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financial
INCLUDING
sank & Quotation Section
ftailway Earnings Section
Ijrtintrie
Railway & Industrial Section
Bankers' Convention Section
VOL. 103
SATURDAY, OCTOBER 28 1916
The Thranicte.
PUBLISHED WEEKLY.
1915.
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B ANT: AND QUOTATION (monthly)
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Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.
pa The following
table, made up by telegraph, dco., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,055,723,796, against $6,339,672,449 last week and,$4,485,970,307
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Oct. 28.
I
Per
Cent.
Now York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
Now Orleans
1916.
52,997.675,701
172,105,600
239,254,205
31,520,030
382,632,188
105,594,682
39,473,951
$2,342,322,951
156,894,362
155,369,820
31,359,046
274,967,906
74,216,577
20,877,770
+28.0
+9.7
+54.0
+0.6
+39.2
+42.3
+89.1
Seven cities, 5 days
Other cities, 6 days
$3,968,256,357
901,482,746
$3,056,008,431
668,942,711
+29.9
+34.8
Total all cities, 5 days
All cities, 1 day
$4,869,739,103
1,085,984,693
$3,724,951,142
761,019,165
Total all cities for week
1915.
+30.7
+42.7
•
$6,055,723,706 I 14,485,970,307 I +35.0
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence In the above the last day
of the week has to be In all cases estimated, as wo go to Press Friday night
We present below detailed figures for the week ending with Saturday
noon, Oct. 21, for four years:
Week ending October 21.
Clearings at1916.
Wheeling
Trenton
York
Erie
Greensburg
Binghamton
Chester
Altoona
Lancaster
Montclair
1915.
3,903,781,942 2,900,555,472
320,066.812 204,788,081
62,608.888
75,235,508
41,723,048
40,590,600
13,969,742
21,085,835
7,226,223
7,700.000
9,619,696
8,294,733
6,556,908
5,301,444
3,904,587
3,593,388
4,030,075
2,962,339
2,607,274
2,011,844
2,551,616
3,254,557
2,267,312
2,042,386
3,914,488
2,467.642
1,964,000
2,139,456
1,042,067
1,152,138
1,153,206
1,486,884
1,030,142
577,500
841,000
1,041,700
1,072,912
1,311,617
1,630,658
700,000
2,004,574
1,824,190
358,241
600,736
Inc. or
Dec.
1914.
1913.
3
$
+34.6 1,237,723,611 1
+59.6 146,031,782 ,923,581,145
177,492,170
+20.2
50,771,897
59,210,992
-2.7
35,208,258
38,060,204
+50.9
12,296,055
15,192,857
-.62
6,898,918
7,991,490
+16.0
7,172,230
7,014,475
+23.7
3,983,557
4,710,678
+8.7
3,583,946
2,755,000
+36.1
3,036,539
2,768,339
+29.6
1,925,375
1,857,742
+27.6
1,508,027
1,048,593
+11.0
1,928,480
1,645,768
+58.6
1,982,109
2,140,407
+8.9
1,513,337
1.732,089
+10.6
992,413
888.359
+28.9
922,305
1,132,601
+78.5
525,000
510,000
+23.9
635,200
671,400
+21.3
675,297
703,049
+31.8
568,802
613,564
+9.9
1,532,413
1,606.048
+67.6
349,653
391,145
Total Middle__ 4,422.509,064 3,269,934,397 +35.3 1,521,765,894
2,254,617,924
Boston
Providence
Hartford
Now Haven
Springfield
Portland
Worcester
Fall River
Now Iledford
Lowell
Holyoke
Bangor
Tot. New Eng.
.
256,308,384
16,479,400
9,313,086
5,011,161
4,365,159
2,700,000
4,300,000
2,100,351
1,971,580
1,129,407
1,147,412
650,000
305,495,940
194,534,340
1-,950,800
7,003,463
4,031,529
3,923,410
1,945,000
3,286,302
1,822,231
1,684,076
990,193
853,184
551,730
+31.8
+18.1
+33.0
+24.3
+11.3
+38.8
+30.9
+15.3
+17.0
+14.0
+34.5
+17.9
144,652,061
12,405,400
4,169,707
3,167,805
2,717,502
1,837,979
2,534,417
1,141,065
1,215,976
723,452
770,308
457,758
166,016,298
13,509,300
4,351,315
2,974,361
2,626,747
1,898,820
2,907,229
1,793,183
1,435,051
737,315
710,081
419,987
234,576,258 +30.2 175,793,420 199,379,687
Note.-For Canadian clearings see "Commercial andjMiscellaneous
News.
NO. 2679
llreek ending October 21.
Clearings atI
1915.
Inc. or
Dec. 1
1914.
1913.
Chicago
Cincinnati,
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids__ _
Dayton
Evansville
Springfield, Ill_ _
Fort Wayne.._
Youngstown __ _
Lexington
Akron
Itockford
Canton
South Bend
Quincy
Illoomington
Springfield, 0_ _ _
Decatur
Mansfield
Jackson
Jacksonville, Ill_
Danville
Lima
Lansing
Ann Arbor
Adrian
Owensboro
Tot.Mid.West.
S
3
I
484,172,5921 352,031,030 -1-37.5
41,113,600
30,382,450 +35.3
64,152,0581
35,847,385 +79.8
55,027,8231
33,954,793 +62.1
25,209,664
16,363,171 +54.1
11.858,985,
8,913,506 +33.0
12,246,900
7,549,800 +62.2
12,820,0691
7,951,729 +61.2
4,500,000
3,274,069 +37.4
4,913,8361
3,491,501 +40.7
4,226,406
2,465,760 +71.4
2,424,244
1,893,632 +28.0
1,595,278
1,162,384 +37.3
1,809,687
1,259,451 +43.7
3,326,239
2,010,645 +65.5
662,447
643,598
+2.9
6,041,000
2.895,000 +108.7
1,303,162
969,264 +34.5
3,035,790
2,052,598 +47.9
943,884
792,645 +19.0
1,022,905
879,196 +16.2
909,826
645,909 +40.9
1,020,077
791,967 +28.9
619,435
507.440 +22.1
1,021,773
737,780 +38.8
1,251,411
725,145 +72.5
285,700
270,688
+5.5
557,206
477,564 +16.7
840,806
574,737 +46.3
1,139,185
725,331 +57.1
367,139
277,528 +32.5
108,819
80,535 +35.2
362,098
299,979 +20.7
750,890,045 622,898,310 +43.6
289,316,256
22,411,800
22,905,508
25,662,476
15,231,242
7,666,945
5,909,800
5,723,202
3,191,271
2,937,189
1,892,492
1,117,251
1,017,274
1,205,641
1,259,797
630,233
1,910,000
991,728
1,481,960
665,927
704,211
522,656
618,160
335,749
533,464
510,000
248,627
377,554
436,681
476,501
181,260
3 4,254
280,066
418,393,075
$
324,450,934
25,031,250
23.252,520
25,821,187
15,330,046
7,330,800
6,164,700
5,890,699
3,832,486
3,450,500
2,484,690
1,202,605
1,206,098
1,261,112
1,375,408
640,653
1,944,000
995,956
1,525,000
613,959
791,190
585,715
590,321
456,985
494,298
547,309
334,347
379,400
446,842
423,604
176,596
60,268
404,055
459,495,613
San Francisco_ _ _
Los Angeles
Seattle
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
Pasadena
North Yakima...
Reno
Long Beach
Total Pacific
83,670,813
28,208,612
19,990,121
19,338,932
7,258,673
12,110,663
2,347,370
4,659,677
3,220,982
1,984,278
1,645,622
2,392,355
1,418,275
954,545
856,121
528,989
602,088
191,188,116
+43.6
+4.1
+39.7
+32.5
+58.8
+44.2
+15.1
+32.0
+25.4
--5.7
+54.5
+48.8
+53.9
+15.8
+47.5
+46.5
+41.7
+33.4
49,031,946
20,955,310
12,285,990
12,144,063
3,832,182
6,337,262
1,961,245
3,353,572
2,237,447
1,616,970
1,045,160
1,028,343
835,118
660,878
467,000
333,585
441,110
119,167,181
129,812.079
Kansas City.-- Minneapolis _ --Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids__ _
Fargo
Colorado Springs.
Pueblo
Fremont
Hastings
Aberdeen
Ifelena
Waterloo
Billings
Tot.0th.West.
87,090,985 +44.5
125,812,371
33,448,187 +11.7
37,347,558
23,832,454 +51.1
30,000,000
14,267,964 +16.3
16,592,033
13,954,828 +22.9
17,147,285
7,038,678 -12.9
8,659,140
7,235,268 +58.9
11,499,280
5,991,431 +14.8
6,878,065
4,150,172 +35.9
5,641,274
3,954,060 +37.7
5,443,416
2,325,900 +42.8
3,320,544
1,648.036 +29.6
2,136,779
1,720,311 +50.0
2,582,613
1,845,318 -7.1
1,714,490
2,073,312 -6.3
1,943,204
820,372 +24.1
1,017,771
585,957
419,160 +39.8
404,177 +55.1
626,778
215,332 +131.4
495,585
1,071,056
1,063,038
1,703,458 +35.6
2,309,128
2,018,245 +36.7
2,092,586
717,904 +46.3
1,050,000
291,958,895 220,846,608 +32.2
69,033,660
37,421,333
18,384,523
12,246,830
10,986,794
8,055,768
6,056,209
5,053,336
3,363,097
3,834,338
2,070,359
1,195,183
1,746,816
1,555,730
1,870,676
590,857
646,841
331,902
232,955
805,848
1,293,409
1,693,497
614,177
189,084,138
61,257,049
30,713,204
20,634,453
12,852,306
11,117,338
6,465,783
8,148,574
5,074.108
3,606,650
3,518,278
1,924,131
1,632,797
1,728.059
2,107,621
608,823
593,561
651,727
347,152
194,597
463,214
1,282,546
1,588,866
755.071
177,265,808
St. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Savannah
Fort Worth
Nashville
Norfolk
Augusta
Birmingham'___ Little Rock
Jacksonville _
Chattanooga
_
Charleston
Knoxville
Mobile
Oklahoma'
Macon
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Meridian
130,095,625
38,445,027
20,121,227
16,248,790
7,494,314
24,792,000
32,624,644
15.007,635
10,103,616
15,629,059
10,175,7211
6,258,256
4,166,363
3,155,802
5,406,639
3,500,000
2,715,066
2,994,061
2,358.928
1,350,000
7,059,848
8,733,125
2,000,000
375,414
590,184
4,113,764
1,800,179
315,100
92,767,671 +40.2
20,339,427 +89.0
17,310,459 +16.2
12.978,663 +25.2
5,901,666 +27.0
13,377,138 +85.3
21,967,437 +48.5
10,311,241 +45.5
7,103,525 +42.2
10,227,755 +52.8
7,694,617 +32.2
4,957,260 +26.2
3,423,510 +21.7
3,165,318 -0.5
3,215,800 +68.1
2,825,024 +23.9
+8.8
2,495,143
3,243,146 -7.7
2,140,990 +10.2
+6.6
1,265,709
2,945,000 +139.7
5,232,104 +66.9
1,452,100 +37.7
307,893 +21.9
425,732 +38.8
1,469,655 +180.0
990,134 +81.8
343,300 -8.2
68,739,850
14,450,960
10,429,799
8,305,066
4,104,510
8,633,903
13,246,003
6,564,321
3,815,681
9,831,131
6,367,714
4,061,157
1,939,594
2,751,424
2,185,476
2,497,753
2,135,117
1,884,278
1,931,963
1,000,000
2,819,913
3,645,188
1,202,833
263,472
334,366
1,392,786
968,457
86,740,462
20,960,576
14,175,630
11,125,253
4,331,000
9,300,000
21,509,384
11,680,329
9,760,551
10,014,950
8,452.406
4,691,279
3,206,225
3,997,°18
2,732,887
3,143,146
2,785,934
3,556,315
2,005,529
1,527,333
2,093,631
6,523.422
1,843,852
341,655
399,175
1,428,551
1,255,568
Terms of Subscription-Payable in Advance
New York
Philadelphia _
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Electric Railway Section
State and City Section
58,277,599
27,098,770
14,311,670
14,595,373
4,571,296
8,400,000
2,039,707
3,529,134
2,568,886
2,103,800
1,065,023
1,607,544
921,618
824,225
580,718
361,026
424,800
143,281,189
51,644,737
20,564,684
15,478,582
14,951,093
4,733,661
6,683,545
2,352,587
3,278,786
2,616,760
2,130,186
958,289
1,767,670
935,000
751,469
579,488
385,542
Total Southern 377,630,389 259,878.017 +45.3 185,502,765 249,381,961
Total all
6,339_4172,449 C651,014,779 +36.3 2,639,706,473 3,469,953,072
Outside N. Y. 2,435;8907507 1,750,459,307 +39.2,1,401,982,862 1,546,371,927
1536
THE CHRONICLE
RAILWAY AND INDUSTRIAL SECTION.
A new number of our "Railway and Industrial
Section," revised to date, is sent to oursubscribers
to-day.
THE FINANCIAL SITUATION.
The trend of political sentiment seems to be
growing in favor of President Wilson. At least all
reports agree in saying that the prospects for his
re-election are brighter to-day than at any time since
his renomination last June. The veering in public
opinion is not easy to understand by those who do
not look below the surface of affairs. A little probing, a little investigating, will serve to reveal at least
one prominent reason for it. This reason is undoubtedly found in the campaign activities of ExPresident Roosevelt.
It is stating a mere truism to say that there is no
man in political life who is regarded with profounder
distrust by a considerable portion of the American
people than Mr. Roosevelt—unless, indeed, it be
William Jennings Bryan. Both men have a body
of followers ready to shout for them on all occasions,
but that is inevitable with any aggressive personality in public life, and signifies nothing as against
the utter lack of confidence in the men entertained
by an important section of the community.
Hence the way Mr. Roosevelt has identified himself with the Hughes campaign has been distinctly
prejudicial to the Hughes cause. The effusive
manner in which Mr. Hughes has welcomed Roosevelt support, and his unqualified endorsement of all
the Roosevelt utterances, has not tended to improve
matters. It is recognized that Mr. Hughes is a man
of strong will arld of no little independence of judgment, particularly in political life, but no one will
deny that Mr. Wilson possesses the same attributes,
and yet Mr. Wilson, as one of his first acts as President, selected Mr. Bryan as his Secretary of State,
than which no more unfit appointment was ever
made. In the capacity of Secretary of State, Mr.
Bryan was for a long time the dominant figure in the
Cabinet, and his influence was never for good, no
matter how pure his motives may have been.
Many persons fear that in the event of Hughes's
election Mr. Roosevelt would also get a Cabinet
appointment as a reward for his services and would
accept the appointment as the best means of promoting his insatiable political ambitions. As the
holder of a Cabinet position, he would certainly not
play a subordinate part in the Hughes government.
Even if he should not get or should not accept a
Cabinet place, these persons fear that he is to be a
power with the new Administration in any event,
and they cannot persuade themselves that in that
capacity he would be any more an influence for
good than was Mr. Bryan in the Wilson Administration.
Memories are proverbially short. Nevertheless,
those who regard Mr. Roosevelt as a dangerous element in public life cannot blot out of remembrance
the fact that the whole of his last Administration
was marked by turmoil, that business was constantly
harassed and Congress constantly harangued in a
way that President Wilson has not been able to equal,
that one radical proposition after another was hurled
at Congress and the country, that the sputterings
and bellowings from the White House caused such
[vole. 103.
a feeling of disquietude in trade circles that the
ordinary business man opened his morning newspaper
in fear and trembling, always in an expectant mood
anxiously awaiting some new blow aimed at business,
and that the closing years of Mr. Roosevelt's power
were marked by that unparalleled commercial and
financial catastrophe, the panic of 1907, to which
Secretary of the Treasury McAdoo is now making
frequent reference.
To such persons Roosevelt's criticism of Mr. Wilson's course in acceding to the demands of the railroad trainmen for 10 hours' pay for 8 hours' work,appears hollow and insincere. They are ready to believe
that if Mr. Hughes had been in the Presidential Chair
no such surrender to railway labor would have
occurred, but as to what Mr. Roosevelt would have
done in the same circumstances they point to his
record in seeking to curry favor with railwaylabor and
with labor generally while in office. They recall
that in 1908, following the panic of 1907, when railroad gross earnings were falling off $50,000,000 a
month and the railroads were arranging to reduce
wages and some classes of employees had already
assented to the reduction, he went out of.his way to
prevent the reduction; it so happens, too, that in
his speech at Chicago on Thursday of this week
Mr. Roosevelt actually took occasion to refer to this
episode with pride and triumph.
These• persons also recall that a few months later
in 1908, when, as the other alternative, the railroads
proposed to make a small increase in freight rates as
partial compensation for the losses of revenue being
sustained, Mr. Roosevelt became afraid of the opposition of shippers and, being an opportunist,interfered
with that move also. They point out that during his
Administration, one member or another of the Inter-State Commerce Commission was constantly being called into conference with him, and that letter
after letter was hurled at the Commission mapping
out the course to be pursued by it, and abounding
in suggestions and insinuations calculated to undermine confidence in the integrity of railroad management.
These critics argue that all the troubles in the railway world are due to the policies inaugurated by
the Roosevelt Administration and the precedents
set at that time and which have been implicitly
followed since then, first by Mr. Taft and then by
Mr. Wilson. Such persons hesitate about encouraging the return to power in any capacity of the man
they consider responsible for so much of the mischief
under which the railroads and the country are suffering. These persons, too, are profoundly disturbed when they recall that only four years ago
Roosevelt ran on a platform advocating the recall of
judges, and split the Republican Party because he
could not control it in his own interest and carry out
the radical doctrines to which the Progressive Party
was committed.
In view of all this, if Mr. Hughes should fail to
beat his opponent as decisively as should be the
case, it will unquestionably be because of the
Roosevelt identification with the campaign. It is
open to question whether Mr. Roosevelt is making
any votes at all for Mr. Hughes, while most assuredly
he is losing a good many for him. There is reason
to think that Mr. Hughes would to-day be a great
deal stronger if he had entirely ignored Mr. Roosevelt and his remnant of Progressives, who are
secretly in sympathy with the .Wilson domestic poli-
)cr. 28 1916.1
THE CHRONICLE
cies anyway. In any view, considering his harmful
proclivities, it would have been a blessing if Mr.
Roosevelt could have been induced to efface himself
from the campaign in the way that Mr. Bryan has
managed *to abstain from prominent activity on
behalf of Mr. Wilson.
1537
$1,410,071,874 in 1914. The net result of our foreign trade for September was a balance of exports
in the stupendous amount of $348,719,343, this exceeding the merchandise outflow from the country in
all full fiseal years prior to 1869-70. Last year the
month's showing was an excess of exports of 14
93/2
millions and in 1914 the balance was only 16 1-3
The foreign trade figures of the United States for millions. For
the nine months the favorable balance
September 1916, issued this week, indicate that even is no less
than $2,117,552,501, or nearly 300 millions
the enormous outflow of commodities in August did greater than
the total imports for the period, and
not establish an unbeatable high mark in our exports, comparing with
$1,229
this latest total, covering one business day less than $57,330,115 in 1914. ,447,337 in 1915 and but
that for the preceding month, showing a further exThe gold movement of the month was, as in Aupansion of approximately 3 million dollars. It is, gust, very largely In
one direction—inward—and
of course, to be explained that these phenomenal ag- netted again to the United
Statesof$85,713,799. Exgregates do not represent solely an increasing quan- ports were only $6,849,141,
of which $3,905,274 from
titative outflow of goods; on the contrary, higher San Francisco, mainly to
Japan, and the remainder
prices have had considerable to do with the swelling largely from New York and in
greatest measure to
of the totals, especially as compared with results in Spain and South America.
Of the gold imports for
1915; but the balance remaining after allowing for the month, much the greater
part came into the counthat factor is very formidable. Still, for the vast try from Canada via Ogdens
burg, N. Y., for account
majority of the commodities sent out prices are higher of Great Britain. The
total arrivals were $92,562,than a year ago and noticeably so in the case of the 940. Of this aggregate $2,973
,404 came in through
various metals and their manufactures, cotton and San Francisco, with
Australia the main contributor,
cotton goods, fiber manufaCtures, leather, canned and of $11,773,504
received at New York by sea all
meats, oils, both mineral and vegetable, paper, su- but a compar
atively insignificant amount was from
gar and vegetables. Needless to say the stimulating Great
Britain. The remaining 78 millions finds exfactor in the rise in most commodities is the almost planati
on almost wholly in the movement across the
insatiable war demand. And while that demand
is border, with New York the principal destination of
a very important element in the prosperity the coun- the metal. A
realization of the strength of the gold
try as a whole is now enjoying, it has had its adverse current towards
this country since the movement
effect, in conjunction with short crops, of advancing started in January
1915 is afforded by the fact that
many of the necessities of life to a level that is a hard- in the intervening
21 months to the end of September
ship to all those whose incomes have been in no ap- the gross influx
has been 7423 million dollars and
preciable degree, if at all, swelled by the better times. the efflux only
119 millions, leaving a net inflow of
The September exports this year from the whole 623h million
s. Furthermore, arrivals since Oct. 1
country reached a value of $512,847,957, contrasting have
increased the balance to over 650 millions. As
with $300,654,921 last year and $156,052,333 in 1914. against
this tremendous net import total for 21
For August this year the total was $509,894,479. months
, the net arrivals for the preceding 20 years
For the nine months since Jan. 1 1916 shipments of were
only 113 million dollars.
merchandise were of the enormous value of $3,948,817,159, a total comparing with only $2,531,542,123
Fall River cotton-mill operatives who, through the
in 1915 and with $1,467,401,989 in 1914. We have Textile
Counci
no intention, of course, to assert that the current Association l, presented to the Manufacturers'
on Oct. 19 a request for a 10% increase
export figures represent anything but an abnormal in
wages, received a definite answer on Thursday.
situation, and therefore it is not probable that any
In refusing the request for an advance at this time
such level will be maintained or even closely approx
i- President Hills of the Manufacturers' Association
mated when conditions again become normal.
At is reported as stating to President Tansey of the
the same time, waiving everything but the fact
ac- Textile Council: "The present conditions of the marcomplished, it is of interest to note that this
year's ket, due to the rise in the price of cotton, make the
nine months' total is much greater than for the
twelve future uncertain for manufacturers. All mill supmonths of any preceding calendar year,
exceeding plies have been raised to a very high cost. Many of
even 1915 by 400 million dollars.
the contracts in existence among the mills were made
As regards the exports in detail for the nine months
at much lower figures than those now quoted, and
this year, it is to be pointed out that increases
are these contracts will not run out for several weeks.
quite the rule, both in quantity and value, with iron
The manufacturers think that the request should be
and steel and manufactures, explosives, brass, coplaid over until Nov. 10, when they hope conditions
per, cotton goods, chemicals and drugs, mineral oils
will change for the better, and they will be in a
and wool manufactures standing out conspicuously.
position to discuss the question of wages." He added
The only mentionable decreases are in breadstuffs,
that "No promise was given at present that wages
leather and manufactures and horses.
would be advanced in November or at any specified
The merchandise imports for the month fell
off time. The members of the manufacturers' comquite appreciably, having been only $164,1
28,604, mittee thought that not sufficient time had been
or some 35 million dollars less than in August
and allowed by the operatives since the improvement in
81% millions under the high mark set in June.
At trade began before requesting another wage advance.
the same time, they were 13 millions more than
in There had not been time to recuperate for past losses
September 1915 and 243/ millions in excess
of 1914. that had come to the mills and stockholders during
The result for the nine months is, of course, a
high the recent dull times."
record by a large margin, an aggregate of $1,831,
264,What the outcome of the refusal will be is, of
658 contrasting with $1,302,094,786 •a, year ago
and course, all a matter of conjecture, but special meet
1538
THE CHRONICLE
[vol.. 108.
contempt of the whole world. Happily, tactics so
gross did not succeed." The Secretary declared that
England would fight until the supremacy of right and
free government have been established under equal
conditions, each in accordance with its genius, of all
States great and small, as a family of civilized manViscount Grey, British Secretary for Foreign Af- kind.
The Secretary, referring to the league formed in
fairs, at a luncheon on Monday in London given by
to make peace secure in the future,
the Foreign Press Association, at which diplomatic the United States
representatives of all the Allied countries were pres- then said:
ent, showed clearly that the Allies not only were not
"I believe the best work neutrals can do for the
prepared to discuss peace terms, but he gave no in- moment is to try to prevent a war like this from hapunited in such
dication of what terms might be acceptable. He pening again. If the nations had beenns to insist in
resolutio
prompt
and
nt
agreeme
an
s
countrie
neutral
by
welcomed, he said, any efforts
1914 that the dispute must be referred to a conferfor a combination to prevent future wars. He de- ence or The Hague, that the Belgian treaty must be
sired to speak more particularly about the general ob- observed, there would have been no war.
jects which the Allies must secure in this war. To
"Nations fighting for their existence, with daily
do this it was necessary to recall how the war came increasing prospects of seeing victory brought nearer,
about. This was a phase that could not be referred still knowing that if they stop short of victory they
ng for which they are strugto too often, as it affected the conditions of peace. stop short of everythi
to spend much time thinkexpected
be
cannot
gling,
Germany, he continued, talks of peace; her statesmen ing about what might happen after victory is secured.
talk of peace to-day. They say: "Germany must But the neutrals can do it. I observe that not only
have guarantees against being attacked again." If President Wilson but Mr. Hughes is supporting a
this war had been forced upon Germany, the speaker league started, not with the object of interfering with
continued, that would be a logical statement. It the belligerents in this war, but which will do its
is precisely because it was not forced upon Germany, part in making peace secure in the future.we should
"It is a work of neutral countries to which
but was forced by Germany upon Europe, that it is
all look with /favor and hope. Only, we must bear
the Allies who must have guarantees for future peace. this in mind, if the nations after the war are able to
The Secretary then went on to analyze conditions do something effective by binding themselves with
that existed before the war. "In July 1914," he the common object of preserving peace, they must be
said, "no one thought of attacking Germany. It prepared to undertake not more than they are able to
was said that Russia was the first to mobilize. That, uphold by force, and to see, when the time of crisis
I understand, is what is represented in Germany as comes, that it is upheld by force.
"The question we must ask them is: Will you play
justification for the statement that the war was not
when the time comes?' It is not merely, the sign
up
an aggressive war on Germany's part, but was forced manual of presidents and sovereigns that is really
upon her. Russia never made the mobilization of to make that worth while. It must also have behind
which Germany has complained until after Germany it parliaments and national sentiments.
"Supposing the conditions of 1914 occur again,
refused a conference, and never made it until the reordered
had
and there is such a league in existence everything will
port appeared in Germany that Germany
depend upon whether national sentiment behind it is
telebeen
had
report
mobilization, and until that
permeated by the lessons of this war as to compel
graphed to Petrograd. When England proposed a so
nation, as a matter of vital interest, to keep
each
conference, Russia, France and Italy accepted the peace other than by force."
conference and one Power refused it. When four
It is reported from Berlin that the German ImPowers offered a conference and one Power refused
Chancellor, Dr. von Bethmann-Hollweg, will
perial
who
it, is it the Powers which offer the conference
in the Reichstag the British Foreign Secreanswer
it?
are forcing war or the Power that refuses
speech.
.
tary's
Tribunal
The Emperor of Russia offered The Hague
When one sovereign offers The Hague Tribunal and
Each side of the great European war may lay claim
another refuses it, is it the soveregin who offers refereve
the
On
war?
is
forcing
who
a substantial victory in this week's fighting. The
to
Hague
The
to
ence
of war France gave her pledges to respect the neu- troops of the Central Powers have continued to
trality of Belgium if. Germany would not violate, and force back the Russians and Rumanians in the Dowe, too, asked for such pledges. Was the Power brudja and in Transylvania, while the French have
which asked for a pledge and the Power which gave been successful in smashing the German line north
a pledge responsible for the violation of neutrality and northeast of Verdun and recaptured within the
of Belgium, or was it the Power which refused to give week virtually all the territory that cost the Germans
the guarantee? Never at any time was there a sug- eight months of effort in their disastrous Verdun drive.
gestion that a French or an English soldier should Possibly the French attack was intended as a counter
enter Belgium unless to prevent the abolition of her move to the advance of the Teutonic Allies in the
neutrality, which had been undertaken by Germany." Dobrudja region of Rumania. Furious counterProceeding, the speaker said that England had been attacks have been made but without success by
asked by Germany to remain neutral on certain con- the German Crown Prince to regain theJost positions,
ditions. She was asked to condone violations of the and the French are steadily moving forward still
• neutrality of Belgium and give Germany free hand further, having advanced west and south of the fortto take whatever French money she liked. "That ress of Vaux, according to the official announcement
was the plan, not only to isolate us but to discredit issued by the French War Department yesterday.
us. I ask any neutral what would have been the German artillery, the statement adds, is violently
future of this country if the British Government had bombarding Chenois Woods and Fort Douaumont,
accepted such an offer? There would be no morale, which were captured by the French in their surprise
no spirit, no nation. We should have incurred the attack Tuesday night. The French positions north
ings of the five associations of textile operatives
comprising the Council have been called for next
Wednesday to vote on the question of striking and
if such a move is favored the strike will likely be
called for Nov. 6.
OCT. 28 1916.1
THE CHRONICLE
1539
of the Somme River were also subjected to an attack and political leader
s at Boulogne on Friday last.
which centred on Bois l'Abaye Farm, south of The terms of the unders
tanding include on the part
Bouchavesnes. On the Peronne-Bapaume high road of Greece:
around the village of Sailly-Saillisel, and also south
First—Sincere compliance with the demands of
of the Somme in the sector between Vermandovillers
and Chaulnes, great artillery duels are raging, the Admiral Fournet.
Second—Effective maintenance of order in Athens
heavy firing having been continuous for several
and Piraeus.
hours, according to yesterday's official !report. On
Third—Guarantee of constitutional liberties to
Monday 1,000 yards of trenches in the region of Greeks through the operat
ion of the legal functions
Guedecourt and Lesboeufs were taken by the of their Government.
British. British and German destroyers clashed in
Fourth—No opposition to recruiting for the Venia sharp naval engagement in the English Channel on zelist movement, which now is characterized is
Thursday night. The Germans attempted a raid "anti-Bulgarian," instead of "national defense
on the cross-channel transport service under cover of
The "Forward," the Royalist organ, yesterday
darkness. Two German destroyers were sunk, ac- said: "The Boulo
gne conference has opened the
cording to the British Admiralty's official statement. way to a larger unders
tanding between the Powers
One of the British destroyers was lost and another and Greece." One of
the leaders of the Greek prowas disabled. The empty British transport Queen war party 'declared
to the Associated Press correwas sunk.
spondent: "Now that the irritations due to mutua
l
Before their retreat from Tchernavoda the Ru- distrust of one anothe
r by King Constantine and the
manians blew up the big bridge spanning the Danube Entente Ministers is
out of the way, we can go to
River, thereby placing a severe obstacle in the path work negotiating for
Greece to join the Allies as a
of the advance of the Teutonic Allies from the nation and a people, not
as individuals." In comDobrudja in old Rumania, if such a move was in pliance with assura
nces given to the French Minister,
fact intended by them. The Rumanian War Office the King yester
day signed a decree releasing from
declares that its armies still are intact, having been active
service half of the class of 1913 now with the
able to retire before the larger forces of the enemy arcolors, as well. as other miscellaneous levies under
rived. The Entente forces now are reported to be
training. This reduces the military force in Greece
holding a line back of Tchernavoda and running to the
from 60,000 to 35,000, thus disposing of the differBlack Sea coast behind Constanza, although the latter ences
between Greece and the Entente Powers On
has be n captured by Field Marshal von Mackensen. the ground
of danger from the Greek army to the
According-to Petrograd, the force of the violent blows Entent armies
e
in the Orient.
which Field Marshal von Mackensen had been delivering in his rapid drive into Dobrudja has slackened.
Severe tension has arisen between Berlin and
Along the Transylvania front Rumanian and the Christ
iania over the Norwegian policy toward GerAustro-German forces still are engaged in hard fightman submarines. About a dozen Norwegian
vessels
ing at various points. Berlin reports that in the
have recently been sunk by the German undersea
Trotus Valley, south of Paroituz, and on the road to
boats, presumably as an indication or object lesson
Sinaya and Campulung, the Central Powers have
of what may happen in the event that the discrimimet with further successes, but Bucharest asserts
nation which Germany claims exists is contin
ued.
that the enemy has been driven from the entire
This stern attitude adopted by Germany toward
western frontier of Moldavia (Northern Rumania),
Norway was explained yesterday by the "Loka
l
suffering heavy casualties, and that in Uzul and Oituz
Anzeiger." This paper declared that Norway
Ruman
and
ian
arms
valleys the
also have been successful. Swede
n in treating the submarine question have
In the wooded region of the Carpathian mountains taken
different positions toward Germany, Sweden
the Germans essayed assaults against the Russians, having
issued a decree prohibiting submarines of all
but, according to Petrograd, all ended in failure.
the
bellige
rent Powers from using her territorial
In Volhynia to the west of Lutsk the Russians, withwaters, while Norway bans only German subout previous artillery preparation, attempted
to mersibles. Notes have been exchanged
between
storm with infantry a German position
without the two Governments, but have not yet
been made
success. Two villages southwest of Lake
Doiran public.
on the Macedonian front—Golobrda and Laisitsa—
have been captured by the French. Elsewh
ere in
The news from Rumania has certainly not been
this vicinity the fighting is largely by artillery.
of
The a character to encourage cheerfulness in
either LonAustrians are maintaining an intense artillery
fire don or Paris. During the earlier days of
the week
on the Italian positions in Gorizia.
considerable depression was reported from the
BritCount Stuergkh, the Austrian Premier, was shot
ish centre, though some improvement was eviden
t
and killed in Vienna last Saturday by Ludwig Adler,
later when the extent of the brilliant dash of
the
editor of a newspaper, who claimed that his act
French army from its Verdun base became known.
was purely political and induced by the Premier's
A still further item of comfort was contained in
the
refusal to convene Parliament. The Cabinet immelater dispatches that the Rumanian defeats,
diately resigned and a new one is under construction
while
disconcerting and serious to their ambitions, had
not
with Dr. von Koerbor as Premier. Prince von
includ
ed the capture of large units of their armies,
Hohenlohe Schillingsfurst is, it is report
ed, to be which still apparently are intact. Active
demands
appointed Minister of Finance.
are current for funds in London. The sales of 6%
Exchequer bonds amounted last week to £13,279,000,
On Thursday an understanding was finally reached makin
g a total of substantially £50,000,000 in the
between King Constantine of Greece and representathree weeks during which the securities have been
tives of the Entente Powers. It was the immediate offered.
The subscription list in London for the
result, it is understood, of a conference of military French
loan closed yesterday (Friday). It is esti
1540
THE CHRONICLE
[voL. 103.
advanmated that close to 00,000,000 sterling was sub- earlier years of peace they also will have the
a curof
belligerents
present
the
of
most
over
tage
withwere
bonds
Exchequer
1921
scribed. The
depreciaconsequent
and
drawn by the British Treasury on last Saturday. rency free from inflation
rivalry of
The old War Loan had been well maintained in re- tion. All this will count heavily in the
Wilson
President
as
under
particularly
future,
sponse to renewed assertion by the Chancellor of the the
of its
purged
been
has
system
banking
American
the
conExchequer that a new long-dated loan, giving
es."
eccentriciti
worst
condimoney
version rights, would be issued when
tions justified such a step. A further advance of
The Paris Bourse has ruled quiet throughout the
IA% to 5% in call money has taken place in London
ChanBritish
the
Towards the close it was evident that the
by
week.
statement
recent
The
this week.
cellor that he has had to find 0,000,000 per day for drive at Verdun had encouraged market sentiment.
every working day to meet his expenditures in There has been no announcement yet of the volume
America is accepted in London as a reasonable state- of subscriptions to the new national loan. The
ment. It means, to quote one correspondent, "that books close to-day. Some selling of French war
America receives one-third of Britain's war expendi- stocks has taken place, which is not unnatural in
ture." But Great Britain is financing practically view of the high figures to which they have been
all the Allies' imports of munitions for use of the forced without regard to the earning powers they
military, and of many classes of supplies for civilians. will possess when peace shall finally come. An
The Chancellor's figure probably includes, the corre- instance of the boom in war issues is contained in a
spondent adds, a considerable proportion of the pay- rise of 700 francs since the beginning of the war in
ments to Canada made through New York. Prac- the Hotchkiss Arms Co. The French Government
tical indication of the absence of interest in London has designated a Commission for developing the use
Stock Exchange circles is contained in the fact that of agricultural machinery among the farmers of
members are again agitating for a continuance of the France. Jules Meline, the Minister of Agriculture,
Saturday holidays during the months of November calculates that for the invaded and devastated
and December—action which may be interpreted as districts of France alone, there will be needed 200,indicative of an expectation of continued inactivity 000 motor tractors (in addition to the 200 already
available); 110,000 ploughs, 50,000 harrows, 22,000
during the remainder of the year.
as
week,
the
for
planters, and 15,000 reapers. France has begun to
The revenue for the Kingdom
the
and
,
Ohinese labor in ammunition factories. Five
£11,015,000
was
employ
reported on Wednesday,
Chinamen arrived recently to work in the
bonds
Exchequer
of
hundred
.
Sales
£54,262,000
expenditure
were £13,279,000, the amount of Treasury bills out- Creusot plant, the biggest arsenal in the Republic.
standing was increased by 03,000,000. A further Press dispatches from Paris state that an arms plant
block of Russian three months' credit bills was placed rivaling Krupps in size is to be built by the French
in London at 5 9-16%. Brazilian bonds showed a Government at Roanne. Announcement to this
recovery on a semi-official denial that the funding effect was made by M. Albert Thomas, Minister of
scheme was likely .to be extended beyond next year. Munitions. The charter of the Bank of France exAdvices from Dublin state that the Housing Com- pires in 1920, and the question of its renewal will have
mission of the corporation of that city has decided to come up soon. The Society of Manufacturers and
to recommend the acceptance of a loan of 0,000,000 Merchants of France have adopted a resolution
at 5% offered by Lee, Higginson & Co. of Boston. calling on the Government to renew the charter for
The proceeds of the loan are to be utilized for the re- a period not less than forty years in view of the great
construction of the city on plans approved by the services of the bank during the war.
Housing and Town Planning Association of Ireland.
The German Reichstag, thus far, has granted war
English Consols closed last night at 5614,comparing
with 57 a week previous. The monthly comparison credits amounting to 54,000,000,000 marks (about
of Stock Exchange values published by the "Bankers' $13,500,000,000 if exchange were on a normal basis).
Magazine," giving the aggregate value of 387 securi- The Budget Committee of the Reichstag and the
ties dealt in on the Exchange, indicates a decrease Secretary of the Treasury, Count von Roedern, it is
during the month of October of £65,308,000, or 3.3%. stated, discussed the financial situation on Thursday
This compares with a reduction of £2,106,000, or and the Government's policy during the war of
0.1%, in September. British and India funds are consolidating the floating debt, especially Treasury
£18,598,000, or 3.3% lower; foreign Government notes, in the form of long-term loans. Of the exstocks are £27,540,000, or 4.8% lower; British Home penditures to Sept. 30, 37,500,000,000 marks were
Railways are £8,834,000 lower, or 4.1%. American provided by long-term loans and the remainder by
Rails are an exception, the aggregate price of seven- the sale of Treasury bills. In October 250,000,000
teen issues showing an increase of £6,980,000, or marks will be repaid to the Imperial Treasury for
amounts disbursed for relief work.
1.8%.
Referring to forecasts of the new $300,000,000
Official bank rates at the leading European cenAmerican loan to the United Kingdom, which, it may
officially
have remained at 5% in Paris, Vienna and Copentres
was
announced
be remarked incidentally,
532% in Italy, Sweden and Portugal; 6% in
hagen;
"Guarthe
Manchester
on
Wednesday,
in New York
and Petrograd, and 432% in Switzerland,
war
London
the
of
close
the
that
deduction
the
draws
dian"
will find the United States exceptionally situated in Holland, Spain and Norway. In London the private
2@5%% for
/
the world of international finance. Continuing, the bank rate continues to be quoted at 51
from Berlin
Cables
bills.
day
"Guardian" says the United States will probably sixty-day and ninetyprivate
nominal
the
as
43/2%
heretofore,
as
"have canceled most of their indebtedness to the report,
rebeen
have
reports
No
centre.
at
that
rate
bank
in
debt
their
Old World, they will have the Old World
Euroother
at
rates
market
open
of
cable
by
financial
ceived
powerful
will
established
have
and they
outposts in important neutral markets. During the pean centres, so far as we have been able to discover.
Om. 28 1916.]
THE CHRONICLE
1541
Money on call in London has again advanced and is 534,000 francs. Last year they amounted to 38,.now quoted xi% higher at 5%.
450,783 francs and in 1914 to 382,575,000 francs.
The figures here given for 1914 are those for the
The Bank of England in its weekly statement week ending July 30, the Bank having discontinued
reported, for the first time in several weeks, a loss the publication of weekly returns with the outbreak
in its gold item, the amount of the decrease being of the war.
£391,685. Note circulation, however, showed a
nominal increase, viz., £18,000, while the total
There is little that is new in the local money situareserve decreased £410,000. The proportion of re- tion. In the face of prospective foreign demands for
serve to liabilities declined to 22.97%, against 23.30% funds on a monumental scale, supplies are proving
a week ago and 30.1% last year. Public deposits more than adequate for the demand. No difficulty
were reduced £3,046,000. Other deposits, however, is experienced in obtaining banking accommodations
increased £3,670,000. Government securities re- for legitimate purposes. Rates for early maturities
mained unchanged. Loans (other securities) were in- are fractionally lower and the pressure to do business,
creased £1,053,000. The Bank's gold holdings now as has for some time been so clearly the case, constand at £56,063,466, against £56,230,709 in 1915 tinues to be more on the side of lenders than of borand £61,872,740 the year previous. Reserves rowers. Possibly the most significant indication of
aggregate £37,827,000, compared with £41,885,840 the actual monetary conditions is contained in the
a year ago and £45,210,070 in 1914. Loans total preliminary statement issued by J. P. Morgan & Co.
£102,442,000. At this date last year the amount was in announcing the offering of the $300,000,000 new
£96,565,260 and in 1914 £104,868,463. The Bank British note. The bankers explain that the new
reports as of Oct. 21 the amount of currency notes British Government loan offering had not been in
outstanding at £122,613,768, against £122,607,392 contemplation at the present time, but the prevailing
last week. The amount of gold held for the redemp- ease of money, and the difficulty which the banks
tion of such notes remains at £28,500,000. Our are having in profitably employing their funds,
special correspondent is no longer able to give details "have led us to indicate to the British Government
by cable of the gold movement into and out of the that the present is a favorable time for it to establish
Bank for the Bank week, inasmuch as the Bank has additional credits in America, even though such erect,
discontinued such reports. We append a tabular its may not be immediately required. Accordingly,
comparison of the different items of the Bank of the British Treasury has to-day accepted the views
England's statement for the last three years:
of the American bankers and has authorized them to
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
proceed." Another statement in the same announce1916.
1915.
1914.
1913.
1912.
ment deserves attention because of its reference to
Oct.27.
Oct.25.
Oct. 28.
Oa.29.
Oct. 30.
.£
Circulation
30,686,000 32,794,860 35,112,670 28,728,220 28,589,070 the effect of unneeded gold importations. "The
Public deposits— _ 52,543,000 39,885,367 24,993,010
8,743,949 11,751,259 British Treasury," quoting the statement,"has of late
Other deposits
112,171,000 99,670,341 120,736,526 41,060,604 45,245,016
Govern't securities_ 42,187,000 18,895,502 19,427,087 11,788,105 13,037,90s renewed its shipments of gold to this country upon
Other securities__ _ _ 102,442,000 90,565,260 104,868.463 28,619,058 34,532,800
a large scale. This continued influx of the metal
Reserve nates &coin 37,827,000 41,885,849 45,210,070
7,114,611 27,197,884
Coln and bullion_
56,063,466 56,230,709 61,872,740 37,392,831 37,336,954 has caused some concern in
the banking community,
Proportion of reserve
and it is believed that the issuance of the proposed
to liabilities
22.96%
30.01%
29.79%
54.45%
47.70%
Bank rate
6%
5%
5%
5%
5% loan will tend to cause at least a
temporary cessation
in gold imports." In addition to the prospective
The Bank of France in its weekly statement regis- offering of the British notes there has been the offertered a further gain in its gold holdings, the.addition ing of the Republic of France 5% National Loan
being 36,194,625 francs; the gain again is in the through New York bankers. The actual volume of
amount held by the Bank itself, the balance held the subscriptions is not yet available, but it is underabroad remaining unchanged at 674,558,075 francs. stood that the total is a large one. Still further has
The total holdings at home and abroad aggregate been the recent completion of the $100,000,000
4,921,979,325 francs, as compared with 4,729,978,619 French credit. This, while a matter bearing upon.
francs (all in vault) last year and 4,141,350,000 the future, nevertheless constitutes a prospective
francs in 1914. The silver item showed a falling off drain upon the supply of credit at this centre. It
of 513,000 francs during the week. The total stock is understood that there have been additional large
of that metal now on hand amounts to 328,027,000 American subscriptions to British Exchequer six per
francs,against 363,246,179 francs in 1915 and 625,- cents.
325,000 francs the year preceding. Note circulation
Last Saturday's statement of New York Clearing
again shows an enormous reduction, namely, 210,- House members, which will be found in more com866,000 francs. Treasury deposits register a gain of plete form on a later page of this issue, made a favor189,083,000 francs. General deposits were expanded able showing. Loans were decreased
$41,966,000.
189,083,000 francs, and bills discounted 27,521,000 Net demand deposits declined $8,061,000 and net
francs, while the Bank's advances increased 9,734,000 time deposits $471,000. Reserves in "own vaults"
francs. Note circulation is now 17,010,883,000 increased $24,923,000, to $433,883,000, of which
francs, comparing with 13,867,554,340 francs and $362,526,000 is specie. At this date last year the
6,683,175,000 francs, one and two years ago, respec- amount in own vaults was $521,922,000, including
tively. General deposits amount to 2,730,838,000 $456,269,000 in specie. Reserves in Federal
Refrancs, as against 2,545,863,140 last year and 947,- serve banks also expanded $3,148,000,
to $174,160,575,000 francs in 1914. Bills discounted aggregate 000, against $161,080,000 in 1915.
Reserves in
479,671,000 francs, as compared with 280,269,674 other depositories registered an increase
of $717,000,
francs in 1915 and advances amount to 1,198,226,000 to $53,674,000, which compares with
$46,193,000
francs, against 567,971,019 francs last year. In 1914 the year preceding. Note circulation was
expanded
bills discounted and advances combined totaled $111,000. The aggregate reserve was increased $28,3,202,975,000 francs. Treasury deposits are 268,- 788,000 and now stands at $661,717,000,
as against
THE CHRONICLE
1542
[VOL. 103.
Philadelphia.
Boston.
In sterling exchange there no longer is encourage$729,195,000 a year ago. Reserve requirements
decreased $1,723,150, and the surplus reserve gained men for negotiations. Rates seem completely under
the substantial amount of $30,511,150, which carried the direct control of the British Treasury and the
the ,total of excess reserves up to $99,425,560 and fluctuations are meaningless. Any tendency toward
weakness is immediately checked by the purchase of
compares with $192,800,050 a year ago.
Referring to money rates in detail, call loans this cable transfers by New York bankers. Gold has
3 %,as compared continued to come forward this week, $28,000,000
week have covered a range of 2@24
with 23j@4% last week. Monday the high and having been received from Canada in New York,
ruling quotation was 2%% and WI% was the low. $9,500,000 from the same source in Philadelphia
On Tuesday 2@23/2% constituted the range, with and $2,500,000 at San Francisco from Australia, all
renewals at 23/2%. On Wednesday 23/2% continued consigned to J. P. Morgan. Of $15,000,000 rethe maximum, while the low was 23%, which also ceived at New York yesterday, $5,000,000 was
was the renewal basis. Thursday the high and acquired by the Federal Reserve Bank of New York.
ruling figures were not changed from 23/2, although We refer in a preceding paragraph to the prethe minimum declined to 2%. On Friday the range liminary statement of J. P. Morgan & Co., announwas still 2@2%, with renewals at 23%. Time cing the issue of $300,000,000 British notes and
money has shown increasing ease, as a result of last stating that the continued influx of gold had caused
Saturday's strong bank statement, and declines were some concern in the banking community and that it
recorded in some of the shorter maturities. Sixty is believed that the issuance of the loan will tend to
days is now quoted at 3%, against 3@33%; ninety cause at least a temporary cessation in imports of the•
days at 33@332% (unchanged); four months at precious metal. With the British Chancellor of the
43@3M%, against 332%, and five and six months Exchequer (as he announced last week), having to
at 33/2%, unchanged. A year ago sixty-day funds find £2,000,000 ($10,000,000) per each working day
ruled at 23/2%, ninety days 29.%, four months at for war supplies needed by the Allies from this coun29@3%, five months at 3% and six months at try, it is obvious that there must be a series of loans
•
3@33%. For mercantile paper the demand con- or a continuance of the gold influx.
Comparing with Friday of the .preceding week,
tinues brisk, with transactions limited by a scarcity
of offerings. Quotations remain as heretofore at sterling exchange on Saturday was without essen33@332% for sixty and ninety days' endorsed bills tial change; demand bills ruled at 4 75 11-16, against
receivable and six months' names of choice character, a range of 4 75%@4 75 11-16, while cable transfers
Othough names not so well known may now be quoted remained at 4 76 7-16@4 763/2, and sixty days at
at 39@4%, against 4%, last week's quotation. 4 713f. On Monday trading continued inactive and
lAanks' and bankers' •acceptances are quoted as quotations were not changed from 4 75 11-16 for
demand, 4 76 7-16@4 753/ for cable transfers and
follows:
Delivery
Spot Delivery
4
713-( for sixty days. Further gold importations
within
Sixty
Thirty
Ninety
Days.
Days.
30 Days. and buying of cables by the fiscal agents of the
Days.
302%
23402 7-16 2550234 2%0234
glIgible member banks
British Treasury were the chief features of Tuesday's
2 11-1602 9-16 2340234 23402% 3%02U
Eligible non-member bills
although not exercising any noticeable
operations,
3340234 3340234 3340331
Ineligible bills
3340234
effect upon actual rates; sixty day bills were still
• There have been no changes in the rates of any of pegged at 4 713, cable transfers ruled at 4 76 7-16
the Federal Reserve banks, which continue as all day, and demand covered a range of 4 75%@
follows:
4 75 11-16. Wednesday's market was quiet; quotaDISCOUNT RATES OF FEDERAL RESERVE BANKS.
tions were not changed from the preceding day's
level; the undertone, however, was very firm,
influenced by the announcement of the completion
0.P.
,,,i
CLASSES
.
4i
t
OF
4 2 of arrangements for the new $300,000,000 British
1
>,
DISCOUNTS AND LOANS
"
ti i 4ei l'4.g loan here. Sterling was quiet but steady on ThursA t a i
t
i '
.
1..)
t.) Z4 '•
day with demand at 4 75 11-16, cable transfers
'Commercial Paper---------------------------3
1 to 10 days maturity
at 4 76 7-16 and sixty days at 4 713. On Friday
,__
;: ------334
___ ___
"
1: to 15
% the market continued quiet with demand bills a
- 4 3__ 4 4
3344 4 4 4 4
II to 30 " "
___ __ _ i 4 ..„ iii ___
----- --- ------4
1,5 to 30 ---4 4 4 4344 4 4 4 4 4344 4
"
31 to 60 "
shade easier, selling as low as 4 7565. Closing
4
4
4
4344 4 43-4 4 434 4% 4 434
61 to 90 "
"
—
Agricultural and
quotations were 4 713 for sixty days, 4 75 11-16
,
• Live-Stock Paper—
91 days to 6 months maturity 5 5 434 5 434 5 5 5 5 5 434 534 for demand and 4 76 7-16 for cable transfers. ComPromissory Notes of Member
Banks-mercial, sight, finished at 4 75 7-16; sixty days at
3343 334 3% 3% 334334 3 4 4 3544
1 to 15 days maturity
—
4 70%, ninety days at 4 68%, documents for pay•
Trade Acceptances—
1 to 30 days maturity
354 3% 3% 3 334 334 _ 3 . 33-4 4 3343
• ment (sixty days) at 4 70% and seven-day grain
"
334 334 334 334 334 334 --- 3 334 4 334 3
21 to 60
334 334 334 4 354 334 --_ 334 334 4 354 334
"
61 to 90 "
bills at 4 74%. Cotton and grain for payment
Commodity Paper33-4 finished at 4 75 7-16.
33-4 -__ 33-4 ___ 334 3 .._ 3 33-4 4 3
1 to 30 days maturity
6
t
___ 3 3344 3 4
3% 3
3%
31 to 60 •"
354
3% --_ 3% ___ 33.6 3 -__ 3 3% 4 3 454
"
61 to 90 "
- _ ___ — _ --_ -- --- 5
___ ___ _ _ —
61 days to 6 months maturity
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankers Acceptances.—Authorlzed discount rate for all Federal Reserve banks;
minimum, 2%; maximum, 4%.
Trade Acceptances.--Bills with maturities of 90 days or less, purchased in open
market without member bank endorsement, by New Orleans branoh of Atlanta
Federal Reserve Bank: 334 to 4%.
purchased in open market by Dallas Federal Res erve
Commercial Paper
Bank; 3 to 5%.
Rills of Exchange.-13ills purchased in open market by Atlanta Federal Reserve
Bank; 3341)5%%.
Bills With r Without Member Bank Endorsement.—Bills with maturities of 90 days
or less purch ed in open market by St. Louis Federal Reserve Bank; 2 to 4%.
The Continental exchanges have experienced
another dull and uneventful week. Trading was
not active and fluctuations moved'within narrow
limits, excepting in the case of lire, which were heavy,
declining to as low as 6 583 for sight, coincident
with a sharp advance in sterling at all Italian centres.
Russian exchange, although slightly firmer in the
early dealings, again eased off and the close was weak.
Francs continue to show irregularity, fractional declines being noted in the opening days of the week,
attributed principally to a lack of demand. The
OCT. 28 1916.]
THE CHRONICLE
1543
undertone, however, was firm and the recent sucTHE RUMANIAN DEFEAT.
cessful arrangement for another $100,000,000 French
is
still
exerting
No
a sustaining influence.
campaign in the entire course of the war has
credit here
Reichsmarks were heavy early in the week, but been surrounded with quite such bewildering persubsequently recovered. Demand bills on Berlin plexity as the recent operations in Rumania. It is
finished at 703 and cables at 70 5-16, against true that the campaign in Serbia a year ago upset the
70 5-16 and 70% last week. Kronen, as usual, expectations of outside observers, at least in the
moved in sympathy with Berlin exchange, extent to which it revealed the entire absence of
closing at 11.94, compared with 11.97 a week Allied plans for effective support of Serbia. But it
ago. The sterling check rate on Paris finished at was recognized all along that Serbia alone would be
27.813/2, the previous close. In New York sight bills unable to resist the invasion of its country by the
2, against 5 843
on the French centre closed at 5 843/
%; united German, Austrian and Bulgarian troops. As
cables at 5 833/2, against 4 839; commercial sight soon as it was known that the Allied armies were notcoat 5 843
%,against 5 84%, and commercial sixty days operating on anyextensive scale,the collapse ofSerbian
at 5 90 (unchanged). Rubles finished at 31.00, resistance was accepted as a foregone conclusion.
But the case of Rumania has been wholly different.
against 31.20 a week ago. Lire closed at 6 583 for
bankers' sight and 6 57% for cables. This compares Instead of 'the small Serbian army of a year ago,
with 6 52 and 6 513j, respectively, at the close on already decimated by losses and disease, we have had
on this later occasion the fresh Rumanian army of
Friday last.
In the neutral exchanges little of importance has 600,000 men, described as in the highest state of
transpired. Dulness continues strongly in evidence, military fitness. Whereas a year ago the Austrian
and Scandinavian rates, while at times showing an army was in excellent condition, the Germans free
easier tendency, were practically without change. to operate in Serbia because the Allies were held
Guilders ruled slightly lower. Bankers' sight on Am- absolutely in check on the Western front, and the
sterdam finished at 41 1-16, against 41 3-16 cables at Bulgarian army entering the fight in prime condition,
413', against 413; commercial sight at 40%, against after just such unhindered preparation as Rumania
41, and commercial sixty days at 40%, against has been able to make on this occasion—as against
40% a week ago. Greek exchange (which may still all these conditions of last autumn's campaign, the
be regarded as neutral) is still quoted at 5 14 for sight position of the Teutonic Allies when Rumania debills. Copenhagen checks finished at 27.08, com- clared war two months ago was that Austria's military
paring with. 27.25. Checks on Norway closed at machine had been shattered and exhausted by the
27.18, against 27.72 and checks on Sweden finished sweeping Russian victories of midsummer; that the
at 28.42, against 28.40 the week preceding. Spanish Germans were hard pressed by the Allied offensive
pesetas were firm, closing at 20.28, and comparing on the Somme, and that the Bulgarians were apparently compelled to stand on the Greek front
with 20.14 on Friday of last week.
to resist Sarrail's army.
Not least of all, Serbia a year ago was nearly out
The New York Clearing House banks, in their
operations with interior banking institutions, have of artillery and largely cut off from new war supplies;
lost $1,318,000 net in cash as a result of the currency yet Rumania last month was not only in possession
movements for the week ending Oct. 27. Their re- of long-accumulated war material—which had not
ceipts from the interior have aggregated $8,146,000, been wasted even in the Balkan war—but was in
while the shipments have reached $9,464,000. Add- direct touch with Russia through the Black Sea, for
ing the Sub-Treasury and Federal Reserve opera- purposes of obtaining either war munitions or military
tions and the gold,imports, which together occasioned support. This situation seemed to be reflected
a gain of $22,395,000, the combined result of the flow logically in the aggressive military program promptly
of money into and out of the New York banks for the adopted by the Rumanian army on the declaration
week appears to have been a gam of $21,077,000, as of war. It invaded, in dashing style and with
follows:
apparently instantaneous success, the Hungarian
province of Transylvania. Yet what we have seen
Into
Out of
Net Change in
1Veek ending Oct. 27.
Banks.
Banks.
in the past two or three weeks has been the defeat of
Bank Holdings.
$8,146,000
$9,464,000 Loss 51,318,000 the Rumanian armies on both the southeastern and
Banks' Interior movement
46,036,000
Sub-Treas.& Fed.Res.opAgold impt.
23,641,000 Gain 22,395,000
the northwestern frontiers; a defeat which at times
$54,182,000 $33,105,000 Gain 521,077,000
Total
has almost amounted to a rout, and which a fortThe following table indicates the amount of bullion night ago drew from the Rumanian King his astonishin the principal European banks:
ing personal appeal to the Allied Powers to save him
and his country from the fate of Serbia.
Oct. 26 1916
Oct. 28 1915
Banks of
In a general way, we know what has happened.
Gold.
Total.
Silver.
Gold.
Total.
Falkenhayn, the recent Chief of the German General
.0
56,063,466 56,230,709
England__ 56,063,466
There he man56,230,709 Staff, commanded in Transylvania.
France a _ 169,896,850 13,121.880183,018.730 189,199,160 14,529,840 203,729,000
121.334,550
844,500125,901,100
Germany _ 125,056,600
1,987,750 123,322,300 oeuvred, at first cautiously and then very boldly,
Russia t _ 155,615,000 9,785,000 165,400,000 159,515,000 1,793.000 161,308,000
Aus-Hun c 51,578,000 12,140,000 63,718,000 51,578,000 12,140,000 63,718,000 against the invading Rumanian army. At the
end
Spain __ _ _ 47,344.000 29,675,000 77,019,000 31,187,000 29,474,000 60,661,000
Italy
37,783,000 3,109,000 40,892,000 45,971,000 4,463.000 50,434,000 of
Napoleonic
tactics,
September,
using
which
would
Netherl'ds 48.723,000
522,700 49,245,700 32,793,000
202,000 .32,995,000
Nat.Bel_h 15.380,000
600,000 15,980,000 15,380,000
600,000 15,980,000
have been extremely hazardous in the face of a really
Switeland 11,512,600
11,512,600 9.717,700
9,717,700
Sweden _. 9,494,000
9,494,000 6,300,000
6,300,000
Denmark _ 8,647,000
221,000 8,868,000 5,928,000
281,000 6,209,000 formidable foe, he first separated the two Rumanian
Norway _ _ 6,272,000
6,272,000 3,555,000
3,555,000 armies in Transylvania from one
another, then caught
Tot. week.743,365,516 70,019,080813,384,596 728,689,119 65,470,590 794,150,709
Prev.week 743.473,216 70.164.000813,637,816 729,027,880 65,289,580 794,317,469 the first army in the rear, and at the battle of Hermannstadt on Oct. 6 drove the invaders back in
a Gold holdings of the Bank of France this year are exclusive of £26,982,323
held abroad.
apparently disorderly retreat to Rumanian territory.
* The gold holdings of the Bank of Russia for both years in the above statement
At the same time, Mackensen, Germany's most
have been revised by eliminating the so-called gold balance held abroad.
brilliant commander of the war, suddenly appeared
c July 30 1914 In both years. h Aug. 8 1914 In both years.
1544
THE . CITRONTCLE
[VOL. VA
This is very non-committal. Still Russia, if her
in great force on the Bulgarian front of Rumania, at
almost the exactly opposite point from Falkenhayn. troops are in condition, has at least a conceivable
He defeated the Rumanian army opposed to him and tactical opportunity in northeastern Rumania. The
threatened Bucharest; then, swerving northward into Allied armies may yet begin their northward adthe so-called Dobrudja district, he moved further into vancefromSaloniki—though the time is getting late,
Rumanian territory, with the evident purpose of and recent events in Greece are pretty clearly excutting off Rumania from the Black Sea and Russia plained by this week's Rumanian news. There reand encircling the whole populous district of which mains, also, the possibility that German troops will
have to be recalled to the western front. Tuesday's
Bucharest is the centre.
He seems to have been uninterruptedly successful. French victory at Verdun, along with the steady adIf conceivably a junction should hereafter be effected vance of the English troops, points to at least the
between Mackensen and Falkenhayn, the Rumanians possibility of this. It is characteristic of the surwould apparently be caught and surrounded. It prises of this war that military critics, who a month
doubtless remains to be seen whether this very large ago were explaining how Germany was almost at the
and ambitious manoeuvre can be achieved. Macken- end of her rope, should now be rushing to the opposen certainly exposes his own flank to Russia on the site extreme, assuming that Germany is invincible
northwest as he advances inland. Nevertheless, he and that no truth whatever lay behind their earlier
has already cut Rumania's railway communications assumptions regarding the effect of previous losses
with the Black Sea, and each day's bulletins bring in the war. Cool-headed observers should be on their
guard against both sorts of hasty inferences. But
tidings of fresh Rumanian disaster.
How is all this astonishing campaign to be ex- after making all such allowances, it must be recogplained? It would certainly seem evident on the face nized that a new, unexpected, and exceedingly perof things, first, that Germany's resources had been plexing phase of the great war has.opened.
greatly miscalculated and underestimated by the
Allies. So little sign has there been of exhaustion,
"THE CITY BEAUTIFUL."
either in men or munitions, that the German victorYork,
the home of the sky-scraper, is setting
New
ies over the Rumanians were manifestly won by sumunicipal progress which illustrates
example
in
an
periority of artillery, with seemingly at least an equal
voluntary and helpful co-operation,
principle
in
a
force of men. But the question also arises whether
while to consider in these days of
it
is
worth
that
the military power of Rumania itself was not equally
observance
of statute and precept. We do
enforced
over-estimated. If so, it would be less strange a
ordinance limiting the height
not
recent
refer
to
the
discovery, because many sober critics had doubted
certain
quarters of the city, but to
buildings
in
of
in advance whether an army which had been held
voluntary
acquiescence
of our manufacturers in
the
back from active service during four successive years,
and character of
the
beauty
preserve
an
effort
to
in which warfare was in progress all around them,
the
famous
streets of the
of
Fifth
Avenue,
one
must not have suffered deterioration in morale.
world.
At nil events, such an army was bound to lack the
After various other moves in the past,in what is
practical experience for its officers and the practical
known
as lower New York, it was found that the
training for its men which the surrounding belligerent
needle
trades
and fur-making industry were moving
countries had been acquiring in the scarcely interencroaching upon the fine retail
and
northward
rupted warfare of the period. Yet on the other hand,
Avenue. This seems to have been
Fifth
district
on
Rumania evidently chose with its eyes fully open the
incentive than the mistaken idea
other
done
without
moment for declaring war. The Rumanian Governbusiness" to follow the trend
"good
would
be
that
it
ment was not forced to that action, as Serbia was, at
best retail trade. A comand
be
near
to,
the
of,
the moment chosen by its enemies; for even GerNew York Committee,"
"Save
called
the
many was using every possible effort two months ago mittee,
prevent
future encroachto
try
was
organized
to
to avert or postpone Rumania's entry into the consecure the removal of these factories
to
ments
and
flict.
specified areas, where, being builded anew
It is impossible to doubt that this campaign, even to other
favorable conditions and with better
under
more
without further dramatic achievements, will confer
appointments
they might continue business with
on the German military machine an immensely inmany
advantages
to themselves and their employees.
creased prestige. It clearly means prolongation of
itself to use the leverage
prepared
committee
The
the war; for how long, and under what conditions,
accomplishment of its
to
secure
the
patronage
of
it is impossible to say. The military sequel even of
be wholly unnecesThis
was
found
to
purposes.
complete subjugation of Rumania—which has not
manufacturers,
more
approached,
the
When
sary.
yet happened—would not settle the war. Although
of
tens
number,
employing
in
hundred
two
than
the German forces are now invading Rumania,
industry
practically
entire
the
nevertheless, so far as the general German plan of thousands of toilers,
refusing to commit themselves),
action is concerned, even these operations amount to (only seventeen
signed
an agreement which reads as
voluntarily
a defensive campaign. They can no more settle the
follows:
war than could the conquest of Serbia. Nor is it
We are in favor of the plan to protect against manualtogether easy to foreshadow the immediate course
facturing the Save New York zone from Thirty-Third Street
of events in Rumania itself. Lloyd George, ques- north, and from Third to Seventh Avenues.
tioned in Parliament last Wednesday regarding the
While we are anxious to help this undertaking, we cannot
situation, replied that "we and aur Allies are working afford to sacrifice our present leases.
Therefore, in a spirit of co-operation, we undertake to
in concert, and everything that is possible is being
remove
our factories from the present locations within the
undesirable
Rumania.
It
is
obviously
done ot help
zone upon the expiration of our present leases, or sooner
to detail more exactly the measures that are being if we are able to sublet our lofts, on condition that you
taken." Mr. Asquith spoke in similar language on extend the notice from February 11917, until the expiration,
Thursday.
or s nor termination, of our respective leases.
Om. 28 1916A
THE CHRONICLE
1545
We hereby indorse the Save New York movement, and and they are welcome. But they brought with
we ask that you furnish us with the dies or plates of the them congestion of labor, educational and spiritual
emblem of the Save New York movement, so that we may needs, that could not be provided for in advance
use these on our invoices and letter-heads.
The Committee accepted this agreement. These
leases, it is said, in the main expire in two years, so
that in a short time, without material loss and with
contributing benefits, the good work will be accomplished by harmonious effort.
That retail business, comprising many stores
which are show-places of the rich products of the
entire earth, and palatial residences, which are the
homes of wealth and power, should exist in close
proximity, but not in contact, is not an unnatural
condition and does not militate against the democratic life and the architectural beauty of a: great
city. But the factory and the forge are things
apart, requiring their own peculiar environs and
appointments. for living and labor, and incapable
by reason of their nature of contributing to the
essential harmony of buildings that must present a
procession of facades upon a given line of travel.
And a recognition of this is an evidence of culture
and goodwill.
In and back of every physical creation of man is
a spiritual concept. As long as this may have
free expression, there will result unity in diversity
and harmony in growth, in proportion to the education and well-wishing of the mass. Commercialism,
it is said, has no soul. Yet here is an evidence that
we have come to a state where it is realized that
business can conform to the common good at no
cost to itself. And this is why we are so fain, often,
to rely on the opinion of society. We do not stop
to analyze how we reach this, but we accept it,
abide by it, and shape our conduct and our business
thereto. Having attained to the inner state the
outer expression takes on form and purpose consonant therewith. This, in fact, is the, social
conscience of which we hear so much in these latter
days. But it is a natural growth; and it is a slow
development. We do not, therefore, create beauty
by statutes; we do not make men good by law; we
do not progress by cramping individual expression
and action into iron moulds of rule, but by intellectual advancement and communal goodwill. When
we have attained to a standard, then, for guidance,
we may declare that standard in a law, and it will
be observed, not otherwise. The infractions will
never cease, of course, but they will be the exceptions that prove the state of the public mind and
therefore prove and approve the law.
The city beautiful cannot be builded in advance;
it is an unfolding and an evolution. And we should
remember this while we are city dwellers and make
allowances in thought and act for conditions that
could not be controlled because they could not be
surmised in advance. "Some achieve greatness,
others have it thrust upon them." But, whether
persons or cities, those that achieve greatness by
moulding conditions that are thrust upon them are
alone truly great. The city of New York has had
many enormous problems thrust upon it. History
from now forward will record its real greatness by
the way in which it solves them. It welcomed,
but it did not invite, millions of immigrants from
foreign lands to settle within its borders in a score
of years. To properly house these on Manhattan's
"narrow plot of ground" has been a tremendous
task. They came of their own accord, they stayed,
of their coming. In a way, the old New York, the
New York of famous history, was submerged by
them. The five million cosmopolitan city of to-day
could not have even been predicted fifty years ago,
any more than the ten million city of twenty-five
years hence can at this time be appreciated and
planned. And it follows that those who have so
largely contributed to conditions of congestion
should not expect either the beauty and grandeur
of old world cities or the free public advantages
that are preached by those who listen only to .their
own theories of what should be and not what must
be.
In actual growth, moulded thus by changing conditions and coming events which cast no shadows
of enlightment before, certain things were inevitable.
A seaport is by the sea; and its accompanying "business" must cluster about its docks and shipping.
Eyries in the air must be builded when there is -no
room on the ground to spread out. It was inevitable
that skyscrapers should fill the point of land farthest
south and that that in time should become the
"financial district." Again, the tenement could
not well grow faster in appointments than the
demands of the tenants. Nor could playgrounds,
parks and, free public institutions be projected
beyond the belief of reasonable need. If the city
could have grown entirely from within, or if the
access of population had been over a longer period
of time, it could have provided for many needs now
apparent and escaped many problems that are now
both intricate and costly. But its chief growth
came quickly, and largely from without the country
itself. Hence, it almost staggers under the weight
of its financial, economic, and social problems.
But the light that leads is the communal spirit
which concedes the right, bears with conditions,
conciliates unrest, and aspires for the future. To
bear and forbear are twin virtues. And in cities, as
nowhere else in the world, what cannot be cured
must be undured. It even improves such a thing
as conduct in passing along crowded streets to think
and act on these things. That rigid ordinances
can never solve these fluid problems is certain.
But the flux and crux of them all is a spirit of loyalty
and co-operation that will go far to change, as by
a magic wand, the ugly and unsuited to the beautiful
and helpful. We find not only an omen, but an
augury, therefore, for the future of New York, in
this voluntary and happy conclusion of manufacturers to preserve the pristine purpose and pride
of Fifth Avenue. And therein, the business world
and the citizen of every calling and station should
read an important lesson.
Our feet are guided by the lamp of experience.
A city is a synonym for commerce. The concept
of a business enterprise must be born in the individual. Its expression must be free. To fashion
its conduct by artificial and wholly unknowing law
must not only cabin its energy but curtail its usefulness. It lives and prospers, however, alone by the
good of all. This is the law of profit; it is the law
of success. It serves; though it commands. The
rapid and enormous growth in population in the
city of New York has required, and will still require,
enormous investments of capital, to construct those
agencies which minister to immediate, direct, and
1b46
THE CHRONICLE
[Vox. 1.011.
one granting the unjust favor are not certain to be
aroused in the recipients of it.
Putting aside all other considerations concerning
the Adamson law, it already seems to plainly illustrate this. The shippers protested against the rate
increase which they perceived was involved, arid they
do not want to pay that increase. The farmers
seem to be likewise catching the idea that somebody
must pay and that they may be the ones, for a tale
comes up from Texas that the President of the
"Association of Farmers' Union Presidents" denounces the law as equivalent, in effect, to seizing
the oat crop and giving it to a small fraction of railroad workers; "the defenders of the Adamson law,"
he says, "have had much to say about emancipating
labor, but how about enslaving the farmer?"
Whether the farmers who object, for selfish reasons, have good ground for such objection need not
*CANADIAN GOVERNMENT ATTEMPTING TO be discussed; the significant thing is that they seem
to be entertaining it.
STEM ADVANCES IN FOOD PRICES.
This law, joyfully signed twice for certainty, and
Ottawa, Canada, October 26 1916.
with four pens which were given to the four brotherThe Government of Canada has decided to attempt
hood chiefs as triumphant mementos, professes to
to stem the all-round increases in food prices by
raise wages for, say, 20% of railway employees; the
granting to municipalities the right to open perother 80% inquired, at the time, what about themmanent tribunals, probe all complaints and exert
selves, and they-continue the inquiry. A circular
judicial authority in summoning and examining
letter purporting to emanate from these men says
witnesses. The Government has made the statethey tried hard but could not even get a hearing
ment that the average increase of food costs in Canada
in Washington during those last days of August,
has been seventeen per cent since the opening of war.
and they are very much opposed to what was done
This is claimed to be the lowest of any belligerent
there, because it "altogether ignores our rights and
country.
•
sacrifices our chances of betterment in order to grant
Protests at what seemed to be unwarranted ada tremendous increase to other men already receiving'
vances of the necessaries of life have poured into the
double our average wage." Here also it is not
Dominion authorities from all parts of Canada. To
necessary to discuss in what degree these men are
meet the situation, the Cabinet has decided to allow right in their feeling, or to add to the flood of opinmunicipalities full power to investigate combines
ions as to how they will be influenced by that feelwithin their municipal borders, to compel firms to ing; it suffices to note that they have the feeling,
produce their books, and otherwise search for evidence
which is so natural as to be inevitable.
of criminal and unpatriotic conduct in manipulation
As for the ones favored, there was much reason
of prices.
to suspect, in some past years when vote-buying in
Meanwhile a sub-committee of the Federal Cabicampaigns was easier than it is now, that many
net will conduct investigations into questions and
persons took the money and then voted against
situations affecting the cost of living, of a wider
those who had paid for their votes. Such is human
character than municipal authority can reach.
nature, and it is not quite certain that even the
The underlying idea is to create so many avenues
brotherhood men who are sure they got a favor in
of publicity for any price-raising tactics that public
August will vote for the persons who wrongfully
opinion will prove the surest preventive.
gave it to them. But, aside from that uncertainty,
they are showing doubt whether it was not an injury
instead
of a favor. Last week a letter got into
TO
THE
SURRENDER
CONSEQUENCES OF THE
print, addressed to the President of the Brotherhood
RAILWAY TRAIN MEN.
When the Adamson bill reached the Senate, on of Trainmen by the head of "the Railway Workers'
Sept. 1, in course of the rush to prevent the strike Non-partisan Association," who nearly won the
on the 4th which the brotherhoods had solemnly Presidency of the Trainmen's Brotherhood three
warned Congress could not otherwise be averted years ago, denouncing the Adamson law as turning
by any human power, Senator Underwood unsuccess- over the unions to politicians, for the first time,
fully tried to amend it. "We are going to legislate "because the railway managers called their hand."
an increase of wages," he said, "without knowing He says it may and probably will work injuriously
what we are voting on." There are renewed indi- for the men in a number of particulars which he
cations that in this he spoke truly and with mod- specificies; he cares nothing about its constitutionality, but "if unconstitutional the workers can coneration.
gratulate
themselves, as it is evident that when the
All the possible advantage from granting disrailroads
analyze
it they will not question its concriminating favors lies in the fact that the favored
Copies
of this letter, according to
stitutionality."
ones are pleased. The disadvantage (speaking, of
being sent broadcast to
the
newspaper
report,
are
solely
from
the
viewpoint
of
expediency)
is
course,
that those not favored are doubly angered, because the brotherhood members, with the request that they
they have been passed by, and, moreover, are apt to sign a petition for the repeal of the law.
Now it appears that Chief Stone of the Engineers
think that some of the burden involved in the favor
will fall upon themselves, making their own state concurs in one particular with Senator Underwood,
worse; further, gratitude and loyalty towards the for he has issued a circular to the men saying he
dressing needs. These could nto have been erected
out of current taxes on property and labor; and they
must not be made the ten pins of municipal ownership theories while they work out their own perfection, and, we should,add, their own salvation, for
many of them may be very quickly superseded by
the genius of invention and discovery. The labor
of millions of immigrants is not easily assimilated
by useful industries, nor does it adjust itself overnight to confused conditions of its own making.
The city useful and the city beautiful are one, if
only the essential harmony of the relation is perceived, and labor and eapital unite, in a spirit of
conciliation and co-operation, to further the common good of all. If Fifth Avenue can be so preserved, by the same rule of reason and goodwill,
Greater New York need have no fear for its future.
OCT. 28 19161
THE CHRONICLE
is receiving many letters about "the application,"
but cannot give any definite information, "for we
do not know yet just what the Adamson law means."
Mr. Wilson thinks he knows, but he is always very
sure.
There are also reports that the brotherhood men
are beginning to inquire whether the apparent acquiescence of the railway executives does not bode ill
for them. What was ostensibly given them by
Mr. Wilson and Congress, at the expense of anybody
.who could not shift the new burden to somebody
else, was practically ten hours' pay for eight hours'
work or less; they are fairly sure of the pay, but are
inquiring about that "basis" of an eight-hour day.
They have just awakened to the fact, says one account, that the railroads "can abolish all existing
schedules, both for the passenger and the freight
men, and can make everybody work the full eight
hours without regard to the mileage runs." One
engineer, the story goes, says he is for Hughes because the Adamson law will deprive him-of what it
has taken him thirty years to get, and his particular
"run," made in eight hours and earning him $11 30
on a mileage basis, will come down, under the "day"
which society has been demanding, very seriously.
Here, again, we need not inquire how much basis
the men have for their fears, but the reported understanding is that the roads intend to enforce the law
literally and when they pay for an eight-hour day
make sure they get eight hours' work. Why should
they not? Can any man give a shred of reason why
the roads should not thus endeavor to make the result
as little burdensome as possible to themselves?
Mr. Wilson now tells the public that this thing
was done, "not because the men demanded it but
because it is right," although he talked to Congress
about the strike due in a few days and certain to halt
all business and precipitate general suffering. The
men supposed they were getting an increase of pay,
but now they seem to fear an increase of work will
go with it and that, in some cases, the net result
may be decreased instead of increased earnings'.
The gift may prove, they fear, a Trojan Horse, or
(to use a figure that everybody understands without
explanation) "a gold brick."
The only Congressman who voted for this humiliating surrender and has already had opportunity
to hear from his constituents through the polls went
down to defeat, in the Maine election, after holding
his seat firmly for years. Suppose this proves a
boomerang and returns upon Mr. Wilson and his
partners in it, instead of securing for them the large
and solid labor vote they counted on, will that be
a surprising result, or one without precedent in the
past? Will it not, rather, be a just retribution and
also a timely lesson against unfaithfulness in public
trust?
THE NEW YORK NEW HAVEN & HARTFORD
REPORT.
The annual report of the New York New Haven &
Hartford RR. Co. shows that this important railroad property is working out its salvation, but under
extreme difficulties. The record of the last two years
is one of important achievements and of decided
progress and recovery; yet the handicaps under
which it labors because of legal complications and
financial involvements make its restoration to full
soundness and unimpaired efficiency slow and difficult. The wonderful revival of industrial activity
1.547
which has come as a result of the European war has
enabled the management to demonstrate the capabilities of the system, but because of the drawbacks
mentioned it has been unable to take full advantage
of the favorable opportunities presented and the
public as well as itself has suffered thereby.
For the .twelve months ending June 30 1916 the
company earned a surplus above fixed charges in
amount of
,315,757, against a surplus of only
$2,307,971 in the preceding- fiscal year and but
$268,663 the year before. In other words, two
years ago the system hardly more than earned its
charges, while now it is able to show a substantial
surplus above the amount required for the same.
This, too, is the result on a very conservative basis.
Thus a- foot-note to the report tells us that during
the fiscal year under review there was included in
the maintenance expenses $1,066,270, which money
has not yet been expended because of the inability
of the company to obtain labor and material. With
the permission of the Inter-State Commerce Commission the amount has been carried forward to the
new fiscal year as a reserve to be used when the maintenance expenditures are actually made. A balance
of $150,403 on account of insurance has also been
carried over to the new fiscal year. Except for these
special deductions the surplus above charges on the
year's operations would have been $5,532,431, which
is the equivalent of over 332% on the $157,117,900
of New Haven stock outstanding in the hands of the
public. Such a great alteration in prospects within
the short period of two years obviously offers great
hope and encouragement for the future, if only the
means can be obtained for the property's complete
rehabilitation, so as to admit of due operating efficiency, and provided, of course, also that labor does
not step in and gobble up all the savings made
possible by the development of full operating economy and efficiency.
Nor do the figures just given tell the whole story
of the transformation and recovery that has ensued.
These figures are based on the New Haven's own
operations. In addition, the outside concerns of one
kind or another in which the company is interested
—steamship lines, electric railway investment conipanies, &c.—have enjoyed a recovery as marked
as that of the New Haven itself. Some, which two
years ago failed to earn fixed charges, are now earning a substantial surplus,and others have approached
or actually entered the dividend-paying ranks.
Take the case of the Rhode Island Company,which
for the fiscal year 1916 earned a surplus of $133,574,
but which for the fiscal year 1915 had a deficit of
$115,428, or the New England Steamship Co., which
for 1916 has a surplus of $83,710, against only $30,523 the previous year and an actual deficiency in
1914 of $77,803. Or yet again take the results for
the Connecticut Company in whose control there is
concentrated such a large part of the street railway
and electric mileage in which the New Haven is
interested. This Connecticut Company paid out
$600,000 in dividends and had a surplus above the
same on the year's operations of $1,354,673,as against
dividend payments for 1915 of only $400,000 and a
surplus above this smaller amount of no more than
$923,457. And these instances might be multiplied many fold.
In the face of the obstacles with which the Ne*
Haven company had to contend, the improvement
in its own income which has occurred furnishes elo-
1548
THE CHRONICLE
[VOL. 103.
quent testimony to the fact that the system, not- if wages and materials are to continue on their
withstanding the drawbacks under which it labors, is present basis."
Mr. Elliott urges that in order to make these imfar from being a moribund concern. Gross earnings,
after having declined in the previous year from provements there is needed the co-operation of the
$67,452,592 to $65,279,264,in 1916 increased no less public, the owners of the property and the emthan $10,932,389 to $76,311,653. At this latter ployees. He says the public should realize that the
figure they are the largest in the history of the com- New England railroads have to pay freight on all
pany. The best previous year was 1913, when gross fuel coal for their locomotives and that a very large
The passenger and amount of this coal has to be brought in all the way
earnings were $68,613,503.
freight earnings each peparately were for 1916 the by rail. These freight charges on coal add to the
largest on record. Of the late year's gain of $10,- fuel cost on a road like the New Haven between
932,389 in gross earnings, $6,951,734 was consumed $3,000,000 and $4,000,000 a year as compared with
by augmented expenses, leaving $3,980,655 gain in the same amount of coal used by roads like the Pennnet. The net result might have been better except sylvania, Baltimore Sc Ohio and Delaware Lackathat the expenses were very heavy,not alone because wanna & Western, and yet the passenger and freight
of the increase in business but because of severe rates on the New Haven are no higher than on those
winter weather, freight congestion, higher wages roads, and in many cases are lower. Then, again,
the New Haven derives nearly one-half of its earnand the increased cost of material.
Chairman Howard Elliott discusses the affairs of ings from the operation of passenger trains and the
the company in an interesting way, and he points average distance traveled by each passenger is
out that the year was a difficult and somewhat un- only 19 miles. More than half of the passenger
satisfactory one because the volume of business in trains run by the company earn less than $1 per
New England overtaxed the facilities of the company mile and many earn less than 25 cents a mile. On
and of many manufacturers and merchants. There the other hand, the average cost of running all trains
were severe storms, especially in December 1915, one mile of both freight and passenger, without
which reduced the efficiency of the road and there allowing anything for maintenance of track and
was great congestion on all lines reaching New York equipment or taxes, for the year was $1 26 and inCity. Railway labor was at the same time dis- cluding all expenses and taxes was $2 39. Furthercontented. Mr. Elliott says the company had to more, a very large proportion of the freight cars
deal with 57 strikes and to hire a very large number handled are loaded with less than carload merof inexperienced men, many of whom remained in chandise, and the average haul of all freight is only
the service only a few days. There was considerable eighty-four miles. This large proportion of shortdifficulty in getting an adequate supply of fuel both haul passenger and merchandise makes the business
for the company and for manufacturers; consequently of the company, Mr. Elliott well says, a retail instead
there were more freight cars on the road for months of a wholesale one, and with the increase in wages
than could be handled promptly and economically and the high cost of fuel adds largely to the expense
either by the road or by the consignees, and there of operation.
The Federal Government is now underpaying
was great congestion and expense. At one time on
the New Haven and Central New England roads the company, he says, for the carriage of mail and
combined there were over 57,000 freight cars, or at parcel post at least $1,000,000 a year, a sum that the
least 12,000 more cars than could be handled satis- company is justly entitled to to-day and for a number
of previous years. Under these conditions, if legisfactorily on existing tracks and terminals.
and the economic conditions of the country
men
lation
among
and so diffiSo great was the unrest
the road very large increases in wages
upon
that
force
them
inretain
many
and
obtain
to
cult was it
creases in rates of pay were made during the year. and higher prices for material, the public authorities
In the months from December 1915 to March 1916 should allow increased rates, he urges, if the road is
inclusive very handsome increases in gross revenues to be kept in position to furnish the amount and
were almost entirely absorbed by increases in ex- quality of transportation that its territory needs.
penses and per diem charges for freight cars. While The public should also realize that those improvethe amount of gross earnings used for expenses, ments that add to the capacity of the road should
66.93%, was less than for several years in spite of be made first and should consent to a postponement
the conditions existing, it was higher than it should of improvements like passenger stations and elimihave been if the facilities of merchants, manufac- nation of grade crossings, which, while desirable,
turers and the company for handling, loading and are not absolutely necessary to the general development of the territory served by the company and do
unloading freight had been adequate.
not increase the capacity of the road.
of
year
the
Mr. Elliott says that the experience
He says the "Eight Hour Law" may cause, when
company
must
the
have
of
plant
the
that
indicates
substantial additions made to it if it is to perform it takes effect, a very large increase in expenses—
existing business satisfactorily and economically, between $1,500,000 and $2,000,000 a year,dependand be ready to do the constantly growing business ing on the interpretation of the law. He urges that
of New England. Mr. Elliott presents estimates the influence of security owners has not been exergoing to show that $27,860,000 is called for in order cised for their own protection. The active influence
to meet imperative demands for improvement and and support of all owners of securities are needed
betterments. Approximately $3,860,000 will be not only in creating a favorable public opinion,but
chargeable to operating expenses, leaving $24,000,000 in providing new capital, in excess of what can be
to be charged to property account. If these expendi- saved from earnings and sales of property, in order
tures can be made, says Mr. Elliott, "the capacity to make those improvements that will increase the
of the road will be increased, better service will be earning power of the property. On their part the
given to the public and large savings in expenses employees should realize that they are citizens ofthe
can be made which are most important, especially territory served by the road, as well as members of
OCT. 28 1916.]
THE CHRONICLE
labor,organizations. The co-operation of the public,
the employees and the owners alike is asked so
that the company will the sooner be in a position
to serve adequately all interested in its welfare.
NORTHERN PACIFIC UNDER PROSPEROUS
CONDITIONS.
After a number of very lean years, the Northern
Pacific Railway Company in the twelve months ending June 30 1916 (the annual report for which is now
at hand) had a fat and prosperous period and the
fact is reflected in the results. General business
prosperity, arising out of the European war demands,
benefited this road the same as other large railroad
systems, but the feature of special advantage to it
was the phenomenal spring wheat crop raised in the
territory tributary to the lines of the system. This
latter insured to the road not only a large grain tonnage, but also a heavy traffic in merchandise and
general freight, because of the increased purchasing
power which the bounteous yield and the ability to
market it at high prices gave to the farming community.
Under the circumstances, it is not surprising that
the increase in gross earnings, as compared with
the twelve months preceding, should have reached
the large sum of $12,776,578, and that even the net
earnings should have improved in amount of over
nine and one-half millions, or in exact figures $9,509,215. The latter is an addition of more than
33 1-3%. In the final result there is a surplus of
$8,369,873 above fixed charges and the requirement
for 7% dividends on the $248,000,000 of stock outstanding, as against a similar surplus in the year
preceding of only $1,462,830. Of the $12,776,578
gained in gross earnings, $11,822,758 was in the
freight earnings (the recovery in passenger revenues
having been comparatively slight, or only $233,111),
and President Jule M.Hannaford points out that this
gain was, as already explained, due to the prosperity
of the country tributary to the lines occasioned by
record crops and the consequent large money return
to the producers. In practically all of such territory the prices received by the growers, Mr. Hannaford says, were better than they have enjoyed for
some time, and the Northern Pacific handled during the crop year July 31 1915 to Aug. 1 1916 87,371
cars of grain, as compared with only 64,039 cars in
the previous year. There was also great activity
in the mining interests—copper, lead, zinc and iron
mines being worked to their full capacity and the
metal selling at high prices. There was thus created
a demand for transportation of not only the farm
products, but of supplies, material, machinery, &c.,
and this swelled the company's receipts from merchandise to maximum figures.
It is only proper to state, however, that for the
new or current fiscal year prospects are not so extremely promising, but are nevertheless quite good.
While the mining and lumberinterests,Mr.Hannaford
asserts, are still very active and prosperous, the grain
crops the present season fall very much short, and
it is feared the effect on local business will be quite
pronounced.
The splendid gain in revenues, gross and net, for
the period under review is evidence that the Northern
Pacific System has now pretty well recovered from
the effects of the new competition to which it has
been subjected in recent years. The Northern Pacific has had really trying conditions to contend
1549
against by reason of such competition, the more particularly as this came coincidently with the adverse
developments (such as rising operating costs and
unfriendly legislation) which have been common to
the whole railroad world. We may recount again
some of the special adverse features under which the
Northern Pacific has labored, all peculiar to itself.
It spent perfectly enormous sums in developing the
traffic contiguous to the lines of the system by building an extensive network of branches, feeders and
extensions, and simultaneously had to face the new
competition referred to—competition of a serious
kind and which made extensive inroads into previously existing traffic both in the passenger and freight
departments.
It may be recalled that in January 1907 $93,000,000
of new stock was offered to shareholders at par, subscriptions being payable in installments extending
over a period of two years, the last falling due in
January 1909. Through this new stock issue :the
total of the stock was increased to $248,000,000,
against the former total of $155,000,000. The dividend distribution being 7%, the dividend requirements were increased from $10,850,000 per annum to
$17,360,000. We need hardly say that it was nscr
easy matter to meet this great increase of over
million dollars in the yearly dividend requirements
at a time of unfavorable conditions generally, and
under the intensity of the new competition noted
above. Fortunately, the company sthrted with a
large margin of income above the yearly call for dividends, and by the promotion of operating economy
it has been carried through the troublous times
without being obliged to reduce the dividend payments. Now that the worst has been surmounted,
this must be recognized as an achievement of no
mean order.
The most important new competition was, of
course, the building of the Puget Sound line of the
Milwaukee & St. Paul. This new Pacific Coast
line paralleled important parts of the Northern Pacific and touched many of the same traffic centres.
It has since its completion been tapping some of the
best sources of traffic possessed by the Northern
Pacific. And the statement applies to both the passenger business and the freight business. Much
traffic has been drawn away from the Northern
Pacific the enjoyment of which it would still possess
except for the building of the new line. Freight
was first affected and later passenger traffic was
also diverted. It was on May 29 1911 that the
Milwaukee & St. Paul established double daily
passenger train service between Chicago and Puget
Sound points via St. Paul. Other newly opened
lines have also encroached upon the business of the
Northern Pacific, both passenger and freight. In
1910 the Northern Pacific report spoke of the connection then made between the Chicago Burlington
& Quincy and the Great Northern at Billings, of the
building of the Spokane Portland & Seattle Ry. between Portland and Spokane, and of the opening of
the Minneapolis St. Paul & Sault Ste. Marie line
to Duluth as having adversely affected the Northern
Pacific. All this new competition has of course
continued actively in force up to the present time.
At one bound in the late year the company recovered the losses of several previous years. What
the extent of these losses was it is not possible to
state with definite precision, since the accounts are
now on a different basis from what they formerly
1550
THE CHRONICLE
were, owing to the changes in the accounting
forms prescribed by the Inter-State Commerce Commission and effective July 1 1914. In presenting the
report for the fiscal year ending June 30 1915 no attempt was made to compare the income account for
1915 with that for 1914, because of this change in
the classification of both revenue and expenditures.
The differences in the two forms of income account
are so radical, it was stated, as to make impracticable the usual comparison with the year preceding.
This made it impossible to indicate except in a general
way the extent of the loss in revenues in 1915.
Certain items of revenue, however, Were compared,
and there were also detailed comparisons of the expenditures; the two together allowed us to gain a rough
idea of the extent to which the contraction in gross
and net income went. In the fiscal year 1914 gross
earnings fell off $4,131,337, according to the old
method of compiling the figures, but this was offset
by a reduction in expenses of $3,201,245, leaving a
loss in net of $930,092, which loss was further increased by an augmentation of $1,031,556 in the
taxes. For 1915 the detailed analysis of the expenses
showed a decrease in total expenses in the large sum
of $5,974,408. No comparison of income as a whole
was attempted, as already indicated, but it appeared
that the passenger-train revenues in that year were
further reduced in amount of $2,338,076 and the
freight-train revenues in amount of $4,355,298,
making the combined loss $6,693,374 in train service
alone, entirely independent of the loss there may have
been in other items of revenue.
The late year's gain of $12,776,578 in gross and
$9,509,215 in net makes good, of course, all these
antecedent losses, and also once more puts the company in position-where its surplus above the dividend
requirements is, as we have already seen, of substantial proportions. In the fiscal year 1907 the surplus
above the call for dividends was no less than $12,623,929; in 1908 it was $9,043,068 and in 1909
$7,534,350; but thereafter the amount rapidly deelined, being only $4,936,259 in 1910, $3,082,266 in
1911 and $2,303,814 in 1912. In 1913, under the
large recovery in earnings which occurred in that year,
the surplus above the call for dividends ran up once
more to $4,203,517, but 1914 saw this surplus on the
twelve months' operations down to $2,397,247, and
for 1915 the amount was no more than $1,462,820.
Now, for 1916, the yearly surplus, as already noted,
is up again to $8,369,873.
While general conditions have improved, operating
economies have played no unimportant part in ensuring a satisfactory outcome as far as the net is concerned. Further development of operating efficiency occurred even in the year under review, when
there was less need for it by reason of the expansion
in revenues. This is evident from the fact that the
average trainload was further raised 60 tons, bringing the average load up to 633 tons. In 1915 the
average load was 573 tons, in 1914 it was 567 tons
and in 1913 541 tons. Back in 1898 it was no more
than 265 tons. These figures relate entirely to revenue freight. Including company freight the average
load for 1916 was 717 tons, against 668 tons in 1915,
665 tons in 1914, 637 tons in 1913 and only 313 tons
back in 1898.
The company's new capital requirements were
kept within relatively moderate limits in the late
year, the expenditures having•been only $4,161,767.
This was the charge for additions and betterments
[Vol,. 103
and for new equipment. The company is abundantly
supplied with cash, the balance sheet showing no
less than $20,136,328 of cash on hand and in bank
June 30 1916, as against only $9,833,185 on June 30
1915.
NEW BRITISH LOAN OF $300,000,000.
J. P. Morgan & Co., as managers of the underwriting
syndicate, have officially announced the details of the new
$300,000,000 5
collateral gold loan of the British Government, the subscription books for which will be opened at
10 a. m. Oct. 31 and will close at 10 a. m. Nov. 8, or earlier,
in their discretion. One-half ot the loan, $150,000,000,
will mature in three years and the other half in five years.
The three-year notes will be sold at 99% and interest, yielding about 53
4%, while the five-year obligations will be
offered at 98% and interest, netting about 5.85%. The
notes which are coupon in form, and in denominations of
$1,000; $5,000 and $10,000, will be dated Nov. 1 1916.
Principal and interest (May 1 and Nov. 1) will be payable without deduction for any British taxes, present or
future, and will be payable either in New York at the office
of J. P. Morgan & Co., in United States gold coin, or, at
the option of the holder, in London in sterling at the
fixed rate of exchange of 4.863' to the pound. Each, maturity is to be subject to redemption, in whole or in part,
at the option of the Government, on thirty days' notice,
as follows:
From Nov. 1
1
" " 1
""1
1
1916 to Oct. 311917, inclusive
1917 "
31 1918
"
1918 "
31 1919
"
1919 "
31 1920
"
1920 "
31 1921
"
Three-Year Five-Year
Notes.
Notes.
103 & int. 105 & int.
102 & int. 104 & int.
101 & int. 103 & int.
102 & int.
101 & int.
The loan will be secured by the deposit. of miscellaneous
collateral having a value of at least $360,000.000, divided
into two groups of $180,000,000 each, and will be deposited
with the Guaranty Trust Co. of New York. The pledged
securities are:
Group I. Stocks, bonds and other securities of American corporations (including the Canadian Pacific Railway Co.) and
bonds and other obligations (either as maker or guarantor)
of the Government of the Dominion of Canada, the Colony
of Newfoundland, or Provinces of the Dominion of Canada,
and Canadian municipalities; Aggregate value not less than 3180,000,000
(Of the foregoing there will be somewhat over $100,000,000
In aggregate value of securities of corporations of the United
States and of the Canadian Pacific Railway Co.)
Group II. Bonds and other obligations (either as maker or
guarantor) of any or all of the several following Governments, to wit: Commonwealth of Australia, Union of South
Africa, New Zealand, Argentina, Chile, Cuba, Japan,
Egypt and India, and approximately $25,000,000 value In,
bonds or other obligations of dividend-paying British railway companies: Aggregate value not less than
$180.000.000
Total
$360000.000
Pending the arrival or delivery of a portion of such
securities, the Government is to deposit temporarily
with the trust company either approved New York Stock
Exchange collateral or cash or both under appropriate
provisions for withdrawals of such temporary deposits to be
,contained in the pledged agreement. Provision is made in
the loan agreement that the British Government may from
time to time sell for cash any of the pledged securities, and
in that event the proceeds shall be received by the trust
company and be applied to the retirement of notes by purchase, if obtainable at or below the then redemption price;
otherwise by redemption by lot at such redemption price.
It also is provided that if the securities depreciate in value
because of a change in market price or in the rate of exchange
so that the 20% margin shall become impaired, the British
Government is to deposit additional securities, agreeing that
at all times the value of the securities held as collateral shall
be at least 120% of the face amount of the loan.
Subject to the approval of J. P. Morgan & Co., a proportionate amount of the collateral may be withdrawn upon the
retirement of the three-year notes and for substitutions of
collateral from time to time. Such withdrawals and substitutions are not to vary substantially the relative amount in
value of the two groups of collateral at the time held by the
trust company. The cost of the notes to the underwriting
syndicate will be 13/2% below the average offering price,
from which will be deducted selling expenses and the selling
commission of %%. The syndicate will expire Dec. 1 1916
unless sooner terminated by the syndicate managers. The
delivery of the notes in temporary form and payment
therefor will be on or before Nov. 8.
OCT. 28 am]
THE CHRONICLE
Those associated with J. P. Morgan & Co. in the underwriting of the loan are: The First National Bank;the National
City Co.; Harris, Forbes & Co.; Brown Brothers & Co.;
Wm. A. Read & Co.; J. & W. Seligman & Co.; Kidder,
Peabody & Co.; Lee, Higginson & Co.; Lazard Freres;
Kissel, Kinnicutt & Co.; White, Weld & Co.; the Guaranty
Trust Co.; the Bankers Trust Co.; the Farmers' Loan &
Trust Co.; the Central Trust Co. of Illinois, Chicago; the
Union Trust Co., Pittsburgh; the Continental &Commercial
Trust & Savings Bank, Chicago; the Marine National Bank,
Buffalo; and the First & Old Detroit National Bank, Detroit,
The particulars in which the new loan differs from the one
placed in August, amounting to $250,000,000, are (1)amount
is larger by $50,000,000; (2) the rate is 5% instead of 5;
and (3) the maturity is three and five years instead of two.
The $250,000,000 loan was dated Sept. 1 and the new loan
will bear date of Nov. 1. The $250,000,000 loan was underwritten at 99 and accrued interest and offered to the public
at 99 and accrued interest. The reasons which prompted
the offering of the new loan at this time were set forth in a,
statement issued by J. P. Morgan & Co.:
A new British Government loan offering had not been in contemplation
at the present time, but the prevailing ease of money and the difficulty
which the banks are having in profitably employing their funds have led
us to indicate to the British Government that the present is a favorable
time for it to establish additional credits in America, even though such
credits may not be immediately required. Accordingly, the British Treasury has to-day accepted the views of the American bankers and has authorized them to proceed.
The British Treasury has of late renewed its shipments of gold to this
country upon a largo scale. This continued influx of the metal has caused
some concern in the banking community, and it is believed that the issuance
of the proposed loan will tend to cause at least a temporary cessation in
g old imports.
1551
Greeting: Never at any time within the last 50 years have the workers
had more at stake in any political campaign than in the one that is to be
decided in the election Nov. 7.
During the present Administration, and particularly in this campaign,
there has been developed a clear-cut issue between the workers—the producers—and those who manipulate the products of the labor of others—the
exploiters. The issue is represented in the campaign by the conflicting
interests represented by labor and Wall Street.
During the present Administration the organized labor movement has
been able to secure recognition for the rights of human beings and opportunity for all to participate in the affairs of the nation in a degree that has never
before been accomplished.
The dignity of human life and the value of the co-operation of those whose
work is necessary to the processes of industry and commerce have been
given an important place in considering all problems that concern the
nation. This recognition has taken the form of legislation necessary to protect the interests of wage earners and in the ideals of humanity that have
guided and directed national policies both at home and in our relations with
other nations.
Though half of the world has been involved in a terrific conflict and it
seemed at times as though our nation must be drawn into the vortex of human slaughter, yet the Chief Executive of our land has been able to manage
the affairs of the nation and the interests of our citizens so that, without
the horrors of war, he has established and maintained protection of human
life and human-rights in the somewhat vague domain of international law.
Without involving this nation in war, he has secured for us all of the protection and all of the benefits that would have accrued from a successful international war,and by diplomatic correspondence, has achieved the victory
of embodying concepts of humanity in international activity, at least in
so far as America is concerned.
What has been true in the case of the European war is also true in the
case with the relations between our country and Mexico.
The interests that have been seeking to plunge our country into war
not only with European countries but also with Mexico, are the interests
that are represented by the most selfish and most conscienceless element of
Wall Street.
So far as the internal affairs of our country are concerned, the organized
labor movement, as the authorized representative of the wage-earners, has
demanded for them the right of participation in all the affairs of the nation,
and has secured recognition of that demand to a degree never before realized.
During the past four years there has been enacted by Congress and
signed by President Wilson humanitarian protective legislation unprecedented in amount and scope. Legislative enactment has secured to wageearners fundamental rights necessary for the very existence of the organizations of labor, without which wage-earners would have nothing of freedom
and no real opportunity for self-betterment.
Great Britain's borrowings in this country since the outbreak of the war, including the proposed new offering, have
totaled 50,000,000. This includes one-half of the $500,000,000 5% 5-year Anglo-French loan made in October 1915
Discussing the Eight-Hour-Day Act, the Seamen's Law
and a $50,000,000 credit arranged by a group of London
joint-stock banks with a group of New York banking insti- and the Child Labor Law, the letter continues:
It is impossible to give the full list of remedial and protective legislation
tutions. This bank loan was originally made for six months that
carries its benaicent influences into the homes of millions of America's
at 4M%, but was subsequently renewed for twelve months workers. We can only refer to that change in the spirit of the nation that
is of more consequence than statutory enactment, with broader appreciation
at 5%. Details of the offering of the 8250,000,000 loan in of
the rights of humanity and the value of the human relationships necesAugust were given in the "Chronicle" of Aug. 19, page 624.
sary in the co-ordination which is the basis for industry and commerce.
In calling upon the workers to meet and discuss the issues,
CITY OF SAO PAULO, BRAZIL, SECURES LOAN OF $5,- the letter says:
On Nov. 7—Election Day—a decision will be made which will determine
500,000 FROM NEW YORK BANKERS.
the future development of our country and the spirit of our national life for
Negotiations have been completed between the City of Years to come.
As representatives of the organized labor movement, which is the miliSao Paulo, Brazil, and a syndicate headed by William Morris
protective organization of all the wor kers. and which stands primarily
Imbrie & Co. and the Equitable Trust Co., both of New tant
for human rights, we urge that the issues be considered at a regular or speYork City, for a loan of $5,500,000, maturing $550,000 cial meeting held by your organization.
The meeting should be a general one, and, if necessary, called specially
yearly in January from 1919 to 1928, inclusive, and which,
-for the purpose of seeing that those who have so much at stake should go to
we are advised, is to be used for the purpose of refunding a the polls to protect their interest.
floating indebtedness of the city and for general municipal
There is no doubt that the interests of Wall Street and their satellites all
over the country are and will continue their activity to retain the special
purposes.
privileges
and power that they have secretively and corruptly stolen from
It is said that this is the first time a South American city the people.
money
York
market.
New
Previously
While property must be protected and respected, man—men,women and
has borrowed in the
human beings—must have the first consideration.
loans of this nature have always been obtained in either children,
Wage
earners cannot afford to lose their rights and opportunities through
one
secured
last
by
the
The
City
of
Paris.
Sao
London or
negligence and inaction.
Meet, discuss the great issues to be decided on Election Day, Nov. 7,
Paulo was a 6% sterling loan due in 1943 and put out in
and
then go to the polls, cast your,vote as your conscience directs, for labor,
London at 972. This is now quoted as selling around 96. Justice,
freedom and humanity.
Janeiro,
Sao
de
Rio
Paulo,
of
which is the
Next to the City
Paulo,
is
reported to be the largest
capital of the State of Sao
Attempts at a secret meeting of the Central Labor Union
city in Brazil, having a population at the present time of of Philadelphia on the 22nd inst. to pass a resolution enabout 430,000. It is also considered one of the most up-to- dorsing the candidacy of President Wilson were declared out
date and thriving cities of the Continent, growing very of order by President Edward A. Keenan. Mr. Keenan
rapidly and has rather a North American character.
declared emphatically at the meetings close that "no political
action was taken by the Central Labor Union. The union
LABOR URGED TO SUPPORT PRESIDENT WILSON AND is a body representing labor and does not dabble in politics."
PROTECT ITSELF AGAINST WALL STREET.
According to reports, the meeting was a stormy one. Mr.
Organized labor has undertaken a campaign for the re- Keenan is quoted as saying:
I am going to vote for Woodrow Wilson, but that is no reason why the
election of President Wilson. A letter to that end, signed by Central
Labor Union should back any candidate. This body is representathe officers of the American Federation of Labor—President tive only of the workingmen who are union men and is no place for political
others—was
made
discussions.
The men who have made this an occasion to deliver such a
and
Gompers
public
at WashingSamuel
political speech are misrepresenting their respective locals. Furthermore,
ton on the 21st inst. It calls upon all officers of organized I have had quite a bit of experience in labor bodies and I never knew any
labor to arrange special meetings where the issues of the candidate who was backed by the labor organizations to win at the polls."
Presidential campaign will be discussed, and also to see to it
that wage earners go to the polls to protect their interests
STATISTICAL BULLETS TO STOP THE WAR.
against "Wall Street." The letter in reviewing the record
Roger W. Babson of Wellesley Hills. Mass., offered the
of the Administration praises the President's course in for- following suggestion—which, whatever may be thought of
eign affairs; it declares that he has been able to secure without its merits, has at least the force of novelty—to the Sales
war all the protection and benefits that would have accrued Managers' Clubs at their annual dinner on Friday night at
from a successful war, and asserts that at home the labor the Boston City Club for the stoppage of the war:
movement "has been able to secure recognition for the rights
There is only one thing that can prevent the European War from either
of human beings and opportunity for all to participate in the ending In a draw or continuing for a number of years longer. That is for
affairs of the nation in a degree that never before has been the Allied Governments to start a huge campaign to educate the German
soldiers and the German people as to the real facts, causes and progress
accomplished." The following is the letter in part:
of the war.
1552
THE CHRONICLE
[Vol.. IOC
Respecting the increased expenditures of this country to
Mr. Babscin stated that such a campaign might cost a
million dollars a day, that aero-fliers would be obliged to risk this extent, he says:
If each person in this country spends $1 more a month because of our
their lives in distributing such reading matter over the rosperity,
it means an expenditure of $1,200,000,000 a year.
Empire, and that the information would probably have to
be thrown in exploding bombs to the men in the trenches.
He is confident, however, that it would "do the trick," and EXPORT TRADE COMBINATION EFFECTED BY LUMBER INTERESTS.
that it is the only;thing which can bring peace within a reathat
the formation had been effected-of
Announcement
sonable time. Ha further said:
For the present war is different from any preceding war. The German the first organization for co-operative selling to give an
soldiers are intelligent men and they will not stop fighting until they have American industry an advantage over foreign competitors,
changed their point of view. This war will never be won by pressure on
was made by the Bureau of Foreign and Domestic Commerce
the German Government from without, but only by pressure thereon from
within the Empire. In the course of five or ten years this desired result at Washington on the 15th inst. The organization concerns
may be brought about by throwing only cold steel at the Germans. Millions the lumber trade and consists of an export sales company
of lives, however, could be saved, and the same result accomplished if the
representing 80% of the Douglas fir cut in this country, and
Allies would load some of their shrapnel with facts and figures. The officers
at the front fear having their soldiers know the real truth more than they the Bureau considers that it will give American lumber a
fear shot or shell.
"decided advantage in the trade struggle that will follow
the war." "It is expected without violating the present
WAR DEPARTMENT'S REPRESENTATIONS CONCERNAnti-Trust law, to give American manufacturers some of the
ING PREARRANGED ATTACKS ON MEXICO.
advantages which the last Congress failed to pass," says a
A sensation was caused in army and political circles at statement issued by the Bureau. The statement adds:
Washing ton on the 26th inst., when a statement to the
The organization of this company is regarded as the most important and
effect that enemies of the Administration's policy toward far reaching step the industry has taken to broaden its markets and meet
the competition of the thoroughly organized lumber exporters of Northern
Mexico had arranged a "spectacular attack" on the Mexican Europe.
In conjunction with the investigation of European lumber marborder, was made public by Secretary of War Baker. The kets, recently undertaken by the lumbermen and the Bureau of Foreign
and Domestic Commerce, it should give American lumber a decided advanstatement read:•
The War Department has received definite information, confirmed from
other sources, that enemies of the Administration's policy towards Mexico,
in co-operation with Villa or other bandits in Mexico, have arranged a
spectacular attack to be made either upon some part of the American forces
or upon some American community on the border between now and the
date of the election, for the purpose of turning the tide of sentiment against
the policy which the Administration has adopted for the protection of the
border.
It is significant in this connection that both the State and War Departments were advised that the bandit forces operating at the present time
in Mexico are being paid in silver coin.
Full particulars have been transmitted to General Funston and General
Pershing. All American forces are therefore forewarned and in readiness
for such an attack.
tage over all competitors in the trade struggle that will follow the war.
Immediate attention will be given to standardization of grades, to the
conditioning of export lumber, and to an active propaganda in foreign
countries. Lack of attention in the past to these very important details
accounts in large measure for the failure of American lumber to hold its
own against more efficient competitors.
The company was organized as a result of meetings of interested lumbermen, held recently at San Francisco, and the following officers are announced: President, W. H. Talbot; General Manager, A. A. Baxter;
Secretary, Charles E. Hill.
The organization of the company is understood to have the
approval of the representatives of the Federal Trade Commission.
Local lumbermen are said to have advanced the opinion
that there is little likelihood of such a combination being
formed in the East. It is pointed out that conditions in the
West and East are radically different; the "Journal of Commerce" in its comment upon the matter notes that most of
the concerns here are brokerage, wholesale and retail, or
commission houses and the belief is that if a combination in
the export trade is to take place successfully, it must be
carried on by the producing lumber concerns and not the
middlemen.
While Republicans were busy trying to analyze the charge,
in the sense that it was an attack on the Republican Party,
Secretary Lansing made an authorized statement in which
he said that Secretary Baker had no intention to intimate
that American citizens were involved in the bandit attack
plot. The Secretary of State said it had been called to his
attention that an effort would be made to construe the War
Department's statement as a political play and as an assault
on the Administration's political opponents. He denounced
such a constiuction as absolutely false, declaring that politics
had not been given a thought in connection with the matter, THE GREAT ADVANCE IN THE PRICE OF RAILWAY
and that it was inconceivable that any American would ally
MATERIALS.
himself with Mexicans to attack his own countrymen.
The New York New Haven & Hartford Railroad Co. in a
circular to its officers and employees points out that the prices
SECRETARY REDFIELD LAYS HIGH LIVING COST TO of all material and supplies used in the maintenance and operUNPRODUCTIVENESS OF FIGHTING ARMIES.
ation of the railroad have been advancing continuously for
That the enormous increase in the cost of all commodities more than a year, and that the advance during the last six
is due to the war in Europe, was the statement made by months is even more serious than during the latter part of
Secretary of Commerce Redfield in a prepared interview the year 1915. Accordingly, every one is cautioned against
issued on the 24th inst. He estimated that there are 20,- waste. On all material excepting fuel, rails and ties, the
000,000 men fighting on the battlefields of Europe and that average increase in price during the past twelve months has
they consume, what in ordinary time would be sufficient amounted, it is stated, to approximately 60%. During the
for 30,000,000 men. He remarks further, that the then year 1915 the company expended $4,787,000 for material of
engaged in the occupation of war are at the most productive this description. At the present market prices the same
ages. He continues:
amount and character of material would cost $7,659,000, or
These men are consuming much more than they would consume if they
were working. Probably it is true to say that each of these 20,000,000 men an increase of $2,872,000 for the year. It is therefore urged
In peace wears out not over three suits of clothes a• year. As a soldier in that every possible economy in the use of material and supthe trenches he is said to wear out completely a suit of clothes every month. plies be exercised—that repairs should be made instead of
In other words, his consumption of clothing is at least four times as great
as in peace. This would mean for the 20,000,000 men 80,000,000 additional complete renewals in all cases where practicable, even where
sets of clothing each year.
under normal conditions it thight be better to renew than to
The best authorities, says Secretary Redfield, believe repair.
that because these soldiers live out of doors and are under
A table is appended giving a list of a number of items of
severe exertion, they consume at least one-half more food common use with the percentage of increase in the cost of
than they do in time of peace. Mr. Redfield goes on to say: each,as a matter of interesting and instructive information.
It is further true that factories in all the belligerent countries that ordinarily produce goods for general use are busy on war munitions. Four
thousand such factories are so engaged in Great Britain alone. The same
is true of every belligerent country to some degree, but to a very much
smaller degree, in our own country. The result is that at the time of the
greatest consumption the production is greatly reduced.
In addition, it is a fact that the great crops of Russia are shut off from
the markets of the world by the war, hence her wheat is not available to
feed the nations of the West. At the same time it is the fact that our own
crops of almost every kind are shorter than for some years past.
He adds that this country is prosperous as it never was
before, "that this means that millions of men and women
are spending more than ever before, which is another way
of saying that their demand is greater at a time when the
supply is less." He continues:
For all these reasons, which seem to me sound, there is nothing strange
about the advance in the cost of goods, and by "goods" I mean foodstuffs
as well as other articles of commerce. It is not, in my judgment, jacked
up. It is;on the.whole_the result of the terrible folly of war.
INCREASES RANGING FROM 10 TO 85% BETWEEN APRIL 1915
AND JULY 1916.
Acids
47 Castings, grey iron_ _ 13 Pipe,galvanized_ _ _ _ 17
Air hose
62 Pipe. malleable
38 Chains, all kinds_
59
15
Angle bars
33 Claw bars
30 Piston rods
Roofing
17
Copper (bar and
Antimony (Babbitt
36 Rope, Manila
sheet)
61
Metal)_
42
18 Sheathing
38
Axles, car and tender 48 Couplers
12 Springs, coil
74
Axles, driving
30 Crank pins
64 Springs, elliptic_ ___ 51
Axles, engine truck- 63 Drills, all kinds
36 Steel, bar
Belting, axle
33 Ferrules, flue
77
70 Tamping bars
Belting, leather__ 59 Files
85
42 Tamping picks
Bolts, machine and
Fuel oil
26
33 Ties, cross
13
carriage _
40 Fusees
11 Ties, switch
Bolts and nuts
18
67 Gaskets, air hose_
61 Tires
Nails, wire
55
Brass (bar,sheet and
Track spikes
77
spring)
54 Pipe covering, all
kinds
78
Bridge timber
33 Waste
44
INCREASES RANGING FROM 85% TO 250% BETWEEN APRIL
1915 AND JULY 1916
195
89 Steel, firebox
107 Journal bearings..
Castings, brass
132 Steel, tank
142
Castings, steel
107 Rivets, boiler
115
Cement
86 Rivets, structural_ _140 Track bolts
94
Gasoline
118 Steel, structural91 Tubes, boiler
226 Tubes, brass
105
Iron bar
95 Steel, boiler
OCT. 28 1916.]
THE CHRONICLE
1553
Why, my friends, we ought not to turn to these people in fear, but in
sympathy! We ought to realize that after this exhaustion they will need us,
and that we need not fear them. I would be ashamed of anybody in
America who should regard with satisfaction this lowering of the physical
energy of Europe, for besides the men killed in the field, besides the men
hopelessly maimed, there are the men whose nerve will never be fit again
for the exercise of skill or initiative or enterprise. The whole nervous and
physical energy of these nations will require, I do not know how long, a
generation, say, to recover its tone. No man with a heart under his jacket
The latest unemployment statistics for Massachusetts, covering the quar- can regard that with satisfaction and say that will be America's opportunity
ter which ended June 30 1916, reveal an interesting situation, showing only if by saying that will be America's opportunity he means America's oppor4.2% of the trade union membership in Massachusetts unemployed. This tunity to take advantage of it. It will be America's opportunity, but it will
is the smallest record of unemployment ever reached in this Commonwealth. be her opportunity to do something very much greater than that, for in the
Recognizing the fact that there are always a certain number of the workers meantime look at the situation of the United States.
The United States has had an industrial and manufacturing revival in the
unemployed by reason of strikes and disability of various kinds, it appears
likely that for the first time there is practically no real unemployment in last two years such as it never experienced before, and when men imagine
Massachusetts. This record is all the more striking when compared with that this is due to the trade created by the war they are merely imagining it,
past records, particularly with the quarter which ended Dec. 31 1914, less because they have not read the facts. If you take the figures of our comthan two years ago, at which'time 18.3% of the trade union membership merce, domestic and foreign included, you will find that the foreign'comof Massachusetts was unemployed, the highest ever recorded. The gar- merce,even upon the modest reckoning of our domestic commerce,does not
ment workers, who suffered considerable unemployment a comparatively equal 4% of the total, and the exports in munitions, and not merely in
short time ago by reason of It strike, report only .1% unemployment, the munitions, but in everything that goes to supply armies—draft animals,
automobile trucks, food directly intended for that purpose, shoes, clothes,
best record attained by any trade.
everything that is needed by the commissary of an army—that all these
things put together do not constitute 1% of the total of our commerce.
MR. WILSON THINKS COUNTRY NEED NOT FEAR Now, is 4% creating the 96%? Is it reasonable to suppose that it is?
And in the meantime what have we done? It was estimated at the beginBEING ECONOMICALLY OVERWHELMED AFTER
ning of the war that about four thousand millions of dollars'worth of AmerWAR BUT THAT THIS WILL BE THE LAST
ican securities were held on the other side of the water. In these two years
we have bought back again, it is estimated—for it cannot be accurately
WAR IT CAN KEEP OUT OF.
determined-32,000,000,000. We have actually been able to take back into
That "this is the last war of the kind or of any kind that our own hands half of what we have borrowed from Europe, and we have
involves the world, that the United States can keep out of," accumulated in that time $2,636,000,000 of gold,[this is the total stock of
gold in the country, not the
of the last two years. Ed.]
was the declaration uttered by President Wilson in a speech which is one-third of the goldaccumulations
supply of the world. If the war goes on
addressed to the Women's City Club of Cincinnati on the another year we shall probably have half the gold supply of the world.
And in the meantime we have got a sort of world spirit that we never had
26th inst. "I say this," said the President, "because I before.
One of the difficulties with America has been that she has been too
believe that the business of neutrality is over; not because provincial. She has thought too exclusively
of herself and of her own
I want it to be over, but I mean this, that war now has such development, sometimes to her great advantage, but, nevertheless, too
exclusively
if
she
is
to
realize
her
place in the world. And the fact that all
a scale that the position of neutrals sooner or later becomes the rest of the world was in a
different case has made us realize the meaning
intolerable." "We must," he added, "have a society of of our national life and the opportunities
of our national life more vividly
nations not suddenly, not by insistence, not by any hostile than we ever realized them before. And so we are the creditors of the
warld,
in
some
sense the bankers of the world, as we never wet e before.
emphasis upon the demand, but by the demonstration of Our whole
activity has been quickened to the highest point. We are awake.
the needs of the time the nations of the world must get We are ready. Ready for what?
Suppose, however, that all of Europe had been secretly. I suppose in the
together and say 'Nobody can hereafter be neutral as respects
night time, manufacturing goods that we know they have not time to manuthe disturbance of the world's peace for an object which facture,
at any rate, in the day time, and was ready, as these men with silly
the world's opinion cannot sanction.' The world's peace imaginations say that they are, to dump goods—for dump is the word they
ought to be disturbed if the fundamental rights of humanity like to use—to dump their goods on us. We have means of defense, and we
mave means of aggression. Our means of defense are that we have taken
are invaded, but it ought not to be disturbed for any other pains
to have all the instrumentalities to find out exactly what is going on,
thing that I can think of, and America was established in and to be ready to act immediately we find that it is necessary to defend
order to indicate at any rate in one Government the funda- ourselves. And in a law passed in the last session of Congress we have an
and explicit law preventing the dumping of foreign goods on this
mental rights of man. America must hereafter be ready adequate
market at prices cheaper than they are sold at home. It is illegal, and the
as a member of the family of nations to exert her whole force, gentlemen who try it can be fined $1,000 apiece and given a year in jail to
think about it. We are not helpless. We are not blind; and we have
moral and physical, to the assertion of those rights through- created
instrumentalities by
we can serve the world. The chief
out the round globe." We quote the speech to greater extent instrumentality is the Federalwhich
Reserve banking system.
What I want, therefore, to preach from this time on, in office or out of
below:
I am very glad, in the midst of the confusions and the irresponsible talk of office—because even out of office I can retain my powers of locution—what
a campaign, to be permitted to discuss those things that have nothing to do I intend to preach from this time on is that America must show that as a
with campaigns, that run all through the history of the nation, and must member of the family of nations she has the same attitude toward the other
always run through,and look forward to the times to come when, whether in nations that she wishes her people to have toward each other: That
one capacity or in another, we must all co-operate for a common object. America is going to take this position, that she will lend her moral influence,
And therefore I for one have been very much disturbed by some of the things not only, but her physical force, if other nations will join her, to see to it
that have been predicted, that are said to be going to happen after the war, that no nation and no group of nations tries to take advantage of another
nation or group of nations, and that the only thing ever fought for is the
after the present distressing war in Europe.
I say that I have been distressed because apparently the point' of these common rights of humanity.
A great many men are complaining that we are not fighting now in order
predictions was that this war of arms was going to be followed by another
sort of contest, based on a radical economic rivalry which would breed to get something—not something spiritual, not a right, not something we
deeper antagonisms than the antagonisms of actual force. You know what could be proud of, but something we could possess and take advantage of
has happened in countries like our own beloved country. The feeling be- and trade on and profit by. They are complaining that the Government
tween North and South in this country did not arise out of the war, out of of the United States has not the spirit of other Governments, which is to
the fighting. It arose out of the political measures that followed the war. put the force, the army and navy, of that Government behind investments
It is in times of peace that the irreconcilable antagonisms of nations are in foreign countries. Just so certainly as you do that, you join this chaos
created. "When you fight you, so to say, got the hatred out of your blood of competing and hostile ambitions.
Have you ever heard what started the present war? If you have, I wish
by the very exertion of the struggle. Moreover, it is a contact of force
with an equal fere°, and respect is bred between the antagonists. But it you would publish it, because nobody else has, so far as I can gather.
would be a very sad pity if this war should be followed by subtle antagon- Nothing in particular started it, hut everything in general. There had been
isms that could not be cured in that way, and that did not lead to mutual growing up in Europe a mutual suspicion, an interchange of conjectures
respect.
about what this Government and that Government was going to do. an
For one thing it is predicted that after this war is over Europe will in Interlacing of alliances and understandings, a complex web of intrigue and
some way overwhelm the United States by her economic power and her sp:cing, that presently was sure to entangle the whole of the family of maneconomic antagonisms to the United States. I wonder that any thinking kind on that side of the water in its meshes.
men can entertain an opinion of that sort. It is obviously based upon
Now,revive that after this war is over and sooner or later you will have
singular and profound ignorance. What is this war doing to Europe? just such another war, and this is the last war of the kind or of any kind
Does war increase the economic efficiency of a nation? There are some that involves the world that the United States can keep out of.
25,000,000 men under arms or who have been under arms in this titanic
I say that because I believe that the business of neutrality is over; not
struggle. From 40 to 60% of the skilled mechanics of Europe have been because I want it to be over. but I mean this, that war now has such a scale
mechanics
field;
not
merely,
but
mon
the
into
of
called
skill of every sort, that the position of neutrals sooner or later becomes intolerable. Just as
musicians, men who could play upon the human spirit as well as deftly neutrality would be intolerable to me if I lived in a community where everyhandle a mechanical instrument. And the whole energy, the whole physical body had to assert his own rights by force and I had to go around among
energy, the whole dexterity, the whole thought of groat nations have been my neighbors and say: "Here, this cannot last any longer; let us get
concentrated upon this business of destruction. The business of destruc- together and see that nobody disturbs the peace any more." That is what
tion has been so successful that the materials of economic life have been society is and we have not yet a society of nations.
destroyed upon an enormous scale. The debts that those nations are
We must have a society of nations, not suddenly, not by insistence, not by.
piling up are so great that the interest on thorn will equal the whole budgets any hostile emphasis upon the demand, but by the demonstration of the
of those nations before the war came on.
needs of the time. The nations of the world must get together and say,
And those gentlemen toll us that these nations that have spent their best "Nobody can hereafter be neutral as respects the disturbance of the world's
blood and energy for this thing are in the meantime doing what? Creating peace for an object which the world's opinion cannot sanction." The
groat bodies of goods which they are going to ship to us and dump on us world's peace ought to be disturbed if the fundamental rights of humanity
when the war is over. Have they ever seen a war? Have they any are invaded, but it ought not to be disturbed for any other thing that I can
imagination? Rave they any conception of what this war means? Do think of, and America was established in order to indicate, at any rate in
they not know that the population that is not in the field is bent, in all its one Government, the fundamental rights of man. America must hereafter
concentrated energy, upon one thing, namely, sustaining those who are be ready as a member of the family of nations to exert her whole force,
in the field?
moral and physical, to the assertion of those rights throughout the round
And are thoy now creating dyestuffs to ruin our markets? Are they globe.
now manufacturing silks to overcome our American silk factories? Are
That is the reason that we are so much interested now in the establishment
they producing the things that they have ordinarily sent to America in such of a unity of spirit in the United States. We must all be the same kind of
abundance, while they we in this death grapple, that they are thinking of Americans in order that we may do the same kind of American things. The
overshorstialo Americat
problem is a spiritual problem. It is a problem which can be solved only
MASSACHUSETTS' LOW RECORD OF UNEMPLOYMENT.
The smallest record of unemployment ever reached in
Massachusetts was witnessed in the quarter ended June 30
1916. Attention to this is directed by the First National
Bank of Boston, which in its letter of Oct. 16 says:
1554
T.HE CHRONICLE
[VoL. 103.
by the heart, can be solved only by those fine emotions which are, after all,
the masters of action.
The exceptional man is generally too much in love with himself, for one
thing, and generally knows more than it is lawful under divine law for any
man to know, whereas the average man is ready to learn; he is ready to take
as well as to give; he has been in the bitter struggle of life; he does not
expect to be handed roses at every turn, he does not expect to live luxuriously; he knows that life is a struggle and the best that he can manage to
get is a square deal.
So that in struggling in the present and in planning for the future, my
moral is, let us see to it that America as a whole, and every American that
constitutes America as one of the factions, is shot through with that spirit
of human sympathy, which is the only spirit of true enterprise.
forcing higher wages. You must understand that the stockholder is selfish
about getting returns, and you must understand, too, that the politician
Is selfish about holding, getting and retaining place, but the worst selfishness of all is that of the politician who will trade his executive judgment
for votes.
What is the trouble with this business, the mainstay of American life
and commerce?. Last year there was the smallest amount of railroad construction in the history of the United States since the Civil War. In 1915
there was only $12,000,000 put into the business. So if you have any idea
that, notwithstanding the magnitude of what you are doing, you are popular, get it out of your heads. As President Ripley of the Santa Fe once
said to me: "Let's throw away the figures and get down to business."
We heard something hero the other day, in Washington, about the
possibility of enforced arbitration, and it was also said that man cannot
be "subjected to involuntary servitude." Well, you can't subject a free
dollar to "involuntary servitude" either. Forty-two thousand miles of
railroads are in the hands of receivers. We ought to be building 200,000
freight cars a year, but last year we only built 74,000. A railroad executive
told me the other day that if he could get just one more freight car he could
earn $600 a month with it, but lacking the car he is losing that much freight
money.
This is a serious situation. You recently have seen legislative increases
of wages, you have seen receiverships. You have heard a lot about lax
methods of finance in railroads, but they do not amount to 10% of the
total, and I would like to know if any set of politicians, city, State or national, would like to be judged as a whole by the 10% of their worst performances.
Many of us are coming to the time of life now when we have to go into
a physician's office to have our blood pressure tested. It is time to take
the blood pressure of the railroads in the United States, and when it is
taken I predict that there will be found a hardening of the arteries. We
have put upon the railroads such restrictions that investors are no longer
giving the roads the wherewithal in the way of money for capital to meet
the demands of business, and just as certain as a man with hardening
of the arteries is in a dangerous condition, so certain is a country in a dangerous condition that has that complaint. If we ever get into a struggle
we will go under just as a man who has hardening of the arteries goes under
when he engages in a struggle.
I saw a letter a few days ago from that Mr. Thornton who was regarded
as one of our railroad geniuses in this country, and who was selected by
the British Government to be one of a small group of men who are now
running all the English railroads. This letter told why the Germans did
not reach Paris when they were so near it two years ago, after smashing
through Belgium and through a great part of France. It was because
of the railroads. The service broke down under pressure. They couldn't
stand the strain. Had those railroads not broken down at that critical
time they would have changed the history of the world, for if the Germans
had got to Paris and held that capital, things would have been different
in the conduct of the war since.
This illustrates the importance to a nation of preparedness for its railroads, and the subject ought to be in the constant thought of our statesmen
—if we have any—and constantly before our people—if they think. For
the condition of the railroads is a matter of the gravest national concern,
affecting every one, big and little, poor and rich.
The trouble is not altogether with the Inter-State Commerce Commission
nor with the State railroad commissions, nor with lack of sympathy on the
part of the public toward the railroads. The idea that you are going to
be happy if you get rid of State control, I do not believe in. Men have
said to me since I have been in this room that we are tending inevitably
toward Government ownership. If we are, we are tending toward a national tragedy. I don't know wh(re we are going. We are.going somewhere, that's sure, because railroad development cannot stand stia without a crash.
You have got to look at this thing as real statesmen would look at it.
You must understand that the public is selfish about wanting lower and
lower rates. You must understand that labor is selfish in demanding and
under our form of government. In fact, the Government does not even
limit the railway postal clerks to sixteen hours continuous service, as it
has long since done for railway trainmen. If the law is valid, Congress has
entered upon a new field full of interesting possibilities, that is the regulation of wages.
If Congress has the power to prohibit a decrease in wages, has it the power
to prohibit increases? If it has the power to regulate wages, must the wages
be just and reasonaole—simllar to the provision in regard to the regulation
of rates—and if so, shall Congress determine what are just and reasonable
wages for all railway employees, instead of for trainmen only? Will Congress attempt to regulate all these things directly or through a commission?
If through a commission, will its findings be mandatory, alike upon the
employees and upon the companies? Is railway capital "enlisted" in the
public service, and will railway employees also be "enlisted"? If Congress
or a commission raises all railway wages, will it raise the rates simultaneously
or will investors have to wait for tedious hearings before vaiorus commissions? If capital, which is fluid, flows in other and more attractive directions, how will new facilities be provided if wage demands are to be acceded to without investigation? Will the equivalent be made up to investors by taxation or by guarantees or now? These are only a few of the
many interesting questions that will undoubtedly be logically raised.
Whatever may be the disposition of the burning quesLion of the moment,
that is, the so-called eight-hour day,one thing at least is becoming more and
more evident namely—that the Federal Government alone must control
in some way all of the affairs of the railroads. Under Government ownership the people would not for a moment tolerate the intrusion of forty-eight
separate State policies. Each State must for its own protection have some
tribunal act for the general interest. Our State lines are not the boundaries
of forty-eight separate countries, but we are one nation of one hundred million people; our language and our interests are one and none of us can be
patriotic in any better way than to promote national unity.
Now that I am in New England, may I make a little comparison with
Old England? In that "tight little Island," the first-class apssenger rate
is four cents a mile. The third-class rate is two cents a mile. Since the
war began the very low excursion rates have been suspended and I am told
that the passenger revenues are greater than ever. The railroads of Great
Britain carry nearly as many passengers as the railroads of the United States,
which undertake to serve three million square miles of territoryl Wages
of locomotive engineers in England are $50 or $60 a month. against $150 to
$250 a month here. I hope the people of New England will feel that if the
people of Great Britain can afford to pay such rates as I have described.
they can well afford, especially in these prosperous times, to encourage the
home roads by allowing them better passenger rates commensurate with
the service rendered and the very high cost of operation as compared with
all other countries of the world.
FRANK TRUMBULL ON POSSIBILITIES OPENED BY
EIGHT-HOUR LAW.
Before the Economic Club of Portland, Me., last night,
Frank Trumbull, Chairman of the Railway Executives' Advisory Committee and Chairman of the Board of the Chesapeake & Ohio Ry., discussed certain phases of the railroad
F. A. VANDERLIP SEES NATIONAL TRAGEDY IN situation and the bearing of the so-called eight-hour law in
part as follows:
GOVERNMENT OWNERSHIP.
In order that we may intelligently consider other things, may I mention
"What is the Matter with the Railroads?" was the'question first the thing which doubtless is clear to you, but, unfortunately, is not
discussed before the Convention of the Society of Railway realized by everybody. I refer now to one thing wnich differentiates the
industries; to-wit, the minute regulation to which
Financial Officers on the 20th inst. by Frank A. Vanderlip, railroads from ordinary
they are subjected and the consequent artificial limitation on their profits.
President of the National City Bank of New York City. It is true that the railroads of the United States are more prosperous this
As indicating that he did not regard as entirely adequate year than they have ever been, but their prosperity is not comparable to
of many other industries. A great deal of fresh capital is and will be
the recently announced program of the committee of rail- that
needed, but there is no way of coercing investors in the disposition of new
way executives of the Society to effect a "cure-all," Mr. money.
Vanderlip referred to the desire of the committee for "FedAfter giving a brief history of the so-called eight-hour moveeral incorporation, complete Federal control under a regional ment of railway trainmen, Mr. Trumbull stated that he was
system something like the regional bank system, and the prepared to make at least one definite statement about it;
abolishment of State control. That," he conceded, "is all that is, that no one, eighter Congressmen, railroad officials,
right, but it is only a little start."
labor leaders or anybody else, knows just what the law means.
Introduced by President T. H. McKnight, Mr. Vanderlip He continued:
Railway companies have a recognized duty to the public to furnish adesaid he was happy to speak to the financial officers because
quate aad safe transportation, but that requirement is absolttely dependent
they represent an interest capitalized at more than $16,- under
our system upon private capital, so railway officials must consider
000,000,000, "and the largest business of any one kind in not only their duty to the public, but to those who furnish the capital which
provides
the transportation. Sooner or later the so-called eight-hour law
the world." Mr. Vanderlip then discussed the railroad conwill undoubtedly be tested in the courts in the orderly way provided by
struction of the year 1915, saying that the amount spent, our
form of government. If the law is not Constitutional, it is, of course,
$12,000,000, was the smallest of any year since the Civil not a law at all, and the various railroads, investors, employees, shippers
and
the traveling public would be relegated to the position which existed
War; that 42,000 miles of railroads were in the hands of rebefore. If the law is found to be Constitt.tional, it will still have to be inceivers, and that last year only 74,000 freight cars were terpreted
in several particulars so that it may be intelligently obeyed.
built when 200,000 cars ought to have been provided. Al- Even when this Is done there opens up a long list of possibilities, both for
employees and for the rest of the one hundred million people
investors
and
luding to the statement that we are tending inevitably toward
of this country.
Government ownership, Mr. Vanderlip asserted that "if
The Adamson Act is in fact not an eight-hour law at all; that is to say.
we are, we are tending toward a national tragedy." We there is not a line in it restricting men to eight hours continuovs employment.
It is contended that the eight-hour principle has been"sanctioned"
quote from his remarks, which were extemporaneous, as
by the judgment of society," but this is not supported by general legislafollows:
tion, which is the mode of expression of the "judgment of society" in vogue
L. F. LOREE ON ECONOMIC STRUGGLE AFTER WAR—
DOMESTIC INDUSTRY MUST BE FREED FROM
SHACKLES.
The economic and financial problems which the United
States will have to face with the termination of the war were
dwelt upon by L. F. Loree, President of the Delaware &
Hudson RR., at the members' council luncheon of the
Merchants' Association on the 20th inst. Referring to the
repurchase of American railway holdings of foreign interests
and the large foreign loans placed in the United States since
OCT. 28 1916d
THE CHRONICLE
the beginning of the war, Mr. Lore° stated that these repurchases and loan flotations have done much more to create
a permanently favorable trade balance than results from all
the labor and capital heretofore employed in the production
of the annual surplus over the requirements of domestic
consumers of wheat and wheat flour. While conceding that
this is reassuring as to the future, he nevertheless stated that
there are other factors which are less simple and more disquieting. In Mr. Loree's opinion, "the commercial perspective, now abnormally awry, may be still more violently
distorted, and in directions not now perceptible, if the
strange and gigantic forces now at'work are not soon restrained by the renewal of peace and the rehabilitation of
world-wide industry and trade." Concerning the attitude of
the Governments now at war toward emigration of the
physically fit at the end of the war, Mr. Loree observed
that if these Powers "should decide to place legislative obstacles in the path of emigration, the industries of this
country would be forced into a situation in which their competition, in international markets, would be in this respect
subject to most unfavorable conditions." "We are forced
to ask ourselves," he continued, "to what extent America,
with its high standard of wages, its short hours of labor and
its restrictions upon speed, output and efficiency, its labor
union domination of legislatures and public executives, can
compete successfully with Europe, purged as by fire of everything tending to inefficiency, and courageously resolved to
re-create what has been destroyed, to regain and augment
the industrial position which temporary folly has imperiled.
We should then be invited to an economic struggle which
would be lost unless the highest American statesmanship
should be fearlessly devoted to the task of freeing domestic
industry from its shackles." His speech in full follows:,
follows:
1555
countries would amount to $158,25 ,000. Therefore, these repurchases
and loan flotations have done much more to create a permanently favorable
trade balance than results from all the labor and capital heretofore employed in the production of the annual surplus over the requirements of
domestic consumers, of wheat and wheat flour.
This is reassuring as to the future, but there are other factors which are
less simple and more disquieting.
Duration of the War.
Much will depend, of course, upon the future length of the war. Problems that are now visible may be kept within solutions now reasonably
considered sufficient, if the end comes quickly; or may grow vastly in magnitude and in difficulty if it prolonged even for another year. The commercial perspective, now abnormally awry, may be still more violently
distorted and in directions not now perceptible, if the strange and gigantic
forces now at work are not soon restrained by the renewal of peace and the
rehabilitation of world-wide industry and trade. To the present date, the
war expenditures of the Powers engaged aggregate approximately 360.000.000,000, a sum equal to one-third of the total wealth of the United States
in 1912, the date of the latest attempt at a national inventory.
Cost of the War.
The war is going on at a constantly increasing cost which now stands at
the staggering daily total of about $110,000,000. (The total civil and
military expenditures—except payments on account of the public debt—
of the United States Government in 1865, the highest year of the Civil War
period, was $1,295,099,290; equal to less than twelve-days' cost of the
present war. The total of Federal expenses for 1915 was $724.763,167.
higher than any previous year but less than the equivalent of seven days
expenditure upon this war.)
By the end of July 1916 the public debt of Great Britain, Russia, Italy,
the German Empire and he German States, Austria-Hungary and of
Turkey had increased from $27,273,000,000 to $66,638,500,000. England
and Germany have just provided for additional borrowings of large extent.
These are the high points of the area from which the future may be dimly
surveyed through an atmosphere the refractions of which are unknown and
not susceptible of estimate. If that future is one of great opportunity for
America, as we dare to hope, it must be recognized that it will of necessity
be one of reorganization and readjustment here, as well as in Europe. We
shall have domestic problems peculiarly our own as well as some which
are mere reactions to the greater problems abroad.
Results of Immigration.
Since America was a thin strip of civilization along the ocean boundary of
an unknown wilderness, its citizens have depended upon a steady flow of
immigration to fill the ranks of labor. From 1905 to 1914 inclusive the
annual arrivals never fell lower than 751,786, in 1909; the highest
The disturbance of the world's commercial equilibrium by the
year.
American
point of view, four primary phases, namely: 1907,saw the arrival of 1,285,349 alien immigrants; the yearly average was
War has, from the
1,012,194.
The
number
for
1915
the
value
of
dropped
of
balance
Increased
to
and
that
exported
326,700
for
1916
merchandise over imported
1.
to 298,765. Moreover, the proportion of aliens returning to their former
merchandise.
homes ("emigrant aliens departed") was exceptionally high. The net
2. Repurchase of securities formerly sold to European investors.
immigration of 1916 was 169.061. This was less than the total immigration
3. Loans to foreign governments and enterprises, and,
and probably less than the net immigration (data showing numbers of alien
4. Domestic accumulation of gold.
emigrants prior to 1913 are not to be obtained) of any year since 1878 and
Each of the foregoing merits brief examination.
lower than any year since 1846, except the years 1859 to 1863 inclusive and
The Balance of Trade.
1877 and 1878. Inconvenient consequences of the interruption of the
Comparing fiscal years ending with June 30, the aggregate value of im- ordinarily dependable influx
of workingmen are already seen in the difports and exports of merchandise was in 1914 $4,258,504,805; in 1915, ferences and disturbances over labor questions
that are arising on every
$4,442,759,080, and in 1916, $6,531,542,375. If the increase of July and hand and in the diminished output
of some industries of vital importance.
August of the current year, over the same months of last year, is maintained Soon it may be apparent even to the most
intelligence that to all
emotional
the total for 1917 will be $10,769,584,984. The excess of export values the capable already here immigration
constitutes a labor-saving device.
has mounted by leaps and bounds and is still mounting. In 1914 it was The native stock, including the
second generation of immigrants, has
$470,653,491; in 1915, 61,094,419,600 and In 1916, $2,135,775,355. The steadfastly escaped the coarser forms
of labor and has effectively demanded
maintenance of the increa-ses shown by the first two months of the present to be elevated to preferred
vocations upon the shoulders of these alien
fiscal year would produce a balance for 1917 of $4,879,257,178.
workers.
Repurchase of Securities.
The Economic Struggle.
My own inquiries have shown that between Jan. 31 1915 and July 31
What will be the attitude of the Governments now at war toward emi1916 American investors repurchased not less than $1,288,473,801, in par gration of the physically fit
subsequent to its close? To-day they have
value, of the securities of their own railways which had been owned by resi- called into the ranks of labor millions
of women and children formerly
dents of foreign countries. The market value of these securities was in excluded by inclination, by statute and
by the superior industrial efficiency
excess of one billion dollars. The data must somewhat understate the facts of those now in the trenches. If this
war-time addition to the ranks of
as to railway securities, and they take no account of other kinds of securities labor be not promptly excluded at the close
of the war, it might be expected
(industrial and municipal issues) that have been resold to this country. to result in a general lowering of wages in
all the affected countries. With
Data with regard to the omitted securities are very scanty. On Dec. 31 the high wages rates now prevailing
in this country, the natural result would
1914 the foreign holdings of United States Steel Corporation common stock be a speedy resumption of emigration.
If, however, the Powers now at
amounted to 1,193,064 shares and of preferred to 309,457 shares. To war should decide to place legislative
obstacles in the path of emigration.
Sept. 30 1916 the foreign holdings of the common had decreased to 537,809 the industries of this country would be
forced into a situation in which
shares and of the preferred to 171,096 shares. Considering the foregoing, their competition, in international markets,
would be, in this respect,
and other fragments of information that are available, it Is believed to be subject to most unfavorable conditions.
We are forced to ask ourselves,
conservative to place the total repurchases of all securities at not less than to what e/ tent America, with its high
standard of wages, its short hours of
$1,500,000,000 in market value.
labor and it restrictions upon speed, output and efficiency; its labor union
Loans Made Abroad.
domination of legislatures and public executives, can compete successfully
The foreign loans placed in the United States, from the outbreak of the with Europe, purged as by fire of everything tending to
inefficiency and
great war to Aug. 17 last, aggregated $1,590,000,000, and since that date courageously resolved to recreate what has been destroyed,
to regain and
there have been at least two loans of considerable amounts, one of $50,- augment the industrial position which temporary folly has
imperiled. We
000,000 to the City of Paris, arranged by Kuhn, Loeb & Co., and a new should then be invited to an economic struggle which would
be lost unless
commercial credit to tho French Government, negotiated by Brown the highest American statesmanship should be
fearlessley devoted to the
Brothers & Co. Of the total of $1,665,000,000, Europe has taken $1,325,- task of freeing domestic industry from its shackles.
000,000; Canada, $235,000,000, and Latin-America, $105,000,000. A new
War Stimulation.
collateral loan to Groat Britain of $250,000,000 and additional French borAt this moment American industry is abnormally stimulated by foreign
rowings in this country are foreshadowed.
demand, duo largely to war conditions. As far as the demand for war
Accumulation of Gold.
munitions is concerned, it is true that many of the munition plants are
The flow of gold to this country has been a natural reaction to imperative operating under contracts
seeming to require their full operation for periods
conditions, and in spite of some reluctance to receive it so rapidly and in running far
into the future, but he is little versed in the ways of trade who
such quantities. The gold exports of the fiscal year 1914 exceeded the does not comprehend that the dawn
of peace will be the signal for the can
imports by $45,499,870; in 1915 there was an excess of imports amounting collation of most of these contracts;
either arbit silly, where that is possito $25,344,607, and in 1916 an excess, on the same side, of $403,759,753. ble, or upon terms whore arbitr ry
cancellation has been successfully
July and August of the current year had an excess of imports of $82,171,217. guarded against. In either case
the effect upon the labor employed will
The balance of imports for the fiscal year 1917 is more likely to exceed than be the same; its employment, along
with
that of much of the capital by
to fall below $600,000,000. The accumulation resulting from the recent which it has been made fecund, wil be no more.
As our own Government
gold movement is measured by the fact that the visible supply of gold in has apparently determined greatly to strengthen
and increase its immethis country increased 35.14% from $1,887,000,000 on Aug. 1 1914 to diately available defensive resources, military and
naval,
a means to counter$2,550,000,000 on Aug. 20 1916. During the same time the four principal act,
in part at least, the difficulties to be apprehended from this source,
banks of Europe, the quasi-governmental banks of England, Franco,
Is at hand.
Russia and Germany, using every practical artifice to attract gold to their
Problems of Finance.
vaults and to build up their reserves, have received barely enough to make
P oblems offinance of no less interest and magnitude are at least partially
up for payments necessary to be made in gold, even under the present
visible.
abnormal restrictions. Those four banks held $2,570,000,000 in gold at
Among those which will directly affect this market will be the refunding
the beginning of the period and $2,600,000,000 at its close.
of the largo volume of short-term securities which have been the principal
Of Permanent Effect.
means of foreign governmental financing here. In becoming accustomed
I have tried to find some illustration that would picture the effect of this to the absorption of foreign loans
American Investors accepted an opporchange in the credit situation.
tunity which will not soon be withdrawn and an obligation which they will
The average annual value of the wheat and wheat flour exparted from the not be able to evade. They are
committed to the continued acceptance
United States during the decade from 1905 to 1914 inclusive was $1 -6,844,of their share in the burdens of world finance and, particularly, will they
324. At 5% per annum, the yearly interest on the $3,165,000,000, which not be able to decline the refunding of these
short-term obligations. This
represents to date the total of securities repurchased and of loans to foreign
must mean renewed pres.sure upon the investment market. an Intensified
1556
THE CHRONICLE
demand for capital, increased difficulty in the satisfaction of the normally
recurring and increasing demands for capital on tho part of domestic industries:
American Railways.
In the case of American railways, which In the last decade have encountered entirely new conditions arising out of the excesses and inconsistencies
of public control and the greatly strengthened competition for capital of
industries not subject to price regulation and of municipalities and other
governments the inte rity of the securities of which rests not at all upon
the commercial success of their undertakings but wholly upon the power to
absorb in taxes the potential profits of private industry, the probabilities
are sufficiently ominous. If the more evil of these probabilities are to be
avoided, it must be by means which will emancipate the railway industry
from the conditions that so seriously impair its credit.
Questions of the Future.
One would like to know many things which are now part of an inscrutable future.
Will the normal interchanges of peaceful commerce begin when warfare
ceases or will the antagonisms that have arisen poison the wells of trade
and lead to the erection of artificial barriers to intercourse?
And if the nations now in conflict, by tariff restrictions and other legislation,arm themselves against each other, will they extend their commercial
"war after the war" to this nation, whose progress in industry and wealth
may arouse in them feelings both of envy and of dread?
Money and Prices.
Another query may be stated but is, as yet, without answer. Economists quite generally agree that there is a relation between the volume and
flow of the monetary supply and the level of prices, and this conclusion
finds support in monetary history. This does not mean that prices rise
proportionately as the monetary supply increases and fall as it decreases,
or even that they move upward or downward in proportion to the monetary
flow (quantity multiplied by rate of circulation), but it seems tc be the fact
that when money, including credit money, is plentiful and its circulation
rapid, prices tend to rise and when money is scarce prices tend to fall. That
which is the basis of credit is a source of credit money. Collateral available
as security for borrowings of credit money cannot ordinarily be created
except by the transformation of capital or the construction of physical
property having intrinsic value. But governments are exempt from, or
above, the ordinary rules of finance and have the rare capacity to create
credit by demanding it—and are not restricted even when every dollar of
the new credit means the destruction of property previously existing.
Almost fifty billions of this kind of credit have been created since the outbreak of the war; the amount is nearly double the total of the pre-war debt
of all the nations which are participants in the conflict. To this enormous
extent has the basis of credit money been diluted. Is there any restriction
upon this process of inflation unless it is to be found in requirements which
fix the relation of gold reserves to outstanding obligations? And how far
will these restrictions operate to prevent the great rise in prices which would
otherwise result from such inflation?
Federal Reserve Board.
It is most fortunate, in the face of such problems, that the United States,
after a comprehensive investigation by the Aldrich Commission, has reorganized its monetary system; that it has created the Federal Reserve
Board with broad powers and lofty prestige, competent to investigate and
to contrive expedients and remedies, ready to advise legislators and leaders
of finance,so equipped with the garments of reason and the voice of authority that its advice is likely to f'e heeded.
WILLARD STRAIGHT ON NEED OF FLEXIBLE TARIFF.
"The Tariff in Its Relation to Foreign Trade" was treated
at length by Willard Straight at the annual convention of
the National Implement & Vehicle Manufacturers' Association of the United States, at Atlantic City on the 20th inst.
Mr. Straight, who is Chairman of the National Foreign
Trades Committee on Foreign Trade Aspect of Tariff and
Vice-President of the American International Corporation,
feels that we have reached a period where the Policies which
will make or mar the economic future of this country must
be determined, and he called upon his hearers "to consider
the importance of the tariff, * * * in its collateral
aspect as an instrument, whatever be its underlying principle,
to be utilized in securing for American products fair and
equivalent treatment in the markets of the world." Further,
he asked that they give consideration to "the urgent necessity
of securing legislative authorization for co-operation by
our exporters, in order that having secured access to foreign
markets, they may be in a position successfully to compete
with our commercial rivals." Mr. Straight stated that by
capitalizing our purchasing power we must protect our
domestic producers against the unrestricted importation of
foreign goods and assure our exports markets, to accomplish
which he said we must have a flexible trading tariff. The
following is taken from his speech:
The European war is the overshadowing fact in the world to-day. We
have ceased to speculate as to the immediate reasons for the war and thinking people, for sometime past, have been concerning themselves with its
probable results. Its fundamental causes were economic. Its results will
be economic. Military necessity has already caused a startling transformation in the financial and industrial structures of the belligerent
countries. Two years ago people prophesied that Europe would be crushed
for a decade at least. Although it is obvious that theperiod of reconstruction will be dificult, it is equally obvious that the centralization ofauthority,
and the coordination of finance, industry and transportation, have created
economic machinery which will deal as effectively with the problems of
readjustment as they have with the conduct of the war.
The warring governments have done more than establish their control
over finance, industry and transportation, within their own borders. They
have mobilized their economic, as they have their military forces, and the
members of each of the belligerent groups are now co-operating to an extent
heretofore unknown and almost inconceivable. These Powers, associated
by their common determination to crush their enemies are now discussing
economic alliances for the future. It is proposed that they establish
preferential arrangements amongst themselves and that they jointly deal
pith their trade with neutral nations. Confronted by the necessity for
recoupingltheir losses these Powers are devising means by which they can
[VOL. 103.
assure, and derive the greatest possible profit from their commercial expansion after the war.
The United States has been enriched during the past two years, first,
because of our huge sales to Europe, and second, because we have found
less active European competition in neutral markets. The United States
will be Europe's greatest competitor after the war. Production in this
country has been stimulated. As our gold reserves accumulate, we,are
witnessing a period of rising prices, which will be further enhanced by
labor's increasing demands for higher pay. With the cessation of the
abnormal demand for munitions and foodstuffs which will inevitably follow
the conclusion of peace, we shall under any circumstances be obliged to
pass through a difficult period of readjustment. To met this situation
it is essential that we maintain as far as possible our export trade as an
outlet for our surplus products. Our exports will in any event be curtailed
by a diminishing European demand. If, in addition, Europe is able, under
a system of preferential tariffs, to discriminate against us in non-European
markets, our whole economic tructure will be menaced.
In meeting this situation two facts are in our favor. Despite the contemplated arrangements between the two groups of allies, and their possible
reciprocal understandings with other countries not now at war, Europe
must continue to make considerable purchases in this country. More than
that, after the war, with our prevailing high prices, Europe, in order to
find an outlet for her products, will seek access to this market. Our purchasing power is our first line of economic defense. We must utilize this
purchasing power to protect our producers and our exporters against
discrimination by the economic alliances now being organized in Europe.
We must be on guard against possible preferential arrangements between
the members of these alliances, and between these two groups and other
countries not now at war, in order that our manufacturers may be able to
compete with European manufacturers on a basis of equality throughout
the world.
By cabitalizing our purchasing power, we must protect our domestic
producers against the unrestricted importation of foreign goods and assure
our export markets. To accomplish those two results we must have a
flexible trading tariff. Once our markets are assured, our manufacturers
must be able to meet organized competition and organized buying by
equally effctive combinations amongst themselves.
Approximately three-fourths of our total normal foreign trade is conducted with the countries now at war and their colonies. Sweeping changes
of tariff, navigation or financial policy on the part of either group of allies,
such as are now contemplated, may seriously affect the domestic prosperity
of the United States, in which foreign trade is a vital element.
Will either the Entente or Central Economic Alliance continue to grant
what really amounts to most-favored-nation treatment to the products
of the United States? In other words, assuming the adoption of a tariff
(for revenue and protection) in the United Kingdom, will the United Kingdom, France and Russia give the United States the same tariff treatment
that they extend to each other and to their colonies, receiving in return no
more favorable treatment than the United States accords German and
Austrian products? Or will they make an exclusive concession under the
American tariff the price of a favorable entry into their own markets? The
same query applies to an economic alliance of the Central Powers. It is
apparent that with a tariff the United Kingdom will be in a strong position
to claim concessions in neutral markets in return for continued free or
favorable admission to the vast market of the British Islands. LatinAmerican countries enjoying free trade in the United Kingdom now have,
as with the United States, little or nothing to gain from negotiation. If
the British Govrnment, and other European Governments, however,
demand preference for the entry of their manufactures into Latin-American
countries as the price of favorable treatment of Latin-American products,
a serious obstacle will confront the ambition of the United States more largely
to supply Latin-American needs in manufactured merchandise.
The European need of cheap foodstuffs and raw materials is a possible
deterrent to the tariff taxation necessarily the basis for such reciprocity
overtures.
Although the European Governments, except the British, maintain
tariff systems with ample machinery for negotiation of special commercial
treaties, inter-European tariff relations were stabilized, prior to the war,
by British free-trade and the most-favored-nation provision of the Treaty
of Frankfort which ended the Franco-Prussian war.
A United Kingdom tariff would give what is now the world's greatest
free market a basis, first, for the preferential treatment of colonial and
allied products, and secondly, for the negotaition of preferential tariff
agreements with non-British countries.
The other Entente Allies, moreover, all maintaining tariffs are free from
the restraints of their former commercial treaties with Germany, and
Austria-Hungary, and in a position to offer concessions to those countries
with which they desire to extend their trade. Similarly, the Central
Powers have a greater liberty of negotiation than before the war. All
European nations, therefore, will, with peace, have a large market to offer,
and may be expected to yield it only for opportunities to extend, or protect
from discrimination, their foreign trade. The United States is normally
the best customer of the United Kingdom and is one of the most profitable
markets for France, Germany, and all the other belligerents.
Immediately the war ends, a period of commercial treaty adjustment
will begin. More treaty making will be in progress in the five years after
the declaration of peace than In any similar period of the world's history.
The most-favored-nation relation which the European Governments have
permitted the United States to enjoy, despite frequent American tariff
changes and the extension of American tariff preferences to Cuba and to the
colonies acquired from Spain, may not easily escape jeopardy. Many of
the treaties between the United States and European Governments are
ancient, with obsolete phraseology out of tune with modern expression
of a new treaty system.
Even with no European disposition to discriminate, certain changes in
these treaties will be inevitable if only to bring their provisions into harmony with the new agreements.
This renders highly important the United States treaty-making power.
Their parliamentary system gives European Governments a superior efficiency in treaty making as compared with the United States, where
treaties are negotiated by the Executive, subject to the ratification of the
Senate by a two-thirds vote. With us, also, agreements affecting the
revenues must obtain the approval of the House of Representatives. The
necessity of a two-thirds Senate vote for ratification requires that treaties
be so drawn as to command general approval, a difficult task which can be
acconlplished only by the most careful consultation of public opinion prior
to negotiation, the most skillful handling of the American case in the exchanges and convincing presentation of the facts to the public in order to
command sentiment in favor of ratification and maintenance of the treaty
obligation afterward.
The Dingley Act provided that the President might negotiate reciprocity
treaties for the encouragement of American foreign commerce. He did so.
The Senate declined to act upon them. The history of commercial treaties
in the'United States is marked by frequent Senatorial disregard of tho recommendations of the State Department.
Our. 28 19161
THE CHRONICLE
1557
The State Department now lacks, but should immediately provide,
skilled resources for study of the entire treaty situation. The education NEW
YORK STATE BANKERS'fRECOMMENDATIONA
of American public opinion upon treaty legislation is necessary.
. -fiFOR RESERVE BANK DIRECTORS.1
The present United States tariff, approved Oct. 3 1913, ten months before
the European war, was styled by its advocates "a competitive tariff," --A
committee iepresenting .the National Bank T,Section of
but the schedules were adjusted more along the lines of domestic than for.1.-c -Slate Bankers' Association announced thigi
eign policy. It replaced a maximum and minimum tariff, the minimum the New 77
rates of which were extended to all nations which did not unduly discrimi- week its recommendations for
candidates as directors of the
nate against products of the United States. The maximum schedule
Federal Reserve Bank of New York. As Class A directorn
added 25% ad valorem to all duties and was frankly a retaliatory weapon
to be used against undue discrimination. The maximum schedule was never the committee recommends William Woodward,
President
put into effect, although the possibility of its employment enabled
the of the Hanover National Bank of this city, and a Class A
United States to obtain the removal of certain threatened discriminati
ons. director since the organization of
the Federal Reserve Bans
It was generally regarded as a dangerous weapon in that it could
only be
and as Class B directors Newcomb Carlton, President of tha
used against all the dutiable products of a discriminating nation,
possibly
involving a dislocation of commercial intercourse, more
serious to the Western Union Telegraph Co.; Eugene H.
Outerbridge,. of
Unitecd States than a continuance of the discrimination.
the firm of Harvey & Outerbridge, import and export
The Underwood-Simmons tariff abandoned the retaliatory
system, and
consists of a single schedule. Paragraph A of Section IV provides:
merchants and Managing Director of the Pantasote Leathern
"For the purpose of readjusting the present duties on importation
s into and Agasote Millboard
the United States, and at the same time to encourage the
cowponies and President of the
trade of
this country, the President of the United States is authorized export
and empowered Chamber of Commerce of the State of
New York, and Henry
to negotiate trade agreements with foreign nations, wherein mutual
concessions are made looking forward toward freer trade relations and
further R. Towne, Chairman of the board of the Yale & Towne
reciprocal expansion of trade and commerce; Provided, however,
that
Manufacturing Co., President of the Merchants' Associasuch trade agreements, before becoming operative, shall be submitted
to
the Congress of the United States for ratification or rejection."
tion of New York fom 1908 to 1913, and a director of the
No commercial agreements have been negotiated thereunder. Whether
they would have been attempted save for the war it is impossible to say, Federal Reserve bank since its organization. In submitting
but many familiar with foreign trade feel that tho tariff is practically barren its recommendations to members,
the committee, which is
of trading margin. The duties on manufactures were placed as low as
seemed advisable, even to radical tariff revisionists, and so many natural composed of Henry Burden 2d, Chairman, F. N. Benham
products, foodstuffs and raw materials were free-listed that upwards
Jr., John D. Everitt, James H. Perkins and B.E.Smythe,
of
60% of the total value of all imports now enter the United States duty free; Secretary, says:
95% of the value of imports from South America are on the free list and
NEW YORK STATE BANKERS' ASSOCIATION.
with the exception of Cuba, the same proportion of imports from Central
America and the West Indies; while 90% of the imports from Africa, 97%
National Bank Section.
of those from Oceania and 79% of those from Asia pass our customs houses
New York, Oct. 25 1916.
To the Member Addressed:
without yielding a cent of duty.
The undersigned committee appointed by the National
The countries in these rapidly developing parts of the world have little
Bank Section of
to gain from negotiation with the United States, and since Europe is also the New York State Bankers' Association and by the New Jersey and Cona heavy customer and a source of capital, are doubly disinclined to accord necticut Bankers' associations, has had a number of meetings to consider
what policy it should pursue in carrying out the instructions
the United States concessions not equally extended to Europe.
of the resoluPresent public discussion of the tariff in this country deals almost en- tion adopted last June, during the convention at Atlantic
City,"to the end
tirely with its domestic aspect. Little is heard of its administrative char- that all proper steps be taken to secure the best possible
mon as directogs
acter, whether it should be a maximum and minimum, a general and con- of the Federal Reserve Bank of New York."
ventional, a reciprocity or bargaining tariff.
Specifically, the committee is authorized by the resolution (a) to
make
Despite all the tariff talk the approaching election will not
supply a recommendations to all member banks of candidates for directors of the
verdict on one of the most important phases of this problem, namely,
Federal
Reserve Bank of New York,(b) to inform all member banks of the
the
method of dealing with the preferential arrangements among other
nations, qualifications of all candidates for such directorship.
which may discriminate against the foreign trade of the United
In seeking for names to suggest as candidates for directors the committee
States.
That commerce, normally valued at nearly five million dollars, is
a vital has restricted its search to those who are not only of high character and
element in our domestic prosperity, for one man in every ten daily
is en- business standing but also fitted by temperament, ability and breadth of.
gaged in some activity made necessary by foreign trade. Employmen
t, experience to pass upon the important questions of policy, domestic and
both of labor and capital, will be favorably or adveresly affected by
the international, which must present themselves for solution in the Federal
curtailment
extension or
of this trade. The economic policies
which are Reserve Bank of New York. In ascertaining and describing later the qualideveloping as a result of the European war make it imperative that we con- fications of those who are actually nominated
for directors, the committee
sider the potentialities of the tariff. Yet public knowledge of tariff tech- will apply the same tests.
nicalities is so slight that the result of no election can be accepted as an
In accordance with the resolution of the Federal Reserve Board dated
expression of national opinion as to the utilization of the tariff as an
instru- Dec. 23 1915, those active in political organizations may not appropriately
ment to encourage or protect our foreign trade. That
must bemain a ques- be nominated for directorships in Federal Reserve banks.
•
tion of policy which Congress is urged to consider. But without disrespect
The committee has considered whether it should suggest several
names or
it may fairly be said that only a small number of Senators and Representa- only one name for each vacancy, and
it is unanimously of the opinion that
tives have given detailed attention to the problem. Congress has,however, its policy should be, unless under
exceptional circumstances, to suggest a
created the United States Tariff Commission to meet a well-nigh unani- number of names for each
vacancy in order to make clear and preserve
mous demand for a more scientific investigation of tariff questions,
and it its position as a non-partisan committee.
is encouraging that this body is to come into existence at the precise moThe committee has considered the geographical aspects of the Second
ment when foreign trade problems, affecting our tariff policy, are
arising Federal Reserve District, which embraces the entire State of New York,
in every quarter of the globe.
with 482 members; the twelve northerly counties of New Jersey, with
129
The six members of the Tariff Commission have not yet been appointed members, and Fairfield County, Coml., with fifteen
members, and believes
by the President.
that the varioussections of the district may properly expect to be represented
The relation of the tariff to foreign trade, regardless of whether the
tariff from time to time on the board of directors. It feels, however, that such
be hereafter adjusted on the high or low protective or the revenue
plane, representation may be obtained more satisfactorily by general understandhas been given the earnest attention of the National Foreign Trade Council, ing and co-operation on the part of the member banks
than by a contest
a body of fifty manufacturers, merchants, railroad and steamship men, each year between the different sections. The two vacancies
occurring
farmers, bankers, created by the First National Foreign Trade Convention, this year are at present filled by residents of New York
City.
held at Washington in May 1914, for the continuing investigation of
committee
The
recommends
that
these
vacancies be filled by the election
the
problems of oversee commerce. By publishing and widely distributing
its of residents of New York City because it is desirable that a certain number
reports, and holding annually a convention to which are invited all commer- of the directors should always be available at
short notice for consultation
cial industrial organizations, corporations, firms and individuals
interested and service on the Executive Committee, and because the New York City
in export and import trade, the Council endeavors to encourage the
banks,
which
are
in
group
the
voting
this
develyear, contribute so large a proopment of a sound national foreign trade policy. It performs no
function portion (approximately 90%) of the total resources of the Federal Reserve
for the individual business of its members, for they stand as general
Bank of New York. The committee will therefore suggest this year only
representatives, upon the Council, of their various linos of industry.
names of residents of New York City;and while it will not assume to lay down
It is possible that the European economic alliances may not be
given the any policy to be followed in the future its present view is that when an opextreme expression now being discussed. Their complete operation
portune time is reached for a certain section to expect representation on the
may
be
found impractical. Whether this be the case or not,the whole
international board of directors, only candidates from that section should be suggested
structure of commercial treaties must be reconstituted. In
these negotia- by the committee.
tions we shall be obliged to take part, and in order that we
The committee has considered whether or not the principle of rotation in
may secure
advantages for American trade and even to maintain our
present equality office should apply in the selection of directors of the Federal Reserve
of opportunity, it is necessary that we should be in a position to
give con- bank and wishes to make it clear that by its action this year it does not wish
cessions for concessions or possibly, in extreme cases, to retaliate,
but never to establish a precedent either for or against the principle.
to our own disadvantage, against undue discrimination. The wisest general revision of the tariff cannot be expected to foresee all the contingenci
es
which will arise in a world-wide commercial readjustment. Therein
lies COMPTROLLER WILLIAMS ON DECENTRALIZATION
the peculiar value, at this time, of the Tariff Commission, provided always
OF RESERVES, AND BENEFITS TO FARMER.
its personnel is equal to the problems by which it will be confronted.
But
it is essential to the success of the Commission that the business
The first effect of the opening of the Federal Reserve
public,
including labor, should study the situation. It will be necessary for assobanks as it concerns the farmer, according to Comptroller
ciations such as your own to consider these questions, and to place before
the
Tariff Commission all possible information and to urge that legislation
the Currency John Skelton Williams, has been the decenfound of
necessary in the interest of our foreign trade, as well as a greater
domestic tralization of the huge accumulations of money which had
commerce, shall be enacted. The matter is urgent and we shall
be culpa- been permitted to concentrate in the few
great centres, and
ble if we fall to recognize the handwriting on the wall.
NOMINATIONS FOR FEDERAL RESERVE BANK OF
PHILADELPHIA.
Alba B. Johnson is the only nominee yet named for the
Class B directors for the Federal Reserve Bank of Philadelphia. Three nominations have been made for Class A
directors. They are: M. J. Murphy, Scranton; W. A.
Wilbur, Sayre, Pa., and Thomas W. Marshall of West Chester. Nov.11 is the 'lay upon which the nominations close.
the transferiof capital to these twelve reservoirs. This
statement was made by Comptroller Williams in an address
on "The Federal Reserve Act and the Farmer," delivered
onithe 20th inst. at the annual convention of the Farmers'
National Congress of the United States at Indianapolis.
From these twelve reservoirs, said the Comptroller, the pipe
lines, already run to nearly 8,000 banks, where it is available
for the use of every farmer, storekeeper or business max
whose fidelity and industry and standing entitle him to credit.
In seeking to indicate, from the latest official returns from
1558
THE CHRONICLE
[VOL. 103.
sources of all the banks and trust companies in our country—State and
national—July 1 1913, had been reported at over 25 billion dollars. Tke
trouble was that these huge resources wore not evenly distributed. People
in some sections were able to borrow all the money they wanted and at
favorable rates-4, 5, and 6 per cent—while in other sections very much
higher rates were being charged, and many people just as honest and capable
as those in the big money centres were unable to get money for their legitimate requirements on any terms, and others had to pay 8, 10, 15 and sometimes 50 and 100 per cent per annum, or more,for what they got.
These unfair, unfavorable, threatening condition developing unrest,
uneasiness, unnecessary poverty and resentments against society and
Government, all the more dangerous because vague, and because the real
cause of the disease was obscure, and the remedy consequently undiscovered,
really were results of our outworn and outgrown banking laws and system,
favoring the few, depriving the many, discriminating inevitably against
the farm and the farmer, the foundations of all. Hundreds of millions of
dollars every year were drained away from the country banks, first to the
banks in the fifty odd so-called Reserve cities, and then from these Reserve
cities furtner concentrated in the three Central Reserve cities of Now York,
Chicago and St. Louis—principally in New York City.
An investigation made by the Comptroller of the Currency in the winter
of 1914, a few weeks after the passage of the Federal Reserve Law, showed
that the national banks in Now York, Chicago and St. Louis and in three
or four other eastern cities held 1500 million dollars of money belonging to
other banks and trust companies from every part of the United States, and
that the total amount of money which the national banks in these six or
seven cities wore lending back to all other banks and trust companies in
the United States at that time was scarcely 110 million dollars, or loss than
7 per cent of the 1500 million dollars of money which they were holding
for the other banks, thus concentrated in these six or seven cities. ,
Approximately half of this 1500 million dollars was in the national banks
of New York City to the credit of other banks and trust companies. A
very large portion of it was being loaned in Wall Street at two or three per
cent per annum, while you farmers were paying in many cases two and
three per cent a month,sometimes as high as five and ton per cent a month.
But even then, many farmers were not able to borrow enough money to
operate their farms economically and efficiently.
The Federal Reserve Act has completely revolutionized, as I have said,
the old banking and currency system. The only wonder is that we were
able to get along as well as we did. You gentlemen of the farms know
what would happen if you stacked all of your fertilizer in one pile or even
in two or three central reserve piles. That plan would not do your crops
any good, except in spots, and even where the fertilizer was heaped your
land would be over-heated. The Federal Reserve Act has been the means
of spreading the fertilizing money evenly and equitably over the whole
land. It has established 12 great reservoirs conveniently located for
every section of the country, and since the opening of the Federal Reserve
banks, nearly two years ago, no member bank entitled to credit has applied
for a loan which was not promptly furnished.
Every national bank and every other member bank of the system has
the assurance that if It will conduct its affairs efficiently and according to
law, these groat Federal Reserve banks will not only be ready and able
to help them meet any emergency that may arise, but can always be
counted on to supply funds to help them meet the legitimate demands of
their customers,far and near.
An immediate effect of the passage of the Federal Reserve Act was to
inspire business men and bankers with new confidence and to give them new
assurance that money and capital would be obtainable at fair and reasonable rates for the ordinary operations of business, and also for now creative
and constructive work, and there was instant revival in business from the
very day the Federal Reserve system was placed in operation, as the
records clearly and abundantly show.
The huge increase In our money supply resulting from the imports of
gold from abroad has been greatly augmented by the money which has come
Maybe the best answer to that may be found in the records and indis- out of its hiding places, from old stockings and safe deposit boxes and been
putable facts that the national banks of the country are to-day stronger placed in banks and in circulation because of the new and increased conand in better condition than over before; that they are more numerous fidence which every one has felt since our Federal Reserve system was
than when I became Comptroller; are more prosperous and show a smaller started.
proportion of failures and losses than was ever known in their history; and
The first effect, therefore, of the opening of the Federal Reserve banks,
my office is receiving a steady stream of applications for charters for new
s it concerns the farmer, has been the decentralization of the huge accumunational banks and for permission to increase the capital of the existing lations of money which had been permitted to concentrate in the few great
banks.
centres, and the transfer of capital to these 12 reservoirs. From these 12
it is
"My official scalp," he furthermore said, "is not especially reservoirs the pipe lines already run to nearly 8,000 banks, where
available for the use of every farmer, storekeeper or business man whose
dear to me. My business is to administer the law and to fidelity
and industry and standing entitle him to credit.
do justice, and the law is justice put into words, as I underThis does not.mean that the Federal Reserve Act has placed money at
he is entitled to credit
stand them." We give below the greater part of the address: the threshold of everyone who asks for it, whether who
were in every way
One of the chief difficulties hampering and obstructing the young and or not. The trouble heretofore has been that men
in wide sections of the
vigorous men who would farm if they could see in the work opportunities responsible, intelligent and trustworthy, have
could get no accommofor success and the fulfillment of their ambitions—and tho older men anxious country suffered severely, oftentimes because they
of interest and payment working
to extend their activities and increase their product, has been the lack of dation from the banks or got it on terms
despair. God Almighty alone knows how
capital. The farmer usually finds it harder than almost any other business silent ruin, demoralization and
have had the strength and hope and
man to obtain the capital he greatly needs; and when he does got it, he is many strong, capable, manly men
interest rates, how many promising
unfair
by
too often forced to pay for it extortionate rates. All of us know that farm- power sapped from them
opportunity and driven to worthlessof
deprived
been
have
girls
ing is becoming more and more an ordered business, governed by the same boys and
direful, inexorable power. •
rules that apply in other business; loss and loss a hap-hazard venture on the ness and crime by the same
The latest official returns from the national banks of the United States
caprices and chances of nature. Like every other business, it needs for
decentralization and distribution is prosuccess capital and the just credit that represents and secures capital. Tne show vividly how the work of
a few more figures in considering
farmer, I say, in a great measure, has lacked these, to this time. He has greasing. I shall again impose on you
on Sept. 12 1916, as compared with
been denied the means of preparing and equipping himself. Too often he the condition of our national banks
During this period the
1
has been in the position of a man undertaking to open a store and lacking their status 4% months earlier, on May 1916.
transfer of money from the great centres to the country banks and to the
money or credit,to obtain a stock of goods.
noticeable. In these 43-6 months, the
We hear,from many sources, clamorous cries of "back to the farm," and interior cities has been especially
banks of New York City were reduced 222 million
"back to the land." Gentlemen, we can't get people back to the farms _deposits in the national
millions, and in Philadelphia 13
or keep people on the farms unless we can show them promise that the farm dollars, in Boston the reduction was 36
in seven or eight other Reserve cities
will give them at least as much comfort and happiness and prospect as millions. The aggregate reductions
they can find in towns and cities by equal effort and labor of head and hand. amounted to 12 millions.
Coincidently with the reduction which has taken place in the Eastern
Put money, or the opportunity to earn it, on the farms and the people
money centres, the deposits in the country banks and in the banks in other
will go to them fast enough and will stay with them.
and North and in the South have
That is precisely what the Federal Reserve system is doing in a large cities in the interior and in the West
The growth of deposits in San Francisco
measure, and what we hope and believe the Rural Credits system will do in shown enormous accumulations.
millions; in Kansas City, 23 millions; in Pittseven larger measure. It is said of Mr. Gladstone that he could make even since May 1st was over 35
18 millions; in Omaha, over 14 millions;
statistics eloquent, and of John Wesley that he could cause his hearers to burgh, 21 millions; in• Cleveland,
in Indianapolis, Columbus, Denver and
millions;
shed tears by his way of saying "Macedonia." I am sorry I have no such in Houston, Texas, 8
each. Milwaukee, Cincinnati, Richmond,
faculty. I cannot so enunciate figures as to avoid temptations in my Los Angeles, about 7 millions
of about 5 million dollars each in
audience to yawning. But I beseech your patience while I try to show you Wichita and St. Joseph show increases
in this brief period.
some figures which don't lie and which it seems to me should be interesting the deposits of their national banks
in the larger interior cities, the
shown
are
these
While such increases as
and informing.
in the Union have increased largely
I am not gong to toll you that there was really a dearth of money in this country banks in nearly every State
figures, just compiled, indicate that the
country befora the Fede•al Reserve Act was passed, for it would not be their deposits. The preliminary
country banks throughout tho United States
true. There was plenty of money in the country. Official statements show growth in the deposits of the
their deposits Sept. 12 1916 probably
that
such
been
has
that on January 1 1914—a week after the passage of the Federal Reserve since May 11916,
greatest deposits they had
oney in circulation in this country, consisting of gold, exceeded by more than 225 million dollars the
Act—the actua
oney, was close to 3% billion dollars. The total re- ever previously recorded.
silver and pa
the national banks, how the work of decentralization and distribution is progressing, the Comptroller stated that during
the four and a half months from May 1 1916 to Sept. 12 1916,
the deposits in the national banks of New York City were
reduced 222 million dollars, in Boston 36 million dollars, and
in Philadelphia 13 millions. Coincidentally, he added, with
the reduction which has taken place in the Eastern money
centres, the deposits in the country banks and in the banks in
other cities in the interior and in the West and North and
South have shown enormous accumulations. In San Francisco, he essayed, the growth in deposits since May 1 was
over 35 millions; in Kansas City, 23 millions; in Pittsburgh,
21 millions; in Cleveland, 18 millions; in Omaha, over 14
millions; in Houston, 8 millions; in Indianapolis, Columbus,
Denver and Los Angeles, about 7 millions each. The
Comptroller followed up his remarks concerning the decentralization of the money of the country with a recital of the
specific provisions of the law which make it practicable for
the farmer to get in touch with the money so distributed,
calling attention to Section 13 of the Federal Reserve Act
giving to Reserve banks the right to discount notes of all
member banks secured by .wheat, corn, cotton and other
staple agricultural products, and he called attention to the
fact that although the ordinary commercial notes of merchants cannot be discounted in the Reserve banks if they
run over ninety days, the notes and bills of exchange drawn
or used for agricultural purposes or based on live stock can
be discounted at the Reserve banks, even though they
should have as much as six months to run. He also pointed
out that the Reserve Act has given the national banks
authority to make five-year loans on improved farm property
—that it is the first time,since the beginning of the national
banking system, half a century ago, that the farmer has been
able to borrow on the security of his farm from any national
bank, and that though by the provision whereby the amount
of money which national banks may lend on improved and
unencumbered farm property is limited to not more than
one-third of their time deposits or one-quarter of their capital
and surplus, by this provision over 530 million dollars have
become available for such loans. Before closing his remarks
the Comptroller took occasion to allude to President Wilson's
recent remark to the effect that some special interests are
after his (the Comptroller's) official scalp. The Comptroller
• remarked that this was no surprise to him, and that he was
aware that he has been held up as a kind of "Ogre, a RawHead and Bloody Bones, a terror to the banking and financial interests of the country." He added:
OCT 28 1916.]
THE CHRONICLE
1559
Having shown you how the money of the country has already been merchant and business man. If the local member bank should lack the
brought within reach of the farmer, has been and is being further decentral- funds to meet the wants of a farmer customer, it doesn't have to wait for
ized and distributed, I will next ask your attention to certain specific an increase in its deposits before it can grant the loan desired; nor does it
provisions of the law which make it practicable for the farmer to get in have to call in loans from other customers. It merely takes from its vault
a batch of notes acquired for loans made to farmers or others and maturing
touch with the money so distributed.
Section 13 of the Federal Reserve Act expressly gives to every Federal in not more than six months—it makes no difference whether these notes
Reserve bank the right to discount notes of all member banks secured by were given to raise crops or to buy cattle for fattening—and the little local
wheat, corn, cotton and other staple agricultural products; and although bank then sends this paper to its Reserve bank. The Reserve bank disthe ordinary commercial notes of merchants cannot be discounted in the counts the paper at 3 or 4% or whatever the prevailing rate may be at
Reserve banks if they run over 90 days, the notes and bills of exchange the time, and the money thus received the local bank lends to its farmer
drawn or used for agricultural purposes or based on live stock can be dis- client.
If the local bank lets the farmer have this money at not over 6%, and
counted at the Reserve banks even though they should have as much as
six months to run. Any member bank in good standing therefore can get takes as security warehouse receipts for wheat or cotton or other such
money from its Federal Reserve bank, generally at rates lower than ever products, the local bank can have such paper rediscounted at the Reserve
known before, for the six month notes discounted for the farmers, whether bank at especially favorable rates, say 3 or 33 %•
advanced for the planting of his crops or based on live stock or non-perishThere is no likelihood that the Reserve banks may not have funds to
meet all needs of member banks at any time. Whenever a Federal Reserve
able products already grown.
Banks in different parts of the country are offering money in large sums bank finds its funds running low, it can take the paper received from
to farmers at unusually low rates of interest for the purchase of young farmers and merchants and deposit it in trust with an officer connected
cattle with the agreement that the loan shall be continued or renewed until with each Federal Reserve bank—the representative of the Federal Reserve
the cattle can be fattened and made ready for market. Every stock raiser Board in Washington, known as the Federal Reserve Agent—who is emcan understand the value of these opportunities to get money on his cattle powered thereupon to deliver to the Federal Reserve bank an amount of
Federal Reserve notes, which he receives under the law from the Compwhile they are in process of making.
The Federal Reserve banks, by standing ready to discount at low rates troller of the Currency, equal to the face value of the commercial or agrito any reasonable extent for their member banks the farmers' six months cultural paper so deposited. As these notes discounted for farmers or
paper, enormously facilitate the farmer in getting money for the making of merchants are paid off the local bank pays its Federal Reserve bank, and
his crops and for raising his live stock.
the Feaeral Reserve bank deposits money with the Federal Reserve agent,
Aside from the questions of individual character and responsibility, and so redeems or retires the Federal Reserve notes thus issued to it.
it is hard to see why farm products in the course of growth or manufacture
Each Federal Reserve note must be secured by 100% of discounted
or finished, ready for sale, should not be as legitimate security for loans as bills; and besides this, each Federal Reserve bank is required to keep a
waiting
to
shelves
goods
on the
be sold, or the goods in a supply of available gold on hand at all times equal to at least 40% of all
the merchant's
factory in process of manufacture, or manufactured goods awaiting orders outstanding notes. And furthermore, the United States Government
from customers. Probably it has happened that a farmer with his wheat itself stands behind every Federal Reserve note issued by any one of the
of his cotton stored, was unable to borrow on it, or refused to pay excessive twelve Federal Reserve banks.
interest, while the miller or the manufacturer on this same wheat or cotton
The flexibility or elasticity of our currency is a cardinal feature of the
could borrow readily at low interest. This should not be. It is poor Federal Reserve System. No longer do the business men dread the
business and vicious political economy, because it is a sure fact that if the approach of harvest as a time for tight money and falling prices. The new
farmer does not prosper and get his right share of the products of his land system furnishes a volume of money, expanding naturally to meet normal
and labor, the merchant's goods will remain on the shelves and the manufac- and legitimate demands, and machinery for retiring it when the need for it
no longer remains
turer will find himself short of orders.
Beyond those, what I may call details, is the broad general truth that
As I have pointed out on other occasions, the old, rigid and imperfect
assured,
as
I
have
has
tried to show you, a supply currency system which we had long ago outgrown made our very prosperity
the Federal Reserve Act
of money sufficient to meet the requirements of the country, and of every a danger, the diligence of the farmer and the fertility of the soil an annual
section of it, and at all seasons, and that the proper daministratiop of it threat and cause of fright. The more abundantly kind Providence had
will protect all claims of the people against extortion; and will forbid the blessed us with great crops, the more alarm was felt at financial centres
grasping from using for their own advantage the necessities of their neigh- at the drain on reserves required to move them. We had alternating chills
bors. The farmer is put on the same plane as the business man. He is of fear and stagnation and deadly interest rates, fevers of abundant and
enabled to borrow according to his industry and commercial standing cheap money, over-confidence and desperate speculation. We had at one
because his banks know exactly how and where to got the money for him. time of the year gluts of money, heaped at the centres with nobody wantIt will not be possible hereafter to have the money supply locked in the great ing or employing it; at another time such scarcity that legitimate business
centres to be used for speculation or gambling purposes, while the real was denied the means with which to move and the best collateral went
producers and legitimate productive commerce are pinched or denied, begging. The effect of that was to increase and harden constantly and
perhaps just at the time of their most important need.
steadily the concentration of financial power in a few places and a few
The Federal Reserve system furthermore greatly benefits the farmer hands.
which,
when
by
method
he
has
a
providing
made
his crops, he can borrow
by
These unhealthy conditions whicn had called so loudly and so long, but
money to enable him to hold them until he gets a satisfactory market and vainly, for reform were admitted by even the bankers themselves in the
can sell his products at what he believes them to be worth. The Federal great money centres. In a written statement to the PO)Committee just
Reserve banks throughout the country have been offering money to their ten months before President Wilson attached his signature to the Federal
member banks at the unprecedentedly low rate of 3 per cent on what they Reserve Act, Messrs. J. P. Morgan & Co. had claimed, to use their exact
term "commodity paper"—that is to say, on notes secured by warehouse language, that
or terminal receipts for wheat, cotton, tobacco,corn or other staple products.
Such concentration as has taken place in New York and other financial
But this is done with the understanding that the banks borrowing at this centres has been due, not to the purposes and activities of men, but primarlow rate must not charge their customers on this paper more than 6 per cent ily"—mark you—"to the operation of our antiquated banldng system
per annum at the outside.
which automatically compels interior banks to 'concentrate' in New York
So it is that the Federal Reserve Act is benefiting the farmer by enabling City hundreds of millions of reserve funds."
him to borrow money to make his crops, and then to borrow money when
They added that, secondarily, the accumulations in these centres were
he has harvested them in order to carry them until he can obtain a satis- due to natural causes.
factory market. He is thus enabled to use his own judgment and consult
• ir *
his own convenience as to when he will sell what he has made. Ile cannot
It is with great satisfaction that I can announce to you that as a result
be forced into a glutted market or made to suffer for temporary sags in prices. of the inauguration of the Federal Reserve system and the determined
It changes him in a great measure from the owner who must sell for the efforts of the Comptroller of the Currency to require the banks under his
price the buyer chooses to fix, to the owner who can hold for what he thinks supervision to obey the laws against usury and extortion, there has been
his goods are worth. It does not and cannot interfere with the law of supply a general collapse in interest charges in those sections of the country where
and demand. It does release the farmer of the pressure to sell and leaves the abuse was greatest, and a general disposition on the part of the banks
him free to study conditions for himself and act on his own opinion.
in all sections of the country to live within the law.
The Federal Reserve Act now goes still further and has given the national
Hundreds of banks have made perpendicular drops from the excessive
banks of the country authority to make five year loans on improved farm rates which they formerly charged. Many that have been charging on
property. This is the first time since the beginning of the national banking some of their loans as much as 50% or 60%, are limiting their charges to
system, half a century ago, that the farmer has been able to borrow on the the rates permitted by the laws of their respective States. In other insecurity of his farm from any national bank. The amount of money which stances where 12% or 15% rates have prevailed, borrowers are being
national banks may now, at their discretion, lend on improved and unen- accommodated at 6% and 8%. The reports received from some of the
cumbered farm property is limited to not more than one-third of their time small country banks in distant districts indicate that they are adopting a
deposits or one quarter of their capital and surplus; but by this provision, conservative course, desiring to avoid the jar which might result from too
over 530 million dollars become available for such loans.
sudden a drop in rates, but that they are moving in the right direction.
The figures show the farmers of the country are beginning to use this One bank testifies under oath that it has reduced its maximum from 1%
opportunity so recently provided for them. The total loans by national a day, orI360% per annum, to about 1-3 of 1% per day, or 109% per
banks on farm property June 30 1915 were reported at 25 million dollars; annum. Another in the same State reports that it has brought its maxiand on Sept. 12 1916 they had increased to 48 million dollars and they mum rate from 300% down to 30% and other banks which heretofore have
grow steadily. The character of the average American farmer for con- been charging an average of from 18% to 22% on all loans have come
servatism and caution and his love for his land are guarantees that he will down to the legal rate of 10% authorized in their respective States.
try not to use his new credit unwisely. He seems to me to be a better inIt seems almost incredible, but one national bank reported to me under
vestment than the speculator in stocks whose collateral may be called gilt- oath that it had been charging an average of 36% on all loans made by it,
edged to-day and waste paper next month. I am sorry to say we come while another declared that the average rate which it received for all
across relics of such shrinkages in the banks sometimes, but happily not money loaned by it was 40%•
often.
A great many farmers who had never known what it was to borrow
On June 30 1916 our national banks were lending to their customers, on money below 12% are getting it at 6%. The cashier of a national bank in
warehouse receipts secured by wheat, cotton, corn, tobacco and other the interior of Texas, which had been charging excessive interest rates,
commodities, more than 124 million dollars, and on Sept. 12 1916 this recently in a letter to the Comptroller's Office said:
had increased to more than 155 million dollars, about one-third of which
"While it has been rather hard for us to get down to the legal rate, I
was based on cotton. Exactly how much of this money is being loaned realize that you are absolutely correct and I am sure that the cheaper rate
to farmers has not been definitely reported; but we do know definitely of interest will bring and is already bringing to this bank a large increase
that the farmers throughout the United States, as a result largely of the of business. Your stand in this matter is entirely commendable and we
operations of the Federal Reserve Act, have been and are obtaining funds will do our best to uphold you in it."
for making their crops, for carrying their crops after they are made until
The total loans made by all national banks at the time of the June 1916
satisfactory prices are obtainable, and also are borrowing money on their call amounted to 7,679 million dollars. Despite the reduction which has
farms for development purposes or for the acquisition of new land, on terms taken place in interest rates throughout the whole country, the indications
more favorable than ever known before in our history.
are that tho earnings of the national banks for 1916, based on their returns
The Federal Reserve system does not, as I have said, undertake to for the first six months, will be greater, both as to gross and net, than they
provide credit for those who do not deserve it by character or financial have been in any previous year in their history. While the rates of interest
responsibility, or both. It does go a long way toward assuring every busi- they are charging are lower, and while the farmers, merchants and business
ness man, including the farmer, that he shall not be deprived by any men are deriving great benefit from these reduced rates, the banks seem to
temporary or permanent condition of the credit he has earned by his be more than making up for the reduction in interest rates by their larger
right living, his intelligence and thought and diligence.
business. The nat!onal banks in June 1916 were earning interest on 1
The new system provides an abundant and ever-ready source for sup- billion and a half dollars in excess of the amount they were lending in June
plying money or credit to its member banks and through them to farmer, 1913, before the passage of the Federal Reserve Act. If we assume that
1560
THE CHRONICLE
(Vol- 103
injurious to everybody. As the law itself in.dip not discriminate, so
they are receiving for these additional loans a profit of 3% per annum, results
officers of the law are forbidden to discriminate. When they undertake to
this interest alone should add to their tarnings nearly $50,000,000 a year.
be strict here and lax there. they betray their trusts and take serious
The managers of hundreds of country banks have admitted to me that chances of doing vast harm. It Is like sanitary regulations in a city. They
universally. A best citizen permitted to disregard
their losses on loans to farmers have been strikingly small, amounting to a are useless unless applied
them and intending no harm, may infect his entire neighborhood and
mere fraction of 1% of their aggregate loans; and that, though he is not community."
always punctual in meeting his notes at maturity, the farmers' loans, I am
My official scalp is not especially dear to me. My business is to adminisassured, are about the safest that the banks ever make. And yet up to
put into words, as I
this time, it has been the farmer principally who has been paying the high- ter the law and to do justice, and the law is justice
understand them. I have had a somewhat stormy time and have been an
est kind of rates, and who has suffered most from excessive 'barges.
kept in mind some
have
I
always
But
target.
prominent
I think you will agree with me that wise and foreseeing statesman- uncomfortably
wooden church, on a hill in my
ship gives attention first to the foundations, to secure their permanent words spoken by Patrick Henry in a little
so dear, or peace so sweet, as to
stability. While they are sound, the structure built on them will be in- own town, about 141 years ago—"Is life
slavery? Forbid it, Almighty
vincible against any storm or stress. In this country we are beginning to be purchased at the price of chains and
be confronted by the facts of a limited quantity of land, and much of the God."
land we have losing productive power annually because those who till it
have not the means to keep it up or improve it; and at the same time a C. S. HAMLIN BELIEVES . RESERVE SYSTEM WILL
population steadily and swiftly increasing and promising indefinite expansion
SUCCESSFULLY COPE WITH FUTURE PROBLEMS.
by the mathematical processes of human reproduction. Let me show you,
for a moment, what land—old land cultivated for a thousand or fifteen
that the vast resources of the Federal Reserve
Declaring
hundred years—can be made to do.
as yet, Charles S. HamWe made last year in the United States 607 million bushels of wheat, an system have been scarcely touched
average of 12 bushels per acre. If we, on our new land cultivated for an lin, of the Federal Reserve Board at Washington, this week
average of probably less than 50 years, had gotten the yield per acre which took occasion to add that "the real test of a banking system
Great Britain secures on her lands, some of which have been cultivated
and
more than 1,000 years, our wheat crop on the acreage planted would have comes in times of adversity rather than of prosperity,"
been 1,600 million bushels, or two and a half times our this year's yield. If express9d his confidence that the Reserve system "will
the
in
Germany
we had reached the efficiency in cultivation shown by
demonstrate its power to cope successfully with any and all
production of oats, we would last year have raised 2,400 millions of bushels
on the same acreage from which we this year produced 1,200 million bushels. problems which the future may have in store for us." These
Our rye crop could have been made on 47 per cent of the acreage we planted remarks were made by Mr. Hamlin before the Massachusetts
In rye if we had made the yield per acre that Belgium usually shows; and
State Board of Trade at its annual meeting in Boston on the
It can be no source of pride to us to realize that Belgium was accustomed
to raise 120 million bushels of potatoes on the same number of acres on 25th inst. In his statement to the effect that the Federal
which last year we produced only 32 million bushels.
Reserve banks are all earning their expenses, Mr. Hamlin
Having in mind present conditions, the probabilities of demand of the
that for the eight months ending August 1916 the comfuture, and the possibilities of production, this Administration has given noted
much thought and labor to improving the condition of the American farmer bined earnings of the twelve Reserve banks were over 2.7
and increasing his usefulness to the world, while promoting his own comfort million dollars and the total current expenses were 1.3 miland prosperity, by giving him every possible fair opportunity to increase
an excess of earnings over current expenses of
his productive capacity. You have noticed that I spoke just now of the lions, leaving
American farmer's usefulness to "the world," not to the country. The 1.4 millions. His speech is printed in the "Boston Tranwords were used advisedly. I tell you farmers, as I told the bankers at script" as follows:
Kansas City the other day, that we Americans have outgrown"our obligaThe boards of trade of Massachusetts and of the United States may well
tions to America. By force of our wealth, our population , our enormous take pride in the present unexampled prosperity of our country. They
power—never excelled by any nation that ever lived—and our immunity should take even greater pride in the realization that we have underlying
from the devastation of a war that has smitten every other nation and en- this prosperity a firm foundation in the Federal Reserve banking system.
riched us, we have become responsible to the world, its leading and guiding
I shall not undertake to-day to discuss the question as to whether our
influence; and all our thinking and planning should include the entire present prosperity is caused by the Federal Reserve system or by what it is
planet. It is a responsibility that we cannot avoid if we would. For this caused. 'The real test of a banking system comes not in times of prosperity
world work of ours, the farmer is the fundamental source of strength. but rather in adversity. We have had eras of great prosperity throughout
Therefore the Rural Credits or Farm Loan measure has been added to the the United States, quickly followed by severe crises, but we can all now
Federal Reserve system.
rejoice in the fact that in any future trouble which may threaten us we have
The Federal Reserve Act enables the farmer to get, at liberal rates, the for our protection a system of banking probably as sound as any system in
money he needs temporarily to make his crops; and also the money he may the world.
need to carry them for an advantageous market after they are made. The
The vast resources of the Federal Reserve banks have been scarcely
Rural Credits measure enables the farmer to borrow the more permanent
touched as yet, and, with the exception of the foreign trade now in a matercapital he needs to enlarge his operations or to equip his farm with the ial degree financed by our own banks with the help of the Federal Reserve
machinery and buildings required for up-to-date operations; and further- system, the operation of the Federal Reserve banks has been necessarily
more it enables him to do so at better interest rates than ne has ever known.
guided by the necessity for earnings rather than the necessity for assistance
John Jones has a farm worth $10,000. He wishes to put up a modern
to member banks.
barn and silo, to run water pipes into his home, establish a gasoline engine
The Federal Reserve system is in splendid condition. All the twelve
to pump, saw wood and churn. His efforts to borrow in the past had Federal Reserve banks are earning their expenses. Taking the system as
been vain, though at one time he came near getting a bank to lend him a whole, for the eight months ending in August 1916, the combined earnings
$5,000 for twenty years at 12%. This man will soon be Inn position where of the twelve Federal Reserve banks were over 2.7 millions of dollars, and
he can get his $5,000 from the Farm Loan Bank on a basis of paying interest the total current expenses were 1.3 millions, leaving an excess of earnings
at 5% a year for twenty years with a small additional payment on princi- over current expenses of 1.4 millions. For the month of August the excess
pal. At the end of twenty years he will find his yearly payments of $80 24 of earnings over current expenses showed an equivalent of 7.2 per cent
per $1,000, or $401 20 for $5,000, have not only covered all interest costs, dividends earned.
but that there has been accumulated a sinking fund which has also paid
We all take pride in the prosperous condition of the Federal Reserve Bank
off his principal and he is entirely out of debt.
of Boston. Under the Federal Reserve Act there has been a very rapid
If he had taken the money originally from the money lender at 12%, he development of the acceptance business in connection with our import and
would have had to pay $600 a year for twenty years, or a total interest export trade. Since the opening of the Federal Reserve Bank of Boston,
charge of $12,000: and at the end of that time would have had to pay in It has purchased, for its own account, acceptances amounting to over 36
addition the principal sum of $5,000, making his total payments for prin- millions, and has distributed acceptances among other Federal Reserve
cipal and interest $17,000.
banks to the amount of over 16 millions. These purchases have assured
The net result to this particular farmer, under the new Farm Loan plan, a market to member banks for such commercial obligations, and have proIs that he gets his $5,000 for new land and improvements, makes yearly vided our exporters and importers with the means of financing their operapayments of only $401 20, instead of $600—a saving each year of $198 80— tions more economically than they have ever been able to do before. At the
and at the end of twenty years, instead of having to pay the $5,000 princi- same time it has enabled member banks to develop an entirely new class of
pal, is handed a receipt in full and his canceled mortgage.
business. With the exception only of New York City, Boston has develThe Farm Loan plan is safe and profitable for the Government; easy and oped a much larger acceptance business than any other point in the counmost advantageous for the farmer, giving him better opportunity than he try. These acceptances have covered an infinite variety of commodities,
ever had, providing for his peculiar situation a peculiar, special and avail- among which has been hides, leather, wool, Egyptian cotton, chilled beef,
able basis for making the money represented by his land an active and and machinery. While this business is still in its infancy, there is every
ready force for enabling him to improve the value and capacity of that land evidence of its rapid development.
and of the farm.
In the matter of rediscounts of commercial paper, there has not been very
Now, gentlemen, I have tried to cover the main subject as comprehen- much activity in Boston because of the abundance of funds in the district
sively but as briefly as I could. It is of enormous interest to us here and since the opening of the Federal Reserve banks.
to every student of our affairs and thinker on our future as a people, and
The bank has been well managed. Its officers are men of the highest
as individuals.
standing, and under their administration everything looks bright for New
Published utterances of the last few days suggest to me that I may inter- England.
ject here, near the close of what I have to say, a brief statement that may
As I have said, the real test of a banking system comes in times of adverbe regarded as almost personal. I see our President in an address at sity rather than of prosperity. I are confident, however, that the Federal
Shadow Lawn tells the country that the bankers, or certain bankers or some
Reserve system will demonstrate its power to cope successfully with any and
special interests are after my official scalp because I, as the Comptroller
all problems which the future may have in store for us.
me.
to
no
is
surprise
This
law.
the
enforced
have
of the Currency,
Even in the midst of our great prosperity, however, the necessity for
I know that I have been held up as a kind of Ogre, a Raw-Head and
caution and conservatism must be apparent to all. No such unexampled
Bloody Bones, a terror to the banking and financial interests of the country.
development as that through which we are now going could take place withMaybe the best answer to that may be found in the records and indisputable
out some manifestation of undue speculative activities, and the market
facts, that the national banks of the country are to-day stronger and in
which shivers one day at rumors of peace, and is temporarily unstrung on
better condition than ever before; that they are more numerous than when
the next day at the propiniquity of war, requires careful and conservative
I became Comptroller; are more prosperous, and show a small proportion
control.
of failures and losses than was over known in their history; and my office is
The bankers of the United States have so far held the situation well in
receiving a steady stream of applications for charters for new national banks
hand and I believe they can be rolled upon to keep our development within
and for permission to increase the capital of the existing banks.
normal bounds, repressing speculative tendencies. The burden of so doing
But I shall ask your permission to present here an extract from a comis upon them, and I see no reason to doubt that they will successfully mainmunication I wrote the "Wall Street Journal" in April last, in answer to
tain this burden.
certain criticisms of my efforts to enforce the law.
From time to time we hear it stated that there has boon a decrease in the
In my letter referred to I said, in part:
number of national banks and a resulting increase in the State banks and
"Probably many honest bankers had fallen into the habit of using their trust companies, and one would almost infer from such statements that the
own discretion as to when the law should be twisted, evaded or shaved
waning condition. The very reverse, however,
a little for their own convenience or that of their customers. Conscious of national bank system is in a
their own good intentions, they are impatient of restraint and rigid regula- is the truth. The national banking system was never in a more flourishing
of
men
if
that
is
tions and enforcement of the law. The obvious danger
condition than it is to-day, thanks in a good measure to the supporting inprudence and character are permitted to stretch or ignore any part of the fluence of the Federal Reserve system.
law, men who are imprudent and of less character will do likewise with
OCT. 28 1916.1
THE CHRONICLE
Sooner or later the State banks and trust companies must realize that
they must join our system to obtain the benefits of its consolidated reserves,
or must establish a parallel system of their own, which is hardly within the
range of probability.
The national banks are manned by an army of 75,000 men, with a pay-roll
of nearly 100 millions of dollars a year; with a total capital of over a billion
dollars contributed by 441,000 stockholders, and with over fourteen million
depositors. There are .,o-day approximately 7,600 national banks. Since
the opening of the Federal Reserve system down to the present time, excluding consolidations of national banks, the number of existing national
banks which have increased in capital, plus the number of new national
banks chartered,exceeded by 243 the number which,during the same period,
have gone into liquidation or which have reduced their capital. Furthermore, the capital increase of existing national. banks, plus the capital of
the new chartered banks, for the same period, exceeds by over twenty millions of dollars the capital of all national banks which have gone into liquidation or which have reduced their capital.
During the last three years, while the increase in deposits of the national
banks is not as large as that of the State banks and trust companies, because
of their greater number, yet the ratio of increase for the national bank system has been 33 1-3%, against only 28% for the State banks and trust companies. In other words, the deposits of the national banks since the passage
of the Federal Reserve Act have been increasing at a greater ratio than the
deposits of the State banks and trust companies. Furthermore, the recent
figures of the Comptroller thus far received indicate that the national banks,
for the current year, will earn approximately 16% on their capital of over
one billion dollars.
These figures convincingly demonstrate the prosperity of national banks
under the Federal Reserve system, and it is confidently believed that the
amendments to the Federal Reserve Act just made by Congress, giving,
among other things, the power to member banks to accept bills of exchange
in the domestic trade as well as in foreign transactions, will greatly add to
their prosperity.
Furthermore, the last report of condition of our national banks shows a
most gratifying distribution of the money of the country, away from the
large centres where it was, under the old system, largely concentrated.
Comparing May 1 of this year with Sept. 12, we find a material reduction
of deposits in certain large centres, aud a corresponding increase in others,
yet the decline in toes() large centres has not interfered with their healthy
growth and business activities, rates for money continuing as low or lower
than was ever known eefore.
This diffusion of wealth and banking power througnout the smaller centres is a most gratifying demonstration of the widespread prosperity of our
country. With care and conservatism, there is every reason to believe
that this condition of prosperity may be retained even though there must
inevitably be radical industrial changes following the close of the European
war.
A. C. MILLER OF RESERVE BOARD ON PLANS FOR
MEETING FOREIGN DRAIN AT WAR'S END.
Under the title of "The Federal Reserve System; Looking
Ahead," A. C. Miller, of the Federal Reserve Board, at
Washington, discussed before the Indianapolis Bankers'
Association on the 24th inst., at Indianapolis, the administration of the gold supply of the country to meet the foreign
drain which is expected at the close of the war. Among
other things Mr. Miller essayed that to raise the gold lending
power of the Federal Reserve banks to the point which would
be necessary to meet possible demands of $500,000,000 or
$600,000,000, approximately $400,000,000 would have to be
added to the Reserve Bank's deposits, in order to give them,
after setting aside the necessary reserve of 35% additional
free gold to the amount of $260,000,000. His further treat,
ment of the problems of reconstruction are set out in the
following extract from his speech:
The world has changed much during the two years since the Federal
Reserve system was put into operation and there is every evidence that it is
come.
going to keep on changing at a rapid pace and for a long time to
We are right now in tho midst of a most acutely transitional position—more
mmerce.
co
our
overtaken
foreign
hitherto
marked than any that has over
Changes in our banking methods and the scope of banking operations,
which wore foreshadowed in the Federal Reserve Act, and for which provision was then made for the first time in the history of American banking
legislation, are coming with a speed which was not anticipated and which
could not have been anticipated.
Before the outbreak of the European war, our country had very little
to do in the field of international finance except as a borrower, and so it
had no occasion to develop the machinery of international banking. it
sought such international banking facilities as it required from other
countries, and took them on such terms as were given. American banking had been developed strictly on domestic lines, as an incident to the
internal development of the country's industry and trade. The country was so largo and rich, and offered so attractive a field for the investment of capital at home,that it loft little or no margin of surplus banking capital for foreign operations, but instead attracted immense investments of foreign capital to it. As long as this condition continued we
were content to lot other countries take care of the business of international
banking so far as our needs were concerned, for much the same reason that
we were content to lot other countries supply our needs for ocean-carrying
service.
More than one occasion, however, had shown that the time was approaching when our country must look to its own facilities and resources
for a larger measure of accommodation in international banking. The dependence upon foreign countries was being felt to be precarious. The Federal Reserve Act, therefore, undertook to create agencies
which would give to the banking machinery of the country a greater measure
of control over those factors in international finance which were of consequence to the stabllitg and ease of American trade. For this purpose, it
authorized national banks to establish foreign branches; for the first time
it authorized national banks to accept against transactions arising out of the
foreign trade of this country; In brief, created "dollar exchange."
It is a matter of common knowledge that up to date the United States
has received from Europe since Aug. 1 1914 on settlement of international
trade account $631.097,000 of gold. If the present gold movement into the
country sustains It. pace to the end of the calendar year, (as seems likely,
if those who estimate a trade balance in our favor of not much less than
$2,500,000.000 are right,) this amount of gold will be increased greatly.
Indeed,so long as there is gold to be laid hold of it is likely that gold exports
to us sill grow, null* we take stops to check them, because of the diminu-
1561
tion and gradual disappearance of the [supply of European-held securities marketable in this country.
The result will be—indeed is already close at hand—that the united
States, simply in its capacity as a trading country and without any design
or ambition on its part, will have come more nearly having control of the
supply of the most fundamental and important instrumentality of modern
commerce and finance that has ever been witnessed.
But the gold which the European nations have been sending us because
they must have our goods, it seems clear, they will endeavor after the war
to got back from us, because, without it, it is extremely unlikely that they
could re-establish their position as trading nations. Problems of finance
will be to the forefront in Europe because financial reconstruction must
accompany, if not, indeed, precede, commercial and industrial reconstruction.
We are likely to see the experience of the United States in the unsettled
and uncertain decade that followed the Civil War repeated on a gigantic
scale in Europe. The vast debts piled up by the European belligerents
(now estimated at close to 50 billions of dollars), the huge issues of paper
currency in one form or another, make the problems of the restoration of
credit, the refunding of debts and the resumption of specie payment among
the most urgent and the most difficult with which they will be confronted—
problens for which no solution will be found which does not involve more or
less participation and help on the side of the United States.
The Scandinavian countries, Holland, and ourselves, among the neutrals
and Japan, among the belligerents, have been the chief recipients of the
outfiowing gold. All of these countries are likely, therefore, to have an
opportunity to part with much of their recently acquired gold, but we are
likely, almost certain, to be the principal market in which the yellow metal
will be sought, because of our vast holdings and acquisitions.
We may also expect that the more rapid the process of financial recovery
undertaken by the countries of Europe,the more intense will be the demands
made upon us for gold. I repeat, therefore, that the problem of the wise
and effective management of our gold supply is a very real problem.
I am not overlooking the suggestion, which has been made not infrequently within the past year by careful observers and students of the
financial demoralization which is going on in Europe, that the -commerce
of the future will be organized upon some basis of barter and credit
which will dispense with the necessity of having the liberal supply of
gold necessitated under the old ways of international trading and banking.
This suggestion certainly merits attention. It may be admitted that
everything will be done which ingenuity, sharpened by the drastic experiences of war, can suggest to economize the use of gold in the credit systems
of the European nations.
There is undeniable evidence of energetic efforts being made by the great
banks of France and Germany to inaugurate a reign of economy in the handling of their gold by the transplantation of credit devices and expedients borrowed from the banking practices of England and the United
States,such as the substitution of the checking account for the uneconomical
and clumsy bank note.
The history of commerce shows that banldng traditions die slow and hard;
and so, in my judgment, it will be with the tradition that there is but one
medium of international payment which is universally valid in the modern
world, namely gold. I do not doubt that we shall get speedy and decisive
testimony to this effect as soon as, or even before, the war is over.
All of the belligerent countries are straining public credit to the limit and
involving the management of their great central banking institutions under
the pressure of public necessity, in hazardous ventures in the field of
finance. All, with the exception of England, have long since suspended
specie payment, even though by one form of financial concealment or another they are attempting to mask the real situation, and England herself,
long renowned as the world's one and secure free gold market, is rapidly
approaching the point where there will be no escape for her from a suspension of specie payment, if the war continues much longer.
Such a step as the abandonment of specie payment and the dethronement
of the pound sterling from its position of high prestige will be taken, we may
believe, most reluctantly and as a last resort in a struggle of peculiar
deveration and of national existence. And why? Because this greatest
and oldest of the trading nations recognizes full well how essential gold is
to the maintenance of her position in international trade and in international banking.
My own view and expectation is that the United States may be expected
for a long time, perhaps permanently, to hold the position of a creditor nation, to which she has attained during the war—first, because of the practical extinction of our financial obligations to Europe, the interest on which
had long been a very important element in the international account;
secondly, because of the considerable financial obligations that Europe has
incurred to us; and, thirdly, because industrially and commercially our position as the leading source of supply of many of the most important requisites
of commerce will be strengthened by reason of the depletion ofstocks of raw
materials, &c., in Europe. and because the "forced draft" which war orders
have given to the establishment and expansion of many of our leading
manufacturing industries, has given an impulse to our outward commerce
which is likely for years to lead to a mass and value of exports which will
pay, or more than pay, for all the goods and services we shall need from
Europe.
Indeed, it is conceivable that a situation may exist for some considerable
time after the war in which the problem will be rather how to get rid of
some of our redundant gold advantageously than how to hold on to it.
Thus far we have received since August 1 1914 $631,097,000 more gold
than we have exported. If we assume,further,that the rapidity with which
the return will be made will be approximately identical with the rate of
rapidity at which we have received it, we should be far within tho limits
ofsafe calculation if we fixed upon some $500,000,000 or $600,000,000 at the
present time, as the gold export demand which the banking system of
the country might be called upon to meet within a period of two years. If
the war runs another year, we may have to take more millions of Europoan gold and might have to raise correspondingly the approximate amount
of gold which might have to be returned to Europe. I say "might" rather
than "would," because of my firm expectation that we shall not have to
return so largo an amount and also because I realize ths importance of
being prepared to deal with possibilities, in the face of so unprecedented
a situation, however remote the possibilities may seem, and finally because
of my strong conviction that there is nothing whatever in the possibilities
which need embarrass us. Assuming, then, that we may have to return in
the course of some two years, some $500,000,000 or $600,000,000 of gold.
how is our banking machinery prepared to cope with the problem of its
orderly management?
This problem is one which concerns every part of our American banking
system. But it may be admitted that it is In a peculiar sense a problem of
concern to the Federal Reserve system. The Fedelal Reserve banks were
specifically created, among other important objects, to manage the banks.
lug reserves of their members and to regulate the movement of gold.
What, then, Is the gold position of the country and of the several componPnt parts of its bankiwt,vstem, and especially, what is the gold position
of the Federal Reserve banks?
1562
THE CHRONICLE .
The total gold holdings of the United States at this time, are estimated at
$2,600,000,000. Of this amount, approximately $280,000,000 is in the
Treasury of the United States, the balance being distributed amongst the
banks of the country, including the Federal Reserve banks, and the hands
of the general publfc. Over $500,000,000 is hold by the member banks
of the Federal Reserve system, over $300,000,000 is estimated to be held
by State banks and trust companies, and the rest, it may be conjecturally
estimated, is in the hands of the general public. The total amount of
gold held in and by the Federal Reserve system is $616,000,000. (October 13 1916). This is mado up of $405,000,000 held by the Federal Reserve banks, and $210,000,000 held by the Federal Reserve agents, this last
being some of the redundant gold of the country which has been impounded
In exchange for Federal Reserve notes, and which is in the keeping of the
Federal Reserve agents, to be held until the occasion for its use arises. It
should not be inferred, however, that all of the $616,000,000 held in the
Federal Reserve system is free gold available to meet a foreign drain.
Certain deductions must be made in arriving at a statement of tho Federal
Reserve system's free gold assets. The most important deductions are the
reserves of 35% required by the law to be held against the reserve deposits
of member banks, and of 40% against outstanding Federal Reserve notes.
These deductions now aggregate $195,000,000. After allowing for
these reserves and in addition for a 40% reserve against Federal Reserve
notes now secured by gold in the hands of the Federal Reserve agents
which could be replaced by the deposit of eligible commercial collateral
to secure such notes, the amount of the Federal Reserve system's available gold may be set down as 16345,000,000.
In November of this year, a further installment of member bank reserves
will be deposited with the Reserve banks, to an estimated amount of about
$60,000,000. If this should all be deposited in gold, the free gold holdings
of the Federal Reserve banks, after allowing for the required 35% reserve
against the new deposits, would be increased by $38,500,000, bringing the
total free gold of the system to over $380,000,000.
$345,000,000 of free gold is certainly an imposing aggregate. It is the
largest amount of gold that has ever been massed under effective and
unified banking control in this country. To many it will seem altogether
sufficient to answer any probable needs. Indeed, if we were to be guided
In our judgment of the probable provision that should be made, purely by
our past experience,and neglect the profound changes which have come to
pass in the world of finance during the past two years, we might well
believe that this amount would not only be ample, but more than ample,
easily to provide for any probable demands. But I have already stated
my reasons for believing that it will be prudent, in making our calculations,
to take note of the possibilities as well as the probabilities, particularly
as the latter are so incalculable, and to accept $500,000,000 or $600,000,000
as the figure to bear in mind in estimating the amount of the possible gold
demands that might be made upon us. Taking this figure as the goal of
our calculations, it is clear that the present resources of the Federal Reserve system, big as they are, are not to be regarded in any but an optimistic
calculation as certainly equal to meeting any possible drains of gold that
might. develop at the close of the war, and be equal, at the same time,
to supplying any needs of our domestic banking situation which may
develop. The practical problem confronting the managers of the Federal
Reserve system is, therefore, how best to proceed in undertaking to mobilize
from the extensive gold supply of the country outside of the Federal Reserve
system, an amount of gold which will bring the free holdings of the system
up to, say $500,000,000 or $600,000,000; that is to say, how to bring under
the control or management of the Federal Reserve banks an additional
potential of $400.000,000 of gold, of which $260,000,000 would be over
and above the required reserves.
This looks like d big order, but this is a day and a country of big things,
and we are equal to the order. The problem should offer no great difficulty if we are alive to its importance, for the $400,000,000 additional gold
required by the Federal Reserve system is but one-sixth of the country's
total supply. The problem has had the careful attention of the managers
of the Federal Reserve system, and in its general aspects had the attention
of the Congress which enacted the Federal Reserve Act; for while such a
sensational contingency as that with which we are now confronted could
not have been foreseen when the Federal Reserve Act was framed, it was
foreseen that situations which would call for an effective marshalling of
our gold resources would arise, and many of the fundamental features of
the Reserve system were shaped with reference to this requirement; for
the problem of handling the country's gold supply is, in a very special
sense, a problem in reserve banking.
The elements that enter into the problem of handling this
country's gold supply and the many factors that enter into
the organization of the machinery for effectively mobilizing
it were summarized by Mr. Miller as follows:
1. Europe may be expected in time to recover a large part of the gold
she has Sent us. There being no present method of estimating the probabilities, attention must be paid to the possibilities.
2. Europe having sent us thus far over $630,000,000, prudent calculations will address themselves toward considering how an amount of
$500,000,000 or $600,000,000 of gold might best be mobilized for the purpose of meeting a foreign drain should it attain such a magnitude.
3. The Federal Reserve banking system, including therein the member
banks, possesses over $1,366.000,000 in cash, of which over $1,100,000,000 is gold (which is something short of one-half of the total gold supply
of the country), the remainder being exchangeable for gold at the Treasury
of the United States.
4. The total gold within the immediate control of the Federal Reserve
banks amounts to $616,000,000, of which $345,000,000 may be regarded as
free gold; that is, the amount of gold-lending power without any impairment of reserves.
5. To raise the gold-lending power of the Reserve banks to the point
which would be necessary to enable them to meet (what is, however, in
view of present probabilities, unlikely), possible demands of $500,000,000
or $600,000,000. approximately $400,000,000 would have to be added to the
reserve banks' deposits in order to give them, after setting aside the necessary reserve of 35%, additional free gold to the amount of 8260,000,000.
6. This amount can be spared from vault cash now carried by member
banks without unduly reducing their holdings of till money, and, therefore,
presents the basis for the solution of the problem.
7. Gold lost by the banks to meet foreign demands would be replaced by
mobilizing a part of the present floating supply of the community into
their hands. This process would be facilitated by the ease with which Federal Reserve notes could be issued to fill the void created by the withdrawal
of gold or other forms of currency.
8. The reserve banks possess an important leverage of control in their
movable discount rate, which could be adjusted to counter any undue
attempt of foreign markets to attract our gold by high rates.
9. An important element of strength in the protective capacity of the
country against an undue drain of gold is the heavy holding of foreign
0overnment obligations which run off in the next few years.
[VoL. 103.
10. Finally, while realizing the importance of being alive to the possibilities in the face of a situation for which there is no parallel, let us not make
the mistake of "overtraining" or of committing ourselves in advance to any
definite single expectation of what is going to occur, and, in consequence,
lose that balance of judgment which will not hesitate to shape and reshape its conclusions in accordance with the facts as they develop or change.
An essential element in our preparation will be the ability to deal with-the
unexpected as well as with the anticipated.
E. H. GARY ON CONDITIONS IN THE ORIENT—THE
NEED OF THE U. S. FOR PROTECTIVE TARIFF.
Observations on his trip made during the summer to the
Orient formed the greater part of the remarks of Elbert H.
Gary at the semi-annual meeting in St. Louis yesterday of
the American Iron & Steel Institute. Mr. Gary treated of
some of the general features of the Philippines, China and
Japan, in which he felt his associates, as business men, were
especially concerned. More and more of our business men,
said Mr. Gary, should come into close contact with the
people of the countries mentioned. It will, he stated, be of
interest to all. Many misunderstandings have arisen and
some still exist. They can, and should, he argued, be removed. Mr. Gary also had something to say regarding
what be considers the defects of our existing tariff duties,
declaring that "if the present unprotective tariff laws remain unchanged, we shall probably meet with competition
from foreign sources after the war closes which will adversely
and perhaps disastrously affect American industry and
American labor." In his outline of conditions in the several
countries visited by him Mr. Gary in part said:
The Philippines.
The Philippine Islands, with proper development and modern practice,
are capable of supporting comfortably ten times, or more, the number of
people now living within their territory. There can be produced everything indigenous to semi-tropical latitudes and many things to better advantage than on any other lands within the same proximity to the Equator.
Hemp,tobacco, sugar, rice, cocoanut oils, coffee, fruits, vegetables, grains,
choicest timber and multitudes of other valuable products can be raised in
as large or larger abundance than in any other country, with comparatively
slight exception. The natural requisites, including moisture, water-power
and particularly richness of soil, aro all sufficient.
When the United States paid nearly $20,000,000 to Spain, the owner,
for the title to the Philippine Islands, she acquired a territory possessed of
all the essentials for building up a rich, healthful and desirable extension
of its dominions as a valuable and necessary supplement to the immense
productive capacity which she already possessed; and it was inhabited by
a people who, by nature, would readily become loyal and faithful citizens
of our country. When the United States, by mere chance, or as the result
of an overruling Providence, became responsible for the future welfare of
the inhabitants of the islands and for the conditions which might directly
and seriously affect other countries, especially those in proximity, there
was much in the condition of the people to be deplored. The masses were
ignorant; perhaps purposely deprived of education; and they were subjected to tyranny and cruelty. They were poor, unhealthy, diseased,
overtaxed and wretched. They were more or less at war with each other
and with their Government. Every influence, every tendency, was bad.
They had no hope for the future. Intelligent happiness was neither a
reminiscence nor oven an aspiration. Because of the diseases prevalent,
both the people and their beasts of burden were a menace to the outside
world. The Filipinos were not blamable for this situation; they deserved
a better fate.
The United States was a good Samaritan. The splendid men who were
duly appointed by our country,including both military and civil representatives, with fortitude and judgment and human instincts took up and carried
on the work of renovating and rejuvenating this conglomerate of physical
and moral corruption, which had developed without the fault or the understanding of the people themselves. The results of their efforts will stand
for all time to coo as a monument to the generous, humane and intelligent
policy of an enlightened and unselfish nation, unless something shall be
done in the future to counteract or neutralize the results of the course
which has been pursued. All those who have represented the United
States in bringing about the wonderful changes in the Philippine Islands
are entitled to the highest commendation. Their work has not been fully
appreciated by the average citizen of this country.
There has been established a sound and exemplary government. The
laws are wisely and justly administered by able and impartial judges;
modern and commodious hospitals have been built and are in charge of
competent, practical and humane doctors and nurses; plagues and dreadful
contagious and infectious diseases have been largely stamped out; model
schools, special and common, have been established, and they are filled
with eager and industrious Filipinos taught in the English language. Good
roads have been built; agriculture, horticulture and forestry have been
improved; means and methods for civilization and for modern practical
results have been taught, though, of course, much remains to be done.
There has been a general cleaning up, and the best results of experience
in other up-to-date countries are being applied so far as possible. Filipinos
understand and appreciate what has been done, and they are a grateful
people. Of course, the large majority are referred to. There are always
exceptions. All this has cost and is costing large sums of money, but
emphasis should be given to the fact that, with the exception of the money
paid for maintaining the army and navy, which is no more than it would
be if stationed elsewhere, the total expense of making the improvements
and changes adverted to and maintaining the same, as well as the expenses
of administration, including the civil government, courts of law, salaries of
appointees of the United States Government, schools, hospitals and everything else of the kind, are and, from the start, have been paid from the
treasury of the Philippine Government.
Without the protection and assistance of the United States; without the
experienced talent of representatives sent from here; without the added
energy, skill and invested capital of Americans; if the Filipinos were again
left to themselves, they would bo unable to make the progress In the development of the resources of the country which is possible and desirable; and
the future of the islands would be uncertain. They would not long be
permitted to drift towards old conditions so as to be a menace to the health
of neighboring nations particularly interested, for the latter would interfere
and probably take possession and control.
OCT. 28 1916.1
THE CHRONICLE
The United States assumed a moral obligation to the Filipinos and to
other nations when she took charge of these islands. She could not shirk
it if she wished to do so.
Moreover, if the Filipinos desire it, as I believe they do, and if the United
States, as I think a majority of the citizens wish, shall decide to have the
Philippine Islands remain permanently a part of the territory of the United
States, it would result in great financial benefit to the Islands and their
inhabitants and also to the United States; and all other nations would approve. Considering the interests of the Filipinos and the Americans both,
it would be a grave mistake to sever the relations now existing between
them.
There cannot be properly developed the immense natural resources of
the country and the resulting business, with adequate facilities for conducting the same, without large amounts of capital, and it is impossible to
secure these unless and until there shall be permanently established a government which is satisfactory and will not be assailed. If the United
States should abandon the Islands, capital already invested would be withdrawn, in part, at least, and additional investments would be discontinued.
The Americans in the Philippines who have done and are doing much to
advance the pecuniary interests of the Archipelago, as well as the natives
themselves, understand and openly recognize the fatal results to the Islands
if they should lose our support.
China.
During the last few decades, at least, China has not kept pace with others
In the progressive march of nations. Possessed by nature with extraordinary opportunities, she has nevertheless been retroactive in disposition and,
to some extent, has been exploited for the benefit of others. With a population of 400,000,000 and a territory almost as large as Russia, containing
the richest and most productive soil, a variety of climate which permits the
growth and maturity of the principal grains and fruits, and with an abundance of the richest minerals, she has, notwithstanding, become poor in
cash resources; and the normal and necessary development of the country
for the proper utilization of the national assets has been neglected, if not
ignored. Consequently, in the consideration of questions relating to economic expansion, and in other respects, China has,for a long time, been well
nigh helpless. It would not be useful, nor does time permit, to discuss the
reasons for these conditions. Many of them are well known. It is sufficient to say that China, with her natural facilities, has the opportunity of
becoming one of the greatest and most prosperous of nations.
Apparently, the leading Chinese statesmen, the most intelligent and most
influential citizens, and the best thinkers, are keenly alive to the situation
and are earnestly solicitous for the immediate future of China. The present Governmental Administration and the Parliament as well are devoting
their talent and energy to ascertain and apply a solution for the problems
which interfere with the growth and strength of their country. They realize that there is needed a new constitution which will establish a concentrated, unified, though democratic, government; a new and modern financial system which will be satisfactory to the financiers throughout the world;
an adequate, thoroughly trained and fully equipped military force for defensive purposes; and the adoption of a systematic plan for the development of the whole country for the benefit and for the promotion of the welfare of the whole population. The leaders are frank and outspoken in declaring the desirability of a government such as I have indicated; and they
appreciate also the necessity of naving the friendship and assistance of all
other nations. They know that, under these conditions and with this attitude on their part, and not otherwise, they may expect to establish a credit
which will secure the loans necessary to reorganize the affairs of government, and will put to practical use the instrumentalities for providing the
money which is now lacking.
The present Government is an honest, unselfish, capable, industrious
and harmonious organization. There are statesm2n in China of high intelligence and qualifications. It should be only a question of time when the
internal strifes that are prevalent and have done so much to obstruct and
retard the legitimate growth and prosperity, will have ceased; when the
peoples of the different provinces will be pacified and possessed of a spirit
of genuine loyalty and patriotism. This is what is especially needed in
China, and this is what will be experienced when there is a clear and general
understanding of the motives of those now in governmental control.
China is now in a transition stage of activity. For a single and simple
instance, the visitor to Shanghai may see from his hotel window, within a
space of two hundred by seventy-five feet, the jinrikisha, the sedan chair,
the wheelbarrow (carrying a large load of freight or passengers), a cart
drawn by a caribou or water buffalo, a donkey or pony cart used.as a passenger vehicle, a bicycle, an automobile, an electric train; and nationalities
and costumes of a great variety of patterns and styles.
One of the principal things needed in China is first-class railroads. We
know by experience what they are and do for a new country. There are
provinces with immense acreages of the most fertile soil and a population
of scores of millions, that have no pretension of reasonable facilities for getting to purchasing or consuming markets. If there can be established the
basis of credit as already suggested, and as now seems probable, It is to be
hoped American capitalists will participate in further loans which will permit the rapid extension of railroad lines,for this will tend to correspondingly
increase the volume of general business between the two countries. The
people of China who are well posted are desirous of maintaining the most
cordial and intimate relations with the business concerns of the United
States. Formerly China desired to he left alone. She wanted to be exclusive and seclusive. She claimed to be self-contained, and really thought
it was wise to live unto herself alone. That belief and attitude are becoming changed as a nation. She now wishes the open door policy to prevail.
The nItional latch string is out for all other nations. Indeed, in some instances, those in authority have been too willing to grant concessions.
Permanent concessions of territory at Shanghai, Peking, Hankow, Hongkong and other places have been granted to various foreign countries who
still own and occupy the same. The United States was formerly included
in the list, but I think we have released and abandoned all that were ever
given to us.
The people are becoming familiar with the habits and methods of other
peoples. They are entering educational institutions in other countries
and they are learning the English language. True it is that large numbers
in outlying provinces are ignorant concerning the language or ways or even
existence of foreigners, but all those in control of national or provincial affairs are well advised and they welcome every opportunity to learn and to
assimilate. Especially does China need and desire the sympathy and neighborly support of the people of the United States. Here is a great field/or
operation on the part of American business men which can be cultivated
without injury or objection on the part of any other nation and with decided
benefit to China herself. I could wish that in some respects the conditions in the United States which now exist, resulting, I think,from political
agitation, might be modified.
Japan.
Japan is a vigorous, progressive, prosperous nation. Representatives
have temporarily resided in foreign countries, including England, Germany
and the United States, for the purpose of studying the languages, customs,
methods, improvements and facilities for-advancement and for defense; and
1563
on their reports, from time to time, the Japanese people have adopted and
assimilated what they consider to be the best features of enlightened civilization shown in the different countries. They are highly intelligent,
determined, adaptable, very industrious, and, above everything else,
superbly loyal to their emperor and to their nation. The ordinary citizen
lives for his country and is just as willing to die for it. There are no internal strifes; on the contrary, there is a harmonious whole. They represent to the outside world a united front. This is as it ought to be in every
nation. It gives a solidarity of power that is invincible.
It may therefore be seen why Japan has taken a leading position amongst
the nations of the world, contrasting in a striking manner with her place
sixty years ago. Rice is the principal, though not the only crop grown in
Japan. As the Islands are mountainous and not fertile, it is probable at
least 50% is not cultivated. The fish industry is large and profitable.
In farming, mining, manufacturing, merchandising, and with respect to
her schools, hospitals, courts, prisons, temples, means of transportation,
military training and strength, and, generally, in the possession of modern
equipment and administration of public and private affairs, Japan excels,
and already may be considered a model government in many particulars.
Japan has grown and is growing with her strength. She has, with
Korea, Formosa and other island territory recently acquired, 259,671
square miles and a population of 72.000,000, as compared with 37,000,000
in 1872. Besides all this, she is now increasing in wealth and in the near
future will, I believe, be considered rich, unless her present policy shall be
abandoned. Her financiers, her business men and her statesmen deservedly
rank high. They are far-seeing and they are conservative. The wonderful natural beauties and artistic development and display, I cannot take
time to describe.
For some time there have been suggestions, in public and in private, in
the United States and in Japan as well, that, for numerous reasons not
necessary to recall, there was possibility, if not likelihood, of active hostility between these two countries. Whenever either Government has
decided to provide an additional warship some one in the other country
has been prompt in charging that this meant preparation for war between
these two nations.
I said repeatedly, on my own responsibility, making no claim except
that I believed I could accurately represent public sentiment, that a large
majority of the people of the United States did not desire, but would
deplore and stubbornly oppose, war with Japan, except in self-defense, and
that they were of the opinion there is not now nor will be any cause for
serious trouble or disagreement; that there need be no conflict of opinion
which could not be finally and satisfactorily settled by mutual negotiation
and consideration. I also expressed the belief that our governmental
administration is and would be inclined toward this most desirable exercise
of authority. To all this I am sure this large company of representative
business men will heartily subscribe. I would repeat and emphasize the
sentiments thus expressed.
And now, gentlemen, I am here to say to you in words just as emphatic
and in a belief no less absolute that the leading and controlling men of
Japan are equally anxious to have a continuance, permanently, of the
peaceable and friendly relations now existing between these two countries.
That there may be exceptions may go without saying; it would be usual
and need excite no surprise nor fear if such is the fact. Still, I have no
positive information on which to base this conjecture. I had good opportunity to ascertain the real situation, though my visit to Japan was comparatively short. The most prominent and influential men in Japan are
outspoken in their profession of friendship for the United States and her
citizens. They refer with sentiments of gratitude to Commodore Perry's
visit in 1853, to them, apparently hostile at that time. They now consider
this action as friendly and as the beginning of the growth of a great and
prosperous nation. They speak of the benefit Japan has received and is
receiving from the United States, educationally and otherwise. They
claim to have received the largest benefit in economic lines by visits to
and intercourse with Americans. They refer with satisfaction to the large
and increasing trade relations. And, without stopping to enumerate, they
speak of our people as their friends and advisers, now and always, as fair
and generous and pacificator in policy and practice; as a•model government, whose friendly interest they court.
What Japan Wishes in China.
The subject of Japan's intentions toward China and her possessions is
a mooted question in many foreign quarters. From considerable inquiry
and study, I conclude Japan sincerely desires that China shall proceed and
succeed in the directions I have indicated; that she shall become firmly
established as a sound, peaceful, progressive, prosperous and rich Government with free and open seaports, transacting an increasing business of
every kind, within the limits of her capabilities, with any country or all
countries outside her domains, on a fair, just and profitable basis. I am
confident Japan would like China for a continuous, permanent, friendly,
profitable and satisfied customer, with no political, social or financial
difficulties, internal or international. I think we may expect to see, before
long, efforts on the part of the Japanese people to cultivate cordial business
relations with those in China. I know there are important and influential
men in Japan who will actively advocate this course. I am also of the
opinion, founded on conversations, that the Japanese will be glad to consult
with Americans concerning financial, commercial and even political questions relating to China. Japan and China both wish for close and intimate
relations with the United States and are willing to discuss and determine
all matters affecting the rights and interests of any, with the purpose of
doing justice to themselves and all other nations. The more our statesmen
study these questions the more clearly it will appear there need be no
Irreconcilable differences of opinion.
Korea.
Korea, as you know, has again become a part of Japan. The name has
been changed to Chosen, which is the same word in the Japanese language.
It is a fine country, with people of good appearance, disposition and physical
and mental ability, fully equal to the average. Under Japanese methods,
conditions and appearances are rapidly improving. The Koreans seem
to be satisfied with the governmental change. They have more respect
for the present administration than they entertained towards former one .
and they believe their prosperity is increasing and will continue to increase.
It seems probable there will be a gradual and complete amalgamation o
the two races and, if so, it will be beneficial to both.
Concerning business conditions in this country, Mr. Gary
said:
It is well known that the steel business in this country is better than ever
before. Our concern is only for the future. Many believe there will be a
continuance of large business for many months or years after the war closes;
others think there will be a material recession. No one can certainly
foretell. I have heretofore expressed opinions on the subject which have
been published. Obviously the wise man will husband his resources, keep
within safe limits and avoid over-extension. It is better to be prudent and
make less profits than to become reckless or extravagant at the risk of
calamity. With large bank balances we are independent and secure; with
1564
iVoL. 103.
THE CHRONICLE
I arge indebtedness to the banks which we could not readily pay, wo would
be in danger of bankruptcy depending upon future business conditions.
All this we know by the experience of the past. As we cannot read the
future we should exercise caution and be prepared for unfavorable changes.
Whenever the war shall close, the business of this country will be confronted with new conditions. The purchasing power of the whole world
will have been very greatly reduced. Foreign countries who are now buying
our products, because compelled, will withdraw their patronage in a large
measure. Other non-producing countries will find their financial resources
and credits lessened. More than this, foreign producers, in great need,
will strive more diligently than ever to supply the countries that are finandaily able to pay and at prices based upon cheap labor and low cost, as
they have a perfect right to do.
Our producers, including our wage earners, will find themselves in commercial antagonism with the most persistent and difficult competition ever
experienced, unless this shall be prevented by laws that are reasonable
and sufficient. Most of the foreign producing countries, and quite likely
all of them, will be thoroughly protected by tariff provisions and we should
be on a parity with them in this respect.
I firmly believe, if the present unprotective tariff laws remain unchanged,
we shall probably meet with competition from foreign sources after the
war closes which will adversely, and perhaps disastrously, affect American
industry and American labor. Conditions will be even worse than they
were between October 1 1913, and the beginning of the war. If the laws
shall be amended and adequate protection to American producers and
their workmen is afforded, we may expect satisfactory business conditions
for some time to come.
On Wednesday evening next, Nov. 1, W.P. G. Harding,
Governor of the Federal Reserve Board at Washington, will
address the members of the Forum of the New York Chapter,
American Institute of Banking, on the subject of "The Present Position and Future Development of the Federal Reserve
System." It is expected that a large audience will be on
hand to greet Governor Harding, as in addition to the regular members of the Chapter a special invitation has been
extended to all bank officers to be present. Preceding the
meeting an .informal dinner will be given Governor Harding
at the McAlpin Hotel. The Forum section of the Chapter
is open to the graduates and older men, and also all bank
officers, whether members or not. Meetings are held every
other Wednesday evening during the winter season. At
these meetings talks are given by some well-known speakers
along banking and economic lines, after which the meetings
are open for informal discussions by those present.
J. B. Birmingham of the New York Chapter of the American Institute of Banking has become identified with the
Np,tional City Bank. He will take up work in the new business department. Mr. Birmingham first entered the bankAPPOINTMENT OF DEFENSE ADVISERS BY
ing business in 1904, when he went with the Citizens' CenPRESIDENT WILSON.
tral National Bank of New York City.. He remained with
The appointment of the members of the Advisory Com- this institution until about a year ago, when he accepted a
mission which is to be associated with the Council of National position with the Atlantic National Bank, which he is now
Defense, created at the late session of Congress, was an- leaving to go with the National City Bank.
nounced by President Wilson on the 11th inst. The Commission is to be composed of seven members, as follows:
At a meeting of directors of the Sherman National Bank
Daniel Willard of Baltimore, President of the Baltimore & Ohio RR.
Tuesday, the resignation of Gustavus C.
Samuel Gompers of Washington, President of the American Federation of this city, on
Marshall as Cashier was presented and accepted. Charles
of Labor.
Dr. Franklin H. Martin of Chicago.
W. Hodson, formerly Assistant Cashier, was appointed
Howard E. Coffin of Detroit.
Cashier.
Bernard Baruch, the New York banker.
Dr. Hollis Godfrey of Philadelphia.
Julius Rosenwald of Chicago, President of Sears, Roebuck & Co.
The Pacific Bank of this city has opened a branch office
In making known the appointments, President Wilson at 57th Street and Madison Avenue. The opening of this
Issued the following statement concerning the functions of new branch, which has a special department for women,
the Commission:
marks another step in the progress of this old-established
The Council of National Defense has been created because the Congress
bank, which was founded in 1850. Three other branches
has realized that the country is best prepared for war when thoroughly
prepared for peace. From an economic point of view there is now very are operated by the Pacific Bank; they are situated at Broadlittle difference between the machinery required for commercial efficiency way and Grand Street, 28th Street and Madison Avenue and
and that required for military purposes. In both cases the whole industrial mechanism must be organized in the most effective way. Upon at 49th Street and Seventh Avenue.
this conception of the national welfare the Council is organized, in the
words of the Act, for "the creation of relations which will render possible
in time of need the immediate concentration and utilization of the resources of the nation."
The organization of the Council' likewise opens up a new and direct
channel of communication and co-operation between business and scientific men and all departments of the Government, and it is hoped that it
will, in addition, become a rallying point for civic bodies working for the
national defense. The Council's chief functions are:
1. The co-ordination of all forms of transportation and the development
of means of transportation to meet the military, industrial and commercial
needs of thenation.
2. The extension of the industrial mobilization work of the Committee
on Industrial Preparedness of the National Consulting Board. Complete
information as to our present manufacturing and producing facilities adaptable to many-sided uses of modern warfare will be procured, analyzed and
made use of.
One of the objects of the Council will be to inform American manufacturers as to the part they can and must play in national emergency. It
Is empowered to establish at once and maintain through subordinate bodies
of specially qualified persons an auxiliary organization composed of men
of the best creative and administrative capacity, capable of mobilizing to
the utmost the resources of the country.
The personnel of the Council's advisory members, appointed without
regard to party, marks the entrance of the non-partisan engineer and professional man into American Governmental affairs on a wider scale than
ever before. It is responsive to the increased demand for and need of
business organization in public matters and for the presence there of
the best specialists in their respective fields. In the present instance, the
time of some of the members of the Advisory Board could not be purchased. They serve the Government without remuneration, efficiency being their sole object and Americanism their only motive.
N. D. Jay, Manager of the Bond Department of the
Guaranty Trust Company of this city, has. been chosen a
Vice-President of that institution, and L. S. Critchell,
Assistant-Secretary, has been appointed Manager of the
Department of Publicity and New Business. Mr. Jay came
to the Guaranty Trust from the First National Bank, of
Milwaukee, Wis., in June 1915, to succeed Robert H. Cox as
Manager of the Bond Department. He had been VicePresident of the First National Bank of Milwaukee since
1914, and prior to that time had been Manager of the Bond
Department of the First National, which post he continued
to fill until he undertook the Management of the Bond Department of the Guaranty Trust. Mr. Critchell has been
connected with the Guaranty Trust Company for four years
and was previously connected with western banks.
The Corn Exchange Bank of this city has received authorization from the State Banking Department to open a branch
at 72nd Street and Lexington Avenue, to be known as the
"East 72nd Street Branch." The Corn Exchange Bank
now operates thirty-seven individual branches throughout
this city, with main offices at 13 William Street.
Philip A. S. Franklin, President of the International
An appropriation of $200,000 for the expenses of the ComMarine, has resigned from the directorate of the
Mercantile
mission was authorized by Congress.
American Exchange National Bank of this city because of the
Clayton Act. Mr. Franklin, as reported in our issue of Aug.
BANKING, LEGISLATIVE AND FINANCIAL NEWS. 5, is a direotor in the National City Bank, which post he
The public sales of bank stocks this week aggregate 53 will continue to hold.
shares, of which 50 shares were sold at auction and 3 shares
The International Banking Corporatioa moved on Oct. 23,
at the Stock Exchange. Five shares of trust company
took were also sold at auction. A sale of 50 shares of Hano- from 60 Wall Street to The National City Bank Building,
ver National.Bank stock was made at 650, an advance of 55 Wall Street. The corporation was organized in 1902 and
63 points over the last previous sale price. Five shares first located at the southwest corner of Wall Street and
of stock of the People's Trust Co. of Brooklyn were sold at Broadway. In 1905 the necessity of larger quarters prompted
295. The last previous sale of the stock was made in Sep- the removal to 60 Wall Street. The new offices at 55 Wall
Street are on the first officefloor,and offer much larger actember 1915 at 2803/2.
Low. High. Close. Last previous sale. commodations and increased facilities. The International
hares. BANKS—New York.
174
Oct. 1915— 174
174
*3 Commerce. Nat. Bank of.. _.._ 174
Banking Corporation was the first bank in this country to
June 1916— 5433
650 650 650
Hanover Nat. Bank
establish branches in the foreign field. To-day there are
TRUST COMPANY—Brooklyn.
Sept. 1915— 280A eighteen branch banks doing a general banking business
295
295
295
pie's Trust Co
located throughout the Orient, the Philippiaes and Panama.
at the Stock Exchange.
grou•••••••
eCT. 28
1916.1
THE CHRONICLE
1565
Edward de Lima, formerly of the firm of D. A. de Lima
& Sons,and Emil Fleischman, until recently a deputy manager
of the London & Liverpool Bank of Commerce in London,
have entered the employ of the Guaranty Trust Company of
this city in its foreign department. Mr. de Lima, who is a
brother of E. A. de Lima, President of the Battery Park
• National Bank, has traveled extensively in the Latin American countries and in Europe and will serve as a foreign
representative of the institution with which he has just
affiliated. Mr. Fleischman is well known in British and
European banking circles as a commercial banker and will
serve as an assistant Manager of the Guaranty's foreign
department.
Bank of Hartford, Conn., with the First National Bank was
completed on October 21. The consolidated bank, as noted
in our issue of Sept. 16, will be known as the First National
Bank of Hartford. It will have deposits of $7,500,000 and
resources aggregating $10,000,000. When the details of
the consolidation are completed the capital will be $1,150,000
and surplus and profits will amount to $850,000. At a
meeting of the directors of the enlarged bank on the 21st
inst. James H. Knight, President of the old First National
was chosen President of the new bank. Other officers who
have been elected to aid him in the management of the new
institution are: Vice-Presidents, Ward W. Jacobs, Elijah C.
Johnson and Henry M. Sperry; Cashier, Charles D. Riley,
and Assistant Cashiers, Emerson F. Harrington, Henry W.
Nelson J. H. Edge has been elected President of the Hud, White, Robert A. Boardman
and Stephen G. Pierce. The
son County National Bank of Jersey City, N. J., to succeed details of the merger are set out as follows in
a notice issued
John W. Hardenbergh, who has resigned in order to retain to the stockholders of the National Exchange
Bank:
the Presidency of the Commercial Trust Co. of New Jersey,
Pursuant to the action of the stockholders at their special meeting
located in Jersey City. Mr. Edge has been connected with held October 18, this bank has been placed in voluntary liquidation and
Henry M. Sperry is acting as liquidating agent. In accordance
the Hudson County National for seventeen years, having Mr.
with the plan pf consolidation with the First National Bank, the capital
served as Cashier from 1899 to 1913, and since then as Vice- stock of that bank has been increased in the sum of $500,000 and, subject
President. He entered the banking field in 1860 with the to the right of the stockholders of that bank to subscribe therefor, the
of the increased stock have been allotted to the stockholders of this
First National Bank of Jersey'City, when it was known as shares
bank as particularly explained in the accompanying letter of the First
the Mechanics' & Traders' Bank. He later became Assist- National Bank to the stockholders of this bank.
The directors of this bank have declared a first and final dividend in
ant Cashier of the old Mechanics' Bank of New York, where
of $95 a share, payable on or after Nov. 1 1916 to stockholders
he served for many years. He was an organizer of the Am- liquidation
of record at the close of business Oct. 21 1916, upon surrender of the cersterdam Bank of New York and served that institution as tificates of the capital stock of this bank held by the stockholders respecCashier until 1896, when he resigned with the expectation of tively.
The dividend upon two shares of the stock of this bank is equal to the
retiring. Mr. Edge is also President of the Free Public subscription
price of one share of the increased capital stock of the First
Library of Jersey City and a manager of the Provident In- National Bank and the directors of this bank have voted to recommend
to the stockholders that they retain their investment in the consolidated
stitution for Savings of Jersey City.
Through the operation of the Clayton Law, several
changes have recently been made in the directorates of
Albany (N. Y.) banking institutions. Charles H. Sabin,
President of the Guaranty Trust Co. of New York City, and
James H. Perkins, both former Presidents of the National
Commercial Bank of Albany, have resigned from the board
of that institution. They have also resigned as directors of
the Union Trust Co. of Albany. The Albany Trust Co.
loses as director John J. Gallogly, Vice-President and director of the First National Bank, and Edward N. McKinney,
director of the New York State National Bank. In noting
that the Union Trust Co. is not affected by the interlocking
provision of the Clayton Act, the Albany "Evening Journal"
says:
The Union Trust Co. loses none of its directors because of permission
granted the institution by the Federal Reserve Board on the ground that
it is "not in direct competition with any of the banks."
That is where officials of the Albany Trust Co. claim the law is "unfair
and discriminating." The Union Trust Co., they claim, is just as much in
competition as the Albany Trust Co.
They point out that where Vice-President Gallogly of the First National Bank has been compelled to resign his directorship in the Albany
Trust Co., John A. Becker, President of the same bank, has been permitted
to retain his directorship in the Union Trust Co.; George L. Stedman, a
director in the First National Bank, also retains his directorship in the
Union Trust Co.
Other interlocking directorates not affected in their directorships in the
Union Trust Co. by the law are: Ledyard Cogswell, Senator Henry M.
Sage, Charles Gibson, John R. Carnell, William T. Mayer and Donald McDonald, all of the New York State National Bank.
bank by application of this dividend in payment of the subscription to.
the new stock. A convenient method of accomplishing this is indicateck
in the accompanying letter from the First National Bank.
Where an odd number of shares is held, no subscription privilege attaches to the odd share and if a stockholder applies his dividend in payment,
of his subscription in the manner indicated, a sparate check for $95 for
the dividend upon the odd share will be mailed to him by the liquidating
agent. In any case, the stockholders' certificates are required to IA
surrendered before payment of the dividend.
William A. Morgan, heretofore Vice-President of the
Third National Bank of Buffalo, N. Y., has been elected to
the Presidency of that institution to succeed John W.Robinson, who resigned because of ill health. W. F. Hopkins
has retired as Vice-President of the Third National and it is
under stood that he will be replaced by George R. Rodgers,
Assistant Cashier of the Manufacturers and Traders National
Bank, Mr. Morgan is head of the Buffalo Copper & Brass
Rolling & Milling Company. The Third National has a
capital of $1,000,000 and surplus and profits of over $350,000. It was chartered in 1865.
A meeting of the stockholders of the Bankers Trust Cornpuny of Buffalo, N.Y.,is to be held on Nov.6for the purpose
of voting upon a proposition to increase the capital of the
company from $1,000,000 to $2,000,000. The Bankers
Trust Company, as reported in our issue of Saturday last,
plans to absorb the Central National Bank (capital $1,000,000) of Buffalo early in December. The increase in capital
it is understood, will be used to exchange share for share the
Thomas Williams, senior partner in the firm of Ichabod T. capital of the Central National Bank.
Williams & Sons, lumber merchants, of this city, has been
Moses J. Barber and Frank E. Richmond, 2nd, were
elected a director of the National Bank of Commerce in New
York, at 31 Nassau St., and a member of the directorate or elected directors of the Merchants National Bank of Provithe United States Mortgage & Trust Company, also of this dence, R. I., on the 23rd inst. Mr. Barber is Cashier of
the institution.
city.
The New York Stock Exchange membership of Percy E.
Donner of Pittsburgh, was posted for transfer on the 19th
inst. to C. McGhee Baxter for $74,000. Mr. Donner was
formerly a member of the firm of Donner, Childs & Woods
of Pittsburgh and was suspended on the 23rd of September
1915 from the Stock Exchange for one year, because his
firm was found to have transacted business for bucket shops.
Mr. Donner, at the time of his suspension, denied the charge,
contending that he was ignorant of the fact that the firms
for which he had executed orders, were bucket shops.
William Gammell has been elected President of the Providence National Bank, of Providence, succeeding Robert H.
I. Goddard, who has resigned because of the Clayton Act.
William Gammen, Jr., has replaced his father as Vice-President and Paul C. De Wolf has been elected a director to
succeed Henry D. Sharpe, resigned.
Henry P. Kendall of Norwood, Mass., has been elected a
director of the First National Bank of Boston, to succeed
Robert F. Herrick, who resigned because of the Clayton
Act, and in order to retain his membership on the Old Colony
W. 0. Burr, owner of the Hartford "Times," has been Trust Company board. Mr. Kendall has been for
many
elected a trustee of the Hartford Trust Company of Hart- years identified with the Plimpton Press and the
Lewis
Connecticut.
Hartford
The
ford,
"Times" is the leading Manufacturing Company.
Democratic paper in the State. Although not previously
a Trustee of the trust company, Mr. Burr has long been
The Drovers & Merchants National Bank of Philadelphia,
interested in its success.
Pa., a proposed new banking institution, has made application for a charter, to begin business around January 1, in
In accordance with the votes of stockholdersand directors temporary quarters in the Martin Building,
Thirteenth and
institutions
both
merger
the
of
of the National Exchange Market Streets, Philadelphia. The new
organization, it is
1566
THE CHRONICLE
(Vox. 108.
said, will have a capital of $100,000 (par $50) and a surplus member of the firm of Robert Garrett & Sons and Wallace
W. Lanahan, head of the banking house which bears his
of $6,000.
name, have resigned from the directorate of the Merchants
Joseph Wayne Jr., President of the Girard National Bank, Mechanics—First National Bank of Baltimore, in accordance
of Philadelphia, Pa., has been selected by the American with the requirements of the Clayton Act. Walter N.
Bankers' Association to report upon the Federal Reserve Stromenger of the bond department of Alexander Brown &
Board check-collection plan. Mr. Wayne has taken an Sons, Thomas E. Cottman a merchandise broker and John
active part in the discussions of the Federal Reserve Act; B. H. Dunn, Cashier of the bank, have been elected to
at the meeting of the Clearing House Section of the American succeed them.
Bankers' Association last month he expounded his views on
Edward Taylor Campbell, President of the American
"Exchange Charges, Country Clearing Houses and SettleInsurance Co., in St. Louis, Mo., and a director
Central
ment of Balances."
—4—
of the National Bank of Commerce in St. Louis, died on the
William S. Hammond has become Cashier of the Farmers' 18th inst. after an illness of about three months. Mr.
& Merchants' National Bank of Baltimore, having assumed Campbell had been President of the American Central Insurhis duties on the 23d inst. as Cashier. Mr. Hammond suc- ance Co. since 1908, and had served it in an official capacity
ceeds Carter G. Osburn, heretofore Vice-President and since 1894. He was also a director in the Mercantile Fire &
Cashier, who resigned the last-named post in order to give Marine Insurance Co. of Boston, and the Southern Surety
more time to the executive and outside business. Mr. Ham- Co. of St. Louis and Muskogee, Okla.
mond had been identified with the First National Bank of
John W.Barr Jr., President of the Fidelity and Columbia
Baltimore as Cashier for fifteen years; that institution was reCo. of Louisville, Ky., has resigned from the directorTrust
National
'
Gently merged with the Merchants-Mechanics
National Bank of Commerce in Louisville, because
the
of
ate
Bank. The Farmers' & Merchants' National Bank is headed
of the requirements of the Clayton Act; he will remain as a
by Charles T. Crane and has a capital of $650,000.
director of the National Bank of Kentucky.
E. S. Monohan has retired from the board of the Citizens
Benjamin Rush, President of the Insurance Company of
North America of Philadelphia, has been chosen a director National Bank of Louisville and will retain his membership
on the directorate of the First National Bank.
of the Central National Bank of that city.
Henry Almstedt, head of the brokerage firm of Almstedt
John A. Bell, heretofore Vice-President of the Colonial Bros. of Louisville, has resigned from the board of the Union
Trust Company of Pittsburgh, Pa., has been elected Presi- National Bank, but will continue on the directorate of the
dent of that company to succeed E. H. Jennings, who has German Insurance Bank.
resigned in order to continue as President of the Columbia
Lane, President of the Citizens' & Southern Bank
National Bank. Three new directors have been added to
Ga.,and associates have purchased a controlling
Savannah,
of
are:
the board of the Colonial Trust Company. They
National Bank of Macon, Ga., an
Richard O.Jennings, J. Dawson Callery, Jr., and George W. interest in the American
$500,000 and with a surplus of
at
capitalized
institution
Colonial
the
at
President
new
the
Bell,
Ratcliffe. Mr.
for the stock. At a meeting
share
a
$150
paying
$400,000,
Trust is also President of the Freehold Bank, of Pittsburgh,
National on the 21st inst.,
which position he has held since 1894. When the controlling of the board of the American
to succeed R. J. Taylor,
President
elected
was
Lane
Mr.
the
by
1901,
in
acquired
was
Bank
Freehold
the
in
interest
of the American
resident
Vice-P
Hillyer,
P.
L.
resigned.
Colonial Trust Company, Mr. Bell wa selected a Vice-Presiresignation and has been succeeded
dent of the latter, holding that office up until the present National,also tendered his
Cashire of the Citizens' &
time. He is also a Vice-President of the Columbia National by George B. Clarke, heretofore
re-elected Cashier of the
been
has
Scott
C.
E.
Southern.
and is President of the Carnegie Trust Company of Carnegie,
Bozeman has been re-elected
Pa. besides being affiliated with many other financial and American National and W. E.
of directors, headed by
industrial institutions in Pittsburgh. Mr. Jennings was Assistant Cashier. The new board
as follows:
members,
twelve
of
consists
Lane,
Mr.
elected President of the Columbia National Bank in January
George B. Clarke, H. P. Smart and William Murphey, of Savannah;
1915, following the resignation of R. J. Davidson.
A. Park, Stephen PopOrville
Little,
J.
W.
R. C. Hazlehurst, W. G. Lee,
James H.Lockhart and W.C. McBride have resigned from
the board of the Union National Bank of Pittsburgh because
of the provision in the Clayton Act forbidding interlocking
directorates. Mr. Lockhart will retain his membership on
the board of the Mellon National Bank of Pittsburgh and
Mr. McBride will remain as a director of the Third National
Bank of St. Louis, Mo.
Through the operation of the Clayton Act E. H.Jennings,
President of the Columbia National Bank of Pittsburgh, has
resigned from the board of the Colonial Trust Co. of that
city, of which he is also President.
F. B. Nimick has given up his membership on the board
of the First-Second National Bank of Pittsburgh in order to
continue on the directorate of the Exchange National Bank
of Pittsburgh.
The Central Trust Co. of Illinois at Chicago is to increase
its capital from $4,500,000 to $6,000,000, as a result of
action taken at a regular meeting of the board on the 24th
inst. The new stock, it is said, will be sold to stockholders
at $150 a share. A meeting of the stockholders has been
called for November 24, to vote on the proposed increase.
The Central Trust is one of the largest in Chicago and has
surplus and profits over $1,000,000. Under the last call
it reported deposits of more than fifty-one million dollars.
The directors of the National Bank of Commerce in St.
Paul, Minn., have elected a new director, A. H. Harmon,
managing partner of the Webb Publishing Co., that city.
The board also elected Otto P. Hoff as an Assistant Cashier.
Mr. Hoff is connected with and interested in a number of
banks in Minnesota and North Dakota and he will devote
is time largely in representing the bank in the matter of
curing country business.
Alexander Brown, head of the banking firm of Alexander
own & Sons of Baltimore, Md., James C. Fenhagen a
per,E.T.Comer and John D.Comer,of Macon,and R.J. Lowry,President
of the Lowry National Bank, Atlanta.
The American National Bank at the close of business on
Oct. 20 showed deposits of over $4,000,000. It will, it is
said, become a branch of the Citizens' & Southern. For
the present, it is stated, the American National will be
operated under its own name, but eventually its title will be
changed to that of the controlling institution. The Citizens'
& Southern Bank has a capital of $1,000,000 and surplus and
profits of over $1,100,000. It already has a branch in Augusta and now ranks as one of the leading banks of the
South. Mr. Taylor, the retiring President of the American
National, will hereafter devote his entire attention to the
interests of the Continental Trust Co. of Macon, of which he
is President. It is stated that the purchase of the controlling interest in the American National was made through
the firm of Robinson, Humphrey, Wardlaw Co. of Atlanta,
who offered Mr. Lane and his associates the stock owned
by the Johnston family, the largest single block of stock,
and that of Joel Hurt of Atlanta, who held a large block in
his own name and who represented other Atlanta interests.
In addition to the purchase price of $150 per share, it is said
that an additional bonus of $10 or $20 a share may accrue to
the stockholders when the assets are realized upon. The
new owners are said to have agreed to pay$150a share for all
other stock offered within the next fifteen days.
In the Citizens' & Southern Bank of Savannah, J. S. Ferguson, Assistant Cashier, has been promoted to the Cashiership to succeed George B. Clarke, now Vice-President of the
American National of Macon.
Coincident with the resignation of L. P. Hillyer as VicePresident of the American National and the change in control of that institution, announcement is made of the intention of Mr. Hillyer to organize a new national bank to be
known as the Bibb National Bank, with a capital of $200,000. Mr. Hillyer is one of the best known bankers of the
South and has had extensive banking experience. He
organized the present American National Bank in 1891 He
OCT. 28 1916.]
THE CHRONICLE
1567
assisted in the formation of and for twenty years served as is 844,871,477 50 of outstanding national bank notes that have been assumed by
the United States on deposit of lawful money for their retirement (see Act of July 14
Secretary of the Georgia Bankers' Association. He also 1890), which by law is part of the public
debt of the United States and is included in
the publlo'debt statement. Prior to July 1 1913 the amount of this fund was Inheld the post of Vice-President and officiated as President cluded
as a part of the public debt and not as a liability in the general fund. On
1 1913 the form of the daily statement was °flanged and the retirement fund
of the Association. He was a director of the Mutual Alliance July
was removed from the general fund balance and set up as a general fund liability.
Trust Company of New York, which was taken over by the The Act of July 14 1890 provides, however, that this fund shall be included as a part
the public debt. The above statement restores it to the balance and makes it a
Chatham & Phenix National Bank. Mr. Hillyer is also a of
part of the public debt as required by law.
Life
States
director of the Southern
Insurance Company;
the Georgia Casualty Company and the Central Georgia FINANCIAL
STATEMENT OF U. S. SEPT. 30 1916.
Power Company. He has just been reelected as a director
(Formerly
Issued
as "Statement of the Public Debt.")
of the Federal Reserve Bank of Atlanta, serving at regular
The following statements of the public debt and Treasury
intervals on its finance committee. .
cash holdings of the United States are as officially issued
as of September 30 1916.
H. B. Ainsworth has assumed the newly created position
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
of 2nd Vice-President and director of the United States Balance held by the
Settlement warrants
Treasurer of the United
coupons, and checks
National Bank of Portland, Oregon. In his new position
States as per daily
outstanding:
Treasury statement for
Treasury warrants_ _ _ $4,179,941 84
Mr. Ainsworth will be junior to his brother, John C. Ains- Sept.
30 1916
5181,102,712 34
Matured coupons_ _ __
599,555 49
worth, the bank's President and R. L. Barnes, the Vice- Deduct—Net excess of
Interest checks
347,576 06
payments over receipts
Disbursing officers'
President.
In Sept. reports subsechecks
14,559,417 73
quently received
Shareholders of the Standard Bank of Canada (head office
Toronto) have received notice that an allotment of new
stock totalling 5,000 shares will be made to shareholders
of record November 18 at a premium of 100%. The Standard Bank has a paid-in capital of $3,000,000 and an authorized capital of $5,000,000. The reserve fund of the bank
stands at $4,000,000. The increase of the authorized
capital of the bank from $2,000,000 to $5,000,000 was
ratified by the stockholders on Feb. 16 1910. Its deposits
then amounted to $23,520,527, while its total assets aggregated $30,144,756. For the fiscal year ending Jan. 31 1916
gross deposits were reported at $43,099,050, and total
assets at $58,822,121. In 1909 the Standard Bank absorbed
the Western Bank of Canada. Since then an additional
million dollars of the stock has been taken by the proprietors, $500,000 in June 1912, and $500,000 in June 1913.
The Standard Bank is headed by W.F. Cowan, as President,
while G. P. Scholfield is General Manager.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Sept.30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Sept. 30.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold coin
Gold bullion
Liabilities—
$
972,236,900 21 Gold certificates out1,008,290,833 67
standing
1,704,948,269 00
Gold reserve
152,979,025 63
Available gold in general fund
122,600,439 25
Total
Total
1,980,527,733 88
1,980,527,733 88
Note.—Reserved against $346,681,016 of U. S. notes and $2,058,169 of Treasury
are also secured by silver dollars In
outstanding.
notes
Treasury
notes of 1840
Treasury.
SILVER DOLLARS.
Assets—
Sliver dollars
Total
Assets—
Avail. gold (see above).
Available silver dollars
(see above)
United States notes_ _
Federal Reserve notes
Fed. Reserve bank notes
National bank notes_ _ _
Cert. checks on banks
Subsidiary silver coin
Minor coin
Silver bullion (available
for subsidiary coinage)
Unclassified (unsorted
currency, 'Ire.)
Deposits in Federal
Reserve banks
Deposits in national
banks:
To credit of Treasurer
United States
To credit of other
Governm't officers_
Deposits in Philippine
treasury:
To credit of Treasurer
United States
To credit of other
Governm't officers_
Liabilities
$
498,720,398 00 Silver certificates outstanding
483,104,746 00
Treasury notes of 1890
outstanding
2,058,169 00
Available silver dollars
in general fund
13,557,483 00
498,720,398 00
Total
498,720,398 00
GENERAL FUND.
Liabilities—
$
122,600,430 25 Treasurer's checks outstanding
3,107,122 44
13,557,483 00 Deposits of Government
4,232,944 00
officers:
2,702,945 00
Post Office Depart__
7,449,254 25
Board of trustees,
46,935 00
18,562,470 40
Postal Savings Sys10,527 43
tem (5% reserve)
4,079,241 76
111,396,106 80
Comptroller of the
631,294 96
Currency, agent for
creditors of insolk.
001
6,609,521 24
vent banks
1,325,653 22
Postmasters, clerks of
428,853 57
courts, dm
16,730,385 96
Deposits for:
39,064,474 66
Redemption of Federal Reserve notes
(5% fund)
11,575,269 23
Redemption of Federal Reserve bank
34,428,703 55
notes(5% fund)_ _
500,000 00
Redemption of na6,099,757 48
tional bank notes
irk
(5% fund)
23,279,474 47
Retirement of additional circulating
3,336,700 04
notes, Act May 30
1008
1,437,092 41
4,635,795 00
Exchanges of currency, coin, dre__ _
11,361,340 12
84,043,536 45
b Net balance. including
$107,171,360 17to credit of disburs'g officers. 181,102,712 34
292,005 51 Balance
Revised balance
$180,810,706 83
161,124,215 71
$180,810,706 83
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes
$346,681,016 00
Less gold reserve
152,979,025 83
Excess of notes over reserve
$193,701,990 37
Obligations that will be retired on presentation:
Old demand notes
53,152 50
National bank notes assumed by the United States on deposit of
lawful money for their retirement
44,871,477 50
Fractional currency
6,848,076 90
Total
$245,474,697 27
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded Loan of 1891,continued at 2%,called for redemption May 18
1900: interest ceased Aug. 18 1900
$4,000 00
Funded Loan 0( 1891, matured Sept. 2 1891
20 950 00
Loan of 1904, matured Feb. 2 1904
13 050 00
Funded Loan of 1907, matured July 2 1907
518,600 00
Refunding certificates, matured July 1 1907
12,040 00
Old debt matured at various dates prior to Jan. 11861, and other
items of debt matured at various dates subsequent to Jan. 1 1861
901,340 26
Total
$1,489,980 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest Amount —Ozastanding Sept. 30 1916
Payable. Issued.
Registered. Coupon.
Total.
Title of Loan—
$
2s, Consols of 1930
Q.-J. a646,250,150 624,606.550 2,714,300 627,320,850
3s, Loan of 1908-1918_ _ _ _ Q.-F. b198.792,860 47,399,740 16,545,720 63,945,460
4s, Loan of 1925
Q.-F. c162,315,400 101,379,350 17,110,550 118.489.900
Panama Canal Loan:
2s, Series 1906
Q.-F. d54,631,980 53,819,140
10,340 53,829.480
2s, Series 1908
Q.-F. e30,000,000 29,663,620
203.380 29,867,000
35, Series 1911
Q.-M. 50,000,000 41,540,600 8,459,400 50,000,000
3s, Conversion bonds
Q.-J. 10,689,800
1,847,400 8,842,400 10,689,800
3s, One-year Treas. notes_Q.-J.
9,175,000
1,645,000 7,530,000 9,175,000
2Ms, Postal Savings Bonds:
1st to 10th series
J.-J.
8,245,100
7,441,360
803,740 8,245,100
1918-1936 (11th series) J.-J.
906,700
838,980
67,720
906,700
Aggregate of int.-bearing debt 1,171,006,790 910,181,740 62,287,550 972,469,290
a Of this amount $9,754,300 have been converted into Conversion Bonds and
$9,175,000 into One-Year Treasury Notes.
b Of this original amount issued $132,449,900 have been refunded into the 2%
consols of 1930, and $2,396,800 have been purchased for the sinking fund and
canceled, and $500 have otherwise been purchased and canceled.
C Of this original amount issued $43,825,500 have been purchased for the sinking
fund and canceled.
d Of this original amount issued $802,500 have been converted into Conversion
Bonds.
e Of this original amount issued $133,000 have been converted into Conversion
Bonds.
GROSS DEBT.
NET DEBT.
Debt bearing no inter't $245,474,697 27 Gross debt (opposite)$1.219,4I3,967 53
Debt on which interest
Deduct- Balance availhas ceased
1,469,980 26
able to pay maturing
Interest-bearing debt
972,469,290 00
oblig'na (see above)_
161,124,215 71
Aggregate
$1,219,413.967 53
Net debt
$1,058,289,751 82
TREASURY CURRENCY HOLDINGS.—The following
compilation, also made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of July,August,September
and October 1916:
July 1 1916.
Holdings in Sub-Treasuries—
$
234,888,296
Net gold coin and bullion
15,078,547
Net silver coin and bullion
4,789,347
Net United States Treas. notes
24,084,897
Net national bank notes
2,795.605
Net Federal Reserve notes
Net Federal Reserve bank notes_
33,630
17,382,273
Net subsidiary silver
1,287,731
Minor coin, dro
Aug. 1 1916
$
303,862,781
21,486,349
5,336,387
25,635,837
2,939,155
23,270
16,743,003
1,047,625
Sept.1 1916
$
288,506,199
22 208 391
4,485,577
21,627,497
2,661,140
60,135
15,929,801
1,159,928
Oct. 11916.
$
275,579,465
20,167,004
4,232,944
18,562,470
2,702,945
46,935
11,396,107
1,070,676
Total cash in Sub-Treasuries..300,340,326 377,074,407x356,638,668 333,758,546
152,979,026 152,979,026 152,979,026 152,979,026
Less gold reserve fund
Cash balance In Sub-Treasuries_147,361,300 224,095,381 203,659,642 180,779,520
Cash in Federal Reserve banks__111,475,569 56,422,247 49,423,211 39,064,475
Cash in national banks—
To credit Treasurer of U. S._ 61,467,079 33,999,268 34,091,234 34,428,704
4,891,041
To credit disbursing officers__ 5.593,527
5,130,783
6,099,757
Total
Cash in Philippine Islands
67,060,606
4,767,345
3S,890,309 35,222,017 40,528,461
4,628,025
3,529,459
4,773,792
265,146,248 79
Net cash in banks, Sub-Treas_330,664,820 324,033,962 295,834,329 265,148,248
93,78.5,229 94,055,987 87,546,763 84,043,536
Deduct current liabilities
*All reports from Treasury offices resolved before 11 a. m. are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the day
following.
!
,
01
**The balance stated Is the amountavailable to pay Treasury warrants, disbursing
officers checks and matured public debt obligations. Included in such obligations
*Chiefly disbursing officers' balances. x Includes Oct. 1, $6,609,521 24 silver
bullion and $1,070,675 96 miner coin, dzc., not included in statement "Stock of
Money."
Total
265,146,248 79
Total
Available cash balance
236,879,591 229,977,975 208,287,566 181,102,712
1568
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 21 1916:
GOLD.
The holding of gold by the Bank of England against notes has decreased
by £1,060,525.
No gold has been reported as having been received by the United States
of America from Canada during the week.
The Rand gold output in August was about £3,310,000, as compared
with about £3,225,000 in July.
The Rhodesian gold output for August 1916 amounted to £338,001, as
compared with £344,493 in August 1915, and £322,365 in July 1916.
The West African gold output for August 1916 amounted to £125,143,
as compared with £139,364 in August 1915 and £128,574 in July 1916.
SILVER.
Silver has once more had a good week; the rise has been comparatively
slight as has been the case for some time past, but it has been persistent,
though at no time have the movements been spectacular, in fact, one has
to go back about six weeks before recording a movement of over a farthing
in one day. This is very different from what took place five months ago
when movements of a penny and more were of daily occurrence.
It is a singular fact that since the middle of July, when silver may be
said to have recovered from the shock that it received last May, when it
was announced that the Allies had very wisely decided not to make their
purchases any longer in competition with each other, the price has never
receded from a fresh big figure when that has once been established. On
July 26 the big figure rose from 29 to 30, on Aug. 5, 31 was established,
on the 30th of that month was 32, and now the price is 32%.
The following advice has been received from Bombay,dated Sept. 2 1916:
"We hear large shipments of Sycee have again been made from China
on account of the Government of India. The stock owing to the above
mentioned purchase, has been reduced to about 3,400 bars, the daily offtake being about 30 bars. The monsoon outlook is very good, and a few
inches of rain in September will ensure big crops for India."
An interesting booklet has been issued by Messrs. Eugene Meyer Jr.
& Co. of New York, describing the operations of the Anaconda Copper
Mining Co. This company embraces not only the original Anaconda
mine, but also some 25 other mines in the heart of the Butte district in
Montana, U. S. A. The company produced about 9,000,000 ounces of
silver in 1915, and it is antcipated that the production for 1916 will amount
to nearly 13,000,000 ounces. This total is far in excess of the production
of any group of mines under one control. The expected increase in production of between 40% and 50% in the case of this most important American mine agrees with the foreshadowing of a marked improvement in the
United States output, to which attention was drawn in our bullion letter
of the 7th inst. It would be interesting to know the exact output of the
original Anaconda mine apart from the other mines of the group, but no
separate record is issued by the company.
The last three Indian currency returns received by cable give details in
lace of rupees as follows:
Sept. 22.
Sept. 7.
Sept. 15.
71,24
71,58
73,56
Notes in circulation
25.06
25,23
27,04
Reserve in silver coin and bullion
11,20
11,54
11,37
Gold coin and bullion
11,92
11,92
11,92
Gold in England
The stock in Bombay consists of 3,600 bars, as compared with 3,300
bars last week.
The stock in Shanghai on Sept. 23 1916 consisted of about 25,000,000
ounces in sycee, and 15,700,000 dollars, as compared with 28,500,000
ounces in sycee and 16,500,000 dollars on Sept. 16 1916.
The following shipments were made from San Francisco during the week.
1,000,000 ounces to Tientsin and 300,000 ounces to Bombay.
Quotations for bar silver per ounce standard:
6%
Bank rate
No
cash
Sept. 22 321d.
" quotation Bar gold per ounce stand" 23..328 d.
77s. 9d.
ard
fixed
" 25__32 5-16d."
for
" 26__32 15-16d."
forward
" 27 32 15-16d."
delivery
"
" 28 32%d.
Average for the week 32.86d.
The quotation to-day for cash is 34d. above that fixed a week ago.
[VOL. 103
New York City Realty and Surety Companies
Ask
Bid
Al lance Wu, 70
80
160
A net* Surety 150
Bc pnd & M a 295 305
._
,suaity Co
-22
City Invest'g 18
67
'referred__ 60
Bid
LawyersMtg 162
Mtg Bond_ 110
Nat Surety_ 279
N Y Title &
Mtge __ 90
Ask
164
115
283
97
Realty Assoc
(Brooklyn)
US Casualty'
US TitleG&I
Wee & Bronx
Title Ac MG
Bid
Ask
95
190
50
100
210
66
178
180
tommerciat andMiscellatuott54.evoo
DIVIDENDS.
The following showg all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch Topeka & S. F., corn.(qu.)(No.46) 134 Dee. 1 Holders of reo. Nov. 3a
234 Nev. 10 Oct. 30 to Nov. 9
Atlantic Coast Line RR., preferred
Oct. 31 Holders of reo. Oct. 6a
Buffalo & Susquehanna, common (quar.) 1
Nov. 1 Holders of rec. Oct. 23a
2
Central RR. of New Jersey (guar.)
1 Holders of recs. Nov. 10a
Dee.
(quar.).
134
guar.
reg.
Cleveland de Pittsburgh,
Dee. 1 Holders of rec. Nov. 10a
1
Special guaranteed (guar.)
Nov. 1 Holders of reo. June 15a
3
Cuba RR.. common
2.26 Nov. 1 Holders of reo. Oct. 20a
Elmira & Williamsport, common
234 Nov. 8 Holders of reo. Oct. 30
Georgia Southern & Fla., 1st & 2d peel.
Nov. 1 Oct. 10 to Nov. 1
Grand Trunk of Canada, guaranteed.... 2
234 Nov. 1 Oct. 10 to Nov. 1
First preference
134 Nov. 1 Sept.23 to Oct. 13
Great Northern (quar.)
134 Dee. 1 Holders of reo. Nov. 90
Illinois Central (guar.) (No. 124)
43.4 Nov. 1 Holders of reo. Got. 14a
Nashua & Lowell
134 Nov. 1 Holders of reo. Oct. 60
New York Central RR. (quar.)
Nov. 18 Holders of rec. Oct. 31a
1
Norfolk & Western, ad). pref. (quar.)_
134 Dee. 19 Holders of rec. Nov. 30a
Norfolk & Western, common (guar.)
134 Nov. 1 Holders of reo. Oct. lie
Northern Pacific (quar.)
Pennsylvania (guar.)
134 Nov. 29 Holders of reo. Nov. la
Nov. 9 Holders of reo. Oct. 24a
Reading Company, common (quar.)__ _ _ Si
Reading Company,first preferred (quar.) 500. Boo. 14 Holders of reo. Nov. 28a
Street and Electric Railways.
American Railways, preferred (quar.)--- 1% Nov. 15 Holders of reo. Oct. 31a
3.4 Nov. 1 Holders of rec. Oct. 20
Bangor Ry.& Electric,common (guar.).Dee. 1 Holders of reo. Oct. 31
Brazilian Trao., Lt. dr Pow.,ord'y (quar.)
134 Nov. 1 Holders of reo. Oct. 10a
Cape Breton Eleo. Co., corn.(No. 14)_
Nov. 1 Holders of rec. Oct. 16a
3
Preferred (No. 21)
34 Nov. 1 Holders of reo. Oct. 15
Cities Service, corn.& pref.(monthly)_ _ _
34 Dec. 1 Holders of roe. Nov. 15
Cities Service, common (monthly)
Dee. 1 Holders of reo. Nov. 15
Common (payable in common stock).. f4
34 Boo. 1 Holders of reo. Nov. 15
Preferred (monthly)
ColumbusRy.,P.& Lt.,com.(qu.)(No.11) 13,1 Nov. 1 Holders of reo. Oct. 14
Nov. 1 Holders of reo. Oct. 14
Preferred B (guar.) (No. 11)
Nov. 1 Holders of reo. Oct. 20
Commonw.Pow., Ry.& L., corn.(qu.).. 1
Nov. 1 Holders of reo. Oct. 20
Preferred (quar.)
Nov. 15 Nov. 1 , to Nov. 15
Connecticut Ry. de Ltg., com. de pref. (qu.) 1
Cumberland Co.(Me.)Pow.& L.,pf (qu.) 1% Nov. 1 Holders of reo. Oct. 14
(quar.)
134 Dec. 1 Holders of rec.Nov. 16
Detroit United Ry.
Duquesne Light, pref. (qu.) (No. 7)
134 Nov. 1 Holders of reo. Oat. 2
31 Nov. 1 Holders of rec. Oct. 14
East St. Louis & Sub. Co., pref. (quar.).
Grand Rapids Ry., pref. (guar.)(No.64)_ _ 134 Nov. 1 Holden; of rec. Oct. 20
Nov. 15 Oct. 28 to Nov. 15
Havana Elec. Ry.,L.& Pow.,corn. & pf.
Nov. 15 Holders of reo. Oct. 31a
Illinois Traction, common (guar.)
Jacksonville (Fla.) Tract.. pref.(guar.)._ 750. Nov. 1 Holders of reo. Oct. 16a
Lehigh Valley Transit, preferred (quar.). 13( Nov. 10 Holders of reo. Oct. 310
Lewiston Augusta & Watery., pref.(qu.). 134 Nov. 1 Holders of roe. Oct. 18
1% Nov. 1 Holders of reo. Oct. 18a
Massachusetts Cons. Rys., pref. (guar.). _
Milwaukee Eleo. Ry.& Light, pref. (q11./ 134 Oct. 31 Holders of reo. Oct. 20a
Monongahela Valley Traction, pref. (guar.) 1% Nov. 1 Holders of rec. Oct. 26a
234 Nov. i2 Holders of reo. Oct. 14
Montreal Tramways (quar.)
Philadelphia Co., corn. (qu.)(No. 140) 87340. Nov. 1 Holders of reo. Oct. 20
$1.50 Nov. 1 Holders of rec. Oct. 20
8% preferred (No. 8)
ENGLISH FINANCIAL MARKETS-PER CABLE.
134 Nov. 1 Holders of reo. Oct. 16a
Public Service Invest., pref. (quar.)
Nov. 1 Holders of roe. Oat. 19a
2
Union Street Ry., New Bedford (guar.).
The daily closing quotations for securities, &c., at London, West
Penn Power, pref.(guar.)(No.3)-- 134 Nov. 1 Oct. 17 to Nov. 1
West Penn Rya., pref.(qu.)(No.44).... 134 Nov. 1 Oct. 22 to Nov. 1
as reported by cable, have been as follows the past week:
62%c Oct. 30 Holders of reo. Oct. 20a
York Railways, preferred (guar.)
Oct. 21. Oct. 23. Oct. 24. Oct. 25. Oct. 26. Oct. 27.
London,
Banks.
Thurs. Fri.
Wed.
Mon. Tues.
Sal.
Holders of reo. Oct. 26
Week ending Oct. 27.
Nov.
5
American Exchange National
3234
32%
32%
d. 32%
323
3234
Silver, per oz
Nov. Oct. 28 to Oct. 31
3
Bowery (guar.)
5634
JHOLI-1 56%
5634
5634
5634
Nov. Oct. 28 to Oct. 31
Consols, 235 per cents
1
Extra
WAY. f 9534
Oot. 26 to Oct. 31
9534
9534
9534
9534
British 434 per cents
2% Nov.
Chemical National(Si-monthly)
61.10
61.10
61.10
61.10
61.20
French Rentes (in Paris), Cr. 81.20
Nov. Oct. 27 to Oct. 31
5
City, National
Holders of reo. Oct. 31a
Nov.
French War Loan, 5% (in
4
Corn Exchange (guar.)
90.00
90.00
90.00
90.00
90.00
Holders of reo. Oct. 28a
Cr.. 90.00
Nov.
Pails)
3
Fidelity
Holders of reo. Oct. 21a
Nov.
10
The price of silver in New York on the same days has been: Germania
2% Nov. 1 Holders of tee. Oct. 26a
Lincoln National (guar.)
6734
6734
6734
26 to Oct. 31
6734
Oct.
6734
Silver in N. Y., per oz__ots_ 6734
Nov.
2
(guar.)
Pacific
Holders of reo. Oat. 30a
134 Nov.
Westchester Avenue (guar.)
Trust Companies.
Holders of reo. Oct. 264
Nov.
4
Astor (guar.)
Holders of reo. Oct. 23
134 Nov.
Broadway (guar.)
Holders of reo. Oct. 24a
13.12% Nov.
Farmers' Loan & Trust (guar.)
Holders of reo. Oct. 25a
Nov.
Ask
Ask Trust Co's. Bid
3
Bid
Hamilton, Brooklyn (guar.)
Ask
Banks.
Banks-N.Y. Bid
Nov. Oct. 20 to Oct. 31
6
New York
Kings County, Brooklyn (guar.)
America.--- 540 545 Manhattan• 332 340
462
470
Astor
Miscellaneous
205
255
Mark & Fult
Amer Each_ 240
500. Nev. 15 Holders of reo. Nov. la
American Bank Note, common (quar.)
185 Mech & Met 295 298 Bankers Tr_ 475 480
Atlantic _ _ _ _ 180
1% Nov. 15 Holders of reo. Oat. 31
148
American Brass (guar.)
185 Merchants _ 260 265 B'way Trust 144
Battery Park 175
Extra
.CentralTrust 785
334 Nov. 15 Holders of reo. Oct. 31
Metropolis._ 290
Bowery -- 400
Dee. 20 Holders of reo. Nov.30
American Brass (extra)
187 Columbia.. 605
Metroporn• 182
Bronx Boro• 200
134 Nov. 1 Holders of reo. Oat. 14a
(quar.)
common
Cigar,
110
American
350
Commercial_
_
_
_
_
Mutual
180
_
Bronx Nat_
Dec. 1 Holders of reo. Aug. 1
6
286
American Cyanamid, pref
BryantPark• 116- 150 New Neth._ 215 225 Empire _ _
Oct. 28 Holders of rec. Oct. 14a
1
Amer. District Teleg. of N. J.(quar.)
725 Equitable Tr 495 i(16
New Yorker,
Butch & Dr_ 115
Nov. 1 Holders of Ivo. Oct. 20
1%
Elee.,
30).
&
&
L
Gas
Farm
Amer.
1600
Tr
400
395
pref.
(No.
York__
(.111.)
1650
370 375 New
Chase
Nov. 1 Oct. 25d to Nov. 1
3
AmericanGlue, common
210
Fidel!ty -- 200
233 Pacific •_._ _ 270
Chat & Phen 228
Fulton
485
285 300
Amer. Graphophone, pref. (qu.)(No. 74) 134 Nov. 15 Holders of tee. Nov. la
125 Park
Chelsea Ex'
Nov. 15 Holders of reo. Nov. 10a
(qu.)
,corn.
Inc.
Eng.,
Fire
France
La
220
Guaranty
438
Amer.
Tr
235
444
400 People's•_ _ _
Chemical.._ 395
198 Hudson. _ 140
150
Amer. Light & Traction, corn. (quar.)_ _ _ 234 Nov. 1 Oct. 15 to Oat. 31
185 Prod Exch._
Citizens Cent 180
Law Tit& Tr 139
Common (payable in common stock).. r234 Nov. 1 Oct. 15 to Oct. 31
525 Public •_ _ 215
143
City
515
134 Nov. 1 Oct. 15 to Got. 31
Preferred (guar.)
195 Seaboard.._ 415 416- LincolnTrust 105
115
Coal & Iron_ 185
395 416 Metropolitan 420 430
American Malt Corporation, pref.(quar.) 500 Nov. 2 Holders of reo. Oct. 17a
Second
Colonials_ _ 450
70c. Nov. 1 Holders of reo. Oct. 16a
American Malting Co., Preferred
310 325 Sherman... 120 137 Mut'l(WestColumbia*
134 Nov. 15 Holders of reo. Nov. 1
112
cheater)
American Soda Fountain (guar.)
117
125
State •
Commerce__ t174
• nj4 Dec. 20
135 N Y Life Ins
American Sewer Pipe
Corn Exch•_ 335 340 23d Ward._ 100
American Utilities, preferred (guar.)
134 Nov. 10 Holders of reo. Oct. 31a
& Trust__ 975 1000
153
100 Union Exch_ 147
Cosmoporn• 85
N Y Trust
American Window Glass Machine, pref_ 1234 Nov. 3 Holders of reo. Oct. 27
600
Unit States. 500
East River_ _ 75
Amer. Zinc, Lead dr Smelt., pref. (quar.) $1.50 Nov. 1 Holders of reo. Oct. 21a
Title Gu&Tr 400 405
165 Wash H'ta•_ 275
Fidelity'- 150
Nov. 27 Holders of rec. Oct. 21a
$2
Anaconda Copper Mining (guar.)
175 Transatlan'0
155
Fifth Ave•- _ 4300 4800 Westch Av• 160
334 Nov. 1 Oct. 22 to Nov. 1
Atlantic Steel, preferred
365 Union Trust 400 410
250 275 West Side*
Fifth _
134 Nov. 1 Oct. 21 to Oct. 31
Atlas Powder, preferred (quar.)
US Mtg&Tr 440 455
525
First
990 1010 Yorkville•
Barnhart Bros.& Spindler,lsta2d pf.(qu.) 1% Nov. 1 Holders of reo. Oat. 27a
Brooklyn
UnitedStates 1010 1025
190
180
Garfield_
Nov. 1 Oat. 22 to Nov. 2
4
Bergner de Engel Brewing, preferred
140
Germ-Amer' 130 140 Coney Isi'd* 130 140 Westchester. 130
Nov. 16 Holders of reo. Nov. 8
Bond & Mortgage Guarantee (quar.)...
First
255 270
German Ex' 390
Nov. 1 Oct. 25 to Oct. 31
1
Brill (J. G.) Co., preferred
170
Germania'. 410
- Flatbush _
134 Nov. 1 Holders of reo. Oct. 25a
Brown Shoe, Inc., pref. (quar.)
fei" Brooklyn
150
Greenpoint
200
Gotham_
134 Nov. 15 Holders of reo. Nov. la
corn. (quar.) (No. 12)
Burns
120 Brooklyn Tr 550
Hillside •__ - 110
Greenwich'. 315
154 Nov. 1 Holders of reo. Oct. 20a
(quar.) (No. 15)
Bros.,
Preferred
115 Franklin... 255 265
Homestead •
Hanover _ _ t650
134 Nov. 15 Holders of reo. Oct. 31a
Harriman _ _ 375
ago Mechanics'_ fid" 140 Hamilton_ _ _ 285 276 Cambria Steel (quar.)
1,4 Nov. 16 Nov. 1 to Nov. 10
(guar.)...
preferred
Ltd.,
Cement,
Canada
105 Kings Co.... 630 650
Montauk _ 90
Imp & Tilt& 500
Nov. 15 Holders of reo. Oct. 31
Canada Foundries & Forgings,corn.(guar.) 3
200 210 Manufaarrs 150
Nassau
Irving
192
155
Nov. 15 Holders of reo. Oct. 31
3
(bonus)
Common
265
City
_
_
275
Nationl
People's_
3295
_
825
Liberty.-Nov. 15 Holders of reo. Oct. 31
131
(quar.)
Preferred
180 Queens Co-_ 70
Lincoln
80
330 340 North Side*. 170
13.4 Nov. 1 Holders of rec. Oct. la
Canada Steamship Lines. ore!
130 140
People's_
Nov. 1 Holders of reo. Oct. 10a
Central Leather. common (quar.)
Nov. 1 Holders of reo. Oct. 10a
1
t Sale at auction or at Stook
*Banks marked with a (0) are State banks
Common (extra)
y Ex-r ghts.
8 New stook.
Exchange this week.
New York City Banks and Trust Companies
THE CHRONICLE
OCT. 28 1916
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Indus:re.
Miscellaneous (Continued).
100 Oct. 31 Holders of reo. Oct. 15
Charcoal Iron of Amerloa, preferred
100. Nov 29 Holders of rec. Nov. 15
Preferred
10o. Dec. 30 Holders of rec. Dec. 15
Preferred
Nov 15 Holders of reo Oct. 31
Civic Investment & Industrial ((War.)- 1
Nov. 1 Holders of reo. Oct. 26a
Clinch/1dd Coal Corporation, pref. (guar.).
Nov. 1 Holders of reo Oct. 21a
Ciuett,Peabody & Co., Inc., corn.(quar.)
Deo. 15 Holders of roe. Nov.30
Colorado Power, Preferred (quar.) -Nov 1 Holders of rec Oct 14a
Commonwealth Edison (quar.)
Deo. 15 Holders of rec. Nov. 10
Consolidated Gas (guar.)
Oct. 31 Holders of rec. Oct. 21a
Consolidation Coal (quar.)
Nov. 15 Holders of rec. Nov. 8
Continental Paper Bag, pref.(qu.)(No.65)
Nov. 29 Holders of reo. Nov. 15a
Crucible Steel, preferred (extra)
Oct. 31 Holders of reo. Oct. 16a
Crucible Steel. pref. (extra)(No.8)
Nov. 1 Holders of reo. Oct. 23
De Long Hook & Eye (quar.)(No. 65)._
Nov. 1 Holders of rec. Oct. 26
Diamond Ice h Coal, preferred (guar.)._
2' Nov. 15 Holders of reo. Oat. 31
Dominion Bridge, Ltd. (quar.)
Nov. 15 Holders of reo. Oct. 31
3
Extra
du Pont (E.I.) de Nem.Powd., corn.(uu.) 11.4 Nov. 1 Holders of rec. Oct. 21
Preferred (quar.)
13f Nov. 1 Holders of rec. Oct. 21a
2)4 Jan. 1 Holders of rec. Nov. 15a
Eastman Kodak, common (quar.)
Nov. 15 Holders of rec. Oct. 25
5
Common (extra)
1)4 Jan. 1 Holders of rec. Nov. 150
Preferred (quar.)
Nov. 1 Holders of reo. Oct. 18
Edison Elec. 111. 01 Boston (qu.)(No. 110) 3
Nov. 1 Holders of reo. Oct. 20
EdisonEleo. III.of Brockton(qu.)(No.60)- 2
Electrical Securities Corp., pref. (quar.) 1,4 Nov. 1 Holders of rec. Oct. 25a
Eleo. Bond dr Share, pref.(guar.)(No.46) 114 Nov. 1 Holders of reo. Oct. 20
Holders of reo. Oct. 31
Electric Bond de Share, common (extra)._ (/)
Nov. 1 Holders of rec. Oct.d24a
2
Elgin National Watch (quar.)
Nov. 1 Holders of rec. Oct. 16
6
Eureka Pipe Line (quar.)
2)4 Nov 1 Holders of reo. Oat. 18
Fajardo Sugar (quar.)
Nov. 1 Holders of reo. Oct. 18a
Fall River Gas Works (guar.) (No. 88)._ 3
1)4 Oct. 30 Holders of rec. Oct. 27a
Federal Sugar Refining, pref.(quar.)_ _ _
154 Nov. 1 Holders of reo. Oct. 17a
Fisher Body Corporation, pref.(No. 1).._
Ft. Worth Pow.& Lt., Pf.(qu.)(No.21). 131 Nov. 1 Holders of reo. Oct. 20
(fair (Robert) Co., preferred (guar.)
154 Nov. 1 Oct. 26 to Oct. 31
Nov. 15 Holders of rec. Nov. 1
Gaston, Williams & Wigmore, Inc
St
1)4 Deo. 1 Holders of reo. Nov.2ua
General Chemical, common (quar.)
General Motors, common (quar.)
5 Nov. 1 Holders of rec. Oct. 14a
Preferred (quar.)
334 Nov. 1 Holders of rec. Oct. 14a
Nov. 15 Holders of roe. Nov. 3a
Goodrich (B. F.) Co., common (quar.)_.
Feb. 15 Holders ox rec. Feb. 2
Goodrich (B. F.) Co., common (guar.).
151 Jan. 2 Holders ot reo. Dec. 21
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 18a
Granby Consol. Min.,Smelt.& Pow.(qu.) 2
Grant Motor Car Corp., pref. (quar.)..... 1 fi Nov. 1 Holders of reo. Oct. 15
Nov. 1 Holders of rec. Oct, 31
1
Great Northern Paper (quar.)
Nov. 27 Holders of rec. Nov. 10a
2
Greene Cananea Copper (guar.)
2
Jan. 2 Holders of reo. Deo. 150
Gulf States Steel. common (No. 1)
Gulf States Steel, 2d pref.(quar.)
4134 Nov. 1 Holders of reo. Oct. 14a
131 Nov. 1 Holders of rec. Oct. 28
Harrison Bros. & Co., Inc., pref. (guar.)_
Hart, Schaffner de Marx,com.(guar.)._ _ _
1
Dec. 1 Holders of reo. Nov. 20a
Holly Sugar Corporation, pref. (quar.)_
.13f Nov. 1 Holders of rec. Oct. 15
Houghton Co. Eleo. Light, corn.(No. 23) 6234o, Nov. 1 Holders of reo. Oct. 16a
Preferred (No. 28)
750 Nov. 1 Holders of reo. Oct. 18a
Illinois Northern Utilities, pref. (quar.)_.. 1)i Nov 1 Oct. 21 to Oct. 31
Ill. & Power Securities, pf. (qu.)(No. 17) 134 Nov. 15 Holders of reo. Oct. 31
Indiana Pipe Line (guar.)
$2
Nov. 15 Holders of roe. Oct. 23
Indianapolis Telephone, preferred
1)4 Nov. 1 Holders of reo. Oct. 20
Inspiration Consolidated Copper (quar.) 82
Oct. 30 Holders of rec. Oct. 13a
International Banking Corporation
3
Nov. I Oct. 21 to Oct. 31
International Nickel, pref. (quar.)
1,4 Nov. 1 Holders of reo. Oat 16a
Interooean Oil, first preferred
3)4 Nov 1 Holders of roe. Oct. 20
Isle Royale Copper Co.(quar.)
$1
Oct. 31 Holders of reo. Oct. 3
Extra
Oct. 31 Holders of roe. Oct. 3
1
Kayser (Julius) de Co.
First and second preferred (quar.)__ _
13‘ Nov. 1 Holders of reo. Oct. 20a
Kellogg Switchboard & Supply (quar.) _ 2
Oct. 31 Holders of reo. Oct. 27
Kelly-Springfield Tire, common (quar.)_ _ $1
Nov. 1 Holders of reo. Oct. 16a
Kelsey Wheel, Inc., pref. (qu.)(No. 1)-- 13( Nov. 1 Holders of rec. Oct. 18
Kerr Lake Mining (guar.) (No. 45)---- 250. Dec. 15 Holders of reo. Deo. la
Keystone Telephone, pref. (quar.)
$1.50 Nov. 1 Holders of reo Oct. 20a
Keystone Watohoase (quar.)
1,4 Nov. 1 Holders of rec. Oct. 19a
Kings Co.Eleo. Lt.& Pow.(qu.)(No.67) 2
Deo. I Holders of reo. Nov. 20a
Lee Rubber h Tire (guar.)
500. Deo. 1 Holders of reo. Nov. 15
Extra
25o. Deo. 1 Holders of reo. Nov. 15
Lehigh Coal & Navigation (guar.)
$1 Nov.29 Holders of reo. Oct. 31
Liggett & Myers Tobacco, common (guar.). 3
Deo. 1 Holders of reo. Nov. 15
Lowell Elec. Light Corp.(quar.)(No.82) 234 Nov. 1 Holders of roe. Oct. 20a
Manati Sugar, 00M111113
k2)4 Dec. 1 Holders of rec. Nov. 28
Common (payable in common stock)_ _ f20 Nov. 8 Holders of rec. Oct. 31
Massachusetts Gas Cos.,common (quar.) 1,4 Nov. 1 Holders of reo. Oct. 14
Massachusetts Gas Companies, pref
$2 Deo. 1 Holders of reo. Nov. 15
Miami Copper Co.(quar.)(No. 17)
$1 50 Nov. 15 Holders of ree. Nov. la
Middle West Utilities, preferred (quar.)
1,4 Deo. 1 Holders of reo. Nov. 15
2e. Nov. 20 Holders of rec. Nov. la
Midwest Oil, preferred
Midwest Refining (quar.)
Nov. 1 Holders of reo. Oct. 14a
$1
b3
Milwaukee & Chicago Breweries
Nov. 1 Oct. 17 to Nov. 1
$1.50 Nov. 24 Holders of rec. Nov. 10
Mitchell Motors (quar.) (No. 1)
1
Nov. 15 Holders of reo. Oct. 31
Mobile Electric, preferred (guar.)
2
Montreal Lt., Ht.& Pow.(qu.)(No.62)_
Nov. 15 Holders of rec. Oct. 31
2
National Carbon,common (guar.)
Jan. 15
2
Common (extra)
Jan. 15
National Carbon, preferred (guar.)
134 Nov. 15 Holders of reo. Nov. 4a
National Lead, preferred (quar.)
134 Deo, 15 Holders of reo. Nov. 24a
National Refining, common (quar.)
1)4 Nov. 15 Holders of reo. Nov. la
Common (extra)
114 Nov. 15 Holders of roe. Nov. 1
National Transit
50e. Dec. 15 Holders of reo. Nov. 30a
Nat. Zino & Lead (guar.)
2
Oct. 31 Holders of ree. Oct. 21
New Central Coal
20o. Nov. 1 Oct. 28 to Nov. 1
New Jersey Etno(guar.)
4
Nov. 10 Holders of rec. Oct. 31a
Extra
5
Nov. 10 Holders of rec. Oct. 31a
Ohio Cities Gas corn. (pay. In corn. stk.) /5
Dec. 1 Holders of rec. Nov. 15
Ontario Steel Products, preferred (guar.)._
134 Nov. 15 Holders of reo. Oct. 31a
Osceola Consolidated Mining (quar.)_ _ _ $5
Oct. 31 Holders of rec. Oct. 3
Pacific Coast Co., 1st pref. (quar.)
154 Nov. 1 Holders of roe. Oct. 20a
Second preferred (quar.)
Nov. 1 Holders of roe.
1
Pacific) Pow.& Lt., pref. (quar.)(No.25) 154 Nov. 1 Holders of roe. Oct. 20a
Oct. 20
Packard Motor Car, common
154 Nov. 1 Holders of reo. Oct. 8
Penmans, Limited, common (guar.)
1
Nov. 15 Holders of reo. Nov. 6a
Preferred (quar.)
134 Nov. 1 Holders of reo. Oct. 21a
Penn Seaboard Steel (quar.)
$1
Nov. 1 Holders of reo. Oct.
Peoples Gas Light & Coke (quar.)
1)4 Nov.25 Holders of rec. Nov. 25a
la
Pittsburgh Brewing, preferred
h2
Oct. 30 Holders of reo Oat. 20a
Portland(Ore.)Gas&C..Pf.(WI.)(No.27) 1,4 Nov. 1 Holders of reo. Oat.
20
Prairie Oil & Gas (attar.)
3
Oct. 31 Holders of reo. Sept.30
Extra
2
Oct. 31 Holders of reo. Sept.30
Prairie Pipe Line (quar.)
5
Oct. 31 Holders of rec. Sept.30a
Extra
5
Oct. 31 Holders of rec. Sept.30a
24)__
(No.
_
Pressed Steel Car, corn. (guar.)
134 Dec. 8 Holders of reo. Nov. 15
Preferred (guar.) (No. 71)
154 Nov.22 Holders of reo. Nov. 1
Procter & Gamble, common (quar.)
Nov. 15 Holders of reo. Oct. 31a
Public Service Co. of No. Ill., corn. (qu.) 134 Nov. 1 Holders of roe. Oct. 17a
134 Nov. 1 Holders of rec. Oct. 17a
Preferred (quar.)
Pullman Co. (guar.)
Nov. 15 Holders of rec. Oct. 31a
Pure Oil. common (guar.)
300. Dec. 1 Nov. 16 to Nov.30
Common (extra)
20o. Dec. 1 Nov. 18 to Nov. 30
Pyrene Mfg.,common (quar.)(No. 18)....
20e. Nov. 1 Oat. 28 to Oct. 31
Quaker Oats, preferred (quar.)
1)4 Nov.29 Holders of rec. Nov. la
Roo Motor Car
2)4 Nov. 1 Holders of reo. Oct. 16a
Extra
714 Nov. 1 Holders of roe. Oct. 18a
Sapulpa Refining (monthly)
10e. Nov. 1 Oct. 22
to Nov. 1
Storni Manufacturing (extra)
10
Nov. 1 Holders of reo. Oct. 25
Sears, Roebuck dr Co., common (quar.)... 134 Nov. 15 Holders of reo. Oct. 31a
Sierra Pacific Elec. Co., pf.(qu.)(No.29) 1
Nov. 1 Holders of reo. Oat. 23a
Sinclair Oil & Refining (quar.)
Nov. 15 Holders of rec. Oct. 31a
Southern Calif. Edison,tom.(qu.)(No.27)
Nov. 15 Holders of reo. Oat. 31
Southern Pipe Line (guar.)
Dee. 1 Holders of reo. Nov. 15
Standard Milling, common (guar.) (No. 8)
Nov. 29 Holders of reo. Nov. 20
Common (payable in common stock)..
Nov. 29 Holders of reo. Nov. 20
Preferred (guar.) (No. 28)
Nov. 29 Holders of reo. Nov. 20
Standard Oil (Indiana) (guar.)
Nov. 29 Holders of reo. Nov. 8
1569
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Steel Co. of Canada, pf.(qu.)(No. 21)_
• 134 Nov. 1 Holders of rec. Oct. 14
Stewart-Warner Speedometer, cam.(guar.). 1)4 Nov. 15 Oat. 31 to Nov. 5
Swift & Co. (extra)
33 1-3 Nov. 25 Holders of reo. Oct. ltla
Taylor-inarton Iron & Steel, pref. (guar.) 134 Nov. 1 Oct. 25 to Oct. 31
Texas Power & Light, pref.(qu.)(No. 18) 1,4 Nov. 1 Holders of reo. Oct. 21
United Cigar Mfrs., common (quar.)_ _ _ _
1
Nov. 1 Holders of reo. Oct. 24
United Cigar Stores, common (quar.)--. 1,4 Nov. 15 Holders of roe. Oat. 27.
United Drug, 1st pref. (quar.)(No.3)__
134 Nov. 1 Holders of reo. Oct. 18
United Electric Securities, p:eferred
3)4 Nov. 1 Holders of reo. Oct. 13
U. S. Bobtin de Shuttle, corn. (guar.)
1
Nov. 1 Oct. 21 to Oct. 31
Preferred (guar.)
134 Nov. 1 Oct. 21 to Oct. 31
U.S. Cast I. Pipe&Fdy., pf.(qu.)(No.51)
1)6 Nov. 15 Holders of roe. Nov. 34
Preferred (extra)
2
Nov. 15 Holders of reo. Nov. 3a
U.S.Rubber, 1st preferred (quar.)
2
Oct. 31 Holders of rec. Oct. 14a
Second preferred (quar.)
1)4 Oct. 31 Holders of rec. Oct. 14.
U.S. Steamship
10c. Nov. 1 Holders of rec. Oct. 18
United Verde Exten. Mining (No. 2)...... 50o Nov. 1 Holders of reo. Oct. 16
Vacuum Oil
Oct. 31 Holders of reo. Oct. 17
3
Warwick Iron & Steel
Nov. 15 Nov. 1 to Nov. 15
3
Wayland Oil de Gas, preferred
15o. Nov. 15 Holders of ree. Nov. 'la
Westinghouse Air Brake (extra)
Nov. 21 Holders of rec. Oct. 311
55
Westinghouse Elec.& Mfg., corn. (quar.)
75c. Oct. 31 Holders of rec. Oct. 64
Willys-Overland, common (quar.)
75o. Nov. 1 Holders of rec. Oct. 23
Woolworth (F.W.)Co.,com.(qu.)(No.18) 2
Dec. 1 Holders of rec. Nov. 106
Yale & Towne Mfg. (extra) (No. 86)
5
Nov. 10 Holders of rec. Nov. 3
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stook. f Payable In common stook. g Payable In scrip.
h On a000unt of accumulated dividends. i Declared 3%, payable 134% Nov. 1
to holders of record Oct. 14, and 134% Feb. 1 1917 to holders of record Jan. 15 1917.
It Declared on common stock 234%, payable Dec. 1 to holders of record Nov. 28;
234% payable Mar. 1 1917 to holders of rec. Feb. 28 1917: 234% June 1 1917 to
holders of rec. May 29 1917; 234% payable Sept. 1 1917 to holders of rec. Aug. 29
1917. I Declared an extra dividend of $1,000,000 on the common stook. m Declared a dividend of 8% on the common stook, payable one-half in cash and one-half
In common ,tock at par,in quarterly installments as follows: 1% cash and 1% corn.
stock on Nov. 29 to holders of reo. Nov. 20; 1% cash and 1% com,stock on Feb. 28
1917 to holders of rec. Feb. 19 1917; 1% cash and 1% corn. stock on May 31 1917
to holders ol roe. May 21 1917; 1% cash and 1% corn. stock on Aug. 31 1917 to
holders of reo. Aug.21 1917. n Declared 1% payable one-half Deo.20 and one-half
March 20 1917.
Canadian Bank Clearings.-The clearings for the week
ending Oct. 21 at Canadian cities, in comparison with the
same week in 1915, shows an increase in the aggregate of
27.2%.
Week ending October 21.
Clearings at-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
TntAl Clanittift
•
1916.
1915.
Inc. or
Dec.
1914.
1913.
s
a
%
s
s
90,439,807 83,225,208 +43.0 56,989,180 68,956,833
66,301,876 48,973,768 +41.1 35,942,943 39,004,496
48,428,755 52,343,346 -7.5 40,280,392 38,728,442
7,589,913 6,321,780 +20.1 7,292,401 10,494.963
6,868,349 4,539,026 +51.3 4,553,485 3,810,195
4,182,420 3,419,703 +22.3 3,706,983 2,968,727
3,163,513 2,213,106 +42.5 1,838,114 1,848.912
4,686,103 3,312,428 +41.5 2,808,501 2,958,552
2,383,313 1,631,343 +46.1 1,538,268 1,511.780
5,721,558 4,481,487 +27.7 4,366,011 5,132,299
2,402,482 1.888,689 +27.2 1,787,777 1,483,776
1,707,676 1,327,320 +44.0 1,947,016 2,843,875
2,225,413 1,936,269 +14.9 2,482,305 3,592,274
3,512,112 2,370,837 +48.2 2,450,409 2,602.095
515,847 +21.5
628,178
785,234
677,538
958,448
551,953 +73.8
440,601
672,620
1,763,105 1,839,600 +7.6 1,311,981 1,792,973
1,303,220 1,265,100 +3.0 1,181,052 1,182,647
992,035
700,868 +41.8
579,747
563,813
673,495
597,281 +12.7
866,824 1,058,912
334,339
314,773 +6.2
335,704
417,313
549,698
388,285 +41.6
293,890
532,319
663,188
433,437 +53.0
393,847
502,021 Not incl. in total.
605,091 Not incl. in total.
257.476.996 202.391.434 +27.2 174.110.685 190.831.352
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Percent.
50 Hanover National Bank....650
5 People's Tr. Co., Brooklyn 295
20 Internat. Elevating Co.._ _ 8734
5 Alaska-Kiondyke Gold,$
.10
each
35 Yukon, Cariboo, B. C..
Gold Min. Dev.,$1 each
80 United Yukon Co., Ltd.,
$5 each
5 Quantuok Wat.-Wks. Co- $7
172 Farwell Cons. Min..$5 ea- lot
320 Adams Prospecting, $1 ea..
25 Mecox Bay Oyster Co.,$50
each
25 Nicaragua Trading Co_ _ _ _
3,400 13azonopa Min. Co.,$5 ea_34 lot
200 Pennsylvania Cement Co.. 50
200 U.S. Finishing Co.. corn.. _ 47
50 Sheepshead Bay Speedway
Corp., corn., $10 ea_50o.p.sh.
400 Int. Tungsten Corp.. $10
each
$234 p.sh.
15 Midwood Park Co.._$28,000 lot
4 Union Trust Co. of N. J.,
Jersey City
70
26034
100 Singer Mfg, Co
10 Pacific Gas & Eleo.. prof... 9134
50 Pacific Gas dr Elec., com
5734
90
10 Visayan Refining Co
30 Nassau Nat. Bank__ _..$8 per sh.
200 Majestic Mines Co.,$5 ea.
50c. per s.
300 Horn Silver Min., $25 each
62o. per sh.
Shares. Stocks.
Per cent.
100 Hocking Val Prod., v.t.o-- 334
100 N.Y.Pa.& Ohio RR.,lg..
850 each
19 West Chicago Street RR..
50 Detroit Sou. RR., corn.,
trust receipts
10 American Air Power Co_ _
• 1 Keely Motor Co., $50 par- 818
1,500 Millrae Tonop. Mt., $1 ea_
lot
5 Lou. Evans. dr St. L. Cons.
RR., corn
2 Mountain King Mining_ _ _
8 Hodgman.s, Inc., corn., $25
each
$10,000 Bankers dr Merch. Teleg:
general mtge. bonds.....
$5,000 Wab. Pitts. Term. Ry. 2d
4s, certificates
30 South Mills Co., N. Y
$1 lot
720 North. Pacific RR.,com_350 lot
$1,836 M.K.dr T.Ry.2d Inc.scr
$244 lot
$641 Virginia-W. Va. scrip__ _$185
1,600 Minnesota Ry. Construe.
Co
4480 lot
640-15000 int. on Hastings & Dak.
Ry
$60 lot
Bonds.
Per cent.
$9,000 Atlas Portl. Cem.1st(is,'25 10234
8,000 Bkin. ligts. RR.1st 55,'41-10034
1,000 Ore. Sh. L. Ry.Inc. A '46_10034
15,000 Yosemite Val. RR.1st 5s,'36 20
10,000 Southwest. Pow.& Light hat
5s, 1943
88
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
100 National Shawmut Bank
50 Taunton National Bank
10 Boylston National Bank
$ per sh. Shares. Stocks.
191
200 Naslutwena Mills
120
12 Pacific Mills
13034 10 Butler Mills, common
SperM.
104
16234
11534
[Var.. 103.
TILE CHRONICLE
1570
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
162-163
76 Pacific Mills
12 Merchants' National Bank__ _ _290
983'l
RR
&
Andover
Lowell
6
320
5 Second National Bank
15 Nashua & Lowell RR., ex-div_17734
130
4 Boylston National Bank
25 Union Twist Drill Co., pref_ _ _ 96%
1 Cape Cod Nat. Bank, Harwich.131
21%
10 Mass. Lighting Cos., com
5 Bigelow-Hartf. Carp. Co., pref.160
2 Massachusetts Cotton Mills_ _ _124% 10 Mass. Lignting Cos., pref._ _ _10234
4 Amer. Glue Co., corn., ex-div_127
87%
2 Merrimack Mfg. Co., pref.._
145
31 Draper Corpotation
187
25 Pepperell Mfg. Co
325
2 Nashua Mfg. Co., $500 ea_ _806-810 15 Great Northern Paper Co
415
Ltd
Co.,
&
Baker
Walter
5
84%
10 Hamilton Mfg. Co
98N
121% 50 Shawmut SS. Co., pref
10 Lawrence Mfg. Co
7 Municipal Real Estate Trust_ 9734
126%
83 Lyman Mills
87
5 Laconia Car Co., pref
23 Laurel Luke Mills, Fall River,
2 Charlestown Gas & Elec. Co.,
9534
ex-div
1453f
$50 each
34 Nasnua Manufacturing Co_ _ _ _400
4 Art Metal Construe. Co..325 ea 43g
5 Merlimack Mfg. Co., corn...-- 5434
255
1 Singer Manufacturing Co
110%
25 Arlington Mills
Per cent.
Bonds.
201%
10 Great Falls Mfg. Co
$1,000 Citizens' Gas Co. of Indian86
12 Hamilton Woolen Co
98
apolis 1st 58, 1942
113
70 Wamsutta Mills
INCREASE OF CAPITAL APPROVED.
The First National Bank of Akron, Colo.
$15,000
Capital increased from $25,000 to $40,000. Increase
LIQUIDATIONS.
The Yellowstone Valley National Bank of Sidney, Mont. Capital_ $35,000
Succeeded by the Yellowstone Valley Bank & Trust Co.
Liquidating agent: J. A. Barrett, Sidney, Mont.
The Dawson County National Bank of Lexington, Nebr. Capital_ 50,000
Succeeded by the Dawson County State Bank. Liquidating
agent: G. E. Hammer, Lexington, Nebr.
100,000
The Vrescott National Bank, Prescott, Ariz. Capital
Succeeded by the Prescott State Bank. Liquidating agents:
R. N. Fredericks and L. C. Derrick, Prescott, Ariz.
Imports and Exports for the Week.-The following are
the reported imports of mqchandise at New York for the
week ending Oct. 21 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
hares. Stocks.
800 Welsh Mtn. Min. & Kaolin
10e.
Mfg. Co., $50 each
80 Farm. & Mech. Nat. Bank._137
725
14 Penn. Co. for Ins., &c
24 Penna. Whs.& Safe Dep. Co.
100%
$50 each
95
234 Hamilton Trust Co
5%,
6% Phila. Mortgage & Trust_ _
30 Midland Valley RR., pref
5
150
40 William Mann Co
1,000 National Automatic Co_ _ _32 lot
2,000 Phila. Burrows Gas Lt. Co.$10 lot
40 Continental-Equitable Trust,
88
$50 each
10 Humboldt Fire Ins. Co.,
85
Pittsburgh, $50 each
25 Camden & Sub. Ry. Co., $25
18
each
257
1 Bank of North America
715
6 Fidelity Trust Col
415
10 Comm:Mal Tiust Co
900
7 Girard Trust Col
11 Provident Life & Trust ___ _867
18 Guar. Trust & S. D ...158g-1593,
$ per sh.
Shares. Stocks.
2 Tioga Trust Co., par $50_ _ _ _ 63%
50 Mutual Trust Co., $50 each. 30
4 Franklin Trust Co., par $50_ 603
70
19 Robert Morris Trust Co_
3 Fire Assn. of Phila., par $50_345
25 Lumb'men's Ins.Co.,par $25.10534
20 Fair. Park & Hadd.Pass. Ry. 59%
10 5th & 6th St-s. Pass. Ry.Co_ _349
5 West Phila. Pass. Ry
2005
4 John B. Stetson Co., corn_ 380
20 Nor. Liberties Gas Co., par
42%
$25
3 Giant Port!. Cem. corn., par
3
$50
Per cent.
Bonds.
$700 Ches.& Del. Canal 1st 43,1916 61%
$500 Phila. Country Club 1st 55'40. 93
$500 Zoological Society of Phila.__ 31
$2,000 United Gas & Elec. Corp.
955
C. T. 68, 1945
101%
$1,000 City of Phila. 4%,1941_
$500 Springf. Cons. Wat. 1st 55,'58 82
$1,000 N.Springf. Wat. 1st 58,1928 84
310,000 Sou. Util. 1st s. 1. 6s, 1933_ 98
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
$25,000
25,000
30,000
$80,000
Total capital
CHARTERS ISSUED.
Original organizationsThe National Bank of Okeene, Okeene, Okla. Capital
The First National Bank of Waverly, Va. Capital
Total capital
__
25,000
25,000
$50,000
1915.
For Week.
1916.
For the week
Previously reported_
$26,753,456
1.002,775,935
Total 42 weeks_ _ _ $1,029,529,391
1913.
1914.
I
$15,801,894
783,084,919
$21,629,416
773,124,914
3780,738,0201 $798,886,813
$794,754,330
314,811,9131
765,926,1071
EXPORTS FROM NEW YORK.
1916.
1913.
1914.
1915.
$67,580,906
$51,923,835
For the week
Previously reported_ 2,247,378,997 1,305,135,219
$21,397,327
661,899,791
$17,994,512
692,706,522
32.299.300.832 31.372.716.125
3683.297.118
$710,701.034
Total 42 weeks
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Oct. 21.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
I
Since
Jan. 1.
imports.
Week.
$37,125,762
14,840
$20,000 $6,528,693
27,162,941
713,500
6,000
145,000 10,090,213
I 14,281,348
Since
Jan. 1.
$1,185
247,828
106,366
2,687
9,788,336
2,892,379
8,141,440
2,191,597
$171,000*8.776,6951 $358,066 $60,154,354
1,442,000, 14,340,988 7,191,885 55,928,714
291,134 7,719,086
23,035 128,127,649
Total 1916
Total 1915
Total 1914
APPLICATIONS FOR CHARTERS.
For Organization of national banksThe First National Bank of Brockton, Mont. Capital
The First National Bank of Kolin, Mont. Capital
For conversion of State banksThe First National Bank of Farmington, Mo. Capital
Conversion of the St. Francois County Bank.
$185,000
Total capital
$18,157
6,631
$1,427,146 $39,136,265
420,600
22,000
855,211
29,467
1,532,203
10,300
$1,449,146 $41,984,046
936,417 32,896,467
1,086,966 35,780,350
$3,010
279,807
91,557
204,703
7,587,148
4,933,099
1,336,648
$374,374 $14,086,386
511,468 8,175,442
135,471 7,585,985
Of the above exports for the week in 1918, $171,000 were American gold coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Oct. 21:
decreases in gold
Purchases on a large scale of accelita.nces and net withdrawals in some volume of member bank deposits largely account for the
and total reserves indicated by the weekly bank statement as at close of business Oct. 20 1916.
and Cleveland reporting the largest
Aggregate cash reserves of the banks show a decrease for the wee.. of 10.9 millions, New York, Philadelphia
r
York a loss of 8.2 millions in
eductions In their cash holdings. The total decrease in gold reserves is slightly over 10 millions. In the case of New
banks, of 1.7 millions in earning assets
cash reserve is accompanied by an increase of 4.5 millions in the total amount due from otner Federal Reserve
with an increase of 1.6 millions in
and of 1.9 millions in total deposits. The loss of 2.8 millions shown by the Philadelphia Bank goes hand in hand
witn a change of an unfavorearning assets and a decrease in deposits. The Cleveland Bank shows a decline of 2.3 millions in cash reserve, togetherBoston reports a gain of 3.5
banks.
able balance of over half a million to a favorable balance of 1.8 millions in account with other Federal'Reserve in
due from other Federal
amount
the
millions
4.3
of
decrease
a
and
assets
in
earning
1.2
of
millions
increase
an
with
millions in total reserve, together
Reserve banks.
banks report consid3
Discounted paper held by the banks aggregates $21,365,000, or about $600,000 less than the week before. The Southern
banks. Of the total about
erable liquidation of paper, offset in part by increases in the amounts on hand reported nv the Chicago and Minneapolis
show an 1Acrea,se of
hand
on
Acceptances
$840,000 is represented by member banks' own collateral notes discounted by 8 Federal `Reserve banks.
week. Of the total bills-including accep5.1 millions, the 3 Eastern banks reporting considerable purchases of this class of paper during the past but
in U. S.
Transactions
daNs.
60
within
30
after
34.5%
and
30
within
tances--reported on hand at the close of the report week, 37.3% matured
in a decrease by $1,307,000
se curities-including the conversion on Oct. 1 of 2% bonds into 3% bonds and notes-are reported by 5 banks, resulting
carried.
notes
1-year
of
amount
the
in
$1,153,000
an
0Y
increase
of the amount of U.S. bonds and
during the week of New York
Municipal warrants on hand show an increase for tae week of over 1 million, mainly tne result of purchases
millions for the week, and constitute
City and Cincinnati warrants. Aggregate earning assets are at present about 190 million dollars, a gain of 4.6 21.8%. by U. S. bonds, 17.2% by
acceptances,
by
represented
is
43.5%
assets
earning
total
about 341% of the banks' paid-in capital. Of the
warrants, 11.3% ny discounts and 6.2% by Treasury notes.
4.1 millions.
Government deposits show a decrease for the week of about $400,000, wane net member bank deposits decreased
oanks of $230,803,00o (net)
Federal Reserve Bank notes in circulation decreased slightly during the week. The agents report the Issue to tne
of gold and $16,33$,000 of paper.
of Federal Reserve notes, an increase of $4,921,000 for the week. Against the total Issued they hold $215,329,000
on notes issued to
of
$11,896,000
liabilities
and
aggregate
circulation
actual
in
notes
Reserve
Federal
The banks report a total of $212,044,000 of
them by the agents.
and In addition
The figures of the consolidated statement for the system as a whole are given in the following table, second
table we
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the
Federal Reserve
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of
Agents' Accountb (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RE.3OURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 20 1916.
I
25 1916
Oct. 20 1916. Oct. 13 1916. Oct. 6 1916. Sept. 29 1916 Sept. 22 1916 Sept. 151916 Sept. 8 1916. Sept. 1 1916. Aug.
RESOURCES.
$259,799,000
$261,515,000 $267,400,000 4265,626,000 $260,845,000$258,711,000 $250,308.000 $248,846,000 $245,358,000
Gold coin and certificates In vault
110,951,000
121,351,000 125,261,000 119,441,000 124.421.000 117,791,000 125,271.000 118,950,000 104,601,000
Gold settlement fund
1,637,000
1,812.000
1,884,000
1,894,000
1,941,000
1,929,000
1,910,000
1,687,000
1,418,000
Gold redemption fund with U. S. Treasurer.,..
$372.387,000
$351,771,000
$3369,680,000
$377,473,000
$384,284,000 $394,348,000 $386,977.000 $387.195.000 3378,443,000
Total gold reserve
7,898.000 27.487,000 13,605,000 12,265,000
7,642,000
7,811,0001
10,561,000 11,377,000 13,991,000
Legal tender notes. silver. Ate
$394,845,000 3405,725,000 $400,968,000 3305,000,000$386.085.000 $385,371,000 $397,167,000 $305,376 000 $384,652,000
Total reserve
500,000
60C,000
t484,000
500,000
500,000
500,000
500,000
370,000
420,000
5% redemption fund west F. R. bk notes
Sills discounted and boughtMaturities within 10 days
Maturities from 11 to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
•Acceptances (Included in above)
I3vestments• U. S. bonds
One-year U. S. Treasury notes
Municipal warrants
Total earning assets
314,311.000 $13,543,000 815.061,000 321,408,000
24,461,000 27,175,000 27,810,000 23,245,000
35,928,000 33,501,000 32,112.000 36,527,0001
28,147,000 23,986,000 24,947.000 23,882,000,
1,516.000
1.164,000
1,191,000
1,210,000
$24,378,000 $15.685,000 $14,318,000 $15,733,000 $12,955,000
24,238,000 32,521.000 32,236,000 23,671,000 27,507,000
37,893.000 39,788,000 39,625,000 42,674,000 42,781,000
23,594.000 20,697.000 19,333,000 21,250,000 23,548,000
2,387,000
2.342,000
1,823,000
1.631,000
1.487,000
$104,057,000 $99,486,000 $101,094,000 $106.578,0003111,590.000 8110,322.000 $107,335,000 3105,670,000 8109.178.000
$82,692,000 $77,387,000 $77,438,000 $80.025,0001 $83,884.000 382,609,000 $70,808,000 $79,278,000 382,146,000
$41,335,000 $42,642,000 :44,370,000 $46,544,000 $47,553,000 346,915.000 $45,954,000 340,821,000 $46,796,000
5,205,000
8.205,000
9.055,000
9,039.000
6.927,000, 8,039,000
8,763,000
11,697,000 10,444,000
27,803,000
32,543,000 31,542,000 29,085,000 24,028,000 24,137,000 23,714.000 21,166.000 21,302.0003189.632.000 3154.114.000 3183.312.000 S184.077.000 3191.319.000 3189.990.000 3183.510 000 3181.998.000 3192.042.000
OcT. 28
1916.]
THE CHRONICLE
1571
Oct. 20 1916 Oct. 13 1016.1oct. 6 1916. Sept. 29 1916 Sept. 22 1916 Sept. 15 1916 Sept. 8 1916. Sept. 1 1916. Aug. 25 1916
RESOURCES (Concluded).
Brought forward (total reserve St earn'g assets) $584,897,000 $590,209,000 $584,780,000 $579,583,000 $577,904,000 $575.861,000 $581,161,000 3547,874,000 $577,194,000
Federal Reserve notes-Net
Duo from Federal Reserve banks-Net
All other resources
$15,181,000 $15,280,000 $14,894,000 814.250,000 $16,080,000 $19,975,000 $19,324,000 820,890,000 321,222,000
30,604,000 30,089,000 26,232.000 31.365,000 29,266,000 28,937,000 28,706,000 35,607,000 21,654,000
2,6:30,000
8,451,000
3,031,000
3,541,000
7,543,000
2,675,000
3,015,000
2.969,000 f3,403,000
$633,312,000 $638,253,000 $628,951,000 $632,741,000 $631,701,000 $627,742,000 $632,594,00) 2607,402,000 2623,611,000
Total resources
LIABILITIES.
Capital paid in
Government deposits
Member bank deposits-Net
Federal Reserve notes-Net
Federal Reserve bank notes in circulation
All other liabilities
$55,682,000 $55,682,000 $55,684,000 $55,393,000 $55,423,000 $55,416,000 855,406,000 $55,390,000 255,363,000
26,116,000 +26.515.000 33,971,000 38,985,000 39,947.000 40,199,000 44,236,000 50,918,000 50,099,000
538,102,000 +542243000 526,019,000 521,749,000 518,456,000 514,343,000 514,225,000 484,697,000 502,421,000
11,896,000 12,316,000 11,782,000 13,216,000
14,223,000
16,076,000 14,416,000 13,733,000
14,605,000
1,032,000
1,690,000
1,690,000
2,914,000
2,334,000
1,033,000
3,214,000
1,033,000
3,033,000
291,000
305,000
484,000
317,000
356,000
317,000
464,000
462,000
374,000
$633,312,000 $638,253,000 $628,951,000 $632,741,000 $631,701,000 $627,742,000 $632,594,000 8607.402,000 $623,611,000
Total liabilities
Gold reserve ag'st net dep. St note liabilities (a)
Cash reserve ag'st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. It. notes in
circulation (a)
70.4%
72.4%
71.6%
73.6%
73.1%
73.4%
70.9%
73.5%
71.4%
72.8%
69.6%
71.0%
69.9%
71.4%
67.7%
72.8%
68.4%
71.0%
68.4%
70.6%
74.2%
73.6%,
71.9%
72.2%
73.8%
71.9%
71.4%
(a) Less items in transit between Federal Re$30,604,000 $30,089,000 $26,232,000 $31.365,000' $29,266,000 328,937.000 $28,706,000 $35,607,000 $21,654,000
serve banks, viz
Federal Reserve NotesIssued to the banks
In hands of banks
$230,803,000 $225,882,000 $220,490,000 $213,967,000 $209,778,000 $202,530,000 $199,218,000 $194,645,000 2179,838,000
18,759,000 18,758,000 19,126,000 17,429,000 18,143,000 23,121,000 21,437,000 24,084,000 23.493,000
$212,044,000 $207,124,000 $201,364,000 $196,538,000,2191,635,000 $179,409,000 8177.781,000,8170,561,000 2156,345,000
In circulation
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
$215,329.000 $210,088,000 $204,476,000 $197,572.000 $193,110.000 $185,161.0001 8181,029.000 8177,035,000 2163,834,000
19,975,000
15,181,000 15,280,000 14,894,000 14,250,000' 16,080,000
19,324,000' 20,890,000 21,222,000
14,223,000
11,896,000 12,316,000 11,782,000 13,216,0001 14.605,000
10,076,000 14,416.000
13,733 000
Federal Reserve Notes (Agents Accounts)Received from the Comptroller
Returned to the Comptroller
$374,600,000 $368,100,000 1364,140,000 $354,160,000 $352,900,000 $351,400,000 $349,900,000 $312,100,000 2302,660,000
79,838,000 78,716,000 77,588,000 72.042,000' 70,891,000 69,829,000 68,582,000 67.097,000
66,197,000
Amount chargeable to Agent
In hands of Agent
$294,762,000 $289,384,000 $286,552,000 $282,118.000,1282,009,000 $281,571,000 $281,318,000 2245,003.000 $236,463,000
63,959,000 63,502,0001 66,002,000 68,151,0001 72,231,000 79,041.000 82,100,000' 50.358.000 56,625,000
Issued to Federal Reserve banks
$230,803,000 $225,882,0001$220,490,000 $213,967,000 8209,778,000 8202,530,000 $199,218,000 $194,645,000 $179,838,000
How Secured$134,850,000 $132,248,000 $130,128,000 2131,628,000 2131,535,000 $129,365,000 $127,675,000 2124,475,000 2114,796,000
By gold coin and certificates
1
By lawful money
16,014,000 16,395,0001 10,068,000 17,369,000 18,173,000 17,610,000
16,004,000
15,474,000 15,791,000
By commercial paper
9,764,000 10,345,000
10,366,000 10,964,000 10.860,000 11,138,000
Credit balances In gold redemption fund.._
11,289,000 11,880,000 11,918,000
Credit balances with Federal Reserve B'd_
69,190,000 65,960,000 02,430,000 50,180,000 51,230,000 45,430,000 42,390,000 41,700,030 37,900,000
$230,803,000 $225,882,000 $220,490,000 $213,967,000 8209,778,000 $202,530,000,2199,202,000 $194,645,000 2179,838,000
Total
Commercial paper delivered to F. R. Agent__
$16,338,000 $16,296,000 $16,220,000 217,054,000 $17,981.000 218,452.0001 $18,702,000 217,842,000 317.048.000
*Including bankers' and trade acceptances bought in the open market.
t Amended figure..
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 20 1916
Boston.
New York.lPhiladel'a Cleveland. Richmond. Atlanta.
Chicago.
1
St. Louis. 1 Afinneap. ;Kan. City
Dallas.
San Fran.
Total.
2
S
1
$
$
$
I
RESOURCES.
S
S
•
Gold coin & ctfs. in vault 8,303,000.154,461,000 13,403,003 15,170,000, 4,339,000 4,027,000 29,793,000 4,973,000 6,213,000 4,098,000 3,560,000 13,178,000261,515,000
Gold settlement fund __- 13,830,000; 9,684,000 13,827,000,11,033,000.16,981,000 2,595,00023,164,000 3,739,000 4,552,000 8,328.000 10.669,000 2,949,000121,351,000
72,000, 229,000
224,0031
10,000 1,418,000
159,000
71,000
30,000, 118,000
200,000
50,0001
250,000
Gold redemption fund__
5,0001
Total gold reserve_ ___ 22,135,000'164,395,000 27,280.000,26,275,000 21,549,000 6,846,00053,157,000 8,783,000 10,795,003 12,544,000 14,388,000 16,137,000 384,284,000
369,0001 1,079,0001
96,000
396,000 1 520 000 1,079,000
78,000
220,000,
6,000
56,000 10,501,000
Legal-ten.notes.HilV..dce.
507,000. 5,155,000
1
'
Total re4erve
22,642,000,1169,550,000 27,649,000 27,354,000 21,645,000 7,242,000'54,677,000 9,862,000 11,015,00012,550,000 14,460,030 16,193,000,394,845.000
6% redemp. fund-Fit.
bank notes
370,000
50,000
420,000
Bills:
Discounted-Members
712,000
788,000
276,000
360,000 3,959,003 3,181,000 2.802,000 2,332,003 2.085,030
964,000 3,071,000
235,000 21,365,000
Bought in open mkt 11,213,000 24,308,000 12,465,000 6.282,000 1,880,000 3,672,000 5,757,000 5,262,000 2,767,030 1,906,000
250,000 6,930,000 82,692,000
Total bills on hand__ 11,925,000 25,096,000 12,741,000 0,642,000 5,839,000 0,853,000 8,559,000 7,594,000 4,852,000 2,870,000 3,921,000 7,165,000,104,057,000
Investments: U. S. bds_ 2,172.000
One-yr. U S. Tr. notes 1,000,000
Municipal warrants__ 4,482,000
1,719,000 2,300,000 5.787,003
633,000 1.210,000 7,596,000 2,368,000 2,920,000 9,270,000 2,720,000, 2,634,000 41,335,000
955,000 1,174,000 1,218,000 1,070,000
700,000
963,000
891,000
705,000' 680,000 11,697,000
824,000 1,517,003
8,251,000 3,515,000 4,858,000
671,000
1 3,042,000 32,543,000
61,090
291,000 4,003,000 1,585,000 1,734,000
Total earning assets__ 19,579,000' 36,021,000 19,766,000 18,505,0001 7,603,000 9.178,00021.675,000 12,438,000 10,226,00013,774,000 7,346.00013,521.000 180,632,000
--1 1,509,000 15,181,000
1,140,000
463,000
Fed. Res've notes-Net 1,520,000, 8,881,000
1,289,000
379,000
1
Due from other Federal
,
Reserve Banks-Net. 3,857,000 12,522,003
387,000a30,604,00()
1,791,000
42,000 2,586,000 7,026.000 0,252,000 1,056,000 3,722,000
7,000,
81,000
151,000
180,000
245,000
388,000
277,000, 497,000 2,630,000
159,000
261,000
All other resources
341,000
43,000
,
--Total resources
47,605,000,227,154,000 48,037,000 48,373,000 29,333,000 19,207,000 84,912,000 28,940,000 23,518,000 30,567,000 22,139,000,32,107.000633,312,000
1.
LIABILITIES.
'Capital paid In
5,024,000, 11,907,000 5,224,000 5,994,000 3,325,000 2,479,0001 (3,679,000 2,794,000 2,603,000, 3,044,000 2,689,0001 3,920,000, 55,682,000
Government deposits
964,000
499,000 1,715,000; 2,343,000: 20,116,000
1,725,000, 2,009 000 3,575,000 1,240,000 3,419,000 3 213 000' 2.386,000, 2,428,000
Member bk deposits-Net 4O,690,000)212,633,000.32,166,000 41,139.000 18,626,000 11,158,000,75,847,000 21,629,000 19,951,000 24,986,000 13,448,000 25,829,000151
38
1:8
19
06
2;0
000
1
Fed. Res've notes-Net_
1,006,000 2,589,000;
' 2,089,000
3,826,000 2,386,000'
I
:F.R.bank notes in elre'n
1,032,000
I 1,032,000
,
1,698,0001
Due to
6,942,0001
liabilities
F.R.banks--Net
l
All other
1
15,000,
166,000
484,000
5,000
31,000
130,000'
13'7,000
I
-
Total liabilities
47,605,000 227,154,000 48,037,000,48.373,000 29,333,000119,267,000 84,912,000 28,940,000 23,518,000 30,567,000 22,139,000 32,107,000 633,312.000
Federal Reserve Notes- ---Issued to banks
11,208,000 79,692,000 7,827,000, 8,849,000 15,264,000121,627,000 3,179,000 13,924,000 15,079,00018,296,000 25,800,00010,058,000 230,803,000
In hands of banks
534,000
1,520,000 8,881,000
463,000, 379,000
157,0001 1,509,000; 18,759.000
494,00()1 1,135,000 1,289,000 1,258,000. 1,140,000
1
F.R. notes in clrculation 9,688,000; 70,811,000 7,364,0001 8,470,000 14,770000,20,492,000
1,890,000 12,666,000 13,939,000 17,762,00025,643,0001., 8,549,000212,044,000
,
,
Gold and lawful money'
11,208,000; 79,692.000 7,827,000! 8,849,000 10,944,000118,106,0001'3,179,000 10,577,000.15,079,000 16,756,000123,054,00010,058,000i215,329,000
with agent
1,520,000i 8,881,000
1,140,000,
'Carried to net assets. _
463,000i 379,000,
1.006.000' 2,589,0001 1'509'9001 1M:
1
9
001
Carded to net Ilabllities_l
I 3,826,0001. 2.386,000 1,289,000/ 2.089.000
a Items in transit. I. 0.. total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS OCT. 20 1916.
TotaJ,
Boston. New Yol Philartel'a Cleveland Richmond'I Atlanta. Chicago. St. Louis. Minneap. Kan. City. Dallas. San Fran
$
$
1
1
$
$
I
$
'Federal Reserve NotesReed from Cotnptrolr 24,880,000 148,400,00015,480,000 15,160,000 23,500,000 28,420,000 9.380,000 16,560,000 21,000,000 22,620,000 35,320,000 13,880,000 374,600,000
651,000 1,711,000 3,760,000 1,262,000 79,838,000
Returned to Comptro 5,652,000 46,318,000 5,253,000 3,011.000 5,586,000; 3,308,000 1,320,000 1,976,000
_
1
Chargeable to Agent___ 19,228,000 102,052.000 10,227,000 12,149,000 17,914,000125,112,000 8,060,000 14,584,000 20,349,000i20,909,000 31,500,000 12,618,000 294,762,000
In hands of F.R.Agent 8,020,000 22,360,000 2,400,000 3,300,003 2,650,0001 3,485,000 4,881,000
660,000 5,270,0001 2,613,000 5,760,000 2,560,000 63,959.000
Issued to F. R. bank_ 11,208,000 79,692,000 7,827,000 8,849,000 15,264,00021,027,000 3,179,000 13,924,000 15,079,000118,296,000 25,800,000 10,058,000:230,803,000
'Reid by F. R. Agent-1
5,065,000 11,980,0001 4,270,000 10,340,000
I134.5
8-07
4,560,000
0
Gold coin & certfs____ 10,500,000 76,015,000 3,820,000 8,300,000
Credit balances*
702,000;
749,0001
996.000
229,000
986,000 1,334,000
468,000 11,289,000
444,000,
549,000
708,000 3,677,003
447,000
In gold redemption t'd
10,500,000,12,550,000 2,950,000 4,810,0001 2,350,000'11,500,000 11,380,000 9,590,000 69,193,000
With F. R. Board_
3,560,000
Notes secured by com3,347,0001
1,540,000 2,746,000
15,474,000
4,320,000, 3,521,000
mercial Viper
1
13,924,000;15,079,000118,296,000
3,179,000
21,627,000
15,264,000
25,800,000 10,058,000 230,803,000
11,208,000
79,092,000
8,849,000
7,827,000
Total
'paper
1
Amount of comm.
3,348,000
1,761,000 3,004,000
16,338,000
4,703,0,301 3,522,000
delivered to F.R.Ag't
THE CHRONICLE
1572
[VOL. 103.
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Oct. 21. The figures for the soparate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital.
Loans,
Discounts,
Investmls,
f Nat.B'ks Sept.121
&c.
iStateB'ksSept.201
Week Ending
Oct. 21 1914.
(00s omitted.)
Net
Profits.
Members of Federal
Average,
Reserve Bank.
$
$
$
Bank of N. Y., N.B.A.2,000,0 4,887,0
32,747.0
Merchants' Nat. Bank 2,000,0 2,419,0
27,781,0
Mech. & Metals Nat__ 6,000,0 9,455,2 120,191,0
National City Bank_.._ 25,000,0 a42.650,9 391,418,0
Chemical Nat. Bank___ 3.000,0 8,264,6
37,476,0
Atlantic National Bank 1,000,0
12,534,0
801,6
Nat. Butchers' & Drov.
2,918,0
300,0
93,0
Amer. Exch, Nat Bank 5,000,0 5,378,9
79,378,0
National Bank of Cora_ 25,000,0 18,408,2 237,121,0
Chatham & Phenix Nat
3,500,0 2,009,3
62,920,0
Hanover National Bank 3,000,0 15.916,0 118,223,0
Citizens' Central Nat__ 2,550.0 2,582,2
27,835,0
Market & Fulton Nat__ 1,000,0 2,037,7
10,533,0
CordExchange Bank__ 3,500,0 7,086,8
89,349,0
1,500,0 7,630,9
Importers' & Traders'__
34,322,0
National Park Bank__
5,000,0 15,909,7 144,358,0
East River Nat. Bank__
2,284,0
250,0
77,3
Second National Bank. 1,000,0 3,452,2
17,793,0
First National Bank__ 10,000,0 23,705,4 162,350,0
Irving National Bank__ 4,000,0 4,077,5
73,049,0
10,769,0
N. Y. County Nat. Bk_
500,0 1,138,1
Chase National Bank_ 10,000,0 10,866,6 209,922,0
18,892,0
Lincoln National Bank_ 1,000,0 1,942,8
Garfield National Bank 1,000,0 1,292,9
9,264,0
Fifth National Bank_.
5,690,0
425,7
250,0
40,214,0
Seaboard Nat. Bank.. 1,000,0 2,983,9
Liberty National Bank. 1,000,0 3,518,9
49,043,0
Coal & Iron Nat. Bank. 1,000,0
9,750,0
749,2
11,374,0
Linton Exchange Nat__ 1,000,0 1,123,0
9,931,0
Nassau Nat. Bank__ 1,000,0 1.131,9
21,688,0
957,8
Broadway Trust Co__ 1,500,0
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank
Notes
Federal
Notes
(Reserve
Reserve
[Not
for State Counted
Notes
Instil's'.
as
[Not
lions]. Reserve]. Reserve].
Average. Average. Average. Average. Average. Average. Average. Average.
S
$
$
$
$
$
$
$
1,933,0
542,0
775,0
1,0
2,113,0
1,615,0
286,0 1,085,0
56,0 2,099,0
32,0
10,698,0 4,300,0 5,892,0
55,0 9,553,0
79,0
49,249,0 10,929,0 4,435,0
22,0
714,0 33,509,0
1,317,0 1,965,0
935,0
22,0 2,627,0
42,0
1,266,0
211,0
249,0
16,0
33,0 1,128,0
151,0
45,0
75,0
4,0
137,0
4,839,0 2,080,0 2,170,0
109,0
114,0 6,759,0
18,358,0 4,255,0 2,081,0
36,0 19,272,0
3,850,0 1,475,0 1,402,0
177,0 4,885,0
347,0
20,770,0 1,075,0
990,0
32,0 8,043,0
19,0
1,026,0
107,0 1,215,0
36.0
9,0 2,683,0
1,051,0
566,0
862,0
152,0
14,0 1,030,0
4,646,0 1,245,0 4,450,0
592,0
7,000,0
1,131,0 1,847,0
306,0
45,0
2,389,0
9,609,0 2,260,0 2,864,0
78,0
87,0 12,323,0
263,0
112,0
35,0
4,0
3,0
223,0
1,063,0
239,0
453,0
34,0
46,0 1,071,0
15,269,0 1,606,0 2,402,0
22,0
11,936,0
5,650,0 1,353,0 3,321,0
19,0
121,0 8,205,0
401,0
106,0
870,0
134,0
18,0
795,0
22,250,0 7,824,0 2,777,0
46,0
132,0 16,234,0
2,147,0
983,0
126,0
210,0
72,0 1,720,0
83,0
526,0
751,0
14,0
916,0
104,0
115,0
384,0
123,0
5,0
3,0
407,0
3,073,0 1,686,0 1,272,0
33,0
36,0 4,887,0
2,970,0 1,003,0
885,0
17,0
5,018.0
784,0
116,0
240,0
17,0
12,0
872.0
218,0
259,0
14,0
558,0
24,0
873,0
429,0
106,0
495,0
25,0
7,0
673,0
1,961,0
186,0
537,0
64,0
37,0 1,966,0
Totals,avge.for week 123,850,0 202,974,2 2,081,117,0 188,667,0 49,088,0 44,822,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
2,053,935,0 200,200,0
2,098,181,0 186,516,0
2,101,053,0 209,292,0
2,080,244,0 215,183,0
55,348,0
52,383,0
43,947,0
38,634,0
47,760,0
42,967,0
51,382,0
43,581,0
5,717,0
4,141,0
1,015,0
496,0
219,0
1,007,0
342,0
898,0
2,119,0
409,0
650,0
823,0
259,0
1,485,0
2,158,0
1,467,0
1,491,0
239,0
476,0
90,0
1,027,0
50,0
94,0
664,0
91,0
74,0
403,0
212,0
446,0
718,0
1,675,0
910,0
458,0
75,0
140,0
997,0
54,0
128,0
1,030,0
89,0
193,0
406,0
186,0
472,0
538,0
70,0
52,0
202,0
150,0
6,0
46,0
31,0
9,0
40,0
112,0
80,0
27,0
35,0
77,0
179,0
209,155,0 21,738,0
7,542,0
7,351,0
209,470,0
209,184,0
212,424,0
209,923,0
22,118,0
21,704,0
22,045,0
22,412,0
7,212,0
6,927,0
9,182,0
8,571,0
34,999,0 1,919,0
206,803,0 18,244,0
65,588,0 4,551,0
28,721,0 2,021,0
42,604,0 2,347,0
339,022,0 30,093,0
650,0
9,923,0
27,281,0 1,539,0
78,653,0 5,258,0
22,552,0 1,701,0
77,274,0 5,862,0
18,940,0 1,232,0
13,504,0
885,0
64,589,0 5,141,0
Totals, avge. for week_ 54,750,0 106,891,2 1,030,453,0 81,443,0
Oct. 21
Oct. 14
Oct. 7
Sept. 30
State Banks.
Not Members of
Federal Reserve Bank.
Bank ot Manhattan Co_ 2,050,0
Bank of America
1,500,0
Greenwich Bank
500,0
Paciflo Bank
500,0
People's Bank
200,0
Metropolitan Bank_ _. 2,000,0
Bowery Bank
250,0
German-American Bank
750,0
Fifth Avenue Bank_ _ _
100,0
German Exchange Bank
200,0
Germania Bank
200,0
Bank of Metropolis...,.. 1,000,0
West Side Bank
200,0
N. Y. Produce Ex, Bk. 1,000,0
State Bank
1,500,0
Oct. 21
Oct. 14
Oct. 7
Sept. 30
•
Trust Companies.
Not Members of
Federal Reserve Bank.
,500,0 4,031,4
Brooklyn Trust
Bankers' Trust Co
Co......- 10,000,0 16.403,0
17.S. Mtge. dr Trust Co. 2,000,0 4,547,1
Astor Trust Co
1,250,0 1,692,9
Title Guar.& Trust Co_ 5,000,0 12,542,4
Guaranty Trust Co_...... 20,000,0 32,149,4
Fidelity Trust Co
1,000,0 1,250,4
Lawyers' Title & Trust_ 4,000,0 5,571,0
Columbia Trust Co___ 2,000,0 8,268,9
1,000,0 1.690,4
People's Trust Co
New York Trust Co... 3,000,0 11,406,9
1,000,0 1,337,1
Franklin Trust Co
1,000,0
548,1
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 5,454,2
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Oct. 21
Oct. 14
Oct. 7
Sept. 30
2,148,0
1,964,0 169,346,0
2,051,0
1,963,0
1,635,0
1,836,0
1,981,0 174,160,0
1,812,0 171,012,0
1,923,0 170,122,0
1,659,0 166,394,0
-
Nationa
Net
Bank
Time
CirculaDeposits. lion.
Average. Average. Average.
$
$
$
29,573,0
788,0
677,0
26,443,0
1,821,0
127,587,0 3,112,0 4,957,0
414,245,0 5,871,0 1,799,0
32,618,0
450.0
13,354,0
340,0
150,0
2,264,0
49,0
75,566,0 4,816,0 4,830,0
242,265,0
941,0
155,0
62,518,0 5,297,0 1,774,0
130,094,0
130,0
25,547,0 1,327,0 1,017,0
11,016,0
142,0
06,507,0
31,167,0
51,0
145,296,0 1,894,0 3,558,0
2,480,0
25.0
5,0
14,985,0
696,0
155,143,0
125.0 4,952,0
80,797,0
640,0
361,0
11,252,0
109,0
226,650,0 10,886,0
450,0
20,476,0
895,0
41,0
9,226,0
398,0
5,488,0
181,0
248,0
47,213,0
70,0
52,071,0 2,300,0
498,0
10,007,0
242,0
413,0
10,302,0
397,0
29,0
18,0
0,527,0
50,0
23,629,0
391,0
2,145,306,0 38,874,0
2,145,744,0 38,949,0
2,164,128,0 30,005,0
2,189,873,0 37,694.0
2,160,361,0 35,866,0
31,827,0
31,595,0
31,484,0
31,082,0
31,149,0
•
41,760,0
32,105,0
10,977,0
6,801,0
2,712,0
16,673,0
3,963,0
6,350,0
17,626,0
5,132,0
6,456,0
13,660,0
4,510,0
16,835,0
23,595,0
5,165,5
6.383,9
1,244,3
1,019,8
457,5
2,035,7
799,0
797.1
2,267,6
858,9
1,082,5
2,184,9
529,9
1,123,6
695,7
Totals, avge. for week_ 11,950,0 28,645,7
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
AMU 'al
Reserve Deposits
with
with
Net
Legal
Demand
Legal
Deposi- Deposi- Deposits.
taries. tunes.
1,032,361,0
1,030,367,0
1,041,419,0
1,057,271,0
2,942,0 1,163,0
16,0
20,0
42,0
316.0
357,0
787,0 1,736,0
289,0
2,0
1,150,0
412,0
1,588,0
517,0
46,878,0
30,810,0
11,640,0
6,161,0
2,562,0
15,663,0
3,585,0
6,461,0
18,886,0
4,909,0
8,551,0
12.936,0
4,828.0
18.756,0
26,473,0
1,116,0
59,0
8,558,0 4.056,0
217,097,0
1,026,0
6,612,0
6,269,0
6,620,0
6,747,0
1,180,0
1,116,0
1,104,0
1,141,0
47,0
71,0
48,0
71,0
8,677,0
8,440,0
8,698,0
8,429,0
5,200,0
2,879,0
4,065,0
2,211.0
217,209,0
215,865,0
221,056,0
218,660,0
1,026.0
776,0
806,0
807,0
335,0
129,0
125,0
13,0
189,0
3,660,0
51,0
244,0
197,0
100,0
287,0
66,0
109,0
523,0
387,0
349,0
253,0
114,0
127,0
1,403,0
92,0
204,0
676,0
292,0
81,0
510,0
279,0
163,0
208,0
15,0
178,0
21,0
128,0
972,0
35,0
22,0
138,0
124,0
46,0
52,0
68,0
379,0
34,0
15,0
16,0
1,453,0
9,314,0
2,536,0
1,128,0
1,389,0
15,683,0
390,0
1,003,0
3,087,0
1,105,0
3,243,0
830,0
865,0
3,101,0
2,371,0
4,367,0
3,572,0
1,346,0
715,0
752,0
767,0
304,0
1,059,0
404,0
3,541,0
621,0
523,0
1,584,0
29,073,0
186,276,0
50,724,0
22,572,0
27,784.0
313,667,0
7,817,0
20,063,0
61,742,0
22,091,0
64,653,0
16,604,0
13,294,0
62,016,0
4,956,0
25,816,0
15,788,0
6,460,0
1,097,0
33,793,0
1,044,0
1,105,0
18,750,0
1,020,0
7,878,0
2,712,0
668,0
4,444,0
6,028,0
4,930,0
2,386,0
81,614,0 5,294,0
81,154,0 3,403,0
75,564,0 4,985,0
78,984,0 12,174,0
543,0
2,0
21,0
23,0
31,0
195,0
24,0
90,0
17,0
10,0
48,0
54,0
215,0
217,0
130,0
503,0 44,927,0 21,926,0
4,222,0 2,323,0
4,312,0 '2,209,0 '
3,790,0 1,886,0
7,172,0 2.017,0
1,0
25,0
898,376,0 125,531,0
495,0
467,0
515,0
523,0
Grand Aggregate, avge_ 190,550,0 336,511,1 3,320,725.0 291,848,0 62,658,0 57,103,0
-23,386,0 -5,225,0 +4,770,0 -835,0
Comparison prey. week
3,502,0 2,148,0
+132,0 +224,0
6-7785-470 58,594,0
Grand Aggregate,actual condition Oct. 21 3,295,766,0 303791270 -41,966,0 +145580 +5,141,0 +5,046,0
Comparison prey. week
2,051,0
+88,0
3,503,0
+178,0
-- 25
- ,0
Grand Aggregate actual condition Oct. 14 3,337,732,0 289,374,0 62,713,0 53,548,0 273
Grand Aggregate actual condition Oct. 73.354,898,0 306,901,0 58,114,0 61,792,0 2,990,0
Grand Aggregate actual condition Sept. 30 3,347,438,0 316,579,0 59,379,0 57,500.0 3,158.0
154,0
1,000,0
1,963,0
1,635,0
1,830,0
44,997,0 19,258,0 900,083.0 125,396,0
44,517,0 25,281,0 891,104,0 126,061,0
45,163,0 34,894,0 902,484,0 129,598,0
46,141.0 24,568.0 922,489,0 129,650,0
__-=.• =_==
2,526,0 222,831,0 25,982,0 3,260,779,0 165,431,0 31,627,0
+92,0 +821,0 -3,394,0 -22,447,0
-49,0 +287,0
2,523,0 227,834,0 24,458,0 3,263,036,0 165,371,0 31,595,1
+173,0 +3.866.0-3,702,0 -8,061,0 -471,0 +111,0
2,350,0 223,969,0 28,160,0 3,271,097,0 16.5,842,0 31,484,0
2,486.0 223,983,0 38,959,0 3,313,413,0 168,098,0 31,082,0
2,253,0 220,964,0 26,779,0 3,301,510,0 168,323,0 31,149,0
a Includes capital set aside for Foreign Branches, $3,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
from
Cash Reserve Reserve in
PreviousWeeki in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Ine. or Dec
Surplus
from
Reserve. PreviousWdoh
S
$
$
Members Federal
Reserve Bank ____ 282,577,000169,346,000 451,923,000388,098,780 63,824,220 +2,981,260 303,308,000 174,160,000477,468,000388,181,370 89,286,630 +27,901,920
37,747,000 8,558,000 46,305,00 39,077,460 7,227,540 -352,380 37.122,000 8,677,00 45,799,000 39,097,620 6,701,380 +1,101,080
State Banks*
44,997,111
+1,062,900
93,453,000
138,450,000135,012,450,
4,957,600
3,437,550 +1,508,150
Trust Companies'.. 94,787,000 44,927,000 130,714,0001134,756,400
09.425,6601+30,511,150
415,111,000 222,831,000 637,942,000561,932,640 76,009,360 +3,691,780433,883,000227.834,000661.717,000562,291,440,
Total Oct. 21
416,269,000 222,010,000 638,279,000565,961,420 72,317,580-10,199,610'408,960,000 223,969,000 632,929,000 564,014,590 68,914,410-13,641.070
Total Oct. 14
430,277.000221.374,000 551.651,000569,133.810 82,517,190-13,840,1301429,797,000 223,983,000,653,780,000 571,224,520 82,555,48 -6,834,090
Total Oct. 7
Total Sept.30_ _ _ 437,618,000 227,581,000 665,199,000 568.841.880 98,357.320 -7.333,120436,618,000220,964,000857,580,000888,390.430 80,189,570-24,944,560
• Not members of Federal Reserve Bank.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies,but in the case of Members of the Federal Reserve Banks
includes also the amount of reserve required on Net Time DeP081tS.whieh WU as follows: Oct. 21, $1,913.700; Oct. 14, $1,914,200; Oct. 7,$1,829,850; Sept. 30, $1,890,850.
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Banns
Includes ales the amount of reserve required on Net Time DeDosltd.which was as follows: Oct. 21, $1,947,450; Oct. 14, *1,950,250; Oct. 7,$1,884,700; Sept. 30, $1,703,300.
THE CHRONICLE
OCT. 28 1916.1
1573
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
in New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
Oct. 21.
previous week.
Loans and investments
$731,278,800 Inc. $4,971,300 York)and those for the rest of the State, as per the following:
Gold
60,601,600 Inc. 1,052,500
For definitions and rules under which the various items
Currency and bank notes
9,657,300 Dee.
329,600
Total deposits
909,548,700 Dee.
239,600 are made up, see "Chronicle," V. 98, p. 1661. •
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies in New York City,and exchanges
780,885,100 Inc. 8,667,400
Reserve on deposits
197,605,500 Dee. 4,378,900 ments of State banking institutions were published in the
Percentage of reserve, 27.4%.
°I.-Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
- -Trust Companies
State Banks
- Tons relating to calculating the amount of deposits and what
213,324,500 10.92%
Cash in vaults
$56,931,400
9.50%
Deposits in banks aid trust cos
19,853,700 16.28%
107,492,900 17.91% (171uctions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$33,178,200 27.20%
Total
$164,427,300 27.44%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York qty outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended- Loans and
Investments
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept 2
Sept. 9
Sept. 16
Sept.23
Sept.30
Oct. 7
Oct. 14
Oot. 21
3,903,877,9
3,926,634,6
3,939,268,3
3,952,230,3
3,947,932,5
3,966,687,2
4,032,632,9
4,028,996,0
4,028.792,5
4,059,932,9
4,068,917,6
4,070,418,5
4,052,003,8
Demand
Deposits.
Specie.
Other
Money.
Total
Entire
Money Reserve on
Moldings. Deposits.
3,876,459,5
3,840,711,7
3,868,552,7
3,899,806,1
3,932,568,9
3,973,033,4
4,06,621,1
4,005,139,9
4,038.274,9
4,667,109,0
4,068,969,4
4,055,441,7
4,041,662,1
$
417,059,9
417,394,3
425,409,4
434,356,5
442,280,4
441,533,7
413,564,9
411,874,2
431,116.6
433,820,9
426,466,6
414,560,1
409,552,6
$
79,857,2
77,337,1
75,347,5
74.696,7
74,651,4
75.932,3
66,542,4
69,334,1
75,822,4
72,725,7
72,038,9
71,244,9
75,817,3
496,917,1
494,731,4
500,756,9
509,053,2
516,931,8
517,466,0
480,107,3
481,208,3
506,939,0
506,546,6
498,505,5
485,805,0
485,369,9
824,628,3
828,101,3
842,538.1
846.646,0
863,608,9
861,249,6
821,018,7
833,730,4
875,570,3
877,445,1
855.865,7
840,263,4
835,547,5
Slate Banks
Trust Cos.
Stale Banks
Trust Cos.
in
in
outside of
outside of
Greater N. 1'. Greater N. Y. Greater N. Y. Greater N. Y.
Week ended Oct. 21.
$
14,900,000
Capital as of June 30....
23,450,000
75,550,000
11,783,000
Surplus as of June 30._ _ _
40,068,500
173,239,300
14,654,000
14,381,600
Loans and Investments.. 398,501.800 1,659,213,400
Change from last week_ -2,922,200 +5,346,000
160,768,403
+1,119,300
253,660,800
+1,480,600
176,870,600
+1,772,800
271,358,700
-663,900
Gold
Change from last week_
39,963,100
-2,059,500
137,476,700
-1,558,800
Currency and bank notes
Change from last week.
22,040,000
+1,156,800
17,067,200
+1,927,900
Deposits
Change from last week
553,216,500 1,960,513,200
-7,310,500 -13,830,500
Reserve on deposits
Change from last week_
111,070,900
-714,200
342,159,700
-6,751,800
33,429,300
+130,7011
40,638,600
-2,258,600
P.c. of reserve to deposits
Percentage last week
26.2%
26.4%
22.2%
22.7%
22.3%
22.4%
18.7%
19.5%
+ Increase over last week. -Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
Net
ON -MEMBERS. Capital.1 Profits.
Week Ending
Oct. 21 1916.
Members of
Weal Reserve Bank
Battery Park Nat _
First Nat., Brooklyn
Nat. City. Brooklyn
First Nat.,Jere. City
Hudson Co. N.,JO.
First Nat., Hoboken
Second Nat.,Hobok.
Total
Loans,
Discounts,
Nat. bks. Sept. 121 InvestState bks. Sept. 201 menu, &c.
{
Gold.
420,600 2,106,000
895,000 8,806,000
682,300 8,108,000
191,900 1,381,000
126,900 3,971,000
487,100 6,478,000
233,900 3,948,000
589,400 6,332,000
874.000 19,010,000
195.200 4,555,000
142,000
565,000
677,000
109,000
398,000
610,000
218,000
440,000
057,000
265,000
3,800,000 4,696,300 64,785,000 4,381,000
Total
Nat.Bank
Notes[Not
Counted
as
Reserve].
Reserve Additional
Federal
with
Deposits
Legal with Legal
Reserve
Net
Notes[Not DepotDepotDemand
Reserve] Mules.
diaries.
Deposits.
Average. Average. Average. Average, Average, Average. Average. Average. Average. Average.
3
S
$
$
$
$
$
$
S
$
$
$
400,000
326,000 5,057,000 517,000
55,000
66,000
4,000
2,000 531,000
5,907,000
300,000
685.400 5,393,000 149,000
48,000 116,000
11.000 619,000
13,000
198,000 4,967,000
300,000
599,100 5,904,000 176,003
74,000 133,000
9,000
244,000 6,015,000
9,000 747,000
400,000 1,286.600 4,846,003 208,000 370,000
78,000
10,000 545,000 2,478,000 4,544,000
17,000
250,000
762.800 5,014,000 166,000
14.000
86,000
109,000
579,000 4,194,000
533,000
3,000
220,000
627,900 6,044,000 140,000
18,000
58,000
18,000
530,000 2,431,000
7,000 401,000
125,000
292,100 4,949,000
62,000
42,000 133,000
525,000 2,649,000
3,000 318,000
3,000
1,995,000 4,579,90037,812,000 1,418,000 621,000 670,000
173,000
45,000 3,634,000 4,554,000 30,707,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. H'tti.. 100,000
400,000
Colonial Bank
Columbia Bank.... 300.000
200,000
Fidelity Bank
International Bank. 500,000
200,000
Mutual Bank
New Netherland.... 200,000
100.000
Yorkville Bank
Mechanics', Bklyn- 1,600,000
North Side, Bklyn_ 200,000
Trust Companies.
Not 31'embers of the
Federal Reserve Bank,
HamiltonTrust,BkIn.
Mechanics',Bayonne
Nat.Bank
Notes (Reserve for
Silver. State Insfitutionsi
Legal
Tenders.
8,000
177,000
26,000
12,000
22,000
64,000
45,000
85,000
160,000
64,000
62,000
496,000
241,000
27,000
50,000
185,000
187,000
292,000
758,000
110,000
22,000
49,000
180,000
13,000
1,000
61,000
49,000
87,000
334,000
20,000
663,000 2,408,000
816,000
169,000 1,789,000
107,000
475,000 9,522,000
571,000
394,000 8,728,000
524,000
219,000 1,288,000
77,000
298,000 3,958,000
6,000 237,000
419,000 6,529,000
418,000
126,000 3,982,000
5,000 238,000
413,000
470,000 6,885,000
1,241,000 3,145,000 20,682,000
453,000 4,465,000
268,000
Net
Time
Deposits.
National
Bank
Circatattoo.
Average. Average.
S
$
238,000 189,000
120,000 295.000
44,000 120,000
394,000
195,000
3,278,000 218,000
2,187,000
99,000
5,867,000 1,510,000
17,000
103,000
380,000
255,000
70,000
400,000
28,000 4,094,000 6,168,000 67,228,000 1,208,000
-
500,000 1,116,100 8,043,300
298,700 5,450,000
200.000
534,000
85,000
65,000
52,000
14,000 324,000 1,034,000 6,489,000
17,000
60,000
913,000
522,000 2,430,000 2,895,000
22,000 122,000
80,000
49,000
-Total
700,000 1,414,800 13,499,000 619,000 117,000
36,000 446,000 1,556,000 8,919,000 0,808,000
97,000 109,000
Grand aggregate.... 6,495,000 10,691,000 116006000 0,418,000 1,401,000
8,174,000 12,278.000
109,000
3,175,000
173,000
11,883,000 1,510,000
925,000
Comparison ,prev.wk
+1712000 +238000 +32,000 +2,000 -26,000 -101003 -5,000 +274000-1165000 107454030
+3177000 -27,000 -2,000
Excess reserve.
$56,200 decrease
==
6,495,000
Oct.14
aggr'te
Grand
10.691 000 114384000 6,180,000 1,307000
114,000 7,900,000 13.443.000 104277000 18.910,000 1,512,000
17000 274:000 95Grand aggr'te Oct. 7 6,495,000 10,691,000 113903000 6,047,000 1,274,000 i7173,000
2,972,000 878,000 203.000
90,000 7,963,000 15,579,000 104666000 10,861,000 1,508.000
Grand aggr'teSept.3 6.295.000 10,317.51)0 113401000 6,110,000 1,235,000 2,946,000
68.000 7,874,000 14,217.000 103573000 10,803,000 1,512,000
185,000
Grand aggr'teSept.23 6,295.000 10,317,500 112771000 6,213,000 1,246.0(1(1 2.900,000 850,000
754,000 222,000
78,000 7,794.000 13,409,000 103352000 10.705.000 1.613,000
Grand aggeteSept.16 6,295 000 10,317,500 112476000 6,128,000 1,234.000 2_801 nnn 721,000 253 non 101.000 7.760.000 11.841.000 102665000 10.659.000
1.499.000
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing House Banks.-We give below a
Clearing House banks and trust companies of Philadelphia: summary
showing the totals for all the items in the Boston
We omit two ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Deposits.
Due
Loans,
Disc'ts & from
InvesEts. Banks.
Bank.
Individl.
Total.
Reserve
Held.
Excess
Reserve.
$
Oct. 21.
3
Nat. banks. 382,740,0 83.709,0 183,770,0 323,107,0 506,877,0 84,727,0 24,235,0
Trust cos.- 155,062,0 4,761,0 4,441,0 141,366,0 145,807,0 24,993,0 4,247,0
Total ___ 537,802,0 88,470,0 188,211,0 464.473,0 652,684,0 109,720,0 28,482,0
Oct. 14___ 532,230,0 87,624,0 188,901,0 469,480,0 658,384,0 120,019.0 37,978,0
526,818,0 81,270,0 183,118,0 460 022 0 643,140,0 119,456,0 38,465,0
522,799,0 79,252,0 175,527,0 451,646,0 627,173,0 111,684,0 32,566,0
Sept.
517,519.0 81,524,0 175,724.0443,715,0 619.439,0 108.796,0 30,978,0
3
" 18... 515,320.0 77,697,0 171,784,0 440,268,0 612,052,0 109,588,0 32,047,0
514,717,0 71,312,0,168.940.0 434.993,0 603,933,0 108,504,0 31340.0
" 2... 515,893,0 72,434.0169.921.0 438,547,0 608,458,0 105,855,0 28,353,0
Aug. 26- 511,475,0 69,971,0'163,209.0 429,679.0 597,888,0 108,373,0 31.310,0
510.242,0 72,688,0 166,587.0 431,907,0 598,494.0 106,982,0 30,395,0
"
Note -National bank note ciroulation Oct. 21, 29,168,000: exchanges for Clearing
House (included in "Bank Deposits"), banks, 519,888,000: trust companies, $2,735,000; total, $22,623,000. Capital and surplus at latest dates: banks, $84,175,600: trust companies, 1141,295,200: total. 2105,470.800.
BOSTON CLEARING HOUSE MEMBERS.
Oct. 21
1916.
Change from
previous week.
38,460,000 Dec.
Circulation
Loans, dise'ts & Investments_ 450,303.000 Inc.
Individual deposits. incl.U.S. 356,434,000 Inc.
149,395,000 Dec.
Due to banks
28,220,000 Inc.
Time deposits
Exchanges for Clear. House_ 20.338,000 Inc.
47,500,000 Inc.
Due from other banks
26,989.000 Inc.
Cash reserve
Reserve in Fed. Res've Banks 26.694,000 Inc.
Reserve with other banks... 39,114,000 Deo.
1,471,00 Inc.
Reserve excess In bank
Excess with Reserve Agent.. 22,102,000 Dec.
5,339,000 Inc.
Excesswith Fed. Res've B'k_
Oct 14
1916.
Oct. 7
1916.
$37,000 $6,497,000 $6,471,000
3,961,000 446,348,000 437,499,000
2,841,000 353,593,000 352,615,000
766,000 150.161,000 145,050.000
62,000 28,158,000 28,395,000
807,000 19,531,000 19,182,000
1,504,000 45,996,000 43,096,000
1,274,000 25,715,000 24,993,000
1,998,000 24,616,000 23,646,000
9,133,000 48,247,000 55,388,000
716,000
755.000
651.000
9,505,000 31,6117,000 39,160,000
1,533,000 3,806,000 3,361.000
Imports and Exports for the Week.-See tritird page
preceding.
[vol.. los.
THE CHRONICLE
1574
Vankers' Oliazett.
Wall Street, Friday Night, Oct. 27 1916.
The Money Market and Financial Situation.—The security markets continue to reflect the wholly abnormal and
in some cases precarious conditions existing in other departments of activity as a result of the war. The former have
been exceptionally active, even when compared with recent
records, and the irregular movement of prices is substantial
evidence that a considerable portion of the large business
recorded has been of a speculative character. There is,
however, nothing to show that credits are being extended
unduly. On the other hand, there is every reason to believe
that bankers are unusually cautious in this particular, notwithstanding the fact that there seems to be an unlimited
supply of loanable funds for any and all legitimate purposes.
Industrially there is no change worthy of note. Iron has
recently made a further advance of from $1 to $3 per ton;
steel products are from $15 to $20 per ton higher than a year
ago; coke is selling at a price for which there is no parallel
and it is expected that in each case prices will go higher.
There was a slight reaction in both wheat and cotton
earlier in the week, but this movement was perfectly natural
and of brief duration. As is well known, the general conditions regarding both crops are unchanged and prices are
again soaring as the week draws to a close.
More gold has been received here for foreign credit. The
European bank statements show no changes of conditions
worthy of note, but exchange on Berlin and Vienna has been
week, the latter making a new low record.
Foreign Exchange.—The market for sterling exchange
has remained in virtually a stationary position during the
week. Gold importations include $28,000,000 which was
received in New York from Canada, $9,500,000 which was
received at Philadelphia also from Canada, and $2,500,000
at San Francisco from Australia. Continentalexchanges irregular.
most spectacular. Reports of good business, together with a
favorable outlook for reorganization, being the probable
% it advanced steadily
causes of the movement. From 243
to 343/s, the last quotation being 32%. Lehigh lost M
point for the week, while Norfolk & Western and Reading,
reacting from their recent sharp 'advances, lost M and 2
pointsfor the week,final figures being 1423
4 and 109. Union
Pacific,after moving upfrom 1503' to 153%,closed at 150%•
The industrial issues were more irregular. Bethlehem
Steel reached a new high record of 650. American Can
moved up from 61 to Q33%. The Cugan sugar companies
continued their advance, as did the copper stocks, the latter
due, no doubt, to recent rumors of heavy tonnage for Europe.
Steel reached a new high mark of 1213%, but closed at 119, a
loss of % point for the week, while the high, low and last
prices of Industrial Alcohol, General Motors and Mercantile,
Marine corn. and pref. were 1463'-1363/8-1453'j, 850-789-835
44-39%-40% and 118%414%415.
For daily volume of business see page 1583.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Oct. 27. for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. l.
Lowest.
Highest.
Par. Shares $ Per share. $ Per share. $ per share.$ per share.
Au: 613.4 Oct
Acme Tea ctfs
100 2,100 5931 Oct 24 6134 Oct 27 51
First pref certifs. _100 1,000 963j Oct 21 9731 Oct 27 9331 Sept 9774 Oct
Oct 27 13234 Mar 15431 Jan
Adams Express
300 143
Oct 24 146
10
Oct
Amer Bank Note
Oct 23 3834 Sept 44
50 70 4234 Oct 23 44
July
Preferred
50 100 513.4 Oct 27 5134 Oct 27 5131 Oct 53
Am Brake S & F pref_100
Feb 199
Oct
100 199 Oct 27 199 Oct 27 165
American Express._ _100 600 131
Oct 21 13534 Oct 27 123 June 14031 Jan
4 62 Oct 26 62 Oct 26 6031 July 6931 Apr
Amer Teleg & Cable_100
Jan
Assets Realization_ _100 500 3 Oct 21 33.4 Oct 23 234 Oct 8
Oct
Oct 65
100 65 Oct 27 65 Oct 27 65
Assoc Dry Goods 1 p1100
Jan
Jan 77
Associated Oil
100 300 673.4 Oct 23 8734 Oct 24 62
Batopilas Mining_ _20 3,
131 Oct 25 23.1 Oct 21 134 June 334 Jan
Jan
July 14
Brunswick Terminal.100 200 9 Oct 23 93.4 Oct 21 6
Jan
Aug 87
Burns Bros
100 600 793.4 Oct 23 80 Oct 26 66
Feb
Oct 29 96
Jan 121
Bush Terminal
100 400 1093.4 Oct 21 112
Jan'
Ap 31
Butterick
100 500 28 Oct 26 29 Oct 24 28
Canada Southern_ —100
30 573.4 Oct 21 57% Oct 21 56 Sept 59 May
Oct 90 May
Case (J I), pref
100 400 86 Oct 24 86% Oct 27 82
Oct 23 134
July 143
Oct
10 143
Oct 23 143
Cent & So Am Teleg_100
To-day's (Friday's) actual rates for sterling exchange were 4 71% for Chicago & Alton_ -.100 2,30 123.4 Oct 23 14% Oct 27 8
Feb 14
Oct
sixty days, 4 7565®4 75 11-16 for cheques and 4 76 7-16 for cables. C StP M & 0, pref--100 325 133
Aug
Oct 23 133
Oct 26 13131 Ap 139
Commercial on banks, sight, 4 75 7-16, sixty days 4 70%, ninety days Cluett.Peabody&Co _100
Apr 76
Jan
100 70 Oct 27 70 Oct 27 68
4 68%, and documents for payment (sixty days), 4 70g. Cotton for
Jan
100
100 110 Oct 27 110 Oct 27 108 June 112
Preferred
payment 4 75 7-16 and grain for payment 4 75 7-16.
Cons G,EL&P (Balt)100 29,985 118X Oct 21 126% Oct 27 10831 Mar 12631 Oct
To-day's (Friday's) actual rates for Paris bankers' francs wore 5 89%
Oct 23.4 Oct
5,200 13.4 Oct 21 234 Oct 27 1
Rights
for long and 5 84% for short. Germany bankers' marks were 704 for Cons It-State CallM .10
Aug 23
Oct 27 18
July
700 20 Oct 24 21
sight, nominal for long and nominal for short. Amsterdam bankers' Deere & Co, pref. _100 700 95
Oct 24 96% Oct 27 89 May 9831 Feb
7 for short.
guilders were 40/
Mar 14731 Oct
Oct 21 14734 Oct 26 131
Detroit Edison
100 278 144
Exchange at Paris on London, 27.813/i fr.; week's range, 27.81% fr. Diamond Matoh.. _ _100
Sept
1001183.4 Oct 27 11834 Oct 27 10234 Mar 121
high and 27.81% fr. low.
100 6
Oct 26
Oct 26 434 Ma
634 May
Duluth S S & Atl_ _ _100
The range for foreign exchange for the week follows;
Jan
Jan 14
Preferred
100 1,000 123.4 Oct 26 133.1 Oct 26 10
Cables.
Sixty Days.
Cheques.
Sterling Actual—
Sept
Apr 72
100 683j Oct 26 6874 Oct 26 58
Mee Storage Battery.100
High for the week__ _ 4713
476
4 75 11-16
Oct 513.4 Oct
Gaston Will & W_no par 2,600 47 Oct 27 50 Oct 21 47
Low for the week__ 4 71%
4 75%
4 76 7-16
Jan 13531 Oct
Homestake Mining_ _100
100133% Oct 27 133% Oct 27 126
Paris Bankers' Francs—
100 183.4 Oct 27 18% Oct 27 1631 Aug 2034 Jan
Interboro-Met v t (3_100
High for the week__ _ 5 893/i
5 84
5 83
Oct 8031 Jan
Preferred
200 75 Oct 27 7634 Oct 27 75
100
Low for the
5 90
5 84%
5 839
Int Harvest Corp__ _100
300 71
Oct 23 80 Oct 21 6831 Mar 8431 May
Germany Bankers'
week_-Marks—
Aug 11134 Feb
100 60010631 Oct 25 107 Oct 24 105
Int Nickel, pref
High for the week_ _ _
70 5-16
70%
July 7
Oct
Iowa Central
100 900 5 Oct 21 7 Oct 27 2
Low for the week_ __
70 1-16
70
July 113
Apr
Oct 25 110% Oct 21 104
Jewel Tea, pref
100 500 110
Amsterdam Bankers''tinders—
Mar 7434 Oct
700 74 Oct 24 74% Oct 25 60
K C Ft S & M, pref_100
High for the week_ _ _
40%
41 3-16
41%
Sept
Helly-Springf, pref 100
100 98 Oct 21 98 Oct 21 9534 July 101
41
Low for the week_ __
40%
41 1-16
Ma
531 May
Keokuk dr Des M._100 500 43.4 Oct 26 5 Oct 25 3
Domestic Exchange.—Chicago, 5c. per $1,000 discount. Boston, par; Kings Co Eleo L& P_100 625129% Oct 23 129% Oct 26 12631 May 131
Feb
St. Louis, 15c. per $1,000 discount bid and 10c. discount asked. -San Laclede Gas
100 200108% Oct 23 109 • Oct 24,10331 Mar 109X Oct
/,c. per $1,000 dis- Liggett & Myers, pf_100 500122% Oct 23 122% Oct 23i 118
Francisco, 10c. per $1.000 premium. Montreal, 155
Mar 123X Oct
count. Minneapolis, 30c. per $1,000 premium. Cincinnati, par. New Loose-Wiles Biscult_100 2,800 2431 Oct 26 28% Oct 211 14
Oct
Sept 34
Orleans, sight, 50c. per $1,000 discount, and brokers, 50c. premium.
Mar 9134 Jan
First preferred_ _ _ _100 30 8631 Oct 23 88 Oct 21 78
Oct
Mar 65
100 65 Oct 24 65 Oct 24 50
Second preferred.._1(10
State and Railroad Bonds.—Sales of State bonds at the Lorillard
Jan 1223.4 Sept
Oct 24 115
(P), pref_ _ _100 30011931 Oct 27 121
Board this week include $7,000 Virginia 6s, def. tr. co. Manhattan Shirt_ _ _ _100 100 633( Oct 27 63% Oct 27 55 Feb 6731 May
Oct
Oct 27 5031 Jan 69
Dept Stores_ _100 3,500 67 Oct 21 69
receipts, at 56 to 58; $9,000 New York Canal 4s, 1960, at May
Oct
Oct 36
Oct 24 36 Oct 27 26
Minn & St Louis new_ _ _,38,600 32
1053/2; $21,000 New York Canal 4s, 1961, at 105 and Nat Cloak & Suit, pf.100! 100112% Oct 26 112% Oct 26 106 May 113 Feb
Apr 67 June
N Y C & St L 2d pr. _100
100 57 Oct 27 57 Oct 27 50
$1,000 New York State 43/2s, at 115%.
Jan
Apr 27
Norfolk Southern...100 300 2334 Oct 27 25 Oct 25 20
A marked increase was noted in the volume of trading in Owens Bottle-Mach_ _25 1,400 92
Oct
Oct 25 94
Oct 21 83
Sept 96
Oct
Oct 117
Preferred
Oct 26 116
100
116 001 26116
railway and industrial bonds this week. Prices were ir- Pacific
Jan
Tel & Tel......10I
Oct 23 3834 Oct 21 3231 Apr 44
900 38
regular, the advances and declines being about evenly disSept
Preferred
100 967.4 Oct 26 9634 Oct 26 9334 Jan 98
100
Mar 1534 Oct
& Eastern.....100 1,700 1431 Oct 24 1531 Oct 27 8
tributed. With a few exceptions, fluctuations were narrow. Peoria
Coal __ ._100 600 3734 Oct 24 433.4 Oct 27 2231 Apr 4331 Oct
Bond houses and investors generally have been interested in Pittsburgh
Mar 112
Oct
eferred
Oct 21112 Oct 24 100
100 200110
the new $300,000,000 British 532% loan. This issue is to Pittsb Steel, pref._ _10 40010434 Oct 27 105 Oct 24 .9334 Feb 106 Oat
Oct
Serv N J rights_ _ -892 531 Oct 26 6 Oct 27' 534 Oct 6
be equally divided in two maturities of three and five years Pub
Quicksilver Mining_ _100 300 23.1 Oct 21 231 Oct 21 234 Mar 631 Jan
and unlike the former loan only about 1-3 of the security Sears, Roebuck, pref.100 10012631 Oct 2112631 Oct 21 125 June 12731 Mar
Jan
Sloss-Sheff S & I, p1_10
100 9834 Oct 23 9834 Oct 23 913.4 Apr101
pledged consists of American bonds and stocks. American Standard
Mar 10734 Oct
Milling _ _100 2,100100
Oct 2310731 Oct 25 86
Aug 94 May
Smelters Securities 6s fell away from 1143% to 1103% and
Preferred
100
150 94 Oct.24 94 Oct 24 85
Feb 120 June
Porto Rico Hug, pf100
10011731 Oct 2511731 Oct 25 106
Atchison Topeka & Santa Fe adj. 4s lost 1% points, closing So
Oct
Oct 27 115 May 130
Tax Pao Land Trust_100
150 125 Oct 26 130
at 85%. Rock Island ref. 4s and deb. 5s advanced 1 IA and Tol St Louis & West_100 400 7 Oct 25 9 Oct 21 5 Apr 1074 Oct
Trust receipts
100 63.4 Oct 25 63.4 Oct 2.5 5 May 634 Oct
2M points respectively on good earnings,reports and possibil- Underwood,
Jan 118
_..100
Aug
5011431 Oct 2111431 Oct 21 110
ityof settling upon a reorganization plan. Int. Mere. Mar 6s United Cigarpre!.
Feb Ill
May
Mfrs,pf100 20010731 Oct 24108 Oct 2:3 106
Apr
21
28
Sept
S
300
30
Oct
23
31
Oct
Express
100
4974
basis,
inw.i.fell away from 983
to
973/8.
Sales
on
a
s-20-f
%
Feb
U S Realty
100 34 Oct 24 34 Oct 21 25 June 49
100
dicating, prasumably, sales on foreign account, have in- US
June 331 Jan
100 2 Oct 25 2 Oct 2:3 1
Reduo & Refill_ _100
Jan
X Aug 4
' 100 300 174 Oct 27 231 Oct 2:1
creased sharply, being $145,600, as against $7,000 a week ago. Preferred
Oct
Oct 2711123 X May 138
Wells Fargo Express.Ill 2,9001 132
Oct 25138
United States Bonds.—Sales of Government bonds at White Motor new _ _ _50 11,500 5531 Oct 27 5934 Oct 2111 5531 Oct 5934 Oct
3 $5,500 3s,
the Board are limited to $3,000 28 reg., at 99%;
coup., at 1003
% to 1003/8, and $1,000 4s, coup. at 1103%.
For to-day's prices of all the different issues and for week's
range see third page following.
Railroad and Miscellaneous Stocks.—It is not strange
that a market which was only momentarily affected by rather
positive peace rumors and the actual danger of now complications over the submarine question should be apparently
indifferent to the approaching Presidential election. Prices.
on Monday showed a general advance throughout the list,
but during the rest of the week the movement was irregular.
The volume of business, it is hardly necessary to add, has
been over 1,200,000 shares every day.
Among the railroad group, Atchison moved up from 106 to
1083/2, the final figure being 1073/2. Canadian Pacific, after
advancing from 1753' to 1763
%,closed at 1743
%, while Chesapeake & Ohio and Chicago Milwaukee & St. Paul lost 1 and
N pointsrespectivelyfor the week. Rock Island was byfar the
Outside Securities.—Trading at the Broad Street "curb"
has been brisk and with prices that were, as was the case
in other securities markets, irregular. Butterworth-Judson
advanced from 74 to 76, the close, however, being at 753%.
Chevrolet Motors advanced from 199 to 201, fell to 191 and
closed at 192. Guantanamo Sugar, in sympathy with other
Cuban sugar companies, advanced from 70 to 77, the final
quotation. Kathodion Bronze lost a point, closing at 9,
while Marlin Arms advanced from 60 to 88, the last price
being 72. Midvale Steel fluctuated between 663 and 703%
and the high, low and last prices for Springfield Body,
and Submarine Boat, were 100, 93, 95 Mand 43,403%, 413'.
Standard Oil issues were active and advanced in value.
Illinois Pipe Line moved up from 220 to 227 and Ohio Oil
from 345 to 384, the final figure being 375. The other oil
issues, most of which sell at"cents a share," werealso active.
A complete record of "curb" transactions for the week
will be found on page 1583.
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES.
1575
For record of sales during the week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
-.
Friday
Monday.
Tuesday. Wednesday. Thursday
Saturday.
Oct. 25
Oct. 26,
Oct. 24
Oct. 27
Oct. 23
Oct. 21
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Ranee for Precious
Year 1915
Lowest
Highest
Par 3 per share S per share $ per share $ per sitars
Railroads
$ per share. $ per share. $ per share. 8 per share. 3 per share 3 per share
10713 1071 10713 10778 32,500 Atoll Topeka & Santa Fe-100 10014 Apr 22 1087 Oct 5
/
4 Nov
9213 Feb 1111
10534 106
10614 10758 10738 10812 10714 108
96 Jan 10218 Nov
100 9858 Aug 30 102 Feb 24
3,000 Do pref
10078 1007
10034 10034 10034 10034 10012 10078 *10034 10078 10012 101
12013 12012 12013 12012
98 Mar 118 Nov
400 Atlantic Coast Line RR-100 101312Apr 19 12112 Oct 10
120% 12018 121 121
*119 122 *11912 123
83% Feb 96 Dec
100 8278 Apr 24 96 Jan 4
8812 88
8812 88
8818 8,300 Baltimore & Ohio
8734 8818 8818 8918 8814 888 88
100 7212 Aug 30 80 Jan 15
67 Feb 79% Nov
7558 7558 757 75/
400 Do pref
76
7534 7534 76
*7514 76
*7512 76
1
4
3,300 Brooklyn Rapid Transit_100 8313 Sept25 8873 June 8
8314 Aug 93 Apr
86
8478 848 84
8418 84
84113 8378 84
1
4 85
8378 83/
100 116212 Mar 1 1833i Jan 3 138 July 194 Nov
7,200 Canadian Pacific
17414 17514 1748 176
1753 17638 1753 17834 17438 17513 17434 175
3553July 6454 Nov
100 58 Apr 24 71 Oct 19
70
6818 6913 6778 6812 08
698 38,100 Chesapeake & Ohio
8912 7014 6958 7012 69
1014 Jan 1713 Nov
100 1134 Apr 24 1558Oct 27
14
1514 1514 1558 27,400 Chicago Great Westem
1334 14
1358 14
1418 *1313 14
14
2511 May 4113 Nov
100 33 Apr 24 4713001 27
4118 4014 4112 4213 4514 458 4713 77,900 Do pref
4034 41/2 407 4134 40
7734 July 101% Dec
5,900 Chicago Milw & St Pau1 100 91 Apr 22 10212 Jan 3
9434 9558 9434 9538 9412 9458 9458 95
957
95
948 95
100 12412 Sept13 13618 Jan 5 12078 Sep 135 Dec
1261y 127
12634 12634 12614 12634 1,800 Do pref
•127 12712 12718 12713 127 127
12818 128% 1,300 Chicago & Northwestern_100 124 Sept 8 13478 Jan 3 11813 July 13518 Nov
129 129 *128 129 *128 129
*127 128
128 129
Do pref
100 1165 Apr 13 175 Jan 11 163 July 1180 Nov
*170 175 *170 175 *170 175 *170 173 *170 175 *170 175
347
3012 3314 3134 3434 519,550 Chicago Rock lel & Pao...100 1512 Apr 22 347 Oct 26
1012 July 3838 Apr
2413 25
25
251
/
4 2518 2712 28
Jan 62 Oct
62 .6258 3,900 Clev Cin Chic & St Louie...100 38 Apr 27 625800t 27 121
5714 5613 6212 0112 62
*56
5712 57
5714 *56
100 70 Feb 2 88 June14
53% Feb n Oct
8412 *8312 8412 *8312 8412 8412 8412 8413 8434 8413 8412 1,200 Do pref
*83
5,300 Colorado & Southern
3412 35
100 2434 Apr 24 37 Oct 27
3678 3014 37
*34
24 Mar 3813 Nov
35
34/3 34/
3318 34
1
4 33
100 46 Apr 1 62/
200 Do 1st pref
62
*61
*81
1
4 Oct 18
62
45 Jan 60 Nov
*6113 82
*13134 62
8178 617
62
62
50
50
400 Do 2d pref*49
100 40 Mar13 5734June10
54
50
35 Sep 52 Nov
*48
50
*45
50
498 497 *46
500 Delaware & Hudson
100 14918 Apr 20 156 Oct 4 13812 Aug 15418 Nov
*153 15414 15213 15278 *15112 154 *151-3 15313 *15114 16314 15112 15218
200 Delaware Lack & Western_50 216 Mar18 238 Sept26 199% Jan 238 Nov
238 238
41235 238 *235 238 *235 238 *235 238 *235 238
87 Mar30 2314 Oct 25
100
4 Jan
1612 Nov
19
•18
1912 ,,314 2112 2313 2012 2178 10,740 Denver & Rio Grande
1834 1938 19
19
100 15 Mar 8 5212001 25
47
49% 86,320 Do pref
612 Jan 2938 Nov
4512 47
/
4 5212 4814 50
4212 44
4634 4734 471
100 32 Apr 22 4352Jan 3
1978 Feb 4558 Nov
3858 3914 3814 3834 3814 3858 3834 4014 71,000 Erie
3813 3834 3812 391
100 48 Apr 22 59l Jan 3
321
/
5314 5358 5478 9,100 Do 1st prof
4 Feb 5913 Nov
534 53
53
5312 53/
1
4 54
1
4 5334 5414 53/
900 Do 2d pref
100 41 Apr 22 5412Jan 3
46
46
4614
46
27 Feb 541
*4413 40
/
4 Dec
45
4512 45
4512 45
*44
100 11618 Aug 30 12712Jan 4 11234 Jan 12838 Nov
11834 119
11834 11914 119 11914 11813 11918 11813 11878 11834 11878 5,208 Great Northern pref
25/
1
4 Jan 54 Oct
4334 428 4314 4333 4438 30,800 Iron Ore proPerties_No par 3358June26 5034Jan 3
43
4334 4418 4438 4513 4313 45
100 993 Apr 17 10978 Oct 1
99 July 113 Apr
10834 109
109 10914 10838 10912 10812 10858 10818 10813 10813 10813 4,300 Illinois Central
1738 1718 1714 1714 1878 21,300 Interbor Con Corp, vte No par 1534Feb 15 2118Jan 3
1712 1758 17
173 1734 1758 18
1873 July 2512 Nov
100 71 Feb 15 7712Jan 3
70 July 82 Nov
7512 7414 7414 7312 7414 7334 7334 7314 7612 5,100 Do pref
7533 *75
75
2058 Feb 3518 Nov
2818 2858 12,100 Kansas City Southem
100 2318 Apr 28 3214Jan 4
2712 277
2738 277
2733 281
2612 2734 2678 273
8114 1,000 Do pref
8014 8014 6034 61
54/
100 58 Aug 18 6478 Jan 3
1
4 Feb 13512 Nov
6038 5958 5958 *59
80
*0038 61
10,300 Lake Erie & Western
100 10 May 2 2814 Oct 24
2614 2513 26
5 Jan 1833 Dec
2314 23% 2478 25
21
21
21
211
/
4 22
4,200 Do pref
100 32 Apr 20 53 Oct 27
53
19 May 41/
1
4 Dec
5014 5213 52
45
1
4 4612 4613 49
45
4613 46/
*44
6458 Feb 8314 Nov
50 7412Jan 31 8715 Oct 1
8312 8434 8314 8358 8313 8478 17,600 Lehigh Valley
84
8412 8414 85
8414 85
100 Long Island
35
*33
*33
35
15 Jan 27% Oct
50 20 Jan 31 4113June12
33
33
35
35
*33
*33
*33
35
136 136 *136 137
700 Louisville & Nashville____100 12118 Mar 1 140 Oct 4 104/
1
4 July 130/
1
4 Nov
13713 13712 136 137
41137 138 *137 138
400 Manhattan Elevated
*130 133
132 132
100 128 Apr 28 132 Oct 27 125 June 132 Dec
*128 133
131 131 *129 132
1,086 Minn St Paul & SS M____100 11614 Apr 24 130 Oct 4 106 Jan 12612 Nov
12514 12514 1247 1-1638 1263s 12634 *124 126
12534 12578 *12514 126
136
Do
*13314
*13313
prof
136
100 12812 Sept28 137 Jan 15 123 June 138 Dec
---- -- ---- ---- *13313 136 *133 135
8
858 45,100 Missouri Kansas & Texaa_ 100
57
1
4
4 Sep 15/
6
1
4 Apr
6
718
6/
712 834
3/
1
4Sept 6
614
834001 26
534 57
1912 213 10,300 Do pref
2014 24
100 10 Apr 3 24 Oct 26
1
4 Sep 40 Apr
15
10/
15
1513 1513 1512 1513 1513 19
918 1033 10,900 Missouri Pacific
134 July
1814 Apr
818 973
100
744 8
1038 Oct 27
314 Sept 1
714 818
734 778
758 758
712 NOV
918 1014 61,000 Trust co etfs of deposit__
814 934
758 814
3 Dec
314 Sept 1 1014 Oct 27
734 8
712 734
1
4
734 7/
2412 2514 2458 2478 2513 2137s 2638 2734 95,900 Missouri Pacific(new)when tag. 2218 Sept 6 2734 Oet 27
2433 2434 2413 25
11,500 Do pre((or inc bonds) do_
5758 5712 5814 5713 59
5714 57
5734 57
51314 5038 50
4734 Sept 5 59 Oct 27
10814 10918 108 10838 10734 10812 108 10812 45,300 NY Central & Hud River_113471 10014 Apr 22 11414001 1
1
4 109
10734 10814 107/
8112 Mar 11012 Dec
38 .34
38
*31
37
*33
38
100 NY Chic & St Louis
*34
38
*34
36
37
30 June 4658 Dec
100 33 Apr 17 45 Jan 12
61
8114 8034 6112 6033 6114 6034 6034 80% 6013 6014 6034 8,000 N Y N H & Hartford
43 Feb 89 Oct
100 57 Apr 26 777 Jan 1C
271
*2734 2813 2713 273
/
4 2734 2713 2734 28
21% Jan 35 Apr
2814 2812 2912 7.200 N Y Ontario & Western_100 28 May 5 31 Jan 2
/
4 14214 145
14234 14378 14234 1451
14014 14214 141 14234 40,300 Norfolk & Western
14134 143
9913 Jan 12258 Dec
100 114 Mat 1 14718 Oct 11
*86
90
Do adjustment pref___100 8418Feb 25 8918 May21
88
*86
87
90
*88
87
*86
87
*88
*88
8012 Sep 90 June
11134 11214 11212 11314 112 11234 112 11212 11173 112
11158 11218 9,600 Northern Pacific
9918 Feb 11838 Dec
100 10814 Sept 2 11878Jan 4
5778 584 68
6818 57/
581 18,700 Pennsylvania
1
4 5818 58
5778 5833 58
58
50 55 Sept12 60 Oct 4 51% Feb 6112 Nov
100 Pitta Cin Chic & St Louls__100 78 Feb 17 88 June 1
82
82
*81
82
82
*81
82
82
*81
*81
*81
82
65 May 86 Nov
Do pref
*.,..,_ • 98 •____ 98•_100 88 Jan 26 9834Jan 1:
90 June 9813 June
98 *-- - 98 '.-98 *88
8938May 85% Nov
50 7518Jan 31 11513 Sept21
10714 10812 10813 11014 102,900 Reading
110 11112 11078 112 11091-4 11113 108% 110
200 1st preferred
43
*4313 4412 *4312 4413 *4313 4412 *4313 4413 4313 4313 43
4038 Sep 45 June
50 4178 Feb 19 48 Feb 21
850 2d preferred
46
46
48
*4513 47
46
47
*46
47
40 Feb 44 Apr
..50 4114 Feb 21 52 Maylf
*46
46
46
1958 1978 20
1513 May18 2238 Oct 21
2014 1912 2013 20
2214 2114 2238 2112 2134 25,180 St Louis & San Fran new (w 1)_
2,400 St Louis Southwestern
24
*23
'.22
23
11 Sep 23 Nov
_100 16 May 4 24 Oct 21
2214 2213 2213 2213 2214 2278 2278 24
1,700 Do pref
48
48
*42
46
*44
4712 *4714 48
29 Sep 4513 Dec
46
300 3712 Sept 7 48 Oct 2;
45
47
47
1712 6,300 Seaboard Air Line
1634 1712 17
161
/
4 1614 161
/
4 1618 1613 1634 1618 17
1
4 Nov
1118 July 20/
100 14 Apr 22 1878 Jan 1:
40
4,700
39
4014
39
Do
pref
3858 3858 3734 38 .38
38
38
39
3014 July 43% Nov
100 341
1
4 Oct 16
/
4 Apr 24 42/
10014 10012 10012 10158 10118 10134 101 10138 10034 10118 101 10114 30,700 Southern Pacific Co
8114 Feb 10418 Dec
100 9414 Apr 22 1041s Jan 4
2838 2914 2878 2912 42,700 Southern Railway
2858 29
2858 2913 2858 2912 2838 29
1213 July 26 Nov
100 18 Apr 24 3034001 1(
/
4 8753 6812 3,300 Do pref
6818 6834 6812 6812 6834 6834 6712 6814 8714 081
42 July 65 Nov
100 58 Apr 24 72 Oct 1(
/
4 1312 1518 58,770 Texas & Pacific
1412 14% 1234 1434 1134 1234 1212 1414 1413 161
1
4 Apr
100
813 July 17/
8's Feb 14 1812001 21
5258 5412 10,135 Third Avenue (New York) 100 52/
5614 5414 55
5218 5414 53
55
5312 83'8 54
35 Jan 8412 Oct
1
4 Oct 24 8813 June21
200 Twin City Rapid Transit_ A00 94 Mar 24 90 June f
97
*98
9613 9612 *96
97
97
97
*96
.9612 971
/
4 97
90 July 100 Apr
15012 151
151 15234 15178 15333 151 15278 15012 1513 15014 152 168,100 Union Pacific,
100 129h Apr 22 153% Oct 24 115% Jan 14113 Nov
83
*8234 83
83
1,100 Do pref
8212 8212 8234 8234 8234 824
100 z80 Sept 1 8413 Sept21 z79 Mar 84% Nov
914 912
913 10
-9
9
9
2,900 United Railways Invest-- _100
9
9
9
9
9
73i May 9 2114Jan 4
8 Jan 2713 Oct
2112 2113 2213 2213
21
21
23
500 Do pref
*2112 2212 *2112 2212 *21
2114 Mar 4734 Oct
100 17 Sept16 3934Jan 1
1538 15•14 1518 1538 1518 1512 1513 1558 10,759 Wabash
/
4 154 16
1512 151
1
4 Nov
1258 Oct 17/
100 1313 Sept13 17 Jan
7
575
7
5653
5738
5714
5634
34,700 Do prof A
5634 5812 58
1
4 5773 58
5714 57/
43/
1
4 Oct 4914 Nov
1
4 Oct 21
100 4113 Mar 1 58/
3013 3078 3034 3114 25,900 Do pref B do
3138 3114 3178 3012 3113 305 31
31
2513 Oct 3212 Nov
100 25 Apr 22 3213Jan It
1
4 2934 3053 30
3013 15,300 Western Maryland
2934 3118 2914 29/
301
/
30
4 31
30
1
4Mar 21
100 2413 Feb 28 34/
1
4 Jan 3512 Oct
9/
*49
53
53
*50
54
*51
54
300 Do pre!
54
.51
5338 5338 *51
25 Jan 6038 Oct
100 40 Mar 7 55 Oct 11
2
215 23
218 238
334
312 334 9,000 Wheeling & Lake Erie
218 2l4
2
2
814 Nov
100
6 July 1(
2 Oct 19
12 July
73
4
6
6
812
5
9
68
5
5,100 Do let preferred
618 64
*413 513
2 Aug 1934 Nov
100
5 Oct 24 1812July t
334 4
214 334
218 23
214 212
5,300 Do 2d preferred
*214 234
238 24
58 Aug
818 Nov
734Juiy I
100
Oct 25
212
51
*50
51
51
*50
543i 3,800 Wisconsin Central
51
*50
*4812 51
5013 51
28 July 45 Nov
100 33 Apr 19 5612July2(
Industrial & Miscellaneous
18 ,
878 16
17
16
1513 15
17
lips 15
1013 17
5,300 Advance Rumely
100 14 Aug 22 2113 Apr 21
35
.33
35
34
*3313
35
35
1,500
35
Do prof
3418 35 .
35
35
100 3033Oct 10 43 Apr 2f
63
65
*63
65
*83
85
64
65
300 Ajax Rubber Inc
05
047 *63
*63
50 83 July31 87 Sept14
1214 1212 1212 123 1213 2,700 Alaska Gold Mines
1213 1314 1214 1234 1214 1214 12
4 Dec 401k Apr
10 1112Aug 30 2612Jan 7 -11-1*7
718
73
*7
7
7
738 *7
7
1,100 Alaska Juneau Gold Min'g_10
718 738
734
834 Oct 9 1014 Jan 7
934 Dec 1313 Nov
2513 2513 25/
2033 25
2614 25
1
4 7,800 Allis-Chalmers Mfg v t 4;1_100 19 July19 33/
2534 2618 20
2658 25
Mar 14
Jan 4913 Oct
7%
1
4
8212 *8134 8213 2,000 Do preferred v t o___100 70i2 July 18 8412 May14
8138 8138 8134 8134 8154 8134 8178 8234 82
33 Feb 8573 Dec
831 • 8078 8212 804 8158 *8013 82
7913 7913 8018 8114 81
4,800 Amer Agricultural Chem_100 83 Apr 22 8334 Sept14
48 Jan 7413 Nov
101 101
*100 102 *10012 102 *100 102 3 *100 102 *100 102
100 Do prof
90 Mar 101% Nov
100 96 Mar23 102 Septie
10114 10112 101 10213 1011
/
4 1030 10214 10412 102 10338 10278 10412 44,700 American Beet Sugar
33/
1
4 Jan 7273 Dec
100 6134 Feb 1 10413 Oct 21
*9914 10034 *9914 10034
1
4 *99 10034 *99 10014 *99 101
10078 100/
100 Do pref
June25
83 Feb 95 Nov
102
Apr
93
24
100
6334 8114 0278 6012 8458 0314 6478 69,900 American Can
6112 8114 6334 02
81
25 Feb 8812 Oct
100 5014 June27 8813 Sept21
11314
8
1137
1137
11314
113
8
113
1131
/
4
1133
11314
8
11378 11378
800 Do pref
11333
9113 Jan 11313 Nov
100 10814July 13 11538 Sept3(
68
0812 23,800 American Car & Foundry_100 52 July 8 78 Jan 1
6812 6914 8834 7014 674 6914 6713 6834 67 68
40 Feb 98 Oct
119 119 *117 11912 *117 11912 *117 11912-,...- 2,- *117 119
100 Do pref
100 11538 Aug 9 11913 Mar 11 11112May 118 Aug
1
1
• 5638 561
5612 581s 5612 57 2 55 2 57,4 65's 1658 50
60
7,200 American Cotton Oil
Ian 84 Oct
39
100 5012 Apr 22 5818 Oct 2:
-- *10012 102 *100 102
10134 10134 ____
*101 102
100 Do pref
91 June 10214 Nov
100 98 Jan 6 102 Mar It
17
108 1812 20
1914 1613 173
1718 _1513 1638 16 -1-658 73,300 American Hide & Leather_100
1414 Oct
834June 3 201
• 4% Feb
/
4Oct 17
8812
73
77/
1
4 6812
70
70
7713 7913 73
7413 78
7233 38,300 Do pref
100 45 Mar 1 7913 Oct 21
19% Jan 6911 Oct
2814 2833 *28
2834 28
281s 2813 2813 2,300 American Ice Securitles_100 25 Jan 20 3112Feb 11
2918 2914 288 29
2058 Jan 35 Apr
1
4 2513 25
2514 2433 2434 2434 2534 24/
2458 2512 25
25
10.300 American Linseed
/
4 Oct
/
4 July 14 2634 Oct lf
714 Jan 311
100 171
1
4 5734 5814 5834 5734 8,000 Do prof
595 5712 5834 5712 58/
581
/
4 5872 58
24 Jan 60/
1
4 Oct
100 3814 Mar 1 6013 Oct If
8214 8014 82
79
8038 7934 8213 45,700 American Locomotive__ _ _100 58 July14 84120ot :
/
4 8214 8334 81
8218 831
19 Mar 7484 Oct
107---*108
107
*106
_
107
107
*10612
10013 107
107
600 Do pref
75 Mar 105 Nov
100 9912July13 107 Sept21
1118 1034 11
1012 1-62 1038 1034 3900
1134 1178 1134 1218 11
,
American Malt Corp
3/
1
4 Apr 13% Oct
512June 3 1218Oct It
100
__
4718 4718 4713 4712 2,700 Do pref
_-_
50
49
4914 4912 4934 50
2112 May 3713 Dee
100 13123 Jan 14 50 Oct 21
_90
90
91
91
8912
925
8 9258 1,400 Amer Smelters See pref B.100 8412 July 13 9258 Oct 27
8812 8853 *8812
*881
/
4 89
Jan 88% May
78
9618 9612 9634 9778 98
96
96
06
*05
*9512 06
9834 1,850 Do pref Ser A stamped__
86 Oct 92 Dec
9134July 11 9834 Oct 21
11034 11213 11134 11314 10934 11212 10934 11138 109 11013 10913 11114 08,200 Amer Smelting & Refining_100 8812 Apr 22 117 Sept21
56 Jan 108/
1
4 Dec
11612
11712
118
11612
118
*11613 11712 1,950 Do pref
11818 11818 118 11818 118
100 10914 Apr 22 11818 Oct 21L 100 Jan 113 Nov
13814 13814 14113 14112 143 144
•138 145 *138 145 *138 143
400 American Snuff
100 130 Mar 23 14912 June f 144 Jan 165 Apr
*108 112 41109 110 *109 110 *108 110 *108 110 *108 110
Do pref
100 10012 Mar 22 110 Jan 27 103 Jan 11038 Nov
6112 8238 8238 6234 5,500 Am Steel Foundry
6213 63
1
4 64
6214 6234 8313 6418 83/
24% Mar 7412 Oct
100 44 Apr 24 13613 Oct 1
, 12312 12113 12314 97,010 American Sugar Refining_100
11612 11734 11814 12012 12114 12434 12212 12558 1203
10512 Apr 22 12558001 21
99/
1
4 Feb 11978 Nov
/
12014 1201
4 12014 12014 122 12312 *123 125 *120 125 *120 125
800 Do pre!
100 11518 May 5 12313 Oct 24 109 Feb 11912 Nov
1
4 133 13314 133 133 *133 13.3% 2,300 Amer Telephone & Teleg 100 1261
13278 13318 133 13318 133 133/
/
4 Feb 1 43412 Sept21 116 Jan 13014 Nov
_ 225 22512 22514 22514 22518 22513
226 226
228 228---_650 American Tobacco
1
4 Apr
100 188 Feb 16 228 Oct 11 19513 Dee 252/
108 108
108 108
10812 10812 *107 10813 10712 icii
103 109
700 Do pref (new)
/
4 Apr 24 113 Sept21 10314 Jan 111 Nov
100 1051
5034 52
5334 52
6312 5218 53
5214 5333 53
5112 511
/
4 15,500 Am Woolen of Mass
100 42 Jan 11 5514 Mar 14
46 Nov 66 Oct
98
97/
1
4 98
*9712 9812 9814 9814 9812 9812 98
*9712 9812
900 Do pref
95 Dec 9814 Nov
100 92 Jan 10 102 Mar 1(
45% 4013 46
41
4238 4234 4334 4238 4413 4518 48
48 34,300 Am Writing Paper pref _100 11 Jan 8 48 Oct 21
5 July 16 Apr
471
/
4 4618 47
4034 481
46
4714 4753 4133 48
/
4 48
48
5,200 Am Zinc Lead & 5.
- 25 2938July 10 9778 Apr it
8714 Dec 7112 Dec
7713 78
77
7733 7733 7738 78
7712 7734 77
77
77
2,900 Do pref
25 5912July 11 7913 Septl I
901
9358 9478 0314 9458 9414 9558 176,400 Anaconda Copper
/
4 94% 98
95
937 95
50 77 Apr 22 102 Sept21 r24% Feb 9118 Nov
9634 95
95
9633 9414 9538 9513 10478 19,800 Atl Gulf & WI SS Line Ws 100 56 July 12 10478 Oct 2;
98
9834 96
97
6712 6778 67 67
6712 6734 88
67
8713 673
6738 673
3,100 Do pref certfa
100 81 July12 6838 Soon(
8334 85
82 8334 83 85
8512 8812 8553 8758 8414 87
38,400 Baldwin Locomotive
2858 Mar 15413 Oct
100 6533Ju1Y14 11838Jell 1
108 108 *106 108
109 109
10712 10712 106 10618 1,300 Do pref
*10812 109
92 Mar 114 Sep
100 104 June20 110 May24
1
4 158
15834 15834 15912 16112 *15813 160
15713 15713 156 15713 157/
3,600 Barrett Co (The)
_
100 15018 Sept25 18514 Oct (
693 029
560 585
815 625 603 642 042 650
54978 550
8,669 Bethlehem Steel
48/
100 415 Jan 11 850 Oct 27
1
4 Jan -666 Oct
138 155 -- _ ___ 150 150
*130 13814 *130 13814 13614 136
1,100 Do pref
Jan 184
91
Oct
100 126 July21 155 Oct 21
*Bid and asked Prices: no 831es on this day.
Ex-rights.
Less than 100 shares. a Ex-div. and rights. b New stock. s Par $25 per share. e First installment
Pad. z Ex-dividend. s Full paid.
New York Stock Record-Concluded-Page 2
1576
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Oct 21
Monday
Oct 23
Tuesday 'Wednesday
Oct 24 1
Oct 25
Thursday
Oct 26
Friday
Oct 27
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1915
Lowest
- Highest
Industrial&Misc.(Con.) Par $ per share $ per share $ per share $ Per share
$ per share $ per share $ per share I$ per share $ per share $ per share
5612 Aug 7978June
644 6534 6434 6514 10,900 Butte & Superior copper_10 6012July 11 10514 Mar 9
65
664 654 658 6434 6512 6418 65
2312 2312 4,500 California Petroleum, vto_100 15 June27 4218 Jan 3
8 July 3858 Dec
2312 24
2312 2412 2312 24341 2373 2434 *2212 24
5112 52
30 July 81 Dec
1,200 Do pref
100 40 June29 8038 Jan 3
5212 5212 5134 5134 5114 5214 *5012 52
5134 52
3258 Feb 6114 Nov
100 49 Apr 22 9534 Oct 27
9478 9012 9234 92 9534 292,300 Central Leather
8212 89
8834 9314 9058 9514 93
100 10878Jan 3 11618 Oct 25 10058 Jan 11012 Nov
•114 115 *114 115
11514 11618 11512 11512 11512 11512 1,100 Do pref
115 115
105 105
1,600 Chandler Motor Car
10412 105
100 8812 Apr 24 131 June 5
10612 10612 106 10612 10512 106
106 106
2338 Dec 2638 Nov
2234 23
2258 2318 23
25 1958 July 14 2538 Jan 5
2334 23
2358 2234 2314 2234 2314 33,300 Chile Copper
3234 Jan 5758 Nov
5834 5912 69,700 Chino Copper
5 4618July 11 60 Feb 19
5612 5712 584 5934 5818 5912 5814 598 5712 59
2134 Jan 8612 Sep
54
34,400 Colorado Fuel & Iron
5514 5613 5534 5634 5414 5534 5314 5434 5134 5312 53
100 3818 Apr 22 634 Sept30
3718 37
4012 40,100 Columbia Gas .3r Eleo
100 3014 Sept28 44 Oct 13
384 3812 3734 3858 3634 3858 3614 3678 36
4112 Nov 4958 Dee
100 4058 July24 5258 Jan 22
*4714 4814 *50 ---- *4714 48
4714 4812 4714 4712 4712 4712 1,000 omputing-Tab-Record
13914 140
13934 14112 5,100 ConsolIdated Gas (N Y)100 13012 Mar 1 14414 Jan 8 11334 Jan 15012 Oct
140 14012 14018 1404 13914 13934 13913 140
4014 Jan 127 Oct
10114 10314 10134 10234 5,700 Continental Can
100 7514 Jan 31 x111 Sept20
10212 103
10114 10212 102 102
103 105
8812 Jan 10912 Dec
200 Do pref
100 106 Feb 1 113 Oct 21
113 113 *112 118
*110 115 *112 115 *112 113
1758 17
1758 18,000 Corn Products Refining. _100 1314 Aug 8 2514 Jan 25
8 Jan 2112 Oct
1758 18
1734 1858 18
1858 1714 1734 17
9112 92
65 Jan 9634 Dec
1,500 Do pref
100 85. June26 10112 Jan 14
9214 93
93
9013 9134 92 92
9218 9218 *91
1814 May 10978 Sep
8658 90 113,700 Crucible Steel of America-100 5234Jan 12 9912 Mar 16
8918 85 87
86
864 8714 8718 9034 874 90
84 May 11212 Sep
12118 12112 121 12118 *120 123
1,300 Do pref
100 10814 Jan 11 123 Oct 19
123 123 *121 123
121 122
No par 5214 Aug 3 7514 Oct 27
6814 697s 6812 6978 6834 7134 7034 7258 7012 7314 7234 7514 259,800 Cuba Cane Sugar
9712 9838 9753 9818 98 100
24,100 Do pre(
9714 97
9712 9714 98
100 93 July14 100 Oct 27
97
225 226
2297 236
38 Jan 177 Dec
22478 22613 230 231
3,450 Cuban-American Sugar-100 152 Jan 5 26978 Sept26
232 2333
200 Do pref
93 Mar 110 Sell
_
*108 111
10918 110 ----- ---------------- ---100 1045 Feb . 1 110 June 8
46
4558 -47
46
4 45
434
-4578 -463512 Mar 5012 Oct
4513 46
4 4712
,900 Distillers' Securities Corp-100 41 July10 5412 Apr 29
2414 24
25
247 2478 *2414 25
800 Dome Mines, Ltd
2412 2434 24
10 2234 Aug 29 2912Feb 8 116 June 304 Deo
2458 *24
..... - --*80
86
85
*80 86
85
500 Driggs-Seabury Ord
90
90
90
90
87
88
100 85 Sept 8 11934 Sept 18
21
*16
22
22
*20
23
2034 2034 2034 2034 *16
300 Federal MinIng & Smelt__ _100 1258July 13 35 Jan 7
8 Mar 60 June
*19
41
41
42
*3914 42
20 Mar 65 June
43
*40
100 Do pref
*40
42
*40
42
*40
100 3518 Apr 24 5712Jan 7
325 330 *320 330 *320 335
440 General Chemical
335 335 *335 340 *330 338
100 1265 Jan 5 350 Mar 18 165 Jan 360 Oct
40 Do pref
1115 115 *115 117 *115 117 *115 117 *115 117 *115 117
100 1113 Jan 5 116 Jan 27 106 Mar 01612 Nov
14,000 General Electric
184 18512 18414 18578 18218 18378 18314 18578 18314 18414 18278 184
100 159 Apr 22 18714 Oct 20 138 Mar 18512 Oct
1,100 General Motors
100 405 Apr 24 850 Oct 25
82 Jan 558 Dec
820 820
835 837
835 850 835 835 *820 875
800 825
126 12614 7,600 Do pref
126 12812 126 126
12514 12558 126 12612 1264 127
100 108 July14 12812 Sept 8
9058 Jan 138 Deo
7314 737
7314 74
2412 Jan 8014 Oct
18,650 Goodrich Co (B F)
7312 737
7358 7518 7334 74112 734 75
100 67 Jan 31 80 Aor 10
95 Jan 11414 Oct
*114 11418 11414 11414 11414 11414 114, 11414 *113 11414 *____ 11414
700 Do pref
100 11034 Feb 1 11834 Mar 16
9158 1,100 Granby Cons M S & P_100 80 July12 99 Feb 10
90
7914 Apr 91 June
91
91
9158 9112
5112 4,500 Greene Cananea Copper 100 34 June26 5338 Mar 9
37 Oct 5258 Dec
5134 5212 5214 5278 -iii.54 -Ei- -8ii2 -El- -86- If- 51
95
95
9578 96
2,500 Gulf States Steel tr ctfs
*93
95
9473 9534 9534 9534 954 96
100 71 May 4 9612 Sept15
--------100 100
100 Do 1st pref tr ctfs
*99 101
*99 101
100 87 May 4 10112 June 1
*99 101
*95
96
300 Do 25 pref tr °Us
96
9513 954
96
-4
7
63 "ii- *93
100 72 May 5 9812 Sept15 ----- ---- --- -*93
Oct
- :lizi -66
6512 6658 99,700 Inspiration Cons Copper---20Jan
1565812
8
2434 6558 66
67
6534 6612 65
en
pt25
66
4258 Apr 22
j
Sa
Nov
Mar
1912 1712 1712 2,800 Internat Agricul Corp
..l00 11 Aug 30 26927588
18
18
1833 1914 1958 1912 1918 1918 *17
Dec
29
713
'
4
Mar
49
48 4834 6,600 Do pref
8
5038 49
100 384July 14 74 Jan 5
4712 48
4834 498 4914 5034 49
117 118
1,600 Intern Harvester of N J
11712 118
116 11612 117 117
90 May 114 June
11834 119 *117 119
100 10812Jan 7 11934June 7
3938 4038 404 4158 52,000 Int Mere Marine Ws of dep__
4214 3978 4158 3958 41
40
41
41
18 Dec 2012 Dec
1358 Feb 15 5078 Sept14
7712 Dec
11434 11653 128,000 Do pref ctfs of den
5512 Nov
11512 11612 116 11858 11458 11612 11458 11838 1111312 115
6114 Mar 1 12558 Septll
5014 52
50
5034 4934 5018 5058 5178 77,100 Intern Nickel (The) v t o_25 3958 Aug 22 56% Jan 17 17934 Dec 22312 Oct
52
53
5134 53
1278 Dec
Jan
4712 4512 4912 4812 5034 4812 5018 4973 5418 113,850 International Paper
46
8
45
47
100
54380ot
27
912 Mar 1
10018 102
102 10458 19,300 Do pref
994 10314 101 103
102 10234 10218 103
100 4212 Feb 1 105 Oct 19
33 Feb 5034 Dec
*88
90
_
89
89
90
_
2,400 Jewel Tea, Inc
8934 914 ,.. 9034 9112 89
100 67 Mar 9 96 Apr 4
-------7618 7658 -76- -7814 2,100 Kelly-Springfield Tire
7814 7878 Z7834 7834 78
25 66 July 18 8514 Sept 6
7814 7712 78
527s 5334 ,5358 5458 534 5414 53
5312 5278 5314 5234 5458 87,375 Kennecott CopperNo par 4413 Aug 2 59 Apr 3
28 Jan 9434 -1T4i
100 64 May 5 90 Sept29
86
86% ,1,8612 8858 8812 8734 8658 8712 87 8934 8878 90 88,500 Lackawanna Steel
4234 4234 43
4318 39
4278 39
41
3912 407
4078 4112 15,100 Lee Rubber & TireNo par 39 Oct 24 584 June 5
825 Liggett & Myers Tobacco_100 210 Apr 14 300 Oct 19 207 Jan 260 Dec
*280 300
299 29978 298 29934 *290 300 *280 300 *280 300
235 237 *22213 239 *22212 239 *22213 235
400 Lorillard Co (P)
100 17914 Jan 19 23978 Aug 19 18512 Jan 189 Nov
'0205 235 *205 235
8614 8814 8614
7258 Jan 84 Nov
100 78 Apr 14 91 Feb 10
8612 *85 , 8613 *86
400 Mackay Companies
8614 8614 8614 8614 *85
*66
6714 *6618 67
68
68
400 Do pref
100 6512Jan 20 8834June 7
67
67
67
8614 6614 *65
6434 Oct 8934 Jan
8814 8912 8838 89
90
8734 8812 6,300 Maxwell Motor Inc tr otts_100 5714 Mar 3 99 Sept25
1514 Jan 92 Oct
8934 9158 8934 914 89
87
87
87
87 87
8834 8634
4314 Jan 10334 Dec
900 Do 1st pref stk tr ctfs_100 78 Apr 22 93 Jan 3
*87
8712 *8834 8714 87
4,5513 56
5553 56
5512 5513 5512 5512 *5412 5512 *5412 5512
500 Do 2d pref atk tr ctIs-100 424 Mar 2 6078June 8
18 Jan 6812 Oct
Jan 12413 Dec
51
10914 11034 109 11012 80,600 Mexican Petroleum
11014 113
100 8853.June28 12953Jan 3
109 11034 110 11134 11014 113
*95 98
96
96
96
96
98
98
97
97
100 8912June28 10558Jan 3
67 Jan 10412 Dec
96
500 Do pref
*93
3914 394 3912 13,700 Miami Copper
3938 39
39
3914 394 3912 39
5 33 Aug 3 4138 Sept25
174 Jan 364 Dec
3834 39
96
98
98
974 99
9712 98
9712 98
42 Jan 7934 Dec
*94
1,500 Montana Power
100 684 Mar 1 99 Oct 25
*95
96
__ *117 120 *117 120 *117 121 *117
_ ------ Do prof
99 Jan 120 Dec
*117 119 *117
100 109 Jan 3 117 Sept28
4 128 128
127 127 *126 127
12912 1-293127 . 127
100 118 Sept 9 131120ot 19 116 Apr 132 Jan
128711 129
800 National Biscuit
- *12612 12812
*12618 130 *12613 130 *12613 130 *12612 130
Do pref
100 124 June30 12958 May12 119 May 1274 Dec
84
84
84
8412 ---- ---- ii-1,i2 84-12
100 71 May 9 8478 Sept12
68 Mar 90 Aug
550 Nat Cloak & Suit
2913 27
27
*2712 29
*28- -II- 1,200 Nat Enam'g & Stamp'g
913 Jan 3818 Oct
100 1934 Apr 22 313s Sept29
-25- 161; 2912 2912 29
96
*95
96
*95
96
9512 9512 *95
*95
96
100 Do prof
79 Apr 97 Dec
*94
96
100 92 Jan 19 9712 Feb 18
6814 6912 6,800 National Lead
Jan 7034 May
698 8958 7078 69 7014 6834 6914 69 69
100 6012 Apr 22 7458 Sept21
89
44
11414 11414 113 11312 113 113 1.1312 11353
*11414 115 *11413 115
600 Do prof
100 112 Feb 9 11718 Oct 3 10434 Jan 115 Nov
2234 23
2273 23
2234 23
2258 2278, 2212 2234 2234 23
19,530 Nevada Consol Copper
5 15 Jan 31 2312 Sept25
1134 Feb
17 Nov
100 118 July14 16234 Oct 4
5612 Feb 164% Set)
15834 159
15834 159
157 159
15734 158341 158 15812 15734 159
2,700 New York Air Brake
70
69 6914 6934 70
*69
72
894 6918 70
6
754()
64 Jan 81 Apr
72
600 North American Co
ATI. 26
9 75 Jan 3
*70
85
19925
8418 8514 8414 8458 8334 844 8312 8418 9,800 Ohio Cities Gas (Tbe)
Oaotti 17
9 _ - _i-- -8412 84
8
15
132
58j
64
Pei; --ii3; -he;
64 614
638 638
614 638
618 614 2,700 Ontario Silver Mining
6
614
614 64
100
6 July20
2512 25
2538 2512 2614 4,300 Pacific Mall
Dec 38 Aug
2512 2513 25
26
*25
28
25
A ug 2
110
5 1134Jan 3
Apr
11114 11114 *11012 112
11114 11314 2,500 People's G L & C (Chle)_100 10018 May 5 1318112318
10
*110 11112 11118 11113 *111 112
z8
13142
Oct
3512 Apr 49 Sep
414 4114 • 41
2,000 Philadelphia Co (Pittsb)---50 38 June15 48 Jan 17
41
4058 407
4012 4078 4018 4038 *40 41
4338 4478 79,200 Pittsburgh Coal ctts dep_100 2514 July28 4473 Oct 27
3934 394 43
374 3758 3934 3734 3612 3712 37
10812 10834 10834 10938 109 110
110 11038 3,100 Do pref °Hs deposit...100 10014 Aug 25 11038 Oct 27 --------10814 10812
if" 7213 74
71
7334 7112 7258 7258 7312 34,700 Pressed Steel Car
100 4212JulY 14 74 Oct 23
25 Mar 7814 Oct
71'! 7212 - .2i.4 -Oct
105 105 *10512 10614
105 105
105 105
101 10412 *101 105
800 Do pref
100 97 July18 105 Oct 6
86 Mar 106
*129 132 *129 13012 131 131
13034 13034 13112 132 *13134 ____
600 Public Serv Corp of N J
100 114 an 31 137 Sept27 10012 Aug 120 Dec
600 Pullman Company
17012 1705 170 170 *170 172 *170 172 *170 172 *170 172
100 15978 May10 177 Sept30 15018 Mar 17014 Oct
Oct
5234 5334 14,400 Railway Steel Spring
537s 5418 5334 5512 5314 5412 5214 5378 514 53
100 32 Apr 22 5778 Oct 6
19 Mar 54
101 101
10112 10112 *10034 102
10134 10134
400 Do pref
87 Mar 102 Nov
*10034 102 *10012 102
100 9514 Mar 9 1024 Oct 4
1514 Jan 2712 Nov
2534 2814 2534 2818 2558 2578 2558 2573 2558 26
29,800 Ray Consolidated Copper.
20 June23 27 Sept25
2534 26
100 42 June26 8334 Sept29
19 Feb 5714 Dee
7938 7714 7878 78
7912 153,700 Republic Iron & Steel
76
774 7612 8011 77
8018 77
112 11214 11212 11212 11212 11212 *11213 113
113 113
11313 11312 1,200 Do pref
100 10678June28 11613Sept14
72 Jan 11253 Dec
7912 81
7934 7934 *7934 804 79
8012 8033 81
79
100 77 Sept15 8434 Sept 19 _--*79
1,000 Saxon Motor Car Corp
216 217
223 22312 3,300 Sears, Roebuck & Co
*21414 21812 21434 215
21814 22314 22114 225
;.. ;
4 Mar 169-1
100 1884 Mar 1 225 Oct 28 8131-33.1,
28% 2878 2858 2834 2,800 Shattuck Aria Copper
2912 2858 2878 2878 29
2834 2938 29
10 24 July 11 4014 Feb 14
8 Dec
63
84
*6212 6312 61
64
61
6178 62
8134 6234 4,700 Sloss-Sheffield Steel & Ir--100 37 July14 8814001 824 Jan --66783
223 223
225 225
216 225 *218 230
220 220
40 Feb 164 Dec
220 220
700 South Porto Rico Sugar__100 146 Jan 29 240 June10
13512 13612 1354 13658 13278 135
13212 13412 13214 13312 133 134
14,700 Studebaker Corp (The)___100 1194 Sept 1 167 Jan 3
3534 Jan 195
Oct
11158 112 *111 112 *111 11212 *111 11212
1117s 11178 *11112 114
300 Do pref
91 Jan 1194 Oct
100 1084 Sept26 114 Mar 14
68
69
6734 6834 67
68
67
674 6612 68
2,500 Stutz Motor of Am Ino_No par 83120ot 9 7912Sept25 __ ..1(2 ---Feb --;hi - "AWL')
2358 2278 234 2234 23
2234 2318 2234 2314 10,600 Tennessee Copper
25 21180ot 11 8612Jan 5
2
-iii8 ii3-8 23
22712 22814 228 229
20,300 Texas Company (The).._100 1774 June27 23512Jan 3 120 May 237 Dec
22314 22512 225 22934 22814 232
228 231
5478 5312 5434 53
5312 52
54
54
544 5478 54
5514 20,300 Tobacco Products Corp __I00 4814 Sept 7 5918 Oct 5
105 105 *104 106 *104 106
105 105 *104 10534 *W4 107
100 99 July14 10912 Mar 16 --66- iiiii -idi- i•iC);
300 Do pref
10978 110 *10978 110
108 109
110
10934 110
55 Feb
1,301) Underwood Typewriter_100 86 Jan 12 110 Oct 24
10912 10973
414 May 9 1812 Oct 19
Dec
1614 1412 1514 1434 1558 27,900 Union Bag & Paper
438 Jan
1518 1618 1518 1578 1458 1614 15
100
9il
'
8
2 1)
e
cot
744 7318 7312 7338 7378 3,700 Do pref
2278 July 3
7312 7438 7313 7412 7212 7412 74
100 28 Jan 27 7512 Oct 20
10178 10278 101 1024 101 102
101 10212 101 10212 10018 102
4,000 Union Bag & Paper (new)_100 87120ot 16 1041300120
29934 9978 4,560 United Cigar Stores
10112 10153 10114 10134 10112 10158 101 10158 10018 101
100 69 Feb 9 10534 Aug 9
b9 Dec 61053 -0-e-t
10
318 Novlov
119 119
119 119
•117 119 *11712 119 *11712 119
300 Do pref
100 b1112 Feb 10
A
Nov 163
16112 18212 162 1644 iai4 iiii" 161 16214 16012 16412 12,200 United Fruit
161 163
100 136'S Jan 31 1g012
2413 2514 2412 2558 2518 2612 8,600 US Cast I Pipe & Fdy..-100 151 Jan 31 28 Oct 2
2514 2553 2534 2534 2178 25
8 Jan 3178 Oct
5714 5712 5734 5934 597 61
62
6312 2,900 Do pref
324 Mar 5512 Nov
5713 5734 5712 58
100 482 Feb 5 6312 Oct 27
13434 13838 13514 13814 139 14612 14212 14514 14514 14834 114,550 U S Industrial Alcohol
15 Jan 13114 Dec
13513 136
100 97 July13 17012 Apr 6
*100 103 *100 103 *100 103
103 103 *103 104
104 104
70 Jan 107 Nov
200 Do pref
100 9912July 11 114 Jan 13
62
6034 62
60
6114 5934 6012 80
6034 14,200 United States Rubber.......100 4734 Mar 1 6332 Sept29
44 July 7434 Apr
6034 6112 61
11134 11134 11133 11112 111 11112 11073 11138 11014 11012 11012 11034 3,900 Do 1st preferred
100 10618Feb 5 115 Sept18 10138 Feb 110 Apr
7312 7213 7312 7214 7234 7112 7134 7112 7134 3,700 US Smelting Ref & M
*7234 7358 73
50 6212 June27 8034 Apr 4
----- -- -- 5114 5114 5114
5134 5112 5112 *51
3001 Do pref
5114 5114 *5034 5134 *51
50 50 June20 5312June 9
11718 11878 11812 11978 1390500 United States Steel100 .27934 Mar 1 1213400t 23
38 Feb 894 Dec
11834 120311 11912 12134 11814 12012 11778 120
Oct
1214 12112 12158 12158 12118 12138 12114 12112 5,675 Do prof
12034 12112 12114 122
100 115 May 3 122 Sept26 x102 Feb 117
9913 1014 9914 10234 101 106 173,400 Utah Copper
4812 Jan 8134 Dee
9634 9934 9834 10012 10018 102
10 7434July 14 106 OctOot 27
*1713 18
-- 1734 1734 18
1918 1812 19
*1718 19
1978 19
,th 3
4,600 Utah Securities v t c
100 1814 June 9 20341,
4778 46
4734 4534 4613 4612 4678 21,300,Virginia-Carolina Chem_100 36 Apr 24 51 Jan 17
4512 4638 48
15 Jan 52 Oct
4411 453
11178 11178 112 112 *111 112 *111 112 *11112 112
*110 112
2001 Do pref
80 Jan 11378 Dee
100 108 Apr 22 11378 Sept25
Oct
49
4912 49
49
48
5112 52
36 June 74
4714 4714 474 49
5534 6,500.VirgInia Iron C & C
100 41 July27 6212Jan 7
10218 10314 10238 10338 7,300,Western Union Telegraph_100 87 Mar 1 10513 Oct 18
103 10312 10278 103
10318 104
103 104
57 Jan 90 Nov
113% 04
32 Feb 7478 Oct
6358 6434 6318 6414 6314 6514 6312 6412 8352 6452 95,200,WestInghouse Elec St Mfg--50 5234 July 14 7158 Mar 15
*70
75
*70
75
75
*73
75
*70
75
Mar 85
*70
1 Do 1st preferred.
50 70 Apr 19
n2V3 Octv
-4,-63 -4-ii1-8 4412 4553 57,800 Willys-Overland (The)___25 43 Oct 9 n37
4678 45
46
4758 481Pe 254638 4712 46
29
5 June
111arl
104 104
104 104
1054 104
10313 10312 10312 10312 10313 10312 1,000 Do pref Sub roots full pd 100 102 Mar 2 117 June 5
- --- - -, ._-_.
1)-e-o
13958 140 *139 140
*13914 145
___- ---- 13918 140
1,100 Woolworth (F W)
100 118 Jan 5 14134 Oct 5 -901-4 -Jan .1201-2.
.
34 1-ii3-4
*124 128 *124 ___ *124
*124
__- .1221.
100 Do pref
100 123 June29 125580ot 3 115 Jan 124 Aug
32
32
*3113 34
3113 -3-1-1-2
-814 514 333 3334 32 li
500 Worthington P & M v t c_ _100 25 July13 3638 Sept14
*05 ISO
*95 100
*95 100
*95 100
9758 9758 *95 100
100 Do prof A v t c
100 95 July13 100 Sept18
59% 5934 5912 5913 *58
62 *_____ .....*_:__ 61
600 Do pre! B v t c
100 5238 July14 88128ept1.4 ----- ---- ----- ---_
• Id and inked prioes; no sales on this day. It Less than 100 shares. I Ex-rights. a Ex-div. and rights. b New stock. c Par 225 per Owe. a lix-stook dividend.
is Par $100 per share.
z
ugAI% 3 '1412
2 JP
...i* 591.
1577
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
in Jan. 1909 the Exchange method of quoit's) Ponds was changed, and prices are now a11—"and interest"—except for income and de/auiled Sends.
Price
Friday
BONDS
N. Y. STOCK EXCILANGE
Week Ending Oct. 21f.
Oct, 27.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Oct. 27.
Price
Friday
Oct. 27.
Week's
Range or
Last Sale
42-1!
042
Rana*
Since
Jan. 1
Hid
High No, Low High
Ask Low
High No. Low High Chic Burl & Q (Con.)—
Ask Low
Bid
U. S. Government.
3 93% 96%
95
97
9478
95
3 99
1949 J - J
9934
Illinois Div 4s
994
U 8 2s consol registered_ __a1930 Q - J 9934 Sale 9934
_
10212
102% 103%
A
0
10212
9912
1919
10212
10012
Sepelti
Iowa
Div
sink
fund
5s
9912 10012
31930 Q - J
U 8 2s consul coupon
99% 9971
99,
4 -- 9934 Oct '16
Sinking fund 4s
(.4 - F 10034 10114 10012 Aug '16 -. -- 99,
4 10234
U S 3s registered
5F
10078
Sale
1007
8
1037
8
Joint
bonds.
See
Great
North
9
A
Q
100
1027
s
/11/18
U 5 3i coupon
2 9754 100
9812 99
9812
Nebraska Extension 4s_1927
•M - N
9812
- 1094 111 18
1925 Q - F 110 11034 11034 Oct '16
U S 48 registered
_ 11058
96
93
11058
1927 M-N
1 110 11212
Registered
- -- 98 July'16
1925 Q - F
U S 4s coupon
_ 9912 June'15
9814 Oct '15 -Southwestern Div 4s
1921 NI- S 994 _
U S Pan Canal 10-30-yr 2s_k1936 44 - F 9914 100
98 92
9433
9334 Sale 9312
94
9914 100
97 July'15 -General 4s
1958 M U 8 Pan Canal 10-30-yr 28_ _1938 Q - N
4' 21114
29 Sate 29
29
Chic & E 111 ref & imp 48 g-1955 J
421 29
101:78
U S Panama Canal 3s g__ _1961 Q -M 102 ____ 103 Oct '16
2612 28
26
U S Mtg & Tr Co ctfs of dep_ 25 Oct '16
20
1(10 Feb '15 --__
U 8 Philippine 101011(1 48_1914-34 Q - F 100 __
10314 - .- 10712 Aug '16
104 10712
1st consol gold Os
1934
Foreign Government.
983 Sale 9814
9014 Sale 9014
9334 1164 98
93
General consol lot 5s
9014 20 75
9918
Amer Foreign Secur So (w 1) _'19
85
. _ 82 May'lti
82
82
Register
9514 4509 9312 9618
Registered
0158 Sale 9458
Anglo-French .5-yr 5s Exter loan_
20 75
90 Sale 90
90
02 Oct '16
8934 95,
90
U S Nag & Tr Co ctfs of11d
99e
33P
77
Argentine—Internal 5s of 1909:_ M- S 9112 92
8
85
9112
'16
:
69
8
Oct
7012
6934
18
Guar
Tr
895
74
89%
69
J
Co
-D
etfs
of
dep
_____
7814
69
(IItiktuttig
Chinese
Ity)-5s of '11
Pur money 1st coal 5s
9734 Feb '13
10014 11 9614 10034
1942 F Cuba—External debt .5s of 1904_ • S 9918 10014 100
25 ____ 26 Sept'16
26
21
Chic & Ind C Ry 1st 5s__ _1936 J - J
9678 15 9418 97
Exter al So of '14 ser A
1949 F - A 954 9612 963
72,
4 Sale 7114
98 69
74
Chic Great West lot 4s
73
8612 _ _ 8612 Oct '16
8112 87
External loan 4
1949 F - A
11112 115
S 11418 115 11412 Oct '16
-J
100 Sale 109
10058 206 9838 1005s Chic Ind &Louisv—Ref 66_1
1959
47 JN1Dominion of Canada g 55 w 11921 A 100
101
1004
Sale
Refunding
gold
151
1003
4
9912
10038
1003
4
58
9912
Sale
A
10114
9718
Do
do
1926
8412 85
Refunding 4s Series C
10118 120 964 102%
83 Sept'16
J 1917
947 1
83
8313
1008 Sale 1008
Do
1931 A do
70
75
Ind & Louisv lot gu 48_1956 J - J
70 Sept'16
70
8834 8812
8834 19 8214 88,
70
4
Japanese Govt—£ loan 44s 1925 F - A I 88
21
88
914
Chic
Ind
&
Sou
J
88 Sept'16
J
88
8914
---50-yr
4s
1956
88
8312
I
8714
J
J
7812 8818
Second series 4s
1925
9713
82
28 73
J - D ---- 9658 9712 Apr '16
07%
81
8414 Chic L S & East 1st
Do do "German stamp".
70 Oct '16 --__ 63
72
7212 Chicago Milwaukee & St Paul—
Sterling loan 45
10:11 3---i 471
92 Sale 92
924 32 8012 94
Gen'i gold 4s Series A_ _ _e1989 J - J
47
5012 50 AUg'16 -- 45
60
Mexleo--Exter loan 5s of 1899 Q - J
258,4 Feb,
'
5156
4 —1
-4
- 912%
12 96
252
,2
Registered
el989 - J -655;3 -653; 95
39 Aug '16 2712 50
Gold debt 4s of 1904
1954 J -D 3612 50
Permanent
45
b9
9813
98
,
4
9814
953
4
957
8
981,
6 92
95
.
7
Sale
A
9918
Part, City of, 5-year
_1921
9518
96
Gen
&
ref
1
5
4
1
A
D
O
Ser
A
4
is_a202
19
9512
Jan
'15
Prov of Alberta—deb 454s_ _1924 F - A
8
107
1
10612
80
10712 89 10512 110
3 74
Gen ref cony ser B 5s__a2014 F - A
80
M- S 78
7978 80
8.012
Tokyo City-5s loan of 1912.
81
12 78
811,
Gen'i gold 334s Ser B____e1989 J - J
99 Sale 98%
101 5529 9878 101
U K of G't Brit & 1 2-yr 5s I918
10234
18' 10012 104
General 454s Ser C
el989 J - J 102 10278 1025*
:These are prices on the basis of -A731;
9234
Sale
9212
25-year deben 4s
1934 J - J
9278 77 90
934
State and City Securities.
101 Sale 10034
Convertible 454s
10112 162 100 10334
10312 191 101 10414
Y City-4s Corp stock _1960 M- S 10312 Sale 10314
103 July'16 - Chic & L Sup Div g 5s_
922
1 1D
J :J 10318
193
103 1037s
10458
61101 10458
4 Jis Corporate stock
1964 M- S 10158 Sale 10412
05
3314
8
10538
Chic & NI° Riv Div 58_ _ _1926 J - J 10
10533
1044
10412 10573
5 10418 10478
448 Corporate
_ _1966 A'0 10112 1044 10134
,
03
n18
8 1,
0T:
8
21 1,913
23
Chic & P %V 1st g 55
1
1,
02
331 12
_1921 J - J 1
5 10
8,
212 10
92
41
4
4s Serial corp stock_1917-31 A- 0
C NI & Puget Scl let gu 48_1949 J - J
10912 110
110.18 38 ionis 1103s
1965 J -D
44s Corporate stock
106
5 108 1071
/
4
Dubuque Div 1st s f 6s_ 1920 J - J 106 ____1196
4 Sale 10912
10934
7 105's 094
4 tit; Corporate stock
1963 61- S 109,
42! 9778 101%
10114
Fargo & Sou assum g (is_ _1924 J J 110 ___ 110 June t31---4% Corporate stock
1959 M -N 1014 Sale 101
La Crosse & D 1st 5s
-1919 J - J 10212 ____ 10214 Oct '16'-..1958 M- N 100 ____ 101 Oct '16 ----1 98
4% Corporate stock
10338
1033s' 32 1234 1g2
Wis & Minn Div g 5s
10114 281 9
1047%
514
1921 J 10124
1957 -N 1014 10114 101
4% Corporate stock
107
____
Sept'lli
107
---1002
Wls
1007a
9714
Jan
10714
10114
'16,-Vali
Div
J
J
1st
6s
1920
NIN
9714
9714
1956
4% Corporate stock
10112'
1 10114 1017a
Mil & No 1st ext
J - D 10112 ---- 10112
10
1(
153
4 109
01 34
New 41-4s
1957 M- N 1094 1094 10912 Oct '16
.110J58 Oct '16
Cons extended 454.
19341 -D 10232 ---- 10134 June'16:--.. 101 10134
New 44s
1917 NI- N
1154 ---- 96 Aug
9511 9751
434% Corporate stock _ _ _1957 SI-N 1093* 10912 10912 Oct '16 --- 105 10934 Chic & Nor WestExt 481886-1926 F - A
9458 ___- 97 Apr '16:---- 97
4
97
1004 J nue'16 — Registered
„3i7
1886-1926 F - A
78 10i
4
Assessment bonds_ _1917 M - N 10
41
824
933
4
8214
823
96121
9312
Oct
Sale
'16'
--'.1-N
General
N
gold
1987
NI349
354% Corporate stock__ _1951
_
814 Oct '16'
- 10212 1)1533
8
1(
114 L114
Registered
91987 Q - F
Y State-1s_____
1961 M- S 105 10534 105 July'16
0512 14 935 9582
9412 Sale 0412
10512 21 102 10512
General 4s
1987 M- N
Canal Improvement 4s_ _1961 J - J 105 __ _110512
0
121114
Stamped 4s
Canal Improvement 4s_ 1962 J - J 105 ____ 1102, Jan '16 -- 10
1987 M- N 594 _ ___ 94 Sept'16 ---- 9332 96
,12
2
61242 11004,
1151z,
3 11214 11634
10512
9
General 5s stamped
Canal Improvement (Is__ ..1960 J - J 105 106 110512
1987 M- N 11512 Sale 11438
117
6 113 117
Sinking fund (is
1879-1929 A - 0 11018 --_- 11212 Jan 16-- 11212 11212
Canal Improvement 4 its_1964 J - J 11434 11514117
10912 Apr '161-- 10912 10912
Registered
1879-1929 A - 0
Canal Improvement 0(0_1965 J - J 10914 ____11(11134 Sept'16 -11558
1 1°2:
Sinking fund 58
1379-1929 A - 0 105 10534 10412 Oct '16'---- 104 10434
Highway Improv't 43-4f1-1963 M- S 11558 Sale i11558
:1 1934
- 10312 Apr '16 ---- 10312 104
Regis
Registered
1879-1929 A - 0 10412
Highway Improv't 4 its-1965 M- S 10914 11014 10938 July'16 -- 107 109,
4
10338 Sale 103
10332
2 10112 1031s
Debenture .5s
85 Aug '16 -- 8434 8838
1921 A Virginia funded debt 2-38._ A991 J -J 8634 88
Registered
1o212 Oct '16 ---- 10212 10212
5618
7
,
537
8
58
1921
A
56
50
Ws
deferred
Is
Brown Bros ctfs___
Oct
'16
Sinking
---1634
---103%
fund
deb 58
1933 M-N
1034 196
Railroad
Registered
68
6612
6012
1933 M-N 102 ____ 10414 June'16 ---- 10414 10414
63
Ann Arbor 1st g Is— .
51995 Q J 67
From Elk & Mo V 1st 6s 1933 A - 0 12114 ____ 12012 Sept'16 ---- 12012 121
9412 685 6
9414 Sale 93,
9018
4
4 9
68
5
3:
N
8
a
Atch Top dr S Fe gen g 45,.,1995 A '16
9012
Sept'09
Oct
Man
9212
92
GB&NW 1st 340_1941 J - J
-Registered
1995 A 8 8312 8812
8312
Milts & S L 1st gu 354s _1941
87
854 87
l941 J - J
Adjustment gold 45
51995 Nov
81
8612
MII L S dr West Ist g 6s_ 1921 M - S 16 3s Sale 10738
1073s 11
8312 85% 82 Oct '15
Registered
51995 Nov
47
86
,
4
10714
86
i6
07
41,
__-- 10612 Oct '16
i
10
66
i4 1
834 884
Ext & 1111r. 8 gold .58_ _1929 F -A
Stamped
51995 51-N 8614 Sale
10714 27 10034 10812
_ 11178 Dec '15
10614
Ashland Div let g (38
1925 RI- S 112
Cony gold 45
1955 J -D 10612 sale 1063
4
10734 33, 10134 10838
11114 iii 111 Sept'16
1i
41s
Mich Div 1st gold es__ _1924 J 1 ILI- 19
Cony 4s issue of 1910
1960 J -D 10612 10712 101
18'
9238
10114
10114
9412 9278 Oct '16
10012 10154
Mil Spar & N W 1st gu 48_1947 M- S
10-year Is
1917 .1 -13 97 Sale
97
___ 97
5 9538 97
M aly0"714
Northw Union 1st 78 g_ _1917 MEast Okla Div 1st g 4a
1928 M - S
86
23 84
874 85
St L Peo & NW Ist gu 513_1948 J - J 10658 1083-4 107
7'8
89
ioi- idi Rocky Mtn Div 1st 4s__ _ _1965 J - J 85
9012 91
9012
9012
1 89
'
615 1
-6
-7
-3
10212 Dec6
Trans Con Short I, let 48_1958 J -J
Winona dr St P 1st ext 78_1916 J - D
92
0638 9835 9812 Oct '16
10114 i i I _ 1011
/
41
2 j6i.- kri/
/
4 1011
1
4
Cal-An' Ist & ref 4 tis"A"1962 relChicago Rock Is] & Pac 68._1917 J 9632 99
8 Fe Pres & Ph 1st g 5s.._ _1942 M- S 10133 10512 10278 Aug '16
10278 10412
Registered
1017J - .1 *10034 ___- 101 Sept'16 ---- 101 102
8612 Sale 86
93'4 19 91
8612 33 82
87
Atl Coast L 1st gold 4s____51952 M- S 93% Sale 9312
9438
14 general gold 45
1988 J - J
94
297 89
85
8312
8312
1 83
Gen unified 4345
1964 J -D 93% Salo 9312
8414
94
Register
Registered
1988 J - J
10718 15 10614 10738
2 Sale 7434
Ala Mid let gui gold 53_ __ _1928 M- N 1073s 10778 10718
7633 852 6354 7658
Refunding gold 48
1934 A -0 7619112
934 Oct '16
65 Sale 62
Bruns & W 1st gu gold 43_1938• J
30-year debenture 5s
4112 8654
9312 95
J
1932
J
12978 Aug '15
_
9714 9778 9678 Sept'16 ---- 95
Charles & Say 1st gold 78_1936 ▪ - J 13412 _
Coll trust Series P 4s
974
8712 23 8312 81828212
60
60
60
01952 M- N 87 sale 87
RI Ark & Louis let 4;.48_ _119
5
.. 54
L & N coil gold 45.
93
18
4 5M1:N
S 59
6518
11878 _
11918 July'16
10138 103 10078 Oct '16 ---- g m 1011
1934 A /
4
Bur C R & N—Ist g 5s_ _ _1934 A Say F & W 1st gold 6s
hO's
107
105 July 15 - _ 100 ___- 1004 Marla ---- ____ --1931 A Ist gold 53
C
m RI
A sF
t
7
g8u 58_1921 A 9918 Feb 'le
..--- ---- ,
NstW
Sil Sp Oca & G gu g 4s___ _1918 J - J 9918 _
994 -9918
guit
993 Oct '16 ---- 'Ws 1933
9414 31
1925 J - J 011a Sale 94
D 9934
Choc Okla & CI gen g 58.A1
Bait Sr Ohio prior 354s
192
917911 :J
9218 _ _ 92 June'lb
91
62 _6
_i_ 9733 July'15 --__
51925 Q- J
Registered
Consol gold 5s
92 glide 9178
6312
2
92
235 8
63
51948 A Keok & Des Moines 1st 50 192
A :O
N
3M
let 50-year gold 45
1953
992
9
131'1
4 9
922434
:2
S— -6.
7i
151948 44- J ---- 9112 9112 Oct '16
St Paul & K C Sh L 1st 454s'41 F - A 68 ____ 67 Aug '16 ---- -L
Registered
8612 9112
057s Sale 9512
961 227 9372 9858 Chic St P
1933
10-yr cony 4348
& 0 con 6s1930 J -D 118 119 11738 Oct '16 ---- 11714 11872
101
Sale
l0118
10112 178 9978 10134
8734 Feb '16 ---- 8734 8734
Refund dr gen 5s Series A_1995
3348_1930 J -D 9114
C
Do
en
bs
enIs reduced
s
c
ed
to
10158
3 100 103
Pitts June lot gold 6s__ _1922 J - J 108 109 112 Jan '12
1930 M- S 101 10113 10158
5s
9134 __
11714 ---- 11712 May'16
11712 11814
92
92
P June & M Div let g 31is 1925 M- N
Ch St P & Minn 1st g 6s 1918
91
88'4 Sale 8734
_ 12958 May'09 -PLE&W Va Sys ref 4s1941 NI- N
8814 75
North Wisconsin 1st Os__ _1930 J - J 11714
9278 60 89
Southw Div 1st gold 3qs_1925 J -J 9218 9212 9178
St P & S City 1st g
51si 9
_1919 A -0 10412 ioiz, 10412 Oct '16 -- ini- id
942
0274
99
10514
10411
10412 Aug '16 ---Cent Ohio R Iste g 448_1930 M- S
10118 100 Apr '13
Superior Short L 1st 55 g_g1930 M1(17
Cl Lor& W con 1st g 5s,1933 A 85
85
85
_- 10634 Oct '16
68
85
10634 10778 Chic T H & So-ea.st 1st 5s_ _ _1960 J -D 83
Monon River 1st gu g 58_1919 F - A 1004
10034 Oct '16
Chic & West Ind gen g 68_01932 Q -M 107_ 107 Oct '16 ---- 108 10712
101
10034
60 78% 8158
77 Safe 77
107 July'16
Ohio River RR 1st g 5a
78
1936 J -D 10618
Consol 50-year 48
10434
General gold 5s
91 _
_ 8612Jan '16--..
881,
10534
1937 A 10534 11 10
Cin II & D 2d gold 4348
J:
57
2j
193
05
64 1
10
95
7;
33
107 __
Pitts Clev & Tol 1st g 6s_ _1922 A 11312 Feb '12
60
SW
1st & refunding 48
,
9j
J
19
,5
5
9938 ____ 9938 Sept'113
Pitts dr West 1st g 4s
77 ---- 78 Aug '16 ---- 78
1917 - J
78
1st guaranteed 4s
9938 9912
11)112
11012
40 ____ 25 July'15 ---Buffalo R & P gen g 58
1937 M- S 10914 __
Cln D& list gu g 5s
1941
10712 11012
,f8i61: Consol 430
20 ___ 88 Mar'll
10112 Sept'16
1957 M-N 102
C Find & Ft W let gu 48g 1923 M- N
MR, 103
9314 _
_ 11158 Mar'16
All & West let g 4s gu
1998 A - - 65 July'14 --Cin I dr W 1st gu g 4s1953 J - J
9258 9251,
10312 Feb '16
Clear & Mah 1st gu g 5a 1943 J - J 106
2,
Day & Mich lat cons 4348_1931 J - J 90 __ _ 9438 Dee '14 ---10318 10318
Roch dr Pitts 1st gold 6a 1921 F - A 108
11.914 Aug '16
65 July'14 --__
Ind Dec & W 1st g 58
1935 J - J
10758 10914
Consol 1st g 6s
1922 J -D 1085s
10712
Dec
'02
---- 109 Oct '16
1st
guar
gold 58
10734 11014
81
10312 Sale 10312
Canada Sou cons tzu A Is, 1962 A 81
10312
1 10112 10434 Cleve On CA St L gen 48_ _1199
1• -D 81 Sale 8012
5 .1
33
Car Clinch & Ohio 1st 30-yr 5s'38 J -D 94 Sale 94
9478
4
87% 15 8312 9014
20-yr deb 430
1931 J - J 8512 8712 8712
Central of Ga 1st gold 5a___p1945 F- A 1074
lags
-- 10758 Sept'16
3 9914 101
Gen 50 Series B
1993 J -D lows 10934 lows
10212
8512 86
87
Consol gold 58
1945 M- N
103
8534 Oct '16 --- 82
106 102
12 11 2%
Cairo Div 1st gold 48
7212 L901354
3
7734 79
Chatt Div pur money g 43 1951 J -D 8212 8714 8412 May'113
7658 Oct '16 ---- 7512 77%
39
1 1
J:j
J
Cin W & M Div 1st g 45_1
99
19
8312 8412
_ 10378 Oct '16
8314 __- 8212
8234 26 79
8412
Mac A Nor Div 1st g 5a...1918 J - J 10358
St L Div lit coil tr g 48
1990 M- N
10134 1037s
103
J
,
81
4 -- 10014 Mar'15
-----1947 J 824 Mar'14
Mid Ga & A tl Div Is
Registered
4 __
1946 J - J 103,
104 Oct '16
Mobile Div 1st g bs_
Spr & Col Div 1st g 4s
M-N
S 81 ____ 83 Sept'16 ---- 83
99° M
1940
10214 104 84
86
951 1
84s4 Jan '16 ---- 8454 804
9514
Con Rtt& Rot Ga col g ba 1937 M-N 95% 97
W W Val Div 1st g 4s
1
1940 J - J
105 10534
1987 J - J 1171s 1177s 11714
11714
3:
Cent of NJ gen'i gold 5s
C I St L dr C consol 6s...._ _1920 M-N 1054 10534 105 June'16
11104
15
0
3
143
35 10
9
184
751
73144
-- 117 Oct '16
924 ---- 92% Oct '16 ---- 9118 9284
51987 - J 11612
Registered
1st gold 48
15
9112 ____ 8812 MaY'15
_1921 J - J 10333 10314 1033 Oct '16
Am Dock & Imp gu 55
Register
Registered
102 Sept'16
4100 June'13
Leh & HuriRlygen gu g 58_1920 J - J
Cln s Cl con let g 58--//
-1
11932663 I
QQ FF
J 102,
10012 Jim '13
N Y & Long Sr gong 4s.,1941 M- S -151/4
C C C dr I gen con g (1s_ _1934 I - J 1164 ___ 11618 June'16 ---- 11618 1161a
94 July 08 ----- 81
8134 Oct '16
Cent Vermont 1st gu g 414.._e1920 Q - F
Ind IS & W 1st pref 4s____1940 A -0 79 __.
967, 96
96
5
Che.sa & 0 fond & impt 5s_ _1929 J - J 94
0 Ind dr W 1st pref Ss__ _d1938 Q 1 63
71
77
7234 71
1939 M - N 10714 Sale 10714
lot consol gold Is
7 .749
107,
8
431
- 1,1
Peo & East 1st con 4s__1940 A -0 72
08:4
75
:
38
42
38
N ____ 10512 10418 Oct '16
381e
6 23
Registered
1939
384
Income 48
103 19412
10112
5' 9954 10111
General gold 4348
1992 M - S 9178 Salo 91%
92
29 49
r 10112 10218 10112
60
1 AA-PO
934 Cleve Short L 1st gu 4348
199
1312 1418 13
14
6
7
HA
Registered
1992 fel- 5 - 91
91
91
3 0012 91
Col Midland 1st g 4s
1947 1
1378 Sale 10
1418 135 6
1534
20-year convertible 414s_ _1930 F - A 85% Sale 8512
8578 110 8318 89
Trust Co certfs of deposit __
033
2
03'
2
034
9312
11
90
93
/
1
2
96% Sale 9614
30-year cony secured 5s_ _1946 A 9712 1652 9218 98
1929
Colorado & Sou 1st g 4s
85
85
8512 8518
86
61 8218 874
84
84
2 8314 85
1944 J -D 84
Big Sandy let 4s
N
1935
Refund & Ext 4548
105
8312
5 10434 106%
3 8212 8454
83
Coal River Ry 1st gu 4s_ _1945 J -D 83% 85
Ft W & Den C 1st g 68_1921 J - D 10518 10512 105
4 ____ 9634 Feb '16
1940 J - J 92,
1943 A -0
Craig Valley 1st g ba
9654 9614 Conn & Pas Rive lot g 4s
94
94 Feb '16:7: -94
8434 Jan '13
Potts Creek Br 1st 40_1946 J Cuba RR 1st 50-yr 5s g.,.1952 J - J ---- 95
8758
8758
2 841, 88
Del Lack & Western—
R & A Div 1st con g 48_1989 J - J 87% -84
1989 J - J 8212 83
83
2 8112 4318
83
Morris & Es 1st gu 334s-.2000 J - D 8634 8712 8678 Sept'16 ---- 8533 87
2,1 consol gold 40
107
II 10658 10911
1921 J - J 107 1075* 107
8812 Sept'16
N Y Lack & W 1st 68
Greenbrier Ry 1st gu g 48.1940
8812 8812
10314 __
1033. Oct '16,---- 10234 104
1134 Feb '15
Construction be
Warm Springs V 1st g 5e 1941
•F
A 9834 9912 9834 Oct '16!---- 98
M:N
9854
923
3
62
31
1
I92
Term &Improve 481949 A -0 62 Sale 61
Chic & Alton RR ref g 3s
88 103, Feb '031-Warren 1st ref gu g 3%6_2000 F - A 84
1950 J - J 5234 Sale 5218
5234 42 5
Railway 1st lien 354e
43
7
52
5234
1.e4/1
1917 M- S 103 ---- 103 Oct '16,---9978 10218 9978
9978
Del & Hud 1st Pa Div 78
99 100
Chic B & Q Denver Div 4a 1922 F - A
1041
,1045*
- - - - 1041. Feb
1917 M- S
8478 10 8314 87
Registered
1949 J - J 8434 8513 8478
Illinois Div 3349
Doe June. 5 Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. a Option sale.
NO P1100 Fridalr: latiel—th1a week. d Due A- pril. e Due May.
10438
--._.
--
10412
kt
V2,12 -::
"5
New York Bond Record-Continued-Page 2
1578
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 27.
zrg
Price
Pride&
Oct. 27.
Week's
Flange or
Last Sale
134
.2
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Oct. 27,
3
VOL. 103.
Price
Friday
Oct. 27.
Week's
Ratios or
Last Sale
e
4, I
Range
Since
Jan. 1
Bid
Delaware & Hudson (ConnAsk Low
High No. Low High
Bid
Ask Low
High No. Low High
1st lien equip g 4%s
Leh Val Coal Co 1st gu g 53_1933 J - J
1922 J - J 10118 102 10114 Oct '16 ____ 10038 102
Sl 106
10614
6 104 10614
181 & ref 45
1943 M-N 9858 Sale 9818
9838 13 9614 9938
Registered
1933 J - J ----_-----105Oct '13
--_- - ..
A
0
20-year cony 53
20 105 108
107 Sale 10658 107
1st int reduced to 4s
1935
_
1933 J - J 92
Alb & Susq cony 330
8838 18 8514 8838 Leh & N Y 1st guar g 4s
1916 A-0 8712 8834 8838
1915 NI- S 89 __.: -891-5614 -50-4 July-16
Renss & Saratoga 1st 7s 1921 M-N 11234 __ _ 11218 Oct '16 ---- 11218 113
Registered
8112 139 76
Deny & H Or 1st con g 4s 1936 J - J 8112 Sale 80
1
4 ::::: i561; 15618112 Long Isld 1st cons gold 5s_ _h1194
-S
J 1.5613S
1Q
4
NI87
8612
Consol gold 43s
4 83
1st consol gold 4s
87
h1931 Q- J 9414 __ 9414 June'16
1936 .1 - J 8514 87
i6
94
i71-8
4 iI(1
63814
Improvement gold 5s
94 7834 90
90
General gold 4s
90
1938 J -D 85
1928 J -D 90 Sale 8712
86 Oct '16
90
85
7312 611 5512 7312
1st & refunding 5s
Ferry gold 45is
7
1955 F - A 73 Sale 71
1922 M- S
9938 Apr '16
9914 9934
Rio Or June 1st gu g 5s_1939 J - D 8714 95
Gold 4s
88 Oct '16 ----, 8658 88
1932 2 -D -------_ -0914 Oct '06 -Rio Or Sou 1st gold 4s
Unified gold 4s
1940 J - J 3112 ____ 6113 Apr '11 --.1949 M- S 8312 8512 8412 July'16
,6
7:
2
01- 3 -5
, 54
9712
35 June'18
Guaranteed
Debenture gold 5s
2 9
-35 - -6514
...... 97
1940 J -_ .1 3412
1934 J -D _9'_7_ _ Sale
79
7734
78 -17
- 73
Rio Or West 1st g 4s
Guar refunding gold 43_1919 M- S 89
7812
1939 J i 78
8978 90 Oct '16 ---- 8614 904
6814 21 61
Mtge & cell trust 4s A 1949 A -O 8814 Sale 88
6814
Registered
1949 M- S
95 Jan '11 ---Utah Cent 1st gu g 4s_a1917 A -0 94 ____ 90 Apr '14 ---N Y B & M B 1st con g 53.1935 A -0 10278 ____ 10114 Oct '16 ----, iiif12 jogDes Moines Un Ry 1st g 5s_1917 M- N -_- _-_- 99 Sept'16--.. -ti6- -6-4N Y & R 13 1st gold 5s
I927 M- S 103 ____ 10214 Sept'16
10214 103
Det & Mack-lst lien g 4s.1995 .1 -D 80
85
90 Jan '16 --- 90 90
Nor Sh B 1st con g gu 53_31932 Q - J 9838 ___ 100 Aug '16
9978 102
Gold 4s
85
75 July'16
85
Louisiana & Ark 1st g 5s
1995 J -D 80
75
94
1927 M- S 91
9712 July'16 ---- 88
9712
Del Riv Tun-Ter Tun 4%31961 M-N 93
9334 94 Oct '16 ----, 90.2 94
Loulsv & Nashy gen 6s
2 11134 113
1930 J -rs 11212 11338 11234 11234
Dul Missabe & Nor gen 5s 1941 J - J 10414 10514 10514 Oct '16 ----I 104 10514
Gold 5s
1937 M - N 110
109 Aug '16 -- ' 1083s 11012
A
0
Dui & Iron Range 1st 5s
10112
Sept'16
10112
Unified
10212
.6
10112
10314
12
8
gold 4s
96
1937
3,
238 ,
1910 J - J 9458 Sale 9412
0
93
96'8
Registered
106 Mar'08
Registered
1937 A - 0
9318 Sept'16
1, 6212 -(ii
Dui So Shore & At] g 53
t 9612 95
95
4103
Collateral trust gold 5s
M--N
j i5i1;i5631937 J - J 95
10558 Oct '16
78 10558
1 j.
1193
940
Elgin Joliet & East 1st g 5s_1941 M - N 104 106 104 Oct '16
ELI &Nash 1st g 65
103 101
1919 J - D 10734 ---- 10758 Dec '15 ---Erie 1st consol gold 7s
L Cin & Leg gold 430.. 1931 84-N 10158 i
10858
8 10838 11138
1920 NI- S 10834 10912 10858
-0.:61
.1:4 10138 Sept'16
34- 66.
l6
33
1
17a
N Y & Erie 1st ext g 43
NO & M 1st gold 6s
1947 M-N 96 ____ 9518 Sept'16 ---- 9512 9612
1930.8 - J 11434
11434 Oct '16 ---4 1161i
2d ext gold 5s
S
10134
_ 101 June'16 ---- 10178 10214
2d gold Os
1919 M1930 J - J 107
10978 May'15
3d ext gold 43.0
Paducah ‘It Mom Div 43_1946 F - A 89 ___
1923 M- S 10012 10112 10012 Aug '16 ---- 100 100
8813 July'16 ---- -i513 -5618
.
4th ext gold 5s
St Louis Dly
3s 1st gold 6s 1921 M- 5 10614 104 108 Apr '16 ---- 107 10814
1920 A -0 10154 ___ 10158 Aug '16 ---- 10112 10218
5th ext gold 4s
94 Nov'15 ---21
1928 .1 -D 91
64
1980 M- 5 6112 6314 62 Oct '16 ---- 61
Atl Knox & Cin Div 4s
11i
NYLE&Wlstgfci 73_1920 M- S 10838 10914 10914 Oct '16
8912 88
1955 IVI- N 89
3 8512 90
89
Erie 1st con g 4s prior_
8612
Atl Knox & Nor 1st g 58_1946 J - D 108
85
83
1
1996 . - J 8412 8434 8412
10712 10713
10712 Oct '16
84
80 Oct '15 -'fender Ildge 1st s f g (3s_1931 NI- S 10658 -:-- 10614 June'16 ----' 10534 107
Registered
1996 .1 - J 81
1st consol gen lien g 4s
77
46 71
74
Kentucky Central gold 48_1987 J - J
1996 J - J 74 Sale 7314
---- 8813 Sept'16
'Thi2
J
J
7212
___
June'16
72
7212
Lex
&
1021
--Registered
East
1996
4 ____ m12 10212
1st 50-yr 5s gu.I965 A -0
,16 __.1
.
31 10
8
00
7
:
,4
2 18
0
0:
9
24
2 __ 8914 Oct'168834 90
L & N & NI & M 1st g 4%s 1945 84-S 10012
Fenn coil trust gold 4s
1951 F - A 891101 Oct
50-year cony 4s Series A 1953 A -0 69 Sale .6853
7212
L de N-South NI joint 4s 1952 J - J 8013 -i3.6.5-8 80 Sept'16 ----. 7712 82
69 -iii5 68
A
0
74
Sale
121
do
70
84
74
7313
Series B
Registered
1953
---- 95 Feb '05 ---- ___ _
5
32
7Q
5s___h_119
F:AJ
,
Gen cony 43 Series D
N Fla & S 1st gu g
8858
8714 137 84
1952 A - 0 8714 Sale 8638
4
ioi.1; ---- 10534 Sept'16 ----' 10534 16i-1Chic & Erie 1st gold 5s
N & C Bdge gen go g 4%6_1945 J - .1 99 ---- 9758 May'16 ----' 9758 9758
1982 M-N 10718 10814 107 Oct '16 ---- 10534 10718
10414
J
J
_
101 Feb '15
Clev & Mahon Vail g 5s 1938
Pensac & Atl 1st gu g Os._ 1921 F - A 10818 _--- 10814 May'16 ---- 10818 10858
Long Dock consol g 6s
13 & N Ala cons go g 5s
9 1211-2 166112234
4
1936 F - A 10734 109 10734 Sept'16 ----' 10514 10838
1935 A - 0 12234 Sale 12234
Coal ,Sc RR 1st cur gu (3s.._1922 M-N 10138 104 102 Mar'16 ---- 102 102
Gen cons gu 50-year 5(3_1963 A - 0 10114 10312 10214
0 100 10378
10378
Dock & Imp 1st ext 5s
L & Jeff I3dge Co gu g 4s
1943 J - .1 106 ____ 106 Aug '16 ---- 10258 106
1945 M- S 79 ---- 8118 Apr '16 ---, 8018 8212
N Y Green L gu g 531946 M-N
_
10312 Aug '12 --.Manila RR-Sou lines 4s
1936 M -N --__ 79 _ _
-----I -- - --N Y Susq & W 1st ref 5s1937 J - J 97 9814 9612
-5
'6613 -till Mex Internal 1st cons g 43 1977 M- S --.:- ..-_-- i
NInar'15
7
,
-i v
97
---2d gold 430
10014 Dec '06 --.Stamped guaranteed
1937 F - A
1977 NI- S . _
Y' 0
---General gold 5s
76
1 -i6 - -51- - Midland Term-1st s f g 53_1925 J - D
_ 101 Oct '09 --- - .1910 F - A 76- 7612 76
PA-N
10514 106 10512 Sept'16 ---- 10513 10512 Minn & St L 1st gold 7s
Terminal 1st gold 56
2 113 ii8
1927 J -D lir ____ 113
1943
6113
Mkt of N J 1st ext 53
Pat
1s
osE
oxitll
gos0
1921 A -0 10212 10338 10338 Oct '16 .....,' 10212 10338
t go
1940 A -0 10412 ._ .. 101 Sept'16.-.- 104 104
5sld 6s
Wilk & Eas 1st gu g 5s
consol
1942 J -D 8138 8112 8112 Sept'16 ---- 8112 90
1934 NV- N 8918 93
89
90
3, 86
89
By & Ind 1st con gu g 6s._ _ _1926 .1 - J ____ 40 106 May'12 ---88
1st & refunding gold 4s
270 5234 6
1949 M- S 66 Sale 6114
Evansv & T U 1st cons 6s.._1921 J - .1 983s 101
Ref & ext 50-yr 5s Ser A 1962 Q - F 64 Sale 64
977s Oct '16 ---- -oli - ia 66
10, 50
66
1st general gold 53
Des M & Ft'D 1st gu 4s1935 J 63
1942 A -0 5638 ____ 83 May'16 -- 83
'
---- 60 Feb '15
Mt Vernon 1st gold 6s
08 Noy'll ---Iowa Central 1st gold 5s 1938 J -D
J---89
1923 A -0
90
89 Oct '16 -,-_-_,I 869018
- ---Sall Co Branch 1st g 55
Refunding gold 4s
1951 M- S 63 Sale 61
1930 A -0 ---------95 June'12 --__ -- - - - 0312 223 8113 6312
Florida E Coast 1st 4%s
Sale
34
10 -511.
95
2 -6r;- M StP&SSNI con g 4s int gu_1938 J - .1 9338 9334 9312
1959 .1 -D 05 '94
9334 47. 9114 9873
Fort St U D Co 1st g 4%s1941 J - J ---- ----92 Aug '10 --.1st Chic Term s f 4s
1941 84-N 85 _,_,._ 9714 June'12 ---- - - - - --Ft W & Rio Or 1st g 4s
M
J
55
J
8618
68
Sept'16
7012
-8I14
&
A
----6
.
6
.1st g 45 lot gu_1926 J - i 98
1928
23
98
Great Northern-MIssIss1PPI Central 1st .5s..1949.8 - J 93 ___
9212 Scp9
2
t'Slig 1
90
7 993113
-2 0
C B & Q coil trust 4s
Mo8Kan &T
9838 210 9738 99
4sex 1st gold 45._1990 J -D 78 Sale- 7712
1921 J - J 9838 Salo 9814
78
48 70,3 78%
Registered h
4938 Sale 48
78 40
1921 Q - J *9818 9813 9814 Oct '16 ---- 9713 9834
g1990 F - A
50
5013
1st & ref 43-is Series A
1st ext gold 5s
10034 15 9834 10034
1961 .2 - J 9958 10034 9934
46
3 3734 5218
1944 NI- N 41
4434
4434
96 June'16 --.Registered
1st & refunding 4s.
6234
1961 2 - J ____
6234 23 51
6234 Sale 62
St Paul M & Man 4s
Gen
9714 Oct '16
kini
pgv flusntdre4
48
1933 J - J 9718 98
-S
41 36
J 4134 45
45
31
6
-1 JNI40
197
0
f3g44
s_s _2
2
let consol gold Os
St Louis
12378 ---5 ;
1933 J - J 121 ____ 12378
6
20
6:
1 ;
6
23
i7j8
46
2
A&O 37
45
3713 Oct '16 --- 3'7
Dail & Waco 1st gu g 5s 1940 NI- N 68 __-- 9934 Dec '13 ----, Registered
1933 J - .1 _-_- __-- 11934 Aug 16 ---- 11934 12112
J
J
1C1312 ____ 10312 Oct '16 ---- 10138 10334
Reduced to gold 4%8.1933
Kan City & Pac 1st g 4s_1990 F - A 6512 ---_ 72 July'16
7460 -89-i:
10212 May'16 ---- 10212 10212
Mo K & E 1st gu g 5s
Registered
8412 44
1933 J - J -._
1942 A- 0 8412 85
84
Mont ext 1st gold 4s- _1937 J -D 9618 9634 9618 Oct '16 ---- 9538 9714
M K aL Okla 1st guar 5s 1942 M -N 65
70
70 Oct '16 ---' 50
70
J
-D
____ ____ 9512 Mar'16 -M K & Tot T 1st gu g 58_1942 NI- S 7212 Sale 7212
Registered
1937
9612 9612
7212
6 48
73
Pacific ext guar 4s .e
8512 Nov'15 -___
Sher Sh & So 1st gu g 5s 1942 J - D 47
1910 J ..- J
5014 5011
5012
5 50
5014
E Minn Nor Div 1st g 48_1948 A -0 94 ____ 9214 Aug '16
-412.14 -5iTexas & Okla 1st gu g 58_1943 M- S 50
5734 5734 Sept'16
Minn Union 1st g 6s
1922 J - J 109 _-__ 10958 June'16 -- 10918 10938 Missouri Pacific (reorg Cu)
1937 J - J 12378 ____ 12058 Sept'16 -- 12058 123
Mont C 1st gu g 6s
1st & refunding 5s wh is3 1923 - -_
9712 Sale 9612
4
9
67
312
99
9712 10, 4
1937 J - J ---- --_- 13814 May'06 -_
Registered
General 4s when issued
6678 Sale 6634
6814 2374 63t2 6812
J - J 110 ____ 1098 Aug 16 ____ 10914
1st guar gold 53
- 1937 54 Missouri Pac 1st cons g 6s_ _ _1920 17%.i--il 103 Sale 103
2 100 103
103
TrR
usetgg
Registered
isotledre5d3stamped_a1917 NI- S
1937J
7 --- 0112
10112 10 8914 10112
Will & S F 1st gold 5E1_1938 J -D iii":;_.
-" 1E63--4 Augi;
ii62
t6034
'--7--__
-82 Oct '15
a1917 NI- S -------Green Bay & W deb ctfs"A"---- Feb
70
78
75 Jan '16 ---- 74
1st collateral gold 58
75
27, -8218 -551920 F - A 99 Salo 97
99
1478
Feb
14 Sale 14
1412 38 II
Debenture ctfs "B"
Registered
_____
Gulf & S I lstref&t g 53__51952 J - J 8658 _-_
87
87
2 8418 8812
40-year gold loan 41
5 3918 5f14
4
S 3
-5
-7-10F
M -- A
194
925
5714
Hocking Val 1st cons g 4%3_1999 J - J 9178 92392
4 92
1 9014 96
Ist & ref cony 5s
8
55
2
2
Oct '16
8
40
52 May'16 --'
Registered
3d 78 extended at 4%
1999 J - J ---- -_-- 9734 Jan '14 ----N
S _13!..51.... :5.2:: 82
NI193
58
9M
Col & H V ist ext g 48-1918 A - 0 8758 8938 8758 Sept'16 --Deafly St L & S 1st 53 gu-1951 F - A
100 Feb '13 ____I
Col & Tol 1st ext 4s
Cent Br Ry 1st gu g 4s__ _1919 F - A ____ ____ 67 Aug '16
87
1955 F - A 88 ____ 87 Aug '16 --- 86
-Er -iifHouston Belt & Term 1st 53_1937 J - J 87 ---- 9
Cent Br U P 1st g 4s
'
1'2 Feb'
:
8
ig.0"-1-s Ig
---- _-_:. 7712 Dec '13
15 ---6:-5Illinois Central 1st gold 4,s 1951 .11 - J 9758 __ _ 9758 Sept'16 ---Leroy & C V A L 1st g 58._ 192
J-D
J
0 Mar'05 --__ ---- -048 j
1
,
12
Registered
Pao It. of Mo 1st ext g 48-1938 P - A -56- Sale
1951 i - J -- .. 97 92 Aug '15 _ --- ._ _ _ _a6_ _43
:.
33
60
93
06
93
0.- 10
10,;
i
9
1st gold 33s
2d extended gold 5s
1951 J - J 8518 8012 8514 Sept'16 ---- 83
1938 J - J 10114 ___ 10013 July'16
4
43t L Ir NI & 5 gen con g 56.1931 A -0 101 1023Registered
.
.
1951 J - J 83 ____ 83 Nov'15 ---- .__1- _i6
5
4 10278
1027.s
1'
4 10312
A
843
-0
Extended 1st gold 330
841
Gen
Set'16 -con stamp gu g 5s 1931 A -0 ---- --- 102 Fly .14 ----'
1951
Registered
Unified Ss ref gold 43_1929 J - .1 ---- 8414 8414
-.___
-----_
8412 16 -"ii1-2 -ii- 1951 A -0 83 -------------------1st gold 3s sterling
i - J'Ii -Registered
1951 M - S
1929 J - J --- __-- 8078 Oct7
'
,
12 _15:
Registered
IIlv Sc 0 Div 1st it 4s
1951 1M - S
1933 M-N 7812 79
79
216
91
,
68
-- Coll trust gold 4s
Verdi V I & W 1st g 5s.._1926 M- 5 80 --- - 87 Sept'15
1952 A -0 -g61-5 -521-2 -g61-2 -5i- --i5 -ii- -9112
Registered
9514 Sep '12 Mob & Ohio new gold 6s
1927 J - D 11334 --__ 11134 Sept'16
i34
9212 48 -i73-4 -621;
1st refunding 4s
1st extension gold 6s----51927 Q' J ____ 10912 109 Feb '16 -_-_-__ 02 10
N -5E1-2 -921; 92
A -- 0
1195
955
2M
Purchased lines 330
8112 8034 Sept'16 ---, 8034 83
General gold 4s
. 75
1952 J - J
1938 NI- S 77 - _- 77
771, __I:
7718
8
L N 0& Texas gold 4s___1953 NI- N 8858 Sale 8612
180 8434 8714
87
4
Montgomery Div 1st g 5s_1947 F - A 9934 __-_ 101
101
1983 M- N 8213
Registered
84 May'14 --St Louis Div 5s
1927 J - D 91 __ __ 89 Dee '15
Cairo Bridge gold 4s
St L & Cairo guar g 43
8812 8813 Apr '18
1950 J - D 8934 ---- 90 Oct '16 _- 90 -62;
1931 J - J 88
1
Litchfield Div 1st g 33
74 Fob '14 ---Nashv Chatt & St L 1st 5s_ 1928 A -O 107 10713 107 Oct '16 ---1951 J - J ____
4 l07l
Lottisv Div & Term g 33is 1953 J - J '
79
Jasper Branch 1st g 6s
1 -'18-1-4 -5134
1923 J - J 10734 ---- 11014 Mar'16 ---i 11-0g
10
1311-34 1gl0
1)11-4
4
79 Sale 79
Registered
83 Aug '12 -MINI M W & Al 1st 63-1917 J - J 10018 _-- 10034 July'16 -- 1C1034 10112
1953 J - J
Middle Div reg 5s
71.1'I' & P Branch 1st 6s
4 10
72
11921 F - A 11561-2.:- 102 June'16 -....... 1'0
1917 J - J 10018 ---- 113 July'04 --__ - - -0
Omaha DIY 1st gold 3s
Nat Rys of Mex pr lien 4%6_1957 J - J :30 ___ 3014 Aug '16
1951 le - A 6818 7018 70 Aug '16 - St Louis Div & Term g 33_1951 J - i ---- 77
Guaranteed general 43
1977 A -0 ---- _--- 35 Aug '16 -------32i4
68
'
3 Sep '15 -Gold 3%s
8118 Jan '16
1951 J - .1
-811;ill; Nat of Nlex prior lien 4%8_1926 J - J --- --- 9678 Feb '13 ---- - _ . _
1951 J - J -ii- -- 80 June'16 .::---- 80
Registered
1st consol 4s
80
1951 A -0 30 ---. 30
30
3015 ....1_ 30
Springt Div 1st g 3%3_1951 J - J 79
8058 79 Sept'16 -- 7834 79
N 0 Mob & Chic 1st ref 5s 1960 .1 - J _-_- 55
40 May'15 -----------Western lines 1st g 4s
1951 F - A 91 _-__ 91
91
New Orleans Term 1st 4s
5 89
£11
1953 J - J 74 Sale 74
Registered
1951 F - A ---- ---37 ;
6
10
67---- _--_ N Y Cent RR cony deb 6s 1935 M-N 11418 Sale 11378
8 114
17
141% 47
7738
4
Belley & Car 1st 6s
iii13 34;37i5 -1923 J -D
Consol 43 Series A
1998 F - A 857s Sale 8578
8618 223 811p 8678
- - - -Carb (Ix Shaw 1st gold 4s 1932 M- S 80 ---- 9412 3 15 '12 -- ---Ref & imp 43413 "A"
85
43
34
8
911718
2 9
2013 A -0 95 Sale 9478
9518 191 8
Chic St L & NO gold 53_1951 J -D 10712 ---- 10758 Oct '16 ---- 10634 109
N Y Central & 1.1 Hg 3%s 1997 J - .1 8378 Sale 8378
8412 103
Registered
114 Feb '11 ---1951 J -D
8078 83
Registered 48
83
8418 832
1997 J - J ___
Gold 3%s
90 Oct '09 -1951 .1 -D
Debenture gold
9272 41 8934 9314
9212
1934 M-N 921
.
Registered
1951 J -D
Registered
1934 M-N --- ----90 June'16 -Joint 1st ref 5s Series A_1963 J - D 102 Sale 102
10218 -ii 100 10318
6 7
9°
Lake Shore coll g 330
4
9
79
934
1998 F - A
7838
7838 Sale 7818
Memph Div 1st g 4(3_1951 J - D 8812 8978 )67
' .--- ____ ___
7613 Oct '16 -- 7314 78
Registered
79
1998 F - A 76
Registered
1951 J - D .--- 8712 --------------Mich Cent coil gold 3%6_1998 F - A 77
7812 7834 Oct '16
------ --- -- ,
--- __ __ _ __ _
:
9_ 234 „98112
St Louis Sou 1st gu g 4s..1931 M- S
Registered
1998 F - A 75 ___- '78 Oct '1(3 --_-_---_-__ N
7r1
Ind Ill & Iowa 1st g 4s
._ - 90
Apr
_
1950 J - J -5514 _
Battle Cr & Stur 1st gu 38-1989 J - D 6314 ---9212
Int & Great Nor 1st g 6s
9834 25 95
1919 M- N 98
Beech Creek 1st gu g 43_1936 J - .1 96 _ ._.2._ -5.6" itiiiitl _-_ "iii99
98
2 -itil.-2
9834
James Frank dr Clear 1st 4s_1959 .1 -D 9212 _ ___ 911$ Oct '16 _-- 8913 18212
Registered
1936 J - .1 9378 98
9334 Sept'16 ---- 9334 9334
Kansas City Sou 1st gold 33_1950 A -0
l
6953
1
2d guar gold 5s
1938 J - .1 10258 _-- 104 May'16 ---. 104 104
7012 16 6634 71
Registered
1950 A -0 --------63 Oct '00 - -Registered
___-__. ____ ____
1936 J - .1 ____ --- ____
Ref & inapt 5s
9034 31 8938 94
Apr 1950 J - J 9012 Sale 9014
Beech Cr Ext 1st g 3%s51951 A -0
Kansas City Term 1st 43_1960 ./ - J 8818 Sale 88
8838 37, 8534 8918
Cart & Ad 1st gu g 4s
1981 J - D 88 _--- -55- Jun
-o-iii --:-... -fig - -55Lake Erie & West 1st g 62_1037 .1 - J 9913 9934 9912
9913
2. 9614 10134
Gouv & Oswe 1st gu g 53_1942 J -D 10413
.--.
28 gold 5s
1941 J - ./ 83
8234
8312 8234
Moh & Mal 1st gu g 4s.....1991 M- S 93
-fii- -518312
1 75
9414 -iii- miiiiii
North Ohio 1st guar g 5s.._1945 A - 0
98 Mar'14-1_1
93
N J June R guar 1st 4s
1986 F - A 87 --_- 8914 Feb '16 ::.-.-- 8914 8914
Leh Vail N Y 1st gu g 4%6_1940 J - J 15634 ...:- _ _ 10018 Sept'16
ieidis itii N Y & Harlem g 330
2000 M-N 81 ---- 85 June'15
Registered
1940 J - J 100 Sale 100
100
1 100 102
2
10
6 -- ioal-2 idif1N Y dr Northern 1st g 5s_1923 A - 0 10613 ;4:1; 18
Seupgt:1
06
814 A
Lehigh Vall( Pa) cons g 4s_2003 M-N 91 ___
9114 Oct '16 ....-- 8913 9214
NY & Pu 1st cons gu g 46 1993 A - 0 924 ____
91.12
.......:-. 88
General cons 430
2003 MI-N 10058 10078 10038
10078 20 9914 10114
Pine Creek reg guar 6s
113 May'15 -1932 J -0 1 107
334
Leh V Term Ry 1st gu g 58-1941 A - 0 112 ____ 113
113
1 110 113
R W & 0 con 1st ext 5s__51922 A-0
1035g Oct '16
idais iaii
Registered
1941 A-0 11114 _-__ 11112 June'16 __-- 11113 11112
RW&OTR lstgug 56_1918 M-N 102 -- 104 June'10
• No price Friday: latest bid and asked this week. a Due Jan. b Due Feb. d Due April. e Due May. g Due June. h Due July. k Due Aug. o Due Oct.
V Due Nov. s Option sale.
_jai 108
-.
Sale 5714
--------
32
New York Bond Record—Continued—Page 3
OCT. 28 1916.j
1579
V?,
Range
i,
3
'Jle).
1Veek's
Price
Price
Week's
BONDS
BONDS
1
Since
Range or
Friday
Range or
11
''• t.-)
Friday
.1.rs'atnnfee
N. Y. STOCK EXCHANGE
N. Y. STOCK EXCHANGE ljE
Jan.
1
Oct.
27.
Last
Sale
g4
'
1
Oct.
27.
Last
Sale
Jan.
1
Week
Ending
Oct.
27.
Week Ending Oct. 27.
—
—
High No. Low High
Ask Low
tticl
— Biel
Ask Low
High No, Low high
-.N Y Cent & H R RR (con.)—
102 Nov'15 ---88
95
81% Dec '15
Peoria & Pekin lin let g 6s__1921 0- F 100
Rutland let con g 412s __1941 J - J
87
3 -0-81_3
_2_ 87 Mar'16 ---- 87
68% 70
70
70
2d gold 430
4 -id 51921
Og & L Clam let gu 48 g1948 J - J
8
22
712
14 Apr '16 - J
14
Pere Marquette—Ref 4s____1955 JM-N
67 ___
92 Junc'09
14
....
Rut-Canada 1st gu g 48-19490/ - J
29
14
-_-.____
100
.--1955
J
J
____
32
29
'16
96
Oct
'15
Oct
J
____
Refunding guar 4s
____
9t Lawr & Adir let g 58_ —1996 1
3 83
8812
1996 A - 0 __— Ill 11912 Mar'12 ---8912
1921 J -0 8914 ____ 8912
Chic & West Mich Is
2(1 gold 6s
1920 A - 0 10512 ____ 105 Oct '16 ____ 1,11g lin
Flint & P M gold 68
1922 J - .3 97% 7.-- 9712 July'16 ---- 5712 -5712
Utica & Blk itly go g 48
1939 M-N
70 ____ 7512 API''16
86
8514
8514
1 8312 86
let cuusol gold 58
1997 J -D 85
Lake Shore gold 312s
40
40 Sept'16 ---- r 40
1997 J -13 84 ____ 8358 July'16 ---- 83
Pt Huron Div let g 5s_1939 A -0 __ _ _ 45
8334
Registered
01
10 Apr '16 -_-. 50
9578 25 9438 96
1928 M- S 9578 Sale 9534
Philippine Ry 1st 30-yr s f 4s 1937 J - J -__ 49
Debenture gold 48
9512 42 9324 9512 Pitts Sh & L E 1st g 58
9512 Sale 9514
_ 10618 Aug '16 ---- 10618 10618
1931 M -N
1940 A - 0 1061
25-year gold 48
-___ _-__
let consol gold Is
95 ____ 943 Oct '16 ---43
1931 M-N ----------------------------Reading--Registered
1943 J - J---- ----11314 Noy'll
66 9314 9618
J - J
96
9512 Sale 9512
Co gen gold 4s
KaA&GRlstgue5s__-1938 J -J1997
12 De'1 ---(3 ____
95
9534 95 Oct '16 ---- 9234 05
Registered
1934 J - J
Mahon C'l RIt let 58
1997 J - .1
1 9412 9714
9614 96
96
Jersey Central cull g 4s. _195i A -0 96
puts ,s, L Erie 2(.1 g 5s___a1928 A - 0 103 ____ 103 July'16 -.-- 11)2.- 1.54.__ ____
Atlantic City guar 43 g___1951 J - .1 93 _ 77 ---Pitts MCK & Y let gu 68._1932 J - J 11512 ____ 13018 Jan '09 ---.
--- 82 -- c)
- -01934 J - J 11312 ____ 12314 Mar'12 ---- ____ ____ St Jos de Gr tel 1st g 45
2d guaranteed 6s
1947 J - J ---- 817-8 80
St Louis & San Fran (reorg C0/McKees & B V 1st g 68_1918 J ---------------------614
Aug'16i0014
- 11)01a
Prior Lien ser A 43
Sale
18 7
1931 M- S
Michigan Central 55
W2
Prior lien ser B Is
1
234
I32
ing 1 - .j
1931 Q -M 105 ___ 1(15 July'16 ---- 105 105
Registered
8912 Sale 8818
8912
Cum adjust ser A 13s
8912 336 74
9034 .._ _ _ 98 Apt '12 -_-- _ _ _ ____
1955 J - J
1940 .1 - J
48
11,4
July
5914 Sale 58
(
39
3 15
series A Os
5914 307 1?
1940 J - J --------87 Feb '14---1960
Registered
St Louis & San Fran gen 68_1931 J - .1 11034 111 113 Sept'16
J L & S let gold 33is1901 M- S --------90 June'08
,,,,, ,
100% 103,4
General gold 5s
1931 J - .1 10234 103 10234 Oct '16
8212 Sept'16
1st gold 35-is
1952 M-N 8212 86
803
8
--ig
g-6
.14
2 li(li2
St L & S F RR cons g 48_1996 J. - J ---- ---- 78 May'16 ---- 6812 78
8912 89
20-year debenture 4s__ A929 A -0 88
22 91
76
78
General 15-20-yr 5s___ _1927 M-N
9512
95
73% Oct '16 ----' 4534 7318
9412
N Y Chic & St L let g 48_1937 A - 0 943 95
7812 Sale 7718
Trust Co ctfs of deposit__ __ -- -79
55 46
79
---- ----9034 Aug '16 --- Tj .
9
7?314
2 r
43
34
Registered
1937
7412 ____ 7412
do
78
27, 4314 78
78
Sale 78
Stamped__
1931 irn--1,1)
Debenture 4s
Southw Div 1st g 5s____1947 A---15 9212 ____ 9212 Sept'16 ----' 89
93
9258 11 8714 93
West Shore 1st 4s guar— -2361 J - J 9212 Sale 9212
Refunding gold 4s
1951 J - .1
83, ---- 83% Oct '16 ----' 6714 83'4
8912 10 8078 90
8912 Salo 8912
2361 ./ - J
Registered
Registered
1951 J - J ---- ----803 Nlar'll _.---N Y C Lines eq tr 58_ _1916-22 NI- N 10034 ____ 10034 Oct '16 ---- 10018 102
8518 ____ 8518
Trust Co ctfs of deposit__ __ __
8518
1 6238 85,2
9914 --- 9934 July'16 --- 9934 10058
Equip trust 4%8_1917-1925 J - J
9914 35 9712 10018
77
7812 7414 Sept'16 --- 6114 7513
9914 sale 9834
Stamped__
N Y Connect 1st gu 4%s A__1953 F - A
K C Ft 9 20N1 cons g 681928 iii-1"7 11012 Sale 110
11012 10 10914 11078
N 'Y N H & Hartford—
78
K C Ft 9 & M Ry ref g 48_1936 A -0 77 Sale 768
82
27 75
7958 Sept'16
77
7958 8114
1917 14- 9 80
Non-cony deben 48
90
_ _ 90 June'16 --__ 90
K C & NI It & B 1st gu 53_1929 A -0 90
73
71
Non-cony deben 3%s
1947 NI- S 71 ---- 71 Sept'16
80 S
7r8 n12
- ale 78
80112 _ 1_0_4_ 6
9t L S Wast g 48 bond ctfs_ 1989 M- N
72
6912 Oct '16
6912 72
Non-cony deben 3%s
1954 A -0 69
3 7714 8112
2d g 4s income bond cas_p1989 J - J 6414 6834 6434 Oct'6
7758 79
7712
7734
1955 J - J
Non-cony deben 43
7014 Sale 6912
Cousol gold 4s
7714 82
7758 7912 7714 Oct '16
7014 103 6012 70,4
1956 M-N
Non-cony deben 4s
70 Sale 6714
i 6834 7712 1st termi & unit 58
70
22 go
6978 771 2
70
77,2
1956 J - J 69
Cony debenture 3553
_ _ 9834 Jan '14
-- Dj 100
Gray's Pt Ter 1st gu g 5s1E7 i -D
'
11234
6 110 116
. J - J 11234 Sale 11234
Cony debenture Is
8 -/1:134
6834 Sale 6812
7912 ____
6834 13 -Zir
1943 J - J
- _ — __ - S A & A Pass 1st gu g 4s
1930 F - A
Cons Ry non-cony 4s
Jan 12
-___ ___ 9 F & N P let sk fd g Is
10178 Oct '16 ----' 10118 10178
1919 J - J
Non-cony deben 48_7_1954 J - J --- 8018 9112
7913 Apr '16
8412
7914 7912 Seaboard Air Line a 4s
1950 A -0 -8-2- - -ii,-4 8058 Oct '16 ----' 74
Non-cony deben 4s_1955 J - J -------Gold 4s stamped
8212 36 7814 8314
1950,A - 0 82 Sale 8078
Non-cony deben 4s_1955 A - 0 -------------.70
01949,F - A
6734 Salo 67
6818 118 64
Adjustment 5s
Non-cony dcben 4s___1956 2 - J ---- 80 -iiii-2
9012 --_--Sept'16
Refunding 4s
"eil-2 -oi"
6818 18 6512 72
1959IA - 0 6818 Sale 6712
Harlem It-Pt Ches 1st 48_1954 M-N
_ 9912 June'12
. At( Birm 30-yr 1st g 4se1933 M- S 8634 ---- 86%
8712
8712 10 82
B & N Y Air Line let 4s__1935 F - A 89% _
4 -i51-2 -83- Car Cent let con g 43
8212
88
88
1949 J - J 88% 8812 88 June'lli
Cent New Eng 1st gu 4s_ _1961 J - .1 _ _ _ _ ii 8212
Fla Cent & Pen 1st g 5s1918 J - .1 10013 ---- 993 Sep '15
......... ---Hartford St Ity 1st 48____1930 H- S
land gr ext g 5s
Housatonic R cons a 5s..-1937 11-N 107 ____ 10512 Niay'15
1930 J - J 101% --__ 101 Dec '15
9114 ____ 87 Fly '14 ---- ---- - - —
Naugatuck RR 1st 4s____1954 M -N
Consol gold Is
I.5i38
1943 .1 - J 10234 - --- 10234 Oct '16
._
Ga & Ala Ry let con Is.. _01945 5 - J 10312 _-_- 102,8 Oct '16
N Y Prov & Boston 4s____1942 A -0 0018 __ _ 88 Aug '13 ---- _
102% 10334
76 Sale 76
76
3 -72 —82 NYW'clies&13 1st ser I 43-is '46 J - J
Ga Car & No let gu g Is....1929 J - J 10231 ____ 10212 Oct '16
1017 103
Scab & Roan 1st Is
N H dr Derby cons cy 5s__1918 51-N 10014 ____ 107 Aug '09 ---- -------9914 Aug '15
1925 J - J 102 __
- - - - -- --__-- --_ __ __ _ ___ Southern Pacific Co—
Boston Terminal let 4s_ __1939 A -0
100 8312 89
__..— --89
Gold 4s (Cent Pac coil) k1949 J - 0 8712_Sale 8712
New England cons 5s1945 J - J I0-8-- -....... -_ -_
92 _ __ _ -012 Mar 12 ....__
1945 J - J
90 Feb '14 ---Consol 48
1(1949 J -0 ....-- 88
Registered
4 -e65-8
6914 Sept'16 ---- 6914 70
8858 161 -g-6-1Providence Secur deb 4s__1957 M-N ---20-year cony 4s
01929 M- S 8851 Sale 8838
_ -9978 Dee '14 ---- ---- - — 159 10212 10778
20-year cony 5s
1934 J -D 10512 Sale 10512
106
Prov & Springfield let 58_1922 J - J ------__ 8358 Feb '14 --- ---- ---9058 Sale 9038
Cent Pac 1st ref gu g 4s 1949 F - A
Providence Term 1st 4s__1956 NI- 5 -------9078 48 8751 91
_ ___
____
Registered
A ---8712 Sept'16 ---- 8634 89
W & Con East 1st 4%8___1943 J - J 80
81 ---Z -//1
Mort guar gold 33is_kIM .;
1 -- 0 0112 Sale 9112
9112 10 8414 91,2
8 84"
N Y 0 & IV ref 1st g 4s...91992 NI- 5 81 Sale 81
8634
Through St L 1st gu 48_1954 A -0 8512 ---- 8512
Registered 45,000 only__g1992 NI- S ---------. 9212 Juce'12 --8512 10 84
1955 J -D -..__ 79
79 Apr '16 --- -id - "i6"
1 102 102
G II & S A NI & P let 581
i 1n1121 Sale 10112
General 4s
121
1 l'Ill:N
101 12
8118 8318 78 Aug '16 _--- 78
2 99 100
2d eaten 5, guar
80
Norfolk Soil let & ref A 5s__1961 F - A
1941 M-11 9912 Sale 9913
2
)14 1J4ta
n'
y,111
(
3s ...-. -_-_ IN14 12,
14
4
9912
5 97 100
Nod & Sou 1st gold 55
011a V la & N 1st gu a 58_1924 M-N ----.. 1r2 mi:
12() Oct '16 -_-_-_- 11878 120
1931 M- A 120
Hous E Zir W T let g 5s___1933 al-N --,Norf & Weat gen gold 68
1st guar 5s red
12012 122
Improvement & oxt g 6s1934 F - A 12034 122 12118 July'16
1933 14-N 10014 10212 100 Oct '16
-- 100 10312
119
.1 110 12012
119
H & T C let g 5s int gu
New River let gold 6s__1932 A -0 11834
1937 J - .1 106 ____ 10612 Oct '16 ---- 106 10612
59 9112 9538
95
Gen gold 9s int guar_ 192I A - 0 96 ---_ 96 Oct '16 -- -- 1 9414 96
N & W Ily let cons g 4s__ _1990 A - 0 9438 Salo 9414
9314 Dee '15
Waco & N W div 1st g 6s '30 M-N
Registered
1996
A & N W 1st gu g 58
8 so
91 —2.-1 -88-3-4 -6i"
I .:?I - 1:i - -011DWI let lien & gen g 48_1944 .j
1941 J - J 161 - ------ V)312 /
lZl
ig
10-25-year cony 48
1932.3 -D --_- ____ 143% Oct 16____ 11312 14618
Louisiana West 1st 68____1921 J - J 10518 ::,- 109 Jurip'1 2 ---- ---- -Nlorgan's La & T 1st 7s1918 A - 0 10338 1053-8 1044 July'16 -_-- 104t2 10434
10-20-year cony 4s
1932 M- S --------13712 Oct '16 ---- 114 143
--------144
Oct
1st
J
MS
'16
gold
Os
J
-----_
105
10-25-year cony 4%8_1938
1920
7
Jan •lt ---- ,105 100
--, lg12 1g1,1
No of Cal guar g 5s
1938 A -0 10634 --- 105 (let '15
Pocah C & C joint 4s___1941 J -0 89% ____ 894
- !
893
.21)
Ore & Cal 1st guar g 58_ _1927 J - .1 10112 1023-4 10251 Oct '16 ---- 100% 1-0258
C C & T 1st guar gold 5s__1922 1 - J 10212 ____ 103 Sept'16 ---- 103 10312
923.1 93
93
So Pee of Cal—Go g 5s
10712 Sept'16 ---- 10712 107,2
1937 M- N 10712 .
Selo V & N E 1st gu g 4s__1989 m- N
936 9112 94
9318 9314 9318
So Pac Coast 1st gu 4s g 1937 J - .1 9518 96
96 Oct '16 __- - , 0412 97
935 231 0118 9414
Nor Pacific prior lien g 4EL 1997 Q - J
8512
8534
20 8212 86
0214 Oct '16L___ 9012 9312
San Fran Terml 1st 4s___1950 A - 0 8512 86
Registered
1997 Q- i 9231 -__
51 6518 67
67
9612 96 Apr '14
Tex & N 0 con gold 5s___1943 J - J 93
8 6634
General lien gold 38
a2047 Q - F 6634 6679134 162 8912
134
So Pac RR 18t ref 4s
1955 J - J 9153 Sale 91%
Registered
a2047 Q - F 6514 ____ 655 June'16 ---- 6312 654
1994 J - J, 102 Sale 10178
102,8 74 100 10312
St Paul-Duluth Div g 4s__1906 J - D 9112 __ __ 9112 Sept'16,---- 9138 9112 Southern—let cons g 5s
1994 J - .1 1 -- _ 10218 10014 Aug 16 _
Registered
10014 10014
St P & N 13 gen gold gs___1923 F - A 10978 11014 10934 Oct 'UV-- 10958 113
77%
77% 71'7 69
Develop & gen 48 Ser A
1956 A -0 7/18 Sale 7534
Registered certificates__1923 Q - A --------10912 Oct '15 --1 75
78
Mob & Ohio coil tr g 4s
1938 NI- S 78 Sale 78
78
5 107 107
St Paul & Duluth let 5s__1931 F - F 107 ---- 107
107
10C38 10112 101% Oct '16 ---- 100 104
J
J
4%3-5s___1996
Mem
Div
1st
g
4
Sept'16
10118
1003
---10058
---2d 58
10012
A
0
1917
8234 84
8478
84
84
St Louis div 1st g 4s
9112
5 80
9112 Sept'16 ---- 90
1st consol gold 4s
19(18 .1 0
.
j
i
10251
104 10238 Sept'16 ---- 1021s 10314
a,. Q Ala Cen 1st g 6s
- m f13.134 88
Wash Cent let gold 4s----1,-,
1i i --- 0 9912 99% 9812 Sep
Ala (It Sou let cons A Is 199
91
Sept'16 ----1 9812 99
Nor Pac Term Co 1st g 6s...._1933 J - J 111 11212 11112 Sept'16 ---- Ill 11112
9412 98
Atl & Char A L let A 4%s 1944 J - J
9412 Oct '16 ---- 9414 96
011
98
03
014 8
3
:
2 8
Oregon-Wash let & ref 4s_ _1961 J - J 86 Sale 8
'16 --904
6 Feb8614
J 103 Sale 103
let 30-yr Is ser B
1944 J
101
16 93 101
10358 13 10034 10334
Pacific Coast Co let g 5s_ _ __194(3 J -13 100 Sale 100
Atl& Danv 1st g 4s
1948 J - .1 8224 8312 8312 Oct '16 ----' 8112 85%
9878
Paducah & Ills let s f 4128_1955 J - .1 98
991% 9878 Oct '16 ---- 98
2(1 4s
1948 .1 - .1 -2,- 82
8112 Mar'16 ---- '7912 81,2
9914 9912 9918 Oct '16 ---- 981
‘ 9912
Pennsylvania R11, let g 4s___1923 NI-N
All & Tad 1st g guar 48_7_1949 A -0 75 ___- 7534 Dec '14 ........ _
_ .Consol gold 5s
1919 NI- S 1024 _ _ 103 Oct '16 ---- 10212 10314
E T Va & Ga Dly g 58____1930 J - J 105
- 98% Oct '16 ---- 9814 0912
C00201 gold 4s
9478 9938
10431 Apr '16 ---- 10312 10412
1943 M-N
Con let gold 5s
9978 24, 98 10014
Consol gold 43
1956 NI- N 10634 _ _- 10634 Oct '16, ---- 10514 10634
9934 Sale 9914
1948 M-N
10534 47 10412 1063
E Ten reor lien g Is
1938 IA - S 100 1011-2 101 Oct 'l6----9912 10112
Consol 4%s
1960 F - A 10534 Sale 10512
103
101 10084 103
Ga Midland 1st 3s
General 4%s when issued..1965 J -D 103 Salo 10258
63
1946 A - 0 58
58 Oct '16'
60
1 57
9738
1 9614 973
Alleg Val gen guar g 4s_ __1942 M- 9 973 ____ 973
Ga Pac Ry let g 63
1922 J - J 10678 10714 107
6 106%
107
1075
'
13 It ItIt&B'ge let go 4s g_1936 F - A 9412 ____ 9112 Sept'16 ---- 9412 913
Knox & Ohio let g 6s__ 1925 J - .1 108 _
10914 Aug '16 ---- 108 11012
9912
100
m_
pi
9812
&pelt) --- 9812 9858
Phila Bait.& W 1st g 43_1943
Mob & Bir prior lien g 58_1045 J - .1 10312 ---...- 106 Sept'16 --__ ,10512 106
Sodus Bay & Sou let g 58_2924 J - J ____ ___ 102 Jan '03 ---- ___. __ _ _
72 ____ 7134 May'16 ---- 7154 7134
Mortgage gold 4s
1945 J - J
Sunbury & Lewis 1St g 43_1936
Rich & Dan deb 58 stinpd_1927 A -0 103% 10414 1035 Sept'46 ---- 10318 1043
sol5iviii :::: -6618 loci U NJ RR & Can gen 48_ _1914
Rich & Meek 1st gu 4s
1918 NI- N 7,-.:73 Sop '12 -----•
Pennsylvania Co—
. 100-,2 1.0-2 So Car & Ga let g Is
1919 l'il-N 1011-2 Sale 101
10112 22
102
11 10012 10212
1921 J - .1 10114 102 10158
Guar let gold 4%s
Virginia Mid ser D 4-58_1921 NI- 5 10218 ____ 10212 June'16 ---- 102 10212
1921 J - J 10038 10158 100 Aug '16
Itegi8tered
100 10118
Series E Is
1926 PA- 5 103,2 ---- 10318 Aug '16 ---- 102 10318
Guar 33-58 coil trust reg A _1937 NI- S 8612 ____ 863 Jan '16
1931 m- 5 10412
8612 8612
Series F 5s
104 Mar'13
8534 8612 85 Sept'16
Guar 3%s coil trust ser 11.1941 F - A
85
General Is
8514
5 i5i3-4 i66-12.
10614
1036 1.1-N 10614
10614
Trust Co ctfs gu g 3%s_ _1916 M- N --_- ___ 10018 Jan '16
9934 10018
Va & So'w'n 1st gu 53_2003 J - J 10312 ____ 105 May'16 ----' 10212 105
8618 8618
Guar 35s trust ctfs C____1942 J - D 8512 ____ 8618 July'16
1st cons 50-year 5s__ _1908 A -0 89
8912 9034
91
90 Sept'16
8658
85
W 0 & W 1st cy go 4s
92
9412
Guar 3%s trust et's D___1944 J - D 8512 8714 8658 Oct '16
91
9234 91 Sept'16
1924 F - A
96
9512 Oct '16
9413 955
Spokane Internat 1st g 5s_ _ _1955 J - J 02 --_. 9131 Oct '16 ---- 9131 93
Guar 15-25-year gold 4s__1931 A -0 95
92
92
9812 10012
Ter A of St L let g 430
1939 A - 0 10014 102 10018 Oct '16
40-year guar 45 ctfs Ser E_I952 111 -N 02 ____ 92 Aug '10
91 Oct '16
0014 01
let con gold Is
Cin Lob & Nor gu 43 g_ _ _1942
1894-1944 F - A 104 105 105 Aug '16 ----' 10312 106,3
99 Aug '16
99
9934
7 , 8458 88
Gen refund s f g 4s
86
Cl & Mar 1st go g 4%s_ __1935
1953 J -J 86 Sale 8512
10378 10512
1 1 9912 10114
10018
St L NI Bridge Ter go g 55_1930 A -0 10018 Sale 10018
Cl & P gen gu 43isser A__1942 j - jr 104 ____ 10378 Oct '16
_
9828 43 95
1912 A -0 101 ____ 104 Dec '15
Tex & Pac 1st gold 5s
Series 11
2000 .1 -D 98% Sale 98
9812
45
lot reduced to 3%s1942 A - 0 88 _-__ 9114 Feb '12
2(1 gold inc Is
g2000 NI an 40 ____ 3612 Sept'16 ---- 35
____
901
,
Oct
'12
1948 M- N 8812
89
90
1,a Div B L let g 5s
8914 88 Oct '16 --__ 88
Series C 334s
1931 J - J
8912 Sept'16
1950
Series D 3%8
8912 8912
W Min W & N W let gu 581930 F - A --- 95 10612 Nov'04
g7312 -------- 8818 Oct '16 ____ 8818 00
Erie & Pitts gu g 3%8 13__1940 I. -- il
Tol & 0 C let g 5s
1935 J - .1 1041-2 105 104 Oct '16 ---- 103 10514
Series C
1940 J - J 8812 ___ _ 90i. J'Iv '12 ___
1935 A -0 ---- 10078 101% May'16 -- -. ;101 10212
Mestern Div let g 5s
04
93
Or P. & I ex let gu g 4381941 J - J 9912 9934 9938 Aug '16 ____
94 May'16
1935 J -D -- -- 90
9938
General gold 5s 48__
93 May'14 --------------Ken
Ohio Connect 1st gu 4s_ _1943 NI- S 9418 ___
_9512_
A -0 82% 83
Kan & M let gu g
82 (
Octr
( et
t :1
1g _____ r7 Nti
9658 OP 97
Pitts Y & Ash 1st cons 58_1927 NI- N 10478 ____ MO Mav'10 .....
1927 J - J
2(1 20-year Is
10014
61
2 10014 1001i Tol P & W let gold 4s
Tot WV &0 gu 4%s A__ _1931 J - J 10014 __ 10014
50
1917 J - J 5318 55
5318 Oct '16
1933 J - J 10014 .__ 111014
82
7812 83
10014
Series B 430
3 1001, 10014 Tol St L & NV pr lien g 3%8_1925 J - J
85
8112 Oct '16
1942 M- S 95 ____ 94 Apr '16
62
Series C 4s
1950 A - 0 58
60
5712
60
3 54
50-year gold 48
1858 1858
1917 F - A
20
50
PC C & St Lgu 45s A1940 A -0 10158 _- __ 10178 Oct '16 ---..
Coll tr 4s g Ser A
1858 Mar'16
IN%
1942 A -0 10134 102% 10158
10158
86
Series 11 guar
87
83
83 Apr '16
101% 10251 Tor Ham & Buff 1st g 48_01946 J - D 83
9714 JuIv'15
1942 M- N 101%
9912 10118
Series C guar
10012 10C38 Sept'16
:
Ulster & Del 1st con g 5s_ 1928 .1 -1) 95%
951 4 Oct '16 _
1915 NI- N
1952 A - 0 ---Series D 45 guar
74 mar'15 ____ ---- - - - let refund 12 48
951
'
-u43-4
1 02
9,51,
9514 Sale 95,4
Serie.s E 3%8 guar gold. 1949 F - A
1947 J - J 9818 Sale 98
9814 29 9558 9814
9514 Union Pacific 1st g 45
_
051. Jan '14.
9718
96
1947 J - J
97
Registered
96 Oct '16 ____ 95
Series F guar 4s gold...1953 J - D 955
955
9558
1957 NI- N
9558
1927 J - .1
9412 9518 9412
95 9212 96
20
96
Series Ci 48 guar
7 9551 9578
-year -cony 48
g2008 M- S 9151 Sale 9112
Series I cons go 430).._ _1963 F - A 10114 103 101 Aug '16 ___ 101 11)212
9134 75 8912 0134
let & ref 48
9238 9234 _
Ore RR & Nav eon g 4s__1946 J -D
9214
9234 211 91% 93
OBI L & P 1st cons g 58..1932 A - 0 10711 ____ 10712 Sept'16 ___ 10712 10712
—
g Due Dec.
• No price Friday; latest bid andasked. a Due Jan. b Due Feb. e Duo May. g Due June. h Due July. k Due Aug. o Due Oct p Due Nov
s Option sale.
-th
A M F37182
- Income,
-------1st
4,-4 12.2 ioois -665-8
;,;' ;--1 2.2 -_-_-_-_
18112
iji3;
1580
New York Bond Record-Concluded-Page 4
it
BONDSPrice
Friday
N. Y. STOCK EXCHANGE
Week Ending Oct. 27.
...a.
Oct. 27.
Week's
Range or
Last Sale
14
Range
Since
Jan. 1
,
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 27.
Price
Friday
Oct. 27.
[VOL. 103.
Week's
Range or
Last Sate
131
.._,51
"4
Range
Since
Jan. I
•
talon Pacific(Con)High No, Low High
Ask Low
Bid
Bid
High No. Low High
Ask Low
Ore Short Line let g 6s.,_1922 F - A 10758 --108' Sept'16 ....... 10712 109
Vrenton 0 & El 1st g 5s,_1040 IN- 5 10113 - - - - 0• 12 June'14 -1st consol g 56
1946 J - J 10634 Sale 10834 10634
2 108 10778 Union Elee Lt & P 1st g 5s_ _1932 M- $ _-__ 10158 10034 July'16 ---- 10034 10114
Guar refund 48
1929 J - D 9378 Sale 9334
108 91
91
94
Refunding & extension 58_1933 111- N ____ __ me 89 Mar'15 ---Utah & Nor gold 55.-1926 J - J 101 _- 102 Mar'16
- 102 102
United Fuel Gas let 5 f 68_ 1936 J - J 98
98e 100 Ost '16 --„, 100 100
lat extended 4s
1933 J - J 9234 100
90
90 Apr '16 .-908 Utah Power & Lt 1st 5s_ _ _ _1944 F - A 9534 96
9534
43 9312 064
96
randalia C0119 g 43;Ser A__ _1955 F - A 914 ..-- 9114
913s
2 9034 91
Utica Elec Lt & P 1st g lis_ _1950 J - J 10018 ___ 1024 Mar'15
Consol 4s Series B
91 June'16 ---- 91
1957 M- N 9138
9113 Utica Gas & Elec ref 5s
1957 J - 1 10.)14 _ ___ 98 Aug '15
'era Crui & P let gu 43413_ _1934 J - J ---- 87
424 Aug '15 Westchester Ltg gold 5s1950
__
-_
__
T - D 10514 10538 1054 Oct '16 ---- 10414 16558
rirginian let 5s Series A--1962 111-N 9938 Sale 994
9913 30 9714 93's
Miscellaneous
Vabash 1st gold 5s
10512 26 103 10512 Adams Ex coil tr g 4s
1939 IVI-N 10514 Sale 1054
1948 IN- S 85
8538 85 Oct '18 ---- 82
8514
2d gold 58
1939 F - A 9934 Sale 994 100
37 98 100
Alaska Gold M deblis A____1925 M- S 85
88
88
88
5 85 117
Debenture Series B
1939 J - J 80
_ 105
105
5 105 105
Cony deb 68 series B
87 85
1926 M- S 85
85
4 85 105
let lien equips fd g 5s_1921 M- S 964 ____ 100 May'16 -9818 1C10
Armour At Co 1st real est 44s'39 J - D 9378 Sale 9334
99 93
94
95
let lien 50-yr g ter m 4s_ __1954 J - J 75 .__ 65 Dee '16 ___ __
_ Booth Fisheries deb s f 6e 1926 A - 0 9238 9278 9238
9238
5 90
924
Det & Ch F.'xt 1st g 5s_ _1941 J - J 1034 --__ 105 July'16 --- 103 105
Braden Cop M coil tr s 1 68..1931 F -A 9713 99
984
50 9712 9912
99
Des Moin Div let g 48..--1939 J - .1 80 - ___ 80 Aug '12 ---- _ _ ___ Bush Terminal 1st 4s
1952 A - 0 88 --__ 8712 Oct '16 -- -- 8613 89
Om Div 1st; 330
1941 A - 0 74
72 Apr '16 --- 72
78
73
Conso153
1955 J - J 9158 Sale 9158
9278 11 8078 9278
Tol & Ch Div let g 48........1941 M- S 8212 86
86 June'16 .--- 82 87
Bldgs 5s guar tax ex
1960 A -0 8913 Sale 8938
90
13 86
91
Wab Pitts Term lst g 43-......1954 J -D
112 234 112 Oct '16 ---414 Chic UnStat'n 1st gu 4%8 A 1963 J.- J 10013 1004 l0058
34
10034 30 994 1007s
Centand Old Col Tr Co certs__ .._ _
113 24 2
12 334 Chile Copper 10-yr cony 73_1923 111-N 12712 Sale 127
8
2
162 1204 1354
129
Columbia Tr Co certfs...... __ __
112 3
12 312 Computing Tab-Ree s t 6s 1941 J - J 8812 Sale 8512
2 Oct '16 -.....,
87
61 81
87
Col Tr ctfs for Cent Tr et-fs_
-112 212 1.
11 378 Granby Cons MS& Peon 68 A'28 M - N 10612 Sale 10614
11
112 45
10612
5 1014 1094
2d gold 4s
li)-5:1 i -15
LA
Stamped
.4 Aug '16 ---78
14
1925 M-N 108.2 Sale 10613 10612
6 103 109
Trust Cocents18
34 Great Falls Pow lets f 58_1910 M- N 10012 Sale 10012 10038
14 July'16 -__
1,1
5 9914 10113
Wash Terrill 1st gu 3tis---1945 F - A 8-438 --__ 8458
8438
1 8312 8434 Int Mercan Marine 444s__ 1922 A - 0 11014 ____ Ill Oct '16 --- 95 111
let 40-yr guar 4s
1945 F - A
914 Aug '15 ..--94 95
Certificates of deposit
10813 110 10912 10912
1 9518 111
West Maryland 1st g 48.. _1952 A - 0 7413 Sale 7414
7478 35 71
7558
New 1st & coil tr s t 6s....1941 A -0 9778 Sale 974
9818 656 9614 994
Rest N y .42 pa let g 58_ _1937 B - .1 10514
105Is Oct '16 -- -- 10334 10518 Int Navigation 1st at 5s____1929 F - A 110 -___ 110 Oct '16 -- -- 9134 110
Gen gold 4s
1943 A -0 8418 _L_8534 847s Oct '16 ---- 8113 8478 Montana Power 1st 5s A--1^43 J - J 99 Sale 987s
9914 63 9518 9918
Income 5e
37
p1943 Nov
37 Sale 37
1 37
37
Morris & Co 1st a f 4s_ _ _1939 J - J
23 ____ 9213 Sept'16 ---- 924 93
Wheeling & L E let g 53----1928 A -0 1004 ._- 100 Sept'16 ---- 98 102
Mtge Bond (N Y) 45 ser 2_ _1966 A - 0 ---83 Apr •I4 -- _ _ __ _ _
Wheel Div 1st gold 58_1928 J - J 9812 - --- 991
:Oct '16 ---- 96
9913
10-20-yr 5s series 3
1932 J - J --- ---.. 94 June'10 ---- 94
941s
_Exten ar Impt gold 58.__1930 F - A 974 99
97 Mar'16
N Y Dock 50-yr 1st g 48._ _1951 F - A 734 Sale 7212
97 97
754
7318
6 71
RR 1st consol 4s
78
79
1949 M- S 764 79
75 68
Niagara Falls Power let 54;1932 J - J 10213 10412 10214
80
4 10034 10214
10214
4922 B - j 75 90 80 Sept'16 --- 80
20-year equip s 1 5s
80
Ref & gen 83
a1932 A - 0 10714 10838 10512 Oct '18 ---- 10513 10512
Winston-Salem S B let 4s- --1960 J - .1 87 _„_ 88 Oct '16 ---- 8413 88
Niag Lock & 0 Pow let 5s_ _1954 M- N 9314 ____ 92 Sept'16 --. 92
9258
Ms Cent 50-Yr 1st gen 43- - -1949 j - B 8734 884 88
8813 14 84
8812 Ontario Power N F 1st 5s1943 F - A 93
9412 93
9314
7 92
9512
Sup & Dui div & term 1st 4s'36 M- N 88 89
89
89
1 85
9058 Ontario Transmission 53_ _ _ _ 1945 M - N - --- 95
86 Sept'16 ---, 86
9013
Street Railway
Pub Serv Corp N J gen 53_ _1959 A - 0 93 Sale 93
9338 36 8934 933s
Brooklyn Rapid Tran g 55-1945 A - 0 101 Sale 10078 101
3 10038 1034 Tennessee Cop let cony 6s__1925 M- N 97 Sale 9712
22 88 125
98
1st refund cony gold 45. _ _2002 J - J 76
76
6 7418 81
7734 76
Wash Water Power let 58_ _1939 J - J --- 10012 1034 Jan '14 --. -6-year secured notes 5s_ __1918 J - .1 10078 Sale 10034
10078 59 100 101 18 Manufacturing & Industrial
Bk City let con 534_1916-1941 J - J 102 10212 102 Oct '16 --- 1004 1024 Am Ag Chem 1st c 58
103
3 10178 10334
1925 A-0 103 Sale 10278
Bk Q Co & S con gu g 53_1941 M- N 9413 9512 9313 Sepe16 --- 934 944
Cony deben 55
10038 47 9634 101
1924 F - A 1004 Sale 1004
Bklyn Q Co &S let 53.--1941 J - 1 94
__ _ 101 May'13 - ._ _ _ __ _ Am Cot Oil debenture 5s.,,1931 IN-N 97 Sale 97
97
2 9513 9734
Bklyn Un El 1st g 4-50.- _1950 F - A 101 Sale 101
10112
9 100 102
Am Hide & L 1st s f g 68-.1919 IN- S 10358 10334 10353 Oct '18 ---- 10338 10412
Stamped guar 4-58
10114
1950 F A 1004 10114 10114
2 10018 10218 Amer lee Secur deb g 63_..-1925 A - 0 8734 88
8734
8734 13 85
884
Kings County E 1st g 48_1949 F - A 8414 Sale 8418
844
3 824 8612 Am Smelt Securities s f 8s-1926 F - A 11034 Sale 1104 115
787 10814 118
Stamped guar 4s
1949 F - A 8312 8412 844
8418
2 824 8613 Am Thread 1st coil tr 43.---1919 J - J 994 Sale 994
9918
1' 9778 994
Nassau Elm guar gold 431_1951 J - J 74
7114 74 Oct '18 ---, 73
7834 Am Tobacco 40-year g 6s._ _1944 A - 0 *11914 12012 120
120
7 118 120
,
-Ihicago Rya 1st 5s
9658
9634
1927 F - A 9634 97
6 954 9834
Gold 4s
1951 F - A *84 87
36
87
2 8212 87
Conn IV & List & ref g 4)01951 .1 - ,I 10112 ____ 1014 Oct '16 ---- 9913 102
Am Writ Paper late f 5e,1919 .1 - B 8712 Sale 8512
8713 209, 6513 8713
1951 J - J 10112 --__ 10113 Sept'18 --,- 10118 10112 Baldw Loco Works let 58_1940 M-N 103 105 105 Oct '16 --,-110412 105
Stamped guar 4 tis
Del United 1st cons g 4)0_1932 J - J 8414 Sale 84
85
31 744 8553 Beth Steel 1st ext s f 5s_ _1926 J - J 10334 Sale 10312 10418 30 10212 10413
Ft Smith Lt & Tr tat g 58._ _1938 1111- S ------. 84 Jan '14 -- _ .. _
let & ref Sc guar A
1942 M-N 102 Sale 10158
102
52 1 9978 1034
Elavana Elec consol g 5s_......1952 V - A -- - - 94
9414 Cent Leather 20-year g 5s 1925 A -0 103 Sale 10258 103
944 Sept'16 ---- 87
202 10034 103
Elud & Manhat 5s Ser A__ _ _1957 F - A 8913 6934 8934
16 6812 7514 Consol Tobacco g 4s
70
8414
1 8278 8414
1951 F - A 814 _ __ _ 8414
Adjust Income 5s
2638 2813 2612
27
18 2513 314 Corn Prod Ref s f g 58
1957
1931 M-N 9814 994 983s Oct '16 --, 9834 1004
N Y &Jersey let 5s
10013 July'16 --__ 10013 102
1932 F - A 10013
1st 25-year' s f 5s
9812
1934 111-N 9814 9812 9838
5 9578 994
laterboro-Metrop coil 410_1958 A -0 73 Sale 73
734 111 7213 7612 Cuban-Am Sugar coil tr 68 1918 A -0 1024 Sale 10238 10238
1 10113 103
Enterboro Rap Tran let 5s_ _1968 J - .1 9878 Sale 9834
9878 932 9713 9912 Distil Sec Cor cony 1st g 53_1927 A -0 734 Sale 73
7334
8 6938 78
Manhat Ry(N Y)cons g 4E4_1990 A -0 9112 93
9113
92
4 8813 93
E I du Pont Powder 4 tis- --1936 J -D 101 102 10112
10112
7, 101 1074
Stamped tax-exempt
9234
93
19 89
9314 General Baking 1st 25-yr 85_1936 J - D -,.... 95
1990 A -0 9234 93
85 Mar'16 ---- 85 85
Metropolitan Street Ry534
Gen Electrie deb g 3tis___ _1942 F - A 815* 82 814
82
14, 78
Bwav & 7th Av let c g 55_1943 J - D 99
99.2 9912 Oct '16... 934 10014
Debenture 5s
10614
1952 M- S 10614 ___ 1057s
4' 1034 10014
Col & 9th Av let gu g 5s_ _1993 M- S 98
9913 994 Oct '16 --- 98 10038 III Steel deb 43is
1940 A -0 933s 9339378 107, 8913 94
4 9314
Lox Av & P F let gu g 534_1993 M- S 100 10014 100 Oct '18 -- 99 101
Indiana Steel 1st 5s
10412 53 10118 105
1952 M-N 10412 Sale 10414
Met WS El(Chic) Ist g 45_ _1938 F- A --- ---- 30 Mar'14 ........ __ - - - - Ingersoll-Rand 1st 531
1935 J - J ....,-.. _ .., 100 Oct '13
Milw Elec Ry & Lt cons g 5a 1926 F - A 1011
;_ _ _ 1024 Oct 'it __ 101 10212 lot Agricul Corp 1st 20-yr 5s 1932 MI- N 78
783-4 76 Oct '16 --- -1 744 79
Refunding & exten 4 A5_1931 J - J 9214 --__ 9233 Feb '15 -- _ .. .. _ Int Paper Co let con g 6s
10134
4 1014 10234
1918 F - A 1014 Sale 10134
mime"St let„es,se_ _1919 8 _ j 1001, ___ 101 Aug '18 --„ 10014 101
9912 98 81
Consol cony s f g 5s
1935 J - 5 99 Sale 98
9913
Montreal Tram 1st & ref 5i_1941
94
J - 1 94 5ale 94
3 92
95
Lackaw Steel let g 58
100
44 9712 10058
1923 A -0 100 Sale 997s
New Orl Ry & Lt gen 4355_1935 1 - J ---- 8512 8334 Aug '16 ....... 80 86
1st cons 5s Series A
9778 535 90
al- S 9778 Sale 9612
1950
977
s
NY Municip Ry 184 g f 86A 1966 8 - j 99 __ _ 99 Sept'16 --,- 99
Liggett tIr Myers Tobac 75....1944 A - 0 12634 12714 1284
99
12718
7 12312 1274
N Y Rye 1st R E & Yet 4s._ _1942 J - J 744 Sale 745s
7514 21 734 79
58
102
27 10014 130
1951 F - A 102 Sale 102
313-year adj Inc 5s
a1942 A -0 534 Sale 5212
5334 95 514 6378 Lorillard Co (P) 75
1944 A - 0 128 1274 12718 Oct '10 ---- 12258 12713
N Y State Rya lst cons 4)0_1982 M- N 8512 86
86
87
12 83
8812
55
10214 24 10014 10214
1951 F- A 10214 Sale 1004
Portland Ry 1st & ref 58_ _1930 M- 4 85
89
887s
88714
1 8878 9412 Mexican PetrolLtdcon 6s A 1921 A .0 113 116 113
116
55 10658 128
Portld Ry Lt & P let ref 58_1942 F - A
785s July'16 ---- 7
78
80
1st lien &ref 68 series C 1921 A -0 112 116 1167s Ott '16 ._.- 105 12512
Portland Gen Elec 1st 58_1935 - J -,
---- ----100 h3hy'15-----...... Nat Enam & Stpg 1st 55-1929 J -D 100 10112 102 Oct '16 ---- 964 102
St Joe Ry,L,H & P 1st g 55_1937 M- 4 954 ._ _. 96 May'16 ---- 95 96
Nat Starch 20-yr deb 5s......1930 J J 85
8512 Aug '16 __-- 854 8811
92
St Paul City Cab cons g 50._1937 1 - J 10014 101 100 Sep '15-- . -.-. - National Tube 1st 58
10212 40 9978 10212
1952 1111-N 1017s Sale 1017s
Third Ave let ref 45
SI Sale 81
1960 J - J
814 38 81
8358 N Y Air Brake 1st cony 65_ _1928 111-N 10412 Sale 104
10412 41 101 1054
Adj Inc 5a
01960 A -0 76 Sale 76
7734 57 78 8434 Railway Steel SpringThird Ave Ry let g 5a
1937 J - ./ 10714 10912 10818 Sept'16 --- 106 10813
Latrobe Plant let s f 5s-1921 J - J 101 10118 10014 /WM --- 994 1004
Tr -City Ry ar Lt lets f 5s_1923 A -0 100 10012 10014 Oct '16 34
Interocean P 1st 5 1 58- _ _1931 A - 0 974 9778 98
98
1 9413 98
Undergr of London 4%s
_
1933 J - J -., -. 94 9513 July'14 ----------. Repub 1 & S 10-30-yr 5s s 1_1940 A -0 1004 Sale 100
1004 139 954 1004
Income 6s
80 69 Jan '16 --- 88
_ 69
1948 _
89
Standard Milling let 55_ _ _1930 M- N 984 99
977s
98
9 9578 100
Union Elev (Chic) let g 55_1949 A.---0 . . ____ 84 Oct '08 ---- ._. __ ._ The Texas Co cony deb 8s_ _1931 J - J 10558 Sale 10512 10534 31 104 106
United Rye Inv 55 Pitts 188_1926 NI-N 72 Sale 72
47 67
73
74
Union Bag & Paper let 5s. _1930 J - J 9353 9478 94
94
7 8018 94
United Rys St L let g 43
61
1934 J - J 614 68
8
pe
Stamped
1 5912 82
94
7 8211 94
1930 J - J 94 Sale 9312
St Louis Transit gu 5a
55 Apr '16
16 ____ 55
5978 U S Realty & I cony deb g 5s 1924 J - J 69
A_.1924 - 0 5113 65
31 68
6934 6934
73
70
United Rita San Fr sf 43-.1927 A -0 344 Sale 344
3514 98 30
4634 U S Red dr Refg 1st g 6s_ _ _ _1931 J - J
15 Oct '18 ---- 1012 16
18
15
Vs Ry & Pow let & ref 5s__1934 J - J 91
9234 8834
9234
7 87
9234 118 Rubber 10-yr col tr 83_1918 J -0 10253 10234 1022 1027* 133 10173 10313
Gas and Electric LightUS Smelt Ref & M cony 68_1926 F - A 1094 11012 1104
11012
3 109 11518
Atlanta()LCo let g 5s
103 Sept'15 ---- ...... - - - - U 13 Steel Corp-'coup- _ _d1963 M-N 10612 Sale 10638
1947 B -D 10414
10658 53 10334 10658
Bklyn Un Gas 1st cons g 50-1945 M-N
65 __1065* Oct '18 -- 105 107
8 1 10-80-yr 5streg
10614
10618
Sale
1064
d1963
2
10358 1063s
M-N
Buffalo City Gas let g 88_ _ _1947 A -0 ---- ----54 June'13 ---- ----.- Viv•Car Chemist 15-yr 5s_ _ _1923 J -0 9858 Sale 9853
99
48 9684 994
Columbus Gas let gold 5s_ _1932 J - J ._ _ _ ____ 97 Feb '15 ---- ...... - Cony deb 631
el924 A -0 10112 Sale 10138 10134 21 100 10312
127
7 120 127
Consol Gas cony deb 8s_ _ _ _1920 Q- F 12553 127 127
West Electric 1st 5s Dec -1922 J - J 103 10314 10314
11 1014 10338
10314
Detroit City Gas gold 5a___1923 J - J 10113 102 10113 10112
1 101 10212 WestIngh'se E & M cony 53_1931 J - J --------124 Oct '18 -- 112 1414
Detroit Gas Co cons let g 5s 1918 F - A 100
. 10112 Oct '16 ---- 10112 10112
10-year coil tr notes 58.....1917 A -0 10058 101 101 Oct '16.- 10014 1013*
Detroit Edison let coil In 53_1933 J - J 1044 ____ 1044 Oot '16 ---- 1024 10412
Coal & Iron
let & ref Sc ser A
10218
1024
h1940 M- S 10213
2 10014 10218 Buff & Susq Iron s f 58
9613 July'16 ___ 964 9612
1932 J -D 9658 99
Eq (3 L N Y let cons g 55_ _1932 111- S
. . 10012 May'15 ---- - -- - -- - Debenture 5s
al926 M- S 9358 95
93 Oct '18 _- 90
9614
Gas & Elec Berg Coo g 514-1949 J -D 100 __ 100 Feb '13.-- _ -.... - _
Col F & I Co gen s f 5s__1943 F - A 95 9833 9812 Oct '16 _.- 924 14813
Hudson Co Gas let g 5s. __1949 18-N 103 1037; 1034 Oct '16 ---- 103 1033-4 Col Indus let & coil 5a gu_1934 F - A 804 Sale 794
804 15 744 82
Kan City(Mo)Gas let g 56_1922 A -0 ........
91 Jan '18 --- 91
91
Cons Ind Coal Me 1st 5s___1935 J -D
18
73 Mar'14
Kings Co El L & P g Ss__ ....1937 A -0 10553 109 1055s Oct '16 ---- 104 10134 Cons Coal of Bid istekref 55.1950 .1 - D 9314 Sale 93
9314
3 90 9314
Purchase money 6e
1997 A -0 118 Sale 118
118
1 11478 1184 Continental Coal 1st g 5s_ _ _1952 F - A ---- ._ ., 9938 Feb'14.._.
Convertible deb (38
1925 M- S 120 12918 128 Oct '16 -- 128 128
Or My Coal & C let g 6s._h1919 A - 0
9412 9434 Mar'16-- 944 11434
Ed El III Bkn 1st con ;43_1939 J - J _-___ 8813 Sept'I8 ---. 88
8534 Kan & H C & C 1st st g 5s__1951 1 - J --_- .
99 July'15
Lac Gas L of St L 1st g 58.._e1.919 Q- F 1024 105 102
1024 291 10058 105
Pocah Con Collier lets f 58_1957 J - J 9358 9413 93 Oct '16..... 89
94
Ref and ext 1st g 5s
1934 A -0 1021/ Sale 10218
10238
3 10078 1024 St L Rock Mt & P 5s stmpd-1955 J - J 84
8812
8512
5 81
86
8512
Milwaukee Gas L let 4s.,._1927 111-N
93 Sept'113 -- 9114 9312 Tenn Coal gen .53
9338 94
1951 J - J 101 10212 10158 Oct '16 __-- 10058 10338
Newark Con Gas g 5.1
1948 J - D 10312 ___ 10338 Mar'16 ---- 10351 10338
Birm Dtv let C013.401 6s___1917 J - J 1004 10012 10014 Sept'16 _- 1004 102
N Y (I E L II & P g 5s.._1948 .1 -0 10418 Sale 10418
10412 10 103 1054
Tenn Div let g 83
a1917 A - 0 1004 ___ 1004 Oct '16 ..- 10014 11)2
Purchase money g 4s__ _ _1949 F - A 86 Sale 88
8614 16 834 87
Cab CM Co 1st gu 831
. _.
_1922 J - D ____ 108 101 Dec '14
Ed El II 1st COM g 53--1995 J - J 108 ---- 10813 Oct '16 ---- 108 109
Victor Fuel 1st s f Sc
874 73 Apr '14 ...., __-------.. ..
1953 J - J ___
NY&Q El Lit P let con g 581930 F - A 10018 ---- 1004 Aug '16 ---- 1004 1131 14 Va Iron Coal&Coke let g 5s_1949 rd- S 831-2 8434 83'4
84
18
82
7
s 8012
N Y& Rich Gas 1st g 5s__ _1921 111-N ... _
9212 July'09
Telegraph & Telephone
Pacific G & El Co Cal G &-E
Am Telep dr Tel coil tr 45...._1929 J - J
7 Sale 0258
93
55 9012 9338
Corp unifying & ref 58_ _ _1937 M- N 9913 9934 9938
9934 15 9758 100
Convent!)e 4s
1936 al- S ---- ----10534 Oct '16 ---- 100 10554
Pala°0& E gen & ref 58_1942 J - J 9338 Sale 9238
9312 139 92
9312
20-yr convertible 44s
1933 1111- S 112 11234 1124
11214 42 10558 11334
Pac Pow & Lt 1st & ref 20-yr
Cent Dist Tel let 313-yr 5s_1943 J - D 10212'103 1024 Oot '16 __-- 10112 1034
53 Internet Series
1930 F g A ._.96 9218 Sept'16 _- 92
9312 Commercial Cable let g 4s2397 Q - J _- 73
73 July'16
73
73
Pat & Passaic G & El 5a._ _ _1949 M- S 1001; _ _ _ _ 994 Oct '15 -. - - - -.
Registered
2397 Q- J _- _
73
71 May'16 __ 71
71
Peon Gas & C 1st cons g 63.._1943 A -0 1147
115 Sept'16 -- 1143s 11512 Comb T de T 1st & gen 5s_ _ _1937 J g J 10034
- Sale 10012 10034 27 9914 10034
Refunding gold 534
1947 M- S 1017 1027
___8 102
10232 15 1003 10238 Keystone Telephone let 58_1935 J - J _-_ 100
og Ayr '16 ---- 98 98
Registered
1947 M -S ..... 9978 99 Sept:13 --------Metropol Tel & Tel 1st s f 58 1918 14-N 1007; ___- 10137s Sept'16 ___ 10078 10112
Ch G-L& Coke lat gug 58-1937 B - J 1027
Mich State Telep let 58_ _ _ 1924 F- A 9934 101 1004
103
1 1004 103
;-,-- 103
10078
3 994 101
ConG Coot Chi 1st Rug 581936 J - D 10078 10114 10112 Oct '16 -__ 101 10112 N Y & NJ Telephone 5s g_1920 111-N
10138 -_- 10138 Oct '18 __-- 100114 1014
Ind Nat Gas& 01130-yr 501936 M- N 85
80 Oct '18 .-_. 88
88
87
N Y Telep 1st & gen s f 4 it1.1939 M- N 99 Sale 984
210 9713 9911
99
Mu Fuel Gas let gu g 53_1947 M- N 10078 --__ 1004 Meet. ---- 10038 1004 Pac Tel & Tel 1st 55
1937 J - J 10134 Sale 10134
80, 9912 102
102
Philadelphia Co cony 5s.......1919 F - A 9914 -.-- 99
9934 10 s9614 9934 South Bell Tel & T 1st a f 53_1941 J - J 10178 Sale 10134
1024 431 995s 10214
Cony deben gold 5s
1922 M- 4 034 9334 927s
9313 23 88 9313 West Union coll tr cur 58_ _1938 J - J 101 10138 10118
5 100 1024
101134
Stand Gas & El cony s f 6s 1926 J - D 101 Sale 10038
101
Fd and real est g 4 tis____1950 111-N 9738 Sale 97
11 9813 10278
9758 33 9458 9751
Syracuse Lighting 1st g 5s 1951 J -D 1004 ---- 101 Sept'16
934 101
Mut Un Tel gu ext 55-1941 M-N 10234 ---_ 10114 Apr '16 ---110I14 1041:
Syracuse Light & Power 5s.._1954 J - .1 88 ---- 8513 June'12 -------.
Northwest Tel gu 44is 8_1934 J - J 9418 -__ 95 Mar'16 __ 95 96
_
*No price Friday; West bid and asked. a Due Jan. 4 Due April. e DUe May. 0 Due June. h Due July. 3 Due Aug.•Due Oct. p Due Nov.•Due Dee. a Option la e.
0 e#2"
`14
b
z *1
...a.
--_
-- --
BOSTON STOCK EXCHANGE-Stock Record se.T:,Titge
Ocr. 28 19161
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Oct. 21.
Monday
Oct. 23.
1
Tuesday
Oct. 24.
Wednesday , Thursday
Oct. 25.
Oct 26
Friday
Oct 27
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
Lowest
Highest
Range for Prelims.
Year 1915
Lowest
Highest
Railroads
•10514 106 *107 10758 *10712 10734 +10714 108
10712 10712 ---- -2 Atch Topeka & Santa Fe__I00 102 Mar 2 108 Jan 3
9224 Feb 10938 Nov
•10014 101 *10012 101 *10012 101 *10012 101
Last Sale 10014 Oct'16
Do pref
100 9834 Aug 17 10114 Mar 9
97 Jan 10112 Nov
180 180
--------17914 17914
+177 ---- 18012 182 *177 180
147 Boston & Albany
100 1744 Sept25 198 Feb 16 170 Mar 198 Jan
8212 83
84
*82
83
83
85
85
84
8312 12
85
212 18
23
5
373 Boston Elevated
100 6512 Apr 24 8812 Jan 19
73 June 96 Jan
125 125
*120 125 *120 125 *120 125
52 Boston & Lowell
100 122 Sept14 145 Feb 11 109 Feb 138120c8
45
46
-:1-5- 181
45
45
*44
46
45
45
4 46
46
531 Boston & Maine
100 34 Aug 29 52 Feb 14
20
Feb
3712 Oct
212 212 *212 __ __
*210 ____ njo
16 Boston & Providence
100 200 Aug 4 23512May29 225 Jan 240 June
4 *____
4
4 *_ _ _
Kast-§We 41.2- May'16
4 ...___
Boston Suburban Elea Cos__
a
412 Feb 29
5
Jan
8
Dec
5
10
Mar
40 *____ 40 *__ _ _ 40 •____ 40
Sal
May'
Do pref
39 May19 4012 Feb 29
56 Mar
40 Sep
43
44 ---------------*412 5
*412 5
*412 5
300 Boston & Woos Electric Cos
4 Mar18
512Jan 5
Nov
Sep
9
5
*4412 47
+4412 47
Kast-ic*4412 47 _ *4412 47
d-e 6
,
ep-t-'ia
Do pref
42 Feb 28 4518Ju1y18
39 Jan
47'July
152 152
150 150
17 Chic Juno Ry & U El Y___100 150 Oct 25 154 July26 157 Feb 160 Sep
*iTi8" 166- .i6" 1-66 *105 106 *105 106 -105 105
1 Do pref
10212 Apr 26 110 July14 10112July 110 Apy
*150 ___ *14912 153 *150 155 *150 _ _ _
Kast-ia-e,150 Oct'16
Connecticut River
100 123 Sept 1 162 Feb 19 140 Feb 165 Jan
764, +75
+7512 77
*75
77
7514 7612 --------- -77
77
26 Fitchburg pref
100 6914 Sept27 87 Feb 14
51 Feb
76 Nov
*12912 13012 *12912 13012 *12912 ____ *12912 ____
Last Sale 1913 Oct'16
Georgia Ry & Elea stampd100 122 Jan 3 12912 Sept21 114 Apr 120 Feb
*89 __-_ *89 ____ •90 __-_ *90 ____
9012 9012
15 Do pref
100 286 Jan 10 9012 Oct 26
88 Mar
84 Aug
9934 9934 9934 9934 995 9934 9958 995 994 9934 -9934 193-4
Maine Central
167
100 98 Sept19 102 Jan 17
92 Mar 10312 Nov
512 512
512 512
478 5
*5
6
5
5
5
5
1,100 Mass Eleotrio Cos
100
478 Oct 25
478 June 10 Sep
834 Aug 30
34
3334 33
3414 3414 34
3314 3314 33
33
247 Do pref stamped
100 31 May 2 44 Aug 9
33 July 56 Jan
5934 61
6014 61
604 6114 6034 61
271 N Y N H & Hartford
100 57 May 5 7734 Jan 3
43
Feb
8734 Oct
--Kast-ni& lo-irloc-ift'6184
•105 107 *105 107 *105 107 *105 107
Northern New Hampshire_100 97 Jan 3 107 Sept14
89 Oct
98 Apr
+1414 ____ *14112 -- *14112 146
14214 1424 -ii- _iii_a
142 142
9 Old Colony
100 135 Sept21 157 Feb 26 140 Aug 157 Apr
2812
28
28
29
28
+2612 28
28
28
28
440 Rutland, pref
100 20 May 1 30 Jan 3
15 Mar 39 Nov
15212 1527 15134 15134 -*15014 151 *15218 152
70 Union Pacific
100 130 Apr 26 15278 Oct 24 11612Jan 14138 Nov
last-icile siic"oalia
Do pref
100 8178 Mar 1 8458 Oct 3
7934 Mar 8178 Oct
iii- fir iii" Ili" iii" Ili- iii" iff" ____ ____ n03411034
67 Vermont & Massaohusetts_100 10012 Aug 29 125 Mar 1 105 Feb 125 Apr
--------5812 51
57'
57
58
59
59
*5813 59
59
86 West End Street
50 z55 Sept21 6712Jan 19
61 May 7212 Jan
__
_ ---75
*72
76
*72
-----------76
76
76
*72
65 Do pref
100 69 July13 86 Feb 25
80 July 931k Feb
Miscellaneous
82
83
81
81
--------209 Amer Agricul Chemical-100 64 Apr 24 83 Oct 25
7934 7034 8014 8012 8038 82
48 Jan
7334 Nov
101
10112 10112 101 10112 10012 10112
10034 101
1011
98 Do pref
100 9512 Mar23 10214 Oct 2
8712 Mar 10112 NOV
112 1, ---- -- ---- ---10 Amer Pneumatic Service
*112 134 *112 134 *112 134
50
112July
Apr
314
8
12
Mar
134
4120a
1134 11
*11
12
11 ----------------*11
12
*11
20 Do Pref
50 11 Oat 5 16 May 4
13 Dec
1912Jan
123 12514 12112 1-2
.
3.12 123- 1-211117 11712 118 1204 12014 124
4 2,395 Amer Sugar Refining
100 106 Apr 22 1251400t 25 100 Feb 11912 Nov
121 123
1234 124
122 123
12012 12012 12012 121
121 12214
431 Do pref
100 11412Mar 1 124 Oct 25 109 Feb 119 Dec
13234 1334 13278 1334 133 1334 133 I33N --------13318 13314 1,304 Amer Telep & Teleg
100 12618Jan 31 13412 Sept30 116 Jan
13012 Nov
5314 5314 *5134 5212 *5112 524 --- ---- 52
53
*52
52
15 American Woolen of Mass.100 42 Aug 5 55 Mar14
1612 Apr
5714 Oct
9812 98
984 9814 08
9812 9838 9834 98
98
08
98
685 Do pref
100 92 Jan 11 10158 Mar14
77 Feb
99120ct
7512 7512 76
77
*74
*75
_
7412 *75
76
'75
'76
43 Amoskeag Manufacturing ___ 66 Jan 3 76 Aug 18
594Jan
67 Apr
99
*98 -983-4 +98
*98
9812 98
98
12 Do pref
98 July24 10114Feb 10
9712May 101 Feb
96 "61" "6E14 "ii" 11414
9534 9712 9414 964 95
98
97
- 16,642 Atl Gulf & W IS S Linea 100 27 Jan 14 10414 Oct 27
4 Feb -26 Nov
*6612 6712 6714 6734 67
66
67
67
'
68
67
68
564 Do pref
100 42 Jan 15 694 Sept14
973 Mar 49 Nov
-----23
2314 *2212 2312 23
23
2414 23
--2213 221
640 Cuban Port Cement_315 pd w818 Apr 28 25N July20
*812 9
-------84 812 *812 9
-----812 812
245 East Boston Land
10
84 Aug 16 138 Jan 19
812 Dec
1314 Apr
234 23412 23412 23412 ----------23412 235 *232 234
--__ ------41 Edison Electric Illum
100 234 Apr 27 250 Mar 7 230 May 260 Jan
185 18538 *18212 18312 184 '185
185 185
iiii8 114.3g
181 General Electric
100
15914
Apr
22
186
13814Feb
Oct
20
184120c1
101 101
101 101
*100 102 *100 102
ioO"
166"
loo
100
255 McElwain(W H) 1st pref_100 95 June 8 10212
Sept 8
9612 Aug 104 Mar
go
89
89
91
904 9112 8012 9012 8912 9014
901
5 198 Massachusetts Gas Cos-100 79 Sept21 91120ot 24
78 Apr
94 Aug
8212 8212 8312 8313 83
83
83
83
83
8312 ---- ----18
Do 11
pref
00 78 Sept14 89 Feb 14
84 Nov 9212Jan
*163 166 *162 ____ 164 164 *163 166
163 164
____ ___
22 Mergenthaler Linotype-100 155 May 4 172 Jan 19 154 Feb
200 Jan
-_ _ _ *.60
_- *.75
-_-- +.60
•.60
Last Sale 1
Oct'16
Mexican Telephone
10 .90 Aug 3
214Jan 15
14 Apr
3 Sep
17 *---- 17 *---- 17
*--- 17
Last Sale 16 June'16
Mississippi River Power_.100 15 Jan 18 19 Apr 10
10 June 1638 Deo
39 *--- 39 *
39
+ _ _ 39
Sale 39 Aug'16
Do pref
100 39 Apr 21 44 Feb 8
35 Feb
Jan
•27 -_-- *27 ---+27 -___ *27
4612
Last Sale 27
Oct'16
New Eng Cotton Yarn___100 2312July18 30 Jan 7
20 Apr
30 Nov
56
+55
+55 1C-1- 56
60
*56 ____
100 Do pref
100 50 Jan 24 58 Jan 7
25 July 55 Dec
12934 12934 12958 12958 12912 12958 12914 12934 iiii8 iiii1"2 iii" ii6"
488 New England Telephone_100 126 Aug 16 140 M ar17 212714 June 143 Jan
147 153
147 147 +142 147
15112 154
152 154
152 153
750 Nipe Bay Company
100 10218Jan 11 160 May 5
170 170
171 171
169 170
____
44 Pullman Company
100 15812Apr 28 175 Oct 5 150 Feb 170 Oct
lii4 -lii- 5512 5512 5512 5714 5512 57
56 -g63-4 -IT' -6i5-8 8,595 Punta Allegre Sugar
50 51 Oct 10 58380ct 27
1512
16
.
1512 15
+1512 1572 16
15
.... _
_
_
25 Reece Button-Hole
10 15 Feb 3 1612 May23
15 Sep
1814 Jan
153 15418 150 15312 15012 15212 15112 1-5i1-4 15212 1-53 15212 156
1,827 Swift & Co
100 125 Feb 5 177 Oct 9 104342an 128 Nov
5934 5934 60
60
61
*60
60
6034 614
374 Torrington
25 35 Jan 14 87 Sept19
28 Mar 3612 Deo
__ *32 -_- 32 61
*32 ____ .32
32
_--- -5ii8 "ii"
16 Do pref
25 28 Jan 14 33 Mar 2
26 Mar 3014 Sep
16112 16234 16134 1-623-4 162 16412 16134 163
162- 1621-4 161 16412 2,115 United Fruit
100 13612Jan 31 16834 Aug 21 110 Feb 163 Nov
5714 57
57
57
57
5734 57
5712 5712 5714 5714 5713 1,717 United Shoe Mach Corp
25 50 June23 6312 May12
48 Aug
85 May
3014 3014 30
*3014 31
30
30
304 3()
30
400 Do pref_
25 2812Jan 3 31 Sept18
28 Mar 30 Aug
11918 12038 11912 12112 11814 12014 118 11612 ---- ---- lifis I-1178
- 10,681 US Steel Corporation__ _100 7934 Mar 1 12112 Oct 23
38 Feb
8912 Dee
12112 12112 *12112 12134 12112 12118 •1211g 12113 ---- ---- ---40 Do pref
100
11514
Feb
5
12112Oct
10214Jan
2
11714
Oct
10
ION
934 1014
912 1014
938 10
934 10
934 -ibis 28,643 Ventura Congo'011 Fields_ 5
658 Sept18 13 Jan 3
1038 Dec
1438 Nov
*4
412 *4
412 *34 4
*378 4
4
4 --------25 Adventure M
Co
ining
25
134 Feb 17
518 Apr 11
4 Jan
478 Apr
106 10612 105 10612 105 106
104 10412 105 105
10534 5
250 Ahmeek
25 91 Aug 1 108 Sept25
9212 Dec 103 Aug
1318 134 13
13
12
1214 12
12
1 121
1 12
25 Alaska Gold
10 1134 Sept 2 2612Jan 7
2112
Dec
4034
Apr
114
138 *1
IN
---114
----114
-----560 Aigomah
114
14
25
34 May 3
2 Apr 7
.45 Feb
434 Apr
70
7012 7034 7114 70
7112 6812 6934 6812 66- 6" 6612 1,106 Aliouez Mining
25 58 July17 7411 Feb 21
3512Ja.n
86 Dec
47
4614 47
474 4714 48
4613 4718 4612 4812 4'714 4838 5,002 Amer Zino, Lead &
Smelt- 25 2912July11 973s Apr 10
16NJan
7214 Nov
07613 7712 7712 78
7712 7734 7612 774 ---- -1,018 Do pref
25 60 Julyll 79 Sept 9
1214 1212 1238 1258 1212 1234 1214 123
1 44,
121 - i -1-i3000Arizona Commercial
5
July29 14 Sept13
738
314
Jan
-I1-2 App
214214
-----134 214
2
218
-----2
214
2,321 Butte-Balaklava Copper
10
112 Aug 2
54 Feb 5
2 Jan
434 Apr
6514 66
65
6534 *6412 65
6414 6412 6414 WA
505 Butte & Sup Cop (Ltd)_ 10 6012July10 10514 Mar 9
li3584 Jan
80 June
76
7712 7912 78
7634 77
79
793 '
'83 '1 .'06 Calumet & Arizona
791200t 24
June28
10
66
5112Feb
7834
Apr
580 580
581 585
570 581
571 571 - --------- ---- --------38 Calumet & Heola25 515 July14 590 Sept25 350 Jan 630 Apr
22
22
22
22
2112 2112 2112 2112 21
21 - ----65 Centennial
25 14 July17 24 Sept28
15 Jan
25
Apr
5658 5714
5812 5912 5858 5938 5714 59
-86" "iii" 3,248 Chino Copper
5 46 Julyll 60 Feb 19
3278 Jan
57 Nov
7034 7114 71
72
71
72
6912 71
6938 7012 6934 '7012 8,96
30
1 Copper
Cons Co_.... 25 5412July11 73 Sept29
30 Jan
65 Dec
234 234 *212 3
3
3
*212 3 ,
20
Daly-West
2 July13
378 Marl?
IN Jan
534 Apr
1512 1534 1534 17
1614 1714 16
1612 -IC -I-5-1-4 -iii8 -lila 16,193 East Butte Copper Min
10 1112.July12 1734 Sept 8
812Jan
1612Deo
9
913
912 958
912 912
9
9
9
9
488 Franklin
25
6 June23 lON Jan 8
412Feb
1414 Apr
91
91
91
91
014 9112 .89
91
90
90
415 Granby Consolidated
"iiii" IC
100 79 July14 9834 Feb 10
58 Jan
9412 Apr
*52
53
5212 5212 +5112 52
*5112 52
51
51
70 Greene Cananea
100 3434 June26 5212 Mar 9
2314 Feb
52N Dec •
•13
14
1334 1334 *1334 14
1334 14
13
221 Hancock Consolidated..... 25 1012June28 1912Jan 4
.34
1312 -iii4 13
11 Jan
2412
Apr
+314 4
*314 4
*3
8
312
31
318
30 Indiana Mining
25
2 July10
21i Jan
6 Jan 3
1012Apr
494 51
48
4912 49
49
40
50
-4/3i4 -411-2 -RI -E1-- 3,290 Island Creek Coal
1 42 Sept27 5434 Apr 11
41 Mar 52 Aug
91
91
9013 914 0112 0134 *91
9112
212 Do prof
1 88 Jan 29 92 May23
8512Jan
3334 34
9118 Apr
3334 34
3212 34
3212 3314 -5F2 "ii" -5.2i2 -311-2
960 Isle Royale Copper
25 25 July13 3734Sept27
478 478
1712Jan
34 Apr
47g 5
434 472
472 472
482 434 --_--.3
47
10 KKoewrreeLnaakwe
5
312Mar 4
532May 3
3 Aug
518 Apr
612 612
64 7
612 7
64 634
6
614
6
6
1
284 Feb 11
25
Copper
Apr
8
6
112
14
144 14
Aug
144 *1334 1412 14
412 Apr
14
1312 1312 14
14
355 Lake Copper
25
914 July14 1913 Feb 10
413 412
512Jan
5
5
1978 Dee
5
5
414 412
414 414
4
4
715
La
Salle
Copper
25
314July15
534Jan 3
318Jan
434 5
5
5
9 Apr
5
438 478
5
412 5
5
518 '3,672 Mason Valley Mine
5
112Aug 3 55
/
4 Oct 11
1634 167
1612 1738 1612 17
1 Mar
5 Dee
1614 1634 1614 1634 164 1634 5,031 Mass
Consol
25 10 July13 17380ct 23
314 314
338 338
3 Jan
17 Apr
3
3
234 234 ---340
Mayflower
25
2 July 5
5 Feb 10
412 412
412 412
3 Aug
8 Apr
418 438
413 414
-_-_-_-_ --i- --.4.320 Michigan
25
112Jan 5
05
4580ct 19
95
06
95
95
.60 Mar
0584 9412 06
3 Apr
-oi/2 9412
96
316 Mohawk
25 7712Julyll 10312Mar10
23
227 23
23
4814 Jan
22N 23
98 Deo
2278 2273 2234 2234 ------__
___ -420 Nevada Consolidated
5 15 Jan 28 23385ept25
7
718
714 74
115
Feb
$
17
Apr
678 67s
612 678 _,...ii.4 _______2
565 New ArcadiAn Copper
413 Feb
25
434July14 10)4 Jan 4
•1414 1434 1412 1412 14
1414 1312 14
1414 J11118
i
13
' ------i
-675 Now Idria Quicksilver- 5
9 July19 24NJan 19
4 July 1312 Aug
83s 838
838 8,2 *814 83s
83
812
84 84
8is38
1,035
Niplssing Mines
5
6 Mar 1
9 Sept14
518 Aug
2012 207
2058 21
2034 21
878 Nov
2034 21
2034 21
2034 2078 2,021 North Butte
15 20 July13 32 Jan 3
2
2214Jan
2
218
3878 Apr
2
•178 2
*178 214
2
222 North Lake
25
.50 June 2
412Jan 3
114 *114
112
114
1 Jan
*14 2
*1% 2
418 Apr
134
275 Ojibway Mining
25
118 July15
278 Apr 6
312 Apr
.50 Mar
234 234 *214 234 *214 234 *214 2
,
4 ---------iill - 1‘i3-4 -Eiji,
135 Old Colony
25
114 July14
4 Jan 3
214 Nov
718 Apr
7012 6912 70
7012 70
6934 70 -- ___ -184-i670
771 Old Dominion Co
25 60 July14 7334 Marll
3812 Mar 64 Dec
92
91
91
90
91
90
92
*91
91
91
185 Osceola
25 70 July14 10112Mar14
64 Jan
9312 Apr
1612 16
1658 1738 1612 1714 16
1612
112 ,
g
8,351 Pond Creek Coal
10 1112Mar 7 18 Oct 27
12 Jan
1958 Aug
0212 92
9212 91
9112 0112 92
91
91
91
9
227 Quincy 25 81 July12 9834 May16
50 Jan
95 Apr
*2534 2614 *2512 26
2534 2534 26
26
30 Ray Consolidated Copper_ 10 2034June22 2712 Oct 6
1514 Jan
2758 Nov
8812 8812 -ii- iiiii -iii- 89
88
90
90
9014 89
89
773 St Mary's Mineral Land 25 6112Jan 31 93128e9t22 28 Jan 6512 Dec
218 218
214 214
*214 212
218 218
2ife 24
2
214 1,630 Santa Fe Gold & Copper
37s Jan 8
114 July28
10
9
1 Mar
914
914 912
94 912
914 914
9
5 Oct
914
9
4 914 1,035 Shannon
10
7 July13 121z Feb 14
4 Jan
1112 Apr
*2812 2912 *2812 2912 *2812 2912 *2812 2912
Last Sale 2834 OCt'16
Shattuck-Arizona
4,6
10 2434July11 4038 Feb 14
1814 Jan
7
38 Nov
6
6
6 6
6
6
-iii- -f6- -_-_-229 South Lake
812 Jan 4
25
4 Aug 4
514 Nov
1614 1614 16
7N July
1612 164 1612 16
16
78 Superior.
25 1212 July15 2812Jan 3
+412 434
412 478
2212Jan
414 472 . 458 47
4112 Apr
434 512
8 15,217 Superior & Boston Copper.. 10
-8 8 -11112Jan 13
618 Oct 27
4612 4812 4714 48
1 Mar
412 Apr
454 474 44
4534 45
4512 45
4614 1,333 Tamarack.,
25 35 Aug 5 5614Jan 14
7
25 Jan
714
712 712
5858 Aug
7
714
658 7
634 634
6N 634
621 Trinity
414July12 1234Jan 3
25
.70 .72
238Feb
.70 .70
15120ct
.70 .70
.70 .70
.70 .71
.68
.68 3,250 Tuolumne Copper
.15 Jan 26
1
.74 Oct 13
73
734 7312 7334 73
.20 Jan
.63 Apr
7312 72
7211 72
I
7113 5
5078 72
5118 5i
(0? U tS
71-2
1:
ltri
omep
3
1 5
eliefin & Min-. 50
83
05
34
8 JAupnre19
1
51
2208
5114 51
eb
n
5114 5114 5114 51
54
5013D
pec
oo
511
418j
5
49
Fan
eb
4
418
3% 418
Jan
3% 4
378 4
4
4
4
4
3,530 Utah-Apex Mining
518 Apr 10
5 31X4 Feb 11
2 Jan
144 15
148 1434 1434 15
1434 15
538 June
1434 1434 1412 1413991
Utah Consolidated
5 1212Jan 15 1534 Feb 11
914 Feb
9634 98
99 10014 10058 10112 100 10012 9958 10214 10218
1632 June
10518 2,297 Utah Copper Co
10 75 June27 10518 Oct 27
7
48N Jan
714
8184 Dee
7ls 714
74 75
7
75
74 7)4
7
738 24,500 Utah Metal & Tunnel
1
612July18
1112
Mar13
513 534
512 573
552 584
514 514
514
514
2,595
Victoria.
2NJan
25
512 512
3
57
8
Oct
19 "I"kW)" ---------.
5
5
--:41-2 --.f7; ' 412
t-p-r534 534
5
5
458
495 Winona.
334 M ar27
25
712 May31
46
464 46
1N Jan
4612 4512 4513 4612 4612
518 May
461
45
17, 17, •15, 178 *158
95 Wolverine
25 45 Oct 9 6712Feb 10
32 Jan
17s
70 Apr
1 31
134 --------- ---- --15Wyandott
-- 25
118 Aug 12
214Feb 14
.50 Mar
214 Apr
0 Bld and asked prior. a Ex-dividend and rights.
b Ex-stock dividend. c Assessment paid. A:Ex-rights. a Ex-dividend.
r Ex Tamarack stock. or Hail-paid.
•
.....
.....L
ast
65-
•
Sales
of the
Week
Shares
1581
-Jo- -fii.;
THE CHRONICLE
1582
Sales
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Oct. 21 to Oct. 27, both inclusive:
Bonds-
Friday
Last Week's Range Sales
ofPrices.
Sale.
for
Price. Low. High. Week.
Am Ag Chemical 55_1928
Am Tel & Tel coil 4s_ _1929 92%
Convertible 434s.._1933 11231
AUG& W I SS L 5s__1959 8534
Chic Juno & U S Y 58_1940 10134
Cumberland Tel 5s
Gt Nor-CB&Q 4s_ _ _ _1921
K C & M Ry & Bdge 5s--- -----K C M & Birm 45_ _ _ _1934
1929,
Mass Gas 4145
N E Telephone 55_ _ _ _1932
1934
New River 5s
Pond Creek Coal 6s_ _1923 99%
Punta Alegre Sugar 6s_ _-_ 10014
Swift & Co 1st 55- _ -_1944•
United Fruit 414s_ _.1925
U S Smelt R&M cony (5s_
Western Tel & Tel 5s-1932 102
103% 10335
92% 92%
112% 11235
85%
84
10154 101%
100,1 100,1
9834 9834
93
93
83% 8334
98
9834
102% 10215
80
80%
98% 99%
99% 10015
101 10134
9731 9731
11035 11015
102 102%
$4,000
29,000
8,200
95,000
33,000
1,000
18,000
5,000
3,000
15,000
8,000
6,500
12,000
89,500
29,000
3,000
2,000
42,500
Range since Jan. 1.
Low.
10014
90%
105%
74
10034
99
97%
91
80
9615
101%
75
87
99%
98%
97
109%
99
I
May1
Jan
Mar
Jan'
May
Jan
July
June
Oct
Mar
Jan
Jan
Feb
Oct
Jan
Jan
Apr
Jan
High.
10334 Oct
Apr
93
113% Oct
8515 Sept
Aug
102
100% Oct
Feb
99
May
93
Mar
92
99% Jan
May
104
8035 Oct
99% Oct
10014 .Oct
102% Oct
97% Apr
115 June
102% Oct
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Oct. 21 to Oct. 27, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1
Low.
80 1714
2015 2054
Alliance Insurance
10
52 119
120 120%
American Gas of N J_ _100
6
308
6%
6
6
10
American Milling
50 9311
9914 99%
American Rys, pref__ _100
300 69
Baldwin Locomotive_ _100 8431 8234 84%
371 38
62
58
Buff & Susq Corp v t 0_100 62
586 54
60
57
100 60
Preferred v t c
17 44
Cambria Iron
50 4411 44% 443.1
966 70%
125 135
50 130
Cambria Steel
546 5834
6834 70
Elec Storage Battery_ _100 69
23 2715
20
29
General Asphalt
100 29
249 25
Insurance Co of N A...10 27% 2714 2734
815
248
815 8,1
100
Inter-State Rys
50 34
35
35
100 35
J G Brill Co
220 1615
2434 27
Kentucky Seem ities_ _100
20 7015
88
88
100
Preferred
27 12%
1215 1234
Keystone Telephone_ _50
1531 14,698
815
14
Lake Superior Corp__ _100 15
455 74
7815
78
50 78
Lehigh Navigation
1,149 74%
50 84% 8315 85
Lehigh Valley
320 18
21
21
50 21
Lehigh Val Transit
58 38
43
4315
Preferred
50
142 97
99%
99
Pennsyl Salt Mfg
50 99
58
5835 4,488 5531
10 53
Pennsylvania
40 38%
41% 4134
Philadelphia Co (Pitts)_50
250 3934
42
42
Prof (cumulative 6%)50
Philadel Electric
2234 29% 28% 2915 6,552 27
2,640 17
1915 20
Phila Rap Tran v t r_ _ _ _50 19h
64 75
80
80
Philadelphia Traction_ 50
Reading
50 10934 x107% 111% 3,045 75%
10 42%
1st preferred
50 4614 46% 4615
4
4% 4 5-16 414 1,107
Tono-Belmont Devel_ _ _ _1
6
514
2,391
6
6
1
Tonopah Mining
826 4115
45%
Union Traction
50 4515 45
91% 4,395 8754
United Gas Impt
50 90% 90
117% 121% 46,088 79%
100 119
US Steel Corp
931
650
934 9%
931
Warwick Iron & Steel _10
1 41
41
41
100
Welsbach Co
13 48%
50
50
West Jer & Sea Shore _50
1,030 70
79% 82%
Nirm Cramp & Sons_ _ _ _100 82
75
834
13% 13%
50
York Railways
30 3415
x36% x3634
Preferred
50
BondsAm Gas & Elec 5s_ _2007
2007
do
small
B ildwin Locom 1st 55_1940
Choc Ok & Gulf cons 5s'52
Consol Trac NJ 1st 55 1932
Edison El stk tr ctfs 5s1946
Elec & Peoples tr ctfs 4s'45
1945
do
small
Inter-State Rys coil 4s 1943
Keystone Telep 1st 55 1935
Lake Superior Corp 5s 1924
Lehigh Valley reg 434s '23
2003
Gen consol 45
Registered 45
2003
Gen cortsol 4158__ _ _2003
Lehigh Val Coal 1st 5s 1933
Penna RR gen 434s_ _1965
1960
Consol 415s
P W & B ctfs 48.._ _1921
Phil B & Wash 1st 48_1943
Philadelphia Co 1st Ss 1949
Cons & colt tr 5s_ __1951
Phil Elec tr ctfs 5s_ _ .1948
1948
small
do
1950
Trust ctfs 4s
1950
do
small
Phila & Erie gen 5s_ _ _1920
Phil as Reading impt 4s '47
19971
Reading gen 45
19971
Registered 4s
Schuylkill Riv ES 45_1925
Spanish Am Iron 65_ _1927
Standard G & E 6& _1926
United Rys Invest 55_1926
1930
Welsbach Co 58
1930
small
do
1937
York Rys 1st 5s
103.
May
July
July
Feb
July
Jan
July
Jan
Jan
Apr
Aug
Jan
Oct
Apr
Feb
Feb
Oct
Jan
May
Jan
Jan
Jan
July
Aug
Sept
July
Mar
May
May
Jan
May
Mar
Aug
Jan
May
Mar
Aug
July
Sept
Mar
Feb
Jan
High.
2034
123
8
100
115%
62
62%
47
145
72%
38
27%
8%
4815
27
88
15
15%
79%
87
2335
4434
10215
60
4534
45
2915
21%
80
115%
4614
5 7-16
7
46%
93%
121%
1135
45
51
87
1611
39
Oct
Feb
Jan
Mar
Feb
Oct
Jan
Feb
Oct
Sept
Mar
Oct
Oct
Jan
Oct
Oct
Mar
Sept
Jan
Oct
Mar
Mar
Feb
Oct
Jan
Apr
June
Sept
Oct
Sept
Oct
May
Jan
Sept
Oct
Oct
June
Feb
Jan
Jan
June
Mar
Stocks (Concluded)
Baltimore Tube
100
Preferred
100
5
Chalmers Oil & Gas
Preferred
5
Comas Cigar Machine corn
25
Commercial Credit
Preferred
25
25
Preferred B
Consol Gas E L & Pow_100
100
Preferred
Rights
Consolidation Coal_ _ _100
5
Cosden & Co
5
Cosden Gas
5
Preferred
Cosden rights
Davison Chemical_no par
100
Elkhorn Fuel
Houston Oil trust 008_100
Preferred trust ctfs_.100
Internat Cotton Mills_
100
Monon Vail Trac
100
Preferred
Mt V-Woodb Mills v t r100
100
Preferred v t r
Pennsyl Wat & Power_100
Poole Engineering dr M 100
Public Service Bldg, Orel-Sapulpa Refining
5
Seaboard Air Line pref_100
Southern Oil Trans
United Ry & Elec
50
Wayland Oil& Gas
5
BondsAlabama Coal & I 5s
Alabama Co gen 65_ _ _1933
1933
Small bonds
Anacostia & Potomac 58'49
AugustaIty & E 1st 531940
Bait Sparrows P&C 4348'53
Bessemer Coal I & L 6s'18
Canton Co 5s
Carolina Central 4s_ _1949
Chicago Ry 1st 5s_ _1927
Consolidated Gas 5s_ _1939
1954
General 414s
Cons Gas E L & P 41.5s '35
Notes when issued
Consol Coal Ref 55_1950
1923
„ Convertible 6s
Cosden&Co 6s when issued
Cosden Gas Os
Elkhorn Coal Corp 65 1925
1918
Elkhorn Fuel 5s
Fair & Clarks Trac 58_1938
Ga Car & Nor 1st 58_ _1929
G-B-S Brewing 1st 48_1951
1951
25 income 55
Houston 011 div ctfs'23-'25
Jamison C&C-GC 531930
Kirby Luin Contract Cs'23
Maryland Dredge 65
Md Electric Ry 1st 5s 1931
Md & Pennsyl 1st 45_1951
March & Miners Trans 6s
M St & St PC It 5s.„.1928
Monon V Trac Is.. _1942
Mt V-Woodb notes Os 1918
Norf & Ports Trac 5s_1936
Pennay W & P 58_ _1940
Seaboard Air Line 6s
United Ry & E 4s_ _ _ _1949
1949
Income 45
1936
Funding 5s
1936
small
do
1921
Notes 5s
Vu Ry & Power 5s_ _ _ _1934
1941
Wash B & A 55
Range since Jan. 1.
Low.
Jan
435 63
126 127
445 8234 Jan
106% 10615 106%
401
7
7
7%
334 Sept
331 May
4% 4%
420
50
Oct
5
5
5
Jan
410 46
46
46
125 2634 Oct
28
28
26% 2635
774 2634 June
Mar
12514 11835 125% 8,155 107
569 107 June
12034 120% 120%
215
1% 235 6,165 1 1-16 Oct
Feb
644 96
99
98% 9935
11,713 1315 Aug
1631 17
17
Apr
6
12% 12% 13% 3,182
415 4% 2,730
4%
434 Apr
1-16
% 118,016 1-16 Oct
Vs
44
44
4631 2,513 3534 Aug
Aug
253 15
1715
17
6,350 1334 Aug
19% 17% 21
July
933 57
621, 6115 64
Aug
14
30 12
14
14
50 57 June
61
61
5 74
Aug
75
75
141 10
Mar
15
141., 14
284 49 June
61
60
61
1,816 72
Mar
78% 83
82
440 92
Sept
110 111
15 100
Jan
102
101 102
40
10%
73-4 Aug
1034 10
Sept
100 36
39% 3931
8% Oct
500
8% 8%
1,576 2534 Jan
2831 2831 29
311 Aug
1,060
515 534
515
85
81
0231
101%
101%
9715
10014
85
94
99%
100
75
10015
8414
65%
88%
84%
84,000
11,400
400
5,000
2,000
2,000
1,000
2,000
1,000
9,000
1,000
1,000
14,000
10,500
28,000
15,000
118,000
269,000
10,000
27,000
1,000
3,000
1,000
4,000
105,500
2,000
47,000
9931 0934 5,000
4,000
loci 100
5,000
75
78
10334 10354 6,000
102% 102% 2,000
9415 9115 3,000
100% 100% 14,000
3,000
86
11,000
95
95
20,000
98
98
8311 84% 41,000
89,000
6435 66
87% 88% 10,900
800
88
88
99% 99% 52,000
88% 88% 2,000
8435 84% 1,000
85
85
81
81
75
75
1003.5 10015
94
94
97
97
99
99
10034 100%
88
88
9735
97
105% 105%
9415 9434
9131 9234
102% 103%
0331 94
10334 1033.5
10115 101%
101% 102%
97% 9715
10015 10054
100% 10055
10215 10234
28
28
21, 215
82% 86
04'
94
9954
90
7611
60
58
96 •
94
9531
99
001,
88
96
10534
92%
86%
102%
91
10235
1013.4
100
96%
99%
09%
102
2094
34
79
91
9815
993.,
96%
75
101
101
9234
98
8115
00
98
82
60%
84%
8334
99
88
84
Jan
Jan
Jan
Jan
Oct
Jan
Oct
Apr
Oct
May
Sept
May
Aug
Oct
July
Sept
Oct
Aug
Aug
Aug
Jan
Aug
Apr
Apr
Apr
Jan
Jan
July
Jan
Oct
Jan
Aug
Jan
Mar
Jan
Jan
Oct
July
June
Jan
May
Feb
Oct
Jan
High.
1313-4 Aug
10641 Oct
Jam
8
435 Oct
5
Oct
Feb
50
Jan
30
2635 June12531 Oct
12034 Oct
234 Oct
Jan
103
2634 June
1831 June
634 June5-32 Oct
Jan
71
1914 Mar
2314 Jan
Jan
68
19
Apr
6531 Jan
75
Mar
1634 Jan
61
Oct
83
Oct
Jan
148
Jan
102
16% Feb
41
Jan
835 Oct
Feb.
29
955 Feb
85
Oct.
Oct
81
Oct
75
10015 Oct.
94
Oct
9834 Mar
99
Oct
10034 Sept
8015 Mar
99% Feb
Feb
107
9434 Oct.
9231 Oct
103,1 Oct
Oct.
94
Jan_
105
101% Oct
June
120
98% Jan
10031 Feb
101% Feb
10354 Jan
28
Oct
235 'Oct
86
Oct
94
Oct
99% Jan
99% Aug
Oct
100
78
Oct
103% June
10235 May
100
Oct
1023.4 Oct
86
July
95
Oct
Oct
98
Jan
85
66
Oct.
88% Oct
8814 Oct
Sept
100
Jan
91
Jan
87
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Oct.21 to Oct.27,both
inclusive,compiled from the official sales lists, is as follows:
Oct
Oct
Sales
Friday
Mar
Range since Jan. 1
Last Week's Range for
Oct
Week.
of Prices.
Sal4.
Apr
High,
Low,
High. Shares.
Low.
Price.
Par.
Stocks
Oct
Feb
8131
Stocks.
Jan
Oct
Jan 415
242 385
402 415
Jan American Radiator_..100 415
5755
Jan 603-4 Oct
5834 6034 2,398 33
Feb Amer Shipbuilding_ _ ...100 60% 92
Sept
• 10 757-4 Jan 95
92
100
eferred
Pt
Sept
3811
Oot
50 12
May 50
50
46
Apr Amer Straw Board.._ _ _100
101
Jan 62
Sept
6634 6014 1,220 25
Feb Booth Fisheries, com_ _100 60
Oct
Jan 88
289 66
8755
87
100
Preferted
Feb
90%
May 5454 Oct
100 45
54% 5434
Feb Cal & Chic Canal & D..100
36
14 Oct
35 Oct
35
35
Jan Chic Blew & Malt,oom.I00
50
3,1 Oct
334 331
33-4 Oct
100
Preferred
Feb
236 July
435
454 434
434
534 Oct
Feb Chic City&C Ry pt sh corn
10514
1,422 15
July 3534 Oct
32% 3194 34
Preferred
Feb
Mar
589 6331 Mar 79
733/
Feb Chic Pneumatic Tool_ _100 7215 7234 73
Jan
Apr 80
25 70
73
Feb Chic Rys part ctf "1"
335 13
Apr 2794 Oct
23
22
22
Feb Chia Rys past ctf "2"
Oct
211 July
110
411
491
815
Chic
Rys
part
at
"3"
334
Oct
106
June , 134 Oct
1
162
135
135
1%
Oct Chic Rys part ctf "4"
Oct 24934 July
7 b211
218 218
Chicago Title & Trust.100
Oct
8615
Sept
25 13015 June 147
143 144
Oct Commonwealth-Edison.100
Feb
May 98
240 89
9615
96
100
Apr Deere & Co., pref
102%
Sept
Mar 122
335 102
119
11834
119
100
Match
Diamond
Oct
Sept
Sept
7334
72
345
7334
72
73
Jan Hartman Corp
9554
Sept
Aug 91
75 80
8815 89
Oct Hart Mal& Marx,com.100 89
9534
Sept
365 11414 Jan 120
100 11814 118 11834
Preferred
Oct
93
Oct
7615
Jan
780
93
92
92
100
Oct Illinois Brick
Feb 42034 Oct
100 365
100 42014 42015 420%
May Inland Steel
10034
205
6% Jan 25
Aug
21
21
2034
Light
Lindsay
Apr
July 268
Oct
1,490 167
246 268
100 265
Sept National Carbon
9934
Oct
60 12034 Feb 130
126 130
100 130
Preferred
Oct
Oct
600
6
731 Oct
734
6
FenccCo
7%
Wire
Woven
Page
Oct
98
Oct
181 110 May 118
1123-4
People's Gas Lt& Coke.100 112% 111
157 1i434 Oct 11934 Oct
1149-4 117
Prest-O-Lite Co Ino(no par) 115
z Ex-dividend.
Jan
11834
Sept
188
107
115
11434
com.100
11434
Pub Serv of No Ill,
Apr 104
Feb
118 100
100 10231 102 10294
Preferred
Baltimore Stock Exchange.-Complete record of the Quaker
Jan
Jan 363
112 309
325 32531
Oats Co
100 325
Oct
Jan
115
210
107
'
115
transactions at the Baltimore Stock Exchange from Oct. 21
112
100 113
Preferred
22414 3,048 16931 Mar 22454 Oct
215
224
common100
Sears-Roebuck
inclusive:
both
27,
Oct.
to
Feb
Aug 127
6 124
125 127
100
Preferred
Aug
Sales
1109-411431 8,066 8234 Apr 119
Friday
Stew Warn Speed,com.100 111
Oct
Range since Jan. 1.
Last Week's Range for
100 152% 15091155,1 4,070 12614 Jan 175
Swift & Co
Oct
Oct
153-4
a
13%
2,278
153.5
Week.
of Prices.
Sale.
133-1
1331
Rights W I & A
Sept
Sept 215
High.
497 155
Low.
165 166
I
100 165
Par. Price. Low. High. Shares.
Union Carbide Co
StocksOct
5,112 1334 June 1 32
United Paper lid, com_100 31% 2934 32
75 5131 June 7534 Oct
Oct
Apr 25
64 15
74
74
25
24
Preferred
100
100
Alabama Co
91 11251 June 11714 Aug
Oct Ward, Montg & Co, pref_ _ 116
Sept 70
506 50
11534 116
70
65
100
1st preferred
Oct
3
539
Oct Western Stone
Apr 41
13-4 Oct,
396 30
41
214 3
100
100 41 , 39
2d preferred
Feb
195 3534 Aug 42
37% 37%
Bonds.
Arundel Sand dr Gravel 100
Oct Armour & Co 414s_ _1939
253 41
July 47
93% 9374 83,000 9274 semi 0434 Feb
46% 47
Baltimore Electric pref _50
96%
96
96% 97 $28,000
96% 2,000
96
6,000
10415 105
1,000
97
.97
10235 102% 2,000
1,000
10911 109%
81% 18,000
81
1,400
81% 82
5734 5734 3,000
97% 97% 2,000
37% 3831 21,500
1,000
101 101
9215 9215 4.000
1,000
9051 90%
10034 100% 15,000
105% 105% 2,000
4,000
103 103
10534 105% 3,000
9931 99% 2,000
99% 9915 5,000
101% 101% 1,000
1,000
89
89
4,000
105% 106
300
105 105
86% 7,500
86
500
86
8635
1,000
10215 10255
98% 98% 5,000
951, 9634 24,000
1,000
95% 9551
1,000
9911 99%
1,000
102% 192%
100 100% .5,000
21,000
73
72
99% 99% 3,000
1,000
9931 99%
8,000
98
98
8915 Jan
8934 Jan
May
104
93 May
10134 Jan
Mar
105
7915 May
Apr
76
May
57
Jan
96
2035 Jan
101 [Mar
Sept
89
Sept
87
9915 Aug
Aug
104
10034 Jan
10434 July
Jan
99
9855 - Feb
10031 Aug
Aug
87
10315 Jan
103
Jan
81% May
82 May
10234 June
9734 Jan
9315 May
94 June
9831 Feb
10134 May
9831 Jan
6714 Apr
9415 Jan
9615 Jan
92% Jan
97
963.4
106
97
10234
10911
8131
83
58
100
393.5
10134
94
93
10334
106
103
10634
9954
9934
10134
94
106
10534
88
8814
10334
98%
9634
9554
9911
102%
10215
74
9934
993-4
98
Om 28 19164
THE CHRONICLE
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
Bonds (Concluded)Chicago City Ry 58.. _1927 9934
Chia Cy & Con Rys 5s.1927
1927
Chicago Rys 55
Chic Rys 5s, series "A"_
Chic Rys 4s, series "B"
Ch Ry pr m M g 4-5s '27
Chic!Ry Ad Inc 4s_ _1927
Chicago Telephone 58.1923
Commonw-Edison 58_1943
Commonw Elec 5s_1943
Metr W Side El 1st 48_1938 72
Extension-g 49 -1938
1945 97
Ogden Gas 55
Peep Gas L & C ref g 55'47.
Pub Serv Co 1st ref g 5s'56. 96
South Side Elev 4)s.1924
Swift & Co 1st g 5s_ _ _1944 101
Union Elec (Loop) 5s.1945
Wilson & Co 1st 6s_ _ _1941
99
76%
96%
89%
71
60
41
101%
102%
102%
71%
68
9554
102%
96
90%
101
62
102%
Range since Jan. 1.
Low.
99% 21,000
77% 52,000
96% 18,000
89% 3,000
71
20,000
60)4 8,500
41
2,000
102 ' 8,000
102% 40,000
102% 1,000
72
4,000
68
1,000
97
5,000
1023.4 6,000
96% 45,000
9034 5,000
101% 31,000
62
1,000
103
38,000
98%
69%
96
86%
65%
60
335i
101%
101%
101%
71
68
95%
101%
94
8834
98%
62
102%
High.
Apr
Sept
May
Aug
July
Oct
June
Apr
July
July
May
Oct
Jan
July
Jan
Jan
Jan
Oct
Oct
100
80
98g
92%
75
70
41
102%
102%
102%
73%
68%
97%
10254
96%
92%
10254
71
103
Feb
Oct
Feb
Feb
Jan
Jan
Oct
Feb
Jan
Mar
Jan
Mar
Mar
Oct
Sept
Apr
Oct
Feb
Oct
z Ex-dividend. a Ex-dividend 2%,stock dividend 40%, b Ex-div., ex-rights.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Oct. 21
to Oct. 27, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are 41 dollars per
share, not per cent. For bonds the quotations are per cent.
of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale,
of Prices.
Week.
Par. Price, Low. High, Shares,
American Sewer Pipe_ _100 20
Am Wind Glass Mach_100 62
Preterred
100
70,
Cable Consol Mining_ _ _ _1
25
Caney River Gas
Columbia Gas & Elec._100 40
Consolidated Ice, corn _50
Harb-Waiker Refrac_ -100
Independent Brewing- _ -50
6%
Preferred
50
La Belie Iron Works_..100 7534
Lone Star Gas
100 91
Mfrs Light & Heat
50 59%
National Fireproofing_.50
734
Preferred
50 17%
Ohio Fuel Oil
1
Ohio Fuel Supply
25 49%
Oklahoma Natural Gas.100
Osage & Oklahoma Co_100
Pittsb Brewing, corn
_50
Preferred
50 24%
Pittsburgh Coal, corn._100 45
Preferred
100
Pittsb Cons M M & T.._ _1
8e
Pittsburgh-Idaho
1
Pitts & Lake Erie RR_ 50
Pittsb Oil & Gas
100 11%
Pittsburgh Plate Glass_100
Pittsburgh Silver Peak.._1
12•3
Pure Oil, common
5 21%
River Side West 011,com 25
Ross Mining & Milling_ _ _1 26e
San Toy Mining
19e
1
Union Natural Gas.....100 175
Union Switch & Signal_ 50
U S Glass
100
S Steel Corp, corn.. _100 119%
West'house Air Brake_ _50
West'house Mee & M fg _50 64
West'house Machine_ 50
West Penn Tr & W P._100
Bonds.
Amer Sewer Pipe 6s_ _1920
Fed St & Pleas Val 5s_1942
Independent Brew 6s_1955
Pittsb & Aileg Telep5s 1949
Pitteb Coal deb 58_ ...1931 99%
_ _1931
NVest Penn Rys
16
20
6134 62%
128 130
4o
13c
42%
41
3631 40
4
4
125 125
6% 6%
22% 23
75
77
91
9114
59
59%
7% 7%
17
18
17% 17%
49% 4914
85
85
114 114
634 6%
24% 25
40
45
110 110
150
8o
1.15 1.15
197 197
11%
11
126 126%
12e 120
2314 21%
12% 13
26.3 31e
17c 20e
175 175
118% 118%
39
41
119 121%
15534 158
63% 65
32
32
2334 2334
92
100
59%
80
9954
100
3,715
665
630
68,050
590
435
100
130
1,931
90
740
275
594
745
230
415
518
250
50
575
30
155
50
168,910
500
16
3,025
85
6,600
7,565
145
16,800
11,900
26
17
622
635
685
1,860
20
225
92
100
60
80
99%
100
Range since Jan. 1.
Low.
High.
15
June
34% June
12214 July
3o
Apr
36 June
14% Mar
3
July
7134 Jan
2% Mar
15% Mar
49 June
87
Aug
49% Apr
63-4 July
15% July
14
Aug
38
Feb
70
Jan
98
Mar
43-4 Mar
16% Feb
23% Apr
100% July
Sc Sept
1.10 Sept
Oct
197
614 Mar
115
Jan
70 Apr
z17% May
12
Mar
Sc Apr
14c June
141% Apr
109
May
25% June
80% Jan
133% Apr
5316 July
30
Mar
17
Jan
8500 91
2,000 100
3,000 49
1,000 77%
9,000 9611
500 100
20
66
155
130
42%
43%
5
125
7
23
80%
93
59%
12
24%
19
50
85
114
634
26
45
110
15o
1.25
215
13%
128
120
21%
14
45e
25c
175
126
4634
121%
160
71%
35
24
Jan
Oct
Apr
Oct
Jan
Oct
Mar
Oct
Sept
Sept
Oct
Jan
Sept
Jan
Jan
Jan
Oct
Oct
Oct
Aug
Oct
Oct
Oct
Oct
Sept
Mar
Oct
Sept
Oct
Oct
May
Oct
Jan
Oct
Jan
Oct
Oct
Oct
Mar
Oct
Sept
Apr 92
May 100
Mar 62
Oct 80
May 99%
Jan 100%
Feb
May
Aug
Oct
Oct
Apr
z Ex-dividend.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY. EXCHANGE
Week ending
Oct. 27 1916
Stocks
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
748,485
1,399,914
1,226,273
1,245,185
1,265,590
1,291,683
Railroad,
Par Value.
$66,817,000
123,479,900
110,426,300
114,433,500
116,558,150
115,782,8001
Bonds.
State. Mon.
dt Foreign
U. S.
Bonds.
Bonds.
$2,350,500
4,527,000
4,318,500
4,481,000
4,531,000
5,267,000
$878,000
1,209,500
2,688,0E0
2,082,5001
4,802,0001
1,316,500!
8,000
7,177,130 $647,497,650. $25,475,000
$12,976,5031
$9,500
Week ending Oct. 27.
1916.
1915.
$500
1,000
Jan. 1 to Oct. 27.
1916.
1915.
7,177,130
.
Stocks-No.shares_.
6,617,975
162,187,299
141,110,321
$647,497,650
$571,768,105 $14,057,921,440 $12,153,708,020
Par value
$300
Bank shares, par
$15,500
$209,100
$162,800
Bonds.
$9,500
Government bonds...
$745,950
$888,500
State, mun.,&c.,bonds 12,976,500
8815,500
249,778,000
20,666,500
RR. & misc. bonds__ ..! 25,475,000 25,969,500
665,493,500
685,904,200
$38,461,000 $26,785,000
Total bonds
5916,017,450
$707,459,200
DAILY TRANSACTIONS AT THE BosTorsr, PHILADELPHI
A AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Oct. 27 1916.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Shares. 'Bond Sales. Shares
31,893! $24,500
54.950-42,300
40,000
38,160
62,200
38,55.5
84,000
23,683
52,017
151,000
14,120
22,05.5
21.702
14,907
13.114
22,683
$403,700
108,586
242,858
Baltimore.
Bond Sales. Shares. Bond Sales.
816,500,
35,000
47,300
28,000
31,000
53,400
3211,200
3,990
9,497
9,717
12,519
7,838
5,711
$55,200
156,100
99,600
280,400
136,500
272,800
49,272 $1,000,600
1583
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Oct. 21
to Oct. 27, both inclusive. It covers all the sales for the
week ending Friday afternoon.
Friday
I
Last Week's Range
Sale
of Prices
Par. Price. Low. High.
Week ending Oct. 27.
Stocks-
Aetna Exploe_r___(no par) 1074
Amer Druggist Synd _r _100
Am Int Corp $50 pd__ _100 57
Amer Sumatra Tob.._ _ _100 25%
Am Writ Paper oom_r_100
854
Atlantic Steel
100 93
Butler Chemical_ r
5
434
Butterworth-Judson_r (t)_ 75%
Calif Packing Corp_r__(t) 3714
Preferred r
100 -California Shipbldg_r_.10 15
Canadian Natural Gas_ 1
Carbon Steel, com-r- -100
1st preferred r
100
Car Ltg & Power_r_ _25
Carwen Steel Tool_r _10 11%
Central Foundry corn r 100 18
Preferred r
100 3234
Charcoal Iron Co of Am_10
8
Preferred '
10
734
Chevrolet Motor
100 192
Emerson Motors, Inc r_10
Emerson Phonograph --5 1034
Enger Motor Car r
10
734
Falls Motors Corp-r_ _10
Fisher Body Corp.r(no par)
Preferred r
100
Flemish-Lynn Phonog r._5
Gent Am Tank Car-r--(t)
General Motors_r_w 1_100 168
Preferred_r_w I
100 95
Grant Motor Car Corp_10
Guantanamo Sugar_ ___50 77
Hall Switch & Signal_r _100
9
Preferred r
100 20
Hart Bell Co_r
3%
Haskell & BarkUar(no Dar) 41
Havana Tobacco, oom_100
Hawaiian Sugar.r
Holly Sugar corn- _(no par) 59
Preferred
100 9834
Hutchinson Sug Plant r 25 2834
Imp Carbon Chaser_r__ _1
34
Intercontinental Rubb-100 15%
Int Arms & Fuze Sec_ 25
Joplin Ore & Speiter-r_o_5 42c
Kathodion Bronze, pref_ _5
9
Keystone Tire & Rubb.._10 1414
Kresge(S El) Co,corn r -10
Lake Torpedo Boat_r- _10 II%
1st preferred _r
10 11
Loft, Inc
100 105
Manhattan Elec Supply100 39%
Manhattan Transit_ _ _ _20
Marconi Wirel Tel of Am_5
Marlin Arms v t c(no par)_
72
Preferred v t c
100 963-4
Maxim Munitions_ r___10
634
Mexican Petrol Export r
Midvale Steel & Ord_ r_ _50 6934
Mitchell Motors.r (no par) 65%
Nat Mot Car & Veh_r_(t) 43
N Y Tr ansportation_ _ _ _10
North Amer Pulp & Paper_
1214
Paauhau Sugar Plant_ _r20
Peerless Truck & Motcr_50
Pugh Stores Corp_r_w 1_10
PulimanVentilatorCorp.r.5
Preferred r
5
53-4
Republic Mot Truck r (t)Riker & Heg (Corp 1°0-5
5%
St Joseph Lead.r
10 1934
Seab'd St & Manganese (t) 29%
Smith &Terry'Transp pf 10 1054
Spicer Mfg_r
100
1st preferred
100
Springfield Body Corp-100 9534
Preferred
100 139
Standard Mot Constr r_10
8
Steel Alloys Corp r
5
3%
Stromberg Carbu•r(no par)
Submarine Boat--(no Par) 4114
Times So Auto Sup_w-(t)
Todd Ship)ards_ r(no par)
Transue & Williams_ - (t) 4514
Triangle Film Corp v t o_5
United Alloys Steel Corp rt 49%
United Motors_r_(no par) 643.4
United Profit Sharing_..1
114
U 8 Light & Heat Corp r 10
234
U 8 Steamship
10
7
U S Tungsten r
1
Western Pacific Rrt_r _100 21
Preferred r
100 49
Wheel & L E rnew w I_ ___
19%
World Film v t c
5
134
Wright-Martin Alr _ r- (t) 243-4
Zinc Concentrating_r_ _10
41.4
RightsN Y Central
Tennessee Copper
Texas Company
Former Standard Oil
Subsidiaries
Anglo-Amer Oil
El
Galena-Signal Oil
100
Illinois Pipe Line
100 222
Ohio Oil
25
Prairie Oil& Gas
100
Prairie Pipe Line
100 293
South Penn 011
100
Standard Oil (Ind)_ _100
Standard 011 of N J._ _100
Standard Oil of N. Y_ _100 240
Sales
for
Week
Shares.
Range since Jan. 1.
Low.
High.
1054 12
16,100
July 25
7
Feb
12
1234 2,100 1134 June 1434 Jan
55% 57% 1,325 v121( Jan 161
Sept
5,400 19% Oct 26
24
26
Oct
8
10
28,500
Mar 11% Oct
2
93
93
8,000 55
Jan 07% Oct
3% 4% 1,580
254 Max
7% Apr
74% 76
16,650 60
Sept ,78
Oct
36% 38
11,900 36
Oct 38
Oct
106% 106%
10 106% Oct 106% Oct
1414 15
1,600 13
Oct 15. Oct
% Sept
100
2% Jan
31
34
92
92%
75 55
Feb 95
Oct
93
94
75 69
Feb 94
Oct
4
434
600
35-4 Aug
734 Apr
1114 1214 17.300 w714 Jan 12% Oct
14% 18% 6,700 11
Jan 18% Oct
29
1,600 20
32%
Jan 3234 Oct
7% 8% 11,800
514 Aug
8% May
1,800
7
7%
5% June
7% Oct
190 201
3,900 115
Jan 278 June
3% 3%
600
314 June
5% Aug
8% 1114 5,097
8% Oct 1434 Jan
714 8
2,700
7% Oct
8
Oct
9
914
200
1334 Oor
934 Sept
39% 39%
100 37)4 Allg 4234 Oct
94% 95%
1,250 as
tier 9554 Oct
1% 2% 12,000
1% Aug
734 June
59
61
250 59
Oct 51
Oct
161 172
11,400 124
Sept 172
Oct
94% 96
5,700 93
Oct 98
Sept
8
10
3,600
Apr 14
7
June
72
1,018 u56
77%
Sept 86
Apr
7
400
9
Aug
5
2134 Jan
20 • 20
100 20
Sept 43
Feb
3% 3% 2,350
3% Oct
3% Oct
40% 42% 4,750 33% July 543., Jan
214 2%
300
1;4 Oct
334 Oct
52% 52%
300 5114 Oct 5234 Oct
49
Apr 59% Oct
59% 6,910 41
759 9311 Jul) 99
9734 99
Oct
28% 29)4
750 27% Sept 29% Oct
34
14 21,650 25e Aug 53e Sept
1514 16% 3,450 10 June *19
Sept
22
1,200
July 26% Jan
2254
7
40c 50c 23,420 0350 Sept otilo Aug
1,000
Oct 33
9
9
10
Jan
1434 18% 11,700 12
Sept 19% Oat
1314 14
1,500 10 June to16% Jan
10
11% 5,700
634 July
13;4 Jan
10
11
3,50,1
834 July 1434 Jan
105 105
1,000 105
Sept 1055-4 Sept
34
3954 8,400 32
Oct 39% Oct
13-16 1% 6,000
34 Oct
2% Jan
354 3%
500
3
Apr
43( Jan
57
83
12,400 23 June 83
Oat
94
97% 4,150 70
May 97% Oct
654 7
Mar 13
59,500
4
Jan
400 17% Sept 19% Oct
18% 19%
Apr 7714 Jan
6634 70% 73,000 57
65
66% 8,500 63% Oct 7334 Sept
4134 43% 19,500 42
Oct 44% Oct
15% 15%
700 12% Feb 16% Mar
12% 13
15,000 12% Oct 13
Oct
500 27
27
27%
Oct 27% Oct
23
24%
300 20% May 32
Jan
9% 10% 3,100 tea% Oct w1(1% Oct
2% 2% 4,800
2 Sept
4% Oct
4% 5%
1,800
434 Oct
6% Aug
100 54
70
70
Aug 77
Sept
5% 6% 6,603
4% Mar
6% Feb
18% 19% 6,500 14
July
19% Oct
29% 29%
720 2454 Aug 30 Sept
954 Aug 11% Sept
700
1014 1054
10114 102
860 10034 Oct 10254 Oct
500 103
103 103%
Oct 103% Oct
91 100
1,350 51
Apr 101
Oct
130 139
690 101
Apr 139
Oct
7% 8%
840
534 Aug 10% Feb
3% 3% 2,300
234 Sept
3% Oct
39%
39
410 39
Oct 45% Aug
40% 43
17,900 3134 July 4554 Oct
40
570 39
40%
Oct 41
Oct
82
925 734 July 83
83
Oct
45% 4514
100 4534 Oct 4514 Oct
22% , 1,330
2 June
6% Jan
48
50% 45,700 48
Oct 51% Oct
63
67% 16,000 57
Aug 94 June
1
134 27,000
% May 2 1-16 Jan
234 2%
600
2% July
45( Jan
6% 7
10,300
Apt
4
8 Sept
32
34
2,300 27
Sept 39
Oct
1814 2114 1,500 12
Sept 21% Oct
47
49
275 36
Sept
49
Oct
19% 20
2,390 19
Sept 20% Sept
1%
134 3,100
gi July
Jan
3
23
24% 145,000 22
Oct 36
Sept
4
4% 2,800
3% Aug
6% Apr
34 15-16 20,500
3% 314 3,500
2514 26
500
16% 17
174 174
217 227
332 384
488 492
293 300
445 470
780 785
599 604
239 244
2,000
15
490
890
130
325
200
15
221
375
Other Oil Stocks
Alberta Petrol_r (prooirct)
69c 69c
200
Barnett 011 & Gas_ r__ --I
2% 3% 15,700
3%
1614 17
6,725
Cooden & Co_r
17
Cosden 011 & Gas_r
12% 13% 14,253
5 13
Federal Oil _ r
5
3% 1 15-16 354 40,800
Gen Ref & Prod r
2,400
3.4
34
Houston Oil, com_r_..100
48
2014 10,850
1131 11% 2,500
Internat Petroleum_r_ El
Kenova Oil (prospect)._ _1
3-16
% 15,400
Metropolitan Petroleum 5 13
12% 15 • 7,700
Midwest()II com..r
410 450 24,500
1 42c
15-16
N Y-Oklahoma 011_r_
% 134 10,450
1
011 Exploration r
300
1i
/i
%
Oklahoma Oil com_r_...1 1054c 10c .1134c 102,800
Preferred r
9-16
14 9-16 34,850
Oklahoma Prod & Refit_.6 10% 10% 12
43,000
OmarlDIl&Oaa
55e 63o 22,900
1 63c
54 Oct
1
Oct
20
Sept
z14%
151
155
189
359
205
325
487
495
200
50e
234
13
6%
July
Feb
June
Jan
Aug
Apr
Mar
Jan
Apr
Mar
% Oct
3% Oct
26
Oct
18
174
235
392
492
305
470
800
604
244
June 690
Jan
4%
Aug 27
Apr 1854
Feb
3%
34 Aug 1 1-16
12
Aug 23
95' June 13%
34. Sept 93o
10
Aug 25
38o Aug 850
70o June
1%
1
36 Oct
70 Mar 210
Aug
1%
534 Aug 12
480
Oct 95c
Jan
Oct
Oct
Oct
Oct
Sept
Oct
Sept
Oct
Oct
Oct
May
June
June
Oct
Sept
Jan
Jan
June
May
Feb
Aug
Oct
June
May
Oct
Aug
THE CHRONICLE
1584
Sales
Friday
Last Week s Range for
Week.
Sale.
ofPrices.
Other Oil Stocks (Cond.) Price; Low. High. Shares.
Par.
r 5
Sapulpa Refining
93% 103%
134 134
5
Savoy 011
1
13% 1 5-16 1%
Sequoyah 011 & Ref
543%
Sinclair Oil& Ref r(no par) 533% 4J
84
8
Southern 011 & Transp't 10
83%
14 2
Tex-Mex Petroleum i_1
1
3-46
1
1 1 1-16
United Western 011_ r
3-Jo 43c
Utah Petrol (prospect) 1 42o
%
X 9-16
Vacuum Gas&O.Ltd r_I_1
934 104
Ventura Cons'd 011_r_ _5
13%
1
Victoria Oil_r
13%
13%
5
53%
Wayland 011 & Gas corn_ _5
Range since Jan. 1.
Low.
High.
[Vol,. 163
Quotations for Sundry Securities
All bond prices are"and interest" except where marked "1"-
2,053
100
41,800
26,200
4,525
2.100
8,500
9,600
90,500
6,600
17,220
260
734
93%
1%
353%
8
690
540
35o
28c
73-4
1
33%
Aug
Mar
Sept
Aug
Oct
July
Mar
Sept
Sept
Sept
Mar
Aug
1614
143%
1
5434
834
234
24
47o
%
134
234
93-4
Feb
May
Oct
Oct
Oct
Oct
June
Sept
Oot
Jan
Jan
Feb
Standard Oil Stocks PerShare
1
Par Bid. Ask.
£11 .1612 17
Anglo-Amer 011 new.
100 850 870
Atiando Refining
100 390 '410
Borne-Scrymser Co
50.100 103
Buckeye Pipe Line Co
Chesebrough Mfg new.. A00 465 475
100 50 '70
Colonial 011
100 460 580
Continental 011
Crescent Pipe Line Co..
*40 45
Cumberland Pipe Line..100 105 115
Eureka Pipe Line Co......100 235 245
1
173 175
Galena-Signal Oil com
100 140 145
Preferred
100 220 225
Illinois Pipe Line
_50 *104 107
Indiana Pipe Line Co
£1 .11
Internat Petroleum
1112
National Transit Co__12.50 .19 20
New York Transit Co-..100 212 217
Northern Pipe Line Co...100 105 108
25.0363 368
Ohio Oil Co
25 .67 70
Penn-Mex Fuel Co
25 *1512 16
Pierce 011 Corp
100 485 490
Prairie Oil & Gas
100 291 294
Prairie Pipe Line
100 375 385
Solar Refining
Southern Pipe Line Co 100 213 217
100 455 460
South Penn 011
Southwest Pa Pipe Lines_100 113 118
Standard Oil (California)100 345 350
Standard 011 (Indiana)._100 785 790
Standard 011 (Kansas). 100 540 550
Standard 011 (Kentucky)100 640 660
Standard 011 (Nebraska).100 530 550
598 602
Standard 011 of New Jer-1
Standard 011 of New Y'rk100 240 242
103 430 440
Standard 011 (Ohio)
100 115 120
Swan & Finch
Union Tank line Co-_ 100 89 92
100 298 301
Vacuum 011
10 .37 43
Washington 011
Tobacco Stocks-Per Sha re.
Par Bid. Ask..
American Cigar common100 112 118
1001 98 100
Preferred
Amor Machine & Fdry_100 80 90
British-Amer Tobac ord....£1 .1812 20
£1 •19 20
Ordinary, bearer
Conley Foil
100 300 350
150
Johnson Tin Foil & Met_100
MaeAndrews & Forbes_ A00 205 215
100 100 102
Preferred
Porto Rican-Amer Tob_ _100 268 275
Reynolds(R J) Tobacco_100 600 630
100 122 124
Preferred
100 150 160
Young(J 5) Co
100 105 110
Preierred
Mining Stocks
Oct 1.02
May
4 7,100 25o
34
%
Alaska-Brit Col Metals 41
Oct
83c 85o 61,600 590 Sept 85c
1 85c
Alaska Mines Corp
• Oct 70o July
%
3% 8,550
Alaska Westover Cop_r-1 5-16
Oct 42o
Oct
360 42o 28,800 36o
420
Arizona Chloride_r
34 Sept
14 13% 8,900 350 July
13%
Arizona Copperfields_r__1
1,500
10c
9e Aug 234c Jan
10c
1
Atlanta Mines_r
14 Feb
13.4
Short Term Notes. Per Cent.
100
13% 14,400
134 Oct
Big Jim
13%
44,500 1 7-16 Feb
8
Oct
74
63% 8
Big Ledge Copper Co__1
500 110
Oct 44o
Jan
110 110
Am Cot Oil 5191917-M(4N 1007810118
1
Booth r
710 920 140,000 500 Mar
234 June
Amer Locom be, July '17_J-J 11,4,12101
Boston & Montana Dev__ 5 790
10032 10058
44 June 123% Mar
734 103% 2J,800
Am T & T 434s 1918
Butte Copper & Zino v t o 5
93-4
34,300
94c
950
1
Oot
1
Oct
95o
Anaconda Copper be '17 M-S 1003210052
Zinc_l
Cop&
Detroit
Butte
200
Mar
114 Oct4
13%
Canadian Pan 6s 1924_ M&S2 103 10314
13%
Butte & N Y Copper.... 1
300
63% Sept
5
Chic & West Ind 5s'17_M&S 100 10014
534 53%
23% Jan
Calaveras Copper_r
1,500 53o Aug 1 5-32 Apr
590 590
1
Erie RR 549 1917._ _A-0 100521007e
Caledonia Mining
5,500 770
770 79c
Oct 80o
Oct
General Rubber 5s 1918 J&D 100721011s
Calif-Treadwell Gold M 1 1 78o
1
14 Aug
234 Oct
1 15-16 24 24,700
blocking Valley 5s 1917_M-N 100341,
2
Calumet dr Jerome Cop r-1
234 34,000 1 3-16 Mar
24 May
2
5 2 3-16
int Han, 5s Feb 16 '18_F-A 101321e134
Canada Copper
40
8,500 323% July 423% Feb
K C Rys 534s 1918_ _ J&J 10034101
Cerro de Pasco Cop(no par) 3934 38
114 July
244 Oct
Morgan& Wright be Dec.1.18 1001410012
5 2 1-16 1 15-16 234 83,000
Consol Ariz Smelt
700
34 May
23% 2%
134 Feb
New Eng Nay (113 1917_M-N 104)381003s
5
234
Consol Copper Mines_
• July
Sept
N YN Ha: II 449 May 1917 100 10014
Consol-Homestead__ r-1
34 7-16 9-16 9.000
3,425
Oot
634
Sept
6
6
64
Penn
Co 434s 1921__J&D15 10078 1011s
1
634
Cresson Con Gold M & M
3,300
95e
1
1% Oct
34 July
Pub Ser Corp N J be '19 M&S 10034 10118
Crystal Copper
1
93% 1134 20,000
Rem Ams U.M.C.58'19F&A 8412 86
53-4 Sept ,114 Oct
Darwin Lead-S M & D -5
13/
s 24 3,635
2
3
Oct
Southern Ry bs 1917_51-52 1003s 10088
134 June
Dundee Arizona CoppAA
1
334 Oct
United Fruit bs 1918_ _ M-N 101 10114
23% 2 7-16 2 13-16 22,955 17140 Jan
Emma Copper_r
50
43%
434 434
July
3
5
834 Jan
UtahSecurCorp 6s'22 M-S15 96 9634
First National
22o 250 15,000 21c
Oct 25o
Oct
, Winches RepArms5ei'l8M&S 9814 98%
Fortuna Indep'ce_r_-_10c 230
Oct 1 3-16 Jan
530 590 18,560 55o
I New York City Notes10 550
Goldfield Cons'd
Per OW.
Bonds.
10218 10214
3,200 350 Aug 60c
38e 400
Oct Pierce Oil Corp cony 66_1924 85 87 & Sept 1 1917
1
Goldstone Mln_ r A
1
Aug
34 45-16 94,000
4
I Canadian Govt. Notes43% Oct
Green Monster Mining_r_l
Oct 600
530 600 11,030 510
F&A 1001210034
Oct
be Aug 1 1917
Grizzly Flats Gold M _ _ _ _1 570
834
25e
33% Jan
93% Oct
63% 934 19,250
Heels Mining
Ordnance Stocks-Per S hare.
1140 1334c 72,000 Ile
Oct 150
Oct
Independence Lead_r _ _ _1
13% Oct Aetna Explosives pref___100 57 60
InspirationNeediesCoprl 1 11-16 1 1-16 13% 25,500 500 July
750
24 Apr Amer dr British Mfg
1
Jan
134, 1%
be
Iron Blossom_ r
100 10 20
14 July
Public Utilities13-4 2 1-16 31,003
234 May
Jerome Verde Copper_i_l 1 15-16
100 20 40
Preferred
2
134 June
34 Sept Atlas Powder common...100 175 180
2
234 5.200
Jerome Victor Exten_r_f _1
8,800 32e Sept
340 38o
50.153 155
11-4 Jan
1
Jumbo Extension
Preferred
100 98 100 Am Gas dr Elee corn
Jan Babcock & Wilcox
1,530 8340 July 22o
110 120
Preferred
50 •49 50
1
Kewanus_r
100 130 131
383 386
460
510
36,700
120
May
blo
Oct
oommon__10
490
&
Trao
Am
Lt
Louisiana Consolidated 100
Bliss(E W)Co common_50•740 790
100 111 113
July
51
Oct
Preferred
b 5034 174 51 213,000 13
Magma Copper
50 *75 85
Preferred
1
Aug .23% Oct Canada Fdys & Forg1ngs100 185 195
13% •234 12,570
13%
Amer Power & Lt corn.... _106 74 75
Marysville Gold Mining_l
6,300 380 Mar 720 May
58o 620
100 83 85
Preferred
McKinley-Darragh-Say_ _1
Preferred
100 90 100
41 44
2,900
8
May Canadian Car & Fdry_-100 30 40 Amer Public Utilities coral
4
2
23% Aug
334 4
Mojave Tungsten_r
74 77
234 8,850
• Apr
231 May
13-4
10
13%
Preferred
Monitor Sil L & Z M &M 1
Preferred
100 60 75
324
326
1,900
950
64c
June
1
Aug
850
com_
.10
Service
Co
_1
Cities
Montana Gold Mines_rCanadian Explosives com100 380 460
9212 93
Jan 430 Apr,
10
Preferred__
1 3634o 360 400 146,000 200
Mother Loder
Preferred
100 100 110
1
Sept
1 1 1-16 1,200
53% Jan Carbon Steel common...200 98 102 Coin'velth Pow Ry & L 100 61 6212
Nevada Utah Bingh'm 2.50
Oct
75o 770 41,200 34o June 77o
101 8312 8512
Preferred
Newray Mines, Ltd_r__ _1 '760
100 98 105
1st preferred
97 98
1444 15
300 144 Oct 1734 June
N.Y.&Honduras Rosario.10
100 67 70 Dayton Pow & Lt prof...10
26 preferred
634 Feb
934 Sept Colt's Patent Fire Arms
834 834 30,300
5
Eleo Bond & Share prof.. 100 99 103
Nipissing
834
3,300 15o
150 160
Oct 25c Apr
150
Federal Light dr Traction100 21 23
Oatman Gold Key_f__ _ _1
100 860 880
Mfg..
350 45c 40,890 120 Aug 82o
100 54 57
Oct Crocker-Wheeler Co com.100 93 95
Preferred
Old Emma Leasing_r-10c 400
4o
40
2,000 3340 Sept
60 Jan duPont(E I) de Nemours
1
Great West Pow tie 19413.J&J 8934 901s
Oro r
800 75o
Oct 77o
Oct
770 770
100 85 -Indiana Lighting Co
1 770
Peerless Jennie r
100 288 291
& Co. common
23% Oct
234 234 34,200 850 July
....F-A 7912 81
4s 1958
Pittsb Jerome Copper_r_il 2 3-16
Debenture stock...... 100 103 107
5,500 (30o
Oct 64c
Oct Electric Boat
60c 640
North'n States Pow oom-100 105 106
100 400 410
Portland Cons Copper__ _1 600
%
4 11-16 43,600
34 Oct 11-16 Oct
100 100 102
Preferred
Progress Mining & Mill_ A
100 400 410
Preferred
14,600
234 Mar
54 Mar Hercules Powder com
34 4
5
1st & ref be 1941-__A&O 96141 97
33-i
Ray Hercules_r
1(10 355 360
28o 300 83,500 100 Aug 390 May
1 300
Rex Consolidated_r
10 116 120 Pacific Gas & Elea coin_ A00 5712 58
Preferred
560 58o
11.200 500 Sept 78c May Hopkins & Allen Arms 100 18 24
100 91 92
1 570
let preferred
Rochester Mines
134 13-16 2,900 1 1-16 Sept 1 3-16 Oct
100 47 49
Sacramento Val Cop_r_ _1 1 3-16
Preferred
100 50 60 Republic ity dr Light_
4 3,500
14 Sept 96o Sept International Arms
100 78 80
%
Preferred
3%
1
St Nicholas Zino r
25 *20 25
2
Oct Lake Torpedo Boat com 10 10 12 South Calif Edison corn_ _100 92 93
134 1 1-16 134 23,400
Oct13-4
Santa Rita Develop_r__
1,200
3o
200
Feb
190
2334cSept
100 106 109
Preferred
1
Silver Pick Consol.r
Midvale Steel & Ordnance 50 *70 71
Jan Niles-Bement-Pond 00E11_100 197
14 134 4,000
2
July
1
Southwest Pow & L pref..100 9712100
Standard Sliver-Lead___1 1 7-16
340 38o
9,100 300 Aug 950 Feb
56 •15 1514
El
(Del).
Standard
Gas
&
1 35o
105
Success Mining_ r
110
100
Preferred
Oct 420
Jan Scovill Mfg
22o 34o 21,000 220
50 *4214 43
Preferred
Superstition Mining_i_ _1 310
100Z700 715
3,500 40e Sept 420 Sept Submarine Boat--(no par.) •40 41
400 400
Tennessee Ry L & P com100 13 14
Teck Hughes r (prosp't)_1
Oct Winchester Repeat Arms 100 1200 1350
820 860 178,300 620 Sept 860
100 53 54
Preferred
Tommy Burns Gold M of 1 85o
45% 434
725
54 May
4 June
8 12
1
United Gas & Elea Corp_100
Tonopah Belmont_r
5,150 3 15-16 Jan
734 May
10(1 69 72
43-4 5
1
1st preferred
Tonopah Extension
350
534
Aug
734
May
•13
1-16
11
15
100
preferred
6
53%
26
1
Tonopah Mining
RR. Equipments-PerCt Bans
5-16
% 1,000
Apr
1
100 51 53
34 Aug
5
/31(1. Ask. United Lt dr Rye com
Tri-Bullion S & D
400
434 May Baltimore dr Ohio 434e
334 July
100 78 79
33% 3 15-16
1st preferred
1
4.38 4.25
United Eastern
94 25,000
40 Aug 180 Mar Buff Roch & Pittsburgh 430 4.38 4.25 Western Power common_100 1812 20
9
93%
U S Continental Mines_ rl
64 Jan 45 Sept
100 69 70
Preferred
4.38 4.25
United Verde Exten _ r.50c 3934 3614 404 15,100
Equipment 4s
334 33% 3,800
34
5
134 Apr
334 Sept Canadian Pacific 44e
4.45 4.30
Unity Gold Mines
500 65c Sept
73o 730
134 June Caro Clinchf & Ohio be
4.65 4.40
West End Consolidated _1
390 44c 23,770 224cJune 520
Oct Central of Georgia bs
WhiteCaps Mining_r_ _10c 410
4.20 4.00
1
81,600
ii
% Oct
1
Oct
%
Industrial
White Cross Copper r___ _1
4.6 4.45
Equipment 44s
43.4 434 3,100
334 Aug 1634 May Chicago dr'Alton 45
and Miscellaneous
43%
White Oaks Mines Cons r b
5.25 4.75
134 May Chicago dr Eastern Ill 534s_
X July
5 1 1-16 1 1-16 14 2,500
Yuscaran Consol_r
5.50 5.25
100 340 343
Equipment 434s
5., 1 5.25 American Brass •
BondsChic Ind & Loulsv 445.- 4.70 4.45 American Chicle corn....._100 77 78
56 $36,000 25
55
Mar 56
Oct ChloSt L & N 05s
100 83 86
Preferred
Con.sol Ariz Smelt 5s_1939 55
4.5 4.25
Sept 104
Sept Chicago & N W 44s
101% 100% 101% 191,000 100
Cosden & Co new 68
4.30 4.10 Am Graphophone oom 104 180 183
60,000 9934 Aug 125 June Chicago R I & Pac 41-O..... 5.10 4.75
102 103
100 179 183
Preferred
Coilden 0& G 6s_ _w I__ _ 102
July 100
Feb Colorado & Southern bs....... 4.70 4.45 American Hardware..
100 137 139
Midvale St & Ord 5s.r.1936 98% 9834 9814 142,000 94
40 44
139,000
100
100%
100
July
102%
Sept
cora_100
100%
Typefoundere
4s___w
I_
.
Amer
Russian Govt 6
4.50 4.35
Erie 5s
94 98
101
Preferred
Sinclair Oil & Ref 6a.r.1926 99% 97% 9934 358,000 9434 Sept 9934 May
4.50 4.35
Equipment 454s
102X 102% 5,000 99
Aug 10234 Oct
Sulzberger et Sons 6s_r_'41
4.50 4.35 Borden's Cond Milk com.100 110 1114
Equipment 4s
14,000 102 June 105 June Hocking Valley 45
103 105
105
Preferred
100 106 108
Victoria 011 6s
4.4 4.30
86% 86% 30,000 81
Sept 86% Oct
100 190
West Pao RR new 55..1946
4.45 4.30 Celluloid Company
Equipment bs
214 3
4.30 4.15 Havana Tobacco Co....100
Illinois Central 5s
612
'Odd lots. t No par va ue. I Listed as a prospect. I Listed on the Stock Ex100
Preferred
Equipment 414s
4.30 4.15
change this week, where additional transactions will be found. m New stock, par Kiinawha &Michigan 434e
1st g 5s June 11922._i-fl /50 58
4.50 4.35
value $12 50. n Old stock, par value $25. o New stock. r Unlisted. * Ex-100% Louisville & Nashville be-- 4.30 4.15 Intercontinen Rub com 100 is' 16
100 160
stook dividend. I $50 paid. u Ex-cash and stock dividends. o $10 paid. w When Minn St P&SSM 430---- 4.50 4.35 Internet Banking Co
y Ex-rights. z Ex-stock dividend.
100 44
Issued. z Ex-dividend
Missouri Kansas & Texas 5e. • 5.40 5.00 International Salt
175 77
A-0
1st g bs 1951
5.40 5.00
Missouri Pacific be
4.55 4.40 International Silver pref _100 107 110
Mobile & Ohio be
CURRENT NOTICES.
.91
94
50
Sales_
Coal
Valley
Lehigh
4.55
4.40
Equipment 434*
100 68 70
Elevator corn
-Slattery & CO., 40 Exchange Place, this city, are advertising Guan- New York Central Lines 54... 4.45 4.30 Otis
101 94 96
Preferred
.
4.45
Equipment
44e
4.30
tanamo Sugar and stocks of other sugar-producing companies in this issue. N Y Ontario & West 434s
4.45 4.30 Remington Typewriter' 100 1612 17
Common
The firm states that investigation into the conditions of this industry dis- Norfolk & Western 4
4.30 4.15
100 83 86
1st preferred
securities.
Slattery
&
Co.
will
4.30
4.15
buy,
sell
and
Equipment
4s
among
its
bargains
closes real
49 52
10
preferred
26
Pennsylvania RR 4345....„. 4.25 4.10
quote all unlisted sugar stocks.
4.25 4 10 Royal Baking Powd com_100 150 160
Equipment
4s
-F.Eng. Nortz has established himself under the firm name of F. Eug. St Louis Iron Mt & Son 5.1_. 5.25 4.75
10 102 104
Preferred
Nortz at 82 Beaver Street this city to conduct a general coffee and sugar St Louis & San Francisco be_ 5.40 5.00
4.60 4.37
business in spots and futures, with membership in the New York Coffee and Seaboard Air Line 55_
Equipment 414e.
4.60 4 37
Sugar Exchange, Inc.
4.30 4.20
Southern Pacific Co 4345
-The Hanchett Bond Co. of Chicago have prepared a special circular Southern Railway 43-4*
4.53 4.35
4.80 4.50
for distribution, giving detailed descriptions of a list of municipal bonds Toledo & Ohio Central
communities
by
which
they
are
obligations
of
the
issued.
direct
which are
-Oscar P. Dix, formerly Manager of the Bond Department of the Union
Savings & Trust Co. of Seattle, announces the organization of The Oscar P.
Dix Co., to specialize in high-grade investment securities and to conduct a
• Per share. b Basis. d Purchaser a so pays accrued disidend. e New stook.
general bond business, with offices at 806 Hoge Bldg., Seattle, Wash.
Flat price. n Nominal. z Ex-dividend. y Ex-rights.
OCT. 28 1910.]
THE CHRONICLE
1585
pucsinunt and Saihaul. intelliffente.
RAILROAD GROSS EARNINGS
.
The following table shows the gross earnings of every STEAM railroad from which regular
weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for
the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week
or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin
with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Previous
Year.
Year.
Ala N 0& Tex Pac$
N 0 & Nor East_ September
342,014 291,820
991.434
878,626 Nevada-Cal-Oregon 2d wk Oct
Ala & Vicksburg_ September
12,869
153,067
10.493
145,959
141,278 135,784
432,039
387,328 New On Great Nor.. August
170.182 148.720
Vicks Shrev & P.. September
321,013
289.690
152,350 139,191
427,637
379,197 N 0 Mobile & Chic August
Ann Arbor
184,102
143,208
329.806
282.804
2d wk Oct
55,691
51,906
835,976
695,313 N Y Chic & St Louis August
1,302,569 1,053.086 2.586,498 2.017.875
Atch Topeka & S Fe September 12768861 10795294 37,712.544
32,122.013 NYNH& Hartf_ _ August
7.149,7326,264.053 14,117.077 12,511,713
Atlanta Birm & Atl 1st wk Oct
72,038
57,394
885,882
773,145 N Y Ont & Western August
969,811 912,030 1,957.554 1.873.602
Atlanta & West Pt_ August ___ 114,706 101,268
220,447
198,053 N Y Susq & West_ August
304,100 317,750
Atlantic Coast Line August ___ 2,605,923 2,017,173 5,213,103 4,194,560
602.244
635.540
Norfolk
Southern__ August
411,977
Charlest & W Car August _
345,465
808,022
677.910
135,069 120,169
263,238
236,762 Norfolk & Western.. August
5,343,013 4,729,491 10,188.134 9,196.836
Lou Hend & St L August _ _ _ 150.741 126,720
287,124
Northern
Pacific__
237,748
_
August
7,041,003 6.076,329 13,773,289 11,426.113
aBaltimore & Ohio_ September 10515845 9,617,819 31,219,987 27,637,429 Northwest
ern Pac__ August
506.676 456,831 1,033,868
B &0 Ch Ter RR August __- 159.008 134,559
919,333
306,775
262,765 Pacific Coast Co.._ _ July
744,4271 659,897
Bangor & Aroostook August _ _ _ 257,396 241,342
744,427
659.897
468,448
Pennsylva
p
467,637
nia
RR_
August
20664931 17674765 40,304.730 34,430,410
Bessemer & L Erie_ August ___ 1,372,459 1,268,920 2,665,417 2,534,732
Bait Ches & Atl_ _ August
172,930 153,448
Birmingham South.. September
332,527
307.208
90,963
71,129
375,533
Cumberland Vall. August
208.600
311,410 276,764
Boston & Maine
579.055
August
521.351
5,170,366 4,305,024 9,890,161 8.404,260
Long Island
August
1,606.940 1.472,452 3.287.576 3.025.805
Buff Roch & Pittsb_ 3d wk Oct 242,092 254,429 4,309.229
Mary'd Del & Va August
3,687 617
117.130 114,236
Buffalo & Susq RR_ September
222,256
220,356
142,013 142,329
435,222
N Y Phila & Norf August
379,943
437,847 381,230
Canadian Nor Syst_ 3d wk Oct 839,700 791,800
999.822
862,694
13,251,800 9,109.400
Phil Bait & Wash August
2,205,431 1,923,926 4,488.029 3.825,613
Canadian Pacific
3d wk Oct 2,932,000 3,068,000 46,295,908
W Jersey & Seash August
1.117,660 1,018,421 2.102,866 1,913.526
Central of Georgia.. September 1,241,711 1,093,760 3,476,174 35,662,827
Pennsylvania Co __ _ August
7.336.986 5.779,671 14.197.061 11,419.695
Cent of New Jersey August ___ 2,995,446 2,816,962 5,971,352 2,981.584
5,425,020
Grand Rap & Ind August
585,143 503,769 1,085.677
Cent New England.. August
958,728
515,848 358,211 1.001.894
Pitts C C & St L.. August
722,352
4.505,554 3,748,744 8,745,308 7.138.930
Central Vermont.._ August __ _ 401,618 341,210
763,170
Vandalia
661,812
August
1,168,994i 980,609 2,233.758 1.901.864
Ches & Ohio Lines_ 3d wk Oct 953,801 886,290 15,073,045
Total
14,215,818
lines
Chicago & Alton__ _ August _- 1,628,690 1,375,058 3,114,124 2,563,416
East Pitts & Erie August
27008400 23339742 53,076,373 45.740.382
Chic Burl & Quincy August __ _ 10216 369 8,147,525 18,494,705 15,521.650
West Pitts & Erie August
13761828 11152943 26,578,014 21.697.425
b Chicago & East 111 August -- 1,48b,641 1.300.419 2,778.677 2.461,205
All East & West_ August
40770228 34492684 79,654,387 67,437.807
c Chic Great West 2d wk Oct 346,832 319,000 4,862,284 4.232.542 Pere
Marquette
2d wk Oct 470,4901 400,182 6.677,680 5,713,282
Chic Ind & Louisv_ 3d wk Oct 170.502 153,250 2,686,121 2,336,850 Reading
CoChic Milw & St P..1 August
10021195 8,285,176 19,257,582 16,504,458
Phila & Reading.. August
5,121,384 4,230,252 9,895,594 8,313.450
Chic Mil& Pug Si
Coal& Iron Co August
dChic & North West September 9,290,087 8,403,689 27,127,807 23.605,736
2,948,567 1,973,932 5,627,978 3.791,212
Total both cos_ _ _ August
Chic Peoria & St L_ August -__ 157,053 143,810
8,069,951
6,204.184 15,523,572 12.104.662
305,648
271,223
Chic Rock Is!& Par August __ _ 7,230,707 6,137,637 13,612.092 11,576.064 Rich Fred & Potom August
283,136 211,727
608.959
464.653
Rio
Grande
Juno_
_
July
Chic R I & Gulf.. August --- 330,002 248,720
_
86,129
76,558
86.129
76,558
602,597
477,281
Rio
Grande South.... 2d wk Oct
dChic St P M & Om August
1,796.115 1,498,741
12,907
12,548
168,413
169,898
2,932,074 Rutland
Chic Terre H & S E August __ 247,430 177,854 3,444,075
August
..
353,180
327,197
693,515
640.955
458,349
341,124
St
Jos
&
Grand
Cin Ham & Dayton August ___ 1.044,531 994,086
Isl.. August
194,524 129.496
372,284
245.652
1,914,837 St L Brownsv & M.. September
Colorado Midland_ August _ 189,178 137.181 1,978,422
496.129 289,564 1,420,021
713.949
316,820
259,098 St L Iron Mtn & So August
e Colorado & South 3d wk Oct 371.396 342,718
3,164.207 2,608,518 6,018,729 5,040.567
5,113,372
4,651,149
St
Louis & San Fran August
Cornwall
August ___
23,685
3.753.083 9,290,192 7,303.306
10,329
46,687
21,438 St Louis Southwest.. 3d wk Oct 4,859,036
Cornwall & Lebanon August __ _
346,000 275,000 4,524,285 3,541,822
43,715
34,673
100,961
75,301 Seaboard Air Line.._ August
August
Cuba Railroad_
1,969,095
558,327 416,634 1,129,818
3.660,700 3,306.602
836.724 Southern Pacific.._ _ September 15187750 1,632,751
Delaware & Hudson August
13281718 44,607.020 39,452,778
2,354,162 2,130,303 .4,641.473 4,175,452
Southern Railway.._ 3d wk Oct 1,625,063 1,405.764
Delaw Lack & West September 4,412,131 4,048,748 13,269,266
23.242,962 20,589.410
11,194,582
Mobile
&
Ohio.... 3d wk Oct 234,072 238,632 3,606,301 3.437,694
Deny & Rio Grande 3d wk Oct 577,600 584,200
8,387,710
Cin N 0 & Tex P 3d wk Oct 230,855 217.159
Western Pacific August _ _ _ 806,657 722,592 8,573,019
2.966.666
1,579,759 1,425,043
Ala Great South_ 3d wk Oct 104.512 116,172 3,558,692
Denver & Salt Lake 2d wk Oct
1,742,182 1,489.898
44,600
43.890
658,011
Georgia
617,054
So & Fla 3d wk Oct
Detroit Tol & Trout August ___ 212,478 164.129
58,918
49,385
797,969
701.318
398,683
297.232 Spok Port & Seattle August
Detroit & Mackinac 3d wk Oct
508,234
466.785
988.823
22,127
892.740
23,499
396.086
335,783 Tenn Ala & Georgia 2d wk Oct
Dot & Tol Shore L.. August __ _ 130,147 109,427
2.279
1,313
34,802
23,357
247,592
Tennessee
207,132
Central_ August
Del & Iron Range September
150.270 132,214
295.316
262.089
898,073 843,459 2.911,233 2,623,847
Texas & Pacific_
Dul Missabe & 'Nor August
3d wk Oct 557,991 413.275 6,564,085 5,593,749
1,553,656 3,981,622 2.998,735 Toledo Peor & West_ September
Dul Sou Shore & Atl 2d wk Oct 2,083,452
111,951
305,042
314.596
76,727
66,539 1,198,337 1,078,593 Toledo St L & West 2d wk Oct 104,387
Duluth Winn & Pac August _ _ _ 143.147
140,753 119,579 1,758,406 1,526.300
103,777
273.591
223,078 Trinity & Brazos V August
Elgin Joliet & East_ August ___
74.255
59.042
136,340
1,169,411 993,467 2,282,477 1,875,934
111.877
Union
El Paso & Sou West August ___
Pacific
Syst_
September 10984591 9,152.464 31,006.397 25,445.393
1.188,357 813,928 2,228,440 1,562,770 Virginian
Erie
August
759.146 641,644 1.447.390 1.230,260
August _5,945,765 13,003.941 11,618,893 Wabash
Florida East Coast_ August ___ 6,697.727
September
3,309,717
2,875,797
587.636 345,453 1.094.540
9,584,563 8,111,536
708.240 Western Maryland_ 3d wk Oct 244,788 215.367 3,891,481
Fonda Johns & Glov September
87,003
70,929
3,316.195
276,954
246,149 Western By of Ala_ August
Georgia Railroad August _ _ _ 277,888 219,188
102,455
93,197
199,081
187,833
558.876
424.965 Wheel & Lake Erie_ Septemoer
Grand Trunk Pac 4th wkSept 141,182 152,097
932.625
749,501 2.850,667 1,979.098
1,117,491
Yazoo
946,035
&
Miss Vail.. September 1,333,439 1,100,166 2,997.209 2,997,209
Grand Trunk Syst_ 3d wk Oct 1,200,044 1,043,088 20,523,792
16,819,601
Grand Trunk By 1st wk Oct 1,066,712 780,859
11,717,118
Grand Trk West_ 1st wk Oct 186,499 176,293 14.501,358
2,600,943 2,154,269
Det Or H & Milw 1st wk Oct
65,428
Current
62,227
Previous
920,129
836,198
Various Fiscal Years.
Great North System September 7.964.409 7,862,036
Period.
Year.
Year.
19,882.788
Gulf & Ship Island_ August ___ 178.912 145,841 23,597,689
335,090
285,862 Buffalo & Susquehanna RR.._ _ _ Jan
Hocking Valley..._ August ___ 815,692 650,074 1,596,257
to Sept 30 81,258,347 81,054.468
Jan 1 to Aug 31 17.612.076 14.956.749
Illinois Central..
September 6,461,004 5,756,583 18,797.604 1,193,210 Delaware & Hudson
Jan 1 to Aug 31 49,117,491 41,232,933
Internat & Grt Nor August _- 859.097 598.049 1,714,069 16,165,252 Erie
1,257.748 New York Central4
Jan 1 to Aug 31 132888184 104438515
Kansas City South_ September
974,791 870,730
2,509,492
Boston & Albany
Jan 1 to Aug 31 14,077.233 11.180,554
Lehigh & Hud Riv_ August --- 208.521 161,397 2,860,375
410,464
315,492
Lake
Erie & Western_n
Jan 1 to Aug 31 4,772,8511 3.830.691
Lehigh & New Eng.. August --- 242,622 270,009
460,397
590,011
Michigan Central
Jan 1 to Aug 31 29.832,645 22,851.323
September 4.308,982 3,943,638 13,052,105
Lehigh Valley
Cleve Chic Chic & St Louis Jan 1 to Aug 31 33,248.902 23,769.30
Los Angeles & 8 L. August --- 992,725 958,193 2,017,043 11,456,998
9
2,041,655
Cincinnati Northern
Jan 1 to Aug • 31 1,246,246
Louisiana & Arkans August --- 134,297 132,462
996.389
271,441
269,351
Pittsburgh & Lake Erie
Louisiana Ry & Nay August --- 186,368 182,751
Jan 1 to Aug 31 15.745.45510.517,276
350.012
351,990
Toledo
&
Ohio
f Louisville & Nash_ 2d wk Oct 1,323,745 1,159,610
Central
Jan
to Aug 31 3,964,380 2.893.412
16,222,005
Kanawha & Michigan
Maine Central
September 1,187.049 1,033,439 18,738,123
Jan 1 to Aug 31 2.443.820 1.894.124
3,456.811 3,080,920
Total all lines
Maryland & Penn September
Jan 1 to Aug 31 235219716 182372593
53,092
47,508
129,850
124,515
New
York Chicago & St Louis_ Jan 1 to Aug 31 10,110,435 7,699.579
Midland Valley
August -- 179,189 145.706
359,225
270.973 N Y Susquehanna & Western Jan 1 to Aug
Mineral Range._ _ 3d wk Oct
24,224
31 2,791.154 2,638.571
20,842
354,164
333,958 p Pennsylvania Railroad
Minneap & St Louis 3d wk Oct 254,338 240,954
Jan 1 to Aug 31
122589414
3,531,670
3,346,696
Minn St P&SSM 3d wk Oct 726,321 748,763
Baltimore Chesap & Atlantic Jan 1 to Aug 31 151948923
792.788
793.965
11,355,333 10,276.620
Mississippi Central.. August - _ Cumberland Valley
Jan
78,767
to Aug 31 2.358,006 1,913.339
59,637
147,332
123,720
Long
Nio
Ran
Island
& Texas_ 3d wk Oct 877,601 653,212
o
Jan
to Aug 31 9.994.916 9,078.805
12,167,220
9,722,024
Maryland Delaw & Virginia_ Jan
h Missouri Pacific August __ _ 8.324,428 5.111,359
to Aug 31
586.954
599.031
9.874,658
N Y Philadelphia & Norfolk_ Jan 1 to Aug 31
Nashv Chatt & St L August
1,212,040 945,760 11.895,102
2.266,307 1,888,063
Phila Baltimore & Washing'n Jan 1 to Aug 31
jNew York Central August ___ 18078121 14531756
16,574,378
13.542,230
35,205,325
28,479,528
West Jersey & Seashore
Boston & Albany August __ 1,879,706 1,525,749
Jan
1
to
Aug
31
5,442.562 4,691.748
3,061,047 Pennsylvania Company
nLake Erie & W.. August
Jan 1 to Aug 31 49,811,271 36.635,917
660,598 575,173 3,714,331
1,305.004 1,064,551
Michigan Central August
Grand Rapids & Indiana
4,072,693 3,243.728 7.930,664
Jan 1 to Aug 31 3.853,285 3,425,258
6,293,270
Pittsb Cinc Chic & St Louis_ Jan 1 to Aug 31
Cleve C C & St L August __ _ 4.251,508 3.563,590
33,108,38
2 25,577.541
Vandalia
Cincinnati North. August _ _ _ 189,288 149,892 8,092,726 6,727.048
Jan 1 to Aug 31 8.451,1291 7.058.861
351,037
288.910
Total lines-East Pitts & Erie Jan 1 to Aug 31
Pitts .St Lake Erie August
2,203,467 1,823.899 4,268,422
193833906 158012174
-West Pitts &Erie Jan 1 to Aug 31 96.425,532
Tel & Ohio Cent._ August
617.993 418,381 1,210,749 3,479,332
73.715,403
821,348
-All lines E & W.. Jan
Kanawha & Mich August __ 337,085 290,761
to Aug 31 2902594371231727576
620,706
568.306 Rio Grande Junction
Tot all lines above August
Dec 1 to July 31
3229039 26122929 62,698,96
610,054
539,333
6 50,783.343 Rutland
Jan 1 to Aug 31 2,652,365 2,274.298
•
•
•
•
AGGREGATES OF GROSS EARNINGS-Weekly and
Monthly.
* Weekly Summaries.
Current
Year.
Previous
Year
Increase or
Decrease.
Current
Previous
Increase or
%
•Monthly Summaries.
Year.
Year.
Decrease.
%
$
$
$
Mileage.
Cur. Yr. Prey. Yr.
2d week Aug (33 roads)_...... 15.698.481 12,415,730
I
$
$
3d week Aug. (35 roads)-..-- 15,813,607 12,792,433 +3,282,751 26.44 December --248.437 247.673 295,202.018 232,763.070 +62.438.948 26.82
+3,021.174 23.62 January-..247,620 246.8.38 267.043.635 220.203.595
4th week Aug 135 road_22,632.906 18.169.117 +4.463.78
+46.840.04021.27
9 24.65 February __-245.541 244,809 267.579,814 209.573.963 +58.005.8
lst week Sept 35 roads...__ 13,302,575 11.719.000
27-68
+1,583.57
247,383 246.548 296.830.406 238.098.843 +58.731.551
2d week Sept 30 roads).._.... 13.701.400 12,081,028 +1,620,375 13.51 March
20.47
248.615 245.773 288.453.700 237.512.648 +50.941.063
3d week Sept 30 roads).___ 13,523,400 12,145,079 +1.378,32 2 13.41 April
52 21.45
1
11.34
May
248,006
247.189
308.029.09
roads)__-(35
Sept
week
6
244.580.685 +63.448.411 25.94
4th
19,509,961 17,444.023 +2,065.938 11.27 June
226.752 225.803 285.149.746 237.612.967 +47,536.779 20.01
1st week Oct (35 roads)____ 14,736,262 13,401,187 +1,335,075 9.96 July
244.249 243.563 308.040,791 263.944,649 +44.096.142 16.70
2d week Oct (54 roads)._ 15.149.575 13,697,795.
,
...
i10.60 August
..,„„1, n...« 10A rnachal _ _ 12.5.9
245,516 244.765133
, 3 460.4571278,787.021 +54.673.436 19.61
0345 11 741 700
.1..sm,,',,a,
'70A
120140
•
RA .1.1.1 7R AM 5971 7n gra AR1
•
1.7 7rift 000 1000
r
a Includes Cleveland Lorain & Wheeling By. b Includes Evansville &
Terre Haute. c Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific. d Includes not only operating revenue,
but also all other receipts. 6 Does not include earnings of Colorado
Creek District By. f Includes Louisville & Atlantic and
Springs & Cripple
the Frankfort & Cincinnati. g Includes the Texas Central and the
cludes the St. Louis Iron Mountain & Southern. 5 Includes
Wichita Falls lines. h InLake Shore & Michigan Southern Ry., Chicago Indiana & Southern
Allegheny Valley & Pittsburgh RR. n Includes the Northernthe
RR. and Dunkirk
Ohio
RR.
Includes
p
Northern
the
Central.
•
We
no longer include the Mexican roads
p any of our totals.
[Vol,. 103.
THE CHRONICLE
1586
c After allowing for uncollectible revenues and taxes, operating income
for Sept. 1916 was 5380.929. against $339.936. and for period from July 1
to Sept. 30 VMS $917,930 in 1916, against $684,902.
j For September taxes and uncollectible railway revenue amounted to
$581.756, against $485,837 in 1915; after deducting which net for September
1916 was $4,783,895, against $3,639.361 last year. From July 1 to Sept. 30
taxes. &c. were $1,679.378 in 1916, against $1,457,275 in 1915. The
on Property investment was 6.43% for the 12 months ending Sept. 30
return
Increase. Decrease.
1916, against 5.08% in 1915.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of October. The table covers 24 roads and shows 7.24%
increase in the aggregate over the same week last year.
1916.
Third Week of October.
1915.
116.172
104,512
Alabama Great Southern
254.429
242,092
Buffalo Rochester & Pittsburgh
47,900
791,800
839.700
Canadian Northern
2,932.000 3.068,000
Canadian Pacific
67,511
886.290
953,801
Chesapeake & Ohio
17.252
153.250
170.502
Cnicago Ind & Loulsvill
13,696
217.159
230.855
Cinc New On & Texas Pacific__
28,678
342.718
3'i 1.396
Colorado & Southern
584.200
577.600
Denver & Rio Grande
23,499
22.127
Detroit & Mackinac
9.533
49,385
58,918
Georgia Southern & Florida...
Grand Trunk of Canada
156,956
1,043,088
1,200,044
Western
Grand Trunk
Detroit Gr Hay & Mi
Canada Atlantic
3.382
20,842
24,224
Mineral Range
13.384
240.954
}
254.338
Minneapolis & St. Louis
Iowa Central
748.763
726,321
Minneapolis St Paul & S S M.._
653,212 224.389
877.601
Missouri Kansas & Texas
238.632
234.072
Mobile & Ohio
71,000
275,000
346.000
St Louis Southwestern
1,625,063 1,405,764 219,299
Southern Railway
144,716
413,275
557.991
Pacific
&
Texas
29,421
215.367
244,788
Western Maryland
12.593.945 11,741,799 1,047.117
852,146
Total (24 roads)
Net increase (7.24%)
11,660
12,337
136.000
6.600
1,372
1916.
1915.
22.442
4.560
194,971
Increase. Decrease.
$
$
Previously reported (26 roads)_ 13,468.961 12,222,713 1,319,300
3,785
51,906
55.691
Ann Arbor
710
43.890
44.600
Denver & Salt Lake
I
10,188
66,539
76.727
I
Duluth So Sh & Atlantic
1,323,745 1,159,610 164,135
Louisville & Nashville
2,198
21,752
23,950
Mineral Range
2,376
10.493
12,869
Nevada-Cal-Oregon
1,313
966
2.279
Georgia
&
Ala
Tenn
21,174
119.579
140,753
Toledo St Louis & West
15.149.575 13.697.795 1.524.832
1,451,780
Total (34 roads
Net increase (10.60%)
73.052
73.052
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
3
Atch Topeka & S Fe_b__Sept12,768 861 10,795,294 35,365.651 34,125.198
37.712,544 32.122.013)15.671.617j12.047.107
July 1 to Sept 30
Baltimore & Ohio_ b_ __ _Sept10.515.845 9,617,819 3.312.793 3,193.673
31.219.987 27.637.429 9,667.998 9.665.094
July 1 to Sept 30
c442,505 c392.850
Central of G eorgia _ b _ _ _ Sept 1.241.711 1.093.760
c841 ,544
3.476.174 2,981,584 al .096,311
July 1 to Sept 30
459,398
380.081
Chicago Great West _ b_Sept 1.440,982 1.264,100
953.136
4,190.053 3,613.995 1,295,745
July 1 to Sept 30_
1,788,093
4,048.748
1,712.890
4,412,131
_
West
b_Sept
Delaw Lack &
13.269.266 11.194.582 5,116.741 4,279.3 0
July 1 to Sept 30
Sept 6.461.004 5.756.583 1,614.455 1.327.333
Illinois Central_a
18,797.604 16.165.252 4.107.729 2.982.190
July 1 to Sept 30
Sept 4.308,962 3.943.638 1,242.945 1.289.647
Lehigh Valley _b
13,052,105 11.456.998 3,980.130 3.646.646
July 1 to Sept 30
274,380
386,982
Sept 1,187.049 1.033.439
Maine Central_a
856.566
3,456.811 3,080.920 1.056.958
July 1 to Sept 30
Sept15,187,750 13.281.718 5,732,507 4,738,075
Southern Pacific_a
44.607.020 39.452.778 16.460.870 13.927.580
July 1 to Sept 30
Sept10,954.591 9.152.464 5.078.570 3,925.276
Union Pacifica
31.006.397 25.445.393 12.907.072 10.180.309
July 1 to Sept 30
933.032
Sept 3.309,717 2.875.797 1,230.207
Wabash _b
9.584.563 8.111,536 3.369.911 2.346.254
July 1 to Sept 30
332,372
459.881
Yazoo & Miss Valley _a_Sept 1,333,439 1.100.166
717 564
3,635.681 2.997.209 1.075.234
July 1 to Sept 30
Balance,
Fixed Chgs.
Net
Gross
Surplus.
Earnings. Earnings. & Taxes.
$
$
$
1,234
256
1.490
6.848
Bellefonte Central_Sept '16
1.249
269
1.518
6.589
'15
7.101
2.304
9,405
62.039
9 mos '16
5.620
2.421
8.041
59.159
'15
Not Inc.
Total Oper. Total Oper. Net Rev.
Revenue. Expenses. from Oper. afterChges.
$
$
459,398 • 236.276
981.584
Chic Great West__Sept '16 1.440.982
156.464
380.081
884 019
'15 1,264.100
647.247
3 mos '16 4,190,053 2.892.308 1.297.745
274.956
953.136
'15 3,613.995 2.660.859
Balance,
Fixed
Net, after
Gross
Surplus.
Charges.
Taxes.
Earnings.
8.
$
3
875,405 2.234.532
Chic & North West _Sept '16 9.290.087 3,109,937
865.930 1,967.993
'15 8.403,689 2,833.923
3 mos '16 27.127,807 9.095,338 2,620,443 6.474.895
'15 23.605.736 6,918,783 2,582.788 4,335,995
Balance,
Fixed
Gross
Other
Net, after
Gross
Charges. Surplus.
Income.
etc. Income.
Taxes,
Earnings.
$
$
S
$
Buff Roch di Pittsb173.835
176.807
350.642
55.373
295.269
Sept '16 1,184,737
151.360
178.606
329.964
47.130
282.834
'15 1.016,389
631,419
530.615
207,405 1,162,034
954.629
3 mos '16 3,508.082
389.922
534,815
924,737
145,172
779.565
'15 2,924.329
Buffalo et Snag53.778
24,011
77,789
44.582
33.207
142,013
Sept '16
48.113
25.287
73,400
33.101
40.299
142,329
'15
219.103
457.338
676.441
376.469
299.972
9 mos '16 1.258,347
188,769
231.650
420,419
283.505
136.914
'15 1.054.468
Balance,
Charges
Total
Other
Net
Gross
Surplus.
Income. et Taxes.
Earnings. Earnings. Income.
4.523
1.575
18,953
14.214
48.472
44.393
159.998
141,187
35,805
35,762
111,174
107,432
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
313.162 3,830,910 1,004,896
3.149
10,087
534
417,934
540,085
39,392
583,812
270,236 3,280,737
233.104
-Month of August- -Jul, 1 to Aug.311915.
1916.
1915.
1916.
,
$
$
$
$
I'vorthirn Express Co.630,821
666,222
301.913
326,925
Total from transportation__
359.913
337,265
162.260
176.246
Express privileges-Dr
293,556
306,308
139.652
150.6',8
Revenue from transport'n_
7,726
8.687
3.999
4,583
Oper. other than transport'n.
Total operating revenues_
Operating expenses
155,261
99.534
143.651
92.260
314.996
202.168
301.283
186,559
Net operating revenue._
Uncollectible rec. from trans.
Express taxes
55,727
7
5.500
51,391
16
5,000
112,828
22
10.500
114,723
49
10,000
50.219
46,375
102.306
104,674
Operating income
ELECTRIC RAILWAY AND PUBLIC UTILITY COL
Latest Gross Earnings.
Roads.
43.949
42.818
141.045
126,973
271.290
928
37.257
Operating income
Name of
Road or Company.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies reported this week:
Fonda Johnst & Oloversv87.003
Sept 16
79.929
15
276.954
3 mos 16
15 246.149
Revenue from transport'n_ 2,790.474 2.130.903 28.831,123 23,276.555
299.971 3.150.022 2.388,646
Operations other than transp. 282.098
Total operating revenues.. 3,072,573 2,430.874 31,981.146 25,665,201
2,801,282 2,120.712 28,150,236 24.660,305
Operating expenses
Net operating revenue..
Uncollectible rev,from trans.
Express taxes
For the second week of October our final statement covers
34 roads and shows 10.60% increase in the aggregate over
the same week last year.
Second week of October.
EXPRESS COMPANIES.
-Month of June- -July 1 to June 301915.
1916.
1915.
1916.
American Express Co.
Total from transportation__ 5,380.392 4.262,444 57,619,382 46,735,415
2,589,918 2.131.540 28.788,259 23,458,860
Express privileges-Dr
11.667
8.631
48.824
33,755
Week or
Month.
Current
Year.
Previous
Year
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
279,041
281,071
36,528 35,132
Atlantic Shore Ry__ _ September
cAtir Elgin & Chic Ry August _ - 198.215 189,075 1.3 4.1377 1.262,646
605,775
584,204
74,833 71,400
Bangor Ry & Electric September
131,013
120.580
17,352 15,284
Baton Rouge Eiec Co August ___
441,479
464.077
62.9:164.541
Belt LityCorp(NYC) lily
656
416
610.036
100.762 91.64°
Berkshire Street lty August
37184000 f6576000 154329.000f50964,000
Brazilian Trac, L & P August
77,734
82,857
15,934 14,395
Brock & Plym St Ry August
2715.702 2624.427 16,559,553 15.719.829
Bklyn Rap Tran Syst July
220.143
248.206
35.264 33.226
Cape Breton Elm Co August
785.034
912.304
Chattanooga Ry & Lt September 105,056 94.588
Cities Service Co_ __ _ September 722.055 349.456 6,088,223 3,045.477
181,657
192.518
24.196 23,196
Cent Miss V El Prop_ August
307,896
281,139
46.303 45.047
Cleve Painesv & East August
121.633 114.658
Clove Smithy/ &(.01_ August
476.687
8'0'839
Columbia Gas & Elec September 606.750 540.312 6.506.647 5.889.723
547.505454.658
74.428 56.000
Columbus te.a) El Co August _
Colum (0) Ry,P & L September 289,975 266.435 2,576.5381 2,263.701
& L September 1434,201 1211.588 12.260.282,10,414.249
o Com'w'th P,Ity
910.430 706,22 6,335.4471 5.371.137
August _
Connecticut Co
Constun Pow (Mich)_ September 383.138 319,695 3.372,684 2.753.138
270,012 249,418 2.139,422 1,972,111
September
L
'&
P
Cumb Co (Me)
Dallas Electric Corp.. August ._ 149,870 147,944 1.240,152 1,165.445
756,148
Dayton Pow & Light September 127,369 87.371 1.138.385
September 781.994 601.630 7,056.249 5,427,526
°Detroit Edison
14.46.175 1228,1)43 10,4224:11 8.510,613
Detroit linked Lines August
248.968
278.924
41.597 40.504
D DEB& liatt(itec) July
845,964
Duluth-Superior Trac September 119.382 05.646 1,023.445
East St Louis & Sub_ September 260,888 206,405 2,181,019 1,786.250
441.652
532,463
71,048 55,065
Eastern Texas Eiec__ August.
623,761
606.236
yEl Paso Electric Co_ August __. 84,157 75,111
161.707 162.751 1.144,!52 1.123.408
42d St M & St N Ave July
Galv-Hous Elec Co__ August ...._ 168.724 135.757 1.266.593 1.267.478
570.226 498.869 4,548,368 4.170.522
0 Georgia Ry & Pow_ August
971.822
868.295
Grand Rapids Ry Co September 111.638 100,771
Great West Pow Syst. September .3186,053 211(12 2,73 i .401 2.121,644
612,122
664.848
60,893 76,247
Harrisburg Railways August
513.376 461..i51 3,8 19.892 3,665,433
Havana El ity I. & 1' August
384.464
427.358
53,869 • 47.745
Honolulu H T & Land August
180.505
217,845
29.459 25.511
Houghton Co Tr Co_ August
b Hudson & Manhat_ September 475,988 435.780 4.331.853 4,059,521
41 7.767,213 7.035.273
962,672 464.7,
11111u)is Trietion _ . _ Aturust
2731,9842445,850 24,441,471 22.057,677
Interboro Rap Tran_ August
416.723
41d.417
49,422 47.613
Jacksonville Trac Co August
150.873
157.720
19.795 19,170
Keokuk Electric__ August
76,351
74.392
9.000
10.161
Key West Electric__ August
006.050
167.567 144.479 1.054.483
Lake Shore Elee Ry_ August
Lehigh Valley Transit September 234,155 204.423 1,860.541 1.520.918
558,761
606.217
78.549 73,130
Lewist Aug & Watery September
131,149
29.348 32.437
145.004
_
Long island Electric_
Louisville Railway... September 226,330 251,593 2,297,435 2,192,298
541,149 465,234 4,515.742 3.838.676
Milw El Ry & Lt Co August
967.322
Mllw Lt, Ht & Tr Co August _ _ 177,507 147,035 1,190.524
708.792
Monongahela Vali Tr September 123 673 87.81 2 1.109.121
Nashville Ry & Light September 206,901 184,243 1,760.147 1,564,643
680.648
780,825
NewpN&H Ry,G&E September 102.197 88,472
399.696
422.732
54.178 58.814
N Y City Interboro._ July
234.703
244,740
41.041 44.552
N V & Long Island__ July
92,864
93.199
15.447 16,251
N Y & North Shore_ _ July
845.879
789.375
134,381
139,789
fitly
_
Co__
Queens
&
Y
N
1101.557 1136,931 9.033.088 8,852,329
Now York Railways_ August
257.316
253,996
40.814 46,258
N Y & Stamford Ry . August
688.446 611.985 5.520,737 4,775.977
NY State Railways. August
307,993
351.260
46.018 40,621
N Y Westches & Bos .‘tiqnst
132,248
116,290
16,296 17,119
Northampton Trac _ .. August
3.334.077
360.055
2,488.442
473.-134
August
Nor Ohio True & Lt
155,378 147.066 1,217.498 1,086,328
North Texas Electric August
81.903
82.358
32 200 32,176
Ocean Electric (L I).. July
1462,480 1478,867 12.228.210 12.165.072
Pacific Gas & Elec.._ _ August
291.131 263.833 2.140.443 1.906.459
Pac Lt & Pow Corp... August
186.003
204.121
26.158 23,551
°Paducah Tr & Lt Co August
186,745
166.191
24,399 22,075
Pensacola Electric Co August
Phila Rapid Transit_ September 2226,060 2.009979 20.013.193 17,746,128
380.284
42.316
338.989
47,652
September
Ry_
'Western
Phila &
Port(Ore)Ry,L&PCo September 453,731 454.856 4.031328 4.120.018
g Puget Shi Tr, L& P.. August _ _ _ 671,861 605,229 5,180.552 4,964.860
g Republic Ry & Lt.._ September 334,444 266.302 2.930.648 2.234.921
587.475 511.4'12 3,885.262 3,279.760
August
Rhode Island Co_ _
223.861
234.244
49.237 45,331
Richmond Lt & RR july
933,760
097.556
St Jos Ry. L, H & P.. September 109,213 105,440
307.718
356.513
45,199 39,182
Santiago Eton Lt. Sr Tr August
528.491
526.884
69.892 65,768
Savannah Electric Co August
502.310
494.547
90,413 t15,2:3 I
Second Avenue (Ree) -July
124.046
139.608
16.415 21,542
Southern Boulevard. .TItIV
Southern Cal Edison.. September 411,482 422.332 3.690.852 3,569.969
190.742
190.005
45.102
44.221
Staten IsI'd Midland July
633.119
648.023
74,194 78.924
Tampa Electric Co.._ August
325,619 329.224 2,406.765 2.220.460
July
Third Avenue
Twin City Rap Tran- 2d wk Oct 186,239 178,989 7.971,063 7.374.176
OCT. 28 1916.]
THE CHRONICLE
Latest Gross Earnings.
Name of
Road or Company.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Union Ry Co of NYC July
249.004 272.043 1.704.818 1.602.935
Virginia Ry & Power September 481,231 452,005 4,326.526 3.820.477
Wash Bait & Annap_ September
88.718 76,67 i
677.495
6t2.465
Westchester Electric_ July
44.640 62,426
317.03(1
334.500
Westchester St RR__ August _ _
21.076 24.718
162.735
167,080
a West Penn Trac Co September 545.124 439.014 4,581,573 3,686,887
Yonkers Railroad_ _ _ July
51.674 65,901
440.984
419,949
September
80,579 72,186
York Railways
710,157
597,393
Youngstown & Ohio_ August ___ 30,149 25.077
220.845
188.420
Youngstown & South August -__
17.534 17.135
126.937
112.143
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in milreis. g Includes constituetn
companies.
.
Electric Railway and Other Public Utility Net Earnings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—Gross Earnings—
Current
Previous
Year.
Year.
$
3 .
Alabama Power Co___ _Sept 130,940
89,995
Jan 1 to Sept 30
1,072,163
736,579
.Arkansas Vail Ry Lt & Pow—
Oct 1 to Sept 30
1,241,141 1,163.241
Bell Telephone of Pa a- _Sept 1,064,203
936,815
Jan 1 to Sept 30
9,328,480 8,259,169
Central Detroit Tel_ __Sept 629,454
549,486
Jan 1 to Sept 30
5,438,479 4,797,611
Chesa & Potom Tel a Sept 326,076
292,083
Jan 1 to Sept 30 •
2,851.353 2.575,237
Philadelphia Co and affiliated operating cos—
Natural Gas Dept_ __Sept 554,353
456,871
3.717,301 3,081.749
Apr 1 to Sept 30
Sept
21,146
Oil Department
18,842
153,099
Apr 1 to Sept 30
90,570
427.903
El Lt & Power Dept_Sept 538,323
3,165,825 2,522,050
Apr 1 to Sept 30
Street Ry Dept
Sept 1,140.493 1,037,963
6,853,636 6,234,368
Apr 1 to Sept 30
Roads.
$
88,150
,671,202
s
57,127
448,328
551,183
490,769
263.452
271,241
2,352,993 2,339.926
165.932
150,596
1,498,977 1,237,285
80.525
67,186
645.245
593,690
235,531
209,030
1,941.015 1,509,228
6,121
13,245
104.777
55,847
226,843
198,560
1,390,130 1,195,224
381,388
364,719
2,300,706 2.237,874
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surglus.
8
3
$
74,833
36,589
18,164
18,425
71,400
35,440
17.450
17,900
605,775
268,514
159,720
108,794
584,204
287,113
159,648
127.465
Bangor Ry & Elec__Sept '16
'15
9 mos '16
'15
Chattanooga Ry & Lt—
Sept '16
105,056
'15
94,588
9 mos '16
912,304
'15
785.034
Columbia Gas & El and subsidiary cos—
Sept '16
606,750
540.312
'15
9 mos '16 6,506,647
5,889,723
'15
Columbus(0) Ry P & Lt—
Sept '16
289.975
260,435
'15
9 mos '16 2,576.538
'15 2,263,701
Consumers Power (Mich)—
Sept '16
383.138
'15
319,695
9 mos '16 3.372,684
'15 2.753,138
Cumberland Co (Me)P & L—
Sept '16
270,012
'15
249,418
9 mos '16 2,139,422
'15 1,972,111
Duluth-Superior Traction—
Sept '16
119.382
'15
95.646
9 mos '16 1,023,445
'15
845.964
260,888
East St L & Sub__Sept 16
:15
206.405
9 mos '16 2.181.019
15 1,786,250
Grand Rapids Ry_Sept '16
111,638
'15
100,771
9 mos '16
971.822
'15
868,295
Great Western Power Syst—
Sept '16
306,053
'15
240.921
9 mos '16 2,731,806
'15 2,128.644
Hagerstown & Frederick—
Sept '16
48,781
'15
41,332
Hudson & Manhat_Sept '16
475.988
'15
435.789
9 mos '16 4.331,853
15 4,059,521
Huntington Devel & Gas-143,931
4 mos Sept 30 '16
Interboro Rap Tran Aug 16 2.731.984
'15 2.445.850
8 mos '16 5,382,980
'15 4,894,637
Lewiston Augusta & Watery,—
Sept '16
78.549
'15
73.130
606.217
9 mos '16
'15
558.761
Montana Power Co3 mos Sept 30 '16 1,507,967
'15 1.082,318
9 mos Sept 30 '16 4.411,721
'15 2.992,525
Nashville Ry & Lt_ _Sept '16
206.901
'15
184,243
9 mos '16 1,760,147
'15 1,564,643
New England Co Power Syst—
165.725
Sept '16
'15
118,998
9 mos '16 1,481,930
'15 1,060,881
—Net Earnings—
Current
Previous
Year.
Year.
32,061
33.509
333,790
245.211
29,528
2.533
30.121
3,388
266,503
67.287
268,116 def22,905
345,522 zdef24,259
269,645
335,159 zdef36,064
252,505
3,282.014 3,073.518 x607,965
2,914,588 3.038,681 x248.923
112,058
112.052
1,043,986
892,664
42.862
40,200
387,084
353,708
189,372
187.663
1,862,645
1,644,384
73,586
115,786
74.657
113,006
673.308 1,189,337
649,648
994,736
69,196
71,852
656,902
538,956
114,437
116,012
837.252
866,006
69,098
65,433
604,930
595,037
36,341
24,078
314.422
165,378
107.966
83.952
873,528
706.756
gia?
128.044
130,254
63.150
62,904
563,944
567,605
343,952
247,428
135.860
124,428
208,092
123,000
194,175
140.715
169,144
106,450
1,749,192 1,242.562
1,496,076
950,078
x83.157
x80.155
x799,875
x700,012
22.815
11,785
18.225
11,058
257.143
214%391
250,021
211.295
2.412.208 1,934.778
2,327.212 1,904.222
z11,507
z8.493
42.752
38.726
477.430
422,990
80,335
54,804
1,282.420
977.650
1,188.482
899,831
2,550.613 1,954,639
2,370.086 1,799,063
25.531
x345,136
x335.789
x675.766
x665,609
27.756
30,559
200,987
204,965
1,141,294
784,623
3.357.794
2,129,819
79.193
70,061
678,736
601.345
83.407
78,072
935,114
667,004
45,339
50,579
232.322
270,969
11:19 x198,134
V7:121
lin
15,134
15,956
141,959
141,989
x46,759
44,816
21,048
309,584
139,151
IiliA75
12,622
14,603
59,028
62,976
316,263
825,031
297,774
487.349
981,158 2.376.636
853,192 1.276,626
41,887
37.306
43,526
26,535
383.055
295.681
381,597
219.748
50,678
47,125
449,685
373,831
32,729
30.947
485,429
293,173
1587
Gross
Net, after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
Newport News & Hamp Ry Gas & El—
Sept '16
102,197
47,970
19.757
x28.640
'15
88,472
40,218
20.050
x20,699
9 mos '16
780,825
311,094
174,500 x139,014
'15
680.648
273,837
176.430
z99,990
N Y Railways____Aug '16 1.161,557
332.775
284,407
x99,109
'15 1,136.931
368,305
285.898 z125,791
8 mos '16 2.265.340
702,434
569,976 x228,799
'15 2,264,024
733,724
573,937 x245,948
Portland (Ore) Ry Lt & Power—
Sept '16
453,731
209,538
178,811
30,727
'15
454,856
196,177
184,165
12.012
9 mos '16 4,031,428 1,741,846 1,631.778
110,068
'15 4.120.018 1,809,605 1,660,399
149,206
St Joseph Ry Lt H & Power-Sept '16
109,213
45,430
20,833
24,597
'15
105,440
48,795
20.833
27.962
9 mos '16
997,556
440.936
187,497
253,439
'15
933.760
416.945
187,497
229.448
Southern Cal Edis'n Sept'16
411.482
231,910
83.242 x165,774
'15
422,332
231,737
85,806 x164.100
9 mos '16 3,699,852 2,015,221
759,993 x1,364,309
'15 3,569,969 1,937,969
756,075 z1,280.899
Southwestern Cities Elee—
Sept '16
19,088
10,197
'15
19.209
10.095
9 mos '16
162,044
77.118
7,275
69.843
'15
139.140
67.389
7.500
59,889
Tennessee Pow Co_Sept '16
162,567
59-,106
38,502
x27.345
'15
94,700
47,539
39,221
x13,772
9 mos '16 1,184,037
572.061
335,860 x297.385
Third Ave System_Sept '16 ' 388.671 def121,261
219,912zdef328.074
'15
946,706
333.859
212,57
x128.702
3 mos '16 2,008,693
250.839
662,906xdef372,472
'15 2,863,934
942.212
637,807 z326,015
United Lt & Rys Subsidiary Cos12 mos Sept 30 '16 6,760,507 2,676.907 1,400,693 1.276,214
'15 6.177,513 2,396.829 1,361,714 1.035.115
West Penn Power and subsidiary cos—
Sept '16
255,825
109,356
38,343
71,013
9 mos 16 2,137,046
970.780
341.606
629.174
West Penn Tracbo_Sept'16
545,124
245.313
173.052
72.261
'15
439,014
226,107
153.914
72,193
9 mos '16 4,581.573 2,200,840 1,529,634
671,206
'15 3,686,887 1,824,387 1.368.500
455,887
Gross
Net
Fixed Chgs. Balance,
Earnings. Earnings. ek. Taxes.
Surplus.
$
$
Brooklyn Rapid Transit3 mos Sept 30 '16 7,719,324 3,543,727 1,941.616 x1,727,821
'15 7.301,318 3,439,151 1,594,293 x1,974.393
Harrisburg Rys_ __Aug '16
60.893
10,539
32,211 def21,672
'15
76.247
39,961
32,143
7,818
8 mos '16
664,848
358.630
257.420
101.210
'15
612,122
336.841
255,778
81,063
Lehigh Valley Trans Sept'16
234.155
102,245
68.474
x53,151
'15
204,423
97,087
60,583
x48.215
9 mos '16 1.860,541
793,801
536.430 x359.993
'15 1,520,918
691,329
557,170 x237.063
New York Dock Co_Sept'16
307,014
158,897
83,120
73,777
'15
247,219
125.427
80,094
45.333
9 mos '16 2,547.410 1,244.120
713.337
530.783
'15 2,055,647
999,664
701,540
293,125
Twin City Rapid Transit—
Sept '16
854.747
349.937
149.827
200.110
'15
817,923
315.354
140.418
174.936
9 mos '16 7,594,988 2,902.212 1,292,995 1.609.217
'15 7,014,857 2.483.465 1,272,247 1,211.218
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
z After allowing for other income received.
ANNUAL REPORTS
Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month is usually
given on the last Saturday of each month. This index, however, has been crowded out this week but will appear in the
issue of Nov. 4.
New York New Haven & Hartford RR.
(45th Annual Report—Special Statement.)
The remarks of Chairman Howard Elliott from the annual
report will be found on subsequent pages of this issue or the
"Chronicle," and in connection therewith numerous important tables. Among these are the income account and balance sheet for the year, showing the inereases or
compared with the previous year, the profit and lossdecreases
account,
a statement as to the contingent liabilities, a resume of the
financial operations and also of the additions and bettermen
ts
made during the year,and a list of the company's investments.
The comparative ineome account and general statistics
were published in V. 103. p. 1501.
Howard Elliott, Chairman and President, in statement
dated Oct. 16 says in substance:
In reading over editorial comments in the New Englaad newspapers
about the general business and railroad situation, there
was found an
editorial In which It was suggested that the expenses of the
New Haven
road are unduly high as compared with other roads and that if proper
attention were given to the expenses they could be reduced very materially.
It is believed that this editorial was written without full knowledge.
The figures [below presented) show that In 1915 the New Haven
and
Central New England roads spent less of their gross earnings for
expenses
tnan did any of the other New England roads. They did better
than any
of the trunk lines, hut were excelled by toe coal-carrying roads, who
do a
very large carload business. For the year 1916 the Central New
England
did better than any road listed, and the New Haven did better
than any
other except the coal roads,some of the trunk lines, which have
long haul,
the Boston & Albany and the Long Island. The facilities of aall
of those
roads are rather more highly developed and they are better equipped
than
the New Haven to take on the big load of the business of 1916.
An overloaded plant, man or railroad cannot do the best work and for
reasons
that
are well known, additions to the plant of the New Haven road
been as great during the last ten years as they should have been.have not
The Central New England figurer. are interesting as that is a road
that
has a limited amount of passenger business and a large
carload business.
It will be noticed that it makes a retativeb good showing
even
when
compared with toe coal roads. It is supervised and directed
by the same
people tnat look after tne New Haven road.
1588
THE CHRONICLE
woL. 103.
Proportion of Gross Revenue Used for(a) All Operating Expenses(b) Conducting CLASSIFICATION OF TONNAGE FOR YEARS ENDING JUNE 30.
Transportation, (c) General and Administration Expenses.
Forests. Manttfac. Mdse.
Products of- Agricul. Animals. *Mines.
-Per Cent of Gross Rev.- -Gen.rat Expenses- 1915-16 (tons)__721,965 152,839 10,506,154 1,263,101 2,237,609 496,207
All Oper. Exp. Cond. Tran. -1915- -1916- 1914-15 (tons)_ _333,156 150,017 8,602,280 1.122,960 1,525,257 471,061
* Includes 8,819,691 tons of bituminous coal in 1915-16, against 7,412,492
New Eng.Roads- 1915. 1916. 1915. 1916. % Per mile % Per mile
876 tons in 1914-15.
804 2.30
N.Y. N.H.& Hart_67.49 66.93 36.65 37.26 2.46
187
163 1.17
Central New Engl'd _ 63.44 54.15 32.27 33.73 1.23
TRAFFIC STATISTICS YEARS ENDING JUNE 30.
Boston & Albany.._ _70.71 64.94 40.77 37.37 2.41 $1,015 2.40 31,214
1912-13.
1913-14.
1914-15.
1915-16.
E38 Miles. operated
513 2.38
Boston & Maine_ _ _ _76.94 69.51 43.27 41.78 2.53
661
.. 543
661
676
160 Passengers carried
151 1.93
73.20 68.07 39.00 34.84 2.03
Rutland
2,194,998
2,210,810
1,883,404
1,776,194
Coal Roads55,201.443
Pass.
mile......
1
54,459,468
47,494,485
carried
49,019,031
877 2.14 1,049 Av. recta p. pass. p. mile 2.006 cts.
Cent. RR. of N. J_ _65.93 63.14 34.66 34.86 2.08
1.806 cts.
1.935 cts.
1.876 cts.
963 Tons rev, freight carried 15,377,875 12.204,731
854 3.29
Delaware & Hudson_64.76 63.15 36.03 33.45 3.31
10,979,058 10,821.039
948 1.99 1,027
Del. Lack. & West 63.68 59.82 32.14 31.53 2.11
6,636,144
Of which coal & coke_ 9,571,950
7,999,605 6,849,549
Trunk Linescarried one mile_1872,089.727 1398023,646 1241476,775 1083106,832
548 Tons
491 2.23
Baltimore & Ohio_ _ _69.62 71.03 37.31 32.99 2.42
Av.rects. p. ton p. mile_ 0.501 cts. 0.524 cts. 0.554 cts. 0.579 cts.
686 Oper.
628 2.09
75.49 65.48 36.27 35.53 2.28
Erie
$14,056
$13,132
$12,504
$16,165
revenue per mile_
748
727 2.16
70.21 63.52 34.21 31.49 2.55
N. Y. Central
75.99 70.54 36.99 34.27 2.70 1,095 2.35 1,140
Penns:lvania
INCOME ACCOUNT YEARS ENDING JUNE 30.
Pass'ger&Mdse.Line1913-14
1912-13
1914-15
1915-16.
Earnings988 Freight
879 2.76
68.14 66.61 41.66 40.21 2.62
Long Island
$9,386,082 $7,326,471 $6,877,763 $6,274,403
Light Traffic Line-,
996,691
1,021,816
952,741
948,777
Passenger
358 Mail, express, &c
335 2.28
N.Y.Ont.& West_ _73.30 69.37 39.39 38.72 2.14
326,8471
361,585
346,447
328,304
41,310f
79,907
245,099
In cost of "conducting transportation," which is the account that repre- Incidental
sents the cost of operating the plant as distinguished from maintenance
Total oper. revenue_ _$10,930,369 $8,683,459 $8,267,736 $7,632,679
and administration, the New Haven in 1915. before it was overloaded so
Expensesbadly, compared reasorwbly with many others, and it was even lower
than any road except the coal roads.N.Y.Cent and its own Cent. New Eng. Maint. of way & struc__ $1,269,245 $1,204,048 $1,597,714 $1,155,972
1,240,025
1,479,331
Maint. of equipment_ _ _ 1,736,704
1,896,115
Expenditures Made During August by New Haven and Central New England, Traffic expenses
189,602
257,528
280,094
260,136
Charged to General Expenses.
expenses
3,826,424
3,271.908
3,452,852
3,056,078
Transportation
Salaries&Exp. of Federal Pension General expenses
Legal
Gross
248,2841, *161,640
245,436
229.063
Earnings. Expenses.Gen.Offrs Off.Clerks Valuat'n. Cost. Miscall. operations
August85,435
38,046
____ $12,679
$6,481,227 $35,717 $15,120 $61,416
1913
for invest. Cr.7,593
Cr.9,290
16,092 63,562 $7,313 14,236 Transportat'n
17,244
6,071,786
1914
13,497 62,920 13,797 14,678
16,583
6,622,264
1915
Total expenses
$7,039,608 36,257,412 $7,848,630 $6,019,147
14,062 91,568 18,697 16,829 Net oper. revenue
12,488
7,665,581
1916
$419,106 $1,613,532
$3,890,761 $2,426,047
The increase in clerks is due to higher wages, a larger volume of business, Taxes accrued, &c
263,205
240,000
306,859
349,161
the steadily increasing number of reports and to the transfer of certain clerks
$155,901 $1,373,532
to the general office from divisional offices, &c. Because of geographical
Operating income_ _
$3,541,600 $2,119,188
and commercial complications the New Haven is also obliged to maintain Miscel. operations
cr.70
cr.2,341
def.930
def.1,753
administrative offices in Boston, New Haven and New 'York, an added
expense that many roads do not have because nearly all of them are able
Total oper. income.._ _ $3,541,670 $2,118,258
$154,147 $1,375,873
the
that
fact
the
and
This,
place.
Int. adv. to sub. cos.:
to maintain their principal offices in one
6,519
1,850
813,640
For construction
road does a retail rather than a wholesale business, adds to the adminis9,970
10,898
16,583
114,785
trative expenses.
For add'ns & better'ts.
251,449
209,022
149,625
In 1916 the New Haven was unable to take advantage of the large in- Inc. from coal cos., &c_
302,923
crease in business because its plant was not adequate and because the plants
$381,602 $2,459,923
Gross corp. income__ $3,854,563 $2,387,124
of many receivers of freight were insufficient to release freight cars prompt$130,677
$121,567
ly. In spite of the very bad weather, congestion on the road and numerous Lease of other roads__ $121,567
$121,567
labor troubles, the percentage of total operating expenses decreased .56%. Hire of equipment
149,512
74,831
103,106
144,363
In making any comparisons of the results for the railroads in Now Eng- Rent joint facility
79,467
83,889
80,287
82,870
2,677,871
land, it should be borne in mind that fuel costs these roads very much more Interest on bonds
2,580,704 2,484,655
2,685,514
than it does roads like the New York Central, the Pennsylvania and the Other interest
58,984
186,337
108,594
304,254
increases
This
coal roads, all of which have tracks directly to coal mines.
17,187
85,424
53,001
45,833
Amortization, &c
the cost to the New Haven in a year at least $3,500,000, and yet the genTotal deductions_ _ _ _ $3,314,870 $3,295,029 $3,097,267 $2,874,896
eral basis of rates, both freight and passenger, is no higher than on these
„Balance,stir, or def.._ __sur.$539,693 def.$907,905df$2,715.665 der$414,973
roads, and in numerous instances is lower.
Preferred dividends..___
(1)8100.000
Earnings Per Mile-Gross and Net after Taxes.
-Net Earnings-Gross EarningsBALANCE SIIEET JUNE 30.
1916.
1915.
1916.
1916.
1915.
1916.
1915.
1915.
$9,352 $11.158
Liabilities-Assets$
New York New Haven & Hartford_$32,638 $38,064
$
6,802 Property owned
4,422
16,047
Preferred stook_ 49,429,198 49,429,198
13,351
Central New England
15,776
10,497
50,611
42,120
Boston & Albany
115,821,685 111,063,684 Common stock.. 10,028,000 10,028,000
(cost.)
6,034 Secure. of other
3.814
22,623
20,276
Funded debt_ _ _ 66,017,926 63,778,405
Boston & Maine
2,205
1,554
8,278
7,433
400,000 Loans&bills pay. 4,985,000 3,785,000
Rutland
cos. pledged-400,000
734,766 Trafflo,&o.,bals.
729,220
127,523
388,228
15,360 Cash
12,235
48,927
42,079
Central RR. of New Jersey
1,572
3,379 Aco'ts dr wages.. 1,169,329
871,756
8,335
10,040 Loans & bills reo
25,782 29,
Delaware & Hudson
673,278 Matur.int., &o_ 1,861,725
980,343
925,335
18,410 Trafflo,&o.,bals.
14,110
Delaware Lackawann & Western.._ 44,902 51,577
116,427 Mee(' interest,
Agts. & conduo.
161,056
6,309 Material
5,418
20,246 24,600
Baltimore & Ohio
rents,
502,025
514,275
& supp 1,025,724 1,051,804
10,229 Misc. accounts_
5,940
27,558 32,756
Erie
583,097 Accrued taxes....
259,782
279,355
686,358
11,193
6,942
Central
34,703
28,495
York
New
557,653 Miscellaneous__
128,307
204,824
562,515
bonds
on
Disc't
12,541
8,034
48,472
Pennsylvania
40,565
__ 12,734,835 12,734,835 Accrued depredo
ciation
9,668 Other deferred,
1,059,637
898,822
8,491
33.494 35,788
Long Island
stock4,359
118,397 Unadjusted ac3,767
15,731
669,250
15,704
&o., accounts
N. Y. Ontario & Western
178,492
counts
345,855
3,148,064
and
Profit
2,606,018
_x
lossWages are much higher to-day than in 1913 and 1914 and the same is
183,992
183,992
Approp. surplus
true of nearly all materials.
problem.
difficult
most
a
with
struggling
are
officers
and
directors
The
136,378,577 131,185,385
Total
136,378,577 131,185,385 Total
The volume of freight business now being done by the company in a year
x After crediting miscel. Items (net) aggregating 32,353.-V. 103, p. 667.
is equal to moving more than 3,000,000,000 tons of freight one mile, or
wise
for
by
If,
expenditures
8,000,000 tons moved one mile every day.
Carolina Clinchfield & Ohio Ry.
improved facilities, such as modern engines, better freight terminals, better
tools and better methods, a saving could be made of only one-tenth of a
(6th Annual Report-Year ended June 30 1916.)
cent, or one mill, in handling a ton one mile, the saving would be $3,000,000
a year, which added sum could be spent for more improvements in order
Pres. Mark W. Potter, N. Y., Aug. 1, says in substance
to bring the property up to a modern condition of efficiency. The management is working just as hard as it can to bring about these conditions, but (compare map on p. 23 of "Railway & Industrial" Section):
much money, time and patience are needed.
Results.-Operating revenue increased $840,668, or 37.18%; net earnings
In the last two fiscal years the company has paid of its floating debt in increased $492,169, or 46.06%, and miscellaneous income increased $177',the hands of the public nearly $9,500,000, and has arranged to get nearly 249, or 76.21% , so that the total income, after taxes, increased $678,406.
$10,500.000 worth of new equipment, and has expended for improvrments or 59.68%. The income carried to profit and loss, after deducting interest,
and betterments to its property and for necessary advances to subordinate rentals and other fixed charges, was $560,238, being an increase of $412,properties nearly $6,650,000.
433, or 279.03%. Passenger traffic ($234,189) increased $48,704.
All manufacturing enterprises have been, and are having a difficult time
Merchandise freight ($1,002,622) shows an increase of $302,639, while
in New England on account of higher prices for labor and material, and the the number of tons thereof carried one mile increased 45.26%. TransporNew Haven road is no different from the others, except that it has been tation of coal yielded $1,797,030, or an increase of $474,234, the coal
other
all
transportation,
the
in
way
unable to raise the price of its product,
tonnage carried one mile increasing 30.8%.
manufacturers have raised their prices.
The expenditure for maintenance of way and structures amounted to
Nearly everything that the railroad company buys and nearly all of the $305.886. or $1,051 per mile operated, as compared with $250,578, or $978
inevitable
is
it
and
wages that it pays are very much higher than a year ago,
per mile operated, for the previous year, an increase of 22.07%. Maintethat rates must, sooner or later, be raised if the company is to go on and nance of equipment amounted to $390,069, an increase of $111.296, or
make the improvements which are essential for the growth of all business 39.92%. The total cost of transportation was $558,972, an increase of
in Now England for the economical operation of the railroad and for the $109,557, or 24.38%. The increase in the revenue ton-miles was 33.08%.
ultimate resumption of dividends.
Capital Stock.-On April 1 1916 the preferred stock was increased by
Therefore, in the interest of New England, which needs better and more $1,500,000, making the total issue 311,500,000. This issue was taken by
transportation, and of the stockholders who need dividends, these facts the Cumberland Corporation, the consideration being $750,000 capital
and figures are submitted.-V. 103, p. 1501, 1302.
stock of Holston Corporation and cancellation of $758,848 indebtedness of
Car. Clinch. & Ohio Ry. to Cumberland Corp. (V. 102, p. 1436.)
(The) Hocking Valley Railway Company.
Financial.-On April 1 1916 $300,000 5% notes were issued. payable
$12,500 monthly until April 11918, for the purchase of 10 Mallet freight
(17th Annual Report-Year ending June 30 1916.)
locomotives; $250,000 First Mortgage bonds were sold on Nov. 111915.
On April 1 1916 the company guaranteed the payment of principal and
On subsequent pages will be found the text of the annual interest
of Holston Corporation's $1,500,000 Realty and Collateral Trust
report, signed by Chairman Frank Trumbull and President Convertible 5% 10-year gold notes, and acquired the entire capital stock,
of that corporation, as above stated. Holston Corporation is the
$750,000,
the
for
account
Geo. W. Stevens, together with the income
of (a) valuable real estate at Kingsport, Johnson City and Erwin,
year ending June 30 1916 and balance sheet as of June 30 owner
Tenn., at Altapass, N. C., and extensive terminal property at Charleston.
S. C., upon which large expenditures have been made; (b) considerable
1916. The comparative income account, balance sheet and real
estate at various points along the railway, some of which will become
statistics were published in V. 103, p. 1504.
important as sites for additional industries' (c) $1,500,000 pref. stock of
Carolina Clinchfield & Ohio Ry., acquired from the Cumberland Corp.
[The notes dated Ap. 1 1916 and callable at par on 30 days' notice are conNorthern Pacific Railway.
vertible into this pref. stock at any time before maturity or redemption
(20th Annual Report-Year ending June 30 1916.)
date. Denom.$1,000 c*&r*. Int., A.& 0. Trustee, Central Tr. 0.-Ed.),
On April 1 1916 we guaranteed payment of principal and interest of
On subsequent pages will be found the remarks of President Black
Mountain Ry. $500,000 First Mtge. 5% gold bonds, maturing in
April 1 1917. It is considered
Jule M. Hannaford, together with the income account for annual installments of $25,000, beginning
the
that
earnings of Black Mountain Ry. Co. will be sufficient to pay the
the year ending June 30 1916 and balance sheet as of June 30 interest on
this issue of bonds and the principal there of. [Total auth. issue
1916. The comparative income account, balance sheet and $750,000; callable at par at any time on 4 weeks' notice. Final $250,000 if
to mature April 1 1936. Denom. $1,000 c*. Trustee, N. Y.
general statistics were published in V. 103, p. 1405.-V. 103, issued
Trust Co.-Ed.]
p. 1405.
First Mortgage bonds of Clinchfield Northern Ry. of Kentucky, dated
May 1 1912 and maturing May 1 1917, were received for account of that
portion of the cost of the Elkhorn Extension located in Kentucky. The
Western Maryland Railway.
capital stock of the railway is owned by your company, which also has a
(7th Annual Report-Year ending Juno 30 1916.)
lease of the property in Kentucky for 99 years.
Equipment Notes.-Payments of principal of equipment trust notes.
On subsequent pages will be found the remarks of President Series
1
A to E, &c., aggregated $561,0130.
Industrial Development.-The development of industries along the line
Carl R. Gray; also the comparative income account for the
most
progressed
50
favorably.
Nearly
has
year
railway
the
the
of
during
for
year
late
the
account
last two years, the profit and loss
new enterprises have been established embracing dye, chemical, tannic
extract, tanning, wood pulp, lime, feldspar, wood-working plants...and
and the balance sheet as of June 30 1916.
THE CHRONICLE
Our. 28 19164
lumber operations. The Clinchfield Portland Cement Corporation has
doubled its capacity to provide for a daily output of 5,000 barrels. The
Federal Dyestuff & Chemical Corporation has erected at Kingsport, Tenn.
numerous buildings of a permanent character for the manufacture of all of
the principal coal-tar dyes direct from raw materials, also chemicals.
CLASSIFICATION OF TONNAGE FOR YEARS ENDING .0NE 30.
Forests. Manufac. Mdse.
Agricul. Animals. Mines.
Products1915-16 (tons)_ __ _84,941 19,478 2,247,333 329,148 299,858 39,207
1914-15 (tons)_ _-72,695 10.743 1.771.059 212.412 213.441 48.019
TRAFFIC STATISTICS.
1915-16.
1914-15.
1913-14.
1912-13.
256
256
Aver. miles operated.... _
256
256
416,459
Passengers carried
362,714
438,641
403,432
Pass. carried 1 mile.._.._ 10,028,785 8,018,657 10,776,055
9.143,487
2.34 cts.
Av. rects. p. pass. p. m_
2.31 cts.
2.08 eta.
2.21 cts.
Bitum.coal carried, tons 1,962,315
1,550,249
1,760,440
1,688,811
Coal car. 1 mile (tons)_ _396,593,113 303,213,120 358,222,520 343,618,877
Av. rects.p. ton. p. mile 0.45 Ots.
0.44 cts.
0.44 cts.
0.46 eta.
Total rev. tons carried
3,019,965 2,328,369 2,639,115
2,493,874
Tot. rev. frt. tons 1 mile 478,941,491 359,902,411 423,485,548 407,482,363
Av. recta. p. ton p. mile_
0.57 cts.
0.58 cts.
0.56 cts.
0.58 cts
Gross revenue per mile..
$10,661
$10,462
$8.828
$10,288
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1913-14.
1914-15.
1915-16.
1912-13.
$2,799,652 12,022,779 $2,400,350 $2,377,420
224.579
185,484
234,189
202,103
30,292
26,140
26,317
24,556
37,311
27,962
26,373
30,556
Freight revenue
Passenger
Mail and express
Miscellaneous
Total oper. revenue.... $3,101,444 $2,260,776 $2,679,208 32,634,635
Maint. of way & struct_ $305,886
$250,578
$190,867
$181,825
Maint. of equipment__ _
390,069
278,773
330,396
260,711
Traffic expenses
164,601
101,441
102,917
96,763
Transportation expenses
558,972
449,417
506,225
466,973
General expenses
133,859
125,538
124,882
112,357
Transport'n for invest
Cr.12,579
Cr.13,437
Total oper. expenses.. $1,540,808 $1,192,309 $1,255,287 $1,118,630
Not operating revenue
31,560,636 $1,068,467 31.423,921 $1,516,005
Taxes
155,280
131,322
164,267
106,978
Operating income_ _ _ _ $1,405,356
$904,200 $1,292,599 $1,409,026
Hire of equipment, &c..232,573
409822
373,822
280,211
Total income
31,815,178 $1,136,773 $1,666,421 31,689,237
Bond interest
$1,067,986
$785,000
1781,736
$761,352
Int. on equip. trust
123,967
142,671
159,667
153,222
Miscell. int. and rents....
62,986
61,296
24,904
32,350
Preferred dividends.. _ _ _
(6%)600,000(3%)300,000
Balance, surplus
$560,239
$147,806
$100,114
$442,314
BALANCE SHEETS JUNE 30.
-Caro. Clinch. ec Ohio- -Car. Cl. igo 0. of S. C.
Assets1916.
1915.
1916.
1915.
Property owned
$55,003,919 $54,816,767 $3,100,693 $3,038,669
Securities owned
6,977,553 5,757,361
Materials and supplies_ _
220,640
220,018
Cash
214,582
286,358
4,808
594
Traffic, &c., balances...
129,153
101,633
18,909
24,877
Agents and conductors..
100,687
55,427
9,721
11,701
Matured int.S.C.Co.bds. 837.500
687,500
Miscellaneous
290,640
20.493
215,877
29,919
Unadjusted items
2,620
28,778
4,037
142,716
Profit and loss
622.028
713,122
Total
$63,803,452
LiabilitiesCommon stock
$25,000,000
Preferred stock
11,500,000
Funded debt
23,871,000
Loans and bills payable_
550,003
Traffic, &c., balances....
59,407
Accounts and wages...... _
285,931
Miscellaneous
493
Matured interest unpaid
6,150
Accrued taxes
90,000
Accrued interest
199,727
Accrued depreciation......
469,497
Unadjusted accounts
118,259
Profit and loss
1,652,988
362,283,656 $3,881,209 $3.720,983
$25,000,000
10.000,000
24,545,521
500,000
57,877
237,430
842
4,650
75,000
258,161
392,488
170,503
1,041,184
$12.000
$12,000
3,000,000
3,000,000
4,572
20,946
5,106
11,360
825,000
6,000
12,500
675,000
5,000
12,500
190
17
Total
$63,803,452 $62,283,656 $3,881,209 33,720,983
-V. 102, p. 2076, 1435.
1589
districts now than ever before, yielding an average during the year of
approximately 70 barrels per acre. The revenue from the handling of these
potatoes and the inbound movement of fertilizer, seed potatoes and lime
used in their cultivation brings your company from $21 to $25 Per acre.
In the vicinity of Beaufort, N. C.. one firm has purchased for colonization purposes 37,000 acres of land which will be drained and put in condition for settlers. On the Sand Hill section of North Carolina there is a
continual development of new lands which are being planted in corn,
cotton, tobacco, and especially peach trees: the shippers of peaches
marketed during the past season approximately 25.000 crates.
Rolling Stock.-The following additional equipment was purchased
during the year: 6 consolidation locomotives, 48 ballast cars, 98 steel
gondola cars. 2 air dump cars.
Contract was made on Jan. 7 1916 for the construction of locomotive
and car shops at Carolina Junction, Va., 2.29 miles from Berkley, for
the general repair of equipment. These shops will replace those now at
Berkley, which are no longer adequate to take care of the necessary repair
and construction work. It is expected that the new shops will be completed
and ready for use by Dec. 1 1916.
Rates.-The North Carolina Corporation Commission has substantially
Increased your company's intra-State freight rates within that State.
effective Aug. 23 1916.
.
CLASSIFICATION OF TONNAGE-STEAM DIVISION-Products ofYear.
Agriculture. Animals. Mines.
Forests. Manufactures. Misc.
1915-16 __ _249,400
16,257 612,805 1,054,790 233,431
329,385
1914-15....-240,870
8,366 236.121
872,755
145,143 386,900
TRAFFIC STATISTICS-STEAM DIVISION.
1915-16.
1914-15.
1913-14.
1912-13.
Average miles
863
860
860
788
*Equipment-Locomotives
94
88
89
62
Passenger cars
112
114
116
88
Freight cars
3,277
3,277
3,329
2,889
Work, &c., cars
141
51
49
32
TrafficPassengers carried
1,427,312
1,357,233
1,532,061
1,541,956
Passengers carried 1 mile 42,087,771 38,045,779 41,932,048 42,338,417
Recta. per pass. per mile 2.197 eta. 2.263 cts. 2.272 cts. 2.161 cts.
Number tons carried- 2,496,068
1,890,155
2.099,532
2,007,126
Tons carried 1 mile_ _ _ _245,228,160 165,043,131 179,773,601 155,275.142
Receipts per ton per mile 1.289 eta.
1.514 eta.
1.518 eta.
1.711 cts.
Avge. tons per train mile
261.08
196.73
193.01
154.09
Gross revenue per mile_
$5,044
$4,215
$4,732
$4,913
* Equipment as above on June 30 1916 includes 15 locomotives leased
and 341 cars in passenger, freight and company's service. The company
also owned 9 barges, 5 car floats and 1 tug. Equipment on hand June 30
1916 (electric line): Cars owned or leased in passenger service, 39; others
in freight service, 6; company's service (caboose car), 1.
INCOME ACCOUNTS. (a) Norfolk Southern RR.Steam Division.
Revenues1915-16.
1914-15.
1913-14.
1912-13.
Freight
$3,160,010 $2,499,206 $2,729,272 $2,657,435
924,444
861,072
952,510
914,760
Passenger
Mail, express, &c
222,803
226,162
255,510
239.985
Other revenue
39,222
52.728
45,386
58.284
Total oper. revenues_ $4,352,643 $3,625,662 $3,990,020 $3,870.464
Main of way, &c
6516,239
Maint. of equipment__ _
611,537
Traffic expenses
84,955
Transportation expenses 1,432,930
General expenses
199,116
6613,372
561,696
70,938
1,466,146
214,754
6517,421
481,135
64,429
1,229,432
196,235
Total oper. expenses.. $2,844,777 $2,754,032 $2,926.906
P. C.of exp. to earns- _ _
(65.36)
(75.96)
(73.36)
Net operating revenue.._ $1,507,866
$871,630 $1,063,114
Outside operations, net..
def.3.697
Net revenue
$1,507,866
6871.630 $1,059.417
Taxes accrued. &c
142,801
123.707
125,810
Operating income_ _ _ _ $1,365,065
$747,923
$933,607
Hire of equipment
291.460
258,342
332,182
Other income
56.726
52,955
31,189
Gross corp. income__ $1,713,251 61,057,220 $1,296,978
DeductRents lease of road
$77,396
$77.956
$78.016
Interest on bonds, &c
866,784
869,041
695,274
Hire of equipment
327,796
259.941
528,009
Miscellaneous
355,149
56,320
61,917
Dividends
(1)160,000
$2.468,652
(64.30)
$1,381,812
def.11.426
$489,693
554.995
82,011
1,41)1,892
225,441
$1,370.386
112.901
$1.257,485
312,344
350,055
$1,919.884
$83.730
520,792
384.429
50.244
(2)320,000
Total deductions_ _ - $1,327,125 $1,263,258 $1,523,216 $1,359,195
Balance, sue. or def.. _sur $386.126 def.$206,038 def.$226,238sur.$563.689
(b) Norfolk & Southern Electric Division.
Operating Net (after
Other
Fiscal
Interest,
Balance,
Taxes).
Income. Rents, 8c.c. Sur. or Del.
YearRevenue.
$6,910 cred.$893
1915-16 (45 m.) $239,281
$2,919 sur.$4,884
21,749 deb.2,131
3,070 sur.16,548
Results (Steam Lines).-There was a substantial recovery during the year 1914-15 (45 in.) 250,213
from the depression caused by the European war. Operating revenues
(c) Combined Steam and Electric Divisions.
Increased $726,981, or 20.1%, while operating expenses increased only 1915-16(908m.)14.591,924 31,371,975 1349,080 $1,330,044 sur.$391,010
$90,745, or 3.3%.
769.671
1914-15(900m.) 3,875,875
307,166 1,266.328 def.189,491
Freight traffic increased $660,804, or 26.4%; the tons carried one mile
(d) John L. Roper Lumber Co.
increased 80,185,029, or 48.6%, and the average number of tons per
train
$1,982,297 $134,072 $33,938 $123,817 sur.$44,193
1915-16
mile was 261.08, against 190.73 for the year 1915, an increase
64.35 1914-15
1,486,509 def.41,080
36,720
102,513 def.106,873
tons, or 32.7%. There has been very little change for a number of
of years
in the volume of lumber handled by this company, but the
BALANCE SHEET JUNE 30.
large
increase
in the tonnage of all other commodities since 1910 has reduced the per1916.
1915.
1916.
1915.
centage that lumber bears to our total tonnage from
to 42%. This
$
Assets$
$
increasing diversification of traffic is very favorable 55%
and marks progress Road & equip t.._e28,398,100 28,150,394 Capital stook _ _ _16.000,000
in the right direction.
16.000.000
96,026 Funded debt (see
impr.leased prop. 102,667
Passenger traffic did not keep pace with the improvement in
freight
used
not
Real
est.
"Ry.
& Indus."
traffic, nor has it yet reached the volume recorded during the
152,443 Section)
in operation_ _ __ 152,243
19,661,196 19,707,571
This may be attributed almost entirely to the operation of year 1914.
automobiles Leased rail,
114,515
110,172 Traffic, &o., bats..
83,887
between various towns along the line of your road.
50,164
underof
Securities
Vouchers & wages. 211,422
196,059
Improvements, ac.-During the past year the physical condition
lying and other
Notes payable for
property has been improved out of earnings, and the management of the
6,382,499 6,544,499 equip't purch'd
companies
65,828
to continuo this policy for some time, and when the contemplated expects
better- Inv. in affil. oos.- 398,353
220,353 Miscellaneous acments aro completed the owners of tho stock will have an excellent invest261,081
163,097 counts payable..
Cash
59,021
12,233
ment. Progress was made during the year in widening cuts
and fills and Depos. with trust..
23
23,071 Coupons due and
In improving the condition of the road bed. Ballast was put under
48.85 Materials & supp- 228,974
186,036 unpaid
68,090
70,520
miles of track, viz.: Cinders,8.56 miles;sand, 31.56 miles; rock,6.73 miles;
receivable
5,268
2,931 Accrued interest,
oyster shells, 2 miles. 4.793 miles of new 70-1b. steel rail were laid in the Notesaccts.
ready. 302,149
Misc.
297,337 rents, &c
289,287
288,898
main track.
37,612
34,460
Maintenance of equipment expenses increased $56,542, or 10.2%. The Unexting'd disol. 1,057,990 1,087,069 Taxes accrued,&o.
deposits....
Special
67,515
unand
Deferred
70,520
locomotive
in
per
1916 was $1,906 26; per passenger
average cost of repairs
deferred,&c.,
70,256
adjusted acc'ts.
114,537
car. $483 85, and per freight car, $62 15, against $2,025 25, $417 93 and Other
items
397,943
1,318,722
244,124 Surplus
873,632
$55 70. respectively, in 1915.
Funded Debt.-On Sept. 11015 an equipment trust agreement was made
Total
37,865,321 37,348,074
37,865,321 37,348,074 Total
with the Equitable Trust Co. of N. Y. to secure $26,000 Equipment Trust
Series B notes issued in connection with the purchase of 24 Roger
e Includes road, $24,465,651, and equipment, $3.800,527, less depreciacars and ono plow car. These notes mature at the rate of $2,600 perballast
and $487,943 gen. expenditures.
The sinking fund redeemed $24,000 First and Refunding 5% bondsyear. tion reserve, $356,021; bal., $3,444,507,
Note.-The N. & 8. RR., with the Virginia By. and the Norf. & West.
$52,600 Equipment Trust Series A and B notes were paid at maturity.and
Industrial Development.-There were placed in operation during the year Ry., guarantees the authorized issue of 32,000,000 1st M. 50-yr. 4s of the
due May 1 1961. The company also guarantees
38 new spur tracks to serve new industries. It is estimated that the annual Norfolk Terminal Ry.,bonds.
-V. 103, p. 1501.
$73,190 Carolina RR.
revenue to your company from these industries will be $189,000. Eleven
additional industries were located on spur tracks already installed and it is
Toledo St. Louis & Western RR.
estimated will yield an annual revenue of $35,000. The set-back to all
industrial development resulting from the European war began to yield
(Reportfor Fiscal Year ending June 30 1916.)
early last fall, since which time there has been a marked improvement.
Receiver Walter L. Ross says in substance:
This improvement is well reflected in the comparison of the estimated
revenue your company should receive per annum from new industries
Results.-The gross operating revenue was $5,643,365, an increase of
located on your lino during the year, the amount being $224,000, compared $1,037,306, or 21.73%. Freight traffic increased $944,470, or 23.70%,
with $75,000 during the previous year.
the number of tons of revenue freight carried one mile increased 21.67%.
Agricultural Development.-Inquiries for farm lands, especially in the the average haul increasing 8.79% and the rate per ton per mile showing an
drainage districts around Belhaven and Terra Cola, N. C., have been Increase of 1.74%. Passenger traffic increased $57,565, or 17.42%.
numerous and some large tracts of land have been sold in those sections. Operating expenses increased $126.938, or 3.63%. Maintenance of way
Near Terra Cola the acreage in farm lands has been increased about 2,000 and structures increased 182,500, or 14.38%; 161.252 cross ties were placed
acres. Irish potatoes are being grown more extensively in the drainage in main track. Obsolete equipment retired represented a charge to operating
Norfolk Southern Railroad Co.
(6th Annual Report-Year ended June 30 1916.)
Pres.& Gen. Mgr.J. H.Young,Norfolk,says in substance:
1590
THE CHRONICLE
(VOL. 103.
expenses of $58,425, as compared with $155,446 during the preceding year.
Guaranteed Bonds.-This company has endorsed jointly and severally,
Regardless of these abnormal increases and decreases, there was a net de- with the Chicago Burlington & Quincy RR., both as to principal and increase in the total maintenance of equipment expenses of $20,644.
terest, $3,500.000 Paducah & Illinois RR. 1st M. 434% 40-Year sinking
The expenses of conducting transportation increased $69,333. or 3.89%. fund gold bonds (V. 102, p. 251).
With an increase of 155,764 train miles, or 8.8%, there was an increase of
Additions and Betterments.-Property investment has been charged dur177,989,397 in the tons one mile. or 21.3%. The average tons of revenue ing the year for expenditures for additions and betterments on equipment
freight carried per car mile increased 1.49 tons, or 8.05%. The loaded car $881,769, and on road $1,176,478.
mileage increased 5.219,612, or 12.57%, as compared with preceding year,
Cross-ties.-There were 588,601 cross-ties and 373 sets of switch-ties
and empty car mileage decreased 6,634,903 miles, or 27.11%. The same used in renewals and 114,830 cross-ties and 203 sets of switch-ties in addiconditions in respect to the disparity between east and westbound traffic, tions and betterments and for miscellaneous purposes.
which have heretofore existed are still apparent this year, which is reflected
Improvements.-The Nashville Division. between Nashville and Hollow
in the increased cost of train service.
Rock Junction, is limited in train-load by reason of a few reaches of 2.1%
Securities.-No dividends were received during the year on the Chicago & grades opposed to northbound traffic, and 2% opposed to southbound
Alton RR. common or preferred stock owned ($14,420,000 and $6,480,000, traffic. It is proposed to reduce these grades to a maximum of 1.5% oprespectively). The Toledo Terminal RR. Co. paid $20,800 of its certifi- posed to northbound and 1.25% opposed to southbound traffic, which
grades will then become the maxima for this division. Grading for this
cates of indebtedness held by this company.
Expenses.-The cost of supplies of all kinds has increased enormously, plan has been completed near Burns, from mile post 34 to mile post 38.
due to the extraordinary conditions prevailing in this country and in Europe. It is also proposed to reduce grades in the vicinity of Camden to 34 of 1%
Effective July 11915, also, the rate used for charges to equipment deprecia- opposed to trains moving in both directions, thus giving a reach of 35 miles,
tion accounts was increased from 1 to 3% at request of the I. S. C. Com- extending from Hollow Rock Junction through Camden to Gorman, over
mission; this has increased maintenance of equipment expenses about $63,- which trains may be loaded for 34 of 1% grade.
There were 219 feet of pile trestle and 162 ft. of bridge spans added, and
000 per annum. Taxes decreased $42,114.
The increased $42,228 hire of equipment debit balance is due primarily 1,124 ft. of timber trestle filled; 74 ft. of bridge spans repia sd timber
to the low proportionate number of freight train cars owned for the density trestle; 360 fb. of ugh, steel bridges were replaced by spans of heavier
of traffic handled.
design; 2,570 ft. of timber trestle were replaced by creosoted timber
Improvements, &c.-For additions and betterments there was charged structure with concrete supports and ballast decks, and 1.800 ft. of uninto road and equipment account, $103,341. Property investment was treated open deck trestle were converted into creosoted ballast decks.
Paducah & Illinois RR.-The railroad line between Paducah and the Ohio
reduced $00,774 on account of retirement of 344 obsolete cars.
River opposite Metropolis, Ill., has been completed and pending the comCHARACTERISTICS OF LINE-TOTAL MILES 450.58.
pletion of the bridge a transfer by boat has been established, and the line
-AscendingCurved Tangent Level
-Descending- Is now in operation. Work on the bridge is progressing satisfactorily.
June 30- Miles.
Miles. Miles. Sum in ft. Miles. Sum in ft. Miles Except for expenditures on current work, all amounts advanced by this
3,426
220
1916
19
3.608
211 railway have been repaid by the Paducah & Illinois RR. Co. (V. 101. p.
50
400
3.426
220
19
3,608
211 1465).
1915
50
400
OPERATIONS AND FISCAL RESULTS.
COMPOSITION OF TRACK JUNE 30-TOTAL MILES 450.58.
1912-13.
1913-14.
1914-15.
1915-16.
-Ft. Bridges, &c.- -Miles of Ballast- -Miles of Rail
1,231
1,231
Miles operated June 30_
1,231
1,231
June 30. Steel. Trestles. Rock. Gravel. Cinds, Slag. 80-lb. 7515. 70-15.61%15.
Equipment.1916
34
396
14
262
7,865 30,457
80 235 135
1 Locomotives
258
273
273
238
24
406
13
34
1 Passenger cars
1915
7,925 31,539
58 235 157
246
247
239
10,322
10,212
10,108
10,252
Freight cars
AVERAGE REPAIRS PER YEAR.
630
588
564
Other cars
746
OperationsPer Mile
Per
Per Passenger
Per Freight
3,317,358
3,283,132
3,010,833
Passengers carried
3,183.563
Road.
Locomotive.
Car.
Car.
1915-16
$1,456.35
Pass. carried one mile 127.790,054 121,155,298 137,958,062 135,532.100
$3,604.33
$809.08
$94.55
2.29 cts.
2.23 cts.
2.08 cts.
2.09 cts.
Rate per pass. per mile..
1914-15
1,273 25
3,147.50
653.30
103.85
5.534.309
6,224,981
5,325.155
Freight (tons) carried.... 6,189.721
CLASSIFIED STATEMENT OF TONNAGE.
Freight (tons) one mile_966,961,546 795.623,780 833.220,419 933,652.813
0.995 cts.
1.054 cts.
Fiscal
Products (tom) of
Total
1.019 cts.
Rate per ton per mile_
1.009 cts.
Year-Agriculture Animals.
Mines.
Forests.
Mfrs., &c.
$10,471
$10,907
• 38.886
$10,295
Gross earnings per mile..
1915-16..686,496
211,254
904,063
626.288
1,598,765
4,026,866 Earns. per pass. train m.
$1.24
$1.27
$1.05
$1.11,
1914-15..616,057
229,030
1.026.812
530.097
1,198,547
3,600,543 Earns, per frt. train mile
$2.10
$2.11
$2.02
$2.57
Locomotives- Passenger -Freight Cars
Equipment
Cars.
June 30No. Traction Power(lbs.)
No. Capacity (tons). • * Also owns 3 steamers, 3 transfer barges.
2,621,742
1916
37
2,807
103.595
93
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
92
2,583,979
37
1915
3,215
114,790
1913-14.
1912-13.
1914-15.
1915-16.
EarningsTRAFFIC STATISTICS. (Miles operated 451).
Passengers
$2.670,319 32.517,075 $3,071,445 33,101,779
Operations1914-15.
1913-14.
1912-13.
1915-16.
7,470.181
8,781,321
9,290.996
8,989,417
Freight
Passengers carried
520,543
478,568
504.418
492,236
925,568
949,277
924.387
express, rents, &c.. 1,010,952
Pass. carried one mile
32,883,364 21,826,747 23,472,912 21,130,622 Mail,
Earns, per pass. per mile
1.1 cts. •
1.5 cts.
cts.
1.6 cts.
1.7
earnings.. $12,670,688 $10,936,533 312,778.334 $13,317,162
gross
Total
Pass. earns, per tr. mile_
$0.75
$0.68
$0.73
$0.74
ExpensesTons rev, freight carried 4.026,866
3,600,543
3,615,910
3,502,205 Maintenance of way_ .._ $1,481,600 $1,540.305 31,938.499 32,123.365
Tons fr't carried 1 mile_935,202,151 768,652,922 755,144.510 712,650,963 Maintenance of equip't_ 2.329,256
2,166.005
2,391.419
2,380,795
Earns, per ton per mile_ 0.527 cts.
0.518 cts.
0.519 cts. 0.521 cts. Traffic expenses
513,441
480,602
535.037
613,330
Fr't earns, per train mile
$2.57
$2.26
$2.17
$2.38 Transportation expenses 4,463.966
4.853.052 5,103,927
4,385.938
Av. tons per train mile.._
486.95
435.58
419.57
456.06 General expenses
383,029
350,094
368.7631
438,069
Gross earnings per mile_
$12,525
$10,183
$9,621 Miscall. operations
$10,289
104,539j
122,753
Cr.966
Transporta'n for invest_
Cr.9,942
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Operating Revenues- 1915-16.
1914-15.
1913-14.
191243.
$9.439,033 $9,099,622 $10.079,440 310.438,783
Total expenses
$4,928,512 $3,984.042 $3,922,725 $3,715,576
Freight
(78.88)
(78.39)
(83.20)
(74.50)
of exp. to earnings
Passenger
387.949
330,384
358.932 P. C.
369,455
$3,231,655 $1,836,911 $2,698,894 $2,878,379
Net earnings
Mall, express & Miscell_
326,904
321,633
295,941
260,659 Income
22.825
22,558
23,260
22,500
from invest'ts
operations
Cr.23,812
Total oper. revenues.. $5,643.365 $4,636,059 $4,588.121 $4,335,167 Outsideincome
499,536
578,313
508,138
Other
x692,644
ExpensesMaint. of way and struc. $656,200
$573,700
$469.619
$542,644
Total income
$3,971,371 $2,367,874 33,299.765 33,400.415
823,580
844,225
Maint. of equipment.___
592.935
565,563
Disbursements201,138
195,810
199,811
162,989
Traffic expenses
$919.638
3497.060
$495,920
$568,571
Transportation expenses 1,849,729
1,780,396
1,764.264
1,521,208 Interest
304,072
326,557
333,860
342,826
98,573
General expenses, &c
98,822
110,190
107,853 Taxes
626.518
626,518
713,471
722,456
Rentals, &c
(7)1,118.930(7%)698,932
Total oper. expenses. $3,623,892 $3,496.954 $3,138.146 $2,900,257 Dividends on stock__(6 A)1,039.533(5%)799.226
Net operating revenues_ $2,019,473 $1,139,105 $1,449.975 $1,434,910
Total disbursements.. $2,673,385 $2,342,477 32,569.065 $2,549,160
x75,245
Dividends, &c. received
66,361 Balance,
110,808
343.166
$851,255
$25,397
$730,700
surplus........___ $1,297,986
Total net income..___ $2,094,718 $1,249,913 $1,793,141 $1,501.271
x "Other income" in 191546 includes hire of equipment, balance, $361,Deductrental received, &c., $273,640, and income from miscellaneous physi$211,035
$250.182
$204,836
Taxes, &c
$179.505 404;
349,161
402,382
159.022 cal property, $57,600.
Hire of equipment--bal_
444.610
16,118
23,370
5,579
Rentals-balance
21,874
GENERAL BALANCE SHEET JUNE 30.
1,055.517
1,056.205
1,046,918
Interest on bonds. &c
1,056.205
1015.
1916.
1915.
1916.
9,482
7,259
12,256
Miscellaneous interest
6.763
LiabilitiesAssets
19.513
17,625
35,999
Int. on equip.tr.ctfs.,&c.
30,542
20.208
21,600 Road & equip t.....36,496.340 35,558,189 Capital stock _ A6,000,000 16,000,000
14,520
17,424
Adv. Tol. Term. Ry.int.
4,288
Prem. on cap. ark10,480
Improv't on leased
Funded debt.... __a11,035,325 10,122,000
railway prop'y_ 1,120,294
Total deductions____ $1,785,549 $1,797,819 $1,674,835 $1,437,509
2,900
765,799 Due affiliated cos..
Balance, sur. or def____sur$309,169def.3547.906sur.$118,306 sur.$63,762 Physical property. 319,239
238,197
780,231 Traffic balances- 186,091
1,118,983
Cash
Accounts & wages. 1,182,004 1,241,283
Time drafts, &c._ 510.000
x Includes $16,640 Detroit & Toledo Shore Line RR. bonds.
Loans & bills pay1,525
Special deposits_
BALANCE SHEET JUNE 30.
155,395
100,628
able, &o
750,309
Inv. In affil. oos_ 986,974
77,524
30,347
633,090 Int. & diva. due1916.
1915.
1916.
1915.
Other investments 641,000
221,390
113,115 Aeon Int. & rents.. 113,825
152,794
LiabilitiesAssetsTraffic balances
399,612
248,166 Dividend reserve.. 560,000
Cost of road, Aro-39,381,687 30,384,249 Preferred stock-- 9,995,000 9,995,000 Agts.& conductors 353,054
135,000
Taxes accrued ._
135,000
Inv. in attil. eas__12,739,353 12,745,633 Common stook- _ 0,952,600 9,952,600 Bills & other awls
21,086
714,339 Operating reserve..
Other investments
850
850 Funded debt (see
752,302
receivable, &a_
Misc. phys. prop..
10,138
10,225 "Ry&Ind."Sec.)28,464,814 28,703,406 Materials & suet). 2,096,880 1,653,985 Accrued depree'n. 3,586,435 3,232,490
Unadjusted, &a_ _ 268,574
107,262
796.288
449,844 Loans & bills pay.. 250,000
473,841 Securities issued or
Cash
271,404
615,506 Add'ns to property 288,796
Special deposits
4.313
8,032 Accts. & wages...... 722,283
746.772
4.000
aasum. unpledg_
Profit and loss_ b10,932,849 0,725,837
61,40042,657 Matur. int. unpd.. 1,097.198
Agts. & eonduc'rs
633,918
•
Traffic, &o., bals_ 294,594
250,666 Misc.accts.pay.,&o. 290,425
287,543
Total
44,553,385 41,832,639
105,615 Taxes accrued_ _ _ 146,464
150,472
Materials & supp_ 236,689
44,553,385 41,832,638
Total
Miscellaneous........ 345,778
543,943 Interest accrued.._ 257,867
260,467
193,972 Operating reserves 103,276
Unadj.fet claims_ 251,105
103,276
a Includes $30,325 sundry notes payable, maturing between Oct. Ci
Mord deprecia'n_ 318,443
Tot.St. L.& West.
233,780 1916 and Feb. 24 1919. b After deducting $100,000 miscellaneous approcorp. account._ 990,956 1,189,410 Receiver Tol. St.
priations of surplus and crediting sundry items aggregating (net) $9,027.
L. & W. RR_ __ 990,956 1,189,410 -V. 103, p. 1413. 1301.
Unexting. int. on
equip. notes_.... 114,503
138,399 0th. def'd,&e.,Items 16,251
18,271
Reserve for T. T.
Other unadj.,
Moline Plow Co. (Moline, Ill.)
28,318
25,919
Ry. advances.._ 120,752
accounts
127,032
Profit and loas_ ....a2,529,643 2,213,628
(Report for Fiscal Year ending July 31 1916.)
Total
55,255,972 55,089,415
Total
55,255,972 55,089,415
Pres. G. A. Stephens, Moline, Oct. 9, wrote in substance:
Income Account.-The net profit for the year after charging all operating
expenses, including $166,564 for repairs and renewals of fixed assets, $136,665 for depreciation of fixed assets, $66,437 for interest on borrowed money
Nashville Chattanooga & St. Louis Ry.
and after making provision for bad debts and all accrual charges, amounted
(65th Annual Report-Year ended June 30 1916.)
to $1,034,552, an increase of $509,605. After bringing forward adjusted
balance at July 311915. 3604.693, and deducting 1st pref. dividend (7%
The report, signed by E. C. Lewis, Chairman, and Jno. calling
for $525,000, the balance at July 311918 was $1,114,245.
At the annual meeting on Sept. 26 the directors were authorized to pay
Howe Peyton, President, says in substance:
Results.-The earnings have shown a marked recovery, the gross operat- the 1st pref. dividend of 7%.the 2d pref. dividend of 67 and a dividend
ing revenue being $12,670,688, an increase of almost 16% over 1915. The of 2% on the common stock, which together will absorb 815,000, leaving
operating ratio was reduced from 83.20% to 74.507 and the net income a balance of undistributed profits amounting to $299,245.
Sales.-The sales for the year show an increase of about 534% over those
0 was paid
amounted to $2,337,518, against $824,623. A dividend of 37
of the preceding year, the same having been effected mainly in our foreign
Feb. 2 and the rate was raised to 334% Aug. 1 (V. 102, p. 251)•
business.
The sales of all our products have been maintained with the
Bonds.-The bonded debt has been increased by the issuance of $903,000
First Consol. Mtge. 57
0 gold bonds, in lieu of that amount of 1st M. 7% exception of IIenney buggies. The decline in the sales of these goods may
bonds which matured July 1 1913. This amount, with the $597,000 of a be partly attributed to the prevailing conditions in the Southern States
similar issue held in the treasury on June 30 1916, aggregating 1;1,500,000, and partly to the tendency of the times to substitute automobiles for horsewere sold in July 1915 (V. 101. p. 694). There was retired $20,000 Tracy drawn vehicles. The Stephens Six, a six-cylinder five-passenger automoCity Branch 6% bonds matured Jan. 1 1916. The net change showed an bile, has now been placed on the market and has met with such success
in the short period of its existence to date that we are confident that any
Increase of $883,000.
a After adding sundry items (net) amounting to 36,847.-V. 102,p. 1812.
THE CHRONICLE
Ocr. 28 1916.1
defection that may be experienced in the buggy business will be more than
counterbalanced by the automobile trade which will be secured.
Universal Tractor.-During the past year the company has purchased
outright the patent rights, patterns, designs and all mechanical assets for
the universal tractor. A modern factory is being erected at Moline for the
production of tractors which is now practically completed. The universal
tractor has met with unqualified success and orders are pouring in faster
than they can be filled.
Balance Sheet.-The current assets at July 31 1916 amounted to $17,103,341, an increase of $345,182. The excess of current assets over current
liabilities after deduction of the reserve for discounts and bad debts
amounted to $14.058,920. The current assets were equivalent to more
than $6 for each dollar of current liabilities. Although the sales for the
past year were in excess of those for the previous year, the outstanding balances due by customers have been reduced by over $1,300,000. The inventories show a considerable increase, due partly to the fact that our stock
of finished goods last year had been abnormally reduced and partly because
we were compelled to keep a larger stock Of raw materials in view of the
uncertainty of obtaining adequate supplies.
• European Assets.-Our European assets at July 31 1916 showed: Cash
In banks and on hand, $401,615; investments in foreign government bonds,
$1,156,790; merchandise and accounts receivable, $520,601, and real estate
and fixtures, $29,630; a total of S2,111,639. At July 31 1914 the value of
our assets in Europe, exclusive of real estate and fixtures, was $2,040,709.
During the past two years we have made a limited number of shipments. '
largely spare parts to keep in repair machinery now hi use and have received
some cash remittances. Owing to the present status of foreign exchange
the company found that it would be more profitable to invest its surplus
cash In foreign Government bonds until normal conditions are restored
rather than attempt to remit same to the United States.
Capital Expenditures.-These have aggregated $474,282, including chiefly
machinery tools and patterns for tractor. $89,901, and universal tractor
patents, patterns, designs, &c., 3148,913.
Properties.-All the company's properties are free and unincumbered,
there being no bonded indebtedness. The net quick assets were equivalent
to 187Yi% of the outstanding first prof. stock at July 31 1916.
Outlook.-The prospects for the present year are brighter than they have
been for the past two years. Up to date the orders taken have shown substantial increases over the corresponding orders last year. In addition I
we expect to place on the market as many tractors as we can produce and
anticipate considerable sales for our automobiles. Our foreign trade In
Europe cannot of course be restored to normal conditions until theEuropean
war is over, though a fair business should be secured, but in other directions
it is maintaining a healthy growth.
INCOME ACCOUNT FOR YEARS ENDING JULY 31.
1915-16.
1914-15.
1913-14.
$1,404,2181$10,212,176 512,748,182
Gross sales
9,302,762 11,727,389
Operating expenses
166,564
112,833
136,688
Maint., repairs and renewals
136,665
127,199
113,096
Depreciation
Net income
Interest on bills (net)
$1,100,989
66,437
$669,382
144,436
$771,009
132,169 1
Net profits
Previous surplus
$1.034,552
*604,693
$524,946
*787,072
$638,840
1,779,042
Total surplus
First preferred dividends
Second preferred dividends
Common dividends
Stock dividend
$1,639,245 $1,312,018 $2,417,882
(7%)525,000(7%)525,000(7%)525,000
(6%)90,000 (1 Si)22,500 (6%)90,000
(2%)200,000(1%)150,000 (6)540,291
500,000
Total dividends
Surplus July 31
$815,000
a$824,245
$697,500 $1,655,291
$614,518
$762,591
*As adjusted. a At the annual meeting on Sept. 26 the directors were
authorized to apply a further $525,000 to paying 7% on 1st prof. div.,
leaving of the surplus as above in 1915-16 a balance of $299,245 (see text
above).
CONSOLIDATED BALANCE SHEET JULY 31.
1916.
1915.
1915.
1918.
AssetsReal est., mach.,
First pref. stock__ 7,500.000 7,500.000
Patterns, &c- 5,501,816 5,559,007 Second pref. stock. 1,500.000 1,500,000
Patent rights, &e. 394,303
Corn. stock issued.10,000,000 10,003,000
Inventories
8,023,027 5,982,075 Bills payable
1,905,000 1,962.500
Accounts payable.. 765,429
Invest't in foreign
276,298
Customers' depositov't securities_ 1,161,915
39,764
Accrued taxes, &e.
Moline Plow stock
51,628
67,761
13,800
Reserve, bad debts,
in treasury (par)
720,730 1,537,252
drc
Cash
334,228
396,089
Surplus
Receivables, &o.,
x1,114,245
614,518
In Europe.x- 520,604 1,072,559
Customers' accts.
& bills rec., &a- 6,677,065 8,054,400
111,873
198,529
Prepaid exp.,do
Total
23,210,204 22,317,166
Total
23,210,294 22,317,188
x See text above.-V. 103. D. 1415. 1305.
The American Ship Building Co., Cleveland, 0.
(17th Annual Report-Fiscal Year ended June 30 1916.)
President M. E. Farr says in substance:
Results.-The ,present activity in the lake-cairying trade, influenced
largely by the unprecedented demand for steel and iron products, and the
marked shortage in ocean tonnage, account almost wholly for the present
prosperous condition of your company. The company has for many years
past confined its operations to the construction and repairing of lake vessels,
and was therefore not well prepared in tho way of organization and equipment to undertake the building of ships intended for salt water service.
When the demand for this type appeared stable the working forces
reorganized and certain necessary equipment bought and installed. were
During the first half of the fiscal year contracts were closed for six ships
of Norwegian typo and the experience gained in constructing these ships
warranted the closing of many more contracts at attractive prices. The,
greater part of the earnings shown accrued during the last half of the business year. This showing does not reflect our maximum earning capacity.
The commerce of the Great Lakes is In a very prosperous condition.
The demand for carrying tonnage has been steady and at good rates of
freight. The prevailing high prices for ship materials and labor have limited tile placing of orders for lake ships to the actual necessities of shipping
Interests. A large number of lake vessels have been sold and taken to the
Atlantic coast to engage in coastwise and other deep-sea service.
During the current fiscal year four ships with a total carrying capacity
of about 37,000 gross toes have been completed and delivered to owners.
There are now 33 ships with a total carrying capacity of about 174.000
grass tons under contract for delivery during the next fiscal year, and two
ships with a total carrying capacity of about 21,000 gross tons under contract for delivery during the last half of 1917. Present prospects are favorable for securing enough contracts to fill all building berths for 1917 delivery. The volume of repair work has been largo and profitable.
Improvements.-Many improvements have been made, including a large
concrete dry dock at the South Chicago plant, which was completed in
Nov. 1915 at a cost of $355,827. Sundry buildings and equipment have
been added to various plants at a cost of $442,387. In order to permit
the enlargoinent of our Wyandotte, Mich., plant, 10.4 acres of land Were
purchased at a cost of $60.000. The cost of this land and all improvements has been paid.
(The subsidiary companies include: Detroit Ship Building
Detroit;
Chicago Ship Building Co., Chicago; Superior Ship Building Co.,
Co.,Superior,
Wis.; Buffalo Dry Dock Co., Buffalo;IVIllwaukee Dry Dock Co., MilwauWestern
Dry
the
Co.
and
Dock
&
SS.
Ship Building Co., Ltd.,
kee. Scott
see foot-note to balance sheet.
Securities owned, carried at, a book value of $487,445 on June 30 1916.
Include investments a considerable part of which were sold subsequent to
Sept. 27 1916 for $262,530 In excess of their book value. This excess
is not included in the report as the book values were not changed
at June 30 1916.
A dividend of 3% on the preferred shares was declared July 26 1916,
In addition to div. of 1X % declared June 28 1916 and 1X % declared March
24.]
1591
STATISTICS FOR YEARS ENDING JUNE 30.
1915-16. 191445. 1913-14. 1912-13.
Vessels built (number)
4
1
14
16
Carrying capacity, net tons
37,000
83,100
10,000
50,800
RESULTS FOR FISCAL YEAR ENDING JUNE 30 1916.
Net earns, of all properties after deducting mfg. expenses and
$325.472 5% on the book value of bldg3., machinery, &c____$1,613,646
Add-Divs. from outside investments and interest accrued, $91,518; profit on securities sold, $52,555; misc., $18,051; total__
165,124
Total income
$1,803,770
Deduct-General, &c., expenses, including insurance, &c
$369.395
Taxes, $149,166; depreciation. $325,472; int. on Buffalo Dry
Docks Co. and notes payable, $22,624
497.263
Repairs to bldgs. & docks, $70,622; to mach'y & equip., $292,183 362.805
Net income for year ending June 30 1916
$579.307
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1912-13.
1913-14.
1914-15.
Net income
$579.307
$5.406
$279,305
5636.474
Previous surplus
*3,058,217
6.507,892
2,965,829
6,561.366
Total
$3,637,524 $2,971,235 $6.840,671 $7.114.366
Abandonment West. Bay
City plant
439,136
Depreciation of market
value securities
683,800
Preferred dividends.._ _(334)276,500
(334)276.500 (7)553,000
Balance, forward..___ $3,361.024 $2,971,235 $5.441,235 $6.561.366
*After crediting during the year 1915-16 $46,232 cancellation of reserve
previously carried against notes receivable, notes plus interest collected in
full and $40,750 other credits (net) applicable to prior periods.
'
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
AssetsLiabilitiesPlants. prop., &o_ 9.783.385 9,472,765 Stock, preferred.._ 7,900.000 7.900.000
Good will, patents 5,489,516 5,489,516 Stock,common_ __ 7,600,000 7,600,000
Western D. D. &
Buffalo purchase
S. B. Co., Ltd_ _ a1,123.6971
money mortgage 150.000
200,000
Scott SS Co. stk. 550,000) 2,007,388 Bills payable
478,525
200,000
Securities owned... 487,445)
Accounts payable.. 465,496
106,955
Unp'd bal. on ship
Accrued interest,
construction ___ 420,000
taxes, &o
121,423
96.923
Materials on hand 813,196
537.278 Unpaid dividends_ 138,250
Accts.& bills ec__ 1,077,705
826,730 Adv. rec'd on conCash
662.122
303,391
struc'n contracts 2,972,663
Adv. to sub. cos
402.010 Reserve funds_ _ _ _ c196.165
135,014
Work under const.b2,813,784
49,031 Surplus
83,361,024 2,971,235
Deferred aco'ts,do 162,698
35,012
Total
23,383,545 19,210,127
Total
23,383,545 19,210,127
a Includes Western Dry Dock & Ship Building Co., Ltd., 9,000 shares
stock (par $900,000), $567.700; notes receivable, cash advanced for construction (since paid), $120,000, and balance due on open acct., $435,997.
b Includes in 1916 ships In course of construction (cost to date), $2,810,623. and machinery in course of construction, $3,160.
c Reserve funds (total, $196,165) include in 1916: For fire insurance,
$148,752: for construction. $47,413.
d Includes in 1916 surplus of American Ship Building Co., $1,933,676.
and net surplus of sub. cos., $1,427,348.
Note.-The company on June 30 1915 had no contingent liabilities.
-V. 103. D. 1414.
International Nickel Co., New York
(Results for Six Months ending Sept. 30 1916.)
CONSOLIDATED INCOME ACCOUNT.
6 Mos. to 3 Mos. to -12 Mos. to March 31Earnings of constituent Sept.30'16. June 30'16.
1916
1915.
cos. (mfg. and selling
exp. deducted, &c.)..- $7,775.145 $3,959.134 $14,091,612 $7,049,112
Other income
137,628
66,362
249.354
181.649
Total income_
57.912,773 $4,025,396 $14,340,966 $7,230,761
General expenses, &c__ _
563,896
222,422
870,860
517.374
Net income
$7,348,877 $3,802,974 $13,470,106 $6,713,387
DeductDepreciation of plants.._1$1,004,630
$497,400f $806,000
$720,000
Mineral exhaustion__ _ _ f
1
900,828
385,315
Foreign cos. not included
15,000
10,000
Preferred dividends___(3'7
0)267,378(1M)133,689 (6)534,756 (6)534.756
Common dividends.___ 2,510,076
See *
f 9,431,803
4,753.938
Per cent
below.
1 (23%)
(6%)
(12%%)
Total deductions_ ___ $3,782,034
$631,089 $11.688,386 $6,404.009
Balance, surplus
3,171,885
3,566.793
1,781,720
309.378
*A quarterly dividend of 8% was paid June 1 1916 on the common stock,
but is not deducted from the surplus above.-Ed.
CONSOLIDATED BALANCE SHEET JUNE 30 1916 & MAR. 311916.
Sept. 30'18 Afar.31 '16.
Sept. 30'16. Mar.31'16.
$
Assets$
LiabilUies- •
$
$
Property account...14,193,831 43,709,221 Common stock.. _41,834.600 41,834,600
2,003,396 1,987,982 Preferred stock..., 8,912,600 8,912,600
Investments
Inventories at cost 4,773,758 4,188,371 Accla pay'le, &c.I1,478.315
Aco'ts receivable.12,983,782 Accrued taxes.._- 1,951,255{ 223,596
79,847 Divs. unclaimed.)
Int. receivable__ ) 2.045,1561
23.019
65,096 Pref.div.,due May 133,689
Sundry advances.)
133,689
Loans on call (sec. 515,000 1,015,000 Com.div.,due June 3,294,195 3,346,768
Certificates of deAccident and in4,280,001 2,030,000
surance funds.. _ 199.119
posit
186,957
2,081,110 3,369,436 Profit & loss Burp_ 6,860,988 3,294.195
Cash
59,892,251 59,433,736
Total
-V. 103. D. 761. 582.
Total
59,892,251 59,433,736
Standard Milling Company.
(Report for Fiscal Year ending Aug. 31 1916.)
The consolidated results for the year compare as follows:
1915-16.
1912-13.
1913-14.
1914-15.
Not profits, aft. Int.. &e.$1,437,845 $1,168,069 $1,053,637
$835,151
Retirem't pref. stk.(1%)
$66.815
$65,815
$67,935
Div. on pref. stock.._..(6%)389,071 (5)329.128 (5)334.370 (5)339,450
Div.on common stock_(5'76)229,820 (3)137,856 (3)137.817
(2)91.870
$514,635
Balance, surplus
$635,270
$335,896
$818.954
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) AUG. 31.
1916.
1915.
1915.
1918.
Liabilities-$
Assets$
$
$
Preferred stock...... 6,488.000 6,488.000
Land, bldgs., maCommon stock_ .._ 4,600.000 4,600,000
chlnery, trade5.392,000 5,081,000
marks, &o____a18,517,490 22,395,578 Bonded debt
1,539,785 1,522.257 Notes payable...... 2,495.000
Cash
975.000
Acets receivable 1,953.196 1,481,649 Accounts payable.. 373.067
281,487
4,457,825 2,171,007 Am.Int.,tax.,&o_ 272,832
Inventories
235,853
106.274 Depreciation, &c_ 870.515
130,827
Prep'd ins., &c
686.724
Special reserve
1st M. bds. Stand.
4,000,000
46.905
Work'g
46,662
cap'l
res've
Milling Co.,&c.
3,000,000 3,000.000
9,791 Retire't pref. stk_
Miscellaneous
269,565
Profit and loss___b3.154,351 2,115,832
Total
26,645,766 27,733,461
Total
26,645,766 27,733,461
a After deducting $4.000,000 special reserve resulting from reduction in
1907 of capital stock of ilocker-Jones-Jewell Milling Co. from $5,000.000
to $1,000,000. b After adding $219,565 special surplus for retirement of
preferred stock (less $50,000 added to reserves) written back.-V. 103.
p. 1416, 65.
1592
THE CHRONICLE
Borden's Condensed Milk Co.
(Official Statement as to Milk Question.)
In the advertising department of this issue of the "Chronicle" will be found the official statement made by this company's Farm Products Division regarding the milk question
and the measures which the management believes should be
adopted for the permanent settlement of the same.
From the foregoing statement we have taken the following:
[voL. 103.
It is expected therefore that within 60 days the two properties will be
merged as one system with universal transfers, as already agreed upon
on all lines of the united properties, unless the city should prevail in its
equity suit to prevent the purchase and the proposed guaranty of the bond
of the new company Issuable, it is understood, per plan in V. 101, p.
1013.-V. 103, p.937.
Black Mountain Ry.-Bonds Guaranteed.See Carolina Clinchfield & Ohio By. under "Annual Reports" above.
Boston & Maine EFL-More Time to Sell Control.-
'Judge Mayer in the Federal District Court at N. Y. on Oct. 20 granted
an extension of one year from Jan. 1 1917 to Jan. 1 1918 for the New York
New Haven & Hartford RR. to dispose of its holdings of B. & M.stock in
Distinction between this Company and Ordinary Middleman.
accordance
with the Federal dissolution decree against the New Haven
We ask the fair-minded man to make some distinction between the
middleman who has invested no money In his business, and whose only company.-V. 103, p. 1502, 1300.
reason for existence is his ability to stand between producer and consumer
Chicago Rock Island & Pacific-Sub. Co. Committee.for his personal benefit, and the middleman who, like our company, which
See St. Paul & Kansas City Short Line RR. below.-V.103, p. 1508,1301.
has an $11,000,000 cash investment in the Eastern branch of its fluid milk
business alone.
Cincinnati Dayton & Toledo Traction Co.-Sale.In this particular branch we employ thousands of men and women with
Judge Geoghegan in the Court of Common Pleas at Cincinnati on Oct. 19
an aggregate yearly pay-roll of about $4,500,000, and employ scores of
ordered
the sale of this property, no bids to be received for less than 2-3 of
veterinaries and inspectors who guard the health of our customers from the
moment the milk is received from the dairymen at upward of 130 different the difference between the amount of an appraisement and $2,500,000, the
bottling plants and receiving stations throughout New York and adjoining amount of the funded debt. Protest against the sale was entered by a bondStates until it is delivered a fit food for the people of this city and its en- holder, who claimed that a sale was not necessary, holding that if Receiver
virons. We have heard of no substitute for this kind of a middleman Benton S. Oppenheimer would proceed to collect back rentals alleged to be
that offers any hope of bettering the existing method of milk collection, due from the Ohio Electric Ry., all debts could be paid and the receivership
Ilited.-V. 103, p. 406.
care and distribution short of State or municipal ownership.
We believe that no food product is handled so directly, efficiently and
Cities Service Co.-Subsidiary Company Litigation.cheaply as milk. The great incentive to economy and efficiency is found
See Montgomery Light 8z Water Power Co. under 'Industrials" below.
In the competition between 450 milk distributors, each fighting the other
for the favor of the public as to service, quality and price. This incentive -V. 103, p. 1412, 1301.
would be lost were the State or the city to become an actual monopoly.
Fort Smith & Western RR.-Property Ordered Sold.Public Asked to Await Referee's Investigation of Trust Charge.
Judge Frank A. Youmans in the U. S. Circuit Court at Fort Smith, Ark.,
As one of the largest distributors we come in for our full share of the on Oct. 21 ordered this property sold to satisfy a decree in favor of the
Opprobrium that is popularly supposed to attach to a "trust." As a matter Superior Savings & Trust Co. of Cleveland, the mortgage trustee. Reof fact, if any combination, in order to lessen costs, wants our fluid milk ceiver was appointed on Oct. 9 1915, interest on the $6,240,000 bonds being
business for the amount of cash we have invested in it, we will be glad to In default since Oct. 1 1907. See V. 101, P. 1553, 1272.
retire from this branch of our business. However, in the face of existing
Great Northern Ry.-Listing-Deposits.laws, a combination of dealers is not practicable.
We will therefore welcome the opportunity of having this charge thorThe New York Stock Exchange has authorized the listing of $2,000,000
oughly investigated so far as our company is concerned in the proceedings additional 1st & Ref. Mtge. 4 % bonds, on official notice that they have
now pending before Referee Dykman or by the Wickes Committee. In been sold, making the total amount auth. to be listed to date, $37,000,000.
Since Jan. 20 1914 the following underlying bonds have been retired and
these proceedings the Attorney-General, for reasons which undoubtedly
appear to him to be sound, has elected to investigate first the trust' canceled, viz.: $62,000 4% and $122,000 4% St. P. M. & M. Consol.
charge against the distributors, although the proceeding was originally Mtge. bonds. Since said date also there have been deposited with Bankers
Instigated on a charge that the Dairymen's League was the guilty party, Trust Co., the mortgage trustee, the following amounts of capital stock,
and despite the fact that in the papers prepared by the Attorney-General additional to those previously held by it, viz.: $1,800,000 Vancouver Vicit does not appear that any one made a "trust" charge against the dealers.
toria & Eastern By. & Nay. Co.; $25,000 Manitoba Great Northern Ry.
From the newspaper accounts, a casual observer would undoubtedly Co.; $30,000 Nelson & Fort Sheppard By. Co.; $12,600 Lake Superior
gain the impression that the milk shortage was caused by the refusal of Terminal & Transfer Co.; $850,000 Great Falls & Teton County By. Co.;
the dairymen to ship milk until the owners of over 200,000 cows had their $30,000 Crow's Nest Southern Ry. Co.;. $1,750,000 Great Northern Office
full demands accepted not as individuals but as an organization in control Building Co.; $179,250 Great Northern Equipment Co. The bonds proof the greater part of New York's milk supply. On this point we invite vided by the mortgage to be issued against these deposits are in the treasury.
the public to observe the attitude of the parties in the proceeding before
Since the deposit of the above securities, the $850,000 stock Great Falls
& Teton County By. Co. has been withdrawn, and surrendered to the Great
Referee Dykman, and to draw their own conclusions.
Commissioner Dillon makes quite a point of the fact that these dealers Falls & Teton County By. Co. against the conveyance to the Great Northown practically all of the pasteurizing plants available for this district, ern By. Co. of the entire physical property of the Great Falls & Teton
and therefore the producers must patronize them or forego the New York County By. Co. A supplemental indenture has been executed by this
market. It will doubtless impress many as not unusual that all of the milk company, placing said physical property under the lien of the First and
dealers have equipped themselves with pasteurizing plants In view of the Refunding-Mortgage.-V. 103, p. 1513, 1501.
regulations of the Board of Health on that subject.
Guantanamo & Western RR.-Earnings.Small Profits From Fluid Milk Supplemented by Other Business.
1915-10. 1914-15.
June 30 Years1915-16. 1914-15.
Ever since we have been in business we have been subject to the keenest
earnings
Gross
$597,132 $465,097 Illre of equipment__ -. $3,841 $7,083
competition, and our costs have constantly increased, with the result that
'118,407 108,618 Other rents, &o
20,729
2,534
there has been a gradual reduction in our profits from this branch of our Net, after taxes
46,277 27,990 Bond interest
71,643 69,195
business. We have already published our profits for the year ended June 30 Other income, Acc
Amort. of dlso't, dm._ 33,560 35,176
1916 (V. 103, p. 667), showing that we earned one-quarter of one cent upon
Total Income
34,912 22,620
$164,685 $136,608 Balance, surplus
each quart of milk handled during that year; or about 3% on the gross business done, being about 5% on the cash investment in this department. -V. 103, p. 1508, 758.
An editorial writer publishes the fact that we have a preferred capital
Transit
Co.
-Bonds
Interborough
Rapid
Offered.-Leestock of $7,500,000 on which we pay 6%,and $21,000,000 of common stock
on which we pay 8%,as positive proof that our statement as to profits Higginson & Co., Harris, Forbes & Co. and Kissel, Kinnil
Is not to be relied upon. Such reasoning ignores the profits from the other
cutt
&
Co.,
are
offering
Interborough
R.
T.
Co.
First & Ref,
branch of our business, which includes the making and selling of condensed
£M and int. Of the $160,957,.
and evaporated milk and other products. The two branches are as separate Mtge.5% gold bonds at 9,
and distinct as if they were owned and operated by separate corporations. 000 bonds authorized by the P. S. Commission in 1913,a1The markets are different, the problems are different, the channels and
processes of distribution are different, the management and operating per- (excepting $370,000 authorized for refunding purposes, but
sonnel are different, and separate books and records are kept. The figures not required) have now been issued. See full particulars
we have published have to do with the fluid milk branch of our business,
in letter of Pres. Shonts in V. 101, p. 1972, and additional
which is the only branch that affects the New York consumer and the only
only branch that is in competition with the other New York distributors.
data in V. 102, p. 437.
Company's Need of Large Capital.
Data from Letter of President T. P. Shonts, New York, Oct. 24 1916.
The work of constructing the new subways and the elevated extensions
Our big capital is necessary (first) because of our big volume of business,
(second) the large plant equipment required in the milk business, and (third) has made excellent progress, and in many cases the construction of large
the fact that our net profit from all branches of our business for the last portions of the new subway lines is practically completed, while the thirdfiscal year was only about 6% on the volume of business done. That our tracking of the elevated is completed and In operation.
stock issue is not exeessive and has real value behind it is proven by the Dividends Paid on Company's Capital Stock (Amount Authorized and Outfact that we have actual tangible investment in our business largely in
standing $35,000,000)-Per Cent.
1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916
excess of our total stock issue.
9
9 103i 15
12
The profits from the manufacturing branch of the business, which
5
7% 8%
9
9
20
20
20
Is not involved in this controversy, were sufficient to make up for the lack
Bond Issue.-Of the $160,957,000 First & Refunding Mtge. 5% bonds
of an adequate profit in the fluid milk branch and enable us to pay our authorized by the P. S. Commission in 1913, all (excepting $370,000 audividends. To ask us to run one important line of business with no profit, thorized for refunding purposes but not required) have now been issued and
because we have made a profit in another line, is surely unreasonable.
sold. The bonds have been issued as follows: $52,615,000 for the refunding of the $33,959,000 45-year mortgage 5% gold bonds called Nov. 11913;
Dairy Farms Probably Deserve Larger Return, All Should Furnish Data.
Is the same economy practiced generally on the dairy farms as we have and to retire all of the then existing floating debt (since accomplished);
$79,145,006 for new subway construction; $11,550,000 for elevated third.been compelled to observe?
The people must pay a price that will insure production and distribu- tracking; $14.069,000 for elevated extensions and $3,208,000 for the Manhattan division power improvements. [The entire block of $160,957,000
tion on the plane of quantity and quality and they should pay no more.
In the recent milk controversy we stood against monopolistic methods, bonds, as aforesaid, was sold to J. P. Morgan & Co. and by them to a
contending for the principle of monthly prices to the producer and the con- syndicate and has now with the exception of loss than $21,000,000 been
sumer which would reflect natural market conditions. We believe that a sold to the public.-Ed.1
Earnings for Fiscal Year ended June 30.
law compelling all milk producers and milk distributors to keep accurate
1916.
1915.
1914.
books of account showing detailed costs and profits or losses, such records
$36,472,359 $34,057,374 $34,128,248
to be open to some public official such as the Department of Agriculture, Total gross income
20,122,586 18,982,079 19,144,246
and requiring the filing of periodic reports, would benefit the whole industry Net earnings
8,328,129
8,243,522
8,244,521
and remove the suspicion and distrust which now characterize the relations Rentals
between producer, distributor and consumer.
Net inc. applicable to int. & diva_ _$11,794,457 $10,738,557 $10,899,725
We have positive knowledge of our own business only and know very
little of the real conditions which confront the dairyman. From this limited
It will be noted that the not income for the year ended June 30 1916 Is
knowledge we believe that he was justified In demanding more for his milk. over $2,000,000 in excess of the interest and sinking fund on the entir
We know his costs have increased and we believe his profit has been In- $160,957,000 bonds authorized to be issued to Jan. 1917 for construction
adequate.-V. 103, p. 667.
and equipment, notwithstanding the fact that the company has as yet received no return from the investment to ho made by it and the city In the
construction and equipment of the new lines, which will add 170% to the
miles of track now In operation In the subway. Said interest and sinking
fund will amount to $9,657,420 per annum, as against which the income of
the co. for the year ended June 30 1916 was, as shown above,$11.794,457.
The original estimate, made in May 1913 and passed upon by Guy E.
RAILROADS, INCLUDING ELECTRIC ROADS.
Tripp and William Barclay Parsons, for the first five years of operation
after the completion of the property-to the effect that the annual not inAlabama New Orleans & Texas Pacific Jct. Rys.come available for interest would average $13,088,000 and beginning with
On and after Oct. 161916, upon surrender of coupons Nos. 51 and 52, due the fifth year that the annual net income would amount to $15,490,000April 1 and Oct. 11916, interest on the £840,000 "C" income debentures would now, in light of added experience since that date, be materially
in respect of the year ending Dec. 31.1916, will be paid at the full rate of5%, exceeded.
less income tax, by Glyn, Mills, Currie & Co., 67 Lombard St., London, No. of Pass. Carried and Gross Oper. Rev. (in Millions)-June 30 Years.
E. C.-V. 102, p. 885.
1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916
Pass _ _ 339 395 449 483 614 562 578 607 634 651 647 683
Birmingham Ensley & Bessemer RR.-Sale.Gross _ $16 $19 $22 $24 $26 $28 $29 $31 $32 $33 $33 $35
Light
&
Power
Co.
below.
Birmingham
By.,
-V.
103,
p.
937.
See
For the annual report of this company, published at length, see V. 103. p.
1131. See also "Railway and Industrial Section," with map, published
Birmingham Ry., Light & Power Co.-Amalgamation. to-day.
-V. 103. p. 1115.
GENERAL INVESTMENT NEWS
-The Georgia P. S. Commission on Oct. 20 authorized the
substitution of the Birmingham-Tidewater Ry. Co., whose
entire capital stock is to be owned by this company, for
J. D. Kirkpatrick as purchaser of the Birmingham Ensley
& Bessemer RR. properties at the foreclosure sale.
Mexico Tramways Co.-Resolutions Approved.At meetings of the bondholders of this compeny and its associate companies recently held in London the resolutions referred to In V. 103, p. 938,
concerning tne conduct of the system pending the return of conditions in
Mexico favorable to reorganization, were formally approved.-V. 103.
p. 938, 235.
Our. 28 1916.1
THE CHRONICLE
1593
Middletown & Unionville,RR.-Income Bond Interest.- 1917 are being met as follows, this providing for all these
obligations (aside from those held by J. P. Morgan & Co.,
the Guaranty Trust Co. about $1,700,000 and the $700,00
or more pledged as part security under receiver's certificates):
31 Sept. 30 Nov. 30 Mar. 31 May 31
Minneapolis & St. Louis RR.-Control.-It is reported Principal Due- July
Total.
1916.
1916.
1916.
1917.
1917.
currently that Hayden, Stone & Co. and J. S. Bache & Co., P.M.
Pullman Co.:
Apr. 1 1916.._$132,000
$132,000
underwriters under the reorganization plan, have given an
Oct. 1 1916_
$132,000
132,000
option on their stock to a banking firm which has also seApr. 1 1917_
$132,000
132,000
cured options on the hcldings of several large individual P.M.Equip. Gold:
June 1 1916_ - 44,000
44,000
shareholders, acting, it is said, in the interest of a large
Dec. 1 1916_
$44,000
44,000
railway company.-V. 103, p. 1299, 1210.
June 1 1917$44,000
44,000
Interest Due:
Pullman Co.:
Montgomery Light & Traction Co.-Litigation.Oct.
This company will, on Nov. 1, pay 2% interest on its $250,000 outstanding Second Mtge. 6% non-cumulative Adjustment Income bonds, upon
presentation at the Bankers Trust Co., N. Y., of coupon No. 3 for interest
for the six months ending April 30 1916.-V. 101, p. 1371.
See Montgomery Light & Water Power Co. under "Industrials" below.
-V. 102, p. 1718.
Nashv. Chatt. & St. Louis Ry.-Listing-Report.-
The New York Stock Exchange has listed an additional $1,000,000 First
Consolidated Mortgage 5% bonds, making the total listed $10,108,000.
The annual report for 1915-16 is cited under "Annual Reports" above.
-V. 103, p. 1413, 1301.
New Orleans Texas & Mexico Ry.-First Mtge. Bonds
Offered.-William Salomon & Co., New York, are offering, at
99 and int., a block of the First Mtge. 6% gold bonds,
dated March 1 1916, due Oct. 1 1925, being part of the
original issue of $5,870,000. Int. J. & D., without deduction for any tax or taxes other than Federal or State income
taxes. A circular shows:
1 1916
Apr. 1 1917
Equip. Gold:
Dec. 1 1916
June 1, 1917
$19,800
$19,800
16,500
$16,500
$11,000
$9,900
11,000
9,900
Total, prinAint.$176,000 $151,800 $55,000 $148,500 $53,900 $585,200
All these payments are made through the Columbia Trust Co., deposi-'
tary, 60 Broadway. N. Y.-V. 103, p. 1302, 939.
Public Service Corporation of New Jersey.-Earnings.
Public Service SystemSept.
9 Months.
Gross increase in total business
$423,477 $3,630.254
Percentage of increase
13.2%
13.3%
Balance available (after payment of operating expenses,fixed charges,sinking fund requirem'ts,&c.)
for amortization, dividends and surplus
$562,707 33.927,314
Increase in surplus available for dhidends over corresponding period in 1914
$98.439
$888,504
The bonds are callable at 105 and int. on any int. date upon 60 days' -V.103, p. 1211, 1119.
notice. Denom. c* $1,000, $500 and $100; c* & r*, $1,000. Trustee,
St. Joseph Ry., Light, Heat & Power Co.-Bonds.-Columbia Trust Co., New York.
The Missouri 1'. S. Commission has approved the issuance of the First
Data from Letter of President J. S. Pyeatt, Sept. 8 1916.
Organization.-Organized in Louisiana in Fob. 1916 as the successor of & Refunding mortgage sinking fund 5% 30-year gold bonds, due 1946.
$751,000 to be issued immediately, $326,000 being utilized to retire the
the New Orleans Texas & Mexico Railroad.
Authorized. Outstanding. bonds outstanding on its interurban railway property. See description
Capitalization of New Companyin V. 103, p. 1302. 939.
First Mtge. bonds, duo Oct. 1 1925 (present issue
$15,000,000 $5,870,000
bears 6%)
St. Louis & San Francisco RR.-Certificates Expected
Income bonds,5% non-cum. due Oct. 1 1935_ __ _ 25,000,000 14,675,000
15,000,000 15,000,000 to be Ready Nov. 8.-It is expected that the bonds and stock
Capital stock (voting trust certificates)
Equipment obligations of company and sub. cos.,
(trust certificates) of the new company, organized in Mis1,569,542
maturing serially up to June 1 1924
These 1st M. bonds are a first lien (through deposit of collateral) upon a souri, and the purchase warrants and fully paid subscriptotal of about 820 miles of railway, together with equipment, terminals, tion certificates, provided for by the plan of reorganization,
&c., at the low rate of about $7,200 per mile on property, mostly main will be ready for delivery to holders of certificates of deposit
line. There are also pledged under the mortgage, trackage rights upon
about 101 miles additional. Of the remainder of the authorized issue, on Nov.8 1916 at the places named in adv. on another page.
$130,000 are in the treasury and $9,000,000 may be issued for new conHolders of certificates of deposit for stock bearing notation of election
struction, additions, betterments, &c.
to prepay the entire purchase price of the new securities which they are
Earnings Compiled to Show Income Applicable to Securities of Present Co. entitled to purchase under the plan are hereby required to make payment
[Year ended Juno 3) 1916 and (supplied by Ed.) 3 Mos. end. Sept. 30.1
of such entire purchase price, to wit: $45 (and int., 88 cts.) for each share
Year '15-'16. 1916-3 Mos.-1915.
represented by their certificates of deposit, at Guaranty Trust Co.. 140
Gross earnings
$5,044,295 $1,993,971 $1,299,777 Broadway, N. Y. City, on Nov.8 1916, and against such payment and the
Net income (after taxes)
$1,049,229
$865,656
$386,676 surrender of such certificates of deposit will receive the fully paid subscripRentals
$413,835
$72,738
$104,481 tion certificates and the proportionate part of the stock of the re-capitalized
Interest on equipment notes
99,484
21,120
26,395 New Mexico & Arizona Land Co. which the holders of such certificates of
deposit are entitled to receive under the plan. Those who fail to make
Balance
$255,801 such payment on Nov. 8 1916 will forfeit all their rights and interest.
$535,910
$771,799
Interest on $5,870,000 First Mtge. Os_
88.050
88,050
352,200
Holders of certificates of deposit for stock not bearing notation of elec1,174 tion to prepay the entire purchase price of the new securities which they are
Other income charges
6,189
724
entitled to purchase under the plan must surrender their certificates of
$166,577 deposit in negotiable form at the Guaranty Trust Co. on or after Nov. 8
$683,025
Balance
$177,522
"Operating expenses and taxes" for year 1915-16 here include $40,381 1916, and on such surrender will be entitled to receive the purchase warrants
and the proportionate part of the stock of the recapitalized New Mexico
period.
receivership
on account of certain expenses of the
For the first four years ended June 30 1915 the total operating revenue & Arizona Land Co. to which they are entitled under the plan. See plan,
averaged $4,890,746 per annum, or an amount which, on the basis of the V. 102, p. 896, 1061. 2342.-V. 103, p. 1413, 1406, 1211.
operating cost during the past fiscal year, was sufficient to provide a subSt. Louis-San Francisco Railway.-New Securities to be
stantial margin, in each year, over and above the present fixed charges.
Other Assets.-The company will, in final settlement of certain claims Ready Nov. 8-Officers.-The new securities are expected
against the St. Louis & San Francisco RR.,receive approximately $460,000
cash,$460,000 6% Income Mtge. bonds, Series "A," and $586,000 6% pref. to be ready for delivery on Nov. 8. See St. Louis & San
stock (trust certificates) of the new St. Louis-San Francisco Railway and
RR. above.
s953,735 First Mtge. 6% bonds and $70,000 capital stock of San Benito & Francisco
Henry Ruhlender, formerly a member of the firm of Speyer & Co., has
Rio Grande Valley By. (which owns about 65 miles of railway in the Rio been elected Chairman
of the board, while W. C. Nixon, who was chief
Grande Valley). As of June 30 1916 the company and its subsidiaries had operating official during the-receivership, has been made President. W. B.
as against current liabilities of $922,072, cash and other current assets Biddle will he Vice-Pros. in charge of traffic. and C.W. Hilliard, for many
of
$2,697,101 years Vice-Pres, in charge of finances, will continue as a Vice-Pros., with
Property.-Total mileage operated directly by this company and its sub- headquarters in this city. It is also reported that vacancies on the board
sidiaries aggregates 921 miles; direct operating connection (under contract), following the resignation of temporary directors have been or will be filled
"Gulf
Coast
Lines," comprising by the election of the following: F. W. Allen, E. N. Brown, Henry Ruhlen93 miles; total, 1,014 miles, known as the
a main line from Now Orleans, via Baton Rouge and Houston to Browns- der, J. W. Lusk, James Speyer, Frederick Strauss and E. V. R. Thayer.
ville, Tex., including several branches. Physical condition, 8000: maxi- -V. 103. p. 1413.
mum gradient on main line only 3-10 of 1%. Capacity is in excess of
St. Paul & Kansas City Short Line RR.-Protective
present traffic. The lines traverse the Gulf Coast region of Louisiana and
Texas, a section of exceptional development in recent years.
Committee.-The committee named below have consented
Fiscal
Year
during
ended
Carried
June
Commodities
30
Diversified
19168.62%,
(see adv. pages) to act for the' protection of the interests
.
3
Products of
M Neellaneous _ 7.65'7 of holders of the First Mtge.4
Agriculture __ _19.85% I Forest
bonds due 1940 ($12,400,I
Manufactures
Total
18.66% I
Mines
100.00
General.-While the earnings shown establish the 1st M. bonds on a 790 outstanding). These bonds are unconditionally guaransound investment basis, the above statement does not reflect to any appre- teed by the Chicago Rock Island &•Pacific Ry., which owns
ciable extent, either (a) the reduction in rental charge through new arrangements just concluded; (b) the new independent traffic agencies established all of the stock of the company and operates it under lease.
Action seeking the foreclosure of the First and Refunding Mtge. of the
in important cities in the Middle West and South, to solicit interchange
business, an important factor in view of the large volume of interchange guarantor company, if successful, may seriously impair the guaranty, and
traffic available at New Orleans and Houston. The territory directly it is therefore deemed essential that the holders of First Mtge. 434Vo gold
tributary originates a large tonnage of lumber, rice, sugar, vegetables, bonds unite for their protection. Holders are invited to deposit their bonds
cattle, &c., and promises ultimately a much larger traffic.
In negotiable form (and, if coupon bonds, bearing the Feb. 1 1917 and all
For list of directors, &c., see "Railway and Industrial Seciton," issued subsequent coupons) with the depositary, the New York Trust Co., N. Y.,
to-day.-V. 103, p. 493, 61.
or with its agent, the British Linen Bank, London, England.
Committee: Eugene Meyer Jr., Chairman; Horace E. Andrews, Philip
New York New Haven & Hartford RR.-Report.Livermore and Willis D. Wood. with Alfred A. Cook as Counsel and HerSee "Reports and Documents" on a subsequent page and V. 103, p. 1501. bert W. Morse Secretary, 26 Broad St., N. Y.-V. 103, p. 1302.
and also special statement under "Annual Reports'. above.
More Time for Sale of Control of Boston& Me.-See that Co.
Employees Urged to Economize.-See "Editorial Depart."
New Bonds.-The shareholders on Oct. 25 voted to create
an issue of $700,000 7-year 5% gold debenture bonds, the
proceeds to be used for the construction of a new terminal
passenger station at New Haven, Conn.-See V. 103, p.
1501, 1302.
Nova Scotia Tramways & Power Co.-Stock-Bonds.-
The Provincial Board of Public Utilities has recently authorized this company to issue (a) $3,000,000 5% 30-year bonds at 90, of a total of $5,000,000
authorized; (b) 25,000 shares of preferred stock at 75, and (a) 25000
sares of common stock at 40, the proceeds to be used in connection with
the taking over of the Halifax Electric Tramway and the development of
power on the Gaspereaux River. See V. 102, p. 976.
Ohio Electric Ry.-Rentals.-See Cincinnati Dayton & Toledo Traction Co. above.-V. 102, p. 801.
Pere Marquette RR.-Extension of Areement.-Owing to
the delay in obtaining the approval of the Mich. RR. Commission to the phial or reorganization, the committee for the
company's equipment obligations entered into an agreement
with the receivers in July last for an informal extension of
the arrangement described in V. 99, p. 539, in accordance
with which the equipment maturities for year ended June 30
Southern Ry.-Proposed New Refunding & Improvement
Mortgage-Proposition to Exchange the Development & General
Mortgage 4s for the New 43/
2s.-The shareholders will vote
Jan. 5 on a plan for the creation of a new Refunding & Improvement Mortgage upon the properties. This plan includes a proposal to exchange the Development & General
Mortgage 4% bonds, due April 1 1956, for new Refunding &
Improvement Mortgage Series A 432% bonds, due Oct. 1
1999, interest payable A.& 0.in each year. Holders of the
Development & Gen. Mtge. 4s are accordingly invited, by
adv. on another page, to signify their willingness to make
the exchange by depositing their bonds immediately with
Bankers Trust Co., 16 Wall St., N. Y. City.
Coupon bonds should oe deposited with Oct. 1 1917 and subsequent
coupons attached, the current coupon due April 1 1917 being retained by
you for collection when due. The first semi-annual installment of interest
on tne new 434% bonds will be payable Oct. 1 1917 for the period from
April 11917. The deposited bonds will be returned on application in case
the plan is not declared effective, or Is withdrawn by the board of directors
on or before March 1 1917.
All outstanding Development & General Mtge. bonds which may be
taken up from the public by exchange, and all such bonds now held in the
treasury of the railway company, will be pledged under the proposed mortgage to the end that ultimately the proposed mortgage shall replace the
Development & General Mtge. when the same may be canceled. The
railway company will covenant in the new mortgage that no additional
bonds shall be issued under toe Development & General Mtge.. out will
1594
THE CHRONICLE
retain the right to issue tne remaining authorized bonds under its First
Consolidated Mortgage of Oct. 2 1894 for the purpose of refunding the underlying bonds therein provided for and of purenasing stocks of certain leased
lines as therein specified.
Digest of Statement to Shareholders by President Fairfax Harrison.
New York. Oct. 25 1916.
Present Position.-The existing Development
General Mtge. was created
in 1906 and provides for a maximum Issue of $200,000,000 of bonds, of
which $61,333,000 4% bonds have been issued and sold, as follows:
To pay or to reinumrse the treasury for expenditures for improvements, additions, extensions, branch lines & equipm't _$45,323,000
For refunding purposes
16,010,000
Since 1906 general financial conditions have so changed that the Development & General Mtge. 4% bonds do not now provide, and for some years
past have not provided, a means of financing the development of the
property. The bonds sold on the N. Y. Stock Exchange as high as 85 in
July 1909, and, although the amount of the bonds outstanding has not
been increased since that time, recent quotations have been around 75.
Teat this decline was due to the general demand for a higher return upon
invested capital, and not to lack of soundness in the company's financial
position, is shown by the fact that (1) The current average price of 23
selected railroad bonds is about nine points below the average price of such
bonds in July 1909, and (2) in the fiscal year ended June 30 1909 the company's net income over all fixed charges (including interest on the Development & General Mtge. bonds) was $3,5139,385, or less than 1% times the
interest on these bonds then outstanding, while in the past fiscal year to
June 30 1916 that ineome was $9,333.898, an amount equal to nearly four
times such interest.
In consequence the most necessary improvements have been defrayed
by current funds out of treasury cash, and by resort to short-term loans
and other income-producing improvements needed for the efficient and
economical handling of the growing traffic of the South have had to be
postponed. The company now has outstanding $15,000.000 of short-term
notes. maturing 35,000,000 on Feb. l 1917,and $10.000.000 on Mar.2 1917.
and has In its treasury $43,699,000 of unsold Development & General Mtge.
bonds drawn for capital expenditures made for improvements, additions
and acquisitions,some of which bonds are pledged as security for these notes.
New Mortgage.-The board of directors considers that, in the interest of
the stockholders, a medium of financing the company's, requirements must
be provided whereby (a) the outstanding short-term mites may be funded.
(b) the current treasury funds may be reimbursed for at least a part of the
cash welch in recent years has been expended for necessary improvements
and additions, and (c) the company may procure the funds which It will
need from time to time for future improvements and additions and for refunding its existing bonded debt. Since the Development & General Mtge.
can no longer be relied on, because of the maximum 4% rate, the board
considers that the stockholders should authorize a new mortgage under
which oonds may be issued from time to time In series, at such rate of
interest for each series as the circumstances may require.
The lien and security of such new Mortgage will be materially strengthened,and the market value of the bonds issued thereunder will be enhanced,
by the cancellation of the Development & General Mtge., so tnat the new
mortgage may rank as the Development & General Mtge. doss at present,
that is to say, as a first lien on certain properties, and as a general lien,
next after the First Consolidated Mtge. of Oct. 2 1894, on the properties
covered by that mortgage, and next after divisional mortgages on other
properties. To accompliso this, it is proposed to offer,the holders of the
outstanding 561,333.000 Development & General Mtge. minds the opportunity to exchange their bonds for bonds issued under the new mortgage.
The Development & General Mtge. bonds are owned by more than 4.000
holders, and some inducement must be offered them to bring about me
exchange. It is, therefore, proposed to offer them 04% bonds issued
under the new mortgage for their present 4el, bonds. Ultimately, when all
of the Development& General Mtge. bonds have been taken up, the mort- •
gage securing them will oe canceled and satisfied of record; until then the
Development & General Mtge. bonds, as exchanged, will be pledged with
the trustee of the new mortgage as part of the security for the bonds to be
Issued thereunder.
The board of directors accordingly recommends to the stockholders the
creation of a new Refunding & Improvement Mtge. to secure gold bonds
in a total authorized amount never to exceed $500,000.000, to be issued
In lettered series, bearing interest at such rates, and maturing on sucn dates
not later than Oct. 1 1999 as shall be fixed by the board of directors with
respect to each series. Bonds will no reserved under the mortgage to refund
at maturity all outstanding bonded debt of the company.
Approximate Purposes for which the $500.000,000 Bonds May be Issued.
(1) To be issued presently (amounts aggregating $96,292,000)(a) Series A 4% bonds, maturing Oct. 1 1999 (interest
payable A. & 0.), to retire a like amount of Development
& General Mtge. bonds outstanding in tne hands of the
puollc. These new bonds to oe payable, principal and
interest without deduction for any tax under any present
or future law
$81,333,000
(b) Series B 5% bonds, maturing Oct. 1 1999. to be delivered
Into the company's treasury in exchange for the 543.699,000 Development 3c General Mtge. bonds, now held oy the
company, which have been issued for improvements and
acquisitions heretofore made
34.959,000
(The new 5% bonds thus taken into the treasury will no available from
time to time to provide money to retire the $15.000,000 of notes outstanding, and to reimburse the current treasury funds for capital expenditures
heretofore made, and to defray the cost of further productive improvements and acquisitions.)
(2) To be reserved forfuture Issue(amounts aggregating $403,708.000)(r) To refund outstanding bonded debt (other tnan Development & General Mtge. bonds above provided for)
5179.597,000
(d) To retire. from time to time, the proportion chargeable to
capital of equip. trust obligations outstanding on July 1 '16 10,461,000
(e) To acquire the outstanding stocks of certain leased and
• other lines of value to the Southern Ry.system
20,000.000
(f) From time to time, during the life of the mortgage, for
additions, betterments and acquisitions (including equip. ment and securities of connecting or branch lines and terminals) as defined In and under the limitations provided In
the mortgage: the bonds thus reserved, and any bonds
not required for the above-mentioned specific purposes,
to be issued at their face value for the actual cost of such
additions, betterments and acquisitions, or against the depasit with the corporate trustee of their face value in cash,
such cash to be held by the corporate trustee as part of the
trust estate until expended for authorized purposes. After
$100.000,000 of the bonds reserved for these purposes shall
have been issued, further bonds so reserved may only be
isseed for not exceeding 80% of the cost of authorized
Improvements and acquisitions
193.650,000
The company will covenant in the new mortgage that no additional
bonds shall be issued under the Development & General Mtge.-V. 103,
p. 1412, 1032.
Toledo St. Louis & Western Ry.-Notes-Report.-
(Vol- 103.
will be offered about Nov. 10. Proceeds of the bonds and debentures wit
be used to retire $750,000 of short-time notes now outstanding, and to provide funds for liquidation of all floating debt, and will also give substantially $1.000,000 for additions etc. to operated properties.-V.103, p. 1211.
Wellsville & Buffalo RR.-To be Discontinued.-
The directors announce that on and after Nov. I 1916 they will suspend
operations of this railroad, running between Buffalo and Wellsville, 85
miles. On and after that date, the corporation will receive no passengers
or freight. This action is taken, the directors say, on account of the continued large cash financial loss of money In the passenger and traffic
service ever since the company was organized [amounting in the last ten
months, it is stated, to $45.000- Ed.). "For the above reasons the directors are reluctantly obliged to wind up the affairs of the company and discontinue its operations as a railroad." President Finnigan adds: "The
company is perfectly solvent now, but if its operation were continued there
is no doubt but that it would soon be insolvent.- Compare V.102,p.252,68.
Western Pacific RR.-Bond Sale.-E. H. Rollins & Sons
having associated with them Hayden, Stone & Co., have
purchased $2,500,000 of the new 1st M.5% bonds. Selling
plans have not been completed, but it is expected they will
be announced in the near future.
This purchase carries with it options on about $7,500,000 of additional
bonds, which are all that will remain in the original syndicate after this
purchase: A portion of the common and pref. stocks held by the syndicate which underwrote the $20,000,000 bond issue has been sold and this
purchase carries options on the remainder of such stocks remaining in the
syndicate.-V. 103, p. 1120, 845.
Western Pacific Ry.-Final Bond Payment.Notice is given that the U. S. District Court for the Northern District
of Cal. has fixed the sum finally payable with respect to the First Mortgage
5% 30-year gold bonds out of proceeds of the foreclosure sale, and that the
below named will be prepared to make payment. Ili:Actors of undeposited
bonds will receive $354.55 for each $1,000 bond for limited periods atPost Office Bldg., San Francisco; Illinois Trust & Savings Bank, Chicago;
the Equitable Trust Co., of N. Y.; Old Colony Trust Co., Boston, Mass.;
the Equitable Trust Co. of NY.(London branch),London, Eng.; A. Boissevain & Co.. Amsterdam, IIolland.-V. 103, p. 1120, 845.
Wheeling & Lake Erie RR.-Deposits.The time for deposits of stock and bonds of this company under thop-,lan
dated Sept. 20 1916 expired on Oct. 25, but for the time being furthe doposits will be received on approval of the committee.-V. 103, p. 1413, 1 09.
Wisconsin-Minnesota Lt. & Power Co.-Earnings.Sept. 30 Years. 1914-15.
1915-16. I Sept. 30 Years. 1914-15.
Gross earns_ _$1,085.309 $1,244,648 I Net, aft. taxes $558,234
Deduct in 1915-16 interest, $245,013, and pref. divs. $200,130
1915-16.
$662,801
445,143
Balance for 12 months to Sept. 30 1916
-V. 102, p. 1898.
$217,658
Youngstown & Suburban Ry.-Securities Issued.The Ohio P. U. Commission has authorized this company to issue $350.000 common stock, $500,000 6% cumulative pref. stock and $700,000
First M.5% 20-year gold bonds, all of which are to be delivered to J. W.
Blackburn on behalf of the bondholders' protective committee of the
Youngstown & Southern Ry. The securities are to be delivered in payment
for the property heretofore owned and operated by tho Youngstown &
Southern and purchased (V. 103, p. 940) at judicial sale by Mr. Blackburn
on behalf of the bondholders' protective committee, for the payment by
Mr. Blackburn of the floating indebtedness of the Youngstown & Southern
Ry., with interest to Oct. 11916, $136,000; for the payment of the indebtedness to the International Trust Co., Boston, Mass., with interest to
Oct. 11916, $26,000; for expenses and allowances to the bondholders' protective committee,$10,000, and for additions, extensions and improvements
costing approximately $30,000.-V. 103, p. 1033.
INDUSTRIAL AND MISCELLANEOUS.
Allentown-Bethlehem Gas Co.-Bonds Offered.-Montgomery, Clothier & Tyler, New York,Phila. and Pittsburgh,
are offering at 102 M and interest 84,000 General Mortgage
5% 30-year gold bonds dated Dec. 15 1913, due Dec. 15 1943.
An advertisement shows:
Int. J. & D. Denom. $1,000 c*. Red. after Dec. 1 1918 on any Int.
date at 105 and Interest. Trustee, Fidelity Trust Co. Free of Pennsylvania State tax.
Data from Letter of Vice Pres. Lewis Lillie.
The company serves a population of about 138,000 in Allentown, South
Bethlehem and surrounding municipalities, and is the only gas company
operating in this territory. Controlled by United Gas Improvement Co.,
which owns a majority of the capital stock.
Authorized. Outeg.
CapitalizationUnderlying bonds, due 1924
Closed $686,000
Gen. M. 5s (reserved to retire underlying bonds,
$686,000; reserved for issue under restrictions,
884,000
$3,000,000
11,430,000)
350,000
350,000
6% Cumulative preferred stock
850,000
850,000
Common stock
The Bonds.-Secured by a mortgage on the entire property now owned,
or hereafter acquired, subject to $686.000 underlying bonds maturing in
1924, to retire which bonds of this issue are reserved. Additional bonds
may be issued for additions, extensions and betterments, when net earnings
are 1 times the interest charges on all bonds outstanding and to be issued.
Net earnings reported for the 12 months ended Aug. 31 1916 were more
than 2 times the interest charges on all bonds now outstanding. Franchises are perpetual, and except possibly in one or two minor enstances are
exclusive.-V. 97, p. 190C
Allis-Chalmers Manufacturing Co.-Sept. Quarter.1916April
May
June
1916Sales Billed. NetProllts.
31,434.779 3291,486 July
327,912 August
1,733,015
331,363 September
1,938,336
Bales Billed. Net Profits.
$1,291,694 $163,567
142,405
1,311,903
239,227
1,614,263
$5,106,130 3950.761
Total
Total
$4,217,860 $545,199
The sales billed for th.o 6 mos. to Sept. 30 1916 amounted to $9,323,990
and the net profits. 51,495,960.-V. 103, p. 1303.
American Brass Co.-Extra Dividend.% has been declared on the common stock,
An extra dividend of
payable 33i% along with the regular quarterly 1 A % on Nov. 15 to holders of record Oct. 31, and 5% on Dec. 20 to holders of record Nov. 30.V. 103, p. 408.
Receiver Walter L. Ross offers, at not less than par and interest, to the
highest bidder, 100 receiver's 6% collateral notes. par $1,000, dated Aug. 1
1916, due Aug. 1 1918, or on the termination of the receivership. These
American Chicle Co. (N. J.).-Purchase by Allied Co.notes are a part of an issue of 500 receiver's collateral notes, Series "A,"
See American Chicle Co. of N.Y. below.-V. 102, p. 1251.
authorized by the Court in July last, and are redeemable at par and interest on any interest date after Aug. 1 1917 on 30 days' notice.
American Chicle Co., Inc., of N. Y.-Offer to Purchase.
As collateral, there have been deposited 7,140 shares common stock of
This company. incorporated at Albany on Oct. 25 with 2,000 shares of
the Detroit & Toledo Shore Line RR. The notes are also a genral lien on
stock of no par value, has offered to purchase outright the Sterling Gum Co.
the receivership estate subject to prior lien. See also Annual Report on (see
that company below and in V. 103 p. 491; V.99, p. 54: V. 98, p. 1076)•
a previous page.-V. 102, p. 1812.
The directors of the new company include J. D.,11. A. and Thomas Adams,
who are directors and principal stockholders of the Amer. Chicle Co. of N.J.
Virginia Railway & Power Co.,-Earnings.June3" Year. 1915-16. 1914-15. June 30 Year. 1915-16.
1914-15.
Gross earns_ _$5,645.158 $5.109,622 Int., rents,&c $1.415,037 $1,085,049
Net, after
Deprec n, &c_
168.804
162,546
taxes, &c__$2,641,348 $2,341,997 Pref. divs.(6%) 472,752 . 472,752
Other income..
96,610
80,919 Com.divs.(3%) 358.482
358.482
Gross Inc_ _$2,737,958 $2,422,916
-NT 103, p. 494, 407.
-
Bal., surp-- $322,884
United Light & Rys.-Bonds
$91,269
pri
This ertoparv has sold to William I'. Ponbright SiCo., Inc., R1.000.000
First & Refunding 5% bonds and $1.500.000 6% 10-year debentures, which
American Hide & Leather Co.-Earningsfor Sept. Quar.
1915.
3 Mos. to Sept. 30-- 1916.
1916.
1915.
*Net earnings
$270,087 $592,732 Interest on sinking
Bond interest
$65,340 $71,740
fund bonds
$62,535 356,135
Sinking fund
$110,712 $427,357
37,500 37,500 Balance, surplus
* After charging replacements and renewals and interest on loans.
Net current assets Sept. 30 1916, 511,129,003. Bonds In hands of public
$3,730,000. Pros. Theodore S. lIalght and Treas. Geo. A. 11111 say: "Attention Is drawn to the fact that the loather business, as is well known,is subject to wide fluctuations, and that the effect of such fluctuation Is naturally
liable to be more pronounced In quarterly statements than in statements
Our 28 19164
THE CHRONICLE
covering a more extended period. This statement has been prepared
on the same accounting basis as the annual statement of Juno 30 1916.'
-V. 103, p. 1509, 1414.
American Malting Co.-Bonds to be Called.-Pres W.B.
Franklin has sent the following to holders of the 1st M.bonds:
1595
Corn Products Refin.'Co.-Earns.9 Mos. end. Sept. 30.
1916.
1915.
1916.
1915.
Current prot$4,989.581 $3,111,267 Pref. div.(3U)S1,118,509 $1,118.509
Bond interest,
Balance, surdepen, &c_ 1,254,731 1.177,462
plus
2,616,341
815.295
-V. 103, p. 1509. 409.
About one-half of the (about 81,553.000 outstanding) 6% First Mtge.
bonds have been exchanged for 5% First Refunding bonds, and owing to
Crucible Steel Co. of America.-Extra Dividends.the sale of the several properties, nearly $500,000 has been accumulated in
An extra dividend of 2% has been declared on the 825,000.000 pref.
the sinking fund to be used for retirementland cancellation of outstanding 6s. stock
on account of accumulations, payable Nov. 29 to holders of record
that
the
privilege
offered holders of
The directors have therefore decided
the 6% bonds of exchanging their present holdings and also of subscribing Nov. 15. This compares with 1X,% in Oct. and Sept. and X of I% in
for new refunding bonds will be withdrawn on Nov. 1 1916. All First Mtge. June.-V. 103, p. 1121, 667.
bonds then outstanding will be called for payment at par and interest on
Eastman Kodak Co., Rochester.-Extra Common Div.Dec. 1 1916, in accordance with terms of mortgage, the intention being to
An extra dividend of 5% has been declared on the $19,532,800 common
reduce the total bonded debt of company to $1,000,000 First 5% bonds. stock,
payable to holders of record Nov. 30. This compares with an extra div. of 5% in Nov. and 7%% in July last.-V.103. p.1414.
Earnings for Fiscal Year ending Aug. 31.1914-15.
1915-16.
1915-16.
Aug. 31 Year1914-15.
Electric Bond & Share Co.-Extra Dividend-Stock InBond interest_ -_ $112,658 $147,349
Gross earnings_ - -$7,094,2531
$471,344}Not stated Preferred divs- _ _ 326,349
Net earnings
100,800 crease.-This company has declared an extra dividend of
Miscellaneous_
___
94,692J
44,919
Other income
67,834
sur.32,111 def.89,826 $1,000,000 payable on common stock, of record Oct. 31.
$566,036 *8226,163 Balance
Gross income
-V. 10:3. v. 495. 322.
The directors have also authorized the issuance of $2,000;-
American Soda Fountain' Co.-Cancellation of Stock.- 000 additional pref. stock and $2,000,000 new common
stock which will be offered for subscription at par, as below,
increasing the outstanding stock to ,000,000 of each class.
The directors have voted to apply a portion of the surplus to the purchase
and cancellation of stock in the company,provided the same can be secured
at prices which, in the opinion of the directors, make such purchase advisable. Stockholders desiring to sell their stock to the company should
notify the Treasurer on or before Nov. 1, stating the price per share.
Balance Sheet as of Aug. 31 1916.
Liabilities1916.
1915.
1915.
1916.
AssetsCapital stock_ ___$1,302,105 $1,032,105
Real estate, plant
1N.A4
33:ga
and equipment_ $98,013 $108,863 Accounts payable_ 1,7
311,388 Surplus
308,340
Merchandise
838,719 Reserves
27,328
Cash & debts reo_ 885,293
1,876
Unexpired Insur
Total each side_$1,305,346 $1,267.046
6,200
13,700
Stocks owned_
3 .
-v. 100, p. -11
Right to Subscribe for New Stock-New Pref. Underwritten-Financial Status.
(1) The $2,000.000 preferred stock, which is to be offered for s Thscription
at par and dividends to holders of preferred stock of record Oct. 31, in the
proportion of one share of new stock for each three shares of pref. stock held.
Subscriptions to be payable Nov. 29, plus accrued dividends at 6% p. a.
from Nov. 1 to date of payment, or, at the option of the subscriber, in two
equal installments-50% on or before Nov. 29 and 50% Jan. 31, with, at
final payment, an adjustment between interest at 5% p. a. on the first
installment and dividends at 6% p. a. on such pref. stock.
The entire issue of $2,000,000 preferred stock has been underwritten
by William P. Bonbright & Co., Inc.
(2) The 32,000.000 new common stock, which is to be offered at par
and dividends to holders of common stock of record Oct. 31 in the proporAmerican Window Glass Machine Co.-Accumulation. tion of one share of new stock for each three shares of common stock held.
A dividend of 12%% has been declared on the pref. stock on account of Payment Is to be made upon delivery of the stock. All the now outstanding
accumulations, payable Nov. 3 to holders of record Oct. 27. This leaves common stock is owned by the General Electric Co., which will also subscribe and pay for the additional issue of $2,000,000 common stock.
about 45% accumulated.-V. 103. D. 62.
The company has paid dividends on its preferred stock at the rate of
6% p. a. since Feb. 1912. and prior to that from organization, at the rate of
Associated Dry Goods Corporation.-Listing.8% dividends have been paid on the common since July 1909. An
5%.
authorized
the
listing
has
Exchange
of
the
York
Stock
$13,The New
818,700 6% first pref. stock (cumulative after Dec. 11917),$6,725,500 7% extra dividend of $1,500,000 was paid on the common stock in 1913.
The company now has a surplus of $4,723,000, so that after the payment
second pref. stock (cumulative after Dec. 11917), and $14,985.000 common
stock, on official notice of issuance in exchange for outstanding certificates of the $1,000,000 extra dividend it will still have a surplus in excess of 45%
of the capital stocks of the Associated Merchants Co. or United Dry Goods of the par value of the $6,000,000 preferred stock now outstandinK, toCos. or certificates of deposit of the United States Trust Co., N. Y. Com- gether with the $2,000,000 pref. stock now to be issued.-V.103, p.973.
pare V. 103, p. 1208, 1212, 1412.
Fajardo Sugar Co., Porto Rico.-Earnings.-
Billings & Spencer Co., Hartford, Conn.-New Stock.- Jut!,31 Yrs. 1915-16. 1914-15, I
1915-16.
3114,589
Shareholders of record Oct. 21 have the privilege of subscribing for 10,000 Gross income_$4,327,044 $2,059,266 I Deprec'n
79.813
405.133 I Interest (net)..
shares of unissued capital stock at par, $25 per share, on or before noon of Net income_ _ 1.725,439
5.247'Balance,sur__ 1,531,038
Nov. 18, in the ratio of one new share for each two shares now held. The Bad debt res
new stock was authorized by the stockholders on Oct. 19 last.-V.102. p. 70. -V. 103. p. 241.
1914-15.
$110.366
70,964
218,557
Ford Motor Co. of Canada.-Dividend.-
California Packing Corporation.-Incorporated.-
The shareholders of this company on Oct. 24 decided that no dividend
action be taken at this time, owing to the large expenditures for additions
and the payment of about $750,000 war tax to the Dominion Government.
Previous cash dividends were:
Year1907. 1908. 1909. 1910-11. 1912. 1913. 1914. 1915.
Cent._ _ _None 10
Per
25
each100
10
110
15
None
Canada Foundries & Forgings Co.-Dividend.-V. 103. p. 1510.
An extra dividend of 37, has been declared on the common stock, along
with the regular quarterly 3%, payable Nov. 15 to holders of record Oct. 31.
Ford Motor Co., Detroit.-English Plant.-In reply to
The regular quarterly 1 % on the pref. stock was also declared payable
an inquiry an officer of the company writes:
Nov. 15.-V. 103. p. 241.
The Ford Motor Co.(England), Ltd., we understand, is to build a plant
Central Leather Co.-Earns.for 3 & 9 Mos. end. Sept.30. at Southampton with an annual capacity of approximately 50,000 machines.
- The buildings are being designed at the present time, but probably will not
Three Months- -Nine Months
be ready for occupancy for 18 months.-V. 103. p. 943. 847.
Total net earnings (all
1916.
1915.
1915.
1916.
properties)*
84,658.390 83,077,561 313.198,676 87.945,953
General Electric Co.-Subsidiary Co. Stock Increase.Less exp. & losses of all
874,872
2,985,766
See Electric Bond & Share Co. above.-V. 103. p. 582.
cos.,exceptint.on bds. 1,060,203
2,639,285
This company was incorporated at Albany on Oct. 19 with 100.000 shares
of preferred stock of $100 par value and 500,000 shares of common stock
without par value. The company will carry on business with $15,000,000.
See details of offering of stock by bankers in V. 103, p. 1212. 1120.
Balance
$3,598,187 $2,202,689 $10,212,910 $5,306,668
11,556
31,446
8,900 •
Add inc.from investm'ts
18,654
Total
$3,607,087 82,214,245 310.244.357 35,325.322
$450,552 $1,378,656 $1,378,656
Deduct-Int. on 1st M.as $459,552
1,748,197
Preferred dividends.. _
582,733
1,748,197
582,733
(5)1,985,045
Common dividends_(2%)794,018
Surplus for period_
_ $1,770,785 $1,171,960
$5,132,459 $2,198,469
* Total net earnings are stated after deducting expenses incident to
operations, including those for repairs and maintenance, approximfttely
$414,580 for the quarter and $1,209,832 for the nine months.
Total surplus Sept. 30 1916, $15,633,180.-V. 103, p. 1213, 409.
Hendee Mfg. Co., Springfield,Mass.-Earns.-Directors,
Aug.31 Year- 1915-16. 1914-15.
1915-16. 1914-15.
Net,after depr.,,to $205,903 $422,440 Sinking fund
$150,000 $150,000
Preferred diva_ _ _ _ 156,632
169,951 Balance
def.$100,729sur$102,489
The total surplus as above in 1915-16, after crediting $150,000 cancellation of 1st reserve provided for retirement of pref. stock, 3906.551.
The capital stock, 312.200,800, includes 100,000 shares of common stock
and 22,008 shares of preferred stock (par $100)•
Loon J. Harley Jr. and Carl O. Heclstrom, of Springfield, Mass., were
elected directors in place of H. F. J. ICnobloch and Samuel A. Miller,
of New York, resigned.-V. 103, p. 410.
g Holston Corporation.-Bonds Guaranteed.See Carolina Clinchfield & Ohio Ry. under "Annual Reports" above.
Charcoal Iron Co. of America.-Earnings.-
Home Telephone & Telegraph Co., Portland, Ore.The profits from operations after deducting all expenses amounted to
$336,415 and the balance after deducting 810.511 for interest on borrowed
Default in October Interest on 5% First Lien Bonds.money and $24,000 for extinguishment of the construction cost of the comThis company has defaulted in the payment or tee semi-annual interest
pany's new acetone plant was $301,905, against $529.884 for the preceding due
Oct. 15 on the (about) $3,000,000 outstanding First Lien 5% bonds.
six months.
President Samuel Hill in a letter to the stock and bondholders says in part:
The company now has unfilled orders in hand for delivery prior to July 1 "There
are at present outstanding substantially $3,000.000 of stock and
1917 of 103.467 tons, at an average selling value of $18 77 a ton at the
of bonds. The company's business last month showed an infurnace. In addition orders for 4,825 tons at an average selling price of $3.000,000
in revenue and is now earning a net revenue of about $100.000 a
crease
taken
ton,
have
been
for
02
a
furnace,
delivery
during the last half of year above operating expenses and taxes. The property consists of the
$19
1917. With the exception of a few grades of special iron the orders now in plants at Portland, Oregon City. Albany and Corvallis, and has been mainhand cover the entire present stocks and output to July I 1917.-V. tained
in a high state of efficiency. The overhead charges are exceedingly.
103, p. 1414, 1120.
small, being less than $10,000 per annum. When the company had 13.600
telephones installed, the system was so perfect that an average of only
Citizens Telephone Co., Mich.-New Bonds.-per day had one moment's delay. Its taxes, amounting now
The Mich. RR. Commission has approved the creation of a mortgage 8 1-3 personsper
month per telephone, and all obligations of every kind,
to secure not exceeding $3,000,000 5% 20-year 1st Ref. gold bonds, of which to 22 cents
the obligation to pay tile bond interest, due Oct. 15 1916, have
$600,000 will be issued on Dec. 1, to take up outstanding 6% bonds. except
failure
to pay this bond interest in no sense will diminish
The
met.
been
These bonds are issued under mortgage made to the Grand Rapids Trust the quality or amount of
service rendered and patrons will be just as well
Co. and the Michigan Trust Co., as trustees, and are dated Dec. 1 1916 treated
as before."-V. 90. p. 1174.
subject
to
call
at
but
any
interest
11936.
date
Dec.
due
at
and
102. Denorn.
$1,000, $500 and $100. Sinking fund, 1% per annum on bonds outstand- -Hudson Navigation Co.-Earnings.
ing. Int. J. & D. at office of trustee.
September
9 Mos.to Sept.30The company was incorporated under Michigan laws in 1895. It has
1916.
1915.
1915.
1916.
an authorized issue of $5,000,000 capital stock, all one class, of which Gross earnings
$192,307 $183.359 $1.216.915 31.087.164
$3,851,735 is outstanding; par value, $10.-V. 103. p. 940.
784,362
Expenses
121,810
124,423
803.627
Civic Investment & Industrial Co.-Stock-See Shawinigan Water & Power Co. below.-V. 103, p. 1304, 843.
Cleveland & Buffalo Transit Co.-Dividends Resumed.
Bal. for int., taxes, &c_$70.496
$58,936 $432,553 $283.537
The net results over all -eipenses, interest and taxes for Sept. 1916 was
$43.758, and for the 9 months to Sept. 36 1916 $206.705, agrinst $34,747
and $66,965, respectively, for tne same period in 1915.-%. 102, p. 1350. 4
Consolidated Gas Electric Light & Power Co.-Pref.
Stock Retirement.-
An extra dividend of 20 cents (4-5 of 1%) has been declared on the stock
(par $25) along with the regular dividend of 30 cents (1 2-5%) ,i)oth payable Nov. 6 to holders of record Oct. 31. A like amount was paid in Aug.
-V. 103. p. 410_
A dividend of 1 X % has been declared on the stock, payable Nov. 1 to
holders of record Oct. 24. This is the first payment since Aug. 1915,
when 13(% was paid.-V. 101, p. 1467.*
Shareholders will vote on Nov.6 on propositions (a) to authorize the retirement, either by purchase and cancellation or by call and redemption,
or both, of all the now outstanding $4,103,754 preferred stock;(b) to repeal
the provisions of the articles of amendment of the charter relative to the
contemporaneous issuance of additional common stock and retirement or
redemption of preferred stock, so far as said provisions apply to preferred
stock now outstanding or to an equal amount of authorized but unissued
common stock reserved for such retirement, and (c) to classify as common
stock the $4103,754 of authorized but unissued stock, which will result
from the retirement of preferred stock. See plan for retirement of prof
stock in V. 103, p. 1213, 1509.A
k
Hutchinson Sugar Plantation Co.-Extra Dividends.-
Hydraulic Pressed Steel Co.-Stock Increase.--•
This company on Oct. 18 filed an amendment to its charter increasing
the authorizcd stock from $1,700,000 to 32,700.000, the new stock to be
7% cumulative preferrcd.-V. 103, p. 1214, 1122.
International Motor Co.-Time Extended.Inasmuch as the company's indebtedness, aggregating nearly $3,000,000.
matures Nov. 1 next, the stockholders' committee has extended the time
for deposit of stock until Oct. 30 and urges all shareholders to deposit their
stock_with Columbia Trust Co., N. Y. See V. 103, p. 1415, 1214.
1596
THE CHRONICLE
International Salt Co.-Tenders For Bonds.-
The U. S. Mtge. & Trust Co., s trustee, will receive tenders up to noon
Oct. 31 for $146,336 First & donsolldated Collateral Trust Mtge. bonds
at 105 and interest. Of the foregoing $72,250 has been received on account
Of the payment of the sinking fund, payable in 1917, and will be applied
to the purchase of bonds a year in advance.--V. 103, p. 848.
Janney & Burrough (Tanning and Leather), Phila.Bonds Offered.-Frazier & Co., Phila., N. Y. and Baltimore,
are offering if, when and as issued, at par and in,$450,000
First Mtge. Sinking Fund 6% gold bonds, dated Nov. 1 1916,
due Nov. 1 1936. A circular shows:
Int. M. & N. Authorized and outstanding, $450,000. Free of Pennsylvania State tax. The company covenants to pay the normal Federal income tax. Denom. $1,000 c*. Callable all or part at 105 and int. on any
int. date on four weeks' notice. Trustee, Northern Trust Co. of Phila.
Data from Letter from Pre,. Thomas Janney, Oct. 23 1916.
An absolute first closed mortgage on property costing about $900,000.
In addition the compeny has net quick a.ssets of about $250,000. Company
is successor to tanning and leather business of 25 years standing. These
bonds are issued to retire existing real estate mortgages and bank loans.
After this financing the company will be entirely free from floating debt.
Net Earnings for the Past Five Years (Average over $182.655).
1911.
1912.
1913.
1914.
1915.
$181,607
$202,304
$196,544
$187,662
$145,157
A sinking fund for the purchase and cancellation of $22,000 bonds per
annum at 105 and interest, unless they are purchasable on the open market
at a lower price, becomes immediately operative. The property is covered
oy fire insurance in excess of $1,000,000, also by use and occupancy insurance and tornado insurance.
[VOL. 103.
Montgomery Light & Water Power Co.-Litigation
The U. S. Supreme Court has denied the application on behalf of Montgomery Light & Traction Co.for a writ of certiorari to review the affirmance
by the U. S. Circuit Court of Appeals of the judgment theretofore awarded
the water power company (a Cities Service subsidiary) in the action instituted by it in tho U. S. District Court to compel said traction company to
take and pay for current for the operation of its street railway system from
it pursuant to its contract. The contention of the traction company of
non-performance on the part of the water power company of the contract
justifying a refusal on its part to take current was disposed of by the lower
courts adversely to the traction company.-V. 103, p. 243.
National Acme Mfg. Co.-Preferred Stock Redemption.-
This company will, on Jan. 1 next, retire at 105 its entire $1,500,000 6%
preferred stock, leaving outstanding only the $5,000,000 common stock.
The preferred stock to be retired was issued about a year ago. Compare
V. 102, p. 1253.
National Carbon Co.-Extra Dividend.-
An extra dividend of 2% has been declared, along with the regular quarterly 2% both payable Jan. 15,.-V. 102. p. 890.
National Motor Car & Vehicle Corp.-Incorporated.-
This company Was incorporated at Albany Oct. 24 with 80,000 shares of
capital stock of no par value, and will carr3 on business with $800,000.
See report of Pres. Arthur C. Newby regarding this company in last week's
"Chronicle," 1 . 103, p. 1511.
National Refining Co., Cleveland.-Extra Dividend.-
Jewel Tea Co., Philadelphia.-Sales.-
An extra dividend of l5°/ has been declared on the common stock,
along with the regular quarterly 134 %,both payable Nov. 15 to holders of
record Nov. 1. Extra payments of 1 3 % In Aug., 1% in Feb. and A of 1%
In May have been made.-V. 103, p. 325.
Kentucky River Coal Corp.-Stock Increase.-
This company, it is announced, will on Nov. 1 retire its $461,000 outstanding preferred stock, leaving outstanding only the $1,750,000 common
stock.-V. 102, p. 441.
1916-4 ells. to Oct. 7-1915. Increase.11916-401rks.toOct.7-1915. Increase.
$1.036.718
3664.000 $372,7181$9,007,922
$5,745,134 $3,262,788
-V. 103, p. 1214, 848.
This company filed an amendment to its charter at Richmond, Va., on
Oct. 24 increasing its capital stock from $3,329,800 to $5,000,000.
Kings County Electric Light & Power Co.-Sub. Co.
Rates.-The P. S. Commission directed the Edison Electric
Illuminating Co. of Brooklyn to make certain reductions in
rates of about 11 cents maximum per k.w. hour to 8 cents.
The present rate for retail lighting of 11 cents is to be reduced to 8 cents for the first two k.w. hours average daily use
per month, and to 6 cents for the second two k.w. hours,
while the present rate of 4 cents for the excess use over 4 k.w.
hours average daily use per month is retained. The retail
. power rates is to be reduced from a maximum of 10 cents
per k.w. to 8 cents.-V. 103, p. 1510.
Ludlow Mfg. Associates, Boston.-Dividend.A special dividend of $4 per share has been declared on the stock, along
with the regular quarterly $1 50, both payable Nov. 1 to holders of record
Oct. 11.-V.98, p. 1697.
Manhattan Electrical Supply Co., Inc.-First Preferred
Stock Offered.-Chandler & Co., New York and Phila., are
offering, at 98 and div., by adv. on another page, $1,500,000 Cum.7% First Pref. Stock(pr $100). A circular shows:
Preferred as to assets and dividends. Divs. Q.-J., commencing Jan. 1
1917. In case of dissolution or liquidation, holders of 1st pref. shares to
receive par and divs. before any amount is paid on 2d prof. and common
stocks. Callable at $112.50 per share; pro rate if less than entire amount.
Data from Letter of Pres. J. J. Gorman, New York. Oct. 18 1918.
Organization.-Tho company will presently be incorporated under the
laws of Massachusetts and take over all the business and assets of the present
Manhattan Electrical Supply Co. as a going concern.
Capitalization to Be Authorized and Outstanding,in $100 Shares.
7% Cum. First Prof. stock$1,500,000'Common stock
$3,000,000
7% Cum. 2d Prof. stock_ - 500,000 Mortgage or funded debt.. None
The agreement of association will provide: (a) That no securities prior to
the First Prof. stock may be issued nor the prof. stock increased without
consent of 75% of outstanding stocks; (b) that the first pref. stock shall
receive a preferential cumulative dividend at rate of 7% per annum, the
first quarterly dividend being payable Jan. 1 1917.
Business.-Founded in 1889 with a capital of $1,300 and largely through
the employment of its surplus profits has shown steady growth to its present
importance. Company owns and operates: (a) two large factories •in
Jersey City and two in Northern Ohio. manufacturing 60% of the goods it
handles. (b) Head offices and principal store occupying entire building at
17 Park Place, N. Y. City. Also operates retail stores in Now York.
Chicago and St. Louis and a sales office in San Francisco. Principal
products are "Red Seal" dry battery. the "HI-Up" dry battery, the "Afesco" dry battery and "Mosco" electric appliances.
Earnings Applicable to Dividends ($105,000 Yearly) on New First Pref. Stock.
For 8 mos. end. Aug.31 '16, $358,060, being at annual rate of over$525,000
Average annual earns, for the 2 2-3 years end Aug. 311916, over__ 420,000
Assets Back of the $1,500,000 First Pref. Stock at Aug. 31 1916.
Net tangible assets, excl. of good-will, pat't rights & trade-marks.$2,490,000
Net quick assets ($106 per share of first pref.), over
1.600,000
Cash in bank (with no debt other than currenct accounts)
489,848
Preferred Stock Provisions.-(a) Sinking fund commencing Oct. 11917, for
redemption of the 1st pref.. $30,000 yearly to Jan. 1 1921: thereafter
$40,000 per annum. (b) With the consent of 75% of the 2d pref. and corn.
stocks, the whole first pref. issue may be called and canceled. (c) The
pref. stocks to have voting power only in case four consecutive dividends
are not paid, on the 1st or 2d pref. stocks, in which event tha pref. stockholders shall elect a majority of directors until default is cured (d) Life
insurance policies aggregating $250,000 will be obtained on the lives of the
principal officers, applicable only to retirement of 1st pref. stock.
Management.-The present management will be continued, it having
been agreed that 534-year contracts, dating from July 1 1916 shall be
entered into with the officers who are now most active in the administration of the business.
[There is stated to be considerable activity in the common shares at
rising price:LI-Compare V. 103, p. 1510.
Mexican Petroleum Co.-New Marine Facilities.This company's earnings are reported to be increasing decidedly as a result of the increasing ocean transport facilities now available. Orders were
placed before the European war for numerous new tankers and these are
being regularly delivered. In July one tanker of 7,573 tons and 43,300
barrels capacity was put in commission:last month (Sept.) another of 10,000
tons, and in about two months a 12,300-ton tanker will join the fleet.
In about five months two more tankers of 10,350 and one of 10,500 tons,
it is stated, will be added, and during the summer and auturnA of 1917
six additional tankers will be put afloat with a total tonnage of about
51.000 tons. Five more are chertered with a total tonnage of 51,500 tons.
to be available at the close of the war. All these ships are additions to the
fleet of the Transport Co., but they will all carry the company's oil.
-V. 103, p. 327, 319.
National Screw & Tack Co.-Pref. Stock Redemption.-
New Jersey Zinc Co.-Extra Dividend.An extra dividend of 5% has been declared on the $35,000,000 stock
along witn the regular quarterly 4%, both payaole Nov. 10 to holders of
record Oct. 31. Extra dividends in 1916 to date have been as follows:
10% Nov. 10, 10% Oct. 10, 10% July 10, 5% June 10, 5% May 10. 10%
April 10, 10% Jan. 10.-V. 103, p. 1215, 498.
Niagara Falls Power Co.-Combined Income Account.Gross earnings_
Net earnings
Other income
Total income
Fixed charges
Dividends paid
Balance, surplus
-V. 102, p. 1630.
-3 mos. to Sept. 30- -9 mos. to Sept. 301915.
1916.
1916.
1915.
$787.586 $688,462 $2,263.884 $1.972,126
643,764
554,241 1,835,278 1.577.026
69,266
30,702
93,794
107.028
$674.466 $623,5i7 $1,929,072 $1,684,054
323,338
968,822
317,220
953,987
(2%)115,154 (2)115,154 (6)345,462 (6)345,462
$235,974
$191,133
$614,788
$384,605
Norfolk-Berkley Bridge Corp.-New Bonds.The stockhclders of this company on Oct. 20 authorized the issue of
$350,000 1st M tge. 5% bonds. The proceeds to be used for construction
of a bridge to connect Norfolk and its largest ward. About $155,000 in
capital stock has been subscribed by the peorle of Norfolk. It has been
estimated that the bridge will cost between $350,000 and $450,000.
Northern California Power Co.-Assessment.An assessment of $1 por share has been levied on the stock delinquent
Nov. 28, sale day Dec. 27.-V. 103, p. 583.
Ohio State Telephone Co.-Additional Stock.This compan3, has applied to the Ohio P. U. Conunission for permission
to sell 32,000,000 of its quthorized preferred stock to ply off short time
lo"ns amounting to $1,320,360 and to complete improvements under construction.-V. 102, p. 1894.
Owens Bottle Machine Co.-Listing-Acquisition.The New York Stock Exchange has admitted to list $300.000 7% Cumulative preferred stock and $50,000 common stock, making the total amounts
authorized to be listed of preferred stock $7,257,400, and of common stock
$9,050,000.
The additional stock WAR issued with$185,000 in money is for the entire
authorized and issued capital stock of Graham Glass Co. of Indiana, con
sisting of 5,000 shares (par $100), which company owned 50 snares (par
$100) of stock of Graham Glass Co. of Okla.,the entire autnorized and issued
capital stock being $10,000.
The net profits of the two plants of Graham Glass Co. of Ind. for the 12
months ending Aug. 31 1915 were $36,945, and the net profits of Graham
Glass Co. of Okla„for the same period were $15,568.-V. 103,p. 1122, 935.
Salt Mfg. Co., Philadelphia.-Earnings.
r-Fe;:insylv'ania
-.June 30 Years- 1915-10. 1914-15.
Deduct (Con.)- 1915-10. 1914-15.
Net income
$2,810,808 $1,115,997 Depreciation
$200,000 $200,000
Other Income_ _ _ _ 196,738 , 163,875 Dividends paid_
600,000
750,000
Rate per cent
(8%)
(10%)
Gross Income__$2,807,545 $1,279,872
92,246
75,891
Interest on notesBalance, stirp__$1,931,654 $237,625
Sales in 1015-16 were $10,855.416, against $7,797,782.-1. 102, p. 2259.
• Philadelphia Electric Co.-Deposits Urged.-This company has addressed a letter to the outstanding security
holders urging deposits under the plan for the retirement of
trust certificates. The letter says:
More than 7,300 holders, owning in the aggregate 326,313,000 of the trust
certificates, have assented to the plan. Among this number, practically
all of the holders of the 5% certificates are included, but there are still
outstanding a small number of the 4% trust certificates and of the Edison
5% trust certificates.
While the unpledged stock and the unencumbered property of the
Philadelphia Electric Co. of Pennsylvania, operated under its own franchise,
represent a large percentage of the property and business in the city of
Philadelphia, upon which a mortgage may be created for an issue of securities, it is desirable, especially in view of the largo number of assents (over
93%) by holders of all classes of'trust certificates, that the financial plan
as announced be carried out.
The existing financial conditions have made this plan possible, and
furnished the company the opportunity to put into effect its long-considered economic plan of unifying all the properties. See V. 103, p.
1416, 1122.
Pressed Steel Car Co.-Dividends Increased.-A dividend of 1 3'2% has been declared on the $12,500,000 common
stock, payable Dec. 6 to holders of record Nov. 15. This
compares with 1% in July last. The regular 13
4% on the
pref. was also declared, payable Nov. 22 to holders of record
Nov. 1.-V. 103, p. 411, 148.
Montana Power Co. (incl. Sub. Cos.).-Consol. Earns.
-3 mbs. to Sept. 30- -9 mos. to Sept. 30Pure Oil Co.-Extra Dividend.1915.
1916.
1916.
1915.
Gross earnings
$1.50',967 $1,082,318 $4,411,721 $2,992,525
Oper. expenses and taxes... 366,6i 3
297,695 1,053,927
862,706
Net earnings
Int. and bonds discounted
Balance,surplus
-V. 102, p. 2346.
41,141,294
316,263
$784,623 $3,35,794 $2,129,819
297,274
981,158
853,192
5825,031
$487,349 $2,376,636 $1,276,627
An.extra dividend of 4% (par $5) has boon declared on the 54,535,245
common stock, along with the regular quarterly 6%, both payable Dec. 1
to holders of record Nov. 15. This compares with an extra of 2% in Sept.
last.-V. 103, p. 412, 326.
Riordan Pulp & Paper Co.-Extra Dividends.An extra dividend of 1% has been declared on the stock along with the
regular quarterly 1%, both payable Nov. 15 to holders of record Nov. 7.
V. 103, p. 326.
San Benito Land & Water Co.-Foreclosure Sale.-
The Federal Court at Houston, Tex., on Oct. 24 ordered this company's
property sold under foreclosure sale to satisfy claims of about $1.050,000,
represented by W. R. Compton Bond & Mtge. Co. of St. L.-V.97,p.448,
Scovill Manufacturing Co.-Extra Dividend.-
on the $5,000,0(,0 stock,
An extra dividend of 1(% has ,Jeen declared
Extra dividends in 1916 have
payable Nov. 1 to holders of record Oct. 25.and
May 1, and 8% April 1.
been 10% Oct., Sept., Aug., July, Juno
-V. 103, p. 1215, 412.
1,41,
Shawinigan Water & Power Co., Prov. of Quebec.& Sanger and Chase &
Notes.-Stone & Webster, Curtis
3
%
Co., of Boston, have sold, at 99 and int., to yield 5 V8%,
$2,500,000 Two-Year 5% Secured Gold Coupon Notes
(closed issue), dated Oct. 2 1916, due Oct. 1 1918. See also
adv. on another page. A circular shows:
Interest A. & 0. at New York Trust Co., trustee, N. Y., without deduction for taxes of any nature imposed by any taxing authority in Canada.
Denom. $1,000 c*. Callable in lots of not loss than $500,000 at 101 and
Interest on any interest date upon 30 days' notice.St.
Maurice River, and
The company has developed 150,000 h. p. on the
its 700 miles of transmisserves an unusually well diversified market with
Rivers,
Thetford
Mines and
Three
Quebec,
sion lines, Including Montreal,
of Quebec. it has also devel30 smaller cities and towns in the Province
plants
industrial
located
near the
the
among
power
for
demand
oped a large
It also owns or controls
company's development at Shawinigan Falls.
further development of
water rights on St. Maurice River capable of a
110,000 h. p.
Oi . 17 1916
reuatlh,or
Data from Letter of Pres. J. E. Aldred, MontA
Authorized.
Capitalizationdue Jan. 1 1934
First Como'.(closed) Mtge. Gold 5s,
$5.000,000 $4,536,500
(remainder, $463,500, in sinking fund)
500:0
2:5
5
000 5
2:4
00
57
6:
Perpetual Consol, Mtge. Debenture 43. % stock_
1
00
26
0
Two-Year 5% Notes (this issue)
Capital Stock (par $100), paying 7% dividends__ _ _20.000.000 15,000.000
Purpose of Issue.-The proceeds of these notes are to be applied: (a) to
Government of a large dam
payments for the construction for the Quebec
which, on completion in 1918
at the headwaters of the St. Maurice River,will
constitute the largest and
will increase the company's capacity and
far undertaken on this conmost economical conservation of water thus
bonds of the Province of
451%
in
reimbursed
be
tinent.The company will
to subsidiary companies.
Quebec; and (b) for additions and extensions
shares (par $1,000,000)
10,000
(a)
on:
lion
closed
and
first
-A
Security.
$2,700,000) Civic InLaurentide Power Co.Ltd.; (b) 27,000 shares (par
Mfg. & Power Co.
vestment & Industrial'Co.; (c) $100,000 Cedars Rapids Province
of Quebec
and
$500,000
(d)
238);
323.
p.
103,
V.
(
bonds
1st M.5%
value, over $3,350,000.
4%% Gold Bonds due June 11946. Total present
The company reserves the right, with the approval of the trustee, to vary the
proportionate amounts of the above securities, provided that their value as
quoted in the market must at all times represent a margin of 25% above the
face value of the notes then outstanding. These notes are followed by
$15,000,000 of capital stock of a present market value of about $20,000,000.
Properly.-Incorporated in 1898 under special charter of Province of
Quebec and owns and operates one of the largest and most successful of
existing hydro-electric systems. Its properties are located on and about
the St. Maurice River, which drains an area or about 18,000 square miles.
At Shawinigan Falls, 85 miles from Montreal, 75 miles from Quebec, and
20 miles from Throe Rivers, P. Q., the company owns 1,100 acres of land,
including all water rights and two stations, with present capacities of 60,000
and 90,000 h. p. In addition to the further 40,000 h. p. now available for
development at the aforesaid point, the company has recently purchased in
fee, the lands, water rights, &c., at Gres Falls on the St. Maurice River,
develop4 miles below Shawinigan Falls, which are capable of an ultimateOres
Falls
ment of 60,000 to 70,000 h. p. The latter property is hold by the
Development Co., Ltd., all of the bonds and stocks of which are owned
by the Shawinigan.
(V. 103, p. 1035),
Through contracts with Laurontide Power Co., Ltd.and
whose plant at
In which the company has a substantial stock interest
Grand'Mere, about 12 miles above Shawinigan Falls, is operated by the
Shawinigan Co., this company is able to obtain 50,000 b. p., with an
option until July 1 1918 on 50,000 h. p. additional.
The company also owns ;4,000,000 of the capital stock of the Civic Investment &Industrial Co.(V. 103, p. 1304), which controls, through ownership of practically the entire capital stocks, the Montreal Light, Heat &
Power Co.serving Montreal, and the Cedars Rapids Mfg. & l'ower Co.,
which has 'developed 110,000 h. p. on the St. Lawrence River, with the
rights to develop 160,000 h. p.(V. 103, p. 323)•
Through a control, and in some cases a complete ownership, in the stocks
of various subsidiary manufacturing and distributing companies, the company has obtained a most satisfactory diversity factor in the sale of its
power. Among such companies are the following: Canadian Electrode
Co., Ltd., Shawinigan Electro Metals Co., Ltd., Continental Heat & Light
Co., Laval Electric Co., North Shore Power Co., St. Mauricp Light &
Power Co., Canada Carbide Co., Three Rivers Traction Co. and Public
Service Corporation of Quebec. Jointly with the Canadian Pacific, the
y1
19
.5C
.o.
company owns the entire capital stock of Shawinigan Falls Term. R
Gross and Net Earnings for Years 1906 to 1915.
1914.
1912.
1910.
1908.
1906.
YearGross earn.$362.396 $706,244 $991,029 $1,569,671 $1,805,217 $1,920,143
872,360 1,061,469 1,169,032
Not,aft.tax 81,305 269,419 407,255
Net earnings for 1915, after all charges, were nearly toll times interest
charges on this issue of notes.
It is confidently expected that the earnings for the year 1916 will show
a further substantial increase.-V. 103, p. 1511, 1046.
15-16a.rningis-1
South Porto Rico Sugar Co.-Consolidalt9edE
5.
.-
Sept. 30 Years- 1915-16. 1914-15.
Total recelpts____38,396,502 $7,384,493
3,703,520 2,120,121
Net earnings
24,060
16,320
Res.for mach.,&c.
* Imhvidual amounts supplied by
Prof. dlvs.(8%).- *$297,900 $296,680
Corn. divs._*(58)1,986,167(10)337 100
Balance,surplus__ 221,890
293,580
editor.-V. 102, 0. 2260.
Spicer Manufacturing Corp., South Plainfield, N. J.
-Preferred Stock Sold.-Cassatt & Co. Phila., and Merrill,
the $1,500,000 first
Lynch & Co., New York, have sold'
preferred 8% cumulative and convertible stock of this
company, but an advertisement of the offering, published for
record purposes, will be found on another page. A detailed
description of the property, earnings, &c., will be found in
our issue of Sept. 30.-V. 103, p. 1215.
Standard Milling Co.-(See Annual Reports).-Div8._
A dividend of 8% (4% in cash and 4% In stock) has been declared on the
$4,600,000 common stock, payable 1% in stock and 1% in cash on Nov. 29
Nov. 20 1916,
1916, Feb. 28, May and Aug. 31 1917, to holders of record
Feb. 19 and May and Aug. 21 1917, respectively. A dividend of 1%%
was also declared on the $6,488,000 pref. stock, payable Nov. 29 to holders
the
on
5%
with
common and 1% on
of record Nov. 20. This compares
the preferred in Aug. last. V. 103, p. 65.
Standard Shipbuilding Co., Shooters Island N. Y.Control of this company, with $3,000,000 capital stock, has passed to
Jose Marimon, Pres. Banco Espanol, Havana, Cuba. The company has
at present six ships under construction for foreign delivery. It is stated
that the new management will expend upwards of $2,000.000 for extensions.
&c., and will increase the capacity of the yard to 18 vessels.-V.102,p.980.
Sterling Gum Co.-Offer to Purchase.-
The stockholders will vote Nov.9 on accepting the offer of the American
Chicle Co. of N. Y. (see above) to purchase this company outright.V. 103, p. 491.
Stevens Mfg. Co., Fall River, Mass.-Stock.-
The stockholders of this company recently authorized the increase in
capital stock from $700,000 to $1,200,000, the new stock to be distributed
as a stock dividend.
1597
THE CL1RONICLE
OCT. 28 1916.1
United Drug Co.-Application for Listing.-
Application has been made to the New York Stock Exchange for authority to list $7,500,000 7% 1st pref. stock, $9,109,000 6% non-cumulative
2d pref. and $20,500,000 common stock.-V. 103, p. 1216. 1123.
United Gas Improvement Co.-Subsidiarr Co. Bonds.-
See Allentown & Bethlehem Gas Co. above.-V. 102, p. 1537.
United States Cast Iron Pipe & Fdy. Co.-Extra Div.-
An extra dividend of 2% has neon declared on the $12.000,000 pref. stock
along with the quarterly M of 1%,both payable Nov. 15 to holders of record
Nov. 3.-V. 102, p. 350.
United States Steel Corp.-Hearings Feb. 26.-
The United States Supreme Court on Oct. 16 granted the motion by the
Government to advance the anti-trust suit against the corporation and
fixed Feb. 26 as the date for arguments.-V.103, p. 1432. 1046.
Utah Power & Light Co.-New Preferred Stock.-
Stockholders voted on Oct. 13to increase the capital stock from $45.000,000, consisting of$5,000,000[1st)"preferred" stock.$10,000,0002d preferred
stock and $30,000,000 common stock, to $60,000,000. the new stock Co
consist of $10.000,000 fist]"preferred" and $5,000,000 common. The
proceeds of the new stock, it is said, are to be reserved for future requirements.-V. 102, p. 2172.
Winton Co. (Automobile Mfrs.), Cleveland, 0.Pref. Stock Offered.-Borton & Borton, Cleveland,and F. W.
Freeman, Columbus, 0., offer at 103 and div. the unsold
portion of$1,500,0007% cum. pref. stock. A circular shows:
Pref. Stock.-Tax-exempt in Ohio. Par $100. Dividends Q.-J. Preferred as to assets and dividends. Red., all or part, on any dividend date
after Jan. 1 1919 at $105 and diva. Preferred shareholders as a class shall
have equal vote with common shareholders as a class in event of default
with respect to dividends, the maintenance of net quick assets equal to
125% of the pref. stock outstanding, or the annual retirement of pref. stock
through sinking fund,and no cash dividends on the common shall be paid in
event of default in any of these three provisions. The entire proceeds of
this issue will be used to strengthen working capital.
No mortgage or lien shall be placed upon any of the property, nor shall
any pref. stock having priority over or parity with this issue be created
without consent of 75% of the pref. stock outstanding. For five years
beginning Jan. 1 1919 the company shall retire annually $75,000 of the pref.
stock and annually thereafter $150,000 until the entire issue is retired
and canceled.
Capitalization Authorized and Issued (No Bonds).
$1,500,000
Prof. stock, 7% cumulative
1,000.000
Common stock
Organization.-Incorporated Mar. 15 1897 and has been in continuous
and successful operation for 20 years. In no year since 1898 has it failed
to earn and pay a dividend on its stock. The company manufactures the
Winton automobile, pursuing the policy of quality in a restricted output
rather than quantity production. .Also manufactures gas and oil engines
of the "Diesel" type.
Assets.-The balance sheet as of July 31 1916, adjusted to include the
proceeds of the present financing, shows net tangible assets of $4,243,121
and net quick assets of$2.579,101, or $282.87 of total net assets and $171.94
of net quick assets per share of pref. stock. Certified public accountants
report in substance: "All expenditures for patterns and patents have been
regularly charged off in full-, and the net worth of $4,243,121 Is exclusive
of any valuation for good-will or other intangible assets. It is our opinion
that the net worth is conservatively stated and in accordance with the
books."
Earnings.-For the past eight years net earnings averaged $459,000 per
year, or over four times the dividend requirements of this issue.
Directors.-Alexander Winton (Pres.), Thos. Henderson (V.-Pres.).
Geo. H.Brown (Sec.& Treas.).0. W.Churchill(Gen. Mgr.),Z. W. Davis,
I. W. Metcalf and C. W. Mears.
CURRENT NOTICE.
-The investment banking firm of Joel Stockard & Co., which has had
offices in the Dime Bank Building, in Detroit, for the past year, has
opened new offices on the main floor of the now Penobscot Building, facing
the elevators. They are in a convenient and prominent location, and
easily accessible from both Fort Street and Congress Street. The new
quarters are handsomely appointed, containing four private Offices, besides
the necessary space for cashier, stenographers, &c. R. T. Bates, formerly
Manager of the Simon J. Murphy Estate, and more recently Manager of the
Penobscot Building, has become associated with Joel Stockard & Co.
-An analysis and resume of the "Rock Island" road has been issued in
pamphlet form by W. R. Edelman & Co., bankers, Stock Exchange Bldg.,
Philadelphia. This details the results of the first year of the road in receivership, income- balance sheet and statistics for 1916, describing
the first and refunding mortgages, equity, financing, credit and value
of the property. "Chronicle" readers interested in this property can secure this pamphlet by asking for "C-3."
-Chandler & Co., Incorporated, 34 Pine Street, this city, 1338 Chestnut
Street, Philadelphia, Boston and Lancaster, are to-day offering by advertisement $1,500,000 Manhattan Electrical Supply Co., Inc.,7% cumulative
first preferred stock at 98 and accrued dividends. The offering is made
subject to allotment. All the particulars appear in the advertisement and
further information in our "General Investment News Department."
-At prices to yield 3.80 to 4.80%, William R. Compton Co., 14 Wall St.,
this city, St. Louis, Cincinnati and Chitago, are featuring a selected list
of municipal bonds exempt from Federal income tax, for the investment of
November funds, among our advertisements elsewhere in the "Chronicle."
Write for the firm's complete list, circular "No. 33," and its instructive
booklet on municipal bonds,"The Premier Investment."
-The National City Company, National City Bank Building, this city,
is advertising a page list of investment bonds in this issue of the "Chronicle." The State and municipal bonds yield 3.70% to 4.25%,railroad 4.26%
to 5.45%, public utility 4.70% to 5.37% and foreign government 5% to
6.35%. Several of the bonds are legal savings bank investments in New
York, Massachusetts and Connecticut.
-All the notes having been sold, Curtis & Sanger and Stone & Webster
of this city are publishing as a matter of record their joint offering of $2,500,000 Shawinigan Water & Power Co. of Province of Quebec 2-year 5%
secured gold notes due Oct. 1 1918. Price 99N, and interest, to yield 5%%.
All the security features are described in to-day's record advertisement.
-A list of conservative bonds suitable for banks, estates, individuals and
others who seek safety and marketability is advertised in our to-day's issue
by Remick, Hodges & Co., 14 Wall Street, this city. The municipal issues
yield 3.80% to 4.02% and the railroad bonds 4.15% to 5.25%. Ask for
circular "C. C.91," listing these and other issues of similar grade.
-"Something for Nothing" is the leading article in the monthly issue of .
"Development," the journal published by Day & Zimmerman, constructing engineers and architects, 611 Chestnut St., Philadelphia. The next
issue will contain an article on "Grasp," also of interest to "Chronicle"
readers. Write Day & Zimmerman for complimentary copies.
-The municipal bond department of the National City Company, 55
Wall Street, this city, has issued a chart to show at a glance the rates and
amounts of income tax to be collected under the new revenue bill, which
became a law Sept. 8 1916. The chart also shows a comparison with the
income rates previously in force.
1598
THE CHRONICLE
[VoL. 103.
illevorts and Documents.
THE NEW YORK NEW HAVEN AND HARTFORD RAILROAD COMPANY
FORTY-FIFTH;GENERAL STATEMENT—FOR THE YEAR ENDING JUNE 30 1916.
INCOME ACCOUNT FOR THE YEAR ENDING JUNE 30.1916.
Comparison with 1915.
1916.
Increase.
Average Miles Operated
2,004.62
1.45
$37,448.020 64
29,620,567 21
154,326 33
714,772 07
3,578,326 45
1.278,586 61
2.840,076 21
676.977 39
$6,268,701 93
2.609.768 38
17,980 83
Total Railway Operating Revenues
$76.311,652 91
$10,932,389 20
Per Mile (Average)
Railway Operating Expenses—
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transortation—Rail Line
Miscellaneous Operations
General
Transportation for Investment—Deduct
$38.067 89
$5.429 99
58,779,166
10,859,656 11
470,278 42
28,423.556 85
845.779 80
1,756,431 21
56.510 64
06
*1,049,92548
1,079,326 42
Total Railway Operating Expenses
$51,078,357 81
$6,951,731 05
Per Mile (Average)
Net Revenue from Railway Operations
$25.480 32
425,233,295 10
$3,451 92
53.980.655 15
512,587 57
$2,856.25! 61
$1,424 84
5.760 64
-$2.862,015 25
81,978 07
$112,333 14
$5505
$22,371.279 85
10,601 65
53,870.391 73
9,408 31
$22,381,881 50
$3,879,800 04
Railway Operating Revenues—
Freight
Passenger _
Excess Baggage
Mail
Exdress
Other Transportation
Incidental
Joint Facility
Per Mile (Average)
Railway Tax Accruals
Per Mile (Average)
Uncollectible Railway Re% enues
Total Taxes and Uncollectible Railway Revenues
Railway Operating Income
Miscellaneous Operating Income
Total Operating Income
Per Mile (Average)
Non-Operating Income—
Dividend Income
Income from Funded Securities
Income from Unfunded Securities
Rent from Locomotives. Passenger Train Cars and Work Equipment
Joint Facility Rent Income
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous (Debit)
Total Non-Operating Income
Gross Income
Per Mile (Average)
Deductions from Gross Income—
Rent for Locomotives, Passenger Train Cars, Floating and Work Equipment and Balance
for Hire of Freight Cars
Joint Facility Rents
Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Separately Operated Properties—
Boston R. Holding Co. Guarantee
N. Y. W.& B. 14y. Co. Guarantee (Bond Interest)
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous
Total Deductions from Gross Income
Per Mile (Average)
Net Income
Ratio of Operating Expenses to Total Operating Revenues
Ratio of Operating Expenses and Taxes to Total Operating Revenues
Decrease.
$2,383 09
868.687 32
320.916 35
815.0.15 62
33,671 86
3.089 86
4,464,854 39
253,726 11
145,187 75
38,196 24
.
2,069 72
$110.263 42
$11,165 15
*1,92875
$1,746,569 01
941.765 83
1,175,373 09
297.489 45
107,419 28
1,549.678 12
644,756 98
3.821 43
$295,902 11
762,647 51
56,459.230 33
$604,178 93
$28,841.111 83
*.483.97897
*14,38732
$2.228 03
64,882 90
$261,208 61
32.298 06
229.354 99
14,270 51
10,662 44
$2.700.888 04
$2,102.787 07
2,938,584 03
210,225 77
6,156,401 09
17,657 25
199.292695,35590
98,128 60
4,654 10
117.595 24
864,000 00
9,343.382 08
1,964,519 29
142.583 91
184,732 33
67,938 18
$24.525,354 97
$2.476.193 54
*12,23442
$4,315,756 86
$1.227 29
$2,007,785 43
13,976 46
66.93%
70.68%
57,154 30
•
.56%
1.01%
Note.—Tde N. Y. N. H.& H. RR. Co. Income Account does not include interest due from
Companies unless earned and paid In cash.
* During the fiscal year there was included in Maintenance $1,066,270 47. whicu money hasSubsidiary
not been expended because of the Inability of the Coms
sex
ottotpillzaltboraranad
oeto
pany
erre
rxp
mle
sseivtuorfesthaereInsteetrus
Sltlatemae.
Commerce
Commission, to carry tuts amotut forward
material.reserve tolbehas
useb
deewnhd
gege tilZlintttientahn
e
A balance of g50,403a58 account of Insurance has also been carried over to the next fiscal year so that the actual
June 30 1916 was $5,532,430 91. an increase of $3,224.459 48. as compared with actual figures for the previous year. balance for the fiscal year ending
OPERATING RESULTS.
MILES OPERATED.
There was an increase in average miles of road operated
of 1.45 miles.
The average miles of track maintained was 4,307.68 compared with 4,315.49 the previous year, a decrease of 7.81
miles due to various minor track changes and remeasurements.
REVENUES.
• The Operating Revenues for the year of $76,311,652 91
were the largest in the history of the Company and $10,932,389 20, or 16.72% more than a year ago. The largest
previous year %as 1913, when the Operating Revenues were
$68,613,503 08.
FREIGHT.
Freight Revenue increased $6,268,701 93, or 20.11%.
There were 28,285,411 tons of revenue freight carried
during the year. This was an increase of 4,443,388 tons.
The number of tons of revenue freight carried one mile was
2,461,693,534, an increase of 276,584,374 ton miles. The
average distance haul of one ton of revenue freight this year
was 87.03 miles as compared with 91.65 miles last year.
The average amount received for each ton of freight was
$1.33020 as compared with $1.31453 a year ago.
The average number of tons of revenue freight per reveling
train mile was 333.74, an increase of 0.57 tons. The average
number of tons of revenue freight per loaded car mile this
year was 16.27 as compared with 15.59 tons a year ago. The
average number of freight cars (including caboose) per
revenue train mile was 29.25 this year as compared with
31.78 cars a year ago, a decrease of 2.53 ears.
Revenue freight train miles increased 804,727 miles. The
increase in freight train miles is due to the increased business
handled and to the lighter loading of trains because of heavy
less than carload shipments and on account of the severe
weather conditions during the past winter.
PASSENGER.
Passenger Revenue increased $2,609,768 38, or 9.66%.
Excess Baggage Revenue increased $17,980 83, or 13.19%.
Mail Revenue decreased $2,383 09, or 0.33%. Express
Revenue increased $868,687 32, or 32.06%.
There were 82,246,385 revenue passengers carried during
the year, an increase of 4.073,687 passengers. Total number
of revenue passengers carried one mile was 1,571,060,117,
an increase of 93,191,183 passenger miles. The average
distance each revenue passenger was acrried was 19.10 miles
as compared with 18.91 miles last year. The average
OCT. 28 1916.1
THE CHRONICLE
1599
New rail was laid during the year as follows:
amount received from each passenger was $.36014 as com242 tons
pared with $.34553 last year. The average revenue per pas- 141 lb
16,467 "
107
senger per mile this year was $.01885 as compared with 100
435 "
70 "
$.01828 a year ago.
93
190 "
90 (re-rolled)
The average number of passengers per revenue train mile 88
16 "
1.920 "
was 102, an increase of 5 passengers. The average number 80
4 "
78
of passengers per revenue car mile was 26, an increase of 1 68
26"
(re-rolled)
over last year. The average number of passenger train cars
Total
19,370 tons
per revenue train mile was 5.1 as compared with 5 cars
The total number of ties laid during the year was 1,014,a year ago.
Revenue passenger train miles increased 136,906 miles, 886, of which 22,324 were creosoted and provided with tie
due to increased business and severe weather in the winter plates and screw spikes.
Signal and Interlocking Improvements and Additions have
months.
OTHER TRANSPORTATION.
been made during the year at forty-eight points. In addiRevenue
increased
$320,916 35, or tion, standard train order signals have been installed, at
Other Transportation
23.51%. This account includes Special Train Service, forty-one points and forty-seven derails have been connected
Switching
and Milk Re- to main line switches.
Revenue from Pullman Seilrice,
•
To afford protection for the public at grade crossings,
venues.
INCIDENTAL.
•
fourteen crossing bells have been installed.
Incidental Revenue increased $815,045 62, or 40.25%.
Bridges.-During the year thirty-two bridges were either
revenue
which
car
increased
dining
includes:
This account
repaired, strengthened or renewed.
from
revenue
restaurants
10.57%;
which
or
$46,045 34,
The new tracks across Winthrop Cove, New London,
increased $178,682 85, or 183.75%; other items such as Conn., including construction of solid embankment and
Room
Parcel
Privileges,
Storage,
Receipts,
Train
and
Station
twenty-two foot concrete arch, were opened to service in
Demurrage, etc., which increased $579,880 49, of 51.52%; February 1916. A portion of the permanent approach to
and revenue from electric current and other power sold which Thames River bridge, including new steel bridge over the
increased $10,436 99, or 2.85%.
Central Vermont tracks, was placed in service in September
$132,835 61 of the increase in revenue from restaurants 1915. Contract for the bridge substructure designed to
is due to the Company's taking over the operation of the carry a four track superstructure is awarded, and the conrestaurants at New Haven, Providence and Willimantic, and struction of west abutment and caisson for one pier is under
to the operation for the entire year of the restaurant at way. The plans for two track superstructure are comHartford which was not operated a large part of the previous pleted and bids asked for. •
The construction of the undercrossing for the State of
year as the station was being reconstructed after being
destroyed by fire.
Connecticut and new abutments for the Fairview Avenue
JOINT FACILITY.
bridge,in the town of Groton,Conn.,are practically completed.
Joint Facility Revenue increased $33,671 86, or 5.23%
The construction of the twenty foot highway bridge
the
Company's
includes
of
revenue spanning four tracks at Stonington. Conn., ordered by the
proportion
This account
use
of
privileges
in stations owned by other Public Utilities Commission, is completed, and was opened
collected for the
carriers and used jointly by this Company. Most of the to the public in November 1915.
increase is due to additional revenues derived from privileges
Because of the difficulty in obtaining men and materials,
in the Grand Central Terminal.
some work that was to have been done within the fiscal year
had to be deferred.
EXPENSES.
MAINTENANCE OF EQUIPMENT.
. During the year the expenses have been very heavy, due
charge
increased $1,079,326 42, or 11.04% and took
The
to increased business, severe winter weather, freight con- 14.23% of Operating Revenues
this year as compared with
gestion, higher wages and the increased cost of material.
14.96% a year ago. Included in Maintenance of Equipment
are charges account of Depreciation, as prescribed by the
MAINTENANCE OF WAY AND STRUCTURES.
The charge increased $1,049,925 18, or 13.58%, and took Inter-State Commerce Commission, as follows:
Steam
$284.235 80
11.50% of Operating Revenues as compared with 11.82% Other Locomotives
76,620 24
a year ago. Removing snow and ice cost $352,731 59, an FreightLocomotives
Train Cars
956.550 97
Passenger Train Cars
increase of $244,077 85.
469.259 55
Equipment
87,619 68
A brief description of the character of the improvements Floating
Work Equipment
24,464 73
made during the year is given below.
Total
$1,898.750 97
Grade crossings eliminated during the year:
The equipment retired from service during the year, as
State of Connecticut
3 shown at the bottom of page 36, [pamphlet report] resulted
State of Massachusetts
2 in the following charges to Operating Expenses:
Total
5
The elimination of the Corbin Avenue grade crossing at
New Britain, Conn., ordered by the Public Service Commission is about completed.
New Passenger Stations have been provided during the
year at the following points:
Brayton, Mass.
Hanover, Mass.
Hartford, Conn.
Merwinsville, Conn.
Pawtucket-Central Falls, R. I.
Portsmouth. H. I.
South St. Station, Conn. (Suffield
Steam Locomotives
Other Locomotives-Cr
Freight Train Cars
Passenger Train Cars
Work Equipment
Total
$61,851 67
275 00
113.527 45
138.691 88
103.200 93
$416.996 9'
Steam Locomotives.-Total number on active list June 30
1915
Locomotives retired from service during the year
1.165
34
New locomotives added during the year
,
1131
28
Total on active list June 30 1916
1.159
Improved facilities have been provided at twenty-seven
The thirty-four locomotives retired from service were all
other points.
light capacity and in a number of instances their boilers
The rebuilding of the Hartford Passenger Station is com- of
would not meet the requirements of the Federal Boiler
pleted and the station was opened to the public in Septem- Inspection
Act.
ber 1915.
The hauling capacity of the steam locomotives is asfollows:
The new Pawtucket-Central Falls Passenger Station with
Total Total Weight of
approaches, platforms, elevators, etc., was completed and
Tractive Weight on Locomotives
Power,
Drivers, Tons (exclusive
opened to the public in January 1916.
Number. Pounds.
Active ListTons.
Of Tenders).
New Freight Stations have been built during the year at June
1,165 28,573.600 61,515
30 1915
78.296
Added during fiscal year*_
16,996
the following points:
20
39
Braintree, Mass.
Colchester, Conn.
IIanover, Mass.
Merwinsville, Conn.
Unionville, Conn.
Improved facilities have been provided during the year
at twenty other stations.
Improvements to Roadway and Track.-Owned and leased
track operated (excluding sidings), is laid with rail of the
various weights per yard as follows:
Added during fiscal year -account new locomotives received
28
1,339,165
2,737
3,669
Total
1,193 29,929,761 64,272
82,004
Retired from service during
year
34
514.747
1,189
1,632
Juno 30 1916
1.159 29.415,014 63.083
80,372
* Increased account of superheaters applied and change from compound
to simple cylinder locomotives.
There were 657 locomotives which received general over-
hauling and heavy repairs during the year.
Comparison of
Miles with 1915.
The following statement shows the character and conMiles.
Weight.
% of Total. Increase.
Decrease.
141 lb
.82
dition of the steam locomotives on June 30 1916:
.03
.04
107
• 4.18
123.23
9-1.
-,-IA
Average Weight
100
927.19
31.45
Each Locomotive, Average
53.65
90
166.90
5.66
-9-.85
Tons (excluaive
Tradive
80
477.93
16.21
23.01
of Tender).
In Service With- Added In Service
Wheel
Power,
70
105.26
3.57
-- _ drawn. (new). 6-30-16. Total. OnDrivers.Pounds.
6-30-15.
Arrangement.
6
.62
583.22
78
19.78
__ __
10
z00
2
8
36
40.21
36
-16.399
8.68
75
.29
__
1
1•-.95 zO0oo
178.35
74
6.05
2055
203
1
-4
.i
7.31 z000
iii
27.995
28.20
72
.96
a
l
8
zo000
343
335
71
-61
27,617
155.18
70
5.26
__
35
35
1-8:151 zo0000
76
69
32,546
159,22
68-67-66-60
5.40
-1::Fi
_2S
zo00000
28
131
98
47.827
56 or under
34.09
1.16
21
__
367
zoo00
346
---5".4
54
35
17,323
106
1
zoo000
-_
105
68
52
23,511
12
-_
__
zoo00o
12
Total
104
52
2.948.27
25.127
100%
2.48 zoo000o
88
-_
-88
122
75
35.614
Note.-All Steel Rail. With exception of sidings (not included in above
- figures) there is no iron rail in the.track.
34
28
1,165
1.159
70
54
25.379
1600
THE CHRONICLE
ConditionNumber. Per Cent.
Good
895
77.2
Fair
82
7.1
In shop for repairs
136
11.7
Awaiting repairs, to be repaired when suitable service
demands
46
4.0
VOL. 103.
increased $3,503,789 68, or 13.6%. Payrolls for the current
fiscal year will show still further increases. Expenditures
for material of all kinds except equipment amounted to
$15,439,174 15.
NON-OPERATING INCOME.
This account increased $604,178 93. The increase is due
1,159
100.0 to dividend
of $291,864 00 from the New York Ontario &
Number of locomotives equipped with superheaters__
120
10.4
Western Railway Company on its preferred and common
The forty-six locomotives awaiting repairs are of light stock, as compared with dividend of $132 00 on its preferred
capacity.
stock last year and to an increase in interest of $308,609 50
Electric Locomotives.-Hauling capacity and condition:
from The New England Navigation Company, that ComTotal
Total
pany's cash income being sufficient to pay all interest for
Tractive
Weight
Weight of
Power, on Drivers, Locomotives, the year.
Active List.
Number. Pounds.
Tons.
The interest on the securities of other subsidiary companies
Tons.
June 30 1915
102
1,503,940
8,144
10,443
held by the New Haven Company was not included in emuRetired during fiscal year
come unless actually earned and paid in cash.
June 30 1916
102
1,503,940
8,144
DEDUCTIONS FROM GROSS INGOME.
10,443
The charge increased $2,476,193 54, due principally to
There were thirty-five locomotives which received a
the increase in Hire of Equipment of $2,102,787 07 on acgeneral overhauling during the year.
count of congestion, embargoes, severe weather conditions
CARS IN FREIGHT SERVICE.
and lack of facilities. Joint Facility Rents, Miscellaneous
Of the total number of freight cars owned June 30 1916, Taxes, Interest on Debt, and expenses of Trustees appointed
1,268, or 3.73%, were in need of repairs.
by the Federal Court show increases.
During the year 229,543 freight cars were repaired, the
PROFIT AND LOSS.
repairs varying from minor repairs to general overhauling.
Charges and credits to Profit and Loss have been made
The five hundred steel, self-clearing hopper coal cars, during
the year as shown on pages 32 and 33 [pamphlet
ordered under an Equipment Trust and due several months
ago, have not been received on account of labor and material report].
The properties as a whole, in which the Company has an
troubles.
interest, showed better results for the year than for several
CARS IN PASSENGER SERVICE.
years and their physical condition is improved. What
Of the total number of passenger cars owned June 30 1916 losses
the Company will sustain when sales are made as
134, or 5.72% were in need of repairs. During the year ordered
by the United States Court cannot now be stated, but
8,608 passenger cars were repaired, the repairs verying from the properties
have a greater value to-day than a year ago.
minor repairs to general overhauling.
FINANCIAL.
NEW EQUIPMENT IN SERVICE.
The Company in the past two years has spent for the proIn addition to the equipment shown under Additions and
Betterments on page 36, [pamphlet report] the following tection of its property the following:
1916.
*1915.
equipment was received during the year under Equipment For Road and Equipment
$3,756,269 59 $1,358,261 86
For Grand Cdatral Terminal Building
Trusts:
49,661 73
643,432 37
28 steam locomotives.
2 all-steel dining cars.
2 all-steel multiple-unit motor cars.
On June 30 1916 there were one hundred passenger train
ears due from the Osgood Bradley Car Company on the 1916
contract. Of this number there have been received since
June 30 1916:
6 all-steel coaches.
13 all-steel 60-ft. baggage cars.
9 all-steel 70-ft. baggage cars.
The twenty all-steel passenger train cars due from the
Osgood Bradley Car Company on the 1915 contract have all
been received and were paid for out of current cash.
For Additions and Betterments on Leased
Steam Railroad Properties
For Advances to Subsidiary Companies for
Additions and Betterments
273,606 20
538,664 29
115,000 00
520,982 06
$4,194,537 52 $3,061,340 58
* Revised for purpose of comparison.
MATURING DEBT.
There will mature between October 1 1916 and June 30
1917 the following:
Portland Street Ry. Co. First Mortgage Gold Bonds,
November 1 1916
$30,000 00
The N. Y. N. H. & H. RR. Co. One-Year Collateral Gold
Notes, May 1 1917
25,000,000 00
Total
$25,030,000 00
There will also mature on May 1 1917 Three Year Collateral Gold Notes of The New England Navigation Company
The charge decreased $3,089 86, or 0.65% and took 0.61% amounting to $20,000,000 00 for which your Company as
of Operating Revenues as compared with 0.72% last year.
the only stockholder is responsible.
The most noticeable decreases were in Advertising and
CHANGES IN DEBT IN IIANDS OF THE PUBLIC
Stationery and Printing, while Outside Agencies and Indus(Including The New England Navigation Co.).
t;ial Bureau show increases.
Debt as of June 30 1915.
TRAFFIC EXPENSES.'
TRANSPORTATION EXPENSES.
The charge increased $4,464,854 39, or 18.64% and took
37.26% of Operating Revenues this year as compared with
36.65% a year ago, an increase of 0.61%.
The miles run by revenue trains of all classes were 22,543,164, an increase of 958,282, or 4.44%. The cost per revenue
train mile for Transportation Expenses was $1 26 compared
with $1 11 for last year, an increase of 15 cents per mile.
Cost of fuel for revenue train and yard steam locomotives
increased $887,198 14 over the previous year, due to severe
weather conditions, an increase in train miles and higher
prices.
MISCELLANEOUS OPERATIONS.
The charge increased $253,726 11, or 42.86% and took
1.10% of Operating Revenues this year as compared with
0.91% last year. There was an increase in the cost of
operating dining car service of $48,775 11 over last year.
The number of revenue meals served during the year was
417,622, an increase of 39,082 meals.
There was an increase in cost of operating restaurants of
$138,851 18, due to taking over the restaurants at New
Haven, Providence and Willimantic, and the opening of the
Hartford restaurant upon the completion of the station.
GENERAL EXPENSES.
Mortgage Bonds
Debentures
Loans and Bills Payable
New England Nay. Co. Gold Notes
$58,354,000 00
155,892,100 00
30,139,000 00
20,000,000 00
$264,385,100 00
Debt as of June 30 1916.
Mortgage Bonds
$58,579,000 00
Debentures
155,546,019 60
Long Term Note
222,000 00
Loans and Bills Payable
25,007,000 00
New England Nay. Co. Gold Notes
19,305,000 00
258,659,919 50
Decrease
35,725,180 50
Accounted for as Follows:
Increase.
Decrease.
European Loan Debentures of 1907 duo
April 11922, acquired and canceled
$345,180 50
Worcester & Conn. Eastern By. Co. 434%
First Mortgage Gold Bonds due Jan. 1 1943,
purchased for Sinking Fund
24,000 00
Loans and Bills Payable
2,910,000 00
One-Year Collateral Gold Notes
2,000,000 00
Sale of Treasury HoldingsN. Y. P. & B. RR. Co. 47 General Mortgage Bonds due April 1 1942
$247,000 00
Now Haven & Derby RR. Co. 5% Consolidated Mortgage Bonds due May 1 1918.
Sold by New England Navigation Company
1,00000
Naugatuck RR. Co. 4% First Mortgage
Bonds due May 1 1954. Sold by New
England Navigation Company
1,000 00
The New England Navigation Company
Gold Notes due May 1 1917, held in
treasury
695,000 00
The charge shows an increase of $145,187 75, or 9.01%,
and took 2.30% of Operating Revenues as compared with
$249,000 00 35,974,180 50
2.46% a year ago. There was an increase in pensions of
$5,725,180 50
$11,238 43, in valuation expenses of $95,831 69 and in wages Decrease in debt
of general office clerks. Additional clerks were also emFor every $100 of stock this Company has $164 63 of debt,
ployed because of the heavy business.
The amount of pensions paid during the year was $187,- which is $3 65 less than last year.
514 68, and the cost to the Company account of the Federal
EUROPEAN LOAN.
Act requiring valuation of railroads amounted to $186,During the last year a large number of the Company's
719 43.
European Loan Debentures of 1907 found their way into
PAY-ROLLS AND MATERIALS.
this country and request was made that each 500 franc debenOn June 30th the total number of employees was 35,485 ture be stamped at a par value of $96 50 and each coupon
and the total payrolls for the year for all classes of labor paid $1 93. For this stamping your Company was to be paid
for directly were $29,269,103,48. Payrolls for the year 2% on the face value of each debenture so stamped. The
OCT. 28 1916.1
THE CHRONICLE
request was granted by your Directors and up to October 1st
the Company stamped 136,792 of these debentures, for which
It received in cash $330,010 70. The amount so received
was invested in the European Loan Debentures of 1907 and
3,795 of these debentures of a par value of $366,217 50 were
acquired at a cost of $329,902 03. The debentures so acquired have been canceled and the debt correspondingly
reduced. The debentures in the hands of the public stamped
by your Company have since been exchanged for Dollar
Debentures of denominations of $1,000 in. coupon form, so
that on October 1st the European Loan is divided as follows:
In Dollar Debentures
In 500 Franc Debentures
RENEWAL OF NOTES.
$12,834,210 50
14,784.572 00
$27,618,782 50
The $27,000,000 00 Five per cent One Year Notes due
May 1 1916 were paid on that date by a new issue of One
Year Four and one-half per cent Notes due May 1 1917, for
$25,000,000 00 and $2,000,000 00 in cash. The loan last
year with interest, discount and commission cost 73. per
cent and this year it cost with interest and discount 4/
per cent.
INTEREST AND DISCOUNT.
1601
For this equipment $1,566,037 10 was paid as first installment of the various trusts and the balance will be paid in
installments at the rate of $638,000 00 a year for the first
ten years from date of agreements and $166,000 00 a year
for the succeeding five years.
PUBLIC CONTROL.
LEGISLATION.
No legislation substantially affecting the interests of your
Company was passed by any of the State legislatures during
the past fiscal year. The report of the Public Service Commission of Massachusetts about the capital expenditures,
investments and contingent liabilities of your Company,made
as a result of an investigation ordered by the General
Court
of 1915, was not acted upon by the General Court of 1916.
Before the legal status of your Company is definitely
settled
in Massachusetts a bill must be passed by the
General Court
and it is earnestly hoped that public opinion and
in the Company will be strong enough to bring confidence
about the
passage of the needed bill.
MORE TIME UNDER FEDERAL DECREE.
The amount paid for interest and discount on short term
Modifications of the dissolution decree of the
United
paper, including The New England Navigation Company States District Court for the Southern District
of New York
and The Harlem River & Port Chester Railroad Company were requested by your Company so as to permit
of a refor the past three years has been:
organization of the Eastern Steamship Corporation.
This
For tho year ending Juno 30 1914
$4,453,366 48 request having been assented to by the Attorney General,
For the year ending Juno 30 1915
3,662,051 36 the modifications were entered
For the year ending Juno 30 1916
and
the
reorganization is
2,862,139 34
now proceeding.
SECURITIES SOLD AND NOTES RECEIVABLE COLLECT
IONS.
On
June
30
1916
your
Compan
y
through
During the year securities have been sold and cash collecthe Navigation
Company owned securities with a book value of $4,200,000 00
tions made on notes receivable as follows:
of
Eastern
the
Steamsh
ip
Corporat
ion
which
is in the
Securities Sold.
of receivers. Since the close of the fiscal year $1,000,0hands
32,208 Shares Waterbury Gas Light Co. Stock, Par Value
00 00
$805.200 00
par value of the Bonds and 20,000 shares of common stook
$1,482,55
7
00
New York Providence & Boston RR. Co. Bonds
233,202 50 have been sold, an assessment of
Salts Textile Manufacturing Co., Mortgage Note
$375,000
00 on 15,000 shares
75,000 00
9 Shares Westinghouse Air Brake Co. Stock. Par Value $450
1,248 65 of preferred stock has been paid and securities in the re10 Shares Post Publishing Co. Stock, Par Value 81,000
1,020 00 organized Company are to be received
Shares
Queensbur
Mills
y
Stock, Par Value $200
2
as follows: $1,500,136 50 000 00
5% Income Bonds and 18,750 shares of preferred
Notes Receivable Collections.
The New England Navigation Co
stock.
Under
the
decree
301,157
of
the
10
Court
these securities must
Hartford & Connecticut Western Ry. Co
819,781 71 be sold by July 11917, but as the
Housatonic Power Co
conditions for sale of the
615,000 00
The Connecticut Co
property
have
been
very
adverse
an
application for an ex300,000 00
Rutland Railroad Co
150,000 00 tension of time will be made.
Shearer Realty Trust
150,000 00
Berkshire St. Ry. Co
request
A
to
extend
to
January
1
1919 the time in which,
55.000 00
City Lumber & Coal Co
5,000 00 under the decree, the trustees of the Boston Railroad Holding
Miscellaneous Notes
1,291 79 Company are required to sell
the stock of the Boston &
$4.190,425 25 Maine Railroad has been filed and is now pending in
the
The proceeds from the sale of the securities and the collec- United States District Court for the Southern District
of
tions on notes were used to reduce the debt of your Company New York. It is hoped that the Attorney General will
consent to the extension as requested and give the trustees
and pay for additions to the property.
In addition there was sold by the Housatonic Power Com- time in which to sell the stock after the proposed reorganizapany 23,331 shares of the capital stock of the Waterbury tion of the Boston & Maine Railroad has become effective
.
Gas Light Company for $1,084,812 00; 500 shares of
RATES.
capital stock of the Watertown Gas Company for 850,000 the
00;
During the year much work has been done in revising
and 7,000 shares of the capital stock and notes aggregat
both
$67,500 00 of The Westport Water Company for $92,500 ing freight and passenger rates.
00;
In August 1915 rates for parties of 100 or more traveling
a total of $1,227,312 00. This amount was used to pay off
the notes of the Housatonic Power Company in the halids together were increased from 2 cents to 2% cents per mile,
and in January 1916 commutation rates between New
of the public amounting to $400,000 00 and the balance
was and
York
paid on the notes of the Housatonic Power Company held
points in Connecticut, Greenwich to Stamford inclusive
,
were increased to the basis in effect between New York
by the New Haven Company.
and
points within that State, declared reasonable by the Supreme
SALES OF PROPERTY.
Court of that State.
Sales of land not required for the corporate purposes of the
The revision of local commodity rates. having been pracCompany amounted to $698,489 44. Land no longer needed tically
d, consideration is now.being given to revision
or likely to be required by your Company is sold whenever of jointcomplete
class rates with connections in New England, after
fair prices can be obtained.
which the question of increasing joint commodity rates will
Increases in rentals for land station concessions have been be consider
ed.
made in many cases.
While in some cases reductions were made, the revision
During the year the Company realized from the sale of
resulted in putting the rates on a slightly higher level, and
second-hand and scrap material $1,014,565 00.
further increase should be made because of the great
increase
SETTLEMENT OF THE BILLARD CASE.
in wages and prices of material.
The suit against John L. Billard and others was
order
In
to
encourag
e
the
prompt
unloading of cars a "track
settled
and the suit withdrawn upon the receipt of
00 00 charge" of $2 00 per delayed car day was made effective at
in cash which was applied to reduce the book $1,250,0
New
York
and
Boston
and
later
a
value
similar charge of $5 00 a
of
your
Company's investment in the Boston Railroad
Holding day at all points. The establishment of demurrage and
Company.
storage rules and rates that will stimulate the removal
of
EQUIPMENT TRUSTS.
freight from cars and warehouses is now under consider
ation.
Under lease and conditional sale agreements, one
with
the
VALUATION.
Farmers' Loan & Trust Company dated April 1
1914, one
During the year the forces of the Inter-State Commerc
with the Philadelphia Trust, Safe Deposit & Insuranc
e
e Commission have continued
Company dated November 2 1914, and two with the Comthe work of valuation under the
mercial Trust Company of Philadelphia dated December 1 Act of Congress passed March 11913.
The date of valuation of the property was fixed as of June
1915 and September 11916, respectively, equipment has been
purchased or contracted for at a total cost of $8,776,037 10. 30 1915. The date for the valuation of the property of the
A list of this equipment, some of which has been delivered Central New England Railway Company was fixed as of
June 30 1916, but the Government will not begin work
and is in service, follows:
on
that property until next spring.
50 l'acific typo locomotives.
30 Mikado typo locomotives.
The
Governm
ent
Roadwa
y Parties have made a cross182 All steel coaches.
section survey of the roadbed and an inventory of the
85 All steel baggage cars.
track
15 All steel postal cars.
material
on
about
1,352
miles
of road; have completed an
28 All steel smoking cars.
inventory of the terminals at Boston and at Harlem River
10 All steel combination baggage and smoking cars.
10 All steel combination baggage and mall cars.
and are now at Providence.
17 All steel multiple unit motor cars.
The Land Parties have completed an investigation of the
26 All steel multiple unit trailer cars.
values of similar and adjacent land on about 411 miles.
25 Steel underframe milk cars.
50 Steel refrigerator cars.
The Electrical Party has completed its inventory of
6 Steel dining cars.
electrical construction on about 82 miles, and has yet
500 Steel self-clearing hopper coal cars.
to
4 Steam locomotive cranes.
complete the Nantasket Beach Branch, the main line between
2 Steam wrecking derricks.'
Cedar Hill and Woodlawn,and the Harlem River Branch.
1 Steel business car.
The Telephone and Telegraph Party has covered
1,041
949
miles.
1602
THE CHRONICLE
The inspection and inventory of the bridges and buildings
started in the fall of 1915. The Bridge Party has covered
830 miles of line, and the Building Party 374 miles.
The inventory of the equipment and the machinery commenced on July 5 1916, and this will probably take about
nine months.
The Valuation Department of the Company was organized
in December 1913; about 145 employees are now engaged in
the work; to June 30 1916 $301,783 94 has been expended
by the Company. The work for the next year will cost
about $200,000 00.
No report about the valuation is expected from the Government until after January 11918.
GENERAL REMARKS.
The gross earnings of the Company for the fiscal year
ending June 30 1916 were the largest in its history, but the
year was a difficult and somewhat unsatisfactory one because
the volume of businessin New England overtaxed the facilities
of the Company and of many manufacturers and merchants.
There were severe storms, especially in December 1915,
which reduced the efficiency of the Company, particularly
between New York and New Haven, and between Maybrook
and Danbury, via the Poughkeepsie Bridge, and there was
great congestion on all lines reaching New York City.
There was much unrest among many classes of men, due
to the unusual manufacturing activity, and the Company had
to deal with fifty-seven strikes and to hire a very large number
of inexperienced men, many of whom remained in the service
only a few days. There was considerable difficulty in getting
an adequate supply of fuel, both for the Company and for
manufacturers. As a result of these conditions, there were
more freight cars on the road for months than could be
handled promptly and economically either by the road or by
the consignees, and there was great congestion and expense.
At one time, on the New Haven and Central New England
roads combined, there were over 57,000 freight cars, or at
least 12,000 more cars than could be handled satisfactorily
on existing tracks and terminals. From 12,000 to 15,000 cars
of freight were ready for unloading each day, but the congestion of terminals and the lack of facilities of both the
railroad and the owners of the freight rarely permitted the
unloading of as many as 6,000 cars a day, and some days
less than 4,200 cars were released.
So great *as the congestion on all roads east of Buffalo and
Pittsburgh that the Eastern Freight Accumulation Conference
Committee was created, made up of the railway Presidents
and on which Inter-State Commerce Commissioner Clark
was an effective member.
This Committee bad full power to divert freight, to place
embargoes and to take any action that would help the general
situation.
For the first five months of this fiscal year to November 30
1915, the gross earnings of the Company increased $3,684,840 06, with an increase in expenses of only $636,712 47.
This was before the volume of business showed the very large
increase of succeeding months and before the heavy storms
and the overtaxing and clogging of terminals and other
facilities. As late as August 1 1915 the Company had 203
engines stored, in good order, waiting for business. These
were quickly put into service, although they were too small
for economical work, and 83 heavy engines were ordered for
delivery in 1916,of which 80 were received by October 10th.
The following table shows the growth of business:
103.
stantial additions made to it if it is to perform the present
business satisfactorily- and economically and be ready to do
the constantly growing business of New England. Many
studies and suggestions as to improvements have been made
during the past few years, and a careful review of these has
been made during the last six months,and the following kinds
of work should be done and equipment purchased as soon
as the money,.men and material can be obtained:
Heavier and Stronger Bridges (including the Thames River
Bridge at New London, and the connecticut River Bridge
at Hartford)
Additional Main Tracks and Sidings
Improved Signals and Interlocking Plants
Improved Telephone and Telegraph Facilities, including
storm proof wires between New York and New Haven_......
Improved Engine Terminals.
Freight Terminal Improvements at large and important
terminals
Passenger Terminal Improvements
Equipment, Shops and Tools
This includes 53 heavy steam freight engines; 60 heavy
electric engines for passenger, freight and switching service; 100 steel passenger train cars; 700 freight train cars.
Miscellaneous Improvements, such as heavier rail, heavier
ballast, small additions to stations, industrial tracks, labor
saving devices. etc., etc
Total
$3,400,000 00
2,800,000 00
880,000 00
600,000 00
480,000 00
5,900,000 00
1,700,000 00
9,300,000 00
2,800,000 00
$27,860,000 00
Of this sum approximately $3,860,000 00 will be chargeable
to Operating Expenses, leaving $24,000,000 00 to be charged
to Property Account.
Nothing is included in this estimate for the elimination of
grade crossings and only those passenger terminal improvements are included which are imperative for the safe and
expeditious handling of passengers, nor is anything included
for carrying the Company's tracks through New London on an
elevated structure—something that should be done. after
the Thames River bridge is finished.
If these expenditures can be made, the capacity of the road
will be increased, better service will be given to the public,
and large savings in expenses can be made which are most
important, especially if wages and material are to continue on
the present basis. The Company is preparing to do as much
of this work as practicable, believing that the only way it can
be restored to a dividend paying basis is to put the plant in
condition to produce and furnish safe and adequate transportation at the lowest unit cost, and to give improved working conditions to the employees.
In order to make these improvements there is needed the
co-operation of the public, the owners of the property and
the employees. The public should realize that the New
England railroads have to pay freight on all fuel coal for their
locomotives and that a very large amount of this coal has to
be brought in all rail. These freight charges on coal increase
the fuel cost for a road like the New Haven between $3,000,000 00 and $4,000,000 00 a year as compared with the same
amount of coal used by roads like the Pennsylavnia, Baltimore & Ohio, and Delaware Lackawanna & Western, and
yet the passenger and freight rates on the New Haven are no
higher than on those roads, and in many cases are lower. It
is also to be borne in mind that the New Haven derives nearly
one-half of its earnings from the operation of passenger trains
and that the average distance traveled by each passenger
is only nineteen miles. More than half of the passenger trains
run by the Company earn less than $1 00 per mile, and many.
earn less than 25 cents a mile. The average cost of running
all trains one mile, both freight and passenger, without
allowing anything for maintenance of track and equipment
or taxes for the year was $1 26,and including all expenses and
taxes was $2 39. A very large proportion of the freight cars
Freight.
Passenger.
handled are loaded with less than carload merchandise, and
00
00
$22,853,000
$26,596,000
1909
miles.
30,111,000 00 24,886,000 00 the average haul of all freight is only eighty-four
1910
30,329,000 00 26,213,000 00 This large proportion of short haul passengers and merchan1911
00
26,816.000
32,131,000 00
1912
Company a retail instead of a
34,072,000 00 27,896,000 00 dise makes the business of the
1913
32.476,000 00 27,401,000 00 wholesale one, and with the increase in wages and the high
1914
31,179,000 00 27.011,000 00 cost of fuel adds largely to the expense of operation.
.1915
37,448,000 00 29,621,000 00
1916
Federal Government is now underpaying the Company
and the figures below show the amount of gross earnings used forThe
the carriage of mail and parcel post at least $1,000,000 00
for transportation expenses and for all operating expenses:
a year, a sum that the Company is justly entitled to to-day
Transportation Operating
and for a number of previous years. Under these conditions,
• Expenses.
Expenses.
66.39
41.38
if legislation and the economic conditions of the country force
1909
63.74
37.80
1910
upon the road very large increases in wages and higher prices
65.80
39.46
1911
for material, the public authorities should allow increased
64.84
38.75%
1912
68.83
39.65
1913
rates, if the road is to be kept in position to furnish the
72.83
40.33%
1914
amount and quality of transportation that its territory needs.
3j.65%
67.49
1915
66.93%
37.269'
1916
The public should also realize that those improvements that
Beginning with the fiscal year 1914 charges for Deprecia- add to the capacity of the road should be made fitst and
tion of Equipment have been made as follows, and included should consent to a postponement of improvements like
passenger stations and elimination of grade crossings, which,
in operating expenses and the percentages shown above:
Per Cent of
while desirable, are not absolutely necessary to the general
Gross Earnings. development of the territory served by the Company and
2.63
_$1,773,365 79
Year ending June 30 1914
which do not increase the capacity of the road.
2.64
1,724,434 53
Year ending June 30 1915
2.49
1,898,750 97
Year ending June 30 1916
The owners of the securities should realize that 25,769
So great was the unrest among men, and so difficult was it stockholders and atleast 20,000 bond and note holders possess
to obtain and retain them that many increases in rates of pay an unexercised power and influence which should be used for
have been made during the year. In the months December the protection of their property by demanding sane regulation
1915, to March 1916, inclusive, very handsome increases in and reasonable advances in rates to meet advances in wages
gross revenue were almost entirely absorbed by increases in and increased cost of material.
expenses and per diem charges for freight cars. While the PiRecently,because of pressure from four labor organizations,
amount of gross earnings used for expenses, 66.93%, was the President recommended and Congress passed a misnamed
takes
less than for several years, in spite of the conditions existing, "Eight-Hour Law," which may cause, when the law
it was higher than it should have been if the facilities of effect, a very large increase in expenses—between $1,.500,merchants, manufacturers and the Company for handling, 000 00 and $2,000,000 00 -a year, depending on the interpretation of the law. There are less than 7,500 men in these
loading and unloading freight had been adequate.
0.The experience of the year indicates that, as pointed out in organizations on the New Haven system and less than 400,the report of 1915, the plant of the Company must have sub- 000 on all the railways in the United States. There are, as
1603
THE CHRONICLE
OCT. 28 1916.]
already told, 25,769 stockholders of the New Haven, and at
least 600,000 holders of railway stocks in the United States
(not to mention at least an equal number of bondholders),
but their influence has not been exercised for their own protection. The directors and officers are doing their utmost to
safeguard and improve the property,.but the active influence
and support of all owners of securities are needed, not only
in creating a favorable public opinion, but in providing new
capital, in excess of what can be saved from earnings and
sales of property, in order to make those improvements that
will increase the earning power of the property.
The employees should realize that they are citizens of the
territory served by the road, as well as members of labor
organizations. They owe a duty to themselves and their
families, to the Company that furnishes employemnt, and
to the communities in which they live, as well as to their
organization. It is very much to their present and future
interest to have the road adjusted to the needs of the territory
served and improved working conditions created. This
work can be accomplished more quickly if every man who
receives pay from the Company will be economical and careful and do the best work he can. A cent a day saved by each
-
employee would make more than $100,000 00 a year to be
put into improvements.
In the interest of the territory served the co-operation of
the public, the employees and the owners is asked so that the
Company will the sooner be in a position to serve adequately
all interested in its welfare.
On March 14th Mr.E.J.Pearson was appointed Assistant
to the President to expedite the work of making and executing
plans for the improvement work mentioned and to relieve the
President of certain detailed work to which it was impossible
to give sufficient attention.
During the year a very large amount of service was given
to the public and the thanks of the public and of the Company are due to many loyal officers and thousands of loyal
men who performed their tasks under very difficult conditions.
Statements of account of the New Haven Company and of
various subordinate companies are submitted.
By order of the Board of Directors,
HOWARD ELLIOTT,
Chairman.
GENERAL BALANCE SHEET 'TUNE 30 1916.
Comparison with 1915.
1916.
ASSETS.
Investments:
Road
Equipment
Improvements on Leased Railway Property
Sinking Funds
Loss Company's own issues
Deferred Assets:
Working Fund Advances
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
Total Unadjusted Debits
Grand Total
LIABILITIES.
Stock:
Capital Stock (in hands of public)
Premium on Capital Stock (since July 1 1909)
Current Liabilities:
Traffic and Car Service Balances Pay( ble
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Matured Dividends and Interest Unpaid
Matured Funded Debt Unpaid
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
Deferred Liabilities:
Retained I'ercentages duo Contractors
Deposits account of Sidetracks
$2,156,560 35
179,124 68
495 00
470 84
2,73827
1.250,000 00
1.176.261 13
45,000 00
2.637.003 86
36,083 48
$2,740,200 59
5,042,265 55
2.126,457 48
5,411,821 09
236,169 73
4,517,927 30
6.811.461 98
698,332 55
3,702 18
1,00834
33.019 70
1,255,622 62
13,056 66
2.278,755 43
24,293 46
470,179 37
1.228.762 80
276,212 52
$24,882,165 90
$5.378,604 95
99,902 59
11,20772
50,744 90
3,557,718 79
30,736 19
489.344 74
991 79
1,008 34
168,294 46
3.608,463 69
520,080 93
$458.103,836 84
$3.169,693 01
$176,400,787 50
18,271 69
$18,271 69
$58,779,000 00
168,000 00
58,611,000 00
223,000 00
$157,619,269 50
2,072,350 00
155,546,919 50
$345,180 50
222,000 00
25,007,000 00
626,393 42
4,910,000 00
181.143 16
$240,013,312 92
$5,213,323 66
4,257.639 34
4,181.116 23
56,000 00
1,974,744 64
6,512 68
2,378,783 33
481,375 80
179,556 05
439,386 51
48,878 98
7,694 25
50,677 06
$13,515,728 07
$188,669 23
39,956 91
88,277 67
16.124 67
Reserve for Accrued Depreciation of Equipment
Reserve for Accrued Depreciation AccoLnt of Thames River Bridge
Equipment and Personal Property Leased
Profit and Loss-Surplus (See subsequent page)
Grand Total
For Contingent Liabilities see subsequent page.
192,000 00
600,000 00
1,216,674 05
2,140.314 94
172.369 44
28.902 45
43,203 15
27,078 48
128,234 58
Unadjusted Credits:
Accrued Taxes
Personal Injury Reserve
Operating Reserves
Otter Unadjusted Credits
Decrease.
$157,117,900 00
19,282.887 50
Grants in aid of Construction
Miscellaneous Obligations (See subsequent page)
Loans and Bills Payable
Non-Negotiable Debt to Affiliated Companies
8197.662,404 07
4,169,546 08
$429,513,304 66
Total Investments
Debentures (See subsequent page)
Less held in Treasury
31,717,20674
439.353 61
5,356,944 11
5,999,055 85
52,119,953 36
31,444,19621
76,463,107 59
14,270,027 50
4,470,668 50
35,878,646 28
1,678,755 11
Current Assets:
Cash
Special Deposits
Net Balance due from Agents and Conductors
Traffic and Car Service Balances Receivable
Miscellaneous Accounts Receivable
Materials and Supplies
Interest and Dividends Receivable
Loans and Bills Receivable
Rents Receivable
Other Current Assets
Total Current Assets
Mortz
8135,741,269 29
61.921,134 78
$168.000 00
168.000 00
Miscellaneous Physical Property
Investment in ouildings at Grand Central Terminal, New York City
Stocks-In hands of Trustees (See subsequent page)
Hedged (See subsequent page)
Unpledged (See subsequent page)
•
Bonds-Pledged (See subsequent page)
Unpledged (See subsequent page)
Notes-Unpledged (See subsequent page)
Advances Unpledged (See subsequent page)
Long Term Debt:
e Bonds(See subsequent page)
held in Treasury and Sinking Fund
Increase.
13,542 57
97,608 69
1,216,674 05
172,087 14
$4.148.288 99
5,490,954 69
480,000 00
9,477,069 23
8.430,489 17
$1.277.609 93
1.748,089 42
480,u00 00
$458,103,836 84
$3,169,693 01
4.697,454 88
1604
THE CHRONICLE
(VoL. 103.
PROFIT AND LOSS ACCOUNT.
CREDIT.
DEBIT.
Balance brought forward from June 30 1915
$3,733,034 29 Book value of abandoned facilities
$104,198 80
Net income for the year
to other roads on unadjusted per diem
Amount received for stamping 128.883 Five Hundred Franc 4,315,756 86 Payments
charges during period October 1 1907, to FebFrench Loan Debentures, par value of $96 50 each and
ruary
28 1908
23.50125
coupon $1 93 each
310,930 24 Discount on Equipment Trust Certificates
Profit on sale of land
Series "BB" dated December 1 1915
22.785 00
Final adjustment in connection with the Boston & Albany 105,706 71 Loss
on Second Mortgage Notes of Park Square
Operating Agreement of 1912, which was canceled as of
Theatre, Boston
20,000 00
Jan. 31 1914
52,325 52 Old Colony R. R. Co. account representing exProfit on sale of securities
26.533 52
cess of current liabilities over current assets
Amount received from outside parties for cost of sidetracks
assumed at the time of lease, July 1 1893_ _ _ _
9,621 54
and other facilities located on railroad property
35,789 38 Cost of printing "Dollar Debentures" exchanged
Difference between cost and par value of 3,577 Five Hundred
for French Franc Debentures
4,400 00
Franc French Loan Debentures purchased
Miscellaneous
34,336
83
charges
29,990 31
Overcharges carried in "Other Unadjusted Credits," mirefundable and transferred to Profit and Loss
$214,496 90
21.848 55 Balance June 30 1916,as per balance sheet
Cancellation of unpaid wages
8,430,489 17
4,661 75
Miscellaneous Credits
4,062 42
$8,644,986 07
$8,644.986 07
STATEMENT OF CONTINGENT LIABILITIES
JUNE 30 1916.
Under the provisions of Section 4, Chapter 519, of the Acts
of the General Court of the Commonwealth of Massachusetts,
passed at its 1909 Session, The New York New Haven &
Hartford Railroad Company is authorized to guarantee the
principal of, and the dividends and interest upon, the capital
stock, bonds, notes and other evidences of indebtedness of
Boston Railroad Holding Company. On June 15 1910 the
General Court of the Commonwealth of Massachusetts
passed an Act authorizing the issue of preferred stook (without voting power) of Boston Railroad Holding Company, in
exchange for its four per cent fifty-year Debentures dated
November 1 1909; and on January 10 1911 the $20,012,000 00 Debentures owned by The New York New Haven
& Hartford Railroad Company were exchanged for preferred stock. On June 30 1916 there were held by the
public 28,000 shares of preferred stock of Boston Railroad
Holding Company, on which the guaranty of four per cent
cumulative dividends per annum and the payment of principal
at one hundred per cent on liquidation had been executed,
and on the same date The New York New Haven & Hartford Railroad Company owned the following stock, which
is held for the Company by Trustees under decree of the
Federal Court:
Guarantees the payment of principal and interest of the
four per cent fifty-year First and Refunding Mortgage Gold
Bonds of the New York & Stamford Railway Company of
the issue of November 1 1908, to the amount of $247,000 00.
Guarantees the payment of principal and interest of the
four and one-half per cent First Mortgage Gold Bonds of the
New York Westchester & Boston Railway Company of the
issue of July 1 1911, to the amount of $19,200,000 00.
Guarantees four per cent dividends on preferred stock of
the Springfield Railway Companies,$3,387,900 00, and payment of principal at one hundred five per cent on liquidation.
ADDITIONS AND BETTERMENTS.
Owing to financial conditions, severe weather during the
past winter, scarcity of labor and material, the expenditures
for Additions and Betterments have been smaller.than they
would have been under normal conditions.
The expenditures for the year ending June 30 1916
follow:
New or improved bridges
New York Division electrification, power plant, &c
Bridgeport, Conn., increased yard facilities
Waterbury, Conn., yard improvements
New York Division, signals
Increased weight of rail
Increased weight of other track material
Westbrook-Saybrook, passing sidings
Other new passing sidings
31,065 shares of Common Stock of Par Value
$3,106.500 00 New roadway machines
244,939 shares of Preferred Stock of Par Value
24.493.900 00 Kingston to Midway, stone ballast
THE NEW YORK NEW HAVEN & HARTFORD RAILROAD CO. Elimination of grade crossings
Hill, Conn. coaling facilities
Is liable jointly with other roads for any deficiency on Cedar
Hartford, Conn., reconstruction passenger station
Midway, Conn., extension eastbound lead track
foreclosure of bonds of the Boston Terminal Company.
Groton-Midway,four-tracking
Guarantees the payment of principal and interest of the South
Boston cut improvements
four per cent First Mortgage Gold Bonds of the Central New New York-New Haven, telegraph plant
Sundry other additions and betterments
England Railway Company of the issue
January
$374,487 8-3
154,794 34
103,009 55
27,842 67
167,540 76
48,039 82
70,662 55
117,568 12
118,304 71
19,691 94
84,620 29
95.038 78
18,310 18
71.179 33
22,982 45
112.669 51
86.604 11
94,995 75
84,646
04
of
1 1911,
$1,872,988 75
to the amount of $13,427,000 00.
New Equipment,consisting of 30 coaches. 10 combination passenger cars, 5 other combination cars, 24 baggage and exIs liable for the amount of the Connecticut Railway and
press cars. 5 postal cars, 51 cabooses, 1 box car, was reLighting Company Sinking Fund, $963,932 45, which
ceived during the year.
liability is offset by the securities, etc., in hands of the Cars were converted as
follows: 71 coaches,8 combination and
3 baggage and express cars into "Other company service
Trustees.
cars"; 5 coaches into combination passenger cars; 9 postal
Guarantees four per cent dividends on preferred stock of
into other combination cars; 12 coaches into Officers' and
pay cars; 40 box cars into "Other company service cars,"
the New England Investment & Security Company, $4,and 30 flats into "Other company service cars"
1,008,722 74
000,000 00, and payment of principal at one hundred five Initial payments and installments on Trust Equipment
874,558 10
per cent on liquidation; also guarantees the payment of
$3,756,269 59
Less:
principal, $5,0e0,000 00 and interest of the New England Equipment
put out of service: 22 passenger, 9 freight and 3
Investment & Security Company fifteen-year Funding 'Gold
switch locomotives; 85 box, 52 flat, 132 coal, 38 caboose,
46 coaches. 37 combination passenger cars, 11 baggage and
Notes dated April 1 1909.
express, 1 other passenger car, 1 Officers', 1 ballast 2 steam
Guarantees the payment of principal and interest of the
shovels, 1 wrecking car, 145 "Other company service cars"
and 7 other combination cars
Gold Debentures of The New England Navigation Company *Real
$676,546 17
Estate sold, book value
592,782 73
in case of termination of lease of the Old Colony Railroad Facilities
abandoned
71,003 46
Company, $3,600,000 00.
1,340,332 36
Guarantees jointly and severally with The Pennsylvania
$2,415,937 23
Charged to Cost of Road
1,209,202 56
Railroad Company the payment of the principal and interest Charged to Equipment
332,176 57
of The New York Connecting Railroad Company First Mort- Trust Equipment Charged to Equipment Suspense
874,558 10
Total as above
$2,415,937 23
gage 432% Gold Bonds due August 1 1953, of the principal
amount outstanding of $24,000,000 00.
*Sold for $698,489 44.
STATEMENT OF FINANCIAL OPERATIONS YEAR ENDING JUNE 30 1916.
RESOURCES TO ACCOUNT FOR.
RESOURCES ACCOUNTED FOR.
Cash on hand and in banks June 30 1915
Expenditures:
$3,786,642 93
Special deposits for payment of interest,
For additions to road
$1,872,988 75
For new equipment
&c
1,008,722 74
2,113,400 82
Initial payments and installments on Trust
$5,900,043 75
Income for the year:
Equipment
874,558 10
Balance, after expenses, taxes and fixed charges
4,315,756 86
Decrease in sundry assets:
$3,756,269 59
Less real estate sold, book value_ _$592,782 73
Treasury securities sold:
Abandoned structures
N. Y.P.& B. RR. Bonds
71,003 46
$247,000 00
Miscellaneous securities
Equipment retired
676,546 17
1,221,261 13
Notes of and advances to other companies and
1,340,332 36
individuals paid off
2,805,395 65
$2,415,937 23
Advances account structures at Grand Central
Park Square Property
2,209 00
Terminal, New York
4,275,865 78
$49,661 73 •
Settlement of Billard suit
1,250,000 00 Additions and Betterments on Leased Steam
Railroad Properties
Grants in aid of construction
$273,606 20
18,271 69
Less charged to income
Increase in sundry current liabilities less increase in sundry
58.398 04
assets
215,208 16
511,980 51
Advances to subsidiary companies covered by
Profit and Loss:
notes
Balance of sundry accounts
115,000 00
381,698 02
379,869 89
Decrease in Notes Payable
4,910.000 00
Decrease in Non-Negotiable Debt to Affiliated Companies
181,143 16
Mortgage Debt paid off
345,180 50
Bonds purchased for Sinking Fund
24,000 00
Increase in sundry assets:
Materials and Supplies
1,228,762 85
Cash on hand and in banks June 30 1916
$5,042,265 55
Special deposits for payment of interest, dividends, &c
2,126,457 48
7,168,723 03
$16,653,616 61
$16,653,616 ()I
OCT. 28 1916.1
THE CHRONICLE
1605
INVESTMENTS.
STOCKS-IN THE HANDS OF TRUSTEES APPOINTED BY U.S. DISTRICT COURT.
*Boston & Maine RR. Leased Lines:
Boston & Lowell Railroad Corporation
Concord & Montreal Railroad
Concord & Portsmouth Railroad Company
Connecticut & Passumpaic Rivers Railroad Company
Connecticut River Railroad Company
Hereford Railway Company
Lowell & Andover Railroad Company
Manchester & Lawrence Railroad Company
Massawippi Valley Railroad Company
Nashua & Lowell Railroad Corporation
Northern Railroad (of New Hampshire)
Pemigewassett Valley Railroad Company
Peterborough Railroad Company
Upper Coos Railroad Company (of New Hampshire)
Vermont & Massachusetts Railroad Company
Wilton Railroad Company
Boston Railroad Holding Company, Common and Preferred
Rhode Island Company, The
Total
Number of
Shares.
Par Value.
412
2,469
18
1,464
1.015
246
193
63
354
84
922
710
86
73
184
98
276.004
96,855
$41,200 00
246,900 00
1,800 00
146.400 00
101,500 00
24,600 00
19,300 00
6,300 00
35.400 00
8,400 00
92,200 00
71,000 00
8,600 00
7.300 00
18.400 00
9,800 00
27,600,400 00
9,685,500 00
$88.775 13
395,765 70
3.285 00
208,162 44
276,220 04
21.928 77
41,919 26
14,081 66
46,020 00
20,170 51
130,750 27
99,676 51
8,390 00
10,242 75
30,439 77
21,389 14
26,350,400 00
24,352,336 41
381,250
$38,125,000 00
$52.119.953 36
Book Value.
* Under decree of the Court the investments in Boston & Maine leased lines must be sold on or before January 1
1917.
STOCKS-PLEDGED AND UNPLEDGED.
*PLEDGED.
Shares.
Par Value.
Berkshire Street By. Co
Boston & Providence RR. Corporation
Boston 1erminal Co., The
Central New England By.Co.,Common and Preferred
Harlem River & Port Chester RR.,The
Hartford & Connecticut Western RR Co
Holyoke & Westfield RR. Co
Iron Works Aqueduct & Water Co
Millbrook Company
New Englane. Navigation Co., The
New York Connecting RR.Co.,The
New York Ontario & Western By. Co.,Common and Preferred
New York & Stamford By. Co
New York Westchester & Boston By. Co
Norwich & Worcester RR.Co
Old Colony Railroad Co
Pennsylvania RR. Co.,'I he
Pittsfield & North Adams RR. Corp
Providence Warren & Bristol RR.Co.,Common and Preferred_
Providence & Worcester RR.Co
Quincy Quarries Co
Roxbury Central Wharf Co
Rutland RR Co
South Bay Wharf & Terminal Co
Vermont Co. The
Westchester Street RR.Co.,The
Wood River Branch.RR. Co
Miscellaneous
53.981
5,246
2,000
{Scrip, M3
6278)
10,000
17,482
200
1-12 interest
1,000
494,055
15,000
291,622
5,000
{Scrip A2t3
971
98,132
1,168
50
4,868
9,551
38
7
23,520%
9
6,500
7,000
336
15
$524,600 00
29,162,200 00
UNPLEDGED.
Book Value.
$1,582,443 18
13,108,397 62
97,100 00
9,813,200 00
219,038 19
13,065,341 80
486,700 00
955.100 00
730,212 67
2,738,762 75
Par Value.
Book Value.
$5,398,100 00
$6,371.395 58
200,000 00
8,532.136 78
200,000 00
1,921,727 96
1,000,00000
1,748,200 00
20.000 00
100 00
100,000 00
49,405,500 00
1,500,000 00
1,000,000 00
1,201,063 69
20,000 00
100 00
100,000 00
53,322,899 48
1,527,204 33
500,000 00
610.643 40
4,924,937 50
6,241,951 76
58,400 00
5,000 00
100 00
71,907 64
6,965 26
220 00
1,900 00
700 00
2,352,050 00
900 00
650.000 00
700,000 00
33.60000
1,50000
2,364,977 15
t900
571,104 31
905,783 53
21,477 50
1,500 00
'1 otal
2,110 00
oo
1,182.320% )541,038,900 00 $31,444,196 21 $77,133,124 28
$76.463.107 59
Scrip, $174 28
Pledged as part of collateral securing $25,000,000 00 One-Year 43 % Gold Notes of The N.
Y. N. H.& H. RR Co. dated May 1 1916.
t Nominal Value.
BONDS-PLEDGED AND UNPLEDGED.
Rate
of
Int.
•••
Berkshire Street Ry. Co.:
20-Year Gold Debentures due 1925
Central New England By. Co.:
First Mortgage 50-Year Gold Bonds due 1961
Income Bonds (Scrip) due 1949
Dutchess County RR 1st Mtge. Gold Bonds due 1940
Chicago & Eastern Minas RR. Co.:
Consolidated & 1st Mtge. 50-Year Bonds due 1937
Chicago Rock Island & Pacific By. Co.:
General Mtge. Gold Bonds due 1988
Harlem River & Portchester RR., The:
15-Year Prior Lien Gold Debs. dated May 1 1915
New York dr Stamford By. Co.:
First & Refunding 50-Year Gold Bonds due 1958
New York Weatcnester & Boston By. Co.:
First Mortgage Gold Bonds due 1946
Park Square Theatre Co., Inc.:
Second Mortgage Notes due 1932
Pawtuxet Valley Electric Street By. Co.:
Bonds due 1933
Vermont Co., The:
First Mtge. 20-Year Gold Bonds duo 1931
Westchester Street RR. Co., The:
First Mtge. Gold Bonds dated Sept. 1 1914
Wood River Branch RR. Co.: •
First Mortgage Bonds due 1024
Total -------------------------------------------------
•
*PLEDGED.
Par Value.
Book Value.
5%
Book Value.
$200,000 00
$200,000 00
608 50
5,000 00
608 50
5,230 00
5%
22,,,JJ 00
25,300 00
4%
38,000 00
38,000 00
678,000 00
599,880 00
4%
31,
$1,500,000 00 $1,270.027 50
4 %
5%
4%
4%%
,
UNPLEDGED.
Par Value.
13,000,000 00 13,000,000 00
2,190,000 00 2,190,000 00
5%
275,000 00
5%
38,000 00
39,900 00
5%
846.000 00
846,500 00
5%
222.000 00
222,000 00
5%%
56,500 00
275,000 00
28.250 00
sumo Ann On el et 270.027 50 X4.571 1 nst FA Id _4711 ARS SA
Pledged as part of collateral securing $25,000,000 00 One-Year 4%% Gold Notes of
The N.Y. N.H.& H. RR.Co. dated May 1 1916.
NOTES-UNPLEDGED.
ADVANCES-UNPLEDGED.
Rate of Interest. Amount.
Berkshire Street By. Co
Amount.
6%
$3,309,760 45
City Lumber & Coal Co
57
5,000 00 Boston & Providence RR. Corporation
$101,060 62
Connecticut Co., The
6
1,725,000 00 New York Westchester & Boston Ry. Co
Harlem River & Port Chester RR. Co., Tho4%
*1 00
15,000,000 00
Housatonic Power Co
6%of_
625,000 00 Norwich & Worcester RR Co
Larkin, P. C.
832,224 58
63,894
05
Milibrook Company
Old
Colony
RR.
Co
5 and 6%
745.468 91
2,313,241 21
Now England Navigation Co., The
4%,5 and 6% 3,603,650 94
New York & Stamford Ry. Co
204,872
08
Westchester
Boston
&
By.
Total
New York
Co_ _ _ _ 5 anhf%
$1,678,755 11
5,462,888 50
Providence Warren & Bristol RR. Co
6%
352,397 30
Rhode Island Co., The
6
2,964,798
45
Trustees of the Mass. Automobile Club Trust
54
90,000
Westchester Street RR. Co., The
6%
153,643 30
*The advances made to the New York Westchester & Boston Railway
Wood River Branch RR Co
5 and 6%
4,500 00
Co. amount to $3,727.325 00, but as the prospect of their being repaid is
Total
$35,878,646 28 very remote they have been reduced to a nominal value
of $1 00.
!Vol.. 103.
THE CHRONICLE
1606
MORTGAGE BONDS.INCLUDING BONDS OF MERGED ROADS ASSUMED.
Total
Outstanding.
Rate and Character of Debt.
First Mortgage
$15,000,000 00
4%
General Mortgage
Consolidated Mortgage
9 000
00,0
1:03
28
0 00
Consolidated Mortgage
100,000 00
Consolidated Mortgage
400.000 00
5
General Mortgage
150,000 00
First Refunding Mtge. Gold
4
350,000 00
Consolidated Mortgage
575,000 00
5%
First Mortgage
750,000 00
First Mortgage
4 o
2,500,000 00
First Mortgage Gold
4
3,777,000 00
First Mortgage Gold
4,000,000 00
4%
First Mortgage Gold
4%
1,992,000 00
First Mortgage
283,000 00
Consolidated Mortgage
51
415,000 00
First Mortgage
5
350,000 00
First Mortgage
250,000 00
First Mortgage
150,000 00
First Mortgage
30,000 00
5
200,000 00
First Mortgage
2,500,000 00
First Mortgage Gold
4
320 000 00
First Mortgage
5%
63,000 00
First Mortgage
150,000 00
First Mortgage
5
First Mortgage
175,000 00
5q
First Mortgage
160,000 00
4%
4%
Consolidated Mortgage
10,1)00,000 00
Consolidated Mortgage
5
7,500,000 00
First Mortgage Gold
400,000 00
5
4% Ref. Cons. M. Gold Bonds 2,400,000 00
N.Y. N. H.& H. RR. Co.-!!. R.& P.O
New York Prov. & Boston RR. Co
Housatonic RR. Co
Danbury & Norwalk RR Co
Danbury & Norwalk RR Co
Danbury & Norwalk RR Co
Danbury & Norwalk RR Co
New Haven & Derby RR Co
Providence & Springfield RR Co
Naugatuck RR. Co
Boston & Now York Air Line RR Co
Providence Terminal Company
t Worcester & Conn. Eastern Ry. Co
New Haven & Centerville St. Ry. Co
Meriden Horse RR. Co
Norwich Street Railway Co
Montville Street Railway Co
New London Street Railway Co
Portland Street Railway Co
Hartford Manchester & Rockville Tramway Co
Hartford Street Railway Co
Greenwich Tramway Co
*Branford Electric Co
.Torrington & Winchester St. Ry. Co
Meriden Southington & Compounce Tramway Co
Pawtuxet Valley RR. Co
New England RR. Co
New England RR. Co
Stafford Springs Street Ry. Co
Now Haven & Northampton Co
5e
5e
Total
Date of
Maturity.
May 1 1954
ri
.1
ona
P
4v
July 1 1920
July 1 1920
April 1 1925
June 1 1955
May 11918
July 1 1922
May 1 954
Aug. 1 1955
Mar. 1 1956
Jan. 1 1943
Sept. 1 1933
Jan. 1 1924
Oct. 2 1923
May 1 1920
Oct. 2 1923
Nov. 1 1916
Oct. 1 1924
Sept. 1 1930
July 1 1931
Oct. 1 1937
Dec. 1 1917
July 1 1928
April 1 1925
July 1 1945
July 1 1945
July 1 1956
June 1 1956
BY
Interest Payable.
May 1 Nov. 1
Ap l 1 Oct. 1
May 1 Nov. 1
Jan. 1 July 1
Jan. 1 July 1
April 1 Oct. 1
June 1 Dec. 1
May
v. 1
Nuoly
Jan. 1 J
1
ogy..
KY 1 1i1ru
Mar. 1 Sept. 1
Jan. 1 July 1
Mar. 1 Sept. 1
Jan. 1 July 1
April 1 Oct. 1
May 1 Nov. 1
April 1 Oct. 1
M ay 1 Nov. 1
April 1 Oct. 1
Mar. 1 Sept. 1
Jan. 1 July 1
April 1 Oct. 1
June 1 Dec. 1
Jan. 1 July 1
April 1 Oct. 1
Jan. 1 July 1
Jan. 1 July 1
July 1
J an. 1
June 1 Dec. 1
I
$58,779,000 00
t In Sinking Fund (New York Trust Company, Trustee.)
$168,000 00
Worcester & Connecticut Eastern Ry. Co. 4;,6% First Mortgage Gold Bonds
NOTE.-Certain property of this Company is subject to a lien under a mortgage of the New York & New Englpnd Railroad Company to secure
Boston Terminal Bonds of that Company to the amount of $1,500,000, due April 1 1939, bearing interest at 4 per cent.
*Principal and interest to maturity deposited with the Union and New haven Trust Co.
DEBENTURES. INCLUDING DEBENTL RES OF MERGED ROADS ASSUMED.
Total
Outstanding.
$39,029,01,0 00
9,765.450 00
5,000,000 00
5,000,000 00
10.01,0,000 00
15,000,1,00 00
15,000,000 00
,.. 27,639,819 50
234,000 00
165,000 00
*Convertible 6% Debenture Certificates
*Convertible 3},6% Debenture Certificates
Non-Convertible 4% Debentures
*Yon-Convertible 3M % Debentures
*Non-Convertible 314% Debentures
Non-Convertiale 4% Debentures
Non-Convertible 4% Debentures
European Loan of 1907
Naugatuck RR. Co. 3 % Debentures
Hartford Street Railway Co. 4% Debentures Series M
The Consolidated Railway Co.
3}, % and 4% Debentures
4% Debentures
4% Debentures
4% Deoentures
4% Debentures
Providence Securities Co. *4% Gold Debentures
972,100 00
4,255,000 00
2,309.000 00
1,340,000 00
2,011(10000
19,899,000 00
Date of
Maturity.
Jan. 15 1948
Jan. 1 1956
Mar. 1 1947
Mar. 1 1947
April 1 1954
July 1 1955
May 1 1956
April 1 1922
Oct. 1 1930
Jan. 1 1930
Feb.
July
Jan.
April
Jan.
May
1 1930
1 1054
1 1955
1 1955
1 1956
1 1957
Interest Payable.
Jan. 15 July 15
Jan. 1 July 1
Mar. 1 Sept. 1
Mar. 1 Sept. 1
April 1 Oct. 1
Jan. 1 July 1
May 1 Nov. 1
April 1 Oct. 1
April 1 Oct. 1
Jan. 15 July 15
Feb.
Jan.
Jan.
April
Jan.
May
1 Aug.
1 July
1 July
1 Oct.
1 July
1 Nov.
1
1
1
1
1
1
$157,619,269 50
Total
MISCELLANEOUS OBLIGATIONS.
Suffolk Savings Bank for Seamen and Others Promissory Note
$222.00000
May 71910
May 7 Nov. 7
*Include Treasury Holdings as follows:
Convertible 6% Debenture Certificates
Convertible 33 % Debenture Certificates
33.% Non-Convertible Debentures, 1947
33% Non-Convertible Debentures, 1954
The Consolidated Ry. Co. 3%,3M% and 4% Debentures
Providence Securities Co. 4% Gold Debentures
$487,800 00
852,100 00
9,000 00
2,100 00
2,350 00
719,000 00
$2,072,350 00
THE HOCKING VALLEY RAILWAY COMPANY
SEVENTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1916.
RETURN ON PROPERTY.
Columbus, Ohio, September 21 1916.
To the Stockholders:
The following table shows the amount of return to your
The Seventeenth Annual Report of the Board of Direc- Company, from transportation operations only, upon its
tors, for the fiscal year ended June 30 1916, is herewith sub- investment in road and equipment at the termination of each
mitted.
fiscal year of the five year period ended June 30 1916:
The average mileage operated during the year was 350.7
Property
Total Operating Per Cent of
ended
miles, a decrease over the previous year of 1.0 miles. The Year
Return.
Income.
Investment.
June 30:
mileage at the end of the year was 350.2 miles.
6.24
$2,806,638 19
$44,960,442 81
1916
3.90
1,741,552 16
44,600,137 33
1915
RESULTS FOR THE YEAR.
1,926,037 53
4.33
44,441,150 66
1914
Operating Revenues were
(Increase $1,230,373 38, or 19.91%.)
Operating Expenses were
(Increase $769,206 89, or 18.38%0
Net Operating Revenue was
(Increase $461,166 49, or 23.10%.)
Taxes were
(Increase $83,229 45, or 19.89%.)
Operating Income, Taxes deducted, was
(Increase 3377,937 04, or 23.95%4
Miscellaneous Income was
(Increase $669,549 76, or 228.60%.)
Rentals and Other Payments were
(Increase $539,630 95.)
Income for the year available for interest was
(Increase $507,855 85, or 27.60%.)
Interest (53.92% of amount available) amounted to
(Decrease $80,507 46, or 5.987.)
Net Income for the year amounted to
(Increase $588,363 31, or 119.25%.)
Dividends paid during the year:
Two dividends of 2% each, aggregating
Remainder
$7,411,526 35
4,953,576 89
$2,457,949 46
501,751 60
$1,956,197 87
962,440 54
$2,918,638 40
570,929 29
$2,347,709 11
1,265,943 42
$1,081,765 69
439,980 00
3641.785 69
1913
1912
Average
41,412,617 88
40,541,201 96
2,817,692 68
2,739,094 06
6.80
6.76
$43,191,110 13
$2,406.202 92
5.57
FINANCIAL.
The changes in funded debt shown by balance sheet of
June 30 1916, as compared with June 30 1915, consisted in
the retirement of $5,000 par amount of The Hocking Valley
Railway Company First Consolidated Mortgage 4M%
Bonds through the sinking fund, in the annual payments of
$496,000 on equipment trusts, in the retirement of $4,000,000
face amount one-year 6% gold notes by the issue and sale
of $4,000,000 face amount two-year 5% gold notes maturing
November 1 1917, and by the addition of $220,000 face
amount of equipment obligations in respect of two hundred
50-ton coal cars acquired.
OCT. 28 1916.1
THE CHRONICLE
An analysis of the property accounts will be found on
pages 12 and 13 [pamphlet report], by reference to which it
will be seen that additions and betterments were made during the year to the net amount of $364,993 88, of which
$93,493 22 was added to cost of road, and $271,500 66 was
added to cost of equipment.
During the past seven years your Company's net addition
to property accounts has been as follows:
Equipment$4,034,50956
' 2,685,656 04
Additions and Betterments
$6,720,165 60
GENERAL REMARKS.
The equipment in service June 30 1916 consisted of:
Locomotives owned
Locomotives leased under equipment trusts
Total locomotives
Passenger train cars owned
Freight train and miscellaneous cars owned
Freight train cars leased under equipment trusts
Freight train cars under special trust
Total freight train and miscellaneous cars
136 Decrease
8 No change
12
Decrease
Decrease
Increase
Increase
No change
12
5
64
195
144
81
9,744
5,541
47
15,332 Increase
259
The changes during the year in accrued depreciation of
equipment account were as follows:
Balance to credit of account Juno 30 1915
$1,227,429 08
Amount credited during year ended
June 30 1916 by charges to operating expenses
$218,330 31
Amount credited by adjustment of
charges in 1909
6,538 25
$224,868 56
Charges to account for:
Accrued depreciation on equipment
retired during year$21,415 61
12 locomotives
4,202
48 freight and work cars
1,289 30
5 passenger cars
Accrued depreciation on cars changed
974 93
in class during year
27,881 87
196,986 69
Balance to credit of account June 30 1916
$1,424.415 77
The business of your Company has not reached its previous
record but has been good during the year, as the facts given
below indicate:
1916.
1915.
Increase.
Operating revenues
$7,411,526 35 $6,181,152 97 $1,230,373 38
N"et operating revenue
$2,457,949 46 $1,996,782 97 $461,166 49
Operating ratio
5,9%
66.8%
67.7%
Tons of revenue freight carried
one mile
1,476,563,174 1,171,899,998 304,663,176
Revenue train load, tons
1,159
1,035
124
Revenue tons per loaded car_ ....
39.1
e7.0
2.1
* Decrease.
The construction of five additional 100-car tracks, and a
15-stall engine house, with other shop facilities, including
1607
shop tracks, in Parsons Yard at South Columbus is well
under way, in order to provide necessary facilities for new
business to be received from The Chesapeake & Ohio Northern Railway upon its completion. The capacity of the Toledo Dock Yard is being increased by the construction of
twelve additional storage tracks. The light double-track
girder bridges over the Hocking River north of Lancaster
and south of Sugar Grove were replaced by modern heavy
bridges.
The revenue coal and coke tonnage was 8,351,853 tons,
an increase of 33.2%; other revenue freight tonnage was
3,406,798 tons, an increase of 19.9%. Total revenue tonnage was 11,758,651 tons, an increase of 29%. Freight
revenue was $5,996,618 27, an increase of 22.1%. Freight
train mileage was 1,273,552 miles, an increase of 12.5%.
Revenue ton miles were 1,476,563,174, an increase of 26%.
Ton mile revenue was 4.06 mills, a decrease of 3.1%. Revenue per freight train mile was $4.709, an increase of 8.5%.
Revenue tonnage per train mile was 1,159 tons, an increase
of 12%; including Company's freight, the tonnage per train
mile was 1,194 tons, an increase of 11.8%. Tonnage per
locomotive, including Company's freight, was 1,016 tons, an
increase of 10.2%. Revenue tonnage per loaded car was
39.1 tons, an increase of 5.7%. Tons of revenue freight carried one mile per mile of road were 4,210,331, an increase of
26.4%.
There were 1,785,343 passengers carried, a decrease of
1.4%. The number of passengers carried one mile was
44,537,880, an increase of .6%. Passenger revenue war
61,174 21, an increase of 3.4%. Revenue per passenger
per mile was 1.891 cents, an increase of 2.5%. The number
of passengers carried one mile per mile of road was 126,997,
an increase of .9%. Passenger train mileage was 705,252, a
decrease of .5%. Passenger revenue per train mile was
$1.194, an increase of 3.6%; including mail and express it
was $1,364, an increase of 4%. Passenger service train
revenue per train mile was $1.428, an increase of 4.2%.
There were 2,143 tons of new 100-lb. rails, equal to 13.64
track miles, and 2,381 tons of new 90-lb. rails, equal to
16.84 track miles, used in the renewal of existing main tracks.
The average amount expended for repairs per locomotive
was $2,429 92; per passenger train car, $737 57; per freight
train car, $66 36.
Appreciative acknowledgment is hereby made of efficient
services during the year of officers and employees.
By order of the Board of Directors.
GEO. W. STEVENS,
President.
FRANK TRUMBULL,
Chairman.
GENERAL BALANCE SHEET JUNE 301916.
Property InvestmentCost of Road
Cost of Equipment
ASSETS.
$,012,080
29
74
14,741,228 11
$43,753,308 85
Securities of Proprietary, Affiliated and Controlled Companies-Pledged.
Stocks
$108,088 66
Bonds
300,000 00
408,088 66
Securities of Proprietary. Affiliated and Controlled ComBonzanies-Unpledged.
$150,000 00
Miscellaneous
37,752 00
187,752 00
Other InvestmentsMiscellaneous Investments-SecuritiesPledged
1,928,950 00
$46,278,099 51
Working AssetsCash
$948,309 47
Loans and Bills Receivable_
77,315 36
Traffic Balances
74,736 33
Agents and Conductors
610,741 78
Miscellaneous Accounts Receivable
350,894 07
Other Working Assets
35,246 46
$2,097,243 47
Materials and Supplies
1,033,852 27
Securities in Treasury-Unpledged.
Stocks
501 00
Deferred AssetsAdvances to Proprietary, Affiliated and Controlled Companies
$55,548 51
Advances, Working Funds..
1,161 15
Insurance paid in advance..__ _
1,436 67
Cash and Securities in Sinking
and Redemption Funds_ __ _
15 72
Cash and Securities in Insurance Reserve Fund
40,083 80
Other Deferred Debit Items
31,034 58
129,28043
3,260,877 17
LIABILITIES.
Capital Stock
$11,0on,no ) no
Funded DebtFirst Consolidated Mortgage
434% Bonds, 1999
$1602500000
First Mortgage C.& H.V.RR.
4% Bonds, 1948
1,401,000 00
First Mortgage Cols. & Tol.
RR.4% Bonds, 1955
2,441,000 00
Two-Year 5% Gold Notes. 1917 4,000,000 00
$23,867,000 00
Equipment Trust Obligations
2,051,000 00
25,918.000 00
$36,918.000 00
Working Liabilitiesoans and Bills Payable
$1,035,786 52
Traffic Balances
662,296 71
Audited Vouchers and Wages
Unpaid
909,070 41
Miscellaneous Accounts Payable
81,873 00
Matured Interest, Dividends
and Rents Unpaid
370,588 00
Other Working Liabilities
37,329 85
$3,096,944 49
Deferred LiabilitiesUnmatured Interest. Dividends
and Rents Payable
$132,776 96
Taxes Accrued
296,104 90
Operating Reserves
23,319 78
Accrued Depreciation-Equipment
1.424,415 77
Other Deferred Credit Items
144,142 28
2,020,759 69
Appropriated SurplusAdditions to Property through
Income since June 30 1907
Funded Debt Retired through
Income and Surplus
Reserve Invested in Sinking
Fund
Reserve Invested in Insurance
Fund
Appropriated surplus against
contingent
liability
for
freight claims
Profit and Loss-Balance
5,117,704 18
$181.409 11
131,331 00
817 52
40,083 80
120,000 00
$473,642 33
7,029,630 17
7,503,272 50
Total -------------------------------------------$40,538,976
68
This Company and The Toledo & Ohio Central Railway
Company severally endorsed, in 1901, upon 5% First Mortgage Bonds of the Kanawha & Hocking Coal & Coke Corn-.
pany due 1951 ($2,842,000 outstanding), and, in 1902, upon
5% First Mortgage Bonds of the.Continental Coal Company
due 1952 ($1,569,000 outstanding), purported guaranties
thereof. In quo warranto litigation in Ohio, to which the
Total
$49.538,976 68
bondholders were not parties, the purported guaranties of
this Company upon the bonds last mentioned have been declared ultra vires and the performance of the contracts pursuant to which both guaranties were made has been enjoined
by the Federal Court in that State. The enforceability of
these alleged guaranties by the bondholders is now in litigation.
1608
[voL. um.
THE CHRONICLE
NORTHERN PACIFIC RAILWAY COMPANY
TWENTIETH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1916.
Office of the
NORTHERN PACIFIC RAILWAY COMPANY,
St. Paul, Minnesota.
September 15 1916.
To the Stockholders of the Northern Pacific Railway Company:
The following, being the Twentieth. Annual Report, shows
the result of the operation of your property for the fiscal
year ending June 30 1916.
INCOME ACCOUNT.
Increase(+)or
Decrease (-).
1915.
1916.
I-Operating Income.
Railway operating revenues_63,171,652 60 75,939,230 65 +12,767,578 05
Railway operating expenses_37,108,048 88 40,366,411 85 +3,258,362 97
Net revenue
26,063,603 72 35,572,818 80
Railway tax accruals
4,470,958 70 5,073,415 42
Uncollectible railway revenues
4,151 33
6,213 55
Total operating income
21,588,493 69 30,493.189 83
+9.509,215 08
+602,456 72
+2,062 22
+8,904,696 14
II-Non-operating Income.
Hire of freight cars-credit
balance
512,197 20
301,152 76
-211,044 44
Rent from locomotives and
cars
421,787 31
306,156 59
-115,630 72
Joint facility rent income_ _ _ _ 1,839,275 32 2,019,951 04
+180,675 72
Income from lease of road
273,352 51
287,660 54
+14,30803
Miscellaneous rent income__ _ 330,970 61
319,024 03
-11,946 58
Miscellaneous non-operating
physical property-rents
35,748 88
40,142 66
+4,393 78
Separately operated properties-profit
39,194 81
21,283 15
-17,911 66
Dividend income
*6,203,932 00 *4,345,152 00 -1,858,780 00
Income from funded securities 235,004 75
235,305 50
+300 75
Income from unfunded securities and accounts
440,713 01
473,235 83
+32,522 82
Income from sinking and
•
other reserve funds
108,245 99
124,982 77
+16,736 78
Miscellaneous income
2,536 94
5,211 08
+2,674 14
Total non-oper. income
10,442,959 33 8,479,257 95 -1,963,701 38
Gross income
32,031,453 02 38,972,447 78
III-Deductionsfrom Gross
Income.
Rent for locomotives and cars 118,532 38
123,541 16
Joint facility rents
493,150 80
540,555 58
'Rent for lease of road
• 51,331 86
51,331 86
Miscellaneous rents
5,338 68
5,752 89
Miscellaneous tax accruals_
144 88
Interest on funded debt____t12,2D4,400 16t12,303,326 33
Interest on unfunded debt_ _ _
54,380 43
25,925 49
Miscellaneous income charges 191,084 17
192.410 15
+6,940,994 76
+5,00878
+47,404 78
Income balance for yeartransferred to pro it ahd
loss
1,462,820 33 8,369,873 65
PASSENGER BUSINESS.
Passenger revenue was $13,852,254 49, an increase of
$233,140 69, or 1.71 per cent, compared with the previous
year.
Mail revenue was $1,161,943 23, an increase of $45,417 84,
or 4.07 per cent.
Express revenue was $1,341,515 80, an increase of $116,322 92, or 9.49 per cent.
Sleeping car, parlor and chair oar, excess baggage and miscellaneous passenger revenue was $847,116 94, an increase
of $43,636 66, or 5.43 per cent.
Total revenue from persons and property carried on passenger trains was $17,202,830 46, an increase of $438,518 11,
or 2.62 per cent, compared with the previous year.
The number of passengers carried was 8,680,837, a decrease of 75,947 from the previous year, and the number of
passengers carried one mile was 616,681,153, an increase of
16,408,000, or 2.73 per cent.
The number of miles run by revenue passenger trains was
9,874,845, a decrease of 481,860, or 4.65 per cent.
The average earnings per passenger per mile was .02246,
against .02269 last year.
EARNINGS AND EXPENSES PER MILE OPERATED.
1915.
1916.
$9,777 88 $11,680 96
5,743 68 6,209 16
4,034 20 5,471 80
780 39
692 03
Operating revenues per mile (average)
Operating expenses per mile (average)
Net operating revenue per mile (average)
Taxes per mile (average)
RATIOS.
OPERATING EXPENSES.
CONDUCTING TRANSPORTATION.
-414 21
+144 88
+8,926 17
-28.454 94
+1.325 98
The charges for transportation expenses were $20,900,054 72, an increase of $1,912,998 96, or 10.08 per cent, as
against an increase in total operating revenue of 20.21
per cent.
+33.941 44
The charges for maintenance of equipment were $7,846,259 43, an increase of $529,185 01, or 7.23 per cent.
+6,907,053 32
Locomotives.
Total number of locomotives on active list June 30 1915
Additions:
Engine acquired with road purchased
Engine restored to active list
Miles.
There were added:
July 1 1915 Minneapolis St. Paul & Sault Ste. Marie By. in
4.03
Minnesota, leased
1.34
July 31 1915 Fort Simcoe Branch in Washington, extended
Sept. 1 1915 Great Northern Railway in Washington,leased...... 11.73
Oct. 1 1915 Golden Valley Branch in North Dakota and Mon25.00
tana, constructed
June 30 1916 Fairview Branch, North Dakota, transferred from
1.04
spur tracks
.73
June 30 1916 Sundry minor changes and corrections
Total additions
Deductions:
June 30 1916 Tumwater Branch in Washington, shortened
44.77
6.10
Net additions
Mileage operated June 30 1915
38.67
6,466.17
Mileage operated June 30 1916
6,504.84
6,501.11
REVENUE TRAIN MILEAGE.
Revenue passenger train miles during the year were 9,874,
845, a decrease of 481,860 miles compared with the previous
year.
Revenue freight and mixed train miles during the year were
11,088,936, an increase of 2,076,701 miles.
Revenue special train miles during the year were 14,708, a
decrease Of 3,914 miles.
All revenue train miles during the year were 20,978,489,
an increase of 1,590,927 train miles.
EARNINGS.
FREIGHT BUSINESS.
Freight revenue was $55,656,395 19, an increase of $11,822,758 29, or 26.97 per cent compared with the previous
year.
7,017,609,074 tons of revenue freight were moved one mile,
an increase of 1,853,037,642 tons one mile, or 35.88 per cent
more than the previous year.
The average earnings per ton mile decreased from .00849
to .00793.
1,361
1
1
2
+6.907.053 32
1,363
* Includes dividends on stock of Chicago Burlington & Quincy RR. Deductions:
Engines sold during the year, from active list
owned by this Company.
Engines dismantled
t Includes interest paid on this Company's proportion of joint bonds issued by this Company and the Great Northern Railway Company,secured
by C. B.& Q. RR. capital stock as collateral.
Total locomotives on active list June 30 1916
In addition to the engines on active list there were:
MILEAGE OPERATED.
Withdrawn from service and on hand from previous year
Changes have taken place in the mileage operated during
Dismantled during year
Restored to active list
the year as follows:
Average mileage operated during the year
1916.
53.16%
6.68%
1915.
58.74%
7.08%
Operating expenses to operating revenue
Taxes to operating revenue
MAINTENANCE OF EQUIPMENT.
Total deductions from
gross income
13,208,632 69 13,242,574 13
Net income
18,822,820 33 25,729,873 65
IV-Disposition of Net Income.
Dividend appropriation of income
17,360,000 00 17,360,000 00
The revenue train load increased from 573.06 to 632.85
tons. The total train load, including company freight,
increased from 668.45 to 717.02 tons.
The number of miles run by revenue freight trains was
10,200,544, an increase of 2,092,984, or 25.82 per cent.
3
4
7
1,356
122
82
1
- 83
Leaving on hand engines withdrawn from service which may be
39
sold
Passenger Equipment.
On June 30 1916 the company owned 1,281 passenger
train cars, including 128 sleeping cars owned jointly with the
Pullman Company, a decrease of 6 cars. The number and
kind of cars owned is shown in table on page 38 [pamphlet
report].
Of the 1,281 cars owned 971 were not due in shops for
two months or more.
Freight Equipment.
Comparative number and capacity of freight cars.
1916.
1915.
Decrease.
Capacity.
Capacity.
Capacity.
Number' Tons.* Number Tons.* Number Tons.*
25,936 983,150 25,552 972,045
Box
Furniture and Au24,270
648
24,895
672
tomobile
4,052 129,855 4,035 129,420
Refrigerator
57,435
2,399
55,825
2,473
Stock
8,507 301,085 8,348 296,735
Flat
2,555
62
2,555
62
Oil
5,206 252,065 5,097 249,115
Coal
53,170
54,290 1,224
1,252
Ballast and Ore
48,160 1,805,330 47,365 1,783,135
Total
Percentage
Average capacity
per car
* Tons of 2,000 pounds.
37.5
____
384
11,105
24
17
74
159
625
435
1,610
4,350
109
28
2.950
1,120
795
22,195
1.65
1.23
37.6
Of the total number of freight cars on the road on June 30
1916, 1,251 or 2.64% were in need of repairs costing $5.00
or more per car.
No additional passenger equipment is under contract for
construction or is building at company shops. 250 freight
cars authorized for construction from second-hand material
at company shops.
OCT. 28 1916.1
THE CHRONICLE
MAINTENANCE OF WAY AND STRUCTURES.
The charges for Maintenance of Way and Structures were
$8,833,210 00, an increase of $309,552 55, or 3.63 per cent.
The following statements give particulars of some of the
work done and show that the property has been well maintained.
PERMANENT WAY.
1915.
1916.
46.39
Now main line laid with 90-pound rail
New second track laid with 90-pound rail
61.56
New branch lines laid with 90-pound rail
3.82
New branch linos laid with 85-pound rail
36.87
25.90
New branch lines laid with 56,60 and 70-pound rail
• 1.33
1.34
Main lino relaid with 90-pound rail
119.88
88.05
Main line relaid with 85-pound rail
9.01
0.91
Second track relaid with 90-poun4 rail
22.85
83.16
Branch lines relaid with 90-pound rail
1.39
.48
Branch lines relaid with 56,66,72 or 85-pound rail
79.31
74.76
Sidings and spurs constructed
33.69
37.80
Track ballasted
382.97
173.70
Embankment widened
64.73
27.51
Cross tie renewals-main line
1,956,832 1,597,826
Cross tie renewals-branch lines
1,060,667 1,002,622
Timber bridges replaced by permanent structures and
57
embankments
25
miles
1.36
Equal to
0.45
64
Timber bridges renewed
106
176
Timber culverts replaced
116
miles 126.44 101.17
New stock fence constructed
New snow fences constructed
3.65
2.93
RAIL IN MAIN, SECOND AND THIRD TRACKS.
Main
Line.
Miles.
47.40
100-pound steel ___
90-pound steel ___ 1,784.87
85-pound steel ___
889.29
1.12
80-pound steel ___
76-pound steel ___
83.25
72-pound steel __
70-pound steel _
50.59
66&67-pound steel
2.60
60-pound steel __
2.59
56-pound steel ___
Other weights
Total
2,861.71
Branches.
Miles.
Second and
and Third
Track.
Miles.
75.99
356.43
5.14
1,174.13
43.86
464.78
80.82
1,207.40
10.90
3,419.45
403.67
257.97
1.10
11.51
4.25
.33
.81
679.64
Total Miles.
1916.
47.40
2,264.53
1,503.69
2.22
5.14
1,268.89
43.86
519.62
83.75
1,210.80
10.90
1915.
47.40
2,092.72
1,564.46
2.22
5.14
1,273.50
43.86
550.65
83.60
1,259.40
15.71
6.960.80
R.ORR RR
BRIDGES.
During the year 132 bridges were replaced, 106 of which,
14,932 feet in length, were replaced by timber structures,
and 1 permanent and 25 timber structures in permanent
form as follows:
By embankment
19 bridges, 1,523 lineal feet.
By steel truss, girder, I-beam and reinforced
concrete trestle
7 bridges, 834 lineal foot.
Total
26 bridges, 2,407 lineal feet.
1609
Branches, Line Changes, Grade Revision and
Second Main TrackGrassy Point Line, Wisconsin-Minnesota (second
main track)
$21 86
Cuyuna Northern Branch, Minnesota (extension) 11,542 26
Golden Valley Branch, North Dakota (construction)
325,096 11
Flathead Valley Line, Montana (construction)
3,974 03
Edgecomb to Kruse, Washington (construction)_ 23,027 45
and
Line
draw
Fremont-Ballard
bridge, Washington (construction)
Cr20,737 19
Gray's IIarbor & Columbia River Railway, Washington (right of way)
948 43
Gray's Harbor Branch connection at Nisqually
and St. Clair, Washington
67,477 89
Lake Union Line Franchise, Washington
36,995 46
Simcoe Branch extension, Washington (construction)
19,808 94
Spokane, Washington (grade separation)
994,393 27
Sunnyside Branch extension, Washington (construction)
84,231,60
Tenino to Vancouver, Washington (grade revision
and double track)
Cr14,398,75
Point Defiance Line,Tacoma to Tenino, Washington (construction)
56,268 68
Sundry adjustments
Cr6,061 92
----------$1.582,588 12
Additions and BettermentsRight of way and station grounds (sale of property)
Cr$125,542 93
Widening cuts and fills
10,044 48
Protection of banks and drainage
65,610 41
Grade reduction and change of line (adjustments)_Cr37,358 72
Tunnel improvements
15,439 01
Bridges, trestles and culverts
70,480 68
Increased weight of rail
215,782 67
Improved frogs and switches
15,461 22
Track fastenings and appurtenances
315.871 64
Ballast
139,918 65
Additional main tracks
774 35
Sidings and spur tracks
59,310 64
Terminal yards
81,642 43
Fencing right of way
33,932 92
Improvement of crossings-under and over grade 31,150 04
Elimination of grade crossings
Cr2,398 97
Interlocking apparatus
14,826 66
Block and other signal apparatus
3,913 65
Telegraph and telephone lines
38,943 96
Station buildings and fixtures
722,890 24
Shops, engine houses and turntables
76,934 07
Shop machinery and tools
Cr3,424 95
Water and fuel stations
2,280 59
Dock and wharf property
Cr2,666 37
Snow and sand fences and snow sheds
3,196 82
Assessments for public improvements
96,612 02
Paving
9,503 45
Roadway machinery and tools
Cr191 22
Coal and ore wharves
Cr62,776 14
Other additions and betterments
30,356
Big Fork & International Falls Ry.-improvem'ts 3,392 28
----------$1,823,909 74
$4,182,180 73
Total
Total
Less Used
Charged
New Enuipment- Expenditures.from Reserves. Capital.
Locomotfves
$91,985 32 $28,599 18 $63,386 14
Passenger train cars__.. 21,138 47
14,519 38
6,619 09
Freight train and work
cars
180,423 65 270,842 33 Cr90,418 68
3293.547 44 $313,960 89
In addition to changes referred to above, 3 temporary Ilalance being equipment
20,413 45
abandoned in excess of replacements
bridges were abandoned and 23 temporary structures were
Total
$4,161.767 28
added, 116 timber culverts were rebuilt, 14 in temporary
Lessand 102 in permanent form.
Adjustment of original value of lines abandoned, etc., in
previous years in connection with line changes
187,899 48
There are now under construction on operated lines, 716
lineal feet of steel girder and I-beam spans for single track,
Net charges to capital account for the year
$3,973,867 80
456 lineal feet of steel trusses for single track, one 140-foot
In addition to the foregoing, added to the cost of the
double-track steel truss, one 218-foot single-track draw span, Northern Pacific
Estate, advances have been made during
394 lineal feet of double track, 126 lineal feet of 4 track and the year to sundry
companies, as follows:
54 lineal feet of 6-track and 54 lineal feet of 11-track solid Midland Railway Company of Manitoba
Cr$6,793 67
floor steel construction of deck type; 128 lineal feetof single- Olympic Peninsular Railway Company
30 50
Kennewick Northern Railway Company
30 50
track,66 lineal feet of double-track, 157 lineal feet of 4-track, Bear
Creek & Western Railway Company
213 27
867 lineal feet of 6-track. 71 lineal feet of 9-track, 71 lineal Missoula & Hamilton Railway Company
453 09
Northern Pacific Terminal Company
44,965 80
feet of 10-track and 92 lineal feet of 11-track reinforced con- Spokane
Portland & Seattle Railway Company
300,343 40
crete trestle and one 68-foot reinforced concrete arch carry$339,242 89
ing 9 tracks.
RESERVE FOR ACCRUED DEPRECIATION OF
BRIDGES AS THEY EXISTED JUNE 30 1916.
EQUIPMENT.
-Aggregate Length-
DescriptionNo.
Steel, iron, stone and concrete permanent bridges 661
Timber & combination iron & timber structures_2,668
Total
3,329
Lineal Ft.
121,269
421,354
Miles.
22.96
79.80
542,623
102.76
Total length of timber structures replaced by steel bridges,
embankment or other permanent form, from July 1st 1885,
when work was commenced, to June 30th 1916, has been
132.52 miles.
BUILDINGS AT STATIONS.
New buildings and structures, or increased facilities, have
been provided at the following stations:
Minnesota.-Morgan Park, Cromwell, Aitkin, Deerwood
and Becker.
North Dakota.-Jamestown, Arena, Solon, Burt and Sweet
Briar.
Montana.-Willow Creek.
Idaho.-Sand Point.
Washington.-Pullman.
WATER SUPPLY.
Credit balance, reserve for accrued depreciation July 1 1915-$14,113,666 11
Credits during the year ending June 30th 1916:
From charges to operating expenses:
Maintenance of equipment, depreciation
$685,276 97
Locomotives
$194,876 49
Freight cars
384,983 35
Passenger cars
91,826 17
Floating equipment
1,054 24
Work equipment
12,536 72
Maintenance of equipment, retirements_ _ _ 69,105 56
From salvage
131,381 00
From equipment sold
63,299 32
949,062 85
$15,062,728 96
Less equipment retired:
Locomotives
Passenger cars
Freight cars
Miscellaneous equipment
$28,599 18
14,519 38
216,227 32
54,615 01
313,960 89
Credit balance June 30 1916
$14,748,768 07
CAPITAL STOCK AND DEBT.
There has been no change in the amount of capital stock
outstanding during the year. viz
$248,000,000 00
Changes in bonded debt were as follows:
Prior Lien Bonds purchased and canceled
under Article 8, Section 2 of Mortgage_ __ -$530,000 00
St. Paul & Northern Pacific Ry. Co. mortgage bonds purchased by trustee and canceled
27,000 00
Decrease in mortgage debt
$557,000 00
Additional or increased facilities have been provided at
the following points:
Montana.-Logan and Roberts.
Idaho.-Wallace and Arrow.
Washington.-Edgecomb.
CHARGES TO CAPITAL ACCOUNT.
GENERAL.
Upon requisition of the Executive Officers, approved by
increase in freight earnings ($11,822,758 29) was
large
The
the Board of Directors, expenditures for additions to and due to the general prosperity of the country tributary to our
betterments of the property have been made during the past lines, due to record crops and the consequent money return
fiscal year for:
to the producers in practically all of such territory. The
Real Estate, Right of Way and Terminalsprices received by the gross ers were better than they have enSuperior, Wisconsin, real estate
$780,919 91
estate
Paul,
St.
joyed for some time, and we handled during the crop year
Minnesota, real
6,025 24
Minneapolis, Minnesota, real estate
Cr3,829 40
July 31 1915 to August 1 1916 87,371 cars of grain, as comSeattle, Washington, real estate
Cr7,432 88
$775,682 87 pared with 64,039 cars for the previous year, an increase of
1610
THE CHRONICLE
[VOL..103.
23,332 cars. There was also great activity in the mining in- NORTHERN PACIFIC RAILWAY COMPANY GENEterests in our country; copper, lead, zinc and iron mines beRAL BALANCE SHEET JUNE 30 1916.
ing worked to their full capacity and the metal selling at
ASSETS.
INVESTMENTS:
high prices created a demand for transportation of not only
Road and Equipment(Northern Pacific Estate) June 30 1915:
the products, but of supplies, material, machinery, ezc.,
Road, lands, &c
$416,312,917 95
Equipment
61.899,930 83
that swelled our receipts from merchandise to the maximum
$478,212,848 78
figures for years.
Charges since June 30 1915
3,973,867 80
Land Department curWhile the mining and lumber interests are still very active
rent assets
12,867,715 18
and prosperous, the grain crops for the coming season will
Less-Land Departnot be as satisfactory as for the year just closed, and it is
ment net receipts.._ _
6.069,636 91
6,798,078 27
feared the effect on business of the current year will be quite
$488,984,794 85
Sinking Funds
pronounced.
1,207 07
in lieu of mortgaged property (net moneys in hands
• Further details of the Company's transactions will be Deposits
of Trustees from sale of land grant lands, &c.)
3,847,890 07
found in the attached report of the Comptroller.
Miscellaneous physical property
2,444.973 95
The Directors desire to extend to the officers and employees INVESTMENTS IN AFFILIATED COMPANIES:
of the Company their thanks for the loyalty to the interests
Stocks
*$140,467,141 30
Bonds
25,430,775 00
in their care, and their appreciation of the results which have
Notes
6,530,182 12
been brought about by the intelligent, conscientious and faithAdvances
1,429,281 75
173,857,380 17
ful performance of the duties entrusted to them.
OTHER INVESTMENTS:
By order of the Board of Directors.
Bonds
25,000 00
JULE M.HANNAFORD,
Total Capital Assets
$669,161,246 11
President.
CURRENT ASSETS:
IN MEMORIAM.
On the 17th of August, 1916, the Company suffered a
great loss in the death of its Chairman, Col. William P.
Clough.
Your Executive Committee,at a meeting held on August 30
1916 expressed its appreciation of Colonel Clough's character
and ability, and of the excellence of his official services to the
Company, by the unanimous adoption of the following
minute, which has been spread upon the permanent records
of the Company:
Col. William P. Clough, the Chairman of the Northern
Pacific Railway Company, died August 17th, 1916, in New
York City, terminating a service of four years as Vice-President and Chairman and fifteen years as Director and member of the Executive Committee.
During all this period he applied himself unreservedly to
the conservation, development and betterment of the Company's properties and interests, and to this task he dedicated
with tireless energy the keenness of an analytical mind and
the mature judgment resulting from long experience in corporate affairs. The use of his abilities was ever intelligent,
loyal and courageous, and was unrestricted by either hours
or environment. His devotion to this service was not merely
the performance of a duty. It became the all-absorbing inspiration of his life.
His belief in the property's supremacy,in the efficiency and
loyalty of its organization, and in the promise of its fuure,
was inspiring; and this belief he at all times jealously defended and justified against all criticism.
His death has deprived the Company of the services of an
able counsellor and a capable, conservative and conscientious
guardian of its interests; and the Directors record their deep
sense of the loss which is sustained by them and by the officers and stockholders of the Company.
To the family of Colonel Clough the Directors extend their
heartfelt sympathy, and this testimonial of the high esteem
in which he was held by them, both as a man and as an official.
Cash
318,305.323 42
Special deposits (for payment of interest
and dividends)
1,831,005 52
Loans and bills receivable
42,533 01
Traffic and car service balances receivable 1,588,697 08
Net balance receivable from agents and
conductors
796,048 16
Miscellaneous accounts receivable
3,689,878 69
Material and supplies
6,583,836 45
Interest, dividends and rents receivable_
309,053 20
DEFERRED ASSETS:
Working fund advances
Cash and securities in insurance fund_ _ _ _
$33,151,375 53
$31,036 63
5,803,205 98
5,834,242 61
258,125 15
UNADJUSTED DEBITS
$708,404,989 40
* Includes this Company's one-half of $107,613,500 stock of the Chicago
Burlington & Quincy Railroad Company to secure $215,227,000 joint bonds
made and issued by this Company and the Great Northern Railway Company to pay for said stock, costing $109,114,809 76.
STOCK:
Capital Stock-Common
LONG TERM DEBT:
Funded Debt
Less-Held In Treasury
LIABILITIES.
$248,000,000 00
$322,685,000 00
9,149,500 00
Actually outstanding
313,535,500 00
Total Capital Liabilities
$561,535,500 00
CURRENT LIABILITIES:
Traffic and car service balances payable.. $1,061.908 58
Audited accounts and wages payable.._ _ _
9,675,620 52
Miscellaneous accounts payable
520,028 40
Interest matured unpaid.
1,873,108 75 •
Dividends matured unpaid
1,85450
Unmatured dividends declared
4,340,000 00
Utunatured interest accrued
509,040 83
Unmatured rents accrued
10,397 01
$17,991,958 59.
DEFERRED LIABILITIES:
Other deferred liabilities
180,300 93
UNADJUSTED CREDITS:
Accrued depreciation of equipment
$14,748,768 07
Other unadjusted credits
14,177,694 68
Insurance and casualty reserves
5,803,205 98
Taxes accrued-partly estimated
2,715,069 29
37,444,738 02
CORPORATE SURPLUS:
Appropriated surplus not specifically invested
$353,754 71
Profit and loss balance
90,898,737 15
91,252,491 86
8708.404,989 40
FUNDED DEBT JUNE 301916.
INTEREST.
NAME.
Amount
Outstanding.
ISSUED.
Northern Pacific Ry. Co. prior lien mortgage
$112,085,500 00
Northern Pacific Ry. Co. general lien mortgage
60,000,000 00
N.
,,rtnern Pacific Ry. Co. St. P^ul-Duluth Division mortege_
8,080,000 00
Northern P tcific Ry. Co. refunding and improvement mtge..
20,000.000 00
Nz,rthern Pacific-Great Northern joint collateral bonds, North
_zrn Pacific one-half
107,613,500 00
ASSUMED.
St. Paul & Northern Pacific Ry. mortgage
7,786.000 00
St Paul & Dulath RR. first mortgage
1,000,000 00
tn. Paul & Duluth RR. second mortgage
2.000,00000
z-t Paul & Duluth RR. first consolidated mortgage
1,000.000 00
$t. Paul & Duluth RR. Duluth Short Line mortgage
500,000 00
Washington & Columbia Riser Ry.first mortgage
2,620,000 00
Date.
Rate.
When Payable.
1997
2047
1996
2047
4
3
44
4%
Jan., April, July, Oct.
Feb.,May,Aug.,Nov.
June, December
Jenuaty, July
1901
1921
4%
January, JulY t
1883
1881
1887
1898
1886
1895
1923
1931
1917
1968
1916
1935
6
5
5
4
5
4 o
February, August t
February, August
April, October
June, December
Merch, September
January, July
1897
1897
1900
1914
Amt. Charged
Income for
Fiscal Year.*
Matures.
$44.499.320 00
1,638,045 00
323,20000
900,000 00
4,253,700 00
468,461 33
50,000 00
100,000 00
40,000 00
25,000 00
5,600 00
Total
$322.685,000 00
$12,303,326 33
* Intel est on bonds in treasury not included above, viz.: General Lien Bonds,$5,398.500; Washington & Columbia River Railway Bonds. $2.480.000: Northern Pacific-Great Northern Joint Bonds. $1.271,000.
t Registered interest payable quarterly.
The net proceeds credited to the Northern Pacific Estate
NORTHERN PACIFIC RAILWAY COMPANY LAND
were made up as follows:
DEPARTMENT.
Total net sales as above
$6.432,518 47
The total net sales of all lands aggregated 1,283,068.29 Interest collected
521,240 89
$6,953.759 36
acres. The consideration received therefor was $6,432,Less
expenses
884,122 45
and
taxes
518 47, consisting of:
$6,069,636 91
Cash
$1,444,877 90
Contracts for deferred payments
19TCUR'T
16.
ASSETS.
4.987,640 57 BALANCE OF LAND .DEPARTMEN
Total
$6,432,518 47
The cash transactions of the Department were as follows:
Received from sales as above
Received from payments on contracts
Interest collected on deferred payments
Total
Less for expenses
Less for taxes
Net cash receipts for year.
$1,444.877 90
1,600,814 11
521,240 89
$3,566,932 90
$320,872 20
563,250 25
884,122 45
32,682,810 45
1915.
Contracts for sale of lands.. $9,916,556 53 $13,303,382 99
Bills receivable
805 86
4 00
Accounts receivable
108.868 74
97,345 65
$10,026,231 13 $13,400,732 64
Less,accounts payable_ _
310,826 54
263,875 77
Less,suspense account(-collections not taken to account by land agents)_ _ _
222,190 92
116,986 98
•
$380.862 75 - $533,017 46
Balance Land Department current assets_
39,645,368 38 $12,867,715 18
Increase(+)or
Decrease (-).
+33,386,826 46
18
06
9
-11.5
80
23
+33,374,501 51
+46,95077
•
+105,203 94
+3152,154 71
+33,222,346:80
1611
THE CHRONICLE
OCT. 28 1916]
THE WESTERN MARYLAND RAILWAY COMPANY
SEVENTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1916.
Baltimore, Md., October 18 1916.
To the Stockholders of the Western Maryland Railway Company:
The Seventh Annual Report of the operations of your
Company, embracing the fiscal year ended June 30 1916, is
herewith respectfully submitted.
The results of the operations for the year is reflected in
the following condensed comparative statement:
1916.
688.59
Miles Operated
1915.
661.23
Increase.
27.36
Railway Operating Revenues $10,930,369 09 $8,683,458 96 $2,246,910 13
Railway Operating Expenses 7,039,608 19 6,257,412 21
782,195 98
Net Operating Revenue__ $3,890,760 90 $2,426.046 75 $1,464,H4 15
$306,000 00
$42,740 00
Railway Tax Accruals
$348,740 00
Uncollectible Railway Reve858 59
Dec.438 08
"
420 51
nue
Operating Income
Miscellaneous Operations..
$3,541,600 39 $2,119,188 16 $1,422,412 23
1,000 33
Loss 930 31
70 02
Total Operating Income
Other Income
$3,541,670 41 $2,118,257 85 $1,423,412 56
44.026 67
312,892 64
268.865 97
$3,854,563 05 $2,387,123 82 $1,467,439 23
Gross Income
Deductions from Gross In3,314,869 62 3,295,029 17
19,840 45
come
$539,693 43Def.$907.905 35 $1,447,598 78
Net Income
64.40%
72.06%
Operating Ratio
Dec.7.66%
In connection with the above, the following remarks explain the increases and decreases:
MILEAGE.
Increase of miles operated from 661.23 to 688.59, or
27.36 miles, is in the following:
Nessle Branch-Chariton, Md..to connection with W.N.& M.Ry__ 2.84
Williamsport Nessle & Martinsburg Ry.-Connection witn Charlton
.91
Brancn to near Nessle, W Va
2.20
Somerset Coal Ry.-Coal Junction. Pa.,to Gray,Pa
Rockwood Junction, Pa. to Coal Junction, Pa.-Trackage Rigats
'RR
21.70
over Baltimore & Ohio
27.65
.29
Less Adjustments
OPERATING REVENUES.
27.36
Total Operating Revenues amounted to $10,930,369 09, as
compared with $8,683,458 96 last year, an increase of $2,246,910 13, or 25.88%. Of this increase, $827,271 01 resulted from coal shipments and $1,232,339 83 from miscellaneous freight, or increases of 20.48% and 37.48%, respectively. Passenger revenue increased $3,963 57, or 0.42%,
and other revenue from passenger trains increased $14,356 81,
or 4.93%; a total increase of $18,320 38, or 1.48%.
The increase in freight revenue to some extent reflects
the prosperous condition of the country, but is likewise due
to realization upon new constructions, which came into service during the year. The freight revenue accruing to this
Company from the more important of the latter is as follows:
Port Covington Grain Elevator
Somerset Coal Railway
Nasal° Branch
Total
$413,923 10
63,615 78
70,849 66
$548,388 54
Miscellaneous Operations amounted to $85,434 81, compared with $38,045 95 last year, an increase of $47,388 86,
or 124.56%. The increase is due mainly to the operation
of the Port Covington Grain Elevator, for which there was
no corresponding item last year.
General Expenses amounted to $245,436 29, compared with
$229,062 93 last year, an increase of $16,373 36, or 7.15%.
The increase was principally occasioned by. putting on
office force to properly care for the increase in business, and
the ever increasing requirements and demands of the InterState and State Commissions.
The following important work, constituting additions,
improvements and permanent betterments to the property,
has been completed during the year:
BaltimoreTrack facilities for U. S. Asphalt & Refining Company and the Prudential
Oil Company at Curtis Bay.
Port CovingtonGrain elevator.
Fire protection system for coal pier.
Strengthening transfer bridge.
Storage and train tracks, 3.5 miles.
Green SpringConnection with Pennsylvania Railroad.
Emory GroveRest room and additional bunks.
WestminsterPaving driveway to freight station.
Baltimore to HagerstownStrengthening bridges for operation of new Mallet locomotives.
Telephone line.
Big Pool to Emory GroveAutomatic block signals.
ParkaeadOverhead nighway crossing.
North Junctio a to LurganAnti-creepers.
HagerstownWagon scales.
Excavating cut and track improvements west of Antietam Street.
Paving on McPherson Street.
Shops:
Additions to steam piping in power house.
Alligator snears for cutting scrap.
Electric magnet separator.
Concrete storage building.
CharltonTrack scales.
PearreBunk house.
Maryland JunctionCar repair yards.
Office building.
Rest room.
CumberlandSidewalk on Market Street.
Overhead track crane.
GlenvilleFreight house.
FowblesburgCrossing bell.
Hanover.
Crossing bell.
YorkOverhead track crane.
TunnelsGuard rails through all tunnels.
Rockwood JunctionConnection with Baltimore & Ohio Railroad.
WesternportConnection and interchange yard with Cumberland & Pennsylvania
Railroad.
DavisSidings for Mine No. 29.
ElkinsPaving on Eleventh Street.
Passenger revenue, which shows only a slight increase,
following a decrease of $73,038 21 in the preceding fiscal
year, is still unsatisfactory, notwithstandind the fact that,
with permission of the West Virginia authorities, an increase
Commercial and industrial tracks were constructed at the
from two to two and one-half cents per mile was authorized,
approximating $35,000 00 per annum. In the new fiscal following points:
Ohiopyle,
Parkhead,
Asbestos,
year the passenger business is showing a gratifying increase.
Stewarton,
Oldtown,
Smithburg,
OPERATING EXPENSES.
Total Operating Expenses amounted to $7,039,608 19,
compared with $6,257,412 51 last year, an increase of
$782,195 98, or 12.50%.
Maintenance of Way Expenses amounted to $1,269,244 85,
compared with $1,204,048 00, an increase of $65,196 85,
or 5.41%.
Improvement in track conditions continues, and the present maintenance program will insure a steady advance.
Both ballast and new rail are being liberally applied.
Maintenance of Equipment Expenses amounted to $1,736,704 49, compared with $1,479,331 49, an increase of $259,37300, or 17.53%.
Locomotive mileage for the year increased 882,268, or
17.42%, and freight car mileage increased 19,611,323, or
26.72%.
Both locomotive and car repair conditions are normal.
Obsolete Equipment, consisting of 266 freight cars, 11
passenger coaches, 22 locomotives and 36 work cars, all of
light capacity and not justifying repairs, were charged off
during the year, resulting in a charge to Operating Expenses
of $109,451 15.
Traffic Expenses amounted to $257,528 39, compared with
$260,135 68 last year, a decrease of $2,607 29, or 1%.
Transportation Expenses amounted to $3,452,852 33, compared with $3,056,078 131ast year,an increase of $396,744 20,
or 12.98%. The transportation ratio was 31.59%,compared
with 35.19% last year, a decrease of 3.60%. The revenue
per freight train mile was $4 20, compared with $3 85 last
year, an increase of $0 35.
Constant attention is being paid to the important question.
of train loading, an additional advance from 735 to 837 revenue tons per freight train mile having been accomplished.
Hagerstown,
York,
Sloan,
Lonaconing,
Woodmont,
TIE PLATES.
Shaw,
Wallman.
During the year 210,467 heavy tie plates were applied,
at a cost for material and labor of $34,506 10.
RAIL.
29.4 miles of new 90-pound rail were laid to replace worn
rail and to provide relay rail for coal extensions and sidings.
BALLAST.
103,607 cubic yards of crushed rock ballast were renewed
during the year.
AUTOMATIC BLOCK SIGNALS.
During the year automatic electric block signals were
installed between Emory Grove, Md.,and Hagerstown, Md.,
via Westminster; between Williamsport, Md., and Big Pool,
Md. and between Colmar, Pa., and Connellsville, Pa.,
a total
' distance of 146 miles.
All single track on the main line, through Westminster,
between Baltimore, Md., and Connellsville, Pa., is now
protected by these signals.
NEW CONSTRUCTION.
Somerset Coal Railway Company.-This line from Coal
Junction, Pa., was completed October 1 1915 to Mine 123
of the Consolidation Coal Company, a distance of 2.2 miles,
and is being extended to Mine 125, an additional distance
of 2.4 miles.
Mine 123 is being developed and has encountered some
difficulties, which are being overcome, and which account
for the light production of 61,896 net tons to June 30 1916.
Mine 125 has three openings and will develop more rapidly.
The tracks to this mine were completed in September 1916.
1612
THE CHRONICLE
Fairmont Helen's Run Railway Company.-'11o, line has
been completed from Chiefton, W. Va., to Idamay, a distance of 4.85 miles, with a branch, 1.86 miles in length, to
Carolina, at each of which places the Consolidation Coal
Company has installed thoroughly modern steel tipples
with concrete lined shafts. Coal produced will be of the
best grade of Fairmont gas coal. These two mines will
ultimately have an annual capacity of 1,000,000 tons. Their
output during development and for the calendar year 1917
should be from 250,000 to 300,000 tons.
Fairmont Binpamon Railway Company.-This line, 8.0
miles in length, is under construction and the grading should
be completed by January 1 1917. There will be some delay
In securing the material for the steel bridges, but it is hoped
to have the road in operation early in 1917.
This branch will serve three openings at Wyatt, W. Va.,
belonging to the Consolidation Coal Company, which will
deliver their output through one tipple, permitting a very
economical switching operation. These will be slope openings on the outcrop, and will permit of rapid development.
The output should reasonably reach 300,000 tons in 1917,
and when fully developed will produce 1,500,000 tons per
annum.
Nessle Branch.-Mention was made in the last annual
report of the completion of this branch from Charlton to
the south bank of the Potomac River, 2.84 miles, and which
was opened for operation July 7 1915. At this point connection is made with the Williamsport Nessle & Martinsburg
Railway, from which, during the year under review, 212,284
net tons of limestone have been received for delivery to
furnaces in the Pittsburgh District.
Double Track.-The very large increase in business, and
the hopeful prospect of a continuance, has emphasized the
necessity for additional double track, particularly in the
territory between Big Pool and Highfield. Work under
progress at the close of the fiscal year, providing a second
track from Edgemont to Pen Mar, a distance of 3.52 miles,
was completed and put in operation October 1 1916. The
construction of a second track from the Hagerstown passenger station to Security, 2.4 miles, and from Big Pool to
Clearspring, 5.62 miles, is now under way, and these additional facilities should be available by January 1 1917.
FINANCES.
Floating indebtedness amounting to $1,200,000 represented by notes of $400,000, $300,000 and $500,000, due
September 1 1916, December 1 1916 and March 1 1917,
respectively, was added to the Company's liabilities during
the year. This amount was applied: to the construction
of grain elevator at Port Covington, $681,228 59; to Additions and Betterments Railway Properties, $483,246 78;
Coal Properties, $35,524 63.
Equipment Trust obligations amounting to $249,205
were paid during the year, leaving $203,500 unpaid of said
obligations outstanding at June 30 1915. There was issued
during the year $450,000 of 5% notes to cover purchase of
15 Mallet compound locomotives and $2,003,638 14 of 5%
notes (interest included in notes) to partially cover purchase
of 2,000 all-steel hopper cars.
The obligations for installation of block signals between
Cumberland, Md., and Big Pool, Md. amounting to $120,000, were paid off. For installation of'
block signals between
Colmar, Pa., and Greenwood, Pa., obligations were incurred
amounting to $67,088, payable in 60 monthly installments.
FINANCIAL READJUSTMENT.
Your Board has had under consideration, during the year,
plans for the readjustment of the Company's finances.
The interest upon the $10,000,000 of secured notes and
$6,000,000 unsecured notes has remained unpaid since
January 1 1915 and the principal of these notes, due July 1
1915 also remains unpaid, although the interest has been
• accrued and charged to Income in the Company's accounts.
The improvement of the Company's affairs, reflected in
the last year's operations, will, it is hoped, facilitate the
consummation of a plan, at a reasonably early date, to
which the assent of the Noteholders' Committee can be
secured.
GENERAL.
The Port Covington Grain Elevator was opened for
operation December 15 1915. The amount of gram handled
and the resulting traffic has been very encouraging. To
enable your Company to handle an increased grain business,
an addition to the elevator was constructed, which increased
the capacity from 900,000 bushels to 1,900,000 bushels.
The additional facilities were available September 20th
1916. In the six and one-half months of the past fiscal year
during which the elevator was in operation 14,965,740
bushels of grain were received, representing the contents of
10,448 cars and 33 small bay boats. 127 vessels were loaded
at an average of 112,248 bushels per vessel.
•
CONCLUSIONS.
The progress of your Company during the past year has
been consistent, and it is pleasing to report that even a
higher level of earnings is being returned in the new fiscal
year.
The results attained have been through the loyal cooperation and efficiency of the officers and employees of
your Company, which the Board gratefully acknowledges.
By order of the Board of Directors.
CARL R. GRAY,
President.
[Vol.. 103.
STATEMENT NO. 2-COMPARATIVE INCOME ACCOUNT FOR
THE YEARS ENDED JUNE 30 1916 AND 1915.
Railway Operating Income1916.
1915.
Increase.
Rail Operations:
$
$
$
Operating Revenues
10,930,369 09 8.683,458 96 2,246,910 13
Operating Expenses
7,039.608 19 6.257,412 21
782.195 98
Net Operating Revenue___ 3,890,760 90 2.426.046 75 1,464.714 15
Tax Accruals
348,740 00
306,000 00
42.740 00
Uncollectible Railway Revs..
420 51
858 59
Dec.438 08
Total Tax Accruals, etc
349,160 51
306,858 59
42.301 92
Operating Income
Miscellaaeous Operations..
3,541,600 39 2.119,188 16 1,422.412 23
70 02
loss930 31
1,000 33
Total Operating Income__ 3,541,670 41 2,118,257 85 1,423,412 56
Other IncomeJoint Facility Rents
22,929 99
19,795 23
3,134 76
Miscellaneous Rents
14,356 43
19,454 14 Dec.5,097 71
Miscellaneous Non-operating
Physical Property
573 20
864 34
Dec.291 14
Net Income from Coal Companies and Miscellaneous
Properties
205,145 35
192,421 28
12.724 07
Income from Funded Securities
47,100 00
8,091 67
39.008 33
Income from Unfunded Securities and Accounts
11.092 20
10,228 60
863 60
Income from Sinking Fund.._
1,690 22
593 76
1,096 46
Interest on Advances to Subsidiary Companies:
For Construction
9,970 25
6.518 74
3,451 51
For Expenditures for Additions and Betterments..
10.898 21 Dec.10,898 21
Miscellaneous Income
35 00
35 00
Total Other Income
312,892 64
268.865 97
44.026 67
Gross Income
3.854,563 05 2,387.123 82 1,467,439 23
Deductionsfrom Gross IncomeHire of Equipment
74,831 08
144,363 00 Dec.69,531 92
Joint Facility Rents
82.870 05
79.466 68
3,403 37
Rent for Leased Roads
121.566 50
121,566 50
Miscellaneous Rents
21,343
3,358 21
17,985 67
Interest on Funded Debt
2,685,514 10 2,677,871 30
7,642 80
Interest on Unfunded Debt
304,254 41
186,337 52
117,916 89
Amortization of Discount and
Commission on Funded and
Unfunded Debt
17,074 91
74.970 48 Dec.57,895 57
Miscellaneous Income Charges..
7.414 69
7.095 48
319 21
Total Deductions
3.314,869 62 3.295,029 17
19,840 45
Surplus for Year
539.693 43
1.447.598.78
Deficit for Year
907,905 35
STATEMENT NO. 3-SYSTEM PROFIT AND LOSS ACCOUNT FOR
THE YEAR ENDED JUNE 30 1916.
Debit Balance June 30 1915
Credit Balance Transferred from Income Account $539,693 43$3,148,064 28
UnrefUndable Overcharges
642 15
Unclaimed Voucners and Pay Checks
2,436 06
Miscellaneous Credits
2,137 78
Surplus of Proprietary and Controlled CompaniesSinking Fund Accretions:
The Baltimore & Ilarrisourg Ry.
Co. (Western Extension)
42.005 67
Baltimore & CumJerland Valley
Railway Company
1.837 77
The Baltimore & Cumberland Valley Rail Road Company
899 91
4,743 35
$549.652 77
Less-Loss on Retired Road and Equipment $6,916 76
Accounts Written Off
223 19
Miscellaneous Debits
466 46
7.606 41
542.046 36
Debit Balance June 30 1916
$2,606,017 92
STATEMENT NO.4-SYSTEM BALANCE SHEET AT JUNE 30 1916.
ASSETS.
Property InvestmentCost of Properties Owned, Including Coal
and Other Properties
5115,821.685 39
Securities of Other Companies-pledged......
400,000 00
1116,221,685 39
Current AssetsCash
$729,220 16
Loans and Bills Receivable
1,572 04
Traffic and Car Service Balances Receivable
980,342 75
Net Balance Receivable from Ageots and
Conductors
161,055 53
Miscellaneous Accounts Receivable
668,542 53
Material and Supplies
1,025,724 10
Other Current Assets
17,815 76
3,584,272 97
Deferred AssetsWorking Fund Advances
3,095 25
Unad usted DebitsInsurance Premiums Paid in Advance____
114,991 38
Unextinguished Discount on Securities:
Discount on Capital Stock$12,734,835 00
Discount on Funded Debt
562,515 43
13,297.350 43
Other Unadjusted Debits
651.163 95
13,963,505 76
Profit and Loss
2,606,017 92
Total
$136,378.577 29
LIABILITIES.
Capital StockCommon
$49,429,198 40
Preferred
10,028,000 00
$59.457,198 40
Mortgage, Bonded and Secured DebtFunded Debt
$50,293.700 00
Collateral Trust and Other Notes
13,000,000 00
Equipment Trust Obligations
2,657,138 14
Automatic Block Signal Obligations
67,087 80
66,017,925 94
Current LiabilitiesLoans and Bills Payaole
$4,985.000 00
Traffic and Car Service Balances Payable._
388,228 30
Audited Accounts and Wages Payable
1,169,329 10
Miscellaneous Accounts Payable
105.664 83
Interest Matured Unpaid
1,853.725 00
Funded Debt Matured Unpaid
8.000 00
Unmatured Interest Accrued
498.347 97
Unmatured Rents Accrued
3.677 39
Other Current Liabilities
22,641.96
9,034,614 55
Deferred Liabilities
28,124 75
Unadjusted CreditsTax Liability
$279,354 64
Operating Reserve
108.068 17
Accrued Depreciation-Equipment
1,059.637 03
Other Unadjusted Credits
208,762 14
1,656,721 98
Appropriated SurplusAdditions and Betterments to Property Through Income__
183,991 67
Total
$136,378.577 29
Tilt (Commercial
WiliteSo
COMMERCIAL EPITOME
Friday Night, October 27 1916.
An extraordinary trade at rising prices still sums up the
situation. There seems to be no stopping either the expansion of business or the swelling of prices. Grain, especially wheat, has risen sharply, as Argentina's exportable
surplus shrinks and Europe's needs becomes more imperative. The U. S. Census has confirmed this paper's statement of last August that American cotton mills last season
used about 7,300,000 bales, something unprecedented and
they are now said to be buying freely to meet the requirements of an unusually large trade. Steel and iron are
steadily advancing under the spur of an almost insatiable
demand. It is the day of superlatives in American trade.
Raw materials and finished products are wanted in enormous volume. Rising prices, rising even from already
extraordinary levels, seem to cause no serious check to consumption. Strictly speaking, there is little, if anything,
really new in the general situation. It is a story iterated
and reiterated from week to week of remarkable buying.
At the same time conservative people in some lines of trade
are said to be trying to repress the ardor of buyers rather
than to encourage them to go to all lengths. Credits are
beginning to be keenly watched. The high cost of living
is certainly a drawback to a large element of the population
which derives little or no benefit from the great increase of
American trade. Sugar is at the highest price of the year.
A shortage of cars delays the movement of the grain crops
and the output of coal mines. Finally, speculation is
spreading. The sudden collapse of cotton prices last Wednesday directed attention to this fact.
LARD active and higher; prime Western 17.10c., refined
to the Continent 17.65c., South America 18c., Brazil 19.50c.
Futures advanced sharply in response to a rise in grain, a
good demand and light offerings. Later came a reaction,
partly on selling on stop orders coincident with a break in
grain. The hog packing at the West is estimated for the
week ending Oct. 21 at 610,000 against 524,000 in the previous week and 530,000 in the same week last year. But the
total for the summer season to Oct. 21 is estimated at only
8,020,000, against no less than 15,913,000 for the same time
last year. To-day prices advanced sharply, with those for
pork ribs and grain. Packers bought. Offerings were
small.
DAILY CLOSING PRICES
Sat.
October delivery_ _ _cts_15.70
December delivery__ _ _15.12
14.35
January delivery
V
OF' LARD FUTURES IN CHICAGO.
Thurs.
Tues.
Fri.
Wed.
Mon.
15.87 .16.35
15.90
15.80
16.25
15.57
15.95
15.80
15.47
16.25
14.72
15.32
15.45
15.20
14.02
PORK active and higher, later easier. Mess, $30 50@
$31; clear $27(029 50. Beef, products in good demand and
higher; later quiet. Mess $22 50(02350; extra India mess,
$38@$40. Cut meats steady but quiet; pickled hams 10
to 20 lbs., 173/2@180.; pickled bellies l53/2@160. Butter,
creamery, 30@3732o. Cheese, State, 18%©21%c. Eggs,
fresh, 24(4)40c.
COFFEE in better demand; No. 7 Rio 9%c., No. 4 Santos 10%@11c., fair to good Cucuta 113@11c. Futures
advanced on a good demand,i3Ftly from cotton houses, the
cheapness of the price and higher Brazilian cables. The
trading here has been the largest in some time. The spot
demand, too, has increased. But on the other hand some
reaction occurred later. The trade latterly has been selling
and so have cotton houses, as other commodities, like cotton
and wheat, have fallen. Besides, primary supplies undoubtedly are large. Santos has 2,660,000 bags against
2,013,000 a year ago; Rio has 505,000 against 477,000 in
1915. To-day prices ended 7 to 9 points lower, with sales of
40,250 bags, marking a sharp reaction from the highest of the
week, though the close was higher than a week ago. Closing prices were as follows:
October __cta8.31 8.35
November _8.34®8.35
December-__8.38 8.40
January ___.8.43@8.44
1613
THE CHRONICLE
OCT. 28 1916.]
February -cta8.47 8.48 June......-cta-8.66@8.67
March
8.51 8.53 July
8.7108.73
8 51©8.57 August
April
8.3508.66
May-------S.bl@8.6Z1 Sept
8.7808.79
SUGAR active and again higher; centrifugal, 96 degrees
test, 6.64c.; molasses, 89 degrees test, 5.87.3.; granulated
7.50 to 7.75o. Futures have fluctuated within narrow limits,
but latterly have advanced owing to the smallness of supplies
here and in Cuba,and reports that British buyers were in the
market again. Greece bought. Granulated too has advanced as well as spot raws. Cuban stocks are only 186,700 tons, against 213,381 tons a year ago. Beet sugar is not
expected to compete with cane here in the East for some time.
To-day prices closed 1 to 6 points lower, with sales of 10,500
tons owing to profit taking by Wall Street and selling by
trade interests. prices are higher for the week, however.
Closing quotations follow:
October__ cts5.575.00 February -cts4.36 4.37
4.33@4.35
November__ 5.47@4.49 March
4.37@4.39
December__5.21 5.22 April
4.41@4.43
January --- -4.6604.67 May
June
July
August
Sept
seed, 89@92c.; City, boiled, American seed, 90(03c.;
Calcutta $1 05. Lard, prime $1 i0@$1 20. Cocoanut,
Cochin, 16@17c.; Ceylon 14@15o. Corn 11.30c. Palm,
Lagos, 12@13c. Cod, domestic, 70@72c. Soya bean
10 N@10Mc. Cottonseed oil bas been very active on speculation and at one time declined heavily in sympathy with
cotton and lard; on the spot 12•3. Spirits of turpentine,
47M sg480. Strained rosin, common to good, $6 55.
PETROLEUM in steady demand; refined in barrels $8 35
@$9 35, bulk $4 50@$5 50, cases $10 75(011 75. Naphtha, 73 to 76 degrees, in 100-gallon drums and over, 403/2c.
Gasoline still active; motor gasoline in steel barrels to garages,
22c.; to consumers 24c.; gasoline, gas machine, steel, 37c.;
73 to 76 degrees, steel and wood, 31 @,34c.; 68 to 70 degrees
28@310. Crude oil has been firm, with no new features of
striking interest. Prices for Mid-Continent oil do not advance as predicted. The Central West is dissatisfied with
present quotations. Except in Kentucky, there is little development work. Some think that there must be a general
advance soon. The trouble is, however, that a good deal
of wildcat development work is under way. Closmg prices
were as follows:
Pennsylvania dark $2 60
2 12
C b 11
2 10
Mercer black
2 10
New Castle
2 10
Corning
1 65
Wooster
95
Thrall
95
Strawn
80
De Soto
North Lima
South Lima
Indiana
Princeton
Somerset,32 deg
Ragland
Electra
Moran
Plymouth
81 43
1 43
1 28
1 47
1 95
90
95
95
1 08
Illinois, above 30
degrees
81 47
Kansas and Oklahoma
90
Caddo La., light
90
Caddo La., heavy_
65
Canada
1 83
California oil ---73@78
Henrietta
95
TOBACCO has been firm with a moderate business. Predictions of higher prices are very general as the stock of the
better descriptions of leaf are anything but liberal. Frost
did a good deal of harm. That fact is universally conceded.
Great Britain has modified the embargo order. The British
Board of Trade returns for the nine months ending Sept. 30
reveal imports of North American tobacco amounting to
114,287,640 pounds, against 139,E23,360 last year, and the
amount of all growths delivered for British home consumption was 95,168,894 pounds, against 95,539,069 in the same
period last year.
COPPER firm and still active both for home and foreign
consumption. Lake here on the spot, 293/2@30c.; electrolytic, 283/2@29o.; for future delivery, 283/2@29c. London
higher. Tin higher, on the spot at 42c., later quiet at
41%@41Nic. It is said that plate companies have been
good buyers of futures. London and Singapore have been
erratic, latterly, however, advancing sharply. Arrivals thus
far this month 2,155 tons; afloat, 2,125 tons. Spelter active
and higher on the spot at 10.300. Galvanizers have been
heavy buyers. Later, however, quieter, galvanizers needs
being largely covered. Lead was active and strong on the
spot at 7@7.05c.;latterly quiet however. Canadian ammunition makers, it is said, have been in the market. A good
deal of business has come from domestic consumers. Pig
iron in brisk demand, excited, and higher. No.2 Northern,
$21 @$22; No. 2 Southern, $16E017, Birmingham. Steel
has been steadily advancing on a sharp demand. Coke has
had an extraordinary rise, touching $7.70 for furnace. Coal
13.,nd coke prices are steadily advancing. Prices of steel are
very much higher than a year ago, but the tendency is still
upward coincident with rapid rise of pig iron prices. The
Allies are in the market for large quantities of steel. All the
steel that American manufacturers can furnish for the first
half of 1917, it is stated, will be taken by France and Italy,
to say nothing of the demands from other powers. The
extraordinary situation in the steel trade is now taken as a
matter of course. As long as the war lasts, it is believed,
America will have a big market for export.
COTTON
Friday Night, Oct. 27 1916.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
305,928 bales, against 340,497 bales last week and 322,759
bales the previous week, making the total receipts since
Aug. 1 1916 2,543,780 bales, against 2,113,677 bales for the
same period of 1915, showing an increase since Aug. 1 1916
of 430,103 bales.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
15,696 16,712 24,909 17,646 12,544 15.907 103,414
Galveston
---- 22.793
17.060
5,733
Texas City
Port Arthur
-2
274
Aran. Pass, &c
New Orleans_ _ 9,938 17,022 30,372 15.294 11,816 6.642 91.084
834 1.342 3.103
532
160
21
214
Mobile
Pensacola
2,6418 2,6e8
Jacksonville,&c
Savannah
6.001 4,581 6.969 7,537 4.926 5.049 35.063
3.000 3.000
Brunswick
808 6.926
878
755 1,639 1,066
Charleston
1,780
709 1,289 1.207 1.090 6.653
736 1,622
Wilmington
Norfolk
3,010 5.598 3,628 2.482 3,344 3.730 21.792
N'port News,&c.
519
622
64
688
166 2.905
846
New York
230 1.127 1.079
387
762 4.470
885
Boston
1.348 1,348
Baltimore
262
173
435
Philadelphia
;74
cts4.434 45
4.45 4.47 Totals this week_ 45.012 46.867 70.404 47.175 53.684 42.786 nns 095
4.48@4.5()
4.51 4.53
The following shows the week s total receipts, the total
OILS active and higher. Linseed higher, owing to a since Aug. 1 1916 and the stocks to-night, compared with
further advance in flaxseed at Duluth. City,raw, American last year:
1614
THE CHRONICLE
I
1916.
1915.
Stock.
This Since Aug This Since Aug'
Week. 11915. Week. 1 1915. I 1916.
1915.
Galveston
103,414 1,007,390 94,146 748,285 347,855 308,136
Texas City__
22,793
96,519 19,091 102,926
51,782
28,310
Port Arthur
2,796,
Aransas Pass,&c_
274
3,300 2,348
49,648'
15,738
New Orleans..__ _ 91,084 519,965 46,729
303,442 306,649 224,037
Mobile
3,103
47,826 5,306
31,924
12,958
17,609
Pensacola
6,705
9,817:
Jacksonville, &c_ 2,668
23,396 1,503
12,062
4,947
1,152
Savannah
35,063 448,448 29,784 432,628 180,290 190.748
Brunswick
3,000
44,500 3,000
33,400
11,600
6,500
Charleston
6,926
75,942 11,336 134,956
63,085
90,589
Georgetown
45
Wilmington
6,653
58,189 9,775
96,762
49,070
35,622
Norfolk
21,792 172,956 20,599 141,619
59,400
61,597
N'port News,&c_
8,515
213
1,553
New York
2-,965
9,080
1,533
_94,658 302,090
Boston
4,470
13,721
951
2,600
6,095
4,632
Baltimore
1,348
6,301
703
7,566
2,263
2,813
Philadelphia
435
1,027
74
115
2,762
2,316
Totals
305,928 2,543,780 245,558 2,113.677 1,192,414 1,291.880
Receipts to
Oct. 27.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
'cceipts at-
1916.
1915.
lalveston ___
'exasCity,&e.
rew Orleans_
labile
aN annah _ _ _
trunswick_
!narleston,&c
Irilmington
rorfolk
I'port N .,&c.
.11 others
103,414
23,067
91,084
3,103
35,063
3,000
6.926
6,653
21.792
94,146
21,439
46,229
5,306
29.784
3,000
11,336
9,775
20,599
213
3,231
'otal this wit.
305,928
11,826
1014.
1913.
1912.
123,806 134,426 188,349
23,170
33,828
45,788
39,118
85,962
82,122
4,574
21,772
15,161
43,965 123,375
86,585
1,30J
30,000
18,000
12,594
29,853
21,759
5,56628,32321,8i5
12,7321 36.369
32.509
2,086
6,147
1,387
3,816
30,337
16,051
1911.
149,173
49,555
73,160
16,510
98,329
16,150
14,125
24,789
33,414
1,392
11,328
245,558 272,7271 560,392 529,516 487,955
ince Aug. 1_ 2,543,780 2,113.07711.314.815 3.67.385 3.506.483 3.788.704
The exports for the week ending this evening reach a total
of 249,529 bales, of which 151,109 were to Great Britain,
32,367 to France and 66,053 to other destinations. Exports for the week and since Aug. 1 1916 are as follows:
_
Exports
from-
ltreek ending Oct. 27 1915.
Exported to--
From Aug. 1 1916 to Oct. 27 1916.
•
Exported to-
Great
Great
Britain. France. Other. Total. Britain. France. Other.
Total.
81,021
12,258 93,279 360,727 21,371 106,874 488,972
15,090
15,090 23,597 32,008
52,605
25,168 7,200 14,537 46,1)05 160,715 52,746 76,591 290,052
29,293
_
400 29,693
12,003
12,003
4,922 10,845 10,198 25,6.
6 44,863 47,535 51,950 144,348
30.552
30,552
4,505
1,900 6-,4(18
4,505
1,900
6,405
5,000
5,000
5,003 19,355 39,331 63,686
4,397 6:1166
10,997 17,166 16,108
1,100 34,372
New York_ 3,574 7,722 5,700 16,998 71,165 56,588 121,026 248,779
Boston ____
617
118
735
8,710
504
9,214
Baltimore__ 4,670
4,670 51,363
1,000 52,363
Philadel'a__ 2,145
2,145
9,735
2,140 11,875
San Fran__
5,700 5,730
37,881 37,881
Seattle ____
11,897 11,897
51,977 51,977
Tacoma --3,745 3,745
26,674 26,674
Total____ 151,109 32,367 66,053249,529 826,394 245,709 519,348 1,591,451
Galveston.._
Texas City_
NewOrleans
Mobile
Pensacola__
Savannah__
Brunswick_
Charleston _
Wilmington
Total 1915_ 59,865 14,548 63,544 137,957 529,206 197,598 545,687 1,272,491
Total 1914- 66,067 10,950 75,562 152,579 260,554 15,214 272,217 547,985
Note.-Exports from New York Include 60 bales Peruvian to Havre.
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. We add similar figures for
New York.
On Shipboard, Not Cleared forOct. 27 at-
Great
Ger- 'Other
Britain. France. many. Contl.
New Orleans_ _ 11.524 9,328
Galveston
45,094 21,300
Savannah _ _ 7,600
Charleston_ ___
Mobile
3,843
Norfolk
New York_ _
2-,g66 3;666
Other ports..
15,000 4,000
Coast
wise.
Total.
8,997
35 29,884
36,717 23,500 126,611
6,000 13,600
1,000
-igO 3,993
1,200 1,200
4:(565
9,500
9,000
28,000
Leaving
Stock.
[Vol.. 103.
inst. These who believe that the advance has been
greatly
overdone insist that the crop is being
ated and
the consumption overestimated. They underestim
think the crop may
yet turn out to be 14,000,000 bales, to which must be
2,235,000 bales carried over from last season, which added
would
make a total supply for the season of 16,235,000 bales, to
say nothing of invisible supplies. They think that the consumption is not likely much to exceed 13,000;000 bales. If
this should prove to be correct, the carryover on July 31 1917
would be 3,235,000 bales. That surely would be a different
thingfrom the practical or complete disappearance of
supplies which bulls have been calculating upon. Dryvisible
goods
merchants and, it is intimated, some of the mills
become nervous over the great rise in cotton and havehave
Some
cases been inclined to shorten sail. There are some in
intimations that the high price of cotton is already beginning
to
have some slight effect on the consumption, which it predicted will become more marked if the price shouldisagain
advance. But the believers in the bull side are not discouraged. They call the setback merely temporary. Besides,
prices still show a substantial net advance for the week. The
ginning up to Oct. 17 was 7,291,000 bales, or 200,000 to
300,000 bales smaller than was generally expected, against
5,708,836 bales in the same time last year, 7,619,747 in 1914
and 6,973,518 in 1913. Different constructions were put
upon these figures. Some thought they indicated fully
70 to 72% of the crop ginned and others 60% or even less.
In the last ten years the percentage of the crop ginned up to
Oct. 17 has ranged from 38 to 54.9%. In the big.crop year
of 1914-15 it was 47.9; in the other big year of 1911-12 it was
49.9. Just what it was this year up to Oct. 17 must in the
nature of things be largely or wholly conjectural. But if it
was 72.6, as one statistician put it, the yield indicated would
be only 10,050,000 bales and it would suggest a situation in
the cotton trade before the close of the season more interesting
than pleasant. The bullish crop estimates have ranged from
10,050,000 to 12,200,000, with the consumption put at anywheTe from 14,000,000 to 15,000,000 bales. Spot houses,
mills. and prominent- operators have been buying. The
outside public has bought more freely. Liverpool has been
a buyer. Spot markets have been rapidly rising. Liverpool's spot sales have generally been 10,000 bales a day.
Manchester has been strong. Exports have been good.
Cotton goods have been active and higher. Bulls now predict 25 cents some time this season. May and July crossed
20 cents on Wednesday. To-day prices were irregular,
advancing and declining frequently and finally ending practically unchanged. Heavy liquidation, largely for the West,
was offset by active buying by trade interests, including
the mills. Speculation was less active. Spot cotton closed
at 19c. for middling, an advance for the week of 60 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 21 to Oct. 27Middling uplands
Sat. Mon. Tues. Wed. Thurs. rd.
18.50 19.10 19.30 19.10 18.75 19.00
NEW YORK QUOTATIONS FOR 32 YEARS.
1916_c
1915
1914
1913
1912
1911
1910
1909
19.0011908_ c
12.1511907
11906
14.5011905
11.2511904
9.5011903
14.75 1902
14.5511901
9.40
10.95
10.75
10.65
9.90
10.35
8.70
8.38
1900..c
1899
1898
1897
1896
1895
1891
1893
9.5()
7.31
5.38
6.06
7.94
8.62
5.81
8.19
1892-e
1891
1890
1889
1888
1887
1886
1885
8.25
8.38
10.06
lu.50
9.81
9.69
9.25
9.75
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
276,765
220,244
166,690
62,085
8,965
58,200 Saturday__
85,158 Monday __ _
100.519 Tuesday __ _
Wednesday_
Total 1916_ 85,561 37,62859,714 30,885213,788 978,626 Thursday _ _
Total 1915_ 35,921 26,068
-100 58,133 33,302 153,524 1,138,365 Friday
_Total 1914.... _48,720 _5,879 _ 3,532 78,268 19,827 156,226 538,776
Total
Spot Market
Closed.
Futures
Market
Closed.
Quiet, 10 pts. adv__ Very steady__ _
Steady,60 pts. adv_ Firm
Steady. 20 pts. adv_ Excited
Quiet, 20 pts. dee_ Irregular
Quiet, 35 pts. dec... Steady
Quiet. 25 pts. adv Steady
SALES.
Spot. Contr 'et Total.
3;(515 3;i66
146
2,000
2.000
2,600
2;116
146 7.800 7,946
Speculation in cotton for future delivery has been very
_
active at violent fluctuations in prices. They rose rapidly,
NEW ORLEANS CONTRACT MARKET.-The highbut on Oct. 25 there was a sudden break from the high level est, lowest and closing quotations for leading contracts in the
of the day of 109 to 125 points, or 83 to 100 points from the New Orleans cotton market for the past week have been as
closing prices of the previous day, owing mainly to heavy follows:
liquidation following the action of the New York Cotton
Saturday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Exchange Clearing House in fixing margins at $7 a bale.
Oct. 21. Oct. 23. Oct. 24. Oct. 25. Oct. 26. Oct. 27.
This was a rise of $2 from the previous rate and of $4 from
the rate originally fixed on the organization of the Clearing OctoberRange
17.56-.67 17.93-.25 18.47-.61 18.89-.96
House. In other words, a margin of 140 points is now deClosing
17.66-.68 18.36-.38 18.61
inanded in the interests of conservatism as contrasted with December•
Range
17.71-.87 18.13-.62 18.55-.90 18.29-.24 17.98- .47 18.34-.56
100 points recently and 60 points at first. The outpouring
Closing
17.87-.88 18.58-.59 18.88-.89 18.15-.47 18.45-.46 18.37-.38
of cotton from all directions on this announcement was JanuaryRange
17.82-.00 18.23-.79 18.67-.05 18.47-.40 18.11-.61 18.47-.72
enormous. The scene on the Exchange was the most sensaClosing
17.99-.00 18.73-.74 19.02-.04 18.60-.62 18.59-.60 18.51-.53
tional witnessed since the heyday of Daniel J. Sully. So March
Range
18.04-.25 18.47-.01 18.92-.30 18.70-.67 18.37-.85 18.70-.95
violent a break in a single day has not been witnessed in
Closing
18.23-.25 18.97-.98 19.28-.30 18.80-.86 18.82-.84 18.74-.75
years; much of it took place in fifteen minutes, coming like May
Range
18.19-.42 18.68-.16 19.10-.48 19.00-.82 18.57-.03 18.88-.10
a thunder clap from a clear sky. Already, however, people
Closing
18.41-.42 19.15-.16 19.45-.48 19.00-.02 19.01-.02 18.92-.93
had begun to look askance at a market which had been going Juk
up by leaps and bounds. It advanced 70 to 75 points on
18.36-.53 18.79-.26 19.19-.59 19.00-.89 18.65-.12 19.09-.22
Closing
18.52-.53 19.25-.27 19.57-.58 19.13-.15 19.11-.12 19.02-.04
Monday, Oct. 23, and continued to advance, though at a Tone
more moderate pace on the two following days until the rise
Steady. Firm.
Spot
Firm.
Firm. Steady. Steady.
CIntionc
Very st'y Firm. Very sty Irreg. Very st'y Steady.
was suddenly interrupted shortly after 2 o'clock on the 25th
1615
THE CHRONICLE,
OCT. 28 1916.1
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the weekand since Aug.1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wed day, Thursd y,1 Friday,
period of the previous year-is set out in
corresponding
1
27.
26.
Week.
Oct.
Oct.
Oct.
Oct.
25.
24.
23.
Oct.
Oct. 21.
detail below.
October-
1
1
18.71-.55
---18.11-.89 19.00-.33 10.35-.55
Range
1
18.31 -18.98-.00 19.30-.33
Closing_
November1 18.78-.01 18.58-.01
18.75
-- -- 18.58
Range
closing---- 18.42 -19.05 -19.32-.35 18.90 -18.75-.79,18.84-.89--1
December18.32-.54 18.80-.22 19.11-.54 18.50475 18.58-0718.01-22 18.32475
Range
18.52-.54 19.19-.22 19.50-.52 19.07-.20 18.97-.99,19.03-.05Closing_
1
January18.28-.50 18.75-.22 19.11-.60 18.70480 18.55-.16 18.90-.23 18.28480
Range
18.48-.50 19.18-.21 19.53-.57 19.09-.24 19.00-.03,19.03-.05--Closing
FebruaryI
Range
1
18.51 -19.22 -19.55 -19.13 -19.04 -,19.05 ---Closing_
March18.40-.65 18.89-.36 19.23-.71 18.80-191 18.74-.261 19.04-.38 18.40491
Range
18.62-.64 19.32-.35 19.64-.69 19.25-.32 19.16-.20 1d.15-.17--Closing
April18.92-.55
18.92-.93 19.55
Range
closing...... 18.66 -19.38 -19.70 -19.30 -10.21 -19.19 ---May4
18.51-.75 19.00-.49 19.37-.80 18.95404 18.88-.40 19.18-.50 18.5140.
Range
18.74-.75 19.45-.49 19.79-.80 19.38-.43 19.31-.32 19.30-.33--Closing_ June-----19.11-.1219.55 ----19.32 ----10.11-55
Range
18.76 -19.45 -19.79 -19.39 -19.32 -19.30 ---Closing
July18.55-.79 19.05-.50 19.40-.86 19.25-104 18.93-.41 19.26-.52 18.55-104
Range
18.77-.79 19.46-.49 19.80-.86 19.41-.47 19.32-.34 19.31-.32--Closing_
September---17.35 -17.60 -17.70-.80 17.00-.25 17.15-.20 17.35-.80
Range
17.40-45 17.50 -17.80 -17.25 -17.00-.10 17.05-.15--elf-mina_
f19. J20.
THE VISIBLE SUPPLY OF COT1 ON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
'
1914.
758,000
21,000
49.000
1913.
648,000
5,000
37,000
*1.000
163,000
6,000
46,000
179,0(Y)
*1,000
828,000
*1,000 *25,000
*2,000 *140,000
234,000 208,000
3.000
2,000
22,000
35,000
19,000
151,000
*1,000 *18,000
590,000
17,000
187,000
143,000
2,000
9,000
24,000
10,000
397,000
426,000
435,000
392,000
1016.
bales_ 592,000
30,000
31,000
Oct. 27Stock at Liverpool
Stock at London
Stock at Manchester
1915.
920,000
70,000
55,000
656,000 1,045,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
*1,000
Total Continental stocks
1,053,000 1,471,000 1,263,000 982,000
76,000
79,000
32,000
46,000
637,945 536,059 282.436 1,085,909
79,000
21,000
54,000
Egypt,Braz11,&c.,afloat forEuropo 47,000
112,000 194,000 *110,000 263,000
Stock in Alexandria, Egypt
336,000 453,000 470,000 400,000
Stock in Bombay, India
1.192,414 1,291,889 695,002 844,885
Stock in U.S. ports
564,003
Stock in U. S. interior towns..__ A,105,079 994,688 820,382
52,835
7.450
2,374
11,948
U.S.exports to-day
4,541,386 5,029.010 3.748,270 4,347,632
Total visible supply
Of the above totals of American and otner descriptions are as follows:
Total European stocks
India cotton afloat for Europo
Amer. cotton afloat for Europe
American-
bales_ 445,000 677,000 459,000 354,000
Liverpool stock
42,000
31,000
29,900
17.000
Manchester stock
*309,000 *328,000 *330,000 341,000
Continental stock
637.945 536,059 282,436 1,085,909
American afloat for Europe
1,192,414 1,291,889 695,002 844,885
U.S. port stocks
1,105,079 994,688 820,382 564,003
U.S.Interior stocks
52,835
7,450
2,374
11.948
U.S. exports to-day
Total American
3,730,386 3,872,010 2,625,270 3,259,632
East Indian, Brazil, &c.- •
at•
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
147,000
30,000
5,000
*88,000
46,000
47,000
112,000
333,000
243,000 298,0o0
21,000
70,000
18,000
13,000
*98,000 *105,000
79,000
32,090
21,000
54,.00
194,000 *110,000
453,000 470,000
194,000
5,000
20,000
51,0'.1 0
76,000
79,000
263,000
400,000
811,00(1 1,157,000 1,123,000 1,088,000
3,730,386 3,872,010 2,625,270 3,259,632
4,541.386 5,029,010 3,748,270 4,347,632
Total visible supply
11.144.
7.024.
4.854.
Middling Upland, Liverpool
7.63d.
12.30c.
19.00c.
Middling Upland, New York
14.10c.
7.604. 10.75d.
Egypt, Good Brown, Liverpool_ _ 17.51. 10.00d.
Peruvian, Rough Good, Liverpool 14.0,)d. 10.104.
8.75d.
9.254.
10.594.
Broach, Fine, Liverpool
6.65d.
4.354. 7 1-16d.
Tinnevelly, Good, Liverpool_
10.52d.
7%d.
4.504.
6.77d.
* Estimated.
Movement to Oct. 27 1916. 1
Towns.
Movement to Oct. 29 1915.
I Ship-s• Stocks
Oct.
ment
Season. I Week.. 29.
Receipts.
Ship- Stocks
ments. Oct.
27.
Week. I Season. Week.
Receipts.
Week.
1111 8,801
7,372
360'
Ala.,Eufaula.._
23,710 3,732 35,419
Montgomery.. 2,461
13,433 2,626 9,027
1,660
Selina
3,764
24,778 1,500 21,067
Ark., Helena
15,665 101,202 12,320 50,497
Little Rock
7,770 54,434 5,848 37,024
Pine Bluff
367 2,362
416
15,267
Ga.,Albany..
47,587 2,800 22,715
5,450
Athens
15,933 102,645 11,382 38,551
Atlanta
8,037134.420
18,179 218,91
Augusta
24,992 1,825 16,545
3,818
Columbus
77,809 6,181 23,001
6,575
Macon
3.987 20,367 3,218 7,388
Rome
La.,Shreveport, 11,817 86,034 8,352 34,939
129 1.548
448
1,646
Miss..Columbus
27,963 2,139 21,000
4,000
Greenville
5,935 52,671 3,146 27,734
Greenwood..
827 6,393
7,361
1,248
Meridian ___
22,174 3,064 9,286
9,450
Natchez
670 3.752
5,457
883
Vicksburg
10,601 1,604 8,420
2,024
Yazoo City
Nfo.,St. Louts_ 59,970 196.877 59,218 14,813
27,820 1,500 7,628
nsboro 2,500
493
975
4,296
1,017
Raleigh
30,469 4,633 8,723
0., Cincinnati_ 4,399
28,261 4,499 7,126
Okla., Ardmore 3,259
4,000 .28,201 3,000 11,220
Chickasha_
1,227
16,8431 1,602 4,417
Hugo
17,1071 3,340 7,347
3,329
Oklahoma
6,791
43,503; 3,899 25,528
S.C.,Greenvill
374 3,218
5,870,
1,114
Greenwood
Tenn.,Memphis 61,375 348,743, 64,026 83,355
469
Nashville
1
Tex., Abilene__ 6,000
43,509 4,000 10,000
993
668 2,152
Brenham ____
20,476
29,572 2,353 8,078
Clarksville_ __ 2,890
Dallas
6,135
55,782 6,135 13,2191
26,687 3,341 4,923
Honey Grove.. 2,867
Houston
128,1161,206,343 113,779262,253
Paris
8,103; 66,219 8,588 8,143
San Antonio_ _ 1,326' 31,9981 2,741 1,885
I
276 10,754
10,2371
750
60.309.2,505 72,900
4,424
30,913 4,969 30,084
3,482
17,160 2,682 11,750
4,431
10,687 38,323' 4,696, 24,543
33,141' 2,190 25,423
5,189
396 10,314
15,737
588
40,751; 2,650, 25,263
6,115
42,534 3,097 20,339
5,853
19,572 184,817 10,994163,603
950 33,951
18,078
2,282
27,178 1,019 14,534
2,567
21,499 2,719 9,067
3,561
7,497 55,830 7,041 39,404
201 5,014
4,190
711
4,500 30,800 2,500 22,024
44,687 3,947, 22,115
4,823
10,228 1,553' 9,322
1,674
7311 10,571
15,465
1,537
12.391 1,026' 9,293
2,522
12,963 1,174, 11,806
1,928
53,374 15,278 6,878
15,909
21,481 2,354 5,215
3,856
380
550
4,065
501
7,584 33,067 7,728 10,858
6,414 1,119 3,851
2,104
393 2,489
4,528
1,200
981
478
1,754,
435
321 1,502
2,694
560
38,389 2,545 18,052
6,216
512 7,124
6.359
1,618
52,854 216,224 28,061153,800
62 2,270
3,189
457
23,407 4,278 5,813
4,486
521 3,434
10,046
726
827 4,773
9,857
1,902
33,721 2,969 6,324
3,197
8,880 1,700 2,442
1,183
92,435 805,927 87,647164,499
28,329 5,054 6,883
4,666
37,839 2,590 5,046
1,779
Total, 41 towns420,2543,175,001368,5491105070298,3612,076,775222,303994,688
Note.-Our Interior Towns Table has been extended by the addition of 8 towns.
This has made necessary the revision of the Visible Supply Table and a number
of other tables.
The above totals show that the interior stocks have increased during the week51,705 bales and are to-night 110,391
bales more than at thesame time last year. The receipts at
all towns have been 121,893 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-1915Since
Aug. 1.
--1916-Oct. 27-Since
-Week. Aug. 1.
Shipped
190,003
59,218
Via St. Louis
1% la Mounds. &c
Via Roc& Island
Via Louisville
Via Cincinnati
Via V liginia points
Via other routes. &c
Total gross overland
Week.
15,278
14,892
446
6,305
2,288
1,361
19,408
50,557
1,431
23,940
13,598
16,229
121,913
15.649
175
4,418
4,000
1,946
14,762
64,340
59,370
294
10.335
18,773
15.198
80.410
103,918
417.671
56.228
254,720
30,129
24,762
79,838
1.728
1,622
3,982
11.814
11,991
37,071
Deduct ShipmentsOverland to N.Y ,Boston,&c___ 9,158'
Between interior towns
&c.,from South
4,518
20,786
Total to be deducted
34,462
134,729
7,332
60,876
Leaving total net overland*_ -69,456
282.942
48.896
193,844
•
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 69,456 bales, against 48,896 bales for the week last
year, and that for the season to date the aggregate net overContinental imports for past week have been 60,000 bales. land exhibits an increase over a year ago of 89,098 bales.
The above figures for 1916 show an increase over last week
---1916-- ---1915--Since
Since
of 238,653 bales, a loss of 487,624 bales from 1915, an excess
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
of 793,116 bales over 1914 and a gain of 193,754 bales over
2,113,677
245,558
2,543,780
305,928
Receipts at ports to Oct.27
1913.
193.844
282,942 48,896
69,456
Net overland to Oct. 27
QUOTATIONS FOR MIDDLING COTTON AT OTHER Southern consump'n to Oct.27_ 79,000 990.000 67,000 839,000
MARKETS.-Below are the closing.quotations of middling
454.384 3,816,722 361,454 3,146,521
Total marketed
517.511
76,058
751,345
51.705
cotton at Southern and other principal cotton markets for Interior stocks in excess
each day of the week.
437.512
Came into sight during week -566.089
Galveston
New Orleans.._
Mobile
Savannah
Charleston _ _ _ _
Wilmington..
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock
Saturday, Monday. Tuesday. Wed'day. Thursd'u. Friday.
178790-18.60
17.69
18.13
17.81
18.25
18'i
18
17'
183.ilg%
183i
17'8
18.31
185i
18
19.35
18.75
18.56
18.19
18.25
17.75
18
iA:go
18.00
17.75
17.75
8 :
18
18.38
18.62
18.90
18.50
18.50
18h
18%
18y,
18.50
19
19.55
18.85
18.50
18.90
45
:7
18.62
19
18.70
18.50
18.62
18Y
183
1834
19.00
19
19.35
19.38
18.50
1118
19
19.00
18.75
18.25
1834,
1834
18.50
18.l
19.25
18.88
18.50
i61-60
io7db
i§766
iA7Eo
18.50
18.50
18.25
18.38
3,664,032
4,568,067
Total in sight Oct. 27
Closing Quotations for Middling Colton onWeek ending
Oct. 2,.
North'n spinn's talkngs to Oct. 27-102,449
557,508
77,692
523,772
Movement into sight in previous years:
1Veek1914-Oct. 30
1913-Oct. 31
1912-Nov. 1
Bales. Since Aug. 1-
502,295 1914-Oct. 30
724,855 1913-Oct. 31
707.936 1912-Nov. 1
Bales.
2,893.081
5,101,246
4,964,522
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening indicate that the weather has
been favorable at the South during the week, little or no
rain having fallen. Picking is active generally and is drawing to a close in some sections. Marketing continues free.
1616
THE CHRONICLE
[VoL. 103.
Galveston, Tex.-The weather has been generally clear
The following statement we have also received by telethroughout the week, with temperatures low. Frosts
graph, showing the height of the rivers at the points named
occurred in different localities but were not severe enough
at 8 a. m. of the dates given:
to do material damage. The gathering and ginning of
Oct. 27 1916. Oct. 29 1915.
Feet.
Feet.
cotton is about completed and preparations are being made New Orleans
Above zero of gauge..
9.3
3.8
Memphis
Above zero of gauge_
for fall planting. There has been no rain the past week. Nashville
14.4
5.1
Above zero of gauge.
9.5
9.8
The thermometer has averaged 65, the highest being 78 Shreveport
Above zero of gauge_
16.8
*0.7
Vicksburg
Above zero of gauge..
22.3
4.6
and the lowest 52.
*
Below.
Abilene, Tex.-We have had no rain the past week. The
thermometer has averaged 61, ranging from 38 to 84.
ADVANCES IN COTTON GOODS.-Messrs. Watts,
Brenham, Tex.-Dry all the week. The thermometer has Stebbins & Co. announced on Friday last advances of oneranged from 40 to 84, averaging 62.
half cent a yard on 4-4 Wamsutta fabrics, as follows: OXX,
Cuero, Tex.-No rain the past week. Average thermome- OXB Brown, jeans, nightrobes, I C T twills, percale, camter 6.3, highest 90,lowest 36.
bric, long-cloth, Burleigh long-cloth. On Monday MasonFort Worth, Tex.-There has been a trace of rain on one ville 36-inch goods were also advanced one-half cent, as
day of the week. The thermometer has averaged 62, the follows: Muslin, cambric, long-cloth, nainsook, percale
highest being 80 and the lowest 44.
and brown.
Henrietta, Tex.-There has been rain on one day the past
EXPORTS OF COTTON GOODS FROM GREAT
week, the rainfall reaching fourteen hundredths of an inch.
BRITAIN.-Below we give the exports of cotton yarn,
The thermometer has averaged 56, ranging from 32 to 80.
Huntsville, Tex.-Dry all the week. The thermometer goods, &c., from Great Britain for the month of September
and since Aug. 1 in 1916 and 1915, as compiled by us from
has ranged from 36 to 88, averaging 62.
Kerrville, Tex.-We have had no rain during the past week. the British Board of Trade returns. It will be noticed that
Average thermomter 53, highest 78, lowest 28. •
we have reduced the movement all to pounds.
Lampasas, Tex.-No rain during the week. The therCloth.
mometer has averaged 58, the highest being 82 and the 000s Yarn & Thread.
Total of All.
lowest 34.
omitted. 1916. 1915. 1916. 1915. 1916. 1915. 1916. 1915.
Longview, Tex.-We have had no rain during the week.
lbs.
yds.
yds.
lbs.
lbs.
lbs.
lbs.
The thermometer has averaged 56, ranging from 34 to 78.
August _ 17,750 15,318 424,317 418,794
79,312
78,279
97,062
93,597
Sept ___ 16,488 17,765 461,697 409,809
80,298
102,784
94,305
76,600
Luling, Tex.-We have had no rain during the week. The
Stockings and socks
thermometer has ranged from 40 to 86, averaging 63.
311
463
Sundry articles
8,189
5,174
Nacogdoches, Tex.-Dry all the week. Average thermomeTotal exports of cotton manufactures
ter 56, highest 78,lowest 34.
208,498 193,447
Palestine, Tex.-We have had no rain the past week. The
The foregoing shows that there have been exported from
ther mometer has averaged 59, the highest being 78 and the
the United Kingdom during the two months 208,498,000
lowest 40.
Paris, Tex.-There has been no rain the past week. The pounds of manufactured cotton, against 193,447,000 pounds
thermometer has averaged 55, ranging from 38 to 72.
last year, an increase of 15,051,000 pounds.
San Antonio, Tex.-Dry all the week. The thermometer
has ranged from 44 to 82, averaging 63.
CENSUS BUREAU REPORT ON COTTON GINNING
Taylor, Tex.-No rain during the week. Minimum TO OCT. 18.-The Census Bureau issued on Oct. 25 its
thermometer 40.
report on the amount of cotton ginned up to Oct. 18 from
Weatherford, Tex.-We have had no rain the past week. the growth of 1916 as follows, comparison being
made with
The thermometer has averaged 57, the highest being 67
the returns for the like period of the preceding years:
and the lowest 38.
Number of bales of cotton ginned from the growth of 1916 prior to
Ardmore, Okla.-It has rained on one day during the week, Oct. 18 1916and comparative
statistics to the corresponding date in 1915,
the precipitation reaching fifteen hundredths of an inch. 1914 and 1913 (counting round as half-bales).
1916.
1915.
1914.
1913.
The thermometer has ranged from 34 to 77.
Alabama
292,815
556,086
810,295
839,899
Arkansas
669,827
283,423
Marlow, Okla.-We have had rain on one day during the California
397,261
322,181
6.852
4,272
6,156
3,390
week, the precipitation reaching nine hundredths of an inch. Florida
32,845
32,165
43,313
35,956
Georgia
1,216,762 1,178,045 1,367,916 1,296,911
The thermometer has ranged from 30 to 79.
Louisiana
320,082
223,063
225,274
164.034
Eldorado, Ark.-Dry all the week. Average thermometer Mississippi
446,171
421,663
474,788
435,690
North Carolina
253,523
264,935
301,108
252,193
56, highest 79, lowest 33.
Oklahoma
489,782
66,255
451.449
391,258
508,589
Little Rock, Ark.-There has been no rain during the week. South Carolina
581,667
693,444
619,720
Tennessee
172,216
79,353
102,177
131,933
The thermometer has averaged 56, the highest being 75 Texas
2,845,440 2,001,416 2,715,772 2,451,279
All other States
and the lowest 36.
36,829
16,387
30,794
26,476
New Orleans, La.-There has been no rain the past week.
United States
7,291,732 5,708,730 7,619,747 6,973,518
The number of round bales included this year is 133,659 bales, conThe thermometer has averaged 64, ranging from 50 to 78.
trasted with 54,783 bales in 1915 and 15,235 bales in 1914. The distribuShreveport, La.-There has been no rain during the week. tion
of Sea Island cotton for 1916 by States is: Florida, 21,009 bales;
Georgia, 43,565 bales, and South Carolina, 357 bales.
The thermometer has ranged from 36 to 77.
Columbus, Miss.-No rain the past week. Average
-We are indebted to Messrs. W.R.Craig & Co.for a copy
thermometer 55, highest 80, lowest 30.
Vicksburg, Miss.-Dry all the week. The thermometer of the 1916-1917 edition of their Ten-Year Cotton Statement.
The statement covers much matter of interest to cotton men
has averaged 55, the highest being 77 and the lowest 40.
Mobile, Ala.-It has been dry all the week. The ther- and is issued in a convenient form for hanging up.
mometer has averaged 59, ranging from 41 to 83.
RECEIPTS FROM THE PLANTATIONS.-The followSelma, Ala.-No rain all the week. Average thermometer
ing table indicates the actual movement each week from the
53, highest 74, lowest 34.
plantations.
The figures do not include overland receipts
Madison, Fla.-We have had rain on one day the past
week, the rainfall being nine hundredths of an inch. The nor Southern consumption; they are simply a statement of
weekly
the
movement
from the plantations of that part of the
thermometer has averaged 64, the highest being 83 and
orop which finally reaches the market through the outports.
lowest 44.
Albany, Ga.-We have had no rain during the week. The Week Receipts at Ports.
Stock at Interior Towns. Receipts from Plantation
thermometer has averaged 61, ranging from 39 to 83.
end'g
1916. 1915. 1914.
1916.
1915.
1918. 1915. I 1914.
1914.
Savannah, Ga.-Dry all the week. Average thermometer
Sept.
63, highest 85 and lowest 43.
8 187.016 100,526 49,127 325,618 454,818 143.838248,383 127,194 67.344
Charleston, S. C.-We have had rain on one day of the
15 182.381 176,839 87.936 411,183 497,366 191.548 267,946219.387 115.648
22 230,375 284,998 97,716 542,558 575,202 255,150301,750362.834 161,
past week, the rainfall reaching eight hundredths of an inch.
29 285,501 306,456 158,124 693,690 650.579 344,863436,693381.833247.837
The thermometer has averaged 66, the highest being 83 Oct.
6 324,221 282.7/5 162.032 830,921 736,530 459.570461,452368,756 270,745
and the lowest 48.
13 322,759 275,396 199,397 904,982 834,820 577.6534511.820373,470 317,474
Greenville, S. C.-It has rained on one day during the week,
20 340,497277,910240,087 1.053,374 918.630 696,772 428,829 301,920 359,186
27 305,9281245,558272,727 1,105,079 994,688 820,382357,033 321,6161396337
the precipitation reaching fifteen hundredths of an inch.
The thermometer has averaged 55, ranging from 33 to 75.
The above statement shows: 1.-That the total receipts
Charlotte, N. C.-We have had rain on one day during the
the plantations since Aug. 1 1916 are 3,294,125 bales;
week, the rainfall being four hundredths of an inch. Mini- from
in 1915 were 2,631,188 bales,and in 1914 were 2,015,058 bales.
mum thermometer 40, maximum 75, mean 58.
-That
although the receipts at the outports the past
2.
Goldsboro, N. C.-This week's rainfall has been thirteen week were 305,928 bales, the actual movement from plantahundredths of an inch, on one day. Average thermometer tions was 357,633 bales,the balance going to increase stooks
64, highest 85 and lowest 42.
at interior towns. Last year receipts from the plantations
Memphis, Tenn.-Dry all the week. Minimum tempera- for the week were 321,616 bales and for 1914 they were
ture 34, maximum 75, mean 55.
396,337 bales.
THE CHRONICLE
OCT. 28 1916.1
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1916.
Cotton Takings.
Week and Season.
Week.
1915.
Season.
Week.
Season.
4,302.733
Visible supply Oct. 20
4,897,270
3,198,251
Visible supply Aug. 1
4,664,410
506,089 4,568,067 437,512 3,664,032
American in sight to Oct. 27
b15,000
218,000
Bombay receipts to Oct.
36,000
360,000
b2,000
46,000
Other India shipm'ts to Oct. 26
1,000
85,000
b30,000
Alexandria receipts to Oct. 25
186,000
21.000
163,000
b2,000
25
Oct.
*
supply
Other
to
34,000
2,000
25,000
4,857,822 8,250,318 5,394,782 8,961,442
Total supply
DeductVisible supply Oct. 27
4,541,386 4,541,386 5,029,010 5,029,010
Total takings to Oct. 27_a
316,436 3,708,932 365,772 3,932,432
Of which American
291,436 2,925,932 331,772 3,046,432
'
Of which other
25,000
783,000
34,000
886,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
990,000 bales in 1916 and 839,000 bales in 1916-takings not being available
-and the aggregate amounts taken by Northern and foreign spinners,
2,718,932 bales in 1916 and 3,093,432 bales in 1915, of which 1,935,932
bales and 2,207,432 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1916.
(Oct. 5
Receipts at-
Week.
1 10,000
Bombay
1915.
Since
Aug. 1.
Week.
109,0001 34,000
For the Week.
Exports
from-
248,000
2,000
50,000
Since August 1.
Great
I Great Conti- Japan
Britain. nent. &China Total. Britain.
Bombay1916 __
1915 _- - 1.6136
1914
Calcutta1916
1915 __-- ......
1914
Madras1916
1915 ___ ......
1914
All others1916 ____ ......
1915 _- ----1914
1914.
1
Since
Since
Aug. 1.1 Week. Aug. 1.
Contineat.
Japan
& China
Total.
3,000
7,000
2,000
1,000
1,000
1,000
3,000
8,000
1,000
1,000
1,000
1,000
2,000
3,000
3,000
4,000
1,000
2,000
8,000
4,000
14,000
31,000
22,000
Total all------ 8,000 45,000 53,000
1916
1915 - 1,000 21,000 11,000 33,000
38,000 39,000
1914 -- 1.000
5,000
17,000
6,000
2,000
3,000
1,000
1,000
21,000 236,000 260,000
46,000 194,000 247,000
20,000 69,000 91,000
1,000
4,000
9,000
1,000
2,000
4,000
Total
Receipts (cantars)This week
Since Aug. 1
I
Oct. 6. Oct. 13. Oct. 20. Oct. 27.
Sales of the week
46,000
41,000
44,000
45,000
Of which speculators took
4,000
4,000
4,000
Of which speculators took ____
1,000
4,000
1,000
Sales, American
36,000
30,000
31,000
35,000
Actual export
3,000
4,000
8,000
Forwarded
90,000
82,000
58,000
'i 2,000
Total stock
563,000 559,000 558,000 592,000
Of which American
425,000 419,000 413,000 444,000
Total imports of the week
92,000
83,000
57,000 114,000
Of which American•,
42,000
91,000
Amount afloat
235:000 297,000 335.000
Of which American
205,000 263,000 288,006
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, f
12:15 (
P. M.
Sales
Spec.dtexp.
HOLIDAY.
Monday.
Tuesday. Wednesday. Thursday.
Good
demand,
Good
demand.
Good
demand.
Good
demand.
Friday.
10.76
11.13
11.13
11.03
Fair.
business
doing.
11.14
10,000
1,500
10,000
1,500
10,000
1,500
10,000
1,000
8,000
800
Futures.
Market1
opened
Steady,
Steady,
12014 pts. 17
advance. pts. adv.
Market, {
closed
Firm,
Feverish, Irregular, Irregular, Quiet 134
26®28 pts. 11(41534 21023 pts. 13®15 pts pts. dec. to
Dt.S. adv.
nts. adv. advance.
decline. 1 pt. adv.
Steady,
Steady,
17%02 ®20 18021 pts
pts. adv.
decline.
Steady
304 pts.
advance.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
40,000 250,000 295,000
88,000 219,000 324,000
43,000 71,000 120,000
Oct. 21 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
to
Oct. 27. 1234 134 1254 4 1234 4 1234 4 123-4 4 1231 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
1916.
1915.
240,546
617,133
227,338
596,219
Since
Week.'Aug. 1.
249,529
LIVERPOOL.-Sales, stocks, &c., for past week:
29,000
64,000
28,000
13,000
25,000
2,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
October 4.
Exports (bales)-
Total bales.
BOSTON-To Liverpool-Oct. 21-Etonian. 617
617
To Yarmouth-Oct. 21-Prince George. 118
118
BALTIMORE-To Liverpool-Oct. 11-Alamance, 4,670
4,670
PHILADELPHIA-To Manchester-Oct. 13-Manchester Port,
2,145
2,145
SAN FRANCISCO-To Japan-Oct. 24-Arakan, 4,200; Yucatan, 1,000
5,200
To Vladivostok-Oct. 24-Arakan, 500
500
SEATTLE-To Japan-Oct. 14-Yokohama Maru, 5,737__ _Oct.
16-Kifunezan Maru, 4,160
9,897
To Vladivostok-Oct. 18-Shintsu Meru, 2,000
2,000
TACOMA-To Japan-Oct. 14-Yokohama Maru,69_ _ _Oct. 16Tacoma Maru, 3,626
3,695
To Vladivostok Oct. 16 Tacoma Maru, 50
50
Mid.Uprds
6,000 44,000 50,000
16,000 10,000 27,030
38,000 38,000
1617
Since
Week. Aug. 1.
To Liverpool
9,583 24,471 3,551 21,891
To Manchester
4,682 7,972 4,235 13,176
To Continent and India_
300 5,706 5,022 24,357
To America
750 1,883 2,929 16,816
Total exports
.15,3151 40,032 15,737 76,240
1914.
42,151
54,876
d. d. 1 d.
d.
d. d.
October__
10 64 7134 01 87
Jan.-Feb_
10 68 7434 04 88
Mar.-Apr. HOLI- 10 75 8034 0834 93
May-June DAY. 10 81 87 15 00
July-Aug10 83 89 15 00
Oct.-Nov.
968 70 90
N.
BREADSTUFFS
Since
Week. Aug. 1.
2,043
-_,_
1,034
1,877
6,738
5,114
8,139
7,127
d. d. d. d. d. d.
0034 0834 9134 9334 02 9434
013409 92 94 0134 94
0734 16 00 02 0734 00%
1454 23 09 10 144 08%
1434 2134 06 08 1234 0634
N. N. N. N. N. N.
Flour
Friday Night, Oct. 27 1916.
has been in better demand and higher. Some export demand has prevailed, generally, however, without re-
sulting in large sales. Foreign bids are under mill prices.
Europe is expected by some to buy American wheat rather
than American flour, in order to keep European mills going
MANCHESTER MARKET.
-Our report received by and get the by-products. Reselling here has continued as
cable to-night from Manchester states that there is en- usual, somewhat under mill prices. Mills have been more
couraging activity in both yarns and cloth with prices reserved in their Offerings. They are none too anxious to
firmly held
We give prices for to-day below and leave sell much ahead with the wheat market in so chaotic a state.
those for previous weeks of this and last year for com- Jobbers have done a good business. The check to the rise
parison:
in wheat on the 25th inst. may cool the ardor of buyers for
a time. But the conviction is slowly spreading that flour
1918
1915
is not likely to be cheap this season; that it is an era of high
834 bs. Skirt- Cot'n
834 is. Shirt- Cot's prices and that flour is unlikely to escape the general dearness
891 Cop
ings, common Mid.
32. Cop
lags, common Mid. of commodities. A Minneapolis dispatch on Oct. 23 said:
Twist.
to finest.
Up '1
Twist.
to finest.
Up '8 "Flour prices increased 20 to 50 cents
a barrel here to-day,
d. a. d.
Sep. d.
a. d. d. d.
d. a. d.
owing to the bullish condition of the wheat market and rea. d. d.
8 14% 14 1534 8 8 010 6
9.38 934
14
6
10
954
08
6.12
13.4
ports of a strong foreign demand. Fancy patents, which
15 14% 14 1554 8 8 010 6
9.51 934 (4 10X 7 3 08 0
6.44
22 14% 14 15% 8 8 010 6
9.62 934
14 1034 7 3 (47
6.59 sold on Saturday, Oct. 15, at $9 35, were quoted to-day at
29 14% 14 1554 8 8 010 6
9.47 1054 84 1134 7 43408 1034
0
6.97
$9 55. This grade of flour has increased 65 cents a barrel
Oct.
6 14% 14 15% 9 0 010 1034 9.93 1034 14 11 7 '5%08 1
7.24 in one week. First clears sold for $7 90 to-day, an increase
13 14% 14 1554 9 2 011 0 10.11 1034 14 11% 7
•
3
08
6
7.23 of 30 cents, while second clears sold at $5, an increase of 50
20 153i 14 log 9 3 011 1% 10.57 10% 14 11% 7 3 08 9
712
27 15% 14 1634 9 5 011 6 11 14 10% 14 11 7 6
08 7% 7 02 cents a barrel." On the 26th inst. the price of second clears
advanced 50 cents a 'barrel at Minneapolis, according to a
SHIPPING NEWS.
-Shipments in detail:
dispatch received from there. Millers quoted this grade at
Total
bales.
NEW YORK-To Liverpool-Oct. 20-Orduna, 2,695
2,695 $5 50. Liverpool prices have been rising. The total output
To Manchester-Oct. 20-Bovic, 879
879 at Duluth, Minne$polis and Milwaukee last week was 429,000
To Havre-Oct. 18-Onego, 2,560__ _Oct. 19-P. L. M.
No. 4, 4,486__ _Oct. 24-Wallace, 80. Oct. 25-Nyland,
bbls., against 427,000 in the previous week and 555,000 last
248_. Oct. 26-Frey, 348
7,722 year; total since Sept. 1, 2,731,000 bbls., against 3,693,000
To Genoa-Oct.21-Ruby,3,700_ __Oct. 24-Canopic, 1,400_ 5,100
To Naples-Oct. 24-Canopic, 600
600 bbls. during the same time last year. To-day prices were reGALVESTON-To Liverpool-Oct. 20-Nlcosian, 12,788
ported higher at Minneapolis, fancy patents reaching $10 20
Oct. 21-Ikalls, 12,982-_ _Oct. 23-Huntsman, 15,824-_ _
Oct. 25-Oswald, 8,201
and first clears 40.
To Manchester-Oct. 23-Jose do Larrinaga, 15,948; Victoria 49,795
Wheat advanced about 17 cents and reacted 8 cents on
de Larrinaga, 15,278
31,226 liquidation and reported selling by
To Barcelona-Oct. 20-Emilia S. do Perez,
British interests. Later
12,258
•
12,258
TEXAS CITY-To Liverpool
-Oct. 23-Elswick Hall, 15,090_
15,090 it again advanced. Prices reached the highest seen in normal
NEW ORLEANS-To Liverpool-O
ct.
20
-Colonial,
8,853.._
_
Oct 24-Gwent.6,039; Ness an,
times since the Civil War. The price overtopped that
7, 59
22,151
To Belfast-Oct. 20-Howth
Head, 3,017
reached in the Leiter deal of 1898, which was $1 85, and was
3.01
To Havre-Oct. 20
-St. Louis, 7,200
7,200 the highest since the Hutchinson corner in 1888, when it
To Rotterdam-0,1.
, 2,332
2,332
To Gothenburg-Oct.19-Maastensdijk
24-Mexicano 500
500 touched $2. On Oct. 25 this year No. 1 spring wheat was
To Genoa-Oct.23-Valdiere,7,332_ Oct.
24
Bark
Iferat,4,373 11.705 quoted here at $2 04. James A. Patten predicted on ThursSAVANNAH-To Liverpool-Oct 20-Ormi
4,697
To Manchester-Oct. 20-Ormiston, 225 ton, 4,697
225 day that prices may advance 60 to 75 cents later in the season,
To Havre-Oct. 20--Storfond, 10,845
10,845 taking the ground that our exportable surplus has already
To Genoa-Oct. 21-Amista, 10,198
10,198
CHARLESTON-To Liverpool-Oct. 20-Wilton 4,505
4,505 been sold. He evidently believes that the carryover from
To Oporto-Oct. 24
arolino E. de Perez, 1,900
1,900 last year in this country was not 160,000,000 bushels, or
WILMIN-GTON-To Liverpool-Oct. 28-Crown
of
Galicia,
5,000
5.000 anything like it. During the week Argentine
NORFOLK-To Liverpool-Oct. 20-Maxton,4,397
quotations
4,397
To Havre--Oct. 26, 6,600
6,600 have risen sharply, and this has had a marked influence on
4,954_27,118
1618
[voL. 103.
THE CHRONICLE
American markets. The speculative trading in this country
has been enormous. Last Monday prices at Buenos Aires
advanced 15 cents. The weather in Argentina was still
reported dry. The chances are, judging from present appearances, that the exportable surplus of Argentina will be
very small. This cutting down of the estimates on Argentina's surplus means, of course, that the world's situation
is considered as becoming more and more acute. It is well
to bear in mind, of course, that prices in Argentina are being
influenced largely by speculation, and it is also true that exporters here and in Argentina have latterly not been following the advance. On Thursday, too, there were reports of
rains in Argentina,and prices on that day dropped at Chicago
two cents or more, partly in sympathy with some decline in
Argentina. Nevertheless, the feeling persists that the
statistical position of the world is strong. Some even take
the ground that the world's crops are 1,000,000,000 bushels
smaller than last year's. Without necessarily accepting
such an estimate, very many are inclined to the belief that
there is a serious shortage in world's supplies. Argentine
advices to Broomhall say that wheat in the North is practically destroyed, and that what is not destroyed is deteriorating rapidly; that the general outlook is bad; that the estimates of the exportable surplus are being severely lowered.
From Russia the crop advices are not favorable. In some
parts of the Empire the weather is exceedingly cold and
seeding is slow. The interior movement in Russia is restricted by inadequate railway facilities. In the Balkan
States excessive rains have delayed seeding and late threshing. In England the offerings of native wheat are light and
foreign arrivals are inadequate. Flour is advancing at Liverpool, as well as at Minneapolis. The Italian crop, already
small, is now officially estimated to be 4,000,000 bushels
smaller than recently reported. What is more, private
advices say that the official estimates are too high. On the
other hand, the weather in India is good and seeding is being
rapidly pushed and a large acreage is expected. Reports
from neutral sources say that the weather in Germany is
generally favorable and that harvesting and threshing are
finished. Beneficial rains have fallen in Spain and South
Africa. In Australia helpful rains have fallen. But, as
already intimated, the news in regard to crops now available
or which soon will be is as a rule unfavorable. Argentina's
exportable surplus is estimated at as low as 45,000,000
bushels, as against something over 100,000,000 bushels last
year. On Thursday export sales in the United States were
1,000,000 bushels. To-day prices advanced to the highest
point of the week, being 4 to 6 cents above the closing on
Thursday. Argentina's exports for the week were only
1,136,000 bushels, as contrasted with previous estimates
of 1,600,000 bushels. At the West spring wheat receipts
were small. In two days the export business is said to have
reached 2,500,000 bushels. James A. Patten was out in a
bullish interview. The demand from American mills was
reported good.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fn.
193
188
186X 188
No.2 red
cts_178% 181
WHEAT FUTURES IN CHICAGO.
OF
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
180% 186%
December delivery in elevator_cts_170% 174% 1783 180
170% 174% 178% 180% 1803 1844
May delivery in elevator
1413 143% 145% 1453's 149
141
July delivery in elevator
increase rapidly. The available stock in North America
increased last week 3,451,000 bushels, as against an increase
last year of only 979,000 bushels. And the total is now no
less than 62,719,000 bushels, against only 20,548,000 a year
ago and 42,000,000 in 1914. Besides, the price fell sharply
in the middle of the week in sympathy with a decline in
wheat. Though the supply is so large, the price after all is
12 to 16 cents higher than a year ago. Still the foreign situation is considered bullish. Liverpool cabled the other day
that arrivals were moderate and that France and Italy continued to absorb all export offerings. River Plate offerings
there have been light; and America has been shipping liberally, it was said, at firm prices and that the Liverpool cash
situation has generally been firm. To-day prices advanced
in company with other grain. Exporters took 400,000
bushels, partly on Thursday.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
59% 60
59
cts_55% ®56 583
60
Standards
60
60% 593
No. 2 white
56©57 59
60%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
53
55
December delivery in elevator_cts_ 50% 52% 54X, 54
5
57% 57 A 58%
.56% 573
54%
May delivery in elevator
The following are closing quotations:
FLOUR.
Winter, low grades...._..$6 40 16 90 Spring, low grades ____$6 15@$6 65
9 50
Winter patents
8 65
8 90 Kansas straights,sacks_ 9 00
Winter straights
8 33
8 55 Kansas clears, sacks-- 7 158b 8 50
10 80
Winter clears
7 80
8 16 City patents
Spring patents
7 75® 8 00
9 40
9 65 Rye flour
Spring straights
9 05
9 30 Buckwheat flour
Bnprig clears
8 65 Graham flour
6 50® 7 65
8 40
GRAIN.
Corn, per bushelWheat, per bushel-f.o. b.
f. o.
No. 2 mixed
N. Spring, No. 1, new__--$2 063i
of. b
f..$1 ii3-No. 2 yellow
N. Spring. No. 2
No. 2 yellow kiln dried_-- Nom.
Red winter, No. 2, new..., I 93
1 19
No. 3 yellow
I 99
Hard,winter, No. 2
cts. Rye, per bushelOats, per bushel, newC. 1. f. $1 42
New York
Standard
60
C. I. f. $1 47 .
Western
60 A.
No. 2, white
$1 1901 26
593i Barley. malting
No. 3. white
1 00
Barley, feeding
59
No. 4. white
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.-The exports of those articles
during the month of September and the nine months for the
past three years have been as follows:
Exports
from U. S.
1914.
1915.
1916.
September. 9 Months. September. 9 Months. I September.i 9 Months.
Quantities.
Wheat _ bush 13,102,177 113,824,817.21,300,076 161,227,351125,763,047 109,657,106
Flour_ _bbls 1,085,101 11,212,7231 1,003,011 11,184,912} 1,223,282 7,980,887
Wheat*bush 17,985,131 184,282.07025,813,628 211,559,455 31,167,816 145,571,007
Corn__ _vush 3,116,834 41,241,4891 764,847 40,300,644 1,100,636 7,309,021
Total bush 21,101,965 205,523,559126,578,473 251.860,09932,270,452 152,942,118
$
$
$
1
$
410,410,781 45,335,632 165,968,909
37.139.991320,241,17237,981987,
21,115,299 195,688,049117,102,817 189,262,443 10,184,813 90,518,033
714,3131 223,135 2,546,534
108,005
795,512
52,440
44,431,582 324,043,790 28,535,561 307,312,509 5,806,707242,208,637
20,834.186153,139,332 12,337,098 105.139,66912,900,076 107,219,034
947,376 14,912,313 1,555,569 19,953,6l5,394 9,579,438
Breadstuff&.
Provisions_ _
Cattle& hogs
Cotton
Petrol m,Ste
Cottons d oil
Total ---- 124,520,874 100933896997,736,167 l03482555175,037,627;818,289,563
* Includes flour reduced to wheat.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
Indian corn advanced 7 cents to a new high level and then lake and river ports for the week ending last Saturday and
reacted some 4 cents on the 25th inst., in sympathy with a since Aug. 1 for each of the last three years have been:
sudden decline in wheat. Speculation has broadened. The
Rye.
Barley.
outside public bought. Many have an idea that the high Receipts at- Flour.
Corn.
Oats.
Wheat.
prices ruling for wheat and flour will cause a larger consumplbs.bush. 56 lbs.bush. 32 lbs.bush.48lbs.bush.56lbs.
bbls.196lbs.bush.60
tion of corn and its products. This tended to make cash Chicago
164,000
923,000 4,759,000 1,002,000
219,000 1,511,000
319,000
108,000 i,ll8,000j 977,000
2,994,000
corn peculiarly strong. There has been no great pressure of Minneapolis
132,000
397,000
1,016,000
126,0001
new corn as yet, and the receipts of old corn are small. Duluth
118,000
825,000 682,000
96,000
315,000
51,000
Milwaukee __
46,000
36,000
99,000
Available American supplies are nothing great,i. e., 5,.382,000 Toledo
114,000
72,000
63,000
6,000
bushels, against 4,878,000 a year ago and 4,296,000 in 1914. Detroit
1,000
2,000
24,000
18.0001
70,000
49,000
Cleveland._ _
Liverpool cabled that prices there were strong, the arrivals St. Louis.. __ 80,000 954,000 117,000 495,000 115,000 18,000
38,000
387,000
118,000
654,000
72,000
36,000
moderate and stocks light; that River Plate offerings were Peoria
296,000
73,000
1,888,000
City379,000
at strong prices and Argentine crop advices unfavorable; that Kansas
131,000
935,000
Omaha
dryness continued to hamper seeding and that locusts were Total wk.1916 441,000 9,917,000 2,234,000 8,581,0001 3,292,000 701,000
still a menace; that American offerings were at firm quota- Same wk.1915 480- 000 17,236,000 2,031,000 7,895,000 3,399,000 754,000
tions and the Liverpool cash situation strong. In a single Same wk.1914 410,000 10,214,000 1,892,000 5.70J 2,528,030 589,000
day Chicago cash prices advanced 3 to 6 cents. On the 25th. Since Aug.14,455,000 134,974,000 41,991,000 94,873,00030,322,000 8,452,000
inst. there came, as we have seen, a sharp reaction in Ameri1916
4,373,000 140,825,000 40,691,000 70,532,00026,765,000 7,300,000
1915
can markets. The position had become over-bought. Only
5.364.000 157.239,000 40,382,000 99,221,00029,548,000 7,304,000
1914
a moderate export trade has been done. New No. 4 yellow
of flour and grain at the seaboard ports for
receipts
shipTotal
November
for
December
under
sold at Chicago at 1 Mc.
ment. If the weather should favor it, the crop movement, the week ended Oct. 21 1916 follow:
it is believed, would increase very noticeably under the stimRye.
Oats,
Corn.
I Barley.
Wheat.
ulus of high prices. To-day prices advanced. Receipts Receipts at- Flour.
Bushels.
Bushels.
Bushels.
Bushels.
were not as liberal as expected. Old No. 2 yellow sold in
Bushels.
Barrels.
19,000
436,000
319,000
586,000
187,000 1,684,000
New York....
Chicago at $1 10,or within 2cents of the high price of 1867.
469,000
48,000
586,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
120
114
114
cts 111% 113X 114
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts. 86% 88% 891-i 874 87X 89
863/3 89% 90% 89% 89% 91
May delivery in elevator
Oats advanced decisively under the spur of the rise in other
grain and also at one time of a good export demand. Last
Monday,for instance, the export sales were stated as 1,500,000 bushels. It is contended too, that oats are the cheapest
feeding commodity to be had. Shorts covered freely. The
speculative trading greatly increased after oats had been
rather neglected for some little time. Still there is no rubbing
out the fact that the supply is large and is beginning to
Philadelphia Baltimore -__
N'port News..
Norfolk
Mobile
New Orleans*
Galveston - _
Montreal _
St. John
Boston
Port Arthur
35,000
92,000
5,000
4,000
4,000
39.000
123,000
33,000
655,000
742,000
286,000
i.270,000l
76,000
397,000
196,
313,000
348,000
606,000
1,476,000
9,000
36,000
34,000
9,000
832,000
173,000
59,000
270,000
33,000
39,000
406,000
522,000 5,892,000 1,135,000 4,062,000 622,000
Total wk.1916
Since Jan.1'16 21,705,000 327,570,000 51,981.000 156,605,000 24,270,000 10,563,000
565,000, 713,000
403,000 2,363,000
11,858,000
Week 1915.__
Since Jan.1'15 21,298,003 228,195,000 46,532,000122,110.000 9,977,000 11,090.000
:not Include grain passing through New Orleans for foreign p)rts
* Receipts do.
on through bills_of_ladin,g.
THE CHRONICLE
OCT. 28 1916.1
The exports from the several seaboard ports for the week
ending Oct. 21 are shown in the annexed statement:
Exports from-
Flour.
Oats.
IVheal. I Corn.
Rye. Barley. Peas.
bushels, bushels. barrels. bushels. bushels. bushels. bushels.
Now York
Boston
Philadelphia
Baltimore
Norfolk
Newport NewsMobile
New Orleans
Galveston
Montreal
St. John, N. B.._
Port Arthur
1,075,4271 91,514 98,365 242,831
363,181 145,538 16,265
400
524,0001
18,000 250,000
516,256
10,607 898,918 122,386
4,000
5,000 1,476,000
9,000 4,000
568,000
7,000 96,033
7,000
505,000
6,000
283,090 126,000 26,000
76,000
196,000
Total week
Week 1915
4,106,864 379,052 284,237 2,875,149 122,386 406,995 5,343
8,141,513
79,802 251,121 1,040,886,299,884 245,275 14,480
-- ----
5,343
115,995
91,000
167,000
13,300
The destination of these exports for the week and since
July 1 1916 is as below:
Flour.
Wheat.
Exports for Week
and Since
July 1 to
Week
Oct. 21
1916.
Since
July 1
1916.
Week
Oct. 21.
1916.
Corn.
Since
July 1
1916.
Week
Oct. 21
1916.
Bushels.
Bushels. Barrels. Barrels. Bushels.
United Kingdom 2,602,577 42,375,851 126,237 1,822,123 358,523
1,494,872 60,380,362 44,351 1,752,936
Continent
8,963
93,765 54,724
So.& Cent. Amer.
500,463
7,205
452
3,785 56,320
West Indies
625,471
12,684
Brit.No.Am.Cole
250
4,659
5,000 2,355
Other Countries_
95,196
640
4,106,864 102,858,763 284,237 4,800,844
8,141,513 76,829,238251,121 3,450,623
Total
Total 1915
Since
July 1
1916.
Bushels.
9,875,444
5,758,168
415,684
1,023,871
1,500
11,589
379,052 17,086,264
79,802 4,042,715
The world s shipments of wheat and corn for the week
ending Oct. 21 1916 and since July 1 1916 and 1915 are
shown in the following:
Wheat.
Week
Oct. 21.
NorthAmer*
Russia
Danube
Argentina___
Australia__
India
Oth.countr's
Corn.
a1915.
1916.
Exports.
Since
July 1.
Since
July 1.
1916.
Week
Oct. 21.
a1915.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,584,000132,477,000104,956,000
288,000 17,323,000 2,322,000
104,000 5,238,000 1,952,000
281,000
1,792,000 21,767,000
2,088,000 13,264,000
1,712,000 12,224,000
136,000 2,531,000
5,640,0
3,299,000 43,781,000 80,644,000
184,000
8,608,000
3,256,000
2,134,000 2,050,000
Total_ ___ 10,416,000187,501,000 124,596,000 3,587,000 63,519,000 85,016,000
a Revised.
* North America -The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat
Unued
Kingdom. Continent.!
I
Oct. 21 1916..
Oct. 14 1916_
Oct. 23 1915_
Oct. 24 1914_
Total.
United
Kingdom. Continent.
Total.
Bushels. 1 Bushels. 1 Bushels.
Bushels.
Bushels.
Bushels.
41,296,000
21,095,000
.42,720,000
19,142,000
;35,944,000
!
31,092,000
30,200,000
--- _20,655,000
The visible supply of grain, comprising the stocks
in granary at principal points of accumulation at lake and
seaboard ports Oct. 21 1916, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Wheal,
Corn.
Oats.
bush,
bush,
bush,
3,997,000
722,000 1,579,000
251,000
65,000
585,000
1,501,000
81,000
388,000
3,004,000
81,000
648,000
61,000
546,000
3,020,000
90,000
132,000
2,630,000
15,000
3,621,000
777,000 3,032,000
1,901,000
57,000
810,000
432,000
101,000
268,000
6,342,000 1,058,000 19,511,000
35.000
29,000 1,086,000
9,513,000
709,000
7,305,000
1,000 6,278,000
2,610,000
36,000
774,000
11,789,000
260,000 3,066,000
14,000
12,000
808,000
262,000
270,000
915,000
1,670,000
20,000 1,916,000
172,003
195,000
49,000
48,000
Rye.
bush.
113,000
7,000
28,000
499,000
4,000
Barley.
bush.
263,000
41,000
12,000
95,000
63,000
4,000
42,000
129,000
110,000
73,000
469,000
12,000
00,000
154,000
371,000
128,000
383,000
147,000
640,000
47,000
268,000
60,178,000 3,870,000 43,180,000 1,797,000 2,397,000
Total Oct. 21 1916
59,324,000 4,456,000 41,880,000 1,731,000
Total Oct. 14 1916
3,550,000
20,613,000 3,974,000 15,270,000
Total Oct. 23 1915
63,149,000 3,074,000 32,016,000 1,151,000 3,476,000
Total Oct. 24 1914
1,940,000 5,033,000
Note.-Bonded grain not included above: Wheat, 1,771,000 bushels at New York,
117,000 Baltimore, 123,000 Palladelphia, 70,000 Boston, 3,449,000 Buffalo, 301,000
Duluth: total, 5,831,000 bushels, against 4,329,000 bushels in 1915. Oats, 310,000
New York, 14,000 Boston, 2,000 Baltimore, 25,000 Duluth, 1,916,000 Buffalo;
total. 2,267,000 bushels, against 310,000 in 1915; and barley, 136,000 New York
3,000 Boston, 5,000 Baltimore, 168,000 Buffalo, 22,000 Duluth; total, 334,000,
against 198,000 in 1915.
Canadian826,000 4
Montreal
2,584,000
2:0
744
1 3:0
0 00 124,000 803,000
Ft. William & Pt. Arthur__ 7,554,000
Other Canadian *6.676,000
15,745,000
Total Oct. 21 1916*
Total Oct. 14 1916*
Total Oct. 23 1915
Total Oct. 24 1914
SummaryAmerican
Canadian
Total Oct. 211016
Total Oct. 14 1916
Total Oct. 23 1915
Total Oct. 24 1914--
16,814,000
16,317,000
18,066,000
23,028,000
826,000
838,000
9,000
50,000
124,000
122,000
11,000
802,000
799,000
118,000
155,000
60.178,000 3,870,000 43,180,000 1,797,000 2,397,000
826,000 12,862,000 124,000 803,000
16,814,000
76,992,000
75,641,000
38,079,000
_86,177,000
4,696,000
5,294,000
3,983,000
4,024,000
* Including Canadian at Buffalo and Duluth,.
12,862,000
12,414,000
2,046,000
4,367,000
56,042,000
54,294,000
17,316,000
36,383,000
1,921,000
1,853,000
1,162,000
1,940,000
3,200,000
4,349,000
3,594,000
5,188,000
1619
THE DRY GOODS TRADE
New York, Friday Niyht, Oct. 27 1916.
The wild and erractio price fluctuations in the cotton
past week greatly unsettled sentiment
the
during
market
in dry goods circles and business, as a result, has been conducted along more conservative lines. While there has
been no interruption in trade for prompt deliveries, neither
mills nor merchants have been so urgent in their desire to
book future business. Despite the sharp break in cotton
values from the twenty-cent level reached during the middle
of the week, however, there has not as yet been any tendency
to lower prices for cotton goods. Buyers, nevertheless,
in many instances, expect a lowering of quotations and are
inclined to wait and see whether or not these materialize
before placing additional business on a large scale. Instead of reacting, prices for virtually all classes of cotton
goods have been advanced, and according to selling agents,
are subject to further upward revision without notice.
While some people in the trade hold out little hope for any
recession in values, a feeling is growing that prices have
reached a level where they will tend to restrict consumption.
Business during the past month or two has been on a remarkably heavy scale, but it is still understood that many
buyers have not covered their needs for the remainder of
the year and will be obliged to re-enter the market within
the near future regardless of the prices prevailing. A number
of lines have been so well sold ahead that mills are refusing
to accept new orders, and it is predicted that later in the
season several classes of goods will be decidedly scarce.
Jobbers have been doing an active trade and are advancing
values to a level commensurate with mill quotations. Merchants who are making purchases to provide for immediate
requirements are readily meeting the prices asked, as they
are experiencing difficulty in securing the fabrics wanted.
Business in retail centres continues active, with stocks not
burdensome and in need of being replenished. Exporters
have displayed more interest in dry goods despite the steady
advance in prices, and during the week large sales of unbleached cottons and printed goods have been made. Shipments to South American countries, Mexico and Canada
continue heavy, but there has been no indication of business
being resumed with the Far East.
DOMESTIC COTTON GOODS.-While buyers of staple
cotton goods have pursued a more conservative policy
during the week, prices have continued to advance to new
high levels. Demand for prompt goods continues on an
active scale, but future business, in view of the sharp changes
in prices for the staple, has fallen off. It is generally believed that the high prices are beginning to have a restraining influence. Many classes of goods, however, are said
to be unobtainable at listed quotations, as mills are completely sold ahead and are unable to accept additional
orders. Demand for colored goods has improved as buyers
who had been holding off in the hope of lower quotations
appear to have despaired of obtaining any reduction in
values and are now endeavoring to obtain supplies. Heavy
colored goods have been advanced more than one cent a
yard and many buyers have not provided for their future
needs. Bleached goods continue to be marked up and new
high prices have been named on standard prints. A steady
demand is reported from converters and printers, and
several large contracts for print cloths are reported to have
been placed for delivery during the second quarter of 1917.
The advance in heavy cotton goods has been so rapid that
bagging interests are again diverting their attention to burlaps. Gray goods, 38-inch standard, are quoted at 8Yic.
WOOLEN GOODS.-With demand for goods improving
and yarn prices showing increased firmness, woolen and
worsted markets rule firm and active. The situation in the
raw material market is reported to be attaining a serious
aspect as regards supplies, and as there is no indication of
improvement, a further hardening tendency is expected.
Light weight worsteds for spring 1917 have becn firm, with
advances ranging from 10 to 25c. per yard named by some
mills who have sold their production. Goods made from
fine wool are exceptionally firm, as this grade of raw material
is difficult to obtain. Much attention has been given to
fabrics for the next heavy weight season, and while manufacturers have not as yet named opening quotations, there is
talk in some quarters that quotations will be comparatively
low. Jobbers have been endeavoring to place orders for dress
goods for next fall, but mills have only accepted a few contracts, owing to uncertainty regarding raw material supplies.
FOREIGN DRY GOODS.-While demand for various
substitutes for linens is increasing, there is also a good request
for pure linens. Household lines have been in urgent
demand and retailers appear to be preparing for an active
trade in advance of the Thanksgiving and Christmas holidays. Importers report fair sales of crashes on which they
could guarantee deliveries. Mail advices from Great
Britain report that an embargo has been placed on exports of
heavy goods-fabrics weighing over eight ounces to the
yard. Business for next spring in all lines is increasing,
with good orders being received from out-of-town salesmen.
Despite the high prices for cotton, substitutes made from
cotton are moving freely and merchants are gradually building up a large trade in this class of goods. Burlaps continue
to rule firm and active. In addition to a good trade in
light weights, demand for heavy weights is improving.
Light weights are 7.50c. and heavy weights 8.50c. to 8.600.
1620
$TATE M
THE CHRONICLE
CITY 13t
Mtn T,
News Items.
[VOL: 103.
School construction bonds dated June 1 1903, Nos. 1 to 40 incl.
Central school building bonds dated Nov. 1 1905, Nos. 1 to 96 incl.
Longfellow school bonds dated Nov. 1 1905, Nos. 1 to 96 incl.
Garfield school bonds, all numbers of the following series: Dated Aug. 1
1903, Aug. 6 1904 and Aug. 1 1906.
These bonds will cease to bear interest Nov. 15 1916.
The official notice of this bond call will be found among the advertisements
elsewhere in this Department.
Berkeley, Calif.-Proposed Charter Amendments.-Three
proposed amendments to the City Charter are to be submitSpokane, Wash.-Bond Call.-The following special imted to the voters at the general election on Nov. 7. One of provement bonds are called for payment at the City Treasthese provides for a business manager form of government urer's office on Nov. 1:
and the other two relate to resettlement franchises and Name and
Up to & Name and
Up to &IName and
Up to&
Dist. No.
Incl. Dist. No.
Inc
pensions.
Dist. No.
Incl.
PaveGrade (Concluded)Grade )Concluded)Ave., 544__ _125 8th Ave.,177
42 9th Ave., 697
British Government.-New Loan of $300,000,000.- Broadway
22
Hilliard St., 1079
4 Fredrich Ave., 668_ _ _ 17 Tekoa St., 327
35
Official announcement has been made by J. P. Morgan & Hillyard
Art.Hwy.1095 17 Gordon Ave., 691
6 Vine Court, 852
5
22 Walk-Co. of the details of the new $300,000,000 loan to be offered Manito Blvd., 730 111 Haven St., 692
Mission Ave., 1030_._ 62 Jackson Ave., 718
19
Heroy
Ave.,
880
10
to the public beginning Oct. 31. See further reference in Wall St., 881
55 Marietta (York) 465_ _ 11 SewerGradeour editorial columns this week.
Marshall Ave., 670____ 41 Bernard St., 330
19
Ash St., 535
16 Nora Ave., 671
27 Division St. Ext.,688._ 18
Montana (State of).-Amendments and Measures to be Calispel St., 477
7 Nora Ar S. Crescent,672 34 16th Ave., 1078
4
Washington St., 715
22
Submitted at the General Election.-In addition to the proposed amendments to tha constitution and other measures
Bond Proposals and Negotiations this week
to be submitted to the voters at the general election on
Nov. 7 and already referred to by us in these columns on have been as follows:
Aug. 19, two other propositions are to be passed upon. One
ALBANY, N. Y.-BOND OFFERING.-Proposals will be received until
a. m. Nov. 2 by John M. Foil, City Compt., for the following 4% reg.
of these authorizes the issuance by the State of $265,000 4% 11
bonds, aggregating $363,000:
bonds in excess of the constitutional limitation of $100,000, $100,000
grade crossing bonds. Denom. $1,000. Duo $5,000 yrly. on
for the purpose of erecting and equipping buildings at the
Nov. 1 from 1917 to 1936, inclusive.
75,000 general resurfacIng bonds. Denom. $1,000. Due $5,000 yrly.
State penitentiary to be used for the State prison twine facon Nov. 1 from 1917 to 1931, inclusive.
tory. The bonds will be in denomination of $1,000 and will 120,000 public
impt. bonds. Denom.$1,000. Due $6,000 yrly. on Nov.
1 from 1917 to 1936, Inclusive.
mature in ten years, redeemable at the option of the State
48,000 public impt. bonds. Denom. $3,200. Due $3,200 yrly. on
in five years from their date of issue, or at any interestNov. 1 from 1917 to 1931, inclusive. ,
20,000 public impt. bonds. Denom. $1,000. Due $1,000 yrly. on
paying period. Interest will be paid semi-annually on June 1
Nov. 1 from 1917 to 1936, inclusive.
and Dec. 1 at the State Treasurer's office. The other propoThese bonds are non-taxable. Date Nov. 1 1916. Int. M. & N. by
sition to be voted upon establishes a State athletic commission check. Certified check
for 2% of bonds bid for, payable to Chas. E. Walsh,
City Treasurer, required. Bonds will be ready for delivery Nov. 10, or as
and regulates boxing and sparring throughout the State.
soon thereafter as possible. The legality of these bonds will be examined
McCook of New York and A. L. Andrews of Albany, and their
New York City.-Equalization of Tax Assessment Refused by Reed &
will be furnished purchaser. The following is a debt statement of
by State Board.-Efforts of Comptroller Prendergast and opinions
Oct. 18 1916. General debt $6,390,693, water debt, $1,804,900, cash and
Martin Saxe, Chairman State Tax Commission, to get. an securities $1,008,698, street improvement debt (assessment) $1,253,050,
equalization of assessment which would lighten New York's value of city property $10,732,600.
ALTA VISTA SCHOOL DISTRICT, Fresno County, Calif.-BOND
share of any, direct tax that might be imposed have, it is SALE.
-G. G. Blymyer & Co. of San Francisco have purchased, it is
stated, failed. The State Board of Equalization refused to stated, $7,500 6% building bonds. Due $1,250 yearly.
AMESBURY, Essex County, Mass.-BOND SALE.-On Oct. 23 the
adopt Mr. Saxe's tables intended to do away with the policy
4% 103 year aver,school bonds-V.103, p. 1528-were awarded
of discrimination which imposes upon this city an unfair $125,000
to R. M. Grant & Co. of Boston at 103.15. a basis of about 3.64%. Other
proportion of the direct State tax. Mr. Saxe favored the bidders were:
& Co
103.04 Illarris. Forbes & Co
102.76
adoption of a schedule, which would make the average rate Adams
Arthur Perry & Co
102.64
102.971 Blodget & Co
of assessment for the State to be 83.18, but the board found Blake
Bros. & Co
102.921 Cropley, McGaragle & Co_ _102.63
Chandler
Wilbor
&
Co
102.91
Merrill,
Oldham & Co
it to be 85.76. Last year it was 86.30. The Bureau of Curtis& banger
102.53
102.761
Municipal Inquiry and Statistics of the Department of
Date Oct. 1 1916. Int. A. & 0. Due $6,250 yearly for 20 years.
Finance conducted an investigation of the transfer and sales
ANDERSON COUNTY (P. 0. Clinton), Tenn.-BOND SALE.
record on file in each county and found that assessments The $18,000 5% 15-yr. (aver.) bridge bonds offered on Aug. 8 (V. 103, p.
been
disposed
of.
have
428)
in all the up-State counties run far below market value, and
ATLANTA, Ga.-BOND SALE.-An issue of $116,000 43,6% 30-yr.
many points below the Board of Equalization's findings, redemption
bonds was purchased at par on July 1 by the City Sinking Fund
while realty in the five New York City counties is assessed Commission. Denom. $1,000. Date July 1 1916.
Int. J. & J.
at its actual market value.
AVON PARK, De Soto County, Fla.-BOND SALE.-On Oct. 23
the $30,000 5% coupon street-impt. bonds (V. 103, p. 1339) were awarded
There is no direct State tax this year, but had the rate to
the First Nat. Bank of Avon Park for $28,655, equal to 95.516. Other
of 83.18, as recommended by Mr. Saxe, been accepted in- bids
were:
stead of 86.30 for last year, it would have meant a cut, it is G. B. Sawyers Co.of Jacksonville (received too late to be consid'd)_529,165
25,850
said, of about $500,000 from the city's share of $13,975,000 W.L.Slayton & Co., Toledo
BALTIMORE, Md.-PROPOSITIONS TO BE VOTED UPON AT GENof the $20,000,000 direct State tax.-V. 103, p. 863.
ERAL ELECTION.-The following propositions, providing for the issuTentative Estimates Show 1917 Budget to be Largest in ance of city stock bearing 4% int., payable semi-annually, will be subto the voters on Nov. 7:
History of City.-The Board of Estimate began budget hear- mitted
$1,000,000 for public school purposes, maturing on May 1 as follows:
ings on the 26th to enable representatives of civic bodies and $24,000,
1918 $29,000, 1923 $36,000, 1928 $43,000, 1933 $53,000, 1938
taxpayers' associations to make their protests before appro- 25,000, 1919 30,000, 1924 37,000, 1929 45,000, 1934 55,000, 1939
1920 32,000, 1925 38,000, 1930 47,000, 1935 57,000, 1940
priations are finally allowed in the budget for 1917, which 26,000,
27,000, 1921 33,000, 1926 40,000, 1931 49,000, 1936 59,000, 1941
it is predicted, will be around $209,000,000. The final 28,000, 1922 34,000, 1927 41,000. 1932 51,000. 1937 61,000,
1942
$1,000,000 for extensions to underground conduits and their appurtetotal of the 1916 budget was $198,981,155 81, exclusive of
nances.
This
issue
matures
the
same
as
the
one
above.
the direct State tax of $13,975,000, and in 1915 it was
$2,000,000 for general improvement of streets, sidewalks, &c., in the
$198,989,786 52. It is said that the increase is due to the annexed portions of the city, to mature as follows on May I:
working out of the pay-as-you-go plan of financing the city's $36,000, 1918 $45,000, 1924 557,000, 1930 $72,000, 1936 $92,000, 1942
1919 47,000, 1925 59,000, 1931 75,000, 1937 95,000, 1943
requirements. The final budget must be signed before mid- 37,000.
39,000, 1920 49,000, 1926 62,000, 1932 78,000, 1938 99,000, 1944
40,000, 1921 51,000, 1927 64,000, 1933 81,000, 1939 103,000, 1945
night October 31.
42,000, 1922 53,000, 1928 67,000, 1934 84,000, 1940 107,000, 1946
Sao Paulo, Brazil.-City Neptiates Loan with New York
69,000, 1935 88,000, 1941 112,000, 1947
The above stock will, if authorized, be issued in $100 multiples.
Bankers.-Reference is made this week in our editorial colAn ordinance to authorize the Mayor and City Council to issue notes
umns to the loin of $5,500,000 recently negotiated through not exceeding $1,000000 in any one year, and not to exceed in the aggrea syndicate headed by William Morris Imbrie & Co. and the gate 90% of the estimated revenue which will accrue under the Special
Paving Tax (Acts 1912, Chap. 688), will also be submitted to a vote on
Equitable Trust Co., both of New York City.
Nov. 7. Thh. issue will be used for paving purposes.
BARAGA COUNTY (P. 0. L'Anse), Mich.-BOND ELECTION.
South Carolina (State of).-Syndicate Dissolved.-The
This county has decided to submit at the election Nov. 7 the question of
syndicate headed by the Mercantile Trust & Deposit Co., issuing
$125,000 highway bonds, it is said.
which was awarded the $4,735,000 4% gold refunding bonds
BAY VILLAGE, Cuyahoga County, Ohio.-BOND SALE.-On Oct.
on Feb. 16, has been dissolved. V. 102, p. 731.
17 the two issues of 5% road bonds, aggregating $72,267-V. 103, p. 1443were awarded to Otis & Co. of Cleveland for $73,852 (102.193) and int.
Yreka, Calif.-Superior Court Upholds City-Hall Bonds.- The other bidders were:
Hayden, Miller & Co_ _ _ 473,806 00 W.L. Slayton & Co
$73,001 41
By a recent decision of the Superior Court of Siskiyou Stacy
73,692 26 Tillotson & Wolcott Co_ -- 72,592 20
& Braun
County, the validity of the $10,000 5% city-hall bonds voted F. L. Fuller
& Co
73,359 50
April 10 and awarded on July 18. together with an issue of
BEAMAN CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
$2,500 Fourth St. widening bonds, to the Wm. R. Staats (P. 0. Beaman), Grundy County, Iowa.-BOND SALE.-On Sent. 25
an
issue of $35,000 5% building bonds was purchased by Schanke & Co. of
Co.(V. 103, p. 434), has, it is stated, been sustained. The Mason
City. Denom. $1,000. Date Nov. 1 1916. Int. J. & D. Due
Court, the reports state, upheld all of the proceedings re- $1,000 yrly. Dec. 1 from 1921 to 1932, Ind., 32,000, Dec. 1 1933. 1934 and
and
1935
$17,000 Nov. 1 1936.
lating to the city-hall bond issue, but determined that the
BEAUMONT, Jefferson County, Tex.-BOND OFFERING.-Proproposition for the widening of Fourth St. failed to receive
posals will be received until 10 a. m. Nov. 21 by J. G. Sutton, City Soc.,
the requisite number of votes and therefore failed to carry.
for the following 5% gold bonds:
1
Bond Calls and Redemptions.
Boise Independent School District (P. 0. Boise),
Ada County, Idaho.-Bond Call.-Payment will be made
on or before Nov. 15 at the District Treasurer's office, Boise,
or at Kountze Bros., N. Y. City, of the following bonds:
High school building bonds dated July 1 1901, Nos. 1 to 80 incl.
High school site-purchase bonds dated June 1 1901, Nos. 11 to 24 incl.
Washington school bonds dated June 1 1903, Nos. 1 to 16 incl.
1
9
$150,000 school bonds. Due $7,500 yrly. Nov. 1 from 1937 to 1956,incl.
230,000 wharf bonds. Due $5,750 yrly. Nov. 1 from 1917 to 1956, incl.
100,000 water-works bonds. Due $2,500 yrly. Nov. 1 from 1917 to
1956, inclusive.
Date Nov. 1 1916. Prin. and semi-ann. Int. M. & N. payable at the
City Treas. office, or at the National City Bank, N. Y., at the option of
holder. A duly cert. or Cashier's check on some bank of Beaumont for 2% of
bonds bid for required. Bids must be made on blank forms furnished by the
city. The legality ofthe bonds has been approved by the Attorney-General's
department of the State of Texas, also by Wood & Oakley, bond attorneys,
Chicago, Ill., whose opinion to the validity of said bonds will be delivered
to purchaser. The city reserves $150,000 school bonds for an investment
of its present sinking funds, being bonds numbered from 1 to 160, inclusive,
maturing in from one to twenty years.
OCT.28 1916.1
THE CHRONICLE
BEDFORD COUNTY (P. 0. Bedford), Va.-BOND SALE.-On Oct.
23 the $75,000 4 % coupon tax-free Forest Magisterial Dist. road bonds
(V. 103, p. 1339) were awarded, it is stated, to Baker, Watts & Co. of
Baltimore.
BELHAVEN, Beaufort County, No. Caro.-BOND SALE ENJOINED.-We are advised that the sale of the $60,000 5% 30 yr. electriclight, water-works and sewerage system bonds, which was to have taken
place on Nov. 8, will be enjoined. Tooly & McMillan are attorneys
for town.
BENSON, Douglas County, Neb.-BOND ELECTION.-The question of issuing $25,000 5% 10-20-year (opt.) coupon internal improvement
bonds will be submitted to a vote on Nov. 7. Denom. $500. Date Jan. 1
1917. Prin. and semi-ann. int. payable at the Nebraska fiscal agency,
Lincoln. C. HoBoston° is City Clerk.
BLOOMINGTON SCHOOL CITY (P. 0. Bloomington), Monroe
County, Ind.-DESCRIPTION OF BONDS.-The $13,900 0,6% school
impt. bonds which were awarded to J. F. Wild & Co. on Sept. 21.-V. 103,
p. 1240-are dated Sept. 1 1916. Denom. 1 for $600, 19 for $700. Prin.
and semi-ann. int.-J. & J.-payable at Monroe County State Bank
Bloomington. Due $600 July 1 1923 and $700 each six months from Jan. 1
1924 to Jan. 1 1933 incl. Total debt, incl. this issue, $97,400; assess. val,
$4,874,645; real val., est., $10,000,000.
BOISE INDEPENDENT SCHOOL DISTRICT (P. 0. Boise), Ada
County, Idaho -BOND SALE.-On Sept. 1 the two issues of gold coupon
refunding bonds, aggregating $180,000, were awarded to James N. Wright
& Co. of Denver as 4s. Denom. $1,000. Date Oct. 1 1916. Int.
J. & J. Due $18,000 yearly from 1927 to 1936 incl.
The sale of these bonds on June 27 to the Central Say. Bank & Trust Co.
of Denver (V. 103, p. 170) was not consummated.
BOONE & McHENRY COUNTIES HIGH SCHOOL DISTRICT NO.
136 (P. 0. Capron), Ills.-BOND SALE.-The Harris Trust & Savings
Bank of Chicago was awarded at 104.75 on Aug. 18, an Issue of$32,000 57
13 yr. aver, high school bonds. Denom. $500. Date Sept. 15 1916°
.
Int. A.& 0.
BOZEMAN, Gallatin County, Mont.-BOND SALE.-On Sept. 25
$235,000 water refunding and water system impt. and $70,000 sowersystem impt. 5% 10-20-yr. (opt.) coupon bonds were awarded to Jas. K.
Murray of Butte at par and int. Denom. $1,000. Date ($205,000) July
1 1916 ($100,000) Aug. 11916. Int. J. & J.
Similar issues of bonds were reported sold on May 18 to Sweet, Causey,
Foster & Co. of Denver at 104.075 and int. See V. 102, p. 2006.
BRIMFIELD TOWNSHIP RURAL SCHOOL DISTRICT, Portage
County, Ohio.-BOND ELECTION.-The proposition to issue $28,000
school bonds will be submitted to a vote on Nov. 7.
BROAD WATER COUNTY (P. 0. Townsend), Mont.-BOND ELECTION.-Reports state that the proposition to issue $30,000 road-iinpt.
bonds will be submitted to a vote on Nov. 7.
BROCKTON Mass.-BOND SALE.-On Oct. 25 five issues of 4%
bonds, aggregating $291,000, were awarded to Blodget & Co. of Boston
at 103.65 and int. The other bids were:
103.522 Chandler, Wilbor & Co
Curtis & Sanger
102.791
103.28 Merrill, Oldham & Co
Blake Bros. & Co
102.769
103.27 Adams & Co
R. M. Grant & Co
102.38
102.973 Cropley, McGaragle & Co.._102.353
Arthur Perry & Co
The following is a description of the bonds:
$90,000 school bonds. Date July 1 1916. Duo $5,000 yearly from 1917
to 1926 incl. and $4,000 yearly from 1927 to 1936 incl.
5,000 drainage bonds. Date July 11916. Due $500 yearly from 1917.
to 1926 incl.
4,000 playground bonds. Date Sept. 1 1916. Due $500 yearly from
1917 to 1924.
12,000 playground bonds. Date Nov. 11916. Duo $1,000 yearly from
1917 to 1928 incl.
180,000 school bonds. Date Nov. 11915. Duo $18,000 yearly from 1926
to 1935 incl.
BROOKSVILLE, Hernando County, Calif.-BONDS VOTED.
By a vote of 63 to 21 the question of issuing the $20,000 water-works-system bonds (V. 103, p. 1144) carried, it is stated, at the election held Oct. 9.
BRUCE, Brookings County, So. Dak.-BOND ELP,CTION.-An
election will be held Oct. 31, it is stated, to vote on the question of issuing
$7,000 6% 20-year electric-light-system bonds.
BUCKINGHAM COUNTY (P. 0. Buckingham), Va.-BOND
SALE.-On Oct. 2 the $50,000 5% 30-year road bonds (V. 103, p. 1240)
were awarded to Baker, Watts & Co. of Baltimore at 102, according to
reports.
BUFFALO, N. Y.-BOND OFFERING.-Bids will be received until
11 a. m. Oct. 30 by John F. Cochrane, City Compt.,for $105,000,$30,000,
$15,000 and $12,734 4% 8month's deficiency bonds. Date Nov. 1 1916.
Prin. and int., payable July 1 1917 at office of City Compt., or at Hanover
to suit purchaser. The opinion of the City CorporaNat. Bank, N.
tion Counsel will b furnished, certifying that the above bonds are a binding
obligation of the city and must be accepted as unconditional proof of the
validity of the issues. Bonds will be delivered to any Buffalo bank or trust
company on Nov. 1 and must be paid for in full on that day. Full amount
of the bids must be stated in round figures.
1621
Robert Torrett & Son; Townsend Scott & Co.; Mercantile Trust
$153.175 00
& Deposit Co., Baltimore
153,051 00
Cummings, Prudden & Co., Toledo
1 153,050 00
Kauffman-Smith-Emert Inv. Co.,St. Louis
Provident Savings Bank & Tr. Co., Cincinnati
152,705 50
Field, Richards & Co., Cincinati
152,565 00
Chicago Savings Bank & Trust Co., Chicago
9
90
01 5
926
52
1.5
1
Mellon National Bank, Pittsburgh
C. E. Dennison & Co.. Cleveland
152,325 00
Bolger, Mosser & Williaman, Chicago
1152,296 50
Baker, Watts & Co., Baltimore
H.A. Kehler, New York
152.040 00
Tillottson & Wolcott Co., Cleveland
150,550 00
Farson, Son & Co., New York
CHASE CITY, Mecklenburg County, Va.-BOND SALE.-On Oct.
17 the $35,000 514% 30-yr. funding and municipal impt. bonds (V. 103,
p. 1241) were awarded to J. C. Mayer & Co. of Cincinnati for $35.387 20,
equal to 101.106. Denom. $500. Date Nov. 1 1916. Int. M.& N.
CHEROKEE COUNTY (P. 0. Rusk), Tex.-BONDS VOTED.-The
election held in Road Dist. No. 1 on Oct. 21 resulted, it is stated, in a vote
of 695 to 227 in favor of the proposition to issue the $250,000 road-construction bonds.
CHICAGO, Ill.-BOND ELECTION.-The following bond propositions
will be placed on the ballot at the coming Nov.7 election:
$600,000
Seventy-fifth St. beach extending to Seventy-ninth St
350,000
Fifty-first St. beach
the
on
Northwest
&c.,
West,
centres,
recreation
pools,
Swimming
900,000
and South. Sides
Purchasing bathing beech property on the North Side, especially
300,000
near Clarendon Beach
Miscellaneous parks and playgrounds on the West and South Sides 300,000
0
000
5;00
30
42
Loading station and rubbish incinerator, Goose Island
Extension Oakley Ave. loading station
232,000
Site and buildings for two new stations, North and Northwest..
150,000
Rubbish incinerator, &c., Fifteenth and Loomis streets
968,000
Completion of municipal reduction plant
195.000
Completion of the Ninety-fifth St. incinerator
CHOWCHILLA SCHOOL DISTRICT (P. 0. Chowchilla), Madera
County, Calif.-BOND ELECTION.-An election will be held Nov. 2,
it is reported, to vote on the question of issuing $50,000 high-school-bldg.
bonds.
CLINTON COUNTY (P. 0. Frankfort), Ind.-BOND SALE.-On
Oct. 18 the four issues of 43,6% road bonds, aggregating $17,760-V. 103.
p. 1443-were awarded as follows:
$13,440 three issues of bonds to J. F. Wild & Co. of Indianapolis for $13,783 52, equal to 102.555.
4,320 bonds to R. L. Dollings Co. of Indianapolis for $4,434, equal to
102.638.
The total premiums bid by the other bidders were:
Plot. Amer. 7Nat. Bank
$435 25 Merchants Nat. Bank
0
61.
520
$381
404 50 Miller & Company
Meyer-Kiser Bank
315 50
Breed, Elliott & Harrison
355 00 Gavin L.Payne & Co
CLOVIS SCHOOL DISTRICT (P. 0. Clovis), Curry County, N. Mex.
-BOND ELECTION PROPOSED.-Local papers state that an election
will be called in the near future to vote on the question of issuing from $50,000 to $75,000 building bonds.
COSHOCTON COUNTY (P. 0. Coshocton), Ohio.-DESCRIPTION
OF BONDS.-The $10,000 4 % flood emergency bonds which were sold
on July 6 at 101.05 are dated July 1 1916 and are in the denomination of
$500-V. 103, p. 260. Int. M.& S. Due in 1926.
CUYAHOGA FALLS, Summit County, Ohio.-BOND SALE.-The
First Nat. Bank of Columbus has purchased at 101.36 the three issues of
5% bonds aggregating $7,900 which were offered on Aug. 14, it is stated._
V. 103, p. 429.
DALLAS COUNTY LEVEE IMPROVEMENT DISTRICT NO. 1
(P. 0. Dallas), Tex.-BONDS VOTED.-The question of issuing $48,000
levee impt. bonds carried, it is stated, by a vote of 9 to 0 at an election held
Oct. 9.
DAWSON, Lac Qui Pane County, Minn.-BOND SALE.-On Sept.
21 the $25,000 20-yr. sewer bonds (V. 103. p. 959), were awarded to the
Capital Loan & Trust Co. of St. Paul at 102.456 for 430.
DECATUR, Macon County, Ills.-BOND SALE.-On Oct. 23 the
142.000 4% coup, water bonds-V. 103, 13. 1444-were awarded to the
Millikin Nat. Bank of Decatur for $43,762 80 (101.197), accrued int. and
bonds. Other bidders were:
Harris Tr. & Say. Bank_*$43.752 00 H. C. Speer & Sons Co__*$43,059 00
43,734 60
43,747 62 Edmund Bros
Curtis & Sanger
John Nuveen & Co
42,635 00 Bolger, Mosser & Willaman43,013 00
*43,646 00
*43,495 00 A B. Leach & Co
R. M.Grant & Co
McCoy & Co
*43,365 00 Mercantile Trust Co_ _ _ -*43,582 56
Matthews,Dixon & Co.._ _ 43,579 00 Wm. R. Compton Co.. ..*43,419 00
*43,430 00
Cummings,Prudden & Co. 43,483 00 P. W.Chapman Co
6
70
43;106
731 6
*43,400 00 Arthur Perry & Co
Yard, Otis & Yaylor
43.646 00 Hornblower & Weeks- _ 43
H.T. Holtz & Co
43,165 00
,Miss. Valley Trust Co_ _ _ _*43,330 00 Little & Hays
Hanchett Bond Co
*43,157 00 Cont. & Comm'l Trust &
*43,505 00
Savings Bank
Kauffman, Smith, Emert
*43,109 00 Emery,Peck & Rockwood*43,438 00
Co
*43,220 00 First Trust & Says. Bank_*43,438 00
BURKE COUNTY, No. Caro.-BOND OFFERING.-Proposals will C. W. McNear & Co
*43,716 96
be received until Nov. 15 by J. M. Brinkley, Chairman Board of County Merrill Oldham & Co__ _ 43,717 34 E H Rollins & Sons
All bids provided for Payment of accrued interest; the bids marked with
Commissioners (P. 0. Valdese), for the following 5% 30-year road-impt.
an asterisk (*) agreed to furnish bonds.
bonds:
Denom. $1,000. Date Oct. 1 1916. Prin. and semi-ann. int.-A. & O.
$10,000 Upper Fork Twp. bonds voted Sept. 16.
-payable at office of City Treas. Due $22,000 Oct. 1 1926 and $2,000
20.000 Silver Creek Twp. bonds voted Sept. 30.
50,000 Lovelady Twp. bonds voted Sept. 30.
yearly on Oct. 1 from 1927 to 1936 hid.
20,000 Quaker Meadows Twp. bonds voted Oct. 14.
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND OFFERING.
CANBY, Clackamas County, Ore.-BOND SALE.-On Oct. 16 the -Proposals will be received until 1 p. m.and 2 p. m. respectively on Nov.
$6,500 10-20-yr. (opt.) coupon water-works-plant purchase bonds (V. 103, 16 for the following 4% bonds:
p. 1443), were awarded at par for 5.20s as follows: $4,500 to the Bank of $88,300 road bonds. Denom. 80 for $1,000. 20 for $415. Due $4,415
Commerce of Oregon City and $2,000 to Caroline Wang of Canby.
each six months from Mar. 1 1917 to Sept. 1 1926 incl. Cert. check
for $1,000 required.
CAREY SPECIAL SCHOOL DISTRICT (P. 0. Carey), Wyandot
ditch bonds. Denom. $500 and $390. Due $1,390 each six
13,900
County, Ohio.-BOND ELECTION.-Reports state that at the Nov. 7
months. Cert. check for $500 required.
election a proposition to issue $70,000 school bonds will be decided by the
Date
11916. Prin. and semi-ann. int.-M. & S.-payable at ofSept.
voters.
fice of Co. Treas. Cert. checks for the above amounts required. Said
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.-Bids checks must be made payable to the Co. Aud., and upon banks doing busiwill be received until 10 a. m. Nov. 14 by D. A. Hyman, County Treas., ness in Delaware County. Bonds to be delivered and paid for within 5
for $25,200 4% 6 1-3-yr. aver. John M. Carson et al, road bonds in Clay days from day of sale. A transcript of the proceedings approved by Peck.
Twp. Denom. 3630. Date Dec. 15 1916. Int. M. & N. Due $1,260 Shaffer & Peck will be furnished with the road bonds.
each six months from May 15 1918 to Nov. 15 1927, inclusive.
DENISON, Grayson County, Tex.-DESCRIPTION OF BONDS.
Oct. 7 to John
CENTERBURG, Knox County Ohio.-BOND OFFERING.-Pro- The $60,000 5% school building bonds awarded at 104 on
dated
and
$500
of
donom.
the
in
are
1529)
p.
103,
(V.
Dallas
of
Oldham
B.
posals will be received until 12 m. Noir. 20 by N. C. Smith, VII. Clerk, for
Aug. 11916. Int. J. dc J. Due $3,000 yearly July 1 from 1917 to 1936 hid.
the following 5% street assess. bonds:
$12,664 bonds. Denom. 24 for $500, 1 for $664. Due $664 Apr. 1 1917
DENNIS O'NAN DRAINAGE DISTRICT (P. 0. Morganfield),
and $500 each six months from Oct. 1 1917 to Apr. 1 1929 incl.
Union County Ky.-BONDS NOT SOLD.-No sale has been made of
2,548 bonds. Denom. 1 for $48, 25 for $100. Due $48 Apr. 1 1917 and the $52,500 6%'
2-11-year serial coupon drainage bonds offered on Sept. 15
$100 each six months from Oct. 1 1917 to Oct. 1 1929 incl.
(V. 103. p. 959).
Auth. Sec. 3914, Gen. Code. Date Oct. 11917. Int. A. & 0. Cert.
DETROIT, Mich.-BOND SALE.-On Oct. 24 the $1,200,500 4%
check for 2% of bonds bid for, payable to the Vii. Treas.. required. Bonds
bonds-V. 103. p. 1340-were awarded to Kountze Bros. and
s
..chool
y%
0-8r
3.8
to be delivered and paid for within 15 days from time of award. Purchaser 3
Redmond & Co. of N.Y.for $1,225,638, equal to 102.093, a basis of about
to nay accrued interest.
Similar issues of bonds were awarded to the Ohio Nat. Bank of Columbus
on Aug. 21. V. 103, p. 774.
DEWESE TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 1 (P. 0.
Mecklenburg County, No. Caro.-BONDS NOT YET SOLD.
CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0. Charlotte),
Oct. 24 no sale had been made of the $15,000 5%% school bonds
Charleston), Kanawha County, W. Va.-BOND SALE.-On Oct. 24 -Up toon
5 (V. 102, p. 2097).
June
offered
the $150,000 4A % 25-34-yr. (opt.) coupon bldg. and equip. bonds(V. 103,
DODDRIDGE COUNTY (P.O. West Union), W. Va.-BOND SALE.
p. 1443) were awarded to Seasongood & Mayer, of Cincinnati for $154,805
bids
Other
int.
were:
(103.203) and
-Reports state that the $175,000 5% coupon Grant Dist. road impt. bonds
Hornblower & Weeks,New York
$154,687 50 offered on June 20 (V. 102, p. 1916), have been purchased by the State
Cincinnati
Co.,
&
Mayor
C.
154,622
01 Board of Public Works.
J.
Fifth-Third National Bank, Cincinnati
154,605 00
DUNCAN, Stephens County, Okla.-BOND SALE.-Robinson &
A. E. Aub & Co., Cincinnati
154,550 00 Taylor
of Oklahoma City were awarded on Sept. 25, $5,000 electric light
Security Savings Bank & Trust Co., Toledo
154,365 00 and $6,000
water-works bonds for $11,900, equal to 108.181.
Well, Roth & Co., Cincinnati
154,313 00
Stacy & Braun, Cincinnati
DURHAM COUNTY (P. 0. Durham), No. Caro.-BOND SALE.-On
153,888 00
York
New
R. M. Grant & Co.,
153,780 00 Oct. 3 the $75,000 10-yr. (aver.) coupon tax-free court house bonds(V. 103,
Rudolph Kleybolte & Co., Cincinnati
153,727 00 p. 1241), were awarded jointly to Sidney Spitzer & Co. and Stacy & Braun
Harris, Forbes & Co.. New York
153.484 50 of Toledo for $75,019 (100.025) as 4s.
V'.,
%
1622
THE CHRONICLE
EAST PALESTINE, Columbiana County, Ohio.-BOND SALE.
On Oct. 2 an issue of $46,500 5% 3 1-3-year aver, sewer bonds
was awarded
to J. C. Mayer & Co. of Cincinnati. Date May 1 1916. Int.
M.
&
S.
Due $9,300 yearly on Sept. 1 from 1917 to 1921 incl.
EATON,Preble County, Ohio.-BONDS TO BE OFFERED SHORTLY.
-Newspaper reports state that this city will shortly offer for sale an issue
of $3,500 street impt. city's share bonds.
EDEN, Hancock County, Me.-BOND SALE.-On Oct. 2 an issue of
$10,000 4% 10-yr. park bonds was awarded to Hornblower & Weeks of
Boston at 100.90. Date Oct. 1 1916. Int. A. & 0. Due Oct. 1 1926.
EUCLID TOWNSHIP (P. 0. Euclid), Cuyahoga County, Ohio.
BOND SALE.-The following bids were received for the
$2,358 5% 6-Yr•
aver. coup. road bonds offered on Oct. 19-V. 103, p. 1241:
Garfield Says. Bank
$2,403 98 W. L. Slayton & Co
$2,364
Otis & Company
2,383 00 Hayden, Miller & Co
2,328
Tillotson & Wolcott Co.._ -- 2,382 00
FAIRMONT, Marion County, W. Va.-BOND ELECTION.-An
election will be held Dec. 5 to vote on the question of issuing $760,000 434%
coupon general improvement and refunding bonds. Denom. $1,000.
Date Jan. 11916. Prin. and annual int.(Jan. 1) payable at the City Clerk's
office or at the Nat. City Bank, N. Y., at option of holder. Due yearly
on Jan. 1 as follows: $9,000 1918; $12,000 1919 and 1920; $13,000 1921 and
1922; $14,000 1923; $15,000 1924; $16,000 1925, 1926 and 1927; $20,000
1928; $21,000 1929; $22,000 1930; $23,000 1931 and 1932; $25,000 1933:
$26,000 1934; $27,000 1935; $29,000 1936 and 1937; $31,000 1938; $33,000
1939 and 1940; $36,000 1941; $37,000 1942; $38,000 1943; $41,000 1944:
$42,000 1945; $44,000 1946 and 1947. Albert J. Kern is City Clerk.
FISHER, Champaign County, Ills.-BOND ELECTION.-An election is being held to-day (Oct. 28) to decide whether or not the village
shall
issue $6,000 water-works bonds.
FITZGERALD, Ben Hill County, Ga.-BOND SALE.-On Oct. 24
the $23,000 5% school bldg. bonds(V. 103, p. 1241) were awarded to W.M.
Davis Co., Macon, at 109.981. Other bids were.
Trust Co. of Ga., Atlanta425,015 75 Mercantile Tr. Co.,
L_$24,385 00
F.C. Hoehler, Toledo.. _ __ 24,991 80 Exchange Nat. Bk.,St.
Fitz'd 24,380 00
Seasongood & Mayer, Cin 24,685 00 R. N. Berrien
Atlanta 24,207 50
Cummings, Prudden Se
W. L. Slayton
Jr.,& Co.,
Toledo
24,454 00
Toledo
E.H. Rollins & Sons,Chi_ 24,446 47 Atlantic National Bank 23,282 90
Hanchett Bond Co.
Co., Chi_ 24,403 00
Jacksonville
23,009 09
Denom. $1,000.
J. & J. Due June 30 1946.
FORT JONES SCHOOL DISTRICT (P. 0. Fort Jones), Siskiyou
County, Cal.-BOND ELECTION.-Roports state that the question or
issuing $10,000 bldg. bonds willl be submitted to a vote on Nov. 4.
FRAMINGHAM, Middlesex County, Mass.-BOND SALE.-On
26 an issue of $19,000 4% 10-yr. aver. coup. tax-free school bonds Oct.
was
awarded to W. L. Raymond & Co. of Boston at 103.21, a basis of about
• 3.61%. The other bidders were:
Merrill, Oldham & Co
103.189 Arthur Perry & Co
102.79
Natick Savings Bank
103.185 Curtis & Sanger
102.52
F. S. Mosely & Co
102.91 Blodget & Co
102.409
• R. M. Grant & Co
102.89 Cropley, McGaragle & Co _101.727
Denom. $1,000. Date Oct. 1 19 6. Prin. and semi-ann. int.-A. &
0.-payable at First Nat. Bank, Boston. Due $1,000 yrly. on Oct. 1 from
1917 to 1935, inclusive. The following is a debt statement incl. this issue,
as of Oct. 16 1916: Inside limit $116,000, outside limit $685.000, water
debt incl. in outside $502,000, assess. val. 1915, 317,075,129,
sinking fund
against outside debt, $79,426, borrowing capacity Oct. 16 1916, $374,486.
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND OFFERING.
-Proposals will be received until 1 p. in. Nov. 6 by Win. M. McCarty,
Co. Treas. for an issue of $31,860 4%7
° 634,-year aver. W. D. Bradt
et al. road
'bonds in Brookville Twp. Denom. $1,593. Date
6
1916. Int. M. & N. Due $1,593 each six months from May 15 Nov.
1918 to
Nov. 15 1927 incl.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND ELECTION.
-At the Nov. 7 election this county will decide whether or not public
property and public way improvement bonds shall be issued not to exceed
33,500.000.
GALION SCHOOL DISTRICT (P. 0. Gallon), Crawford County,
Ohio.-BOND SALE.-On Oct. 21 the $2,622 57 5% 3%-yr. aver, refunding bonds-V. 103, p. 1444-were awarded, reports state, to Durfee,
Niles & Co. of Toledo at a premium of $21, equal to 100.80.
GIBSONBURG, Sandusky County, Ohio.-BOND OFFERING.
Proposals will be received until 7 p. in. Nov. 6 by Morritt Mason, Vii.
Clerk, for the following 43 % street bonds:
$5.355 28 assess. bonds. Denom. $585 28 and $530. Due 1 bond yearly
beginning Mar. 11917.
18,880 23 assess, bonds. Denom. $2,200 30 and $1,850. Due one bond
yearly beginning Mar. 1 1917.
5,772 87 assess. bonds. Denom. $732 87 and $560. Due 1 bond yearly
beginning•Mar. 11917.
7,368 62 assess. bonds. Denom. $843 62 and $725. Due 1 bond yearly
commencing Mar. 11917.
4,016 51 assess. bonds. Denom. $416 51 and $400. Due 1 bond yearly
beginning Mar. 11917.
2,489 61 assess. bonds. Denom. $284 61 and $245. Due 1 bond yearly
beginning Mar. 11917.
15,555 00 village's portion bonds. Denom. $1,555. Due $1,555 yearly
on Mar. I from 1917 to 1926 incl.
The assess. bonds are subject to a reduction, according to cash paid prior
to date of offering. Date Nov. 6 1916. Int. M. & N. Cert. check for
5% of bonds bid for, payable to the VII. Treas., required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
GREENE COUNTY (P. 0. Bloomfield), Ind.-BOND SALE.-Tho
Bloomfield State Bank of Bloomfield has purchased the $7,000 434% road
• bonds which were offered on Sept, 2. V. 103, p. 775.
GREENLEE COUNTY SCHOOL DISTRICT NO. 3, Ariz.-BOND
SALE.-Sidney Spitzer & Co. of Toledo were awarded on Aug. 26. 325,000 6% 5-15-yr. (opt.) building bonds. Denom. $500. Date May
1
1916. Int. M.& N.
HAMLET, Richmond County, No. Caro.-BOND SALE.-On Oct. 10
the $50,000 5% 30-year coup. street-Impt. bonds-V. 103, p. 1242-were
awarded to "M. H. Cutter & Co. of Chicago at 102.37 and int.
HAMPDEN, Hampden County, Mass.-BOND SALE.-It is reported
that Harry C. Grafton Jr. recently purchased $11,300 school bonds, maturing on Nov. 1 from 1917 to 1920.
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERING.
Proposals will be received until 12 in. Nov. 1 by Ulrich J. Pfeiffer, Co. Aud.,
for the following 434% road bonds:
$8,800 Wood road bonds. Denom. $1,100. Due $2,200 yrly. on Nov. 1
from 1917 to 1920, inclusive.
14,400 Casper road bonds. Denom. $1,200. Due $3,600 yrly. on Nov. 1
from 1917 to 1920, inclusive.
5;200 Wilcox road bonds. Denom. $1,300. Duo $1,300 yrly. on Nov. 1
from 1917 to 1920, inclusive.
4,000 Keeley road bonds. Denom. $1,000. Due $1,000 yrly. on Nov. 1
from 1917 to 1920, incliisive.
5,200 Motter road bonds. Denom. $1,300. Due $1,300 yrly. on Nov. 1
from 1917 to 1920, inclusive.
4,800 Schwemmer road bonds. Denom. $1,200. Duo $1,200 yrly. on
Nov. 1 from 1917 to 1920, inclusive.
Auth. Sec. 6929, Gen. Code. Date Nov. 11916. Prin. and semi-ann.
Int.-M. & N.-payable at office of Co. Treas. Cert. check on a Kenton
bank for $500 required with each issue. Bonds to be delivered and paid for
within 15 days from date of sale.
HARRISON COUNTY (P. 0. Corydon), Ind.-BOND OFFERING.
Bids will be received until 2 p. m. Nov. 10 by Thos. W. Knight, County
Treasurer, for $7,500 and $4,600 43% highway bonds, reports state.
HELT SCHOOL TOWNSHIP (P. 0. Dana), Vermillion County,
Ind.-BOND OFFERING.-John T. Taylor, Twp. Trustee, will receive
bids until 10:30 a. in. Nov. 16 for $10,000 4% school bonds. Denom. 1
for $333 43 and 29 for $333 33. Date Dec. 1 1916. Int. J. & D. Due
one bond each six months from June 1 1917 to Dec. 1 1931, inclusive.
(VOL. 103.
HENDRICKS COUNTY (P. 0.Danville), Ind.-BOND OFFERING.Bids will be received until 10:30 a. m. Oct. 30, it is stated, by John W.
Patterson, Co. Treas., for $12,400 and $14,000 434% highway impt.
bonds.
HICKMAN COUNTY (P. 0. Centerville), Tenn.-BOND OFFERING.-Dispatches state that John H. Clagott, Co. Judge, will receive
sealed bids until 12 m. Nov. 22 for $225,000 5% 1-40-yr. serial highway
bonds voted Sept. 14 (V. 103, p. 1145). Int. semi-ann. Cert. check for
$3,000 required.
HICKORY GROVE SCHOOL TOWNSHIP (P. 0. Ambia), Benton
County, Ind.-BOND SALE.-On Oct. 20 an issue of $33,000 4% 15-Yr.
serial school bonds was awarded to the Fletcher Amer. Nat. Bank of°Indianapolis for $33,388 50, equal to 101.177. The other bids were:
Breed, Elliott & Harrison, Indianapolis
$33,336 50
J. F. Wild & Co., Indianapolis
33,135 50
Denom. 30 for $1,000, 15 for $200. Int. J. & J. Due $2,200 yearly.
HILLSBORO, Hill County, Tex.-BOND SALE -Win. R. Compton
Co. of St. Louis were awarded on Sept. 1 the $10,000 5_% 15-40-yr. (opt.)
street impt. bonds (V. 103, p. 601). Denom. $500. Date Aug. 1 1916.
Int. F. & A.
HO-HO-KUS, Bergen County, N. J.-BOND SALE.-For the issue
of 4%% bonds not exceeding $15,000 offered on Oct. 25-V. 103. p. 1530the following bids were received; all of which were for $15,000 of bonds:
M.M.Freeman & Co_ - _ _$15,229 65 I Outwater & Wells
$15,133 50
A. B. Leach & Co
15,228 88 I Francis K McCully
15,074 89
J. D.Everitt & Co
15,155 55IHornblower & Weeks__ - 15,063 75
H. L. Crawford & Co_...... 15,147 00IGeo. B. Gibbons & Co__ 15,043 50
We are informed that the bid of M. M. Freeman & Co. was protested by
Leach's representative and that both bids were submitted to the Boro.
Counsel for his decision.
HUNTERSVILLE TOWNSHIP SPECIAL SCHOOL DISTRICT NO.
1 (P. 0. Charlotte), Mecklenburg County, No. Caro.-BONDS NOT
YET SOLD.-Up to Oct. 24 no sale had been made of the $15,000 534%
school bonds offered on June 5(V. 102, p. 2098)•
ICARD TOWNSHIP, Burke County, No. Caro.-BOND SALE.
The $50,000 5% 30-year road-improvement bonds offered on Sept. 5 (V.
103, p. 866) were awarded on that day to W.L. Slayton & Co. of Toledo.
IDAHO.-BONDS PURCHASED BY STATE.-During the months of
August and September the State Board of Land Commissioners purchased
at par the following bonds:
Six Issues, Aggregating $9,100, Purchased in August.
Date Int.
Date of
Amt. School District. Porch. Rate. Bonds.
Due.
Option.
$800 Bannock Co. 68.. __Aug. 5 6 July 12 1.916 June 1 1936 10 yrs.
3,000 Bonneville Co. 2__Aug. 5 6 July 1 1916 July 1 1936 10 yrs.
1,000 Clearwater Co. 18_Aug. 5 6 July 5 1916 July 1 1936
1,800 Idaho Co. 35
Aug. 5 5 July 5 1916 July 1 1931 10 yrs.
1,500 Washington Co.32 Aug. 5 5 July 3 1916 July 1 1931 10 yrs.
1,000 Gem Co. 15
Aug. 16 5 July 25 1916 Aug. 1 1926
Sixteen Issues, Aggregating $40,800, Purchased in September.
$2,000 Boise Co. 59
Sept. 6 5 July 1 1916 July 1 1921
900 Boise Co. 53
Sept. 6 5 July 24 1916 July 1 1931 15 yrs.
1,500 Boise Co. 42
Sept. 6 5 Aug. 16 1916 July 1 1926
3,000 Cassia Co. 5
Sept. 6 5 June 17 1916 June17 1931 14 yrs.
500 Cassia Co. 41
Sept. 6 5 April 1 1916 April 1 1926 5 yrs.
*700 Nez Perce Co. 34 _Sept. 6 6 July 8 1916 July 1 1923
3,000 Oneida Co. 30
8ept. 6 5 July 22 1916 July22 1936 10 yrs.
1,000 Twin Falls Co. 36_Sept. 6 6 Aug. 14 1916 July 1 1926 5 yrs.
5,000 Washington Co.41 Sept. 15 5 Aug. 1 1916 July 1 1936 10 yrs.
300 Bannock Co. 87.. Sept. 15 5 July 1 1916 July 1 1926 5 Yrs.
3,000 Franklin Co. 16.. ..Sept. 15 5 July 1 1910 July 1 1936 10 yrs.
1,600 Idaho Co. 29
Sept. 15 5 July 1 1916 July 1 1931 10 yrs.
1,800 Gooding Co. 2....Sept.20 5 Aug. 1 1916 Aug. 1 1936 10 yrs.
9,000 Ada Co. 32
Sept. 22 5 Aug. 1 1916 July 1 1936 10
1,000 Twin Falls Co. 58_Sept. 27 5 July 1 1916 July. 1 1936 5 yrs.
6,500 Bear Lake Co. 22 Sept. 27 5 June 1 1916 June 1 1936 10 yrs.
* Refunding bonds; all of remaining issues are building bonds.
JACKSON, Jackson County, Mich.-BOND ELECTION.-At the
Nov. 7 election propositions providing for the issuanco of $50.000 hospital
and $61,500 paving 434% semi-annual bonds will be submitted to the
voters.
JACKSON, Bryan County, Ohio.-BOND SALE.-The $17,100 5%
I-5-year opt, coup. refunding bonds offered on Aug. 15-V. 103, p. 601were, it is stated, purchased by Durfee, Niles & Co. of Toledo at 100.421.
JACKSON TOWNSHIP (P. 0. Byesville), Guernsey County, Ohio.
-BONDS NOT SOLD.-No sale has been mado of the $12,000 5% bonds
which were offered on Sept. 28. The issue is under litigation, one decision
has already been rendered in favor of the township.
JEFFERSON COUNTY (P. 0. Monticello), Fla.-BONDS VOTED.
Reports state that the proposition to issue $52,000 road impt. bonds carried
at a recent election.
JEFFERSON INDEPENDENT SCHOOL DISTRICT (P. 0. Jefferson), Greene County Iowa.-BOND SALE.-Geo. M. Bechtel & Co. of
Davenport were awarded on June 14 the $80,000 434% 20-year high-schoolbldg. bonds for $80,375, equal to 100.467. Date July 11916. Int. J. & J.
JOLIET, Carbon County, Mont.-BOND SALE.-On Oct. 16 the
$22,000 10-20-yr. (opt.) water-plant-purchase and impt. bonds (V. 103,
p. 1145), were awarded to Sweet, Causey, Foster Sz Co. of Denver for $22,195 (100.886) and int. as 534s. Other bids were:
John F. Sinclair & Co.-$22,170 for 530, $22,990 for Os.
Palmer Bond & Mtge Co., Salt Lake City-$22,026 for 53.s, $22,910
for 6s.
Elston, Clifford & Co., Chicago-322,795 for 6s.
James N. Wright & Co. of Denver-$12,783 20 for Os.
C. II. Coffin, Chicago-$22,451 for 6s.
Capital Trust & Say. Bank-322,225 for (is.
Security Trust & Say. Bank-$22,050 for 6s.
JONES COUNTY (P. 0. Ellisville), Miss.-BOND SALE.-On Oct. 7
the Hibernia Bank & Trust Co. of New Orleans was awarded the following
5% bonds:
$200,000 road bonds at 105.55. Due Oct. 15 1936.
20,000 So. Mississippi Charity hospital bonds at 104.02. Due $1,000
yearly Oct. 15 from 1920 to 1939, incl.
Denom. $500. Date Oct. 15 1916. Int. A.& 0.
BOND ELECTION.-Reports state that an election will be hold Nov. 3
to submit to a vote the proposition to issue the above road bonds. To meet
a technicality the Hibernia Bank & Trust Co. demands an election before
paying over the money.
KNOX COUNTY (P.O. Vincennes), Ind.-BOND SALE-On Oct. 20
an issue of $9,800 4%% I-3-yr. aver, road bonds was awarded to J. F.
Wild & Co. of Indianapolis for $10,077 25, equal to 102.829. Other bids
were:
Flet. Amer. Nat. Bank_ $10,069 50 Union Trust Co
$10,015 00
Joseph & Kuhn, Vincennes 10,057 57 Bankers Trust Co
10,000 00
Miller & Co
10,057 00 R. L. Dollings Co
9,997 50
Breed,Elliott & Harrison.. 10,035 00 German Nat. Bank
9,910 00
Denom. $490. Date Oct. 3 1916. Int. M. & N. Due $490 each six
months from May 15 1918 to Nov. 15 1927, inclusive.
KNOXVILLE, Knox County, Tenn.-BOND OFFERING.-Further
details are at hand relative to the offering on Oct. 31 of the $18,396 25 5%
street-impt. assess bonds (V. 103, p. 1530). Proposals for these will be
received until 10 a. in. on that day by Robt. I'. Williams, City Recorder,
& Treas. Date Nov. 1 1916. Int. NI & N. Due Nov. 11921. Cert.
check for 5% required. The legality of
bonds has been passed upon by
Peck, Schaeffer Sc Peck of Cincinnati, Ohio.
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND OFFERING.M. J. Brown. Co. Treas., will receive bids until 10 a. in. Oct.31 for the
following 43i% 5 I-3-yr. aver, highway bonds:
$15,000 Christ Mathies road bonds in Center Twp. Denom. $750. Date
Aug. 15 1916.
14,000 Joseph Hopp road bonds in West Creek & Cedar Creek Twps.
Denom. $700. Date Sept. 15 1916.
12,000 Richard Kraay road bonds in Calumet Twp. Donom. $600.
Date Aug. 15.1916.
Int. M.& N. Duo one bond of each issue each six months from May 15
1917 to Nov. 15 1926, Inclusive.
4
THE CHRONICLE
OCT. 28 1916.]
04%
•
1623
MONTGOMERY COUNTY (P. 0.'Dayton), Ohio.-BOND OFFERroad bonds-V. 103,
BOND SALE.-On Oct. 24 the $18,000
-Proposals will be received until 12 m. Nov.6 by Walter H. Aszling,
p. 1531-were awarded to the Commercial Bank of Crown Point at 102.95. ING.
Clerk Bd. of Co. Commrs., for $15,000 4)% 4%-yr. aver, bridge bonds.
The other bidders were:
$18,416 Auth. Secs. 2434 and 2435 Gen. Code. Denom. $1,000. Date Nov. 6
Peoples State Bank
$18,530 00 R L. Dollings Co
Breed, Elliott & Harrison_ 18,487 50 Union Tr. Co., Indianapolis_ 18,360 1916. Prin. and semi-ann. Int.-M. & S.-payable at office of Co. Treas.
Due $1,000 Nov. 6 1917 and $2,000 yearly on Nov. 6 from 1918 to 1924,
18,451 00
Meyer-Kiser Bank
incl. Cert. check on a solvent bank or trust company for $500, payable
LAKE COUNTY (P. 0. Two Harbors), Minn.-BOND ELECTION to the Co. Treas.. required. Purchaser to pay accrued int. Bids must be
PROPOSED.-Reports state that the proposition to issue $100,000 road unconditional. Bonded debt, incl. this issue. Oct. 26 1916, $1,632.900.
and bridge bonds will probably be submitted to a vote on Nov. 7.
No floating debt. Assess. val. 1916, $240,420,100. Total tax rate per
- $1,000. $13.40.
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND OFFERING.
A like amount of bonds was sold on Sept. 8 to Seasongood & Mayer of
Carl Pusch, Co. Treas., will receive bids until 10 a. m. Oct. 31 for $23,200
% 5 1-3-yr. aver. H.H. Martin et al. road bonds in Center Twp. Denom. Cincinnati. See V. 103, IL 1059.
$580. Date Oct. 16 1916. Int. M.& N. Due $580 each six months from
MOOREFIELD TOWNSHIP SCHOOL DISTRICT (P.O. New MooreMay 15 1917 to Nov. 15 1926, inclusive.
field), Clark County, Ohio.-BOND SALE.-Seasongood & Mayer of
LEESBURG SCHOOL DISTRICT (P. 0. Leesburg), Londoun Cincinnati have been awarded at 102.23 the $15,000 5% 8%-yr. aver,school
County, Va.-BONDS NOT YET SOLD.-Up to Oct. 22, no sale had been bonds which were offered on Aug. 1, it is said.-V. 103, p. 341.
made of the $30,000 coupon high-school-bldg. bonds offered on June 28
MOUNT CLEMENS, Macomb County, Mich.-BOND SALE.-The
(V. 102, p. 2364).
Metropolitan Paving Block Co. of Canton, Ohio, has been awarded the
LEFLORE COUNTY (P. 0. Greenwood), Miss.-BONDS AWARD- $34,000 4%% street bonds on which an option was given to John F. McED IN PART.-Reports state that of the $600,000 5% 5-24-year serial Lean & Co., but subsequently refused.-V. 103, p. 1146.
road-improvement bonds offered on Oct. 4 (V. 103, p. 1058), $100,000 was
NEWBURGH HEIGHTS, Cuyahoga County, Ohio.-BOND SALE.
awarded at 103.65 to John Nuveen & Co. of Chicago.
-On Oct. 17 the four issues of bonds, aggregating $29,852 95-V. 103, p.
1146
-were awarded as follows:
LENA CONOVER RURAL SCHOOL DISTRICT (P. 0. Conover),
Miami County, Ohio.-BOND SALE.-The Citizens' Nat. Bank of $20,000 00 4%% sewer bonds to Seasongood & Mayer of Cincinnati for
$20,420 50-102.102-and interest.
Piqua has been awarded for $15,835, equal to 105.566, the $15,000 5%
9,852 95 5% assessment bonds-3 issues-to the First Nat. Bank of
school bonds which were offered on Sept. 12.-V. 103, p. 866.
Columbus for $10,150-103.015-and interest.
LEXINGTON, Fayette County, Ky.-BOND SALE.-On Oct. 18
NEW CASTLE AND BEDFORD UNION FREE SCHOOL DISTRICT
an issue of $1,843 23 6% street hnpt. bonds were awarded to the ad valorem
at par and int. Date July 22 1916. Int. J. & J. Due part yearly for NO.2(P.O. New Castle), Westchester County, N. Y.-BOND SALE.
Isaac W. Sherrill Co. of Poughkeepsie was awarded at 104.375 on June 14
10 years.
an issue of $45,000 4%% 15 year aver, school bonds. Denom. $1,000.
LONG BEACH, Los Angeles County, Calif.-RESULT OF BOND Date July 1 1916. Int. J. & J. Due from July 1 1917 to 1946, incl.
ELECTION.-According to reports at the election hold Oct. 11 the quesNEW LEXINGTON, Perry County, Ohio.-PRICE PAID FOR
tion of issuing the $300,000 harbor-improvement bonds carried, while the
propositions to issue $500,000 pier-construction and $50,000 hospital- BONDS.-The price paid by the Village Sinking Fund Trustees for the
$3.500 5% refunding bonds awarded them on Sept. 25-V. 103. p. 1342erection bonds were defeated. See V. 103, p. 1146.
was $3,514 58, equal to 100.416. Denom. $.350. Date Sept. 1 1916.
LORAIN COUNTY (P. 0. Elyria), Ohio.-BOND ELECTION.
- Due from 2 to 11 years incl.
The question of issuing $18,000 bonds for the liquidation of the debt of the
NEW LIBERTY RURAL SEPARATE SCHOOL DISTRICT, CalLorain County Agricultural Society will be submitted to a vote on Nov.7.
houn County, Miss.-BONDS NOT SOLD.-Up to Oct. 23 no sale had
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 1, been made of the $2,000 6% bldg. bonds offered without success on Sept. 4.
Calif.-BONDS VOTED.-Local papers state that the special election A. J. Sims is Clark Bd. of Co. Supers.
held in the Hollywood District on Oct. 18 resulted in a vote of 3,449 to
NEWTON, Middlesex County, Mass.-BOND SALE.-On Oct. 24 an
445 in favor of the question of issuing $1,020,000 bonds to purchase the issue of $5,000 33-% coup. tax-free
street-impt. bonds was awarded to
system of the Union Hollywood Water Co. and make the necessary exten- Arthur Perry & Co. of Boston at 100.13,
it is stated. Denom. $500.
sions and betterments. (V. 103, p. 1445.)
Int. M.& N. Due $500 yearly on Nov. 1 from 1917 to 1926 incl.
LYNCHBURG, Highland County, Ohio.-BOND SALE.-The $15.The other bidders were:
building
constr.
bonds,
which
public
were
offered on Sept. W. L. Raymond & Co., Boston
100.11
500 5% coup,
2-V. 103, P. 776-have been awarded to A. E. Aub & Co. of Cincin. for Cropley, McGaragle & Co.. Boston
100.011
$15,710, equal to 101.348.
ELECTION
PRONEWTOWN SCHOOL DISTRICT, N. J.-BOND
LYONS, Fulton County, Ohio.-BOND OFFERING.-Bids will be POSED.
-Newspaper reports state that it is proposed to hold an election
received until Oct. 30 by W. S. Egnew, Village Clerk, for $3,000 5% coup
question
of
issuing
$15,000
vote
on
the
about
the
November
to
middle
of
street bonds. Auth. Sec. 3915, Gen. Code. Denom. $500. Date Oct. 1
1916. Int. A. & 0. at Lyons, Commercial Bank. Duo from 1929 to 1934 school bonds. This issue is in addition to the $22,000 voted Sept.5-V.103,
incl. Certified check for $200, payable to "Village of Lyons,' required. p. 1059.
Bonded debt, excl. this issue, Oct. 20 1916, $14,000; floating debt, $21,500.
NORFOLK COUNTY (P. 0. Dedham), Mass.-BOND OFFERING.
will be received until 10 a. m. Oct. 31 by the County Commrs.,
McKINNEY,Collin County, Tex.-BOND SALE.-An issue of $22,000 Proposals
following
4%,
bonds:
member,
for
the
Merrill,
John
F.
(opt.)
school bldg. bonds was awarded on Aug. 12 to the
5% 10-20-year
bonds. Denom. $1,000. Due $5,000 yearly on Nov. 15 from
City Water Works Bond Sinking Fund for $22,500 (102.272) and int. $60,000 1920 to 1931
incl.
Denom. $1,000. Date July 1 1916. Int. J. & J.
30,000 bonds. Denom. not less than $1,000. Due $6,000 yearly on
Nov. 15 from 1921 to 1925 incl.
McMINNVILLE, Yamhill County, Ore.-BOND OFFERING.-In adDate Nov. 15 1916. Int. payable semi-annually.
dition to the $12,000 street-Improvement (Intersection) bonds to be offered
for sale on Oct. 31-V. 103, p. 1531-an issue of $7,590 99 6% 1-10-year
NORFOLK, Madison County, Neb.-BOND OFFERING.-Proposals
opt. sewer-improvement bonds will also be sold on that day. Denom.$500. will be received until 5 p. m. Nov. 20 by P. F. Stafford, City Clerk, for
Int, semi-annually at the Oregon fiscal agency, N. Y. City. Certified $15,000 6% 5-10-year opt. coupon park bonds. Denom. $1,000. Date
check for $200 required. A. C. Chandler is City Recorder.
Nov. 1 1916. Prin. and ann. int. (Nov. 1) payable at the State TreasMADISON COUNTY (P. 0. Huntsville), Ala.-BOND SALE.
- urer's office. Certified check on some Nebraska bank for $75, payable to
On Oct. 10 the $75,000 43% 30-yr. refunding bonds offered without the "City of Norfolk," required.
success on Sept. 12 (V. 103, p. 1146) were awarded, it is stated, to J. B.
NYSSA ARCADIA DRAINAGE DISTRICT (P. 0. Nyasa), Ore.
Rylance.
BOND OFFERING.-Proposals will be received until 8 p m. Nov. 4 by
MADISON COUNTY (P. 0. Richmond), Ky.-BOND ELECTION.
- Frank D. Hall, Secretary of Board of Supervisors, for $715,000 gold drainAn election will be held Dec. 7, it is stated, to vote on the proposition to age-system-construction bonds at not exceeding 6% int. Denoms. not
Issue $35,000 road-improvement bonds.
less than $100 each. Date Nov. 1 1916. Int. M. & N. at the Oregon
agency, N. Y. City. Due as follows: $500 1921, 1922, 1923 and
MADISON COUNTY (P. 0. Canton), Miss.-BOND SALE.-On fiscal
1927 and 1928; $5,000 1929, 1930 and
Oct. 3 the two issues of bonds (V. 103, p. 1058) were awarded, it is stated, 1924; $1,000 1925 and 1926; $2,000
1931; $7,000 1932 and 1933; $10,000 1934 and 1935, and $13,000 1936.
as follows:
shall make examination of the
bonds
printed
shall
have
the
Bidders
Supers.
Dist.
No.
1
bonds
$75,000 18-yr. aver.
to Tillotson & Wolcott Co., validity of bonds at their own cost andand
expense.
of Cleveland at 100.25 for 5s.
50,000 184-yr. (aver.) Supers. Dist. No. 3 bonds to Wm. R. Compton
OGEMA, Becker County, Minn.-BOND SALE.-On Oct. 7 the $7,of St. Louis at 100.08 for 5s.
0006% 5-11-yr. serial road and bridge bonds(V. 103, p. 1059) were awarded
(100.035) and interest.
MAGNOLIA, Stark County, Ohio.-BOND SALE.-On Oct. 19 the to George Enepy for $7,025
$5.000 5%% 14%-year aver, refunding bonds-V. 103, p. 1242-were
OKMULGEE COUNTY (P.O. Okmulgee), Okla.-BOND ELECTION.
equal
to 106.680. -Local papers state that the proposition to issue $800,000 road impt. bonds
awarded to Stacy & Beaun Co. of Toledo for $5,334 04,
The other bidders were:
will be submitted to a vote on Nov. 7.
F. C. Hoehler
$5,325 50 Davies-Bertram Co
$5,255 00
OLEAN, Cattaraugus County, N. Y.-BOND OFFERING.-Proposals
W. L. Slayton & Co
5,316 65 Otis & Co
5,200 00
Durfee, Niles & Co
5,303 00 J. C Mayer & Co
5,189 50 will be received until 8 p. m. Nov. 1 by R. G. Porsch, City Clerk. for
Spitzer, Rorick & Co
5,291 00 Breed, Elliott & lIarrison__ 5,187 50 $11,482 50 45% reg. sewer bonds. Denom.5 for $2,000, 1 for $1,482 50.
Field, Richards & Co
5,260 50 Tillotson & Wolcott Co_ _ _ 5,176 00 Date Nov. 1 1916. Int. M. & N. at Exchange Nat. Bank, Olean. Due
New First Nat. Bank
5,260 00 Bank of Magnolia Co
5,076 00 $2,000 yearly on Nov. 1 from 1927 to 1931 incl. and $1,482 50 Nov. 11932.
Certified check for 5% of amount bid required. Purchaser to pay accrued
Cummings, I'rudden & Co_ 5,257 00
General debt Oct. 1916, incl. this issue, $403,600; assessment
MARKS, Quitman County, Miss.-BOND SALE.-On Oct. 23 the interest.
$131,517; temporary debt, $72,967; water debt, incl. in above,
debt,
$25,000 6-19-year serial water and sewerage system bonds were awarded $95,500; assessed valuation, $9,945,628.
to Sidney Spitzer & Co. of Toledo at 102.10 for 5%s. Denom. $1,000.
OSAGE, Mitchell County, Iowa.-BOND SALE.-On Oct. 16 $8,000
Date Dec. 1 1916. Int. J. & D.
4%% funding bonds were awarded to Schanke & Co.. of Mason
MARTIN COUNTY (P. 0. Shoals), Ind.-BOND OFFERING.-Lloyd Denom. $1,000. Date Nov. 1 1916. Int. M. & N. Due $1,000 yearly
City'
Boner, Co. Treas., will receive bids until 12 m. Nov. 16 for an issue of May 1 from 1919 to 1927 incl.
$5,150 43% highway-impt. bonds.
ELECTION.
-The
proOSAGE COUNTY (P. 0. Linn), Mo.-BOND
MAY BERRY DRAINAGE DISTRICT (P. 0. Newport), Jackson position to issue $300,000 5% 20-yr. road bonds will be submitted to a
County, Ark.-BOND SALE.-On Oct.3 the $18,000 53i% drainage bonds vote on Nov.7.
(V. 103, p. 1243) were awarded to Theis & Diestelkamp Investment Co. of
OSNABURG, Stark County, Ohio.-BOND SALE.-On Sept. 26 the
St. Louis. Denom. $500. Date Nov. 1 1916. Int. M. & N. Duo
two issues of 5% road bonds, aggregating $20,500-V. 103, p. 868-were
serially on Nov. 1.
awarded to Durfee, Niles & Co. of Toledo for $20,596 50, equal to 100.470.
MIDDLEBURG RURAL SCHOOL DISTRICT (P. 0. Dexter City),
OTTTJMWA, Wapello County, Iowa.-BOND SALE.-R. M. Grant
Mobile County, Ohio.-BOND SALE.-The Barnesville Nat. Bank of
Barnesville has been awarded at 102.05 the $2,000 6% 4-year aver, school & Co. of Chicago were awarded at 100.45 on Feb. 26 $75,000 43(% 15-20year
opt. refunding bonds. Denom. $1,000. Date March 1 1916.
on
Sept.
offered
bonds
1.-V. 103, p. 776.
Interest J. & D.
MIDLAND SCHOOL DISTRICT (P. 0. Midland), Midland County,
Shiawassee County, Mich.-BOND ELECTION.-The
OWOSSO,
Mich.-BOND SALE.--On Oct. 10 an issue of $7,500 43,<1% school bonds proposition providing for the issuance of the $6,500 bonds to purchase the
was awarded to the Detroit Trust Co. of Detroit. Denom. $500. Date Diminick property surrounding the armory-V. 103. p. 961-will, it is
Oct. 15 1916. Int. A. & 0. Due April 15 1931.
stated, be submitted to the voters at the general election Nov. 7.
MILTON, Norfolk County, Mass.-BOND OFFERING.-Proposals
OWENSBORO, Daviess County, Ky.-BONDS RFEUSED.-Rem.
Oct.
30
p.
by
4:15
the Town Treasurer, for an issue ports state that Baker, Watts & Co. of Baltimore have refused to accept
will be received until
of $100,000 4% 1-10-year high-school bonds, it Is said.
the $225,000 sewer bonds awarded to them on Aug. 25.-V. 103, p. 868.
MINDEN (Town),(P. 0. Fort Plain), Montgomery County, N. Y.
PITMAN, Gloucester County, N. .T.-BOND SALE.-On Oct. 23
BOND SALE.-On Oct. 25 an issue of $9,000 5% bridge bonds was awarded
issue of 57
° sewer bonds was awarded to H. L. Crawford & Co. of N. Y.
to the Farmers & Mechanics Bank of Fort Plain at 102.75. Other bids the
their bid a $60,061 (109.201) for $55,000 bonds:
on
were:
Amount
H. A. Kahler & Co. N. Y _102.74 Farson, Son & Co., N. Y___102.51
of bonds.
Price.
Denom.$1,000. I nt. payable ann. on Feb. 1 at the Farmers & Mechanics M. M. Freeman & Co
$60,580 75
356.000
Bank, Fort Plain. Due $1,000 yearly on Feb. 1 from 1917 to 1925, incl.
56,000
60,432 00
D. Everitt & Co
Including this is-sue the town has a bonded debt of $22,000, equalized assess. John
60,345 60
56,000
R. M. Grant & Co
val., 1916, $2,726,308.
60,295 20
56,000
Ludwig & Cr
@FedFRASER