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fitianrial
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I N
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&
Q u o ta tio n
R a ilw a y
E a r n in g s
C L U
D I N
R a ilw a y
S e c t io n
B an k ers*
S e c t io n
G
S c
I n d u s t r ia l S e c t io n
C o n v e n tio n
S e c t io n
E le c t r ic R a ilw a y S e c t io n
S ta te
and
C it y
N O . 2626
S A T U R D A Y , O C T O B E R 23 1915
V O L . 101
W e e k e n d in g O c t.
(ffiv c m
S e c t io n
10.
C le a r in g s a t -
id e .
1912.
PUBLISHED WEEKLY.
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European Subscription six months (
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O ffice—39 South L a Srdlo Street, Telephone Randolph730C.
i ONUOM ^
office —Edwards & Smith, 1 Drapers' Gardens, E. C.
W I L U A M IS. DAIVA CO H IPAN Y, P u b lis h e r s ,
' F ront. Pine and Depeyster Sts., New Y o rk .
Published every Saturday morning by WILLIAM B. DANA COMPANY,
i J ^ M b e r t Jr President and Treasurer: George S. Dana and Arnold Q. Dana.
Vtcfpresments- Arnold G. Dana.Sec. Addresses of all. Ottlce of the Company.
c l e a r i n g _HOu s e
RETURNS.
s a i y M g ’i f t f t a !
ami » 2 ,0 4 0 ,A(o,uu.)
C le a r in g s — Returns b y Telegraph.
W e e k e n d in g O c t. 2.1.
1914.
1915.
P er
C e n t.
$2,419,476,934
162,606,663
170,922,809
35,688,121
302,461,192
80,868,101
20,600,958
$1,052,403,829 + 129.9
+33.2
122.090,465
125,444,263
+36.2
+ 19.5
29,876,380
247,311,754
+ 22.3
59,760,572
+ 35.3
15,493,206
+ 33.0
Seven cities, fire d a ys--............ —
$3,192,624,778
651,427,236
$1,652,380,469
585,106,416
+93.2
+ 11.3
Total all cities, fire days..................
$3,844,052,014
805,204,716
$2,237,48^,885
402,992,078
+71.8
+99.8
New York---------------------------- ----------Boston............ ............. ...........................
Philadelphia.................. ......... ...............
Baltimore.......... ................ — ...............
Chicago — .............................................
St. Louis------------------------- ---------------New Orleans.............. ............................
$4,649,256,730 1 $2,640,478,963 1 +76.1
T ho full details for the week covered by the abovo will bo given next
q ‘ ^ 1,1
w n cannot furnish them to-d ay, clearings being m ade up by tho
and hence in tho abovo tho last d ay
o f Gio week hM to be in all cases estim ated, as wo go to press Friday night.
f W o S e n t below detailed figures for tho week onding w ith Saturday
a ion October 16, for four years:____ ____
..
W e e k e n d in g O c t.
Now York____
Philadelphia . . .
Pittsburgh........
Baltimore____
B u ffa lo............
Albany..........
Washington —
Rochester------Scranton........ Syracuse..........
Reading............
Wilmington----Wilkes-Barre . .
Wheeling..........
Y o r k ................
Trenton---------E rie..................
Greensburg------Chester........
Binghamton----Altoona........
Lancaster —
16.
% I
$
$
I
*
„
208, M 4 ,408 1,101,340,377 + 146.2 1,919,226,147
190.283.28S 140,830,285 +41.5
+ 3.5
51,610,030
53.439,558
33,996,012 + 12.9
38,381.287
+ 0.7
11,308,430
12,060,671
0,756,144 — 13.0
5,840,184
7,244,348 + 12.4
8,140,558
4,000,109 + 19.0
5.475.623
+ 2.3
2,867,430
2,933,198
3,162,180 + 10.0
3,477,837
+ 8.6
1,063,942
2,132,849
1,502,721 + 50.6
2,353,113
1,525,782 + 21.8
1,888,345
2,039,160 + 16.3
2,372,445
+ 0.5
1,012,195
1,016,90S
+ 4.8
1,759,594
1.843,308
+ 8.0
1,020,090
1,201.972
+ 0.8
688,972
691,447
781,744 + 38.4
1,079,059
+ 8.4
679,500
730,409
598,183 + 13.1
520,000
1,694,033 + 10.5
1.872.623
122,8
Total Middle . 3,207,824,430 1.439,835,338 + 122,8 2,237,413,005 2,914,102,885
Holyoko-----------Bangor_________
203,964,782
10,151,600
6,880,376
4.217.899
3,476.552
2 . 100.000
3.714.899
1,452.190
1,600.319
850,000
706,911
450,003
134,223,120
8,304,100
4,330,732
3,643,120
2.658,429
1,900,000
2,960,050
1.011.633
1,185.470
703,333
732,745
437,371
+ 51.9
+ 21.4
+ 58.9
+ 15.8
+ 30.8
+ 10.5
+ 25.5
+ 43.0
+ 35.5
+ 20.9
— 3.5
+ 2.9
Total NewEng.
239.571.534
162.150 103
+ 47.8
Springfield------Worcester--------New Bedford_
_
"• HJwingP>rtho consoli(lation‘tl?eTaU
lo’is'of' Vhe'First National
Bank and the Socurlty National under tho name of the First & Security Bank,
vtlupcapolls bank clearings are being materially reduced.
Chlcago_____
Cincinnati______
Cleveland ..........
D e tro it..............
Milwaukee........
Indianapolis___
Columbus______
T oledo................
Peoria________
Grand Rapids. D a y ton ---------Evansville____
Kalamazoo----Springfield, 1 1 . .
1
Fort W ayne_
_
A k ro n ..............
Lexington..........
Rockford______
Youngstown_
_
South Bend___
Bloomington___
Quincy................
C an ton ........ .
Decatur---------Springfield, O -.
Mansfield........
Jackson............
Jacksonville, 111.
D anville----L im a _______
Lansing........
Ann A rb or...
Adrian-------Owensboro ..
Tot. Mid. West
San Francisco__
Los Angeles........
Seattle-------------Portland............
Spokane..............
Salt Lake C lty ..
Tacom a..............
Oakland---------:-Sacramento------San Diego----- Fresno-------------Stockton............
San Jose..............
Pasadena---------North Yakima. R e n o ..................
Long Beach------Total Pacific.Kansas City----Minneapolis-----Omaha-------------st. Paul..............
D en ver________
St. Joseph--------Duluth-------------Des Moines____
Sioux City--------T o p e k a ________
Davenport .. .
Lincoln -------Cedar Rapids.- Fargo............
Colorado Springs
Pueblo................
Frem ont............
Waterloo............
Helena— ..........
Aberdeen........ ..
Hastings---------Billings..............
Total otli.West
St. Louis............
New Orleans___
Louisville —
H ouston___
(lalveeton —
Richmond______
Atlanta _____
Memphis___
Savannah ______
Fort W orth ...
Nashville------Augusta--------N orfolk..........
Birmingham . .
Little Rock____
Charleston . .
Knoxville —
Jacksonville----Chattanooga..
Mobile______
Oklahoma----M acon______
A ustin............
Vicksburg
Jackson -------Muskogco--------Tulsa__________
Total Southern
Total all..........
Outside N. Y
505,786.001
413,511,027
135,304,469
54,647,100
22,949,832
13,320,999
12,573,068
3,961,301
0,310,254
1,977,088
3,692,850
2,038,706
1,932,098
1,317,115
975,929
906,960
714,894
521,000
317,619
509,017
128,709,820
321,827.627
26,816,100
26,965,849
31,413.435
16,732,708
8,447,038
7,295,900
6.386,325
3,962.128
3,851,013
2,426.164
1,405,882
683.572
1,124,443
1,309,764
1.590.000
659,341
1,036.217
1,801,723
691,729
700,670
864,552
1.400.000
473,769
599,726
492,191
527,976
344,709
458,602
518,807
543,719
266,798
10,693
404,056
+22.3 474,033,226
+ 7.8
— 7.0
— 4.3
+ 12.5
+ 10.8
+ 24.4
+ 9.2
+ 0.9
+ 19.2
+ 12.4
— 0.2
+ 13.4
— 2.5
+ 2.5
+ 2.3
55.968.234
24,389,520
15,743,603
14,965,990
4,888,901
7,156,678
2,323,515
3,650.027
2,537,530
2,749,512
1 ,200,000
953,479
997,109
780,979
596,189
300,000
+o'
+5.1
139,201,266
157,584,432
67,813,516
38,447,598
18,577,454
12,239,661
10,247,007
6,726,701
7,419,598
4,906,335' +20.7
3,289,737j +24.7
3,593.845! + 5.3
I, 432,063! + 3.0
1,380.738 — 4.8
2,265,195 +11.1
1,556,257 i +40.3
1,729,563
+ 2.8
719,780 +2.7|
662,373
343,897|
1,271,757!
1,233,538,
868,140 — 13.6
232,963! —4.0
482,683j +34.6
187,440,339 +11.3
70,175,768
15,570,883
II ,
240,847
7,899,789 +33.5
6.155.000
3,767,500 +20.1
8.312,630
8,522,413
17,973,066
13,805,644
11,645,162
7,182,078
8,820,250
3,806,006
12.702,736
9,290,577
7,206,619
6,506,253
2,558,011
2,110,860
4,708,452
3,936,152
3,124,992
2,640,103
3.278,564
2,233,768
2.724,270
1,652,549
1,923,717
2,190,737
3.150.000
2,681,148
2,610,710
2,153,508
1.400.000
1,000,000
2,781,396
3,068.300
5,179,418
3,794,276
2,079,838
1,501.411
374,472
276,685
439,454
431.314
1,171,958
959,851
787,968
_ 1.516,921
229.334,540
189,915,341
2.521.562JU8 + 79.9 3,488,918,041 4.266.752,529
1 859 <*22.341 +23 3 1.560 not S04 1 722.626.843
1310
THE CHRONICLE
[Vol. 101.
to declare their incomes and profits to the last dollar.
THE PROPOSITION FOR A STATE INCOM E TA X
But what reason is there for thinking that the ordinary
SHOULD BE KILLED.
citizen who now seeks to escape payment of the per
The new taxation proposals which are being advo
sonal tax would not pursue the same course with
cated at the hearings of the Mills Legislative Com
reference to an income tax. In the case of most
mittee, and which that committee is apparentlybusiness men, the income tax would require very
espousing, should stir the people of this State to im
much larger payments than are now required in the
mediate action. One of the schemes that is being
case of the personal property tax, since so many
seriously proposed is the inauguration of a State or
classes of personal property are exempt in the last
city income tax as a substitute for the personal prop
instance in the hands of individuals. We are asked
erty tax which has worked so badly that hardly any
to believe that the business man who is now reluct
one is ready to say a word in its defense.
ant to pay the very small sum for which he is liable
Point is given to the discussion by the desperate
in personal taxes would come promptly forward in
act of the Department of Taxes and Assessments of the event of the enactment of an income tax and pay
this city in fixing the tentative personal assessment
from ten to one hundred times the present taxation.
for 1916 at $3,704,305,965, as against an actual per Is not the contention positively absurd? Would
sonal assessment roll for 1915 of only $352,051,755.
there not, on the contrary, be correspondingly
The city government has been very prodigal in its
greater effort to escape this income tax, and would not
expenditures, and with an annual city budget already
it, too, quickly prove a failure?
The inducement to
in excess of $200,000,000, and the levy by the State avoid the tax would certainly be very much greater.
of a large direct tax in addition, the city authorities
As to the popularity of the income tax, no one ought
are at their wits' end to find some feasible means
to deceive himself on that point. There was appar
of raising the huge sums needed. In groping around
ent indifference to the Federal income tax before it
blindly, they hit upon an increase in the personal as
was authorized, and some persons actually declared
sessment roll as possibly offering a way out of the
themselves in favor of such a tax just as they are now
difficulty. The folly of the proceeding was quickly
doing in relation to a State or city income tax. W e
demonstrated with the opening of the tax books to
say an “ apparent” indifference. The real explana
complaining taxpayers for correction and revision, tion for the lack of opposition is found in the circum
and the appearance of the aggrieved citizens to swear stance that everyone supposed that the tax would
that they did not hold assessable property to one- affect merely the rich, and therefore he had no con
tenth, and in many cases not even to one-hundredth,
cern in it. When it appeared that it affected every
of the amount at which their personal assessments
business man having an income in excess of $3,000 or
had been fixed.
$4,000 a year, the apathy quickly changed, and to
The hearings of the legislative committee might have day it may safely be said that on the part of the great
attracted little or no attention and been limited entirely
majority of people there is no tax regarded with
to a discussion of new schemes of taxation proposed greater repugnance than this same Federal income
by faddists and theorists, except for the injection
tax, especially as the methods of its collection have
of this live question into the discussions. As it is, been made very objectionable.
the action of the city government in so greatly inflat
Suppose now this Federal tax was supplemented
ing personal assessments has induced many people
by a State income tax. The State authorities would
to appear before the committee to denounce the new
then have a right to pry into a man's affairs in addi
scheme of personal assessment. As it happened, too,
tion to the Federal authorities. Is not that in itself
some eminent bankers and college professors in giv sufficient to condemn it and to show that it could
ing testimony before the committee expressed a pref
never gain public favor. The proposal, too, is to fix
erence for an income tax as offering an apparently
the limit very much lower than under the Federal
efficacious way of raising a large sum of money by
law. As already stated, the plan is to tax all incomes
some new process. The committee has been quick
and wages on amounts above $1,500, one suggestion
to draw conclusions, and it is now asserted that a
being that a 1% rate be levied on incomes between
State or city tax on incomes and wages in excess of
$1,500 and $2,500 per annum and 2 % on the excess
$1,500 a year would be at once popular and raise a
above $2,500. Thus the number of persons affected
very large sum of money.
would be very greatly increased. The fact that the
The arguments advanced in favor of an income tax
limit would be so much lower than under the Federal
in substitution of the persent personal property tax
law is evidence that the Federal returns alone would
would be highly amusing if they did not deal with not answer for the purpose.
such a serious matter. We are asked to believe that
Consider what an opportunity for graft such a
the citizen would readily pay an income tax where he
State law would open up and what a chance for
now tries, and with great success, to evade the personal
vexatious inquiries and visits on the part of the local
property tax. When soberly considered, however,
authorities would thus be furnished. Some of the
there is something decidedly grotesque in the sug
most scurvy political heelers would be given appoint
gestion. The bankers who advocated the income tax
ments and they would make the most of their oppor
are most of them philanthropists as well as very active
tunity. There would be a price for lenient treat
men of affairs, and doubtless they would never fail
ment and those unwilling to pay the price would find
Oct. 23 1915.)
themselves at the mercy of these officials who would
make domiciliary visits for the purpose of rummaging
among a man’s books and papers. The broad objec
tions to the income tax are that it is undemocratic,
un-American and inquisitorial, and certainly in the
contingency supposed the inquisitorial powers would
be exercised to the utmost.
The scheme should be nipped in the bud. And no
time should be lost in allowing the politicians to
know that it will not be tolerated. Every citizen is
interested in opposing the idea. The business man,
the up-State farmer, the professional man and the
wage-earner will all be hit to the extent that their
yearly emoluments and profits run above the limit.
With 1% levied on incomes between $1,500 and
$2,500 and 2 % on sums between $2,500 and $5,000,
a man in receipt of an income of $5,000 would have
to pay the respectable sum of $60 a year. We may
suppose, too, that under a continuance of municipal
extravagance these rates would soon be doubled
and trebled.
The State tax, moreover, would be entirely inde
pendent of the Federal tax. In this latter case the
present limits may at any time be reduced and the
rate increased, so that the recipient of even a small
income would have to pay a considerable Federal
tax in addition to the proposed State tax. In Great
Britain all amounts above £160 a year ($800) have
long been taxed, and now the limit is to be lowered
still further to $650. This will give an idea what is
the prospect the moment a State or city income tax is
put upon the statute book. When the constitutional
amendment authorizing the levy of the Federal in
come tax was under consideration, the country was
told the power was sought merely so as to have it
available in an extreme emergency, say the breaking
out of war with a foreign country, but the minute
Congress got the authority it at once began to
avail of it.
We see it urged that there is no need for concern
on the part of the citizen at this early stage— that the
Committee will not report until next January or
February, and then there will be time enough to
antagonize the proposal. The public should not
make the mistake of remaining quiescent until that
time. There is to be an election a week from the
coming Tuesday, and in all parts of the State the
electorate should make sure that no candidate for
the Assembly is allowed to go to Albany who is not
committed in advance to vote against the income
tax scheme. That is the only way of insuring the
defeat of such a proposal beyond peradventure. To
wait until after the Legislature has been elected and
then to plead with the members not to enact the
proposed law when it is so easy to pledge the members
to the right policy beforehand, is to take entirely
unnecessary risks.
The same comment is to be made on the suggestion
of imposing a habitation tax or an occupancy or
business tax. The one would drive residents out
of the State and the other would drive business out.
None of these new-fangled notions should be en
1311
THE CHRONICLE
couraged in the slightest degree. The true remedy
for the present situation is the practice of economy.
All unnecessary expenditures ought to be cut out
and all fads and fancies abandoned. On that point
we cannot forbear quoting an editorial article which
appeared in the New York “ Herald” of Saturday last:
Tax Dementia.
W hen a government of incompetence is installed the results
produced are sometimes worse than those produced by a
government of theft, because in one case the fool-killer is not
often available and in the other the Grand Jury can always
be invoked.
It is discouraging to see this groping around for more
money to spend. If there is to be a State income tax there
will probably be a city income tax later, because most of our
municipal governments, and State governments as well,
have degenerated into aggregations of tax gatherers.
The particularly discouraging part of it is that those at
the head of government, especially in our municipalities,
have apparently no conception of economy and are actuated
simply by a desire to find new sources of taxation in order
to get new millions to spend.
N o M ayor has yet been elected in this city great enough
to grapple with this problem of extravagance, nor has any
Governor of the State been elected big enough to grapple
with it, either.
The condition now prevailing in this city is perfectly
satisfactory to the officials, and yet it really amounts to an
appalling scandal. And morally there is graft on every side.
It is none the less graft, even though sanctioned by the Board
of Estimate and by the Board of Aldermen, or even though
sanctioned by the Legislature.
There is graft in every automobile paid for by the city
except those used by the Police and Fire Departments.
N o president of a great corporation would think of making
his corporation pay for his private automobile or for the up
keep and operation of it. Every whippersnapper of an
assistant to a head of a bureau has his automobile. Extrava
gance in some form is to be observed on every hand.
But no city official resolutely approaches the question of
cutting the expenditures of the city, and in the meantime our
Mulberry Sellers Tax Board and our M ills Committees
go merrily on concocting various schemes to get money to
strew along the State and municipal roads to ruin.
THE FIN A N C IA L SITUATION.
When the Federal Reserve Bill was under consider
ation in Congress the President once or twice re
ferred to the fact that some bankers in their criticism
of the measure contended that the effect of its enact
ment must be to produce severe contraction, while
others contended that the effect would be to cause
dangerous inflation, and to the President this seemed
to indicate the worthlessness or the insincerity of all
criticism from that source, for he argued, with
much plausibility, that there could not be both
contraction and inflation— that it must be either
one or the other. On another page to-day we print
a lengthy treatise by George J. Seay, Governor of
the Federal Reserve Bank of Richmond, showing
by facts and figures and elaborate compilations that
the apparent anomaly referred to is really a feature
of the law.
The object of Mr. Seay’s paper is to urge the put
ting into immediate operation of the complete
Reserve provisions of the Federal Reserve Act in
view of the extraordinarily favorable conditions for
so doing now prevailing by reason of the large influx of
gold and the easy condition of the banks, and to
avoid the effects of the inflation feared from the
present lowered reserve requirements.
Later on
this condition is to be reversed and severe contrac
tion be produced. M r. Seay would anticipate the
I contraction (by having a law passed to that effect,
*
131 2
THE CHRONICLE
of course), by at once reducing the present excessive
and fictitious reserves and thus prevent the inflation
of credit threatened by these excessive reserves.
The argument presented by Mr. Seay is forcible
and convincing and the suggestion he makes is
deserving of most careful consideration. His re
marks possess the additional merit at the present
time of directing attention to a feature in the work
ing of the law and the gradual steps by which the
new reserve provisions are put into operation,
which has hitherto escaped general notice. The
first effect of the new law has been to pile up an
enormous excess of reserves. This has followed
from the lowering of the reserve requirements, the
banks in the Central Reserve cities being required
to hold reserves of only 18% , against the previous
2 5 9 ', while the percentage in the other reserve
cities has been reduced from 25 to 15% and in the
country banks from 15 to 12% . These are the
percentages for demand deposits. On time de
posits the requirement, under the new law, is only
5% for all banks.
These provisions with reference to the reserve re
quirements went into immediate effect. In the
meantime, however, the country banks and the
banks in the reserve cities are still allowed to carry
a part of their reserves with the banks in Central
Reserve cities or with banks in the ordinary Reserve
cities.
Taking as a basis the detailed figures under the
Comptroller's call for M ay 1 1915, Mr. Seay finds
that while the excess reserves at that date under the
present law were $727,861,000, under the reserve
requirements of the old law the excess at the date
mentioned would have been only $111,060,000— a
difference of no less than $616,801,000. On the
other hand, when the law goes into full operation,
two years hence, the reserve balances now still al
lowed to be carried in Reserve and Central Reserve
cities, amounting to over $700,000,000, will be en
tirely eliminated and all reserves will then have to
be entirely in cash, either on deposit with a Federal
Reserve bank or in member vaults.
Mr. Seay argues with much force that the enormous
and continually piling-up bank reserves under the
combined effect of the new system and the over
lapping operation of the old, afford a supply of
credit far beyond any sum ever before made available
in this country. Human nature, he asserts, has
never heretofore been able to resist using too abun
dant bank resources for speculation and inflation,
and we cannot reasonably expect it to resist the
present opportunity even under the restraining in
fluences of present world conditions. If the Act
were to be put in full operation at the present time,
or if within a little more than two years from now,
the Act should go into full operation, under conditions
similar to those now existing, the effect will be to
diminish the legal reserves by an amount greater
than the amount of the reserves released at the inau
guration of the system, thus correcting in a great
measure the condition of superabundant reserves
temporarily brought about by operation of the Act.
It is Mr. Seay’s view that there is now afforded
the best opportunity the country can ever hope to
have to complete the regeneration of its banking
system. If undertaken now, no risk will be incurred,
but, on the contrary, there will be put into action the
most effective means within the country’s command
to correct a situation which, by almost common con
[V ol . 101.
sent among experienced bankers, contains a growing
menace, and from which we can hardly otherwise
hope to emerge without a repetition of some of the
evils which have been the outcome of similar situa
tions in times past.
It is the elimination of the balances how held with
agents and the inability to consider them legal re
serves any longer that will work a transformation
at the end of two years and give for the first time,
Mr. Seay says, a sound reserve system— that is, one
based entirely on cash. While the amount of re
serves “ released” at the inauguration of the system
was about $450,000,000, the amount which will be
eliminated when the Act goes into full operation will
be about $727,000,000— the calculation being based
on the June figures. If the partial compensation of
increased reserves in Federal Reserve banks is taken
into account, the amount of eliminated reserve will
be reduced to about $598,000,000.
If, therefore, Mr. Seay argues, bank loans within
the next two years should become expanded in any
measure approximating the limit possible uppn the
present basis of reserves, the contraction which will
be brought about by putting the Act into complete
operation— supposing it can then be put in operation
— cannot fail, in Mr. Seay’s view, to produce a con
vulsion. If on top of this, as the end of the period
approaches, and in the event of the ending of the
war, the other nations take measures— which they
undoubtedly will then be able to take— to recover
the gold which they have been compelled to send us,
and which they will be needing badly to put their
own financial houses in order, the situation will be
still more gravely complicated. It is for this reason
that Mr. Seay urges it is a matter of very grave
consequence to consider whether the Act should be
at once amended so as to enable all of its reserve pro
visions to be put into immediate effect at a time when
it can be done with ease and benefit. He also fears
that given conditions of inflation or even legitimate
absorption of surplus reserves on a large scale, oppo
sition to the Act will arise because of the contraction
which must ensue; and that fact will be a powerful
argument to postpone, if not defeat, the completion
of the Act.
Mr. Seay recalls that the sound credit and reserve
provisions were put in the Act only after many
years of preparation and effort, and against all kinds
of opposition, and to have to compromise now upon
any important principle, after victory has been won,
would be he sees a calamity. The Act could now
be put into complete operation without disturbance
or injury to finance or commerce, and with benefit
to the banks in steadying interest rates— now
thoroughly demoralized and endangering profits.
He shows this by an imposing array of figures.
Mr. Seay’s study of the question is, on the whole,
a notable one and we print it in full on subsequent
pages (pages 1335 to 1337), omitting, however, the
series of tables given at the end, for which we can
not find room, but some of which are by the author
himself reproduced in the text of his discussion.
The plea he makes is entitled to very careful con
sideration.
Another phenomenally heavy total of merchandise
exports— an aggregate second only to that for Feb
ruary of the current year— is the feature of the for
eign trade statement for September, made public
yesterday. Concurrently, imports were somewhat
Oot. 23 1915.]
THE CHRONICLE
heavier than a year ago and of large volume withal,
considering that commercial relations with so impor
tant a country as Germany are virtually suspended.
It is of course hardly necessary to explain that the
continued immense outflow of goods is not a natural
development of our trade with the outside world,
but is, on the contrary, made up in greatest part of
munitions of war or supplies for those under arms.
Thus, a stupendously large credit balance on mer
chandise account is being built up by the United
States, reaching for the nine months of 1915 nearly
1% thousand million dollars, against less than 60
millions a year ago and a little over 400 millions in
1913. The enormous war demand has its unfavorable
side here in encouraging a wild and reckless specula
tion in so-called “ war stocks.”
The September exports this year from the whole
country reached a value of $297,766,750, contrasting
with $156,052,333 last year and $218,240,001 in 1913.
For the nine months since Jan. 1 1915 shipments of
merchandise were of course very much above any
previous record, the total at $2,530,525,591 compar
ing with $1,467,538,446 in 1914 and $1,733,422,158
in 1914, the previous high mark.
The month’s merchandise imports at $151,422,831
were some 10 million dollars more than in August and
11% millions greater than for September 1914. The
result for the nine months, however, while very
satisfactory under prevailing conditions, is below that
for last year, the aggregate of $1,302,206,982 con
trasting with $1,409,565,530 a year ago and $1,327,
625,071 in 1913. The net result of our foreign trade
for September was a balance of exports of $146,343,
919. Last year the month’s showing was an excess
of merchandise exports of only 16 1-3 millions. For
the nine months the favorable balance is no less than
$1,228,318,609, against only $57,972,917 last year
and $405,797,087 in 1913.
The gold movement of the month was, as in August,
very largely in one direction— into this country— and
netted a gain of $40,008,638. Exports were only
$2,033,990, practically all to the West Indies from
New York. Of the gold imports, much .the greater
part came into the United States from Great Britain
via Halifax, N. S., and Vanceboro, M e. The total
gold arrivals for the month were $42,042,628. For
the nine months our net gain of gold reached $252,
902,608, this following export balances of $117,714,
832 and $27,879,671, respectively, in 1914 and 1913.
Building construction operations in the United
States in September 1915, as measured by the permits
issued, exhibit a marked increase in activity, as
compared with the corresponding period of 1914,
a result that reflects a further recovery from the
depression which was existent here before the break
ing out of the European war, but was materially
accentuated by that unfortunate development.
It is only along the Pacific and in the “ Other West
ern” section, that September has not witnessed a
gain in operations.
Our returns for September 1915 from 163 cities
furnish a total of contemplated outlay of $72,862,
340, or $17,995,319 (31% ) more than for the month
of 1914 and only a little below the 1913 aggregate.
Manhattan Borough records a decline from a year
ago, and so does Brooklyn, but these are offset
in great part by gains in the remaining boroughs,
so that for Greater New York, as an entirety, the
comparison is between $11,122,866 and $11,519,672.
1313
Outside of New York the expenditures arranged
for under the month’s contracts aggregate $61,
739,474, against $43,347,349 last year, and approx
imately 56 millions in 1913. There are so many
gains that detailed reference to them is not to be
expected. Losses of any moment are confined to
Baltimore, Denver, St. Paul, Rochester, Des Moines,
Seattle, Los Angeles, Grand Rapids and Salt Lake
City.
The aggregate since January 1 is, of course, less
than a year ago. The contemplated disbursements
at the 163 cities reach $626,646,573, as against
656 millions in 1914 and 700 millions in 1913.
Greater New Y ork’s figures are 134% millions,
118 % millions and 123% millions respectively, in
the three years, and for the other cities collectively
are 492% millions, comparing with 537% millions
and 559 millions. Twenty-five cities in New
England show an aggregate gain of 14 1-3 millions
over 1914. The 40 municipalities in the Middle
section (New York City excluded) exhibit a decrease
of 10% million dollars. On the Pacific Coast (14
cities) a decline of 15% millions is indicated and it
is quite generally shared in; and at the South (31
cities) there is a loss of 11% millions. On the other
hand the Middle West (29 cities) exhibits a strictly
nominal loss but the “ Other Western” division,
comprising the country west of the Mississippi
River, except Arkansas, Texas, Oklahoma and the
States on the Pacific Coast, makes a quite favorable
showing, the decrease at 23 cities reaching 11%
millions.
Canadian building operations suffering much more
drastically as a result of the war than has been the
case in the United States continue to show poor
results. There are isolated instances of activity,
due to special causes, but generally operations have
been on a very restricted scale and particularly
so in the West. We have returns for September
from 24 cities in the Eastern Provinces, and com
bined they show a decrease of over 5 % million dol
lars ($1,890,718, comparing with $7,462,094). At
12 cities in the Western division, on the other hand,
the permits call for an outlay of $564,663, against
$381,863 a year ago, but in 1913 the total was over
6 millions.
The 36 cities collectively furnish an
aggregate of only $2,455,381, against $7,843,957
for the month of 1914 and some 13 millions two years
ago. For the nine months the estimated outlay
contemplated at the identical 36 cities is very much
below last year; in fact, but $21,008,347 (of which
$16,985,018 in the East and $4,023,329 in the West)
and comparing with $78,733,623 ($53,988,010 East
and $24,765,613 West).
The latest official immigration bulletin, that for
August 1915, clearly indicates how greatly the
war in Europe has restricted the flow of aliens to
these shores, and how comparatively large has
been the efflux from here of the foreign-born (especi
ally the Italian labor element) intent upon assisting
the home land in the struggle. Where formerly
the steerage of incoming steamers would be filled
to capacity it is now-a-days not uncommon that
the inflow by a single vessel runs under 50 and
monthly arrivals are consequently but a small
fraction of normal. In August, for example, but
27,413 aliens (21,940 immigrant and 5,464 non
immigrant) entered through the various ports of the
country, whereas in the month of 1913 the total
1314
THE CHRONICLE
was no less than 142,655 and even in the period in
1914— after war had broken out— was 51,231.
Furthermore, striking a balance between the in
ward and outward movement of aliens the net loss
in foreign-born population in the month of 1915
is found to have been 14,324, against a gain of
93,560 two years ago. Moreover, for the elapsed
portion of the current fiscal year (the 8 months ended
Aug. 31 1915) the net arrivals were but 37,371,
against 267,645 for the like period of 1914 and 6 8 8 ,
137 in 1913. N o special comment upon the above
is called for except that there was a considerable
net outflow of Italians for the 8 months— in fact,
29,786— but from all the countries of North Europe,
except Russia, the net flow was inward.
[Vol. 101.
hand. In that event Bonar Law, it is predicted,
will be asked to form a new Ministry. The French
Cabinet, also, is in a state of suspense apparently.
The French Premier M . Viviani, on Tuesday,
telegraphed Sergius Sazonoff, Sir Edward Grey and
Baron Sonnino, respectively the foreign ministers
of Russia, Great Britain and Italy that at the
moment of a change in the French Ministry he
wished to declare to them that this did not involve
any modification of the policy which France was
pursuing in concert with the Allies. The three
ministers replied, thanking M . Viviani, and assuring
him of cordial collaboration in the cause for which
the Allies are fighting.
As to its Balkan policy the developments of the
The denial last week by Sir Edward Carson, the week appear to leave no doubt that the British
British Attorney-General, that he had resigned, Ministry had failed completely. Great Britain on
proves to have been entirely technical. His formal Friday of last week declared that in view of the
resignation was accepted on M onday and it was fact that Bulgaria had declared that she was at
evident at that time that a serious crisis had arisen, war with Servia and was an ally of the Central
probably involving the Cabinet as a whole. The Powers, His M ajesty’s Government had informed
sudden illness of the Premier, however, has enforced the Bulgarian Government through the Swedish
a truce, and the actual situation of affairs cannot be Minister at London, who is in charge of Bulgarian
fully known until M r. Asquith is able to resume his interests, that a state of war exists between Great
duties, which it is hoped he will be able to do early Britain and Bulgaria as from 10 P. M . on that day.
next week. The official announcement of the A t noon on Sunday, France announced a state of
Attorney-General’s resignation was not made until war with Bulgaria, dating from 6 a. m. on October
Wednesday, immediately after he had called at 16. Italy followed on Tuesday, although technically
Buckingham Palace and handed to King George the she is not at war with Germany and on the same
seals of his office. In the House of Commons Sir day Russia issued a manifesto concluding as follows:
Edward took his old seat on the front Opposition “ The Russian people regard with sorrow the treason
Bench. In an explanation to the House he declared of Bulgaria, which was so near to it until these last
that he had found himself at complete variance with few days, and, with bleeding heart, it draws its
the Cabinet over questions of Near Eastern policy, sword against her, leaving the fate of the betrayer
and he therefore felt that his presence in the Cabinet of the Slav cause to the just punishment of G od .”
would be a source of weakness and not of strength.
The failure of Greece to go to the assistance of
He attempted to gloss over the differences in the Servia has, to the Allies at least, been the most
Cabinet as quietly as possible, totally denying that disappointing feature in the Balkan situation.
the fact of holding a divergent view as to the best Greece continues to adhere to its determination to
policy and the methods to adopt in the various war maintain strict neutrality and is not being driven
theatres in order to bring the war to a successful from that position by either threats or promises.
conclusion, was in any sense an element of disunion. Negotiations are being carried on by the British
Since he entered the Cabinet, he said, he had never Foreign Office on behalf of the Allies whose latest
heard a word of discussion or dispute on those party offer for active participation of Greece in the war
lines that existed before the war. In every Cabinet includes, it is reported, the cession by Great Britain
meeting all had devoted their energies wholly and of the island of Cyprus. Information by way of
solely to the discussion of questions which arose with Rome states that the offer will be refused. The
reference to the prosecution of the war. Difficulties next step by the Allies, according to press accounts
which had arisen in the Eastern war theatres had from London, will be a demand upon Greece to
created a situation which, to his mind, must neces immediately demobilize or clearly define her atti
sarily lead to far-reaching results. A t the time he tude.
entered the Cabinet, England was already committed
All belligerents realize that the best way to in
to what may be called the operations in Gallipoli. It fluence the neutral Balkan States is to achieve a
must be plain to any observer that the operations in big victory. Thus, renewed activity is evident in
the Balkans could not be divorced from British action all directions. Austria, Germany and Bulgaria
on the Gallipoli Peninsula. The situation thus cre are delivering long-prepared attacks in Servia,
ated, with all its complications, necessitated in the Germany in Courland and France, Italy in Tyrol
speaker’s opinion, a clearly defined, well-thought-out and Trentino and Russia near Slonim (which roughly
and decisive policy on the part of the Government. is the center of the Eastern front) and in Volhynia
Finding himself unable to agree in any respect with and Galicia. Except for the German attack in
what he understood to be laid down as a policy ap France, all these drives are meeting with more or
proved by the Government, he felt that his presence less success.
in the Cabinet could not be of any use in the critical
As to the invasion of Servia, the little Kingdom
situation.
is already in a critical position and is calling upon
It seems fair to assume that the Balkan situation
is the main source of the Cabinet crisis, though the
opinion in Parliamentary circles in London is that
there are other important sources of dissension
and that the fall of the Coalition Government is at
the Allies to rush forward their promised aid. A
dispatch from Athens of yesterday’s date, however,
declared that “ the Servians have repulsed the
Austro-Germans on the northern Servian frontier
with enemy casualties of 6 0 ,0 0 0 .” This dispatch
Oot. 23 1915.]
THE CHRONICLE
purports to have been received from Nish by the
Servian legation at Athens. The message also
denied the Bulgarian occupations of Vrania, Velessa
and Jnajavatof, but confirmed the fall of Istip and
Kotzana. The message was accompanied by a
personal dispatch from Premier Pasitch, saying that
if sufficient help from the Allies arrives soon ultim
ate victory may be expected. While admitting
the main Austro-German advance still progresses
the Servians claim to have repulsed the invaders
near Trenowsizi and south of Belgrade. The
Servian capital, after having been transferred to
Nish, has once again been moved, this time to
Prizrend. D r. M . It. Vesnitch, Servian Minister
to Prance, is quoted by cable as saying Emperor
William desires to effect three things by an attack
on Servia. These things are: first, a junction with
Turkey, in order to recruit soldiers from Asia Minor;
next, to impress strongly the imagination of the
Mussulmans, and lastly to restore the German army’s
prestige, lowered by the failure on the eastern and
western war fronts.
Neither Russian nor Italian assistance has appar
ently yet developed in the Balkans, but the Italians
have begun a vigorous offensive along their own
frontier and have captured Pregasina, an important
advance point of the fortified Riva group of Lake
Garda. This, it is expected, will be an indirect aid
to Servia, preventing, as it does, the movement of
additional Austrian troops in that frontier. It
appears, however, that Italy is half-hearted in the
matter of sending troops to fight in Servia.
British submarines have been very active in the
Baltic Sea and in the Gulf of Bothnia this week and
have destroyed a large amount of German shipping.
Every German ship which was southbound from
Sweden when the submarines started their campaign
has either been sunk or run ashore. Of fifty German
ore carriers 37 are virtually interned in Swedish ports,
according to advices from Copenhagen.
Reports are persistently repeated that the cam
paign against the Dardanelles is regarded by the
Allies as a failure. Major-General Sir Ian Hamilton
has been relieved of the command of the British forces
in that campaign and ordered home to report to the
W ar Office. He is to be succeeded by Major-General
Charles Monro, an officer who has seen wide service.
An incident that has attracted wide attention is
the publication of the full report of the circumstances
of the condemnation and execution of Miss Edith
Cavell, an English nurse and head of a training-school
in Brussels, for helping English, French and Belgian
soldiers to escape from Belgium. The report was
made by Brand Whitlock, the American Minister at
Brussels, to Walter H . Page, the American Ambassa
dor at London, and was issued by the British Govern
ment on Thursday evening. M r. Whitlock tele
graphed to Ambassador Page on Oct. 12: “ Miss
Cavell sentenced yesterday and executed at two
o’clock this morning despite our best efforts con
tinued to the last mom ent.” The report as published
on Thursday night contains the correspondence and
describes what these efforts were. The execution
has caused deep resentment not only in England but
throughout the civilized world where German sym
pathies do not govern.
Interests in China are advocating the abandon
ment of the republican form of government. These
interests are sufficiently influential to render it
1315
doubtful whether a change may not be expected in
the not very remote future. Recent advices cabled
from Peking announce that President Yuan Shih-Kai
has received numerous petitions from representative
Chinese and also from the Mongolian and Tibetan
nobility expressing their unanimous opinion that the
republican form is unsuited to the needs and condi
tions of China, and requesting the President to
follow the people’s wishes by adopting a constitu
tional monarchy so that peace shall be maintained.
The President has answered that he recognizes the
gravity and importance of the question, but, accord
ing to the constitutional compact, sovereign rights
are vested in the entire body of citizens. Hence
any question respecting a change in the form of
government must be decided by the people. It is
reported that organized opposition to the prospective
change is not probable. A national convention will
be called to meet early next year to provide for dis
cussion of the question.
But some people of the
different provinces are said to object to the delay
and are urging that the will of the nation could be
ascertained by a quicker method. Thus the Council
of State has arranged to obtain a quicker decision by
calling a National Convention of Representatives
of the People. On the 6th of this month a law
authorizing such a “ Convention of Representatives
of the People” was adopted. Military precautions
that have been taken by the Government have con
vinced foreigners in Shanghai that the substitution
of a monarchy under Yuan Shih-Kai for the present
republic is close at hand. A consular report quotes
the “ National Review” of China as stating that the
Bank of China is to increase its capital by 20,000,000
yen (or about $10,000,000 in United States currency),
half of this coming from public subscription. This
increase will make the bank one of the most important
and largest in capital in the Far East.
The Carranza Government in Mexico was formally
recognized as a de facto government on Tuesday
by the Governments of the United States, Argentine,
Brazil, Chile, Bolivia'and Uruguay. The announce
ment followed the fifth and final session of the Pan
American conferees in the office of the Secretary of
State in Washington. The recognition was in the
form of the delivery of a letter by Secretary Lansing
to General Carranza’s representative, Eliseo Arre
dondo, at the Mexican Embassy. Recognition
letters from the Pan-American conferees similar in
tone, also were received by Eliseo Arredondo.
After the receipt of the letters M r. Arredondo was
invited to the State Department by Secretary Lan
sing for a general conference on Mexican affairs.
Similar action by other nations than those repre
sented by the Pan-American Conference is expected
at an early date now that the United States has
made known its policy. One of the first steps
subsequently taken by President Wilson was in
tended to assist the Carranza Government in sup
pressing all armed opposition. It was a proclamation
announcing the re-imposition of the embargo on the
exportation of arms to Mexico. In the present
situation the Treasury Department officials at
United States points of exportation will give per
mission for shipments of arms to all ports under the
control of the Carranza Government. But the
embargo will be in force against such border ports
as Villa controls. Officials of the Administration
believe that the embargo will prove the final crushing
1316
THE CHRONICLE
blow to Villa as leader of an organized revolution in
Mexico. It is to be sincerely hoped that the Car
ranza Government will be more fortunate than its
immediate predecessors and that there will not be
another revolution in the unfortunate republic.
[Vol. 101.
to recognizelCarranza. The'” fortnightly carry-over
'
last week was arranged satisfactorily, the average
rate being 4 % .
The indirect taxes for September
were 100,000,000 francs greater than those of the
corresponding week a year ago. The French'Parlia
ment early this week voted a requisition of wheat at
Financial London this week has seemingly been 30 francs per quintel. The Government will re
more generally interested in the Cabinet crisis than establish the import duty when the requisition law
in the security markets. There have been very has been promulgated. This obviously is part of
few features in the latter, but prices, taken altogether, the Government’s plan to place leading food products
have been well maintained. During the earlier days under Government control. “ The situation is seri
of the week Canadian Pacific securities were pur ous but not alarming,” said Louis J. M a lv y, the
chased on the London Stock Exchange by a Govern French Minister of the Interior, to a representative
ment broker presumably for shipment to New York of the “ M a tin ,” in discussing the growing cost of
with a view of furnishing further aid in steadying living. “ It would be an illusion,” he continued, “ to
the sterling exchange situation. It also was re pretend to bring back prices to the normal, but by
ported that the British Government was purchasing concentrated efforts on essential articles of food the
U.
S. Steel securities for shipment to New York for Government can enable Parisians to obtain food at
the same purpose. Money continues quiet but prices which never will be prohibitive. Arrange
steady, the Bank of England having decided to re ments have been made to make a rise in the price
lieve the Joint Stock banks of surplus funds to enable of bread impossible. Steps are being taken to in
them to continue their agreement not to lend below crease imports of frozen meat, butter, eggs and dry
4 3 ^ % . The Colonial and foreign banks have already vegetables; but if as a result of speculators’ operations
withdrawn from the agreement. Notwithstanding these measures are ineffective the Government will
this, the Joint Stock banks have again arranged to not hesitate to have recourse to taxation.”
maintain a minimum rate of 4 J ^ % . The Bank of
England will take any surplus balances at that rate,
Press dispatches from Berlin announce that the
which will prevent an undue accumulation of funds. amount of cash paid in on the third German loan
An active demand for the British war loan (as dis up to Oct. 18, when the first installment of 3 0 %
tinct from the Anglo-French credit loan) was current became due, was 8,269,000,000 marks ($2 ,0 6 7 ,25 0 ,
at the British center throughout the week. There 000), or 6 8 % of the total. Under date Oct. 18 a
was an absence of selling pressure, as the loan will wireless dispatch from Berlin stated that a strong de
sell ex-dividend early in November and the conversion mand for stocks had taken place with an important
rights expire Oct. 30.
One result of this demand upward movement on the Berlin Bourse, “ owing to
has been a better inquiry for British consols because favorable situation in all war theatre, especially the
the improvement in the loan quotation renders the Balkans.” Steel, mining, automobile and petroleum
conversion of consols into the loan a profitable under stocks were declared by the same dispatch to be in
taking. Active discussion is in progress in London especially good demand. In the last few days there
regarding the issuance of a new war loan. The last had been a wide inquiry for shares of shipping com
installment of the current loan is payable on Oct. 26. panies. Mexican stocks were improving, owing to
Some disposition is evident on the part of Treasury the decision of the Pan-American conference recom
officials to urge delay in offering the new issue in mending recognition of General Carranza. The
order to permit the present loan to be more thor money market reflected the influence of payments of
oughly digested by investors before it encounters war loan subscriptions, call money being 4 }^ to 5 % ,
new competition. In the meantime these officials while the private discount rate was 4 ^ % .
Sub
would depend upon purchases of Treasury bills to scriptions to the new Austrian war loan in the first
provide the daily expenses of the Government for six days of the subscription period were (quoting the
all purposes, including the conduct of the war. It Overseas News Agency) estimated to have amounted
is expected that announcement will be made in a few to more than 1,000,060,000 marks ($250,000,000).
days that the rate on Treasury bills has been advanced
to 5 % from the former rate of 4 } ^ % . Mexican
The Russian Government is preparing for the early
securities have been in better demand at the British issue of an internal loan of $500,000,000 in the form
center owing to improved prospects for peace (for of § l % short-term notes. The price of issue has
A
how long it would be rash in the case of Mexico to not yet been determined. This transaction was de
predict) in the Southern republic. To-day will be cided on at a conference between the Russian Finance
a holiday on the London market, though some mem Minister and leading bankers. It will not include a
bers have objected owing to the imminence of the lottery plan. Negotiations are in progress in New
final installment on the war loan and the activity in York for the establishment of a commercial credit
converting the older war loan and Consols.
here which may reach as high as $50,000,000. The
transaction has not as yet gone beyond the stage of
Advices cabled from Paris intimate that the pro negotiation. It is announced that permission has
posed French Government loan is to be issued early been granted the Russo-Amcrican Chamber of Com
in November. Details have not yet been officially an merce in Moscow to import free of duty commercial
nounced; but it seems to be accepted quite generally samples from America for the encouragement^and
in French financial circles that the offering will be development of Russo-American trade.
one of 5 % bonds and the price of issue 96. The
terms will include conversion rights for old rentes
Official Bank rates at the leading foreign~ccnters
and the plan includes a consolidation of old indebted still remain without change from 5 % in London
ness on a broad scale. On the Paris Bourse Mexican Paris, Berlin, Vienna and Copenhagen; 5 ) ^ % in
issues have been in demand as"a'result of the decision Ita ly , Norway,[Sweden and Portugal; 6 % in Russia
Oct. 23 1915.]
THE CHRONICLE
1317
and 4 ]/2 % in Switzerland and Spain. Open market
rates are 4 % % for short bills and 4 % % for ninetyday bills. Last week the quotations were 4 ^ % for
short and 4 ^ @ 4 ^ % for long bills. Day-to-day
funds at the British center closed 3 ] ^ @ 4 % , against
3 J 4 @ 4 % a week ago. The latest private discount
rate reported from Berlin is 4 }/g % . This was cabled
on Oct. 18. There have been no other open market
rates reported from the Continent this week so far
533,147,326 francs. Discounts are 2 ,3 2 6,649,000,
against 2,454,280,425 francs in 1914 and 1,485,901,
515 francs in 1913. Immediately after the war
began last year the Bank of France suspended publi
cation of its weekly statement and did not resume
until Feb. 4 1915; hence no closer comparison with
1914 is available than of July 30. These are the
figures that are used in the foregoing comparisons.
as we have been able to learn.
The weekly statement of the Imperial Bank of
Germany as of Oct. 15 shows increases of 3,887,000
marks in gold, 14,408,000 marks in discounts and
62.188.000 marks in deposits. M etal stock, Treas
ury certificates and notes of other banks decreased
49.041.000 marks; loans decreased 587,000 marks;
Treasury bills decreased 1,415,000 marks; notes in
circulation decreased 100,277,000 marks. Follow
ing are comparisons of leading items with the corre
sponding totals a year ago:
.
A further decrease of £1,009,887 was reported in
the Bank of England’s return this week in its gold
supply. Note circulation increased £13,000 and the
total reserve decreased £1,083,000. The proportion
of reserves to liabilities is now 3 0 .9 7 % , against
2 7 .1 0 % last week and 2 7 .5 0 % a year ago. Public
deposits were reduced £24,731,000; other deposits
increased £474,000; Government securities decreased
1915.
1914.
M a rks.
M a rks.
£7,004,000 and other securities (loans) were reduced
Gold................................................................................ 2,426,859,000
1,802,000,000
£10,088,000. The Bank’s bullion holdings aggre Deposits......................................................................... 1,677,611,000 1,572,000.000
gate £58,885,570, comparing with £00,002,750 in Note circulation_________________________________ 5,777,266,000 4,061,000,000
4,390,377,000
2,975,000,000
Discounts...... ............
833,000,000
1914 and £30,820,328 in 1913. The reserve is £ 4 4 , Treasury bills___________________________________ 886,490,000
762,000, against £43,713,850 and £20,001,438 one
In local money circles conditions have not changed
and two years ago, respectively. The loans total
£98,018,000. One year ago the amount was £108, this week. Notwithstanding the necessary accumula
787,978 and two years ago £24,929,023. The Bank tion of funds concerned in the underwriting and later
reports the amount of currency notes outstanding in the public subscriptions to the Anglo-French loan,
as of Oct. 10 at £73,833,513, against £73,070,887 there has not been the slightest sign of hardening. Nor
the preceding week. The amount of gold held for did the completion of the arrangements for a $25,
the redemption of such notes remains at £28,500,000. 000,000 Italian loan cause firmer ideas on the part of
Our special correspondent furnishes the following lenders. Funds throughout the country are, in fact,
details of the gold movement into and out of the Bank so completely redundant that the banks welcome
for the Bank week: Inflow, £1,133,000 (of which such large transactions as a source of relief. Last
£857,000 bar gold bought in the open market, and Saturday’s statement of the New York Clearing
£270,000 net received from the interior of Great House not unnaturally reflected the effect of the
Britain); outflow, £2,203,000 (of which £1,578,000 loan accumulations and payments in the loans, de
exported to the United States, £225,000 to Spain, posits and other items. Loans, for instance, showed
£50,000 to Switzerland and £350,000 ear-marked the large increase of $149,295,000, representing in
Egypt). W e add a tabular statement comparing large measure borrowings by loan subscribers and un
for the last five years the different items in the derwriters; demand deposits increased $177,772,000
— another change that can be attributed to the finan
Bank of England return:
cing of the loan. Net time deposits increased $ 5 ,742,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
000, reserves in “ own vaults” increased $19,691,000
O c t. 20.
O ct. 21.
O ct. 22.
O c t. 23.
O ct. 25.
£
£
£
£
£
to $527,677,000, including $454,440,000 in specie.
Circulation.............. 32,573.000 34,798,900 28,674,890 28,535,250 26,669,250
Public deposits___ 46,182,000 15,764,074
5,951,439 11,362,565
7,267,753 Reserves in Federal Reserve banks increased $7 ,9 9 8 ,
Other deposits......... 98,380,000 143,058,390 41,321,966 44,129,270 44,232,154 000 to $155,428,000 and reserves in other deposita
Gov't securities___ 18,895,000 24,074,087 13,488,105 13,037,909 14,096,084
Thus the
Other securities___ 98,618,000 108,787,978 24,929,023 32,725,986 27,905,256 ries increased $1,457,000 to $33,534,000.
Reserve notes* coin 44.762,000 47,713,856 26.601,438 27,501,122 27,211,293
Coin and b ullion ... 58,885,570 60,062,756 36.826,328 37,586,372 37,431,543 aggregate reserve increased $29,146,000 to $716,
Proportion reserve
639,000.
The surplus reserve, however, registered a
to liabilities........
30.97%
27.50%
56.25%
49.50%
52.38%
reduction of $1,111,000, owing to an increase of
Bank rate................
5%
5%
5%
5%
4%
$30,257,000 in the reserve required, due to the large
Another increase, this time of 45,307,000 francs, is increase in deposits. The surplus above require
registered in the gold held by the Bank of France, ments stands now at $188,263,720, which compares
according to this week’s statement. The Bank’s with a deficit of $934,150 at the corresponding week
silver increased 25,000 francs, note circulation shows a year ago, which was the last week of deficit, the
the further large expansion of 79,851,000 francs; week following showing a surplus of $8,460,600.
general deposits decreased 37,763,000 francs; bills Arrivals of $33,950,000 gold this week and the news
discounted experienced a contraction of 5,883,000 that an additional shipment of $25,000,000 in the
francs and the Bank’s advances decreased 0,760,000 precious metal from Canada is due next Tuesday,
francs. The Bank has on hand 4,692,591,000 francs contains the suggestion, in connection with the weak
in gold. In 1914 the amount was 4,141,350,000 ness in sterling exchange, that the precious metal
francs and in 1913 3,467,500,000 francs. Silver must come forward in steady volume until additional
stands at 353,248,000 francs, against 625,325,000 credit arrangements are provided.
Referring to money rates in detail, demand loans
francs and 636,775,000 francs in 1914 and 1913
respectively. Circulation is once again at a new high have once more been within the range of 1 ) ^ @ 2 %
point— 13,831,993,000 francs. In 1914 it was 6 , this week. The higher figure was quoted each day,
683,184,785 francs and in 1913 5,670,178,000 francs. while the ruling rate did not vary from 1M % > which
General deposits aggregate 2,574,125,000 francs; one was also the lowest figure each day except Tuesday,
year ago the total was 947,571,861 trancs and in 1913 when l } 4 % was current. Time money closed at
1318
THE CHRONICLE
2 % % for sixty clays, comparing with a range of
2 % @ 2 % % on Friday of last week. Ninety clays
funds are without change from 2 % % , four months
2 % @ 3 % (unchanged), five months 3 % (unchanged),
and six months 3 @ 3 % % (unchanged). Bankers’
acceptances are slightly firmer, being quoted at
2 % @ 2 % % according to maturity, against 2 @ 2 % %
a week ago. The Federal Reserve Board has ap
proved this week a rate of 4 % on commercial paper,
sixty to ninety clays, at Richmond, V a ., against the
previous 4 % % , and a rate for agricultural paper at
that point and at Philadelphia of 4 % % against
the previous 5 % .
[VOL. 101.
K a n s a s C ity .
D a lla s.
R ic h m o n d .
|
M in n ea v o lls.
C le v e la n d .
1
A tla n ta .
P h ila d e lv h ia .
1
C h ic a g o .
N ew Y ork .
1
B o s to n .
j
1
$43,912,598, comparing with $35,380,000 the pre
ceding week and constituting a sum that has not
been exceeded since the $47,200,000 shipments for
the week ending March 13. For the month of
September the excess of exports, including all cus
toms districts was $146,343,919, comparing with
$16,341,772 in 1914 for the corresponding month and
$47,155,158 in the normal year of 1913. For the
nine months of the calendar year the export balance
on merchandise account is $ 1 ,2 2 8 ,3 1 8 ,6 0 9 . These
figures suggest clearly that additional credits, as
well as continued importations of gold and securities
will be needed to sustain the sterling exchange
FEDERAL RESERVE BANK DISCOUNT RATES.
market. Before the Anglo-French Commissioners
sailed for home last week they discussed this matter
very frankly with American banks and bankers and
CLASS
OF
&
a
there is excellent basis for the statement that a
R E D IS C O U N T S .
£
>
3
large banking credit or a series of banking credits
will be arranged in the near future in this country
C o m m e r c ia l P a v e r —
3
1 to 10 days maturity......... 3
3
4
4
3
4
4
4
3
for English banks and bankers on the basis of “ dollar
3A 4
4
11 to 30 "
“
......... 4
4
4
4
4 4 4 4 4 4 3A
4
31 to 60 "
“
........ 4
4
4
4
4
4
4
4
4
4
4
exchange.” This latter feature, it is understood,
4
4
61 to 90 “
“
........ 4
4
4A 4
4A 4
4A 4
4M ■ i A
A g ricu ltu r a l a n d
was objected to quite strenuously by the Commis
L iv e -S to c k P a v e r —
4% 5
91 days to 6 months maturity 5
5
5
5
5
5
4K 5
5
6
sioners, especially by Sir Edward Iiolden; but it is
T ra d e A ccev ta n ces—
understood that they finally acquiesced in the view
1 to 10 days maturity____ 3 A 3 A 3
3 A 3 A 3 A ... 3 A ... 3 A 3 A 3
11 to 60 “
“
____ 3 A 3 A 3
3 A 3A 3 A
3A
3 A 3A 3
of the American bankers that it was the most prac
4 4 3A
61 to 90 “
“
......... 3 A 3 A 3
4
3A
3A
3A
tical form of credit. Nothing will be done on this
C o m m o d ity P a v e r —
1 to 30 days maturity........ 3 A ... 3
3
3
3
3
3
3A
—
matter, however, until the Commissioners have
31 to 60 "
“
........ 3 A
3
3
3
: : : 3
3
3
3
4
61 to 90 "
“
____ 3 A
3
3
4
3
3
3
3
4A
discussed the subject more fully with British Treas
5
91 days to 6 months maturity
ury and banking officials. It will be an arrange
Authorized rate for discount of bankers' acceptances, 2 to 4% .
ment between banks, however, and will not involve
This week’s experiences in sterling exchange public subscriptions in competition with the Anglocircles have shown quite freely that the Anglo- French loan. The British Government m ay, of
French Commissioners did not exaggerate their course, be depended upon to grant whatever of
necessities when they attempted to negotiate a ficial or unofficial aid may be thought desirable.
credit loan in this country for a full billion dollars. The credits, it is expected, will be based on com
After a fair degree of strength displayed by rates mercial acceptances which will be eligible for re
on Saturday and again on M onday a steady decline discount at the Federal Reserve banks. Messrs.
set in which carried the demand rate clown from J. P. Morgan & Co. on Thursday issued the follow
4 6 9 % , M onday’s high
figure, to 4 6 4 %
on ing statement designed to correct an erroneous
Friday.
This is all the more remarkable in view impression that the British and French Governments
of the arrival of $32,750,000 in gold from England were considering the issue of a new loan for public
and Canada this week and the news that an ad subscription in this country :
ditional shipment of $25,000,000 in the precious
Neither Great Britain nor France has any inten
metal is expected to arrive from Canada on Tuesday
tion, so far as we are aware, of offering further loans
or as soon thereafter as the Assay Office is prepared
to investors in this country in the near future.
to receive it. The gold from Canada obviously Their representatives have stated to us that with the
comprises shipments forwarded some time ago, but $500,000,000 loan already arranged and now being
which were delayed on the other side of the border steadily absorbed by investors, together with such
awaiting the results on exchange of the loan negotia supplemental banking credits as may be under way,
tions. The receipts from England direct included they have no plan of taking steps towards a further
loan.
$1,500,000 on the American Line steamer Phila
Compared with Friday of last week, sterling ex
delphia, which arrived from Liverpool on Sunday.
The other shipment from Liverpool was on the change on Saturday was decidedly firmer, demand
Cunarcl steamer Orduna, which arrived on Thursday bills advancing to 4 6 8 % @ 4 6 9 % , cable transfers
and amounted to $L,250,000. In addition the to 4 6 9 @ 4 6 9 % and sixty days to 4 6 6 @ 4 6 6 % ; pay
National Bank of Cuba received $1,200,000 from ment on the first installment of the Anglo-French
Havana. The gold from Canada consisted of loan, as well as buying by short interests, was said
English sovereigns consigned to J. P. Morgan & to have induced the upward movement. On M on
Co. They will be melted and recoined into American day firmness was still in evidence and rates adv. need
eagles at the Philadelphia M int. There is reason under selling of American securities for European
to believe that the supplies of bills which have been account, purchases in connection with the foreign
very heavy this week and have included all des- loan and an unusually small week-end accumulation
scriptions of commercial bills, will increase from of commercial bills; the range was 4 6 9 % @ 4 6 9 % for
now on as we are at the threshhold of the active demand, 4 7 0 @ 4 7 0 % for cable transfers and 4 6 6 %
shipping season. For the week ending last Saturday @ 4 67 for sixty days. Pronounced weakness devel
the Department of Commerce reports an excess of oped on Tuesday as a result of an unexpectedly heavy
exports over imports in the thirteen most important supply of bills along with the publication of the larg
customs districts of the country (through which est export trade balance in many weeks, wholly nulli
about 9 0 % of our foreign commerce usually passes) fying the effects of the arrival of another importation
exceeded the imports by the very large sum of of gold; demand went down to 4 6 8 % , with the high
Oct. 23 1915.]
THE CHRONICLE
4 69 1-16; cable transfers to 4 6 9 % @ 4 69 11-16, and
sixty days to 4 6 6 % @ 4 663^2• On Wednesday ster
ling again receded, this time to 4 6 7 % @ 4 6 8 % for
demand, 4 6 8 @ 4 6 8 % for cable transfers and 4 6 5 @
4 6 5 % for sixty days; an enormous influx of commer
cial bills, the natural concomitant of the phenomenal
exports, and a limited inquiry were responsible for
the decline. The same influences which had been
in control for the last few days, continued in evidence
on Thursday, and rates again broke under the pres
sure of offerings, demand to 4 66 1 3 -1 6 @ 4 6 7 % , cable
transfers to 4 67 5 -1 6 @ 4 6 8 % and sixty days to
4 6 4 % @ 4 6 4 % . On Friday the market ruled weak
and heavy, with demand at 4 6 4 % @ 4 6 5 % , cable
transfers 4 6 5 % @ 4 6 6 % and sixty days 4 6 2 @ 4 63.
Closing quotations were 4 62 for sixty days, 4 6 4 %
for demand and 4 6 5 % for cable transfers. Commer
cial on banks (sixty days) closed at 4 6 4 @ 4 6 5 % ,
documents for payment (sixty days) finished at
4 5 9 % and seven day grain bills at 4 6 3 % . Cotton for
payment closed at 4 6 4 % ; grain for payment at 4 6 4 % .
The Continental exchanges were fairly well main
tained until Friday, when they gave way in sympathy
with sterling. Paris exchange on London closed at
27.57 francs against 27.55 francs a week ago. In New
York Paris checks finished at 5 92 and cables at 5 91
against 5 86 and 5 85 respectively a week ago and 5
8 1 % and 5 8 0 % a fortnight ago. Exchange on Berlin
closed at 82 1-16 and 8 2 % for sight and cables, com
paring with 8 2 % and 8 2 % last week. Swiss exchange
is 5 34 and 5 33 for sight and cables against 5 32 and
5 31. Bankers’ sight on Amsterdam is 4 0 % and
cables 4 1 % against 4 0 % and 4 0 % . Commercial
sight on Amsterdam is 4 1 % against 40. Italian lire
are 6 41 and 6 40 against 6 42 and 6 41 for demand
and cables. Greek exchange remains at 5 27 and 5 26
for sight and cables. Copenhagen checks are 25 90
against 26 05 last week and sight bills on Norway and
Sweden are 25 95 against 26 00. Russian rubles are
% point lower at 34.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,223,000 net in cash as a result of the cur
rency movements for the week ending Oct. 22.
Ihcii receipts from the interior have aggregated
$8,564,000, while the shipments have reached $ 4,
341,000. Adding the Sub-Treasury operations and
the gold imports, which together occasioned a gain
of $25,644,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to be a gain of $29,867,000, as follows:
W e e k e n d in g O c t.
22.
Out o f
B anks.
Hanks’ Interior movement_______
Sub-Treas. oper. and Bold lmports.
N e t C h a n g e In
B a n k H o ld in g s .
58.564.000
40.895.000
$4,341,000 Gain S4,223,001
21,251,000 Gain 25,644,001
S55,459,000
$ >5.592.000 Gain $29,807,001
The following table indicates the amount of bullion
m the principal European banks:
B anks o f
O c to b er
21 1915.
S tlc er.
England.
France .
Germany
Russia .
Aus.-Ilunc
Spain__
Italy____
Netherl’ds
Nat.Bclgh
Switz’land
Sweden
Denmark.
N orw ay..
58,885,570
187,700,900 14,531,
121.148.000 1,872.
103.024.000 1,903,
51.578.000 12,140.
30.944.000 29,349
45.971.000 4,403
152
32.554.000
000
15.380.000
9,719,400
0,300,000
281,000
5.928.000
3.555.000
O ctob er
T o t a l.
G o ld .
22 1914.
Silver.
T o ta l.
£
£
,885,570 60 ,002,756
00,002,75
,238,640 164.,880,000 13,160 ,000 178.040.00
,020,850
,404,250 1,504 ,400 92.908.65i
,987,000
,215,000 4,573 ,000 187.788.001
,718,000
,578,000 12,140 ,000 63.718.001
,293,000
,989,000 27,399 ,000 49.388.001
,4.34,000
,458,000 3,000 ,000 49.458.001
,700.700
,170,000
178 ,300 13,354,301
,980,000
,380,000
600 ,000 15.980.001
,719,400
.049,000
9.049.001
,300,000
,748,000
5.748.001
,209,000
,800,000
243,000 4.043.00
,555,000
,402,000
2.402.00
Tot. week 732,094.530 65,352.030798,047,100609,142,000~62T)7 7nr>7ti non 7r
l ’rey.week 730.479.137 00.198,420700.077.557 000,582.090 62/J2()|20() 7 2 y , 5 0 2 M
c July jo 1914 in both years, h Aug. 0 1914 In both years.
1319
A CRISIS OF T H E W A R .
It is part of the history of every great war that a
moment comes, after the conflict has been protracted
longer than had been expected, when profound dis
couragement seizes the people on one side or the other,
at some sudden and disconcerting movement of
events. The military crisis thus created is usually
followed at least in Parliamentary governments—
by a home political crisis. The history of England
in particular is full of such episodes. In the Napole
onic wars, for instance, the peace concluded in 1801
by Austria and Germany, with France, led to the fall
of the Pitt Ministry. The Addington Ministry suc
ceeded it. In 1804, in the face of Napoleon’s threat
ened invasion of England from Boulogne, that Cabinet
lost control and Pitt returned.
In 1805 came
Austerlitz, and in 1806 the death of Pitt himself.
The Grenville Ministry was then formed, with Charles
Fox as Foreign Minister; but, following the con
tinued victories of Napoleon and the treaty of France
with Russia in 1807, the Grenville Ministry re
signed.
.
The Portland Cabinet, which succeeded it, lived
only until Napoleon’s defeat of Austria at Wagram
in 1809 had compelled a treaty of peace by Austria.
On this alarming news the Ministry resigned, and was
succeeded by the Perceval Cabinet. Two or three
years later, with the death of Perceval, the Liverpool
Ministry came into power, with a new arrangement
of public men, and survived throughout the war.
It will not have been forgotten by historians that the
Aberdeen Ministry, which began England’s Crimean
war in 1854, was overwhelmingly voted down in
1855 and succeeded by the wholly reconstituted
Cabinet of Palmerston. Of the crises in our own
Presidential Cabinets during the Civil W ar, sur
mounted only by the extraordinary tact of Lincoln,
the story is substantially the same.
The present English political emergency, then, is at
least nothing new in history. It was said, indeed,
at the time when the Coalition Ministry was formed
last spring, that, as a matter of political tradition,
its long tenure of office was improbable. Members
of the minority in such a Cabinet have to accept re
sponsibility, yet practically with little voice in the
conduct of affairs; and this is a difficult position both
for the Ministers and for their supporters. In the
present case there have undoubtedly been divergent
views regarding the European campaign entertained
by members of the Coalition Cabinet. Accumu
lating evidence that the Dardanelles expedition was
a military failure, followed by seeming evidence of
a bad diplomatic failure in the Balkans, converged
public criticism— blindly perhaps, but none the less
angrily— on the existing Ministry. The policy of
secrecy in regard to certain important military opera
tions naturally left the matter worse when the truth
came to light; a certain faction of the London press
made a sensation of it.
Sir Edward Carson, leader of the Ulster revolt in
the early days of 1914, who was admitted with many
misgivings to the reconstructed Coalition Cabinet, has
now fulfilled all such misgivings by resigning his post
of Attorney-General, on the explicit ground of dis
approval of the Government’s policy in Southeastern
Europe. This Cabinet crisis, created by the pre
liminary evidence of a precarious diplomatic situa
tion, has been immensely heightened by the reluc
tance of Greece and Rumania to join the Allies, in
1320
THE CHRONICLE
accordance with expectations; by the recall of Eng
land’s commanding General from the expedition
against the Dardanelles; by England’s sudden offer
of Cyprus as an inducement to Greece; by the suc
cesses of the Germans and Bulgarians in Servia; by
the hesitation of Italy and France to transfer troops
to the Balkan front; by the uncertainty of the
English authorities as to whether the Dardanelles
expedition should be abandoned in behalf of a
Servian campaign, and by the simultaneous resig
nation of Delcasse, the real W ar Minister of the
French Cabinet.
W h at, then, does all this mean? W e should
presume that some change, and perhaps a radical
change, is inevitablein the British Cabinet. W h at its
nature will be, it is as yet extremely difficult to
say. Asquith as Premier has long seemed to be
the solitary link between the Government and the
Opposition, between the conservative and radical
forces of both Government and people. The only
suggestion as to a possible successor to him in the
Premiership have been Lloyd George, who has had
the reputation of a man of action, and Bonar Law,
the leader of the Conservative Opposition. But
Lloyd George hardly commands public confidence
on the larger questions of the day; it is still re
membered that his social projects, with the im
mense public expenditure involved, had a large
hand in getting England into its present position
of financial strain, and he is held largely responsible
for the difficulties even now caused to England’s
war plans by the labor unions. Bonar Law, on the
other hand, does not command majorities, nor has
his attitude as leader of the Opposition commended
him in all respects to popular confidence.
The
case is clearly one for a strong public man, in whom
the English people as a whole would have personal
confidence; yet there seems to be no such man in
sight. Still, we have seen already that in the
equally critical period of the Napoleonic wars, there
was no one to replace Pitt as a statesman enjoying
the confidence of all parties; yet that, nevertheless,
the war was fought under more obscure political
leaders to a successful finish.
Nor does what we have seen in the past few
weeks indicate, if judged by the history of English
politics, the fact that Parliamentary disruption
means abandonment of the purpose of continuing
war. That the Ministry was changed six times
during the Napoleonic conflict, and yet that the war
was prosecuted with undiminished resolution, is
at least an interesting precedent. It is perfectly
true, moreover, as Winston Churchill has this week
asserted, that the English fleet still controls the
international situation from the English standpoint.
This is a fact very often overlooked, because the
command of the seas was so promptly and so com
pletely asserted by that fleet. Nothing has yet
occurred to alter this aspect of the situation. On
the other hand, the position in the Balkans is ob
scure and, to the Allies, in many respects profoundly
discouraging. That the Allies were too late in
entering that field now seems unquestionable; it
is not easy to determine sudden policies when four
separate governments have to be consulted. Y et
the final objective of the German and Bulgarian
forces is still far away. As to what the course of
events would be, even supposing the absolute
crushing of Servia, it is not easy to predict. The
one certainty seems to be that results will not be
[Vol . 101.
achieved quite so speedily as the popular imagina
tion pictures. The movement towards the South
would be no march to Paris, over the best military
roads in the world.
Judgment on these considerations cannot be
clearly formed until such question as the attitude of
Rumania and Greece is settled, or until Sir Ian
Hamilton and Lord Kitchener have reached a policy
as to the Allies holding or evacuating the Gallipoli
peninsula. And the problem of physical and finan
cial endurance remains; in both, there can be no
doubt that Germany is subjected to a strain even
greater than that of the Allies. The vigorous drive
of the German forces into Russia and the Balkans
is susceptible, not only of a military explanation,
but of the explanation that the German Government
looks with great misgiving on the economic results
of another year of war. W e shall be able during
the next few weeks or months to judge more clearly
what the present English political situation actually
means. All that can be said to-day is that precedent
teaches, both in the English wars and in our own
Civil W ar, that Parliamentary upheavals do not
necessarily mean popular despair, and that on
numerous occasions very similar to that which now
exists, an Anglo-Saxon belligerent state has turned
out to be most dangerous at the moment when the.
odds against it seemed to be most formidable.
PASSIN G UPON T H E PROPOSED
C O N S TIT U T IO N .
In political parlance, this is an “ off-year,” yet
the seriousness of the matters to be so soon de
cided, for good or ill, in this State justifies a fur
ther reference to it. The habitual partisan will
tend to follow his headquarters, and there has been
a disposition by one party to accept the proposed
constitution as a party measure, and, by the other,
to oppose it as such. The many thousands whose
notion of government is to get the utmost of class
gain from it will act selfishly. The heedless and the
ignorant voters will vote, or omit to vote, in their
usual ignorance and heedlessness. It is vain to
offer anything to those, but for the really con
scientious voter, who intends to act intelligently
upon his own judgment, a further reference to the
subject may have value.
Putting aside for the moment the propositions
separately submitted, perhaps the most serious (and
certainly the most difficult) question for the care
ful voter relates to his action upon the offered con
stitutional draft as a whole. Some of us will dis
approve one thing, some another; but most of us at
least will disapprove something, and all must regret
the necessity of accepting what we would reject or
rejecting what we would have, in the custom of
tagging bad to good; we must regret that we cannot
unhorse the bad “ rider” from the good steed. The
propositions should have been separated much more,
but we cannot separate them now. This is not,
however, a new and original document, and reject
ing it leaves the old one in force. The careful voter
should therefore read the draft patiently (for it
indubitably contains much good) comparing the
present matter with the new in the cases where
changes are made, and should then ask himself
which is, on the whole, the better: to take the new
draft, with the thought of subsequently correcting
it by amendments, or to reject the new, with the
same thought of subsequently correcting the present
Oct. 23 1915.]
THE CHRONICLE
constitution. In passing on this difficult alterna
tive, it may help him to note that if this new draft
is rejected the question of holding a convention must
come before the electorate again in 1916, a Presi
dential year. W e have now the great distraction
of the war, but not of the Presidential struggle; next
year we shall have the latter, and we may still have
the former.
The provision for subsequent amendments, in
Section 1 of Article X V I I , is the worst failure of
the convention in that it is utterly without excuse.
But this need not prejudice the draft as a \yhole,
for submission to it is not approval of it, since we
cannot get at it separately. It is part of the “ rider,”
and it leaves a very bad matter as it is now. When
the people really care, an amendment can correct
this.
Coming to the matters separately submitted, the
legislative apportionment continues the grievous and
fundamental wrong which denies to this city its due
representation. Only partisan reasons can be cited
for this failure of the convention, and it is for the
voters whom it wrongs to decide how much they
care about the wrong. As it stands, they are to
decide— provided they take enough notice to pass
a conscious judgment— which is better: to leave
standing the present sections or to adopt changes
which are not improvements or ameliorations in any
essential degree. They can demand justice here
after, and when they are enough aroused they will;
but a question which should not be overlooked is,
whether accepting these sections as named in
Question 2 is not such a fresh submission to wrong
as may make a protest subsequently more difficult.
Question 3, relating to taxation, contains much
merit, as will probably be admitted. The objec
tions raised by one newspaper correspondent that
under the proposed change every species of property
and every amount, large or small, must be reported
for assessment, that the rich will profit at the ex
pense of the poor, and that it would be possible (as
one delegate is said to have admitted on the floor
of the convention) “ to apportion taxes collected in
one county for the benefit of another,” are, how
ever, without any foundation. There is nothing in
the draft to warrant such objections, but the careful
voter will read this brief article for himself.
1321
The careful voter should note that female suffrage
has prevailed only by default, shown in indifference
and neglect, and that wherever a large vote has been
called out (as in New Jersey on last Tuesday) the
electorate has rejected it emphatically. Further,
the careful voter should remember that the commit
ment is final, if made, for when once the suffrage
gate is opened wider it cannot be closed again.
W hat is asked is, therefore, irreversable, not
experimental.
Some of the objections made against the draft as
a whole are unreasonable enough to almost be
reasons for it. For example, the one indorsed by
so distinguished a man as ex-Chief Judge Cullen,
that the draft omits a provision that military
tribunals shall not sit upon cases against civilians
while the civil courts are open, whereas no such
matter has ever been in a constitution in this State.
Another example is the plaint of policemen, fire
men and teachers that the draft interferes with their
going direct to the Legislature for increase of pay;
most of all, the declaration of organized labor that
the draft does not concede enough to it. The
wage earners, says M r. Gompers, “ were not pro
portionately represented,” “ the spirit of the con
vention was unsympathetic,” and “ the convention
adopted very few of the proposals,” meaning that
the score of specific demands presented by union
ism in M ay were not meekly followed. Possibly
M r. R oot’s faith is too weak when he says that if
this draft fails labor may write the next; but at least
there is no doubt of its intention to control politics
and government from bottom to top.
The comparative size of the registration here,
the size of the vote in New Jersey, and the amount
of public discussion in the newspapers of this city,
are encouraging in that they indicate an unusual
interest in the subject of the fundamental law.
Too much emphasis cannot be laid upon the serious
ness of the questions of this year, far outranking in
importance the usual deciding what party shall have
ascendancy for the time being. Now is the time
for the voter who has a conscience to obey it, and for
the voter who has intelligence to use it.
D E F E N S E OF T H E S E A M E N ’S
LAW.
In the Indianapolis speech of Secretary M cAdoo,
The question concerning a bond issue for the Barge
Canal also presents a difficult question of expedi reintroducing the Government ship-purchase scheme
ency. The careful voter who believes in canals to public consideration and particularly berating
will probably not hesitate to approve; the voter the Pacific Mail Company for withdrawing and (as
who considers them an outworn and comparatively he claimed) giving false reasons for so doing and
unprofitable instrument must remember (perhaps thus continuing the quasi-conspiracy to embarrass
regretfully) that the question of committing the a Governmental policy, he mentioned a letter from
State* to further canal-building is past; the State Secretary lledfield to himself, which letter has
stands thus committed. The disapproving voter since been published. It is long, sarcastically
must choose the lesser evil: whether the bond issue bitter, and apparently the writer thought it very
for loading the more distant, or increased taxation conclusive. Boiled down, it amounts to this: that
for loading the nearer, future.
the company acted hastily, before any “ regulations”
The largest public attention will probably be given for enforcement of the obnoxious Seamen’s Act had
to the “ suffrage” referendum. The careful voter may been prepared; that it did not “ seek in any way to
note that ten of the twelve States of alleged “ equality” learn the spirit in which the law would be adminis
are sparse in population, having unitedly only about tered,” but took “ an assumed interpretation of the
5 % millions, against
millions in the four which law which had no official sanction.”
A sufficient answer to this is that the company’s
pass upon the subject in this month and nearly
two millions less than in Pennsylvania alone. Some officers and directors read the law, and that they
will consider this question one of justice and moral could not but “ assume” that it would be inter
suggestions; some will place it upon gallantry and preted as meaning just what it says; further, there are
answer to impassioned pleading; none should fail abundant evidences from the past as to the “ spirit”
to deem it one of very deep and lasting expediency. in which Federal tax or regulative laws are inter
ATTEMPTED
1322
THE CHRONICLE
preted by officialdom, always in the severest pos
sible manner against those to whom the provisions
are to apply, every jot and tittle in the text being
strained to the utmost of severity. Further, it is
not hard to imagine the lofty sternness with which
officialdom would have responded to the plea of
culprits, some months along in 1916, that they
did not “ suppose’7 the law would be enforced with
such strictness as was written into it.
But the company ought to have given it a trial,
argues M r. Redfield, and its position, he says,
“ would be much stronger if it, in good faith, had
complied with the law for a period of not less than
six months, after learning how the Department
construed the law, and would then come before
Congress with the actual results of such experience.”
But past experience (and this letter of M r. Redfield’s also) justifies the belief that if the company
had come forward, after six months’ trial, to plead
that it could not stand the pressure, M r. Redfield
and M r. M cAdoo would promptly have scoffed at
the plaint and would have accused the company of
parading a made-up talc of woe. There is no law
anywhere, outside of foolish statute law, which
requires anybody to do business in the face of a
certain loss or to refrain from following a way out
when such way will produce at least a consolatory
profit. This profit by selling in this instance seems
to M r. Redfield the most heinous part of the offense,
and he says, in his best vein of sarcasm, that the
stockholders “ whose property has been thus sub
stantially doubled in value since the Seamen’s law
passed must regard that law with mingled feelings
when told it is the source of their woes.”
The conditions in Atlantic carrying which made
possible a profitable sale of ships that could no
longer be run on the Pacific were outside of the
Seamen’s Law, and M r. Kruttschnitt, President of
the company, replies that “ the same reasons which
increased the value of ships would have made the
Pacific Mail unwilling to part with its vessels if the
intolerable provisions of the La Follctte Law had
not deprived it of any choice.” Further, he reminds
officialdom that the company went before Congres
sional committees, in protest, for eleven consecutive
years and that he himself wrote to the President in
remonstrance, warning him what would certainly
follow such proposed legislation.
The plain and simple truth of the matter is that
the Seamen’s Act is a demand of organized labor,
persistently made and finally carried through by
the same political cowardice which attached the
exemption “ rider” to an appropriation bill and got
it past President Wilson after President Taft had
vetoed it. Organized labor overshot its mark.
The natural consequences have followed exactly
as predicted, and it is quite vain for the Administra
tion to seek to avoid responsibility for its blunder
by accusing those at whom the blunder was aimed.
Such attempt amounts to saying that if destructive
regulation does harm it is the fault of capital, which
runs instead of standing still and taking the punish
ment.
After putting American ships off the Pacific and
holding the menace of Government competition over
those who might be disposed to run them on both
oceans, it might be timely for the advocates of the
Shipping Bill to explain whether the La Follctte law
is not part of a plan to drag the country into a
Government-owned commerce. For instance, a
[Vol. 101.
“ confidential” circular letter has been sent about,
thus :
The Department of Commerce is investigating
prevalent conditions created by the European war,
affecting adversely the movement of foreign com
merce. It will be helpful if you will communicate
this fact to those of your members interested in
foreign trade, with the request that they submit to
the Department supporting details of all instances
where their efforts to secure ocean freight have been
hampered and the causes thereof. Cases where
shipments have been refused ocean space, or where
the sale thereof was prevented by the imposition
of increased ocean freight charges or onerous shipping
requirements, are particularly desired.
It seems unnecessary to emphasize any part of
this by italic letter. It is evident what kind of
“ supporting details” in this matter are “ particularly
desired” by persons at Washington or elsewhere
who are trying to further commerce by running a
siphon into the public treasury on its behalf.
THE
GREAT NORTHERN R A I L W A Y
REPORT.
In common with other railroad systems, the
Great Northern Railway Co. had decidedly adverse
conditions to contend against in the fiscal year
ending June 30 1915. The matter was made worse,
however, in its case by the fact that unlike many
other large roads, it had already suffered in the
same way in the preceding year. For instance, for
the twelve months ending June 30 1914 gross operat
ing revenues of the Great Northern fell off, as
compared with the twelve months preceding, $ 3 ,
218,898, while the net operating income (after
providing for expenses and taxes and adding the
net income from outside operations) was reduced
no less than $4,383,572, it having been found im
possible to curtail expenses, notwithstanding the
loss in gross earnings. On top of this shrinkage in
the previous year we have now for 1915 an even
larger further contraction in gross revenues, though
fortunately by the practice of rigid economy the
management were able to offset this additional loss
to its full extent by a saving in expenses.
While this further shrinkage in gross revenues in
the latest year was very heavy it is not possible to
state the exact amount of the falling off on the same
basis as in other years. Effective July 1 1914, the
Inter-State Commerce Commission put into force
new classifications of both revenues and expenditures,
the most important change being in the abolition
of the so-called “ outside operations,” and the in
clusion of the items under that head with ordinary
revenues and with ordinary expenditures. In pre
senting the 1915 figures on the new basis of account
ing, the figures lor 1914 have been revised to make
them correspond with the new classifications, but,
of course, no revised figures arc presented for the
years further back. The only positive and exact
’
! statement, therefore, which it is possible to make
with reference to the changes in 1915 is that the
further loss in gross operating revenues on the new
basis of accounting was almost 10 million dollars,
the exact figures being $9,692,080, equal to 1 2 .6 1 % .
President L. W . Hill takes occasion to enumerate
the principal causes responsbile for this further
great shrinkage in gross revenues. He says it was
occasioned by poor crops, by reductions in rates
I partly resulting from Governmental orders, and by
j the general business depression due in no small
|
'' degree to the war in Europe, which for a time
OCT. 23 1915.]
THE CHRONICLE
lessened the demand for the products of mines and
forests and very materially decreased the company’s
business on its Canadian lines. As to the loss by
poor crops, the grain traffic was approximately
only 115,000,000 bushels, or considerably below the
average, owing to damage caused by black rust and
hot winds. The previous year the grain handled
was approximately 133,000,000 bushels, while fur
ther back in 1912-3 the amount handled was about
151,000,000 bushels, which shows how considerable
was the falling off from the previous maximum.
It is proper to state here that President Hill says
that the 1915 crop along the company’s lines, which
is now being garnered, surpasses all previous crops
in both quantity and quality and is estimated at
not less than 178,000,000 bushels, insuring a material
increase in revenue from that source during the new
fiscal year.
Besides the loss from the reduced crop yield, the
iron ore movement in the late year decreased 4 ,
340,994 tons, or over 3 1 3 ^ % , principally owing to
the cancellation as of Jan. 1 1915 of the mining
lease of Great Northern Iron Ore Properties to the
Great Western Mining Co. under the terms of which
ore from the leased mines had been transported by
the Great Northern R y. to the docks at Lake
Superior. It is stated that a substantial increase
in this tonnage is expected for next season.
In addition, the copper ore movement in the' late
year decreased 1,398,074 tons, or over 7 1 3 ^ % .
The smelters at Black Eagle, M o n t., and Grand
Forks, B . C ., were shut down in August 1914 on
account of business depression. The report tells
us that since July 1 1915 operations have been re
sumed at both points and that the movement of
copper ore is now practically normal. The signifi
cance of the late year’s large decrease in the copper
ore traffic becomes all the more apparent when it
is recalled that even in the previous year the move
ment of copper ore from Butte to Black Eagle, M o n t.,
had been greatly curtailed during the latter part
of that fiscal year.
As to the rate reductions, the report states there
were no less than thirty changes in freight rates,
generally to meet the requirements of Governmental
regulation and more frequently than otherwise
resulting in decreased revenues. The changes af
fected nearly every kind of business and nearly all
localities.
Notwithstanding the numerous rate
reductions the average rate realized was slightly
better, being 8.1GG mills per ton per mile, as against
7.948 in 1914 and 7.653 mills in 1913 and 7.688
mills in 1912, but this rise in the averages the
last two years is misleading as an indication of the
general tendency of rates. The shrinkage in traffic
was very heavy (as is made evident by the large
loss in gross receipts) and the decrease was almost
entirely in the classes of freight bearing the lowest
rates such as carload commodities of iron and
copper ore, of coal, of grain and of lumber. And
this, of course, had the effect of advancing the
general average. In the late year the tonnage of
revenue freight carried decreased 7,404,539 tons, or
roughly, 2 4 % , and the tonnage movement one mile
decreased 1,156,516,221, or nearly 1 7 % . And this
falling off followed, as already stated, a considerable
shrinkage the previous year.
It deserves to be noted— as illustrative of the
widespread nature of the depressing influences at
work— that the passenger business suffered as well
1323
as the freight business. In the freight earnings
there was a decrease of $7,937,611, or 1 4 .4 1 % , and
in the passenger earnings a decrease of $2,059,605,
or 133/6%. In the case of the passenger revenues
there was no decrease the previous year, but in the
freight revenues the decrease then was $3,401,220,
to which the 1915 decrease is, therefore, additional.
The striking feature of the report is of course the
large saving effected in the expenses. W ith $ 9 ,6 9 2 ,
080 loss in gross revenues, net income was actu
ally raised $1,412,229, owing to a reduction in ex
penses of $11,104,309. W e have seen that in the
previous year expenses had been very heavily aug
mented in face of a large loss in tonnage and in gross
revenues. It is well known, too, that on the Great
Northern R y . maintenance outlays have in the past
been on an unusually liberal scale and that the physi
cal condition of the properties had as a result of such
outlays been brought to very high standards. This
made it possible in a period of adverse conditions to
make radical reductions in the maintenance expenses,
while the reduction in the volume of traffic at the
same time had the effect of reducing repairs and re
newals. For maintenance of way and structures
$4,561,317 less was spent than in the preceding year,
and for maintenance of equipment $3,169,896 less,
making a total curtailment in maintenance outlays
of $7,731,214. It was pointed out in the previous
year’s report that expenses of maintenance and bet
terments would be held at a low level, and President
Hill now finds it possible to assert that “ notwith
standing these economies, which have kept pace with
the decreased earnings, the company’s roadbed,
track and equipment have been fully maintained.”
Besides the reduction in maintenance outlays, the
transportation expenses were also heavily reduced;
here the decrease was $3,193,724, or nearly 1 5 % .
This corresponds pretty well with the ratio of decline
in traffic, the tonnage mileage having decreased
1 6 .6 9 % and the number of passengers carried one
mile 1 1 .7 6 % . Such a large saving in transportation
cost is really a noteworthy achievement; but as a
matter of fact the Great Northern’s operating rec
ords have always ranked very high. As pointed out
by us in reviews of previous reports, the Great N orth
ern was the first of American railroads to devote par
ticular attention to the subject of train-load, and to
day it still occupies a foremost position in that re
spect. Under normal conditions the company keeps
adding to its train-load year by year. In the late
year it was not of course possible to keep the train
load up to the previous maximum, but it is really
surprising to observe how little the average was re
duced, notwithstanding the tremendous shrinkage in
the tonnage of carload commodities like ore, coal,
grain and lumber. The average declined less than
2 % , being 650 tons for 1915 against 663 tons for 1914.
N ot only is this a very high train-load, but with the
exception of the previous year alone, it is the very
largest ever attained by the company. In 1913 the
train-load was only 634 tons; in 1912 only 601 tons;
in 1911 but 524 tons; in 1910 only 518 tons, and in
1909 no more than 502 tons. In the six years, there
fore, the average lading of the trains has increased
about 3 0 % . This is the average for merely the re
revenue tonnage. Including freight carried for the
company’s own use, the train-load for 1915 would be
743 tons.
It is because of the company’s high operating effi
ciency and the continued progress it keeps making in
1324
THE CHRONICLE
that direction, that it has been able to pass so satis
factorily through a period of such unfavorable in
fluences and traffic conditions as it has experienced
the last two years, and has also been able to surmount
the severe conditions generally to which it, in com
mon with all other railroads, has been subject dur
ing the last ten years on account of rising wages,
increasing taxes and the numerous burdens imposed
by Government regulation, together with the in
creasing cost of practically everything entering into
the operating accounts.
Another strong feature concerning the property is,
of course, its light capitalization. In the extension
and development of the system, the new capital re
quirements have been enormous, and it has been the
policy to provide these in the main by additions to
stock rather than by additions to the bonded debt.
The outstanding bonds average only $18,330 per
mile. Even the stock, however, is no more than
$31,890 per mile, the total of stock and bonds com
bined working out $50,220 per mile of road.
Possessing all these advantages, and with drastic
economies pursued in the late year, the income ac
count shows the 7 % dividends being paid as having
been fully earned even in such a year as that under
review. We have seen that net income improved
$1,412,229 in 1915 notwithstanding the great shrink
age in traffic and gross receipts. Other income, how
ever, fell away $1,173,567. In the final result the
net corporate income for 1915 was not greatly
different from that for 1914, the comparison being
$20,618,270 against $20,453,551. The 7% dividends,
however, had to be met on an increasing amount of
stock, $18,478,472 of new stock having been put out
as of N ov. 16 1914 and sharing in the last two quar
terly distributions of the year. After allowing in
full for the 7% dividends and after making an ap
propriation of $1,000,000 for permanent improve
ments and betterments, together with $256,331 for
renewal of Allouez Bay ore docks and $275,000 for
miscellaneous appropriations, even then a surplus bal
ance remained on the operations of the twelve months
inam ountof $2,096,762— an exceedingly encouraging
and creditable showing under the circumstances.
THE REPORT OF THE N E W YORK N E W HAVEN
& HARTFORD RAILROAD.
The impression which one gets from a study of the
annual report of the New York New Haven & Hart
ford Railroad Co. is that a regeneration in the condi
tion and prospects of the property is being effected
— that very important progress in that direction has
already been made, but that the task of completely
rehabilitating the company is an herculean one and
that much still remains to be accomplished before
there will be plain sailing ahead. In the meantime
it is manifest that the company has in Mr. Howard
Elliott a chief executive who understands the nature
and complexity of the problems confronting the com
pany and is bending all his energies and devoting all
his time and abilities to solving them. One may well
believe the statement he makes at the close of his
remarks, that “ the improved results for the year
were obtained by hard, painstaking work.”
Considering all the circumstances of the case, it is
really noteworthy that Mr. Elliott should be able
to show such decidedly “ improved” results.
He
is not, as every one of course knows, exaggerating a
bit when in another part of the report he says that
“ the last two years have been the most critical in
[Vol. 101.
the history of the company and there has been diffi
culty in maintaining its integrity.” The company’s
own problems were certainly disturbing enough. But
in addition there was widespread depression in
business. Since the beginning of the current calen
dar year there has been so much talk about war
orders and the wonderful effect they were having in
reviving industrial activity that it is escaping general
notice that as far as the country’s great trans
portation lines are concerned, business continued
steadily on the down turn until the last month or two.
The statistics in the present New Haven report
furnish striking evidence of the truth of this state
ment. In the year ending June 30 1913 the gross
operating revenues of the company were $70,458,790;
in the year ending June 30 1914 they were reduced
to $67,452,592 and in the year ending June 30 1915
they dropped still further to $65,379,263. As is
pointed out in the report, the business depression
also affected adversely all of the subordinate proper
ties in which the company is interested, so that the
returns of the company from those properties for
the year under review were $1,135,451 less than for
the preceding year and $4,759,610 less than for the
year ending June 30 1913. This large decrease in
earnings and income obviously made it necessary, as
the report tells us, for the company to retrench in
every way, and continuous efforts were put forth to
adopt efficient methods and encourage economical
operation.
It is the success attending these efforts at re
trenchment and economy that furnishes special reason
for gratification. While, as we have seen, gross
earnings in the year under review diminished $2,073,
328, there was a saving in operating expenses in the
large amount of $5,106,386, thus producing a gain in
net of $3,033,058. The most important savings
were in conducting transportation, indicating genu
ine economy of operations. Under that head the
decrease was $3,020,169, or 11.19%, and there was
also a reduction of $312,876, or 16.26%, in the gen
eral expenses. One of the steps by which the saving
in transportation cost was effected is seen in the
raising of the average train-load from 320 tons to
351 tons. It is endouraging to note, too, that Mr.
Elliott says that while this is a step in the right direc
tion, “ there is much chance for further economies
through the purchase of heavier locomotives, the
lengthening of side tracks and the creation of better
terminal facilities.”
While the greater part of the reduction in expenses
was in the cost of conducting transportation, there
was also a decrease of $1,101,823 in the expenditures
for maintenance of way and structures and of $611,
948 in maintenance of equipment. That the de
crease here was without detriment to the physical
condition of the property is evident from the state
ment in the report that the property was well-main
tained and that “ track and structures are in better
condition than for several years.” The amount spent
per mile of track maintained was $1,637, which is
reported as the largest amount in the history of the
company except for the previous year, when $1,853
was spent, due to unusually heavy rail renewals.
The same may be said, we are told, about all classes
of equipment, although the company is somewhat
behind in repairs to freight cars and in the varnishing
and painting of passenger cars and locomotives.
Owing to the lowering of expenses, the ratio of
expenses and taxes to total gross operating revenues
Oct. 23 1915.J
was reduced to 71.69% in 1915 from 78.29% in
1914.
The income account furthermore shows that
as a result of the improvement in net earnings, a
surplus of income remains for the late year over and
above expenses and fixed charges in amount of $2,
307,971 as against a surplus of only $268,663 on the
operations of the twelve months preceding. This
surplus remains, too, after deducting $864,000 for
interest on the New Haven Company’s guarantee of
the New York Westchester & Boston B y. Co. bonds
and $131,571 for the company’s guarantee of securi
ties of the Boston Railroad Holding Co.
In the three months that have elapsed of the new
or current fiscal year there has been marked improve
ment in the earnings of the company, both gross and
net, but the report does not countenance the idea
that there is likelihood of any resumption of dividends
in the near future. On that point Mr. Elliott says:
“ Your directors cannot consider the declaration of
any dividend until they are assured of the permanent
financing of the company. The amount of the
possible loss in the sale of the properties that must
be sold by order of the Federal Court, the existence
of the large floating debt, and the need of money
for making improvements, all affect the ability of the
company to pay dividends. It is hoped that the
valuation of the property of the company now being
conducted by the Inter-State Commerce Commission
will result in an increased value over that now shown
on the books and to that extent will offset any loss in
the sale of the properties that must be sold under the
decree of the Court.”
The foregoing furnishes an excellent recapitulation
of some of the difficulties that still remain to be
surmounted. An examination made by a represen
tative of one of the leading auditing concerns after
an investigation occupjdng over a year, shows that
in the twelve years from July 1 1903 to June 30 1915
the New Haven Co. increased its capital obligations
in the hands of the public no less than $317,202,700,
and in addition is called upon to protect $47,200,000
of notes and bonds of companies in which it is in
terested, making altogether $364,402,700 of new
capital issues on which a return must be earned, in
cluding $87,216,800 of New Haven stock. This is
an enormous amount of new capital to take care of,
but at the same time the different properties possess
great earning capacity and most of them, too, are
certain of considerable growth in the future.
One of the pressing problems is the financing that
must be done since there is a considerable mass of
temporary obligations that will have to be replaced
by obligations of more permanent form and at the
same time the company has need of considerable new
capital to provide means for improvements and
betterments and for new facilities.
In the lasttwo
years the company has spent in this way for additions
and improvements and in advances to affiliated
companies for the same purpose and to meet fixed
charges of the same an aggregate of $10,892,988.
This money was obtained from earnings, from the
sale of property and from cash on hand. Notwith
standing these expenditures, however, the debt in
the hands of the public of the New Haven Co., in
cluding the New England Navigation Co., has been
reduced during the last two years $324,750, there
having been an increase in 1914 of $3,364,250 but a
decrease in 1915 of $3,689,000. As for the money
needed for improvements, &c., the report tells us
that it is not too much to say that at least $25,000,000
1325
THE CHRONICLE
to $30,000,000 should be spent in the next five years
over and above ordinary operating expenses and
fixed charges. Part of this money, it is added, should
be taken from earnings and part from the sale of prop
erty and securities.
M r. Elliott indicates what is needed for complete
rehabilitation when he states that “ the road is sol
vent and its next most important problem is to adopt
some comprehensive plan for handling its debts and
providing funds for making those improvements
which are essential.” For the present it is en
couraging to note that under the new management
the property is in thoroughly capable hands and at
the proper time the work of financial reorganization
will be undertaken, and, when undertaken, will not
be bungled.
RAILROAD GROSS A N D NET EARNINGS FOR
AUGUST.
As comparison is now with poor earnings a year
ago and as rigid retrenchment and economy are
being practiced as a matter of policy in the expense
accounts, returns of the earnings of United States
railroads are at length beginning to assume a some
what more encouraging aspect. The improvement
in the gross is as yet very slight and such increase
as is recorded represents a recovery merely of a
portion of what was lost a year ago, but combined
with the reduction in expenses this has served to
bring about a quite substantial gain in net results
both absolutely and relatively. To state the situa
tion in a nutshell our compilation for August shows
$5,272,843 gain in gross, or 1.93% and as this is
attended by a decrease of $4,766,735 in expenses,
there is an addition to net of $10,039,578, equal to
1 1 .2 1 % .
A g st (478 ro d)—
uu
as
Miles of road_________
Gross earnings..............
Operating expenses-----
1915.
.
247,809
S279.891.224
. 180,178,037
Net earnings............ .............. S99.713.187
1914.
245,754
S274,618,381
184,944,772
In ( + ) o D (—).
c.
r ec.
A on
mu t. %
+ 2,055
+ S5.272.843
— 4,766,735
0.83
1.93
2.57
$89,673,609 +S10,039,578
11.21
Last year in August our statement showed no less
than $11,326,412 loss in gross and $11,797,956
reduction in expenses, leaving a trifling gain in the
net.
As a matter of fact the showing of earnings
was a poor one even in the previous year (1913).
In that year there was still a gain in the gross, but
it was of small amount and was attended by an
augmentation in expenses of over three times the
size of the gain in gross, thus reflecting the rising
tide of expenses which had been in progress so long.
In other words, our compilation for August 1913
recorded a gain of only $4,342,006, or 1.50%, while
the increase in expenses reached $13,448,176, or
8.24% , thus producing a loss in net of $9,106,170,
or 9.87% . It is true that in August 1912 the results
had been very satisfactory, there having then been
$25,860,384 gain in gross and $11,425,466 gain in
net. On the other hand, this in turn had 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
had also been a decrease in net, and this had fol
lowed entirely from the increase in operating ex
penses (so strongly in evidence even then), 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) we had material
I improvement in both gross and net, but here again
1326
THE CHRONICLE
the improvement was related to an unfavorable
showing in the preceding year. In other words,
the improvement followed from the circumstance
that in 1908, succeeding the panic of 1907, there
had been tremendous losses. According to the
tabulations of the Inter-State Commerce Com
mission, 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 Com
merce 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 country being always unrepresented in the
totals, owing to the refusal of some of the roads in
those days to furnish monthly figures for publica
tion.
Year.
A g st.
uu
1896..
1897..
1898..
1899..
1 900..
190 1 ..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
1910..
1 9 1 1 ..
1912..
1 91 3 ..
1914..
191 5 ..
G ssErn g
ro a in s.
N Ern g
et a in s.
Yr
ea
Y r In ( + ) o Y r
ea
c.
r
ea
ea
r
c.
r
G en P in . D (—).
iv . reced g ec.
G en P Y in . Inec.( + ) ).o
iv .
reced g D (—
3
S
52,240
55 ,319,991 — 3,079,794
66,842
58 687,815 + 8.154,908
77,846
76 324,949 + 1,521,961
81,952
70 ,965,451 + 10,987,344
92,067,
85 ,191,125 + 6,876,298
108,575,
96 ,440,678 + 12,134,654
105,390.
102 111,428 + 3,279,201
121,050 ,739 105,,267,440 + 15,783,293
119,821 ,635 119 ,665,743
+ 155,892
125,099 ,694 114 ,112,603 + 10,987,091
137,589 ,560 122,898,468 + 14,691,092
144,913 ,337 128 ,178,064 + 10,735,273
206,755 ,864 241 ,122,442 —34,366,578
236,559 ,877 206 ,877,014 + 29,682,803
254,005 ,972 235 .726,000 + 18,279,972
.
243,816 ,594,_ . . ,784,289 — 1,967,695
245
276,927 ,4161251 ,067,032 + 25,860,384
259,835 ,029255 ,493,023 + 4,342,000
269,593 ,446280 ,919,858 — 11,326,412
279,891 ,2241274 ,018,381 + 5,272,843
17,418,959
24,228,620
27,942,601
29,730,908
33,216,118
40,548,771
35,928,409
41,282,319
43,168,250
43,201,744
48,074,911
45,629,104
75,028,707
90,384,539
89,517,074
86.224.971
99.143.971
83,143,024
87,772,384
99,713.187
S
S
19,023,398 — 1,604,439
19,592,169 + 4,636,451
28,189,822
— 247,221
25,200,009 + 4,530,959
31,032,360 + 2,183.758
34,210,061 + 6,338,710
37,776,146 — 1,847,737
35,747,474 + 5,534,845
40,913,469 + 2,254,781
40,480,712 + 2,721,032
42,719,768 + 5,355,143
44,849,985
+ 779,119
84,251,096 — 9,222,389
75,319,538 + 15,065,001
90,176,937
— 659,863
86,820,040
— 595,069
87,718,505 + 11,425,466
92,249,194 — 9,106,170
87,300,840
+ 471,544
89,073,609 + 10,039,578
N
ote.
— In 1896 the number of roads Included for the month of August was 127; In
1897, 135; In 1898, 138; In 1899, 113; In 1900, 129; In 1901, 116: In 1902, 105;In
1903, 114; In 1904, 100; In 1905, 95; In 1906, 91; In 1907, 86; 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 230,536 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.
As regards the separate roads the returns are
more or less irregular, a considerable body of roads
being still obliged to report losses in either gross or
net, or in both combined. The increases, however,
overshadow the decreases and the general tendency
is towards improving results. Evidence of this is
found in the returns of those two great trunk line
systems, the New York Central and the Penn
sylvania. Fhe latter on the lines directly operated
east and west of Pittsburgh has added $1,119,649
to gross and $1,176,268 to net, this following $1,
294,706 decrease in gross with $399,020 increase in
net in August last year.
The New York Central
reports this year $621,813 gain in gross and $984,923
gain in net.
This is for the Central alone, as
recently enlarged through the absorption of the
Lake Shore & Michigan Southern, and some other
though minor roads. Including the various auxil
iary and controlled roads, the whole going to form
the New York Central System, the result is a gain
of $l,2o5,854 in gross and of $1,751,949 in net.
In the Southwest the Southern Pacific and the
Atchison are both prominent for large gains, though
on the other hand the Rock Island, the Missouri
Pacific and the St. Louis Southwestern all register
decreases in both gross and net. The Southern
Pacific has added no less than $1,399,244 to gross
and has carried $1,211,831 of the same to net; the
Atchison, on its part, has added $737,889 to gross
and $232,728 to net. Last year the Atchison had
an increase also in both gross and net, but the
Southern Pacific then reported $560,999 decrease
[Vol. 101.
in gross and $532,318 decrease in net. All the
Eastern trunk lines give good accounts of them
selves this time, the Baltimore & Ohio having added
$648,481 to gross and $627,189 to net and
the Erie$ 456,998 to gross and no less than $835,017
to net.
Among Western roads some important systems
still run heavily behind. As illustrations, the
Burlington & Quincy has lost $594,857 in gross and
$485,356 in net; the Chicago & North Western
$440,203 in gross and $254,929 in net; the Great
Northern no less than $754,029 in gross and $584,
194 in net. On the other hand, the Northern Pacific,
though having gained only $398 in gross, has, through
savings in expenses, established a gain of $597,227
in net, while the Milwaukee & St. Paul reports
$95,976 gain in gross and $368,363 in net. The
Union Pacific has only very slight changes— $21,965
decrease in gross and $48,429 in net. What the
revival in the iron and steel trades is doing for the
ore-carrying roads is evident from the $717,995
gain in gross and $583,658 gain in net reported by
the Duluth Missabe & Northern and the increase
of $232,291 shown in gross and $233,291 in net
by the Duluth & Iron Range.
Southern roads have very encouraging exhibits,
as a rule, particularly in the case of the net earnings.
The Norfolk & Western and the Chesapeake & Ohio
belong in a class by themselves, the former having
added $732,925 to gross and $535,283 to net and the
Chesapeake & Ohio $454,541 to gross and $319,212
to net. The distinctively Southern systems all
have losses in gross, though the Southern Railway
has converted its decrease of $376,152 in gross into
$295,296 increase in net. The Seaboard Air Line
reports $114,248 decrease in gross and $22,466
decrease in net and the Atlantic Coast Line $196,593
decrease in gross and $12,539 decrease in net. The
two New England systems make very favorable
statements, the New York New Haven & Hartford
having enlarged gross by $507,144 and net by $497,
086 and the Boston & Maine, though having suf
fered a decrease of $95,916 in gross has transformed
this into a gain of $342,450 in net. 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 I N C I P A L C H A N G E S I N GROSS E A R N I N G S I N A U G U S T .
Increases.
Southern Pacific.......... .. $1?399^244 Central o f New J e r so y ..
$109,790
Pennsylvania-------------------a l . l 19,049
E l Paso Southw estern..
109,018
Atch Topeka & Santa Fe
737,889
Norfolk & W estern_____
732,925
Representing 25 roads
Duluth M issabe & N o r ..
717,995 In our com p ilation .. $9,949,084
Baltimore & O h io ............
648,481 r.
. . T ..
Decreases.
New York Central_______
6621,813 Groat Northern__________
$754,029
N Y N II & H artford___
507,144 Chicago Burl & ' uTncyI
594,857
E r ie ------------450,998 Chicago & North W e s t ..
440,203
Chesapeake & Ohio______
454,541 Southern R ailw ay.
370,152
Pittsburgh & Lako E rio.
305,790
Illinois Central___________
315.507
Duluth & Iron R ange___
232,291 Rock Island Lines. _ _
282,168
Michigan C entral.............
222,370 Missouri Pacific
242,210
Clovo Cln Chic & St L . _
196,589
Chic St P M inn & O m ._
212,717
San Ped Los Ang & S L .
188,184
Atlantlc Coast Lino______
190,593
Western Pacific__________
168,788 M obile & Ohio___________
137.304
Grand C anyon___________
104,760 Central o f Georgia______
131.507
Elgin Joliet & E a s te rn ..
161,895 & G t N orthern______
Int
129,297
Denver & Rio G r a n d e ..
153,354
Toledo & Ohio___________
120,551
W heeling & Lake E r ie ..
151,251
Seaboard Air Line_______
114,248
Western M aryland_____
143,540
Union (Pa)
......................
126,456
.
_
Representing 14 ______
roads
Bessemer & Lako E r io ..
118,317
in our com pilation.. $4,053,403
p ilation ..
N o t e . — All tho figures in the abovo aro on the basis o f the returns filod
w ith tho Inter-Stato Coinmerco Comm ission. W here, howover, theso
returns do not show tho total for any system , wo havo combined tho
separate roads so as to mako tho results conform as nearly as possible to
those given in tho statem ents furnished by tho companies thonisolvcs.
6
a This is the result for tho Pennsylvania R R „ togothor with tho Pennsyl
vania C o m p a n y . and tho Pittsburgh Cincinnati Chicago & St. Louis, tho
Pennsylvania R R . reporting $673,559 increase, tho Pennsylvania C o m p a n y
$283 ,60 5 gain and tho I*. C . C . & St. L. .$162,485 gain.
Including all
lines owned and controlled which make m onthly returns to tho Inter-Stato
Commerce Comm ission, tho result is a gain o f $1,0 2 1 ,5 2 9 .
6
Those figures cover merely tho operations o f tho N ow York Central
Itself.
Including tho various auxiliary and controlled roads, like tho
M ichigan Central, tho "B i g F o u r,” tho “ Nickel Plate,” & c ., tho wholo
going to form the N ew York Central S y s t e m , tho result is a gain o f $ 1 ,2 6 5 ,
854.
THE CHRONICLE
Oct. 23 1915.]
P R IN C IP A L C H A N G E S IN
NET E A R N I N G S I N A U G U S T .
In crea ses.
In crea ses
Southern Pacific________ S I .211,831 Grand CanyOn__________
§ 158,826
148,939
Pennsylvania____________ o l , 176,268 Union (P a )...........................
121,703
N ew York Central_______
6984,923 M ichigan Central_______
113,114
E r io ______________________
835,017 Elgin Joliet & E a s te rn ..
Baltimore & Ohio_______
627,189 Wheeling & Lake E r ie ..
103,191
Northern Pacific------------597,227
D uluth M issabe & N o r .
Representing 27 roads
583.658
in our com pilation..$ 1 1 ,3 6 1 ,8 4 5
Norfolk & W estern______
535,283
N Y N II & H artford___
497,086
T
irrrpn<pt
t*
Pittsburgh & Lake Erie.
461,828
Chic M llw & St Paul___
$584,194
368,363 Great Northern_________
485,356
Louisville & N a sh v ille ..
352,049 Chic Burl Sc Quincy297,112
Boston & M ain e________
342,450 Rock Island Lines----------254,929
Chesapeake (S Ohio______
c
c
319,212 Chicago (S N orth W e s t ..
243,863
Southern Railw ay_______
295,296 Missouri Pacific_________
178,528
Clove Cin Chic & St L . _
277,528 Chic St P M inn & O m _ .
162,838
Denver & Rio G r a n d e ..
243.658 Chicago & Eastern 111—
145,907
Duluth & Iron R ange___
233,201 Illinois Central----------------100,373
Atcli Topeka & Santa Fe
232,728 Toledo & Ohio C e n tra l..
M inneap St P & S S M . _
203,682
Representing 9 roads
San Peel Los Ang & S L _
175,954
in our com pilation._ $2,45 3 ,1 0 0
Western Pacific__________
161,551
a This is tho result for tho Pennsylvania R R ., together with tho Pennsyl
vania C o m p a n y , and tho Pittsburgh Cincinnati Chicago & St. Louis, tho
Pennsylvania R R . reporting $710,992 increase, tho Pennsylvania C o m p a n y
$343,413 gain and tho P. C .C .& St. L. $121,863 gain.
Including all lines
owned and controlled which mako monthly returns to tho Inter-Stato
Commerco Commission, tho result is a gain of $1,2 3 9 ,0 0 5 .
b These figures merely cover tho operations o f tho N ew Y o rk Central
itself. Including tho various auxiliary and controlled roads, like the
M ichigan Central, tho “ Big Four,” tho “ Nickel Plato,” & c ., the whole
going to form the N ow York Central S y s t e m , tho result is a gain o f $ 1 ,7 5 1 ,
949.
When the roads arc arranged in groups or geo
graphical divisions, according to their location, both
the Northwestern group and the Southwestern
are found to run slightly behind in gross and net
alike and the Southern group also has a trfiling
decrease in gross. In all other cases there are gains
in both gross and net. Our summary by group is
as follows :
SUMMARY BY GROUPS.
S no G u .
ectio r ro p
A g st—
uu
1915.
$
Group 1 (19 roads) New England.......... 12,950,353
_
Group 2 (84 roads) East and Middle_ 77,334,094
Group 3 (00 roads) Middle W est............ 34,490,799
Groups 4 5 (97 roads) Southern.......... 32,515,883
Groups 0 * 7 (77 roads) Northwestern.. 01,572,544
Groups 8 & 9 (92 roads) Southwestern.. 41,891,959
Group 10 (43 roads) Pacific Coast........ 19,135,587
S
c
-GosErn g
r s a in s
1914.
Inc.(+)orI)ec.(— ;
s
12,588,310
74,474,054
33,110,200
32,523,330
02,953,075
42,393,213
10.509,527
s
Total (478 roads)................................279,891,224 274,618,381 +5,272,843
-M geilea
1915
Group No. 1............... 7,833
Group No. 2------------- 29,092
Group No. 3-------------- 23,708
Groups Nos. 4 and 5_. 42,127
Groups Nos.
----- 08,472
Groups Nos. 8 & 9----- 58,015
Group No. 10___
18,562
C c7
>
S
lini.
7,821
29,021
23,745
_
41,759
07,144
58,002
18,202
1915.
S
4,501,500
28,273,810
12,052,731
10,002,714
23,218,505
12,573,488
8,430,379
%
+302,042 2.8C
+2,859,440 3.81
+1,374,539 4.15
— 7,453 0.02
— 1,380,531 2.10
— 501,254 1.18
+2,506,000 15.42
3,598,590
24,035,218
10,700,350
8,289,370
23,250,731
12,789,933
0,403,411
S
%
+ 902,904 25.09
+ 3,038,592 14.79
+ 1,940,381 18.18
+ 1,773,344 21.35
— 32,226 0.13
— 210,445 1.70
+ 2,020,908 31.05
T o ta l........................247,809 245,754 99,713,187 89,073,609 +10,039,578 11.21
N OTE
includes all of the New England States.
Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West \ irglnla.
Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
.
,
combined Include the Southern States south of the Ohio and
cast of the Mississippi River.
combined Include the northern peninsula of Michigan, all
of Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a lino parallel to tho State line
passing through Denver.
combined Include all of Kansas, Oklahoma Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City"Colorado sout
of Denver, tho whole of Texas and the bulk of Louisiana; and that portion of
Now Mexico north of a line running from the northwest corner of the State through
Santa Fc and cast of a line running from Santa Fo to El Paso
includes ull of Washington, Oregon. Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
.— ro pI.
Gu
G u II.
ro p
G u III.
ro p
G u s IV a d V
ro p . n .
G us V ad V
ro p I. n II.
G u s V a dIX
ro p III. n .
G u X.
ro p
L A R G E S H I P M E N T OF GOLD F R O M G R E A T B R I T A I N .
Tho largest consignment of gold which has thus far boon
sent to this country by Great Britain was deposited at tho
Assay Offico in this city on tho 19th inst. The shipment
was made up of 1,000 boxes of English sovereigns, worth
about $25,000,000, and was consigned to J. P . Morgan &
C o. This is the fourth of a series of shipments of gold which
liavo boon sent to tho Morgan firm from Great Britain sinco
August 1. As previously stated, tho first consignment
which arrived in this city on Aug. 11 consisted of $19,534,200
in gold and securities estimated at more than $30,000,000.
Tho second shipment was received on Aug. 29 and was made
up of $19,500,000 in gold and about $35,000,000 in securities;
tho third shipment arrived in this city on Sept. 8 and con
sisted of $19,400,000 in gold and securities estimated at
between $15,000,000 and $30,000,000. It is understood that
no securities accompanied this week's shipment. Officials
of tho American Express Co. refused to disclose tho routo
taken by tho cars which brought tho gold into this city.
It was reported that tho troasuro was shipped by tho Bank
of England to Halifax and then sent to Ottawa boforo being
shipped to this city. Tho English coins will bo melted into
bars and sent to the Philadelphia M int to bo made into
United States coin.
A consignment of gold from the British Government to
J. P . Morgan & C o ., amounting to $2,500,000 arriv d in
New York on the 15th inst. on the W hite Star liner Lap
land. The Philadelphia, which arrived on the 18th inst.,
carried $1,500,000 in gold and the Orduna, which reached
hero from Liverpool on the 21st had a consignment of 81 ,
250,000 in gold for American bankers.
IT A LIA N
GOVERNMENT
LOAN.
It was announced on M onday of this week that Lee, Higginson & Co. of N ew York, Boston and Chicago had arranged
with the Italian Government for a loan of $25,000,000 in the
form of 6 % one-year convertible gold notes, the proceeds to
bo used in payment for merchandise and commodities pur
chased by the Italian Government in the United States.
The transaction grew out of tho appointment of Lee, Iligginson & C o. as fiscal agents in this country for Italy. This is
the first loan arranged in this country by Italy since the be
ginning of the European war. Two other war loans have been
put out by the Italian Government, but these were placed at
home. The first loan consisted of an issue of $193,000,000
4 A % 10-25-year bonds offered near the close of 1914 and
l
subscribed for at 97. In the summer of 1915 a further issue
of $193,000,000 4 A % 10-25-year bonds was offered at 95,
l
with the privilege to subscribers for the first loan to purchase
tho second at 93.
An important phase of the loan just negotiated in this
country is expected to bo its effect in bringing Italian ex
change rates back to a basis more nearly approaching normal.
The members of the syndicate which has been formed to
distribute tho notes are: Lee, Higginson & C o ., Guaranty
Trust C o. of New York, National City Bank, Farmers’ Loan
& Trust C o ., Kean, Taylor & C o ., Kissel, Kinnicutt & C o .,
Mechanics & M etals National Bank, Potter, Choate &
Prentice and J. & W . Seligman & Co.
Tho details regarding the public offering will be found in
this issue in our “ Stato and C ity” Department.
1.93
-N E rn g
et a tn s1914.
Inc.(+)or D .(—).
ec
S
13 27
T H E A N G L O -F R E N C H C R ED IT.
Following tho closing of the agreement providing for the
$500,000,000 loan to England and France, tliree of the mem
bers of the Anglo-French Commission sailed for England
last Saturday on the American liner St. Louis. Those who
sailed were Baron Reading, Lord Chief Justice of England;
Sir Edward H . Holden, Chairman of the London City &
Midland Bank, L td ., and Henry Babbington Smith, all
representatives of Great Britain; the one other British repre
sentative, Basil P . Blackett, and tho two members of the
French Commission, Octave Homberg and Ernest M allette,
aro still hero, and it is understood that Messrs. Homberg
and Blackett will remain indefinitely, for tho purpose of per
fecting the details in connection with the loan, and carrying
out the negotiations incident to tho proposed supplemental
credits; Maurice Cassenave, President of the National Bank
of Ila yti, will act in the proceedings with M r . Homberg, and
it is reported that Great Britain will shortly designate some
one from the British Treasury Department to co-operate with
M r. Blackett
An announcement intended to dissipate any existing im
pression that further loan offerings on behalf of Great Brit
ain or France aro contemplated was issued by J. P . Morgan
& Co. on Thursday, the notico indicating that supplemental
financing would be in the nature of banking credits. The
following is tho statement:
Neither Great Britain nor Franco has any intention, so far as wo aro
awaro, of offering further loans to investors in this country in tho near
futuro. Their representatives have stated to us that with the $ 500 ,00 0,00 0
loan already arranged and now being steadily absorbed by investors, to
gether with such supplemental banking credits as may be under w ay, they
have no plan of taking steps toward a further loan.
Tho agreement for tho $500,000,000 was signed on the
15th inst. by Lord Reading, on behalf of Great Britain, and
by Messrs. Homberg and Mallette on behalf of France. J. P.
Morgan, whose firm acts as agent for the managers of the
loan syndicate, signed for his firm, while the following affixed
their signatures as witnesses: Francis Lyndo Stetson, at
torney for J. P . Morgan & C o .; Franklin W . McCutcheon of
Byrne & McCutcheon, who served as legal advisers to the
Commission; George II. Gardiner of Stetson, Jennings &
Russell, who assisted in the preparation of the papers, and
Basil P . Blackett. After tho signing of the agreement, Lord
Reading and M . Homberg both addressed the gathering
which had witnessed tho closing of tho transaction in the
offices of J. P . Morgan & C o. Lord Reading said:
M r . M o r g a n a n d G e n tle m en :—
toric occasion.
W e arc m et hero this afternoon on an his
W e have just signed a contract for the $ 5 0 0 ,0 0 0 ,0 0 0 loan
1328
THE CHRONICLE
I don’ t want to separate from you on this occasion without telling you how
m uch we are indebted to you for your assistance in this matter.
W o realized from the first that it was only possible to carry out a trans
action of this m agnitude if there was loyal and devoted co-operation by all
concerned— from M essrs. M organ & C o. and from all their associates in tho
syndicate. From them wo have had nothing but tho greatest assistance
and conscientious and sinccro advice, and it is for that reason I desiro to
express our sincere gratitude. T h is has not been an easy task, and on tho
whole, taking into account the magnitude o f the transaction, tho result
has been very creditable. Especially as wo have carried it through by tho
date originally fixed for the first paym ent on tho bonds.
It m ay not have been the exact date we intended, but we have got there.
The credit for that is due to the work so thoroughly and earnestly performed
by Messrs. M organ & C o . and you who aro associated with them and by tho
staff o f Messrs. M organ & C o ., which I know has been working day and
night.
This is not an occasion on which I desiro to mako a speech. However,
I do feel that on behalf o f tho English Governm ent that it is incumbent upon
us to say that we are much indebted to all who have aided.
M a y I add another observation which I think will be o f interest to tho
public at large. A fter a close study o f conditions hero, after having made
ourselves acquainted with the difficulties o f tho transaction— in a country
where the people aro not familiar with external loans— tho advice given us
was conscientiously and honestly given us, not only in the best interests
o f our own country, bu t, we believe, in tho best interests o f tho United
States.
[Vol. 101
this week in the “ Staats-Zeitung” in accordance with
M r. Ridder’s announcement: Hallgarton & C o ., Ileidelbach,
Ickelheimer & C o.; Ladenburg, Thalmann & C o ., and J. &
W . Seligman & Co. This action on tho part of the paper has
resulted in tho issuance to it of tho following letter by
J. & W . Seligman & C o.:
D e a r S i r .— W e repeat for your benefit what we thought wo had mado
abundantly clear in our statement to tho press on Sopt. 2 0 . nam ely, that
wo aro not Germans, nor yet German-Americans, but that wo aro unquali
fied, unadjectived Americans.
W hile not readers of tho "Staats-Zeitu n g ,” wo aro under the impression
that there was no mourning border in tho middle o f your front page when
American children and Amorican women entitled to tho sym pathy and
protection o f every true American were, together with their fathers, husbanks and brothers, deliberately and heartlessly murdered by the sinking
o f tho Lusitania.
T hat black mourning border you seem to have reserved for American
bankers seeking to render a disinterested service to their country by helping
to keep its industries going through credits to its foreign customers.
This letter should bo published in tho same prominent place on your
front page as you selected for the mourning border enclosing our firm namo
in your issue of Oct. 16.
M.
Homberg, in French, similarly thanked tho underwrit T A T E M E N T I N E X P L A N A T IO N OF PURPOSE OF
S
ers for their efforts to effect the successful flotation of the
ANGLO-FRENCH CREDIT.
oan.
A statement placing before the American public an expo
It was denied by a member of the firm of J. P. Morgan & sition of the facts in connection with tho $500,000,000
C o. that Russia will probably get one-half of the $500,000,000 Anglo-American loan was issued on tho 17th inst. by four
loan. It is the purpose, it is understood, to divide the loan teen prominent citizens of various cities of tho country, the
equally between Great Britain and France; as England is two New Yorkers among the list of signers being Joseph H .
financing Russia on her own account, it is admitted that Choate and Seth Low. In explanation as to what tho loan
she is at liberty to accord the latter as much of tho exchange means to the United States tho statement points out that
realized through the loan as she desires, and Franco similarly every dollar will go directly or indirectly to somo American
is in a position to render further financial aid to Russia by farmer, workingman, merchant or manufacturer, in cash pay
reason of the establishment of the new credit. As to Great ment for foodstuffs, clothing, raw material, labor and manu
Britain’s financing of its allies, a statement of tho Associa facturing products that the English and French people
need; and further that there will be established in this coun
ted Press said:
try a commercial credit just as important to us as to England
One of the chief functions of tho British members o f tho committoe which
passes on war contracts is to act as a mouthpioco o f tho British Treasury in and France because it will be used to increase our trado and
allotting to tho other allied nations tho amounts advanced b y Great
permit the outflow of our surplus products. Tho statement
Britain to them for the purchase o f war supplies in this country.
Each
country is financed to a certain extent— in the caso of Russia almost wholly
concludes as follows:
— by Great Britain. Tho British members o f tho committee adviso the
representatives o f other nations thereon just how much Great Britain
will permit them to spend at stated intervals, how much they will be per
m itted to contract for in the United States with the British guarantee of
paym ent, and how the money shall be spoilt.
Tho only time tho com m ittee’s plan failed of operation was about six
m onths ago, and tho effects o f the failuro liavo not yet been eradicated.
This was in connection with purchases by Russia in the United States.
Russia had been notified by tho British members of the committee that
she might spend a certain sum o f money for war supplies in this country.
Tho sum was not disclosed to-day, but it is believed to have been between
$200 ,00 0,00 0 and $ 3 0 0 ,00 0,00 0. Whether tho allotment was fully under
stood by the Russian Government is not known; but what Russia did was
to spend the sum allotted, and, in addition, mako hugo com m itm ents in
this country for further supplies. These com m itm ents, covering m any
m onths, were said to run into the hundreds o f millions o f dollars— a sum in
excess o f the amount allotted her by tho British Government.
In making these contracts, apparently, Russia failed to consult the
com m ittee. W ncn tho contracts came due, in part, Russia had insufficient
funds to meet them , and tho com m ittee, not having authorized the making
o f tho contracts, had to deviso quickly some method of paying tho bills.
This was extremely difficult, and tho demoralization of tho foreign oxchango
markets in this country recently was attributed in no small measure to this
cause.
Since that time Russia has- adhered strictly to tho wishes of the com
m ittee. N ot a dollar’s worth o f war supplies is purchased by her in this
country without the com m ittee’s approval. In return Great Britain is
paying her bills here. N o t only theso bills, but those o f Italy, and, more
recently, France, aro being paid to-day by Great Britain.
A single financial house— J. P . M organ & C o .— acts as the disbursing
agency of the British Government in this country. Its disbursements aro
understood to cover paym ents of all goods purchased for the Allies here.
Groat Britain keeps a record o f the amounts which her Allies draw against
her, and separate agreements between tho British Government and thoso
o f tho other Allies provido for a settling o f the scoro among the Allies. Tho
$ 500 ,00 0,00 0 Anglo-French credit loan just negotiated, it is said, will pro
vido payment for a largo quantity of goods purchased hero for Russia, but
tho bill will go to England. '
’
The contract for tho engraving of tho $500,000,000 bonds
has been awarded to tho Amorican Bank N ote Co. It is
expected that it will be at least threo months before the
task is completed.
Bernard Riclder, son of Herman Riddor, mado known at
a meeting of the American Truth Society at Terrace Garden
on tho 15th inst. that tho “ Staats-Zeitung” would print on
the following day black-bordered notices of four Gorman
banking firms who had subscribed to the loan. M r. Ridder
prefaced this announcement with tho remark that “ for years
it has been our proud boast that among us of German
descent there has never boon a Benedict Arnold, yet now
there are some of us who have been corrupted by English
influence.” The meeting was held for the purposo of pro
testing against the alleged misuse of bank deposits in apply
ing the funds toward the Anglo-French loan. Tho names of
tho following firms, enclosed in a mourning border, appeared
T o the United States this loan means:
1. T hat not one dollar o f the money loaned will leave our shores.
2 . T hat every dollar will go, directly or Indirectly, to some American
farmer, workingman, merchant or manufacturer, in cash paym ent for
foodstuffs, clothing, raw material, labor and manufactured products that
tho English and French people need.
3 . T h at there will bo established in this country a commercial credit
just as important to us as to England and France, because it will bo used to
increaso our trado and permit tho outflow of our surplus products.
4. That this country finally recognizes that in order to further American
trade, it m ust becom e a creditor nation, giving credit to any solvent and
friendly nation that m ay be entitled to it.
The security for this loan is the income and property o f tho two richest
nations of Europe. Tho combined wealth of England and Franco is esti
mated at $ 1 3 5 ,00 0,00 0,00 0— 275 times tho amount o f this loan. The popu1 ation o f tho two countries Is almost one hundred millions. Th e proposed
loan is practically tho only external obligation of the two nations; such a
loan being, as we view it, a first claim upon tho revenues and wealth of
tho nations issuing it.
The total internal debt of the two nations Is considerably under twenty
billion dollars and is less than ono year’s income of the people o f theso two
nations. This loan will increase their indebtedness only
Having thus no question as to tho fundamental safety and prompt pay
ment o f tho loan, wo liavo each subscribed to it belioving, moreover, that
every American citizen who participates in tho loan will bo contributing
substantially to tho commercial prosperity of tho whole nation.
D A N I E L G A T L I N , St. Louis, M o .
JO SEPH II. C H O A T E , Now York.
C H A R L E S W . E L I O T , Cambridge, M ass.
H O W A R D E L L I O T T , Boston, M ass.
F A I R F A X H A R R I S O N , W ashington, D . C .
H E N R Y L. H I G G I N S O N , Boston, M ass.
J A M E S .T. H I L L , St. Paul, M inn.
II. B . L E D Y A R D , D etroit, M ich.
R O B T . T . L I N C O L N , W ashington, D . C .
F R A N K L I N D . L O C K E , Buffalo, N . Y .
S E T H L O W , N ew Y o rk .
E . P. R IP L E Y , Chicago, 111.
T H E O D O R E N . V A I L , Lydonville, V t.
H E N R Y W A L T E R S , Baltimore, M d .
FOREIGN COMMERCE OF FRANCE DURING THE
FIRST EIGH T MONTHS OF 1915.
(From " L ’Economiste Francais,” Sept. 25 1915.)
----------- F i r s t
Im p o rts—
1915.
Articles o f food...........................1 ,538,722.000
M aterial needed for m frs____ 1,996,422,000
M anufactured articles_______1 ,576,552.000
8 M o n t h s -D iffe r e n c e
1914.
i n 1915.
1 ,224,449,000
+ 3 1 4 ,2 7 3 ,0 0 0
3 ,0 4 8 ,9 5 9 ,0 0 0 — 1 ,052,537,000
95 9 ,4 7 2 ,0 0 0
+ 6 1 7 ,0 8 0 .0 0 0
T o t a l s ......................................5 ,1 1 1 ,6 9 6 ,0 0 0 5 ,2 3 2 ,8 8 0 ,0 0 0
— 121.184,000
E x p o r ts —
Articles o f fo o d ......................... 368,575,000
461,420,000
— 92,851,000
M aterial needed for m frs____ 414,519,000 1,147,499,000 — 732,980,000
M anufactured articles............. 1,036.727,000 2,166,676,000 — 1,129,949,000
Parcels post * ............................ 105,368,000
318.769.000 — 213,401,000
T o ta ls..........................................1,925,189,000 4 ,0 9 4 ,3 7 0 ,0 0 0 — 2 , 169.1S1.000
* O f which 4 ,3 1 3 ,0 0 0 francs were for parcels post containing silk fabric
and silk floss. The corresponding figure for 1914 was 2 3 ,4 0 7 ,0 0 0 francs.
Oot. 23 1915.]
THE CHRONICLE
D E C R E E P R O H I B I T I N G T H E E X P O R T A T I O N OF
SIL VE R C O IN I N F R A N C E .
(From "1 /E con om iste Francais,” Sept. 4 1915.)
A rticle 1.— There is prohibited the exportation as well as the re-exporta
tion o f silver coin under any custom s regulations whatsoever.
H owever, exceptions to this provision m ay be granted under conditions
which shall bo determined b y tho M inister o f Finance.
A rticle 2.— Tho M inister o f Finance is charged with tho execution o f tho
present decree.
C O N V E R SIO N OF S P A N I S H GOLD I N T O C U B A N U R G E D .
At a meeting in Havana on tho 13th inst. of bankers and
merchants it was resolved to urgo President Monocal to
decreo that the Government shall pay the cost of converting
Spanish gold, which is not legal tender after November, into
Cuban coin rather than let Cuba lose tho gold. It is
estimated that the value of the gold is $25,000,000.
REPORTS OF E X P O R T M A N I F E S T S I N N E W FO R M .
A new method of preparing tho reports of export manifests
has been dovised by tho New York Custom House. Here
tofore tho lists contained an enumeration of the quantities
and values of all merchandise exported, individual items on
each ship’s manifest appearing separately. Under tho now
plan the Custom House proposes to issue each day a record
of the exports of tho previous day, giving tho totals of each
articlo exported, together with tho country to which tho
exports aro sent. At tho present time tho manifest of a
ship frequently has the samo articlo enumerated several times.
It is pointed out that tho new form will materially aid ex
porting interests inasmuch as they will bo ablo to see at a
glance tho total quantity and valuo of any specific articlo
exported. Undor tho present system an exporter who wishes
to find out tho exports of a particular article must go through
a list of several columns of manifests and pick out tho article
and then add up the totals. It is oxpected that under tho now
arrangement the daily export tablo will be ready one or two
days after tho filing of tho manifest, and after Jan. 1, when
tho now Treasury regulations governing tho filing of mani
fests go into effect, it is behoved that tho figures will bo ready
tho day after tho vessel clears. Tho readiness with which tho
figures will bo available is said to havo been rondered possible
through tho installation of computing machines in tho Cus
tom House. Tho uso of these machines enables tho Custom
House authorities to preparo statistics in a moro accurato
form and in a much shorter time than when tho data was
computed and tabulated by clerks without tho aid of me
chanical devices.
C O N S U M P T IO N
TAX
ON
SUGAR
SUGGESTED.
A suggestion that a consumption tax be imposed on sugar
in liou of tho retention of tho duty on sugar was made* by
F. C. Lowry, Manager of tho sales department of tho
Federal Sugar. Refining Co. in a letter sent to President
Wilson on tho 18th inst. Mr. Lowry said that such a tax
“doos not necessitate tho re-opening of the tariff question
but would bo enacted separately as a distinctive revenue
measure.” Ho points out that a consumption tax is “ an
equitable rovenuo measure and has tho virtue of increasing
as consumption increases, in contrast to an import tax,
which decreases as domestic production increases.” Mr.
Lowry’s letter, which was printed in tho “Journal of Com
merce” of tho 19th inst., said in part:
I f wo have com o to a point whore an oxtensively used food p rod u ct, liko
sugar, must bo taxed for tho purposo o f raising rovonuo, then an ideal ex
ample o f tho manner in which this should bo done is boforo is in tho con
sum ption tax adopted by tho largo sugar-producing countries in Europe:
Franco, Germany, Austria, Belgium, H olland, Denmark, & c. Tills doos
not necessitate tho reopening o f tho tariff quostion, but would bo onacted
separately as a distinctive rovenuo moasuro. For tho purposo o f raising
rovonuo tlioir law provides that all sugar consum ed, whether o f foreign or
dom estic origin, shall share in producing this revenue. This is an oquitablo rovonuo measure, and has tho virtue o f increasing as consum ption in
creases, in contrast to an import tax which decreases as dom estic produc
tion increases. For us to adopt a similar tax would yield tho Governm ent
a largo amount o f rovenuo, and would bo very simple to collect at tho sourco,
only requiring a check on production and Imports, and tho rendering o f an
invoico for tho amount duo.
A dopting tho 1914 figures for 1915, wo find that a rovenuo tax o f ' A c . per
pound on all sugars consum ed would produco $42,000,000 and would in
crease tile prieo o f sugar to tho consum er b y A c . per pound instead o f lc
per pound ($84,000,000 annu ally), as is now tho caso. This annual saving
o f ' A c . per pound to our peoplo would bo equal to $42,000 000. A rovonuo
tax o f l c . per pound, tho equivalent o f tho present du ty, would not increase
tho prico o f sugar to tho consumer any m oro than tho present rate, and
would raise $84,000,000 revenue as com pared with $40,000 000 under tho
present tariff. In other words, this tax provides that tho Governm ent
shall rcceivo tho entiro amount paid b y tho people because o f (lie tax
instead o f its being shared witii tho dom estic producer, as is now thocase!
N O N -A C C E P T A N C E
1329
B Y T E X A S OF
FOR C O T T O N .
GERMAN
OFFER
From Austin, Tex., it was reported on tho 14th inst. that
a proposition had been made to the Texas Warehouse and
Marketing Department by the financial agent of Germany
for the purchase through the Department of 1,000,000
bales of cotton at a price three cents a pound over the
market price then prevailing. Tho Houston “Post,” in
referring to the offer and its non-acceptance, printed the
following in its issue of the 15th :
Details o f conferences entered into between representatives o f tho State
W arehouse and M arketing D epartm ent and agents o f foreign governm ents
and corporations with a view to creating com petition in the purchase
o f export cotton throw a strong light upon recent advances in the price
o f this staple, and there is reason to believe that suggestions made b y
representatives o f tho departm ent to foreign buyers are in effect being
carried ou t, with the result that cotton growers havo been greatly bene
fited.
^ It has becom e know n that the financial agent o f Germ any m ade to the
Texas Warehouse and M arketing Departm ent a proposition to purchase
through this D epartm ent 1,000,000 bales o f cotton at a price 3 cents a
pound above the market price then prevailing. This offer was not ac
cepted because it was made on con dition that tho cotton be delivered at
Brom en, although it was also agreed that delivery bo under the super
vision o f United States Governm ent authorities, so that no part o f the
cotton so purchased should in any way be converted into m unitions o f w ar.
G overnor Ferguson, how ever, at whose suggestion the managers o f the
Warehouse and M arketing Departm ent went to AVashington, wished to
avoid any arrangement which would tend to embarrass the Administra
tion and therefore was opposed to an agreement b y which the State o f
Texas w ould guarantee delivery o f the cotton in Germ any.
T hrough counter-suggestions made b y the Texans, it is believed that the
ob je ct o f the G overnor and the D epartm ent, which was to secure an
outlot for cotton at prices which w ould be rem unerative to the producer,
was in largo part attained, although tho negotiations with foreign buyers
were not carried to a conclusion.
FURTHER
H E A R IN G S ON TH E Q U ESTIO N
SOURCES OF S T A T E R E V E N U E .
OF N E W
It was announced on the 16th inst. by the Mills Legislative
Committee, which has been conducting for se\reral weeks
a series of hearings on changes in the tax laAvs of the State,
that it has been decided to have the principal proposals made
by witnesses put into the shapo of definite bills, and to hold
further hearings after these tentative plans have been worked
out. Ogden L. Mills, Chairman of the Committee, made
knoAvn its decision in tho folloAving statement:
T ho C om m ittee decided to have the principal suggestions as to possible
substitutes for the personal property tax put into tho shape o f definite bills
and amendments to the present law. I t is im possible to judge the merits or
dem erits o f any plan, perfect thought it m ay be in theory, until it has been
worked ou t in all its details, and the Com m ittee beforo com ing to any d efi
nite or final conclusion desires tho benefit which will accrue from a dis
cussion and criticism o f suggestions that havo been m ade, when these have
been reduced to concrete or definite shape.
AVe hope to m ake these tentative plans public in the early part o f N ovem
ber, and to hold further hearings both in N ew Y ork C ity and in the princi
pal up-State cities.
t
The Committee adjourned its hearings on Thursday; the
sessions will be resumed in Syracuse on Nov. 29.
Some of tho sources of information Avhich the Tax Board of
Now York City has used in compiling its enormous personal
tax assessment for next year wero disclosed by LaAvson
Purdy, President of the Department of Taxes and Assess
ments, during his appearance before the Committee at its
session in tho Woohv'orth Building on tho 19tli inst. Re
garding the sources of information used by the Tax Board,
Mr. Purdy said:
As to taxable persons, we obtain inform ation in various ways. AVe take
tho telephone b ook and the street directory, and we have men who cu t them
up into districts and alphabetical divisions, and then wo begin our assess
ments o f tho districts. I f you happen to livo east o f Second A venue you
will m ost likely escapo the personal property tax. T h is is a secret o f m y
D epartm ent, but I will tell you gentlemen abou t it. AVe havo what we
call tho “ exem pt zon o,” which is east o f Second Avenue. T he people there
aro not likely to bo assessed, and I adm it— we are not doing our duty in not
trying to collect taxes in that locality.
Tho general scheme o f taxing personal property now is to get from va
rious sources names o f persons who m ay be assessed. First we search titles
and assess persons for a larger am ount than tho estate, so that the executor
will com e to us and swear as to tho intrinsic valuo o f tho estate.
Mr. Purdy suggested as substitutes for the personal prop
erty tax, which ho considered bad from every point of view,
a higher tax on high-powered automobiles, Avhich, he said,
Avero moro Avearing on the roads than those of lower power and
should therefore be taxed accordingly; a narroAving of gradua
tions in inheritance taxes but Avith no increase in rates and
an avoidance of double taxation; a secured debt tax, meaning
a tax on bond issues, Avith equitablo provisions for dealers
in bonds; permission for cities to impose an occupation tax
for rovenuo for local use; and a tax on interest and diAddends
paid by corporations’ foreign and domestic, on capital in
vested in this State. Mr. Purdy also suggested that an
annual direct State tax of at lease one mill be levied in order
to mako tho ordinary citizen feel the “bite” of State expendit
ures and possible extravagances. He said that any excess
in Stato rovenuo should be returned to localities according to
1330
THE CHRONICLE
assessed valuation of real estate. This, he believed, would
circumvent tax-dodging by corporations that have a nomi
nal “home” office in some obscure community where the
assessor is complaisant and would also benefit communities
having high assessed realty valuations.
Prof. Edwin R. A. Seligman of Columbia University, who
is Chairman of the Executive Committee of Mayor Mitchel’s
Committee on Taxation, testified before the Mills Committee
on the 18th inst. Professor Seligman advocated the impo
sition of an income tax, which he said would provide a reve
nue of more than $20,000,000 if it was limited to 1% and
would make the imposition of a direct State tax unnecessary.
In setting forth what he considered as the principal defects
of New York State’s taxation system, Professor Seligman
said:
T ho defects are o f a d ouble nature. State and local. T h e State defect
lies In the S tate’s attem pt to tax real estate at all. T h e result Is that in
each cou n ty there is pressure on assessors to reduco assessments. England,
Germ any and France have abandoned taxation o f real estate b y tho State
and have relegated it to local divisions. T h a t is tending to com o about
in the United States because o f inequalities in assessments in the different
counties.
T h e second defect is that real estate is m ade to bear an undue p rop ortion
o f tho tax burden. It pays m ore in a great m any cases than it can afford.
N ew Y ork C ity now bears m ore real estate taxation than is true anywhere
else in the w orld. Its proportion is unfair. Real estato taxation ought
to be givon only to the localities to handle and should bo for local, not
Stato purposes. A s far as the adm inistration o f real estate taxation goes,
N ew Y o r k C ity , under Com m issioner P urdy, has advanced until now it is
at the head o f tho w orld in that respect. One o f the ch ief defects o f the
present system is that w e tax virtually nothing except real estate.
Regarding the personal property tax, Professor Seligman
said:
It is a distinct failure. Everywhere else in the w orld, where conditions
oxist such as prevail in N ew Y o r k , that tax is a failure. I t is a failure be
cause, first, under the present econom ic conditions a m an’s p rop erty,
scattered over the country or w orld is no longer a good index o f his ability
to pa y. Second, whole classes now adays possess ability to pay personal
property taxes and have no property. T h ird , under our A m erican system ,
personal property follows the taxpayer’s residence. A m an’s legal residence
is in a place other than where ho earns his m oney or where ho lives m ost
o f the year. It is practically impossible to reach a m an who can ovado
taxations as easily as th a t. Fourth, as a consequence o f this, in ordor to
ralso m oney for governm ental burdens the rate has to be very high.
A ny system is obviously unfair that takes aw ay 40 or 50% from one
m an and from his neighbor nothing at all because ho changes his residence.
T herefore, I say that our system o f general personal property tax, which
was good 100 years ago, when conditions were sim ple and econom ic condi
tions different, when p eop le lived where they earned their m on ey, is a
failure now , especially in wealthy States like N ew Y ork . N ow the systom
breaks dow n com pletely and is not on ly inadequate, b ut unfair. T h is
system results on ly in increased perjury. T o m ake a m an p a y tho taxes
.do fools are unjust is to m ake an otherwise honest m an resort to dishonest
practices. In N ow Y ork State a m an m ay be absolutely honest and highm inded and evade the porsonal property tax entirely b y investing in other
w ays.
At the session of the Mills Committee on the 20thinst.,
arguments against a State income tax were heard. Surro
gate Robert Fowler, who appeared before the Committee,
said that he though an income tax in the State would be a
direct violation of a tacit agreement between the Stato and
Federal Governments by which the State guarantees not to
adopt any measure of taxation that will interfere with the
Federal income tax. Alfred E. Holcomb, tax attorney for
the American Telephone & Telegraph Co., gave it as his
opinion that a low tax on intangible personal property would
work out better and be more acceptable than a- State-wide
income tax. He said that the latter would be difficult to
collect and would require an entirely new tax administrative
office.
.
Benjamin C. Marsh, Secretary of the Lower Rents So
ciety, in vigorously opposing the proposal to levy a State
tax on incomes, declared that to impose a tax on incomes
of $600 or even $1,200 would bo tantamount to robbery under
the guise of taxation. M. S. de Aguero, President of the
Consolidated Exchange, submitted a brief in opposition to
the stamp tax on transfers of stock. Mr. de Aguero con
tended that the tax was discriminatory, the broker and
commission men being able to escape its effect by charging
it to their clients, while tho floor trader had to contribute to
the tax between $3,000 and $50,000 annually. Mr. de
Aguero added: against his activ ity and is. in fa ct, nothing m oro than
•
T he tax ia directed
an occup ation tax. I should recom m end that in its place be substituted
a general occupation tax, varying from $10 to $25. accordin g to tho amount
o f capital em ployed. B ut if the stam p tax is to be continued it should bo
placed upon tho transfer o f stocks recorded on the corporation’s books,
and not in the individual transfers b y sale.
Senator Mills, Chairman of the Committee, said on the
15th inst. that the testimony of the various witnesses indi
cated that a State tax on incomes seemed to be the most
popular method of taxation. He stated, however, that it
[Vol. 101
was too early to determine what form of taxation would be
recommended to take the place of the present personal
property tax as a means of producing revenue.
T A X A T IO N
OF B A N K S A S V I E W E D B Y
LAW SON PURDY.
“The Taxation of Banks” formed the topic of discussion
by Lawson Purdy, of the Department of City Taxes and
Assessments of New York City, at the Indiana Bankers’ Con
vention last week. In Mr. Purdy’s view the general prop
erty tax is unsound in theory because it assumes the same
character in effect of taxation upon different classes of
property. The need of revising the tax provisions of the
Indiana constitution was impressed upon the bankers, Mr.
Purdy asserting that they cannot have a sensible tax on
their banking capital until such revision has been effected.
In his observations he said:
N o tax system should interfere with the orderly process o f production
and trade. W o in this cou ntry have in m any ways been insistent that
enterprise should be unhampered; that tho best results are obtained when
men are let alone and allowed to develop their business in their own w ay.
W e are disposed to resent what we regard as the interference o f governm ent.
In respect o f local taxation, how ever, we have endured taxes which seriously
disturb tho ordinary course o f business. In every State that has the
general property tax on personal property, thero is one day in the year
when business men are driven to reduco their bank balances to the lowest
possible p oint, increase their indebtedness and increase their ownership o f
such non-taxable securities as it m ay bo practicable for them to b u y . In
tho Stato o f Now York we are far less disturbed in this fashion that are you
in Indiana and others in tho M iddle W est. E ven with us tho statement is
m ade annually that deposits have been drawn from banks and purchases
o f stocks have been m ade, fo r fear o f taxation.
T he business o f banking is probably tho m ost sensitive part o f the trado
organization o f the cou ntry. T ho relation o f banking to tho econom ic
com m unity is often likened to tho heart in tho human b o d y , whilo currency
and credit are liko the blood. E verything which interferes with the
orderly flow o f currency and credit and interferes with banking operations
affects the business com m unity in tho same manner as does any interforonco
with a m an’s heart and arteries.
I
regret to say that m y experience with bankers loads me to bolievo they
know less and tako less interest, as a rulo, in political affairs than almost
any class in the com m unity. T he roverso o f this sould bo true. There is
no class in the com m unity m ore easily affected b y adverso legislation than
bankers, and thero is no class in tho com m unity charged with greater
responsibility for tho welfare o f all other business men than bankers.
Y o u gentlemen here, to-d a y , probably know bettor than any one else
tho extent to which Indiana tax laws interfere with the normal conduct o f
you r business. Y ou know that deposits are withdrawn before tax d a y,
and you could tell better than any one else the extont to which this disturbs
you r business.
T he tax law as it affects banks directly is im portant, but less so than is
tho general system o f which it is a part. Y ou r system is firm ly fastened
down b y the constitution, which provides in substance for the equal taxa
tion o f all property b y uniform rules in proportion to its value.
T h o general p roperty tax on personal p roperty has been so often de
scribed and so m any times condem ned b y so m any authorities that it seems
hardly worth while to attem pt any further exposure o f its hopeless injustice
and inequality; nevertheless, thero aro doubtless som e who still think that
all that is needed is enforcem ent o f a law which in itself Is good . In tho
report o f the com m ittee o f the National T a x Association on ‘ ‘T he Causes
o f the Failuro o f the General Property T a x ,” tho com m ittee said the m oro
efficiently the law is enforced tho worso It is. I f it wero enforced m oro
efficiently here in Indiana, you would bo m uch worso o ff than you are, and
I havo no doubt that assessors with autocratic pow er could make it so im
possible to d o business in Indiana that they could reduce tho population
50% in fivo years. T h o fa ct is that no com m unity will stand for that sort
o f thing. T hey will put ou t o f office any men who d o enforce such a law
as yours. It is totally unsound in theory.
T ho general property tax is unsound in theory because It assumes tho
same character in effect o f taxation upon different classes o f p roperty. A
tax on real property reduces its selling valuo, and ordinarily it soils on tho
basis o f its net return. I f taxes aro high tho not return will bo loss and tho
selling price will be less. T h e net return will bo tho same on tho basis o f
selling value. T h e stock o f goods o f a m erchant on assessment d ay is
taxed at tho same rate as a b on d o r a house and lo t. One merchant turns
over his stock fivo times in tho year, and another merchant turns over
ono-half his stock once. In this case, tho tax is ton times as heavy on ono
as on tho other. These illustrations aro to indicato how unsound is the
theory. W e all know in practice that tho law nover has worked and never
will work unless as m y old predecessor, Andrews, said, wo change the C o n
stitution o f tho United States, the constitution o f tho State, tho constitution
o f man and tho constitution o f things. H o was wise ahead o f his tim e. H e
said that in 1873 to the Legislature o f N ew Y ork .
Indiana needs to revlso tho tax provisions o f tho constitution, and to
d o it now .
Y ou gentlemen cannot have a sonsiblo tax on you r banking capital until
the constitution is revised. T o -d a y you aro doubtless paying tw o or threo
times as m uch as m ost o f the other classes in the com m unity. P robably
there are towns, just as thero used to bo in N ew Y ork, where a bank is
paying one-fourth o f what it ought to p ay under tho law. Generally, how
ever, under such a law as yours, banks pay too m uch. Y ou probably know
it; you probably do not often think o f it; m ost other people novor heard
o f the fact that banks p ay in effect on United States bonds, Stato bonds,
municipal bonds, and on any other p roperty, if there is any, that is exem pt
from taxation in tho Stato o f Indiana. T his com es about becauso Congress
in 1863 wanted to p rotect national banks from discrimination.
Their
intentions wero excellent. W hat they did was to arrange things so that
banks are in practice discriminated against in nearly every State in the
Union. Tho Federal law perm its only a tax Imposed on tho shares, and
tho Federal courts have hold that a tax m ay bo imposed on tho full valuo
o f a share o f stock, even though tho valuo o f that share o f stock dopends
chiefly upon United States bonds. It is boyond the pow er o f a Stato to
tax United States bonds directly, but Congress lifted that em bargo as far
as banks are concerned b y its rulo for taxing banks.
E ven if all assessors wore intelligent and Industrious the determination
o f tho market valuo o f the shares o f all banks will bo beyond their power,
becauso tho shares o f m any banks aro not bought andjsoldlfor years. T he
only test as to their market valuo Is their book valuo. Prior to 1901 in Now
Oct. 23 1915.]
THE CHRONICLE
Y ork Stato, when bank sharos wore assessable at m arket valuo, an Investi
gation showed that in some cities and towns they were assessed at full value,
and in m any at not m ore than one-third o f that valuo. T ho variation in
the tax was so great that In some cases tho tax am ounted to one-third o f
tho incom o, while in others it did not equal 10% o f tho incom e. T ho law
was amended so that to-day all banks aro taxed at tho rate o f 1% through
out tho Stato on their book valuo as reported b y tho bank officers. T he
amount o f m onoy collected is greater in proportion to tho labor than from
any other source. In the C ity o f N ow Y ork alone wo collected threo and
one-half million dollars from banks. Thcro is practically no com plaint.
There is no inequality. There Is no inequality between tho tax on a bank
In ono place and tho tax on a bank In another placo. I f you like that law
you can liavo it when you liavo amonded your constitution, but not before.
CHAMBER
OF
COM M ERCE ENDORSES
C O N ST IT U T IO N .
NEW
STATE
A resolution approving tho chief features of tho proposed
State Constitution was adopted by the New York Chamber
of Commerce on the 21st inst. with but ono dissenting vote.
Tho provisions of tho constitution relating to taxation were
approved by tho Chamber several weeks ago; it is understood
that no action will bo taken by it on the apportionment ar
ticle. Tho matter was brought before tho Chamber this week
in tho form of a report of its executive committeo recom
mending the endorsement of tho Constitution. Tho follow
ing resolution, offered by tho committeo along with its report,
was adopted by tho Chamber:
U e s o lv e d , T h a t the Chamber o f C om m erce o f tho Stato o f N ow Y ork,
recognizing that tho m agnitude o f tho political, com m ercial, industrial and
social affairs now em braced within tho Adm inistration o f tho Stato and its
m unicipalities necessitated a revision o f tho C onstitution in order that m ore
efficient means o f governm ent m ight ensue, and that the proposed Consti
tution as amonded and revised has been prepared after full discussion and
m aturo deliberation b y a b od y o f men thoroughly com petent to deal with
this intricate subject, hereby approves tho proposed C onstitution as adopted
b y the C onvention Sept. 10 191.5, and recom m ends its adoption b y tho voto
o f tho peoplo at tho election to be held on the second d ay o f N ovem ber 1915.
Soth Low, President of the Chambor, and a delegate to
tho convention; Martin Saxo, Chairman of tho Committeo
on Taxation; and Morgan J. O’Brien, Vice-Chairman of
tho Constitutional Convention, addressed tho mooting, ex
plaining the various features of tho Constitution. Joseph L.
Buttonwoiser, a lawyer, was tho only one who declined to
registor his endorsement to tho committeo recommendations.
T A R I F F C O M M I S S I O N U R G E D B Y G. W . P E R K I N S TO
M E E T C O M P E T ITIO N A FT E R T H E W A R .
Using as his theme “Our Country is as unprepared for
poace as for war,” Georgo W. Perkins of Now York, in an
addross delivered at Indianapolis last weok, urged as a meas
ure of proparedness for mooting conditions aftor tho war a
tariff commission, with full power to investigate and rocominond tariff schedules to Congress. Mr. Perkins’s remarks
woro addressed to tho mombersof tho Indiana Bankers’Asso
ciation during their annual convention on the 12th and 13th.
Wo quoto from his romarks tho following:
It will not d o to lull ourselves to sleep with tho argumont that when
this war is over Europe will bo so exhausted In mon and m onoy that sho
cannot com pote with us in tho m anufacturing linos. Emorgonclos and
difficulties quicken tho facilities o f resourceful people, and no cou ntry on
tho civilized globo is to-day m oro resourceful than Germ any. It is a
groat mistake to expect Europo to bo hopelessly crippled, industrially speak
in g, when this war Is over. Tho thing sho will bo crippled for will bo gold.
W o will liavo it and her only way to got it will bo b y sending us m anufac
tured goods at prices low enough to get back that gold and this sho will un
questionably d o. As matters stand to-d ay, wo aro w holly unpropared to
repel her attem pt to d o this, llo w can wo prepare ourselves against her
industrial Invasion! It seems to mo there is just ono w ay to d o it, and that
is b y securing from our Congress noxt winter a bill that will croato a non
partisan, scientific, permanent tariff com m ission which will bo In constant
session, taking up the tariff item b y Item, w ithout regard to whother It
should bo high or low , but purely on tho basis o f what is equitablo and right
for all parties concerned, and proper reciprocity with other countries.
Such a com m ission should bo mado permanent; it should at loast bo given
full power to Investigate and recomm end schedules to Congress; it should
bo glvon all tho power possiblo under our Constitution, and should bo put
in such a position toward tho public that its findings, when announced,
would carry so m uch weight that Congress could scarcely refuse to enact
them into law.
Some peoplo m ay ob ject to this on tho ground that it would bo tantam ount
to taking tho tariff-m aking power away from Congress and putting it into
tho hands o f a com m itteo, but this is no argument at all, bocause for thirty
years our tariff has been m ado and rc-m ado, and each tim e b y a small
com m itteo o f tho Senato and tho House, on purely a log-rolling political
basis for political advantage. This small com m itteo has then reported it
to Congress, which lias passed it without a largo percentage o f tho members
o f Congress knowing m uch o f anything m oro about it than tho public itself
knew.
Tho situation seems so clear, tho dem and so urgent, tho proparedness
so necessary, that I believe if tho peoplo o f this cou ntry— farmers, laborers,
bankers, m anufacturers, will Join in a unanimous dem and on Congress for
some such action noxt winter. It can bo secured from the present D em ocratic
Congress, for while tho Dem ocratic Party is not in favor o f a high tariff,
it could with great propriety, it seems to m e, bo in favor o f a tariff com m is
sion, for this does not mean a high tariff or a low tariff, but a proper tariff.
Somo o f our Republican friends aro urging that that party bo returned to
power. In which event it would adopt a policy o f proparedness in this tariff
m atter b y giving us a high tariff. It is dangerous to wait until 1917 to be
gin a p olicy o f preparedness In this tariff m atter, for tho war m ay and
probably will end sooner than that. Then, too, wo liavo been engaged In
this gamo o f a low tariff by tho Dem ocrats and a high tariff b y tho R epub
licans long enough. EIvo or six tlmos during tho past thirty years wo havo
1331
gone through this experience, and each tim e with great loss to business and
with thousands o f men thrown out o f work. Only recently M r. Penrose
told us that ho was working on a revision o f tho Payne-Aldrich bill which he
proposed to introduce as soon as Congress convened. A s Senator Penrose
will in all probability be tho R epublican leader in the Senato next winter,
this means that tho Republicans will bo endeavoring to give us a PenroseCannon bill in placo o f a Payne-Aldrich bill. I f such a course were pursued,
it would only be a question o f a few years until our D em ocratic friends
would again m ako an issue o f tho tariff and we would again go through the
same perform ance we have gone through half a dozen times before.
W h y tem porize any longer with this great question? W h y not m eet it
now and settle it now and d o this b y all joining together, regardless o f
party ties and affiliations, b y bringing the right sort o f intelligent argu
ments to bear on Congress in suc^ a w ay that it will dispose o f the m atter
this com ing winter?
Some o f us who havo been deeply interested in this whole question have
during the past few m onths organized in Chicago what is known as a T a riff
Commission League for this very purpose. I t Is purely non-political,
form ed to educate tho public as to the impending danger and to urge upon
Congress the necessity for preparedness in this respect.
Tho existence o f this war, frightful and regrettable as it is, furnishes
to this country an unprecedented and enormous opportunity to extend its
foreign trade. N o civilized people ever had such golden opportunities
within their grasp, and yet our unpreparedness to take advantage o f them
is so great that they aro slipping away from us, and, as matters stand
to-d ay , when peace com es wo will find ourselves worse o ff in the m atter o f
our foreign trade relations than wo were when the war began. I f this
should be the result, the responsibility will rest almost w holly on our Fed
eral G overnm ent, which seems to bo entirely incom petent and im potent
in the situation.
__________________________
V A L ID IT Y
U P H E L D O F O K L A H O M A GROSS O I L PR O
D U C T IO N T A X .
The validity of the so-called gross production tax law of
Oklahoma, providing for thoTovying [and collection of a tax of
2% upon the gross production of oil and gas in the State,
is upheld in a unanimous opinion of the Oklahoma Supreme
Court handed down on tho 12th inst. The Act was passed
at tho last session of tho Legislature and has been vigorously
contested since its enactment by the oil-producing interests
of the State, who aro said to have already paid, under pro
test, taxes amounting to approximately $300,000. According
to the “Oklahoman,” the Act confers exclusive and original
jurisdiction upon tho Supremo Court in all questions per
taining to tho law, and in view of this tho Court held that
no question was properly before it, except those directly
touching on the question of whether the Legislature acted
within the scope of its authority in the passage of such a law.
On this point tho Court said:
.
T ho only question properly determ inable b y this C ourt In the exercise
o f the exclusive and original jurisdiction conferred b y tho A ct o f M arch 11
1915, are those instituted to determ ine the validity o f tho A ct and not those
that m ay arise in the administration o f the law, or that concern the applica
tion or distribution o f tho revenues collected.
Tho law provides that the tax of 2% on the gross produc
tion shall bo in lieu of all other taxes upon machinery and
equipment used in the production of oil, and it was contended
by producers that this provision had tho effect ofjexempting
property from taxation contrary to provisions of the Consti
tution. The Court construes this provision of tho law, not
as an exemption, but as a substitution of one form of taxation
for another. It also holds that it is not a property tax, but
is a business or occupation tax, such as the Legislature has
tho right to provide for under Section 12 of Article 10 of tho
Constitution.
One of the points not disposed of by the Court concerned
tho question as to who should pay tho tax on tho royalty
production, tho lessee or the lessor. The Court’s decision
was given in the case of tho Wolverine Oil Company which
is said to have instituted original proceedings before the
Supremo Court. The opinion was written by Justice J. F.
Sharp. We learn from tho “Oklahoman” that the important
questions raised by the opponents of the Act are for the most
part answered by him in tho syllabus of the opinion, in which
he states:
T ho gross production tax imposed b y sub-division A o f tho A ct o f M arch
11 1915, is not a property tax, but instead is a tax on the business or occu
pation named therein; the amount o f which is determined b y the valuo o f
the gross production o f petroleum and other com m odities nam ed, produced
during tho last preceding quarter annual period. Such tax the Legisla
ture m ay provide for b y Section 12 o f Article 10 o f the C onstitution.
T hat portion o f tho A ct which provides that the tax levied shall bo in
lieu o f any other taxes that might bo levied and collected upon an ad valorem
basis upon tho equipment and machinery in and around any well, producing
natural gas or petroleum or other mineral oil, and used in actual operation
o f such producing well from which a gross production tax is collected as
herein provided, is not an exem ption from taxation as prohibited b y Sec
tions 46, 46U and 50 o f Article 5 o f the State C onstitution, but a substitu
tion o f ono form o f taxation for another upon the conditions named in the
A ct.
Section 13, A rticle 10, o f the Constitution gives to the Legislature au
thority to select the subjects o f taxation.
T h e power o f the Legislature to select, distinguish and classify objects for
taxation has a wide range o f discretion. W hile tho classification must be
reasonable and not arbitrary, there is no precise application o f the rule o f
unreasonableness and there cannot bo an exact exclusion o f persons or
things. This right is expressly recognized in Section 22, A rticle 10, o f the
C onstitution, which provides that nothing herein shall bo held or construed
to prevent tho classification o f property for purposes o f taxation; and the
valuation o f different classes b y different means or m ethods.
1333
THE CHRONICLE
T o justify judicial interference, the right to classify being a legislative
fun ction , the classification adopted must be based upon an invidious and
unreasonable distinction with reference to the subject o f the tax. Unless
this appears, tho C ourt will not declare the classification void , though it
m ay not approvo o f its terms or m ay question the wisdom o f its enactm ent.
T he A ct im posing a gross production tax equal to A o f 1% o f the gross
value o f ores bearing lead, zinc, gold, silver or copper, or asphalt; 2 % o f tho
gross value o f tho production, o f petroleum or other mineral oil or natural
gas and which om its to im pose such production tax on coal, is not repug
nant to Section 5, A rticle 10, o f tho C onstitution, providing that taxes shall
be uniform upon the same class o f subjects.
The im position o f a gross production tax, based on the gross value o f the
production o f petroleum and other mineral oil or natural gas, as provided
b y Section 1 o f sub-division A o f tho A ct o f M arch 11 1915, but which pro
vided that whenever the m ining o f said com m odity is so carried on and co n
ducted through a Federal agency that tho State has no authority to impose
and collect therefrom such tax, and provides that property o f those so en
gaged shall be taxed upon an advalorem basis and not bo subject to the gross
production tax provided to be levied in tho A ct, is not in con flict with Sec
tion 5 o f Article 10 o f the Constitution, requiring that taxes shall be uni
form upon the same class o f subjects.
T he production tax imposed by tho a ct, not being an advalorem tax on
property, tho statute is not repugnant to section 8 or article 10 o f the C o n
stitution, requiring that all property which m ay bo taxed advalorem shall
be assessed for taxation at its fair cash value, estimated at the price it would
bring at a fair and voluntary sale.
T ho A ct sufficiently states tho purpose o f the tax and it is not repugnant
to the provisions o f Section 19 o f Article 10 o f the C onstitution, requiring
that every A ct enacted b y tho Legislature levying a tax, shall specify dis
tin ctly the purpose for which the tax is levied.
T he provisions o f the Fourteenth Amendment to tho Constitution o f tho
United States, that no State shall deny to any person the equal p rotection
o f the laws, does not prevent a State in tho cxorciso o f its sovereign right
from adjusting its system o f taxation in all proper and reasonable ways nor
com pel the States to adopt an invariable rule o f uniform taxation. T ho
amendment intends only that tho equal protection and security shall bo
given to all under like circum stances, and that no greater burdens shall bo
laid upon one man than are laid upon others in the same situation.
Gov. Williams is said to have declared that in tho event
that the law should be held invalid, ho would convene tho
Legislature in extra session and pass a substitute measure.
A P P E A L FR O M ORDER R E G A R D IN G STOCK
E X C H A N G E T IC K E R SERVICE.
Tho Western Union Telegraph Co. and tho United Tele
gram Co. filed a petition in the Supreme Court at Boston on
Sept. 29 asking for a review of tho order issued on Sopt. 8
by tho Massachusetts Public Service Commission requiring
tho telegraph companies to furnish Calvin H. Foster Avith a
ticker service of quotations of the New York Stock Exchango.
Previous reference to tho decree of tho Commission was made
in our issue of Sept. 11. Tho Commission ordered tho
United Telegram Co. and tho Gold & Stock Telegraph Co.,
through its lessee, tho Western Union Telegraph Co., to
romovo the alleged discrimination against Mr. Foster,
Boston correspondent of a member of tho Stock Exchange.
Mr. Foster’s request for a ticker service had been refused
becauso tho application had not been approved by the Stock
Exchango. In their petition tho telegraph companies main
tain that tho Commission has no jurisdiction in tho matter,
and that it wholly rests with the Inter-State Commerce
Commission. Tho companies contend that to comply with
the decree they would have to appropriate tho property of
tho New York Stock Exchango for tho benefit of Fostor,
thereby destroying thoir contracts with that Exchango, con
trary to tho provisions of tho Federal Constitution, in that
they would bo deprived of their property without duo process
of law.
____
J U D G E G A R Y A R G U E S FOR “ P U B L I C I T Y .”
Using “Publicity” as the vehicle of his address as President
of tho American Iron & Steel Institute, at tho ninth
general meeting of tho Institute held at Cleveland yesterday,
ex-Judge Elbert H. Gary asserted his thorough belief in pub
licity so far as it is practicable and proper. It will not bo
questioned, said Mr. Gary, that tho great business interests
of the country have been benefited by tho chango in dispo
sition toward the public, which has becomo less distrustful
of capital and its controlling influences. It has, he asserted,
been more considerate of tho rights and claims of those en
gaged in great enterprises and less inclined to listen to tho
plea of the demagoguo. Applying the publicity idea to the
present situation in Europe, Mr. Gary questioned whother
the war would bo continued if tho masses wero fully informed
as to its results, and whether it would have even been started
if tho reasons or lack of reasons therefor had been vouchsafed
them. Respecting business conditions, Mr. Gary declared
that the business men of tho country, particularly those en
gaged in tho iron and stool trado, have reason to bo thankful
for present conditions; while he does not agree with tho state
ments that at tho close of tho war wo may expect a pro
longed continuance of the present prosperity, ho nevertheless
is of the op nion that with wiso administration, and with tho
(Vol. 101
co-operation of the State and national governments, our in
dustries will be able to recover from tho injurious effects of
tho war more rapidly than those of any other country. We
givo his remarks more at length below:
W ithin a few years, com paratively speaking, wo have listoned to tho argu
ments o f distinguished business men who insisted that if they violated no
rule o f law, if they withheld from tho public nothing which tho law positively
and affirm atively com pelled them to discloso, they wero without fault,
oven though a large portion o f tho public might be adversely affected b y a
failure to reveal inform ation which might bo received in an official or
fiduciary capacity or as tho result o f circum stances which gave to an in
dividual a decided advantage over others. M ost o f us know o f casos where
officers o f corporations havo acquired wealth b y acting for thomsolvos to
tho prejudice o f others who wero interested and wore not in a position to
protect themselves bccauso o f the lack o f publicity. Some havo doalt,
to their great advantage, in tho markets o f tho world upon advanco know l
edge o f what might bo expected as the outcom e o f conditions or facts n ot
generally known at tho time and before tho f.acts wero com m unicated oven
to the other stockholders. T hey violated no rulo o f law and. probably,
in their opinions, no rule o f moral con du ct. This is a charitable view to
ta k e .
It has in tho past been considered b y men o f probity and high standing
that private corporations, so called, as distinguished from public or quasi
public corporations, wero literally private and that tho public had no groater
right, legal or m oral, to inquire into tho affairs o f tho corporation than it
had to question the personal matters o f the individual or fam ily. Some
times tho management o f corporations, including the boards o f directors,
have withheld from tho general public facts which directly affected tho pub
lic interests, and even though no rule o f law was violated, yet widespread
harm was done. In m any casos men o f prom incnco and influence have
been totally indifferent and defiant when considering tho public welfare.
It is needless to say that, becauso o f this attitude on tho part o f soino o f
tho business men, tho wliolo fraternity has boon seriously affected and has
suffered unjustly. For a period o f years big business, so called, tho good
with tho bad, was antagonized to an extent which materially interrupted
its normal and legitimate progress; and it is believed this was occasioned in
part b y tho suspicion created from the failure to take the public into tho
confidence o f private enterprise so far as practicable and proper.
T he general public and privato Individuals havo boon in tho past too far
apart for the good o f both . Lack o f knowledge ofton breeds unnecessary
and hurtful antagonisms, and m any havo suffered evon though thoy wero
not personally at fault.
There aro from time to tim e m any facts in privato business, som e o
groat im portance, which cannot proporly bo m ade public and ought not to
bo insisted upon. All who are prosont know b y actual experience, and
every other intelligent person will rocognizo tho fa ct, that in current busi
ness affairs whore com petition is essential, there aro always a great variety
o f questions which must bo treated as privato and withheld from publica
tion in order to stim ulate business and accom plish success. This is and will
always bo the rulo, though there m ay bo exceptions in order to meot tho
exigencies o f special conditions. I f a man in business should opon every
detail to tho inspection o f all others ho m ight seriously interfere with his
own progress and benefit no ono, excopt such as might bo disposed to profit
unfairly at his expense; while, if ho declined to disclose these private m at
ters, nobody would bo injured. N either tho public nor any one excopt tho
individual person or corporation involved is entitled, on any ground, to
possess tho kind o f inform ation now under discussion. It is not necessary
to specify tho facts pertaining to individual affairs which are strictly pri
vate; any m an m ay apply tho principle to his own matters. Perhaps it is
im practicable to draw a d efinite lino between tho facts which should bo
given to tho public and thoso which m ay bo considered private; and quito
probably thero should bo an impartial public tribunal to determine; but
this is another question. “ T he pu blic” as used might com prise largo or
small numbers.
It is not practicable to dotermino a standard for publicity which is oxact
and applicable to all casos. Circum stances and conditions must bo con
sidered; but a general rulo m ay bo stated thus: Thero should bo published
whatever o f business matters tho public is logally entitled to know and also
whatever m ay affect tho public interest and m ay bo exposed without detri
ment to tho corporation or individual concerned.
Legislation or administration o f laws or any practico o f governmental
agencies that seeks to go further than tills rulo is vicious and should bo con
dem ned. I believo thoroughly in publicity, so far as it is ptacticablo and
proper. W e should not be liko owls. It should go without saying that tho
officials o f a corporation ought to keep tho stockholders prom ptly and fully
inform ed, so far as passible, without damago to its current business. T hey
havo no moral right to profit individually to the detriment o f other stock
holders as tho rosult o f inform ation officia lly obtained.
H owever, during tho present decade thero has been a pronounced chango
in tho attitude o f largo business interests concerning tho disclosure o f facts
and figures to tho gonoral public. M any now voluntarily and without tho
requirement o f law, niako regular and com ploto reports so that any ono In
terested m ay know tho results o f tho business and tho general policy o f tho
com pany; and whenover requested b y representatives o f tho press they
furnish facts in corroboration or denial o f rumors which aro considered im
portant when tho inform ation can bo given without prejudice to tho busi
ness and appears to bo o f concorn to tho public. Probably it will not now
bo denied that tho averago business man is quito disposed to bo a ccom m o
dating in this respect.
And what follow s? It will not bo questioned that tho great business in
terests o f tho country havo boon benefited by this chango in disposition
toward tho public which has becom o loss distrustful o f capital and its con
trolling influences. It has been m oro considerate o f tho rights and claims
o f thoso ongaged in great enterprises and loss inclined to listen to the plea
o f tho dem agogue. Indeed, it has patlontly and fairly heard and road all
that has been said in favor o f granting relief to any concern that sought
assistance on a fair and reasonable basis; and not infrequently, becauso o f
a public sentiment that tho request was just, it has boon granted. Included
among thaso who have seemed to chango their opinion toward tho business
interests aro multitudes o f wago earners, o f business men o f small means,
o f educators, lecturers and editors, o f tho leading thinkers, writers and pub
lic speakers o f the country. There is abundant ovidonco that at prosent
tho great general public is willing to meet half way tho individual or tho
corporation in tho determination o f ail questions that affect privato or pub
lic interests.
Is it too much to urgo that from ovory standpoint it pays tho business
man or any man possessed o f inform ation which affects tho public woal, to
discloso tho same so far as practicable and reasonable? Is It too much to
insist that publicity is tho euro for m any o f tho ills from which tho country
has been suffering In tho past? P ublicity has never done as m uch harm as
secrecy. T ho individual or tho corporation with a disposition to publish
whatover facts wero proper to bo know n, has, without m any exceptions,
<)<-T. 23 1015.1
THE CHRONICLE
boen troatod justly; while those who have boon d efian t, arrogant and se
cretive have suffered. So far as I can soo, the groat businoss men o f this
country aro, at tho present tim e, In closo contact with the public. They
aro striving to work together for tho good o f all. W o shall see great and
favorable results.
A P P R O V A L OF J I T N E Y B U S L I N E I N N E W Y O R K A N D
PR IN C IP LE S G O VE R N IN G A P P L IC A T IO N S .
Based on an opinion by Commissioner William Temple
Emmet, tho up-State Public Service Commission lias de
cided the first application for a certificate of convenience
and necessity for a jitney bus lino under thelaw passed by
tho last session of the New York Legislature. Commis
sioner Emmet’s opinion lays down in broad lines tho prin
ciples which will govern the Commission in such applica
tions, though declaring expressly that each case will be
decided on its merits. The present application, however,
that of William B. Gray, for authorization of six routes in
Now Rochelle, is characterized as one so typical as to afford
most favorable opportunity for discussion of the problem
in general. Commissioner Emmet’s opinion is of some
length, in order that future applicants may be guided by
tho pr nciples here set down. The Commission grants
certificates to four of tho six routes provided for in tho
franchise from the municipality on which tho application is
basod and refuses two others. The principles which guide
this decision are tlieso :
Tho duty o f tjio Commission to protect already established utilities
under its Jurisdiction from unnecessary com petition is ' itera te d .
It is held that tho Comm ission’s duty to tho p u b lic, entitled at least to
som e individual liberty in their clioico o f means o f transportation, should
com o beforo its duty to protect vested capital except whoro such choice
would load to com petition surely ruinous to interests which tho public
assumes to regulate.
It is recognized that, owing to recent im provem ents in autom obile con
struction and maintenance o f public highways, tho m otor bus lino rather
than tho trolley line will be the relief sought b y persons residing away from
existing trolloy linos who desire transportation facilities.
Tho four routes authorized run on the same streets with existing trolley
lines only for tho short distances necessary to roach tho Now Haven rail
road station, which, due to tho com m uting nature o f N ew R ochelle's popu
lation, is tho heart o f its urban transit system ; with this exception, tlioy
run on other streets, m any o f them not parallel to and m any som e distance
away from existing trolley lines. Tills is held not to lie com petition which
tho Comm ission should prevent, lint a healthy growth towards tho further
developm ent or the com m unity tending to aid rather than to hurt tho
existing transportation agencies. In other words, b oth “ con ven ien ces’
and “ necessity” are held to have been proven in tho caso o f tlieso routes.
Tho two routes for which certificates are refused would have run parallel
to and on tho same streets with existing trolloy lines through their entire
route, and through a territory sparsely built up b y persons o f wealth, many
o f whom maintain their own private means o f transportation. W hile it is
held that tho contention o f the applicant, that tho increased facilities pro
vided by his bus lines would help develop this territory and add to the con
venience o f its Inhabitants might have been sustained, no p ro o f was ad
d uced o f tho "necessity” o f tlieso lines and their authorization was refused.
Tho Commission refuses to pass upon tho validity o f the franchise as it
m ay lie affected by the contention o f the trolley corporation that it was irreg
ularly advertised or as to the manner in which tho action o f tho Commission
in approving som e and disapproving other routes may affect the validity
o f tin' franchise. Tho opinion confines the decision specifically to tho ques
tion o f the public convenience and necessity o f tho routes proposed and
leaves other questions to “ other tribunals.”
13 33
visions. “Therein this case differs widely from some other
applications that have been and undoubtedly will be made
to this Commission under tho new law.”
As to the position of the Commission with regard to the
prevention of undue competition with already established
utilities, Mr. Emmet continues:
That it (W estchester Electric H R .) and all other com panies sim ilarly
situated are entitled to such protection up to a certain point is a fact b e
yond any possible question. It was one o f the wise and just provisions
o f the Public Service Commission Law to vest in tho Commission requisite
authority to prevent wasteful and unprofitable com petition between p ri
vately owned enterprises engaged in any public utility field. The reasons
for doing this wero obvious. T ho people o f N ow Y ork State in their c o l
lective capacity have not as yet seen fit to engage largely in any form o f
governm ent-operated utility enterprise. Individual courage, energy, fore
sight and a willingness on the part o f private investors to risk large sums
in bringing modern conveniences within tho reach o f all m en— these have
been tho only agencies through which, speaking generally, it has hitherto
been possible for the peoplo o f the State o f New Y ork to enjoy thebenofits
attaching to such necessaries o f modern life as im proved transit, lighting,
telephonic and telegraphic facilities. Doubtless, therefore when it passed
the Public Service Comm issions Law , the Legislature includod am ong its
provisions the one we aro discussing very largely from a sense o f fairness
to the private interests already engaged in these fields o f work.
N ow , the railroad com pany contends, with undoubted sincerity, that
both itself and the public will suffer seriously from the threatened com pe
tition o f M r. G ray’s proposed m otor bus lines. T he Comm ission has list
ened to that argument with all tho sym pathy which naturally attaches to
tho belief we entertain that the Legislature acted wisely in including in tho
Public Service Commissions Law the provision upon which tho railroad
com pany here relies. W e are unable to agree with the railroad com p any,
how ever, as to what our d u ty is in this particular case. So far as R outes
N os. 1 ,2 4 and 6 on M r. G ray’s plan are concerned, it appears perfectly
plain to us that it would be a gross abuse o f power for us to forbid the esta b
lishment o f these^routes. * * * It was not tho intention o f the Legisla
ture to prevent a ll com petition. A nd certainly it was not intended either
to place tho PublicJService Comm issions in tho position o f apparently pre
venting the p eop loiof any locality from enjoying, to the fullest extent co n
sistent with the general good , all new im provem ents and conveniences
as fast as these m ight appear.
T he “ com petition” in the caso o f these routes is o f a vastly different
kind from that straight-out com petition between tw o services substan
tially similar in kind and value, which wo think the Legislature had in
mind when it directed us under certain conditions to apply the brakes to
such com petition in the same territory. * * * W e are unable to accept
tho view that, merely because it is now possible for those peoplo b y walking
a certain distance to use the trolley, they should forever be debarred from
the benefits o f m ore imm ediate and convenient transportation.
Speaking of the effect of this case on future applications
to the Commission, Mr. Emmet’s opinion has the following
to say:
Hroadly speaking, what must guide the Comm ission in ad such cases is
an enlightened view o f what will best, in the long run, serve the public at
large. Such other duties as we m ay liavo in this connection— such a d u ty,
for instanco, as that o f protecting existing investments, under certain cir
cumstances, against com petition— must bo regarded as subordinate to
our prim ary duty to the p ublic, if (as m ay sometimes happen) these duties
should appear to clash. But wo aro inclined to think that real con flict
between these tw o apparently divergent responsibilities will occur very
much less frequently than it might at first blush bo expected to . In the
last analysis, the protection o f investments whichhave already been m ade
in public utility enterprises in good faith, will be seen to harmonize pretty
well with the idea that tho public ought always get the benefit o f the very
best there is in tho way o f transportation and other similar facilities. The
best there is, in m ost cases, can probably be m ost certainly achioved through
the policy o f protecting our well managed public service corporations from
tho sort o f com petition that in tho end leads to tho bankruptcy o f both
com petitors to the ultimate injury o f tho public itself.
Tn speaking of tho present application Commissioner
T H E H O S T IL E T E N D E N C I E S OF T IIE
T IM E S
Emmet compliments the city authorities and the applicant
A N D M E T H O D S FOR C H E C K I N G T H E M .
on tho caro they liavo taken in submitting their plan and in
Reference to the increased agitation throughout the
surrounding it with safeguards for tho public good.
“ In passing upon Mr. Gray’s application for a franchise,” world, and the means of checking some of the tendencies of
says tho opinion, “tho Mayor and Common Council of tho tho times, was made by Elbert II. Gary, Chairman of tho
City of Now Rochello seem to liavo taken every proper pre Board of tho United States Steel Corporation, in an address
caution against casual or fly-by-night methods creeping delivered at Lafayette College at Easton, Pa., on the 20th
into tho operation of tho now system.” Tho provisions of inst. Mr. Gary declared that one way, and perhaps the
tho franchise for these linos, which Commissioner Emmet only way, of preventing the advance to tho danger point
mentions as “designed to bo of benefit to tho local traveling of tlieso tendencies is for the employer to remove all causes
public,” aro that tho busses shall scat from ton to sovontoen for reasonable complaint, thereby making it difficult for the
porsons; that tlioy shall bo of tho “pay-as-you-enter” typo; agitator to accomplish much headway in his effort to create
that they shall liavo pneumatic tires; that they shall be kept prejudice and hostility. Mr. Gary’s remarks were made at
in good condition and that all passengers sha 1 liavo seats; the oxercises incident to the induction into office of Dr. John
that tho faro for any continuous rido on any routo shall bo IT. MacCracken as the new President of the College. Air.
part:
five conts; that children under fivo years of ago and Gary said innoticeable and perhaps temporarily interrupted by the con
Though less
policemen and firemen on duty shall bo carried free; that flagration ol Europe, which has diverted the attention and ordinary pur
busses shall run on at least a twenty-minute schedule from suits o f so m any, there lias been, for m any years, an increasing agitation
the United States,
favor
certain
6:30 a. m. to 1:30 a. m.; that tho franchise shall expire in ten “throughout the w orld, including the very foundations inf economoicf justice.
isms” which
sap
o
years; that 3% of the gross earnings shall be paid quarterly These vicious are calculated totaken different form s in different places, have
doctrines have
to tho city; that a bond shall be given to insure prompt pay been m any times subdivided in name at least, and the agitation relating to
has been much
in some
others; but the
ment of tiiis and othor obligations; that tho busses shall stop thembeen the same. greaterincreased places than inthe distribution opurpose
has
W
facilities for
f infor
upon signal at tho near sido of street crossings, and shall be mation and with special ith on the part o f would-be leaders whoso motives
effort
subject to present and future traffic regulations of tho city, are questionable, the m ovem ent has assumed threatening proportions and
lias excited the deepest
if not
fears, o f
and that tho franchise shall be forfeited in tho ovent of tho the truest patriots o f theinterest,Carried the its logical the best thinkers and
to
conclusion, it attacks
insolvency of tho holder or of failure to operate tho system oven civilization itself. d a y.
in accordance with tho terms of tho franchise.
Kor tlie purpose o f briefly discussing the subject, the people o f this cou ntry
“Every effort, consistent with giving the now company at least m ay be divided into three general groups.
T hose who advocate the forcible distribution o f the property o f others
a clianco for its life, has been inado to insure good sorvico to without offering any equivalent; those who are designated capitalists, and
tho peoplo of New Rochello,” says Mr. Emmet of tlieso pro- ’ others com prising the large m ajority who should and must eventually solve
THE CHRONICLE
1334
these questions on the basis of universal and eternal justice. This basis
furnishes the panacea for most of the controversies of tho world.
M a n y of tho leaders of tho first-mentioned group are self-appointed and,
are bad at heart. Their claim Is that property Is not equitably divided;
that even though it m ay have honestly been acquired by one as tho result
o f education, industry, natural ability and economy, whilo poverty on the
part of another has resulted from ignorance, stupidity and profligacy,
yet the latter is, nevertheless, entitled to share with tho former. Their
arguments are specious and more or less effective, but their logic is really
‘ ‘club logic.” They appeal to the grosser natures of m en. They find ready
and enthusiastic listeners and oftentimes in considerable numbers. The
large majority o f the followers of these leaders m ay have good inclinations,
but are groping about for a solution o f tho problems of life which confront
them , they see wealth, ostentation, extravagance and sometimes abuse
o f privilege and power, and they are easily converted to tho dictum that
there is something wrong in the world: that there is an unequal division
o f wealth; that the Alm ighty intended the bounties o f nature to be equally
distributed amongst tho people o f the earth regardless o f individual effort
or m erit.
W hatever our individual notions m ay bo concerning the “ isms” now in
m ind, I think wo must admit they have been growing in importance and
that there is a possibility of their increasing to perilous proportions, involv
ing the national Government itself.
These hints have not been intended to sound a note o f alarm .
I am an
optim ist, with all tho term implies, having a firm belief In tho stability and
permanence of tho Government of this country. M oreover, I believe it is
only a question of timo when efforts in behalf o f these propagandas will be
a thing o f the past, provided tho subject is treated sensibly and fairly by
those who oppose them.
It is believed the dogmas have received more or less encouragement in
a few institutions of learning and perhaps in some so-called religious bodies
in this country and other countries. I f this be true it is unfortunate and
inexcusable. The support o f a bad cause under the guise o f education or
religious teaching is harmful in the extreme. It is a travesty on m orality.
The efforts of those engaged in these practices have been harmful and
should be combated in every fair and reasonable w ay.
Because I concede it to bo my du ty, as it is m y pleasure, I will mention
the other group, those who are possessed of moro or less capital and with
whom aro connected the fraternity known as the business m en. They are
vitally interested in the solution of the problems which have been particu
larly referred to. They m ay also be teachers o f m en, by example, at least.
I f not, certainly m any o f them are not entitled to tho honorary degrees
which are occasionally bestowed upon them by the great educational
institutions.
The time is ripo for tho introduction into business methods o f high ideals:
and this has been recognized by a large m ajority of tho business men of tho
United States. They m ust admit that in the past they have not always
been just in tholr treatment o f others. Thoy have been selfish and arrogant.
They have occasionally given good ground for complaint. It is not certain
that business men’ havc always treated their employees exactly right. I
am not sure that employees havo always been paid adequato compensation
for their services. If it bo said employers have paid as much as their busi
ness would afford, the answer is tho producer should have charged moro
for his commodities and the general purchasing public should have shared
tho burden o f increased wages. Tho m ajor part of the working men are
conscionable and rational and if fairly treated aro disposed to reciprocate.
The average employer of tho day is giving thought and consideration as
nover before to tho interests and welfare of the employeo and tho wages
which should bo paid. In fact, it will be conceded that, in m any ways,
the peoplo generally who aro possessed of means voluntarily and with
gratification to themselves aro contributing liberally to those who are less
fortunate or in greater need. In considering this question it is o f first im
portance to determine not alone what another needs, but also what he de
serves— wbat ho is entitled to. T h e men who, by their daily conversation
and conduct demonstrate that they are disposed to bo generous and just
toward others, will do much toward overcoming the evil tendencies o f the
ago which havo been alluded to.
Somo o f tho tendencies of the times aro vicious and dangerous to socioty
and to civilization. Unchecked they m ay imperil property and life and
even national Government. T h ey havo received somo aid from those who
should devote their time and attention to better things.
But in this country, and probably in other countries, tho growth and
spread o f those obnoxious proclivities will bo checked; first, beeauso o f the
elimination by tho representatives of capital o f all grounds for just com
plaint; second, as the result o f what is taught by great and worthy colleges
and universities and other kindred institutions, and by wise and good m en,
who are persuasivo beeauso thoy advocato what is right and condemn what
is wrong; and third, for the reason that tho large m ajority o f tho people
aro intelligent and honest and fair and will always sooner or lator properly
settle all questions, however difficult or imminent.
II.
P.
W ILLIS
ON
N E G L E C T E D F E A T U R E S OF
RESERVE A C T .
THE
“ Some Neglected Features of tho Federal Reserve A c t”
were discussed by H . P . Willis, Secretary of tho Federal
Roservo Board, before tho Now York Chapter of the Ameri
can Institute of Banking last Wednesday night. M r. Willis
touched particularly on tho question of rates of discount as
affected by the establishment of the Reservo banks at dif
ferent points throughout tho country, calling attention to
tho conditions under which financial leadership could bo se
cured from the Iteservo banks and tho various obstacles to
such leadership that wero likely to bo encountered. He
gave considerable attention to uniformity in rates of discount
emphasizing the difficulty of securing such uniformity in a
country whoso industries aro so widely varied as tho United
States, and in which the distribution of capital is so far from
uniform. This led to a discussion of tho extent to which it
m ay reasonably be expected that the Reserve system will
succeed in conducting its operations solely through mombor banks, tho discussion involving a consideration of tho
probabilities of Stato bank membership and of increase of
direct discounts for members.
Tho problem of earnings and oxpenses of Reserve banks
and the question how far tho banks have succeeded in devel
[Vol. 101
oping remunerative channels of business through tho opera
tions thus far open to them, was considered, and tho speaker
undertook to defino the proper function of tho Reservo bank,
showing that as a Reservo institution its duty must bo at all
times to preserve tho liquid character of its assets, all other
considerations being secondary in importance.
M r . Willis turned from the scope of tho operations of
Federal Reserve banks at tho present timo to a discussion of
their probable scope in the futuro and explained tho nature of
some of the rulings of tho Federal Reservo Board in connec
tion therewith. Ho took tho view that Reserve banks in
order to be of the greatest service to their customers must be
regularly dealt with by thorn, and that this involved tho regu
lar use of the deposit accounts of tho member banks with tho
Reserve banks, and the free flow of funds from member
banks into the reserve institutions. This use of Federal
Reservo banks, it was claimed, could bo secured only through
making tho reservo deposits of the banks readily available
and readily able to carry tho load which has been sustained
by the reserves of correspondent banks in tho past. The
question, how this could bo accomplished, led up to a con
sideration of somo of tho features of tho present clearing
system. M r . Willis recognized tho effective work that has
been done by Reservo banks up to dato in standardizing
paper, in explaining tho functions of the Roservo banks to
members and in beginning tho popularization of tho system.
H e pointed out, however, that thoro is still an enormous
amount of work to bo done before tho dovolopment of tho
systom can bo considered anything like complote. This
work, ho said, must essentially depend upon and bo dono by
the members of tho systom. Up to dato most of what has
been accomplished is in tho nature of foundation work.
Tho characteristics of the reserve system, as a whole, would
bo determined by tho member banks themselves and it is
essentially their function to make the working of tho systom
effective and successful.
Tho meeting was also addressed by J. A . Seaborg of the
Bankers Trust C o ., President of Now York Chapter, and
Romaino A . Philpot, of hazard Freres, Chairman of tho
Forum Section.
W . McC.
M A R T I N OF ST. L O U I S O N R E D I S C O U N T
F A C IL IT IE S A N D M ETH ODS.
Discussing tho rediscounting systom of tho Federal Re
servo banks, William M c C . Martin of St. Louis declared
on the 13th inst. that as a result of tho inauguration of tho
system “ it would seem that even if tho rato of interest
banks charge their customers should bo gradually reduced, tho
loss on bad loans will bo so much moro reduced that at tho
end of tho year tho banks should show considorablo increased
profit.” M r. M artin, who is Chairman of tho Board of tho
St. Louis Federal Reservo Bank, dilated upon “ Rediscount
Facilities and Methods” at tho annual convention of tho
Indiana Bankers’ Association on tho 13th. Tho following
is taken from his speech:
Thero aro at present twelvo Federal Reserve banks, and they set tho re
discount rates for their respective districts, subject to the approval of tho
Federal Iteservo Board. This tends to a uniform rediscount rato through
out tho country, and at tho present time there is very llttlo difference in
tho rediscount rates established for the different maturities by tho twelvo
banks.
Under our old banking system , each bank stood alono, linked, as it wero,
to tho other banks o f tho country by a chain of reserves, o f such a kind that
a blow to a singlo link at any placo In tho chain sot tho wholo chain to
vibrating. Tho banks wero linked together in such a way that tho bond of
union was an element o f danger rather than an element of strength. Tho
local bank, standing alono, not certain of getting help from other banks,
charged such rates as it thought wiso, from tho viewpoint of local conditions,
and being uncertain o f outside help, human naturo helped to mako such rates
as much as tho bank could get. Tho result was that tho business man bor
rowed at rates dictated by a local condition, and had to sell at market prices
set by tho needs o f the country as a wholo. Ono business m an m ight havo
to pay a largo Interest rato and sell at a low price, while another ono, lo
cated in another section o f tho country, might havo been able to borrow at
a much lower interest rato and still got tho samo price for his product.
N ow , whon banks that are members of tho Federal Reserve systom know,
from tho published rates sent out by tho Federal Reserve bank, what it will
cost them to rediscount loans, and aro certain that thoy can rediscount if
tho loans aro good, it seems to m e that thoy can afford to, and will in timo,
lend money at a lower rato than thoy felt justified in doing under tho old
systom . Then, again, tho business m an, by reading tho papers, cant
what the rediscount rato is and bo in a bottor position to judgo whether
or not ho is being charged a reasonable rato on Ills loan. Ilowovor, it
does not follow necessarily that tho customer should expect tho local bank
to lend him at tho rediscount rato set by tho Federal Itosorvo bank of its
district. Such rates m ust bo established, to a certain extent, at least,
by local conditions, but it would seem that, if the business man is a good
credit risk, ho should bo able to oxpect to borrow money at a rato in somo
proportion to tho rediscount rato.
Tho fact that a member bank can rediscount its commercial paper with
tho Federal Reservo bank moans that tho local bank will take caro o f tho
local borrowers. Heretofore, it has been tho custom for a business man to
go to somo center liko Indianapolis and buy his goods. Tho manufacturer
or wholesaler has sold him on open account, perhaps allowing him
%
discount for paym ent in ten days. Tho result lias been that tho wholo-
2
Oct. 23 1915.]
1335
THE CHRONICLE
saler in this city has had on his books a great m any open accounts, and has
had to go to his bank and borrow the money to carry them . IIo has had to
shoulder the entire burden. Under the presont systom , tho buyer, who per
haps comes from some smaller town, can go to his local bank, and if his
business is a safe one, should bo able to borrow the cash to pay for tho
goods and got tho benefit of tho 2 % discount. Tills will mean quite a
good deal of saving to him . I f tho buyer docs not wish to borrow tho
money at home, it would seen that tho manufacturer would find it good
business to get Ills customer to givo a note payable in thirty, sixty or ninety
days. Heretofore, such a note, or rather the turning of an open account
into a bills receivable, was pretty fair evidence that tho borrower’s account
was not any too profitable. N ow , a wholesaler can take such a noto of
a good customer and, by endorsing It, take it to his local bank and uso it
to borrow money, his local bank being protected by both the financial con
dition of tho buyer and tho seller, and knowing further that it can turn such
a noto into cash the minute it desires to do so. In brief, tho burden can bo
distributed between the buyer and tho seller, and not entirely borne by
tho seller. It would seein tho part o f good business for sellers to chango
from tho open account method to the noto method as rapidly as possible.
U N I T E D S T A T E S BOND PU RC H ASE S B Y F E D E R A L
R E S E R V E B A N K S TO B E M A D E Q U A R T E R L Y .
Undor an announcement made by tho Federal Reserve
Board on the 19th inst. the Federal Reserve banks will bo
relieved of paying out at one time the entiro 825,000,000
in the purchase of Government bonds from tho national
banks. The Board has decided that tliero shall bo four
quarterly purchases of tho bonds. The following is tho
resolution which it has adopted in the matter:
Resolved , T h at until further notice, in requiring Fedoral Reserve banks to
purchaso United States bonds offered for salo by member banks undor tho
provisions o f Section 18, tho Federal Reservo Board will not allot to any
ono Federal Reserve bank in any ono quarter inoro than one-fourth o f its
pro rata share of tho bonds to bo purchased during tho calendar year under
tho provisions of this soction.
DIR E C T O R OF R I C H M O N D F E D E R A L R E S E R V E B A N K
ELECTED.
Colonel Honry B . W ilcox, President of tho First National
Bank of Baltimore has been chosen a mombor of the board
of directors of tho Federal Resorvo Bank of Richmond.
Col. Wilcox succeeds Waldo Newcomer, President of tho
National Exchange Bank of Baltimore, who asked to bo
rolioved of tho directorship because of the pressuro of other
business.
____________________________
corporation and organization of banks nor under the Trust Com pany A ct
itself, but under tho national banking law.
“ I am o f tho opinion, thcreforo, th at, notwithstanding tho fact that
national banks aro only authorized to do a trust business by tho Federal
lteservo statuto enacted by Congress since tho passago o f tho State Trust
C om pany A c t. they aro nevertheless not prohibited by said Trust C om pany
A ct from exercising the powers conferred upon them by tho Federal Reserve
A ct because not included in tho provisions o f said trust com pany law.
“ Very respectfully yours,
(Signed) “ G E O . M . B R O W N , Attorney-General."
SOUTH D A K O T A B A N K S CONTEST R EQ U IR EM EN TS
AF FE C T IN G SURPLUS.
Proceedings against tho South Dakota Banking Depart
ment have been instituted at Sioux Falls, S. D ., as a result
of an order of tho Department requiring all State banks to.
deposit at least 5 0 % of their surplus with the State institu
tions in depository cities designated by the Department.
Counsel for the four national banks of Sioux Falls, who
brought the suit, has applied to the State Circuit Court for
an injunction to restrain the State Banking Department
from enforcing its order. It is stated that over 100 banks in
South Dakota aro interested in tho action. The bankers
contend that the order is detrimental to tho banking and
business interests of the State. A committee of bankers
which was appointed at Pierre on Sept. 17 to investigate
the order, recommended in its report that the decree be
resisted in every legitimate manner. This report was
adopted at a meeting of bankers recently held at Mitchell.
A R G U M E N T I N F A V O R OF P U T T I N G I N T O I M M E D I
A T E O P E R A T I O N T H E C O M P L E T E R E S E R V E PRO
V I S I O N S OF T H E F E D E R A L R E S E R V E A C T .
(B y G E O R G E J. S E A Y , Governor o f Federal Reserve Bank o f
Richmond.)
T H E R E S E R V E S IT U A T IO N .
Comptroller’s Abstract, M a y 1 1915.
,
D E P O S IT S R E Q U I R I N G R E S E R V E .
Central Reserve Banks___________________________________________ $2,03 2 ,0 0 0 ,0 0 0 ■
Reserve C ity B anks_____________________________________________ 2,0 3 5 ,0 0 0 ,0 0 0
Country B anks__________________________________________________ 3 ,1 3 0 ,0 0 0 ,0 0 0
T o ta l.............................................................................................................$7,1 9 7 ,0 0 0 ,0 0 0 '
E L I G I B I L I T Y OF N A T I O N A L B A N K S I N
A C T AS TRUSTEE.
OREGON TO
An opinion to tho effect that national banks in Orogon
aro not prohibited under tho Trust Company Act of tho
State from exercising tho trust powers conferred upon them
undor tho Fedoral Resorvo Act is sot out in the October numbor of tho Federal Reserve Bulletin. W o quoto tho same
herewith:
Reserves Noto Held.
Total Held in
In Federal Vaults & Fed
In Vault. Reserve Banks eral Reserve
Banks.
$
S
Central Reserve
Cities________ 356.978.000 154,415.000
Reserve Cities__ 173.049.000 65.475.000
Country Banks.. 209.110.000 74.848.000
S
511.393.000
238.524.000 294.314.000
283.958.000 454.382.000
S
511.393.000
532.838.000
738.340.000
N ew Reserves Required under Full Operation o f the A ct.
Central Reserve
Cities 6-18----- 121.925.000 a142,246,000
Optional 5-18___ 101.604.000
“ Dear Sir— I liavo your favor o f tho 6
th in st., inclosing lottcr o f M r .
Res’ve Cities 5-15 101.769.000 6122,123,000
C . II. Abercrombie, attorney for tho Security Savings & T rust C o. o f Optional 4-15----- 81.415.000
CountryBks. 4-12 127.876.000 cl59,845.000
Portland, Oro., togothor with circular o f tho Federal Reservo Board, and
Optional 3-12___ 95.907.000
"Salem, March 19 1915.
"M r . S. O. Sargent, Superintendent o f Ranks, Capitol Building:
Total
Reserve
Held.
739,137.000 294,738,000 1,033,875,000'748,696,000 1,782,571,000
T h e following opinion, relating to tho eligibility o f national banks located
in Orogon to act as trustee, executor, administrator and registrar o f stocks
and bonds, as provided by Section 11 (k) o f tho Federal Resorvo A c t, has
been rendered by tho Attorney-General o f Oregon:
opinion of this office to you o f N o v . 4 1914, all o f which I return herewith.
“ Answering tho inquiry contained in M r. Abercrombie's letter to which
you ask an answer, whether national banks aro required to deposit tho
bonds required o f trust companies before thoy are permitted to act as fiscal
or transfer agent, esocutor, administrator, trustco, & c ., as authorized by
tho Federal Reserve A c t, I beg to say it dopends upon tho construction to bo
given to Ohaptor 351 of tho Goneral Laws o f Oregon of 1913, known as tho
Trust Company A ct.
Unless national banks aro prevented by said chapter
from transacting a trust business, thero is no other Stato law which would
interfere with their doing so.
“ T h e Fedoral R cscrvo Act provides:
“ Sec. 11 • Tho Federal Reserve Board shall bo authorized and empowered:
" ( k ) T o grant by special permit to national banks applying therefor,
when not in contravention of Stato or local law, tho right to act as trustoo,
executor, administrator, or registrar of stocks and bonds, under such rules
and regulations as tho said Board m ay prescribe.
“ It Is therefore clear that unless prevented by said Chapter 354, Laws of
Oregon, 1913, national banks m ay transact tho business abovo mentioned
so far as tho State laws are concerned.
“ In tho case of tho Pacific 'litlo & Trust C o . vs. Sargont, 144 Pacific
Reporter, 4 52, said chapter was construed as to what companies aro in
cluded within its purview, and at page 455 tho Court, speaking by M r .
Justice Burnett, uses tho following language:
" ‘ In Section 2 quoted abovo thero aro two classes o f corporations which
aro to bo known as trust companies. Ono is a bank Incorporated under tho
aws o f tho Stato providing for “ tho Incorporation and organization of
b a n k s," which is authorized by its charter to act in certain fiduciary
capacities named in tho A ct: and the other is a corporation organized under
Section 1 o f tho Act in question. Such corporations alone aro subject to
tho provisions of tho A ct under tho principle o f the mention o f ono being
tho exclusion of the other. In other words, tho A ct concerns only those
corporations defined by its own term s.
* * * i t was within tlio
province o f tho Legislature to supply a definition o f the term “ trust com
pany” for tho purposes o f tho A c t, and it has dono so in Section 2, thus
limiting tho appellation to two certain classes o f corporations, to neither of
which tho plaintiffs belong. This being a penal statuto subject to strict
construction, it cannot bo extended beyond its express term s.’ * * *
“ It will bo scon from tho abovo quotation that tho Trust C om pany A ct
does not apply to national banking associations, inasmuch as they aro not
neorporated under tho laws of tho Stato o f Oregon providing for tho in
$
Balances
with
Agents.
365,775,000
305,307,000
383,628,000
630,496,000 424,214,000 1,054,710,000
1,054,710,000
Amount of member bank balances which would be eliminated from
reserves If the Act were put Into immediate and full operation---------$727,861,000
a 7 -1 8 .
b 6 -1 5 .
c 5-12.
Thero is now afforded tho best opportunity this country has ever had
and, so far as human foresight can determine, in tho light o f experience,
tho best opportunity it can ever hope to have to complete tho regeneration
o f its banking system .
.
M oreover, if undertaken now, no risk will bo Incurred, bu t, on the con
trary, there will bo put into action the m ost effective means within our
command to correct a situation which, by almost common consent among
experienced bankers, contains a growing menace, and from which we can
hardly otherwise hope to emergo without a repetition of some of tho evils
which have been tho outcome o f similar situations in times past.
Tho enormous and continually piling up bank reserves under the com
bined effect o f tho new system , and tho overlapping operation o f the old,
afford a supply of credit far beyond any sum ever before made available
in this country. Hum an nature has never heretofore been able ro resist
using too abundant bank resources for speculation and inflation, and we
cannot reasonably expect it to resist the present opportunity, even under
the restraining influences o f present world conditions.
A s a direct result of the Federal Reserve A ct, in its first period o f opera
tion, tho volume of credit which tho banks could legally grant, based upon
tho reserves held, was enormously increased at a time when an Increase
was needed as never before.
The subsequent growth o f these reserves to such a remarkable extent
has been duo to causes well understood; but it should not be overlooked
that this growth Is being to some considerable degree augmented by the
continued operation o f that provision o f tho A c t which diminished the
percentag
* 'reserves required to be held.
■
I f tho A ''‘ were to be put in full operation at the present tim e, or if within
a little more than two years from now the A ct should go into full operation,
under conditions similar to those now existing, the effoct will be to diminish
tho legal reserves by an amount greater than tho amount o f tho reserves
released at the Inauguration o f tho system , and thus correct in a great
measure a condition o f superabundant reserves temporarily brought about
by operation o f the A c t.
1336
THE CHRONICLE
Tho provisions o f the A ct governing the transfer o f additional reserves
to the Federal Keserve banks at recurring periods within tho two years
will alter the whole reserve position but very slightly, so long as balances
remaining with reserve agents during that period are allowed to count
as legal reserve. T h e amounts Involved in each transfer aro relatively too
sm all to have appreciable effect. T o illustrate: The present reserves
required are as follows (Table N o . 1):
Reserves
Held.
Central reserve cities............. $ 5 1 1 ,39 3,00 0
Reservo cities............................
5 3 2 ,838 ,000
C ountry banks-----------------------738,3 4 0 ,0 0 0
Reserves
Required.
Excess.
$ 3 65 ,77 5,00 0 $ 1 46 ,31 8,00 0
305,3 0 7 ,0 0 0 2 2 6 ,8 1 1 ,0 0 0
3 8 3,628 ,000 354 ,7 3 2 ,0 0 0
$ 1 ,7 8 2 ,5 7 1 ,0 0 0 $1,054,7 1 0 ,0 0 0 $ 7 27 ,86 1,00 0
(B y reference to the table with which this article commences, it will be
seen that the entire excess o f reserves consists o f “ balances with agen ts.” )
T h e additional transfers to reserve banks required at intervals o f six
months are as follows:
Reserve city banks—
N o v . 16 1915— 1 -1 5 ..................................................................................$ 2 0 ,3 5 2 ,0 0 0
M a y 16 1 9 1 6 - 1 - 1 5 .............................................. ................................... 2 0 ,3 5 2 ,0 0 0
2 0 ,352,000
N o v . 16 1916— 1 -1 5 ....................................... ..........................................
(Leaving 3-15 with agents which m ay count as rese r v e ).. $ 6 1,056 ,000
Country banks—
N o v . 16 1 9 1 5 - 1 - 1 2 ......................... ......................... ...............................$ 3 2 ,208 ,000
M a y 16 1 9 1 6 - 1 - 1 2 . ................................................. ..............................
32,2 0 8 ,0 0 0
N o v . 16 1 9 1 6 - 1 - 1 2 .................................................................................. 32,2 0 8 ,0 0 0
(Leaving 2-12 with agents which m ay count as roservo). $96,6 2 4 ,0 0 0
T otal amount required to be transferred by N o v . 16 1916____ $ 1 5 7 ,68 0,00 0
T h e amount now held on deposit with agents amounts to ____ $ 7 48 ,00 0,00 0
Should the am ount required for transfer be withdrawn from agents
there would remain $ 5 9 0 ,0 0 0 ,0 0 0 , which for twelve m onths longer— com
pleting the three-year period of tho A c t— would be counted as reservo,
after which tim e it would bo deprived of tho reservo quality.
Thoreforo, it is the elimination o f balances with agents from “ legal re
serves” which will work tho transformation at the end o f tho two-year
period from this date, and give for the first tim e a sound reserve system .
The creation o f reserves out o f these balances b y tho old law, and their
entire elimination as reserves b y operation o f tho A c t, thus correcting an
unsound condition, afford a graphic illustration o f tho creative and destruc
tive powers o f tho law . Experience with tho old law has abundantly
demonstrated tho dangers which inevitably follow the enactment into law
o f such arbitrary provisions when they aro not based upon sound economic
principles.
It is too easily forgotten that these balances have always been gravely
acking in tho q uality of real resorves at every tim e o f crisis.
Tables N o s. 15 and 17, appended hereto, and those previously given,
illustrate the eliminating process and give tho resulting condition.
W hile the am ount o f reserves “ released” at the inauguration o f the sys
tem was about $ 4 5 0 ,0 0 0 ,0 0 0 , tho amount which will be eliminated when the
A c t goes into full operation will be about $ 7 2 7 ,0 0 0 ,0 0 0 — tho calculations
being based upon existing conditions. For illustration, refer to the state
m ent heading the argument.
I f tho partial compensation o f increased resorves in Federal Reserve
banks is taken into account, the amount o f eliminated reserves will be re
duced to about $ 5 9 8 ,0 0 0 ,0 0 0 (Table N o . 17).
If, therefore, within the next tw o years, bank loans should bccomo ex
panded in any measure approximating the lim it possible upon the present
basis o f reserves, in which process tho excess balances now with agents
would become a part of tho required reserve, the contraction which will be
brought about by putting tho A c t into complete operation— if it can then
bo put in operation— cannot fail to produce a convulsion.
If upon top of this, as the end o f the period approaches, and in the event
o f tho ending o f the war, tho other nations take measures— which they un
doubtedly will then be able to take— to recover the gold which they have
been compelled to send us, and which they will bo needing badly to put
their own financial houses in order, tho situation will be still more gravely
complicated. Th is subject will be treated more extensively further on.
Since both o f these eventualities aro to be seriously reckoned with, it
becomes a m atter o f very grave consequenco to consider whether tho Act
should bo at once amended so as to enable all o f its reserve provisions to
be put Into im m ediate effect while it can be done with ease and benefit.
It Is almost certain that when tho tim e approaches to put the A ct in oper
ation, given conditions of inflation or oven legitimate absorption o f surplus
reserves on a largo scale, opposition to it will arise, becauso o f tho contrac
tion which m ust ensue; and that fact will bo a powerful argument to post
pone, if not defeat, the completion o f tho A ct.
Tho sound credit and reserve provisions were put in the A ct only after
m any years o f preparation and effort and against all kinds o f opposition.
T o have to compromise now upon any important principle, after victory
has been won, would bo a calam ity.
Since tho argument was written it has been reported that at the recent
convention o f the Am erican Bankers’ Association a resolution, approved
by tho Adm inistrative Council, was subm itted and passed advocating the
attem pt to procure an am endm ent to Section 19 o f tho A c t to permit coun
try banks to keep “ 4 % o f their reserve with any national bank in a reserve
or central roservo city— .”
If this means a reserve o f 4 % on tho am ount o f their deposits— as it was
doubtless intended to mean— it would be a sum o f ono-third greater than
the "option al reserve” required to be held under tho A c t, and would in
volve $ 1 2 8 ,0 0 0 ,0 0 0 if calculated upon present deposits.
Such a provision would be a dangerous weakening o f reserves, especially
when coming upon top o f tho reduced requirements, and would be a sacri
fice o f the principle o f the A c t and bring discredit upon the system.
It would also bo a decided stop towards that inflation o f which m any bank
ers havo already accused the A c t.
Th e passago of this resolution will serve to illustrate the dangers the Act
will Inevitably have to run while going through its various stages o f devel
opm ent. A t each change opposition o f som e character is likely to arise.
A t tho tim e the Federal Reserve banks were launched it would have been
impossible, without disaster, to m ake the adjustments required to put tho
A c t into full operation.
Tho amount o f cash held by the banks was then short of actual require
ments by $ 1 3 4 ,0 0 0 ,0 0 0 , and tho am ount which would have been required
to make the adjustm ents back and forth between reserve and central reserve
and country banks— as illustrated in Table N o . 13— would havo caused a
much heavier deficiency before final adjustm ents could have boon accom
plished, and no reserves would havo boon released.
Rediscounting, of
courso, could havo been rosorted to In order to mako up the deficiency in
cash, but severe disturbance would have followed in any event.
Conditions now aro radically different, and tho argument illustrated by
tho tables attached is offered to show that the A ct can now bo put In full
1
[VOL. 101
operation with far greater facility than that with which tho initial trans
fers were accomplished.
T o illustrate tho extent to which the A c t in its present chrysalis stago Is
responsible for existing huge legal bank reserves, it Is highly illuminating
to examine Into what would be tho resorves under tho old law. This is
shown in the appended Table N o . 18, which Is ropoatcd here:
Table N o. 18.
Showing W hat W ould Be tho A m ount of Reserves Required under tho Old
Law and the Proportion o f the Am ount N ow H eld W hich
Could Be Counted as Legal Reserve.
Cent. Res've Cities.
Reserve Cities.
Country Banks.
R es’ ve required 2 5 % -$ 5 0 8 ,0 0 0 ,0 0 0 2 5 % -$ 5 0 0 ,0 0 0 ,0 0 0 1 5 % -$ 4 4 3 ,3 0 0 ,0 0 0
Legal resorve..
5 1 1 ,3 9 6 ,0 0 0
4 9 2 .5 4 6 ,0 0 0
558,4 1 8 ,0 0 0
D e /.$ 3 ,3 9 6 ,0 0 0
$7,4 5 4 ,0 0 0
Excess----------N et excess--------------------------------------------------------------------------Excess bals. with agents, not allowed to count as reserve—
Reserve cities----------------------------------------------------------------Country banks. . ...................... ........................ .....................
$ 1 1 5 ,11 8,00 0
111,060 ,000
3 7 ,0 0 0 ,0 0 0
187,800 ,000
Excess reserves under present la w .'._____________ ______
$727 ,8 6 1 ,0 0 0
Difference between old and new reserves_______________
$ 6 16 ,80 1,00 0
It is interesting to compare tho above statem ent with the condition o f
tho banks on O ct. 31 1914, just prior to the opening o f the Reserve banks:
Statement showing the Reserve Condition o f N ational Banks O ct. 31 1914.
Central Res've Cities.
Reserve required----------$ 4 1 1 ,25 5,00 0
Roserve held---------------- 4 0 9 ,2 0 4 ,0 0 0
Reserve Cities.
Country Banks.
$ 4 84 ,08 3,00 0
455 ,6 1 9 ,0 0 0
$537 ,9 1 0 ,0 0 0
5 7 6 ,484 ,000
Excess or d e f i c i t ...D e /.$ 2 ,051,0 0 0
D e /.$ 2 8 ,4 6 4 ,0 0 0 &rcesa$38,574,000
N ot excess----------------------------------------------------------------------------8 .0 5 9 ,0 0 0
Excess bals. with agents, not allowed to count as resorve—
Country banks----------------------------------------------------------------111,420 ,000
Tho Roservo city banks held an excess in cash o f________
2 0 ,5 2 0 ,0 0 0
But wero short in their reserve with agents_______________
4 8 ,9 8 4 ,0 0 0
M akin g the net shortage in reserve, as a bovo____________
28,4 6 4 ,0 0 0
It is reasonably clear upon tho face o f things that tho A c t could now be
put into com plete operation without disturbance o f injury to fiuanco or
commerce, and with bonefit to tho banks in steadying interest rates-— now
thoroughly demoralized and endangering profits.
The amount o f cash required for adjustments in comparison with the
amount held by tho banks is shown in tho statement at tho head of this
article.
B ut the transition should not be made without intimate foreknowledge
o f its effects upon the banking situation.
It is for this reason that the comparative analysis has been made in the
tables appended, with perhaps rather unnecessary detail and with some
repetition, but the attem pt has been made to om it no important detail
upon which comparative knowledge might be desired.
A ll tho tables are based upon tho condition o f tho banks on M a y 1st,
shown in tho Comptroller’s abstract. The June report was not available
when this analysis was made.
I t will, however, give additional assurance to those who m ay entertain
any doubts about the advisability or the effect o f making tho chango to
know that tho banks now hold a much greater amount both o f cash and
reserve.
T H E A M O U N T OF C A SH W H IC H W IL L BE N E E D E D B Y T H E
B A N K S TO M E E T T H E N E W R E SE R V E R E Q U IR E M E N T S .
W hilo all details will be found in tho tables, a brief synopsis o f the situa
tion o f the banks is given here.
The now reserves undor the A ct will, o f course, be upon a cash basis.
W hilo they m ay be created b y rediscounting, it is nevertheless a system o f
cash reserves.
Provided, therefore, the reserves required are builb up in cash by trans
fers between the three classes o f banks, tho following statement will show
tho amount o f cash which will be required and the amount o f cash now held
to meet the requirement.
Required Reserves— Tables N os. 1 and 7.
Central reservo banks— 18% o f demand deposits; 5 % of
time deposits ( $ 2 ,0 3 2 ,0 0 0 .0 0 0 ).........
Roservo city banks— 1 5 % o f demand deposits; 5 % o f time
deposits ($ 2 ,0 3 5 ,0 0 0 ,0 0 0 )______
Country banks— 1 2 % o f demand deposits; 5 % o f time de
posits ($ 3 ,1 3 0 ,0 0 0 ,0 0 0 )_________
$36 5 ,7 7 5 ,0 0 0
3 0 5 ,3 0 7 ,0 0 0
3 8 3,628 ,000
Total amount o f cash resorve required_____________________ $ 1 ,0 5 4 ,7 1 0 ,0 0 0
Cash Held.
Including Am ount N ow in Federal Reserve Banks— Table N o . 7.
Central reserve banks____________________________________
$511 ,3 9 3 ,0 0 0
Reserve city banks_____________________________
2 3 8!524 ,000
Country b a n k s ----------------------------------------------2 8 3 ,958 .000
T o t a l ...............................
$1,0 3 3 ,8 7 5 ,0 0 0
Cash deficiency....................................
2 0 .835,000
The central roserve banks will have a surplus— Tablo N o . .
145,618 ,000
The reservo city banks will be short_____ ______________ ______
6 6 ,783,000
Tho country banks will bo short____ _______
99,6 7 0 .0 0 0
8
$166 ,45 3,00 0
Tho whole demand for cash will therefore fall upon the central reserve
banks.
T o presont moro fully the stato of preparedness o f tho three classes o f
banks to mako tho adjustments, Tablo N o . 7 is inserted hero:
Table N o. 7.
Comparison of Reserves Now Held in Vault and In Federal Reservo Banks
with Reserves W hich the Banks W ill Bo Required to Hold
Under Full Operation o f tho A ct.
By Central
By Reserve
Reserve Cities.
Cities.
By Country
Banks.
Total
Reserves held in vault
$
$
$
$
and F . R . b a n k s ...5 1 1 ,3 9 3 ,0 0 0 2 3 8,524 ,000 283,958 ,000 1 ,0 33,875,000
Reserves to be required 365 ,7 7 5 ,0 0 0 3 0 5 ,307 ,000 3 8 3,628 ,000 1,054,710,000
E x c e s s _____________ 145,618,000
D eficien cy..........................................
6 6,783,000 9 9,670,000
Deficiency In reserves o f reservo city banks, as
shown above-------------------------------------------------------- 66,783,000
Deficiency in reserves o f country banks, as shown
ab o ve.............................................. ................................... 99,670,000
Excess in reserves o f central reservo city banks, as shown
above ________________________________________________________
N et deficiency o f cash reserves now hold Jointly in vaults
and Federal Reserve banks compared with tho now re
serves required, as shown abovo____________________________
2 0 ,835,000
166.453.000
145.618.000
20,8 3 5 ,0 0 0
Got. 23 1915.1
THE CHRONICLE
1 3 37
W hilo the country banks will undoubtedly draw against their balances
in the reserve city banks for part of the cash needed, those banks in turn
will have to pass the demand on to the central reserve banks, and will bo
compelled to draw upon them for tho amount of tlicir own deficiency, plus
tho amount which country banks withdraw, so that tho central reservo
banks in any event will havo to meet the full demand for all the cash
required, namely $ 1 6 0 ,45 3,00 0.
1. It will insure the accomplishment of the ..reservo provisions, which
will be endangered by delay.
2. B y eliminating a huge amount of legal, but fictitious, reserves it
will bo using the most effective means at command to safeguard against
unduo expansion which all provious experience has taught us is likely to
occur.
Inordinate expansion at this time would probably be attended by
exaggeration of m any troubles which havo hitherto afflicted us, and by a
R ESER VES R E L E A S E D .
string of evils peculiar to the circumstances arising from war conditions.
B y paying out that amount of deposits, their required reserve w ill be
The economic effects which m ust com e from the extensive use o f the
diminished by ( 1 8 % — Table N o . 14) $ 2 9 ,961 ,000 , so that a deficit o f $ 20,
835,000 will be turned into a surplus o f $ 9 ,1 2 6 ,0 0 0 . Tho cash now hold by credit now made available— tho effect upon prices, the cost o f living, the
condition and wages of labor at a critical time when labor has been made
tho banks is therefore adequate for the required adjustments for the first
unusually scarce by tho war, are all to be considered.
time since tho inauguration o f tho system .
Tho most conspicuous phase o f current conditions is the labor situation
T O T A L B A N K R E S E R V E S O F T I I E C O U N T R Y (F E D E R A L R E
in industries m ade phenomenally prosperous b y war business, here and
S E R V E S Y S T E M ) A F T E R A D J U S T M E N T — ALSO C O M P A R IN G
abroad— “ A little leaven will leaven tho wholo lu m p .”
PR E SEN T R ESER VES W IT H N E W R ESER VES.
A financial system properly chargeable w ith the present banking situa
In order to prosent in logical sequenco tho effect o f tho required adjust
tion has a heavy responsibility.
ment under prosent conditions upon the banking position'of tho country.
3.
It will give the Reserve system a better control over the credit
Table N o . 17 is repeated hero.
situation o f the country. Control of the “ surplus” gives control o f tho
whole.
P resen t
N e io
E xcess o f
E xcess o f
B a la n c e s
R eserv e
R eserv e
P resen t
N ew
w ith A g e n ts
4. It will benefit member banks b y steadying interest rates, and will
H e ld .
R eq u ired .
R eserv e.
R e s e rv e .
(n o t R e s e r v e ) .
go far to insure profitable, but always reasonable, rates. Cheap credit
$
S
s
$
S
and excessively low rates have an element of danger.
Central res. cities 511,393,000 305,775,000 140,318,000 9,120,000 ..................
It will take from m em ber banks a large amount o f bank deposits, but
Reserve cities... 532,838,00' 305,307,000 220,811,000 9,000,000 107,531,000 at a tim e when they are not profitable, anti it will be no hardship to give
Country banks.. 738,340.000 383,028,000 354,732,000 ............... 354,712,000 them up. Conditions m ight change and opposition arise.
5 . B y eliminating an unreal surplus, it A ill insure to the reserve banks
t
1.782.571.000 1,054,710,000 727,801,000 18,120,000 522,243,000
a better income by creating a more active rediscount demand. M em ber
Federal Reserve
banks having to borrow will bo m ore than compensated b y tho better
banks (Aug.20) 294,738,000 424,214,000 ................. .....................................
rates they will be enabled to charge.
2.077.309.000 1,478,924,000 .................................... .............. ..
. It will aid more than any other factor in solving the collection prob
Fictitious bank reserves eliminated--------------------------------------------------- 727,801,000
lem o f tho reserve banks.
Net total of reserves eliminated (after taking Into account the increaso
W ith reduced balances, member banks will probably not find it profitable
In Federal Reserve bank reserves)............................................................ 598,385,000
to continue m aking collections free o f charge, and tho reserve banks will
Increase in Reserves Since M ay 1st.
be callod upon for that service.
The Comptroller’s report of Juno 23, which has just como to
7.
B y having better control ever interest rates, and w ith a well de
hand, shows that the resorvos o f tho central resorvo banks
veloped collection system , tho power to dratv State banks into the system
havo increased since M a y 1--------------------------------------------------------- $45,239 ,000
Avill be greatly increased.
Whilo tho rosorvo city and country banks have increased as
I f substitution o f Federal Reservo notes for national bank notes can be
follows:
■
made in a Avliolesalo w ay, then b y having m easurable control oxer interest
Resorvo city banks— increaso in cash rosorves________________ 13,413,000
rates, Avith a superior collection system and the exclusive power o f note
Country banks...................................
9,906,000
issue, the attraction to State banks should be such as to give early hope
6
$68
M aking a total increase in cash reserves____________________
558 000
This is counting duo from Federal Resorvo banks as cash reservo in all
cases.
Tho increase in actual cash and the total increase in excess reserves is
shown in Table N o . 19.
Tho total excoss roservos of tho banks, if readjusted upon the basis of
condition In the roport o f Juno 23d, would probably bo approximately
$51,000 ,000 greater than shown herein, or, say, $69 ,0 0 0 ,0 0 0 , ioaving
practically tho entire resources of the Federal Reserve banks available for
additional credit— a sum greater than any available reserve over hold
before tho inauguration of tho Reserve system , and surely groat enough
for orderly legitimate expansion, even in this country o f tremendous
rosourcos.
It is a conservative situation to havo this argument and the figures
presented based upon a condition less favorable than tho above.
There is a very wido margin to provide for any probable adversa change
botwcon now and tho time within which tho A ct could bo put into full effect.
T H E C O N D IT IO N OF F E D E R A L R E SE R V E B A N K S A F T E R R E
A D J U S T M E N T W O U L D B E A B O U T AS F O L L O W S :
L ia b ilitie s .
Capital stock— Statement Sopteinbor 11th--------------------------------- $54,772 ,000
Reserve Deposits— M inim um required after adjustm ent_____ 424,714 ,000
Federal Roserve notes— net----------------------------------------------------------17,*527,000
All other liabilities-------------------------------------------------------------------------3 ,068,000
The amount of "optional reserves” required to be carried
the banks would bo—
10
T abl°
..............................................- .................................................. $278,926,000
It is reasonable to suppose that some portion of theso reserves will be
carried in Federal Reserve banks.
Government deposits have not been considered, although the banks now
hold $15,000,000 of such deposits.
C O M P A R A T IV E E F F E C T O F P U T T I N G T H E A C T IN T O I M M E I ) T
A T E O P E R A T IO N .
It has been shown abovo that a return to the old law would have the
effect o f reducing excess bank reserves from $ 727 ,00 0,00 0 to $ 1 1 1 ,0 0 0 ,
.
Putting tho reserve provisions of the Act Into immediate operation, as
illustrated in the foregoing, would, therefore, havo about the same offect
upon member bank rosorves as a return to tho old law , but with this vital
difference, tho huge resources of tho Resorvo banks would bo available
for the grant of additional credit to tho country, and this flexible reserve
would be under concentrated control, with tho ability to regulate the
credit situation to an extent now wholly beyond the power of the banks
or the Reserve Board.
Whilo a very large amount of legal reserves will be
eliminated, they are surplus reserves, not needed, performing no service,
a source of embarrassment and possible danger— and m ay bo tho diroct
means, by lowering tho interest rate too greatly, of expelling gold lator
on to countries able and willing to offer more for it.
Reference to this
point will be made further on.
It was the direct purpose of the Act. to eliminate from reserves, balances
due by other banks, at a time when it might be safely done, and for that
purpose the provisions of the A ct were so framed as to be brought into
operation gradually.
It is fully understood that after the transfers of reserves required by
Novem ber 16 1916, only 3 -1 5 of the required reserves of reserve city banks
and
of required reserves of country banks, m ay count as legal reserve
in the hands of agents. This sum would at present amount to $105,000,000
and, of course, in an extended situation, with deposit liabilities greatly
built up. would be much more.
000
2-12
Therefore, tho final change cannot be other than abrupt, and should it
occur at a time when conditions arc not favorable, might be distressing.
Even a $100,000,000 surplus has not herotoforo been a com m on thing.
It therefore appears that, given a situation when the A ct can easily
and safely bo put into operation, not only with benefit, but es a safeguard
against evils almost certain otherwise to arise, and when delay m ay ovon
mean defeat of tho deferred provisions of the A c t, the present opportunity
should not be permitted to pass without action.
T h e following benefits m ay bo reasonably expected to follow from
putting tho Act in completo operation :
o f a “ unified system ."
8 . T h e greater strength of the Reserve banks will giAre them increased
control over the gold supply.
Contrary to the argument advanced in certain quarters, the issue of
reserve notes indirectly against gold has no concern with the provisions
of tho A ct intended to give flexibility to tho currency, and cannot by the
substitution o f one dollar for another create an inflated currency.
Flexibility can be created by the addition or withdrawal of a relatix'ely
small surplus, and is affected b y redemption laxvs more than by any other
cause.
Th e Reserve banks by this process have accumulated a reserve supply
o f credit, xvliich m ust be added to their apparent resources. The greater
their accumulation o f gold in this or any other w ay, the greater the pro
tection to our supply. T h e strength o f the reserve banks is to bo meas
ured by their note-issuing power— by their geld holdings.
In whatever w ay the control oxrer the gold supply and the interest rate
can bo placed in the hands o f tho reserve banks, or under concentrated
control, it should bo done.
T h e foreign financial problem a ill become ours after the war.
x
Since August 1 1914, the folloAving changes havo taken place in the
foreign banking situation :
A u g . 1914.
J u l y 1915.
In crea se.
Bank o f England—
Gold holdings....................... $ 1 9 0 ,0 0 0 ,0 0 0
$260 ,0 0 0 ,0 0 0
$70,0 0 0 ,0 0 0
Deposits ................
3 3 5 ,0 0 0 ,0 0 0
1,0 3 5 ,0 0 0 ,0 0 0
7 0 0 ,0 0 0 ,0 0 0
Bank o f France—
Gold ho ld in gs......................... 8 2 5 ,0 0 0 ,0 0 0
785,0 0 0 ,0 0 0 (d )4 0 ,0 0 0 ,0 0 0
Deposits ..............
2 6 0 ,0 0 0 ,0 0 0
4 8 5 ,0 0 0 ,0 0 0
225,0 0 0 ,0 0 0
Circulation .............................. 1 ,3 3 5 .0 0 0 ,0 0 0
2 ,4 4 0 ,0 0 0 ,0 0 0 1 ,1 0 5 ,0 0 0 ,0 0 0
Banlc of Gormany—
Gold holdin gs-........................ 4 2 0 ,0 0 0 ,0 0 0
5 9 0.000 ,000
170,000 .000
Deposits ...........
2 3 5 ,0 0 0 ,0 0 0
4 0 0 ,0 0 0 .0 0 0
1 6 5,000 ,000
Circulation ..........................
470.0 0 0 ,0 0 0
1 ,3 00,000,000
8 3 0 ,0 0 0 ,0 0 0
Bank of Russia—
Gold holdings-..................
8 0 0 ,0 0 0 ,0 0 0
7 8 5 ,000 ,000 (d )1 5 ,0 0 0 ,0 0 0
Deposits ................................ 420,0 0 0 ,0 0 0
750,0 0 0 ,0 0 0
3 3 0 ,0 0 0 ,0 0 0
7 3 0 ,0 0 0 ,0 0 0
1 ,750,000,000 1,020 ,0 0 0 ,0 0 0
Circulation ...........
Tho total increaso in gold holdings is — ............................. ..
185,000 ,000
And tho increase in deposit and circulation liabilities 4 ,3 7 5 ,0 0 0 ,0 0 0
Tho contest for the gold supply Avill bo keen, and the countries with tho
highest interest rates and tho greatest need will act as suction pumps on
the supply.
9 . T o put the A ct into full forco at onco will remove a source o f un
settlement which the frequent changes can hardly fail to cause, and will
tend to quiet tho disposition to criticise and amend it. It will also lead
to a quicker and more comprehensive appreciation o f its aims and pur
poses, and promote a better understanding o f sound credit and banking.
It will put to rest the frequent accusation that tho A ct is the cause o f in
flation. I f it is not done, the accusation will become a true one.
G E O R G E J. S E A Y .
Richmond, V a ., September 15, 1915.
KANSAS BANKS
W A R N E D REGARDING EX C E S S IV E
LOANS.
W . F . Benson, State Bank Commissioner of Kansas, an
nounced on the 11th inst. that State banks which have been
evading the law of that State forbidding them to lend more
than 1 5 % of their combined capital and surplus to one per
son must cease tho practice. It is stated that the require
ment in question has been frequently evaded. One method
used is to have the loan*made ostensibly by a Kansas City
bank, tho local bank indorsing the note “ without recourse,”
but handling the transaction and getting the rediscount.
M r . Benson holds that this practice amounts to an evasion
of tho law and violates the “ excess loan” provisions of the
statute. The bank examiners have been instructed not to
1338
permit it an djbanksjcarrying [stick business on their books
are being notified to discontinue it. It is reported that an
other way of getting around the “ excess loan” provision is
for the bank to lend the maximum amount allowed to a man
applying for the loan and then lend additional sums to mem
bers of his family.
FORMAL RECOGNITION OF CARRANZA FACTION I N
MEXICO.
Tho United States and the six Latin-American republics
which have been co-operating with a view to bringing about
peace in Mexico extended formal recognition on Tuesday to
General Carranza, as Chief Executive of the de facto Govern
ment of Mexico. The diplomatic representative of each of
the republics sent a letter to Eliseo Arredondo, who is
Carranza’s representative in Washington, setting forth the
decision of their respective governments in tho matter. In
addition to Brazil, Argentina, Chili, Bolivia, Uruguay and
Guatemala, who were parties to tho conferences recently
held in this country for tho purpose of effecting a settlement
in tho Mexican situation, Colombia and Nicaragua also recog
nized the Carranza party. The letter which was sent by
Secretary of State Lansing to Carranza’s representative is
as follows:
M t j D e a r M r . A r r e d o n d o . — It is m y pleasure to inform you that tho Presi
dent of the United States takes tins opportunity o f extending recognition
to tho do facto Government of M exico of which General Vonustlano
Carranza is the Chief Executive.
Th e Government o f tho United States will bo pleased to recoivo formally
in W ashington a diplomatic representative o f tho do facto Government
as soon as it shall please General Carranza to designate and appoint such
representative, and, reciprocally, the Government of tho United States
will accredit to tho do facto Government a diplomatic representative as
soon as the President has had opportunity to designate such representative.
I should appreciate it if you could find it possible to communicato this infor
mation to General Carranza at your earliest convenience.
Very sincerely yours,
R O B E R T L A N S IN G ,
Secretary of State.
It is roported that Henry P . Fletcher, at present Ambassa
dor to Chili, has been practically decided upon as tho next
Ambassador to Mexico.
Tho action taken by the United States and tho six LatinAmerican republics in recognizing General Carranza was
agreed upon at a final conference between tho diplomatic
representatives of these countries held in Washington on
M onday. As heretofore stated, a unanimous decision that
tho Carranza faction be recognized as the de facto Govern
ment of Mexico was reached at a conference held on tho
9th inst. It was not determined at that time, however, in
what form or at what time this recognition should bo accord
ed. Following the meeting in Washington on M onday,
Secretary of State Lansing made the following announce
ment:
Tho conferees, under instruction from their several governments, wil
recognize to-morrow tho do facto Government o f M exico, of which General
Carranza is the Chief Executive.
Vigorous protest against tho decision to recognize Goneral
Carranza has been entered by various Catholic organizations
. of tho United States. In voicing tho opposition of tho
American Federation of Catholic Societies, National Secro
tary Anthony M atre, of Chicago, on the 17th inst. said:
“ The Catholics of the United States domand that who ever
is recognized by the Government should give absolute guar
antee that tho rights and privileges of all members of every
faith shall be respected.” M r . M atre, in addressing Presi
dent Wilson in the matter, states that the societies which ho
represents take exception to the recognition of any of tho
Mexican leaders, “ on whoso shoulders rest the responsibility
for sufferings that the Church in Moxico has hom o, and tho
guilt of tho murder of the priests, confiscation of property,
desecration of churches, violation of sisters, use of altars for
unspeakable purposes, and continued interference with lib
erty of worship.”
In a telegram to tho-New York “ Sun” on the 19th inst.,
pledging tho safety of Catholics in Mexico, Genoral Carranza
said:
S a n P e d r o . M e x ., O c t . 19.
Referr*ng to your message dated yesterday, tho Constitutional Govern
ment has never persecuted tho Catholic religion nor tho ministers of any
other cult.
Somo Catholic clergymen have fled from tho country, fearful o f being
prosecuted and punished for tho political support they gave to tho so-called
. government of Goneral Huerta and tho traitorous division o f tho north
. commanded by General Vilia.
Tho Constitutionalist Government will enforco tho observance of the
• Mexican laws giving guarantees for tho free exorcise o f all religions and
vVill protect the persons o f native and foreign clergymen who do not mix in
the political life
tho country.
V. C AR RANZA.
[Vol. 101.
THE CHRONICLE
As a result of the recognition of tho Carranza Government,
announcement was made by New Orleans bankers on tho 20th
inst of the closing of contracts to lend tho Mexican Adminis
tration $10,000,000 in gold. It was also announced that
arrangements had been made to handle tho entire Mexican
sisal crop through New Orleans; that tho sisal operators of
Yucatan and Campeche would erect a million dollar manu
facturing plant at New Orleans for the purpose of handling
their raw product, and that Mexican capitalists would
establish a new transportation line operating six steamships
between New Orleans and Mexican Gulf ports. It was
later stated that the loan was undertaken in behalf of the
sisal hemp interests, and that it had been agreed by the
syndicate to lend the money, not to the Mexican Govern
ment, but to the Reguladora del Mercado do Penequin,
a sisal-growers’ organization which is under the control of
the Yucatan State Government.
The steady advance in Mexican paper money, and the
announcement of plans for providing a metallic reserve for
national paper, were set out in the following telegram
received from Mexico City on the 16th inst. by the Constitu
tionalist agency in New York:
M e x i c o C i t y , O c t . 15.
Tho value of national paper currency keeps rising steadily as recognition
day approaches. Yesterday tho exchange rate was 12 and to-day transac
tions have been made at $10 Mexican currency to ono American dollar.
A t this rate o f increasing appreciation, it is expected that beforo long
national currency will approach very closely to par value, which is two
M exican dollars to one American dollar. Plans are now under way
providing a metallic reserve for national paper, which will bring its
value to par.
W ith a viow to aiding tho Carranza Government in Mexico
in suppressing all armed opposition, President Wilson has
declared an embargo against the shipment of arms and
ammunition into that country, and at tho samo time has is
sued a supplementary order excepting Carranza from tho
prohibitory decree. Announcement to this effect was mado
by Secretary of Stato Lansing on tho 20th inst. Tho embargo
has been in effect since midnight of Tuesday night. Orders
to enforce the embargo were sent to the Collectors of Customs
on the 19th inst. The President’s proclamation declaring
an embargo reads as follows:
B j th e P r e s id e n t o f th e U n ite d S ta tes o f A m e r i c a , A
P r o c la m a tio n :
W hereas, A joint resolution of Congress, approved M arch 14 1912, reads
and provides as follows: “ T h at whenever tho President shall tind that in
any American country conditions of domestic violence exist which are
promoted by tho use o f arms or munitions of war procured from tho United
States, and shall make proclamation thereof, it shall bo unlawful to export
except under such limitations and exceptions as the President shall proscribe,
any arms or munitions of war from anyplaco in tho United States to such
country until otherwise ordered by tho President or by Congress” :
And whereas. It is provided by Section II of tho said Joint Resolution
“ that any shipment o f material hereby declared unlawful after such a
proclamation shall bo punishable by a fine not exceeding $
,
, or im
prisonment not exceeding two years, or both’’ ;
N ow , therefore, I, W oodrow W ilson, President o f tho United States
of America, acting under and by virtue of tho authority conferred in mo
by tho said Joint Resolution of Congress, do hereby declare and proclaim
that I have found that there exists in M exico such conditions o f domestic
violenco promoted by tho use of arms or munitions of war procured from tho
United States as contemplated by the said Joint Resolution; and I do hereby
admonish all citizens of the United States and every person to abstain from
every violation of the provisions of tho Joint Resolution above set forth,
hereby mado applicable to M exico, and I do hereby warn thorn that all
violations of such provisions will bo rigorously prosecuted. And I do
hereby enjoin upon all officers o f tho Uidted States, charged with tho
execution of the laws thereof, tho utm ost diligenco in proventing violations
o f tho said Joint Resolution and this m y Proclamation issued thereunder,
and in bringing to trial and punishmont any offenders against tho samo.
In witness whereof, I have hereunto set m y hand and caused tho seal of
tho United States to bo affixed.
Done at the C ity of Washington this 19th day o f Octobor in tho year
o f our Lord One Thousand Nino Hundred and Fifteen and o f tho inde
pendence of tho United States o f America tho ono hundred and fortieth.
W O O D R O W W IL S O N .
10 000
The order issued by the President making an oxcoption in
favor of the Carranza Government took tho form of a letter
to Secretary of tho Treasury M cAdoo as follows:
T h e W h ite H o u s e ,
19 1915.
I am informed by tho Department o f Stato
that tho recognized do facto Government o f M exico is now in effective
control of all tho ports of entry in M exico, except those along tho interna
tional boundary in the States o f Chihuahua and Sonora, and all tho ports In
Lower California.
A n exception is hereby mado to tho prohibition against export created
by the President’s Proclamation of O ct. 19 1915, and you will please instruct
the Collectors o f Ports and other officers of tho Treasury Department to
permit to bo exported through United States Custom Houses munitions
o f war for the use o f tho recognized do facto Government o f M exico, or
for industrial or commercial uses within the limits o f tho territory under its
effective control, as above sot forth. A n embargo, therefore, will bo im
mediately placed against the border ports in the States o f Chihuahua and
Sonora, as well as all ports in tho territory of Lower California, whether or
not controlled by the recognized tie facto Government of M exico, and you
will so instruct the appropriate Collectors of Custom s and otherofficors
of tho Treasury Departm ent.
Sincerely yours,
W O O D R O W W IL S O N .
W a s h in g to n , O ct.
M y
D ea r M r .
S e c r e ta r y .—
THE
Oot. 23 1915.]
C H R O N IC L E
1339
final clauses o f this circular aro the Department’s answer to certain fears
expressed by M r. Schwerin that tho law would bo so administered as to bo
a means o f oppression apart from its actual tenor.
Tho Brazilian Chamber has ratified the arbitration treaty
In view of the construction of the language clause of the law certain
between tho United States and Brazil, according to a dis other suggestions made to M r. Schwerin become pertinent. Tho dining
room stewards, stateroom stewards, bath and deck stewards on tho I acific
patch from Rio do Janeiro on the 6th inst. Tho treaty Mail ships were Chinese, comprising a large percentage of the total crew.
binds the two countries to submit to investigation for a A passenger, however, on those ships did not need to speak Chinese to
year all differences which cannot be settled through diplo order his dinner, to have his berth made up, to take his bath, or to transfer
his steamer chair about the deck. Hundreds of passengers speaking no
m acy. During tho period of inquiry no hostilities may bo Chinese have for years had these operations carried on without difficulty.
entered into. Peaco treaties between tho United States The reason, o f course, was that tills large percentage of the vessel s comple
and Argentina, Brazil and Chili have already been approved ment understood English sufficiently well for all these varied purposes.
It was suggested to M r. Schwerin that if a former thought on the part
at Washington.
.
o f the company to alter the vessels from coal burners to oil burners were
Advices from Rio de Janeiro on tho 17th m st. stated that carried out a very large reduction would take place in the fire room and
tho Brazilian Chamber of Deputies had approved tho arbi bunker force. This ho admitted, saying, if I recall correctly, such reduc
tion would bo from about eighty or ninety persons, differing in different
tration treaty signed last M a y by Argentina, Brazil and Chile. ships, to perhaps eighteen. I am not so much concerned with tho exact
As heretofore stated, this treaty was approved by tho Ar figures, which I am not sure of recalling correctly, as with the fact that there
was a very large reduction of the fire room and bunker force possible by
gentine Senate on Sept. 22. ______________
this means. M r. Schwerin, however, urged that tho reduced force would
cost moro than the larger one becauso it would be composed under the law
of Americans, drawing larger pay. T o this it was suggested that I knew
T H E S E A M E N ' S L A W A N D T H E A C T I O N OF P A C I F I C
nothing in the law which required Americans in this force.
M A IL.
With a very largo proportion of the crow, therefore, already speaking
Tho reason assigned by tho Pacific M ail Steamship C o. for a good deal of English, and with tho fire room and bunker force largely
reduced, there would remain but a comparatively small proportion, namely,
disposing of some of its ships is subjected to criticism at tho
the deck force, with which to deal. As to this I suggested that it might
hands of William C . Redfield, Secretary of Commerce, in either be possible to instruct that force or that English-speaking Chinese
sailors could be engaged, for example, in an English pert liko^ Hongkong.
a ' lengthy letter addressed to Secretary of tho Treasury
M r. Schwerin then showed me a primer or small printed book intended for
William G . McAdoo on Oct. 7 , and mado public by tho latter teaching English to Chinese crows. I am advised that they have at
on tho 18tli inst. Tho lottor implies what M r . M cAdoo said times, if not regularly, employed instructors for that purpose. I am further
last week in an address delivered at Indianapolis; as indicated and recently advised that it is possiblo through well-known sources to
English-speaking Chinese
_
in our issuo of Saturday last, tho Secretary of tho Treasury, procure unable, therefore, to see, in crews. f this official interpretation of the
I am
view o
in referring to tho action of tho company in parting with its Act, how it can longer bo urged that tho language clause can have been the
■
ships submitted as tho reason therefor, not tho Seamen’s cause of tho company’s withdrawal.
Tho suggestion made to me that while tho Department s construction
Act but the Panama Canal A ct, and tho fact that “ present might be fair it would bo unablo to enforce it, I neod not discuss.
abnormal rates for cargo space on tho Atlantic, which mado
We may now consider whether there may have been any other moth e
it possiblo for tho Pacific M ail to sell its ships at moro than on the part of the Pacific Mail Steamship Co. for withdrawing from busi
ness. It was heavily overcapitalized, its balanco sheet for ton years past
thoir real valuo,” as the truo cause of thoir salo. M r . Red- showing a deficit in profit and loss account never so small as $10,000,000,
field in sotting asido tho reasons ascribed by tho company and on April 30 1915 slightly in excess of $11,000,000. The income account
for its withdrawal, points to tho profits realized in tho salo shows that after marking off depreciation, thoro was a small but decreasing
surplus in the two fiscal years prior to April 30 1907, and thereafter a
of its ships; incidentally, ho assorts that “ a company which, deficit for the fivo years ending April 30 1912. This deficit, however,
by an adverse law, is forced out of a valuable business, finds decreased in each of these five successive years, and in the fiscal year
that its stock is moro than doubled in valuo as a result of that ending April 30 1913. became a surplus of $20,492. This grow tho following
year to a surplus of $300,363 and for tho fiscal year ending April 30 1915
transaction.” W o quote tho letter below:
there was a surplus of $478,304. This is rather moro than 2% upon the
October 7 1915.
company’s capital stock and more than 4% upon tho actual cash value
D e a r M r . S ecreta ry:
of the company’s investments.
Tho salo o f some o f Its ships by tho Pacific Mail Steamship Co. has been
In the year 1897 the company paid 2% dividends; in 1898, 2 V i% \ m
mado tho basis o f such statements both by that company and in tho press 1899 3% ; none since. It may be said to be widely known that the business
generally that it may bo well to place beforo you such facts as aro at this of tii’o company since April 30 1 9 1 5 . substantially up to date has been very
time readily available.
prosperous. The Department has been advised of thousands of tons
It lias boon alleged that tho Seamen s Law forced tho company out of freight left over at tho ports from which the company’s vessels sailed
o f business and In particular that tho so-called language clause would beyond its immediate capacity to carry. It was from this prosperous
require tho abandonment o f Asiatic crows and the substitution for them business tho company withdrew without asking any questions.
o f English-speaking crews, with a consequent prohibitive cost of wage
Turning now to the New York “ Journal of Commerce for Aug. 20 1915,
and food, and that since, thcreforo, tho company could not operate profit there appears a statement based upon the petition asking permission for the
ably it had, in fact, been obliged to sell its vessels and withdraw from receiver of the International Mercantile Marino Co. to purchase five ships
business. Its attitude may bo compressed into tho statement mado to mo from tho Pacific Mail Steamship C o., in which some interesting facts
by Mr. It. P. Schwerin, Vice-President and General Manager, who said, “ I appear. That statement says tho Manchuria and Mongolia, each eleven
know when I am licked.’
.
years old, wero each built at a cost of $2,600,000. It appears from the
It should bo said, however, that tho Department o f Commorco is charged income account of the Pacific Mail Co. that depreciation had been charged
with tho duty o f making tho regulations required by tho Seamen’s I,aw off upon its property. If we assume that but 5% annually was charged
and with enforcing tho law through those regulations. Thcso regulations off from the cost o f each of these vessels, their value would have been
had not boon prepared at tho time when tho company’s action was taken. reduced in tho eleven years by 55% . If, however, following the practice
The company did not ask tho Department anything respecting tho naturo
of some of the best-known steamship companies, 6% per annum had been
or tenor of tho regulations and did not, so far as tho Department knows,
charged off, then in eleven years the value would have been reduced by
sock in any way to learn tho spirit in which tho law would bo administered.
66%. In the former case the present value of each ship would be $1,170,
It acted, so far as tho Department knows, upon an assumed interpretation
000. In the latter caso it would bo $866,667.
of tho law, which had no official sanction.
The vessels sold for $1,500,000. Tho Korea and the Siberia are said in
It seems, I confess, an extraordinary thing that a company which at tho
a report of tho company to have cost together $3,979,114 27. The Korea is
time of Its withdrawal was doing a business which was probably moro pros
13 years old. the Siberia 12M years old. Assuming both as 12K years
perous than over in its history should have withdrawn from that business
old, their present valuation, taken together on the (basis of 5% annual
and mado tho sacrifice,this would seem to imply becauso of tho alleged
depreciation charged, would bo 37t£% of tho above joint cost or say,
futuro offocts of a law, concerning which law It asked no questions whatever
$1,492,172. If the 6% annual depreciation charge were used their
of tho Department charged with interpreting and enforcing that law.
present joint valuation would bo 25% of their joint cost, or $994,778
It seemed to mo so astonishing that a great business should bo thus sacri
ficed (if tills, indeed, wero tho caso) without tho least inquiry upon tho They sold for $2,000,000.
Tho China is 26 years old, cost $800,000 and would, upon the basis of
subject from tho solo available certain source o f information, that I took
5% depreciation charged have been entirely inarkod o ff six years ago.
occasion beforo tho matter was concluded to inform Mr. K. P. Schwerin
.
personally that while tho Department had not then reached a conclusion She sold for $250,000.
Without drawing figures too finely in the absence of an examination or
as to how tho languago clause would bo construed it was Its opinion, so far
tho company’s books, there is an apparent profit in excess of a million
as tho matter had then gone, that this clauso would not bear tho construc
dollars over what tho normal valuation of tho ships would have been if tho
tion* that tho company had put upon it and that in this respect as in at
custom had been practiced of reducing their valuo by 5% annually. If they
least ono other element o f tho statements published on behalf of tho com
followed a moro conservative course in their accounting tho profit 'would
pany there was, to say tho least, a strong probability that tho alleged
liavo been correspondingly enhanced.
_
basis o f thoir proposed action was not a basis which existed in fact.
It would appear to be possible that the company, after doing business for
I furthermore pointed out to Mr. Schwerin at this same time, which was
16 years without a dividend, found that existing conditions gave them an
somowhat prior to July 15, that if tho company dasirod to avoid tho alloged
opportunity of selling out a portion of their property at a price which would
sacrlfico o f its business and wished to sccuro consideration of a chango in
return them tho full valuation of that property upon the company’s books,
tho law its position beforo Congress and tho country would bo much
stronger if it In good faith complied with tho law for a period of not less plus at least a million dollars more, and that a very natural desire with
than six months after learning how tho Department construed tho law, and such a record behind them to achieve this desirable result may in some
would thon como beforo Congress with tho actual results of such experience, measure at least have prompted the transaction. Certainly it is a singular
I suggested that a Congressional committee could hardly fail to give thing that tho company’s stock, which on March 17 last, at tho close o f the
thoughtful heed to actual demonstrated facts presented by a company best fiscal year tho company has had for 10 years, sold at 18, should on
which had In good faith and with carefully ascertained knowledgo striven Aug. 3 1915, long months after the Seamen’s Law had been enacted, and
after tho company’s negotiations for selling its vessels were well forward
to comply with tho law In letter and spirit.
It was suggested on tho other hand that for tho company to throw up Its liavo sold for 38. In other words, a company which by an adverse law is
hands in advanco without so much as asking what tho law meant from forced out of a valuable business finds that its stock is more than doubled
those who alono could tell it and to withdraw without giving tho matter a in value as a result of that transaction.
On Oct. 4 1915 the stock of tho company sold as high as 33, despite the
trial would not commend itself to public opinion as an argument against
the law which tho company refused to try. I was at that time informed fact of its being forced out of a good and growing trade as it alleges. Under
tho circumstances tho stockholders of the company whoso property has
that the company was negotiating for tho salo o f its sldps, which salo, as
thus substantially doubled in value since the Seamen’s Law passed, must
you know was later concluded as regards fivo o f them.
I now ask your attention to Department Circular No. 265, dated Sept. 18 regard that law with mingled feelings when told it is tho source of their woes.
Finally, I hand you a copy of tho “ Journal o f Commerce” of San Francisco
1 9 1 5 which construes tho languago clauso as I told Mr. Schwerin moro
than'two months earlier it would in my Judgment bo construed. .The dated Sept. 27 1915, and another dated Sept. 29 1915, fromjwhich It would
BRAZIL
APPROVES
PEACE
TREATIES.
1340
THE
C H R O N IC L E
appear that others are eager tofpickjup the mantle which the Pacific Mail
has set aside. I am even inclined to think it may bo found that vessels
under tho American flag will'continue to transport the products o f American
manufacturers to tho lands o f the Orient.
With kindest regards, I am.
Yours very truly,
(Signed) W ILLIA M C . IiEDFIELD,
Secretary.
Hon. W ILLIAM G. McADOO,
Secretary o f the Treasury.
Julius Kruttschnitt, President’ of the'Pacific M ail S. S. C o.,
and Chairman of the Board of the Southern Pacific R R .,
took occasionftoJanswerJMr.lMcAdoo’s charges in a state
ment issued byjhim onjthe 15th inst. In part M r . Krutt
schnitt said:
[Vol. 101.
suffered because of the Seamen’s A ct, was also among tho
documents which have been issued during the week on the
subject. The letter notes that the official order of tho De
partment of Commerce, holding that tho lifeboat equipment
provisions of the Seamen’s Law do not apply to Great Britain
and several of her colonies, France, Japan, Denmark, Ger
many or Norway, effectually kills the claim of the advocates
of the bill that it would equalize the burdens on ships with
which American vessels must compete. Tho Association
also points to the Department’s new rules as to the qualifi
cations of “ able seamen,” which it considers so severe that
scarcely one man in a hundred can pass them. The letter
concludes by quoting a letter from Robert Dollar, head of the
Dollar Steamship C o ., which points out that before tho end
of October the last American ship will have abandoned the
Pacific Ocean trade to China, Japan and the Philippines.
The casual connection between the Seamen’s Bill and the withdrawal of
American ships from the trade most directly affected by tho Act is too obvi
ous and the charges against the withdrawing steamship lines too flimsy and
tho motive therefor too transparent to deceive any one. But as the
Pacific Mail Steamship Company has been singled out for special attack,
Willard Straight, President of the American Asiatic Asso
a few words in reply are justifiable.
That company is censured because it gave no adequato notice that the ciation, in his address at the annual meeting of the Associa
La Follette bill would cause it to discontinue its trans-Pacific lino That
the inevitable consequence o f the passage of tho Seamen's Bill would be tho tion in this city on Thursday, took occasion to refer to the
forced discontinuance o f its steamships on the Pacific was vainly pointed effect of the Seamen’s Bill on shipping between the United
out by the representatives o f the Pacific Mail, with all tho earnestness and States and the Far East, saying:
emphasis at their command, to Congressional committees at numerous hear
Asido from the question of financing, the importance of which cannot be
ings in tho eleven years that intervened between the date o f tho first intro over-emp jasized, the general prospects for increasing our business with tho
duction o f the bill to its final passage. Finally tho head of the Pacific Mail, Orient seem more promising than at any time in recent yoars. But, not
on July 14 1914. as a last resort wrote a formal iettor to tho same effect withstanding this fact, wo are confronted by a situation which may rnako it
to the President o f the United States, it was shown, at that time, that tho almost impossible for us to take advantage of tho present opportunities.
inability of the Pacific Mail to operate under the restrictions of tho Seamen’s Tho Pacific Mail Steamship Co. and tho Robert Dollar Co., which have
Bill was not based on a rough estimate o f the increased expenses, but was long boon among tiro principal carriors o f our export trade to, and our im
accurately ascertained by an analysis o f tho payrolls and tho othor expenses port trade from, the Orient, arc no longer operated under tho American
of operation which would be affected by the provisions o f tho bill. All flag. Tho Pacific Mail steamers, for years run at a considerable loss, have
these remonstrances, warnings and notices wore treated as a “ bluff,” and now been sold because tho provisions of tho La Follette Seaman's Bill imnow are regarded as never having been made. The claim o f surprise at posod an increased cost of operation which was absolutely prohibitive.
tho effects o f the Seamen’s Bill is absurd.
Captain Dollar has placed his steamers under tho British Fag. Practically
Again it is said that the Pacific Alail should have appealed for assistance no vessel flying tho American flag will, as- far I as can learn, to engaged in
to the Secretary o f Commerce and should have waited to see how he was the trans-Pacific trade.
going to enforce the law. it had to assume that ho would obey the law as
This situation occurs at a tlmo when there is little British or tramp
written. Even if it were in the power of tho Secretary to construe away the shipping available, and American merchants arc, thoreforo, obliged to
noxious provisions, what reason had the Pacific Mail to believe that the rely upon Japanese carriors. Tho Japanese linos aro heavily subsidized,
power behind the throne which secured the law would permit a disregard and. therefore, must nocessarily prefer their cargo to our own. Thoy would
of tho very provisions which that power most valued. There is certainly in any caso be unable to provido us witli the facilities which we required.
no reason to believe that organized labor is less influential now than it was
This Association has already brought this matter to tho attontion of tho
when tho law was passed or that It is any the less interested now in secur Government of the United States, and has recently appointed a shipping
ing the strict enforcement o f the requirement that every ship must have on committee to co-operate with committees representing other bodies, in an
board a crow not less than 75% o f which in each department thereof are attempt to assure some amelioration of these conditions. It remains to be
able to understand any order given by tho officers of such vessel.
seen whether our efforts will be effective.
Next, we have it that tho Secretary o f the Treasury has beon toid that
tho Seamen’s Bill was not the cause o f tho withdrawal of tho Pacific M ail’s
boats, but tho real cause was the high price of ships brought about by the C A N C E L L A T I O N OF OR DE R S U B J E C T I N G A M E R I C A N
war. But long before the war was dreamed o f tho officers of tho Pacific
M A I L I N F R A N C E TO D E L A Y .
Mail had declared and demonstrated by facts and figures before Congres
The order which was issued by the French Ministry of W ar
sional committees that the passage o f the Act would necessitate the with
drawal of its steamships on the Pacific. The same reasons which increased on September 1, subjecting all trans-Atlantic mail to a
the value o f ships would have made the PacificJMail unwilling to part with delay of two days before being forwarded has been can
Its vessels and abandon a business which it had been engaged in for years,
if tho intolerable restrictions o f the I.a Follette bill had not deprived it of celled by the Ministry of W ar on suggestion of the Foreign
any choice in the matter.
Office,in so far as it applies to American mail. It is under
The Secretary o f the Treasury intimates that the provisions of the Pan
stood that the purpose of tho ordor which was made to
ama Car.al Act forbidding railroad-owned ships from going through tho
canal was a contributing causo.
It is up to him to explain what possible apply also to French, English and Swiss mails was to delay
connection there can be between the Panama Canal Act and a sale, not of the forwarding of letters which might contain military
ships engaged in the Panama Canal trade, but o f a separate fleet always en
intelligence. Tho American Embassy at Paris argued that
gaged in the trans-Pacific trade.
It is claimed that the Pacific Mail has not understood the law, especially no adequate military purposes would be served by delaying
the language clauso, and that if it had only waited until the Secretary of the American mails, inasmuch as the Swiss mails from
the Treasury construed that clause all would have been well.
The Pacific
Mail had no interest in deceiving itself. The meaning of tho law is too plain France, although held back for the same length of time,
to bo misunderstood. But, if it had passed by a favorable chance to sell reached their destinations within a few hours after the timo
and had awaited the Secretary’s Instructions, what assistance would it have the American mails left French ports.
received? Witness the Secretary's circular o f Sept. 18 1915. That cir
cular gravely informs us that the law does not require an English-speaking
crew, but that it may havo French or German-speaking officers and crews. U N I T E D S T A T E S I N S I S T S O N S A F E T Y FOR C R E W S
Also that, when tho law requires that 75% o f tho crew, in each department
A N D PASSENGERS I N N E W FR YE NOTE.
thereof, must be able to understand “ any order” given by the officers of the
The United States in a new note to Germany on the
vessel, this means “ only such orders as may normally bo given to mombers
of the crew in each department o f the vessel in the course o f tho usual sinking of the American sailing vessel William P . Frye
performance o f their duties.” But he properly adds: "Among these duties, agrees, without admitting that tho Declaration of London is
■however, should.be included lifeboat work or emergency work for such
members o f tho crew as may be called upon to perform these classes of in force, to accept that declaration, ponding the arbitration
work” and applies this by declaring that as to any waiter, stoker, seaman of the case “ as the rule governing tho conduct of the Gorman
or other employee on the vessel who was assigned to do emergency or life
Government in relation to tho treatment of American vessels
boat work, the law requires him to understand orders for such emergency
carrying cargoes of absoluto contraband.” In indicating
of lifeboat service.
The practical effect o f the language clause still is to subject American its acceptance of this proposal, the United States does so
ships, which must have American officers, to the hopeless disadvantage of
on the understanding that “ the reguiromont in Article 50 of
competing on the Pacific with Japanese ships while employing labor at
wages five or six times in excess o f those paid Oriental seamen, and at a the Declaration that ‘before the vessel is destroyed all persons
dally cost o f feeding four times In excess o f their competitors.
on board must bo placed in safety,’ is not satisfied by merely
Those affected by the discontinuance of the trans-Pacific steamships of
the Pacific Mail are its stockholders on the one hand and shippers and the giving them an opportunity to escape in lifeboats.” Tho
public generally on the other. The stockholders o f tho Pacific Mail, in note states that “ on this understanding the Government of
cluding a large number of minority stockholders, for the Southern Pacific tho United States agrees to refer to arbitration this question of
owns but little moro than a majority of tho shares, have unanimously con
Tho toxt of the note, which was dis
curred in the conclusion o f its managing officers that the requirements of treaty interpretation.”
the Seamen’s Bill left the company no alternative than to withdraw its patched to Berlin on the 12th inst., was made public at tho
ships from tho Pacific Ocean, and this concurrence was given before the sale State Department on the 18th inst. Tho questions at issue
subsequently made, had been thought of. It remains to bo seen whether
tho other parties interested— tho shippers and tho public generally— can in the Frye dispute concern tho amount of indemnity to bo
bo persuaded to pass by tho obvious cause and ascribe tho disappearance of paid by Germany for the lossos resulting from the destruction
American ships and tho monopoly o f the Japanese on the Pacific Ocean to of the vessel and the interpretation of treaty rights.
In
the stupidity o f the owners o f American ships or to a self-destroying con
spiracy formed by them for tho purpose of discrediting the authors of the order that tho proceedings may bo expedited, tho United
Seamei I: Bill.
States indicates its profoi*enco to havo the arbitration con
A letter from the Lake Michigan Passenger Lines Associa
tion .Jcharging^that^tho^interests offAmericani shippers have
ducted under tho Haguo Arbitration Convention rather than
by the longer form of arbitration beforo the permanent Court
at Tho Hague. The text of tho note is as follows:
Oct. 23 1915.]
THE
C H R O N IC L E
T h e Secreta ry o f State to A m b a s s a d o r G e ra rd :
D e p a rtm en t o f S la te , W a sh in g ton , Oct. 12 1915.
1341
and Government departments of Germany and Austria and
only sent to neutral ports with the object of concealing their
true destination.” The text of the memorandum, as
published in tho “ Tim es” , is as follows:
You arc Instructed to present the following note to the German Minister
of Foreign Affairs:
In reply to your Excellency’s note o f Sept. 19 on the subject of the
It has been frequently suggested and some times actually asserted that
claim for damages for the sinking of the American merchantman William
p , Frye, I am instructed by the Government o f the United States to say tho seizure of cargoes consigned by the meat packers o f Chicago to Copen
that It notes with satisfaction tho willingness of the Imperial German hagen and other Scandinavian ports, in the four ships which were the
Government to settlo the questions at issue in this caso by referring to subject of the recent proceedings in the Prize Court, and in the other
a joint commission o f experts the amount of tho indemnity to bo paid by ships in regard to which these negotiations have taken place, was a seizure
tho Imperial German Government under its admitted liability for tho losses effected under Orders in Council the validity of which is disputed by the
of tho owners and captain on account of tho destruction of the vessel, and Government of the United States: the implication being that in some way
by referring to arbitration the question of the interpretation of treaty rights. these cargoes were seized under the Order in Council of March 11 1915.
Tho Government o f tho United States further notes that in agreeing to It soems hardly necessary to point out that this was not so. The cargoes
this arrangement tho Imperial German Government expressly states were seized for the greater part, long before March 1915: and the ground
that in making payment it does not acknowledge tho violation of the for tho seizure was that they were conditional contraband, destined from
treaty, as contended by the Government of tho United States, and that the the first, by the packers who shipped them, largely for the use o f the
settlement of the question of indemnity does not prejudice tho arrangement armies, navies and Government departments of Germany and Austria
of tho differences of opinion between tho two Governments concerning tho and only sent to neutral ports with the object of concealing their true
interpretation of tho treaty rights. Tho Government of tho United States destination.
This is a ground for seizure which has been asserted and upheld by none
understands that this arrangement will also bo without prejudice to its
own contention in accordance with tho statement of its position in its note more strongly than American courts and the leading American authorities
of Aug. 10 last to your Excellency on this subject, and tho Government on international law for over fifty years. That foodstuffs on a ship bound
of tho United States agrees to this arrangement on that understanding. for enemy territory may be seized and condemned if there can be shown
Your Excellency states that tho Imperial German Government believes to be, in the words of Lord Stowell, a “ highly probable" destination for
that tho nomination o f an umpire should bo dispensed with, because it has military or navy use, has long been a universally recognized and admitted
been tho experience of tho Imperial German Government that tho experts principle of international law, and it was the American courts which first
named in such cases havo always reached an agreement without difficulty, insisted upon the principle that, if that destination is shown, it does not
and that should they disagree on some point, it could probably bo settled matter that tho goods were found upon a ship sailing to a neutral port.
In the application of this doctrine— the doctrine of continuous voyage—
by diplomatic negotiation.
The Government of tho United States entirely concurs in tho view that the British Government acquiesced at the time of the American Civil War,
it is not necessary to nominate an umpire in advance. It is not to bo and tho circumstances of modern warfare, the development of international
assumed that the experts will be unable to agree or that If they are, tho trado, and the increaso in the rapidity and the facilities for transport, both
point in dispute cannot bo settled by diplomatic negotiation, but tho by land and sea, have made the doctrine the more reasonable and, indeed,
Government o f tho United States bclievas that in agreeing to this arrange essential, if a belligerent is to be allowed to exercise at all his undoubted
ment it should oo understood In advanco that in caso tho amount of in right of interrupting the supply of foodstuffs to his enemy’s military and
demnity is not settled by the joint commission of experts or by diplomatic naval forces.
negotiation, tho question will then be referred to an umpire if that is desired
At the outbreak of the present war, and up to the time when tho German
by tho Government o f tho United States.
methods of warfare had, by their reckless disregard of all principles of law
Assuming that this understanding is acceptable to the German Govern hitherto recognized, and all the dictates o f ordinary humanity, made it
ment, it will only remain for tho Government o f tho United States to necessary to adopt by way of retaliation measures calculated to cut off all
nominato its expert to act with tho expert already nominated by tho German trade, it was open to neutrals to continue to supply the civi
German Government on tho joint commission. It scorns desirable to tho population of that country openly by consignments to named merchants
Government of tho United States that this joint commission o f experts and dealers in Germany, and if that course had been adopted the case
should meet without delay as soon as tho American member is named and would have assumed a very different complexion and it would then have
that its meetings should be held in tho United States, bocauso, as pointed been necessary, no doubt, for the British Government to establish that the
out in my note to you o f April 20 last, any evidence which tno German consignees in fact were known to be engaged in supplying the German
Government may wish to havo produced is more accessible and can moro Government.
conveniently be examined there than elsewhere.
This, however, w not the course adopted by the Chicago packers. Vast
ras
With reference to tho agreement to submit to arbitration tho question quantities o f lard, meat, bacon and oils, far in excess of any possible require
of troaty interpretation, tho Government of tho United States notes that in ments o f tho Scandinavian countries, were shipped to Copenhagen in part to
answer to its inquiry whether, pending tho arbitral proceedings, tho named consignees, but for tho greater part to the packers’ own agents or
German Government will govern Its naval operations in accordance with their order, and it was from the first claimed that all these consignments
tho German or American interpretation of the treaty stipulations in ques were shipped on, or with a view to, bona fide sales to neutrals.
tion, tho reply of tho German Government is that “ It has Issued orders to
From the evidence, however, of cablegrams and letters in the possession
tho German naval forces not to destroy American merchantmen which of tho British Government, which were ultimately produced in court, it was
havo loaded conditional contraband even when tho conditions of interna clear that the packers' agents in these neutral countries, and also several of
tional law are present, but to permit thorn to continue their voyage un tho consignees, who purported to be genuine neutral buyers, wero merely
hindered if it is not possible to take them into port,” and that, "on tho persons engaged by the packers on commission, or sent by the packers from
other hand, it must reserve to itself the right to destroy vessels carrying their German branches, for the purpose of insuring the immediate transit of
absolute contraband whenever such destruction is permissible according these consignments to Germany.
to the provisions o f tho Declaration o f London.”
The whole scheme was disclosed in a series of letters from a Hamburg
Without admitting that tho Declaration o f London is in force, and on
correspondent of Messrs. Cudahy, who was obviously in touch with the
the understanding that tho requirements in Article 50 of tho Declaration representatives in Hamburg and Rotterdam of practically all of the packers.
that "before tho vessel is destroyed all persons on board must bo placed in Agents and managers were sent from Germany to Copenhagen, where
safety,” is not satisfied by merely giving them an opportunity to.escapo in they established themselves in hotels; two of these agents formed them
lifeboats, tho Government o f tho United States is willing, pending the selves into a Danish importing company which had an enormous trade;
arbitral award in this caso, to accept tho Declaration of London as tho rule tho importance was emphasized of using the names o f persons already in
governing tho conduct of tho German Government in relation to tho tho provision trade, and neutrals were Induced for a consideration, to lend
treatment o f American vessels carrying cargoes of absolute contraband. their names as pretended consignees; careful instructions were given as to the
On this understanding tho Government o f tho United States agrees to names to be inserted in the bills of lading and other documents; and these
refer to arbitration this question o f troaty interpretation.
agents kept the packers informed from time to time as to the prohibitions
Tho Government of tho United States concurs In tho desire of the Imperial against export in tho various neutral countries and as to the ports (Including
Gorman Government that tho negotiations rclativo to tho signing of the Genoa) to which it was most desirable to ship the goods. Some agents
compromise referring this question of treaty interpretation to arbitration wero found on special instructions to be moving about from place to place
under tho provisions o f Article 52 o f Tho Hague Arbitration Convention, in Europe, and in one caso the name of a German agent was in the cables
should bo conducted between tho German Foreign Offlco and the American changed to the innocent name of “ Davis” when it was discovered that
Embassy in Berlin, and tho Government o f tho United Statos will bo glad the original name was regarded as suspicious by the British censorship.
to recognize tho draft compromise which you inform mo tho Foreign Office
The telegrams showed orders given from Rotterdam for delivery to
is prepared to submit to tho American Ambassador in Berlin.
Copenhagen and Scandinavian ports, from Copenhagen for delivery to
Anticipating that it may bo convenient for tho Imperial German Govern Swedish and Norwegian ports, and from Rotterdam and Copenhagen for
ment to know in advanco of these negotiations, tho preference of tho delivery to Genoa; so that it obviously mattered little what the port of
Government of tho United States as to the form of arbitration to bo ar delivery was. so long as it was conveniently situated for transit to Ger
ranged for in the compromise, my Government desires mo to say that it many. Offers on special instructions wero made in German currency,
would prefer, if agreeablo to tho Imperial Government, that tho arbitration for the convenience, obviously, of German buyers. Therewere clear
should bo by summary procedure, based upon tho provisions of Articles indications of consultation with tho packers’ German house as to the ports
86 to 90, inclusive, of Tho Hague Arbitration Convention, rather than tho to which goods should be sent.
longer form of arbitration before the permanent court at The Hague.
A special cable code was invented, as to which, however, nothing more
Arrango for simultaneous publication of this note at earliest date which was disclosed than that “ arnham” meant "ship to Copenhagen” . Special
and hastily devised arrangements wero made for payment by the establish
will give you time to notify tho Department.
LANSING.
ing of large credits in Scandinavian banks, arrangements which from the
urgency of the cables connected with them were obviously no part of the
ordinary course of the packers’ business, and in some cases there were
GREAT B R IT A IN
EXPLAIN S
S E I Z U R E OF M E A T
payments which clearly came directly or indirectly from Germany and
from the Deutsche Bank.
CARGOES.
Indeed it was stated to Messrs. Cudahy by their Hamburg correspondent,
Tho State Department has rocoived a memorandum from that German bankers had evidently accumulated large balances in New
Great Britain explaining upon what grounds tho British York, Rotterdam and Copenhagen; and as to the object of this, there could
authorities based their action in soizing tho meat cargoes bo no doubt. There were indications sometimes of the insurance of the
goods in Germany; sometimes of precautions taken to insure in other than
consigned by Chicago packers to neutral Scandinavian ports. German companies; but with a few unimportant exceptions no insurance
Tho communication, which was sent through Ambassador policies were produced.
The Holland-America Line was seen to be refusing the packers’ ship
Pago in London, charges that tho products were shipped ments, for it required a guarantee against re-export to Germany which
to noutral countries with tho intention of having them de they could not give; and at an early stage the lino was approached with
livered to Germany. Tho memorandum points out that tho a proposal that it should, for the convenience and greater safety of the
packers, transfer some of its vessels to tho American flag, a proposal to
seizures wero not effected under tho Order-in-Council of which it declined to accede. The consequence was that a special line was
March 11 1915, but states that on tho contrary “ tho cargoos formed to engage in this trade.
In spite of all this the pretense was stoutly kept up to the end that the
wero seized for tho greater part, long beforo March 1915,
whole business was bona fide neutral trade, and that the packers had no
and tho ground for tho soizuro was that thoy wero con interest beyond that of selling and consigning to neutral buyers, and it was
ditional contraband, destined from tho first by tho packors not till the actual trial that the admission was made on behalf of some
FRASER shipped them, largely for tho use of tho armies, navies of them that a largo part of the goods was probably Intended to go through
who
Digitized for
1342
THE
C H R O N IC L E
to Germany. And there were strong indications that it was not merely
a civilian German destination which was contemplated. The German
ports to which the goods were going Hamburg, Lubeck and Stettin, were
all military or naval depots and headquarters o f troops. The fat bacon
besides being of value for army rations, was as the British Government
was informed, in much demand in Germany as being the raw material
of glycerine, which is the most important constituent o f explosives. The
meat was packed suitably for army use, and indeed in the case of the smoked
bacon and Armour’s tinned boiled beef was o f tho kind supplied or offered
to the British army; and on the case put forward by tho packers it was
necessary to imagine that wnile engaged in supplying the armies of Great
Britain, France and Russia, they should by some inexplicable oversight
have omitted to turn their attention to tho opportunities for enormous
profits offered by Germany and Austria.
Messrs. Cudahy’s Hamburg correspondent expressly stated with regard
to the cargo on the four ships whose cases were tried that his information
was that most of tho goods had long ago been sold to Germany; he reported
that Messrs Morris’ German agent was skeptical about tho release of the
Alfred Nobel cargo as it was "too open-faced a case o f tho lard being
intended for Germany," and that apparently this same German agent
has suggested that the packers should make "a big noise” in tho American
press; and the picture drawn in these frank communications was one of
German agents eagerly awaiting the release o f their goods and calculating
the prospects of their being promptly passed through Danish and Scan
dinavian ports to Germany.
Yet in spite o f all this, tho claim was put forward and firmly main
tained to the end that everything that had been done was perfectly bona
fide trade, but documents which could easily have been produced had this
been truo were never forthcoming.
With perhaps a few minor exceptions, tho packers produced no con
tracts, no invoices, no insurance policies, and no checks or otner proof of
sale or payments; their affidavits wero In the most general terms, and were
put in at the very last moment, some o f them even after tho trial had
begun; and no attempt was made by any written or other evidence to
explain away tho damning evidence o f tho telegrams and letters disclosed
by tho Crown. The inference was clear and irresistible that no such at
tempt could be made, and that any written evidence there was, would
have merely confirmed the strong suspicion, amounting to a practical
certainty, that the whole o f the operations o f shipment to Copenhagen and
other neutral ports wero a mere mask to cover a determined effort to trans
mit vast quantities o f supplies through to the German and Austrian armies.
It is claimed, therefore, that tho seizure o f all the cargoes was amply
justified by the facts known at the time, the facts subsequently discovered
and disclosed, and the conduct of tho packers throughout; and that tho
British Government required to call in aid nothing but the long recognized
and elementary principles o f international law.
The American M eat Packers’ Association at its tenth
annual convention in St. Louis this week adopted a resolu
tion to the effect that Great Britain be asked to discontinue
her restrictive policy against shipments from this country
to neutral nations in Europe, and that tho British Govern
ment be asked to pay back tho packers for tho meat cargoes
which she has seized and held for the Prize Court,
NO
IN T E R F E R E N CE W I T H PARCEL
TO E U R O P E .
PO ST
SERVICE
Tho Merchants’ Association of Now York has been in
' formed in responso to an inquiry as to whether goods of
Austrian origin m ay be sent by parcel post to this country,
without interference by tho British authorities, that the
Post Offico Department “ has no knowledge of the interfer
ence by any intervening country of parcel post mails from
European countries for the United States or of parcel post
mails from tho United States for those countries.” The
Association prints in its bullotin of the 11th inst. tho follow
ing copy of a letter which the State Department received
from tho Post Offico Department in tho matter and which
was forwarded to tho Association :
I havo tho honor to acknowledge tho receipt o f your letter o f tho 9th
instant, relative to tho importation o f goods from Europe by parcel post,
and asking that your Department bo informed if such goods may bo im
ported by means o f parcel post without interference.
In reply I have to inform you that this Department has no knowledge
of tho interference by any intervening country o f parcel post mails from
European countries for tho United States, or o f parcel post mails from the
United States for thoso countries.
NEW
C O N S U L -G E N E R A L
AT
M U N IC H
APPOIN TED.
William II. Gale, of Virginia, who was formerly Consul at
Panama and was recently transferred to Christiania, was
appointed United States Consul-General at Munich, Ger
many, on the 16th inst. M r . Gale succeeds Thomas St. John
Gaffney, who recently resigned at tho request of tho State
Department because of tho partisan attitude which ho is
alleged to havo assumed in relation to tho war.
[Vol. 101.
In an address delivered recently beforo tho Pittsburgh
Chapter of the American Institute of Banking, Clay Herrick,
Manager of tho Research Department of Ernst & Ernst,
certified public accountants, ex, lained tho proper method
which should be pursued in analyzing a balanco sheet. M r.
Herrick’s remarks, presented under the title of “ The Analysis
of a Borrower’s Statement from tho Banker’s Viewpoint,”
have been printed in pamphlet form. Beforo discussing
tho items appearing on a balance sheet and pointing out the
interpretation which should bo placed upon them, M r.
Herrick emphasized tho importance of knowing how to ana
lyze such statements intelligently. Ho said in part:
Tho necessity for such statements is incroasoil by tho changing conditions
of business, the narrow margin of profits in many industries, and the in
tensive organization necessary to success in commercial enterprises. Tho
operation of tho Federal Reserve banks and the growing demand for full
and frank publicity will soon eliminate tho borrower who is unwilling to
submit complete information to his banker. Tho bank credit man will, as
heretofore, lay great stress upon tho moral risk and upon various outside
sources of information, but a credit filo which does not contain a written
and signed statement is already out of dato. Tho importance of knowing
how to analyze such statements intelligently is, therefore, evident.
Tho California Bankers’ Association has recently sent to its
members copies of tho California Bank Act as amended in
1915.
In view of tho necessity for bankers to keep posted
as to the law governing banking, tho Association decided to
initiate a new standard in its biennial publication of tho Bank
Act and to issue after each session of tho Legislature “ an
edition of tho Act in such form and with such aids as will
facilitate full acquaintance with changed requirements and
render tho Bank Act moro understandable.” Tho Associa
tion felt that “ it would savo bankers a tremendous amount
of time if they could havo pointed out to them just tho words
and phrases or effect of tho additions and changes in the
A c t.” Accordingly, Frederick II. Colburn, Secretary of the
Association, has inado known that “ wo set out to mako this
comparison, lino by line, and as a result you will find printed
after each amended section an explanatory no to by the
publisher stating briefly just what you will want to know.”
An appendix has been added to the publication containing a
number of extracts from tho Civil Code, Codo of Civil Pro
cedure, & c., to which direct reference is mado in some of the
sections of tho A ct. Altogether, tho text of tho A ct, with tho
publishers’ notes appendix and cros i index makes a book of
164 pages. Tho first edition that tho Asso iation issued of the
Bank Act when it went into effect in 1909 mado only 50 pages
from cover to cover.
Following closely on the failuro last week of J. L . Holland
& Co. of Buffalo, N . Y . , another stock bi’okorage firm of that
city, Paul Lambert & C o ., has suspended. Tho latter, which
s said to have had tho most extensivo wire service of any
brokerage concorn in Buffalo, mado an assignment on the
18th inst. to Iforbort B . Buttorfield. Paul Lambert & C o .
is the registered name for Henry C . Tucker. Its branches
havo been scattered not only throughout the United States,
but in Canada as well, and are said to havo numbered in all
ninety-six. W ith tho announcomont of tho firm’s suspension
William C . Van Antwerp, Chairman of tho Committee on
Quotations of the Now York Stock Exchango, issued tho
following statement on M onday:
Tho public announcement from Buffalo that Paul I.ambert & Co. havo
announced their .suspension, following tho suspension of J. L. Holland & Co.
on Wednesday last, should bo very gratifying to ovor.v friend of law and
order. Tho Now York Stock Exchango has dono what it could to help to
rid tho country of bucket shops, and tho total number closed slnco Jan. 1
is 236, operating in thirteen States and in Canada. Now that thoy havo
been driven out, tho important thing is to keep thorn out. In this work tho
Exchango asks tho support of public opinion, tho Courts, tho legislatures.
tho public service commissions, and tho press. Meantimo, wo shall con
tinue to do our sharo, prompted by nothing moro nor loss than a determina
tion to prevent this peculiarly repulsive form of lawbreaking and to carry
out in letter and in spirit the recommendations of tho Hughes Commission.
Coupled with tho nows of tho Lambert failure, tho Stock
Exchange is said to havo rocoived word that Low L . Apple
gate of Cincinnati, operating under both his own name and
that of tho Phoenix Stock & Grain C o ., had suspended on
tho 16th inst. It is reported that tho concorn acted as
The sales of bank stocks at the Stock Exchango this week independent brokers and was not connected with any recog
aggregate 63 shares. N o bank or trust company stocks nized exchango, and had maintained nino branches in Ohio
and Indiana.
were sold at auction. National City Bank stock advanced
Henry C . Tucker and othor Buffalo stock brokers recently
to 400, ten points above last week’s salo price, on sales of
secured a temporary injunction against tho Wostorn Union
50 shares.
Telegraph Co. and tho Gold & Stock Telegraph C o., re
S h a r e s . BANKS — N e w Y o r k .
Low .
H ig h . C lo se. L a s t p re v io u s s a le.
5 0 National City Bank_________ 3 Jt
<
400
400
Oct. 1915— 390
straining thoso companies from shutting off their ticker
13 Nat. Bank o f Commorco_____ICO
161
161
Sopt. 1915— 160
servico from tho Now York Stock Exchango. Tho Exchango
Two Now York Stock Exchange memberships were posted had refused to approvo tho applications of thoso brokers for
for transfer this week, tho consideration being §72,000 and ticker servico, and as a result proceedings against tho tele
$73,000. The last reported transaction was at $70,000.
graph companies wore startod. Tho tomporary injunction
was continued on Juno 23 by order of Justico Pooloy in tho
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Oct. 23 1915.]
THE
C H R O N IC L E
Supreme Court at Buffalo, ponding the determination of the
proceedings. J. L. Holland & Co. is also said to have been
one of the Buffalo houses which sought to prevent the Stock
Exchange from depriving it of ticker service. Tucker is
said to °havo been at the head of the Consolidated Stock
& Grain Exchange of Buffalo, which is reported to have failed
for about $500,000 ten years ago. The liabilities of Paul
Lambert & Co. are reported as between $400,000 and $500,000.
The Fulton Trust C o ., 149 Broadway, this city, celebrated
its twenty-fifth anniversary on Oct. 21. The institution
was organized in 1890. It is an interesting fact that at the
time of its organization there were in N ew York C ity 19
trust companies with aggregate capital of $19,250,000, de
posits of $182,176,000, and total resources of $235,400,000.
The field covered by a trust company at that time was limi
ted almost entirely to the trust business, in acting as guardian,
trustee of personal and corporate trusts, registrar and
transfer agent. The entry of trust companies into commer
cial banking did not begin until within the last 15 years,
but, through the enormity of corporate financing, together
with the merger of small companies, there were this year, on
Sept. 25, only 23 trust companies in N ew York City (Borough
of Manhattan) reporting to the State Banking Department,
with an aggregate capital of $59,450,000, deposits of $1 ,506 ,
690,000 and resources of $1,778,433,000.
The Fulton Trust Co. in tho 25 yea s of its existence has
developed a personal business, specializing in personal trusts,
having an average deposit line during 1914 of $8,700,000,
which is a liberal one for a company with $50 ,000 capital
and $66 ,000 surplus and undivide profits. During this
period tho company has paid to its depositors in interest
$3,933,992 45— t its stockholders in divdonds $1,047,100
‘ and in addition has accumulated in undivided profits
$412,000, making, with $500,000 capital and $250,000 sur
plus, a total of $1,162,000 capital resources
The President,
Ilenry C . Swords, Vice-President H . H . Cammann and Sec
ond Vice-President Henry W . Reighley havo been officers
of the company since the organization, and the other officers
are Charles M . Van Kleeck, Secretary, and Arthur J . Morris,
Assistant Secretary. M r . Morris was elected an official
during the pas!, week.
A s a souvenir of its anniversary the company has pre
sented its friends with an attractive bronze paper weight,
u p o n w h i c h is reproduced a picture of Robert Fulton and his
famous steamer the “ Clermont ,” with the dates 1890-1915.
The Metropolitan Trust Co. of this city will open its
new uptown branch at 716 Fifth A v e. about February 1.
As heretofore stated, tho company recently obtained a’ lease
on the two-story building located on that site, which is just
south of 56th Street.
Tho Franklin Trust Company of Now York and Brooklyn
boroughs announces its purpose of setting a goal of $30,000,
0 0 0 as its average deposits, and has addressed its stockholders
and depositors expressing the belief that a largo part of this
result can bo obtained within the next year through their
co-operation. A t the time of the oponing of the company’s
Now York office at 46 W all St. on Oct. 5 1914 tho deposits
of the institution amounted to approximately $12,100,000.
A t the present time they average $20,000,000.
1343
its predecessor, tiie Bank of Rhinebeck. The First National
began business on July 1 1865, succeeding the Bank of Rhine
beck, which had been established in 1853. The institution
had in 1865 a capital stock of $175,000, surplus of $15,511
and deposits of $66,175. The capital stock was reduced in
1884 to $125,000. On July 1 last the bank had surplus and
undivided profits of $68,404 and deposits of $229,853. The
First National paid its 100th consecutive dividend in July,
making a total disbursement to stockholders during the 50
years of its existence of $487,500. The officers of the insti
tution are Philip F . Radcliffe, President; M . V . B . Schryver,
Vice-President; W illiam H . Judson, Cashier, and Claude B .
Lansing, Assistant Cashier.
A new bank has been organized in Buffalo, N . Y . , to be
known as the Black Rock Bank. It will start with a capital
of $100,000 and will be located at Niagara and Tonawanda
streets in what is known as the Black Rock section of the
city. The plan to establish the bank was inaugurated by
the Black Rock Manufacturers’ Association. A building
company, made up of the directors of the bank, has been
formed for the purpose of buying the proposed site and
erecting the bank building. It is reported that the institu
tion will open for business on Jan. 2. The bank is to occupy
temporary quarters in Niagara Street, pending the con
struction of its permanent home. The officers chosen for
the new institution are President W . H . Andrews, President
of the Pratt & Lambert C o.; Vice-President, A . D . Bissell,
President of the People’s Bank; and Cashier, Robert C .
Gaupp, Assistant Cashier of the Citizen’s Bank of Buffalo.
The Old Colony Trust Co. of Boston celebrates its twentyfifth anniversary next week. An informal reception will be
held by the company at all three of its offices in Boston on
the 25th, 26th and 27th insts. Tho main office is located
at 17 Court Street, the Temple Place branch at 52
Temple Place and the Bay State branch at 222 Boylston
St. In connection with its birthday the Old Colony is dis
tributing a souvenir booklet giving a brief history of the in
stitution. The booklet also sets forth the progress of the
city of Boston during the past quarter century and gives
some interesting data showing the growth of the Old Colony.
Tho institution opened its Temple Place branch in 1902, and
in 1914 the B ay State branch was established, the latter
representing a conversion of the old B ay State Trust C o. As
indicating the rapid growth of the trust company, it is stated
that in 1890 the Old Colony was the youngest and smallest
among 272 trust companies in the United States, while to
day it ranks as the sixth largest trust company in the country,
there being, it is claimed, over 1,900 trust companies in the
United States at present. The Old Colony is the largest
trust company in New England. It has a capital and sur
plus of $12,000,000 and deposits of over $100,000,000. The
institution is a member of tho Federal Reserve system.
A chapter of the booklet which the company has issued to
commemorate its twenty-fifth anniversary is devoted to
“ Tho Rise of the Trust Com pany.” In addition to the
booklet the Old Colony has favored its friends this week with
a unique bronze desk calendar.
Officers of the new Morris Plan Company of Rhode Island,
which was recently organized in Providence, were chosen on
tho 15th inst. James R . M acColl was elected President;
Robert B . W ard, President of tho W ard Baking Company, Herbert W . Rice, Herbert O. Phillips and Edward II. Rathand a director in the Empire Trust C o. of this city, died in bun, Vice-Presidents; Herbert J. W ells, Treasurer, and Ar
Now Rochello, N . Y . , on the 18th inst. M r . W ard was a thur M . Allen, Secretary. The State Board of Bank In
Vice-President and diroctor of the Liberty National Bank corporation recently authorized the issuance of a charter to
tho company. It was reported at the meeting of the incor
of Pittsburgh and tho Franklin Savings & Trust C o .o f that
porators on the 15th inst. that the entire capital stock of
city, and Presidentof the Ward Motor Vehicle Co.of New York.
$250,000 had been over-subscribed. It is proposed to start
tho Providence branch immediately in the rooms formerly
H.
Clayton H aff, formerly Cashier of tho First National
Bank of Islip, Long Island, pleaded guilty on the 6th inst. to occupied by tho National Bank of Commerce at 4 M arket
the charge of making false reports of the bank’s condition Square. As soon as this office is in operation, a branch will
to the Comptroller of tho Currency and was sentenced to bo established in Pawtucket and later one in Woonsocket.
The Morris Plan Company of Kansas City is being or
fivo years in tho Federal Penitentiary at Atlanta by Judge
Chatfield in tho U . S. Court in Brooklyn. As heretofore ganized with a capital of $250,000.
stated the First National closed its doors on December 26
As contemplated more than a month ago, the First N a
last, and was re-opened on February 8 . Tho suspension
of tlio institution occurred following tho temporary dis tional Bank of Scranton, P a ., has taken over the business
appearance of H aff. Ho was arraigned before Judgo of tho Merchants’ & Mechanics’ Bank of that city , the
Veeder in tho U . S. District Court in Brooklyn on January 13 consolidation having become effective on the 18th inst. As
a result of this increase in its business, the deposits of the
last, and tlion released under $5,000 bail.
First National now exceed $17,000,000, while its total assets
In commemoration of its fiftieth anniversary, tho First aggregate more than $20,000,000. The directors of the
National Bank of Rhinobeok, N . Y . , has issued an illustrated Mercnahts’ & Mechanics’ Bank have been added to the
booklet giving a brief historical sketch of tho institution and board of the First National. Charles S. Weston continues
1344
THE CHRONICLE
as President of the First N a tion a l and is assistod in its m an
agem ent b y J . B en jam in D im m ick , V ice-P resid en t; Frank
H u m m ler, Cashier; A lbert C . Iv es, George C . N y o a nd
Alfred T . H u n t, A ssistan t Cashiers, and C . W . G unster,
M a n ag er of the Foreign D ep a rtm en t. M r . G unster was
Cashier o f the M e rch a n ts’ & M ech an ics’ prior to tho consoli
dation. A . J . C a se y , who was President of tho M e rch a n ts’
& M ech an ics’ , is now a director and m em ber of the executive
com m ittee of the First N a tio n a l.
I t is reported that m ost
o f the em ployees of tho M e rch a n ts’ & M ech an ics’ will be
retained in the service of tho First N a tio n a l B a n k . Previous
reference to the consolidation of tho banks was m ade in our
issue of S ep t. 4 . A s has before been stated in theso colum ns,
a perm anent association was [established on April 1 between
the First N a tion a l and the Lackaw anna T ru st C o . of Scranon.
I t is expected that the new hom o of the First N atio n a l
B a n k , which is under construction on tho site formerly
occupied b y the Lackaw anna T ru st C o ., will be ready for
occupancy b y F ebru ary.
T h e new B altim ore C om m ercial B a n k
o f B altim ore
opened for business on tho 18th in st. in its attractive new
hom e on the ground floor o f the C oca C ola B u ild in g .
The
new quarters were thrown open for public inspection, tho
officers o f tho bank acting as a reception com m ittee to wel
com e the visitors. A b u ffet luncheon was served. T h e
new bank has a capital o f $ 5 0 0 ,0 0 0 and surplus o f $ 1 0 0 ,0 0 0 .
W . M . M cC o rm ick is President and is assisted in tho m anage
m en t o f the bank b y R obert S . M o o n o y , Vice-P resident;
R . A . W e lsh , C ashier; and G w yn n Crow ther and H . Clarke
Jones, A ssistan t Cashiers.
I t is expected th at the bank will
supply a long-felt w an t to the m erchants and manufacturers
w ho aro south o f B altim ore Street and oast o f tho general
banking-house district o f tho c ity .
W illia m W a lla ce Spence, a director of the M ercantile
T ru st & D ep osit C o . and the E u ta w Savings B an k of B alti
m ore, celebrated his 100th birth day on tho 18th in st. M r .
Spence was the founder o f tho M erca n tile T ru st & D eposit
C o . and held the position of President of the institution
until tw enty-three years ago, when his son-in -law , the late
General John G ill, succeeded h im . M r . Spence received
m an y floral gifts on his b irth d ay, prom inent am ong them
being a largo basket containing A m erican B e a u ty roses
which was sont b y tho M ercan tile T ru st & D eposit C o .
T h e gift was accom panied b y a m em orial drafted b y tho
officers and executive com m ittee of tho com p an y.
A special m eeting o f tho stockholders o f tho Lake Shore
B an k ing & T ru st C o . o f C leveland has boon called for
N o v em b er 23 to vote upon tho question o f increasing tho
capital from $ 2 0 0 ,0 0 0 to $ 3 5 0 ,0 0 0 .
Stockholders will be
allowed to subscribe pro rata to tho new stock a t $1 33 33
per sharo.
I t is reported that tho last sale o f tho stock was
a t $ 3 2 5 a share. T h o institution has m ade arrangomonts
to open two new local branches.
T h o O ld N ation al B an k o f G rand R apids, M ic h ., is dis
tributing to its friends a handsomo brochuro, containing
photographs o f its m agnificent now homo and setting out
som e interesting facts concerning the early history o f this
“ o ld ” institution. T h e Old N a tion a l is successor to the
first bank established in G ran d R apids over sixty-tw o years
a go , and tho institution occupies the same com m anding site
which has been used b y tho bank ever sinco its inception in
1852, when its homo consisted o f a little one-story frame
building. T h o bank now occupies tho ground floor and
basem ent o f tho southern wing o f tho new Pantlind Ilo to l—
on ground owned b y the b an k .
T h o exterior o f the struc
ture is o f light granite and is built to conform to the rest of
the hotel structure, which takes in the entire block frontage.
T ho m ain banking room is conceded to be one o f tho m ost
unique and beautiful in tho country for its size and is thor
oughly up to datoas regards ligh tin g, app oin tm en ts, & c . Grand
R apids being the “ Furniture C ity ” o f tho country tho in
terior o f tho room typifies th is, tho m other industry. H an d
som e w oods, skillful cabinet-m aking and fanciful decoration
abounding. T h o Old N a tion a l has a capital o f $ 8 0 0 ,0 0 0 ,
surplus and profits of $ 9 5 0 ,0 0 0 , and aggregate resources of
$ 9 ,5 0 0 ,0 0 0 .
C la y I I . H ollister is tho well known President
o f tho institution; Carroll F . Sw eet and W illiam Judson are
Vice-Presidents; George F . M ackonzio is Vice-President and
Cashier and I I . A . W o od ru ff and R . Y . Spoir, Assistant
Cashiers.
[Vol. 101.
T h e State B a n k of O m aha (N o b .) has assum ed the busi
ness of the C ity N ation a l B an k of that c ity .
T h o enlarged
institution opened for business on tho 11th inst. under the
name of the State B a n k of O m aha, in tho quarters form erly
occupied b y tho C ity N a tio n a l. A lbert L . Schantz con
tinues as President of tho State B a n k of O m aha.
A dis
patch from Lincoln, N o b ., on the 12th inst. stated that tho
N ebraska B anking B oard had not up to that tim e form ally
approved tho merger proceedings, and a form al record was
entered b y tho B oard showing that tho transaction had been
effected w ithout its sanction.
In indicating his intention to
propose to the next Legislature a law preventing tho con
solidation of State and national banks Secretary R o yse
of the State B ank ing B o a rd , announced on the 16th inst.
that he would also seek to havo a law passed perm itting tho
levying of an assessm ent on deposits taken over b y a State
bank from a ny national institution for tho benefit of tho
State guaranty fu n d .
T h om as A . C osgriff, President o f tho H am ilton N ation al
B an k of D onvor, C o lo ., died on the 14th inst. M r . Cosgriff
founded tho H am ilton B an k in 1910 and a t tho tim e o f his
death was also President o f tho First N ation al B a n k of
Cheyenne, W y o m in g .
Dennis Sullivan, a Vice-President o f tho D onver N ational
B an k o f D onver, C o lo ., diod on tho 10th inst. M r . Sullivan
had been a director o f tho bank since its organization in 1884.
W . B . Slaughter, President o f tho failed M ercantile N a
tional B an k o f P u eblo, C o lo ., and C . C . Slaughter, Cashior
of the institution, wore indicted b y a Federal grand ju ry at
Pueblo on tho 15th inst. T h e indictm ents aro said to bo
based on alleged violations o f tho G overnm ent banking law s.
Specific instances of alleged m isapplication, em bezzlem ent,
m aking o f false entries and tho abstraction o f assets ranging
in am ounts from $ 4 0 0 to $ 9 7 ,0 0 0 aro cited. A s horotoforo
statod , tho M orcantilo N a tion a l closed its doors on M a rch 2 9 .
T h e International B an k o f C om m orce of P ueblo, C o lo .,
was placed in the hands of Georgo H . Sweonoy as perm anent
receiver on tho 4th b y State B a n k Com m issioner D rach .
John S . E lio tt, First Vice-Prosidont o f tho N ation al State
& C ity B a n k o f R ich m on d , V a ., died on tho 10th inst.
M r . E lle tt becam o President o f tho old State B a n k o f V ir
ginia a t R ichm ond in 1887 and continued in that position
when tho institution was changed to tho N ation a l State
B an k in M a y 19 07 . T h o latter institution was consolidated
in July 1910 w ith tho C ity B an k of R ich m on d, bringing
about tho form ation of tho N ation a l State & C ity B a n k ,
and M r . E llett was appointed Vico-Presidont o f the now
b an k . H o was form orly a director o f tho Northw estern
M u tu a l L ife Insurance C o . o f M ilw auk ee and was also a
director o f tho R ichm ond T ru st & Savings C o ., tho Virginia
State Insurance C o ., tho Virginia-Carolina Hardw are C o .
and the Tidew ater & W estern R R .
T h e Bourbon B an k & T ru st C o . of Paris, K y ., and tho
Agricultural B an k o f that city havo been merged under the
nam e o f tho Bourbon-Agricultural B an k & T ru st C o . T ho
capital o f tho now institution is $ 2 0 0 ,0 0 0 and tho surplus
$ 1 3 5 ,0 0 0 .
T ho com bined individual doposits o f tho two
banks am ounted to abou t $ 6 0 0 ,0 0 0 .
On tho 6th inst. tho
directors o f tho consolidating institutions elected as officers
of the enlarged bank , J . W . D a v is, President; J . T . H in to n ,
Vice-President, and Brucknor W o o d fo rd , Cashier. Ilo w over, M r . D a v is, who was President o f tho Agricultural
B a n k , resigned and John T . Collins was chosen to tako his
place as head of tho consolidated institution.
T h om as W .
A llen, who was A ssistant Cashier o f tho Agricultural B a n k ,
was elected to that position in tho now bank.
Frank S . Ethoridgo, President o f the Georgia B ankers’
A ssociation, has been olected Prosidont o f tho A tla n ta T rust
C o . o f A tla n ta , succeeding W . J. M orrison, resignod. M r .
Etheridge is President o f the Jackson Banking C o . o f Jack
son, G a .
H e will assumo his now dutios N ov em b er 1.
T h e D elta T ru st & B anking C o . o f Vicksburg, M is s .,
announced its decision on tho 5th inst. to discontinue its
banking business and liquidate its assets.
T h is action fol
lowed tho determ ination o f its Prosidont, P . M . H ardin g,
to retire and ongago in other occupations. M r . H arding
had been head o f tho institution for more than tw en ty-sixyears. T h e M e rch a n ts’ N ation a l B an k o f Vicksburg has
accepted tho transfer to it of all o f tho doposits o f tho liquida-
ting institution, and lias agreed to p ay in cash such o f the
depositors as desiro to w ithdraw their accounts.
It is stated
that all tho stockholders o f tho D e lta T ru st & B anking C o .
will bo paid in fu ll. A m eeting o f tho stockholders o f tho
com p an y will bo hold on N ov em b er G to elect a liquidating
agen t. T h e institution had a capital o f $ 1 0 0 ,0 0 0 and on
Juno 23 surplus and profits o f $ 2 9 ,2 4 7 and deposits o f $ 3 8 9 ,
778.
T h o N orthw estern N a tion a l B an k o f P ortlan d, O re ., has
taken over tho M e rch a n ts’ N a tion a l B an k of that city .
T ho absorption was approved b y tho Com ptroller o f the
Currency and becam e effective on tho 13th inst. T h e
arrangement provided for tho transfer to tho N orthw estern
o f all tho active business of tho M erch a n ts’ N ation a l, tho
latter being placed in volu n tary liquidation. T h e organiza
tion o f tho N orthw estern N ation al will rem ain in tact, but
somo o f tho officials o f tho M erch a n ts’ N ation al will becom e
officers o f tho enlarged institution. M . L . H olbrook, a
Vice-Presidont o f the M erch a n ts’ , will becom o a director
and m em ber o f the executive com m ittee o f the N o rth
western. W ilfrid P . Jones, also a Vice-President o f tho
M e rch a n ts’ will hold a similar position w ith tho N o rth
western N a tion a l while Georgo W . H o y t and C arl D otering,
Cashier and A ssistan t Cashier, respectively, o f tho M e r
chan ts’ , will becomo A ssistant Cashiers o f the N orth w estern.
I t is stated that all the em ployees o f tho M e rch a n ts’ will
occupy positions with the N orth w estern .
H . L . P ittock is
President of tho Northw estern N a tio n a l; E m ery O lm stead,
V ice-President and General M a n ag er; L lo yd L . M u lit,
Vice-President; Edgar H . Sensenich, Cashier; R o y I I . B .
N elso n , A ssistan t Cashier, and O . L . Price, A ssistant to tho
Presidont. T h o N orthw estern assum ed all tho deposit
liabilities o f the M e rch a n ts’ and took over onough quick
assets to balanco theso liabilities.
In assum ing tho business
o f tho M e rch a n ts’ , tho N orthw estern strengthens its position
as ono of tho leading banks in tho N o rth w est.
A t the last
call of the Com ptroller on Septem ber 2 , tho N orthw estern
had a capital of $ 5 0 0 ,0 0 0 , surplus and profits o f $ 1 0 8 ,9 1 1
and deposits of $ 4 ,0 5 0 ,2 6 5 .
T h o M e rc h a n ts’ N a tio n a l had
a capital of $ 5 0 0 ,0 0 0 and under tho last call showed surplus
and profits of $ 1 0 0 ,0 0 0 and deposits o f $ 3 ,0 7 1 ,2 9 6 .
As
herotoforo stated negotiations for tho consolidation of tho
Northw estern N a tion a l and tho L u m berm en ’s N a tion a l
B an k woro entered into early this year, b u t wero abandoned
owing to tho inability o f tho parties to agreo on terms satis
factory to all tho interests._
_
T h o statem ent of tho Y o k o h a m a Specie B a n k , L t d .,
(head offico Y o k o h a m a ), for the h alf-year ended June 3 0
1915 showed gross profits for th at period, including yen
1 ,3 3 5 ,2 4 8 brought forward from the last acco u n t, am ounting
to yon 1 9 ,8 8 5 ,0 4 5 , of w hich yen 1 0 ,3 4 0 ,4 2 1 have been
deducted for interest, taxes, current expenses, rebato On
bills current, bad and doubtful d ebts, bonus to officers and
clerks, & c ., leaving a balanco of yen 3 ,5 3 8 ,0 2 4 for appro
priation. Of this sum yen 4 0 0 ,0 0 0 was applied to the
reserve fu n d , yen 1 ,8 0 0 ,0 0 0 was distributed as a dividend
at tho rato of 1 2 % per annum and the balance yen 1 ,3 3 8 ,6 2 4 ,
carried over to tho credit of next a ccou n t.
T h o bank has
a paid-up capital of yen 3 0 ,0 0 0 ,0 0 0 and on June 3 0 showed
deposits of yon 1 0 3 ,4 o 5 ,0 0 7 and total assets oL yon 3 2 4 ,
3 7 8 , 7 8 9 . _______________________________
TIIE E N G L IS H G O L D A N D SILVER M A R K E T S.
W o reprint tho follow ing from tho w eekly circular of
Sam uel M o n ta g u & C o . o f L ondon, w ritten under dato of
price lias not been exceeded since March 16 last. Demand has been per
sistent for home coinage, and also for the Continent, and at the same time
there has been a disposition for supplies to shrink. Tho “ Times" stated
yesterday that £6,000,000 in new British silver coin has been put into cir
culation since the war began. This amount, though about double the
normal addition to the currency in one year, is not yet proportionate to the
strain put upon subsidiary currency in theso exceptional times. Payment
to large numbers of troops in amounts below 10s., and the need for small
change in country localities where hitherto tho circulation of coin was ex
tremely restricted, call for a rc-adjustmcnt of monetary conditions which
cannot but rnsult in coinage upon a large scale. These considerations apply
in somo degree to the Continent also. In our country the necessity of
waiting until the public become accustomed to the use of the new notes
below £5—hitherto the minimum value—suggests that a purchase of about
£2,150.000 worth of silver in order to provido coins to the face value of
£6,000,000 is hardly sufficient to meet the difficulty. China and the Indian
bazaars are doing very little in this market. It is reported that the stock
at Shanghai on Sept. 9 consisted of bars and syceo valued at 68,060,000
taels and 819,180,000, of which the native banks hold 3,390,000 taels
and $9,400,000. An Indian currency return for Sept. 30 gavo details in
lacs of rupees as follows:
Notes in circulation__________ 63,801
Gold coin and b u llio n ------------- 5,91
Reserve in silver c o i n ________ 37,74 |
Gold in England-----------------------6,15
Tho stock in Bombay continues to increase, and is given as 7,300 bars,
as compared with 6,800 last week. A shipment of one million ounces has
been mado from San Francisco to Hongkong. Too much significance must
not bo attached to the size o f this shipment, as it represents an accumulation
arising from the fact that there is not at the present time a w
reekly steamer.
Quotations for bar silver, per ounce standard:
Bank rato_____________________ 5%
No
O ct. 1_ 23%
_
cash!
quotation Bar gold p. oz. std_________ 77s. 9d.
“
2__ 23 13-16 '■
French gold coin, per oz -.Nom inal
fixed
“
4__ 23 13-16
U. S. A. gold coin, per oz_.Nominal
for
“
5__ 23 13-16
forward
_
“
6 _ 23%
delivery.
“
7 __ 23 15-16
A v. for wk. 23.854 cash
Tho quotation to-day for cash silver is 3-16d. above that fixed a week ago.
ENGLISH F IN A N C IA L M A R K E T —PER CABLE.
T h e daily closing quotations for securities, & c ., a t L on don ,
as reported b y cable, have been as follow s the past week:
L ond on,
S a t.,
W e e k e n d in g O ct. 2 2 .
O ct. 16.
Silver, peroz...................... d . 23%
Consols, 2% per cents_____ 65
British 4% percents_______97%
French Rentes (in Paris) frs. 66.50
M on.
T u e s .,
W e d .,
T h u r s ., F r l . ,
O ct. 18. O ct. 19. O ct. 20. O ct. 21. O c t. 22.
23 15-16 23 15-16 23%
65
65
65
97%
98
98%
66.50
66.50
66.50
g o ld
.
Tlio external movement of gold has been adverse to tho Bank of England.
Tho following amounts were recolved by tho Bank:
Oct. 6— £1,100,000 In bar gold.
Withdrawals woro mado as under:
Sept. 30— £5,000 In bar gold.
Sept. 30— 200.000 In sovereigns for Spain.
Oct. 1— 154,000 in sovereigns for tho U. S. A.
Oct. 1— 220,000 in sovereigns set aside on account of Egypt.
Oct. 4— 565,000 in sovereigns for tho U. S. A.
Oct. 5— 250,000 in sovereigns for the U. S. A.
Oct. 5— 450,000 in sovereigns set asido on account of Egypt.
Oct. 6— 264,000 in sovereigns for tho U. S. A.
‘
During tho week tho not reduction amounted to £1,008,000. Tho not
import of gold into India for the month o f September was approximately
£411,800. Tho output of West Africa for August 1915 amounted to £139,
364, as compared with £150,386 for August 1914 and £140,290 for July 1915.
Tho output o f Rhodesia for August 1915 was a record and amounted to
£344,493, as compared with £316,972 for August 1914 and £336,565 for
July 1915.
SILVER.
Tho tono continues good and prices have boon more than maintained.
Tho quotation roso to 23%d. on tho 1st inst., eased l-16d. the next day,
strengthened to 23% d. on tho 6th inst. and to-day to 23 15-10d. This
23%
65
98%
66.50
23 13-16
65
98%
66.50
New Y ork City Banks and Trust Companies
B id
A sk
545
205
175
Battery Park 145
Bowery *__ 400
Bronx Boro* 225
160
BryantPark* 135
Butch & l)r. 100
530
555
215
185
165
260
175
145
115
555
Banks.
Manhattan *
Mark A Fult
Mcch & Met
Merchants' .
Metropolis*.
Metropol'n *
M u tu al___
New Neth*.
New York Co
New York..
Pacific *___
124
135
People's*__
N e w Y o rk
America*...
Anter Iixch.
Cheslsea Ex*
174
CltlzcnsCent 166
C ity............ t394 t40)
167
Coal & Iron. 160
450
325
Columbia*.. 300
Commerce.. 1160 1161
304
310
100
85
Cosniopol’n*
82
75
East River..
155
F idelity*... 140
Fifth Ave*.. 4200 4600
300
Fifth............ 250
885
First............ 870
195
Garfield___ 185
145
Germ-Amer* 135
410
German Ex* 390
475
Germania *. 425
Gotham___ 190
280
Greenwich*. 265
H anover__ 620
635
335
Ilarriman . . 320
505
Imp Sc Trad. 495
175
Irving.......... 165
Liberty ___ 640
330
Lincoln ___ 310
Public *___
Seaboard __
Second____
Sherman . . .
State *____
23d Ward*.
Union Exch.
Unit States*
Wash ll'ts*.
Westch Av*
West Side*.
Yorkville*..
B ro o k ly n
Coney Isl’d*
First_______
Flatbush . . .
Greenpolnt.
Hillside * . . .
Homestead *
Mechanics*.
Montauk*..
Nassau____
Nation’ICity
North Side*.
People’s ___
B id
A sk
300
238
247
174
300
175
325
210
725
365
200
390
220
200
310
245
252
180
315
135
___
225
825
380
220
400
235
100
134
500
275
160
400
475
175
430
425
135
130
135
140
___
___
175
450
550
___
255
134
115
100
___
120
85
195
270
170
130
140
265
142
130
115
90
130
110
205
280
185
140
410
395
125
♦Banks marked with a (•) are State banks.
change this week.
Trust C o’s.
N ew Y ork
B id
A sk
A stor______
Bankers T r.
IPway Tru3f
CentralTrust
Columbia__
CommercialEmpire____
Equitable Tr
Farm L & Tr
Fidelity___
345
425
144
1005
495
100
290
408
1120
197
270
640
120
100
100
395
360
435
150
____
505
____
300
415
1140
203
285
650
130
106
105
410
Guaranty-Tr
LawTlt&Tr
LincolnTrust
Metropolitan
Mut'l (WestChester). .
N Y Life Ins
& T rust..
N Y T rust..
TitleGu&Tr
Transatlan 'c
Uuion Trust
U SM tg& T r
UnltedStates
Westchester
130
135
985 10 1O
590
610
390
375
___ 155
_ _
_
340
375
385
1025 1050
140
....
B ro o k ly n
BrooklynTr.
Franklin__
Hamilton__
Kings C o ...
Manufact'rs
Citizens . .
People's___
Queens C o ..
475
240
265
630
490
250
275
650
135
280
—
140
287
80
tSale at auction or at Stock Ex
C o m m e r c i a l a u c llv t i s c e U a n s o u s g e m s
Canadian Bank Clearings.— T h e clearings for thew eek
ending O ct. 16 at Canadian cities, in comparison w ith the
samo weok o f 1 9 14 , shows an increase in the aggregate of
9 .2 % .
W e e k e n d in g O cto b er
O ctober 7 1915:
1345
THE CHRONICLE
Got. 23 1915.]
16.
C le a r in g s a t —
1915.
Canada—
Montreal— ....................
Winnipeg ........................
Vancouver.....................
Ottawa---------- ------------Q uebec...... .....................
H alifax........ ...................
Calgary...... .......... .........
St. Joh n ---------------------Victoria.................. .........
Edm onton------------------Regina..............................
Brandon.............. ...........
Lethbridge------------------Saskatoon...................... .
Moose Jaw------------------Fort William------- --------
1914.
I n c . or
D ec.
$
S
%
+ 9.3
51,784,575 47,360,992
32,697,178 31,000,000
+ 5.5
43,453,023 32,978,978 + 31.5
4,830,110 6,125,882 — 2 1 .1
3,526,798 3,445,364
+ 2.3
3,201,154 3,101,320
+ 3.2
1,820,493 2,303,074 — 21.0
2,715,427 2,704,707
+ 0.4
3,466,109 3,857,456 — 10 .1
1,252,745
1,326,319 — 5.6
1,238,144
1,692,801 — 26.8
+ 4.3
1,491,442
1,555,672
2,194,788 — 31.9
1,494,851
1 ,888,022 + 10.0
2,076,405
545,186 — 14.7
465,559
323,407 + 16.0
374,958
954,366 + 32.7
1,266,006
853,362 — 2.8
829,664
481,186
+ 6.0
510,845
650,252 —40.9
384,657
260,343 — 2 1 . 1
204,73C
250,747 — 5.3
237,376
418.946 — 16.5
349,763
Total Canada________ 159,736,242 146,208,945
1913.
S
59,787,975
45,726,234
42,700,787
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
605,589
1912.
S
68,192,936
47,847,475
34,618,685
13,491,182
4,471,292
3,423,033
2,209,397
4,029,187
5,458,000
1,885,421
4,104,608
1,710,947
4,932,151
2,632,624
6.86,340
794,870
2,427,843
1,460,228
665,077
694,164
+ 9.2 199,574,329 205,735,460
F O R E IG N T R A D E OF N E W
YORK— M ONTHLY
S T A T E M E N T .— In addition to tho other tablos given in
this departm ent, m ade up from w eekly roturns, we give the
follow ing figuros for tho full m on th s, also issued by our
N e w Y o rk C u sto m H ou se .
M e r c h a n d i s e M o v e m e n t to N e w Y o r k .
M o n th .
Im p o r ts.
1915.
January. .
February.
M arch__
April____
M a y____
Juno____
July_____
August__
September
1914.
S
70,992,107
71,016,866
90,473,231
92,252,029
76,341,381
87,890,671
75,812,949
76,266,845
85,617,505
1914.
1915.
1914.
S
72,872,302
64,934,639
72,798,453
66,338,880
66,008,905
62,630,190
59,218,363
33,559,424
61,895,606
S
12,028,863
10,88S,461
13,782,944
10,784,886
11,258,475
11,916,018
11,112.048
10,873,044
11,030,703
8
16,643,013
13,023,068
17,964,690
14,713,576
13,225,912
14,889,990
15,914,374
12,803,086
12,143,094
1915.
$
$
82,330,513 104,025,265
85,328,968 113,203,172
101,655,994 129,845,743
93,600,199 139,410,642
87.518.541 135,622,599
81,336,584 144,890,856
84,561,785 156,746,121
63,804,412 144,117,486
76.118.541 163,608,127
Im ports and oxports of gold and silver for tho 9 m onths:
G o ld M o v e m e n t a t N e w Y o r k .
Im p o r ts.
1914.
1915.
S
1,301,532
659,423
1,252,366
575,917
633,149
806,392
732,964
973,114
905,196
S
January.. 2,082,618
1,531,031
February.
3,377,102
M a rch __
3,590,774
April____
M a y ____ 12,722,097
1,204,397
Juno____
5,301,292
July.........
2,281,541
August__
September 8,992,572
Total . . 41,084,024
S ilv er— N e w
Im p o r ts.
E x p o rts.
1915.
|
1914.
$
1
S
639,000 6,788,486
990,300, 8,982,204
773,400 2,582,056
754,808
60,250
1,196,820 16,700,846
2,779,190 47,593,306
2.064.670 32,732,361
1.032.670
949,341
1,817,500
760,499
Y ork .
E x p o rts.
1915.
1915.
$
396,139
1,410,058
1,260,910
834,374
881,477
1,804,418
1,768,120
2,718,817
1,581,174
S
4,371,806
2.892.627
2.725.628
3,626,012
4,869,9.82
3,020,338
2,604,349
2,824,995
3,104,667
7,840,053 12,054,358117,155,349 12,721,487 30,131,004
DIVIDENDS.
T h e follow ing shows all tho dividends announced for tho
future b y largo or im portant corporations.
D iv id en d s a n n o u n c ed this w eek are 'printed in ita lic s .
N am e o f C om pany.
P er
C e n t.
W hen
P a y a b le.
B o o k s C lo sed .
D a y s I n c l u s iv e .
Railroads (Steam).
Deo. 1 Holders of reo. Nov.
Atch. Top. & S. Fe, com. (qu.) (No. 42).
IX
Nov. 10 Oct. 31 to Nov.
A t l a n t i c C o a s t L i n e l i l t . , p r e f . (q u a r .)----2X
Nov. 1 Holders of roc. Oct.
2
Central RR. of New Jersey (quar.)--------Dec. 1 Holders of rec. Nov.
1
Cripple Creek Cent., com. (qu.) (No. 24)
1
Dec. 1 Holders of rec. Nov.
Preferred (quar.) (No. 40)----------------Nov. 1 Holders of rec. June
3
Cuba R R.. common.......................... .......
Nov. 1 Oct. 21 to Oct.
E l m i r a A W i l l i a m s p o r t , c o m m o n ------------ 2.26
114
Grand Trunk R y „ guaranteed-------------Nov. 1 Sept. 25 to Oct.
IX
Great Northern (quar.)________________
Nov. 1 Holders of rec. Oct.
IX
New York Central RR. (quar.)_________
Dec. 18 Holders of rec. Nov.
Norfolk & Western, com. (quar.)............
IX
Nov. 19 Holders of rec. Oct.
1
Norfolk & Western, adj. pref. (q u a r.)...
Nov. 1 Holders of rec. Oct.
Northern Pacific (quar.)............................
IX
2
Nov. 11 Holders of rec. Oct.
Reading Company, com. (quar.).......... ..
Dec. 9 Holders of rcc. Nov.
1
R e a d in g C o m p a n y , 1st p r e f . ( q u a r .) ........ .
Nov. 1 Oct. 21 to Oct.
St. L. Rocky Mt. * P. Co., com. (No. 6)
X
Street and Electric Railways.
Nov. 15 Holders of rec. Oct.
IX
American Railways, pref. (quar.)---------H
B a n g o r I ty . A E le c tr ic , c o m . (q u .) ( N o . 7).
Dec. 1 Holders of rcc. Oct.
X
B r a z ilia n T r a c ., L t. A P , o r d in a r y ( q u . ) .
Nov. 1 Holders of rcc. Oct.
IX
C a p e B r e to n E le c tr ic C o ., c o m . ( N o . 12)__
Nov. 1 Holders of rec. Oct.
3
P r e fe r r e d ( N o . 19)__________________
Nov. 1 Holders of rec. Oct.
Columbus Ry.,P.&Lt., com.(qu.) (No. 7)
IX
Nov. 1 Holders of rec. Oct.
Preferred D (quar.) (No. 7)--------------IX
Nov. 1 Holders of rec. Oct.
1
Commonw. Pow., Ry. & Lt., com. (qu.)
Nov. 1 Holders of rec. Oct.
Preferred (quar.).............. ................. .
IX
Nov. 1 Holders of rcc. Oct.
IX
Cumberland Co. Pow. & Lt., pref. (qu.)
Nov. 1 Holders of rec. Oct.
IX
Duquesne Light Co., pref. (qu.) (No. 3).
Nov. 1 Holders of rec. Oct.
X
E a s t S t. L o u i s A S u b . C o ., p f . (q u .) ( N o . 7)
Nov. 1 Holders of rec. Oct.
IX
Grand Rapids Ry., pf. (qu.) (No. 6 )) - .
Nov. 13 Oct. 24 to Nov
3
Havana Elec. R y., Lt. & Power, common
Nov. 13 Oct. 24 to Nov
3
Preferred___________________________
Jacksonville Trac., pref. (qu.) (No. 19) 75c. Nov. 1 Holders of rcc. Oct.
Nov J 1 Holders of rec. Oct.
IX
L e w i s . A u g . A W a t e r s ., p f . (q u .) ( N o . 22)
Nov. 1 Oct. 22 to Oct.
IX
L i n c o l n T r a c tio n , p r e f . ( q u a r .) ................ .
Nov. 1 Holders of rec. Oct.
IX
Milwaukee El.Ry.&Lt., pf.(qu.) (No.64)
Nov. 2 Holders of rec. Oct.
M o n t r e a l T r a m w a y s , c o m . ( q u a r . ) ............ .
2X
Nov. 1 Holders of rec. Oct.
Philadelphia Co., com. (qu.) (No. 136)..
IX
3
Nov. 1 Holders of rcc. Oct.
6% cumulative pref. (No. 6) _________
Public Service Inv., pref. (qu.) (N o. 26). SI.50 Nov. 1 Holders of rec. Oct.
1
Jan. 1 Holders of rcc. Dec.
Third Avenue Ry. (N. Y. City) (quar.).
Nov. 1 Oct. 23 to Nov
IX
West Penn Railways, pref. (quar.)--------Nov. 15 Holders of rcc. Nov
2X
T a m p a E l e c t r i c C o . (q u a r .) ( N o . 44)--------.
Banks.
3
Nov. 1 Oct. 28 to Oct.
B o w e r y ( q u a r . ) --------------- ----------------------1
Nov. 1 Oct. 28 to Oct.
E i l r a ______________________________
Nov. 1 Oct. 26 to Oct.
C h e m ic a l N a tio n a l (b i - m o n t h ly ) __________
2X
4
Nov. 1 Holders of rcc. Oct.
Corn Exchange (quar.)________________
10
Nov. 1 Holders of rec. Oct.
G e r m a n i a ...................... ............... ...............
Nov. 1 Oct. 13 to Oct.
2
Pacific (quar.).......... ....................... .........
1
Nov. 1 Holders of rec. Oct.
W e s tc h e s te r A v e n u e ( q u a r . ) _____________
Trust Companies.
2
Nov. 1 Holders of rcc. Oct.
A s l o r ( q u a r . ) __________________________
Nov. 1 Oct. 22 to Oct.
Broadway (quar.).-____________________
IX
Nov. 1 Holders of rec. Oct.
F a r m e r s ' L o a n A T r u s t ( q u a r .) __________
12X
3
Nov. 1 Holders of rec. Oct.
H a m i l t o n , B r o o k ly n ( q u a r . ) _____________
Miscellaneous.
Oct. 25 Holders of rcc. Oct.
Aetna Explosives, Inc., pref. (quar.)___
IX
A h m e e k M i n i n g ( q u a r . ) .................... ......... $2.50 Nov. 23 Holders of rec. Oct.
Nov. 15 Holders of rec. Nov.
1
A m e r i c a n B a n k N o t e , c o m . (q u a r .) _______
Nov. 1 Holders of fee. Oct.
A m e r i c a n B ra ss ( q u a r . ) ________________
IX
1
Nov. 1 Holders of rcc. Oct.
E x tr a .................................... .................
Nov. 1 Holders of rec. Oct.
American Cigar, common (quar.)__ . . .
IX
Jan. 1 Dec. 25 to Jan.
American Coal Products, common (quar.)
IX
Nov. 1 Oct. 19 to Oct.
5/
Common (payable In common stock)..
Jan. 15 Jan. 11 to Jan.
Preferred (quar.).............. ................. .
IX
Oct. 29 Oct. 17 to Oct.
1
Amer. Dist. Telcg. of N. J. (quar.)____
Nov. 15 Holders of rcc. Nov
1
A m e r . D i s t . T e le g . o f N . Y . ( q u a r .) ______
Dec. 1 Holders of rec. Nov
2
American Gas (quar.)................ ...............
Nov. 1 Holders of rec. Oct.
Amer. Gas & El., pref. (quar.) (No. 35).
IX
Nov. 15 Holders of rec. Nov
A m e r . G r a p h o p h o n e , p r e f . (q u .) ( N o . 70).
IX
Nov. 1 Oct. 16 to Oct.
Amerlcan Light & Trac., com. (quar.)_
_
2X
to Oct.
Common (payable In common stock)..
2 X f Nov. 1 Oct. 16
Nov. 1 Oct. 16 to Oct.
Preferred (quar.)............ ................ .....
IX
Amer. Malt Corp., pref. (quar.) (No. 15) 50c. Nov. 2 Holders of rec. Oct.
American Malting, preferred___________ 70c. Nov. 1 Holders of rec. Oct.
A m e r . S od a F o u n t a i n ( q u a r .) ___________
1>S Nov. 15 Oct. 31 to Nov
Nov. 29 Holders of rec. Oct.
Anaconda Copper Mining______________ SI
Nov. 1 Oct. 22 to Nov
Atlas Powder, preferred (quar.)________
IX
5a
10
22a
20a
20i
30a
31
14
7a
30a
30a
11a
26a
23a
31
30a
30
20a
20a
15
15
18a
18a
16a
1
22
20
13
13
18a
16
31
20a
15a
lla
la
15a
15
1
la
31
31
31
31a
21
31
30a
27a
31
22a
25a
20
23a
la
20
20
15a
1
22
14
28
la
17
20a
1
31
31
31
15
15
15
23a
1
N a m e o f C om pany.
P er
C e n t.
Miscellaneous (C ontinued).
Bellows Falls Power, preferred_________
2X
K a n s a s C ity S tock Y a rd s o f M o . ( q u a r . ) . .
C u s to m s R e c e ip ts
E x p o rts.
Total . . 726,663,584 756,255,537 1231470011 560,256,762 103,675,442131,320,803
M o n th .
[Vol. 101
THE CHRONICLE
1346
IX
4
Brill (J. G.) Co., pref. (quar.)_________
1
Brown Shoe, Inc., preferred (quar.)____
IX
Burns Bros., common (quar.)__________
IX
Preferred (quar.) (No. 11)................ .
IX
C a m b ria Steel (q u a r .) __________________
ix
Caney River Gas (quar.)______________
2
Extra_________________ _____ _______
1
Carriage Factories, Ltd., pref. (quar.)_
_
IX
Chicago Pneumatic Tool (quar.)________
1
C le v e la n d -C liffs I r o n ___________________
2X
Clue tt,Peabody&Co., Inc.,com. (qu.) (No.8)
1
Commonwealth Edison (quar.)................
2
Consolidation Coal (quar.)____________
ix
Cuba Company, common______________ 10
D e L o n g I l o o k A E y e (q u a r .) ( N o . 61)___
l
Diamond Match (quar.)_______________
IX
Distilling Co. of America, pref. (quar.)..
X
D o m i n i o n B r id g e , L td . ( q u a r . ) . . ________
2
E x t r a ______________________________
3
duPont(E.I.)deNemours Powd.,pf. (qu.)
ix
Eastman Kodak, common (extra)_______ 10
Edison Elec. 111., Boston (qu.) (No. 106)
3
Edison Elec. III., Brockton (No. 56)___ $4
Electrical Securities Corp., pref. (quar.).
1X
Electric Bond & Share, pref. (qu.) (No.42)
IX
E lg in N a tio n a l W a tc h ( q u a r .) ___________
2
Eureka Pipe Line (quar.)______________
6
F a ll R iver G a s W o r k s (q u a r .) ( N o . 84)___
3
Federal Sugar Refining, pref. (quar.)___
1X
Ft. Worth Pow. & Light, pref. (No. 17)IX
G e n era l C h e m ic a l, c o m m o n (q u a r .) _______
ix
General Motors, preferred_____________
3X
Goldfield Consolidated Mines (quar.)._. 10c.
Granby Cons. Min., Smelt. Sc Pow., Ltd.
IX
Hercules Powder, preferred (quar.)........
IX
65c.
Homcstake Mining (monthly) (No. 492).
Illlnols Northern Utilities, pref. (quar.)..
IX
$2
Indiana Pipe Line (quar.)______________
International Banking Corporation____
3
I n t . H a rv e ster o f N . J . , p f . (q u .) ( N o . 35)
IX
I n i . H a rv e ster C o r p ., p f . (q u .) ( N o . 11) __
IX
Int. Nickel, com. (payable In com. stock) 1 0 /
Preferred (quar.)____________________
IX
Interocean OH, first preferred..................
3X
Island Creek Coal, common (quar.)____
50c.
K a n s a s C ity Slock Y a rd s o f M a i n e , c o m . .
5
P r e fe r r e d (q u a r .) _____________________
IX
B erg n er A E n g le B r e w in g , p r e fe r r e d ______
Kayser (Julius) * Co. 1st * 2d pref. (quar.)
IX
3
ICelly-Sprlngfleld Tire, (common) (quar.)
Kerr Lake Mining (quar.) (No. 41)........ 25c.
Keystone Telephone, preferred_________ $1.50
L o tc ell E lectr ic L ig h t C o r p . (q u .) ( N o . 78).
2
Massachusetts Gas Cos., com. (quar.)...
IX
Miami Copper Co. (quar.) (No. 13)____
$1
1
Midwest Refining (quar.)............ ............
62
M ilw a u k e e A C h ica g o B r e w e r ie s , L t d ........
M o n t r e a l L t ., l i t . A P o w e r ( q u . ) . ( N o . 58).
2X
Municipal Service, pref. (quar.)-----------IX
IX
National Carbon, preferred (quar.)--------N a t io n a l t e a d , p r e f . ( q u a r .) .................... .
ix
1
N e w C en tr a l C o a l _______________________
New England Co., 1st preferred-----------2X
N o r th A m e r ic a n C o . ( q u a r .) ( N o . 47)----IX
O h io C itie s G a s, c o m m o n (q u a r .) ................
IX
$3
O sceola C o n so lid a ted M i n i n g ( q u a r .) ........
Pacific Coast Co., 1st pref. (quar.)--------IX
Second preferred (quar.).................. .
1
P a c i f i c P o w e r A L ig h t, p r e f . (q u .) ( N o . 21)
IX
Penmans Limited, common (quar.)____
1
Preferred (quar.)___________________
IX
Peoples Gas Light * Coke (quar.)..........
2
Peoples Natural Gas & Ptpeago (quar.)..
2
Pittsburgh Coal, preferred (quar.)____
1X
P ltts b . T e r m . W a r e h o u s e A T r a n s f. (m th ly)
25c.
P o r t la n d (O r e .)G a s A C o k e , p f ., ( q u .) (N o . 23)
IX
4
P ro c ter A G a m b le, c o m . ( q u a r .) ..................
Public Serv. Corp. of No. 111., com. (qu.)
IX
Preferred (quar.)____________ _______
IX
2
P u llm a n C o . (q u a r .) ( N o . 195)..................
IX
Quaker Oats, preferred (quar.).............. ..
Rlker * liegeman Co., common-----------IX
1
Savoy OH (monthly)__________________
1
Extra__________________ _______ ____
Sears, Roebuck & Co., com. (quar.)------IX
Sierra Pacific Elec. Co., pf. (qu.) (No. 25) SI
S ou th . C a lif. E d is o n , c o m . (q u .) ( N o . 23).
IX
Standard Milling, preferred (No. 25)___
2X
Steel Co. o t Canada.Ltd.,pf.(qu.)(No.17)
IX
S le t c a r t -W a m e r S p eed o m e ter , c o m . ( q u . ) . .
P r e fe r r e d (q u a r .) .....................................
T a y lo r -W h a r t o n I r o n A S teel, p r e f . ( q u . ) . .
T ex a s P o w e r A L ig h t, p f . (q u .) ( N o . 14)..
T r e n to n P o tt e r ie s , n o n -c u m . ]>ref. ( q u a r . ) . .
IX
ix
IX
IX
1
4
1
Thompson-Starrett Co., preferred_______
United Cigar Mfrs., com. (quar.)_______
Preferred (quar.).................... ..............
IX
United Cigar Stores of Amer., com. (qu.)
IX
United Electric Securities, pref_________ $3.50
U . S . B o b b in A S h u ttle, p r e f. ( q u a r . ) ........
IX
United States Rubber, first pref. (quar.).
2
Second preferred (quar.).......... ............
ix
3
Vacuum Oil............ ....................................
Warner (Chas.) Co .of Del., lst&2d pf. (qu.)
IX
W a r w ic k I r o n A S te el .................................
3X
W a s h in g t o n ( D . C .) G a s ----------------- -------- $1.20
3
Wayland Oil & Gas, pref. (No. 1)_______
Westlnghousc Air Brake (quar.)..............
$2
Westinghouso Elec. & Mfg., com. (quar.)
IX
Wlllys-Overland, common (quar.)........ .
IX
Woolworth (F.W .), com. (qu.) (No. 14)
IX
W hen
P a y a b le.
B o o k s C lo sed .
D a y s I n c lu s iv e .
Nov. 1 Holders of rcc. Oct. 23
Nov. 1 Holders of rec. Oct. 23
Nov. 1 Oct. 24 to Oct. 30
Nov. 1 Holders of rcc. Oct. 23a
Nov. 15 Holders of rec. Nov la
Nov. 1 Holders of rcc. Oct. 15a
Nov. 15 Holders of rcc. Oct. 30a
Nov. 20 Nov. 10 to Nov. 21
Nov. 21
Nov. 20 Nov. 10 to
Oct. 31 Holders of rcc. Oct. 23
Oct. 25 Oct. 16 to Oct. 25
Oct. 25 Holders of rcc. Oct. 15
Nov. 1 Holders of rcc. Oct. 2 1 a
Nov. 1 Holders of rec. Oct. 15
Oct. 30 Holders of rcc. Oct. 23a
Nov 1 Holders of rec. Sept. 30
Nov. 1 Holders of rcc. Oct. 25
Occ. 15 Holders of rcc. Nov. 30a
Oct. 30 Holders of rec. Sept. 29a
Nov. 15 Holders of rcc. Oct. 30
Nov 15 Holders of rcc. Oct. 30
Oct. 25 Oct. 10 to Oct. 25
Nov. 1 Holders of rcc. Oct. 18a
Nov. 1 Holders of rcc. Oct. 15
Nov. 1 Holders of rec. Oct. 1 -la
Nov. 1 Holders of rec. Oct. 27a
Nov. 1 Holders of rec. Oct. 20a
Nov. 1 Holders of rcc. Oct. 23a
Nov. 1 Holders of rec. Oct. 15
Nov. 1 Holders of rcc. Oct. 23a
Nov. 1 Holders of rcc. Oct. 29a
Nov. 1 Holders of rec. Oct. 20
Dec. 1 Holders of rec. Nov. 19a
Nov. 1 Holders of rec. Sept. 30
Oct. 30 Holders of rcc. Sept. 30a
Nov. 1 Holders of rec. Oct. 15a
Nov. 14
Nov. 15 Nov. 6 to
Oct. 25 Holders of rec. Oct. 20a
Nov. 1 Oct. 21 to Oct. 31 1
Nov. 15 Holders of rec. Oct. 23
Nov. 1 Oct. 16 to Oct. 31
Dec. 1 Holders of rcc. Nov. 10a
Dec. 1 Holders of rcc. Nov. 10a
Nov. 1 Holders of rec. Oct. 16a
Nov. 1 Holders of rcc. Oct. 15a
Nov. 1 Holders of rec. Oct . 20
Nov. 1 Holders of rec. Oct. 23
Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rcc. Oct. 15a
Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 20a
Nov. 1 Holders of rec. Oct. 15
Dec. 15 Holders of rcc. Dec. la
Nov. 1 Holders of rcc. Oct. 20a
Nov. 1 Holders of rcc. Oct. 20a
Nov. 1 Holders of rcc Oct. 15
Nov. 15 Holders of rec. Nov. la
Nov. 1 Holders of rcc. Oct. 15
Nov. 4 Oct. 22 to Nov. 4
Nov. 15 Holders of rec. Oct. 30
Nov. 1 Holders of rcc.- Oct. 25
Nov. 15 Nov. 6 to Nov. 15
Dec. 15 Nov. 20 to Nov. 23
Nov. 1 Oct. 28 to Nov. 2
Nov. 1 Holders of rec. Oct. 23
Jan. 2 Holders of rcc. Dec. 15a
Dec. 1 Holders of rcc. Nov. 15
Nov. 23 Holders of rec. Oct. 23
Nov. 1 Oct. 24 to Nov. 2
Nov. 1 Oct. 24 to Nov. 2
Nov. 1 Holders of rec. Oct. 23
Nov. 15 Holders of rcc. Nov. 5
Nov. 1 Holders of rec. Oct. 21
Nov. 25 Holders of rcc. Nov. 2 a
Oct. 25 Holders of rec. Oct. 20a
Oct. 25 Holders of rcc. Oct. 15a
Nov. 15 Holders of rcc. Nov. 8
Nov. 1 Holders of rec. Oct. 23
Nov. 15 Holders of rcc. Oct. 30a
Nov. 1 Holders of rcc. Oct. 15a
Nov. 1 Holders of rec. Oct. 15a
Nov. 15 Holders of rcc. Oct. 30
Nov. 30 Holders of rcc. Nov. la
Dec. 1 Nov. 16 to Dec. i
Oct. 25 Holders of rec. Oct. 15
Oct. 25 Holders of rcc. Oct. 15
Nov. 15 Holders of rcc. Oct. 30a
Nov. 1 Holders of rcc. Oct. 18a
Nov. 15 Holders of rcc. Oct. 31
Oct. 30 Oct. 26 to Oct. 31
Nov. 1 Holders of reo. Oct. 16
Nov. 1 Oct. 24 to Oct. 31
Nov. 1 Oct. 24 to Oct. 31
Nov. 1 Oct. 24 to Oct. 31
Nov. 1 Holders of rcc. Oct. 25
Oct. 25 Holders of rec. Oct. 2 1 a
Nov. 15 Holders of rec. Nov. 8
Nov. 1 Holders of rcc. Oct. 25a
Dec. 1 Holders of rcc. Nov. 2-la
Nov. 15 Holders of rcc. Oct. 29a
Nov. 1 Holders of rcc. Oct. 13a
Nov. 1 Oct. 21 to Oct. 31
Oct. 30 Holders of rcc. Oct. 15a
Oct. 30 Holders of rcc. Oct. 15a
Oct. 30 Holders of rec. Oct. 14
Oct. 28 Holders of rcc. Sept. 30a
Nov. 15 Oct. 31 to Nov. 15
7
Nov. 1 Holders of rec. Oct. 1 5
Nov. 15 Holders of rcc. Nov. la
Oct. 30 Holders of rcc. Oct. 8
[Oct. 30 Holders of rcc. Sept. 30a
Nov. 1 Holders ot rcc. Oct. 2 1 a
Dec. 1 Holders of rec. Nov. 10a
a Transfer books not closed for this dividend, ft Less British Income tax. d Cor
rection. e Payable In stock. / Payablo in common stock, g Payable In scrip.
On account of accumulated dividends. ( Transfers received In London on or bcore Sept. 8 will bo In time to bo passed for payment of dividend to transferees.
h
National Banks.— T h e follow ing inform ation regarding
national banks is from tho offico of tho C om ptroller of tho
Curroncy, T reasury D ep artm en t:
CHARTERS ISSUED TO NATIONAL BANKS SEPT. 28 TO Oct. 5.
10.784— The First National Bank of CaruthersviUo, M o. Capital, $50,000.
W. A. Crockett, Pres.; J. .1. Long, Cashier.
10.785— Tho Farmers National Bank of Sholbyvlllo, Tonn. Capital,
8100,000. I’ . C. Steele, Pres.; R. W. Clark, Cashier. (Con
version of tho Farmers Bank of Shelbyvlllo.)
10.786— Tho Hugo National Bank, Hugo, Colo. Capital, $35,000. A. E.
do Riccilos, Pros.; Ed. Riokonberg, Cashier.
10.787— The First National Bank of Pompton Lakes, N. J. Capital, .$25.
000. Goo. V. Sheffield, Pres.; Ira H. Cornell, Cashier.
VOLUNTARY LIQUIDATION.
9,579—Tho Mutual National Bank of Boston, Mass., Sopt. 11 1915.
Liquidating agents; G. W. Crockor and C. 11. W. Foster, Boston.
(Succeeded by tho Metropolitan Trust Co of Boston.)
B y M e ssrs. R . L . D a y & C o ., B osto n :
901— Tho First N ational Bank o f Fairm ont, W . V a ., Sept. 16 1915;
Liquidating com m ittee: E . C . Fram e, M . L. Hutchinson and Wal
ton M illor, Fairm ont. (A bsorbed b y tho N ational Bank oi
$ p er sh .
S to ck .
$ v e r s h . S h a r es. S tock.
18 Merchants' National Bank.290-29014 10 Omaha Elec. L. & P., pref.........76
22 Fitchburg Gas A Elec., $50 each.120M
7 Nat. Shawmut Bank........ ......... 198
1 Lowell Gas Light........................ 250
2 Second National Bank-------------301
3 Lyman M ills.-.............................119J4 2 Edison E. 111., Brockton, rights 5>£
10 Lancaster Mills______________ 75
B on d s.
7 Merrimack Mfg., common______24
9 Naumkeag S. Cotton rights------- 36)4 S20.000 Nat. Crash Mfg. Co. 1st
6s, 1934; Dec. 1914
2 Plymouth Cordage, full paid— 193)4
coupons on_______$10,160 lot
5 Charleston G as & Elec., $50 eachl 35
S h a r es.
10,622—1 he1
T
Tennessee National Bank of Nashville Tenn., J ^ y 1J 1915.
Liquidating agent, E .
A.
Lindsay, N ashville.
(Consolklatert
with the Tennessee-Hermitage National Bank o f Nashville,
10,331—Tho Merchants’ National Bank of Dallas, Tex., Oct. 5 1915.
Liquidating committee: J. K. llexter, \V. 1'rank Knox, Brook
Mays, I j. L. Jester, John O. Saner, Ben B. Cam, J. Huey Hughes,
If. w . Jester and M . W. Townsend, all of Dallas, Tex.; also Harry
Williams, Mesquito, Tex., and T. S. Henderson. Cameron, lex .
(Absorbed by tho Citizens' Stato Bank & Trust Co. of Dallas.) r
2,112—The First Ward National Bank of Boston, Mass., Sept. 11 l.llo .
Liquidating agents: Geo. W. Moses, Brookline, and Robert J.
Gove, Boston, Mass.( Succeeded by tho Mctropolitau 1 rust Co.
o f Boston.)
B y M e ssrs. Sam uel T . Freem an & C o ., Philadelphia:
S tock s.
S p er s h . IB on d s.
P ercen t.
114 Patterson Lumber Co.............55 lot $5,000 Patterson Lumber Co. 1st
48 Paint Rock FlumeATrans. Co.$5 lot I
6s, 1910----------------- $10 lot.
S h a r es.
I m p o r ts a n d E x p o r ts fo r t h e W e e k .— T h e follow ing are
the reported im ports a t N ew Y o rk for the week ending
O ctober 16 and since the first week of January:
A u c t io n S a le s .— A m o n g other securities, the follow ing
not usually dealt in at the Stock Exchange, w e iccontly sold
at auction in N e w Y o r k , Boston and 1 liiladelpma:
B y M essrs. Adrian H . M u ller & Sons, N e w > ork:
P e r ce n t.
S h a r es.
1347
THE CHRONICLE
Oct. 23 1915.]
B onds.
FOREIGN IMPORTS AT NEW YORK.
F o r W e e k E n d in g O c t.
P er ce n t.
16.
1912.
1913.
1914.
1915.
S tocks.
$5,000 Lima Loco. Corp. 1st 6s, '32 95
$1,802,304 S2,919,157 $3,254,433 $3,264,229
Dry goods.. -------------------18 Eighth Avenue R R —- ........ .293
..
16,621,748 23,271,897
IS,267,036
14,826,057
General merchandise_______
5 Inland Realty Co--------------$ 1 0 lot 9.000 Iowa Loan A Tr. Co., Des
Moines, deb. 4)4s, 1919 91
l
i— 1 $20
460 Thermoton Co., common..
6.000 Cent. Ills. Pub. Service Co.
46 Thermoton Co., preferred.. jf lot
T o ta l.............. ................... $20,069,370 $17,745,214 $19,876,181 $26,536,126
1st A ref. 5s, 1952____ 79)4
10 Ala. A Ga. Iron Co., com __ 1l $7
S in c e J a n . 1.
13.000 Sioux Falls Trac. System
10 Ala. A Ga. Iron Co., pref - .1 lot
:
Dry goods________________ $93,393,557 $137,537,265 $120,737,934 $117,235,521
1st 63, 1930__________ 72
672,532,550 645,547,654 652,3S6,980 679,863,374
200 Buffalo Gas Co., common1. . ' ($105
General merchandise______
4.000 West. N. Y. Farms Co.
10 Cafetal Carlota Co., c o m. ../r lot
i -j
1st 6s, 1926___________ 94
10 Horn Sliver Mg., $25 each. . $6 lot
Total 41 weeks__________ $765,926,107 3783,084,919 $773,124,914 $797,098,895
2.000 Midway Gas Co. 1st 6s,
100 Pitts. McKees. & Westmore
ser. A., 1917: Dec. 1914
Ry., $50 each.................. $18 lot
EXPORTS FROM NEW YO RK .
coupon on____________ 85
4 Western N. Y. Farms Co.,
2d preferred____________ $35 lot 2.000 Midway Gas Co. 1st 6s,
1912.
1913.
1914.
1915.
W e e k E n d in g O c t. 16.
ser. A, 1922; Dec. 1914
6 Standard Cordago C o . . : — 1
coupon on...............
80
4 Chic. Term. Trans. RR..I
2.000 Lincoln Gas A E. L. Co.
For the week---------------------- $54,657,889 815,664,857 $15,913,135 $16,318,947
common ctf. dep............... I
1st 5s, 1941...............
66
Previously reported---------_* 1250,477,330 646,234,934 676,793,387 633,782,365
7,900 Bonanza & Union F. & M.|
2,700 Cafetal Carlota Co. 1st 6s,
Co., SI each-------------------)S25
Total 41 weeks.................. 1305,135,219IS661,899,791 $692,706,522 $650,101,312
certificates.... ............. $9 lot
1)4 Edison Ore Milling, L td .. | lot
10.000 Pitts. McKees. A W. Ry.
6 N. Y. A Liverpool Petrol.,I
* Adjusted to conform to monthly figures.
1st 5s, 1996, ctfs___ $20 lot
$10 each.............................J
3,800 Stand. Cordage adj. 5s, '31 $11 lot
30 Hydrogen Co. of N. Y ........ I
T h e gold and silver exports and im ports for the week and
2.000 Sierra Madre Land A Lum’r
30 EmpireCityPot.Co., $5ea..)S13
since January 1 have been as follows:
5 Boston C. S. A Freez. Co-.J lot
1st 6s. 1955 ($326 per
M paid)...............
$9 lot
20 Boynton Saw A File Co----- 1
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
200 Township Electric Co. 1st
3 Kcely Motor Co., $50 each. )$21
6s, 1915.............................. $3lot
100 N. Y. A Franklin Oil, S10 ca) lot
Im p o r ts .
E x p o rts.
W e e k e n d in g O ct. 16.
39 Albemarle Fertilizer C o----- 1 $6
50 Boynton Bicycle Elec. R y - - / lot
S in c e
S in c e
G old.
J a n . 1.
W eek.
J a n . 1.
W eek.
B y M e ssrs. Barnes & L o fla n d , Philadelphia:
$ P er s h .
S to c k .
$ p e r s h . S h a r es. S to ck .
5 Bth. A 15th Streets Pass. R y ..200)4
60 McCambrldge Cooper C o____
1
43 Phlla. A Gray’s Ferry Pass.Ry. 72
10 Integrity T . I. T . A S. D.
25 Phil. A W. R y., pref., $50 each 34
Co., $50 each_____________215
20 Phlla. A Camden Ferry, S50
2 Fire Assoc, of Phlla., $50 each.330
e a c h .... ..............
106-106)4
21 Germantown Pass. R y_______100)4
10 II. K. Mulford Co., S50 each.. 69)4
53 Phlla. Ger. A Norris RR.,
1 Pa. Acad, of the Fine Arts----- 39
$50 each................ ......... 140)4-141
1 Keystone Watch Case C o----- 84)4
100 Nor. Liberties Gas, $25 each.. 41)4
6 Bergner A Engel Brew., prof.. 70
16 Phlla. Bourse, com., $50 each. 5)4
3 Lancaster Avo. Impt. Co.,
4 Bank of North America. .260-260)4
$50 each........ ........................ 52
2 Farmers' A Mech. Nat. Bank. 127
1 Nat. Hank of the Nor. Llbcrtlcs240)4 514 Vulcanite Port. Cement Co__ 45
3 W. Laurel Hill Cemetery........ 160
5 Phlla. Wareh. A C. S., $50 ca. 86
1 Federal Steel Foundry, pref__ 50
2 Aldlno Trust C o .......... - ......... 141)4
3 Pennsylv. Fire Insurance........ 400)4
15 Real Estate Trust Co., pref.. . 82
5 Guarantee Trust Co., Atl. City 200
B onds.
P er ce n t.
30 People’s Nat. Fire Ins., $25 ca. 14
SI,300 Phlla. City 3)4s, 1932______ 93)4
30 Elmira A Wmsport RR., pref.,
600 Springfield Wat. 1st 5s, 1958 82)4
$50 each__________ _____ — 67
$4,175,210 $12,848,116
11,519,880
S h a res.
$600,000 $127096,338 1,466,260 57637.406
1,444,077
9,942
22,010
719,140
3S5.298 11,999,160
321 5,288,190
61,500
Total 1914.......... ............ .......... Silver.
s to r k s
$ p e r s h .\ S h a r es.
S tock s.
$1,028,617 S27,S80,466
2,129,075
$791
$16,649
13,598
1,725,155
3,700
209,079
12,575
11,457
350,394
78,039
174
328,876
3,306,098
3,021,918
976,835
22,778
Total 1915...................................... $1,051,395 531,960,050
634,225 34,693,384
Total 1914......................................
945,1291 39,972,426
Total 1913......................................
B y M e ssrs. Francis H enshaw & C o ., B oston :
sh a rp *
$600,000 $12,898,988 $6,037,031 $48,736,829
7,427,952
105,983
$57,446 128,104,614
737,136 18,198,172
35,100 68,813,646
$ p er sh .
^^Farr Alpaca C o ....................— 138 I 3 Boston Wharf C o.........................110)4
10 Naumkeag St. Cot., rights......... 36)4 120 American Felt, pref.................... 95
1 Hamilton M fg.......... - ................. 60)41 1 Lyman M ills ...............................119
$440,855 $7,663,974
7,450,514
252,311
258,746 8,300,621
Of the above lmportsf or the week in 1915, $2,620 were American gold coin.
the exports during the same time, $585,320 were American gold coin.
Of
T h e F e d e r a l R ese rv e B a n k s .— Follow ing is tho weekly statem ent issued b y tho Federal Reserve Board on O ct. 16:
Tho statement indicates a gain o f about 2 millions in.tho bank’s gold reserves and a gain o f 0.4 millions In their total reserves. These figures
are exclusive of 5.6 millions o f gold transferred to tho Federal Reserve Agents for the purpose o f reducing the banks liabilities on outstanding
notes. The total gold holdings o f tho Federal Reserve System stand now at 423 million dollars as against 393.2 millions a month ago and 338.8
millions 3 months ago. Of the total gold held at present by tho system 286.8 millions is in tho vaults of the banks and 136.2 millions in the vaults
(,t 11Commercial paper on hand shows a decrease o f about 1.1 million dollars, largely as the result of liquidation of paper held by the 3 Southern
banks
Rankers’ acceptances on hand decreased about $245,000, New York and Boston reporting slightly smaller holdings than a week ago. I he
averaso maturity o f tno paper in tho hands o f tho banks has shortened, as the amounts of fresh dsicounts have fallen short or the amounts or
paper liquidated. Thus the proportion o f paper maturing within 10 days has risen from 10.9% on September 17 to 15.2%, while the proportion
of all paper maturing within 30 days has risen from 40.7 to 44.6%.
T , ,
,„
Additional purchases o f $897,000 o f 2 and 3% United States bonds are reported by the Philadelphia, Cleveland Chicago and St. Louis banks.
The aggregate amount o f municipal warrants in tho hands of the banks decreased about one-half million dollars, San Iran cisco, Boston and New \ ork
reporting smaller figures than the week beforo. The ratio o f earning assets to capital shows a rise to 148% from 141% a month before and 111 %
3 months before
Net deposits o f member banks increased about 2 millions during the week and about 33 millions during the past 3 months, New
York showing a gain o f about 3.5 million dollars for the week and of 24.8 millions for the past quarter.
,
,
,
Federal^ Reserve agents report a total of 153.8 millions of outstanding notes or 5.2 millions more than tho week before. Against the above total
they liolcl 136 2 millions o f gold and 17.8 millions o f paper. Tho banks show over 18 millions of reserve notes on hand, 135.8 millions of notes in
circulation and an aggregate net liability thereon of 14.8 million dollars.
T ho figures of tho consolidated statom ont for tho system as a whole are given in the following table, and in addition
wo present tho results for each of tho eight preceding w eek s, thus furnishing a useful com parison. In the second table we
show tho resources and liabilities soparatoly for each of the tw elve Federal Reserve banks. T h e statem ent of Federal Reserve
A g en ts’ Accou n ts (the third table follow ing) gives dotails regarding the transactions in Federal Reserve notes between the
Com ptroller and tho Reserve A gen ts and botwoon the latter and the Federal Reserve banks.
C
o m b in e d
R
esou rces and
L
ia b il it ie s
O ct.
RESOURCES.
Gold coin and certificates In vault...................
Gold settlement fund____ ____________
Gold redemption fund with U. S. Treasurer..
Total gold reserve........................................
Legal tender notes, silver, A c............................
o f t iie
15 1915.
O ct.
F
ederal
8 1915.
O c t.
R
eserve
1 1915.*
S e p t.
B
anks at the
24 1915 Sepb 17 1915
c lo s e o f b u s in e s s
S ep t.
10 1915
S e p t.
3 1915.
O
ctober
A ug.
27 1915
15 1915
A ug.
20 1915
1
$226,956,000 $227,769,000 $227,274 000 $229,972,000 $224,402,000 $212,130,000 $209,369,000 $211,145,000 $205,951,000
58,620,000 55,850,000 55,180,000 59.050,000 63,040,000 68,690,000 57,880,000 55.930.000 54,930,000
1,104,000
1,104,000
1,162,000
1,187,000
1,202,000|
1,197,000
1 ,212,000
1 ,202,000
1 ,212,000
S286,788,000 $284,831,000 $283,656,000 $290,224,000 $288,639,000 $282,007,000 $268,411,000 $263,179,000 $261,985,000
19,878,000 27,117,000
19,274,000
16,493,000 22,920,000; 16,001,000 20,235,000
19,748,000 21,302,000
Total reserve............................................... $306,536,000 $306,133,000 $300,149,000 $313,144,000 $304,640,000 $302,242,000 $287,685,000 $28S.057.000 $2S9.102.000
Bills discounted and bought—
Maturities within 10 days..........................
Maturities within 30 days..........................
Maturities within 60 days---------------------Maturities within 90 days.................... —
Maturities over 90 days-------------------------
$6,694,000 $5,893,000
12.939.000 *13,786,000
14.703.000 *15,257,000
8,116,000 * 9,1)9,000
1,320,000
1,507,000
$5,765,000
12.267.000
15.790.000
9.006.000
1.452.000
57.487.000 *$4,784,000
11.997.000 *12,997,000
15.561.000 *17,452,000
8.173.000
7.293.000
1.135.000
1.213.000
$4,734,000 *$4,938,000
12.085.000 *11,348,000
16.532.000 *16,785,000
8.652.000
•8.490,000
1.255.000
1,395,000
$4,445,000
10.658.000
17.209.000
8.582.000
1.945.000
$4,475,000
10.264.000
16.168.000
9.156.000
1 .688.000
$45,365,000 $44,880,000 $44,431,000 $43,661,000 $43,258,000 $42,956,000 $42,839,000 $41,751,000
Bank acceptances (Included In above) —
$14,556,000 $14,804,000 $14,846,000 $13,053,090
12,985,000'
12,918,000
13,039,000
13,564.000
8,740,000
1318
THE CHRONICLE
O ct.
RESOURCES
15 1915
O c t.
8 1915.
O c t.
1 1915.*
S e p t.
21 1915
S ep t.
[Vol. 101
17 1915
S e p t.
10 1915
S ep t.
3 1915
A ug.
27 1915
A ug.
20 1915
(C o n c lu d e d ).
$350,495,000 $351,498,000 $345,029,000 $357,575,000 $343,301,000 $345,500,000 $330,641,000 $330,896,000 $330,853,000
$10,380,000 $9,483,000 $9,329,000 $9,323,000
9.017.000
8.852.000
8.843.000
8.836.000
8.740.000
26.583.000 27.029.000 27.381.000 21.945.000 24.444.000 23.710.000 24.013.000 25.808.000
18.553.000
15.236.000
15.523.000
15.373.000 14.366.000
12.451.000
13.375.000
12.911.000
12.491.000
12.740.000
10.160.000
7.723.000
11.194.000
7.409.000
8.533.000
8.142.000
7.761.000
6.990.000
6.805.000
3,018,000
3.124.000
3,326,000
3.577.000
3.382.000
3.841.000
4.075.000
4.962.000
4.777.000
$415,872,000 $414,380,000 $411,637,000 $417,700,000 $406,188,000 $403,420,000 $388,274,000 $389,9,83,000 $382,468,000
Investments: U. S. bonds___ _____ ________
Municipal warrants__________
Federal Reserve notes— Net________________
One from Federal Reserve banks— Net______
All other resources_________________________
Total Resources______
L IA B IL IT IE S .
Capital paid In.
Government deposits_______
Reserve deposits—Net_____
Federal Reserve notes—Net.
All other liabilities..................
$54,775,000 $54,781,000 $54,728,000 $51,743,000 $54,749,000 $54,772,000 $54,762,000 $54,689,000 $54,329,000
15,000,000
15,000,000
15,000,000 15,000,000
15,000,000
15,000.000
328,766,000 326,787,000 321,884,000 329,911,000 316,953,000 313,053,000 312,316,000 316,989,000 310,095,000
14,791,000
15,225,000
14,359,000 15,343,000
16,562,000
17,527,000
17,670.000
16,738,000 15,847,000
2,540,000
2,587,000
2 ,666,000
2,663,000
2.924,000
3,068,000
3,526,000
1.567.000
2.197,000
$415,872,000 $414,380,000 $411,637,000 $117,709,000 $406,183,000 $403,420,000 $383,274,000 $389,983,000 $382,468,000
82.3%
81.5%
82.7%
82.2%
84.9%
83.3%
82.1%
82.1%
88.0%
87.6%
87.5%
83.7%
89.6%
l l i l
89.3%
88.2 %
90.6%
Total liabilities.
Gold reserve against net liabilities (a).
Cash reserve against net liabilities (a).
aside 40% gold reserve against not
amount of Federal Reserve notes In
circulation _____________________
(a) After deduction of Items in transit
tween Federal Reserve banks, viz............
90.1%
$10,160,000
89.8%
89.6%
91.0%
92.1%
92.3%
92.1%
90.8%
93.2%
$7,723,000 $11,194,000
$7,409,000
$8,533,000
$8,142,000
S7,761,000
$6,990,000
$6,805,000
F e d e r a l R ese rv e N o te s —
Issued to the banks_____________ _
In hands of banks_________ _____ _
$153,790,000 $148,590,000 $141,000,000 $133,030,000 $124,000,000 $119,851,000 $114,531,000 $109,901,000 $107,691,000
18,025,000
18 268,000
13,782,000
17,398,000
15,378,000
16.343,000
15,036,000
14,668,000
14,858,000
$135,765,000 $130,322,000 $122,218,000 $115,662,000 $108,622,000 $103,508,000 $99,495,000 $95,233,000 $92,833,000
$136,210,000 $130,620,000 $123,301,000 $115,180,000 $104,541,000 $99,356,000 $94,766,000 $90,986,000 $89,726,000
14.791.000
15.225.000
14,295,000 15.348.000
16.562.000
17.527.000
17.670.000
16.738.000
15.847.000
15.236.000
15.523.000
15,378 000 14.866.000
12.481.000
13.375.000
12.941.000
12.491.000
12.740.000
In circulation.
Gold and lawful money with AgentCarried to net liabilities.............. .
Carried to net assets______________
(A g e n ts ' A c c o u n t s )—
Received from the Comptroller_________ $199,260,000 $190,880,000 $175,820,000 $171,860,000 $165,400,000 $160,160,000 $157,160,000 $155,860,000 $148,460,000
Returned to the Comptroller......................
745,000
745,000
745,000
605,000
505.000
455,000
455,000
435,000
395,000
Amount chargeable to Agent.
$198,515,000 $190,135,000 $175,075,000 $171,255,000 $164,895,000 $159,705,000 $156,705,000 $155,425,000 $14.8,065,000
In hands of Agent______________
44,725,000 41,545,000 34,075,000 38,195,000 40,895,000 39,854,000 42,174,000 45,524,000 40,374,000
Issued to Federal Reserve banks___ S153.790.000 $143,590,000 $141,000,000 $133,060,000 $124,000,000 $119,851,000 $114,531,000 $109,901,000 $107,691,000
\ '
»
H o w S ec u red —
By gold coin and certificates...................... 8120,010,000 $116,630,000 $110,451,000 $105,235,000 $90,826,000 $98,956,000 $94,386,000 $90,606,000 $89,361,000
By lawful money_____________ _________
5,000
5,000
By commercial paper__________ ________
17.580.000
17.970.000
17.699.000
17,880,000
19,447,000 20,495,000 91,765,000
18,915 000
17.965.000
Gold redemption fund held by U. S. Treas.
' 500,000
490,000
450,000
440,000
410,000
400,000
380,000
380,000
365,000
Gold settlement fund held by U. S. Treas.
15.700.000
13.501.000
12.400.000
9,500,000
7,300,000
F e d e r a l R ese rv e N o te s
T o ta l.............................................
$153,790,000 $143,591,000 $141,000,000 $133,060,000 b$123988000 $119,851,000 $114,531,000 $109,901,000 $107,691,000
$17,766,000 $18,267,000 S18,093.000 $18,113,000 $19,476,000 $20,546,000 $20,070,000 $19,350,000 $18,852,000
Commercial paper turned over to Agent..
* Amended figures,
b Deficiency of $12,000 offset by funds in the Gold Redemption Fund.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
B o sto n .
N ew Y ork .
P h lla d e l’ a . C lev ela n d .
R ich m o n d .
12
A t la n ta .
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 15 1915
C h ic a g o .
S t. L o u is .
M i n n e a p . K a n . C ity
D a lla s .
San
F ra n
T o ta l.
RESOURCES.
$
$
$
$
$
%
S
I
5
$
$
Gold coin & ctfs. in vault 14,087,000 129,903,000 11,428,000 11,269,000 5.958.000 6.076.000 29.461.000 2,376,000 2 ,2 2 7 ,0 0 0 4 ,4 0 8 ,0 0 0 3 ,9 9 7 ,0 0 0 5 ,7 0 0 ,0 0 0 2 2 0 ,95 0,0 00
_ 2,312,000 6,274,000 3,339,000 3,701,000 7.219.000 1.563.000 12.271.000 6,029,000
Gold settlement fund_
243,000 2 ,3 0 3 ,0 0 0 5 ,8 0 4 ,0 0 0 3 ,4 4 2 ,0 0 0 5 8 ,0 20 ,00 0
Gold redemption fund..
6,000
55,000
37,000
375,000
225j000 -----------35,000
30,000j
8 7,0 00
341 ,00 0
2 1 ,0 00
1,21 2,0 00
Total gold reserve___ 16,405,000 136,232,00014,804,00014,970,000 13,552,000 7,864,00041,732,000 8,440,000
u.ouo.uuu iu.zuz.uuu y.zzu.uuu 286,788,000
Legal-ten .notes ,silv. ,&c.
1,000 13,360,000 2,617,000 1,005,000
86,000
156,000 1,656,000
167,000
8,000
271,000
414,000
7,000 19,7 48 ,00 0
8 ,0 2 0 ,0 0 0 4 3 ,3 8 8 ,0 0 0
Bills dIscounted*boughtj
Commercial paper. . . 1 149,000
Bank acceptances___ 3,969,000
T o t a l____________
4,118,000
Investments: U. 8 . bds.
491.000
Municipal warrants.. 3,600,000
Fed. Rea’ve notes— Net.
329.000
Due from other Federal
Reserve banks— Net.
533.000
All other resources........
418.000
392,000
280,000
4,991,000 1,454,000
8 ,6 0 7 ,0 0 0
6 ,5 0 8,0 00
7,129,00010,616,000 9,236,000 306,536,000
534.000 7,138,000 6,273,000 1,833,000 1,499,000 1,568,000 2,464,000 6,242,000 1,031,000 29,403,000
587.000
100,000
.......... 1 1,527,000
504,000. 297,000
480,000;
.......... ! 647.000! 14,556,000
5,383,000 1,734,000 1,121.000 7,238.000 6,273,000 3,360.000 2,003,000 1,865,000 2,944,000 0,242,000 1,678,000 43,959,000
491,000
907,000,
9,113,000 2,978,000 3,721,000
8,872,000
621,000
198,000
1,318,000
391,000
142.000 1,236,000
458.000
125,000
........ 4,006,000 i 952,000 1,032,000 1,501,000
“
•
5,000 2,970,000 1,153,000' 770,000
810,000^
2,174,000
199,000 913,000
807,000
64,000,
214.000 1,231,000 1,316,000
362.000
122,000 310,000
601,000
63,000
753.000
503.000
1,000,000 10,380,000
1,457,000! 26,583,000
1,930,000; 15,236,000
796.000 1,153,000 a 10,160,000
117.000
85,000 3,018,000
Total resources.......... 25,895,000 174,669,00023,845,000 23,283,000 21,747,000 14.874,00057,251,000 14,540,000 11,812,000 13,646,000 17,771,000 10,539,000 415,872,000
L IA B IL IT IE S .
Capital paid In.............. j 5,181,000 10,987,000 5,267,000 5,944,000 3,349,000
Government deposits__ I
i
_I
n non non
_____ ! 5,000,000
Reserve deposits— N et.. 20,714,000 161,355,00018,578,00017,339,000 7,529,000
Fed. Res’ve notes— Net.;
___
5,727,000
Due to F.R.banks— Net
___
All other liabilities____
___
2,327,666'
142',666
..........
2,418,000.' 6,633,000 2,782,000 2 491 000 3,025,000( 2,765,000 3,933,000 54,775,000
r, nnn non
5,000,000
---------1 5,000,000
.......... 1 15,000,000
4,647,00050,'6 1 8 ,0 0 0 1 1 ,7 5 8 ,0 0 0 9 ,3 2 1 ,0 0 0 9,374,000 4,927,000 12,006,000 328,706,000
2,738,000
1,247,000. 5,079,000
______ 14,791,000
7 19 6 6
2,540966
Total liabilities...........25,895,000 174,669,00023,845.00023,283,00021,747,000‘l4,874,00057,251,000 14,540,000 11,812,000 13,640,000 17,771,000 16,539,000 415,872,000
F e d e r a l R ese rv e N o te s —
Issued to banks______ 5,320,000 65,520,000 5,830,000 7,600,00012,700,000 12,550,000 4,380,000 4,825,000 8,300,000 7 ,0 8 0 ,0 0 0 15,2 85 ,00 0 4 ,4 0 0 ,0 0 0 153.790,000
In hands of banks___
329,000| 9 ,0 9 2 ,0 0 0
621 ,00 0
198,000
2 7 3 ,00 0 1 ,312,000 2 ,1 7 4 ,0 0 0
6 9 9 ,00 0
9 13 ,00 0
318 ,00 0
166,000 1,93 0,0 00 1 8 9 2 5 9 0 0
F. R. notes In circulation 4,991,000 56,428,000 5,209,000 7,402,000 12,427,00011,238,000 2,266,000 4,126,000 7,387,000 6,762,00015,119,000 2,470,000135,765,000
Gold and lawful money
with agents................ 5 ,3 2 0 ,0 0 0 65,300,000 5,830,000 7,600,000 6,700,000 8,500,000 4,380,000 4,352,000 8,300,000 5,515,00010,040,000 4 400 000 136 210 000
Carried to net liabilities.
- ........ '
---------1
.......... 5,727,000 2,738,000
-----------------i
______ I 1,247,000, 5,079900 ’
141791,000
Carried to net assets___
329966 8,872,000
621.000
198.000
----------------- 2.174.000
199.000
913,000
______I
______ 1,930,000 15,236,000
(a) Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS OCT. 15 1915.
P h lla d e l'a . C lev ela n d .
R ich m o n d .
A t la n ta .
C h ic a g o .
M i n n e a p . K a n . C ity
D a lla s .
T o ta l.
5
5
Federal Reserve Notes—
$
s
s
$
Rec’d from Comptrolr 11,800,000 7 0,5 20 .00 0 9,280,000 10,000,000 14,100,000 16,000,000 9,380,000 6,600,000 13,000,000 9,000,000 19,580,000 10,000,000 199,260,000
Returned to Comptr’r
300,000
310,000
...
..........
.........-I 120,000
...
.......... !
...........
15,000
.
745.000
Chargeable to Agent.. 11,500,000 70,520,000 8,970,000.10,000,000 14,100.00016,000,000 9,260,000 6,600,000 13,000,000[ 9,000,000 19,565,000 10,000,000 1 98,515,000
In hands of agent .close
of business Oct. 8 . 6,180,000 5,000,000 3,140,000 2,400,000 1,400,000i 3,450,0001 4,880,000 1,775,000 4,700,000 1,920,000 4,280,000 5,600,000 4 4 ,7 2 5 ,0 0 0
Issued to F. R. bank. 5 ,3 2 0 ,0 0 6 65,520,000, 5 ,8 3 0 ,0 0 0 7 ,6 0 0 ,0 0 0 1 2 ,7 0 0 ,0 0 0 1 2 ,5 5 0 ,0 0 0 4 ,3 8 0 ,0 0 0 4,825,000| 8,300,000, 7 ,0 8 0,0 00 15,2 85 ,000' 4 ,4 0 0 ,0 0 0 153,790,000
Hell by F. R . agent—
Gold coin & certfs___ 5,320,000
5,830,000 7,220,000
........... 4,260,000 4,325,000 8,300,000 5,515,000 9,540,000 4 ,4 0 0,0 00 120,010,000
Lawful money___
Notes secured by com
mercial paper____
220,000
6,000,000 4,050,000
500,000
1,565,000 5,245, 00
17,580,000
F.R.Agents’ credit bals
Gold redemp. fund__
380,000
120,000
500,000
With F. R . Board___
6,700,000 8,500,000
500.666
15,700.000
T o t a l____________ 5,320,000 65,520,000 5,830,000 7,600,000,12.700,00012,550,000! 4,380,000 4,825,000 8,300,000. 7.0S0,000'15,285,000j 4,400,000153.790,000
Amount comm’] paper
turned over to F.R.agt
220,000
6,016,000 4,050,000
500,000
1,568,000 5,412.000
1 7 ,7 6 6 .0 0 0
THE CHRONICLE
Oot. 23 1915.]
1349
Statement of New York City Clearing-House Banks and Trust Companies.— Thefollowing detailed statement shows
the conditiouof the New York City Clearing-House members for the week ending October 16. The figures for the separate
banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the four preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
CLEARING
HOUSE
MEMBERS.
C apital.
Arc<
Loans,
Discounts,
Incestm'ts,
1 Nat. B’ks Sept. 21
& c.
Profits.
Week Ending
October 16 1915
(00? omitted.)
a old.
Legal
Tenders.
Silver.
Average.
Average.
Average.
\ B’ksSept .25 J
State
Members o f Federal
Reserve Bank.
$
S
Bank of N. Y ..N .B .A . 2.000.C
4,673,0
Merchants’ Nat. Bank. 2,000,0
2,180,0
Meoh. A Metals Nat_
_
6,000,0 9,155,8
National City Bank__ 28,000,0 34,942,3
3,000,0 8,020,4
783,8
1,000,0
76,6
300,0
Amor. Exch. Nat. Bank 5,000,0 5,089,9
National Bank of Com. 25,000,0 18,053,4
1,703,9
3,500,0
Chatham & Phenlx Nat
3,000,0 15,583,2
Citizens’ Central N a t.. 2,550,0 2,604,6
1,980,9
1,000,0
7,698,6
r»rooo.o 15,590,1
71,6
250,0
1,000,0 3,248,3
10,000,0 23.164,9
4,000,0 3,907,6
1,225.3
'500,0
5,000,0 9,750,7
1,905,4
1,000,0
1,278,7
1,000,0
401,0
250,0
1,000,0 2,871,2
1,000,0 3,095,7
686,9
Coal & Iron Nat. Bank. 1,000,0
1,002,9
1,000,0
1,000,0
1,119,3
903,7
1,500.0
Broadway Trust C o ...
Average.
S
39,381,0
30,356,0
108,102,0
317,089,0
32,393,0
10,443,0
1,989.0
80,321,0
210,977,0
49,579.0
105,742,0
27,287,0
9,149,0
33,816,0
134,782,0
2,203,0
16,118,0
158,413,0
58,771,0
9,569,0
161,885,0
16,665,0
8,773,0
4,520,0
35,221,0
49,557,0
8,149,0
10,149,0
8,972,0
16,531,0
S
2,931,0
1,624,0
19,500,0
79,565,0
5,068,0
1,081,0
104,0
7,744,0
15,469,0
3,104,0
31,298,0
1,311,0
1,273,0
1,894,0
10,521,0
81,0
921,0
21,494,0
8,155,0
510,0
33,188,0
1,304,0
748,0
132,0
3,498,0
3,509,0
973,0
192,0
335,0
1,410,0
S
s
308, e
1.703.C
4,493,0
5,651,0
2,425,0
344,0
104,0
2,722,0
4,651,0
1,280,0
5,907,0
'936,0
569,0
1,202,0
1^622’0
235^0
597,0
2,722,0
3^444,0
606,0
4,712’0
245,0
576,0
285,0
2,669,0
1,248,0
229,0
627,0
468 !0
500,0
762,0
490,0
9,334,0
4,414,0
2,505,6
137,0
36,0
1,762,0
4,333,0
662,0
3,440,0
207,0
556,0
1,163,0
1,521,0
40,0
327,0
1,000,0
2,734,0
69,0
4,308,0
838,0
286,0
119,0
1,306,0
238,0
191,0
218,(1
137,0
106,0
N a t. Bank N a t. Bank Federa
Reserve
Notes
Notes
Bank
[Net
fReserve
fo r State Counted
Notes
[Not
Institu
as
tions |
. Reserve]. Reserve].
Average.
%
_____
Totals, avge. for week 118,350,0 182,771,2 1,762,962,0 258,937,0 43,299,0 53,080,0
Totals, actual condition Oct. 16
9
Totals, actual condition Oct.
Totals, actual condition
Totals, actual condition Sept 25
............
—
.......
............
Average.
S
6,0
18,C
137,0
181,0
42 ,C
25,0
2,0
114,0
18,0
442,0
10,0
69,0
92,0
25,0
205,0
10,0
54,0
43,0
19,0
199,0
94,0
116,0
39,0
4,0
23,0
31,0
45,0
25,0
47,0
192,0
Average.
$
Reserve
with
Legal
Deposi
taries.
Average.
63,0
54,0
729,0
30,0
110,0
179,0
85,0
34,0
33,0
45,0
2,0
494,0
18,0
93,0
34,0
131,0
18,0
193,0
5,0
8,0
14,0
110,0
44,372,0
42,134,0
45,571,0
37,983,0
47,282,0
64,150,0
57,049,0
56,355,0
45,490,0
35,103,0
10,597,0
5,352,0
11,359,0
4 .*547 0
1,020,0
3,350,0
1,771,0
227^0
542,0
12,282,0
79,552,0
3,306,0
5,1053)
15,977,0
3,850,0
5,945,0
13,558,0
4,375,0
12,187,0
19,698,0
1,020,0
10,948,0
491,0
2,975,0
696,0
4,025,0
940,0
2,368,0
467!o
357,0
576’0
46,0
78,0
1,139,0
100,0
722,0
283 0
2,071,0
1,44s !o
582,0
201 0
855,0
290,0
1,014,0
103,0
648,0
724,0
38,0
1,439,0
54,0
14,0
42,0
67,0
120,0
82,0
34,0
126,0
434,0
Totals, avge. for week. 15,450.0 32,146,8
274,883,0 38,452,0
12,301,0
12,221,0
3,137,0
Oct. 16
Oct.
9
Oct.
2
Totals! actual condition Sept. 25 _____ ~ "
277,863 0
272,188,0
265,886,0
270,572,0 33,617!o
9,479^0
io !s 7o!o
148,0
573,0
66,0
21,0
193,0
6,236,0
69,0
239,0
137,0
91,0
513,0
44 0
215,0
2,448,0
2,614,0
2.202,0
2,604,0
_____
______
_____
Net
Dem and
D eposits.
N ation al
Net
Bank
Tim e
Circula
Deposits.
tion.
Average.
Average.
$
36,757,0
30,521,0
128,975,0
366,144,0
33,870,0
10,984,0
1,722,0
88,941,0
206,522,0
40,713,0
137,753,0
24,313,0
9,616.0
31,323,0
135,400,0
2,143,0
13,409,0
159,489,0
69,969,0
9,771,0
205,129,0
16,750,0
8,756,0
4,619,0
42,274,0
52,630,0
8,638,0
9,537,0
8,282,0
17,505,0
1,918,515,0
2,482,0 151,081,0
2,441,0
2,322,0
2,116,0
2,546,0
261,986,0
254,844,0
258,471,0
270,445,0
Average
%
S
2,878,0
2,214,0
9,194,0
27,859,0
2,951,0
1,091,0
139,0
6,974,0
15,853,0
3,633,0
10,020,0
2,273,0
933,0
2,464,0
11,426,0
196,0
1,026,0
13,286,0
5,087,0
680,0
17,365,0
1,201,0
643,0
320,0
3,419,0
4,675,0
669,0
729,0
579,0
1,304,0
2,327,0
1,833,866,0
1,735,213,0
1,703,226,0
1,685,454,0
Excess
D ue
from
Reserve
D eposi
taries.
S
1,141,0
3,144,0
1,347,0
17,0
61,0
1,935,0
125,0
5,503,0
1,179,0
662,0
125,0
122,0
1,352,0
32,0
92,0
100,0
2,380,0
47,0
9,0
176,0
Average.
S
798,0
1,921,0
4,977,0
1,799,0
,[450,0
5"394,0
50,0
4,918,0
3,344,0
1,144,0
305,0
1,640,0
79,0
50,0
3,534,0
50,0
672,0
4,668,0
740,0
198,0
450,0
888,0
349,0
248,0
405,0
500,0
399,0
400,0
267,0
P
f
19,549,0 35,637,0
1,992,422,0 19,394,0 35,546,0
1,881,880,0 18,841,0 35,690,0
1,863,748.0 20,398,0 36,379,0
.......... 1,841,368,0 20,972,0 36,585,0
155,428,0
147,430,0
146,705,0
144,246,0
State Banks.
Not Members o f
Federal Reserve Bank.
Bank of Manhattan C o.
Bank of America..........
Greenwich Bank--------Pacific Bank..................
Metropolitan Bank----Corn Exchange Bank..
German-Amorlcan Bank
Fifth Avenue Bank----German Exchange Bank
Bank of Metropolis----N. Y. Produce Exch.Bk
State Bank....................
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500.0
4,939,0
6,11,8,7
1,193,9
1,000,5
438,3
1,935,1
6,730,7
705,7
703,7
2,240,2
795,4
999,7
2,134,0
683,4
950,9
505,6
130,0
57 0
315,0
174,0
514,0
161,0
5,600,0
176,0
200,0
166,0
221,0
263,0
9,0
610,0
882,0
56,070,0
34,284,0
11456!o
4,972,0
75,0
31,0
1,279,0
42,0
10,476,0
95,749,0
2,934,0
5,679,0
17,501,0
3,679,0
6,141,0
12,900,0
4,415,0
13,997,0
21,834,0
73,0
8,751,0
1,700,0
304,765,0
141,0
2!880!0
9.0
6,916,0
991,0
287!258!0
osio
147,0
14,0
135,0
72,0
154,0
461,0
29,0
30,0
218,0
238,0
37,0
14,0
17,0
34,6
99.8,0
9,005,0
1,846,0
958,0
1,081,0
378,0
745,0
2,569,0
875,0
1,995,0
676,0
482,0
2,108,0
4,761,0
2,598,0
10,557,0
8.89,0
4,651,0
29,332,0
428,0
1,750!o
3,595,0
1,486,0
6,635,0
960,0
750,0
2,396,0
19,961,0
180.104,0
36,oi7!o
19,786,0
21,626,0
234,003,0
7,564,0
14,892,0
51,380,0
17,501,0
39,860,0
13,524,0
9,648,0
42,156,0
7,347,0
25,743,0
12,514,0
5,772,0
609,0
33,696,0
106,0
509,0
14,228,0
646,0
7,010,0
3,666 0
956 0
56,002,0
...........
..........
60,0
337,0
'35,0
Trust Companies
Not Members o f
Federal Reserve Bank.
1,500,0 3,605,6
Brooklyn Trust Co----Bankers Trust C o ------- 10,000,0 13,594,2
2,000,0 4,201,8
U. S. Mtg. A Trust Co.
1,250,0
1,339,6
Astor Trust C o........ .
Title Guar. A Trust Co. 5,000,0 12,045,5
Guaranty Trust Co----- 10,000,0 23,186,3
1,000,0
1,317,7
Fidelity Trust C o........
Lawyers Title A Trust. 4,000,0 5,090,2
2,000,0 7,568,0
Columbia Trust Co----1,438,0
People’s Trust Co------3,000,0 11,119,2
New York Trust Co—
1,000,0
1,105,9
Franklin Trust Co------541,4
Lincoln Trust Co--------- 1,000,0
Metropolitan Trust Co. 2,000,0 0,293,9
29,393,0
1,624,0
201,311,0 17,360,0
50,025,0
3,388,0
25,228,0
1,708,0
35,820,0
1,797,0
245,783,0 29,909,0
8,832,0
602,0
22,235,0
1,226,0
66,565,0
4,266,0
18,061,0
1,209,0
54,759,0
3,455,0
17,432,0
1,011,0
10,664,0
651’o
47.758,0
3,940!0
1,177 !o
676,0
353,0
..........
21,0
276,0
22,0
85,0
5,0
12,0
4.0
Totals, avge. for week. 44,750,0 92,447,5
833,866,0 72,146,0
9,580,0
8,009,0
2,005,0
..........
490,0 23,716,0 70,788,0
708,922,0 118,404,0
............
861,813,0 77,951,0 10,486,0 18,064,0
—
810,846,0 70,394,0 10,994,0 9,313,0
—
806,338,0 66,097,0 6,561,0
3,299,0
810,314,0 65,041,0 19,735,0 4,685,0
............
Grand Aggregate, avge. 178,550,0 307,305,5 2,871,711,0 369,535,0 65,180,0 73,310,0
Comparison prev. week ............ ............ + 60,832,0 + 9,664,0 — 408,0 + 2,209,0
16 2,973,542,0 376,289,0 68,194,0 78,151,0
Grand aggregate, actual condition Oct.
Comparison prev. week ...........
........... + 149295,0 + 127300 + 3,641,0 + 3,356,0
1,937,0
2,000,0
1,781,0
2,077.0
..........
499,0
482,0
250.0
258,0
755,352,0
696,365,0
684,175,0
698,332,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
159,0
190,0
149,0
5,194,0
57,0
506,0
258,0
68’0
Oct. 16
Oct.
9
Oct.
2
Sept. 2a
9 2,824,247,0 363,559,0 64,553,0 74,795,0
Grand Aggregate actual condition Oct.
2 2,780,450,0 358,743,0 65,941,0 74,344,0
Grand Aggregate actual condition Oct.
Grand Aggregate actual condition Sept. 25 2,766,340,0 369,103,0 67,197,0 71,610,0
24,392,0
23,761,0
30,591,0
22,996,0
69,123,0
74,094,0
67,027,0
81,307,0
119,162,0
133,973,0
100,715,0
103,732,0
5,142,0
+ 306,0
2,327,0
3,045,0 183,548,0 72,488,0 2,932,202,0 138,094,0 35,637,0
+ 334,0 + 2,405,0 + 1143,0 + 74,063,0 + 110S3.0 — 361,0
5,043,0
— 36,0
2,441,0
+ 119,0
3,005,0 188,962,0 71,051,0 3,055,923,0 138,697,0 35,546,0
— 207,0 + 9,455,0 -4,483,0 + 177772,0 + 5,742,0 — 144,0
5,079,0
4,344,0
4,957,0
2,322,0
2,116,0
2,546,0
3,212,0 179,507,0 75,534,0 2,878,151,0 132,955,0 35,690,0
2,459,0 184,583,0 68,430,0 2,839,379,0 121,181,0 36,379,0
2,871,0 174,158,0^82,298,0 2,826,958,0 124,772,0 36,585,0
a Capital get aside for Foreign Branches. $3,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reserve Reserve in '
(n V'ault. Depositaries
Total
Reserve.
a Reserve
Required.
Actual Figures.
Su rp lu s
Reserve.
In c . or Dec.
Cash Reserve Reserve in
from
PrevlouslVeek In Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Deo.
from
PrevlouslVeek
Members Federal
5
1
$
|
$
1
$
$
$
$
$
$
S
S
Reserve Bank----- 355,316,000 151,081,000 506,397,000 340,310,150 160,086,850 —2,068,940 353.640.000 155,428,000 509.063.000 359,605,660 149,462,340 —9,415,210
Stato Banks *-------- 66.111.000 8,751,000 74,862,000 54,857,700 20,004,300 — 1,238.040 64,999,000 9,142,000 74,141,000 55,466,820 18,674,180
+ 184,260
Trust Companies*.. 91.740.000 23,716,000115,456,000 106,338,300 9,117,700 +4,913.450 109.038.000 24,392,000 133.430.000 113,302,800 20,127,200 + 8,119,950
Total Oct. 16... 513,167,000183,548,000696,715,000507,500,150 189.208,850 +1,606,470 527,677,000 188,962,000 716.639.000 528.375.280 188.263.720 - 1 ,1 1 1 ,000
Total Oct. 9__ 501.396.000 181,143,000682,539,000494,930,020 187,602,380 — 4,29,8,300 507,986,000 179,507,000 687.493.000 498.118.280 189.374.720 — 6,997,410
Total Oct. 2__ 509.774.000 173,236,0006.83,010,000491,109,320 191,900,080!—16,860,580 503,272,000 184,583,000 687.955.000 491,582.870 196,372,130 — 1,701,790
Total Sept. 25__ 518.363.000173.420.000 691,783,000483.021,740208,701,2001 —8,239,060 512,867,000174,158,000 687.025.000 488,951,080 198,073,920 —22,299,170
• Not member! of Federal Reserve Bank.
a This Is the reservo required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Ranks,
Inoludca also the amount of reserve required on Net Time Deposits, which was as follows: Oct. 16, $977,450; Oct. 9, $959,950; Oct. 2, $1,033,550; Sept. 25, $1,042,550.
b This Is tho reserve required on Not Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks*
It Includes also tho amount of reserve required on Net Time Deposits, which was as follows: Oct. 10, $969,700; Oct. 9, $942,050; Oet. 2, $1,019,900; Sept. 25, $1,048,600.
(Vol. 101
THE CHRONICLE
1350
The State Banking Department reports weekly figures
showing the condition of State banks and trust ccmpanies
in New York City not in the Clearing H ou se, and these are
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
ces
(F u F rn edb S teBn in D a en Dp io sw .
ig res u ish y ta a k g ep rtm t.) ifferen from
rev u eek
Oto e
c br
16.
Loans and Investments_________________________ $595,813,000 Inc. $12,040,700
318,800
Gold..............- ........... .................................................. 51,364,000 Inc.
236,900
Currency and bank notes________________________
9,101,400 Ine.
Total deposits_______________________________ 782,818,100 Inc. 24,399,600
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
6,174,300
panies In New York City, and exchanges............. 622,220,300 Ine.
Reserve on deposits____________________________ 214,800,500 Inc. 15,881,200
Percentage of reserve, 33.7%.
RESERVE.
-------------------- ---$49,437,800
9.16%
Cash In vaults_______________ — $11,027,600 11.50%
137,902,800 25.55%
Deposits In banks and trust cos___ 16,432,300 17.14%
T st Cma ies
ru o p n
S teBn s
ta a k
$27,459,900
Total
$187,340,600
28.64%
In addition to the returns of “ State banks and trust com
panies in Now York City not in the Clearing H ouse ” furnished
by the State Banking Department, the Department also
presents a statement covering all tho institutions of this class
in tho whole State. Tho figuros are compiled so as to distin
guish between the results for New York City (Greater Now
York) and those for tho rest of tho State, as por 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 tho reserve require
ments of State banking institutions were published in tho
“ Chronicle” March 28 1914 (V . 98, p. 968). The regula
tions rotating to calculating tho amount of deposits and what
deductions are permitted in tho computation of the roservos
were given in the “ Chronicle” April 4 1914 (V . 98 , p. 1045).
34.71%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for tho State banks
and trust companies in Greator Now York City outside of the
Clearing House, compare as follows for a series of weeks past:
W en edO 16.
eek d ct.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Capital as of Sept. 25-----
W o it cip ers ina thsefig res.
em h
ll e u
emn
W e d — La sa d D a d
eek n ed o n n
Inestm ts D osits.
v en ep
%
S
July 24.........
July 31.........
Aug. 7.........
Aug. 14____
Aug. 21.........
Aug. 28____
Sept. 4 ____
Sept. 11........
Sept. 18____
Sept. 25____
Oct. 2 ____
Oct. 9.........
Oct. 16........
3.156.507.4
3.158.668.0
3.184.089.5
3,192,566,3
3.227.324.2
3.239.060.6
3.244.100.9
3.255.146.3
3.285.207.2
3.317.767.9
3.358.896.0
3.388.651.3
3.467.524.0
3,138,585,5
3,147,068,8
3.161.053.4
3.172.513.5
3.227.946.4
3.256.872.5
3.280.386.0
3,281,909,7
3.356.088.0
3.396.150.6
3.443.128.2
3.474.185.0
3.551.422.3
Tta
o l E tire
n
es r e n
Oe
thr M ey R e v o
on
o in s. ep
M ey. Hld g D osits.
on
S ecie.
p
g
414,895,2
419.001.4
419.236.5
434,942,9
449.279.8
456.750.1
473.413.8
481.187.9
498.657.5
496.161.0
490,661,8
482.017.2
494.209.0
$
84,463,7
84.187.0
83.077.0
83,149,3
83.967.5
81.539.1
83,874,0
82.700.5
83.684.2
80.832.3
78.671.6
79,288,5
79.423.4
$
499,358,9
503.183.4
502.313.5
518.092.2
533.247.3
538.289.2
557,287,8
563.888.4
582.341.7
576.993.3
569.333.4
561.305.7
573.632.4
$
789.583.3
806,293,8
799,000.0
812,298,7
828.407.2
847.557.2
878.958.4
873.985.2
901,059,6
899.749.4
888.344.5
881.458.3
911.515.5
Trust Cos.
Stale Banks
Trust Cos.
State Banks
outside o f
outside o f
In
In
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
$
S
23,050,000
s
*10,863,000
38,209,100
S
*13,400,000
155,738,300
*13,863,600
*11,358,400
349,641,000 1,342,699,400
+ 5,132,800 + 36,267,100
139,489,900
— 75,700
203,539,400
+ 1,105,500
....................
......... ..........
Surplus as of Sept. 25___
Loans and Investments. Chango from last week.
65,550,000
G o ld ..................................
Chango from last week.
52,468,300
— 136,200
119,937,100
+ 4,311,400
Currency and bank notes.
Change from last week.
24,660,400
— 991,400
23,595,900
+ 7,753,100
.................
.................
503,180,300 1,698,010,300
+ 11,275,200 + 74,822,300
151,503,000
+ 559,100
219,010,500
+ 742,700
392,459,800
+ 25,434,200
30,135,600
+ 347,100
33,556,000
— 551,600
23.2%
22.8%
18.9%
19.2%
Deposlts_________ ______
Change from last week.
Reserve on deposit______
Change from last week.
112,469,700
+ 576,700
P. c. of reserve to deposits
Percentage last week..
29.2%
28.7%
+ Increase over last week.
29.7%
28.6%
— Decrease from last week.
* As of June 23.
Non-Momber 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 pago:
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 S E .
CLEARING
NON-MEMBERS.
Net
Profits.
Loans,
D iscounts,
/Nat. b’ks Sept. 21 Invest
\Stato b’ks Sept. 25J ments, & c.
C apital.
Week Ending
Oct. 16 1915.
Members o f
Fed'l Reserve Bank
Battery Park Nat__
First Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co. N ..J.C.
First Nat., Hoboken
Second Nat., Ilobok.
$
200,000
300.000
300.000
400.000
250.000
220.000
125,000
Average.
S
2.250.000
4.832.000
4.972.000
4.830.000
3.849.000
5.309.000
4.196.000
$
150.500
679,400
614.500
1,279,900
776.300
654.300
295,100
Total . . ............. . 1,795,000 4,450,000 30,238,000
Gold.
Legal
Tenders.
Sliver.
Average.
Average.
Average.
$
110 ,0 0 0
$
33.000
36.000
67.000
271,000
$
41.000
113.000
136.000
N at. Bank
Notes [Kcserve fo r
Stale In
stitutions]
Average.
$
Reserve
N a t. Bank Federal
with
NoteslNot Reserve
Legal
Counted
Bank
Notes[Not D eposi
as
taries.
Reserve]. Reserve].
Excess
D ue from
Reserve
D eposi
taries.
Net
Dem and
D eposits.
N et
Tim e
Deposits.
N atlona
Bank
C ircu
lation.
Average.
Average.
Average.
Average.
Average.
Average.
Average.
S
8,000
88.000
30.000
46.000
12.0 0 0
64.000
69.000
109.000
13.000
18.000
29.000
83.000
17.000
7,000
899,000
495,000
620,000
175,000
87.000
394.000
562.000
96.000
589.000
186.000
438.000
809.000
192.000
10,0 00
12 1,0 0 0
56.000
535.000
235.000
27.000
149.000
147.000
203.000
700.000
124.000
155.000
9,000
54.000
43.000
89.000
251.000
32.000
554,000 2,176,000
656,000
343,000
114.000
178.000
218.000
115.000
115.000
49,000
S
2,000
12,0 0 0
3.000
6.000
8,000
S
S
$
$
%
492.000
2.326.000
70,000 194.000
550.000
293.000
131.000 4.455.000
119.000
632.000
236.000 5.032.000
396.000
485.000 3,289,000 4.047.000
196.000
344.000
577.000 2.869.000
692.000 1.991.000 2,7*9*3,666 216.000
332.000
98,000
516.000 2.109.000 1,878,000
253.000
31,000 3,088,000 5,441,000 22,829,000 4,741,000 1,512,000
State Banks.
Not M em bers o f the
Federal Reserve Bank.
Bank of Wash. Hgts.
Columbia Bank___
100,000
400.000
300.000
200.000
200,000
200,000
100,000
New Netherland___
Mechanics’ Bklyn.. 1,600,000
North Side, Bklyn.. 200,000
385.100
807.500
653.100
188,300
470.100
250,200
521,400
716.500
184,700
1.921.000
7.687.000
6.897.000
1.157.000
4.526.000
3.350.000
5.530.000
16,380,000
3.166.000
Total................... 3,300,000 4,176,900 50,626,000 3,353,000
Vf)
69.000
8,000
42.000
30.000
85.000
141,000
48.000
23,000
197*666
100,000 1.455.000
87.000
575.000 8.301.000
493.000
492.000 7.436.000
446.000
51.000
351.000 1.026.000
360.000 1.453.000 4.557.000
86,000 3.319.000
3,000 198.000
358.000
608.000 5.962.000
1,066,000 2.279.000 17,761,000
204.000
342,000 3.408.000
..........
291.000
193.000
..........
** *,666
79
..........
3,000 3,268,000 6,286,000 53,228,000
563.000
..........
..........
146*666
Trust Companies.
Not Members o f the
Federal Reserve Bank.
HamlltonTrust.Bkln
Mechanics, Bayonne
500.000 1,051,000 6.367.000
276,000 4.055.000
200.000
424,000
81,000
9,000
30,000
34.000
77.000
43.000
33.000
20,666
. Total...................
700,000 1,327,000 10,422,000
505,000
39,000
1 1 1 ,0 0 0
76,000
20,000
Grand aggregate___ 5.795.000
Comparison, prevwk
$56",770
Excess reserve.
Grand aggr'te Oct S 5.795.000
Grand aggr’ te Oct 2 5.795.000
Grand aggr’te Sep 25 5.795.000
Grand aggr’ te Sep 18 5.795.000
Grand aggr’te Sep 11 5.795.000
9.953.900 91,286,000 4,757,000 1,088,000 2,907,000 732,000 538,000
+ 94,000 + 68,000 —30,000 + 166000 —82,000 + 143000
Increase
9.953.900 91.192.000 4.689.000 1,118,000 2.741.000 814.000 395.000
0
4.603.000 985,000 2.739.000 742.000 432.000
9.930.700 91.104.0 >
9.930.700 90.825.000 4.622.000 1.055.000 2.852.000 605.000 488.000
10.067.500 90.947.000 4.573.000 1 .022.000 2.054.000 691.000 385.000
10.067.500 90.755.000 4.528.000 1,073,000 2.724.000 725.000 402.000
Philadelphia Banks.
— Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia:
W o it tw cip ers (00) Ina thsefig res.
em o h
ll e u
Cp l
a ita
oa s.
ad L n
n
S rp s.
u lu
Aug. 7
Aug. 14..............
Aug. 21..............
Aug. 28..............
Sept. 4 ..............
Sept. 11..............
Sept. 18..............
Sept. 25................
Oct. 2 __
Oct. 0
Oct. 16............ . .
$
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103.684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,6S4,3
$
426,702,0
429,948,0
431,769,0
432,266,0
431,900,0
432,378,0
433,634.0
436,807.0
437,928,0
439,654,0
446,539,0
16,000 321,000 1,975,000 6,414,000 3,199,000
..........
50,000 6,677,000 13,702,000 82,471,000 8,503.000 1,512,000
+ 8,000 — 2,000
+ 1,0 0 0 + 41,000 — 1161000 + 589,000
49.000
51.000
44.000
42.000
41.000
s
505,092,0
511,867,0
512,880,0
510,436,0
518,366,0
519,879,0
530.794,0
543.606,0
564,655,0
550,582,0
566,761,0
6.636.000 14.863.000 81,882,000
6.558.000 13.613.000 81.384.000
6.544.000 13.671.000 81.103.000
6.589.000 12.984.000 81.254.000
6.560.000 12.671.000 81.113.000
8.495.000 1.514.000
8.3.39.000 1.497.000
8.431.000 1.504.000
8.338.000 1.499.000
8.339.000 1.506.000
Boston Clearing-House Banks.
a
— W o givo bolow
summary showing the totals for all the items in tho Boston
Clearing-House weekly statement for a sorios of weeks:
Ot. 16
c
lrcu lea g
ep
R e. D osits. C - C rin s
eserv
a
tlon
.
$
115,946,0
117,853,0
119,090.0
116,789,0
119,932,0
123,105,0
125,335,0
129,433,0
140,764,0
133,413,0
132,562,0
954,000
237.000 1,515,000 4.743.000
460,000 1.671.000 2,245,000
84,000
BOSTON CLEARING HOUSE MEMBERS.
S
11,224,0
11,261,0
11,255,0
11,145,0
11,136,0
11,121,0
11,100,0
11,077,0
11,070,0
11,079,0
11,090,0
$
157,813,4
152,237,9
151,546,2
147.975,4
173,932,0
126,690,4
161,603,8
176,084.0
245,187,9
207,012,0
199,283,3
a Includes Government deposits and the Item "duo to other banks" (O ct. 16,
$171,300): also “ Exchangesfor Clearing IIouso” O ct. 16, $ 22,2 17,000). D uo
from banks O ct. 16, $65,403,000.
1,000
15,000
1915.
Circulation...... ............. .........
Loans, dlsc’ts & Investments.
Individual deposits, lncl.U.S.
Due to banks.......... ...............
Time deposits-------------------Exchanges for Clearing House
Due from other banks--------Cash reserve........................Reserve In Fed. Res've Bank
Reserve with other banks—
Reserve excess In bank--------Excess with reserve agent— .
Excess with Fed. Res've B’k.
361.326.000
324.482.000
141.529.000
15.710.000
20.582.000
44.822.000
26.139.000
13.186.000
89.919.000
5.974.000
69.754.000
3.103.000
Ca g from
h ne
p io sw .
rev u eek
Dec.
Inc.
Inc.
Inc.
Dec.
Inc.
Inc.
Inc.
Dec.
Inc.
Dec.
Inc.
Dec.
$26,000
9,563,000
23,784,000
6,298,000
345,000
7,263,000
0,249,000
67,000
443,000
0,331,000
579,000
5,6.85,000
767,000
Ot. 9
c
Ot. 2
c
$9,048,000
351.763.000
300.698.000
135.231.000
16.055.000
13.319.000
3.8.573.000
26.072.000
13.629.000
83.588.000
6.553.000
64.069.000
3.870.000
$9,025,000
350.173.000
299.166.000
125.139.000
16.766.000
15.310.000
35.760.000
26.329.000
12.94.8.000
70.405.000
7.020.000
57.102.000
3.297.000
1915.
1915.
Imports and Exports for the Week.—See third page
preceding.
U n ited States B on d s.— Sales of Government bonds at
the Board include $7,000 4s, reg., at 1 0 9 % to 1 0 9 % , $500
3s, coup., at 101 and $34,000 2s, reg., at 9 7 % to 98. For
j t
. J k H U l X K L V
W all Street, Friday Night, Oct. 22 1915.
The Money Market and Financial Situation.— The
fevor of speculative enthusiasm which has called forth re
peated criticism during recent months seems to have reached
tho limit of excess this week. Ono must go back to old
“ Gold Board” days in the ’60s to find its parallel in Stock
Exchango history— and then one wonders if ( he present
t
movoment will end in another “ Black Friday.
As every one knows, Bethlehem Steel common is now the
leader, and a few facts from its record since t was listed at
the Stock Exchange in June 1906 may be of interest. During
this period it has never paid a dividend and nover, prior to
1915, except in Oct. 1912, has it sold as high as $50 per sh re.
It then reached 51 % . In January of this year it sold at 4 6 % ,
in June had advanced to 1 7 2 % and to-day sold at $600 per
share.
From such a record it is, of course, impossible to form a
definite idea as to tho future, and it may be that the phenom
enal advanco in this instance will, in the end, be found justi
fied. Nevertheless, it seems more than reasonably sure
that at tho slightest suggestion of a movement for peace,
there would be a sudden reaction in most of the stocks that
liavo recently been ‘booming.” It must be admitted, how
ever, that such a development now seems remote, but some
times “ it is darkest just beforo dawn,” and is it not possible
that tho present complicated situation in Southeastern Eu
rope may hasten tho glad day? Just now war history is
boing made very fast, and no one knows what a day may
bring forth.
Two or three other mattors have attracted attention in
W all Street this week, prominent among which is the foreign
oxcliango market. Notwithstanding relatively large receipts
of gold from the other side, the certainty of moro coming,
and payment of onormous sums into the “ Bond Syndicate,”
sterling exchange has declined several points and no roliof is
apparently in sight. Thi situation is explained by a glance
at the record of exports which shows an excoss over imports
in September of $146,340,000; for nine months an excoss of
$1,228,000,000, and the current month now gives promise
of exceeding all previous records.
From tho iron and steel industry the nows is most encour
aging. Some concerns aro reported to bo swamped with or
ders and prices aro advancing. The best feature of this in
crease is that a substantial part of it is from domestic sources,
in which the railways are said to be conspicuous.
Foreign Exchange.— Sterling oxcliango has ruled weak
under the active pressure of all kinds of commercial bills.
Large importations of gold have failed to sustain the market.
T o-d ay’s (Friday’s) actual rates for sterling exchango were
4 6 2 @ 4 63 for sixty days, 4 6 4 % @ 4 6 5 % for checks and
4 6 5 % @ 4 6 6 % for cables. Commercial on banks (sixty
days), 4 6 4 % @ 4 6 5 % and documents for payment (sixty
days) 4 5 9 % @ 4 6 0 % . Cotton for payment 4 6 4 % and
grain for payment 4 6 4 % .
There were no rates for sterling posted by prominent bank
ers this week.
T o-d ay’s (Friday’s) actual rates for Paris bankers'1 francs
were 5 92 for short. Germany bankers’ marks were 82 1-16
for short. Amsterdam bankers’ guilders were 4 0 % for short.
Exchange at Paris on London, 2 7 .5 7 fr.; week’s rango,
2 7 .52 high and 2 7 .5 9 % low.
Exchango at Berlin on London, not quotable.
Tho range for foreign exchango for tho weolc follows:
S te r lin g , A c t u a l —
S ix t y D a y s .
High for the week....................... 4 07
Low for tho week------------- ------- 4 62
Paris Bankers’ Francs—
High for tho week..................................
Low for tho week---------- ----------- -----Germany Bankers' Marks —
nigh for the week____________
Low for tho week_____________
Amsterdam Bankers’ Guilders—
___
___
.
C h eck s.
C a b le s
4 69%
4 61%
4 70%
4 65%
5 85%
5 92
5 84%
5 91
82%
82 1-16
82%
82%
High for tho week____________ ___
41%
41%
Low for the week_____________ ___
40%
40%
Domestic Exchange.— Chicago, 10c. per $1,000 discount.
Boston, par. St. Louis, 5c. per $1,000 discount bid and
5o. premium asked. San Francisco, 35c. per $1,000 pre
mium. Montreal, par. Minneapolis, 35c. per $1,000
premium. Cincinnati, par. New Orleans, sight, 50c. per
$1,000 discount, and brokers, 50c. premium.
State and Railroad Bonds.— Sales of State bonds at the
Board aro limited to $2,000 New York 4 % s at 1 0 9 % and
$76,000 Virginia 6s def. trust receipts at 5 3 % to 5 9 % .
Tlio markot for railway and industrial bonds has been less
active than last week, but the tone has been firm on a good
demand and in several cases a substantial advance has been
recorded. Of a list of 30 prominently active issues only 3
are lower and theso fractionally, while of tho 27 many are
1 % to 3 points and some moro. Of the latter, Distilling
Securities Corp. 5s are conspicuous for a not gain of 6 %
points. Tho Inspiration Coppers and Westinghouso 5s
aro from 5 to 5 % points higher, M o . Pac. conv. 5s 3 % and
Ches. & Ohio c o n v .4 % s and Delawaro & Hudson 5s 2 points
higher.
A fow bonds have been notably activo, including tho cop
pers, D ist. Sec. Corp., Inter. M er. Marine, U . S. Steol,
B alt. & Ohio and So. Pac. issues.
Sales or for ign ac ount reported “ s-3 1-f’ ag regato $ 1 (_
410,000 par value, or nearly twice as much as last week. ’
1351
THE CHRONICLE
Oct. 23 1915.]
to-day’s -prices of all the different issues and for weekly range
see thi d /> ge folioicing.
R ailroad an d M iscellan eou s S to ck s.— The stock mar
ket has continued active and otherwise retained its most
prominent characteristics of the recent past. The trans
actions have averaged almost exactly 1,000,000 per day,
in which railway shares, during part of the time at least,
have figured more conspicuously than of late. A s noted
above, however, the speculative mania has increased, in
reckless disregard of reason and precedent, although as the
movement becomes more intense the number of issues in
volved is smaller. Bethlehem Steel closed at 477 last week,
sold at 600 at the opening of the market this morning and
closed at 575. Such a record needs no further comment
than that above. Among the other highly sensational
movements Gen. Motors has advanced 50 points within the
week, Studebaker 30, U . S. Ind. Alcohol 2 7 , Baldwin Loco
motive 2 5 % and other issues have fluctuated over a range
of 10 to 15 points with varying net results.
In the li^ht of such a record the railway list seems not
worth mentioning.
Canadian Pacific leads this group in an advance of nearly
7 points and practically all that may be classed as active
issues close from 1 to 2 points higher than last week.
For daily volume of business see page 1360.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Oct. 2 2 .
Par.\
Adams Express........100
American Coal_____ 25
American Express__ 100
Am Smelters Sec pf A__
Am Woolen ctfs dep___
Preferred ctfs dep___
Am Writing Paper pf 100
Assets Realization..lOOj
Brown Shoe_______ 10®
Preferred_______ 100;
Brunswick Terminal. 100
Buff Roch & Pitts..-100’
00
Burns Bros, pref___ 1 |
Butterlck____ _____ 10®
Case (J I), pref____ 10®
Cluett, Peab & C o.. 100
Preferred_______ 100
Comstock Tunnel____ 2!
Detroit Edison------ 100
Duluth SS&Atl___ 100
Preferred.... ......... 1001
Granby Cons MS&P 100,
Havana E1RL& P.100
Int Nickel, pref v t c . 100;
Kayser (Julius) & Co 10®
May Dept Stores.-.IOO,
Preferred........— 10®
Morris & Essex......... 50:
Nashv Chatt & St L.100
Nat Cloak & Suit... 10®
Preferred............. 10®
N Y Chic & St L___ 10®
Norfolk Southern__ 100
Peoria & Eastern... 100;
Pittsburgh Steel pf-.100;
RumeIy(M)Co ctf dep..I
SIoss Sheff S & I pref.10®
South Pacific trust ctfs.J
Texas Co full paid rects.)
Tobacco Prod, pref.. 100
Unit Dry Goods, pf.100
U S Reduc & Refln. . 100
Preferred .......... ..10®
Vulcan Detinnlng__ 100,
Preferred_______ 100;
Wabash (old), pref.. 100
Wells, Fargo & Co. .100
Sates
fo r
Week.
Range since J a n . 1.
Range fo r Week.
Highest.
Lowest.
| H ighest.
S per share S per share
20 80
Jan 104
Oct
21; 23
Oct
21 83
Feb 111% Oct
2 | 86
2
Sept 87 Sept
2® 49
Oct
Oct
16! 96
Oct 97% Oct
21 5
1
July 15
Apr
Jan 9
22 5
Apr
21 23 May 41
Oct
16 64
Aug 87
Oct
21 4% Mar 7% Oct
21 80
Apr
July 90
is! 108
Oct 108
Oct
16 27
Feb 36% Oct
16 74% June 83% Apr
55
Apr 79% Oct
.
98
Jan110% Oct
7c. May 21c. June
2® 111% Feb 127 Sept
2® 2
July 7
Oct
22; 4
July 12% Sept
21j 79% Apri 91 June
1 1 95
9
Apr 101
Sept
19, 105% Oct 110
Oct
2® 76
Aug1 88
Apr
21 35
July 56
Mar
22, 94% Apr 98% Mar
16 80
Augj 90 May
2 1 120 June|126
1
Jan
22 68
Marl 90
Aug
22; 100% Marl 109% Sept
20 30 June 42% Oct
20 15 Sept 25
Feb
16! 4
Jan| 12
Oct
22 74 May 98% Oct
2® 4
Oct; 5% Oct
19 85 May1 93
Aug
19 94% Feb 115% Oet
21; 123 June 170 Sept
21 95 May; 102% Apr
20 48% Jan 75
us?
Oct
16; 1% Apr| 10% June
22 1
Apr 10% June
22: 5
Jan 19
Oct
22 21
Jan 35% Oct
21
% May 2% Apr
21: 77% Jan 120
Oct
$ per share
) 104
i 23
. 111%
’ 86%
56
97%
9%
6
40%
87
7
85%
i 108
33
80
79%
5110%
! 9c.
) 125%
6%
11%
. 84%
uci i9100%
Oct 19105%
Oct 20! 83
Oct 21 51%
Oct 22 98
Oct 16 81
Oct 21 125%
Oct 20 84
Oct 22|109%
Oct 2 | 42%
1
Oct 19, 20
Oct 16; 9
Oct 22 98
Oct 2 | 4%
1
Oct 19; 93
Oct 2® 115%
Oct 21 160
Oct 21 100%
...
Oct 18 75
Oct 16 3
Oct 22 3%
_____
Oct 22 19
Oct 22 35%
Oct 21
%
Oct 20 120
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
OCt
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
O u tside M arket.— Spectacular advances coupled with
active trading in a number of the industrial issues served to
mark as noteworthy this week’s “ curb” market. Midvale
Steel & Ord., ono of the most active issues, sold, “ w. i . , ”
up over 21 points to 97 and ends tho week at 94 % . Carbon
Steel com. was advanced from 71 to 120 with the close to-day
at 118. A m . & British M fg . stocks mado remarkable gains,
the com. moving up from 20 to 65 and the pref. from 44 to
130. Equally heavy was the slump to-day in the stocks,
the com. dropping to 40 and closing at 49, while the pref.
broke to 95. In t. M erc. Marino com. improved 3 points
to 1 0 % and tho pref. over 12 points to 46. The close to
day was at 9 % and 41 respectively. Submarine Boat
recorded an advance of some 4 points to 46 and reacted finally
to 4 3 % . Tobacco Products com. after early loss of a point
to 40 ran up to 4 3 % and to-day moved back to 40 . U . S.
Light & Heat issues were conspicuously active, the com.
selling up from 4 % to 7 % and the pref. from 5 % to 6 % .
The closing figures to-day were 7 % for the com. and 6 %
for tho pref. Hendee M fg . after fluctuating between 28
and 32 became active to-day and jumped to 39, closing at 37.
Int. Motors com. after a loss of 4 points to 30 advanced
to 39 and to-day to 53 with the close at 4 6 % . The pref.
sold up from 64 to 74 and finished to-day at 73 . KellySpringfield Tire com. declined from 217 to 210 and advanced
to 247, closing to-day at 245. Oils very dull. Prairie Oil
& Gas dropped from 412 to 393. Standard Oil of N . J.
advanced from 480 to 485 and fell to 475. Standard Oil
of N . Y . improved from 203 to 205 and receded to 198, the
close to-day being at 199. Bonds quiet. Copper shares
very little changed. Kennecott Copper after early loss
from 53 to 5 0 % recovered to 5 4 % and ends the week at 5 3 % .
Outside quotations will be found on page 1360.
N ew
1 3 5 2
Y ork
S to c k E x c h a n g e -S t o c k R e c o r d , D a ily , W e e k ly a n d Y e a r ly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
s t o c k s — h io h e s t
Salur day
Oct. 16
onaay
Oct. 18
m
AND
Tuesday
Oct. 19
LO W EST S A L E
" iu c i:s
wcancsaay
Oct. 20
day
Frid ay
Oct 22
Sales/or
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Ja n . 1
On basis o f lOO-s/iure lots
Highest
Lowest
Oct 21
Par S ver share
S versh are
Railroads
S ver share 8 vet share 8 versh are S versh are S ver share
4
100% 10612 1063a 107
106% 107% 106% 1063 106% 106% 106% 106% 11,300 Atch Topeka & Santa Fe.. 100 92% Feb 24 108 Oct 11
1.750 l)o prof___________ 100 90 Jan 5 101% Junel7
*100 iooi2 §10014 lOOh 100 100% 100% 100% 100% 100% 100% 101
*100 1 1 2
112i2 11412 11234 113 *112 115 *112 II .334 112 112% 1,000 Atlantic Coast Line R R .. 100 98 Mar 1 114% Oct 18
92
92% 9178 92% 92% 93 26,607 Baltimore & Ohio........... urn 63% Feb 25 93% Oct 11
9112 917S 91% 92% 92% 93
747s 75
7434 747s 7478 74% 74% 75% 2,448 I)o pref............... . 100 67 Feb 23 75% Oct 11
74'> 74*8 7458 75
s
1,700 Brooklyn Rapid Transit. 100 83% Aug 13 93 Apr 21
87
8
873, *86% 87% 87
8712 88
87l2 87l2 8758 877 87
16634 1677a 167 167% 167 171 21,750 Canadian Pacific............. 100 138 July23 174 Apr 19
167% 169
1633.1 165
I 66 I4 169
50 Central of New Jersey__ 100 §250 Sep 1 325 Jan 22
*270 370 *270 370 §301 301 *275 370 *275 370 *275 370
57% 58% 56% 57% 56% 57% 56% 53% 18,800 Chesapeake & Ohio_____ 100 35% July 9 60% Oct 11
567s
56
57
13% 1,700 Chicago Great Western.. 100 10% Jan 4 11% Oct 11
11
3 .1 13% 13*4 13% 13% 13% 13% 13
*13
31% 3334 35% 5,110 Do pref___________ 100 25% May 14 30% Oct 11
34
34% 31
34
34l2 34% 35
34's 34
9234 903t 92% 91% 9234 15,500 Chicago MUw & St Paul. 100 77% July26 98% Apr 19
90% 9034 91l2 9334 92% 93% 92
1273 127% 127% 127% 127% 1273.1 127% 128% 4,701 Do pref___________ 100 120%Sep 2 130 Jan 22
8
12618 12738 127 127
3,000 Chicago & Northwestern. 100 118% July 10 132 Apr 15
128 130
127% 128
130 130
130 1301.1 129 129% 128 130
100 163 July 9 §175 Jan 30
*168 190
19% 14% 18 147,850 Chicago Rock Isl & Pac_. 100 10% July23 38% Apr 15
195S 2114
19% 2i% 18*4 19% 16
1912 21
Chic St Paul Minn & Om. 100 §111 Apr 8 118 Oct 9
*118 120 *118 120 *118 120 *118 120
*116 120 *116 120
100 124 Sep 17 131 Julv29
140 *127 140
52
52
1,666 Clev Cin Chic & St Louis. 100 §21 Jan 18 52 Oct 22
*51
55
*46
49
49
50
49
45
46's *45
1,200 Do pref _________ 100 53% Feb 17 77 Oct 20
*72
77
77
78
77
77
*71
71
71
7318 76
1,500 Colorado & Southern....... 100 21 Marl5 36 Oct 11
34
34% 34 % 34
35
34% 35
*34
35
34
34
36
100 Do 1st pref................ 100 45 Jan 18 56 Oct 11
54
54
*53% 54
*53
54
*53
54
*53
54
100 Do 2d pref........... . 100 35 Sep 2 49% Apr 3
41
41
*41
45
*40
45
*40 45
*40
200 Delaware & Hudson_____ 100 13S% Aug 31 153 Apr 19
*143% 147
*144 148
14714 147% 148 148 *143% 147
300 Delaware Lack & Western. .50 199% Jan 0 214% Apr 10
210 210 *210 212*2 *20434 212% 212% 212% *200 213 *201 212%
4 Jan 12 lf% Oct 11
100 Denver & Rio Grande___ 100
10
*8
10
10
*8
*8
9S8 9%
*8»2 10
*8
10
6% Jan 7 19% Oct 11
153, 2,500 Do pref____ _______ 100
15
17
*17
18
17% 17% 17% 1778 15
17'2 18
3478 35% 3434 35% 3478 35% 343i 35% 59,400 Erie................................. 100 19% Feb 24 35% Oct 1l
33?8 3414 34% 35
53% 54% 21,900 Do 1st pref_________ 100 32% Feb 24 55% Oct 11
523.1
54% 5334 54% 53*4 5 1
53
4 .1 53% 54
44% 44% 4334 4434 2,400 Do 2d pref____ ____ 100 27 Feb 25 46 Oct 11
4
43% 44
44*2 44
421-t 421 43
121 1213s 121 121 1213, 1 2 2 % 121% 122% 121% 1213l 121% 12134 10,200 Great Northern pref-------- 100 112% Jan 2 124 Oct 11
12
25% Jan 2 51 Oct 22
47% 48*4 48's 4912 49% 50% 48% 49% 4834 52% 51% 54 193,500 Iron Ore properties____
900 Illinois Central................ 166 99 July 7 113 Apr 19
106 106 *106 108
107 107
107 107
107i2 107'2 108 108
18% JulylO 24% Oct 14
22% 213i 22% 22,210 Interboro Cons Corp, vtc. __
23l8 235 2278 2312 2234 23% 22% 223i 22
8
78* 78-3* gf100
|
100 70 JulylO 80% Oct 15
22% 2 1 % 2 2 % 2,400 Interboro-Metrop v t ctf.. 100 10% Jan 10 24% Apr 29
22% 23 " 22% 2234 *22
23's 2312 23 ‘ 23ls
160
*82
Do pref........... .......... 100 49 Jan 19 83% Oct 11
823.i 82-li *82%
27% 273.! 273i 28'% 5,200 Kansas City Southern----- 100 20% Feb 24 29% Oct 11
28% 277S 28% 27% 28
2712 2712 28
62% 63
6278 61% 61% 61% 613i 1,425 Do pref.... ........ ........ 100 54% Feb 24 63 Oct 13
*62
62
*62
63
*61
5 Jan 5 13 Oct 1
1
250 Lake Erie & Western........ 100
11
10% 10%
10 *10
*10
1U2 10% 10% §10
HI4 *10
100 Do pref____________ 100 19 May27 30 Oct 11
24
24
*24
27
*22
29
29
*21
27
*21
29
*20
74i2 75
76*4 75% 76% 75% 75% 75% 75% 75% 76% 9,300 Lehigh Valley.................. .50 64% Feb 24 78 Oct 11
75
600 Long Island_______ ____ .50 15 Jan 11 27% Oct 11
2434 243.1 25% 25% *24% 26
*24% 26
26
25
26
300 Louisville & Nashville___ 109 104% July 8 129 Oct 11
123 123
125 125 *124 127% *124 127% *124 1273i 125 125
520 Manhattan Elevated____ 100 125 June25 129 Apr 23
*127 128
127'8 12711 *127% 129 *128 129% *127 129 *127 129
8 Sep 15 19% Feb 15
14 *12
13%
450 Minneapolis & St Louis... 100
14% 13
13 *12
14% 137a 14 *13
*13
100 Do pref.................... 100 24 Sep 15 49 Feb 15
*25
30
26
26
30
*25
29
*25
30'2 29l2 29*2 *26
120 121% 1,600 Minn St Paul & S S M ___ 100 106 Jan 4 124 Aug 11
*119 1233,1 12034 1213S 121% 121% 121% 121% *119 122
20 Do pref____________ 100 123 June 8 132 Apr 19
§127 127
*123 132
*125 130 *125 132 *123 132
4 Sop 28 15% Apr 19
534 534 2,500 Missouri Kansas & Texas. 100
5%
57s
6
6
5
6
110 Do pref..................... 100 10% Sep 25 40 Apr 5
15%
*14
16
*14
*14
15% 15% *14
16
16
43, 5 ,1 44,800 Missouri Pacific............... 100
434
1
1% July27 18% Apr 19
534
434
5
47g 51.1
5%
5
5'.t
600 Nat Rys of Mex, 1st pref.. 100 14% Aug 31 23 Jan 5
*22
28
23
23
23
23
*20
17
17
27
17
17
9% Oct 21
4% July28
9% 934 3,220 Do 2d pref......... ...... 100
9% 9*4
9% 9%
9% 9%
3
834 8 .1
9'4 912
100 101% 99% 100% 9934 100% 99% 101 20,500 N Y Central & Hud River. 100 81% Mar 1 102% Oct 11
991,t 9934 100 101
83 45,275 N Y N H & Hartford........ 100 43 Fob 25 89 Oct ll
I
8512 83% 85% 82
827S 8 O4 82% 80
83
80% 83
29% 29% 29% 29% 2,400 N Y Ontario & Western__ 100 21%Jan 0 35 Apr 20
30% 30
30
30
30
29
2912 30
115% 11578 115 116% 115% 116
114 115% 114*4 115% 11534 117% 15,100 Norfolk & Western........... 100 99% Jan 4 118 Oct 9
100 80% Sep 2 90 JunelS
09
111 11314 112% 113% 111% 112% 111% 111% 111% 112% 12,950 Northern Pacific............... 100 99% Feb 24 115% Oct 9
110*2 111
58% 15,220 Pennsylvania_____ ____ .50 51% Feb 24 59 Oct 11
57% 58% 58
5753 58't 57% 58% 57% 58
57% 58
100 Pitts Cin Chic A St Louis.. 100 65 Mayl7 80 Oct 11
*76% 83
*76% 83
*76% 85
80
80
*76la 85
*76'2 85
100 90 JunelO 98% June 5
99
*91
*91
99
80
77% 733.1 7S34 80's 79
78% 79% 78% 78*4 78% 80 60,700 Reading.......................... .50 69% MaylO 81%® Oct 9
300 1st preferred................ .50 40% Sep 20 45 Junel2
42% 42% *4138 43% 43% 43% *41% 45
42
*4112 42 '8 42
100 2d preferred____ ____ .50 40 Feb 23 43% Apr 19
43%
43% *42
43
43
*42
43% *42
31
4314
*40i2 4 .1 *42
l%Apr 9
% July 15
Rock Island Company___ 100
l2
%
* .1
1
%
*%
*
2
*%
*%
3
S
*%
2% Apr 9
% June2t
*38
% 1,640 Do pref................ 100
%
**8
§%
'2
1% Mar22
7% June26
6
6
6
6% 12,100 St Louis A San Francisco.. 100
534
5%
534
6%
*414
5
5
7 Aug 17 12% June28
1,500 Do 1st preferred____ 100
11
10
10 *10
*7is 912
9l2 10'2 *7% 10% 10% 11
8% Oct 20
3 Jan 18
Do 2d preferred_____ 100
8
8 % 7,500
73.4
778 8 %
7
8%
73i
7
400 St Louis Southwestern__ 100 11 Sep 9 19 Apr 23
16
17% 16
16
16 *15% 17% *16
16
16
*16
1712
400 Do pref.................. 100 29 Sep 20 37 Jan 21
32% 33
34
34
32
32
*31
35
*32
35
*32
35
18% Oct 11
800 Seaboard Air Line............. 100 11% July31
8
167 167 *1512 17 *163S 163t *16% 1634 16% 16% 16% 16%
8
600 Do pref.... ................ 100 30% July24 42 Apr 10
40
39% 39% *38
39
40
*38
3912 3934 3934 3934 39
983i 9734 98% 97% 98% 73,325 Southern Pacific Co......... 100 81% Feb 5 99% Oct 19
4
97% 9S3 98% 99% 93
96'2 97
14,300 Southern Railway_______ 100 12% July23 21% Oct 13
197 20's 20is 20*2 20% 20% 197S 203i 20% 20% 20% 21
8
3,165 Do pref____ ____ _ 101) 42 July23 63 Jan 26
59
59
59
60
*59
§5914 59% 59% 60% 59
*58*2 60
2 .4
900 Texas A Pacific................ 100
8% July23 17% Apr 19
1314 13l2 13% 13% 13% 13% * 1 -3 13% 12% 13
613 61% 62% 19,000 Third Avenue (New York).100 35 Jan 2 Gl^OCt 14
4
6 .1 6212 61% 62% 61% 62% 61
13
6184 63
5 Oct 14
1 Jan 6
150 Toledo St Louis A West... 100
4% 4% *41.4 5% *4% 5% *4% 5%
*4% 5>
2 55's 5*8
11% Oct 1
1
12
12 *10
100
*10
12
*10
12
315 Twin City Rapid Transit. 100 90 July 9 100 Apr 19
96
96% 96% §96
9612 *95
9612 §96% 96% *96
97
*96
Oct 11
1341s 13478 135% 1363s 13478 136% 134% 135% 1347s 135% 134% 136% 50,600 Union Pacific.................... 100 115% Jan 2 137% Oct 13
8 U2 82
811s 8 U2 81% 81% 81% 81% 81% 81% 81% 813, 2,100 Do prof.................— 100 r79 Mar 1 83
8 Jan 5 27% Oct 1
25% 251 2534 14,800 United Railways Invest— 100
25
.1
26
263S 2611 26*4 2534 20% 25% 26
42% 43
42% 43
3,S D Do pref.................... 100 21% Marls 47% Oct 1
O
43*4 42% 43
4334 43
4 311 4334 43
1Q
1„
11
3 .1 7,305
13
1258 Oct 10 14% Oct 13
46
4414
g f'2
27Iz
9% Jan 4 35% Oct 11
4 3 .1 32% 33% 32% 3 3 % 3,600 Western Maryland........... 100
33U 3 1
3 .4 33*2 3378 32% 32*4 321 3 1
200 Do pref......... ........... 100 25 Jfin 5 50% Oct 11
50
49% 49% *45
50
50
*45
49
491.1 4914 *48
*46
3% Jan 18
300 Wheeling A Lake Erie___ 100
3
% July28
3
*3
3% *2 % 3%
3% *2
338 33s
314
314
200 Do 1st preferred....... 100
2 Aug 2 16 Jan 18
*5
10
934 10
10
*6
*7
10
11
10
*7
*7
6 Jan 18
43, _____
% Aug 10
Do 2d preferred____ 100
*33.4 4% *334 4% *3
5
*3l2 4% *33.1 43.1 *4
300 Wisconsin Central......... 100 28 July 14 39%Jan 21
*34
35
*34
35
35
35
*34
36
34
34
35
35
Range fo r Previous
Year 1914
Lowest
Highest
%
%
100% Jan
101% June
126 Jan
98% Jan
83% Jan
01% Mar
220% Feb
310 Jan
68 Jan
15% Juno
41% June
107% Feb
143 Feb
1367s leb
180 Jan
33 Juno
131% July
132 May
40 Jan
70 Feb
28% Jan
02 Jan
35 Mar
159% Feb
400% June
19% Jan
31% Feb
32% Jan
49% Jan
40% Jan
134% Feb
39% Jan
115 Jan
—
10% July
50 Dec
20% July
49% Dec
5% July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
9% July
27% June
101 Dec
130 June
8% Dec
26 Dec
7 Dec
30 Jan
5 Dec
77 July
49% July
18% Dec
96% Dee
85 Jan
96% Dee
102% Dec
64% July
95 June
137 July
87 July
xSO Dec
% Dec
1 Dec
2 Apr
8 May
2% Dec
17% July
36 July
10% Dec
45% Jan
81 Dec
14 Dec
58 Dec
11% Dec
33 July
2 Dee
434 Doc
9478 July
112 July
77% Dec
7% Dec
22 July
16% Jan
65% June
28% July
62 Jan
9 Jan
21% Jan
156% Jan
30 Feb
1417 Jan
s
133 Feb
16% Jan
35% Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96% Jan
78 Jan
31% Jan 105% July
90 Apr
118% Feb
115% Jan
91 Feb
101 Mar
172% Jan
89% Juna
93 Jan
16% Jan
25 Jan
53 Jan
s
17% Jan
9% Jan
26% Jan.
65% Jan
22% Feb
58 Feb
99% Jan
10% Deo
30 July
2% July
S% July
3 Dec
29% July
35 Jan
68 Jan
6% Jan
89% July
z90% Dec
§99% Dec
67 Doe
69 Dec
79 July
153 Dee
300 July
40 Doc
9% July
25 July
84% Dec
126 Deo
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
37% July
29 Dec
138% Dec
388 Jan
4 July
8 July
20% July
32 July
26% July
111% Dec
22% July
103% Dec
17% Apr
23 Jan
108% Jan
164% Jan
86 Feb
23% Feb
49% Mar
48 Feb
Industrial & Miscellaneous
8
323, 33% 10,250 Alaska Gold Mines......... .10 20% Jan 7 40% Apr 22 $19% July $287 May
323i 33% 32% 33
323,i 3353 33
32l2 33
3334
0 July
7% Jan 12 49% Oct 4
45% 443g 45% 67,370 Allls-Chalmers Mfg v t c . 100
42
43's 4278 433.1 42% 43*8 42% 443.1 44
32% July 49 Jan
73% 74% 7,300 Do preferred v t c — 100 33 Feb 10 77% Sep 28
75
74
75
73
73% 73
74
*7212 73*2 73
72 20,000 Amer Agricultural Chcm. 100 48 Jan 4 72fy Oct 21 47% Jan
72% 71
70
6734 67
68% 68% 70
6712 67*2 67
97% lan
90i.t Dec
375 Do pref.................... .100 90 Mar27 98% Oct 22
97
98% 98%
96
*95% 99
*95
99
*95lo 99
99
*95
19 July
67% 11,500 American Beet Sugar___ 100 33% Jan 6 68% Oct 1
66
603i 66
66*4
663.1 67
66*4 07% 66*4 67% 66%
60 May 80 Dee
923t 92% 93
93
85C Do prof.................... .100 83 Feb l 93 Oct 22
93
93
*91
9214 92% *91
91J 92
2
97% Feb
80 Apr
107
Amer Brake Sh A F ctfs dcp.. 87% Feb 25 109% Aug 9
*102 105 *104 107 *100 107 *100 107 *100 107 *
8
132% Mar25 205 Oct 13 129% Jan 1407 Feb
199 199
920 Do pref ctfs deposit195 195
195 195
200 202
198 200's *190 200
19% July 35% Jan
63% 64% 63% 64% 63% 65% 76,900 American Can................. .100 25 Feb 24 68% Oct 4
63% 643» 643s 65% 633!
80 July
s
s
106l2 106% 1007 106% 1067 106*2 106*2 *108 106% 1,607 Do pref........ .......... .100 91%Jan 5 103%Sep 30
1061s 106% 100
42% Dec
4
86% 883 86% 87% 90,790 American Car A Foundry .100 40 Feb 23 98 Oct 4
89
85
84
89
83% 85
85*4 89
20C Do prof................... .100 111% May25 118 Aug 6 112 July
116 116 *115% 116% *115% 116%
*116 117 *116 117 *116 117
155 156% 4,900 American Coal Products. .100 82 Jan 20 170% July 12 §82 Jan §Sft*2 Mar
157 157
156%
163
zl55 158
1
.100 §105 Jan 7 120 Sep 1 §102 Jan
*115
*115
*11412
32 July 46^2 Feb
6334 14,420 American Cotton Oil----- .100 39 Jan 4 63% Oct 22
60
60
60% 60
.1 587s 597s
61
60
58h 583
93% June
91 June25 100 Oct 22
100
500 Do pref................... .100
99% 98% 99% 100
*96
97
*96
99
97
*96
*96
3% July
4% Feb 19 14% Oct 22
0 .1 11
III4 11% 11% 11% 11% 11% 1334 13% 14% 27.500 American Hide A Leather .100
10i2 1 3
17 July
52% 583.1 57
59% 42.160 Do pref. ............... 100 19% Jan 5 69*2 Oct 22
483.1 49% 49% 517g 51% 52
48
48
19% July
23% 24% 2.000 American Ice Securities.. .100 20% Jan 4 35 Apr 30
23% 24
2378 24*4 23% 24
*2358 24% 2378 24
7% July
7% Jan 2 25% Oct 22
2078 21% 207S 207S 20% 227, 22% 23% 22% 25*4 55,700 American Linseed______ .100
21
*20
24 Dee
24 Jan 5 45% Oct 22
3934 40
42
41% 45% 27,300 Do pref___________ .10 0
373t 37% 37% 37
36
36's 37
20% July 37*4 Jiiil
19 Mar 2 74 Oct 4
72% 71% 74 153,800 American Locomotive__ _100
70% 72% 71
66't 6712 67*4 683s 68 % 72
96 Jan
500 Do pref................... .100 75 Mar 6 100% Sep 27
99% 99% 99% 99% 99% 99%
*99 100
99
*9S'2 9912 99
4% Dec
8 Aug 31
3% Apr 14
7
200 American Malt Corp___ -10(1
7
*6
6 .1 63
,3
6 ,3 078 *6
7
*678 7'8
*6*4 7%
60*8 Jan
30 Deo
21% May27 32% Mar31
27%
400 Do pref___ - .- --- .10 0
27
*27% 29
29
29
*27% 29
29
*28
*2712 29
79% July
600 Amer Smelters Sec pref B.100 78 Jan 19 88% May 5
82
82
82
*81
8214 82% 82% 82% *8134 82%
50% July
92% 94% 921.8 93% 76,100 Amer Smelting A Refining.100 50 Jan 2 95% Oct 18
941 95% 91% 95% 93% 95%
2
93
9514
97% Apr
109% 10938 *1093s 109% 1,022 Do pref.................... . 10 c 100 Jan 1 109% Oct 11
109 109
109 109
10938 1093s 109 109
C
1 0 American Snuff............. - . 100 114 Jan 1 165 Apr 22 118 Dec
O
155 155 *153 158 *150 156 *150 156
*153 160 *149 156
1061’ Apr 2
(1 99% Jan
1 on 103 Jan 1
C
109*2 ♦insio innu *107 1091’ *107 109%
27% July 37*2 Feb
70% 73
70% 72% 103,625 Amer Steel Found (new). .100 21% Mar 5 74% Oct 19
O I4 707S 71
5
74% 713s 74
6412 66
97 Mur 109 8 J1111
2
11212 11212 1121 1133 1123| 1137« 111% 112% 111% 112% 11134 113% 9,300 American Sugar Refining. .100 99% Feb 24 114% Oct 13
1153s 115%
600 Do pref___________ -IOC 109 Feb 5 116% Oct 19
115% 116% 116 116 *114 116
*115 116 *114 117
114
126
123I2 124*4 1233i 124% 124% 1217, 124% 12434 124% 12438 124% 124% 6,730 Amer Tcleohone A Teleg. .100 110 Jan 4 252% Sep 29 215 July
Apr
Apr 22
4
8
*229 232
2281s 2335 233 23534 230 232% 230 2301,1 231 231% 5,750 American Tobacco.......... .10 0 i218 May 1
700 Do pref (new).......... .10 0 103% Jan 4 110% Sep 25 101% Jan
109% 110 *109 110% *109 110
*109 110
109> 109% ‘ 109 110
8
12 July
4
55*4 56
57% 74,000 American Woolen______ K
M 15® Mar 0 57% Oct 20
54
57% 56% 57% 56
54
53
52'2 5314
72% Mar
98% 98% 97% 97% 97% 97% 2.300 Do pref___________ .100 77i.i Feb 27 100 Oct 4
98
*96'2 9712 97% 97% 97
• Bid and asked prices: no sales on this day. t Ex-rlghts. I Less than 100 shares, a Ex-dtv. and rights. 6 New (took, c Par $25 per share, d Quoted dollar
Digitized per share. * First Installment paid, z Ex-dlvldend. » Full paid.
for FRASER
N e w Y o r k S t o c k R e c o r d — C o n c lu d e d — P a g e 2
For record of sales during the week of stocks usually inactive, see second page preceding.
S T O C K S -- H IG H E S T A N D
Salur aay
Oct 16
| Tuesday
Oct 18 ' | Oct 19
day
LO W EST S A L E
Oct 20
■‘ RICh ?S
da 1
Oct. 21.
F rid ay
Oct. 22.
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since J a n . 1
On basis o f 100-sAare lots
Lowest
H ighest
Industrlal&Misc.(Con). Par S ver share
§ per share
S ver share 3 versh are 8 ver share 8 ver share $ versh are
74% 75*8 75% 76
76
76*4 75% 76% 75*2 76% x 74% 75% 78,855 Anaconda Copper_____ . .50 c24% Feb 24 c39 Apr 2
132% 149% 176,600 Baldwin Locomotive___ 10U 26% Mar 3 150% Sep 28
132 134
123% 133is 128 13478 130% 135
130% 135
800 Do pref................... .100 92 Mar 9 114 Sep 29
*108 109% 108% 109
1087s 109
109% 109% *107% 109% 109 110
% Feb 5
2 Apr 17
1
*8 1*4
.
1% 1% 1,700 Batopilas Mining______ .211
*1% 1% *1% 1%
1% 1% *1% 1%
12,500 Bethlehem Steel_______ 100 46% Jan 2 600 Oct 22
475 484 482 495 491% 500 501 529 550 599% 575 600
3,000 Do pref___ ________ 100 91 Jan 2 184 Oct 22
170 184
162 162
165 170
166 166
165 166
163% 166
200 Brooklyn Union Gas_____ 100 118 Jan 5 13S34Oct 14
*135 138
136 136 *133 138 *130 13S *132 136 *133 136
100 90 Oct 14 943s Oct 19
goig
90
91% 6,400
91
4
60
60
60*2 00 % 63% 9,700 Butte & Superior Copper, .10
6018 00*4 603
18% 18% 4,700 California Petroleum, vtc 100
8 July26 21% Sep 22
18% 19
183s 18*4 18*4 19*4 18% 18*4 18% 19
43% 2,400 Do pref___________ 100 30 July23 54% Feb 8
42
43
42
42
42*, 41% 41% *42
42% 43
42
55% 58% 57% 59% 86,275 <:entral Leather_______ 100 32% Feb 20 59% Oct 22
56
533s 543s 54*8 55% 543.1
630 Do pref___________ 100 100% Jan 7 108 Sep 29
*107 108 *107 108
1073.1 107*4 107% 107% 107% 107% 107 107
5 32% Jan 6 52 Oct 13
49% 491.1 49% 22,900 Chino Copper_________
49
50
49% 50% 497S 50*8 49% 50
49
60% 58% 60 100,700 Colorado Fuel & Iron____ 100 21%Jan 5 66% Sep 29
58% 58
5434 56% 56
58
57*8 59% 57
1433,. 147% 143*8 14534 142 145% 141 144% 142% 1445s 140% 143% 30,540 Consolidated Gas (N Y)_. 100 113% Jan 4 150% Oct 15
108% 113% 108% 112% 23,100 Continental Can_______ 100 40% Jan 4 127 Oct 5
107 111)
110%. 112% 108 111
108 109
100 Do pref___________ .100 88% Jan 5 109 Oct 1
*105t2 107%
*106% 107% *107 107% 107 107 *106 107%
8 Jan 2 20% Sep 29
18% 18% 19% 17,500 Corn Products Refining.. 100
18
18% 18% 18*4 18% 18*4 18% 18% 18
86% 87
86% 86% 1,300 Do pref................... .100 65 Jan 5 87% Sep 30
87
86
86
*86
86% 86% *86% 87
on3s 913s 94% 92
91% 94% 1 1,450 Crucible Steel of America 100 18% MaylO 109% Sep 29
95
1
021.
0U2 95
.100 84 MaylO 112% Sep 29
107% 107% 2,100
109 109
1071'* 108 *107 103
118 118 *115 120
3,400 Cuban-American Sugar.. 100 38 Jan 25 125 July 22
*118 120
121*4 119% 120
*95 102
100 93 Marl 7 110 Sep 14
105
*95 101
5% Mar 2 50% Oct 22
40 42% 42% 47 % 4 7 % 50% 178,100 Distillers’ Securities Corp .100
35
40
355S 36% 37% 37
22
2178 22
2 2 % 2 2 % 22%
3,400
..10
24% Julyl5
2 2 14 2238
22
.100 69 Sep 1 783 Sep 25
4
71
71% 1,500
7 3 % *71% 73% 71% 72%
70io 7 II4
71
35
*26
*26
8 Mar24 60 Junel2
35
28% 28%
100 Federal Mining & Smelt.. 100
35
*27i2 35
*26
35
*27
*50% 52
51
52
900 Do pref............. ....... .100 20 Marl3 65 Junel2
50
51
*49
53
*50% 52*4 *50% 52
184 General Chemical______ 100 165 Jan 26 360 Oct 8
340 340 *335 345 §310 347% *340 359 §349 349 *348 355
*112% 114*4 *112% 114% *112% 114%
* 112
♦112
10(1 106 Mar 1 §113 Sep 10
178% 179*4 176% 178% 178 179 20,080 General Electric............ 100 138 Mar 3 185% Oct 4
179 180
178 179% 179% 181*8
5,350 General Motors vot tr ctfs 100 82 Jan 2 375 Sep 28
320 327 332 337 3397g 340% 340% 344 350 370 369% 375
112*4 112*4 *111 113% 113% 113% *113 113% 1,000 Do pref vot tr ctfs.. 100 90% Jan 4 115% Sep 13
*112 113% 113 113
75% 77% 76'.| 785s 76% 79% 88,300 Goodrich Co (B F)_____ 100 24% Jan 7 80% Oct 14
78
75% 76% 76*4 77% 76
110% 111
110% 110% 110% 110%
900 Do pref.......... ......... 100 95 Jan 14 111 Oct 20
110 110% *110 110% *109% 111
41% 41
40
41% 40% 41
37
40
4,110
100 38% Oct 18 42% Oct 14
4
3912 40> 38% 40
68
67
67% 68% 67*4 68% 67% 68% 67% 68% 67% 67% 11,720 Guggenheim Exploration. .25 45% Jan 7 69% Oct 13
421 43% 43% 44% 43*.t 44*8 44% 46% 44% 46% 44% 45% 229,940 Inspiration Cons Copper. .20 16% Jan 2 47% Oct 7
2
2,600 Internat Agricul Corp__ 100
26 Oct 14
247« 25
24% 25% 25*8 25*2 *23% 24% 23% 23% 22
23
512 Mar31
5378 53% 53% 5 1 53
54
53
2 .|
53% 53
52
53
8 Marls 58% Oct 4
52% 2,000 Do pref............. ....... .100
110 111
110 110% 110 111% 4,500 Intern Harvester of N J .. 100 90 MaylO 114 June 4
109>2 HO IO934 110‘2 110% 112
117 117
117 117 *116 118 *116 118
*116 117 *___ 117
600 Do pref.................... 100 110 Ju!yl3 117 Jan 20
195 197
198% 203
198*4 200*4 200 203
194 195
192% 200
7,705
100 192% Oct 22 22.3% Oct 5
10% 10% 10% 10% 10
10
10
10% 10% 10% 10% 10% 2,850 International Paper____ 100
8 Jan 6 12 Apr 19
40
*39
38% 38% 39% 39*i *39
40
39% 39% 39% 40% 3,000 Do pref.... ............ . 100 33 Feb 24 43 Apr 19
*185 200
198% 198% *191 199
199 199
600 Kresge Co (S S)............. 100 99 Jan 18 205 Oct 22
199% 200 205 205
n o *110 112 *110 112 *110 112 *110 112
♦110 110%
100 105% Feb 15 112 Sep 15
85*4 85
8212 84% 84
87% 85% 87% 85% 87% 85
4
86 36,800 Lackawanna Steel______ 100 28 Jan 7 913 Sep 29
*105 106
1U 1 5 8 105 105 *104 106 *101 105% *105 106
0°8 U &
223 Laclede Gas (St Louis)__ 100 92%Jan 15 106 Apr 13
242l2 242% 241 245 249 250 245 245
1,300 Liggett & Myers Tobacco 100 207 Jan 9 250 Oct 19
250 250 250 250
*117 119 *116 119 *116 119 *116 119 *116 119
*117 119
inn 113%Jan 5 119% Sep 9
29
29
29
29
28*4 29
*23
1,000 Loose-Wiles Bisc tr co ctfs 100 16 Feb 17 31 Jan 11
28% *24% 28% 25% 26
98
95% *91
*91
95% *91
*91
95
100 Do 1st preferred___ .10 0 86 Feb 20 105%Jan 13
95
*91
95%
95
♦__
67
67
70
*56
68
♦63
100 Do 2d preferred____ 100 60 Junel5 67 Oct 18
67
*60
*63
66
*170% 175 *170 175
175 175 *175 180
300 Lorlllard Co (P)............. 100 165% Jan 6 184 Mar 8
175 175 *175 180
*112 115 *113 115 *113 115 *113 114% 113 113 *112 115
100 Do pref__ ________ 100 112 Sep 14 118 Jan 19
78
78
82
78
78
777S 77% 77% 77% 78
*78
600 Mackay Companies____ 100 72% Jan 1
1 8278 May 6
78
66
§66
65% 65% *65% 66
*65% 66
510 Do pref....... .......... 100 65 Feb 25 6934 Jan 19
65%
66
61*4 63*4 62% 633 61% 62% 62% 67% 05*2 70 60,450 Maxwell Motor Inc tr ctfs 100 15(4 Jan 6 70 Oct 22
4
60'2 61%
67%
973 963i 97
4
97
96% 96% 96% 98
7,220 Do 1st pref stk tr ctfs 100 43% Jan 2 99% Oct 13
97
98
96% 97
4
507 51*2 52% 513 52*2 50*4 52
8
50
54% 25,425 Do 2d pref stk tr ctfs 100 18 Jan 6 55 Oct 14
50% 53% 53
90% 91% 89% 90% 88% 89% 43,725 Mexican Petroleum........ 100 51 Jan 9 97 Apr 26
90% 91% 91% 93*4 91*4 93
87
86
87
86
*85% 88
86
86
*85% 88
*85% 87
300 Do pref.................... 100 67 Jan 15 91 Apr 26
333 3 4 % 34 % 34*g 33*4 34
4
33% 34
17,400 Miami Copper_________ --5
17% Jan 6 35*2 Oct 8
33% 34% 33% 34
59
60
56*4 56% 56% 5 7 % 57*2 58
58
58% 7,000 Montana Power.... .......... 100 42 Jan 4 61 Oct 21
57*2 61
*107 109 §107 107 *107 110 *107 110 *107 109
200 Do pref.......... ........ 100 99 Jan 29 107% Sep 3
129 128 129
128 128
128 129% 128
1,400 National Biscuit________ 100 116 Apr 3 132 Jan 22
128 128
*121
*121
*121
inn 119 May25 126 Feb 3
297 31% 30% 31*8 30
8
30*4 30
29% 30
9% Jan 4 32% Oct 2
30% 9,650 Nat Enam’g & Stamp’g .. 100
30% 30
91% 91
92
91%
92
*90
91
*89
*90
92
200 Do pref......... .......... 100 79 Apr 1 92 Oct 1
*90
92
70*3 67% 69
70% 69
65% 68% 68
67% 68% 67% 68% 39,749 National Lead_________ 100 44 Jan 4 70% May 1
*110 113 *111 114 *111 113
110% 110*4 110%
*110% 115
200 Do pref.... ................ 100 104% Jan 4 112% Sep 10
15% 15
15% 15% 15% 15% 15
15% 15
15% 15
15% 4,340 Nevada Consol Copper.. -.5
11% Feb 24 16% Apr 27
147 153*2 150 152% 150 150
146 147
144% 147
145% 150
10,912 New York Air Brake....... 100 56% Feb 26 164% Sep 23
7 3 % 72
*7234 73% 72*4 7 3 % *72
72
72
72% 72% 1,000 North American Co (new). 100 64 Jan 19 81 Apr 21
72
30*4 31
*30% 32
30*2 3 0 % *30*2
30% 30% 30% 30% 1,100 Pacific Mail................... 100 18 Marl7 38 Aug 3
46% 46,i *43*2
46
45
45
46
45
1,100 Pacific Telep & Teleg___ 100 26% Feb 1
1 49% Oct 1
45
45
45
118*4 11834 117l2 118
118 118
118% 118% 118% 120% 119% 119% 2,900 People's G L 4 C (Chic).. 100 112% MaylO 123% Apr 3
47
47
47*2
46% 47% 46% 47
46% 47% 8,700 Philadelphia Co (Plttsb).. .50 35% Apr 7 49 Sep 30
39 % 41
403* 41*8 40*8 41
39% 40% 39% 40% 39% .40% 35,930 Pittsburgh C oal_______ 100 15% Jan 4 42% Oct 14
112
107% 110
108% 109
108% 109
3,000 Do p re f.................. inn 81% Jan 4 114 Oct 14
71s
7
70
/1
71*2 73
72% 22,110 Pressed Steel Car............. 100 25 Mar 6 78% Oct 4
71% 72% 71
*1 0 1
*104
*104 105 *101 106 *104% 106
100 Do pref_______ ___ 100 86 MarlO 105 Oct 19
110 ♦111 ___ *110
*107 —
*110
200 Public Serv Corp of N J ... 100 100% Aug 24 110% Apr 22
*163 166
*163 168% 163% 163% 163 169% 6,800 Pullman Company______ 100 150% Marl2 169% Oct 22
*2% 3
27
8 27
8
3
3
3
3
3
710 Quicksilver Mining______ 100
4% Aug 7
% Marl5
3
*2% 312
*2*2 4 % ♦2U 4 % *2%
*2% 4%
inn
4
4912 513 49 % 50% 48% 49% 47% 49
47% 4 7 % 47% 49
19,800 Railway Steel Spring___ 100 19 Mar 0 54 Oct 1
95
8
♦93 965
*95
96% §95
*93
95
10 Do pref___________ 100 87 Mar 3 95 Apr 19
25% 2578 25% 25% 25% 95
25*8
25
25% 25
25% 31,050 Ray Consolidated Copper. . 1 0
15% Jan 2 27% Oct 8
56% 543 55% 54% 56
4
52% 53> 52%
8
54% 55% 70,700 Republic Iron & Steel___ 10 0
19 Feb 1 56% Oct 19
10 1
10418 104 104% 101 101 *103% 104
♦103 104
1,600 Do pref........... .......... 100 72 Jan 30 104% Oct 13
412 4 %
4% 4%
4U 5
4
4
4%
4
2,740 Rumely Co (M )._........... 100
%Jan 22 14 Aug 13
*8
10
9 *----9
9%
2% Jan 20 18% Aug 12
. 8% 8% *8
9% *8
200 Do pref______ ____ 100
156% 56% 150% 156 158 *156 158
154 155% 155
4,100 Sears, Roebuck & Co____ 10 0 *131% Marl7 209% Feb 1
125
125 *124% 125
*124 125
400 Do pref............ . . 100 121%Jan 4 125% Feb 19
125 125 *121%
63*4 61
58% 59% 60
62% 60% 61% 61
62
8,300 Sloss-Shefflcld Steel A Ir. 100 24 Jan 6 65 Sep 29
142
*35% 140U 136% 136% 138% 141
142 145
3,310
100 40 Feb 16 150 Oct 15
n o 110 *105 n o *105 110 *105 112 *105 112
110
*105
100
100 89% Feb 4 110 Oct 14
81
81
81
83
84
81% 81% 81
81
531 Standard Milling_______ 100 43% Feb 23 84 Oct 20
80% 80% *79
*82
—
82
- " — 83
84
*81
83% 83% 83% 83% 1,000 Do pref..................... 100 66 Feb 17 8334 Oct 21
163 167*4 167 1/i)
*67% 170% 175% 191% 188% 195 126,450 Studebaker Corp (The)__ 100 35% Jan 2 195 Oct 22
159 162
1 10 34 111 111% 112 112
110% 110% 110 110
»
112% 112% 2,006 Do pref...................... 100 91 Jan 2 112% Oct 22
65*4 68% 66% 69% 66% 67% 66% 67% 162% 04% 62% 61% 45.310 Tennessee Copper. ........... .25 25% Feb 24 70 Sep 30
165 166% 164 105
166 166% 168*4 169
163 163% 3,200 Texas Company (T h e )__ 100 120 Mayl4 173% Sep 27
84
84
82%
82
85
*81
♦82
*82
87
1,550 Underwood Typewriter__ 100 55 Feb IS 85 Oct 20
87
*103 107
*102 107 *102 107 * 10 2
105 105
101 101
200 Do pref____ ____ _ 100 98% May22 105 July26
63
4 63
4
67s 678
6i2 6%
*6% 7
4% Jan 4
8% Aug 13
6% 6%
6% 6% 1,700 Union Bag A Paper.......... 100
25
*24
*25
27
26% 26*2 2o
25
*21
25
25
25
400 Do pref....... .............. 100 22% July 13 30% Apr 6
59
59*4 60
59 % 59% *58
59
*58
60
60
56% 58% 3,000 United Cigar Mfrs......... 100 42 Jan 25 66 Oct 4
*103 109 *103 109 +103 109
*105 109 *103 109 *103
110 Oct 1
100
10% 10% 10*8 10% 10*8 1 0 % 10 % 10% 1 0 %
10
9% 101.1 42,600
.10
10% Oct 20
11% 11% 11% 11% 11% 11*8 *11% 12 *11% 12
11% 11% 2,300
11% Oct 19
.10 in 2oct 14
26% 26% 2073 26
.
24% 25% 25
26% 25
25
26% 25
3,000 U S Cast I Pipe A Fdy___ 100
8 Jan 2 30% Oct 4
47*4 45
45% 46
46*4 45% 45% *40
*44
4934 Oct 4
49
47
47
1,000 Do pref____ _______ 100 32% Mar 3
6578 *65
§65% 65*2 65
6578 6578
66
*65
65% 6 1
66
6 .1 1,335 U S Express........... ........ 100 60 July27 73% Mar 9
105
110
99% 100
112
122% 127% 49,550 U 8 Industrial Alcohol___ 100 15 Jan 27 1277 Oct 22
111 123
8
105
U
105 105
*103 107 M .5
105 105 *101 106
400 Do pref____________ 100 70 Jan 26 106 Oct 13
54
54% 53*4 54
8
53% 537 5 3 % 54*4
54
56% 54% 55% 27,000 United States Rubber___ 100 44 Ju!y24 74% Apr 14
106% 106% 106 106
106% 106% 106 106
*106% 106%
887 Do 1st preferred____ 100 101% Feb 24 110 Apr 9
|
82% 82% 831 85*4 85% 87% 85% 86% 86
87% 86% 87% S07.250
100 38 Feb 1 87% Oct 21
115 115% 115% 115% 115% 115% 115% 115% 9,000 United States Steel......... 100 xl02 Feb 1 115% Oct 20
114% 114% 114*2 115
Do prof_________
70*4 09*8 71
70
70*4 70
69% 70
69% 70% 69% 70% 28,150 Utah Copper.................. .10 48% Jan 6 73 Apr 26
44% 46% 45
4 5 % 44 % 45*8 44% 46%
45% 40% 45% 46% 37,375 Vlrginia-Carolina Chcm... 100 15 Jan 4 4634 Oct 21
108 108 *107% 109 *107% 109
*107% 108 *107% 108
10.8% 108%
800 Do pref___________ 100 80 Jan 6 110 Sep 25
64% 64% 66% 68% 68% 70
68% 69% 67*8 69
69
68
7,300 Virginia Iron Coal A Coke. 100 36 June 9 70 Oct 19
78% 79
78% 79% 79'8 791.1 78% 79U 79% 79% 79% 80
10 ,10 0 Western Union Telegraph 100 57 Jan 2 80 Oct 22
70% 721, 71% 72*4 70% 72% 70% 71% 71% 73% 386,150 Westinghouse Elec A Mfg .50 32 Feb 24 73% Oct 22
68-% 70
*74
80
83
76
77
77
80% *78
85
1,600 Do 1st preferred___ .50 58% Marl2 85 Oct 21
85
246 248 250 258 255 259 255 259 r258% 205 261 265% 9,750
100 87 Feb 23 265% Oct 22
*108% 109% *109 109% *108% 109% *108% 109% 108% 109 *109 109%
300
100 96 Feb 13 110 Oct 14
110 110% *110 11178 *110% 112
111 111 *110 111 *110 111
550 Woolworth (F W)_______ 100 90% Jan 6 112% Oct 11
122 122 *120 124
122% 122% *121 123 *120 124
122 122
300 Do pref.... ............ . 100 115 Jan 8 124 Aug 14
$ ver share
•B d ed rices: n sa
id
o
»
ow a 0 a
x-righ
ts,
slurs. an ask pdividend. lesonx-dlvldend. |L th n 1 0sh res, t E
per
#E
x-atock
z Etm day.
1 3 5 3
Range fo r Pretious
Year 1914
Lowest
Highest
%
%
c $24% Dec c S38% Feb
38% Jan
102% Jan
$% Apr
29% Jan
68 Jan
118 Dec
52% Mar
110 June
$1% Feb
46% Dec
913 Dec
8
130 Jan
30% Feb
15% Dec
50 July 68 Mar
38U Dec
257 Jan
8
9178 Jan 104 July
S31*2 Dec $44 Feb
20% July 34% Feb
112% Dec 139% Jan
37% June 45% July
84 July 91% July
7 July 13% Jan
58% July 72 Jan
11 July
20%Mar
7% May 15 Jan
28% Dec
43 Jan
160 Apr 180 Jan
107% Feb
137% Dec 150% Feb
373s Jan
99 May
70 July 95 Feb
19% Jan
287i Apr
7978 Jan
95 Dec
$40% July
$14% July
4 Jan
13 May
82 July
113% Jan
$57% Apr
$19% July
10% July
36 Jan
113% Jan
1187g July
634July 1078 Feb
30 Dec
41 Jan
81 Jan 105 Feb
105 Mar
26% July 40 Jan
85 July 101 Feb
207% Dec 231 Mar
111%Jan 118l2July
26 Dec
38 Jan
101 Apr 105 Mar
89 Jan
95% June
160 July 190 Apr
110 Jan 1177, July
61 July 87% Feb
70 Jan
65*8 J&n
15% Dec
14i2Dec
41% Dec
44 Dec
17 Dec
17% Dec
46% Jan
73% Feb
67 May 87 Feb
$16% Dec $24% Feb
527g June
41 Dec
101 Apr 10378 June
120 July 139 Feb
9 July 14 Feb
80 June 807g Mar
40 July 52 Jan
105 Jan 109 Feb
$10% July $16% Jan
58 July 69 Jan
64% July 79% Mar
17% July 29 Jan
20 July 31 Jan
100 July 125 Jan
15 Dec
23% Feb
93% Feb
79 Dec
26% Jan
40 Feb
9734 Jan 105% Mar
107 Jan 114 Apr
150 Dec 159 Jan
278 Jan
7 June
8
1934 July
88 Dec
<15 Dec
18 Dec
75 Dec
378 Dec
20% Apr
170% July
120 Dec
19% July
34% Feb
101 Feb
$22% Apr
27 Jan
91% Mar
18 Jan
41 Jan
197% July
124*4 June
35 Jan
32 Jan
45 Dec
67% Dec
20 Jan
36% Mar
70 Jan
92 May
524% July $36% Feb
112 July 14978 Mar
73'4 June 88 Jan
103 Dec 113 Apr
3% June
8% Feb
18% July 32% Feb
39 Dec
50i.) Feb
1037 Feb
8
5912 Dec
734 June
30 July
46 Jan
15 Dec
75 Dec
44% July
95% July
48 Dec
10314 Dec
$45;* Dec
8
17 Dec
96 May
35 July
53% July
64 Jan
11578 Jan
13% Jan
49 Feb
87 Mar
20 Apr
85% Jan
63 Mar
101%Jan
67% Jan
112% Jan
$59% Juno
3478 Mar
107% Mar
52 Mar
667 Feb
8
79% July
124% June
89 July 103% Feb
112% Jan 11S78 Mar
aK
x-dlv, a d righ 6 N stock, cP r $ 5 p sh
n
ts.
ew
a 2 er are. < Q oted d
1 u
ollars
1354
Jan
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
t909
the Exchange tioinoa
BO N O S
N . Y . ST O C K E X C H A N G E
W
eekEnding Oct. 22.
U. S. G o r c r n m e a t .
registered...(J1930
H 2g consol coupon____ c!1930
8 3a registered..................*1918
S 3« c o u p o n _________ ..*1 9 1 8
9 4s registered___________ 1925
S 4s c o u p o n ........................1925
S Pan Canal 10-30-yr 2s.*1938
S P n Canal 10-30-yr 2 s .. 1938
0 S Panama Canal 3s g ____1901
U S Philippine Island 43.1914-34
!J B 2 consol
a
O
0
0
O
0
O
D
F oreign G overn m en t
Anglo-French 5-year 5s (wh las).
Argeattne— Internal 5s ol 19os». _
cm neso (Ilukuang R y )— 5 s o( ’ l l
Cuba— External debt 5s ol 1904.
Extor dt 5s ol ’ 14 aer A . . . 1949
External loan I >4 s ......... ..1 9 4 9
'Japanese C o v t— £ loan 4 'i s 1925
Second series 4 X s .............1925
D o do “ German stamp” .
Sterling loan 4s__________ 1931
M exico— Exter loan £ 5s ot 1899
Gold debt 4s o f 1904.
1954
Piov of Alberta— deb 4 X 8 — 1921
Tokyo C ity— 5s loan of 1912.. .
>r guoiino aonds
P rice
F rid a y
Oct. 22.
m a n je d . a i d p rices are now all— “ and in' r a t " —excep t (or incom e and defaulted bonds.
W
eek’s
R
ange or
Last S
ale
H igh
A s k Low
Sale 9734
98
97 ------- 97*4 O ct ’ 15
10U34 ____ 93 Sep ’ 15
10034 ------- 101 Sep ’ 15
109 110 109*4
109*4
109*2____ 110 Sep ’ 15
96 ..
981 O ct '15
4
97 July'15
10134 Aug T5
----- 100 100 Feb ’ 15
B id
9734
loox r...
077g
98 Salo
9814
____ 9k34 93 Ju n e'15
____ 71-4 S3 July’ 14
94%
94-% Sale SD312
92
____ 91i4 91*4
80
80
____ 80
82
82 ------- 82
77*g
7 7 'a ------- 77 *g
S73*2
74*2
I I I I *687^ 7834 June’ lo
79*4 Apr ’ 14
____ 80
05 July’ 14
____ 54
95*2 Jan ’ 15
____ 96
80 M ay’ 15
____ 79*2
R an ge
Since
J an . 1.
L ow
H ig h
90*4 99*4
97*4 99
98 101*8
100*2 102
109 110
109*2 H I'S
97*2 98*4
fdo'*4 162" ’
100 100
977 98*4
8
8
U
99U
93*g " 9 *2
7
90
80
737
s
7178
70
94
80*2
84*2
82
79*4
9512 9512
78
82
t T h e s e a r e p r i c e s o n th e b a s t s o f
3 tn to a n d C ity S ecu rities.
W Y C ity— 4J^8...................... 1900
» I i s Corporate stock____lsmi
4 X s Corporate s t o c k ____ 1965
*>4s Corporate stock ____ 1903
4% Corporate s tock _____ 1059
i% Corporate s to ck ..........1958
i% Corporate stock ____1957
« % Corporate stock.......... 1950
Now 444s..............................1957
New 4 X 3 -------------------------1917
* X % Corporate s t o c k ...1 9 5 7
* X % Assessment b o n d s..1917
S X % Corporate s t o c k ... 1954
N Y State— 4s......... ................1901
Canal Improvement 40...196 1
Canal Improvement 4 s .. .1902
Canal Improvement 4 s ...1 9 0 0
Canal Im provement 4 X » - 1904
Canal Improvement 4X 3-1985
Highway Im prov’ t 4 X 8 — 1963
Highway Im prov’ t 4 X s 1905
Virginia funded debt 2 - 3 s ._ .1991
8s deferred Brown Bros ctfs._
R a ilroa d
Ann Arbor 1st g 4s........... A.1S95
Atcb T op A 8 Fe gen g 4 s ...1 9 9 5
Registered _______________ 1995
Adjustment gold 4s_____ A1995
R e g is tered .....................A1995
S ta m p ed .........................*1995
C on vgold 4s______ ______ .1955
Conv 4s Issue of 1909.......... 1955
Conv 4s Issue of 191 0____ 1980
10-year 5s.............................1917
East Okla D lv 1st g 4s____1928
Trans Con Short 1. 1st 4s. 1958
Cal-ArU 1st A ref 4 X * “ A " 1962
. ? Fe Pres A Ph 1st g 5 s . . . 1942
Atl Coast L 1st gold 4s____A1952
80-year unified 4 s________1959
Ala M id 1st gu gold 5 s ___ 1928
Bruns A W 1st gu gold 49.1938
Charles A 8av 1st gold 7s. 1930
L A N coll gold 4s.............. ol952
8av F A W 1st gold 6s____1934
1st gold 5 s ........................ 1934
HII 8p Oca A G gu g 4 s ___ 1918
Balt A Ohio prior 3 X s ......... 1925
Registered....................... A1925
1st 50-year gold 4s_____ *1948
Registered . .. .................A1948
20-yr conv 4 X S - .................1933
Pitts Juno 1st gold 8s____1922
P June A M D lv 1st g 3 X 8 1925
P L E A W Va Sys rof 4S..1941
Southw Dlv 1st gold 3X 8.1 025
Cent Ohio R 1st c g 4 X s ._ 1930
Cl Lor A W con 1st g 5s 1933
Monon River 1st gu g 5 a ..1919
Ohio River R R 1st g 5 s . . .1936
General gold 5s______ .1937
Pitta Clov A Tol 1st g 6 s . . 1922
Pitts A West 1st g 4s. . 1017
Stat Isl R y 1st gu g 4 X » --1 9 4 3
Bolivia lty 1st 5s...............
1927
Buffalo R A P gsn g 5s......... 1937
Consol 4 X s ............................1957
All A West 1st g 4s gu____1998
Clear A Mah 1st gi, g 5 s ..1043
Roch A Pitts 1st gold 6 s . . 1921
Consol 1st g 0s.............. 1922
Canada 8ou cons gu A 6 s ...1 9 0 2
Registered........ ................. 1002
Oar Clinch A Ohio 1st 30-yr os ’38
Central o f Ga 1st gold 68— ,p l9 4 5
Consol gold 5c..................... 1945
Chatt D lv pur m oney g 4s 1951
M ao A N or D lv 1st g 5s... 1946
M id Ga A Atl D lv 5s .
1947
M obile D lv 1st a 5s............1948
Cen R R A B of Ga col g 5 s ..1937
Cent of N J gen'l gold 6 s .. . 1987
Registered .....................A1987
Am D ock A Imp gu 5s. ..1921
Leh A Hud Rlv geu gu g 5sl920
N Y A Long Br gen g 4s... 1941
Cent Vermont 1st gu g 4s..«192 0
Ohesa A O fund A lrapt 6s .1929
1st consol gold 5s...........
1939
Registered .................. 1939
General gold 4 X s ................ 1992
Registered......................... 1992
Convertible 4 X s ......... .. 1930
Big Sandy 1st 4.8.................1944
Coal River R y 1st gu 48— 1945
Craig Valley 1st g 5s......... 1940
Potts Creek Br 1st 4a____1946
R A A D lv 1st con g 4s___1989
2d consol gold 4s........... 1989
Greenbrier R y 1st gu g 4s. 1940
Warm Springs V 1st g 5 s .. 1941.
O lio A Alton R R ref g 3 s . . .1949
R a ilw a y 1st lien 3 X » .......... 1950
Ohio B A Q Denver D lv 4s— 1922
Illinois D lv 3 X s . ......... ...1 9 4 9
Illinois D lv 4s_____ _______ 1949
Registered......................... 1949
forIowa D lv sink fund 5s____1919
FRASER
___ Sinking fund 4s...............1910
Digitized
9S7g Sale
99 Sale
1023$ sale
102i4 Sale
95'j8 Salo
95*4 9534
95*4 9534
941 95
4
1U214 Salo
100*8 101
102*4 Sale
100*2___
85*4 877g
101 104
10H 2____
101%___
1013 g ____
109*2 HO
105 ____
10934 110
104 105*4
8334 ____
53
5S7g
58
937
g
*91
831
2
59*2
Sale
93 *g
____
~847g - 85*2
sl057g Sale
106 “ Sale
10134 Sale
933g____
89
90
94*4 96
100*2 103*2
60*4 Sale
102*4 I I "
90
92*2
1287 135
8
8534 Sale
118 120
103*2____
97*2____
92 Sale
*88*4 Safe
*35
s92*2
87
Sale
87* I I I I
82 Sale
8934 Sale
103 ___
9334 ____
987
g
99*g
99
99
10134
102*2
I017g
1023g
95*4
95*2
95*4
95*4
95*2 O ct ’ 15
94 Sep ’ 15
1017
g
102*4
100%
102
lOKg
85*4
100 g
101‘g
10138
100‘s
110*4
105
109*2
104*8
81
53*2
O ct ’ 15
102*4
O ct ’ 16
O ct ’ 15
Sep ’ 15
Aug ’ 15
Sep T5
Apr ’ 15
Sop ’ 15
O ct ’ 15
109*2
Sop ’ If
Aug T.r
5934
57 Oct ’ 15
925s
94
90*2 Oct ’ 15
83*2
8434
80 M ar’ 13
8312
8134
10534 100*2
99*2 May’ 13
1057
s
107
101*2
101*4
93*g Oct ’15
8034
8634
S94
95
103*2 Sep ’ 15
88*2
9014
92*4 July 14
105*2 June’ 14
89 Sep ’ 15
1297 Aug T5
8
83*2
86
118
118
105 July’ 15
98 June’ 15
91*4
92
90 Juuo’ 15
87
8914
85
85
92
92*4
112
Jan ’ lg
87*2 Oct ’ 15
81
82
8 S12
89*4
100 Apr T 8
104*2 Apr ’ 15
102*4 June’ 12
10 2 12
1 0 2 i2
98*2 Oot ’ 15
U3*i Feb ’ 12
96*4 Mar’ 14
91
106
99*4 Sep ’ 15
9D8 Feb ’ 16
112 Apr T4
Ido*2 I I I . 1063S Oct ’ 15
1073g . . . 107 Sop T5
103
101*2 103 101
lC67g Apr’ 14
92
94
1043g 10G7g 107
98
98*2 97
86
------- 82
I I I I io o
101*8 105*4
94
941g
94
94
!)73g
97
97
97U
101*8 IO 3
.54
100*2 101*1
1 *8 105*8
01
100*1 lo n g
84
99 7
8
997
*
100
99*g
108*4
104
1D8
104*g
81
70 52
65
89*2
89
80*4
80
101*4
101*8
1013g
100*3
111 *2
1053g
110*2
104*2
81
61*2
6812
95*4
92*2
86%
80*g 87
923g 106*2
"m
107*4
92
84*g
93
103
85
94
89
90
103*2
93
100*8 102
89
93*s
1297 1297
8
8
80
s 7*2
118 119*2
105 105
97*2 08
88*4 92*2
83*2 90
85
Ol**
85
90
8212 9234
81*2 88
77*g 84
80
91
103*2 104*2
102*2 i021z
98*2 08*2
June'12
____ 104*2 Sep "’ 15
----- 100
86
97*4 100*g
9734 100*8
I01*g 10212
June’ 15
107
9S
Feb T5
101*2___ 101 Oct T5
100*g____ 100U Mar’ 15
100 *g 105 10334 May’ 15
89
89
89
90
113*2
112*4 113 112
112 ___ . . . Oct ’ 15
103*g 10512 103 Oct ’ 1
100 ____ 100 Junc’ l..
94’ 4
. 100*g Jan ’ 13
72
72
72 Sale
86 * g____ 85 Oct ’ 1
104*4
10434 105 104*8
___ 102 101 Sep ’ 1
4
8884
88*2 Sale 861
84
84
2
85*
85*2 Safe" 831
82
87*2 80 Oct ’ 15
81*2
8H2 Sale 81
96*2 Dec ’ 13
____ 95
8434 Jan ’ 13
82
"s' 1*2 82*2 81*2
....... 817g 77 Apr ’ 15
90 Apr ‘ 14
113*4 Feb ’05
54 Sale
53*2
51
44 *g
42l2 437g 44 lg
9 9 * 4 ____ 99 Oct ’ 15
84
84 Sale .83
933g
933g
933g Sale
92i2 ____ 93 June'13
102*4___ 102i2 Oct ’ 15
99*4
9914 9912 99
1 *2 100*8
02
9934 103
943g 943g
106'g il)7*8
107 107
100 1U4*2
94"" ’ od-'s
103*2 107*2
96 102*2
86
86
101
*00*4
103*4
86I2
111*4
110*2
101*4
100*4
103*4
92*8
115*2
115
68
S3
101*8
101
72*2
96
105
lo t
91
81
85*2
837
s
82*2
102*4 101
S0t4 81*8
77
77
62
38
60
4712
08*8 100
81*4 8412
917g 94*8
101*2 102*2
96*4 99U
BONDS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 22.
Is
P r ic e
F r id a y
O ct. 22.
W e e k ’s
R a n ge or
L a st S a le
'3 'g
P
B id
A s k L ow
H ig h N o .
Ohio Burl A Q (Con.)—
Joint bon d ,. SeeGreat North
95*8 96*8 957
5
s
957
8
Nebraska Extension 4s___1927 M -N
9334 _____ 95 Ju n e'lo _____
Registered..........................1927 M -N
99 14____ 99*8 June’ 15 _____
Southwestern D lv 4s_____ 1921 M - 8
9178 Salo - 907
General 4s________________ 1958 M - S
8
917 227
8
18
20
15 O ct ’ 15 _____
Ohio A E III rel A imp 4a g._1955 J - J
11
99 Salo
99
99
1st consol gold 0s_________ 1934 A - O
14
61*8 66
60*2
017
8
Qeneral consol 1st 6s_____ 1937 M - N
51 ____ 71 June’ 15 —
Registered......................... 1937 M - N
9734 Eeb T3 . . . .
Pur money 1st coal 5s____ 1942 jp . A
r ■ A
10 ____ 17
17
Chle A Ind C R y 1st 53___ 1936 J - J
122
69
70
69i2
70
Ohio Great West 1st 4s_____ 1959 M - S
Clilo Ind A Loulsv— Ref 63.1947 J - J 110 112 114 Ju ly’ 15
95 101 101 June’ 15 . . . .
Refunding gold 5 a ..............1947 J - J
95*8 Apr ’ l l
Refunding 4s Series C ____ 1917 j . j
J - T
86 J u ly ’ 12
Ind A Loulsv 1st gu 4s___1956 J * J
84 ____ 90*4 Aug '12
Ohio Ind A Sou 50-year 4S..1956 J - J
104 D e c ’ l l
Chic r 8 A East 1st 4 X a ____1969 I . n
Chicago Milwaukee A St Paul—
89*4 Sale
88*2
8914 35
Gen’ l gold 4s Series A ____*1989 J - J
89*2 Apr ’ 16
Registered____________ «1989 Q - J
94
893S Sale
88
803,)
Gen A rel Ser A 4 X « ____ «2014 A • O
197
105
Gen rel conv ser B 5s___<*2011 F - A 10434 Sale 104*4
79 Sale
4
79
79
G en’! gold 3 X s Ser B ____«1989 J - J
99*4 Sale 98*4
61
997
8
General 4 X s Ser C ............«1989 J - J
43
89 > 90
8
88*s
9J
25-year deben 4s_________ 1934 J - J
9/3 4 sale
127
9738
93
Convertible 4,Xs.................1032 J - D
Chic A L Sup D lv g 6s____1921 J - J 102*8____ 102*8 Aug ’ 15 _____
Chic A M o Rlv D iv 5s____1926 J - J 103*4____ 103 July’ 15 _____
8
1027
8
Chic A P W 1st g 5s........... 1921 J - J 102-8 103*8 102*8
7
87*2 88
87*2
87*2
C M A Puget Sd 1st gu 43.1919 J ■ J
Dak A Ort Sou gold 5 s .-.10 16 J - J 100 _____ 100 O ct ’ 15 _____
106*8____ 106*2 O ct ’ 15 _____
Dubuque D lv 1st s 1 6 s ...1 0 2 0 J - J
Fargo A Sou assura g 6 s ..1924 j - j 108 ____ 110 June’ 13
La Crosse A D 1st 6s..........1819 I - J 1013s 102 102*8 June’ 15 _____
Wl3 A Minn D lv g 5s......... 1921 J - J 102*4 103*8 102*2 O ct ’ 15 _____
1067 _____ IO6 I2 July’ l'i
s
WIs Vail D lv 1st 6s........... 1920
M il A N o 1st oxt 4 X s ____1934 J - D 101 _____ 99 M a y ’ 15 _____
93*8 100 100*8 M a r ’ la _____
Cons extended 4 X 8 ____ 1934 J - D
947 _____ 94 Sep ’ 15 —
8
Chic A Nor West Ext 4s 1886-1926 F - A
94*8 Ju ly’ 14
Registered________ 1836-1926 F - A
59
79*4 I I I I 79*4
80
General gold 3 X * .................1987 M- N
IT
78*2 Jan ’ 14
R e g istered .....................pl987 W _ *
04*4 Salo
9333 - 94*4 ‘ " l 2
Qeneral 4s..............................1987 M - N
94
91*4 93*2
23
94
Stamped 4s.......................1937 M- N
5
IIOI2
General 5s s t a m p e d ____ . 1987 M - N 110*2 Sale n o i 2
Sinking fund 6s____1879-1929 A - O 103*4 10934 108 Juno’ 15 _____
Registered________ 1879-1929 A - O *103*8 _____ 105*2 D eo '13
1
101
Sinking fund 5s_____ 1879-1929 A - O 104*8 -------- 104
Registered...............1879-1929 A - O 103*8 _____ 102 Oot ’ 13 _____
Debenture Gs....................... 1921 A O 102*8_____ 101*4 O ct ’ 15 —
Registered______________1921 A • O * ---------102*a 101 Deo '12
Sinking fund deb 5s........... 1933 M -N 102*2 _____ S01*8 O ct ’ 15 _____
Registered______ _______ 1933 M -N . . . . _____ 101*2 M ay’ 15 _____
Frern Elk A M o V 1st 0 s ..1033 A - O 117*8____ 117 A u g ’ 15 —
90*2 Sep ’09
Man G B A N W 1st 3X#-1941 J - J
M llw A S L 1st gu 3 X S ---1 9 4 1 J - I
M 11LS A West 1st g 6s___1021 61- B i0 7 * 8 ____ 107 O ct ’ 15 ____
Ext A imp s f gold 5 s . . .1929 F - A 104 ____ S0212 Aug ’ 15 —
Ashland D lv 1st g 6 3 ...1 9 2 5 m - e 110*8 ____ 113*8 Feb ’ 14 _____
M ich D lv 1st gold 6 a . . .1924 j - j 110*8____ 111*2 Aug ’ 15 _____
8934 94
8934 Sep ’ 15 ____
M il 8par A N W 1st gu 43.1947 M - S
Northw Union 1st 7s g .._ 1 9 1 7 M - 8 104*8____ 107*8 M a y ’ 14 ____
St L Peo A N W 1st gu 5s. 1948 J - J 104 10412 104i2 O ct ’ 15 _____
Winona A St P 1st ext 73.1916 J - D 103 ____ 103*2 M a y ’ 15 . . . .
3
102*2
Chicago Rock Isl A Pao 63 — 1917 J - J 102*2 10234 102i2
Registered......................... 1917 J - J 102*8____ 102*8 O ct ’ 15
79
823s Salo
82*8
83
R general gold 4#_________ 1988 S - J
y
8 OI4 June’ 16
Registered______________1988 J - J
613g Sale
0434
65*2 " 182
Refunding gold 4s...............1934 A - O
100
43 Salo
4U 2
40
20-year debenture 5s_____ 1932 3 - J
79 _____ 94 s4 June’ 11
Coll trust Series P 4s......... 1918 M -N
. - - 74
85 July’ 13
R I Ark A Louis 1st 4 X 8 . . 1934 M - 8
9334 ____ 99*4
5
99*4
Bur C R A N— 1st g 5 s .. . 1934 A - O
s
C U 1 F A N W 1st gu 6fl._1921 A - O _____ 99 1007 M a r '14
M 4 St L 1st gu g 7s......... 1927 J - D
97*8 _____ 97*8 July’ 15
Choe Okla A O gen g 6s.ol919 J - J
97*a Apr ’ 15
Consol gold 5s_________ 1952 M -N
60
60
49*4 Sep ’ 15
Keok A Des M oines 1st 5s 1923 A - O
65 Apr 15 ____
8t Paul A K C S h L 1st 4 X s ’41 F - A -------- 90
Ohio St P M A O con 6s____1930 3 - D 115*8 110*2 I I 5I4 O ct ’ 15 ___ _
....
90 Jan ’ 16 _____
Cons 6s reduced to 3 X 8 — 1030 J - D ___
2
Debenture 5s_____________1930 M - S 100*2 Salo 100*2
10012
Ch St P A Minn 1st g 6 s . .1918 IW-N 115*8 _____ 115*8 O ct ’ 15 _____
North Wisconsin 1st 6 s . . . 1930 J - J 115 ____ 12958 M ay*09
St P A S City 1st g 6s____1910 A - O 105*4 _____ 105 OCt ’ 15 . . . .
Superior Short L 1st 5s g.g1930 M - S
Ohio T II A So-east 1st 5 s . . . 1960 J - D -------- 80
85 Jan ’ 14 _____
105*2 _____ 105*4
Chle A West Ind gen g 6 s ..f l9 3 2 q - M
105*4 . 8
75*4 78*8 76 O ct ’ 15 _____
Consol 50-year 4s_________ 1952 j - j
00 ____ 96 M ur'14 —
Cln H A D 2d gold 4 X s ......... 1937 j - J
1st A refunding 4s________1059 j - J
86*4 Juno’ 12 . . . .
1st guaranteed 4s......... .......1959 j - J ------- 87
25 July’ 15
Cln D A I 1st gu g 5s......... 1941 M -N
C Find A Ft W 1st gu 4s g . 1923 M - N _ _ _ _ _____ 88 M a r ’ l l
_ „ _________
65 J'ly ’ 14
Cln I A W 1st gu g Is____1953 J - J
Day A Mich 1st cons 4XS-1931 J - J ................... 94*8 D oc *14 . . . .
65 J’ ly ’ 14
Ind Dec A W 1st g 5s......... 1935 3 - 3
_____ 107** D eo ’02
1st guar gold 5a......... ...1935 3 - J . . .
76*8 Salo
73*8
76% '2 5
CleveC In C A St L gen 4s___1993 J -D
9
79*8
79*2
20-yr deb 4 X s ....................1931 J - J S79*a Salo
80 ____ 82
8
83*2
Cairo D lv 1st gold 4s......... 1939 J - J
70 Sep ’ 15 _____
Cln W A M Dlv 1st g 4S..1991 J - J ------- 75
78 ____ 75*2
15
St L D lv let coll t r g 4 s — .1990 M - N
78*8
82i« M a r’ 14
Registered---------------------1990 M -N
77" ____ 77 Sep ’ 15 I I I I
Spr A Col D lv 1st g 4 s ___ 1940 M - S
W W Val D lv 1st g 4 s ____1940 J - J
01 Apr ’ 12
C I St L A C consol 63____ 1920 M -N 103*2 105 105*4 Juno’ 15 _____
89 ____ 90 Feb '16 ____
1st gold 4s .................... *1936 Q-F
88 _____ 88** M a y ’ 16 ___ _
Registered.................. *1936 q -F
Cln S A Cl con 1st g 5 s . . . 1923 J - J ................... 101 June’ 15 —
105*4 j ’ly ’ 14
C C C A I gen con g 6 s ._ .1934 J - J
R e g is te r e d ....................... 1934
94 J’ ly *08
I r a B A W 1st pref. 4 s . . . 1940 A - O
C in d A W 1st pref 5 s . . . <11933 Q-J
' o f " 70 " '6*5" "
"05 " " 5
Peo A East 1st con 4s____1940 A - O
25 Salo
2
25
25
Incom e 4s______________1990 Apr
94
9o34 9312
02
Cleve Short L 1st gu 4 X 8 — -1061 A - O
95
12
14*4 10 M a y ’ 15 _____
Col M idland 1st g 4s________ 1947 J -J
- - - - 16
14** M a r ’ 15
Trust C o certfs o f deposit.........
8978 90
Colorado A Sou 1st g 4s____1929 F - A
88*2
00 " 2 3
8 U2 Sale 80*2
Refund A Ext 4 X s ............1935 M -N
8H 2 51
Ft W A Den C 1st g 6 s . . . 1921 J -D 101 103*2 103*4 Sep T5 —
Conn A Pas Rlvs 1st g 4 s . . .1943 A - O
100 M ay’ 10
Cuba R R 1st 50 yr 5s g ____1952 j . j _____ 1 0 0
Del Lack A Western—
30
85
M orris A Es 1st gu 3 X 8 — 2000 J - D
85
85*4 84*4
N Y Lack A W 1st 6s____1921 J - J 107*2------ 107*2 Sep ’ 15 _____
101*4 M a y ’ 15
Construction 5s________1923 F - A
95*4 _____ 95*8 Sep ’ 15 . . . .
Terra A Im prove 4s____1923 M -N
Warren 1st rof gu g 3 X S ..2000 F - A ____ 85*2 102*8 Feb '03
Del A Hud 1st Pa D lv 7 s . . . 1917 M - S 104*8____ 10-1*4 Aug '15 . . . .
R e g is te r e d _____________1917 M - S *100 ____ 149 A u g ’01
10012 27
10-yr conv deb 4s.................1910 J - D 10038 Sale 100*8
8
1st Hen equip g 4 X s _____ 1922 J - J 100*8 10134 997 Sop ’ 15 ____
18
95
95 Salo S94I.I
1st A ref 4s........................... 1943 M -N
IO-U2 984
104l2 Sale 10233
C onv 5s sub r e c t s ......................
4
8234 84l.i 8234
83*4
Alb A Sus conv 3 X 8 _____ 1046 A - O
Rens A Saratoga 1st 7s .. .1921 M -N 111 ____ 113*8 Jan '15 —
J- J
R ange
S in ce
J a n . 1.
L ow
94*4
95
99*8
88
15
91
51's
62**
H ig h
97
95
99*8
92*4
29
103
75
71
17 * *17 *
64
7334
113 117
101
101
85
89l j
87
100*8
70
97
84*2
93*4
1023g
103
101*4
85*8
92
89*2
923S
105
80U
101*2
90*4
99*2
10212
10434
103*8
91
100
100*2
106
107*8
102*8 102*8
101*8 10212
100*4
99
I003g
92*2
107
10078
78
82
89*1
89
109
108
*94*4
94**
114*2
1091Z
100*2
94*4
10278 IC4
iooV3 161*34
101
99
117
104
101**
119*4
105 108*2
*32*2 104*4
f 11*3 i f 1*2
89U 92
102*4 id « *
103*2
1013*
101*4
79
80
61
39
99
103*8
102*2
102*8
85
82*2
717
a
67
100
07*8 97*8
97*2 9712
4934 84
G5
114*4
90
99*2
115
65
117*4
90
102
115*8
104*8 105*4
105 100 *
747 80*2
8
................
25* "25*
...................
' 68" '
79*8
80
70
75*2
77
7638
79*2
83*2
70
85
"77*
105*4 105*4
90
90
87
88I2
101
101
‘ 59"
90*4
15
14*2
85
787
a
100
'o a ‘
28
05
17
15
92
85
103*4
84
107
101*4
95*4
85*2
109
101*4
96
J. J
20
104*4 106*8
99
99
89*2
101*4
80*2
113*8
100*4
1007
s
96
104i2
88
113*8
Price ,
Friday
O
ct. 22.
BONDS
Y . ST O C K E X C H A N G E
Week Ending O ct. 22.
B
id
D env A R Or lat con g 4a. - -1930 J - J
Conaol gold 4V$8......... — 1930 J - J
Improvement gold 5a____1928 J - D
1st A refunding 5a________1955 F - A
Rio Or June lat gu g 6 a . - 1939 J - D
R io Or So lat gold 4a......... 1940 J - J
G u aran teed ------------------1910 J - J
R io Or VVeat lat g 4s......... 1939 J - J
M tge & col trust 4a A -.19 19 A - O
Utah Cent 1st gu g 4a.al917 A - O
Dea M ol Un R y 1st g 5a------ 1917 M -N
D et A M a o- lat Hen g 4 S ...1 9 9 5 J -D
G old 4 s ..................................1990 J - D
D et Riv Tun-Ter Tun 44$a.l961 M -N
Dul Mlasabe & N or gen 5S..1941 J - J
Dul A Iron Range 1st 5a------ 1937 A - O
R eg istered ..... ...........
1937 A - O
2d 6 a ..................................1910 J - J
D u So Shore A A t g Gs......... 1937 J - J
Elgin Jol A East 1st g 5a____1941 M -N
Erie lat conaol gold 7a______ 1920 M - S
N Y A Erie lat oxt g 4 a . . . 1947 M -N
2d ext gold 53...................1919 M S
3d ext gold 4 >58.............1923 M S
4th ext gold Ga_____ ___ 1920 A O
5th ext gold 4 a . . ......... .192S J I)
N Y I. E A V lat g fd 7a_. 1920 M S
V
Erie lat con g 4s prior____1990 J - J
R eg la tered ____________ 1996 J - J
1st consol gen lien g 4s___1996 J - J
R eg is te re d ....................... 1990 J - J
Penn coll tr g 4a................... 1951 F - A
BO-yr conv 4a A __________ 1953 A - O
do
Series 15.............1953 A - O
Buff N Y A Erie lat 73— 1916 J - D
Chic A Erie 1st gold G a ... 1982 M -N
Clev A M ahon Val g 53— 1938 J - J
_
Long D ock consol g 6s_ 1935 A - O
Coal A R R lat cur gu 6 a ..1922 M -N
D ock A Imp lat ext G a ...1943 J - J
N Y A Green I. gu g Ga— 1940 M -N
N Y S u a A W lat ref 5 a . . .1937 J - J
2d gold 4 45a___________ 1937 F - A
General gold Ga___________ 1940 F - A
Terminal 1st gold Ga_____ 1943 M -N
M id of N J lat ext Ga......... 1940 A - O
Wl(k A Ea lat gu g Gs____1942 J - D
Ev A Ind 1st con gu g 6s____1920 J - J
Evans A T II 1st cons 6a____1921 J - J
lat general gold Gs________1942 A - O
M t Vernon lat gold 6 s ___ 1923 A - O
Bull C o Branch 1st g 53— 1930 A - O
Florida E Coaat lat 4 5 4 s ... 1959 J - D
Fort St U D C o 1st g 444 a..l9 41 J - J
Ft W A Rio Or lat g 4a......... 1928 J - J
Great Northern—
C B A Cj coll trust 4a......... 1921 J - J
Reglatered ft......... ........... 1921 Q - J
lat A refunding 4Ma ser A 1961 J - J
R eg istered ..............
1961 J - J
St Paul M A Man 4s......... 1933 J - J
lat consol gold 6a______ 1933 / - J
R eg latered......... ......... 1933 J - J
Reduced to gold 454 8.1933 J - J
R e g is tered ...............1933 J - J
M ont ext lat gold 4a— 1937 J - D
R eglatered..................1937 J - D
Pacific ext guar 4s £____ 1940 J - J
E M inn Nor D lv 1st g 4 a .. 1948 A - O
Minn Union 1st g 6s......... 1922 J - J
M ont C 1st gu g 6s________1937 J - J
Registered.....................1937 J - J
lat guar gold Gs_____ 1937 J - J
Registered_________ 1937 J - J
Will A S F is t gold Ga ..1 9 3 3 J - D
Gr B A V del) ctfa " A ” (S100 par) Feb
V
Deben ctfa “ B " ($100 par)----- Feb
Gulf A 8 I lat ref A t g 58-619 52 J - J
Registered______________ 61952 J - J
D ocking Val 1st cons g 444 s . 1999 J - J
Registered________________ 1999 J - J
Col A II V lat ext g 4 a . .. 1948 A - O
Col A T ol 1st ext 4a......... 1955 F - A
Houston Belt A Term lat 5a. 1937 J - J
Illinois Contral lat gold 4a. .1951 J - J
Registered________________ 1951 J - J
lat gold 3 44a......................... 1951 I - J
Registered______________1951 J - J
Extended 1st gold 3448— 1951 A - O
Registered......................... 1951 A - O
lat gold 3s sterling________1951 M - S
Registered______________1951 M - S
Coll trust gold 4a.................1952 A - O
Registered______________1952 A - O
lat refunding 4 a . . .......... -.19 55 M -N
Purchased lines 344a_____ 1952 J - J
L N O A Tox gold 4?______1953 M - N
1953 M - N
Reglatered..............
Cairo Bridge gold 4s_____ 1950 J - D
Litchfield D lv lat g 3s____1951 J - J
Loulav D lv A Terra g 3 44s. 1953 J - J
Registered....... ...........
1953 J - J
M lddlo D lv reg 5s____ .1921 F - A
Omaha D lv 1st gold 3s .1951 F - A
St Louis Dlv A Term g 3s. 1951 J - J
G old 344s.........
1951 J - J
Registered..................... 1951 J - J
Sprlngf D lv 1st g 3 44s
1951 J - J
Western lines lat g 4 a .— 1951 F - A
R eg latered...
1951 F - A
®e" o v * Car 1st 6 s ' — — 1923 J - D
A Hhaw 1st Rold 4 s . . 1932 M - 8
Chlo St L A N O gold 5a. 1951 I - D
Registered____
ior.i J - D
c o ld 344s.
: : : : ; ; : i 9 5 i J -D
Registered..................... 1951 J - D
Joint 1st ref 5s series A . 1903 J - D
Meraph D lv lat g 4 a . . .1951
- d
Registered..................... 1951 J - D
Ht Louis Sou 1st gu g 4 s .. 1931 M - S
Ind 1 1 A Iowa lat g 4s........... 1950 J - J
1
Ino A Great Nor 1st g 6a------ 1919 M - N
James Fran A Clear 1st 4a. .1959 J - D
Kansas City Sou 1st gold 38.1950 A - O
Registered_____ ___________1950 A - O
Ref A Impt 5s_______ Apr 1950 J - J
Kansas City Terra lat 4 s . . .1900 J - J
Lake Erie A West 1st g 5 s .. 1937 J - J
2d gold 5a______ _______ 1941 J - J
North Ohio lat guar g 5 s .. 1945 A - O
Leh Vail N Y let g u g 4 4 4 s.. 1940 J - J
Registered....... ......................1910 J - J
Lehigh Vail (Pa) cons g 4 a ..2003 M -N
General cons 4448_____ 2003 M -N
Leh V Term Ry 1st gu g 5 s .. 1941 A - O
Registered......... ....................1941 A - O
Leh Val Coal C o 1st gu g 5s. 1933 J - J
Registered.......................
1933 J - J
FRASERlat lnt reduced to 4s_____ 1933 J - J
Ask
R
ange
Since
Jan. 1
W
eek’s
R
ange or
L
ast S
ale
Low
H
igh
68
90
Sale
___ 101
109 '4 10912
90> s____
1003s____
9814____
100%___
92
109U
83
80
*73
95
109*2
Sale
____
Sale
86*8___
68*2 Sale
777g Sale
------- 103*8
103 ____
121 * I I I I
99
104
1021 101
2
*9412 Safe
*67**
1*62% I I I I
76
82
33 . . .
------- 87*2
47 ____
89
Salo
56*4 65
97*2 Salo
*9038 97
98*4 Sale
9634
97%
9634
97
9738
98%
90 June’ 13
93*4 ___
93*4
93%
118*8 119*2 118
118
118*4 Apr '15
101*4
1093.J Apr l0
923s
91
86
86
93i2
92*4
____
____
...
91
94
94% Apr ’ 14
92*13 M a r ’ l l
89% Juue’ 15
10734
110*2 Jan '14
120
120%
120%
136*4 M ay'ou
10558 ____ 105*2 July’ 15
104
70's
1034
82
...
107% June’ 15
80
72 M a y ’ 15
1234 1234 O ct ’ 15
85
82 Aug ’ 15
89*2 90
89%
9734
83 ____
83%
82 . . . .
90*2
93*2
94
9758 97
92
"82** I I
•1
8
S')
82
88*2
80 . . .
83
80
83
*80* "
3414 8134
86*8 Sale
78*2 84
821 83*2
2
------ 95*2
88
93
*87*4____
6634 ____
78 . . .
84*2____
106*2 107
89%
Jan '14
Sep *1.
Junc’ 14
Feb ’ If
O ct ’ 15
Aug 15
July’ 15
Feb ’ 13
83
117*% Ma’ y ’ Io
91% J’ly ’ 12
107
107
114 F o b ’ l l
90 O ct '09
99%
99% 99%
86% M a r’ 15
------8434
96l2
87*4
69
98 J’ ly ’08
85
85
9734
98
84% July’ If
68
69
63 Oct '00
s90%
91%
85%
86
90
9334
94>4 M ay’ 14
98 M ar’ 14
99
99
99 Aug ’ 15
89*2
89%
99
99%
108% O ct ’ 15
111% Dec ’ l l
103% O ct ’ 15
105 O ct ’ 13
91*2
85%
9334
60
92l2
88
Sale
74%
98% 100
88% 90
99*4____
107 . . .
------ 107
103 ____
38
78
83
80
55%
75
5934
100 100
71%
78
89%
87
85
00*2
101*2 104%
98*2 101
90 100
103 105
106*2 110%
100
98%
too
93
103%
77
79%
65
86
102*4
99%
102*4
93
109
84%
80
74
88%
59
69
83*2 78*2
102% 103*8
44
101*2 IO 3
101 101
119*4 121
100% 100%
102*2 103*4
90
94%
’ 67% *75
81
25
86i2 90%
50
55%
94%
94%
94
97%
97
101
*93**4 *95%
116% 120%
4
118 II 8 S
99% IO 4
D
01*2 94%
89%
89%
10 118 121*
**%
105*1 105**2
107% 107%
70
72
10% I334
82
88
87%
95
83*2 *85%
93
98
92
7334
93*2
97%
92
833g
83
83
81
87%
83
79
79%
79
86
89
J’ ly **09
83S4
84%
95% Sep ’ 1
85
86%
79
79
8234
83
84 M ay’ l .
8034 O ct ’ 15
74 Feb ’ 14
76*2 Juno’ 15
83 A u g ’ 12
123 M ay’99
73 M a r '15
68% Sep ’ 15
80 Apr '15
101% O ct '99
78% M a r’ 14
85 July’ 15
98U
95*2
86
98
90
697«
66
100*2
106% M a r ’Oa
104 Feb ’ l l
90
90
103% Apr '1
109% O ct ’ 15
97*2 Junc’ 14
101% M ay’ 15
98% Juno’ 15
101 O ct ’ 15
93
93
108%
109
82%
83
80
80
72%
74
77 Apr ’ 12
88%-Oct ’ 15
68
68*2
77%
78%
1023 Juno’ 15
4
102% Sep ’ 15
101 Feh *15
119% Aug '15
100% O ct ’ 15
103>4 Aug ’ 15
103*2 Aug ’ 12
91%
94%
100>4 D ec ’Oo
67% A u g ’ 15
102 Jan ’ l l
111% M ay’ 12
81
81%
106 M a y 'll
81 A u g ’ 15
99% D ec ’ 13
108 N o v ’ l l
95 June’ li
89
90*2
92 A u g 'l o
51%
54%
101*2___ 10034
73%
88%
86%
70% *77%
68 73
68*2 68%
78
80
85
88
104% 109%
08%
86%
82
96
88
66%
100%
86*2
85%
100
90%
69
S87* * *92"
83*2 93
8934 98*2
98
99
101%
10()3g
89*2
97*4 99%
1 34 108
05
8634
101*2 104%
Price
Friday
O
ct. 22.
B
id
L
ow H
igh
73 Sale
71%
73
82 Salo
775g
82
74 ____ 71*2 O ct ’ 15
55%
55
5512 255
____ 95
109 D ec '12
61% Apr ’ l l
____ 77
85 M a r ’OS
*71*% Sale
70
71%
59 ____ 59
59
90 Apr ’ l l
99 ____ 100 M a r ’ 15
ah
90
85 Sep T5
80 . . . . 85 A u g '15
__
897g 90i2 89% O ct ’ 15
101> 102 101% M a y ’ li
8
___ 10012 100
BO N DS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 22.
Leh & N Y 1st guar g 4s____1945
Registered________________ 1945
Long Isld 1st cons gold 5 s..ft 1931
1st consol gold 4s_______ ft 1931
General gold 4s..................... 1938
Ferry gold 4V$s....... ........... 1922
G old 4s__________________ 1932
Unified gold 4s....... ............. 1949
Debenture gold 5 s . . .......... 1934
Ouar refunding gold 4 s . . . 1949
Registered......................... 1949
N Y B A M B 1st con g 53.193 N Y & It B 1st gold 5 s . . . 1927
N or Sh B 1st con g gu 5 s.ol93 2
Louisiana & Ark 1st g o s ____ 1927
Loulsv A Nashv gen 6s_____ 1930
G old 5s___________________1937
Unified gold 4s___________ 1940
Registered______________ 1940
Collateral trust gold 5s___ 1931
E H & Nash 1st g 6s_____ 1919
L Cin A Lex gold 4 )^ s____ 1931
N O A M 1st gold Ca......... 1930
2d gold 6s---------------------1930
Paducah A M em D lv 4 s .. 1946
St Louis D lv 1st gold 6S..1921
2d gold 3s........... ............. 1980
Atl Knox A Cln D lv 4 s . . . 1955
Atl K nox & N or 1st g 5 s .. 1946
Header Bdge 1st s f g 6S..1931
Kentucky.Central gold 4 s. 1987
L A N A M A M Is tg 4*^8 1945
L A N-South M Joint 4 s . . 1952
Registered____________ ft 1952
N Fla A S 1st gu g 5s____1937
N A C Bdge gen gu g 4 ^ s . 1945
Pens A Atl 1st gu g 6s____1921
S A N Ala cons gu g 5s___1936
Gen cons gu 50-year 5s. 1963
L A Jeff Bdge C o gu g 4s___1945
M anila R R — Sou lines 4 s . . . 1936
M ex Interriat 1st cons g 4 s ..197
Stamped guaranteed_____ 1977
M idland Terra— 1st s t 5s g-1925
M inn A St L 1st gold 7s____1927
Pacific Ext 1st gold 6 s .-.1921
1st consol gold Gs_________ 1934
lat A refunding gold 4s___1949
D cs M A Ft D 1st gu 4 s .. 1935
Iowa Central 1st gold 5s. .1938
Refunding gold 4s_____ 1951
M StPASSM con g 4s lnt g u . 1938
1st Chic Term s f 4s___..194 1
M S S A A 1st g 4s lnt g u . 1926
Mississippi Central 1st 'S ...1 9 4 9
M o Kan A Tex 1st gold 4 s .. 1990
2d gold 4s........................... (*1990
1st ext gold 5s..................... 1944
1st A refund 4s___________ 2004
Gen sinking fund 4 H s ____1936
St Louis D lv Is- ref g 4 s ..2001
Dal A W aco 1st gu g 5 s . . .1940
K a n C A P a c 1st g 4s......... I960
M o K A E 1st gu g 5s____1942
M K A Ok 1st guar 5s____1942
M K A T o f T 1st g u g 5 s . . 1942
Sher Sh A So 1st gu g 5 s .. 1942
Texas A Okla 1st gu g 5 s .. 1943
Missouri Pac 1st cons g 6s___1920
Trust gold 5s stam ped___01917
R e g is te re d ___________ al917
1st collateral gold 5s_____ 1920
R e g is te re d ....................... 1920
40 year gold loan 4s______ 1945
IstA 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 .. 1926
Pac R o f M o 1st ext g 4 s .. 1938
2d extended gold 5s____1933
St L Ir M A S gen con g 5s 1931
Oen con stamp gu g 5 s .. 1931
Unified A ref gold 4 s . . . 1929
R e g is te r e d __________ 1929
R1 v A G D iv 1st g 4s. . . 1933
Verdi V I A W 1st g 5s____1920
M ob A Ohio new gold 6s____1927
1st extension gold 6s____ft 1927
General gold 4s..................... 1938
M ontgom D lv 1st g 5s____1947
St Louis D lv 5s...............
1927
St L A Cairo guar g 4s____1931
Nashville Ch A St L 1st 6 s .. 1928
Jasper Branch 1st g 6 s------1923
M cM M W A At 1st O s ... 1917
T A P Branch 1st 6s............1917
N at Rys of M ex pr Hen 4 X * - 1957
Guaranteed general 4 s____1977
Nat of M ex prior lieu 4 X * - - 1926
1st consol 4s.................. ...1 9 5 1
N O M ob A Ohio 1st ref 5 s .. 1960
N O A N E prior lien g 6 s ..p l9 1 5
New Orleans Term 1st 4s___1953
N Y Cen R R deb 6s wh Isa.. 1935
Ref A Imp 4 H s " A ” ......... 2013
N Y Central A II R g 3 X S ..1 9 9 7
R e g is te re d ____________ 1997
Debenture gold 4s________1934
R e g is te re d ....................... 1934
Lake Shore coll g 3 V4s____1998
R e g is te re d ....................... 1998
J P M A C o ctfs of dep.........
M ich Cent coll gold 3 X * - - 1998
R e g iste re d ....................... 1998
Battle Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4s___1936
R e g iste re d _____________1936
2d guar gold 5s___________ 1936
R e g iste re d __________ 1936
Beech Cr E xt I s t g 3 4 j s ..il 9 5 1
Cart A Ad l s t g u g 4 s _____ 19S1
G ouv A Oswe 1st gu g 5s. . 1942
M oh A Mai 1st gu g 4s___1991
N J June R guar 1st 4 s . . . 1986
N Y A Harlem g 3 X 8 ____ 2000
N Y A Northern 1st g 5 s .. 1927
N Y A Pu 1st cons gu g 4s. 1993
N or A M ont I s t g u g 5s___1916
Pine Creek reg guar 6s____1932
R W A O con 1st ext 5 s..ft 1922
Oswe A R 2d gu g 5s____«1915
R W A O T R 1st gu g 0 8 .. 1918
Rutland 1st con g 4 X 8 - . . 1941
Og A L Cham 1st gu 4s gl948
Rut-Canada 1st gu g 4s. 1949
St Lawr A Adlr 1st g 5 s . . .1996
2d gold 6s..........................1996
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Period
New York Bond Record—Continued-Page 2
Oct. 23 1915.]
No. Low H
igh
Ju ly’ 15 —
103 102% O ct 15
33
s94
Sale s94
14
____ 85
86
____ 95*4 M a y ’ 14
99% O ct ’06
------- 84%
82% O ct ’ 15 . . . .
98 . . .
95% Jan ’ 15 . . - 14
sS434
*34 % Sale 84%
95 Jan '11
’ 9 9 " I I I I 100 Feb ’ 15 ____
98 ____ 102*2 Jan *14
------- 101
101 Aug ’ 15 ___
80 ____ 91% Feb ’ 14 ____
2
112 113 113
113
106 106% 105% O ct ’ 13 ____
88
9234
94
93*4 Sale
94 Jun e'14
1 0 2 % ____ 102% Oct ’ 15 ____
108 ____ 108% M a y ’ 14 . . . .
9734____ 98%
5
98%
2
113% Sale 113%
113%
------- 110
109% M ay'15 ____
86*4____ 86% O ct ’ 15 ____
106% 10634 106% O ct '15 ____
60% Sale
10
60%
60%
83
8434 84% O ct ’15 ____
1 0 2 % ____ 111 Jan '13
105 ____ 105 June’ 15 ____
------- 87% 88*2 July’ 15 ____
1
93 Salo
08
98
73% 77% 80% JulyT 5 ____
___ . . .
95 Feb ’ 05 ____
____
102% . . . I 106 J’ ly ’ 14
97 D ec ’ 14
108%
6
1 0 8 % ____ 108
103 ____ 105% Feb T6
100% gale 100
100*4 ” ” e
____ 82%
80 O ct '15 —
—
77 M a r’ 16
____ _____ 79 N o v ’ 10 ____
____ . . . .
101 O ct ’ 09 ____
105 Sep *15
____ 101
110*s Aug ’ l l
10
82
80*2 85 s81%
48% 4934 50
2
50
48 ____ 60 Feb T 5 ____
80% 83
80% O ct ’ 15 ___
47% Sale
10
47%
48
90% Sale
88%
90% 115
161*4
S94
85
93
*95*% I I I I
"77** *77%
54% Pale
67% Sale!
43
46
____ 43
------- 60
____ 93*2
------ 78
89
89*2
------ 87%
66 Sale
------- 95
------- 68
95 Sale
88 Sale
------39
49
78
76%
95
91
76
54
67%
42*2
43
60*8
99*4
78
89
85%
66
96
63
94
87
80
75%
R
ange
Since
Jan. 1
84
85
102
s94
86
104%
s 94
87%
82% 8934
95** 951*
S234 86%
100
100%
100% 101
. .
110 115
105% 107
89*2 9434
99% 103*4
- ..
98%
115%
109%
86%
107%
65
88%
98%
118*4
108
86
1057*
58%
S3
105 105
86
87*4
98 101
78
80%
___ ______
___ _______
107% 109
105% 105%
99% 102%
74
80%
------- -------____ ____ _
. ________
105 l lU s
81
92%
40
60
60
60
80
90%
35
66
86% 93
7 93%
95
J’ly '14
14 72%
77
54%
10 49%
3 70
68
2 40
42%
1 43
43
60*8
Feb ’ 15
D ec ’ 13
J’ly ’ 14
1 *8*2**
89
M a r’ 15 ____ 85*2
7 66
66
M a y ’ 13 ____ .
_
6S
O ct ’ 15 _
33 92%
95
20 78%
88
5 80
80
2 72
75*2
41
Sale
Sale
95
81
63
89
56%
74
60%
96**2
88
89
. . .
68
101*2
96%
88%
92%
96 29
36%
41
113 29
36*2
49
15 78
78
78
100 Feb ’ 13
14 60
60
65
60
60
77% D ec T3
____ 75 110 M a r’O
G
87
89
84
85 Sep ’ 15 . . . .
5 93
93 Sale
93
93
29 93
98
99
9634
98%
------- 101% 102 J’ ly *14 . . . .
6 9 % ____ 65%
3 *61*
65%
87%
93
101%
____
71
53 51
87
’ 2 105
106
____ 72
____ 100
69
87
114*4
114
75
101%
*6*2*' *6 *1 55*4
*9 2
60
____ 89
87 Sep ’ 15
10734
108% 109 10734
102 106 106 O ct ’ 15
65 . . . 72 M a r’ 15
____ 99 100 June’ 15
____ 88
95 D ec ’ 13
86*2____ 87 Jan ’ 15
104% 10434 301%
104%
111 Jan ’ 13
10334 Jan ’ 14
113 J’l y ’ 04
____ 53
53
54
*63 ____ 68
68
68 ____ 967* Feb *13
30 Aug ’ 15
40 M ay’ 15
____ 104
101 June’ 14
79** M ay’ 13
108% Sale 107%
108%
89% Sale 88%
90*2
7934 Sale
78%
80
78 ____ 77 O ct ’ 15
90 Sale: 881*
90%
897* June’ 14
*74** Safe* 73*2
75
7 2 % ------- 72% O ct ’ 15
79% Sale
79*2
79%
73 Sale
73
73
71
*71 ____ 71
A
A
D
9 2 % ____
J
j
j ____ 102%
j
O
D
D
8734 ____
S
A
N
O 1 0 2 % ____
81
83
O
O
D
O 102% . . . .
A
N 100%
J ------- 84 "
J ____ 71
,j
J 100 100S4
O * ____ 102
96
99
88
2 53~
57*4
1 68
68
____ .
_______
____ 30
30
____ 31% 41
io5o
396
71
____
30
99% 108*2
86
9012
76
81*4
75% 78%
84
90%
9
___
20
1
4
71
71
77
67
67
75
72%
80
73%
71%
92%
96
June’ 15 ____
M ay’ l l
O ct '12 . . . .
Sep ’ 15
Jan ’ 15
June’ 15
M a r’ 15
June’ 15
86
87
87
52 102*4 106%
____
____
____
____
—
113 M a y ’ 15 ___
1
102%
102%
100% M ar’ 15 ____
104 June’ 10
85 Sep T5 ____
70 Feb ’ 15 ____
92 June’09
3
100
100
119% M a r’ 12
87%
86
85
101%
88
63*4
49%
78
-
............
87
86
85
101*2
88
87%
86
85
101%
88
113 113
101*4 103*4
100% 100%
85*
70
100
85*
70
101
g D e J n , f D e J ly * D o A g. o D e. O
u ue t u u .
u u
u ct.
1356
N. Y
BO N DS
ST O C K E X C H A N G E
Week Ending O ct. 22.
(Vol. 101.
New York Bond Record-Continued—Page 3
Price
Friday
Od. 22.
W
eek’s
R
ange or
Last S
ale
'
R
ange
Since
Jan. 1
igh
H
igh No. Low H
B
id
Ark Low
N Y Cen & H R R (Con.)
96*4 ____ 97 Feb '15
96
97
Utica * Blk Riv gu g 4s. - -1022 J - J
81
84*4
8212 ____ 82i2
82i2
Lake Shore gold 3 H a......... 1997 J - D
82 ____ 813 O ct T o
4
81
82
R e g is te r e d ....... ................1997 J - D
94%
93U
941 '"•48 90
2
9334 Sale
Debenture gold 4a_____ 1928 M - 5
35 88*4 93
92i2
93
93 Sale
25-year gold la _________ 1931 M -N
91
91
91 O ct T
R e g is tered __________ 1931 M -N
K a A & G R let gu c 5a___1938 J - J
M ahon C ‘ l R R 1st 5a_____ 1931 J - J 104 ____ 107U Apr T 4
Plttg & L Erie 2d g 53 . . . rzl92S A - O 10 4i s ____ 103 Jan *15
Pitta M cK
Y 1st gu 63— 1932 J - J 115 ____ I30is Jan ’09
123U M ar’ l
2d guaranteed Ca______ 1931 J - i ------- 116
M cK ees A B V 1st g 63.1918 J - J
102% 10212
102i2 Sep T 5
M ichigan Central 5a_____ 1931 M - S
1031 M a y 'll
2
R e g is tered _____________1931 Q - m
98 A p t '12
4a......................................... 1910 J - J
87 Fob ’ l l
R e g is te re d __________ 1940 J - J
90 June’08
J L A S 1st gold 3 t fs _ ..1 9 5 1 M - S
79% 81%
81
7933 Aug '15
1st gold 3 H a..................... 1952 M -N
84 Sale
831
2
84
78*4 80
20-year debenture 4a_ 1929 A - O
_
91
91
9
1*4 91
88 93*4
N Y Chic A St L 1st g 4a. . 1937 A - O
92% J’ ly *14
R eg istered _____________1937 A - O
78i2 80
77*2
77*2
75
79*4
Debenture 4a__________ 1931 M -N
9014
86
92*2
West Shore lat la guar___2301 J - .1 9014 Sale 897S
87
87l2
87 Sale
857g 89*4
Registered — ..........
2361 J - J
100 100
N Y C Lines eq tr 5 s .. 1915-22 M - N 100H___ 100 M a r ’ 15
98 J’ ly T 4
97% --Equip truat 4 H s— 1916*1925 J - J
97 O ct T 5
94*2 '67"
N Y Connect lat gu 4 Ha A . _ 1953 P - A ♦____ 97
N Y N H A Hartford—
78 . . .
77 J’ly T 4
Non conv deben 4a______1947 M - 8
63
63
/ 0 ------- 63 Feb T o
N on-conv d -ben 3 H a____ 1917 M - S
69i2 ____ 70 O ct T 5
64
70
N on-conv deben 3 H a____ 1954 A - O
783g 797 80 O ct T 5
8
71
80
N on-conv deben 4a.......... 195." J - J
79 ____
79
70
79*2
79*2
N on-conv deben 4a______1956 M -N
713«
71 Sale
71
61*2 72
Conv debenture 3 H a ......... 1956 J - J
11534
101 115*4
C on v debenture 68________1948 J - J 115i2 Sale 115
76 ____
Cons R y non-conv 4s____ 1930 F - A
91*2 Jau T 2
N on-conv deben 4s____ 1954 J - J
N on- onv deben 4a____ 1955 J - J
N on-conv deben 4a____ 1955 A - O
N on-conv deben 4 s____ 1956 J - J
99*4 N o v ’ 12
Harlem R -P t Chea lat 4 s . 1954 M -N
99i2 June’ 12
B A N Y Air Lino lat 4 a .. 1955 F - A
741 ------- 73
4
73
71
79
Ceut New Eng 1st gu 4 a .. 1961 J - J
Hartford St R y lat 4a____ 1930 M - S
105 105*2
Housatonlc R cons g 5a_ 193/ M -N 102% - - - 105H M a y ’ l
_
87 J’ ly T4
Naugatuck R R lat la____ 1951 M -N
89i2 .
83 Aug T3
N Y Prov A Boston 4 s . . . 1042 A - O
79
80
89
66**2 81%
N YW 'oheaAB lat ser l 4 Ha *40 J - J
107 Aug ’ 09
N H A Derby cons cy 5 a .. 1918 M- N
_
Boston Terminal lat la_ 1939 A - O
N ew England cona 5a____1915 J - J
99*i M a r ’ 12
Conaol 4a_______________1945 J - J
56 Apr *15
65
68*2
Providence Secur deb 4 a .. 1957 M -N
997s D eo T 4
Prov A Springfield 1st 5a. 1922 J - J
833s Feb T4
Providence Term lat 4 a .. 1956 M - 8
87 -----W A Con East 1st 4 H 3___ 1943 i - J
77*2 Sale
77*2
78
74*2 82%
W Y O A W ref 1st g la____01992 M - 8
92*2 June' 12
Registered 55,000 o n ly ..01992 M - 9
70
70
80
General 4 a . . ........................ 1955 J - D ~72% "7 5 " 70
94 Junc’ 14
Norfolk Sou 1st A ref A 5 a .. 1961 F - A . . . 83
90
98
101 July’ 15
101 102
Norf A Sou 1st gold 5s......... 1911 M -N
115 118
N orf A West geu gold O s ... 1931 M - A 1163s 117 117H O ct T5
116*4 119
Improvement A ext g 6 a ._ 1934 F - A 117*8------ 11B34 Sep T5
119 119
New River lat gold 6a____1932 A - O 116*s 117 119 Apr T o
86*4 94
92*2 Sale $91%
92*2
N A W Ry lat cona g 4a .1996 A - O
94 M ay’ H
Registered....... .................1996 A - O ____ 92
90 Sale
88
90
85*2 89
D lv’ l lat lien A gen g la . 1944 J - J
116*2
98% 116*4
10-25-year conv 4a.......... 1932 J - D 116i2 Sale 11434
117
99*4 117
10-20-year conv 4s...........1932 M - S 117 Sale 117
11634
101 117
10-25-year conv 4 H a___ 193S M - S 116*4 Sale 115
86% 90U
87*4------ 87 O ct T
Pocah C A C Jolut 4 s .. . 1911 J - D
C O A T lat guar gold 5 a .. 1922 J - J 100l2 ___ 105*4 Jan M
88 ___ 86 O ct ’ 15
84*4 91
Sclo V A N E lat gu g 4a. . 1989 M - N
.s917 Sale 91*s
8
92*4
88% 93*8
fSorPacific prior lieu g l a . . . 1997 Q - J
9)
88*4 92
Registered............ ............1997 Q - J *90 ------- 90
65*2 Sale
63%
65*2
62
66
General lien gold 3a......... a2047 Q- F
63*2 June’ 16
61*2 63*2
Registered.......................u2047 Q - F
00% 00*4
9 0 's ------- 903® Sep T 5
St Paul-Duluth D lv g 4a. . 1996 J D
100
100 100
Dul Short Line lat gu 5 a .. 1916 M - S 10-4*8------- 100
109*4 111*8
St P A N P gen gold 6a_ 1923 F - A 1093a 111 109% Aug T 5
_
Registered certificates.. 1923 Q - A ____ 1097s 115% Aug ' l l
102 102
St Paul A Duluth 1st o s .. 1931 F - F 104 ------- 102 Feb T o
100*4 101
2d oa..................................1917 A - O 10034 102 101 Aug ‘ 15
88 June 15
88 88
1st consol gold 4s______ 1968 J - D ____ 90
8l*« Dec ’ 13
Wash Cent tat gold 4 s . . . 1048 Q -M
110 113
Nor Pac Terra C o 1st g 6 a ..1933 J - J 1103s 110*2 110% O ct T5
24 70I1 83
83*2
833s------ 8312
Oregon-Wash 1st A ref 4 s .. .1961 J - J
94
98*4
Pacific Coast C o 1st g 5a. — 1946 J - D ____ 94% 95 Aug *15
96
98
96*4------- 97 Aug *15
fennaylvanla R R 1st g 4 a . .. 1923 M -N
1 102 10378
103%
Conaol gold 5a..................... 1919 M - S 102*2----- 103
1 95 98*2
90*2
90*8------ 96*2
Conaol gold 4a..................... 1943 M -N
99% 100%
100 Sep T5 . . . .
Convertible gold 3H S— .01915 J - D
96*2 9812
98*4
Conaol gold la..................... 1948 M -N ” 98*8 "93*2 98*4
8
103% 190 101*4 101%
Consol 4 Ha ..........................1960 F - A 1037 Sale 103*2
98*8 Sale 98
98*4 225 97
98U
General 4 Ha when Issued 1965 J - D
93% 94
Alleg Val gen guar g la _ 1942 M - S
_
9 4 % ------- 93% O ct T5
91 M a r 'l l
D R R R A B 'go 1st gu 4a g 1936 F - A
98*4 07
Pblla Balt A W 1st g 4s .1913 M - N 9534 ----Sodua Bay A Sou lat g 5a .2921 .1 - J ...................
flunbury A Lewis 1st g 4a. 1936
99 ------- 99
99
98% 99
U N J R R A Can gen 4 a .. 1944 M - S
Pennsylvania Oo 100%
99*4 103*2
Guar lat gold 4 H a...............1921 J - J 100% 101 100%
100 July’ 15
99*2 100
9 9 % -----R e g i s t e r e d . „ .................1921 J - J
83*2 85*4 84% Apr T4
Guar 3 Ha coll trust reg A . 1937 M - S
84
86
86 July’ 15
Guar 3 Ha coll trust ser B . 1941 F - A
99*4 100
99%
99%
99
99*4
Trust Co ctfs gu g 3 H a . . . 1916 M - N
83
83
Guar 3H a trust ctfa C ____ 1912 J D 83 ____ 83 Feb ' 15
81
81
82*2 83*4 81 Aug T o
Guar3 H a trust ctfa D ____1944 J - D
93*4 Sale
89*2 94*2
93*4
93%
Guar 15-25-year gold 4 a ..1931 A - O
188% 89% 92% M a y ’ l l
40 year guar 4s ctfa Ser E . 1952 IY N
89
...
93*2 Apr T4
Cln Leb A Nor gu la g ._ _ 1942 M - N
90*2------- 97% Aug T5
97*4 97*4
Cl A M ar 1st gu g 4 Ha___193 M -N
Cl A P gen gu g 4 H a ser A . 1942 J - J 101*2 102*3 101% N o v ’ 13
1 0 0 % ------- 109% J'ly ’ 09
Series B ......... ....................1912 A - O
8412------- 91*4 Feb ’ 12
Int reduced to 3H a._194? A - O
Scries C 3 H s ................... 1948 M - N 8 4 * 2 ____ 90*8 Oct ’ 12
83% Juae’ 15
83*4 83*4
84*2 Series I) 3 H a................... 1950 F - A
8«ia 86lj 86% M ay’ l l
Erie A Pitta gu g 3H a B . . 1940 J - J
82 .
Series C ........................
90% J’ ly T2
j - j
95
06*2 95 July’ 15
J
J
____ 93 M ay’ l l
M- S
M- N 1 0 2 % ____ 109 M ay TO
96*4 98
93 ____ 97*2
J - J
98
Series B 4 Ha..................193: J - J 97 ------- 98*4 June 15
98*4 98*4
Series C 4s.........
191 M S
93*2 J’ ly T 1
99% 109
99 Sep T5
93 101*2
P C C A St L gu 4 Ha A . . 194! A - O
97% 101*2
Scries B g u a r ..................194: A - O
99%
9 9 % ------- 99%
97*4 July*lo
97*4 101*2
Series O g u a r ................... 1942 M- N
92*8 Sep T5
Series I> la guar...............1945 M N 92% 91
92*8 93*4
90
91%
Series E 3 Ha guar g o ld . 1949 F - A
90*2____ 91 O ct T 5
95*4 Jan T4
'erles P guar 4a g o l d . . . 1953 J D
92*2 93*4
Series G 4s guar________ 1957 M - N
92*4____ 92% Aug T5
C St L A P lat cona g 5 s .. 1932 A O 104 ____ 106*2 M ay’ l l
Peoria A Pekin Un lat g 6 a .. 1921 O - F 1 0 1 % ------ 101% M ay’ 15
101% 101%
89 Feb ’ 14
2d gold 4 Ha....... ...............61921 M -N
____ 89
Fere M arquette—R ef 4s_ 1965 J - J ____ 20
_
11*2 June’ 15
1
1*2
Refunding guar 4s............. 1955 J - J * ____ 19
10 D e c ’ 13
72 * *7:
Ohio A West Mich 5a
192 J D
72 ____ 72 Aug T 5
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o re r a
u a.
http://fraser.stlouisfed.org/y la s b a da e , a D eJ n
Federal Reserve Bank of St. Louis
.....
0D e F b « D eM .
u e.
u ay
BO N DS
N . Y . ST O C K E X C H A N G E
Week Ending O ct. 22.
vf 3
a.
Price
Friday
O
ct.22.
W
eek’s
R
ange or
L
ast S
ale
S i
1
R
ange
Since
Jan 1
.
3ld
As* Low High No. Low High
Pere M arquette (Con.)
90
98
98 ------- 98 Sep *15 ___
Flint & P M gold 6 a ._ .1920 A O
72 ____ 72 Sop T5 ____ 65*2 72
lat conaol gold 59_______193'J M -N
08
65
68 July’ 15 —
P t Huron D lv lat g 5 s .. 1939 A - O ____ 60
Sag Tus A H 1st gu g 4 a ..1 9 3 1
—
Philippine R y 1st 30-yr a f 4a 1937 J - J "40 ~55~ 65 M a y ’ l l ~
—
Pitta Sh & L E lat g 5a......... 1919 A - O 103*4 100 108*2 M ay’ l l
113% N o v ’ l l
1st con30l gold 03-------------- 1943
95%
93% 188 91
93*4 Salo S92*2
Reading O o geu gold 43-------1997 J - J
93
90% Aug T5 ____ 90
Registered______________1997 .1 - J
5 00*2 93%
92%
93
93 Sale
Jersey Central coll g 4 s ...195 1 A - O
____
Atlantic C ity guar la g — .1951 J - J
60*2 J'ly *15 ____ 60*2 73
St Jos «& Gr Isl 1st g 4s......... 191/ J - J ____ 59
29 105% 108%
107%
St Loul9 A San Fran gen 63.1931 J - J 107*4 Salo 107
16 98% 101%
99*2
99%
99% Sale
General go*d 03----------------1931 J - J
____
J - J 70 ____ 75 J'ly T l
St L A S F U R cons « l a .. 1996
4 35
61%
5 0 % ____ 50*2
50*2
General 15-20-year 5 a .. 1927 M - N
1 32*2 51
50%
5 0 % ____ 50*4
Trust C o certlfs o f d e p o s it.,
1 32*2 49
8
47%
4 7 % ------- 477
do
Stamped .
93 Dec ’ 13
douthw Dlv lat g 5a___1947
26 63% 7H j
71 ____ 70
70
Refunding gold 4a--------1951 J - J
____
80% M a r ’ ll ____
R egistered....................1951 J - J
27 60% 71*2
65
69*2
69*2 Salo
Trust C o ctfs o f d e p o sit.,
51 59*2 69
64
65
65 Salo
do
S tam p ed ..
3 10134 110
106%
K C Ft S A M cons g 6 a .. 1928 M -N 106% Sale 101%
59 66*4 73%
72 Salo
69%
72
K C Ft S A M R y ref g 4s. 1936 A - O
K C A M R A B lat gu 5s. 1929
38 67% 81)
75 Salo
73%
75
St L S W 1st g 4a bond c t fa .. 1939 M - N
60
55 ___ _ 54 O ct T5 . . . . 52
2d g 4s Income bond c tfs.p l9 3 9 J - J
19 51% 62%
58%
61%
60 Sale
Conaol gold 4a___________ 1932 J - D
98*2 Jan ’ 14
G ray's Pt Ter lat gu g os— 1917
80
15 65
70%
72
72 Salo
S A A A Pass lat gu g 4a____1913 J - J
9 99% 101*8
101%
S F & N P l s t s k fd g 5a..........1919 J - J 101 ____ 100%
78*2 81% 75 D eo ’ 14
Seaboard Air Lino g 4a_____ 1950 A - O
33 78
83%
78
81
80
81%
Gold 4a stam ped_________ 1950 A - O
Registered______ __________1950
66*4 Sale $65%
66% ~ 50 59% 71%
Adjustment 5 a ._________ol919 F - A
2 66
68%
71*2
67
69*2 68%
Refunding 4 a .......................1959 A - O
1 81
84
84
84
84 Salo
Atl Blrm 50 yr 1st g 4a._el933 M - S
85*4 Mar ’ 15 . . . . 84% 85
83% . . .
J - J
Car Ceut 1st con g 4a____1949
9 9 % ____ 99% Sep T5 ____ 99% 100*4
Fla Cent A Pen 1st g 53— 1918 J - J
100 ____ 104 Nov ’ 12
1st land gr ext g 5s____1930
100% 101
101 ____ 101 July’ 15
Conaol gold 5a.............. .1913 J - J
102% M ar T 5
lo o ij l02Hl
Ga A Ala Ry 1st con 5s_.ol94 5 J - J
101% July'15 ___ | m o 'i 10214
Ga Car A No lat gu g 5a. _ 1929 J - J
99*4 101*2
0 8 % ____ 99*4 Aug .15 —
Seab A R oa 1st 5a_______ 1926 J - J
Southern Pacific C o—
33 7934 80%
83% Salo 383*4
J - D
$85
Gold 43 (Cent Pac c o ll ) .*1949
Registered____________ *1949
84
86% 1142 79% 86%
86% Sale
20 year conv la_________01929 M - S
105*8 888 95*4 105*8
20 year conv 5a__________ 1931 J - D 104% Sale 103%
87% Sale 87
87% 215 83% 90
Cent Pac 1st ref gu g 4a ..1919 F - A
86*2 Mur *15
86*2 86%
Registered______________ 1919
4 84% 89
8 0 % ____ 86%
86%
M ort guar gold 3 H 8—*1929 J - D
22 82*8 87
83*3 85
85
85
Through St L 1st gu la. 1951 A - O
100 102%
G H A S A M A P lat 5 8 -1 9 3 1 M -N 101*2____ 100% O ct T 5 —
Glia V O A N 1st gu g 5 s .. 1924 M -N 100*2____ 102% Apr T4
100 103
99*4 100*2 100 July’ 15
Houa E A W T 1st g 53. — 1933 M -N
93*2 101
99% Jiine’ 15 ____ 99% 99%
lat guar 5a red_________ 1933 M- N
H A T C 1st g 5a Int g u . — 1937 J - J 102% ____ 102% Sop *15 ____ 102% 107
93*2____ 94 O ct *15 —
93
95%
Gen gold 4a Int guar— 1921 A - O
108 M a r’ ll
W aco A N W dlv lat g 63 1930 M -N 103 l i t
A A N W 1st gu g 5a......... 1941 J - J 100 100*2 100 Juno’ 15 ____ 100 102%
Louisiana Weat lat 6a------ 1921 J - J ................... 109 Juuo’ 14 —
162' 104%
104% July’ 15
106*4 J’ly ’ ll
104*2____ 112 Feb *07
. 1938
No o f Cal guar g 5a____
12 99% 101*2
100*2
Ore A Cal lat guar g 5a.. .19: J - J *100*2 Sale 100*2
M -N 106*2____
86
..
91*2 Sep T 2
J - J
42 77% 82%
80%
81
81 Salo
A -O
96 Apr T4
86%
87*2 326 83% 89
87% Sale
J - J
So Pac R R lat ref 4s_____
99
9934 58 96% 101
99*4 Salo
J - J
Southern— 1st iona g 5a-----98
98 June’ 15
Registered.........................
63 58*4 69
07% Sale
67*2
68
A -O
Develop A gen la Ser A . .
68
76
M- S
67*2____ 68 O ct *15
M ob A Ohio coll tr g l a . . .
J
J
97*2 03*2 03% Oct T5 ____ s98*4 100
Mem Dlv 1st g 1H 5s-----83 O ct T 5 ____ 80*4 83%
J - J ____ 84
St Louia dlv 1st g 4a-------J - J J*'0% ____ 101% June' 14 __ .
Ala Cen lat g 6a--------------10 98
99
93% Salo
98
99
J D
94%
02*2 92% 93 July’ 15 ____ 93
J - J
83*8 Apr ’ 15
83*8 85%
J - J ------- 82
Atl A Danv lat g l a . . .
74*2____ 75*2 Aug T5 ____ 75*2 76*2
.1 - J
2d 4s ......................
7 2 % ____ 75-% Dec T4 ____
A- O
....
J - J
100% J’ ly * 14 ____
Col A Greenv 1st 6a—
J - J 102 ____ 102% Sep T5 ____ 102% 102%
E T Va A Ga D lv g 5a.
15 100% 104%
104
M- N 102*2 105 103%
Con lat gold 5 a . . . . .
7 97% 99
97%
98%
M- S
97 10J
E Ten reor lien g 5a___
___ _
A - O ------- 60
64*2 M ay’ 13 . . . .
J - J 106 ____ 106% O ct ' 15 ____ 105 107
Ga Pac R y lat g 6a-------105% 105%
J - J ................... 105*2 July'15 —
Knox A Ohio lat g 6a_
_
105*2 N o v ’ 12
M ob A Blr prior lien g 5a. 191'
70 M a r ’ 13
M ortgage gold 4a______ 1945
■ A - O ................... 102 M ay’ 15 . . . . 102 102%
73 Sep ’ 12
M N
1 100 101
101
M -N 101 Salo 101
• M - S 1 60 % ____ 1
>
100*4 100*4
100*4 Mar* 15
Virginia M id ser C (
M - S 101 ____
Series D 4-58-----1 0 1 % ____
1 M- S
104 Mar* 13
Series F 5a___________
102 103%
i M -N 1 0 2 % ____ I02*z O ct ’ 15
General 5 s ......................
i J - J 102 102% 100 Aug T 5 ____ 08*2 101
Va A So’ w’ n 1st gu 5a_
A - ()
8 4 % ____ 84% O ct T 5 . . . - 81
84%
lat cons 50-year 5a.
02 June' l;
l F- A
W O A w lat cy gu la —
3 88
88
88
88
88 Sale
5J - i
Spokane Intermit l s t g 5 a ..
93% 99*2
) A- O
95*3 93
93% Sep T5
T e r A of St L lat g 4 H s ._ .
3 100*2 102
101*4
1 F - A 101 ____ 101%
l a t con gold 5a— 1894
82%
82%
79*4 84
82*4 Sale
l J - J
G e n refund a f g 4s---------$98% 100
) A -O
99 ____ $987s O ct *15
93%
93%
) J - 1)
93% Salo
V 91*? 96
36*4
29
33 Oct Tfi
30
34
2d gold Inc 5a...........
____ 89*
95 M a y ’ 1
La Dlv B L lat g 5s.
106*2 N o v ’ O
) F - A ____ 95
99*4 103
101*2
j J - J 101% 101* 101*2
____ 100
101 Allg T^
Weatcrn D lv lat g 5a.
5 J - D ____ 98* 101*2 Apr T ____
General gold 5a...........
86*2
1 A- (
)
86 M a r ’ L __
86’
91 Sale
91
94
92
96
7J - 68
63
65
63
63
62*
7J ■.
T o l P A W lat gold 4a.
76
80
72% 7*
76
76
5J - .
55*
0 A -C
53*2 55* 51%
60-year gold 4a-----■ 42*2 55*4
....
43 June’ l . . .
IF -/
____ 50
Coll tr 4a g Ser A .
82*2 87*2
82*2 M ar’ l
98»a 101
s J -E
____ 1001 100% Aug T .
74
74
...
71 M arT
2 A - C ____
1st refund g 4a..............
92*2 97%
7
91%
955
7J 95% Sale
95*2
9134
913
1 ) $92
7 J - J ................
12 5 88
92%
1
92
921
7 J - . 892*4 Salo
84*3 92l4
SO-%
873
17
87% Hale
1st A ref Is......... ..
S Ml\ 87
89
90
91*2
9 ) Sale
6 J-1
108 O ct T - - - 107% 109*2
2 F - A 108*8 - - 100*2 106
103
103
103 . . .
6J 5J 87*2 91%
89%
91
9 .J - C
90% Salo
102% 103* 102 Sep T 5 . . . . 102 103%
6J 93% 933
lat extended 48_____
93 Apr ’ 13 . . .
- .....
*86 . . .
5 FV andal la cona g la Ser A . .
86
86 Sep ' 15 — _. 86
Conaol 4a Series B ......... ..
7 M ft *86 . .
42*2 Aug ’ 15 . . . . 42% 42%
1 J - . ____ 90
Vera Cruz A P lat gu 4 H 8 -94
95*2 62|l 92
09%
05 Salo
Vlrclnlan 1st 5a Series A ____
? H -N
D eJ n , f D e J ly
u ue t u u .
ie Aug
0
Duo O ct.
v
Due N o v .
« Due Dee.
Pries
Friday
O
ct. 22.
B
id
A si
W
eek's
K
an
gs or
Last 3a s
L
ow
£ ’S
OQ
C
K
angs
S
ines
Jan. 1
N
BON DS
Y . ST O C K E X C H A N Q E
Week Ending O ct. 22.
1 Interest
| Period
Interest
Period
BON DS
Y. ST O C K li.fC H A N Q E
Week Ending O ct. 22.
1357
New York Bond Record--Concluded--Page 4
Oct. 23 1915.
H
igh No. L
ow H
igh
84
102*2
Wabash 1st gold 5a.................1939 m -N 102*, Sale S1)13.1
51
97
95*4____ 943g
2d gold 5s________________ 1030 F - A
Debenture Series » ............ 1939 J - J
a
s
1st lieu equip s fd g 5s . . . 1921 M - S I ' ‘ *89~7 S97 M a r’ 15 ___
05 ____ 05 M ar’ 15 - . 1st lien 50-yr g terra 4s___ 1951 J - J
22 O ct ’ 15 —
23
1st re! and ext g 4 s __
.1956 J - .1 *20
*!)2
95
Cent Tr erfa asst paid _____
*34
37
Do asst part paid
.
____
____
*92
94
Cent Tr stpd mr* asst paid .
*2S
34
Do asst part paid.
..
in
95
9 Hi Sale
93>2
Eqult T r ctfs asst p a id ____
5
1
31
30
34
35*4
D o asst part p a i d . . .........
40
9 Hi Sale
91
94*4
Eqult Tr stpd ctfs us3t paid
4J
32
35
33
3U 2
D o asst part paid_
_
____ 100 Aug 15 —
J - J I'll
i )et& Oh Ext 1st if o s ___
74
Dos M old Div 1st g 4s____
00>4 July'15 . . . .
58
70
A -Q
Om Div s t g 3 H s .............
60i, July 15 . . . M- H 00i2 ..
Tol A Ch Div 1st g 4s____
10
3
ll2 412
J D
>.vab Pitts *erm 1st g I s ____
4*2
10
U2 2
He
2->
8
Cent and Old Co! T r C o ce
45
2
H2 2
Columbia Tr Co certfs .
n?.
39
2
ll2 2
Col T r ctfs for Cent Tr cf.f
178
1 Sep ’ 15
4
ih
*4
2d gold 4s------- ---------------- 954 .1 - D
Trust Co certfs................
6
823.i Sale
81
82 *4
Wash Term! 1st go 3 l$ s ____
F- A
9H 2 ____ 911a Aug '15 . . . .
1st 4()-yr guar 4s ______
F- A
51
71
72
West Maryland 1st g I s ._
_
72*2
7112
West N Y < Pa 1st g 5s.........
fc
J - J 102>i____ 102 O ct T o
Oen gold 4 s .............. ..........
7H 2 ____ 74*2 Oct ’ 15 . . . .
A-O
Income 5s ........................ c
____ 17's M ay' 15 - . .
20
N ov
91
90
w heeling A f. E 1st g 5s____
98*2 June'15 —
A- O
91
94
Wheel Div Isl gold 5s____
9 Jl2 . . . 92 Apr ’ 15 . .
Exton A Impt gold 5s____
1° - A
1
01*2
0H 2 Salo
01i2
RIt 1st consol 4 s ._________
M- 5
. . . . 90 Apr ’ l l . . . .
20-year equip s f 5s_____1
1 - J
82 O ct ’ 15 - Winston-Salem 8 1 1st Is . .
1
J - J
88
82l.i
841 Sale
2
84*2
wia Cent 50-yr 1st gen 4s . . 919 J - J
1
82*2
82D 87
82i2
Sup A Dili div A terra 1st 4s '3<i M -N
S tf» * t Railway
5
1021,
Brooklyn Rapid Tran g 5s - 945 A - O 102*8 Sale 1023s
80 Aug ' In . . . .
lat refund conv gold 4 s .. 002 J - 1 ____ 82
63
100*8
fl-year secured notes 6s . 9 IS J - J 10!) Sale 100
Bk City 1st con 6 s .. 1910- 941 J - 1 100'2 ____ 100*2 Oct '15 ---- 98 Apr 14 . . . .
Bk Q Co A H con gu g 5 s .. 911 M -N ____ 95
101 M ay’ 13 —
Bklyn Q C o AH 1st 5 s ___ 941 J - J ___ _
993.1
0934 Sale
93*2
Bklyn Un El 1st g 4 5s___ 950 F - A
2
9912___ - 99*2
99*2
Stamped guar 4 -5 s .. . . 950 P - A
80
8U 2 80 Sep T5 —
F - A
Kings County El 1st g 4s 949
3
80 ____ 80
80*4
Stamped guar 4s........... 949 F - A
70
77
73 Aug 15
Nassau Eleo guar gold 4 s . 951 J - J
9
95
1
91*2
94*2
Chicago Rys 1st 5s................ 927 F A
Oonn Ity A L 1st A ref g 4 K s 951 J - J ____ 97 ur-'s June’ 12 —
9.P4 93
981-t J u n e '14 . . . .
Stumped guar
. . . . . . 951 J
J
741 Salo
2
741.4
5
741,
Oet Uultod 1st cons g 4>4s. 912 J • J
---- - . 84 Jan 'l l . . . .
Ft Smith Lt A Tr Isr g 5s . 930 m • e
Grand Rapids Ity 1st g 5 a ... 010 J - D 100 ____ 1)0 June’ 14 —
92 Apr .4
Havana Eleo consol g 6s____ 952 F - A ------- 90
75i2 Sale
71*2
Hud A Manliat 6s Her A ____ 957 F - A
75*2 10.)
28*2 tSale 25!2
Adjust Income 5s............... 957 •• . .
28*2 195
- ______ —
N Y A Jersey 1st 5 f . . . . . 932 F - A . . . . . . . . . . . .
757 Sale
s
753.1
m terboro-M etrop coll 4t4s 950 A - O
70*8 214
963,
900 J • J 9!,% sale
Interboro Rap Tran 1st 5s
907 252
8
90 Sale
45
elauhat Ry (N Y) cons g «s. 990 A - O
88*4
90
89 ____ 893.1
893.1
2
Stamped tax-exem pt......... 990 A - O
Metropolitan Street R y —
97>2____ 9734 Sep 15 . . . .
Bway A 7th Av 1st n g 5s. 943 J • o
931 Sale
2
10
Col A 9th Av 1st gu g S3.. 993 M - 6
93*2
93*2
98i2 Sale
Lex Av A P F 1st gu g 6s. 998 M - S
13
98*2
93*2
Mot W S El (Chic) 1st g 4 s .. 938 F - A
80 M a r ’ l l . . . .
101*8 Aug ’ 15 ____
Mllw Elec Ry A Lt cons g 5s 920 F - A
91
92*s Feb ’ 15 ____
Refunding A exten 41^ s.. 931 j - j . . .
9 0 * 2 ____ 102 N o v 12 —
Mlnneap St 1st cons g 5s....... 919 j - j
Montreal Tramways 1st A ref
80-year 5s Her A ......... ...... 941 j • j ------- 9U 2 90 O ct ’ 15 ____
—
78
78 Feb 'In
New Orl Ity A I.t gen 4 4 s . . 935 j - j
70 Sale
70
39
097
8
ff Y Rys 1st R E A ref 4s. . 942 j - j
4812 SJale 47*i
4S*2 250
30-year adj Inc 5 s ............ o 912 A - O
80
83
80 Apr 15 —
J Y State Rys 1st cons 4 S s . 962 M - N
T
99 > Feb ’ 15 . . . .
8
Portland R y 1st A ref 5 s .. . 930 M - N
80 Sep ’ 15 ____
Portld Ry I.t A P 1st ref 5s. 942 F - A ------ 79
10014 100 M ay’ 15 ____
Portland Con Eleo 1st 6a. 93/ J - J —
93 Nov'OS ____
8t Jos R y, I„ H A P l s t g o s . 9 3 ; M - N
100 Sep '15 ____
Bt Paul City Cab eons g 5 s .. 937 J - J -----83 Salo
813.1
83
59
Third Avo 1st ref 4s________ 900 j - j
79l2 Sale
79
7934 198
Adj Ine 5 s ____ _________ a 900 A - O
Third Ave Ity 1st. g 5s........... 937 J - J lU5>2 101)12 10112 O ct ’ 15 . . . .
9614 9lj&3 90*2
<2
lTI-C ity Ry A f.t 1st s f 5 s .. 923 A - O
96*2
fJndergr of London 4 t$s____ 933 J * J ------ 91
U0‘2 J *y 14 . . . .
------- 87*2 87*2 J iy 14
Income Ba.............. ........ .. 9 IS
Onion Kiev (Chic) 1st g 5s . 919 A -O ------- --------- 84 Oet *03 . . . .
1
74 O ct ’ 15 . . . .
United Rys Inv 5s Pitts Iss 920 IY - N *73 ____
01 Sep ’ 15
United Rys St I, 1st g 4s _
_ 934 J - J ------- 70
593* M ar' 15 ____
8c Louis Transit gu 5 a ... 924 A - O ------- 00
4i)i2 Sale 40
40*2
11
United HRs San Fr a f 4 a . .. 927 A - O
82*3------- 82 Sep ’ 15 . . . .
Va Rv A Pow 1st A ref 5s . . 934 J - J
G as an d E lectric Llgh
Atlanta G L Co 1st g 5a___ 947 J 1) 1011*8------- 103 Sop ’ 15 ____
10334
8
Bklyn Un Qas 1st cons g 6s. 945 M -N 103*8____ 103*2
54
Buffalo City Gas latg 5a ___ 947 A O
____ .
97 Fob ’ 15 - - Columbus Gas 1st gold 6s_ 932 j - j
_
118*2 205
Consol Gas conv debBs . . . 920 Q - F 118 Salo 117*2
Detroit City Gas gold 5s___ 923 J - J 100 103 101 Aug '16 . . . .
Detroit Gas C o cons 1st g 5s. 918 F - A
s
4
4
102*4
s
Detroit Edison 1st coll tr 5s. 933 j - j 1017 102 * 1017
Eq Q I . N Y 1st cons g 5 s __ 932 M - S 100i2 ____ 100'2 M ay To . . . .
100 Fell ’ 13
Gas A Eleo Berg Co c g 5 s .. 949 J I)
Hudson C o Gas 1st g 5s
919 M -N i o i 10234 101*2 O ct ’ 15 ____
92
Kan City (M o) Gas 1st g 5s' 92! A - O ____ 91
Kings C o El I, A p g 5S
3
104
937 A - O 102 ____ 104
4
Purchase money os
115
997 A O 115 Salo 113
Convertible deb Os
122*2 D ec T2 ____
I
922 IY S 124
Convertible deb Os"
925 M 8 12 H2 125 122 O ct T5 ____
803S ____ 80*4 Oct ’ 15 . . . .
Ed El HI Bkn 1st coil's 4a' 939 J - J
*
101
10
Lac Gas I. of St I. 1st g 5s e 919 (j - F 101 Sale 1007
Ref and ext 1st g 5s
"
934 A - O 100 ____ 99*i O ct ’ 15
Milwaukee Gas I, 1st is
9J34 9J7 91
8
91
7
927 M -N
Newark Con Gas g 5s
94S J D 103>8____ 1**338 Aug 15 —
N Y G E L H A P g 6 s . H I " 9 IS J - D 10234 105 102*1
12
102*4
Purchase money g Is
82l2 24
82i2 84
82*2
949 F - A
Ed El III 1st cons g 68.111 99/ J - J 101 ____ 107*2 Oct ’ 15 —
NYAtJ El I, A P 1st con g 5s 930 F - A
1
99
99
99 Sale
N Y A Rich Gas 1st g 5s____ 921 IY N
*t J’lv '09
I
Pacific O A El C o Cal O A E
Corp unifying A ref 5s___ 937 M - N
38
9434
95
95 Salo
Pac Pow A Lt 1st A ref 20-yr
As Internat Series............... 930 F - A
Pat < Paaaalc G A El 5s____ 919 M- S 99i2
fc
99si July’ 15
114 Sep '15 ____
Peop Qas A C 1st cons g 6 s . . 913 A - O * ------ 114
100*4
7
Refunding gold 5s_______ 917 M - S 10034 salo 100*2
99
Registered_____________ 917 M - S
1
102
Ch G -L A Cko 1st gu g 5s. 937 J - J 10H2 102 102
4
101
Con G Co of Chl 1st gu g 5s 930 J - D 101 ____ 101
93
Ind Nat Gas A Oil 30-yr 5s 930 M N
99t2 100l8 99*4 Sep ’ 15 ___
Mu Fuel Gas 1st gu g 5 s .. 917 M - N
95l2 ____ 95 Oct T5 ___
Philadelphia C o conv 5s____ 919 F A
85
91
Conv deben gold 5s______ 922 M - N
93U Salo
1
93*4
93*4
Stand Gas A El conv s f 6 a .. 920 J D
981s 99 u 100
Syracuse LI -htlng 1st g 6 s .. 951 J -D
80 ____ 85*2 June’ 12
J
Syracuse Light A Power 6 s .. 954 J
B
id
102i2
97
Trenton G & El 1st g 5 s . .. .194.4 M - S
Union Elec Lt A- P 1st g 5s. 1932 M - S
8978 897
s
05
05
12
34
Utica Elec Lt «fc P 1st g 5a. .1950 j - ‘ j
Utica Gas A Elec ref 5s_
_ 1957 J - J
I O
Westchester Lrg gold 5 s . . .
97
80
Pries
Fridas
O
et. 22
W
eek's
R
ange or
L
ast S
ale
A
sk L
ow
99*4 ____ 101*2
100
—
—
39
1021
4
102*4
98
192 104*2 102
H
igh
§3
O cc
R
ange
Since
Jan.1
No. L
ow H
igh
._
June T-"
Sep T5 ____ 97*2
M a r’ 16
8U
M a r ’ l.S
90
Aug '15
98
32 101
102
101
90
102*4
98
103
24 70
78 Ig 7914 77
78
80
9 118 150
125 132 132
132
71 99*2 93
Sale
92
9 17
8
2 84
87
87
87
87*2 87
85
90
85 July 15 __
84*2 90
2 83
831 86
2
87
847
8
85
12812 Sale I2SI4
130*4 544 111 135
195 Sale 103*4
5 98 111
105
377 97 190
185
171*8
183 94*4 186
185
5-year conv deb 63.
1919 J - J 180*2 Sale 17U2
82 Sale
132 3***4 82
Tnt Mercan Marine 4t$s
82
70*2
1922 A - O
82 Sale
815 33*2 82
82
Certificates of d e p o s it..
76*2
13 36
Int Navigation 1st s f 5s.
71's 75
701S
70*8
1929 F - A
69*2
91*4 Sale
Montana Power 1st 5s A . .1943 J - J
91
9178 28 88*4 92*2
___
Morris A C o 1st s f 4H|s.._ 1939 J - .1 ____ 90
88*2 Jan T4 ____
83 Apr T4
100 J’ lv ’ l l
937
8
1932 J - J
72*4 75
75
72U Sep T5 ____ 71
N Y Dock 50-yr 1st g 4s . . .1951 F - A
100 101
Nl ig Falls Pow 1st 5s......... 1932 J - J 100*8 ____ 100 Sep '15 —
A - O 104
90 ____ 90 O ct T5 ____ 89*2 91*4
Nlag Lock A O Pow 1st 5s. .1954 M - N
91
951, 92*2 O ct '15 ____ 92*4 95*8
Ontario Power N F 1st 5s .1943 F - A
90*2 86 *s M ay'15
86 *8 90
Ontario Transmission 5 s ... . 1915 M -N —
88
19 80 U 89*4
88*2 Sale
88*2
Pub Serv Corp N J gen 5s . 1959 A - C
85 103 137
1301,
J - J
123
Sierra A S F Power 1st 5s. . '.1919 F - A ____ 88
103*2
Wash Water Pow 1st 5 s .. . 1939 J - J —
M u n u fa ct-'rf nq & In d u strial
19 99*4 102**
102
8
Am Av Chem 1st c 5 s ........ . 1928 A - O 101*4 10218 1017
17 92
9o ____ 95
95*4
95*4
Conv dehen 5s......... ........ .1921 F - A
1001*
Am Cot Oil ext 4H 8______ P1915 O - F lull 100*8 100 Oct ’ 15
9 1)1*8 94*2
9358 Sale
93*8
93*8
Debenture 5s......... .......... . 1931 M -N
IS 10(1I2 103*2
103*4
Am Hide A L 1st s f g Os . . . 1919 M - S 103 103*4 103
3 SO
83*2 Sale
89*i
83*2
83*2
Amer lee Seeur deb g 0s . . 1925 A - O
110*2 108 103*8 111
Am -*melt Securities s f 0s. 1920 F - A 109i4 Sale 108*4
9634
956g . . . S96*2
Am Thread 1st coll tr 4s__ .1919 J - J
a 93*1 96*4
2 115 121*8
119*2
Am Tobacco 40-year g 6s . 1914 A - O 119*2 Sale 110l2
____|
I2D4
.19 44 A - O - - - - . . . .
1 94
91
91
95
98*a
F - A 91
G old 4 s ..............................
9*
R e g iste re d ___________ .1951 F - A - - - .
62
62
8 517 70
637 61*4
8
8
Am Writ Paper 1st s f 5 s .. . . 1919 J - J
____ 100*4 103
103 M a y 'l5
Ilaldw l.oeo Works Is; 5s . 1940 M -N 104
34 98*2 103
102
Beth Steel 1st ext s f 5s____ . 1920 J - J 102 Sale 101*4
100*4 147 85*s 102**
1st A ref 5s -o a r A ___ 1942 M -N 10Ji4 Sale 100
101*3 157 967 101*8
s
Cent Leath 20-year g 5 s ..
1925 A - O 101 Sale 100*4
97*4 Jan lo ____ 97*4 97*4
.1951 F - A ____ 98
90*8 ____ 96*8 O ct T5 ____ 94*4 97*4
Corn Prod Ref s f g 5s......... 1931 M -N
27 92
95*4 Sale
96*4
96*4
95*4
1st 25-year s f 5s ______ .1934 M -N
15 95 101*8
100*4
101
Cuhan-Am Sugar coll tr 0s. . 1918 A - O 100*4 1 il
74 Sale
6,8
75 2179 16*4 75
Distil Sec Cor conv 1st g 5s. . 1927 A -O
53 84 104*8
102
E 1 du Pont Powder 4 l$s . 1930 J -D 102 Sale 10U2
90*2 87*2 July'14 ____
General Baking 1st 25-yr 6a . 1936 J -D —
8 74
79
78*8 79
78
78
1942 F - A
30 101*2 105
104*2
Debenture 5s.................. .1952 M - S 104D 105 503*4
Qen'l Motors 1st Hen 6“ _ .1915 A - O ____ ____ 10018 Sep ’ 16 - - - - 100 101*2
_
88 Salo
97 827 88*4
87*4
88*4
8
III Steel deb 4 t { g _______ . 1940 A - O
89 99 102
102
Indiana Steel 1st 5s______ _ . 1952 M ■N 101*4 Sale 10114
Ingersoll-Rand 1st 5 s ____ f 1936 J - J iUO ____ 100 Oct '13
1 90*4 101*2
10H,
Int Paper C o 'st con g 0s._ .1918 F - A 101 i o n . 101*2
80 Sale
31 75=4 82
80
SO
1935 J
J
08
02*2 Oct T5 ____ 38
65*2
1929 M- S 62
Int St Pump 1st s f 5s____
63
3 52
04
64
61
66
Certfs of d e p o s it _______
95 Salo
29 89
91*2
95
957
8
Lackaw Steel 1st g 5s_____ 1923 A - O
301 65
93*8 Sale
93
94
97
1st con5e Series A . . . 1950 M - S
122
10 121*4 124*2
8
Liggett A Myers T obae 7s. 1944 A - O 1211, 122 1217
l o i Sale 100*2
14 09*2 102*2
101
5 s ......... .............................. 1951 F - A
1 119 124
1221,
Lorlllard Co (P) 7s......... .. 1914 A - O 123 123i2 122*2
77 95*8 102
99*4
100*8
5s........... ...................
1951 F - A 100*8 Sale
1 95't 110
10712
Mexican Petrol Ltd con 0s A 1921 A - O 107*2 Sale 107*2
2 95 110
107*2
1st lien A ref 0s series C . . 1921 A - O 105 107i2 105
4 92
9514 ____ 95
95
95
Nat Enam A Stpg 1st 5 s ... 1929 J - D
83*2 ____ 83 Junc'15 ____ 83
85
Nat Starch 20-yr deb 5s.
1930 J - J
54 95 100
990s Sale
99*4
997s
National Tube 1st 5s. .
. 1952 M -N
5 90 103
102*2
N Y Air Brake 1st conv 0a 1928 M -N 102*2 Sale 102*2
Railway Steel Spring—
o n 2 9 M2 97*2 O ct T5 ____ 95*4 98*4
Latrobc Plant 1st s f 5 s .. 1921 J - J
93 Sale
I 90
93
93
93
Interoccan P 1st s f 5s . . 1931 A - O
94*2 Sale
94l2 50 90*, 95*4
94*8
Repub T A S I0-30-yr 5s a f . . 1940 A - O
94
30 88** 95
941 94
2
95
Standard Milling 1st 5s___ .1930 M - N
61 97*2 10312
103
Tho Texas Co conv deb 0s. .1931 J - J 103 Sale ' 102*2
80
7ii*s ___ _ 80 Aug '15
75
Union Bag A Paper 1st 5s. .1930 J - J
9 114
J - J
6 65
76
67
67*2
U S ItealtyA 1 conv deb g 5s 1924 J - J 67D 08
20
30
20*8 20 O ct ’ 15
U S Red A Uefg 1st g 0 s __ 1931 J
J —
109 101*8 103*8
103
U S Rubber IO-yrcoll trfls. 1918 J - D 103 Sale 10278
104
702 90*8 104
U S Sleel Corp— ( c o u p ____ rf 1963 M -N 103*2 Sale 102*4
26 99*4 103*4
103*4
S f 10-00 yr 5s\rog . .
_rf 1903 M -N •----- . . . . 102*2
80 89
901 Sale
2
90
97
97*2
Va-Oar Chern 1st 15-yr 5s. 1923 J - D
100 Sale
103 96*2 100
100
9914
Conv deb 0s........... .......... ( 1924 A - O
14 100*4 102
101*8
West Electric lsi 5s D ec_
_ 1922 J - J 101*2 Sale IOII4
13 897 105*4
105*8
g
Westlnghou.se E A M s f5s. .1931 J - J 10538 Sale 105*8
1051* Sep T 5 ____ 103*4 105»»
441 109*8 146
146
145*2 Sale 138is
Conv s f 5s (Iss of 1915) .1931
98*4 101*8
10-year coll tr notes 5 s .. . .1917 A - O 101 101*8 101*8 O ct T5 —
Coal & Iron
90
92 J’ ly ’ 14
J D
1 76
86
85
85
85
90
Debenture 5 s .......... ........ a 1920 M- S
5 87
95 Sale
95
95
95
Col F A 1 C o gen 8 f g 58_ .1913 F - A
_
23 70
80
79
F - A
75
77
M ar'14
Cons Ind Coal M e 1st 5 s .. . 1935 J - D
J - D
90
88*4 Apr T5
88*4 88*2
*___
9 9 1 Feb *14
99
Continental Coal 1st g 5 s .. 1952 F - A
Gr Itlv Coal A C 1st g 0 s .. 1)1919 A - O . . . . 94*4 1625a A nr '66
90
90 " July’ 15
90
Kan A H O A C 1st s f g 5s . 1951 J - J . . . .
867 89
8
85*4 July’ 15 ____ 85*4 88
Pocah Con Collier 1st s f 5s 1957 J - J
82 . . . . 82 Apr T o
82
75
St L Rock M t A P 1st 5 s . . . 1955 J - J
79*2 Aug ’ 15
75
8212
101
7 100 IOH2
Tcnn Coal gen 5s.................. .1951 j - J 101 Sale 100*4
9978 101*4
Blrm D iv 1st consol 6 s .. .1917 J - J i o i i 2 ____ 101*8 O ct ’ 15
s
Tenn D iv 1st g 6 s........... J1917 A - O 101*8 102 101*8 Sep T 5 ____ 100*4 1017
Cab C M Co 1st gu 6 s . . _ 1922 J - D ____ 106 101
75
73 Apr T 4
Victor Fuel 1st s f 5s........... 1953 J - J . - 31 82
86 Sale
80
86
86I2
Va Iron CoalACeke 1st g 5s 1949 M - F
Talegraph & * e le p lio n
100 86*2 90
J - J 90
89
90
41 91*4 98*2
97
99
Convertible 4 s . . . ............ .1930 M - S
97*2
98*2
1043s 230 96 104*4
20-yr convertible 4 t j s __ .1933 M- S lOUs Sale 103*8
9912
99*8 M ay’ 15 —
98*8 99*8
Cent Dlst Tel 1st 30-yr 5s. .1943 J - D
Alaska Gold M deb 6s A
93*2
34
91
31*2
99
95
36
95
3434
100
55
60*4
72*4
60
1
8*4
9*2
3s
*8 8*2
*8 8
80*g
91*2
54
1007
s
74*2
17*8
93*2
7
h
82*4
91*2
721«,
102*i
78*2
17*8
100
92"
49
92
65*4
82
84
81
87
S27 85*2
8
10*1*8
79*4
93 *
8
100*4
103*8
85*2
101
102
93*4 101*2
98 100*2
79
83*2
79
82*2
78
73
92*4 97*8
65*4
79
70
24*2
797
s
29*8
73*4
90*4
82
85
79*2
93*>s
91
91*4
97*2 101
69
91
98*2 98*2
101*8 101*8
92*8 92*8
80
78
6S
47
84
99*8
80
100
94*4
73
73*4
5668
80
OOi,
80
100
100
78
75
101*2
94*i
100
83
82
107
97*4
05
60
69*8
40
88
75
63*2
59*8
55*8
89*2
103
103
103
104*2
97
97
109*8 120*2
99*2 101
101*4 103
1001. 100*2
101
103*2
102*4 104*4
113 115
115
8OI4
lnou
97
90
103
101*8
80
100*4
99
122
88
m u?
101
91*4
103*8
103*2
85N
10712
101
91
95
91
99*4 99*4
110 n s
997 101*2
8
101 103
997 101*8
8
99*2 100
95 s90
88>t 95
...
. . 1925
92
Bush Terminal 1st 4s
1952 A - O
Consol 5s.................
.1955 J - J
Bldgs 5s guar tax e x _____ .I9 60 A - O
IY N
I
GranbyCons.MSAP com Os A ’ 28 M -N
79 Apr T4
R e g iste re d ......... ............
2397 Q - J
7 95
97
97*2
971 97
2
Cumb T A T 1st A gen 5s . 1937 J - J
Keystone Telephone 1st 5s. 1935 J - J
100
FVI-N 101*8 1011, 101 O ct T5
99
97*4
Mich State Telep 1st 5s. __ .1924 F - A
99*4 99 Oct ’ 15
101*2 JuucTo
lOHj
N Y A N J Telenhone 5s g. .1920 M -N 100’ ,
63 94
97
9678 Salo s90*a
1930 M- N
9.8
58 94*4
971,
9778 Sale
Pac Tel A Tel 1st 5s_______ .1937 j - j
68 96*4
977s
97*8
971 Sale
4
South Bell Tel A T 1st s f 5s .1911 j • j
4 95
99*, Sale
99*4
9934
1 - J
34 88*8
92*2
93
94
93
Fd and real est g 4 ^ 8 . . . .1950 M -N
104
1911 M - N
90*2 M a r’ 15 —
90*2
—
Northwest Tel go 4 *-$» g . 1934 J - J —
97*2
101*8
99*4
101*2
97*8
98
99
99*4
93*8
90*2
•N pic Fid y la s b a da e , aD eJ n dUoA r eD eM gD eJ n . ADeJ ly I D eA g oD eO pD ov. »D eD c. *O tio s le•
o r e r a ; te t id n sk d u a .
j p il,
u ay. u u o a u . t u u . u ct.
ueN
u e
p na
T PER ClIN M PRICES.
TO
SH
ARE PRICES JO
—7
*106% 107
*oatT inn
IKK 18fi
85
85
*131
32
33
*107
107% *106% 107
185
85
*131
33
185
86
* -----*40
*
8
157%
104 *103
160
70
70
119 *113
*84
86
99
99%
*6%
7
40
40
83
82%
93%
95
150 *147
*136
*112
*64
♦____
115
84
34
*180
85
131
*33
8
*4 5 '
104
*155
70
*113
*84
*98
7
40
81
*90
*147
15734
104 *103
160
160
70
70
119 •1173s
86
*85%
99
*99
*63g
7%
40
*40
85%
83
93% *93
150 *147
136%
20
*106% 107
*
8
157*4 *
104 *103
160 *160
70
70
*117%
86% *85%
100
*99%
*6%
7%
44
*40
85%
82
95
*93
147
150
136% 136% *135
*10
*40
68%
96
2%
113%
115%
124%
553i
98
64
100
10*4
33%
10
240
179
97%
90
87%
186
*10
*41
69%
95%
*2%
15%
111%
115
124%
55
97%
*83
99
16%
33
*9
240
*178%
98
88
86
*182
Friday
O
ct. 22.
106% 106%
184
84%
133
34
183
84
133
32
Last S 10
ale
183
84
133
33
M ar’ 15
Last S 160 Sept’ 15
ale
157%
104 104
104
165 *160
70
71
70
70%
70
Last S
ale
117 Sept’ 15
84% 84%
861? *85% 86%
100 100
100 100
100
*7
7%
44
42% 42%
42
82%
80
81% 82%
83
95
*93
148 148
148 *147 148
135% *13412 135
*112 115 *113 115 *112 115
*64
65
64% 64% *64
65
* ____
84
84
83% 83% * ____
*67% 681*
67%
68
9534
95% 95%
96
*2%
2%
2%
2%
15
151*
15%
15
112% 113% 112%
113
1151* 115 115% 115
124% 123% 1241* 124%
53% 54
53
97
97%
97
97
64
64
64
*99 100
*99
15
16%
16%
16% 16%
33% 33%
33
33
33%
*9
10
*9
10
*9
239 240
240
239 240
180 180% 17834
178 180
97% 97%
97%
*97%
89% 90%
89
90
88%
86% 87
87
87
8712
♦
182 185 *182
185
40
133
1631*
15
119%
*34%
*28
•11.
1341*
50
28%
82%
114%
12
O
ct.
Thursday
O
ct. 21.
183 183 *180
185
83% 84% *83
85%
133
135 *133 135
34%
33
34
34
8
*67%
96
*2%
15U
*112%
1151?
124
52
96%
*10
*40
sday
M
onday \ Tues
O
ct. 18
| Oct. 19
S
atur ay
d
O
ct. 16
(VOL. 101
BOSTON STOCK EXCHANGE—Stock Record .JK2?W
1358
Last S 80
ale
Last S 115
ale
64%
82%
65
82%
69%
69%
96
96
2%
2%
15
15%
112% 112
115% 115%
124% 1244,
56%
57%
97%
98
*62%
64
99
100
16%
17
33
33
*9
9%
240 *239
179% 177
*98
98
88
88%
86%
87
182%
185
72%
98
2%
15
112
115%
124%
57%
98
*10
*41
Sept’ 15
O ct’ 15
65
—
71%
97%
2
71%
98
2
111% 113%
115
115%
124% 124%
56% 571,
97
98
64
64
99
22
26%
23
37%
37% 39%
9%
9%
9
240
240 240
178
177% 177%
98
93
88
89%
88
86%
86% 86%
185
2
Sept’ 15
Last S 10
ale
June’ 15
Last S 2 0
ale
40
133
164
15
119%
35
29
60
*40
*40
*40
133% 133% 133% 133% *134 134%
163 164 *1631* 165 *164 165
15
15
*14% 15
15
15
119 119% 118% 119
118% 119
34% 34%
34% 34% *34% 35
28% 29
29
*29
30
29
60
*50
134% 135
164 164
*14% 15%
119 119
*34% 35
29
29
135
50%
28%
83
114%
12%
135 135
134% 135
50
50%
49
50
28% 29
28% 28%
83% 85%
85% 87%
114% 11434 115 115%
12% 12%; 12
12%
134 134%
49% 49%
*28% 29
87%
86
115% 115%
11% 11%
134 135
49% 50
28% 28%
8534 86%
115% 115%
11% 12
64
—
S
ales
of the
W
eek
S
hares
Chic June R y & U S V . . 100
Do
p r o f .. ......... ..........
21
8 Connecticut R iver______ 100
169 Fitchburg pref_____ _____ 100
Georgia R y & Elec stampdlOO
2
Do
pref_____________ 100
23 Maine Central___________ IIK)
100 Mass Electric C os..... .......... 100
D o pref stam ped____ 100
187
4,257 N Y N 1 U H a rtfo rd ____ .100
4 Northern New Hampshire 100
18 Old C olon y_____________ 100
10!)
100
120
Do
pref_____________ 100
Vermont &Massachusetts 100
104 West End Street_________ 50
Do
prof_____________
6J
8
480
796
126
260
296
129
2,450
7,951
2,213
30
4
15,436
10,829
75
129
120
37
1,603
126
12
168%
118% 119
34% 34%
11,
nnf-’ lfi
133% 134%
49% 49%
28% 28%
86% 87%
11%
11%
9
72
338
115
469
95
76
2,065
2,503
1,068
17,284
148
6,105
R
ange for
Year
H
ighest.
Low
est.
R a ilro a d s
10 Atch Topeka & Santa Fe_. 100
100
29 Boston & A lban y_______ 100
128 Boston Elevated________ 100
55 Boston & Low ell________ 100
507 Boston & M a in e ________ 100
100
Boston Suburban Elec C os___
ADr'15
163
R
ange Since Jan.
1.
STOCKS
B O ST O N ST O C K
EXCHANGE
9234 Feb 23
170
73
109
20
M ar 5
JunelO
Fob 26
Feb 13
10
M ar23
8% Sep 13
39 Jan 20
157 Feb 13
101% July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 M a r 4
47g June 7
33 July21
43 Feb 25
89 O ct 1
140 Aug 3
15 M a rl 7
116% Jan 4
7934 M a r ll
105 Feb 9
61 M a y l5
80 July 1
M iscella n eou s
Amer Agrlcul C h em ical-. 100
48 Jan 5
Do
pref_____________ .100
87% M ar25
is, M a r l7
Amer Pneumatic Service. 50
14% Oct 14
50
Do
pref_______ _____
Am er Sugar Refining____ 100 100 Feb 24
Do
prof........................ 100 109 Feb 5
Amer Telep & Teleg......... 100 116 Jan 4
16% Apr 6
American W oolen_______ 1(H)
Do
pref_____________ 100
77 Feb 5
Amoskeag Manufacturing
59% Jan 20
Do
pref_______ _____
97% M ay25
4 Feb 24
Atl G ulf & W I S S Lines 100
9% M ar 12
Do
pref_____________ 100
East Boston Land_______ 10
8% July27
Edison Electric Ilium ......... 100 230 M aylO
General Electric-------------- 100 138% Feb 26
96% Aug 25
McEIwaln (W II) 1st pref 100
78 Apr 8
Massachusetts Gas C o s .. 100
85 M ay 2 4
Do
prof......... ............... 100
Mergenthaler L in oty p e.. 100 154 Feb 8
10
% Apr 20
Mexican Telephone_____
10 Juno 4
Mississippi R iver Pow er. 100
100
35 Feb 23
New Eng C otton Y a r n ... .100
20 Apr 15
25 July 1
Do
pref-------------------- 100
New England Telephone. 100 zl27% Junel6
Pullman Com pany_____ 100 150 Feb 24
10
15 Sep 27
Reece Button-H ole______
Swift & C o ______________ 100 10134 Jan 4
28 M ar 8
25
T orrlngton------------- -------26 M ar25
Do
pref........................ 2.)
•r
>>
.95 Jan 18
United F r u it ..... ................. 100 110 Feb 25
48 Aug 17
United Shoe M ach C o rp .. 25
25
28 M ar27
Do
pref_____________
38 Feb 1
U S Steel Corporation____ 100
Do
pref........................ 100 102% Jan 27
11 Aug 20
Ventura Consol OH Fields
5
Low
est.
108 O ct 11
101 Sep 30
193 Jan 12
96 Jan 5
135 O ct 19
37% Oct 11
240 June26
10 M ar24
56 M ar23
175
77
150
30%
225
7
50
88% N o v
N ov
M ay
D ec
July
M ay
M ar
July
100 July
101% Feb
195 Jan
101% July
179 Feb
55 Jan
255 Jan
7% Feb
60 Jan
47 J u ly l5
160 Sep 9
110 A pr 21
165 Jan 12
75 Jan 5
120 Feb 6
88 M a r 3
100 O ct 21
10 Sep 24
56 Jan 6
87% O ct 11
98 A pr 29
157 Apr 9
25 O ct 11
1387g O ct 9
80% Feb 11
125 Apr 20
72% Jan 25
93% Feb 4
35 July
160 M ar
103 D ec
162 N o v
75 July
115% D ec
83 Jan
90% Jan
9 Apr
54 Dec
49% July
100 M ay
140 July
19 M ay
110% N o v
82 Apr
115 Jan
65 N o v
82 D ec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 M ay
8.3% Apr
99 M a r
14 Jan
6OI2 Jan
77% Jan
112 Feb
165 Jan
30 Jan
163% Jan
85 Jan
130 Feb
75 Jan
95 M a r
72% O ct 21
59% M a r
47% Jan
98 Oct 21
98 June
89 D ec
4 Jan
3 Apr 14
2 Deo
22 Jan
19% Jan 9
17 Jan
114% O ct 13
97% M ar 110% Jan
117 Aug 28 108 M ar 115 D eo
125%Sep 29
112 N o v 124 Jan
14 M a r
15 M ar
57% Oct 26
7234 M ar
83 Jan
99% Oct 4
67 Feb
67 Apr 23
57% Dec
101 Fob 6
9734 June 100% June
5 Fob
9 Jan
26% Oct 22
39% O ct 22
13% M ay
16% Jan
13% Apr 5
9% D ec
14% Feb
260 Jan 22 234 N o v 265 M ar
150% Feb
184% Oct 4
137 D ec
104 M ar29
98% N o v 102 Jan
94% Fob
94 Aug 5
76% N o v
92% Jan 28
85 N ov
96 M ar
200 Jan 4 200 Doc 216% Feb
3 Jan
3 Sep 10
2% M ay
12% Feb 8
18 July
38 Feb
46% Jan 26
70 Jan
20 Apr 15
20 Apr
30 Jan
46 O ct 15
38 D eo
69 Jan
143 Jan 29 128 N ov 141 Feb
168% Oct 22
148 D ec
159 Jan
18% Jan 2
20% July
16 Jan
121 Aug 30 101% N ov 107% M ar
35% Sep 10
27 Feb
31 M ay
29% Jan
30% Sep 8
27 M ar
1% Apr 21
.95 Dec
2
Feb
141% M ay 3 1113 D ec
173 Feb
65 M ay24
52% D ec
61% June
30 Aug 31
30% July
28 Jan
87% Oct 21
67% Jan
48 D eo
112% Jan
115% O ct 21
103% D ec
14 Aug 3
M in in g
2
Jan
1 Apr
47g Apr 22
1 Jan 22
395 Adventure C on __________ 25
2
2
2
2
2
2
2
2%
2%
2
2
2%
25
255 A h m eek _____ ___________
94 July26 103 Aug 27 23934 Apr 300 M ar
98%
98%
98
95% 95%
98
99
99
98
98
98
*98
19 July
40% Apr 22
28% M ay
10
26% Jan 6
3,991 Alaska G old_____ ________
32% 33
32% 33%
32% 33%
33%
33
33%
32% 33
33
1% Jan
% D ec
434 Apr 22
45 Feb 10
450 Algomah M ining................. 25
1%
2
2
*1%
1%
1%
1%
1%
1%
1%
*1%
1%
34% Jan
43% Feb
58% A pr 26
222 A llouez__________________ 25
54
55
35*2 Jan 5
54
5534 5534
55
51
55
56
56
55% 56
12% N ov
2 Jan
6434 O ct 22
16% Jan 4
62%
25,288 Amer Zinc, Lead &Smelt 25
61% 62%
61%
62% 64%
62%
62
63%
62% 63%
61
9% A pr 22
0% M ar
2% N ov
3% Jan 4
5
3,220 Arizona Com m ercial.........
8%
7%
7%
7%
8
8U
8
8
8
8
8%
8%
4% Apr 22
1 N ov
4% Fob
2 Jan 16
150 Butte-Balaklava Copper. 10
*3%
3%
3%
3%
*3%
3%
*3%
3%
3% ; 3%
*3%
3%
80 June 4
24 N o v
40% M ay
35*4 Jan 4
9,721 Butte & Sup C op ( L t d ) .. 10
60% 60% 760% 63%
60
60%
60% 60%
60
61
603g 61%
7834 Apr 26
53 D eo
70% M ar
10
51% Feb 23
1,666 Calumet & Arizona______
63
63% ?63% 64
6434 63% 64%
64
63% 641,t
63% 64
25 350 Jan 4 630 A pr 22 350 D ec 460 Fob
220 Calumet & Ilecla......... ..
540 543
540 544
544 545
543 544
*546 550
538 550
25 Apr 22
14 Jan
19 Feb
15 Jan 12
25
80 Centennial..........................
17%
17
17% 17% *17% 18%
18
18
*17% 18% *17% 19
51% Oct 13
49
49 *8 49*8
327g Jan 6
30% Doc
43% Feb
5
1,440
4912
49%
63% Apr 26
30 Jan 13
29 D ec
40% Feb
2^061 Copper Range Cons C o . . .100
56
56%
55
56
56*4
56
56%
5612 57
56
56% 56%
534 A pr 22
20
1% Jan 21
1% N o v
3 Feb
75 D aly-W est.................... ..
*2%
2%
2%
2%
2%
*3
5
*2%
3
2%
15’g Apr 23
8% Jan 5
10
13 Jan
930 East Butte Copper M in ..
8 D eo
12% 12%
12% 12'%
12% 1234
12% 12%
12% 12%
12% 13
()U
25
2 N ov
7% Apr
641
ID
94% A pr 27
91 Feb
945 Granby Consolidated____ 100
58 Jan 7
60 D ec
8319
83% 84
84
84%
84
84
83
84
84
83% 84
21% Apr
42% Feb
5,905 Greene Cananea................ KM
) 23% Feb 1 44 July 15
40
41
40%
40
40% 41
37
39% 40%
39
39% 40%
22 Feb
365 Hancock Consolidated___ 25
24% A pr 29
11 D ec
11 Jan 18
16% 17
17% 17%
16% 16%
16% 16%
*16% 17
*17
18
28 July
30 M ar
Hedley G o ld ....................
10
2934 Jan 19
3 Apr
6% Feb
10% A pr 22
16 Indiana M ining_________
2% Jan 21
5%
25
*5
5
5
*5%
6
*5%
6
*5%
6
*5
6
44% Deo
50% June
52 Aug 17
150, Island Creek Coal_______
44% 44% *43%
1
41 M arlS
44% 44%
*44% 46% *44% 45%
44*2 45
81 Juno
89% June
91% Apr 27
20
Do
p r e f . . . ..................
85% Jan 5
86
1
86
*85% 86%
*86% 88
*86
87
*86% 88
34 Apr 26
16 D eo
24 Feb
675 Isle Royale Copper______
17% Jan 11
25
29
28% 28%
28
28%
29
29
*28
29
29%
29% 29%
37g M ar
5% Apr 20
6% July
ruj
35g
353
358
35S 3*8
,5
630
3%
35g
3%
3*8
3*8
4% Apr 26
4 % Feb
2% M ay
1% Aug 23
100 Keweenaw Copper______
25
*234
*2%
2%
*2%
3
*2%
3%
3%
*2%
2%
2%
3%
434 N o v
18 Apr 22
10% Jan
5% Jan 27
25
790 Lako Copper C o ________
14
13
13%
14
14
13% 13% *13
14
14
13% 13%
9 Apr 23
3J4"«Dco
5% Feb
3% Jan 7
415 La Salle C opper................ 25
5%
53S 5%
6
5%
4%
5%
5%
5%
*5%
*5%
6
4% Apr 27
1 M a r ll
1% D ec
4 Jan
5
2%
100 M ason Valley M in e...........
*1%
2%
*2
*1%
*2
2%
2
2
2%
*1%
2%
17 Apr 22
3 Jan 11
2 M ar
e5% M ay
1,045 Mass Consol...................... 25
11
11
10% 11
11% *11
11
10% 11
11%
11%
11
334 Juno
3 Aug 16
8 Apr 22
9 Jan
4%
60 M a yflo w e r-........................
4%
43,
*4%
4%
4%
*4
4%
*4%
4%
4%
*4
1634 Jan 2
353g O ct 8
5
24% Feb
16% Dec
1,080 Miami Copper_____ _____
33% 34%
34
34
34% 34%
33% 34%
33% 34%
33% 33%
.60 M a r 1
3 Apr 22
.50 July
1% Feb
2%
40 M ich igan -----------------------2%
*23g
*2%
2%
2%
*2
21?
*2%
*2%
2%
2%
25
49% Deo
46% Jan 15
82 Apr 26
39 Apr
767 M ohaw k................- ............
781?
78%
78
78
77% 78%
78% 79%
78% 79
78% 79
16% Deo
5
11% Feb 24
17 Apr 27
10 Deo
14% 15%
14% 15%
275 Nevada Consolidated-----147g 14%
14% 15%
15
15%
15
15%
7% Jan
17g Jan
4% Feb 24
14% Juno 7
1,145 New Arcadian C o p p e r ... 25
101, 10%
10
10
10
10%
10
10%
10% 10%
10% 10%
4 June
4 June
5
4 July 10
13% Aug 7
695 New Idrla Q u ick silver...
9
9%
9%
9%
*9
9
9%
9%
9%
9%
8% Feb
5 July
5
7% Sep 27
5% Aug 9
885 Nlplssing M ines------------6% 6%
6%
6%
6%
0%
6%
6%
6%
*6%
7
6%
30% Feb
19% Dec
2,749 North B u tte ..................... 15
38% Apr 26
29% 29%
29%
22% Jan 25
30%
29
30% 31
29
30% 30%
30% 30%
.95 Apr
2% Jan
4% Apr 23
400 North Lako........................ 25
1%
1%
1 Jan 28
*112
*1%
*1%
1%
13l
1%
1%
1%
1%
1%
34 Apr
2 Jan
3% Apr 29
200 Olibway M ining................ 25
.50 M ar 4
2
2
*1%
*1%
*1%
13t
134
1%
1%
1%
2Sg NOV
5 % Feb
7% Apr 22
3 Aug 16
3%
3% *
350 Old C o lo n y -------------------25
3%
3%
4
*3%
334 *
3%
334
3%
58% Apr 21
54 Feb
44 D ec
38% M a r 8
54
125 Old Dom inion C o _______
25
54
54
55
54%
53
55
55
55
54% 55% *53
93% Apr 22
64 D ec
84 Feb
64 Jan 28
Z 2 82%
H
8434 861?
85
355 Osceola........................ ........
85
85
84
84% *8434 86
85
19% Aug 13
12*4 D eo
12 Jan 7
20% Jan
535 Pond Creek C oal________
10
17
17
*16% 16%
16
17%
17
17
17% 17%
17
*17
95 Apr 22
51% D ec
68 Feb
50 Jan 16
10 Q u in cy ....... .........................
25
85
*82
83
84
84
*82
84
*82% 83
*83
84% *83
15% Jan 7
27% O ct 8
22% Apr
15 D ec
2,242 Ray Consolidated Copper 10
25% 26
25% 25%
25% 25%
25% 25%
24% 25U
2534 26
28 Jan 4
65 Apr 23
40 Feb
28 Deo
55
236 St M ary’s Mineral Land. 25
55
55
55
55
55
54% 55%
55
55
55% 56
2% Jan
1 Jan
10
1 M a r l7
5 O ct 22
28,015 Santa Fe Gold & C opper.
3%
4%
5
3%
4%
3%
3%
3%
3%
3%
3%
3%
7% Feb
4 Jan 15
4 N ov
10
11% Apr 26
*7%
055 Shannon..............................
8
8
7%
8
8
7%
7%
7%
7%
7%
7%
29% Feb
1834 Jan 5
10
18 Deo
33 Apr 20
270 Shattuck-Arlzona----------26
26% 26%
26%
26
26% 26%
26% 26% *26% 27
26%
52
1
734 July 2 7
*514
25
5% Aug 23
205
*5
32 Feb
22 N o v
22% Jan 6
41% Apr 26
430 Superior............................... 25
28% 28%
27
26% 27 “
26% 27
28
27%
28% 29
28
2% Jan
1% N o v
4% Apr 29
1,01C Superior & Boston Copper 10
1 M ar 3
2%
2%
2% , 2%
2%
2*4
2%
2%
2%
2%
2%
2%
43 Feb
24% Dec
25 Jan 4
58% Aug 18
1,165 T a m a ra ck ........................... 25
54
55
52% 53%
49% 521,
54
54% 54%
51% 53%
54
234 N o v
5% Jan
15% O ct 13
8,333 T rin ity .................................
2% Feb 11
9
9%
8
8%
9%
8% 10
9
9%
9
8
8 ',
.85 M ar
.23 Deo
.63 Apr 14
.45
.45 *.40
.43
.43
2,20C Tuolumne Copper..............
1
.20 Jan 2
.45
.45
.45
.45
.49
.49
.43
43% Feb
24% Deo
49% Junol5
427* 43
3,214 U S Smelt, Refln & M in . 50
20 Feb 25
43% 43%
43%
43
43%
43
43%
43% 43%
43
40% Apr
48% Feb
48% JunelO
47% 47%
915
50
28 Jan 15
47% 47%
47% 47%
47% 47%
47% 47%
Do
pref_____________
47% 47%
2% Feb
1% N ov
53g JunolO
27g
5.901 Utah-Apex M lnlug........... , 5
2 Jan 2
3
3
3
3
3
2% 3
3
3%
2%
2%
14 Feb
103g Junol4
834 Jan
12% 12%
9% Feb 2fi
*12% 13
12% 12%
13
12% 12%
121, 12%
303 Utah Consolidated............ _ 5
13
59 June
45% N o v
73 Apr 26
697g 70%
I
4834 Jan 6
70
70
70% *69% 70
1,333 Utah Copper C o ------------- . H
70%
70% 70*4
69% 70%
1 M ar
c2% M ay
4% Apr 22
*2
*2%
3
3
*2%
3
50 V ic to r ia _________________ . 25
1 Feb 26
*3%
*3
3%
3
3%
3
4% Feb
17g Deo
5% M ay 1
*3
3%
3%
l% Ja n If
*3%
4
*3
3%
175 W in o n a _________________ 25
3%
3%
3%
3%
3%
47% Feb
70 Apr 26
30 D ec
57
32 Jan 6
60
59
58
58
58
1,315 W o lv e rin e ---------------------- 25
59
59%
59
*59
60
58
1% Jan
30 Juno
2% Apr 23
.50 M a r 3
Last S 1%
ale
O ct’ 15 ______ W y a n d o tt ..........................
*1%
*1%
*1%
*1%
1%
1%
1%
1%
* Bid and asked price,
a
Ex-dlvldend and rights
6
Ex-stock dividend,
« Assessment paid
5 Ex rights.
1 Unstamped,
s 2s paid,
m
Half paid.
Outside Exchanges—Record Transactions
Boston Bond Record.— Transactions in bonds a t B o s
ton Stock Exchange O ct. 16 to O ct. 2 2 , b oth inclusive:
Salesfor
Week's
R ange
F r id a y
H ig h
S a les. L o w .
B on d s.
102 102*$
Am Agrlc Chem 5 s ...1928
95 'A 95 *$
Convertible 5s____ 1924
Amcr Tel & Tel 4 s ... 1929 89 *$ 88?$ 00
74
78
Atl G & W I SS L 5s. 1959 77
97
97 'A
Gt Nor-C B & Q 4 s.. 1921
65
65
65
K C Mem & lllr 5s.............
104*$ 104*$
K C Ft S & Mem 6s--------91*4 91*$
Mass Gas 4*$s--------- 1931 91?$
75*$ 75*$
75*$
Miss River Power 5s. 1951
74
74*$
N E Cotton Yarn 5s. 1929 74 'A
101 101
New Em? Telephone 5s ’32 101
113*$ 113*$
N Y N II & II conv 6s 1948
94
94
Pond Creek Coal 6s. .1923
97*$ 97*$
South Bell Telep 5s. .1941
96*$ 97
Swift & Co 5s............. 1944 96*$
96*$ 97*$
United Fruit 4*$s____ 1923 9754
975$ 98
Western Tel & Tel 5s. 1932 93
W eek.
S h a r es.
R a n g e s in c e J a n .
1.
38.000 99*$ Jan 102*$
Jan1 95*$
1,000 91
50.000 86*$ Jan 90
Jan 78
127,000 60
Jan 97 J$
16.000 95
Mar 75
3.000 59
2.000 101*$ Oct 109*$
Aug 94
2,000 91
July
75*$
1,000 70
Apr 76
3.000 70
15.000 99*$ Jan 101}$
Mar 113*$
1,500 103
98*$
May
13,500 94
May 97*$
1.000 97
38.000 94*$ Feb 97*$
Feb 99
2,000 93
7,000 94*$ Mar 98
Oct
Oct
Oct
Oct
Oct
Feb
Feb
Jan
Sept
Jan
Feb
Oct
Aug
Jan
Oct
May
Oct
P ar.
American Sewer Pipe..100
Am Wind Glass M ach.100
Preferred---------------- 100
Amer Wind Glass pref.100
Cancy River Gas........ -25
Columbia Gas & E lec.-100
Crucible Steel prof----- 100
Ilarb-Walk Refract.-.100
Preferred................... 1'*'
Independent Brewing— 50
Preferred------- ------La Belle Iron Works. . . 100
Preferred................
Lono Star Gas............... 100
Mfrs Light & Heat.........50
Nat Fireproofing com ..5 0
Preferred.....................50
Ohio Fuel Oil..................... 1
Ohio Fuel Supply--------- 2;>
Oklahoma Natural Gas 100
Osage & Oklahoma C o. 100
pit tab Brewing com----- 50
Preferred.....................50
Pittsburgh Coal.......... 100
Preferred ...................100
Pittsburgh Oil & Gas. 100
Pittsburgh Plate Glass. 100
Pittsburgh Silver Peak.. -1
Pure Oil com m on.......... o
San Toy Mining-----------1
Union Natural Gas----- 100
Union Switch & Signal-.50
Preferred------- -------- -•*”
U S Steel common----- loo
Preferred------- -------- 1™
West'house Air B rake..50
West’housc Elec & Mfg-50
Preferred .....................o0
Bonds—
Monon Rlv C & C 6s - - 49
Pittsburgh Brew 6 s.. 1949
Plttsb Coal deb 5 s.-.1931
Pitts McK & Conn 5s 1931
x
Baltimore Stock Exchange.— C om plete record o f the
transactions at the Baltim ore Stock Exchange from O ct. 16
to O c t.2 2 , b oth inclusive, com piled from the official sales
lists, is given below . Prices for stocks are all dollars per
share, not per cen t. For bonds the quotations are per cent
o f par valu e.
H ig h .
L ow .
Pittsburgh Stock Exchange.— Transactions a t the P itts
burgh Stock Exchange O ct. 16 to O ct. 2 2 , b oth inclusive:
Stocks-
1359
THE CHRONICLE
Oot. 23 1915.)
113
Sept
65
Jan
97
Apr
100*$ June
Stocks.
P ar.
S a lesfo r
W e e k 's
Wfiple .
>V ttfr
F rid a y
H ig h . S h a r es.
S a les. L o w .
Baltimore Elec, pref___ 50 43
Canton C o___________ 100
Cons Gas, E L A Pow.100 "io§*$
Preferred__________ 100 111
97*$
Consolidation Coal___ 100
6*$
Cosden A C o____________
18*$
Elkhorn Fuel................ 100
29
Fairmont Gas_________50
Preferred .............. ...5 0
20*$
Houston Oil trust ctfs.100
Preferred trust ctfs--100
Mer A Miners Trans.. 100
Norfolk Ry A Light.-.100
Northern Central........ .50 "84*$
Penn Water A Power.. 100 74*$
Pub Serv Bldg, pref_____
Sapulpa Refining__
Preferred
United Ry A E lectric...50
Wayland Oil A Gas____ 5 ______
Bonds.
Anacostta A Potom 5s.1949
Atlan A Charlotte 1st 5s_. 103*$
A C LR R conv deb 4s .1939 89
Balt Elec stamped 5 s.1947
Balt A Ohio 4 s _________
93*$
Balt Spar PAC 4*$s.l953
Central Ry ext 5s___ 1932
Chicago Ry 1st 5 s.-.1927
_
City A Sub 1st 5s___ 1922 _ ___
Cons Gas gen 4*$s— 1954 ..........
Cons G, E L A P 4*$s.l935
N otes________________
Small notes___________
89
Consol Coal ref 5s----- 1950
Davison Chemical 6s. 1932
98*$
Elkhorn Fuel 5s_____ 1918
Georgia A Ala cons 5s. 1945
Ga Sou A Fla 5s------- 1945 _____
G-B-S-Brewing 1st 4s. 1951
Hous OH dlv ctfs. .1923-25 76*$
Jamison CAC-G C 5s 1930 86
Maryland El Ry 1st 5sl931
Maryland Steel 5s----- 1922
Mllw Gas Light 1st 4s.1927
M St A St P C jt 5s .1928
Minn Lyn A Mtnlton A
Minn St Ry 5s___ 1919
M t V-W C Duck ctfs dep.
Norf A Ports Trac 5s. 1936
95*$
Norf Ry A Lt 5s........ 1949
Petersburg A 5s.......... 1926 103*$
Proximity Mfg 6s___ 1920
St P C Cable 5s
1937
Sll S Ocala & Gulf 4s __
United Ry & El 4a. __ 1949 81
Tn^ome 4a
__ 1940 i _____
Funding fis
__193G
do
small____ 1936 1 85
75
Wash Alex & Mt V 5s----Wash Balt A Ann 5s. 1941
R a n g e s in c e J a n .
L ow .
43
145
107*$
110*$
97
6*$
18J$
26
44*$
19
61
45
24
83*$
72
101?$
3*$
4J$
24
3*$
43
145
108*$
111
98
6?$
20
29
45*$
20*$
61*$
45
24
84*$
74}$
1015$
4
4*$
24*$
3*$
41
100
565
245
431
2,782
2,753
491
349
3,401
6.0
20
115
243
936
100
300
250
1,074
110
42
136
102*$
106*$
92
5
16
23*$
42
10
54
24
24
82
63*$
101?$
2
4*$
20*$
2*$
Sept
July
Jan
Jan
Jan
Jan
May
Apr
Apr
Mar
Jan
May
Feb
Aug
Aug
Oct
July
Oct
June
May
44*$
145
108*$
115
98
7}$
22
29
46
20*$
61*$
45
25
85*$
74*$
1015$
4
4*$
27
4*$
Feb
Oct
Oct
Mar
Oct
May
June
Apr
Feb
Oct
Oct
Oct
Jan
Jan
Oct
Oct
Oct
Oct
Mar
Jan
98*$
103
89
98*$
87
93*$
103*$
94*$
102
93*$
87
100*$
100
88
100
98
101*$
101
20
76
86
96*$
100
90*$
101
98*$
100 H
90
98*$
87
93*$
103*$
94*$
102
93*$
87
100*$
100
89
100
98*$
101?$
101
20
76*$
86
96)$
100
90*$
101
$5,000
11,000
22,000
1,000
2,000
1,000
1,00 >
2,000
2,000
1,000
3,000
5,000
100
2,000
5,000
53,500
5,000
3,000
4,000
8,500
4,000
3,000
5,000
3,000
9,000
97*$
100
82*$
96*$
87
93
102*$
93
101
92
85*$
98*$
98 ?$
86*$
97
92*$
100*$
100
18
72*$
79
94
94*$
90*$
100
Oct
Oct
Aug
Jan
Oct
Aug
Aug
June
Aug
Aug
Sept
Mar
Mar
Sept
Jan
Jan
Aug
Aug
Aug
Apr
June
July
Apr
Jan
Sept
100*$
100*$
90
99*$
87
97
104*$
97
103*$
95
89
100*$
100*$
91
100
98*$
1025$
102*$
23
77
86
98?$
100
91*$
102
Apr
Oct
Oct
June
Oct
Jan
Feb
Jan
Feb
June
Apr
Sept
Sept
Jan
Aug
Oct
Apr
Jan
Jan
Apr
Jan
Jan
Oct
Apr
Jan
100
40
82*$
95*$
102?$
100
101*$
97
81
60
84
84*$
75
73*$
100
40
82*$
95*$
103*$
100
101*$
97
81*$
60*$
84
85
75
75
5,000
3,000
1,000
1,000
2,000
2,000
5,000
1,000
17,000
8,000
1,000
2,500
1,000
2,000
100
35
75
94
102*$
100
101*$
97
79*$
55
81
80*$
72*$
73*$
Oct
Jan
Aug
Sept
Oct
oct
Oct
Oct
June
June
June
July
Oct
Oct
100
45
84*$
97?$
104*$
100
102*$
97
82
63
87
87*$
75
81*$
Oct
Aug
Jan
Apr
Apr
Oct
Jan
Oct
Jan
' Jan
FJan
Jan
Oct
Feb
Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchange from O ct. 16 to O ct. 2 2 ,
both inclusive, com piled from the official sales lists:
Ex-dlvIdcnd.
Chicago Stock Exchange.— C om p lete record of transact
tions a t Chicago Stock Exchange from O ct. 16 to O ct. 2 2 , both
inclusive, compiled from the official sales lists, is as foiiow s:
B a its f o r
W e e k 's
F rid a y
R a n g e.
W eek.
S a le s . L o w .
H ig h . S h a r es.
American Radiator----- 100
Amcr Shipbuilding----- 100
Preferred---------- ---100
Booth Fisheries, prcf.,100
Chic Pneumatic T o o l.-100
Chic Rys part ctf "2” ----Chic Rys part ctf “ 3 -----Chic Rys part ctf "4 - - -
Chicago Tltlo & Trust. 100
Commonwealth-Edlson 100
Deere & Co, pref.......... 100
Diamond Match_____ 100
Illinois Brick................ 100
Inland Steel...... ............ 100
Kan City Ry A Lt pref 100
Lindsay Light----------------National Biscuit pref.. 100
National Carbon.......... 100
Preferred................... 100
Pacific Gas A Elec C o .100
Peoplo’s Gas Lt A Coko 100
Pub Serv of No 1 1 com. 100
1
Preferred................... 100
Quaker Oata Co______100
Preferred................... 100
Soars-Roebuck com__ 100
Preferred................... 100
Stewart-Warncr Sp com 100
Studcbakcr Corp, com. 100
Swift A C o . . ................. 100
Union Carbide Co........ 100
U S Steel, common----- 100
Ward, Montg, A Co, pref.
87
17*$
138
102*$
71
55
4*$
120*$
119
99
99
285
108
157
75*$
118*$
160
86*$
356 356
35
36 J$
73
73
78
78*$
84*$ 88
17*$ 17*$
3
3
1*$
1*$
210 210
137 138
95*$ 96*$
102*$ 103
69
72
281*$ 298*$
55
55
3*$ 4 *$
121
121
155 155
120 120*$
53
54
118*$ 120
*94*$ 99
97*$ 99
265 285
107 108
155 158*$
124*$ 125*$
74*$ 76*$
168*$ 184
118*$ 119*$
159 161
86
86*$
111*$ 112
B on d s.
97
Chicago City Ry 6 s.. 1927
94*$
Chicago Rys 5s.......... 1927
87
Chic Rys 5s..series “ A
69*$
69*$
Chic Rys 4 s ..scries "B ”
Chicago Telephone 5s 1923 100*$ 10 *$
Commonw-EdIson 53.1943 101*$ 101*$
100*$
Cudahy Pack 1st 5 s.. 1921
71
Mctr W S El 1st 4 s.. 1938
65
Extension g 4s........ 1938
96
No Shore El IstArcfg 5s '40
93*$
Ogden Gas 5s.............1945
100*$
Pco GLAC ref 5s----- 1947
91
Pub Serv Co 1st ref g 5s '56 92*$
96*$
Swift A Co 1st g 5 s .. . 1944
a
Low .
1.
H ig h .
45 345
June
430 26
Apr
100 67*$ Apr
66 68*$ Mar
4,413 45*$ Feb
145
16
Oct
3
3
Oct
65
l
Feb
20 20-1
Aug
488 132*$ Juno
419
88
Jan
338 90
Mar
815
60
Feb
75 159*$ Jan
60 37*$ May
1,675
3*$ Feb
4 119*$ May
100 119*$ Jan
225 118*$ Mar
56 41
July
64 113
Mar
129 75
Jan
136 93*$ May
125 225 Sept
103 103 Apr
836lal31*$ Mar
Jan
10 121
3,398 48*$ Jan
Jan
450 38
1,201 104*$ Jan
761 144*$ Jan
140 38*$ Feb
46 110*$ Jan
97*$ $34,000 96
95
9.000 93
87
20,000 86
69*$
5.000 69
100*$ 31.000 99*$
101*$ 23.000 100
100*$
3.000 99*$
71*$
70*$
3.00
65
4.000 65
96*$ 10.000 95*$
93*$
1.000 92
101
5.000 99*$
92*$ 24,000 87*$
96 J$ 7.000 94 *$
Ex 50% stock dividend. * Ex-divldend.
R an ge s in ce J a n .
June
June
Sept
Sept
Jan
Jan
June
Oct
Oct
Mar
Jan
Jan
Jan
Jan
390
48*$
79*$
81
93*$
31 *$
5*$
3
213
140*$
99
103
72
298*$
55
4*$
125
165
125
54*$
123*$
99
100
285
108
215
126
78*$
184
120*$
166*$
86*$
114
Jan
Aug
Aug
Aug
Aug
Jan
Feb
Jan
Mar
Aug
Sept
Sept
Oct
Oct
Oct
Oct
Feb
Oct
Sept
Oct
Apr
Oct
Mar
Oct
Oct
Jan
Mar
Sept
Oct
Sept
Aug
Oct
Mar
99
97
90
77*$
101
102
100*$
77
73
96*$
94*$
101*$
92*$
97
Feb
Feb
Jan
Mar
Jan
Jan
Oct
Feb
Jan
Oct
May
Mar
Oct
‘ Oct
1.
H ig h .
Stocks
P a r.
W e e k 's
S a lesfo r
R a n g e.
W eek.
F rid a y
H i g h . S h a res.
S a les. L o w .
Alllanco Insurance........ 10
25
Alt A Logan Valley..........
American Gas of N J..100 116*$
American Railways----- 50
Preferred............... ..100
Baldwin Locomotive.. 100 n s ’ .
Preferred ...................100 110*$
17*$
Buff A Susq Corp v t c.100
50*$
Preferred v t c .......... 100
Cambria I ro n ...............50
Cambria Steel.......... ---5 0 '67*$
Catawlssa 1st pref-------50
Consol Trac of N J----- 100
Elec Storage Battery.. 100 72*$
35*$
General Asphalt---------100
Preferred ...........
100 72
Hunt A Brd Top pref.. .50
Insurance Co of N A — 10
J G Brill C o__________ 100 66
Preferred__________ 100 *98
14
Keystone Telephone___ 50
Preferred .................... 50
9%i
Lake Superior Corp— 100
78
Lehigh Navigation........ 50
76*$
Lehigh Valley............... 50
18*$
Lehigh Val Transit........ 50
Preferred___________ 50 38
Lit Brothers.....................10 19
Mtnehill A S H . . . ........ 50
Northern Central.......... 50 ” 84*$
Penn Salt M fg.................50 100*$
Pennsylvania......... ........50 58*$
98
Pennsylvania Steel----- 100
Preferred__________ 100
Philadelphia Co (Pitts).50
Preferred (5 % )---------50
Pref (cumulative 6%) 50
27*$
Philadelphia Electrlc.22*$
Phlln Gcr A Norris........ 50 140
Phlla Rapid T ra n sit...50 16*$
16J$
Voting trust rccts----- 50
Philadelphia Traction..50 76
Reading______________ 50 80
3
Tono-Bclmont Devel----- 1
5a
Tonopah Mining-------------1
Union Traction...............50 41
United Cos of N J------- 100
86*$
United Gas Impt.......... 50
U S Steel Corporation. 100] 86 }$
Preferred____ _____ 100
Warwick Iron A Steel.. 10 10*$
West Jersey A Sea Shore 50
Westmoreland Coal----- 50
Wm Cramp A Sons----- 100
York Railways...............50
Preferred.....................50
17*$ 17*$
25
25
116*$ 117
27
27
95
95
127 148*$
109 110*$
13
18*$
42
50*$
43
43*$
69
67
52*$ 53
71
71
70*$ 73*$
32*$ 36
71
72*$
15*$ 15*$
23*$ 23*$
61}$ 69*$
*98 *98
14
14
66
66
9*$, 9*$
76*$ 78*$
74*$ 76 J$
18*$ 18*$
37}$ 38
19
19
56*$ 57
83*$ 84*$
100*$ 103*$
57*$ 58*$
85
98
90
93
47*$ 47*$
37*$ 37*$
43
43*$
26
27*$
140 140
14
16J$
13*$ 17
76
77
77*$ 80*$
3*$, 3 %
5*$ 5*$
41*$ 44
222 222
86
86*$
82*$ 87*$
114*$ 115*$
10}$ 10*$
48*$ 48*$
66
67
87*$ 88
7!$
8*$
29*$ 30
55
150
111
15
78
610
355
492
2,633
152
40,856
71
14
2,172
5,363
2,095
55
149
2,555
5
60
110
2,745
475
470
50
1,045
200
45
61
553
3,021
367
296
20
10
420
11,789
76
1,395
17,946
186
1,428
5,893
2,615
5,474
61
1,620
66,804
11
740
10
146
270
225
290
R an ge s in c e J a n .
L ow .
15*$
25
100
24
94
30
90
11
36
41
41
50*$
70
47*$
24
60
8*$
21
Jan
Oct
Jan
Sept
Oct
Feb
Mar
May
July
May
Feb
Sept
July
Jan
Mar
Mar
Apr
Jan
July
June
Aug
Jan
Apr
71*$ May
65
Jan
13*$ June
26*$ Mar
19
May
54*$ July
82
Sept
80
Mar
51*$ Feb
34
Aug
49*$ May
29*$ Mar
31
Mar
32
Mar
23*$ Jan
140
Oct
7
May
7*$ May
70
July
70
May
3*$ July
5
July
30
May
220
Mar
80*$ Jan
38
Feb
103
Jan
9*$ July
47
Aug
58
Jan
18*$ Jan
6
July
28*$ July
1.
H ig h .
Sept
18
Oct
25
119
Oct
Jan
36
Jan
101
143*$ Oct
115
Sept
18}$ Oct
50*$ Oct
45
Sept
75
Sept
54
Jan
74
Apr
78*$ Sept
36*$ June
72*$ June
18
Sept
24
Oct
72*$ Oct
98
Oct
16
Apr
69
Apr
13*$ June
78*$ Oct
78*$ Oct19
Sept
38
Oct
19*$ Feb
57*$ May
86
Feb
Oct
108
59
Oct
Oct
93
Oct
98
48*$ Oct
40
Aug
46
Sept
27*$ Oct
140
Oct
16*$ Oct
17
Oct
79*$ Jan
81*$ Oct
5*$ Mar
7*$ Jan
44
Oct
225
Feb
87*$ Mar
87*$ Oct
115}$ Oct
11}$ Aug
50
Jan
67
Oct
91
Sept
8*$ Oct
33
Feb
1360
THE CHRONICLE
W e e k 's
F rid a y
R ange
S a les. L o w .
H ig h
S a les f o r
W ee k .
S h a res
R a n g e s in c e J a n .
1.
T ob a cco Stocks —
[Vol. 101
Railroads—
B id
As*.
As* West Pac 1st 5s 1933.. . M - S / ____
112 115
98 100
Street Railways—
Par
Scrip—
85
95
Com'w’lth Pow Ry A L ..100 55
56
Cambria Steel scrip. ,1916
100 102
3,511
95
Feb 102
Oct
*1412 10
Preferred..................... .100 81
83
Scrip.............. I-’eb 1917
98
*15
161 Federal Light A Traction 100 10
15
S c r ip ........... May 1917
99 a 10034
2,373
95
Feb 101
Oct
350 400
Preferred....................... 100 45
55
Philadelphia Co scrip. 1916
100
100
44
90
Feb 109
Aug
123 140 Republic Ry A Light___ 100
12
15
Scrip...... ................. 1918
98
98
44 80
Feb 98
Aug
145 155
Preferred....................... 100 59
62
Bonds—
98 100 Tennessee Ry L A P com 100
6
8
Amer Gas & Elec 5s. .2007 8 8
87%
Jan 8834 Aug
8834 §12,000 85
185 195
Preferred....................... 100 27
29
Sm all............ ......... 2007
87
1,700 85
Jan 88
Aug
8734
40) 425
United Lt A Rys co m ...10 0 37t2 41
Baldwin Locom 1st 5s 1940
105 105
7,000 10034 Mar 105
Oct
119 123
1st preferred................. 100 67
69
Beth Steel 1st ext s f 5s '26
1,000
102K 102K
99
Jan 10334 Aug
41
39
Wash Ry A El Co.......... 100
83t2 85
1st & refunding 5 s .. 1942
100 100
1,000 8734 Feb 10034 Aug
98 105
Preferred....................... 100 82
83
Consol Trac N J 1st 5s 1932
100K 10034
3,000 10034 Oct 10234 Feb
U0 125
4s 1951.........................J-D 81G 8214.
Elec A Peo tr cts 4 s.. 1945 7 5 H
75 % 76
15,000 73
Aug 79
Feb
155 170
Equt I Gas L 5s____ 1928 ______ 10534 10534
3,000 10534 Mar 10534 Oct
105 109
Elec. Cas & Power Cos—
Inter-State Rys coll 4s 1943
59
59 34 7,000 57
60
Apr
July
Am Cas A Elec com__ ...5 0 *1 0 2 t2 104
Keystone Teleph 1st 5s '35
94
9 IK
94 34 7,000
90
Jan 96
Aug
Preferred.........................50! *48
50
Lehigh CAN cons 4Ks '54 100
100
100
49,000
Apr
Ordnance Stocks — P e r 5 h a r e .
9754 Jan 100
Am Lt A Trac com m on.. 100 342 315
Lehigh Valley oons 6s 1923 110
110 11034 2,000 10834 July 11034 Oct Aetna Explosives com__ 100 162 100
Preferred....................... 100 107*2 110
Registered Gs........ . 1923
1,000 108
Sept 110
10SK 10834
Jan
Preferred....................... 100 85
88
Amer Power A L tcom ___100 60
61
Gen consol 4s........ 2003
89
89
89
20,000 8634 Aug 9034 May Amer A British M fg___ 100
56
60
Preferred........ .............. 100 79*2 80l;>
Gen consol 4K S...2003
99K 100
10,000 97
Feb 100
Apr
Preferred....................... 100 100 110
Amer Public Utilities comlOO 30t2 33
Lehigh Val Coal 1st 5s 1933
10434 10454
7,000 103
Jan 10434 Jan Atlas Powder com m on.. 100 255 260
66
Preferred....................... 100 63
Leh Val Transit 1st 5s 1935
2,000 102
10234 10254
Jan 103
Sep
Preferred....................... 100 95
99
Cities Service Co com___100 53
56
Ref A impt 5s____ 1960 ______
1,000 86
May 8834 July Bliss (E W) Co common..50 380 420
8734 8734
Preferred...................... 100 60
63
Market St El 1st 4s. .1955 92
92
92
1,000 91
Aug 9334 Jan
Preferred........ ...............50 *72
80 Consumers Power (Minn)
Penna RR cons 4 % s . 1960 _____
10334 10334 66,000 10234 Aug 105
Feb Canadian Car A Fdry__ 100 107 109
1st A ref 5s 1920...MAN 90*4 91*4
General 4 % a ______ 1965 98 K
9834 98 34 73,000 97
May
9834 Juno
Preferred....................... 100 120 122
99
Elec Bond A Share prof. .10!
P V A B ctfs 4 s ... 1921 _____
V
1,000 97
Jan
9734 9734
9834 June Canadian Explosives comlOO 400 415
Great West Pow 5s 1940.JAJ 8 U2
Peoples Pass tr ctfs 4s 1943
7,000 7634 Oct
Jan
7634 7634
83
100 100 110 Indiana Lighting Co___ too
Preferred.................
45
Phlla Co 1st 5s_____ 1949 _____
9934 100
6,000 95
Mar 10034 Oct Carbon Steel common__ 100 103
4s 1958 optional___ F-A
69
67
Cons A coll tr 5s__ 1951
88! -i 86
8834 35,000 70
Mar
1st preferred_________ 100 90
8834 ^ ct
99
North’ n States Pow com. 100 29*2 39*2Phlla Elec tr ctfs 5 s.. 1948 103
15,500 10035 Jan 103
101-34 103
Oct
2d preferred.......... ...... 100 78
85
Preferred................... ..100 85*2 87*2
S m all...............
1948
1,600 101
10234 103
Jan 103
Oct Colt’s Patent Fire Arms
Pacific Gas A Elec com .. 100 54
55
Trust certfs 4s___ 1950
7934 79 34 26,000 7734 Jan 81
Oct
M fg ...............................100 825 840
1st preferred_________ 100 86 88
Sm all................... 1950 82
81
8!
200 79
Jan 82
Oct
Driggs-Seabury Ord CorplOO 137 142
2d prof (old pref)____ 100 88
90
Reading gen 4s______ 1997 93 M 93
9334 67,000 91
Aug 95
Feb duPont (E I) de Nemours
South Calif Edison com. 100 76
79
Registered 4s......... .1997
9234 92 34
1,000 91
July 9234 Oct
Powder com (new)__ 100 440 450
Preferred.............
100 93
96
J-C collat 4s______ 1951 ____
2,000 9034 Jan
9234 9234
9334 Feb
Preferred....................... 100
102 Standard Cas A El (Del). 50 *5*2 0t2
Spanish-Am Iron 6s. .1927 101
101
5,000 10034 Jan 10234 Aug
10134
Electric Boat................... 100 430 450
Preferred...................
50 *26*2 28
United Rys Invest 5s. 1926 73
7.3
73
25,000 55
Mar
75
Oct
Preferred...... ................ 100 439 450
United Cas A Elec Corp. 100 17
20
U S Steel Corp 2d 5s. . 1963 ____
10.3 103
1.000 103
Oct 103
Oct Hercules Powder com_ 100 438 410
_
1st preferred................. 100 57
60
Welsbach Co 5s.......... 1930 ____ 1 9334 93 34 2,000 89
Jan
94
Oct
Preferred____________ 100 114 118
2d preferred_________ 100 18 21
Small bonds_____________ ____ ’ 9434 9434
200 90
Mar
04 34 Oct Hopkins A Allen A rm s.. 100 43 46
Utah Securities Corp____ 100 15
16
West N Y A Pa gen 4s 1943 . ........
75
75
1,000 7434 Oct
77
Fob
Preferred____________ 100 05 110
6% notes—Seo Short-Term Notes
Lake Torpedo Boat co m .. 10 *17
18
Western Power common. 100 1812 19lj
Midvale S te e l............... .10!) 325 399
Preferred_____________100 51*2 52t2
C U R R E N T N O TIC E.
Midvale Steel A Ordnance w I *94*4 95
NIles-Bement-Pond com . 100 150 154
Industrial
— ICean T aylor & C o ., 5 Nassau S t., this city , and 134 So. La Hallo S t..
Preferred____________ 100 lo t 105
and Miscellaneous
C hicago, havo prepared a circular on railroad bonds which should bo o f Savage Arms___________ 100 39 ) 105 Adams Exp col tr g 4s’47 -D / 7 1*2
72*2value to all investors interested in the present railroad situation. Sea ScovllI M f g .....................10!) 375 39)
Alliance Realty .
inn 75
85
to-day s advertisem ent for the list o f railroads referred to in circular.
Submarine Boat w I . . .......... *13*i 441 Amer Bank Note
5! •41
43
Winchester Repeat Arms 1002959 305C
Preferred____
S *49
C
50
— Eugene M eyer Jr. & C o ., 14 W all S t., this city , are advertising in
American Brass.
I.
'
10 c 245 248
to-day s issue, American Smelters Securities C o. 6 % cum ulative preferred
Short Term Notes. P e r C e n t . j
10 c 97 102
stock, series " A . " Yield at present prices about 6 % % .
Revised circular
............ ........................ „10c „ ,
„„
Amer Locom 5s July 1916 J-J 100*2 101*..
84
87
on application.
5s, July 1917......... ..... J-J 10 0 *
2:101 * Am Graphophone co m ..100 112 110
41
10c 112
Messrs. C offin Sc C o ., 4 ! Pino S t., N ew Y ork C ity , arc offering an at Am T A T Sub Cos 5s . 1916 lOOSi 101
Preferred____ _______ 100, 110 113
10c
tractive list o f high-grade bonds yielding the investor from 4.60 to 5 .5 0 % .
10(1 120 125
h or further particulars seo this firm ’s page advertisem ent.
5 120 130
(1
4Hs, 1918............... JAD
10c 40
45
Canadian Pac 6s 1924.MAS2 10212 102*4
10 c 91
95
95*8 95*4
Cites A Ohio 5s 1919.. .J - D
10(1
1
Chic Elev Ry 5s 1916........1-J 9U2 93>2 Bond A Mtge Guar.
10(1 260 270
Chic A West Ind 5s’ 17.MAS 99
99*4
100 10012 111
Cotisum Pow 6s 1917..MAN 99 100
100 101 100
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Erie RR 5s, April 1916. AAO 100*8 100*8
*9*4 9*s
..5
______________ DAILY. WEEKLY AND YEARLY.
53*8 April 1 1917___ A-O 100*8 100?8
10(1 135
General Rubber 5s 1918 JAD too 100*4 Celluloid Company........ 100 117 153
S to r k s .
Hocking Valley 5s 1917.M-N 100 loot
R a ilr o a d ,
S ta te, M u n
.25 •2258 2278.
W e e k en d in g
----------------- ,
A c .,
A F o r e ig n
100 14
20
V . S.
V 101 lotti City Investing Co.
O c t. 22 1915.
S h a r es.
P a r V a lu e.
R on d s.
Lackawanna Steel 6s’ 17 M-S 100*2 101
100 70 80
B onds.
B onds.
Lake Sh A M So 5s.Dec 1015 100's 100*8 Cramp Ship A E B ld g ... 100 86
90
Saturday................ .
396,834 §35,612,450 §1,907,500'
Minn Gen El 6s 1917...JAD 100>z 101U Emerson-Brantlngham . . 100 17 20
§22,000
Monday...... ..............
912,603! 78.225,300
New Eng Nav 6s 1917.M-N 97*s 97*8
3.661.500,
49
Preferred........ ............. 100
28.500
51
Tuesday...... ........... .
1,055,570! 95,262,000
4,510,000'
123,500
•U4 1*8
55.000 N Y N II A II 5s.May 1 1916 100*8 100?s Goldfield Consol Mines__ 10
Wednesday________
890,216, 75,316,600
4,294,500
31.500
500 Pub Ser Corp N J 5s '16 MAS 100-V 100?3 Havana Tobacco Co___ 100'
1>2 2*2'
Thursday__________
1,056,823 96,072,300
4,537.000
Preferred____________ 100;
8
4
171.000
6
2,000 Schwarz A Sulzb 6s '1 6 ..J-D 1007s 101 >
Friday.......................
1.059,520 95,279,625
2
4.793.500.
1st g 5s June 1 1922..J -D /52
168.000
58
34.000 Seaboard A L 5s 1916...M -S 1001 10078
Southern Ry 5s 1916... F-A 100t| 100l2 Interconttnen Huh c o m ..100 12(2 13
T o ta l...................... 5,371,563 §175,768,275 S23,701,000
5s Mar 2 1917........ M-S2j 00*s 99*8 Internat Banking < o ___ 100 110
§541.500 §41.500
SulzASonsCo6sJ'ne 1 '16M-S 1007s lOUs Internat Merc Marino__ 100
9i2 9*8
.
S a les at
W e e k e n d in g O ct. 22.
J a n . 1 to O ct. 22.
UnTypew 5s Janlo’ 16 J-J 15; 93*2 94*2
Preferred...... ..........
100 40*2 40*4
‘
N e t o Y o rk S tock
United FrultOsMay F17M-N 10U2 101*4 International Motor___ 100
43
16
E xcha nge.
1915.
1914.
1915.
1914.
Gold notes 5s 1918..M-N 99) 99*4
Preferred...................... 100, 70
Utah Co 6s 1917_______ A-O lOOt, 100*4 International Salt........ . 100, 35 40
Stocks— No. shares__
5,371,566
134,492,316
45,990,575 UtahSecurCorp 6s '22 M-S 15 81
85
1st g 5s 1951............. A-O /09
72
Par value .............. . §475,768,275
*11,531.939,915 $4,023,321,369
New York City Notes
International Silver pref. 100 102 106
Bank shares, par____
$6,300 STOCK
$147,300
§265,800 Cs Sept 1916....................
102*8 102*2
1st (is 1948...................J-D 100 108
B onds.
EXCH ’GE
0s Sept 11917.................
103)2 103*4
Deb 6s 1933.........
J-J
Government bonds__
41,500 CLOSED
•5888,500
§655,100
Canadian Govt. Notes—
ICelly-Sprlngfleld T ir e ... 100 240 247
State, mun.,Ac..bonds
$541,500
10,851,000
32,659,500 5s Aug 1 1916............... FAA 100*8 100*8
1st preferred_________ 100 91*2 93
R R. A mlsc. bonds__
23,701,000
659,934,700
301,771,500 5s Aug 1 1917................. FAA 100 100*4
2d preferred.......... ...... 100
P ev C t B a sis Kennecott Copper............ .
♦53*8 53*8
Total bonds............ *24,290,0)0
§680,674,200
§425,086,100
UR. Equipments—
B id .
A s k . Lanston Monotype____ 100
79
80
♦ *„
•
Baltimore A Ohio 4 K s......... 4.50 4.40 La Rose Consol Mines___ 5
*2
D A ILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Buff Roch A Pittsburgh 4 % a 4.60 4.40 Lawyers’ Mortgage C o .. 100 173 178
Equipment 4s............ ....... 4.60 4.4!) Lehigh Valley Coal Sales.50 *77
BALTIMORE EXCHANGES.
82
♦lg
Canadian Pacific 4t$s.......... 4.85 4.70 Manhattan Transit.......... 20
*4
5.25 5.00 Marconi Wireless of Amer.5 *4(.| 4*8
Caro Cl Inch f A Ohio 5s____
B o s to n .
P h ila d e lp h ia .
B a ltim o r e.
Central of Georgia 5s_______ 5.05 4.80 Mortgage Bond C o........ 100 118 122
W e e k e n d in g
Equipment 4%a_________ 5.05 4.80 National Surety............... 100 205 210
O c t. 22 1915.
S h a r e s . B o n d Sa les. S h a res.
B o n d S a les. S h a r es.
B on d S a les.
6
Chicago A Alton 4s..............
N Y Mtge A Security__ 100
98 103
8.00 6
Chicago A Eastern III 5a___
N Y Title Insurance Co.1001 35
41
Saturday..............
21,163
§12,000
9,414
$20,280
1,415
*40,500
Equipment 4H s................ 8.00 6
Nlplsslng Mines...................5 *<U8 7
Monday_________
36,277
28,300
26,941
92,593
3,389
26,300 Chic Ind A Loulsv 4H|s____
5.25 4.75 Ohio Copper C o................. 10
*'8
'4
31,283
42.500
43,846
88,544
2,607
45,900 Chic St L A N O 5s................ 4.60 4.45 Otis Elevator com_____ 100
71
73
Wednesday______
31,531
25.500
29,267
106.665
4,325
40.000 Chicago A N W 4 H s............ 4.50 4.30
Preferred................... .100 92
94
42,367
131,000
43,393
110.665
1,977
40.000 Chicago R I A Pac 43$s___
7.50 5.50 Realty Assoc (Brooklyn).100 04
99
67,016
40,064
53,900
89,700
2,030
39,810 Colorado A Southern 5s__
5.10 4.80 Remington TypewriterErie 5s.................. ...............
4.95 4.75
Common_____________100 16
17
Total ..
229.637 *293.200 197,925 §508,447
15,743 *241,510
Equipment 4 K s..............
4.95 4.75
1st preferred_________ 100 55
Equipment 4s__________
4.95 4.75
2d preferred...... .......... 100 35
Hocking Valley 4s..............
4.85 4.00 Riker A Hege’ntCorp forstk) *5^4 (>
Equipment 5s__________
4.85 4.00 Royal Baking I’owd com . 100 150 155
Illinois Central 5a.......... ..... 4.55 4.40
Preferred....................... 100 103 105
All bond prices are “ and interest” except where marked M
f.'
4Ks
4.55 4.40 Safety Car Heat A Light. 100 129 131
Kanawha A Michigan 4 His.. 4.90 4.65 Singer Mfg C o................. 100 208 210
P e r sh a r e .
Standard Oil Stocks
r S hare
4.50 4.30 Standard Coupler co m .. 100 25
Louisville A Nashville 5s___
P a r B id . A s k .
35
B id
As*. Pierce Oil Corp...................25 *13
4.75 4.50
Preferred....................... 100 100
13*2 Minn St P A S S M 4 W s ___
Anglo-Amer Oil new___
*16*4 17*4 Prairie Oil A Gas............. 100 4 10 105
Missouri Kansas A Texas 5a. 6.50 5.50 Sterling Cum.......................5 *2*8 21?
025 635
7.50 5.50 Texas A Pacific Coni___ 100 150 175
Prairie Pipe Line_______ 100 210 214
Missouri Pacific 5s..............
265 275 Solar Refining................. 100 285 295
5.0 1 4.70 Tonopali Extension Min.
Mobile A Ohio 5s_ ______
_
*2*8
2*4
•110 112 Southern Pipe Line C o .. 100 230 235
5.00 4.70 Triangle Film.................
Equipment 4Ms........ .....
5 *7<s 7*4
710 730 South Penn Oil................. 100 333 338
New York Central Lines 5s.
4.85 4.70 United Profit Sharing___
*21,1
2*8
135 145 Southwest Pa Pipe Lines. 100 125 13)
Equlpment 43$s.......... ..
4.85 4.70 U S Casualty___________100 190 210
250 255 Standard Oil (California) 100 307 310
N Y Ontario A West 4 Hs_
_
4.85 4.05 U S Envelope com______ 100 129 134
•45
48
Norfolk A Western 4>$s___
4.50 4.30
103 100*2
Standard Oil (Indiana)..100 445 450
Preferred____________ 100
Cumberland Pipe Line.. 100 63
67 Standard Oil (Kansas) ..100 430 440
Equipment 4s..........
1 15
4.50 4.30 U S Finishing................... 100 1
Eureka Pipe Line Co____ 100 250 260 Standard Oil of KentuckylOO 325 335
Pennsylvania RR 4 His
4.35 4.20
Preferred____________ 100 33
3S*2
Galena-Signal OH c o m ... 100 150 162 Standard OH of NebraskalOO 345 355
Equipment 4s.................. . 4.35 4.20
1st g 5s 1919------------ J-J 90
Preferred..................
100
135 140 Standard Oil of New Jer.100 474 477
St L011I3 Iron Mt A Sou 5 s.. 6.50 5.00
Cons g 5s 1929-----------J-J 68 73
Illinois Pipe Line............. 100 150 152 Standard Oil of New Y ’rklOO 199 201
St Louis A San Francisco 5s.
U S Title On A rndem.-.tOO 30
6
50
Indiana Pipe Line Co____50 •iUO 111 Standard Oil of Ohio___ 100 505 515
Seaboard Air Line 5 s . ......... '4.90 4.00 Westchester A Bronx Title
Internat Petroleum........... £1
•9*4 10*4 Swan A Finch__________ 100 125 135
Equipment 4 3$s.......... ..... 4.90 4.60'
A Mortgnge Guar......... 100 165 180
National Transit Co_____25 •31
33
Southern Pacific Co 4Ms__ 4.55 4.40 Worthington (II R) Com
Union Tank Line C o___ 100
84 86
New York Transit C o ... 100 220 225
Vacuum OH..................... 100 215 220
Southern Railway 4H s........ 4.85| 4.65
pany pref____________ 100 94
07
Northern Pipe Line C o .. 100 103 108
Washington OH_________ 10 *43
Toledo A Ohio Central 4s__ 4.90 4.70 Yukon Cold .......................5 *2*8 2*8
48
Ohio Oil Co_____ _______ 25 •156 158
Bonds.
•Per share, ft Basis, d Purchaser also pays accrued dividend, e New stock.
Penn-Max Fuel Co.............25 •58
60 Pierce OH Corp conv 68.1924
79 82
/F lat price, n Nominal, x Ex-dlvldend. y Hx-rights.
Bonds—
( C o n .)
L ow .
H ig h .
P e r Sha r e .
P u r B id .
s34*s
American Cigar commonlOO
Preferred....................... 100
Amer Machine A F dry..l00
Brltish-Amer Tobac ord._£l
Ordinary, bearer.......... £1
Conley Foil..................... .100
Johnson Tin Foil A Met. 100
MacAndrews A Forbes.. 100
Preferred....................... 100
Porto Rican-Amor T o b ..l0 0
Reynolds (R J) Tobacco. 100
Preferred-..................... 109
Tobacco Products com .. 100
United Cigar Stores com. 100
Preferred____ _______ 100
Young (J S) C o ________ 100
Preferred...... ................100
no
too
Volume of Business at Stock Exchanges
74
Inactive and Unlisted Securities
1 3 61
THE CHRONICLE
OCT. 23 1915.]
|mrestmmt and ^axXmacX
R
A
I L
R
O
A
D
G
R O
S S
% u tz lliQ tn tt.
E A R N I N G S .
T ho following tablo shows the gross earnings of ovory S T E A M railroad from which regular w eekly or m on th ly returns
can bo obtained. T h o first tw o colum ns o f figures give the gross earnings for the latest week or m on th , and the last two
colum ns the earnings for tho period from July 1 to and including the latest week or m o n th .
W o add a supplem entary
statem ent to show tho fiscal year totals of those roads whose fiscal year does not begin w ith J u ly , but covors some other
poriod.
The returns of the electric railways are brought together separately on a subsequent page.
L a te s t G r o s s E a r n in g s .
ROADS.
W eek or
M o n th .
Ala N O & Tox P a cN O S Nor E ast. Soptombor
Ala & V icksburg. September
Vicks Shrev&Pac September
Aim A rb or......... — 2d wk Oct
Atch T op & San F e. A u g u s t ___
Atlanta Birin Sc Atl A u g u s t ___
Atlanta & West P t . August ___
Atlantic Coast Lino A u g u s t ___
Chariest & W Car A u g u s t ___
Lou Ileiul & St L A u g u s t ___
■aBaltlmoro & O h io. September
B & O C h T e r lilt A u g u s t ___
Bangor Sc Aroostook A u g u s t ___
Bessemer & L Erie A u g u s t ___
Birmingham South- A u g u s t ___
Boston & M aine— A u g u s t ___
B uff Koch & Pittsb 2d wk Oct
Buffalo & Susq Jilt August
Canadian Northern 2d wk Oct
Canadian P a cific. . 2d wk Oct
Central o f G eorgia. August —
Cent o f New Jersey August —
C ont New England . August —
Central V e rm o n t.. August —
Chi's Sc Ohio Lines. 2d wk Oct
C hicago & A lton ___ 1st wk Oct
Chic Burl & Quincy August ---b Chicago & East 111 A u g u s t---c Chic GroatW ost . 2d wk Oct
C h ic Ind & Louisv. 2d wk Oct
Chic M ilw & St P . A u g u s t ---Chic Mil & Pug 3
dChic & North West A u g u s t ---Chic Peoria Sc St I.. August —
dChic St P M Sc Om A u g u s t ---Chic Terre II & S E A u g u s t ---Cin Ham Sc Dayton A u g u s t ---C olorado Midland A u g u s t ___
c C olorado Sc South 2d wk Oct
August —
C o rn w a ll-----Cornwall & Lebanon August —
A u g u s t___
Cuba Railroad . .
Delaware & Hudson August —
Del Lack Sc Western August —
D onv Sc Rio Grande 2d wk Oct
Wostern P a c ific .. A u g u s t ___
Denver Sc Sait Lake 1st wk Oct
Detroit T ol Sc Iront August —
D etroit Sc M ackinac 2d wk Oct
Dot Sc T ol Shore L_ A u g u s t ___
Dul & Iron R a n g o.. A u g u s t ___
D uluth So Sh Sc Atl 2d wk Oct
Elgin Joliet & East. August ___
El Paso Sc Sou West A u g u s t ___
A u g u s t ___
Eric__________
Florida East C oast. A u g u s t ___
Fonda Johns & GIov A u g u s t___
Georgia Railroad. A u g u s t ___
Grand Trunk P a c_, 4th wk Sept
Grand Trunk Syst. 2d wk Oct
Grand Trunk I ly . 4th wkSopt
Grand Trk W est- 4th wk Sept
Dot Gr II & Milw 4th wk Sept
Great N orth System September
G u lf Sc Ship Island A u g u s t ___
H ocking Valley____ August ___
September
Illinois Central
Intcrnat Sc Grt N or A u g u s t ___
Kanawha Sc M ic h .. A u g u s t ___
Kansas C ity S outh. Soptombor
Lehigh Valley
September
Lehigh & Hud River A u g u s t ___
Lehigh Sc Now E ng. A u g u s t ___
Louisiana & A rk.
A u g u s t ___
Louisiana Ry & N av A u g u s t ___
/L ou isville & Nashv 2d wk Oct
M acon Sc Birm'ham A u g u s t ___
M aino Central
A u g u s t ___
M , r . land Sc I’cn n a . A u g u s t ___
Midland Valloy------ August —
Mineral Range------ 2d wk Oct
M inn Sc St L o u is .. 1 2d wk Oct
Iowa Central — f
M inn St P& S S M . 2 d wk Oct
Mississippi Central. August
a M o Kan & Texas 2 d wk Oct
h Missouri P acific. . 2d wk Oct
Nashv Chatt & St L August . . . I
1 st wk Oct
N ovada- Cal- O re;
j Now York Central August
lioston St Albany. August
n Lake Erie & W . August
M ichigan Central August
Clove C C & St L August
Cincinnati North August
I’ itts & Lake Erie August
N Y Chic Sc St I.. August
Tol Sc Ohio C ent. August
T o t all linos above August
New Or! Great N or. August
J u ly 1
L a test G ross E a r n in g s .
to L a te s t D a t e .
C u rren t
Y ear.
P r e v io u s
Y ea r.
C u rren t
Y ea r.
P r e v io u s
Y ear.
201.820
135,784
130,101
40,484
10004377
210,227
101,208
2,017,173
120,100
120.720
9,017.810
134,559
238,011
1,208,025
08.971
4,305,024
200,584
121,519
707.800
2.988.000
800,99(i
2,078,315
358,211
341,210
835,185
328,220
8.147,525
1,334,120
342,092
152,962
8,285.177
$
291,531
137.651
128,053
52,631
10106480
243,735
107,251
2,213,700
140,022
130,836
8,782,332
147,371
232,846
1.150.008
84.038
4,400,884
207,270
113,036
053.000
2,220,000
1,031,504
2,878,392
314.877
301,057
703.000
313,200
8,742,382
1,385.512
350.020
132,231
8 ,1S9,202
942,412
878, 626
410,403
337, 328
400,027
370, 197
730,110
090 ,811
21.326 ,710 19 ,775,732
504,400
450 ,081
206.823
108 ,052
4,104 ,500
,751,905
236 ,762
289,084
237 ,748
255,545
27,637 ,420 25 ,629,300
202 ,705
280,032
462 ,793
475.190
2,534 ,732
,209,071
137 ,470
174.095
8,404 ,200
,042,027
3,473 ,710
,203,704
237 ,014
250,521
6,028, 000
,444,200
32,584, ,827
.477,730
1,887, ,824
,197,875
5,700, 030
,002,904
722, 352
501.870
061 ,812
003,057
13,099 ,032
700,331
4,298 ,802
220,055
15,521 ,650
,003,055
2,525 ,724
,700,965
4.230 ,358
,388,839
2,185 ,009
113,194
16,504 ,458
,014,188
7.937,061
143,810
1,498,741
177,854
904,080
137.181
310,178
10,320
34.673
416,034
2,130,303
3,758,702
577.800
722,592
38,400
104,129
21,439
109,427
917.089
00,539
993.407
813,928
5,945,706
345,453
80.347
219,188
152,097
1,007,819
1.130.030
208.903
77,946
7.809,016
145,841
050,074
5,570,452
508,040
200.700
870,730
3,043,037
161.397
270.009
132,402
182,751
1,151,575
10,034
1,050,510
40,525
145.700
21,752
241.903
8,378.083
160,120
1,708.324
198,631
977,450
201,080
303,172
12,510
35.299
343.487
2,103,520
3,715,017
40.8.000
553,804
38,387
181.652
21,903
115,158
085,608
54,702
831,572
704.910
5,488,707
299,293
90.198
251,220
146,725
1,012,328
1,159,292
182,683
01,008
8,081,031
150,705
711,035
5,529,432
727,346
325.488
850,105
3,015,827
157.878
225,263
180,702
171,491
1,015,150
12.300
1,000,623
48,007
125,783
11,505
238,090
15,127 ,409
,740,894
271 ,224
314,497
2,9.32 ,074
,289.313
341 ,124
388,944
1,014 ,837
010.104
259 ,098
330,710
4.230 ,752
,125,423
21 ,138
24,974
75 ,301
61,789
836 ,724
720,031
4,175 ,453
,100,820
7.145 ,834
.467,622
7,803, ,511
,346,387
1.425, 043
,115,043
569, ,578
533,305
207, 231
333,242
312, ,285
318,130
215, 321
207,132
1.780, 388
,497,952
1,078 ,593
894,009
1.875 ,934
,031.920
1,562 ,771
,445,069
11,018 ,804
,908.318
70.3 ,240
591,159
100 ,220
180,434
424 ,905
500,052
884 ,338
,201,453
,200,911
15,7 76 ,513
10,030 ,258
,671,068
1,077 ,084
,003,522
0/4,012
771 ,053
19,800 .307
,838,132
285 .802
300.445
,102.440
1,103 ,210
,770,005
15,079 ,121
,406.284
1,257 ,748
004,882
508 ,300
,000,074
2,509 ,402
,268,255
11,450 ,907
200.480
315 ,402
458,005
590 .011
336,539
209 .351
312,382
351 ,900
16,144 ,034 10 176,875
21 ,003
26,861
2,047 ,480 2,081,491
77 ,007
88,410
270 ,973
242,049
313 ,110
242,790
3,035 ,000 3,121,318
741,260
64,447
653.759
1.231.000
945.760
12,791
14458030
1,525,749
575.173
3.243.727
3.503.590
149,892
1,823,809
1.053.030
418,381
20811530
148.720
730,273
80.754
000,081
1.203.000
985.872
13,129
13874007
1.487.009
506,003
3.021.357
3.307.000
157.402
1.518.102
907.114
544.932
25504480
141,750
9,527,857
132.003
8,051,329
17,000,000
1.888,003
138,487
28,320,511
3,001.047
1.004,551
0.203,209
0.727.018
288,010
3,470,332
2,017.874
821.348
52,073.890
289,000
9,398,050
160,193
9,404,999
18,491,000
2.057,652
135,854
26.904,465
2,057.189
1.074,558
5.859.609
0.514,147
287,022
3,021,70,3
1.887,772
801,330
49.308.553
290,828
ROADS.
W eek or
M o n th .
C u rren t
Y ea r.
J u ly 1
$
8
143,208 160,765
6.264,053'5,756,909
912.030! 1,000,730
317,750 315,072
345,405 328,471
4,729,492 3,996,567
6.076,329 6,075,933
456,831 404,445
609,596 589,470
17674705 17001206
153.448
166.760
282,482
276.764
1,472,452 1,505,27
114,236
121.574
381.230 363.123
1,920,926 1,905,018
1,018,421 1,010.298
5.779,671 5.496,066;
503,7691 560.140
3,747.744 3,585.259
980,608:1X04,976
N O M obile & C h ic. A u g u s t ___
N Y N II & H a r t f.. August . . .
N Y Ont Sc Western A u g u s t ___
N Y Susq Sc W e s t .. A ugu .st___
N orfolk S o u th e rn .. A u g u s t ___
N orfolk & W estern. A u g u s t ___
Northern P a cific___A u g u s t ____
N orthwestern P ac . A u g u s t ___
Pacific Coast C o . . . July . . .
//Pennsylvania R R . August____
B alt Ches & Atl _ . August____
Cum berland Vail. August___
Long Island_____ August
M aryl'd Del & Va August___
N Y I’ hila Sc N orf August____
Phil B alt & Wash August____
V/ Jersey Sc Seash August____
Pennsylvania C o ___August_____
Grand Rap & Ind August____
Pitts C C & St L. August____
V a n d a lia _______ August_____
T otal lines—
East Pitts & Erie August____
W est Pitts Sc Erie August____
All East A W est. A ugust____
Pero M a rq u ette___A u g u s t ____
Reading C o —
I’ hila Sc R eading. A u g u s t ___
Coal & Iron C o . . A u g u s t ___
T otal both c o s ___A u g u s t ____
Rich Fred & P otom A u g u s t ___
Rio Grande June___J u ly _______
R io Grande S o u t h ..I2d wk Oct
Rock Island L in e s .. A u g u s t ___
R u tla n d ___________ A u g u s t ____
St Jos Sc Graud Isl. A u g u s t ___
St L Brownsv & M . A u g u s t ___
St L Iron M t & Sou A u g u s t ___
St Louis & San Fran A u g u s t ___
St Louis Southw _ 2d wk Oct
_
San Pod L A Sc S L. A u g u s t ___
Seaboard Air L in o .. A u g u s t ___
Southern P a cific___A u gu .st____
Southern R a ilw a y .. 2d wk Oct
M o b ile & O h io ___2d wk Oct
Cin N O Sc T ex 1>. 2d wk Oct
A la Groat S outh. 2d wk Oct
Georgia So Sc F la . 1st wk Oct
Spok Port Sc Seattle A u g u s t ___
Tenn Ala & Georgia 1st wk Oct
Tennessee C entral. A u g u s t ___
Texas Sc Pacific . . 2d wk Oct
Tidewater & W est. A u g u s t _
_
T oled o Poor & W est 2d wk Oct
T oled o St L & W est 2d wk Oct
T rinity & Brazos V . A u g u s t ___
Union P acific S yst. A u g u s t ___
V irgin ia n __________A u g u s t
Virginia Sc So W est. A u g u s t _
_
W a b a sh ___________ September
Western M a ry lan d. 2d wk Oct
Wheel & Lako E rie. September
W rightsville & Tenn A u g u s t _
_
Y azoo & M iss V ail. September
4.230,252! 4,129,396
1,973,932 2,477,393
6,204,184 6.606.789
211,7271 207,916
78.505
76,558
13,455
12,548
6,385,862 6,663,030
327,198 325.279
140,171
129.496
211,079 226.616
2,008,518 2,735,464
3,753,083 3,844,985
274,000 229,000
770,009
958,193
1.576.580 1,600,828
13207856 11672157
1,330,731 1,279.876
195.691
234,444
173,605
192,801
78.914
82,815
45,273
44.615
406.785 461,246
1,432
1,467
140,625
132,214
395.617 393,778
8,012
6.982
25,117
24,166
102,380
113,513
83,193
59,012
8.446.063 8,468,027
572.604
641.644
178.076
152,719
2 ,SO 1,901 2,647,733
166,731
202,260
569,727
749,501
19,244
16,821
1.110.662 878.548
V a r io u s F is c a l Y e a r s .
P r e v io u s
Y ea r.
$
282,804
12.511,713
1,873.602
635.540
677.910
9.196.836
11,426,11.2
919,333
609,590
34,430.410
307,208
521,351
3,025,805
220,350
862.694
3,825,613
1,913.526
11,419,695
958,726
7,137,930
1.901.863
$
342.357
11,512,543
1,993,291
604,704
694,200
7,746,302
11,867.995
833,244
5*9.470
33.009.793
341.523
522,736
3,025,083
233.679
805.742
3,757,065
1.841.603
10.694,560
1.049,719
7,061,469
1,961,438
P e r io d .
23616954 23011495 46,269.487 44,823.078
11152 942110792 320 21,697,425 21,045,371
34769 896 33803 817 67,966.912 65.868.451
1.629,418; 1.624X90 3.182.022 3.003.617
Jan
Jan
Jan
Jan
Jan
Jan
J an
Jan
1
1
1
1
1
1
1
1
Jan
Jan
Jan
Jan
T otal all linos
Jan
Jan
Jan
;Jan
Jan
Jan
N Y Philadelphia Sc N orfolk . Jan
Phila Raltiinore & Washing'n Jan
Jan
Jan
Jan
Jan
Jan
V a n d a lia ..
Jan
Jan
— All Lines E & W . Jan
D ec
Jan
1
1
1
1
1
1
1
1
1
I
1
1
I
1
1
1
1
1
1
1
1
1
B uffalo Sc Susquehanna R R ____
Delaware & H udson___________
E r ie ____________________________
N ow York C e n t r a l./___________
Boston Sc A lb a n y____________
Lako Erie & W e ste rn .n .........
M ichigan C e n t r a l___________
Clove Cine Chic & St L o u is ..
Cincinnati N orthern________
Pittsburgh Sc Lako E rie.........
to L a te s t D a te .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
.951,195
8,313 .451
,300.345
3,791 ,212
,251,540
12,104 .663
465,829
464 ,653
78.505
76 .558
169 ,898
171.137
12,052 ,348 12 ,703,788
632,187
640 .955
336.279
245 ,653
426.192
424 ,385
.470.530
5,010 ,567
,660,938
7,303 306
,218,309
3,281 .822
,648.800
2.041 .655
,523.999
3,204 225
.305.077
26.171 060
478,050
18,676 058
.444,751
3,155 906
,786,191
2.731 102
,412,476
1.342 250
647,922
583 740
937,940
892 740
22,854
22 283
294.778
262 088
,111,388
5.151 586
15.553
15 768
384.532
361 689
,390,829
1.468 286
219,010
111 877
16.292 929
,027,264
1,230 260
,042.115
347.378
298 928
.0S9.816
8.100 640
,533,710
3,035 120
1,979 098
.617,362
37.863
30 363
.656,851
3,007 703
C u rren t
Y ear.
P r e v io u s
Y ear.
to Aug 31 $912,139 $935,344
to A ug 31 14.956,752 14,848,864
to Aug 31 41,232.933 39.351,864
to Aug 31 103873494 100056767
to Aug 31 11.1.80.551 11,015.638
to Aug 31 3.830,691 3,759.821
to Aug 31 22,851.323 22,121,986
to Aug 31 23,769,308 23,097.992
to Aug 31
925.222
990.389
to Aug 31 10,517.276 11,017,340
to A il" 31 7,699.581 7,450,674
to Aug 31 2,893,412 2,917,2*9
to Aug 31 187612028 182362719
to Aug 31 2,638,571 2.590,770
to Aug 31 122589414 124856342
to Aug 31
842.866
793,966
to Aug 31 1.901,552 2,231.197
to Aug 31 9,078,805 9,012,931
to Aug 31
626.054
599,031
to Aug 31 2,728,944 2,598,804
to Aug 31 13.542,230 13.575.991
to Aug 31 4,691,748 4,557.932
to Aug 31 36.635,916 36.956 176
to Aug 31 3.425.257 3.588.388
to Aug 31 25.577,541 26.228,45:)
to Aug 31 7,058,861 7.159,75
to Aug 31 159031218 161500 8' 3
to Aug 3! 73.715.403 74.999.801
to Aug 31 232746620 236 5 0 06 6 1
to July 31
539,33.3
563.485
to Aug 31 2,274,300 2.312,238
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* W e e k ly S u m m a r ie s .
C u rren t
Y ear.
P re v io u s
Y ear.
In crea se or
D ecrea se.
%
* W e e k ly S u m m a r ie s .
C u rren t
Y ear.
P r e v io u s
Y ear.
In crea se or
D ecrea se.
C u r. Y r. P rev. Y r.
M ilea g e.
$
S
S
$
S
$
week Aug (36 roa d s)____ 1 1 .6 0 1,0 6 1 12,507.332
— 966,271 7.90
Decem ber .,.216.807 243 ,242 232.598.369 258.285.270 — 25.686.901 9.94
— 652.986 5.17
week Aug (37 roa d s)____ 11.965.891 12.618.877
January . . . .216.959 243 .559 220.2.82,196 236.8,80.747 — 16.598.551 7.01
woek Aug (36 road s)____ 12,220,564 12,778,103
— 557.539 4.02
February . . .246.186 212 ,837 210.860.681 212,163.967 — 1.30.3.286 0 61
woek Aug (33 roads)____ 16,778,185 17.122.595
— 344.410 2 .0 1
M a r c h ____ .246.813 243 598 238 1 .5 7 ,X81 >53.352.099 — 15.194.218 5.99
week Sept (36 road s)____ 12,032,760 12.057,576
— 24.810 0.20
A p r i l ____ .217,701 215 170 237.696.378 241.090.842] — .3.394.464 1.41
— 276,003 2.07
week Sept (37 roads)____ 1.3.108,847 13.381.850
M ay . . . . . . ..247.747 245 ,207 244.692,738 24.3.367,9.53 + 1.324.785 0.54
week Sept (35 roads)____ 13.332,571 13,319,783
— 17,212 0.13
J u n e______ .240,219 235, ,828 248.849,716 247.535.879 + 1.313,837 OX3
week Sept (37 road s)____ 18,614,775 17,922,564
+692.21 1 3.86
J u ly ______ .213,012 211. 796 262.948.115 260,624.000 + 2.324.115 0 8.
week Oct (37 roads)------ 14,393,591 13,249,948 + 1,1 13,613 8.63
A ugu st____ .217,809 245, 754 279,891.22 4 274.618.381 + 5.2 72 .8 4 3 I X 3
Septem ber . . 90.087
weok Oct (32 roads)------ 14,406.155 12.873,769 + 1,532,386 11.98
88, 918 76.783.163 76.074.204
+ 708.959 _0X3
a Includes Cleveland Lorain & Wheeling R y.
b Includes Evansville & Torre Haute and Evansville Sc Indiana R R .
c Includes M ason C ity & Fort
D odge and the W isconsin Minnesota & P a cific, d Includes not only operating rovenuo, but also all other receipts, r Docs not includo earnings o f C o lo
rado Springs & Cripple Crock District R y. / Includes Louisville Sc Atlantic and tho Frankfort Sc Cincinnati, g Includes tho Texas Central and the
W ichita Falls lines, h Includes the St. Louis Iron M ountain & Southern, j Tho com praisons here given are with the results o f operation o f the New
York Central Sc Hudson River R R ., Lako Slioro & M ichigan Southern Ity., Chicago Indiana Sc Southern R R . and Dunkirk Zlleghcny V alley & Pittsburgh
R R .. which have boon com bined for such com parative purposos only, n Includes tho N orthern Ohio R R . p Includes tho Northern Central. *W o
no longer includo the M exican roads in any o f our totals.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
1362
THE CHRONICLE
Latest Gross Earnings by Weeks.— In the table which
follow s we sum u p separately the earnings for the second w eek
of O ctober.
T h e table covers 3 2 roads and shows 1 1 .9 8 %
increase in the aggregate over the sam e week last year.
1915.
S e c o n d W e e k o f O c to b er.
1914.
Net increase (1 1 .9 8 % )_________
$
3,931
59,314
113,900
762,000
42,119
20,731
19,199
13,006
79,200
11,777
$
3,147
45,000
50,855
1,839
11,133
35,529
14,406,155 12,873,769 1,588,745
—
1,532,386
...............
14,528
524
36,302
907
951
56,359
F or the first week o f O ctober our final statem en t covers
3 7 roads and shows 8 .6 3 % increase in the aggregate over the
sam e week last year.
1915.
1914.
In crea se.
D ecrease.
S
1
$
S
Previously reported (30 roads). 13,618,064 12,500,258 1,196,034
Ann Arbor_____________________
---------52,631,
47,327
Chicago & Alton_______________
313.200;
15,020
328,220
Chicago Great Western_______
293,892
293,596;
296
71,921
59.658'
12,263
Duluth South Shore & Atlantic.
Mineral Rango. _______________
16,044!
3,865
19,909
Nevada-Callfornia-Oregon_____
12,791
13,129
---------1,432
35
Tennessee Alabama & Georgia. _
1,467
$
78,228
5,304
Total (37 roads)______________ 14,393.591 13,249,948 1,227,513
................ 1,143,643
Net increase (8 .6 3 % )__________
83,870
F ir s t w eek
of
O c to b e r .
338
Net Earnings Monthly to Latest Dates.— T h e table
follow ing shows the gross and net earnings o f S T E A M
railroads and industrial com panies reported this week:
------- G r o s s
C u rren t
Y ea r.
R oa d s.
E a r n i n g s ---------- — N e t E a r n i n g s -------P re v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
Baltimore & Ohio.b ____Sept 9,617.819 8,782,332 3,193,673
July 1 to Sept 3 0 ------2 7 ,6 3 7 .4 2 9 25.629,396 9,665,094
Delaware* H udson.b-.A ug 2,130,303 2,103,526
883,258
Jan 1 to Aug 31_______14,956.752 14,848,864 6,338,314
Kansas City South’n .b .S e p t
870,730
859.165
362,028
July 1 to Sept 30______ 2,509,492 2,690,074 1,059,376
Lehigh V alley-b________Sopt 3,943,637 3,915,827 1,289,646
July 1 to Sept 30_______ 11,456,997 11,268,255 3,686,646
IN D U ST R IA L COM PANIES.
57,127
59,725
Alabama Power, a -------- Sept
89,995
572,168
513,744
Oct 1 to Sept 30 ............
961,738
65,505
CedarRapMfg&Pow.a.Sept
100,728
426.367
665,967
Jan 1 to Sopt 30............
148,852
307,377
Cleveland Elec Ill_a ---S e p t
315,543
Jan 1 to Sept 3 0 ______ 3,195,205 3,133,905 1,637,362
335,155
279,412
Cities Service Co______ Sept
349,456
Jan 1 to Sept 30............ 3,045,477 2,858,307 2,920,269
43,423
73,971
Dayton Power & Lt a.-S op t
87,371
349,390
674,363
Jan 1 to Sept 3 0 ______
756,151
500,602
208,983
Detroit Edison.a______ Sept
601,631
Jan 1 to Sept 3 0 - - - '- ._ 5,427,526 4,581,118 1,957,298
Kings Co El Lt & Pow .a—
Jan 1 to Sept 30______ 4,949,149 4,550,392 1,550,851
Montana Power.a—
784.624
913,171
July 1 to Sept 30............ 1,082,319
Jan 1 to Sept 30______ 2,992,526 2,856.530 2,129,819
Northern States Power and
197,738
330,579
Subsidiary Cos______ Aug
377,343
Jan 1 to Aug 31______ 3,204,993 2,855,882 1,748,248
Pacific Tel & Tel Co Sys—
July 1 to Sept 30______ 5,234,300 4,894,577 1,133,850
411,997
231,737
Southern Cal Edison. . .Sept
422,332
Jan 1 to Sept 30 ______ 3,569,969 3,557,171 1,937,970
2,634,129
7,673,469
913,877
4,791,216
299,029
992,960
1,250,886
3,590,214
31,845
219,077
147,021
1,459.707
268,836
2,775.763
33,154
291,660
156,669
1,522,819
1,446,370
631.645
2,016,863
172.723
1,493,969
1,109,369
223,783
1,791,251
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Cedar Rap M fg & Pow.Sept
Jan 1 to Sept 3 0---------Cleveland Elec 111_____ Sept
Jan 1 to Sept 3 0 ---------Cities Service C o_______Sept
Jan 1 to Sept 30______
Dayton Power & L t-------Sept
Jan 1 to Sept 3 0 ---------Detroit Edison_________ Sept
Jan 1 to Sept 30______
Kings Co El Lt & Pow—
Jan 1 to Sept 30______
Montana Power—
July 1 to Sept 30______
Jan 1 to Sept 30______
Pacific Tel & Tel Co Syst—
July 1 to Sept .30............
34,098
322,665
40,833
297,500
17,405
154,705
78,816
639,797
$
31,509
138,836
113,419
1,318,483
294,321
2,552,769
*26,205
*195,897
110,368
1,156,664
8
________
________
112,924
1,137,012
228,003
2,478,263
*16,550
*145.786
77,853
883,022
648,076
644,938
*950,079
*850,160
297,274
853,191
248,125
815,972
487,350
1,276,628
383,520
1.200,891
617.305
585,193
516,545
524,176
$
33,996
287,531
35,433
318,878
40,833
367.500
18,312
162,643
98,615
800,633
S
1
Jan.
to
C u rren t
Y ea r.
la tes t
d a te.
P r e v io u s
Y ea r.
S
3,963 .981 4,139,892
243 909
248,785
1,262 ,686 1,403,750
509,152
512 ,805
120 ,581
116,051
377 ,938
360,936
651,213
610 ,036
/50963 ,110 /49073.148
82,721
77 ,735|
13,195 ,402 13,196,219
220 ,1431 231,531
735,842
690 ,446
276,141
267 ,845
810 ,839
837,571
454 ,658
434,827
1,907 ,266 2,007,271
10,405 ,485 10,295,395
5,371 ,137 5,404.250
2,753 ,137 2,484,361 •
1,972 ,112 1,899,051
1,165 ,443 1,467,880
8,510 ,613 8,175,515
238 .416
256,719
750 .318
867.770
1 ,579 ,845 1,768.801
441 ,652
444,249
623 ,761
685.676
900,631
960 ,656
1 ,267 ,479 1,051,632
4.693 ,457 4,664,047
851,155
767 ,52 I
651,301
626 ,928
2,085,118
384,465
180,505
3,623,732
7,038,273
17,163,038
410,421
150,873
74,392
906.050
1,316,494
485,631
112,567
2,192,296
3,838,676
967,322
1,393.132
340.882
200,188
. 76,948
654,994
6,588,305
257.316
307,984
116,290
2,488,442
1,086,328
200,112
49,727
186,003
166.192
17,746,129
296,674
3,665,162
703.832
4,964,859
2,234,921
3,279,760
175,530
828,324
307,718
526.883
409.316
109,067
141,904
648.023
1,891,236
4.173,872
7,169,793
1,330,892
3,820,473
535,794
272,076
167,080
354,049
597,104
188,417
112,143
2,178,175
402,669
193,034
3,704.590
7,083,971
17,515,940
495,919
164,031
88,805
966,324
1,226,769
452,778
110,279
2,393,886
3,990,523
1,013,475
1,481,023
321,601
183,331
76,740
649,663
6,685,683
263,387
268,831
123,584
2,416,902
1,402,161
201.298
54,260
199,311
185.546
17,829,949
246,001
4,269,928
705,499
5,652,046
2,248,108
3,616,873
173,657
856,984
306,059
568.360
437,242
105,787
135.610
650,813
1,963,178
4,583,860
7,108,324
1,317.441
3,851,922
527,567
277.268
170,110
345,039
589,315
177,079
119,302
Electric Railway Net Earnings.— T h e follow ing table
R oa d s.
o f N e t E a r n s .—
P r e v io u s
C u rren t
Y ear.
Y ea r.
P re v io u s
Y ea r.
b Represents income from all sources,
c Those figures are for consoli
dated company. /Earnings now given In mllrels. g Includes constituent
companies.
------- G r o s s
IN D U ST R IA L C O M PAN IES.
—
- I n t . . R e n t a l s . A c .— ■ B a l .
P re v io u s
Y ea r.
C u rren t
Y ea r.
$
American R ys C o ___ September 467,622 474,478
Atlantic Shore R y ___ A u g u s t ___
51,883
53,357
c Aur E lgin & C hiclty A u g u s t ___ 189,975 211,108
Bangor R y & Electric A u g u s t ___
73,221
72,661
Baton R ouge E lec C o A u g u s t ___
15,284
14,158
B e ltL R y C o rp (N Y C ). J u n o _____
63,881
64,196
Borlcshiro Street R y . A u g u s t ___
91,619 100,431
Brazilian T ra c, L & P A u g u s t ___ /6576000 /6166100
Brock & P lym St R y . A u g u s t ___
14,395
16,237
B klyn R ap Tran Syst J u n e _____ 2384,038 2461,564
C ape B reton E lec C o A u g u s t ___
33,226| 32,742
Chattanooga R y & Lt A u g u s t ___
91,213
91,032
C lov Painesv & E ast. August ___
43,453
43,789
Cleve Southw & C o l. A u g u s t ___ 114,658 123,058
Colum bus (G a) El Co A u g u s t ___
56,000
54.600
Colum (O) R y . 1’ & T A u g u s t ___ 242,299 243,564
.
pC om ’w ’th P R y & L September 1211,588 1175,031
C onnecticut C o _____ A u g u s t ___ 796,221 802,418
Consum P ow (M ich ). September 319,695 275,524
Cunib C o (M e) P & L September 249,418 230.662
Dallas E lectric C o ___ A u g u s t ___ 147,944 174,775
D etroit United Lines iVugust___ 1228.043 1130,742
D D E B & Bat (Rec) J u n o _____
44,459
41,040
Duluth-Superior T rac A u g u s t ___
98,055 115.900
East St Louis & S ub. August ___ 205,259 219.250
61,087
Eastern Texas K le c .. A u g u s t ___
55,065
86,432
75,111
E1 Paso Electric C o . _ A u g u s t ___
42d St M & St N A vo J u n o -------- 162,541 162,957
G alv-H ous Elec C o . . A u g u s t ___ 135,757 228,733
522,935 523,160
pGeorgia R y & Power September
Grand Rapids R y Co A u g u s t___ 101,207 114,380
Harrisburg Railways A u g u s t ___
89,959
76,247
Havana El R y , L & P
53,934
50,336
(R ailw ay D e p t)_ W k Oct 10
_
49,967
Honolulu R T & Land A u g u s t ___
47,745
24,573
fioughton C o T r C o . A u g u s t ___
25,511
b Hudson & M a n h at. A u g u s t ___
427.195 424,659
Illlnois T r a c t io n ____ August ___ 884,788 885,681
Interboro Rap T ra n . J u n e _____ 2689,444 2714,667
55.798
47,613
Jacksonvilie T rac C o A u g u s t ___
21,529
19,170
Keokuk E lectric____ A u g u s t ___
11,388
9,000
K ey W est E lectric___ August ___
Lako Shoro E lec R y . A u g u s t ___ 144,480 156,220
198,668 182.931
Lehigh Valley Transit August —
79.359
76,293
Lowist A ug & W aterv A u g u s t ___
25,593
25,214
L ong Island E lectric. J u n o _____
Louisvillo R ailw a y. _ September 251,593 272,245
M ilw El R y & Lt C o . A u g u s t ___ 465,232 479,262
M ilw L t, H t & T r Co A u g u s t___ 147,035 151.649
Nashville R y & Light A u g u s t ___ 166,467 180.508
58,871
N Y C ity In terb oro. _ J u n e _____
58,617
39,370
37,509
N Y * L ong Is la n d .. J u n e _____
15.799
14,810
N Y & N orth Shore. . J u n e -------N Y * Queens C o ___ J u n e _____ 125,290 125.931
N ew Y ork R ailw ays. J u n o _____ 1134,141 1175,971
52,391
N Y * Stam ford R y . A u g u s t ___
46,258
36,139
N Y W estches & Bost A u g u s t ___
40,621
17,785
N ortham pton T ra c’n A u g u s t ___
17,119
N or Ohio T ra c & L t . A u g u s t ___ 360,055 343,543
N orth Texas Electric A u g u s t ___ 147,066 174.662
38.898
36,006
N orthw Pennsyi R y . J u l y _____
18,668
15,859
Ocean E lectric (L I ) . J u n o _____
24,804
23,551
Paducah T r & Lt C o . A u g u s t ___
22,669
22.075
Pensacola E lectric Co A u g u s t ___
Phila R apid T ransit. September 2009,979 1949,439
37.051
41,267
Phila & W estern____ A u g u s t ___
P o rt(O r e )R y ,L * P Co A u g u s t ___ 460,861 487,264
Portland (M el R R . . A u g u s t ___ 121.917 121.027
Pugot Sound T r,L & P A u g u s t ___ 606,229 689.028
(/Republic R y & L t._ September 266,302 244.649
Rhode Island C o ____ A u g u s t ___ 511.492 535,817
38,252
36,794
R ichm ond Lt & R R . J u n e -------St Jos R y L t H & P C o August ___ 104.195 113,454
39,182
38,457
Santiago El Lt & T r . A u g u s t ___
71,339
65.768
Savannah Electric C o A u g u s t ___
79,751
87,597
Second Avenue (Rec) J u n o _____
20,364
20,358
Southern B oulevard. J u n e _____
32,767
33.134
Staten Isl M id la n d .. J u n e _____
82,810
78,924
T im p a Electric C o . . A u g u s t ___
Third A venue______ J u n o _____ 336,163 344,063
T oron to Street R y . . September 489,573 525,254
Twin C ity R ap T ra n . 1st wk Oct 180,330 179,180
Union R y C o o f N Y C J u n e -------- 251,078 255,702
Virginia R y & P ow er. September 452,005 424,985
74,839
71,767
Wash Balt & A nnap. A u g u st___
56.780
51.367
W estchester E lectric. J u n o _____
27,734
W estchester St R R . . August — 1 24,718
64,585
60,753
Yonkers R ailroad___ J u n e _____
63,398
72,186
York R ailways............ September
25,461
25,077
Youngstown * O h io. A u g u s t ___
17.135
16,490
Youngstow n & South August —
Interest Charges and Surplus.
C u rren t
Y ea r.
W eek or
M o n th .
gives tho returns o f E L E C T R I C
earnings reported this week:
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
C o m p a n ie s.
$
$
$
79,842
*164,100
*149,676
689,936 *1,280,899 *1,165,838
L a test G ro ss E a r n in g s .
136,425
7,247
3,303
4,993
$
85,806
756,075
Southorn Cal Edison___Sept
Jan 1 to Sept 30______
N am e of
R oad.
55,491
73,000
38,753
R e n t a l s , Ac.-------- T ta l. o f N e t E a r n s .—
C u rren t
P re v io u s
C u rren t
P r e v io u s
Y ear.
Y ea r.
Y ea r.
Y ear.
— I n i.,
C o m p a n ie s .
* After allowing for other income received.
In crea se.
$
$
A nn A rb or_____________________
49,484
52,631
78,914
Alabam a Great Southern______
82,845
B uffalo Rochester & Pittsburgh
266,584
207,270
Canadian N orthern____________
767,800
653,900
Canadian P a cific_______________ 2,988,000 2,226,000
Chesapeake & O h io____________
835,185
793,066
C hicago Great W estern_______
356,620
342,092
Chicago Ind & Louisville______
152,962
132,231
Cine New Orl & T ex P a c______
192,804
173,605
303,172
C olorado & Southern__________
316,178
498,600
Denver & R io Grande_________
577,800
21,963
D etroit & M ackinac___________
21,439
Duluth South Shore & A tl_____
54,762
66,539
Grand Trunk o f C anada_____
Grand Trunk W estern_____
1,067,819 1,012,328
D etroit Gr Hav & M ilw a u ..
Canada A tlantic___________
Louisville & N ashville_________ 1,151,575 1,015,150
14,505
M ineral R ango_________________
21,752
M inneapolis & St L ouis______ 1
241,993
238,690
Iowa Central_______________ (
736,273
M inneapolis St Paul & S S M ._
741,266
M issouri Kansas & Texas_____
653,759
690,061
M issouri P acific________________ 1,281,000 1,208,000
195.691
M ob ile & O hio_________________
234,444
R io Grande Southern__________
12,548
13,455
229,000
274,000
St Louis Southwestern_________
Southern R ailw ay______________ 1,330,731 1,279,876
Texas & P a cific________________
393,778
395,617
25,117
T oled o Peoria & W estern______
24,166
T oledo St Louis & W estern____
113,513
102,380
W estern M arylan d ____________
166,731
202,260
[Vol. 101
C u rren t
Y ea r.
railw ay gross and net
I t a m i n g s ------P r ev io u s
Y ea r.
S
S
t and
, 1,211,588 1,175,031
10,405,485 10.295,395
55,065
61,087
Eastern Toxas Elect .a .-A u g;
441,652
444,249
Jan 1 to Aug 31______
228,733
135,757
Galveston-Houston El.a.Aug;
1,267,479 1,651,632
Jan 1 to Aug 31.
Georgia R y & Power and1
523,160
522,935
subsidiary co s.a -------- Sept;
Jan 1 to Sept 30............. 4,693,457 4,664,047
272,245
i
251,593
. 2,192,296 2,393,886
17,785
;
17,119
123,584
116,290
1,421,634
t 1,558,689
13,723.761 12,510,301
S 2,009,979 1,949,439
. 5,847,648 5,813,676
60,942
60,313
Porto Rico R y s .a ----------Septt
589,957
560,187
„
Jan 1 to Sept 30............
e t E a r n i n g s ------P r ev io u s
C u rren t
Y ea r.
Y ea r.
------- N
$
S
614,884
5,378,646
25,741
193,021
46,147
467,065
568,735
5,259.039
27,230
172,627
119,506
757.176
182,091
227,714
1,947,899 1,896,287
121,123
124.269
1,040,535 1,024,425
5,666
8,319
45,979
53,582
605,971
647,335
5,894,599 5.127,468
894,488
835,475
2,549,719 2,450,993
32,490
29,313
273,406.0 272.403
------- G r o s s
C u rren t
Y ea r.
R oad s.
N et earnings hero given aro after
Net earnings hero given aro before
Balance for the Wisconsin Edison
$135,814 for Sept, and $1,783,241
e t E a r n in g s C u rren t
P r e v io u s
Y ear.
Y ea r.
S
689,028
5,652,046
424,985
1,314,998
63,398
660,926
S
219,063
1,807,480
236,965
691,536
37,633
317,257
C272.053
c3 ,417,516
$
284,578
2,275,172
212,545
680,423
31,849
303,283
deducting taxes,
doudcting taxes,
C o. and depreciation o f sub. cos.
for tho 12 m onths.
Interest Charges and Surplus.
— I n t.,
R e n t a l s , & c .—
C u rren t
P r e v io u s
Y ear.
Y ea r.
R oa d s.
-D a l. o f N e t E a r n s .
C u rren t
P re v io u s
Y ear.
Y ear.
$
S
$
S
Comm onwealth Pow R y & L t, and
178,313
424 ,065
144,670
436,571
constituent co s ----------Sept
3,718,694 1,519,219 1,540,344
Jan 1 to Sept 30............
8,802
18,428
8,930
16,811
Eastern Texas E lect----- Aug
70,250
67,059
122,771
105,568
Jan 1 to Aug 31............
36.20S
83,298
10,232
35,915
Galveston-IIouston E l..A u g
296,035
461,141
287,836
179,229
Jan 1 to Aug 3 i ---------76,812
73,250
*65,974
*66.384
Louisville R y -------067,208
646,917
*513,514
*516,013
Jan 1 to Sept 30---------324 277
*304,454
329,601
*346,759
P acific Gas & Elect------ Sept
Jan 1 to Sept 3 0---------- 2,973,236 2,919,147 *3,184,881 *2,428,431
815,611
807,969
78,877
27,506
Philadelphia R ap Trans.Sept
101,570
24.894
July 1 to Sept 30............ 2,448,148 2,426,099
154,760
156,457
64,303
128,121
Puget Sd T r Lt & P ow .A u g
545,880 1,040,008
Jan 1 to Aug 31---------- 1,261,600 1,235,165
142,370
136,038
*103,835
*84,530
Virginia R y & Power. . -Sept
429,676
409,959
*287,230
*291,382
July 1 to Sept 30---------24,723
22,199
12,910
9,650
Y ork R y s ............. . . . - - - S e p t
218,488
85,140
84,795
232,116
D ec 1 to Sept 30---------x After allowing for other incom e received.
Great Northern Railway.
30 19 15 .)
T ho full toxt o f tho romarks o f C hairm an and President
L . W . H ill is given on subsequent pages; also tho rovenuo and
income accounts, tho general balanco sheet in detail, & c ., & c.
Tho com parative statem ent of traffic statistics and income
account for tho several years wero published in last w eek’s
issuo on pago 12 86 . Below wo give the com parative balance
sheets for three years:
BALAN CE
j\ ss c ts ~ ~ “
R y . prop ., incl. adv. < invest, in sysfc
tom roads (sec details
SH EET
1915.
$
^
30.
1914.
5
JU N E
40Q 253 362
^
B onos assumed—"held b y m tg. trustee 14,106,000
1913.
$
14,106,000
14,106,000
C °heldf b y '"Trustee‘o f join t b om ls.'.^ . .'109,114.810 109,114,810 109,1 14,810
Other securs. & invest, (seo details on
...................-111.810,326 109.828.139 93,338,149
subsequent page)
_______
11,590,503
5,514,654
5.117,633
Cash on hand
4,173,201
D uo from agents_____________________ 1,952,098
2,916,390
Duo from U. 8. & .Can. P . O. d o p t s ..
214,441
197,863
190,459
D u o from U. S. Transportation-------12,212
12,838
12,744
A dvanced charges--------------------------------55,444
56,418
92,681
Bills receivable______________________ 10,365,010
8,511,810
6,500,429
Other accounts receivable, & c------------ 2,484,023
3,889,210
3,709,591
6,692,877
M aterial and fuel----------------- - — - 4,390,253
6,558,797
Other working assets and deferred
645,916
debit items (n ot)------------------------------------1,742,457
C L A S S I F I C A T I O N O F T O N N A G E F O R Y E A R S E N D I N G J U N E 30.
P ro d u cts o f —
A g r i c u l . A n i m ’ ls . * M i n e s .
F o re sts.
M a n u fa c . M d se^
1914-15 (ton s)___333,156 150,017 8,602,280 1,122,960 1,525,257 471,061
1913-14 ( t o n s ) . . . 283,841 105,697 7,572,019 1,235,103 1,323.475 458,923
* Includes 7,412,492 tons o f bituminous coal in 1914-15, against 6,200,410
tons in 1913-14.
T R A F F IC
687,459,879 676,817,447 643,947,852
0 ,n
911
7,822,793 12,958,546
Paym ents new stock subscriptions —
Funded debt (seo ‘ ‘ R y . & in d . Sec.
and subsequent pages)------------------J U - 387,409 300,738,409 293,444,409
1,489,256
2,889,256
Bills and accounts payablo--------------2.160.802
4,035.202
Vouchers unpaid_____________________ 1 1309*845
3,197,909
2,762,247
Unpaid pay-rolls_____________________ jj ,197,361
2.765,755
2,768,937
Unpaid cou pon s_____________________ * ,769,126
1,980,454
1,931,164
A ccrued taxes_______________________ 3 ,110,662
51,300
210,000
Interest on accrued stock subscriptions
146.004
175,817
146,004
A ccrued bond, & c., interest_________
6,804,877
2,952,020
D uo affiliated com panies____________
2 ,786,599
5,557,358
8,090,424
Im provem ent and betterm ent fu n d .. 5 342,723
Depreciation o f equipment fu n d _____ 26 ,541,818 25,810,905 23,600,526
384,497
128,166
Depreciation o f Allouez Bay Oro D ock
---------280,532
750,000
M innesota rato case refunds_________
-
1,228,241
1,024,375
Insurance, & c., funds________________ 2,353,674
A dditions and betterm ents paid from
improvements and renewals f u n d .. 35,550,920 34,279,749 30,729,340
St. P. M . & M . cons. m tge. bonds re
724,000
635,000
tired by sinking funds since N o v . ‘07
811,000
720,353
725,900
M iscella n eou s-----------------------------------607,655
Other working liabilities & deferred
credit itom s(net)..........................
2,620,648
P rofit and loss-------------------50,446,802 48,679,219 45,143,106
T o t a l .......................- ............................687,459,879 676,817,447 643,947,852
— V . 101, P- 1266.
St. Louis Southwestern Ry. (“ Cotton Belt Route” )
(24</i Annual Report— Year ended June 3 0 1 9 1 5 .)
Tho remarks of Chairm an E d w in G ou ld and extracts from
the report of President F . H . B ritton will bo found, along
with tho balance sheet and incomo and profit and loss state
m ents, on subsequent pages of this issue o f tho “ C hroniclo.”
Tho usual com parative tables o f earnings and balance
sheet wero given in tho “ Chroniclo” o f O ct. 19, pago 11 8 1 .
S T A T IS T IC S
YEARS
1914-15.
M iles operated_________
661
1,889,404
Passengers carried-------Pass, carried 1 m ile____ 49,019,031
A v . rects. p.pa ss.p .m ile.
1 .9 3 6 cts.
Tons rev. freight carried
12,204,731
O f which coal & c o k e .
7,999,605
Tons carried one m ile. ..13 9 8 02 3 646
A v . rects. p. ton p. m ile.
0.524 cts.
Opcr. revenue per m ile.
$13,132
IN C O M E
AC C O U N T
E N D IN G
30.
JU N E
1913-14.
1912-13.
1911-12.
661
543
543
2,210,810
2,194,998
2,271,985
54,459,468 55,201,443 53,235,842
1.8 7 6cts.
1 .8 0 6 cts.
1.771 cts.
10,979,058 10,821,039 10,647,841
6,849,549
6,636,144
6,904,538
1241476775 1083106832 1006731817
0.554 cts.
0.579 cts.
0.596 cts.
$12,504
$14,056
$13,339
YEARS
E N D IN Q
JU N E
30.
E a r n in g s —
1914-15.
Freight__________________ $7,326,471
P a sse n g e r_____________
948,777
M a il, express, & c---------328,304
In cid e n ta l_____________
79,907
1913-14.
$6,877,763
1,021,816
326,8471
41,3101
1912-13.
$6,274,403
996,691
301,585
1911-12.
$0,001,113
942,553
299,392
______
T otal oper. re v e n u e .. $8,683,459
$8,267,736
$7,632,679
$7,243,058
M a in t. o f w ay & s t r u c .. $1,204,048 $1,597,714 $1,155,972
M aint. o f equipm ent___ 1,479,331
1,896,115
1,240,025
T ra ffic expenses__________
260,136
280,094
189,602
Transportation expenses 3,056,078
3,826,424
3,271,908
229,063
248,2841
*161,640
General expenses______
M iscoll. operations-------38,046
---------- /
Transporta, for in v e s t ..
C r . 9,290
-------------------
$994,543
925,479
125,568
2,662,848
*174,842
$7,848,630
$419,106
$6,019,147
$1,613,532
$4,883,281
$2,359,777
306,859
263,205
240,000
252,070
B a la n co _____________ $2,119,188
dcf.930
M iscel. operations--------
$155,901
def. 1,753
$1,373,532
cr.2,341
$2,10,7770
cr.3,432
Operating incom o____ $2,118,258
Int. adv. to sub. cos.:
6,519
For con struction_____
10,898
For add'ns & better'ts
251,449
Inc. from coal c o s ., & c. -
$154,147
$1,375,873
$2,111,209
1,850
16,583
209,022
819,640
114,785
149,625
302,525
Gross corp. incom e— $2,387,124
$121,567
Lease o f other roads____
144,363
liiro o f equipm ent_____
79,467
R ent join t fa cility_____
A dd'ns & betterm ents. .
2,677,871
Interest on bonds______
186.337
Other i n t e r e s t _________
85,424
Am ortization, & c----------
$381,602
$121,567
149,512
83,889
$2,459,923
$130,677
103,106
80,287
622,902
$3,036,636
20,910
69,811
42,867
2,057.944
240,701
2.484,655
58,9841
17,187/
2,580,704
108,594
53,001
$3,097,267 $2,874,896 $2,432,233
T otal deductions____$3,295,029
Balanco ....................... ..def.$907,905dfS 2,715,665def.$414,973 sur.$604,403
Preferred dividends____
(1)8100,000 (4)$400,000
BALAN CE SH EET JU N E
30.
1914.
5
49,429,330
10,029,000
64,601,240
1,000,000
125.819
1,500,090
464,807
1915.
L ia b ilitie s —
$
A ssets—
Preferred stock. 49,429,198
Property owned
(cost)_______111 ,063,684 108,853,205 Common stock. 10.028,000
Funded debt__ 63,778,405
Securs. of other
400,000 Loans&bills pay. 3,785,000
cos. pledged..
400,000
127,523
320,983 Traffic,Ac.,bals.
Cash__________
734,766
871,756
2,132 Acc’ts A wages.
Securs. in treas.
______
925,335
3,507 Matur. Int., A c.
Loans & bills rec
3,379
690,362 Acer. Int., rents,
Traffic, Ac., bals.
673,278
514,275
147,233
A c............ ..
Agts. & conduc.
116,427
259,762
1.188.251 Accrued taxes..
Material & supp 1,051,804
204,825
693,770 Miscellaneous..
Mlsc. accounts.
583,097
898,822
602,623 Accnied deprec.
Dlsc’t on bonds.
557,653
178,492
do stock___ 12,734,835 12,734.835 Unadjus. acc'ts.
183,992
347,772 Approp. surplus
Sinking funds..
--------Other def'd debit
78,598
Items_______
118,397
2,230,435
Profit and loss.. x3,148,064
1914.
5
1915.
$
522,178
257,878
101,422
*"77,950
183,992
Total
..131,185,385 128,293,706
T o ta l............ 131,185,385 128,293,706
x After deducting miscellaneous items (net) aggregating $9,724.— V. 101,
p . 371. 132.
T o t a l ..........................................
L i a b i l i t i e s —•
Capital stock --------------- — --------------- ^ J ,476,722 230,997,700 209,990,750
3 0 1 9 1 5 .).
On subsequent pages w ill bo found the rem arks of President
C arl R . G ra y ; also the com parative incom e account for the
last tw o years, the profit and loss account for the late year
and tho balance sheet as of June 3 0 19 15 .
Taxes accrued, & c_____
Annual Reports.— A n index to annual reports of steam
railroads, street railways and miscellaneous com panies which
have been published during the preceding m on th will bo
given on the last Saturday of each m on th . T h is index will
not include roports in tho issue of tho “ Chroniclo” in which
it is published. T h e latest index will be found in the issuo
of Sopt. 2 5 . T h o next will appear in th at of O ct. 3 0 .
(Report for Fiscal Year ending June
(Report for Fiscal Year ending June
T otal expenses---------- $6,257,412
N et oper. revenue_____ $2,426,047
ANNUAL REPORTS
CONDENSED
Western Maryland Railway.
-------N
E a r n in g s —
P r e v io u s
Y ea r.
Pugot Sd T r L t & I'ow .a.A u g
606,229
Jan 1 to Aug 31---------- 4,964,869
Virginia R y & P o w .b — Sept
452,005
July 1 to Sept 30---------- 1,343,561
Y ork R y s .b ................ .S e p t
667,694
D ec 1 to Sept 30---------W isconsin E d ison .a . . .S o p t
725,481
Oct 1 to Sept 30---------- 8,480,990
a
b
c
was
1 3 63
THE CHRONICLE
Oct. 23 1915.]
Minneapolis & St. Louis Railroad.
(Results for Year
1914-15
Reported to N . Y. Stock Exchange.)
1914-15.
1,646
Average miles operated ..
Operating revenue--------.$10,111,945
Operating expenses____. 6,903.594
.
465,184
T axes____________
1913-14.
1,646
59,620,884
6,892,350
440,521
1912-13.
1,646
$9,707,004
6,707,751
382,242
1911-12.
1.586
$7,954,116
6,174,435
336,379
a $2,743,167
. D e b . 24,230
$2,288,013
CY.109,147
$2,617,011
C r . 155,698
$1,443,302
CY. 108,521
T otal net incom o____. 52,718,937
)
S392.684
Hire o f equipment (net)
Bond interest, & c----------. 2.139.649
$2,397,160
$322,035
2,228,517
$2,772,709
$163,033
2,157,782
$1,551,823
$88,642
2,130,222
.
Y e a r s en d in g J u n e SO.
Balanco, sur. or d e f„su r.$ 1 8 6 ,6 0 4 d cf.$ 1 5 3 ,392 sur.$451,894def.$667,041
BALAN CE
SH EET
1915.
1914.
S
S
Road & equip’ t__ 63,626,677 63,235,355
Sec. of affil., Ac),
cos.— pledged.. 1 771,678 1,771,678
C a s h ...................
203,140
202.418
Securities owned—
,
Stocks________
978,9961
Bonds................ 2.134,972/ 2,954,318
Notes_________ 5,500,000
360 ,05 8
Agents & conduc.
360.757
492 ,48 7
Cos. & Individuals 488,643
378,193
358,652
Material A supp..
19,668
113,666
Mlsceli. accounts.
Unadjusted accts 1,637,274 1,55 1,4 46
A ssets—
LStfl ■ .
a ’lrf
' * 3 .1 3 5 ^
Total - - - - - ___ 77,193,996 70.946,080
- V . 101. I). 1272, 615.
JU N E
30.
1915.
1914.
5
S
Common s to c k ...15,370,200 15,370,200
Preferred stock__ 5,917,500 5,917.500
Bonds & notes (see
L ia b ilitie s —
‘ ‘ R y .& I n d .‘ ‘ S ec)4 1 ,4 4 8 ,0 9 5 4 3 ,6 9 8 ,0 9 5
E q u ip , trust n otes. 8 ,9 5 7 ,7 5 0
8 5 9 ,0 0 0
Bills payable____ 1,103,801
Vouchers & wages. 1,167,798
Traffic, &c., bals.
246,585
75,3 95
Transit accounts..
4 80 ,76 1
Mlsceli. accounts.
Matured interest.
100,508
Taxes accrued-----325 ,53 9
Accrued interest..
498 ,33 9
O per.,&c., reserves 200 ,14 2
654 ,75 7
Deprec’n reserve..
356 ,23 7
Unadjusted accts.
290,591
Profit and loss___
1,027,025
1,461.354
137,467
54,166
661,322
98,931
294,204
499,272
101,073
582,430
2,320
281,721
T o ta l................ 77,193,996 70,946,080
1301
THE CHRONICLE
New York New Haven & Hartford RR.
{Report fo r Fiscal Year ending June 30 1915.)
The report of President Howard Elliott will be cited fully
in next week’s issue of the “ Chronicle.”
R O L L IN G S T O C K A N D
F IS C A L R E S U L T S
(R O A D P R O P E R .)
(Usual operating statistics omitted from 1914-15 report.)
1914-15.
1913-14.
1912-13.
1911-12.
Average miles_________
2,003
2,002
2,046
2,091
E q u ip m e n t —
Locom otives__________
1,267
1,308
1,349
1,244
I’assongor c a r s_______
2,459
2,361
2,360
2,354
Freight c a r s___ ______
34,308
35,713
36.185
38,053
Other cars____________
1,424
1,2 2 1
1,410
1,2 10
In c o m e A c c o u n t .
--------- N e w B a s is ------------ ---------- O ld B a s is -----------E a rn in g s —
1914-15.
1913-14.
1913-14.
1912-13.
F reig h t............................$31,179,319 $32,476,639 $32,476,373 $34,071,975
Passenger_____________ 27,010,799 27,643,836 27,400,673 27,896,300
4,539,3151
M ail, express. A c .......... 4,520,810
Incidental, A c .. . ........... 2,068,330
2,792,802/ 6,740,647 6,045,228
T o ta l.......................-.565,379,264 $07,452,592 $66,617,693 $68,613,503
E xpen ses—
Maint. of way & struct. $7,729,241 $8,831,004 $8,831,084
893,090
Maint. of equipment_
_ 9,780,330 10,392,278 10,389,458
,000,669
T ra ffic ________________
473,368
502,020
502,020
582,310
Transportation............... 23,958,702 26,978,872 26,868,688
,203,271
947,999
General_______________ 1,611,243
1,924,120
1,924,120
Miscellaneous operations
592,054
014,446
________
Transp’n for investment Cr. 18,314
Cr. 9,790
________
[Vol. 101.
Tho expenditures for maintenance of equipment decreased $354,766, or
9.62%, duo to economies in practically all repair accounts whorovor possi
ble without impairing efficiency.
A v e r a g e U n it Cost o f R e p a ir s to R o llin g Slo ck a n d A v e ra g e f o r 7 Y e a r s .
1915. 1914. 1913. 1912. 1911. 1910. 1909.
A ver.
L ocom otives..$3,129 $3,505 $4,503 $3,001 $3,336 $2,818 $2,458 $3,285
No. on hand
345
345
319
316
261
316
271
310
Pass, cars___ $912
$954 $1,231 $1,035
$923
$682
$594
$915
No. on hand
204
206
206
210
210
210
203
207
Freight cars_
_
$67
$87
$107
$99
$70
$68
$25
$20
Aver. N o_ 13,850 13,750 11,749 11,910 11,994 12,035 12,193 12,497
_
Traffic expenses decreased $75,630, equivalent to 14.77%, tho principal
decrease being in the cost of advertising, amounting to $44,074, or 56.24% .
The increased expense in operation of joint facilities, $32,508, is duo prin
cipally to tho Inauguration of Kansas City Terminal on Nov. 1 1914.
General expenses were $361,520, a decrease of $45,980, or 11.28% , duo prin
cipally to economies in salariesandjoxpenses of officers, clerks and attendants.
Im p r o v e m e n ts . — These included, with other items, shop improvements
at Bloomington, 111., now completed and in operation; at Brighton Park,
111., a now 8 -stall roundhouse and at Venice, 111., a 5-stall addition; at Brigh
ton Park, 111., elevation of coach yard and construction of additional elovated yard tracks, nearing completion, 9,000 ft. of track elovated to estab
lished grade, and at Venice completion of terminal improvements begun in
previous years. Between Atlanta and Lawndale, 111., 3.85 miles second
main track completed and five new automatic signals installed. [Addi
tions and betterments to road during tho year aggregated $766,952, includ
ing $223,611 for land for transportation purposes, and $115,115 for shops
and engine houses.]
O P E R A T IO N S A N D
F IS C A L R E SU L T S.
Balance....................... $18,502,082 $14,650,123$14,619,604 $18,316,855
Dividends on stocks_$1,450,667
$2,542,005 $3,521,761 $6,487,517
Interest on bonds______
179,118
273,244
273,244
241,344
Miscellaneous incom o..
1,443,422 2,453,088\
3,452,985 3,334,924
Bents received............... 2,781,844
2,553,187]
O p era tio n s —1914-15.
1913-14.
1912-13.
1911-12.
Miles Juno 30.........
1.050
1,040
1.039
1,039
Tons rev. freight carried 7,864,283
8,484,525 10,678,122 10,123,710
Tons rev. fr’t car. 1 m . 1,435,351.427 1464671.657 1767291.064 1616732,817
Fr’t rocts. per tr. m ile..
$2.68
$2.68
$2.71
$2.44
Fr’t rocts. per ton per m. 0.641 cts.
0.607 ets.
0.561 cts.
0.576 cts.
Rev. passengers carried. 3,677,113
3,909,200
3,887,642
3.823,772
Rev. pass, carried 1 mile 198,407,646 218,638,922 214,983,040 210,555,248
Beets, per pass, per mile 1.935 cts
1.889 cts.
1.962 cts.
1.949 cts.
Rocts. per pass. tr. mile
(inel. mail & express).
$1.45
$1.46
$1.35
$1.42
Gross revenue ner mile.
$14,688
$13,996
$13,562
$13,630
- N e w B a s is ------— ---------- Old B a s is ----------1913-14.
1913-14.
1912-13.
In c o m e A c c o u n t —
1914-15.
$9,200,517 $8,892,276 $8,882,611 $9,908,251
Freight.________
Passenger____________
3,839,893
4,130,289
4.1.30,289
4,218,552
994,8381 1,143,375
Mail, express A misc_
_
973,1 17
1,128,062
Incidental, A c_________
232,066
242,076/
Total not incomo___ $24,357,133 $22,471,647 $21,867,594 $28,380,640
D e d u c t—
Int. on bonds, deb., & c.$l 1,180,323 $11,917,056 $11,839,723 $11,029,129
Bentals of leased linos.. 6,228,999
6,032,900
4,658,542
4,545,794
Bentals other than above 3,531,OSS
2,893,569
2,684,177
2,391,143
________ x2,356,769 x2,356,769 y 13,486,563
Dividends____________
Separately oper. prop’s .
995,572
1,098,325
2,078,081
1,238,438
Miscellaneous_________
113,180
261,074
338,408
253,899
T o ta l_________ _____ $14,245,624 $14,159,479 $14,256,275 $15,254,865
Maint. of way A stru c.. $1,647,541 $1,908,047 $1,936,994 $2,550,030
5,968,794
Transportation expenses 5,216,417
5,601,582
5.593,546
3,379,145
3,045,152
_ 3.331,943
Maint. of equipment_
3,689,709
539,088
512,128
512,097
Traffic expenses_______
4.36,498
402,965
407,5001
Gonoral expenses______
361,520
445,527
Miscellaneous operations
115,435
136,814]
Transport’ll for invest.. C r . 39,677
T o ta l.........1________ $44,126,624 $49,233,010 $48,515,350 $47,227,339
P. C. o f exp. to earnings
(67.49)
(72.99)
(72.83)
(68.83)
Not earnings__________ 21,252,640 18,219,582 18,102,343 21,386,164
Net rev. outside oper’ns ________
________
85,480
045,447
Total not rovcnuo...$21,252,610 $18,219,582 $18,187,823 $22,031,611
Taxes_________________ 2,743,921
3,578,444
3,568,219
3,714,756
Uncollectibles_________
7,830
________
________
________
M isc. oper income.........
C'r.i,i93
GV.8,985
________
________
T o ta l...........................$22,049,162 $24,559,753 $23,955,700 $32,944,966
Balance, sur. or def..sur.$2,307,971df$2,088,10bdf.$2,088.106df$4,564,326
x Dividend of l ' A % paid Sept. 30 1913 was charged against profit and
loss, but shown hero for the sake o f simplicity, y 7 'A % .
The above statement excludes interest duo from sub. cos. unless earned
by them.
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
AiSS6tS~~~“
S
S
Liabilities —
S
S
Road A equip..195,505,844 195,903,525 Capital stock ..157,117,900 157,117,900
Imp. leased prop. 3,990,421
3,526,506 Preni. on capital
Sinking funds..
495
742,152 stock sold___ 19,282,888 19,282,888
Invest. In bldgs,
Mortgage bonds 58,388,000 58,560,000
at G.C. Termi
Debentures___ 155,892,100 155,779,100
nal, N .Y ____ 6,001,794
5,358,362 Due affil. cos.,
Investments—
non-negotiablo
807,536
1,028,945
Stocks.a_____ 162,453,518 162,167,099 Llab. (half) for
Bonds.b_____ 18,785,696 4,207,612 B. * A. equip.
2,436,000
Notes.c.......... 38,515,650 43,536,029 Equip. & pers’l
Unpledged adv.. 1,642,672 4,657,380 property leased 9,477,069 9,474,943
Misc.phys.prop. 5,357,415 8,331,679 Trafflc,*c.,bals. 4,430,009
3,277,919
5,642,340 Accts. * wages. 3,741,730 4,813,961
Material &supp. 5,582,699
2,826,408 Loans&bllls pay. 30,139,000 23,769,000
Agts. A conduc. 3,133,066
1,073,023 Mat’d lnt., Ac. 1,967,266
1,294,342
448,664
Acc.int.,dlv.,Ac.
319,259 Miscell. accts..
286,233
372,656
211,876
Traffic,&c.,bals.
2,834,732
6,053,976 Acer.lnt.Arents 2,937,573
Miscell. accts.. 4,258,270
205,543
187,796
4,694
Loans* bills rec.
1,788 Accrued taxes. .
697,608
Cash................. 3,786,643
1,042,597
4,806,237 Pers’l Injury res.
1,747,014 Oth.unadJ. accts. 1,968,228
7,624,983
Special deposits 2,113,401
2,145,734
Prepaid ins., &c.
108,703
864,655 Acer, depreo’n. 3,742,865
623,188
6,968 Sink. fd. res’ves
Suspense acct..
599,310
63,264
155,313
Oth.unadJ .accts. 2,469,064
1,780,180 Def. crcd. Items
1,822,246
Profit and loss.. 3,733,034
Total......... .454,969,896 453,552,193
Total............ 454,969,896 453,552,193
a Includes in 1915 stock in hands of trustees, $53,369,953; pledged stock,
$31,444,196; unpledged, $77,639,369. b Includes in 1915 bonds pledged.
$14,270,028; unpledged, $4,515,668. c Includes in 1915 notes unpledged
$38,515,650.
C O N T IN G E N T L I A B I L I T I E S I N
H A N D S OF P U B L IC .
N. Y. A Stam. Ity. 1st ref. 4s. $247,000
Cent. New Eng. Ry. 1st 4s__ 13,427,000
N.Y.West.ABos.Ity. lst4Hs. 19,200,000
New Engl. Invest. A Sec.
4%pref.stock___________ 4,000,000
15-yr. fund, notes of 1909.. 5,000,000
New Eng. Nav. debentures..$3,600,000
Boston RR. Holding Co. 4%
pref. stock......................... 2,800,000
*N. Y. Connecting RR. 1st
4J4s (Joint)........................16,000,000
Springfield Ry. 4% pref. stk._ 3,387,900
Boston Term. 3Ks, Joint gu.. 14,500,000
♦Guaranteed jointly severally with tho l’ enna. R R . C o.— V. 101, p.
1273, 1089, 370.
Chicago & Alton Railroad.
(lOf/t A n n u al Report— Year ended June 30 1915.)
Pres. W . G . Biercl, Chicago, says in substance:
R es u lts. — Total operating revenues increased $89,349, or 0.63% , but this
increase is duo wholly to a chango in accounting methods prescribed by tho
I. S. C. Commission, effective July 1 1914, whereby dining-car earnings
were included in operating revenues instead of outside operations, such
revenue in the current year amounting to $113,943. Adverse legislation
continued as in recent provious years, and advances in rates were either
refused or suspended for an indefinite period.
Freight revenue increased $308,271, or 3.47% . During tho latter half
of this period, building operations in Chicago were suspended as a result of
a strike of carpenters and allied trado unions, which adversely affected our
revenues. As a result o f the European war, tho tonnago o f agricultural
products handled was the largest in tho history of the road, and except in
a single year tho samo is truo of products of animals; whereas tho tonnago
of products of mines, forests, manufactures, merchandise and miscellane
ous traffic shows marked recessions from the averages o f recent years, duo
to tho general depression in homo markets. Tho revonuo from passenger
traffic decreased$290,396, or 7.03%; passengers ono miledecreased9.25%.
O p era tin g E x p e n s e s . — Expenditures for maintenance o f way and struc
tures decreased $320,506, or 16.29%, duo to tho enforcement of economies
without impairing efficiency and in part to extraordinary expenditures in
the first half of the preceding year for rehabilitation purposes. There is
but a slight decrease In expenditures for tio and rail ronowals, tho principal
decrease boing in tho items o f bridges, trestles and culverts and roadway
and track ordinary maintenance. Tho total avorago cost of maintenance
per mile o f all tracks was $937 18, against $1,134 50 in 1913-14; avorago
tie renewals per mile of main track, 285, against 255 in 1913-14. Wo pur
chased 2.94 track miles o f 100-lb. rail and 47.55 track miles o f 90-lb. rail,
which, with 4.3 track miles of 90-lb. rail purchased in 1913-14, has beon laid
in main track; 70,096 cubic yards of stono ballast was applied and 14 miles
o f branch line and 2 0 miles of sido track have been ballasted with cinder.
Net operating rovenues. $3,172,917
Outside operations (not)
$1,951,735
$2,014,923
def.41,906
$2,414,793
dof.34,418
Not revenue
Taxes________
Uncollectibles.
$1,951,735
568,938
$1,972,957
568,938
$2,380,375
486,761
508,839
3.494
$2,660,584
97,237
$1,382,797
95,310
$1,893,614
43,480
$2,757,821
Gross corp. incom e.. $2,757
$500,993
Iliro of equip.— balance.
283,843
Rentals paid__________
Miscellaneous interest..
24,194
Interest on bonds_____1 3,251,144
Int. on equip, notes, A c./
Miscellaneous_________
14,463
Div. on guar. stk. (rents)i
250,024
Amort, bond, Ac., disc’ t
123,316
$1,478,107
$561,774
199,273
4,791
3,109,398
132
250,024
115,005
2,998,296
111.102
132
250,024
115,006
$1,937,094
$493,447
183,153
29,895
2,510,313
233,528
1,000
250.024
119.025
$4,447,977
$1,690,156
$4,240,397
$2,762,290
$4,235,607
$2,762,290
$3,820,385
*1,883,291
Operating income__
Other incom e_______ _
30
1915.
1914.
1914
L ia bilities —
S
S
$
868,700
Pr. lien*par. stk
808,70*
Road A*equip.. 121,096,128 120,641,
............. Non-cuin. pf. stk .19,544,000 19.544.000
Imp. leas. prop.
200,228
Common stock. 19,542,800 19,542,800
Sec. of prop.,Ac.,
3,093,200
cos. pledged a 4,027,745 4,027,745 Guaranteed stks 3,693,20*
Funded debt (see
Sec. of prop.,Ac.,
“ R.AI." Sec.) 85,104,000 83.747.000
,674
cos. unpledged
46,842
2,132,666
,693 Eq. tr. notes,*o. 1,609,342
Phys. prop’ty.Ac
62,624
Due affil. co's
23,932
19,825
Adv. Jol . Un.
102 ,586 LoansAbills pay. 1,675,00*
133,551
145,021
Dep. Co____
985 ,750 Traffic, Ac., bal.
Cash_________ 1,442,179
366,881
495,504
Traffic, Ac., bal.
250,766
2,494,762
202 ,575 Accts. A wages. 1,469,851
885,873
Agts. A conduc.
236,049
313 ,555 Matured lnt.,Ao
949,879
142,064
174,073
Mat’ls A supp..
636,215
895, 035 Miscellaneous ..
400,738
393,967
Miscellaneous..
637,185
761, 849 Accr’d lnt., Ao.
268,036
293,032
Disc’t on bds.,Ac 1,813,042
1,782, 339 'I’axes accrued..
204,711
175,00*
669, 758 Oper. reserves..
Oth.unadJ.accts.
450,941
1,514,842
5,715, 442 Accrued dopr'n. 2,151,170
Profit and loss. *7,451,023
Other unadjust,
128,152
accts., Ac__
248,297
B A LA N C E SH E E T JU N E
191; i.
Total........... 138,484,519 136,152,491
T otal........... 1*8,484,519 130,152.491
a Securities pledged Include for each year a total par value of $7,<’>58,800
and book value $4,027,745, viz.: $3,000,000 lv. C. St. I, .A Chic. RR. pref.
and $ 1 .5 7 , 1 0 0 common stock; $900,800 Louisiana A Missouri River RR. pref.
and $2,300,500 common stock; $100,000 Kansas City Terminal Ry. common
stock; $300,000 Mississippi River Bridge Co. common stock; $100,300
Peoria Ry. Terminal capital stock; $20.5.800 Terminal RR. Assn, of Ht .
Louis capital stock and $00,300 Rutland Toluca A Nor. RR. capital stock.
* After adding $219,054 for depreciation accruod prior to July 1 1007 on
equipment retired from sirvico during tho fiscal year ondtng June 30 1015.
and sundry items aggregating $231,315. and deducting sundry debits
aggregating $49,088.— V. 101, p. 1188, 212.
The Texas & Pacific Railway Company.
{Report for Fiscal Year ending J a n e 30 1915.)
Pres. George J. Gould, N . Y . , Sept. 15, vrroto in substance:
F u n d e d D e b t. — The funded debt was decreased by tho payment o f
$471,697 maturing equipment obligations out of revenue for the year and
Increased $714,188. chiefly by an is mo of $713,090 Louisiana Division
Branch Linos 1st M. 5% bonds on tho 57.03 miles of lino acquired from the
Opelousas Gulf A Northeastern Ry. Co. extending from Melville to Crowy o a d a n d E q u ip m e n t. — The additions and botterments aggregated $1 ,
R
045.037, of which $758,163, representing tin purchase of Tho Opelousas
Gulf A Northern Ry., has boon charged dire:t to road and equipment.
Other additions and betterments, costing $287,774, wore paid lor out of
revenues for the year, charged to incomo and carried to cost of road A equip.
R esu lts. — The operating revenues decreased $868,645. or 4.62% . Oper
ating expenses decreased $603,753. or 4.17%. Tho ratio of expenses to
revenues was 77.22% compared with 70.87% for tho preceding year.
Maintenance of way and structures decreased $250,342, or 11.70%:
772,835 cross ties were laid in the track and 85.47 miles of track were
ballasted. While tho cost of transportation was reducod, tho efficiency
was increased, the avorago number of tons of all freight per train mile
having increased 9.09 tons over the heavy loading of last year. General
1365
THE CHRONICLE
Oot. 23 1915.]
Taxes
and miscellaneous expenses decreased 8123,822, or 1 0 .6 4 % . Tax show
an increase over the heavy taxes of 1913-14 of $98,79o, or 13.04%. Taxes
per mile of road owned were S462 as compared with 8422 for. t5SPo< ? o lng
o
year. The income account shows a net corporate gain ot ■>2o2,Ub-c, a
decrease o f 8125,726. or 33.28% , compared with 1913-14;
. . ,
N e w O r le a n s T e r m i n a l. — For our advances made to tho Trans-Mississippi
Terminal Co. to Nov. 27 1914 for tho purpose of hnprovinK thei tormina1
facilities at the port of New Orleans, wo received 8495,000 of that com
pany's 3-year 6 % gold notes. Further advances amounting to Sofa,113
have since been made. It is believed that the work will be completed and
the terminals placed in operation on or about the first o f the coming y e a r .
A c q u i s i t i o n .— 1 o protect us against further loss in connection with tho
T
operation o f tho Opelousas Gulf& Northeastern Ry. Co.. winch has been un
profitable as an independent property, it was deemed advisable mat your
company, as tho sole bondholder, s b p u 'd fo r^ lo s e , and the property w as.
with confidence to a low operating expense, which is facilitated by the econo
mics produced by the new freight engines. The year just ended was par
ticularly favorable for a low operating ratio, the winter being unusually
mild and open.
.
,
„
The potato acreage this season is somewhat smaller than a year ago.
The season of 1914-15 was a very difficult one for potato growers for this
reason and also because o f an unusually depressed market, as a result or
which a portion of the crop was converted into starch and not shipped.
The condition of the present crop is understood to be fair.
Owing largely to war conditions, the lumber business was also unnaturally
depressed during a certain proportion of the year under report, but has now
partly recovered. The Van Buren Bridge, rendering New Brunswick
timber available, is expected to permit 1 2 months’ operation of somei of
the lumber mills along your company’s lines instead of 8 months, as has
been the case in those instances where the mills wero dependent upon the
log drives down the rivers. It is hoped that this lumber traffic, which
moves with general conditions, will be more satisfactory the coming year.
A N A L Y S IS
line at $12^00 per mile, or a total o f 8 ^ 3 .MOT wy?.ptVon ^n hweertment^ In
treasury. Tho above procedure necessitated a re liction fn mvmtmen« m
the Opelousas property, which amount has been chaiged to piofit and loss.
A M O U N T S O F C O M M O D I T I E S C A R R I E D J U N E 30.
F o r e s t.
A g r ic u l.
A n im a l.
M fg .& M e r .
C o a l.
M isc e ll.
430.000
529.000
475.000
537.000
967.000
983.000
713.000
799.000
S T A T I S T I C S O F O P E R A T I O N S Y E A R S E N D I N G J U N E 30.
1914-15
1913-14.
1912-13.
1911-12.
M iles operated ...............
1.901
1.885
1,885
1,885
1915 .-to n s . 937,000
1914 ......... .1,233,000
1913______ 1,447.000
_______________
1912______ 1,248,000
397.000 2,579,000 1.806,000
444.000 1 969,000 1,861,000
434.000 11961.00.0 1,885,000
_______
360.000 1,898,000 1,601,000
PaJs^ngers” carried .........
2.979.050
109 on1 47
} *1
Av. train-load (r e v .)-.-
266
I)__ ___ ! ...1___ __ 11..
IN C O M E A C C O U N T
3,598,781 ..3,516,678
.3,298,952
0.97CM
1.00 CM
230
218
30.
1913-14.
1912-13.
1911-12.
812.712,344 812,407,401 $11,807,964
4,671,610
4.513,962
4,092,246
343,260
329,425
327,556
544,260
452,61.1
415,719
*375,384
*329,738
350 704}
-----3o(U04J
$18,813,282*$18,078,783*$16,973,223
$9,982
*$9,693
*$9*006
$2,215,514 $2,376,175 $2,165,311
2,976,734
2,978,754
2,580,395
400,219
420,759
376,704
8,064,578
8,434,431
7.636,061
520,961
562,662
549,825
249
Y E A R S E N D IN G
JU N E
1914-15.
812,443,990
Passnnm
.......... "
4 067 980
Iassonger ......................
404,800
Prnress
............................. 425.691
Miscellaneous.................
Incidental, & c . . . ..........
399,333
.$17,944,638
$3,439
$1,950,172
2,916,464
M aint. o f equipment
445,170
T raffic e x p e n s o s ..-----Transportation expensos 7,919,309
472,580
General expensos---------Transport, for i n v e s t ... C r . 12,357
______
______
160,043
223,133
M iscell. operations.........
$14,461,140*114,772,780*$13,308,296
T o ta l______________
$4,087,251 $4,352,142 *$3,306,003 *$3.(564,927
........... *dcf.40,415 *dof.48,238
$4,087,251 $4,352,142 $3,265,588 $3,616,689
856,136
757,341
728,070
693.441
Taxes accrued & c.
5,463
Uncollectibles-----. $3,225,652 $3,594,801 $2,572,147 $2,888,619
.
104,358
112,728
135,134
106,719
.
179,514
*116,729
148,510
*71.605
$3,509,524 $3,878,445 *$2,750,471 *$3,118,067
1,575,355
1,624,048
1,637,252
1,600,015
Accrued bond
221,948
229,835
204,909
283,718
240,303
*119,222
205,634
*121,230
Rentals, & c - . . - - ...........
475,091
*180,693
382,040
*116,430
Hiro of equip, balance.Total deductions------ $2,512,697 $2,392,598 *$2,158,630 *$2,153,798
$996,827 $1,485,847
$964,278
$591,841
Net corporate incom e..
287,774
641,569
597,518
815,892
Improvements — - - —
466,500
751,529
536,291
Equip, obliga’ns paid . . . ___457.000 ____________ _ _______________________
_______
T otaI
_______
8744,774 $1,108,069 $1,352,183 $1,349,047
Bat. surplus or deficit.sur.$252,053sur .$377,778def .$760,342def .$384,769
* Comparison of these Items is somewhat changed in later yoars, but
general rosults remain unchanged.
B A L A N C E S H E E T J U N E 30.
.
1014.
1914.
1915.
t915.
S
Liabilities —
S
S
$
108,387,663 107,341,726 Capital stock. , 38,763,810 38,763,810
Bonds, &c____ 56,927,199 56,684,709
:os.:
255,502 Loans & bills pay 3,561,380 3,911,780
267.080
1,143,000 Traffic balances
112,382
79,780
bonds--------157,511 Accts. & wages. 2,235,519 2,872,423
027,761
938,863 Matur. Interest,
66,501
Advances----- .
80,272
j
84,540
53,564
&c., unpaid..
66,184
Other Invc8tni’t8
4,625 Unmatured lnt.
4,625
Mlsc.phys.prop..
650,410
479,816
290,680
and rents___
268,178
Cash........
334,575 Taxes...............
331,683
330,148
Stocks & bonds. 1,047,575
322,335 Miscellaneous . .
141,170
86,924
54,129
AKts. & conduc.
1,603,642 Unadjust, accts.
i
180,320
369,1 10
Mat’ls &
suppl’8 1,342,605
1,110,898 Accr’d deprec’n 2,371,327 2,052,520
021,786
Miscellaneous - 226,979 Approp. surplus 9,455,782 8,711,008
207,940
Unadjust, accts.,
10,265
755,806
Profit and loss.
114,515,372 114,019,008
----------------- ----- ----— V. 101, p. 1093, 1015. 616
Bangor
Total ........... 114,515,372 114,019,008
R e s u l t s __Tim gross revenue decreased $47,439, or 1.25%;
decrease.! $70,949. or 2.94%. 7 * L V ‘ ? ^ ? 0 ,n, r
i?a^ ortat,on
OF F R E IG H T
C o a l,
.
A c.
P o ta toes.
1914-15___ 728,275 215,982 466,432
1913-14___ 657,328 229,301 526,578
V n — The VanBuren Bridge Co., reference to which was mado in tho
annuaTroport for 1914^ completed tho construction o f its railroad bridge
across tho St John River and tho same was formally opened for traffic on
M ay 1 1915 This new route connects your road with two important railc<^ 1 dCTabl^na^ oun tro fenowJ
rbuslnessnhasabeeii>|n"crehanged, which win
a n ^ ^ o u r^ co ^ im ^ < ^ ^ !M a id S e d athSe^btm^^iMth0as^tor^ ju :^ M 05 ^
S
C a p i t a l S to c k .— During the year tlie stockholdcrsauthorizedanincreaso
in tho common capital stock from 31,896 shares to ,)0,000 shares, 2,500
shares have been sold at par and tho proceeds used to purchase a like
amount o f Van Buren Bridge Co. stock, being the entiro issuo.
F i n a n c i n g . — $1,500,000 1-ycar 5% notes maturing M ay 11916 were sold
and tho $1,250,000 notes duo May 15 1915 wero paid off and canceled.
Car trust certificates “ F .” $71,000, wero issued (V. 100, p. 1509, 1598) for
f V M c le M ls —- 1% was paid on your common stock In Jan. 1915 for the six
D
months ended Doc. 31 1914 and 2% was paid for tho six months ended
June 30 1915 (V. 100, p. 138; V. 101. p. 287), making 3% for the year in all
$103,458, and tho balance o f income account, amounting to $123,032, was
C* S M e a n d l e^ e ra taL a w ^ n Tho expense o f complying with the various State
F
—
and Federal laws, many o f which appear to lie o f no benefit to the public,
is vcarlv increaseing. Tho cost to your company o f carrying out theso
various ^aws for this year was approximately $45,000.
,
G e n e ra l R e m a r k s .— The condition o f both road and equipment is consid
ered to 1)0 tho highest over reached. The rolling stock is in full repair for
tho heavier movement o f traffic of tho fall and winter. Wo look forward
(T O N S )
.
M isc e lP a p er, la n eo n s.
T o ta l .
73,502 172,185 251,036 1.907.412
64,893 168,264 256.381 1,902.745
O P E R A T IO N S , E A R N IN G S , E X P E N S E S
O p e r a tin g E x p e n s e s —
A N D
CHARGES.
513.417
577,342
30,643
1,080,224
139,334
513,970
509.007
30.576
1,237,128
121,228
493,449
413,676
37,386
1,117,522
157,063
551,687
346.996
45,964
1,066,529
137.497
Outside oper. (net loss).
Taxes_________________
2.340,960
(62.46)
1,407,013
4,760
129,917
2,411,909
(63.55)
1,383.503
1,318
112,606
2,219,096
(68.23)
1,033,325
1,322
110,587
2,148,673
(64.23)
1,196.568
3,440
119.403
Operating income___
Other incom e_________
1,272,336
203.308
1,269,579
172,052
921.416
212,362
1,073.725
154,033
1,441,631
Total net income____. 1,475,644
F ix ed C h a rg es—
_____
1,123,463
Interest on bonds........... 1,113,988
98,686
Other interest_________
116.267
10.880
Discount on bonds sold.
10,900
2.871
Miscellaneous_________
8,000
Dividends . . . 11111111 (3 %) 103,458 (3 X ) 111,951
1,133,778
1,227.758
1.133,517
73,828
10,740
1,099.189
62.901
2.110
(3)95,958
(4)127.944
Maint. of way & struct.
Maint. of equipment—
Traffic expenses---------- .
Transportation expenses;
General expenses, &c—
Per cent exp. to earningsi
Total
. . 1.352.612
1,347,851
1,314.043
1.292.145
def.64,387
Balance, sur. or def----- sur.123,032 sur.93,780 def.180,265
N o t e . — Dividends in 1912-13 wore deducted from profit and loss, but are
shown above for the sake of simplicity.
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
Liabilities —
S
S
Assets—
$
Road «fc equipm’t.28,369,226 28,077,176 Capital stock___ 3,448,600 3,198,600
Invest, in atfil. cos.—
„„ Bonds &car trusts.23,949,000 24,070,000
Stocks_______
250,000
800 Loans & bills pay. 1,500,000 1,215,000
Traffic, &c., bals.
16,091
11,388
Dep. of mtg.prop.
184,398
7,966 Vouchers & wages 222,301
sold _________
6,908
183,149 Matured int. and
Cash___________
278,581
267,078
274,685
rents unpaid—
302,853
Special deposits.. 284,938
16,095
8,981
12,000 Miscell. accounts.
12.000
Loans & bills rec_
242,955
119,251 Accr.Int.,divs.,&c. 252,810
142,565
Traffic, &c., bals.
3,151
5,265
39,804 Accrued taxes----32,263
Agts.& conductors
149,934
377,719 Accrued deprec’n. 239,173
474,226
Materials & supp.
81,658 Other unadjusted
44,037
Miscell. accounts.
75,256
65,036
accounts, &c__
11,765
11,729
Adv., pay’ts, &c._
161,949
389,693 Approp’d surplus. 161,949
381.818
Disc.on bonds, &c .
126,283
288,219
118,253 Proflt and loss----Other unadj. accts. 143.818
Total
30,432.109 29,722,086
Total------------ 30,432,109 29,722,086
N o t e . — Tho company also has in treasury 12,474 of its pref. shares
without voting power, pledged with the Old Colony Trust Co. since 1901
under tho Consolidated Refunding M . bonds.
...
Tho company guarantees the principal and interest of the $2o0,000
Van Buren Bridge Co. bonds.— V. 101, P- 772, 286.
Midland
Valley
RR., Arkansas.
(Statement fo r Fiscal Year ending June 30 1915.)
This company (whose property is substantially as described
in V . 95, p. 1271) reports to the “ Chronicle” as follows:
R o llin g S lock O ct. 31 1915.— Locomotives, 40; cars: passenger, 35; gas
electric motor car, 1; freight
b»x. 495; steel tank, 99; stock,
10; flat, 54; ballast, 48; caboose, 20),2.464; service,63. Total cars, 2,563.
E A R N IN G S A N D
oxpcnscs
Oxponscs
T R A F F IC
O th er
A g .P r o d .
1911-12.
1912-13.
1913-14.
O p e r a tio n s —
1914-15.
631
631
631
Average miles_________
631
778.567
781.519
817,282
Pass, carried (revenue).
740,88o
Pass, carried 1 mile___ 26.100,500 28,217,201 27,143.462 27.873.016
2.26 cts.
2.31 cts.
2.35 cts.
Rate per pass, per mile.
2.42 cts.
1,794,413
1,620,065
1,902,745
Rev. freight (tons) car’d 1,907,142
dQ carried - 1 -mile_ 237,513,050 241,523,650 213.939,59 225.213,544
- - - _
1 . 1 2 cts.
1.15 cts.
1.23 cts.
Rate per ton per mile_
_
1.23 cts.
$5,306
$5,158
$6,019
Oper. rev. per m. of road
$5,936
$
$
$
E a rn in g s—
$
631.264
626,929
663,167
Passenger____________
631,082
2,525,535
2,452.468
2.958,888
F reigh t...............
2,926,867
188,442
173,024
173,357
190,024
Mail, express, &c.
3,345.241
3,252,421
3,795,412
Total gross earnings.. 3,747,973
& Aroostook RR.
(21s< Annual Report— Year ended June 30 1915.)
Pros Percv R . Todd, Bangor, Oct. 4, wrote in substance:
F orest
P r o d u cts.
EXPEN SES.
1914-15.
1913-14.
Passengers carried---------521,441
§50,564
Pass, carried one mile___ 15,508,631 19,359,790
Tons carried___________
881.454
1,125,537
Tons carried one mile— 70,697,9.52 85,930,951
Passenger earnings........... $405,317
$491,735
Freight.............................
900,598
1,043,000
M ail and express..........56.823
53,619
Incidentals, &c_________
30,001
29,212
1912-13.
645,658
18,401,130
949,426
71,497,666
$484,476
951,078
53,262
22,350
1911-12.
570,988
17,106,381
979.488
58.444,961
$448,854
900,089
Traffic expenses. .
Transportation exj
General expenses.
..$1,392,739
_ $271,571
..
236,965
25,183
s. 475,937
.
71.167
$1,617,566
$359,079
308,142
29,002
572,357
75,371
$1,511,166
$375,462
279,158
31,415
511,379
69,020
$1,435,447
$322,054
225.449
33,737
457,369
73,496
Taxes, ^Co-
..$1,080,823
.. $311,916
..
70,486
$1,343,951
$273,615
78,983
$1,266,433
$244,733
71.840
$1,112,105
$323,342
67,534
$241,430
$194,632
$172,893
$255,808
Hire of equipment______
55,352
Outsido operations----------------Joint facilities and rents.
1,004
Divs. on stock "owned-----4,500
Income from sccurs., & c.
82,000
Miscellaneous income—
8,331
G ross corporate income $392,617
66,518
1,015
1,008
119,643
8,537
4,034
4,300
27,102
13
$336,522
97.067
7,880
5,946
9,750
Operating income-------
96',631
30
■$359,834
53,638
32,866
'" 5 4 3
$376,994
D e d u c t—
,
„ „
$15,421
$26,042
$13,769
Joint facilities and rents.
$20,376
44.689
56,564
57.228
Accr'd rents leased lines.
57,219
5,760
2,123
Miscellaneous__________
4,164
403,428
268~264
245,806
Bond, &c., interest------250,000
$469,298
$350,869
$318,926
Total deductions------- $331,759
Balance, sur. or def_____sur.$60,858 sur.$40,908 def.$14,347 def.$92,304
1366
THE CHRONICLE
GENERAL
BALAN CE
SH EET
JU N E
30.
1915.
Road A equlp’t ..* l
Invest. In afftl. cos.
Other lnvestm’ ts.
Material & supp._
Physical prop___
Roans on coll. sec.
Cash & curr. assets
Unadjust, accts..
Prollt and loss__
1915.
1914.
•
$
§
1,937,954 15,855,267
542,4881 1,520,831
991,421/
118,550
157,841
60,022
60,000
30,262
29,154
195,795
352,416
26,106
..........
,121,228
970,669
1914.
5
Capital stock___ 8,013,000
8,013,000
1st M. bonds___ 5,000,000 5,000,000
Adjust, mtg. bds. 5,512,500 5,512,500
Acer. lnt. & taxes. 101,664
104,085
Current liabilities. 182,464
316,593
Unadjust, accts..
10,629
Additions to prop
erty through In
come & surplus. 203,568
Total________
1,023,826 18,946,178
Total............... 19,023,826 18,946,178
Assets —
Liabilities —•
3
* After deducting reserve for accrued depreciation, $664,628.
D ire c to rs . — C. E. Ingersoll, Francis I. Gowcn, John 8. Jenks Jr., A. E.
Newbold and W. llinckle Smith, all of Philadelphia; Ira I). Oglesby, Ira D.
Oglesby Jr., John Witherspoon, John W . Howell, Rudolph Ney and 1$. D.
Crano, all of Fort Smith, Ark.; It. T . Powell, Greenwood, Ark.; and E. C.
Granbery, New York,
O ffic e rs . — O. E. Ingersoll, Pres.; Henry Wood and A. W. Lefeber, V.-Ps.,
and II. E. Yarnall. Sec. and Treas.— V. 100, p. 1918.
Gulf & Ship Island Railroad.
(Report for Fiscal Year ending June 30 1915.)
Pres. J. T . Jones, Sept. 15, wrote in substance :
R e s u lt s .— There is a decrease in the revenues of $363,928, or 18.22%,
compared with 1913-14, and o f $481,614, or 22.78%, from tho figures for
1912-13, when our revenues were about normal. A large proportion of
our freight revenue is obtained from products of forests, and those com
modities decreased 17.07% in tonnage.
This decreaso and tho general
decrease in business has been caused by tho war in Europe and conseauont
business depression in this country.
Tho decrease in operating expenses was $264,144, or 19.21%, largely
duo to rigid economies in every department, is a remarkablo showing in
view of tho adverso circumstances against which carriers now have to
contend and which tend to raise the cost of operation.
G u lfp o rt H a r b o r .— Tho movement o f lumber proper over your road
decreased 26.97% in tonnage but tho lumber handled over Gulfport pier
for tho last fiscal year decreased 58.40% in board measure, both in export
and coastwiso movements. This business is normally about half of tho
movoment o f lumber over your road. Tho movement o f such lumber as
has previously been exported to European points has almost entirely ceased,
also exports to Central and South America because of lack o f boats.
D e v elo p m e n t o f T e rr ito r y S e r v e d .— Tho stumps have been removed from
many old fields and at least 2,000 acres o f new land have been placed in
cultivation. Farmers aro producing their own corn and meat to a much
larger extent. All crops aro showing an increased yield per aero. Growers
aro planning for greater increase in acreago next season, also for increased
herds of cattlo and live stock.
Thero was a severo drouth tlds spring, which was disastrous to fast
growing crops, but which, owing to improved farming methods, did not
so seriously damage staples such as corn, cotton, Ac. The movement of
products resulting from tho efforts o f our agricultural department has
increased as to cattlo and other live stock 483%, strawberries 28%, canned
vegetables, A c ., nearly 244%, and there have been 20 cars of grain moved,
which is tho first movement o f nativo-grown grain in any amount in tho
history o f tho road. Our farmers aro doing much in tho way o f diversifi
cation; however, tho cotton acreago, while not larger than last year, is
expected to produce a very fine crop o f cotton duo to better preparation
and cultivation. On account o f tho European war and conditions caused
thereby most o f tho land companies have suspended operations for tho
timo boing, excopt that tho one near Bond, Miss., has located about 50
families during tho past year.
A largo tract of timbered land o f about 60,000 acres will soon bo made
availablo for increasing tho lumber traffic on tho lino, through tho erection
of a largo steel and concreto mill at D ’Lo, Miss., tho construction o f which
B o n d s . — $200,000 o f tho General and Refunding 6% bonds of 1911, which
matured April 1 1915, were paid o ff on that dato. Under tho sinking fund
also .$92,000 bonds o f 1902 were bought and deposited with tho trustee,
increasing tho bonds (canceled but drawing interest) in tho “ sinking fund”
to $749,000.
T h ro u g h C a r S e r v ic e .— A through sleeping car lino into Gulfport in con
nection with the Illinois Central Railroad was started N ov. 15 1914, at
first to Fulton, but subsequently direct to Chicago. Tho line has carried
as many passangers as was anticipated and should provo beneficial to your
company s interests.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1914-15.
1913-14.
1912-13.
1911-12.
Avorago miles operated.
308
308
308
308
O p era tio n s —•
513,062
Passengers c a r r ie d ._
_
392,716
543,558
548,699
Passengers carried 1 milo 11,354,858 14,287,993 14,547,628 15,584,837
2.831 cts.
2.737 cts.
2.596 cts.
Rato per pass, per milo. 2.664 cts.
1,305,385
1,351,808
1,264,838
Tons freight moved----1,135,831
Tons ft't moved 1 m ile.a77,170,570 85,872,869 90,1)07,730 85,726,808
1,709 cts.
1.719 cts.
1.665 cts.
Rato per ton per milo. . al.591 cts.
279
276
274
Av. train-load, rov. (tons).
305
$1.02
$1.02
$1.07
Earns, per pass, train m
0.79
$4.77
$4.59
$4.71
Earns, per freight tr. m .
$4.86
$6,493
$6,445
Gross earns, per milo_
_
$6,875
$5,309
G ross E a r n in g s —
$
S
$
$
'
1,476,439 *1,553,699 *1,427,620
Freight________________ 1,227,492
391, 11l
404,531
411,903
Passenger___ ________
302,542
*100,335
90,058
*102,836
Mail express and misc. _
74,005
39,326
*46,182
*49,837
Incidental...............—
28,967
Total oper. revenuo.. 1,633,006
1,996,934 *2,114,620 *1,982,323
O p era tin g E x p e n s e s —
271,650
*286,549
Maintenance o f way,Ac.
208,821
*264,875
406,329
*363,518
Maintenance of equip’t.
*378,466
350,361
30,010
*29,347
Traffic oxpenses_ ____
_
35,485
*34,158
Transportation expenses
564,819
*596.842
435,165
*571,616
General expenses, A c_
_
96,863
*101,594
*103,513
86.645
1,375,146 *1,372,383 *1,358,095
T o ta l_______ _____ _
1,111.002
(*64.90)
(68.86)
(*68.51)
I’ . c. of exp. to rovenuo.
(68.03)
621,788
Net earnings__________
522,004
*742,237
*624.228
90,691
*87,284
Taxes, A c______ ______
92,420
*57,883
Operating incomo____
429,584
531,097
*566,345
♦654,953
Other incomo_________
*28,920
*2,349
31,488
6,886
Total income________
461,072
537,983
*683,873
*568,694
280,050
D e d u c t — Interest______
289,762
249,247
264,446
Sinking, A c., funds..
72,852
85,426
80,994
76,846
*1.509
Hire of equip..rents,Ac.
4,137
*3,432
5,396
Total deductions___
340,069
349,577
*360,328
*364,123
Bal., surplus for y e a r..
121,003
188,406
323,545
204,571
Dividends...........................................
........... (2)137,000 (2)135,000
a Not Including company’s freight. * Figures so marked liavo been
soinowhat changed in later years, making tho comparison slightly inaccu
rate; final results, however, remain unchanged.
C O N D E N S E D G E N E R A L B A L A N C E S H E E T J U N E 30.
1915.
1914.
1914.
1915.
Assets —
Liabilities —
S
$
S
S
Road A equlp’t-. .14,123,961 14,108,738 Capital stock___ 7,000,000 7,000.000
Leased rail.......... .
44,090
41,713 Funded debt____ 5,400,000 5,600.000
61,372 Loans A bills pay.
90,750
20,000
Cash.................. .
58,485
77,205
125,785
88,275
Special deposits120,060 Accts. A wages__
Mat’ls A supplies
154,577
188,631 Matured Interest- 107.000
109,035
35,111
37,228
Miscellaneous__
83,486
97,567 Miscellaneous___
Sinking fund___
37,724
749,787
657,756 lnt. A taxes accrd.
37,000
77,813
UnadJ., Ao.. accts
25,217 Operating reserves
43,734
41,008
Accrd. deprcc’n-- 1,140,152 1,091,360
9,183
21,979
Oth. unadj. accts.
Sinking fund........ 793,432
699,101
523,940
Profit and loss___
040,898
Total............. 15,381,185 15,307,055
— V. 101, p. 1189.
Total............... 15,381,185 15,307,055
[Vol. 101
Central Vermont Railway.
(16£/i Annual Report— Year ended June 30 1915.)
President E . C . Smith, A t. Albans, V t ., says in substance:
R e s u lt s .— The introduction of tho economies inaugurated toward the end
of tho year 1913-14, coupled with an improved method of accounting, and
tho introduction of more efficient and harmonious methods of operation,
have resulted not only in maintaining tho property in hotter condition than
before, but also in reducing tho operating expenses to 78.38% , as compared
with 87.60% last year. This result has been accomplished, notwithstanding
a decreaso in our gross revenue of $328,368 from tho year, previous Tho
net result accomplished is a surplus revenuo of $15,418 this year as com
pared with a deficit of $259,258 tho preceding year.
By the adoption of superheaters and the increase of train loads to tho
maximum capacity of locomotives, transportation expenses have this year
been reduced from 48.25% of the total operating revenue to 44.62% , and
the consumption of coal this year was 12.69% or the total operating revenuo,
as compared with 15.75% last year, the lowest ratio of cost of coal to
operating revenue since 1900. Tho earnings per freight train mile wore
$2 42, an increase of 32 cts.
M a in t e n a n c e , A c .— New 80-lb. rail has been laid on 16.6 milos of road
and 72 and 80-lb. relaying rail on S ' 4 miles. Two grade crossings have
been eliminated at Braintree, Vt. Ton new stool bridges have been orocted,
aggregating a total length of 180 ft. Twelvo trestle bridges, aggregating
652 ft., havo been entirely renewed.
For improvements $79,837 has been charged to capital.
Locorno- P a s s .
F r e i g h t ---------------- - R a i l s ( M ile s ) ---------------June 30.
liv e s . C a rs .
C a rs.
8 0 -lb .
75-/5. 72- lb . 0 0 -lb .
56- lb .
1914-15------------ 97
111 3,149 207.5
116.2
48.8
32.0
138.1
113 3,249 202.3
117.2
53.0 32.0
138.1
1913-14---------- 97
O P E R A T IN G S T A T IS T IC S A N D
F IS C A L R E S U L T S .
1914-15.
1913-14.
1912-13.
19t 1-12.
Passengers carried_____ 1,559,533
1,840,922
2,115,889
2,003.452
Pass, carried ono m ile.. 42,136,108 49,855,878 54,534,402 50.554,828
Earns, per pass, per mile
2.50 cts.
2.30 cts.
2.32 cts.
2.38 cts.
Tons carried__________ 3,651,234
4,187,550
4,323,512
4,033,639
Tons carried ono m ile ..292,602,872 331.141,087 318,758,408 309,505,019
Earns, per ton per mile.
0.96 cts.
0.92 cts.
0.93 cts.
0.93 cts.
Earn, per fgt.-train milo
$2.42
$2.10
$2.01
$1.88
Earn, per pass.train milo
$1.01
$1.06
$1.11
$1.11
O p era tin g R even u e —
Freight...............................$2,822,596 $3,054,288 *$2,958,182 *$2,870,311
Passenger____________
1,054,055
1,150,247
1,262,863
1.203,394
Mail, express, A c______
333,760
334,244
*356,545
*362,127
Total operating r e v .. $4,210,411 $4,538,779 *$4,577,590 *$4,435,832
O p era tin g E x p e n s e s —
Mamt. of way & s ta le ..
S566.995
$736,159
*$553,449 *$455,813
Maint. of equipment_
_
628,000
818,639
*737,452
*663,911
Traffic expenses.............
108,151
112,164
*105,069
*99,546
Transportation expensos
1,878,527 2,190,090 *2,150,638 *2,062,028
General oxpenses...........
93,510
93,8201
106,683
115,715
Miscellaneous operat’ns.
25,085
25,098)
T o ta l.............................$3,300,268
Net earnings..............
$910,143
Taxes...............................
190,219
Operating incomo-----Other In c o m e —
Incomo from securities.
Outside operations_____
T o ta l...........................
D e d u c t—
Interest on bonds, A c ..
Leased lino rentals------Hire of equipment------Miscellaneous rents, A c .
Improvements, &c_____
$719,924
$3,975,975
$502,803
196,018
$366,785
$3,653,290 $3,397,043
*$924,300 *$1,038,789
177,110
150,000
*$747,190
*$888,789
$66,220
______
193,720
______
*$02,887
*902
*353,720
*5,373
$786,144
$560,505
$810,979
$947,882
$525,950
216,553
35,086
Cr.6,803
______
$535,699
216,553
54,426
13,085
______
$562,275
216,553
28,480
8,511
4,956
$512,731
216,553
177,495
5,881
22,269
Total deductions----$770,726
$819,763
*$820,774
*.$934,929
Balance, sur. ord er----- sur.$15,418def.$259,258 def.$9,795 sur.$12,953
N o t e .— Tho deficit as abovo in 1913-14 ($259,258) was covered by a con
tribution received from Grand Trunk R y. as per guaranty.
* Tho items so marked makea somewhat inaccurate comparison, duo to
changes mado in later years, tho final results, however, remain unchanged
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
Liabilities —■
$
Assets — 1
S
$
$
Road & equlp’t__ 1 1,770,330 10,GS0,824 Capital stock___ 3,000,000 3,000,000
Inv. In affil. cos.—
1st M. 4% bonds. 11,750,000 11,750,000
117,910
117,910 Coll, trust bonds.
Stocks _______
35,000
35,000
Advances_____ ,217,744 4,796,714 Equip, trust certfs. 780,000
973,000
75.000
75,000 Equlpm’t, Ac., of
Other Investments
Securities issued,
leased companies _____
224,323
976,000 Loans A bills pay. 6,753,942 5,881,978
pledged........... 976,000
42.000
42,000 Accounts A wages. 2,076,855 1,784,990
Secure, unpledged.
Cash................. . 188,827)
Traffic, Ac., bals. 136,601
140,353
17,500) 246,331 MIsc. accounts__
Demand loans,Ac.
445,563
41,229
13,333)
Special deposits. .
Accrued lnt., A c..
97,853
293,979
437,515 Accrued taxes___
Materials & supp. 288,374
94,685
90,027
82,321
164,216 Accrued deprcc’n. 472,988
Agents & conduc.
401,944
Traffic, Ac.. bals.
58,860
67,684 Def. credit Items,
MIsc. accounts__
406,312
738,536
Ac....................
265,429
43,967
Unadjusted acc’ts. 113,693
770,151 Approp’d surplus. 455,661
455,661
Profit and loss___
..........
3,565 Profit and loss___
3,028
Total...............26,368,210 25,122,451
Total...............26,368,210 25,122,451
N o t e .— Tho company also guarantees principal and interest on $200,000
Montreal & Province Lino Ry. 1st M . 4% bonds and $850,000 Central
Vermont Transportation Co. 5% steamship bonds.— V. 99, p. 1745.
Spokane & Inland Empire Railroad.
(9th Annual Report— Year ended June 30
1915.)
Pres. L . C . Gilman Sopt. 15 wrote in substance:
E a r n in g s .— Tho interurban freight business during tho past year, in
common with other business in this part of tho country, especially tho lum
ber business, has suffered from tho general depression and shows a decreaso
in revenue received of $40,804, or 13.1%. Tho interurban passenger busi
ness shows a decreaso of $81,547, or 10.9%, duo In somo measure to tho
auto-bus and privately-owned automobile competition, but largely to tho
prevailing depression. Tho rovonuo received from tho streot railway sys
tem of tho city of Spokano shows a decreaso of $42,640, or 7.9% , owing
principally to jitnoy-bus competition. Tho revenuo received from other
sources shows an incroaso of 5.6% over last year’s figures. The rovenuo
received from salo of power shows an incroaso of $26,514, or 19.1%.
Tho charges for operation show a decrease in ovory department, except
equipment. Tho increase in tho equipment department is duo to depre
ciation being charged this year on all equipment under new ruling of tho
I.-S. C. Commission. Tho charges for depreciation on equipment amounted
to $78,316, while sovoral wooden bridges wore replaced by embankments,
and under rulings of tho I.-S. C. Commission, tho depreciation of $18,418
on these had to bo disposed of through operating expenses, making a total
chargo for depreciation of $96,734. Thero were no corresponding items in
tho previous year’s report.
Our taxes in tho Stato of Washington for tho yoars 1911 and 1912 liavo
been paid during tho past year, a compromise being offcctod with tho
county and Stato officials, in which all penalties and Interest thereon were
cancelled. Tho funds necessary to pay theso taxos wore secured at 5% .
The current taxes havo also boon paid.
P o w e r .— Our power plant at Nine Milo on tho Spokano River has a maxi
mum capacity of 20,000 h.p., with a continuous capacity of 15,000 ta.p.,
and is furnishing for tho operating of tho Inland division from 4,000 to
5,000 h.p. Tho power contract with tho Washington Water Power Co.
will expire in Oct. 1916, after which timo wo shall bo ablo to employ our
own power for operation. Wo are using under this contract 3,800 h.p.,
tho minimum amount permitted. Tho traction division is using from 2,500
THE CHRONICLE
Oct. 23 1915.]
to 3,000 h.p. and tho Coeur d ’Alene division about 1,200 h.p. from tho
Nino Milo plant. Tho company has two high-tension lines from Nino
Milo to Spokane on private right-of-way, either capable o f carrying tho
m C h a m s P C a p U a t .A c c o u n t .— 1 otal expenditures for additions and better
to
T
ments for tho fiscal year ending Juno 30 1915 amounted to $32,829.
O utlook .— Tho crops in tho territory served aro very satisfactory and
promiso a heavy movement, and good earnings may bo oxpected therefrom
during tho fall months. With a continuation o f decrease in operating
exponscs and a revival o f business, tho general outlook is favorable.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G J U N E 30.
1911-12.
1912-13.
1914-15.
1913-14.
$336,813
$313,012
$310,930
$270,127
638,621
565,703
483,192
401,644
Passenger------------------550,046
545,529
541,618
498,977
Strcot railway system ..
*164,219
*135,347
72,577
68,729
Other rovonuo-------------$1,243,325 $1,404,469 *$1,616,781 *$1,632,509
(6,617.92) *(7,618.46) *(7,782.74)
Por milo (average)------- (5,858.61)
*$226,161
$254,401
*$223,561
$239,443
Malnt. of way & struct.
*179,958
127,401
*166,979
Maint. o f equipment_
_
195,378
24,935
21,760
27,197
Traffic expenses----------18,937
512,139
119,469]
505,654
Power_________________
119,016
388.462/
Transportation________
368,140
157,322
150,589
167,412
General, &c., expenses.
126,370
$1,067,284 $1,062,081 $1,100,514 $1,090,803
$342,388
$516,267
$541,706
$176,041
126,558
152,280
Auxil. oper. (net)_____
$468,946
$518,267
$541,706
$328,321
Operating income___
150,000
147,000
149,000
150,000
Taxes_________________
$318,946
$369,267
$392,706
$178,321
3,840
4,936
2,456
Other income_________
$322,786
$374,203
$180,778"
$392,706
Total net income___
$238,910
$241,542
$245,169
$235,239
D e d u c t — Bond Interest.
214,427
210,190
231,225
195,538
Othor interest_______
28
999
22,167
2,108
Miscellaneous_______
$453,365
$452,732
$468,572
$462,874
Total fixed chargos—
$130,579
$287,794
$78,529
$70,168
Balanco, deficit_______
Ratio oper. exp. & taxes
(79.30)
(87.30)
(77.16)
(75.94)
to oper. rovenuo
G E N E R A L B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
Liabilities —
$
$
__ $ , , Assets —
S
Property invest-.25,232,044 25,169,452 Common stock...10,000,000 10,000,000
Preferred rights.. 6,409,100 6,409,100
Invest, in affll. cos:
96,285 Unfunded sec. debt 4,977,545 4,386,510
90,285
Stocks
Funded
10f ’noo] 132,248 Audited debt........ 4,670,500 4,728,500
Notes...............
accounts
Advances-------,7,
174,844
& unpaid wages 119,297
113,240
Material & supp-- 182,111
23,275 Traffic, &c., bal
Cash....................
37,809
58,148
ances, net____
71,440
Traffic, & o., bal...................
12,712 Miscellaneous___
49,359
13,473
Agents & cond’rs.
-----68,871 Acer. int. & taxes. 125,827
Mlsc. accts. rec.,&«.
04,133
472,848
Slnk. fund rcs’vo.
Unoxtlng. discount
14,585
14,585
455,941 Accrued dcprec’n. 003,084
on securities—
452,445
586,218
20,454 Other unadJ. accts.
Sinking fund, &«20,511
13,543
25,435
UnadJ. accts., &«11,540
558,255
Profit and loss... 855,060
Total............. .27,042,840 26,795,920
—V. 101, p. 1274.
Total...............27,042,840 20,795,920
Guantanamo & Western Railroad.
(Report fo r Fiscal Year ending June 30 1915.)
Pros. M . H . Lewis, N . Y . , Oct. 14, wroto in substance:
Unfavorable wcathor conditions reduced tho output o f most of tho sugar
mills. Tho season's movement o f sugar was 363,098 bags, compared with
396,018 bags tho season before. Tho loss o f gross rovonuo from this sourco
was offsot by increases in machinery, furniture, building materials, livo
stock, fruit and provisions. 1 ho decreaso in net earnings is duo in part to
higher cost of conducting transportation, but largely to increaso in main
tenance charges. These include $19,004 depreciation on rolling stock, a
charge not mado provious to this year. Tho perccntago o f expenses to
gross earnings was 76.42 against 68.04 in 1913-14 and 85.73 in 1912-13.
Considerable development of its territory has taken placo, including tho
erection o f an 80.000-bag sugar mill at Ermita, about half way between
Boquoron and Han Luis, and a small cement plant. Arrangements have
been mado for acquiring under equipment leaso two moro large locomotives,
90 all steel cars (45 box cars o f 80,000-lbs. capacity and 45 cancScars,
60,000-lb.). Capital expenditures aggregated $80,454.
’
I N C O M E A C C O U N T F O R Y E A R S E N D I N G J U N E 30.
1914-15.
1913-14.
1911-12.
1912-13.
$465,222
Gross (railroad) earnings. $465,097
$382,342
$440,774
355,416
316,569
Operating expenses.........
328,269
377,874
Net railroad earnings.. $109,681
$148,653"
$54,073
$62,900
Profit, Boqueron waro23,642
liousos, docks, < cc------S
27,178
d ef13,671
def6,728
Net operating earnings $133,323
$175,831
$40,402
$56,172
4,348
Othor Incomo------- ------979
$137,671
Net earns.(all sourcos).
$175,831
$56,172
$41,381
1,063
Taxos (Cuban & Amor.).
1,060
Operating Incomo------- $136,608
$174,771
$56,172
$41,381
$36,000
$36,000
Interest on 1st M . bonds,
$36,000
$36,000
8,142
9,656
do Car trust notes—
10,545
11,110
25,053
20,786
do 2-yoar red. notes.
11,250
2,534
5,252
8,481
Other intorost...........- —
8,916
35.176
35,069
Amortiz’n of debt disc t._
7,083
3,648
Hiro of equipment, &c---Balanco, sur. or def_ sur.$22,620 sur.$64,360 def.$10,104 def.$14,645
_
G E N E R A L B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
L iabilities —
$
8
Assets —•
$
$
Itoadcquipm’t, &e..6,754,123 6,675,345 Stock x....................5,750,000 5,750,000
80,688 First mtge. bonds__ 600,000 600,000
Cash........................
68,428
4,791 Equip, trust notes.. 130,000 155.000
Miscellaneous_____
12,201
50,000 2-year red. notes__ 429,500 395.000
Bills receivable____
50,100
2 7,912
Accounts receivable. 67,868
69,581 Loans & bills pay'Io. 75,032
Material & supplies. 64,195
14,290
53,139 Accounts and wages. 30,843
Unadjusted accounts 50,050
11,683
11,117
15,045 Interest accrued___
Profit and loss____
7,286
25,388 Accrued depreciation 19,004
Unadjusted accounts 19,945
17",181
Miscellaneous-------8,245
3,476
Total...................7,074,251 0,973,977
Total................... 7,074,251 6,973,977
x First prof., $2,750,000; 2d prof., $250,000; common, $2,750,000.V. 99, p. 1669.
1
’
New York Railways Co.
(Report for Fiscal Year ending June 30 1915.)
Pros. Theodoro P . Shonts, N . Y . , Oct. 1 wroto in subst.:
R esu lts .— Gross passonger rovonuo decreased $410,748, or 3.06%.
Weather conditions having been altogether moro favorable, this abnormal
falling off in rovonuo may be attributed to tho general business depression
and to tho lntcrferonco with traffic resulting from subway construction.
Other operating rovonuo was $388,834, a decreaso o f $50,323, or 11.46%,
duo principally to a reduction in advertising and tho sale of power.
Operating oxpensos wero $8,551,432, a decreaso o f $224,188, or 2.55% .
The total charge to maintenance accounts, including reserve for mainte
nance and depreciation (equal to 20% of tho total operating rovonuo under
order o f P. S. Gommission— V. 101, p. 370), was $2,679,953, a decrease of
$92,214. The amount applied to tho rosorvo account was $757,976, an
increaso of $433,204. There was actually expended during tho year for
maintonanco o f way and structures and equipment $1,921,977, a decreaso
of $525,418, duo in part to the necessity o f deferring certain repair work
until tho streets approach normal conditions.
1387
During tho year we charged to operating expenses for injuries to persons
and property, tho sum of $975,820, wliich is equal to 7 H % of the gross
passenger revenue, a decrease of $65,687. The actual expenditures made
amounted to $929,386, an increaso of $124,252, or 15.43% in excess of last
year, while tho amount reserved was $46,434, a decrease of $189,939.
T a x e s .— Taxes assignable to street railway operations were $1,042,859,
a decrease of $49,246, or 4.51% , the greater portion thereof applying to
tho special franchise taxes by reason of a reduction in the assessed valua
tion, which may be attributed to the favorable results obtained in the
litigation of special franchise tax cases.
The litigation instituted by tho receivers of the Metropolitan Street R y.
Co. to review the 1910 and 1911 special franchise tax assessments, was
concluded in Dec. 1914 by the order of tho Court of Appeals affirming in all
respects tho prior decisions of the Appellate Division. It is clearly to the
interest of both city and company that tho proceedings to review similar
assessments for 1912. 1913 and 1914 should be compromised (V .99, p.1211.)
It is encouraging to note that the State Tax Commission finally fixed
tho special franchise tax assessments for the year 1915 at $31,799,950,
which, in view of the earnings for tho year ending June 30 1914 and the con
dition of the property on that date, is considered fair and will not be litigated.
N o n -O p er a tin g In c o m e .— The increase of $66,765 is accounted for prin
cipally by additional dividends received from securities owned as the result
of tho acquisition of certain shares of capital stock of the 23d St. R y. C o .,
and to increase in tho miscellaneous rent revenues.
In c o m e D e d u c tio n s .— Tho increase of $70,330 is due to various items,
but chiefly interest, $39,700, on Real Estate & Ref. M . 4% bonds issued to
acquire the capital stock of the 23d St. Ry. Co.
B o n d s .— There was issued during the year $1,751,000 First Real Estate
& Ref. M . 4s and $4,950 of Convertible 4% scrip for the acquisition of
5,017 shares of tho 6,000 shares outstanding of the capital stock of the 23d
St. Ry. Co. Tho transaction has resulted, on the basis of the number of
shares thus far acquired, in a not saving per annum of approximately $13,
014. (See V. 99, p. 1367, 1675; V. 100, p. 2011, 2168.)
We also acquired during the year, by purchase at auction, the $2,473,400
4% First Consolidated bonds of the Central Crosstown R R . Co. which
wero held as collateral by the trustees, to that company's 5% notes amount
ing to $1,882,987 owned by the New York Railways Co. The purchase
of the bonds and settlement of tho notes with accrued interest and expenses,
leaves a personal claim in notes against the Central Crosstown R R . Co. of
$637,409 duo the New York Railways Co.
Of the underlying bonds and mortgages of indebtedness owned by vour
company but held by the trustees under tho New York Rys. First Real
Est. & Ref. M . and its Adjust. Income M . tho following have been canceled:
Broadway Surface RR. Co. 2d M . 5% bonds--------------------------$1,000,000
Houston West St. & l’ avonia Ferry R R . Co. 1st M . 5% b on ds..
500,000
Real estate M . on property 95th and 96th Sts. and 1st Ava____
125,000
150,000
Real estate M . on property 146th St. .and Lenox A ve__________
In terest u p o n A d ju s t m e n t B o n d s .— The statements filed by the company
with tho trustee of the Adjustment M . in determining tho amount payable
as interest on tho Adjustment bonds were not in Sept. 1914 and March 1915
approved by the requisite number of bondholder directors and accordingly
a board of experts was chosen, consisting of H. Hobart Porter and James
Marwick, with W. G. Ross of Montreal as Chairman. After exhaustive
examination tho findings of tho board of experts were approximately tho
same as tho accounts stated by tho company. Tho experts sustained our
practice as to accident reserves and found for tho two periods in question
that tho reserve should be equal to 7 'A % of the gross passenger revenue
as fixed by tho company in Feb. 1914.
[Tho rate fixed for tho half year ended Juno 30 1915 was 1.370%, pay
able Oct. 1, comparing as follows:
P a y m en ts on In c o m e B o n d s (P e r C en t).
Oct. ’ 12.
A p r . ’ 13. Oct. '13. A p r . '14. Oct. ’ 14. A p r . '15. Oct. 1 '15.
0.771%
2.25%
1.636%
2.345%
1.288%
1.769%
1.370%
V. 99, p. 1452, 1749; V. 100, p. 734, 1079, 1349, 1918; Y . 101, p. 1093.
A c c id e n t R eserves .— In determining the net income available for interest
on tho Adjustment M . bonds for the six months ended Dec. 31 1914, it was
found possible to readjust the amount held in reserve for the first six months
ended Juno 30 1912, from 8% to 7% of the gross passenger revenue, the
difference amounting to $65,369, and likewise for the six months ended
Dec. 31 1912, from an 8% to a 7 V i% basis, the amount of such adjustment
being $51,067. The total amount thus returned to income and paid out
as interest on the Adjustment M . bonds during tho year was $116,436.
The company voluntarily settled 3,594 claims before suit was brought for
$270,411 and compromised 1,514 actions before trial for $296,929, leaving as
the result of contested suits 185 judgments paid to the amount of $62,877.
O p era tio n Over W illia m sb u rg B r id g e .— On Sept. 1 1914 the Bridge Com
missioner served notice of his election to terminate on Aug. 31 1915 the agree
ment of 1904 permitting the operating of local cars over the Williamsburg
Bridge. Subsequently it developed that this action was taken solely to
secure greater compensation to tho city. As a practical matter it has been
repeatedly demonstrated that the local operation is profitable, while tho
through operation is conducted at a loss. Tho companies interested have
therefore adhered to their position that a renewal of the contract should be
made for similar service only on terms which wero no more onerous than
those of tho present contract. Tho matter has been referred to the Board
of Estimate and Apportionment, and meanwhile tho present arrangement
has been extended under existing terms to Nov. 30 1915.
G e n e ra l R e m a r k s .— The decrease in gross revenue during the year lias been
overcome in a largo measure by economies in operating cost, reduction of
taxes and an Increase in tho non-operating income. Tho protracted busi
ness depression has affected our revenues alike with those or all other trans
portation lines throughout tho country. Tho interference with the regular
movement of cars caused by subway construction work has also been most
aggravating and has resulted in serious loss of revenue.
Due to tho lack of proper control of tlie vehicular traffic there are certain
parts of tho system where the scheduled speed is as low as 6 miles per hour.
With proper regulation of this traffic, there seems to be no doubt but that
street railway traffic, as well as vehicular traffic, could bo facilitated by at
least 10% and the efficiency of operation increased in the same ratio.
The street railway lines cannot compete with the subway and elevated
systems for tho long-haul riding and therefore have to cater particularly
to tho short-haul traffic. In order to secure this traffic they have to con
duct a reliable and reasonably fast service, and every effort is being mado to
reduce Interruptions and interferences to tho service to the minimum.
Our policy of gradually improving the physical condition of the property
is beginning to bo reflected in reduced operating cost. The completion of
the subway construction work will result in a general restoration of the
physical condition of the railway at points where these properties have been
interfered with, and a final settlement will then be had with a view to reim
bursing your company for damage done during construction.
F e r r y T r a n s fe r s .— Under the agreement effective Sept. 15 1914 for the
exchange of transfers between tho Staten Island (municipal) ferries and cer
tain lines operated by this company, tho city during the 9 'A months ended
Juno 30 1915 collected a gross revenue of $50,052 and this company re
ceived $75,077. Tho receipts indicate a growth in this traffic.
L it ig a t io n .— Further progress has been mado in the very complicated
litigation relating to the receiverships of the New York City R y. Oo. and
tho Metrop. St. R y. Co. and the distribution of the cash fund in court.
I N C O M E A C C O U N T F O R T H E Y E A R E N D I N G J U N E 30.
1014-15. 1913-14.
1914-15.
1913-14.
Other Income —
$
S
Revenues —
$
S
Passenger.............13,010,933 13,421,681 Dlvs. on sec. owned 266,0611
Advertising______ 300,000
325,000 Interest received..
94,319) 460,477
Sale of power____
02,264
90,703 Real est. rent, &c. *166,862)
Miscellaneous____
26,570
23,454
Gross income.. 4,332,718 4,453,589
Total revenues. 13,399,767 13,860,838 Int. on underlying
Expenses —
bonds, &c____ 2,741,015 3,710,385
Malnt. of way, &c. 1,581,173)
Int. on 1st real est.
& Ref. M. bonds 691,538
Malnt. of equlpt.. 1,098,7811
651,838
Horse power-----94,3381
Balance______
Oper. power plant 834,603) 8,775,621
900,165 1,091,366
Surp. begin, year.
232
Oper. of cars____ 3,415,720|
Injur.to persons,&c. 975,820
Additions........... .
61,048
21,544
General and mlsc. 550,997;
Total...............
961,445 1,112,910
Total oper. exp. 8,551,432 8,775,621 Int. adj. M. Inc. bds 961,381 1,112,678
Net earnings........ 4,848.335 5,085,217 do rate per cent. (3.139%) (3.633%)
Taxes................... 1,042,859 1,092,105
Oper. incomo-. 3,805,476 3.993,112
Total surplus..
64
232
* Includes in 1914-15 the net income from operation of local cars over
tho Williamsburg Bridge.
1368
THE CHRONICLE
B A L A N C E SHEET JU N E 30 (“d” see contra).
1914.
1915.
1915.
Lia bilities —
$
S
S
.74,340,611 74,286,882 Capital stock___ 17,495,060
15,907
13,536 1st Real Est. and
t
Ref. M. 4s........18,046,948
Adjust. M. Inc. 5s 30,626,977
A E.R. RR. bds a l,536,274 1,536,274 Conv. scrip at 4%
4,950
Underly.M.bonds 9,850,000
Real estate mtge. 950,000
! 650,315
733,569 Bills payable........e l ,252,454
Purch.
Proc. forecl. C.
602,454
602,454
Pk. N. & E. R.
RR. bonds___ al,536,274
.' cl92,532
Acct. Jt. Comm,
.
7,425
6,097
agree, sale Dec.
Items accrued t >
30 T 1 cred. acct. 554,497
Jan. 1 1912:
Int. on cash Jt.
134,651
134,651
Taxes_______
Comm., &c___
40,850
Interest..........
150,177
150,177 Div. onstk. owned
Tort claims Ac___ 542,950
538,987
accr’d Jan. 1912
47,000
2,132,771 1,996,486 Bal. award to 42d
1,555,944
St.&Gr.St.Fy.
149,418
Met. St. Ry. acct.
31,246
28,265
Ry. agreement
877,097
Materials A supp. 781,809
Feb. 21 1912... 197,982
Cash___________ 1,084,344
773,647 Accts. -payable__
392,268
<1615,014
Cash lor spec. pur.
614,433 Matur. Int., A c.. d615,014
Certf. of deposit.. 600,000
600,000 Accr’d Int., A c ... 1,053,228
Bills A accts. rec. 311,485
278,187 Miscellaneous___
20,126
Acer., Ac., accts. 181,965
139,809 Reserves............. £3,175,612
Def. chges., A c..
391,431
64
40,758 Surplus...............
85,859,304 83,500,726
1914.
S
17,495,060
16,295,948
30,626,977
9,850*000
950,000
1,252,454
1,536,274
554,497
34,785
47,000
197,982
490,066
614,433
1,035,452
11,864
2,424,448
83,486
Total............... 85,859,304 83,500,726
a Denotes deposit o f proceeds under foreclosure o f Central Park North &
East River R R . c Denotes judgments and expenses paid, re-paving cases
against lessor companies prior to Jan. 1 1912. d See contra, e Bills pay
able issued to purchase 1st M . 5% bonds Metropolitan Crosstown St. R y .,
$602,454, and in renewal o f note (assumed Oct. 3 1912) made by the Joint
committee, $650,000. g Reserves in 1915 include Injury and damago
claims and expenses o f litigation, $962,886: accrued amortization of capital
(contingent acct.), $2,143,440: for doubtful accounts, $51,000, and amorti
zation o f cost o f stock o f Bridge Operating C o ., $18,285.— V. 101,p . 1093,774
Packard Motor Car Co., Detroit, Mich.
(R ep o rt f o r F isca l Y e a r en d in g A u g . 31 1915.)
Pres. Henry B . Joy, Detroit, Oct. 12, wrote in substance:
During the past several years we have been developing the plant along
the most approved lines and in the past year have installed a largo
amount of automatic machinery, largely increasing our capacity. During
the year the valuation o f the plant has been increased to $7,372,231 by
expenditures aggregating $1,531,770.
The evolution o f our 48 h.p. 6-cylinder car led to the development of the
38 h.p. 6-cylinder car and now to the 8-cylinder V-type and 12-cylinder
V-type engines, practically without vibration and yet having road qualities
superior to the single 6-cyllnders type. Our “ twin sixes” are now being
shipped.
Our finances aro in strong condition and we hope it will not bo necessary
to borrow from banks during the coming year, though that is not by any
means certain on account o f the much larger volume o f business which the
company is doing. The pref. dividends have been paid regularly, but no
dividends have been paid on common stock during the year. The very
conservative attitude o f the directors seemed wise under the disconcerting
business conditions that have prevailed.
1914-15.
Net after interest, depreciation, &c.._ $2,265,927
Preferred dividends (7 % )...................
350,000
1913-14.
$1,141,564
*350,000
1912-13.
$2,157,472
350,000
Balance, surplus...............................$1,915,927
Total surplus,____________ ________ $3,713,747
$791,564
$1,797,820
$1,807,472
$3,006,256
* As to 40% stock dividend paid Oct. 1913, see V. 97, p. 1119, 1219.
B A L A N C E SH EET A U G . 31.
1915.
1914.
1915.
Assets (Con.)—
•
S
S
S
Real est. A bldgs. 2,452,811 2,426,123 Vehicles in tran.,Ac. 630,409
Mach., equip., Ac. 3,968,587 3,054,017 Advance payments
94,924
Construction in
16,882
progress______
521,388
Total-------------21,814,154
Drawings, patt’s,
L iabilities —
429,444
342,439 Common stock... 7,065,300
Ac___________
1
Rights, prtv’s, Ac.
1,001 Preferred stock... 5,000,000
Branch houses__ 1,916,225 1,515,289 Debenture notes.. 3,000,000
248,462 Def.pay.on r.e.,Ac. 368,986
Investments........ 1,385,388
Employees’ stock
Accounts payable. 2,335,908
option_______
186,200
201,950 Res. for gen. purp. 330,213
Inventories.......... 7,423,876 6,394,864 Surplus............... 3,713,747
Cash.................... 2,289,112 2,462,464
661,590
Accts. A bills rec.. 515,789
Total............... 21,814,154
1914.
•
S
541,455
97,084
Assets —
17,963,620
7,065,300
5,000,000
3,000,000
_____
886,781
213,719
xl,797,820
17,963,621
x After deducting the $2,000,000 special stock dividend (40%
the common stock in Oct. 1913.— V. 99, p. 1455.
paid on
$
Plant A machinery 5,693 ,649
Tools, pat'ts, A c .. 1,696 ,314
Cash on hand, Ac.43,788 ,151
Municipal bonds
(cost)__________1,311 ,924
Other Investments
9,200
Inventory (cost)..14,335 ,768
Prepaid expenses. 385 ,378
Acc’ts receivable. 2,300 ,456
Real estate-------- 3,148 ,263
Bldgs, and bldg.
fixtures---------- 12,931 ,884
Office furniture A
fixtures............ 328 ,497
Factory equlpm’t. 2,606, ,356
Ju ly 31 15. Sept. 30 T4.
Liabilities —
$
S
3,821,465 Capital stock-------2,000 ,000
1,365,539 Acc’ts payable-. . 4,947 ,806
27,441,469 Contract deposits. 1,968 ,845
Acer, salaries, Ac. 770 ,721
1,330,547 Accrued expenses. 463 ,111
9,200 Contract rebates. 1,281 ,661
9,284,449 Reserves for—
Buyers’ profit
437/90
3,233,583
sharing.......... 15,000 000
2,227,568
Deprec’n of fixed
assets........ . 2,855 ,189
10,714,928
Dcpr. of patents
61 ,473
Fire Ins. prem..
51 ,263
105,264 Surplus________ 59,135 771
1,661,155
(R ep ort f o r F isca l Y e a r en d in g J u n e 30 1915.)
1914-15.
Gross earnings ______$2,161,503
1,847,591
Expenses and taxes___
1913-14.
$2,556,271
2,099,488
1912-13.
$2,651,195
2,232,506
1911-12.
$2,126,023
1,792,053
Net earnings________
$313,912
Bond interest_________
$247,328
Sinking funds..............
55,000
Preferred dividend........ (33 ) 56,250
4
$456,783
$248,424
58,280
(5)75,000
$418,689
$237,154
57,215
(5)75,000
$333,970
$231,020
55,000
(5)75.000
$358,578
$381,704
$369,369
$361,020
Total deductions___
Balance, surplus or def..dof.$44,666 sur.$75,079 sur.$49,320 def .$27,050
B A L A N C E SH EET JU N E 30.
1915.
191 4.
1915.
L iabilities—
S
S
$
Coal lands........... -.5 .952,129 6,051 ,805 Common stock____ 1.500.000
Bonds in sink, fund.l ,447.000 1,329 ,000 Preferred stock........ 1.500.000
53 ,639 Funded debt........... 3.498.000
Cash........... ........... 94,376
Bills receivable____
57,122
57 ,122 Heldbyskg.fd.trus. 1.447.000
Material on hand__
7,162
3 ,747 Accrued Interest, Ac.
18,831
Coal A coke on hand 43,590
31 ,003 Individuals A co’s .. 340,452
Individuals A co’s .. 434,329 660 ,928 Sink. fds. accr’d, Ac. 30.028
Construe. A equip.. 1 171,857 1,068 ,200 Profit and loss____ 873,254
Assets—
1914.
S
1.500.000
1.500.000
3.614.000
1.329.000
31,108
320,650
34,498
920,188
Total...................9,207,565 9,255,444
American Malt Corporation, New York.
(S ta tem ent f o r 10 M o n th s en ded J u ly 31 1915.)
Assets —
Total............... 22,721,281 22,045,726
Jefferson & Clearfield Coal & Iron Co.
Total......... .........9,207,565 9,255,444
—V. 100, p. 478.
Ford Motor Company, Detroit, U. S. A.
Ju ly 31 ’15. Sept.30 ’14.
Data From Gen. Mgr. F. Al. Sylvester, Vancouver, B. C., Sept. 6.
M in es. — Tho operations at Phoenix and Grand Forks, B. C.. wore shut
down for four months after Aug. 7 1914, and the output of ora from tho
Phoenix mines was curtailed after starting again in December until April
1915, so that the total shipments from those mines wero only 611,000 tons.
Development work added to the tonnage 152,872 tons, tho roservo tonnage
Juno 30 showing 4,232,405 tons. The cost of 85 cts. per ton of ore shipped
is about 5 cts. per ton higher than the average for tho previous five years.
This is due partially to the shut-down of last fall, but it also reflects the
Increasing expense o f extraction attending decreasing ore reserves.
Tho shipments from tho Hidden Creek Mine at Anyox, B. C ., were 477,
435 tons. Vory little development work was undertaken, but this work,
on ore showing 2.2% copper, added 187,500 tons, making the roservo ore
(having 2.2% copper) June 30 9,205,837 tons. There is a furthor rosorvo
of low-grado (.63% copper) oro of about 8,628,000 tons. Tho cost o f min
ing per ton of ore shippod for the year shows $1 03. At the Bonanza mino
nothing has been done during the year. The ore previously roughly blocked
out shows for a grado of 2.6% copper 414,775 tons, and for .7% copper a
further 489,580 tons.
On the Kasaan Peninsular of Princo of Wales Island, southeastern Alaska,
your company owns tho Mamio and Dean mines and has an option to pur
chase tho It mine, adjoining tho Doan. Work on all of theso properties
was discontinued in Aug. 1914 until April 1915. Tho total shipments of
V 4 % copper were 15,000 tons. Reserve showing, 130,000 tons.
The
Midas mines, Valdez, southwestern Alaska, will bo ready to ship as soon as
power is secured to operate the compressor.
Tho smelters show recoveries, including foreign oro: (a) At Grand Forks:
Copper, 10,041,175 lbs.; silver, 180,177 ozs.; gold, 27,807 ozs.; at Anyox,
copper, 16,597,737 lbs.; silver, 197,704 ozs.; gold, 3,581 ozs.
RESULTS FOR YEAR S E N D E D JU N E 30.
Sales—
1914-15.
1913-14.
1912-13.
1911-12.
Copper, fine (lbs.)_____ 25,746,059 23,320,097 22,688,614 13,231,121
Aver. price received. _
$0.1587
$0.1458
$0.16039
$0.1558
Silver, fine (oz.)_______
259,477
435,275
324,336
225,305
Aver, price received. . ________
$0.5774
$0.61179
$0.5906
Gold, fine (oz.)...................
26,936
43,882
47,266
33,932
Gross incomo from sales $5,053,887 $4,504,768 $4,782,691 $2,874,760
Working exp. at mines &
smelter, freight, refin
ing, selling & gon. exp. 3,412,370
3,627,925
3,402,972
2,128,211
Foreign ores purchased.
300,959
254,770
165,120
163,170
Total expenses______$3,713,329
$3,882,695 $3,568,092 $2,291,381
Net profit_____________ $1,340,558
$622,071 $1,214,599
$583,379
D edu ct —
Dividends paid................................... (6)$899,900 (3)$449,955
Allowed for deprec’n _
_
______
______
829
$600,562
Bond interest.............
270,4201
182,52080,666
Miscellaneous___________
140,973/
Total deductions___
$411,393 $1,082,420
$531,450
$600,562
Balance, sur. or def_ sur.$929,165 def.$ 160,349 sur.$683,140 dof.$l7,183
_
Surplus from prey, y r .. 2,738,022
3,199,271
2,516,122
2,533,305
Total surplus June 30 $3,668,087 $2,738,922 $3,199,271 $2,516,122
B A L A N C E S H E E T J U N E 30.
1015.
1914.
1915.
Assets—
Lia bilities —
$
S
$
Mine properties.. 14 ,468,898110,161,891 Capital stk. issucdl4,99S,515 14 ,998,515
Real est.,bigs.,Ac. 4 863,084/
Funded debt___ _ 3,390,000 2 ,290,000
Cost mine purch.
DIvs. lor liquld'r.
1,055
1,057
under develop’t 633,773
468,135 Loans secured by
Stocks and bonds.
430,518
514,809
copper in transit ...........
536,685
Cash and copper.. 1,756,543 1,375,794 Loans unsecured.
..........
960,000
Fuel, store suppl’s,
Wages, suppl’s.Ac. 663,625
_
519,555
A acc’ts recelv’le 568,465
525,097 Surplus............... 3,668,087 2,739,914
T o t a l............22,721,281 22,045,726
— V. 101, p. 1192, 849.
IN C O M E AC C O U N T FOR Y E A R E N D IN G A U G . 31.
[VOL. 101
S
2,000,000
3,335,139
1,452,623
581,720
218,141
621,381
2,557,080
1,935,440
59,767
43,934
48,827,032
Total................88,535,840 61,632,257
Total............... 88,535,840 61,632,257
The company has changed its fiscal year to July 31. Compared with las®
yearly statement assets show a gain of $26,903,583.
Secretary J. L. Klingensmith has been elected Vico-Presidont and Gen
eral Manager to succeed James Couzens, resigned. Edsel B. Ford, son of
the President, has been elected Secretary. Mr. Couzens remains on tho
board o f directors.— V. 101, p. 134.
(O ffic ia l Statem ent o f O ct. 21 1915.)
Pres. W . B . Franklin, N ew York, Oct. 21 1915, wrote:
No additional deposits of stock of American Malting Co. havo been mado
under the plan, so that tho total amounts owned and unassentod aro:
Owned.
Unassented.
Common stock.......................... ............................... $13,082,400
$317,600
Preferred stock................ ......................................... 14,265,000
175,000
(The balance of the outstanding common stock of tho American Malting
Co.— $1,100,000— is held In tho treasury of that company.)
Disposition o f Stock o f American M all Corn .—
Common. Preferred.
Exchanged for stock of Am. Malting Co. under plan.$5,756,256 $8,844,300
Reserved for outstanding stock of Malting C o_____
139,744
108,500
Left free in treasury............................ .........................
104,000
47,200
On Oct. 5 1915 tho directors o f American Malting Co. declared a dividend
of 70 cts. per share upon the prof, stock of that company, payable on
Nov. 1 1915. As your company Is tho owner of 142,650 shares of said pref.
stock, this dividend will bring into your treasury $99,855. Subsequent to
the declaration of the above-mentioned dividend, yoiir directors rdeclared
a quarterly dividend upon tho prof, stock of tho Corporation of 50 cts. per
share, payable on and after Nov. 3 1915.
Compare report of American
Malting Co. below.— V. 101, p. 119, 1093.
American Malting Co., New York.
(R ep ort f o r F isca l Y ea r en d in g A u g . 31 1915.)
Granby Consol. Mining, Smelting & Power Co., Ltd.
(R ep o rt f o r F isca l Y e a r en d in g J u n e 30 1915.)
Pres. William H . Nichols, N . Y . , Sept. 30, wroto in subst.;
Since tho last report operations have beon resumed at Phoonlx and Grand
Forks, and there, as well as at Anyox, aro going steadily forward. Tho
results so far attained confirm our beliof that no insolublo problems existwith respoct to these now properties, and while tho results aro highly grati
fying, it is reasonable to expect further considerable progress in reduction
of costs. Fundamental conditions continuo to be highly satisfactory.
Tho report, signed by the late Chairman Wilberforco
Sully at New York, Sept. 28, says in substance:
Results.— Tho ad verso conditions described in tho last annual report con
tinued with increasing forco and competition in tho malt manufacturing
business was very keen during tho year now ended. During a largo part
o f tho season many maltsters sold malt at tho price of barley in an effort
to koep their plants in operation and sell their output. This condition was
duo in part to tho fact that production in tho season 1913-14 outran con
sumption to such an extent that maltsters carried into tho business season
beginning Sept. 1 1914 doublo tho usual stocks of malt already sold to brow-
crs but not vet delivered, and In part to the heavy falling o ff in the consum p
tion o f beer, which for the year ended July 31 1915 amounted to a decrease
o f 6,656,012 barrels. There was also a decrease in the use o f barley-m alt
^ I n 1'consequence oT\°hese conditions, maltsters in general oeprated only
from 50 to 60% o f their respective capacities. Approxim ately 50% or
your malting capacity was em ployed, and while the net result is chsappointing, nevertheless it is a source o f satisfaction that the year ended with a
surplus rather than a deficit. W ith the supply o f m alt ^e!d b y m a s t e r s
at the lowest point in m any years, and w ith the prom ise Of largw em ploy
incut o f workmen in industrial districts, and increased consum ption o f
beer, it is reasonable to anticipate that a larger percentage o f the m a i ^ g
capacity will bo em ployed and that m ore favorablo conditions will pitva ii
during the current season.
,,
t . - ..
_ini.
S i n k i n g F u n d — F u n d e d D e b t . — The installment o f
due the sink
ing fund was settled b y the delivery o f $43,000 bonds
^ n t h o si nkcredited at par and int., together with $689 cash. 1 ho >ba a
,
.
ing fund, $6,629, was used to purchase f o r cancellation sl^x^ncls. Under
the bond extension agreement of Sept. 4 19 14 , it was not nec ■
, • '
any payment to the sinking fund on account o f the prrf. dividend paid
sum "of $2 0 0 ,000"
$199,848 in the purchase o f 197
Long Island— or $353,700 in all, In order to d o away with the necessity for
leasing the right o f way fron the Long Island s subsidiary for $45,000 a year.
T he proposed deal was warm ly opposed b y W . H . Swenarton, representthe m inority stockholders, on the ground that “ the rental from the H. it. 1 .
is the roa d ’s only source o f revenue and that the purchase, if authorized,
should include all the stock at one p rice.” See p . 19 o f “ Electric K y .
Sect.
Brighton Beach Elevated Reconstruction Approved.— -
T he P . S. C om m ission has approved the plan and form o f contract for
reconstruction on tho B righton Beach rapid transit line, submitted b y the
N ew Y ork M unicipal R y . C orp. T his contract involves the reconstruc
tion o f the line from Church A ve. northward to M albone St. and the w idening o f this portion from tw o to four tracks and the reconstruction o f the
Church A v e ., W ood ru ff A ve. and P rospect Park stations, at an estimated
cost o f $750,000 to $1,000,000. T his will make the Brighton Beacn line
four tracks from Sheepshead B ay to Prospect Park station, about 4 miles.
From Sheepshead B ay southward the line is to be elevated into Cones
Island and four-tracked. T his lino is to bo connected by a new tw o-track
subway branch through Flatbush A ve . at M albone St. w ith the Fourth A ve.
'
.ong i
subway near the Long Island R R . terminal at A tlantic and Flatbush avenues
B rooklyn. -V . 101, p. 1271. 1188.
California Railway & Power Co.— Annual Report.—
Second
I
S
r
M ^ t a Z t s i l e l d — T he "m ortgages on real estate” were increased by
S4 000 (taken on property sold for $10,900) and decreased by the paym ent
of $5 7,0 0 0 on mortgages held, leaving a balance o f $82,000.
W o r k i n g C a p i t a l . — Your com pany begins its present fiscal year with net
working capital (including inventories) o f $4,409,969.
T he inventories have been valued at a figure below cost, and alt or tne
malt and barley on a malt basis on hand A ug. 31 has boon sold at a profit.
E x t r u s i o n A y r e e m e n t .— B y this agreement, dated Sept. 4 1914, the $2,
353,000 1st M . bonds then.outstanding, m aturing D ec. 1 1914, were ex
tended to June 1 1917. T h e bonus o f $40 per $1,000 bond offered as a
consideration for assent to the agreement was paid directly to the holders
o f $1,953,000 bonds, and the extension o f the balance o f $400,000 was
arranged without the paym ent o f any bonus or com m ission,
llio bonus
paid, $78,120, will bo am ortized b y a m onthly charge to operating expenses
spread over tho period o f the extension, nam ely, 30 m onths.
1 lie am ount
so charged in the expenses for the , year was $23,436 tv . j j , p. » i » , J / 1 ,
1599).
Y E A R S E N D IN G
A U G . 31.
IN C O M E A C C O U N T FOR
1911-12.
1913-14.
1912-13.
1914-15.
P rofit on m alt, b arley,& c.
products dealt in, incl.
Int. on secure, owned,
$777,039 $1,172 764
$656,086
loans and balances------ $306,960
$162,110
$171 .969
$145,406
D e d u c t — Int. on b d s., & c.
$147,349
88,574
99 ,333
80,406
T a xes_________________
oO,0U
0
99,498
122,987
91 ,143
Betterm ents & m ain t. 67,834
T otal deductions-------Balance for dividends—
Preferred dividends--------
$295,986
$ 1 0 ,9/4
alOO.SOO
$325,310
$330,776
b 89,528
$373,671
$403,368
C358.112
$362,445
$810,319
d447,640
Balance after d ivs.-X dcf.$89,826sur.$241,248 sur.$45,256sur.$362,679
a 70 cts. paid N ov. 1 1915. b 62 cts. paid M a y 1915. c T w o o f $1 24
paid N o v . 1913 and M a y 1914. d T w o o f $1 55 paid N ov. 1912 and M a y
1913.
x The profit and loss surplus as o f Aug. 31 1915, before deducting preferred
dividends as shown in the a bove table at the rate o f 70 cts. paid N o v . 1
1915 amounting to $100,800, was $1,961,988.
B A L A N C E S H E E T A U G U S T 31.
1914.
1914.
1915.
1915.
L ia b ilitie s —
S
S
S
S
A ssets__
.
Plants,good will,&c27 ,535,730 27,543,524 Cap. stock, p rof..14 ,410,000 14.440.000
Common stock— 1,100,000 1,100,000 Cap. stock, co m ..14 ,500,000 14.500.000
16,725 First M . bds., 6% 2 ,156,000 2,402,000
16,725
Securs. other co s .736,720 Underlying intges.
14,000
,930,122
9,173
18,552
Accts. & bills rec-- 1,107,074 1,307,801 Accounts payable .
55,409 Accrued taxes___
32,063
30,981
46,502
Taxes & insurance
Inventories........ - 1 ,112,419 2,776,227 Accrued Interest on
2,000
bonds.......... ......
32,340
36,030
257,000
Bonds purchased.
3,940 Reserve funds___
100,000
100,000
606
Sinking fund........
135,000 Profit and loss__ 1 ,964,988 2,144,080
82,000
Mtgs. on real cst..
*54,684
Unexting. bonus.-
T o ta l___ - ____ 33,242,861 33,677,346
T o ta l................ 33,242,861 33,677,346
* Allowed on funded debt extension balance.
•
See report o f Am erican M alt C orporation abov o.— V . 99, p . 1599.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Ann Arbor RR. -Earnings.- -F or year ending Juno 30:
F is c a l
Y ea r—
G ross
E a r n itiy s .
1914-15____$2,310,902
1913-14____ 2,096.169
— V . 100, p . 2008.
N e t (a fte r
T a x e s ).
$520,123
473,038
O th er
1 71 c o m e .
T o ta l
D e d u c tio n s .
B a la n c e ,
S u r p lu s .
$34,292
26,723
$453,658
418,766
$100,757
80,994
The Atlantic Coast Line Co.— Misprint.—
In the balance sheet o f this com pany as or June 30 1915 printed In tho
“ C hron icle” o f O ct. 16 1915 tho Charleston & Western Carolina R y . C o.
First Consols, owned b y tho com pany aro described as 214 % bonds, whereas,
as a m atter o f fa ct, they are 2-5% bonds, bearing interest at 2 % for two
years; 3 % for three years; 4% for five years and 5 % thereafter.— Seo
V . 101, p. 1268..
Boston Elevated Railway Co.— New Bonds.— T he M a s s
achusetts P . S . C om m ission has been asked to sanction tho
issuo of $ 3 ,2 8 6 ,0 0 0 bonds to provide for construction and
equ ipm en t, funding floating d e bt, purchase of proproty, & c.
This issue, it is pointed o u t , will increase the funded debt to $26,586,000,
or just equal to the outstanding capital stock ($23,879,400), plus tho pre
m iums ($2,707,408) received thereon, so that under the existing law addi
tional stock must bo issued before any further bonds aro put out. Com pare
V . 101, p. 287, 368.
Brooklyn Rapid Transit Co.— Earnings of System.—
1915.
1914.
Sept. 30 Quarter 1915.
1914.
Gross oper. rev .-.$7,301.318 S7,239,787 Operating lncome.$3,007,220 S2,967,052
Operating expens. 3,862,167 3,837,865 Non-oper. income
129,535
115,707
S e p t. SO Q u a r te r
Net from oper..$3,439,151 $3,401,922
Gross tncomc.-S3,130,755 $3,082,759
T axes.____ _____
431,931
434,S70 Income dcduct’ns. 1,162,362 1,162,535
Operating in c . - $ 3 , 007,220 S2,967,052
Proposed Purchase.—
Balance, surplus$l,974,393 $1,920,223
“ Brooklyn E a g le ,” O ct. 13, said:
T h o Brooklyn Rapid Transit interests aro seeking to get control o f tho
P rospect Park & Coney Island R R ., which owns tho right o f way and
tracks on the old Culver line. This becam e known to-day when tho ap
proval or the P . S. Commission was asked for tho purchase b y the South
Brooklyn H R. C o. or the m ajority stock o f the Prospect Park lino which is
held by the Long Island R R . A fter prolonged negotiations the B . R. i .
interests have offered $200 a share for tho 1 , 7 6 8 shares owned b y the
1369
THE CHRONICLE
Oct. 23 1915.]
annual
report
for year ended June 3 0 last, shows:
Incom e for the year o f $141,268, expenses and charges o f S14.071 and
net incom e o f $127,197. T o this net incom e is added a previous profit and
loss surplus o f $115,936. making a total gross surplus o f §243.133. D iv i
dends o f 7 % on the prior preference stock, am ounting to $ 1 9 9 ,5 0 0 . are
deducted, leaving a profit and loss surplus o f $43,633 on June 30 191 o.
Prior preference stock to the am ount o f $100,000 par was called for
redemption on Jan. 2 1915, m aking tho total am ount called for redem ption
to date equivalent to $2 0 0 ,000.
. ,
.
The earnings statements o f the three operating companies for the years
ending June 30 1915 will be found under their own captions below . Sec
United R R s. o f San Francisco, Sierra & San Francisco Power Go. and
Coast Valley Gas & Elec. C o .— V . 100, p. 53.
Canadian Pacific Ry.— Annual Meeting—Remarks of
Chairman.—
T h e remarks of Chairm an Sir T h o m a s Shauglinessy a t the annual m eeting in London on O ct. 6 are given
a t length on a subsequent page.
T ne resolution relating to the arrangement with the Canadian P acific
Ocean Services, L td ., referred to in the annual report (V . 101. P- 699) was
unanimously adopted. This arrangement calls for the sale o f (lie com pany s
17 steamships engaged in trans-Atlantic and trans-Pacific service and also o f
its holding o f 57,637 fully-paid shares o f £10 each o f the Allan Line SS. C o .,
L td ., to the Canadian P acific Ocean Services, L td ., a new corporation with
£2,000,000 capital in £10 shares, the consideration to be £ 1 962,910 o f the
capital stock (being all except directors shares) and £2,865.860 first deben
tures or debenture 5% stock o f the steamship com pany. It was also voted
to guarantee paym ent o f the principal and interest o f such bonds, deben
tures, debenture stock or other securities as the steamship com pany m ay
from time to time issue with the railway’s consent.— V . 101, P* 1 2/1 ,
699. 688.
Central Branch Railway (Missouri Pacific Ry. System)
—Bondholders' Committee.—
T h e com m ittee nam ed below in
an advertisem ent in last w eek’s “ C hronicle,” urging deposits
of the 1st M . 4 s, due F e b . 1 1919 (guaranteed b y the M o .
P a c. R y . C o .) w ith the F arm ers’ L oan & T ru st C o ., says:
T he plan proposed for the readjustm ent o f the finances o f the M issour1
P a cific R ailw ay System provides, among other things, for the issuance by
a new com pany in exchange for your bonds o f 50% o f their face value in
general m ortgage bonds and 50% thereof in preferred stock or incom e
bonds o f such new com pany. This appears to involve a surrender ol a
substantial part o f tho security o f you r bonds ar.d holders o f a considerable
am ount o f the bonds who are represented b y the undersigned com m ittee
are unwilling to accept the plan unless, upon investigation, the circum
stances o f the railway com pany and the condition and value o f the property
covered b y the m ortgage securing the bonds m ake it advisable.
T ho property o f tho Missouri P acific was placed in tho hands o f a receiver
A ug. 17 1915. Default has been m ade upon bonds covering substantial
portions o f the main line between Kansas C ity and P ueblo. H olders o f
m any o f the securities have assented to the plan.
It is. therefore, imperative that immediate concerted action be taken.
Tho undersigned, as owners or representing owners of a large amount or
bonds, have agreed to act as a protective committee. Under the deposit
agreement the expenses and compensation of the committee are not to
exceed 2% of the par value of the bonds deposited. Depositors are to
have the right of withdrawal upon the adoption of a plan.
, T
Com m ittee: Charles A . P eabody, Chairman, President M utual Fife
Insurance C o. o f Now Y ork; L . Edmund Zacher, Treasurer. Travelers
Ins. C o ., H artford, C onn.; and R obert Struthers J r., o f W o o d , Struthers
& C o ., N ew Y ork C ity , with Emerson W . Judd, Secretary, 37 W all S t..
N Y . C ity , and Cadwalader. W ickersham & l a f t . C ounsel., 40 W all St.
[The latest reports show that the Mutual Life Insurance Co. and the
Travelers’ Insurance Co., both of which are represented on the committee,
together own $400,000 of the bonds.]— V. 101, p. 287.
Central Crosstown RR., N. Y . — Bonds.—
See N. Y . Railways Co. under “ Ann. Reports” above.— V. 96. p. 1772.
Chicago Milwaukee & Gary Ry.— Sold.— A ll of the
com p an y’s securities, stock and bond s, which had been
pledged as collateral for notes, were bid in a t auction on O ct. 15
for § 2 ,0 0 6 ,5 0 0 , the am ount due for principal and interest
on the notes, b y Isaac H . Orr, T ru st Officer of the S t. Louis
U nion T ru st C o ., representing the noteholders.— V . 101,
p . 1092.
Chicago Milwaukee & St. Paul Ry.— Electrification.—
T he “ R ailw ay A ge-G azette” o f O ct. 15 contains a 7-page illustrated
article regarding the electrification o f 440.5 miles o f main line and 141 miles
o f side and yard tracks on its Puget Sound extension betw een Harlow ton,
M o n t., and A very, Idaho, including the R o ck y M ountain and Missoula
divisions. W ork between Throe Forks and D eer Lodge, 113 miles o f line,
is now practically com pleted and it is expected that this section will be
ready for electric operation shortly after N o v . 1. T he electrification be
tween Three Forks and H arlowton is also nearing com pletion and it will be
placed in service soon after Jan. 1 1916. W ork is also under way on the
tw o western districts com prising tho M issoula division and it is expected
that this division will he operated electrically b y Jan. 1 1917. This entire
project involves an expenditure estimated at $15,000,000.
New Line.— A
press dispatch on O ct. 11 said:
T h e Seattle P ort Angeles & W estern R R . yesterday com pleted its track
to a connection with the P ort T ow nsend & Puget Sound R R ., and in a short
tim e a regular train service will be established between this city and Port
Angeles. B oth roads are subsidiary concerns o f the Chicago Milwaukee &
St. Paul.— V . 101. p. 917. 938.
Chicago Rock Island & Pacific Ry.— Assessment.—
W h ile published estim ates of the am ount of new m oney,
running from $ 3 0 ,0 0 0 ,0 0 0 upw ard, required in- the re
organization are not substantiated, it is understood a very
considerable sum will be necessary, so that there is little
reason to hope that the stock will escape an assessm ent.
— V . 101, p . 1 2 72 , 1092.
Cleveland Railway.— Possible Purchase by City.— A t the
election on N o v . 4 the voters o f C leveland will act on—
S i x t h — Shall Ordinance N o . 38.010, being an initiated ordinance entitled
“ A n Ordinance authorizing tho purchase o f the property o f the Cleveland
Railway C o. b y the city o f Cleveland and the issue a n d sale o f m ortgage
bon d s and the passage o f a franchise as security for such bond s.” be ap
proved and becom e an ordinance o f the city o f C leveland?— V . 100, p. 473.
1370
THE CHRONICLE
C le v e la n d U n io n S t a t i o n .— Proposed Ordinance.— A t
the city election on N o v . 2 the follow ing proposition, w ith
others, will be presented:
•^o / i pllr” V0-!'.an,or'linan<' 0.alUhorizin" tho M a yor to enter into a contract
with tho N ew Y ork Central U K . C o ., the Pennsylvania C o. (operating tho
C love and & Pittsburgh R R .), tho Cleveland & Pittsburgh R R . C o. and
Cleveland Cincinnati Chicago & St. Louis Ity. C o ., for the conveyance
ot land for a union passenger station and tho extension o f railroad rights o f
w ay, providing for tho acquisition b y tho city o f Cleveland o f certain lands
to bo m ade cast o f ha st 9th St. in exchange for the city ’s rights in R ath St
N . W . , and providing for the settlement o f controversies pending and tho
developm ent o f tho lake fron t betw een E dge water Park and East 2Gth St.
and upon W hiskey Island.”
„ pThe ,radroads. agree t° purchase from the city for the terminal 3 5 M acres
o f land for $1,400,000 and the entire undertaking, including the station
approaches, & c., is expected to cost about SO,000,000. T ho station will
bo d irectly on the lake fron t and close to the present Union Passenger Sta
tion .
Tho ordinance will end long-standing controversies,________ ___
C o lo r a d o M id la n d R y .—
J u n e 30.
m t f a,r7 ~
G ross
Earnings.— June
N e t ( a fte r
T a x e s ).
Other
In c o m e .
3 0 year:
In t e r e s t,
R e n t a ls , A c.
B a la n c e ,
D e fic it .
$47,805
§15,415
*§74,520
$11,210
J2J4-16----------- S I,608,780
1 913-14----------- 1,761,981
32,369
23,744
196,797
140 683
* Includes in 1914-15 rontals, & c., charges only.— V . 99, p. 342.
’
C o lu m b ia & M o n t o u r E le c tr ic R y .— Receivership.—
Seo North Branch Transit Co. below and compare V. 98, p. 1766.
C o lu m b ia R a ilw a y , G a s & E le c tr ic C o .—
Earns, etc.—
See Colum bia R y ., Gas & E lectric Securities C orp. below .— V .9 8 , p. 1844.
C o lu m b ia (S . C .) R a ilw a y , G a s & E le c tr ic S e c u r itie s
C o .-— tVo<es. R ed m on d & C o ., N o w Y o r k , are offering at
c
convertiM ° 6 % secured gold (coupon) notes
ot $ 1 ,0 0 0 each, series “ B , ” dated A p ril 1 1915 and D uo
O ct. 1 1 9 17 .
In t. A . & O . A circular shows :
T otal aiithorized issuo, $1,000,000. C onvertible at option o f tho holder
on any interest date on ten d ays’ notice, into an equal par value o f the
th S w rt
tv 1 f a.nd $ 1 2 0 in cash per note, m aking tho net cost o f
I
the bond 88 (a. 5 A % basis). Subject to redemption on any interest dato at
11)1 and Int., on 30 days notice, and if called, tho privilege o f conrv P Y Y ™a y v bo exercised. Secured b y deposit w ith C olum bia T rust
£*?■
X ' ias tru?te° o f 1st M . 5% bonds o f tiio Parr Shoals Power
C o ., guaranteed principal, interest and sinking fund by tho Colum bia
value o f 1 %M . 5% Chnmk°' ® iCh depositedo f0 b<dnB secured fby closed first
n
0
value ot 1st 4 V 7 bonds. Tho f 1’00, . n, bonds aro part o a .$1,350 par
mortgage for .$3,000,000, covering the entire property o f tho Parr Shoals
1 ower C o., a hydro-electric plant with a present capacity o f 18,000 li. p.
2 P J}Cro° ( ,anl, a )°llt one-half mile long, modern power house,27 miles
O
,1
Broad River toSColumbfar, transmisslon ,incs ^tending from tho plant on
&
E a r n in g s o f C o lu m b ia R a ilw a y G a s A E le c tr ic C o . ( 1 ) G ross fo r C a l. Y e a r .
„ 1908.
1909.
1910.
1911.
1912.
1913
iq u
$422,877 $440,630 $486,307 §538,914 $601,991 §663,159 §695,644
(2) f is c a l Y e a r s e t u l. J u n e 30 (1914-15 the F ir s t to I n c lu d e P a r r S h o a ls P la n t)
r,
,
1911-12.
1912-13.
1913-14.
1914-15
Gross earnings-------------§572,028
§627,403
$669,313
§814,916
T otal net after taxes281,978
332.225
338,055
428.245
In t. on C olum bia bonds.
123,896
133,338
138,896
145 862
B a la n ce.
§158,082
§198,887
Interest on Parr Shoals Power C o. 1st M . 5s
Other paym ents__________________
§199,159
§282,383
150,000
9,533
Balance, surplus, for first year including Parr Shoals plant____
§122 850
.
plant a t,,I a rr Shoals only began operations in July 1914 and owing
inary industrial depression (duo to the war) has not vet
hao tune to dovelop its full earning power.
C onditions aro now im prov,
L Y I 1 m I»'ovem ont s houId bo reflected in tho earnings which aro
already double tho interest on theso bonds.
r S ^ ? lta i l
S
,at,l0n °/JrarL Sfl0a,s Powcr Co.— $3,000,000 1st M . 5% bonds
and issued V. 98, p. 1075); §300,000 7 % Pref. stock; §2,000,000
C YYYl?,n; s,tock-,a)l controlled by Columbia Railway Gas & Electric Co
nf Vh n” <ri n o n n rn 1 F Y n i ®onds-- ~w Bl, it is estim ated, retire over 80%
$3,000,000 bonds beforo m aturity.
C om pany.
Operates under favorable franchises in Colum bia
0,?nY;Y,iho cntirp street railway, electric lighting, power and gas business
a I,0 I)ldatlnn about 56,000. Regular dividends o f 6 % per annum
are being paid on tho pref. stock and in 1913-1914, after paying same them
r 'n Z d i n 8ll£plus VY-al to over 7 % on tho §2,000,000 com m on stock
1, ^ l Y W/Yai ^ ScFv
',ed , y , l5 , railroads, tho city is tho center o f m any
n e
im portant industries, including textile mills with a total o f over 225 000
spindles. Cheap hydro-electric power from Parr Shoals should further
stim ulate its m anufacturing. Com pare V . 97, p. 1024.
Denver & Rio Grande RR.— New Directors.—
Benjamin Nicol and David II. Taylor, both o f N. Y . City, have boon
t directors to succeed Joel E. Vaile o f Denver and Samuel E. Pryor
of St. Louis, who resigned.
f at
Suit as to Interest on Western Pacific 1st Mtge.— A suit in
equity was filed in D en ver on T u esd ay to requiro the com
pany to p ay tho defaulted interest on the W estern Pacific
1st M . bonds, which tho formor guaranteed.
The N Y
T im e s’ ' on O ct. 21 said:
T he suit in equity filed Tuesday in Denver, it was said yesterday in
railroad circles, was a m ove to protect tho 1st M . bondholders o f the
nnYstT,rn * ach ic, but was not designed to force tho Denver road to tho wall
T
,1 ho Denver'guaranteed the interest on the Western Pacific’s first m ortgage
bonds and §2,500,000 interest is now due. Tho Denver cannot pay. A
legal com plication exists which serves as a protection for the Denver road
Under tho Adjustm ent M ortgago o f the D enver the holders o f the A djust
m ent M ortgage bonds can foreclose when it defaults on any interest pavm ent. It is probable that such suit would liavo p riority to claims o f tlio
4V estern 1 a cific bondholders. It is contended that it will be to the interest
ot tho la,tter not to press tho Denver too hard, lest tho valuable collateral
behind the D enver’s Adjustm ent M ortgago bo released. Effort is beinlr
m ade to effect a com prom ise and thus save a chain in tho old Gould system
from a receivership.— V . 1 0 1 , p . 1008.
aymem
Detroit Pontiac & Owosso (Electric)]Ry.— New Line.__
T h e following Is officially approved: The M ich . R R . Commission has
authorized a .'>3,300,000 bond issue to provid e funds for tho construction
ot the proposed electric railway between Detroit and Owosso
T ho com
pany was incorporated in M ichigan July 10 1914 with §50,000 capital stock
b y D r. George II. Lau George W . E yster and R aym ond G . St. John, all D e
troit men to build a lino from Detroit through Pontiac, D rayton Plains,
W aterford, Clarkston, Davisburg and Holly to Owosso. A t a recent elec
tion, the citizens o f Pontiac approved tho 30-year franchise asked bv tho
, T A pAnyT ?, vok°. °.f ,8 0 1 to 2 1 . It is thought that tho road will connect
C
Yy
with tho 1 ontiac D ivision ol the D etroit United R y . and run northward.
Detroit Toledo & Ironton RR.
«1 T
-)ho c o hio I1’ ’ u ; Commission has authorized tho com pany to issuo
CQuipmenb gold notes and also to borrow $33,000 bv nledsrn o f
§50,000 1st M . gold bonds in connection with tho purchase o f th e 2 0 0 new
freight cars recontly ordered.— V . 101, p. 1188.
Denver Tramway C o .-C ircular as to Omission of Divi
dend.—
T h o directors o f tho D enver T ram w ay C o . and also
tho directors of D en ver & N orthw estern R y . C o ., which
owns $ 9 ,0 0 0 ,0 0 0 com m on stock o f tho D onver T ram w ay C o
decided at their m eetings S ep t. 27 to 3 0 n ot to declaro tho
usual quarterly dividends (V . 101, p . 1 1 8 8 ). Chairm an C K
[Vol. 101.
B oettcher in circular dated at D onvor, O ct. 16, and addressed
to tho shareholders o f both com panies, presents tho follow ing:
E a r n in g s o f th e D e n v e r T r a m w a y C o m p a n y .
-T h r e e M o n th s -S ix
30—■
nno.
1915.
1914.
Operating revenues.................... §794,597 §851,809
Operating e x p e n s e s - .............
404,348 424,183
N ot operating revenuo.
M iscellaneous in co m e -. .
M o n th s-
ivn o
iu ia
1915.
1914.
§1,545,749 §1,655,543
787,094
857,734
P e r io d s en d in g S e p t.
/ IqitC/ t f l t C I l l O
$797,809
9,396
§761,838
629,385
$807,205
642,456
- $76,932 §111,556
A' U .
$758,655
3,183
.§391,368 §433,071
. 314,436 321,515
CJW
tA..
-§390,249 §427,626
1,119
5,445
§132,453
$164,749
\ U U U l )'
♦Denver T ram w ay Power C o
Im provem ent M ortgage___ - $12,500 §12,500
$25,000
$25,000
D enver C ity T ram w ay C o. ls>
and R efunding M ortgage___ . 30,712
27,902
61,442
55,862
* R ecoverable in Denver C ity T ram w ay C o. 1st & R ef. M tgo . bonds.
I*or the three m onths ended Sept. 30 1915 there was a decreaso in gross
earnings o f §57,211 and a decrease in net incom e applicable to dividends and
sinking fund requirem ents o f §34,623. It has been necessary to expend a
considerable sum o f m oney in new construction and proper maintenance
and ow ing to world-w ide financial conditions your directors liavo deemed
it not advisable to sell at a sacrifice any o f tho treasury bonds to replaco those
funds taken from tho working capital. T ho com pany has in its treasury
at this tim e, unsold, §838,500 D enver C ity T ram w ay C o. 1st & R ef. M tg o .
bonds and §18,000 D enver T ram w ay Terminals 1st M . bonds.
T h e directors decided that the interests o f the com pany as well as the
interests o f its bond and stockholders would be better conserved b y dis
continuing for the present any dividends, thereby strengthening tho com
pany s cash position.— V. 101, p. 1188.
E a s t B r o a d T o p R R . & C o a l C o .—
F 9 f)
J u n eI 30.
Y ea r.
/tvnnn
G ross
E a rn in g s.
1 9 1 4 -1 5 ____ §327,397
1 9 1 3 -1 4 ____ 343,074
— V . 97, p . 1822.
T*
.
7
O p cr. E x p .
an d T a xes.
§160,376
157,791
1
f -1
N et
E a r n in g s .
Earnings .—
*,
,
B ond
I n te rest.
§167,021
185,282
$42,276
40,734
B a la n ce,
S u r p lu s .
§124,745
144,548
G a r y & I n t e r u r b a n R R .— Receivership, &c.— Federal
Judgo Anderson a t Indianapolis lias appointed Charles
E . D avid son of G ary as receiver for tho property.
T ho Central Trust C o. o f C hicago, tho trustco for tho bondholders has
brought suit to foreclose undor tho §10,000,000 First R efunding M . interes
on §1,000,000 outstanding bonds being in default.— V . 101, p. 846, 773. t
G e o r g ia S o u t h e r n & F lo r id a R y .—
J u n e 30.
Y e a r —•
O p e r a tin g
R even u es.
N e t (a fte r
T a x es ).
O th er
In co m e.
Earnings.—
In te rest,
F or year:
D iv s .
B a la n c e ,
A c.
P a id .
S u r .o r D e f.
1 9 1 4 -1 5 ------ §2,215,773 §253,405 §108,158 §356,543 $44,200 def.$39 180
1913-14 2,598,760 347,018
161,459 358,225 88:400 sur 61 853
in<iludo ln 1914-15 2 A % (§17.100) on 1st pref. stock and 214 %
(§27,100) on 2d pref. stock, against 5 % (§34,200) and 5% (§54 200) res
spectively, in 1913-14. In 1914-15 dividends wore deducted b y the com
pany^ fiom profit and loss, but shown here for tho sake o f sim plicity.__
G r e e n v ille N o r th w e s t e r n R y .— Foreclosure
Suit.—
T lio H ouston & Texas Central R y . C o . on O ct. 11 filed a suit in th e '
D istrict C ourt at H ouston for a receiver and tho foreclosure o f a deed o f
trust executed on M a y 1 1914 to Edwin B . Parker as trustee, to secure a
six m onths 8 % note for §63,301, now in default. There Is also, it is said a
dem and note for §7,500, executed N o v . 2 1914. Tho defendant owns an
11-mile road running, from Anna, Collin C ounty, to Blue R idge and
W estminster in Collin C ounty.
G u lf M o b ile & N o r th e r n R R .— Successor
See N ew Orleans M obile & C hicago R R . below.
Company.—
H o c k in g V a lle y R y .— Sale Disapproved.-— Tlio U . S .
Court a t Cincinnati on O ct. 15, in an order entered in tho anti
trust suit of the G overnm ent against tho various railroads and
coal companies m aking up tho so-called “ Soft C oal T r u s t,”
declined to confirm tho com p an y ’s contract and m odified
contract for tho salo to E . M . Poston of tho N o w Y o rk Coal
C o ., of tho stocks o f tho Buckeye C oal & R ailw ay C o . and tho
stocks and bonds o f tho Ohio Land & R ailw ay.
John S. Jones o f C hicago, who purchased tho property o f tho Sunday
Creek C o. from tho railroads som e m onths ago (V . 99, p. 1451), claim ed to
havo purchased tho property in dispute at tho tim e he secured tho Sunday
Creek properties, and in addition, it is said, ho has offered far m ore than
M r. Poston for tho properties.
T h o C ourt decision does not com pel tho
railroad com pany to sell to M r . Jones, but does forbid tho proposed salo
to E. M . Posten. Seo V. 101, p. 370, 448.
V .-P res. M . J C a p l e s at tho recent annual m ooting (adjourned for 60
days) expressed the hope that the litigation regarding tho coal properties
which has mado it im possible to increase capitalization and so make im
provem ents. would berem ovod within a short tituo.— V. 101, p. 1087, 1189.
I llin o is S o u t h e r n R y .—
J u n e 30.
Y ea r—
G ross
E a r n in g s .
1914-15 ............ $527,336
191314 - 561,765
■V. 99, p. 1597.
Earnings .—
N e t (a f t e r
T a x es ).
O th er
B ond
In c o m e . In te rest,
§76,728
100,677
$5,579
5,107
L e h ig h & N e w E n g la n d R R .— Listed
A c.
§77,863
121,836
B a la n c e ,
S u r . or D v f.
sur..$4,444
def.16 052
in Philadelphia .—
T ho Phi la. Stock Exchange has listed tlio $3,507,000 Gen. M . 5 % bonds
V*1'i o i A ’ W
ioo!)P° 'VOr t0 Usfc 819:i’00,) additional, when issued. Compare’
L o u is v ille H e n d e r s o n & S t. L o u is R y .—New Mortgage.
— T his com p an y, a m ajority o f whoso capital stock is owned
b y tho Louisvillo & N ash villo, has filed a m ortgago to secure
not exceeding 8 5 ,0 0 0 ,0 0 0 First M ortg ag o 5 % Consolidated
50-year bonds, o f which $ 2 ,5 0 0 ,0 0 0 will bo held in trust to
retiro a t m aturity in 1946 tho existing 1st M . 5s and .$700,000
will be issued a t once to pay floating debt and provido for
betterm ents, & c ., now undor contract. T ho romaindor will
be held in trust for future im provom onts.
Annual Report.—
J u n e 30.
Y ea r—
1914-
G ross
E a r n in g s .
Earnings for Juno 3 0 yoars:
N e t (a fte r
T a x e s ).
O th er
In co m e.
1 5 ................ $1,397,190 §270,460
V 100‘ pV308:
’8
3 11,3 5 2
B ond
In te rest Ac
$6,439 $245,654
0 ,5 5 5
L o u is v ille & N a s h v ille R R .— Taxes
B a la n ce
Sur oh N
239,132
in
1 9 1 4 -1 5 .—
$31 2 4 5
81,775
Bonds.
T ho taxes for the year 1914-15 aggregated $2,136,713, as shown last
week oil page 1287, not §3,136,713, as misprinted in tho com parative
tables In V . 101, p. 1180.
Seo Louisv. Ilend. & St. Louis R y . a bove.— V . 101, p. 1265, 1284, 1272.
M a in e C e n t r a l R R .—Plan Approved.— Tho shareholders
on O ct. 20 voted to sanction tho proposed retirement of
$ 1 0 ,0 0 0 ,0 0 0 o f tho outstanding stock owned b y M ain o Cen
tral R ailw ays, and tho issuanco in placo thereof of $ 7 ,0 0 0 ,0 0 0
5 % 25-year 1st M . bonds and $ 3 ,0 0 0 ,0 0 0 non-voting 5 %
pref. stock. Com pare V . 101, p . 9 2 3 , 1090.
THE CHRONICLE
Oct. 23 1915.]
Middletown & Unionville RR.— Income Interest.—
T h e directors have declared the first semi-annual installment o f interest
am ounting to 1 % , on the Adjustm ent Incom e B onds, payablo N o v . 1 1915
at the Bankers Trust C o ., 16 Wall St. Transfer books will close at 3 p . m .
O ct. 15.— V. 97, p. 1663. 1426.
Missouri Pacific Ry .— Time Extended.— A t the m eeting
o f the organization com m ittee held in the offices o f K u h n ,
Loob & C o . on O ct. 18 the tim e in which deposits o f stocks
and bonds under the reorganization plan announced in July
has boon extonded to D e c . 15 .
See a d v . on another page.
Central Branch Ry. ls i M. 4s due 1 9 1 9 .— Committee.
See that caption above.
Leroy & Caney Valley A ir Line Ry.— Bond Committee.-—•
T he com m ittee named below says: “ T ho plan for reorganization offers
only stock at par. in exchange for your 1st M . 5 % bonds. A large number
o f bondholders, convinced that they are entitled to better treatm ent, have
asked us to represent all bondholders who wish to unite for mutual protec
tion. Bondholders are, therefore, requested to send at once to tho Franklin
T rust C o ., W all and W illiam streets, N . Y . , the am ount o f bonds held b y
them and whether they wish us to represent them .” C om m ittee: Chair
m an, E dward C . Delafleld, Vice-Pros. Franklin Trust C o ., N . Y .; L. M .
C hilds, President M on tgom ery T rust C o ., N orristow n, P a.; J. C . B ell,
B ell B ros., Yonkers, N . Y .; James Im brie, o f W m . M orris Im brle & C o .,
bankers, N . Y ., and W illiam R utger B ritton, o f W m . R utger B ritton &
C o ., bankers, N .Y ., w ith , as Secretary, W m . R utger B ritton, and counsel,
D elafield, H ow e & Rogers. See ad v. pages.— V . 101, p. 1183, 1273.
Nevada-California-Oregon Ry.— Earnings .—
J u n e 30.
Y ear—
G ross
E a rn in g s.
1914-15 -------$377,749
1913-14 ------- 372,511
— V . 99, p . 1669.
(a f t e r O t h e r B o n d
dec.). I n c o m e . I n t . , A c .
d e f.$ l 1,425 § 2,57 9 $59,776
49,102 4,098 55,117
N et
T a xes,
S in k in g
Fund.
B a la n ce,
D e fic it.
$13,795
13,940
$82,417
15,856
New Jersey & Pennsylvania RR.— Re-Sold.—
A t receiver’s salo at N ew ark on O ct. 18 tho m ain part o f the property was
bid in for $27,000 b y Frank B . Allen o f Bernardsvillo, N . J ., representing
tho bondholders. W hile tho right o f w ay from W atnong, tho present
easterly term inal, to Speedwell A v o ., M orristow n, was sold to George E .
Fisher o f N . Y . C ity . T h o sale has been confirm ed b y Vice-Chancellor
H ow ell. Operation o f the road was suspended three years ago because tho
com p a n y was unable to finance betterm ents demanded b y the Stato R ail
road Com m ission.— V . 101, p. 1014, 370.
Now Orleans Mobile & Chicago RR.— Sale Confirmed—
Successor.—
Federal Judgo T ou lm in a t M o b ile lias confirmed
the sale of the property to the bondholders’ com m itteo.
T h o C ourt dismissed on all points the petition o f m inority bondholders
to sot aside tho salo. O f the $13,613,200 bonds outstanding, all but
$561,300 have boon deposited with tho U . 8 . M tg o. & Trust C o.
Tho name o f the reorganized road will bo the G u lf M ob ile & N orthern R R
Soo plan, V. 100, p . 1078.— V. 101, p. 615, 213, 48.
North Branch Transit Co.— Receiver— Committee.—
T h o C olum bia C ounty C ourt, P a ., on Sept. 27 appointed A . W . D u y o f
B loom sburg, Pa. .receiver. Interest lias been in default since and including
the last half o f 19i4 on the Colum bia & M on tou r E l. Ity. C o ., $375,000
$157^0b0 1s°t G old 4sU
dueai9 3 4 .1931' ^
D anvill° & BIoomsbur« s t T h o holders o f Colum bia & M on tou r 1st 5s (see bond offering V 98 n
1766) aro represented b y a com m itteo consisting o f W illiam Joinings',
Chairm an: R ichard C . Haldeman Alex. C . Jackson, M yron I. L ow and
Thom as W . Sm allwood, with Charles A . Fornwald, 222 M arket S t., Harris
burg, P a ., as Secretary, and Com m onw ealth T rust C o. o f Harrisburg as
depositary under deposit agreement dated A ug. 25 1914. “ On D ec 4 1899
tho Bloom sburg & Berwick E lectric R y . C o. merged with tho N orth Sus
quehanna Transit C o. to form tho Colum bia & M on tou r Electric R y C o •
and on D ec. 16 tho property o f the Danville & Riverside Street R y . Co"
was taken over. On D ec. 29 1913 tho Colum bia & M on tou r Electric Ily
C o. changed its name to N orth Branch Transit C o .” A t last accounts it
was controlled b y Northern Central C o. o f N . Y . (V . 99, p . 541.)
Northern Electric Railway, California.— Plan.—
An official memorandum regarding the plan was cited last week
p . 1273, covering the main features o f the proposed reorganization. T ho
pam phlet plan o f 80 pages, now at hand, is dated July 1 1915 and from it
wo obtain som e further particulars.
Bonded Debt— Amounts Aulh . , I s s u e d O w n e d b y P u b l i c , P l e d g e d f o r L o a n s ,< & c
u n ts A u l h
A u th o r iz e d .
Issu ed .
P u b licO w n s . F o r L o a n s
O llie r
Northorn E lec. C o.$ 6 ,000,000 $3,784,000 $2,270,000 $1,500,000 x$14 000
N orthern E le c .R y .2 5 ,000,000 6,512,000 1,030,000 5,226,000 *256,000
M arysville & C o
750.000
lusa branch____ 1,500,000
387.000
363.000 ..........
S a cra m e n to &
W oodland R R . . 1,000,000
750.000
435.000
315.000 ..............
x Exchangeable for $14,000 C hico E lectric R y . bonds, v T his iS r nnn
2 iR
is pledged as part security for $191,000 6 % three-year gold notes owned b y
public or pledged for loans (total auth. note issue $ 1,0 0 0 000)
T he now bonds o f tho several issues aro all to bo dated Julv 1 1 01 r,
T he
$500,000 1st M . 5% bonds will be a first lien subject to such prior liens
i f any, as tho property m ay bo taken over subject to; these bonds cannot
bo sold at less than 90% except with tho consent o f tho directors o f the new
com pany; they will be callablo at 102 and in t ., par $ 1 ,000. T ho $5 300 000
Gen. M . 5s will be exchangeable $ for $ for tho $5,284,000 Northern E lectrie C o ., M arysville & Colusa, Sacramento Sc W oodland and C hico Electric
R y . bonds and will bo callablo at par and int. O f tho $7,000,000 5 % in
com es (denom . S I,000, S500 and $100), S6,512,000 aro o ich a n g e a l^
bond for bond for tho Northern E lectric R y . bonds and about $150,000 will
1)0 pledged to secure tho debts o f tho unsecured floating debt creditors.
Com pare official resume. V . 101, p. 1 2 7 3 .
1371
M cC lintic-M arshall C o. at $1,694,000.
Tho work must start b y April 1
and bo finished b y Oct. 31 1916.
It is hoped that the new line will be in
operation b y Jan. 1 1917.
T ho Philadelphia D ept, o f P ublic W orks recently issued the second report
o f Transit D irector T a ylor, for the year 1914, outlining the status o f the
new subway and elevated construction in Philadelphia and calling atten
tion to various detailed m odifications and enlargements o f the original
recom m endations. T he “ Electric Railway Journal” o f N . Y . on O ct. 2
said: “ This report prints in fu ll in Appendix A the co-operative program
fo r transit developm ent that was agreed to on M a y 27 1914 b y the Phila.
R ap id Transit C o ., providing am ong other things that when the city
builds the three high-speed lines recommended for imm ediate construction,
at a cost o f approxim ately $46,000,000, the com pany will equip them at
prim ary cost o f abou t $ 1 2 ,000,000 and operate them in conjunction with its
present system . T ho transit com pany has stated that it will have to rely
upon the Union T raction C o . to aid in securing such funds as will be re
quired for the normal extension o f tho existing system , but the latter com
pany has not agreed to this proposition and has inform ally expressed its
dissent. I f the Union stockholders refuso to accept the terms o f the pro
gram , both they and tho Phila. R apid Transit C o ., M r. T aylor states, should
forfeit tho protection afforded them b y tho co-operative program against
loss o f net incom e diverted to the high-speed lines and against loss o f ex
change ticket revenue and tho city would bo justified in establishing the
proposed high-speed system with an independent op era tor.”
Improvement in Earnings.— See “ Earnings”
a b o v e .— V . 101, p . 7 7 4 , 3 6 6 .
D ep artm en t
P r o s p e c t P a rk & C o n e y I s la n d R R .—
See B rooklyn R apid Transit C o . above.— V . 6 8 , p . 1224.
P u b lic S ervice C o r p o r a t io n o f N e w J e r s e y .— Earnings.
— T h e m on th ly statem ent o f earnings for Septem ber and the
9 m onths ending Sept. 3 0 compares w ith the sam e periods
in 19 14 , shows for the 9-m on th period a gross increase in
business o f nearly S I ,0 0 0 ,0 0 0 and an increase in surplus
available for dividends o f nearly $ 2 0 0 ,0 0 0 .
P u b lic S e r v ic e S y stem —
S ep t.
9 M o n th s .
Gross incroaso in total business_______________________ $162,430
$968,713
Percentage o f increase_______________________________
5 .3 %
3 .7 %
Balanco available (after paym ent o f operating ex
penses, fixed charges, sinking fund requirem ’ts, & c.)
fo r am ortization, dividends a n d js u r p lu s ............ --$ 41 1 ,4 4 5 $2,506,392
Increase in surplus available for dividends over corre
sponding period in 1911_____________________________$48,820
$194,202
T h e gross figures includo the corporation’s railway, gas and electric
buslno-is.— V . 101, p. 1014, 371.
S a lt
Lake
&
O gden
R y .—
Guaranty.—
See Salt Lake Terminal C o ., below .— V . 97. p . 1427.
S a lt L a k e (U t a h ) T e r m in a l C o .— Bonds.— T h e Inter
national T ru st C o ., D en ver, the m ortgage trustee, is offering
a t 101 and in t. S 2 5 0 .0 0 0 1st M . 6 % gold b on d s, dated
June 1 19 1 5 , and due June 1 19 35 , b u t callable for redem p
tion on a n y interest date on 3 5 d a y s’ notice a t 102 and in t.
Principal and interest J . & D . a t Bankers T ru st C o ., N ew
Y o r k C ity , or T he In t. T r . C o ., D en ver.
D e n o m . $ 1 ,0 0 0 ,
5 0 0 and $ 1 0 0 c *. U nconditionally guaranteed,principal and
interost, jo in tly and severally b y the Salt L ake & Ogden
R y . C o . and the Salt Lake & U ta h R R . C o .
D ig e st o f L e tte r from Pres. C h a p in A . D ay, S alt L ake C ity , O c t. 11915.
O r g a n i z a t i o n . — Incorporated in Utah, N o v . 29 1913, to furnish terminal
facilities for both freight and passenger business for the Salt Lake & Odgen
R y . C o . and tho Salt Lake & Utah R R . C o. which own the $150,000
outstanding capital stock (auth. $1,000,000) 50% each.
B o n d s .— T he m ortgage is limited to $1,000,000, but the remaining
$750,000 bonds m ay be issued for only 80% o f the cost o f new property
o r extensions and improvem ents. A first and only m ortgage on all ter
m inal property now owned or herafter acquired.
P r o p e r t y . — Consists o f 414 blocks o f doublo tracks and tw o blocks o f
single tracks on First W est St. from north o f South T em ple S t. to 6th
South St. Passenger terminal, tw o blocks from best business corner in
Salt Lako C ity , includes 50.000 sq. ft. o f land owned in fee. Freight
terminals ono block from the passenger terminals, consist o f 109,000
sq. ft. o f ground, also owned in fee. T otal trackage about 2 m iles. Owing
to the configuration o f the city we believe it im possible to duplicate our
terminal facilities. C ost in cash to date over $325,000; recently appraised
at $400,000. W e believe that any roads entering the city in the future
m ust com e to us for terminal facilities, our construction enabling us to
handle the heaviest trains.
F r a n c h i s e . — Granted Jan. 1914, 50 years; no burdensom e restrictions.
L e a s e . — Under a 50-year lease running to D e c. 31 1963, and pledged
under this m ortgage the tw o operating com panies agree to p ay to the
Term inal C om pany, annually (each paying on o-h alf), a sum sufficient to
cov er m aintenance depreciation and 6 % on all funded and floating d eb t,
also, on a pro rata whoelage basis, all operating expenses and a 6 % return
on the appraised valuation. This insures an annual net incom e in excess
o f twice the interest on the bonded debt.
A n n u a l S i n k i n g F u n d . — T o retire abou t 2 5% o f the Issue prior to m a
turity. 1% o f bonds 1920 to 1924 i n c l .;l H % 1925to 1929:2% 1 9 3 0 to l9 3 4 .
G u a r a n t y f o r B o n d s .— Guaranteed unconditionally, principal and interest,
by endorsement on each bond Jointly and severally by the two operating
companies, whose total surplus oarnings for their last respective fiscal
years, over all interest and depreciation charges, was in excess o f $134,000,
or nearly nine times the interest on these bonds.
S a lt L a k e & O g d e n R a i l w a y C o . — (V . 100, p. 399, 230.JA high-speed
interurban electric railroad from Salt Lake C ity to Ogden, U tah, a dis
tance o f 35)4 m iles, almost entirely on private right-of-w ay; total trackage
60 miles. Ogden has a population or about 40,000, and between that
city and Salt Lako are prosperous towns, having a com bined population
Northern Ohio Traction & Light Co .— Decision.—
abou t 15,000. In Ogden owns join tly w ith Ogden, Logan & Idaho R y.
In quo warranto proceedings instituted b y Stark C ounty, to torminato C o . (which see below) terminal facilities within tw o blocks o f tho business
tho franchise granted for an indefinite period in 1892 b y the C ounty C om center. T ho latter com pany, w ith w hich it connects at Ogden, operates
missioners, the Ohio Supreme Court at Colum bus on O ct. 19 decidod that a high-speed interurban electric lino, approxim ately 10 0 miles in length,
tho franchise is not perpetual as claimed b y the com pany. Tho C ourt laid to Preston, Idaho. T h e Salt Lako & Ogden R y . carries about 95% o f
down tho principle that a public utility franchise granted originally for an tho passenger business between Salt Lako C ity and Ogden and a sub
indefinite period and not expressly stipulated to bo perpotual m ay bo termi stantial amount o f freight and express business. Has been An electric
nated at will either b y tho com pany or the sub-division which gave the lino since M a y 1910; from 1896 to 1910 operated with steam . C ontrolled
franchise. T ho specific object o f Stark C ounty, it is stated, is to got a re and operated by wealthy residents o f Salt Lake C ity , the principal stock
duction o f faro between Canton and Massillon from 15 to 10 cents, and also holders being the Bamberger fam ily.
transfers on local lines in both cities.— V . 100, p. 2168, 2010.
S a lt L a k e & U t a h R R .— Operates from Salt Lake C ity south v ia P rovo
Utah, about 60 miles, entirely on private right-of-w ay,
Ogden Logan & Idaho (Electric) R.R.— New Line .— to Spanish F ork, and is building from Spanish Fork to Payson, 6J4 miles.
except in towns,
Tho extension from Ogden to Proston is practically com pleted and will
Serves south o f Salt Lako C ity , a section with a population o f about 50,
shortly be placed in operation, using all steel m otor cars seating 74 persons
000, com prising tho Jordan and Utah valleys, ono o f the m ost produc
and capabio o f a speed o f 55 miles an hour. At last accounts thcro wore tive districts in the stock-raising, fruit and agriculture in the W est. C om
in operation 81.9 miles o f railway and 38 miles wero p rojected, while there pany already does about 96% o f tho passenger business. 5 0 % o f tho express
were outstanding $1,563,125 stock in $100 shares (all com m on) and $2, business and a substantial share o f the freight business. W ell ballasted,
033,800 1st M . 6 % bonds o f 1915, with interest payablo at Ogden Savings 75-lb. steel continuous rail join ts, m odern steel electric trolley cars. Fran
B ank, Ogdon, Utah, and National C ity Bank and Continental & C om chises in the various towns run for 100 years, except in Salt Lako C ity
mercial Bank, C hicago. See also Salt Lake Term . R y. below .— V. 100, p. 1438. and P rovo, where they run for 50 years. Property has cost to date $2,
300,000 in cash, with only $700,000 bonds outstanding. C ontrolled and
Pennsylvania RR.— Holdings in So. Pac. Stock.—
operated b y Salt Lako C ity capitalists, W . C . Orem being President.
T ho “ Philadelphia News Bureau” on Oct. 18 said: “ Tho street rumors
that tho Pennsylvania’s Southern Pacific holdings wero being negotiated f o r . E a r n i n g s f o r t h e C a l e n d a r Y e a r 1914 a n d f o r Y e a r e n d i n g A u g . 31 1915,
1914.
1914-15. I
1914.
1914-15.
among other securities, crystallized into a report to-day that a syndicate
S t. L . & S t. L . &
S t. L .&
S t . L. &
had purchased it at par. This report is denioil at tho Pennsylvania o ffico.
O gd en .
U ta h R R . \
O gd en .
U ta h R R .
It is known that this block o f 171,438 shares o f Southern Pacific, o f the par
Gross
! Bond interest____
valuo o f $17,143,800, owned b y the Pennsylvania, has been for salo for O pcr.Ee a rn in g s-..$ 4 1 1 ,958 $222,275 1Other interest____ l$67,500j1 $29,964
xp.& Taxes.
9 4 ,8 8 4
/
2,394
m ore than a y ea r.” [Ono story current has boon that if a salo wont through M ainten. ch arge. 156,174
91,456
5 2 ,3 4 3 1 D e p r e cia tio n ____ ______
5,465
tho proceeds would bo put into stock in tho N . Y . N . II. & II. R R .l— V.
101, p. 1273. 924.
N ot e a rn in g s...$ 1 6 4,328 $75,048!
S urplus_______ $96,828 $37,225
Salt Lako C ity , present population about 120,000, has doubled in p opu
Philadelphia Rapid Transit Co.— “ L” Line Contract—
lation in tho past 15 years, and promises to double again in the next 20
Status of Agreement with City.—
yoars.— V . 101, p . 775.
C ity Transit Director A . M erritt Taylor on O ct. 19 awarded all tho con
S a lt L a k e & U t a h R y .— Guaranty.—
tracts for constructing tho steel structure o f t he now tw o-track Frankford
elovated lino from south o f Girard A vo. to Unity S t., Frankford, to tho
See Salt Lake Term inal C o ., above.— V . 100, p . 399, 230.
S a n F r a n c is c o -O a k la n d T e r m in a l R y s .— Coupon
T h e com p an y on O ct. 11 and 15 announced:
Pay
ments.—
T he directors have heretofore publicly announced that interest on the
bonds o f its constituent com panies, maturing during the semi-annual period
from July 1 1915 to D ec. 31 1915, inclusive, which the com pany was unable
to meet at the due dates, would bo paid as soon as sufficient funds could be
accum ulated from current earnings for that purpose, tho paym ent o f cou
pons to be in the order o f the apparent seniority o f tho bonds to which they
pertained. (Com pare V . 101, p. 846.)
.
In pursuance o f this p olicy, funds have been deposited to date with the
regular paying agencies o f the com pany for the paym ent o f interest on the
following coupons: (C om pare V . 101 p . 846).
Alameda Oakland & Piedm ont 1st M . 6s (818,000), coupons duo July 1.
Oakland Transit First 6s (o f 1808 $1,121,000), cou pon s duo Sept. 7.
Oakland Transit 1st C onsol. 5s (o f 1901 $1,595,060) cou p , due July 1.
Oakland San Leandro & Hayward 1st 6s ($250,000), coupons duo Sept. 1.
23d A ve. E lectric R y. 1st 6s ($250,000), coupons duo Sept. 15.
San Francisco Oakland & San Jose 1st 5s ($3,000,000), coupons due July 2.
East Shore & Suburban R y . 1st 5s ($665,000), coupons duo July 1.
[The National Park Hank, N .Y ., is paying tho July coupons o f the San
Fran. Oakland & San Jose 1st 5s and Oakland Transit 1st C onsol. 5s, and
also Sept, coupons from Oakland San Leandro & Hayward 1st 6s. C om
pare V . 101, p. 132, 214, 289, 846.]— V . 101, p . 1014.
S a n P e d r o L o s A n g e le s & S a lt L a k e R R .—
J u n e 30.
Y ea r—
[Vol. 101
THE CHRONICLE
13 7 2
G ross
E a r n in g s .
1914-15 ................. .89,497,896
1913- 1 4 _________ 10,626.171
— V . 101, p . 132.
N e t (a fte r
T a xes) .
O th er
In co m e.
$2,796,523
2,843,648
$97,319
41,089
Earnings .—
T ‘
R e n ta ls , A c .
S a v a n n a h A u g u s t a & N o r t h e r n R y .—
Sale.—
Stock.—
T he M ass. P. S. Commission will hold a hearing N o v . 1 on tho petition
o f the railway for authority to issue $ 1 ,0 11,900 capital stock.— V. 101, p .2 14.
S t o c k t o n T e r m in a l & E a s te r n R R .—
$17,961
8570.868
$400,049
$713,028
Worcester Consolidated Street Ry.— Stock.—
T he M ass. P. S. Comm ission will hold a hearing N ov. I on the com p a n y’s
petition for authority to issue § 1 ,888,000 capital stock.
Pres. Francis H. Dew ey is quoted as saying that there is no probability
o f a merger between this com pany and the Springfiold Street R y . in the
imm ediate future.— V . 101, p. 215.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Bank Note Co., N. Y .— Large Contract.—
T he com p any has received the con tract for the engraving o f the
$500,000,000 Anglo-French bonds.
T o b o y A IGrke on Sept. 29 wrote: “ T ho earnings o f tho com pany for tho
first 8 m os. o f the year wero at rate o f 13% on com m on stock. Contracts
alroady closed and nearing com pletion give indications that the full 12 mos.
will show nearer 15% earned on com m on stock. T ho record year was 1912
when 12 ' A % was earned. In 1914 earnings wero only 4 H % on com m on
stock, and this caused com pany to pass dividend on that issue. G ood busi
ness this year caused a renewal o f the dividend about a m onth ago at tho
rato o f 1% quarterly.— V . 101, p. 616, 371.
American Brass Co., New York.— Extra Dividend.—
T ho com pany has declared an extra dividond o f l % in addition to regular
quarterly dividend o f 1>£% , payable N ov. 1 to stock o f record O ct. 20.
A similar extra dividend was paid A ug. 2 last.— \ . 101, p. 289.
Rum ors that tho Bethlehem Steel C o . or M r. Schwab have been seeking
control o f this com pany aro denied b y J. I I . W ard, M r. Schwab s assistant.
It appears, however, that a working agreement covering shells and fuses
has been entered into between the com panies.— V . 95, p. 43.
American Hide & Leather Co.— Earnings .—
3
Assessment.—
An assessment o f $10 a share, delinquent N o v . 10, has been levied on tho
stock . Sale day, N o v . 27.— V. 100, p. 2168.
U n io n S t a t io n C o ., C h ic a g o .—
S u rp lu s __________ $76,462
American & British Mfg. Co., Providence.—
Settlement.—
See Imperial Irrigation District in ‘ ‘State and C ity ” Departm ent on a
subsequent page.— V. 101, p. 528, 214.
S p r in g fie ld (M a s s .) S tr e e t R y .—
tho new m anagem ent:
-12 M o n t h s e n d i n g -A u g u s t1915. ‘ 1914.
A u g.31 ’ 15. D e c .31 ’ 14. D e c.3 1 ’ 13.
Gross earnings______$458,978 $430,940 $5,087,044 $4,950,667 $4,866,330
N et, after taxes____ S230.379 $164,392 $2,379,978 $2,116,589 $2,251,849
Fixed charges_______ 153,917
146.431 1,809,110 1,716,540 1,538,821
$97,032
179,810
An exchange journal on O ct. 12 said in substance: T ho Carnegie Trust
C o ., about 1907, invested $200,000 o f depositors’ m oney in acquiring bonds
issued b y the railway. W hen 30 miles o f road had been con structed,
tho contractor saw how things wero going and foreclosed a m echanics’ lion
on the property. He then induced tho trust com pany to give him an
additional S 100,000 w ith a view to extending the road 14 miles to Stevens
Crossing. After an engineer had been sent to Georgia b y Bank Superin
tendent Richards to place a valuation on the property, the word was
passed that unless som e satisfactory settlement was reached a legal action
would lie instituted. Following this announcement tho paym ent o f
8100.000 was m ade on Oct . 6 , through J. II. Lindsay o f K noxville, T enn.,
for the bank's interest in tho property. Frederick W . Stevens o f N . Y .
has a claim against the road o f a bou t $175,000. See V. 101, p. 450.
S o u t h e r n P a c ific C o .—
Improved Earnings.— U nder
S u r p lu s .
$2,796,810
2,704,927
West Penn Traction Co.— Power Contract.—
It is understood that tho Frick C oko C o. has closed a largo con tract
w ith the \Vest Penn Traction C o. for power for use in Its mines in the
Conncllsvillo District. T his con tract will add over $100,000 to tho annual
incom e o f tho T raction C o ., which is now stated to bo earning a surplus
over all fixed charges and expenses o f close to 81,000,000 per year.
Bonds.—
T he Illinois P. U. Commission on O ct. 16 approved tho issue o f
850.000. 000 bonds in connection with tho proposed new Union Station.—
V. 101. p. 214, 48.
M o s . en d in g * N e t
S e p t . 30— E a r n i n g s .
1 9 1 5 ............. $592,732
1914_______ 150,028
1913.............. 193,263
1912.............. 331,700
B ond
Interest.
$71,740
76,110
81,225
86.145
S in k in g
Fund.
$37,500
37.500
37.500
3 .,5 0 0
In te rest o n
S . E . B onds.
$56,135
51,765
46,650
41,730
B a la n ce f o r
P e r io d .
sur.$427,357
def. 16,347
sur. 27.88S
sur. 166,325
* After charging replacements and renewals and Interest on loans.
N et current assets Sept. 30 1915, $10,554,009. Bonds in hands o f public
$4 710,000. I’ res. Theodore S. Haight and T reas., G eo. A . H ill, say
“ A ttention is drawn to the fact that the leather business, as is well know n,
J u n e 30
G ross
N et a fter
O th er
B ond
O lh c r ln t.
B a la n ce,
is subject to wide fluctuations, and that tho effect o f such fluctuation
Y ea r— E a rn in g s.
T a xes.
In com e.
In te rest.
R en ts, A c .
S u r p lu s .
is naturally liable to bo m oro pronounced in quarterly statements than in
191 4 - 15..$ 8 ,0 24 ,09 5 $2,750,268 $208,059 $1,628,652 $522,148 $807,527 statements covering a m oro extended period. T h is statement has been
1 9 1 3 - 1 4 .. 8.506,725 3.280,188 185,637 1,644,710 422,824 1,398,291
prepared on the same accounting basis as tho annual statem ent ot Juno 36
In Feb. 1914 there was paid out o f the earnings as a bove for tho year 1913 1915 and finished leather lias been taken at the same prices, which aro
14 one semi-annual dividend o f 3 ! 4 % , calling for $175,000. N o dividends below those now prevailing.” — V. 101, p. 770,372.
have since been paid. See V . 100, p . 1753.— V . 101, p . 924, 214.
U n it e d R a ilr o a d s o f S a n F r a n c is c o .—
U ta h
S e c u r itie s
C o r p o r a t io n .—
Earnings .—
American Locomotive Co.— New Director.—
Bonds— Notes.—
See Utah Power & Light C o. under “ Industrials” below.
T h e G uaranty Trust C o ., 140 B roadw ay, having on deposit $500,300 for
re-purchase o f (he 10-year 6 % gold notes o f 1912, at not over 101 and lilt.,
will receive sealed proposals to sell same until 12 m . N o v . 3.— V . 100, p.
1924, 1916.
V ir g in ia & S o u t h w e s t e r n R y .—
J u n e 30.
Y ea r—
G ross
E a rn in g s.
N < t(a ftcr
T a x es ).
O th er
In com e.
Earnings.—
I n te r e s t, C o m .D ie s .
B a la n ce,
A c.
(1 0 % ). S u r . o r D e f .
1914- 15____ $1,799,301 $379,769 $179,623 8452,762 $200,000def.$93,370
1913-14____ 1,939,101 490,827 202,120 423,548 200,000 sur.69,399
Dividends are deducted b y tho com pany from profit and loss account,
but are shown here for the sako o f sim plicity.— V . 99, p. 1667.
W a b a s h -P i t t s b u r g h T e r m in a l R y .— Merger 'Urged.—
D aniel B . E ly , Chairm an of the N e w Y o r k independent bond
holders’ com m ittee, has, under date of O ct. 2 2 , addressed
a letter to holders o f 1st M . bonds and deposit certificates
urging as im perative th at th ey unite at onco to b u y in tho
property and consolidate it w ith tho controlled com p an y, tho
W heelin g & Lake E rie. T h is, ho sa ys, would afford a present
earning capacity o f $ 9 ,0 0 0 ,0 0 0 and a probable gross incomo in
the im m ediate future o f $ 1 0 ,1 0 0 ,0 0 0 (including $ 1 0 0 ,0 0 0 not
coal in com e), w hich, w ith tho railroad operating expenses on
a 7 0 % basis, w ould m ean a net incom e o f $ 3 ,1 0 0 ,0 0 0 against
total charges, including underlying bonds and $ 3 ,0 0 0 ,0 0 0
now os, of $ 2 ,3 0 0 ,0 0 0 .
T he pending litigation. M r. E ly says, involves: (1) Irrogular hypothe
cation o f coal securities to W abash U R .; (2) construction syndicate ac
counting; (3) Carnegie T ra ffic contract; (4) proposed suit for recovery o f
unpaid stock subscriptions and illegal sale o f 2d M . bonds; (5) validity o f
58 .000.
000 W heeling & Lake Erie notes.
T o enforce tho rights o f the bondholders and prevent disintegration, an
assessment o f 2 ' A % per bond, or 10 shares o f W heeling stock, is proposed,
with a possible further $250 per bond or per 10 shares o f W hocling stock, to
take up receiver’s certificates and other pressing debts, such additional
am ount, how ever, to bo returned hater.— V. 101, p . 919, 1093.
W a b a s h R R .— To End Receivership.— Judge E lm er B .
A d am s o f tho U . S . D istrict C ourt a t S t. Louis on O ct. 21
ordered the E qu itable T ru st C o . o f N e w Y o rk to turn over
to the Reorganization C om m ittee tho entire property,
bought for $ 1 8 ,0 0 0 ,0 0 0 at foreclosure sale on July 2 1 .
Ed
ward F . K ea rn ey, President and co-receiver of tho present
com p an y , will be President o f tho successor com p any,
which, it is understood here, will take chargo on or about
N o v . 1.
T ho new W a b a sh R R . C o . was incorporated at
Indianapolis yesterday w ith stock capitalization as follows:
C o m m o n , $ 4 7 ,2 9 0 ,0 0 0 ; profit-sharing p ref., $ 4 0 ,2 0 0 ,0 0 0 ,
and 5 % convertible p ref., $ 4 9 ,9 7 0 ,0 0 0 .
Com pare plan, V .
10 0, p . 1599, 1594, 1 5 1 1 .— V . 101, p . 12 74 , 1190.
W ilm i n g t o n N e w C a s tle & D e la w a re C ity R y .—
Sold.
See W ilm ington & Philadelphia Traction C o. below .— V . 96, p. 137.
W ilm in g t o n & P h ila d e lp h ia T r a c t io n C o .—
Purchase.
V ice-I’ res. Thom as W . W ilson announced on O ct. 19 that the com pany
had taken over the ownership o f the W ilm ington Now Castle & Delaware
C ity R y ., which operates storage battery electric cars between N ew Castlo
and Delaware C ity. W ith this acquisition and the W ilm ington & Southern
R y ., bought on O ct. 5. the com pany will operate a lino extending from
Philadelphia to Delaware C ity. 44 miles, and will control all local and
suburban trolley lines in and radiating from W ilm ington.— V . 101 ,p. 1190.
Leigh Best, Vice-Rres. o f the com pany, has been elected to succeed
W illiam M . Barnum as a d irector.— V. 101, p. 920, 529.
American Public Service Co., N. Y .— Bonds Offered.—
N . W . H alsey & C o . aro offering a lim ited am ount of the
1st lien G % gold bonds o f 1912 a t par & in t. A circular shows:
A m ount outstanding $1,620,700, dated D ec. 1 1912. Duo Dec. 1 1942,
but redeemable at 105 on any interest date. Interest payable J. & D
in N . Y . without deduction o f normal Federal Incom e tax. D enom .
c*& r* $1,000; c* $500 and $100. Pennsylvania Stato l a x refunded.
Digest of Lotter from V.-Pres. A. V. Wainright, August 15 1915.
O r g a n i z a t i o n .— Incorporated in O ct. 1912 in Delaware and has acquired
tho entire capital stocks and all the bonds o f 13 public utility operating
fng'^ com bin ed p op W tT on o f ’ approxim ately 70,000.
extending to 1942 or later.
Franchises excellent,
30 1915.
C om m on stock ($15,000,000 authorized)................................... .$1,582,200
Preferred stock 7% cum ulative ($10,000,000 a u th orized )..........
608,300
First lien 6s o f 1912, due 1942.................... ....................... ................. 1,620 700
S e c u r i t y o f B o n d s .— A first collateral lien equivalent to a diroct first
m ortgage, on all tho property now owned by tho constituent com panies.
Tlio entire capital stocks and all the bonds o f theso com panies have beon
deposited with the trustee and no additional stocks or bonds can be issued
b y tho constituent com panies unless so deposited, giving (ho bondholders
not only the lion as represented by tho 1 st M . bonds o f tho underlying cos.,
but also the equities represented b y their stocks. Additional bonds
aro issuable for only 85% (a) o f cash cost o f im provem ents and additions, or
(b) o f replacement value o f acquisitions, but only when tlio annual net
earnings aro 1 ‘ i tim es tho annual Interest charge, including the proposed
bonds and any underlying securities not pledged under tho m ortgage.
P r o p e r t i e s C o v e r e d . — (a) All electric light and power and ico properties
in tho chit's o f Abilene, Marshall, C isco, Jefferson, Longview, B aird,
and M erkel, Texas, and Hugo, Okm ulgee and M orris, Oklahoma; (b) gas
properties in Abilene and Cisco; (c) water works in Abilene; (d) electric
street railway system in Marshall, w ith steel pay-enter cars and 70-lb
rails. T otal electric generating capacity 7,400 h. p.; 165 miles o f power
and light distributing polo lines; electric transmission lines as follows: Ok
mulgee and M orris (8 m iles), Marshall and Jefferson (16 m. also projected
to L ongview ), and Abilene and Merkel (16 m .), also building Abileno to
Baird, C isco, & c. Natural gas is supplied through 34 miles o f mains and
1,165 meters. W ater works include 430,000,000 gallon reservoir and
20.7 miles o f mains. H ygienic Ice m anufacturing capacity, 330 tons.
E a r n s . 12 M o s . e n d e d J u n e 30 1915 ( N e t o v e r 1M T i m e s P r e s e n t I n t . C h a r g e . )
Gross Earnings...................... $516,097j Hit. on present bonds.......... $97,242
N ot. after ta x is .................... .. 179,5751 S u r p lu s .................................... 82,333
E q u i t y .— Appraised replacement valuo at acquisition (without including
franchises and good-w ill), $1,505,330; .subsequent im provem ents to Juno
30 1915, $457,520; total, $1,962,850. Pref. dividends at rate o f 7 % have
been paid since organization, and the $608,300 pref. stock held by public
represents a large cash investment in tho properties abovo the bonded
debt. C om pany covenants to pay to tho trusteo or to expend for better
merits or additions (for which no bonds m ay bo issued) an amount ranging
from 1% on Jan. 1 1916 to 2 % on Jan. 1 1918 and annually thereafter
o f these bonds outstanding.
T e r r i t o r y S e r v e d .— Progressive cities in valuable mineral, farming and
cotton-grow ing sections o f Texas and Oklahoma. Abilene is one o f the
largest cities In central Texas, its annual wholesale and m anufacturing
business exceeding $ 1 2 ,0 0 0 ,0 0 0 , tho value o f cotton handled averaging
$3,000,000 per year; population (1910) 9,204, Increase about 170% since
1900; at present estimated 15,000. Marshall, with estimated population
15,000 (1910 census, 11,452). ranks tenth in tho State as a m anufacturing
city , containing Texas & Pacific H R ’s principal s h o p s(l,2 0 0 m en), cotton
gins, a cotton-seed oil mill, and a car wheel foun dry, m onthly payroll
about $250,000. Longview is the center o f a largo tim ber and fruit dis
trict on the Texas & Pacific, International & Great Northern and Santa
Fo systems. Okmulgee and Morris aro situated in a rich oil and natural
gas region, estimated to contain 1,0 0 0 oil wells and to have a natural gas
supply o f 70.000,000 cu. ft. per day. Hugo is an active manufacturing
C a p ita liz a tio n O u ts ta n d in g w ith P u b lic J u n e
■
and industrial city with division headquarters and shops o f Frisco ItU.
C isco, Jefferson, Baird and M erkel, Texas, are centers o f prosperous
farming com m unities on main line o f T . & I*. H R . T otal population o f
cities served increased (U. S. Census) 60% from 1900 to 1910.
M a r-
L ong-
O k m u l-
O th er
B a n k s—
A b ilen e.
sh a ll.
v ie w .
gee.
H ugo.
C itie s .
C ap .& su rp_ $613,000 $702,000 $128,000 *265,000 $211,000
-----
D eposits____1,213,000 1.773,000 658,000 1 ,9 10 ,0 0 0 762,000 $1,385,000
See also V. 96, p. 1491.
_
<
A m e r ic a n S e e d in g M a c h in e C o ., S p r in g fie ld , O h io .—
G ross
N et
I n t.,
D ep re-
H its .
B a la n c e ,
30 Y r — E a r n i n g s .
E a rn s.
T a x .,& c . c ia tio n .
P a id .
S u r .w D e f.
1914-15_____$3,394,067 $539,095 $62,958 $177,826 $350,000 def.$51,689
1913- 14_____ 3,973,110 640,118 111,955 150,000 350,000 sur. 28,163
The total surplus Juno 30 1915, after deducting $35,141 adjustments o f
accounts accruing from prior periods, was $1,774,704. Dividends as a bove
include 6 % on pref. and 4 % on coni, stock yearly, calling for $ l o 0,000 and
$200,000, respectively. Authorized and outstanding issues, S o,000,000
com . and $2,500,000 pref.— V. 100, p. 983.
June
A m e r ic a n S te e l F o u n d r ie s .—
War Order.
The com pany is understood to have received a large order for shells,
aggregating, it is asserted, some millions o f dollars; one account says
$20,000,000.— V. 101, p. 450.
A m e r ic a n W a t e r W o r k s & E le c tr ic C o .—
See W est Penn T rac. C o. under “ Railroads” above.
B e t h le h e m S te e l C o r p o r a t io n .—
Subsidiary Co
V . 101, p. 769, 778.
Purchase.—
The purchase o f a Controlling interest in the Pennsylvania Steel C o. is
understood to lie still pending. T he extraordinary advance in Bethlehem
stock has been accom panied by unconfirmed rumors o f a possiblo stock
distribution.— V . 100, p. 2169, 2088.
—Purchase of So. Pac. Int.—
C a lifo r n ia D e v e lo p m e n t C o
See “ Im perial Irrigation D istrict” in State and C ity Departm ent on a
subsequent page.— V . 100, p. 814.
C e d a rs R a p id s M fg . & P o w e r C o ., M o n tr e a l.— Earn
T h e com p an y ’s earnings, given m our Earnings D e
partm en t, aro shown in moro extended form below , covering
Septem ber and the 9 m onths ended Sep t. 3 0 1915:
ings.—
*
S en t.
1915. 9 M o n t h s .
Gross revenue____________ - - - ------------ — r,-----------------$ 1 0 0 ,7 2 8 $665,967
Less credits to Cedars Rapids Transmission C o. and the
M ontreal Light, Ileat & Power C o. for transmission
o f p ow er to Massena and M ontreal ------------------------------- 31,699
205,495
O pcr' expenses, incl. rentals, gen. expenses and ta x e s ..
3,523
34,105
N et earnings----------------------------------------------------------------- $65,506
Fixed charges----------------------------------------------------------------- 33,997
$426,367
287,531
Balance, surplus-----------$31,509 $138,836
Com pare V. 100, p. 1260, 17o4.— V. 101, p. 776, 6 1 6 . ______________
C itiz e n s G a s C o . o f I n d ia n a p o lis .—
6
M o s . en d .
June 30—
G ross
E a r n in g s .
Earnings.—
N e t (a fte r
O th er B o n d , A c .
R en ta l o n
B a la n ce,
T a x e s ). I n c o m e . I n te r e s t. O p e r .P r o p . S u r p lu s .
1915.............. .$1,317,667
$295,077 $9,283 $53,746 $185,756 $64,858
1914 ............. 1,272,517
275.159 12.067
42,161
1 81J50
63,915
The com pany has paid semi-annual dividends o f 3 1 4 % each for several
years past, amounting for the six months ending Juno 30 1915 to $43,747.
— V . 101, I). 450.
C le v e la n d C liffs I r o n C o .—
Dividend.—
A quarterly dividend o f 2 'A % has been declared on the $4,910,000 stock,
payable O ct. 25 to stockholders o f record O ct. 15. This, it is stated, is the
first paym ent since July 25 1914. See V . 99, p. 1302, 1369.
C lu e t t , P e a b o d y & C o ., I n c ., T r o y , N . Y
.— Slock.—
G oldm an, Sachs & C o. and Lehman m oth ers, having bought from the
controlling Interests 30,000 shares o f the com m on stock, have resold the
entiro block. Com paro V. 101. p. 368.^
C o a s t V a lle y s G a s & E le c tr ic C o .—
G ross
N e t (a fte r
Earnings.—
O th er
B ond
B a la n c e ,
30 Y e a r —
E a rn s.
la x e s ).
In com e.
I n t . , A c . S u r p lu s .
1 9 1 4 - 15 - . - - ............... *243.759 $101,190 $3,007 m ' , 2 4 5 W < ) 5 3
1 9 1 3 - 14.............................- 239.984
90,871
-----61,361
29,510
The gross incom e for the year 1914-15, it is pointed out, shows a reduction
o f less than 1 % , notwithstanding the heavy and continuous rains in the
section served by the com pany, which materially lessened the dem and upon
it for electric energy for pumping for irrigation purposes, and also, notw ith
standing the reduced rates required by the California Railroad Com m ission.
— V. 100, p. 1440.
June
C o c k s h u t t P lo w C o ., L t d ., B r a n t fo r d , O n t .— Earnings.
J u n e 30.
Y ea r—
N e t (a fte r
O th er
D e p rccia tn . In com e.
1914- 15.................. ..$369,388
1913-14___________ 510,251
— V. 99, p. 1217.
$21,975
50,288
C o n tin g e n t
R eserve.
$313,452
-------------
C o lo n ia l O il C o . (o f N . J .) .—
P r c jc r e n c e
D iv id e n d s .
___________
(7% )$452,550
B a la n c e ,
S u r p lu s .
$77,911
107,989
Liquidation.—
Tho stockholders will vote N ov . 11 on liquidating this former Standard
Oil subsidiary, which did a com m ission business in oil with branches in
Argentina. Stock, $250,000; no bonds. E . T . Bedford is President.
C o lo r a d o F u e l & I r o n C o .—
New Directors.—
.1. B. MclCennan, General M g r., and W . B. Dickson have been elected
directors. M r. Dickson is also Secretary and Treasurer o f tho M idvale
Steel & Ordnance C o.— V . 101, p. 1016, 1011.
D is t ille r s ’
S e c u r itie s
C o r p o r a t io n .—
New Directors.—
W II. Kiernan and II. J. M . Cardoza have been elected directors, suc
ceeding respectively A . W . jianfell whose term expired, and Crawford
Livingston, resigned.— V. 101, p. 1016, 610.
(E . I .) d u P o n t de N e m o u r s & C o .—
Exchange.—
See E. 1. du Pont de Nemours Powder C o. below .— V . 101, p. 1275, 1016.
(E . I .) d u P o n t de N e m o u r s P o w d e r C o ., W ilm in g t o n ,
D e l.— -Notice to 4 l % Bondholders—Option of Exchange
A
Subject to Withdrawal Dec. 1. A ll tho properties o f tho com
pany having been sold to tho E . I . du P ont do N em ou rs &
C o ., a D elaw are corporation, tho holders of tho $ 1 4 ,1 6 6 ,0 0 0
4 M % bonds aro now offered tho opportunity to exchango
these bonds a t par for 6 % cum ulative non -voting debenture
stock of tho E . I . du P on t do N em ours & C o . a t par; in otlior
words, for overy S I ,00 0 bond, $ 1 ,0 0 0 6 % cum ulative non
votin g debenture stock o f tho now com pan y.
Interest at the rate o f 4 1 4 % per annum from Juno 1 to O ct. 25 will bo
paid on all bonds exchanged. Dividends at tho rate o f 6 % per annum
will accum ulate on the debenture stock from O ct. 25 1915.
Holders desiring to exchango should forward their bonds to tho Bankers
Trust C o ., 16 Wall St., N . Y . C ity , with the namo and address in which
the now debenture stock is to bo issued. All bonds received in exchango
will bo retired and canceled, q'ho non-voting debenture shares aro callable
for paym ent at $125 per share.
The com pany reserves the right to withdraw the above offer on D oc. 1
1915. Sec V. 101, p. 616, 696, 1016.
G e n e r a l C h e m ic a l C o ., N e w Y o r k .— 9
0
M o s . en d .
S e n t . 30—
N et
P ro fits .
1373
THE CHRONICLE
OCT. 23 1915,1
Mos. Earnings.-—
I n s u r . D e p r .,P r o f . P f . D i e . C o m .D iv .
B a la n c e ,
R e s e r v e . A c c t . , A c . (4 A % ) . ( 4 l4 % ) .
S u r p lu s .
1915
$4,058,741 $165,050 $750,000 $684,374 $513,022 $1,940,295
1 9 M .........
2,186.007
60,000 400.000 618,750 488,610
618,647
— V. 101, p. 925. 373.
T o assure an am ple supply o f gas, a new 4-inch high pressure main
is being laid direct from the gas works to the plant o f the Canister C o. T ho
terms o f the con tract, instead o f calling for tho usual minimum yearly
consum ption, provides for a pro rata consum ption, or an equitable paym ent
in cash, for each o f the fiv e years the contract remains in force.— V .101,p.530
Grand Rapids (Mich.) Gas Light Co.— A p p lic a t io n .—
T he com pany recently obtained permission from the M ichigan R R . C om
mission for permission to increase its authorized stock from $2 ,000,000 to
$3,500,000. In the past 10 years some $700,000 o f surplus earnings have
been put into the business and $180,000 o f treasury stock and $400,000 o f
tho new have now been issued for the purpose o f capitalizing the same,
making $2,400,000 stock outstanding. T he American Light & T raction
C o. owns the entire outstanding stock.— V . 101, p. 776.
Hall Signal Co., N. Y .— B on d s, & c .—
Seo Hall Switch & Signal C o . below .— V . 95, p . 52, 179.
Hall Switch & Signal Co.— B on ds E xten d ed an d O ffered .
— I I . L . C raw ford & C o ., N e w Y o r k , are offering a t
a price to yield 6 ) ^ % b y advertisem ent on another page
the 1st (closed) m tg e. extended 6 % gold bonds.
$ 5 0 ,0 0 0
due annually O ct. 1 1916 to O ct. 1 1920 in c l., but callable,
all or a ny p a rt, on a ny in t. date at 102 J/j and int.
In t. A .& O .
T a x-ex em p t in N e w Jersey. A circular shows:
Incorporated in 1889 to m anufacture autom atic block signals for railroads
and for other purposes. In 1912 tho Hall Switch & Signal C o. was incor
porated and purchased the property subject to $250,000 Hall Signal C o.
1st M . 6 % bonds. Plant located in G arw ood, N . J. Its signal is used b y
a m ajority o f the railroads in the U. S. (and b y m any in Europe), including
the N . Y . Central Lines, Lackawanna, Chi. & A lton, 111. Central, Un. P a c.,
Philadelphia & Reading and Baltimore & Ohio.
C a p ita liz a tio n
of
I la ll
S w itc h
S ig n a l
C o.
International Power Co.— R eceiversh ip A ff ir m e d .—
T h e C ourt o f Errors and Appeals at Trenton, N . J ., on O ct. 16 affirm ed
the appointm ent o f W ilbur P . Sadler o f T renton as receiver for the com p a n y.
Seo V . 100, p. 144, 815.
Kansas City Stock Yards of Maine.— D iv . on C o n m o n .—
A divident o f 5 % , N o. 1, has been declared out o f surplus on the $2,500,
000 com m on stock, payable along with the 1 M % on the $7,954,400 pref..on
N o v . 1 to stockholders o f record O ct. 15.— V . 101, p . 50.
La Belle Iron Works, Steubenville, O., and Wheeling,
W. Va.— N e w B on d s.— T h e stockholders will vote O ct. 27 on
authorizing m ortgage to secure $ 7 ,5 0 0 ,0 0 0 bonds.
Digest of Circular Signed by Pres. R. C. Kirk, Wheeling, Oct. 13 1915
T he com pany has entered into a contract with the II. Koppers C o . for
the construction o f a by-product coke plant upon our property in B rooke
C ou n ty, W . V a ., opposite the Steubenville W orks. T his coke plant, which
will cost about $2 ,0 0 0 ,0 0 0 , should, we are convinced, effect a saving o f at
least a dollar a ton on practically all the coke used b y us.
T o provide funds to construct the coke plant and retire outstanding
bonds, and cover future requirements and additions, the stockholders are
asked to authorize the issuance from tim e to tim e as required o f mortgage
bonds not exceeding in the aggregate $7,500,000, in accordance with the
plan o f the finance com m ittee, which m ay be summarized as follows: T ho
authorization o f a bond issue o f $7,500,000 6 % 5-25-year serial bonds to be
dated D ec. 1 1915 (interest payable J. & D .), and after the fifth year
$250,000 each year, with the right to bo paid to the com pany to select b y
lot additional bonds for redem ption at any interest period, at 10 2 and int.
T his issue o f bonds is to be secured b y a first m ortgage upon our 160 acres
o f real estate in B rooke C'ounty, W . V a., and on other property, not en
cum bered b y the existing bond issue, and to be a second m ortgage upon tho
property now under the existing bond issue.
These bonds will be used as collateral, or sold, or both , from tim e to tim e,
and $1,572,000 thereof shall be reserved to retire at par the present out
standing bonds. T he proceeds from the sale o f bonds are to be used solely
for additions and betterments and to retire any indebtedness incurred in the
construction o f the by-product coke plant, or for tho construction through
a subsidiary com pany or otherwise, o f a bridge connecting the Brooke
C ounty, W . V a ., and Jefferson C ounty, O ., properties o f the com pany,
and for our general business.— V . 101, p. 1095.
Mutual Tobacco Co., Inc., New York .— N ew M e r g e r .—
T his new tobacco manufacturing com pany was incorporated O ct. 15 in
Delaware with $20,000,000 o f authorized stock in $10 shares, “ which capital
stock is based on the assets o f some o f the old firms taken over, their good
will, brands, leaf, production, & c.” T he new com pany is stated to be the
culm ination o f tw o years’ work among some o f the leading independent
tobacco manufacturers in tho United States. A m ong the concerns to be
taken over by tho M utual T ob a cco C o ., In c., are: G . B . M iller & C o. o f
Now Y ork, organized in 1776; Hoffm an & C o. o f R ed H ook, N ew Y ork ,
established in 1800; Allen & Dunning o f Paterson, N . J ., form ed in 1836,
and tho Cam pbell T ob a cco C o. o f N ewark, N . J ., established in 1806.
N egotiations, it is stated, are under way for the inclusion in the new com
pany o f several other important tobacco interests. It is denied that the
Schulte Cigar Stores interests are back o f the new com pany.
Benjamin Swartz, 192 B roadway, counsel for the com pany, further says:
"T h o new com pany will grow , cure and handle tobacco in all form s, im
port and export leaf tobacco and produce established and new brands o f
cigars, cigarettes, smoking and chewing toba cco, snuff, & c. There will
be an active advertising cam paign m ade on these brands o f tobaccos, also
several new brands and novelties. T ho factories will produce a popularpriced cigarette, also quantities o f Italian cigars, or stogies; also a new typ o
o f chewing tobacco, and high-grade sm oking tobacco at a popular price,
put up in cans. T he new com pany has ample stocks o f leaf for present
requirements, and are to be prepared to turn out m uch larger quantities
o f manufactured stock than at present for the reason that they aro adopting
the use o f up-to-date tobacco m achinery. T hey will also feature a p rofit
sharing co u p o n .”
A bout $15,000,000 o f tho stock is said to have been taken up, and the
remainder will be o ffe n d to the public. James G . T ansy, leaf tobacco
m erchant, 19 South William S t., is understood to have been a ctivo in ar
ranging the merger.
National Brick Co. of Laprairie, Ltd.— P la n .—
T he bondholders will vote D ec. 20 on (1) authorizing the com pany to
pay tho interest on the bonds duo, respectively, O ct. 1 1915 and during tho
years 1916 and 1917 and April 1 1918. b y delivering to the holders o f 6 %
scrip certificates on the basis o f $2 0 0 for each $ 1,0 0 0 bond: being tho
equivalent o f the coupons maturing during said three years, together with
6 % interest thereon and a small premium to allow for adjustm ents. These
certificates will be secured b y the deposit with the trustee o f $500,000 o f
the com pany’s bonds, and will bear interest at 6 % per annum, payable
somi-annually, the first paym ent whereof shall becom e due O ct. 1 1918, and
shall bo redeem able at par and int. b y drawings or purchase: no dividend
shall be payable on the stock until provision has been m ade for paying the
whole o f the scrip certificates. (2) On changing the date o f the com m ence
ment o f the redem ption fund from Sept. 1 1917 to Sept. 1 follow ing tho
discharge o f all outstanding scrip. See V . 101, p. 2 1 1, 1016.
Niagara Falls Power Co.— C om bin ed I n c o m e A c c o u n t .—
3
G ross
E a r n in g s .
N et
E a r n in g s .
1 9 1 5 ........................ $688,462
G e n e r a l G a s & E le c tr ic C o . (o f M a in e ).—
1914
............
660,587
W.
S. Barstow & C o ., Inc., as managers, announce that the Easton 9 M o n t h s —
1915
............ $1,972,126
Gas W orks, Easton, P a., one o f the constituent properties, has just closed
1914......................... 2,011,235
a contract with the Canister C o. o f Phillipsburg, P a ., for the delivery or a
minimum o f 2 0 ,000,000 cu. ft. o f gas per year for a period o f five years. — V. 101, p. 291.
$554,241
530,624
A
Hall Signal C o. 1st extended 6s, due 1916-20 inclusive___________ $250,000
Convertible 6 % debentures, due 1932----------------------------------------- 1,000,000
C om m on stock authorized and outstanding-------------------------------- 4,000,000
Pref. stock 7 % cu m ., $2,750,000; held in treasury for conversion
o f debenture 6s, 1932. $1,000,000; outstanding-------------------------1,750,000
In addition to the regular business, has acquired subtsantial contracts
for the manufacture o f war m unitions, and to enable the com pany to take
advantage o f the new business the extension o f the 1st M . bonds has been
arranged. T he stock equity alone behind the bonds shows a value o f fiv e
times the 1st M . bonds. [V.-Pres. W . P. Hall is now acting President,
II. G . P rout having resigned.]— V. 95, p. 52, 179.
M o s . en d in g
S e n t . 30—
$1,577,026
1,628,787
O llie r
F ix e d
I n c o m e . C h g s ., A c .
$69,266
13,464
’
$107,028
54,066
B a la n ce,
S u r p lu s .
$317,220
314,431
$306,287
229,657
$953,9.87
943,020
$730,067
739.833
1374:
THE CHRONICLE
National Surety Co., N. Y . — Stock Increase.—
The stockholders on Oct. 20 voted unanimously to incroaso tho capital
stock from $2,000,000 to $3,000,000 by tho sale to shareholders or their
assignees of 10,000 shares at $150 each. ComparoV. 101, p. 1193.
Northern States Power Co.— Earnings.—
,,
,,
P f .D iv s .
B a l. f o r
Y e a r e n d in g
G ro ss.
N e t.
C h a rg es.
(7% ). D e p r ., A c .
Aug. 31 19 15-..$4,868,762 $2,694,728 $1,497,185 $587,069 $610,474
June 30 1914--. 4,078,541 2,122,539
1,240,764
587,069 294,705
— V. 100, p. 1911.
Ohio Cities Gas Co.— Dividend Increased.—
Tho quarterly dividend has been increased from 1 J 4 t o 1 'A % , beginning
with tho payment to be made Dec. 1.— V. 100, p. 2090, 1746.
Pacific Mail SS. Co.— Criticism — Com pany’s Reply.—
Seo letters quoted in editorial pages abovo.— V. 101, p. 1276, 1017.
Parr Shoals Power Co., Columbia, S. C.— Guaranteed
Bonds.— Redmond & Co. aro offering at 87 and int. a limited
amount of 1st M . 5 % gold bonds of 1912. Circular shows:
Guaranteed, principal, interest and sinking fund by endorsement on
each bond by Columbia Railway, Gas Sc Electric Co. of Columbia, S. C.
Authorized and outstanding, $3,000,000. Dated Aug. 1 1912 and duo
April 1 1952. Interest A. & O. Exempt from the personal, normal
income tax under present interpretation of tho Federal Law. Trustee
Columbia Trust Co., N. Y.
Tho gross earnings of tho Columbia Railway Gas & Electric Co., which
guarantees theso bonds, liavo shown steady increases, rising from $422,877
for tho cal. year 1908 to $695,644 for 1914, while for tho year ended Juno 30
1915, tho first year with tho Parr Shoals plant in operation, gross earn
ings were $814,916 and surplus $122,850, after providing for the full
interest ($150,000) on the Parr Shoals 1st 5s. The amount available
was thus nearly dotiblo tho Parr Shoals interest. Furthermore, the now
plant only began operations in July 1914 and has not yet had time to
develop more than a part of its earning power. Tho period from July 1
1914 to Jan. 1 1915 was tho worst six months experienced in that territory
for many years and has naturally resulted in materially lower earnings
tnan would otherwise have been tho caso. Conditions are now improving.
the Parr Shoals development was undertaken to enable tho Columbia
R y ; Ges & Elec. Co. to meet the demands for additional electric power,
which liavo been largely in excess o f its own generating capacity. The
property o f tho Power Co. comprises the hydro-electric plant, situated
on tho Hoard River, about 27 miles from Columbia, with double circuit
steel tower transmission lines. Tho initial installation is 18,000 h. p.
The dam and power houso rest upon a foundation of granite rock. The
dam is about one-half mile long and 40 feet wido at tho base, with a averago
height of 39 ft. and a maximum height o f 53 ft. It impounds about 12
miles of backwater and is designed to carry a volumo 50% greater than tho
highest flood recorded for over 100 years.
See also Columbia Railway Gas & Electric Securities Co. under “ Rail
roads abovo and— V. 98, p. 1075.
Pennsylvania Salt Mfg. Co., Philadelphia.— Earnings.
J u n e 30
N et
Other
I n t . on
D epreD ie s .
B a la n c e
E a r n in g s .
In c o m e .
N o te s .
e la tio n .
(10%).
S u r p lu s .
9 4 - 5__$1.115.$97 $163,875 $92,246 $200,000 $750,000 $237,625
lu lo LI — 924,036 ________ _______
p S
2014ln 1914-15 wcro $7,797,782, against $7,591,092 in 1913-14. -V. 100,
Ralston Steel Car Co.— Dividend Omitted.—
9.9,1lpany on ° c t - 1 omitted tho quarterly dividend o f 2% on tho
$2,500,000 common stock, but paid the 1H % on the prof. “ Ohio State
Journa , Oct. 10, said: “ This is tho first time sinco July l 1913 that this
2% disbursement on tho common stock has not been made. A. Brenholz,
a director, says that the company has a largo surplus on which it might
draw to meet tho dividend, but officials thought it hotter not to touch this
lund at the present time. Business conditions have undergone a decided
upturn in tho last few weeks and it is belioved dividend payments will bo
renewed at tho next quarter. The shops aro running at near capacity,
lh o company has not participated in war order business, but has confined
its operations strictly to tho car equipment manufacturing business. An
estimate of the pay-roll for tho last 21 mouths is fixod at $1,396,997, indi
cating a considerable output, notwithstanding tho business depression
from which the country is emerging.” — V. 95, p. 1687.
Riker-Hogoman Co., N. Y . — M erger Plan.—
It is now stated that the pending merger o f tho Riker & Hegoman Co.
wJkb tm) United Drug Co. will probably bo on tho basis o f an exchange
ot 100 of tho former for 145 to 150 shares o f tho latter, consisting of 100
shares of common and 45 to 50 shares o f 6% second prof, stock. Tho mi
nority shareholders, it is understood, will rocoivo tho samo treatment as
ooS
Th,; United Drug Co. at prosent has authorized caoital of
f
5*1oSv0^900, equally divided between preferred and common, of which
$2,861,650 of tho former and $4,959,400 o f tho latter is outstanding. See
also V. 101, p. 1276.
Russel Motor Car Co., Ltd., Toronto.— E a r n in g s .—•
Ju/y 31 Y e a r — 1914-15. 1913-14.1 J u lu 31 Year— 1014-15. 1913-14.
Not loss---------------$140,388 3356,223 Development______$44,446
Depreciation, & c. 102,720 128,296 Balance, d eficit.. 257,152 348T519
Sale Ottawa prop.Cr.30,402
.
— V. 98. p. 302.
Santa Cecilia Sugar Co.— Annual Report.—
J u n e 30
Gross
O p era tin g D e p r e c ia tio n ,
B o n d , t h e .. B a la n c e ,
, „ , f at ~
E a r n in g s .
E x p . , A c . R e p a ir s ,A c .
In ter es t, S u r p lu s .
[V ol . 101.
U n ited Cigar Stores C o ., N. Y .— Acquisition. —
President C. A. Whelan announced on Oct. 18 that tho United Cigar
Stores Co. had purchased and taken ovor from O. A. Whelan & Co. and
Wnelan Bros.. 30 cigar stores located in 20 cities in Northern and Wostorn
New York. These include the original cigar stores started by Goo'-go Js
Whelan, which served as tho original model for tho United Cigar Storo.
Co. Tiio latter now has about 900 shops located in all parts of tho U. S.
Tho stores just takon over do a gross business of about $600,000 yearly,
while with an original capital of only $20,000 C. A. Whelan & Co. have
in the past 20 years earned $292,000, or at the rato of ovor 70% on tho stock.
Of the stores absorbed, 5 aro in Syracuse (tho Whelan Bros.’ shops founded
in 1891); 3 aro in Troy, 2 each in Elmira, Utica, Schenectady and Oswego
and ono each in Auburn, Binghamton, Cohoes, Romo, Genova, Amsterdam,
Glens Falls, Batavia, Sayro, Plattsburg, Little Falls and Glovorsvillo, N .Y .,
and Burlington, Vt.— V. 101, p. 1276, 292.
U n ited D ru g C o., B o sto n .— M erger. —
See Rlker-Hegeman Co. above and compare V. 101, p. 1017, 923.
U n ited Shoe M achinery C orp o ration .— N ew Suit.—
The Department of Justico has brought a new suit against tho company
this time for alloged “ unfair trade practices under Sec. 3 of tho Clayton Act.
The action, it is stated, was brought because tho company declined to
permit an amendment of tho caso under tho Sherman law.
it is claimed
tho company gained a monopoly (0 H 'A % ) of tho shoo machinery busi
ness of the country by use of restricting clauses in customers’ contracts.
Tho suit was begun in tho United States District Court at St. Louis on
Oct. 18. Tho charges, it is said, aro practically tho samo as those embodied
in a suit decided several years ago in favor of tho qompany by tho lower
court at Boston, but appealed to tho Supremo Court. Seo V. 100, p. 985,
1598; V. 93, p. 1672, 290: V. 94, p. 1445; V. 96, p. 1845, 494. Indictment,
V. 93, p. 801, 959: V. 94, p. 702, 1060, 1445: V. 95, p. 1751: V. 90, p. 423
Canadian investigation, V. 95, p. 1210: V. 97, p. 891.— V. 101, p. 218..
U n ited States Express C o., N . Y .— Liquidation.—
Notico is hereby given that a first and partial distribution of tho assots
of this company, amounting to $25 per share, will bo mado Nov. 15 1915 to
shareholders of record as of Oct. 30 1915. Chocks mailed.— V . 101 ,p. 928.
U n ited S tates Steel C orp o ration .— Orders Sept. 30 .—
See “ Trade and Traffic Movements” in last week’s “ Chronicle,” pago
1247.— V. 101, p. 1017, 851.
U tah Power & L ig h t C o., Sa lt Lake C ity .— Bonds
Offered.— Harris, Forbes & C o ., New York; Harris Trust &
Sav. Bank, Chicago, and N . W . Harris & Co. and Perry,
Coffin & Burr, Boston, have purchased and aro offering
jointly at 93 and int. an additional $2,500,000 1st M . 5 %
gold bonds of 1914, duo Feb. 1 1944, but redoomablo at 105
and int. on any interest dato on or after Fob. 1 1919. Par
$1,000 (c*&r). Int. F . & A . Trusteo, Guar. Trust C o., N .
Y . See V . 98, p. 528. Tho bankers report:
The company, operating without competition, servos with electric light
and power an extensivo and steadily growing territory rich in agricultural
and mineral resources in Utah and Southeastern Idaho. It also serves
through its subsidiary, tho Western Colorado Bower C o., an important
section in Southwestern Colorado. The business field includes Saft Lake
City and Ogden and 28 other cities and towns. Tho population of the
territory served is estimated at 225,000..
The generating plant s now operated have a total rated capacity of 175,175
h. p., of which 139,825 h. p. is hydro-electric and 35,350 li. p. is steam.
Upon tho final completion of an additional plant, now partially in opera
tion, tho company will operate plants with a total generating capacity of
188,675 li. p. The company is in a position to develop a largo amount of
additional power at low cost as may bo required by the growth of business.
Tho mortgage provides for an unusually strong sinking fund which
becomes operative Dec. 31 1916.
E a r n in g s f o r the Y e a r en d ed S e p t . 30 1915 (S h o w in g N e t ) .
Gross earnings__________ $3,093,6321 Int. on $13,500,000 1st 5 s .-$675,000
Net, after taxes anti rents 1,458,7161 Balance__________________ 783,716
O u tsta n din g C a o iln liz a tio n [Control hold by Utah Sec. Corp., V. 98, p. 457].
Stock, com., $30,000,000: prof., $3,000,000: 2d prof.,$7,837,000; $40,837,000
First M . 5s, total auth., $ 100,001),000: outstanding, including
theso 32,500,000 bonds and $1,000,000 shortly to bo issued. - 13,500,000
— V. 100, p. 2015. 733.
V ictor T a lk in g M achine C o., P h ila .— Extra Dividend.—
With tho regular quarterly divdond of 5% declared last week on tho
$4,999,090 common stock the company, it is said, doclared an extra
dividend of 10%, making 50% so far this year. Tho stock, it is said, sold
recently at 850. Compare V.100, p. 2015.
The company announces that it will soon place its 7,500 employees on an
eight-hour dav with no reduction in pay, although it is estimated tho
change will reduce profits about $1,000,000 tho first year.— V. 100,p. 2015.
V ictor Typew riter M fg. C o., In c ., P o u gh keep sie.—
This company, as shown by tho records of tho Corporation Trust C o.,
was incorporated at Albany on Oct. 18 with $2,625,000 of auth. capital
stock, tho incorporators being Arthur S. Wheeler, 812 Greenwich St., N. Y . ,
and D. W. Wilbur and Elmer D. Gildersleovo, Roughkoopsto, N. Y. It
takes over tho interest of tho International Textbook Co. (see V. 101, p.
275), in the original Victor Typewriter C o., and, it is said, will build at
Poughkeepsie, N. Y ., a 4-story plant 70x750 ft. Georgo W. Campbell,
Gonoral Manager of the old company, is interested.
W ells Fargo & C o., N. Y .— Comparative Earnings.—
The results of operations were published in last week’s “ Chronicle.”
While tho statistics as shown cover four successive years the income account
jncludos only the two years 1914-15 and 1913-14 on the now basis of account
ing and in tho two right hand columns the results for 1913-14 and 1912-13
(not 1912-13 and 1911-12) on the old basis, iu other words, three years
in all. The statement was properly prepared by tho compiler, but tho
heading to the income account was subsequently by mistake omitted.
— V. 101, p. 1270.
......... $723,713
$381,785
$147,816
$69,041
$125,071
381,213
69,711
73.896
29,456
1913-14------ 554,276
Gross earnings in 1914-15 as abovo include at cost 7,294 bags sugar
unsold and in storago at Baquoron.
Tho sugar output in 1914-15 was 19,554,080 lbs. (not weight), and
molasses, 505,109 gallons, against 26,473,708 lbs. and 464,210 gallons,
respectively, in 1913-14.— V. 99, p. 1908.
’
Savage Arms Co., Utica, N. Y . — Sale.—
A rondic}*) headed by William Bradloy and his son, Francis Bradley,
or tho Bradloy Contract C o ., on Oct. 4 gavo notice that they would oxorciso
C U R R E N T N O T IC E .
their option on about 75% of tho $1,000,000 capital stock at $380 a share,
the same terms being offered tho minority holders. Several other munition
works, it is stated, aro also to bo controlled by tho purchasers, with the view
— Tho well known stock and investment bond firm of Greonsliiclds &
to filling a largo order.
Tho Savage Arms Co., originally organized in 1888, manufactures high- Co. of Montreal is issuing its “ Monthly Review” in an attractive circular
form. Tho purpose of the circular is to present a resume of matters boarpower repeating rifles, revolvers, rapid-fire guns and cartridges, and is said
to bo turning out 200 Lewis Machine guns and about 5,000 rifles per week
i ng on Canadian investments. Tho “ Review” also contains a brief summary
working night and day.
’ based on authentic statistics of tho current stato of business in Canada. A
copy will bo sent monthly to those interested. Tho firm which has offices
Sierra & San Francisco Power Co.— Earnings.—
J u n e 30
G ross
N e t (a fter
Other
Bond
B a la n c e ,
at 16 St. Sacramont St., Montreal, and 39-41 Now Broad St., London,
E a r n in g s .
T a x e s ).
In c o m e .
I n t ., A c .
S u r .o r D c f.
England, is a member of tho Montreal Stock Exchange.
.................$1,152,100 $728,782 $37,386 $785,824 def.$19,656
— On tho advertising page opposite our clearings statement to-d ay ,
1913— --.---------- ] ,136,682
14
627,965
--------374,762 sur.253,203
I
ho business outside of tho salo of power to tho United Railroads of San B. Loach & Company of Now York, Chicago, Boston, Philadelphia,
A.
Iraneisco, which amounted for the year ended Juno 30 1914 to $397,963
gr about 35% o f tho gross receipts, increased for tho year 1914-15 to Buffalo and Baltimore are featuring a solectod list of corporation bonds
$455,276, or 39% o f tho gross. Capital expenditures in tho last vear These investments are offered subject to change in price and return 4.30
amounted to $273,305. it is now expected that tho company will bo’in a to 7% income. Tho bonds advortised should attract tho conservative
position to pay the interest on its 2d mtge. Series B bonds from and after and careful investor. For full particulars see the advortisomont.
Jan. 1 1916, in cash instead o f bonds as heretofore. All other bond Interest
— Girvin & Miller is tho firm name of a now bond and investment house
has been fully oarned and paid in cash in tho past.— V. 100, p. 59.
recently formed in San Francisco to deal in high-grade municipal and cor
Standard Ga3 & Electric Co.— Extended —
poration bonds, with offices In the Kohl Building. Both Mr. Girvin and
The company has extended until Nov. 14 tho time in which subsc- intions
from tho prefu-red stockholders to $3,000,000 6% 20-year notes and from Mr. Miller aro well known in tho mvostmont field on tho Pacific Coast,
tho^commcn stockholders to $750,000 of these notes will bo received. Seo they having been identified with tho bond business for tho past ton and
seven years, respectively.
Union Ferry Co.— N ew Officers.—
— To yiold about 5% , Hallgarten & Co., 5 Nassau St., this city, own
Thomas Read, \ ice-President, will soon, it is understood, become Presi and offer, subject to prior sa’o, $1,000,009 Now York Central & Hudson
dent of tho company, succeeding Julian D. Fairchild, who resigned. River R R . Co. refunding and improvomont mortgage 45$%, So.des “ A ” ,
Wi ham A. Nash, Henry Tredwell, William D. Blauvelt, Wilfred P. Beattie
gold bonds, due Oct. 1 2013. Descriptive circular on roiuest. Soo tho
and Georgo If. Schrocder have been elected to succeed Julian D. Fairchild
George Wason. William Wason Jr. and Thomas Blake, retiring directors’ advertisement elsewhere in tho “ Chronicle” for the socurity features of this
A vacancy iu the board still exists.— V. 97, p. 1827.
investment.
1375
THE CHRONICLE
Oct. 23 1915.]
x ts
GREAT
and
NORTHERN
Q & m v x w x ts .
R AILW AY
COMPANY
T W E N T Y -S I X T H A N N U A L R E P O R T — F O R T H E Y E A R
ENDED
JUNE
30
1915.
Thoro was expended for Additions and Betterments the
sum of $3,144,538 33, (see a following page), which was
charged to “ Cost of R oad.” Of tho total, cost of Better
ments, $1,271,170 72, was paid from and debited against
tho “ Fund for Permanent Improvements and Betterments”
C A P IT A L S T O C K .
and was credited to “ Cost of Additions and Improvements
Thoro was no change during the year in amount of author
mado to tho property of the Great Northern Railway Com
ized share capital; same remains at $250,000,000.
pany and paid for from ‘Fund for Permanent Improvements
Of the capital authorized, thero had been
and Betterments.’ ” This permanent Improvement Fund
lssuod to Juno 30 1914__________________________________ $230,997,700 00 was credited $1,000,000, out of the year’s income, as shown
on a following page, and $47,903 26, net proceeds from sale
Thoro havo been issued during tho year :
of town lots and lands not forming a portion of the railway
5 'A shares, amounting to _______________________________
property or land grant.
of the $21,000,000 issuo, shown on pago 0 of
Thero was expended for the New General Office Building,
last year’s report as not paid in full.
at S t, Paul, M in n ., referred to in last year’s report, the sum
of $1,084,540 17, which has been charged to “ Cost of R oad ,”
184,784 72-100 sharos, amounting to_____________________
and included in table on following page. The building is
as of Novombor 16 1914, under the resolu
nearing completion and will be ready for occupancy late this
tion adopted by tho Board of Directors
fall.
February 11 1914.
Tho stock of the Great Falls & Teton County Railway
Company was surrendered for deed of that Company’s
Total outstanding Juno 30 1915---------------------------------------$249,470,722 00 property, which thereupon became part of tho lines of this
Com pany. This transaction is shown by entries on following
Tho stock outstanding Juno 30 1915, was represented by :
pages of $850,000, tho cost of tho stock.
The Company’s investment in Canadian Companies, on
Stock ccitificatcs____________ ■ - -^nn I ---------- ---$249,453,200 00
Full-paid subscription receipts to $19,000,000 issuo, not at
account of advances made to pay for property, construction,
that dato surrendered for exchange into stock certificatos.
2,440
00 additions and betterments, has been increased during the
21,082 00
Scrip, full-paid.
year, as follows :
To the Stockholders ;
The Directors submit the following report for tlio year
ended Juno 30 1915 :
Total........................................................ - ..........................$249,476,722 00
Thero romained unissued June 30 1915 17J^ shares of
Great Northern Stock for acquiring 14 shares of Tho St. Paul
Minneapolis & Manitoba Railway Company, of which 10
shares are in tho treasury of tho Company and 4 shares still
outstanding; also under tho $1 9,000,000 issuo, 15 28-100
shares not paid in full and 5,200 shares not as yot offered
for subscription by tho Company.
Crow’s Nost Southern Ry. C o_____________________________
Vancouver Victoria & Eastern Ry. & Nav. Co_______________
Now Westminster Southern Ry. Co________________________
Midland R y. Co. of Manitoba_____________________________
$8,289
951,524
2,017
84.203
60
48
46
48
Total................................................................ .......................... $1,046,035 02
The property investment of tho Minneapolis Western
Railway Company was increased $1,819 64 and .of the
Duluth Terminal Railway Company $1,293 49, by expendi
tures for additions and betterments.
The Midland Railway Company of Manitoba has con
BONDED DEBT.
structed on its terminal property at Winnipeg, M a n ., a
Tho balanco sheet on a subsequent page, gives amounts of 5-unit fruit warehouse, each unit 67x80 feet in size, also a
bonds outstanding June 30 1915. A comparison with tho loading platform, 10x40 feet, and has laid 1.13 miles of
figures of Juno 30 1914, follows :
additional industry tracks.
In crea se (+ ),
Tho Duluth & Superior Bridge Company has constructed a
1915.
1914.
D e c re a s e (— ).
steel trestle, 1,081 feet in length, at Rice’s Point, Duluth,
Outstanding in hands of
tho Public____________ $143,391,909 09 $143,478,909 09
— 87,000 M in n ., connecting its bridge with the elevated trestle of the
(Soo detail list on a follow
Duluth Terminal Railway Compnay. Tho entire capital
ing page).
stock of these companies is owned by the Great Northern.
Hold in tho Company s
Treasury ____________
37,276,000 00
35,540,000 00
+1,736,000
. The fuel supply in Montana has heretofore been secured
Held by Mortgage Trustees 14,106.000 00
14,106,000 00
__________
from tho minos of the Cottonwood Coal Company at Stock$194,773,909 09 $193,124,909 09 +$1,649,000 ett, M o n t. As these mines are nearly exhausted, the Coal
Totals
Company has develped its coal property in Fergus County,
M ontana. A modern plant has been installed which is not
Tho decroaso in amount of bonds outstanding in hands of
yet ontiroly completed, and which has cost, to June 30 1915,
tho public was caused
approximately $325,000. An adequate coal supply, suffi
by redemption, through operation of tho Sinking Fund, as
cient for many years to come, has thereby been assured.
per table on a subsequent pago, o f...........................................
$87,000 00
A branch spur track, 4.72 miles long, has been built by tho
par value, Tho Saint Paul Minneapolis & Manitoba Railway
Railway Company to reach the mine. The entire capital
Company Consolidated Mortgage Ponds, of which $59,000
stock of tho Cottonwood Coal Company is owned by the
woro I 'A per cent and $28,000 ware 4 per cont bonds.
Great Northern.
Tho incroaso in bonds “ Held in Treasury” was duo to
An oxhibit building, 50x120 feet in size, was erected on
issuance of $1,736,000 faco valuo, of tho Company’s First tho Panama-Pacific Exposition grounds at San Francisco,
and Refunding Mortgage Gold Bonds, Series “ A , ”
per C al., and this Company was awarded tho Gold Medal
cent, in accordance with tho terms of tho mortgage securing prize under tho class of the best railway display of scenic,
tho samo, which woro issued against tho acquisition of tho agricultural and industrial subjects.
following shares of stock :
Tho Glacier Park Hotel Company during the year prac
Groat Northern Equipment C o...........................$1,750,000 (17,500 shares)
tically completed its plan of development. Tho new
hotel and dormitory, referred to in last year’s report as under
GENERAL.
construction at M any Glacier, and the dormitories at Granite
Expenditures on account of construction of now linos, Park, wero finished and ready for this season’s business.
mado directly by this Company, were as follows :
Other minor improvements have been made to take caro of
Fargo to Surrey, N. D ---------- -------- --------------------------------------- $7,916 08 tourist travel. A t Glacier Park Station, garage 60x150 feet
1,591 47 and four small miscellaneeous buildings. A t Glacier Park Sta
Niobo, N. !) ., to International Boundary-----------------------------1,167 60
Vaughn to Gilman, M ont___________________________________
Moccasin to Lewistown, M ont______________________________ 45,450 46 tion, Two Medicine, and Going-to-the-Sun, concrete and
4,358 91 stone septic tanks. A t Going-to-the-Sun, chalet 18x76 feet,
Now Rockford, N. D . , to Lewistown, M ont__________________
Plontywood to Scoboy, M ont_________________________ ■
■
--------- 133,315 09
Wenatchee to Pateros, Wash________________________________ 421,461 55 ice house 18x30 feet, and generator house. A t M any
Orovilloto Pateros, w a s h -._______ __________________________ 24,633 79 Glacier, store and generator house 24x80 feet, water tank
Bluostem to Peach, Wash___________________________________
46,893 71 16x24 feet and hydro-electric plant.
Tho Spokane Portland & Seattlo Railway Company,
$686,788 66
Total
through its subsidiary, the Great Northern Pacific Steam
ship Company, has placed two fast boats in service between
which has been charged to “ Cost of R oad.”
Thoro woro purchased from tho Groat Northern Equipment Flavel, Oregon (near Astoria) and San Francisco, C al.,
Company, 3 steam locomotives, 30 steel passenger coaches, which are doing a satisfactory business.
Mention was made in last year’s report of the Federal Val
1 ,0 0 0 refrigerator cars and 1 wrecking crano, tho cost of
which has been charged to “ Cost of Equipment” and in uation of this Company’s property. Tho work has been con
tinued during tho present year and is yet far from comple
cluded in tablo on a following pago.
Details of other expenditures for Equipment and of $859 15 tion. This Company’s expenditure to date, in doing its
credited to “ Cost of Elovators,” appear in tho President’s necessary part of tho work, has reached nearly a quarter of a
million dollars.
roport which follows, and in tables on subsequent pago.
1376
THE CHRONICLE
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, which follow.
For the Board of Directors.
LO U IS W . H IL L , Chairman.
REPORT OF PRESIDENT.
To the Board of Directors:
Herewith report for fiscal year ended June 30 1915:
R E V E N U E S , O P E R A T IN G E X P E N S E S , V O L U M E OF
T R A F F IC , &C.
Gross operating revenues were $67,162,857 66, a decrease
of $9,692,079 84, or 12.6109 per cent, compared with last
year.
The various amounts making the increases and decreases
and the percentages for each, as compared with last year,
are as follows:
In c r e a s e o r D e c re a s e over L a s t Y e a r
R ev en u e fr o m T r a n s p o r ta tio n —
A m o u n t.
P ercen t.
Freight----------------- ------------------------------- Decrease $7,937,611 53 14.4098
Passenger....................................................D ecrease $2,059,605 51
278,487 00
Mail — .........................................................Increase
E xpress.........................................................Decrease
57,297 01
Sleeping Car, Parlor and Chair Car, Ex
cess Baggago, and Other Passenger
Train Rovenue................................... ...D ecreaso
86,718 57
Total Passenger Service Train Revenue. Decrease $1,925,134 09
Switching and Special Service Train Rev
en u e...........................................................Increase
17,057 81
13.5283
12.9021
3.2530
9.1502
9.5816
2.7659
Total Revenue from Transportation_ Decrease $9,845,687 81
_
Revenue from Operations other than
Transportation------------------- -------------- Increase
153,607 97
12.9901
Gross Operating Revenues___________ Decrease .$9,692,079 84
O p e ra tin g E x p e n s e s —
Maintenance of W ay and Structures.Decreaso .$4,561,317 45
Maintenance o f Equipment................
Decreaso 3,169,896 40
Decreaso
193,027 90
Traffic Expenses.............
Transportation Expenses............................. Decreaso 3,193,723 89
General Expenses......................................... Increaso
131,315 40
142,037 14
Miscellaneous Operations....................... ..Increaso
Transportation for Investment— Cr.......... Increase
96,886 28
12.610®
Total Operating Expenses.......................Decrease.$10,941,499 38
22.9046
Net Operating Revenues.........................Increaso .$1,249,419 54
TaxesAccrued............................................D ecrease
162,809 61
4.2957
3.3972
Operating Income.....................................Increase .$1,412,229 15
5.8134
14.4739
35.5473
30.7095
14.1873
14.8859
11.6472
21.1005
-
Special attention is called to the above results. N ot
withstanding the large reduction in gross operating revenues,
there was an increase of one and a quarter million dollars
in the net.
Briefly stated, the decrease in gross was occasioned by poor
crops, by reductions in rates partly resulting from govern
mental orders, and by the general business depression, due
partially to the war in Europe, which, for a timo, lessened
the demand for the products of mines and forests, and de
creased the business on this Company’s Canadian lines very
materially. The details of the principal items affected follow:
Last season’s grain crop, approximately 115,000,000 bush
els, was considerably below the average, owing to damage
caused by black rust and hot winds. The 1915 crop along
the Company’s lines is better than over before, both as to
quantity and quality,and is estimated at not less than 178,
000,000 bushels. The revenues of the Company should bo
materially increased as a result of this good crop.
Iron oro movement decreased 4,340,994 tons, 31.5671
per cent, principally due to cancellation as of January 1
1915, of mining lease of Great Northern Iron Oro Properties
to the Great Western Mining Company, dated January 2
1907, under the terms of which oro from the leased mines
was transported by this Company to the docks at Lake Su
perior. A substantial increase in this tonnage is expected
for next season.
Copper oro movement decreased 1,398,074 tons, 71.5676
per cent. The smelters at Black Eagle, M o n t., and Grand
Forks, B . C ., were shut down in August 1914 on account of
business depression. Operations have been resumed at both
points since July 1 1915, and the movement of copper oro is
now practically normal.
During this year, as heretofore, many changes have been
made in freight rates, generally to meet the requirements of
Governmental regulation, and more frequently than other
wise, resulting in decreased revenues. Thero were no less
than thirty such changes, and they affect nearly every kind of
business and nearly all localities, such as class rates from
Everett to points in Eastern Washington, between stations
in Montana, from Sioux Falls, S. D ., to points on the Sioux
City Division in Minnesota; joint class and commodity rates
in Minnesota; rates on grain from Columbia River territory
to stations on Puget Sound, on corn from Eastern terminals
and outlying points to stations in Canada, on wheat and
flour from Western North Dakota stations to points on tho
Pacific Coast, lumber from points of production in Minne
sota to stations in North Dakota, live stock from Montana
and Western North Dakota stations to the Pacific Coast.
[Vol. 101.
The Board of Railway Commissioners for Canada ordered
reductions in rates on practically all commodities from Port
Arthur and Fort William to all Canadian points west, which
necessitated reductions on tho same relative basis, from this
Company’s Eastern and Lako Terminals. The Board also
ordered reductions in coal rates from Fernio to points in
British Columbia, which this Company was obliged to
meet.
Several rate reductions were made under orders of tho
Inter-State Commerce Commission, among which were grain
rates from stations on Sioux City Division, north of Yankton,
S. D ., to Sioux C ity, Iowa, and rates on bakery goods be
tween stations in territory Montana and west.
The rate on iron oro from the mines on tho Mesabi Rango
to the docks at the Head of the Lakes, has been the subject
of an extended investigation by tho Comimssion for several
years past. Notwithstanding the best efforts on behalf of
tho ore-carrying lines, the rate was ordered reduced from sixty
to fifty-five cents per gross ton (2,240 lbs.), effective June 1
1915. This will result in a substantial decrease in revenuo
received in futuro from the transportation of iron ore.
Effective June 2 1915, in conformity with the so-called
Cummins Amendment to the Act to Regulate Commerce, all
freight tariffs and classifications were revised so that rates are
not conditioned upon valuation or released specified valua
tions.
The principal increases in rates wero on class rates, grain,
hay, potatoes, lumber, live stock, coment and flour between
Saint Paul and Minneapolis, M in n ., and the Head of the Lakes;
on cattle and sheep from points in Montana to Eastern Ter
minals; on grain from various points in North Dakota to
Eastern Terminals.
Tonnage of revenuo freight carried decreased over last
year 7,404,539 tons, 23.9958 per cent; length of averago haul
increased 21.59 miles, 9.6131 per cent; ton-mileage decreased
1,156,516,221, or 16.6878 per cent; averago rovenue per tonmilo increased .0218 cents, 2.7428 per cent, being .8166
cents compared with .7948 cents in 1914, .7653 cents in 1913,
.7688 cents in 1912, .8096 cents in 1911. The increase in
averago revenue per ton per mile was duo principally to tho
decrease in tonnage of low rato carload commodities, iron and
copper ore, coal, grain and lumber. Tho decrease of
16.6878 per cent in rovonue ton-miles was nearly mot by the
decrease in freight-train miles of 15.0499 per cent. In spite
of tho fact that tho decroaso was in the heavy carload busi
ness, tho tonnage hauled per train-milo decreased only
1.9281 per cent.
Tho decrease in taxes, $162,809 61, or 3.3972 per cont, is
assignable principally to tho method of payment to the Stato
of Minnesota upon tho basis of jagoss earnings.
Number of passengers carried decreased 730,942, or
7.9457 per cent; number of passengers carried ono mile de
creased 76,629,077, or 11.7592 per cent, and average distanco
carried decreased 2.934 miles, or 4.1419 per cent. Passonger
revenue decreased $2,059,605 51, or 13.5283 per cent, and
average revenuo per passenger per mile decreased from 2.336
cents to 2.289 cents, or .047 cents, 2.0120 per cent. It is
impossible to curtail passonger-train service to meet dimin
ishing travel, so that while passenger-train miles decreased
only 4.5095 per cent, passenger-service train revenuo de
creased 9.5816 per cent in total amount, and 5.3430 per cont
per train mile. Tho decreaso in revenues is tho result of tho
general business depression and the European W ar which has
particularly affected passenger traffic in Canada.
Thero have been no material changes in passonger rates
during the year, except that on M a y 15 1915 tho Minnesota
Supremo Court decided that carriers may cliargo 3 cents per
mile for the first 5 miles of an intra-State trip. Tariffs have
been revised to this basis, which will result in an increaso of
approximately $100,000 00 per annum in tho earnings of this
Company.
M ail revenuo increased $278,487 00, or 12.9021 per cent,
principally tho residt of re-weighing mails carried on routes
west of the Red River, as mentioned in last year’s report.
Considerable mail matter was carried during tho year on
routes east of tho Red River, for which no compensation was
received. The re-weighing of mails on these routes is esti
mated to bring an increase in the annual mail revenuo of moro
than $100,000 00 from July 1 1915.
It is felt that tho parcel
post does not pay its share, in proportion to space occupied,
being largely mado up of light and bulky packages.
Express revenuo decreased $57,297 01, or 3.2530 per cent,
as a result of tho reduced rates mentioned in last year’s re
port, and the general business depression, particularly in
Canada and on tho Pacific Coast. Tho Inter-State Com
merce Commission has allowed an increaso in express rates,
effective September 1 1915.
The net revenuo from operation of Sleeping and Parlor
Cars was $280,438 15. The loss from operation of Dining
and Buffet Cars was $65,356 17.
The Eating Houses, Restaurants and Train News Sorvice,
formerly handled by outside parties, under contract, havo
this year been operated by tho Company. Tho not rovenuo
from these sources was $44,870 54.
Tho influx of settlers into tho country adjacent to this
Company’s lines has continued, moving principally into
Minnesota, Montana and North Dakota, in tho order named.
Tho above-mentioned conditions justify the belief |that tho
Company’s revenues will bo greater during tho coming year
than during the year just closed.
Oct. 23 1915.]
THE CHRONICLE
1377
Main tracks were relaid with heavier steel, as follows: 53.63
miles with 90-pound rail, and .40 miles with 80-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 16 years, appears on page 44 (pamphlet report).
Excluding fences on new lines, 97.08 miles right-of-way
fence wero built, of which .51 miles are on lines in Canada.
Embankments were widened or restored to original width
and grade lino on 101 miles of road; 283 miles of track were
ballasted with gravel, of which 3 miles were on change of lino
at Salmon Bay, Wash., 89 miles on track where ballast was
restored and an additional lift given, and 191 miles on track
where ballast was restored.
Sea-wall has been raised and strengthened between Metum
and Everett Junction, Wash.; 14,775 lineal feet of protection
cribs have been raised, and 250 lineal feet of new cribs have
been built between Blaine, Wash., and White Rock, B. C.
Bridges were erected as follows: 77 lineal feet of steel for
double track; 82 feet of steel and 176 feet of concrete in ex
tending existing bridges; 1,037 feet of steel and 3,024 feet of
concrete in replacement. 10,936 lineal feet of bridging were
filled with solid embankments, and 2,187 feet abandoned on
account of change of line at Salmon Bay, Wash. To provide
waterways at bridges filled, 11 concrete, 1 cast iron and 83
e q u ip m e n t .
put in.
Of equipment contracted for during the year ended June 30 concrete pipe culverts were timber 297 concrete and cast
1914, there remained undelivered on that date, ,50 passenger- iron pipe culverts replaced materialcidverts. in work above
Approximate
moved
train cars and 3,000 freight service cars. This year no con mentioned is: yardage of
tracts were placed for the purchase of new equipment.
lines and
Of total equipment above mentioned, the following (also In Changes of yds. were reductions of grades (of which
Paola, M ont.,
listed on page 7, pamphlet report), had been recoived and 62,400 cu.cu. yds. onon change of lineatatWindy Point,
and 3,806
change of lino
taken into account June JO 1915:
W ash .).....................................................................- ............ 66,206 cu. yds.
Widening, raising and restoring banks--------------------------157,918
“
1 . 0 0 0 E s S f o f S W S J I S V o 0*
lb». capacity.
Ballasting (gravel)____________________________________ 174,497
“
There remained to be delivered on contracts June 30 1915, Filling bridges_________________________________________ 81,914 “
2,000 freight service cars.
.
Total...................................................................................480,535 cu. yds.
The Company built at its shops 34J stock cars, of which
250 are 3 6 -ft., (30,000 lbs. capacity, and 93 are 3 6 -ft., 40,000
And there were placed upon old lines:
Improvements to rolling stock havo been continued, such Concrete_______________________________________________39,014 cu. yds.
as electric headlights, and additional air pumps for locomo Itiprap_________________________________________________ 23,934 '
tives; electric lighting for passenger cars, &c. Expenditures
T otal...............................................................- .................. 62,948 cu. yds.
have also, been made to comply with Federal Safety Appli
ances laws.
Total amount expended for equipment purchased from the One steel bridge, 105 feet in length, was built to carry high
over the
also one steel
190
Great Northern Equipment Co., built and under construc way in length, Company’s tracks;overhead timber bridge, one
replacement
bridge;
tion at Company’s shops, and for improvements and better feot bridge, 65infeet in length, of built to carry tracks over
was
ments to equipment in service, was $1,771,051 57, of which steel replacing grade crossing.
SI ,770,802 14 is for the Company and $189 43 for the Van street, two-story mail and express building on the site of the
The
couver’Victoria & Eastern Ry. & Navigation Co.
old passenger station at Minneapolis, Minn., mentioned in
There wero taken out of servico:
last year’s report, has been completed. Frame depots were
39 Wooden oro cars,
3 Steam locomotives (1 sold),
constructed at 14 stations, including 3 replacing those burned;
1 OalMxxso car,
(i Postal cars (sold),
extensions to depots at 6 stations; portable depots at 11 sta
10 Ballast cars,
l Sleeping car,
2 Boarding cars,
tions; 8 loading platforms; 21 mail cranes; stock-loading facili
1 Uaggage car,
1 Carpenter car,
711 Box cars,
ties at 49 stations; various improvements at 19 stations, such
2 Derrick cars,
13 Refrigerator cars,
1 Steam shovel tank,
as cement and cinder walks, additional and improved station
25 Stock cars,
2 Water cars,
104 Flat and coal cars (17 sold),
platforms, toilet facilities, sewers and electric lights, includ
4 Tool cars.
1 Sand car,
ing 20-ton electric derrick and 280-foot platform at Minneap
4 Steel ore cars,
scales,
The original cost of this equipment was $587,820 84. Of olis, Minn.; icing facilities at 12 stations; new track Minn.,
50 feet, 150
Superior, Wis., Melrose,
this amount $247 50 has been credited to the investment in and Minot, tons, installed at150 tons, in place of 100 tons, at
N. D.; 50 feet,
the V. V. & E. Ry. & N. Co. and $587,573 34 to “Equipment •St. Paul, Minn., Leavenworth and Delta, Wash., and in
Account.” Both amounts, less amounts received for equip place of 80 tons at Superior, Wis., and Cass Lake, Minn., 50
ment sold and salvago from equipment destroyed,have beon
place of 80 tons
charged against various equipment “Renewal” accounts feot, 100 tons intrain order signalsat St. Paul, Minn., and
at 15 stations.
under Operating Expenses, or to “Equipment Depreciation Superior, Wis.; N. D., a 1-stall, 18x76 feet, frame engine
At
Fund.” Amount remaining to credit of this “Fund” Juno 30 house Maxbass, to replace engine house destroyed by fire;
was erected
1915, as shown by balance sheet on page 33 (pamphlet
toilet
report), $26,541,817 56, represents full depreciation to that 2 brick shops. buildings, 26x38 feet, were erected at Superior,
date on all equipment then in servico, list of which appears Wis.,
Reservoir for locomotive water supply at New Rockford,
on page 45 (pamphlet report).
N . D., was enlarged; 10,000,000-gallon reservoir was com
Tlio following conversions were made:
pleted at Bainville, Mont., 100,000-gallon tank, with 10 h. p.
12 Postal cars Into baggago and express cars,
engino and pump, at Spring Brook, N. D.; improvements
1 Box car Into boarding car,
at 12 water stations, such as additional wells, larger engines
1 Cabooso car Into boarding car.
and
This resulted in a net credit of $9,348 23 to the Company’s and pumps; 1 pump housebeen 1 tank replacing those burned.
Interlocking plant has
installed at Snohomish River
“Equipment Account.”
.
Everett,
Kingston,
Statement giving number, tractive power, weight, &e., of Bridge, additions Wash.; automatic signals at on Minot
to automatic block system
steam locomotives and number, capacity, &c., of freight cars Mont.; 5 additional levers at Electric Line crossing, Penn
Division;
appears on page 46 (pamphlet report).
Avenue, Minneaplois, Minn.; crossing alarm bells at two
streets, New Westminster, B. C., and at 6 other stations;
ADDITIONS AND BETTERMENTS.
The following work reported in progress last year has been crossing gate at New Westminster, B. C.platform at Great
Other structures include new
completed: and concrete bridges m place of timber struc Falls, Mont., and extensions to 96-foot at 7 other store
.
, ,. ,
platforms
Now steel
houses; one
fire;
tures, total approximate length 4,200 feet; water treating at Spokane, section house, replacing one destroyed byoffice
Wash.,
plants at 33 stations on main lino botween Minot, N . D., and building mentioned in20-foot extension toatbrick postWash.,
report;
Cut Bank, Mont., completing the equipment of the main one-story post office last year’s mentioned Seattle, year’s
building,
in last
line from Dovils Lake, N. D., to Cut Bank, Mont., with report, remodeled into two-story building; at Superior, Wis.,
these plants; change of lino at Windy Point, Wash., on Cas ono 12x40 feet switch house, replacing one destroyed by
cade Division, including double-track concrete-lined tunnel, fire, and fire protection for timber snow sheds on west side
1,509 feet long, and combination timber and concreto snow of the Cascade Mountains.
_
__ .
shed, 200 feet long.
In
and rearranging unloading facilities Ele
Tracks wero built at 9 miles on the Mesabi Iron Rango, and vator changing Superior, Wis., two dust houses weroatfound
“X ”
at 75 regular stations. Not increaso in mileage of sidings, unnecessaryat wero removed. This caused a decrease of
and
spurs and other tracks, not including tracks on now lines, is: $859 15 in “Cost of Elevators” for the year.
Lines owned by Great Northern Hallway Company.....................18.74 milos
Following is a classified statement of amounts actually
Lines owned by Controlled Companies in United States (d e c .).. -29
oxponded for Additions and Betterments, the names of the
Lines owned by Controlled Companies in Canada------— ----------3.10
accounts being those prescribed in the revised instructions
T a d n l sid tra m g o o lin
otal d itio a o ck ilea e n ld es............... .21.55 m s of Inter-State Commerce Commission:
ile
NEW LINES.
Last year’s report statod that the lines constructed by the
Montana Eastern Railway Company from Snowden to Sid
ney Mont., 24.72 miles, and from Fairview, Mont., to Arnegard, N. D., 30.26 miles, while not fully completed, were
handling commercial business. Other lines under construc
tion by the Montana Eastern from Arnegard to Watford,
N. D., 7.49 miles, and from Newlon to Lambert, Mont.,
21.99 miles, wero sufficiently advanced last fall to move the
crop from the territory served by them. All of these lines
were formally opened for business July 1 1915, and will be
operated for the present as a part of the Montana Division
of the Great Northern Railway. The Northern Pacific
Company’s line from Sidney to Newlon Junction, Mont., is
used, under contract, to connect the two sections of the
Montana Eastern. Construction work on the remaining
sections of the Montana Eastern lias beon suspended.
The line of the Vancouver Victoria & Eastern Railway and
Navigation Company, 25.39 miles, mentioned m last year s
report as under construction, was opened tor operation
Juno 1 1915, from Coalmont to Brookmero, B. C. (formerly
called Otter Summit).
1378
THE CHRONICLE
A cco u nts.
A d d it io n s .
Engineering_______________
Land for transport, purposes
Grading____________________
Tunnels and subways___________
Bridges, trestles and culverts _
T i e s ________________________
K a i ls _____________________ '
Other track m aterial______
B allast_____________________ ____
Track laying and surfacing____
E igh t of way foncos_.......... _ .........
Snow & sand foncos& snowsheds
Crossings and signs_____________
Station and office bu ildin gs..
Roadw ay buildings_____________
W ator stations___________________
Fuel stations_______ _____
Shops and enginchouses.Z.ZZZZ
W harves and docks____________
Coal and ore wharves
Z
Telegraph and telephone lin e s ..
Signals and interlockers________
Power darns, canals & pipe lines
Miscellaneous structures____ __
Paving______________________ ZZZZ
Roadway machines________ Z . "
Assessment for public i m o t s ...
Other expenditures— R oad___
Shoo machinery_________________
Interest during construction___
819,888 58
985.084 61
69,303 99
*9,765 59
35,197 55
52,747 61
28,543 68
1,098 90
38,708 50
23,954 27
49,855 25
13,483 25
468,879 87
*2,127 50
22,686 74
*614 77
956 60
720 64
*4,760 40
3,248" 53
*103 30
2,157 26
70,402 96
1,754 34
8,086 97
13,483 54
B etterm en ts.
S43.913 97
82,146 89
328,048 45
327,680 88
13 58
24,717 92
28,439 70
10,487 40
4,310 38
1,396 98
37,493 12
62,965 68
82,606 44
863 94
240,944 60
*6,956 18
23,972 22:
*471 28
*6,091 97
*275 42
4,882 37
1,739 37
4,747 44
2,692 80
~2,352*43 i
|
T o ta l.
985 0S4 M
i r 'l V r w
> >n
m '4° ° 88
328,048 45
317,915 29
35,211 13
77,465 53
56,983 38
11,586 30
43,018 88
25,351 25
87,348 37
76,448 93
551,486 31
*1,263 56
263,631 34
*7,570 95
24,928 82
*471 28
*6,091 97
445 22
121 97
1,739 37
7.995 97
*103 30
2,157 28
73,155 76
1,754 34
10,439 40
13,483 54
7 S3.144.538
Q
33
Work is in progress at close of year, as follows: New steel
and concrete bridges in place of timber structures, total
approximate length 3,100 feet; change of line at Paola, Mont,
including 1,700 lineal feet concrete-lined doublo track tun• i ^ ^ filling of False Creek tido lands, Vancouver, 13. C.
winch was discontinued for a time, has been resumed.* *’
As promised in last year’s report, the oxpenses of main
tenance and betterments have been held at a low lovel.
Notwithstanding those economies, which have kept paco
with the decreased earnings, the Company’s road-bed, track
and equipment liavo been fully maintained.
Respectfully submitted,
L. W. HILL, P r esid en t.
REVENUE
— —
ACCOUNT— REVENUES, OPERATIN G E V PE ’N
TRirR
J 1 SQAL YEAR EN DED JUNE 30 1() 1 5 . O le i'llE
Revenues.
Y e a r en d ed J u n e 30 1915 Y e a r e n d e d J u n e 30 1914.
P e r C ent
o f T o ta l.
A m o u n t.
A m o u n t.
P e r C en
o f T o ta l.
Freight,__
freight,.----------70.1985 $47,147,313 54
$55,084,92507 71.6739
Passenger....................... 19.6014
13,164,857 01 15,224 462 52 19.8094
Excess Baggage.............
.2253
151,349 81
163 9 1 14
163,961 1 4
.2133
Sleeping C a r .................
.9419
632,626 07
703,795 63
.9158
Parlor and Chair Car_
_
.1005
67,498 75
77,484 65
.1008
M ail................................
3.6284
2,436,956 69
2,158,469 69
2.8085
E x p r e s s ....................
2.5372
1,704.059 28
1,761,356 29
2,2918
Other Passenger Train
.0142
Revenue___________
9,527 11
2,478 89
.0032
Sw itching------------------.8 9 24
599,350 97
586,195 05
.7627
Special Service Train_
_
.0513
34,431 33
30,529 44
•0397
Total Revenue from
Transportation------98.1911 $65,947,970 56 $75,793,658 37
98.6191
R ev e n u e fr o m O p era
tio n s Other th an
T ra n s p o r ta tio n —
Dining and Buffet Cars.
.6277
Hotels and Restaurants.
.4365
Station and Train Privilegos and Train News
Servico.................
.2027
Parcol Room Receipts.
.0576
Storago — Freight and
Baggago.............................. Q624
Car Servico___________
.1912
Telegraph S ervico_____
.0467
Rents o f Buildings and
Other Property
Miscellaneous.. Z______
.1326
I L INES O PE R AT E D AS GREAT NO R TH E R N R A ILW A Y COM PANY
A N D lH OSE IN D E P EN D EN T L Y OPERATED* M INNEAPOLIS
1 W ESTERN R A IL W A Y COM PAN Y AND DULUTH TE RM IN A L
Operating Income:
Rail Operations:
Operating Revenues------------ ---------------- $67,162,857 66
Operating Expenses........................ .......... 36,828,274 60
Not Operating Revenue.....................
.
$ 3 0 3 3 4 5 8 3 nn
Railway Taxes Accrued_____________ ____________ZZZZZZZZ*' 4,629!668 41
Operating Income___________ _______
Other Incomo:
Rents Received_______
Dividends on Stocks OwnedZZZZZZZZZZZZZ
Interest on Bonds Owned_____________
General Interest_______________________
Miscellaneous Income_______________ZZZZ
3 2 5 70
»2o,/U4 o i 4 r, 5
l,Jl4 bo
<tneo icq n
325 50B 54
.32.3 078 54
676 835 i>8
1,699 72
Total Other Incomo____________________________
2 3 1 0 199 81
Gross Corporate Incomo__________
.
rps ni 5 1 1 4 ,10.
Deductions from Gross Corporate Incomo:
...................... *
10
Rentals Paid-----------------------------------------$849 077 94
Hire of Equipment— Balanco___________ Z * 71 933 38
Bond Interest Accrued_________________ Z 6.447’.503 86
Miscellaneous Deductions________________
’ 28^329 10
Total Deductions from Gross Corporate Incomo___
7,396,844 28
Not Corporate Income___________
non m e 9 7 n ia
Against Which Havo Been Charged:
.........................®2U,bia,2/U 18
Dividends on Great Northern Ry. Stock:
Aug. 1 19H, 1 % on $230,848,500___ $4,039,848 75
Nov. 2 1914, 1M % on 230,861,800___
4,040,081 50
Feb. 1 1915, 1 * 4 % on 249,047,100___
4,358,324 25
M ay 1 1915, l 3 % o n 249,063,000___
A
4,358,602 50
Total Dividends on Stock___________ $16,796 857 00
Interest Accrued on Payments made on *
’
Subscriptions for additional Capital Stock
193,319 22
Appropriations to Cover:
Renowai o f Allouez Ray Oro Docks___
.
- „ „
-------256,331 64
‘ „ --------------- jlm p ts.& Betterm’ ts” 1,000,000 00
, T.‘ Fund for Perm'nt Impts.ft Betterm ts
Miscellaneous Appropriations......................
275,000 00
Total................................ - ..............- ................................ 18,521,507 86
Balance, transferred to Profit and Loss___________ $2,096,762 32
* & te -7TA s infom jeryears, tho Company’s proportion of Interest Accrued
Northern Pacific-Great Northern Joint C. IL ft Q. Collateral Bonds
tho Dividends Received on the O. B. & Q. Stock deposited to secure
said Bonds, havo been omitted in tho above Incomo Account to make it
more clear, those items counterbalancing.
1 e it
CONSOLIDATED GENERAL BALANCE SHEET JUNE 30 1915
t>
.
,,
_
ASSETS.
C o st o f P r o p e r Ip.
Property owned by Great Northern Railway Co.:
Cost of Road................................. ...........$308,670,036 60
Cost o f Equipment..................................... 73,375,231 64
Cost of Elevators.......................................
2,228,584 98
M IN AL RA ILW A Y COM PAN Y.
R even u e fr o m
T r a n s p o r ta tio n
INCOME ACCOUNT.
F i s c a l Y e a r E n d e d J u n e 30 1915.
Total incl. Canadian Lines $1,892,932 08 $1,302,621 71 $3,195,553 79
Total Canadian Lines________
19,564 47
31,450 99
51,015 46
Total G. N. Ry. C o........... S 1.87V 67 61 $1 .‘>71.170
* Credits.
[Vol. 101
$421,550 93
293,142 96
$489,088 12
188,184 66
.6364
.2449
136,097 85
38,664 80
27,534 73
20,618 65
.0358
.0268
41,938 10
128,397 84
31,390 38
47.789 65
153,729 63
27.217 51
.0622
.2000
.0354
34,620-47
89,083 77
20,326 73
86.789 45
Property1of tho'Mbmeapolls "western TtyZ"
Co., the entiro Capital Stock of which is
owned by the Great Northern Ry. Co.:
Cost of Road........................ .....................
Cost of Equipment_____________ _____ _
................ - -$384,273,853 22
$741,669 74
12,417 38
Total_________________________________
Investments in Other Railways whose fines
form a part of tho Gt. North. System,
represented by their Capital Stock and
amounts advanced for Const, purposes:
Duluth Terminal Ry. Co____________ _
$407 372 29
2,356,773 61
Midland Ry. Co. of Manitoba_________
Manitoba Great Northern Ry. C o ..........
2,066,000 00
Brandon Saskatch. & Hud. Bay Ry. Co.
2,150,000 00
Crow s Nest Southern Ry. Co__________
4,218,487 02
Bedllngton & Nelson Ry. Co___________
65,000 00
Nelson ft Fort Sheppard Ry. C o____
2.119 019 51
Red Mountain Ry. Co_ ______
_
310 619 07
Vancouver Viet. & East. Ry. & Nav. Co. 21,881,524 48
New Westminster Southern Ry. C o_____
280,250 27
754,087 12
.0265
.1129
Total___________________
Investments in Union Depot" and " T er-...........................
mlnal Companies, represented by Cost
of their Stocks, Bonds and Advances
for Construction purposes :
St. Paul Union Depot Co____________
$103 6 0 0 nn
Minnesota Transfer Ry. C o...........
199 176 51
Lake Superior Term. & Trans. Ry. Co.
169,996 09
35, 855,046 25
ccoo
lli -r*
*O
lQ
Total472,772 60
Total Railway Property
...................................... $421,355,759 19
_
S e c u ritie s O w ned.
Bonds, tho payment of which is assumed
T o ta l........................... 1.8089 $1,214,887 10 $1,061,279 13
1.3809
by Great Northern Ry. C o., held by
Mortgage Trustees; Sco contra___
.
Gross Operating Rove14,106,000 00
Cost of Securities in hands of Trustee of
nuos.......................---100.0000 $67,162,857 66 $76,854,937 50 100.0000
N. P.-G. N., C. B. & Q. Collateral Joint
Bonds (1,076,135 shares of C. B. & Q.
Operating Expenses.
R R . Capital Stock— Groat Northern
Y e a r e n d ed J u n e 30 1915 Y e a r e n d e d J u n e 30 1914.
Ry. Co. one-half owner)_______________
109,114,809 76
Other Securities Owned :
P e r C ent
Stocks, not incl. Stocks of tho Railway
P e r C ent
,, . .
o f T o ta l.
A m o u n t.
A m o u n t.
and Union Depot Cos. above listed $35,559,578 90
o f T o ta l.
Maintenance o f Way
B o n d s , not Incl. Bonds of tho Railway
and Structures........... 22.4565 $8,270,353 72 $12,831,671 17 26.8615
and Union Depot Cos. abovo listed:
Maintenance o f Equip
Issued or Assumed by tho Great
--------------------- 19.4207
7,152,301 59 10,322,197 99 21.6082
Northern Ry. Co......................
3 7 0 76 nnn nn
Traffic Expenses______ 3.1702
1,167,536 21
1,360,564 11
Issued by Other Com panies...........ZZ 28,648,’458 00
2.8482
Transportation Expenses 49.5843 18,261,029 72 21,454,753 61
44.9128
General Expenses______ 3.4179
1,258,755 40
Total.
1,127,440 00
2.3602
101,384,036 90
Miscellaneous Operat’ns 2.2135
815,184 24
673,147 10
,,
_
Other In vestm en ts.
1.4091
Transportation for In
_.
„„
1 Miscellaneous Investments and Advances
vestment— Cr_______
.2631
96,886 28 ----------------------------------to Other than Railway and Union Depot
------------- - ---------------1 Companies abovo named_______________
Total Operating Ex10.435,289 84
Total.
P eV M U e 1 ^ * 0 ^ ™ ™ ™
$36‘828‘27't 00 *47.769 773 98 100.0000
-$656,395,895 69
C u rren t A s s ets.
1914.
_
isn an
Revenue from Transportation_
Rovcnuo from Operations Other than iVans'p'Jrt'at'ionZ
150 71 59- I | g 'i o l S r i r T ^ - o i i K w - o r - N S V Y S k ; » » • « » • « » < »
1 Special Deposit to pay matured but
Gross Operating Revenues.
unpresented St. P. M . & M . Ry. Co.
•
88,331 57 $9,876 66
_
2 nnn nn
Dakota Extension Mortgago Bonds_ ’
- 4,568 56
6,138 91
Bdls Receivable...................................... . . .
10.305J)1034
j qr)2 0 07 5 3
$3,763 01 $3,737 75 Duo from Agents.................... ......... .............
209,009 99
■ 574 31
615 88 Due from U. S. Post Office Department..
Duo from U. S. Transportation
12 211 79
5 430 95
$3,188 70 $3,121 87 Duo from Canadian Post Offico Dept. "
Advanced Charges___________
55 443 84
_
2,482|023 46
8,061.25
7.78L47 Other Accounts Receivable_ ZZZZZZZZZZZ
Total Rovenuo from Transportation .
63.03
Gross Operating Rovenuo..
"
62.16 Value of Material "and" "FueTon hand ZZZZZZZZZZZZZZZZZZZZ 2<L390,’253 48
Operating Expenses and Taxes, Per Cent of."
61.73
68.39
Total.................................................................................... $687,459,879 11
D IS B U R S E M E N T S .
L IA B IL IT IE S .
C a p ita l S to ck .
Authorized Capital Stock of Great North
ern R y. Co. Issuable June 30 1915-----------$ 2 4 9 ,47 8,47 2 00
L e s s — Held In Treasury unissued as ex
plained on a following page.......................
1,750 00
Issued and Outstanding______________________________ $249 ,47 6,72 2 00
Partial Payments received on Subscriptions to Capital
Stock.........................- ...................................................... ......... ..............
911 20
F u n d ed
D eb t.
Bonds Issued or Assumed by Great Northern U y . C o .:
Outstanding in hands of the Public as per
statement on a following p a g o ............... $ 143 ,39 1,90 9 09
Held in Treasury o f the Groat Northern
R y . Co. as explained on a following
pago and shown contra_________________
3 7 ,2 7 6 ,0 0 0 00
Held by M ortgago Trustees, shown
contra___________________________________
14,106,000 00
Total Capitalization_______________________________________ $551 ,86 5,04 2 29
C u rren t L ia b ilitie s .
Audited Vouchers U npaid___________________
Unpaid Pay R oll_____ _______
Unpaid Coupons, including thoso duo July
1 1915.......................
M atured Bonds and Debentures U n p a id ..
Other Accounts Payablo____________________
$1,30 9 ,8 4 4 96
2,197,361 02
Y et
Accrued Taxes not duo______________________
Bond Interest Accruod not duo____________
850,000 00
1,173,940 57
C r c d itS S D 15
Total Expenditures for R ailway Property Owned by
Great Northern Railway C o _______________________$ 6 ,938,948 58
B y tho Minneapolis Western Railway C o .:
Cost of Additions and Betterm ents_______________________
Investment in Controlled Companies Whoso
Linos Form a Part o f the Railw ay System ,
Tn c r o d •
In United States__________________________
$1,293 49
In C anad a_________________________________
1,046,035 02
Great Falls & Teton C ounty R y . C o . .
1,819 64
$ 1 ,0 4 7 ,3 2 8 51
850,000 00
197,328 51
Companies, Increased:
Advancos, Lake Superior Terminal & Transfer R y . C o ..
D u e.
$2 ,1 1 0 ,6 6 2 38
146,004 16
Total_____ _____________
2 ,2 5 6 ,6 6 6 54
D e fe r r e d
1,084,540 17
Investment in Union D epot and Terminal
6 ,8 8 3 ,9 8 7 48
N ot
$686,788 66
3 ,1 4 4 ,5 3 8 33
Increase in Cost of R oad_____________________________ $5,765,867 16
C ost o f Equipm ent_________________________ $ 1 ,7 7 0 ,8 6 2 14
L e s s , C ost o f Equipm ent, Out
o f Service............................... .$ 5 8 7 ,5 7 3 34
And adjustments in accounts
caused by transfers be
tween classes_______________
9,348 23
-------------------598.921 57
L ess,
2,7 6 9 ,1 2 6 16
3,200 00
604,455 34
T otal.................................
L ia b ilitie s
Expended for Railway Property:
B y tho Great Northern Railway C o .:
Cost of Construction_____________________
Cost of Additions and Betterm ents_____
Expenditure for New General O ffico
B uilding_________________________________
Cost o f Road o f Great Falls & Teton
County Railway C o ____________________
Increase in Cost of Equipm ent_______________________
Cost o f Elevators Decreased______________________________
Total Outstanding________________________________________ 194,773,909 09
N . P .-G . N . C . B . & Q. Collateral 4 per
cent Joint Bonds___________________________ $215 ,22 7,00 0 00
L e s s — Northern Pacific R y. C o .’s propor
tion, one-half____________________________ 107,613,500 00
---------------------------- 107,613 ,500 00
A ccru ed
1 3 79
THE CHRONICLE
Got. 23 1915.|
4,601 10
Stocks Owned, Increased:
Great Northern R y. C o. Stock_$197,520 00
L e s s , Subscription on New C ap
ital Stock, per last year’s re
port __________________________
4,7 5 3 60
$192,766 40
65,000 00
Other Stock Acquired.
L ia b ilitie s .
Balancos duo Affiliated C om pan ies.----------Kxcess o f Other Working Liabilities and
Deferred Credit Items over Other W ork
ing Assets and Deferred Debit Item s-------
$257 ,76 6 40
$ 2 ,786,598 82
Stock o f Sand Coulee Coal C o ., sur
rendered ___________________________________
L ess,
250,000
00
7,766 40
2 ,6 2 0 ,6 4 8 01
Total..................................................... - .............................................
5 ,4 0 7 ,2 4 6 83
Bonds of Other Companies, Increased:
Bonds Acquired_____________________________
L e s s , Bonds Retired_________________________
$13,100 50
500 00
12,600 50
U n e x p e n d e d B a la n c e s i n S u n d r y F u n d s .
Fund for Permanent Improvements and
Betterments---------------------------------- ■--■------ -Amounts sot aside to cover Depreciation of
Equipment now in service------------------------Insurance Funds_____________________________
Miscellaneous Reserve Funds-----------------------
Am ount of Miscellaneous Investments and Advancos, In
creased_________________________________________________________
$5,34 2 ,7 2 2 42
26,54 1 ,8 1 7 56
1,451,075 98
902,598 18
T o ta l.....................................................................................................
3 4 ,2 3 8 ,2 1 4 14
234,820 75
Current Liabilities, Decreased:
B ills Payable_________________________________ $2,88 9 ,2 5 6 11
....................................................
.
850,957 07
Audited Vouchers U npaid.
.
564,885 85
Unpaid Pay R olls________
112,674 11
Other Accounts Payable.
$ 4 ,417,773 14
B a la n c e .
Increase in Am ount:
Unpaid Coupons________
L ess,
Cost of Additions and Improvements made
to the property of the Great Northern
R y . C o. and paid for from
I'und tor
Permanent Improvements and Better
m ents”
$35,5 5 0 ,9 2 0 10
St. P. M . & M . R y. Consolidated M ortgago
Bonds retired since November 1 1907,
through operation of tho Sinking 1' und__
2!}
Profit and Loss----------------------------------------------- 50,446,801 73
165 45
4 ,417,607 69
$11,815 ,493 17
T otal.....................................................................................................
8 6 .808,721 83
Accrued Liabilities N o t D ue, Decreased:
Interost accrued on Stock Subscriptions—
Interest on Stock Subscriptions Accrued,
not due. Decreased________________________
Intor&st on Bills Payablo Accrued, not due,
D ecrea se d _________________________________
$193 ,’319 22
5 1,300 32
2 9,812 50
$274 ,43 2 04
Total........ .................................— - ...................- .....................$ 687 ,45 9,87 9 11
R E S O U R C E S A N D D IS B U R S E M E N T S Y E A R E N D E D J U N E 30 1915.
RESOURCES.
Cash on hand and in banks, June 30 1914------------------------------- $5 ,5 1 4 ,6 5 4 19
Receipts:
Not Corporate Incomo.............................................
2 0 ,618,270 18
Securities Issued:
Capital Stock:
O f $ 2 1,000,000 issu e........................................
$550 00
O f $19,000 ,000 issue.......................................... 18,478,472 00
*
,
,
. x ,
„ $18,479 ,022 00
Subscriptions recoivcd to Juno 30
1914, as per last year's report.................. 7,8 2 2 ,7 9 2 80
.
,
„ ,
...
10,650,229 20
Partial Payments Roccived on Subscriptions to Capital Stock
911 20
L ess,
Current Assets Decreased:
Duo from A g e n ts------------------ -----------------------Due from U. S. T r a n sp o rta tio n ...
..........
Duo from Canadian Post Offico Depart
m ent_______________________________________
Advanced Charges------ --------------------------------Other Accounts Receivable........................... ..
192 73
973 64
1,40.),186 17
L ess,
8
66
^
, ,
------------------------- Value of M aterial, Fuel, & c., on Hand, Decreased..................
531,299 75
2 ,168,543 83
Deferred Liabilities Increased:
Excess o f Other Working Assets and D e
ferred Debit Item s over Other Working
Liabilities and Deferred Credit Items,
Decreased
.
___________$ 1 ,742,457 41
Excess of Other Working Liabilities and
Deferred Credit Item s over Other Work
ing Assets and Deferred Debit Itoms,
Increased___ __________
2 ,620,648 01
$ 4 ,363,105 42
Balances duo Affiliated Companies,
D ecreased .......................
130,207 92
144,224 12
Refunds o f Revenue under Decision in “ M innesota Rato
168,762 47
Cases” ________________________________________________________
Profit and Loss:
329,179 75
N ot dobit from sundry adjustments during year__________
,
Dividends Paid__________________________________________________ 16,796,857 00
Cash on hand and in banks Juno 30 1915____________________ 11,590,502 04
T o t a l............................................ ............................................... $40,845 ,018 55
S T A T E M E N T OF B O N D S A N D S T O C K O U T S T A N D IN G IN T IIE
H A N D S O F T H E P U B L IC FO 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 I R E C T L Y
OR U N D E R G U A R A N T Y .
In H ands o f
P u b lic
J u l y 1 1914.
$994 ,29 2 44
626 24
$2,401,271 22
Increase in amounts:
Bills R eceivab le----------------$ 1 ,853,200 81
D ue from U . . Post Offico
D epartm ent........................ ..........1 ^ 7 7 0
Increase in amount:
Accrued Taxes not d u e.
L ess,
BONDS.
D u e.
A s s u m e d b y G rea t N o r th c m R a ilw a y C o .
In H ands o f
P u b lic
J u l y 1 1915.
A n n u a l C h a rges
P a id
1914-1915.
St. P. M . & M . R y. C o.
Consolidated M ortgago:
$13,344 ,000 00
6 per cent.................. 1933 $ 1 3,344 ,000 00
$800 ,64 0 00
2 1 .1 6 6 .0 0 0 0 0
4 H p ercen t............ 1933
2 1 ,1 0 7 ,0 0 0 00
951.097 50
8.3 4 4 .0 0 0 00
4 per cent...............1 9 3 3
8,3 1 6 ,0 0 0 00
332,940 00
10.185.000 00 M ontana E x t., 4 % .1 9 3 7
10,185,000 00
4 0 7 ,4 0 0 00
29,090,909 09 Pacific E x t. 4 % ____ 1940
2 9 ,090.909 09
1 ,1 6 3 ,6 3 6 ,3 6
Eastern R y . C o . o f M innesota:
9 .695.000 00 Northern Division,
First M tg e . 4 % . . . 1 9 4 8
9 ,695,000 00
387,800 00
M ontana Central R y . C o.
6 .0 0 0 . 000 00
FirstM tg e ., 6 % . . . 1 9 3 7 6 .000,000 00
360,000 00
4 .0 0 0 . 000 00
FirstM t g e ., 5 % . . . 1 9 3 7 4 ,0 0 0 ,0 0 0 00
200,000 00
W ilm ar & Sioux Falls R y . C o.
3.6 2 5 .0 0 0 00 First M tg e ., 5 % . - . 1 9 3 8
3,6 2 5 ,0 0 0 00
181,250 00
Minneapolis Union R y . Co.
2 .150.000 00 First M tg e ., 6 % . - . 1 9 2 2
2 ,150,000 00
129,000 00
650.000 00 First M tg e .. 5 % . . . 1 9 2 2
650,000 00
3 2 ,5 0 0 00
Spokane Falls & North
ern R y . C o.
229.000 00 First M tg e ., 6 % . . . 1 9 3 9
2 29,000 00
13,740 00
L ess,
4 ,018,278 21
------------------------------
Sundry Reserve Funds Increased:
Fund for Permanent Improvem ents and
Betterments (not including amount trans
ferred to Fund from Incomo or Expendi
tures charged against tho Fund during
yea r)______________ - — - — ---------------------$56,534 90
Equipm ent Depreciation 1-unds......................
7 3 0,912 90
Insurance Funds-------------------------------------------222,835 19
--------------------------
344,827
21 $108,478,609
$39,834 ,735 56
09 Total Am ount of Bonds
Assumed by Great N orem R y . C o ____________ $108 ,39 1,90 9 09
Issued by Great North
ern Railway C o.
3 5 ,000,000 00 First and Refunding
Gold Bonds, Series
“ A " , 4 ) i % .............1961
35 ,0 0 0 .0 0 0 00
$143 ,47 8,90 9 09 Total Bonds on Rail
1,010,282 99
way Property out
T o ta l......................................................................................................... $40,845 ,018 55
standing in Hands
o f Public..............................$ 143 ,39 1,90 9 09
$ 4 ,960,003 86
1,487,500 03
$6,447,503 86
THE CHRONICLE
1380
In H ands o f
P u b lic
J u l y l 1914.
STOCK.
D u e.
A s s u m e d by G rea t N o r th c m R a ilw a y C o .
230,9 9 7 ,7 0 0
In H ands o f
P u b lic
J u l y 1 1915.
00 Issued by G t. N orth
ern Kaihvay C o . .............
2 4 9 .476 ,722 00
$ 3 7 4 ,47 6,60 9 09 Total Bonds & Stock . . .
Total Bonds and Stock shown on following page____________ $392 ,86 8,63 1 09
M iles of Road owned by the Great Northern R y. C o. and
7 ,822 87
Controlled Com panies, as per subsequent page_________
M ileage of M ain Tracks in System, including second, third,
fourth, fifth and sixth main tracks, as shown on a follow
ing page, covered by the above capitalization____________
8,064 05
A n n u a l C h a rges
P a id
1914-1915.
16,796,857 00
$392 ,86 8,63 1 09 $23,2 4 4 ,3 6 0
[VOL. 101
86
M i l e o f T o ta l
M a in T racks.
B o n d s a n d S t o c k p e r ____________________________ M i l e o f R o a d
In addition to the bonds listed above the Great Northern and Northern
Pacific Kailway Companies have issued their joint C . B . & Q . Collateral
4 % bonds to the amount of $ 2 1 5 ,22 7,00 0 secured by deposit with the
Standard Trust C o. o f New York, as Trustee, o f 1,076,135 shares o f the
Capital Stock o f the Chicago Burlington & Quincy ltailroad Com pany.
B o n d s.......... ................................................................
Stocks...........................................................................
$ 18,329 83
31,890 69
$ 1 7 ,7 8 1 6 2
30,936 90
T o ta ls......................................................................
$50,220 52
$48,718 52
S T A T IS T IC S OF F R E IG H T A N D P A S S E N G E R T R A F F I C O N S Y S T E M F O R T H E Y E A R E N D E D J U N E 30 1915, C O M P A R E D W f T H
P R E V IO U S Y E A R .
D ecrease.
1914.
1915.
D E S C R IP T IO N .
A m o u n t.
F R E IG H T
P er C en t
T R A F F IC —
Freight Train M ile s__________
7,819,981
9,6 8 0 ,5 6 4
1,860,583
M ixed Train M ile s___________
1,064,778
778,238
286,540
8,8 8 4 ,7 5 9
10,458,802
1,574,043
15.0499
406,571
4.5760
479,866
4.5882
73,295
15.2741
2 6 7,556 ,805
111,968,643
8 ,200,847
308,8 0 9 ,3 2 0
131,955,575
9,9 7 8 ,7 9 5
41,26 2 ,5 1 5
19,986,932
1,777,948
13.3586
15.1467
17.8173
3 8 7 ,726 ,295
450,7 4 3 ,6 9 0
63,017,395
13.9808
2 3 ,453,059
3 ,699,648
30 ,8 5 7 ,5 9 8
5,011,498
7,4 0 4 ,5 3 9
1,311,850
23.9958
26.1768
19.2198
I n c reu se
36.8191
D e e r ca se
T o ta l.
M ileage o f Locomotives employed in “ helping” Freight and M ixed T rain s.
Percentage o f “ helping” to Revenue Train M ile s________________________________
Loaded Freight Car M iles__________________________________________________________
E m p ty Freight Car M ile s___________________________________________________________
Caboose Car M ile s__________________________________________________________________
T o ta l.
Tons of Freight Carried—
Revenue _______________
Com pany_______________
.0122
27,152,707
35,86 9 ,0 9 6
8 ,716,389
24.3006
5,773 ,7 7 9 ,4 8 8
6,598 ,3 4 0 .9 2 8
$47,147 ,313 54
6 ,9 3 0 ,2 9 5 ,7 0 9
8 ,0 2 7 ,1 3 2 ,2 5 0
$55,084 ,925 07
1,156,516,221
1,428,791,322
$7,937,611 53
16.6878
17.7995
14.4098
43.64
43.1 0
.54
T o ta l.
Tons o f Revenue Freight Carried One M ile _______________________
Total tons Carried One M ilo (Revenue and Com pany Freight).
Freight Revenue_____________________________________________________
A verages—
All Freight Cars per Train M ile _____________________________________
In c r ea se
1.2529
D eer ea se
Tons Revenue Freight per Train M ile _______________________
Tons Revenue Freight per Loaded Car M ile_________________
Tons Revenue Freight Carried Ono M ile per M ilo o f R oad-
649.852
21.580
716,239
662.628
22.442
890,615
Distance Haul of Ono T on— -Miles____________________________
Freight Revenue per Train M ilo _______________________________
246. IS
$5.31
224.59
$5 27
1.9281
3.841
19.5793
12.776
.862
174,376
21.59
$0.0 4
I n c r ca se
9.6131
.7590
D ecrease
Freight Revenue per M ile o f R oad_____________________________
$5,848 64
$ 7,078 99
$1,2 3 0 35
Revenue per T on M ilo— C ents_________________________________
.8166
.7948
.0218
Passenger Train M ile s__________________________________________
11,591,102
12,475,305
884,203
M ixed Train M ile s______________________________________________
1,064,778
778,238
2 8 6,540
1 2 ,655,880
13,253,543
5 97,663
4.5095
90,407
.7143
8 ,468,317
5 7 5,020 ,556
$13,164 ,857 01
18,166,874 72
249,323
1.8812
9,199,259
651,649 ,633
$ 1 5 ,224 ,462 52
2 0 ,0 9 2 ,0 0 8 81
158,916
1.1669
7 30,942
76,62 9 ,0 7 7
$2 ,0 5 9 ,6 0 5 51
1,925,134 09
63.7390
71.331
67.903
2.289
$2,253 61
1.435
83,7 4 4
70.837
2.336
$2,582 03
1.516
12,413
2.934
.047
$328 42
.081
14.8226
4.1419
12.7194
5 .3430
7.819,981
11,591,102
9,6 8 0 ,5 6 4
12,475,305
1 ,860,583
884,203
19.2198
7.0 8 7 6
17.3803
In c r ea se
PASSENGER
2.7428
T R A F F IC —
D e e r e u se
7 .0876
In cr ca se
36.8191
D eer ea se
T o ta l.
M ileage of Locomotives employed in “ helping” Passenger T rain s.
Percentage o f “ helping” to Revenuo Train M ile s___________________
Passengers C a r r ie d _____________________________________________________
Passengers Carried Ono M ilo __________________________________________
Passenger R ev en u e_____________________________________________________
Passenger Service Train Revenuo_____________________________________
A vera ges—
Passengers Carried One M ile per M ile o f R oad ____________________
Distance Carried— M i le s ______________________________________________
Revenuo per Passenger per M ile— C en ts____________________________
Passenger Service Train Revenuo per M ile o f Road________________
Passenger Service Train Revenuo per Train M i l e ___________________
TOTAL
7.9457
1 1.7592
13.5283
9.5816
2.0120
T R A F F IC —
Revenue Train M iles—
Freight______________________________________________________________
P assenger__________________________________________________________
l n crca se
1,064,778
21,166
778,238
17,079
286,540
4,087
T o ta l........... ...................................
20,497,027
2 2 ,951,186
2 ,454,159
10.6930
Revenue from Transportation________
$65,9 4 7 ,9 7 0 56
$75,793 ,658 37
$ 9 ,8 4 5 ,6 8 7 81
12.9901
Revenuo Other than Transportation.
1,214,887 10
1,061,279 13
153,607 97
M i x e d _________
Special Service-
36.8191
2 3 .9300
D e e r ea se
In cr ea se
14.4739
D e crea se
Total Operating RevenueOperating Expenses_______
6 7 ,162,857
36,82 8 ,2 7 4 60
66
7 6 ,854,937 50
4 7 ,769,773 98
9 ,6 9 2 ,0 7 9 84
10.941,499 38
N et Operating Revenuo__________________________________
3 0 ,334,583 06
2 9 ,085,163 52
1 ,249,419 54
A verages—
12.6109
22.9046
In c r ca se
4.2957
D eer ca se
Revenuo from Traasportatlon per Train M ilo ________
$3,217
$3,302
$.0 8 5
Revenue Other than Transportation per Train M ile .
.059
.047
.012
25.5319
Total Operating Revenuo per Train M ilo _______________
Operating Expenses per Train M ile _____________________
3.2 7 6
1.796
3.349
2 .082
.073
.286
2.1798
13.7368
2.5742
In c r ea se
D eer ea se
In c r ea se
1.480
N et Operating Revenue per Train M ile ________________
.213
1.267
16.8114
N U M B E R O F M I L E S O F F IR S T M A I N T R A C K L A I D W I T H E A C H W E I G H T O F S T E E L R A IL S O N J U N E 3 0 T U O F E A C H Y E A R S H O W N
(Does not Include rails laid in Second, Th ird, Fourth, Fifth and Sixth M ain Tracks.)
Weight per Yard in Pounds.
Year.
72
70
68
66 H
M iles.
M iles.
M iles.
M iles.
M iles.
M iles.
269.21
274.61
755.19
9 27.72
1,085.00
1.168.73
1.145.05
1.089.73
1,062.75
1,049.90
961.91
933.82
855.81
765.91
612.52
7 48.39
1,154.75
1,160.97
1,155.26
1.152.62
1.030.62
986.01
950.54
836.53
727.51
6 91.50
739.74
720.14
680.61
664.14
577.14
577.93
85
80
77X
M iles.
M iles.
M iles.
1900.........................
1901.........................
1902.........................
1903........ ................
1904
...........
1905
...........
1906
........ ..
~ ' 38.96
1907
______
4 10.25
1908
...... ..
122.67
748.33
1909
...........
405.64
838.81
1910
...........
697.57
831.58
1911
...........
850.17
797.74
1912
................................................
1,052.14
763.84
1913
................................................
1.715.73
738.34
1 9 1 4 .. .................... 2,156.61
678.50
6 56.27
1915........................ 2,2 0 8 .6 3
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
46 8 .5 0
4 56.09
72-lb. Rails are re-rolled from used 80-lb . Rails.
Total.
75
90
|
66^ - l b .
25.29
26.35
24.75
24.75
24.75
25.29
25.29
25.29
24.82
24.82
2 4.82
45.61
100.04
150.38
191.17
191.17
209.38
212.32
212.32
2 24.05
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
651.58
539.31
668.56
Rails are re-rolled from used 75-lb. Rails.
94.96
102.00
111.12
111.12
111.12
110.94
109.85
109.85
109.85
108.83
102.42
102.42
60
56
M iles.
M iles.
M iles.
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 ,002.88
1 .0 0 0 .
1 .0 0 0 .
1,725.20
1,708.78
1.758.90
1,650.53
1,594.85
1,512.96
1,474.05
1,390.25
1,354.63
1,229.65
1,193.38
1,202.60
1,203.48
1,173.44
98
1,155.04
69
1,155.02
5.4 0 4 .2 0
5,4 4 7 .9 6
5,8 4 5 .7 8
5.8 7 9 .2 0
5,9 4 2 .6 0
6,1 0 1 .8 2
6,2 4 8 .6 9
6,4 5 7 .6 4
6,6 8 7 .9 8
6 ,876.34
6 .999.94
7,0 5 1 .6 3
7.1 7 7 .5 7
7 ,4 6 4 .4 5
7,5 2 8 .1 6
7 .8 2 2 .8 7
THE CHRONICLE
Oct. 23 1915.]
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 FO R T H E
Y E A R E N D E D J U N E 30 1015, AS C O M P A R E D W I T H
Y E A R E N D E D J U N E 30 1014.
1914.
C la s s —
1915.
Locomotives—
1,320
Steam Locom otives_________________________________
1,317
4
IOloctrlc Locom otives________________________________
4
Total Locom otives________________________________
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 O N J U N E 30
O F E A C H O F 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
I N G T H E T R A C T IV E P O W E R A N D W E I G H T O F S T E A M L O C O
M O T I V E S A N D C A P A C IT Y O F F R E IG H T C A R S .
Stea m L o com otives.
T r a c tiv e P o w e r
in P o u n d s .
1,324
1,321
June
Passenger Equipment—•
Sleeping Cars______________________
Parlor Cars_______________________
Observation Com partm ent C ars.
Dining Cars_______________________
C o a ch e s___________________________
Tourist Cars______________________
l ’assongcr and Ilaggago C ars____
Baggage, M ail and Expross Cars.
Gas-Electric M otor Cars_________
Opon Observation C ars__________
Business Cars_____________________
06
28
35
45
386
58
43
470
05
28
35
45
416
58
43
463
2
1
20
2
1
29
1.215
Total Passongor Equipment
Freight Equipm ent—
Box C ars_____________________________________ 32,828
50
Transfer Froight C ars______________________
1,103
38,858
..........
_____
____
...........
...........
Derrick and Tool Cars------------------------------ ...........
______
Ltdgorwood Unloadors------------------------------ ______
...........
Rotary Snow Plows---------------------------------- ______
Snow Dozers-------------------------------------------- ...........
Other Work Equipment.................................. ______
Total Froight and W ork E q u ip m e n t............... ..
1900 ...........
1 9 0 1 ...........
1902 ______
1903 ...........
1004 ____
1905 ...........
1906 ...........
1007 ...........
1008 ______
_____
1 9 1 0 ______
1 9 1 1 _____
...........
1 9 1 3 ______
1 0 1 4 ...........
1 9 1 5 ---------
1000
550
563
60S
637
708
707
786
943
1.081
1.073
1,123
1.169
1.187
1,280
1,320
1,317
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
3 8 ,868.760
4 0 .054.060
4 6 .709,400
4 8 .708,578
4 8 ,705,178
6,757
670
2,622
6,965
16,806
115
470
604
149
132
T o ta l.
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
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
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
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
F reig h t C ars.
(Includes B ox, Transfer, Freight, Refrigerator. Stock, Flat, C oal, G ondola;
Sand and Ore Cars— both W ood and Steel.)
17,014
115
480
606
140
132
107
19
101
19
21
15
10
A vera ge
W t. p er
E n g in e o n
D riv e r s
A verage
p e r E n g in e in T o n s .
W e ig h t in T o n s E x
clu s iv e o f T e n d er .
N u m ber
38,265
6,593
669
2,583
6,961
Total Flat, Gondola and Oro Cars-------
30.
A vera ge
T o ta l. p e r E n g in e
1012
33,540
50
2,833
1,842
2,160
Total Box, Refrigerator and Stock C ars.
1 3 81
21
15
10
55
143
55
147
57,507
57,144
N o t e .—
The above list does not Include 2 Steam Locomotives and 1
Cabooso Car owned by the M idland R y . C o. o f M anitoba, and which
company is owned by tho Groat Northern and Northern Pacific Railway
Companies jointly.
Capacity (.in Tons).
June 30.
Number.
1 9 0 0 ___________________
1 9 0 1 ___________________
1 9 0 2 ............. ..................
1 0 0 3 ...................................
1 9 0 4 ...................................
1905...................................
1 0 0 6 .......... ........................
1 0 0 7 ........ .....................
1 0 0 8 _____________ . .
1 9 0 0 ___________________
1010..................................
1011__________
____
1012..................................
1 0 1 3 ..................................
1 9 1 4 ____________ ______
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
Total.
Average per Car.
548,185
606.701
688,594
830,606
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 ,070.307
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
ST. LOUIS SOUTHWESTERN RAILWAY COMPANY
• COTTON BELT ROUTE ”
•
T W E N T Y -F O U R T H
ANNUAL
REPORT— FOR T H E
F IS C A L
YEAR
ENDED
JU N E
30
1915.
tion, that the Company’s Treasury may be reimbursed later
on through bond issues, or otherwise, for the amounts in
cluded in this exhibit on account of property investments
and advances unfunded.
Exhibit “ S ” on page 49 [pamphlet report] furnishes, in a
condonsed form, an analysis of all resources, showing also
how tho same were applied during the fiscal year.
Office of Chairman o f the Board of Directors,
N ew York, September 15 1915.
To the Stockholders of the St. Louis Southwestern Railway Co.:
On behalf of tho Board of Directors, I present herewith
the Twenty-fourth Annual Report of your Company, for tho
fiscal year onded Juno 30 1915.
The comprehensive report of tho President, which follows,
oxhibits in dotail tho rovenues, expenses and other results
C A P IT A L S T O C K .
from operation, as woll as tho financial and physical condition
of your proporty.
N o change has been made in tho Capital Stock of your
Tho fiscal year just closed has been fraught with many Company during the current fiscal year.
anxieties and difficulties, as is a matter of common knowledge.
FUNDED DEBT.
Tho President has, in his roport, roviowed, somewhat in do
tail, tho adverso conditions resultant from tho European war,
As shown by Exhibit “ N , ” page 44 [pamphlet report],
explaining that tho agricultural and industrial interests of tho Funded D ebt, including amount issued and held by or for
cotton-growing sections of tho South, especially, liavo boon company, has been increased $185,000— explained as follows:
subjected to tho most trying conditions experienced for many First Terminal and Unifying M ortgage Bonds Issued:
For reimbursement of treasury on account o f expenditures
years, becauso of the difficulties encountered in marketing tho
for additions and betterments mado by tho St. Louis
largest crop of cotton over produced and the low prices re
Southwestern R y. C o ., and advances made to Proprietary,
Affiliated and Controlled Companies, covering similar
ceived for tho staplo. As cotton is essentially tho “ money
expenditures mado by them to December 31 1914, viz.:
crop” of tho South, these conditions greatly restricted tho
S t. Louis Southwestern R y . C o _____________ $106 ,63 0 68
St. L . S .-W . R y . C o . o f T exas........................... 311.369 32
purchasing powor of tho cotton growers and all branches of
--------------------$508,000 00
trade, and seriously affected tho revenues of your Company
T o acquire a like amount o f First Refunding and Extension
as thoy did tho rovenues of other carriers operating in tho
M ortgago Bonds of the G ray's Point Terminal R y . C o ------- 2 7,000 00
same section of tho country.
T o ta l___________________________________________________ ________ $535 ,0 0 0 .0 0
Owing to tho unfavorable bond market, brought about by Deduct:
Equipm ent Trust Obligations matured and paid during year:
tho general unsettled financial conditions, tho unsatisfactory
Sories— with Penn. C o . for Ins. on Lives and
rato situation and other influences, your Company, in com
Granting Annuities_____________________________ $34,000 00
Sories " A '7— with U . S. M ort. & Trust C o.
mon with other carriers, has been unable to market its bonds,
of N . Y ...................
46,0 0 0 00
issued on account of moneys advanced from its Treasury to
Series— Special Equip. Trust with the Phila.
Trust, Safe Deposit & Ins. C o ----------------------- 66.000 00
cover expenditures for additions and betterments, at any
Scries “ D ” — with U . S. Trust C o. o f New York 34,000 00
thing like fair pricos. In ordor to provido necessary cash for
Series “ E ” — with Guaranty Trust C o. o f New
Y o r k .................................................................................. 170.000 00
curront needs it was found necessary, during tho past year,
-------------------- 350,000 00
to negotiate temporary loans, aggregating tho sum of $ 1 ,
585,000, for which thero was pledged as collateral froo assets
N et increase this year (Including bonds Issued and held
b y. or for. C om pan y)-------------------------------------------------------$185,000 00
in tho form of Troasury securities, as follows:
P a r V a lu e .
First Terminal and Unifying Mortgago Bonds—
St. Louis Soutliwostorn R y. C o. 5 % __________
First and Refunding M ortgago Bonds—
Paragould Southeastern R y . C o ., 5 % ...............
First Mortgago B o n d s -
Southern Illinois & M issouri Bridgo C o .. 4 %
.$ 2,4 20,000 00
.
.
250.000 00
600.000
00
$3,270,000 00
Total
Roforonco is hero mado to exhibit “ R ,” to bo found on
pago 48 [pamphlet report], containing a summary of proporty
investments and advances unfunded, and unpledged securi
ties not necessary for control, hold in tho Company’s Treas
ury, as of Juno 30 1915. This statement doos not includo any
of tho securities owned by tho company heretofore pledged
collateral, and
bo stated, as
matter of informa
as
it may
a
Decreaso this year. In amount Outstanding In hands of
Public, as shown by condensed balance sheet (caused
by payment during year o f matured Equipm ent Trust
Obligations, as ilstexi abo ve)____________________________$350,000 00
The issuance of the securities, as above shown, was au
thorized, after full hearing, by the Public Service Commis
sion of tho State of Missouri.
Tho crop outlook is very encouraging and it is hoped that
business conditions may improve during the ensuing year.
Tho faithful and efficient services of the Com pany’s officers
and employees during the past year is acknowledged with
ploasuro.
For the Directors,
E D W IN G O U L D , Chairman.
1382
THE CHRONICLE
Office of the President,
St. L ouis, M o ., September 1 1915.
M r . Edwin Gould,
Chairman o f the Board o f Directors:
Dear Sir—
The Annual Report of the Company for the fiscal year
ended June 30 1915, showing the results from operation dur
ing the year and the financial and physical condition of the
property at the close of the year, is submitted herewith.
In the condensed statement immediately following will be
found the financial results from operation for the fiscal year
ended June 30 1915, compared with the preceding year.
F IN A N C IA L R E S U L T S F R O M O P E R A T IO N — E N T IR E
SYSTEM .
IN C O M E S T A T E M E N T F O B F IS C A L Y E A R .
Year ended.
June 30 1915.
Item —
Average M iles Operated___
Year ended
June 30 1914.
1 ,753.8
1,7 3 4 .9
+ Increase
— Decrease
This Year.
+ 18.9
Operating Income:
Railway Operating R eve
nues ............. ....................$ 1 0 ,6 2 7 ,8 6 1 12 $ 1 2 ,791 ,904 44 — $2,164,043 32
Railway Operating E x
8,36 1 ,1 5 3
9 ,8 3 3 ,8 0 0 61 — 1,472,646 95
penses........ .......................
66
N e t Revenue from R ail
w ay Operations-----------$ 2 ,266,707 46
$2,9 5 8 ,1 0 3 83
Railway Tax A c c ru a ls..
Uncollectible Railway
Revenues______ ______ _
$581 ,77 8 28
T o ta l...................................
$583 ,96 6 12
2 ,187
— $691,396 37
$601 ,88 6 34
-$ 2 0 ,1 0 8 06
$601 ,88 6 34
— $17,920 22
84
+ 2 ,1 8 7 84
Railw ay Operating In
com e----------------------------- $1,682,741 34 $ 2 ,3 5 6 ,2 1 7 49
— $673,476 15
Non-operating Incom e------1 ,226,422 73
1,068.217 93
+ 1 5 8 ,2 0 4 80
G ross Incom e---------------------$2,9 0 9 ,1 6 4 07 $ 3 ,4 2 4 ,4 3 5 42
— $515,271 35
Deductions from Gross In
com e--------------------------------3,19 0 ,1 5 7 35
3 ,0 8 8 ,6 6 4 50
+ 1 0 1 ,4 9 2 85
Income Balanco Transferred
to Profit and L o ss.......... D e /.$280 ,993 28
$ 3 35 ,77 0 92
— $616,764 20
P R O F IT A N D LO SS S T A T E M E N T .
Item —
Credits—
Year ended
June 30 1915.
Year ended
June 30 1914.
+ Increase or
— Decrease
This Year.
Credit Balance (at begin
ning of fiscal period)-------$ 3 ,8 3 9 ,9 0 9 14 $ 4 ,8 7 3 ,5 3 8 91 — $ 1 ,033,629 77
Credit Balance Transferred
from Incom e____________
335 ,7 7 0 92
— 3 35,770 92
Unrefundable Overcharges
779 94
+ 7 7 9 94
D o n a tio n s _________________
5,917 85
+ 5 ,9 1 7 85
Miscellaneous C redits____
19,794 72
— 38,014
‘ 1 5 7.809 40
68
T o ta l------------------- ------------- $3,866,401 65
$5,2 6 7 ,1 1 9 23 — $1,4 0 0 ,7 1 7 58
Debits —
D ebit Balanco Transferred
from Incom e____________
Dividend Appropriations
o f Surplus:
On pref’d Capital Stock,
not held b y C o ., $ 1 9 ,
8 9 3 .6 5 0 , @ 2 y * % ____
Funded D ebt Discount E x
tinguished through Sur
plus________ ______________
Loss on Retired Road and
Equipment— R oad______
Loss on Retired Road and
Equipm ent— Equipm ent
D elayed Income Debits:
Reparation Claim s & ex
penses— A rk. Rate Case
Miscellaneous Debits:
S. N . & S. T . R y . C o .,
G en'l A cc’t written off
P . S .-E . R y. C o ., G en’l
A cc’t written o ff______
Sundry Item s____________
Balance, Credit, Carried to
General Balance Sheet____
$280 ,99 3 28
+ $ 2 8 0 ,9 9 3 28
$497,341 25
— 497,341 25
— 69,311 51
2 ,729 25
72,040 76
12,458 84
11,315 40
+ 1,143 44
47,811 32
2 10,495 92
— 162,684 60
109,218 94
+ 109,218 94
5 50.620 47
— 550,620 47
3 ,6 6 5 94
4 3 ,977 94
4 1 ,4 1 8 35
— 43,977 94
— 37,752 41
3,4 0 9 ,5 2 4 08
3 ,839,909 14
T o ta l............. .............. ........... $ 3 ,866,401 65
— 430,385 06
$5,2 6 7 ,1 1 9 23 — $ 1 ,400,717 58
O P E R A T IN G R E V E N U E S
During the fiscal year just closed the agricultural and in
dustrial interests of the South have been subjected to the
most trying conditions experienced in many years.
For a long time the South has relied on cotton as their sta
ple money crop, and when last year the largest crop of cotton
ever produced failed to find a ready markot, as a sesult of
the European war, the growers were compelled to sacrifice
their cotton in order to satisfy their obligations.
Viewing these conditions, which are of a temporary nature,
from a broad standpoint, they will, undoubtedly, in the
long run prove a “ blessing in disguise” to the cotton-growing
sections of the South, for the reason that the farmers and
other business interests have now been forced to a realization
of the fact that if the South is to become prosperous its agri
culture must be put upon a permanent basis of diversifica
tion, which will provide a living at homo and something to
sell. Furthermore, the old system, under which the credit
business of the Southern farmer has so long been conducted,
is giving way as a result of these changed conditions, to a
more substantial form of rural credits.
From statistics prepared by the New Orleans Cotton Ex
change, it is found that the average price for “ middling cot
ton” during the past cotton year was 7.94c. per pound, as
compared with 13.49c. during the preceding year and 12.20c.
for the year before, and the average commercial value per
bale was $41 04, against $68 06 during the preceding year
and $63 59 for the year before.
The difficulties encountered in marketing the cotton crop
and the prevailing low prices, as above outlined, rosultod
in the stagnation of all lines of business throughout the South
west, and seriously affected the Operating Revenues, both
[VOL. 101.
freight and passenger, of this company, in common with
other carriers operating in the same section of the country.
The total Operating Revenues for the current fiscal year
amounted to $10,627,861 12, a decrease of $2,164,043 32, or
1 6 .9 2 % , compared with the preceding fiscal year.
On page 32 [pamphlet report], Exhibit “ A , ” will bo found
a statement showing separately the increases and decreases
in each of the several classes of revenue, and on pages 50
and 51 [pamphlet report] comparative exhibits containing
interesting date of a statistical nature as to the passenger and
freight traffic movements, including a classification of reve
nue tonnage handled during the same periods.
O P E R A T IN G E X P E N S E S .
During the fiscal year ended June 30 1915 the total Oper
ating Expenses amounted to the sum of $8,361,153 66, a docrease of $1,472,646 95, or 1 4 .9 8 % , as compared with preced
ing year, and was sufficient to offset over 6 8 % of the loss in
operating revenues.
The ration of Operating Expenses to Operating Revenues
was 7 8 .6 7 % , as against 7 6 .8 8 % during the preceding year,
or an increase of 1 .7 9 % .
The several general operating expense accounts show in
creases and decreases as compared with preceding fiscal year
as follows:
M aintenance o f W a y and Structures______ Decrease $351,161 33 or 1 8 .1 3 %
M aintenance o f Equipm ent_______________ Decreaso
5 8 6 ,7 l 2 05 or 2 2 .0 3 %
Traffic E x p e n s e s .............................................. Decrease
55,574 92 or 1 0 .9 9 %
Transportation Expenses__________________ Decrease 344,1 2 7 89 or 8 .2 9 %
Miscellaneous Operations Expenses______ Decrease
12,359 77 or 2 0 .5 5 %
General E x p e n se s__________________________ Increase
6 ,7 8 7 28 or 1 .3 2 %
Transportation for Investment— C r ______ Increase
129,498 27
Tho last named account is an additional account included
in the new classification of Operating Expenses proscribed by
the Inter-State Commerce Commission, effective July 1 1914,
and includes fair allowances representing the expense to the
carrier of transporting, on transportation trains, mon en
gaged in, and material for, construction— amounts credited
to this account are concurrently charged to tho appropriate
Property Investment accounts.
The substantial reduction in Maintenance of W a y and
Structures has been accomplished without impairment of the
physical property and is a practical illustration of the bene
fits derived from the policy, pursued in the past, of fully
maintaining and gradually improving the roadway, bridges
and buildings, and this policy will bo continued.
The saving in expenses under Maintenance of Equipment
was largely due to the limitation placed on the amount of
appropriations for repairs to “ bad order” freight cars (which
were out of service and not urgently needed on account of the
limited traffic moyement during the past year)— tho repairs
to this class of equipment being deferred until more favorable
traffic conditions warranted the outlay.
The decrease in Transportation Expenses would havo been
more favorable had it not been for tho fact that soveral very
largo judgments (growing out of claims for personal injuries,
resulting from accidents in prior years), wero rendered against
the Company and were settled and charged against Trans
portation Expenses during the current fiscal year.
The increase in General Expenses was duo principally to
the increase in tho primary account “ Valuation Expenses,”
included under this head.
In Exhibit “ B ,” on pages 34 and 35 [pamphlet report], will
be found a comparison of operating expenses in detail by
primary as well as by general accounts.
IN C R E A S E D B U R D E N S .
Tho operating results of these lines, in common with those
of other carriers, have been seriously affected during tho past
few years by reason of the increased burdens imposed through
legislative and regulative enactments, causing losses in pas
senger, freight, mail and express revonues, added exponses and
increased interest charges on capital invested in unproductive
facilities and permanent improvements at terminals and else
where, reluctantly made in compliance with Federal, State
and other laws, or to satisfy public demands.
The enforcement of the maximum two cents per mile pas
senger fares, resulted in a shrinkage in the passenger revenues
of these lines of approximately $320,000 during the year under
review, and of about $340,000 during the preceding year.
As this loss in revenue did not grow out of any reduction in
the service rendered, this shrinkage could not be offset by a
corresponding reduction in expenses.
Losses havo also beon sustained in express and mail reve
nues through legislative enactments, or orders of regulating
bodies, which, while reducing the revenues, could not be met
by reductions in expenses. For example, these lines sustained
a loss during the fiscal year of about $70,000 in express reve
nue, which was due principally to the inroads made on ex
press business through the introduction by tho Fedoral Gov
ernment of the “ Parcels P ost,” and also by tho reduction in
express rates which was made effective Feb. 1 1914.
Tho inadequate compensation allowed by the Government
for transporting the mails is an important question now en
gaging the earnest attention of railway executives, who are
urging for adoption, as fair and equitable, tho existing weight
basis amended by annual weighing, payment for apartment
cars and payment for, or release from, side or terminal mes
senger service.
While the revenues have suffored losses due to tho causes
mentioned, expenses and taxes, on tho other hand, have been
materially increased— thus, for instance, the so-called “ Full
Oct. 23 19X5.1
THE CHRONICLE
1383
Crow L aw ,” enacted by soveral of tho States through which Texas, and also terminal facilities at the two latter points.
these lines operate, resulted in an added expense during tho This agreement becomes effective September 1 1915, subject
past year of approximately $23,000; “ Hours of Service A cts” to approval of tho Board of Directors of the St. Louis South
caused an increase of approximately $14,000; “ Semi-monthly western Railway Company of Texas.
pay day” roquiroments, and other expenditures of a similar
nature, about $16,000, and payments for “ Injuries to Per U SE OF L IN E B E T W E E N L U F K IN A N D W H IT E *C !T Y *,
sons” increased about $82,000.
T E X A S , B Y T E X A S S O U T H E A S T E R N R A IL R O A D
The “ normal income tax” of one per cent, imposed by tho
COM PANY.
Fodoral Government, on tho incomo derived by holders of
An agreement has been entered into with the Texas South
the Company’s so-called “ Tax-Free” bonds (which tax tho
eastern Railroad Company, under the terms of which that
company is compelled to assume under tho conditions of
company is granted the right to use the rails of the St. Louis
such bonds) amounted during the curront fiscal year to about
Southwestern Railway Company of Texas, between Lufkin
$11,000. On account of the ruling of tho Government that
and Whito C ity, Texas, for the operation of logging trains.
this tax is in tho nature of a contraetural obligation on tho part
I liis agreement will become effective in the early fall, subject
of carriers, tho amounts thus assumed and paid cannot bo
to approval of tho Board of Directors of the St. Louis South
charged to “ Railway Tax Accruals,” and has, therefore, been
western Railway Company of Texas.
charged against Incomo through the primary account “ M is
cellaneous Income Charges,” as prescribed in tho classifica
N E W F R E IG H T T E R M IN A L S A T F O R T W O R T H ,
tions of tho Inter-State Commerce Commission.
TEXAS.
Tho burdens of the company are also being continually in
During tho current fiscal year the new freight terminals
creased, from year to year, because of tho domands of organ
at Fort W orth, Texas, work on which has been in progress
ized labor in tho matter of increased pay, shorter hours, &c.
during the past two years, was practically completed and the
terminals opened for operation on M a y 1 1915. These ter
IN V E S T M E N T IN R O A D A N D E Q U I P M E N T .
minals are conveniently located at Fifth and Terry Streets,
Expenditures for Road and Equipment— Road, during tho and will undoubtedly prove of great benefit from a traffic as
current year amounted to $734,475 30, and for Equipment, well as an operating standpoint.
aftor allowing for valuo of equipment retired, $2,048,351 92,
making the total amount expended for additions and botter- N E W P A S S E N G E R T E R M IN A L S A T D A L L A S , T E X A S .
monts during the year $2,782,827 22.
Tho new union passenger station and facilities of tho Union
Tho exhibit styled “ Investment in Road and Equipment”
Terminal Company at Dallas, Toxas, referred to in last
on page 39 (pamphlet roport), shows in detail tho expendi
annual report, are well under way, and it is expected will be
tures for additions and betterments during tho curront fiscal
ready for operation in the early part of the year 1916. These
yoar.
facilities are being provided pursuant to an order of the
In order to liandlo tho presont volume of traffic moro
Railroad Commission of Texas. In tho opinion of the man
economically, there should bo expended on tho property, in
agement, the Commission exceeded its powers in making
cluding tho Texas lines, as soon as financial conditions jus
this order, but competitive conditions and pressure from the
tify, about $1,400,000 00, which includes tho development of
community for a Union Passenger Station were so strong, the
terminals at East St. Louis, 111., extension of yards at lllmo
carriers deemed it wise to make the expenditure. This
and Maldon, M o ., Pino Bluff, A rk ., and other points; re
company entered into tho proposition reluctantly.
establishing inclino at Birds Point, M o ., washed out by flood;
completion of ballasting on tho Toxas linos from Lavon to
CO ND EN SED G ENER AL BALANCE S H E E T Fort Worth and^ Addison to Dallas, Toxas, a distanco of
E N T IR E S Y S T E M — JU N E 30 1915.
approximately 75 miles; also tho relaying of branch lines
with second-hand 75-lb. rail secured from main lino where
necessary to remove same on account of worn condition.
There should bo provided at once, however, at least twenty
miles of now 75-lb. rail to replace worn rail in tho track, and
in order to release 56-lb. rail from branch lines for use in
industry and business tracks.
There has been filed with tho Chairman of tho Board of
Directors an itemized list of theso recommended expenditures,
also a list of expenditures that should be made on the prop
erty, extending over a period of several years, as business
resumes normal conditions, and tho volume of traffic in
creases.
E Q U IP M E N T .
Tho following equipment, contracted for under trust agreo-'
mont with tho Guaranty Trust Company of Now York during
tho preceding fiscal year, was received during tho current
year: 1,500 steel underframo box cars, 400 steel underframo'
flat cars, 100 steel underframo and steel fraino coal cars.
Undor the arrangement concluded with tho American Car
& Foundry C o ., and referred to in last year’s annual roport,
for tho rebuilding of all freight cars acquired under equip
ment trust agrooments, which had been destroyed, there wero
robuilt and paid for from curront funds, during tho curront
fiscal year 120 box cars, thus replacing tho vacant numbers in
equipment purchased under trust agreements.
In addition to the foregoing, tho following cars wero re
built at Company shops to replaco cars destroyed or worn out
from old ago, and paid for from curront funds: 1 furniture
car, 92 box cars, 3 refrigerator cars, 11 flat cars, 1 wrecking
car, 1 boarding car and 2 motor convoy cars.
(Form prescribed by tho Inter-State Commerce Commission, Effective
July 1 1914.)
ASSETS.
In v estm en ts—
In crea se (+ ) or
D e c r e a s e (— )
T h is Y e a r .
T o ta l.
Investm ents In Iload and Equipment (See
exhibit II, pago 3 9 , pamphlet report) __ 3 9 4 ,250 ,627
Miscellaneous Physical Property (See
exhibit I, pago 40, pamphlet roport)___
8,3 2 6
Investm ents in Affiliated Companies (See
exhibit J, page 40, pamphlet report)_
_
4 ,5 0 1 .2 8 0
Other Investments (See exhibit l l , page
4 1 , pamphlet report)____________________
10,500
44 + 3 2 ,7 8 2 ,8 2 7 22
45
— 1,000 88
96
+ 4 2 ,2 1 2 62
00
-160
00
Total In vestm en ts........... .................. ......... S98.770.734 85 + $ 2 ,8 2 3 ,8 7 8 96
C u r r e n t A s s e t s (Seo exhibit L , pago 42,
pamphlet roport)—
C a s h . ..............................
Special D eposits.......... ..................................
Loans and Bills Receivable________________
Traffic and Car-Service Balances Receiv
a b l e ......................................................
N ot Balance Receivable from Agents and
C on d u ctors...............................
Miscellaneous Accounts Receivable_______
M aterial and Supplies_____ _______________
Intorest and Dividends Receivable_______
Rents Receivable__________________________
Other Current Assets____________
Total Current Assets____________________
(Seo exhibit L , pago 42,
pamphlet report)—
W oruing Fund Advances__________________
Insurance and Other Funds_______________
Other Deferred Assets_____________________
$676 ,49 2 79
382,823 15
2,287 00
+ 3 1 0 5 ,4 4 3 31
— 2.0 9 0 .0 4 8 00
— 1,098 53
121,019 51
+ 2 4 ,4 5 1 72
72,938
633,464
1,522,262
55,678
990
6 ,627
46
75
18
05
00
24
— 9 .210 49
— 74,748 62
— 23,731 96
+ 5 6 2 50
_
— 5,196 48
3 3 ,474,583 13 — $ 2 ,073,576 55
D e fe r r e d A s s e ts
Total Deferred Assets___________________
(Seo exhibit L , pago
4 3 , pamphlet report)—
R ents and Insurance Premiums Paid in
Advan co________ ______________________ . . .
Other Unadjusted D ebits_________________
Securities Issued or Assumed— Unpledged:
(Deducted from book liability, per
contra.)
Capital Stock:
Com m on ..$ 1 4 3 ,9 0 0 00
P r eferred .. 106.350 00
-------------------- S250.250 00
Funded D e b t . . . ..................
871.000 00
$ 6,997 50
4 1,713 03
10 00
88
+ $ 1 ,0 7 0
+ 5 ,7 0 2 72
+ 1 00
$ 48,720 53
+ $ 6 ,7 7 4 60
S30.274 36
941,164
+ $ 3 ,1 0 4 17
+ 3 3 9 ,8 1 4 08
$971 ,43 9 22
+ $ 3 4 2 ,9 1 8 25
U n a d ju s te d D e b i t s
NEW
B R ID G E
O V E R M IS SIS SIP P I
M E M P H IS , T E N N .
R IV E R
AT
Tho last two annual reports of tho Company referred to tho
organization of tho Arkansas & Memphis Railway Bridge &
Torminal Company for tho purpose of constructing, main
taining and operating a double-track railway and highway
bridgo over tho Mississippi River at Memphis, Tonn. Tho
capital stock of that company is owned equally by the Chi
cago Rock Island & Pacific Railway Company, St. Louis
Iron Mountain & Southern Railway Company and this com
pany. During tho curront fiscal year financial arrange
ments woro made to carry on tho work of construction, and
tho bridgo should bo ready for operation by tho middlo of
July 1916.
U SE OF L IN E B E T W E E N P L A N O A N D F O R T W O R T H
A N D D A L L A S , T E X A S , B Y M IS S O U R I O K L A
H O M A & G U L F R A IL W A Y C O M
P A N Y OF T E X A S .
An agreomont has been entered into with tho Missouri
Oklahoma & Gulf Railway Company of Toxas, under the
terms of which that company is granted the right to jointly
use tho rails of the St. Louis Southwestern Railway Com
pany *of Toxas botwoon Plano and Fort Worth and Dallas,
86
T o t a l .................................. $ 1 ,121,250 00
Securities Issued or Assumed— Pledged:
(Deducted from book lia
bility, per contra.)
Funded D e b t____________ $29,766 ,833 20
Total Unadjusted Debits........ ..............
T otal Assets ................................................ $ 103 ,26 5,47 7 73 + $ 1 ,0 9 9 ,9 9 5 26
1.— Tho General Balance Sheet— Entiro System, as above stated,
represents a consolidation o f the general balance sheets o f tho St. Louis
Southwestern R y . C o. and tho St. Louis Southwestern Ity. C o . of Texas.
In stating tho assets and liabilities o f the system , tho holdings o f the
St. L . S .-W . R y. C o. in the bonds and capital stock o f tho St. L . S .-W . R y .
C o . o f Texas, together with the loans and advances made as between the
two companies, liavo been eliminated from the liabilities, and a like reduc
tion made in tho assets pertaining thereto. The figures shown, therefore,
represent the book valuo o f the assets and liabilities of the system , without
duplication. Seo appendix for.general balance sheet o f each company
separately, j , ;__,
N o te
THE CHRONICLE
1384
S T . LO U IS & S O U T H W E S T E R N R A I L W A Y C O .— C O N D E N S E D
G E N E R A L B A L A N C E S H E E T .— (Concluded.)
In c r e a s e ( + ) o r
D e c re a s e (— )
T h is Y e a r .
L IA B IL IT IE S .
Stock (See exhibit M , page 43. pamphlet
report)—
T o ta l.
[Vol. 101.
Total.
Increase ( + ) or
Decrease (— ).
This Year.
D e fe r r e d L i a b i li t i e s (See oxhibit Q , page
47, pamphlet report)—
Othor Deferred Liabilities___ ______________
Total Book L ia b ility ...$ 1 6 ,5 0 0 .0 0 0 00
D educt— Held by Com
pany— Unpledged____
143,900 00
$16,3 5 6 ,1 0 0 00
Preferred Stock—
Total Book L i a b i l i t y ...820,000 ,000 00
Deduct— Held by C om
pany— Unpledged____
106,350 00
$ 8,024 68
+ $ 2 ,9 9 8 48
U n a d ju s t e d C red its (Seo oxhibit Q , pago
47, pamphlet roport)—
Tax Liability________________________________
Accrued Depreciation— Equipm ent_______
Other Unadjusted C redits_________________
Common Stock—
$252 ,27 8 54
3,0 7 2 ,7 8 2 81
158.902 75
— $14,002 64
+ 5 0 4 ,0 4 5 59
— 129 17
$3 ,4 8 3 ,9 6 4 10
+ $489,913 78
19,893,650 00
Total Unadjusted Credits____________
$36,2 4 9 ,7 5 0 00
C o rp o ra te S u r p lu s —
Additions to Property through In c o m e ..
L o n g -T e r m D ebt —
Funded Dot Unmatured (See exhibit N .
page 4 4 , pamphlet report)—
Total Book L i a b i l i t y ...$86,827 ,083 20
Deduct— Hold by C om
pany—
U npl’d . $871,000 00
Pledged 2 9 ,766,833 20
------------------------ 3 0 ,637,833 20
■ $56,1 8 9 ,2 5 0 00
— $350 ,00 0 00
Total Stock and Long Term D ob t___ $ 9 2 ,439 ,000 00
— $350 ,00 0 00
C u rr e n t L ia b ilit ie s (Soo oxhibit Q , pago
4 7 , pamphlet report)—
8 1 ,621,919
Loans and Bills Payable____________
Traffic and Car-Service Balances Payablo>
126,585
Audited Accounts and W agos Payable___
977,337
Miscellaneous Accounts Payable_________
348,853
Interest M atured Unpaid_________________
380,299
Dividends M atured Unpaid_______________
2,524
Unmatured Interest Accrued_____________
246,954
Unmatured Ronts Accrued________________
32,316
Other Current Liabilities..................................
25,063
Profit and Loss— Balance_________________
$163 ,11 0 61
$3,40 9 ,5 2 4 08
Total Liabilities..........................................$103 ,26 5,47 7 73
90 + $ 1 ,6 2 1 ,7 7 5 96
+ 4 6 4 66
88
— 281,886 37
47
+ 52,118 70
07
15
+ 5 3 5 00
00
— 3,683 00
85
+ 3,034 85
+ 562 50
66
— 5,454 24
22
$3,70 1 ,8 5 4 26 + $ 1 ,3 8 7 ,4 6 8 06
— $430,385 06
+ $ 1 ,0 9 9 ,9 9 5 26
N o te 2 .— Bonds Guaranteed: Tho St. L . S.-VV. U y. C o. is guarantor of
the payment of the principal and interest, as tho samo matures (if dofault
in payment bo mado by tho issuing companies) of tho following securities:
G ray’s Point Terminal Railway C o .— M ortgago Bonds______$ 1,33 8 .0 0 0 00
Central A r k a n s a s * Eastern R R . C o .— First M ortgago Bonds 1,085.000 00
Tho Shcreveport B r id g e * Terminal C o .— First M tgo. B onds.
450,000 00
Terminal R Ii. Assn, of St. Louis— Gonoral M ortgago Bonds—
l-1 5th of $ 2 3 ,212 ,000 0 0 ....................................................... .............. 1,547.466 67
M em phis Union Station C o .— First M ortgago Bonds— l-5 th
500.000 00
of $ 2 .5 0 0 .0 0 0 ......................... .....................................................................
Stophenvillo North & South Tex. R y. C o .— First M tg o . Bonds 2,6 0 7 ,0 0 0 00
Paragould Southeastern R y. C o .— First and Rof. M tgo. Bonds
511,000 00
Arkansas & Memphis R y. Bridge & Torm . C o .— First M o rt
gage Bonds— 1-3 of $ 6 ,0 0 0 ,0 0 0 .............................. ......................... 2 ,000.000 00
O f tho amounts shown above $ 838 ,00 0 o f tho G ray’s Point Term . R y.
C o .’s M tge. Bonds and $184,000 of tho Stophonvillo North & South Texas
R y. C o .’s First M tg e. Bonds aro owned by tho St. L . S.-VV. R y. C o. and
pledged under its First Term . & Unifying Mortgago and $ 5 1 1.000 00 of the
Paragould Southeastern R y. C o .’s First and Refunding M ortgage Bonds
are owned by tho St. L. S.-VV. R y . C o ., $250 ,00 0 00 of which amount are
pledged to securo cash loan.
CANADIAN PACIFIC RAILWAY COMPANY
Address of President Sir Thomas G . Shaugknossy to the shareholders at the Thirty-fourth Annual Mooting held in
Montreal October G 1915.
The notice calling tho meeting having been read by the
Secretary, the President, Sir Thomas G . Shaughnessy, in
moving the adoption of the report on the affairs of tho Com
pany for tho fiscal year ended June 30 1915, which had been
printed and distributed to the Shareholders, said:
The Annual Statement of your affairs now before you for
consideration and approval is, in somo respects, the most
unsatisfactory that has been submitted for a number of years
past. The shrinkage of $31,000,000 in the gross earnings of
your railway system as comparod with the previous year is
very marked; indeed, it is in excess of your entire gross earn
ings in tho year 1901, but the fact that notwithstanding this
great falling off in revenue your regular dividend was earned
is unquestionable evidence of your foresight and wisdom in
having mado such expenditures during the past ten or twelvo
years as to onable you to make a saving in your working
expenses representing such a substantial offset to the loss
of gross revenue.
The physical condition of your property has nevor been
better than it is at this timo, the reduction in tho cost of
maintenance of way for tho year being due very largely to a
favorablo winter and to tho fact that works of betterments,
chargeable in considerable part to working oxpenses, wero
completed before unfavorable business conditions appeared,
and tho additional facilities for the conduct of your business
provided by your expenditures made it possible for you to
handle your traffic moro expeditiously and economically.
As an illustration, tho number of tons of freight traffic hauled
ono mile in tho year covered by tho report was 8 2 % greater
than in 1905, but it required only 1 7 % additional train miles
to perform the service. Improved gradients, double tracks,
better terminal facilities, larger locomotives and cars, enabled
you to earn $3 17 per freight train mile in tho last year as
against $1 93 in 1905, an improvement of 6 4 % , although
there had been a substantial reduction of freight rates in the
meantime.
Taking everything into account, I feel that wo may accept
the outcome of the year as evidence of tho strongly entrenched
position of tho Company, and may look forward to tho future
with buoyant confidence.
In these days, when so many nations aro engaged in a
bloody and expensive war, when the financial machinery of
the world is out of gear and general business conditions are
disturbed, it is not wise to mako predictions, but everything
points to marked improvement in your revenue during the
current fiscal year. The country has been blessed with a
most bountiful harvest, and while tho prico of wheat is lower
than it was a year ago, it is still above the average, and condiions prevailing abroad should causo a continued demand for
this and many of our other products. Conservatively esti
mated, the field crops harvested this autumn in the four
provinces west of Lake Superior will yield per capita to the
rural population in these provinces moro than twico as much
money as tho rural population of tho eight States directly
south of them received por capita for their field cropsin 1914.
W ith agriculture as the most important pedestal of our pros
perity, any substantial addition to tho income, and therefore
to the buying power, of tho agricultural community, is re
flected in every lino of trade, so that we have reason to antici
pate a decided betterment of tho westbound merchandise
traffic.
A substantial improvement in your land sales, 77,000
acres in the last three months as compared with 41,000 acres
in the samo months last year, increased activity in the mining
and smelting industries of Southern British Columbia, larger
shipments of lumber from the Western mills to the interior,
are all encouraging signs, indicating as thoy do a partial
restoration of confidence and a step in tho direction of
normal times.
It is to bo hoped that in anticipation of the close of tho war
and tho now conditions that will come with it, an organiza
tion will bo perfected for unity of action by tho Dominion and
Provincial Governments and tho important business interests
of the country, looking not only to tho largest possible im
migration of agriculturists, but to the development, on a
moro comprehensive scale than ever before, of the vast
natural resources of the country, so that the position of
Canada may bo strengthened to meet tho financial obliga
tions of tho country resulting from tho war and from other
causes with which everybody is familiar.
Until tho market improves no special effort will bo made
to dispose of any portion of tho four por cent Consolidated
Debenture Stock, amounting to about $40,000,000, repre
senting advances mado from your Treasury for the con
struction of additional railway mileage, as thero is in hand
at present sufficient monoy to moot all your requirements
for a considerable period.
Tho Company has suffered sovoro loss by the death of
two of its most valued and esteemed Directors. Sir Sandford Fleming, who died July 22nd, was associated with the
Canadian Pacific, before tho organization of tho present
Company, as Chief Engineer of tho Dominion Government,
and he became a member of tho Board of Directors of tho
Company in 1885. He attendod the mootings of tho Board
with great regularity and took keon interest in tho Com
pany’s affairs until ho was seized with tho illness that finally
proved fatal.
Sir William Van H om o, who passod away September 11th,
joined the Company as General Manager at tho end of the
year 1881, and from that time until he retired from the
Presidency in 1899 ho dovoted himself to tho administration
of tho Company’s affairs with a whole heart and with un
bounded confidence. During tho period that tho through
lino of railway was undor construction and when its early
completion was a matter of vital importance, his energy,
ability and indomitable courage woro of a valuo that could
not be over-estimated. He livod to see tho ontorpriso attain
proportions quote beyond the most ambitious anticipations
of the earlier days. The Shareholders as woll as his asso
ciates on tho Board of Directors will, I am sure, always
cherish his memory.
THE CHRONICLE
© ct. 23 1915.]
1385
THE WESTERN MARYLAND RAILWAY COMPANY
S I X T H A N N U A L R E P O R T — F O R T H E Y E A R E N D E D J U N E 30 1915.
Baltimore, M d ., October 20 1915.
To the Stockholders o f The Western Maryland Railway Company:
The Sixth Annual Report of the operations of your Com
pany, embracing the fiscal year en ed Juno 30 1915, is here
with respectfully submitted:
The Comparative Income Account follows:
R a ilw a y O p e r a tin g I n c o m o —
(+ )
(—
+ $ 4 1 5 ,7 2 2
— 1 ,591.218
In crea se
Rail operations:
1915.
1914.
Operating Revenues.............$8,68 3 ,4 5 8 96 $8 ,2 6 7 ,7 3 6 27
Operating Expenses............. 6 ,257,412 21 7,8 4 8 .6 3 0 53
N et O perating R eve n u e .$ 2 ,426,046 75
D ecrease
or
).
69
32
$419 ,10 5 74 + $ 2 ,0 0 6 ,9 4 1 01
Tax Accruals--------------------------Uncollectible Revenues______
$306,000 00
858 59
Total Tax Accruals, See _
_
$306 ,85 8 59
$263,204 83
+ $ 4 3 ,6 5 3 76
Operating Incom e_________ $ 2 ,119,188 16
$155 ,90 0 91
+ $ 1 ,9 6 3 ,2 8 7 25
$263,204 83
+ $ 4 2 ,7 9 5 17
+ 8 5 8 59
930 31
1.753 96
— 823 65
T otal Operating Incom e. $2,118,257 85
$154,146 95
+ $ 1 ,9 6 4 ,1 1 0 90
$19,795 23
19,454 14
$21,716 95
15,726 23
— $1,921 72
+ 3 ,7 2 7 91
864 34
368 09
+ 4 9 6 25
192,421 28
105,861 08
+ 86,560 20
8,091 67
20,000 00
— 11,908 33
10,228 60
45,006 23
— 3 4,777 63
593 76
344 03
+ 2 4 9 73
6,518 74
1.850 00
+ 4 ,6 6 8 74
Miscellaneous Oper.— L o s s ..
O th er I n c o m e —
Joint Facility R ents_________
Miscellaneous R ents_________
Miscellaneous Physical Prop
erty____________ ___________
N et Incomo from Coal C om
panies and Miscellaneous
P roperties--------------------------Income from Funded Securi
ties _________________________
Incomo from Unfunded Se
curities and Accounts--------Income from Sinking and
Other Reservo Funds______
Interest on Advances to Sub
sidiary Companies:
For C onstruction_________
For Expenditures for A d
ditions and B etterm ents-
10.898 21
16.582 82
— 5,684 61
$208,865 97
$227 ,45 5 43
+ $ 4 1 ,4 1 0 54
Oross Incom e___________$2,387,123 82
$381,602 38
+ $ 2 ,0 0 5 ,5 2 1 44
Total Other Incom e-----------
D e d u c tio n s fr o m
com e—
G ross
In
Hire o f Equipm ent----------------- $144,363
79,460
Joint Facility Rents--------------121,566
Rent for Leased Roads_______
3,358
Miscellaneous Rents--------------Interest on Funded D e b t____ 2,677,871
186,337
Interest on Unfunded D e b t ..
Amortization of Discount and
Commission on Funded and
74,970
Unfunded D e b t_______ —
Miscellaneous Income Charges
7,095
00
68
50
21
30
52
25
91
50
69
20
67
— $5,149 25
— 4,4 2 2 23
40.0 2 0 74
10.000 00
+ 3 4 ,9 4 9 74
— 2,904 52
Total Deductions.............$3,295,029 17 $ 3 ,0 9 7 ,2 6 6 96
+ $ 1 9 7 ,7 6 2 21
Deficit for Y ear---------------
48
48
$149,512
8 3.888
121.566
2 .9 8 0
2 ,580,704
108,593
+ 3 7 7 52
+ 9 7 .1 6 7 10
+ 7 7 .7 4 3 85
$907,905 35 $2 ,7 1 5 ,6 6 4 58 — $ 1 ,807,759 23
M IL E A G E .
There was no change during tho yoar.
ated was 661.23.
The milcago oper
O P E R A T IN G R E V E N U E S .
Total Operating Revenues amounted to $8,683,458 96, as
compared with $8,267,736 27, an increase of $415,722 69,
or 5 .0 3 % . Of this increase $288,755 26 resulted from coal
shipments and $159,953 28 from miscellaneous freight, or
increases of 7 .7 0 % and 5 .1 1 % , respectively. Passenger
rovonuo decreased $73,038 21, or 7 .1 5 % , and Express rovenuo
decreased $8,460 08, or 6 .0 4 % . Other sources of rovonuo in
creased or decreased so slightly that no commont seems neces
sary relative to same.
. . .
.
It is a matter of especial gratification that earnings from
miscellaneous freight should, during this year of general
business depression, show such a substantial incroaso.
O P E R A T IN G E X P E N S E S .
Total Operating Expenses amounted to $6,257,412 21, com
pared with $7,848,630 53 last year, a decreaso of $1,591,
218 32, or 2 0 .2 7 % .
M aintenance of W ay Expenses amounted to $1,204,048,
oompared with $1,597,714 last year, a decreaso of $393,666,
or 2 4 .6 4 % . _
In tho opinion of your Management, tho maintenance of
track and structures was upon constructive lines for tho past
yoar, in that thoro was a uniform and satisfactory improvomont throughout tho year, and tho expenso therefore can be
considered as normal. Tho decrease comes from a compari
son with abnormal costs duo to rehabilitation of your lines
one year ago.
Maintenance of Equipment Expenses amounted to $1,479,
331 49, compared with $1,896,114 67 last year, a decreaso of
$410,783 18, or 2 1 .9 8 % .
Practically the entir ^ decrease is in Repairs to Locomotives,
and, as in Maintenance of W a y , compares w'th abnormal
costs last year ccasioned by inadequate, therefore costly,
shop facilities and by having 50 locomotives repaired at
outside shops. Your new locomotive ropair s op is re lizing
our expectations and the expenses of this Department for
tho year under review can be considered as normal.
Obsolete Equipment, consisting of 340 freight cars, 7 pas
senger coaches and 4 locomotives, all of light capacity and
not justifying repairs, were charged off during t e year, re
sulting in a charge to Operating Expenses o $72,664 03
Charges approximating this amount will appear in future
operating expenses until the ligh equipment has disappeared.
Traffic Expenses amounted to $260,135 68, compared with
$280,094 41, a decrease of $19,958 73, or 7 .1 3 % .
Transportation Expenses amounted to $3,056,078 13, com
pared with $3,826,423 77 last year, a decrease o $770,
345 64, or 2 0 .1 3 % . The transportation ratio was 3 5 .1 9 % ,
compared with 4 6 .2 8 % last year, a decrease of 1 1 .0 9 % .
Asido from a conservative reduction in station and yard
servico, the major part of the saving in transportation has
been in Trainmen and Enginemen, Enginehouse Expenses,
Fuel, W ater, Engine and Tra n Supplies, and is due to re
duction in Train and Engine miles.
In accomplishing this the net revenue train load has been
increased from 558 to 735 tons, and the earnings per freight
train mile from $3 09 to $3 85.
^
General Expenses amounted to $229,062 93, compared with
$248,283 68 last year, a decrease of $19,220 75, or 7 .7 4 % . $
The following important work, constituting additions,
improvements and permanent betterments to the property,
has boon completed during the year :
Baltimore—
Philadelphia Baltimore & W ashington R R . bridge to span W estern
M aryland Tidewater R R . right o f w ay.
Float bridgo and marine connection with tracks o f U . S . Asphalt &
Refining C o ., at Curtis B ay.
W estport—
Strengthening trestle over Spring Gardens.
Arlington—
Passenger and freight station.
Hagerstown—
Shops— Building for storage o f staybolts, Iron, t e c .
Extension to power plant.
T oilet facilities.
New electrical shop.
Stationary crane at wheel shop.
Yards— Now track scales In south yards.
W aynesboro—
Brick driveway to freight station and passenger station.
North Junction to Shlppensburg—
Strengthening bridges and trestles.
Covering timber trestles N os. 1 to 7 with galvanized iron for fire pro
tection.
B ig Pool to Cumberland—
Installation o f electric automatic signals.
.B ig Pool to Cherry Run—
Covering trestle over Potomac River with galvanized iron for fire pro
tection.
Hagerstown to Shlppensburg—
Installation o f telephone line for dispatching trains.
M aryland Junction—
Now storehouse and material yard.
Elkins—
Freight station.
Cinder pit track and ash handling plant.
M ontrose—
Renewal o f water station.
Ben Bush M ine 38—
Additional siding facilities.
Extension to Sand Run Branch, one m ile to M ine 43.
Cumberland to Hendricks—
Reconstruction of bridges In steel and concrete for heavy power.
W estern Division—
Installation o f telephone line for dispatching trains.
Commercial and industrial tracks were constructed at the
following points :
Westminster,
Now Windsor,
Smith-burg,
Security,
Hagerstown,
Round T o p ,
H anover,
Y o rk,
Eberts,
Shlppensburg,
Gladhill,
B ayard,
Pierce,
Tighview ,
Stowarton.
T IE P L AT ES.
During tho year 395,960 heavy tie plates were applied,
at a cost for material and labor of $71,972 28.
A U T O M A T I C B L O C K S IG N A L S .
During tho year electric automatic block signals were
installed between Big Pool, M d ., and Cumberland, M d ., a
distanco of 61 miles, at a cost of $129,923 21.
Contracts have been entered into with the Union witch
& Signal Company for tho installation of electric autonatic block signals between Emory Grove, M d ., and Hagers-
1386
THE CHRONICLE
*own, M d . (via Westminster); between Williamsport, M d .,
and Big Pool, M d .; and between Colmar, P a ., and Connellsville, P a ., a total distance of 146 miles.
W hen completed about February 1916 this will afford
electric automatic block signal protection of best modern
design for all of the M ain ine, single track, between Balti
more, M d ., and Connellsville, Pa.
F IN A N C E S .
F oatin g indebtedness, amounting to $2,500,000, repre
sented by notes of $2,000,000, due July 1 1915, and a note
of $500,000 duo March 1 1916, was added to the Company’s
liabilities during the year. This amount was applied: to
Additions and Betterments to Railway Properties, $777,
728 25; Coal Properties, $684,033 30; Equipment Notes,
$197,235; reduction in Voucher Account, $348,098 10, and
the remainder towards the deficit for the year.
Equipment Trust obligations amounting to $197,235,
wero paid during tho year, leaving $452,705 outstanding.
N o new equipment obligations were issued during the year.
For installation of block signals between Cumberland,
M d ., and Big Pool, M d ., obligations wero incurred amount
ing to $120,000, of which amount $60,000 is due January 1
1916; $30,000 March 31 1916; and $30,000 June 30 1916.
A note of $285,000, due M a y 1 1916, was issued Juno 1
1915, to purchase a like amount of the General Mortgage
Bonds of tho Baltimore Fidelity Warehouse Company which
matured on that date.
F IN A N C IA L R E A D J U S T M E N T .
For some time past your Board of Directors has been
engaged in the preparation and consideration of plans for
the readjustment of the present obligations and ample
financial provision for the capital requirements of the Com
pany.
The disturbed financial situation during the past year, due
to the European war, necessarily required the postponement
of these plans until the restoration of more normal con
ditions; but with the increasing favorable state of the Com
pany’s earnings, the outlook for the formulation of a plan
of financial readjustment at a reasonably early date should
be materially improved.
The interest upon the $10,000,000 of secured notes And
$6,000,000 of unsecured notes, was not paid January 1 1915
and the principal and interest due July 1 1915, also remain
unpaid.
A Noteholders’ Committee has been formed for the pur
pose of protecting the interests of the Noteholders and of
co-operating with the Company so far as practicable in
advancing to completion and consummation at the earliest
possible date the plans of the Company for a financial re
adjustment of its affairs. A very large majority of the
Notes have been deposited with the Noteholders’ Com
mittee.
GENERAL.
For the fiscal year under review your property has made
substantial progress in gross earnings, notwithstanding tho
continued depression in general lines of business, and the
outlook is hopeful in this respect.
Trackage arrangements for 50 years, upon reasonable
terms, have been entered into with the Baltimore & Ohio
Railroad, by which their line will be used by your freight
trains between Rockwood Junction, P a ., and Coal Junction,
P a ., a distance of 21.7 miles, and between Connells ville,
P a ., and a point neat Chiefton, W . V a ., a distance of 80
miles.
STATEM ENT NO.
From Coal Junction, P a ., a branch will be built by the
Somerset Coal Railway Company, approximately six miles
in length, to servo two coal mines with a capacity of 1,500,
000 tons annually.
From Chiefton two branches will bo constructed by the
Fairmont Helen’s Run Railway Company and the Fairmont
Bingamon Railway Company, approximating respectively
six and eight miles in length, to reach three large coal mines
having an annual capacity of 2,000,000 tons.
A ll of the capital stock of the Somersot Coal Railway
Company, the Fairmont Helen’s Run Railway Company
and tho Fairmont Bingamon Railway Company, is owned
by your Company. Tho Somerest Coal Railway was com
pleted to the first mine and operation commenced September
25 1915 and the Fairmont Helen’s Run Railway and Fair
mont Bingamon Railway should be completed by July 1916.
This construction will enable your Company, for the first
time, to participate in hauling tho low volatile smokeless
coal of Central Pennsylvania and tho gas coals from tho
Fairmont district of W est Virginia. As the mines have to
be developed, eighteen months or two years will elapse be
fore we can expect their capacity to reach the figures named.
The Nessle Branch from Charlton, M d ., to the south
bank of the Potomac River, a distance of 2.84 miles, was
completed and opened for operation July 7 1915. Con
nection is made with the Williamsport Nesslo & Martinsburg Railway. A large tonnage in limestone for furnaces
in the Pittsburgh district will be received from this connec
tion.
A modem firoproof reinforced steel concrete grain elevator
of 900,000 bushels capacity, together with pier and dredged
slip, is being constructed at Port Covington at an expense
of $700,000. This elevator should be ready for operation
by December 1 1915 and will materially increase your Com
pany’s revenues from Western grain to be exportod through
the port of Baltimore.
The co-operation and faithful services of officers and em
ployees are gratefully acknowledged.
B y order of the Board of Directors.
CARL R. G R AY,
President.
3— S Y S T E M P R O F IT A N D LO SS A C C O U N T F O R
T H E Y E A R E N D E D J U N E 30 1915.
Debit Balance June 30 1914............................................................ .......$2,2 3 0 ,4 3 4 84
Debit Balance Transferred from Incomo A c co u n t.$90 7,9 05 35
Miscellaneous Appropriations o f Surplus for
D oubtful Accounts.......................................................
15981
920 49
Loss on Retired Road and Equipm ent........ ..............
Miscellaneous Debits— Accounts W ritten O ff____
25,628 29
STATEM ENT NO .
L ess—
$934,613 94
Unrefundable Overcharges_____ ___________________
$803 54
Miscellaneous Credits— Unclaimed
Vouchors
and Pay Checks______________________________________
2 ,117 25
Surplus of Proprietary and Controlled Companies:
Sinking Fund Accretions:
Th e Baltimore & Harrisburg Rail
way C o . (Western Extension)___ $1,914 35
Baltimore & Cumberland Valley
Railway C o .............. .......................... 1 ,739 06
Th e Baltimore & Cumberland Val
855 24
ley Railroad Com pany___________
Adjustm ent o f Equipm ent Account:
George’s Creek & Cumberland R ail
road C o ................................................... 9 ,5 5 5 06
$14,063 71
$1 6 ,9 S T 5 0
$917 ,62 9 44
D ebit Balance Juno 30 1915.................................. ............................$ 3 ,1 4 8 ,0 6 4 28
.
ASSETS.
$35,169 95
13 i909 •
4ft7 ft4
J
.O
‘±01 O
fc
Other Unadjusted Debits
Sfl 831 Q
O
---- ----P r o f i t a n d L o s s .........................................................................................
L IA B IL IT IE S .
C a p ita l S to ck —
C o m m o n ________________________________
..
P referred________________________________ .
$ 4 9,429 ,198 40
10,028 000 00
----------------------*
— $ 5 9,457 ,198 40
M o r tg a g e , B on d ed a n d S ecu red D eb t—
Funded D e b t ................ ......... .................................$50 ,3 2 5 ,7 0 0 00
Collateral Trust and Other N otes_________
13,000,000 00
Equipm ent Trust Obligations_________
452,705 00
---------------------------C u rren t L ia b ilitie s —
Loans and Bills Payablo..................................
$ 3 ,7 8 5 ,0 0 0 00
Traffic and Car Service Balances Payablo.
127,523 30
Audited Accounts and W ages Payablo------871,756 02
Miscellaneous Accounts Payablo___________
187.847 77
Interest Matured Unpaid
_________
8 90,335 00
Funded D ebt M atured U npaid------------------35,000 00
Unmatured Interest Accrued----------------------511,000 01
Unmatured Rents Accrued_________________
3 ,274 84
Other Current Liabilities.............— ................
16,977 19
— -----------------------D e f e r r e d L i a b i l i t i e s .................................._ ........................................
'
63,7 7 8 ,4 0 5 00
.
6,42 8 ,7 1 4 13
30,8 5 9 59
U n a d ju s te d C r e d its —
13 o4flft ,'ioy 7ft
i
, 4ftO #o
3 ,1 4 8 ,0 6 4 28
T ax Liability___________
.
Operating R e s e r v e ............................................
Accrued Depreciation— Equipment
Other Unadjusted Credits.................... .............
$950,761 83
31,531 76
898.821 63
116,101 44
----------------------------
A p p r o p r ia te d S u r p lu s —
Additions and Betterments to Property Through I n c o m e ..
Total................................ ......................................................................... $ 1 3 1 ,18 5,38 5 45
.
4— S Y S T E M B A L A N C E S H E E T A T JU N E 30 1915.
P r o p e r ty In v estm en t— •
C ost of Properties Owned, Including Coal
and Other Properties......................
$111 ,06 3,68 3 95
Securities or Other Companies— p le d g e d ..
400,000 00
--------------------------- $ 1 11 ,46 3,68 3 95
C u rren t A ssets—
C a s h ........................................... .'..............................
$ 7 34 ,76 5 92
Loans and Bills Receivable________________
3 ,3 7 9 39
Traffic and Car Service Balances Receivable
6 73,277 59
N e t Balance Receivable from Agonts and
C o n d u cto rs. ........................ .............. ..............
116,427 21
Miscellaneous Accounts Receivable...............
568,127 35
M aterial and S u p p l i e s ...i ................................
1 ,051,804 44
Other Current Assets________________________
14,970 29
---------------------------3 ,1 6 2 ,7 5 2 19
D e ferred . A s s e t s —
W orking Fund Advances______________________________________
2 ,3 9 5 25
U n a d ju s te d D e b i t s —
Insurance Premiums Paid In A dvance____
Unextinguished Discount on Securities:
Discount on Capital Stock$12,734,835 00
Discount on Funded D ebt
557,652 84
[Vol. 101.
Totn.1
1,306,216 66
183.991 67
41Q1 1QK OO A C
K
Oot. 23 1915.]
THE CHRONICLE
1 3 87
Pennsylvania dark $ 1 75
T ion a________________ l
C abell____________ I
Mercer black________ 126
New Castle___
1 26
C o r n in g ........................ 25
70
1 30
® o m n u x tiix l
1
COMMERCIAL EPITOME
Friday Night. Oct. 22 1915.
W ooster__________ -SI 25 R agland___________ 65 c .
North Lim a____ . 1 08 Illinois, above 30
South Lim a______ . 1 08
degrees............. . . $ 1 17
Indiana_________ . 93c. Kansas and Okla
Princeton_____
-SI 17
hom a____________80c.
Somerset. 32 deg. - 1 12
T O B A C C O .— Manufacturers aro at last buying freely in
some cases. Their supplies have run low after many months
of holding aloof. Meanwhile, tho consumption of cigars,
& c ., is increasing. The demand at the moment is chiefly
for binder, but filler is of course also wanted. W ith the
yield in some States small, the demand for old tobacco is all
the greater. Sumatra is in fair demand. Cuban leaf is in
excellent demand and very steady.
fsQ
C O P P E R in fair demand; Lake 1 7 M @ 1 8 c .; electrolytic
1 7 m @ 1 8 c . London prices were firmer; later somewhat
easier. Tin advanced on the spot to 3 3 M @ 3 3 M c ., with a
better demand. London prices have risen, but later declined
h i. Spelter advanced to 1 3 % g . hero, with more demand;
London is higher. Lead on the spot here is up to 4.7 5c.,
with a good demand from Canada and also from makers of
war material. Pig iron firm and in better demand. N o . 2
Eastern $16 25@ $1G 50; N o . 2 . Southern $11 5 0 @ $ 1 2 50,
Birmingham. Trade in steel is increasing to a degree that is
arousing confidence, in some quarters almost approaching
enthusiasm. Prices are advancing steadily under the spur
of active buying in the Pittsburgh district and the East.
There has recently been an advance of $2 per ton on wire
products, $1 on steel bars, plates and shapes, $3 on chain,
$14 on ferro-silicon,50c.on Southern pig iron, 75c. on Chi
cago foundry iron and $1 50 on Chicago basic. A n important
feature is the increased receipts of British ferro-manganese,
much to the great relief of everybody concerned.
Business is on the whole increasingly active, despite tho
fact that recent warm weather has hurt retail trade somewhat.
Railroad earnings are slowly gaining. W heat exports this
week raado a new high record. The supply of labor is re
ported insufficient in some parts of tho United States.
Thero is less hesitation about engaging in now enterprises
of a conservative sort. Tho exports of war munitions are
on an immenso scalo. Tho iron and steel trado is so largo
that in tho opinion of not a few it tends to assume the pro
portions of a boom or something very much like it. The Sou th
orn farmer is getting good prices for his cotton, & c., and is set
tling old debts. Sales of lumber, coal, and oven jewelry are
larger. Collections aro more prompt. Commercial paper
is readily salable and is not very plentiful. M oney con
tinues easy. Another significant thing, which is noted with
satisfaction in more than one branch of trade, is tho urgent
call on tho part of buyers for prompt shipment. It sug
gests that the shelves of tho country are none too well sup
plied. And in moro than ono industry prompt shipments
aro becoming no easy matter. In some branches of the iron
and stool trade they seem to bo out of tho question. On
tho other hand, the weakness in foreign exchange is a dis
quieting factor and tho war in Europe grows larger and moro
sanguinary and its bitterness is certainly not mitigated by
tho latest sensational occurrence. The dcclino in foreign
oxchange despite the recent big Anglo-French loan and im
portant gold imports, suggests that Europe’s obligations in
tho United States aro still of such enormous volume as to
tax tho ingenuity of modern finance. Failures in general
COTTON
trade aro still numerous. Prices for grain and provisions
Friday N ight, Oct. 22 1915.
havo declined. Nevertheless, tho feeling is that this country
T H E M O V E M E N T OF T H E C R O P , as indicated by our
is on the ovo of a revival of general business.
telegrams from the South to-night, is given below. For the
L A R D dull; primo Western 9.5 0c.; refined to tho Continent week ending this evening the total receipts havo reached
10.60c.; South America 10.75c.; Brazil 11.75c. Futures de 277,910 bales, against 275,396 bales last week and 282,775
clined partly on selling on stop orders. Provisions generally bales the previous week, making the total receipts since
dropped with heavy selling of pork. Hogs declined no less Aug. 1 1915 1,868,119 bales, against 1,042,088 bales for the
than SI per 100 lbs. in two days, owing to large arrivals. samo period of 1914, showing an increase since Aug. 1 1915
of 826,031 bales.
To-day prices declined.
D A I L Y C L O S IN G P R IC E S O F L A R D F U T U R E S I N CHICAGO.
.
S a t.
O ct. delivery In e lo v .c t s .9 .5 0
N o v . delivery in olov__ .9 .5 0
Jan. delivery In elov____ 9 .45
M on.
T u cs.
W ed .
9 .4 0
9 .4 0
9.7346
9.2746
9.2746
9.1246
8.8246 9 .05
8.8246
9-05
8 .9 5
9 .1 0
T / iu r s .
P O R K steady; moss $ 2 0 @ $ 2 1 ; clear $ 2 0 @ $ 2 2 . Beef,
moss, $ 1 8 @ $ 1 9 ; packot $ 1 7 @ $ 1 8 ; extra India mess $ 2 7 @ $ 2 8 .
Cut meats steady; pickled hams, 10 to 20 lbs., 1 2 J 4 @ 1 2 % c .;
pickled bellies, 1 2 @ 1 4 % c . Butter, creamery, 2 3 M @ 2 9 c .'
Clieeso, Stato, 1 2 M @ 1 5 M e - Eggs, fresh, 2 0 @ 3 7 c .
*
COFFEE in rather better demand; Rio No.7, 7M@7%c
Santos 9@9Mc., fair to good Cucuta 10M @ llc’
Futures advanced, partly on buying by outsiders, including
Cotton Exchango interests. Brazilian markets havo been
firmer. Shorts have covered moro freely. On tho other
hand, thero has been some trado selling against purchases
in Brazil. Still, thero is rather moro interest in tho coffee
market among outsiders. To-day prices wero lower. •
N o. 4
O cto b er..c ts 6 .5 0 0 6 .5 3
Novem ber
6 .5 0 (4)6.53
Decern ber
6.54 © 6.55
J a n u a ry ____ 6 .56 0 6.58
--------- ----------------------------
February cts 6 .5 7 0 6 .5 9 J u n o -------cts 6 .73 @ 6 .7 4
M arch............ 6 .5 8 © 6 .5 9 J u ly............ __ 6 .7 7 0 6 .78
April-------------6 .6 2 0 6 .6 3 A u g u s t ...........6.82(3)6.83
M a y ............... 6 . 6 7 0 6 .6 8 „ ovwmllor . . u .8 7 @ 6 .8 9
September
6
S U G A R higher with moro business; centrifugal 9G-degroes test, 4.39c.; molasses, 80-degrees test, 3 G2c ’ granu
lated 5.25c. Futures advanced in sympathy with spot
prices of raws. Refiners aro oversold. Deliveries aro de
layed while buyers aro urgent as to prompt shipments
The situation indicates greater activity and strength gen
erally. Speculators havo been buying raws at 3 7-lG o.,
cost and froight.
io -d a y prices eased on reports of weaker
spot prices.
O c t o b e r ..c t s 3 .1 5 @ 3 .20
N ovoinbor ..3 .1 8 0 3 .2 0
D ecom bor___3.17© 3.18
J a n u a r y ------- 3 .0 5 0 3 .0 6
M arcX^ CtS3 o o l n n ? I UP ° ------cts3.12©3.14
A orU ...........\ ' nd S n ‘
i UIy - ...........3 .1 5 0 3 .1 7
31
M on.
F ri.
8 .9 0
____
9 .02
.20
p £ r * -------------g -04 @ 3 .0 6 A u g u s t ______ . 8 0 3
i
------------ 0 . . 0 September . . 3 . u ra 3 2 z
D
U
M a . . . . -------3 . 0 8 „ 3 .. 1 „ !tU „ , D 1,ror ...j^2 0 0 M. .z2
y
G alveston____
Texas C i t y ...
Port Arthur____
Aransas Pass, &c
Now Orleans____
M obile___________
Pensacola_______
Jacksonville, & c .
Savannah _______
Ilru n sw ick _____
C h arleston ______
G eorgetow n____
W ilm in g to n ____
N orfolk _________
N ’port N ow s, &c
Now Y o rk _______
Boston___________
B altim ore_______
Philadelphia____
16,577
4,999
5.762
230
4.942
2',774
1,314
3,064
T u es.
W ed.
T h u rs.
F r i.
11,797 30,623 12,664 13,078
3,961
____
____ 10,490
—
____
____
2,633
—
___
4,176 8,867
5,846 10,517
286
840
691
224
____
. 9,784
9,059 6.442 4,354
_ £
___
___
2,901
4,154 3,056 3,049
3,400
3,964
—
—
—
—
—
2J592
2,955
—
—
—
—
—
1406
2,725
____
____
____
—
—
2J558
2,682
____
60
____
—
—
T o ta l.
12,247 96,986
19,450
2,633
15,387 15,387
6,421 41,589
1,322 3,593
2",695 2,695
5,690 40,271
2,000
2,000
3,052 18,986
2,723 13,893
3,891 19,281
198
198
100
29
73
775
775
—
—
40,269 59,190 32.530 49,745 56.430 277,910
The following shows tho week’s total receipts, tho total
smeo Aug. 1 1915 and the stocks to-night, compared with
last year:
1915.
R e c e ip ts to
O c t o b e r 22.
Galveston_______
Texas C ity ______
Port Arthur_____
Aran. Pass, & c_.
N ow Orleans____
G ulfport_________
M o b ilo __________
Pensacola________
Jacksonville, &c.
Savannah________
Brunsw ick_______
Charleston_______
Georgetown_____
W ilm ington______
N o r f o l k _________
N ’port Now s, & c.
N ew Y o rk _______
B o s to n ___________
Baltimore________
P h iladelphia____
T h is
W eek.
S in c e A u g
1 1915.
1914.
T h is
W eek.
S to ck .
S in c e A u g
1 1914.
1915.
1914.
96.986
19,450
2,633
15,387
41.589
654,139 121,979
83,835 13,856
2,796
47,300
72
256,713 26,582
523,519
35,059
400
5,942
98,194
279,894
27,148
213,901
7,225
16,100
201,308
' 5,563
84,531
3^593
26,618
4,837
9,81
10.559 " l",440
402,844 4 2,080
30,400
3,0 0 0
123,620
7,665
45
86,987
5,961
121,020 9,745
1,340
268
1,533
364
1,649
6,863
2,218
41
27,416
141
9.8 3 2
196,061
7,008
52,508
16,713
23",056
" " ‘ 604
176.623
9.000
89,433
” "7 7 6
95,759
3,0 0 0
41,793
2 .695
40,271
2,000
18.986
O I L S — Linseed quiet; city, raw, American seed, 6 2 @ 6 3 c .;
city boiled, American seed, 6 3 @ 6 4 c .; Calcutta, 5 9 @ 6 0 c .
13",893
24,947
38", 403
2 0,466
19,281
44,657
52,115
24,336
Lard, primo, 8 5 @ 8 8 c . Cocoanut, Cochin, 10%(a>,l 1 Lib •
198
8,801
Ceylon, 9 ^ @ 9 ^ c .
C o r n 7 .7 5 @ 8 c . Palm Lagos 7 @ 7 M o’
100
394
300,438
'6 6 ',097
73
1,901
2,732
4,651
Cod, domestic, 4 8 @ 4 9 c . Cottonseed, winter, 8c.- summor
775
5,218
7,120
3,575
white, 7.80c. Spirits of turpentino, 53c. Strained rosin,
90
2,516
4,613
common to good, $4 25.
T o ta ls--------------- 277,910 1,868,119 240.067 1,042,088 1,218,521
600,968
P E T R O L E U M in steady demand; refined in barrels
$7 5 0 @ $ 8 50; bulk, $ 4 @ $ 5 ; cases, $9 7 5 @ $ 1 0 75
Naph
In order that comparison may be made with other years,
tha 73 to 7G degrees, in lOG-gallon drums, 2 5 M e.; drums, wo give below tho totals at leading ports for six seasons:
$8 50 extra. Gasohno, 8G degrees, 28c.; 74 to 70 deorer>s
1914.
1915.
2 5 @ 2 7 c .; 68 to 70 degrees, 2 2 @ 2 4 c . Wildcat drilling in R e c e i p t s a t —
1913.
1912.
1911.
1910.
Texas and Louisiana oxcito interest in tho territory botweon G a lv e sto n ___
96,986
121,979
113,671
180,414
137,563
153.610
Shrovoport and tho Arkansas lino on tho north and for a TexasCity,&c.
37,470
13,928
28,049
27,167
39,404
13,281
Now Orleans.
41,589
26.582
59,152
72,229
52,165
50,573
distance of a hundred miles west of tho Stato line in Texas
M o b ile.............
3,593
4,837
24,762
12,824
17,756
14,500
Efforts, it appears, aro being mado to extend tho Crichton Savannah ___
40,271
42,080
133,263
99,292
121,416
74,527
Brunswick___
2,000
3 ,0 0 0
13,500
20,500
21,540
5,495
fiold south as far as Alexandria, and oil indications aro <3harlestbn,&c
18.9M3
7,665
32,870
23,067
18,989
17,979
roportod in noarly every parish in tho northorn part of tho W ilm ington. _
13,893
5,961
34,529
22,190
26,410
21,191
19,281
9,745
30,339
33,159
31,113
Stato of Louisiana and ovor into Mississippi. Tho produc N o r fo lk _____ .
30,034
N ’port N .,& c
198
268
328
2,078
727
tion in Crichton reached its height during tho second week Ail others____
3,643
4 .022
18,159
20,015
20,636
8,9 1 5
in September whon its averago Was 40,010 barrols daily.
Total tills wk.
277,910
240,067
488.622
512.935
487,092
390,831
Since then thero has been a steady declino until now it is
Sinco Aug. 1 . 1,868.119 1.042,088 3,116.993 3 .066,967 3,300.749 2 ,691,813
only 26,395 barrols a day. Closing prices wero as follows:
P The exports for the week ending this evening reach a total
o f5194,700 bales, of which 100,546 were to Great Britain,
29,095 to France and 65,059 to the rest of the Continent.
Exports for the week and sinco Aug. 1 1915 are as fol
lows:
_______________
Wee* ending Oet. 22 1915.
Exported to—
Exports
from —
[Vol. 101.
THE CHRONICLE
1388
Conti
Great
B rita in . F r a m e . nent Ac Total.
793
Norfolk
New York.
275
Baltimore..
Phlladel'hla
Great
Britain .
19,473 84,013 226,394
3,210 12,122 48,533
163
Galveston.. 64,540
Texas City. 8.912
Pt. Arthur.
AransasPass
NewOrleasn 18,413
Mohlle
Brunswick .
From A u g . 1 1915 to Oct. 22 1915.
Exported, to—
7,904 26,317
16,800
6,613
1,000
11,571
724
8,409 25,209
793
6,300 6,300
11,571
7,370
170
8,369
170
6,613
1,000
77,423
4,386
10,493
21,555
12,373
22,400
1,550
14,059
338
25,874
3,800
12,223 12,223
Total___ 100,546 29,095 65,059 194,700 469.341
454 30,323 81,817 194,261
Total 1914. 51,040
Total 1913. 64,1451 76,984 178,079 319,208 764,059
France.
Conti
nent <fcc.
Total.
117,518 390,090
5,812
66,848
163
13.873
13,873
11,090 86,801 175,314
4,386
10.493
52,553 116,489
42,381
17,173
4,800
9,600 32,000
34,196 43,260 77,456
1,550
18,029 100,341 132,429
1,209
871
25.874
..........
4,300
’ ” 500
14,592
14,592
30,641
30,641
19,073
19,073
1,000
1,000
46,178
12,503
183,050 482,562 1,134,953
4,261 196,655 395,180
316,435 1,009,638 2,090,132
Note .—New York exports since Auk. 1 include 1,048 bales Peruvian and 153 West
Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
On S h ip b o a r d , N o t C lea re d f o r —
G rea t
B r it a in . F r a n c e .
New Orleans..
Galveston___
1,121
22,492
M obile_______
1,000
10,000
100
2,000
100
34,906 21,972
3.571
23.500; 8,001
no *> e An 1AA 78
o
2,000
4,000
12,000
|ccQir
U
'*SC
! iC C
CC
Total 1915..
Total 1914..
T o*-' I'M"?
Other
F o r e ig n
9,223
30,327
4,080
15,292
383
Now Y ork___
Other ports_
_
G er
m any .
C a o st w is e .
T o ta l.
L e a v in g
S tock.
430 14,400 185,848
8,250 70,301 203,533
3,200 3,200 173,423
2,000
87,433
318
801
15,912
1,240 • 50,875
1,240
7,000 293,438
22,000
79,997
3SS |
Oct. 2 2 at —
128,002 1,090,459
119,155 481,813
217 or.n 535.030
to expectations of a bullish ginning roport on M onday, Oct.
25, heavy rains in Alabama and Georgia— \ lz to (>K inches
/
in Alabama— and at one time a wild rumor that the British
fleet had forced the Dardanelles and was bombarding Con
stantinople. Back of it all was a greatly strengthened tech
nical position. But later on realizing sales caused a reaction.
Spot cotton closed at 12.45c. for middling uplands, the samo
as a week ago.
Tho following averages of tho differences between grades,
as figured from the Oct. 21 quotations of the olevon markets,
designated by the Secrotary of Agriculture, aro the differ
ences established for deliveries in the Now York market on
Octobor 28.
Middling fair................................1.00 on Good middling "yellow" tlnged.0.01 on
Strict middling "yellow” tlnged.0.22 off
Strict good middling____________ 0.73on
Middling "yellow" tinged......... 0.50 off
Good middling_________________ 0.48on
Strict low raid, “ yellow" tinged. 1.02 off
Strict middling_________________ 0.24on
Low middling "yellow’ tinged.. 1.63 off
Strict low middling______________0.46off
Low middling____ ____________0.99 off Middling “ blue" tinged_______ 0.84 off
Strict good ordinary____________ 1.58 off Strict low mid. “ blue" tinged-----1.26 off
Good ordinary________________2.17 off Low middling “ blue” tinged___ 1.81 off
Strict good mlc. "yellow” tinged.0.29 on Middling “stained"___________ 1.12 off
The official quotation for middling upland cotton in tho
New York market each day for tho past week has been:
Oct. 16 to Oct. 22—
Sat.
Middling uplands____________ 12.40
Mon.
12.50
Tues. W ed. Thurs.
Fri.
12.65 12.65 12.40 12.45
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
The quotations for middling upland at New York on
Oct. 22 for each of the past 32 years have been as follows:
1915.c ___ .12.45
1914______
1913........... .14.50
1912........... .11.00
1911______ . 9.75
1910_____ . 14.45
1909______ .13.95
1908........... . 9.30
1907.c . .
1900____
1905-----1904........
1903----1902___
1901.. .
1900-----
. .11.45
_. 11.25
..10,40
. . 9.95
..10.00
. . 8.70
. . 8.38
. . 9.56
1899.C.........
1S98_______
1897_______
1896_______
1895_______
1894_______
1893_______
1892_______
7.38
5.50
6.12
7.94
8.62
5.88
8.44
8.38
1891.C___ . 8.44
1890_____ .10.25
1889_____ . 10.50
1888.......... . 9.75
1887______ . 9.62
1886______ . 9.25
1885______ . 9.81
1884______ . 9.88
M A R K E T A N D SA LE S A T N E W Y O R K .
The total sales of cotton on tho spot each day during the
week at New York aro indicated in the following statement.
For tho convenience of tho reader wo also add columns which
show at a glance how tho market for spot and futures closed
on same days.
SA LES.
F u tu r e s
S p o t M a rk et
C lo sed .
Saturday—
Monday —
Tuesday —
Wednesday.
Thursday . .
Friday-----
C lo sed .
Quiet, 5 pts. d o c ..
Quiet, 10 pts. a d v ..
Steady, 15 pts. adv.
Steady___________
Steady, 25 pts. dec.
Quiet 5 pts adv------
Steady________
Steady________
Steady________
Steady________
E a s y _________
Steady________
S p o t.
500
___
50
___
C o n tr’ct
___
___
___
T o ta l.
500
____
50
_ _
::::
"200
'200
Speculation in cotton for future delivery has been les8
active and prices have declined. On Thursday the soiling
750
750
T otal___
attributed to prominent bull operators was on a very large
scale. Leading W all Street and Waldorf-Astoria interests
F U T U R E S .— The highest, lowest and closing prices at
sold to an extent that attracted wide attention. Tho New York for tho past weok have been as follows:
weather in the Southwest has been better and tho market
Saturday, M o n da y) Tuesday, Wed’day, Thursd'y, F rid a y ,
had grown tired. It responded but feebly or not at all to
Week.
Oct. 16. Oct. 18. |Oct. 19. Oct. 20. Oct. 21. Oct. 22.
bullish factors. Rumors of small ginning returns, bad crop
advices and small orop estimates passed almost unnoticed, October—
1
12.28-.33 i 2 .45 -. 5 A 2 .4 3-.53 12..38-.45 12.29-.50 12.20-.47 12.20-.53
or certainly had but a momentary effect. A Chicago house
Closing----- 12.36-.40 12.42-.44 12.52-.53 12.50.52 12.27-.29------------ —
put the crop at 10,000,000 bales or 10,500,000 including November—
!
1 .. _
Range........
linters. A rumor from Momphis was that a well-known cot
12.60 — 12.58 — 12.32 — 12.37 — —
Closing----- 12.47 — 12.50 — 1
ton man there had said that the crop is not over 10,000,000 December—
12.32-.77
Range........ 12.49-.62 12.58-.77 12.57-.69 12.52-.70 12.40.65 12.32-61 —
bales. This was denied. From Memphis also came a
Closing___ 12.59-.61 12.60-.61 12.67-.68 12.67-.68 12.40-.41 12.45-46
rumor that the National Ginners’ Association would put the Ja n u ary —
1
12.43-.93
Range........ 12.65-.78 12.75-.93 12.72-.84 12.67-.84 12.52-.78 12.43-.73 —
ginning this season up to Oct. 18 at 5,7 00,000 bales, with
84
Closing___ 12.77-.78 12.76-.77 12.82— 12.81-.83 12.52-.54 12.57-.58
the added information that this would represent 6 0 % of February —
1
tho crop, at the same time revising arithmetic enough to
Range____
Closing----- 12.87 — 12.86 — j 12.93 — 12.92 — 12.62 — ! 12.67 — —
add that this would mean a crop of not over 10,000,000 bales, M arch —
12.86-.01 12.96-.17 12.94-.08 12.88-.08 12.73-.90 12.60-.94 12.66-.17
though on its face this would seem to mean 9,500,000 bales.
—
74
But this report also seems to have passed into innocuous A pClosing----- 12.99-.0l 12.99-.00 13.07-.08 13.05-.07 12.73— 12.78-.79
ril —
1
1
1
desuetude.
Certainly it has not latterly beon roferrod to.
Range........
Closing___ 13.06 — 13.06 — 13.14 — 13.11 — 12.79 — '12.84 — —
Very generally, it is true, tho impression is that next M o n M ay —
1
1
12.80-.29
day’s ginning figures to bo issued by the Census Bureau will
Range------ 13.02-.16 13.14-.29 13.09-.22 13.02-.22 12.86-.09 12.80-.06 —
Closing----- 13.15 — 13.15-.16 13.20-.21 13.18-.19 12.88-.89 12.91-.92
be small, possibly as some think not over 6,000,000 to 6 ,2 0 0 ,
Ju n e —
1
'
1
000 bales up to Oct. 18, against 7,619,747 during tho same
Range........
Closing___ 13.15 — 13.15 — 13.20 — 13.18 — 12.88 — j 12.91 — —
time last year, 6,973,518 in 1913 and 6,874,206 in 1912.
J ly
u—
Also heavy rains have fallen east of tho Mississippi, especially
13.05-.18 13.17-.32 13.15-.26 13.07-.25 12.90-.13 12.85-.09 12.85-.32
24
Closing----- 13.17-.18 13.19-.20 13.24-.25 13.23— 12.90-.92 12.94-96
in Alabama and Georgia, with perhaps damaging effect on
uu —
1
I
tho grade. But bullish factors have latterly for tho most A g st
L
_ 13.12— 12.98-.06 13.02----------------'12.70 — 12.70-.14
14
Closing----- 13.07-.09 13.07-.10 13.12-. 14 13.10 — 12.77 — 12.80 — --- — —
part fallen flat. W all Street and uptown, apparently tiring
of trying to lift tho market, have thrown over cotton sup
N E W O R L E A N S C O N T R A C T M A R K E T .— The high
posedly for tho purpose of getting into “ war stocks,” and
other things that move with greater celerity. The New est, lowest and closing quotations for leading contracts in the
Orleans “ Times-Picayune” published a very bullish crop re New Orleans cotton markot for the past week have been as
port last M onday, indicating that tho present condition of follows:
the crop is the lowest on record. This caused an advance of
S a tu rd a y , M o n d a y , T u e s d a y , W cd’d a y , T h u rs d 'y , F r id a y ,
15 to 20 points, but it was practically all lost on tho samo day
d e l. 16. Oct. 18. Oct. 19. Oct. 20. Oct. 21. Oct. 22.
before the close. That was considered a significant commen
tary on the technical position of the market, if nothing
27
Range---------- 12.10 — 12.30-..35 12.25-.34 12.22-.34 12.16— 11.95-20
more. It looked overbought. Events later in the week
Closing--------- 12.19-.21 12.26-.28 12.30-.34 12.30-.32 12.03-.05 12.09—16
proved this to be tho caso. Yet on tho decli le drastic liquida
43
12.39-.53 12.61-.66 12.42-.56 12.42-.57 12.24-50 12.15—
tion improved the technical situation. Besides, spinners
26
32
Closing______ 12.50-.S1 12.51-.52 12.55-.56 12.52-. 53 12.25— 12.31—
bought so heavily as to attract general attention. Spot Ja n u a r y —
66
63
Range---------- 12.57-.71 12.70-.86 12.60-.74 12.60-.73 12.37— 12.34—
houses also bought largely. So that oven tho enormous
Closing______ 12.70-.71 12.70-.71 12.72-.73 12.70-71 12.44 — 12.48 49
liquidation of Thursday had less effect than it might other M a r c h —
12.S0-.95 12.94-.17 12.87-.99 12.84-.97 12.60-89 12.56-85
wise have had. Recently tho cotton goods business has im
68.12.71—
72
Closing______ 12.94-.95 12.95-.96 12.96-.98 12.94-.95 12.67—
proved. Seasonable weather helped tho dry goods trade. M a y —
12.99-.il 13.12-.14 13.06-.16 13.01-.14 12.80-.0t 12.74-.00
Exports of cotton goods increased; they include somo ship
Closing--------- 13.ll-.13 13.12-.13 13.15—16 13.11—12 12.84-85 12.S8-.SU
ments even to Manchester. Much of tho time the spot sales J u l y —
. __ __ __ __ ________ 12.93-07'12.90-08
________ __
in Liverpool have been 10,000 to 15,000 bales. To-day came
21
Closing______ 13.19-.22 13.20-.21 13.23-.25 13.19— 1.294-96 12.97-.99
a sudden rebound of prices, a sharp advance attending heavy T o n e —
Steady
Stoady
Stoady
Quiet
Steady Stoady
oovoring of shorts, good buying by spinners and spot houses
Steady
Steady
Stoady
Steady
Steady
O ptions____ Steady
and some re-purchases by sold-out bulls. It was mainly due
11 S
a S t e :::::::::::
stoTcr a \
1 took at lfa“
^
M
r ain- - - - - .........i,o* i:8 o o
m
s
-------------------*2 000 *165.000
: : : : : : : : : : : : : : 2 0 7 .0 0 0
2 1 0 .0 0 0
Itock at B^arceloita
...........H I
-----------Itock at Triestel— I : " - - - - - - - - Total Continental stocks.........
119,000
9 2 .0 0 0
36!000 27^00
110,000 27.000
*1.000
*20.000
359,000
471,000
Total European s t o c k s ...........1,430,000 1,304,000
India cotton afloat for E u ro p e ...
59,000
85.000
Amer.C
cottonafloat for Europe.. 548.769 209,126
Effjmt Brazil,&c.,afIoatforEur’po 34,000
19,000
Stock in Alexandria, Egypt_____ 184,000 *105,000
Stock In Bombay, India------------ 455,000
502,000
600,968
Stock in U. S. p o rts____________1,218,521
Stock in U. S. interior towns___ 860,839
696.772
U. S. exports to-day....................
49,350
24,268
64i : r
191,000
ise.ooo
oioOO
24.000
10.000
273,000
l^OOO
3,000
5,000
357.000
829,000 1,000,000
109,000
39,000
993,900
886.487
67,000
65,000
221.000
177.000
407.000
289,000
782,686 1.022,168
522,301
485,258
41,909
93,005
Total visiblo supply__________ 4,839.479 3,546,134 3,973,796 4,056.918
Of the above, totals o f American and other descriptions are as follows:
American—
Liverpool stock__________ balos.
712,000 464,000 327,000 468.000
Coa £ t a l stock! 1111111111III
n
*272,000 * 3
^ mr l^ t a^ L f0rE,lr0IM,........... l i f t ®
Ui I.' iSteriorst^ksI Z111111111 - 860,839
49,350
U. S. exports to -d a y ____________
«
000.068
696.772
24,268
g i g
3
782:686
522.301
41,909
485.258
93,005
231,000 296,000
71,000
21,000
10,000
19.000
*87,000 *111.000
59,000
85,000
34,000
19,000
184,000 *105,000
455,000 502,000
179,000
5,000
24,000
51.000
109.000
67,000
221,000
407,000
140,000
10.000
9,000
26,000
39.000
65,000
U7.000
289,000
Total East India, &c.................1,131,000 1,158,000 1.063,000 755,000
Total American_______________3,708,479 2,388,134 2,910,796 3,301,918
Total visiblo supply................... 4,839,479 3,546,134 3,973,796 4,056,918
Mid ring Upland, Liverpool------7.12d
5.05d.
7.74d.
6-}6d.
Middling Upland, New York_____ 12.45c.
-----14.50c.
11.25c.
Egypt. Good Brown, Liverpool.. 10.25d.
7
'
1o ' o? h'
in'nnn'
Peruvian. Rough Good, Liverpool lO.lOd.
8.7.>d. 7
Broach, Fine, Liverpool-----------i
7
6 A nn)/'
Tlnnevelly, Good, Liverpool____
6.87d.
4.65d.
7H d.
6.00d.
* Estimated.
C o n t in e n t a l im p o r ts fo r p a s t w e e k h a v e b e e n 9 8 ,0 0 0 b a le s.
T h e a b o v e fig u r e s f o r 1915 s h o w a n in c r e a se o v e r la st w e e k
o f 2 1 7 ,3 3 1 b a le s , a g a in o f 1 ,2 9 3 ,3 4 5 b a le s o v e r 1 9 1 4 , an e x c e ss
o f 8 6 5 ,6 8 3 b a le s o v e r 1913 a n d a g a in o f 7 8 2 ,5 6 1 b a le s o v e r
1912.
A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and tho same items for the
corresponding periof of the provious year— is set out in de
tail below.
Movement to October 22 1915
Towns
Receipts.
\ Ship
ments.
Week. | Season. |Week.
j Movement to October 23 1914.
Stocks 1
IJ' l • |
“
22.
Receipts.
| S h ip
ments.
| Week. . Season. \ Week.
160 10,280 1,267
996
9,487,
Ala., Eufaula..
Montgomery . 5,9511 55,885 3,619 70,981, 10,750
Selma______ 3,731' 27,431! 1,824 31,571 7,527;
12,729 1,218 10,00l| 3,667,
Ark., Helena.. 3,417
Little Rock.. 9,812 27,636 4,096 18,552 9,474
15,149 1,071 10,122 1,492
Ga., Albany... 1,154
5,535 34,636 2,750 21,798 4,524
Athens .........
Atlanta_____ 5,309 30,081 2,664 17,583 7,274
Augusta____ 25,193 165.245 10,394 155,025 27,674
15,796
800 32,019 4,445
1,232
Columbus__
M acon......... 3.133 24,611 2,123 12,986 3,638
17,938 3,298 8,225 2,857,
5,014
Rom e______
La., Shreveport 7,836 48,333 4,907 38.948 9,652
524 4,504 1,260
3,479
608
Miss.,Columbus
Greenville__ 5,000 26,300 3,800 20,024 4,823
Greenwood . . 5,206 39.804 3,075 21,239 10.5611
865
8,554 1,928 9,201
Meridian___
1,778
Natchez . .
13,928 1,075 9,765 1,600
1,840
Vicksburg__
9,869 2,504 7,797 1,853
1,542
Yazoo Ctty_- 2,2.39
11,035 2,436 11,052 2,469
Mo., St. Louis. 8,963 37,465 9,048 0,247 16,862
232
N. C., Raleigh.
429
650
3,564;
470
O., Cincinnati. 6,276 25,483; 6,773 11,002 8,206
502
Okla., Hugo...
251 1.024
610
1,319
S.C., Greenw’d
624 6,018' 1,364
873
4J41
Tenn.,Memphis 49,775 163.370 25,099 129,007 54,7711
Nashville___
253
276 1,875
2,732|
Tex., Brenham
434
638
894 3,229
9,320
Clarksville__ 1,246
784 3,698 2,206
7,955:
Dallas........... 3,464 30.5241 5,615 0,096 5,468
Honey Grove. 2,027
7,097, 1,540 2,959 1,387,
Houston........ 95,176 713,492 86.630 159.7111
112,258
Paris............. 3,867. 23,683 3,958] 7,271 3,497
Stocks
Oct.
23.
247 7,380
10,279
75,741 3,481|58,737
48,696 3,246, 35,490
779 12,613
14,787:
31,283 4,347 22,235
18,899, ___ 15,761
21,567; 1,050 16,367
22.760 6,913 7,934
134,018 10,405 94,5 8
25,5 i6 1,295 18,540
470, 15,579
17,581:
11,430 1,949 3,771
43,780 1,727 41,742
515 3,413
4,883
23,196 1,902 18,385
30,844 7,552 22,440
572 4,746
4,640
700 6,900
7,920
440 5,444
6.444
___ 11,080
11,503
37,240 14,155 17,194
175
152
717;
18,030 9,080 3,207
425 1,090
1,961
2841 3,418
3,886
176,391 21,214 128,688
___
482
532
196 5,672
7,490
10,959 2,099 4,732
26.120 4,844 5,290
877 4,595
8,931
1
540,099 : 00,775 94,791
19,975 4,026 4,373
Total, 33 towns270,224 1.635,911 195,374'860,839324,S59 1,419,294 205,740696,772
The above totals show that the interior stocks have in
creased during tho week74 ,8 5 0 bales and are to-night 164,067
bales more than at tho samo time last year. The receipts at
all towns have been 54,635 bale3 less than tho samo week
last year.
O VE R LA N D M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W o give below a statement showing tho
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for tho
week and sinco Aug. 1 in the last two years are as follows:
Week.
14.155
10,635
300
3,946
1,229
2.987
13.942
47.060
198.492
47,194
140,261
10,086
10.369
33.089
2,582
286
3,526
7,603
10,135
40,458
October 22—
Shipped— ■
.
Week.
. 9.048
.15,617
119
. 3,208
. 4,097
. 2,098
12,873
Via Rock Island.
D e d u c t s h ip m e n ts —
Total to bo deducted_________ . 6,487
6,487
53,544
6.394
58.196
.40,573
144.948
40,800
82,065
* Including movement by rail to Canada.
The foregoing shows the week’s net overland movement
has been 40,573 bales, against 40,800 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 62,883 bales.
In Sight and Spinners’
Takings.
Week.
.277,910
.. 40,573
J. 66,000
1914--------1915---------Since
Since
Aug. 1.
Aug. 1.
Week.
1,042.088
1,868.119 240,067
82,065
144.948
40,800
690,000
60,000
772,000
. .384,483
.. 74,850
-459,333
Total in sight Oct. 22.
«
Total American______________3,708,479 2,388,134 2,910,796 3,301,918
LivwS
p<w” ^s*ockBra^ —
____
London stock ------1......... .........
Manchester stock
___________
Continental stock ______________
India afloat for Europe.................
Egypt, Brazil, Sec., afloat---------Stock in Alexandria, Egypt_____
Stock in Bombay, India_________
-1914-----Since
Aug. 1.
45,171
23,529
603
11.353
3,429
10,765
45,411
-1915Since
Aug. 1.
49,062
43.721
119
11,917
14,773
13,252
65,648
Overland to N . Y ., B oston,& c— . 948
. 1,241
. 4,298
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 h t , as m a d e
u p b y c a b le a n d t e le g r a p h , is a s fo llo w s .
F o r e ig n s t o c k s ,
a s w e ll as th e a f l o a t , a re th is w e e k ’ s r e tu r n s , a n d c o n s e q u e n t ly
all fo r e ig n fig u r e s a re b r o u g h t d o w n to T h u r s d a y e v e n in g .
B u t t o m a k e th e t o t a l th e c o m p le t e fig u r e s fo r t o -n ig h t
( F r i d a y ) , w e a d d th e ite m o f e x p o r t s fr o m th e U n it e d S ta te s ,
in c lu d in g in i t th e e x p o r t s o f F r id a y o n l y .
191/5.
1914.
1913.
1912.
Drtrihor 99_
943.000 760.000 606.000 608.000
Stock a f Liverpool...........-b a le s .
g
1389
THE CHRONICLE
Oct. 23 1915.]
!- 71,749
2,785.067
414,877
3,199,914
446,080
Movement into sight in previous years:
W eek —
B a le s . I
340.867
119,119
459,9S6
85.363
S in c e A u g . 1—
1,814,153
576,633
2,390,786
394,608
B a le s .
! 13— Oct. 2.4 . -. . . 679,926 1913— Oct. . 2.4 . . . 4,376,391
.
.
.
.
— Oct. 2 5.- . . . ..648,481 1912— Oct. 2.5 -.- . -.4,256,586
1 9 il— Oct. 2 7 . -. .. . . 6 5 8 , 6 7 1 11911— Oct. - 2-7 - - 4,361,149
-
9
1912
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below aro the closing quotations of middling
cotton at Southern and other principal ootton markets for
each day of the week.
Closing Quotations for Middling Cotton on—
W eek e n d in g
October 22.
Galveston_____
New Orleans_
_
M obile...............
Savannah _____
Charleston_____
Wilmington___
N orfolk _______
Baltimore_____
Philadelphia —
Augusta_______
Memphis______
St. Louis______
Houston_______
Little Rock------
S a tu rd a y
M o n d a y . T u e s d a y . W ed ’d a y . T h u r s d ’y.
12.25
12.00
12.12
12 .2 5
12 %
12
li
12.00
12M
12.65
12.13
12.25
\2V%
12.15
12.50
12.07
12.12
12H
12
12.25
12.07
12.12
12
1211%
12M
12.75
12.13
12.25
12 %
12.25
12.50
12.13
12H
12.90
12.13
12.25
12 %
12.35
12.50
12.45
12.00
12.00
12
12
12.00
12 %
12.90
12.00
12.25
12 %
12.35
12.50
12.30
11.93
11.88
12
12
11 ^
12.00
12 %
12.65
12.25
12.25
12 %
12.25
12.50
F r id a y
12.30
12.00
11.88
12
12
12.^0
12
12.70
11.88
12.25
12 %
12.25
12.32
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices to
us by telegraph this evening denote that the weather has
been favorable on the whole during the week. Rain has
been quite general, but as a rule, light. Picking is active
and in many sections of Texas has been completed.
Galv slon, Tex.— Precipitation has been quite general
throughout he State. Pick ng and ginning is being rushed
and in many sections has been completed. Rain on one
day of tho week, to an inappreciable extent. The ther
mometer has averaged 75, ranging from 68 to 82.
Abilene, Tex.— Rain has fallen on one day of the week,
the rainfall being ninety-eight hundredths of an inch. The
thermometer has ranged from 48 to 84, averaging 66.
Brenham, Tex.— Rain on two days of the week, with rain
fall of ninety-four hundredths of an inch. Average ther
mometer 73, highest 88, lowest 58.
*
Cuero, Tex.— There lias been rain on two days during
the week, the precipitation reaching ninety-two hundredths
of an inch. Tho thermometer has averaged 72, the highest
being 92 and the lowest 52.
Dallas, Tex. — It has rained on two days during the week,
the rainfall being one inch and eighty-eight hundredths.
Minimum thermometer 50.
Henrietta, Tex. — W e have had rain on two days of the
past week, the precipitation reaching two inches and thirtyeight hundredths. Average thermometer 65, highest 84,
lowest 46.
Huntsville, Tex.— There has been rain on one day of the
week, the precipitation reaching twenty-eight hundredths
of an inch. The thermometer has averaged 70, ranging
from 54 to 86.
Kerrville, Tex.— It has rained on one day during the week,
tho rainfall being fifty hundredths of an inch. The ther
mometer has ranged from 42 to 82, averaging 62.
Lampasas, Tex.— There has been rain on two days of the
week, the precipitation reaching one inch and sixteen hun
dredths. The thermometer has ranged from 44 to 84, aver
aging 64.
Longview, Tex.— Rain has fallen on two days of the week,
to the extent of one inch and four hundredths. Average
thermometer 70, highest 90, lowest 50.
Nacogdoches, Tex.— Rain has fallen on two days of the
week, the rainfall being seventy-six hundredths of an inch.
The thermometer has averaged 69, the highest being 86
and the lowest 52.
1390
THE CHRONICLE
Palestine, Tex.— There has been rain on two days during
the week, the precipitation being two inches and sixty-four
hundredths.
Average thermometer 73, highest 88, and
lowest 58.
Paris, Tex.— Thero has been rain on thrco days of the
past week, the rainfall reaching two inches and eighteen
hundredths. The thermomete has averaged 68, ranging
from 50 to 86.
San An ton io, Tex.— Rain lias fallen on three days of the
week, to the extent of one inch and eight hundredths. Tho
thermometer has ranged from 56 to 90, averaging 73.
Taylor,' Tex.— There has been rain on one day of the week,
the precipitation reaching ono inch and sixty-four hun
dredths. Minimum thermometer 54.
N ew Orleans, La. — It has been dry all the week. Tho
thermometer averaged 73.
Shreveport,' La.— There has been rain on ono day of the
week, the rainfall eing ninety-five hundredths of an inch.
Average thermometer 71, highest 88, and lowest 54.
Vicksburg, M is s . — W e have had rain on two days of tho
week, the rainfall being twenty-two hundredths of an inch.
The thermometer has averaged 73, the highest being 88,
and the lowest 56.
M obile, A la .— ' here has been rain on three days of the
T
week, the precipitation reaching twenty-three hundredths
of an inch. Tho thermomotor has averaged 7 5 .6 , ranging
from 65 to 88.
Selma, A la . — W e have had rain on four days during tho
week, tho rainfall being one inch and eighty-five hundredths.
Tho thermometer has ranged from 61 to 85, averaging 72.
Savannah, Ga.— Rainfall for the week, ono inch and fortytwo hundredths on three days. Average thermometer 73,
highest 83, lowest 66.
M ad ison , Fla.— It has rained on ono day during the week,
to tho extent of seventy-seven hundredths of an inch. The
thermometer has averaged 74, tho highest being 89, and
the lowest 67.
Charleston, S. C.— Rain has fallen on three days of tho
week, to the exten of forty-three hundredths of an inch.
Tho thermometer has ranged from 65 to 82, averaging 74.
Charlotte', N . C . — W e have had rain during tho week, tho
rainfall being one inch and twenty-seven hundredths. Tho
thermometer has averaged 72, tho highest being 83 and tho
lowest 60.
M em ph is, Tenn. — Picking has made good progress.
Wo
have had rain on two days of tho week, tho rainfall being
one inch and seventy-nine hundredths. Tho thermometer
has averaged 70, tho highest being 85 and the lowest 57.
Tho following statement wo have also received by tele
graph, showing tho height of the rivers at the points named
at 8 a. m . of the dates given:
Oct. 22 1915.
Now Orleans------------- Above
Memphis-------------------Abovo
Nashville------------------ Abovo
Shroveport-----------------Abovo
Vleksburg-----------------Abovo
♦Below.
zero
zero
zero
zoro
zoro
of gauge.
o f gauge.
of gauge.
of gaugo.
o f gaugo.
Feet •
10.4
14.9
12.1
13.2
26.9
Oct. 23 1914.
Feet
5.0
14.2
17.0
*3.6
11.9
R E C E IP T S F R O M T H E P L A N T A T IO N S .— Tho follow
ing table indicates the actual movement each week from the
plantations. The figures do not include overland roceipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
----- Receipt.? at P o n s ----- - -Slock at Interior T o w n s- Receipts from Plantation
ending. 1915.
1911. 1913. 1915. 1914. 1913.
1915. 1911. 1 9 1 3 .
Sept. 3. 72,493 33,430 153,470 400,713 125,019 124,197 09,097 42,582 108 345
■ 10.100,520 49,127 217,200 432,099 143,830 158,237 120,512 07 344 251 240
'
" 17.170,839 07,930 329,018 473,800 191,548 192,035 217,940 115.018 303 410
24.284,993 97,710 307,522 550,381 255,150 223,409 301.570 101,318 398,050
Oct. 1.300,450 158,124 410,299 017.414 344,803 290,750 373,486 247,837 483 2.80
8.282,775 102,032 408,848 698,808 459,570 300,911 301,109 276,745 479 003
“ 15.275,390 199,397 485.092 785,989 577,053 410,472 362,577 317 474 504 653
" 15.277,910 240,067 488,622 800,839 690,772 522,301 352,700 359,186 57o!451
Week
The above statement shows: 1.— That tho total receipts
from the plantations sinceAug. 1 1915 are 2,282,996 bales; in
1914 were 1,618,721 bales,and in 1913 were 3,505,836 balos.
2 .— That although tho receipts at tho outports the past week
were 277,910 bales, tho actual movement from plantations
was 352,760 bales, tho balanco going to increase stocks at
interior towns. Last year receipts from the plantations for
the week were 359,186 bales and for 1913 they were 570,451
bales.
T H E P IN K B O L L -W O R M .— Tho following account of
the pink boll-worm (Gelechia Gossypiella — Order; Lepidoptera
— butterflies and moths) has been furnished to us by the Alex
andria Cotton C o ., L td ., of Alexandria, Liverpool and
Boston:
This worm has boon under observation only rocontly, yot it is now an es
tablished fact that it has been presont in tho cotton fields in Egypt for sonic
years, taking an activo part in tho destruction of the cotton bolls Tho
reason it has been confounded with tho other boll-worms (earias insulana)
is that both worms liavo more or less tho same mothod of attacking tho
cotton plant, 1 . o., they both attack tho boll, and tho season of their attack
is also tho samo.
Tho lifo history o f this worm, although not yet thoroughly studied
differs much from tho common boll-worm. Tho number of generations is
not ascertained as yot, but it seoms that wo liavo at least two generations
during tho period o f fructification of tho cotton plant, i. o.. botwoon Julv
and Octobor. The main difference betweon tho habits of tho two insects
and tho ono most directly concerning agriculturists, is that tho larvao of
the pink boll-worm, instead of going to pupate, as in tho case of tho common
boll-worm, on tho dry cotton sticks, wasto lands, canal banks, &c., has tho
habit of hibernating in s id e tho cotton seed itsolf in tho form of larvao
(worm). This peculiarity will, it is hoped, give us tho means of fighting tho
pest efficaciously, by troating all tho cotton seed, before it leaves tho
[Vol. 101.
ginning factories, with a special poisonous vapor to kill all the larvao found
JL,i iS • s‘ c,ro.afc numbers of theso worms have boon found inside tho
seeds during tho ginning procoss. A caso is reported whoro tho stroot and
la,uLOutsldo tIl° ginning factory at Kafr-el-Zayat wore
,
covered with millions o f theso worms which had escaped from tho cotton
seed stored up in sacks in tho Zarbiah of tho factory. Vory many cultiva
tors nave bought tho very best cotton seed for sowing purposes and found
tho worm in tho seeds.
^ is now ascertained that tho pink boll-worm is capablo of living in tho
form of larvao, inside the cotton seed, for many months in a somi-dormant
stato without taking any nutriment.
Also tho dried cotton sticks, which
are preserved throughout the yoar for fuel, boar numerous dried and
dlsoased bolls and afford ample protection for tho moth and larvao. Tho
insoct has also been found occasionally feeding on till. Tho insect has
increased much in numbers theso last yoars.
1 ho remedy to adopt must bo ono of general application. From tho
preceding there is little doubt that treating tho soecl will provo a very
good means of checking tho pest. Burning tho cotton sticks on a gonoral
scale wiii also bo very necessary. It is to bo hoped that tho Government
will take some very severe and goncral measures.
I ho pest scorns at tho presont time to bo making serious progress in tho
1 rovince of Manoufieh. I havo examined throe cotton fields at two differ
ent markas. In ono caso, Afifi cotton heavily irrigated throughout tho
summer, I found 46% of tho bolls of tho first and second picking attacked.
In tho socond caso, 75 bolls taken from an aroa of 24 feddans of fairly good
crop, contained 21 attacked bolls, i. o., 26% . In tho third caso, of small
cotton plants having suffered from long droughts, tho percentage was
12%. In all tho cases most of tho worms found were pink worms. The
common boll-worm, according to my observations, is now more or less
absent from tho bolls, going through tho pupa stage, in about 10 or 15
days its now generation will appear. Tho pink boll-worms are mostly
under ono week old, being of a wliito color.
B O L L W E E V IL D IS P E R S IO N /— Tlio following has been
issued this week by tho Office of Information of tho United
States Department of Agriculture:
Tho unusual storms of August and tho very rapid multiplication of tho
boll weovil in lexas havo resulted in a tremendous movement into north
western loxas and Oklahoma. This movemont is probably not yot com
pleted, nor has it boon entirely mapped out. Tho Indications are that
over half of tho State of Oklahoma is now (Octobor 11) Infested. Informa
tion lias just boon recoived that tho boll woovil is at Vernon in Wilbarger
County, Toxas, and at Cache in Comancho County and Minco in tho
oxtremo northern part of Grady County, Oklahoma. Unless immediate
moasuros are taken by tho planters throughout Oklahoma and north
western loxas it can bo expected that tho boll weovil will do somo damago
next yoar.
Tho Bureau of Entomology advises that tho plantors throughout Okla
homa and tho supposedly infested sections of Toxas begin immediately
to pick their cotton and destroy tho plants. By destroying tho plants tho
dov doping weovils will bo killed. Two methods or destruction are avail
ably If tho plants can bo plowed under to 4 or 5 Inches this is tho most
desirable method of procedure, otherwiso tlioy should bo stacked in win
drows and burned as soon as dry.
After destroying tho plants preparation should bo mado for a wintor
cover crop and for a rotation of crops noxt year.
Tho weovil has maintained its position in Arkansas and has probably
oxtonded its aroa a littlo farther north in tho wostorn portions. Tho entire
Stato of Mississippi is infested, and tho woovil is now known to bo in
McNairy and Hardin Counties, Tenn. Tonnossoo planters along tho
entire southern border should take tho samo precautions that havo boon
recommended to Oklahoma planters.
Probably only four or five counties in tho mountainous sections of north
eastern Alabama will escape infestation by tho boll woovil this yoar. Over
thirty counties in wostorn Georgia are already known to bo infested and
there is no doubt but that fivo more will bo recorded soon. Planters in
Georgia and Alabama, whether in infosted counties or not, should take
immediato measures to destroy tho cotton stalks, and prepare tho fields
lor winter cover crops.
E X P O R T S OF C O T T O N G O O D S F R O M G R E A T
B R I T A I N .— Below wo give tho oxports of cotton yarn,
goods, & c., from Great Britain for the month of September
and since Aug. 1 in 1915 and 1914, as compiled by us from
tho British Board of Trade roturns. It will bo noticed that
wo havo reduced tho movemont all to pounds.
000s
Yarn A Thread.
Cloth.
Total o f A ll.
1915.
1914.
1915.
1914.
1915.
1914.
1915
1914.
Lbs.
omitted.
Lbs.
Y ds.
Yds.
Lbs.
Lbs.
Lbs.
Lbs.
August. 15,318 9,064 418,794 313,075
Sept'ber 17,765 10,942 409,809 374,358
78,279
76,600
58,519
69,973
93,597
94,365
311
5,174
Sundry articles_______________________
Total exports of cotton manufactures..
67,583
80,915
184
5,039
153,721
The foregoing shows that there havo been oxported from
tho United Kingdom during tho two months 193,447,000
pounds of manufactured cotton, against 153,721,000 pounds
last year, or an increase of 39,726,000 pounds.
W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .—
Tho following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for tho week and
since Aug. 1 for the last two seasons, from all sources from
which statistics aro obtainable; also tho takings, or amounts
gone out of sight, for tho like period.
C otton Takings.
W eok and Season.
1915.
W eek.
Season.
1914.
W eek.
Season.
Visible supply Oct. 1 5 ________ 4,622,148
3,317,592
Visible supply Aug. I _________
4,633,210
3,176,816
American in sight to Oct. 22_
_
459", 333 3,199,944 459,986 2,390,786
Bombay receipts to Oct. 21___
640.000
350.000
2,000
54.000
Other India sliipm’ ts to Oct. 21
65.000
51.000
2,000
32.000
Alexandria receipts to Oct. 20. . 635.000
17,000
88.000
35.000
Other supply to Oct. 20*______
62.000
1,000
23,000
40.000
Total supply________________ 5,163,481 8,345,154 3,799,578 5,728,602
D ed u ct —
Visible supply Oct. 22________ 4,839,479 4,839,479 3,546.134 3,546,134
Total takings to Oct. 2 2 .a___
324.002 3.505.675 253,444 2.182.468
Of which American_________
234.002 2.714.675 215,014 1.682.468
Of which other________ . . .
791,000
90,000
38,000
500,000
- fim oraoa receipts m nil rope rrom Brazil. Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills
772,000 bales In 1015 and 600,000 bales in 1014— takings not being available
— and the aggregate amounts taken by Northern and foreign spinners
2.733,675 bales in 1015 and l ,402.468 bales In 1014, of which 1,042,675
bales and 002,468 bales American.
b Estimated.
I N D I A C O T T O N M O V E M E N T .— The receipts of
India cotton at Bombay and the shipments for the week
ending Sept. 30 and for the season from Aug. 1 for three
years havo been as follows:
Since
Aug. 1.
Week.
Bombay.................- ..........
Week.
214,000
29,000
Since
Aug. 1.
Week.
97,000
48,000 25,000
Bombay—
10,000 22,000
1915___
2,000 1,000
1914
___________
32,000
F* 1913___
Calcutta—
1,000
1915
___________
1914
___________
1913
___________
Madras—
1915
___________
1914
---------------1913.. .
AU others—
1915
___________
1,000 1,000 1,000
1914..
.
4,000
1913
___________
Great
Britain.
,000
,000
,000
33.000 180,000 217.000
20.000 31.000 53.000
149,000 86.000 236.000
4.000
1,000
3.000
1.000
1.000
10.000
8,000 "Y,666
1,000
1,000
1,000
4.000
2.000
1,000
1,000
ii',666
lT,666
11,000 22,000
3,000) 2,000 1,000
___________
30,000
2,000
3.000
3.000
21,000
22,000
30,000
14.000
2,000
11.000
37.000
27.000
44.000
0,000
5.000
5.000
,000
,000
T otal_________________________________________________________ 194,700
I I o l ----- O th .E u ro pe — V la d .
la n d . N o r t h . S o u th .
Ac. J a p a n .
G reat F r e n c h
B r it a in . P o rts ,
Japan
A China
Conti
nent.
T o ta l b a le s ,
CHARLESTON— To Barcelona— Oct. 16— Josefa Raisch, 3,000-- 3,000
To Genoa— Oct. 20— Mohacsfield, 3,300------------------------------- 3,300
W ILM IN GTON — To Havre— Oct. 21— Tuddal, 11,571--............... 11,571
BOSTON— To Yarmouth— Oct. 13— Prince George, 170.................
170
BALTIM ORE— To Liverpool— Oct. 14— Dromore, 2,562; Oct. 18
— Vcdamore, 4.051_______________________________________ 6,613
PH ILADELPHIA— To Manchester— Oct. 4— Manchester Ex
change, 1,000____________________________________________
1,000
SEATTLE— To Japan— Oct. 16— ICaifuku Maru, 2,450; Oct. 18—
„
Titan, 5,550; Oct. 19— Aki Maru, 3,328----------------------------- 11,328
T o Shanghai— Oct. 19— Aki Maru, 895---------------------------------895
The particulars of the foregoing shipments for the week,
arranged in our usual form, aro as follows:
Since August 1.
Great Conti- Japan
Britain, nenl. AChina Total.
Total a l l 1915___
1914
1913___
Since
Aug. 1.
2,000
For the Week.
Ex-ports
from—
1913.
1914.
1915.
Sept. 30.
Receipts at—
1391
THE CHRONICLE
Oct. 23 1915.]
58.000
43.000
198,000
195,000
33.000
98.000
259.000
81,000
301.000
According to the foregoing, Bombay appears to show a in
crease, compared with last year, in the week’s receipts of
6,220 1,150
--___________ 19,473
____3,210
___________ 1,704 700
5,500
8,409 ---___________
Now York________
275 724
Galveston________ 64,540
Texas C it y ________ 8,912 ____
New Orleans______ 18,413
Savannah_____ ____16,800
793
Brunswick________
C harleston____ ____
____
Wilmington____ ____11,571
Boston________ ____
____
Baltim ore_________ 6,613 ____
Philadelphia______ 1,000
Seattle________ ____
____
6,305
XI
HU
im
___________
T o ta l______ 100,546 29.095
5.500
89511,328
T o ta l
8,369
84,013
12.122
26.317
25,209
793
6,300
11,571
170
6,613
1,000
12,223
____ 42,106 6,12511,328 194,700
The exports to Japan since Aug. 1 have been 60,799 bales
from Pacific ports.
C O T T O N F R E IG H T S .— Current rates for cotton from
Now York are as follows, quotations being in cents per pound:
Liverpool, 1.25c.; Manchester, 1.25c.; Havre, 2.00c.; Rotterdam, 1.75c.;
Genoa, 1 35c.; Naples, 1.35c.; nom.; Leghorn, 1.55c.; Barcelona, direct,
2.00c.; Marseilles, 2.00c.; Japan, 1.50c. asked; Shanghai, 1.50c. asked;
Bombay, l.25c.; Vladivostok, 1.50c.; Archangel, 2.25c. nom.
27,000 bales. Exports from all India ports record a gam of
27^000 bales during the week and since Aug. 1 show an in
crease of 178,000 bales.
L IV E R P O O L .— B y cable from Liverpool wo have the
following statement of tho week’s sales, stocks, & c., at
that port:
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— The following aro the receipts and shipments for
the weok onding Sept. 29 and for the corresponding week
_________
ofjtho two provious years:
Sales of tho week_______________
Of which speculators took..
Of which exporters took_
_
Sales, American________________
Actual export---------------------Forwarded__________________
Total stock____________________
Of which American__________
Total imports of tho week______
Of which American__________
Amount afloat_________________
Of which American__________
1915.
A le x a n d r ia , E g y p tS ep tem b er 29.
R eceip ts (cantars)—
105,570
368,880
This week_______
1913.
1914.
320,000
730,923
4,001
12,725
S in c e
T h is
W eek. A u g . 1.
S in c e
T h is
W eek. A u g . 1.
S in c e
T h is
W eek. A u g . 1.
Liverpool___________
Manchester-------------Continent atul India.
America____________
18,340
8,941
1,087 19,335
13,888
*492
2,714
4,695
5,114
7,105
5,250
5.000 22,500
7,250 14,250
6.000 42,455
100 2,700
Total exports------------
1,087 60,504
3,206 22,164 18,350 81,905
E x p o r ts (bales)—
To
To
To
To
N o t e , __ a cantar is 99 lbs.
Oct. 1.
61,000
7,200
2,000
45,000
19,000
70,000
.
983,000
743,000
38,000
20,000
221,000
194,000
Spot.
Market,
12:15
P .M .
Sopt (1.
3 8%
10 9 H
17 OH
9H
24
Oct.
1
8
15
22
101*
101*
101*
101*
©
©
©
©
< . 3. (1.
1
OH 6 9
9 H 6 10
10 H 7 3
io n 7 3
©
©
©
©
111*
1
1
111*
Ills
7
7
7
7
Mid.
Upl's
1
S. (1. < . d.
5.78
©8 0
@8 11* 6.12
0.44
@8 0
© 7 101* 0.59
41* @ 8
51* © 8
3 @8
3 @8
0
1
6
9
0.97
7.24
7.23
7.12
32? Cop
Twist.
81* lbs. Shirt- Cot’n
ings, common
to finest.
(1. s. d.
No quo tatlons
No quo tatlons
No quo tatlons
No quo tatlons
No quo
No quo
No quo
No quo
tatlons
tatlons
tatlons
tatlons
s. d.
Oct. 22.
2,000
76.000
943.000
699.000
89.000
77.000
(
Quiet.
Monday.
Tuesday.
Wednesday
Thursday.
Friday.
Good
demand.
Saturday.
(
Fair
business
doing.
Good
demand.
Good
demand.
Moderate
demand.
7.24
7.29
7.25
7.28
7.28
7.12
Sales____
Spec.&exp.
4,000
300
15,000
1,500
10,000
1,000
12,000
1,000
10,000
500
8,000
2,000
Quiet,
Quiet,
1*@2 pts.
advance.
Quiet,
11*@21*
pts. adv.
Steady,
Futures. ( Steady,
Market t 2@31* pts. J*@D*
pts. adv.
opened ( decline.
1
P .M . j
2H @ 3H
pts. dec.
Mid.
Upl's
d.
0.00
6.00
5.80
5.55
5.30
5.30
5.30
5.05
S H IP P IN G N E W S .— As shown on a provious pago, the
exports of cotton from tho United States the past week havo
reached 194,700 bales. The shipments in detail, as made
up from mail and telegraphic returns, aro as follows:
Quiet at'
51* @61*
pts. dec.
Quiet,
Steady,
Barely st’y, Barclyst’y, Very st'dy,
Easy,
3J* pts.
8@9 pts. 51* @7 pts. 11* @4 pts. H @ 1 point 5 points
decline.
decline.
decline.
decline.
advance.
decline.
Tho prices of futures at Liverpool for each day are given
below. Prices aro on the basis of upland, good ordinary
clause, unless otherwise stated.
T h e p ric e s a re g iven i n p en c e a n d 100ths.
1914.
ings, common
to finest.
57,000
3,800
12,000
4 5,000
4,000
85,000
932,000
682,000
86,000
63.000
256,000
223,000
Tho tone of tho Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton havo been as follows:
-
Market,
in the market previously noted has been maintained,
cutta is buying, but China trade continues quiot. Tl:
collancous domand is encouraging. W o give prices for to-day
below and leave tlioso for provious weeks of this and last year
for comparison:
8 H lbs. Shirt Cot'n
Oct. 15.
Mld.Upl’ds
Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the weok end
ing Sopt. 29 wero 165,570 cantars and the foreign ship
ments were 1,087 bales.
32s Cop
Twist.
Oct. 8.
50.000
3,400
900
37,000
15,000
71,000
934,000
696.000
36,000
23,000
258,000
222,000
Oct. 16.
to
Oct. 22.
O ctober..
Oct.-Nov.
Jan.-F eb.
Mar.-Apr.
May-Juno
Juiy-Aug.
S a tu r d a y .
p .m .
12H
p .m .
d.
06
06
07
09 J*
12
08
fo n d a y .
12J*
4
T h u s : 7 06 m e a n s 7 06-1004.
T u e s d a y . W ed’d a y .
12M
4
12 Yx
d.
d.
4
T h u rs d a y .
12^1 4
F r id a y .
12 K
4
i d.
96
96
961*
98
98
931*
021*
021*
03
041*
041*
00
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
d.
13
13
14
16H
19
i4 y3
d.
13
13
13>*
16
18
13M
d.
091*
09 'A
10K
121*
141*
10
I ll* 121*
111* 121*
12 12
131* 141*
14 \ U 'A
091* 10
d.
\ d.
11 ’l2J^
11 121*
111* 13
13 141*
13 141*
081* 10
\ d.
06
06
061*
08
08
031*
d.
BREADSTUFFS
Friday Night, Oct. 2 2 1915.
Flour has been pretty steady, with rather more business.
Nobody claims, however, that sales are large. Buyers are
conservative. Very few are making contracts for pur
T o ta l b a les
chases far ahead. Offerings for prompt delivery are in
NEW Y O R K — To Liverpool— Oct. 16— Georgic, 123 West Indian;
creasing. Kansas flour sells more readily. New spring
Oct. 20— Lapland, 9 West Indian------------- - - - ----------------To Manchester— Oct. 19— Phidias, 143 Sea Isla n d ---- - - - - - - flour, in somo cases, is said to be just a trifle moist and
T o Havre— Oct. 18— Chicago, 150; Oct. 2 0 -4 airnlnll, 574
Kansas has been used now and then for mixing. Buyers
To Genoa— Oct. 15— Capri, 3,200; Oct. 16— Elio, 789; Oct. 20
— Palermo, 2,200............................................ - ................- ......... 6,189 noting increasing receipts of wheat are, in many instances,
To Naples— Oct. 20— Verona, 31____________________________
.30 disposed to buy only from hand to mouth, expecting lower
To Vladlvostock— Oct. 15— Indra, 1.150_________________C15
GALVESTON— T o Liverpool— Oct. 15—Cuthbort, 11,794; Doprices for flour sooner or later. The total output last week
fonder, 21,141; Oct. 21— Rlojano, 13,212................................ 46,147
To Manchester— Oct. 21— Jo.se do Larrinaga, 18,393------------ - 18,393 at Minneapolis, Duluth and Milwaukee was 506,950 bbls.,
against 57 9,12 0 bbls. in the previous week and 380,975 bbls.
T o Barcelona— Oct. 15— Barcelona, 6,000; Oct. 20— Mar BalHen I 600______________________________ _____ ____________ 7,500
,
,
,
.
To Genoa— Oct- 16— Monviso, 11,973----------------- --------- ------ 11,973 last year.
W heat declined, owing to good weather, larger receipts
TEXAS C IT Y — To Liverpool— Oct. 19— Orator, 8,912__________ 8,912
T o Mexico— Oct. 21— City of Mexico, 3,210........ ............... - - 3,210 and heavy selling. The arrivals at Minneapolis, Duluth and
NEW ORLEANS—To Liverpool—-Oct. 16— Atlantian, 9,693;
.
Oct. 2 0 — Merchant, 5.538; Oct. 22— Antillinan, 882---------- 16,113 Winnipeg thus far havo been so large as to excite comment.
T o Manchester— Oct. 22— K elvInbrae, 2,300...........- ............... 2,300 A t Winnipeg thoy have in a single day been ten times as largo as
T o Rotterdam— Oct. 21— Amsteldljk, 5.500.............................. 5,500
T o Oporto—Oct. 1 6 -M a r t in Saenz, 1,099 .......................... 1,099 on tho same day last year. Also Canada is said to havo an
To Barcelona— Oct. 16— Martin Saenz, 605------------------------<>0o exportable surplus o'f no less than 250,000,000 bushels.
To Moxico—Oct. 19— Moxlco, 700-----------------------------------700 Canada has been selling to American mills, paying tho
SAVANNAH— To Havre— Oct. 19— Gcorgiana, 8,800; Oct. 20—
And
Con wav. 8,000_________________________ __________ ____ — 16,800 American duty to secure an outlet for its big crop.
To Genoa— Oct. 16— Mohacsfield, 8,409 ................................. 8,409 Franco has re-imposed a heavy import duty— 7 francs per
BRUNSW ICK— To Manchester— Oct. 21— Brika, 7 9 3 --.................
793
1303
THE CI-IHONTCLE
quintal. Spain evidently needs less foreign wheat than was
expected, tor her import duties are continued by official
edict.
J ins was considered a bearish factor. So was a
rumor that the Fronch Government is to requisition wheat.
Latterly, too, foreign markets have not responded so readily
as formerly to bullish news from the United States. Also
the world s supply increased last week 15,200,000 bushels,
ln a t contrasts strikingly with an increase in the same week
last year of only 3,5 77,000 bushels. The crop outlook in
India is favorable. Native offerings in the United King
dom have increased. In Australia favorable rains increase
the already confident expectation of a largo yield. To some
it looks like a decreased export demand hero in the immediate
luture though a fair business has been done with Europo dur
n m ' i ° , ^ 1 ^anf^ world’s stocks aro
?r
^y rtnrwinn i
>G00,000 bushels less than a year ago and
53,000,000 less-than in 1913. And it is believed that, sooner
or later. Europe will have to import freely from this country
In Holland the yield is only fair; the quality is poor. Argen
tina needs rain. In France there is an urgent demand for
wheat, labor is scarce and wanted to harvest and move the
new crop, and the quality has been lowered by rains and oxnnoU
onA , Gr. e° e . officiaUy authorizes the purchase of 6,
e
0 0 0 ,0 0 0 bushels between October and December, and it is
believed that similar importations will have to continue
the season. The import needs are placed at 10,000,
0 0 0 bushels against 11,000,000 bushels last year the crop
being poor owing to drought. In Odessa they do not
believe that the Allies will be able to force the Dardanelles
Had weather has stopped the late harvesting in Russia.
Wet snow and cold thero havo served to restrict tho movoment
°JP
.tl?e1cr°P- * ooc ln Parts of Russia is said to bo scarco;
officials who bought on speculation refuse to sell. Much
harvested gram there has been exposed to tho elements
whereby the quality has been noticeably lowered. Tho Rus
sian crop is said to be of only fair size and of indifferent or
poor quality
Native supplies in the United Kingdom aro
strongly held,
th ey aro not as abundant as was expected.
I t a ly will have to import heavily; its native arrivals are
sma I and continued rains have delayed harvesting and
marketing.
lo -d ay prices declined on heavy selling partlv
on stop orders. Fears of a congestion of supplies at Buffalo
caused selling. Europo sold freely at Chicago and Winnipeg.
DAILY CLOSING PRICES OE W HEAT FUTURES TN
YORK
TV,, o r(vi
.
SaL
M o n . T u s. W d . T h u rs. F r i.'
December dUlVeryTn e l e v a t o r " 1169-Si'
1 ® llT ' ®
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
December deliverw In olerator.ct.s.10SR 103°R 10T r v H R To3K 100k
M ay delivery In elevator.................109R 107j| 1 0 7 4 105R 101R 103
Indian corn declined, owing in a measure to the lower
prices tor wheat. Country offerings of now corn havo in
creased. Illinois is expected to begin shipping next week.
Iw o cars of new corn received at Chicago the other day
from Oklahoma graded N o. 2 mixed. The Eastern demand
at Chicago has been rather poor. Export trade has boon
lacking. Whereas tho available supply of American de
creased last weok only 216,000 bushels it decreased in the
same week last year over half a million bushels moro than
that. In other words tho demand has not been urgenttar from it.
1 he weather has been fine and everybody
knows that the crop is very large. Little attention has
been paid to the firmness of Liverpool prices. Y et Liver
pool advices have reported that prices hardened perceptibly
as a result of cold weather, increasing consumption and tho
tact that reserves were only fair. Argentina is holding a
large exportable surplus but the Continent is absorbing
ooln in larger quantities at higher prices. Disturbing
reports recently from America havo helped the advance and
the barley supply available is small. To-day prices ad
vanced in response to a sharp rise in Liverpool, i. e. 1 to 2d
Big Chicago olovator interests woro buyers.
DAILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O R K .
S a t.
M on.
T u e s.
58R
60R
58R *58™' 58 ‘
59R 59 %
59 R
Oats declined, partly in sympathy with a fall in other
grain. Large interests havo been steadv sellers of Decombor.
t he spread between December and M a y widened early in
the week to nearly ono cent, as against y so. in tho previous
week. Country offerings increased for a time.
Receipts
grow larger. Domestic sales were small. Y e t, on declines
commission houses have been pretty good buyers. Latterly
too, country offerings have been small. And tho avail
able American supply increased last week only 681,000
buslmls, a-pinst an increase in tho same weok last year of
2,3o0,000 bushels. Tho supply is only about half as largo
?nia yea,r, a" ° and le,ss than half what it was at this time in
,
1J13. Also, there has been somo export demand. Liver
pool advices say that prices continue to harden, as tho
consumptive demand is good and arrivals of of nativo, both
in the United Kingdom and Franco are inadequate for homo
needs. Still, in tho United States tho fact is not forgotten
that wo have an unprecedented crop and thero is no dis
position to push matters on tho bull side. To-day prices
declinod with only a moderate demand.
D A IL Y CLOSING PRICES OF OATS
Standards
S<lt‘ M o n
aoanaaras.------------ -------------- cts. nom. notn.'
N o. 2 white____I I I I I I l l ' l l : . . / _ hom. noin.
D A ILY CLOSING PRICES OF OATS FUTURES IN CH ICAGO.
Docsmber dslivory in elevator._
May dalivory in elevator............."
IN NEW Y O R K
Tues
W ed- nom. F r i .
nom.- nom. T h u r s . norn.
nom. nom. nom. nom
49R
to U
I0 R
40>1
38N
m
39jf
98 '
3 9 R 39R 3 9 H
The following aro closing quotations:
GRAIN
vVheat. per busbol— f. o. b.
Corn per bushel—
C Is.
N Spring. No l. new___ $i 1 I V
N o. 2 mixed_______f. o. b.
nom.
N. Spring. No 2 _________
No. 2 yellow______ c. i. r.
76 H
Red winter. No 2, new !” 1*26*"
No. 3 yellow____________
Hard winter. No. 2_______ 1 26
Argentina in bags_____H I .
Oats, per busbol. new—
Cts.
Rye. per bushel—
Standard ________________ Notn.
New Y o r k .........................Si 10 R
No. 2. white_____________
Nom Western. No. 2, uew______ _______
No. 3, White........... .......41 @42 Barley— M altin g __________64 @ 66 c
FLOUR.
Winter, low grades____ $ 4 40©
62 Kansas straights, sacks.$5 30©$5 60
Winter patents___ __ _ 5 90© 6 10 Kansas clears, sacks_ 5 10© 6 30
_
Winter straights______ 5 35© 5 60 City patents______
Winter clears___________ 5 20(9) 5 40 Rye flour. ...............I 4* 85 @* 5*60
Spring patents__________ 5 t;o@ 5 90 Buckwheat flour______
Spring straights_________ 5 40© 5 65 Graham flour________ I 4 45@ *4 85
Spring dears___________ 5 00© 5 20
Tho statement of tho movement o f breadstuffs to market
indicated below are prepared by us from figures collected by
tho Now York Produce Exchange. Tho receipts at Western
lake and river ports for tho week ending last Saturday and
smco Aug. 1 for each o f the last three years have been:
Receipts at—
Chicago. .
Minneapolis.
Duluth____
Milwaukee..
Toledo____
Detroit____
Cleveland . .
St. Louis__
Peoria........
Kansas City
Omaha...
Total wk.’ 15
Same wk. '14
Same wk. ’ 13
Wheat.
Barley.
Rye.
bbls.lOQlbs bush. 60 lbs bush. 56 lbs. bush. 32 lbs bushAHlbs. bu. bblbs.
183.000
1.028,000
2.789.000
3.203.000
185.000
326.000
28,000
31.000
1.018.000
82.000
1.466,000
594.000
1,749,000
69,000;
447.000 10,750,000
479.000 9.757.000
307.000 6.423.000
94.000
5.000
14.000
88.000
63.000
191,000'
33.000
57.000
37.000
215.000
309,000;
74,000;
108.000
2,216,000
811,000
1,319.000 1,264,000
182,000
487.000
830.000
338.000
99.000
62.000
95,000
391.000
54.000
220.000
73.000
156.000
225.000
104.000
197.000
147.000
84,00#
2.842.000
1,960,O O
O;
2.938.000
5.801.000 3.027.000
7.414.000 2.687.000
4.606.000 2.827.000
552.000
689.000
298,00#
8,00#
12.000
Since Aug. 1
1915........ 3.893.000 123,589,000
02.637,000 23.366,000
1914____ 4.951.000 147,025,000 33.610.000 93.429.000 27,020,000 6,552,000
38.490.000 '
0,716,000
1913____ 4.323.000 105,580,000 43.027.000 70.434.000127.992.000 4,914,000
Total receipts of flour and grain at tho seaboard ports for
the weok ended Octobor 16 1915 follow:
Flour,
Wheat,
bush.
Corn,
bush.
Receipts at—
bbls.
New York______ 317,000
Boston................. 45,000
Philadelphia........
41,000
Baltimore.............
43,000
Newport News....
_
Mobile.................
17,000
New Orleans*___ 128,000
Galveston.......................... ..
36,000
Montreal.............
St. John________
_____
016,000
849.000
1,496,000
120.000
Total week 1915 627,000
IncoJan 1 1915.20,592,000
Week 1914
632,000
Since Jan. 1 1914.18.049.000
11,158,000 762.000
762,000
116337,00044,129,000
6,540,000 255,000
187667,00021,417.000
4.086.000
537.000
1.187.000
1.879.000
388.000
Oats,
hush.
545,000
Barley,
bush.
Rye,
bush.
733,000 102,000
95.000
67,000 100,000
19.000
590,000
17,000 146.000
299,000 164,000 298.000
867,000
1,0 0 0
31,000
43,000
60,000
70,000
20,000
130,000
6,000
2 (Lo66
2,718,000
2,718,000
119723,000
3,403,000
52,568,000
469,000
469,000 558,000
9410.000 10377000
785,000 174,000
11076000 4270 000
♦Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from tho several seaboard ports for the week
ending Octobor 16 are shown in tho annexed statement:
Wheat,
Corn,
bush.
Flour,
bbls.
Oats,
bush.
Rye,
bush.
Total week___9.195,092
Week 1914.........3,885.403
Barley,
bush.
Peas,
bush.
91,357 336,621 2,623,304 889.515 466,159
198,997 231,583 2,032,855 309,381 262,867
Etports from —
bash.
New York_____ 1,806,635
Boston............... 616,656
Philadelphia___ 927.000
Baltimore............ 1,491,801
Newport News.. 388,000
_____
Mobile________
Now Orleans___ 428,000
Galve-ston______ 750,000
Montreal............2,667.000
St. John, N. B ... 120.000
7,032
2.805
8,233 186,174
124 15,612
42,000
9,835
720,9 43 351,414 311,178
1,990
703,000 171,000 48.000
260,425 367,tOl 106,981
867,000
17,000
17,000 33,000
66,000
7,932
4,000
33,000
..........
..........
Tho destination of those exports for tho weok and since
July 1 1915 is as below:
Wecl. T h u rs . F r i .
No. 2 yellow...............................cts. 78 R 77
77
77 % 77 R 70R
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Decomber delivery in elerator.cts. 60R 59°R
M ay delivery in elevator--------------61R
60R
[Vol. 101.
Week.
Exports fo r week and Oct. 16.
since Ju ly l to—
bbls.
Since
Ju ly 1
1915.
bbls.
- WheatWeek..
Oct. 10.
bush.
Since
Ju ly 1
1915.
bush.
United Kingdom...148,641 1,353,420 3,072,783 23,161,823
Continent............... 78.838 758,165 6,066,993 43,723,463
So. & Cent. America 58.935 599,469
53,316 1,361,559
West Indies......... 44,851 374,885
2,000
32,000
Brit. No. Am. Cols. 6,170
16,042
.........................
Other countries___ 1,188
97,521
408,875
----- -Corn ---------- Week.
Oct. 16.
bush.
6,528
83,575
842
412
Total.................. 336,621 3,199,502 9,195,092 68,087.725
Total 1914............. 231,533 3.8S9.829 3,SS5,403 101.605.612
Since
Ju ly 1
1915.
bush.
14 4 ,9 17
1,718,101
1,303,576
783,654
1,942
5,733
91,357 3,962,913
_
_ 2,343,329
198,997 ________
The world’s shipments of wheat and corn for tho woek
ending Octobor 10 1915 and since July 1 1915 and 1914 are
shown in the following:
Wheat.
Exports.
1915.
Week
Oct. 16.
Corn.
1914.
1915.
Since
Ju ly 1.
Since
Ju ly 1.
Week
Oct. 16.
Since
Ju ly 1.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
1914.
Stnee
Ju ly 1.
Bushels.
North Amer* 1290-4 000 103.373,000 129,187,000
19,000 3,501,000 1.505.000
1,036,000 2,906,000 11.922.000
1.531.000
2.347.000
9.431.000
16,666 7'.570.666 3.59 4,000 0,775*,666 80,932,666 48,250,000
..........
.............
7.432.000
- ........! 11.292, 00 11.384.000
.............
312,000 3,428.000 2.508.000 85*0*.666 1,354*.666
Total___ 142630)0 133,569,000 168,374,000 7,641,000 85,787,000 60,783,000
North America —1 he Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This Is effective
during the continuance of tho war.
Danube___
Argentina . .
Australia__
India.........
Oth. countr’s
(*ar. 23 1915.]
THE CHRONICLE
13 93
W hile demand for staple cotton drygoods shows no signs
of slackening, the advancing tendency of prices seems to be
checked for the time being. A slightly easier tendency
was noticeable in gray goods during the week, some widths
C orn .
W h ea t.
being offered at an eighth to a quarter cent lower. In other
U n ite d
j
U n ite d
respects price lists are about unchanged except that stand
K in g d o m . | C o n t in e n t .
T o ta l.
T o ta l.
C o n t in e n t .
K in g d o m .
ard brown drills are held at 7 } 4 o ., or J^c. higher than last
B u s h e ls .
B u s h els .
B u s h e ls .
B u s h e ls .
B u s h els .
B u s h e ls .
. . . 32,938.000 week’s quotations. Bleached goods are becoming stronger,
35.680.000
Oot. 16 1915-___ 29,384,000 as a result of the situation in the bleaching industry.
‘29,176,000
Oot. 0 1915. ......... 20,928,000
32.040.000
Bleachers and finishers report that their operating ex
Oot. 18 1913.. 15,680,000 18,504",666 34.184.000 13,081.000 10,531,000 23,612,000
penses are the highest in their history, owing to the in
The visible supply of grain, comprising tho stocks in creased cost and scarcity of tho necessary bleaching and
granary at principal points of accumulation at lake and finishing chemicals. As a result, bleached goods are likely
to bo placed at much higher levels in order to offset the
seaboard ports October 16 1915 was as follows:
increased cost of finishing, as well as the rising price of
GRAIN STOCKS.
cotton. The situation in colored goods remain unchanged.
B a r le y ,
R ye,
C orn,
O a ts,
W h ea t,
b u sh .
While selling agents and manufacturers are warning cus
b u sh .
b u sh .
b u sh .
b u sh .
Units d States —
163.000
927.000 235.000 137,000 tomers of a serious shortage in dyes, particularly as regards
___
944.000
New York----------93,000 105,000
2,000
28,000
___
5,000
Boston--------------certain colors, the demand for goods continues dull, buyers
55.000
360,000 265.000
___ 1,051.000
Philadelphia_____
124.000 1,884.000 483.000 107,000 evidently not placing much confidence in the reports.
In
___
891,000
Baltimore-----------9,000
..........
90.000
. ._
10,000
Nowport News___
some shades, the scarcity is fully realized, however, as
27.000
80,000
. 935,000
New Orleans_____
10.000
.........
contracts are being closed on a limited basis only, but in
1.540.000
Galveston...............
89.000 441,000
307.000 1,683.000
_ 3,500,000
Buffalo__________
tho general run of colored goods buyers are taking their
6,000
30,000
453,000
. 553.000
Toledo__________
chances of securing goods as needed. Gray goods, 38-inch
"
100,000
“ afloat_______
19,000
128.000
297,000
253,000
Detroit...... ............
68,000 standard, are quoted 4 % c . to 4J^c.
24.000
1.039.000 3,185,000 4,759,000
Chicago------ ------96,000
8,000
119.000
422,000
___
30,000
W O O L E N G O O D S .— M ild weather continues to hold
Milwaukee.............
53,000 2,138,000
_____
591,000
___ 3,278,000
Duluth..................
9,000 387,000 back retail business in fall and winter lines of woolens and
29.000 1,362,000
____ 919,000
Minneapolis.........
1.00C worsteds. Cutters-up and custom tailors are in the market
5,000
____ 578,000
152.000
337,000
St. Louis........... .
4,000
____ 546,000
48.000
282,000
Kansas City...........
for a good volume of heavyweight goods to complete their
____
4,000
66.000
627,000
Peoria....................
226.000
497.000
.......
210,000
requirements for the season, but do not find supplies plenti
Indianapolis......... .
18,00
20.000
47.000
372,000
____
326,000
Omaha_____ ____
Desirable lines of heavyweight woolen and worsted
107,00 ful.
79,000
-------111.000
........ 1,920,000
On lakes......... ......
..........
126,000
dress goods are becoming scarce and buyers complain that
196,000
On canal and river. .......
3.605,000 mills are backward in making deliveries of goods ordered
Total Oct. 16 1915........ 18,888,000 4.829.000 15,177.000 1.401.000 3,343,000
1.413.000
Total Oct. 9 1915____ 18,246,000 5.026.000 14,753,000 2.071.000 5,102.000 some time ago. Cloakings for fall and winter aro wanted
4.055.000 31,359.000
Total Oct. 17 1914____ 60,156,000
for immediate and nearby delivery and quite a good busi
Total Oct. 18 1913........52.401.000 7.352.000 30,752,000 1.755.000 5,762.000 ness is being done in these. Buyers are showing a better
Vote —Bonded grain not Included above: Wheat, 1,128,000 bushels at Now York,
395 000 Balthnore 3 000 Philadelphia. 97.000 Boston, 1,857,000 Buffalo, 368,000 interest in spring 1916 offerings, particularly in the new
liuluth- tota 3 848 000 bushels, against 1,132,000 bushels In 1914. Oats. 73,000 novelty lines which are now beginning to make their appear
mmhels at Duluth against total of 227,000 In 1914: and barley. 105,000 bushels at ance in the market. Manufacturers, while heavily booked
Boston 89 000 Buffalo, 35,000 Duluth: total, 229,000, against 43,000 bushels In 1914
with spring business, are warning buyers to cover their
Canada—
4,000
127.000
7,000 119,000 requirements early, as the same difficulty that exists now in
Montreal_______________ 1’Zi? 2
2 ’!!9
........ 1,116.000
........................... making deliveries is likely to prevail next spring unless
Ft. William and Port Arthur 9,850,000
........
121,000
...........................
Other Canadian_________ 3,666,000
there is some improvement in the dye stuff situation in the
4,000
1,361.010
7,000 119,000
Total Oct. 16 1915........ 15.299,000
........
1,343.090
7,000 147,000 meantime.
Total Oct. 9 1915...... .14,309,000
62.000 4,261.000
..........
93,000
F O R E IG N D R Y G O O D S .— Linens of all descriptions
Total Oct. 17 1914____ 24.581,000
58.000 6,803,000
18.000 471,000
Total Oct. 18 1913........ 15,982,000
are in active demand in the local market, with buyers
S u m m a ry —
seoking early deliveries on most of the business placed.
___ 18,888,000 4,829,000 15.177.000 1,401,000 3,605,000
American-----------7,000
119,000 Importers report an active inquiry concerning goods for
___ 15.299,000 4,000,000 1,361.000
Canadian-----------future delivery and state that they could book a very heavy
.34,187,000 4.833.000 10,541,000 1.408.000 3.724,000
Total Oet. 16 1915.
.32,555,000 5.026.000 16,096,000 1,420,000 3,490,000 business for deliveries running through next spring if they
Total Oct. 9 1915.
.84,737,000 4.117.000 35,623,090 2.071,000 5,195,000 wero in a position to quote on both prices and deliveries
Total Oct. 17 1914.
.70,383,000 7.410.000 37,558,000 1,773,000 6,233,000
Total OOt. 18 1913
that far ahead. Stocks in the hands of jobbers and dis
tributors are badly broken up and many of the lines most
needed, such as damasks, towelling and crashes are very
hard to obtain on short notice. The scarcity in these is
THE DRY GOODS TRADE
being made up as well as possible by substitutes of cotton
N ew York, Friday Night, Oct. 22 1915.
or cotton and linen mixtures. Retailers are in the market
Activity continues to prevail in drygoods markets with for spot supplies of all kinds of household goods to make
little change in the situation from last week. Unusually up their special “ Thanksgiving sales,” which will bo opened
mild weather throughout local territory has restricted rotail shortly. Inquiry for spring dress linens is good, but owing
sales of winter goods and caused retailers to delay giving to the uncertain dye situation and the inability to get foreign
their attention to their spring requirements. Business manufacturers to quote ahead bookings aro being held
from out-of-town sources, however, is very satisfactory back. Little change is noted in the market for burlaps, an
and a much hotter inquiry is reported for spring lines. Tho activo demand being reported for heavyweights, with light
rocont advances in cotton goods prices has not served to weights quiet. Lightweights are quoted at 5.35c. and heavy
check demand and buyers, if anything, are more willing to weights at 7.75c.
cover their requirements into tho future. Tho finished
&
good* market is governed entirely by conditions in tho
raw material market, and most factors consider present
The importations and warehouse withdrawals of dry goods
prices comparatively low considering tho cost of cotton and at this port for the week ending Oct. 16 1915 and since
cotton yarns. Soiling agents and comm ssion houses are Jan. 1 1915, and for the corresponding periods of last year,
firm in thoir price views, and while they admit that demand wero as follows:
might fall off following any further advance in values, tlioy Imports Entered fo r Consum ption for t h e W eek and Since Jan. 1
W e e k e n d in g
____
bolieve that mills are sufficiently well covered ahead to
O ct. 16 1915.
S in c e J a n . 1 1915.
V a lu e .
permit a period of quietness. Reports from mill centers
Pkgs.
P kgs.
V a lu e .
$
% n99
bear them out inasmuch as mill operations are reported Manufactures of—
7.048.980
26,882
Wool
756
171,1)22
to bo on a largor scale than for many seasons past. This
85,613 22,808.381
C otton ........... ' ......................... 1.728
392.991
45.503 20,875.929
Silk
' ...............
666
204.953
applies not only to cotton goods, but to woolens and worsteds
9,222,085
39,686
liax- : : : : : : : : : : : ......................... i.656
16 7 .15 6
as well. In tho latter caso large export orders to meet tho
87.997 12,129,372
Miscellaneous________________ 1,205
482,129
requirements of tho countries ongaged in tho war liavo
Total 1015
- - 6,011 1,418,251 285.686 72.084,747
brought about unprecedented activity among tho mills in
Total l o i t : : : : : : : : . . .........7 , 2 1 8 1 ,9 8 1 , 2 1 0 4 2 9 .9 1 3 1 0 6 ,0 0 5 ,4 5 s
a position to accept such business. Jobbing houses report
W arehouse W ithdrawals T hrow n Upon the Market.
an active demand from all sections of tho country for prompt Manufactures of—
4,746,027
15,273
98,573
...........
349
supplies of fall and winter goods, as well as advanco in
6,863,541
22,216
174,949
...........
485
5,393,002
14,383
quiries on goods for next spring. Retail trade throughout
91.427
___
309
4,408,621
21,243
102,323
______ 1,179
tho country is mproving steadily in both manufacturing
4,579,627
53.284
166,560
...........
413
Miscellaneous_________
and agricultural districts, and as small-town retailers have
633,832 126,399 25.990,818
...........2,735
had sovoral poor seasons, purchasing only on tho most
1,418,251 285.686 72.084,747
conservative basis, the outlook is apparently good. Little Entered for consumption.. ...........6.011
........... 8.746 2,052,083 412,085 98,075,565
ehango is roported in tho export situation. N o inquiries
Total marketed 1914. ______ 9,869 2,530,581 591,058 134,669,587
have been received from China and such Red Sea buyers
Im ports Entered for W arehouse D uring Same Period.
as wero in tho market liavo withdrawn, owing to tho ad Manufactures of—
3,395,330
10,106
43.660
295
vanco in prices. Additional contracts for several hundred
W o o l............................... ...........
5,379,023
17,196
65,597
..
181
C o tto n ________________
bales of standard drills liavo been closed with India and moro
4,351,755
11.553
57,952
___
127
4.109,438
19.429
48,267
aro expected to follow. A good business is being done in
..
213
F la x __________________
4,073.264
50,909
168,577
443
Miscellaneous_________ ______
low priced colored cottons with South America and Insular
384,053 109,193 21.308,810
______1,289
markets.
1,418.251 285.686 72,084,747
D O M E S T IC C O T T O N G O O D S .— The compilation of tho Entered for consumption.. ........... 6,011
1,802.304 394,879 93,393,557
weekly returns of exports of cotton goods has been tem
Total imports 1915— ...........7,300
Total Imports 1914— ...........10,503 2,919,157 563,255 137,537,265
porarily discontinued by tho Now York Custom House.
Tho quantity of wheat and com afloat for Europe on dates
mentioned was as follows:
____
Importations
Warehouse Withdrawals of Dry Goods.
1391
THE CHRONICLE
'U J M T
* *
<Pie
-
< & h x0 u i t h .
PUBLISHED W EEKLY.
_
T erm s o f Su b scrip tion — P ayable in A d v a n ce
F or One Y ea r.............................
nn
For Six M onths................................ .................................................................* 1(?
European Subscription (including postage).'!.".*...................................... l x no
European Subscription six months (including p o s t a g e ).'" .'" ” " ....... 7 50
ai^nitral.?jUl,Q r.l^tl<)nJ n London (including postage).................... " " " £ 2 14s
C
Subscription in London (including postage)___
£ 1 1 1 m’
Canadian Subscription (including p o s ta g o )............... ...................... " " ." .$ 1 1 5 0
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
Front, Fine and Depeyster Sts., New Y ork .
a d le s s oTalf,e i^e
8Vron^S°°!dNewDYork.GraCeN’ D“ “ a“ d A l b r o J ’ N e w t u n ’
Known bondholders, mortgagees, and other security holders, holding 1 % or more
*«*»} amount of bonds, mortgages, or other securities. (If there are n X o
m o Z % L *nd^ot^er°sem^it^lmlders.r” Perty’ and tbcr° f0re n° “ b° ndlloldera’
. .
.. . . .
(Signed) Jacob Seibert Jr.. Editor
Sworn to and subscribed before me this 1st day of October, 1 9 1 5 .
Thomas A. Creegan, Notary Public.
(My commission expires March 30 1917.)
News Items.
Cleveland, Ohio.— E lectio n o n P u rch a se o f C leveland R ail
w a y C o .— On N o v . 2 a vote will bo taken on the following
question; Shall Ordinance N o . 38010, being an initiated
Ordinance entitled, “ An Ordinance authorizing the purchase
° f toe property of the Cleveland Railway C o. by the City
ot Cleveland and the issue and salo of mortgage bonds and
the passago of a franchise as security for such bonds” bo
approved and become an Ordinance of the CityofClovoland?
L eo, Higginson & C o .,
N ational C ity B ank,
Farmers’ Loan & Trust C o .,
K ean, T a ylor & C o .,
Kissel, K innicutt & C o .,
Guaranty Trust Co. o f Now York.
Mechanics’ & Metals Nat. Bank.
Potter, Choate & Prentice,
J. & W. Sellgman & Co.
The loan is exempt from all Italian taxes and the pro
ceeds will bo expended for merchandise and commod
ities purchased by the Italian Government in this country.
n°tes are in coupon form in denominations of $1,000,
$500 and $100; registerable as to principal only. They are
dated Oct. 15 1915 and due Oct. 15 1916. Principal and
semi-annual interest (Apr. 15 and Oct. 15) payable in United
States gold coin at the offices of Lee, Higginson & C o ., Bos
ton, New York and Chicago. The notes are convertible
at the option of the holder at maturity into one-year 6 %
gold notes of the Italian Government, par for par, which in
turn will at maturity be convertible at the holder’s option
into 10-year 5 J ^ % gold bonds of said Government, par for
par.
^ i c2 K . fa8Ued *?y^ he underwriters contains tho following statements:
about 36,000,000, has to-day a national debt
of about $3,247,400,000, or about $90 per capita. This is less than half
thStPArSeo h Pclhcaplta debt Austria-Hungary.
that of either Germany or Pf Franco, or Great Britain, and also less than
about 8 ’3? 8 rMles o f steam railroad, or about
7i®ff„°f, ^ e,mlA
eage,?f tbo collutry- , It also owns all telegraph and substan,
about JU 3QfiPi nn nnnneS-rr AJi°se Public utilities represent an investment of
h
about $1,396,100,000. I f this portion of tho debt, represented by nroductt_vo assets, bo deducted, the not national debt would bo $1,851 300 000
or *501 per capita.
*
*
nnn nnn°,^l«a(noQal ,nterefA charges on tho national debt are about $118,s^nn nnn nnn’* ^ *?r capita.
,
In 1914 tho total revenues wero about
$500,000,000, or $14 per capita.
Interest on tho present public debt
thereforo. consumes only about 23% or tho normal gross revenue
the total public debt o f $3,247,400,000, about $1,910,000,000 (or 60%
of tho whole) consists o f perpotual obligations (“ consols") on which tho
average rate o f interest paid is about 3.59% per annum,
or
tfrn b<£ lnnlnS of tho European war Italy has sold at homo two issues
10-25-year bonds (Included in tho total debt above stated), viz.:
$193,000,000 near the close o f 1914, subscribed for at 97,and$193 000 000
o f , 915’ subscribed for at 95, with the privilege to subscribers
1
Prov,lous Issue to purchase at 93. At 95 these 4 ^ % bonds yield
4.85% if redeemed in 25 years or 5.15% if redeemed in 10 years.
y
Municipal Securities Corporation of Chicago.— Offering o f Collateral Trust Bonds.— The Hanchett Bond Co of
Chicago is offering at par and int. $50,000 6 % collateral
trust gold bonds of the Municipal Securities Corporation,
secured by a like amount of paving tax certificates of tho
cities ot Dallas and San Antonio, Toxas. Tho following
tacts are contained in a circular issued by the Hanchett
Bond C o.:
pen°m . o f bonds, $500 and $100. Date Oct. 1 1915. Duo on r w 1
as follows: $14,500 in 1917 and 1918 and $10,500 in 1918 and 1919- oDtionil
22, an,y ,uterest-payiiig date at 101 and int. in inverse numerical order.
IlHnAisar'hI
?^i^«nUai’ i1 tpre?t
o
Payable at tho Central Trust Co. of
Illinois, Chicago. J-ho basis of this issue o f bonds is an equal amount of
SU
S re^v5)y V10 Sities a^ovo mentioned, which certificates conbytdtreotP
pav"ingd (subject only to 8°uoral taxes) against property improved
Cifcy o f Dallas certificates ($7,702) aro issued against centrally lo
o t e d business and residence property covering tho following streets- Main
j Iawkins, San Jacinto, Worth, Murray, Cadiz and Hall. The
certificates bear 7% per annum and aro payable through two years, ono-half
of each certificate being payablo annually. Thoy represent it is said
*
ab°ut ono-half o f t ie cost o f tho street paving. tEeTther half bdng
paid part by the city from its general fund and part In cash by tho property
sm ?
ut
°.f P f?perty securing tho Dallas certificates, estimated
•iOlO.OOO. asscsscd valuation for taxation, $382,075.
and h
hiPh Iradn rp A,,ntonl0 certificates ($42,298) are issued against b u s i n g
^ v h fh if? ™ 8
Property on tho following streets: M ain, I ’ccan,
W est 'n ™ ; p A SVVhin0' £ orth ^aredo, Chestnut, C am aron, Van Ness,
f - p A i i f i “ 'oc 9 0 W 0 y P lace’ W oodlawn A ve. and Avenue D . . T he
fZ r/ h
f J J ? , 1! ™ aunum and are payablo through four yea rs,'on oI?A i.‘AC p o. r 1 ' f a c i n g paid annually. T hey represent only about
A
?n n?rt
,° f r 10 s ^ cct Paving, the other ono-half having been paid
owner^
tS Ket‘oraI fund and part in cash b y tho property
S K t r r f * ] 1 5X91coc.o f p roperty securing the San A ntonio certificates,
esum ated $1,532,625, assessed valuation for taxation, $ 9 3 3 675
wiU^thn CeE^EiaT ^ fiil nltien c , rPoration has deposited theso certificates
o
AV n dpp,i ^f-A a i rust C o - L ank, as trustee, under tho terms and conditions
? £ a deed o f turst, prepared by A ttorneys W ood & Oakley, Chicago and
J^fued against them, bonds In tho usual denom inations o f $500 and ’$ 10 0
w ith co.uPons attached for annual interest.
nal
nApai1 Securities Corporation o f C hicago, which issues tho prinp‘? ]
b
? i ^ A lsf ,lnc ° ‘’porated under the laws o f Illinois, has a capital
Inc 25c°h°ie ,™ d
ow,ne, and managed by the H anchett B ond C o ..
d
cUrai’v dy^and0trustee”
Statement of the Ownership. Management. &e., reauired by Act of Aug. 24 1912 of
O c to b e r ^ m s * ln*nCtol Cbronlolo>Published weekly at New York, N Y ., for
Editor, Jacob Seibert Jr., 138 Front St., New York
Managing Editor, Jacob Seibert Jr., 138 Front St.,"New York
^ uJ,r e,83 M.a“ agers, George B. Shepherd and W. D. Biggs, 138 Front St N Y
,
l
Publisher, William B. Dana Company, 138 Front St., New York.
”
’ ‘
Owners: (If a corporation, give Its name and the names and addresses of stock
holders holding 1% or more of total amount of stock. If not a corporation
give names and addresses of Individual owners): Owner, William B Dana
Company, 138 Front Street, New York. Stockholders: Estate of William* B
„
m s 1 L o a n *— Publ i c O ffe r in g . — An issue
ol $25,000,000 6 % one-year convertible gold notes of the
Italian Government is being offered to the public at par
by the following bankers :
[Vol. 101.
(hscrfbed!nUn^
Cdpa^ S0CUrUiCS
Defeated.—Tho proposed
constitutional amendment extending the right to vote to
women citizens was defeated at tho election held in this
State on luesday, Oct. 19. Incomplete returns indicate a
majority of about 50,000 against out of a total vote of
about 311,000.
It is reported that tho proposed amendment authorizing
excess condemnation of land by the Stato or any political
subdivision and tho ono regulating subsequent amendments
to the constitution wero also defeated on Oct. 19.
New York State. Short Time Loan Redeemed.—On
Uct. lo otate Comptroller Travis redeemed tho $6,000,000
six-months notes sold last spring to the United States Trust
Go., the I armors’ Loan & Trust Co., the Now York Trust
Co., the Bank of Manhattan Co., tho Bankers* Trust Co.
and tho Central Trust Co. On tho same day (Oct. 15)
Supremo Court Justice Erlanger denied an application of tho
United Real Bstato Owners Association for a temporary
mjuction restraining the Comptroller from paying tho loan.
®JC0,— Bonds Offered by Bankers.—C. P. Childs &
Go., Chicago; Soasongood & Mayer and the Fifth-Third
Nat. Bank of Cincinnati, and tho Ohio Nat. Bank of Colum
bus aro offering to investors tho $500,000 4 % gold registered
tax-free bonds awarded them on Oct. 14. V. 101, p. 1301.
i 1915. Int. J. & J. 1. Due serially from 1919
to 1956. See advertisement on a preceding page.
Rhode Island.— Population in 1915.—According to the
State Census, tho population of Rhode Island for 1915 is
595,986, an increase of 115,904, or 24.14%, since 1905, when
the last State Consus was taken. Tho population in 1910
was 542,610, according to the Fedoral Census. Below wo
show tho population of oach county for 1905 and 1915 and
the numbor and percentage of increase:
Jersey.
Equal
Suffrage
-Population—
----- I n c r e a s e 4
1915.
1905. Number. Per Ct.
Bristol C o u n ty............................................... 20,525
15,048
5,477 36.39
34,163
& ! nt 9 ? C u 7 ...........................- ............... 43,865
r?t
4,703 13.76
N ew port U o y -n t y ........................................ 38,866
36,073
7,792 21.60
Provldenco C o u n ty . ....................................465,937 370,056
95,881 25.90
W ashington C ou n ty............................
26,793
24,742
2,051
8.28
T o ta l-------------------------------------------------- 595,986
480,082
115,904
24.14
South Dakota.— P o p u la tio n in 1915.— Tho returns for
the third Stato Census, taken this year, show tho population
of South Dakota to bo 582,765. According to the Fedoral
Census tho population of tho Stato in 1910 was 583,888.
Springfield, 111.— School B on d s E n jo in e d . — On Oct. 13
tho Appellate Court ronderod a decision invalidating the
$100,000 bonds voted April 7 1914 for tho erection of the now
Douglas School in Springfiold. Tho higher court reverses
the verdict of tho Sangamon County Circuit Court, which
held that the issue was valid. Tho Court holds, it is said,
that tho proposition to carry should have received a majority
of all tho votes cast at tho election and not merely a majority
of the votes for and against that particular proposition.
Virginia— West Virginia.— G overnor H a tfie ld o f W e s t
V irg in ia A sk ed to Take S teps f o r P a ym en t o f J u d gm en t A g a in s t
State. — Following a conference at Washington, D . C ., on
Oct. 19, tho Virginia Dobt Commission drafted a lettor to
Governor I I . D . Hatfield of W ost Virginia suggesting that
an extraordinary session of tho Wost Virginia Legislature bo
called to take steps toward paying that State’s sliaro of tho
old Virginia debt which was fixed by tho U . S. Supreme Court
in its decree of Juno 14 1915 as $12,393,929 50. (See “ Chron
icle” of June 19, page 2099.) Tho text of tho communication
was not mado public, membors of tho Commission stating
that Governor Hatfield would have to givo it out, if it was to
have publicity, as it would bo a discourtosy to tho Governor
for them to disclose its contonts.
Chairman II. H . Downing of tho Virginia Commission said
concerning the action takon by tho Commission: “ Tho Com
mission at its conference to-day with representatives of
Brown Brothers & C o ., decided to address a lettor to Gover
nor Hatfield calling his attention to tho Supremo Court’s
decree, and asking what action his State will tako in tho
matter. Tho letter is friendly.
It contains no threats and
nono is intended. Tho Virginia Commission earnestly hopes
and desires that tho final settlement of tho debt controversy
be made in tho most amicablo w ay.”
Wyoming.— State C en su s 1915.— Tho population of W yom
ing is 141,705, according to tho Stato Census of 1915. This
compares with 145,965 in 1910 (U . S. Census), 101,816 in
1905 (Stato Census), 92,531 in 1900 (U. S. Census), 62,555
in 1890 (U . S. Census), 20,789 in 1880 (U . S. Consus), and
9,118 in 1870 (U . S. Census).
OOT. 23 1915.]
THE CHRONICLE
Bond Proposals and Negotiationsthis week
have been as follows:
ACADIA PARISH DRAINAGE DISTRICT (P. O. Crowley), La.—
BONDS VOTED.— The proposition to issue $36,000 drainage system bonds
carried, it is stated, at a recent election.
ADAMSTON, Harrison County, W. Va.— BOND SALE.— On Oct. 16
the $21,000 6% 10-year.paving bonds were awarded to tlio Security Sav.
Bank it Trust Co. of Toledo for $21,741 50, equal to 103.53. V. 101
p. 1033. Other bids wore:
Sidnoy Spitzer & C o., Toledo.$21,4371 Clarksburg Trust C o---------- $21,000
Denom. $500 and $1,000. Dato Oct. 1 1915. Int. A. & O.
AKRON, Summit County, Ohio.— BOND OFFERING.— Proposals
will bo received until 12 m. N ov. 17 by James McCausland, City Aud., for
sixteen issues o f streot-impt. bonds aggregating $133,125. Of this amount
$107,425 assess, bonds bear 4)4% int., $6,000 assess, bonds bear 5% int.
and $19,700 city’s share bear 4)4 % int. Prin. and somi-ann. int., payable
at Nat. Park Bank, N. Y . Cert, or cashier’s check on a bank other than
the ono making tho bid, for 5% o f bonds bid for, payablo to City Trcas., re
quired. Purchaser to pay accrued interest.
ALBEMARLE, Stanly County, No. Caro.— BOND SALE.— Tho $30,
000 5 )4% 20-year sower bonds offered on Sept. 6 were awarded Sept. 23
to Wiscassett Mills Co. and Efird M fg. Co. of Albemarle at par.— V . 101,
p. 543.
AMITE COUNTY (P. O. Liberty). Miss.— BONDS PROPOSED.—
Reports state that tho Board of Supervisors propose to float an issue of
$15,000 agricultural high-school-building and equipment bonds.
ANTHON INDEPENDENT SCHOOL DISTRICT (P. O. Anthon),
Woodbury County, Iowa.— BOND OFFERING.— S. R. Lucas will rccoivo
bids for tho $35,000 building and equipment bonds voted on Sept. 30.
V. 101. p. 1208. Bonded debt, $4,500. Assessed value (60% actual),
$700,000.
ASTORIA Clatsop County, Ore.— BOND SALE.— An issue of $51,300
5% 2-20-yoar opt. impt. bonds was awarded on June 25 to the American
Dredging Co. at par. Denom. (51) $1,000, (1) $300. Date Juno 25 1915.
Prin. and annual int. (Juno 25) payable at tho National Park Bank, N. Y .
Total bonded dobt, inch this issue, $716,300. Sinking fund, $98,000.
Assess, val. 1915, $5,606,572: real val. (cst.), $20,000,000.
AUBURN, Placer County, Cal.— BOND ELECTION.— Tho olection to
voto on tho questions o f issuing tho $5,000 firo-truck-purchaso, $2,000 firealarm-systom-installation and $15,000 sewerago-system-extension bonds
will be hold, it is stated, on Nov. 16.— V. 101, p. 1208.
BAKER, Baker County, Ore.— BONDS VOTED.— At an election held
Oct. 11 tho proposition to issue $118,000 water-oxt. bonds carried, reports
state, by a vote o f 206 to 147.
BANGOR JOINT SCHOOL DISTRICT NO. 6 (P, O. Bangor), La.
Crosse County, Wis.— BONDS VOTED.— The question o f issuing $30,000
high-school-building bonds carried, it Is stated, at a recent election.
BARTHOLOMEW COUNTY (P. O. Columbu3), Ind .— BOND SALE.
— On Oct. 15 tho $3,400 4)4% road-Impt. bonds were awarded to three local
investors for $3,440 (101.176) and int.— V. 101, p. 1208. Two other bids
wero received.
BATAVIA VILLAGE SCHOOL DISTRICT (P. O. Batavia), Cler
mont County, Ohio.— BOND SALE.— On Oct. 16 the $30,000 5% 8-37yr. serial coup, constr. and equip, bonds offered on Oct. 15 wero awarded
to Weil, Roth & Co. of Cincinnati for $30,642 50— equal to 102.141.
V. 101, p. 1208. Other bidders wero:
Bolger, Mosser & Willaman,
Otis & C o., Cleveland........... $30,306
C hicago...............................$30,605 Provident Savings Bank &
Field, Richards & C o., Cine. 30,485
Trust C o., Cincinnati_____ 30,291
Scasongood & Mayer, C in e.. 30,476 Fifth-Third Nat. B k.,C inc_. 30,240
Sidney Spitzer & C o., Toledo 30,411 Davies-Bertram C o., Cincin. 30,232
Spitzer, Rorick & C o., T ol
30,385 Hoehler, Cummings & P r u d -_____
don, Toledo_______________30,211
Tillotson & Wolcott C o., Clev 30,321
BAYONNE, Hudson County, N. 3.— BONDS AUTHORIZED.— Ac
cording to local nowspapor roports, tho C ity Commissioners on Oct. 19
passed ordinances providing for tho Issuanco o f $529,000 school bonds.
BEACON, Dutchess County, N. Y .— BONDS NOT .SOLD.— N o sale
was made on Oct. 18 of tho $12,000 4)4% 1-12-year serial paving bonds
offered on that day.— V. 101, p. 1301.
BERGEN COUNTY (P. O. Hackensack), N. 3 .— BOND SALE.— On
Oct. 18 tho $353,000 4'A% road-improvement bonds wero awarded to
A . B. Leach & Co. o f New York, it is stated.— V. 101, p. 1301.
BERLIN, Coos County, N. H.— BOND SALE.— On Oct. 16, $90,000
4% 1 0 -year average bridge refunding bonds wero awarded to Paine,
webbor & Co. of Boston at 100.97— a basis o f about 3.88% . Other bids:
E. II. Rollins & Sons, B ost..l00.579IN . W . Harris & C o., B oston..99.57
Cropley, McGaraglo & C o.,
Baker,, Ayling & C o., B oston ..99.26
B oston................................ 100.216[Homblower & Weeks, B oston.98.01
BEVIER, Macon County. Mo .—BONDS VOTED.— At an election re
cently held this town voted in favor o f tho issuanco or $14,000 bonds to
acquire the Bovior Electric Light & Power Co.'s holdings and to do certain
street improvements, it is stated.
BOGOTA (P. O. Hackensack), Bergen County, N. J.— BOND ELEC
TION.— An election will bo held early in November to submit to tho voters
tho question of Issuing $45,000 school-bldg, bonds. W m. Knight Is Presi
dent of tho Board o f Education.
<
BRADGATE CONSOLIDATED INDEPENDENT SCHOOL DIS
TRICT (P. O. B radgate),1 Humboldt County, Iowa.— BOND OFFER
ING.— Proposals will be received until 2 p. m. Nov. 22 by M . R. Iligby,
Secy. Board o f Education, for $35,000 5% sito-purchaso and building
bonds. Auth., Sec. 2820, D -l and D-2, Iowa Code Supp.; and voto of
80 to 26 at an election held Sept. 4. Denom. (20) $1,000, (30) $500.
Dato April 1 1915. Duo April 1 1936, opt. $15,000 after 2 yoars. A
deposit o f $200 required. Assessed value equalized 1915, $1,452,946.
BRECKENRIDGE, Wilkin County, Minn.— BOND SALE NOT
CONSUMMATED.— Tho Mayor advises us, under dato o f Oct. 11, that
tho sale o f tho $25,000 5% 20-year coupon city-hall and jail bonds on
Aug. 23 to Wells & Dickey Co. o f Minneapolis, was not consummated on
account o f technicalities found in tho proceedings.— V. 101. p. 805.
BREVARD COUNTY (P. O. Titusville), Fla .— BOND OFFERING.—
Proposals will be received until 2 p. m. N ov. 8 by S. A . Osteen, Chairman
of Board of County Commissioners, for $150,000 6% 16 1-3-year (average)
coupon Special Road and Bridge District No. 3 road and bridge-construction
bonds. Autli. Chap. 6,208, Florida Laws 1911; also election held Juno 15.
Denom. $1,000. Dato July 1 1915. Principal and semi-annual interest
(J. & J.) payable at tho Chicago Title & Trust Co. o f Chicago. Due on
July 1 as follows: $4,000 1919 and 1920, $5,000 1921, 1922 and 1923, $6,000
yearly from 1924 to 1928 inch, $8,000 1929 and 1930 and $9,000 yearly from
1931 to 1939 inch Certified check for 2% o f amount of bid, payablo to
Chairman or Clerk o f Board of Commissioners, required. Theso bonds
wero previously offered on Oct. 4.— V. 101, p. 1034.
BRIDGEPORT, C onn .— BOND OFFERING.— Proposals will bo re
ceived until 3 p. m. N ov. 5 by Clifford B. Wilson, M ayor, for $200,000
413% geld coupon or registered (option o f purchaser) school bonds. Series
A. Denom. $1,000. Principal and semi-annual interest— F. & A.— payablo at offico o f City Treasurer. Duo $10,000 yearly on Aug. 1 from 1916
to 1025, inclusive. Certified check on an incorporated bank or trust com
pany for 1 % o f bonds bid for, payablo to City Treasurer, required. Theso
bonds will be certified by tho First Nat. Bank o f Boston and Ropes, Gray,
Boyden & I erkins will givo tlicir legal opinion.
Due $1,000 1916. 1917 and 1918.
BRISTOL, Sullivan County, Tenn .— BOND ELECTION POST
PONED.— ’1 ho election which was to have been held Oct. 7 to voto on tho
question o f issuing tho $60,000 high-school-building and equipment bonds
has been postponed until Nov. 23.— V. 101, p. 1115.
CALDWELL SCHOOL DISTRICT
(P.
o.
Caldwell),
Sumner
County, Kans.— BONDS VOTED.— By a vote o f 306 to 170 tho question
of issuing $50,000 5% 20-year school-bldg, bonds carried at a recent elec
tion. Theso bonds will bo offered for sale about Jan. 1. J. E. Damon,
Clerk Board o f Education.
CALEXICO SCHOOL DISTRICT, Imperial County, Calif.— BOND
SALE.— On Oct. 4 tho $40,000 (part o f an issuo o f $60,000) 6% sito-pur-
1395
chase, building and equipment bonds were awarded to the First Nat. Bank
of El Centro at 100.525 and int. Other bids were:
Torrance, Marshall & C o., Los Angelos_____________________ *$40,400 00
Farmers & Merchants Bank, Imperial_________________________ 40,130 00
Jas. N. Wright & Co., Denver________________________________ 40,110 00
Sweet, Causey, P'oster & Co., Denver________________________ 40,100 00
G. G. Blymyer & C o., San Francisco__________________________ 40,077 50
Industrial Accident Commission, Sacramento__________________ 40,000 00
* On condition an option bo granted on remaining $20,000.
Ir*(
Denom. $500. Date Sept. 7 1915. Prin. and annual int., payable at
the County Treasury. Due $1,000 yrly. from 1 to 10 yrs., inch, and $2,500
yrly. from 11 to 22 yrs. inch Bonded debt, $12,000. Est. valuation taxa
ble real property, $1,819,030.
(p
<
•
i l
CARROLL COUNTY (P. O. Ossipee), N. H.— BOND SALE.— On
Oct. 20 tho $35,000 4% 9 2-3-year average court-house bonds were aw arded,
reports state, to N . W . Harris & Co. of Boston at 101.129— a basis of about
3.85% .— V. 101, p. 1115.
CARROLL INDEPENDENT SCHOOL DISTRICT (P. O. Carroll),
Carroll County, Iowa.— BOND ELECTION PROPOSED.— Local papers
stato that this district contemplates calling an election to vote on the ques
tion of issuing high-school-budding bonds.
CHAPEL HILL SCHOOL DISTRICT, Orange County, No. Caro.—
— BONDS VOTED.— The proposition to issue $25,000 interurban railway
construction bonds carried at a recent election, reports state.
CHAPMAN, Dickinson County, Kan.— BONDS VOTED.— On Oct. 9
the voters approved the issuance of $8,000 light-plant purchase and ext.
bonds. These bonds were voted on Juiv 26, but this election was illegal
because of technical errors. V. 101, p. 544.
CHEROKEE COUNTY (P. O. Rusk), T ex.— BOND ELECTION .—An
election will be held in Road Dist. No. 1 on Nov. 16, it is reported, to vote
on tho proposition to issuo $150,000 road-impt. bonds.
CHICAGO SANITARY DISTRICT (P. O. Chicago), Ills.— BONDS
AUTHORIZED.— The District Trustees have passed over the District
President’s veto a resolution providing for tho Issuance of $2,000,000 bonds,
it is stated.
CHIPPEWA COUNTY (P. O. Montevideo), Minn.— BOND OFFER
ING.— Proposals will be received until 10 a. m. N ov. 5 by J. J. Stennes,
County Auditor, for $20,000 5% County Ditch No. 18 construction bonds.
Denom. $1,000. Int. M . & N. Duo $6,000 N ov. 1 1920 and 1925 and
$8,000 N ov. 1 1930.
Certified check for one-half of 1% o f tho bid,
payable to tho County Auditor, roquired.
CLAY SCHOOL TOWNSHIP (P. O. Amo), Hendricks County, Ind.
— BOND SALE.— On Oct. 19 the $15,550 4)4 % school-refunding bonds were
awarded to J. D . Honan & Son of Danville for $15,800 (101.607)
and int.— V . 101, p. 1034.
Other bids were:
Miller & C o., Indianapolis..$15,7971 Gavin L. Payne & C o.. IndiIndiana Trust C o., Indpls.. 15,794| anapolis_________________ $15,781
Denom. 15 for $1,000, 1 for $550. Date Oct. 19 1915.j » Int. J. & J.
Due yearly on July 1 from one to six years.
CLEVELAND HEIGHTS (P. O. Cleveland), Cuyahoga County,
Ohio.— BOND OFFERING.— Bids will be opened at 12 p. m. N ov. 15 by
H. II. Canfield, Vil. Clerk, for the following 5% coup, assess, bonds:
$38,426 Cedar road dist. No. 3 bonds. Denom. 1 for $426, 38 for $1,000.
Due $426 Oct. 1 1916 and on Oct. 1 as follows: $2,000 1917, $3,000
1918, $4,000 1919, 1920 and 1921, $5,000 1922 to 1924 incl. and
$6,000 in 1925.
23,301 Coleridge road bonds. Denom. 1 for $301, 23 for $1,000. Due
on Oct. 1 as follows: $301 in 1916, $1,000 1917, $2,000 1918, 1919
and 1920, $3,000 1921, 1922 and 1923 and $4,000 1925.
23,170 Corydon road bonds. Denom. 1 for $170, 23 for $1,000. Due
on Oct. 1 as follows: $170 in 1916, $1,000 1917, $2,000 1918, 1919
and 1920. $3,000 1921 to 1924 incl. and $4,000 in 1925.
13,666 Cottage Grove drive impr. bonds. Denom. 1 for $666, 13 for
$1,000. Due on Oct. 1 as follows: $666 in 1916, $1,000 yearly
1917 to 1922 inch, $2,000 1924 and $3,000 in 1925.
20,948 Essex road bonds. Denom. 1 for $948, 20 for $1,000. Due on
Oct. 1 as follows: $948 in 1916, $1,000 1917 andl918,$2,000 1919,
1920 and 1921 and $3,000 yearly from 1922 to 1925 incl.
3,071 Somerton road bonds. Denom. 1 for $71, 6 for $500. Due $71
Oct. 1 1916 and $500 in 1918 and 1919 and $500 in 1921, 1922,
1923 and 1925.
•
Auth. Sec. 3914, Gen. Code. Date "day of sale.” Principal and semlann. int. (A. & O.) payable at office of VII. Treas. Cert, check on a bank
other than the one making the bid, for 10% of bonds bid for, payable to
Vil. Treas., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest.
CLIFTON HEIGHTS SCHOOL DISTRICT (P. O. Clifton Heights),
Delaware County, Pa.— BONDS PROPOSED.— Dispatches state that a
public meeting has been called for Oct. 25 to consider the issuance of $35,000
school bonds.
*
COCHISE COUNTY SCHOOL DISTRICT NO. 2 (P. O. Bisbee),
Aria.— BOND SALE.— An issue of $30,000 5 >4% 2-10-year (ser.) building
bonds was awarded on July 31 $15,00O to tho Bank of Bisbee and $15,000
to the Miners & Merchants Bank of Bisbee for $30,250, equal to 100.833.
Denom. $1,000. Date July 31 1915. Int. J. & J.
k
*1.5*^
COLUMBIA, Maury County, Tenn.— BOND OFFERING'— Seal&i
bids will be received until 12 m. Oct. 29 by E. E. Erwin, Recorder, for
$7,500 6% street-improvement bonds. Denom. $500. Date Oct. 1 1915.
Principal and semi-annual interest payablo at the Hanover National Bank
of Now York. Duo $1,000 yearly from 1 to 4 years, inclusive, and $3,500 in
5 years. Certified check for 10% of amount of bid required.
- - --v.
COLUMBUS, Cherokee County, Kans.— BOND ELECTION PRO
POSED.— Reports state that an election will bo held to vote on the question
of issuing $20,000 bonds to aid the Oklahoma & Interstate Ry. Co.
COLUMBUS, Lowndes County, Miss.— BONDS AUTHORIZED.—
On Oct. 11 tho City Council passed ordinances, it is stated, providing for
tho issuance of $50,000 high-school-bldg., Main St. impt. and electriclight bonds.
COOK SLOUGH DRAINAGE DISTRICT (P. O. Newport), Jackson
County, Ark.— BOND SALE.— On Oct. 5 $50,000 6% 2-20-year serial
drainage bonds wero awarded to James Gould of Pine Bluff at par. De
nom. $500. Date Oct. 1 1915. Int. A. & O.
CORCORAN SCHOOL DISTRICT (P. O. Corcoran), Kings County,
Cal.— BOND ELECTION PROPOSED.— According to reports, this district
is contemplating calling an election to vote on the question of issuing $30,000
school bonds.
IT .= i* l* fe*
BJ
CORSICANA, Navarro County, Tex.— BONDS VOTED.— At the
election held Oct. 12 the questions of issuing the $25,000 school-impt.,
$80,000 strect-impt. and $20,000 sewer-impt. bonds carried, it is stated.—
V. 101. p. 1209.
•DADE COUNTY (P/O . Miami), Fla.— BOND OFFERING.— Proposals
will bo received on or_before 10 a. m._Nov. 12 by the Board of County
Commrs.~.~ J.~J.~Hinson,‘ Chairman*, for $100.000 6% Special Road and
BridgcTDistrict N o.jl bonds. Denom." SI.000. Principal and semi-annual
Interest (J. & J.) payable at tho U. S. Mtge. & Trust Co. of New York.
Duo $5,000 yearly July 1 from 1921 to 1934, inclusive, and $10,000 yearly
July 1 from 1935 to 1937, inclusive. Certified chock for 2% of amount of
tho bid required. Bid must stato when bid will bo complied with.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
DALTON, Berkshire County, Mass.— BOND SALE.— It is reported
that Curtis & Sanger of Boston have been awarded at 100.178 the following
4% bonds:
$50,000 fire bonds. Due $2,000 yearly from 1916 to 1925 incl. and $1,500
yearly from 1926 to 1945 incl.
79,000 fire bonds. Due $3,000 yearly from 1916 to 1925 incl., $2,500
yearly from 1926 to 1944 incl. and $1,500 in 1945.
DARKE COUNTY (P. O. Greenville), Ohio.— BOND OFFERING.—
Proposals will bo received until 10 a. m. Nov. 6 by G. li. Garrison, County
Aud., for the following 5% bonds:
4
$32,450 road bonds. Denom. 64 for $500, 1 for $450. Due $6,500 yearly
on Nov. 6 from 1916 to 1919 incl. and $6,450 Nov. 6 1920.
6,350 ditch bonds. Denom. 12 for $500, 1 for $350. Due $2,500 N ov. 6
1916, $2,350 N ov. 6 1917 and $1,500 N ov. 6 1918.
1396
THE CHRONICLE
Dato Nov. 6 1915. Prin. and seml-ann. int. (M . & N.) payable at office
of County Treas. Cert, check for $300 on a Darke County bank, payable
to Hoard o f County Commrs., required. Bids and checks must be uncon
ditional. No transcript will bo furnished purchaser.
DAVIESS COUNTY (P. O. Washington), In d .— BOND OFFERING.
— John L. Clark, Co. Treas., will receive Dids until 12 m. Oct. 27 for $1,200
4)4% 6>£-year average coupon Lewis Squiro ot al road bonds in Washing
ton 'l'wp. Denon. $210. Date Oct. 15 1915. Int. M . & N. Duo $210
each six months from M ay 15 1917 to N ov. 15 1926, incl.
DAYTON, Montgomery County, Ohio.— BOND ELECTION.— The
questions of issuing the following bonds will be submitted to a voto on
Nov. 2 $457,000 sewer and sidewalk, $130,000 firc-dept., $5,000 water,
$9,000 parks and playgrounds, S17.O0O market-house, $18,000 street
opening, $50,000 workhouse and $115,000 bridge-construction.
• BOND OFFERING.— It is reported that ‘ ‘ municipal authorities on Oct. 13
granted the renuest o f Otis & Co. of Cleveland, for a readvertisement and
resale o f the $338,000 bond issue awarded them on Oct. 13 on the ground
that the purchasers had mado a mistake in their bid.” See V. 101, p. 1302.
New bids will be solicited and opened on November 1.
DECATUR, Wise County, Tex.— BOND SALE.— The $3,000 streetirnpt. and $7,000 water and light plant 6% 10-40-year opt. bonds registered
by the State Comptroller on Sept. 15, have been disposed of, it Is stated.—
V. 101, p. 1120.
DEEP RIVER TOWNSHIP, Moore County, No. Caro.— BOND
OFFERING .— Proposals will bo received until Nov. 1 by the Uoad Commis
sioners, U. L. Spence (P. O. Carthage), Chairman, for $10,000 6% 30-year
coupon road-construction bonds. Interest payable at the County Treas
urer’s office. Certified check for $200 required.
DELTA COUNTY (P. O. Escanaba), Mich.— BOND SALE.— News
paper reports of October 12 state that the Board of Supervisors have com
pleted arrangements with three banks o f the city for the sale of $9,000
county-fair bonds.
DE SOTO COUNTY (P. O. Arcadia), Fla.— BOND OFFERING.— Pro
posals will bo ri'coived until N ov. 15 by A. L. Durrance, Clerk Board of
County Commissioners, for the $350,000 6% 30-year coupon road and
bridge District No. 5 bonds.— V. 101, p. 1035.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. O. Duluth),
St. Louis Countv, Minn.— BOND OFFERING.— Dispatches state that
Charles A. Bronson. Clerk of the Board of Education, will receive sealed
bids until 7:45 p. m. N ov. 5 for $100,000 4)4 % semi-ann. 20-30-yr. optional
school bonds. Cert, check for $1,000 required.
DUNEDIN, Pinellas County, Fla.— BOND OFFERING.— Proposals
will be received until 7 p. m. Nov. 19 by AV. Y . Douglass, Town Clerk, for
the $25,000 6% 1-20-year serial municipal improvement bonds voted
Sept. 4. V . 101, p .467 . Dato Jan.1 1910. Int. J. & J. Certified check
for $500 reoulred
DURHAM TOWNSHIP, Durham County, No. Caro .— BOND ELEC
TION PROPOSED.— Reports state that an election will probably be called
to vote on the proposition to issue $150,000 Alamance, Orange & Durham
liy . & Electric Co. Interurban railway construction bonds.
EAST HARTFORD (P. O. Hartford), Hartford County, Conn.—
LOAN VOTED.—A t a town meeting held Oct. 18 the Board of Selectmen
was authorized to borrow $60,000 for current expenses, it is stated.
EAST ORANGE, Essex County, N. J — BONDS AUTHORIZED.—
The City Council on Oct. 11 passed ordinances providing for the issuanco
of the following 4% coupon (with privilege o f registration) bonds:
$15,000 fire-apparatus-purchase and alarm system lmpt. general bonds,
series 7. Duo in 20 years.
5.000 school bond, series “ E E” . Duo In 10 years.
Date N ov. 1 1915. Int. payable semi-ann. at office o f City Treas.
The abovo ordinances will again be considered on Oct. 11.
EAST YOUNGSTOW N, Mahoning Countv, O h io. — BOND OFFER
ING.— Proposal will bo received until 12 m. Nov. 12 by Carl Anderson
Vil. Clerk, for the following 5% bonds:
$105,000 water works bonds. Denom. $1,000. Dato Dec. 1 1915. Duo
yearly on Apr. 1 as follows: $6,000 1920 to 1929 incl. and $7,000
1930 to 1941 Incl.
45.000 street-lmpt. village’s portion bonds. Denom. $500. Dato
N ov. 15 1915. Due $4,500 yearly on Sept. 1 from 1916 to 1925
incl.
Int. semi-ann. Cert, check for 5% o f bonds bid for, payable to Vil.
Treas., required. Purchaser to pay accrued int. All bids shall be uncondi
tional, except a condition "subject to tho legality of the proceedings of
issue.”
ELKRUN TOWNSHIP, Columbiana Countv, Ohio.— BOND SALE.
— It is stated that the two issues of 5% road-impt. bonds, aggregating
$30,000, offered on Sept. 1, were awarded on that day at par to tho Peoples
State Bank of Lisbon.— V. 101, p. 467.
ELY, St. Louis County, Minn.— BONDS VOTED.— By a vote of 198
to 134 the question of Issuing $40,000 refunding bonds carried, it is stated,
at the election held Oct. 12.— V. 101, p. 1209.
FLORENCE TOWNSHIP (P. O. Berlin Heights), Erie Countv,
Ohio.— BOND SALE.— On Oct. 15 tho $15,000 5% 514-year average
coupon road-impt. bonds were awarded to the Security Savs. Bank * Tr.
Co. for 100.62 and Int., a basis o f about 4.87% .— V. 101, p. 1209. Othor
bids were :
Sid. Spitzer* C o., T o l__ $15,067 OOlSeasongood* Mayer. CIn.$15,017 00
Bright.-Germ. Bk., CIn . 15,065 00 F. L. Fuller & C o ............. 15.015 00
R .L . Dolllngs C o ., TTamil. 15.026 OOlStaoy* Braun. T o le d o ... 15.013 85
Iloehler.Cum.lc Prud.,Tol. 15,018 501Otis & Co., Cleveland___ 15.003 00
FLOYD COUNTY (P. O. New Albany), Ind.— BOND OFFERING.—
Bids will bo received until 10 a. m. N ov. 1 by Claude A. Sittason, County
’I'roasnrer. for $14,880 4 *4% highway-improvement bonds o f New Albany
Twp. Denom. $372. Date Oct. 29 1915. Interest M . * N.
FRANKFORT, Will County, Ills.— BOND ELECTION.— An election
will he held Oct. 28. It is stated, to voto on tho question of issuing $3,900
water bonds.
FRANKLIN, Macon County, No. Car.— BONDS NOT SOLD.— No
sale has yet beep made o f tho $10,0005*4% 30-year coupon public-improve
ment bonds offered on Sept. 6.— V. 101, p. 791.
FRANKLIN COUNTY (P. O. Columbus), O h io.— BOND SALE.—
On Oct. 14 the four Issues o f 5% road bonds, aggregating $64,360, wero
awarded to Field. Richards & Co. o f Cincln. for $66,036 (102.448) and int.
— V. 101, p. 1209.
BONDS RFSOLD.— According to a local newspaper, the $100,000 5%
5K>-.vr. average eme'-veney bridge bonds awarded the Continental * Com
mercial Tr. St Sav. Back of Chicago at 102.10 on Sent. 7. (V. 101. p.958,)
have been resold to 'he Ohio N at’l Bank o f Columbus at the same price.
FRANKLIN SCHOOL TOWNSHIP (P. O. Freedom), Owen Countv,
Ind.— BOND SALE.— The $13,450 4)4 % 5>4-year average school bonds
offered on Sept. 24 were awarded, It is stated, to J. F. Wild & Co. of
Indianapolis at 100.120. a basis o f about 4.46% .— See V. 101, p. 959.
FULTON COUNTY (P. O. Rochester), Ind.-—POND SALE.— On
Oct. 20 the four Issues o f 4)4% 614-year average highway Improvement
bonds, aggregating $65,900, were awarded to tho Indiana Bank S Trust
c
Co. o f Indiananolis for $66,516 75 (100.934) and int., a basis of about
4.33% . V. 101. p. 1302. Other bids wero:
Gavin L. Paynp&Co.,Tnd.$60,452 101 Breed, Elliott & Harrison,
Indianapolis.................... ..$66,364
Omar B. Smith_________ 66,444 45
Mer. Nat. Benk Munele. 66,420 651Miller S C o., Indiananolis.. 66,265
c
GAINESVILLE, Hall County, Oa.— BOND ELECTION.— An elec
tion will be held Nov. 13, it is stated, to submit to a vote the question of is
suing $60,000 high-school-bldg, erection and equipment bonds.
GALENA, Cherokee County, Kans .— BOND ELECTION PROPOSED.
— It is stated that an election will be held to submit to a voto tho question
of issuing bonds to aid the Oklahoma & Interstate Ry. Co.
GALLATIN. Davie33 Countv, Mo .— BOND OFFERING.— W . R.
Handy, City Clerk, will receive bids at any time fo*- $20,000 5% 7-20-year
opt. light and water-plant-lmpt. bonds authorized by voto of 247 to 66 at
an election held Oct. 12.
GALLATIN COUNTY (P. O. Bozeman), Mont.— BOND OFFERING.
— Sealed bids will be received until Nov. 10 by E. H. Schumacher, County
Clerk, itis reported, for $210,000 4)4% 10-20-year (opt.) funding bonds
Denom. $1,000. Date Dec. 1 1915. Int. seml-ann. Bonded debt. In
cluding this issue, $557,000. Assess, val., $16,724,424; truo valuo, $50,
173.272.
[Vol. 101
GARDEN CITY, Finney County, Kan.— BOND SALE.—Commerce
Trust Co., Kansas ( ity, M o., has been awarded an issuoof $4,000 5% 20-yr.
funding bonds at par. Denom. $500. Date July 15 1915. Int. J. & J.
GLASGOW, Valley County, Mont.— BOND OFFERING.— Proposals
will be received until 8 p. m. Nov. 24 by E. S. Sweoney, City Engineer, it is
stated, for the $18,000 6% 10-20-yr. opt. municipal eleetric-light-plant
bonds authorized by voto of 121 to 92 at tho election held Oct. 4.— V. 101,
p. 1302. Int. semi-annual.
GREEN CAMP, Marion County, Ohio.— ROALD OFFERING.— Bids
will bo received until 12 in. Nov. 15 by H. R. Watts, Village Clerk, for
$5,000 5% 5M-year averago coupon electric-light-plant bonds. Denom.
$250. Date Sept. 1 1915. Int. M . S S. Duo $250 each six months from
c
March 1 1916 to Sept. I 1925, inclusive. Certified check for 5% of bonds
bid for, payable to Village Clerk, required. Bonds to bo delivered and
paid for within ten days from time of award. Purchaser to pay accrued
interest. A similar issue of bonds was reported sold on Sept. 27 to the
Mansfield Savs. Bank. See V. 101, p. 1116.
GREENVILLE, Washington County, Miss.— BOND OFFERING.—•
Lyne Starling, City Clerk, will receivo sealed bids until 7:30 p. m. Dec.
7 for $05,000 serial refunding water bonds.
GREENWICH TOWNSHIP SCHOOL DISTRICT (P. O. Greenwich),
Huron County, Ohio.— BOND SALE.— Reports state that tho $12,000
5% 7M-year average coupon taxablo school bonds which were offered on
Aug. 7 have been sold to Rodgers & Son of Chagrin Falls at 100.640. a
basis of about 4.89% .— V. 101, p. 310.
GREENWOOD TOWNSHIP, Moore County, No. Caro.— BOND OF
FERING.— Proposals will bo received until Nov. 1 by tho Road Commrs.,
U. L. Spence (P. O. Cartilage), Sec., for $10,000 6% 30-yoar coupon roadconstruction bonds. Int. semi-ann., payable at tho County Treas. office.
Cert, check for $200 required.
HANFORD, Kings C ounty, Calif.— BOND ELECTION PROPOSED.—
It is stated that an election will probably be called shortly to voto on tho
question of issuing $50,000 water-works ext. and city jail erection bonds.
HARRIMAN, Roane County, Tenn.— BOND OFFERING.1
—Proposals
will bo received until 8 p. m. Oct. 30 by W. C. Anderson, Mayor, for the
$90,000 5)4% gold coupon taxable funding bonds authorized by voto of
285 to 29 at tho election held Oct. 16— V. 101, p. 1209. Denom. $1,000.
Dato Oct. 1 1915. Principal and semi-annual int.-—A. & O.— payable at
Nat. Park Bank, N. Y. Due $20,000 Oct. 1 1920, $4,000 yearly OcC l
from 1921 to 193T Incl. and $2,000 Oct. 1 1938. Certified check for $1,000,
payablo to above Mayor, required. Bonded debt, incl. this issue, $110,000;
total floating debt, $120,783 65. No sinking fund. Assess, val. 1915,
$1,287,082. Est. valuation is from $3,000,000 to $3,500,000. Tax rate
(per $1,000) $20. Official circular states that there is no controversy or
litigation pending or threatened affecting the corporate existence of tho
boundaries of said municipality or the title of its present officials to their
respective oflices, or tho validity of Its bonds, that tho principal and inter
est of all bonds previously issued have always boon promptly paid at ma
turity, and that no previous Issuo of bonds has ever been contested.
HARRIS COUNTY DRAINAGE DISTRICT NO. 7 (P. O. Houston),
Texas.— BOND OFFERING.— Proposals will bo received until 10 a. m.
Oct. 26 by tho County Judge for $140,000 5% drainage-improvement
bonds authorized by voto of 54 to 21 at an election held Juno 7 1913r
Denom. $1,000. Dato Feb. 1 1915. Principal and somi-annual int.
payablo at the County Treasurer's office. State Treasurer’s office or at tho
Seaboard Nat. Bank, N. Y ., at option of holder. Duo $8,000 yearly
Feb. 1 from 1917 to 1923 incl. and $7,000 yearly Feb. 1 from 1924 to 1935
incl. Official circular states that tliore is no controversy or litigation
pending or threatened affecting tho corporate existence of tho boundaries
of said district or tho title of its present officials to their respective offices,
or tho validity of its bonds, that tho principal and interest of all bonds pre
viously issued have always been promptly paid at maturity. Total bonded
debt, this issue, SllO.OOO. Assessed valuation 1914, $746,305; estimated
actual valuo, $2,000,000.
HARRISON COUNTY (P. O. Gulfport), Miss.— BONDS PROPOSED.
— Notice has been given of the intention of tho Board of County Supervisors
to issue $200,000 road-construction bonds. Jno. J. Murphy Is Clerk Board
of Supervisors.
HEMINGWAY SCHOOL DISTRICT NO. 12 (P. O. Kingstree),
Williamsburg Count 7 , So. Caro.— BOND SALE.— Tho $15,000 20-year
coupon tax-free building bonds offered on Juno 15 havo been awardod to
Sidney Spitzer & Co. of Toledo.— V. 100, p. 2027.
HILL COUNTY (P. O. Havre), Mont .— BONDS PROPOSED.— Ac
cording to local papers this county is contemplating tho issuanco of funding
bonds.
HOBOKEN, Hudson County, N. 3.— BOND SALE.— On Oct. 20 tho
$120,000 4*4% 30-year coupon (with prlv. of registration) street-lmpt.
bonds wore awarded to Geo. B .G ib b o n s* C o .o fN . Y. at 103.912— a basis
of about 4.27%. V. 101. p. 1303. Other bids were:
Farson, Son & C o., N. Y _ $123,885 R. M . Grant & C o., N. Y . .$122,724
_
Kountzo Bros., N. Y . ......... 123,457 A. B. Leach* Co., N. Y . . . 122,636
Bond & Goodwin, N. Y ___ 123,086 Robinson & C o., N. V _____122,137
E. H. R ollins* Sons, N. Y . 123,044 Hoboken Sav. Bk., Hoboken 122,134
Kissel, Kinnicutt & C o.,N .Y 123,036 Stoneck Trust Co., Hoboken 122,100
Hornblower* Weeks, N .Y . 122,904 Blodgett * C o., Now York. 121,896
Remlck, Hodges & C o.,N .Y . 122,895 Sidney Spitzer* C o., N . Y . 121,886
Harris. Forbes & Co.. N. Y_ 122,773 II. L. Craw ford & Co., N .Y . 121,450
HORTON, Brown County, K an .— BOND OFFERING.— Proposals
will bo received until 8 p. in. Oct. 26 by VV. W. Wood, City Clerk, for
$46,150 5)4% 1-10-year scr. paving bonds. Denom. (40) $1,000, (10)
$615. Dato Nov. 1 1915. Principal and somi-annual Int.— M . & N.—
payablo at tho Kansas fiscal agency, Topeka. Duo $4,615 yearly Nov. 1
from 1916 to 1925 incl. Certified check for $1,000 required. Bonded
debt, including this issuo, $350,403 30. Floating debt, $2,071 65. Cash
on hand, $10,607 99. Assessed valuation, equalized, 1915. $2,424,434;
est. real valuo, $3,500,000. Official circular states that there Is no contro
versy or litigation pending or threatened affecting the corporate existence
of tho bondarles of said municipality or the title of its present officials to
their respective offices, or tho validity of its bonds, that tho principal and
interest of all bonds previously Issued havo always been promptly paid at
maturity, and that no previous Issue of bonds has over been contested.
HOUSTON, Tex.— BOND SALE.— Tho City Sinking Fund has pur
chased $287,500 5% 40-year serial gold harbor-improvement bonds at par
anti Int. Denom. (276) $1,000, (23) $500. Dato March 10 1915. Int.
M . & S. These bonds are part of an issue of $500,000, of which $212,500
is being offered on Nov. 1. V. 101, p. 1303.
HUDSON COUNTY (P. O. Hoboken), N. 3.— BOND OFFERING.—
The Finance Committee of tho Board of Chosen Freeholders will receivo
bids until 3 p. m. Oct. 28 for an issuo of $30,000 4)4% asylum addition
bonds. Cert, check for 10% of amount of bid required.
HUDSON FALLS, Washington County, N. Y .— BONDS DEFEATED
— The question of issuing tho $270,000 gravity water-system bonds failed
to carry at the election held Oct. 14. V. 101, p. 1116. Tho vote was
247 "for” to 251 “ against.”
HUMBOLDT COUNTY (P. O. Eureka), Cal.— BOND SALE.— On
Oct. 11 the $125,000 4% Stato Highway bonds, duo In 1956, wero awarded
to tho Anglo * London Paris National Bank of San Francisco at 93.153
and interest. V. 101, p. 1116. Other bids wero:
Girvin & Miller, San Fran. .$116,1251
Lumbermen’s Trust C o. ..$115,142
Byrne * McDonnell,SanFr. 115,9371 Perrin, D r a k e * Riley. Los
Blythe, Witter & Co..S. Fr. 115,5931 Angoles (for $100,000).. . 93,005
All bids provided for payment of accrued interest.
IMPERIAL IRRIGATION DISTRICT (P. O. El Centro), Imperial
County, Cal.— BOND SALE.— As previously stated in these columns
(V. 101. p. 1116). bids wero invited until Oct. 12 for the purchase o f
$3,500,000 5% gold coupon tax-free bonds, tho proceeds of which aro to bo
used for the purchase of tho California Development Co's, water systom.
Wo also made mention in this department of tho contract signed Feb. 8,
by tho terms of which the Southern Pacific Co. agreed to accopt at par
$2,152,500 in district bonds for Its rights in the properties of tho California
Development Co. The Southern Pacific Co. also agreed to purchase at
par an additional amount of bonds such as will bo sufficient to satisfy tho
amount duo upon tho judgment entered In favor of tho New Liverpool Salt
Co. under tho decree of foreclosure entered by the Los Angoles County
Superior Court Jan. 4 1913 in tho event that tho satisfaction of such judg
ment becomes necessary. The Secretary of the Imperial Irrigation Dis
trict, C. M . Berry, advises us as follows under dato of Oct. 15:
O ct . 23 1915.]
THE CHRONICLE
1397
$30,000 sidewalk bonds. Denom. 81,000. Due $6,000 yearly on Sept. I
from 1916 to 1920, incl.
,
__
30,000 sewer bonds. Denom. $500 and $1,000. Duo $1,500 yearly
on Sept. 1 from 1916 to 1925, incl.
Date Sept. 1 1915. Prin. and semi-ann. int., M . & S., payable at Old
Colony Tr. Co., Boston, or at the City Treas. office in Lawrence. The
above trust company will certify as to the genuineness of the bonds and
the favorable opinion of Ropes, Gray, Boyden & Perkins of Boston, as to
tho legality of these issues, will accompany tho bonds when delivered with
out charge to the purchaser.
LEE COUNTY (P. O. Fort Myers), Fla.— BOND ELECTION.— Re
ports state that an election will be held Nov. 9 to vote on the formation of
Special Road District No. 2 and tho issuance of $323,500 road construction
bonds.
LEE COUNTY (P. O. F ort M adison), Iowa .— BOND SALE.— On
Oct. 20 the $91,000 10-yr. aver. coup, funding bonds were awarded to Geo.
M . Bechtel & Co. of Davenport for $91,500 (100.549) and int. for 4 )is , a
basis o f about 4.432%. Other bids for 4)4% bonds'were:
------- Halsey & C o., Chioago$91,379A. B. Leach & C o.. Chicago.S91»12S
'
‘
---------N. W.
a^Tlu^S^uthcfrn^l>
ifdfl<?appealecl from the judgment of tho lower court, and C. W. McNear & C o., C h ic.. 91,300 Harris Tr. & S. B., Chicago. 91,125
a decision was handed down on tho 9th 111st., which slightly modifies the Merchants'Loan & Trust Co. 91,186 . Bolger, Mosser & Willaman,91,091
C h icago_________________
positions of tho respective creditors, and wo now believe that within a
Tillotson & Wolcott Co. of Cleveland bid $91,800 (no int. rate given).
comparatively short time all differences will bo adjusted and that our
John Nuveen & Co. of Chicago bid $93,375 for 5s.
District will obtain control of tho entire system.
,
LEHIGHTON SCHOOL D ISTR IC T (P. O. L eh ig h ton ), Carbon
Under dato of Feb. 8 1915 the District entered into contracts with tho
Southern Pacific (Jo., one of which provides that tho Southern 1 acific Go. C ounty, Pa.— BOND SALE.— In the “ Chronicle” of Aug. 28, page 713,
will soli to tho District all its right, titlo and interest to their claims and we reported the sale o f $100,000 4)4% 30-yr. bldg, bonds to the Pennsyl
judgments for $2,152,500. The other agreement, known as tho supple vania Co. for insurances on Lives & Granting Annuities of Phila. Wo are
mental, provides that tho Southern l>ac fic Co. will furnish funds to tho now advised that “ this company through brokers, will sell S75.000 of these
District in an amount sufficient to cover the judgment of tho New Liverpool bonds: $25,000 are held for local investors.”
Salt Co. with accrued interest, taking therefor Irrigation District bonds at
LEWISBURG, U nion C ounty, Pa .— BOND SALE.— Local investors
were awarded at public auction on Oct. 15 $8,000 4% 30-year coun. paving
^C om plying with their agreements with us, the Southern Pacific Co. on bonds at prices ranging from 101.50 to 102.50. Denom. $100. Date
Oct. 7 submitted a proposal to purchase our bonds at par. in amount Oct. 15 1915. Int. A. & O. in Lewisburg. Bonded debt. incl. this Lssue,
sufficient to cover their own judgment as well as that of tho New Liverpool $32,000: no floating debt. Assessed valuation. $1,392,290.
Salt Co eaual approximately to $3,000,000. T lie exchange of bonds and
LEXIN GTON , Fayette C ounty, Ky.— BOND ELECTION.— An elec
property will bo made and tho property taken over by our District as soon
tion will be held Nov. 2 to determine whether or not this city shall issue
as tho details can be ProP-l'[/
$350,000 4)4% storm-water and sanitary sewage system impt. and ext.
• There were no other bids for our bonds.
bonds. Int. semi-ann. Due $50,000 in 5 yrs. and $10,000 yearly there
INDIANAPOLIS, Ind .— BOND SALE.— On Oct. 12 an Issue of $75,000
Ao/ n-v-voir average bridge bonds was awarded to tho Indiana Trust Co. after.
LEXINGTON, Middlesex County, Mass.— BOND S A L E — Adams &
o f Indianapolis for $75,347 50 (100.403) and int., a basis of about 3.92% .
Donmn" $ I 000 Date Oct. I 1915. Principal and semi-annual interest— Co. of Boston have been awarded at 101.032 (a basis of about 3.86%) an
j & j . — payable at Indiana Trust C o., Indianapolis. Due $25,000 July 1 issuo of $45,000 4% coup, school-house bonds. Due $3,000 yearly on Oct. 1
from 1916 to 1920 incl. and $2,000 yearly from 1921 to 1935 incl.
1921, 1922 and 1923.
LIMA, Allen C ounty, O h io.— BOND ELECTION.— An election will be
held Nov. 2 to submit to a vote the questions of issuing $60,000 electriclight transmission and $34,000 fire department bonds.
Bros2 & O or of S t . Louis at 99.11— V. 101, p. 1209. Denom. $500. Dato
LINCOLN COUNTY SCHOOL DISTRICT NO. 64 (P. O. Ken
N ov. 1 1915. Interest semi-annual.
dricks), Minn.— BONDS VOTED.— By a vote of 136 to 60 the question
JASPER COUNTY (P. O. R ensselaer), Ind. -BOND S A L E — On of Issuing to tho State of Minnesota $20,000 4% 20-year building bonds
Oct. 19 tho SI,400 4 '5 % < 1-3-yr. aver, road bonds wero awarded to carried at an election held Oct. 16.
>
tho PI etch or-Amor. Nat. Bank of Indianapolis for $4,427 75 (100.63)
LINTON, Greene County, Ind.— BOND OFFERING.— Bids will be
and int.— V. 101, p. 1210.
received until 7 p. in. Oct. 26 by W. W. Gilbreath, City Clerk, for $8,000
JOHNSON COUNTY (P. O. F ranklin), In d .— BOND SALE.— On 5)4% 8-year average coup. impt. bonds. Denom. $500. Date Oct. 27
Oct. 20 the $5,400 4 'A% 0H-year average highway-improvement bonds 1915. Int. ann. in Oct., payable at First Nat. Bank of Linton. Duo in
woro awarded to Gavin L. Payne & Co. of Indianapolis for $5,447, equal 4 ,8 , 10 and 12 years. Certified cheek for $100, payable to City Treasurer,
roquired. Bonded debt, including this issuo, $26,000: floating debt, $2,000.
to 100.87, a basis of about 4.35%—-V. 101, p. 1303- Other bids wero:
Assessed valuation, $1,250,000.
j . F. Wild & Co.. Indpls . .$5,438 501 Breed, Elliott & Harrison,
Flotch.Ani-Nat.Bk..Indpls. 5.438 25
Indianapolis. _________ $5,433 00
LONE STAR SCHOOL DISTRICT, Imperial County, Cal.— BOND
E .A .M cA lp in ___________ 5,438 10( Miller & C o., Indianapolis. 5.431 00 OFFERING.— Proposals will be received until 2 p. m. Nov. 2 by M . S.
JONESBORO SCHOOL D IST R IC T (P. O. Jon osboro), C layton Cook. Clerk Bd. of Co. Supers. (P. O. El Centro), for $3,000 6% siteCounty, G a.— BOND SALE.— On Oct. 16 the $15,000 5% 15^-year purchase, bldg, and equip, bonds voted Aug. 21. Denom. $500. Date
aver, gold building bonds were awarded to A. C. Blalock, Pros, of the Bank Nov. 2 1915. Prin. and annual int. payable at the Co. Treas. Due
$500 yearly from 10 to 15, Incl. Cert, or cashier’s check for 5% of amount
o f Jonesboro, of Jonesboro, at par and int.— V. 101, p. 1036. Other bids:
of bonds, payable to the Chairman of Bd. of Co. Supers., required. Pur
Whitaker & Co., St. L ouis..$14,6501 J. II. Ililsman & Co., AtC. W. McNoar St Co.. C h ic .. 14,6251 lanta-------------------------------$14,400 chaser to pay accrued int. Bonded debt. none. Assesg. val., $139,647.
Bolgrr, Mosscr & Willaman,
ISpitz or, Rorick & Co., T oLORAIN, Lorain C ounty, O h io.— BOND SALE.— The following bids
O h icago_________________ 14,550
ledo--------------------------------- 14,110 were received for the S42.021 55 5% 5M-ycar aver. coup, paving refunding
Robinson-Humphrey-WardJ. H. Matthewson, A tlanta.. 14,100
bonds offered on Oct. 19 (V. 101, p. 1210):
law Co., Atlanta_________ 14,4351
Field.Richards&Co.,Cine $42,975 001 J. C. Mayer & C o., Cine $42,740 0
IA. E . Aub & C o., C in e.. 42,736 00
JORDON SCHOOL D IST R IC T (P. O. M idvilo), Salt Lako C ounty, Breed, Elliott & Harrison,
C incinnati___________ 42,920 8 1 1Hoehler, Cummings &
U tah.— BOND SALE.— W e just learn that E. II. Rollins & Sons of Boston
woro awarded on Nov. 13 1914 an issuo o f $25,000 5% 20-yoar building Stacv & Braun, T oledo.- 42.916 611 Pruddcn, Toledo--------- 42,715 00
& Wolcott C o .. 42.895 60|Prov. S. B.
42,714 05
bonds for $23,750, int. and blank bonds. Denom. $1,000. Dato Oct. 15 Tillotson Miller & Co.,Clcv.42.862 5 5 1Fifth-Third & T. Co., Cin. 42,668 00
Hayden,
Nat. Bk.,Cin.
1914. Interest A. & O.
W m.ll.Com pton Co..St. L .42.830 46ISpitzer, Rorick & C o.,Tol. 42,627 30
KENOSHA, K enosha C ounty, W is.— BOND SALE.— On Oct. 15 tho C. E. Denison & C o., Clev. 42,829 55 Bright.-Germ. Bk., Cine 42,626 55
$125,090 4 'A % coupon park-site-purchase bonds wore awarded to R. M . Seasongood & Mayer, Cin. 42,824 55 Nat. Bank, Lorain--------- 42,562 75
Grant & Co.. Chicago, at 101.10 and int. Purchaser to furnish blank bonds Sidney Spitzer & C o., To!. 42,782 05 Otis & C o., Cleveland___ 42,446 55
V. 101, p.. 959. Other bids were
___
Ohio Nat. Bank, Columb 42.777 801First Nat. Bk., Cleveland 42,094 35
.
C o ., Chicago- -$126,525 00 Mcrch. Ij. & T. Co.,Chic.$126,295 00
LOWELLVILLE, Mahoning County,
OFFERING.—
Farson, Sou S C o., Chic_ 12o,«>2.) 00 First Nat. Bank, Milw_.*126,226 50 Proposals will be received until 12 m. Nov. Ohio.— BOND Baker, Village
c
15 by Clifford
A B Leach & C o.. Chic. 126.485 00 Continental & Commercial
Tr. & Sav. Bk., C h ic.. 126.176 00 Clerk, for $5,000 6% 7-yeo.r average Mahoning River bridge-construction
Harris Tr. S S. B ., Chic. 126,481 25
c
Auth.. Sec. 39i2, &c., Gen. Code. Denom. $500. Date Nov. I
10.11 .Rollins&Sons.Chic. 126,340 00 First Tr. & S. B., C h ic.. 125.843 75 bonds. Int. M &
1915.
yearly on Nov. 1 from 1917 to
Wells, Dickey & Co.,(al26„137 00 II. T . Holtz & Co., Chic. 125,737 00 Certified check. for N. Due $500 to Village Treasurer, required. 1927, incl.
$200, payablo
Bonds to
Minneapolis------------ 1*126,287 00 Bolger, Mosser & Willa
bo delivered and paid for within ten days from time of award. Purchaser
man, Chicago________ 125,626 00
N . W. Ilalsoy & Co..
Chicago____________ *126,319 00 Hoehler,Cum.$PrudLTol.*125,338 00 to pay accrued interest.
.....................
LOW MOOR, Clinton County, Iowa .— BOND ELECTION.— An elec
* And blank bonds, a City to furnish blank bonds, All bids provided
tion will bo held Nov. 8 to vote on the questions of issuing 34,500 municipal
for payment of accrued interest.
olectric light and power plant bonds.
KILLDEB” 90TTOOT. DISTR IC T (P. O. K illdoer), Dunn C ounty,
LYNCHBURG, Campbell Countv, Va.— BONDS PROPOSED.— Re
No. Dak.— BOND ELECTION PROPOSED.— An election will be held in
ports state that this city will issuo $99,000 refunding bonds.
tho near future, it is stated, to vote on the question of issuing bldg, bonds.
MARION, McDowell County, No. Caro.— BONDS AUTHORIZED.—
KN OX COUNTY (P. O. V incenn es), In d .— BOArD OFFERING.— Reports state that
Proposals will bo recoivcd until 2 p. m. Nov. 5 (and thereafter until sold) Main Street paving the Board of Aldermen has authorized the issuance of
bonds.
for $10,400 5% 5 H-year coupon average James W. Williams et al ditch
MARION COUNTY SCHOOL DISTRICT NO. 103 (P. O. Woodbonds. ’ Denom. $520. Date June 8 1915. Prin. and seml-ann. int..
I & D payable at German Nat. Bank, Vincennes. Duo $1,040 yearly bu rn ), Ore .— BONI) SALE.— On Oct. 14 the $40,000 5 H % 11 2-5-yr.
aver, coupon high-school bldg .bonds wero awarded to Morris Bros, of
on June’8 from 1916 to 1925. Ind. Cert, check for $312 required.
Portland Tor $41,301 (103.252) and int.— V. 101, p. 1117. There were
LAHOMA, Garfield C ounty, Okla.— BONDS VOTED.— By a voto of 25 bidders.
10 to 18 the question of issuing 86,000 electrle-light-plant-orcction bonds
MARION COUNTY SPECIAL T A X SCHOOL D ISTR IC T NO. 10.
carried, it is stated, at an election held Oct. 8.
(Citra), Fla.— BOND SALE.— On Oct. 5 $8,000 5% 20-year building and
LA JUNTA, Otoro County, C olo.— BOND SALE.— On Oct. 8 $34,000 equipment bonds were awarded to tho State of Florida at 95. Denom.
5-20-yr. opt. refunding bonds were awarded, it is stated, to E. H. Rollins $1,000. Dated "at time of issue.” Interest semi-annual.
& Sons of Denver for $34,350 (101.0-.)) for os.
MARLBOROUGH, M iddlesex C ounty, Mass.— BOND SALE.— On
LAKE CHARLES SCHOOL p i3 T R I C T (P. O. Lake Charles), Oct. 19 tho $17,000 4% 5-year average coup, tax-free paving bonds were
Calcasieu Parish, La..— BONDS VOI ED.— The question o f issuing awarded to E. II. Rollins & Sons of Boston at 100.887 and int., a basis of
$125,000 higli-school-bldg. bonds carried, it is stated, at an election held about 3.81%— V. 101. p. 1304. Other bids were:
E .M . Farnsworth&Co.Bost $100.69 |
Merrill, Oldham & C o., Bost.100.479
Oct. 8.
c
People’s Nat. Bk.. M a r lb ... 100.69 Curtis S Sanger, Boston___ 100.32
LAKE VILLAGE, C h icot C ounty, A rk .— BOND OFFERING.— Sealed Estabrool<& Co., Boston___ 100.68
E. C. Potter & C o., B oston..100.198
bids will bo received until 10 a. m. Nov. 2 by Ilcrmon Carlton, Sec. of Dist. Cropley McGaraglo & C o— 100.613 Blake Bros. & C o., B oston..100.08
Commrs., for $16,000 6% 1-20-yr. ser. Street Improvement District No. 1 Adams & C o.. Boston_____ 100.54
street-impt. bonds. Cert, check for 5% of tho bid, payablo to tho Sec.,
MARTIN COUNTY (P. O. Shoals), In d .— BOND OFFERING.— Bids
r t Sealed bids will bo received at tho same time by A. G. Sims, Chairman of will bo received until 12 m. Nov. 1 by Loyd Boner, County Treasurer, for
$7,600
Halbert
Dist. Commrs.. for $18,000 6% 1 - 20-ycar ser. Sewer Impt. Dist. No. 1 ginning 4 jk% 15 1917. Twp. road bonds. Dato N ov. 1 1915. Duo be
M ay
sower improvement bonds. Cert, check for 5% oi the bid, payablo to tho
MEDINA COUNTY (P. O. H on do), Tex.— BOND OFFERING.— Pro
Chairman, required.
posals will be received until 10 a. m. N ov. 8 by R. J. Noonan, County
LANCASTER (TOW N), UNION FREE SCHOOL D IST R IC T Judgo, it is stated, for the $38,000 5% 5-40-year (opt.) Road Dist. N o. 2
NO. 8 (P. O. Lancaster), Erio C ounty, N. Y .— BOND SALE.— On impt. bonds offered without success on Sept. 13. V. 101, p. 1037. Cert,
Oct. 20 the $7,000 12-ycar average coupon or registered (option of pur check for $1,000 required.
chaser) improvement bonds wero awarded to II. A. Kahlor & Co. of N. Y.
MEDFORD, Middlesex C ounty, Mass.— TEMPORARY LOAN.— On
at 100.09 for 4.55s. V. 101, p. 1303. Other bids were:
Oct. 22 a loan of $50,000 maturing June 15 1916 and issued in anticipation
Sam S tr o n g ----.................-.100.30 I John T Hart, Albany.......... 100.092
J " - J.
‘ ........
of taxes was negotiated, it is reported, with Cropley, McGaragle & Co. of
Geo. B. Gibbons & C o., N. Y.100.03
Farson, Son & C o., N. Y
100.268 (
Boston at 2.39% discount.
I. W . Shorrill Co.. Poughk.. 100.15 I
MENOMINEE, Menominee C ounty, M ich.— WATER BOND ELEC
LA PORTE (P. O. La P orte), Ind .— BOND OFFERING.— Jos Johanni, TION.— On Nov. 1 a vote will be taken, it is said, on the question of issuing
County Treasurer, will receive bids until 10 a. m. Oct.29. it is reported, for $285,000 municipal water-works bonds. According to newspaper reports
$11,800 and $13,000 4 A % highway improvement bonds.
the city will offer to pay $200,000 for the plant of tho Menominee Water
LAUDERDALE COUNTY (P. O. M eridian), Miss.— BONDS PRO Co. If this offer is refused, tho city plans to build a new plant. In the
POSED.__Reports state that this county will probably issue $100,000 bonds event of the company accepting the city’s offer the additional $85,000 will
be used for improvements.
to build and equip'an agricultural high school at Marion.
MERIDIAN, Lauderdale C ounty, Mis3.— DESCRIPTION OF BONDS.
LAWRENCE, Essex C ounty, Mass.— BOND OFFERING.— Bids will
be received until 12 m. Oct. 26 by Wm. A. Keilehcr. City Treas., for the — The two issues of 5% bonds awarded in July to Breed, Elliott & Harrison
of Cincinnati at par and expenses are described as follows (V. 101, p. 391)
following 4 %, coupon tax-free bonds :
Tho California Development Co. owns tlio wholesale wator supply system
furnishing water to Imperial Valley, Imperial County, Cal. The supply
of water is conducted from the Colorado Hiver for a distanco of approxi
mately 55 miles and delivered to 14 different mutual water companies at
or near the international boundary line botween California and Mexico.
Said mutual water companies in turn deliver tho water to tho actual users
of same, namely tho fanners, cities and towns. . . .
.
,
Tho California Development Co. lias from its incipicncy experienced a
shortage of funds with which to conduct its business, resulting in its being
thrown into the hands of a receiver on Dec. 1.3 1909, tho principal creditors
boing the Southern Pacific C o., the New Liverpool Salt Co. and bondhold
ers. The property has been in litigation several years, the litigants being
tho Southern Pacific C o., tho Salt Co. and tho litlo Insurance & T rust Co.,
tho latter representing the bondholders.
. ,
. . .
Tho lower courts held that the creditors were entitled to their claims as
follows: 1, Tho bondholders and holders of receiver s certificates, the latter
being held by the Southern Pacific, in J^10 amount °» &315,000; 2. tho
judgment of the Now Liverpool Salt Co. for $458,000 and accrued interest;
and 3. The Southern Pacific’s judgments and accrued interest in amount
S
1398
THE CHRONICLE
$40,000 city-hall and jail bonds. Due $2,000 yearly Aug. 1 from 1921 to
1940, inclusive.
25.000 sewer and drainage bonds. Due $1,000 yearly Aug. 1 from 1916
to 1940, inclusive.
Denom. $1,000. Date Aug. 1 1915. Int. F. & A.
MIAMI, Dade C oun ty, Fla.— BONDS VOTED.— The election held
Sept. 21 resulted in favor, it is stated, o f tho question o f issuing $360 000
Biscayno Bay ship-canal-construction, $40,000 railway-construction, $50,
000 sanitary-sewer-construction (city’s portion), $75,000 Twelfth St.
bridge construction, $75,000 Ave. D bridge construction, $25,000 Avo. G
bridge construction and $20,000 hospital-erection bonds. V. 101, p. 960.
“ SflDW AY SCHOOL DISTR IC T (P. O. Sedalia), M adison C oun ty,
O h io.— BOND S A L E — Reports state that on Sept. 10 the $10,000 5%
5 44-year average school bonds were awarded to the Farmers Bank of
Sedalia at 100.375, a basis of about 4.93% .— V. 101, p. 713.
MINNEAPOLIS, M inn.— BOND OFFERING.— Proposals will be re
ceived until 2.45 p. m. Nov. 10 by the Committee on Ways and Means of
tho City Council, at the office o f Dan C. Brown, City Comptroller, for the
following bonds :
$167,000 4% b on d s: $82,000 tax refund, and $85,000 bridgo. Date
July 1 1915 and Sept. 1 1915, respectively. Int. semi
annually. Due at a time not less than one year or more than
thirty years from date o f issue. No bids will be entertained
for this issue for a sum less than 95% o f the par value o f said
bonds and accrued interest to date o f delivery.
47.875
special street-impt. bonds at not exceeding 5% int. Date
N ov. 1 1915. There are two separate issues o f these bonds
each issue to become due and payable substantially onetwentieth yearly on N ov. 1 from 1916 to 1935. incl. No
bids will be entertained for these bonds for a sum less than
par value o f same and accrued interest to date o f deliveryInterest annually or semi-annually.
Certified check for 2% o f bonds bid for, payable to C. A . Bloomqulst,
City Treasurer, required.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
MONROE SCHOOL TOWNSHIP, W ashington C ounty, Ind —
BONDS NOT SOLD.— No bids were received for tho $1,300 44$ % 2 '4-year
average site-purchase and construction bonds offered on Oct.“9.— V. 101
p. 1037.
’
MOREHEAD C ITY, Careret C ounty, No. Car.— BONDS NOT SOLD.
— No sale has yet been made o f the $16,000 5 34 % 30-yoar coupon refunding
bonds offerod on July 6.— V. 100, p. 2185.
B
MORROW COUNTY (P. O. Mt. Gilead), O h io.— BOND SALE.—
On Oct. 8 the two issues o f 5% coupon road-impt. assess, bonds, aggregating
$6,249, were awarded, it is stated, to the M t. Gilead Nat. Bank o f M t.
Gilead for $6,273, equal to 100.384.— V. 101, p. 1118.
MUNICH SCHOOL DISTRICT, Madera C ounty, C alif.— BOND
SALE.— On Oct. 6 $3,000 6% 3-year aver, building bonds were awarded
to Blyth, Witter & Co. o f San Francisco for $3,041 (101.366) and int
There were no other bidders. Denom. $600. Date Oct. 6 1915. Duo
$600 yearly from 1916 to 1920, incl. A similar issue o f bonds was roported
sold on July 8 to the Lumbermens Trust Co.— V. 101, p. 312.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 55 (P. O •
R ou n du p), M oat.— BOND SALE.— On Oct. 15 tho $2,500 6% 10-15-year
(opt.) coupon building bonds were awarded to Oswald F. Bonwell o f
Denver at 103.68 and Int. Purchaser to furnish blank bonds free to dis
trict. V. 101, p. 1211. Other bids were:
Central Sav. Bank & Trust
I Lumbermen’s Trust C o _ $2,512 50
_
Co., Denver___________ $2,517 00|F. E. Magraw, St. Paul___ 2,500 00
NASHUA, H illsboro C oun ty, N. II.— BOND OFFERING.— According
to reports the City Treas. will receive bids until 10 a. in. Oct. 28 for tho
following 4% bonds:
$50,000 school bonds dated Sept. 1 1915. Duo Sept. 1 1935.
15.000 bridge bonds dated Nov. 1 1915. Due N ov. 1 1935.
NEVADA SCHOOL D IST R IC T (P. O. Nevada), Story C oun ty, Iowa
—-BOND SALE.— On Oct. 13 tho $90,000 site-purchase and high-schoolbldg. bonds were awarded, it is stated, to the Continental & Commercial
Trust & Savings Bank o f Chicago for $92,841 (103.156) and int.— V. 101,
p. 1118.
NILAND SCHOOL D ISTRICT, Imperial C ounty, C alif.— BID RE
JECTED.— The bid of $5,005 (100.10) and int., submitted by G. G. Blymyer & Co. o f San Francisco for the $5,000 6% building and equipt. bonds
offered on Oct. 4 was rejected. Denom. $500. Date Aug. 20 1915.
Principal and annual int., payable at the County Treasury. Due $1,000
1920, 1925. 1930, 1935 and 1940. Bonded debt $15,000. Est. val.
taxable property $400,000.
NODAW AY COUNTY (P. O. Maryville), Mo.— BOND SALE.— On
Oct. 14 tho $35,000 Nodaway Twp. road-improvement bonds were awarded
to Gillam Jackson Loan & Trust Co. of Maryville for $35,005 (100.014)
and interest for 5s (with option). V. 101. p. 1304. Other bids were:
4 Vi % Bonds 5% Bonds. 5 '4% Bonds
N . W . nalsey & C o., Chicago........ *334.153 00 *$34,851 00 *$35,465 00
Whitaker & C o., St. Louis_________ *34,132 00 a35,355 00
Mercantile Trust Co., St. Louis____c34,093 50/ *34,951 35
a35,308 70
Gillam Jackson Loan & Trust C o___ *34,072 30
Mississipp Valley Tr. Co., St. Louis ________ a35,242 65
Farmers' Trust C o., Maryville______ ________ a35,028 00 *35,485 10
Wm. Ii. Compton C o., St. Louis____ ________ f a34,857 00 035,843 22
*34,681 50 *35,559 49
G. H. Walker & C o., St. Louis---------------...............J 035,705 00
Weil, Roth & C o., Cincinnati— $36,210 50 and Int. for 6s (wlthoutoption)
F. L. Fuller & C o., St. Louis— Par and interest for 6s.
* With option, a Without option, c With or without option.
All bids provided for payment o f accrued interest. Denom. $500. Due
$2,000 May 1 1917, 1918 and 1919: $2,500 yearly May 1 from 1920 to 1930,
inclusive: option, bonds Nos. 23 to 70, or any of them, may, at the option
of County Court, be paid at any interest-paying date on or after May 1 1921.
NORWELL, Plymouth County, Ma3s.— BOND SALE.— It is stated
that an issuo o f $10,000 4% 3-year average registered bonds has been
awarded to H. O. Grafton Jr. of Boston at 100.56— a basis o f about 3.80%.
Duo $2,000 yearly on Oct. 1 from 1916 to 1920, inclusive.
NORWOOD, Hamilton County, Ohio.— BOND OFFERING.— Pro
posals will be received until 12 m. Nov. 8 by G. P. Evans, City Aud., for
$4,500 5% 5-year average coupon storm-water sewer bonds. Auth. Sec.
3939 Gen. Codo. Denom. $500. Date April 1 1915. Prin. and semi
annual int., A. & O., payable at Norwood Nat. Bank, Norwood. Due
$500 yearly on April 1 from 1916 to 1924, incl. Cert, check for 5% of
bonds bid for, payable to City Treas., required. Bonded debt $2,099,613,
including $322,945 o f assess, bonds. Assess, val. 1914-15, $37,445,720.
NORWOOD, Norfolk County, Mass.— NOTE SALE.— It is stated
that Cropley, McGaragle & Co. o f Boston have been awarded an issuo of
$13,000 4% road notes at 100.312. Due from 1916 to 1918.
NUECES COUNTY DRAINAGE DISTRICT NO. 2 (P. O. Robstown),
Tex— BOND OFFERING.— Proposals will be received until 10 a. m. Oct.
27 by Walter F. Timon, County Judge fir the $158,429 25 5% coupon
drainage system bonds authorized by vote of 179 to 13 at an election
held June 17. Donominatim (158) $1,000, (1) $429 25. Date Aug. 1
1915. Principal and semi-annual interest (F. & A.) payablo at the
Hanover Nati >nal Bank o f New York, or at the Continental & Com
mercial National Bank, Chicago, at option o f holder.
Due $5,429 25
Aug. 1 1916; $6,000 yearly from Aug. 1 1917 to 1931. Incl., and $7,000
yearly on Aug. 1 thereafter until paid. Cert, check for $1,000, payablo
to the Co. Judge, required. Tho district has no indebtedness. Assess,
val. equalized 1915. $3,045,000. R. B. Russell Is attorney for Drainage
Commissioners, Corpus Christl.
OKMULGEE, Okmulgee County, Okla.— BOND SALE.— An issue of
$100,000 5 % 25-year park.bonds was awarded on June 24 to L. S. Skelton
at par. Denom. $1,000. Date April 26 1915. Int. A. & O.
[Vol. 101
ONEIDA INDEPENDENT SCHOOL DISTRICT (P. O. Oneida),
Delaware County, Iowa.— BONDS VOTED— Tho election held Oct. 9
resulted in favor of the question of issuing $20,000 bldg. an,. slto-purchase
bonds. The vote is reported as 161 to 38.
ORANGE COUNTY (P. O. Orlando), Fla .— BOND OFFERING.—
Proposals will be received until 12 m. Nov. 2 by B. M . Robinson, Clerk of
Circuit Court, for $75,000 5% public road improvement bonds authorized
by voto o f 785 to 239 at an election held Nov 11 1913: these bonds have
bepn validated by decree of the Circuit Court of the Seventh Judicial Cir
cuit of Morida. Denom. $500. Date June 1 1914. Principal and semi
annual interest (J. & J.) payable at the Hanover National Hank of Now
7,Srki ,
Ju|y 1 1944. Certified check on a national or State bank for
1% of bonds bid for, payablo at sight to the Clerk of Circuit Court, required.
Bids must be unconditional. Official circular states that there is no contro
versy or litigation pending or threatening the corporate existence or tho
boundaries of the county, or the title of its present officials to their respec
tive offices, or the validity of these bonds; also that there has never been
any default in the payment of any of its obligations, either principal or in
terest. The county has no bonded debt. Floating dobt, $525,000.
Assessed value 1915, $6,802,314; true value, $28,618,848. Purchasers will
be given reasonable time in which to have the bonds examined and ap
proved. Bids will be considered for all said bonds, or any portion thereof
separately.
ORANGE COUNTY (P. O. Paoli), Ind.— BOND OFFERING— Oscar
Standeford, County Treasurer, will, it is stated, receive bids until 2 d . m.
Nov. 1 for $6,240 44$% road bonds.
ORANGE COUNTY (P. O. Orange), T ex.— BOND ELECTION.— An
election will be held in Precinct N o. 4 N ov. 20, It is stated, to voto on tho
proposition to issue $50,000 road and bridge building bonds.
OTTAWA COUNTY (P. O. Afton), Okla.— BOND OFFERING.— Pro
posals will bo received until 1:30 p. m. Oct. 25 by tho County Clerk, it is
stated, for the $75,000 court-houso and jail-erection and $85,000 bridge
5% 25-year bonds voted Sept. 28.— V. 101, p. 1211.
OWENSBORO, Daviess County, K y .— BOND ELECTION.— ' he
T
question of issuing $225,000 sewer-system-construction bonds will be sub
mitted to a vote, it is stated, on Nov. 2.
PASO ROBLES SCHOOL DISTRICT, San Luis Obispo County,
C alif.— BIDS.— The following are the other bids recoived for the $40,000
6% 104$-year aver, gold site-purchase, building and equipment bonds
awarded on Oct. 5 to Blyth. Witter & Co. of San Francisco for $43,181
(107.952) and int.— V. 101, p. 1304:
N. W. Halsey & Co., San Fr.$42,867 Anglo & London-Parls Nat.
G. G. Blymycr&Co., San Fr. 42,600
Bk, San Francisco_____$42,037 40
Perrin, Drake & Riley, Los A. 42,452 Torr.. Marshall & Co.,S.F. 41.967 00
Byrne & McDonnell, San Fr. 42,451 Wm.R.StaatsCo..Los Ang. 41,867 00
Indust. Accld. Comm iss.. 40,907 60
All the abovo bids provided for payment of accrued interest.
PATTERSON TOWNSHIP, Durham County, No. Caro .— BOND
ELECTION PROPOSED.— Reports state tiiat an election will bo called to
vote on the proposition to issue $15,000 interurbau railway construction
bonds.
PERRY, Jefferson County, Kan.— BOND ELECTION.— A vote will
be taken on Oct. 28, it is stated, on the question of issuing $5,000 eloctriclight-plant improvement bonds.
PERTH AMBOY, Middlesex County, N. J.— BOND OFFERING.—
Proposals will be received until 4 p. m. Oct. 27 by J. A. Rhodes, City
Treasurer, for $138,000 15-year street-improvement dated June 1 1915 and
$38,000 25-year park dated July 1 1915 44$% coupon (may bo registered)
bonds. Denom. $1,000. Principal and soml-annual interest payable at
office o f City Treasurer. Certified check on an Incorporated bank or trust
company for 2% of bonds bid for, payable to City Treasurer, required.
The U. S. Mtge. & Trust Co. will certify as to tho genuineness of the signa
tures o f tho city officials and the seal impressed thoreon, and their legality
approved by Caldwell, Massllch & Reed o f N. Y . City, whoso opinion will
bo furnished purchaser. Purchaser to pay accrued intorest.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
PHILLIPS COUNTY (P. O. Malta), Mont.— BOND OFFERING.—
W. G. Schneider, Clork Board of County Commrs., will receive sealed bids
until 2 p. m. Nov. 4, it is stated, for $200,000 refunding bonds. Cert,
check for 5% required.
PINELLAS COUNTY SPECIAL SCHOOL TAX DISTRICTS, Fla.—
BOND OFFERING.— Proposals will be received until 10 a. in. Nov. 2 by
Dixie M . Hollins, Superintendent of Public Instruction (P. O. Clearwater),
for tho following 6% school bonds:
$12,000 25-year Ozona District No. 10 bonds authorized by rote of 34 to
11 at an election held July 24. Date Oct. 1 1915. This district
has no indebtedness. Assessed value, $408,175: actual value,
$1,000,000. These bonds have been executed and will bo fur
nished without cost and with the approving opinion of Storoy,
Thorndike, Palmer & Dodge of Boston, or subject to tho opinion
of the purchaser's attorney, at the purchaser’s exponse.
6,000 20-year Seminole District No. 11 bonds authorized by vote o
16 to 6 at an election held May 8. Date June 1 1915. Tills ills
trict has no indebtedness. Assessed valuo. $178,258; actual value
$500,000. These bonds have been executed and will bo furnished
without cost.
Authority Chap. 6542, and validated under Chap. 6867. Denom.
$1,000. Principal and somi-annual interest payablo in Now York City
or Clearwater. Certified national bank check for 2% required.
PLAINFIELD, Union County, N. J .— BOND OFFERING.— Bids wil
bo received until 8 p m. Nov. 1 by J. T . McMurray, City Clerk, for the
$145,000 44$% gold coupon (with priv. of regis.) joint sowerage-system
bonds. V. 101, p. 1304. Denom. $1,000. Date April 1 1914. int.
A. & O. Duo yearly on April 1 as follows: $5,000 1940, 1911 and 1942,
$14,000 1943, $15,000 1944 to 1950, Inclusive, and $11,000 in 1951. Certi
fied check for 2% of bonds bid for, payablo to City Treasurer, required.
Tho U. S. Mtgo. & Trust Co. will certify as to tho genuineness of thoso
bonds, and their legality will be approved by Hawkins, Dolafield S Long
c
fellow of N. Y . City, a duplicate original o f whose opinion will bs furnished
purchaser. Purchaser to pay accrued interest. Thoso bonds (or temporary
certificates) will be delivered and must be accepted and paid for by tho
purchaser at the office o f the City Treasurer on or before 11a. m. Dec. 1,
unless a subsequent date shall be mutually agreed upon between purchaser
and City Treasurer.
The official notice of this bond offering will be found among the adveritsements elsewhere in this Department.
POLK COUNTY (P. O. B artow ), F la.— BOND ELECTION PRO
POSED.— Local papers state that an election will bo called to vote on tho
proposition to issue $500,000 road bonds.
POPE COUNTY (P. O. Russellville), Ark.— BONDS REFUSED__
Tho County Clerk advises us that Gunter & Sawyers of Little Rock have
refused to accept tho $150,000 6% 1-15-yr. serial Road Impt. DIst. No. 1
road construction bonds awarded to them on July 16 becauso their attorneys
failed to pass on the issue within the time specified In the contract.—
V. 101, p. 547. He further advises us that the principal reason tho bonds
have not been cashed is tho railway company has appealed their case against
tho District to the Circuit Court and the bonds will bo held up until a
decision Is rendered.
PORT TOWNSEND, Jefferson County, Wash.— BOND SALE.— On
Oct. 14 tho $20,000 20-year refunding bonds wero awarded, it Is stated, to
Weil, Roth & Co. of Cincinnati for 5s. Tho purchasor to furnish the
lithographed bonds.— V. 101, p. 1118.
PRESTON, Pratt County, Kan.—BOND ELECTION PROPOSED.—
Reports state that an election will be called to voto on the question of
issuing eleetric-iight-plant bonds.
PULASKI COUNTY (P. O. Winamac), In d .— BOND OFFERING.—
Nowspapor reports stato that bids will be received until 3 p. m. Nor. 12 by
J. J. Lowry, Co. Treas., for $9,600 44$% highway impt. bonds.
Ocr. 23 1915.
1399
THE CHRONICLE
Q U IN C Y , N o rfo lk C o u n ty , M ass.— B O N D S A L E . — On Oct. 14 the
S ir /800 4 % 3 -vear average coupon tax-free street bonds were awarded, it
is stated to II. C. Grafton Jr., at 100.76. a basis of about 3.73% . Date
A u". I 1015. Prin. and semi-ann. int., P. & A ., payable at Nat. Shawmut
Bank lloston. Hue S3,800 Aug. 1 1910 and S3.000 yearly on Aug. 1
from 1917 to 1920. incl.
R A M S E Y C O U N T Y S C H O O L D I S T R I C T N O . 17 (P. O. M erriam
P a rk R . F. D .), M in n . — B O N D O F F E R I N G . — 'Wenzel Leikeb. Clerk School
Board, will receive bids until Oct. 28 for a 5% 10-yr. additional school-site
purchase bonds. Date N ov. 1 1915. Int. M . & N.
R A N K IN , V e rm ilio n C o u n ty , I lls . — B O N D E L E C T I O N . — According
to reports an election will be held Oct. 30 to vote on the proposition to issue
.'$ ,0 0 0 water-works-construction bonds.
6
R A P ID E S P A R IS H D R A IN A G E D I S T R I C T (P. O. A le x a n d ria ),
L a .— B O N D E L E C T I O N P R O P O S E D .— Reports state that an election
SANTA BAR B AR A, Santa Barbara County, Cal.— B O N D B L B C -
T I O N P R O P O S E D .— Local papers state that tho election which was to
liavo been held Oct. 18 to vote on tho question of issuing $210,000 municipal
building bonds had been postponed.
SAN TA CLARA C O U N T Y (P. O. Santa Clara), Calif. — B O N D E L E C
T I O N P R O P O S E D .— Reports state that an election will probably be called
to vote on the proposition to issue $85,000 road-constr. bonds.
SANTA CRU Z H IG H SCHOOL D ISTR ICT, Santa Cruz County,
C al .— B O N D S A L E .— On Oct. 4 $10,000 5% school bonds wars awarded,
it is stated, to E. II. Rollins & Sons of San Francisco at 103.5$. Denona.
$1,000. Duo in 1951 and 1952.
SANTA M A R G A R ITA SCHOOL D IST R IC T , San Luis
County,
Calif.— B I D S .— The following are the other bids received for the $20,000
6 % l-20-yoar serial site-purchase and building bonds awarded on Oct. 5
to Blyth, Witter & Co. of San Francisco at 107.555 and int.— V. 101,
n 1305:
Perrin, Drake & Riley, San F.$21,451 Wm.R.Staats & Co.,L.A.$21,207 00
N.W .Halsey & C o., San Fr. 21,416 Torrance,Mar.& C 0 ..L .A . 20.965 00
Byrno & McDonnell, San Fr. 21,377 Industrial Accident Com
mission, Sacramento_ 20.453 80
_
G. G. Blymyer & Co.. San Fr. 21,246
All the above bids provided for payment of accrued int.
SAVAN N AH , G a.— B O N D S V O T E D . — The proposition to Issue the
R IC H M O N D C O U N T Y (P. O. R o c k in g h a m ), N o. C aro.— B O N D O F $400,000 4 )A % 25-year house-drainage and storm-sewerage-system-ext.
F E R I N G . — B. F. ltoynolds, Clerk Bd. of Co. Commrs., will off(^ foi sale bonds carried, reports state, at tho election held Oct. 12 by a vote of 2,379
at public auction at 12 m. N ov. 1 the S25.000 2 0 'Y!/n?oup/)pnoFn 81 noo" to 15.— V. 101, p. 961.
impt. bonds at not exceeding 6 % int. V. 101, p . 1304. Denom. $l»00d*
SEATTLE, W ash .— B O N D O F F E R I N G . — Sealed bids will be received
Date N or. 1 1915. Int. M . & N. at somo bank to be agreed upon. These
bonds are exempt from county taxes. Cert, check for $500,^payable to the until 12 m. Nov. 5 by II. W. Carroll, City Comptroller, for $24,500 6 % cou.
Bd. o f Co. Commrs., required. Bonded debt, diclucling this i^ u o ,$ 106, refunding bonds. Denom. (24) $1,000, (1) $500. Date Dec. 1 1915.
000. No floating debt. No sinking fund. Assess, val. 1915, $8 ,SoO,000. Int J. & D. Due $6,500 Dec. 1 1916 and S6.000 Dec. 1 1917, 1918 and
1919 Cert, check on a national bank or trust company for $490, payable
Total tax rate per SI.000. S ll 50.
deposit
State
R ID G E W O O D , Borgen C o u n ty , N. 3 .— B O N D O F F E R I N G . — V ropos- to tho City Comptroller, required. No of State required from the Bonds
Treas or tho Commr. of Public Lands
of Washington.
als will be received until 8 p. m. Nov. 3 by Geo. U. White, Diroctor of will bo delivered in Seattle or New York at option o f purchaser. Purchaser
Kcvonue and Finance, for $80,000 5% coupon (with prlv. of regis.) gradc- to pay accrued int. Bonded dobt, $17,188,900. Assess, val. (45% of
erossing-olimination bonds. Denom. $1,000. Date Oct. 1 1915. Int. actual), 1915, $221,239,103.
A. A O. at Itidgowood Trust C o., ltidgowood. Due yearly on Oct. 1 as
SECAUCUS, Hudson County, N. J.— B O N D O F F E R I N G . — Proposals
follows: $2,000 1916 to 1920, incl.. $3,000 1921 to 1930, Incl., and $4,000 will 1)0 received until 11a. m. Oct. 27 by A. Post, Boro. Clerk, it is reported,
1931 to 1940 incl Certified check for 2% o f amount of bid, payable to for $24,700 5% 8 1-3-yr. average funding bonds. Cert, check for 2%
above Director, required. Legal opinion of Hawkins Delafield & Long required.
SH E LB Y C O U N T Y (P.
. — The
fellow. Bonded debt, including this issue, $586,300. Assessed value, following bids were received O. Shelbyville), In d .— B O N D S A L Eaverage
for the three issues of 4 K % 6 H-year
liighway-impt. bonds, aggregating $23,740, offered on Oct. 20.— V. 101,
$ 8 517 300
will bo called shortly to vote on the issuance of $34,000 drainage-system
bonds.
R A T O N , C o lfa x C o u n t y , N . M .— B O N D O F F E R I N G . — Bids will bo re
ceived until 10 a. m. N ov. 12, it is stated, by J. J. Sluder, M ayor’ £?5j
000 5% 10-30-year opt. water bonds. Donom. $500. me. sum-ann.
Cert, check for 5% required.
T h e t f f i c i a l n o tice o f th is b ond o ffe r in g w i l l be fo u n d a m o n g the a d v e r tise
m en ts elseu'hcre in th is D e p a rtm en t.
•ftOPHESTFR N Y . — N O T E S A L E . — On Oct. 20 the $100,000 sowagem il V ) 000 p a r k -im p t. notes were awarded to Goldman, Sachs &
Cm, N e w Y o r k City, on their bid interest 2.90% . V. 101. p. 1304. Other
bidders were:
In t e r e s t .
Salomon Bros. & Ilulzlor, New York, $100,000............ 2.92
A G Moore, Rochester. $100,000---------- ------------------ 2.95
II I,oo Anstoy. Now York, a ll............................... ..........3.00
Bond & Goodwin. Now York. $100,000........................... 3.00
ICissol, Kinnicutt & Co., New York, $100,000............... 3.05
Luther Robbins, Rochester, a l l ........................................ 3.10
Hibbard, Kalbfleisch & Palmer, Rochester, $100,000.- 3.50
P r e m iu m .
SI 00
13 00
5 00
2 25
R O C K C A S T L E C O U N T Y (P. O. M o u n t V e r n o n ), K y .
2 00
BO N D S
JVC)'/’ S O L D — TO B E R E - A D V E I I T I S E D .— No sale has yet been made of the
4 ,0 0 noo 5% road bonds offered on July 1— V. 100, p. 2104. These bonds
will be rc-ouered in Nov. or Dec.
R O S E A U , R o se a u C o u n ty , M in n . — B O N D S A L E . — On Oct. 4 tho
SO 000 15-yoar funding bonds wore awarded, it is stated, to C. O. Kalman
& Co. of St. Paul.— V. 101. p. 1038.
R O SE A U C O U N T Y (P. O. R o s e a u ), M in n .— B O N D
O F F E R I N G .—
Proposals will be received until 3 p. m. Oct. 26 by S. G. Bertilsud, County
Auditor for $30,000 10-year coupon refunding bonds at not exceeding 6 %
int. Denom. $1,000. Date Nov. 1 1915. Int. semi-annual.
P O X B O R O T O W N S H IP (P . O. R o x b o r o ), P e rs o n C o u n ty , N o . C ar.
__ B O N D S A L E . — The $75,000 5% 40-year coupon road-impt. bonds offered
on Juno 25 were disposed of about Aug. 1 at a price above par.— V. 100,
p. 1856. Tho issue is dated July 1 1915.
SACRAMENTO, Cal. — B O N D E L E C T I O N P R O P O S E D .— Local papers
state that an election will probably be called at an early date to vote on tho
question of issuing $2,650,000 site-purchase and school-building bonds.
S A G IN A W
S a g in a w C o u n ty , M ich . — B O N D E L E C T I O N . —-The
proposition to issue $750,000 water-works-plant-constr. bonds will, it is
stated, bo submitted to a vote on Dec. 3.
ST B E R N A R D S C H O O L D I S T R I C T (P. O . S t. B e rn a rd ), H a m ilto n
C o u n ty , O h io . — B O N D O F F E R I N G . — Bids will be received until 12 m.
Nov 6 by Henry F. Mcrsch, Clerk Bd. o f E d., for $20,000 4H % 40-yoar
'Power Avo. school completion bonds. Denom. $500. Date day of sale.
Int. send-ann. Cert, check for 2% of bonds bid for, payable to Bd. of Ed.,
required. Bonds to be delivered and paid for within 3 days from time of
award. Purchaser to pay accrued int.
S T . C L A IR C O U N T Y (P. O. P o r t H u r o n ), M ich .— B O N D E L E C T I O N
D E F E R R E D . —‘According to a local newspaper, tho question of issuing the
$500,000 road bonds will not bo submitted to tho voters at tho coming No
vember election.— V. 101. p. 715.
3 A L IN A , S a lin e C o u n t y , K a n s . — B O N D S A U T H O R I Z E D . — An ordi
nance was passed by tho City Council on Oct. 4 providing for tho issuance
„!•
non 5% coupon street-improvement (assess.) bonds. Denom. (50)
♦son MO) $100. Date Oct. 1 1915. Prin. and semi-ann. int. (A. & O.)
iiavablo at the Kansas fiscal agency, Topeka. Duo $2,600 yearly Oct. 1
From 1 9 1 6 to 1925 incl. Chas. 10. Baker is City Clerk.
‘ •ANDPOINT, B o n n e r C o u n ty , I d a h o . — B O N D S A L E .— On Sept. 27
« ,,? Ynn 7 c/ saving bonds were awarded to Carstens & Earles, Inc., of
Meattlo at 101.50. Other bids were :
S
Hardgrove, Spok.$34,537 8 5 1First Nat. Ilk., 8 andpt----- $34,300
T h ? Union Trust Co. of Spokane also submitted a bid.
1 Denom $500
T)ato Oct. 1 1915. Int. aim. in Oct.
Duo in 10 years,
P‘ 1 3 0 5 :
$9,540
Road.
$6,000
Road.
$8,200
Road.
Gavin L. Payne & C o., Indianapolis------*$9,625 00 *$6,053 00 *$8,272 00
8.240 50
6,025 50
Miller & Co., Indianapolis------- --------- 9,585 50
8,264 25
6.045 25
Flet. Amer. Nat. Bk., Indianapolis-----9.616 50
6.045 00
8,262 50
J. F. Wild & C o., Indianapolis------- - 9,613 1 6
8,260 00
6,033 00
Breed, Elliott & Harrison, Indianapolis
;
9,605 00
8.241 00
6.038 00
Henry Oltman, Shelbyville....................... 9,5i5 00
Edith L. Davis, Shelbyville....................... 9,596 57
* It is reported that these bids were accepted.
S K A G IT C O U N TY UNION SCHOOL D ISTR ICT N O . 1 (P. O.
Mt Vernon), W ash . — B O N D A W A R D D E F E R R E D .— The awarding of
tho $60 0 0 0 15Ja-year (average) coupon building and equipment bonds, for
which bids were asked until Oct. 11. has hcen deferred becauso ot a suit
started In the Superior Court on Oct. 13 to restrain their issuance.— V. 101,
p. 1119.
SOUTH BEND, St. Joseph County, In d .— B O N D S A L E .—On Oct. 14
tho $12,500 4 43 % 1 -year general bonds were awarded to 3 . F. Wild & Co.
for $12,550 (100.40) and int.— a basis of about 4.10% . W 1 0 1 , p. 1212.
Other bids were:
First Nat. Bank, So. B ’nd $12,531 25 St. Joseph S. B., So. B en d -.$12,525
Amer. Tr. C o., So. Bend___ 12,525
Breed, Elliott & Harrison,
Indianapolis-------------- - - - 12.531 00 Miller & Co., Indianapolis.. 12,502
Farmers’ L.& T.Oo.,N . Y . 12,530 29
SOUTH VIENNA VILLAGE SCHOOL D IST R ICT (P. O. So. Vienna)
Clark Countv. O hio.— B O N D O F F E R I N G . — Bids (sealed or verbal) will
bo received until 10 a. in. Nov. 1 by John F. Ilodge, Clerk Bd. of Ed., for
900
4-vear average coupon building bonds. Auth. Sec. 7629 Gen.
Code
D e n o m . $600. Date Nov. 1 1915. Int. M . & N. at Farmers
Dop Bank So. Vienna. Due $600 Nov. 1 1918 and 1920. Cert, check
on a Clark County bank for 5% of bonds bid upon, payable to above Clerk,
required. Purchaser to pay accrued interest.
SPRINGFIELD, Hampden County, Mass.— B O N D S A L E . — On Oct.
2 0 the three issues of 4 % gold bonds, aggregating $620,000, were awarded
to Estobrook & Co. of Boston at 102.0S. V. 101. p. 1305. Other bidders:
White, Weld & C o., Boston...........................- ............................102 plus $1
Perry, Coffin & Burr, Boston............................................................ -1<H-o5
R. L. Day & C o., Boston------- --------- -----------7- - - - ..........................Inf oa
Blodget & Co. and Curtis & Sanger, Boston, jointly.....................-101-64
N. W. Harris & ColYindTlerrm,'Oldham & c6.VBoston.'j7oim iy..l0 1.27
Blake Bros^&^Co. and P^M Chandler & Co., Boston, Jointly------100.334
Cropley, McGaragle & C o., for $70,000 issu e..------------ --------- ..1 0 0 ./J 2
Brown Bros. & C o., for $70,000 issue------------------------------------------ 100.73
SPRINGFIELD, Greene County, Mo.— BOND E L E C T I O N P R O
P O S E D — Local papers state that an election will probably be called at an
early dato to submit to the voters tho question of issuing municipal hghtplant-construction bonds.
STEUBEN CO U N T Y (P. O. Angola), In d .— B O N D O F F E R I N G . —
Additional information is at hand relative to the offering on Nov. 1 of the
followin'* 4K>% highway Improvement bonds. V. 101. p. 1305:
S8 800 Hugh Gilbert et al road bonds in York, Scott, Richland and Otsego
* ’
’
townships. Denom. $440.
8
400 Austin M •Parsell et al road bonds in Jackson Twp. Denom. $420Rids for these bonds will be received until 1 p. m. on that day by r rank
O' Dale Countv Treasurer. Int. M. & N. Due one bond of each issue
each six months from May 15 1917 to Nov. 15 1926. inclusive .
SULLIVAN C O U N T Y (P. O. Sullivan), Ind .— B O N D S A L E . — On
SUR A N D U S K Y t B rio " c o u n t y , O h io .— B O N D O F F E R I N G . — Bids will
bo^roceivwf until 12* m N ov . f t b y Fred. W . Bauer. C ity A u d ., for tho Oct. 20 tho $11,084 4 H % 5 ^ -y r- average highway-migt. bonds were
awarded to tho People’s State Bank o f Sullivan for $11,176 50 (100.834)
of about 4.32% .— V. 101. p.
bids were:
^ ftT n ng«k1-M
t%D ^ ng norms.
$4,500 yearly
$46,000 *hcet-pay ^ 'b o n d s ? ' Denom. $500.3 5 ,5DuoNov. 1 1925. t on and int.. a basis . , in d ia n a p $11,174 Breed, 1305.t tOtherH a rrison
IncU aml .
00
J F. W ild & C o
E llio
&
il'loffhAT Alii Nat Bk.. Ind 11.162
Indianapolis.......................$11,155
•1 'inn HnnHmrtonPl and Perry St. impt. bonds. Denom. $100. Duo
D
Gavin L. I’ayno& C o.. In d .. ll,160|MiIlcr & Co.. Indianapolis.. 11,136
’U 0 ° $ 3 0 0 yearly o n N o v .l from 1916 to 1922. incl., and $400 on Nov 1
' 17 TMTPR Sumter County, So. Caro.— B O N D O F F B R I N G .— Sealed
., , nn lYLves a ™ as ,lb way5 paving bonds. Donom. $100. Duo $300 bids xHiTbe reccYv^d unti° 6 p . f t . Nov. 23 by I). M . Blanding. City Clerk,
n
,U 0 ° yearly o not I* l ^ V l V l 6j o 1924. incl and1*400iN ov 1 1925.
V
nil-the 8225 090 5 % 1 - 2 0 -year ser. street and sidewalk improvement bonds
voted Sent' V V 101. p- 961.
Denom. of bonds to be optional with
1,200
Sower bonds. Denom. $100. Due ^ 60^,TN £ VT „YVVb e aVoffico
6
Date Nov. 1 1915. Prin. and semi-ann. int., M . « N .,.payable at otfico n irohaser 'wlio shall furnish same. Prin. and interest payablo in New York
of City Treas. Cert, check payablo to Robert A . Koeglo, City Treas., Fn fc'mHendcr of the U. S. Cert, check for $2,500 required.
for $500, required, with each issue, except tho $ 1 ,2 0 0 issue, wmeh calls
SUMTER CO U N T Y (P. O. Americus), G a .— B O N D E L E C T I O N P R O for a chock of $100. Bonds to bo delivered and paid for within 10 days from
n n c i ? n __Bocal papers state that petitions arc being circulated calling for
time o f award. Purchaser to pay accrued interest.
an election to vote on the proposition to issue $ 1 0 0 ,0 0 0 road bond*.
B O N D S A L E . — On Oct. 18 the two issues of 4 M % ,coubon sewer and
TAMPA, H illsborou gh C ounty, Fla .— B O N D O F F E R I N G .— Proposals
w iier bonds, aggrogating $106,300, were awarded, dispatches state, to
Field, Richards & Co. or Cincinnati for $106,860 60, equal to 100.0 - 7 .— will hn received until 2 p. m. Oct. 26 by the Board of Commrs. of Public
Works D ' B M cK ay. Chairman, for $75,000 5% 20-50-year opt. sewerageV. 101, P- 1212
system and internal improvement bonds. Denom. $1,000. Dato June 1
q ANT A BARBARA C O U N TY (P. O. Santa Barbara), C alif.— BOND 1 0 1 5
prin. and semi-ann. int. (J. & D.) payablo in New \ ork City.
S/i / 7.'_ O i i Oct. 11 the $50,000 A 1,.IS,.......11 aver. State Highwayin XI,t Bonds will bo delivered within 10 days after acceptance of bids In Tainpa,
5% 3-ycar
bridge
V
,
u.... I.'.w.....I..,.,-, nl;
Boston C h ic a g o or Now York, at purchasers option. Cert, check on a
resprnis'iblo bank for 1% of amount hid for required. Tho U S. Mtge. &
T r u s t Co of Now York will certify as to tho genuineness of the signatures
of tho city officials signing tlio bonds and the seal impressed thereon, and
Anr3, l ifankL San Fran
50,750 00 Win. R. Staats Co., Las A. 50,417 00 tho lo«a ity of the bonds will be approved by Caldwell. Mass ich & Reed of
* R ley L A. 50,737 50 Commercial B ank.______ 50,326 00 N Y whoso opinion will be furnished to the purchaser without charge.
l/Tr*Wnllins&Hons San Fr. 50,595 00 Stacy & Braun, Toledo— 50,251 00 Purchaser to pay accrued interest. Bids must be made on printed forms
s inta C b S
t
Bk. 5 0 585 00 K. II. M oulton........ ..........50,18100
furnished by the above-mentioned trust company or tbe Board of Commrs.
K M ’ & S , Jr........... 50.550 00 C I - L . 4 0. A. Mol-hcr- ^
„ „ Bonded debt, incl. this issue. $3,150,500. Floating debt, none. Smk•
fl]n(i <8026 397 23. Assessed valuation 1915, $31,010,715. Those
p
M
2 5 — V. 100. p.
Int. semi-annual. Duo $10,000 bomta areof a r to f an issue of $2.50,000 votedcity ay its sinking fund*.1951.
$175^000
which has been purchased by tho
for
yearly from 1916 to 1920, Incl.
1400
THE CHRONICLE
TEEL IR R IG A TIO N DISTR IC T (P. O. E cho), Um atilla C ounty,
Oro.— B O N D S N O T S O L D . — No sale has yet been made of the 5300,000
6 % 11-20-year serial gold coupon first mortgage bonds offered on July 6 .
V. 100, p. 1856. Oenom. not less than $100 nor moro than $1,000. Date
July 1 1913. Principal and semi-annual interest (J. & J.) payable In New
York or Portland, Ore., at the option of holdor. These bonds aro part of
an Issue o f $1,200,000 authorized by vote o f 39 to 0 at an election hold
Juno 14 1913, for construction o f irrigation works and purchase of water
rights. Ponds sold to date, $100,000, exchanged for wator rights Jan. 25
1915. Court decree validating and confirming all proceedings for organiza
tion and bonding of District entered Fob. 28 1914. Official circular states
that there is no litigation of any kind pending.
TENNESSEE (STATE O F ) . — B O N D S O F F E R E D B T B A N K E R S . —
N. W. Halsey & Co., the Equitable Trust C o., Kountzo Bros., E. II. Hol
lins & Sons, Kissel, Klnnicutt & Co. and Remick, Hodges & Co. of New
York are offering to investors $6,452,000 State o f Tennessee refunding 4%
and 414% serial bonds. Dated July l 1915. Due July 1 1932-1955.
Coupon bonds of $1,000 each, exchangeable for registered bonds in denomi
nations of $1,000, $5,000 or $10,000. Principal and semi-annual interest
(J. & J. 1) payable at Nat. Park Bank, N. Y. City, or at the office of the
State Treasurer, Nashville, Tenn.
F i n a n c i a l In fo r m a t io n .
Real value of property in State (estimated)_______________$1,500,000,000
Assessed valuation. 1914_________________________________
672.754 691
Total bonded debt______________________________________
11,781,000
Certificates of indebtedness *____________________________
636,000
Population 1910________________________________
2,1,84.789
* These certificates were given to charitable and educational Institutions
and are in the nature of an endowment fund; they are redeemable at tho
option of the Stato.
TOCCOA, Stephens C ounty, G a.— B O N D S A L E . — On Oct. 20 the
$35,000 (not $30,000, as first reported) 5% 17-yr. aver, coupon electric
light bonds were awarded to Robinson-1 lumphroy-Wardlaw Co. of Atlanta
at par and int.— V. 101, p. 1305. Other bids were:
E. Schaefer, Toccoa____________________________________________$35,000
Hoehlor, Cummings & Pruddon, Toledo_____________________
34,835
O. W. McNear * C o., Chicago__________________ ______________ 34,150
It. E. Porrion Jr., Atlanta--------- ------------------------------------------------ 33,950
TOLEDO CITY SCHOOL D IST R IC T (P. O. T oledo), O h io.— B O N D
E L E C T I O N . — An election will be held N ov. 2 to submit to a vote tho ques
tion o f issuing $ 1 ,0 0 0 ,0 0 0 school and playgrounds site purchase bonds.
TRIN ID AD SCHOOL D IST R IC T NO. 1 (P. O. T rinidad), Las A n i
mas C ounty, C o lo .— B O N D S A L E . — An issue of $40,000 4 4 % 7-17-year
scr. refunding bonds has been awarded to local investors at par. Donom.
$500. Date July t 1915. Int. J. * J.
UNION GAP IR R IG A TIO N DISTR IC T (P. O. N orth Yakima),
Wash . — B O N D O F F E R I N G . — Bids will be received until 12 m. Nov. 0 by
C. O. Udell, Sec., for $35,000 6 % irrigation systom impt. bonds. Int.
semi-ann. Cert, check for $1,000 required.
VICTOR, T eton C ounty, Id a h o.— B O N D O F F E R I N G . — M . H. Brinton. Village Clerk, will receive bids at once for $4,000 7% 20-year electriclight and power plant bonds.
VOLUSIA COUNTY (P. O. Doland), Fla.— B I D S R E J E C T E D . — M i
bids received for tho $400,000 6 % 30-year Halifax Special Road and Bridgo
District road-construction bonds offered on Oct. 11, were rojectcd.— V. 101,
p. 961.
NEW
LOANS.
NEW
$ 1 3 8 ,0 0 0
of the
Am boy,
N. J.
Soalod proposals will bo rocoivod until 4 P. M .,
OCTOBER 27, 1915, by J. A. Rhodes, City
Treasurer, at tho ofl'ico of the City Treasurer,
Porth Amboy, N. J., for the purchase o f $138,000
4 4 % Coupon Street Improvement Bonds o f the
denomination of $1,000 each, to bo datod Juno
1st, 1915, duo Juno 1st, 1930, interest payablo
somi-annually on the first daysof Juno and Deconibor, and $38,000 4 4 % Coupon Park Bonds
of tho denomination o f $ 1 ,0 0 0 each, to be datod
July 1st, 1915, duo July 1st, 1940, Interest pay
ablo somi-annually on tho first days o f January
and July.
Principal and interest aro payable at tho offico
of the City Treasurer o f tho City of Perth Amboy.
Bonds will bo engraved under tho supervision
o f tho Unitod States Mortgago & Trust Com
pany of New York City, who will certify as to
tho gonulnonoss of tho signatures o f tho City
officials and the seal impressed thoroon, and their
logality approved by Messrs. Caldwell, Masslieh
& Reod o f Now York City, whoso favorable
opinion as to logality will bo furnished to the
purchaser.
Bonds may bo registered.
Tho bonds will bo delivered to tho purchaser
at tho offico o f said Trust Company, No. 55
Codar Streot, Now York City, or at Perth Am
boy, N. J. Each proposal must bo enclosed In
a soaled onvolopo marked Proposal for Bonds,”
and addressed to J. A. Ithodos, City Treasurer,
and must bo accompanied by a certified check
on an incorporated bank or trust company for
2 % o f tho par valuo o f the bonds bid for.
AH bonds shall bo considered to carry accrued
intorost from dato o f Issuo o f bonds to dato of
dolivery o f samo.
Tho right to rojoct any or all bids is reserved.
J. A. RHODES,
City Treasurer.
Acts as
Executor,
|
W A Y N E C O U N T Y D R A IN A G E D I S T R I C T H O. 2 (P. O. G o ld s
b o r o ), N o. C a ro .— B O N D S A L E . — The $90,000 6 % 7.4-year (average)
drainage-canal-construction bonds offered on Sept. I havo been awarded
to A. V . Wills & Sons (contractors) of St. Louis at par and Interest.
W E L L IN G T O N , S u m n er C o u n ty , K a n s . — B O N D S A L E — On Sept. 7
$67,000 4 4 % coupon street-paving bonds wero awarded to Vernon II.
Branch of Wichita at par. Denom. $500. Date July 1 1915. Int. J .& J .
Duo ono-twontieth yearly from 1 to 20 years. This item was inadvertently
reported in V. 101, p. 1213, as Wellington, W is c o n s in .
W E S T E R V IL L E , Franklin C ounty, O hio.— B O N D S A L E . — On
Oct. 17 the three issues of 5% street-improvement assessment bonds,
aggregating $23,000, were awarded to the State Industrial Commission at
par, it is stated.— V. 101, p. 1306.
W EST H OBOKEN,
C ou n ty,
N. J ,— B O N I ) S A L E — O n
W E S T S ID S S C H O O L D IS T R IC T , Im p e ria l C o u n t y , C a l.— B O N D
S A L E . — On Oct. 4 the $4,500 6 % 14-year average site-purchase, building
and equipment bonds wero awarded to G. G. Blymyer & Co. of San Fran
cisco for$4,505 (100.111) and int. There wero no other bidders. Donom.
$500. Date Aug. 20 1015. Principal and annual interest payable at
the County Treasury. Due $500 yearly Oct. 4 from 1925 to 1933, inclusive.
Bonded debt, $500. Estimated valuation taxablo property, $120,686.
W H A T C O M C O U N T Y S C H O O L D I S T R I C T N O . 301 (P. O. B e llin g
ham), W ash.— B O N D S A L E — On Oct. 9 $95,000 1-20-year (opt.) highschool-building bonds wero awarded to tho Stato of Washington at par and
blank bonds for 4 4 s . Interest payablo annually. There wore 24 other
bidders. Denom. $1,000.
W H IT E C O U N T Y ( ? . O. M o n tic s llo ), I n d .— B O N D O F F E R I N G . —
Further details aro at hand relative to tho offering on Oct. 30 of the $7,200
4 4 % 64 -y ca r averago Francis M . Sluyter road bonds in Liberty Twp.
V. 101, p. 1307. Bids for these bonds will bo received until 10 a. ni. on
that day by O. C. Mlddlestadt, Co. Treas. Denom. $360. Date Oct. 5
1915. Int. M . & N. Duo $360 each six months from May 15 1917 to
Nov. 15 1926 inch
W H IT M A N C O U N T Y S C H O O L D I S T R I C T N O . 170, W a s h .— B O N D
O F F E R I N G . — Proposals will bo recoived until 2 p. m. Nov. 9 by II. H.
Wheeler, County Treas. (1>. O, Colfax), for $5,000 10-20-year opt. funding
bonds at not exceeding 6 % int. Denom. $500. Date Jan. 1 1916. Interesfc annually at office of County Treasurer, or at fiscal agency of tho
Stato of Washington. Certified check or draft for 1 % of bonds, payable to
County Treasurer, required. Bidders to stato whether or not they will
furnish tho necessary blank bonds. Theso bonds aro issued under the 1909
Session Laws of the State of Washington, page 324, Secs. 1 and
also by
vote of 13 to 0 at an election hold Oct. 7. Bonded debt, $7,500
Warrant
indebtedness, general fund, $7,607 43. Assessed valuation, $306,738.
LOANS.
NEW
LOAM S.
$ 1 4 5 ,0 0 0
City of Three Forks, Montana CITY OF PLAINFIELD. N. J.
Notice is hereby given that the City of Three
Forks, State of Montana, will, on tho 22D DAY
OF NOVEMBER, 1915, at Eight o ’clock p. m.,
sell at public .auction at tho Council Chambers
in the offico of tho City Clerk of said City of
Three Forks, to tho bidder offering the highest
price for them, $45,000 of gold bonds bearing
5 per cent interest, payablo semi-annually on
each first day of January and the first day of
July, in each year. Said bonds to be known and
designated as "Waterworks Bonds,” the money
derived from the sale of said bonds to be used
exclusively “ for tho purpose of constructing a
supply lino o f Waterworks running along the South
Boundary lino of said City of Three Forks, from
the reservoirs to be located near pole No. 1115
on the Electric Transmission Lino to Trident,
Montana, to Fifth Avenue West, in said City,
and the purchaso of the pumps, the site for tho
wells, pumping station and reservoirs, and the
construction ot said wells, pumping station and
reservoirs to bo used and constituting a part of
said supply lino, to be owned and operated by
said City o f Three Forks, Stato of Montana, and
the revenues derived therefrom to bo applied upon
the indebtedness Incurred therefor."
Said bonds will bo of the denomination of Five
Hundred Dollars each, dated July 1st, 1914, and
shall bo redeemable and payablo as follows, to wit:
Said Waterworks Bonus shall be payablo In
T W E N TY (20) years, and redeemable at the
option o f said City of Three Forks, Stato of Mon
tana. at any time after TEN (10) years from the
date of Issue of said bonds.
All parties desiring to bkl will be required to
deposit with the City Clerk of said City, beforo
the time set for tho sale of bonds, a certified
check in tho amount of One Thousand ($1,000 0 0 )
Dollars, payable to tho order of Ralph L. Robert
son, as Mayor, as a guarantee of good faith, and
no bids will be entertained at less than par.
The City reserves the right to reject any or all
bids.
By order o f the City Council,
J. C. M ENAPACE, City Clerk.
Dated October 4th, 1915.
A certified copy of the transcript of proceedings
will be furnished on request.
Gad Tst Cpn
irr ru o ay
m
#
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
C A P I T A L a n d S U R P L U S , $ 1 0 ,0 0 0 ,0 0 0
Interest allowed
on deposits.
E. B. Morris, President.
H udson
Oct. 20 tho $3,000 5 % 15-yr. coup, (with priv. of reg.) j u d g m e n tbond was
awarded to Outwatcr & Wells of Jersey City at 101.12 and int.— a basis
o fa b ou t3.885%.— V. 101, p. 1306. R .M . G ran t* Co. of N. Y. bidl00.60.
WATERWORKS BONDS
$ 3 8 ,0 0 0
4 Y i% Park Bonds
City of Perth
WARREN COUNTY (P. O. L eban on), O h io.— B O N D S A L E . — It is
reported that the $18,500 5% 6 4 -year averago bridgo-impt. bonds offered
on Sept. 7 were awarded on that day to tho Dayton Savs. Bank & 'l’r. Co.
of Dayton at 102, a basis of about 4.64% . V. 101, p. 717.
WATERLOO, B la ck h a w k C o u n t y , I o w a .— B O N D S A L E . — On Oct. 10
tho $50,000 5% funding bonds were awarded, it is stated, to It. A. Dunn
and 11. C. Speer & Sons Co. of Chicago at par.— V. 101, p. 393.
$ 4 5 ,0 0 0
4 K% Street Improvement Bonds
[Vol. 101.
P H IL A D E L P H IA
Chartered 1836
4jl/2 % Joint Sewerage System
Bonds
Notico Is hereby given that on tho FIRST DAY
OF NOVEMBER, 1915, at 8 o ’clock P. M ., at
tho Council Chamber, No. 149 North Avenue, in
tho City of Plainfield, N. J., tho Common
Council of said City will receivo sealed bids for
tho purchaso of tho following described bonds of
said City :
Ono Hundred and forty-fivo Joint Sewerago
System bonds, $1,000 each, dated April 1st, 1914,
and maturing, $5,000 annually on tho first day
of April in each of tho years 1940, 1941 and 1942:
$14,000 on tho first day of April, 1943; $15,000
annually on tho first day of April in each of tlio
years 1944 to 1950, both inclusive, and $11,000
on tho first day of April, 1951. The bonds will
he coupon bonds with tho privilego to tho holder
of registering the samo, either as to principal
alone or as to both principal and interest, and
will bear interest from October 1, 1915, at the
rato of 4 4 per cent per annum, payablo semi
annually. Both principal and interest will bo
payablo in gold coin of tho United States of
America of tho present standard of weight and
fineness.
All proposals should bo enclosed in a sealed
envelope addressed to J. T . MaeMurray, City
Clerk, Plainfield, N. J., and should ho marked
on tho outside— “ Proposal for Joint Sewerago
System Bonds.”
A certified check for 2% of tho par valuo of tho
bonds bid for, payablo to the Treasurer o f tho
City of Plainfield, N. J., must accompany each
bill. No bid for less than par and interest ac
crued from October 1st, 1915. will bo accepted.
Tho right is reserved to reject anv or all bids.
Tho bonds will bo prepared and certified as to
genuineness by tho United States Mortgago &
Trust Company of New York City, anil said
bonds (or temporary certificate) will be delivered,
and must be aceopteil and paid for by tho pur
chaser at tho office of tho Plainfield City Treas
urer on or beforo December 1st, 1915, at 11
o ’clock A. M ., unless a subsequent dato shall bo
mutually agreed upon botweon the purchaser
anil the City Treasurer.
Tho validity of tho bonds will ho approved by
Messrs. Hawkins, Delaficlil & Longfellow,
Attorneys, of New York City, a duplicate original
of whoso opinion will bo furnished to tho pur
chaser.
Dated, October 4th, 1915.
JAMES T . MAO M U R RA Y ,
City Clerk.
J o h n 1 C o le , S o n & C o .
E X P E R T B A N K E X A M IN E R S A N D
ACCOUNTANTS
A u d itin g , E xa m in in g, S y s te m a tiz in g
170 B R O A D W A Y
N E W Y O R K C IT Y
THE CHRONICLE
Oot. 23 1915.]
W IL K IN C O U N T Y (P. O. Breckenridge), M inn.— B O N D S A L E . —
C. O. Kalman & Co. o f St. Paul have been awarded the following 5% coupon
ditch construction bonds:
812,000 Judicial Ditch No. 6 bonds. Due on Oct. 1 as follows: 81,000 1921,
1922, 1923, 1924, 1925, 1926, 1927 and 1928 and $2,000 1929 & ’30.
$11,000 County Ditch No. 18 bonds. Due on Oct. 1 as follows: $1,000
1921 and 1922, $2,000 1924, $1,000 1925, 1926, 1927, 1928 and
1929 and $2,000 in 1930.
Denom. $1,000. Date Oct. 1 1915. Prin. and seml-ann. int. (A. & O.)
payable at the First Nat. Bank o f St. Paul.
W IN N ER , Tripp County, So. Dak.— B O N D E L E C T I O N . — Dispatches
state that the question of issuing $ 1 0 ,0 0 0 sewerage-system-constr. bonds
will be submitted to a vote on N ov. 1.
W OBUR N, Middlesex County, Mass.— BOND O F F E R I N G . — The City
Treasurer will receivo bids until 11 a. m. Oct. 26, reports state, for the
following 4% bonds dated July 1 1915:
___
____
$11,850 municipal bonds. Due .$9,000 yearly on July 1 from 1916 to 1919,
inclusive, and $8,850 July 1 1920.
14,350 water bonds. Due $3,000 yearly on July 1 from 1916 to 1919,
inclusive, and $2,350 July 1 1920.
„„„
,
8,400 water bonds. Duo $1,400 July 1 1916 and $1,000 yearly on
July 1 from 1917 to 1923, inclusive.
YAZO O C IT Y , Yazoo County, Miss.— B O N D S P R O P O S E D .— Reports
cate that tlio City Council has under consideration the issuance o f $60,000
school bonds.
YELL O W CREEK TO W NSH IP, Columbiana County, O hio.— B O N D
S A L E N O 2’ C O N S U M M A T E D . — Wo are advised that litigation has pre
vented the consummation of the sale o f the three issues o f 5 % 5 -year aver
age road bonds, aggregating $32,800, which were sold to the Peoplo s Nat.
Bank o f Wellsviilo on Sept. 1.— V. 101, p. 962.
Y O R K , York County, Nob.— B O N D O F F E R I N G . — Proposals will^be
received until 12 m. Nov. 23 by A. B. Chatterton, City Clerk, for $25,000
5-20-year opt. coupon intersection paving bonds at not exceeding 5% int.
Denom. $1,000. Date Sept. 1 1915. Prin. and seml-ann. int. payable
at the State Troas. office, Lincoln. Cert, check for 2% o f bonds bid, for,
payable to the City Troas., required. Bonded debt, incl. this issue, $110,
009. No floating debt. Sinking fund, 810,000. Assess.val. 1915, 81,
157,872.
YONXERS,
W estchester County, N.
Y .—
B O N D
O F F E R I N G .—
Bids will be received by Jos. Miller, City Compt., until 12 m. Nov. 4 for
the following 4 1 4 % rog. bonds :
,
_ . , ,
$200,000 assess, bonds. Duo $20,000 yearly on Oct. 1 from 1916 to
200.000 tax-deficiency bonds.
Duo $20,000 yearly on Oct. 1 from 1916
100.000 watVr~'bbnds.U
SDuo $5,000 yearly on Oct. 1 from 1916 to 1935,
inclusive.
70.000 local-improvement bonds. Due $7,000 yearly on Oct. 1 from
1916 to 1925, inclusive.
0,000 city-hall bonds. Duo $300 yearly on Oct. 1 from 1916 to 1935,
Inclusive.
.
,
, , . „ ^
Data Oct. 1 1916. Prin. and seini-ann. int., A. & O., payable at office
of City Trcas., in N. Y . exchange. Cert, check for 2% of bonds bid for,
payable to above. City Com pt., required. Bonds will be ready for delivery
on Nov. 11. The legality of these bonds will be approved by Hawkins,
Delafield & T.ongfellow of N . Y ., and a duplicate original o f their opinion
will bo furnished purchaser.
1401
Canada, its Provinces and Municipalities.
BATH U R ST, N. B.— D E B E N T U R E O F F E R I N G . — Bids will be received
until 8 p. m. Oct. 30 by John G. Stout, Town Clerk, for $75,000 of an issue
o f $150,000 5% 40-year water and sewerage systems installation bonds.
Denom. $1,000. Date July 1 1915; Interest semi-annual.
CH ATS W O R T H , O n t.— D E B E N T U R E O F F E R I N G . — This place is
offering for sale an issue o f 84,000 5% 20-year hydro-electric debentures,
it is reported. Denom. $200. Wm. Breese is Reeve.
ETOBICOKE TO W N SH IP (P. O. Islington), O n t.— D E B E N T U R E S
A U T H O R I Z E D .— Local newspaper reports state that the Council on Oct. 13
passed a by-law providing for the issuance of $25,500 school debenture*.
GUELPH, O n t . — D E B E N T U R E S A L E . — On Oct. 18 $25,882 30-yr.
and $7,314 09 20-yr. 5 H % water-works sinking fund debentures were
awarded to Murray, Mather & C o. of Toronto at 94.25. There were 14
other bids received. Int. payable semi-ann.
MOORE T O W N SH IP (P. O. Brigden), O nt .— D E B E N T U R E S D E
F E A T E D .— N E W E L E C T I O N . — At the election held Sept. 20 the question
of issuing the $3,500 electric-light-plant-impt. debentures was defeated by a
vote of 20 “ for” to 61 “ against." V. 101, p. 962. Another election will
bo held.
N IAG AR A FALLS, O nt .— D E B E N T U R E E L E C T I O N .— On N or. 3
the proposition to issue S14.000 electrical plant-improvement debentures
will bo submitted to a vote, it is reported.
OW EN SOUND, O n t . — D E B E N T U R E S A U T H O R I Z E D .— The Town
Council on Oct. 19 passed a by-law providing for the issuance or $ 2 0 ,0 0 0
patriotic fund debentures, it is reported.
PORT COQUITLAM, B. C.— D E B E N T U R E S A U T H O R I Z E D . — The
City Council passed a by-law on Sept. 28, it is stated, providing for the
issuance of $35,000 water-system-installation debentures.
ROSTH ERN, Sask.— D E B E N T U R E O F F E R I N G . — T ik is will be received
until Oct. 30 by Geo. Braden, Secy. Treas., for the 87,000 7% 10-year
installment fire-protection debentures voted Sept. 11.—V . 101, p. 1049.
SASK ATCH EW AN , PROVINCE OF .— D E B E N T U R E S A L E . — Ac
cording to newspaper reports, this Province recently sold 81,200,000 5%
4-10-year serial debentures to a syndicate composed of the Dominion
Securities Corporation, A. E. Ames & Co. and Wood, Gundy & Co. of
Toronto. The proceeds of this issue will be used to retire outstanding
Treasury bills.
STRA TFO R D ,
O nt . — D E B E N T U R E S
NEW LO N
A S
$ 8 0 ,0 0 0
C ity o f M in n e a p o lis
Bonds
AND
Village of Ridgewood, N. J.
$ 4 7 ,8 7 3
Sealed proposals will be received by the Board
Scaled bids will be received by the Committee
on Ways and Moans o f the City Council o f the
City o f Minneapolis, Minnesota, at the office of
the undersigned, WEDNESDAY, NOVEM
BER 10TH, 1915. AT 2 45 O ’C L d C K P. M..
for $82,000 00 Tax Refund Bonds and $85,000 00
Bridgo Bonds.
Tho Tax Refund Bonds will bo dated July 1,
1915, anil the Bridge Bonds will be dated Sep
tember 1 , 1915, to become duo and payablo at
a time not loss than ono year nor more than
thirty years from tho date thereof, as desired by
the purchaser thereof, and will bear interest at
tho rate of four (4 %) per cent per annum, payablo
sonil-aunually, and no bid will bo entertained for
said bonds for a sum less than ninety-five (9 5 %)
por cent o f tho par value o f same and accrued
interest to date o f delivery.
For $47,875 00 Special Street Improvement
Bonds, of two separate Issues, dated November 1,
1915, to become duo and payablo onc-twentlcth
each yoar thereafter, tho last ono being payable
November 1, 1935, and no bid will bo ontertained
for sakl bonds for a sum less than tho par valuo
of the samo and accrued intersot to date of de
livery, and tho rate o f Interest must ho Did by
tho purchaser and must not bo in excess o f five
(5 %) per cent per annum, payable annually or
semi-annually.
The right to reject any or all bids is hereby resorvod.
A certified check for Two por cent of tho par
value of the bonds bid for, made to C. A. Bloomquist, City Treasurer, must accompany eaeli bid.
Circular containing full particulars will be
mailed upon application.
DAN O. BROWN,
City Comptroller,
Minneapolis, Mmn.
Municipal Building In tho Village of Ridgewood,
Now Jersey, for the purchase of Eighty Bonds
of the Village of Ridgewood In the denomination
o f $1,000 each, dated October 1st, 1915, interest
5% , payable semi-annually at the Ridgewood
Irust Company, Ridgewood, N. J.:
2 bonds to become due on October 1st in each
o f the years 1916 to 1920, Inclusive.
3 bonds to become duo on October 1st in each
of tho years 1921 to 1930, inclusive.
4 bonds to become due on October 1st in each
of tho years 1931 to 1940, Inclusive.
Privilege o f registration as to principal and
interest.
Certified check to tho order of George U. White,
Director o f Revenue and Finance, for 2% of the
amount blcl must accompany each bid as a guar
anty that the bonds will bo taken if bid is ac
cepted.
Tho Board reserve the right to reject any or
all bids.
Assessed valuation, $8,517,300.
Bonded indebtedness, including this issue,
$586,300.
•
Population, 6,729.
Legal opinion Hawldns, Delafield & Long
fellow.
GEORGE U. W HITE,
Director of Revenue and Finance,
Ridgewood,N . J.
1915 ISSUE
REVIEW
320 PAGES
ISSUED ANNUALLY BY THE
&
Financial
Chronicle
This well-known year book of Fin anolal Facts and Information Is issued
annually In M arch.
TER M S.
Price o f the Review, bou nd In c lo th ------$2.20
Com ercial & Financial C
m
hronicle
)3# Front Street, New York,
t o n e
&
W
eb ster
SE U ITIE O
CR S P
P B ICS R IC C R O A N
U L E V E O P R TIO S
STO E & W
N
EBSTER
EN
GINEERING CORPORATION
CONSTRUCTING ENGINEERS
STO E & W
N
EBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS OP
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STREET
NEW VORK
3
CHICAGO
NASSAU ST,
FIRST NAT. BANK BUX3.
$ 1 0 0 ,0 0 0
Special R a d B
oad n ridge D
istrict N 1
o. ,
of D d C n F a
a e ou ty, lorid
6% BONDS
Com m ercial
S
Grade Crossing Elimination
Bonds
tho 3RD DAY OF NOVEM
Special Street Improvement Bonds o f Commissioners on’clock In tho evening at the
BER, 1915, at 8 o
FINANCIAL
City
M
ISCELLANEOUS.
$ 1 6 7 ,0 0 0
THE
A U T H O R I Z E D . — 'The
Council on Oct. 18 passed a by-law providing for the issuance of $ 5 0 ,0 0 0
patriotic fund debentures, it is stated.
W ALK ER VILLE, O n t. — B I D S R E J E C T E D .— Local newspaper reports
state that all bids received for the three issues o f debentures, aggregating
$54,500, recently offered for sale, were rejected.
W ATR O U S, Sask.— D E B E N T U R E E L E C T I O N . — Dispatches state
that an election will be held Oct. 26 to submit to a vote the question of
issuing 8 4 9 .4 2 3 water-works-system-construction debentures.
W EST K ILDONAN (RURAL M U N ICIPALITY), Man.— D E B E N
T U R E S A L E . — Macneil & Young o f Toronto recently purchased $30,000
and $3,000 5 H % debentures, It Is stated. Due in 1945 and 1922, respec
tively.
The Board of County Commissioners of
Dado County, Florida, will, on or before TEN
O ’CLOCK A. M. ON THE 12TH DAY OF
NOVEMBER. A. D. 1915, receive at its office
In Miami, Florida, bids for the purchase of
$100,000 o f Special Road and Bridge District
Bonds. Theso bonds are in denominations of
$ 1 ,0 0 0 and bear interest at tho rate of six per
cent per annum, Interest payablo at the United
States Mortgage & Trust Company, in Now
York City, on tho first days of January and July
of oach year, principal payable at tho same place.
The bonds mature serially, $5,000 July first
o f each year from 1921 to 1934, inclusive; $10,000
July first o f oach yoar from 1935 to 1937, inclus
ive. Bids must be under seal accompanied by
certified check equal to two per cent of the
amount o f tho bid, which shall bo forfeited as
liquidated damages in caso of the failure of bidder
to comply with bid. Bid must also state when
bid will bo complied with.
Right reserved to reject any and all bids.
BOARD OF COUNTY COMMISSIONERS
OF DADE COUNTY, FLORIDA.
By J. J. HINSON. Chairman.
Brandeli
Xenmore
&
Co.
CCOUNTANTS
U D1TORS
- Z jL n A L Y S T S
A
A
We especially invite corres
pondence from private or
corporate financial interests
contemplating the under
writing or financing of com
mercial enterprises in the
Latin-American countries.
Turks H
ead Bldg.. P
rovidence, R
.
THE CHRONICLE
1402
AIMIUP
TCURA
LUNO
ATSEY
NAAN
T LN
C
M
T h e T ru stees ,
[VOL. 101
^ fin a n c ia l
e n g in e e r s
New York, January 26th, 1915.
fn con form it"
H. M .
w ith (he Charter o f the C om p a n y, subm it the follow ing statem ent o f its affa irs o n (h i
31sf o f D ecem ber, 1914.
T he Com pany’ s business has been confined to m arin e and inland transportation insu ra n ce.
Premiums on such risks from the 1st January, 1914, to the 31st December, 1914_________ 5,026,461 19
premiums on Policies not marked off 1st January, 1914_______________________________
654.783 26
Total Premiums........... ........................ ........................... .......................... ......................... 5,681,244 45
Premiums marked off from January 1st, 1914, to December 31st, 1914____________ - _____ 4,087,279 32
1,638,80869
138,873 43
A SSETS.
Bonds . . . ________________ ______
New York City, New York Trust
Companies and Bank Stocks.__
Stocks and Bonds of Railroads______
Other Securities....................................
Special Deposits In Banks and Trust
Companies _____________
Real Estate cor. Wall and William
Streets and Exchange Place, con
taining offices____________ _______
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)..................................
Premium Notes____________________
Bills Receivable___________________
Cash In hands of European Bankers
to pay losses under policies payable
In foreign countries.._____. . . . . . .
Cash In Bank........................................
Loans.......... .........................................
1,783,700 00
2,723,912 00
357,095 00
600,000 00
4,299,426 04
75,000 00
941,068 28
775,688 06
Incorporated
NEW Y O R K
CH ICAG O
TACOMA
Trinity Bldg. Coiit. & Comm. W ashington
Bank Bldg.
Examinations and Reports
THE
J G W H IT E
C O M P A N IE S
Purchasers
Contractors
Managers
Financiers
Engin eers
Operators
of Public Utility and Industrial
Properties
REPORTS— V AL U ATIO N S— ESTI MATES
43 EXCHANGE PLACE, NEW YORK
LONDON
L IA B IL IT IE S .
670,000 00
SAN FRANCISCO
149,249 82
____
1.756,535 28
70,000 00
10,929,734 62
14,101,674 46
Ob the basis of these Increased valuations the balance would be__ _______ __ . . . . . _____ 5,383,085 11
_
Alfred E. Forstall
Charles D . Robison
F O R S T A L L A N D R O B IS O N
ENGINEERS
investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
84 William S t.,
NEW Y O R K C IT Y
Alex. O. Humphreys
E L L O N
CHICAGO
Estimated Losses, and Losses Unset
2,162,711 00
tled In process of Adjustment__ _
993,965 13
Premiums on Unterminated Risks...
Certificates of Profits and Interest
277,510 45
Unpaid_______________________
104,976 64
Return Premiums Unpaid_______ _
47,993 70
Reserve for Taxc3.........
209,323 59
Re-Insurance Premiums___________
Claims not Settled, Including Com
122,813 07
pensation ,eto_______________ . . .
Certificates of Profits Ordered Re
deemed, Withheld for Unpaid Pre
22,556 64
miums_____________________ —
1,264 40
Income Tax Withheld at the Source..
Certificates of Profits Outstanding... 6,986,620 90
Thus leaving a bafanco of________________________ ____. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,171,939 84
Accrued Interest on the 31st day of December, 1914, amounted to_____ __. . . . . . . . . . . . . . .
38,725 45
Rents due and accrued on the 31st day of December, 1914, amounted to_________________
28.122 35
Re-Insurance due or accrued, In companies authorized In New York, on the 31st day of
December. 1914, amounted to................................... ...................... ............................. . 158,649 70
33,421 71
Unexplred re-insurance premiums on the 31st day of December, 1914, amounted to.............
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place In excess of the Book Value given above a t ... 450,573 96
And the property at Staten Island in excess of the Book Value, at_______ _____ _
63.700 00
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
Company’s valuation by.................... .................... ................... . . . . . . . . . . . . . . _______1,139,952 10
M
Co.
Utility Securities Bought and Sold
562,724 57
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1909 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the second of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending
31st December, 1914, which are entitled to participate In dividend, for which, upon application, certificates
will be Issued on and after Tuesday the fourth of May next.
By order o f the Board,
G. STANTON FLOYD-JONES, Secretary.
TRU STEES.
ANSON W. HARD,
EDMUND L. BAYLIESo
CHARLES M. PRATT,
SAMUEL T. HUBBARD,
JOHN N BEACH,
DALLAS B. PRATT,
THOMAS H. HUBBARD.
NICHOLAS BIDDLE,
ANTON A. RAVEN.
LEWIS CASS LED YARD,
ERNEST C. BUSS.
JOHN J. RIKER,
WILLIAM H. LEFFERTS,
DOUGLAS ROBINSON,
JAMES BROWN,
CHARLES D. LEVERICH,
JOHN CLAFLIN,
WILLIAM JAY SCHIEFFELINi
GEORGE H. MACY,
GEORGE C. Cl.ARK,
SAMUEL SLOAN,
NICHOLAS F. PALMER,
CLEVELAND II. DODGE.'
WILLIAM SLOANE,
HENRY PARISH,
CORNELIUS ELDERT,
LOUIS STERN,
ADOLF PAVENSTEDT,
RICHARD II. EWART,
WILLIAM A. STREET,
CHARLES A. PEABOd V.
PHILIP A S. FRANKLIN;
GEORGE E. TURNURE,
JAMES H. POST,
HERBERT L. GRIGGS,
.
RICHARD H. WILLIAMS.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2 d Vice-President.
CHARLES E. FAY, 3d Vice-President.
United States and State of New York
&
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop
erties.
interest on the Investments of the Company received during the year 330,262 43
_
_ 42,065 85
Interest od Deposits In Banks and Trust Companies, etc_ ___ _
Rent received less Taxes and Expenses_______________________ 141,088,74
513,417 02
Losses paid during the year.............................................. ................................. 2,253,324 69
Less: Salvages................................. 242,315 69
Re-Insurances.......................... 372,200 31 614.516 00
,
Reterms of Premiums........................................................
Expenses, Including officers’ salaries and clerks’ compensation, stationery, advertlsements.etc............................................................................................
B y lle s b y
N A T I O N A L
B A N K
Alten S. Miller
HUM PHREYS* MILLER, Inc.
ENGINEERS
PITTSBURGH, PA.
STATEM ENT OF CON DITION AT THE CLOSE OF BUSINESS SEPT. 2, 1915
RESOURCES
P ow er— L ig h t— G a s
165 BR O AD W AY
NEW YO RK
Loans and Investment Securities_____________ $49,101,453 30
Overdrafts______________________________________
46
Due from Banks_________________________________ 11,269,062 94
a im in g e n g in e e r *
C a s h __________________
5,592,067 67
$65,962,584 37
H. M. CHANCE & CO.
LIABILITIES
Capital___________________________________________ $6,000,000 00
Mining Engineers and Geologists
Surplus and Undivided Profits________________
3,048,626 35
COAL AND MINERAL PROPERTIES
Reserved for Depreciation, &c_________________
106,652 14
Examined, Managed, Appraised
Circulating Notes_______________________________ 3,360,697 50
Orexel Bldg.
PHILADELPHIA
Deposits_________________________________________ 53,446,608 38
______________________________________________________________ $65,962,58437
lluosTst&am aK
ni ra Svg n
sB
gCTIMIPT
CHICAGO
Capital,
Surplus
and
Undivided
Profits
ALLA
TTN
Members of the
New York Stock Exchange
111 Broadway
New York
•
$ 1 5 ,7 0 0 ,0 0 0
IMPORTANT EVENTS
Pay* Interest on Time
Has on hand at aU times a variety of exDeposlts, Current and Reserve
oellent Securities. Buys and sells
Aocounts. Deals In Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds
Every Saturday we publish a
letter reviewing events of the week
and their bearing on the market.
Bent on request
@FedFRASER