents, on the following day
Baltimore — 11,765
____
11,705
It really
Philadelphia . ,666
-----740
4,406 4 to 4 % cents, and on Thursday 2 % to 3 % c.
San F r a n c is c o ......................
5,218
5,218 means nothing new in the general situation.
Europe has
T a co m a -------- -:—
-----5,050
5,050 not got the wheat and has got to have it from this country
T o t a l ..........67,412 53,219
....
9 ,2 2 5 15,217
150 10,268 155,491 or from other exporting countries.
Just now its own inter­
The exports to Japan sineo Aug. 1 havo been 81,272 bales ests compel it to buy in America. It is the shorter haul.
from Pacific ports.
Therefore, America is the cheaper market. And as regards
S H IP
ex p o rts
rea ch ed
u p fro m

P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
1 5 5 ,4 9 1 b a l e s .
T h e s h ip m e n ts in d e t a il, a s m a d e
m a il a n d t e le g r a p h ic r e t u r n s , a r e a s fo llo w s :




1526

THE CHRONICLE

[Vol. 103.

the vexed question of transportation the British cut the profit-taking. But the weather at the West is bad and is
Gordian knot by a ruthless cut in ocean freights. delay mg husking and shelling of the new crop. Country
M r. James Patten predicts a price close to $2.
He offerings do not increase. Prices were the highest since 1892.
adds that the exportable surplus has been cut into at Export sales were stated at 300,000 bushels.
an unusually.early stage of the season. Recent crop advices D A I L Y C L O SIN G P R IC E S OF N O . 2 M I X E D C O R N IN N EW Y O R K .
from Argentina have been unfavorable. It is said that the ■NTr, o
. Sal. Mon. Tues. Wed. Thurs. Fri.'
99
100 % 104
107% 108
rains there have been too light to do much good. The N o . 2 yellow ............................. . . c t s . 99
D
A
I
L
Y
C
L
O
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 .
tendency is to reduce Argentine crop estimates. In Franco
i I,
, ,
Sat. Mon. Tues. Wed. Thurs. Fri.
both tho yield and the quality of the wheat are unsatisfac­ Decem ber delivery In elevator.......... 76% 76% 78% 79% 8 2% 84%
tory and the weather is bad. French farmers are offering M a y delivery in e le v a to r.................7 8% 78% 7 9% 8 1% 8 4% 8 5%
Oats declined slightly early in the week but rallied later
little wheat, as they are busy with seeding. The crop of
France is estimated at only 224,000,000 bushels, or 72,000,­ on. Stress was at one time laid, however, on tho continued
000 bushels less than that of last year. It is stated that increase in supplies and on the indifferent cash demand,
France will have to import 95,000,000 bushels as against even at some decline in prices. Tho big stocks excite com­
79,200,000 last year. The Canadian crop is officially stated ment. Last week tho available supply in North America
at not half as large as that of last year, i. e., 159,123,000 increased 1,117,000 bushels, against an increase in the same
bushels, against 376,303,600 bushels. The averago yield week last year of 681,000 bushels, so that the total is now no
per acre there was only 15 % bushels from a harvested area less than 59,268,000 bushels, or 40,000,000 bushels larger
of 10,085,300 acres, against 29 bushels per acre in 1915 from than a year ago, and some 18,500,000 larger than at this
a harvested area of 12,986,400 acres. From Russia the crop time in 1914. The receipts at the West have been largo and
news in general is bad.- The weather has been poor for late although export inquiries have been numerous enough, the
harvesting and the spring wheat crop is far below the aver­ actual business for foreign account has fallen below expecta­
ago with the quality lowered by dryness and rust. Ship­ tions. In a word, big receipts and enormous stocks have
ments from North Russian ports continued small and there been a damper on bull speculation, despite a falling off in
is only a very moderate amount of ocean tonnago for such the yield this year and bullish crop nows from Canada. Yet
shipments. It looks as though Russian exports would be of late the tone has been stronger with a bettor cash demand
small during the rest of the season. Already winter prevails and some sympathy with the rise in otlior grain, especially
in Russia over most interior districts with heavy snows. wheat. The crop of Canada is stated at 338,469,000 bushels,
In 49 of its Governments the crop will be 85,000,000 bushels against 520,103,000 bushels last year. Its barley crop is
smaller than that of last year. And the crop in Italy is only 32,299,000 bushels, against 53,331,300 last year and
turning out even smaller than was expected. Australia rye is 2,058,500 bushels, against 2,394,100 last year. Tho
holds large reserves, but ocean tonnage thero is scarce and reduction in ocean freights may stimulate foreign business
rates aro very high. Liverpool advices say that foreign materially. To-day prices advanced on active trading, but
arrivals aro small with* foreign quotations strong. India, a setback occurred on profit taking. Cash businoss is
Argentina and Australia have been offering in Liverpool only checked at Chicago by the scarcity of cars.
D A IL Y C L O S IN G P R IC E S OF O ATS IN NEW Y O R K .
moderately, being hampered by the ocean freight problem.
. .
Sat.
Mon.
Tues.
Wed.
Thurs.
" Fri
There is a good demand for American wheat on tho Conti­
N n n 9 l Si S s i 3 @M53^ S 2 % @ 5 3 5 4 © 5 4 % 5 4 © 5 4 % 5 5 @ 5 5 %
55® 56
nent, and in Great Britain the market is broadening. In the N o . 2 w h ite ..
N om .
N om .
N om .
Norn.
N om .
N om
D A I L Y C L O S IN G P R IC E S OF OATS F U T U R E S IN C H IC A G O .
United Kingdom the weather has been bad, that is, wet and
cool, and late threshing as well as seeding has been de­ Decem ber dellvory in e lo v a to r.cts. "48 ^ 7 % "4 8 % *48% ^ 4 9 % *50%
layed. The latest news from Argentina is that rains have M a y delivery in n o v a to r........... . . . 5 1 % 50% 5 1% 5 2 $ 53% 5 4 $
caused some improvement, but that tho drought
The following are closing quotations:
is still generally unbroken and
that
the
crop
FLOUR.
prospects are greatly impaired. All this'makes it interesting W jnter. low grades------ $5 S0® S5 40 Spring, low g r a d e s ____ $5 4 0 ® $ 6 15
Winter
patents__________
8 0J®
8 40Kansas straights, sacks. 8 2 5 ® 8 5 0
to inquire about the question of our own crop. It is esti­ Winter strhlghts______ 7 5 5 ®
775Kansas clears, sacks___ 6 75(5) 7 50
mated, as is well known, at only 607,000,000 bushels, or Winter clears__________ 7 2 5 ®
755C ity patents___________
q po
Spring p a t e n t s ............. 8 7 5 ® 9 00 R ye flour
.................. 7 0 0 ® 7 10
400,000,000 bushels less than last year and 285,000,000 Spring
straights_______ 8 4 0 ® 8 /0 lluckwheat flour______ _
bushels less than in 1914. Tho Government’s estimato of the S priugclears___________ 7 5 0 ®
775Graham flour.................. 6 2 5 @ " 7 25
carryover from last season is 160,000,000 bushels, although
G R A IN .
it is now said that 146,000,000 bushels of this was unmer­ Wheat, per bushel— f. o . b .—
C orn, per bushel—
. Spring, N o . 1, new____ $1 97
N o . 2 m ixed_______ f. o . b . N om .
chantable. But, as there is more or less dispute about this, N .NSpring,
N o . 2 ................................ ..
N o . 2 yellow .............c. I. f .$ l 08
call the carryover 160,000.000 bushels, which would givo a
Red winter. N o. 2, new___1 7!)
N o . 2 yellow kiln d r i e d .. . N om .
Hard winter. N o. 2 ............1 85%
Argentina in bags................
supply for the season of 767,000,000 bushels. The consump­ Oats,
per bushel, new—
cts.
R ye , per bushel—
tion in this country is put at 530,000,000 bushels, and the
S tandard ______ ________ 55 % ® 56
New Y ork _________c. 1. f. $1 35
No
2, white____________
N om .
quantity required for seeding is 80,000,000 bushels, a total
Western
..........__c. I. f. *1 35
No. 3. white____________ 55 .< 5 5 % Barley, m alting_______ $1 14 @ 1 20
consumption of 610,000,000 bushels. That would leave an
N o 4.4. wwhite
U m W
h ite............... — M M
V$(o&55
exportable surplus of apparently 157,000,000 bushels. The
The statement of the movement of breadstuffs to market
total exports from the United States and Canada up to indicated below are prepared by us from figures collected by
Oct. 12 this season were 126,390,875 bushels, against the New York Produce Exchange. The receipts at Western
99,482,493 bushels during the same time last season. To-clay lake and river ports for the week ending last Saturday and
prices advanced with a sharp demand and export sales stated since Aug. 1 for each of the last three yoars havo been:
at about 1,500,000 bushels. Greece was buying. On the
other hand, however the advance this week has been nearly Receipts at— Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
15 cents, and London cables say that the British Govern­
bush. 60 lbs.bush. 56lbs. bush. 32 lbs .bushASIbs. bush.56lbs.
ment now prohibits its subjects from buying futures in Chi­ Chicago......... bbls.mms
185.00C 1,553,000i .1,311,000 4,232,000) 739,000
177,000
cago, though they are permitted to buy corn and oats.
Minneapolis .
—
3.521.000l
04,000
056,00C1 1,062,000
325,000
D A I L Y C L O S IN G P R IC E S OF W H E A T FU T U R E S IN N EW Y O R K
„
,
Sat. Mon. Tues. Wed. Thurs. Fri.‘
N o . 2 red......... . ............................cts.1 6 5 % 165% 171
175
176% 179
D A I L Y C L O S IN G PR IC E S OF W H E A T FU T U R E S fN C H IC A G O .
_
,
,
,
Sat- M °n. Tues. Wed. Thurs. Fri.
D ecem ber delivery in e le v a t o r .c ts .]5 7% 157X 163 54 166% 168% 109 %
M.ay delivery in elevator--------------- 157%
157% 164% 167% 165% 169%
July del ivory m elevator.................. 133%
133% 140% 140% 140% 139%

Duluth..........
Milwaukee . .
Toledo______
Detroit_____
Cleveland__
St. I,ouls____
P eoria..........
Kansas City.
Omaha_____

"37.66c

___

5,000
10,000
76,000
40,000

1.320.000l ______
424,00C
86,000
86,000
40,000
66,000
70,000
74,000
47,000
977,000
341,000
68,000 . 5S0.000
2,065,000
127,000
1,314,000
103,000

213,0001
1,352,000
62,000
09,000
116,000
563,000
430,000
646,000
695,000

__863,000
4,000
94,000 ’
101,000

181,000

IO.O66
30,000

Indian corn advanced, partly in response to a sharp rise Total wk.1016 353,000 11,468,000 2,769,000 - 9,369,000 2,863,000 723,000
in wheat. Besides the cash demand has been pretty good Same wk.1915 447,000 10,750,000 2,842,000 5,801,000 3,027,000 552,000
and of late tho receipts at Chicago have been small. They Samo wk.1014 479,000 9,757,000 1,900,000 7,414,000 2,687,000 680,000
havo an idea there that tho supply of old corn may become Since Aug.l—
1916_____ 4.014,000 125,057.000 39,757,000 86,312,000 27,030,000 7,661,000
very snjall before thero is a very largo movement of new
1915_____ 3,893,000 123,589,000 38,610,000 02,637,000 23,366,000 6,552,000
1914______ 4,954,000147,025,0001 3.8,490,000 93,420,000 27,020,000! 0,715,000
corn -fro market. Besides, traders aro becoming more ac­
customed to the present high prices, which for cash corn have
receipts of flour and grain at the seaboard ports for
got above the dollar mark. Thero aro indications that tho theTotal
week ended Oct. 14 1916 follow
British Government is more disposed to buy American corn
and last Tuesday the export transactions in this country were Receipts at—
Flour.
Wheat.
Corn.
Barley.
Oats.
Rye.
estimated at as high as 500,000 bushels. In addition
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
there has been a good domestic cash demand at new high- New York__ Barrels.
151,000 1,406,000
233,000
674,000
160,000
39,000
record prices for the season. Some of the crop advices, Portland, Me.
Philadelphia .
26,000
916,000
75,000
267,000
too, hint that the yield may not turn out to be as large Baltimore__
62,000
764,000
781,000
254,000
"487,666
as was expected. Certainly somo of the husking re­ N’port News.
32,000 _________ _____
1,254,000
2.000
turns are more or less disappointing, and if exporters N orfolk........
M obile______
7,000
19,000
3,000
are to have the advantage of a sharp decline in ocean freights New Orleans*
37,000
300,000
12,000
26,000
the trade here will not be surprised to see a very good oxport Galveston__ ____
181,000
Montreal___
"’oe'.ooo 1,842,000
236,000
354,000
1,000
business. At the samo time there has been more or less Boston______
29,000
87,000
109,000
76,000
1,000
8,000
liquidation in the belief that there will be an early movement Port Arthur.. ....... - - 201.000
in the new crop. Some, too, aro still timid about tho high Total wk.1916 442,000 5,716,000
922,000 3,429.000
162,000
534,000
price, which is about 25 cents higher than a year ago. Still, Since Jan.1‘ 16 21,183,000 321,678,000 508,460,000
152,543,000 23,648,000 10,157,000
the storm at the West of late has encouraged tho idea of still Week 1915...
627,000 11,158,000
762,000 2,718,000
469,000
558,000
higher prices, partly from a delayed movement of the now Slnce Jan.1’ 15 20,592,000
216,337,000 46,129,000 119,747,0)0 0,412,000 10,377,000
crop. Stocks at Buffalo are said to have practically dis­
* Receipts d o fnot Include grain passing through New Orleans for foreign ports
appeared. Offerings of yellow corn have been very small on through bills of lading.
here and those of white and mixed nothing very great.
Tho exports from the several seaboard ports for tho week
T o-d ay prices advanced 3 to 5 cents and then reacted on ending Oct. 14 are shown in the annexed statomont:



THE CHRONICLE

Oct. 21 1916.1
Exports from—

Wheat.
bushels.

Corn.
bushels.

Barley. \ reas.
R ye.
Oats.
Flour.
barrels. bushels. bushels. bushels. bushels.

1527

THE DRY GOODS TRADE

New York, Friday Night, Oct. 20 1916.
As a result of the sharp rise iu raw material values, prices
for dry goods have been marked up during the week with
some lines advanced as much as one to two cents per yard.
2,000
While the advances in prices have been rapid and present
32,000 1,254,000
Newport N ews____
3.000
7,000
~To'ood
levels unprecedented, there is a general feeling throughout
M o b i le ....................
2.000
66,000 ............1
16,000 58,000
241.000
New Orleans______
the trado that the top has not as yet been reached. There­
488.000
188,000 184,000 ___
fore, demand continues active with merchants endeavoring
M o n t r e a l................ 2,676,000 345,000 67,000
........... i
200,690
Port A i Cliur— _ —
to provide for requirements as far ahead as possible. While
there has been some talk that the high prices would check
T otal w eek------- 5,843,071 1,182,409 279,864 2,557,261 650,563 626,126
7,932
91,357 336,621 2,628,364 889,515 466,159
Week i9 1 5 ----------- 9,195,092
consumption, retail houses report over-the-counter business
—
The destination of these exports for the week and since ' as continuing satisfactory. It is quite evident that the coun­
try is in need of merchandise and that goods are moving into
July 1 1916 is as below:
consumption rapidly, as stocks in all localities are small.
Advances asked for spot goods are promptly paid and mills
Flour.
Wheat.
Corn.
Exports for Week
are continually receiving requests to hasten backward de­
Week
Since
Since
Week
Since
Week
and Since
liveries, which in some instances are a month or more overdue.
Oct. 14.
Oct. 14
July 1
July 1
July 1
Oct. 14
July 1 to—
1916.
1916.
1916.
1916.
1916.
1916.
M any classes of goods for immediate shipment are unavail­
able and as a result buyers are obliged to place orders for
Bushels.
Bushels. Barrels. Barrels.
Bushels.
Bushels.
future delivery, though mills in a number of cases are so well
United K ingdom . 3,167,770 39,973,964 155,838 1,695.886 673,899 9,516,921
2,671,501 58,684,800 33,467 1,708,581 470,131 5,768.168
Continent......... ..
sold ahead that they are unable to accept business for the
408,479
84,802 40,870
5,365
445,739
3,800
So. & Cent. Amer.
611,195
32,041
remainder
of the year. Manufacturers are becoming less
3,333
39,241
669,151
W est Indies-------1,500
4,409
455
Brit. N o. Am. Col
inclined to quote prices on deferred business, but as buyers
10,949
973
’ ” ’5",666
92,841
9,993
Other C ou ntries..
are so urgent in their desire to place orders and ready to pay
JTotal__________ 5,843,071 98,751,899 279,864 4,516,607 1,182,409 16,317,212
the prices asked, they are forced to do so. Agents are re­
91,357 3,962,913
T otal 1915______ 9,195,092 68,687,725 336,621 3,199,502
ported to be sending orders to their mills direct for acceptance
The world’s shipments of wheat and corn for the week as prices are advancing so rapidly they are unable to keep in
ending Oct. 14 1916 and since July 1 1916 and 1915 are touch with them. Buyers have also found it difficult to
_____________________ I keep pace with the market, owing to the rapid advance in
shown in the following:
~
prices, and many orders have been refused as the quotations
Corn.
Wheat.
named have been too low. According to reports, business
has been offered to mills for delivery late next season on the
1916.
al915.
al915.
1916.
Exports.
present basis of raw cotton. W ith cotton close to the nine­
Since
Since
Since
Week
Since
Week
teen cent level manufacturers are said to bo making fair
July 1.
Oct. 14.
July 1.
July 1.
July 1.
Oct. 14.
profits on goods and many oxtra dividends have been declared
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
by N ew England mills. Export business has been less
N orth Amer* 7,115,000 127,893,000 93,828,000 1,198,000 17,035,000 2,305,000
1,776,000
281,000
456,000 5,134,000
active owing to the high prices and advance in freight,
insurance and war risk rates as a result of the recent sub­
A rgentina.. . 1.416.000 19.975.000 5.496.000 3,552,000 40,482,000 76,904,000
184,000
752.000 11.176.000
marine activity.
Australia___
10.512.000
1.392.001
8.608.000
In d ia .............
D O M E S T IC C O T T O N G O O D S .— There has been no
1,965,000
120.000 2,395,000 3,128,000
77,666 2,134,000
Oth. countr’s
cessation in the demand for staple cotton goods, prices for
T o t a l ____ 11.251,000ll77,085,000 113,020,000 4,827,000 59,932,000 81,174,000 which are being marked upward almost daily.
Both jobbers
and retailers are actively inquiring for spot goods and are
a R evised.
* N orth America.— The Canadian Government has olflclally prohibited the
placing orders for deferred deliveries. It is stated that
Issuance of both manifests and exports until after ten days. This Is effective
jobbers failed to fully provide for fall requirements, which are
during the continuance of the war.
turning out to be exceptionally large and that they are now
The quantity of wheat and corn afloat for Europe on dates
finding it difficult to secure sufficient supplies. The sharp
mentioned was as follows:
advance in prices for raw material has resulted in many lines
of goods being withdrawn from sale,