Full text of Commercial and Financial Chronicle : October 30, 1915, Vol. 101, No. 2627

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financial

TV
ontmenria
I N C L U D I N G
B ank &

Q u o ta tio n

S e c tio n

R a ilw a y &

R a ilw a y

E a r n in g s

S e c tio n

B a n k e rs ’ C o n v e n tio n

V O L . 101

I n d u s tr ia l S e c tio n

SATU RD AY, OCTOBER

(§ h V 0

3P *g

E le c tr ic R a ilw a y S e c tio n

S e c tio n

30

1914.

|In c . or

| Dec.

Chicago______
Cincinnati____
Cleveland____
Detroit ...........
Milwaukee___
Indianapolis__
Columbus____
Toledo..............
Peoria_______
B \NK and Q uotation (monthly) |T Air.w a y and Tndustriad (3 times yearly) Grand Rapids_
1
RAILWAY E a rn in g s (monthly)
E lec tr ic R a il w a y (3 times yearly)
Dayton...........
S t a t e and c it y (soml-auuually) |B ankers ’ convention (yearly)
Evansville........
Kalamazoo___
Terms of Advertising—Per Inch Space
Springfield, 111.
_
Transient matter per inch spaco (14 agate lines)................................... * 4 20 Fort Wayno_
( Two Months
(s times).......................... 22 00 Youngstown___
Lexington_____
) T h re e M on th s (13 t im e s ) ............................... 2 9 0 0
Standing Business Cards Y Six Months
(20 times).......................... 5 0 0 0 Akron________
C Twelve Months (52 times).......................... 3 7 00 Rockford______
.
Canton_______
C hicago Office—39 South La Salle Street, Telephone Randolph7390.
South Bend____
L ondon office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
Quincy-----------Bloomington___
W I I . I . I A M IS. D A N A C O M P A N Y , P u b l i s h e r s ,
Springfield, O__
F r o n t , 1 'in o i in d D c p o y s t o r S t s . , N e w Y o r k .
Decatur..
Mansfield
Published every Saturday morning by WILLIAM B. DANA COMPANY. Jackson . .
Jacob Seibert Jr., President and Treasurer: George S. Dana and Arnold G. Dana, Jacksonville, 111.
Vice-Presidents: Arnold G. Dana, See. Addresses ot all. Office of the Company.
Danville______
Lima_________
Lansing.............
C L E A R IN G -H O U SE RETURN S.
Tho following table, made up by telegraph, &c., indicates that the total Ann Arbor_____
Adrian________
bank clearings o f all tho clearing housos o f tho United States for tho week
ending to-day have boon $4,551,387,318, against $4,650,629,464 last week Owensboro____
Tot. Mid.West

$
%
289,316,25( + 21.7
22,411,80( + 35.6
22,905,505 + 56.5
25,662,476 + 32.J
15,231,242
+ 7.1
7,660,945 + 13.7
5,909,80( + 27.7
7,723,202 + 23.S
3,191,271
+ 2.6
2,937.18C + 18.E
1,892,492 + 30.3
1,117,251 + 69.5
610,951
— 6.2
1,017,274 + 14.3
1,205,641
+ 4.5
1,259,797 + 59.6
630,233
+ 2.1
1,910,000 + 41.6
991,728
— 2.2
1,481,960 + 38.5
665,927 + 19.1
704,211 + 24.9
522,656 + 23.5
618,160 + 2 8 .0
335,749 + 51.3
533,464 + 38.2
510,000 + 17.6
248,527
+ 8.9
377,554 + 26.5
436,681 + 3 1 .6
476,501 + 60.6
187,260 + 48.2
34,254 + 135.1
280,066
+ 7.1
419,004,026 + 2 4 .9

San Francisco__
Los Angeles........
Seattle.............
Portland...........
Spokane_______
Salt Lake City..
Tacoma..............
Oakland_______
Sacramento........
San Diego_____
Stockton ______
Fresno________
San Jose_______
Pasadena______
North Yakima..
R eno_________
Long Beach........
Total Pacific..

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

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
1,045,100
1,628,343
835,118
660,878
467,000
333,585
441,110
119,167,181

Clearings— Returns by Telegraph.
Week ending Oct. 30.

P er
Cent

1914.

1915.
$2,342,322,951
150,894,302
155,309,820
31,359,045
274,907,900
74,210,577
20,877,770

$1,001,933,104 + 133.8
101,143,803 + 55.1
104,482,757 + 48.7
26,503,158 + 18.3
233,030,250 + 18.0
53,000,453 + 40.0
14,048,042 + 48.6

$3,056,008,431
084,230,419

$1,534,141,507
500,402,394

+ 99.2
+ 30.7

$3,740,244,850
811,142,468

$2,034,543,901
427,222,405

+ 83.8
+ 89.9

Total all cities for week----------------- $4,551,387,318 $2,461,766,366 + 84.9
Tho full details for tho week covered by tho abovo will bo given next
Saturday. Wo cannot furnish them to-day, clearings being made up by tho
clearing housos at noon on Saturday, and honco in tho above the last day
of the week lias to be in all cases estimated, as we go to press Friday night.
Wo present below detailed figures for tho week ending with Saturday
noon, October 23, for four years:_______
Week ending October 23.
Clearings at—

1915.
New York.........
Philadelphia___
Pittsburgh........Baltimore_____
Buffalo_______
Albany________
Washington____
Rochester_____
Scranton______
Syracuse______
Reading_______
Wilmington____
Wilkes-Barre__
Wheeling______
Trenton_______
Y ork _________
Erlo__________
Grcensburg____
Binghamton___
Chester_______
Altoona_______
Lancaster_____
Montclair_____
Total Mlddlo.
Boston________
Providence____
Ilartford ______
New Ilavcn____
Springfield........
Portland______
Worcester_____
Fall River_____
New Bedford__
Lowell...............
Ilolyoko_______
Bangor...... ........

1914.

In c . or
Dec.

1913.

S
%
S
!,900,555 472 ,237,723,011 + 126.3 1,923,581 ,145 ,124,721,128
294,788 ,081 140,031,782 + 40.2 177,492 179 109,205,000
62,008 ,888
50,771,897 + 23.3
59,210 992
03,361,393
41,723 048
36,208,268 + 18.5
38,000 2 0 1
39,400,090
13,969 742
12,290,055 + 13.0
15,192 ,857
12,721,925
0,898,918 + 1 1 . 0
7,700 000
7,991 ,490
5,814,248
7,172,230 + 15.0
8,294 733
7,014 ,475
7,259,883
3,983,557 + 33.1
5,301 444
4,710 ,078
4,739,397
3,583,946 + 0.3
3,593 388
2,755 000
2,700,000
3,036,539 —2.4
2,902 ,339
2,768 339
2,035,870
1,925,375 + 4.5
2,011 ,844
1,857 ,742
1,790,056
1,508,027 + 69.2
2,551 ,010
1,948 ,593
1,590,402
1,928,480 + 5.9
2,012 ,380
1,645 ,708
1,720,252
1,982,109 + 24.
2,407 ,042
2,140 ,407
2,194,367
1,513,337 + 29.8
1,904 000
1,732 089
1,703,837
992,413 + 5.0
1,042 ,007
888 359
940,733
922,395 + 25.1
1,153 ,206
1,132 001
993,718
525,000 + 10 .0
577 500
510 000
500,000
635,200 + 32.0
841 000
671 400
584,100
075,297 + 58.8
1,072 912
703 049
628,105
568,802 —0.7
530 058
013 504
587,099
1,532,413 + 19.1
1,824 190
1,006 048
1,448,784
319,053 + 2.5
358 241
391 145
350,381
3,209,934,397 1,521,705,894 + 114.9 2,254,017,924 2,448,085,815
194 534,430
13 950,800
7 003,403
4 031,529
3 923,410
1 915,000
3 ,280,302
1 ,822,231
1 084,070
990,193
853,184
551,730

144,052,061
12,405,400
4,169,797
3,107,805
2,717,502
1,837,979
2,534,317
1,141,065
1,215,976
273,452
770,308
457,758

+ 31.0
+ 12.5
+ 68.0
+ 27.3
+ 44.4
+ 5.8
+ 29.7
+ 59.7
+ 38.0
+ 30.9
+ 10 .8
+ 20.5

106,016,298
13,509,300
4,351,315
2,974,361
2,620,747
1,898,820
2,907,229
1,793,183
1,435,051
737,315
710,081
419,987

194,857,098
11,455,200
4,115,742
2,940,179
2,573,014
2,252,092
2,855,850
1,270,450
1,221,383
543,104
703,737
595,282

Tot. Now Eng. 234,507,2581 175,793,420 +33.4 199,379,687l 225,389,797
Note. — For Canadian clearings see "Commercial and Miscellaneous Nows.”
♦Owing to tho consolidation tho latter part of March 1915 of tho First National
Bank and tho Security National under the name of the First & Security Bank,
Minneapolis bank clearings are being materially reduced.




S e c tio n

N O . 2627

S
352,031,030
30,382,451
35,847,385
33,954,791
10,363,171
8,913,500
7,549,80(
7,951,721
3,274,061
3,491,601
2.465.76C
1,893,632
572,15C
1,162,384
1,259,451
2,010,045
643,598
2 ,895.00C
969,264
2,052,598
792,645
879,196
645,909
791,967
507,440
737.780
600,000
270,688
477,564
574,737
725,331
277,528
80,535
299,979
523,345,315

For Ono Year .......................................................................................... $10 00
For Six Months....................................................... ................................ J 00
3
European Subscription (including postage)......................................... 13 00
European Subscription six months (including postage).....................
7 50
Annual Subscription in London (including postage)...........................£2 14a.
Six Months Subscription in London (including postage).....................£1 11 a.
Canadian Subscription (including postage)......................................... $11 50
S u b s c r ip t io n i n c lu d e s f o ll o w in g S u p p le m e n t s —

C ity

Week ending October 23.
1915.

Terms of Subscription— Payable in Advance

and

1915

Clearings at—

PUBLISHED WEEKLY.

S ta te

+ 18.9
+ 24.5
+ 16.5
+ 2 0 .2
+ 19.3
+ 3 2 .6
+ 4.0
+ 5.2
+ 14.8
+ 30.1
+ 1.9
— 1.3
+ 10.3
+ 24.7
+ 24.4
+ 8.2
— 3.7
+ 20.2

1913.

1912.

S
324,450,931
25,031.25C
23.252.52C
25,821,187
15,330,046
7,330,800
6.164.70C
5,890,69£
3,832,486
3.450.50C
2,484,69C
1,202,605
618,161
1,206,098
1,261,112
1,375,488
640,653
1,944,000
995,950
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
460,113,774

S
316,908,545
24,667,050
21,747,087
21,267,797
14,068,535
7,093,746
6,236,400
5,009,670
3,346,099
3,094,878
2,123,765
1,143,259
749,520
1,187,203
1,173,445
1,494,502
869,600
1,759,000
830,413
1,272,169
677,012
759,394
660,664
547,076
472,788
440,583
595,290
254,451
415,169
351,802
402,905
183,749
48,489
' 405,538
442,258,193

51,644,737
20,564,684
15,478,582
14,951,093
4,733,661
6,6S3,545
2,352,587
3,278,786
2,616,760
2,130,186
958,289
1,707,670
935,000
751,469
579,488
385,542

50,024,475
24,011,934
12,128,654
12,272,478
4,511,001
6,086,149
3,204,630
3,453,862
2,234,765
2,520,102
929,930
1,429,821
902,359
1,327,623
526,949
305,206

129,812,079

132,589,938

Kansas City___
87,090,985
69,033,660 + 2 6 .2
61,257,049
63,041,937
Minneapolis___
*33,448,187
37,421,333 — 10.6
30,713,204
33,358,419
Omaha________
23,832,454
18,384,523 + 29.6
20,034,453
18,477,451
St. Paul.............
13,750,000
12,246,830 + 12.3
12,852,306
14,090,730
Denver........... .
13,954,828
10,986,794 + 26.0
11,117,338
10,285,187
Duluth________
9,983,678
8,055,768 + 23.4
6,465,783
9,591,149
St. Joseph_____
7,235,268
6,056,209 + 19.5
8,148,574'
6,996,187
Des Moines____
5,991,431
5.286.403
5,053,336 + 18.6
5,074,108
Sioux City_____
4,150,172
3,363,097 +23.4
3,600,650
3.238.403
Wichita.............
3,954,000
3,601,994
3,834,338 + 3.1
3,518,278
Lincoln _______
2,325.900
2,070.359 + 12.3
1,924,131
1,717,196
Davenport____
1,648,036
1,195,183 +37.9
1,632,797
2,118,837
Topeka_______
1.720.311
1,746,810 — 1.5
1,728,059
1,376,048
Cedar Rapids__
1,845,318
1,555,730 + 18.6
2,107,521
1,719,990
Fargo_________
2.073.312
1,870,676 + 10.9
608,823
472,645
820,372
Colorado Springs
590,857 + 52.4
593,561
684,442
419,160
646,841 —35.1
Pueblo____
651,727
721,956
Fremont__
404,177
331,902 + 21.7
347,152
348,770
215,332
Hastings__
232,955 —7.6
194,497
209,629
Aberdeen__
709,000
805,848 — 13.1
403,214
460,281
Helena____
1,703,458
1,293,409 + 31.7
1,159,584
1,282,546
2,018,245
Waterloo__
1,693,497 + 19.2
1,803,672
1,588,866
717,904
Billings___
614,177 + 16.9
755,071
540,379
Total otli.Wcst 210,957,588 189,084,138 + 16.3 177,265,808 181,302,015
St. Louis______
92,767,071
86,740,462
08,739,850 + 34.9
70,687,130
New Orleans___
20,339,427
14,450,900 + 40.7
20,960,576
22,036,138
Louisville_____
17,310,459
10,429,799 + 65.9
14,175,630
13,052,437
Houston______
12,978,603
8,305,066 + 56.3
11,125,253
Galveston ..........
5.901.000
4,104,510 + 43.8
4,331,000
4,073,000
Richmond_____
13,377,138
8,633,903 + 54.9
8,256,849
9,300,000
21,967,437
Atlanta_______
13,246,003 + 65.8
21,509,384
16,299,020
10,311,241
Memphis______
6,564,321 + 57.1
11,680,329
10,559,583
7,103,525
Savannah _____
3,815,681 + 86.2
9,760,551
7,597,191
10,227,755
Fort Worth____
9,831,131 + 4.0
10,786,929
10,014,950
7,094,617
6,367,714 + 20.8
Nashville______
8,452,406
7,027,611
Norfolk........... .
4,957,260
4,061,157 + 2 2 .1
4,691,279
4,403,473
Augusta_______
3,423,510
1,939,594 + 76.5
3,206,225
2,202,138
Birmingham___
3,165,418
2,751,424 + 15.0
3,375,383
3,997,018
3,215,800
Llttlo Hock____
2,185,476 + 47.1
2,732,887
2,662,033
2,825,024
Jacksonville___
2,497,753 + 13.1
3,143,146
3,080,000
2,495,743
Chattanooga___
2,135,117 + 16.9
2,785,934
2,758,487
3,243,146
Charleston____
1,884,278 + 72.1
3,556,315
2.841,753
2,140,990
Knoxville_____
1,931,963 + 10.8
2,005,529
1.993,594
1,205,709
M obile............*.
1 ,000,000 + 26.6
1,527,333
1,300,000
2.945.000
Oklahoma_____
2,819,913 + 4.5
2,607,374
2,093,531
Macon________
5,232,10-1
3,645,188 + 43.5
6,523,422
5,063,219
1,452,100
Austin...............
1,202,833 + 20.8
1,643,852
2,010,978
307,893
Vicksburg..........
263,472 + 16.9
341,655
335,285
425,732
Jackson _______
334,366 + 27.3
399,175
452,609
Tulsa_________
1,409,655
1.392,786 -+*5.5
1,428,551
828,035
990,134 ____ 968,457 + 2.2
Muskogee_____
1,131,517
1,255,568
Total Southern 259,534,717 185,502,765
4,050,029,404 2,640,317,424 + 76.1 3 470,871,233 3,643,047,530
Total all.
Outside N. Y . 1,750,073,992 1,402,593,813 ~+24“8 1 540,990,088 1,518,326,402

THE CHRONICLE

1404
T H E F IN A N C IA L

S IT U A T IO N .

The address^maclejby^the Comptroller of the Cur­
rency, John Skelton Williams, before the Kentucky
Bankers’ Association! onj Oct. 6, has not attracted
as much attention as it deserves. W e printed con­
siderable portions of it in our issue of Oct. 9. It was
devoted in great part to justifying the allegations
made when the Secretary of the Treasury resolved to
place $15,000,000 of Government moneys on de­
posit with the Federal Reserve Banks of the South
and at the same time decided to limit the rate of
interest charged by member banks to their custo­
mers, that these member banks had been in the
habit of exacting excessive and exorbitant rates of
interest'. The Comptroller has the present week
followed up the matter by issuing a circular letter
to the banks directing their attention to the pro­
visions of the law against usury and requiring that
the letter be inscribed upon the minutes of the
board of directors of each bank and copies sent to
absent directors. In the address referred to M r.
Williams cited illustrations intended to prove the
truth of the allegations regarding rates. The Comp­
troller, who is an adept in the employment of striking
phraseology, spoke in unmeasured terms in denun­
ciation of the practice he is displaying for public
condemnation.
W e refer to the matter here because M r. Williams,
in the effort to confute his critics, makes revelations
which tend to throw a flood of light upon the condi­
tions underlying the sweeping charges that borrowers
in the remoter parts of the country are obliged to pay
exorbitant and unduly burdensome interest rates.
It has of course been long known that interest rates
in these remoter sections are higher than at the
money centers of the East, but the blame for this
state of things has always been laid at the door of the
so-called I Money Power at these centers and more
particularly the Money Power supposed to converge
in Wall Street.
In the discussions in Congress leading up to the
enactment of the Federal Reserve Law, the money
sharks of Wall Street were denounced without stint
as the authors of all the ills, in a monetary sense,
that the agricultural classes of the W est and South
were supposed to be experiencing, and it was taken
for granted that the profits derived from this unholy
business accrued to the benefit and advantage of
these*same Wall Street sharks. They were the ones
who were grinding down the farmer and the planter,
and taking blood money from him. But if Comp­
troller Williams’s portrayal of the situation is accur­
ate., the enemies of the farmer are found in his own
home— in the banks that are catering to his wants;
these banks have been bleeding him to their heart’s
content. In effect M r. Williams exculpates the
Money Power from having been a participant in the
villainous proceeding of robbing the farmer through
exorbitant interest rates. Such exculpation was, of
course, far from the Comptroller’s purpose, but the
conclusion would seem irresistibly to follow. Here is
what M r. Williams has to say in flaying local banking
institutions for their reprehensible practices in the
particular referred to:
But the real brutality and horror of it develop
in the more remote districts, in small communities
of agricultural districts, having but one bank, or in
which two or three banks combine to maintain
rates on money. Some reports from the South



[Vol. 101.

and W est, the | Northwest and the Southwest,
especially in the wheat and cotton sections of the
Southwest, are blood-curdling. They are like the
stories from darkest Russia, of the oppressions in­
flicted on the peasantry; like the ghastly history
of the wrongs done the French country people by
the old nobility, the Seigneurs.
This plainly fixes the responsibility upon the
home banking community. It leaves no chance
for dragging in the Eastern money power as a part­
ner in a general conspiracj' to oppress the unfortu­
nate borrowers among the agricultural classes.
In another part of his address M r. Williams makes
a direct comparison between the state of things in
the money centers and that in the remoter com­
munities, to the distinct discredit of the latter, as
follows :
W e read much of the infernos of the slums of the
great cities, of degradation and misery and squalor,
of the grinding callousness of tenement landlords
and sweatshop operators. Here in the country we
find bankers, men in business that should be the
most respectable, as it is the most responsible, of
all secular avocations, literally crushing the faces
of their neighbors, deliberately fastening their
fangs in the very heart of poverty.
M r. Williams is not accustomed to practice re­
straint of speech in characterizing an act that arouses
his hostility, but allowing for this, what he says re­
garding banking practices seems almost incredible.
The Comptroller, to be sure, gives facts and figures
and cites illustrations in support of his assertions,
but in justice to Southern bankers it should be stated
that these cases appear in the main to have little
bearing upon general banking practice at all, but to
be purely and simply cases of pawnbrokerage. M r.
Williams asked the banks to report to him all loans
made by them above the ordinary rate of interest,
and found that in the case of some very small banks
it has been the custom to engage in transactions which
bear a closer resemblance to the pawnbroker than
they do to the banker.
It should be distinctly understood that the objec­
tionable practices occur in connection with very small
borrowers. M r. Williams does not hesitate to say
so himself. Thus at one point he tells us that “ The
reports received at the Comptroller’s office show in­
disputably that in some States and sections borrow­
ers, especially small borrowers, have been and are
being subjected to extortions and exactions which the
average man would consider impossible in this en­
lightened age.” A t another point, in noting in­
stances of high rates and mentioning eight banks
which had “ owned up” to having charged maximum
rates ranging between 2 0 0 % and 2 ,0 0 0 % , he adds:
“ M ost of these disgraceful and unprecedented rates
were for comparatively small loans.”
As a matter of fact, in enumerating instances where
2 ,0 0 0 % has been charged, it follows inevitably not
only that the amount involved must have been ex­
ceedingly small, but also that the loan must have been
for an exceedingly short period of time— a few days
at the outside. M r. Williams quotes the supposed
rate per annum. The excessive rate may have been
in force for only a day or for a week, but it is treated
as if it had continued in force for a full twelve months.
On that basis, naturally, a fabulous rate of interest per
annum is reached. Let it be borne in mind that if a
man borrowed $100 and kept the money for a full year
and was charged 2 ,0 0 0 % interest on the loan, he would
have to pay $2,000 in interest at the end of the per-

OOT. 30 1915 l

THE CHRONICLE

1405

iod in addition to the $100 of principal. As no lender t h e c o n t r a r y , a n d t h e e x p e r i e n c e h a s b e e n t h e s a m e
would ask a payment of $2,000 interest on a loan of s e v e r a l t i m e s b e f o r e A v h e n t h e i n d u s t r i a l s t o c k s , f o r
$100, and as no borrower, no matter how hard up, o n e r e a s o n o r a n o t h e r , s u d d e n l y b e g a n t o t o p p l e .
would think of contracting to make such a payment,
P o A v e rfu l in te re s t s , h a v i n g th e s u p p o r t o f th e b a n k s
we get a reductio ad absurdum. This conclusion a n d e a s y m o n e y , are e v i d e n t l y b e h i n d t h e m a r k e t
finds support in another illustration furnished by a n d c o m e t o i t s r e s c u e A v h e n e v e r i t is t h r e a t e n e d .
M r. Williams, and which evidently may be taken On s u c h o c c a s io n s t h e r a i l r o a d s t o c k s , A v h ic h , b y
as typical. Says the Comptroller:
r e a s o n o f t h e i r le ss v i o l e n t f l u c t u a t i o n s , h a v e n o t
I have in my hand, not to be shown, but I have it
here for reference, the report of a national bank in
a certain State, from which I will give you some in­
stances. Here is a loan of $109 to a woman for 30
days, charges for interest, $10— 1 2 0 % . Others are,
$380 for 90 days, interest $30, or 3 4 % ; $133 for 40
days, interest charged $10, or 7 5 % ; $145 for 80 days,
interest $20, or 7 0 % ; $30 for one month, interest
charges 3 6 0 % . I thought we had reached the limit
when we found a national bank reporting a loan at
3 6 0 % ; but on this paper is a record of a loan by a na­
tional bank, mind you, of $3 50 to a woman for six
days, with an interest charge of $1, which figures
out about 6 % a day, or 2 ,4 0 0 % per annum.
It will be observed that the Comptroller here
winds up with the case of a Avoman— presumably a
washerwoman or a laborer’s or a farmer’s wife, as
he later says— a v I i o borroAved $3 50 for six days, at
the end of Avhich time she had to pay back $4 50.
This certainly looks unconscionably high, but such
petty loans are evidently governed by other con­
siderations than the rate of interest. The truth is
they ought not to be countenanced at all upon the
part of a reputable bank. They are transactions for
the paAvnbroker or for treatment under the Morris
plan of small banks for needy borroAvers Avhich are
being established all over the country by the Indus­
trial Finance Corporation.
W ith
fa ir

a ll d e fe re n c e

to

m e a su re

ch a rg e d

b y

k in d .
lo a n

th e

T h is
lik e

th e

m o n th

tio n .
on

N o

a

is ,

ra te

re a lm

of

been

s to c k s

on

of

th e

la r g e

tra c ts .

1h e

b re a k

som e

tio n s

fo r

e n ts

A v cre

under

p r e c a r io u s

n a tu re

A v e ll

m e re
T h e
se rve
th e

of

illu s t r a t e d

sp re a d

of

a c tio n
as

a

th e

or

A var

th e

p re s e n t A veek

in

b y

th e

of

c a p ita ls
of

in

p r ic e s
to

som e

a

of

be

A var

vague

en­

p a n ic k y

have

te r m in a te

such
as

th is

m o re

th a t

b e in g

s e e m in g
a re

of

a s p e c t.
A ve re

It

th e

th e

o c c a s io n

s h o u ld

ch a ra cte r
som e

d iz z y

h e ig h t s

s u d d e n ly
c o m p le te

as

of

of
th e

th a t,
it

de­

c o lla p s e ,

A t the same time the mistake should not be made
of supposing that the course of prices on the Stock
Exchange is completely under the domination of the
outside public operating in a frenzy of excitement.
The action of the general list this Aveek is proof to

to

m ark e t

b r in g

B u t

th e re

of

over

its

th e

th e

has

p ro p ­

th e

poA ver

of

th a n

A vas

th e

been

c o n tro l

a

of

tim e

p o A v e rfu l

U n d er

th a t

never

m a rk e t, a t

co u rse

Aveek.

it

an

d ay

b y

to

p e r m itte d
a v a la n c h e

A v o u ld

c o lla p s e .

c o n tin u e

be

such

th a t

in te r e s ts
g iv e n

g re a t

no

of

lo n g e r

th e

to

be

end

c lo s e

on

d e c lin e

s e llin g

o f th e

o rd e rs

p o s s ib le

A v h ir lin g

up

th e

r a ilr o a d

d a y

A veak,

to

it
on

s to c k s

to

and

m ig h t
F r id a y

p re ve n t

A c c o r d i n g l y i t A vas d e t e r m in e d

u tte r

s a v e th e

and

g iv e

th e

m a r k e t a s t r o n g c lo s in g .

Accordingly, in the last hour— from 2 p. m . to
3 p. m .— attention Avas concentrated on the railroad
stocks, and rapid advances established in them after
the fashion of the performances in the Avar stocks.
Erie common Avas sent up from 3 9 % to 43 % , Kansas
City Southern common from 3 0 % to 3 2 % , North­
ern Pacific from 1 1 1 % to 1 1 3 % , Reading common
half shares from 7 9 % to 82 (equal on a percentage
basis to a rise from 159 to 164), Lehigh Valley, also
a half share, from 7 7 % to 80 (or on a percentage basis
from 155 to 160), Canadian Pacific from 1 7 3 % to
176, Great Northern from 12 1 % to 1 2 3 % , Louisville
& Nashville from 12 5 % to 128, & c., &c. Yester­
day the railroad shares Avere pushed still higher—
Canadian Pacific, for example, at one time touching
1 8 5 % , and closing at 1 8 3 % — and with the denial the
night before by Lloyd George in the House of Com­
mons that peace negotiations Avere being considered,
or Avould even be entertained, the Avar stocks re­
gained some of their former vigor.
If

s p e c u la tio n

dow n

and

in

g re a te r

th a t

on

sh a re s

Avra s r e c o g n i z e d t h a t i f t h i s s t a t e o f t h i n g s

a llo A v e d

tio n s

b re ak

H a ve n

in t h e A var s to c k s , t h e m a r k e t b e g a n to A vear a p a n ic k y

not

T h e

N cav

a n u m b e r o f tim e s in

abandon, b y

t h is

m a rk e t.

th e

b e t t e r c la s s o f r a ilr o a d

e x h ib itio n

e x e r c is e d

d ir e c tin g

T h u rsd a y

th e

s to c k ,

m o n th s .

r e c k le s s

c o u ld

debauch

s te a d y

e m p lo y e d

s tr ik in g

is

th a t

been

re ce n t

p u b lic

c a r r ie d

s e e I io a v a

in

b e llig e r ­

t h r e a t e n in g s e r io u s c o n s e q u e n c e s , c o u ld b e a v e r t e d .




A vay
a

to

C e n tra l

se v e ra l o th e r o f th e

e r tie s h a v e

e n lis t e d

in

th e

c liq u e s

th e

s e n s a t io n a l
th e

s t ill.
have

la s t

b r in g

m ade

q u it e

th a t

th e

s to c k s

and

have

a

sh a re s

e ig h t

th e

m a rk e t

a b o u t.

u p A va rd

m o n th s

in

b y

c la s s

of

m an y

r e m a in e d

th e

in d u s tr ia l

m eans

r a ilr o a d

advances,

o f th e

D u r in g

m ovem ent

th e

no

a lo n g s id e
in

r e s u lt

b e h in d

p o o ls

have

o ccu rre d

th e

in d ic a ­

b e tte r

hand,

to n e d
o u ts id e

a re

s itu a t io n

s u b s ta n tia l

be

T h e re

sh a re s

m o d e ra te

have

o th e r

and

c o u ld

p a rt o f th e

r a ilr o a d

s p e c ta c u la r

or

th e

lo o k

s to c k s
th e

b e n e f ic ia l.

such

r a ilr o a d

In d e e d ,

ju m p s

be

seven

th e

advances

O n

to

Avar

th e

to

t r y in g

sh a re s,

th e

in te r e s t o n

fa il

a re

of

d a n g e ro u s

to

and

and

Y o rk

n e g o tia ­

c o n t e m p la t io n .

of

A v h ic h

NeAV

th e

ta lk .

th e

p ro p e rtie s

con­

re p o rts

for

t h e p u r p o s e o f c h e c k i n g t h e d e c lin e i n t h e i n d u s t r i a l

th a t
of

on

v e l o p e d , i t is d i f f i c u l t t o

to

o u ts id e

th e

m a rk e t

s to c k s

fo r

be ba^ed

p re s e n t s p e c u la tiv e

such

peace

p e rfo rm a n c e s

s h o u ld

A vay

o f th e

$109

o p e r a tio n s

e x e c u t io n

p a rt

b y

a

quo­

accom m oda­

sup posed

in d u c e d

th e

w a r n in g

m a n u fa c tu r in g

th e

o f th e

of

above

b e in g

b re a k

E u ro p e a n

on

th e

th a t

case

b o rro A ve d

Exch an g e

in

th e

b e in g

of

tr a n s a c tio n s .

se ve re

A vas

th e

peace

in

th e

such

c o r p o r a t io n s

p r o fits

fro m

is

a

is

b e o r s h o u ld

m eans

S to c k
b y

in

fo r

k in d ,

b a n k in g

in d u s tr ia l

jo y in g

can

th a t

in s ta n c e s

even

$10

th a t

A v ith o u t

m a rk e d

b y

A vom an

per annum

o r d in a r y

B u s in e s s

a

ch arg e d

of

in te r e s t

banks

m e n tio n e d

A vh cre

p e rso n s

C o m p tr o lle r it se e m s u n ­
of

a p p lie s

one

w as

tr a n s a c tio n

needy

has

co u n try

fir s t

and

th e

ra te

com m ent

ta t io n — t h a t
a

to

th e

b e e n c o m m a n d in g p o p u la r f a v o r to a n y g re a t e x te n t,
a r e t r o t t e d o u t a n d A v h ir le d u p A v a r d , b e i n g u s e d

s to o d
s to c k s

th o u g h

th e

th e s e

p r o d ig io u s

in d u s tr ia l

sh a re s.

lo A V - p r ic e d

a b s o lu t e ly

r a ilr o a d

d o rm a n t,

tra n s a c ­

t io n s in t h e m , in m a n y in s t a n c e s , b e in g r e c o r d e d o n l y
at

lo n g

in te r v a ls .

b e g in n in g
o f th e m
hand

fo r

to

have
th a t

see

C liq u e s

and

p o s s ib ilit ie s

a lr e a d y ,
p u rp o se .

it

w o u ld

p o o ls
in

a re

th e s e

seem ,

a p p a r e n t ly
and

been

a

fe w

ta k e n

in

1406

THE CHRONICLE

[Vol. 101.

Even if the war should be considerably prolonged, 386,209 bales, linters in each case included. By
the industrial shares are at such high figures that comparison with 1910 the excess in the ginning to
the more conservative type of speculators will be the date mentioned is 289,719 bales, consequently
loath to dabble very deeply in them and the danger assuming the percentage of the yield ginned to have
of a severe break in them will always be present. been the same in each year the outlook would be
The railroad shares wear a much safer aspect in for a crop of near 1 2 ^ million bales.
It is quite strongly asserted in some quarters
that respect. It so happens, too, that the outlook
that the percentage ginned to October 18 this year
for the railroads during the next twelve months is
better than for a long time past. As yet the revival has been the heaviest for many years past, if not
of activity in the trades stimulated by war orders the largest ever known, the claim being made that
has had little effect in increasing traffic over the rail­ the ultimate yield, including linters, will hardly
roads. But mercantile activity is now widening exceed 10 million bales, stress being laid upon bolland that cannot fail in the end to exert a favorable weevil damage and lightness of the top crop over
influence upon railroad traffic— upon merchandise much of the territory. There seem to be reasons,
however, for combating, in some measure at least,
and general freight and upon passenger travel.
The statement issued this week by the United the claims of extra rapid ginning; in other words,
States Steel Corporation for the September quarter study of the latest report does not appear to bear
does not seem quite to have come up to expectations, them out. In Oklahoma, for instance, it is quite
and yet was a wonderfully good exhibit. In showing evident that only a small percentage of the crop
profits of $38,710,644 for the September quarter, has yet been ginned, the amount returned to Oct. 18
as against only $12,457,809 in the March quarter, having been only 65,985 bales, or barely one-seventh
it indicates the wonderful transformation that has of the total for the same time in 1914, and very
occurred in the condition of the iron and steel trade much the smallest for any season since the Census
in the short period of six months. The transforma­ Bureau began collating the figures. Texas, too,
as well, show a
tion is none the less real that it has been caused in and Alabama and Arkansas
the main by war orders and not by domestic demand. marked falling off in the amount ginned to Oct. 18
In some degree, at least, the railroads cannot fail to and can also be taken as refuting the very speedy
ginning idea. On the other hand, the returns from
share in the improvement.
Then, also, the country has raised wonderfully the Atlantic States and Louisiana and Mississippi,
abundant grain crops and this means a large grain bearing in mind the decreased area this year and the
tonnage over the railroads. In Canada, as in the restricted use of aids to productiveness, seemingly
United States, a wheat crop of unexampled dimen­ furnish evidence that the work of ginning has been
sions has been harvested, and as a consequence the expedited. All things considered, however, the
Canadian Pacific, which for such a long period showed ginning reports thus early do not afford any reliable
incessant large decreases, is now registering almost basis for crop estimates. Furthermore, the size
equally heavy increases, the return for the third week of the yield this year should be no occasion for
of October showing a gain in gross of $1,028,000. It concern, as with the carry-over from last season,
must also be remembered that both United States there should be no dearth of supplies. Meanwhile,
roads and Canadian roads are now comparing with the basis of values should, under existing conditions,
small totals last year, making it almost certain that be deened very satisfactory.
material increases— a recovery of part of the previous
The movement by the New York Cotton Exchange
loss— will henceforth be a regular feature, and this
• to restrict to native-born or properly naturalized
will serve to inspire confidence in railroad invest­
ments. Finally the railroads are still practicing; citizens of the United States the power to vote, hold
rigid economy in their expenditures, and whether• office, or sign contracts reached its final stage on
the saving here is real or not the effect will be for a, Wednesday, when definite amendments to the bywhile at least to make the ratio of improvement inl laws were voted on by the general membership.
Specifically, the amendments, which had already
the net earnings very striking.
l been adopted by the Board of Managers, provide
Accordingly if developments in the European
war do not upset all calculations— which is alwayss that no member of the Exchange elected after Novemr
possible— the railroad situation seems likely to grow her 1 1915, shall while an alien, (1) be entitled to a
i
steadily better, adding correspondingly to the merit vote either in person or by proxy on any matters
and value of railroad securities. But even here anyr brought before the body; (2) be eligible to serve the
i
one who ventures into the market must do so with Exchange in any official capacity; or (3) make or
r sign any contract. These are the salient points of
a full knowledge that happenings in Europe may
the amendments, briefly stated, and for a violation
change the whole course of things.
of the last-named the penalty is expulsion from
The cotton ginning statement issued on M onday,, membership. The amendments, which were adopted
i
and covering the amount of the staple of the growth by 119 to 40, are given in full in our Cotton Depart■
of 1915 put into merchantable condition prior to) ment. It may be true that the action taken by
3
October 18th, notwithstanding the comparative the Exchange was influenced by the fact that the
t
smallness of the total as contrasted with recent Liverpool Cotton Association does not extend to
t
earlier years, which by many was considered to point American associate members the same privileges
,
to an even lighter yield than theretofore indicated, as are enjoyed by British subjects, while at the same
3
was only a temporary bullish factor. The aggregate time exacting higher dues from them. It may be
e
as announced was but 5,713,347 bales, or the true, also, that some resentment has been felt at
lowest for the similar period of any year since 1910,, the recent attempt of the Liverpool Exchange to
s
when the actual growth was reported by the Census bind its American associate members not to do
s
Bureau as 11,965,962 bales, and 182,380 bales business with Great Britain’s enemies. But a more
more than in 1909, when production reached 10,- cogent explanation, and one carrying with it no



Oct. 30 1915.]

THE CHRONICLE

hint of animus, is the desirability of making the
organization a strictly American body, thus avoiding
complications that might arise should the United
States be at war with any foreign nation. Further­
more, the new rule operates against future German
members as well as against Englishmen, and
the German element has always been prominent
upon the Cotton Exchange.
The Argentine business situation, as deduced
from the monthly compilations of commercial fail­
ures, has been much more satisfactory thus far in
1915 than in 1914. Each month the volume of
liabilities reported have been conspicuously less
than a year ago, culminating with the August
aggregate, which is stated as only $5,008,848 United
States currency, against $36,814,875. In this latter
total, it is to be explained, is included the Banco
Frances y Rio de la Plata (commonly called the
French Bank) for some $29,000,000. (The bank has
since been reorganized and is operating in a normal
manner). The showing for the eight months,
however, conveys a much better idea of the situa­
tion in Argentina. For that period this year the
aggregate of debts reported is only $54,244,306,
against about $99,348,128, with the aforesaid bank
excluded. Commenting on the August statement,
the Buenos Aires “ Herald” refers to the feeling of
satisfaction in commercial circles at the diminution
shown and states that the chief proportion of the
$5,008,848 is chargeable to property owners, builders
and bakers. W ith bread always in demand, the
presence of bakers on the list for over $400,000,
it is inferred, may at first appear strange, but it is
intimated that explanation may be found in the
adoption by millers of the “ cash on delivery” system
instead of the long credits formerly granted to the
trade.
Reports of peace proposals have been reiterated
from a number of more or less indefinite sources this
week. In the British House of Commons on Thurs­
day, in response to an interpellation, David Lloyd
George denied emphatically and unequivocally on
behalf of the Government that Great Britain was
engaged in any peace negotiations directly or indi­
rectly. “ The words of the Prime Minister still hold
good,” he added, referring not only to the question
of peace negotiations, but as to whether the Premier
still adhered to the declaration in his Guildhall speech
that Great Britain would not sheath her sword
until “ the freedom of Europe is secured.”
Lloyd
George concluded: “ W e shall not think of entering
any peace negotiations except in common with our
Allies in accordance with the agreement made in
September 1914.” Japan, it may be remarked in
passing, has recently become a party to the agree­
ment not to sign a separate peace. Advices from
Washington declared that some degree of credence is
given the peace rumors in diplomatic circles there.
There can be no question, however, that the com­
plete failure of the Allics, diplomacy in the Balkans
has created a most serious situation. London cor­
respondents cable that the resignation of M . Viviani,
the French Premier, and the fall of the entire French
Ministry, has produced a profound impression on the
British press and public. It is not doubted in Lon­
don that this is another far-reaching effect of the
German diplomatic and military successes in the
Balkans. It will be recalled that the recent resigna­



1 4 07

tion of Theophile Delcasse as French Foreign Minis­
ter followed promptly upon his return from London.
Statements have been made in apparently responsible
circles that his retirement was the result of a dis­
agreement with the British Foreign W ar Office over
the conduct of the Balkan campaign, M . Delcasse
arguing that as the interests of England in the Near
East are so much greater than those of France that
the British should furnish the greater part of the
expeditionary force. It is a matter of common
knowledge that the Balkans have been a sore spot
for a generation or more among the Allies, and the
unfortunate entrance of this big question into the
present war has certainly broadened the prospects
for possible periodical breaks in the united action
of the Entente Powers.
It is stated that the
latter now expect neither Greece nor Rumania to
enter the war on the side of the Allies. Greece has
declined for the present the offer made last week to
her by the Allies of the island of Cyprus and other
concessions, territorial and financial, in return for
her adherence to her treaty of alliance with Servia,
which would mean military aid to assist in meeting
the Bulgarian and Austro-German attacks against
her former ally. While Greece’s reply has not been
made public officially, it is understood to base the
decision to refrain from joining the Allies on the
ground that the Anglo-French force landed at Sa­
lonika is not, in the Greek Government’s opinion,
strong enough for the task allotted to it. It has fre­
quently been stated in official circles that both Ru­
mania and Greece were withholding their assistance
until the Allies had either won a decisive victory or
proved to the Greeks and Rumanians their ability
to do so, or at any rate until the operations have
reached a stage which will assure them that their
countries would not, like Belgium, be overrun by the
Teutonic forces or by their Turkish or Balkan allies.
The fact seems to be that while both Greece and
Rumania are friendly to the cause of the Allies,
they are afraid of the Germans and are holding back
on that account.
So far as the friction in the British Ministry is
concerned, there have been no developments of a
definite character. Premier Asquith, who is recover­
ing rapidly from his illness, will on Tuesday make a
statement in the House of Commons concerning the
war and the national position. It is reported that
it is the intention of the Cabinet to place the conduct
of the war in the hands of a small commission,
possibly not exceeding three in number, who will be
granted full powers and not be called upon to sub­
mit their proposals to the Cabinet as a whole. The
British casualties to Oct. 9 have been 493.294, ac­
cording to an official announcement made yesterday.
In the western theatre of war, said the Premier, 4,401
officers and 63,059 men have been killed and 9,169
officers and 225,716 men wounded, while 1,567
officers and 61,134 men were missing. He placed
the killed in all the areas at 6,660 officers and 94,992
men, the wounded at 12,633 officers and 304,832
men, and the missing at 2,000 officers and 72,177
men. King George was thrown from his horse
Thursday morning while he was inspecting British
troops in France, and was bruised so severely that
he will be confined for a time to his bed.
President Poincare accepted at noon yesterday the
resignation of Premier Viviani, with whom the entire

1 4 08

THE CHRONICLE

[Vol. 101

Cabinet went out. M . Briand, a former Premier, I renewing their efforts to reach the Dvina River, and
has been charged with the formation of the new near Czartorysk on the Styr. On the Styr and in
Ministry. M . Briand was Minister of Justice in the Galicia the German offensive, according to Russian
Viviani Cabinet that has just collapsed. Jules reports has been checked. Except for a few attacks
Cam bon, who was Ambassador at Berlin immediately by the Germans, the fighting in the West has con­
preceding the outbreak of the war, and who previ­ sisted for the most part of artillery engagements and
ously had been Ambassador at Washington, is expec­ exciting contests between airmen. Austria and Italy
ted to become Principal Secretary of the Ministry are both fighting with the utmost determination
of Foreign Affairs, with M . Briand as Minister. again on the Austro-Italian frontier. There appar­
M . Briand is one of the strongest figures in French ently is a concerted plan of operations on the part of
politics. He adopted the doctrines of the revolution­ the Allies on all fronts for the purpose of limiting the
ary Socialists early in life, and by them was elected movement of German troops to Servia. A British
to the Chamber of Deputies from the Loire. He submarine operating near Libau attacked and sunk
came into distinct prominence in conducting the a German cruiser of the Prinz Adalbert class. There
campaign for the separation of the Church and State have been no new developments reported from the
and won a reputation for firmness and moderation. Dardanelles, which seems to suggest that the immedi­
His Socialistic tendencies have suggested that France, ate operations there will be confined to attempts to
under his leadership, will be more inclined for an early prevent the release of the Turkish armies that are on
peace, making sacrifices, if necessary, to secure this guard there.
ambition. The fact that he has gathered such strong
men about him, however, seems to combat this theory
and indicates that the net result of the change will be
a much stronger government, resolutely determined
to carry on the war until victory and a protracted
peace shall become assured.

Japan has requested China to postpone the
project for the re-establishment of a monarchial
form of government. A dispatch from Tokio
yesterday quoted the Japanese Foreign Office as
declaring that an undercurrent of opposition to a
monarchy exists among the Chinese and that it is
While military operations have been kept active far stronger than it has been imagined. In fact,
in the principal theatres of war, greatest interest the Foreign Office says a feeling of unrest is spread­
seems to be centered upon the invasion of Scrvia by ing in all parts of China. The foreign office praises
the Austro-German forces and the Bulgarians. The the administration of President Yuan Shi-Kai, but
Servians have put up spirited resistance, but as yet fears the sudden move to re-establish the monarchy
the Allied troops have not been able to come to their is likely, in view of widespread opposition, to cause
assistance in the North. The Bulgarians yesterday disorders such as would endanger the future of
entered Pirot (Servia), according to an official Sofia China, the interest of the Powers, and even the
bulletin. Pirot is thirty-five miles southeast of Nish peace of Asia. On this account Japan has informed
and ten miles inside the Servian frontier. It is lo­ China that she views the present situation with
cated on the Nish-Constantinople Railroad and was grave anxiety and believes it would be advisable to
strongly fortified. There is, however, very little postpone the change of government so as to prevent
definite news arriving from the Servian operations. disorders and consolidate the peace of the Orient.
Reports that come by way of London assert that the
In London financial circles the uncertainty of the
Servians have recaptured Uskup, which they lost
outlook for the English Ministry, the fall of the
earlier in the week. This is not improbable if, as
Salonika dispatches report, the French now hold the French Cabinet and the concededly gloomy Balkan
line of Krivolak, Radovista and Strumitsa, for with situation, tended to restrict Stock Exchange transac­
Prices, however, appear
an army at that point, and the Servians at Veles, tions to small limits.
Uskup would form a dangerous salient. The Ser­ to have been well maintained despite the neglect of
vians are being attacked from three sides in the the market by both speculators and investors. The
northeast section of their country. The German renewed demoralization in the American exchange
army which crossed the Danube at Orsova has joined early in the week encouraged additional heavy
with the Bulgarians who invaded Servia, near Pra- selling of American securities. The early week decline
hovl, thus giving the Central Powers an open road in sterling exchange was the source of considerable
through northeastern Servia and Bulgaria to the activity in the American department in London,
Aegean Sea and Constantinople, unless the Allied especially in view of the steadiness in American in­
troops can eventually block the movement. Opti­ vestment stocks, as distinguished from the war in­
mism is said to prevail in the Servian quarters in dustrial issues in Wall Street. Erie securities were
London, which are probably best able to judge of the exceptionally firm, as also were Canadian Pacific
assistance being sent by France, Great Britain and and Grand Trunks, while South African bonds and
Russia. The French, according to German dis­ mines were stimulated by the final election returns
patches, already have landed 150,000 men with 100 showing an unqualified victory for Premier Botha.
guns at Salonika. The whereabouts of British rein­ Members of the London Stock Exchange— most of
forcements remains a secret, but that they are of whom are shareholders in the institution— have been
considerable size may be judged from the fact that advised that the Trustees and Managers of the Ex­
although General Sir Charles C . Monro, recently ap­ change have decided to defer consideration of the
pointed to command the Gallipoli operations, is already declaration of an interim dividend until the end of
on the spot, the British Government has decided to the Stock Exchange year, namely March 25 next.
send out Major-General Sir Bryan T.M ahon,w ho com­ This action is by no means a surprise since the in­
manded the columns which relieved Mafeking in the come of the Stock Exchange, which consists mainly
of subscriptions, has been so severely depleted on ac­
South African war, to co-operate with the French.
The heaviest fighting in the Russian arena centers count of the number of members who are absent as a
around Riga and Dvinsk, where the Germans are result of the war. In consequence of their duties



Oct 30 1015.)

THE CHRONICLE

on war service, no less than 966 members and 880
clerks are exempt from subscription for the current
year, in addition to which 508 members have taken
advantage of a rule of the Exchange which permits
a member to take a year’s holiday. This makes a
total of 2,354 members and clerks who have paid no
subscriptions for the current year; and if it be as­
sumed that the average subscription of members and
clerks is £20 (a low estimate) it will mean a loss of
over £47,000 in the revenue for the year. The Lon­
don Stock Exchange is a company with unlimited
liability; but calls cannot be made at intervals of
less than twelve months nor of more than £2 per
share. The capital consists of 20,000 shares and
£13 per share is paid up, making £260,000. The
price of the shares at recent mail dates was about
68@72. Before the announcement of the unfavor­
able action on the dividend the quotations were
75@77. On Monday the South Australian Govern­
ment offered in London £2,000,000 in 5% bonds at
99 to meet 4 per cents maturing next January and
April. The new bonds were promptly underwritten.

Fre n ch
N e w
It

F in a n c ia l

Y o rk ,

T h e

fin a l

lo a n

needed

in s ta llm e n t

w as

and

p a id

10%

(

on

)

on

th e

T u esd ay.

t h is q u e s tio n ,

it

is

re ce n t B r itis h

N e w

fu n d s

u n d e rs to o d ,

a re

w ill

re ­

c e iv e t h e im m e d ia t e a t t e n t io n o f t h e B r i t i s h

T re a su ry

o f f ic ia ls

C o m m is s io n ,

a r r iv e d

is e x p e c t e d

d e v e lo p e d

th e

and

at

E n g lis h

a d d itio n a l

v ie w

o f th e

A v ith

on

s in c e

Y o rk .

th e y

has

s a ile d

T re a su ry

q u e s tio n

a lr e a d y

v is ite d

M o n d a y.

A veakness th a t

B r itis h

th e

NeAv

had

r e c e n tly

Lon d on

exchange

once

in

th e y

A vho

in

b a n k e rs

fu n d s

hom e

in

s t e r lin g

A v i ll d i s c u s s

c ia ls

fo r

hom e

th a t

in

th e y

o ffi­

o f b o r r o A v in g

B e fo re

d is c u s s e d

th e y

th is

le ft

m a tte r

A v ith A m e r i c a n b a n k e r s a n d i t is u n d e r s t o o d t h a t t h e r e
is e n t ir e
of

th e

a cco rd

tA v o

b e tA ve e n t h e

c e n te rs

o f b o r r o A v in g

on

w ill,

it

f in a n c ia l r e p r e s e n t a tiv e s

t h is

is

s u b je c t.

th o u g h t,

T h e

b y

A m e r ic a n

th e

d e p o s it

B r itis h
not

banks
of

tio n

of

th e

b a n k e rs,

A m e r ic a n

T re a su ry

in c lu d e ,

and

it

is

T h e

B r itis h

fo r tifie d

b y

p e rh a p s

b y

a rra n g e m e n ts

do

d ir e c t

in

th e

p a r tic ip a ­

tr a n s a c tio n .

T h e la t t e r h o A ve ve r m a y , n o t u n n a t u r a lly , b e
upon
T h e

to

fu r n is h

in d ir e c t ly

am oun t of

Som e

re p o rts

th e

to

lik e ly ,

a

to ta l

a m o u n t s A v i ll b e o b t a i n e d

and

b e tA ve e n

a

in

depended
its

p o A ve r.

is s t i l l i n d e f i n i t e .

of

$

h o A ve ve r, t h a t

250, 000, 000.

It

a s e r ie s o f s m a lle r

t h a t t h e e n t ir e t r a n s a c ­

t io n m a y in f a c t r e s o lv e it s e lf in t o
t r a n s a c tio n s

a id

t h e n e A v b o r r o A v in g

p o in t

th a n

a ll

banks

be

a n y

G o A re r n m e n t

fo rm

e x te n ­

and

neAv

u n d e rs to o d ,

th e

E n g lis h

to

s e c u r itie s

b ills .

neAv

c o m p r is e

s io n o f c r e d it s o n a g o ld d o lla r b a s is t o

is m o r e

w ar

1409

o n e o f in d e p e n d e n t

c o n s id e r a b le

num ber

of

s itu a tio n

as

soon

becom es

le s s

la s t

fo r

d ay

33/2%

w ar

as

th e

th e

lo a n

in to

lo a n ,

th e

la t e s t

th e

c lo s e o f t h e w e e k ,

m ade

had

m ade

p o s t- d a te d

o ld

fu n d s

in to

of

new

w h e re b y
ch ecks.

c a b le

in

th e

ra te s

to

is

E n g lis h

A v e re
it

£

£

about

is

b y

one

banks

to

to

nounced

to

th e

to

end

th e

If

th e

of

p u b lic .

be

b y

to

T h e
b ills

be

to

n e x t G o v e r n m e n t l o a n A v i ll b e o n a
so

it

w ill,

under

th e

te rm s

n e u tra l

of

on

a v a ila b le

to

p r o v id e

e s p e c ia lly

T re a su ry

as

b ills

s h o u ld

m eans

ra te s

a u t o m a t ic a lly b r in g t h a t lo a n , to o , u p to

it

ju s t

5%

and

A d v ic e s
F re n ch
e a r ly

in

T h e
be

c a b le d

A v i ll

th e

be

A v i ll

p r o v id e

cu rre n t

N cav Y o r k

on

and

te rm s

n o tifie d

h e re

at

T h is

lo a n

w as

a rra n g e d

t io n

and

A vas

not

P r o v in c ia l

be

b y

w ill

in

th e

at

fo r

5%
a

p o s s ib ilit y ,

d e la y e d
and

u n t il

th e

to

th e

neAv

ca re e r.

on

end

n e c tio n
A v h ie h

Fre n ch

o f th e

th a t

a

tra n s a c ­

s u b s c r ip tio n .
a re

A v ith t h e

P a rq u e t,

th e

g iv e s

r e c e iv in g

“ d iffe r e n c e s ”

1914.
and

except

fo r

te c h n ic a l

of

an­

m o n th ly

th e

b y

A v i ll h a v e

to

I f th is

fro m

c o m p lia n c e

lo a n ,

s h a ll

p ay

to

con­

q u o te d

30,

t h is

a

fro m
b e tte r

s id e

of

th e

o f in t e r e s t u p

10%

a ls o

be

o n th e

s ta te m e n t

at

to

a re

th e

of

end

p a y a b le

b a s is .

th a t

is

be

of

Ju ly

re a so n s

up

th e

A v ith

th e s e

6%

p e r m itte d

to

be

g e n e ra l

Lord Reading, Sir EdAvard H. Holden and Sir j i n v a d e d d i s t r i c t s o r
Henry Babington Smith, members of the Anglo- s e r v i c e A v i t h t h e c o l o r s

to

in te r e s t

10%

In

case,

o b t a in

d e b to rs

annum

d e fe rre d .
lia b ilit y
A vho

is

on
A

r e lie f

th e

th e y

am oun t

n o tic e a b le

th a t
a re

b y
th e

s u c c e e d in g

g e n e r a l c o n d itio n s ,

per

th o s e

of

m o n th ly —
each

30 1916.

Ju n e

c o u rts ,

at

am ount

liq u id a t e d

to

a n y

m o n th ly ,

e x tr a o r d in a r y

r e m a in in g

a ls o

in te r e s t

th is

and

is

th e

and

s e t t le m e n t

to

In

c o n d i t i o n s , A v h i e h A v ill b e c o n s i d e r e d

d iffe r e n c e

a p p lic a tio n

its

has been

p e r m its

on

sho A vn

th e re

a

a rre a rs

up

A ve re

c o m m itte e s ,

d iffe r e n c e

in

th a t

th e

in te r e s t

A vh e re

m o d ify in g

c le a r e r

upon

d o u b tf u l.

o f f ic ia lly

s itu a tio n

p a id

th a t

H e re a fte r

becom es
e n te re d

is
be

h a s b e e n p r o lo n g e d

is

P o s t”

th a t d a te
A ve re

m ay

s e t t le m e n t o f S e p t e m b e r

e x p la n a t io n
th e

T h e re

is s u e

o f f ic ia l n o t ic e

a ll s e c u r itie s

of

O n

14 1915

O c t.

B u t

e x t e n s io n

“ E v e n in g

u n d e r s t a n d in g
A tla n tic .

fu lly

m o r a to r iu m

B o u rse

an

e n t ir e

s itu a tio n

has

ye a r.

fu rth e r

in c lu d e d

P a r is

B a lk a n

4.

N o v .

c r e d it

p u b lic

th e

in

G o ve rn ­

n o te s p la c e d

a lr e a d y

th a t

M in is tr y

T h e

th e

g iv e n

h o A ve ve r,

,

of

B a n k

p r o v is io n a l s u b s c r ip tio n s fo r th e neAv lo a n .
a

5%

c o n v e r s io n
C ity

m a t u r ity

F ra n ce

te rm s .

bear

Fre n ch

la s t f a ll a s

neAv

P r e s u m a b ly

th e

one-year

p a id

o ffe re d

banks

fo r

th e

s u b s c r ip tio n

f a v o r a b le
It

N a tio n a l

10, 000,000

w ill

th a t

p u b lic

b e ir r e d e e m a b le .

T h e

been
$

99^

announce
fo r

e x c e e d in g ly

d e fin ite

has

b a n k e rs.

u n lim it e d .

re n te s .

m e n t th a t th e

c e p tio n




P a r is

be

87

and

o ffe re d

N o vem b er

at

banks

fro m

A v i ll

am oun t
is s u e d

it

A m e r ic a n

lo a n

th e

th a t th e

re c e n t
a

is

r u n n in g

b a s is .

th e

iio a v

th ro u g h

in d ic a te

5%

of

la te r ,

bonds

is s u e d

h ig h e r

seem

to

n o te s o u ts ta n d ­

fo llo A v e d

Exch eq uer

ra te

lo a n

G o ve rn m e n t

fin a n c in g

y e a rs,

fo r T r e a s u r y

o f o ld

T re a su ry

a

s ix

o n ly

in

th e

o f O c to b e r,

A v ill

e m is s io n s

and

fo r

th e

s u f fic ie n t

th e

5%

not

of

b y

b ills ,

a ye ar

T h e

b a n k e rs

b a r e ly

T h e

F o r

b e h a lf

2 , 000,000

£

th e s e

th re e

to
on

but

fro m

a v a ila b le

34, 000,000

fig u r e d ,

te m p o ra ry
b ills ,

th o u g h t,

£

%

a ttr a c tiv e

a ls o

223, 138, 000.

on

T re a su ry

bu t

d u e d a ily .

to ta l

advanced

m o n th s .

p ro ve

p a y m e n ts

1, 000,000

d e c id e

n in e

A v i ll d e l a y

p u rch a se s

c u rre n t.

fo r

t h e ir

of T re a su ry

4%

T h e

a re fa llin g

upon

been

ra te

in

fo r m a l lo a n ,

been

fo r e x p e n d itu r e s
fro m

of a

depend

have

e x p e c te d ,

a rc,

T re a su ry

A v ith

in v e s to r s

T u esd ay
fu n d s

o ffe r in g

th e

n o r o f th e

c o rre s p o n d e n ts

nam ed

4% %

c o u n t r ie s .

is

be

so b u rd e n s o m e

r e c e n tly

iio a v

w ill,

it

A v liic h

has

and

fro m

c o u ld

a m o u n t o f c le r i­

e x e c u te m n v tr a n s a c ­

f in a n c ia l in s t it u t io n s

fo r

m o n th s

th e

in

to w a rd

th a t a rra n g e ­

p aym en t

T h e

th a t th e

m e a n tim e ,

and

4Yz% t h a t
5% r a t e i s

in g

T r a n s a c tio n s

neAv b e c a m e

Lond on

b e lie v e

a s p o s s ib le

in v e s t o r s
th e

o ld

th e d e ta ils o f th e c o n v e r s io n

th e

Som e

d is p a tc h e s

lo n g

A v i ll ,

th e

T h e r e is n o i n d i c a t i o n t h u s f a r o f t h e f o r m

in te r e s t.

as

is
th e

and

r e s t r ic t e d

G o v e r n m e n t b o r r o A v i n g A v i ll t a k e

iic a v

of

lo a n .

becam e

t h a t b r o k e r s A ve re d i s i n c l i n e d
tio n s .

c o n s o ls

n o tw ith s ta n d in g

c a l A vo rk c o n n e c t e d w i t h
o f th e

(S a tu rd a y )

h o w e ve r,

been

w ith

C a b in e t

To-day

c o n v e r s io n

th e

m e n ts

cu rre n t

u n c e r ta in .

E n g lis h

r e s id e n ts

c a lle d

up

ex­
in
fo r

s h a ll b e t e m p o r a r ily e x e m p t e d .

1410

THE CHRONICLE

The Secretary of the Budget Committee of the
Chamber of Deputies, M . Damour, is understood
to be on his way to New York heading a commission
of French manufacturers, engineers, bankers and
exporters who are coming here in the interest of im­
proved trade relations between America and France.
This commission expects to visit the leading manu­
facturing and commercial establishments of America
in an effort, to quote a Paris cable dispatch, ‘ To lay
a foundation of understanding which will improve
commercial relations between France and the United
States.” The Minister of Agriculture will be rep­
resented on the commission.
A semi-official news agency in Berlin reports by
cable that the installments paid in in cash on the
third German war loan up to Oct. 23 amounted to
8,732,000,000 marks or 72% of the total. The
German Government has announced a program for
controlling the distribution of food supplies. Part
of the grain crop, which is very large, will be used
for feeding cattle. A special national bureau will
have charge of the distribution of potatoes, the out­
put of which is the largest in the history of the
Empire. This bureau will fix the prices. Special
steps will be taken to insure milk supply for children,
mothers and sick persons and maximum milk prices
will be established. Tickets like those introduced for
bread at the outbreak of the war will be issued for
butter. There will be two no-meat days each week
on which dealers will be forbidden to sell any kind
of meat or foods composed wholly or partly of meat
ingredients. On these days such supplies may not
even be displayed in windows. On two other days
restaurants may not serve food fried or otherwise,
prepared with any fats, including butter or lard.
On one other day— thus making five in all— the sale
of pork is forbidden. Heavy fines will be imposed
for violation of the regulations.
Official Bank rates at the leading foreign centers
may be repeated from last week, as no change has
been announced from 5 % in London, Paris, Berlin,
Vienna and Copenhagen, 5)/2% in Italy, Norway,
Sweden and Portugal, 6% in Russia and 43^% in
Switzerland and Spain. Open market rates in
London for short bills are 4 % @ 4 1 s% and for three
/
months bills 4 % @ 4 15-16%. Last week’s quota­
tions were 4 % % for short and 4 % % for long bills.
Day-to-day funds at the British center remain at
33^ @ 4% . The latest private discount rate reported
from Berlin is 43^% as of Oct. 18, no new rate either
at the German center or at any of the other Conti­
nental centers having been reported by cable this
week, so far as we have been able to learn.
A still further decrease of £2,654,861 in the Bank
of England’s gold supply is registered by this week’s
return. A large part of this reduction is explained
by the sales of the precious metal for America. Note
circulation increased £222,000, so that the total re­
serve is £2,876,000 lower for the week. The propor­
tion of reserve to liabilities has declined to 30.1%
against 30.97% last week and compares with 29.79%
at this date last year, and 54.45% the corresponding
date in 1913. Public deposits indicated a contrac­
tion of £6,243,000; other deposits increased £1,289,­
000 and other securities (loans) decreased £2,053,000.
The Bank now holds £56,230,709 in gold as against
£61,872,740 in 1914 and £37,392,831 in 1913. The



[VOL. 101.

reserve is £41,885,000 against £45,210,070 one year
ago and £27,114,611 in 1913. The loan item is
£96,565,000 against £104,868,463 in 1914 and
£28,619,058 in the year precedin '-. The Bank re­
ports the amount of currency notes outstanding as
of Oct. 23 as £75,015,274 against £73,833,513 the
week preceding. The amount of gold for the redemp­
tion of such notes remains at £28,500,000. Our
special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the Bank week: Inflow, £1,150,000 (of
which £756,000 bar gold bought in the open market,
and £394,000 net received from the interior of Great
Britain); outflow, £3,805,000 (of which £2,565,000
exported to the United States, £600,000 to Spain,
£90,000 to South America, £100,000 to the Continent,
£100,000 to Japan, £100,000 ear-marked Egypt, and
£250,000 ear-marked miscellaneous). We add a
tabular statement comparing for the last five years
the different items in the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
1912.
1911.
1913.
Non. 1.
Oct. 27.
Oct. 28.
Oct. 29.
Oct. 30.
£
£
£
£
£
Circulation________ 32,974,000 35,112,670 28,728,220 28,589,070 29,125,400
7,202,210
8,713,948 11,751,259
Public deposits___ 39,885,000 24,993,910
Other deposits........ 99,670,000 126,730,520 41,060,604 45.245,016 42,585,819
Government securs. 18,895,000 19,427,087 11,788,105 13,037,909 14,096,084
Other securities___ 96,565,000 104,868,403 28,019,058 34,532,800 27,648,110
Reserve notes & coin 41,885,000 45,210,070 27,114,011 27,197,884 25,743,014
_
Coin and bullion_ 56,230,709 01,872,740 37,392,831 37,330,951 36,418,414
Proportion of reserve
51.75%
30.1%
29.79%
47.70%
to liabilities_____
54.45%
4%
5%
5%
Bank rate.......... .....
5%
5%

The Bank of France continues to add to its gold
supply, a further increase of 37,305,000 francs being
noted in its report this week. Silver holdings de­
creased 46,000 francs. In note circulation an ex­
pansion of 35,560,000 francs was reported and of
11.944.000 francs in discounts. General deposits de­
creased 28,162,000 francs, Treasury deposits de­
creased 44,145,000 francs and the Bank’s advances
were lowered 7,541,000 francs. The French Bank’s
gold holdings now reach 4,729,896,000 francs against
4.141.350.000 francs one year ago and 3,473,850,000
francs in 1913. Silver aggregates 353,202,000 francs
against 625,325,000 francs and 636,525,000 francs
one and two years ago, respectively. Note circula­
tion aggregates 13,867,553,000 francs. One year
ago it was 6,683,184,785 francs and two years ago
5,805,693,400 francs. General deposits are 2,545,­
963,000 francs. In 1914 they were 947,571,861
francs and in 1913 646,131,012 francs. Discounts
total 2,338,593,000 francs against 2,454,280,425
francs in 1914 and 1,695,831,375 francs in 1913.
Immediately after the war began last year the Bank
of France suspended publication of its weekly state­
ment and did not resume until Feb. 4 1915; hence no
closer comparison with 1914 is available than of
July 30. These arc the figures used in the foregoing
comparison.
The Imperial Bank of Germany in its statement as
of Oct. 23 shows an increase of 3,321,000 marks in
the gold stock and of 301,037,000 marks in the metal
stock and paper currency, which includes Imperial
and Loan Bank notes and notes of other banks in
addition to coin and bullion. The loans increased
1,047,000 marks. There was a reduction in discounts
of 466,930,000 marks, in Treasury bills of 741,000
marks, in note circulation of 102,243,000 marks, and
in deposits of 39,017,000 marks. The lteichsbank’s
gold holdings now amount to 2,430,180,000 marks,
against 1,828,080,000 marks in 1914 and 1,219,660,-

Oot. 30 1915.]

14 1 1

THE CHRONICLE

sixty and ninety-day endorsed bills receivable and
for six months’ single names of choice character.
Names not so well known require 3 ^ @ 3 % % .
Bankers’ acceptances remain at 2 } ^ @ 2 ^ % , accord­
ing to maturity. No important changes have oc­
curred this week in the discount rates of the Federal
Reserve banks.

Somewhat greater activity has developed in the
local money circles this week, which is not surprising
in view of the financing of the Anglo-French loan
and the formal offering of the $25,000,000 Italian
loan on Friday. The continued activity on the
Stock Exchange is necessarily a source of steady de­
mand for loanable funds. Nevertheless there has
been no disposition on the part of lenders to advance
their rates, while in the instance of commercial paper,
discounts are a shade easier with a demand for the
highest grade of notes appreciably better. So far as
concerns the loans on Stock Exchange collateral the
standing of the borrower has much to do with the
basis on which the so-called war industrials will be
accepted in collateral for loans. In average loans,
however, Bethlehem Steel, it is of interest to note,
has recently been figuring in actual transactions at
about 150, Westinghouse Electric and Maxwell
Motors at 50, General Motors at about 150, Baldwin
Locomotive at about par, Crucible Steel at about 35
and Studebaker at about 125. These figures may
be considered representative of the war industrials
as a whole, and indicate that the banks are using
proper caution during the current period of wild
speculation in this class of securities. When these war
stocks are mixed with railroads or other safe collateral
the terms are not so severe. Margins of 2 0 @ 30%
from the low listed prices are in some instances
insisted on being kept good.
Last Saturday’s
statement of the New York Clearing House indicated
an increase in the surplus reserve of $4,536,330,
bringing the total up to $192,800,050 above require­
ments, which compares with a surplus of $8,460,600
at the corresponding date under the old form of
bank statement a year ago, which it may be noted
was the first surplus shown after a long series of
deficits. The statement indicates an increase in
loans for the week of $46,023,000; demand deposits
increased $42,589,000 and time deposits expanded
$2,953,000. Reserves in “ own vaults” showed a
contraction of $5,755,000 to $521,922,000, of which
$456,269,000 is specie. Reserve in Federal Reserve
banks increased $5,652,000 to $161,080,000 and
reserves in other depositaries increased $12,659,­
000 to $46,193,000, thus making the aggregate
reserves $729,195,000, or an increase of $12,556,000
for the week. The bank statement in greater detail
appears
on a subsequent page. The fact that
steady arrivals of gold are in sight is one of the
causes of the continued ease in money circles in
the face of important foreign demands for American
loans.
Referring to money rates in detail the range for
call loans this week has been 1 % @ 2 % . In fact the
market appears to have been pegged at these figures,
as they have been quoted each day with 2 % the re­
newal basis until Friday, when it was reduced to
1 % % . Time money for the earlier maturities closed
at unchanged figures, namely 23 % for sixty-days,
^
2% % for ninety days, 2 % @ 3 % for four months and
3 % for five months. Six months’ funds are 3 % ,
against 3@ 3 3 4 % a week ago. Commercial paper
closed at 3@334% » against 3@334>% last week for

FEDERAL RESERVE BANK DISCOUNT RATES.




91 days to 6 months maturity 5

4

5

4

4

4
4
4
4

4
4
4
4

4
4
4
4H

4H S

Trade Acceptances—

4H 5

Kansas City.

3H
4
4
4M

3
4
4
4

4
4

4
4
4
4H 4

4
4
4
4«

3
3H
4
4M

6

5

6

5

6

1

s

e
<

4

6

Dallas.

St. Louis.

3
4

4
4

Atlanta.

3

4

4
4

Chicago.

Agricultural arid
IAve-Stock Paper—

3

Cleveland.

10 days maturity____
30 ............
60 '*
"
.........
90 "
•
• .........

| Richmond.

to
to
to
to

New York.

Commercial Paper—
1
11
31
01

Philadelphia.

CLASS
OF
REDISCOUNTS.

Boston.

j
•
;

000 marks in 1913. Combining loans and discounts,
we have a total of 3,924,494,000 marks against
2,955,380,000 marks in 1914 and 1,026,300,000
marks in 1913. Note circulation aggregates 5,675,­
023,000 marks. One year ago it was 3,967,960,000
marks and two years ago 1,959,440,000 marks.

1 to 10 days maturity____ 3H 3H 3
11 to 60 "
"
........ 3 « 3K 3
61 to 90 M
"
......... 3K 3H 3

3H 3H 3H __ 3 * __ 3H 3H 3
3M 3H 3M __ 3H __ 3H 3H 3
4 4 3'A -- - 3H . . . 3 H 4 3H

Commodity Paper—
1 to 30 days maturity____ 3H __ 3
_
31 to 60 “
“
........ 3H _ 3
........ 3 * __ 3
61 to 90 •'
"

_ 3
_
_ 3
_

__ 3

3
3
4

— 3
_ 3
_
_ 3
_

3
3
3

91 days to 6 months maturity

3
3
3

3
3
3

3H
4
4H
5

Authorized rate for discount of bankers' acceptances, 2 to 4%.

A steady and quite sensational decline in sterling
exchange rates took place during the early part of the
week, deman i bills on Wednesday being quoted as
low as 4 603^, which compares with 4 64J4 the clos­
ing quotation of Friday of last week. On Thursday
and Friday, however, an improvement set in which
resulted in full recoveries. The lower figures
afforded renewed encouragement for foreign selling of
American securities, in addition to which there was
less pressure of bills and a decid d improvement in
the demand for cable transfers. Reports were cur­
rent that negotiations of a practical character had
been begun looking to the establishment of supple­
mentary credits in order to check the renewed weak­
ness in sterling. Nothing of an official nature is
available as to the terms of proposed credit arrange­
ments, though, as we have remarked in a preceding
paragraph, there is reason to believe that they will
take the form of an arrangement between banks and
bankers at large American centers on the one hand
and English banks and bankers on the other. It is
not expected that the British Government nor the
Bank of England will be direct parties in interest,
though both undoubtedly will furnish every facility
possible to ensure the success of the transaction or
transactions. The British Commissioners arrived
home from New York on Monday. Before leaving
New York they had conferences with some of the
largest bankers in America, and presumably are fully
informed of the terms on which the credits can be
arranged. It is expected that there will be deposits
of American securities and possibly British Treasury
bills as security for the credit. For the week ending
Oct. 23 the exports of merchandise through the lead­
ing customs districts exceeded the imports by the
unexampled total of $70,609,402, comparing with
$43,912,598 the week preceding. The shipments of
munitions are now coming forward rapidly, and as
they are coincident with the active shipping season
for grain and American farm and food products as
a whole, the expectation in foreign exchange circles
appears to be that the closing weeks of the year will
continue to show a movement of merchandise to
foreign countries limited only by the ability to oper­
ate steamers
The regular steamship lines having
been compelled to turn most of their own steamers

1412

THE CHRONICLE

over to their governments for transports and supply
ships, &c., are chartering all the outside vessels they
can secure for freight, but their facilities are by no
means equal to the demands for ocean transportation.
In fact, the railroads, particularly at New York
(through which port most of the shipments of muni­
tions are taking place), are suffering extreme conges­
tion, as they find it impossible to make delivery of
export freight and thus release their cars promptly.
The gold imports for the week include $2,500,000 to
the Guaranty Trust C o ., which arrived on the S . S.
St. Paul last Sunday; $3,750,000 to the same con­
signee on the S. S. Baltic on Saturday, and $1,000,000
also on the Baltic, consigned to Wells, Fargo & Co.
The Guaranty Trust Co. also received $2,885,000
gold on the S. S. Adriatic, which arrived on Thursday.
In addition, J. P. Morgan & Co. on Wednesday re­
ceived $5,000,000 from Canada, which is all of the
$25,000,000 that was expected to arrive from that
source. The gold is available whenever needed, but
the facilities of the local Assay Office are so over­
crowded that it has requested that the pre ious metal
be brought in piecemeal.
Compared with Friday of last week, sterling ex­
change on Saturday was very weak, with a further
decline to 4 6 2 % @ 4 6 3 % for demand bills, 4 6 3 % @
4 6 4 % for cable transfers and 4 6 0 @ 4 6 0 % for
sixty days. On M onday a fairly large accumulation
of bills coupled with a lack of inquiry, caused in­
creased weakness, and rates suffered another break,
demand declining to 4 6 1 % @ 4 63, cable transfers
to 4 6 2 @ 4 6 3 % , and sixty days to 4 5 9 @ 4 5 9 % .
A renewal in the sales of American securities for
foreign account brought about a firmer tone at the
opening on Tuesday, but later the market again
sagged on reports of an unprecedentedly large export
balance, and the early advances we c lost; the range
was 4 6 1 % @ 4 6 2 % for demand, 4 6 2 % @ 4 6 3 % for
cable transfers and 4 5 8 % @ 4 59 for sixty days. On
Wednesday the market turned weak in the early
transactions under a heavy pressure of commercial
offerings, although in the afternoon extensive Euro­
pean selling of American securities induced a rally;
demand ranged between4 6 0 % and 4 6 1 % , cable trans­
fers at 4 6 1 % @ 4 6 2 % , and sixty days at 4 5 8 @
4 5 8 % . Sterling rates on Thursday showed a con­
siderable degree of firmness, advancing to 4 6 2 % @
4 6 3 % for demand, 4 6 3 % @ 4 6 4 % for cable trans­
fers, and 4 5 9 @ 4 60 for sixty days; the chief influ­
ences were continued foreign selling, rumors of peace
talk and a lighter supply of bills. On Friday the
market ruled strong, at 4 6 4 % @ 4 6 5 % for demand,
4 6 5 % @ 4 6 6 % for cable transfers and 4 6 l @ 4 6 2 %
for sixty days. Closing quotations were 4 6 2 % for
sixty days, 4 6 5 % for demand and 4 6 6 % for cable
transfers. Commercial on banks (sixty days) closed
at 4 6 0 % , documents for payment (sixty days) fin­
ished at 4 6 0 @ 4 6 1 % and seven-day grain bills at
4 6 2 @ 4 6 4 % . Cotton for payment a t 4 6 4 @ 4 65, grain
for payment at 4 65.
The Continental exchanges have followed very
closely the tendency of the sterling market. London
checks in Paris closed at 27.64 francs against 27.57
francs a week ago. In New York the Paris check
rate finished at 5 9 2 % and cables at 5 9 1 % against
5 92 and 5 91, respectively, a week ago, and 5 86
and 5 85 a fortnight ago. Exchange on Berlin closed
at 81 9-16 for sight and 81 11-16 for cables, com­
paring with 82 1-16 and 8 2 % last week. Swiss
exchange is 5 32 and 5 31 for sight and cables,



(VOL. 101.

against 5 34 and 5 33. Bankers’ sight on Amsterdam
is 41 % and cables 4 1 % against 4 0 % and 4 1 % . Com­
mercial sight on Amsterdam is 4 1 % against 4 1 % .
Italian lire is 6 43 and 6 42 for demand and cables
against 6 41 and 6 40. Greek exchange remains at
5 27 and 5 26 for sight and cables. Copenhagen
checks are 26.20 against 25.90, and bills on Norway
and Sweden are 26.25 against 25.95. Russian
rubles are % point lower at 3 3 % .
The New York Clearing House banks, in their op­
erations with interior banking institutions, have
gained $3,428,000 net in cash as a result of the cur­
rency movements for the week ending Oct. 29. Their
receipts from the interior have aggregated $8,113,000,
while the shipments have reached $4,685,000. Add­
ing the Sub-Treasury operations and the gold im­
ports, which together occasioned a gain of $12,925,­
00 0 , the combined result of the flow of money into
and out of the New York banks for the week appears
to have been a gain of $16,353,000, as follows:
Our of
Banks.

Into
Banks.

Week ending Oct. 29.
Hanks’ Interior movement.............. .
Sub-Trcas. oper. and gold Imports..
T o ta l.......... .....................................

58.113.000
34.670.000

Net Change In
Bank Holdings.

54.685.000 Gain 53,428,000
21.745.000 Gain 12,925,000

542,783,000l $26,430,000 Gain 510,353,000

The following table indicates the amount of bullion
in the principal European banks:
October 28 1915.
Banks of

England..
France_
_
Germany.
Russia__
Aus.-Hunc
Spain___
Italy____
Nethcrl'ds
Nat .Heigh
Switz'land
Sweden _.
Denmark.
N orw ay..

Gold.

Stiver.

October 29 1914.
Total.

Gold.

Stiver.

Total.

£
£
£
£
£
£
01,872,740
56,230,709
56,230,709 61,872.740
189,199,160 14,539,840 203.739.000 164.880.000 1.3.160.000 178.040.000
121.009.000 1.650.000 123.159.000 91,404,250 1,504,400 92,908,650
163.256.000 1.793.000 165.049.000 183.215.000 4,583,000 187.798.000
51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
31.187.000 29.474.000 60.661.000 21.989.000 27.399.000 49.388.000
45.971.000 4.403.000 50.434.000 40.458.000 3,000,000 49.458.000
202,000 32.995.000 13.382.000
177,300 13,559,300
32.793.000
600,000 15.980.000 15.380.000
15.380.000
600,000 15.980.000
9,717,700 9,139,700
9,717,700
9,139,700
6.300.000 5.748.000
6.300.000
5.748.000
281,000 6.209.000 3.832.000
5.928.000
165,000 3 997,000
3.555.000
2.402.000
3.555.000 2.402.000

Tot. week 732,604,569 65,142,840797,747,409 671,280,690 62.728.700 734,099,390
Prev .week 732,694,530 65,352,630798,047,100 669,142,006 62.797.700 731,939,706
c July 30 1914 In both years,

h Aug. 6 1914 in both years.

THE “ PEACE RUMORS.”
It is not surprising that the swift course of events
this week in the Balkan campaign, with the rapid
achievement of their purposes by the German in­
vaders of Servia and with signs of irresolution, if
not of weakness, in the Balkan poli y of the Allies,
should have brought into the field new conjecture
and prediction. Speaking in Parliament last Tues­
day, Lord Lansdowne admitted with unusual
frankness that the case of Servia was desperate.
The Servian Government itself, appealing for help
to the Allies, declared that it could hold out only
five days longer. Parliament was informed that
the British had as yet landed at Salonika for the
Balkan campaign only 13,000 troops.
When Sir Edward Grey also stated that the Allies
had been invited by Greece to land troops in Salonika
during the Premiership of Yenizelos, which lasted
up to the end of September, it is not to be wondered
at that the English public should show both indig­
nation and discouragement. Public men are often
too severely treated under such circumstances.
Y et the deepness of feeling that something has been
amiss in the past management of affairs has been
strikingly shown, not only by the continued dis­
cussion of changes in the British Cabinet, but by
the resignation of the French Premier on Thursday
and the announcement of radical reconstruction of
h a t Cabinet.

Oct. 30 1915.J

THE CHRONICLE

14 13

Such events, occurring simultaneously in two ficient to pay all of Germany’s war expenses— that
Governmental capitals, naturally reflect the feeling they, not Germany, “ deserve to drag through the
among both legislatures and citizens that new centuries o come the leaden weight” of the crushing
methods or new blood are needed to direct the German war debt— would without question be re­
military and diplomatic policies of the war. This jected as a ground for negotiation. If Germany
demand may sometimes be unreasonable; but it is holds the occupied territory of Belgium, Poland and
perfectly natural. Y et it certainly does not mean Northeastern France to trade for passible terms of
despair; because, when that stage of popular feeling peace, England holds the German colonies and the
has been reached, the result is usually something unshaken control of the seas. Both the English and
like a provisional government or a military dictator­ French Governments are pledged in the most abso­
ship. As a matter of fact, when the word “ despair” lute manner, not only to restoration of Belgium to
is used in the present connection, it is applied only the Belgians, but to exaction from Germany of an
to Balkan relations and the Allied campaign to indemnity to compensate for the crushing exactions
conquer Constantinople and reopen the Dardanelles; from that unhappy country, invaded and seized by
Germany in confessed defiance of international law
not to the general theatre of war.
But it is not at all remarkable that this formidable and plighted word. T o concede peace without recog­
turn in the Balkan situation— even though it has nition of this factor in the problem would be ac­
happened in only one of the land campaigns— knowledgment by the Allies, not only of defeat but
should lend color to the vague talk which has arisen of humiliation. Even without a war indemnity paid
this week of renewal of peace negotiations. That to Germany, such a result would leave Germany the
rumor has cropped up in various ways. Quite victor of the war, and the German war machine en­
unofficially, the story circulated that Prince Buelow joying a prestige never hitherto asserted even by
had formulated Germany’s terms of peace and
communicated them to the Spanish and American
Governments, with the view of sounding the Quad­
ruple Alliance. Possibilities of the sort were made
more plausible to popular imagination by a cabled
report of a special and unusually formal interview
of the Kaiser with the American Ambassador at
Berlin. The state even of official minds was fur­
ther indicated by the formal question put in Parlia­
ment to the English Premier as to whether unofficial
exchanges of views have been carried on between
Berlin and London with the possible purpose of
peace, and whether the English Government still
adheres to M r. Asquith’s Guildhall declaration
early in the war that Great Britain would not
sheath her sword “ until the freedom of Europe is
secured.”
Among other curious results of these recrudescent
rumors, there has occurred a violent break in prices
of the so-called “ war order industrials” on the New
York Stock Exchange. It may be said that after
the prolonged speculative inflation of their values
these stocks are abnormally vulnerable to any shock.
But it was obvious that speculative holders were
this week beginning to wonder how the business of
such companies would be affected if the rumors of
sudden peace were to turn, out true, and at a time
when values had already seemingly discounted longcontinued war and repetition, year after year, of the
orders for war munitions now under contract with
our manufacturers.
Is peace, then, an early possibility? Nothing
would seem impossible in this extraordinary war.
Y et what will be first observed is, that notwithstand­
ing the basis to the supposed negotiations being
German successes, the rumored overtures for peace
at the present time, as on all previous occasions,
proceed from Germany herself. In other words, the
Powers whose military position is supposed to be
gravely prejudiced by the Balkan misadventure are
not asking Germany for terms. This at least opens
up a possible theory that Germany is more anxious
than her antagonists to terminate the war.
But supposing the rumors of tentative peace pro­
posals to be correct; who knows the nature of the
German terms? The German Finance Minister’s
intimation, in his budget speech of August, that a
war indemnity would be imposed on the Allies suf­



its authors.
Undoubtedly the fact that Germany herself has
been indirectly hinting at peace means that some
things in the internal affairs of that country, eco­
nomic or otherwise, are not regarded complacently
by German statesmen. Whether the financial bur­
den is more ominous in its future probability to
German eyes than to those of France or England, is
a question not entirely easy to answer. But the
knowledge that economic conditions are of a formid­
able character in Germany, and that much longer
continuance of the present status may very seriously
prejudice the nation’s future, may conceivably have
led to the notion of some partially conciliatory offers
in the nature of a truce. This still leaves the ques­
tion open, Could the German Government offer
terms which would be conceivably acceptable, and
could the Allies consider them? A t this stage of the
war, it is greatly to be doubted. W h at remains to
be shown, however, in the events of the next few
weeks, is the extent to which legislatures and people
in England, France and Russia are unshaken in their
purpose of sacrificing everything to defeat the Ger­
man military cabal which these nations, and with
them the neutral world as a whole, believe to have
provoked this war. There has certainly been no
sign as yet of the people in any of these three coun­
tries flinching from their purpose.
The first positive expression of official opinion on
this matter came from Lloyd George to the British
Parliament on Thursday. Speaking in behalf of
the Premier, who was kept away by illness, he an­
swered the Parliamentary query by denying that any
tentative peace negotiations had been opened between
London and Berlin; by declaring that Premier and
Cabinet still held to the Guildhall declaration, and
by asserting for the ministry as a whole that “ we
shall not think of entering any peace negotiations
except in common with our Allies in accordance with
the agreement made in ^September 1914.” Asquith
himself will be heard from next week, and the new
French Premier will presumably make a public
declaration to the point. For all public men must
recognize that, as matters now stand, the real charac­
ter of the situation must speedily be indicated, either
by unmistakable signs of wavering determination
among the allied Governments, or^by strong positive
and unmistakable assertion, with the approval of the

1414

THE CHRONICLE

[V ol . 101.

people, that this is no time for talk of peace, but to be forgotten, or to be confused by considerations
rather for resolution to continue the war until peace of political theory or of sentiment.
on acceptable terms can be achieved.
To exercise such control is, of course, a tremendous
responsibility. That way lies despotism, oppression,
T H E RES PO N SIB ILIT Y A T T A C H I N G TO POWER. tyranny. Parental authority has sometimes pro­
Just at the time when the international relations duced brutality, and has in some ages justified taking
of Mexico are changing for the better, and when Euro­ the life of the child, but parental authority must
pean affairs may be regarded as reaching an apogee nevertheless be exercised. The struggle for civiliza­
and turning in a direction which looks toward the tion and that world peace in which alone humanity
end, word comes that, responding to what is supposed can hope to attain its possibilities, must equally
to be the wish of President Yuan-Shih-Kai to be depend on the presence in the existing state of
secured in his position more or less permanently, human society of such effective physical force as
China is to assemble a convention “ to settle the form will keep the peace. The responsibility of creating
of government.” We are reminded that in 1815 and wielding it must be faced. Woe to that nation,
the distinguished French diplomatist Chateau­ or that man, who wields it to his own aggrandize­
briand, in the line of the English prophetic foresight ment or to destructive ends: and none the less woe
which had anticipated the great upheaval of the to that nation which in the enjoyment of exceptional
end of the 18th century, said that “ within half a blessing and opportunity, has attained to wealth
century Europe would not have such a thing as a and power and position of leadership which in the
legitimate sovereign, but that from Russia to Sicily day of need, when the weak are oppressed, or the
there would be nothing but military despotisms” .
downtrodden are helpless, or the contending can
Our friends the pacifists, with whom we would, attain no peace, shall find itself unprovided with
if it were possible, be glad to be counted, for we all means, or unprepared in heart or courage, to play the
are avid of peace, seem to ignore human nature and part which humanity demands. That the exercise
to forget the teachings of history. The scientists of this function may be recognized as unselfish
tell us that wherever there is any quietness or peace combined action is desirable, the more extensive
in nature it is the result of opposing forces which and complete the better, but the necessity to be
are as persistent as they are universal. Human recognized is for the action itself. Without that
nature adds to these other forces in the form of there is endless misery and relapse toward barbar­
appetites, passions, ambitions, &c., which are ism.
equally persistent, equally pervasive, and far more
So far for external relations. Within the State
intricate, elusive and varied in their action. There the same truth holds good. The necessity of adjust­
is no peace or progress to be found for man except in ing relations is constant. Class contends with class.
their presence and in the face of their enduring The labor problem is always with us. Strikes are
antagonisms. The heavy hand of a military despot incessant with the immediate strife and brutality
or of a conqueror seems incompatible with our and suffering, and, what is far worse, the prolonged
conception of peace, but if there is a clear teaching hatred and the embittered sense of injustice and
of history it is that, human nature being what it is, abuse. The eternal forces are contending, and in
a strong hand laid upon them from without, or the midst of the strife there is little opportunity for
against their will, has been necessary to keep un­ those that make for peace. Strong control is essen­
settled and turbulent people from killing one another, tial, at first physical, representing the State and the
or to permit the development among them of those power of organized society, that time may be gained
political ideas and the acquisition of that social for right reason. The mob is always destructive;
experience without which stable self-government is it never does anything but harm. But beyond this
impossible. The evidence is abundant. India is the force of the outside community, the prompt,
the great illustration. From the twelfth to the solid indisputable public opinion which is perfectly
eighteenth century, when England’s authority was known, entirely justified and undeviatingly direct,
established, there is a long history of bloodshed and because it represents the moral sense and the definite
destruction. It extends to our North American convictions of the community, this is the strong
Indians, to the inhabitants of the Philippine Islands, hand, coming from without, which history shows is
to the whole continent of Africa, to Mexico. The necessary to restrain contending forces until knowl­
early settlers of the United States barely escaped edge is gained and right counsels can prevail.
the same experience; and Central Europe knew little
Here is where the responsibility of the men who
else until within a century.
stand highest in the community lies. Not the
The enduring lesson is that human nature does officials only, but the employers of labor, the men of
not change; we are not dealing with ideal or theo­ wealth and position, those to whom the community
retical situations. The world is far from civilized naturally looks for its opinions and for leadership.
or settled. Culture fails to control human passions They must recognize their responsibility. They
or to secure conditions either of peace or of well must prepare to meet the critical hours. They must
being. In international relations we must recognize know what arc the real forces that avail with excited
the necessity of the power of control. Haiti is a men. These are the forces that lie in character.
flagrant illustration. Who shall have the control, The men who are known for their integrity and
and how it shall be exercised is, of course, the vital justice, and power of sympathy, for their ability to
question. But that there is always and everywhere understand and their readiness to help, for their
the conflict of sharply hostile and enduring forces, generosity and honor and unselfishness, these are
which cannot be ignored, and therefore the necessity the men who create and at any time can wield the
of the presence of some restraining and steadying peace producing force of the community.
force sufficiently external and dominating to control
These are the forces and these the men of whom
until the conditions arise which make peace and the Chairman of the National Labor Commission
self-government and progress possible, this is not seemed to be entirely ignorant when he urged the re­



THE CHRONICLE

OflT. 30 1915.]

striction of individual possessions to a maximum of a
million of dollars as the panacea for our industrial
and social ills, and revived the talk of “ tainted money’ '
as if character attached to money, or tools or imple­
ments, rather than to the men who handle them.
When labor has to win from the grudging and
resisting hand of selfish and indifferent employers
the wages or the conditions of work which it feels
are but just, nothing permanent is gained. In this
day when it is so difficult even for the most expert
to determine just what is the real situation of the
industries and business of the country, when there
are such wide differences of condition between those
who are prospering and the many who are not, there
is sure to be unrest, and the maintenance of peace
is difficult.
It is no time for heavy-handedness, or ostentation,
or indifference. Even conventional sharp practice,
or injustice, or arrogance, or thoughtless selfishness
will prove peculiarly provocative. And on the
other hand, the ability to understand another’s point
of view, a generous and careful integrity, and open­
ing to others, particularly to those who work with
one and for one, a share in exceptional gains, would
never count for more than they will to-day in main­
taining a real peace. Individually we can do little
to bring peace to the warring nations; but we can
learn from the historic condition existing with them
how we may prepare and secure abiding peace at
home.
THE

SP E C U L A T IV E

M A N IA

IN

THE

WAR

STOCKS.

The following from the Saturday financial article
of “ The Evening Sun” of this city for Oct. 23 dis­
cusses the situation with reference to the reckless
speculation in security prices in such a broad-minded
and dispassionate way that we reproduce it here
for the benefit of our readers:
It is a groat pity that W all Stroot forgots so soon and
passes from ono oxtromo to another so rapidly, for therein
eentors a fruitful sourco of somo of the most costly mis­
takes men mako in the speculative markets. Take, for
oxamplo, the prosont situation. That the brilliant harvests,
tho enormous oxport of staplo commodities and manufac­
tured articles, tho expanding foreign credit balance and tho
oaso and abundanco of money give assurances of a high
degreo of industrial activity is not for an instant to bo donied.
And thoro aro other factors favorablo to tho constructive
sido of tho account.
For instance, while tho European war has stimulated tho
manufacture of munitions enormously hero, it has deranged
industry abroad. Tho trado of Gormany and Austr a has
boon cut off entirely and that of othor bolligoront nations
seriously curtailed in various particulars. All this brings
work to American manufacturers in providing a market for
domostic as against foroign articlos. Another and a moro
important sustaining olomont is that tho industrial revival,
stimulated primarily by the war demand, found jobbers
and retailors with diminished stocks of merchandise on hand.
During tho long continued interval of tariff agitation and
political bodovilmont merchants bought moroly to supply
immediate wants and they aro not now ovorburdoned with
goods.
And an additional pliaso, ono which bears moro diroctly
upon securities and their prices than tho othors, is that
tliroughout tho years of financial unsottloinont and stag­
nation tho output of now securities was much reduced.
Stocks languished and railway and industrial bonds woro
slow of sale for a long interval. But economy was tho
ordor of tho day and monoy was accumulating in tho hands
of tho public. A slow absorption of socu itios was in pro­
gress all tho time and in tho aggregate largo quantities of
stock have boon taken out of W all Stroot. Even in tho faco
of oxtonsivo foroign liquidation tho floating supply of securi­
ties has not boon largo.




1415

While thero is much in the foregoing to inspire optimism
and oncourage the hopo of sustained and profitable com­
mercial and financial activity, it is not wholly wise to close
one’s eyes to certain obvious facts. Tho first is that in­
dustry received its quickening impulse from the unusual
circumstances of tho war and that such demands are still
the chief sustaining element, and tho second is that security
prices, particularly of tho industrial specialties, aro danger­
ously high. Even railway shares, or many of them, though
as a class they have been laggard in the speculative race,
show an improvement from the low point of the year of ten
to twenty points or moro. Their recovery would have been
considered substantial in any but the present abnormal and
distorted market.
W ith the exception of a setback at the time of the sinking
of the Arabic, the market has experienced no general or
considerable reaction since the sinking of the Lusitania in
M a y . Special issues havo had shakedowns from time to
time, but tho course of tho specialties has been progressively
upward. For all that may be said to the contrary advances
ranging from 50 to 550 points or so in a relatively brief inter­
val do not betoken a healthy condition, even admitting that
values may be undergoing readjustments as a result of in­
flation and other special circumstances. There is need for
somo clear thinking now, for what stock gamblers should
bear in mind is that a situation which warrants some im­
provement, oven a considerable improvement, does not
justify excess, and tho movement has gone beyond the limits
of rationality for many issues.
Prices, of course, may carry further, and possibly they
will, for tho public imagination has been fired as never before
by the tales of enormous winnings, and the speculative rank
and file, in the belief that a sure and speedy way has
been discovered to mako a fortune, are buying without
regard to value. B ut if the movement continues it will
only bo to make the final reckoning the more costly and
tho inevitable collapse the more disastrous. One hears
much of the wealth of the speculators, very large
margins that aro exacted by commission houses on over­
stimulated issues and of the conservatism of banks and brok­
ers in marking down such shares to low prices in loans. This,
no doubt, is the case, and it imparts an apparent stability
to tho market; but the specialties, for the most part, have
not been bought for investment, but for resale, upon an
oxpected further enhancement, and at some point they will
reach a price level that transcends credulity.
It does not seem to occur to the new speculative crowd that
prices can fall as well as rise and that on occasions stocks becomo totally unsalable. It is only a little more than a year
ago that such a condition presented itself. Securities were
far below tho pres nt range and far less money was being
loaned upon them than now, even at low valuations
Y et
tho Stock Exchange was forced to close its doors and keep
them closed for five months and more for tho simple fact
that if a free market had been permitted in things which now
appear so attractive, none but the strongest financial insti­
tutions, which were loaning hundreds of millions of depos­
itors’ money on unmarketable stuff, could have remained
solvent. Happily, a like situation m ay never recur, but an
unforeseeen accident might change the character of the
market overnight. Few men have tho courage to buy in
a falling market and values diminish rapidly when an entire
community, as has often been the case, appears bent on
liquidating at one and the same time.
Much of our industry and much of the speculative market
— too much of the latter— has attuned itself and adjusted
its affairs to a condition of war. It is unfortunate, but as
a result of the present infatuation W all Street stands now in
much the same relation to peace that in the past it maintained
toward war. And it does so with prices at the highest level
in modern times. The situation is anomalous and reads
like a chapter from a nonsense book, for it cannot be denied
that the entire financial community, banks and bankers,
tho Stock Exchange and the speculators, tremble at the
thought of peace. A sudden and unexpected declaration
might not close the doors of the Stock Exchange again, but
assuredly if one came overnight it would influence a tremen­
dous break. The speculative fraternity is nursing a delusion
if it thinks it could sell war contract issues at prevailing
prices after a cessation of hostilities.
Existing contracts with the belligerent Powers might not
bo canceled, but every speculator would know that their
end was in sight and despite tho possibility or orders from tho
homo Government for defense purposes shrewd and far-

1416

THE CHRONICLE

sighted operators would^begin ^to discount tho altered con­
ditions by selling out. And there can be little doubt that
with the passing of tho extreme urgency for arms and muni­
tions domestic manufacturers would find it extremely diffi­
cult to make deliveries to conform to specifications. It is
really surprising when orders have been placed at extravagant
figures how many reasons and excuses can be found for re­
fusing to accept the merchandise on a falling market or when
the exigency has passed away.
While this matter need give no immediate concern, since
the prospect of peace is remote, tho markets will have to
deal with the subject some day and the question of industrial
conditions after the war is receiving increasing attention.

MORE L IG H T

UPON

THE

IN A D E Q U A CY

OF

R A IL W AY M A IL PAY.

The Merchants’ Association has investigated the
subject of pay to the railroads for their indispens­
able services in the carrying of mails. The report
of the Association’s committee on postal affairs goes
over considerable ground already familiar. The sub­
stance of the finding is that the average pay for a
given weight has declined approximately one-half
in the last thirteen years; that the profit in the
service has gone and perhaps an actual loss is in­
curred instead; that the “ side and transfer service,”
for which nothing whatever is paid, is one source
of detriment, but that the larger sources are the
space in cars (used for sorting) which is large and
is not covered in the payment, and (probably worst
of all) the quadrennial weighing still persisted in
by the Department and by Congress.
The “ Chronicle” has cited from time to time
the efforts of the Department to increase the opera­
tion of the parcel post, the successive enlargings of
the limits of size and weight allowed to senders,
and the entire lack of any fixed maximum to the
bulk and weight of this matter which the roads are
made to carry. We have also pointed out that this
sword thrust into railway revenues is two-edged:
it cuts down the express business which pays them
something and dumps the matter thus diverted upon
the mass for which an insufficient pay is accorded,
and it even draws upon the freight business, since, as
just said, the bulk and weight of the material which
once was dispatched as freight but now may go
as “ mail” has no final barrier established and is
steadily increasing. Under the “ space” rule, says
the report of the Merchants’ Association committee,
parcel post matter would pay the roads less than
one-third of the rates in freight trains, and this is
“ not only unjust in itself but creates the possibility,
and, indeed, the very likelihood, of very serious
losses in the railroads’ freight revenues.”
It is not disputed anywhere, so far as we know,
that the roads live, as a general statement, upon
freights.v This committee cites the finding of the
Bourne joint Congressional committee that the
earnings of the mails branch of passenger service
are over 22% below the average of the passenger
service, and also the finding of the Inter-State
Commerce Commission that the latter are “ deficient
as a whole.” The present earnings from mail
service being thus so far below another service
which is itself “ deficient,” the load rests heavily
upon the freight traffic; but, according to this
committee of the merchants, “ any postal rate less
than the first-class freight rate would convert an
enormous volume of high-rate freight traffic into
postal traffic and the railroads would lose two-thirds
of their present revenues, from such converted



[VOL. 101.

traffic; a further and collateral result would
be very serious interference with passenger train
service and material increase in the cost of
operation.”
Is such diversion and change likely to occur?
We do not know; that depends upon what action is
taken. This committee says the proposed “ space”
plan of payment is equivalent, in case of fullyloaded cars (and in those not fully loaded the burden
would naturally be severer still) to a rate of 1)^
cents per ton-mile for freight carried for the Govern­
ment on passenger trains, while this same freight
would cost private shippers per freight train two
or three times that rate per ton-mile. So the
Merchants’ Association calls for payment for the
“ side and transfer” service or relief from rendering
that; for a payment pro rata for space used in apart­
ment cars; and for continuance of the present weight
plan of payment, but based on annual instead of
quadrennial weighings.
This is the substance of it. It has all been gone
over until neglect, and not lack of opportunity to
know, must explain the general public indifference
to it. The Association’s committee repeats what
ought to be taken as self-evident: that constant
efficiency in transportation is essential to the public
welfare and that the carriers cannot stay efficient
without adequate rates. This warning has never
been quite so pertinent as now, when the country is
blessed with abundant crops and the general situa­
tion is about to impose a well-nigh unprecedented
demand upon the carriers. Yet the country does
what no sane individual would ever do: it starves its
workhorse just when it has before it the greatest
amount of indispensable work to be done. A halfstarved horse cannot draw even tho old loads, not
to mention increased and ever-increasing loads;
and if the loads are not drawn the owner will starve
with the horse. But who is the owner? Upon
this there is a sort of muddiness of apprehension.
Not even the dullest person imagines the roads
belong to any of the now-belligerent nations; but
they belong to somebody, to some indefinite outside
third party, to the bondholders, to invincible Wall
Street, to the stockholders, to the Government, to
somebody or something that will continue to keep
them efficient for everybody’s hourly use and needs,
no matter what happens. And possibly the warning
has lost force by reiteration and because the worst
has not happened yet.
It should count for something that government,
assuming to discover and suppress dishonesty in
private transactions, should furnish an example of
right dealing itself, yet if government is to be allowed
exemption from the requirements of common morality
it ought to be held firmly to considerations of
public expediency. It is half-discouraging to be
made to say so often that for which the first state­
ment ought to amply suffice. The largest trans­
portation buyer is the least honest and just buyer.
The severest critic of private business conduct is the
least just and least wise in its own business con­
duct; it loudly demands virtue from the citizen,
and obstinately sets him the worst example. The
secret reason may possibly be that the same men in
officialdom and the same interests that strive to
impede private ocean-carrying and then urge the
deficiencies of such carrying as a conclusive reason
why government must go into that business, lest
the country suffer loss of foreign trade, arc also

Oct. 30 1915.]

THE CHRONICLE

1417

ence to those prevailing in that year. It is note­
behind & course which tends to bankrupt the i ailworthy that among the late year’s adverse influences
roads and thus thrust them, and the country with
them, upon the unchartered sea of government the opening of the Panama Canal finds foremost
mention. Since the opening of that new waterway on
ownership.
Aug. 13 1914, competition has been intensified, says
Mr. Kruttschnitt, and the gross revenue of the lines
T H E SOUTHERN P A C IF IC C O M P A N Y REPORT. of the Southern Pacific Company considerably re­
Even more so than most other large railroad sys­ duced by a large increase in the number, capacity
tems, the Southern Pacific Company had exceed­ and sailing of steamships between Atlantic and Pa­
ingly unfavorable conditions to contend against in the cific ports; these steamships by a material reduction
fiscal year ending June 30 1915, and that fact is in­ of rates have taken a substantial volume of freight
flected in a substantial reduction in both gross and that was formerly shipped over the transcontinental
net earnings. Additional significance, moreover, is railroads. Mr. Kruttschnitt speaks of a readjust­
given to these losses by the circumstance that they ment of rates being contemplated, which was ex­
follow losses in the preceding year, too, the system pected to check the diversion of traffic to the :anal
having encountered not merely one year of depres­ steamship lines, but since he wrote nature has inter­
sion, but two years. All things considered, the com ­ posed more serious obstacles in tremendous landslides,
pany has succeeded in passing very creditably which seem likely to keep the canal closed for several
through this trying period, and the results obtained months.
The business depression prevailing in the United
under the adverse conditions and influences pi evad­
ing evidence much inherent strength in the property. States was also, of course, a serious adverse influence.
Even in such a poor year as that under review, the Mr. Kruttschnitt notes that this was aggravated by
company is able to show on the income for the twelve the outbreak of the European Avar. Some of the
months a substantial surplus above the require­ copper mines served by the Southern Pacific were
ments for the 6% dividends, though naturally this closed down and others were operated to only about
surplus is not of the exceptional proportions it was half normal capacity, Avhich reduction of activity re­
before the advent of the unsatisfactory state of things sulted in a large shrinkage of earnings from products
of the mines and from the fuel consumed in their op­
referred to.
One encouraging feature in the late year was the eration. The construction of new buildings Avas re­
ability to offset the shrinkage in gross revenues, in tarded and railroad construction and development
considerable part at least, by a saving in the expense almost entirely abandoned, these conditions causing
accounts. This was a reversal of the situation in the a material decrease in revenue derived from lumber
previous year, when a falling off in the gross was at­ and other construction material. There Avas, more­
tended by an augmentation in expenses, thereby pro­ over, it is pointed out, a Avidely distributed decrease
ducing an exceptionally heavy loss in net income. of earnings upon general merchandise -and miscel­
Stated in brief, in 1914 a decrease of $4,254,446 in laneous traffic.
All this in turn, and a consequent general retrench­
gross revenues was accompanied by an increase of
ment in expenditures, also affected both business and
$2 258 196 in expenses, the two together causing a
loss in net of $6,512,642, or nearly 15%. For 1915, pleasure travel and brought about a large reduction
on the other hand, with a further contraction in in passenger and related earnings. The loss in the
gross earnings of $8,654,583, there was a reduction passenger earnings as compared Avith the preceding
in expenses of $6,648,830, cutting the further loss in year Avas $3,549,935. and amounted to over 40% of
net down to $2,005,753 and making an additional the total reduction of $8,654,583 in aggregate gross
earnings. Serious inroads Avere made upon local
decrease in the net of only about 5% .
As it is, the loss for the two years combined has railroad travel by automobile competition, Avhich the
been heavy in gross and net alike. The gross in the improvement of higliAvays has, Mr. Kruttschnitt
two years has been reduced from $142,774,705 to says, encouraged and rapidly developed. While the
$129,865,675 and the net from $44,208,009 to $35,­ losses referred to Avere offset to some extent by travel
689 613. Nevertheless, as already stated, the full to the Panama-Pacific Exposition, the added earn­
6% dividends now being paid were earned with a ings from that source before the close of the fiscal
good margin of surplus. This is the more noteworthy year Avere not sufficient to affect materially the gen­
inasmuch as the amount available for distribution eral results.
We have referred above to the contraction of
was only $19,630,595 against $20,452,216 for 1914
$6,648,830 in operating expenses and taxes, and this
and no less than $26,867,807 for 1913, showing a
shrinkage in the annual amount available of over reduction becomes all the more noteworthy Avhen it
$7,000,000, or considerably more than 25% . The is seen that it occurred in face of an increase of
call for the 6 % dividends, however, was but $16,­ $765,082 in the price of locomotive fuel, of $37,398
360,464, leaving a surplus of 3M million dollars, even increase through higher wage schedules, of $75,590
on the diminished amount of income available for increase in valuation expenses and of $1,240,291
1915. In other words, while dividends of 6% were increase in charges to operating expenses for equip­
paid, 7.20% was earned, notwithstanding the large ment depreciation and retirements, caused by in­
cluding in the year’s expenses $1,190,432 to comply
loss in income.
The severance by the Supreme Court order of the Avith the Inter-State Commerce Commission’s classi­
ties of ownership previously existing with the Union fication, by Avhich the company Avas required to
Pacific seems to have had no effect upon traffic or charge to operating expenses the depreciation portion
revenues, and the great contraction which occurred of rental paid on equipment, and which the previous
followed entirely from extraneous causes. President year had been charged to income account.
But for these abnormal and uncontrollable charges,
Kruttschnitt enumerates these causes so far as they
the report tells us, net income Avould have shown
w ere operative in the late year quite at length in the
ronort, just as he did in the previous report with refer­ an actual gain, notAvithstanding the large shrinkage



1418

THE CHRONICLE

in gross. As to how the great saving in expenses
was brought about, it is pointed out that marked
improvement was effected during the year in the
use of locomotive fuel, each pound of which moved
in the freight service 6.83% and in the passenger
service 2.85% more gross ton-miles than in the
previous year. The saving thereby produced
amounted to $450,388, as compared with the pre­
vious year, and $1,158,015 as compared with two
years ago. Continuous efforts were also made to
secure safer operation and, as a consequence, the
number of fatalities and injuries was reduced and
the payments on account of casualties and damages
of all kinds proved $234,000 less than in the pre­
vious year. In face of the great contraction in the
volume of traffic handled, the train-load was main­
tained at nearly the full figure of the previous year,
the average load for 1915 having been 464 tons,
against 471 tons for 1914.
For the new fiscal year, the outlook appears to be
decidedly encouraging. Passenger earnings are now
being substantially increased by the travel to the
Exposition. The closing of the Panama Canal for
the time being by land slides will modify the com­
petition of the water lines. The mining industry
has been restored to a normal condition and general
business is improving. Mr. Kruttschnitt says that
while the prospects of better earnings is encouraging,
the extent and permanence of the improvement will
depend upon the return of general confidence in
the business world, the destruction of which has
been the most potent influence that has held back
a revival of business and investment in new enter­
prises. For the present the gratifying feature is that
aided by the travel to the Exposition at San Fran­
cisco, current returns of earnings are showing de­
cided improvement, as compared with the corres­
ponding months of 1914. The return for September
and the three months ending with September has
just been made public and this affords striking testi­
mony to the improvement taking place. In the
gross for the three months there is a gain of $4,­
206,702 and as this was accompanied by an addition
to expenses of no more than $824,737 there is a gain
in the net of $3,381,965, the total of the net for the
three months this year being $13,927,581, as
against only $10,545,615 in the three months last
year.
As a consequence of the depression the company
greatly restricted its new capital outlays. It was
announced in the report for the fiscal year ending
June 30 1914 that the reduction in the company’s
annual surplus over fixed and other charges, due
largely to causes beyond control, imposed on the
company the necessity of reducing the expenditures
for new construction, additions and betterments
to the lowest possible limit. Incompletcd work,
it was then stated, was being slowly carried on, to
protect the investment already made, but no ex­
tensions or improvements of any description not
imperatively needed for protection of the property
would be or were being authorized or even con­
sidered.
This policy having been rigidly adhered to, it is
not surprising to find that the expenditures for new
construction and for additions and betterments for
the twelve months ending June 30 1915, aggregated
no more than $12,372,009, as against $19,755,936
in the twelve months preceding, and while during
the fiscal year ending June 30 1914 the net increase



[Vol. 101.

to funded debt was $37,716,967, the net increase
in funded debt in the year under review was only
$3,832,097.
The company remains in easy financial condition.
The amount of cash June 30 1915 was only $8,056,­
376, against $17,732,608 June 30 1914. But on the
other hand, the company also had $7,000,000 out
in demand loans and deposits and moreover had
$533,229 out in special deposits. Including the
cash and demand loans and special deposits and
also $12,903,145 of materials and supplies on hand,
aggregate current assets June 30 1915 were $36,­
997,258 while current liabilities were only $18,­
227,954.

SEEKING TO PROMOTE COTTON M A N U FA C ­
TURING I N C H IN A .
China as a cotton manufacturing country has
not as yet attained any degree of prominence,
especially when its vast population is considered,
but efforts are now making to materially develop
the industry. This is indicated by action taken
at the annual meeting of the Cotton Mill Owners’
Association of China, held at Shanghai in early
August. At that meeting the mill owners clearly
expressed their views as to the governmental meas­
ures needed to encourage the cotton manufacturing
industry of China, grouping their ideas under five
heads as follows : (1) Abolish the present excise tax
on the products of the mills; (2) allow them access
to all parts of the country free of any form or duty;
(3) refund all export duty on raw cotton shipped
from any port in China and imported into another
port of the country; (4) exempt from import duty
cotton received at one port from another in China;
(5) remove duty on cotton imported from foreign
countries. That these would be important steps
in the encouragement of the industry is indicated by
the fact that under existing laws the excise tax on
yarns is 323^c. per hundredweight, on sheetings 5c.
per piece and on drills Oj/^c per piece; the export
duty on raw cotton, China port to China port, is
16 l-16c. per hundredweight; the import duty,
China port from China port, is 8c. per hundred­
weight, and the import duty on cotton from foreign
countries is 13%c. per hundredweight.
The second point referred to above which reads
in full, “ that the products of cotton mills in
China should be allowed access to all parts of China
free of charge, likin, or other duty, provided they
are accompanied by a pass to be issued by the
customs, subject to a nominal payment being
effected,” it was admitted by the committee having
the matter in charge, had not been taken up very
energetically, but it was asserted to be a subject
that all persons having the industrial welfare of
China at heart must seriously consider sooner or
later. In that regard there certainly can bo no
conflict of opinion. China, with its upward of .
400,000,000 population, should furnish an extensive
market for home products of the spindle and loom,
but, as matters now stand, the number of power
driven spindles and looms in the country is estimated
at only 956,000 and 4,300 respectively, against
no less than 2,708,650 spindles in Japan, with its
population of but about 52,000,000. That there
should be very material and rapid development
of the industry under proper encouragement is,
therefore, beyond question.

THE CHRONICLE

O or. 30 1915.]

W H A T A SM ALL INCREASE I N RATES W OULD M E A N
FOR C H I C A G O M I L W A U K E E & ST. P A U L . R Y .
E d ito r C o m m ercia l a n d F in a n c ia l C h r o n ic le :

Tho Chicago Milwaukee & St. Paul Railway Com pany gives in its annual
report tho following results for tho financial year ended June 30 1915:
N et corporate income, after deducting interest and rental
$11,968 ,282
ch a r g e s-------------------------------------------------------------------------------Prom which deduct:
Sinking fund and in s u r a n c e ............................ - ................ , ’aar
Loss on operation o f subsidiary c o m p a n ie s...............- 242,885
346.655

00

It is unreasonable to pretend that an enterprise returning 5 % on its in­
vested capital and properly maintaining its property is overcharging the
public for rendering services as common carrier.
Tho transportation statistics of the companies under review disclose that
tho Atchison has 2 5 % longer haul for carrying freight than the St. Paul.
This tends to lower the operating cost on tho former rou l.
N itur illy the
character of commodities transported affects the revenues of the respective
systems to some extent. Taking all these items into consideration, and
making duo allowance for the different conditions under which both systerns operate, it seems that one is justified in raising the question whether
or not the St. Paul is entitled to a moderate increase in its charges for trans­

.T .
.................... ...$ 1 1 ,6 2 1 ,6 2 7
N et income------------------------------------------------------oofi
7 % dividend on preferred s t o c k .............. ...............................................

„

.

„

____________ $3,512,421

equal to 3 % on $ 1 17 ,35 6,10 0 common stock.
Thero was distributed:

- - R19 -nr,

5 % dividend on common s t o c k . . . .......................................................... ....
Leaving a deficit for tho year o f . .................................. ........... 7 V I C " ^
i. ' - „
Therefore, from tho common stockholders' viewpoint the results for
1914-15 were unsatisfactory. Tho following, however, should be taken into
aCFornthe first two months of the current financial y,3ar the railway com­
pany has reported an increaso in net earnings of $ 7 8 °,0 0 0 .
If continued
at this rate for the remainder of tho period, tho deficit o f 1914-15 would be
fUlThens f l > a u l , according to its balance sheet of June 30 1915 is finan­
cially in a strong position which justified drawing upon accumulated un­
divided profits of former years ($40,860,896 as of June 30 1914), if the
management had reason to believe that the earning capacity o f tho system
was affected by temporary conditions only .
Surplus per Juno 30 1915 of working and accrued assets over

portation services.

1914-15.

7

St. Paul.— Average rate per ton per m ile ------- --------------- ----------------- O'o i 3 °
Atchison.— Average rate per ton per m ile ----------------------------------------- 0.! Y( 4c
Average freight rates on Atchison 2 5 % higher than those received by
St Paul.
The Atchison barely shows a fair return on tho invested capital. It
cannot be called extravagant to pay 6 % dividend on the common stock of
a railroad company capitalized like the Atchison, nor is this over-charging
tho public for services rendered.
The average freight rates on the St. Paul during 1913-14 were 0.8 0 7 8 c ,
or 3 1 4 % higher than last year. B y raising tho 1913-14 rate b isis 2 % only,
tho St. Paul, other conditions being equal, would earn sufficient to show
a return of 4M % on its entire capitalization. This would include the pay­
ment of 6 % dividend on tho common stock.
The request for such a rate adjustment, if made by tho St. Paul, would
seem fair and should cause no hardship on the commercial com m unity in
tho transportation of their goods.
It would make investors more willing to assist tho company when fresh
capital is needed for extensions and improvements from which the p u blic,
merchants and manufacturers derive the immediate bcn Jits
.
D . G . B O IS S E V A IN .

working and accrued liabilities-----------------------------------------------$14,908,219
Bonds in com pany’s treasury per Juno 30 1915, available for
corporate purposes................. - .......................................... - ...................123,893,800
M aking total free assets in excoss o f ......................................................$138 ,00 0,00 0
Tho high credit which tho St. Paul enjoys is reflected in tho low average
interest rate on its funded debt, v iz ., 4 H % Including tho 7 % dividend paid on its preferred stock, tho total annual
charges for capital invested a h e a d of common stock is only 4 .8 1 % .
Last year tho St. Paul e a r n e d o n l i t s e n t i r e c a p i t a l i z a t i o n , as shown above,
only 6 .4 5 % .
.
If through a slight Increase in transportation rates, tho St. Paul were
placed in a position to earn 4 Y \ % on its entire capitalization, and other
conditions being equal, tho company would bo in a position to pay 6 % on
ts common stock. This points to a relatively low capitalization.
According to balance sheet por Juno 30 1915, thero was outstanding in
hands of public:
,
M ortgage and debenture b o n d s ........................................................... .$ 3 5 6 ,1 4 6 ,6 5 4
Preferred stock--------------------------------------------------------------------------------- 115,845,800
Com m on stock--------------------------------------------------------------------------------- 117,356.100
Total capitalization (in round figures).................................. — $589 ,34 9,00 0
T h e plant o f a transportation company consists of:
E q u ip m e n t, R o a d w a y a n d S tr u c tu r e s .
E q u ip m e n t.—

Last year's average cost o f locomotives purchased was ap­
proximately $ 2 0 ,0 0 0 , and tho average cost o f passenger cars purchased ex­
ceeded $16,000 .
It would therefore seem conservative to appraise the
equipment of tho St. Paul on a basis o f $ 1 2,000 per locomotivo, $ 8,000 per
passenger car, $800 per freight car. Tho total estimated sales value of
St. Paul’s equipment would on this basis amount to $ 8 9,000 ,000 .
R o a d w a y a n d S t r u c t u r e s . — Tho St. Paul owns 9,670 miles of road, of which
over 1 0 % , or 1.026 miles, are double track. Tho cost of this mileago, in­
cluding 3.267 miles of yard track, sidings, stations, bridges, tunnels, termi­
nal sites, wharves, elevators, repair shops, all other structures and appurte­
nances, is capitalized at tho rate of approximately $ 5 0,000 per average mile
o f road owned.
Tho entire plant, roadway and equipment, is capitalized at $ 60,000 per
average mile o f road owned.
Apart from tho amounts annually spent for the upkeep of tho property
and charged to revenue, this sum represents tho moneys which during a
period of 51 years have been gradually invested in order to havo at all times
an up-to-dato plant and to satisfy tho requirements o f tho traveling and
commercial community to furnish adequate transportation facilities. The
public constantly clamors for quicker and more luxurious accommodation.
A t times much material has to bo discarded to keep abreast with com­
petitors, thereby causing big cash outlays without correspondingly larger
increase's in business. Furthermore, theso constantly improved transporta­
tion facilities had to bo given by order of railroad commissions at dimlnishln The averago rate per ton mile in 1914-15 was 0.7813c , against 0.8078c
in tho precoding year, a decline of 3 1 4 % .
The showing as mado under tho circumstances by tho St. Paul is highly
creditable to its management.
...
In the Central Northwestern States tho St. Paul has to compoto with tho
powerful svstems of tho Chicago & North Wostorn R y. and tho Chicago
Burlington & Quincy R R . For its business with tho far Northwestern
and Pacific States tho St. Paul compotes with tho long-established lines
of tho Groat Northern and Northern Pacific railroad systoms.

regarded as a standard for transcontinental railroads, rendering excellent
transportation services to the public and giving a fair return on all classes
of its capital issues. It is therefore of interest to reviow tho position of tho
St. Paul in tho light of tho showing made by tho Atchison.
A comparison botwcon thoso two systoms is justifiable on tho ground that
both are capitalized on identical bases.
W hen taking tho samo estimated sales valuo for their equipment, it ap­
pears that both tho Atchison and St. Paul, as regards roadway, structures,
other appurtenances, S i c . , aro capitalized at approximately $50,000 per
avorago mile of road ownod, and, equipment included, at $60,000 por mllo.
Tho average rate of intorost paid on tlioir rospectivo funded debts is 4 Vi % •
But whereas tho Atchison earned during 1914-15 5 .9 1 % on its ontiro capi­
talization. tho St. Paul showed a return o f only 4 .4 5 % on all its outstanding
b°Th o Atchison paid out on its bond and sharo capital at tho rato of 4 .8 6 % ,
which permitted a 0 % dividend distribution on its common stock.
I f conditions under which tho St. Paul had to oporato would also havo
permitted a roturn of 4 .8 6 % on its entiro capitalization, it would havo been
in a position to distribute 7 % dividend on its common stock.




! 419

Now Y o rk , O ct. 21 1915.

B A N K I N G I N R E L A T I O N TO F O R E IG N T R A D E .

In a discussion of the above subject at the banquet of the
American Manufacturers’ Export Association on Wednesday
last, the argument was advanced by Isaac N . Seligman, of
J .& W .S e lig m a n & C o .,th a tif instead of many of our domestic
banking institutions endeavoring to establish branches in
several or all of the Latin-American countries, they were
enabled to take stock in a bank organized for the purpose of
banking in Latin-America, these domestic banking institu­
tions would have open to them all the facilities for LatinAmerican banking available to their customers, and without
the worry incident to having their own branches. M r .
Seligman’s remarks on the subject were as follows:
A great deal has been said and written during the past eighteen months
about the opportunities now offered to us for trade expansion. N o doubt
theso opportunities exist, not only because many of the countries hitherto
supplied by Europe are now compelled to buy American goods, but also
bocauso we are more and more becoming a manufacturing country, and are
gradually adapting ourselves to tho necessities of export trade. This is
fortunato. for unless we equip ourselves at home as well as or even better
than tho older export nations were equipped before they hazarded the
results of the labor of centuries by entering upon tho most terrible war
of history, we could never hope to hold after the war the newly gained
ground against the efforts of European competitors to retrieve what they
had previously held.
. .
I shall not attem pt to discuss tho methods which should be adopted by
manufacturers at homo and abroad in order to attain success.
This is a
subject which all of you gentlemen havo undoubtedly studied, and with
which you are certainly more familiar than I. who. in common with most
American bankers, must confess to not having given this important branch
of our nation’s business tho attention it deserves. Numerous articles are
written stating that, in the opinion o f prominent and experienced men, our
progress in foreign trade is restrained by tho lack of banking facilities, or
rather by the lack of a banking system adaptable to the requirements of
foreign trade, so that I havo given tho matter some study and tried to
acquaint m yself better with this subject.
You gentlemen will appreciate
that even a year’s study is not sufficient to give mo more than an initial
knowledge of a problem which I believe is a far moro complicated one for
tho banker than it is for tho manufacturer, and to illustrate this I should
like to convoy to you some of tho impressions I havo gainod.
If wo were to accept the views of tho majority of tho people, particularly
thoso who have had no experience outside of tho United States, all that is
necessary is that American banks or bankers hire offices in the countries
where you desire to sell your goods, engage a personnel of ordinary bank
officials and clerks, and open up banks, providing them with an adequate
capital to servo the purposes o f American exporters and manufacturers,
or of their local clients to whom they expect to sell their goods. W hen
suggesting this, many of these visionaries, it seems to mo. divided the
world into parts: on tho one hand the United States, and on the other
hand "A b r o a d ,” and speak of this "A b ro a d ” in generalities, as if the same
system and the same methods could bo applied to all foreign countries alike.
W h y , there are in our own hemisphere alone twenty republics outside of our
own all as different from one another in respect of customs, laws, currency,
etc. as aro Franco and Germ any, except that they have Spanish as their
common language, apart from Brazil and parts of the W est Indies, where
Portuguese and French are spoken. And still, how often do advocates
of tho expansion of our trade refer to these countries collectively as "d ow n in
South Am erica.”
.
Please allow me to confino m y observations to tho Latin-American
countries. There may be equally great possibilities for our banking and
trade expansion in tho Far E ast, in the British colonies, and even in
Europe, but our political and commercial relations with the sister republics
on our continent are bound to bo closer than with other countries, and
as for m yself, during tho past few months I havo had closer connections,
and consequently more opportunities, to learn about conditions in LatinAmerican countries than in others.
It seems to me that most o f the critics who clamor for the establishment
of American banks in Central and South America for tho benefit of the
American manufacturer, overlook one essential fact: The exporting
manufacturer, even if he should choose to establish a permanent selling
agency in any of those countries, takes no risk or responsibility except that
connected with the execution of orders for his goods. If conditions arise
which make further business in any locality undesirable, ho will simply
stop filling orders, confining himself merely to the collection of his out-

1420

THE CHRONICLE

standing accounts. It is quite different with tho banker. Even for a
bank established in tho most active South American center, tho profits it
derives from collections and financial charges connected with tho shipment
o f American goods, will only cover an insignificant part of its expenses. It
m ust, therefore, havo other sources of incomo, resulting from local banking
business. Tho prerequisite for tho establishment o f a bank in tho United
States is tho possibility o f obtaining deposits. Our banks administer huge
funds m ade up o f a multitude of largo and small deposits, which collectively
aro primarily used for tho benefit of the depositors themselves. Similar
conditions exist in very few countries in Central and South Am erica, and in
thoso particular countries America banks would havo to reckon with great
competition on tho part o f m any strong European and nativo banks. In
m ost of the other countries, which aro less developed and where capital is
scarco and unliquid, tho amount of deposits obtainable for an American
bank is comparatively negligible, while tho expenses for running tho right
kind ot institution— and of courso only such could help tho export trado—
are as high as, if not higher than,thoso o f a bank o f proportionate sizo in
this country
It follows that, at least in tho five Contral American re­
publics, and in thoso in tho north of South American, an American bank to
bo successful, would find it necessary to supply a comparatively largo
amount of capital for local investment purposes. A s most o f theso coun­
tries are purely agricultural, it Is for agricultural purposes that most o f the
capital would havo to be employed, and it follows that a bank to do this
class of business, m ust be particularly well equipped, not only along
banking, but also along commercial lines.
A m ong m any other difficulties with which American bankers will havo
to contend, there is tho difficulty of finding trustworthy, ablo and experi­
enced m en, who are familiar not only with tho Ianguago, but also with tho
laws and customs of tho South American countrios; mon with good judg­
m ent as regards the standing of firms and tho valuo of security, and who
b\
lsinoss m °thods o f tho local merchants and aro ablo to inspire
tho latter with confidonco. T o find a great number o f men so equipped in
our country, which has had loss opportunity to train men for foreign trado
banking than has Europo, Is really one o f tho most serious problems for us.
I ho establishment o f Am erican banks in Central and South America
m ust, therefore, bo a m atter o f a slower development than contemplated
by m ost o f our strenuous writers.
It cannot bo a question o f experiment, as banks are permanent institutions
and, bound up as they will be with local interests, they m ust continue doing
business even under adverse circumstances. Therefore, tho political and
economic situation, tho currency system , tho'trade balance and tho com­
mercial laws and customs m ust bo carefully studied beforo entering upon
such a venture in any country. Y o u will agree with us that, much as tho
im m ediate establishment o f Am erican banks on a basis uniform in all counues m ight, on first blush, benefit Am erican export and import trado, the
best result would not. In m y judgm ent, bo obtained.
I believe the estab­
lishment o f banks especially equipped to do this business is tho desirable
way of accomplishing this.
Instead of m any o f our domestic banking insti­
tutions endeavoring to establish branches in soveral or all o f tho LatinAmerican countries, if they were enabled to tako stock in a bank organized
tor the purpose o f banking in Latin-A m crica, these domestic banking in­
stitutions would havo open to them all tho facilities for Latin-American
banking available to their customers, and without tho worry incident to
having their own branches. N ational and State banks and trust companes shouhl have the right to subscribe under proper conditions to such in­
stitutions. There aro m any ways in which the various branches o f our
Governm ent, the Federal Reservo banks and tho largo trade associations
withheld

at0 thlS Work’ and 1 am suro than tIleir assistance will not bo

l hero is no doubt that American banking circles all over tho country
aro giving this important field o f expansion their closest attention. One
o f our leading banks has opened branches in som e o f the m ost important
ha tin-Am erican republics, and two new banks have been organized in this
city specially equipped for operating in thoso countries. I havo no doubt
that others will follow.
O f courso, however m any banks we m ay establish, it is primarily tho busi­
ness o f tho American manufacturer to furnish the kind of goods which peoplo in Central and South Am erica require and aro accustomed to buy, at
pi ices which can competo with tho cost o f goods produced in Europe,
havo often heard complaints that our manufacturers will not adapt them­
selves as easily to the wishes of our South Am erican customers as do English
and Germ an manufacturers, not only as regards qualities and styles but
also in respect o f weights, packing, &c

I am convinced that in m ost cases thoso com plaints are unjustified, i
know that In m any cases a m anufacturer’s success deponds upon turning
ou t an article in largo quantities at cheap prices, and I supposo that he can­
not a ffo rd to chango his process for tho sako o f filling relatively small order,
-o r goods differing from his usual ou tp u t, and for orders which ho feels ho
cannot rely upon to obtain regularly. I b cliovo thcro aro a great m any
other manufacturers who would bo willing, and aro in a position, to manufac­
ture w hat is required, but have not tho proper channels b y which to get in
touch with tho clients in each o f the countries where their goods m ight find
a market.

1 will adm it, however, that even if American manufacturers are ablo to
get in touch with foreign markets and aro prepared to turn our the goods
desired, most of them aro not accustomed to grant tho credits and tako the
risks which European manufacturers as a m atter o f courso aro ready to
accept. And particularly in young countries, like thoso of Latin-Am erica,
which aro short o f capital to such a degree that almost overy public and pri­
vate enterprise is dependent upon foreign financing, and where tho Importer
him self m ust grant long credits to his clionts, very few firm s, indeed, can
afford to purchase on a cash basis. This is no reflection on their standing,
as m y experience has demonstrated that commercial m orality is just as high
in Latin-Am erica as it is in this country.
I was greatly interested In m y
friend, Senator B urton’s addresses and remarks on his return from his
South American trip.
Ho enjoined his hearers that tho best men m ust bo
selected to go to Contral and South America with a view to establish agen­
cies and develop trado. Tho Bureau o f Foreign and D om estic Commerco
at Washington, in a statem ent to shippers to South Am erica, warned Amer­
ican merchants that Germ an manufacturers had lately organized a trado
league for South America which expected, after this frightful war, to more
actively competo w ith other countries (chiefly England and ourselves) in
securing the bulk o f tho trado o f Central and South Am erica. W o aro thus
forcibly reminded that wo m ust bo inoro alert, and givo time and thought to
the importance of holding and increasing our trado with our sister republics.
It is true that thero aro a number of commission houses all over the United
States which act as Intermediaries between tho American manufacturers
and foroign consumers, and which not only supply tho former with orders
but also finance tho latter. Still, m ost o f theso commission houses aro sim­
ply agents for the buyers, and whilo o f courso placing orders for articles al­
ready known to tho latter, they cannot bo expected to go m uch out o f their
way in introducing and advertising now lines. Besides, since they ship
every conceivable product for which they m ay receive orders, they rarely
havo sufficient technical knowledge o f any particular merchandise to bo




[V ol . 101.

ablo to oxplain to tho foreign customer its merits as compared with Euro­
pean manutacturos o f tho sam e kind. I f wo want to impress upon our for­
eign friends that wo can supply them as well and as cheaply as other na­
tions, theso friends m ust bo visited by capablo travelers who speak tho
language, are oxperts in their lino, and exercise sufficient tact not to ruffle
the susceptibilities of people whoso business methods aro somewhat dif­
ferent from ours. T o assist these travelers in m aking connections with tho
right people, to introduce and recommend them to the principal buyers, to
inform them as regards tho standing and commercial m orality of tho latter,
and advise them in respect to tho amount of credit they m ay safely grant—
this would bo tho mission o f Am erican-owned local banks or of branches or
agents of American banks.•’established in tho various localities. If, in ad­
dition to this, our banking methods at home and abroad aro so developed
as to allow tho granting o f liberal facilities to tho manufacturer in respect
to tho financo of his sales— and in this direction our Federal Reservo Board,
as well as our banks, havo already covered considerable ground— there will
bo less justification for complaining that, as regards credit facilities for for­
eign trado, wo aro in any w ay behind European countries.
Permit mo to read you an excerpt from an address mado by H on. Paul
M . W arburg at tho Pan-Am erican Conference held in W ashington this
spring, to which I think wo all should givo heed:
“ Th e chief lesson which all Am erican nations will have to learn from last
year’s experience is that it is unwise for the world to place its financial de­
pendence upon any singlo nation; and that thoso who can afford to do so as
for instance the United States, should from this tim e on adopt a policy of
greater reliance upon their own resources. Thoso countries which cannot
rely exclusively upon their own resources should adopt a policy o f dividing
tho risks of financial dependence as evenly and widely as they possibly can
Beforo closing m y remarks, let mo add that the great importance now
given to the M onroo Doctrino, the Pan-American congresses, our closer
political relations with Central and South Am erica, the establishment of
courses o f commerco in our universities, tho growing demand in schools
and colleges for the stud y o f the Spanish Ianguago, all point to tho increased
interest o f our people in tho sister republics In tho South. T h at wo hero aro
destined if not to replace England in her supremacy of trade in tho Latin
countries, to at least more vigorously compoto with her in a friendly rivalry,
I feel fairly confident. This sad world conflict has given us an exceptional
opportunity. Our success or failure will depend largely on tho ability
vision and courago which you gentlemen, largely interested in Central and’
South Am erica, display in capturing and permanently holding tho trade.
T h at you will bo equal to tho occasion I havo overy reason to bcliovo.

F I R S T I N S T A L L M E N T OF A N G L O - F R E N C H L O A N
C A L L E D FOR.

A notico has boon issued calling upon tho banks throughout
tho country acting as depositaries for tho paymonts mado on
tho §500,000,000 Anglo-Fronch loan to pay in 1 5 % of tho
total subscriptions on or boforo N ov . 15. This will bo tho
first installment on tho loan. Under tho terms of tho loan
agreement, subscribing banks woro permitted to retain tho
amount of their subscriptions as special deposits, crediting
the same to tho joint account of tho two Governments and
paying 2 % thereon until called for. Tho funds aro to bo de­
posited with the National City Bank and will bo drawn upon
by tho members of tho Anglo-French Commission, still in
this country. They m ay, it is said, draw tho chocks directly
in favor of the exporters from whom war supplies aro to bo
purchased, or to tho order of J. P . Morgan & C o ., managers
of the loan syndicate and commercial agents for tho British
and French Governments. Sir Henry Paul ITarvoy, C .B .,
K .C .M .G ., who arrived horo on tho Adriatic on Thursday
night, has been designated by tho British Treasury to act
with Basil l . Blackett in carrying out tho dotails in connec­
tion with tho loan already arranged, and perfecting tho plans
for proposed supplemental credits. W ith tho roturn of M r .
Blackett to England a fow weeks hence, Sir Henry will havo
entire charge of negotiations on behalf of Great Britain.
I he two British representatives will co-operate with Octavo
Homberg, tho solo member of the French Commission who is
still here, and Maurice Cassonave, President of tho National
Bank of Ilayti, who is acting with M r. Homberg. Sir
Henry was formerly financial adviser to tho Egyptian Gov­
ernment, and since 1912 ho has been chief auditor of tho
British Government under tho National Health Insurance
A ct. In 1905 ho was appointed British ropresontativo on tho
International Commission for Control of Macedonian Fi­
nance, and prior to that time ho had served as delogato to
the International Commission on Greek Financo. From
1895 to 1900 Sir Henry actod as private secretary to Marquis
of Lansdowno, who was Secrotary of Stato for W ar.
N ATIO N AL

SIIA W M U T B A N K
CR ED IT.

ON

ANGLO FRENCH

Tho conditions necessitating a foreign credit and its effect
on our commerco aro doalt with in a pamphlot boaring on
tho Anglo-French loan, issued by tho National Shawmut
Bank of Boston. Tho pamphlot says in part:
The wisdom o f tho loan is adm itted fully as m uch by thoso whoso natural
feelings aro opposed to England and Franco as by thoso whoso sympathies
aro with tho Allies. T h o purchase o f tho bonds will not bo mado with any
regard for tho interest o f these two nations, blit wholly to protect our own
interests, which at tho present tim e aro very seriously menaced.
Wo
cannot sell to Europo unless wo buy from Europo.
W o m ust buy either
goods or gold or securities.
Tho consequences o f tho loan to tho two contracting nations aro o f vital
importanco to us. In fact, this loan cannot bo dissociated in tho m ind
o f one who takes a comprolionslvo vlow o f financo from tho goneral quostion

THE CHRONICLE

Oct. 30 1915.]

o f Europoan indebtedness. A year or more ago it would not have occurred
to any ono to conceive o f an indebtedness as largo as that which the nations
o f Europe have now contracted.
B y the middle of September the war loans
o f the Allied Powers (Great Britain, Franco, Russia and Italy) amounted to
SIO 563 500 0 0 0 , divided as follows: 8 5 ,7 1 5 ,0 0 0 ,0 0 0 for Great Britain,
$1 853 00 0 ,0 0 0 for Franco, 8 2 ,0 0 5 ,5 0 0 ,0 0 0 for Russia and 8390 ,0 0 0 ,0 0 0 for
Ita ly . T o this will soon be added the 8 5 0 0 ,0 0 0 ,0 0 0 o f tho new AngloFrench loan, and there is forthcoming another largo French loan. B y tho
iniddlo o f last m onth Germ any had placed S 3 ,3 9 0 ,0 0 0 ,0 0 0 or war loans,
SIO 0 0 0 ,0 0 0 o f which cam e to tho U nited States, and Austria-H ungary had
borrowed $ 1 ,7 5 5 ,0 0 0 ,0 0 0 . Turkey, meanwhile, had obtained an advance
o f $ 2 5 0 ,0 0 0 ,0 0 0 from G erm any.
In the last half of September Germany
offered another loan o f $ 2 ,5 0 0 ,0 0 0 ,0 0 0 .
Hero Is a grand total, not including
tho forthcoming French loan of $ 1 8 ,9 5 8 ,5 0 0 ,0 0 0 of war loans
r5J}j|y
placed or now in the act of being placed. T o this m ust bo added $ 3 3 -,0 ) >,380 of indebtedness occasioned b y the war on the part o f various non ra
countries, such as H olland, Roum ania, Bulgaria, E g yp t, Switzer an ,
D enm ark, Spain, N orw ay .and Sweden. Tho ability of Europe to a 'e
caro of this enormous indebtedness is, of course, a m atter of importance o
this country, not merely because we have already advanced more than a
negligible portion of the m oney, and are asked to advance an exceedingly
heavy am ount in the near future, but also because our future industrial
conditions will have a very direct relation to tho solvency or insolvency
° f T h erM s reason to believe that tho European nations are far from the end
o f their borrowing. N o ono can foresee to what heights the war debts
will rise. W ith substantially $ 1 9 ,0 0 0 ,0 0 0 ,0 0 0 arranged for in the last
fourteen months, ono m ay be able to conceive what tho end will be if the
war is prolonged a year longer, or two years longer, as some predict. Y e t
it is easy for ono, in viewing this situation, to let his apprehensions run
away with him . T h at tho great Powers will bo obliged to increase taxation
to a point altogether beyond the knowledge of tho present generation, m ay
be taken for granted. And this is the fact in which wo are m ost vitally
interested; because excessive taxation is apt to m ean reduced purchasing
power and reduced purchasing power on tho part of Europe would, other
things being equal, havo an adverse influence on tho trade situation of the
U Thcro8 Is N othing pleasurable in tho thought that wo shall profit by
Europe’s misfortunes. It Is impossible, however, to ignoro tho fact that in
tho great ro-distribution o f the wealth of tho world, occasioned by this
extraordinary war, wo aro the nation which from present appearances is in
a position to gain most and lose least.

C O M P A R A T I V E F I G U R E S OF C O N D I T I O N OF
C A N A D IA N BANKS.

In tho following wo compare tho condition of tho Canadian
banks, under tho last two monthly statomonts, with tho re­
turn for June 30 1914.
ASSETS.
S e p t . 30 1915. A u g .

Gold and subsidiary coin—
In Canada
....................
E lsew h ere/-.'— - .......................

$
3 9 ,2 1 2 ,2 4 0
2 2 ,844,418

31 1915. J u n e 30 1914.
$
$
3 9 ,050,988
28,948,841
2 1 ,903,516
17,100,111

46,108,952
............................................................
0 2 ,0 5 0 ,6 8 8
61.554,504
92,114.482
129,818 ,900
129,715 ,955
Dominion notes--------------------Deposit with M in ’er o f Financo
for security o f note circulation
0,7 6 7 ,3 0 9
6,7 6 2 ,7 4 9 6 ,667,568
Deposit in central gold reserves
7 ,8 5 0 ,0 0 0
6 ,550,000 3,050,000
123.608,936
Duo from b a n k s ........................ - 124,743 ,390
127,275,505
925,681,966
Loans and discounts.......... ............ 8 7 3 ,7 2 9 ,6 4 2
8 5 9,008 ,478
102,344,120
Bonds, securities, & c----------------- 125,148 ,420
125,209 ,429
67,401,484
Call and short loans in C anad a.
1 1,578,886
7 1,85o ,565
Call and short loans clsowliero
137,120,107
than in Canada........................... 135.108,412
120,607,677
71,209,738
Other assets.......................................
7 9 ,439,891
76,73 8 ,1 3 7 ________
T o tal ................

1 ,616,241,550

1 ,585,338,059 1,575,307,413

LIA B IL ITIE S.

Capital authorized--------------------Capital subscribed--------------------Capital paid u p --------------------------Reserve fund-------------------------------

$
188,866,606
114,422,560
113,984,870
113,001,008

S
188,860 ,606
114,422 ,506
113,984,747
113,060 ,988

$
192,866,060
115,434,066
114,811,775
113,368,898

Circulation.........................................
Government deposits....................
Demand deposits...........................
Tim e deposits ..............................
D uo to banks__________
Bills payable____________________
Other liabilities__________

105,798,618
32,400,091
487,587 .051
093,339 ,851
29 ,7 0 2 ,3 9 3
7,2 7 0 ,2 6 2
13,138,471

99 ,0 1 0 ,9 0 2
4 0 ,074,343
4 0 2,132 ,170
6 9 2 ,580 ,020
25,99 0 ,3 9 9
6,1 9 2 ,0 2 4
13,515,010

99,138,029
4 4 ,453,738
458,067 ,832
663,050 ,230
3 2 ,426,404
2 0 ,096,365
12,650,085

T o ta l, not Including capital
or rcservo fund...................... 1,369,362.737 1 ,340,101.534 1,330,488,683
to tho omission o f tho cents in tho official reports, tho
ootlngs In tho above do not exactly agreo with tho totals given.
H o l e .__ Owing

P L A N S OF D E P A R T M E N T OF C O M M E R C E
D E V E L O P M E N T OF F O R E IG N T R A D E .

FOR

A world-wide Campaign for tho dovolopmont of foreign
trado by tlio United States is indicated in tho estimates of
oxpondituros of tho Department of Commerce for tho coming
fiscal year. It is stated that through tho Bureau of Foreign
and Domostic Commoreo it is tho purpose of tho Department
to aid American merchants and manufacturers in taking
advantage of the opportunities now boforo them and in
preparing them for tho contest for trado supremacy which is
expected to dovolop following tho conclusion of tho European
war. E . E . Pratt, Chief of tho Bureau, has issued a statomont bearing on tho plans of tho Dopartmont in which he
says:
A s a part of tho general program o f "prep aredn ess," tho Socrotary of
Gommorco will request Congress to mako a very largely increased appro­
priation for tho Bureau of Foreign and Dom estic Commoreo. Socrotary
Redfield behoves that commercial proparednoss should not bo overlooked;
that tho United States is facing a groat and unusual opportunity for in­
creased world commerce, and ho has expressed theso convictions in the




1421

requests which ho will make on Congress to enable tho Department of C om ­
merce to do a larger and more effective work in promoting commerce,
than is now possiblo.
Ono of the most important increases asked for is for an increased clerical
staff in W ashington. This amounts practically to reorganization o f tho
Bureau with additional divisions and departments for new branches of the
work which has recently been undertaken.
Tho commercial agent scrvico is tho backbono of the trade promotion
organization. It is anticipated that under tho appropriations asked for it
will bo possiblo during tho fiscal year 1916-17 to make investigations of tho
possiblo foreign markets for cotton textiles, motor vehicles, railway sup­
plies, boots and shoes, agricultural implements, furniture, machinery of
all kinds, electrical power equipment, structural material, wearing apparel,
investment possibilities, & c. N o largo incrcaso will bo asked by the Bureau
for tho establishment of branch offices in tho United States,' but the Bureau
hopes to extend this service through tho co-operation of the local commercial
organizations.
T h e commercial attache service has been in existence just about a year.
It has proved so useful that an addition o f ten commercial attaches will bo
recommended. These attaches, it is intended, will be stationed in such
important countries as Japan, India, South Africa, Spain, Scandinavia,
Italy, tho Netherlands, tho Balkan States, Central America and Venezuela
and Colom bia. W ith tho present organization, tho commercial attache
service will then cover practically tho entiro world, and the equipment of
this country in this particular branch of trade promotion work will then
be equal to that o f any other country.
A similar increase in tho Bureau’s work in promoting trade with LatinAmerica will bo requested. This will enable the Bureau to conduct a
number of special investigations there.
It is also plannod to tako up a series o f market investigations abroad for
tho purpose of placing producers o f raw materials and staple products in
closer and more intelligent contact with foreign markets. There is a
constant demand for information with reference to foreign markets for
lumber, coal, fruit, cotton, wheat, flour, rice. & c ., and Congress wdl be
asked to mako a special appropriation to onablo the Bureau to study the
markets for these products abroad.
The Secretary will strongly urgo Congross to sot aside an appropriation
for securing tho tabulating and publishing o f concrete information with
reference to tho statistics o f internal commerce. It is hoped in this way to
provide a record of tho movements of traffic on tho Great Lakes, a coastwise
traffic, traffic on rivers and in harbors and movements of important staple
products into and out o f important commercial centers.
Tho Bureau has had for throo years a comparatively small appropriation
for making studios of tho costs o f production in this country and abroad or
manufactured articles. This is work similar to that dono by the T ariff
Board. Tho Secretary will recommend a considerable increase in this
work so as to put it on an effective and efficient basis.

PR OPO SAL S FOR P R E V E N T I N G F L O O D I N G OF A M E R ­
I C A N M A R K E T S W I T H E U R O P E A N GOODS.

Inferences contained in an announcement from Washing­
ton on Wednesday that President Wilson was in accord with
tho views of Secretary of Commerce Redfield regarding the
measures to be taken toward preventing foreign manufac­
turers from flooding tho American market at the close of the
war with products at a price below the cost of production,
were met by a statement from Secretary Tum ulty on Thurs­
day that “ tho President has an open mind on the subject of
economic legislation. Suggestions that havo been made
thus far by Administration heads havo been taken under ad­
visement by tho President.” Wednesday s announcement
reported the conside ation by President Wilson, Secretary
Redfield and Chairman Davies of the Federal Trade Com­
mission of legislation which would put a limit upon foreign
competition and enable exporters to co-operate in the estab­
lishment of foreign sales agencies. It was stated that as a
result of tho conference, Secretary Redfield would recom­
mend to Congress tho enactment of a law making selling
by foreign firms at less than tho cost of production “ unfair
competition,” punishablo by tho Anti-Trust laws. A similar
recommenda ion, it was stated, would bo made by the Fed­
eral Trado Commission in its annual roport to Congress,
which is also expected to propose an amendment to the Anti­
Trust law to legalize combinations for the operation of co­
operative selling agencies abroad. The Commission has
held numerous hearings throughout tho country to develop
information as to tho need for co-operative selling agencies,
and while no roport has yot been made it is understood that
the Commission is practically unanimous in favoring an
amendment to permit their establishment. Secretary Redfiold in making it apparent on Wednesday that he believed
tho “ anti-dumping” problem could best be met through
changes in the Clayton Anti-Trust A ct, suggested a tentative
plan for an amendment setting out his views as follows:
It would seem possiblo that legislation supplemental to the Clayton A nti­
Trust Act o f 1915 might render difficult or impossible in international trade,
commercial transactions which involvo unfair restriction of domestic trade
through foreign transactions. For cxamplo, it m ight bo enacted substan­
tially as follows:
•
•(A).__ It shall bo unlawful for any porson engagod in m ter-State or for­
eign commerco or Industry to sell or purchaso articles o f foreign origin o f
manufacture, in tho sale of which, in tho country of origin or elsewhere,
discrimination as to prices Is made botwocn different purchasers, where
tho prices to bo paid for such articles by any American buyer, usor, consumer
or dealer, after deduction of all chargos incident to transportation, handling
and entry, are materially below tho current market rates for such articles
in tho country o f production, or from which shipment is made to tho United
States, in case such prices substantially restrict competition on the part of
American producers o f similar or alliod articles, or tend to create a monopoly
In tho sale of such articles in American markets.

142*'

THE CHRONICLE

" ( B ) . — It shall bo unlawful for any person engaged in intor-State com­
merce or industry to buy, sell or contract for the sale o f articles o f foroign
origin or manufacture, or to fix a price chargod thorofor, or rebate upon such
price, conditioned upon tho purchaser thoreof not using or dealing in waros
produced or sold by competitors o f tho manufacturer or sollor, where the
effect m ay bo to substantially lessen competition in tho production in tho
United States of such articles, or tond to creato a m onopoly in the salo o f
such articles in American markets.
"T h o appropriate penalties aro proscribed in tho C layton Anti-Trust
L a w .”

W H Y T A X E S AR E H IG H I N N E W

YORK.

[From an article on "T a x a b le Values in New Y o r k ,” by Judson G . W a ll,
E x-T ax C om m is doner.)
M ayor Mitchei in a recent statem ent is roported to liavo declared that
the preposterous personal tax assessments o f this year wero necessary bo
causeof N j .v York C ity’s financial difficulties, which ho claimed aro largely
due to mandatory laws passed at Albany affecting salaries in this city.
This statement of tho M ayor is not warranted.
New York’s troubles are not duo to mandatory laws affecting salaries.
T h ey are chiefly due to regulatory laws, the administration o f which by
Single Tax Socialists, has reduced taxable real estato values to tho extent
o f m any hundreds of millions o f dollars.
Henry George, tho founder of Single Taxism , declared that private own­
ership of land was a crime, and that "th o State must m ake land com m on
p ro p erty." Also that the Stato should “ confiscate rental values.” W hile
wo liavo no single tax law, singlo tax men appear to bo in control o f tho c ity,
and thoy have succeeded in confiscating, or destroying rental valuos and
taxablo values, to an extent that Ilenry Georgo probably never dreamed
possible.
Singlo Tax Socialism could bo properly designated as benevolent high-brow
socialism, and it is a greater menace to tho com m unity than tho red flag
brand of socialism, as its leaders aro highly educated and charming men, who
aro obsessed with tho idea that it is their moral duty to "r o b Peter to pay
P a u l.”
Peter in this case represents m any thousands o f industrious, frugal,
1 aw-abidlng citizens who havo invested thoir savings in real estato under
aws and principles that havo obtained for hundreds o f years. And Paul
represents a million moro or less o f shiftless, incom petent, improvident peo­
ple, human parasites or sponges. A s m oths prefer tho most expensive gar­
m ents to lay their eggs in, so those Singlo Taxors and half-taxors get Into
tho very bost social and charitable organizations to propagate thoir twisted
theories.
Tho up-Stato members o f tho Legislature aro not to biamo for tho manda­
tory and regulatory laws complained of, most o f which wero passed on
the insistent demand of charity workers, social reformers and politicians
from this city.
W hile charity and settlem ent workers aro very charming
people and deserve the highest praiso for their good work, thoy aro not tho
best advisers as to public policies.
Meinbors of tho Legislature however,
cannot be expected to givo this fact full weight.
T o say that home rulo will help us out o f our troubles, is puro nonsonso.
Every section of tho State is doopiy interested in the growth and prosperity
o f Now York C ity , and tho up-Stato members o f tho Legislature realizo
tho importance o f promoting tho city’s welfare. For tho city to continue
in tho power of interests and influences now in control of its affairs would
bo a calam ity. Tho Legislature is a factor o f incalculable valuo to tho peo­
ple o f this city as a means o f protection from the socialists now in power.
T w o years ago the city voted for a socialistic program, and it is now pay­
ing tho penalty. Tho peoplo voted to put the city on a charity and social
reform basis, and they havo succeeded. T h ey havo also put it on as nearly
an insolvent basis as it is technically possible for it to bo.
Th e relief afforded real estato owners this year as a result o f tho persona
tax increase will bo very slight, and will bo greatly overbalanced by tho
placing O tens o f millions o f dollars o f uncollectible personal taxes on tho
i
Comptroller’s books, all o f which m ust be placed in future budgets and
raised by taxation.
Talk o f economy and retrenchment, howover, does moro harm than good,
by diverting public attention from tho real cause of tho troublo, which as
before stated, is tho destruction o f taxable values o f real estato through tho
operation o f regulatory laws that are administered by men who believo that
land values aro too high.
There aro three principal reasons why it is impossible to reduce tho cost
o f government to an extent that would afford substantial relief to tax-pay­
ers: 1st. Short term of our elected officials. 2d. Divided authority and
responsibility. 3rd. Th e Civil Service laws. It is impossible to overcomo
tho doterrent effect o f these conditions.
And what is tho not gain to a property owner who saves a few dollars on
his tax bill if tho soiling valuo of his property is declining five or ten per cent
a year and ho Is called upon to reduce or pay o ff rrorlgages. The most
Important financial duty o f tho city is to protect property rights, and there­
by conscrvo taxablo values, upon which the financial credit o f tho city is
based.
T o obtain reliof from tax burdens through economy or retrencliment is as
impossible as it would bo to euro a dying tree by spraying its branches,
while tho trouble lay at its roots, or to strengthen a house whoso foundations
were unsound by substituting cedar shingles for a tiled roof. Th e city’s
troublo is basal, and thero is no permanent cure posslblo except a return to
sound governmental policies which wo havo forsaken.
Tho city’s expenses aro bound to grow as the population Increases, and the
only sound public policy is one that recognizes that fact and also recognizes
tho necessity o f protecting taxable values in every proper w ay. Thero
ought to bo always in this rapidly growing city a buoyant market for real
estate at fair prices. Thero should be as m any persons seeking to buy as
thero aro seeking to sell. I f such a condition obtained there would ho
ittle complaint among real estate owners of high taxes. B ut thero is no
fair market at prosent for roal estato except in a few localities. Land­
owners havo been treated as undesirable citizens, and tens of thousands o f
them would bo glad to sell at a substantial loss If they could find a buyer.
Ownership of some classes o f real ostato has oven become an actual nuisance,
and consequently thero aro few buyers.
Thero are thousands o f parcels o f land in Greater N ew York covered by
overdue mortgages, that under foreclosure would not sell for moro than
the amount o f the first m ortgage.
In m any cases the title holders stand
ready to hand over their deeds to tho mortgagee without a contest.
This mortgago situation furnishes further irrefutable evidence of tho
terriblo declino in taxablo real estato values. These losses represent tho
equities of Investors, many o f whom have put tho hard earned s<avings
o f a life timo into real estato, only to seo it takon from them in their old ago.
Governmental policies that produco such conditions m ust bo funda­
mentally wrong, and thero will bo no permanent rollef until safer and saner
policies aro adopted.
W e aro at pras ;nt starving tho gooso that lays tho golden eggs.
Tho Brooklyn "E a g lo ” last Sunday cltod tho case o f a man who built
nine houses in Flatbush'.'at. a cost o f 3 5 1 ,0 0 0 . A fter theso houses were




[Vol. 101.

completed in accordance with plans and specifications accopted b y ono
department another department sont inspectors, who filed tw enty-four
violations or complaints against each liouso and would not allow tenants
to move In until tho m atter was cleanod up. Ono com plaint was that tho
ceilings wero six inches too high and another that tho back yards wero too
largo. Complaints and violations equally as unreasonable can bo m ulti­
plied by tho thousand.
Is there any wonder that no ono wants to buy
real estato? And yet it is chiefly roal ostato upon which tho credit o f tho
city Is based.
Tho tenjm ent house dopartmont is tho instrum entality through which
tho singlo taxors accomplish most in mattor o f destroying taxablo values.
Experts havo declared that tho cost and loss o f taxablo values, duo to tho
operation o f this djpartm ont alono am ounts to moro than $ 3 0 0 ,0 0 0 ,0 0 0 .
Tho department issu s i 100,000 orders in one year and it is only ono o f tho
m any departments that aro administered by singlo taxers who seem to
believe that property owners havo no right.
Tho natural, but unfortunate offoct o f thoso laws is to discourage tho
small investor, from buying roal estato.
Land is being more and moro
forced into the ban Is of sp sculators. T h is is a grave governmental error.
Tho moro tho land is divided up in ownership tho hotter for tho city.
Tonoment houso officials havo said that tenements housing 2 i families
wero preferable to housos built for 3 families. T h at is tho attitude o f tho
Tenement Houso Departm ent and presumably o f tho administration and
it is detrimental to public intorest.
It would bo far better for tho city if
tho 24 families lived In 8 houses owned by dlfforont citizens.
Another fact that should bo takon into serious consideration b y city
officials is that bonds and otlior forms o f investment havo declined to a
point where thoir yield is so high that thoy compoto with real estato to a
greater extent than -over beforo.
Tho city is not d r iv in g tho increased land valuos from tho new $ 3 5 0 ,­
000,000 subways that would havo rosultod under safe and sano condition
T h e reason is that tho bad effects o f tho ovor-rogulation o f real estato,
has offset tho good offoct o f increased transportation facilities.
This over-rogulation which has such a crushing offoct on taxablo real
estato values is to a largo extont unnecessary. This statem ent is based
upon a report mado to tho Smithsonian Institution at W ashington, on
Hygiene and Sanitation, b y Drs. S. W ier M itchell, John S. Billings and
J. II. Bergy, also upon a roport by D r. Leonard Hill o f London, who is tho
leading pathologist of Groat Britain,
T h e roport o f thoso high authorities cloarly Indicates that m any o f tho
most drastic and harassing rules and regulations o f our tenement houso
department and othor regulatory dopartmonts aro of no valuo whatever in
tho matter of promoting tho public hoalth, although tho injury to property
owners by their enforcement is appalling.
I f M ayor Mitcholl wants to improvo tho city’s financial condition ho
can do so by taking tho administration of regulatory laws out o f tho hands
o f socialists, and placing business mon in charge, with instructions to
demand nothing from owners that is not clearly cssontlal for tho protec­
tion o f public health, morals and safoty.
I f anyone doubts the accuracy o f these statem ents ho is urged to find
out tho facts for himself which can bo oaslly dono if ho will :
1st— B y ascertaining tho political proclivities of tho activo workers In
tho charitablo organizations and tho citizons union and social settlement
workers, all of which aro honoycombcd with singlo tax socialism.
2d— B y ascertaining tho relationship botwocn tho singlo tax members
o f these organizations and tho administration o f our regulatory depart­
m ents.
3rd— B y ascertaining from real estate agonts, savings bank officials and
title insurance officials, tho goneral situation as to mortgages in Greater
N ew Y ork.
This subject if of such supremo importance that it Is to bo hoped such
influential organizations as tho Chamber of Com m erce, M erchants Asso­
ciation. New York Board of Trado and Transportation, M anufacturers
Association, real estato boards and tax payers associations, will givo it
their earnest consideration and unito in demanding a return to safo and
sano governmental policies.

W I T H D R A W A L S OF GOLD FOR E X P O R T R E S T R I C T E D
B Y B A N K OF E N G L A N D .

It has boon mado known unofficially by tho Bank of Eng­
land that further withdrawals of gold for export purposes
will bo discountenanced. This information, according to tho
Wall Street Journal” of the 27th inst., is contained in
cable advices received from London by bankors here. Tho
paper in question says:
Tho advices convoy strong implication that tho English authorities mean
to tako a position that is only short o f an actual embargo on privato exports
o f tho m etal. W hile intimations to this offoct have boon issued beforo, it
appears that these intimations havo now been ronowed in moro cortain
terms.
A foroign exchange banker in explaining tho now edict says that this
action is undoubtedly directed against individual withdrawals of gold from
tho Bank of England, designccl to tako advantage of tho unfavorable foreign
exchanges. “ This must not bo rogarded as moaning that England Is on a
paper basis,” ho says. "Technically sho is not, but circumstances would
be mado very unpleasant for any banking Institution or privato concern in
London which now sought to draw gold from ovor tho counter of tho Bank
o f England on presentation of its notes.
” Whilo this practically means an end to small individual shipments of gold
to concerns on this side, tho largo gold movomont will continue.
In other
words, tho Bank o f England wants to consorvo its gold supply to bo used
only in tho interests of the nation. Tho shipment of gold for tho paymont
of war purchases here under tho present advorso conditions o f oxchango
means a largo saving to tho Britisli G overn m ent."
Considerable quantities of gold havo recently boon brought In privately,
representing, it is understood, individual oxchango transactions. It is
difficult to estimate tho total o f such importations but thoy havo probably
aggregated botweon $ 1 0 ,000 ,000 and $ 1 5 ,000 ,000 in tho past few m onths.
Some of the local banks havo made importations for clients In amounts
as small as $50,000 . Tho movomont has boon greatest when oxchango
rates wero weakest. Ilocontly it has increased progressively, duo no
doubt to tho protracted declino in oxchango sinco tho closing of tho AngloFrench loan negotiations.
Thero is a largo profit in thoso shipments on the presont basis o f oxchango.
It is estimated that tho current cost o f importing gold, including insurance
and freight and depreciation, is botwoen 6 and 7 cents to the pound sterling.
A s tho gold equivalent of £1 Is $48665, tho shipper would rccolvo net.
under present conditions, about $4 80 tho pound sterling for tho gold
landed hero.
Th e current oxchango rato is around $4 62 on which basis tho profit on
gold exported from England figures out 18 cents tho pound sterling. Ob-

Oct. 30 1915.]

THE CHRONICLE

viousiy, Importers and others who have bills to meet in America are taking
advantage o f this saving on exchange by making payments In gold.
The roal interesting foature o f the transactions, howover, was the evi­
dence they gave that the Bank o f England was unraservedly redeeming its
notes in gold.
But a recent report was to the effect that passengers on an
outgoing liner had been ordered to give up any gold or gold coin they were
carrying away with them, and added that tho rules in respect to private
exportations o f the metal wore being rigidly enforced by all customs offi' ciais.
Howover, it is not to be doubted that the influential bankers and mer­
chants in England knew in which direction their duty lay when it cam e to
the question of exporting gold for private profit at the expense o f draining
the reserves of the country.
A n instanco of tho patriotic attitude o f ono big London bank is shown by
a reply which was made to a cable from its New York correspondent some
timo ago, inquiring if a large amount of gold could be obtained for export.
The reply was to tho effect that gold oxports were possible, but that the
bank did not desiro to enter into any negotiations for exporting large
amounts at this time.
England is zealously guarding against any step that will even suggest
a weakening of her financial resources. O f course public confidence can
best be insured by redemption of her treasury notes with gold. But to give
froo rein to th c banks to pay out the precious metal indiscriminately would
bo to invite danger, and this, o f course, England does not intend to do.

C O M P T R O L L E R W I L L I A M S ’ L A T E S T M O V E TO E N D
E X C E S S IV E RA TES ON B A N K LO AN S.

In furtherance of his campaign against tho charging of
high interest rates by national banks, Comptroller of the Cur­
rency John Skelton Williams has addressed a letter to the
institutions under his jurisdiction calling attention to the
oath which the directors are required to take, binding them
against committing any violations of the provisions of the
National Bank A ct. The letter also sets out the provisions
of the Act limiting the rate of interest a bank may charge on
loans to the rate allowed by the State. The banks are
called upon to read the letter at the next meeting
of their directors and to see that a copy of it is sent to any
absent member of the board. Evidence that these require­
ments have been fulfilled is to bo supplied to the Comptrol­
ler’s office not later than D ec. 20. The following is M r .
William s’ letter:
TREASU RY D EP AR TM EN T.
W a s h i n g t o n , O c t o b e r 27 1915.
T o a ll N a tio n a l B a n k s:
S i r s — Tho attention of your officers and directors is called to tho oath
which was signed by each director upon his qualification, in which he sol­
emnly swore as follows:
“ * * * I will, so far as tho duty devolves on m e, diligently and hon­
estly administer tho affairs of said Association: that I w i l l n o t k n o w i n g l y
v io la te , o r w illin g ly p e r m it to b e v io la te d , a n y o f th e p r o v is io n s o f th e S ta tu te s
*
*
*”
Your attention is called to Sec. 5197 of the Revised Statutes o f tho United
States, being part of the National Bank A c t, which provides that a national
bank—
"m a y take, receive, reserve and chargoonanyloan or discount m ade, or upon
any note, bill of exchange, or other evidences o f debt, interest at t h e r a l e a l ­
o f th e U n it e d S ta le s u n d e r w h ic h th is A s s o c i a t i o n h a s b e e n o > g a n iz e d .

lo w e d b y th e la w s o f th e S ta te , T e r r it o r y o r D i s t r i c t w h e r e th e b a n k i s l o c a te d ,

except that where by tho laws of any State a different rate is
limited for banks of issuo organized undor Stato laws, the rato so limited
shall be allowed for associations organized or oxisting in any such State
undor this Title.
“ W hon no rato is fixed by the laws o f tho Stato, or Territory, or D istrict,
tho bank m ay take, rocoivo, reserve, or charge a rato not exceeding s e v e n
p e r c e n t u m , and such interest m ay bo taken in advance, reckoning the days
for which the note, bill, or other ovidence of debt has to run.
* * * ”
This office regrets to roport that tho sworn statements of condition o f a
great many national banks show that Soction 5197 , U . S. It. S ., against
usury, has been grossly violated by theso banks.
You aro respectfully advised and admonished that this provision o f the
National Bank Act should be faithfully observed by all national banks,
thoir officers and directors in accordance with tho solemn oaths taken by
tho directors.
Y ou are requested to road this lotter at tho noxt meeting o f your board
o f directors, and to have it inscribed upon tho minutes, and to sond a copy
o f this letter to every mombor of your board who may not bo prosont at
such mooting, with tho request that he promptly acknowledge its receipt
to you.
W ithin thirty days aftor your noxt board mooting, and not later than
D oc. 20 1915, you aro requested to send to this offico lottors from all m em ­
bers of your board who may not havo been present at tho mooting at which
this lettor is road, acknowledging tho receipt by each absent director of
a copy hereof, togother with a certified extract from your minutes, show­
ing that this lotter has boon road to your board and giving tho names o f tho
directors prosent at the meeting at which it is read.
Respectfully,
JOHN SK E L T O N W IL L IA M S ,
and n o m ore,

C o m p tr o lle r o f th e C u r r e n c y .

M I N N E A P O LIS C O N F E R E N C E OF RESER VE GO VE RNORS.

1423

Harding. The fo lowing is the statement issued relative to
the conference:
Tho fifth conference o f Governors o f Federal Reserve P a r i s has just
completed its session, held at the Radisson H o tel, M inneapolis, which
began on O ct. 20.
There were present at the meeting Governors Benjamin
Strong J r., Federal Reserve Bank o f N ew Y o rk ; A . L . Aiken o f the Federa |
Reserve Bank of Boston; C . J. Rhoads o f the Federal Reserve Bank o f
Philadelphia; J. B . M cD ougal o f the Federal Reserve Bank o f Chicago
A . C . Kains o f the Federal Reserve Bank o f San Francisco; George J. Seay
o f the Federal Reserve Bank o f Richmond; E . R . Fancher o f the Federal
Reserve Bank o f Cleveland; Theodore W o ld o f the Federal Reserve Bank o f
Minneapolis; R . L . Van Zandt o f the Federal Rcservt l ank of Pallas;
C . M . Sawyer o f the Federal Reserve Bank o f K ansas C ity.
Also W . W .
Hoxton, D eputy Governor o f the Federal Reserve Bank o f St. Louis;
F . W . Foote, a Director of the Reserve Bank o f A tlan ta , and M r . M c K a y
o f Chicago and Messrs. Hendricks and Curtis o f N ew York.
For the last two days M essrs. W arburg and Harding o f the Federal R e­
serve Board were present at the conference an d joined in the discussion.
This is the second conference of the Governors that has bet n held away
from the city o f W ashington, the first one having been held in Chicago
last June.
M r. Strong, who is Chairman o f the conference for the current year, pre­
sided at the meetings.
During the course of the four-day session about
seventy topics were discussed and disposed o f. A m ong those topics were
tho following:
Directors’ profits in dealing with m em ber banks.
Appointment o f representative to examine Federal Reserve notes sent
to Washington for destruction.
Periodic reports of reserves by member banks.
Report o f the Executive C om m ittee o f the conference compost'd by M r .
M cD ougal, Chairm an, and M essrs. A ik en, Strong, Rhoads. Fancher and
Seay.
Reports o f conference o f auditors and accountants o f the I i n i t c ta n k
held at W ashington last sum m er.
Report of a conference o f transit m anagers o f the banks held in Chicago
early in the m onth.
Report of com m ittee on m ethod o f com puting dividends.
Collections and clearances.
Gold settlement fund— daily settlements.
Functions to bo exercised in behalf o f m em ber banks.
Cost o f Federal Reserve notes.
Cost o f returning Federal R aserve notes to bank o f issue.
Retirement of national bank notes and purchases o f Governm ent bon ds
Reserves o f member banks.
Co-operation with national bank examiners.
Standard form of trade acceptance.
Dom estic acceptances.
Com m odity rates.
Advisability of limited open market transactions.
Discussions were also had with respect to the advisability o f recommend­
ing the enactment o f am endm ents to the Federal Reserve A c t on the fol­
lowing topics:
D ate o f transfer of reserves for member banks.
Elimination o f designation o f capital for foreign branches o f national banks?
Direct authorization o f domestic branches for national banks.
Par collections.
D om estic acceptances.
Loans on real estate.
Savings bank membership.
A s m ost o f the matters acted upon resulted in recommendations to the
Federal Reservo Board, and as theso recommendations would necessarily
have to be passed upon by the Board before being put into operation, the
conference feels that it would not be proper for them to n r.k< public tl e
substance o f their recommendations at this tim o.
Such of the subjects
considered as do not form the basis o f com m unications address*d to the
Board were matters o f detail or routine in the managem ent of the banks
which would hardly be o f public interest.
The conference adjourned to m eet in about tw o m onths, probably in the
city o f W ashington in order to he accessible to the Federal Reserve Board.

J. J. H I L L O N R E C O M M E N D A T I O N S OF G. J. S E A Y
C O N C E R N I N G S U P E R V I S I O N OF M E M B E R B A N K S .

The argument of George J. Seay, Governor of the Rich­
mond Federal Reserve Bank, for an amendment to the
Federal Reserve Act which would permit the full reserve
provisions to become immediate’y operative, was presented
by the proponent of the proposition at a banquet tendered
to the conferees who attended the conference of Federal
Reserve Governors at Minneapolis by the Twin City Bankers’
Club at St. Paul on the 22d. In recommending also that
the Reserve Board be given supervision over the member
banks, M r . Seay declared that: “ When the war ends, the
go d supply of this country will have a great demand made
upon it by foreign countries to build up their trade and their
credit, and this gold should be under supervision of the
Federal Reserve Board, so our credit can be maintained in
every country.”
In voicing his opposition to this proposal, James J. Hill,
who was also a speaker at the banquet, described it as re­
minding him “ of the tail trying to wag the dog.” M r. Hill
expressed the hope “ that it will be shown that the Federal
Reserve banks are abundantly worthy of the great trust re­
posed in them ,’ and added: “ I think, however, that there is
too strong a sprinkling of politics in the Board, and this
should bo rectified.” M r . H ill declared that there is a
great surplus of wheat in America this year and that it should
bo disposed of in a judicious manner which will not have a
tendency to cause heavy declines in the market. He also
took occas on to say:

A conference of Federal Reserve Governors, held in M in ­
neapolis for a period covering four days, was brought to a
close on Saturday last, Oct. 23. W hi!e information con­
cerning the results of the conference has been withhe’d, an
outline of some of tho matters discussed is furnished in a
statement issued at the conclusion of the deliberations. In
their announcement tho Governors state that inasmuch as
thoir recommendations havo to be passed upon by the Fed­
eral Rosorve Board,it is not deemed proper to make public
I hope you will not think m o presumptuous in offering this advice, I
the substance of the recommendations at this timo. Tho boing only a laym an, but I would suggest to the bankers of this country
that at the close o f the European war you have in your vaults a good stock
conference was attended by two mombers of the Federal Re­
of something that is legal tender the world over, with which you will be
serve Board, namely Paul M . Warburg and W . P . G . I able to pay your debts in any foreign country.




1424

THE CHRONICLE

[Vol. 101.

There has likewise been authorized a preferential rate on trade accept­
ances. Trade acceptances aro defined as drafts drawn by sellers upon tho
purchasers and accepted by the purchasers, and these drafts aro Intended
to represent actual banking transactions, with definite date of paymont.
P au l M . W a rbu rg of the Federal R eserve B oard was a Thero aro two signatures and renewal is not anticipated; therefore a lower
rate of interest is given. This is a most desirable class of paper for the Re­
speaker a t the ban qu et held b y tho T w in C ity B ankers’
servo bank as well as for tho member bank, and deserves a lower rate than
C lub a t S t . P au l on the 22 d in ihonor o f the visitors in at­ tho ordinary single-name paper representing a line of credit, howover good
tendance at the conference o f Federal R eserve Governors. tho rating of tho maker may be.
Tho giving of a preferential rate for trade acceptances Is ono of tho most
M r . W a rb u rg ’s rem arks natu rally bore on the Federal R e ­ forcible arguments that tho Reserve Board has takon in favor of a change
serve system , and in alluding to tho possible future of of our business methods between buyer and seller. Tho present method
A m erican banking ho assorted th at “ with E u rop e’s forem ost of open account for a period of sixty or mnoty days renders unavailable the
best basis of credit, while such accounts converted into accepted drafts
financial powers lim ited to their ow n field, w ith tho U nited gives a proper basis of credit and tho best kind of assurance and ovidcnco
States turned into a creditor n ation , the boundaries o f the that tho paper offered represents a genuine commercial transaction and is
field which lies open to us aro determ ined only b y our power therefore available for re-discount in tho Federal Rosorvo Bank.
With tho branch of the Federal Reserve Bank located hero, banks desir­
o f safe expansion.”
M r . W a rbu rg is quotod to tho following ing to mako use of tho facilities of tho Federal Resorve system for re-dis­
count of notes Issued against warehouso receipts will not send tlioir notos
effect:
In these times when we are so deeply stirred and bewildered by tho and warehouso receipts to Atlanta, but tho samo will bo held boro, whoro
unhappy fate that has overtaken Europe, when it is so hard to understand they can bo roadily taken up as needed for shipment or sale.
The elasticity of tho Federal Reserve system is such that thoy can extond
tho path along which man is progressing, nothing will help us more toward
to their member banks in tho crop-moving season practically unlimited
finding our bearings than tho study o f ancient history.
The moro fully wo understand that, for thousands of years, human prob­ lines of credit in the form of accepting for discount, notos of thoir customers,
lems have remained fundamentally the same, tho more nearly wo succeed properly secured by commodities. The national law limits tho direct bor­
In attaining tho judicial and sympathetic understanding of tho tragic rowing-power of tho national banks to the amount of thoir capital, but un­
der tho Federal Reservo Bank thero is no limit placed on tho amount of
struggle of our race.
I could wish, for many reasons, that It might have been possiblo to tho re-discount which tho Reserve Bank may take for a mombor bank
open the Federal Reserve banks beforo the war began and that they might except tho judgment of the member bank and the Federal Rosorvo Board.
On re-discounts secured by commodities properly insurod and ware­
have furnished tho about $380,000,000 o f notes that wero issued under tho
Aldrich-Vreeland Act, as amended by tho Federal Reserve Act.
Tho housed, it is moro than likely that the Federal Rescrvo banks will bo ex­
functions of Federal Reserve banks in general and our present policy would tremely liberal and will furnish ample means for tho movement of tho crops
then bo better understood and thero would bo less talk about our earning In tho proper manner.
Tho establishment of this bank, with its power to issuo Federal Reserve
capacity and tho necessity of preserving tho prestige of our Federal lteservo
bank notes against its re-discounts, with a margin of 40% in gold, will give
banks by earning dividends
Thero is no such thing as the interest o f a Federal Roserve bank as an abundance of currency, which in tho past has had to bo shipped in from
against the interest o f membor banks. As yet, however, I fear this is not Now York and other centers.
Tho Port Commission cotton warehouso, just being completed, and tho
sufficiently understood. The Federal Reserve bank is tho member's bank;
it is your bank, your fire engine, constructed for your greater protection. admirablo laws of tho Stato of Louisiana with roferonco to warehouse re­
ceipts, will doubtless draw to Now Orleans an unusually largo amount of
You have paid for it and you are operating it.
We aro to bo considered as your fire marshals. It is our function to cotton, as well as sugar and rice.
Tho local institutions havo in tho past handled in a most satisfactory
see that tho machinery is in good order and that conditions aro such that
manner tho financing of tho section tributary to Now Orloans during tho
fires may not tod easily occur or spread too fast and too far.
crop-moving period, and the establishment of the branch of tho Federal
It is to your interest that your engine should not become rusty or obso­
Reserve Bank at this timo will doubtless enable them to widen tho scopo of
lete. In other words, tho Federal Reserve banks must remain active banks
operating in certain fields with a varying degree of Intensity. If they aro their own influence and finance not only their customers of tho past, but
also tho producers and buyers of their sections, and thus largely increase
to exercise effectually the functions for which thoy have boon created,
tho business of this city.
access to these fields of operation must be given them ungrudgingly.
It is to your interest to see tho Federal Reserve banks as strong as
they possibly can be. It staggers the Imagination to think what tho future
may have in store for tho future o f American banking. With Europe’s TRUST POWERS CONFERRED ON N A TIO N A L B A N K
foremost financial powers limited to their own field, with tho United States
.
I N SEATTLE.
turned into a creditor nation, the boundaries of the field which lies open
Besides the N a tion a l B an k of Com m orco of Soattlo the
to us are determined only by our power o f safe expansion.
The scope of our banking facilities will ultimately bo limited by tho Federal Reserve B oard has conferred trust powers on another
amount of gold wo can muster as the foundation of our banking and credit financial institution doing business in that c ity , nam ely tho
structure. Gold that is carried in tho pockets, gold that accumulates in ox
cess reserves in member banks' vaults, does not afford the maximum B a n k of California, N a tion a l Association, tho head office
of which is in San Francisco. W h ilo tho announcom ont
service.
Excess balances and Idle gold should accumulate in tho Federal Reservo concerning the latter has only ju st been m ad o, it is said
banks. Thoy should not control $300,000,000 as thoy do now, or $150,­
000,000 as thoy will after another year, but a billion or two in gold. Tho that the authorization dates from A ugust 11. U nder an
stronger tho Federal Reserve banks become, tho stronger will bo tho coun try. interpretation of tho California law b y Stato Superintendent
It is tho hope and aim o f tho Federal Reservo Board to see tho powers of B a n k s, W . R . W illia m s, national banks in th at Stato aro
of national banks liberalized, still, for tho time being, it remains a fact that
Stato institutions entering our system aro at an advantage. Let us ask of barred from acting as trustee, executor, adm inistrator, or
the Stato institutions that aro proud of their independent standing: Is it registrar of stock.
quito fair to let your neighbors pay for tho expense of tho firo department
In addition to its Seattlo office tho B a n k of California
when, in case of fire, you know you will count on tho bonefits of tho gen­
has branches at T a co m a , P ortland, O ro ., and Virginia C ity ,
eral protection?
,
Tho thought Is often expressed that “ at the tlmo o f tho next crisis tho N o v . T h e institution has a capital of $ 8 ,5 0 0 ,0 0 0 and
State banks will all come in.”
under tho last call of tho C om p troller reported surplus and
I think it may bo safe to say that they will find that many of thorn wll
profits of $ 8 ,2 3 2 ,9 6 2 and deposits of $ 4 2 ,4 1 7 ,4 6 1 .
como in after tho next period of anxiety. This is not meant as a throat
but I am afraid it will bo a physical impossibility to take them all in during
such a period of stress. Examinations take time and many State banks will
IL L IN O IS LAW REQUIRING CONTRACTS AFFECT IN G
not look as strong during a critical period as they may look to-day.
COMMISSION ORDERS OF $ 5 0 0 TO BE I N WRITING.
You create your own traffic laws and clothe the traffic policeman with
authority. As long as wo obey the law, wo consider him a means of pro
A recently onactod Illinois statuto affecting tho Chicago
tection and we resent him as a restraining influence only when wo oxceed
B oard of Trado requires that contracts involving $ 5 0 0 or
the speed limit.
While the Federal Reservo system is in its early stages thero must, of m oro, to be enforceable, m ust bo in writing and signed b y
necessity, be a great deal of regulatory work. But I sincerely hope the
writing of regulations will soon become an occasional or incidental function the party to bo charged thereon. T h e contract, how over,
does not havo to bo form al in form , a signed no to or m em o­
of tho Federal Reserve Board.
randum being sufficient.
T ho law does not m ako oral con­
tracts for $5 0 0 or over illegal, but renders them unenforceable.
EFFEC T OF THE E ST A B L IS H M E N T OF THE NEW
Undor this am ended law an order givon to a com m ission
ORLEANS FEDERAL RESERVE BRANCH.
house to b u y or sell grain m ust bo at loast signed w ith tho
T h o proper financing o f tho co tto n , rico and sugar will initials of tho party giving tho order to m ako it enforceable.
bo facilitated as a result o f the establishm ent of tho N ew T h o statute provides that oral testim ony unsupported b y
Orleans branch of tho A tla n ta Fodoral Resorve B an k accord­ somo signodjWriting will not be considered in case o f dispute
ing to D r . P au l H . Saunders, Chairm an o f tho board of di­
or litigation.
__________________
rectors of tho branch, in an articlo printed in tho Octobor
issue of tho “ H ibernia R a b b it,” which is published b y tho
IN Q U IR Y INTO ALLEGED COTTON COMBINATION
H ibernia B a n k & T ru st C o . o f N ow Orleans.
D r . Saunders
BY FEDERAL TRADE COMMISSION.

P A U L M. WARBURG A T M IN N E A P O L IS ON POSSI­
B I L I T I E S OF A M E R IC A N B A N K IN G .

writes as follow s:
It is impossible to stato accurately at this timo what tho effect o f the es­
tablishment o f the New Orleans Branch of the Federal Reservo Bank at
this timo will bo, in regard to tho proper handling of crops tho movement of
which centers in New Orleans, but from the attitudo of tho Federal Roserve
Board at Washington, of tho board o f tho parent bank at Atlanta and the
local board, it is ovident that the proper financing o f tho cotton, rico and
sugar will bo facilitated by tho establishment of this branch.
There has recently been authorized a preferential rate on commodity
loans. A commodity loan is defined as a loan secured by a commodity
such as rice, sugar, cotton, properly warehoused and insured, or properly
evidenced by shipping documents. This preferential rate as announced
in tho newspapers is low, and will doubtless not only bo of advantage to tho
banks, but to the purchaser as well as the buyer and handler o f cotton.




A n investigation to determine whether thoro is a com bina­
tion on tho part o f cotton buyors o f South C arolina, N o rth
Carolina and G eorgia to hold dow n tho price o f cotton has
been ordered b y tho Federal Trado C om m ission. A state­
m ent w ith regard to tho inquiry was issued as follow s on tho
23d inst. b y the C om m ission:
Tho Federal Trado Commission has ordered an immediate investiga­
tion to determine whether there is a combination on tho part of cotton
buyers of South Carolina, North Carolina and Georgia to hold down
tho price of cotton. This investigation has been undertaken at tho iustanco of Commissioner W. J. Harris, to whoso attention complaints havo

Oct. 30 1915.]

THE CHRONICLE

como that such a combination docs exist, resulting in his submission of
tho matter to the Commission.
The information is to the effect that for years past in tho three States
In question, and more particularly in tho two Carolinas, tliero have been
varying prices for cotton, often this difference amounting to ono-half
cent a pound in two points not more than 20 miles distant from each other.
This difference in prico, it is alleged in complaints which have reached
tho Commission, seems to be the solo result of tho workings of this combina­
tion. For instance, it is cited, many cities and towns havo practically no
live market, due to the fact that divisions o f territory for buying purposes are
made, one territory belonging to one buyer, another territory to another.
These alleged practices are said to bo confined to certain places indicated
tn the complaint to a greater extent, possibly, than to other points within
iho States specified.

SECRETARY D A N IE L S ANNOUNCES NA VAL
PROGRAM.
D otails o f tlio national defenso program for tho n a v y wore
m ado public b y Secretary D aniels on the 19th inst.
Tho
plan calls for tho expenditure o f $ 5 0 2 ,4 8 2 ,2 1 4 during tho next
fivo years on tho construction o f now ships, tho develop­
m en t o f air craft and tho creation of a reserve of am m uni­
tion and guns for tho n a v y . T h e five-year building program
which will bo recom m ended to Congress provides for tho
construction o f ton dreadnoughts, six b attle cruisers, ten
scout cruisers, fifty destroyers, fifteen sea-going submarines,
eigh ty-fivo coast-dofenso submarines, four gun boats, ono
hospital ship, two am m unition ships, two fuel-oil ships
and ono ropair ship. Tho am ount to bo spent for construc­
tion o f theso new vossels will bo $ 4 2 2 ,9 6 4 ,0 8 7 .
It is pro­
posed to spend during tho fivo years $ 6 ,0 0 0 ,0 0 0 on naval
aviation and $ 2 5 ,0 0 0 ,0 0 0 on reserve m unitions. Theso
figuros, w ith tho addition o f $ 4 8 ,5 1 8 ,1 2 7 for com pletion of
ships already authorized or now under construction, m ak eu p
tho total o f moro than $ 5 0 0 ,0 0 0 ,0 0 0 to bo expended upon
tho n a v y , in addition to tho regular bu d get, which approxi­
m ates $ 1 0 0 ,0 0 0 ,0 0 0 a year.
T ho program calls upon Congress to appropriate this year
tho sum o f $ 2 1 7 ,6 5 2 ,1 7 3 , which roprosonts an increase of
$ 6 7 ,9 9 0 ,3 0 8 over last year’s appropriation.
O f this in­
crease $ 5 7 ,0 0 3 ,0 0 0 will bo for now construction, $ 8 ,0 0 0 ,0 0 0
for m unitions rosorvo and $ 2 ,0 0 0 ,0 0 0 for aviation. T h o re­
m ainder of tho total appropriation will go toward continuing
dopartm ontal oxponsos. Secrotary D aniels will recom m end
tho addition to tho n avy o f 7 ,5 0 0 bluejackets, 2 ,5 0 0 ap­
prentices and 1 ,5 0 0 m arines, a total of 1 1 ,5 0 0 m en .
W h ile Secrotary G arrison’s a rm y program has been ap­
proved in its gonoral outlines b y President W ilso n , no official
announcem ent o f it has y e t been m ad o.
I t is understood
to provide for tho form ation o f a first lino defonso of not
fowor than 5 4 0 ,0 0 0 m on, exclusive o f tho N a tion a l G uard of
tho various States, a t tho oxpiration of tlireo years.
Tho
plan is said to call for a total o f 1 4 0 ,0 0 0 m on in tho regular
a rm y and tho creation o f a citizen forco o f 4 0 0 ,0 0 0 addi­
tional m on to bo designated as tho C ontinental A r m y . T ho
cost o f tho proposed additions to tho arm y aro to bo dis­
tributed ovor two years and it is understood th at tho total
appropriation to bo asked for is $ 1 8 4 ,0 0 0 ,0 0 0 , which is about
$ 7 5 ,0 0 0 ,0 0 0 moro than tho cost o f tho a rm y last year.

1425

ing under tho British flag, to the Toyo Kisen Ivaisha, tho competing Japanoso lino, which is to take the vessel over at tho end of its current voyage
to Hongkong. Tho service of tho Pacific Mail to tho Far East therefore
ends abruptly with tho arrival of tho Persia in Hongkong on Octobor 11.
This salo gives tho T oyo Kisen ICalsha fivo ships for tho trans-Pacific servico .
Efforts to secure further tonnage for such service so far havo boon un­
successful.
Tho effect of tho change in service on passengor traffic already is appar­
ent in some respects, for, in spite of the dull season, passenger accommo­
dations already pro difficult to secure. Tho effect of the contraction of
tho servico is likely to be felt more acutely during tho autumn in sailings
from America rather than sailings from Hongkong, though vessels from
Hongkong already are practically fully engaged.
What tho ultimata level of freight rates on tho Pacific, as a result of the
recent changes and tho general contraction of available tonnago will bo,
is a matter of considerable uncertainty, though all shipping experts in this
part of tho world declare that a marked advance in rates is inevitable and
imperative and tho only question is as to how marked the advanco will be
and what ultimate level will be reached.
Tho latest actual announcement in this connection is that of tho Osaka
Shoslien Ivaisha as to an advanco in freights on American products shipped
from Tacoma and Puget Sound ports to tho Orient. This advance on
American produce in some respects is significant. Tho rato announced
is ono of S5 50 gold on flour and wheat to Japan and $0 gold on tho same
commodities to Manila and Hongkong. Tho rato on lumber is to be S9
to Japan and Si 1 to Hongkong and Manila per 1,000 board feet. Tho
rate on dried fish is to bo SG 50 to Japan and S7 50 to Hongkong and
Manila per measured ton. Those rates are well toward twico the rates
obtaining on tho same commodities boforo the opening of tho war in Europe.
Tho chief significance of the rates, however, lies in the fact that it is on
American freight outward rather than on Japaneso freight homeward that
the advanco is mado. Tho fact o f tho matter is that advances on Japan­
ese freight homeward are probably to be comparatively few and of slight
moment. Heretofore, in all advances of rates by the Conferonco linos, the
Japanese Government, controlling the Japanese lines by the subsidy paid
them for their services, has prevented marked advanco in homeward rates
on freight in which Japan was interested. This policy is undoubtedly
to bo followed in the coming readjustment. In other words,tho Japaneso
interests, through tho subsidies paid their lines, aro to control rates for the
bonofit of Japanoso trado.
Tho control of rates to tho advantage of Japanese trado is to bo prac­
tically absolute, for Japanese lines dominato tho situation in tho Pacific
absolutely. Of tho 490,000 tons or so of available tonnago in all trans­
pacific service .available after tho withdrawal of the American line, probably
430,000 tons aro Japanese, all controlled wholly, through subsidies, by
tho Japanese Government. It is becoming quite evident, therefore, that
all other trado in and with tho Far East is to be under Japanese control'
With tho full pinch of the shortage of tonnago experioncod it is becoming
more and moroevidont that no Chinese cargo or through cargo trans-shipped
at Hongkong for the United States by way of tho Pacific can bo expected
from Hongkong until all cargo has been carried from Japanese ports.
Naturally the rato of freight to bo charged on all such cargo will bo al
that tho traffic will bear, whilo at the same time freight from Japan will bo
carried at prosent rates or at comparatively slight advanco.
Ono result of this situation is the gonoral understanding among shipping
mon that tho servico of Japaneso ships between Japan and tho Unitod States
will bo accelerated and strengthened so as to fill gaps caused by tho dis­
appearance of tho Pacific Mail steamers from the route, tho result being
that steamer servico between Hongkong and Japan,and Hongkong and tho
United States by way of Japan, will be weakened and become more of a
local servico for the time being. Announcement to this ond is anticipated
shortly.
A factor in the situation which is likely to bo of great importance in that
it will provent the transfer of Japanese or other ships to the Pacific trade, is
tho increasing demand for tonnago from tho Far East to Europe. So far,
as present indications lie, no relief for tho trans-Pacific situation is in sight
in tho transfer of vessels from other parts of tho world.

M ANU FACTURERS URGE REPEAL OR A M E N D M E N T OF
OBJECTIONABLE PROVISIONS OF S E A M E N ’S LAW.

R esolutions attacking the L a Follette S eam en’s L aw and
urging Congress to reconsider tlie A c t w ith a view to the
am ondm ont or repeal o f certain sections o f the law , were
adopted b y the board o f directors o f the N a tio n a l Association
R E A D JU S T M E N T OF SHIPPIN G ON P A C IF IC OCEAN. o f M anufacturers at its offices, 3 0 Church Street, N e w Y o rk
C ity , on tho 22d inst. T h e resolutions assert that tho new
T h a t Japanese stoamship lines “ dom inato the situation
law contains “ im proper and injurious provisions which not
in tho Pacific absolutely” a n d th at “ tho control o f rates to
only unnocessarily increase the cost and risk o f operating
tho advantage of Japaneso trado is to bo practically abso­
vessols under our flag , b u t im pair, if they do not tlireaten,
lu te” is tho assertion m ade b y Consul General George E .
tho destruction of th at discipline essential to the safo and
Andorson a t H ongkong in a roport to tho D epartm ent of C o m successful conduct o f a sea v o y a g e, while still other pro­
morco a t W a sh in g ton , which appeared in tho O ct. 16 issue of
visions imperil tho m aintenance o f necessary commercial
“ Com m orco R e p o rts.”
M r . Andorson, writing under date
conventions a t a tim e o f peculiarly delicate and critical
o f Septem ber 4 , states that tho servico o f tho Pacific M a il
international relation s.”
T h o Association criticises speci­
Stoam ship C o . to tho Ear E a st ends on Octobor 11, when
fically tho languago test w hich the Seam en’s A c t enforces,
its steam ship Persia, which has been sailing undor tho
tho requirem ent that 6 5 % o f the deck crew em ployed shall
British flag , is turned over to tho com peting Japanese lino u ltim ately bo ablo seam en, the m inim izing o f tho offense
which purchased tho vessel. T ho Consul Goneral says that o f dosortion and tho abrogation o f international treaties and
“ all shipping oxports in this part of tho world declaro that a
conventions which conflict w ith tho provisions o f the new
m arked advance in rates is inovitablo and im p era tiv e.”
statu te. B elow aro tho resolutions in f u l l :
IIo points out th at “ horotoforo in all advances o f rates b y
Whereas, tho Seamen’s Act, enacted March 4 1915, becomes effective
tho Conference lines tho Japaneso G overn m en t, controlling as to vessels of the United States November 4 1915; as to foreign vessels
tho Japaneso lines b y tho subsidy paid them for their services, March 4 1910, and abrogates conflicting articles of treaties with foreign
nations regarding vessels of their nationality Juno 4 1916 and
has prevented m arked advanco in homoward rates on freight
Whereas, the building and operation of a privately owned merchant
in which Japan was in terested.”
“ T h is p o licy ,” ho says, inarino is not only commercially necessary but an essential auxiliary o f
adequate naval defenso, and
“ is undoubtedly to bo follow ed in tho com ing rea d ju stm en t.”
Whereas, tho Seamen’s Act, whilo containing many commendable
“ In othor words, tho Japanese interests, through tho sub­ provisions promoting tho safety of passengers, properly securing sanitary
sidies paid their lines, aro to control rates for tho bonofit and comfortablo quarters and proper food for tho crew, and protecting
sailors against maltreatment by ship’s officers and the well-known abuses
of.Japanoso trad o.”
W o print bolow M r . A ndorson’s article of tho “ crim p" and tho boarding house keeper, also contains, in the general
opinion of those engaged in tho shipping business, improper and injurious
in f u l l :
The readjustment o f shipping on tho Pacific Ocean mado necessary by provisions which not only unnecessarily increase tho cost and risk of oper­
tho withdrawal o f tho Pacific Mail Steamship C o.’s scrvicos has been fur­ ating vessels under our flag, but impair, if they do not threaten, tho de­
ther developed by tho sate of tho steamship Persia, ono o f its vossols sail
struction of that discipline essential to tho safo and successful conduct




THE CHRONICLE

142*>

of a sea voyage, while still other provisions imperil the maintenance
of necessary commercial conventions at a time o f peculiarly delicate and
critical international relations;
Therefore be it resolved, that tho National Association of Manufac­
turers, speaking for many thousands o f members engaged in foreign com­
merce and peculiarly dependent for its success upon the existence and
successful operation of American-owned ships, respectfully urges upon tho
Congress of the United States, the careful reconsideration, with a viow
to substantial amendment or repeal, of the following sections of said Act:
All of Section 4; paragraph “ first” of Section 7; Sections 13 and 16, for
the following reasons:
1st. Because the language test, requiring 75% of the crew in each
department of tho ship "to understand any order given by tho officers
of such vessel” , practically prohibits the employment in the foreign trade
o f the Pacific of Chinese and Japanese crews. This means that American
ships, operated by licensed American officers, may not employ alien crews
similar to those employed by the competing vessels of foreign nations,
with such success that in tho single past year they have doubled their
tonnage. The experience o f many years has demonstrated that such
vessels are safely operated by orders transmitted through petty officers,
through whom all such orders are customarily transmitted in tho naviga­
tion of any large vessel. The enforcement of this provision, under the
practical conditions of competitive marine business on the Pacific, drives
our flag from that sea.
2d. The requirement that 65% of the deck crows employed shall
ultimately be able seamen is impracticable in operation, disregards the
actual duties of deck hands in modern steamers, and unnecessarily in­
creases the operating cost of vessels undor American register to the point
of prohibition in competition.
3d. Tno moral and legal effect o f minimizing tho offenso o f desertion
under the special conditions, especially of the voyage in foreign trade,
accompanied by tho substantial requirements of half payment of tho
accrued wage in every port, coupled with the provisions requiring the
Collector of Customs to refuse clearance to any vessel if, within six hours
o f sailing, any reputable citizen, upon Information, swears that tho pro­
visions with respect to tho languago test and quota of ablo seamon has
not boen complied with, not only encourages desertion, but deliberately
placos a premium upon the broach of tho seamen’s contract, increasing
highly the risk of every voyago.
It places it within the power of Individual or combined deserters to
blackmail any vessel into a new contract, to secure its clearance. For,
while ship's officers may not wrongfully obstruct commerce by refusing
to perform their duties, without facing a suspension or revocation of their
licenso, seamen may desert at any port without loss of rating or suspension
or revocation of certificate. Deserters, individually or in combination, and
supported by organization, may not only break their contract with, but
a minimum wage forfeiture, but, through tho Collector of Customs, may
prevent the clearance of the vessel by calling attention to the condition
which their own bad faith can create. They may not only break their
contract but force a now ono, equally unprotected, under threat of prevent­
ing clearance, consequent stoppage o f mails, delay o f passengers, loss of
perishable cargo, and thus jeopardize tho voyage itself. Tho sections
relating to this subject aro completely subversive o f tho necessary relations
and discipline in the most hazardous o f all enterprises— tho operation of
the vessel.
4th. By requiring the abrogation o f all treaties and conventions with
foreign nations, any articles of which conflict with the provisions of the
Seamen's Act, we risk the continuance of many conventions doaling with
general commercial relations In which the provisions affected by the
Seamen's Act are merely incidental. We likewise incite the treaty powers
to retaliatory legislation and compel the negotiation o f new arrangements
at a most critical period in our international relations, deliberately arousing
resentment as a preparation for the negotiation of new treaties.

FOREIGN

TRADE COUNCIL CONDEMNS GOVERN­
M EN T OWNERSHIP OF VESSELS.

A lon g w ith the recom m endation for the establishm ent of
a perm anent shipping board, a roport o f the N ation al Foreign
T rad e Council urges that tho President bo <mpowered to
suspend the operation o f tho Seam en’s A c t w holly or in
p a rt, until tho suggestions of tho proposed board aro available
to Congress. T h e report condem ns G overn m en t ownership
o f m erchant vessels in principle and practice and declares
th at continued advocacy of that policy and the Seam en’s
A c t prevont the economic dovolopm ent of the Am erican
m erchant marine b y private capital.
A lthough made
public only this w eek, tho roport was adopted at a meeting
o f the Council on Sep t. 23 ; it was drafted by the Council’s
M erch an t M arino C om m ittee , consisting o f James A .
F arrell, President of tho U n ited States Steel Corporation,
and Chairm an of tho Council P . A . S . Franklin, Vice­
President of the International M ercan tile M arino C o ., and
C ap tain R obert D ollar o f San Francisco.
A ttribu tin g the
decline of our once great foreign-going m erchant fleet to
early European advantages in i on steamor construction,
h eavy Civil W a r taxation and preoccupation of Am ericans
in profitable internal developm ent, the report says :
The fruition of that development now demands a wider outlet for pro­
ducts of our soil and Industry. For a decade the genius of American
business has stood at the seaboard anxious only for equal opportunity
to bring the nation once more largely into the carrying trade under its
own flag. Such equality was denied by economic conditions such as the
higher cost of snip construction in American yards, the American wage
scale for officers and engineers and higher requirements due to the method
of application of the navigation laws.
The American industry engaged In export commerce did invest in ocean
shipping, but was obliged, because of these handicaps, to purchase vessels
abroad and operate them under foreign flags. The total foreign shipping
thus owned by American interests prior to the war we find to have been
between 1,500,000 and 2.000,000 gross tons. Undor foreign flags it was
not subject to the handicaps referred to and under American management
efficiently served Its purpose in world commerce and materially con­
tributed to extension of American foreign trade. American capital has
been freely invested In the coastwise, lake and river trado where all com­
petitors are on the same basis.




j

[Vol. 101

T h e enactm ent of the Ship R egistry A c t of A ugust 18 1914
perm itting foreign-built vessels o f any age to com e under
tho A m erican flag, and b y authority of which the President
suspended the m ost disadvantageous provisions of tho
navigation law s, is described as tho first evidenco o f liberalsm in national shipping policy, bringing m any o f tho
Am erican-ow ned foreign-built ships undor tho Stars and
Stripes and encouraging capital to study am bitious ship­
ping projects.
D iscussing tho question o f G overnm ent
ownership of vessels, the roport says :
The announcement of the Government ownership policy caused dismay
among those who believe the economic situation created by world war
would permit the steady development of a greater carrying fleet attracting
private capital and aiding the growth of our national wealth. The policy
was launched in September 1914, before commercial and financial enter
prise had recovered from the initial shock of war and before plans for any
large shipping venture could have been inaugurated. The menace of
Government competition has not since been removed.
Government ownership of oversea vessels for commercial purposes
would be a natural concomitant of government-made goods, brought to
shipside by government railways and laden by Civil Service stevedores.
As a commercial proposition, government-owned ships can only result in
disorganization of existing trade routes In which t ley might engage, while
bringing about complete paralysis of individual effort to obtain for private
American ships a larger share of American commcrco.
Any policy that, regardless of the normal operation of tho law of supply
and demand, places at the disposal of any single class of producers a fleet
of Government steamers, is bound to produce privileged classes, for tho
Government, presumably, will not provide sufficient tonnage to carry
all our exports and imports, but will operate with such ships as it may
supply, at lower than the market rates wherever that course may be
deemed necessary for the supposed advantage of the United States export
trade.
It is not strange that American capital has displayed little inclination
to embark upon shipping ventures, which tho Government promised
immediately to oppose with uneconomic competition. This alone was a
sufficient deterrent, but in tho midst of the agitation another unfavorable
policy was introduced by the enactment of the Seamen's Law, which in its
present shape places virtually upon American ships alone in foreign trado
burdens in excess of those found in the maritime legislation of any nation
with which American ships are expected to compote.
T h o “ language” requirement o f tho Seam on’s A c t stipu­
lating that 7 5 % of tho crews of vessels calling a t Am erican
ports m ust be able to understand any order given b y the
officer is declared by tho roport to place Am erican ships
a t an enormous disadvantage as com pared with Japanese
vessels whoso crews aro tho only low priced labor under­
standing tho languago o f their officers. On vessels of other
nationalties orders are now passed by subordinates from the
officers to the Asi. tie sailors. T h o report finds that Sec­
tion 14, requiring expensive alterations in life saving equip­
m ent and its m anning, falls practically alono upon Am erican
passenger ships, since the Attornoy-G onoral has doiedod
that it does not apply to vessels of tho m aritim e na ions
having “ reciprocity” arrangements w ith tho United States
covering passenger carrying certificates. A s a step toward
o ual opportunity for commercial as opposed to governm ent
shipping and as a first stop toward a definite policy en­
couraging investm ent in shipping, as in railroad bonds and
real estate m ortgages, tho Council urges rem oval of all
artificial legislative restrictions placing Am erican vessels
a t a disadvantage in com petition w ith thoso o f other nations.
For the determ ination of a businoss-liko and oxact policy
the Council makes the following recom m endations, which
have been sent to tho President, to m om bers of tho Cabinot
and to all Senators and Representatives :
1.
— That Congress establish a permanent Shipping Board, composed
of fivo members, who shall bo men experienced in shipping and foreign
trado. This board shall recommend to Congress such revision and modern­
ization of all United States laws relating to shipping as it deems necessary
and shall permanently discharge all the functions of tho Federal Govern­
ment relating thereto. This board shall constitute a permanent advisory
body empowered to recommend to Congress tho measures necessary for
tho maintenance of United States shipping upon an equitablo compotitivo
basis with .other nations, always having due regard for the maintenance of
American standards of living and compensation, and keeping in viow tho
needs of tho national defenso and tho necessities of the foreign trado.
To this end the board should bo directed to ascertain tho cost of construc­
tion and operation, rates of interest on shipping mortgages, insurance
rates, &c., of American shipping, as compared with that of other nations,
and it should bo its duty to determlno what lino of ocean-carrying trado
shall be permanently developed under tho American flag for tho benefit
of the foreign commcrco of tho United States, and to recommend methods
whereby such 'ines may bo rendered possible, in tho event of tho cost
of their operation provontlng effective competition with foreign services in
tho same zone.
2. That the board bring to tho attention of Congress the necessity for
modifications of tho speed requirements of tho Mail Act of 1891 in special
cases, so that tho establisliinnct of mail communications with South
America, South Africa, Australasia and tho Far East may bo considered
from tho several points of viow of tho cost of operation of such lines and
of tho speeds at which it is desirable that these lines bo maintained.
3. That tho board so constituted shall likewise report upon tho meas­
ures necessary to render investment in American shipping safe and attrac­
tive to private capital, and to increaso tho present resources of our systems
of credit, as by the establishment of mortgage banks, to supply funds to
tho shipping industry for financing tho construction of tonnage, and to
throw around shipping mortgages such protection as to remove any appre­
hension on tho part of investors regarding tho safety of shipping pro­
positions.
4. That tho President bo empowered to suspend tho operation of such
of tho provisions of tho Seamen’s Act (applicable to American vesselsl

O ct . 30 1915.J

THE CHRONICLE

November 4 1915; foreign vessels March 4 1916), as ho may consider
detrimental to the interest of American shipping, until Congress, having
beforo it the advico of the Shipping Board, has revised and modernized
the United States navigation laws; or if this suspension bo deemed not
expedient by Congress, then that Section 13 of tho Seamen’s Act bo
amondod so as to eliminate the language test and tho minimum percentages
of able seamen among the deck crew, substituting therefor provisions
equivalent to tho requirements o f tho British Merchant Shipping Act,
and that tho requirements of Section 14 and annexed regulations concerning
certificated lifeboat men, &c., bo modified in conformity with tho 1914
amendment to the British Merchant Shipping Act.

I have reviewed tho question and reached the decision that passengers
from tho Atlantic to the Pacific coast and vice versa by way of tho Canal
are residents of the United States returning from abroad within tho meaning
of the Tariff Act and are entitled to tho $100 exemption.
The previous instructions of tho department are. therefore, superseded,
and you will hereafter allow passengers arriving at your port from another
port in the United States by way of the Panama Canal tho exemption
specified in Paragraph 642. '
Respectfully,
(850S2)
AV. G. M cADOO.
Collector of Customs, N e w Y o r k .

M ANU FA CTURERS’ EXPORT ASSOCIATION ON
S E A M E N ’S ACT AN D TA RIFF COMMISSION.
R ecom m endations similar to those of tho N a tio n a l Foreign
T rad e Council w ith respect to tho Seam en ’s A c t , were adopted
b y the A m erican M an u factu rers’ E xp ort Association at its
annual convention held a t the H otel Biltm oro on W e d n esd a y .
T h o Association placed itself on record in fa v or of a m odifi­
cation of the law and tho appointm ent of a Federal shipping
board to consider problem s affecting ocean transportation.
I t also urged tho establishm ent of a perm anent non-partisan
tariff com m ission. A lb a B . Johnson, President of the
B aldw in L ocom otive C o . of Philadelphia, in his address as
President of tho Association, described tho W ilso n tariff
as “ a b lu n d er,” and declared that its disastrous effe ct, now
shielded by the w ar, would bo felt in full degreo w hen tho
w ar term inates. M r . Johnson said in p a rt:
When tho military forces of Europo aro released from their battle-fields,
their industrial productions will again come into competition with our own.
It is not likely that war will bring about any great change in tho basis
of European wages, for to tho extent that their resources aro exhausted
and their developments consequently retarded, will wages remain low.
Kising wages aro tho result ol prosperity, low wages tho result of continued
adversity. It is a matter, therefore, of great concern to us tliat’our present
tariff, which yields every advantage o f our Ameiican market for raw
materials to foreign competitors without demanding corresponding advan­
tages In return, should be corrected.
The Wilson tariff was a blunder, from tho results of which wo have been
shielded by tho war, and when tho war terminates, its disastrous effects
will bo felt in full degree. Inasmuch as a determination o f tariff rates is
a matter requiring careful investigation, and as our industries are equally
affected— not only, by our own tariff but by tho foroign tariffs which ar0
raised against us— there has come to be a widespread feeling throughout the
country that our tariff legislation is too delicate an instrument to bo
handled by,tho irouso of Representatives without tho assistance of carefu
exports whoso duty it is to make tho operation o f our own and foreign
tariffs a continuous study.

M A R K ET VALUE OF M ERC H AN D ISE TO BE ASCER­
TA IN E D A T D ATE OF EXPORTATION.
N otico to tho effect that invoices for m erchandise pur­
chased in Europe should be m ade up at abou t tho tim e of
exportation, in view of tho advanco in valuo incident to the
E uropean Avar, is contained in tho follow ing announcem ent
printed in a recent issuo of the Treasury D ep a rtm en t’s
pam phlet ‘ ‘T reasury D ecisions” :
(T . D. 35713.)
M a rk e t V a lu e o f M e r c h a n d is e P u rc h a se d i n E u r o p e .

Invoices for merchandise purchased in Europo, which, owing to tho
Europoan war conditions, has advanced in value, should be made up at
about tho time of exportation.
’
T R E A SU R Y DEPA R T M E N T.
S ep tem b er 18 1915.
S i r . — It has been brought to tho attention of the Department that as a
result o f the war conditions in Europo there has been an advanco in tho
foreign market valuo of many classes of merchandise. As a consequence,
tho prices specified in invoices covering such merchandise which was
purchased or contracted for a considerable time prior to its exportation
from tho country of purchase are necessarily lower than tho market values
of tho said merchandise on the date o f exportation.
In view of the foregoing, care should be exercised to ascertain the foreign
market valuo of such merchandise on the date of its exportation from tho
country in which purchased.
Respectfully,
(101031)
AN DREW J. PETERS, A s s is ta n t S e c re ta ry .
Appraiser of Merchandise. New \ ork.

DUTY

E X E M PT IO N FOR PASSENGERS
P A N A M A CANAL.

VISITIN G

Visitors from tho U n ited States to tho P an am a C anal are
to bo granted tho $ 1 0 0 exem ption from du ty allowed residents
o f tho U n ited States returning from abroad. A n order to
this offoet issued b y Secretary of tho T reasury M c A d o o
rovokos a recent custom s order denying this privilego to
purchases m ade in P a n a m a . T h o folloAving is Secretary
M e A d o o ’s announcem ent:
(T. D. 35.764.)
PASSENGERS’ EXEM PTION— PANAMA CANAL.

Passengers from Atlantic to I’acific coast and vico versa by way of Panama
Canal entitled to exemption provided in Paragraph 642, Tariff Act
<f
>
T r e a s u r y D e p a rt m e n t , October 11 1915.
S i r . __Tho department is in receipt o f your letter o f tho 21st ultimo,
suggesting that passengers from the Atlantic to the Pacific coast by way
of tho Panama Canal be granted tho $100 exemption from duty allowed to
residents of tho United States returning from abroad by paragraph 642
o f tho Tariff Act, upon articles purchased by them in Panama.




1 4 ,2 1

S e c reta ry o f the T r e a s u r

CARRANZA A S S U M E S R E SP O N SIB IL IT Y FOR L IV E S
AN D PROPERTY OF FOREIGNERS.
T ho Stato D epartm en t announced on tho 23 d in st. that
tho do facto G overnm ent o f M e xico o f which General C ar­
ranza is C hief E xecuti \’0 has form ally assum ed responsibility
for property and lives of foreigners throughout the R e ­
public.
In those districts of M exico Avhich aro n ot y et under
his control General Carranza has stated that the assum ption
of responsibility Avill bo someAvhat difficult. T ho announce­
m ent given out b y the State D ep a rtm en t states that during
tho fighting in the N o r th , C arranza will not endeavor to
call general elections. T h e folloAving is tho official state­
m ent issued by Secretary o f State Lansing:
The Stato Department is informed that General Carranza has stated that
responsibility for property and lives of foreigners will bo assumed through­
out the Republic, but that this will bo somewhat difficult for the time being
in those districts not yet under his control.
It is stated that during the
fighting in the North he will not endeavor to call general elections. Munici­
pal elections will be called first, in order that tho officials elected may later
supervise tho general elections in adopting decrees and roforms already
promulgated. After these will come elections for Governors of Statos. It
is stated that the so-called pre-Constitutional period will last a year, more
or less.
Gonoral Carranza forAvarded a note on tho 2 3 d in st.
through Eliseo A rredondo, his representative in W a sh in g to n ,
to tho U nited States and tho other A m erican republics
which have recognized his G ov ern m en t, expressing his ap­
preciation o f their action and announcing that diplom atic
representatives Avould soon b
accredited to tho various
countries.
T h o agency in tho city of the Constitutionalist G ov ern ­
m ent o f M exico announced on the 2 5 th inst. tho receipt of
tho folloAving message from M exico C ity :
Tho First Chief Vcnustiano Carranza has issued a decree giving notico
to all banks that they must comply with tho provisions in tho national
banking law within forty-five days from the date of tho decree or forfeit
their concessions and right of business.
According to a dispatch from Torreon on tho 26 th in st.,
A ustria-H ungary is the first European nation to recognize
tho Carranza G overnm ent.
It is roported that notification
o f Austrian recognition Avas received on he 25 th in st. in a
message from the Austrian Charge d ’Affaires in M e xico C ity .
Am erican interests oAvning property in M e xico have re­
quested tho State D epartm ent to protest against tho exac­
tion o f unreasonable taxes b y tho neAv Carranza G ov ern m en t.
T ho Am erican Sm elting & Refining C o ., Avhich oAvns m ines
and operates extensive sm elting plants in various parts o f
M e x ic o , is one o f tho concerns Avhich has protested.
It is
stated that General Carranza has ignored tho provisions in
tho M exican Constitution regarding taxation and has been
lovying taxes b y m ilitary decree.
In somo cases, it is ro­
ported, tho rato has been increased eight-fold and virtu ally
am ounts to confiscation o f property.
Protosts against the
systom of taxation havo also boon m ado b y B ritish, French,
Spanish and Germ an residents o f M e x ic o .

M ONEY ORDER EXCH A NGES SUSPENDED
GREECE AN D EGYPT.

TO

P ostm aster-G eneral Burleson has suspended postal m oney
order exchanges between tho U n ited States and Greece pen d ng negotiation of a neAv postal convention between the two
countries. T his action resulted from the refusal of Greece
to accept French exchango in p a y m e n t of m oney order
balances. T h e m oney order convention betAveen this
country and Greece provided for paym ent b y exchange on
Paris in gold . T h e Greek G overnm ent has dem anded strict
conform ity to this requirem ent, b u t French gold cannot be
purchased in N cav Y o r k , hence the suspension o f the con ­
vention.
T h e P ost O ffice D ep a rtm en t was notified on the 2 6 th in st.
that E g y p t has suspended until further notice the m oney
order convention Avitli the U n ited S ta tes. A t the outbreak
of tho European Avar last year E g y p t took similar action, b u t
resum ed relations with the U n ited States postal service in
A p ril.
•

1428

THE CHRONICLE

A T T IT U D E OF CHAMBER OF COMMERCE ON CON­
STIT U TIO N A L A M E N D M E N T S .
In explanation o f the attitu de of the N e w Y o rk C ham ber
of C om m erce tow ard tho provisions of the proposed State
constitu tion , Seth L o w , President of the C h am b er, gave
out the follow ing statem en t on W e d n esd a y :
Members of the Chamber wish it made clear that the Chamber has acted
favorably on tho revised constitution, known an tho ballot as Question
No. 1; and on the tax article, known on the ballot as Question No. 3,
submitted by tho Constitutional Convention, and on the Canal referendum
known as Proposition N o. 1, submitted by the Legislature; but that the
Chamber has taken no action on the apportionment article submitted by
tho Constitutional Convention; nor on tho woman suffrago amendment,
submitted by the Legislature; nor on tho amendment authorizing the
Legislature in certain conditions to change the rato o f contributions to tho
sinking fund.

NEW ORLEANS E N L IS T IN G IT S YOUNG M E N I N
COMMERCE.
W a lte r Parker writes us that n ot on ly is N e w Orleans
building co-operative river-rail-ocean term inal facilities,
solving her health problem s b y keeping disease o u t, and in
other physical w ays preparing to servo the foreign trade of the
M ississippi V a lle y w ith econ om y and efficiency, b u t the A s ­
sociation o f C om m erce, realizing th at tho h um an elem ent
m u st also receive sustained attention if the science o f tho
port and m arket developm ent is to be brought into full p la y ,
has organized tho Y o u n g M e n ’s B ranch o f tho N o w Orleans
Association of C om m erce. T h e purpose o f this branch is the
training o f m en at an earlier period than has form erly been
the practico in the work o f co-operating for the civic and com ­
m ercial advan cem en t of tho c om m u n ity .
T h e plan under
which this branch will operate has been worked out with
great care, and is expected to produce m an y trained leaders
and workers w ithin tho A ssociation.
F ive hundred you n g m en , representing nearly every char­
acter o f endeavor in N e w Orleans, have been enrolled.
On
the night o f N o v . 17 1915 1 ,0 0 0 of tho senior m em bers o f tho
Association of C om m erce will give a banquet for the purpose
o f w elcom ing tho five hundred young m en into tho organiza­
tion and to inspire them n ot only to start their work in the
right w a y , b u t to carry their efforts in a sustained w a y .
E d ga r B . Stern is President of the N e w Orleans A ssocia­
tion o f C om m erce.
I t is hoped to increase the m em bership
o f tho Y o u n g M e n ’s B ran ch , or civic training school, until
every w orth-w hile y ou n g m an in N e w Orleans shall have
com e w ithin its helpful influence.

A U S T R IA N FOREIGN MORATORIUM E X T E N D E D .
A telegram from Vienna to A m sterdam is authority for
the statem ent th at tho official organ o f tho Austrian G overn­
m ent has reportod th at tho m oratorium for paym ents in
foreign countries has been again prolonged for four m on th s.

BULGARIAN

M ESSAGES THROUGH
PROHIBITED.

FRANCE

A n announcem ent m ade b y the Com m ercial C able C o .
on the 19th concerning action taken b y tho French G overn­
m en t w ith regard to Bulgarian messages said:
Tho French Administration gives notico that messages through Bulgaria
will no longer bo permitted through Franco or French colonies or protec­
torates.

COURSE I N RAILROAD BONDS.
A special courso in railroad bonds for bond m en is about
to bo opened b y tho W a ll Street B ran ch , E xtram u ral D iv i­
sio n ,o f tho N e w Y o rk U n iversity.
T h e course, which will be
given b y Frederick L ow n h au p t, form erly bond m arket editor
o f the “ W a ll Street J ou rn al,” and “ M a ga zin e o f W a ll
S tre e t,” will be practical and will deal w ith the investm ent
position of the various classes of railroad bonds m aking a
stu d y of specific issues and giving consideration to individual
railroad properties. T h e course is designed for m en engaged
in the bond business and will bo especially boneficial to those
acquainted w ith the rudim ents of railroad securities. T h e lec­
tures will consist of a short preliminary explanation and
criticism of previous w ork, follow ed b y tho lecture and
m u tu al quiz. I t is announced that this courso will start next
W e d n e sd a y , N o v . 3 , a t 5 :1 5 p . m ., in R o om 5 1 8 , B road E x ­
change B u ild in g , 2 5 B road Street. W o aro inform ed that
a n y person wishing to com e to the first session will be
w elcom e and will incur no obligations.
Further inform a­
tion concerning the courso can bo obtained from Stuart
C am eron M c L e o d , the Secrotary of the W a ll Street B ranch,
a t 14 W a ll S treet.




[Vol. 101.

A S S IS T A N C E OF U N IV E R S IT Y LABORATORIES
SOUGHT I N IN D U S T R IA L RESEARCH
In an effort to ascertain to w hat extent tho largo univer­
sities m a y co-operate w ith tho representatives busines estab­
lishm ents o f the country in tho m atter of industrial research,
the directors o f tho C ham ber o f Com m orco of tho U nited
States has voted that tho questions involved bo referred to
its com m ittee on education or to a special com m ittee.
It
has been further ordered that tho subject bo taken up with
educational institutions for tho purpose of ascertaining the
oxtent to which these institutions m a y bo interested. In
presenting the su b ject, W . M . M c C o rm ic k o f B altim ore, a
director o f the N ation a l C h am ber, told his colleagues that
in this country we have perm itted each field o f industry, each
line of education and the national G overnm ent to pursue alone
its courso o f research. T ho results obtained have been quite
independent o f each othor.
In other countries, M r .M c C o r ­
m ick pointed o u t, these great factors have worked togother
along co-ordinated lines to produce econom ic advantages to
business and educational and social benefits o f tho greatest
value to tho people as a w hole. Largo industries such as
glass m aking, fo o d , steel, and drug m anufacturing, M r .
M c C o rm ic k said, aro connected b y very slight threads— if
connected a t all— w ith the great universities or with tho G o v ­
ernm ent, except as tho G overnm ent exorcises polico super­
vision over tho products o f tho business industries. H e
believes the C ham ber o f Com m erce o f tho U nited States,
representing as it does largo com m ercial organizations
throughout tho country, is in a position to approach the edu­
cational institutions and G overnm ent officials w ith a view
to preliminary conferences on tho subject.
I t has been sug­
gested that tho N a tion a l C ham ber call a meeting a t W ashing­
ton , inviting thereto tho presidents o f twelvo prominent edu­
cational institutions and twelvo heads o f largo industrial or
m anufacturing plants, each representing a different industry.
Consideration w ould bo given to tho possibility o f each edu­
cational institution handling specific problem s for tho indus­
tries, m aking experim ents for them if necessary or desirable,
and endeavoring to organizo a courso of stu d y, training their
their graduates along particular lines that w ould bo of direct
benefit to the industries. T ho understanding would b e,
in this case, that these m anufacturers w ould bo willing to
eventually take tho m ost desirablo o f tlieso students into
their plants for tho working out of tho futuro scientific de­
velopm ent and tho problem s o f m anufacture.

NATIO NAL FOREIGN TRADE CONVENTION SLATED
FOR J A N U A R Y .
It has been decided to hold tho Third N ation al Foreign
T rade C onvention in N o w Orleans on January 2 7 , 28 and 2 9 .
James A . Farrell, President o f tho U nited States Steel
Corporation and Chairm an o f tho N ation al Foreign Trado
Council, in announcing tho date of tho convention, states
that “ Com m ercial Preparedness” will bo its m o tto . M r .
I arroll also statos that instead o f extensive troatisos on tho
theory o f foreign trado tho convention will bo largoly givon
over to group sessions for practical discussion o f actual
problem s. H is announcom ont says :
Tho Third National Foreign Trado Convention is horoby called by the
National Foreign Trado Council to moot in Now Orloans, Thursday,
Friday and Saturday, January 27, 28 and 29 191G. “ Commercial Pre­
paredness” will bo its motto.
All Americans engaged in or doslrous of entering oversea commerce
and particularly all boards of trado, chambers of commerce and other
commercial and industrial organizations, aro invited to participate in this
practical anti constructive discussion of policies and practices necessary
to moot tho keener competition which tho United Statos may expect to
encounter in world markets after tho war.
The rehabilitation of tho American merchant marine, the utilization
of tho tariff to encourago American foreign trado and protect it from
discrimination, tho adaptation of commercial education to tho needs of
foreign trado, and ways and moans for tho smallor manufacturers and
merchants to engago in and sharo tho bonefits of foreign trade, will bo
considered from tho standpoint o f tho chief olemonts in foreign trade
namely, natural products and agriculture, manufacturing, merchandising,
transportation and finance. Instead of oxtonsivo troatisos on tho theory
of foreign trado, the convention will bo largely givon over to group sessions
for practical discussion of actual problems.
Representatives of a number of tho largost American corporations,
which havo been eminently successful in foreign trado, will placo their
knowledge and oxporionco at tiro disposal of tho convention. Delegates
will also havo tho advantage of consultation with tho foreign trado oxperts
o f the Department of Commorco, who will bo in New Orleans during tho
convention.
I t is also announced th at tho results o f tho Council’s
inquiry into tho possibility o f com m ercial agreements for tho
extension o f foroign trado, its continuing inquiry into all
aspects o f tho m orchant marine question, on which a pre­
lim inary report will bo published noxt wook, and its recom­
m endations for a bottor adap tation o f com m ercial education

Oot. 30 1915.']

THE CHRONICLE

1429

to foreign trade needs, will all be laid before the convention. vador and Trinidad. The same limitations apply in the
The program will be formulated by a plan and scope above cases as govern the shipment of liquids in the domestic
committee, consisting of
parcel post. These require the packing of liquid articles in
John J. Arnold, Vice-President First National Bank, Chicago, 111.
such a way as to protect other mail from damage.
E. A. S. Clarke, President Lackawanna Steel Co., Now York City.
F. G. Crowell, Vice-President Hall-Baker Grain Co., Kansas City, M o.
Janies A. Farrell, President U. S. Steel Corporation, New York City.
J. Rogers Flannery, Chairman Pittsburgh Trade C om ., Pittsburgh, Pa.
P. A. S. Franklin, Vice-President International Mercantile Marine
C o., New York City.
L. S. Goldstein, New Orleans Association of Commerce, Now Orleans, La.
Fairfax Harrison, President Southern Ry. Co., Washington, D. C.
Henry noward, Vice-President Merrimac Chemical C o., Boston, Mass.
D . W . Kempner, Galveston Cotton Exchange, Galveston, Texas.
Charles M . Muchnic, Vice-President American Locomotive Sales Cor­
poration, New York City.
John D. Ryan, President Anaconda Copper Mining C o., New York City.
W . L. Saunders, Chairman o f Board Ingersoll-Rand C o., N. Y . City.
Charles A. Schiorcn, President Charles A. Schieren C o., N. Y . City.
Willard Straight, New York City.
W . D. Simmons, President Simmons Hardware C o., St. Louis, M o.
E. P. Thomas. President U. S. Steel Products C o., New York City.
MOTOR

CYCLES A S

RURAL

M A IL

CARR IER S.

The Postmaster General at Washington issued an order
on the 9th inst. permitting the use under certain conditions
of motorcycles by rural mail carriers. As heretofore stated,
the use of bicycles and motorcycles in the rural delivery
service was prohibited after Jan. 1 1916 under an order pro­
mulgated last July. The new regulation however, provides
that a motorcycle may be usod if it has a “ cylinder displace­
ment of not less than 60 cubic inches, has an adjustable
axle and there is permanently attached to the machine a
commercial body of waterproof material.” The text of the
new order is as follows:
Automobiles may be used by rural carriers In serving their routes where
the topography o f the country and the condition of the roads permit of their
uninterrupted use for an extended period and the mail can be properly
conveyed, but In each case express authority for the use o f an automobile
must be obtained from the department. In requesting such authority
postmasters shall state the months in which the routes can be served with
an automobilo and the schedulo under which the service can bo performed.
From Jan. 1 1916 the use o f bicycles on rural routes will not bo permitted.
Motorcycles may be usod under the same conditions as automobiles, if the
motorcycle has a cylinder displacement o f not less than 60 cubic inches,
has an adjustable axle, and there is permanently attached to tho machine
a commercial body o f waterproof material not less than 42 Inches long,
24 inches wide and 18 inches high, so constructed as to protect the mall
thoroughly from damage and loss, the assembled machino to havo a tread
______________________________
o f 66 inches.
P A R C E L POST C O N V E N T IO N W I T H
EFFECT.

A R G E N T IN A

IN

Postmaster General Burleson has announced tho signing
of the parcel post convention between the United States
and Argentina, effective Oct. 15. As heretofore stated, the
convention was ratified by tho President of the Argentine
Republic on Sept. 22. It is stated that Paraguay is now the
only country in either South or Central America with which
tho United States has not made such a treaty. The agree­
ment with Argentina is similar to those in effect with other
Latin-American republics. It provides for a weight limit
of 11 pounds and a rate of 12 cents a pound, which is tho
maximum rate in the domestic parcel post service of the
United States. The Postmaster General announced that
his department will now push vigorously its plans for extend­
ing money order exchange between the countries of the
Western Hemisphere. Money orders are now exchanged
between tho United States and Costa Rica, Honduras,
Salvador, Bolivia, Chili, Peru and Uruguay. Tho Post
Office Department is also attempting to establish a uniform
postage rate between the United States and all countries
in the Westom Hemisphere. Two-cent letter postage has
been established with the Bahamas, Barbadoes, British
Honduras, tho Dutch West Indies, tho Leeward Islands,
Canada and Newfoundland.
L I Q U I D S S E N T B Y I N T E R N A T I O N A L P A R C E L POST.

GERMANY

C A N C E L S P A R C E L P O S T S E R V I C E TO
U N IT E D STATES.

According to a dispatch from Berlin on the 26th inst., par­
cel post service to America has been discontinued until fur­
ther notice. No official reason for the action is given.
American postal authorities in Washington stated on the
26th inst. that they had not received notification from Ger­
many of a discontinuance of the service with this country.
Last April several thousand parcel post packages mailed from
Germany to the United States via Switzerland were returned
to the senders by the Swiss postal authorities because the
British and French Governments had given notification that
parcels addressed to German citizens in the United States
would be seized whenever found on shipboard. It is stated
that parcels sent from Germany to Spain and Portugal have
met a similar fate in France. The German postal officials
suspended parcel post service on April 7 to various parts of
South America. _______________________
SECOND

P A N -A M E R IC A N

SC IE N T IFIC

CONGRESS.

Preliminary arrangements havo been completed for the
second Pan-American Scientific Congress, to be held in
Washington for a period of two weeks, from Dec. 27 to Jan. 8.
For nearly two years preparations have been under way for
the Congress, in which all the American republics will par­
ticipate, and which is described as the largest and most com­
prehensive international conference ever held in the United
States. According to the official reports from each of the
Governments now in tho hands of Director-General John
Barrett of the Pan-American Union, who is Secretary Gen­
eral of the Congress, each of the 21 American republics will
appoint delegations composed of its leading educators, econo­
mists, engineers, international lawyers and experts on mining,
agriculture, health, transportation and finance. It is esti­
mated that there will be in attendance over one hundred and
fifty of the most representative men of Central and South
America, or more than have ever participated in any other
international conference held in America. From the United
States, aside from its official delegation, there will be present
over six hundred special representatives from its universities,
colleges and scientific societies and organizations. The con­
ference will be signalized by an effort to promote closer rela­
tions among the American republics along intellectual and
educational lines rather than on material and political lines.
In the same way that the regular international conferences
of the American republics have developed closer political
ties, and the recent Pan-American Financial Conference
helped to promote better financial understanding, so corre­
spondingly this Congress, it is thought, will bring the
Americas more intimately together upon a high plane of
intellectual, scientific, educational and social progress and
intercourse. The first Pan-American Scientific Congress,
was hold in Santiago, tho capital of Chile, in 1908. It was
attended by hundreds of the leading scientists of the Ameri­
cas, including a large delegation from the United States.
When it adjourned it unanimously agreed to hold the second
in Washington. Tho United States Government has there­
fore appropriated $50,000 for the expenses of the confer­
ence, and the President of the United States was authorized
by Congress to invite all the other American Governments
to participate. The authority for the preliminary arrange­
ments was placed in the hands of the Secretary of State,
who in turn appointed an Executive Committee to make all
preparations of the Congress. This committee consists of:
William Phillips, Third Assistant Secretary o f State and Chairman ex-officio.

Scott, Secretary o f
Substantial progress has been reported by the Post Office James BrownPeace, Vice-Chairman.the Carnegio Endowment for Inter­
national
Department in its efforts to securo the admission of liquids, William H. Welch, President o f National Academy o f Sciences, Honorary
oils, &c., into tho parcel post commerce betweon tho United
Vice-Chairman.
Director-General
Pan-American
States and all countrios having parcel post conventions with JohnH.Barrett, Brigadier-General of the A ., retired. Union.
W.
Bixby,
U.
tho United States. The department approved agreements Philander P. Claxton, CommissionerS.o f Education.
on the 19th inst. under which “admissible liquids and oils, William C. Gorgas, Surgeon-General U. S. A.
H. Holmes, Head Curator
pastes, salves and other articles easily liquefiable” may be William Jennings, former PresidentofofSmithsonian Institution.
London Institution Mining and
sent by international parcel post from the United States to Hennen
Metallurgy.
Dutch Guiana, Hongkong, Leeward Islands, Mexico, New George M . Rommel, Chief Animal Husbandry Division, Bureau of Animal
Industry, Department o f Agriculture.
Zoaland, Panama and Sweden. Similar conventions wero L. S. Rowe, President of American Academy of PoUtical and Social Science.
previously negotiated admitting liquids to the mails from the Robert S. Woodward, President of Carnegie Institution o f Washington.
United States to Austria, Bahamas, Barbadoes, Brazil, This committee in turn olected as its organization and
British Honduras, Costa Rica, Curacao, Danish West executive officials John Barrett as Secretary-General and
Indies, Denmark, France, Germany, Great Britain, Guade­ Glen Levin Swiggett of the University of Tennessee as
loupe, Haiti, Italy, Jamaica, Newfoundland, Norway, Sal­ Assistant Secretary-General. President Wilson will wel-




1430

THE CHRONICLE

como tho delegates at tho inaugural session on Monday,
Dec. 27. The President of the Congress, in accordance with
international precedence which gives tho Presidency to tho
leading representative of tho country where tho previous
conference was held, will be his Excolloncy, Eduardo SuarezMujica, Ambassador of Chile, who will also be the Chairman
of the delegation from that country.
P L A N S FOR T H E S O U T H E R N C O M M E R C I A L C O N G R E S S
m
N EXT MONTH.

The seventh annual convention of the Southern Commer­
cial Congress is to be held in Charleston, S. C., Dec. 13-17.
During tho five days of the Congress tho program wi 1 be
devoted to fifteen general subjects which are of vital import­
ance at this time in the development of the country. “Tho
Victories of Fifty Years of Peace” is tho theme around which
the program is being worked out, and in addition to a dis­
cussion of peace, the subjects will include: education, na­
tional defenso, public health, public efficiency, social condi­
tions, drainage, rivers and harbors, foreign trado, merchant
marine, cotton, rural credit, marketing, good roads and
agricultural colonization. Besides Senator Duncan U.
Fletcher, President of the Southern Commercial Congress,
some of those who will address tho convention at tho opening
exercises aro Richard I. Manning of South Carolina; Mayor
John P. Grace of Charleston; Josephus Daniels, Secretary
of tho Navy; Bindley M. Garrison, Secretary of War, and
Col. John Temple Graves, editor of the Now York“American.” Dr. Nicholas Murray Butler, President of Columbia
University, will speak on “Education,” and Josoph E. Davies,
Chairman of tho Federal Trade Commission, will address the
mooting on the subject of “Marketing.”
Tho subject of “Peace” will bo discussed by Oscar S. Straus,
former Secretary of Commorco and Labor; Theodore Mar­
burg, former Unitod States Ministor to Belgium; James
Brown Scott, special adviser to tho Department of Stato,
and Arthur D. Call, Director of tho American Peaco Society.
Thoso slated to speak on rural crodits ineludo Robert L.
Owon, Chairman of tho Senate Committee on Banking and
Currency; David Lubin, the permanent American Delegate
to tho International Institute of Agriculture at Romo, and
Duncan U. Fletcher, United States Senator from Florida
and Chairman of tho United States Commission on Rural
Finance, appointed by President Wilson to investigate agri­
cultural credit in Europo in 1913.
Some of thoso who will discuss “Foreign Trado” aro
Willard Straight, President of tho American-Asiatic Export
Association; E. E. Pratt, Chief of tho Unitod States Bureau
of Foreign and Domestic Commorco; Robert F. Rose, former
Foreign Trade Adviser of the Department of Stato; John
Barrett, Director-General of tho Pan-American Union;
Daniel C. Roper, First Assistant Postmaster-General; Kai
Fu Shah, Chinese Minister to tho United States, &c. “Cot­
ton” will form the subject of remarks by Hoko Smith, United
States Senator from Georgia; E. J. Watson, Commissioner
of Agriculture of South Carolina, and Samuel L. Rodgers,
Director of tho Unitod States Bureau of tho Census.
It is pointed out by tho Southern Commercial Congress
that the organization is no moro commercial than it is indus­
trial; no moro industrial than agricultural; no moro agricul­
tural than educational—“it is all these and moro, too; for
it is tho name of tho movement intonded to wold into one
irresistible confidence all the scattered efforts that aro being
mado throughout all tho South to utilize resources, improve
conditions, and fittingly announce tho advantages of tho
South to tho world;”
Tho movement was organized in Washington on Dec. 8
1908, and was incorporated under tho laws of tho District of
Columbia July 21 1911. As a movoment it sprang from the
Southern Commercial Secretaries Association at tho annual
meeting held in Chattanooga in August 1908, in lino with
the decision that there wore certain conditions existing in tho
South and outside of it that could only bo met by a union
of effort.
^
^
P R O T E C T IO N OF A M E R I C A N D Y E S T U F F S I N D U S T R Y
D ISC U SSE D .

In an addross delivered before tho New York section
of the Society of Chemical Industry on Oct. 22, Dr. E. E.
Pratt, Chief of tho Bureau of Foreign and Domestic Com­
morco, warned tho American manufacturers of dyestuffs
that “upon tho resumption of normal international condi­
tions European manufacturers will endeavor, by boycott,
underselling and other methods of competition, to win back



[Vol. 101.

this profitable market and putTout of business a new and
struggling industry.” Dr. Pratt said that this matter had
been d scussed by tho Department of Commerce and tho
Federal Trade Commission, and that they had agrood “that
what wo call unfair competition shall not bo permitted any
more to foreign concerns than to domestio concerns” and
“that this or any now industry which aims to placo us in an
independent position industrially among the nations of tho
world shall bo given a fair chance.” Ho stated that “recom­
mendation will be mado by tho Department of Commerce
that Congress, in whoso hands this matter ultimately rests,
shall pass such legislation as will, beyond tho peradventuro
of doubt, accomplish thoso objects.” In referring to tho fact
that the tariff question had been raised in connection with
tho building up of tho dyestuffs industry, Dr. Pratt stated
that “the tariff question can bo left out of our discussion,”
because “we aro not likely to reach any final conclusion in
such a discussion.” Dr. Pratt spoke in part as follows:

There is one serious obstacle in tho way of tho confident and detorminod
development of a coal-tar dyostuff industry on American soil, and that
difficulty is tho possibility— no, rathor tho certainty— that upon tho
resumption of normal international conditions European manufacturers
will endeavor by boycott, underselling and othor methods of competition,
to win back this profitable market and put out of business a now and
struggling industry.
In Washington this matter has had serious attention because its import­
ance merits tho most careful and painstaking study. Action should not
bo based on impulse or sentiment, but on hard facts and oxperienco whorovor
wo can got them. Action should then bo fast and certain. This matter
lias been thoroughly discussed by tho officers of tiio Department of Com­
merce and tho Federal Trade Commission, and thoy hare agreod substan­
tially on these points:
That what we call unfair competition shall not ho permitted any moro
to foreign concerns than to domestic concerns.
That this or any now industry which aims to place us in an indepondont
position industrially among tho nations of tho world shall bo given a fair
chanco.
Recommendations will bo mado by tho Department of Commorco that
Congress, in whoso hands this mattor ultimately rests, shall pass such
legislation as will, boyond the poradvonturo of doubt, accomplish these
objects.
The question of tho tariff lias boon raised in connection with the building
up of this new industry. I think it lias boon raised moro energetically by
those who have neither capital nor tho intontion to ombark in tho industry
than by those who aro actually going forward with thotr plans. The
tariff quostion can bo loft out of our discussion. Wo are not likoly to roach
any final conclusion in such a discussion. T o bring in the tariff simply
means to divide those who aro interested into two groups, most of whom
will not be guided by the few pertinent .facts as to tho merits of tho ques­
tion, but on irrelevant and often horeditary ground. I prefer, thoroforo, to
stick to matters which, in tills instance at loast, scorn to n»e to bo of groator
importance, and in which wo may bo ablo to roach a comclusion.

Dr. Pratt described the organization of the Gorman coal­
tar dyostuffs industry, and said:

Tho German coal-tar chomical industry is probably th* most highly and
completely organized industry in tho world. The industry involves not
only complex chemical procosso3 but elaborate and oxpeasivo plants. It
requires the services of thousands o f scientifically trained chemists and vast
armies of workors. Not less highly organized is tho commercial ond of tho
business, devoted to merchandising tho products o f tho 22 dyestuffs factories
manufacturing in Germany. Commercially, tho coal-tar chomical industry
is a unit. Prices, terms, conditions of salo, markob competition, export
policies aro determined and fixed by tho industry as a wholo.
Up to tho present time there has boon no sorlous competition with the
foreign coal-tar chomical industry. Any attompt to seriously disputo its
dominance in other countries is porsistontly chocked and prevented by tho
united action of European producers, by underselling and boycotts. Of
the world's production of coal-tar dyes, valued at S92.150.000, Gormany
produced $68,300,000 worth, or practically throo-fourths of tho world’s
supply. Of tho world’s export trado, Gormany has aa oven larger sharo,
taking for herself over 88% .
A M E R IC A N

OVERSEAS

CO R PO R ATIO N

O R G AN IZE D .

A movoment to organize a company to bo known as tho
American Overseas Corporation and designod to facilitate
commerce between tho United States and noutral countries
was mado known on tho 23d inst. following a conference
between Secretary of Commcrco Rodfiold, Assistant Secre­
tary Peters of tho Treasury Department, Assistant Secretary
Vrooman of tho Department of Agriculture, and a numbor
of exporters who aro trustees of tho now company. New
York financiers, manufacturers and exporters aro understood
to have taken an activo part in tho formation of tho corpora­
tion, which was incorporated undor tho laws of Now York
Stato last May with a capitalization of $100,000. A. J.
Hemphill, Chairman of tho Board of Directors of tho Guaranty
Trust Co. of Now York, is tho temporary Prosidont of the
organization. An outline of tho work which tho company
plans to accomplish was laid boforo tho Government officials,
who aro said to have favored tho proposal. It is tho under­
standing that tho company will handle tho American oxport
business along tho lines followod by tho Notliorlands Overseas
Trust, which takes care of imports into Holland. Secretary
Redfield has stated that while tho company would in no sonso
bo a Government organization nor bo officially rocognizod
by tho Government, it would bo “in closo touoli with various
departments of tho Government,” whoso agonts would soo

O ct.

30 1915.1

THE

C H R O N IC L E

1431

that its operations were “impartial and neutral.” Counsel States before the framing of the Declaration of London, per­
for the company issued the following statement on tho 23d mits the condemnation of a vessel if it is proved that a subjec t
of an enemy country has an interest in it. In a case where a
inst.:
Tho American Overseas Corporation lias been organized with a view of vessel is owned partly by a neutral and partly by an enemy,
facilitating commerce between tho United States and neutral countries.
Tho need for some such agency is evidenced by tho almost complete stop­ it is proposed that if the ship is seized a lien be placed on that
page o f commerce between the United States and neutral countries as tho part owned by the enemy.
result o f war conditions.
While it is stated that the Washington officials are uncer­
Tho underlying purpose o f this corporation is to got goods into tho
neutral countries for neutral consumption, and, in order to assure this, tain as to just what Great Britain’s purpose is in abrogating
subsidiary companies are being organized in the neutral countries to act as Article 57, the belief has been expressed in some quarters
consignees and distributors for the American Overseas Corporation. No that it has something to do with the stand which the British
goods will bo handled by tho American Overseas Corporation except where
assurances are given, upon which its representative can roly, that they Government has taken against recognizing the recent trans­
will bo confined to neutral countries, and to this end tho American Overseas fer of certain vessels to the American flag. The ten ships
Corporation has sought tho co-operation of the departments of the United flying the American flag which were included in the list posted
States Government which were represented at tho conference held to-day.
The conference was preliminary to tho beginning o f operations by the i by the British Admiralty on the 23d are reported as belonging
corporation, and the representatives o f tho departments present gave to A. Jensen or to tho American Trans-Atlantic Company.
assurances that they would co-operate in both tho United States and
This company, of which Richard G. Wagner is President,
neutral countries In the effort to make certain that the trade handled
througli tho American Overseas Corporation would bo entirely a noutral was organized under the laws of Delaware last March with
trado, destined to neutral countries, for consumption in neutral countries. an authorized capital of $200,000, which was later increased
Tho American Overseas Corporation will bo in substance a forwarding
corporation, but its functions will bo confined exclusively to the shipment to $2,500,000. In statements given out by Mr. Wagner
of goods to neutral countries, and tho assurance o f all persons interested from time to time during the past few months (one of which
that those goods will be absolutely confined to neutral countries wll bo was issued this week), he asserts that all the stock was pur­
-necessary to secure its servicos.
Its services will be open to all bona fido shippers, small or large, in tho chased and is now and always was held by American citizens.
United States. It is not organized for profit, and, beyond its expenses, no When the question of granting American registry to the ves­
charges will be exacted. It is hoped to prevent detentions of shipments, sels acquired by the company was before the Department of
reduce tho cost o f insurance and help to establish credits which are now in
Commerce last July, it was stated in the “Journal of Com­
abeyance.
Secretary Redfiold, in his statement with reference to the merce” that, according to tho information at the Depart­
new organization, mado tho following observations on tho ment at that time, tho steamers were purchased in British,
Scandinavian and Mediterranean ports by A. Jensen, a
23d inst.:
!
The object o f tho schomo is to secure tho movemont o f neutral commerce Danish agent, and Theodore Lalir, a Dutch merchant, with
under sucli authoritative auspices as to assure that it will not be interrupted.
money supplied by Hugo Sinnes, a capitalist of Essen, Ger­
That part of tho plan to be undertaken by the Department of Commerce,
under tho arrangements discussed to-day, would be tho ascertaining by many. According to the announcements then made, it was
commercial attaches, commercial agents, and other officers, that tho opera­ held by legal officials of the Department of Commerce that
tions o f the plan wero strictly impartial and neutral.
The now company would bo open to assist all truly noutral American the fact that an American corporation, with American of­
commerce to all countries with which it is to operato. Tho machinery ficers, owns a vessel, entitled it to registry, no matter where
would not bo officially a part o f tho Government, and it would not bo a the bulk of the stock of the corporation might be owned or
money-making scheme. It is tho voluntary action o f men prominent in
business in various cities of tho country, seeking to secure relief for American whero it secured its working funds. Favorable action on
commerce by having neutral trade conducted under the auspices of an the question of granting the vessels American registry was
organized responsible concern.
Tho organizers of tho corporation held a meeting on tho announced inofAugust by the Bureau of Navigation, of the
Department Commerce. Mr. Wagner in a statement
27th inst. in tho office of Mr. Homphill. No announce­ issued on Wednesday of this week with respect to the action
ment concerning it was given out, but it was stated that of Great Britain, ascribes tho difficulties confronting the
progress was being mado in the organization work. It is company to the delay
Commissioners
reported that tho company proposes to send an agent to registering the vessels. of thoWagner says: of Navigation in
Mr.
Eui’opo with instructions to mako final arrangements with
shipping
bolligoront governments in Europe. Most of tho arrange­ ingTho reports that Great Britain had warned which aremen against charter­
certain vessels— forty-seven in all—ten of
under the Amorican
flag, together with tho new Order-in-Council gazetted Oct. 25, abrogating
ments for tho oporation of tho company aro being porfocted tho observance of Article 57 of tho Declaration of London, which provides
in Washington, whoro tho Socretarios of Stato and Commerce that tho character of a vessel is determined by the flag sho is entitled to fly ,
aro said to bo co-operating in negotiations with tho various is taken by shipping men as notice to such vessels that they will be seized,
embassies. An announcement of tho details of tho plan and although trading only between neutral countries.o owned b y tho Amorican
T he ten Amorican ships entioned
tho dato on which tho corporation will be roady to start Ttans-A tlantic C om pany. mSuspicion include som belonging to this com ­
that the ships
businoss is expected aftor the approval of tho foreign gov- pany were not American ownod was aroused in foreign ports bocause the
United States Commissioner o f N avigation, E . T . Chamberlain, delayed
ornmonts has been obtained.
granting American registry. T ho expenso o f maintaining tho ships and the
Tho temporary officers of tho corporation aro:
loss o f their earnings on account o f this dolay represents a loss to tho com ­
A. J. Ilomphill, Chairman o f tho Board o f tiio Guaranty Trust Co.,
President: Morris R. Pouchor, o f tho Iladischo C o., Vice-President, and
V. L. Seaman, o f tho Guaranty Trust Co., Secretary. Tho directors aro:
Charlos It. Sabin and Max M ay, President and Vice-President, respec­
tively, or tho Guaranty Trust Co.: James W. Van Dyko, of tiio Atlantic
Refining Co.; Jamos B. Duke, of tho British Amorican Tobacco Co.;
Charlo3 E. Mathor, a marine underwriter; Samuel T . Morgan, President
of tho Virginia-Oarolina Chemical Co.; Edward Lovering, of the Massa­
chusetts Cotton Mills, and Ambrose II. Burroughs, a Now York lawyer,
who is interested in a numbor o f corporations. James S. Alexander,
President o f tho National Bank of Commorco o f this city, who was a
mombor of tho temporary diroctorato o f tho corporation, lias withdrawn
from tho board.
GREAT B R IT A IN CH AN G ES RULE C O N CER N IN G
SH IPS U N D E R N E U T R A L FLAG .

pany o f approxim ately $500,000, it is said. A t the tim e tho American
T rans-A tlantic C om pany was organized, there was a tentative arrangement
under which part o f the capital stock was to bo subscribed b y a Danish in­
terest represented b y A . Jensen, Copenhagen, Denm ark, but these arrange­
ments wero never com pleted.

IIo also submits the following information regarding tho
vessels:

They aro owned outright and free of any incumbranco by tho American
Trans-Atlantic Company, an American corporation incorporated for $2,­
500,000, and all of the stock was always and is now owned and held by
American citizens.
Each and every one of the ships was purchased from noutral owners, and
all of tiio ships wero always under neutral flags. Thcro never was a Ger­
man, Austrian or Turkish ownership in any of these ships, either in whole o r
in part, either before or after the outbreak of the war. None of these ships,
either before or after tho purcliaso by tho American Trans-Atlantic Com­
pany, was ever engaged in anything but strictly legitimate neutral trade.
Tho ships were admitted to Amorican registry under the Act of Aug. 18
1914, providing for tho admission of foroign built ships. Under these cir­
cumstances tho American Trans-Atlantic Company foels entirely at ease to
employ its ships in all tiio legitimate trades and relies upon the justice and
power of tho American Government to protect its rights and to secure for
it compensation for any infringement of these rights by foreign nations, and
to uphold the dignity of the American flag.

Ten ships flying the American flag aro included in a list
of forty-seven noutral vessels under suspicion, posted by tho
British Admiralty on the 23d inst.; tho action is stated to
havo boon accompanied by a warning to British shippers to
bo careful in chartering tho ships designated, tho authorities,
it is said, suspecting them of being either controlled by Ger­
man capital or engaged in unncutral servico. Following this On Aug. 29 it was reported that one of the Wagner ships,
movement, tho British Government, by an Order-in-Council tho Solveig, had been detained at Marseilles, France, and
published in tho London “Gazette” of the 25th inst., declared sent to a prize court to test its ownership.
that it would no longer be bound by Article 57 of tho Declara­ In line with the action of the British Government with re­
tion of London, which provides that tho neutral or onomy gard to Article 57 of the Declaration of London, President
character of a merchant vessel is determined by tho flag which Poincare of France signed a decree on the 26th inst. which
sho is entitled to fly. In lieu of this articlo, a regulation has provides that the ownership of a ship is to be the controlling
beon substituted by Great Britain in accordance with which factor.
ships shall be treated in tho same manner as their cargoes. As to the British Admiralty’s order of the 23d, it is stated
Tho ownership of the vessel is to bo the test of its nationality. that any ship posted on its list which establishes evidence
Tho Order-in-Council states that tho reason for making tho showing that it is neither controlled by German capital nor
change is that “it is no longer expedient to adopt said articlo.” I engaged in unneutral servico would be immediately removed
The new rule, which was followed by England and the United 1 from the list.



1432

THE CHRONICLE

D IS P O S A L B Y G E R M A N SU B J E C T S OF IN T E R E S T I N
M E R C H A N T VESSELS P R O H IB IT E D .

Advices were received on the 27th inst. from Berlin'by the
State Department at Washington to the effect that on Oct. 21
tho German Government had passed a law forbidding Ger­
man citizens who own or have a sharo in any merchant ship
to sell or in any way disposo of tho interest to any one not a
subject of Germany. Tho law, it is stated, is mado to apply
to Gorman subjects residing in foreign countries. No in­
formation has been received by tho officials at Washington
as to the da to when tho statute became operative, whether
it applies only in cases arising sinco its enactment or whether
it will cover tho entire period from the beginning of tho war.
A number of German vessels have been purchased by Ameri­
cans sinco the war, and it is known that thore are many Ger­
man morchant ships laid up in American ports. It is pointed
out by officials at Washington that Germany would havo no
physical control over German merchant ships in neutral
waters, but action might bo taken against their German own­
ers in Germany or against tho ships themselves if thoy re­
turned to German ports. Germany’s action is regarded at
Washington as an indication of efforts to keep i .tact her
merchant marine for use after the war.
ALLEGED

C O N S P I R A C Y TO B L O W
S H IPS .

UP

M U N IT IO N

A conspiracy to blow up vessels sailing from American
ports with cargoes of munitions for the Allies, is believed to
have been uncovered with tho arrest in Weehawken, N. J ., on
the 24th inst. of Robert Fay, who claims to be an officer in
the German army, and Walter E. Scholz. On the following
day two additional arrests were made in tho alleged con­
spiracy. Dr. Herbert Kienzle, of this city, was taken into
custody charged with having given money which, it is al­
leged, was to be used in the purchase of explosives to aid in
the supposed plot. The other man arrested on the 25th
was Paul Daeche of Jersey City, who is alleged to have
bought some of the large quantity of explosives found in tho
possession of Fay and Scholz. The two latter are said to
havo confessed that they had mado mines to attach to
munition ships leaving American ports. Fay made a state­
ment on tho 25th inst. admitting that ho had come to this
country to blow up ships; that ho had been sent by German
Secret Service officials and that he had talked with Captain
Franz von Papen and Captain Karl Boy-Ed, Military and
Naval Attaches, respectively, at the German Embassy in
Washington. Scholz is also reported to have made similar
admissions. On tho 27th inst. Max Breitung, of this city,
surrendered himself on a charge of conspiring with Fay.
The fivo men aro charged with conspiracy to despoil tho
owners of a vessel of money, goods or merchandise laden
on board thereof. Fay, Scholz, Kienzle and Breitung,who
wero arraigned before United States Commissioner Houghton
of this city, wero each called upon to supply $25,000
bail to await trial on Nov. 4. Breitung and Kienzle
have furnished bail, but tho other two wero committed to
tho Tombs in default of bail. Fay and Scholz wero
brought to this city on the 26th instant from Weehawken,
following their change of custody from tho Now Jersoy to
tho Federal police. Daeche refused to surrender himself
into the hands of tho Fedoral authorities in New York and
was consequently arraigned before United Statos Commis­
sioner Carpenter in Jersey City and hold in $25,000 bail for
examination on Nov. 3.
It is reported that Count von Bernstorff, tho German
Ambassador, has telegraphed to tho Stato Department that
Fay had no connection with the German Secret Service or
German Government.
O FF IC E R S OF I N T E R N E D G E R M A N
PAROLE.

VESSELS B R E A K

The Navy Department mado public on Oct. 22 a list of
officers from the two German cruisers, Kronprinz Wilhelm
and Prinz Eitel Friedrich, interned at Norfolk, who havo
broken their parole and havo failed to return after leave of
absence, Tho list names six warrant officers from tho for­
mer vessel and ono Lioutenant and two doctors from tho lat­
ter. Tho Navy Department reports that none of tho onlisted
mon of either ship has escaped. The six officers from tho
Kronprinz Wilhelm aro believed to havo escaped on Oct. 10
on tho yacht Eclipse. Investigation following the discov­
ery of thei disappearance disclosed tho fact that tho yacht
had been prepared for a long voyage and it was thought that



[Vol. 101.

she had gone to sea. On Oct. 15 tho Navy Department
revoked leavo of absence for all Germans on tho two interned
vessels. Lieutenant Koch and Dr. Krugor Kroneck fi’om
tho Prinz Eitel Friedrich, who were absent on authorized
leave, wero duo back on Oct. 17, but failed to return. Dr.
Nulte, a civilian, disappeared on May 14. It is stated that
no word has boon received regarding any of tho missing of­
ficers.
As heretofore stated, tho Prinz Eitol Friedrich was in­
terned at tho Norfolk Navy Yard on April 9. Tho Kron­
prinz Wilhelm arrived at Nowport Nows on April 11 and
was interned on April 29.
N E W S P A P E R M E N V IS IT IN G W A R TER R ITO R Y
S U B J E C T TO N E W P A S S P O R T R U L E .

The Stato Department at Washington announced on
Oct. 25 a new policy with regard to tho issuanco of Amorican
passports to now paper writers who intend to visit bolligerent
countries. Hereafter tho Department will issue passports to
such writers “only whon thoy aro regularly accredited to the
Department by responsible journals or recognized press asso­
ciations.” The State Department must also bo assured that
tho writers’ purposes are of a neutral character. Tho an­
nouncement issued by the Department is as follows
The number of newspaper writers who have applied for passports has
caused tho Department to rule that hereafter it will issue passports to writers
who contemplate visiting belligerent countries only when thoy aro regularly
accredited to tho Department by responsible journals or recognized press
associations.
.
The Department will not issue passports to individuals who aro paid, or
expect to bo paid, by the agents of foreign Governments for matter which
thoy may publish. Before Issuing passports to writers tho Department
must be assured that their purposes aro of a neutral character.
Tho Department will not issue passports to writers who contomplato
going from the territory of ono belligerent country to. that of tho enorny.
The object of this ruling is to insure tho continued neutrality of tho United
States, and to provent individuals from putting their safety in jeopardy.

U N IT E D ST A T E S PROTESTS A G A I N S T B R IT IS H
TRADE BLOCKADE.

Tho American note to Great Britain protesting against
tho latter’s interference with commerce botweon tho United
States and Europe, which had been in tho course of prepara­
tion for some time, has been sent to London by special
messenger and will bo presented by Ambassador Pago at the
British Foreign Office next week. Secretary of Stato Lan­
sing refused to make any statement regarding tho note,
but it is understood that tho communication was given to
Alexander W. Kirk, Third Secretary of tho American
Embassy at Berlin, who sailed from this country on Sunday
last to roturn to his post. It became known on tho 27th inst.
that tho note, which is said to cover exhaustively tho argu­
ment of the American Government on all phases of inter­
ference with neutral trade, was approved by tho President
last Saturday. It is stated that the communication contains
a repetition of arguments mado in tho noto sent to Great
Britain on March 30—that communication representing the
first protest of this Government against tho British Order in
Council—and discusses the notes received from Great Britain
in January in response to tho first protosts by the United
States against interference with neutral trade. No intima­
tion has been given as to what measures are proposed in tho
note in tho ovent that there is no modification of tho British
practices. It is understood that the noto was sent by messen­
ger in order to avoid mistakes which might rosult from
transmission by cable.
FAVOR ABLE A C T IO N B Y B R IT ISH E M B A S S Y REGARDI N G R E L E A S E OF G E R M A N GOODS.

As a result of action taken by tho British Embassy on tho
13th inst. in passing favorably upon two cases involving
“implied contracts,” it is believed that a largo number of
applications which havo been filed by American importers
for the roleaso of German and Austrian goods will bo suc­
cessful. As previously stated, arrangements havo been
entered into between the State Department and tho British
authorities for the roleaso of American-owned goods of
German and Austrian origin which havo been hold up at
neutral ports of Europe since tho issuance of tho British
Order-in-Council. It is stated that notioo of tho favorable
action taken by the British Embassy in tho two casos in­
volving “implied contracts” was received by Foroign Trade
Adviser Fleming after weeks of negotiation. Of tho thousand
or more applications which aro boing handlod by Mr. Flem­
ing through the British Embassy, it is said that probably
half of thorn are directly affected by tho question decided.
The decision is taken as an indication that tho Embassy will

Oct. 30 1915.]

THE CHRONICLE

recommend favorably all cases where proof is submitted
that the orders wero entered with German or Austrian
manufacturers prior to March 1, which, according to trade
customs, obligates tho purchaser to pay.
According to advices received from Washington on the
28th inst., tho British Government has rojected tho request
of tho foreign trado advisors that goods purchased in Germany
or Austria botwoon March 1 and March 15 bo released. As
heretofore stated, negotiations wore conducted with tho
British authorities for permits to releaso American-owned
goods purchased between those dates, inasmuch as the Orderin-Council was not mado public until March 15. This week’s
cablo advices state that tho British authorities would not
extend tho agreement to apply to any goods excopt those
purchased before March 1. Sir Richard Crawford, Com­
mercial Attache of tho British Embassy, informally no­
tified Trade Advisor Fleming on tho 28th inst. that, while
ho was not authorized to extend to December 1 tho time
for tho filing of applications for the roloaso of goods purchased
boforo March 1, tho British Embassy would accept all ap­
plications which are in tho Trade Advisors’ hands prior to
Nov. 1.
With a viow to facilitating tho releaso of those goods, tho
Stato Department and tho British Embassy at Washington
are considering tho feasibility of having somo person or per­
sons designated to pass upon and guarantee invoices. It is
thought that if such an arrangement could bo agreed upon
permission might bo obtained from tho British Government
for its Embassy in Washington to accept as final tho decision
of tho arbitrator working in tho United States, and thereby
savo tho time consumed in referring to London for approval
tho cases passed upon in Washington by tho Embassy of­
ficials in conjunction with tho trado advisors of tho Stato
Dopartmont. A conference on this subject botwoen Sir
Cecil Spring-Rico, tho British Ambassador, and Counselor
Polk of tho Stato Department was held on tho 26th inst.,
but so far it is said no conclusion has been reached. Another
suggestion which has beon put forward to facilitate tho ro­
loaso of tho goods is that tho Stato Dopartmont givo its ap­
proval to claims after it has becomo convinced of their fairnoss, and that tho British Government thereupon order tho
releaso of tho goods under such approval.

1433

GREAT B R IT A IN A N D S W IT Z E R L A N D PR O H IBIT E X
PORT OF COTTON PRODUCTS.

-

According to advices from London on’ the 19th inst., a
new Order-in-Couneil has been gazetted prohibiting from
that dato tho export, to countries other than alliedjcountries
in Europo and Spain and Portugal, of anyTcotton product
with the exception of cotton lace and cottonjfwaste. In
reply to a question asked in the House of Commons on the
12th inst. as to whether the Government^wasTstill allowing
cotton to go into Germany in certain casesjor^under certain
circumstances, Sir Edward Grey, tho Secretary^for^Foreign
Affairs, stated that raw cotton, cotton wastefand cotton
yarn all have been declared contraband ,*[andj[that every
possible step has been taken to prevent’any supplyjof these
from reaching Germany. It was intended, thef Foreign
Secretary added, forthwith to deciareJasTcontrabandlcotton
piece goods and other cotton products and prohibit tho ex­
port to neutral countries contiguous to Germanyj[and Aus­
tria of such goods, capable of being usedlinjthe’manufacture
of explosives.
The Swiss Government has placedJan"embargoJon the ex­
portation of cotton yarn, according to a cable dispatch from
Zurich on tho 20th inst.
G R E A T B R I T A I N TO P A Y FOR C O T T O N N O T C O V E R E D
B Y SALES CONTRACTS.

Tho British Government notified the State^Dopartment on
Oct. 22 that it will mako final settlement for all'American
cotton, purchased by tho British’iBoard of/Trade, Avhich is
not covered by sales contracts. Tho priceTto^be[fpaid will
bo the market valuo at tho port of shipmont on the date of
shipmont and contracts mado a trabout tho same^date will
bo used as a guide in arriving at a fairTprice. Tho'following
cablegram received from Consul-GenoraFSkinnor’atJLondon
has been mado public by tho Stato'Department:

Tho British Board of Trado has decided to mako final settlement for
American cotton which it purchased, but which^was notlcovered by sale
contracts at market value at tho port of shipment on tho dato of shipment,
plus all oxponsos including freight, insurance war risk and interest. I n
making settlement actual contracts made at about tho samo date will be
taken .as a further guide in arriving at a fair price to tho shippers.fl

It is stated that this actionjis one of tho consequences
of the British order placing^cottonTonJthe^contraband list
and the determination of tho British’authoritiesTto’ support
tho market against the effects of that action. AsGiorotofore
A D D I T I O N S TO G R E A T B R I T A I N ’ S E M B A R G O L I S T .
stated, tho declaration ofiGreat’.Britain making^cotton ab­
Groat Britain is reported to havo added to its embargo list, solute contraband was issued on|Aug. 20 and^was mado
copper wiro and cables. A cablegram received at Washing­ immediately effective.
ton on Oct. 26 from tho American Consulato at London an­
nounces that tho exportation is prohibited of arsenical ore,
G R E A T B R I T A I N TO P E R M I T W O O L E X P O R T S .
black platos and black shoots under one-eighth inch in thick­ ' Tho British War Trado Department has announced that
ness, raimo, furs, drossed or undressed, and manufactures it will consider applications for licenses to export to tho United
thereof, to all countrios in Europo and on tho Mediterranean
wool purchased
forthcoming
and Black Seas otlior than Franco, Russia, Italy, Spain and States and East India to a maximum of at the bales. It is
Liverpool wool sales up
10,000
Portugal. Tho cablo adds:
stated that licenses will not bo granted for black, gray or
Tho formor Item, "grindstones, carborundum and omcry whools,” subject
to tho samo prohibition, is amended to road "grindstones and emery brown wool, yellow pieces, low and medium hard white blanket
corundum, natural or artificial, such as alundum, carborundum and crys- wool or ginned wool, these classes being required for military
oion, and manufactures thereof, including wheels, discs, paper, cloth,
purposos. As heretofore stated, the Department of Com­
stonos and powdor.”
Coko from gas works and coal of all kinds, not including coal allowod merce received on Sept. 21 a message from Consul-General
by tho customs authorities to bo shipped as bunker coal, aro now under Skinner at London stating that “125,000 bales, including 50,­
embargo excopt when shipped to British possessions and protectorates.
Coppor wire, insulated electric light wires and cables, and power cables 000 bales of English wool, can be spared,” and that “appli­
aro under similar embargo, tho last threo being now itoms. Chronomotors cations for licenses to export cross-bred and similar wools
and nautical instruments of all kinds, compasses for ships and parts thereof to tho United States will bo considered.”
(Including fittings such as binnacles), animal hair of all kinds, and tops*
noils and yarns o f animal hair, formerly prohibited to European countries,
except tile Allied Countries, Spain and Portugal, aro now prohibited to
ail foreign destinations othor than British possessions.
Tho exportations of acetic ether, ethor, phosgono (carbonyl clilorfdo) and
platinum to all destinations is now prohibited.

E X P O R T S TO N E T H E R L A N D S S H O U L D B E C O N S I G N E D
TO O V E R S E A S T R U S T .

Tho advisability of consigning to tho Netherlands Overseas
Trust oxports from tho United States to Holland, is pointed
out in a cablo rocontly received by tho Department of Com­
merce at Washington from tho Amorican Consulato at Lon­
don. Tho cablo is as follows:
Exports from tho United States to Holland'should be consigned to tho
Netherlands Overseas Trust as heretofore. It is understood that tho re­
quirement that goods from foreign countries bo consigned to the trust is
not obligatory under tho terms of tho British Order-in-Council, but is
highly advisable, as failure to consign in this way creates presumptions on
tho part of tho British officials Involving detention and possible seizure.
The British Eoroign Office under dato o f April 27 1915 states as follows:
"While Ills Majesty's Government docs not requiro that cargoes bo con­
signed to tho Trust, they do accept consignments in that form as proof
that the cargo is intended for bona fido consumption in Holland. This
practice has greatly facilitated and expedited the release of vessels bound for
Brltlshlportsjwhen.brought in for.examlnation."




R U S S I A R E F U S E S TO R E L E A S E S K I N S TO A M E R I C A N
IM PORTERS.

Russia is reported to have refused to permit tho exporta­
tion of calf, goat and dried sheep skins to American importers
under tho terms of the agreement which was recently reached
botween that country and the United States, whereby the
Russian embargo on exports to this country was lifted, pro­
vided certain conditions were complied with. Details of
tho arrangement entered into between this country and Rus­
sia wero given in our issue of Oct. 9. The announcement of
Russia’s decision regarding the exportation of skins was made
on tho 15th inst. by E. C. Porter, tho commercial agent in
chargo of tho Now York office of the Bureau of Foreign and
Domestic Commerce. Mr. Porter is quoted in the “Jour­
nal of Commerce” as saying:

Russia lias evidently decided not to release these skins because of their
use for military purposes. While the refusal to raise the embargo to permit
tho passage of these products to America will disappoint those importers
who had hoped for their release, this action cannot bo taken as indicating
that Russia will prevent the export o f other products under the agreement.
Tho refusal was basod upon tho class of goods named in tho applications,
and no question of tho standing of tho firms filing the applications was
raised.

1434

THE CHRONICLE

Whilo those skins represent an important item in American imports from
Russia, the demand upon the Russian market for furs and fur skins is con­
siderably greater and importers are more interested in this class. It is
felt that if Russia will permit their export, largo quantities o f these skins
can be disposed o f in this country. No word has yet been received to indi­
cate Russia’s attitude in the matter one way or the other, but the general
intimation is that the outcome of negotiations will be favorable. Commer­
cial Attache Henry D. Baker is working in co-operation with the Director
o f tho Customs Department at Petrograd, and, through him, the Depart­
ment o f Commerco is making every effort to secure quick and effective action
along these lines.

[Vol. 101

formidable obstacles in the way of the marketing of any product of any
section of this country in any other section. Tho result, measured in
figures of wealth, cannot bo estimated. Beyond that, in serving comfort,
convenience and filling man’s desire, the service of the railroads has a valuo
that cannot bo named in dollars.
The partnership between tho public and tho railroads is of a nature whoro
tho success of bach is essential to the success of tho other. No articlo has
valuo except as it can bo placed in tho hands of the person who wants it
and can pay for it. Ho who out of natural resourcos, whother of mines or
forests or agriculture, produces something appealing to human desire, has
tho work only partly dono when fashioned in final shape. Tho other part
On the 27th inst. M r . Porter reported that the Russian of the essential work is taking the article to the man who wants it. In
this partnership the public’s part is production; tho railroad’s part, trans­
authorities had acted favorably on fully 7 5 % of the applica­ portation.
tions filed by American importers. He said that although
Tho prosperity of the railroads as a partner is essential. Crops may fail,
the Russian Government has forbidden the release of ship­ but next year’s rains repair tho damago. Mines may close, but in another
yoar reopen or bo replaced by other mines. Manufactories may lio idlo.
ments of hides and skins and all wool on account of military
Yet it is rare to find all production under affliction at one timo. But when
necessities, fur skins, seeds and other articles will be forwar­ railroads as a whole are afflicted with paralysis, all transportation is less effec­
tive. This paralysis very shortly creeps into production, because service
ded without delay.
is essential as a value-giving end to production.
On the other hand, the railroads are vitally interested in the welfare of
A n organization has been formed under the name of the their associate, tho producing and traveling public. They fail if they fall
short of their obligations. They must havo proper public consideration,
International Manufacturers’ Sales Company of America,
however, to enable them to meet thoir obligations. With that, they must
with a view to furthering the trade relations between the so manage their affairs as to make for the prosperity of all through prompt
United States and Russia. The organization will have its and safe transportation. They must not discriminate unjustly botween
headquarters in Chicago, with branches in N ew York and localities and shippers. Their charges must bo reasonable. They must
havo, and must show, their interest in the wolfaro of thoir partner, this
Moscow. According to the “ .Journal of Commerce,” capital producing public.
This partnership between the railroads and tho public was from the
to the amount of $100,000 will be issued and will be he’ d in
parcels of $2,000 each by fifty manufacturers of this country beginning, as stated, but was not recognized. It was a difficult partner­
ship. There wero railway managements with many policies. Somo
engaged in non-competing lines, the company in return en­ failed, being human, to comprehend their obligations. Somo know thoir
gaging to handle the export business of the manufacturers. obligations, but could not livo up to them becauso of financial conditions.
The latter, it is stated, will receive not only the profits real­ Somo, under stress of conflicting interests, recognized expediency as too
much of a controlling factor.
ized from the sale of their own articles, but will share in the
On tho other hand, the public’s sldo of tho partnership was in a more
joint profits of the selling company. The new organization chaotic stato. The millions o f producors and consumers had likewise
different policies. Tlioy wero in rivalry with and among themselves,
in announcing its intention to sell on credit to customers sections competing in common markots, cities fighting for supremacy,
against notes, says:
firms and individuals struggling to gain tho advantago.
Tho question o f credits, which have in the past been a stumbling block
Under these conditions, it is readily understood how a broach might be
to direct trado in Russia, is at present boing worked out by loading bankers created between these two partners, and such a chasm, not fully bridged
in Chicago. In Russia credit is very necessary to tho customer, whereas to-day, was created.
tho American manufacturer is opposed to this. T o overcome this diffi­
Tho people found they had power to control tho railway’s rolations as
culty, tho International Manufacturers’ Sales Company will sell oncrodit between tho railways and as between railways and tho people. Tho public
to customers only against notes, which will be guaranteed by local banks. was interested in more than this. It desired to oxorciso this control that
On the strength o f these notes the Russian bank at once issues to the Amer­ it might also control the rolations among tho different oloments on the
ican bank with which it is in touch a “ doleredere” order to pay tho full public’s side of tho partnership. This control has boon thoroughly estab­
amount to tho manufacturer. The cost o f tho discount will bo taken care lished through tho State commissions and tho Intor-Stato Commorce
o f in the Russian price.
Commission.
These commissions must bo bridges across tho chasm I havo montioned
through a common understanding botween tho railroads and tho public;
R E L A T I O N S H I P OF R A I L R O A D S A N D T H E P E O P L E . otherwise they have not fulfilled thoir purposo. They must havo, howevor,
both tho support of the railroads and tho public if such understanding is
Tho partnership between the railroads and the people to bo reached.
was dealt with in an address delivered recently by Paul
Tho railroads must, on their part, deal with the utmost frankness and
Slioup, President of the Pacific Electric R y . of Los A n­ fearlossness in all matters they have up with tho commissions. Anything
less than absolute Integrity in theso relations on both sides will handicap
geles, at a banquet tendered to the National Railway Com­ the commissions and handicap the railroads.
missioners. M r . Shoup drew attention to the fact that the
Likewise, the railroads must oxercise every opportunity to creato repu­
partnership between the public and the railroads is of a tations for fairness and consideration In doaling with tho public. Thoir
policies must be consistent, firm, frank and fair. Within thoir powor they
nature where the success of each is essential to the success must educate the public as to their needs and motives. This support will
of the other. H e pointed out that there is evidence to show help the commissions.
Tho people who complain unjustly about railroad rates and practices
that one party in this association, the railroads, is in danger
do so in largo part becauso of ignoranco.
of bankruptcy, and if this be true, he asserted, the other
The people, as a wholo, aro busy gotting thoir broad and buttor. That
cannot continue to prosper. There are, ho declared, more takes most of thoir timo. Their knowledge Is greatest along tho particular
lino of endeavor that loads to that result. A railroad question Is not
railroads in the hands of receivers at this time than at any
approached as one with which they ordinarily deal. Tho immediate good
previous time in the history of tho United States, and what in increased service or a reduction in rate or a now station is seen by that
he considers of oven gravor concern is the fact that “ the peak community. That this good to thorn, accompanied by a thousand other
in the prosperity of the roads as a whole seems to have been similar whtttlings upon railroad rovenuos at tho same timo, and a like policy
extending over a considerable timo, may impair radically tho efficiency of
passed m any years.” Regulation, as such, he argued, is tho railroad system upon which they aro dopoudont for thoir vory commer­
not on trial. If it is constructive, intelligent and honest, cial existence naturally is not known to them. Tho railroads aro in tho
he contended, it is of benefit alike to the railroads and the best position to bring to light this sldo of tho quostion.
The people themselves are on trial as well as the railroads, but it is not
public. Ho agreed that the railroads must do their part, proper that thoy should be convictod of injustice to tho railroads nor of
but if, having done this, regulation fails, then, he declared, destruction of their own interests without effort boing mado, as every
opportunity offers, to show them tho path they aro traveling and where
it is becauso the public has permitted it to fail. If the two it will lead.
partners, the railroads and the public, are to get together,
They must realize that tlieir welfare as a whole is superior to any Indi­
as they should, the. commissions standing between them vidual gains or community gains that threaten that welfare.
And it is now apparent to all who have looked into the subject that this
must be such as will command tho confidence and respect general welfare is not dependent upon tho paring of rates or tho enforcing
of l oth partners. Continuing, ho said: “ W o need from the of unfair obligations, whether In increased taxes or otherwise, or servico
public and tho commissions, as a partner would give us, that is waste and therefore not service, upon tho railroads.
The welfare of the public’s side of tho partnership is expressed in the
constructve criticism.
W e need tho benefit of their experi­ phrase ‘ ‘.service that serves.” This means tho efficiency that increases
ence and viewpoint because they do have a different view­ with, and in partnership with the public develops, production and creates
point.” “ Investments,” he added, “ will not be mado where travel becauso meoting travel’s needs.
It means the additions of side tracks as commerce demands. It means
the spirit of hostile uncertainty prevails, and that is the dif­ more cars where more cars aro needed. It means stations where traffic,
ficulty that the railroads face.” M r . Shoup spoke as follows: actual or to be created, justifies stations. It means new lines into now
■Tho railroads and tho people are in partnership, but both have beon a ! territories which, developed, will add to tho wealth of the country. In­
long time finding this out. Their community of interest is groatcr than tho i directly, it means tho stable prosperity o f tho owners of tho railroads,
conflict between their Interests. When this is fully roalized tho danger j which, in turn, will help quiekon the prosperity of the rest of the public.
point will have been passed.
Tho railroads aro not on trial to tho extent they wero twenty years ago.
Britain grew to bo Great Britain through transportation by wator when They have pretty nearly all been tried, and while some have been con­
water transportation was supremo. The United States has grown to bo victed, many have come through unscathed.
You ask the question as to whether tho railroads of tho United States
a great nation commercially through rail transportation when rail trans­
portation Is supreme. All other systems within our country, whether have been properly handled and are efficient. You cite instances to show
by wator or by highway, are but auxiliary, so far as domestic commerce ! that there has been mismanagement. You bring up individual cases to
is concerned.
indicato fraud. You produce records to show waste.
Tho wonderful industrial efficiency o f tho United States, which has so
In every line of any human commercial effort you can do the same
enormously Increased its wealth and business activity and mado possiblo j thing. Thero Is nothing In tho human naturo working with tho railroads
its great growth in power and population, has como in major part from different from tho'human nature operating along any other lines of en­
the specialization in production which rail transportation alono has made deavor.
possiblo. Our railway systems have enabled every section of tho country
But when tho"statement is mado that tho railroads havo failed in’ thelr
to specialize according to its natural resources— to produce tho thing that mission as a whole, itfistnotfright.^ The wh(doTUnitod_States’ in’ alI its'comit is best adapted to produce. Railroads have removed time and cost as ! merciinSsfoatiie.sVisjfho.overwhoWiiirgireplyttoiahjksiiciilmis-stateincnt., ,




O ot. 30 1915.]

THE CHRONICLE

' There Is evidence to show that one partner in this association, the rail­
roads, is in danger o f going bankrupt. I f this bo true, the other cannot
CORegardle0ssPo r tP e ‘causes, there are more railroads in the hands of re­
h
c e iv e s at this time than at any previous tim e in the htetm y o f toe Unit>ed
States.
The creditors of the roads have 82 railways w ^li ^.OOO miles of
track in their control. These roads represent approximately 16% o f th ®
mileage o fT h e United States with a total capitalization o f two billions of

d°This is a matter of grave concern to this whole country.
But a matter of even more grave concern is tho condition of tho roads
not in tho hands of a receiver. Tho peak in the p r ^ e r i ^ M R erea d s
as a whole seems to have been passed many years. The
building new lines. They are. in many cases, unabie ,o refund the debts
now falling duo. The interest on tho floating debt, comparing 1904 with
1914, is relatively to tho interest on the funded debt moro than twice as

1435

A N ew York Stock Exchange membership was sold this
week for $74,000, an increase of $1,000 over the last previous
sale.
Edward Roesler, of Laidlaw & C o ., has been chosen a
member of the Governing Committee of the N ew York Stock
Exchange to succeed Frederic C . D e Veau, resigned. W . B .
Dickerman has resigned as a trustee of the Gratuity Fund of
the Exchange and is succeeded b y Henry C . Swords.

“ stating accounts in the same form and as prescribed by the Inter-State
Commerce Commission, tho net income above operat ng expenses of a ll
the rail wavs increased $172,000,000 between 1904 and 1914.
o r M s $ l S o S o ’ the public took in taxes $82,000,000. a total o
moro than double tho amount taken in 1904.
In the meantime, the railroads have had to find new money to put
into the properties to meet tho public’s needs not only to build now lines
but to tako care of tho commerce on the old lines. 1 he result was an in­
vestment in ten years o f tho enormous sum of $5,500,000,000 in that time
the interest on the funded and unfunded debt increased $160,000,000.
Tho total increase in interest charges and taxes was therefore $242,000,000.
against $172,000,000 in net income. Economies in other directions as to
deductions from income before carriyng amounts to surplus, but having
nothing to do with operating expenses, lessened the loss to the investors.
Tho final outcomo, however, was that the total surplus available for
dividends and other appropriations, such as additions and betterments,
for which tho railroads could not get money elsewhere, was only 5204,­
000,000 for the year onding Juno 30 1914, or $31,000,000 less than in 1904.
These statements apply to the railroads as a whole. The figures havo
been furnished me by a thoroughly capable accounting official and from
Thoy cannot be controverted by citing individual instances of waste.
Transportation is a factor in the final cost o f any article to tho con­
sumer is very small as a rule. How small it is may be illustrated by the
fact tin t if for tho service rendered, every person in tho United States had
paid during tho last year an averago of three-quarters of a cent per clay
to tho railroads moro than was paid, the income o f $204,000,000 would have
boon moro than doubled.
But what a change this doubling o f surplus incomo would make in rail­
road credit. It would then be easy to do those things that ought to bo
dono and that aro of tho most vital interest to tho public in a transpor• tation way in adding as need exists to the “ service that serves." In un­
numbered directions, how vastly such additions could be mado to accelerato and increase tho business of tho United States.
Thero is another relationship between these partners. The railroads
may not be tho pooplo, but tho people are tho railroads and in partnership
with thomselves.
Stockholders, 600,000; employees, 1,750,000; say 6,800,000 people di­
rectly dopondent for thoir livelihood upon the prosperity of tho railroads,
counting those dependent upon the stockholders and the employees. The
number of bondholders not known; but, as M r. Sproule said in his Seattle
speech, tho savings banks hold $900,000,000 of railroad securities; thoy
havo 1 1 ,0 0 0 ,0 0 0 depositors, and each depositor has a direct interest in these
securities.
Make your own calculation as to thoso dependent upon these deposi­
tors. Think of tho further interest of the thirty-four-odd million life in­
surance policyholders. Consider the industries largely dependent upon
railroads, not as partners, but as customers— tho mines that furnish them
with fuel, the steel mills that supply their rail, the lumber industries that
furnish their ties and bridgo materials. Tho railroads aro always in process
o f reconstruction. As they wear out, they arc renewed. But whether
they aro ro-created in kind or better or less than kind depends upon
their prosperity.
Following this through, allowing for duplications, tho majority of tho
peoplo of the United States probably have, directly or indirectly, an owner’s
or employee’s or dependent’s interest in tho welfare of this great'national
industry.
You gentlemen of tho railroad commissions bear a tremendous responsi­
bility.
.
Regulation, as such, is not on trial. If it is constructive, intelligent and
honest, it is of benefit alike to the railroads and the public.
As I havo said, the railroads must do thoir part. But if, having done
this regulation fails, thon it is because the public has permitted it to fail
Wo do not ask that tho public accept this burden in ignorance or in preju­
dice, but with full knowledge.
Railroad commissions, as such, arc not on trial. They provide such sys­
tematized avenues of communication between the railroads and the people
as they havo never had beforo. They aro indeed the bridges across the
chasm
These bridges should bo of the best timber possible and not bo
constantly reconstructed. They should bo made of heart of oak, able and
willing to bear the burdens placed upon them.
,
if tho public Is to retain men o f ability as commissioners it should ex­
pect to pay them better than it has been paying them. They should have
long terms of office, should be appointed rather than elected and not
be changed as a whole at any one time.
In the constructive policy, tho sincerity and tho ability with which its
public commission affairs havo been conducted, California has been fortunato, and I say this, having in mind that wo do not at all times agreo
with the conclusions that its commission reaches. It would be most
extraordinary if we did.

J. P . Morgan underwent an operation for appendicitis
at his home at Glen Cove, Long Island, yesterday. A
statement indicating that he was resting comfortably and
that his prompt recovery is looked for was issued at the
offices of J. P . Morgan & C o. as follows:
Mr. Morgan was at his office on Wednesday but yesterday was indis­
posed and remained at his home in Glen Cove. His physicians discovered
that he was suffering from a mild attack of appendicitis.
In order to guard against any recurrence, they decided to remove the
appendix. The operation was performed at noon to-day by Drs. Markoe,
Lyle and Smith, who report that it was successful in every way and that
M r. Morgan is now resting comfortably.
Mr. Morgan’s general condition is so excellent that his prompt recovery
is looked for.
.
, .
,

So far as can be learned the operation has nothing to do
with the attack made upon M r . Morgan by Frank Holt
last July.
Peter W . Goebel, President of the Commercial National
Bank of Kansas C ity, K a n ., was the guest of honor at a
banquet tendered on the 13th inst. by tho Bankers Club
of Kansas C ity, M o ., at the Hotel Muehlebacli, upon his
election as Vice-President of tho American Bankers’ Associa­
tion. The event also celebrated the selection of Kansas City
as the meeting place of the Associationin 1916. Over 3 0 0 bank­
ers attended the affair. The principal speakers during the
evening were ex-Govornor W . J . Bailey; E . F . Swinney, Presi­
dent First National Bank, Kansas C ity; Richard S. Hawes,
Vice-President Third National Bank of St. Louis, and
Georgo S. H ovey, President Inter-State National Bank of
Kansas C ity, M o . It was decided that the hotel proposition
at Kansas City shall be handled the same as for the past
three or four years at other convention cities, namely by the
local hotel committee, and reservations will not be made
otherwise than through this committee. Those desiring ho­
tel accommodations should communicate with the hotel
committee, which is as follows:
c . Menefee, Vice-President Commerce Trust Co., Chairman;
Thornton Cook. Vice-President Fidelity Trust Co.;
W . L. Buechle, Vice-President Southwest National Bank o f Commerce:
G. G. Moore, Cashier New England National Bank;
Asa E. Ramsay. Vice-President Drovers’ National Bank;
C. W . Allendoerfer, Asst. Cashier First National Bank.
r

Kansas City is amply supplied with good hotels and can
take care of all desiring to attend the 1916 convention.

Controlling interest in the International Banking Corpora­
tion, which operates the International Bank at 60 W all
Street, and sixteen branch banks, has been purchased by
J. S. Bacho, of the New York Stock Exchange house of
J. S. Bache & Co. The price paid for the stock is $160 a
share and under the terms of tho salo opportunity is offered
to the minority stockholders to sell their holdings at the
same figure. The stock sold to M r . Bache was owned by
tho estate of General Thomas H . Hubbard and other in­
terests. Tho late General Hubbard was the founder of the
International Banking Corporation and was, up to the time
of his death last M a y , Chairman of the Board. He was
also President of tho International Bank. M r . Bache is a
director and a member of the executive committee of the
corporation. Tho $500,000 capital stock of the International
Bank, which is owned by the corporation, is included in tho
sale to M r . Bache. The International Banking Corporation
is capitalized at $3,250,000 and has the same amount of sur­
plus. According to a statement of its condition on June 30,
BANKING, LEGISLATIVE AND FINANCIAL NEWS. its deposits aro over $22,000,000. The corporation operates
1207 branches in Bom bay, Calcutta, Canton, Cebu, Colon,
Hankow, Hongkong, K obe, London, Manila, Panama,
155
Pekin, San Francisco, Shanghai, Singapore and Yokoham a.
It has been rumored that the National C ity Bank, through
450-460,
450
its holding company, the National City C o ., had purchased
50
tho controlling interest in the International Banking Cor­
poration from M r . Bache, but no confirmation of this could
177
161
65
be obtained yesterday. It is thought, however, that the
o i „ , BANKS— N e w Y o rk .
L in o . H ig h . C lo se. L a st p re v io u s s a le .
450
Oct. 1915— 400
*0 0
City Rank, National_____ 450 460
control will finally pass to the National City Bank if present
♦65 Commerco Nat. Bk. o f— 171
177
177
Oct.
1915— 161
52 Com Exchango Bank____ 301 'A 30144 3014$ISopt. 1915 -3 0 0
negotiations are satisfactorily completed.
The Interna* Sold at tho Stock Exchango.
ional Banking Corporation operates under a Connecticut

Tho public salos of bank stocks this week aggregate
shares, of which
shares wore sold at the Stock Exchange
and 52 sharos at auction. Ninety shares of National City
Bank stock were sold at
closing at —an advanco
of points ovor last week’s salo prico. National Bank of
Commerco stock also advanced in prico the close being at
against
last week, with sales of shares.




1436

THE CHRONICLE

charter. H. T. S. Green is President and General Manager
and John Hubbard is Vice-President and Treasurer.
The Stock Exchange firm of Chisholm & Chapman will
distribute among its employees on N o v . 1 their pro rata share
of the company’s profits for the six months ending Oct. 31.
It is stated that each employee will receive an amount equal
to about two months’ salary. When Henry Ford announced
his plan of sharing the profits of his business with his em­
ployees, Chisholm & Chapman informed their employees
that 1 0 % of the firm’s profits, after overhead charges had
been deducted, would be divided among them in proportion
to salaries. The plan was put into effect two weeks before
the outbreak of the European war, but the six months just
ending are the first to show profits sufficient for a distribu­
tion. The profit sharing plan takes the place of the custom­
ary Christmas bonus and members of the firm state that the
plan has resulted in a new standard of efficiency in their
office force.

[Vol. 101.

general creditors of the New York Mortgage C o ., this in­
stitution having already paid a 1 2 % dividond; 1 5 % dividend
to the depositors of Deutseh Bros., private bankers of this
city, a 2 0 % dividend having already been paid in this liqui­
dation; and an additional 5 % , making a total of 2 0 % , to
the depositors of L . W . Schwenk, also a private banker.
A certificate of organization for the Yonkers Trust Com­
pany of Yonkers, N . Y . , was filed with the Stato Banking
Department at Albany on the 22d inst. The incorporators
are William Forster, B . L . Haskins, A . D . Ferguson, Frank
Hudson, Robert Boettger, Eugene II. Gibson and C . C .
Hubbell, all of Yonkers. Tho capital of the company is to
be $100,000.
A sentence of two years in State’s Prison was imposed upon
M rs. L . C . Munson by Judge Rellstab in the United States
District Court at Trenton, N . J ., on Oct. 14 for hor part in
inducing Ralph Lovoll, former paying teller of the First
National Bank of Edgewater, N . J ., to appropriate over
$125,000 in cash and securities from tho bank. As previously
stated, Lovell was sentenced on July 28 to two years in
Stato s Prison by Judge Rellstab on a charge of larceny.

A s indicated in our issue of Oct. 2, J. Howard Ardrey, of
Dallas, enters the National Bank of Commerce in New York
as Vice-President on N o v . 1. A t the same time the soveral
promotions among the officers heretofore noted will also take
Tho merger of tho Commercial National Bank of Syracuse,
effect. These changes affect Stevenson E . W ard, who
advances from the cashiership to a vice-presidency, Faris R . N . Y . , with the Syracuse Trust C o ., has been effoctod, the
Russell, who rises from the post of Assistant Cashier to that latter institution having opened for business on tho 13th
of Cashier, and Archibald F . Maxwell, Manager of the inst. with more than $3,000,000 additional assets as a
result of the consolidation. As heretofore stated, plans for
Credit Department, who becomes an Assistant Cashier.
M r . W ard is a native of Mansfield, 0 . H e is 36 years the merger were completed on Sopt. 8. Tho trust company
old, and received his education in Mansfield and at the took over the assets and assumed tho liabilities of tho Com­
University of Michigan at Ann Arbor. After leaving college mercial National, which has been placed in voluntary liquida­
he became actively engaged in business in Mansfield. In tion. Hendrick S. Holdon, formerly President of the
1912 he resigned the cashiership of the Bank of Mansfield Commercial National, and Anthony Lamb, who was Vice­
to become Assistant Cashier of the Bank of Commerce, and President and Cashier of tho liquidating institution, have
been elected Vico-Presidents of the Syracuso Trust, succeed­
m October of the same year was elected Cashier.
M r . Russell was bom in Franklin, Ten n ., 32 years ago. ing William Nottingham and Willis A . Holdon, resigned.
For about two years after graduating from high school he Messrs. Nottingham and Holdon, liowover, remain on tho
was in the cotton business in the South. In 1901 he entered board of the trust company. M r . Lamb is liquidating agent
the Western National Bank in N ew York as a messenger, of the Commercial. The capital of the Syracuso Trust is
going to the Bank of Commerce upon its consolidation with $500,000 and its surplus $5C0,000; the stockholders voted
the Western National Bank in 1903. W ithin four years to increase tho former item from $300,000 to $500,000 on
Sept. 24.
he became Assistant Cashier.
M r . Maxwell was born in Davenport, Iow a., and is 34
Robert L . Fryer, President of tho Manufacturers’ &
years old. After graduating from high school, ho entered
the service of R . G . Dun & C o. in Davenport as a messenger. Tradors’ National Bank and the Fidolity Trust Co. of
Aftor a few years he left the company to go to Cornell Col­ Buffalo, N . Y . , died on tho 20th inst. M r . Fryer had been
lege, Iowa. H e graduated in 1905, and enterod the credit President of the Manufacturers’ & Traders’ since 1902 and
department of the Mellon National Bank in Pittsburgh. when interests associated with that institution secured
From 1906 to 1913 he was Assistant Treasurer of the Pitts­ control of tho Fidelity Trust C o. in 1910 ho was
burgh Gage & Supply Co. He was elected a director of the made President of the trust company. Prior to that time
Pittsburgh Association of Credit M en , and during 1911-13 he had been Vice-President of tho Fidelity. M r. Fryor was
was its Vice-President. H e went to the National Bank of one of tho organizers of the trust company. Ho was a
Commerce in N ew York in 1913 to takecharge of the Credit director of the National Commercial Bank of Albany, a
Department. H e was elected a director of the Credit M e n ’s Vice-President of the Buffalo Gas C o ., tho International
Association of N ew York, and of the New York Chapter of Railway C o. and the Western Now York & Pennsylvania
Railway.
the American Institute of Banking. He is also a member of
the Faculty of Columbia University Extension Course.
Sylvester Clark Dunham, President of the Traveler’s
Insurance C o. and the Traveler’s Bank & Trust C o. of
David W . Parry, R . M . Byrnes and William L . M cK ee Hartford, C onn., died on the 26th inst. M r . Dunham was
have been appointed Assistant Cashiers of the National also President of the Travolors Indemnity Co.,Vice-Prosident
City Bank of N ew York.
of tho National Exchango Bank of Hartford; ho was a direc­
tor of the Metropolitan Bank and tho American Surety Co.
The members of the board of the Columbia Trust C o ., this of N ew York, tho United Gas & Electric Corporation, the
city, have elected A . Chester Beatty a director of the insti­ American Hardware Corporation of Now Britain, the
tution.
Glastonbury Knitting C o ., tho Phonix (Fire) Insurance C o .,
tho Hartford City Gas Light C o ., C olt’s Patent Firo Arms’
Authority to pay a 5 % dividend to the depositors of the Manufacturing C o ., tho Underwood Typowritor C o . and tho
failed Northern Bank of Now York was applied for to the First Reinsurance Co. M r . Dunham was sixty-nine years
Supreme Court at Albany by State Superintendent of Banks of age.
Eugene Lamb Richards on the 22d inst. The payment of
The twelve directors of tho Windsor Locks Savings Bank
this dividend will bring the total distribution to depositors
up to 6 5 % .
of Windsor Locks, Conn., which closed its doors in 1912,
Superintendent Richards has also made application for the have agreed to pay tho $35,000 judgment which was handed
payment of an additional 5 % dividend to the depositors of down against them last March by the Supromo Court, and
the defunct Carnegie Trust Co. of this city. It is stated will not ask for a retrial of tho cases. In rogard to this
that thero are sufficient funds on hand to pay a '10% dividend decision one of the directors is quoted as saying:
This is not an admission that wo aro morally responsible. The Judgment
in this liquidation, but Superintendent Richards is unable
of tho Court was on purely technical grounds. It was only tho realization
to pay that amount because of pending litigation.
of tho hopelessness of continuing tho strugglo that decided tho board to
It is also announced that Superintendent Richards hopes pay tho judgment rather than prolong tho litigation indefinitely. Judge
Bennett
to pay in the near future an additional 1 0 % dividend to the decision. absolved us from any blamo but on technical grounds In his
shareholders of the Industrial Savings & Loan C o. of this
As stated in those columns, tho Windsor Locks Savings
city, which would make a total dividend of 3 5 % ; a 2 1 %
Bank was placed in tho hands of rocoivors in M a y 1912,
dividend to the bondholders, and a 7 % dividend to the following the discovory of allogod irregularities in tho books




OCT. 30 1915.]

THE CHRONICLE

covering the period during which the late Alfred W . Converso served as its Treasurer. The receivers, Fred P . Holt
and Norris S. Lippitt, then Bank Commissioners, brought
four suits against the directors to recover damagos for tho
alleged negligence of the directors in permitting funds to be
stolon by the Treasurer and to roeover tho amounts of certain
dividends declared and paid in excess of profits. Tho suits
were tried in the Superior Court of Hartford County and
in July 1914 were decided in favor of tho defendants. The
receivers carried the case to the Suprome Court, which
sustained the Superior Court in two of the cases, but de­
clared it in error in tho other two and ordered these cases
retried. The cases in which the Supremo Court sustained
tho lower court were those against directors whose terms of
service ended more than six years ago, tho decision being
that the statute of limitations operated in tho caso. It is
stated that as a result of the decision of the directors, all that
remains now is for the case to be reopened in the Superior
Court to provide for the settlement of the judgment.

1437

institution. Louis N . Spielberger, Cashier of the bank,
has been chosen a director to fid the vacancy caused by the
death of W idiam T . Tdden.
Albert N . Hogg has been elected an Assistant Cashier
of tho C om Exchange National Bank of Philadelphia.
M r . Hogg had heretofore been in charge of the credit depart­
ment of the bank. H e has been connected with the insti­
tution for fifteen years.

C.
M . Gerwig has been chosen Cashier of the Third
National Bank of Pittsburgh. H e assumed his new duties
on the 13th inst. M r . Gerwig was formerly Vice-President
of the Lincoln National Bank of Pittsburgh, which was
taken over b y the People’s National Bank last M arch.
The directors of the German Bank of Baltimore have
elected John P . Lauber First Vice-President of the bank.
M r . Lauber has been a director of the institution and is
President of the German Fire Insurance C o. of Baltimore.

Henry E . D e K a y , who was convicted on a charge of aid­
ing and abetting Edward P . M etcalf, former President of the
failed Atlantic National Bank of Providence in the misap­
plication of tho bank’s funds, was denied a new trial on Sept.
29 by Judgo Arthur L . Brown of the U . S. District Court at
Providence. As previously stated, M etcalf was found guilty
on Jan. 23 on all ten counts of an indictment charging mis­
application and was sentenced on March 22 to five years’
imprisonment on each of the ten counts, the sentences to
run concurrently. De K a y was found guilty by the same
jury on nino counts of an indictment charging him with
aiding and abetting M etcalf. Ho was allowed to file an
appeal. In asking for a new trial it was alleged that De
K a y ’s case had been prejudiced by being tried with that of
M otcalf, and also that the verdict of the jury was not in ac­
cordance with the evidence. In his opinion Judge Brown
says in part:

The State Bank of Chicago has issued an attractive little
booklet entitled “ A Bank W ith a Record.” The booklet,
which is bound in white covers, contains information regard­
ing the development of the bank and describes its various
departments. The institution is an outgrowth of the
private banking firm of Haugan & Lindgren, established in
1879, the latter’s incorporation as the State Bank of Chicago
occurring in 1891. A t that time the bank’s deposits were
$1,088,657 and its capital stock $500,000. W ithout amal­
gamation or purchase of competitors, its deposits have
grown year by year until they now aggregate $26,700,000.
The capital is now $1,500,000 and in addition the bank has
surplus and undivided profits of $3,350,000. The institu­
tion pays an annual dividend of 1 6 % and its stock is quoted
at $400 per $100 share. L . A . Goddard is President of the
institution and associated with him in its management are
Upon a full consideration of the petition o f Henry E. Do Kay for a now Henry A . Haugan, Vice-Prosidont; Henry S. Henschen,
trial I am o f tho opinion that tho verdict Is not contrary to tho evidence or
to tho weight thereof, but that the evidence was sufficient to justify tho jury Cashier; Frank I. Packard, C . Edward Carlson, Walter J.
In finding that tho drafts were not proper instruments for use in any man­ Cox and Edward A . Schroeder, Assistant Cashiers; Samuel
ner as a moans of withdrawing funds from tho Atlantic National Hank E . Knecht, Secretary; and William C . Miller, Assistant
that tills was well known to Do Kay and Metcalf, and that they co-operated
in preparing and using such drafts in pursuance of a scheme or plan to socuro, irregularly and illegally, the temporary use o f tho funds o f the bank
for their private purposes.
Whilo it is probablo that both M etcalf and Do Kay expected to realize
funds with which to repay tho bank, tho jury was, nevertheless, justified
in finding that tho means whereby such funds, for tho repayment of tho bank
and additional funds for their own profit wero to be realized, were known to
both M otcalf and De Kay to bo illegal.
It is further urged that Do Kay was prejudiced by being tried jointly
with Motcalf, since much ovidenco that was relevant to Metcalf was in­
competent as to De Kay. As tho transactions named in the indictments
wero joint transactions, it was entirely proper that the defendants Metcalf
and Do Kay should bo tried together, and I am o f tho opinion that no un­
duo prejudice to De Kay resulted therefrom or from tho fact that the
ovldonco as to Motcalf took a somewhat wider scopo than the transactions
in which Do Kay was directly involved.

Frank W est Rollins, former Governor of Now Hampshire,
and head of the banking firm of E . H . Rollins & Sons, died
on tho 27th inst. in Boston. M r . Rollins was born in Con­
cord, N . H ., on Fob. 24 1860. Ho was elected to tho New
Hampshire Senato in 1895 and held the post of President of
that body.
H e was Govornor from 1899 to 1901.
At
the time of his death, in addition to being President of
E . H . Rollins & Sons, ho was Treasurer and trusteo of St.
Paul’s School, Concord, N . I I .; trustee of M . I. T . Brantwood C am p, Greenfield, N . H .; Concord Public Library,
Orphans’ Homo of Concord; President of tho Now Ham p­
shire Forestry Association, Now Hampshire Good Roads
League, Church Settlement Society. Ho was also a member
of tho Boston Chamber of Commerce. Ho was formerly
Prosidont of the Now England Business Federation.

Secretary.
A new banking institution known as the German Bank
of Chicago, has been organized as successor to tho Inter­
national Trust & Savings Bank of that city. The new
institution opened for business on the 25th inst. at 1159-61
N orth Clark St. in the quarters occupied by the Inter­
national Trust & Savings Bank. The new institution has
announced that the choice of its name has no connection with
any agitation in favor of or against any foreign war loan,
but merely recognizes the fact that the bank is located in a
district inhabited largely by a population of German extrac­
tion. The new bank has a capital of $200,000. Its officers
are Gustave F . Fischer, President; Harry H . Keyes, Vice­
President, and Jacob R . Darmstardt, Cashier. As hereto­
fore stated, the International Trust & Savings Bank was
formed last year and represented a reorganization of the
International Savings Bank.
It is reported that arrangements have been concluded
which will lead to the consolidation of the Aetna Trust &
Savings C o. and the Security Trust C o ., both of Indianapolis.
N o details of the proposed plan have been made public, but
it is understood that a syndicate has purchased the con­
trolling interest in the Aetna Trust & Savings Co. and will
soon complete plans which havo been under consideration
for tho merger of the two institutions. The Aetna Trust
& Savings C o. has a capital of $1,000,000, while the Security
Trust C o. has a capital of $325,000.

Edwin A . Landell, President of the Kensington National
Bank of Philadelphia, died on the 11th inst. M r . Landed
was 83 years old and a Civil W ar veteran. He had been
President of tho Kensington National sinco 1889. M r.
Landed had been a member of the oil firm of G . A . & E . A .
Landed, and a director of tho American Dredging C o.
Charles Delany has beon elected President of tho Kensing­
ton National to succeed M r . Landed. M r . Delany became
Vice-President of tho bank last July, having taken tho
place of Lewis Davis, who resigned. Ho has been a director
of the institution for twenty-two years.

George P . Flannery of Minneapolis has been chosen for
the presidency of the Northwestern Trust C o. of St. Paul,
succeeding Otis Everett, resigned. M r . Flannery is a
member of the law firm of Flannery & Cooke. H e will
assume his new duties next month. As heretofore stated,
M r. Everett became President of the trust company last
December, succeeding Haydn S. Cole.
M r . Everett was
formerly associated with the Guaranty Trust Co. of N ew
York. It is said that he has large financial interests in the
East which require his personal attention.

J. S. M cCudock, a director of tho Union National Bank
of Philadelphia, has beon elected a Vice-President of the

In connection with its twenty-fifth birthday, the Missis­
sippi Valley Trust C o. of St. Louis has issued a twenty-fifth




'

1438

THE CHRONICLE

anniversary number of its bi-monthly publication, “ Service.”
The i coklot instances the rapid growth o St. Louis during
the past quarter-century and points out:
Tho men who were the original incorporators o f the Mississippi Valloy,
thoso of them who still live, aro its managers to-day. Its first President is
now Chairman o f its Hoard of Directors. Its first Secretary is now Presi
dent. Its present Secretary entered its service in its first year as onofourth its total clerical forco, and has seen it grow from a corporation with
one small second-floor office and a paid-in capital o f about a half a million,
to an institution whose present building will soon be too small to hold it—
whoso caiptal now amounts to $3,000,000. fully paid, whoso surplus is
$3,500,000, whoso undivided profits amount to $1,857,227, whoso total
deposits are $17,546,766, whose total assets aro $26,072,919, whoso de­
partments are seven, and whose customers aro forty thousand.
Tho Mississippi Valloy Trust Co. has grown becauso St. Louis grew. It
has developed because tho great Southwest developed. It has prospered
because its customers prospered. It has mado money by connecting itself
with and helping to further that growth, that development and that
prosperity.

The anniversary number contains photographs of the offi­
cers a d directors of tho trust company. It also gives a
brief sketch of the financial history of tho institution and
describes its sovon branches— the financial, tho trust, tho
bond, tho real es'ato, tho safe deposit, tho savings and the
farm loan departments.

[Vol. 101.

tees of tho Association. Tho details o f the regular and continuing activities
of tho Association are given in tho reports of tho seven executive depart­
ments of tho headquarters organization under tho immodiato direction of
tho Secretary. These aro the Bureau of Research, tho Publicity Bureau,
the Membership Bureau, tho Traffic Bureau, tho Industrial Bureau, tho
Convention Bureau and tho Library. A brief account of tho Association’s
plan of organization, illustrated by a diagram, also forms part of tho
matter presented in tho volumo. Tho alphabetical and classified lists of
tho Association’s members, more than 3,300 in number, fill 139 pages of
tiie “ Year Book,” the names constituting tho enrollment on Oct. 1 1915.
Tho membership consists of individuals, firms and corporations, repre­
senting every trado, industry and profession in tho city. Tho preponder­
ance of the membership is that of firms and corporations. The book is
adequately illustrated with portraits and with views of tho headquarters
of tho Association in the Woolworth Building.
T I IE E N G L IS H GOLD A N D S IL V E R M A R K E T S .

W o reprint tlio following from the weekly circular of
Samuel Montagu & C o. of London, writton under date of
October 14 1915:

GOLD.
Tho oxternal movement has been adverse to tho Bank of England.
Tho following amounts wero received by tho Bank:
Oct. 13— £747,000 in bar gold.
Oct. 13— 400,000 in foreign gold coin.
Oct. 13— 600,000 in sovereigns from abroad.
Withdrawals wero made as under:
Oct. 7— £94,000 in bar gold.
Chester F . Adams has been choson Treasurer of tho
Oct. 7— 500,000 in sovereigns for Spain.
i
Citizens’ Savings Trust Co. of Kansas C ity, M o ., M r .
Oct. 7— 50,000 in sovereigns for Portugal.
Oct. 8 — 200,000 in sovereigns for the Continent.
Adam s had previously been an Assistant Cashier of tho
Oct. 8— 300,000‘in bar gold.
Western Exchange Bank of that city, with which institu­
Oct. 9— 208,000 in bar gold.
tion ho had been connected for twenty-one yoars.
Oct. 9— 250,000 in sovereigns for tho U. S. A.
Oct. 9— 200,000 in sovereigns sot asido on Egyptian account.
Oct. 12— 710,000 in sovereigns for tho U. S. A.
T.
C . Williams Jr., a director of tho Virginia Trust Co.
Oct. 13— 415,000 in sovereigns set asido on Egyptian account.
Oct. 13— 490,000 in bar gold.
of Richmond, V a ., has been electod a Vicc-Presidont of tho
During tho week tho reduction on balanco amounted to £1,670,000institution to succeed tho late James N . B oyd, M r. W il­
Tho output of tho Transvaal for the month of September 1915 amounts
liams is a director of tho First National Bank of Richmond.
to £3,299,423, as compared with £2,982,630 in September 1914 and
£3,307,975 in August 1915.
SILVER.
Tho Iirst National Bank of M obile, A la ., celebrated on
Tho undertone remains good. Quite a substantial measure of support
tho 18th inst. tho fiftieth anniversary of its founding. Tho has been rendered by tho English Mint, and as the Continental demand
institution has a capital stock of 8300,000 and under tho has been fairly active tiro price lias been inclined to advance. There was
a slight reaction of l-16d. from 23 15-16d. (last week’s closing price) on
last call of the Comptroller of tho Currency showed surplus Saturday, but tho fraction was regained on Monday, and the quotation
and profits of 8637,297 and deposits of 83,695,070. The roso to 24d. on Tuesday, at which figure it has remained. China merely
bank was tho recipient of congratulations from all ovor tho dabbled in tho metal, and figured slightly either as a buyer or a seller on
some of tho days. The Indian Bazaars are sending no orders to this market.
country on tho occasion of its birthday and its banking An Indian currency return for Oct. 7 gave details in lacs of rupees as follows.
quarters on St. Francis Street were decorated with numerous Notes in circulation--------------- 62,951 Gold coin and bullion___________ 5 , 9 1
floral congratulatory offerings sent by its hosts of frionds. Reserve in silver c o i n ________36,S9|Gold in England..........................6 ,1 5
Tho stock in Bombay consists o f 7,200 bars, as compared with 7,300
It is stated that tho First National is tho oldest banking last week. No shipment has been made from San Francisco to Hongkong
this wock: Tho “ Bankers’ Magazine" states that coinage reform in China
institution in Alabam a.
is again on foot, and adds: “ Thus the new coinago, according to these
reports, would bo issued as follows: In the first two years, 200 million
An application to organizo the State National Bank of one-dollar coins plus 80 million half-dollar coins; in tho tlircc following
San Antonio, T ex ., with a capital of 8500,000, to succeed years 235 million 10-cent coins plus 50 millions of 5-cent coins would bo
mado available; and in tho five years following 275 million 2-ccnt coins, 858
tho State Bank & Trust C o. of that city was approved on million 1 -cont coins ( 1 0 cash) plus 186 million 1 -cash coins would bo made,
the 5th inst. by tho Comptroller of tho Curroncy.
these last three coins being copper.”
Quotations for bar silver, per ounce standard:
Oct. 8 ____23 15-16 cash'
No
) Bank rato_________________ _ 5 %
Frederick H . Colburn, heretofore Assistant Managor of Oct. 9___ 23 J-h
“ I quotation IBar gold, tier oz. standard. .77s. 9d.
Oct. 11___ 2315-16 “
\
fixed
! French gold coin, per oz___ Nominal
tho San Francisco Clearing IIouso Association, has been Oct. 12___ 24
“ |
for
IU. S. A. gold coin, per oz..N om inal
“
forward
chosen Managor to succeed the lato Charles Sleopor. Tho Oct. 13___ 24
Oct. 14___ 24
“ j delivery. J
latter had served as Manager for thrity-oight years. M r. A v. for wk., 23.958 cash
Tho quotation to-day for cash delivery is l-16d. abovo that fixed a
Colburn’s elevation to tho position will not intorfero with
week ago.

his work as Secretary of tho California Bankers’ Association.
Thomas P . B u m s, Cashier and Acting Treasurer of tho
United States Sub-Treasury at San Francisco, will tako
M r . Colburn’s place as Assistant Managor of tho Clearing
House. M r . Burns will sever his connection with the Sub­
Treasury, after a servico of twonty-fivo yoars, and will
assume his now duties on Novombor 1.
W . R . Phillips has purchased a controlling interest in tho
Contral Bank & Trust Co. of North Yakim a, W ash ., from
Georgo C . M itchell, forinorly President of tho institution.
M r . Phillips succeeds M r . Mitchell as President. A . B
Rood, who was formerly connected with tho Royal Bank of
Canada, has been made Cashier of tho Central Bank & Trust
Co. M r. Phillips was recently said to have acquired a
controlling interest in tho Bankers Trust C o. of Tacoma,
and to have becomo President of tho company. He is also
President of tho Broadway Stato Bank and tho Northern
Bank & Trust C o ., both of Seattlo.

^ YEAH BOOK OF THE M E RC H A N TS’ ASSOCIATION.— Tho 1915
‘ ‘Year Book of the Merchants’ Association o f Now York” is now being
distributed to tho members. Tho present volume comprises 240 pages and
compares with 212 pages in the 1914 “ Year B ook.” tho increase in its sizo
serving to indicate tho further development o f tho Association’s activity.
William C. Breed, Chairman o f tho Members’ Council, submits in tho book
a summary o f the organization and activities of tho Council, in which all
the members o f the Association aro divided into groups o f trades, industries
and professions. The report o f tho Secretary, S. C. Mead, gives a general
view of tho work of tho Association and Its various bureaus. Tho report
ncludes a brief summary o f tho most important proceedings o f tho commit-




E N G L IS H F I N A N C I A L M A R K E T S — PER C A B L E .

1 110 daily closing quotations for securities, & c., at London,
as reported by cable, liavo been as follows tho past week:
London,
Oct. 23.
Oct. 25. Oct. 20. Oct. 27. Oct. 28. Oct. 29.
Week ending Oct. 29.
Sat.
M on.
ru e s .
Wed.
Thurs.
F r i.
Silver, per oz.................... d.23H
23 15-10 23 15-10 24
24)4
24 1-10
Consols, 2)4 per cents.................
05
65
05
65
05
British 4)3 per cents.................
98)4
98)4
93)$ 98).f
9Sq
French Rentes (In Paris)..fr.06.50 00.25
00.15
60
05.90
65 75

$ a m m z v cial
DIVIDENDS.
The following shows all tho dividends announced for the
future by largo or important corporations.
Dividends announced this week are 'printed in italics.
N am e o f Com pany.

Railroads (Steam).

Per
Cent.

Atch. Top. A S. Fe, com. (qu.) (No. 42).
1)4
Atlantic Coast Lino UR., pref. (quar.).. 2 x
Central RR. of New Jersey (quar.)_____
2
Cripple Creek Cent., com. (qu.) (No. 24) 1
Preferred (quar.) (No. 40)____ _____
1
Cuba RR., common_________________
3
Elmira A Williamsport, common_______ 2.20
Grand Trunk, guaranteed stock.............
D$
Great Northern (quar.)_______________
in
N ashua A Low ell ........... ........ ...............
4x
New York Central RR. (quar.)________
m
Norfolk A Western, com. (quar.)______
IX
Norfolk A Western, adj. prof, (quar.)__
1
Northern Pacific (quar.)______________
1H
Pennsylvania {quar.) .................................
1)4
Reading Company, com. (quar.).............
2
Reading Company, 1st pref. (quar.)........ .1
X
i St. L. Rocky Mt. A P. Co., com. (No. 0 )

When
Payable.

Books Closed.
Days Inclusive.

Deo. 1 Holders of rcc. Nov. 5a
Nov. 10 Oct. 31 to Nov. 10
Nov. 1 Holders of rec. Oct. 22a
Dec. 1 Holders of rcc. Nov. 20a
Deo. 1 Holders of rcc. Nov. 20a
Nov. 1 Holders of rec. Juno 30a
Nov. 1 Oct. 21 to Oct. 31
Nov. 8 Oct. 10 to Nov. 8
Nov. 1 Sept. 25 to Oct. 14
Nov. I Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 7a
Dec. 18 Holders of rcc. Nov. 30a
Nov. 19 Holders of rec. Oct. 30a
Nov. 1 Holders of rec. Oct. 11a
Nov. 30 Holders of rcc. Nov. la
Nov. 1 Holders of rec. Oct. 26a
1
Deo. 9 Holders of rcc. Nov. 23a
Nov. 1 Oct. 21 to Oct. 31

N am e o f Company.
S treet anti E le ctric R a ilw a ys.
American Railways, pref. (quar.)-----------Bangor R y . & E lec., com . (qu.) (N o. 7 ) . .
B
oston V
levatcd R
ailw
ay (quar.)
----------------BrazilianTrae., Lt. A P ., ordinary (q u .).
Cape Breton Elec. C o ., com . (N o. 12)___
Preferred (N o. 19)------------------------- —
Columbus R y .,P .A L t., com .(qu.) (N o. 7)
Preferred B (quar.) (N o. 7 )___________
Com m onw. Pow ., R y . A Lt., com . (qu.)
Preferred (quar.)................................ ......

1439

THE CHRONICLE

Oct. 30 1915.]
When
Per
Cent. Payable.

Books Closed.
D ays Inclusive.

When
Per
Cent. Payable.

N am e o f Com pany.

Miscellaneous (Continued).

Nov.
Dec.
Nov.
Nov.
Dec.
Nov.
Nov.
IX
$1 Nov.
1
Nov.
52
Nov.
Nov.
ix
2 X Nov.
Nov.
IX
Nov.
IX
Dec.
IX
Nov.
x
2
Jan.
Nov.
1
Nov.
2X
2 X Nov.
I X Jan.
Dec.
IX
$3
Nov.
I X Nov.
1
Nov.
Nov.
IX
1
Nov.
I X Nov.
Nov.
2
Dec.
IX
25c. Nov.
Nov.
IX
Nov.
IX
Nov.
4
I X Nov.
Nov.
IX
Nov.
2
Pullman Co. (quar.) (No. 195)_________
Quaker Oats, preferred (quar.)........ .......
I X Nov.
Rlker &
liegeman Co., common........ ..... I I X Dec.
Sears, Roebuck A Co., com. (quar.)____
I X Nov.
Nov.
Sierra Pacific Elec. Co., pf. (qu.) (No. 25) $1
S ersm sCma y co mn
ilv ith o p n, m o __________ 2 Nov.
Nov.
South. Calif. Edison, com. (qu.) (No. 23)
IX
Standard Milling, preferred (No. 25)___
2 X Oct.
S n adO (In ia a (q a __________ 3 Nov.
ta dr il d n ) u r.)

Nov. 15 Holders of rec. Oct. 30a Kelly-Sprlngfleld Tire, (common) (quar.)
Kerr Lake Mining (quar.) (No. 41)------Nov. 1 Holders of rec. Oct. 21
Nov. 15 Holders of rec. Nov. 5a Keystone Telephone, preferred_________
L ig Ca &Nv (q a (N 148)-----eh h o l a . u r.) o.
D C. 1 Holders of rec. Oct. 30
O
ig ett yers o a , m u r.)
Nov. 1 Holders of rec. Oct. 20a 1 L g AM Tb cco co . (q a ----Nov. 1 Holders of rec. Oct. 20a Lowell Elec. Light Corp. (qu.) (No. 78).
3
Massachusetts Gas Cos., com. (quar.) —
I X Nov. 1 Holders of rec. Oct. 15
Miami Copper Co. (quar.) (No. 13)------I X Nov. 1 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 18a Midwest Refining (quar.)______________
1
I X Nov. 1 Holders of rec. Oct. 18a Milwaukee & Chicago Breweries, Ltd___
M ile E
ob lectric, p
referred (q a ............ u r.)
Nov. 15 Nov. 1 to Nov. 15
1
C
onnecticut R
y. A Big., com A pref. (qu.)
.
Montreal Lt., Ht. A Pow. (qu.) (No. 58).
Cumberland Co. Pow. A Lt., pref. (qu.)
I X Nov. 1 Holders of rec. Oct. 16a
Munlclpal Service, pref. (quar.)________
Nov. 1 Holders of rec. Oct. 1
Duquesne Light C o., pref. (qu.) (N o. 3 ) .
IX
National Carbon, preferred (quar.)--------E a stS t. L. & Sub. C o ., pf. (qu.) (N o. 7).
X Nov. 1 Holders of rec. Oct. 22
National Lead, pref. (quar.)----------------Grand Rapids R y ., pf. (qu.) (N o. 6 0 ) ..
I X Nov. 1 Holders of rec. Oct. 20
Ntio a R in , co . (q a _________
a n l efin g m u r.)
Nov. 13 Oct. 24 to Nov. 13
3
Havana Elec. R y ., Lt. A Power, common
Nov. 13 Oct. 24 to Nov. 13
P
referred (q a _____________________
u r.)
3
Preferred___________ __________________
New Central Coal____ ________________
I X Nov. 15 Holders of rec. Nov. 5
International Traction, Buffalo, pref
_____
Jacksonville T rac., pref. (qu.) (N o. 19) 75c. Nov. 1 Holders of rec. Oct. 18a New England Co., 1st preferred________
N J Z c (q a ________________
ew ersey in u r.)
2 X Nov. 10 Holders of rec. Oct. 30a
L
ehigh V
alley Transit, preferred
......... ........
Nov. 1 Holders of rec. Oct. 16
North American Co. (quar.) (No. 47)-----Lewis. Aug. A W aterv., pf. (qu.)(N o.22)
IX
Nov. 1 Oct. 22 to Oct. 31
Ohio Cities Gas, common (quar.)_______
Lincoln Traction, pref. (quar.)................
IX
Nov. 1 Holders of rec. Oct. 20a Osceola Consolidated Mining (quar.)___
IX
Milwaukee E t.R y.A L t., pf.(qu.) (No.64)
Pacific Coast Co., 1st pref. (quar.)--------IX
M
onongahela V
alley Traction, pref. (quar.) Nov. 2 Holders of rec. Oct. 27a
Second preferred (quar.)____________
2 X Nov. 2 Holders of rec. Oct. 15a
M ontreal Tramways, com mon (quar.) —
Nov. 1 Holders of rec. Oct. 27a Pacific Power &
Lt., pref. (qu.) (No. 21).
IX
O
hio Traction, preferred (quar.)
............... Nov. 1 Holders of rec. Oct. la Penmans Limited, common (quar.)____
IX
Philadelphia C o., com . (qu.) (N o. 136 )-Nov. 1 Holders of rec. Oct. la
3
Preferred (quar.)___________________
6% cumulative pref. (N o. 6 )........... —
Public Servlco In v., pref. (qu.l (N o . 26). $1.50 Nov. 1 Holders of rec. Oct. 15a Peoples Gas Light A Coke (quar.)--------Jan. 1 Holders of rec. Dec. 15a P u hS e p
1
ittsb rg te l, referred(q a ________
u r.)
Third Avenue R y. (N . Y . City) (quar.).
Nov. 1
Pittsb. Term. W'houseA Transf. (mthly.)
I X Nov. 1 Oct. 23 to
W cst Penn Railways, pref. (q u a r.)-.........
Portland (Or JGasACoke.pf., (qu.) (No .23)
2 X Nov. 15 Holders of rec. Nov. la
Tam pa Electric C o. (quar.) (No. 44)- —
2
Nov. 1 Holders of rec. Oct. 2la P
ressedS e Cr, p (q a (N 6 7)-tel a ref. u r.) o.
U
nion S
treet Ry., N
ew B
edford, (quar.)...
Dec. 1 Holders of rec. Nov. 12
IX
Procter A Gamble, common (quar.)------W
ashington (I). C R
.)
y. A Klee., com
.(qu.)
Dec. 1 Holders of rec. Nov. 12
IX
Public Serv. Corp. of No. 111., com. (qu.)
Preferred (quar.)
______________________
1
2X
Preferred (quar.)___________________
W
ashlngton-Vlrglnla Ry., pref.
..................
IX
X
IX
X
IX

Banks.
5
Nov. 1 Holders of rec. Oct. 26
Am
erican E
xchange N
ational
-----------------3
Nov. 1 Oct. 28 to Oct. 31
Bowery (quar.)......... - .................................
1
Nov. 1 Oct. 28 to Oct. 31
Extra ______ _____ — -------- ---------------2>* Nov. 1 Oct. 26 to Oct. 31
Chemical National (b i-m o n th ly )..-.........
5
Nov. 1 Oct. 28 to Oct. 31
City, N
ational
............. .......... .........................
4
Nov. 1 Holders of rec. Oct. 31a
Corn Exchange (quar.)--------------------------3
Nov. 1 Holders of rec. Oct. 28a
Fidelity
__________________________________
Nov. 1 Holders of rec. Oct. 21a
G erm a n ia ------------------ --------------------------- 10
2 X Nov. 1 Holders of rec. Oct. 28a
Lincoln N
ational (quar.)
------------------------2
Nov. 1 Oct. 13 to Oct. 31
Pacific (quar.)................- .................- ..........
1
Nov. 1 Holders of rec. Oct. 30a
Westchester Avenue (quar.)............. ..........
T r u s t C oi. ^ m c s .
2
Nov. 1 Holders of rec. Oct. 27a
Astor (quar.)-------------------- -------- -----------to Oct. 31
I X Nov. 1 Oct. 22
Broadway (quar.).......................... ..............
Farmers' Loan * Trust (quar.).................. I 2 X Nov. 1 Holders of rec. Oct. 22a
3
Nov. 1 Holders of rec. Oct. 25a
Ham ilton, Brooklyn (quar.)-----------------Nov. 1 Oct. 26 to Oct. 31
5
Kings C
ounty. B
rooklyn (quar.)..—
.........
Fire In su ra n ce.
Nov. 1 Oct. 21 to Oct. 31
10
W
estchester Fire (quar.)-------- ----------------Mi c lla n e o u s .
Ahmeck M ining (qu ar.)......... .................. - $2.50 Nov. 23 Holders of rec. Oct. 23a
Nov. 15 Holders of rec. Nov. la
1
American Bank N ote, common (q u a r .)..
I X Nov. 1 Holders of rec. Oct.</19a
American Brass (quar.).................................
Nov. l Holders of rec. Oct.dl9a
1
E x tr a ............................................... ............
I X Nov. 1 Holders of rec. Oct. 15a
American Cigar, com mon (quar.)---------Jan. 1
I X Jan. 1 Dec. 25 to
American Coal Products, com mon (quar.)
6/ Nov. 1 Oct. 19 to Oct. 22
Com m on (payable In common s t o c k )..
Jan. 14
I X Jan. 15 Jan. 11 to
Preferred (quar.)........... .........................
Nov. 15 Holders of rec. Nov. la
1
Amer. Gist. Tcleg. of N . Y . (quar.).........
Dec. 1 Holders of rec. Nov. 17
2
American Gas (quar.)........................ ..........
Nov. 1 Holders of rec. Oct. 20a
Amer. Gas & El., pref. (quar.) (N o. 3 5 ).
IX
Nov. 1 Oct. 27 to Nov. 1
3
Am
erican C
lue, com ....... .............. ..........
m
on
Amer. Graphophonc, pref. (qu.) (N o. 70)
I X Nov. 15 Holders of rec. Nov. 1
Oct. 31
American Light A T rac., com . ( q u a r .)...
2 X Nov. 1 Oct. 16 to
Oct. 31
Common (payable In common s t o c k )..
2 X 1 Nov. 1 Oct. 16 to
Oct. 31
I X Nov. 1 Oct. 16 to
Preferred (quar.)--------------------------------Amer. M alt Corp., pref. (quar.) (N o. 15) 50c. Nov. 2 Holders of rec. Oct. 15
American Malting, preferred........... .......... 70c. Nov. 1 Holders of rec. Oct. 15
to Nov. 15
American Soda Fountain (quar.)------------I X Nov. 15 Oct. 31
Nov. 10 Holders of rec. Oct. 30a
Am
erican U
tilities, pref. (quar.)
--------------ix
Nov. 29 Holders of rec. Oct. 23a
Anaconda Copper M in in g --------- ------------ $1
Nov. 1
Atlas Powder, preferred (quar.)................
I X iN°V. 1 Oct. 22 to
Bellows Falls Power, preferred..................
2 X .Nov. 1 Holders of rec. Oct. 23
4
Bcrgner * Engle Brewing, preferred-------Nov. 1 Oct. 24 to Nov. 4
B
lgelow
-Ilartford C
arpel, pref. (quar.) i x
-----Nov. 1 Holders of rec. Oct. 27a
4
Nov. 15 Holders of rec. Nov. 8
B
ond A M
ortgage G
uarantee (quar.)
............
1
Brill (.1. G .) C o., pref. (quar.)..................
Nov. 1 Oct. 24 to Oct. 30
Brown Shoe, Inc., preferred (quar.).........
Nov. 1 Holders of rec. Oct. 23a
IX
Buras Bros., common (quar.)----------------Nov. 15 Holders of rec. Nov. la
IX
Preferred (quar.) (N o. 11)-----------------Nov. 1 Holders of rec. Oct. 15a
IX
Cambria Steel (quar.)----------------------------Nov. 15 Holders of rec. Oct. 30a
ix
C
anada C
em
ent, Ltd., pf. (qu.) (No.
2 3 ) ..
Nov. 16 Nov. 1 to Nov. 10
IX
2
Canoy River Gas (quar.)-----------------------Nov. 20 Nov. 10 to Nov. 21
1
Nov. 20 Nov. 10 to Nov. 21
E x tra ............. .......... ...................- ..............
Carriage Factories, L td., pref. (quar.) —
I X Oct.304 Holders of rec. Oct. 421
1
Ctuett,PcabodyACo.,Inc.,com .(qu.)(N o.8)
Nov. 1 Holders of rec. Oct. 21a
2
Nov. 1 Holders of rec. Oct. 15
Commonwealth Edison (ou ar.)..................
Dec. 1 Holders of rec. Nov. 15a
C
onnecticut Pow
er, pref. (quar.) 1 1 ) ..
(No.
IX
Dec. 15 Holders of rec. Nov. 11a
IX
C
onsolidatedC
as (quar.)
.................................
(1
I X Oct. 3 Holders of rec. Oct. 23a
Consolidation Coal (quar.) — ............ —
Nov. 1 Holders of rec. Sept. 30
Cuba Com pany, com m on............. - ............ 10
1
Nov. 1 Holders of rec. Oct. 25
D e Long H ook A Eye (quar.) (N o. 6 1 ) . . .
Dec. 15 Holders of rec. Nov. 30a
IX
Diamond Match (quar.)---------------------- - ­
X Oct. 80 Holders of rec. Sept. 29a
Distilling C o. of America, pref. (q u a r.)..
2
Nov. 15 Holders of rec. Oct. 30
Dominion Bridge, Ltd. (q u a r )..................
3
Nov 15 Holders of rce. Oct. 30
E x tr a _________________________________
Dec. 15 Holders of rec. Dec. 1
IX
E
astern S
teel, first preferred
-------------------Nov. 1 Holders of rec. Oct. 18a
Eastman K odak, common (extra) — - - - ­ 10
3
Nov. 1 Holders of rec. Oct. 15
Edison Elec. 111., Boston (qu.) (N o. 106)
Nov. 1 Holders of rec. Oct. 14a
Edison Elec. III., Brockton (N o. 5 6 )------ $4
Nov. 1 Holders of rec. Oct. 27a
IX
Electrical Securities C orp., pref. (quar.).
Nov. 1 Holders of rec. Oct. 20a
ix
Electric Bond A Share, pref. (qu.) (No.42)
2
Nov. 1 Holders of rec. Oct. 23a
Elgin National Watch (quar.)___________
Nov. 1 Holders of rec. Oct. 15
6
Eureka Pipe Lino (qu ar.)_______________
I X Nov. 24 Holders of rec. Nov. 12
Fairm
ont C
as, preferred (quar.)
....................
[Nov. 1 Holders of rec. Oct. 23a
3
Fall River Gas Works (quar.) (N o. 84) —
Nov. 1 Holders of rec. Oct. 29a
IX
Federal Sugar Refining, pref. (quar.)____
I X Nov. 1 Holders of rec. Oct. 20
Ft. Worth Pow. A Light, pref. (N o. 17).
Nov. 1 Oct. 23 to Oct. 31
IX
C
alr (R
obert) Co., preferred (quar.)
______
Dec. 1 Holders of rec. Nov. 19a
General Chemical, common (quar.)_____
IX
General M otors, preferred..........................
3 X Nov. 1 Holders of rec. Sept. 30
Goldfield Consolidated Mines'("quar.) _ .- 10c. Oct. 30 Holders of roc. Sept 30a
Jan. 1 Holders of rec. Dec. 21a
O
oodrlch (B F.) Co., preferred (quar.)..I X
.
.
Nov. 1 Holders of rec. Oct. 15a
Granby Cons. M in ., Smelt. & l ’ow ., L td.
IX
G
rcat N
orthern O
re
............. ...........................
50c. Dec. 15 Dec. 2 to Dec. 22
H
arrison Bros.,A Co., Inc., f r e ' / .
p e e r d/ /
r
Nov. 1 Holders of rec. Oct. 26
IX
Hercules Powder, preferred (quar.)_____
Nov. 15 Nov. 6 to Nov. 14
IX
H
oughton C
ounty E
lec. Lt., com 21). 6 2 X o . Nov. 1 Holders of rec. Oct. 25a
. (No.
P
referred (No.
26)--------------------------------75c. Nov. 1 Holders of rec. Oct. 25a
Illinois Northern Utilities, pref. (q u a r .)..
1X Nov. 1 Oct. 21 to Oct. 31
Holders of rec. Oct. 23
Indiana Pipe Line (quar.)........... ............ ..
$2
2
Inland S
teel (quar.)
.......................................
Dec. 1 Holders of rec. Nov. 10
International Banking Corporation.........
3
Nov. 1 Oct. 16 to Oct. 31
Int. Harvester of N. J ., pf. (qu.) (N o. 35)
Dec. 1 Holders of rec. Nov. 10a
IX
Int. Harvester C orp., pf. (qu.) (N o. 11).
Dec. 1 Holders of rec. Nov. 10a
IX
Int. Nickel, com . (payable In com . stock) 10/ Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 15a
IX
Preferred (quar.)--------------------------------Nov. 1 Holders of rec. Oct. 20
3X
Interocean OH, first preferred....................
50c. Nov. 1 Holders of rec. Oct. 23
Island Creek Coal, common (quar.)-------5
Nov. 1 Holders of rec. Oct. 15a
Kansas City Stock Yards of Maine, co m .
Nov. 1 Holders of rec. Oct. 15a
IX
Preferred (quar.).................................- - ­
1X Nov. 1 Holders of rec. Oct. 15a
Kansas City Stock Yards of M o. (q u a r .)..
Nov. I Holders of rec. Oct. 20a
IX
Kayser (Julius) 4 C o . 1st A 2 d pref.(quar.)
Oct. 30 Holders of rec. Oct. 28
Kellogg S itchboard A Supply (quar.) 3
w
------




S n adSn ryM co . (q a
ta dr a ita fg., m u r.)
P
referred (q a
u r.)

___
____________________
Steel Co. of Canada.Ltd.,pf (qu.)(No. 17)
Stewart-Warner Speedometer, com. (qu.)
Preferred (quar.).................... ............ ..
Taylor-Wharton Iron A Steel, pref. (qu.).
Texas Power A Light, pf. (qu.) (No. 14).
Thompson-Starrett Co., preferred............

3
25c.
$1.50
$1
3
2

IX
IX
IX
IX
IX
IX
IX

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
4
Uio A erica C a p
n n m n ig r, referred(qu
ar.).. I X Nov.
Nov.
1
United Cigar Mfrs., com. (quar.)_______
Preferred (quar.)___________________
I X Dec.
Nov.
United Cigar Stores of Amer., com. (qu.)
IX
United Electric Securities, pref.............. - $3.50 Nov.
Nov.
U. S. Bobbin A Shuttle, pref. (quar.)___
IX
Oct.
2
United States Rubber, first pref. (quar.).
Second preferred (quar.).................. .....
I X Oct.
U . S. S e Crp ra n p
tel o o tio , referred(qu
ar.).. I X Nov.
Oct.
3
Vacuum Oil____ __________ ___________
Warwick Iron A Steel_________________
3 X Nov.
Washington (D. C.) Gas...................... ..... $1.20 Nov.
Nov.
3
Way land Oil A Gas, pref. (No. 1)............
$2 Oct.
Westinghouse Air Brake (quar.)________
Wcstinghou.se Elec. A Mfg., com. (quar.)
I X Oct.
Wile (J .) C c., p (q .) (N 50) I X Dec.
h .G o.,In ref. u o.
Wite(J .) E g p (< a.) (N 11)-- I X Dec.
h .G n ., ref. fur o.
Wlle (J .) Mn g p (q .) (N 11) I X Dec.
h .G a a 'l, ref. u o.
Wlllys-Overland, common (quar.)_____
I X Nov.
Woolworth (F.W .), com. (qu.) (No. 14)
I X Dec.

Books Closed.
D ays Inclusive.

Holders of rec. Oct. 15
Holders of rec. Dec. la
Holders of rec. Oct. 20a
Holders of rec. Oct. 30a
Holders of rec. Nov. 15
Holders of rec. Oct. 20a
Holders of rec Oct. 15
Holders of rec. Nov. la
Holders of rec. Oct. 15
Oct. 22 to Nov. 4
Holders of rec. Oct. 30
Holders of rec. Oct. 30a
Holders of rec. Oct. 25
Nov. 6 to Nov. 15
Nov. 20 to Nov. 23
Holders of rec. Nov. la
Holders of rec. Dec. 15a
Oct. 28 to Nov. 2
Holders of rec. Oct. 23
Holders of rec. Nov. 1
Holders of rec. Dec. 15a
Holders of rec. Nov. 15
Holders of rec. Oct. 23
Oct. 24 to Nov. 2
Oct. 24 to Nov. 2
Holders of rec. Oct. 23
Holders of rec. Nov. 5
Holders of rec. Oct. 21
Holders of rec. Nov. 2a
Holders of rec. Nov. 10
Holders of rec. Nov. 8
Holders of rec. Oct. 23
Nov. 4 to Nov. 23
Holders of rec. Oct. 30a
Holders of rec. Oct. 15a
Holders of rec. Oct. 15a
Oct. 31 to Nov. 10
Holders of rec. Nov. la
Nov. 16 to Dec. 1
Holders of rec. Oct. 30a
Holders of rec. Oct. 18a
Holders of rec. Nov. 6a
Holders of rec. Oct. 31
Oct. 26 to Oct. 31
Nov. 9 to N ov.30
Holders of rec. Oct. 21
Holders of rec. Oct. 21
Holders of rec. Oct. 16
Oct. 24 to Oct. 31
Oct. 24 to Oct. 31
Oct. 24 to Oct. 31
Holders of rec. Oct. 25
Holders of rec. Nov. 8
Oct. 31 to N ov .15
Holders of rec. Oct. 25a
1 Holders of rec. Nov. 24a
15 Holders of rec. Oct. 29a
1 Holders of rec. Oct. 13a
1 Oct. 21 to Oct. 31
30 Holders of rec. Oct. 15a
Holders of rec. Oct. 15a
Nov. 2 to Nov. 17
Holders of rec. Oct. 14
Oct. 31 to Nov. 15
Holders of rec. Oct. 15
Holders of rec. Nov. la
Holders of rec. Oct. 8
Holders of rec. Sept. 30a
Holders of rec. Nov. 18
Holders of rec. Nov. 18
Holders of rec. Nov. 18
Holders of rec. Oct. 21a
Holders of rec. Nov. 10a

a Transfer books not closed for this dividend. 6 Less British Income tax. d Cor­
rection. e Payable In stock. /Payable in common stock, g Payable In scrip.
h On account of accumulated dividends, i Transfers received In London on or be­
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.

New York City Banks and Trust Companies
Banks.
N ew York

America*__
Amer Exch.
Atlantic___
Battery Park
Bowery *__
Bronx Boro*
Bronx Nat..
BryantPark*
Butch A Dr.
Chase.........
Cheslsea Ex*
Chemical__
CltlzensCent
City ...........
Coal A Iron.
Colonial*__
Columbia*..
Commerce. Corn Exch*.
Cosniopol’n*
East River..
Fidelity*...
Fifth Ave*..
Fifth...........
First______
Garfield___
Germ-Ainer*
German Ex*
Germania *.
Gotham.. .
Greenwich*.
Hanover__
Harrlman ..
Imp A Trad.
Irving.........
Liberty___
Lincoln ___

B id

Ask

545 560
205 215
175
185
145
165
400
225 260
175
160
135
145
100
115
550 570
195 200
124
135
395 405
174
106
t450 +46)
160
107450
300 325
+171 1177
t30U2
100
82
75
140
155
4300 5000
250 300
880 900
185
195
145
135
390 410
425 475
190
265 280
620 630
320 335
495 505
175
105
___
660
310 330

Banks.
Manhat tan *
Mark A Fult
Mech A Met
Merchants’ .
Metropolis*.
Metropol’n *
Mutual___
New Neth*.
New York Co
New York..
Pacific*___
Park______
People’s*__
Prod Exch*.
Public *___
Seaboard __
Second........
Sherman__
State *____
23d Ward*.
Union Exch.
Unit States*
Wash Il'ts*.
Westch Av*
West Side*.
Yorkville*..
Brooklyn

Coney Isl’d*
First.........
Flatbush__
Greenpolnt .
Hillside * -..
Homestead *
Mechanics*.
Montauk*..
Nassau____
Natlon’lCity
North Side*.
People’s___

B id

300
238
250
174
300
175
325
210
725
365
200
390
220
200

A sk

310
245
260
180
315
185
225
825
380
220
400
235

100
134
500
275
100
400
475

175
430
425
135
130
135
140
___
___
175
450
550

___
255
134
115
100
___
120
85
195
270
170
130

140
265
142
130
115
90
130
110
205
280
185
140

410
395
125

♦Banks marked with a (*) are State banks.
change this week.

Trust Co’s.
N ew York

Astor_____
Bankers Tr.
B’way Trust
CentralTrust
Columbia__
Commercial.
Empire____
Equitable Tr
Farm L A Tr
Fidelity___
Guaranty Tr
Hudson___
Law Tit A Tr
I.incoInTrust
Metropolitan
Mut’l (WestChester)._
N Y Life Ins
A Trust..
N Y Trust..
TitleGuATr
Transatlan 'c
Union Trust
USMtgATr
UnltedStates
Westchester

B id

350
455
144
1010
495
100
290
415
1120
197
270
745
120
100
100
400

A sk

360
465
150
1025
510
300
420
1140
203
2S5
760
130
106
105
412

130

135

990
590
385

1010
610
390
155

340
380
1025
140

390
1050

Brooklyn

BrooklynTr.
Franklin__
Hamilton__
Kings Co. .
Manufact'rs
Citizens..
People’s ___
Queens C o . .

475
240
205
630

490
250
275
650

136
280
—

140
287
80

tSale at auction or at Stock Ex­

N a tio n a l "B a n k s .— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
C H A R T E R S ISSUED T O N A T I O N A L B A N K S O C T . 13 T O O C T . 1 8 .
1 0.788—
T h e People’s N ational Bank o f Pulaski, N . Y .
Capital, $50,000 .
H . A . M ood y. Pres.; F. L . Burdick, Cashier.
10.789— T h e Citizens’ National Bank of Greenleaf, K an . C apital, $25,000 .
M . N . Gardner, Pres.; J. M . Padgett, Cashier.

1440

THE CHRONICLE

By Messrs. Barnes & Lofland, Philadelphia:

10,790—The First National Bank o f Avoca, M ich. Capital, $25,000.
William V. Andreao, Pres.; Charles V. Androao, Cashier. (To
succeed the Avoca Bank, Avoca, M ich.)
VOLUNTARY LIQUIDATION.
7,105— The Western National Bank of Fort Worth, Tex., Oct. 1 1915.
Liquidating agent. It. J. Rhome, Fort Worth, Tox.
6,965— The Commercial National Bank of Syracuse, N. Y., Oct. 13 1915.
Liquidating agent, Anthony Lamb, Syracuse, N. Y. (Consoli­
dated with the Syracuso Trust C o., Syracuse, N. Y .)

Slock.
$ per sh. Shares. Stock.
$ per sh.
15 Fire Assoc, of Phlla., $50 each..330
5 Girard Trust Co_____________ 895
23 Real Est. T. I. & Trust........... 304
2 Provident Life A Trust_______ 826)4
25 West End Trust Co__________ 160
31 Commercial Trust Co________ 377
20 Mechanics’ Insur. Co'., $25 each 70
Bonds.
P ercen t.
25 People’s Nat. F. Ins. Co., $25
$2,000 Wash. A. & Falls Church
each .................... ..............14-14)4
Ry. 1st cons. 5s, 1958_80
39 Phlla. Life Insur., $10 each___ 10
1,500 No. Spring. Wat. Co. 5s, ’28 82)4
9 Phlla. & Camden Ferry, S50 ea.106
2.000 Amer. Rys. Co. ref. A conv.
25 Phlla. Warehousing & C. S___ 86
5s. 1931................... 85 %
5 Belmont Driving Club_______ 53)4
1.000 Geo. V. Cresson Co. 2d 6s,
7 Amer. Pipe A Construction___ 26)4
1942 ........... ................... 80
16 Phlla. Bourse, com., $50 each.. 5)4 5.000 Philadelphia City 4s, 1941.102
8 Phlla. Bourse, pref., S25 each.. 20
4.000 Philadelphia City 4s, 1938.102
9 Farmers’ & Meehan. Nat. Bank.128)4 1.000 Consol. Gas E. L. & Pow.
2 Miners’ Nat. Bank, Pottsvllle.. 97)4
Co. gen. 4)48, 1935_80)4
5 Southwestern Nat. Bank_____ 115
1.000 Woodbrldge Mfg. Co. deb.
20 Nat. State Bank of Camden__ 207)4
1st series 5s........... .......$31 lot
Shares.

Canadian Bank Clearings.—The clearings for the week
ending Oct. 23 at Canadian citios, in comparison with tho
same week in 1915, show an increase in the aggregate of 16.2 %.
Week ending October 23.

1915.

In c . or
D ec.

1914.

Canada—
S
s
%
Montreal........................ 63,225,208 56,989,180 + 10.9
Toronto........................ 46,973,768 35,942,943 + 30.7
Winnipeg____________ 52,343,346 40,280,392 + 30.0
Vancouver___________
6,321,780 7,292,401 — 13.3
Ottawa.......................... 4,539,026 4,553,485 —0.3
Quebec......... ...............
3,419,703 3,706,983 —7.7
Halifax........... ..............
2,213,106 1,838,114 + 20.4
Hamilton................... . 3,312,428 2,806,501 + 18.0
St. John......... .............
1,631,343 1,538,268 + 6.0
Calgary______ _______
4,481,487 4,366,011 + 2.6
London.................... .....
1,888,669 1,767,777 + 6.8
Victoria______________
1,327,320 1,947,016 —31.8
Edmonton....................
1,936,269 2,482,305 —22.0
Regina............. ...........
2,370,837 2,450,409 —3.3
Brandon..................... .
515,847
765,234 —32.7
Lethbridge___________
551,953
440,601 + 25.3
Saskatoon...... ............... 1,639,600 1,311,981 + 25.0
Moose Jaw___________
1,265,100 1,161,052 + 9.0
Brantford ....................
700,868
579,747 + 20.9
Fort William............. .
597,281
866,824 —31.0
New Westminster_____
314,773
335,704 —6.3
Medicine Hat_________
388,285
293,890 + 32.1
Peterborough_________
433,437
393,847 + 10.1

1913.

Imports and Exports for the Week.—The following are
the reported imports at New York for the week ending
October 23 and since the first week of January:

1912.

$
66,956,833
39,004,496
38,726,442
10,494,963
3,810,195
2,968,727
1.846.912
2,958,552
1,511,780
5,132,299
1,483,776
2,843,875
3,592,274
2,002,095
677,536
672,620
1,792,973
1,182,647
563,813
1.058.912
417,313
532,319

[Vol. 101

S
61,778,012
45,213,638
38,856,667
13,804,144
4,316,247
3,412,716
2,100,110
3,428,960
1,903,943
6,973,283
1,563,904
3,974,415
5,428,667
2,826,972
760,654
747,016
2,745,254
1,497,959
728,222
907,305

FOREIGN IMPORTS AT NEW YORK.
For Week E n din g Oct. 23.

Dry goods_______________
General merchandise...........
Total__________ ______
Since J a n . 1.
Dry goods............. ..............
General merchandise______

1915.

1914.

$1,782,755
13,029,158

1913.

$2,853,084
12,948.810

|

$3,702,266
17,927,150

1912.
$3,141,063
19,282,830

$14,811,913 $15,801,894^ $21,629,416 $22,423,893
$95,176,312 $140,390,349 $124,440,200 $120,376,584
685,561,708 058,490,404 670,314,130 699,146,204

Total 42 weeks................ $780,738,020 $798,886,813 $794,754,330 $819,522,788
EXPORTS FROM NEW YORK.
Week E n din g Oct. 23.

1914.

1915.

1913.

1912.

For the week.................... . $67,580,906 $21,397,327 $17,994,512 $18,613,952
Previously reported............. 1305,135,219 061,899,791 092,700,522 050,101,312
Total 42 weeks................. $1372716125 $683,297,118 $710,701,034 $068,715,264

Total Canada_______ 202,391,434 174,110,665 + 16.2 190,831,352 202,966,080

The gold and silver exports and imports for the week and
Auction Sales.—Among othor securities, the following, since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
n o t u su a lly dealt in at the Stock E x ch a n g e, wero recently sold
at auction in New York, Boston and Philadelphia:
Exports.
Week ending Oct. 23.
Im ports.
By Messrs. Adrian H. Muller & Sons, Now York:
Shares.

Stocks.

Per cent. Shares.

Stocks.

Gold.

Per cent.

52 Corn Exchange Bank__ ____ 301)4 20 Publicity Clock'Co., Inc___ $15 lot
4 Klrkman A Son, pref............112
15 City ot N. Y. Insur. Co_____ 135
50 Royal Baking Powder, com__ 145)4 3 i First Nat.Bk.Scabrlght.N.J.)
10 New Yorker “ Staats Zeltung”
3 Flushing Terrace Realty Co.|
$1,000 per sh
3 Little Farms Associates____ |
$1,000
17 Pennsylvania Ice Co_______ $8 lot 170 Steinway Park Realty C o ..) lot
5.3 Harper & Bros., pref_____ 530 lot $20,000 McKnlght Realty Co.I
30 N. Y. Title Insur. Co___ 26)4-32
1st 5s................................ I

By Messrs. It. L. Day & Co., Boston:

Stock.
$ per sh. Shares. Stock.
S 'p e r sh.
32 Merchants’ Nat. Bank.291)4-202)4
2 BIgelow-Hartford Carpet, pref. 107
8 Nat. Shawmut Bank...l97)4-197M
2 Draper Co., common________ 240
1 Webster A Atlas Nat. Bank__ 211
125 Plymouth Cordage___193)4-194
5 Farr Alpaca C o .....................138
58 North Boston Ltg. Prop., pref. 114)4
5 Algonquin Ptg. Co., Fall River 176
73 Edison E. 1 . of Brock’n, rights 6)4
11
4 Naumkeag S. Cotton ex-rlghts.178

Shares.

By Messrs. Francis Henshaw & Co., Boston:

Shares. Stocks.
$ per sh. Shares. Stocks.
% p er sh.
10 Dartmouth Mfg. Corp., pref__ 101
8 Boston Wharf Co...... .......... ...195
15 Heywood Bros. A Wakefield,
5 Naumkeag S. Cot., ex-rlghts...178)4
preferred________________ 110-110)4 5 Naumkeag S. Cotton rights___ 35)4

Great Britain____________
Franco__________________
Germany__________
West Indies________
Mexico____________
South America.........
All other countries__
Total 1915.............
Total 1914.............
Total 1913.............
SUrer.
Great Britain______
France____________
Germany__________
West Indies________
Mexico_____ ______
South America.........
All other countries__
Total 1915.............
Total 1914.............
Total 1913.............

By Messrs. Samuel T. Freeman & Co., Philadelphia:

Shares. Stocks.
$ per sh'
1 0 Robert Morris Trust Co____________ ______________________________ 55

Week.

Since
Ja n . 1 .

Week.

Since
J a n . 1.

$6,123,539 $18,971,655
..........I 11,519,880
$1,442,000 $13,538,338
22,010
719,140
61,500

582,100 0,219.506
230,208 1,680,285
242,379 12,241,539
2,659 5,295,849

$1,442,000 $14,340,988 $7,191,885 $55,928,714
291,134 7,719,086
23,035 128,127,649
68,873,040
014,030 18,812,208
$909,918 $28,790,384
2,129,075
26,499

1,751,654
3,700
209,079
12,575

$936,417 $32,896,467
1,086,966 35.780.350
1,040,877 41,013,303

$395

$17,044
13,598

2,000
480,504
13,396
9,173

330,870
3,792,602
3,035,314
980,008

$511,468 $8,175,442
135,471 7,585,985
309,708 8,010,329

Of the above Imports or tho week In 1915, $7,830 were American gold coin.
tho exports during the same time, $1,442,000 wero American gold coin.

Of

The Federal Reserve Banks.—Following is tho weekly statement issued by the Federal Resorve Board on Oct. 23:
Tho statement indicates an increase since last week o f about 11 millions in total reservo, and a decreaso of about 3.9 millions in tho banks’ gold
reserves. Tho total gold resources o f the system, including 142.4 millions hold by or standing to tho credit of Federal rcservo agents, are shown as
425.3 millions, compared with 423 millions reported last weok, 351.7 millions—a month ago and 338.8 millions— about throe months ago. Tho Now
York bank reports a gain o f over 15 millions in its cash rosorvo, whilo Philadelphia, Richmond and Chicago show tho largest decreases In total resorvas
for tho past week.
Tho holdings o f commercial paper, exclusive o f bank acceptances, show an Incroaso of about 0.6 millions for tho weok, Atlanta, Chicago and
Kansas City reporting tho largest gains under this head. Tho amount o f bank acceptances on hand declined over 1.2 millions, practically all tho banks
•reporting smaller figures than tho week boforo. About 16.8% o f all bills, including bankers’ acceptances, mature within ten days, as against 15.2%
tho week before. 1 he proportion o f bills maturing after ten, but within thirty days declined from 29.4% to 25.9%. Tho holdings of agricultural
paper maturing after ninety days are about 1.8 millions, Chicago, Atlanta and Dallas accounting for about two-thirds of this class of paper.
Addiuonal purchases o f 3100,000 o f United States bonds aro reported by the Cleveland Chicago and Minneapolis banks. Tho total of municipal
warrants held by tho banks declined about 1.2 millions, all tho banks, excopt, Minneapolis, reporting smallor holdings than tho weok boforo. Tho
ratio of earnings assets to capital stands at prosont at 144% as against 148% for tho previous week and 115% about threo months ago. An increaso
of about $60,000 in the paid-in capital is reported by tho Now York bank, reflecting a recent bank consolidation and an increaso in capital and
surplus of tho nowly consolidated member bank. Not deposits of member banks increased about 11.7 millions during tho weok and about 39.3
during tho past quarter. New York alono reporting an incroaso In doposits for tho week of 9.5 millions and an incroaso for tho quarter of 29.5
millions.
Federal reserve agents report a total o f 159.3 millions o f notes outstanding against which they hold 142.4 millions of gold oithor in their own
vaults or with tho Federal Reserve Board, and 17.0 o f paper. During tho past week the amount of outstanding notes incroasod about 5.5 millions
whilo the net amount of gold received by tho agents from tho banks increased about 6.2 millions. Tho banks roport a total circulation of 141.6 millions
and a net liability thereon o f 14.8 million dollars.

The figures of tho consolidated statement for the systom as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table wo
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Fedoral Reserve
Agents’ Accounts (the third table following) gives details regarding the transactions in Federal Rosorvo notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
C
R
L
F
R
B
O
22 1915
o m b in e d

esources and

ia b il it ie s of t h e

ederal

eserve

a n k s at t o e clo se o f b u s in e s s

ctober

Oct. 22 1915. Oct. 1 5 1915. Oct. 8 1915. Oct. 1 1915.* Sept. 24 1915^ep/. 17 1915 Sept. 10 1915 Sept. 3 1915. A ug. 27 1915
RESO U RC ES.

Gold coin and certificates In vault......... ........ $227,005,000 $226,956,000 $227,769,000 $227,274 000 $229,972,000 $224,402,000 $212,130,000 $209,369,000 $211,145,000
Gold settlement fund.... ................. ................
54,670,000 58,620,000 55,850,000 55.180,000 59,050,000; 63,040,000 68,690,000 57,880,000 55,930,000
Gold redemption fund with U. S. Treasurer..
1,212,000
1,212,000
1,202,000
1,197,000
1,212,000
1,187,000
1,202,000
1,104,000
1.162,000
Total gold reserve________ ________ ___ $282,887,000 $286,788,000 $284.831,000 $283,656,000 $290,224,000 $288,639,000 $282,007,000 $268,411,000 $268,179,000
Legal tender notes, silver, Ac______________
34,626,000 19,748,000 21,302,0001 16,493,000 22,920,000 16,001,000 20,235,000 19,274.000 19,878,000
Total reserve........................... ................ $317,513,000 $306,536,000 $306,133,000 $300,149,000 $313,144,000 $304,640,000 $302,242,000 $287,685,000 $288,057,000
Bills discounted and bought—
Maturities within 10 days_____________
Maturities from 11 to 30 days...................
Maturities from 31 to 60 days............. .....
Maturities from 61 to 90 days__________
Maturities over 90 days_______________
Total.................................................
Bank acceptances (Included In above)__




$7,263,000
11.198.000
14.094.000
8,978,000
1,789, (00

$6,694,000 $5,893,000
12.939.000 *13,780,000
14.703.000 *15,257,000
8.116,000 * 9,1.19,000
1,507,000
1,320,000

$5,765,000
12.267.000
15.790.000
9.606.000
1.452.000

$7,487,000 ♦$4,784,000
11.997.000 *12,997,000
15.561.000 *17.452,000
8.173.000
7.293.000
1.213.000
1.135.000

$4,734,000 •$4,938,000
12.085.000 *11.348,000
16.532.000 *16.785.000
8.652.000 •8.490,000
1.255.000
1,395,000

$4,445,000
10.058.000
17.209.000
8.582.000
1.945.000

$43,322,000 $43,959,000 $45,365,000 $44,880,000 $44,431,000 $43,601,000 $43,258,000 $42,956,000 $42,839,000
$13,335,0 0 $14,556,000 $14,804,000 $14,846,000 $13,058,000

12,985,000

12.918.000

13,039.000

13,564,000

THE CHRONICLE

Oct. 30 1915.]

14 41

Oct. 22 1915 Oct. 15 1915. Oct. 8 1915. Oct. 1 1915.* Sept. 24 1915 Sept. 17 1915 Sept. 10 1915 Sept. 3 1915 A u g . 27 1915
R E SO U R C E S (Concluded).
Brought forw ard (total reserve & bills dl3C’ted) S360,835,000 $350,495,000 $351,498,000 $345,029,000 $357,575,000 $348,301,000 $345,500,000 $330,641,000 $330,896,000

Investments: U. S. bonds......... .....................
Municipal warrants............... .
Federal Reserve notes—Net-----------------------Due from Federal Reserve banks—Net______
All other resources________________________

§10,480,000 $10,380,000
25,381,000 26,583,000
15,6SO,000 15,236,000
12,342,000 10,160,000
3,018,000
3,162,000

$9,483,000
27,029.000
15,523,000
7,723,000
3,124,000

$9,329,000
27,381,000
15,378,000
11,194,000
3,326,000

S9,328,000
24,945,000
14,866,000
7,409,000
3.577,000

9,047,000
24,444,000
12.4S1.000
8,533,000
3,3S2,000

8.852,000
23,710,000
13,375,000
8,142,000
3.841,000

8,843,000
24,013,000
12,941,000
7,761.000
4,075,000

8,836,000
25,808,000
12,491,000
6.990.000
4.962.000

Total Resources_____ ____________ $427,880,000 $415,872,000 $414,380,000 $411,637,000 $417,700,000 $406,188,000 $403,420,000 $388,274,000 $389,983,000
L IA B IL IT IE S .

S54.S34.000 354,775,000 $54,781,000 $54,728,000 So 4,748,000 $54,749,000 $54,772,000 $54,762,000 $54,689,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000.000
Reserve deposits—Net............................. ....... 340,444,000 328,766,000 326,787,000 324,884,000 329,941,000 316,953,000 313,053,000 312,316,000 318,989,066
14,809,000 14,791,000 15,225,000 14,359,000 15,348,000 16,562,000 17,527,000 17,670,000 16,738,000
Federal Reserve notes—Net_________ _____
2,540,000
2,587,000
2,793,000
2,666,000
2,663,000
2,924,000
3,068,000
1,567,000
All other liabilities......................... ........ ........
3,526,000
Total liabilities___________________ $427,880,000 $415,872,000 $414,380,000 $411,637,000 $417,700,000 $406,188,000 $403,420,000 $388,274,000 $389,983,000
82.3%
79.3%
81.5%
82.7%
84.9%
82.2%
83.6%
82.1%
83.3%
Gold reserve against net liabilities (a)_______
88.0%
87.0%
88.9%
87.5%
89.6%
89.6%
88.2%
88.7%
89.3%
Cash reserve against net liabilities (a)_______
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
90.1%
91.1%
89.8%
89.6%
92.1%
92.3%
90.8%
91.0%
circulation _______________ ____ ____
92.1%

Capital paid In........... ....................................

(a) Less Items In transit between Federal Rcservo banks, viz____________ ____ ____ $13,342,000 S10,160,000

$7,723,000 $11,194,000

$7,409,000

$8,533,000

$8,142,000

$7,761,000

$6,990,000

Issued to the banks__________ ________ $159,280,000 S153,790,000 $148,590,000 $141,000,000 $133,060,000 $124,000,000 $119,851,000 $114,531,000 $109,901,000
17,711,000 18,025,000 18 268,000 18,782,000 17,398,000 15,378,000 16.343,000 15,036,000 14,668,000
In hands of banks____________________
$141,569,000 $135,765,000 $130,322,000 $122,218,000 $115,662,000 $108,622,000 $103,508,000 $99,495,000 $95,233,000
$142,440,000 $130,210,000 $130,621,000 $123,301,000 $115,180,000 $104,541,000 $99,356,000 $94,766,000 $90,9S6,000
14,809,000 14,791,000 15,225,000 14,295,000 15,348,000 16,562,000 17,527,000 17,670,000 16,738,000
15,680,000 15,236,000 15,523,000 15,378 000 14,866,000 12,481,000 13,375,000 12,941,000 12,491,000
$205,460,000 S199,260.000 $190,880,000 $175,820,000 $171,860,000 $165,400,000 $160,160,000 $157,160,000 $155,860,000
1,015,000
745,000
745,000
435,000
455,000
745,000
455,000
605,000
505,000
3204,445,000 $198,515,000 $190,135,000 $175,075,000 $171,255,000 $164,895,000 $159,705,000 $156,705,000 $155,425,000
45,105,000 44,725,000 41,545,000 34,075,000 38,195,000 40,895,000 39,854,000 42,174,000 45.524,000
In hands of Agent— .................. ............
Issued to Federal Reserve banks----- $159,280,000 $153,790,000 $148,590,000 $141,000,000 $133,060,000 $124,000,000 $119,851,000 $114,531,000 $109,901,000
Returned to the Comptroller-----------------

H ow Secured—

By gold coin and certificates...... ........ — $119,920,000 $120,010,000 $116,630,000 $110,451,000 $105,235,000 $96,826,000 $98,956,000 $94,386,000 $90,606,000
5,000
5,000
10,840,000 17,580,000 17,970,000 17,699,000 17.8SO.OOO 19,447,000 20,495,000 91,765,000 18,915 000
520,000
500,000
490,000
380,000
450,000
440,000
380,000
410,000
400,000
2 2 ,000.000
15,700,000 13,501,000 12,400,000
9,500,000
7,300,000
.............
.............
.............
Total................................................. $159,28 ,000 $153,790,000 $148,590,000 $141,000,000 $133,060,000 b$123988000 $119,851,000 $114,531,000 $109,901,000
Commercial paper turned over to Agent......... $16,989,000 $17,766,000 $18,267,000 $18,093,000 $18,113,000 $19,476,000 $20,546,000 $20,070,000 $19,350,000
By commercial paper-------------------------Credit balances In gold redemption fund..
Credit balances with Federal Reserve B'd.

* Amended figures,

b Deficiency of $12,000 offset by funds In the Gold Redemption Fund.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 22 191S
A tlanta.

Chicago.

St. Lou is. M in n ea p . K a n . City.

D allas.

San Fran

Total.

S
S
I
$
S
j
$
|
$
i
$
$
$
$
!
$
S
$
Gold coin & ctfs In vault 13,909,000 132,752,000 9,191.00011,015,000 5,969,000 5.835.000 29,445,000 3.925.000 1.463.000 4.111.000 3.999.000 5.391.000 227,005,000
U
fi.m nilfl
.1 7 3 4 .0 0 0 2 .3 3 9 .0 0 0 4 K07 ftfm n t n A n n n
Gold settlement fund... 2,620,000 3,731,000 2,339,000 4,597,000 6,104,000 2.736.00010.868.000 4.054.000 5.125.000 2.748.000 6.062.000 3.683.000 54,670,000
6,000
55,0001 37,000i
_____
375,000
21,000 1,212,000
87,000 341,000
Gold redemption fund..
30,000
225,000
..........
35,000
R E SO U R C E S.

Total gold reserve----- 16,535,000136,541,00011,567,00015,612,000 12 448 000
412,000 28.495.000 2,740,000 1,003,000
84,000
Legal-ten .notes ,silv.,&c

153,000

977,000

147,000

7,000

. . .
266,000

402,000 9,095,000282,887,000
307,000
5,000 34,626,000

16,615,000i12,532,000| 8,949,000 41,290,000 8,161,000 6,625,000 7,212,00010,709,000 9,100,000317,513,000
Total reserve----------- 16,977,000165,036,000 14,307,000|
1
439,000 218,000 607.000 6,995,000 6,475,0
159,000
2.025.000 1,476 000 1,611,000 2 649.000 6 ,320,000
Commercial paper—
1.455.000 404 000 263,000 440.000
Bank acceptances----- 3,390,000 4,787,000 1,444,000 480.000
100,0001 ___
T ota l.................... 3,549,000 5,226,000 1,662.000 1.087,000 7,095,000, 0,475,000 3,480,000 1,880,000 1,874,000 3,089,000 6,320,000
491,000 ............. | 491,000 932.000
Investments: U. S. bds.
4.031.000 952, 000 1 082,000 1,501,000
Municipal warrants.. 3,249,000 8,513,000 2,891,000 3.663.000
809,000
4,000 2.940.000 1,140, 000 793,01
378,000 9,781,000 547,000
Fed. Res’ve notes— Net.
746,
2.176.000
...
154.000
Due from other Federal
507,000
Reserve banks— Net.
3,400,000 1.035.000 1,488,000 1,270,000 2,483,000 2,344 000 526,000: 527,000 1,568,000
523,000
392,666 753,000
All other resources-----67,000 494,000( 121,000
134,000 184 000
120.000
09,000 220,000

J

5,266,000, 5,945.000
Capital paid In............. 5,181,000 11,047,000 5,2
Government deposits—
Reserve deposits--Net. - 20,493,000 170,920, 0 ^18,785,000 17,661,000
0
Fed. Res've notes—Net4,406,000
Duo to F.It.banks—Net
2,575.000;
All other liabilities------ 1

3.349.000
5,000,000
7.591.000
5.098.000
146,000

1,585,000 43,322,000
1,000,000 10 ,480,000
1.379.000 25 381.000
1.898.000 15 ,680.000
1,600,000 al2 342.000
85,000 3, 162.000

56,534,000 14,661,00011,713,00013,632,00018,718,00016,647,000427,880,000

Total resources......... 25,674,000188,948,000 24,051,000 23,606,000 21,184,000
L IA B IL IT IE S .

1,013,000 29 987.000
572,000 13 335.000

,000 2,491,000 3,025,000 2,767.000 3,933,000 54,834,000
2.413.000 0,634,000
...
_____
_____ 1 5,000,000
..........1 15,000,000
5,000,000
5.671.000 49-,966",666 11,841 ,000 9,222,000 9,438,000 6,208,00012,714,000 340,444,000
14,809,000
1,169,000 4,743,000
37
3.762.000
72,000

2 ,7 9 3 ,6 6 6

Total liabilities_____ 25,674,000 188,948,000 24,051,000 23,606,000 21.184,000 10,918,000 56,534,00014,661.00011,713,00013.632,00018,718,00016,647,000 427,880,000
Federal Reserve Notes —

Issued to banks_____ 5 420,000 67,920,000 5,760,000 8,000,00013,400,000 13,150,000 4,380, 00 4,825 ,000 9,100,'00 7,480,00015,445,000 4,400,000159,280,000
378,000; 10,001,000 547,000
154,000, 202,000 488,000 2,176,000 463 ,000 746,000 496,000 162,000 1,898,000 17,711,000
In hands of banks___

F. R. notes In circulation 5,042,000 57,919,000 5,213,000 7,840,00013,198,000 12,662,000 2,204,000 4,362,000 8,354,000 6,984,00015,283,000 2,502,000141,569,000
Gold and lawful money
with agents............... 5,420,000 67,700,000 5,760,000 8,000,000 8,100,000 8,900,000 4.380.000 4,325,000 9,100,000 5,815,00010,540,000 4,400,000142,440,000
..........:
37,000
........-I 1,169,000 4,743,000
-------- 14,809,000
Carried to net liabilities.
-------- 5,098,000; 3,762,000
1 . .
Carried to net assets___
2.176.000
..........1 746,000
..........1 ..........1 1,898,000 15,680,000
378,666 9,781,666 547.666 154,000
(a) Items In transit, i. c ., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS OCT. 22 1915.
Boston.

N ew Y ork. P h lla d el'a : Cleveland. Richm ond.

Atlanta.

Chicago.

St. L o u is. M In nea p. K a n . C ity.

D allas.

San F ran

Federal Reserve Notes—
s
s
$
$
$
$
*
*
S
I
S
I
$
S
s
Ilcc'd from Comptr'r 11,800,000 73,520.000 12,480,000 10,000,000 14,100,000 16,000.000 9,380,000 6,600,000 13,000,000 9,000,00019,580,00010,000,000205,460,000
Returned to Comptr'r
15,000 200,000 1,015,000
120,000
..........
--300.000 ............. : .380,000
Chargeable to Agent.. 11,500,000 73,520.000 12,100,000(10,000,00014,100,000 16,000,000 9,260,O O 6,600,00013,000,000 9,000,00019.565,000 9,800,000204,445,000
O!
In hands of F .R . agent 6,080,000

5.600.000 6.340,000 2.000,000!

700,000|2,850,000 4,880,000^ 1,775,000 3,900,000 1,520,000 4,120,000 5,400,000 45,165,000

Issued to F. R. bank. 5,420,000 67,920,000 5,760,000 8.000,00013,400,00013,150,000 4,380,000 4,825.000, 9,100,000 7,480,00015,445,000 4,400,000159,280,000
Held by F. It. agent—
119,920,000
5,420,000 67,700,000 5,760.000 7,600,000
..........
400,000 4,260,000 4,325,000 9,100,000 5,815,000 9,540,000
Gold coin A certfs—
Lawful money..........
Notes secured by com­
16,840,000
220,000
500,000
5,300,000 4,250,000
1,665,000 4,905,000
mercial paper__
F.R.Agents' credit bals.:
520,000
120,000
400,000
In Gold redomp. fund
1,000,000; 4,400,000 22,000,000
8,10 b",666 s.sbo'.ooo
With F. R. Board___
5,420,000 67,920,000' 5.760,000 8,000,00013,400,00013,150,000 4,380,000, 4,825,000 9,100,000 7,480,00015,445,000 4,400,000159,280,000
T ota l_____ . . .
Amount comm'I paper
n n n r\m \
i
a. a
, .... a a a
. aa aaa
. a a. a a , . a t a a a a
in non nnn
16,989,000
220,000
1,667,00)1 4,972,000
5,379,000 4.251,000
500,000
turned over to F.R .ngtl




THE CHRONICLE

1442

IVol. 101

S ta te m e n t of New Y o rk C ity C learin g -H o u se B an ks and T ru st C om p an ies.— Thefollowing detailed statement shows
the oonditionof the New York City Clearing-House members for the week ending October 23. The figuros for the separate
banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the four preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
October 23 1915
(00s omitted .)
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.

Net
P rofits.

Loans,
D iscounts,
Investm ’ts,

/Nat. B’ks Sept. 2'
/State B’ksSept.25j
$
2,000,1
2,000,0
6,000,0
28,000,1
3,000,0
1,000,1
300,0
5,000,0
25,000,1
3,500,0
3,000,1
2,550,0
1,000,0
1,500.1
5,000,0
250,0
1,000,0
10,000,0
4,000,1
500,0
5,000,0
1,000,0
1,000,1
250,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,500,0

Cold.

Average.

Average.

Ac.

S
4,073,6
2,180,9
9,155,8
34,942,5
8,020,4
783,5
76,0
5,089,9
18,053,4
1,703,9
15,583,2
2,604,6
1,980,9
7,698,6
15,590,1
71,6
3,248,3
23,164,9
3,907,6
1,225,3
9,750,7
1,905,4
1,278,7
401,0
2,871,2
3,095,7
686,9
1,002,9
1,119,3 .
903,7

$
41,262,(
31,961,0
115,599,0
336,750,1
33,295,0
11,064,1
1,960,0
92,236,0
218,597,1
51,898,1
114,752,1
28,318,0
9,584,1
35,346,1
133,797,0
2,190,0
16,225,0
173,435,0
60,112,C
9,747,0
174,334,0
16,768,(1
8,672,0
4,559,0
36,423,0
55,910,0
8,347,0
9,960,0
9,050,0
16,752,0

S
3,002,(
2,406,0
22,785,0
80,442,(
5,347,0
1,180,(
102,0
5,346,0
21,788,1
3,005,1
28,338,1
1,157,0
1,270,1
2,110,1
10,695,0
67,0
917,0
15,330,0
8,403,1
528,0
28,51810
1.571.C
884,1
160,0
3,710,0
5,366,0
7.30,0
260,0
374,0
1,422,0

Legal
Tenders.

Stiver.

Average.
S

Average.

Reserve
tcith
Legal
D eposi­
taries.

Excess
Due
from
Reserve
Deposi­
taries.

Average.

Average.

Average

Average.

Average.

N ational
Bank
Circula­
tion,

Average.

Average.

Average.

..........

2,287,0

44,010,0
44,372,0
42,134,0
45,571,0

49,183,0
47,282,0
54,150 0
57,049,0

..........

2,288,0
2,441,0
2,322,0
2,11610

2,744,0
2,448,0
2,614,0
2,2023)

47,456,0 10,680,0
38,596,0 6,223,0
10,479,0
983,0
5,441,0
237,0
2,365,0
148,0
991,0
12,148,0
79,571,0 9,379,0
3,251,0
304,0
909,0
5,587,0
10,205,0 1,700,0
456,0
3,851,0
6,022,0
672,0
14,057,0
720,0
277,0
4,458,0
12,480,0 2,155,0
20,044,0 1,446,0

2,809,0
2,248,0
232,0
525,0
60,0
512,0
3,607,0
33.0
144,0
562,0
59,0
159,0
720,0
185,0
640,0
291,0

1,319,0
1,550,0
527,0
129,0
128,0
635,0
3,853,0
65,0
50,0
1,06.8,0
126,0
213,0
1,041,0
99,0
627,0
722,0

120,0
74,0
324,0
183,0
24,0
56,0
1,485,0
52,0
16,0
94,0
110,0
128,0
97,0
31,0
125,0
433,0

Totals, avge. for week. 15,450,0 32,146,8

282,011,0 37,286,0 12,786,0 12,152,0

3,352,0

76,0

Oct. 23
Totals, actual condition Oct. 10
Totals, actual condition Oct. 9
Totals, actual condition Oct. 2

285,818,0
277.S63.0
272,188,0
205,886,0

Amor. Exch. Nat. Bank
National Bank of Cora.
Chatham & Phenlx Nat
Citizens’ Central Nat..
Market A Fulton Nat..

First National Bank__
Chase National Bank..
Lincoln National Bank.
Fifth National Bank__
Seaboard Nat. Bank__
Liberty National Bank.
Coal A Iron Nat. Bank
Nassau Nat. Bank___
Broadway Trust C o ...

Totals, avge. for week 118,350,0 182,771,2 1,858,915,0 263,213,0 44,808,0 52,557,0
Totals, actual condition Oct. 23 ___
Totals, actual condition Oct. 16 ______
Oct. 9
Totals, actual condition Oct. 2
........
State Banks.
N ot Members o f
Federal Reserve Bank.

Bank of Manhattan Co.

Metropolitan Bank___
Corn Exchange Bank..
German-Amerlcan Bank
German Exchange Bank

State Bank__________

2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0

4,939,0
6,118,7
1,193,9
1,000,5
438,3
1,935,1
6,736,7
765,7
703,7
2,240,2
795,4
999,7
2,134,0
683,4
956,9
505,6

1,860,590.0
1,833,860,0
1,735,213.0
1,708,226,0

$

N et
Tim e
Deposits

277,003,0
261,986,0
254,844,0
258,471,0

Mech. & Metal3 Nat__

3

N et
Dem and
D eposits.

S
S
$
$
S
$
.......... 2,876 ,f ..........
39,736,(
925,C
798,0
54,0 2,324,( ..........
32,137,0
1,949,0
54,0 10,263,0 ......... 137,124,0 2,490,(
4,963,0
717,( 28,303,( .......... 393,800,1
1,354,0 1,799,0
3,211,0 ..........
32,200,0
450,0
11,819,0
1,118,(
17,0
386,0
141,(
1,769,0
61,0
28,0 8,2213 _
923793 2,435,0 4,958,0
113,1 17,5693 _
226,702,(
125,0 3,344,0
202,(
3,8523 _
49,830,0 5,493,0 1,211,0
88,f 10,3313
138,241,(
305,0
29,0 2,302,0 _
25,605,0 1,196,0 1,641,0
9453
10,020,0
28,C
78,0
2,472,1
32,722,0
50,0
12,177.0 ___
137,345,0
698,0 3,510,0
203,0
2,204,0
50,0
76,0 1,085,0 ' _
672,a
133903
1,0 13,105,0
167,249,0
125,0 4,025,0
5,409,(
558,(
71,174,0
122,0
740,0
18,0
683,0
9,992,0
134,0 18,008,0
221,434,0 1,352,0
450,0
72,C 1,2983
18.039,0
32,0
887,0
152,1
678 X
9,047,0
349 0
335,0
4,666,0
92,0
2483
42,570,0
100,0
27,(1 3.561.C
401,0
195,0 4,9813
61,295,0 2,525,0
500,0
68731
8,015,0
10,0
399,0
724,0
8,0
9,523,0
17,0
8,359,0
13,0
604,0
93)
2073
73,0 1,320,0 .........
17,070,0
265,0
2,650,0 158,846,0 .......... 2,027,422,0 19,433,0 35,678,0

Chemical Nat. Bank__

$
706,(
872,(
276,0 1,133,0
0,150,0 4,126,0
6,251,1 4,609,(
946,0
924,0
169,1
402,C
26,0
154,0
2,394,0 1,409,0
7,392,1 6,014,1
805,1
1,808,1
1,448,1
1,954,1
205,0 1,387,0
560,1
548,1
1,117,1
906,0
1,450,0 3,694,0
38,0
244,0
391,0
603,0
704,0 2,111,0
2,287,1 3.025.C
89,0
654,0
6,825,0 10,122,0
1,110,1
760,C
298,1
805,0
110,0
318,0
1,214,0
1,478,0
1,129,0
651,0
191,0
212,0
241,0
669,0
105,0
4.36,0
181,0
529,0

N at. Bant N a t.B a n l Federa
Notes
Notes
Reserve
!Reserve
INot
Bank
fo r State Counted
Notes
Institu­
as
[Not
tions |
. Reserve]. Reserve].

4,(
20,0
142,0
134,1
33,0
27,(
2,0
151,0
34,(
471,0
13,1
55,0
86,(
18,(
232,0
11,0
55,0
95,0
24,f
166,0
49,0
94,0
48, C
9,0
42,0
24,0
25,0
16,0
43,0
164,0

161,080,0
155,428,0
147,430,0
146,705,0 .........

63,0

19,525,0 35,714,0
19,394,0 35,540,0
18 841 0
20,398,0 36,3793

482,0

50,219,0
40,910,0
11,287,0
4,992,0
2,847,0
10,264,0
94,230,0
2,911,0
5,921,0
17,011,0
3,7333
6,185,0
13,498,0
4,530,0
14,171,0
22,242,0

35,0

9,198,0 2,253,0

310,987,0

144,0

495,0
3,0
10,0

2,043,219,0
1,992,422.0
1.8,81 r O 0
8,S
1,863,748,0

171,0

59.8,0

o ,boo,6
’
175,0
200,0

184,0

224,0
239,0

989,0

359,0
1,335,0

75,0
31,0
3,0

30,1,88,0
36,352,0
38,321,0
34,175,0

11,740,0
13,336,0
11,425,0
13,809,0

11,322,0
12,205,0
11,332,0
13,996,0

3,393,0
3,106,0
3,079,0
2,563,0

137,0
58,0
116,0
7,0

0,002,0
9,142,0
8,310,0
7,287,0

2,638,0
1,928,0
1,440,0
1,403,0

311,511.0
308,149,0
299.906,0
291,456,0

144,0
141,0
141,0
68,0

1,500,0 3,605,0
Bankers Trust C o ........ 10,000,0 13,594,2
U. S. Mtg. * Trust Co. 2,000,0 4,201,8
1,250,0 1,339,6
Astor Trust Co______
Title Guar. A Trust Co. 5,000,0 12,045,5
Guaranty Trust Co___ 10,000,0 23,186,3
1,000,0 1,317,7
Lawyers Titlo A Trust. 4,000,0 5,090.2
Columbia Trust Co___ 2,000,0 7,568.0
1,000,0 1,438,0
People’s Trust Co____
New York Trust Co__ 3,000,0 11,119,2
1,000,0 1,105,9
Lincoln Trust Co.......... 1,000,0
541,4
Metropolitan Trust Co. 2,000,0 6,293,9

31,156,0 1,467,0
202,897,0 17.910,0
51,469,0 3,362,0
26,904,0 1,876,0
37,192,0 1,834,0
263,101,0 38,024,0
004,0
9,057,0
22,717,0 1,204,0
69,109,0 4,410,0
17,929,0 1,211,0
55,862,0 4,128,0
17,527,0 1,217,0
10,853,0
634,0
49,572,0 .3,786,0

136,0
237,0
137,0
22,0
215,0
2,125,0
53,0
224,1
147,0
8.3,0
1,081,0
145,0
89,0
159,0

1.89,0
101,0
217,0
176,0
149,0
435,0
101,0
90,0
516,0
258,0
891,0
138,0
217,0
392,0

154,0
11,0
147,0
112,0
148,0
411,0
29,0
29,0
226,0
198,0
45,0
55,0
64,0
374,0

14,0
15,0

1,09,8,0
9,051,0
1,907,0
1,093,0
1,164,0
12,541,0
388,0
763,0
2,655,0
850,0
2,193,0
605,0
405,0
2,137,0

3,514,0
10,204,0
8,579,0
1,058,0
4,946,0
18,834,0
501,0
1,573,0
5,718,0
1,372,0
7,2273
1,159,0
919,0
3,098,0

21,953,0
181,020,0
38,142,0
21,970,0
23,272,0
250,823,0
7,766,0
15,256,0
53,091,0
17,170,0
43,745,0
13,893,0
9,908,0
42,741,0

7,406,0
26,0773
12,936,0
5,585,0
539,0
34,083,0
127 0
559,0
14,913,0
787,0
6,4753
3,707,0
941,0
5,495,0

Totals, avge. for week. 44,750,0 92,447,5

805,345,0 81,667,0

4,853,0

Trust Companies
Not Members o f
Federal Reserve Bank.

Totals, actual condition Oct. 23
873,157,0
Totals, actual condition Oct. 10
861,813,0
Oct. 9
816,846,0
2 ...........
Totals, actual condition Oct.
806,338,0
Grand Aggregate, avge. 178,550,0 307,365,5 1,006.271,0
Comparison prev. week ............ ........... + 134560,0
Grand aggregate, actual :onditlon Oct. 23 3,019,565,0
Comparison prev. week ........... ............ + 46,023,0
Grand Aggregate actual :onditlon Oct. 16 2,973,542,0
Grand Aggregate actual condition Oct.
9 2,824,247,0
Grand Aggregate actualcondltlon.Oct.
2
^2,780,450,0

32,0
18,0
307,0
18,0
88,0
3,0
11,0
7,0

3,870,0

2,003,0

513,0 37,039,0 68,702,0

78,973,0 4,512,0 3,600,0
77,951,0 10,486,0 18,664,0
70,394,0 10,994,0 9,313,0
60,097,0 6,561,0 3,299,0

1,998,0
1,937,0
2,000,0
1,781,0

382,160,0 62, 117.0 68,579,0
+ 126.310 —2,733,0 —4,731,0

5,355,0
+ 213,0

..........
2,287,0
—40,0

486,0
499,0
4.82,0
250,0

..........
3,239,0 205,083,0 70,955,0 1.079.159,0 139,207,0 35,678,0
+ 194,0 + 215350 -1,533,0 + 146957,0 + 1,113,0
+ 41,0

392,164,0 60,262,0 64,105,0
+ 158750 —7,932,0 -14,046,0

5,391,0
+ 348,0

2,28.8,0
— 153,0

3,367,0 207,273,0 81,429,0 1,098,512,0 141,650,0 35,714,0
+ 362,0 + 183110 + 103780 + 42,589,0 + 2,953,0 + 108,0

376,289,0 68,194,0 78,151,0
363,559,0 64,553,0 74,795,0
358,743,0 65,941,0 74,344,0

5,043,0
5,079,0
4,344,0

2,441,0
2,322,0
2,116,0

3,005,0 1883623 71,051,0 1,055,923,0 138,6973 35,5403
3,212,0 179,507,0 75,534,0 2,878,151.0 132,955,0 35,090,0
2,459,0 184,583,0 68,430,0 2,839,379,0 121,181,0 36,379,0

37,191,0
24,392,0
23,761,0
30,591,0

78,791,0
39,123,0
74,094,0
67,027,0

740,750,0 119,630,0
743,782,0
755,352,0
696,365,0
684,1753

121,981,0
119,162,0
133,97.3 0
100,715,0

a Capital set aside for Foreign Branches, $3.000,000.

STATEMENTS OF RESERVE POSITION.
Averages.
Cask Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

a Reserve
Reguired.

Actual Figures.
Su rp lu s
Reserve.

In c . or Dec.
!
from
Cask Reserve Reserve in
PreviouslVeek In Vault. Depositaries

Total
Reserve.

b Reserve
Reguired.

Surplus
Reserve.

Inc. or Dec.
from
PreviouslVeek

Members Federal
$
$
$
*
$
S
$
|
$
S
$
$
S
Reserve Bank___ 360,578300 158,846,000519,421,000 365,907,610 153,516,390 —6,570.460 370,196,000 161,0.80,000 531.276.000 368,755,670 102,520,330 + 13,057,990
State Banks *_____ 65.576.000 9,198,000 74,774,000 55,977,660 18,796,340 — 1,207,960 62,643,000 9,002,000 71,645,000 50,071,980 15,573,020 —3.101,160
Trust Companies*.. 92.393.000 37,039,000129,432,000 111,112,500 18,319,500 +9,201,800 89,083,000 37,191,000 126.274.000 111,567,300 14,700,700 —5,420,500
Total Oct. 2 3 ... 518,547,000 205,083,000723,630,000 532,997,770190,632,230 +1,423,380 521,922,000207,273,000 729.195.000 530,394,950 192,800,050 + 4,536,330
Total Oct. 1 6 ... 513,167,0001.83,548,000696.715,000507,506,150 189,20.8,850 +1,606,470 527.677,000 188,962,000 716.639.000 528.375.280 18.8.263.720 — 1,111,000
Total Oct. 9__ 501,396300 181,143,000682,539,000494.936.620 187,602,380 —4,298,300 507.986,000 179,507,000 687.493.000 498.118.280 189.374.720 — 6,997,410
Total Oct. 2__ 509.774,0r0 173.236,0006,83,010.000491,109,320 191,900,680— 16.860.5.30 503,272.000184,583,000 687.955.000 491,582.870 196,372,130 — 1,701,790
• 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 tho Federal Reserve Banks,
Includes also the amount of reserve re julred on Net Time Deposits, which was as follows: Oct. 23, 5971,850; Oct. 10, $977,450; Oct. 9, 5959,950; Oct. 2, $1,033,550.
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 tho Federal Reserve Banks*
It Includes also the amount of reserve required on Net Time Deposits, which was as follows: Oct. 23, $976,250; Oct. 10, $909,700; Oct. 9. $942,050; Oct. 2, $1,019,900.




1443

THE CHRONICLE

Oct. 30 1915.1

In addition to the returns of “ State banks and trust com­
panies in New York City not in the Clearing H ouse ” furnished
by the State Banking Department, the Department also
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 distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
(.Figures Furnished by State Banking Department.)
Differences from
October 23.
precious week.
York) and those for the rest of the State, as per the following:
Loans an<l Investments............................
3602,249,300 Inc. $0,436,300
For definitions and rules under which the various items
Gold....... - ............................................................... 51,555,900 Inc.
191,900
Currency and bank notes...... .....................
9,211,000 Inc.
109,600
Total deposits_____________________________ 781,345,800 Dec.
1,472,300 are made up, see “ Chronicle,” V . 98 , p. 1661.
Deposits, eliminating amounts due from reserve de­
The provisions of the law governing the reserve require­
positaries and from other banks and trust com_
„„„
panics in New York City, and exchanges..........- 629,925,900 Inc.
7,705,600 ments of State banking institutions were published in the
Reserve on deposits___________________________ 20S,142,500 Dec.
6 ,608 ,000
“ Chronicle” March 28 1914 (V . 98, p. 96 8 ). Tho regula­
Percentage of reserve, 32.6%.
RESERVE.
tions relating to calculating the amount of deposits and what
------- State Banks ------ - ---- Trust Companies ---Cash in vaults............................... S10.750.400 II.26%
$50,016,500 0-23% deductions are permitted in the computation of the reserves
Deposits In banks and trust cos___ 16,396,300 17.17%
130,979,300 24.19% were given in the “ Chronicle” April 4 1914 (V . 98 , p. 1045).
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
New York City not in the Clearing H ou se , and those are
shown in the following table:

in

Total...........................................S27,146,700 28.43%

3180,995,800 33.42%

STATE BANKS AND TRUST COMPANIES.

The averages of the Now York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:

Week ended Oct. 23.

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Capital as of Sept. 25___

We omit ciphers in all these figures.

Week ended —

July 31-Aug. 7...
Aug. 14...
Aug. 21...
Aug. 28...
Sept. 4...
Sept. 11...
Sept. 18...
Sept. 25...
Oct. 2 ...
Oct. 9 ...
Oct. 16...
Oct. 23...

Loans and
Investments

Demand
Deposits.

3.158.668.0
3.184.089.5
3,192,566,3
3.227.324.2
3.239.060.6
3.244.100.9
3.255.140.3
3.285.207.2
3.317.767.9
1.358.896.0
1.383.651.3
1.467.521.0
1.608.520.3

S
3.147.068.8
3.161.053.4
3.172.513.5
3.227.946.4
3.250.872.5
3.280.386.0
3,281,909,7
3.356.088.0
3.396.150.6
3.443.128.2
3.474.185.0
3.554.422.3
3.709.084.9

Other
M oney.

Total
Entire
M oney
Reserve on
H o ldin g s. D eposits.

84,187,0
83.077.0
83.149.3
83.967.5
81.539.1
83,874,0
82.700.5
83.684.2
80,,832,3
78.671.6
79,288,5
79.423.4
77,013,0

$
503.188.4
502.313.5
518.092.2
533.247.3
538,289,2.
557,287,8
503.888.4
582.341.7
576.993.3
569.333.4
501.305.7
573,032,4
579,313,9

Specie.

419.001.4
419.230.5
434,942,9
449.279.8
456.750.1
473.413.8
481.187.9
498.657.5
490.101.0
490.661.8
482.017.2
494.209.0
502.300.9

$
806,293,6
799.090.0
812.29,8,7
828.407.2
847.557.2
878.958.4
873.985.2
901.059.0
899.749.4
888.344.5
881.458.3
911.515.5
931.772.5

Trust Cos.
State Banks
State Banks
Trust Cos.
in
in
outside o f
outside o f
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .

$
23,050,000

S
65,550,000

S
*10,863,000

38,209,100

$
*13,400,000

155,738,300

*13,863,600

*11,358,400

Loans and Investments-.
Change from last week.

357,292,800 1,380,448,700
+ 7,651,800, 4-37,749,300

140,479,400
+ 989,500

205,941,200
+ 2,401,800

Gold
Change from last week.

50.803.000 130.576.600
— 1,664,400 + 10,639,500

Currency and bank notes.
Change from last week.

25,521,000
14,253,900
+860,600j —9,342,000

Deposits_____ ________
Change from last week.
Reserve on deposit_____
Change from last week.
P. c. of reserve to deposits
Percentage last week..

Surplus as of Sept. 25___

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

500.191,800 1,737,455,600
—2,988,500 +39,445,300

.............
153,402,100
+ 1,839,100

220,673,500
+ 1,663,000

112,817,300
+ 347,600

398,614,800
+ 6,155,000

30,696,000
+ 560,400

33,229,100
—326,900

29.2%
29.2%

29.7%
29.7%

23.2%
23.2%

18.9%
18.9%

+ Increase over last week. — Decrease from last week.

* As of June 23.

Non-Member Banks and Trust Companies.

— Following is the report made to the Clearing-House by clearing
membor institutions which aro not included in the “ Cloaring-Houso return” on the preceding page:

non-

R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U S E .
CLEARING
NON-MEMBERS.

Net
Profits.

Week Ending
Oct. 23 1915.

Loans,
Discounts,
Nat. b'ks Sept. 2) Invest­
Stato b’kaSept. 25 J ments, A c .

Members of
Fed'l Reserve Bank
Battery Park Nat —
First Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat., Ilobok.

S
$
200,000
150.500 2.283.000
679,400 4.955.000
300.000
300.000
614.500 5.022.000
400.000 1,279,900 4.836.000
776.300 3.824.000
250.000
654.300 5.286.000
220.000
295,100 4.155.000
125,000

C apital.

Average.

Total................... 1,795,000 4,450,000 30,361,000

N a t.B a n k
Notes [Re­
serve fo r
State I n ­
stitutions]

Legal
Tenders.
Average.

S
96.000
116,000
177.000
222.000
121,000
121,000
54.000

Average.

Average.

$
52.000
127.000
124.000
83.000
63.000
71.000
110.000

$
41.000
35.000
61.000
319,000
12.000
23.000
43.000

Average.
$

N a t. Bank Federal
NoteslNol Reserve
Counted
Bank
Notes] Not
as
Reserve]. Reserve].
Average.

$
5.000
14.000
16.000
24.000
87.000
11.000
6.000

907,000

534,000

630,000

163,000

101,000
388.000
573.000
97,000
607.000
210.000
451.000
706.000
200.000

12,000
123.000
68,000
9,000
39.000
23.000
85.000
138.000
48.000

60,000
539.000
203.000
27,000
141.000
150.000
179.000
675.000
111.000

Average.

$

2,000
11,000
2,000
5.000
6.000

Reserve
with
Legal
D eposi­
taries.

Excess
D ue from
Reserve
D eposi­
taries.

Net
D em and
D eposits.

N ef
Tim e
D eposits.

Average.

Average.

Average.

Average.

$
S
$
$
163.000 2.303.000
70,000
276.000
121.000 4.538.000
559.000
205.000 5.001.000
624.000
4.87.000 3,250,000 4.068.000
344.000
692.000 2.870.000
725.000 1.992.000 2.797.000
332.000
658.000 2.071.000 1.887.000
249.000

N atlona
Bank
Circu­
lation.
Average.
%

195.000
294.000
119.000
395.000
197.000
217.000
99,000

26,000 2,871,000 5,814,000 22,843,000 4,754,000 1,516,000

143.000
10,000
56.000
29.000
98.000
170.000 205,000
29.0 1
0

State Banks.
Not Members o f the
Federal Reserve Bank.

Bank of Wash. Hgts. 100,000
Colonial Bank_____
400.000
Columbia Bank___ 300.000
Fidelity Bank......... 200.000
200,000
Mutual Bank_____
New Netherland___ 200,000
100,000
Yorkvllle Bank-----Mechanics’ Bklyn.. 1,600,000
North Sldo, Bklyn.. 200,000

385.100
807.500
653.100
188,300
470.100
250,200
521,400
716.500
184,700

1.934.000
7.767.000
6.837.000
1.188.000
4.063.000
3.473.000
5.528.000
16,600.000
3.143.000

Total.................. 3,300,000 4,176,900 51,133,000 3,333,000

545,000 2,085,000

89.000
105
415
502.000
399
438.000
331
61.000
379.000 1,621
139
203.000
525
357.000
1,058.000 2,309
445
202.000

18,000

553,000

383,000

,481,000
,370,000
,313,000
,013,000
,799,000
431.000
,956,000
,629,000
372.000

290.000
193.000
79.000
12.000

5,000 3,289,000 6,289,000 53,364,000

Trust Companies.
Not Members o f the
Federal Reserve Bank.

HamlltonTrust.Bkln
Mechanics, Bayonno

500.000 1,051,000 6.751.000
276,000 4.100.000
200.000

412,000
83,000

495,000
700,000 1,327,000
Total
Grand aggregate___ 5.795.000 9.953.900 92,345,000 4,735,000
+ 1059000 —22,000
Comparison, prcvwk
Excess reserve, $417,500 decrease
Grand aggr’ to Oct 16 5.795.000 9.953.900 91,286,000 4,757,000
Grand aggr'te Oct 9 5.795.000 9,930.700 91,192,000 4,089,000
Grand aggr'te Oct 2 5.795.000 9 930,700,91.104.000 4.603.000
Grand aggr’ te Sep 25 5.795.000 10’,067,500 90.825,000 4.622.000
Grand aggr’to Sep 18 5.795.000 10,067.500,90,947,000 4.573.000

11,000
31.000

42.000
66.000

2,823,000 630,000
—84,000 -102 000

1,088,000 2,907,000
1,118,1
000 2,741,000
2.739.000
1,055
2.852.000
1,022
2.654.000

Philadelphia

B a n k s.— Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia:
We omit two ciphers (00) in all these fig u res.
C a p it a l
and
S u r p lu s .

L oan s.

R e ser v e.

D e p o s it s .

$
103.684.3
103.684.3
103.084.3
103.084.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3

S
429.948.0
431.769.0
432.266.0
431.900.0
432.378.0
433.634.0
436.807.0
437.928.0
439.654.0
446.539.0
453.567.0

S
117.853.0
119.090.0
116.789.0
119.932.0
123.105.0
125.335.0
129.433.0
140.764.0
133.413.0
132.562.0
127.930.0

$
511.867.0
512.8.80.0
510.436.0
518.366.0
519.879.0
530.794.0
543.606.0
564.055.0
550.582.0
566.761.0
566.137.0

732.000
814.000
742.000

005.000
691.000

546,000
+ 8,000
538.000
395.000
432.000
488.000
385.000

245,000 1,901,000 4.915.000 1.095.000
84,000
511,000 1.678.000 2.249.000

15,000

77,000

42,000
1,121
+ 33,

2,000
13,000

42,000
35,0)0

329,000

3,344,000

46,000 6,489,000 14,515,009 82,800.000 8,672,000 1,516.000
—4,000 —188 000 + 813,000 + 329,000 + 169, 00 + 4,000
50.000 6,677,000
49.000 6,636,000
51.000 6.558,000
44.000 6,544,000
42.000 6,589,000

13,702,000 82,471.000
14,863,000 81.8S2.000
13,613,000 81,384,000
13,671.000 81,103,000
12,984,000 81,254,000

8.503.000
8.495.000
8.389.000
8.431.000
8.338.000

1.512.000
1.514.000
1.497.000
1.504.000
1.499.000

Boston Clearing-House Banks.

a

— W e give below
summary, showing tho totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
16
1915.

O ct.

C h a n g e fr o m
p r e v io u s w eek .

9
1915.

O ct.

2
1915.

O ct.

C ircu tlo n .

C le a r in g s

$

$
152,237,9
151.546.2
147.975.4
173.932.0
126.690.4
161.603.8
170.084.0
245.187.9
207.012.0
199.283.3
204.798.1

$21,000 $9,022,000 $9,048,000
Circulation........................... $9,043,000 Inc.
Loans, dlsc'ts & Investments. 372.280.000 Inc. 10,954.000 361.326.000 351.763.000
Individual deposits, lncl.U.S. 330.392.000 Inc. 5,910,000 324.482.000 300.698.000
100,000 141.529.000 135.231.000
Due to banks-------------------- 141.429.000 Dec.
14.000 15.710.000 16.055.000
Tlmo deposits...................... 15.696.000 Dec.
Exchanges for Clearing House 14.318.000 Dec. 6,264.000 20.582.000 13.319.000
Duo from other banks_____ 42.337.000 Dec. 2,485,000 44.822.000 38.573.000
757,000 26.139.000 26.072.000
Cash reserve........... ........... 26.896.000 Inc.
92,000 13.186.000 13.629.000
Reserve In Fed. Rcs’ve Bank 13.094.000 Dec.
Reserve with other banks__ 93.735.000 Inc. 3,816,000 89.919.000 83.588.000
6,045,000, Inc.
71,000 5.974.000 6.553.000
Reserve excess In bank.........
Excess with reserve agent__ 72.884.000 Inc. 3,130,000 69.754.000 64.069.000
435,000 3.103.000 3.870.000
Excess with Fed. Rcs’ve B’k. 2,668.000 Dec.

a Includes Government deposits and tho Item “due to other banks” (Oct. 23,
$165,405,000): also “ Exchanges for Clearing House” (Oct. 23, $17,237,000). Due
from banks Oct. 23, $68,815,000.

Im ports an d Exports for th e W e e k .— See third page
prpeeding.

Aug. 14........—
Aug. 21........... Aug. 28.............
Sept. 4----------Sent. 11.............
Sept. 18.............
8 cpt. 25_______
Oct. 2...............
Oct. 9...............
Oct. 16...............
Oct. 23...............




a

11,261,0
11.255.0
11.145.0
11.136.0
1 1 .1 2 1 .0
1 1 , 100.0
11.077.0
11.070.0
11.079.0
11.090.0
11.105.0

1 4 44

THE CHRONICLE

fBantters’ (ismtte*
W a ll S treet, F rid a y N ig h t, O ct. 29 1915.
T h e M oney M arket and F in a n cia l S itu a tio n .— The
unusual activity in the stock market has been a feature of
the week and a decidedly irregular movement of prices
also attracted attention. The daily transactions, averaging
nearly 1,200,000 shares, were the largest of the season and
therefore the largest in recent years. That this market has
been sensitive will not surprise those familiar with its recent
history. Several manufacturing issues, whose recent ad­
vance has been phenomenal, dropped precipitously on
vague rumors suggesting possiblo peace discussion.
N o attention seems to have been paid, however, to military
activities and developments in the Balkan regions, which
may easily prove to be more important in the progress of the
war than any which have taken place in a year or more past.
Persistent firmness in practically all railway issues is
based on increasing activity in general business throughout
the country. This is shown in railway traffic reports, in
congestion at several terminal points, but most strikingly,
perhaps, in the current export movement. The latter is
wholly unprecedented, amounting last week to about $9 8,­
700,000 and for the first three weeks of October to over
8240,000,000. M ore gold has been received this week but
the amount is only as a drop in the bucket when compared
with the above and sterling exchange fell to 4 .6 0 % for
demand bills on Wednesday. There has, however, been
some recovery from this low price.
.
Reports from the iron and steel industry continuo to be
of a most encouraging character. Orders are increasing
at prices for finished products from one to five dollars per
ton higher than those recently prevailing, of which those
for railway equipment form a larger part than of late.
Foreign E xch an ge.— The market for sterling oxchango
was particularly depressed during the early days of tho week,
but showed sensational recoveries towards the closo, owing
to reports of favorable negotiations looking to tho establish­
ment of credits supplementary to tho Anglo-French loan.
T o-day’s (Friday’s) actual rates for sterling exchange woro
4 61 @ 4 6 2 % for sixty days, 4 6 4 % @ 4 6 5 % for checks and
4 6 5 % @ 4 6 6 % for cables. Commercial on banks (sixty
days) 4 65 and documents for payment (sixty days) 4 60 @
4 6 1 % . Cotton for payment 4 6 4 @ 4 65 and grain for pay­
ment 4 65.
There were no rates posted for sterling by
prominent bankers this week.
To-d ay’s (Friday’s) actual rates for Paris bankers’ francs
wero 5 9 3 % for short. Germany bankers’ marks woro nomi­
nal for long and nominal for short. Amsterdam bankers’
guilders wero 4 1 % for short.
Exchange at Paris on London, 27.64fr.; week’s range,
27.51 % fr. high and 27.75fr. low.
Exchange at Berlin on London not quotable.
Tho range for foreign exchange for tho week follows:
S te r lin g . A c t u a l —

S ix t y D a y s .

High for tho week__ 4 62%
Low for the week__ 4 58
P a r i s H a n k ers' F r a n c s —

High for tho week__
Low for tho week__

___
___

High for the week__
Low for tho week__

___
___

G erm a n y B a n k ers’ M a r k s —

A m s t e r d a m B a n k e r s ’ G u ild e r s —

C h eck s.

C a b le s .

4 65 %
4 60 %

4 (50%
4 61%

5 92%

5 91%
5 97

5 98

82 1-16
81 7-16

82 %
81 9-16

High for the week__ ___
41%
41%
Low for tho week__ ___
40%
40%
D om estic E xch an ge.— Chicago, 15c. per $1,000 dis­
count. Boston, par. St. Louis, par. San Francisco, 35c.
per $1,000 premium. Montreal, 1 5 % c . per $ 1 ,000 premium.
Minneapolis, 35c. por $1,000 premium. Cincinnati, par.
New Orleans, sight, 50c. per $1,000 discount and brokers
50c. premium.
State an d R ailroad B o n d s.— Sales of State bonds at tho
Board include $69,000 N . Y . Canal 4 % s at 1 0 9 % to 1 0 9 % ,
$1,000 N . Y . 4 % s at 110 and $5,500 V a .6 s def.tr. rets.at 85.
The market for railway and industrial bonds has again
been more active. On Tuesday tho transactions aggregated
nearly 5 % millions, par value, and for tho week havo aver­
aged almost $4,800,000, and of a list of 30 active issues 20
have advanced and 4 are unchanged.
The copper issues have been notably strong, Chili 7s show­
ing a gain of nearly 8 points and Ray Consolidated 4 %
M an y railway issues are from 1 to 2 % points higher than last
woek. Fries lead with a net gain of over 4 points and New
York Railways are 2 % points higher.
Sales for foreign account designated “ s-30-f” are nearly
as large as last week, amounting to $1,348,000, par value.
U n ited States B o n d s.— N o sales of Government bonds
have been reported at the Board this week. F o r to -d a y's
p r ic e s o f all the d iffe r e n t is s u e s a n d f o r w eekly ra n g e see th ird
p a g e fo llo w in g .

R ailroad and M iscellan eou s S to ck s.— As noted above,
the stock market has been exceptional in several particulars.
A volume of business which has not been equaled in any
recent year and a movement of prices quite uniquo has
made it conspicuous and interesting.
^ On Monday tho market was strong in all departments, al­
though tho actual advance in railway issues was, except in
the case of Erie, not unusual. Some of the manufacturing
stocks, repeating previous history, moved up from 5 to 20
points. On Tuesday this movemont was reversed and many
active issues dropped to about last week’s closing level.




[Vol. 101.

Wednesday’s market was a repetition of that immediately
preceding, and the declining tendency continued until near
the close of business on Thursday. A t that time tho situa­
tion was taken in hand by interests, evidently strong enough
to control it, who bought and bid up soveral low-pricod rail­
way issues, including Erie, Western Maryland, Southern
Railway, Kansas City Southern, Reading, Lehigh Valley,
New Haven and a few others. Tho advance in those issues
was responded to in other departments and tho market closed
with a decidedly strong tone.
In to-day’s market the movement started on Thursday
continued and a considerable list of railway shares added
a point or more to yesterday’s advanco. Tho industrial
group was also generally strong but irregular. As a result of
the week’s operations, Canadian Pacific shows a net gain of
1 2 % points, Erie 8, Erie 2d pref. 5 , Lehigh Valley 4 % ,
Reading, in addition to the dividend which came off on
Tuesday, 4 , and others from 2 to 3.
Baldwin Locomotive has fluctuated over a range of 25 %
points within the weok, Bethlehem Steel 55, Maxwell Motors
16, Cont. Can 15, Crucible Steel 14, Car & Foundry, Ameri­
can Locomotive and N . Y . Air Brake 9, Steel Foundry and
Colorado Fuel & Iron 7, and others from 5 to 6.
F or d a ily volu m e o f b u s in ess see p a g e 1453.
The following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:
STOCKS.

Week ending Oct. 29.

American Express.. . 10C
Am Smelters Secur A __
Amcr Woolen ctfs dep.
Preferred ctfs dep___
Am Writing Paper pf 10<
Assets Realization.. 100
Hrown Shoe pref___ IO
C
Urunswlck Terminal. 100
Uuttcrick__ __ — 10(
Case (J I), pref____ 10<
Chicago & Alton___ 100
Cluett, Peabody&Co 100
Preferred________Ilk
Deere & Co, pref___ 100
Detroit Edison........ 10C
Detroit United____ 10C
Diamond M atch___ 10
Duluth S S & A tl__ 100
Preferred .............. 10C
Homestako Mining..IOC
Int Nickel pref v t c.100
K C Ft S M pref.. 100
Kayser (Julius) Co 100
Kings Co Elec L P. 100
May Dept Stores__ 100
M St P & S S M leased
lines........ ............. 100
Nat Cloak & S u it... 100
Preferred.............. 100
N Y Chic & St Louis. 100
2d preferred.......... 100
Norfolk Southern... 100
Peoria & Eastern___ 100
Pettibone-Mulilken .100
First preferred___ 100
Rumely (M) Co pref ctfs
Texas Co full paid rects.
Tobacco Prod pref.. 100
United Dry Goods pf 100
U S Reduction & Ref 100
Preferred............ .100
Vulcan Detlnnlng__ 100
Preferred.............. 1(K
)
Wabash (old) pref__ 100
Wells, Fargo & C o . . 100

&

&
&

Sales
fo r
Week

Range fo r Week.
Lowest.

: Range since J a n . 1 A

H ighest.

Lowest.

| Highest.

35C 109
95( 86
2,401 52
90< 9G'A
2,10( 10
5,851
6V
i
12( 88
G
0< 7%
401 30%
300 80
U
K 11%
2.50C 69
101 UOVi
300 94
50C 130
4C 67
22 100
60C
2,400 10
477 119%
30C 106
100 61
100 84
105 128 Vi
1,900 51

Oct 21 I ll
Oct 2'J 86 V
i
Oct 28 64%
Oct 25 98
Oct 25 12
Oct 2( 14
Oct 2( 88
Oct 26 8
Oct 27 31
Oct 25 80
Oct 2C 11%
Oct 27 71
Oct 23 110%
Oct 28 95%
Oct 26 130
Oct 29 67
Oct 29 100
Oct 29 8 Vi
Oct 28 13
Oct 25 120
Oct 23 108
Oct 23 61
Oct 28 84
Oct 26 128 Vi
Oct 26 53%

Oct 27 83
Oct 2f 86
Oct 21 49
Oct 28 96
Oct 25 6
Oct 27 5
Oct 26 64
Oct 25 4%
Oct 2C 27
Oct 26 74%
Oct 2!)
8
Oct 25 55
Oct 23 98
Oct 29 86
Oct 26 111%
Oct 29 52%
Oct 29 100
Oct 29 2
Oct 29 4
Oct 29 114
Oct 27 105 Vi
Oct 23 60
Oct 28 76
Oct 26 120%
Oct 27 35

F'cb 111Vi
Sept 87
Oc 56
Oc 98
Julj 15
Jai 14
Aug 88
Mar 8
Feb 36%
June 83%
Aug 15%
Apr 79 Vi
Jan llOVi
Apr! 99
Feb 130
Apr 67
Oct 100
July 8Vi
July 13
Jan 121
110
Apr 68 Vi
Aug 88
Mar 128 Vi
July 56

G O 70
O
500 82
300 109
230 40
2 58
100 19 V
i
UK) 11
U 80
K)
100 96
100 7 Vi
U ) 166
K
400 99%
U ) 73
K
700 3
270 4 Vi
250 17 V
i
450 40
100
V
i
1,185 119Vi

Oct 23 74%
Oct 29 83
Oct 23 109 Vi
Oct 26 41
Oct 29 58
Oct 27; 19Vi
Oct 29 11
Oct 23| 80
Oct 28! 96
Oct 23 7 Vi
Oct 26 166
Oct 25 100Vi
Oct 25 73
Oct 27 4%
Oct 29 4 V
i
Oct 23 17 V
i
Oct 25 40 Vi
Oct 26
Vi
Oct 23 123

Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct

Sept 78
Apr
Mar 90
Mar 109% Sept
June 42% Oct
Oct 58
Sept 25
Feb
Jan 12
Mar 84
May 98
Oct
Oct 7% Oct
June 170
May 102%
Jan 75
Oct
Apr
Apr
Jan 19
Jan 40%
May 2%
Jan 123
Oct

7
%
%

27 70
27 68
27 100 Vi
29 30
29 50
27 15
29 4
23 15
28 83
23 7%
26 123
29 95
25 48 Vi
29
1%
29 1
23, 5
26 21
26
Vi
291 77 Vi

Oct
Oct
Oct

Oct
Apr
Oct

Oct

O u tside M arket.— Irregular and conflicting prico move­
ments characterized an activo market for “ curb” securities
this week. Int. Mercantile Marino issues woro conspicuously
activo, tho com. advancing from 9 % to 15 and closing to-day
at 1 4 % . Tho prof, oponed tho weok at 4 2 % , droppod to 39
and moved up to 4 9 % , with tho closo to-day at 4 8 % . Wide
and erratic fluctuations in A m . & British M fg . com. con­
tinue, the stock, after an oarly advanco of a point to 50,
dropping to 27, with a jump to-day to 52. Tho closo was
at 42. Cramp Shipbuilding was noticeably irregidar, ad­
vancing at first from 86 to 88, falling to 79 and to-day ad­
vancing to 86, with tho closing figuro 8 5 % . Kolly-Springfield Tiro com. was a strong foaturo, soiling up from 245 to
303 and at 301 finally. Tho now stock, “ w. i . , ” was traded
in xip from 75 to 7 7 % . Midvale Steel & Ord. improvod
from 9 4 % to 9 8 % , reacted to 86 and rocovorod to-day to
9 2 % . Submarine Boat, aftor oarly gain from 4 3 % to 4 5 % ,
sank to 4 0 % , recovered to-day to 4 2 % and closed at 42.
Int. Motors com. advanced from 4 6 % to 49, rocodod to 39
and finished to-day at 40. Lako Torpedo Boat com. gained
about 2 points to 1 9 % , reacted to 15 and onds tho wook at 16.
Tho 1st pref., after fluctuating botwoon 17 and 19, broko to
16. Tobacco Products com. lost about 5 points to 36 and
recovered finally to 39. United Statos Light & Heat issues
woro activo, tho com. dropping from 7 % to 5 and tho prof,
from 6 % to 5 % . Tho closo to-day was at 5 % and 6 % , re­
spectively. Oil stocks very dull with a firm tono. Prairie
Oil & Gas rose from 400 to 421 and Prairio Pipo Lino from
210 reached 220, tho latter reacting finally to 213. Standard
Oil (Calif.) sold up from 305 to 324 and closed to-day at 323.
Standard Oil of N . J. improved from 474 to 492 and ondod
the weok at 490. Konnecott Copper 6s woro an activo foaturo
in bonds, with fluctuations botwoon 166 and 172 and tho
closo to-day at 171. Copper shares woro activo and strong.
Braden advanced from 9 % to 1 1 % and eased off finally to
1 1 % . Chile Copper roso from 2 2 % to 2 5 % . Konnecott
Copper improvod from 5 3 % to 5 4 % and droppod to 50,
closing to-day at 52.
Outside quotations will bo found on pago 1453.

New York Stock Exchange— Stock Record, Daily. Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.

S T O C K S - - II 10 1 I E S T A M D LOW E S T S A L E / 'R I C E S
Salur
Oct. 23

la v

Oct. 25

Tuesday
Oct. 20

day

Wedne
Oct. 27

Oct 28

S a le sfo r
the

Week
Shares

F rid a y
Oct 29

STOCKS
NEW YORK STOCK
EXCHANGE

R a n g e S in ce J a n . 1
O n b a sis o f 100 -s h a r e lots
L o w e st

H ig h e s t

1445

R a n g e f o r P r e v io u s
Y e a r 1914
L ow est

H ig h e s t

Par
Railroads
S p e r share
$ per share
%
%
S per share 8 per share S per share S per share S per share $ per share
89i2 July 1003* Jan
100'2 1071., 1005* 1 0 7 1 , 100i2 107i2 107i2 10.83* 27,550 Atch Topeka & Santa F e.. 100 92i2 Feb 24 1083* Oct 29
10r,l2 106*4 1001? 107
2,200 Do pref_................. . 100 90 Jan 5 101** Junel7 *9612 Dec IOD4 June
101 101'* *101 101'* 1003, ion*
1001? 1001? 1001? 1007* IOOI2 101
800 Atlantic Coast Line U R .. 100 98 Mar 1 115 Oct 29 $99'* Dec 126 Jan
113 115
*111 113 *111 113 *112 114 *109 U3'2 111 111
Ohio_
_
100 03*4 Feb 25 947* Oct 29
98*8 Jan
4
67 Dec
923* 93i.i 92l2 9312 923 933* 92l2 9312 933* 947* 37,025 Baltimore
023,1 9 3
751* 75*2 3,300
Do prof____________ 100 67 Feb 23 755* Oct 25
83** Jan
1
69 Dec
753* 755* 75's 753* 75
75
75l2 ■ l?
75lg 7514
6*8 801, 87
3,000 Brooklyn Rapid Transit. 100 83U Aug 13 93 Apr 21
79 July 9 U4 Mar
80
80'2 80
87
87
80l2 801? 80*4 87
17712 18512 63,130 Canadian Pacific________ 100 138 July23 185l2 Apr 29 153 Dec 220i2 Feb
173 17512 17314 76
1711* 1721? 1701* 1715* 17U.1 175
20 *270 370
Central of New Jersey_ 100 $250 Sep 1 325 Jan 22 300 July 310 Jan
_
*275 370 *275 370 ♦275 375 *275 370 *275
59*4 34,500 Chesapeake & Ohio______ 100 355* July 9 00l2 Oct 11
68 Jan
40 Dec
57 h 575g 573* 583* 575* 583* 5714 57*4 503, o^*2 58
14'* 15% 9,200 Chicago Great Western.. .100
lOUJan 4 I 5 I4 Oct 29
15U June
133*
13'2 14
914 July
131, 133* 13!, 133,
*1314
13»2 1334
3514 35l2 30l2 9,900 Do pref.............. ....... .100 25i2 Mayl4
30*4 Oct 11
343., 343, 34
25 July 4D2 June
345* 35ig 35
3514 333* 3514
927* 93i2 91V* 12,149 Chicago Mllw
St Paul. .100 77*4 July26
92
98'4 Apr 19
8434 Dec 1071* Feb
937* 921? 933.1
92 U 92U 92
921? 93
1271? 1281* 128 1281* 1281? 12!)l? 1283* 1283* 128** 128*2 1285* 1287* 2,210 Do pref.................... . .100 1207* Sep 2 130 Jan 22 120 Dec 143 Feb
131 1315*
900 Chicago & Northwestern. .100 118l2 JulylO 132 Apr 15 122 Dec 1367* Feb
130 13134 131 131'* *130'2 13 ll2 129'2 130
130 130
100
*168 190 *170 190
18'* 193* 45,300 Chicago Rock Isl & Pac._ .100
10l2 July23
38** Apr 15
33 June 33 June
16'* 171g
17*4 18*8 17'* 19'*
1714 177*
10*2 17U
119*4 119*4
210 Chic St Paul Minn & Om. .100 $114 Apr 8 U934 Oct 29 125 May 131*4 July
HO'* HO'* *110 120
*110 118 *110 118 *110 118
135 *128 1 10 *128 140
100 124 Sep 17
132 May
53
*50
53
300 Clev Cln Chic St Louis. .100 $21 Jan 18 52 Oct 22
22 July 40 Jan
513., 5134 501? 50*2 5012 5012 *50
*50
52
75
75
7/
*70
200 Do pref........ ............. .100 53'* Feb 17 77 Oct 20
40 July 70 Feb
*72
*72
77
77
731* 7312 *72
34
*33l2 34
* 1,000 Colorado
341* 35V
Southern___ .100 24 Mar 15 36 Oct 11
20 Mar 28'2 Jan
33
33
3314 337*
331? 337* *33
2
4
1st pref_________ 100 45 Jan 18 56 Oct 11
842 Do
377* July 62 Jan
535* 533* 5412 5412 *531 5412 541 50
54
54
*53l2 54
*42
45
*42
45
45
45
200 Do 2d pref................ 100 35 Sep 2 49'2 Apr 3
35 Mar
45
29 Dec
*40
45
*41
45
*41
147l2 148
1481, 1507*
1,800 Delaware & Hudson____ 100 138*2 Aug 31 153 Apr 19 138«4 Dec 159l2 Feb
1407* 148 *147 148
1401? 14fli? 148 148
212'2 212'2 *200 215
2121? 212*2
*
300 Delaware Lack & Western .50 199% Jan 6 2147 Apr 10 388 Jan 406’ 4 June
*200 2121? 210 210 ♦210 214
*8
10
93, 10
4 Jan 12 107* Oct 11
8'2 8'2
500 Denver & Rio Grande_ 100
_
11
19U Jan
4 July
*7
10
8% 9
*8
183, 183,
19
19
18
18
0i2 Jan 7 1914 Oct 11
3D* Feb
18
500 Do pref____________ .UK)
8 July
*15
19
15 14
15U *14
40*8 3!)
431,
423, 441* 300,400
100
44'sOct 29
40*8 39
20% July
4934 Jan
55 > 573, 5714 587* 107,100 Do 1st pref............... .100 32U Feb 24 5S7* Oct 29
8
32 July
54 lg 55
5 5 ” 5012
50*4 573.1 557* 57
40
47h
48** 50
481,
473, 4834 47
40'* Jan
10,400 Do 2d pref................ .100 27 Feb 25 50 Oct 29
20U July
45
4514 48*4
121'2 1223* 1217* 1221, 12 ll2 1233* 123*4 1243* 12,450 Great Northern pref........ .100 11234 Jan 2 1243* Oct 29 1115* Dec 134*4 Feb
1 2 1 1 ? 12 2
1211.1 122
8 487* 50
50
39*4 Jan
521* 89,200
54 Oct 22
Iron Ore properties___
2514 Jan 2
221* July
52
52l2 5 114 527* 50'* 513* 49% 51 >
___ *107 108 *107 108
107l2 1095*
1,200 Illinois Central................ .100 99 July 7 113 Apr 19 103'2 Dec 115 Jan
107 107
♦100 108
227* 22'* 22*4 213, 2214
22
225* 27,500
187* JulylO 2414 Oct 14
2 1 14 2178
21% 22*2 22
78*., 771 78'4
781? 787g 5,302
100 70 JulylO 8034 Oct 15
783
., 78*2 783., 78
2
223, 22
22
163* Jan
*22U 2212 3 3 0 0 Interboro-Metrop v t ctf. .100
103* Jan 10 243* Apr 29
1034 July
2134 2 2
221* 223* 217* 225* 22
—
8 U 2 8U2 *811
*82 ___ *82
65% June
2
10 0
Do pref____________ .100 49 Jan 19 83*4 Oct 11
50 Dec
*8212
*82
2
28'2 29U 28% 295* 29U 32** 321 331 60,700 Kansas City Southern_ .100 203* Feb 24 3 314 Oct 29
_
4
20>4 July 28l2 July
28<g 28l2 28>2 29
035* 031 041
4
2
62 Jan
2 0,800 Do pref...................... .100
547* Feb 24 6412 Oct 29
49'8 Dec
01
OU2 01»2 613 021., 0 2 14 0 2 14 02
Olh
12
12
11
12
9 Jan
11
123, 3,000 Lake Erie
Western___ .100
5 Jan 5 13 Oct 11
51* July
10l2 10l2 Id* 101* IOI4 12
31
♦28
32
29
20'2 307* 30
31
313,
2D2 Jan
*23
1,800 Do pref____________ . 1 0 0
*22
19 May 27 31*4 Oct 29
17 Apr
29
77*8 78% 77*2 787* 771, 80
78
791 8112 01,010 Lehigh Valley.............. . ..50
2
645* Feb 24 8 U2 Oct 29 118 July 156U Jan
70i2 77
70h
2434 2434 25*4 26
20
*24
25
25l2 27
25
36 Feb
24
1,300 Long Island.............. ...... ..5 0
15 Jan 11 27»* Oct 11
24
28 Jan
127 127
12512 128
128 1301,
*124 128 *1241., 127 *125 127
3,900 Louisville
Nashville__ .109 104'2 July 8 130U Oct 29 125 Dec 1417* Jan
1277* 1277* 128 1287* *127 130 *128 130 § 12 8'2 128*2
133 Feb
370 Manhattan Elevated___ .100 125 June25 129 Apr 23 128 Jan
*1271? 12!)
137* *1314 14
13% 137*
13
13'2
13
14
16>4 Jan
*12
13
101, 5,120 Minneapolis < St Louis.. .100
fc
8 Sep 15 193* Feb 15
9 1 * July
31
*29
29
29
*2014 31
31
327*
2!)
*20U 31
*25
Do prof. __________ . 1 0 0
24 Sep 15 49 Feb 15
805
27lj June 35*2 Jan
*11912 1215g 120 1207* 12012 1221* 1203* 12034 1 2 1 1211, 1203, 1241,
4
4,450 Minn St Paul & S S M __ .100 100 Jan 4 1241 Oct 29 101 Dec 137 Feb
127'* 127'2 —
—
____ 127 127 *125 128
128l2 128l2
Do pref_________ . .100 123 June 8 132 Apr 19 130 June 145 Feb
500
53* 5V
55* 6
*
5*2 5% . 57*
____ ____
5*2 5*2
57*
24 Jan
15 14 Apr 19
1,500 Missouri Kansas Texas .100
4 Sep 28
81* Dec
131* 14
14
14
14
14
1418 14
____ ____
14
1U2 2,300
60 Jan
Do pref...... ............... . 1 0 0
10'* Sep 25 40 Apr 5
20 Dec
47*
43 *
47* 6
45
g 5
4lg 45*
4*4
5
5
55* 18,600 Missouri P acific________ .100
30 Jan
I 8 I4 Apr 19
7 Dec
1*4 July27
22*4 ♦21
22% ___
*2 0
24
*22
25
34 Feb
*23
27'2 *20
Nat Rys of Mex, 1st pref. . 1 0 0
1412 Aug 31 23 Jan 5
30 Jan
9
9'4
914
9
8
*8'4
14 Jan
9»g 9»*
9l2
*81,
9
9*4 Oct 21
9h
1,800
Do 2d pref_________ . 1 0 0
4*4 July28
5 Dec
10 0 14 1 0 1 1 2 i o n 2 1 0 3 1 , 44,000 N Y Central A Hud River .100
965* Jan
lOOh 1003., 100'., 10112 100 1 0 1
99)4 100
77 July
81*2 Mar 1 IO3 I4 Oct 29
8212 82i4 83
803i 8U2 807* 823* 807* 833* Sl’ 4 823, 89
78 Jan
39,000 N Y N I I 4 Hartford___ .100
43 Feb 25 89 Oct 11
495* July
315* Jan
*
311* 317* 11,510 N Y Ontario & Western.. . 1 0 0
29'g 29*2 29l2 30V 301* 311., 29)4 303, 293, 307*
21*4 Jan 0 35 Apr 20
1834 Dec
115*8 116
115'* 110
1105* 118
US** 117
110 3 4 1 1 7
115l2 110
21.G0C Norfolk * Western.......... . 1 0 0
9!)i2Jan 4 118 Oct 9
90l2 Dec 1057, July
92
*82
92
*82
92
*82
90 Apr
92
92
*82
.100
*82
80% Sep 2
11234 11212 113l2 1 1 1 3 4 112!, 111*2 113*4 1131, 114*4 24,500 Northern Pacific________ .100 99'i Feb 24 U 5 I4 Oct 9
965* Dec 118>z Feb
1 1 U2 1123., 1 1 2
8 &y»2 593* 001* 48,150 Pennsylvania___________ ..50 5 1% Feb 24 001* Oct 29 102'2 Dec 115l2 Jan
58>2 59
585* 59
g 585* 59
58*4 685
$8038 805* *76% 83
♦705* 83
*705* 83
91 Feb
*705* 85
80 Oct 11
30 Pitts Cln Chic & St Louis. .100
65 Mayl7
64'* July
*705 83
g
99
*91
♦91
99
99
101 Mar
*90
ion
9!)
*01
*91
99
805* 78*4 82
79
4
82
693* MaylO 8412 Oct 29 137 July 172U Jan
8412 226,250 Reading...................... ..... ..5 0
7914 797* 7912 813 1793* 81
*4138 447 *41*2 447 ___
8
44*4 45
8
89** June
200
1st preferred................ ..50
403* Sep 20 45 JuneI2
87 July
*4112 45
*4112 45
42% 43
43
42'? 42*2 *42
431, 44
93 Jane
43
+42
*42
2,300
2d preferred.......... ....... ..50
40 Feb 23 44 Apr 29 1 8 O Dec
43
*'4
%
%
*1 ,
165* Jan
%
*1,
l'sA p r 9
3*
Rock Island Company__ .100
i* Julyl5
% Dec
3g
%
*'s
*2
+>
4
*8
25 Jan
%
*>4
*3*
2 '2 Apr 9
1?
100
Do pref. __________ . 1 0 0
> June21
4
1 Dec
*>4
*'4
5*2 6
512 5i2
53* Jan
512 6*2
534
57* 0
5i2 0
fe
1*4 Mar22
714 June26
2 Apr
*5
3,855 St Louis < San Francisco. .100
10
10
5 10
10
9'2 9*2
17i2 Jan
11
10*4
*9
10
10
*9
1st preferred___ .100
7 Aug 17 121* Jtine28
8 May
340 Do
/%
7*4 *7
7%
9*4 Jan
712 8
7*4 734
3 Jan 18
85* Oct 20
214 Dec
1,900 Do 2d preferred........ .100
8
7 1?
73,
7'2
16*2 16'? *15I2 17i2 19
loi*
26*4 Jan
2
19
177* July
11 Sep 9 19 Apr 23
1,300 St Louis Southwestern__ .100
*15l2 1014 *1512 10 > *10
33*4 331, *32
323* 33% *32*2 35
331
2
35l2
900 Do pref........ ........... . .100 29 Sep 29 37 Jan 21
30 July 65>* Jan
3212 33 *
17 14 17*4
17*2 18**
228 * Feb
183, l!)l2 10,500 Seaboard Air Line_______ .100
10'2 16*2 173.1
19l2 Oct 29
*10
1U* July31
IOI4 Dec
10l2 io
40
39*2 401, 39
39
401? 41*2 42
391
2
58 Feb
42 Apr 10
5,700
Do pref____________ .100 30U July24
39I2 3912 3!)
45*4 Jan
8
99'2 Jan
100 Oct 29
9734 9814 9734 98l2 983* 99>2 98'* 987* 977 991* 99'* 100
08,010 Southern Pacific Co........ .100
81*4 Feb 5
81 Dec
22i2 217* 23*4 23*2 24** 245* 255* 85,645 Southern Railway........ .. .100
207* 211* 21
207 21
g
28'4 Feb
253* Oct 29
12l2 July23
14 Dec
60% 60
62
62
59
59
031,
5834
03** 04
85'4 Feb
64 Oct 29
*5812 5914
14,020
Do p r e f.......... ......... .100 42 July23
68 Dec
13»2 13*4 13*4 13 *4 14
13
13
173* Apr
13
13*2 1U2 14l2 1514
177* Apr 19
4,200 Texas A Pacific___ . . . .100
8*2 July23
111* Dec
*
O I4 01'* 013., Oil* Cl3., 007 61*2 005* 01
2
45*4 Jan
01
01
02
11,960 Third Avenue (New York) .100 35 Jan 2 6K2Oct 14
33 July
514 +4 I4
5*2 *414
5*2 *4 '4
51? *4l4 5'2
5*2 *4'4
*414
12<4 Jan
Toledo St Louis & We3t.. .100
5 Oct 14
1 Jan 6
2 Dec
12
*10
+10
12
10
12
*10
*10
10
23 Jan
*10
12
434 Dec
111* Oct 11
100 Do pref____ _______ .100
5% May25
*95
99
*90
99
____ . . . . *95
*90
99
*90
99
947* July 108)2 Jan
Twin City Rapid Transit. 100 90 July 9 100 Apr 19
13512 1301* 135 1.56% 135'8 1303* 135 130>8 13414 130
130 1371? 08,200 Union Pacific................ .. .100 115*4 Jan 2 13734 Oct 11 112 July 1643* Jan
82** 823* *82
813* 82
82'2 82l2 821
*8112 82
2 821 823,
86 Feb
2
1,750 Do pref____________ .100 x79 Mar 1 83 Oct 13
77l2 Dec
3g 25*4 27
25% 20'*
25>2 26
2534 2(>
241* 25
2414 253* 12,100 United Railways Invest.. .100
23*4 Feb
8 Jan 5 27l2 Oct 1
712 Dec
2
43
43
42
43'2 44U 431 44
431,
43h 44
42
4214 3,450 Do pref...................... .100 211 Marl5
4734 Oct 1
49U Mar
4
22 July
13*2 13'2 14*2 14*2 15
13's 1.5% 13
13ig 1314
151* 101 59,480
123* Oct 10 10l2 Oct 29
2
*
457* 40 V 4612 4712 40'2 47l2 471* 48*2 57,600
40
4512 40
437* Oct 10 48l2Oct 29
2012 207* 20*2 20’ 4 2fll2 2/3* 27'2 285* 2812 297* 303* 3U? 87,100
25'2 Oct 16 31i2 Oct 29
323* 33
323* 323* 32 <4 341
2 33<2 34l2 0 ,2 0 0 Western Maryland______ .100
32 ig 323* 32l2 33
35 Jan
914 Jan 4
35i2 Oct 11
10% Dec
*47
*45
49
49
49
49l2 4!)
*40
49
*40
49
300 Do pref........ ............. .100 25 Jan 5 503* Oct 11
30 July 58 Jan
4
37 *
4
3
37* 41,
3
4** 412 13,700 Wheeling A Lake Erie__ .1(H)
3
6** Jan
*2?g 3
412 Oct 29
212 July
12 July28
1078 12*2 11
13% 13
13
127* 14
21 Jan
11
2 Aug 2 16 Jan 18
Do
1st preferred___ .100
11*2 11'* ll's
4.05C
8U July
5
5*4 5%
4*4 5
*334
55* 5,100
51,
11 Jan
4*2
Do 2d preferred........ .100
4% ♦ 314
*8 Aug 10
0 Jan 18
3 Dec
34% 37
35*2 30*2 36'* 3 7
37
35
37'2 3914
48 Feb
*34
35
4,300 Wisconsin Central______ .1(M) 28 July 14 397* Jan 21
29*4 July
Industrial & Miscellaneous
343 *
33
337
8 32
33i2 31
325g 33
32
3234 50,100 Alaska Gold Mines.......... ..1 0
321* 33h
261* Jan 7 40l2 Apr 22 $19i2July $287* May
13
12%
12
40-3* 42
4 114 43
4334 447* 431? 45
41
431* 4414
43
42,700 Allls-Chalmers Mfg v t c . .100
141* Feb
4912 Oct 4
7*4 Jan 12
6 July
V2
73'8 74
7312 73*2 74l2 8,700
73i2 737* 73l2 74h
49 Jan
73
7314
32i2 July
Do preferred v t c __ .100 33 Feb 10 77i2 Sep 28
703* 71*8 703, 72
713., 73
59*2 Mar
8,000 Amor Agricultural Chem. .100 48 Jan 4 73 Oct 23
711* 727* 71 «2 723* 71*2 72'*
47*4 Jan
991, *97
99
*97% 983, 983 9834 *9812 99U *98
9712 Jan
4
*97
99
9834 Oct 25
250
Do pref.____ ______ .100 90 Mar27
90>4 Dec
05*8 64*2 65
05U 003* 10,30(1 American Beet Sugar___ .100 33UJan 6 OS7 Oct 1
65*2 00
19 July
33i2 Dec
*
641 65'* 04
4
051* 00
9314 9314 «!)2l2 9314
*921? 931, *92
93h $93
93
4
66 May 80 Deo
150
Do pref____________ .100 83 Feb 1 931 Oct 23
10 2
102 *102 107 *103 100
103 103'2 103 103
101 101
97'2 Feb
80 Apr
500 Amer Brake Sh A F ctfs d e p ..
871* Feb 25 1093* Aug 9
—
208 219*4 200 211
----- 190 197 ♦190 199
200 213
1467* Feb
4,050
Do pref ctfs deposit.
132l2 Mar25 21934 Oct 28 129i2 Jan
0334 03
03
013* 03U 5!)7* 613, 00*4 033* 50,800 American Can.................. .100 25 Feb 24 6812 Oct 4
35'* Jan
19U July
01I2 02*4 033,
10034 106*4 1007* 1007* 1005* 10034 1007* 1007* 100** 1065s 1003* 1007*
80 July
96 Jan
1,400 Do pref.. _________ .100 91l2Jan 5 IO834 Sep 30
873* 92
88*4
87'4 94
83's 80
843, 873, 144,695 American Car A Foundry .100 40 Feb 23 98 Oct 4
42<4 Dec
53'2 Feb
87'2 895* 85
-_
_ —
1153* 1101? 110 110 *115 117 *115 117 *llfll2 117
*
500 Do pref----- --------- .100 l l l l j May25 118 Aug 6 112 July IIS7 July
154*2 ISO** *153 157
154 15412 152U 155*4 150 153*2 1150 150
$S0i2 Mar
2,700 American Coal Products. .100 82 Jan 20 170l2 July 12 $82 Jan
*110 ___ *110
*110 —
117*2 117'2 *11012 11712
107 July
*117
100 Do p r e f.......... ......... .100 $105 Jan 7 120 Sep 11 $102 Jan
64
02
03
0.312 0212 03
021,
5934 01'2 02
63
46*2 Feb
5,300 American Cotton Oil___ .100 39 Jan 4 64 Oct 23
32 July
01
*99 100l2 *9!) 100l2 *99*8 100'2 *9!) 10012 *991* 100l2
*99 101
100
100 Oct 22
97*8 Mar
133g 1334
13h 14
13*2 14
43* Feb 19
1414 Oct 22
123., 13'2
12'4 12*4 121* 123* 9,500 American Hide A Leather .100
5*4 Feb
3*4 July
56
59
57
573, 5012 5712 14,200 Do pref____________ .100
50'2 58
5834 57
19% Jan 5 59l2 Oct 22
50
58
17 July 25»4 Feb
24*4 255* 8,000 American Ico Securities.. .100 203* Jan 4 35 Apr 30
2312 23!2 23*2 237* 2 U4 253., 241* 25*4 24
241,
32*4 Feb
197* July
277
s 277* 31'*
27
293* 107,700 American Linseed_______ .100
30'* 205* 29
20>4
2534 27*2 20
7U Jan 2 31'* Oct 2 5
U 5 Jan
*
7i2 July
493* 45*4 4712 45
45'? 50>2 40
40>4 48
4612 451* 4812 29,505
31*4 Jan
Do pref------- --------- .KM) 24 Jan 5 50i2 Oct 25
24 Dec
743., 7 134 743* 71*4 73l2 091, 721, 057 703* 68
73
701, 70,450 American Locomotive— .100
8
19 Mar 2 74*4 Oct 23
37'4 Jan
2014 July
99
99
98h 98', ♦98'* 99'* *98
9!)12 *98
98*4 991*
000 Do pref____________ .100 75 Mar 0 100i2Sep 27
102*2 Mar
99
96 Jan
8
7
05* 07
7*4
2
*0
7
7h 10
37* Apr 14
1012 13'*
9*4 Jan
131* Oct 28
4U Dec
lilt 121 25,400 American Malt Corp___ .100
30
29
29
30*4 3412 34
5,500 Do pref___ _______ .KM) 2U2 May27
50*8 Jan
*2012 28l2 28
37
351, 37
37 Oct 28
30 Dec
2
821, 82*2 821 82'2 *811 8212 821* 8212
87
____ *80
2
700 Amer Smelters Sec pref B .100 78 Jan 19 883* May 5
85 Jan
7914 July
8 91 «2 931, 90
92ig 923., 9214 9334 923, 94 >
927* 937* 39,300 Amer Smelting A Refining.100 50 Jan 2 95l2 Oct IS
93
71*8 Feb
SOU July
109l2 10912 *10!) 10912 109U 109U 100'2 109l2 *10812 10912 $10912 109'2
315 Do pref.................. . .100 100 Jan 4 109l2 Oct 23
97'2 Apr 105 Jan
100
*150 150 *151 150 *151 150 *150 155 *150 155 *150 155
148 Dec 172 Jan
*107 10912 *107 1091* ♦107 109'2 ♦107 10!)12 *107 109'2 *107 108'2
100 103 Jan 19 106% Apr 26
106*4 July
7()34 0514 09'2 0712 087* 32,250 Amer Steel Found (new). .100 241* Mar 5 74l2Oct 19
697* 713., 08
71'4 721., 0912 72h
27i2 July
37*3 Feb
111'* 11 l*s 111*4 112
IIU 4 1 1 2 i2 112 112
3,700 American Sugar Refining. .100 99'2 Feb 24 1147* Oct 13
llP g 113'., 112 113
97 Mar 1097 Jan
8
115*2 115>2 *114 110
115 115 *114 118
550 Do pref........ ............. .100 109 Feb 5 HO'* Oct 19 1077g Mar 115 Dec
115<2 115'2 *114 n o
124*2 124»g 124*4 124*4 1241, 12134 1241, 1243* 124 1241? 124*2 121*4 0,050 Amer Telephone A Teleg. .100 110 Jan 4 126 Sep 29 114 July 124*4 Jan
229*4 229*4 228 22934 *227 230
230 2303| 230 2317* 22812 231
3,000 American T ob a cco______ .100 r218 Mayl4 25212 Apr 22 215 Apr 256 Mar
*10!) 110
110 lit)
600
10912 10!)i2 110 110 *110 110*2 IO8 I4 109
Do pref (new).......... .100 10 3 14 Jan 4 110*2 Sep 25 101»4 Jan
109 June
53'* 50
657* 57
55
64
551* 50*4 547* 5fl's 527* 55
32.700 American Woolen_______ .100
57'2 Oct 20
1534 Mar 0
12 July 20'8 Jan
971, 98
97
0734 98
977* 977* 97
971* 97*4
1,500
*97
98
721? Mar 83 Jan
Do pref...................... 100 77K Feb 27 100 Oct 4
* B a dakdpic s n s le o th d y t E -rlg ts. f Ls th n1 0s a e , a E -d . a d r h . 6N wsto k e F r $ 6 pr s a e d Q o d d lla
id n s e r e; o a s n is a .
x h
es a 0 h r s
x lv n ig ts
e
c,
a 2 e hr ,
u te o r

&

&

&

&

&

&

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h

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ir s llmn a .
i-d ld n .
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 « F stInta e t p id * E lv e d t F ll p id


h

1446

New York Stock Record-Concluded— Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.

S O K --H H S A D L W S S L P IC S
T C S IG E T N O E T A E R E
Sle fo
as r
th
e
Stu a Mn a
a rd y
o d y T esd y 1 W n a T u a
u a
ed esd y h rsd y F a
eek
rid y W
Ot. 23
c
Ot. 25
c
Ot. 26 1 Ot. 27
c
c
hrs
Ot. 28.
c
O 29. Sae
ct.
$

p sh re $ e sh re
er a ;pr a

74%
142
110 %
*1 %
585
182
*132
90%
633i
18%
*42
58
107%
49
58
140’s
105
*106
18-84

87
92%
108%
115
*95
48%

p sh re
er a

p sh re
er a

p sh re
er a

Rne S ce J n 1
a g in a .
O b s of 100-share lots
n ais
Lw
o est
Hh
ig est

STOCKS
NEW YORK STOCK
EXCHANGE

p sh re
er a

Pr
a

5
S
$
S
IndustrlaI&Mlsc.(Con).
75
74% 75% 747g 76% 76% 78'4
78% 79% 79% 83 230,311 Anaconda Copper______ -.51
154% 138% 140
138 141% 130% 140% 123% 132
128% 137 207,05C Baldwin Locom otive___ . 1 0 1
___ * 1 1 0 % 1 1 2 * 1 1 0
1 1 0 % ___
112
*109 1 1 0 *109 1 1 1
20(
Do prof...................... . 101
1-84
1%
*1 %
1.30C Batopllas M in in g ...___ . . 2 1
1%
1%
1%
1%
1%
1%
1%
1%
585
500 580
560 580
525 559
540 549
559 500
3,765 Bethlehem Steel________ . 1 0 1
182
ISO 182
180 132 *170 177
Do
pref.............. ....... .lo t
108 171 * 108 180
1.27C
136 *130 135 *130 135
132 134
123% 132 *132 135
30C Brooklyn Union Gas____ .t o t
91% *89
90
87
88
91
87
86
86
1,00C Burns Brothers........ ....... . 10 1 )
65% 0 2 % 64
64
64
65% 63
05
04% 68
66
25,400 Butte & Superior Copper. - . 1 0
19% 18
IS
18*4 I 884 18% 18% 18% *18
18
19
2,700 California Petroleum, vtc . 1 0 0
43
42
42
41% 41% 41% 41% 41% 41% 43
43
90C Do p r e f.................... . lot
587S 58% 59% 56% 59 >8 57
58 % 56% 57% 58
59
65,30C Central Leather________ .lo t
107’4 107% 107% 107% 107% 107% 107% 107% 107% 107% 107%
1,00C
Do pref............ ......... 10(1
ii
49% 49% 50
50
49% 52
52% 44,800 Chino Copper__________
51% 49% 51% 51
59
58
61% 58
60% 56->8 59% 54% 57% 56% 58% 90,800 Colorado Fuel Iron___ .lot]
143
140% 141% 139% 141% 140 146% 137% 144% 1 1 0
141% 28,700 Consolidated Gas (N Y ). . 1 0 0
1088s 10 0 105% 1 0 1 % 103
10 0
10 2
95% 99% 97% 99
17,860 Continental Can________ . 1 0 0
107
106 10 0 % *105 1 0 0 % *105 1 0 0 % *104 1 0 0 % *104 1 0 0 %
509
Do pref____________ . 1 0 0
2 1%
19% 19
20% 2 1 %
19% 2 0 % 19% 19%
19% 2 0 % 105,735 Corn Products Refining.. . 1 0 0
88
8 8 % 91
89% 90% 3,800 Do pref____________ . 1 0 0
89% 90% 90
90% 8 8 % 89
95% 88
81
95% 91
93% 81% 90
86
81% 87% 114,350 Crucible Steel of America 10 0
109% 109 109% 108 108% *108 109
10 0
1 0 0 % 100% 107
2,500
Do pref.......... ........... 10 0
110
110% 117 *115 12 0
117 1 2 1 *115 12 0
119 119
300 Cuban-Amerlcan Sugar.. 1 0 0
10 2
*95 10 2
*95 1 0 1
*95 1 0 1
*95 1 0 1
*96 1 0 1
10 0
49% 48
49
46% 49
46% 48% 42% 47% 45% 47% 86,075 Distillers’ Securities Corp 10 0
22% 22% 22%
25% 2 0 % 47.100 Dome Mines. Ltd_______ . 1 0
24
24
25
2 2 > 27%
8
27
74
71% 71% 71% 72
72% 73% 2,350 Electric Storage Battery.. 10 0
71
71
70% 71
30
35
30
32
*2 0
30
*2 0
33
*26
28% 28%
2 0 0 Federal Mining
Smelt.. 1 0 0
57% 50% 50% *49
50% 50% 49
50
53
*48
50
400 Do pref................ ....... 10 0
350 5350 350 *345 350 §3 45 345 *310 350
345 3 45
20 0 General Chem ical............ 10 0
*112% 115 * 1 1 2 % 115 * 1 1 2
* 112
115 * 1 1 2
114%
10 0
177 179% 29,100 General Electric.......... ..... 10 0
178*4 179% 182
178% 181% 177 179% 175% 178
373 373
381
375 375
355 302
355% 355*2
300 307
1,500 General Motors vot tr ctfs. 10 0
113
113 113
113 113
113 113% 1 1 2 % 113
113 113
1,300 Do prof vot tr ctfs__ 10 0
79% 77
79
77
79% 77
78% 74% 77% 75% 77
77,195 Goodrich Co (B F)............ 10 0
1 1 1 % 1 1 0 % 1 1 0 % 1 1 1 % 114% * 1 1 2
t it
111*2 1 1 1
2,600
»
Do pref____ ________ 10 0
38
38% 37
37% 39
38% 39
38% 40
38% 39
4,380 C.reeno Cananea Copper.. 1 0 0
6/84
67% 68
67
08% 67% 08
71% 33,500 Guggenheim Exploration.. .25
67% 07% 68
45% 44% 45% 44% 45% 44% 45% 44% 45% 45% 45% 115,500 Inspiration Cons Copper.. . 2 0
24% 2 4% *23% 24% 23% 24% 2 1 % 2 2 % 23
22
26% 3,100 Internat Agrlcul Corp___ 10 0
53
52
55% 54
54% 53% 51% 52% 54
54% 0 2 % 14,000
Do pref.................... . 10 0
109% 109% 108% 109% 108 109 '108 108% 109% 1 1 1
110
4,500 Intern Harvester of N J
10 0
118 *116% 118 *116% 118
*117 118 *117 1 1 8
110
10 0
199 *190 198
193% 197% 190 193% 190 192
194 196
5,550 Intern Nickel (The) v t c . . 10 0

&

p sh re
er a

p sh re
er a

S
c24% Feb 21
26% Mar 2
92 Mar I
% Feb 5
46% Jan 2
91 Jan 2
118 Jan 5
86 Oct 25

S
83 Oct
154% Oct
114 Sep
2 Apr
000 Oct
184 Oct
138% Oct
94% Oct

8 July20
30 July23
32% Feb 2C
100% Jan 7
32% Jan 0
2 1 % Jan 5
113% Jan 4
40% Jan 4
8 8 % Jan 5
8 Jan 2
65 Jan 5
18% May 10

21% Sep 22
54% Feb 8
59% Oct 25
108 Sep 29
52% Oct 29
00% Sep 29
153% Oct 15
127 Oct 5
109 Oct 1
21% Oct 25
91 Oct 25
1097s Sep 29
112% Sep 29
125 ' Juiy22

29
23
29
17
22
22
14
19

Rn efor P io s
ag
rev u
Y r 1914
ea
Lw
o est H h
ig est
%
%
c$24% Dec c$38% Feb
38% Jan
102% Jan
S% Apr
29% Jan

52% M ar
110 June$1% Feb

118

130 Jan

Dec

30% Feb
68
Mar
38% Dec
104 July
531% Dec $44 Feb
34% Feb
20% July
15% Dec
50 July

7 July

45% July
91% July
72 Jan

38 Jan 25
93 Mar 17
5% Mar 2 50% Oct 22
20%Mar
11 July
22
tlO Juno25 27% Oct 26
*71%
69 Sep 1 78%Sep 25
*29
8 Mar24
00 Jutiol2
15 Jan
*49
20 Mar 13 05 June 12
28% Doc
43 Jan
5350
105 Jan 26 300 Oct 8
* 112
100 Mar 1 §113 Sep 10
170%
138 Mar 3 185% Oct 4 137% Dec 150% Feb
371
82 Jan 2 381 Oct 23
37% Jan
113
90% Jan 4 115% Sep 13
70 July
9 5 Feb
78%
24% Jan 7 80% Oct 14
2878 Apr
*109*2
95 Jan 14 114% Oct 27
95 Deo
38%
37 Oct 25 42% Oct 14
67%
45% Jan 7 71% Oct 29 840% July
44-84
16% Jan 2 47% Oct 7 $141.! July $19% July
22
5% Mar31
20% Oct 29
10% July
52
8 Marl5
62% Oct 29
13 May
109
90 MaylO 114 June 4
82 July 113% Jan
*116
110 July 13
1187s July
113% Jan
196
190 O c t'27 223% Oct 5!
11%
11
1 1 % 14,800 International Paper_____ 100
11<2
8
Jan 0 12
Apr 19
1073 Feb
684 July
397S 397* 39% 42
42
43% 41% 43
41% 43% 42
42% 10,500 Do pref..................... loo 33 Feb 24 43% Oct 20
41 Jan
30 Dec
____ 240 2 1 0
*2 1 0 % 235 * 2 1 0
249% 249% *225 249 * 2 1 0 248
20 0 Kresge Co (S S)._............ 100
99 Jan 18 249% Oct 27
81 Jan
105 Feb
*1 1 0 % 1 1 2 *1 1 0 % 1 1 2
1 1 0 % 1 1 0 % *108
n o ii *109 1 1 0 % *109 1 1 2
10 0
Do pref.......................100 lOoU Feb 15 112 Sep 15
99 Jan
105 M ar
851i 80
83% 85% 83% 85
81
80% 83% 27,720 Lackawanna Steel............. 100
81% 77*4 81
28 Jan 7 9134 Sep 29
40 Jan
20% July
105 105% *104 10 0
104 1 0 1
103 103 *103 105%
105 105
500 Laclede Gas (St Louis)____100 927g Jan 15 100 Apr 13
85 July 1 0 1 Feb
248 248
247 248 *247 250 *2 40 2 47
218 248 * 2 1 2 218
1,400 Liggett & Myers Tobacco. 100 207 Jan 9 250 Oct 19 207% Dec 231 Mar
* 110
119 *117 119
118 118
118% 118% *117 119 *117 119
20 0
Do pref.......................100 ll38t Jan 5 119% Sep 9 lll»g Jan 118% July
*23
*23
27
27*1 26
27
*23
27
27
27
27*4 27
500 Looso-Wllcs Blsc tr co ctfs. 100 10 Feb 17 3 1 Jan 11
38 Jan
26 Dec
*91
95% *91
95% *91
95
*94
95% *91
10 0
Do 1st preferred.........100 80 Fob 20 105% Jan 13 1 0 1 Apr 105 Mar
95*2
95*2 95
*60
67
*61*4 07
*6 4% 07
*6 4% 07
64% 64%
*61% 07
10 0
Do 2d preferred.......... 100 oo Juneis 07 Oct 18
95% June
89 Jan
ISO ISO
175% 176
182% 182% 1,475 Lorlllard Co (P)_________100 105i2 Jan 0 184 Mar 8 160 July 190 Apr
181 182
182% 182% 181 181
____ ____ *113 1 1 0
*113 116 *113 115*4 *113 1I 534 §114 1 1 1
25
Do pref____________ 100 112 Sep 14 118 Jan 19 1 1 0 Jan 1177SJuly
82
*79
79% 79% *78% 80% *78% 80% *78
80% *78
80%
10 0 Mackay Companies_____ 100
72 " 8Jan 11 827s May 0
>
87*g Feb
0 1 July
65% 05% 60
00
4
65
05
06
61*4 05
1,0 0 0
65*i 653 *65
Do pref_____________100 0484 Oct 28 0984 Jan 19
70 Jan
05% Jan
77*4 90% 83
74
71% 70
81% 77% 83 159,700 Maxwell Motor Inc tr ctfs. 100 15% Jan 0 92 Oct 26
92
80% 86
15% Deo
14% Dec
98
99 100*8
98% 98% 99% 99*4 103
99% 102
99*4 100*4 27,850 Do 1st pref stk tr ctfs. 100 43U Jan
41% Dec
103 Oct 26
44 Dee
63% 60% 57% 04
60% 63
57
02
64
85,010 Do 2d pref stk tr ctfs. 100 18 Jan 0 68% Oct 20
08% 60% 66
17% Deo
17 Dec
8 8 % 91%
87
89
8 8 % 91% 30,500 Mexican Petroleum_____ 100
88%
87% 89% 87
8 8 % 91
40% Jan
51 Jan 9 97 Apr 20
73% Feb
*85% 87
*85% 87
85% 85% *80
85%
*85% 87
10 0
*85% 80
Do pref.... .................. 100 67 Jan 15 94 Apr 20
07 May
87 Feb
34
33% 34
34% 34
35% 34% 35% 31% 35% 34% 35% 40,390 Miami Copper.......................5 17 14 Jan
35% Oct 8 310% Dec $2433 Feb
57
*57
59
59% *57
58
57% 58% 58% 59%
2 ,2 0 0 Montana Power................100
01 Oct 21
42 Jan
52% June
41 Dec
*107 109 *107 109 *107 109 *107 109
107 107
107% 107%
300 Do pref.......................100 99 Jan 29 107% Sep 3 101 Apr 1037s June
12734 128 *125 129 * 125 129 §128 128
National Biscuit________ 100 110 Apr 3 132 Jan 22 120 July 139 Feb
12 ilo 1
*12 1
*12 1
Do pref.................
100 119 May 25 120 Fob 3 119% Jan 128 June
337S 33% 36% 33% 35
30
32% 34
3 3 % 34%
31
33*4
9*2 Jan 4 36% Oct 25
54,810 Nat Enam’g & Stamp'g__ 100
14 Feb
9 July
____ ____
92
92
92
91% 92
*90
92
92
91
91
600 Do pref____________ 100 79 Apr
92 Oct
80 June 8678 Mar
67
67*1 67% 67% 67
4 05% 07
04% 653
67% 65*4 67
708i May 1
10,900 National Lead__________ 100 44 Jan
40 July
52 Jan
*111 113 *111 114 *110% 113 *110% 113 *110% 113
111% 111%
112% Sep 10 105 Jan
100 Do pref____________ 100 10 18 4 Jan
109 Feb
147g 15
147g 15
15
11*4 Feb 24
15% 15
167s Apr 27 310% July S16% Jan
15*8 14% 15%
15% 15*8 10,050 Nevada Consol Copper____ 5
147 153
147 148
148% 149
144 147% 147 117
140 148
8.000 New York Air Brake____ 100
60>2 Feb 20 10134 Sep 23
69 Jan
58 July
72*4 72*4 72% 72% 72
72% 72
72
71% 71% *71% 72*4
800 North American Co (new). 100 61 Jan 19 81 Apr 21
79% M ar
64% July
*30% 31
31
30*i 31
31
301,1 30% 30% 31*4
*30*4 31
1,600 Pacific Mall____________ 100 18 Marl7
38 Aug 3
29 Jan
17% July
44% 44% 43% 44
44
44
43% 43% 42
431,
43
43
1,600 Pacific Tclep & Teleg........100
26is Feb It
49% Oct
31 Jan
20 July
120 120
*118% 120
119 119% 119% 120% 119 120% 119% 119% 2,300 People’s G L A C (Chic).. 100 1 1 2 i2MaylO 123% Apr
100 July 125 Jan
47
46% 467, 46
46% 47% 45*8 47
45% 45% 46
40
6,300 Philadelphia Co (Plttsb)...50 35>2 Apr 7 49 Sop 30
39% 397S 38% 39% 38% 39% 37*4 39
30
37% 36*4 39
34,900 Pittsburgh C oal.... ........... 100 15>4 Jan 4 42% Oct 14
23% Feb
15 Dee
105*4 109
109 109
100 107*4 105% 106% 105 100
103% 103% 4,300 Do pref.......................100 81% Jan 4 111 Oct 14
93% Feb
79 Dec
72% 70
71% 73% 71% 72% 71
75
69*4 73% 71% 73% 50,100 Pressed Steel Car_______ 100 25 Mar 6 78% Oct 1
2684 Jan
40 Feb
♦105 107 *105 107
106 100 *105 107
100 100
105% 106%
400
9784 Jan
Do pref.......................100 86 MarlO 100 Oct 20
105% M ar
111 111 *110 113
111 111
110*4 111 *110 ____ *110 114
600 Public Serv Corp of N J__ 100 100% Aug 24 HI Oct 23 107 Jan
114 Apr
166 170% 168 168% 107% 167% 166*4 160*4 165 107 *163 168
3,725 Pullman Company_______100 150% Marl2 170% Oct 23 150 Dec 159 Jan
*2% 3
3
3
*2%
3
2% 2% *2% 3
2% 4% 3,100 Quicksilver Mining______ 100
4% Aug 7
27g Jan
78 June
■ 4 Marl5
4
*4
4
*2% 4% *2% 4
4*2
*3% 4
4
57
8 2.200
0% Juno 15
Do pref.......................100
4 Jan
1% June
84 Mur29
48% 49
48% 49
49
50% 48% 51*8 48
48*4 49
50
19,900 Railway Steel Spring........100
1934 July
34-88 Feb
19 Mar 6 54 Oct 1
94
91
95
95
97
97
97
97% 98
1,200 Do pref.......................100 87 Mar 3 98 Oct 29
96% 90% *93
88 Deo
101 Feb
25
25% 20
25% 25% 25*s 25% 20
25*8 20
25*4 26% 41,100 Ray Consolidated Copper.. 10 15% Jan 2 27% Oct 8 315 Dec S22% Apr
54% 55% 53% 54*1 54
51*8 53% 52*4 54% 35,400 Republic Iron & Steel___ 100
54% 52% 54
19 Feb 1 50% Oct 19
27 Jan
18 Dec
1037 104
s
104 104
103% 104
103% 103% 102 103% 103% 103% 2,200 Do pref
%
91% M ar
.100 72 Jan 30 101% Oct 13
75 Dec
4
4
4
4*s
5% 5%
4% 5%
14 Aug 13
4% 5
4% 5% 5,101)
100
378 Dec
% Jan 22
18 Jan
*7
9
7% 8
7% 7%
7% 8% *7% 9
Jan 20
18%
*7% 9
12
1,750 Do pref.
.100
41 Jan
2084 Apr
157 157
*156% 158
150*8 157*8 157% 157% 156*2 1567 r 155% 150
100 131*. Marl7 209%
8
2,046
1
170% July 197% July
*124%
*124%
*124%
*1 2 1 %
*124%
*124%
.100 121% Jan 4 125%
.
1 120 Dec 124-84 June
9
61
61% 60
61% 59*s 60*4 59
00
58% 00% 59% 61
7,350
.100 24 Jan 0 65 Sop 29
35 Jan
19% July
138% 138% *130 139
134 135% 130 130 *
137 137
130
625
100 40 Feb 10 150 Oct 15
112 *105 111) *105 111) *105 110 *105 n o
*105 112 *105
Do pref.
100 89*s Feb 4 111) Oct 14
797 79% *77
s
79
*79
*77% 80
79
81
200 tandard Mil
81
*77l.t 81
100 43% Feb 23 84 Oct 20
32 Jan
45 Dec
*83
*83
8-4
84
*80
81
*80
81%
81% §80% 80% 81
211 Do pref.
100 00 Feb 17 833.| Oct 21
59% Dec
07% Deo
1
183 190% 183 189% 183% 191
177 188
158 170*4 158% 172% 9.8,710
20 Jan
100 35*4 Jan 2 195 Oct 22
30% Mar
112 112
112% 113
n o 119% 110% 117
no
no
113 113
4,305
Do pref.
70 Jan
100 91 Jan 2 119% Oct 27
>
92 May
8
62% 63% 62 7 63% 03
63
0 4% 60*4 03
61% 63% 22,190’]
64*1
.25
25% Feb 24 70 Sep 30 $2134 July $36*4 Feb
16278 163
163% 165% 166% 108
165 107
165% 170
169% 171% 6,900 ’
1
100 120 Mayl-l 173*8 Sep 27 112 July 1197s M ar
87
91
87
97
91*i 92
91
90
1,800 1
91*4 90% 90% 90
Underwood Typewriter.. 100 55 Feb IS 97 Oct 25
73% June 88 Jan
*105 n o *105 111) *100 n o *100 n o *105 111) *105 111)
Do pref.......... ........... 100 98% May22 105 July 20 103 Dec 113 Apr
0% 7*4
7
7%
0% 0% 6,700
6% 6*8
7
7
7
7%
884 Feb
8*8
3% June
100
■ * Jan 4
18
25
25
25
27
20
26
20
20
*25
27%
1,200 Do pref.
27% 26
32% Feb
18% July
100 22% July 13 30%
56% 57*i z59
01
64
64% 19,200 1
65*4 62% 66*4 62
03*| 63
50% Feb
39 Doc
100 42 Jan 25 603,1
*103 109 *103 109 *105 109 *104 109 *101 109 *104 109
Do pref.
99 June 1037g Feb
100 100 Junel9 n o
97g 10
97S 10
9% 10
19,500 nited Cigar
9*4 9%
10 %
9*1 9% 19*4 10
.10
9*4 Oct 27
11% 11% *11% 12% *11% 12% 11% 11% n-% 11% *11% 12
800
n-*s
Do pref.
11% Oct 14
20
31% 38,600 1
27% 277g 29*i 27% 28% 27
29*8 27% 29% 29
734 June
8 Jan 2 31%
13% Jan
100
47% 48
48% 50
52*4 7,500 Do pref___________ 100 32% Mar 3 52*4
48% 50
49% 51% 50
50% 51
30 July
49 Feb
67
67
68% 68% §68% 68% 68
44
410 U S Express.................... 100 60 July 27 73%
1
08
*07
08% *r42
87 M ar
40 Jan
121% 124*4 120% 124
125 128
118 120% 110 117
116% 119
16,300 U S Industrial Alcohol.. 100 15 Jan 27 128 Oct 23
20 Apr
15 Dec
105% 105% *105 106
100 100
105 105
105 105
105% 105%
500 Do prof.............. .....
100 70 Jan 26 100 Oct 13
85% Jan
75 Dec
54% 56*8 54% 55*s 55% 5012 54*4 50% 55*4 50*8 38,300
54% 55
03 Mar
100 41 Ju!y24
71*4
44% July
*106% 106*4 100 100% *100 100*4 106 100 * 100 100*4 100% 106%
625 Do
1 0 1 % Jan
100 101*s Feb 21 n o Apr 9
95% July
1st [
86*s 87% 85% 86% 85% 87% 84*8 80
83*8 85% 85% 87% 902,500 1 r
67% Jan
100 38 Feb 1 87*4
48 Dec
ntted States
115 115% 115% 115% 115% 115*8 115% 115*8 115% n o
11.5*4 116% 10,382 Do pref.
103% Deo 112-84 Jan
100 rl02 Fob 1 110%
70
70% 69*4 70% 70
71% 70*s 71*8 70% 71*4 71% 72*8 55,700
.10 48% Jan 0 73 Apr 26 3453s Dec S59-8s June
51
46% 47% 48
49
49*8 52
49*4 48*4 50% 40.940
51% 48
34% Mar
17 Dec
100
15 Jan 4 52 Oct 20
109 109% 109 n o *109 110 *109 n o *109 n o
*108 109
5,050, Do pref.
90 May 107% M ar
100 80 Jan 0 n o Sep 25
08% 09
68*4 69
69 % 74
70
73% 70
71% 70% 72
5,100 \
52 Mar
35 July
100 30 June 9 74 Oct 20
797 80% 79% 80
g
79% 80
79% 8014
80
81
007s Feb
9,000
5333 July
79% 80
100 57 Jan 2 81 Oct 29
72% 73% 72% 7-4
73% 74% 71% 74% 70
72*8 71% 73% 288,650] \
79% July
04 Jan
32 Feb 24 74%1 Oct 20
.50
*75
84
*80
85
♦SO
85
87
*81
*so
85
83% 83%
100
124% June85 Oct 21 1157s Jan
58% Marl2
259 262
200 201
258 261
250 258% 210 217
211*4 250
7,425: \
100 87 Feb 23 265%
109 109
109% 109% 109% 109% 109% 109% 109*i 109*4 *109 109*.| 1,000
100 90 Feb 13 110
Do pref.
___- ____ 110% 110% 111% 113*8 112% 115% 113% 115
lit
115
10,550 \Coolworth (1
100 90% Jan 6 115%
—
*120*8 124
122 122
122 122 *120 124
4001 Do
100 1X5 Jan 8 124 Aug 14
pref.
• Bid and asked prices: no sales on this day. } Less than 100 sharea. t Ex-rlghta.
Ex-dlv. and rights. 5 New stock. cPar $25 per share,
Quoted dollars
per share. lEx-etock dividend,
Ex-dlvIdend.




&

9 la
A

s

x

a

2}
1

d

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
J a n . 1909 the S x ch a n g e m ethod o f q u o tin g bo nd s a n

V . S . Government.

B id

0 H2s
0 H 2s
0 S 3a
O S 3a
0 8 4s

consol registered— (11930 q - J
consol coupon------ dl930 Q - j
registered............... *1918 q - F
coupon__________ kl918 Q - F
registered-------------- 1925 q - F
O ( H e coupon.................... 1925 q - F
U S Pan Canal 10-30-yr 2s.*1036 Q - F
U 8 P nCanal 10-30-yr 2s.-193h q -N
0 S Panama Canal 3s g----- 1901 q -M
0 8 Philippine Island 4a. 1914-34 q . F

A sk Low

10 0 i2 . . .
____10 0

H igh

90*4 99%
97% 99
98 101%
10 0 % 102
109 110
109% 1m
97% 98%

10 0 % 10 2
100 100

977g 98%
80 99%
93"% "97"%
90 94
80 85%
73% 84%
71% 82
70 79*4
95% 95%
78 82

99% 24 97% 10 0 %
99% 50 9.7% 1 0 0 3 g
103 448 1 0 1 % 103
10 101% 100*4
103
95% 39 94
95«g
97%
95%
95%
94% 97
95% Oct ’ 15
91
97
9134
911.4
94
97%
10 2 %
103
101% 105*4
100 % Oct ’ 15
109% ion
10 2 %
10 2 %
101% 105%
1 0 1 % Oct ’ 15
100 % 1 0 1 %
85% Oct ’ 15
84
89
10 0 % Sep ’ 15
99% 101%
1 0 1 % Aug ’ 15
99% 1 0 1 %
101% Sep ’ 15
100 1 0 1 %
10 /1 % Apr ’ 15
99% 10 0 %
109% 109-4
i
108% 1 1 %
1
105 Oct ’ la
10 1
10 5 %
109% n o n o
no
108 1 1 0 %
101 1053g 104% Sep ’ 15
104% 101%
833 ___ 85
4
85
81
85
50*2 58 59% Oct ’ 15
52
01%
9912 Sale
991 Sale
2
103 Sale
103 104
95E Sale
9512 9)34
9512 90
9434 Sale
103 ____
100 101
103 ____
100 ___
85*4 85%
101 103
1 0 1 % ____
10 1%
1 1 g 1017g
0 3
109% Sale

99
99

10 2 %
10 2 %

00 Sale
9J7g saie
91>2 93 lg
85% 8034

59%
60
55 00%
107 8912 953.4
93% 91
9>)% Oct ’ 15
89 92%
84% Get ’ 16
80% 86%
80

M a r’

13

8512 8534 85
86
107i2 Sale 100% 107%
99% May’ 13
107% Sale 100% 107%
101% 101*4 1 0 1 % 1 0 1 %
93%----- 93% Oct ’ 15
87 Sale 8034 87
S9434 Sale s94%
95
100% 103% 103% Sep ’ 15
913.J Sale 90
92
92% July 14
10234 __
105% June’ i 4
90 92% 89 Sep ’ 15
1287g 135 1297g Aug 15
80 87
86
86
118 120 118 Oct ’ 15
103%____ 105 July’ 15
97%___ 98 June’ 15
140
02 Sale S0 1 %
92%
90 June’ 15
12 0
’ 89" Sale’ S8 8
89%
85 Oct ’ 1
94 1277
94’ Sale’ 92%
112 Jan 12
*8*8 m i 87% Oct 15
831
83% Sale 82
90
89% 90% 8934
100 Apr ’ 13
101% Apr ’ 15
102u June’ 12
103 .
102% Oct ’ 15
98*4___ 98% Oct ’ 15
113% Feb I
90*4 Mar’ 14
91 Juue’ 12

80% 87
92% 107%
92*4 1075*

10 0 % 102

92
84%
93
103
85

94
89
90
103%
93

89 93%
129% 129%
80 37%
118 119%
105 105
97% 98
88% 921;
38% 90
DU
90
82% 94
84% *88
77% 84
80 91
103% 104%
10 2 % 1 0 2 %

98% 98%

100 ____ 104% Sep ’ 15
, 102% 100%
99% 100 99*4 Sep ’ 15 — 99% 103
80 89 91% Feb la - - 9 4 3 g 9 4 3 g
103% .
112 Apr ’ 14
ld o % ___ 106% Oct ’ 15 --- 100% 107%
107%
107 Sep ’ 15 -- 107 107
10 2 %
10 2 1 0 2 % 10 2 %
1 100 104%
lC6?g apr 1 1
94 June’ i
____100
94 96%
103%___ 107 Oct ’ 15
103% 107%
100 Sale 98% 100
90 102%
80 Feb 15
____82
80
30
1 0 1 3 .4 ------- 101
Oct ’ 15
101 101%
10 0 % ___ 100% Mar’ 15
lOOR 100%
100% 105 103*4 May’ 15
103% 103*4
9 .4
91
91 Sale s 1 3
80% 92%
lit
1137g 111 113
111% 115%
112 113% lit Oct ’ 15
110% 115
103% 103% 103% 103%
10 2 % 1 0 1
100 ___ 100 June’ l:i
100% lan ’ 13
94*4
72 Oct ’ 15
08 721.
71 75
83 90
89%___ 85 Oct T5
105
104% Sale 101
101% 105
101 101
10 1
___ 101 Sep ’ 15
8834 89 88%
91
89
80 87 84 Oct ’ 15
81
87 Sale 86
87
87
82 87% 80 Oct ’ 15
83%
81%___ 81% Oct ’ 15
82%
----- 95
90% Dec ’ 13
84% Jan ’ 13
82% 82i4 82 Oct ’ 15
80% 81%
----- 817g 77 Apr ’ 15
77 77
90 Apr '14
113% Feb ’05
64% Sale 54
54%
52 00
4 2 ?g 4 3 7 g 42%
42%
38 47%
'4,%
9 9 % 9 9 % 99
Oct ’ 1
98% 100
83% Sale 83%
84%
81% 84%
9 3 % 9 4 % 93%
93%
91% 94%
9 2 % 94
93 June 13
10 2 % ------ 102% Oct ’ 15
1 0 1 % 10 2 %
9 9 % _____
99%
99%
90% 99%

•N pic Fid y lu etth we . 6D eA r
o r e r a ; As is e k
u p il,




Range
Since
Ja n . 1.
how

977g
98
03 June’ 15
8.8 July’ 14
94
94%
90
91%
81 ) Oct ’ 15
82
82
77% Oct ’ 15
74
7134
7 S34 June’ i
79% Apr ’ ll
05 July’ ll
95% Jan ’ 15
80 May’ If

977* Sale
M- S t ____ 9234
J - D t ------ 74»4
l\1- S s9t% Sale
F - A 90>2 9134
F - A ____ 80
F - A t 80 82
J - J t 78 . . .
J j t i l l I "0S7g
t ____80
G
I - 0 ____ 51
F - A J___ 90
M- S : ------ 7912
tThese a n prices on the b a d e of *5mu

Railroad
Ann Arbor 1st g 4a_____ ft. 1995 Q •
Atoh Top A S Fe gen g 4s__ 1995 A - O
Registered____________ 1995 A - O
Adjustment gold 4s____ 51995 Nov
Registered _________ 51995 Nov
Stamped___________ 51995 M-N
Conv gold 4s_____ ______ 1955 -• - r>
Conv 4s Issue of 1909____ 1955 J - D
Conv 4s Issue of 1010___ 1900 J - D
10-year 5 s ......................1917 J - D
East Ok la DIv 1st a 4s___1928 M
Trans Con Short ■ 1st 4s. 1958 J
.
Cal-Ar!» 1 st A ref 4Ms “ A" 1002 M
8 Fe Pres A Pb 1st g 5 s... 1912 M- S
AVI Coast L 1st gold 4a___ *1952 M- 8
50 -year unified 4s _____ 1959 J - O
Ala Mid 1st gu gold 5s... . 1928 M- N
Bruns A V 1st gu gold 4e. 1938 J - J
V
Charles & 8 av 1st gold 78.1930 3 - J
L <c N coll gold 4a........... 01952 M- N
5
Sav F A W 1st gold 6 s__ 1931 A O
1st gold 5s.....................1934 A - O
M 8 p Oca .V O gu g 4s___ 1918 J
il
Salt A Ohio prior 3Ms........1925 J Registered...................A1925 Q
1st 50-year gold 4a........51948 A - O
Registered_________ 51948 Q110-yr oonv 4MS--.......... .1933
Pitta Juno 1st gold 0 s____ 1922 J P Juno A M DIv 1st g 3 tie 1925 M- N
P L E A W Va Sys re! 4s.. .1941 M- N
Southw DIv 1st gold 3Ms. 1925 J Cent Ohio II 1st u g 4 Ms.. 1930 M- S
Cl Lor A \ con 1st g 5s.. 1038 A - O
V
Mouon River 1st gu g 6 a.. 1919 F - A
Ohio River RR 1st g 5s.. . 1939 J - D
General gold 6 s..............1937 A -O
Pitts Olev A Tol 1st g Os. .1922 A -O
Pitts A West 1st g 4s....... 1917 i - J
Stat lai Ry 1st gu g 4 ><s..l 9 i:i J - D
■Bolivia Ry 1st 5a........... .....1927 i Buffalo U A P gen g 5s....... 1937 M- 5
Consol 4><jj....... ............... 1957 M-N
Ail A West let g 4s gu___ 1998 A - O
Clear A Mah 1st gu g 6s .. 1943 i - J
Uocb A Pitts 1st gold 0 s .. 1921 F - A
Consol 1st g 0s_______ 1922 I •O
■ anada Sou cons gu A 5s__ 1907 A - O
Registered..................... 190V A-O
Oar Clinch A Ohio 1st 30-yr 5a ’S? 3 - L
)
Central of Ga 1st gold 6s...pI94f F - A
Consol gold 6 s................. 194; M-N
Chatt DIv pur money g 4s 1951 3 - D
Mao A Nor DIv 1st g 5s.. 1919 > - J
Mid Ga A Atl DIv 5a____ 1947 J - J
Mobile DIv 1st g 6 s___ ” I9 K J - J
Oen RR A B of Ga col g 5 s "'1937 M-N
Cent of N J gon’i gold 5 s.
1937 j . j
Registered ................. 41987 q - J
Am Dock A Imp gu 6 s... 1921 J - J
Lab A nud Itiv gen gu g 5*1920 J - J
N V A Long Br gen g 4a.. 1941 M- S
Cent Vermont 1at gu g 4a ..<4920 Q - F
Ohesa A O fund A Impt 5a 1921/ 1 j
1st conaol gold 6s.............1939 M-N
Registered................... 1939 m - n
General gold 4Ha_______ 1992 M- 8
Registered____ _______ 1992 M- 8
Convertible 4Ms..............1930 F - a
Big Sandy 1st 4s___ ..1944 3 -D
Coal River Ry 1st gu 4s.. 1915 J - D
Craig Valley 1st g 5s____ 1940 J - J
Potts Creek Br 1st 4a___1940 J - J
I U A DIv let con g 4 s... 1989 3 - J
2d conaol gold Is--------1989 J - J
Greenbrier Ry 1st gu g 4s.. 1940 M- N
Warm Springs V 1st g 5s.. 1941 M- 8
Chlo A Alton RR ref g 3 s ...1949 A - O
Railway 1st lien 3M®____ 1950 J - J
Ohio B A q Denver DIv 4s.. 1922 F - A
Illinois Dlv 3 Ms............... 1949 J - J
Illinois DIv 4s................... 1949 J - 3
Registered___________ 1949 J - J
Iowa Dlv sink fund 5a___ 1919 A -O
Sinking fund 4s______ 1919 A -O

m o 'i

9734 Oct ’ 15
97% Oct ’ 15
98 Sep ’ 15
1 0 1 Sep T5
109% Oct ’ 15
110 Sep T5
98% Oct ’ 15
97 Juty’ 15
1 0 1 % Aug T5
100 Feb ’ 16

97i2 ____
97i2 ____
101 . . .
101 . . .
109 . . .
10934 . . .
90l2 ___

Foreign Government
Anglo-French 5-year 5s (wh Iss).
Argejtlno— Internal 5s of 19ou
Cmnese (Hukuang Uy)—5sof ’ ll
Ouha—External debt 5s ol 1904Exter dt 5s ol T4 ser A ... 1949
External ioanlMs........... 1949
Japanese Govt—£ loan 4M* 1925
Second sorles 4 Ms............ 1925
Do do ‘ ‘Gertnau atamp".
Sterling loan 4s.. . .........1931
Mexico—Exter loan £ 5s ol 1899
Gold debt 4a of 1904____ 1954
Prov of Alberta—deb 41$s..1924
Tokyo City—5s loan of 1912___

State and City Securities.
’If Y City—4%s.................. 1900 M- S
4 Ms Corporate stock___1901 M- 8
4Ms Corporate stock___ 1965 J -D
4M« Corporate stock___ 1963 W- 3
4% Corporate stock___ 1959 M •N
1 % Corporate stock.......1958 M- N
4% Corporate stock____1957 M-N
4% Corporate stock.......1950 M-N
New 4Ms..................
1957 M- N
New 4Ms.........................1917 M- N
4M% Corporate stock... 1957 IVIN
4M% Assessment bonds.. 1917 M-N
3M% Corporate stock.. 1954 M-N
« Y State—4s...................1961 IB- 8
Canal Improvement 4s__ 1901 3 - J
Canal Improvement 4s__ 1902 J - J
Canal Improvement 4 s . . . I960 J ■ J
Canal Improvement 4Ha. 1901 J - J
Canal Improvement 4J4s.l9fl5 J Highway Improv’t 4M8..1963 M- 5
Highway Improv’t 4Ks_- 190.r M- H
Virginia funded debt 2-38... 1991 J
0s deferrod Brown Bros ctfs...

a
-

Week's
Range or
Cast Sals

s

D eM y
u a.

g

D oJ n ,
u uo

BONDS
If. Y. STOCK EXCHANGE
Week Ending Oct. 29.

Price
F rid ay
Oct. 29.

Week's
Range or
Last Sale

Bonds
Sold

Price
F rid a y
Oct. 29.

BONUS
If. Y. STOCK EXCHANGE
Week Ending Oct. 29.

144:7

ch a n g ed a n d p ric es a re note a l l — ‘ a n d i n ’ rest” — except fo r in co m e a n d d e fa u lte d bonds
Range.
Since
Ja n . 1

B id
Ask Low
H igh N o . Low H igh
Chic Burl A Q (Con .)—
Joint bonds. See Great North
94% 97
96% 96% 957g Oct ’ 15
Nebraska Extension 4s__ 1927 M-N
95 Junc’15 ___ 95
95
Registered..............
1927 M-N *93% . . .
Southwestern Dlv 4a........1921 M- S 99%___ 99% June’ 15 ___ 99% 9S%
92%
92% 71 88
General 4s.........................1958 M- 8 92 Sale 91%
2 15
Chlo A E III ref A Imp 4s g.,1955 J - J 16^4 Sale 16%
16%
29
3 91 103
100
1st consol gold 6s..............1934 A -O 100% 1037g 100
67% 16 51% 75
General consol 1st 5s........1937 M- N 63% 68% 66
Registered.................... 1937 M- N 57 ____ 71 June’15 ___ 52% 71
9734 Feb ’13 ___
Pur money 1st coal 6s___ 1942 F - A
17
Chic A Ind C Ry 1st 5 s... 1936 3 - J 10 ___ 17 Oct ’ 15 __ _ 17
8
73%
697* 108 64
Chic Great West 1st 4s........1959 M- S 697 Sale S89%
Ohio Ind A Loulsv—Ref fls. 1947 J - J 111 112 114 July’ 15 ___ 113 117
Refunding gold 5a............ 1947 J - 3 95 101 101 Juue’ lo ___ 101 101
955s Apr 'll
Refunding 4s Series C___ 1917 J - J
86 July’ 12
Ind A Loulsv 1st gu 4s__ 1956 J - J
. 90% Aug ’ 12
Ohio Ind A Sou 50-year 4s.. 1956 J - J 85%
92% 93% 92%
5 92% 92%
92*4
Chlo t a A East 1st 4 Ms___ 1969 J - D
Chicago Milwaukee A St Paul—
89% 18 85
92
Gen’l gold 4s Series A___ el9S9 J - J 89% Sale 89
89% Apr ’ 15 ___ 89% 89%
Registered...................el989 q - J ----- 88
90% 36 S7
92%
Gen A ref Ser A 4 Ms___ <2014 A O 90% Sale 89%
j
291 100% 105
Gen ref conv ser B 5s.__a2014 F - A 105 Sale 104% 105
2 76
79
Gsn’l gold 3 Ms Ser U___ el989 J - J 79 Sale 79
30%
20 97 101*2
Genera! 4Ms Ser C..........el989 J - J 99% Sale 99% 100
35 84% 90%
89%
90
25-year deben 4s............. 1934J - J 89% 90
99% Sale 9734
99% 551 93% 99*2
Convertible 4 Ms........... 1932 J -D
Ohio A L Sup Dlv g 5s___ 1921 J - I 102% 103% 102% Aug ’ 15 ___ 102% 102%
Chlo A Mo Rlv Dlv 5 s... 1926 J - J 103%___ 103 July’ 15 ___ 103 104%
5 101*4 103*2
Chlo A P W 1st g 5s......... 1921 J - J 103% Sale 103% 103%
88% 22 857* 91
C M A Puget Sd 1st gu 4s. 1949 3 - J 88% 88*4 877*
Dak A Grt Sou gold 5 s... 1910 J - J 109 ___ 100 Oct ’ 15 ___ 100 100%
Dubuque Dlv 1st. s f 6a. ..1920 - J 10638 ___ 100% Oct ’ 15 ___ 108 107%
110 June'13 ___
Fargo A Sou assum g 6s.. 1924 - J 108 .
La Crosse A D 1st 5s........1919
J 101%____ 102% June’ 15 ___ 102% 102%
lOi** 102%
Wla A Minn Dlv g 5s____ 1921
- J 102% 103% 102% Oct ’ 15 —
Wis Vail Dlv 1st 6s_____ 1920 - J 105%___ 106% July’ 15 ___ 106% 107
Mil A No 1st ext 4Ms___ 1934
99 May’ 15 ___ 99 1007*
-D 100% . .
6 100 1001*
100
Cons extended 4 Ms___ 1934 J -D 100 100% 100
Ohio A Nor West Ext 4s 1880-1920 F - A 94%____ 91 Sep '15 ___ 92% 94%
94% July’ H
Registered______ 1888-1926 F - A
8 78
80
82
General gold 3Ma..............1987 M- N 79% 80% 80
78% Jan ’ 14
Registered_________ pi 987 Q - F
94%
General 4s_____ ______ ..1987 M- N 94%____ 94%
89% 94*4
------ 94% 91%
94%
89
941*
Stamped 4s__________ 1987 M- N
109 114%
General 5s stamped___ .1987.M- N 110*4 113% 110% Oct ’ 15
.
108 109%
Sinking fund 6s___ 1879-1929 A - O 103%____ 108% 108%
105% Dee I
Registered............ 1879-1929 A - O
102% Ii 4%
Sinking fuud 5s____ 1879-1929 A O 104"% III I 104% 101%
Registered............ 1879-1929 A O '103%____ 102 Oct ’ 13
Debenture 5s__________ 19 2 1 A -O 102%____ 102% 102%
"
10 0 % 1023*
Registered____ _______ 19 2 1 „ A -O 101 ___ 101 D ee’ 12
Sinking fuud dob 5s_____ 1933 M-N 103 Sale 103
103
1 0 1 “ 104
Registered.....................1933 M-N
99 101%
101% May’ 15
Frem Elk A Mo V 1st 6s..1933 A - O U7% I ” . 117 Aug’ 15
117 119%
90% Sep ’09
Man G B A N W 1st 3Ms. 1941 J - J
Mllw A 8 L 1st gu 3 M s... 194! J - J
Mi! L 8 & West 1st g Gs__ 1921 ... 8 1 0 7 %
107 Oct ’ 1
M105
1 0 ?%
S0 2 % Aug ’ 15
Ext A Imp fl f gold 6 s... 1929 F A 104
„
S2 % 1 0 4 %
0
113% Feb T4
Ashland Dlv 1st g 6s.. . 1925 M- 8 110%
110%
Mich DIv 1st gold 6s. ..1921 J - J
111% Aug ’ 15
1 11 * 2 1 1 1 %
90%
MU 8par A N W 1st gu 4s. 1947 M- S 9 0 % 94% 9J%
8 9 % 92
107% May’ 14
Northw Union 1st 7s g__ 1917 M- S 1 0 4 %
St L Peo A N W 1st gu 5s. 19 is J - J 1 0 5 % 106 fl04% 106
10 2 % 106 *
103% May’ 15
103% 103%
Winona A St P 1st ext 73.1916 J - D 1 0 3
%
Chicago Rock Is! A Pac 6s.. 1917 J - J 11% 102*8 102% Oct ’ 15
1 0 1 % 10 2 %
10 2 % Oct ’15
Registered____________ 1917 J - J 102%
1 0 1 % 10 2 %
83%
Ry general gold 4s_______1988 J - J SS3 % Sale 82%
79
85
81
82 80% June’15
Registered____________ 1988 J - J
80
82%
65%
Refunding gold 4s............ 1931 A -O 6 5 Sale 61*4
61
717g ’
44
J 4 3 % 44
20-year debenture 5s____ 1932 -3 -- ,
43
39
67
79 ___ 9134 June’ll
Coll trust Series P 4s____ 1918 M - N
85 July’ 13
R XArk A Louis 1st 4Ms -1934 M- S . . . . 74
9 9 % ____
Bur O R A N—1st g 5 s...1934 A - O
‘
99% Oct ’ 1
CR IF A N W 1st gu.5s. ..1921 A - O ------- 9 9 10 0 % Mar’ 14
M A St L 1st gu g 7s____ 1927 J -D
Choc Okia A O gen g 5».ol9l9 J - J 97%____ 973s July’ 16
97% 97%
Consol gold 5s..............1952 M-N
97% Apr ’ 1
97% 97%
*"
Keok A Des Moines 1st 5s 1923 A - O ’ SO I I I I 4934 Sep ’ 15
4934 84
. . . 81
St Paul A K C 8 I1 L lst4M s’41 F - A
65 Apr
65 65
Chlo St P M A O con 6 s ... 1930 J -D 116%____ 116% 116%
114% 117*4
Cons 6 s reduced to 3 Ms.. 1930 J -D
90 Jan
90 90
Debenture 5 s____ ______ 1930 M- 8 100*4 i04% 100*4 1 0 1 %
99% 102
Oh St P A Minn 1st g 6S..1918 M-N 115%____ 115% Oct ’ 15
115 115%
115
. . 129% May’09
North Wisconsin 1st 6 s. ..1930 - J
St P A 8 City 1st g 6 s___ 1919 A - O 105% . .
105% 105%
104% 105*4
Superior Short L 1st 6s g.jl930 M- S
Chlo T II A So-enst 1st 5s. . .1960 J - 0 ----- 80
85 Jan ’ 14
Chic A West Ind gen g 6s..rl932 q-M 105% 106% 105% Oct ’ 15
105
106
76% 78 76 Oct ’15
Consol 50-year Is.............. 1952
j
747* 8 0 %
Cln H A D 2d gold 4M«....... 1937
- j 60 . . .
98 Mar’14
1st A relundlng 4s______ 1959 j - 3
1st guaranteed 4s.............1959 J - 3 ----- 87
86 % June’ 12
Cln DA I 1st gu e 5s........19*1 M-N
25 July’15
25 25
C Find A Ft W 1st gu -Is g. 1923 M- N
88 Mar’ !
Cln I A W 1st gu g Is___1953 J - J
65 J’ly ’ ll
Day A Mich 1st cons 4Ms. 1931 J - J
94% Dee ’ 14
Ind Dec A W 1st g 5s.........1935 J J
65 J’ly ’ 14
1st guar gold 5s............ 1935 J - J
107% Dee ’02
Clove Cln C A St L gen is .. . 1993 J ->
D 77% 77% 77
77%
08 77
81 8 4 % 83%
20-yr deb 4M8____
1931 3 ■ J
83%
79% 83*4
82% 8 4
Cairo Div 1st gold 4s____ 1939 J - J
82
82
80 83%
Cln W A M Dlv 1st g 4s. .1991 J - J
78
70 70
70 Sep T
St L Dlv 1st coll tr g 4 s... 1990 M N ’ 7731 Sale 77%
78
75% 85
Registered____ _______ 1990 M- N 75
82% Mar’ 14
Hpr A Col Dlv 1st g 4s___ 1940 M- S -27
77 Sep ’15
77 ' '77 *
W W Val Dlv 1st g 4s___ 194D J - J
91 Apr ’ 12
C TSf L A C consol C s__ 1920 M-N 103%
105% June’ 15
105% 105%
89%
1st gold 4s ............... *1936 q-F
90 Feb ’ 15
90 90
88%
Registered...............*1936 Q-F
8 . % May’ If,
8
87 88 %
101 June’ 15
Cln S A Cl con 1st g 3k... 1923 J - J
10 1 1 0 1
105% J’ly ’ 14
C C C A I gen con g 8 s__ 1934 J - J
Registered ................... 1931 3 - J
91 J’ly '08
Ind is A W 1st pref. 4s 19 40 A - O
O Ind & W 1st pref 5s__ <4193 - Q-J
Peo A East 1st con.4s___ 1910 A - O 65 70 65 Oct ’15
59
65
25% 30 25
25
Income is.....................1990 Apr
20
28
94% 95 % 95
95
Clove Short L lstgu4Ms__ 196) A -O
9 0 % 98
8 14% 18 May’ 15
Col Midland 1st g 4s........... 1947 J -J
15
17
Trust Co certfa of deposit___
14% Mar’ 15
14%
15
.
18
91
Colorado A Sou 1st g Is___ 1929 F - A 90% Sale 90
85
92
Refund A Ext 4 Ms......... 1935 M N 82 Sale 81
82
787* 8 6
10 2 % 10 3 % 103% Sep ’15
Ft W A Den C 1st g 6 s ... 1921 J 100 103%
Conn A Pas Rlvs 1st g 4s 19 43
----- 10 0
Cuba RR 1st 50 yr 5s g___ 1952
100 May’ Id
Del Lack A Western—
Morris A Es 1st gu 3M8--2000 J D 85 ____ 85 Oct ’ 15
84
85%
J 107%___ 107% 107%
N Y Lack A W 1st 03___ 1921
107
109
Construction 5s........... 1923 . A
1 0 1 % IOD4
10 1* 4 May’ If
Term A Improve 4s___ 1923 M-N 95%___ 95 % Sep ’ 15
95% 90
Warren 1st ref gu g 3 Ms--200 u F - A ----- 85% 102% Feb ’0.1
1
Del A Ilud 1st Pa Dlv 7 s ... 1917 M- S 10 - % . . . 104% Aug ’ 15
104% 105%
Registered__________ 1917 M- 5
149 Aug ’01
10-yr conv dob 4s_______ 19 16 J -D 10 0 % 10 0 % 100 % 10 0 %
99
100%
99
in 07 *
J J
1st lion equip g 4Ms____ 1922 .. - . 10 0 % 1 0 1 % 99% Sep ’ 15
8 9 1 * #5
1st A ref 4s...................... 1943 M-N
95
95 Sale 95
Conv 5s sub recta.................. ......... 105% Sale 104% 105%
101*4 1 0 5 %
83% 84% 8 3
Alb A Hus conv 3Ms____ 1940 A -O
S8 3 %
8 0 % 86
1133* n 3 %
’ Rens A Saratoga 1st 7s 1921 M-N 1 1 1 %
113% Jan ’ 15

ti D oJ ly
u u.

* D oA g
u u.

o

D eO t.
u c

p D eN v
u o.

vD e D o «O tio s le
u e.
p na.

Denv * K G r 1st con g 4s.. 1936 J - J
Improvement gold 5s___ 192.S J -D
1st & refunding 5s........... 1955 F - A
1039 J - D
1940
1940 ,J - J
Rio Gr West 1st g 4s____ 1939 j - j
Mtge & col trust 4s A .. 1919 A - O
A- O
Det A Mao, 1st Hen g 4s__ 1995 J -D
1995 J -D
Det Rlv Tun-Ter Tun 4Xs. 1961 IVI-N
Dul Mlssabe & Nor gen 5s.. 1911 J - J
Dul A Iron Range 1st 5s___ 1937 A - O
1937 A - O
2 d 6a
1916 J - J
Elgin Jol A East 1st g 5s___ 1941 M-N
Erie 1st consol gold 7s_____ 1920 M- S
1947 M-N
2d ext gold 5s______ 1919 M S
V
1923 I I s
4th ext gold 5s_______ 1920 A O
5th ext gold 4s_______ 1928 J D
N Y L E A W 1st g fd 7s. 1920 M S
Erie 1st con g 4s prior___ 1996 J - J
1st consol gen lien g 4s... 1996
1996
1951
50-yr conv 4s A________ 1953

J ~ J
J - J

J- J
F- A
A -O

Clev A Mahon Val g 5s__ 1938 J - J
Long Dock consol g 6s__ 1935 A - O
Coal A RR 1st cur gu 6s.. 1922 M-N
Dock A Imp 1st ext 5s. 1943 J - J

Week’s
Range or
Last Sale

B id
Ask Low
75*4 Sale 73

High N o . Low
75% 93 68

9
95 100
100*4 Dec *06
1937 F - A
67% Aug ’ 15 ___
General gold 5s_________ 1940 F - A 70
102 Jan ’ 1
4
11943 l> N
A -O 102%
i
90 89
'80
Wllk A Ea 1st gu g 5s___ 1942 J -D 80
100 May* 12
J * J 33
Evans A TI1 1st cons 6s___ 1921 J - J 85 87% 81 Aug ’ 15 ___
99% Dec ' 13
1942 A - O 47
108 Nov’ ll
1923 A -O
95 June’ 12 ..
Bull Co Branch 1st g 5s__ 1930 A - 6
32
91%
92 Ang '10
Fort St U D Co 1st g 444s 1941 J - J
56% 65 54% Oct '15
1928
Great Northern—
97% 252
C B A Q coll trust 4s____ 1921 J - J 97% Salo 397%
97
97% 21
Registered ft ............. 1921 Q - J ♦96%
99
27
1st A refunding 4Ks ser A 1901 J - J 99 Sale 9834
1961 J - J
8t Paul M < Man 4a. _
fe
1933 J - J 94% ___ 93% Oct ’15 __ _
119 119% 118 Oct ' 15
11 Apr ’ 15
8-%
1933 j - J
Reduced to gold 4Xs. 1933 j - i 3101% Sale s01% sl01% 315
1933 ./ - J ♦101%
92% 93
91 Oct ’ 15 ___
Mont ext 1st gold 4s__ 1937 J -D
91% 92%
1937 J -D
85
92*8 Mar’ ll
86
89% June’ 15 ___
E Minn Nor Dlv 1st g 4s 1948 A -O
109
1
129
120
Mont C 1st gu g 6s______ 1937 J - J 118%
136% May’06
J - J
105%___ 105% July’ 15
J - J
107% June’15 ___
Will A S Fist gold 5s . . 1938 J -D 104
72 May’ 15 - - - 70% 30
Or B A W deb ctfs “ A” ($100 par) Feb
10% 12% 11%
11% 10
Deben ctfs ’’U’ ' ($100 Dar) ___ Feb
2
82 85
82
82
Oulf A S I 1st ref A t g 5s..61952 J - J
1999 J - J
Col A H V 1st ext g 4s__ 1948 A - O
1955 F - A
Illinois Central 1st gold 4s.. 1951 i - j
J - J
1st gold 3 ^ s___________ 1951 j - j
Registered___________ 1951 j - j
Extended 1st gold 3 X s ... 1951 A -O
1951 A - O

91% 92
83%
84
94
82
80
80
80

96
82
___
83

Gold 3X s.................. 1951 j JSprlngf Dlv 1st g 3X s___ 1951 j Western lines 1st g 4s___ 1951 F F-

j

J
j
A
A

Carb A Shaw 1st gold 4s.. 1932 M- S
Chic St L A N O gold 5s.. 1951 1 -I )
1951 J -I)
1951 J -D
Registered_________ 1951 J -D
Memph Dlv 1st g 4s__ 1951 J - D
1951 J - D
1931 M- S
1950 J - J
1919 M- N
J -D
A -O
1950 A - O
Ref A tmpt 5s______ Apr 1950 j - j
Kansas City Term 1st 4s__ I960 j - j
Lake Erie A West 1st g 5s.. 1937 j - j
1941 J - J
A -O
Leh Vail N Y 1st gu g 4Xs_. 1940 j - j
1910 j - j
Lehigh Vail (Pa) cons g 4s.. 2003 M-N
General cons 4X9....... 200.3 M-N
Leh V Term Ry 1st gu g 5s. 1941 A - O
1941 A - O
1933 J - J
1st lnt- reduced to 4s____ 1933 j - j

97 Oct ’ 15 ___
92 Aug ’ 15
37
84
84
88% Feb ’ 13 . . . .
83 Oct ’ 15 ___

69
58

75
59%

66

100

10 0

71% 87
78 85
89% 93*2
1 0 1 % 104%
98% 102
90 100
103 105
106% 1 1 0 %
102*4
98% 99%
102*4
93
93
103% 109
85 ■
77
100

100

65

74%

86
59

88 %

72%
63>2 82>2

10 1 119% 1 2 1
10 1

100*8 100%
102*2 103%
90

95*4

67*2 75
79

86

81

97

86% 93%
50
94% 9734
94% 97%
94 101
93*4 95%
1161. 12014
11 1IS*!
ft
99 % 10134
91% 94%
89% 89%
118% 121
1051 105W
.4
107% 107%
70 72
10% 1334
82 88

9312
96
97%
92
92
78% 84
- -.
83 83
81

87*4

83
88%
79
79
79 % 86%
86

89

Leh * N Y 1st guar g 4 s... .1945 M- S
M- s
Long laid 1st cons gold 5s.. A1931 Q - J
1st consol gold 4s______ A1931 Q - J
.1938 J -D
1922 IM- S
1932 J -D
Unified gold 4s............... . 1949 M- S
Debenture gold 5s......... . 1934 J -O
I
1949 (V - s
1940 IV s
IN Y B * M B 1st con g 5s. 1935 A - O
N Y * R B 1st gold 5s.. -1927 M- S
Nor Sh B 1st con g gu 5s. 01932 Q - J
Louisiana & Ark 1st g 5s__ .1927 M- S
Loulsv & Nashv gen 6 s___ . 1930 1 -O
-1937 M-N
. 1940 J - J
1940 J - J
Collateral trust gold 5s.. .1931 M- N
E H < Nasb 1st g 6 s___ .1919 J - D
fc
-1931 M- N
N O & M 1st gold 6 s___ . 1930 j - j
.1930 j - j
Paducab & Mem Dlv 4s. -1946 F - A
St Louis Olv 1st gold 6 s. .1921 M- S
2d gold 3s................... . 1980 M- S
Atl Knox < Cln Dlv 4s._.1955 M-N
&
Atl Kiiox it Nor lst ft
Header Bdfte 1st s f ft 6 s. -1931 M- S
. 1987 J - J
T
s N .tr \f ,<. M l.q i? 4 Us 1045 M- S
r
fc
L & N-Soutb M Joint 4s. . 1952 J - J
1952 Q - J
Pens .t Atl 1st gu g 6s__ .1921
S A N Ala cons gu g 5s.. .1936
Gen cons gu 50-year 5s. 1963
L A Jeff Bdgo Co gll g Is.. .1915

Price
Friday
Oct. 29.
B id
88

F- A
F- A
A- O
M- S

a

Week’ s
Range or
Last Sale

Ask Low

90

1 0 2 % ____ s01%

94
85

____ s94
____ 86

I
1045 (V - 8
IstA ref conv 5s............. .1959 M- S
3d 7s extended at 4% __ . 1938 M N
Boonv St L A S 1st 5s gu.1951 F - A
Cent Br Ry 1st gu g 4s.. .1919 F - A
1048 J - I)

84

Nat Rys of Mex pr lien 4Xs . 1957 J - J

76% 77%

D eJ n D u F b ( D e A ril. « D o M
u a . Do e . J u p
u ay.

g

Higft
86

5 10 2 104%
103
Oct 15 — s94 s 94
Oct ’ 15
85 87%

99*4 Oct ’06
------ 84% 82*2 Oct ’ 15 _„ __ 82% 89%
8 , 95% 98
97 ___ 98
98
16 82% 86*2
81% 80 S84%
86
95 Jan ’ ll
99 ___ 100 Feb ’ 15 ___ 100 10 0 %
102*2 Jan ’ 14
10 0 1 0 1 % 101 Aug '15
10 0 % 1 0 1
----81
91% 91% Feb ’ 14 ___
112 113 113 Oct ’ 15 ___ iio 115
1 106% 107
106% 100 % 100 % 106%
93% Sale 93%
93% 49 89% 94%

103% 101*2 102% Oct ’ 15 - - -107*2____ 108% May’ 14 ___
1
99 ____ 99
99
3
113%___ 113% 113%
------n o
109% May’ 15 - - -86 % ___ 80% Oct ’ 15 ___
106*8 106% 106*2 Oct ’ 15 ___
60% 00 % 60*2 Oct ’ 15 ___
84 87
86
86 % 22
105*2___
86
87%
93 ___
75*2 Salo
103

105 Juno’ 15 -- 10
86 %
86 %
4
98
99*2
2
75%
75*2

101*2 106 J’ly *14
97 Dec ’ 14
108 Oct ’ 15 ___
105% Fob ’ 15 ___
6
100*2 100*2
80 Oct T5 —

108%____
103 ____
100*2 Salo
____ 82%

39
40*2 20
47
39%
40
78 Oct ’ 15 —
100 Feb ’ 13 —
___ 60 Oct ’ 15 —

40 Salo
75 80
60

___
. 1938 F - A 388
2d extended gold 5s__ .1938 J - J 93
A -O s99%

Unified A ref gold 4s.. .1929 J - J
1920 J - J
Rlv A G Olv 1st g 4s.. . 1933 M-N
Verdi V I A V 1st g 5 s... . 1920 M- S
V
Mob A Ohio new gold 6s__ . 1927 J - D
h 1927 Q - J
. 1938 M- S
1947 F - A
St Louis Olv 5s............... . 1927 J - D
1931 J * J
Nashville Ch A St L 1st 5s. .1928 A - O

Range
Since
Ja n . 1

H igh N o . Low

85 July’ 15 —

77 Mar’ 10
79 Nov’ 10
1977 M- S
101 Oct ’09 ___
Midland Terra—1st s f 5s g. 1925 J - D
1927 J -I) 104*2 112 105 Sop ’ 15
110*8 Aug ’ ll
1921 A -O ____101
82 Oct ’ 15 ___
1st consol gold 5s......... .1931 M- N 82 85
48*2
50*4
1949 IV s
IDes M A Ft O 1st gu 4s. .1935 J - J 48 ____ 60 Feb ’ 15
83
85% 11
-1938 J -I) 80% 83
49% 68
-1951 IV s 49*4 Sale 46
I90% 12
M StPASSM con g 4s lnt gu 1938 J - J 90% Salo 90%
90
_ 97U June’ 12
MSS A A 1st g 4s lnt gu.1926 J - J 95%____ 95 Oct ’ 15 ___
85 ____ 91 J’ly *14
77%
77*2 11
Mo Kan A Tex 1st gold 4s. . 1990 J - I) 77*2 78
54% 11
2d gold 4s...................... V1990 F - A 52% 51% 253%
1
67*2
1st ext gold 5s________ .1914 M- N ___ 07% 67*2
2
46*4
*-« 1st A refund 4 s ............. .2001 M- S 40*4 Sale 46*4
2
42%
42%
1936 J - J ____44
60*8 Feb '16 ___
St Louis oiv Is ref g 4s . .2001 AAO ____00
M N ___ 93% 99% Dec ’ 13
78 J’ly ’ 14
1900 F - A ___ 78
89%
89*2 io
Mo K A E 1st gu g 5 s... .1942 A - O 89 % 93
85% Mar’ 16
. 19 42 IVI-N
21
66
66
—.M K A T of T 1st gu g 5s. .1942 M- S 05 . 06
1942 1 - O ------ 95% 96 May’ 13
____ 68
68 Oct ’ 15
95% 72
Missouri Pac 1st cons g 6s.. . 1920 M- N 95% Sale 95*8
88
7
87%
88
al917 M- 8 87
2
82
82
Registered........... ..... al917 M- 8 ____85
8
76%
-1920 F - A 77%___ 76%

1951 A -O
N O Mob Sc Chic 1st ref 5s. . I960 j - j
O
ft 73
p 1915 A -O
1953 J - J
6fti2 6312
78
80
N Y Cen RR del) 6s wh Iss. .1935 M-N
-2013 A O
N Y Central A H R g 3X9. . 1997 j - j
85 88
Registered......... ....... .1997 j - j
1934 IV N
I117% May’ 10
193 1
94% J’ly ’ 12 _
Lake Shore coll g 3X9__ . 1998 F - A
5 104% 109%
107
io"7 Sale 107
Registered................. . 1998 F - A
114 Feb 'll
90 Oct '09
- 1998 F - A
__
Registered........... J.. .1998 F - A
23
100 Sale
2 86
86
86
86*2
Beech Creek lstgug4s.. . 1936 J - J
1936 J - J
S
1936 J - J
95% 98 J’ ly ’O
86
85 Oct ’ 15
82 85%
_ 1936 J - J
97%
97% 10 96 100
M951 A - O
97 98
ftft 9012
_ 1981 J - D
87U 90
69-% 12 66*2 69%
-1942 J -D
69 69% 69
.1991 M- S
63 Oct ’(H
i
12 s87
91%
93
93
N J June R guar 1st Is.. . 1980 F - A
93
23 83*2 93
86
87
N Y A Harlem g 3 X s ... . 200(1 M-N
o'o' S83
89% 98*2
93%
93*4 Oct *15 ___
N Y A Northern 1st g os. . 1927 A - O
. 1993 A - O
60 74% 9 O4 May’ ll
9ft Mar* 14
-1916 A -O
1 98 101*2
98%
99 109 98%
Pine Creek reg guar 6 s ... .1932 J - D
99 10 0 %
99 Aug T5
A1922 A -O
89% 16 86 % 89%
8934 Sale 89
Oswo A It 2d gu g 5s.. . ell) 15 F - A
99% Oct ’ 15 ___ 97% 99%
99%
R W A O T It 1st gll g 53. . 1918 M-N
105% Oct ’ 15 ___ 105% 108
Rutland 1st con g 4Xs._ . 1941 J - J
107%
111* Deo ’ 1
s
1
J - J
101U 10414
105 Oct ’ 13
-1996 J - J
2 d gold 6 s --------------- .1996 A - O
83 Aug’ 12
123 May’99
6634 77
73 Mar’ 15
G I2 68% Sep T5
8
80 Apr ’ 15 ___
77%
101*8 Oct ’99
78% Mar’ 14 . . . .
85 July’15 ___
84%

•N pic Fid y la s b a dak dtd we ,
o r e r a ; te t id n s e ls e k
V D eN
u ov. t O tio s le
p na .



38

6 87% 95
97% Jan ' 14
83% Sep '15 ___ 83*2 85*2

80 J’ly '09
IV s
I84% i i
Coll trust gold 4s............. 1952 A - O 83% 84% 84%
95% Sop ’ 1
2
A -O
87% 72
1st refunding 4s............... 1955 M- N 87% Salo 86%
79 Oct ’ 1>
J - J -78% 84
g ’83
8
833.1
8212 837 5
84 May’ ll
ivi- n *
83
87
8634 Oct ’ 15 ___
Cairo Bridge gold 4s........ 1950 J D
1953 J * J
1921 F - A
F- A

u m

78
8312
80
55%

9

74 "
7112 Oct ’ 15
55% Sale 554
5512 78
95 109 Dec ’ 13
61*2 Apr ’ ll
77
85 Mar’08
21
72 Sale 72
73
10
59 59% 59
59
90 Apr *14
99
100 Mar* 15
»5
87
85 Sep ’ 15 ___
80
85 Aug’ 15
89% 91
89% Oct '15 ___
1 0 1 % 102 - 1 0 1 % May’ 15 ___
16
10 1
100 %
102
106% Mar’08
104 Feb ’ 11
90
90 Oct ’ 15
104 193% Apr ’ 15 ___
8
1091. ____ 189% 109%
90%
10 0 %
101% May’ 15 ___
981.
98% Juno’ 15
100 % 10 2 101 Oct ’ 15 ___
93 95 93 Oct '15 ___
109%
109 Oct ' 15 ___
84% 85 82
43
85
oU U G It)
C
s74% Sale s73%
74 % " 9 0
77 Apr ’ 12
88 %
88 %
86 % 28
72 Sale 68 %
72% 244
82U Sain S77%
82% 1231
103%
103
101 Feb ’ 15 ___
121
119% Aug '15 ___
99 104 100% Oct ’ 15 ___
102% 101% 103*4 Aug '15 . . . .

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 29.

Range
Since
Ja n . 1

IVol. 101.
Bonds
Sold

Price
Frid ay
Oct. 29.

Interest
P eriod

BONDS
N, Y. STOCK EXCHANGE
Week Ending Oct. 29.

Bonds
Sold

New Yorfc Bond Record—Goatinued—Page 2
Interest
P eriod

1448

75
Salo
96%
Salo

71% Salo

110 Mar’05
12
87% sS8
93 Oct ’ 15 ___
98%
99*2 27
102 J’ly ’ ll
70
71%
5
80% Oct ’ 12
65
67% 09
87 Sep T5 ___
4
slOS
108%
106 Oct ’ 15
72 Mar’ 15

99% 103%
- ..
98*a 99
113*4 115%
108 109%
86 I2
86
105% 107%
58% 65
83 ..88*2
105
87%
98 1 0 1
75*2 80*2

105
86

107% 109
105*8 106%
99*2 102*4
80%
74
_
105
81
40
60
80
35
86%

___
111*2
92%
80
60
90*4
66
93

93% 95
72%
49%
70
40.
42%
03%

81
63
89
56%
74
60%

96*2
82
85*2 88
89 —
66
ns
68
92*2 101%
78*2 96%
80 88*2
72 92*8
29 63%
29 49%
78 78
. . . . « ...
85
60
84
93
93

388
93
101%

61

71

67*2 Sale
___ 89
109 111
102 100
70 . ..
99% 103
. . . 88
95 D ec’ 13
3
80*2___ 8612
86*2
105%___ 201*4 Oct ’ 15
111 Jan ’ 13
103*4 Jan *14
113 J’ly '0*
____ 52% 53 Oct *15 ___
68 Oct ’ 15
53 ___ 96% Feb ’ 13
30 Aug T5
42%___ 40 May’ 15
___ 104
101 Juno’ 14
79i2 May’ 13
109*4 Sale 108*4 109*2 1797
90 Sale 90
00*2 261
80% Salo 79%
80*4 102
77 ____ 79*2
79*2 15
89% Salo 89%
27
90

51
87
105
106
72
100

69 «
87
114%
114
76
101%

74*4
75*i 34
72% Oct ’ 15 ___
80
80*2 22
3
73*2
73%
71 Oct ’ 15 ___

71
71
77
67
67

74% Salo
72*2___
79% 80*2
73*2___
72 ____

93%____ 96 Juno’ 15 ___
99 M ay'll

861■ 87
>
102% 106%
53
68

57%
68

30
30
31*4 41
99% 109*2
90*2
81%
76
75% 179*2
90%
84
75*4
72*2
80*2
73%
71%

92*2 96

___ 1 0 2 %

8 ft

Oct *12

87%
87%____ 87% Sep ’ 15
87
86
88
86 Jan '15 ___
79%____ 85 June’ 15 ___ 85
1 0 2 % ____ 101*2 Mar’ 15 ___ 1 0 1 % 1 0 1 %
88
88
88 June’ 15
81 83
_ 113 May’ 15 ___
_
102% 103% 102% Oct ’ 15
100's Mar’ 15 ___
10 0 % ___ 101 June'10 . . . .
____84
85 Sop '15 ___
07
67
1
67 71
100

___ 100 Oct '15
119*2 Mar’ 12

D e J n . AD e J ly * D e A g
u ue
u u.
u u.

113 113
101% 103%
10 0 % 100*8
___ . . .
85
85
67 70
10 )

o

10 1

D e O t.
u. o

O ct. 30 1915.1
BONDS
N . Y. STOCK EXCHANGE
Week Ending Oct. 29.

New York Bond Record—Continued—Page 3
P r ic e
F r id a y
O c i. 2 0 .

W eek ’s
R a n g e or
L a s t S als

f l

R ange
S in c e
Jan. 1

N o L ow
I lig l
B id
A t L ow
H ig h
N Y Ccn A II UR ( C o n .)
97 Feb ’ 1 —
90
97
J 9614 . . .
Utica & Bile Riv gu g 4a— 1922
81
84*4
D
82l2 ------ 82*2 Oct ’ 1. —
Lake Shore gold 3Hs------- 1997
I) *82 ____ 8 D4 Oct T. —
81
82
Registered___________ 1997
941
90
94*2
S 94*4 Sale 94
7
Debenture gold 4a------- 1928
93* 104 S8>4 9314
N 93*8 Sale 93
25-year gold 4s________ 1931
91 Oct ’ lv
91
91
Registered--------------1931
Ka A A G II 1st gu c 6 a ...1938
J 103*2 - - - 107*4 Apr ’ li
Mahon C’l RR 1st 5s.........1934
103 Jan *1.
103 103
O 101*8-----Pitts A L Erie 2d g 5s._.al92s
J 115 ------ 130*3 Jan ’Oi —
Pitts McK A Y 1st gu 63- . 1932
.................
123U M ar’ l:
J *____116
2d guaranteed 6s..........1934
___
J ...............
McKees A B V 1st g 6s. 19 IS
L02*a 102*2
S ____102* 102*2 Sep ’ U
Michigan Central 5s____ 1931
103*2 May’ 14 ___
Registered..................... 1931
4a................................ . 1940
87 Feb ’ b —
Registered--------------1940
JLAwS 1st gold 3 ^ s ._ . 1951
795s 81*4
N 81 ------ 79*8 Aug ’ 15
1st gold 3 Ha............ -..19 5 2
6 78U 85
85
85
O 84*2 85
20-year debenture 4 s...1929
88
9334
92
0
9158 Sale 91*2
N Y Chic A St L 1st g 4s-. 1937
92*4 J’ly ’ !•
Registered..................... 1937
32 7 5
83
80
N 80 ____ 80
Debenture 4s.......... ...... 1931
33 86
90*4
91
92*2
J 90*8 92
West Shore 1st 4s guar_ 2361
_
2 857 89*4
87
8
J 87
87*2 87
Registered.....................2361
IU0 M ar’ If
100 100
N «100*2-----N Y C Lines eq tr 5 s.. 1915-22
*
J 975 ------ 98 J’ly ’ 1
s
Equip trust 4 H 8 ..1916-1925
97 Oct ’ 15
91b 97
A
. . . 97
N Y Connect 1st gu 4H8 A ._ 1953
N Y N II A Hartford—
1 78
78
78
9 78 Sale 78
Non conv deben 4s______ 1947
63
63
8 70 ------ 63 Feb ’ 15
Non-conv d<bcn 3Ha____ 1947
64
70
O 71 ------ 70 Oct ’ 15
Non-conv deben 3 Ha____1954
1 71
80
79*4
79*4
J 77
79
Non-conv deben 4s______ 1955
70
79*2
N 79 ------ 79*2 Oct ’ 15
Non-conv deben 4s______ 1956
11 61** 72
72
j
72 Sale 71*8
Conv debenture 3Hs____ 1956
26J 101 117
j 116*4 Sale 115*4
117
Conv debenture 6s_______ 1948
Cons Ry non-conv 4s____ 1930
91*2 Jan *12
J ....
Non-conv deben 4s____ 1954
Non- onv deben 4s____ 1955
O
*
Non-conv deben 4s____ 1955
Non-conv deben 4s____ 1956
Harlem R-Pt Chea 1st 4s. 1954
99*2 June’ 12
B A N Y Air Lino 1st 4S-_1955
j
74*2 78*4 73 Oct ’ 15 —
71
79"
Cent New Eng 1st gu 4s. .1961
Hartford St Ry 1st 4s___ 1930
N 102*4------ 105*2 May’ 15 . . . . 105 1051*
Housatonlc R cons g 5s_ 193/
_
87 J’ly ’ 14
j.... ....
Naugatuck RR 1st 4s___ 1951
6
89*2 ------ 88 A u g’ 13
N Y Prov A Boston 4s__ 1942
id 66*2 8 178
80
J 79
79*8 79*4
N YW ’chesAB latser I 4Hs '46
107 Aug ’09
N H A Derby cons ey 5s._19l8
Boston Terminal 1st 4s__ 1939
New England cons 5s___ 1945
99** M ar’ 12
Conso! 4s_____________ 1915
56 Apr ’ 15
Providence Secur deb 4s .. 1957
Prov A Springfield 1st 5s. 1922
8 ................. 83*8 Feb '14
Providence Term 1st 4s. _1950
J 87 ____
W A Con East 1st 4H s__ 1943
35 74** 82&s
78
78
8 78*2 80
N Y O A W r e f 1st g 4s___ (71092
921* June'12
Registered 15.000 only . . q 1992
78
75
7 70
D 73*2 75
General 4s. ........................1955
80
A ____ 83
Norfolk Sou 1st A ref A 5s .. 1961
V 90
98 101 July’ 15 ___ 101 102
Norf A Sou 1st gold 5s........ 1941
A 11634 Salo 116*2
116*4 12 115 118
Norf A West gen gold 6s__ 1931
A 116*4------ H634 Sep '15 —
116*4 119
Improvement A ext g 0s._1934
) 117 - - - - 119 Apr ’ 16 ___ 119 119
Now River 1st gold 6s___ 1932
0 92
93
03
931* 113 86*4 94
N A W Ry 1st cons g 4a. .1996
9-1 May'H
Registered............ ......... 1996
5 85*2.. aai^
J
895s. 90 .90
90b
P lv'l let Hen A gciut.4a_1944
■ t t t : t r n 1tl»l2 Uct U5 —
>
987 11634
*
10-25-year conv 4s____ 1932
117 Oct '15
9934 117
10-20-year conv 4s____ 1932
67 101 117
10-25-year conv 4 Ha_ 1938 M- S 117 Salo 1U12 117
_
1 861* 00*^
0 88*8 ------ 88
88
Pocah C A C Joint 4 s.. _ 1941
J 1007 ------ 105*4 Jan *13
8
O C A T 1 st guar gold 5s. _ 1922
H
88
92
86 Oct ’ 15 ___ 84*4 91
Sclo V A N E 1st gu g 4s. . 1989
93*8 250 88*4 93*8
Nor Pacific prior Hon g 4s_ 1997 Q - J 92 Salo 92
_
1 88*4 92
J 90
921 92
2
92
Registered...................... 1997
8
General lien gold 3s........ a2047 Q - F 647 Salo 64*4
65*8 360 62
60
1 61*2 65*2
F ------ 65*2 65*2
65*2
Registered.................... <j2017
)
90*8____ 99*8 Sep ’ 15 . . . . 90*8 90*4
8 t Paul-Duluth DIv g 4s.. 1996
S 100*8------ 100 Oct ’ 15 ___ 109 100
Dul Short Lino 1st gu 5 s.. 1916
1 KWU H i's
\ IO934 Salo- 109*4 109*4
St P A N P gen gold 6s .__ 1923
109*2 109*2
109*2
109*2
Registered certificates.. 1923
102 102
F 104 ------ 102 Feb ’ 15
8 t Paul A Duluth 1st 6s. 1931
> 101 102 101 A u g‘ 15 —
100*4 10 1
68..............................1917
. . . . 88
88
) ____ 90
1st consol gold 4s___
1968
81*2 Dec ’ 13
Wash Cent 1st gold 4s. .1948
’
J 110*8 110*2 110*8 Oct ’ 15 ___ l 10 113
Nor Pac Term Co 1st g 6s. 1933
2
79*2 88
84 *8------ 831 Oct '15
Oregon-Wash 1st A ref 4s. ..1961
94
98*4
. ------ 0-Ha 95 Aug '15 —
Pacific Coast Co 1st g 6s
1946
98
r 97*4------ 97 Aug ’ 15 - - - - 90
Pennsylvania RR 1st g 4s." 11923
Consol gold 5 a ____________ 1919M- 102*2____ 103 Oct '15 —
102 1037
s
—
Consol gold 4a____
1943
95
98*2
97*4------ 96*2 Oct ’ 15
100 Sep ’ 16
99*g 1007
8
Convertible gold 3 H 8 ..Iol9 l5
985s Sale 98*2
98*4 23! 96»2 98*4
Consol gold 4s_________ 1948
135| 101*4 10478
1 1037 Sale 103*4
8
104
Consol 4 H a ................
1960
1 98*8 Sale 98
98*8 140 97
General 4Ha when Issued 1965
98*3
945g------ 937 Oct '15 —
8
Alleg Val gen guar g 4 s...1942 M93*8 94
91 Mar’ ll
D R RR AB 'go 1st gu 4s g 1936
95*4------ 96*4 Sep '15 . . . . 90*4 97
Phlla Balt A W 1st g 4 s.. 1943
102 Jan ’03
Bodus Bay A Sou 1st g 5s . 2924
Sunbury A Lewis 1st g 4s. 1936
99*4------ 09 Oct *15 —
U N J RR A Can gen 4s 1944 I 1V
98*4 99
Pennsylvania Co—
15 99*4 102**
101 ------ 100*4
10 1
Guar 1st gold 4Ha............ 1921
Registered...........
19 21
99*8------ 100 July’ 15 —
99*2 100
84*2 85*2 84*2 Apr '14
Guar 3Hs coll trust reg A l l 937 M86 July’ 15 ___
84
86
Guar 3Hs coll trust ser B 1941
99*4 Oct ’ 15 —
99*4 idd
99
9934
Trust Co ctfs gu g 3H 8...1916
83 Feb '15 . . . . 83
83
88
83
Guar 3Hs trust ctfs C .
1942
81
81
83*4------ 81 Aug T5 —
Guar3Hs trust ctfs D . . . 1944
5 89*2 94*f
93*2
92*4 93*4 93*2
Quar 15-25-year gold 4s. 1931
88*2 89*2 923* May’ 14
40 year guar 4s ctfs Ser E . 1952
93*2 Apr ’ 14
CIn Leb A Nor gu 4s g
1942
96*2------ 97*4 Aug *15
Cl A Mar lstgu g 4H 8.IIl935
97*4 97*4
101*8 N ov’ 13
CIA Pgen gu g 4 Ha ser A . 1942
Series B..........................1942
109*4 J’ly ’09
91*4 Feb ’ 12
Int reduced to 3 Ha ’ 194?
90*8 Oct ’ 12
Series C 3 Ha..............'l948
Series D 3Ha....................... 1950
84*2------ 83*4 June’ 15 . . . . 83*4 83*4
Erie A Pitta g u g 3 H s B _ . 1940
Series C ...................... 1940
90's J’ ly ’ 12
Gr R A le x 1st gu g 4Ha__ 1941
95
96*4 05 July’ 15 ___ 95 100
Ohio Connect 1st gu 4s
1943
93 May’ 14
Pitta Y A Ash 1st cons 5s" 1927 M..............
102*4____ 09 May’ 10 . . .
2 96*4 98*2
Tol W V A O gu 4H 8A..1931
981*____ 98
98*2
Series B 4H8................1933
97 ____ 98*4 June’ 15 . . . 98*4 98U
Series C 4a....................1942
93*2 J’ly ’ H
_ 98 101*2
P C C A St L gu 4Ha A .. 1940
99 Sep *15 _
99*8 100
Series B guar---------------1942
09& 101
8
9933 Oct ’ 15 . . . 97*8 101*2
Series C gu ar_________ 1942
97i4 July’ 15
97*4 101*2
Series D Is guar_______ 194
92*8------ 92*a Sep ’ 15 __ 92*8 93*4
01*8
Series E 3Ha guar gold. 1949
90*2____ 91 Oct ’ 15 . . . 90
, erles F guar 4s gold___1953
___
Series G 4s guar............. 1957
92*8 Aug T5 . . . 92*2 93*4
104 ____
C St L A P 1st cons g 5 s.. 1932
101*8------ 01*3 May’ 16 . . . 01*8 101*8
Peoria A Pekin Un 1st g Os.. 1921
____ 89
89 Feb ’ 14
2d gold 4H s...... ..............51921
------ 20
Fere Marquette— Ref 4s___ 1955
11*2 June’ 15 __
11*2 11*2
Refunding guar 4s_______ 1955 J - J
72 ____ 72 Aug *1572
72'
Chic A West Mich 5s........ 192FJ D
$

• No prioe Friday; latest bid and asked.
Option sale.




aDoJ n 5D eF b *D eM y
u a.
u e.
u a.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 29.

1449

P r ic e
F r id a y
O c t. 29.

Pere Marquette (C o n .)
Flint A P M gold 0s. __ 1920 j
1st consol gold 5s_____ 1939 l
Pt Huron DIv 1st g 5s.. 1939 J
Sag Tus A II 1st gu g 4 s.. 1931 I
Philippine Ry 1st 30-yr s f Is 1937 ,
Pitts Sh A L E 1st g Gs.........1949 •
1st consol gold 5s.............. 1943 «
Reading Co gen gold 4s___ 1997 •
Registered........ ............. 1997 Jersey Central coll g 4 s ... 1951 •
Atlantic City guar 4s g_ 1951 .
_
St Jos A Gr Is! 1st g 4s____ 1947 J
St Louis A San Fran gen 6s. 1931 J ■
General go*d 5s................1931 J
St L A S F RR cons g is . _ 1996 J
General 15-20-year 5s. .1927 MTrust Co cortlfs of deposit._ - do
Stamped-. . .
Southw DIv 1st g 5s._ . 1947 A Refunding gold 4s____ 1951 J Registered........... 1951 J •
Trust Co ctfs of deposit.. -do
Stamped.. -K C Ft S A M cons g 63. . 1928 MK C Ft S A M Ry ref g 4s. 1936 A — E^C A M R A B 1st gu 5s. 1929 A St L 8 w 1st g 4s bond ctfs.. 1989 M2d g 4s Income bond ctfs.pl989 J - Consol gold 4s.................. 1932 J -D ,
Gray’s Pt Ter 1st gu g 5 s.. 1947
S A A A Pass 1st gu g 4s___ 1943
S F A N P 1st sk fd g 5s..........1919
Seaboard Air Line g 4s.........1950
Gold 4s stamped________ 1950
Registered.......................... 1950
Adjustment 5s.................o l949
v Refunding 4s___________ 1959
Atl Blrm 30 yr 1st g 4s_.el933
Car Cent 1st con g 4s___ 1949
Fla Cent A Pen 1st g 6s. .1918
1st land gr ext g 5s___ 1930
Consol gold 5a.............. 1943
Ga A Ala Ry 1st con 5s. .01945
Ga Car A No 1st gu g 5s. _ 1929
Seab A Roa 1st 5s............ 1926
Southern Pacific Co—
Gold 4s (Cent Pac coll).*1949 *
Registered................... *1949
20 year conv 4s________£71929
20 year conv 5s_________1934
Cant Pac 1st ref gu g 4s. .1949
Registered____________ 1949
Mort guar gold 3 Ha. .*1929
Through St L 1st gu 4s. 1954
G H A S A M A P 1st 5S..1931
Gila V G A N 1st gu g 5s_1924
Hous E A W T 1st g 5s._. 1933
1st guar 5s red________ 1933
H A T C 1st g 5s lnt gu.._1937
Gen gold 4s Int g u a r ... 1921
Waco A N W div 1st g 6s 1930
A A N W 1st gu g 5s____ 1941
Louisiana West 1st 6s___ 1921
Morgan’s La A T 1st 7s. .1918
1st gold 6s....................... 1920
No of Cal guar g 5s.......... 1938
Ore A Cal 1st guar g 5 s . 1927
80 Pac of Cal—Gu g 5 s.. _ 1937
So Pac Coast 1st gu 4s g._ 1937
San Fran Terml 1st 4 s ... 1950
Tex A N O con gold 5 s . ..1943
So I’ao RR 1st ref Is........ 195;.
outhern— 1st eons g 5s___ 1991
Registered...............
1994
Develop A gen 4s Ser A..1956
Mob A Ohio coll tr g 4 s.._ 1938
Mem Div 1st g 4H 5s___ 1996
St Louis div 1st g 4s........ 1951
Ala Cen 1st g 6s............. ..1918
Ala Gt Sou 1st cons A 5s.. 1943
Atl A Char A L 1st A 4 Hal944
Atl A Danv 1st g 4s.......... 194S
2d 4s...............................1948
Atl A Yad 1st g guar 48...1949
Col A Greenv 1st 6s.......... 1916
E T Va A Ga Div g 5s___ 1930
Con 1st gold 5a...............1956
E Ten reor lien g 5s.......... 1938
Ga Midland 1st 3s............. 1946
Ga Pac Ry 1st g 6s.......... 1922
Knox A Ohio 1st g 6s___ 1925
Mob A BIr prior Hen g 5s. 1945
Mortgage gold 4s_____ 1945
Rich A Dan deb 5sstmpd_1927
Rich A Meek 1st g 4s___ 1948
So Car A (Ja 1st g 5s........ 1919
VirginiaMid ser C 6s____ 1916
Series D 4-5g...............1921
Series E 5s. i ...............1926
Series
F 5s............... 1031
General 5s_____________1936
Va A So’ w’n 1st gu 5s__2003
1st cons 50-year 5s. _ 1958
W O A W 1st cy gu 4s___ 1924

B id

A s k L ota

99 ____
72i2 ____

H ig h

Range
S in c e
Jan. 1
L ow H ig h

98 Sep ’ 15
72*2
72*2
68 July’ 15

90
98
65** 72*2
65
68

65 " May’ 14
108*2 May’ 14
113U N ov’ ll
s
95
~9i«2 Sale" 933
91 ____ 94
94
9334
9334
92i2 94

91
95*8
90
94
90** 93*4

40
55
103U 106

►.*1.1 ’ 59*
10734 1083s
100U____
70 ____
5 0 ls____
50i2 ____
48i2 Sale
701* Sale
~695s I I "
65
68
10734 109
7334 Sale

__

75*2 76
55
61 Sale
100
72 Sale
101 ____
80
78
80*4

‘ eo’if J’ ly "*15
107*4 Oct ’ 15
109*8
103*8
75 J’ly *14
50*2
50l2
50*8
52>
j
4734
49
93 Dec *13
70*2
70*2
80*4 M ar’ ll
69*2 Oct T5
65
65*2
107
107
72
74
95 M ar’ 14
75*4
76*2
54 Oct ’ 15
59
61
98*4 Jan T4
72
72
101*8
101*8
76 Dee ’ 14
81*2
81*2

68
69

Sale
69*2
—
86
84i2 ____
99?a____
100 ____
10 1 ____

657
8
68
68
69
84
84
85*4 M ar'15
99*4 Sep *15
104 N ov’ 12
101 July’ 15
102*8 Mar ’ 1
101*4 July’ 15
98*4____ 99U Aug .15

60*j "73'
1057* 10812
98*2 101*4
35~’ 5112
3212 52*8
32*2 49
63*8 ’ 71*2 ,
60*8
59*2
104*4
66*4

"71*2
69
110
74

67*4 80
52
60
5 l7 6234
s
05

80

78”

”83*2

9934 101*8

5934 *71*4

66
H
I

7112 —
84

84l2 85*4
99*4 IOOI4
io ’7
’o*

io f ’

100*2 1025*
100*2 102*4
99*4 10112

85
-----87's
105U
88*8

Sale 8 H4
85*4
79*4 86*4
90 Feb ’ 14
85
87*4 748 79*4 87*4
Sale *86
Sale 104l2 105*4 655 95*4 105*4
881 161 83*3 90
2
Sale 8734
86*2 M ar’ 15
861* 861*
88
84*8 89
*87*2 I I I I 88
83
86
85
85
82*8 87
102
10234 ____ 102
100 10212
10234 Apr ’ 14
" 9 9 1 4 io o i'z 100
July’ 15
100*” io3 ~
9S12 100's 99's June'15
99*8 99*8
10234 ____ 10234 Sop '15
1025* 107
93 H ____ 94 Oct '15
93
95*2
109*2____ 108 M a r'14
103 ____ 100 June’ 15
ioo" ’ 10212
109 June'H
162' 1045g
104*8 July’ l
------ 106
106U J’ly '14
105
105 Sale 105
1 05 " 105*
101 ____ 100*2 Oct ’ 15
99*4 10112
106*2____ 101*2 Nov* 13
91 ____ 91*2 Sep *12
82*4
82*2 Sale 81
77*4 82*4
90 Apr '14
*87ij Safe" 8 7 * 2 __ 877
&

i«

lat con gold 5 s . .. 1894-1944
Gen refund s (jj 4s............. 1953
St L M BridgeTer giug 5s 1930
'ex A Pao 1st gold 6a........
2d gold Inc 5s ; ................. ?2000
La Div B I, lat g 5s.......... 1931
W Min W A N W 1st gu 59 1930
ol A O C 1st g 5a................. 1935
Western Div 1st g 5s......... 1935
General gold 5 s.................. 1935
Kan A M 1st gu g 4s......... 1990
2d 20-year 5s___ T____ 1927
ol P A W 1st gold 4s______ 1917
ol St L A W pr lien g 3 Ha. 1925
50-year gold 4s................... 1950
Coll tr 4s g Ser A........... .1917
1 or Ham A Buff 1st g 4 s..51946
L Ister A Del 1st con g 5 s.. 1928
1st refund g 4s................... 1952
nlon Pacific 1st g 4s______ 1947
Registered_____________1947
20-year conv 4s_________ 1927
1st A ref 4s...............
£72008
Ore RIt A Nav con g 4s__ 1946
Ore Short Line 1st g 6 s...1922
1st consol g 5s............... 1946
Guar refund 4s . . _..1929
Utah A Nor gold 5s. . . . T tT J - J
H fi
1st extended 4s........ 1933 J - J
andalla cons g 4s Ser A__ 1955 F - A
Consol 4s Series B ______ 1957 M N
J J
1
Irglnlan lat 5s Series A.
962 'M -N

W eek ’s
R ange or
L a st S a le

'XI

II) |!,

98 June’
98
98
67*2
70*4 476 5814 70*4
68 Oct '15
68
76
S9S*4 100
98*4 Oct *15
20 80*4 83*4
82
83
104*4 June’ 14
98*4 Oct '15
98 ~ *99 ’
93
9 47*
93 July’ 15
83*8 Apr ’ 15
83*8 85*8
75*2 Aug ’ 15
75i2 75l2
75*4 Dec ’ 14
100*8 J’ ly ’ 14
103* i0334 102*4 Se p ’ 15
1025# 102*4
102*4 ___ 104
..........
104
100*4 1045*
07b 9934 S98U Oct -is !__
977 99
8
5734 60
64*2 May’ 13
106
1067 Oct *15
8
105'" 107""
____ ______ 105*2 July’ 15
10512 10512
105** N ov’ 12
79 Mar’ 13
102 May’ 15
102 102*4
73 Sep ’ 12
100*8 Sale 100*8
101
100 101
10034 ____ 100'4 M ar’ 15
100*4 100*4
103*4 N ov’ l
10138 I I I I 102 Dec *13
102 ____ 104 M ar’ 13
102*4____ 1021* Oct ’ 15
102 103*4
102 102*2 100 Aug *15
98*2 101
84*2____ 84*4 Oct ’ 15
81
84*4
92 June’ 13
88 ‘ ’ 88”
I I I I "88*2 88 Oct '15
96
97
96*2
96*2
935s 99*2
10H2 102*4 101*4 Oct ’ 15
100*2 102
8 H2 84
82*4 Oct *15
79*4
99 ____ S987g Oct ’ 15
x987 100
8
95*2
95*2 Sale 94*8
91*2 96
30
34
33 Oct T5
29
36*4
95 May’ 14
____ 89*2
____ 95 IOi)*2 N ov’04
101*8
101 102 101
99*4 103
100
100 Sale 100
100 100
------ 100
101*2 Apr ’ 14
83*4____ 86 M ar’ l
86 " "86*2
91 ------ 94 Oct '15
92
96
63
04
64
64
62*s 68
80
80
72*2 SO
5478
547
8
42** 55*4
43 June’ 14
85
JO
82** M ar’ 15
82’ ** ’ 87*2
100 10058 iOv/A Aug ’ 15
98>* 10 1
74 M ar’ 15
74
74
120, 92*2 97*8
95*2 Sale 95*4
96
9434 Oct ’ 15
S02
95*2
93
93 Sale 92*4
88
93
87*4
84la 92*4
87*4 Sale 87*4
92
92 Sale 911*
87
92
IO I
108*8____ 108*8
10712 109*2
103 ____ 103*8
103*8
100*2 106
91 Sale 911*4
91
~*g 91 7g
~!J!J--------- TU Sep"*!1
1 nr
2
?
703*8
93*8
93 3
g
93*2 99
93*8 93*8
93 Apr ’ 13
86 Sep 1.5!___ ! 8 6 ’ '86”
------ 887a 42*f A u g ’ 1 5 ____ 42*2 42*2
997g
96 Sale 95*2
96 I 54, 92
70*8 Sale
6712 ____
98*2 99
------ 83*4
100*8____
____ 99
92*2____
80
82
74**-----73*2 82

84

D eJ n . AD eJ ly kD e A g 0D eOt. v D e N v 1D e Dc
u ue
u u,
u u.
u c
u o.
u e,

BONDS
H. Y . STOCK EXCHANGE
Week Ending Oct. 29.

[Voi„

New York Bond Record-Concluded—Page 4

1450
is

P r ic e
F rid a y
O c t. 29.
B id

W e e k 's
R a n g e or
L a st S a ’ e

A ik Low

Hig/i

l l

R ange
S in ce
Jan. 1

N o ) L ow

H ig h

BONDS
N. Y . STOCK EXCHANGE
Week Ending Oct. 29.

i f

P r ic e
F r id a y
O c t. 29.
B id

W e e k ’s
R ange or
L a st S a le

A sk L ow

H ig h

l lC
O Q
N o.

101.
/tariffs

Since
Jan. 1
H ig h

10234 23 97 102*4 Trenton G A El 1st g 5a___ 194‘J M- S 9 9 % ____ 101*2 Juno' 14
Wabash 1st gold 53-------------1939 M-N 102*2 Sale s02%
5.) 86
100 Sep '15 . . . . 971* 101
Union Elec Lt A P 1st g 59. . 1932 M- S ____ __
97
90
2d gold 53.........
1939 F - A 9534 Sale 95*4
89
00
Vl-N
Debenture Series 13......... .1939 J - J
00 10214
1 89% 89% Utica Elec Lt A P 1st g 5s._1950 J - J 10 2 *4 ____ 102*4 M ar’ If!
89%
1st lien equip 3 fd g 5a__ 1921 M- 8 90 ___ 89%
98
98
Utica Gas A Elec ref 59___ 1957 J - J ____ _____ 98 A u g ’ 15
05
1st lien 50-yr g term 4a__ 1954 J - J 65 ____ 05 Mar* 15 . . . . 05
10
22 Oct '15
12
31
Westchester Ltg gold as___ 195<* J - D 103%____ 103*8
103*1
1st ref and ext g 4s._ . . _ 1950 I - J
Miscall a nooiu
99*4
99*4 15 99*4 99*4
Cent Tr ctfs asst paid___
M • S 78% 80% 80
2 70
8014
80*4
Do asst part paid . _ .
120 Sale 120
132
40, 118 150
Cent Tr stpd etr.- asst paid
01 901* 93
92
J D 92 Salo 9134
Do asst part paid. __
88
87
87 Oct ’ 15 ___
84
106*4 Sale 92
106*4 1274 93*2 100*4 Bush Terminal 1st 4s.......... 1952 A - O 87
Eqult Tr ctfs asst paid_
_
85 July 15 —
841* 90
47 Sale 35
Consol 59. . ........................1955 J - J ____ 90
47*3 268 34
47%
Do asst part paid______
87
85 Oct ’ 15 —
83
1033,1 Halo 91%
104*4 526 91 104*4
Bldgs 5s guar tax ox______I960 A - O 83*2 85
Eqult Tr stpd ctfs asst paid
130*2 892 l l l 13012
45*4 Sale 33
45U 70 31*2 45U Chile C<)pper 10-year conv 7s 1923 M -N 130% Salo 129
Do asst part paid
51 98 111
106
GranbyConsMSAP com 6s A ’ 2s M -N 106% 100*2 105
10 1 ____ 100 Aug 15 ___ 99 100
Det < Oil Ext 1st g oa___ 1911
fe
131 97 190
51 • S 182*2 Salo 178
183
74
Des Moln Dlv 1st g 4s___ 1939
7 9 434 186
181%
01
70
5-year conv deb 6s ............1919 J - J 180*2 Salo 180*2
00*4 July’ 13 ___ 55
60*4
Om Dlv st g 3H3........... .1941
83
3014 83
72*4 Int Morcan Marine 4H s___ 1922 A O 83 Sale 82%
70 ____ 60% Jiily‘ 15 ___ 06
Tol A Ch Dlv 1st g 4s___ 1911
82% Sale 8 1
827g 555 331* 8278
1
3
4% 4*2 Oct '15
8*4
Wab Pitts i'crm 1st g 4s___ 1954
14 30
77
80
71%
77
2 Sale
% 9*2 tut Navigation 1st s f 5s___ 1929 F - A 75
1*2
2*2 106
Cent and Old Col Tr Co certs
9 88*4 921j
0
92
_
1*2 2 % 1*2
1*2
% 8*2 Montana Power 1st 59 A_ 1943 J - J 91% Sale 91*2
Columbia Tr Co certfs_____
....... 90
130
Col Tr ctfs for Cent Tr ctfs .
2d gold 4s........................... 1954 J -D
-----*s
10-20-yr 5s aeries 3____ _ 1932 I - J 9 3 % ____ 100 J’ iy ’ ll
% July'15
%
%
Trust Ce certfs
8
75
71*4
74%
Wash Terml 1st gu 3>$s____ 1945 F A 81*8 82*4 82*4 Oct ’ 15 ___ 80% 823.i N Y Dock 50-yr 1st g 4s___ 1951 F - A 72*4 75
101
91*2 91% Nlag Falls Pow 1st a s.. . _ .. 1932 J - J 10 1 ____ 100 Sep '15 . . . 1
1st 40-yr guar 4s ........... 1945 F - A 91i2 ____ 91*0 Aug ’ 15 ___
21 54
72 Sale 71*2
72
Ref A gen 0 s .................. a 1932 A - O 104*4____
72%
West Maryland 1st g 4s___ 1952 A
S
West N Y A Pa 1st g 5s......... 1937 J - J 10 2*4 ____ 102 Oct ’ 15 ___ 1<W 102*2 Nias Lock A O Pow 1st 5s._ 1951 M N 91*2____ 9*) Oct ’ 15 . . . . 801* 01%
95% 92% Oct ’ 15 . . . . 9234 955a
F
761.1____ 76*4
77
Gen gold 4s......................... 1943
0 74% 78% Ontario Power N F 1st 5s . 1913 M - A 92
80 '8 90
-N
8912 90% 86 *s Mas ’ 1 i
20 ___
17*8 May' 15 ___
17*8 17*8 Ontario Transmission 5s___ 191'
Income 5s.........................<11913 Nov
4 90 100
88*4 22 SOU 89 U
96
Pub Serv Corp \r J gen 5s__ 1959 V - O 88*2 Sale 88 *s
Wheeling A L E 1st g 5s___ 1920 A - O 96 ____ 96
43 |
137
f - J 133 Salo 120
133
Wheel Dlv 1st gohl 5s___ 1923 J - J 92*2____
88
92*4 Fob *»
J ifir r n A S F Power lat, 5s
191'* F A
92
92
Extcn A Impt gold 5s___ 193:) ic . a 9J*2____ 92 Apr ’ 15
22 49
12 2 %
5 1
122 ' 1227s
09 . 01%
03
053* Tennessee Cop 1st conv Os.. 1925 M -N 122 Sale 122
HR 1st consol Is_________ 1919 M- S 07
. . . 103*2 Jan l *
j 90 Apr 1 ll —
’.Wish Water Pow 1st as___ 1939 1 J
20-ycar equip s f 5s........... 192; J - J - - - - Winston-Salem 8 1 1st 4s. _. 1900 J ■ J 82 _____ 82 Oct ’ la ___ 82 ^8 4 ■ "TWnufact .ring & Industrial
1
3 31 >'8 7
10 2 %
1|
A - O 102*8 Salo 102
84U
Wls Cent 50-yr 1st gen 4 s ... 1949 J - .1 84*4 Sale 84*4
22
95%
95%
87
9C5s
82% Oct ’ 15 ___ s*% 85%
Conv deben 5s__________1921 F - A 9o% 90
0UD A Dill dlv A term 1st 4s *30 M -N —
997s 1001j
Am Cot Oil ext 4H s_____ pl9t5 Q • F 100 100*8 100 Oct ’ 15
Stroat Railway
1 10*1*8 103%
95*8 Sale 93%
95*8 52
102*4 102*2 102*2
102*2
Debenture 5s.................... 1931 M -N
siroofclyn Rapid Tran g 5a..1945
103*4
0
80 Aug 16 ___
____ 82
79*4 85*2 Am Hide A r, 1st s f g 0s ___ 19 V M - 8 103*4 Halo 103*4
lit refund coav gold la . .2002
85 Sale 8:ii2
4i
89%
85
I00*s Salo 10 )
100% oe 98% 101
Amor Ice Secur deb g 0s .... 1925 A -O
3-year secured notes 5s.. . 1918
17. |
109*4
100*2____ 100*2 Oct ’ 15 —
100*4 102
Ara -melt Securities s f 0 s.. 1926 F - A 107*2 Sale 107%
Bk City 1st con 5 s.. 1910-1041
J .1
90*2
90%
____ 95
931* 96*4
8k Q Co A 3 con gu g 5S..1941
12U8
101 May’ 13 ___
Am Tobacco 40-year g 0a. . . 19 M A - O 119% ____ 119*2 Oct ’ 15 ------1
Bfclyn Q Co A 8 1st 5s___ 19 41
121% May* J i . . . .
.
10 98*4 10 1%
100 Sale 99*4
100
Registered......................... 1944 A - O
Bklyn Un El 1st g 4-53...195I)
Oi
05
91 Oct ’ 15
■ 91
98*8
____ 100
U!)ljOct '15 —
Gold Is ........................... 1951 F - A
ns 100*2
Stamped guar 4-5a........ 1950
80
81*2 80 Sep ’ 15 —
83%
79
Registered------------- .1951 F - A . . . . . . . . 98 June' I ----ll
Kings County El l9t g 4s. 1949
7 5 Us 70
61
80
843.1 80*4 Oct *15 - - - - 79
82*2 Am Writ Paper 1st s f as___ 1919 J - J 04 Sale 02
Stamped guar 4s___ __ 1949
9 73
103 107 103 May’ ir»
103
70
78
70
77
78
M-N
Nassau Eloc guar gold 43.1951
JJ1
102% 40 !
103
95*8 Sale 94*4
95*3 14 92*4 97*8
J - J 10 2 % Sale 102
Chicago Rya 1st 5a________ 1927
a
100*2 100
t02*s
95*8 97 ll)l*« JllDU'12 ____
M-N 101) > Hall- 100*8
Conn Ry A L 1st A ref g 4 s 1951
00 1
101
95 ____ 90*4 June' 14
1013s
Cent Loath 20-year ? 5s._ 1925 A - O 100% Salo 100%
Stamped guar 4Ha........ .1951
5 65*4 79
97-U o;«i
74*4 74*2 71
71 h
Consol Tobacco g 4s______ 1951 F - A ------ 98% 97% Jan *10
Dot United 1st cons g 4H 1- -193
9 0% ____ miss Oct '15
97*4
M-N
............... 81 Jan ’ 14 —
Ft Smith Lt A Tr 1st « 5a.. .1930
95
961
4
100 ____ lDO June* 14 . . . .
1st 25 year s f is ............ 1034 51 - N 95*.i 96*4 91*4
Grand Rapids R7 1st g 63. ..1910
1
Ml
A - O 100*4 Sale 100*4
50
____ 90
92 Apr ’ 14 ___
10138
Havana Elec consol g 5s___ 1952
71%
7 70
75
74
75
75
70
79% Distil See Cor conv 1st g 5s. _ 1927 A - Q 71 Sale 71
H'.td A Mnnhat 5s Ser A___ 1957
4411
220 24*2 29% E 1 do Pont Powder 4H s__ 1930 J -D 101*2 Sale 1 0 1 %
102*2
2:>
28*8 Salo 27%
10158
Adjust Income 5s............... 1957
- -... 1
Genera! Baking 1st 25-yr 0s 1930 J -D - - - - 90lj 87*2 J*»iy‘ * ‘ . . . .
N Y A Jersey 1st 5a______ 1932
79
78 Oct ’ 15
74 ’ 79*
70*a Sale 75*3
70*4 219 73* i 79*2 Gen Electric deb g 3 H s .. . ..1912 F - A 78
loterboro-Metrop coll 4 Ha. 1955
104% 35, i
105
97 dale .90*8
97% 120 ; 96*4 94%
Debenture 5s___________ 1952 M- S 101*2 Sale 104
laterboro Rap Tran 1st 5s -1900
88% 79,!
88*4
89*2 90
Til Steel dob 4 H s .. ............ 1910 A - O 88li Salo 87%
89*2
89*2
91
« 82
Manhat Ry (N Y) cons g 4a. 1990
10 2 *
,s 50
81 85
102*8
893.1 91
90
90
91*4 Indiana Steel 1st 5s............. 1952 M-N 102 Salo 1 0 1%
Btamped tax-exempt........ 1990
100 Oct 13
Ingersoll-Rand 1st i s ........ 01935 J - J
Metropolitan Street Ry
I 9954 ion*
10 1%
97*2 101
Int Paper Co fat eon g 0 s.. .1918 F - A 101*2 Sale 101*2
98*4 103*4 97*4 Sep ’ 15
Bway A 7th Av 1st 0 g 5s. 1943
8 94
80
99
99
99*2 99
99
Consol eonv s f g 5s_____ 1935 ) - J 80 Salo 80
17, 78*4 82
Col A9th Av 1st gu g 5 s..1993
0 98*2 99*8 Int St Pump 1st s f 5s___ . 1929 M 5 82
(is
02% Oct ’ 15
99*8 9934 983s
051*
38
99*8
Lot Av A P F let gu g 5S.1993
Bill 64
01 Oct To
52
80 M a i l ) . . . .
00
Certfs of deposit........ ......... ..
Mot W 8 El (Ohio) 1st g is . 1933
9578
95*2 33 89
101 > Aug *15 . . . . 101*8 101*8 Lackaw Steel 1st g 5s_____ 1923 A O 95*2 Salo 93*4
8
Mllvv Elec Ry A Lt cons g 5a 1920
92 Sale 91
02% Fen *5 —
94*2 475! 65
97
------ 91
92% 93%
1st conis Series A . . . . . . I960 M- 8
Refunding A oxesn 4Ha .1931
33 21*i 1211*
—
122 12 2 12 122
122
99U 100*2 102 N o v ’ 12
Liggett A Myers Tobac 7 s.. 194 l A - O
Mlnneap St 1st cons g 5 i___ 1919
17 99'* 102*1
lol *2
5s ....................................1951 F - A 101's Salo 100%
Montreal Tramways 1st A ref
123*2 30 1!) 124
89
91*2 90 Oct '15 —
86
94U Lori Hard Co (P) 7s.............. 1944 A O 123 Salo 122
30-year 5s Sor A ............... 1941
. . . . 78
78 Feb *15 —
F A 100i2 Salo 100% 10 0 % 29 95% 102
78
78
New Orl Ry A Lt gen 4 Hs . 1935
72 68
3 95'* n o
70 Sale 69%
70
A - O 107'a 100's 107*2
107%
73*4
W Y Rys 1st R E A rot 4s . 1942
51*4 Sale 48*4
55%
51*4 429 47
1st lien A ref 0sseries C . . . 1921 A - O 105 10712 105 Oct To ----- 1 95 110
30-year ailj Inc 6s_______ «1 9 12
5 92
96 ____ 95*2
93
80 Apr 16 —
96
80
83
84
80
Nat Enam A Stpg 1st 5s___ 1929 J -D
N Y State Rys 1st eons 4 Hs. 190:
1 95
85
0 1 ------ 95
95
J - J 8.1* 2 ____ 83 June 15 ----- 1 83
09%
Portland Ry 1st A ref 5s._ . 1930
19 95 1001*
100*2
___ 80
80 Sep ’ la . . . . 80
National Tube 1st 5s______ 1952 M -N looi2 salo 100
80
Portld Ry Lt A P 1st ref 5s. 19 42
10 2 % 12 00 103
____1U
0*4 100 May* 15
100 100
N Y Afr Brako^lst conv 6s _ 1928 M -N 102% 109% 102
Portland Gen Elec 1st 5s. 1935
3t Jos Ry, L. H A P 1st g 5s. 1937
i 95U U
03*2
100 Sep ’ 15 ___ 100 100
J - J 98*2 Salo 0812
S»4
9t Paul City Cab cons g 5s. _ 1937
93 Oct To
90
93
84 Sale 82%
84*3 ■a 78
8 H3
Interocean P 1st s f 5s ...1931 A - O 90*8 94
Third Ave 1st ref 4s________ 1960
9 4*4 Salo 91%
91*2 51! • O 9534
J **
79*2 81 75
79*4 Sale 79
82
Repub 1 A S 10-30-yr 5s s f . _ 1940 A - O
Adj Inc 5s........ ................nl900
91*4 Salo 94
9 88** 95
94*4
106*2 107 104% Oct ’ la . . . . 104% 107
Standard Milling 1st 5s........ 1930 M- N
Third Ave Ry 1st g 5s........... 1937
M4's 179, 97*2 1047*
90% Salo 90*4
96%
Trl-CIty Ry A Lt 1st s f 5s__1923
< 94% 97*4 The Texas Co conv deb 0s.. 1931 J - J 104% Salo 103
*
70 ____
___
75
80
i 94
Undcrgr of London 4 Hs___ 1933
91% Jan ’ 13
Income Os______________ 19 4s
63*4
70
--------- . . . 84 Oct ’08
U S RealtyA I conv deb g 5s 1924 J - J 08% 09* j 67%
7 05
Union EIov (Chic) 1st g 5 s .. 1949
——
20 Oct To
30
1 — — 20
20
75
U d Red A Refg 1st g 0s___ 1931 J
05
1 ................. 74 Oct ’ la
United Rys Inv 5s Pitts lss.1920
28 101*8 103*8
103
01 Sep ’ la
------ 05
00
03*2 US Rubber 10-yrcol! tr0 s .. 1918 .) - D 102% 103 103
United Rys St L 1st g 4 s ___ 1931
103% 4)0 99 104
____ 00
59*8 Mar* 15 . . . . 59% 59% US Steel Corp— /coup .. ..*71903 M-N 103*4 Salo S 103
St Louis Transit gu 5 s ... 1924
103% 22 99*i 1031*
45 Salo 45
40*2 42 40
55%
8 r 10-00-yr 5s\reg____ <71963 M-N ------ . . . . 103
United RRs San Fr s r 4 s...1927
09 89
98 Salo 96*2
1 82
98
98
80 Sate 80
80
J D
89*2
7a Ry A How 1st A ref 5s
1934
102*2 280 961* 10212
A - O 102*4 Sulu 99*2
Ga* and Electric Llyfct
30, 100*4 102
M2
1 0 1 % ------ 103 Sop ’ 15 —
103 103
J - J 101*2 Salo LOL'a
Atlanta G L Co 1st g 5 s.. ..1947
105*2
105*4
103 104*2 Westlnghouse E A M a fas. _ 1931 J - J 105*8 105% 106*4
103*4------ 103% Oct ’ 13 —
Bklyn Un Gas 1st cons g 5s. 1945
- - - - _ — . 105*8 Sep T5 ----- 1 103*4 105*8
1 ................. 51 June* 13
Buffalo City Gas 1st g 5s___ 19 r
115 Sale 111* 2
1-19*2 175 1093* 149*2
97
97
................. 97 Feb *15 —
Columbus Gas 1st gold 5a. . . 1932
5 98*4 ll)l>s
11934 103 109% 120%
10 1
119*4 Sale 118
10-year coil tr notes 5s___ 1917 A -O 101 Salo 101
Consol Q;i3 conv deb O
s
1920
1 100 1 0 ) 10 1 Aug ’ la —
99% 101
Coal Ci Iron
Detroit City Gus gold 5s____1923
92 J’ly T4
J O
Detroit Gaa Co cons 1st g 5s. 1918
9J
4 101*4 103
85 Oct T5 ----- 1
M- S 85
102*4 102*2 102*4
102*2
Detroit Edison 1st coll tr 5s. 1933
ll
95
95
100>i 1 M 12 100% May’ 15 —
100*2 100*2 Col F A 1 Co gon s f g 5s___ 1943 F - A
Eq Q L N Y 1st cons g 5s__ 1932
77
771j 77
30
78
Gas A Elec Morg Co c g 5s. 19 49
Hudson Co Gas 1st g 5s___ 1949
83*4 Apr T5 ___ 88*4 881*
92 Mar* 14 ___
) ...91
Cons Coal of Mrl IstAref 5a. 1950 J - B ------ 90
Kan City (Mo) Gas 1st g os. 1922
99% Feb ’ ll —
1 102*4 104*4 Continental Coal 1st g 5s__ 1952 F - A ____ . . . .
104
103 104 101
Kings Co El L A P g 5s........ 1937
1 113 115
....... 9 4 102% Apr ’00 . . . .
*4
114 Sale 114
114
Or Rlv Coal A C 1st g 6 s .. H 1919 A - (
Purchase money 6s........... 1997
90
90
3 124 . . . 122% Deo ' 12 —
Kan A 11 C A C 1st s f g 5s. 1951 j - j ____ . . . . 90 July’ 15 —
Convertible deb Os............ 192
85*4 July’ 15 . . . . 85*4 88
10 115 124
124
i 121*2 125 124
Pocah Con Collier 1st s f 5s. 1957 .1 - J 80% 89
Convertible deb Os......... .. 192
82 Apr *15 . . . . 70
82
St L Rock Mt A P 1st 5s___ 1055 1 - J 82
8O ____ 80*4 Oct ’ 15 —
I4
86*4 88
Ed El 1 1 Bku 1st con g 4s. 1939
1
------ . - 79*2 Aug 115 —
75
821*
■ 100*4 101 101 Oct ’ 15 —
100*4 101*2
Trust Co ctfs of d ep o sit..___
Lao Gaa I. of St L 1st g 5s. . e 1919
) 100 ------ 99 *4 Oct *15 . . . . 97 10 1
Term Coal gen as__________1951 r • j 10 1 101*2 101 Oct '15 . . . . 100 101*2
Ref and ext 1st g 5s_____ 1934
.|
91*4
«
90
91
91*2 9 1 Oct '15
Birin Dlv 1st consol 0s__ 1917 j - . 101*2 1 0 1 * 101% Oct ’ l.» -.--J 997 101*4
Milwaukee Gas L 1st i s ____ 1927
2 : IOOU'IOITb
10 L
5!
Tenn Dlv 1st g 0s_____ a 1911 A C 10 1% 102 10 1%
> 103*8------ 103*8 Aug T5 . . . . 103 103%
Newark Con Gas g 5 s .. . . . 1948
101 Dec 14 —
3 103 Sale 102%
103*8 20 101*8 103*2
Cali (2 M Co 1st gu Os___ 1922 J - u ____100
N Y G K L H 4 P g os ............1943
. . . . 75
73 Apr T l .. - - 1
12 SO 85% Ylctor Fuel 1st s f 5s---------- 195' J - .
83%
83*4 Sale 82%
Purchase money g 4s. . . . . 19 49
1 100U 107*2 Va Iron CoalACoko 1st g 5s. 194! 1 I - - 88 Salo 80*2
88
82
88
Y
» 107 ------ 107
107
Ed El 1 1 1st cons g 5s___ 1995
1
99 Oct ’ 15
Teloqraph & Yolophon
99 10 1
N YAQ El L A P 1st con g 5s. 1930
99*2 101
90*. 180 86*2 90*4
1
r - . ..
92% J’ly *01 ___
Am Telep & Tel coll tr 4s— 192' J - J 90*4 Salo S39%
N Y A Rich Gas 1st g 5 s
1P-'
99
97%
97*;
Convertible Is.................. 193i M & 97
91% 9812
Pacific G A El Co C;».« r
,1
35 91
V
101 200 93 10434
95*.
g 95% ------ 95
95*4
20-yr convertible 4 Hs___ 193: ■ I- 8 103% Salo 103%
Corp unifying A ref 5S.! . . 1937
*a
Cent Dlst Tol 1st 30-yr 5s.. 19 4 i n 100 100*2 99% May’ 15 ___ j 98% 9U
:
Pac Pqw A r » • c A ref 20-yr
88*4 June'14 . . . .
88*2 m
Commercial Cable 1st g 4s. .2397 Q
\
................. 91 Feb *l.r
5s fntcri;ftft',>irle3............... 1930
79 Apr T
1 99*2 99*4
99*2
Rcgl stored ............ ....... 2397 Q - ■
.Pat.. Jiiasalc G A El 5g___ 19 49
3 99*2____ 99%
95
971*
97*;
5 114 ____ 114 Sop ’ 16
97*4 07% 97*2
110 115
Climb T A T 1st A gen 5s — 1937 J Peop Gaa A C 1st cons g Os.. 19 43
. . . . ____ 89*« Dec T
99% 101% Keystone Telephone 1st 53.. I93.r I •
5 100*4 101 100*4 Oct ’ 15
Refunding gold 5s. .......... 19 47
_
_
1
Metropol Tel A Tel 1st 3 f 5s 19is r % 101*8 1011* 101 Oct 'H ----- 1 100 101*8
5 ................. 99 Sop ’ i:
Registered...... ...............1947
99*.
97*4 98*2
99*4 100* 99*2
Ch G-L A Oke 1st gu g 5*. 1937
1 99% 101% N Y A N J Telephone 5a g . _ 1921 M N 100*2 . . . 101*2 luueTc . . |101*2 tun*
3 101 101*2 101%
101*2
Con G Co of Chi 1st gu g 5s 1936
109 91
96% Sale s90*4
97%
97
S Y Telep 1st A gen s f 4 Hs. 193! M t
lud Nut Gas A Oil 30-yr 5s 1936
g
. ............. 93 M ar’ ll - - . _
98*
94*4 081*
98*2 Salo s u%
Pae Tel A Tel 1st .5s_______ 1937 1 - .
99*2 100
Mu Fuel Gaa 1st gu g 5S-.19 47
4 99*2 103% 99*4 Sep ’ 15
97*,
98
41 90*4 99
97*t 98
South Hell Tel A T 1st s f as. 191 J 95 S96
Phlladelpula Co conv os____ 1919
A
95*2____ 95 Oct ’ la
1 95
99*4 99* 99 %
99*
99%
Coav dob^a gold 5s........... 1922
5 3S% 93%
93
91
93*2
931
3 9)
91
Fd and real est g 4 Hs___ 1950 M 7
92*4
92*
Stand Gas A El o u v s f 6a.-1920
3 88*1 95
----- 1
M >
Syracuse Lighting 1st g 5s..1951
90*2 90*2
90% Mar’ l
J 80 " ____ 85*2 June'IV
Northwest Tel gu 4 Ha g - . 193- J 0 yracus? Light A Power 5a. .1954
1 No price Friday: latest Did and asked. a Due Jan. d Due April. e Duo M ay




y Due June. A D u eJ u ly. * Due Aug. 0 One O ct.

o Due N o v . / Duo Deo. nO ptlon sale

y

Oor.

30

1915.] BOSTON STOCK EXCHANGE— Stock Record

S H A R K P R IC E S — N O T P E R C E N T U M
S a tu r d a y
O c t. 23

M onday
O ct. 25

1
|

T u esd a y
O ct. 20

W ed n esd a y
O ct. 27

P R IC E S .
T h u rsd a y
O ct. 28.

F r id a y
O ct. 29.

107l2 *106*2 107 *107 107*4 108 108
L a st Sale 101 Sept’ 15
101 *10 1 101*2
___ ___
ISO 180
180 180 *178 180
85*2 ___ ___
84
85*2 85*4 85
85
___ ___
135 13.8*2 *136*2 140
133
34
32*4 33*2 33
31
33*4 34" *33
230 230 ★ _____ 235
230
230 *
L a st Sale 10
Mar’ 15
8
8 *
___
*40
40
40
L a st S ale 8*4 Sept’ 15
9
”9 *
"
46
48
40
*46
48
*46
48
*46
• 157*4
L a st Sale 160 Sept’ 15
157*4 *
10 i 10 4 ___ ___
I63' 103 *103 10 1
L a st S ale 160 Oct’ 1.5
*101 165 *160 165
___ ___
*09*4 71
*70
7H2 70*2 71
*117*8 ___ ___ ___
119 119 *117*8
___ ___
87
*8512 8OI2 *85*2 86*2 87
100 100
100 100
*99 100
*99 100
7*2 ___ ___
8 * 8
*7
8
41*8 41*8 40*8 40 >
43
40
*40
43
82*2 80*4 82*4 82*4 83*4
81
83
81
L a st Sale 93*2 Oct’ 15
95
*91
95
*91
___ ___
148 148
148 148
150 150
___ ___
*23
25
25
*23
25
25
*135 135*2 *135*4 135*4 137*4 137*4
*135l8
817
s
L a st Sale 115 Oct’ 15
125 *114 115 *113 115
64
64
03
04
04
*63
64
61*2 01
*82
84
83
83
83
83
84
83*2 *83

*106*2 107 *106*4 107
* 100*2 101 *100 100*2
180 183
*180 183
84
81
84
84
*133 ___
*133
32
33*2
32
32
♦__
*
231
230
8
♦
8 *
40
40
40
40
*
9
9 *
48
*45*2 47*2 *46
#
157*4
157*4 * __
103
103 104 *
*160 165 *161 165
70
71*2 71*2 70
*117*8 ___
*117*8
*85*2 86*2 *85*2 86*2
*99 100
*99 100
7
7
*7
8*4
*42
44
44
*42
81*2 S0*2 82*s
81
*91
95
95
*90
*147 150 *147 150
*23
25
25
*23
135 135
*135*2 136
*113*2 115
65
*64
84
*83
717
8
98
2*4
15*8
* 111*2
115
124*4
56*4
97*4
*63
*98
24
38
9*4
239
176*4
*97*2
88*4
*87
*182
*10
*41

*113
61
83

72
72*2 7278
99
98*2 98
3
3*4 4*2
17
19*2
17
112*2 112*2 112*2
115*4 115 115*2
124*4 124*8 124*4
56*4 55*3 57
977S
97
98
61
61
65
*99 100
100
25*4 24*4 26
8 -8
39*8 3 -1 40
9
9*8
9*8
238 210
210
176*4 179 180*2
98
98
98
88
88*4
89
87
87*2 87
185 *182 185
....

*50
60
*134*4 135
170 170
*147S 1«
119 119
34<2 34*2
*29
30
*1
l*
2
134 134*2
49's 49-l.t
2812 29
86*8 87
115*4 116
11U 11*8

*10
*41

___
—

60
*50
134*4 135
103 109
15
1514
118'j 119
*341j 35
29
29
*1
1*2
134 134*2
49
49'2
28'j 28*4
85 > 80*4
4
115*8 115*8
11'a 12

2

71*4
9S*2
2*4
17
111*2
115*4
12 1
525
s
96*4
97
*62*4
64
04
99*2
*99 100
21*4
24
25'
36*2
391
38
*9
9
9
238
239 239
177
180
97*2
97I2
88*4
88*4
87
86*8
*182
'182
71*4
98
3
17
11214
115
124

*10
*41

*50
132
160*2
1
.5
113*4
34*2
29
1*8
133*2
49
23*4
81*2
115
11%

L a st
L a st
L a st
L a st

*10
*41

50
133l2
'100
*15

72
*71
97*2 98
2*8 3
16
16
110*4 112
115 115*2
124 12 4:>
8
53
54*2
97
97*4
*62*2 64
*99*2 ___
100
24
21*4 23
36*2 3S7
s
38
9*8
9*8 *9
239
238 238
170 177
180
97*2 97*2 9712
89
89*8 89
87
87
87
L a s t Sale
185
72
9-3*2
3
17
112
1 15*2
124*2
54*4
97*4

118*4

341
2
29
*1
13312
49
28*4
85*4

115
11*4

00
133
166*2
15
119
34*4
29
1*8
131
49*.t
28*4
86
115
1178

*50
131
16 4
*1.5
118*4
3 1*4
*28
*i
132
49
28*2
83
115
11*2

Sale
Sale
Sale
Sale

60
132*2
165
15*.,
119
35
29
1*2
133*2
49*2
2.3*4
85*8
115*2
11*4

STOCKS
BOSTON STOCK
EXCHANGE

"

dp

1451

.,.

R a n g e S in c e J a n .

1.

R a n g e f o r P r e v io u s
Y e a r 1914.

H ig h e s t .

Railroads
Atcli Topeka & Santa F e.,100
Do pref______________100
177 Boston & Albany________ 100
377 Boston Elevated_________ 100
Boston & Lowell_________ 100
411 Boston & M aine_________ 10)
2 Boston & Providence____ 100
Boston Suburban Elee Cos_
_
Do pref________________
Boston & Wore Electric C os-.
Do pref________________
Chic June Ry & U S Y ...1 0 0
48 Do pref
Connecticut River_______ 100
49 Fitchburg pref___________ 100
3 Georgia Ry & Elec stampdlOO
20 Do pref______________100
30 Maine Central___________ 100
60 Mass Electric Cos________ 100
36 Do pref stamped____ 100
2,143 N Y N II * Hartford........ 100
Northern New Hampshire. 100
62 Old Colony_____________ 100
50 Rutland, pref___________ 100
111 Union Pacific____________ 100
pref........................100
21 Do
Vermont A Massachusetts. 100
West End Street__________ 50
Do
pref.........................50

92*4 Feb 23
97 Jan 15
170 Mar 5
73 JunelO
109 Feb 26
20 Feb 13
225 Jan 5
10 Mar23
40 Sep 21
S*4 Sep 13
39 Jan 20
157 Feb 13
101*2 July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
478 June 7
33 July 21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl7
llfii2 Jan 4
79*4 M a rll
105 Feb 9
61 May 15
80 July 1

Miscellaneous
48 Jan
401 Amer Agricul Chemical__ 100
71
pref_____________ 100 8712 Mar25
559 Do
9. *4
8
1*4 M arl7
14,178 Amer Pneumatic Service.. 50
3
Do
pref______________ 50 14i2Oct 14
2,037
17
112
376 AmerSugar Refining..........100 100 Feb 24
pref_____________ 100 109 Feb
251 Do
115*4
124*8 3,191 AmerTelep A Teleg...........100 110 Jan 4
55
1,543 American Woolen________ 100 16*2 Apr 6
pref_____________ 100 77 Feb
1,217 Do
97*4
59is Jan 20
04
146 Amoskeag Manufacturing___
971s May25
50 Do pref
4 Feb 24
23
24*2 12,494 Atl Gulf & W I S S Lines. 100
9*8 Marl2
Do pref______________ 100
38*2 39*4 9.083
8*4 July27
250 East Boston Land_______ 10
314 Edison Electric Ilium____ 100 230 MaylO
238 238
240 General Electric_________ 100 13 SI4 Feb 20
178*2 178*4
103 McElwain (W II) 1st pref. 100 96>2 Aug 25
78 Apr 8
192 Massachusetts Gas Cos__ 100
88*4 88*4
115 Do pref______________ 100 85 May24
Mergcntha'.er Linotype__ 100 154 Feb
185 Oct’ 1
.5
14 Apr 20
Mexican Telephone______10
2
Sept’ 15
Mississippi River P ow er..100 10 June 4
10 June’ 15
Do pref______________ 100 35 Feb 23
40 July’ 15
20 Apr 15
New Eng Cotton Yarn___ 100
20 Apr’ 1
.5
20 Do prof______________ 100 25 July 1
775 New England Telephone.. 100 Z127U JunelO
130 132
70 Pullman Company______100 150 Feb 24
105 105
___
35 Reece Button-Hole________ 10 15 Sep 27
323 Swift A Co....................... ..100 101*4 Jan 4
118*4 119
35*4
35
441 Torrlngton_______________ 25 23 Mar 8
2378 287
8
80 Do p r e f.....................
25 26 Mar25
___ ___
.95 Jan 18
100 Union Copper L & M ____ 25
132*2 133
1,875 United F ru it.......... ........... 10) 110 Feb 25
49
49*t 2,003 United Shoe Mach C orp .. 25 48 Aug 17
767 Do p r e f.......................... 25 28 Mar27
28*4 28*.|
38 Feb
85*4 87*4 18,563 U S Steel Corporation___ 100
103 Do pref.......................... 100 102>4 Jan 27
11 Aug 20
11*2 12*8 9,757 Ventura Consol Oil Fields. 5
71
98
278
16
111*2
115*8
124*4
54*2
97*2
04

*n2
1*4 2
1*4 1*4
*11* 2
1*4 1*4
a
96
*95
96
96
90
96*4
*91'2 07
*9512 03
33
33*4 3178 33*4 31*4 3234
32*4 32*2
32*s 33
2'8
2
1 0
54*2 55
54
55*2
55
55
55
*53
54
54*4 54
54
69*2 07*4 09*4 00*8 68*2 07*4 6978
69*4 07
05U 67*8 67
77S 8*8
8
77g 8*4
8*2
8
8
773
7*4 7*8
77$
3*8 3*8 *3
3*4 3*4
3*2
3*4 *3
*314
3*4
3*4 3*4
66
61*8 06
03*2 05*2 6 l*t 67*4
6478 02*4 64*8 64
0312
64
65
6478 64*8 65*2
63*4 61*2 61
61
63
*031? 64
541 545
510 545
540 550
540 540
543 550
510 544
*17
18
IS
*17
IS
52*2
51i2 51
51*4 50
40
49*8 49*2 50*8 49*2 51*4 50
SOU 55*4 55*2 57*4 56*4 57*2 56*2 57*2 57*4 58 ,
55
2*2 2*? *2*2 2*4 *2*2 2*4
2*2 2*8
2*2 21?
2*2 2*4
127S 13*8 1278 13*8
13
13*8 13*8 13*2
12*2 12*2 12*2 13
9
9
878 9
9*4
9
9
9
9*2
*9
8*4 9
83*. 82*4 85*2 84
85*4 84*2 85*2 85
86*4
83
83*4 83
3!)
39
37*4 3!) *4 38
3,8*2 40*2 39
39*2
39*4 37
39
17
17
17
*17
16*4 17
*17
17*2
*16
18
*16*2 17
27
27
27
27
2.8
20*2
28
28
28
*26*2
*26*2 27
5
5
*5
512
5*2
*5
5*2
5*4 * 5
512
6
*5
44
43*2 43*2 44
43*2 44
♦4:1*2 44
*43*2 45
87
87
87
87
88
88
88
86
87
*86
86
86
29*2 28*8 29*4 29
29*4
28
28*4 28*4 29*2 28
*28*4 29
3*2 3*2
3*8 3*8
3*8 3*8
3*8 3*8 *3*2 3*8
*312 3*8
*278 3*4
,1 *2*4 3*8
2*4 2*4 *2*4 3*8 *27S 3
2^4 23
137S 13*2 14
13*4 13*2 13*4 1378
13*2 13
13*2 13*2 13
*5
*5*2 6
5»s *5*4 6
5*8 6
5"
2
2*8 *2
2*4
2*4
2*4 *2
*2
*2
2*i
2*4 *2
11*2 11
11*2 11
lUs
11
10*4 1 1
10*4 11*4 11
10*4
434 4*4
4*8 4*8 *4*8 4*8
4*4 4*2
*4*8 4*4 *4
35*4
34
33*4 34*2 35*8 34>.| 34*8 35
34*s 34*s 31*8 34
2*4 2*2 *2*4 2*2
2*2 2*2
*2*4 2U
2*8 2*8
2*4 2*4
80
81*4 79*4 81*4 80*4 81*4
81
79
78*2 78*2 78*2 79
15*4 15*4
15
14*2 14*2 14*2 15
15*4 15*4 15*2 15*2 15
10*4 10*4 10
10*2 10*8 11*4
11
10*4 10*8 10*2 10*2 10
*9*2 10
9
*9*2 97g
919*8 11
9*8 9*8
9*2 10
4
0*4 6*4 *0*8 7
6*4 05
078 7
6*4 67«
6*4 7
30
30*| 30*8 30*8 30*4 32*2
29*4 297., 29*2 31
*29*2 30
1*4
1*4
1*2 1*8
*1*2
1*2 1*2
1*4 1*4
1*4 1*4 *1*2
*158
*112 2
*3*2 . 7.8
'3 % 3*4
*3*2 4
3
3*2 3*4 *3*2 4
3*4 3*4
54
54
54
54
51
55
53*2 53*2 *53
53*2 54
54
85
82
85*2 83
84*2 85
83
♦81*2 82*2 82
82*-. 85
16
16*2 10
10*2
16*2 16*4 16*4 10*4 16*2 17
10*2 17
*82
84
82
82*2 *82*2 84
81
81
84
82*2 83
84
25*2 25*4 26
8 25*8 26
25*8 25*4 25
25*8 26
25*2 257
56
50*2
55
55*4 5514 55*4 56
56
50*4 50
50*4 *56
4*2 47
8
4*8 4*2
4*2 5
4*8 4*4
4*4 4*8’
4*4 4*4
7
7*8 7*4
7*4
7
7*8 7*?
7*4 7*2 *7*4 7*4
7*4
28
27
28*4 28*4 28*4 30
29*4 30*2 28*.» 30
*20*4 27
5*2 6
5*2 5*2
6
5*2 5*2
0
6
5*2 5*4
27
26*4 27*2 26*2 27*4 27*2 28
27
27*4
26*4 27*4 27
2*4 2'8
2*4 278
2*4 2*4
2*8 2*4
2*4 2*4
2*4 2*4
54
5U, 53
51
51*2 51*2
51
52*2 52*2 52
52*2 53
8*2 9*2
8*2 8*4
9*2 12
8*2 9
8*2 9*4
8*4 10
.43 .43
.40 .42
.40 .42
.38 .40
.40 .43
.42 .42
42
43*4 42.7, 43*.| 42*4 42*4 42*2 43*2
43
43*s 42*s 43
47*2 47
47*2 47
47*2
47*2 47
47*2 47
47*2 47*2 47
27
8 3
2% 3
278 2 %
278 2-8
27
8 3
27S 3
12*4 12*4 12*8 12 .4
12*4
1
12*8 12*4 12*4 12*2 12*8 12*4 12
8
70
70*8 697 70*8; (>97S 71*8 70’s 71*4 70*8 71*4 71*8 71-8
*2*2 3
*2*8 3
*2*8 3
*2*8 3
2*2 2*2 *2*8 3
3
3*4
3
*3
*27g 3*4 *3*4 3*4 *3
3*4
3
3
59*2 59
59*4 58*8 59
59
58
59*2
58
58
58
58
*11,
L a st Sale 1*4
Oct’ 15
*11o
*11.,
1*.
1*4 *1*2
1*4
• Bid amd asked price a Ex-dlvIdend and rights, b Ex-stock dividend.




S a les
o f the
W ee k
S h a res

s . . bn
0.

103 Oct 11
101 Sep 30
198 Jan 12
96 Jan 5
138i2 Oct 27
37l2 Oct 11
240 June26
10 Mar24
50 Mar23
9 Sep 1
47 Julyl5
100 Sep 9
110 Apr 21
165 Jan 12
75 Jan 5
120 Fob 6
88 Mar 3
109 Oct 21
10 Sep 24
56 Jan 6
87*4 Oct 11
98 Apr 29
157 Apr 9
25 Oct 11
137'i Oct 29
817S Oct 26
125 Apr 20
72*2 Jan 25
9313 Feb 4

L o w e s t.

H ig h e s t

8SI4 N ov 100 July
101*8 Feb
97*8 Jan
175 Nov 195 Jan
77 May 101*4 July
150 Dec 179 Feb
55 Jan
30i2 July
225 May 255 Jan
7 Mar
7*2 Feb
60 Jan
50 July
35 July 40 Jan
160 Mar 163 Jan
103 Dec 107 June
162 Nov 200 Jan
93 Jan
75 July
115i2Dcc 124 May
88*8 Apr
83 Jan
90*8 Jan
99 M ar
14 Jan
9 Apr
66*2 Jan
54 Dec
77*8 Jan
49*8 July
100 May 112 Feb
140 July 165 Jan
30 Jan
19 May
110*4 Nov 163*4 Jan
85 Jan
82 Apr
130 Feb
115 Jan
75 Jan
65 Nov
95 M ar
82 Dec

47U Jan
727 Oct 21
8
89 Dec
99 Oct 25
2 Dec
412 Oct 25
17 Jan
19*2 Jan 9
97U Mar
114*2 Oct 13
117 Aug 28 108 Mar
125*8 Sep 29 112 Nov
14 Mar
5714 Oct 20
72*4 Mar
99l2 Oct 4
57i2 Dec
67 Apr 23
97*4 June
101 Feb 0
5 Feb
20*8 Oct 22
13*2 May
40 Oct 25
9i2 Dec
13)4 Apr 5
200 Jan 22 234 N ov
I8U2 Oct 4 137 Dec
9812 Nov101 Mar29
76'4 Nov
94 Aug 5
85 Nov
92i2 Jan 28
200 Jan 4 200 Dec
2>4 May
3 Sep 10
18 July
12*4 Feb 8
55 June
4012 Jan 26
20 Apr
20 Apr 15
38 Dec
5 ) Oct 26
143 Jan 29 128 Nov
170 Oct 23 14S Dec
16 Jan
18*4 Jan 2
121 Aug 30 10U2 Nov
27 Feb
35*4 Oct 29
27 Mar
30>4 Sep S
.95 Dec
1*4 Apr 21
1413 May 3 i l l 3 Dec
4
5214 Dec
65 May24
28 Jan
30 Aug 31
48 Dec
87l2 Oct 21
110 Oct 23 10314 Dec
14 Aug 3

5914 M ar
95 June
4 Jan
22 Jan
110*4 Jan
115 Dec
124 Jan
15 M ar
83 Jan
67 Feb
100*» June
9 Jan
16*4 Jan
14*2 Feb
265 M ar
150i2 Feb
102 Jan
94*8 Feb
96 M ar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20*s July
107*4 Mar
31 May
29i2 Jan
2 Feb
173 Feb
61*4 June
30's July
67>4 Jan
112*8 Jan

Mining
2 Jan
1 Apr
1 Jan 22
478 Apr 22
25
170 Adventure Con.............
41 Ahineek__________________25 94 July26 103 Aug 27 239*4 Apr 300 M ar
19 July
28*4 May
10 26U Jan 0 40*4 Apr 22
2 4.2S3 Alaska Gold........ ......
13.1 Jan
i2 Dec
4*4 Apr 22
45 Feb 10
2,175 Algoraah Mining__________ 25
43*4 Feb
34i2 Jan
776 Allouez.................... .......... 25 35*2 Jan 5 58'4 Apr 26
2 Jan
12*4 N ov
s
16*4 Jan 4 697 Oct 29
66,150 Amer Zinc, Lead & Smelt. 25
Otf.Mar
0i2 Apr 22
2i2 N ov
314 Jan 4
4,405 Arizona Commercial______ 5
4is Feb
1 Nov4*4 Apr 22
2 Jan 16
600 Butte-Balaklava Copper.. 10
24 Nov- 40*4 May
33,993 Butte A Sup Cop (Ltd)__ 10 35*4 Jan 4 80 June 4
53 Dec
70's M ar
1,73.8 Calumet A Arizona_______ 10 51*2 Feb 23 78*4 Apr 20
478Calumet A Ile cla .......... . 25 350 Jan 4 630 Apr 22 350 Dec 460 Feb
19 Feb
14 Jan
15 Jan 12 25 Apr 22
25
43*2 Feb
30>.i Dec
52l2 Oct 29
l,548!Chfno C op per.................. 5 32*8 Jan
40*4 Feb
29 Dec
S.JOJ'Copper Range Cons C o__ 100 30 Jan 13 6.314 Apr 20
3 Feb
5*4 Apr 22
1*8 Jan 21
1*2 NOV
200 Daly-W est......................... 20
13 Jan
S Dec
8i2 Jan 5 15*8 Apr 23
2,875 East Butte Copper Min__ 10
778 Apr
2 N ov
MI4 Apr 22
4 >2 Feb
437 Franklin________________ 25
60 Dec
91 Feb
4,300 Granby Consolidated____ 100 58 Jan 7 9412 Apr 27
42*8 Feb
21*4 Apr
3,904 Greene Cananea........ ....... 100 23U Feb 1 44 July 15
22 Feb
11 Dec
11 Jan 18 24*2 Apr 29
120 Hancock Consolidated___ 25
30 Mar
28 July
460 lledley G o ld .... ............... . 10 26'2 Oet 27 29*4 Jan 19
6*2 Feb
3 Apr
10i2 Apr 22
214 Jan 21
150 Indiana Mining__________ 25
50*4 June
52 Aug 17
4 B2 Dec
140 Island Creek Coal________ 1 41 M arls
81 June 89i2 June
1 85*2 Jan 5 911.8 Apr 27
199 Do pref_____________
24 Feb
10 Dec
1,355 Isle Royale Copper_______ 25 17*2 Jan 11 34 Apr 20
3*8 Mar
3 Aug 3
e>8 July
5's Apr 20
155 Kerr L ake........ ............... . 5
4% Feb
4l2 Apr 26
2> May
s
1*2 Aug 23
115 Keweenaw Copper_______ 25
10*2 Jan
4*4 Nov
18 Apr 22
5>2Jan 27
630 Lake Copper C o.............. . 2)
3 JYeDcc
5*2 Feb
9 Apr 23
3i8 Jan 7
165 La Salle Copper............ . 25
4 Jan
1*4 Dec
4l2 Apr 27
1 M arll
250 Mason Valley Mine______ 5
2 Mar
e5*2 May
17 Apr 22
3 Jan 11
1,315 Mass Consol____________ 25
9 Jan
3*4 June
8 Apr 22
3 Aug 16
100 M ayflow er.............. ......... 25
24*8 Feb
16*4 Dec
16*4 Jan 2 35*8 Oct 8
688 Miami Copper.............. .....
1*4 Feb”
.50 July
3 Apr 22
.00 Mar 1
200 Michigan...... ................. . 25
49' 2 Dec
39 Apr
4,156 Mohawk________:________ 25 46U Jan 15 82 Apr 26
10 Dec
16*8 Deo
17 Apr 27
5 11*8 Feb 24
301 Nevada Consolidated____
1*8 Jan
7*2 Jan
14*4 June 7
4t2 Feb 24
1,825 New Arcadian Copper___ 25
4 June
4 June
4 July 10 1312 Aug 7
1,745 New Idrla Quicksilver___ 5
5 July
8> Feb
s
7*s Sep 27
5i8 Aug 9
570 Nlpisslng Mines_________ 5
30*4 Feb
19*4 Dec
8
4,606 North Butte____________ 15 2214 Jan 25 3S7 Apr 26
.95 Apr
2*8 Jan
4l8 Apr 23
1 Jan 28
320 North Lake.................. ..... 25
2 Jan
*4 Apr
3i2 Apr 29
.50 Mar 4
25
5 ''At Feb
7i8 Apr 22
2*8 Nov
3 Aug 16
450 Old C olon y........................ 25
54 Feb
44 Dec
423 Old Dominion C o . . .......... 25 3812 Mar 8 58i2 Apr 21
84 Feb
64 Dec
356 O sceola.............................. 25 64 Jan 28 93i2 Apr 22
20*8 Jan
123.i Dec
1,770 Pond Creek Coal_________ 10 12 Jan 7 19*8 Aug 13
68 Feb
51*8 Dec
211 Quincy........ ............... ....... 25 50 Jan 16 95 Apr 22
22i2 Apr
15 Dec
1,471 Ray Consolidated Copper. 10 15*4 Jan 7 2714 Oct 8
40 Feb
28 Dec
535 St Mary’s Mineral Land.. 25 28 Jan 4 65 Apr 23
2*4 Jan
1 Jan
5 Oct 22
1 M arl7
20,880 Santa Fe Gold & Copper.. 10
7*2 Feb
4 Nov
4 Jan 15 HU Apr 26
716 Shannon.............. ............. 10
29*4 Feb
18 Dec
8,431 Shattuck-Arizona________ 10 18*4 Jan 5 33 Apr 20
7*4 July27
5*2 Aug 23
185 South Lake.................... . 25
32 Feb
22 N ov
41i2 Apr 26
1,146 Superior________________ 25 22i2 Jan
2%Jan
412 Apr 29
1 Mar 3
1*4 NOV
910 Superior A Boston Copper. 10
43 Feb
241 Dec
2
Jan 4 58*8 Aug 18
777 Tamarack.......................... 25
5*2 Jan
2*4 NOV
2*8 Feb 11 1512 Oct 13
8,149 Trinity........ ....................... 25
.85 M ar
.23 Dec
.63 Apr 14.20 Jan 2
3.000 Tuolumne Copper________ 1
43*2 Feb
2414 Dec
3,329 U S Smelt, Refin A M in .. 50 20 Feb 25 49i2 Junel5
48*8 Feb
40*2 Apr
1,752
Do pref_____________ 50 28 Jan 15 48l2 JunelOl
2*8 Feb
1*4 Nov
5*s JunelO
2 Jan 2
3,720 Utah-Apex Mining............ 5
14 Feb
8*4 Jan
16*8 Junel4
9U Feb 26
80S Utah Consolidated______
5
59 June
45*8 Nov
2,580 Utah Copper C o_________ 10 48*4 Jan 6 73 Apr 26
1 M ar c2% M ay
4*2 Apr 22
1 Feb 26
4C Victoria________________ 25
4*8 Feb
1*8 Dec
1*4 Jan 18
5*8 May 1
15C W inona................ ............ 25
47*4 Feb
30 Dec
G W olverine______________ 25 32 Jan 6 70 Apr 26
0!i
U4 Jan
30 June
.50 M ar 3
2I4 Apr 23
W vandotf,______________ 25
* Assessment paid.

A Ex rights.

1 Unstamped

* 2s paid.

< Half paid.
e

1453

THE CHRONICLE

[VOL. 101

Outside Exchanges— Record Transactions
Stocks— (Con.)
B o s t o n B o n d R e c o r d . — T r a n s a c t io n s in b o n d s a t B o s ­
to n S to c k E x c h a n g e O c t . 2 3 t o O c t. 2 9 , b o t h in c lu s iv e :
W eek ’s
S a lesfor
F r id a y
W eek.
S a le s. L o w .
H ig h . S h a res.

Bonds.
Amer Agric Chem 5s. 1924
Amer Tel A Tel 4 s . .. 1929
Convertible 4X S ...1933
Atl G A W I SS L 5s. .1959
Cent Vermont 1st 4s. 1920
Gt Nor-C B A Q 4s_.1921
Mass Gas 4)4 3_______1931
4 X s -------------------- 1929
N E Cotton Yarn 5s. .1929
N E Telephone 5s___ 1932
N Y N I I A H conv 6s 1948
Swift A C o 5 s ............. 1944
United Fruit 4)*s___ 1923
4 X s ........................ 1925
Western Electric 5s. .1922
Western Tel A Tel 5s. 1932

95X
90
74 X
97 X
92
74
97
97 X
96 X
98X

95 X
89)*
103X
74
70
97X
91X
96X
74
100X
115X
96 X
97
96 X
101X
98 X

R a n g e s in c e J a n .
Low .

95 X $3,500 91
90
27,000 86 X
103 X 19,900 95 X
76
94,500 60
70
1,000 68
97X 11,000 95
92
17,000 91
96X 11,000 95
75
33,000 70
101
14,000 99X
7,000 103
115*4
97
45,000 94 X
8,000 93
97 X
96 X 11,000 90
1,000 100X
101 x
8,000 94 X
98 X

Jan
Jan
Jan
Jan
June
Jan
Aug
Jan
Apr
Jan
Mar
Feb
Feb
Jan
Jan
Mar

1.

H ig h .

95 X Oct
90
Oct
104
Oct
78
Oct
72
Sept
97 X Oct
94
Jan
97 X Mar
76
Jan
101X Feb
115X Oct
97X Oct
99
May
96 X Oct
101X Oct
98 X Oct

B a lt im o r e S t o c k E x c h a n g e .— C o m p le te r e c o r d o f th e
tr a n s a c tio n s a t th e B a ltim o r e S to c k E x c h a n g e fr o m O c t. 2 3
t o O c t . 2 9 , b o t h i n c l u s i v e , c o m p i l e d f r o m t h e o f f i c i a l s a le s
l i s t s , is g i v e n b e l o w .
P r ic e s f o r s t o c k s a re a ll d o lla r s p e r
sh are, n o t p er ce n t.
F o r b o n d s th e q u o ta tio n s a re p e r ce n t
o f p a r v a lu e .

Stocks.

Par

W ee k ’s
S a lesfo r
F r id a y
R a n g e.
W eek.
S a le s. L o w .
H ig h . S h a res.

Atlan Coast L (Conn). 100
Canton Co___________ 100
Commercial Credit___ 100
Consol Gas E L * Pow. 100 110 X
Preferred__________ 100 112)4
Consolidation Coal___ 100
98 X
Cosden & Co................
6X
Preferred__________
Elkhorn I-’tiel_________ 100 19X
Fairmont Gas.................50 30
Preferred___________ 50 SOX
Houston OH trust ctfs.. 100
Preferred trust ctfs.. 100
Mer & Miners Trans.. 100 45
M t Vernon Mills v t . . .
16
Preferred v t............
54 X
Norfolk Ry & L ig h t...100 23 X
Northern Central_____ 50
84X
Pennsyl Wat & Power. 100 73X
Sapulpa Refining________
Preferred...... .................
Seaboard Air Line........ 100
United R y & Elec.......... 50
24X
Wayland OH & Gas.......... 5
Bonds—
Ala Coal < Iron 5s_______I
fc
Atl C L RR con deb 4s 1939; 90
AtlC L (Conn) ctf5-204s ’251
Balt Elec stamped 5s.l947j 98
Balt Spar P & C 4XS-1953'
Carolina Central 4 s.. 1949, 85
Chicago Ry 1st 5s___ 1927i 93 X
Consolidated Gas 5 s.. 1939 103
General 4 Ms.......... 1954
Consol Coal ref 5 s ... 1950
Convertible 6s____ 1923 102X
Davison Chemical 6s. 1932
Elkhorn Fuel 5s........ 1918
Fair & Clarks Trac 5s. 1938
Georgia & Ala cons 5s 1945
Ga Car & Nor 1st 5 s.. 1929
G-B-S Brewing 1st 4s. 1951
Houston Otl dlv ctfs ’23-25
Jamison C & C— G C 5s '30
Md Electric Ry 1st 5s 1931
Maryland Steel 5s___ 1922
M St & St P C Jt 5s. .1928
N O-Gt North 5s___ 1955
N O Mobile & C 1st 5s 1960
Norf & Ports Trac 5s. 1936 82X
Norf Ry & Light 5 s.. 1949
St Paul C Cable 5 s ... 1937
United R y & E 4s___ 1949
81X
Income 4s.................1949
Funding 5s________ 1936
Sm all____ _____ 1936 84 X
Va R y * Power 5s___ 1934
84

R an ge s in ce J a n .
L ou

1.

H ig h .

115
140)*
37)*
10SX
112
98
6X
6X
18)4
29
46
19X
61
45
9
53
23)*
84
73 X
3X
4X
17X
24
3X

115
50
140)*
15C
19
37 X
767
111
111
112 X
147
98 X
7
10,009
50
OX
10 *4 2.548
2,872
30 X
854
51X
20
434
197
61 X
45
180
16
271
55
349
20
23 X
84 X
257
74
1,015
4
270
5
600
50
17X
683
24X
4
2,800

77
89
92)*
98
93 X
85
93 X
H3
93 X
89
102X
100
98 X
98 X
102)*
102X
20
76 X
86
96 X
99 X
100X
50
42 X
82 X
96
101X
81
60)*
84
84 X
84

77
$1,000 70
Sept
90
13,000 82 X
5,000 92 X
92 X
98
3,000 96 X
Aug
93 X 10,000 93
85
2,000 84
Jan
6,000 93
June
94 X
103
1,00) 103
Aug
1,000 92
Aug
93 X
89
16,000 86 X
1,000 99 X
102X
100
5,000 97
99
41,000 92 X
1,000 98 X
98 X
102X
2,000 100X
3,000 101
Jan
102 X
20
21,000
18
Aug
77
9,500 72 X Apr
86
5,000 79
June
5,000 94
July
96 X
5,000 94 X Apr
99 X
3,000 100
Sept
10 1
50
1,000 48 X Oct
Feb
42 X 23,000 33
Aug
82 X 12,000 75
Sept
97X 14,000 94
6,000 101X
102
81 X 56,000 79X
3,000 55
60 X
84
1,000 81
1,000 80X
84 X
84
July
1,000 82

107
136
35 X
102 X
106X
92
5
5X
16
23 X
42
10
54
24
9
53
23 X
82
63 X
2
4X
12X
20X
2X

Sept
July

Jan
Jap
Mar
May
Apr
Apr
Mar
Jan
May
Oct
Oct
Oct
Aug
Aug
July

W e e k ’s
S a lesfo r
F r id a y
R a n ge.
W eek.
S a le s . L o w .
H ig h . S h a r es.

26
91X
” l3 X

4X
La Belle Iron W orks...100 " 5 4 "
Lone Star Gas........ ...1 0 0
Mfrs Light & Heat____ 50
49
Nat Fireproofing com ..50
12X
Preferred........ ...........50 23X
Ohio Fuel OH...... ............ .1
uhlo Fuel Supply.......... 25 _____
Oklahoma Natural Gas 100
Osage & Oklahoma C o. 100
PIttsb Brewing com___ 50
7X
Preferred .....................50 23
Pittsburgh Coal..........100
Preferred---------------- 100
Pittsburgh Oil A G as.. 100
Pittsburgh Plate Glass. 100
Pittsburgh Silver Pcak__l _____
Pure Oil, common........ ..5
17)*
San Toy Mining............... 1 20




16X
25
119
90
29X
13X
106X
59X
98 X
4
18X
50 X
118
93
49
11X
22 X
15X
40 •
70
81
6X
18X
36)4
106
5X
108X
10c.
17X
18c.

134
127X
84
115
141
705*
85
11X

134
129
865*
115
143X
745*
85
115*

545*
61
955*
99

S a lesfo r
W eek
S h a res.

R an ge s in ce J a n .
L ow .

1.

H ig h .

Oct
45 12854 Aug 134
1,039 92
Apr 1305* Oct
Oct
595 38
Fob 87
15 1035* Feb 1155* Oct
Sept
1,270 1165* Mar 144
2.183 325* Feb 7454 Oct
29 58
Oct
Feb 85
100 10
13
Oct
Oct

545* $2,000
61
4.000
96
6.000
99
1,000

49
Aug
505* Apr
90
Jan
965* July

61
Jan
65
Jan
97
Apr
995* Jan

Ex-dividend.
C h ic a g o S t o c k E x c h a n g e .— C o m p le te re c o r d o f tra n s a c­
t io n s a t C h i c a g o S t o c k E x c h a n g e f r o m O c t . 2 3 t o O c t . 2 9 , b o t h
i n c l u s i v e , c o m p i l e d f r o m t h e o f f i c i a l s a le s l i s t s , is a s f o l l o w s :
x

W eek’s
S a le s fo r
F rid a y
R a n ge.
W eek.
r S a les. L o w .
H i g h . S h a r es.
) ...........
60X
) 360
356
) 39X
33 X
72
) 78
1 75
75
1 86 X
82 X
Chic Rys part ctf "2 ” ___
17X
17X
) ______ 210
I 142
137
Deere A Co, pref.
> 95H
95X
) _____
102)4
1 71
70
i _____
24
1 _____
58
K C Ry A Light ctf co m ..
25
26X
K C Ry A Lt ctf pref
60
Lindsay Light, pref..........
4X
5X
64
1_____
95 X
155
1 121X 120X
119
118
I
98X
1” 99”
99
i 300
290
106X
156)4 155X
75
74
1107
119
118X
Union Carbide C o........ 100 159X 159
Union Switch A Signal..50 ______ 129
Ward, Montg A Co, pref.. 112
111X
Bonds.
Chicago City R y 5 s.. 1927 97X
97
Chicago Rys 5s_____ 1927
94 X
94 X
Chic Rys 4s, Scries “ B”
69 X
Commonw-Edlson 5s. 1943
101)*
Metr W Side El 1st 4s. 1938
71
Ogden Gas 5s............... 1945
94
Peop Gas Light A Coke—
Refunding gold 5 s .. 1947 101X 100X
Ch O L A C 1st 5 s..1937
101X
Mut Fuel G 1st 5 s.. 1947
99 X
96)*
Swift A Co 1st g 5 s.. . 1944 96X
Union Elec (Loop) 5s. 1945
60
x

60X
360
40
78
75
87)4
17X
210
142
96X
103
71
25X
58
27
60
5X
64
96
160
123
120
99
99
307
108
157
76 X
107
119
160X
129
112

R a n g e s ir \ce J a n .
Low .

75 26X
8 345
1,110 26
405 67 X
90 68 X
1,617 45X
400
16
30 204
1,307 132X
108 88
423 90
195 60
58
19
10 37X
535 20
40 40
1,040
3X
50 31
305 95 X
17 119)*
327 118X
167 113
208 75
129 93 X
212 225
307 103
783 al31X
2,783 48X
25 *10.3
576 10IX
1,005 144X
100 95
200 110X

Jan
June
Apr
Apr
Mar
Feb
Oct
Aug
June
Jan
Mar
Feb
June
May
Apr
July
Feb
Mar
Oct
Jan
Mar
Mar
Jan
May
Sept
Apr
Mar
Jan
Apr
Jan
Jan
Mar
Jan

1.

H ig h .

65X
390
48X
79 X
81
93 X
31X
213
142
99
103
72
30
58
30X
60
5X
64
96
165
125
123X
99
100
307
108
215
78X
107
120X
166X
130
114

Oct
Jan
Aug
Aug
Aug
Aug
Jan
Mar
Oct
Sept
Sept
Oct
Feb
Oct
Sept
Oct
Oct
Oct
Oct
Oct
Sept
Apr
Oct
Mar
Oct
Oct
Jan
Sept
Oct
Sept
Aug
Oct
Mar

June 99
Feb
97 X $14,000 96
June 97
Feb
94 X 20,000 93
1,000 69
Sept 77 X Mar
69X
4,000 100
Jan 102
101X
Jan
0,000 70X Oct 77
71
Feb
94
5,000 92
Jan 94 X May
101X
10 1X
99X
97
60

6,000 99 X
4,000 100X
5,000 99 X
21,000 94X
5,000 60

Jan 101X Mar
Apr
Oct 102
Oct 103X July
Jan 97
Oct
Jan
Oct 75

Ex-dlvldend

P h i l a d e l p h i a S t o c k E x c h a n g e .— R e c o r d o f tr a n s a c tio n s
a t t h e P h ila d e lp h ia S t o c k E x c h a n g e f r o m O c t . 2 3 t o O c t . 2 9 ,
b o t h i n c l u s i v e , c o m p i l e d f r o m t h e o f f i c i a l s a le s l i s t s :

Stocks

R a n g e s in c e J a n .
Low .

Union Natural Gas___ 100
Union Switch A Signal. .50
U S Steel Corp c o m ... 100
Preferred........ .......... 100
West’house Air B rake..50 141X
West’house El A M fg..50
73X
Preferred.....................50
West Penn Tr A Wat P 100
Bonds—•
Independent Brew 6s. 1955
Pittsburgh Brew 6s. .1949
Pittsburgh Coal deb 5 s.’31
West Penn R y 5s___ 1931

o Ex 50% stock dividend,

P i t t s b u r g h S t o c k E x c h a n g e .— T h e c o m p le te r e c o r d o f
tr a n s a c tio n s a t th e P itts b u r g h S to c k E x c h a n g e fr o m O c t. 2 3
t o O c t . 2 9 , b o t h i n c l u s i v e , c o m p i l e d f r o m t h e o f f i c i a l s a le s
l i s t s , is g i v e n b e l o w .
P r ic e s f o r s t o c k s a ro a ll d o lla r s p e r
sh are, n o t p er ce n t.
F o r b o n d s th e q u o ta tio n s aro p e r ce n t
o f p a r v a lu e .

Stocks—

W eek ’s
F r id a y
R a n ge.
S a les. L o w .
H ig h

Par

1.

H ig h .

20 16
Oct 24
Apr
16X
30
9,430
Oct
15X July 30
1,165 75 X May 126X Oct
126X
715 89 X Oct 123
Jan
91X
610 23
July 30X Oct
30X
14
2,915
8X Jan
15X Aug
100 75
Jan 111
Sept
106X
60
120 45
Feb 60X Sept
99
210 ' 97X Mar 99
Jan
2,530
6
4X
Apr
2 X Aug
479 13X Aug 22 X Jan
20X
58
7,236 27
Jan 58
Oct
119
255 103
June 119
Oct
93
30 91
Mar 108X Apr
1,135 46
May 50
49 X
Aug
9,340
13X
4)4 Feb
13X Oct
1,845
16
Feb 25
24 X
Aug
200
12
May
15X
15X Jan
40
32 39
Oct 45
May
70
42 57
Feb 71
Oct
150 67X Feb 81X Oct
81X
1,240
3
Feb
7X
8 X Apr
1,377
12
July 24 X Jan
23 X
40
2,365
16X Jan 42 X Oct
106
10 82 X Jan 112X Oct
120
5X
4X Aug
7X Jan
110
482 101
Apr 110
July
11c.
8c. Oct
3,400
15c. Apr
18)*
5,115
13 X May
18X Oct
22c. 34,900
8c. Apr 24c. June

Par

Alliance Insurance........ 10
Amer Gas of N J.......... 100
American Railways___ 50
Preferred____ _____ 100
Baldwin Locomotive.. 100
Preferred__________ 100
Buff A Susq Corp v t c . 100
Pref v t c __________ 100
Cambria Iron_________ 50
Cambria Steel...............5 0
Consol Trac of N J___ 100
East Pennsylvania____ 50
Elec Storage Battery.. 100
General Asphalt.......... 100
Preferred____ _____ 100
Insurance Co of N A __ 10
J G Brill Co...................100
Keystone Telephone. . . 50
Preferred.....................50
Lake Superior Corp__ 100
Lehigh Navigation........ 50
Lehigh Valley.................50
Lehigh Valley Transit. .50
Preferred.............. — 50
Lit Brothers-...........
10
Mlnehlll A S H ...............50
Norristown.....................50
Northern Central.......... 50
North Pennsylvania___ 50
Penn Salt M fg............. ..5 0
Pennsylvania...................50
Pennsyl Steel.................100
Preferred...................100
Philadelphia Co (Pitts).50
Pref (cumulative 6%)50
Phtladel Electric........ 22)*
Phil Rap T ransit.......... 50
Voting trust rects___ 50
Philadelphia Traction..50
Reading.......................... 50
2d preferred.................50
Tono-Bclmont Devel----- 1
Tonopah Mining________ 1
Union Traction..............50
United Cos of N J........ 100
United Gas Impt---------50
U S Steel Corporation. 100
Warwick Iron A Steel.. 10
Welsbach C o.......... ...1 0 0
West Jersey A Seashore.50
Westmoreland Coal----- 50
Wm Cramp A Sons___ 100
York Railways________ 50
Preferred___________ 50
Scrip—
Cambria Steel scrip. .1916
Scrip
.........Feb 1917
Scrip.............. May 1917

S a le s fo r
W eek ’s
F rid a y
W eek.
R a n g e.
S a les. L o w .
H ig h . S h a r es.

117
36
97
22
54
43
*66 J*
72
"7 2 X
35
72
2 !)*
62)*
9)<
80
81
17)*
38
'5 7 '

101
60

27)4
16
16

5)4
44
86
x lO H

85
7)4

R a n g e s in c e J a n . 1 .
Low .

25
15 X Jan
18
18
Jan
54 100
116)* 117
Sept
1,335 24
30
36
69 94
Oct
96)4 97
270 30
124)* 154
Feb
217 90
Mar
110 110)4
2,120
18)* 24
11
May
50 • 55
2,025 36
July
43
43)*
163 41
May
*66)* 69)* 35,461
Feb
41
72
72
July
20 70
Oct
63
100 63
63
71
2,438 47)4 Jan
73)4
Mar
34
35)*
2,055 24
Mar
060 60
71)4 72)4
Jan
23)4 23)4
121 21
July
2,255 29
60
66)4
14
14
100 13
Aug
65
65
3 61
Jan
9)4
6,430
5
Apr
9)4
78
80
1,517 71)4 May
76)* 81)4
2,416 65
Jan
17
18
735
13)4 Juno
36)* 39
1,685 26 X Mar
19
19
19
May
200
56)4 57
51 54)4 July
137 137
1 136)* Sept
84
84
Sept
105 82
92
92
Feb
4 90
Mar
819 80
100 1025*
6,205 51)4 I’'cb
58)4 60)4
Aug
190 34
98)* 100
75 49)4 May
90
91
231
46
47
29)* Mar
43
43
Mar
205 32
5,939 23)4 Jan
26)* 27)*
15)4 16)*
456
7
May
15)g 17
15,497
7)4 May
78
77
37 70
July
79)* 84)4
7,355 70
May
43
43
50 40
Jan
3)4
4,530
3)4 July
3H
5)4
5
July
1,176
5)4
42)* 44
May
3,065 30
223 223
Mar
3 220
85)* 86)4
2,231
80 X Jan
Feb
48,209 38
83)4 87
1,124
10)4 10X
9 X July
Mar
45
45
5 35
Aug
182 47
48
48)4
Jan
66)4 66)4
105 58
275
80
85
18X Jan
6
July
625
7)4
8)4
10 28)* July
31)* 31)4
101

102)4

100)* 101
100)4 101)4

772
778
815

95
Fob
95
Feb
95 ' Feb

H ig h .

18
119
36
101
154
115
24
55
45
75
74
63
78X
36)4
72)4
24
72)4
16
69
13X
80
81X
19
39
19)4
57)4
145
86
92 X
108
60)4
100
98
48X
46
27X
16X
17
79 X
84 X
43
5X
7X
44
225
87 X
87 X
11X
45
50
67
91
8X
33

Sept
Oct
Jan
Jan
Oct
Sept
Oct
Oct
Sept
Sept
Apr
Oct
Sept
Juno
Juno
Oct
Oct
Apr
Apr
Juno
Oct
Oct
Sept
Oct
Feb
May
Apr
Feb
Feb
Oct
Oct
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Jan
Oct
Oct
Mar
Jan
Oct
Feb
Mar
Oct
Aug
Oct
Jan
Oct
Sept
Oct
Feb

102 X
101
101)4

Oct
Oct
Oct

THE CHRONICLE

Oct. 30 1915.]

88

Amer Gas A Elec 5s. .2007

Baldwin Locom 1st 5s 1940
Bethlehem Steel p m 6s '98 119 M
1st A refund 5s___ 1942 100M
Choc Ok A Gulf gcn5s 1919
Consol Trac N J 1st 5s 1932
Elec A Pcop tr ctfs 4s. 1945 78
Harwood Electric 6 s.. 1942
Inter-State Rys coll 4s 1943
Keystone Telep 1st 5s 1935
Lake Superior Corp 5s 1924
Leh C A Nav gen 4Ms 1924
Consol 4 M s .......... 1954
Lehigh Valley—
Consol 6s regls------- 1923

100

88
86
105%
119%
100%
97 M
101
76%
78
99 M
59%
94%
29
101%
100

98%
97%
101
98
97%
P W A B ctfs 4s___ 1921
78
100
88
Phlla Elec tr ctfs 5s. .1948 102 M 102%
103
79%
82
93%
73
United Rys gold tr ctf 4s’49
73 M 73
93%
Welsbach Co 5s small. 1930
104
98M

Consol 4 Ms______ I960

Low .

1.

H ig h .

Jan
88 $20,000 85
Jan
87%
1,500 85
86,000 100% Mar
107
5,000 115% Jan
119%
5,000 87% Feb
100%
1,000 95% Feb
97%
1,000 100% Oct
101
Aug
13,000 73
78
July
1,200 73
78
4,000 91% Sept1
99%
July
9,000 57
59%
Jan
3,000 90
94%
A
3,000 25 l Alls
29
3,000 101% Oct
102
11,000 97% Jan
100

109% 109%
89
89%
99% 100
104% 101%

109M
89 %

Gen consol 4 Ms ----- 2003
Lehigh Val Coal 1st 5s 1933
Pennsylvania HR—

x

R ange s in ce J a n .

S a les f o r
W e e k 's
R ange
W eek.
F rid a y
H ig h . S h a r es.
S a les. L o w .

Bonds—

88%
88
107
119%
100%
97%
102%
79
82
99%
60
96
45
102 ^
100

Aug
Aug
Oct
Oct
Aug
Apr
Feb
Feb
Apr
July
Apr
Aug
Jan
Apr
Apr

Jan
Sept n o
108
1,00
May
18, 00 86% Aug 90
Apr
Feb 100
11,000 97
Jan 104% Jan
2,000 103

Sept
5,000 97
98%
1,00(1 97% Oct
97%
26,000 102% Aug
101
May
98% 317,000 97
Jan
9,000 97
98
10,000 7& H Oct
78
Mar
5,000 95
100
Mar
3,000 70
88%
102% 16,000 100% Jan
Jan
1,020 101
103
15,000 77% Jan
80
Jan
600 79
82%
Aug
94% 44,000 91
8,000 72% Aug
73
Mar
74% 59,000 55
Mar
100 90
93%

98%
98
105
98%
98%
83
100^
88%
103
103
81
82%
95
74%
75
94%

Feb
Feb
Feb
June
June
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Feb
Apr
Oct
Oct

Ex-dlvldend.
C U R R E N T NOTICE.

— Joseph II. Ilolmos, H . Duncan Bulklcy, James II. Wardrop, Arthur
\V. Bell and Harold Palmor havo formed a new co-partnership under the
firm namo of Holmes, Bulklcy & Wardrop to transact a general investment
business in stocks and bonds with offices at No. 1 Wall St., Now York, and
the Union Bank Building, Pittsburgh.
__John D. Curtis & Co., dealers in investment securities, announco the
oponlng of a Boston office at 50 Congress Street. The firm has offices
at Now York City in the Mills Building and at Minneapolis in the First
National Soo Lino Building.
__N . W. Halsey Sc Co. aro offering for investment on another pago
sovoral choice issues of municipal bonds, yiolding from 4.10% to 4.55%.
Sovoral of the Issuos aro Iogal for savings banks in New York, Connecticut
and Massachusetts.
— Jackson & Curtis havo issued a circular recommending convertible
bonds o f B. & O., Chos. & Ohio, St. Paul, D. & II., N. Y. Contral and
Southern Pacific.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY._______________
R a ilr o a d ,

S to c k s .
W e e k e n d in g
O c t. 29 1915.

S ha res.

510,590
1,121,7.19
1,150,882
1,112,310
1,123,477
1,380,951

Saturilay____ _____ .
Monday____________
Tuesday____________
Wednesday_________
Thursday___________
Friday_____________

etc..
B onds.

P a r V a lu e.

$47,972,855
102,820,400
100,327,700
94,045,850,
110,901,200;
115,100,100

S ta te , M u n .
<* F o r e ig n
B onds.

$2,330,500
4.014.500
5.115.500
4.701.000
4.551.000
5.257.000

V . S.
B onds.

$76,000
164.500
122,000
191.500
128.500
133,000

$815,500
0,017,975 $571,708,105! $25,909,500
W e e k e n d in g O c t. 29.
J a n . 1 to O ct. 29.

T o ta l____________
S a les at
N e w Y o r k S tock
E xchange.

1914.

1915.

6,617,975
Stocks— No. shares—
Par value_________ $571,768,105
$15,500
Bank shares, par------B onds.

STOCK
EXCH’GE
CLOSED

1915.

1914.

141,110,321
45,990,575
$12,153,708,023 $4,023,321,369
$162,800
$265,800

$815,500
25,969,500

$888,500
20,666,500
685,904,200

$655,100
32,659,500
391,771,500

$26,785,030

Government bonds—
State, mun.,Ac.,bonds
R R. A mlsc. bonds.--

$707,459,200

$425,086,100

LIUi8D A l l
“
BALTIMORE EXCHANGES.
B o s to n .
W e e k e n d in g
O c t. 29 1915.

S h a r es.

S aturday............
Monday.......... .....
T uesday..............
Wednesday..........
Thursday.......... .
Friday..................

38,536
67,396
69,153
51,354
52,818
62,619

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

341,876

B on d Sales.

P h ila d e lp h ia .
S h a r es.

B on d S a les.

B a ltim o r e .
S ha res.

B o n d S a le s .

26,393
30,967
31,644
36,875
34,111
18,834

$92,137
136,467
152,145
134,416
61,020
137,300

3,579
5,451
6,797
4,423
4,252
2,015

$37,300
33,700
91,900
39,100
36,200
87,600

S309.0001 178,824

$713,485

26,547

$325,800

$32,000
44.000
68,200
75.000
44.700
46.000

Inactive and Unlisted Securities
All bond prices are “ and Interest" except where marked “ f.'
Standard Oil Stocks
Anglo-Amcr Oil new.

Preferred___

P e r Share
P a r D id .
A sk.

Par

Plerco Oil Corp------------ ..25
.100
♦10
.100 630 640
Prairie Plpo Line.......... 100
100 265 275 Solar Refining________ .100
.50 •109 112 Southern Pipe Line Co. .100
100 710 730 South Penn Oil________ .100
100 150 160 Southwest Pa Pipe Lines .100
100 250 260 Standard Oil (California) 100
47
.50 ♦44
Standard Oil (Indiana). .100
65 Standard Oil (Kansas) . .100
100 60
100 245 255 Standard Oil of KentuekylOO
100 157 160 Standard Oil of Nebraska 100
100 135 140 Standard Oil of New Jer .100
100 155 158 Standard Oil of New Y ’rklOO
.50 •109 112 Standard Oil of O h io... .100
•9*4 10% Swan A Finch..
.100
.£1
33 Union Tank Line Co . .100
.25 *31
100 220 225 Vacuum Oil............
100 101 108 Washington Oil........
..10
.25 ♦156 158
Bonds.
60 Pierce Oil Corp conv 6s. 1924
25 •58




P er sh a r e .
B id .
A sk.

*14% 141?
»
420 42”
215 218
280 290
230 235
345 350
125 130
32) 325
450 460
430 440
320 330
310 350
490 493
199 201
500 510
125 135
83
85
218 222
*42 46
81

83

T ob a cco Stocks— P e r

1453
Sha
P ar

American Cigar commonlOO
Preferred.................
100
Amer Machine A F d ry..l00
Brltlsh-Amer Tobac o rd ..£ l
Ordinary, bearer______£1
Conley Foil.................
100
Johnson Tin Foil A M et. 100
MacAndrcws A Forbes.. 100
Preferred....................... 100
Porto Rlcan-Amer Tob.-lOO
Reynolds (R J) Tobacco. 100
Preferred.................
103
Tobacco Products co m .. 100
United Cigar Stores com . 100
Preferred..................... 100
Young (J S) C o ...............100
Preferred.......................100

re.
Bid.
I ll
98
85
*14
*14
350
120
145
93
188
400
119
39
97
110
155
105

Ask.
114
100
95
16
16
400
140
155
100
193
430
123
3934
105
125
170
109

Ordnance Stocks— P er hare.
Aetna Explosives com_ 100 155 159
_
Preferred____________ 100 85
87
Amer A British M fg___ 100 35
45
Preferred.................
100 70
90
Atlas Powder com m on.. 100 267 270
Preferred____ ________100 96
99
142 146
Bliss (E W) Co common..50 ♦380 420
*72
80
105 107
118 121
400 415
100 110
90 105
85 95
74
79
Colt's Patent Flro Arms
905 925
M fg ..............................
137 143
duPont (E I) do Nemours
423 430
99 101
400 420
409 429
422 430
113 116
53
57
95 111)
*15% 16%
Midvale Steel A Ordnance w

Bid.
Railroads—
West Pac 1st 5s 1933...M -S r 33
Street Railways—
Par
Com’w'lth Pow Ry A L ..100
Preferred____________ 100
Federal Light A Traction 100
Preferred____________ 100
Republic Ry A Light___ 100
Preferred____________ 100
Tennessee Ry L A P com 100
Preferred____________ 100
United Lt A Rys com_ 100
_
1st preferred_________100
Wash Ry A El C o.......... 100
Preferred____________ 100
4s 1951........................ J-D

55
81
10
50
IS
02
6%
30
37%
67
82
82
81

A sk.

36
57
83
15
60
20
65
8
32
41
69
84
82%
81%

Elec. Gas & Power Cos—
Am Gas A Elec com---------50 *103 104
49
Preferred_____________ 50 *48
Am Lt A Trac common. .100 340 343
Preferred____________ 100 107% 110
Amer Power A Lt com__ 100 59% 61
79 SO
Preferred___ ________ 100
Amer Public Utilities comlOO 30% 33
66
61
Preferred____________ 100
64
Cities Service Co com__ 100 61
Preferred____________ 100
65
68
Consumers Power (Minn)
1st A ref 5s 1 92 9 ..-MAN 903.) 9134
Elec Bond A Share pref-.lOO 99
Great West Pow 5s 1946 .JAJ 81% 83
Indiana Lighting Co------100 45
4s 1958 optional___ F-A
67
69
North'n States Pow com . 100 29
30
Preferred____________ 100 86
87
Pacific Gas A Elec co m ..100 54% 55%
87% 89
1st preferred............ ..100
2d pref (old pref)------100 88% 90)2
79
South Calif Edison com. 100 77
91
93
Preferred____________ 160
Standard Gas A El (Del). 50 *5% 6%
Preferred____________ 50 ♦263.) 27%
United Gas A Elec Corp. 100 17 20
60
1st preferred_________ 100 57
21
18
2d preferred_________ 100
16
Utah Securities Corp----- 100
15
6% notes—See Short-Term Notes
Western Power common. 100 17
18%
51% 53

*90% 91
194 200
Industrial
and Miscellaneous
102 105
370 385
Adams Exp col tr g 4s’47 -D /71% 72%
420 435
75
85
Alliance R ealty------------ 100
Submarine Boat w I.
*42% 43
Amer Bank Note com— 50 *44 46
>2750 2900
Preferred.................... - 50 ♦49 51
American Brass------------ 100 265 270
Cent.
Short Term Notes.
American Chicle com — 100 95 100
87
100% 101%
Preferred____________ 100 84
100% 101% Am Graphophone co m .. 100 108 109
100% 101
Preferred____________ 100 103 111
101 101% American Hardware------ 100 120 125
> 100% 101% American Surety...........- 50 120 130
) 100 100% Amer Typefounders com. 100 40
45
4Ms.
102% 102%
95
Preferred____________ 100 91
96% 9634 American Writing Paper. 100
% 1
92 94
Bond A Mtge Guar------- 100 260 270
Chic Elev Ry 5s 1910lII
99% 99% Borden's Corn! Milk com .100 110 111%
99 100
Preferred ___________ 100 104 106
100% 100% Braden Copper Mines------- 5 *11% 11%
101 101% Casualty Co of America. 100 135 ____
100 100% Celluloid Company........ 10(1 160 ISO
100% 100% Chili Copper...................... 25 *2134 25
101% 101% City Investing Co---------100
14 20
80
Preferred...................... 100 70
100% 101%
100 100% Cramp Ship A E Bldg— 100 83
86
17 20
100>2 101% Emerson-Brantingham ..100
97% 97%
Preferred____________ 100 49 51
100% 100% Goldfield Consol M in es...10 *1%|
1%
3
100% 100% Havana Tobacco C o----- 100
1
100% 101%
4
7
Preferred____________ 100
100% 100%
1st g 5s June 1 1922..J-D /52
58
100% 100% Intercontinen Rub com ..100
10% 12
99% 109% Intcrnat Banking Co----- 100 165
100% 101% Internat Merc Marine— 100 14% 14%
94
97
Preferred____________ 100 49 49%
38 41
101% io n 8 International Motor----- 100
69
99% 100
Preferred____________ 100 65
38 41
100% 10034 International Salt---------100
84 85
72
1st g 5s 1951............ A-O /G9
International Silver pref. 100 102 106
New York City Notes—
106 108
6s Sept 1916............ ............ 102*4 102%
6s Sept 1 1917....................... 103% 10334
Kelly-Springfleld T ir e ...100 300" 305
100% 100%
1st preferred--------------100 93
95
100 100%
2d preferred--------------100 303 305
PerCt Basts Kennecott Copper-------------- ♦.5112 53
Bid. Ask. Lanston Monotype------- 100 78
80
UR. Equlpm cnts4.5( 4.35 La Rose Consol Mines----- 5 • X ,
%
4.6( 4.40 Lawyers' Mortgage C o ..100 171 176
82
4.6C 4.40 Lehigh Valley Coal Sales.50 *77
Equlpment 4s_______
*
4.8f 4.65
Canadian Pacific 4 M s..
5.10 4.90 Marconi Wireless of Amer.5 *4% 4%
Caro Cllnchf A Ohio 5s.
115 120
6.05 4.80
Central of Georgia 5s_
_
210 220
6.05 4.80
Equipment 4Ms____
6
N Y Mtge A Security... 100 98 103
Chicago A Alton 4s___
N Y Title Insurance C o. 100 S26% $32
8.00 6
s.oc 6
Nlplsslng Mines--------------- 5 •634 7
Equipment 4Ms________
5.25 4.75 Otis Elevator com.......... 100
71
73
Chic Ind A Loulsv 4Ms___
94
92
4.GC 4.45
Chic St L A N O 5s..............
4.50 4.30 Realty Assoc (Brooklyn).100 94
99
7.5C 5.50 Remington Typewriter—
Chicago It I A Pac 4Ms.
19
Common...................... 100
17
5.1C 4.80
60 65
4.95 4.75
Erle 5s____________
43
4.95 4.75
2d preferred_________100 38
Equipment 4 M s..
4.95 4.75 Rlker A IIege'n(Corp forstk) •5% 5%
Equipment 4s___
4.85 4.60 Royal Baking l’ owd com . 100 145 152
Hocking Valley 4 s..
103 105
4.85 4.60
Equipment 5s___
4.55 4.40 Safety Car Heat A Light. 100 130 133
Illinois Central 5s..
208 210
4.55 4.40
4 M s.................. .
4.80 4.5) Standard Coupler co m .. 100 25
35
4.5C 4.30
Preferred____________ 100 100
4.75 4.50 Sterling Gum-------------------5 ♦2% 2%
Minn St P A 8 8 M 4M8-6.25 5.25 Texas A Pacific Coal___ 100 139 160
♦2% 2%
7.5C 5.50 Tonopah Extension M ln__.l
♦61? 7
5.0 i 4.70
Mobile A Ohio 5s_________
*2% 2%
5.00 4.70
Equipment 4 Ms________
New York Central Lines 5 s.. 4.75 4.65 U S Casualty.................. 100 190 210
4.75
125 135
Equipment 4Ms.......... ..
Preferred____________ 100 101 106%
4.85 4.65
10
15
4.50 4.30 U S Finishing.................. 100
35
4.5(1 4.30
38
Equipment 4s.............. .
1st g 5s 1919........ — J-J 90
4.35 4.20,
Pennsylvania RR 4 Ms____
74
68
Equipment 4s____ ______ 4.35 4.20
6.50 5.00 U S Title Gu A Indem .. .100 30
50
Westchester A Bronx Title
6
A Mortgage Guar........ 100 165 180
Seaboard Air Line 5 s . ......... 4.90 4.00,
4.90 4.601 Worthington (II It) ComEquipment 4M*.......... ..
92
98
pany pref.......... .......... 100
Southern Pacific Co 4 M s... 4.59 4.35;
Southern Railway 4 Ms........ 4.85 4.65! Yukon G o l d ____________ 5 *2% 2%
4.99 4.70
Toledo A Ohio Centnl 4s__
•Per share. 6 Basis, d Purchaser also pays accrued dividend,
/F la t price, n Nominal. * Ex-dlvIdcnd. y Ex-rights.

e New stock.

1454

THE CHRONICLE

[Vol. 101

Investment ixntl ^lailrcraxX %nUll%smt£.
R

A

I L

R

O

A

D

G

R O

S S

E A R N I N G S .

T ho following tablo shows the gross earnings of overy S T E A M railroad from which regular w eekly or m on th ly returns
can bo obtained. T h e first two colum ns of figures give the gross earnings for the latest week or m on th , and tho last two
colum ns tho earnings for the period from July 1 to and including the latest week or m on th .
W e add a supplem entary
statem ent to show the fiscal year totals o f those roads whose fiscal year does not begin w ith J u ly, b ut covors somo 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.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Al a N O & To x P a cS
8
S
N O & N or E ast. September
291.820 291,531
878,626
942,412
A la & V icksburg. September
13.5,784 137,651
337,328
410,493
Vicks Shrov&Pac September
130,101 128,653
400,027
379,197
Ann A rb or_________ 3d wlc Oct
55,951
746.762
50,343
780,462
A tch T op *S a n ta I’e . September 10795293 10639292 32,122,012 30,415,023
<
Atlanta Birm Sc Atl A u g u s t ___
219.227 243,735
450,0.81
504,406
Atlanta Sc W est P t. A u g u s t ___
101,268 107,251
198,052
206.823
A tlantic Coast Line A u g u s t ___ 2,017,173 2,213,766 4,194,560 4.751,905
Chariest Sc W Car August . .
120,160 146.022
236.762
289,034
Lou I lend Sc St L August ___
126,720 130,836
237,748
255,545
aBaltim oro Sc Ohio September 9,617.810 8,782,3.32 27,037,429 25,629,396
B & O Oil T er R R September
142,310 151,412
405,075
437,443
Bangor Sc Aroostook A u g u s t ___
238,611 232.846
462,793
475.190
Bossomer Sc L Erio. September 1,164,660 1,170,904 3,690,392 3,448,975
Birmingham South. September
71,129
77,525
252,221
208,600
_
Boston Sc M aine_ A u g u st___ 4.305.024 4,400,884 8.404,260 8,642,927
B u ff R och Sc Pittsb 3d wlc Oct 253,231 207,270 3,726,950 3,473,974
B uffalo Sc Susq R R September
142,320 122,142
381,663
379,943
Canadian Northern. 3d wk Oct 791.800 499,000 6,820,700 6,943,200
Canadian Pacific _. 3d wk Oct 3,068,000 2,010,000 35,652,827 37,517,736
Central o f G eorgia. September 1,093.760 975,442 2,981,584 3,173,317
Cent o f New Jersey A u g u s t ___ 2,978,315 2,878,302 5,760,930 5,002,994
Cent New England . A u g u s t ___ 358,211
314.877
591,870
722,352
Central V e rm o n t.. August ___ 341,210 361,957
661,812
698,057
Ches Sc Ohio Lines 3d wk Oct 856,961 725,660 13,956,943 12,521,991
C hicago Sc A lton ___ 2d wk Oct 332,277 295,914 4,631,109 4,524,969
C hic Burl Sc Quincy A u g u s t ___ 8,147
8,742,382 15,521,650 16,603,955
{(Chicago Sc East 1 1 A u g u s t ___ 1,334,129 1,385.512 2.525,724 2,700,965
1
c Chic Groat W est. 3d wk Oct 328,005 340.346 4,577,984 4,729,185
Chic Ind Sc Louisv. 3d wk Oct
155.227 127.490 2,340,290 2,240,684
Cliic M llw & St l’ . A u g u s t ___ 8,285,177 8,189,202 16,504,458 16,014,188
Chic Mil & P u g S ,
dChic Sc N orth West September 8,406,434 8,008,316 23,533,842 23,839,210
Chic Peoria Sc St L . A u g u s t __
143,810 160,126
314,497
271,224
rfChic St P M Sc Om September 1,734,468 1,721,577 4,866,542 5,010,890
Chic Terre H & S E A u g u s t ___
177,854 198.631
341,124
388.944
Cin Ham Sc Dayton Soptomber 1,058,631 939,903 2,973,469 2,856,096
C olorado M idlan d. A u g u s t ___
137,181 201.686
336,710
259,098
e C olorado Sc South- 3d wk Oct
331,292 327,784 4,619,079' 4.453.207
Corn wall _____ __ A u g u s t ___
10,329
12,519
21,433|
24,974
Cornwall Sc Lebanon August . . .
34,673
35,290
75,301
61,789
C uba R a ilr o a d ____ September
411.923 314,676 1,248,647! 1,040,707
Delaware Sc 1 1udson August . . . 2,130,303 2,103,526 4.175,453! 4,100,820
D el Lack Sc Western September 4,018,748 3,857,125 11.194,532 11,324,747
D en v Sc R io Grande 3d wk Oct 584,200 538,600 8,387,711 7,834,987
Western P a c ific .. A u g u s t ___
722,592 553,804 1,425,043 1,115,043
D enver & Salt Lake 1st wk Oct
38,400
38,337
569,578
533,305
Detroit Tol & front August
164,129 181,652
297,231
333,242
D etroit & M ackinac 3d wk Oct
23,499
21,1.30
335,784
369,266
D et & T ol Shore L . A u g u s t___
109,427 115.158
215,3
207,132
Dul Sc Iron R a n g e.. A u g u st___
917,989 685.698 1,780,388 1.497,952
D uluth So Sh & Atl 3d wlc Oct
66,973
54,274 1,145,566 1,018,343
Duluth W inn Sc I’ac A u g u s t ___
103,777 101,578
223,078
231,643
Elgin Joliet Sc East. A u g u s t ___
993,467 831,572 1,875,934 1,031,920
El I’aso & Sou West August ___
813,028 701,010 1,562,771 1,445,069
E rio________________ A u g u s t ___ 5,945,766 5,488.707 11,618,894 10,908.348
Florida East C oast. A u g u st___ 345,453 200.20.3
708,240
591,159
Fonda Johns Sc Glov August . .
80.347
90,193
160,220
180.434
Georgia R a ilroa d .. August . .
219.188 251,226
424,965
506.652
Grand Trunk P a c .. 1st w k Oct
180.801 274,510 1.074,229 1,317,471
Grand Trunk Syst. 3d wk Oct 1,013,088 960,483 16,819,601 17,239,394
Grand Trunk R y. 2d wk Oct 841,861 818,302 12,558,978 13,290,039
Grand Trk W est- 2d wk Oct
166,202 138,996 2,320,569 2,194,011
D ot Gr II Sc M llw 2d wlc Oct
50,629
54,996
892,909
784,607
Great N orth System September 7,S69,616 8.081,031 19.890,367 21,838,132
G ulf & Ship Island A u g u s t ___
145,841
150.765
285.862
300,445
H ocking V alley____ A u g u s t___
650,074 711.035 1,193,210 1,162.449
Illinois C entral____ September 5,756,583 5,520,432 16,165,252 16,770,905
Internet & Grt Nor A u g u s t ___
598,040 727.346 1,257,748 1,466,284
Kanawha Sc M ic h .. A u g u s t _
_
290.760 325,488
568,306
604,882
Kansas C ity South. Soptomber
870,730 859,165 2,509,492 2,090.074
Lehigh V alley_____ September 3,91.3,637 3,915,827 11,456,997 11,268,255
Lehigh Sc Hutl River A u g u s t ___ . 161,397 157.878
315,492
296.480
Lehigh Sc N ow Eng A u g u s t ___
270,009 225,263
590,011
458,605
Louisiana & A rk _ A u g u s t ___
_
132,462 180,762
269,351
336,539
Louisiana R y Sc Nav A u g u s t ___
174.491
182,751
351,990
342,382
/L ou isville & Nashv 3d wk Oct 1,142,055 1,028,870 17,286,139 17,205,745
M acon Sc Birm'ham August ___
10,034
21,063.
12,366
26,861
M aine C en tra l____ August ___ 1,050,516 1,066,623 2,0 !7,4SOj 2,081,491
M aryland & Penna. September
47,508
124,516
54,664
143,075
M idland Valley____ August —
145,706 125.78.3
270,973
212.049
Mineral R ange____ 3d wk Oct
20,842
333,958
14,206
256,996
M inn Sc St L o u is .. 1 3d wlc Oct 235.924 232,348 3,321,584! 3,353,666
Iowa C entral___I
M inn St I’ Sc S 3 M . 3d wk Oct 748,763 672,313 10,276,620,10,070,993
Mississippi Central. A ugu st__
64.447
80,754
132,003
160,193
0 M o Kan Sc Toxas. 3d wk Oct
642,655 687,382 9,593,984 10,152,381
h Missouri P a cific.. 3(1 wk Oct 1,264,000 1,262,000 18,864,000 19,743,000
Nashv Ciiatt .V St I. August .
945,760 985.872 1,888,063 2,057.65'
N evada-Cal-Orogon 3d wk Oct
l i ,288
11,225
159,702
160,689
j New York Central A ugu st_
_ 14458039 13874967 28,320,511 26,904.465
Boston Sc Albany. August_ 1,525.740 1,487,009 3,061,047 2,957,189
_
n Lake Erie Sc W . A ugust_
_
575.17.8 566,603 1,064.551 1.074,558
M ichlgan Central A ugu st_ 3,243,727 3,021,357 6,293,269 5.859,699
_
Clove C C Sc St L A ugu st_ 3,563,500 3,367,000 6,727,018 6,514,147
_
Cincinnati North. A ugu st_
_
149,892 157,402
288,910
287,622
Pitts Sc Lake Erio August _ 1.823,809 1.518,102 3.479,332 3,021,763
_
N Y Chic Sc St L . A u g u st_ 1.053.086 967,114 2,017.874 1,887,772
_
T o l Sc Ohio C ent. August _
_
It 8,381
544,932
821,348
861,339
T o t all lines above August _
_ 26811536 2.5504486 52.073,890 49.368.553

AGGREGATES
* Weekly Summaries.

Current
Year.

OF

Previous
Year.

GROSS

Latest Gross Earnings.

Previous
Year.

ROADS.

%

Current
Year.

Previous
Year.

July 1 to Latest Date.

Current
Year.

Previous
Year.

Now Orl Great Nor September
432,731
429,122
N O Mobile S Chic. August .. .
c
282,804
342.357
N Y N H & H artf.. August__
12.511,713 11.512.543
N Y Ont S Westorn September
c
2,601,113 2,815,260
N Y Susq & W est.. August ...
635.5 10
601.704
Norfolk Southern.. September
1,028,736 1,001,121
Norfolk S Western. August ...
c
9,196.836 7.746.302
September
_
Northern Pacific_
18,194,302 18,601,840
Northwestern Pac . August__
919,333
833,244
Pacific Coast C o __ August . . .
1,318,790 1,239,262
^Pennsylvania ItIt. August___
34,430,410 33.069,793
Balt Ches S Atl. August___
c
307,208
341,523
Cumberland Vail. August___
521,351
522,736
Long Island___ August___
3,025,805 3,025.083
Maryl’d Del & Va August___
233,679
220,356
N Y Piiila & Norf August___
862,694
805,742
Phil Balt & Wash August___
3,825.61.3 3,757,065
W Jersey & Seash August___
1,913,526 1,811.603
Pennsylvania Co__ August___
11,419.695 10,69 4,500­
Grand Rap & Ind August___
958,726 1,019,719
Pitts C C & St L . August___
7,137,9301 7,061.469
Vandalia_______ August___
1,901,803 1,961,438
Total lines—
East Pitts & Erie August___ 23610 954 23011491 16,269,487144,823.078
West Pitts & Erie August___ 11152 942 10792320 21,697,425 21,045,371
All East S West. August___ 34709896 33803 817 07,966,912 05,868,451
c
_
Pere Marquetto_ August__ 1,629,418^1,624,690 3,182,022; 3,003,017
Reading Co —
Phila S Reading. Soptombor 4,461,726 4,291,141 12,775 ,177 12 ,242,337
c
Coal S Iron C o_. Soptomber 2,125,137 2,797.331 5,910 ,450 7 ,097,676
c
Total both cos__ Soptombor 6,586,963 7,088,472 18,091 ,627 19 340.012
Rich Fred & Potom August__
211,727; 207,916
405,829
461 ,653
Rio Grande Junc’n. August__
85,174
97,776
101 ,732
176,281
Rio Grande S outh.. 3d wk Oct
14,070
14,419
185,556
183 ,968
Rock Island Lin
A u gu st_ 6,385,862 6,603,030 12,052 ,348 12 ,703,788
_
Rutland__________ A u g u st_
_
327,198 325,279
640 ,955
032,187
St Jos & Grand Isl. A ugu st_
_
129,498 1 10,171
245 ,653
336,279
St L Brownsv S M . A u g u st_
c
_
241,079 226,616
424 ,385
426,192
St L Iron Mt & Sou A u g u st_ 2,608,518 2,735,461 5,040 ,567 5 ,470,530
_
St Louis S San Fran August .
c
3,753,083 3,814.985 7,393 .30; 7 ,060.938
St Louis Southwost 3d wk Oct 273,000 229,000 3,554 ,822 3 ,447,309
San Ped L A & S L_ A u g u s t ___
958,193 770,009 2,011 ,655 1 648,800
Seaboard Air L in o .. A u g u s t __ 1.576,580 1,090.828 3.201
3 523,999
Southern P acific___Septem ber
13281718 11910999 39,452 778 35 246,076
Southern R a ilw a y .. 3d wlc Oct 1,362,973 1,216,320 20,167 481 20 694,370
M obile Sc Ohi >. .I2d wlc Oct
234.44 l 195,091 3,155,909 3,444.751
Cin N O Sc T ox P 3d wk Oct 217,159
176.779 2,948,201 2,962,970
A la Groat S outh. 3d wk Oct
116,172
84,424 1,458,422 1,490,900
Georgia Sou & Fla 2d wk Oct
44,944
45,273
028,684
693,195
Spok Port Sc Seattle A u g u s t ___
460,785 461,246
892,740
931,940
Tenn Ala & Georgia 2d wk Oct
1,318
1,432
23,601
24,286
Tennessee C e n tr a l.;A u g u s t___
132,214 140,625
262,088
294,778
Texas & P a cific____3d wlc Oct
408,905 400,918 5,560,491 5,512,336
T oledo Peo Sc West 3(1 wk Oct
25,970
24,642
387,659
409,174
T oledo St L Sc W est 3d wlc Oct 125,108 102,856 1,639,275 1,493,685
Trinity & Brazos V . A u g u s t ___
59,0 42
83.193
1 I I ,877
219.010
Union Pacific S yst. September 9,152,404 9,162,999 25,445,393 5,190,263
V irgin ia n .................. A u g u s t
611,611 572,604 1,230.200 1,042.115
Virginia & SO' W est. A u g u s t ___
152,719 178.076
298,928
347,378
W a b a sh ___________ September 2,861,901
647,733 8.100,040 8,089,816
Western M arylan d. 3d wlc Oct
205,009 106,731 3,240,129 2,700,441
Western R y o f A la . A u g u s t ___
105,949
93,190
187,832
210,978
Wheel & Lake Erie. September
749,501 509,727 1,979,098 1,617,362
Wrightsville Sc Tenn! A u g u s t ___
16,821
19,241
30,363
Y azoo

Sc

M iss V ail. Soptombor

1,100,166

Various Fiscal Years.

878,547 2,997,209 2,650;850-

Period.

Current
Year.

Previous
Year.

B uffalo Sc Susquehanna R R ____ Jan 1 to Sopt 30 $1,054,408 SI,057.486
D e la w a re * H udson___________ Jan 1 to Aug 31 14,950,752 14,848,804
E rie ____________________________ Jan 1 to Aug 31 41,232,933 39,351.864
New York C e n tr a l./___________
l to Aug 31 193873404 100050767
Boston Sc A lb a n y____________ Jan 1 to Aug 3! 11,189,551 11,015,638
Lake Erie * W estern .n _____ Jan l to Aug 31 3,830,091 3.759,821
M ichigan C e n t r a l___________ Jan 1 to Aus 31 22,851,323 22.121.9S6
Clevo Cine Chic Sc St L o u is .. Jan 1 to Aug 31 23,709,308 23.097,992
1
Cincinnati N orthern_________
0 >3 9.9.9,
1 non :*xo
Pittsburgh Sc Lake Erie_____ Jan 1 to Aug 31 10,517 7270 11,017^340
Now York Chicago & St Louis Jan 1 to Aug 31 7,699,581 7.450,674
1
Toledo Sc Ohio C entral______
X
31 2.893 112 2 917 > 9
T otal all l in e s ____________ Jan 1 to Am? 31 187612028 182362719
N Y Susquehanna * W estern .. Jan 1 to Aug 31 2,638,571 2,590,770
^Pennsylvania R a i l r o a d ______ Jan 1 to Aug 31 122589 114 124850342
Baltimore Chesap Sc Atlantic Jan 1 to Aug 31
703,960
842,806
Cumberland Valley__________ fan 1 to Aug 31 1,901.552 2.231,197
Long I s la n d _________________ Jan 1 to Aug 31 9,078,805 9,042,931
M aryland Delaw * Virglnia. Jan 1 to Aug 31
599,031
020,054
N Y Philadelphia Sc N orfolk . Jan 1 to Aug 31 2,728,944 2,598,804
Phila Baltimore & Washing'n Jan 1 to Aug 31 13,542,230 13,575,991
W est Jersey * Seashore_____ Jan 1 to Aug 31 4,091,748 4,557,932
Pennsylvania C o m p a n y ________ Jan 1 to Air-? 31 36,635,910 30,956,176
Grand Rapids * Indiana____ Jan 1 to Aug 31 3,425.257 3,588,388
Pitts Cine C hic * St L ouis_
_ Ian 1 to Aug 31 25,577,541 20,228,450
VandaMa_____________________ Jan 1 to Aug 31 7,058,861 7.159,75 )
T otal lines— East Pitts Sc Erie lan 1 to Auc; 31 159031218 161500863
— W estPitts * Erie Jan 1 to Air? 31 73,715.403 74.999,801
— All Lines E * W . T
an 1 to Aug 31 232746620 236500063
R io Grande Junction___________ Dec 1 to Aug 31
624,507
661,261
R u t la n d _______________________ Jan 1 to Aug 31 2,274.300 2,312,238

E A R N I N G S — W e e k ly

Increase or
Decrease.

Week or
Month.

and

M o n th ly .

* Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%
5
$
Mileage.
Cur. Yr. Prev. Yr. 1
$
S
S
$
(37 roads)___ 11,965.891 12,618,877
— 652.986 5.17
December ..240.807 24 .
1232,598,369 258.285.270 — 25.086,901 9.94
(36 roads)___ 12,220.564 12,778,103
— 557,539 4.62 January____ 246.959 243,559 220,282,190 230,880.747 — 10.598.551 7.01
(33 roads)____ 16,778,185 17,122,595
— 314.410 2.01
February___ 246,186 2 42.837 210,800,681 212,163.967 — 1,30.3,280 0.01
(36 roads)____ 12,032,766 12,057,576
— 24,810 0.20
M arch.......... 246.848 243.598 23+157.881 253,352,099 — 15,194.218 5.99
(37 roads)___
13.108,817 13,384,850
— 276.003 2.07
A p r il.............247.701 245.170 237.090,378 211.090.842 — 3.39 4,464 1.41
(35 roads)___ 13.332,571 13,349,783
— 17,212 0.13
M a y ...............247.717 245.207 214.692,738 243,367.953 + 1.324.785 0.54
(37 roads)___ 18,614,775 17,922,504
+692,211 3.83 June.............. 240.219 235,828 2 IS..849.710 247.535,879 4-1.313.837
(37 roads)___ 14,393,591 13,219,948 + 1,143,613 8.63 July............... 213042 241.796 262.948.115 260,624.000 + 2,324.115 0.53
0 8E
(39 roads)___ 14,406,155 12,873,769 + t,532,386 11.08 August______217.809 21
279, S91,221 274.6IH.38l + 5,272,843 1 .93
(32 roads)___ 14,372,120 12,225.873 +2,146,247 17.49 1 September-- 90,037
8
78,783,103 70,074,201
+703,959 0.93
a Inclados Cleveland Lorain & Wheeling Ry. b Includes Evansville S Terre Hauto and Evansvillo S Indiana R R . e. Includes Mason City * Fort
c
c
IJocigo and tho n isconsm Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts. > Does not include earnings of Colo'
J S . , & Cripplo Crook District Ry. j Includos Louisville & Atlantic and tho Frankfort & Cincinnati, (j Includes tho Texas Central and tho
-vX i 1
JS o la i f a j 1 IAlP
ludS?TJh0xSt,. ^ ,lds
Mountain & Southern, j The comparisons here given aro with the results of operation of tho Now
York Central & Hudson River RR. Lako Shoro * Michigan Southern Ry.. Chicago Indiana * Southern RR. and Dunkirk Alloghony Valiev & Pittsburgh
R R ., which havo been combined for such comparative purposes only, n Includos tho Northern Ohio R R . p Includes the Northern Central. *We
no longer include tho Mexican roads in any of our totals.
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

week
week
week
week
week
week
week
week
week

Aug
Aug
Aug
Sept
Sept
Sopt
Sopt
Oct
Oct
week Oct




L a t e s t G ro s s E a r n in g s b y W e e k s .— In tlio table which
follows wo sum up separately tho earnings for the third week
o f O ctober. T h o table covers 3 2 roads and shows 1 7 .4 9 %
increase in the aggregate over the same week last year.
T h ir d

1915.

W e e k o f O cto b er.

Alabama Groat Southern---------A nn A r b o r _____________________
B uffalo R ochester & Pittsburgh
Canadian N orthern.................. ..
Canadian P a cific-------------------. .
Chcsapoako & O hio------------------Chicago Groat W estern-----------Chicago Indianapolis t c L ou isv.
■Cine New Orl & Texas P a c ific ..
Colorado & Southern__________
Denver & R io Grande..................
D etroit & M ackinac___________
Duluth South Shore & A tlantic.
Grand Trunk o f C anada...........
Grand Trunk W ostorn_____
D etroit Gr Haven & M ilw__
Canada A tlantic___________
Louisville & N ashville_______
M ineral R an ge-------------------------M inneapolis & St Louis______ 1
Iow a C ontral______________ (
M inneapolis St Paul 4 S S M . .
Missouri Kansas & T oxas______
Missouri P a cific________________
N evada-California-Orogon_____
R io Grande Southern__________
St Louis Southwestern________
Southern R ailw ay_____________
Texas & P a cific_______ ________
T oledo Peoria & W ostorn____
T oledo St Louis & W estern____
W estern M arylan d____________
T otal (32 road s)_
_
N et incroaso (17.49).

1914.

116.172
55.951
253,231
791.800
3,068,000
856,961
328,005
155,227
217,159
331,292
584,200
23,499
66,973

In crea se.

8
$
84,424
31,748
50,343
5,608
45,961
207,270
499,000 292,800
2,040,000 1,028,000
725,060| 131,301
340,346
27,737
127,490
40,380
176,779
3,508
327,784
45,600
538,600
2,369
21,130
12,699
54,274

1.043,088

969,483
1,028,870
14,206
232,348
672,343
687,3S2
1,262,000
11.225
14,419
229,000
1,216,320
400,948
24,642
102,856
166,731

12.341

642,655
1,264,000
11,288
14,070
273,000
1,362,973
408,905
25,970
125,108
205,009

76,420
"2~,665
63

44 000
146,653
7,957
1,328
22,252
38,278

14.372,120 12,225,873 2,203 664

2,146,247

----- G r o s s
C u rren t
Y ea r.

E a r n in g s —
P r e v io u s
Y ea r.

C ine Ilam & D ayton b .S e p t 1,058,631
July 1 to Sept 3 0 . .......... 2.973,469

939,903
2,856,096

Colorado Southern b _ . -Sept 1,319,152 1,218,538
J u 'y 1 to Sept 39............ 3,685.113 3,545.421
Cuba R R
_____ Sept
411.923
314,676
Jan 1 Vo Sept 30— — 1.248,017 1,040.707
D el Lack & W estern b . .S ept 4 .048,748 3,857,125
July 1 to Sept 3 6 ______ 11,194,582 11,324,747
D etroit & M ackinac a ..S e p t
8{j-f}28
96,953
302,669
July 1 to Sept 3 0 ---------273,807
2,583
2,877
Fairchild & N K b _____ Sept
7,237
8.595
July 1 to Sept 3 0 ---------Illinois Central a ----------Sept 5,756,583 5,529,431
July 1 to Sept 3 0 ............16,165,252 16,770.904
N Y Ont & W est a ..........Sept
727,510
821,968
July 1 to Sept 3 0 ______ 2,601,113 2,815,160
Northorn P acific b ......... Sept 6,768,189 6,733,845
July 1 to Sept 39............18,194.302 18,601,840
709.194
P acific C oast_____ _____ Aug
July 1 to A ug 31----------1,318,790

649,792
1,239,262

44,727
349

57,417

G ro ss E a r n in g s —
C u rren t
P r e v io u s
Y ea r
Y ear.

Adirondack El Pow a _ Sopt
_
110,578
Jan 1 to Sopt 3 0 ______
937,493
G roat W est Pow C o SysaSept
240,921
Jan 1 to Sept 30............ 2.128.644
N ovada-C allf Power a - -S ept
140,207
Jan 1 to Sept 3 0 ............ 1,228,323




$
96,605
904,937
226,332
1,978,922
152,335
1,150,189

C204.267
C392.850
C735.867
c841,544
447,312
380,081
953,136 1,083,187
2,836,668 2,467,112
6,846,889 7,039,494
502,475
478,888
1,215,706 1,490,602
242,568
309,737
709,519
854,999
385,443
481,224
9^5,151
1,135,797
122,850
169,001
415,880
576,481
1,788,093 l,5t9,957
4,279,310 4,141,964
21,274
14,658
71,277
67,011
def 559
def 800
def 2,750
dof3,971
1,327,333 1,259,721
2,982,190 3,226,326
188,422
186,358
911,968
916,020
2,894,561
3,442.600
7,124,336

113,773

212,426

1,443,889
3,807,617
207,892
89,801
1,651,781
3,897,417
561.458
1,668,880
2,213,239
5,566,297
n29,333
«198,378
3,909,164
10,545,615
1,255,505
3,976,580

3,923,913

10,056,195
185,176
602,022
170,756
421,862

------ N

e t E a r n i n g s ——
C u rren t
P r e v io u s
Y ea r.
Y ea r.
$

45,164
382,498
169,144
1,496,076
71,996
619,940

304.973

29,303
291,986
160,198
1,306.585
80,115
552,277

S
25,320
232.141
198,614
594,824
123,617
678,180
868,675
2,510.894
246,374
730,598
72,012
216,294
121,444
369.725
1,133,376
3,363.645
1,235,916
3,707,750
8,333
75,000

$
S
$
*15.443
27,200
*48,113
*188,769
*82,951
248,095
*101,982
198,955
*151,359
594,483
*3S9,922
*380.063
109,725
156,464
237,587
274,956
628,734
454.453
1,967,993 1,527,596
939,516
2,771,648 4,335,995 4,267,846
232,514
254,649
247,826
783,672
485,108
706,930
96,989
52.654
70,196
205,113
360.187
210,767
64,914
59,458
128,946
529,195
382,773
546,295
1,164,472 *2,573,560 *2.037,816
3,474,685 *5,452.392 *4,519,219
972.572
1,240,667 1,058,216
3,722,000 2,272,991 1,844,296
17,219
8,333
21,000
112,352
75.000
123.378

IN D U S T R IA L C O M P A N IE S .
— I n t . , R e n t a l s , & c . ------ - B a t .

e t E a r n i n g s -----C u rren t
P r e v io u s
Y ea r.
Y ea r.

Reading Company—■
. ... ...
Phila & Reading b .--S o p t 4,461,726 4,291,141 1,755,815
July 1 to Sept 30______12,775,177 12,242,337 4,522,541
Coal & Iron Co b ___ Sept 2,125,237 2.797,331 d e f23,958
7,097,676 dof228,962
July 1 to Sopt 30______5,916,450
Total both Cos b ___ Sept 6,586.963 7,088,472 1,731,857
July 1 to Sopt 30___ ..18,691,627 19,340.012 4,293,579
Reading Company b-Sopt
______
______
562,275
July 1 to Sopt 30........ ....................
........... 1.687,161
Total all Cos b ______Sept
______
______ 2,292,132
July 1 to Sept 30............................................. .
5,980,740
R io Grande Ju nction___Aug
85,174
97,776
n25,552
D ec 1 to A ug 3 1 ______
624,507
661,261 nl87,352
Southern Pacific a ------- Septl3.281.718 11,940,999 4,738,075
July 1 to Sept 30--------- 39.452,778 35,246,076 13,927,581
Southern Railway b ----- Sept 5,616,933
5,509,732 1,912,518
July 1 to Sopt 30...........16.140,461 16.902.895 5,081.925
Union Pacific a -----------Sept 9,152,464
9,162,999 3,928.276
July 1 to Sept 30--------- 25.445,393 25.190.263 10.180,309
Wostorn Maryland b_.-S opt
930.244
724,690
328,461
July 1 to Sopt 30........... 2,670,095 2,200,248
929,953
Yazoo & Miss Valley a-Sept 1,100,166
878,547
332,372
July 1 to Sept 30........... 2,997,209 2,656.850
717,564
IN DU STRIAL COM PANIES.

$

90,615
261,837

I n i . , R e n t a l s , & c . --------- B a t . o f N e t E a r n s .—
C u rren t
C u rren t
P r e v io u s
P r e v io u s
Y ea r.
Y ear.
Y ea r.
Y ea r.

Buffalo & Susq________ Sept
Jan 1 to Sept 30______
Buffalo Roch & Pitts_ Setp
_
July 1 to Sept 30______
Chicago Great West___Sept
July 1 to Sept 30______
Chicago & North West-Sept
July 1 to Sept 30______
Chicago St P M & O ____ Sept
July 1 to Sept 30______
Cuba R R ______________Sept
July 1 to Sept 3 0 ____
N Y Ontario & West___Sept
July 1 to Sept 30______
Northern Pacific______ Sept
July 1 to Sept 30______
Reading (all companies) Sept
July 1 to Sept 30______
Rio Grande Junction___Aug
Dee 1 to Aug 31---------

------ N

8,008,114
166,204
267,527

$
95.325

—

867,942
302,843
238,851
B uff R o c l i * Pitts b _____ Sept 1,016,388
July 1 to Sept 30.............. 2,924,326 2,790,078
839,575
792,256
142,329
122,142
40,299
11,111
B uffalo & Susq a . ........... Sept
Jan 1 to Sept 3 0 ............. 1,054,468 1,057,486
136,914
62,174
Canadian N orth ern --------Sept 2,014,600 2,109,900
662,600
590.700
July 1 to Sept 3 0 ----------- 4,413,600 5,071.900 1,186,600 1,265,900
Canadian Pacific a _____ SeptlO.273,165 10,754,139
4,745,301 4,367,048
July 1 to Sept 3 0 ________26,969,992 31,153,876 10,988,019 11,508,652
Central o f G e o r g ia -b ...S e p t 1,093.760
975,442
July 1 to Sept 3 9 ............ 2,981,584 3,173,317
Chicago Great W is t b . _ Sept 1,264,100 1,346,757
July 1 to Sept 3 0 ______ 3,613,995 3,738,623
C hicago & N or W est a .S e p t 8,406,434 8,098,316
July 1 to Sept 3 0 ............23,533,842 23,839,210
Chicago St P M A O a__Sept 1,734,468 1,721.577
July 1 to Sept 3 0 ______ 4,666,542 5,010,890

$
295,930
1,053,841

d E a r n i n g s -----C u rren t
P re v io u s
Y ea r.
Y ea r.

a Not earnings hero given are after deducting taxos.
b Net earnings here given are before deducting taxes.
j For September taxes and uncollectible railway revenue amounted to
8485,836 against $465,432 in 1914; after deducting which, net for Septem­
ber 1915 was $3,639,361 against $3,616,657 last year. From July 1 to
Sept. 30 taxos, &c., were $1,457,276 in 1915 against $1,385,959 in 1914.
c After allowing for uncollectible revenue and taxes, operating income for
Sept. 1915 was $339,935, against $154,436, and from July 1 to Sept. 30
was $684,902 in 1915, against .$581,301 last year.
n These figures represent 30% o f gross earnings.

R oa d s.

S
8
8
S
A tch Topeka & S P e b -_ S o p t 10,795,293 10.639,292 14,125,198 14,102,099
July 1 to Sept 3 0 ............32,122,012 3 0 ,4 1 5 ,0 2 3 jl2 ,0 4 7 ,1 0 6 jll.2 8 9 ,4 6 3

C o m p a n ie s .

$
Southern U tilities-a—
291,467
July 1 to Sept 30____ - .
O ct 1 to Sept 30____ . . 1,065,958

------ N

In te r e st C h arges a n d S u r p lu s.

113,185
6,636
3,576

748,763

8

——— G r o s s E a r n i n g s —
C u rren t
P r e v io u s
Y ea r
Y ea r.

C o m p a n ie s .

73,605

1,142.055
20,842
235,924

D ecrea se.

N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h o table
following shows tho gross and net earnings of S T E A M
railroads and industrial companies reported this w eek:

R oa d s.

1455

THE CHRONICLE

OCT. 30 1915.]

C u rren t
Y ear.

C o m p a n ie s .

Adirondack El Pow a .-S e p t
Jan 1 to Sopt 3 0 ............
Great W est P ow C o Sys Sept
Jan 1 to Sept 3 0______
N ovada-C alif P ow er___Sept
Jan 1 to Sept 30______
Southern Utilities—
July 1 to Sept 30______
O ct 1 to Sept 30______
x

P r e v io u s
Y ea r.

o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ear.
Y ear.

S
21,003
189.885
106,450
950,079
32,785
294,125

21,050
190,537
101,712
897.374
32,082
257,954

$
24,161
192,614
*80,156
*700,012
39,211
325,815

$
8,253
101,449
*76,579
*575,739
48,032
294,323

39,197
131,749

23,597
87.082

56,128
173,223

67,019
174,754

$

A fter allowing for other incom e received.
E X P R E S S C O M P A N IE S .
1915.
$313,848
189,775

J u l y ----1914.
$343,203
207,806

Revenue from transportation---------Operations other than transportation.

124,073
4,960

135,396
4,947

T otal operating revenues.
Operating oxpenses-------------

129,033
91,221

140,343
92,750

37,812
19
4,284

47,593

33,509

43,412

— M o n th
G r e a t N o r t h e r n E x p r e s s C o .—
T otal from transportation-------------------------------- ------Express privileges— D r ............................................... —

N et operating revenue---------------------------U ncollectible revenue from transportation.
Express taxes-------------------------------- ----------Operating in com e.

of

4,181

E L E C T R IC R A I L W A Y A N D T R A C T I O N C O M P A N IE S .
L a te s t G r o s s E a r n in g s .
N am e of
R oad.

W eek or
M o n th .

American R ys C o ___ September
A tlantic Shore R y — September
c Aur Elgin & ClU cliy A u g u s t ___
.
Bangor R y & Eloctric August —
Baton Rouge E lec C o A u g u s t ___
B oltL R y C o rp (N Y C ). J u n o -------Berkshire Street R y . A u g u s t ___
Brazilian T rac, L & P A u g u s t ___
B rock & Plym St R y . A u g u s t ___
Bklyn R ap Tran Syst J u n e _____
C apo Breton Elec C o A u g u s t ___
Chattanooga R y & Lt A u g u s t___
Clov Painesv & East. A u g u s t ___
Clevo Southw & Col. A u g u s t___
Colum bus (Ga) El Co A u g u s t___
Colum (O) R y . P & L A u g u s t___
f/Com ’w ’th P R y & L September
Connecticut C o ......... A u g u s t ___
Consum Pow (M ic h ). September
C um b C o (M e) 1’ & L September
Dallas Electric C o _ A u g u s t___
_
D etroit United Lines A u g u s t___
D D E B & Bat (Rec) J u n e _____
Duluth-Superior Trac September
East St Louis & Sub­ A u g u s t ___
Eastern Texas E le c .. A u g u s t ___
Kl Paso Electric C o . . A u g u s t ___
42d St M & St N A ve J u n e _____
G alv-IIous Elec C o . . A u g u s t ___
^Georgia R y & Power September
Grand Rapids R y C o A u g u s t ___
Harrisburg Railways September
Havana El R y , L & P
(Railway D e p t)_ W k Oct 10
_
Honolulu It T & Land August ___
Houghton C o T r C o . A u g u s t ___
l> Hudson & M anh at. A u g u s t ___
Illinois T r a c t io n ____ September
Interboro Rap T ra n . J u n e _____
Jacksonvillo T rac C o A u g u s t ___
Keokuk E lectric____ A u g u s t ___
K oy W est E lectric_ A u g u s t___
_
Lako Shore Eloc R y . A u g u s t ___
Lehigh Valley Transit August ___
Lewist Aug & Waterv August ___
L ong Island Electalc. J u n e _____
Louisville R a ilw a y .. September

C u rren t
Y ea r.

P r e v io u s
Y ea r.

1

Jan.

to

C u rren t
Y ea r.

$

2,085,118
384,465
180,505
3,623,732
7,991,352
17,163,038
410,421
150,873
74,392
906,050
1,316,494

d a te .

P re v io u s
Y ear.

$

50.336
47,745
25.511
427,195
953,079
2689,444
47,613
19,170
9.000
144,480
198,668

la tes t

467,622 474,478 3,963 ,981 4,139 .892
35,132
36,181
279 .041
284 .966
189.975 211,108 1,262 .686 1,403 50
73,221
72,661
512 .805
509 ,152
15.284
120 ,581
116 051
14,158
63,881
64,196
377 ,938
360 936
91,619 100,431
651 ,213
610 .036
/6576000 /6166100 /50963 ,110 /49073 ,148
,735
82 721
14,395
16,237
2384,038 2461,564 13,195 .402 13,196 219
231 531
220 1431
33,226 32,742
91,213
690 .446
91.032
735 842
43,789
276 141
267 ,845
43,453
837 571
114,658 123,058
810 ,839
56,000 54.600
434 827
454 .658
242,299 243,564 1,997 ,266 2,007 ,271
1211,588 1175,031 10.405 ,485 10,295 395
796,221 802,418 5,371 ,137 5,404 ,250
319,695 275,524 2,753 137 2.484 ,361
249,418 230,662 1,972 .112 1,899 ,051
147,944 174,775 1,165 ,443 1,467 ,8,SO
1228,043 1130,742 8.510 ,613 8.175 ,515
238 ,416
256 719
41,040 44,459
845 ,964
975 ,767
95,646 107,996
205,259 219,250 1,579 .845 1,768 .801
444 249
441 ,652
55,065 61,087
623 ,761
685 ,676
75,111
86.432
960 ,656
900 ,631
162,541 162,957
135,757 228,733 1,267 ,479 1,651 .632
522,935 523,160 4,693 ,467 4,664 ,047
851 .155
767 ,524
101.207 11 4.380
730 ,288
74,248 78.987
701 ,176
53.934
49,967
24,573
424,659
925.509
2714.667
55,798
21,529
11,388
156,220
182,931
79.359
76.293
25.593 25,214
251,593 272.245

2,178,175
402,669
193,034
3.704,590
8,009,480
17,515.940
495,919
164,031
88,805
966,324
1,226,769
485,631
452,778
110,279
112,567
2,192,296 2.393.886

1456

THE CHRONICLE
L a tes t G ro ss E a r n in g s .

N am e of
R oad.

W eek or
M o n th .

C u rren t
Y ea r.

M ilw E l R y & L t C o . September
M llw L t, l i t & Tr C o September
N ashville R y & Light A u g u s t ___
N Y C ity In te rb o ro .. Juno
N Y & L ong I s la n d .. Juno
N Y & N orth S h o ro .. June
N Y & Queons C o ___J u n e ______
N ew Y ork R ailw ays. J u n o ____
N Y & Stam ford R y . August . .
N Y W estchos & Dost August ._
N ortham pton T rac’n A u g u s t ___
N o r Ohio T ra c & L t . A u g u s t ___
N orth Texas Electric A u g u s t ___
N orthw Pennsyl I t y . A u g u s t ___
Ocean E lectric (L I ) . J u n o ____
Paducah T r & L t C o . August . . .
Pensacola Electric C o August . . .
Phila R apid T ransit. September
Phila & W estern____ A u g u s t ____
Port (Ore) R y,L & P C o A u g u s t ___
Portland (M o) RR__ August
Puget Sound T r.L & P A u g u s t ___
^Republic R y & Lt__ September
R hode Island C o ____A u g u s t ____
R ichm ond Lt & H R . J u n e _____
St Jos R y Lt H & PC o September
Santiago El Lt & T r . August . . .
Savannah Electric C o A u g u s t___
Second Avenue (R ec) Juno
Southern B oulevard . Juno
Staten Isl M id la n d .. J u n o _____
T am pa E lectric C o . . A u g u s t ___
T hird A venue______ J u n e ______
T oron to Street I t y .. September
T w in C ity R ap T ra n . 2d wk Oct
Union R y C o o f N Y C Juno
Virginia R y & P ow er. September
W ash B ait & A nnap. A u gu st_
_
W estchester E lectric. J u n e _____
W estchester St R R_ _ A u gu st_
_
Yonkers Railroad___ J u n e _____
Y ork Railways______ September
Youngstow n & Ohio August

$

490,241
137,752
1(56,467
58,871
39,270
14,810
125,290
1134,141
46,258
40,621
17,119
360,055
147,066
36,139
15,859
23,551

1

Jan.

P re v io u s
Y ear.

to

C u rren t
Y ea r.

la tes t

d a te .

P r e v io u s
Y ea r.

%

479,857
132,480
180,508
58,617
37,509
15,799
125,931
.1175,971
52,391
36,139
17,785
343,543
174,662
40,508
18,668
24,804
22,669
1949,439
37.051
487,264
121.027
689.028
244,649
535,817
38,252
101,596
38,457
71,339
87,597
20,364
32,767
82,810
344.063
525,254
176,066
255,702
424,985
74,839
56,780
27,734
64,585
63,398
25,461
16,490

4,328,917
1,105,074
1,393,132
340.882
200,188
76,948
654,994
6,588,305
257.316
307,984
116,290
2,488,442
1,086,328
236,251
49,727
186,003
22,0
166.192
2009,979
17,746,129
41,267
296,674
460,861
3,665,162
121,917
703.832
606,229
4,964,859
266,302
2,234,921
511,492
3,279,760
36,794
175,530
105,440
933,764
39,182
307,718
65.768
526.883
79,751
409.316
20,358
109,067
33.134
141,904
78.924
648,023
336,163
1,891,236
489,573
4,173,872
178,989
7,355,745
251,078
1,330,892
452,005
3.820,473
71,767
535,794
51,367
272,076
24,718
167,080
60.753
354,049
72,186
597,104
25,077
188,417
Youngstown & South August .
17.135
112,143
t> Represents income from all sources, c These figures are for consoli­
dated company. /Earnings now given In mllrols. a Includes constituent
companies.
E le c tr ic R a ilw a y N e t E a r n in g s .— T h o follow ing table
gives tho returns o f E L E C T R I C railw ay gross and net
earnings reported this w eek:
------ G r o s s
C u rren t
Y ea r.

R oa d s.

E a r n i n g s ----P r e v io u s
Y ea r.

Atlantic Shoro R y .b _ Sept
_
35,132
Jan 1 to Sept 30______
279,041
Bay State St R y b—
. July 1 to Sept 30........... 2,874,745
Duluth-Superior Trac a Sept
95,646
Jan 1 to Sept 30______
845,964
Harrisburg R ys_______ Sept
74,248
Jan 1 to Sept 30______
701,176
Illinois Traction.a_____Sept
953,079
Jan 1 to Sept 30______ 7,991,352
Milw Elec Ry & Lt a _ Sept 490,241
_
Jan 1 to Sept 30........... 4,328,917
Milw Lt lit & Trac a ...S e p t
137,752
Jan 1 to Sept 30______ 1,105,074
Northwestern Penna_ Aug
_
36,139
Jan 1 to Aug 31...........
236,251
Philadelphia Co and affiliated cos—
Nat Gas & Oil Dents.Sept
475,677
Apr 1 to Sept 30______ 3,172,040
Consol Gas Co of Pitts Sept
6,877
Apr 1 to Sept 30___ . . .
52,985
Duquesno Light C o..S ep t
401,018
Apr 1 to Sopt 30______ 2,358,206
Pennsyl Lt & Power..Sept
14,422
Apr 1 to Sopt 30______
86,126
Pittsburgh R ys______Sept 1,002,711
Apr 1 to Sept 30______ 6.031,304
Beaver Vail Tract_ Sept
_
31,054
• Apr 1 to Sopt 30...........
178,996
St J o s R y L tI I t & P a -.S e p t
105,440
Jna 1 to Sept 30______
933,764
Third Ave System a ___ Sept 946,706
July 1 to Sept 30........... 2,863,934
Twin City Rap Tran a.Sopt
816.124
Jan 1 to Sept 30______ 6,996,426

------ N

e t E a r n i n g s ----C u rren t
P re v io u s
Y ear.
Y ea r.

$
36,181

284,966
2,948,926
107,996
975,767
78,987
730,288
925,509
8,009,480
479,857
4,470,381
132,480
1,145.954
40,508
241,806

12,871
57,062

$

11,150
70,021

1,017,593 1,186,284
31,859
38,504
372,419
219,496
10,357
6,284
114,343
90,247
399,580
395,744
3,077.698 3,120,120
136,439
142,159
1,150,395 1,216,412
45,143
49,763
346,980
406,459
11,490
12,960
67,015
55,719

408,776
222,276
119,965
2,982,176 1,565,076 1,265,687
7,761
def5,144
def2,856
61,517
def5,793 def 11,867
382.808
186,814
150,821
2,289,094 1,120,874
896,870
15,023
4,216
5,580
94,348
28,051
31,984
984,912
350,611
254,259
6,120,389 2,171,313 1,799.455
30,335
12.087
10,598
58,252
181,424
54,149
101,596
46,672
48,795
958,580
416,948
410.996
333,860
935,136
279,410
942,212
2,894,846
952,892
803.495
262,425
284,042
6.936,839 2,000,223 2,183.200
a Net earnings here given aro after deducting taxes,
b Net earnings here given aro before deducting taxes.
I n t e r e s t C h a r g e s a n d S u r p lu s .
— I n t.,

R e n t a l s , & c .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.

R oad s.

$

Bay State Ry—
July 1 to Sept 30...........
519,585
Duluth-Superior T rac..S opt
13,896
Jan 1 to Sept 30______
130,254
Milw Elec Ry Sc L t____Sept
67,043
Jan 1 to Sopt 30______
609,367
Milw Lt lit & Trac___ Sept
55,267
Jan 1 to Sept 30...........
504.559
St Jos Ry Lt lit & P _ Sept
_
20,833
Jan 1 to Sept 30.
187,500
Third Ave System_______Sept 212,574
July 1 to Sept 30.
637.807
Twin City Rap Tran____ Sept 82,621
746,294
Jan 1 to Sept 30...........

$

- D a l . o f N e t E a r n s .—
C u rren t
P re v io u s
Y ear.
Y ear.

S

523.271
498,008
663,013
14,464
*19,233
*25,026
133,545
*100,877
*248.578
69,212
*77,887
*70,923
629,550
*562,323
*633,748
54,601
*34,991
*40,206
493,126
*247.965
*318,818
20,833
27,962
25.838
185,588
229,447
225,408
212.197
*128,702
*74,811
639,048
*326,015
*335,550
80.610
*181,603
*205,391
739,163 *1,272,360 *1,453,828

* After allowing for other income received.

ANNUAL REPORTS
A n n u a l R e p o r t s .— T ho follow ing is an index to all annual
reports o f steam railroads, street railways and miscellaneous
com panies which have been published sinco Sopt. 2 5 .
T h is index, which is givon m on th ly , does not includo
reports in to -d a y ’s “ C h ron icle.”




[Vol. 101.

R
ailroads
—
Page.
E le c tr ic R y s . (.C o n c lu d ed .)—
P a ge■
Alabama Great Southern RR.118S, 1266 N. Y. Railways__________________ 1367
Ann Arbor RIt___________________ 1300 Quebec Ry. Light Heat A Power
Atchison Topeka A Santa F e .. 1180, 1194
1091
C o., Ltd........ .....................
Atlantic Coast IJno Co. of Conn___ 1268 San Francisco-Oakland Term. R ys. 1014
Bangor & Aroostook______________ 1,865 Spokane A Inland Empire R R _____ 1274
Boston & Maine_________________ 1182 United RRs. of San Francisco______ 1372
Canadian Pacific R y...... ...........
1,984
Central RR. Co. of N. J ____ 1008, 1090
I n d u s t r i a l s .—
Central Vermont R y_______________1272 American Malt Corporation............. 1368
Chesapeake A Ohio R y_____ 1086, 1101 American Malting C o.......... .............. 1368
Chicago Great Western R R ________1 180 American Seeding Machine Co.,
Chicago Indiana* Louisv. Ry.1013, 1090
Springfield, Ohio........ .................... 1373
Chicago Lake Shore A Eastern Ry__1265 American Shipbuilding Co_________ 1274
Chicago Terre Haute & Southeast­
Amoskeag Mfg. Co________________1191
ern R y...................................1092, 1185 Canadian Locomotive Co., Kings­
Chicago A Alton R R .............. ........... 1.864
ton, Ont............ .................. 1094, 1187
Colorado Midland R y____________ .1370 Caney River Gas C o________1094, 1187
Cripple Creek Central R y___ 1092, 1184 Cedars Rapids Mfg. A Power Co.,
Denver & Rio Grande R R ...1 0 0 8 , 1018
Montreal (9 mos. end. Sept. 30)..1373
Detroit Toledo A Ironton RR.1188, 1267 Citizens Gas Co. of Indianapolis___ 1373
Duluth Mlssabe A Northern R y__ 1272 Citizens Telephone Co., Grand
Duluth South Shoro & Atlantic Ry.1009
Rapids, Mich...............
H88
Duluth & Iron Range R R _________ 1272 Coast Valley Gas A Electric Co___ 1373
East Broad Top RR. & Coal C o___ 1370 Cockshutt Plow C o., Ltd__________ 1.373
Elgin Joliet & Eastern R y............. ..1267 Colorado Fuel A Iron Co., Denver. 1011
Florida East Coast R y____________ 1 188 Consolidated Gas Electric Light A
Georgia Southern & Florida R y ___ 1370
Power C o.................
.1012
Great Northern R y______________ 1363,1.375
Cumberland County Pow. A Lt. C o .1186
Guantanamo A Western R R _______ 1,367 Ford Motor Co.. Detroit, Mich___ 1368
Gulf A Ship Island R R ........... 1189, 1.366 General Chemical C o., N. Y. (9 mos.
Hilo R R ., Hawaii.........................
1189
ending Sept. 30)___________ .-...1373
Hocking Valley R y................ ........... 1087 General Motors Co., Detroit..1011, 1023
Illinois Central R R ........ ........ 1265, 1277 Granby Consol. Mining Smelting A
Illinois Southern R y.......... ..1370, 1088
Power Co., Ltd.................... 1192, 1368
International A Great North. Ry__1088 Intercontinental Rubber Co. (of
Kansas City Southern R y____1087, 110.3
N . J.), New York________ . . . 1271
Lehigh A New England RR. C o___ 1009 Jefferson A Clearf. Coal A Iron C o. 1368
Louisville A Arkansas R y____1092, 1185 Keystone Telephone Co., Phila.
Louisville Henderson A St. L. Ry__1370
(Consolidated Earnings 9 mos.
Louisville A Nashville R R ...1 1 8 0 , 1284
ending Sept. 30).......
.1275
Maine Central R R ...................
1090 Lake of tho Woods Milling Co_____ 1192
Midland Valley R R ...........................1366 Laurentklo Company, Ltd., Grand
Minneapolis St. Paul A Sault Ste
Mere, Q...............
1271
Marie R R ......................................1014,1089
Lehigh A Wllkesbarre Coal C o........ 1012
Minneapolis A St. Louis R R. (re­
Lackawanna Steel Co. (Combined
sults for year 1914-15 reported
results for 3 and 9 months ending
to N. Y . Stock Exchange)...........136.3
Sept. 30).....................
..1275
Missouri Pacific R y.......................... 1089,1183
Maritime Coal Ry A Pow Co., L td .1187
Montana Wyoming A Southern R R . 1189 Massachusetts Gas Cos., Boston.. 1268
Nevada-Callfornla-Oregon R y____ 1371 Maxwell Motor Co., Inc., Detroit
New York N. II. A Hartf. RR.10S9, 1364
and New York.............. ...1 0 2 5 , 1011
New York Ontario A Western I t y .. 1009 Niagara Falls Power Co. (Combined
Norfolk Southern R R. C o............... .1266
Income account 3 mos. ending
Northern Pacific R y........................... 1180
Sept. 30)...........................................1373
Reading Company........ ....................1010 Northern States Power Co............... 1374
Rio Grande Southern R R ................. 1014 Ogllvlo Flour Mills C o.......................1276
St. Louis Southwestern (Cotton
Pacific Coast Co...................... 1193, 1269
Belt Route)....................................1181,1363
Packard Motor Car C o..................... 1368
San Pedro Los Ang. A Salt Lake RR.1372 Pennsylvania Salt Mfg. Co________ 1374
Southern Ry. Co.............................. 1265,1289
Pittsburgh (Pa.) Steel Co. (and
Texas A Pacific R y________________1364
subsidiary companies)................... 1185
Union Pacific R R ........ ............ 1086, 1097 Pullman Company............................1268
Virginia A Southwestern R y_______ 1372 Russell Motor Car Co., Ltd Tor 1374
Western Maryland R y...................... 1363,1385 Louis Rocky M t. A Pacific C o . . 1186
St.
Wheeling A Lake Erie R R ________ 1184 Santa Cecilia Sugar C o_____ ______ 1,374
Sierra A San Francisco Power Co
1374
E
lectric R
ailw .—
ays
Spanish Rlv. Pulp A Paper Mills C o.1270
Albany Southern (Electric) R R ___ 1010 Standard Milling C o...................
1270
Aurora Elgin A Chicago (Elect.) RR.1091 Torrington (Conn.) Co_________ I 'lO ll
Boston Suburban Electric Cos____ 1188 United Fuel Supply Co., Pitts. 1106, 1187
_
Boston A Worcester Electric Cos_ 1188 United Gas A Fuel Co., IIamll'n,Ont.ll93
Brooklyn Rapid Transit Co. (Earn­
United States Finishing Co., N. Y..1186
ings of System for September 30
Wells Fargo A Co., N. Y .
.
1270
Quarter)-----------------------1369 Canada Hour Mills Co___________1276
........................................westernWestern Canada Flour Mills Co___ 1276
Massachusetts Electric Companies.. 11891Westinghouso Air Brake Co............ 1269

N ew Y o r k N ew H a v e n & H a r tfo r d R R .
(44//i

Annual Report— Year ending June

3 0 1 9 1 5 .)

Tlio remarks of Chairm an H ow ard E llio tt from the annual
report will bo found on subsequent pages of this issuo of tho
“ C hronicle,” and in connection therewith num erous im port­
a nt tables. A m o n g these aro tho incomo account and bal­
ance sheet for tho year showing tho incroasos or decreases
com pared with tho previous y ear, tho profit and loss account,
a statem ent as to tho contingent liabilities, a resumo o f tho
financial operations and also of tho additions and bettorm onts
m ade d u r in g th e y e a r .a n d a lis to f tho c om p an y ’s investm ents.
A m o n g tho news item s below aro given oxtracts from
M r . E lliott’s rem arks, m ade at tho annual m eeting of stock­
holders concerning tho im proved outlook for tho property.
In last w eek’s “ C hronicle” will bo found (pago 1324) an
editorial regarding tho report, and on pago 1304 our usual
com parative tables o f earnings and balanco sh eet.— V . 101,
p . 13 0 4 , 1 2 73 .
S o u t h e r n P a c ific C o m p a n y .

{Report for Fiscal Year ending June

3 0 19 1 5 .)

On subsequent pages is givon a t length tho report o f tho
board o f directors, signed b y Julius K ru ttsclin itt, Chairm an
o f tho E xecutive C om m ittee.
B olow aro tho principal
traffic statistics and com parative incomo account for four
years, com piled for the “ C hronicle.”
T R A F F IC

Average miles of roa d ..
P a ssen g er T r a ffic —

S T A T IS T IC S .

1914-15.
10,554

1913-14.
10,422

1912-13.
10,311

1911-12.
9,970

Rail pass, carried. N o .. 19,901,186 22.486,902 23,053,383 22.185.607
Kail pass, carried 1 m ile.1494171948 1598949389 1688808684 1647276215
A v. miles car.— all pass.
39.86
40.92
43.67
44.32
A v. rec. from each pass.
$0.87
$0.92
$0.98
$0.98
Av. roc. per pass, per m . 2.173 cts.
2.247 cts.
2.248 cts.
2.208 cts.
Rects. per rev. tr. mile.
$1.51
$1.65
$1.34
$1.64
Bass.miles per rov.tr.m.
57
68
03
65
F r e ig h t T r a ffic —

Tons carried rev. frolght 31,857,039 32,599.1381 38,501,021 33,974,557
Tons carried co’s freight 5,813,692
6,031,652/
Tons carr. 1 m ., all fr 't.7643731959 8263764549 8334235773 7331514158
d222.30
Av. m. hauled, rev. fr’t .
208.35
d228.03
218.05
Av. rec’d from each ton.
$2.29
d$2.50
$2.41
d$2.66
Av. p. ton p.m.,rev. fr’ t 1.099 cts.
1.104 cts. dl.123 cts. d 1.168 Cts.
Rects. per rev. tr. mile—
$4.44
d$4.33
commercial freight (c ).
d$4.42
$4.39
Ton miles per rev. tr. m.—■
all fr’t (aver, tons per
471.21
460.84
train (c )_ : ________
__
455.73
463.71
Tons per loaded car mile
21.15
21.32
-all (c )____________
20.78
20.06
lines o;illy, Length o f ferries used between rail
. . __
stations excluded from distance over which traffic was moved,
d Based on commercial freight on ly ..

THE CHRONICLE

Oct. 30 1915.]

1457

C O M B IN E D IN C O M E A C C O U N T (I N C L U D IN G S U B S ID IA R IE S ).

1913-14.
1912-13.
1911-12.
s
•
$
$
40,414,932 *42,389,837 *40,269,238
7,950,873 *6,550,034 *6.213,184
85,864,379 *80,141,499 *72,648,092
4,290,075 *13,693,335 *12,394,657

1914-15.
$
Passenger receipts_____ 36.8(54,998
M a il, express, & c______
8,977,306
F r e ig h t ______ _________ 80,020,751
Incidental ,& c __________ 4,002,620

Total rovonues----------129,865,675 138,520,259 142,774,705 131,525,171
M a in t. o f way & s t r u c .. 15,356,356 16,515,452 *15,589,027 *14,464,207
21,475,526 *19,295,725 *16.318,141
M a in t. o f equipm ent___19,815,973
3,114,348 *3,115,079 *3,201,367
T ra ffic expenses------------ 2,915,010
Transportation expenses 44,006,753 46,400,045 *40,408,954 *38,270,808
3.864.7421*14,460,625 *14,236,520
General expenses______
3,955,027
2,292,153/
M iscell. operations_____
2,031,857
Transporta, for in v e s t .. Cr.827,134
92,869,410
49,905,295
5,697,286

86,491,043
45,034,128
5,621,239

87,753,842
T o t a l .....................
N et operating rovonues. 42,111,833
T a x e s __________________
6,371,273
U ncollectibles__________
50,946

93,662,267
44,857,992
7,162,625

Operating incom e____ 35,689,614
x Other i n c o m e .. ........... 17,791,564

37,695,367 44.208,009 39,412,889
15,884,910 *12,350,533 *8.852,519

G rosscorp . incom o___ 53,481,178
H ire o f equipm ent_____
120,851
Rentals for leased rd. ,&c. 1,932,952
P on d , A c ., interest____ 28,939,035
Sinking, & c., funds____
9,39,724
1,321,961
Other interest, & c_____
A m ort, o f debt discount
237,541
M aint. o f invest, organ .
125,981
M iscellaneous__________
232,538

53,580,277 56,558.542
177 822
1,816,281
*702', 030
27,415,7341 27,183,822
805,702/
1,155,700
*747,659
505,477
7,766
159,057
---------1,092,288 £ 1,049,458

T o t a l ............................. 33,850,583
Balance for d iv id en d s .. 19,630,595
D ivs. on com . stk. (6 % ) 16,360,344
D iv s. on stk. prop. c o s ..
520

33,128,061 *29,690,735 *26,662,255
20,452,216 26,867,807 21,603,153
16,360,344 16,360,344 16,360,344
744
588
843

T o t a l ............................. 16.360,864
Balance, surplus_______
3,269,731

16,361,088
4,091,128

16,360,932
10,506,875

48,265,408
*
*142,307
24,703,100
*937,555

16,361,187
5,241.966

1914.
IMS.
1914.
L ia b ilitie s—
§
§
$
86,992,741 Common stock..272,674,400 272072,400
Funded debt (un­
350,844
matured.......... 206,175,910 203220,336
16,135,293 Due affll. cos----- 70,724,783 68,809,558
Loans & bills pay.
_
_
28,307
281107,440 Traffic, Ac., bals. 1,316,521 2,167,470
118026,138 Audited accounts
and wages......... 5,728,662 5,993,116
5,650,499 Matured Interest,
7,106,614
divs., Ac.......... 4,473,732 4,284,959
785,067
034,612
124930,505 Miscellaneous----11,573,649 Unmatured int.,
dividends, A c .. 5,923,973 5,941,437
17,732,008
370,340
620,925
400,430 Other def. llabll..
1,066,945
750,731
54,341 Taxes.................
3,352,639 Insur. AC reserves 1,781,789 1,709,615
1,715,546 Accrued deprec’n. 10,943,678 9,377,394
1,418,269 Oth.unadj.credits.20,315,982 22,411,976
24,607
20,000
11,977,730 Approp. surplus..
2,409,420 Profit and loss-.ell2,926,447 106329,623
3,354,934
5,849,590
1,955,994
150.448
2,714,791
T ota l.

T ota l.............. 721,232,842 704978,409

.721,232,842 704978,409

e A fter crediting $859,811 profit on road and equipm ent sold; $3,370,911
difference between par and cost o f bonds redeemed; $810,649 profit on
real estate sold prior to July 1 1J14 and miscellaneous items (net), and de­
ducting $893,648 debt discount extinguished througli surplus and $702,973
surplus applied to sinking, & c., reserve funds.— V . 101. p. 1372, 528.

N o r th e r n P a c ific R a ilw a y .

{Report for Fiscal Year ending June

3 0 1 9 1 5 .)

T h o toxt will bo cited another w eek.
P a r V a lu e T r c a s . S e c u r s . [ T o ta l

$128,293,471],

S to c k s .

Spokano Portl. AScattlo Ry.$20,000,000
St. Paul Union Depot Co___
59,850
Lake Superior Terminal A
Transfer R y-------------------165,200
Colorado A Southern Ry. Co.
100,000
Chic. Burl. A Q. R R . pledged 53,806,750
Northwest Improvement C o. 6,775,000
Miscellaneous-------------------- x4,373,495

e x c l. I n s . F u n d , J u n e

30 1915.

B onds.

Spokane Portl. A Seattle Ry.$31,855,000
Northwest Improvement C o. 2,960,000
Other good railroad b on d s...
164,500
N o tes .

Spokano Portl. A SoattloRy. $2,717,487
Gilmore A Pittsburgh R R . . . 4,000,000
Miscellaneous ....................
226,150
Advances............................ "
1,090,039

x Includes stock in following cos.: M idland R y . C o. o f M anitoba, $2,­
150,000: Gilm ore & 1 Ittsburgh It It. C o ., $2,000,000, and sundry com panies,
com prising C . B . & Q- U lt., Camas 1 rairie lt i t ., Dakota & M ontana lty .,
Lewiston Terminal C o. and tho Ituth R ealty C o ., amounting to $213,495.
Said securities (par value, $128,293,471) havo a book value o f $172,744,­
674, which is classified hi the general balanco shoot as follows: Stocks,
$140,689,640; bonds, $25,431,875; notes, $5,533,119, and a d v, $1,090,039.
O P E R A T IO N S .

1914-15.
1913-14.
1912-13.
1911-12.
6,461
6,325
A vorago miles operatod
6.260
6,025
E t i i u p m e n t —•
1,361
1.357
L ocom otiv es__________
1,366
1,416
1,287
1,160
Passenger c a r s _______
1,162
1,161
48,160
48,974
Freight cars___________
46,988
43,220
7,512
7,253
Miscellaneous cars-----6,961
6.567
O p e ra tio n s—
Passongers carried
- _8.756.781
9.860,223
9,113,157
8,661,645
Pass, carried one m U e ..600,273,153 682,271,430 661,517,397 649,508,183
2.39 cts.
2.36 cts.
R ato per pass, per m ile.
2.27 c t s . __2 .3 0 cts .
R ov. freight carr. (tons) 17,625,225 20,422,419 21,285,527 17,455,975
do
do
1 m ilo__516 4 57/4 32 5629351.427 6232168,637 5051181 481
R ato per ton per rnllo___ 0.849 cts.
0.855 cts.
0.839 cts.
0.867 cts.
IN C O M E
-N e w
O p e r a t i n g R e v e n u e —■

B a sis-

-O ld B a s is -

T otal opor. rov on u o.-$63,171,653 $70,449,575 $68,644,802 $72,676,139
M a in c “o f T a y X s t m c . . $8,523,657
M aint. o f equipm ent___ 7,317,074
T ra ffic expenses_______
1,191,567
Transportation expenses 18,987,056
General oxponsos______
1,104,712
M lsccilaneous operations
939,338
Transp’11 for lnvcstm ’t . . C r . 955,355

$9,363,824 $9,363,824 $10,188,054
8.438,276
8,063,102
8,532,672
1,270,881
1,270,881
1,309,801
21,767.201 21,710,988 23,669,379
1,110,0801
1,132,195/ 1,063,258
1,073,392

T otal oper. oxponscs.$37,108.049 $43,082,457 $41,472,053 $44,673,298




-O ld ,

B a sis-

Operating incom e____ $21,588,494 $22,336,534 $22,346,985 $24,312,633
D iv s. & int. on sec., & c. *9,930,762
4,785,550
4,775,099
4,310,585
H ire o f equipm ent_____
512,197
864,574
864,574
315.288
Gross in c o m o ............. .$32,031,453 $27,986,658 $27,986,658 $28,938,506
D e d u ct—

$668,768
Rentals p a id -------- --------Interest on funded d e b t .y 12,294,400
Other interest, A c _____
245,465
D ividends on stock (7 % ) 17,360,000
A p p rop ’n m isc. claim s.
______

$611,895
7,563,449
156,067
17,360,000

$611,895
7,563,449
156,067
17,360,000

$537,303
6,837,685
17,360,000
750,000

T o t a l --------------------------$30,568,633 $25,691,411 $25,691,411 $25,484,988
N et incom o for year--------- $1,462,820 $2,295,247 $2,295,247 S3,453,518
* Includes $6,203,932 dividend incom e, which also includes the dividends
on tho C hic. Burl. & Quincy R R . stock owned b y tho N orthern P acific R y .
y Includes interest paid on proportion o f join t bonds issued b y the N orth ­
ern P acific R y . and tho Great N orthern R y ., secured b y the C . B . & Q .
R R . capital stock as collateral.
BALAN C E

SH EET

JU N E

30.

1914.
1915 .
A ssets—
S
S
Road A cquip't.487,858, 217 480,032,961
Inv. in affll.cos.:
Stocks______140,689 ,640]
Bonds............. 25,431 ,875)175,072,916
Notes_______ 5,533 ,119j
1,090 ,039
958,701
Advances___
Other Investm’ts
25,,000
227,100
Misc.phys. prop. 2,218 ,114
2,004,811
Depos. lieu of
2,553,
__ __________ _____ 899
mtge. prop ..
6,595,904
Cash.................. 8,140,008
5,499,241
Loans A bills reo
30,404
985,222
Traffic,Ac.,bals. 1,118,113
Agts. A conduc.
918,965
688,202
Material A supp 6,986,626
8,829,571
Misc. accounts. 3,722,696
3,999,153
Accr’d int., A c.
569,672
296,020
Special deposits. 1,693,177
1,415,818
Insurance fund. 5,803,206
5,803,206
133,401
164,431
Unadj.,Ac.,accts

1915.
1914.
L ia b ilitie s —
S
S
Capital stock ..247,946,000 248,000,000
Funded debt__ 314,092,500 302,351,000
LoansAbills pay. ________
9,605,000
Traffic,Ac.,bals.
705,593
1,006,125
Accts. A wages. 4,810,988
5,088,460
Matured int'st,
divs. A rents. 1.737,885
1,229,338
2,536,814
Misc. accounts.
75,301
Oth. work. liab.
410,631
Unmatured Int.,
divs. A rents- 4,860,535
5,139,233
Taxes accrued
(partly e s t.).. 2,327,277
2,351,311
Unadj.,Ac.,accts 14,024,015 11,261,252
Accrued dcprec. 14,113,666 13,491,812
Insur.,Ac.,fund. 5,803,206
5,803,206
Approp. surplus
369,579
Profit and loss.a83,176,241 84,772,460

T o ta l.............694,042,787 693,046,642

T o ta l............. 694,042,787 693,046,642

a A fter deducting $2,113,069 loss on road, $1,024,095 discount and ex-

issued,
flenses on refunding and im provem ent bonds 101, p . and crediting m iscelanoous not items aggregating $78,124.— V .
1180.

C a r o lin a C lin c h fie ld & O h io R y .

{5th Annual Report— Year ended June

3 0 19 1 5 .)

Pres. M a r k W . P o tter, N . Y . , A u g . 2 , wrote in su b st.:
M i l e a g e . — T ho Elkhorn extension, from D ante, V a., to Elkhorn C ity ,
K y ., a distance o f 34 miles, was placed in operation July 1 1915, m aking
tho total mileage as o f that date 290.10. [See m ap on page 21 o f “ R ailw ay
& Industrial Section” and com pare V . 100, p. 900.]
G e n e r a l R e s u l t s . — Operating revenue decreased $418,433, or 1 5.6 2% ;
operating expenses decreased $62,978, or 5 .0 2 % , and not operating revenue
decreased $355,454, or 2 4.9 6% : taxes increased $32,945, or 2 5 .0 9 % : m is­
cellaneous incom e decreased S141.249, or 3 7.7 8% , and interest, rentals and
other fixed charges increased $22,660, or 2 .3 5 % . T he incom e carried to
profit and loss was consequently $147,806, a decrease o f $552,309, or 7 8 .8 9 % .
T ho revenue from transportation o f merchandise freight amounted to
$699,983, being a decrease o f $117,159, there having been carried 56,689,291
tons ono m ile, a decrease o f 8,573,737 ton miles, or 1 3.14% . T ho propor­
tion o f gross revenue from merchandise freight was 3 0.9 6% ; average haul,
72.85 miles. From transportation o f coal there was derived $1,322,795,
a decroaso o f $260,412, the number o f tons carried one mile amounting to
303,213,120, a decrease o f 55,009,400 ton miles, or 1 5.3 6% , and tho aver­
age haul being 195.59 miles, a decrease o f 7.89 miles. P roportion o f gross
rovenuo from coal freight 5 8 .5 1 % , a decroaso o f 0.5 8 % . T he entire freight
traffic amounted to 2,328,369 tons, being a decroaso o f 310,746 tons.
Passenger traffic yielded $185,484, a decrease o f $39,095.
O p e r a t i n g E x p e n s e s . — T ho expenditure for maintenance o f w ay and
structures averaged $978 43 per mile operated, as com pared with $745 28
perm ile for 1913-14, an increase o f 3 1 .2 8 % . Expenses for maintenance o f
equipment decreased $51,623, or 15.62% [the average cost o f maintenance
per locom otive owned or leased in service being $1,915 against $2,589 in
1913-14, and per freight car $15 46 against $19 88]. T he cost o f transpor­
tation decreased $56,809, or 1 1.2 2% .
F i n a n c i a l . — On O ct. 1 1914 there were purchased 300 stoel-underframe
stock cars, 2 P acific type passenger locom otives and 1 ninety-ton Shay
locom otive, at a cost o f $309,604. o f which am ount $49,604 was paid In
cash and an issue m ade o f $260,000 5 % equipment trust certificates.
Scries E , payable in 20 aemi-annual installments o f $13,000 each, com m enc­
ing April 1 1915 and ending O ct. 1 1924. Paym ents were m ade on account
o f principal o f equipment trust notes as follows: Series A , $260,000:
B . $100,000; C , $100,000; D , $50,000; E, $13,000; total, $523,000.

There wero issuod during the year $500,000 Elkhorn extension 1st M .
5% gold notes, the proceeds being applied to tho construction o f tho ex­
tension from Dante, Va., to Elkhorn City, Ky. Tho total amount of these
notes outstanding June 30 1915 was $5,500,000 (V. 98, p. 688).

G e n e r a l R e m a r k s . — T he extension o f the line o f railway from D ante, V a .,
to a connection with tho line o f the Chesapeake & Ohio R y . C o. at Elkhorn
C ity , K y ., was com pleted June 30 1915 with tho exception o f tunnel lin­
ings and was placed in operation July 1 1915.
During tho last year tho Southern Railway C o. has constructed at
Charleston, S. C ., a pier and coal handling facilities for the loading o f coa l
to vessels. This pier is available to shippers via the Carolina Clinchfield
& Ohio R y . In view o f tho installation o f these facilities by the Southern
Railway C o ., tho construction o f the facilities referred to in the last annual
report has not been proceeded with beyond tho point o f dredging and filling
tho land, which Is under way. This work will be utilized and additional
facilities can bo constructed whenever conditions seem to m ake it ex­
pedient to d o so.
C L A S S IF IC A T IO N

ACCO U N T.

1914-15.
1913-14.
1913-14.
1912-13.
Freight— — .................. *43.833.636 $48.155,832 $48,05s!812 $52,27o|686
P a sson g or....... ................. 13,619,113 15.707,000 15,707,000 15.808,036
M a il, oxpross, & c............ 3.929,346
4 212,6381
Incidental, & c..................
1,789.558
2,374,105/ 4,778.990
4,597,417

B a s is -

T otal net revenue_____$26,063,604 $27,367,118 $27,377,569 $28,311,661
Taxes a c c r u e d ................. 4,470,959
5,030,584
5,030,584
3,999,028
U ncollectibles__________
4,151
______
______
______

GENERAL

879,294

x For dotaiis in tho years 1914-15 and 1913-14 sco a subsequent pago.
* Comparison o f tho items so marked is inaccurate, tho figures having
been somewhat changed In later years; tho final results, how ever, remain
unchanged.
B A L A N C E S H E E T J U N E 30.
1915.
S
Road & equlpm’t-80 ,701,016
Impts. on leased
properties____ 1 ,425,926
Physical property. 16 ,386,204
Invest. In affll.cos.:
Stocks ...............284 ,594,336
B on d s________ 129 ,820,419
Stks.&bds.(cost
Insepar.)_____ 5 ,635,942
4 ,371,195
Notes .............
Advances.......... 138 ,447,704
Other investm’ts al l, 610,912
Cash...................
8 ,056,377
Demand loans, &c. 7,,000,000
533,230
Special deposits..
35,316
Loans & hills r c c..
Traffic, A c., bals. 1 ,335,469
Agts. A coiuluc’rs. 1 ,577,592
Mat’ls & supplies. 12, 903,145
Int. & divs. rec_ 2, 008,827
_
MIsc. curr. assets. 2 ,947,273
Deferred assets_ 5 891,795
_
Dlsct. on bonds.. 1 ,841,100
123,408
Rents, Ac., prep’d
Oth. unadj. debits 3 ,385,562

-N e w

1914-15.
1913-14.
1913-14.
1912-13.
N et operating re v e n u e ..$26,063,604 $27,367,118 $27,072,749 $28,002,841
______
304,820
308,820
Outside oper. (C red it)__________ _

P ro d u cts—

OF

TONNAGE

A g r ic u l. A n im a ls .

1914-15 (ton s)-------- 72,695
1913-14 (tons)_____ 75,647

10,743
18,955

FOR

Y E A R S E N D IN G

M in e s .

F o re sts.

1,771,059 212,412
2,017,094 247,621

JU N E

M a n u fa c .

213,441
235,471

30.

M eds

48,019
44,327

T R A F F IC S T A T IS T IC S .

1914-15.
1913-14.
1912-13.
1911-12.
A ver, miles operatod___
256
256
256
256
Passongers carried_____
362,714
438.641
403,432
330,976
Pass, carriod 1 m ile____ 8.018.657 10,776,055
9,143,487
6.998,585
A v . rocts. p. pass. p . m .
2.31 cts.
2.08 cts.
2.21 cts.
2.39 cts.
B ltum . coalcarriocl, tons 1,550,249
1,688,811
1.760,440
1.654.138
C oal car. 1 mllo (t o n s )..303,213,120 358.222,520 343,618,877 351,792,523
A v . rects. p. ton p. m ile.
0.44 cts.
0.44 cts.
0.46 cts.
0.44 cts.
T otal rov. tons ca r r ie d .. 2,328,369
2.639.115
2,493.847
2,159,165
T o t. rov. frt. tons 1 milo 359,902,411 423.485.548 407,482,363 390,683.156
A v . rects. x>. ton p. m ile .
0.56 cts.
0.57 cts.
0.58 cts.
0.54 cts.
Gross rovenuo per m ile .
$8,828
$10,462
$10,288
$9,066

1914-15.
Freight rorenue_________ $2,022,779
P a ssen g er........................
185,484
M ail and oxpress______
20,140
M iscellaneous__________
26,373

1913-14.
$2,400,350
224,579
26,317
27,962

1912-13.
$2,377,420
202,103
24,550
30.556

30.
1911-12.
$2,103,990
167,334
22,338
28,142

T otal oper. rev on u o._ $2,260,776
M aint. o f way & struc_ _
$250,578
M aint. o f equipm ent___
278,773
T ra ffic expenses_______
101,441
Transportation oxpensos
449,417
125,538
General exp on ses...........
Transporta, for in v o s t .. C r.13,437

$2,679,208
$190,807
330,396
102,917
506.225
124,882

$2,634,835
$181,825
260.711
96,763
466,973
112,357

$2,321,803
$167,70S
256.518
82,938
450,926
96,575

T otal opcr. expenses. $1,192,309
N ot operating erv en u u .. $1,068,467
164,207
T a x e s .................... ..........

$1,255,287
$1,423,921
131,322

$1,118,630
$1,516,005
106,978

$1,060,726
$1,201,077
86,637

$904,200
232.573

$1,292,599
373,822

$1,409,026
280,211

$1,174,440
98,591

IN C O M E

ACCO U N T

Operating incom e____
Other incom o__________

FOR

YEAR

E N D IN G

JU N E

$1,273,031
$887,196
134,625
69,081

$1,246,923
$1,566,307
$100,114$442,314

$1,090, 902
$182, 129

T otal doductioas____
Balanco, surplus_______

$988,967
$147,806

30.
— C a r o . C l i n c h . A O h i o ------- C a r . C l . A O . o f S . C . ~
1914
A ssets—
1915.
1914.
1915Property ow n ed.............$54,810,767 $53,297,107 $3,038,669 $3,037, 154
Securities ow ned_______
5,757,361
5,757,361 ---------M aterials and su p p lies..
220,018
402,381
,294
594
Cash...................
286,358
742,186
24,877
T ra ffic, & c ., b a la n ce s..
101.033
77.177
13 '281
11,701
Agents and con du ctors.
55,427
51,665
M atured in t.S .C .C o.b d s.
687,500
525,000
21 763
20*493
M iscellaneous__________
215,877
249,813
2,020
1 081
Deferred debit i t e m s ...
142,716
193,078
502 317
622,028
P rofit and loss__________
______
______

C u rved
M iles .

30—
1915- - ................-5 0
1914.....................50

June

C O M P O S IT IO N

.$62,283,656 $61,295,768

$3,720,983

400
400
OF

$12,000

$12,000

3,000,000

3,000.666

5,106
11,360

5,440
17,931

675,000
5,000

525.000
5,000

12,500

12,500

17

18

$3,720,983

$3,577,890

.$62,283,656 $61,295,768

a A fter crediting $1,874 miscellaneous adjustments o f accounts and de­
ducting $18,745 discount on securities and $1,768 m iscellaneous.— V . 101,
p. 46.

T o le d o S t . L o u is & W e s t e r n I tR .

(Repo t for Fiscal Year ending June

3 0 1 9 1 5 .)

Receiver W a lte r L . R oss says in substance:
R e s u l t s .— T h e year shows the largest operating rovenues in the history
o f the road, there being an increase o f $47,938, or 1 .0 4 % , over the preceding
year, regardless o f the disturbed business and financial condition o f the
country. The favorablo decision o f the I. 8. C . Comm ission, granting
increases in rates which have becom e effective during a portion o f this fiscal
year, has contributed in some measure to the increased revenue, and further
increases in rates are anticipated in the near futuro in the States served.
There was an unusually largo increaso in operating expenses and taxes,
how ever, o f $404,154 46, or 12.09% . T h e increased expenditures over
last year were: (a) For maintenance o f way, $38,098 new rails, $44,857 now
tit's, $10,627 other track material and $9,083 labor, (b) For maintonanco
o f equipm ent, $23,272 locom otive repairs. $37,833 freight train car repairs,
$2,098 passenger train car repairs, and $5,595 shop m achinery, together
with a charge to expenses representing the retirement o f obsoloto equip­
m ent o f $155,446. (c) For transportation, $15,000._ All o f these addi­
tional expenditures were necessary for the safe, efficient and economical
operation and m aintenance o f the property and rolling stock, and to
proporly handle the volum e o f traffic offered as well as prospective. T he
increase in taxes am ounted to $45,346.
.
, ,
, ,
„
, ,
.
T ho increase [of $53,221 to $402,3821 in the debit balanco for hiro o f
equipment is duo to tw o causes, prim arily to tho low proportionate number
freight train cars owned for the density o f traffic handled and secondly to
tho unprecedented m ovem ent o f em pty foreign equipment over tho road.
In addition to tho increased expenses for operation and m aintonanco o f
tho property there was also expended from incom e, after deducting ex­
penses, for additions and betterm ents charged into road and equipment
account, approxim ately $50,000.
______
T h e ratio o f operating exponsos and taxes to gross revenues was 80 8 3 % ,
as com pared with 72.85% in preceding year, tho increase being largely ac­
counted for b y tho chargo to oper. expenses o f obsoleto equipment retired.
T ho number o f tons o f rovonuo freight decreased 15,367, or .4 2 % , but
tho number carried one m ile increased 13,508,412, or 1.7 9 % , tho averago
haul being 213.48 miles, an increaso o f 4.64 miles, or 2 .2 2 % . T h o rovonuo
per ton per m ile was .00518c., a decrease o f .1 9 % . A number o f new
industries were located on tho road during the year.
O p e r a t i n g E x p e n s e s .— Expenditures for maintenance o f w ay and structures
increased $102,796, or 21.8 3% : 3,021 tons o f new rail were placed in tracks.
There w-as expended $1,273 per mile o f road for maintonanco o f w ay and
structures. Expenditures for maintenance o f equipment Increased $244,­
791, or 40.84% . O f this increase, $155,446 was duo to tho retirement o f
obsoleto equipm ent. T h e balanco was duo m ainly to m oro extensive
epairs to locom otives and freight car equipment. Tho averago cost for
repairs and retirements per locom otive owned as o f July 1 1914 was $3,147:
per passenger car ow ned, $653: per freight car owned, $104. [On Juno 30
1915 tho com pany owned 92 locom otives, decrease for year 7: cars for pass,
service 39, decrease 3: cars for freight service 3,215, destroyed or sold
during year 792. T otal car capacity 114.790 tons, against 136,265 June 30
1914, 98,770 Juno 30 1913 and 117,710 Juno 30 19071
On N o v . 1 1914 a new working schedule o f wagos with trainmen and fire­
men became effective, increasing expenses about $50,000 per annum.
T ho loaded car mlleago increased 1,036,604, or 2 .5 6 % , as com pared with
preceding year, and em pty car mileage increased 4,582,337 m iles, or 23 .1 7 % .
T h o same con ditions in respect to tho disparity between east and west­
bound traffic which have heretofore existed are m ore apparent tills year than
form erly, which is reflected in the increased cost o f train service. There
was also an unprecedented m ovem ent o f em pty forolgn equipm ent. T he
increaso in em p ty car miles, westbound, this year, com pared with last,
was 4,703,379 m iles, or 3 3 .5 4 % . E astbound em pty car mileage decreased
121,042 miles, or 2 .1 0 % .
,
. ,
,
,
S e c u r i t i e s O w n e d .— N o dividends were recoived during tho year on tho
C hicago & A lton K R . C o. com m on or preferred stock ow ned.
_.
During tho year $41,000 1st M . bonds o f D etroit & T oledo Shore Line
R R . C o . wero received as part o f a special dividend on stock owned.
The com p a n y’s holdings o f T oled o Terminal ItR . C o. stock was reduced
from $480,000 to $387,200, due to a redistribution o f that com pany's stock
account o f tho addition o f tho T oled o & O hio Central Ity. C o. and tho
Ilocklng Valley R y. C o. to tho join t agroemont for control. During tho
year the T oled o Terminal ItR . C o. paid $0,576 o f its certificates o f indebted­
ness held b y this com pany and also issued $24,000 o f its 1st M . bonds in
redem ption o f 824,000 certificates o f indebtedness held b y this com pany.

— A s c e n d i n g —•
S u m in f t . M ile s .

19
19

TR ACK

3,426
3,426

JU N E

S u m in ft.A I i l e s

220
229

20— T O T A L

3,608
3,608
M IL E S

211
211

450.58.

- F t . B r id g e s , A c . — A l i l e s o f B a l l a s t — ------- M i l e s
of
R a i l ------R o c k . G r a v e l. C i n d s . S la g . 8 0 - l b . 7 5 - l b . 7 0 - l b . G i f t
24
400
13
y,
58
236
157
1
24
406
13
Y
58
236
157
1
AVERAGE

A g r ic u l.

----------1 9 1 4 -1 5 .-. 616.057
1 9 1 3 -1 4 ... .560,631
1 9 1 2 -1 3 .-. .610,262
1 9 1 1 -1 2 -.. .572,099

E q u ip m e n t
J u n e 30—

1915______
1914............

PER

YEAR.
P er P a ss.
C a r ..

P er F re ig h t
C a r.

$3,147.50
2,634.52
2,644.12

C L A S S IF IE D
F is c a l
Y ea r—

R E P A IR S
P er
L o c o m o tiv e .

1914-15........... $1,273.25
1913-14..........- 1,042.25
1912-13______ 1,204.32

$6.-.3.39
458.33
711.55

$103.85
77.89
66.09

STA TE M E N T

OF

TO NN AGE.

— P ro d u cts
( t o n s ) o f ---------------------A n im a ls .
M in es.
F o re sts.
O th er.

229,030 1,026.812 530,097
171,286 1,045,542 525.042
180,484 1.057,346 381,663
232,964 1,074,666 286,126
----- L o c o m o t i v e s ------ P a s s e n g e r

T o ta l.
A ll.

1,198,547
1,313,409
1,272,450
1,021,097
----- F r e i g h t

N o.

T r a c .P o w A lb s .).

C ars.

2,583,979
2,728,191

39
42

C a rsC a p a c. (to n s ).

N o.

..9 2
..9 9

3,600,543
3,615.910
3,502,205
3,186,952

3,215
4,007

T R A F F IC

114,790
136,265

S T A T IS T IC S ,

1912-13.
1911-12.
1914-15.
1913-14.
O p e ra tio n s—
451
451
M ilos operated-------------451
451
504,418
492,236
623,087
Passengers carried-------478,568
Pass, carried one m ile .. 21,826,747 23,472,912 21,130,622 22,259,001
1.574 cts.
1.699 cts.
1.835 cts.
Earns, por pass, per m ile 1.514 cts.
$0.73
$0.74
$0.72
Pass, earns, per tr. m ilo.
$0.68
3,615,910
3,502,205
3.180,952
T ons rev. freight carried 3,600,543
T ons fr’ t carried 1 m ilo.768,652,922 755,144,510 712,650,963 594,292,909
0.521 cts.
0.540 cts.
Earns, per ton per m ilo.
0.518 cts.
0.519 cts.
$2.38 1
$2.23
F r’ t earns, per train m ile
$2.26
$2.17
'412.30
456.06
A v . tons per train m ile ..
435.58
419.57
$9,621
$8,578
Gross earnings per m ilo.
$10,289
$10,183

$3,577,890

$25,000,000 $25,000,000
10,000.000 10,000,000
24,545,521 23,645,000
Bills payable_____
500.000
33,244
57,877
T ra ffic, & c., b a la n ces..
278,162
237,430
A ccounts and wages____
842
550,522
M iscellaneous ______
1
4,650
M atured interost unp
8,150
A ccrued taxes_______
50,000
75,000
C ontractors’ retained
212,268
p ercen ta g es............
213,833
258.161
A ccrued interact_______
392,488
317,637
Accrued depreciation___
194,646
170,503
U nadjusted accounts___
a l . 041,184
792,305




T a n g en t L evel
A llie s .
M iles .

3 0 S te e l. T r e s tle s
191 5 --7 .9 25 31,539
1 9 1 4 .-7 ,9 2 5 31,639

J 'n e

B ALAN C E SHEETS JU N E

L i a b i l i t i e s —•

460.58.
— D e s cen d in g —

C H A R A C T E R IS T IC S O F L IN E — T O T A L M IL E S

P er M ile
R oad.

T otal incom o...................$1,136,773
$1,666,421 $1,689,237
Bond in torest.................
$785,000
$781,730
$761,352
142,671
159,667
153,222
Int. on equip, trust____
M iscoll. hit. and r e n ts ..
61,296
24,904
32.350
Preferred dividends____
_______(6 % )60 0 ,0 0 0(3 % )3 00 .00 0

.

[Vol. 101.

THE CHRONICLE

1458

NUES A N D

EXPEN SES.

1914-15.
. $3,984,042
330,384
Passonger_______________.
.
321,633
M a il, express & m iscell.

1913-14.
$3,922,725
369,455
295,941

1912-13.
$3,715,576
358,932
260,659

1911-12.
$3,207,823
408,459
248,948

. $4,636,059
E xp en ses—
$573,700
M a in t. o f way and struc..
844,225
M a in t. o f equipm ent___.
199,811
T ra ffic expenses------------.
Transportation expensesi 1,780,396
.
98,822
General expensos.

$4,588,121

$4,335,167

$3,865,230

$469,619
592,935
201,138
1,764,264
110,190

$542,644
565,563
162.989
1,521,208
107,853

$423,902
620,322
96,991
1,421,708
102,935

. $3,496,954
. $1,139,105
x 110,630
D ot. & T ol. Sh. L. I t R . ..
178
Othor incom e__________ .

$3,138,146
$1,449,975
324,870
18,296

$2,900,257
$1,434,910
57.120
9,241

$2,665,858
$1,199,372
114,240
11,155

T otal net incom o------ . $1,249,913
D ed u ct—
$250,182
T a xes__________________ .
402,382
H ire o f equipment— b a l..
23,370
R en tals— balance______
Interest on bonds, & c._, 1,056,205
12,256
M iscellaneous in te re st...
35,999
In t. on eq u ip .tr.ctfs. ,&c..
17,424
A d v. T ol. Term , lty .in t..
♦Preferred dividends___

$1,793,141

$1,501,271

$1,324,767

$204,836
349,161
16,118
1,055,517
9,482
19,513
20,208

$179,605
159,022
5,579
1,046,918
7,259
17,625
21,600

$179,543
180,069
22,967
954,390
22,125
21,600

tO.CL 1100.052

T otal deductions____$1,797,819
$1,674,835 $1,437,509 $1,579,747
B alanco. sur. or d e f-..d e f.$ 5 4 7 ,9 0 6 su r .$118,306 sur .$63,762def .$254,980
* D educted from profit and loss accou nt, but hero shown for sim plicity,
x Includes $16,820 D etroit & T oled o Shore L ine R R . bonds.
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
L ia b ilitie s —
$ •
S
S
.39,384,249 39,594,008 Preferred s to c k ... 9,995,009
.12,745,633 12,093,359 Common stock.. . 9,952,000
850 Funded debt (see
}
850
“ RyAInd.’’Sec.)28,703,400
225
10,225
Mlsc. phys. prop..
473,841
444,103 Loans & bills pay.
Cash....................... 449,844
740,772
8,237 Acc’ts & wages.. .
8,032
Special deposits...
172,838
43,243 Matur'd int. unpd.
42,057
Agts. & conduc’rs..
200,377 Mlac.ao’ ts pay.,Ac. 287,543
Traffic, Ac., bals.. 250,660
130,459 Taxes accrued----150,472
Materials A supp.. 105,615
321,831 Interest accrued..
721,547
Mlscelianeous___ . 543,943
179,940 Operating reserves 103,278
UnadJ. fr’t claims .. 193,972
Accr’d deprecia’n.
233,780
Receiver Tol. St.
1,189,410
L. A W. U R - .- 1,189,419
Unexting. int. onl
162,290 Oth. def’d,Ac.,Items 18,271
equip, notes— . 138,399
Reserve for T . T.
Other unadJ., Ac.,
Ity. advances.127,032
31,244
25,919
accounts.......... ’
Profit and loss----- 2,213,028

.55,089,415 53,810,172

1014.
S
9.095.000
9.952.000
28,909,937
320,000
505,889
172,530
301,024
105.307
200,807
103,270
221.307
23,017
133,008
2,745,151

T o ta l................ 55,089,415 53,810,172

e A fter adding sundry items am ounting to $16,383.— V . 101, p. 132.

N a s h v ille C h a t t a n o o g a & S t . L o u is R y .
(64</i

Annual Report— Year ended June

3 0 1 9 1 5 .)

T ho report, signed b y E . C . Lew is, C h airm an , and Jno.
H ow e P e y to n , President, says in substance:
B o n d s .—-Futuro issues o f First Consols will bear 5 % interest per annum
as originally provided [see a following pago— E d .l. T ho $577,000 First
C onsol. M . 4 % bonds held in tho treasury have boon canceled and 5%
bonds Issued in lieu; $20,000 First Consol 5s wero issued in Iiou o f T racy
C ity Branch 6s paid Jan. 1 1915.
A d d i t i o n s a n d B e t t e r m e n t s .— There wero charged to property Investment,
expenditures for additions and betterm ents, as follows: R oad, $564,515;
equipm ent, $425,565. Ton M ikado-typo freight engines wero purchased
during the year, and a like or larger number o f old and obsoloto engines will
bo retired. This lias greatly Increased tho tractlvo power and has resulted
In heavier train loading, and a consequent m arked decrease in expense o f
train operation. Six P acific-typ o passenger engines wero purchased to
strengthen a rather scant passenger locom otive equipm ent and to meet tho
needs o f an over-increasing passenger-train load, duo to tho Introduction
o f steel passenger equipm ent. Flvo coaches, one baggage, tw o postal and
two dining cars, o f steel construction, wero purchased for tho steadily im­
proving passengor service.
R o a d D e p a r t m e n t .— T ho maintonanco o f tho p rop erty lias been carod for,
the expenditure per mile o f road for maintonanco being $1,251. There
have been placed in operation 1014 miles or second main track, giving us
a doublo track from Sto onson to C hattanooga, oxcopt tho Tonnesseo River
bridge at Bridgeport and about 500 ft. at Cravens. T horo were 767,043
cross ties and 85.124 cu. yds. o f ballast used in m aintenance o f track. Sur­
veys have been com pleted and estimates subm itted for reduction o f grades
between H ollow R ock Junction and Bellovuo, to 5-10 o f 1% .
P a d u c a h A I l l i n o i s R R .— T ho railroad lino between Paducah and tho Ohio
R iver will bo com pleted in a short tim e and a transfer b y boat will bo
established which will bo used until tho com pletion o f tho bridge. W ork is
now being actively prosecuted on foundations anil m asonry for tho great
bridgo which is to span tho Ohio R iver at M etropolis, III. This bri lgo will

com plete the connection between tho tracks o' your railway and the Chic.
Burl & Quincy R K. It has been estim ated that the b u d g e cannot be
finished in less than three years. T h o progress no iv being m ade is excellent.
T ho bridge and railroad are being built by the Paducah A Illinois UK. C o .,
w hich is controlled by your com pany and the Chic. Bur . A Q uincy K it. C o.
through equal ownership o f its com m on capital stock.
T he contract providing for an issue o f Paducah & Illinois Itlt. C o. bonds
will bo so amended as to permit o f an aggregate issue o f $7,000,000, with an
interest rate of 5% per annum. Pending sale o f the bonds, the construction
expense is being p rovided for b y tho C . B . & Q . U R . C o. and the. Nashville
C hatt. A St. Louis ity ., each com pany advancing 50% or the funds needed.
Prior to June 30 1015 we had advanced $074,438. (See V . 99, p. 1367;
V . 100, p . 2011, 2080; V. 101, p. 371.)
O P E R A T IO N S

M iles operated Juno 30
E q u i p m e n t *—
L ocom otives
---------Passenger c a r s — ..........
Freight cars____________
Other ca rs ..* ...................
O p et a tio n s —
Passengers c a r r ie d ____

A N D

F IS C A L

1914-15.
1,231
273
247
10,108
564
3,010,833

RESULTS.

1913-14.
1,231
„
258
24b
10,322
588
3,283.132

1912-13.
1,231
262
238
10.312
030
„
3,317,358

1911-12.
1,230
,
201
237
10'co£
035
,
3,130,581

Freight (tons) one m ile'795,’623!780 8 3 3 ’,220.419 933,052,813 822,258,933
R ate per ton per m ile. _
1.019 cts.
1.0 5 4 cts.
0.195 cts.
1-03 cts^
$9,970
Gross earnings per m ile
$8,880
$10,380
S10.818
$ 1 .2 3
Earns, per pass, train m .
$1.05
$1.24
$ 2 .0 3
Earns, per fgt. train mile
$2.02
$2.10
$2.11
*Also owns 2 steamers, 3 transfer barges.
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30.
1911-12.
E a r n in g s —
1914-15.
.1913-14.
1912-13.
Passengers............................$2,517,075
$3,071,44.) $3,101,779 $2,940,752
8,400,360
F r e ig h t .............................
7.470.181
8.7M .321
9.2M .996
855,563
M a il, express, rents, A c
949,277
92...u 8
.121,387
T o t a l g r o s s e a r n i n g s . . $ 1 0 ,9 3 0 , 5 3 3 $ 1 2 ,7 7 8 ,3 3 4 $ 1 3 , 3 1 7 , 1 0 2 $ 1 2 ,2 0 2 ,0 7 5
E xp en ses---------------„ $ 1 ,938,499 $2,123,305 $1,790,914
M aintenance o f way . . S I,540,305
2,391,419
2,380,795
2,227,340
M aintenance o f eq u ip ’t
2,160,005
113,441
480,002
403,317
535.037
T ra ffic e x p e n s e s ______
4,853,052
5,103,927
4,509,759
Transportation expenses 4,385,938
383,029
350,094
368,7031
321,535
General expenses______
104.539/
M iscellaneous operat’ns.
Cr.960
Transp'n for in v e s t m e n t _________
T otal expenses______ $9,0 9.022 $10,079,440 $10,438,783
$9,378,871
(78.88)
(78.39)
(70.48)
P . C . o f exp. to earnings
(83.20)
N et earnings----------- -- - $1.836,J l l $2,698,894 $2,878,379 $2,883,804
22,558
22,500
22,500
Incom e from investin ts.
22,82.)
578,313
499,530
Other i n c o m e _________
X5Q8.138
350.721
T otal incoino-------------- $2,307,874 $3,299,7o5 $3,400,415 $3,257,025
Disbursements—
$495,920
$497,000
$919,038
$928,820
In terest________________
333,800
320,557
305,500
304,072
Taxes -------- --------------713,471
020,518
020.518
026,518
Rentals, A c
Dividends on s t o c k .. (5 % )7 9 9 .226 (7)1,11 ,930 (7)0''8.'>32(61<)« 19.00.3
Total disbursements $2,342,4/7 $2,569,005 $2,o4.), loO $2,.)U ..,8i/
.
___
,
$25,397____ $730,700____$851,255 ___ $747,178
Balance,. surplus
}• x “ Other incom e" in 1914-15 includes hire o f equipm ent, balance^ $207,­
-'
714; rental received, A c ., $183,520, and incom o from miscellaneous physical
prop erty, $53,898.
,
_____^
.. .
G E N E R A L B A L A N C E S H E E T J U N E 30.
1914.
1915.
1914.
S
L ia b ilitie s —
$
$
S
A s s e ts —
Road A equipm't.35 ,558,189 34,508,109 Capital s tock ___ 10 .000,000 10 ,000,000
595,413 Prom, on cap. stk.
705.799
4,288
Physical property.
780,231 1,290,901 Funded debt........ 10 .122.000 10 ,122’,666
Cash......................
750,3091, 1,233,300 One affll. cos____
2,9f0
Inv. In affll cos-.
Traffic balances..
238,197
Other Investments 033,000/
213,83
109,489 Accts. A wages__ 1 ,241,2,83
113,115
Traffic balances..
929,08
403,785 LoansAbillspay.,Ac 100,028
Agts. & conductors 248.100
05,87
Int. A dlvs. due..
Bills A other accts.
30.347
32,12
001.934 Acer. Int. A rents.
714,339
221,390)
receivable, A c ..
712,01
399,012/
Mat'ls A supplies. 1,053,985 1,774,840 Dividend reserve.
Taxes accrued___
135.000
Securities Issued or
135,00
Accrued deprec’ n. 3 .232,490 2 ,847,97
015,500
assumed unpled.
504,554 Unadjusted, A c__
107,202
83.51
Temporary adv’co
Add'ns to property
271.404
271,40
Profit and loss__ a9 725.837
,794,89

T o ta l.............. .41,832,038 41,208,331

T o ta l................ 41,832,039 41,208,331

a A fter deducting $34,270 loss on retired road and equipment an d m isc.
items m et) aggregating $34,782.—-V. 101, p. 694.

Georgia Southern & Florida Ry.
(21 st

Annual Re-port— Year ended June

3 0 19 15 .)

Pres. Fairfax H arrison, O ct. 2 1 , wroto in substance:
R e s u l t s .— The revenues suffered a severe reduction through the loss o f
traffic caused by the depressed condition o f business in the territory served
which followed tho outbreak o f the war in Europe. Passenger traffic de­
creased $184,749, or 2 2 .2 4 % , and freight revenue $174,294, or 11.98% .
W hile the total operating revenues were less by $382,987. a decrease o f
$271,859 in operating expenses reduced to $111,127 the loss in net oper­
ating revenue. T ho decrease o f $53,*101 in non-operating incom e" is due
to smaller receipts o f per diem rental tor the use o f our freight train cars
on other roads. Transportation expenses were reduced $140,480, or 13.26% .
M aintenance o f way and structures expenses were reduced $23,068, or
7 .4 4 % . During the year 7,615 cu. yds. o f ballast were distributed in tracks,
140,005 cross-ties were renewed in tho main lino and 450 tons o f new 85-Ib.
section steel rail were laid, renowing lighter and worn rail in 3.37 miles o f
track. M aintenance o f equipment expenses were reduced $88,428, or
17.39% . W hile the reduction in tho expense ot maintaining equipment
seems largo, it should be remembered that locom otive m ileage decreased
15.02% and car mileage decreased 9 .1 3 % .
.
C a p i t a l A c c o u n t s .— T he property investment in road increased $47,371,
while in equipment it shows a decreaso o f $123,471. N o bonds or notes
were issued or sold and $93,000 o f equipment trust obligations were paid..
A l a c o n T e r m i n a l C o .— T he necessity for improved passenger terminal
facilities at M a con , G a ., has been met by the consum m ation o f a plan for
the construction o f a union passenger station, to be used b y your com pany,
Southern Railway C o. and Central o f Georgia R y. C o. For this purpose
tho M acon Term inal C o. was incorporated with a nominal capital stock
owned in equal proportions by these railway com panies, and has issued
and sold as o f July 1 1915, $1,000,000 1st M . 5 % 50-year gold bonds,
guaranteed join tly and severally as to principal and Interest by the three
railway com panies m entioned, which companies will be assured b y agree­
ment o f the right to use the new facilitie s during the life o f the bonds, and
will pay, on the basis o f use, tho expenses o f operation and the interest
upon the investment. (V. 101, p. 527.)
Industrial Situation.-—There were established along tho lino 5 flour mills,
3 oil-distributing stat Ions, 4 hotels, 1 bank and 50 other new business enter­
prises. W hile the flour mills are small, they Indicate an increased pro­
duction o f wheat. Corn and oats were planted In much larger quantities
than in former years. Tho stock-raising industry enjoyed increased a c­
tiv ity . A bout 61,000 now peach trees were set out.
O P E R A T IO N S ,

E A R N IN G S ,

A c.

1913-14.
1911-12.
1912-13.
O p ir a tio n s —
1814-15.
395
395
395
M iles operated-------------3J.>
848,305
875,480
837,887
Passengers carried.........
650.518
Passengers carried 1 mile 29,406,4o4 37,027,575 37.085,052 37,841,555
2.208 cts.
2.199 cts.
2.240 cts.
R ects. per pass, per mile 2.192 cts.
1,240.307
1.239,438
1.010,913
Tons freight carried____ 1.052,778
Tons fr’t carried 1 m ile. 134,632,314 153.940,255 162,300,881 1 3 i,930.981
0.945 cts.
0.804 cts.
0.971 cts.
R ato per ton per m ile___ 0.951 cts.
Gross earnings per mllo_
$5,610
$6,579
$6,498
$6,196




14a9

THE CHRONICLE

Oct. 30 1915.]

1912-13.
$1,410,480
830,541
*259,171
*60,698

1911-12.
$1,281,122
832,006
*271,398
*63,003

O p e r a tin g R tv e n u e s —
1914-15.
F r e ig h t ________________ $1,280,068
Bass e n g e r ____ _________
045.941
224,945
M ail, express & m iscell.
64.S19
Incidental, A c __________

1913-14.
$1,454,303
830,691
244,956
68,750

T otal oper. re v e n u e .. $2,215,773
O p e r a tin g E x p e n s e s —
M aint. o f way A struct.
$294,555
M aint. o f equipm ent___
420,101
T ra ffic expenses_______
84,899
Transportation expenses
919,225
120,239
_
General e x p e n s e s .._
Miscellaneous operations
4,643

$2,598,760 *$2,566,890 *$2,447,529

T otal oper. expenses. $1,843,002
N et operating revenue. .
$372,111
Outside oper.— N et re v .

$2,115,522 *$2,039,138 *$1,898,422
*$549,107
$483,238
*$527,752
*
*def. 340

$318,223
508.529
101,824
1,059,710
123,6761,
3,559/

$260,495
468,624
88,990
968.522
*111,791

$313,480
465,904
94,639
1,052,671
*112.444

T otal net revenue____
Taxes accrued, A c _____

$372,111
118,706

$483,238
136,220

$527,412
132,838

$549,107
125,998

Operating incom e____
Other incom o . ______

$253,405
108.158

$347,018
161,460

$394,574
143.316

$423,109
86,695

T otal gross incom o . .
$301,563
D e d u c t—
Interest on bonds---------$271,900
Int. on equip, oblig’n s ..
27,225
A dd'ns A b etterm en ts..
760
Other deductions______
57,419
D iv. on 1st pf. s t o c k ..x ( 2 l ) 17,100
A
D ivs. on 2d pref. stk ..x (2 5 ^ )2 7 ,1 0 0

$508,478

$537,890

$509,804

$271,900
31,410
1.279
54,915
(5)34,200
(5)54.200

$271,900
24.083
1.724
46,429
(5)34.200
(5)54.200

$271,900
22,084
445
40,830
(5)34.200
(5)54.200

T otal deductions____
$101,504
$447,904
$432,530
$423,659
Balanco, surplus______ d e f.839,941 sur.$60,574 sur.$105,354 sur.$86,145
* Comparison o f these items is somewhat changed in later years, but
general results remain unchanged, x Dividends are deducted b y the com ­
pany from profit and loss acct., but shown here for sake o f sim plicity. A c­
tion on the semi-annual dividends usually paid in N ovem ber was recently
deferred.— E d.
•
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1914.
1915.
1915.
L ia b ilitie s —
S
S
S
Road A equlpm't. 12,273.374 12,349,473 Stock (see "R y . A
—
Ind.” Section). . 3,768,000
85.833 Bonds___________ 5.83.8,000
85,831
15,000 Equip, tr. oblig’s.
568.000
15.000
169.265
10.026
25,502 Loans A bills pay.
50,000
55,691
Advances___ 24,500 Traffic, Ac., bals.
45.832
24,500
Other Investments
180.285 Accounts A wage* 317.997
176,818
Miso. phys. prop.
87,584 Taxes A Int. accr.
79,940
56.123
Traffic, Ac., bals.
268.719 Int. and dlvs.. . .
137,660
261,381
Mater. A supplies.
137,300 Miscellaneous___
90.611
50.063
98,584 Operating reserves
97,660
41,0.50
Special deposit__
16.863 Accrued deprec'n.
729,512
7,712
Agts. A conductors
150,911 Unadjusted,Ac__
11,569
165,608
Miscellaneous___
31,037 Reserves for divs.
24,081
Advances, A c___
Add’ns to property
35,915
Profit and loss___ 1,507,612
T o ta l................ 13,350,416 13,471,591

1914.
¥
3.768.000
5.838,000
661,000
139,265
50,000
32,990
332.155
84,810
137,860
20,298
47.331
724.455
12,877
44,200
35,297
1.543,053

T o ta l................ 13,350,416 13,471,591

Louisville Henderson & St. Louis Ry.

{Report for Fiscal Year ending June

3 0 19 1 5 .)

Pros. R . N . H u d so n , Louisville, Sep t. 2 8 , wrote in su b st.:
R e s u l t s .— T he year shows an increase In gross revenue o f $15,367.
Freight
revenue increased $47,444. or 5 .4 5 % , but passenger revenue decreased
$27 574. or 6 -6 0 % . owing to the reduced rates during six months and the
falling o ff in through travel due to depressed business conditions. T he
last Kentucky Legislature prohibited the railroads in the State from
charging m ore than 2 'A cents per mile for passengers, effective June 15 1914.
T h o bill was declared unconstitutional by the C ourt o f Appeals and the
rates were restored on Jan. 9 1915.
T he ratio o f operating expenses to operating revenues Is 7 7 .8 8 % , com ­
pared with 74.18% last year. Maintenance o f way and structures increased
$47,444, including $18,313 for replacement in kind, o f trestles perm anently
filled, tho remainder o f the increase being for repairs to roadway, track
and bridges. M aintenance o f equipment increased $11,397. Transpor­
tation expenses decreased $1,317. with more tonnage handled. T he aver­
age number o f tons o f freight per train mile was 235.90, com pared with
217 25 last yean*
P h y s i c a l C o n d i t i o n .— T he road is In better physical condition than it was
a year ago. T he investments in additions and betterments aggrogated
(net) $57,520. A steel bridge on concrete piers at Otter Creek cost $19,551.
Steel girders in four trestles over Fond Creek cost $7,686. A coalingplant
at Henderson, K y ., cost $13,186__
W e used 94.268 cross ties in maintenance (increase 37.194); 30,790 cu. yd s.
o f ballast was renewed; 196 ft. o f trestles were perm anently filled.
S T A T IS T IC S . R E V E N U E S ,

EXPEN SES,

1913-14.
1914-15.
200
200
M iles operated_________
400,813
401.702
Passengers ( N o .) ______
Pass, carried 1 m ile. . . 18.288.284 19,688,190
2.122 cts.
R ato per pass, per m ile. 2.134 cts.
1,124,014
1.225.940
T ons carried---- ------ .
Tons carried 1 m ilo--------: 128.046.569 110,405.030
0.788 cts.
0.749 cts.
Rate nor ton per m ilo---$870,327
$917,771
Freight revenue_______
417,773
390.199
Passenger revenue_____
23.644
M ail ro v e n u o ............ ......
23.675
30,466
27.607
Express revenue.
.. .
27.266
25.592
All other transportation
12,347
12.346
Incidental, A c __________
M a in t. o f way A s t r u c ..
M aint. o f equipm ent___
T ra ffic oxponses____ . .
Transportation expenses
General expenses______
N ot oner, ro v e n u o _____
Outsido operations_____

A c.

1912-13.
200
380.390
17,309.067
2.148 cts.
947.459
94.608.515
0.820 cts.
$775,422
371.884
22.324
31,514
*17.073
13,266

1911-12.
200
397.524
18,269.285
2.205 cts.
928.018
93,551.438
0.848 cts.
$792,854
402.794
23.057
31.774
*18,390
10.600

$1,397,190
$316,479
193.846
62.794
474.534
40,498

$1,381,823 *$1,231,483 *$1,279,469
$271,790
*$304,931
*$289,872
182,448
*165.858
*165,817
59,278
*52.653
*53,147
475,851
*467.972
*440.395
*38.000
35,640
36.370

$1,088,151
$309,039

$1,025,008 *S1,029,414
$356,815
*$202,068
3.117

*$985,601
$293,867
3.200

T o t a l ________________
Taxes accrued, A c . . .

$309,039
38.579

$356,815
45,463

$205,185
43.347

$297,067
36,000

Operating incom e-----Other in c o m o __________

$270,460
6.439

$311,352
9.555

$161,838
*2.812

$261.067
*2.861

Gross corporate in c._
Hire o f equipm ent-------Joint facilities__________
Miscellaneous rents-----Bond in te re st______ __
M iscellaneous__________

$276,899
$49,615
31,533
17.186
142,026
5.295

$320,907
$41.506
31,080
16,259
143.745
6,541

*$164,650
*$57,034
30,537
*9.390
136.697
5.427

*$263,928
*$59,568
28,350
*9.400
*128.987
3,818

*$230,122
$239,132
*$239,085
T otal deductions-----$245,654
B al., surplus or d e fic it .. sur.$31,245 sur.$81,775 d e f.$74,435 sur.$33,806
* Comparison o f items so marked is inaccurate, the figures having been
som ewhat changed in later years; the final result, how ever, remains un­
changed.

THE CHRONICLE

1460
A ssets—

Hoad & equipment. .7
Cash........ — ...........
Special deposits----Loans & bills recelv.
Traffic, A c., b a ls ...
Agents & conductors
Materials & supplies
Prepaid lnsur., & c..
Unextlngulshed dis­
count on securities
Miscellaneous...........

B A L A N C E S H E E T J U N E 30.
1914.
1915.
L ia b ilitie s S
S
,585,140 7 525,201 C o m m o n stock____ 2
28,686
102,017 Preferred stock........2
60,763
First mtge. bonds... 2
1,420
3,025 Equipment trusts__
9,031
7,743 Mlsc. fund, obllg’ns.
15,316
28,097 Traffic, &c., bals__
79,449 Accounts A wages..
91,114
2,344 Loans & bills payable
3,792
Matured lnt. unpaid.
6,450
7,350 Taxes accrued........ ..
62,376
49,845 Miscellaneous...........
Accrued depreciation
Appropriated surplus
Profit and loss........

1914.
1915.
S
S
,000,000 2,000,000
,000,000 2,000,000
,500,000 2,500.000
244,588 280,889
110,000 110.000
17,839
23,988
375,755 307,141
68,703
74,740
66,648
67,738
13,364
22,565
19,063
33,473
186,054
150,567
39,781
39,781
222,293
194,189

T o ta l..................7,864,088 7,805,071
T o ta l_____ ______ 7,864,088 7,805,071
As to new 35.000,000 m ortgage, sao V . 101, p . 1370.

Virginia & Southwestern Railway.
(1 7 th

Annual Report— Year ended June

3 0 1 9 1 5 .)

P res. Fairfax Harrison S ep t. 21 w rote in substance:
R e s u l t s .— Gross operating revenues decreased $139,804, or 7 .2 1 % .
Operating expenses decreased $32,162, or 2 .3 5 % . Transportation expenses
were reduced $27,491, or 4 .9 6 % . M aintenance o f way and structures ex­
penses increased $45,669, or 16.87% . Nov/ material applied to main track
included 9,626 cu bic yards o f ballast, 106,660 cross-ties and 1,433 tons o f
new 85-lb. steel rail, tho latter Item replacing lighter or worn rail In 10.72
miles o f track. M aintenance o f equipment was reduced $53,863, or 11.32% .
T h e decrease, $22,497, in non-operating incom o was duo largely to smaller
receipts from per dioin rental o f the com pany’s freight-train cars on for­
eign lines.
T w o dividends o f 5 % each on the capital stock were paid during tho year
and charged to profit and loss, in which account thero is a credit balance o f
$658,195 after deduction o f this charge.
C a p i t a l A c c o u n t s .— Property investm ent increased $503,597 (including
$71,820 for road and $431,777 for equipm ent). E quipm ent trust obliga­
tions outstanding were reduced b y $140,000.
'A connection track between tho Appalachia-St. Charles and Appalachiaristol m ain lines has been constructed to avoid the operation o f Black
M ountain district coal trains through tho A ppalachia yard.
T he 650 new stoel coal cars, tw o M ikado locom otives and one 10-wheel
passenger locom otive acquired through Series “ G ” equipm ent trust, dated
M arch 2 1914, were received during tho year.— (V . 98, p. 914).
C l a s s i f i c a t i o n o f T o n n a g e M o v e d — Y e a r s e n d i n g J u n e 30 ( N o . o f T o n s ) .

g

P ro d u cts
o f—

A g r ic u ltu r e ,

1914-15.-14,672
1913-14.-17,932

A n im a ts.

C oal and
C oke.

9,009 2,098,066
8,450 2,198,572

O P E R A T IO N S ,

S to n e,
A c.

63,613
59,037

E A R N IN G S ,

F orest
M isc elP ro d u cts- la n e o u s .

183,838
158,260

T o ta l
o f A ll.

66,813
67,721

CHARGES,

2,436,011
2,509.972

A c.

1914-15.
1913-14.
1912-13.
1911-12.
Average miles op era ted .
240
240
240
240
Passengers carried_____
274,254
313,853
313,996
297,521
Passengers carried 1 mllo
5,727,666
6.646,323
6,203,920
5,645,255
A v . rects. per pass. p. m .
2.74 cts.
2.73 cts.
2.81 cts.
2.88 cts
T ons carried (revenue). 2,436.011
2.509,972
2,263,458
2,184,302
T ons carr. 1 mllo ( r o v .) .197.813,792 200,371,186 186.781,321 183,891,131
A v . rects. per ton p e r m .
0.80 cts.
0.85 cts.
0.85 cts.
0.84 cts.
Gross earnings per m ilo.
$7,493
$8,075
$7,523
$7,320
IN C O M E A C C O U N T FOR Y E A R

E N D IN G

JU N E

30.

1914-15.
Operating R e v e n u e s —
F r e ig h t ------------------------- $1,590,659
157.164
P a ssen g er--------------------44,936
M a il, express, & c-----Incidentals, & c-------------6,542

1913-14.
$1,702,575
181,152
46,797
8,580

1912-13.
$1,585,662
174,029
40,969
5,967

1911-12.
$1,553,620
162.520
36,747
5,037

T otal oper. rev en u e._ $1,799,301
E xp en ses—
M a in t. o f w ay & stru c. .
$316,328
422.070
M aint. o f equipm ent---T ra ffic expenses_______
27,496
Transportation expenses
527,321
45,491
General expenses----------

$1,939,104

$1,806,627

$1,757,924

$270,659
475,933
26,149
554,813
43,313

*8279,700
*410,422
23,564
*496,998
*43,584

*$212,341
*362,599
22,283
*500.663
*44,837

T o ta l oper. expenses. $1,338,706
N et operating rev en u e..
8460,595
80,826
Taxes accrued............—

$1,370,867
$568,237
77,410

$1,254,268
$552,359
73,260

$1,142,723
$615,201
60,249

$379,769
172,53S
7,085

$490,827
189,045
13.075

$479,099
239.337
11,309

$554,953
113.228
9,203

$692,947
$559,392
T otal gross incom o—
$48,079
$48,841
Rentals, lnt., d isc., & c.
375,469
403.920
In t.on bds.& equip.notes
DIv. on com . s to c k .a . (10% )200,000 (10)200,000
564
70
A dditions A betterments

$729,745
S44.768
370,438
(5)100,000
1,111

$677,384
858.059
352.374
(5)100,000
3,259

Operating incom o-----H ire o f equip.—-balanco
Rentals, interest, A c ___

T otal deductions____
$652,831
$624,112
$516,317
$513,692
Balance, sur. or d ef____ dcf.$93,439 sur.$68,835sur.$213,12$sur.$163,692
a Dividends wero deducted from p rofit and loss, but aro shown hero
for the sako o f com parison.
B A L A N C E S H E E T J U N E 1 30.
1915.
1914.
1915.
L ia b ilitie s —
•
s
A ssets—
S
S
Road A eaulDm’t-11.196,130 10,692,539 Capital stock___ 2,000,000
40,773
39,836 Mortgage bonds.. 7,000,000
Misc. Investments
57,874
238,336 Equip, trust oblig. 1,084,000
Cash......................
20,148
604,796 Traffic, Ac., bals.'
53,375
Special deposits. .
158.731 Accounts & wages 108,395
Traffic, A c., bals. • 192,909
2,689 Matured Interest53,375
1,033
Agts. & conductors
4,221
148,967
120,758 Miscellaneous___
Materials A supp.
72,644
134,980 Accrued Interest..
50,093
Miscellaneous----Accrued taxes___
42,103
Reconst’n Rogers344,695 Operating reserves
57,977
334,695
ville Branch_
_
23,116 Accrued dcprcc’ n.
893,078
21,570
Oth. unadj. acctsOther unadjusted,
Ac., accounts..
13,550
Adil’ns to property
91,678
658,195
Profit and loss___
GENERAL

1914.
S
2,000.000
7,000,000
1,224,000
9,288
144,203
54,450
12,242
73,817
38,507
69,010
821,815
77,385
91,608
749,151

JLU l................ 12,097,425 12,365,475
U --------------vyec*x------------------------------------------------------ 12,097,425 12,365,475
T o ta l................
T o taH
— V. 101, p. 1372.

Coal & Coke Railway Co. (of West Virginia)
(l lf A

Annual Report Year ended June

3 0 1 9 1 5 ).

P res. H . G . D a v is , E lkin s, W . V a ., A u g . 17 , w rote in su b .:
E a r n i n g s .— Tho passonger traffic, which is a barometer o f tho times,
fell o ff $25,480, or 1 2% . Oar servico, another itom which draws largely
from tho not earnings, decreased $56,546, and miscellaneous freights,
principally lum ber, foil o ff $58,478. Theso and smaller items showed a
decreaso in gross o f $145,676, against which thoro was tho gratifying in­
crease o f 2 0% in coal freights amounting to $67,197 and an Incomo for the
first year from parlor car service o f $2,096, leaving a net loss for tho year
o f $76,383. Tho operating exponsos decreased $47,498, m aking a loss in
tho not o f $28,886.
Whilo tho coal tonnage was greater b y 187,815 tons, thero was a falling
o fr in coke and lum ber, both hotter paying freights, o f 76,901 and 56,281
tons respectively. T ho total tonnage for tho year was 1,662.940 tons, a
not gain o f 59,452 tons. T ho income to tho railway from the operation
o f its allied coal properties was seriously affected b y tho low prices for
coal and coko. In 1913-14 tho coke trade was actlvo and tho prices ranged
from 40 to 50 cents a ton highor, but last year tho coko trado has shown
littlo life and practically no profit.




[Vol. 101.

I m p r o v e m e n t s .— Those am ounted to $125,351.
T ho work o f lining the
tunnels with concrete cost a further $71,120. Ballasting cost $20,865
and bettermonts to equipment $17,633.
E q u i p m e n t O b l i g a t i o n s .— These wero paid o ff to the am ount o f $93,026,
oaving outstanding only $81,755.
C o a l L a n d s . — Tho railroad owns, in round numbers, 100.000 acros o f
coal lands and coal-mining rights, all carefully selected within actual coal
areas along its route, in Randolph, Barbour, Upshur, Lowis, Gilmer and
Braxton counties, W est Virginia, tho moasuros being practically all above
water level and tho coal easily and econom ically mined b y drift. In ad­
dition to their steam -producing qualities, m ost o f them aro also excellent
coking coals.
D a v i s C o l l i e r y C o .— This com pany owns about 25.000 acres o f coal lands
and coal mining rights in the well-known Koarlng Crook coa l field in R an­
dolph and Barbour counties, anil has fiv o plants capablo o f producing
daily 3,500 tons o f coal and 700 tons o f coko. It also is operating tw o mines
in tho Pittsburgh seam, on ianils owned b y tho railway com pany, one at
Bower, and one at C open. present output 700 and 100 tons respectively.
C o a l M i n i n g P l a n t s .— There aro 23 separate coal mines on tho road in
operation, and o f theso nino increased their output, and at each o f the
remaining fourteen thoro was less coal mined than in tho procoding year.
T ho shipment from Dundon, that is, for the B uffalo Crook & Gauloy U R .,
wero 163,782 and from Bower 48,397 tons greater than in tho year boforo.
R E S U L T S F O R Y E A R S E N D I N G J U N E 30.
1914-15.
1913-14.
1912-13.
Passengers carried_____
309,790
387,971
489,550
Pass, carried one m ile ..
6,502,411
7,691,529
8.436,377
R ate per pass, per m ilo.
2.81 cts.
2.71 cts.
2.85 cts.
1,603,488
1,425,467
T ons freight carried____ 1,662,940
O f which co a l_______
1,312,863
1,125,068
883.594
T ons freight carr. 1 m ile.136,066,248 117,634,215 103,864,990
R ate per ton per m ilo
0.55 cts.
0.63 cts.
0.69 cts.
E a r n in g s —
$
$
S
Passenger______________
182,662
208.143
239,766
Freight________
748,744
740,025
716,791
Car servico____________
210,681
267,227
251,906
M ail, express and m is c.
38,473
41,548
39,406

1911-12.
357,466
7,011,323
2.81 cts.
1,275,938
795,607
94,128,501
0.73 cts.
$
197,138
690,847
194,925
35,048

Gross earnings______
E xp en ses—
M aint. o f way & structM aint. o f e q u ip m e n t.. .
T ra ffic expenses_______
Transportation_________
General expenses............
Car service______ ______

1,180,560

1,256,943

1,247,869

1,117,958

187,899
237,540
11,223
315,151
30,087
57,801

186,049
244,590
17,088
328,662
30,457
80,352

187,480
215,508
13,653
297,159
30,152
62,835

152,351
193,975
14,474
247,117
26,698
45,371

T otal oper. exponsos.
P . C . expenses to earns.
N et railway department
N et coal d e p a rtm e n t.a .

839,701
(71.1)
340,859
def.3,779

887,198
(70.6)
369,745
95,022

806,787
(64.6)
441,083
101,844

679,986
(60.8)
437,972
def 11,192

T otal .............................
Less taxes_____________
Less rental join t facilities

337,080
50,510
2,328

464,767
50,462
2,252

542,927
42.000
2,254

426,780
42,000
1,390

N et earnings................
Dividends received_____
Incom o from oil w e lls ..

284,242
473
1,785

Total not e a r n in g s ...
♦Bond, & c., in t e r e s t ...
D iscount on b ond s_____

286,500
326,413

326,413
Total deductions____
Balanco, sur. or ilcf____ d ef.39,913

412,053
______
3,334

498,673
525

26,957

415,387
325,099
500

526,155
309,190
550

325,599
309.740
sur.89,788 sur.216,415

.383,390
525
9,284
393,199
330,945
500
331.445
sur.61,754

a After deducting $80,000 for rental yearly. * B ond, A c ., Interest in­
cludes in 1914-15, $5,500; in 1913-14, $11,020; In 1912-13, $11,000; and
in 1911-12, $13,750 eqidpm ent interest.
GENERAL

B ALA N C E

SH EET

JU N E

30.

1914.
1915.
1914.
1915.
S
L ia b ilitie s —
S
S
$
Real est. A stocks. 18,209,226 18,191,810 Capital stock___ 20,000,000 20,000,000
Road A lmprov’ts. 6,215,887 6,108,170 Mortgage bonds.. 4,089,000 4,089,000
'
'
Equipment.......... 1,948,489 1,939,280 Equip, bonds, A c.
81,754
174,780
Davis Colliery C o.
265,468 lltlls payablo........ 1,510,390
239,671
1,450,837
Material on hand.
117,255 II. G. Davis, open
128,398
Cash on hand, A c.
9,763
account.............
820,233
41,310
593,000
Car service_____
23,233
30,418 Other open accts.
2,773
2,695
42,111 Pay-rolls..............
Interline freights.
39,315
52,658
40,582
7,741
12,814 Certified vouchers
Agts. A conductors
105,045
101,202
1,422
1,424 Accrued dcprec’n .
U. S. mall service.
01,902
69,709
Rowlesburg, Ac.,
Agents' drafts___
482
539
7,540
7,546 Davis Colliery Co.
surveys ............
29,244
Other open accts.
20,830
(rental)_______
45,000
38,958
1,700
Res. fund for taxes
Items in suspenso.
3,087
3,310
8,884 Profit and lo s s ...
Items In suspense.
27,897
145,472
185,385
A ssets—

T o ta l_________20,912,666 26,704,187
— V . 99, p . 1668.

T o ta l................ 20,912,666 26,764,187

United Railways Investment Co.

(13th Annual Report— Year ended June

3 0 1 9 1 5 .)

President M a so n B . Starring says in substance:
O b l i g a t i o n s .— Tho 6 % serial notes o f 1908 havo now boon reduced from
$3,500,000 to $700,000 and $2,800,000 o f said notos canceled. During tho
period covered b y lids report $609,000 was paid on tho principal o f said
notes and on A ug. 16 1915 $200,000 m ore was paid. T ho 6 % convertible
bonds o f 1910 have been reduced from an original $1,229,000 to $790,000.
Your attention Is called to tho fact that $1.()66.000 o f the 5 % collateral
trust sinking fund gold bonds havo been purchased out o f earnings and aro
now held b y tho trustee in tho sinking fund; also that during tho six months
June 30 the floating debt was reduced $79,000, and to date $149,000.
S u b - C o m p a n i e s .— The U n i t e d R a i l r o a d s o f S a n F r a n c i s c o has paid $50,000
on account o f its notes held b y you r com pany, thus reducing tho amount
o f said notes uow in your treasury to $740,000.
Notwithstanding the world-wide adverse financial conditions o f the past
year, the P h i l a d e l p h i a C o m p a n y paid quarterly dividends on its com m on
stock o f 1 H % for M a y and August, 1915, and 1 % % on N o v . 1 1914 and
Feb. 1 1915. In ord er to conservo and maintain for the com pany a strong
cash position, said N ovem ber and February dividends wero paid in scrip.
T he Pittsburgh district seems to have fully recovered from its tem porary
depression and tho business o f tho Philadelphia C om pany gives cvidonco o f
running larger than at any provious tim e In Its history. That com pany and
the companies It controls during tho lato year sold 38,720,201,400 cu. ft.
o f natural gas, while tho number o f dom estic consumers o f natural gas
supplied increased 3,946, making tho total o f such consumers 126,900.
Out o f its earnings tho Philadelphia C om pany expended from M ar. 31
1886 to M ar. 31 1914 for gas and oil wells, transportation pipe lines outside
o f the city o f Pittsburgh, pum ping stations, telephone linos, tools, A c .,
$21,631,932, no part o f which, until tho past year, had boon charged to
capital accounts. (Sco further particulars in report, V. 100, p . 1837.)
The D u q u e s n e L i g h t C o . , notwithstanding tho depression in Pittsburgh
Industries during tho past yoar, increased its sales or olectric power during
tho 12 months ended M ar. 31 1915 10,181,559 k. w. h ., or about 4 % , sup­
plying a total o f 268,749,209 k. w. h. o f onorgy. It also furnished tho en­
ergy for 5,932 street arc lamps and 4,834 incandescent lamps, and supplies
all o f the electrical onergy used b y tho Pittsburgh Railways C o ., a street
railway system operating over 600 miles o f track. Although tho present
capacity o f the Duquesno system is approxim ately 120,000 k. w ., tho aver­
age daily domand is 36,000 k. w. and the maximum demand is abou t 72,000
k. w. Tho additions and improvem ents to its property during the last tw o
years havo cost $5,444,505. Based upon an engineering appraisal In
1912 and tho additions and Im provomonts since m ado, it is estimatoil that
tho value o f tho property operated in tho Duquesno Light C o. system is in
excess o f $20,600,000. [See also report In V. 100, p. 1839, and bond and
stock offerings, A c., in V. 100, p. 4 0 1 ,4 7 8 , 1440; V. 101, p. 1094.1
Although tho territory served by tho lines o f tho P i t t s b u r g h R a ' .ways systern has experienced a very severe industrial depression, covering almost the
entiro year, the loss in gross oarnlngs from streot railway operation has been

essoned the dem and upon it for electric energy for pum ping for irrigation
purposes, and also, notwithstanding the reduction in the com pany s rates
required b y the California Railroad Comm ission. W hile the com pany s
year has, as a w hole, been disappointing, the fact nevertheless remains
that it earned a substantial surplus. A t June 30 1915 tho_ com pany had
a connected load am ounting to 6,280 k. w . supplying 3,445 custom ers; it
also had 1,724 gas custom ers and 1,155 water custom ers.

m ore than offset b y economies practiced and reduced cost o f p ow er. W ith
a doorcase in the gross earnings from street railway operation o f .'$112,769,
or 0 9 5 % ?th e re was a g a in in net earnings o f $167,978. or 4 .3 2 % . See reP°A s to the Cah/oi-nVa Railway & Power C o.,.U nited Railroads o f San Fran­
cisco sierra & San Francisco Power Oo. and Coast Valleys Oas & Electric
C o see the report o f the California R ailway & Power C o. below.
IN C O M E

C A L IF O R N IA

ACCO U N T.

Y ea r en d .
J u n e 30 ’ 15.

D1 vs. on stocks o w n e d .. $1,584,788
Int. on bonds, loans, & c.
165,038

.........................$1,259,906
T otal
N et incom e for year____
$489,920

$1,949,199

$2,134,224

$2,260,250

$80,012
956,450
75,000
80,194
36,334

$63,727
973,700
99,000
80,256
11,202

$79,067
981,240
123,000
80,234
7,063

$1,227,990
$721,209

$1,227,885
$906,339

$1,270,605
$989,645

A C C O U N T {in c lu d in g th e c o m p a n y a n d i t s c o n t r o lle d
c o m p a n ie s a s i f o n e c o m p a n y ).— Y E A R U l l - l o .
C h a r a c s . & C -. d u e P u b l i c —
earnings...................$32,574,112

Gross
Operating oxponses.............17,166,110 Ronts'mLscol. in t., &c__ $3,691,471
1,482,416 Rond &c. In terest______ b 6 ,240,101
T axes___________________
N ot earnings....................... 13,925,586 Preferred dividends____ c l , 536.977
Other incom e....................
474,821
Balanco, surplus_____ $2,931,858
Gross incom o___________ 14,400,407
[Proportion applicable to com m on stock o f Investm ent C o .,
$1,369,790, or 6.715% on Com m on stock.]
charged
Im provem ents, extensions and extraordinary expenses cnargod
against incom e b y the soveral com panies-------------------------------a ou,4,ij
Balance available for dividends on com m on
0 71 ,423
T h n n rn n n rf inn nf this last item applicable to com m on stock, o f fcho
Investm ent G o. is $828,706, being equal to 4.062% on its com m on stock.

MdSd j K e 30 1015 for all p r ° P ' S d S f f f i h l l P“ “ adelpl“ * Ooral>“ n>'
s y ^ o m , w h ^h ropcu*^ int.'em soric^'H F’^ n d M . 5s o f Sierra & San Fran.
Power C o payabio in liko bonds up to and including Jan. 1 1916.
1 c IncludosP 3799,130 United ltys. Investm ent C o. p reform ! dividend,
although none was declared during the year.
June
A oo/i/ y

—

OF

30 ’ 15.
$

U N IT E D
D e c .31

’13.

R A IL W A Y S

Liabilities—

IN V E S T M E N T

C A L IF O R N IA

FOR

YEAR

POW ER

C O .— B A L A N C E

SH EET

JU N E

30.

Total ................ 49,768,533 49,941.i§7

S U B S ID IA R Y C O M P A N IE S ' IN C O M E A C C T . FO R Y R S . E N D . J U N E

30

— U . R R s .o f S . F . ----- S ier ra & S .F .P o w . C o . ----- C o a st V . G . & E .~
1914-15. 1913-14.
1914-15. 1913-14. 1914-15.1913-14
$
S
Gross earnings______ 8,024,095 8.506,725 1,152,100 1,136,682 229,615 239,984
423,318 508,717 141,172 149,113
Oper. exp. & taxes.--5,273,827 5,226,537

T o ta l................ 64,007,133 03,910,507

^ a ’ A ft or ^erodi 1} ng $99,601 for discount on bonds purchased for sink. fund.
H o i c '— T he com pany lias a contingent liability under its guaranty o f
oauinniont notos o f United R R s. o f San Francisco, which that com pany
r S ’xl l'y redemptions during the year ended Juno 30 1915, from $200,000
t 0 S ee'piiiladclphia C o.— V . 100. P- 1837; V . 101. p . 846.

California Railway & Power Company.
.

P res. M a so n B . Starring, O ct. 5 , w rote in substance :
P r i o r P r e f . S t o c k .—

During the year under roview, as in all prior years,
quarterly dividends o f I H % have been paid regularly on the 7 % cum u­
lative prior preference stock. O f this stock $100,000 was called for re ­
dem ption on Jan. 2 1915, thus m aking the total called to date $200,000.
During the year United Railroads o f San Francisco paid $75,000 o f its
notes hold b y your com pany, thus reducing the am ount to $1,925,000
now in our treasury; likewise tho Coast Valleys Gas & Electric C o. m ade
a paym ent o f $5,997 on account o f its notes, thus reducing the am ount
thereof in our treasury to $20,000.
U n i t e d R a i l r o a d s o f S a n F r a n c i s c o .— Tho decrease o f $482,630 in tho
passenger earnings for tho year as com pared with the preceding year is
essentially accounted for b y tho appearance o f the Jitney bus and by tho
goneral business depression which affocted California as well as other
parts o f tho country. President Lllicnthal o f United Railroads o f San
Francisco advises that the physical property has beou constantly im proved
and is now equal to tho best. A t the present tune, notwithstanding tho
continued com petition o f jitneys, earnings are running ahead o f last year.
During the vear thero lias been a decrease o f $135,631 in railroads
___
s interest in p roperty turned over
tho city , $40,000. During tho same period additions and betterments to
property show a net increase o f $202,174. Reserve for depreciation during
tho year wero increased by $426,198, as follows (a) appropriated from
surplus, $550,000; (b) additions and betterments to property made b y city
a n d -cou n ty , $35,569; (c) rehabilitation o f sub-stations in 1910 and 1911,
originally charged to this account, $11,415; total, $596,984, less estimated
original cost o f tracks rem oved or abandoned and cost o f rebuilding rolling
stock for Exposition servico, $170,785: not increase, $426,199.
Prior to June 30 1915 an aggregate amount o f $2,192,000 o f funded debt
had been rotlrod and canceled from investments o f sinking fund moneys.
Since June 30 1914, $205,000 o f underlying bonds havo been retired as
follows : Forrics & C liff IIouso, $200,000; M arket Street C able, $5,000.
S i e r r a & S a n F r a n c i s c o P o w e r C o . — Vice-President Jackson advises that
it is now fully expected tho power com pany will be in a position to pay
the interest on its 2nd M . Series “ B ” bonds from and after Jan. 1 1916
in cash. Said interest has hitherto beon paid in liko bonds and also will
bo paid in liko bonds on Jan. l l y i o In com pliance witli the terms o f the
indenture securing said bonds. As has beon shown iu this and previous
reports, all other bond interest has been fully earned and paid in cash at
tho stated m aturity dates.
It is gratifying to report that tho business o f the com pany outside o f
tho sale o f power to United Railroads o f San Francisco, which business
at Juno 30 1914 amounted for the year to $397,963. or approxim ately
3 5 % o f the gross receipts, increased at Juno 30 1915 to $455,276, or approx­
im ately 3 9% o f tho gross. A t June 30 1915 tho connected load o f tho
P ow er C om pany amounted to 51,192 k. w ., equivalent to 68,622 h. p .,
with 3,831 electric customers; it also had 1,115 water customers. T ho
capital expenditures during the year amounted to a total o f $273,305.
C o a s t V a l l e y s G a s & E l e c t r i c Co.— 1 he item “ Properties and Franchises
in the balance sheet as at Juno 30 1915, shows an increase, as com pared
with D ec. 31 1913. o f $529,745. which incroaso is accounted for b y the
inclusion therein o f the items “ Additions and botterm onts” to such dates
and “ investment in securities o f M onterey & P acific G rove Ity. C o .,
specifically sot out In previous report.

&

a Includes: United R R s. o f San Francisco stock. $5,000,000 1st p re f.,
$20,000,000 pref. and $7,950,000 com m on; Sierra & San Francisco Pow er
C o ., $19,999,000 capital stock; Coast Valleys Gas & E lec. C o . stock,
$2,000,000 pref. and $2,999,590 com m on; San Francisco E lectric R y s .,
$9,997,500 capital stock , and other securities, $1,240.

as o f Juno 30 1915 include: Philadelphia C o ., $21,200,000
com stock ^ C a lif R y & 1’ower C o ., $5,134,000 p rof., $34,160,400 com .;
Railroads & Power Developm ent d o ., capital stock, $5,500,000; total,

3 0 1 9 1 5 .)

AC C O U N T

Bal., sur. or def„dcf.S72,304sur96.118

T o ta l................ 49,768,533 49,941,187

.2,750,263 3.280,188
185,637
. 208,059
.2,958,327 3,465,825
.1,974,400 1,940,934
. 176,400 126,600

V
ico-Prcsldont Jackson advises that the gross Incom of tho com
o
pany
show a reduction of less than 1%, notw
s
ithstanding tho heavy and con­
tinuous rain in tho section served by tho com
s
pany, w
hich m
aterially

627,905

88.443
794

90,871

766,168 627,985
*785,824 *374,762
............
............

89,237
60,890
...........

90,871
61,361
...........

60,890
28,347

61,361
29,510

728,782
37,386

785,824
.2,150,800 2,067,534
. 807,527 1,398,291 def.19,656

$

T o ta l................ 04,007,133 63,910,507

AnnualReport— Year ended June

C O .— I N C O M E

1915.
1914.
1915.
1914.
L ia b M t t e s —
S
S
Assefs—
S
S
Secure. owned..47,739,469 47,739,469 Prior pref. stock-- 2,800,000 2,900,000
Notes receivable.. 1,945,000 2,026,907 Preferred s to c k ... 6,874,400 6,874,400
103,206 Common stock...40,000,000 40,000,000
64,590
Cash on deposit. .
49,000
50,750
50,000 Prior pf.div .July 1
Un. Rys. Inv. C o.
100
8,005 Prior pLstk.forredem 1,500
11,474
Accrued Int., &c_.
43,633
115,937
8,600 Profit and lo s s ...
8,000
Deferred charges.

Preferred stock...16,000,000 16,000,000
Common s to c k ...20,400,000 20,400,000
Coll. tr. sk. fd. 53.17,084,000 17,663,000
6% conv.bds. 1910 790,000
852,000
6% notes of 1903. 900,000 1,500,000
Pref. 8tk.dlv.ctfs.
712,500
6 % ....................
712,500
750,000
750,000
6 % ----------------Loans & notes pay. 846,088
557,535
Coupons due.
17,204
7,758
Accrd. bond, &c.,
235,632
Interest...........
202,343
Miscellaneous___
28,926
58
Profit and loss___ a6,285,518 5,222,528




R Y .

CO.

Investments___ *62,479,615 62,454,665
113,093
C a s h ............. - - 104,446
U. ItUs of San Fr.
852,000
notes receivable. 740,000
460
9.772
Sinking fund------45.488
Interest accrued..
49,830
PUlla. Co. dividend—
Scrip due May
2 1910................
71,000
Scrip duo Feb. 1
423,500
170,000
1918...........
Quarterly 1!4%
paid Aug.2 ’ 15 363,000
21,301
Miscellaneous----19,870

(2nd

POW ER

x D ividends are deducted b y the com pany from profit and loss surplus,
b ut shown here for the sake o f sim plicity.

June 3 0 ’ 15. Dec. 3 1 ’ 13.

$

&

Net earnings.......... $127,196 $630,710

C O N S O L . IN C O M E

SHEET

R Y .

E N D I N G J U N E 30.
1914-15. 1913-14.
1914-15. 1913-14.
Total gross.......... ....... $141,268 $699,992 DIv. on prior pref. ..xS199,500 $206,500
do original pref. .......... 378,092
Expenses, taxes, & c .. 14,072
19,282

----------- Y e a r s e n d i n g D e c . 31
1912.
1913.
1914.
$1,808,688 $1,998,850 $1,934,172
276,078
135,374
140,511

T otal incom e__________ $1,749,826
D e d u c tio n s —
D irectors'foes, taxes, & c
$77,737
Interest on bonds............
955,500
Interest on 6 % n o t o s .- .
63,000
In t. on dividend certifs.
80,233
In t. on loans & c-----------x83,436

ALAN C E

1461

THE CHRONICLE

Oct. 30 1915.]

374,762
253,203

♦Interest charges Include Interest on 2d M . Series “ A ” bonds (net),
$60,000 in 1914-15, against $48,556 in 1913-14, tho interest on 2d M .
Series “ B ” bonds, paid on like bonds under the terms o f tho m ortgage,
am ounted to $397,847 in 1914-15 and $378,678 in 1913-14 and is therefore
not doducted above.
B A L A N C E S H E E T , J U N E 30, O F U N I T E D R R S . O F S A N F R A N C I S C O .
1915.
1914.
1914.
1915.
L ia b ilitie s —
S
3
3
A ssets—
5
1st pref. stook___ 5,000,000 5,000,000
Railroads, proper­
ties & franchises 70,884,977 71,020,609 Preferred stock...20,000,000 20,000,000
Common s to c k ...17,948,600 17,948,600
Additions, &c., to
property - ......... 11,591,083 11,388,903 Mortgage bonds.x30.395, .03 36,650,000
Trust equipment940,468 940,468 Equip, trust notes
and certificates.
360,000
440,000
Mortgage sinking
funds............ - . 2,097,910 2,073,096 5% promls’y notes 1,000,000 1,000,000
Income def’d notes 740,000
810,000
Investment in se­
curities..............
316,935
398,678 Bills payable Cal.
Ry. & Pow . C o. 1,925,000 2,000,000
Bonds In treasury................. .
50,000
85,120
Bills payable____
70,183
Redemption, Ac.,
555,990
451.8S0
funds................
11,834
6,834 Accounts payable.
200,077
183,861
215,064
60,976 Miscellaneous----Cash......................
63,903
68,011
Deposits rec., &c.
Bills and accounts
679,480
671,737
receivable____
638,264
630,015 Acer. int. & taxes.
405,291
Materials&suppllcs
588,665 645,381 Mtg. sk. fd. res’ve 676,414
454,792
880,990
Accrued int., & c ..
56,475
13,376 Deprec’n reserve.
1,834
1,834
Unadjust, accts..
54,121
81,742 Other reserves__
Profit and lo s s ... 1,018,657 1,018,633
T o ta l................ 87,395,801 87,310,085

T o ta l................ 87,395,802 87,310,085

x Includes in 1915 sinking fund 5 % bonds, $23,854,000, and underlying
bonds assumed, $12,541,000.
, . ,
,
..
N o t e .— T ho com pany guarantees both principal and Interest o f $1,416,000
San Francisco Electric R ys. bonds and $45,000 Gough Street C o . bonds.
N o provision has been m ade b y tho com pany for a disputed pow er claim
o f tho Sierra & San Francisco Power C o .
BALAN C E

SH EETS, JU N E

30,

OF OTH ER

S ie r r a & S . F . P o w . C o .

S U B S ID IA R IE S .

C o a st V a lle y s G . A

E . C o.

1915.
1914.
1915.
1914.
P r o p o r ty ....... .......... ........ $34,930,490 $34,655,881 $5,989,741 $5,744,663
M o n t.& P a c.G r.Ity .in v .
......................... ...............
................
207.901
2d M . “ B ” bonds and
*37,455
scrip in treasury_____
2d M . “ B ” bds. & scrip
for m at. int. on 2d M .
515,144
406.220
“ B ” bonds___________
14,129
4.008
367,496
14,086
Cash___________________
376.052
418,161
36,482
70,998
N otes and accts. re ceiv .
2S,(i75
112,883
113,780
22,964
M aterials and supplies. .
C r .304
13,626
47,233
32,306
M iscellaneous--------------333,692
412,789
P rofit and loss_________
A ssets—

T otal ............................ $36,657,908 $36,049,586

$6,095,579

$6,103,479-

L ia b ilitie s -

Capital s t o c k .................. $20,000,000 $20,000,000 §$5,000,000 §$5,000,000
t i. ; ,
.'
..... h ^ .io
A snn nnn
90O,000
onr>
900.000
6,500,000
First m tge. bonds---------- r unn non
6,500,000
1,000,000
2d M . bonds, series “ A ”
l,OOO.0o0
7,858,699
2d M . bonds, series “ B ” 8,294,000
1,000
Underlying bonds---------------------90,739
98,104
'1 1 7 ', 184
A ccounts payable, & c . .
110,850
587
825
M atur. int. pa y. in cash
34,795
“ 162', 190
24,607
23.859
Acer, int., taxes, & c____
168,056
M a t. int. 2d M .“ B ” bds.
352,644
payable in bonds____
406,220
58,869
10.659
27,693
D eprec’n, & c., reserves.
137,257
2,416
5,928
M iscellaneous__________
6,730
45.788
66,853
P rofit and loss__________
_________
T o t a l .............................$36,657,908 $36,049,586

$6,095,579

$6,103,479

§ Incl. pref. stock, $2,000,000, and co m ., $3,000,000.— V . 101. p . 1369.

United States Steel Corporation.

{Earnings for Quarter and Nine Months ending Sept.

3 0 1 9 15 .)

T ho follow ing statem ent o f tho corporation and its sub­
sidiaries for tho quarter ending Sep t. 3 0 w as given out on
T u esd ay aftor tho regular m onthly m eeting o f tho directors.
T h e “ not earnings” as here shown were arrived a t after
doducting tho cost of “ ordinary repairs and m aintenance of
plants and interest on bonds of the subsidiary com p anies.”
For unfilled orders on hand see “ T rad e and T raffic JVloveinents” O c t. 16 1915 (page 1 2 4 7 ).

1463

THE CHRONICLE

RESULTS

FOR

D e d u ct—
Sink, funds on bonds o f
sub. cos., deprec. and
extraord. replace't fds.
In t. on U. S. Steel C orp.
b o n d s ________________
Prem . on bonds redeem .
Sinking funds on U. S.
Steel C orp. bonds___

QUARTERS

1915.
$
38,710,644

E N D IN G

1914.
$
22,276,002

30.
1913.
1912.
$
$
38,450,400 30,063,512
SEPT.

7,028,034

6,017,922

7,130,959

7,658.049

5,458,495
245,136

5,536.717
209,394

5,614,708

5,683.964

1.636,819

1,576.058

1,697,255

1,627.998

14,368,484
24,342,160
D iv . on p f.’stk"‘(l K % }I 6.304,919
D iv . on com m on s t o c k ..
Per cen t_____________

13,340.091
8,935,911
6,304.919
2,541,513
(H % )

14.442.922
24,007.478
6,304,919
6,353.781
(1 X % )

14.970.011
15.093.501
6.304.919
6.353,781
(1 K % )

89.479

11,348,778

2,434,801
30.
1912.

18.037,241
N E T

E A R N IN G S

FOR

N IN E

M O N TH S

E N D IN G

SEPT.

1915.
$
Jan uary_______ ..............*1,687,150
F eb ru a ry______ ......... .. *3.638,578
M a r c h ________ .................*7.132.081

*4,941,337 *11,342.533
*5,655,611 *10.830.051
*7.397,433 *12.254.217

*5,243.406
*5,427,320
*7,156.247

First quarter____
A p r i l _____________
M a y _______________
J u n e _______________

12.457.809
*7,286,409
*9.320.576
*11,343.070

17,994.381 34,426,801
*6.920,879 *13.072.710
*6.845.823 *14.554,566
*6.690.894 *13,592,537

17.826.973
*7,509,207
*8.846,821
*8.746.237

Second q u a rter._
J u l y ____ __________
A u gu st____________
S eptem ber_________

27.950,055
*12,048.218
*12.869,099
*13.793,327

20.457,596 41.219,813 25,102.265
*7,475.993 *12.936.658 *9.322.142
*7.584,926 *12,657.430 *10.583.377
*7,215,083 *12,856,312 *10,157,993

T hird quarter___
T otal nine m onths.

38.710.644
79,118,508

1914.

1913.

22,276,002 38.450,400
60,727,979 114.097,014

FOR

N IN E

M O N TH S

1915.

s

79,118,508
N et earnings...............
D e d u ct—
F or sinking funds, depre­
ciation & res've fu n ds. 22,076.560
In te re s t.....................
16.476,758
Prem . on bds. redeomed
735,408
T otal deductions____ 39,288,726
B a la n c e ........................
39,829,782
D iv id e n d s—
Preferred (5 1 4 % )............. 18,914,757
C o m m o n ...........................
................
_________
Per cen t______________

TO

30.

SEPT.

1914.

1913.

60,727.979 114.097,014

bonds outstanding at time o f purchase against property in which the c o m ­
pany has baco.no interested, in the developm ent o f its Tennessee o h o s phate rock properties.
1
The accounts receivable and notes receivable show a considerable d e ­
crease. rh is is largely duo to the decreased volume o f business done by
the com pany in the cotton-producing States, which was considered advisa­
ble owing to the unsettled conditions caused by the European war
In­
ventories have bean figured at cost, which, considering the advance in prices
ot many o f the raw products used in our industry, is very conservative.
I m p r o v e m e n t s . — The improvements referred to in the last report have boon
com pleted, and excepting ordinary repairs it is expected that no plant im ­
provements will be necessary during the present year. T he improvem ents
made have reduce I our average cost o f manufacturing and mining.
O u t l o o k . — While this report siiows a disappointing decrease in net earn­
ing8' yet, as pointed out above, this was largely due to the disturnanco
in business conditions caused by tho European war. Those conditions
Improved substantially during the spring, enabling us to dispose o f our sur­
plus acid at profitable figures. But as the contracts were not to be coin ploted until after June 30 1915 the rosults are not reflected in this report.
1 he improvement noted, unless offset by unforeseen circumstances during
the yoar 1915-16, will it is confidently expected, enable tho com pany to
show a very substantial increase in earnings.
IN C O M E

ACCOU N T

1912.
$
72.992,750

20,551,971
16.708,138
663.440

26,857.708
16.925,463

21.677,576
17.139.924

37,923 549
22,804,430

43.783.171
70,313,843

38.817,500
34.175,250

18.914,757
15,249,075
(3 % )

18.914.757
19,061,343
(3 % % )

18.914,757
19,061,343
<3M % )
T otal dividends......... 18.914.757 34.163.832 37.976.100 37.976.100
—
'l0<
l.arpS 1017°851**"‘2 0 '9 15,° 25d l 11,359,402 sr32 ,337,743 df3,800,851

FOR

„
1914-15.
Gross profit on oporat’ns $1,844,799
Operating, &c., expenses 1,198.815
_________
Extraor.oxp.,research wk

YEAR

E N D IN G

1913-14.
$1,934,494
1.104,049
66,102

JU N E

1912-13.
$1,718.8321
1.054.441/

30.
1911-12.
N ot
stated

.
>
s
B ond interest_________I

$615,984
18.000

$764,343
208.730

$664,391

$2,031,209

.

$663,984
616,900

$973,073
646,529

$661,391
650,000

$2,031,209
565.696

$47,084

$326,544

$14,391

$1,465,513

241,636
175.884
- ............( 3 ^ ) 4 5 7 .3 0 3

(7)914,505

Balance, surplus_____
A m ort, o f bd. disc., or­
ganization exp., & c._
Preferred dividends____

3 0.063,51‘>
72,992.750

. *
deducting int. on subsidiary com panies' bonds outstanding $880 $872,055, $863,526. $863,445. $859,441. $784,672, $778,792
and $776,325, respectively against $819,372, $819,129. $818,106 $820 036
§§88,607. $840,175. $836,749. $836,778 and $843,075 in 1914,’ $838 4 9 7 ’
§§47.132. $842,298. $839,524, $831,627. $830,669, $831,260, $828,074 and
§823,797 in 1913 and $723,657, $722,439, $721,371. $807,038, $847,294,
$847,120, $844,975. $844,256 and $852,814 in 1912.
’
'
IN C O M E

[Vol . 101

207,106
................

C O N S O L I D A T E D B A L A N C E S H E E T J U N E 30, I N C L U D I N G A F F I L I ­
A T E D (i. e . . 100% O W N E D ) C O M P A N I E S . W I T H I N T E R nr
(Se&
y
gg p gg7)
C O . ' Am n -T c , . E L I M ' .
CC rS

1915.
1914.
1015.
1914.
A ssets—
$
$
L ia b ilitie s —
S
$
Real est.,plant,& c . 21,32.3.096 20,905,753 Preferred stock...1.3.055.500 13,055,500
Investments........ 3,335.697 3,325,188 Common s to c k ... 7.303,500 7.303,500
Cash......................
590,129
654,389 1st M. bonds___ 11.720.200 12,418,800
Accts.rec.(less rc3.) 2,917.847 3,488,877 Bonds assumed on
Notes receivable.. 1,678.612 1.747,587
property p irch.
40.000
______
Inventories.......... 1,970,765 1,898,681 Accounts payable.
214.000
303.033
Due from: Jointly
Loans and notes
owned corp's.
730,404 1,369.194
payable........ _ 4,340,701 5.007,434
Other companies 975,601
904.620 Interest on bonds
Potash adjustment _______
275,060
& loans accrued
273.274
226,094
Acer. earn, on Inv. _______
209,350 Duo Jointly-owned
Prepaid exp.. A c. 2.829.266 3,192,575
corporations__
11.044
10,586
Cash In sink, fund
16
012 Special reserves. .
301,018
859,447
Profit and loss__ x975.725 1.152,502

ToLal........ ....... 37.333.157 39.184,394 | T o ta l....... ........37,333,157 39,184,394
x After adding $336,799 profit on bonds purchased at a discount and
canceled under operations o f sinking fund.
N o t e . — There are also contingent liabilities consisting o f endorsements
on notes receivable o f the corporation and paper o f jointly-ow ned corpora­
tions amounting to $3,112,240 not Included a bov e.— V. 100, p. 401.

The American Rolling Mill Co., Middletown, O.
International Nickel Co., New York.

(Results for

6

Months ending Sept.

(Report for Fiscal Year ending June

3 0 1 9 1 5 .)

I N C O M E A C C O U N T F O R 6 M O N T H S E N D I N G S E P T . 30 1915 A N D
Y E A R S E N D I N G M A R C H 31, 1915, 1914 A N D 1913.1

6

M o s . en d .
S e p t . 30 '15.

.
,
Earns, o f constlt. cos.
after m fg.. & c.. exp s. $6,667,755
Other incom e..................
102.953

T otal Incom o__________ $6,770,708
General. & c., expenses.
452.126

---------- Y e a r s
1915.

e n d in g

M ar.

1914.

$7,049,112
181.649

$6,452,758
114.029

$7,230,761
517,374

31----------1913.
°
$6,802,886
126i221

$6,566,787
437.812

$6,929,107
542,308
N et incom e.....................$6,318,582
5.713.387 $6,128,975
.386,799
D e d u ct—
Depreciation o f plants. I
751,163/
$720,000
$636,915
$553,449
Mineral exhaustion___/
\
385,315
687.395
498,471
Foreign cos. not included
_____ „
10,000
12.000
Sinking fund reserve___
______
89.458
Interest on bonds
225,115
Preferred d i v i d e n d s ...( 3 % )2 6 7 ,3 7 8 ( 6 % ) 5 3 4 ,7 5 6 ( 6 % ) 5 3 4 ,7 5 6 ( 6 % ) 5 3 4 ,755
C om m on dividends------ *1,901,575
4.753,938
3,803.150
3.491 049
B e r e f t .........................
(5 % )
<124* % )
(1 0 % )
(1 3% )
Total deductions____ $2,920,116
Balance, surplus_______ $3,398,466

$6,404,009
$309,378

$5,674,216
$454,759

$5,392,293
$994,501

* Also 10% stock dividend on the com m on stock, calling for $3,803,150
com m on stock, paid N ov. 1 1915 out o f accumulated surplus. See nows
item on a subsequent pago o f this issuo and V. 101, p. 1192.
GENERAL BALAN CE SH EET.

15
S e p t. 30’ 15. M a r .31 T5.
$
S
L ia b ilit ie s —
$
$
Property account-43,849,163 44,016,051 Common stock...38,031,500 38,031,500
Investments____
57,760
58,210 Preferred s to c k ... 8,912,600 8,912,600
Advances to con­
Acc'ts. pay’le, A c. 1,003,458
637,239
stituent cos___
_______
3,157 Accr'd taxes, A c ..
...........
97,571
Inventories at cost 3,170,145 3,100,381 Pref. dlv. duo-----133,689
133.689
Accts. A bills rec.. 1,491,197 1,466,433 Com. dlv. due-----------1,901,575
Other advances..... .......... ..
58,529 Stk. (com.) d lv .. 3,803,150
. .
Loans on call........ 1,000.000 1,000,000 Accident, Ac., fd.
180,813
165,501
Certfs. of deposit- 5,500,000
950,000 Profit A loss surp. 4,910,941 5,315,625
Cash...................... 1,907,887 4,542,539
A ssets—

S e p t. 3 0 ' 1 5 . M a r . 3 V

T o t a l ............ .56.976,152 55,195,300
T o ta l................. 56,976,152 55,195,300
See also nows Item on a subsequent p a go.— V. 101, p. 1192, 1016.

International Agricultural Corporation, New York.

(6th Annual Report— Year ended June

3 0 19 1 5 .)
President Stephen B . Flem ing says in substance:
FromJ t, ^ operating report it will be seen that tho earnings aro
$663,984. An additional profit o f $336,799 was derived from bonds pur­
chased at a discount and canceled for the sinking fund, making a net sur­
plus for the year, after bond interest and am ortization charges, o f $176 776
reducing tho deficit as o f June 30 1915 to $975,725.
Dividends from investments in join tly owned corporations have been
received this year up to the extent o f $18,000, it being considered unwiso
owing to the large amount o f outstanding accounts carried over by these
com panies, to decrease their surpluses. As o f June 30 1915 our propor­
tionate share o f their undivided surplus was $136,812.
In addition to reducing the volum e o f our Sales or fertilizer, the war very
adversely affected profitable contracts for the delivery o f phosphate rock
from the H on d a mines to England, France, Belgium , Germany and other
European countries. In some instances deliveries were stopped entirely
and in others the tonnago was greatly reduced.
’
C o n s o l i d a t e d B a l a n c e S h e e t . — This shows a decrease In tho com p a n y’s own
bonds outstanding o f $692,600, being the amount canceled through tho
sinking fund. It also shows other bonded debt assumed o f $46,000, boing




3 0 1915.)

President George M . V erity says:
W ith two months o f only m oderate business in tho boginning o f tho year,
ollowed by eight months o f extremely dull times and winding up with two
tairly good months at the end, the total earnings o f the yoar enabled us to
miike some addition to surplus account after all dividend, interest, adver­
tising and depreciation charges were taken care o f and a substantial propor­
tion o f deferred charges absorbed.
During tho yoar the com pany has added to its established departments a
division for tho manufacture o f steel and iron forgings.
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30 1915.
Net profits after all exp., A c .. .*$694,511 Accrued, Ac., Interest................$154,652
Interest, dividends, &c., rec’d . x58,860 Dlvs. declared A Int. on Inst. stk. 524,403
Written off.................................. y50,000

Net income------------------------- $753,371

Balance, surplus____________ $24,316

* After deducting $521,627 maintenance, repairs and roplacomonts and
$159,975 accruing renewals, x Includes p rofit arising from increase in
value o f securities owned, since realized, y Donotos proportion Initial oper­
ation new East M ill written off.
BALAN CE SH EET JU N E
A ssets—

1915.
$
7,360,701
1,350,000
363,409
2,895,007

Real est., plant,Ac
a Pat., licenses, Ac.
Sundry Invest___
Materials A supp.
Notes A accts. rec.
(less reserve)__ 1,323,364
Marketable scours.
197.161
Stock subscrlpt’ns 333,666
Cash____________
557,224
Pref. dlv. guar. fd.
96,000
Prepaid insur., Ac.
8,781
Deferred charges. b.332,971

1914.
$
7,100,304
1,350,000
353,520
2,639,654
598,365
102,128
900,858
458,324
116,931
29,306
272,234

T o ta
______ _ l................ 14,818,284 13,921,624

30.

L ia b ilitie s —

Pref. stk., 6% cum.
Common stock__
Installment stock.
Gold notes, 5 % ..
Gold notes, 6 % ..
Notes payable___
Accounts payable.
Dlv. paid July 15.
Res. for extraord.
replacem'ts, Ac.
Guar, of pref. dlvs.
Surplus_________

1915.
$
800,000
6,400,000
c256,000
2,500,000
c405,536
422,850
139,833
761,277
96,000
3,035,789

1914.
$
800,000
5.200.000
1.200.000
1,125,000
1,421,262
248.158
179,505
640,225
118.086
2,989,388

T o ta l................ 14,818,284 13,921,624

a Owned and controlled through ownership o f capital stock o f Inter­
national M etal Products C o. (Patent Holding C o .), b Includes initial oper­
ation o f new East Mills, $165,000; patent oxponses, $21,772, and oxponso o f
iss u e o f 6%^gold notes, $146,200.
c Paid at maturity; see notoofferin g In

The American Ship Building Co., Cleveland, O.
(16 th

Annual Report— Fiscal Year ended June

3 0 19 1 5 .)

President E dw ard Sm ith says in substance:
R e s u l t s . — N over before has this country passed through a year o f such
unusual conditions. T ho fleets o f tho Great Lakes continue to suffer from
the existing depression and it was not until after Juno 30 last that con di­
tions improved sufficiently for them to placo in commission tho entire fleet
o f bulk carriers. T he business o f tho ship yards was naturally, therefore,
reduced to a minimum. T he new construction at our yards for tho ontlro
year was limited to one 10.000-ton ship o f tho self-unloading typo, con­
structed at Lorain, O. Unsuccessful endeavors woro made to socuro sotno
salt-water tonnage, in which we are at a disadvantage due to tho limita­
tion o f the sizo o f vessels capable o f passage through tho Canadian Ganal
locks. Owing to those unfavorable conditions, your com pany has this
yoar experienced tho smallest volum o o f buslnoss In Its history and it is
only by the exercising o f strict econom y that wo have boon able to maintain
our financial condition in its present satisfactory condition.
Your o ffi­
cers have not felt that tho situation justified tho expenditure o f tho largo
amount o f money necessary profitably to engage in an ontiroly new line .
C o n c e n t r a t i o n , A c . — T o meet tho necessity o f dry dock facilities com m en­
surate with tho steadily increasing largo tonnago trading at Lake M ichigan
ports, there is undor construction at South Chicago for com pletion this
fa ll, a dry dock 700 ft. long, 103 ft . wido, 16 ft. doop over tho sill. Our

THE CHRONICLE

O ct . 30 1915.1

N orth Chicago plant is being dism antled, equipment m oved to South
C hicago, and the real estate is offered for sale.
For reasons o f econom y, the Cleveland plants are being centralized on
our property adjoining dry docks and ship yard, at the head o f tho River
Bed (foot o f West 54th S t.), where there are under construction for com ple­
tion this fall, buildings for general o ffice and engineering department,
machine shop, foundry and pattern shop. Tho real estate previously
occupied at isolated locations for above purposes is now being offered for salo.
Our yard at Superior, W is., which is fully equipped for construction and
dry dock w ork. is now undergoing chatigos whereby its several isolated
units will 1)0 brought into close relation, permitting more efficient and
economical operation o f its dry dock and repair work without destroying
its ability to d o construction work.
W hen all these contem plated changes have boon m ade, wo foci tho
attained results will fully justify the expense.
A d j u s t m e n t s .— As to tho deduction from surplus for adjustment of
property, appearing on this year’s statement, tho board feels this to bo
justified at this time, due to tho anticipated concentration o f certain plants,
necessitating the discontinuing o f some and the salo o f real estate par­
cels not necessary to tho business. Such properties wore appraisod and
stood on the books as going and activo units, and naturally will suffer
loss when not required for the purposes intended. W hen those contem ­
plated changes have been m ade, tho remaining properties are considered
to be more than ample for our normal needs.
.
Regarding tho deduction for good-w ill from surplus, also appearing
on this year’s statement, tho board directed the entry, having in mind the
elimination from good-will o f all items except such as are represented in
tho capital stock o f tho companies now in operation.
,, ,
O u t l o o k .— Prospects now indicate profitable em ploym ent o f all bulk
carriers on the Groat Lakes, which, if continued, will enable owners to
m ake any deferred changes and ropairs and probably create a dem and for
some new tonnage, tho amount o f which will bo small in com parison with
previous years. For these reasons, tho prospocts for the com ing year,
while not particularly encouraging, are better than one year ago.
RESULTS

FOR

YEARS

E N D IN G

1914-15.
Vessels built (number) 1
1/
16
83.100
C arry’g ca p a c., net ton s/
10,000
$712,062
N et earnings...................
$175,770
D iv . on prof, stock .......
........... (3 ^ )2 7 6 .5 0 0
432.757
Doprec. & m aintenance.
170,364
R e-building docks, &c__
______

30.
1912-13.
14
50.800
$849,874
(7)553,000
243,400

JU N E

1911-12.
12
26,000
x$802,528
(7)553.000
209.723
12,105

Balanco, surplus_____
$5,406
Previous surplus_________y2,965,829

$2,805
6,561,366

$53,474
6,507.892

$27,700
6,480,192

T o t a l ......... ......................$2,971,235
A bandonm ent W est. Bay
C ity plant___________
______
Depreciation o f market
value securities______
______

$6,564,171

$6,561,366

$6,507,892

Balanco. forw ard------ $2,971,235

439.136
683,800
$5,441,235

$6,561,366

$6,507,892

y A fter allowing for adjustments o f property and good-w ill accounts:
o. g ., property a cct., $1,264,397; good-w ill, $1,192,127, and advance
royalties, $18,883.
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1914.
1915.
Awrfs—
$
$
$
L ia b ilitie s —
S
Plants, prop., &C. 9,472,765 12,056,239 Stock, preferred.. 7,900.000 7,900,000
Good will, patents 5.489.510 6,084,292 Stock, common__ 7,600,000 7,600,000
Bonds, stocks. &c. 2,007,388 1,873,209 Buffalo purchase
530,331
Materials on hand 537,278
money mortgage 200,000
250,000
820.730 1,484,925 Notes payable___
Accts. & bills rec.
200.000
500,000
390.391
587,580 Accts., Ac., payable
Cash......................
106,955
172,852
24.154
........... Acer.int., taxes,&c.
Accrued interest..
96.923
68,368
_____
402,010
351,397 Appr. real cat., &c.
Adv. to sub. cos-­
1,137,461
49,031
4,959 Reserve funds___ al3ij,014
Work under const.
560,760
Miscellaneous___
10.858
57,744 Surplus_________ 2,971,235 5,441,235
T o ta l................ 19,210,127 23,030,676

T o ta l................ 19,210,127 23,630,070

a Reserve funds (total, $135,014) include in 1915: For fire insurance,
$122,449; for construction, $12,565.— V. 101. p . 1274.

Virginia Iron, Coal & Coke Co.
(13 th

Annual Report— Year ended June

Pros. Joh

3 0 19 15.)

B . N ew to n , S e p t. 15, wrote in substance:

P i g I r o n B u s i n e s s .— There was very littlo demand for pig iron throughout
tho year, and pricos hovered constantly around tho cost o f production. Wo
operatod only ono furnace, and oven so incroasod our stock o f pig iron
30,089 tons, making total stock on hand Juno 30 1 14.284 tons. Econom ies
substantially roducod tho cost o f iron manufactured and wo hopo to con tinuo on tho reduced cost basis.
T ho outlook for tho ensuing year, based upon business alroady booked for
delivery, is very encouraging, and wo aro in position to reap full benefit
o f tho improvement in conditions.
C o a l B u s i n e s s .— Your coal mines produced during the yoar 1,713,800 tons
at a p rofit o f $405,242, as against a production o f 1,988,000 tons at a profit
o f $449,775 for tho procoding yoar. Tho washing plant at our Tom s Creek
colllory was com pleted and is fully mooting expectations.
B o n d s .— We havo retired by purchase during tho year $7,000 1st M .
bonds, costing $5,800, and $15,000 Carter Coal & Iron C o bonds, costing
$14,835, and havo purchasod roal ostato to tho amount o f $58,625.
M r . M e l i a r g S r . R e t i r e s .— It is with deep rogrot that i havo to roport
that Ilonry K . M clia rg Sr. has determined to retire from the board o f direc­
tors, but I am authorized to stato that ids intorost in tho affairs o f the co m ­
pany will continue just as groat as in tho past and that wo m ay havo his
counsel whenever sought.
E A R N I N G S F O R Y E A R E N D I N G J U N E 30.
-------Y e a r \\ J14-15-------------- Y e a r 1 913-14------ N et.
G ross.
G ross.
O p e ra tio n o f —
N et.
Furnaces __
$.803,631 def$ 10.239 $1,743,405
$1 1,075
dofO.687
Foundries and shops___
55,097
95,293
d o f 7,689
Coal mlnos
405.242
1,582,998
1,815,190
449,775
<Joke ovens
6,337
428,341
196,737
28,561
Haw m ills___
70
150
Grist m ills___
11,921
205,632
180,129
6,689
T o t a l ________________ $2,844,165
$406,574 $4,262,508
$488,411
IN C O M E

ACCOU N T.

1914-15.
$406,574
11.044
16,398

1913-14.
$488,411
3,351
20,348

1912-13.
$581,830
16,145
18,922

1911-12.
$278,517
9,822
23,820

Total not incom e_____
$434,016
D e d u c tio n s —
Taxes 1---- --------------------$60,814
Bond Interest.................
257,760
Insurance _____________ .
23,854
Expenses o f idle plants
)
91,194
Deproc. o f idlo plants. .
[ 135,686
Doprec. o f activo plants
93,933
Interest and discount—
700
Dead ronts and contracts
340
M iscellaneous__________
14,457
D e v e lo p m e n t__________

$512,110

$616,897

$312,159

$61,225
259.856
34,049
68,317
122,516

$57,337
262,688
28,191
71,439
126,359

73,484
2,433
75
7,761

103,160
2,674
302
2.838

$57,069
264,513
23,792
65,490
(91,155
129,048
112,809
13,111
168
28,014

$678,738
$244,722

$629,716
$117,606

$654,988
$38,091

$685,199
$373,040

N ot cam s, from oper’n s.
Farms and farm rentals.
M iscell. m dse., d is., & c.

T otal deductions____
Loss for tho yoar..............

Operating, & c., accounts wero charged during tho yoar with $340,461 for
depreciation, viz.: Depreciation o f coal lands, $103,106 ; doprec. o f oro lands,
$2,799; doprec. o f impts. to leased properties, $51,625; doprec. o f impts. to
owned properties, $182,932; also with furnace repairs, $16,356.
There was spent $1'. 5,520 during tho yoar for additions and improvements
to owned and leased properties, viz., impts. to owned properties, $183,718;
impts. to leased properties, $11,752; repairs to furnaces $50.




1463

B A L A N C E S H E E T J U N E 30.
1914.
1914.
1915.
1915.
Assets—
L ia b ilit ie s —
S
S
S
S
Real est. & plant. 12.307,811 12,420,405 Capital stock____ 10,000,000 10,000,000
Equipment_____
476,738 First mtge. bonds. 4,780,000 4,787,000
497,788
Securities owned..
197,363
197,363 Prior lien bonds..
369,000
3S4.000
Sales ledger bal’ce
212,453
351,118 Unpaid vouchers.
198.206
249,281
Bills & accts. rec._
112,296
143,290 Unpaid pay-rolls..
37,769
54,887
Cash____________
50,302 Accounts payable.
71.508
8,509
90,737
Materials______
2,452.665 2,109,939 Bills payable____ 1,995,994 1,633,855
Miscellaneous___
84,517
34.475
84.212
25,597 Interest accrued..
Profit and loss___ 1,663,596 1,378,517 Furnace-repair fd.
11,220
27,525

—-V. 101, p. 1106.

’

T o ta l................ 17,564,215 17,213,269

Edison Electric Illuminating Company of Boston.

(Report for Fiscal Year ending June

3 0 1 9 1 5 .)

President Charles L . Edgar on O ct. 12 said in substance:
R e s u l t s .— W hile tho increase in the total connected load is m aterially
less than for 1914 and slightly less than for 1913, it is very m uch larger
than for any previous year, and this should be considered highly satis­
factory in view o f the marked arresting o f business expansion occasioned
b y the European war, especially in its early days.
T h e decrease in the number o f arc lamps b y nearly 1,300 means m erely
that they havo been replaced b y tho recently developed, large candle-pow er,
nitrogen-filled M azda lamps, using from 400 to 600 watts per lam p. T ho
annual record o f incandescent lamps has therefore becom e somewhat mis­
leading, one o f th'.iss large incandescent lamps using as m uch electricity
as at least ten standard lamps.
T he large increase in miscellaneous profits is due to the fact that certain
expenses in the sales departm ent, am ounting to about $50,000 per year,
which in past years have been charged against the miscellaneous profits
account, have this year been charged to regular operating expenses, the
net result, o f course, remaining tho same.
R a t e s .— T he new street-lighting schedule went into effect July 1 1914
and resulted in a saving to tho city o f B oston o f $75,000 per year and to the
m unicipalities o f Brookline, Chelsea, N ew ton and Somerville o f about
$10,000 per year in the aggregate.
N e w C o n s t r u c t i o n .— Owing to tho breaking out o f tho European war
wo decided to postpone, so far as possible, all construction work covering
now territory. A t the end o f the fiscal year 1914 there was in unfinished
installations account over $2,400,000. On June 30 last this account was
only $843,000.
A con tract has been made with the State o f M assachusetts for buying
power generated b y the overflow o f tho Sudbury D am . and this is being
carried by an overhead transmission line to your sub-station in H opkinton
for general uses in that district. T ho am ount o f this power is very small,
but it is sufficient to postpone, for a number o f years, an increase in the
transmission lino from Boston to H opkinton.
N e w S t o c k .— A petition was mado to the Gas & E lectric Light Com m ission
on Feb. 24 1915 for permission t o issue 20,480 shares at $215 per share.
This increaso, duly authorized, was offered to stockholders on April 1 1915
and except 98 shares, was all taken. (V . 100, p. 736, 1170.)
In view o f the unusual business situation which existed during the past
year, tho con dition o f your com pany is extrem ely satisfactory, and even if
its business should continuo to grow in an increasing ratio during the
com ing year, there seems to be no need o f considering a further increase
o f capital stock during tho year.
N u m b e r o f L a m p s a n d M o t o r s C o n n e cted .
In ca n d escen t
A rc
M o to rs.
In ca n d escen t

A rc

M oto rs.

— L a m p s.
L am n s.
{ I I . P . ) J u n e 30— L a m p s .
L a m n s . ( I I . P .)
1915 ------ 2,508.059
11,010 116,913 1 9 1 3 ____ 1,972,872
12,039 93,175
1914 ------ 2,245,547
12.297 106,204 1 9 1 2 ____ 1,766,618
11,652 78,733
T o t a l Load C o n n e c t e d ( i n 5 0 - w a t t e q u i v a l e n t s ) J u n e 30.
1915.
1914.
1913.
1912.
1911.
1910.
4,382,856
3,973,881
3,502,925
3,075,783
2,773.838
2,408,926
S T A T E M E N T O F O P E R A T I O N S E N D I N G J U N E 30.
1914-15.
1913-14.
1912-13.
1911-12.
Gross earnings............. $7,429,124 $7,008,288 $6,365,874 $5,787,345
Expenses (excl.deprec’n) 3.426,832 3,153,271
2,724,199
2,371,564
June 30

N ot from op e ra tio n s.. $4,002,292
Miscellaneous profits . .
118,910
T o t a l ......................... .. $ 4 ,1 2 1 ,2 0 2
$843,450
T a x e s ........................
In terest________________
371,475
Dividends ( 1 2 % )............ 2,457,174

$3,855,017
57,134
$3,912,151
$785,713
399,615
2,252,319

$3,641,675
103,957

$3,415,781
74,969

$3,745,632 $3,490,750
$797,617
$780,000
300,065
242,860
1,950,333
1,872,444

T otal d e d u ctio n s____ $3,672,099 $3,437,647 $3,138,015 $2,895,304
U ndivided p rofits............
$449,103
$474,504
$607,617
$595,446
B A L A N C E S H E E T J U N E 30.
1914.
1915.
1914.
1915.
L ia b ilitie s —
$
$
A ssets—
S
S
Installation and
Capital stock___ 20,480,000 20,472,900
property.......... 13,687,337 39,245,105 Install, on new stk. 3,826,230
_______
Unfinished lnstalPremium on stock 15,562,967 15,552,752
lation_________
157,000
160,000
843.151 2,427,367 First mtge. bonds.
729.038 Consol, bonds___ 1,250,000 1,250,000
Cash In banks___ 1,178,752
Stock on hand___
841,520 1,020,533 Coupon notes___
36,000
43,500
11,353 Accounts payable.
189.434
166,961
Miscellaneous___
90,498
Notes payable___ 4,255.000 4,828,500
Notes & accounts
568,869 Accrued taxCs___
609,903
104,752
112,160
receivable........
614.400
614,187
Cash in sinking
Dividends.......... ..
640,464
20,346
19,935 Reserve for depr’ n 664.531
fund................ Replacement acct.
3.919
34,199
Profit and lo s s ...
127,275
146,577
T o ta l...... ......... 47,271,507 44,022,200
— V . 100, p. 848.

T o ta l.................47,271,507 44,022,200

Carbon Steel Co., Pittsburgh, Pa.

(Statement by President for late Fiscal Year Sept.

1 1 9 1 5 .)

Pros. Charles M c K n ig h t, P ittsburgh, O ct. 18 19 1 5 , w rote:
Y o u r President desires to submit a short report o f tho operations o f your
com p a n y during the last year. A m ore com plete report has been made
b y tho directors at the annual m eeting held O ct. 18.
W hile tho business o f the com pany for the first six m onths o f the
year was exceptionally poor on account o f tho conditions caused b y tho Euro­
pean war, business com m enced im proving about M a y and sinco that tim e
your com pany has mado up the loss m ade in the first few m onths and earned
a net profit on its business o f $191,848. A fter paying the interest on all
bonds and bills payable o f tho com pany and reserving an am ount o f $16,­
257 towards an em ployees special bonus fund, there has been carried
to tho surplus fund $72,421, which leaves that fund at the present tim e
with a credit balance o f $132,688. There has been a reduction, b y the
action o f the skg. fund, o f $47,000 in tho com p any’s C oll. Trust notes
and a reduction in bills payable o f the com p a n y during the year o f $112,580.
T h o com pany has m ade during the year a number o f additions to the mill,
and has purchased a large am ount o f new tools and equipment which
wero deeded, ow ing to the largo increaso in its business in tho last six
m onths o f the year. Nearly all o f these tools and im provem ents havo
been installed and your m ill is now in a good condition to carry out all
contracts on hand.
In tho fall o f last year, it was decided b y your board o f directors to
send your President abroad in an attem pt to secure business to keep the
mill running. A fter being in England for som e tim e, tho President secured
an ordor from the British War O ffico for 75,000 4 K -in ch howitzer shells at
a price which ho felt would enable the com pany to m ake a fair profit. This
contract is about tw o-thirds finished and will bo com pleted about the first o f
January next, several m ontlis ahead o f tho required delivery, and it is
gratifying to tho officers o f your com pany that all shells, so far delivered
under this con tract, havo been accepted b y tho British W ar O ffice, without
any rejections.
T h o com pany has lately secured an additional contract with the British
W ar O ffico through its agents, J. P. M organ & C o ., for delivery o f 4M -in.
howitzor shells to the full capacity o f its plant until July 1 1916.

THE CHRONICLE

1464

O ffic ia l E s tim a te o f the P r i n c ip a l C o n tracts o n the C o .’s B o o k s at th is T im e .

Regular domestic business, about------- --------$1,769,360
Regular customers for steel for so-called war business, ab ou t-.
538,680
Shell forgings to bo manufactured by your company or its sub­
contractors, a b o u t _______________________________________
1.622,285
Finished shells, about_______________________________________ 10,533,000
Or a total o f orders on hand approximating------------ -------- - $14,463,325
This estimate does not include probable business which may follow tho
completion o f present contracts, or orders which are not covored by con­
tracts, received from day to day for tho company s regular line of products,
and this business is now showing gradual improvement.
No earnings o f tho company derived from its contract for tho manu­
facture of shells have, as yet, been carried to tho credit o f tho company’s
profit and loss account, as it has been the policy of the company to keep
these orders separate from the ordinary business of the company, and tho
results from this contract will bo shown in the next annual statement.
Tho business of your company at tho present time is ip a very flourishing
condition; it has more orders on its books than at any period in its history,
and expects to show tho stockholders a very creditable statement for 1916.
[Capitalization as o f N ov. 1 1915 (see a subsequent page): Common
stock, $3,000,000; 1st pref. 8% non-cum., $500,000; 2d pref. 6% non-cum.,
$1,500,000 (par of all shares, S100); 1st M . 6% bonds duo April 1 1917,
$300,000; 2d M . 6% bonds duo April 1 1917, $400,000; collateral trust
sinking fund bonds. $225,000; 6% collateral notes extended (expected to
be paid off in installments before July 1 1916), secured by pledgo of sinking
fund bonds $625,000,.
___.
,
In April 1915 the 1st and 2d pref. had received no divs. sinco 1908 and
tho common none sinco 1903. Directors: E. F. Slay back, Gilbert G.
Thorno (V.-Pres.) and E. C. Hoyt, N. V.; Charles M cKmght (Pres.),
Goo. S. Macrum (V.-Pres.), Dean R. Wilson (Treas.) and C. E. Middleton,
all of Pittsburgh. W. W . Noble is Secrotary.]
An exchango journal says : "The present company, incorporated Oct. 12
1894, in West Virginia, is the successor of the Carbon Steel Co. of N. J.
Tho plant is at Pittsburgh with 7 open-hearth furnaces, each of 50 tons.
There are also a universal mill, a plate mill, a bar mill and a forging plant.
Tho annual capacity is 100,000 tons.— V . 97, p. 889.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.— Tim e Extended .— ■

The bondholders’ committee, F. I,. Govett, Chairman, has extended
until Oct. 31 the time within which the 1st M . 5% bonds may be deposited
with tho Rank of Montreal. Compare V. 101, p. 1012, 922.
London advices stated that on Oct. 4 £823,700 o f the bonds had been
deposited.— V. 101, p. 1012, 922.
American Railways Co., Phila.— Amalgamation— N ew
Securities.— Newburger, Henderson & Loeb, bankers, Phila­

delphia, gave out the following on Oct. 28:
A c q u is it io n — N e w

C a sh — N e w

Stock to B e I s s u e d .

Owned by the National Properties C o., tho entire $4,060,000 capital
stock o f the Wilmington & Philadelphia Traction Co., (which for tho cur­
rent year will have net income o f about $300,000), is to become the absolute
property of tho American Railways Co.
In addition, $500,000 cash will be paid into tho treasury o f tho American
Railways Co. for purchase at par of a like amount of its preferred stock
to bo Issued and bought by the National Properties Co. By these opera­
tions the present financial position of the American Railways Co. will bo
groatly strengthened and the equities behind its funded debt increased.
In exchange and payment for what it gets, tho American Railways Co.
will issue additional 7% preferred stock to an amount of $1,500,000 and $2,
500,000 now common stock for the $4,060,000 of Wilmington & Philadel­
phia Traction Co. stock turned over by the National Properties Co.
N a t i o n a l P r o p e r tie s C o . to p a y w ith G u a ra n te ed C o lla tera l T ru s t B o n d s .

Tho outstanding common stock o f the American Railways Co. will bo
bought at par, $50 per share (the market prico Oct. 27th was $32), by the
National Properties C o., payment being mado in guaranteed collateral
trust bonds to be secured by such stock, and also the $2,560,000 of new com­
mon stock about to bo issued and sold to the National Properties Co.
Theso collateral trust bonds will not exceed $7,000,000 in amount and
will run 30 years. Interest upon them will be at the rates increasing from
4% per annum, the present dividend rate on American Railways common
stock. After two years the rate becomes 4 % for two years and thereafter
5% . Further securing tho equities of holders of American Railways com­
mon stock, it is stipulated that if at any time the National Properties Co.
shall pay dividends on its common stock in excess of 5% per annum, an
additional amount will bo paid as interest on the collateral trust bonds now
about to be issued up to a maximum of 6 % per annum.
D e p o s it o f C o m m o n S h a re s — E x c h a n g e f o r B o n d s .

Tho board of directors o f the American Railways Co. will forthwith issuo
notice to stockholders requesting them to deposit their shares with a trust
company as trustees, which will Issue negotiable receipts exchangeable
for definite bonds. Before the stockholders can secure tho benefits of tho
arrangement made to become effective Jan. 1 1916, not less than 75% of the
stock must be deposited.
O ffic e rs a n d D ire c to rs o f N a t io n a l P ro p e r tie s C o.

Officers: Van Horn Ely, President; A. C. Robinson, Vice-President;
A. H. Newburger, Secretary and Treasurer.
Directors: Henry Almstedt, Almstedt Brothers, Louisville; Van Horn
Ely, President; John Gribbel, John J. Griffin & Co., Philadelphia; John J.
Henderson, Nowburger. Henderson & Loeb, bankers, Philadelphia; A. II.
Newburger, Nowburger, Henderson & Loeb. New York; A. C. Robinson,
Vice-President Commonwealth Trust C o., Pittsburgh; II. P. Scott. Scott
& Co., bankers, Wilmington, Del.; T. W . Wilson, Vico-Presidont Wilming­
ton & Philadelphia Traction Co.— V. 101, p. 526.
Artesian Belt RR.— Receiver Discharged.—
The Fourth Court o f Civil Appeals, San Antonio, Tox., on Oct. 21 con­
firmed tho discharge o f J. O.Torroll, as receiver, holding that there wero no
grounds for his appointment.— V. 101, p. 447.
Atlantic Shore (El.)Ry., Sanford, Me.— D efa u ltonR ef A s .
The company has defaulted upon the initial coupon on its $641,750 4%
refunding mortgage bonds. An oxchange journal says: “ For its year to
April 1 the road earned $361,577 gross, but realized only $77,329 for
interest charges and taxes, after payment o f which there was a $25,087
loss to be added to previous losses of $67,155, making a deficit of $92,242
for the five-year period during which income for those bonds was expected
to accruo.” See page 113 o f “ Elec. Ry. Sec.” and compare plan of 1910
in V. 91, p. 869.— V. 100. p. 641.
Bay State Street Railway Co.— Earnings.—
Palance,
J u n e 30
G ro ss
N e t ( a fte r
O ther
In t e r e s t,
Surplus.
Y ear—
E a rn in g s .
T a x e s ).
In c o m e .
R en ts. <k:c.
-------1914-15 ............$9,339,529 $1,987,274 $66,459 SI .351,183 $702,550
2,571,416
81,096
1,363,660 1,288,851
1913-14_______ 9.428,113
— V. 101, p. 845, 693.
Boston & Maine RR. C ir c u la r

—
.—Tho Protective Asso­
ciation of minority stockholders is sending out a circular
on behalf of the 200 shareholders who protest against the
proposed reorganization, saying in substance:
A serious crisis is at hand. It Is claimed by the present management,
that for all practical purposes tho road is bankrupt. Such reorganization
as is projected threatens the integrity o f minority interests, for the reason
that it would mean an assessment o f from $30 to $50 per sharo on all tho
stock. We propose to secure the passage of such constructive legisla­
tion as may seem desirable to rehabilitate the road’s credit without recourse
to receivership or assessment.— V. 101, p. 1271, 1182.
Brooklyn Rapid Transit Co. A c q u is it io n
Tho P. S. Comm, has Issued an order authorizing tho South Brooklyn
R y. Co. (controlled) to purchase all outstanding stock o f the Prospect Park
& Conoy Island R R . Co., amounting to 2,500 shares o f $100 par value,
1.768K immediately and tho minority holdings from tlmo)to.timo as offered




—

.—

[VOL. 101

up to Dec. 31. The authorization providos that no stock shall be purchased
at more than $ 2 0 0 per sharo and that tho sarao prico shall bo paid tho mi­
nority holders as is paid for tho majority holdings. See V. 101, p. 1369.
Canadian Northern Ry.— N o Incom e Interest .—
The directors announce that the earnings for tho year ending June 30
1915 are insufficient to enable them to declaro any interest to bo payablo
Nov. 2 on the 5% Income Charge Convertible Debenture Stock. Tho full
5 % was paid regularly until a distribution was omitted last spring.
Comparo V. 100, p. 1347.— V. 101, p. 1271. 772.
Central of Georgia Ry. Co.— Earnings .-—
J u n e 30
G ross
G ro ss
I n t . a n d P r e f. D iv s . C o m .D iv s. B a l.
Y e a r — E a r n in g s .
In c o m e .
R en ta ls.
(6 % ).
(5% ). S u r p lu s .
1914-15_ $12,108,184 $3,903,631 $2,701,626 $900,000 $250,000 $52,005
_
1913-14--- 14,326,575 3,808,001 2,716,960 900,000
--------- 191,042
— V. 1 0 1 , p. 2 1 2 .
Central RR. of New Jersey.— Ordered to Divorce Lehigh
A Wilkesbarre. Coal C o. — Tho final decree of tho United
*

States District Court, which was filed at Philadelphia on
Oct. 28, dismissing tho Government suit against tho so-called
anthracite trust, orders that tho dofondants must within 90
days, unless appeal is taken to the U . S. Supreme Court,
submit a plan for the disposal by the Contral R R . of New
Jersey of all securities of the Lohigh & Wilkesbarre Coal Co.
now owned or controlled by it. The decree pronounces the
union of tho Philadelphia & Reading Coal & Iron Co. and the
Lehigh & Wilkesbarre Coal Co. through the instrumentality
of tho Reading Company, to be a combination in restraint
of trade and violates the anti-trust Act of 1890.

Tho decreo requires that tho plan reforred to must in Its execution ef­
fectually dissolvo tho unlawful combination and create “ a situation in
harmony with law.” Should tho defendants fail to present such a plan
within the period stated or if tho plans submitted shall bo rejected, tho
Court will take tho necessary stop, by recoivership or otherwise, to dlsposo
of the stock referred to and divorco tho coal company from tho Contral R R .
Pending tho disposal of those securities in accordance with the docroo, tho
Central Railroad, tho Reading Company and all corporations controlled
by them aro enjoined from voting or attempting to vote on any stock of tho
Lehigh & Wilkesbarre Coal Co. The Court warns tho Contral Railroad
Co. against requiring or threatening to roqulro tho Wilkesbarre Coal Co.
or any of its subsidiaries to ship all or any part of its coal over tho lines
of the Central Railroad or its subsidiaries.
With regard to tho coal lands controlled by tho Roadlng Coal & Iron
Co. and tho Lehigh & Wilkesbarre Coal Co., which was ono of tho objocts
of attack by the Government in its suits, tho docroo orders: “ All clauses,
stipulations or covenants in loasos of coal lands mado by tho Reading
Coal & Iron Co. or by tho Lehigh & Wilkosbarro Coal Co., or by any sub­
sidiary company of either that require the iossees to ship coal over any par­
ticular railroad or over such route as may bo designated by any railroad
company, aro horeby declared to violate tho anti-trust Act of 1890, and
therefore to bo void.”
Tho allegation that tho leaso of tho Lohigh & Susquehanna R R . mado by
tho Lehigh Coal & Navigation Co. and tho Contral R R . of Now Jorsoy
is in violation of tho anti-trust Act, is not sustained, and tho potitlon in
this respect Is dismissed. In respect to other charges against tho Lehigh
Coal & Navigation Co., tho Lehigh Sc New England RR. Co. and the
Lehigh & Hudson RR. Co., tho potitlon is dismissed without prejudice.
Tho chargo that tho Jcrsoy Central Is violating the commodities clauso of
the Ilepburn Act is dismissed without prejudice.
Tho decreo was signed by Judges Buffington, McPherson and Hunt.
Compare V. 101. p. 132, and report of Roading Co. in V. 101, p. 929.
— V. 100. p. 1090, 1008.
Chicago Rock Island & Pacific Ry.— Deposit of Bonds.—

The protective committee formod last Juno by Harris, Forbes
& Co. for the 1st & Refunding M tge. 4 % bonds, and headed
by Charles A . Peabody, President of the M utual Life Insur­
ance C o ., is requesting the deposit of theso bonds, of which
§107,640,000 aro outstanding, with the Guaranty Trust Co.
as depositary (V . 100, p. 1671, 1 7 51 ,2 08 4; V . 101, p. 287).

The committee says: "W o aro of tho opinion that the conditions and de­
velopments affecting the interests of tho holders of theso bonds require
that a deposit of tho bonds with the protective committee should bo made.”
Tho Oct. 1 interest on theso bonds was met promptly, and Director
N . L. Amster contends that the call for deposits at this timo Is unnecessary
and ill-advised. Tho explanation for tho call is understood to lie In tho
probable early issuance of expert Kendrlcks’s report indicating tho neces­
sity for a largo amount of new monoy. Seo V. 101, p. 1369, 1272, 1092.
Cleveland & Pittsburgh RR .— Listing Special Stock.—
The New York Stock Exchange has listed $1,222,050 additional 4%
Special Guaranteed Betterment stock, making tho total amount issued and
applied for to ilato $16,965,000. This “ Special” stock i3 “ subordinate to
the original 7% stock, inasmuch as it will not participate in tho annual
guaranteed rental of $786,795, which is applicable to the payment of divi­
dends on said original stock.” Tho presont issue of stock represents ex­
penditures made for tho year 1914, Including chiefly land for transportation
purposes (stations and terminals, track elevation, second and other addi­
tional track), $454,920; coal and ore wharves, $179,643; for second, third
and fourth and branch tracks, storage yards and track elevation. $315,948;
additional rolling stock, $181,341. For the year ending June 30 1915 tho
lessee reports gross earnings of $9,899,755 and surplus to lessees after
interest, dividends, &c., of $127,216.— V. 101, p. 694.
Denver & Salt Lake RR.— Voting Trustees, & c. — Benja­

min Strong, Leroy W . Baldwin and Newman Erb rocontly
retired as voting trustees. Tho board of trustees (and also
tho board of directors) now consists of tho following:
Gerald Hughes, Fred. G. M offat, Chas. Boottchor and L. C. Phipps,
Denver; Ward E. Pearson and Georgo II. Burr, Now York, and W . M .
Wadden, Boston. Mr. Pearson is Chairman and Treasurer. Thero Is
no President. W. M . Waddon Is now Secretary.—V . 101, p. 1013.
Detroit United Ry.— A ppra isa l. —
Prof. Mortimer E. Cooloy has filed a report of his appraisal of tho
property, fixing tho value. In tho ono-faro zono of tho city o f Dotroit
on Jan. 1 1915 at $29,714,079, or loss depreciation, at $23,608,665. The
physical valuo of tho entire systom ho places at $48,400,764. or with tho
depreciation considered, at $43,051,662. Tho valuo of all franchisas of
tho system is placed at $7,783,481. Summing up tho total valuo of all
tho D. U. R. is given as $56,184,165, or loss depreciation at $50,815,063.
Of this property tho valuo of that in actual uso for railway purposes is
given at $55,938,274, or $50,577,270, depreciation considered. The
report must bo passed on by tho Circuit Court.—-V. 101, p. 694, 614.
Gary & Interurban RR.— Receivership.—
Tho appointment of Charles D. Davidson of Gary as receiver for the
company has resulted from tho suit of tho mortgago trustees (Central
Trust Co. of Illinois and William B. Abbott) to foreclose tho "R ef. & First
Mortgago of 1910,” the interest due on $1,000,000 bonds issued thereunder
being in default. General counsol Charles W. Chase, attributing the dofault to the recent industrial depression in Gary’s steel industries and to tho
fact that the company’s franchise limits tho fare in Gary to 3 cts.; while
just as tho industries began to revive tho jitneys entered the field and took
tho bulk of tho passenger traffic. Tho bondholders, it is stated, havo
tried without success to induco tho Gary City Council to sanction a 5-cent
fare. Compare V. 100, p. 305. 397. 642, 733.— V. 101, p. 773. 846. 1370.
Georgia Southern & Florida Ry.— No Div. Now — Equip.
T ru st. — A t their recent mooting tho directors doforrod action

on the half-yearly dividends on tho first and second porforred stocks, usually paid in Novombor. Tho shares aro
5 % non-cumulative.
Tho last dividends were 2J ^ % and
wore paid M a y 7.

Oct. 30 1915.)

THE CHRONICLE

The company has applied to tho Georgia KR. Commission for authority
to issuo $450,000 equipment trust bonds in connection with purchase of
two passenger locomotives, two passonger train cars, 130 all-steel gondola
coal cars and 375 stool undorframe box cars.— V. 101, p. 1370.

In te r n a tio n a l T raction C o., B u ffa lo .— Pref. D iv. — Stk.
The directors have declared a dividend of 1 'A % on tho 4% cum. pref.
stock, payable N ov. 15 (to holders of record Nov. 5), contrasting With 2%
in Feb. last and 2% in July 1914. Tho distributions in Fob. 1914 and
July 1913 were each 2% and 2% extra on account of accumulations, and in
Feb. 1913 2% and 4% on accumulations.
Tho company on Oct. 1(5 filed at Trenton, N. J., an amendment to its
charter permitting the consummation o f the plan for retiring tho $ 5 ,0 0 0 ,0 0 0
4% cum. pref. stock (with accumulated dividends tlierecn) by an issuo of
new 7% cum. first pref. stock, share for share. The total stock will remain
as formerly, $5,000,000 pref. and 810,000,000 com. See V. 101, p. 527.
Iow a R y. & L ig h t Co .— Stock Offered .— -Miller & George,
Providenco, R . I ., are offering at $100 & div. a block of the
company’s 7 % cum. preferred stock. Outstanding, $1 ,570 ,880.— V . 100, p. 2167.
L eh ig h V alley T ran sit C o., A lle n to w n , P a .— Dividend

A semi-annual dividend o f 2 'A % has been declared on the $4,979,687
5% cum. preferred stock, payablo Nov. 10 on stock o f record Oct. 31. Div­
idends at the rato o f 2% per annum were paid semi-annually from Nov. 19
1911 to May 10 1915, the accumulated dividends after this 2 A % payment
amounting to 14J^%. Compare V. 101, p. 1092.
Lon g Isla n d R R .— Sale.—
See Brooklyn Rapid Transit Co. above.—V. 101, p. 1189, 923.
M acon T erm inal C o .— N ew Enterprise .—
Sco Georgia Southern & Florida Ry. under “ Annual Reports” a b o v e __
V. 101. p. 527.
M aine C en tral R R .— N ew Securities .— A syndicate of

Boston bankers has been formed to underwrite tho unsub­
scribed portion of tho $3,000,000 non-voting 5 % cumulative
prof, stock and $7,000,000 20-year 4J ^ % bonds, which will
be offered to stockholders for subscription at par, subject to
tho approval of the Maine P . U . Com m .— V . 101, p. 1090.
M ilw aukee Electric R y. & L ig h t C o .— Earnings.—
9 M os. E n d .
G ross
S e p t . 30.
E a r n in g s .
1915................$4,328,917
1914................ 4,470,380
— V. 101, p. 923.

N e t (a fte r
T a x e s ).

Other
In c o m e .

In teres t M a in t . A B a la n c e ,
C h a rg e s . D e p r e c 'n . S u r p lu s .

$1,635,862 $21,295 $609,367 $485,467 $562,323
1,706,635 46,882
629,550 490,224 633 743

M issouri Pacific R y .— Deposit Certificates Listed— Time
Extended till Dec. 1.— The protective committee for Trust 5 %
bonds, duo Jan. 1 1917, and First Collateral M . 5 % bonds,
duo Aug. 1 1920, Moreau Delano (of Brown Bros. & C o .)’
Chairman, gives notice as follows:
Tho definitive certificates o f doposit for those two issues have been listed
on tho N. Y. Stock Exchange. In order to comply with tho listing re­
quirements tho committee has extended tho time o f deposit until Doc 1 1915
A considerable majority o f tho Trust 5s o f 1917 and a verv substantial
percentage of tho First Collateral Mortgage 5 s o f 1920 havo been deposited
or pledged. The committee in order further to strengthen its position
relicits^additiomd^doposits o f both issues o f bonds with tho Columbia
In the opinion of'tho committco the default, Sept. 1, o f interest duo on
tho Trust 5s of 1917 and tho further default Oct. 1 o f interest duo on
pledged collateral covering tho western portion o f tho transcontinental
main lino, threaten tho security o f tho First Collateral 5s of 1920 equally
with that o f the 5s o f 1917. No interest on pledged collateral is being paid
over to tho trustee to provide against tho Feb. 1 coupon o f tho 5s of 1920tho Missouri Pacific is in tho hands of a receiver and tho plan of readjust­
ment does not contemplate leaving these bonds undisturbed or that their
couponsi should be paid. Tho committee, therefore, urges upon holders
tho inadvisability o f waiting for an actual default before depositing their
bonds o f 1920. (See also V. 101, d . 773, 923, 1273.)— V. 101\ p 1371.
M o n on g ah ela V alley T raction C o .-Q u a r t e r l y D iv.—
Tho directors havo declared a quarterly dividend of 1 V, % on tho pref.
stock, payablo Nov. 2 to stock of rocord Oct. 27. Provious disbursements
wore made semi-annually.
Purchase— Proposed Conversion Right.— Tho terms of tho

proposed purchase of tho properties of the Fairmont Gas
Co. and tho option of oxchango which is to bo offered to the
holders of tho prof, stock of the Traction Co. are stated in tho
circular sent to tho Fairmont stockholders (See below). The
following is stated to bo substantially correct:
On the completion of tho deal tho Monongahela Valloy Traction Go will
havo outstanding $5,000,000 of bonds, $2,787,150 of prof, stock and $ 6 782 037 50 In common stock. [Tho authorized common stock it is said’ will
bo Increased from $5,000,000 to $9,500,000 and tho authorized preferred
from $2,500,000 to $3,000,000.] Tho Monongahela Valley Traction Go
agroos to begin paymont o f dividends on its common stock in January at
tho rato o f 4% a year. The payment o f this dividend, as well as that of
5% on its preferred stock, will bo mado in quarterly disbursements from
that date.
Tho capitalization of tho Fairmont Gas Co. is $2,000,000 common stoetand $728,150 preferred. Tho last-named stock was recently reduced from
$750,000 with earnings. Tho preferred stockholders o f tho Fairmont will
receive tho usual dividend, which has just been declared navablo Nov 9 n
to stockholders of record Nov. 12.
(See also Fairmont Gas Co under
“ Industrials” below, and also in V. 98, p. 916, 1463: V. 100 p 559 1352
1585.)— V. 101, p. 370.
1
1
° ,
N ashville C h a tta n o o g a & S t. L ou is R y .— Report.—
Seo “ Annual Roports” on a proceeding page.
Bonds, tfee.— A t tho annual meoting on Oct. 12 tho share­

holders votod that all bonds thereafter certified under the
First Consol. Mortgage of 1888, should bo 5 % . Tho follow­
ing resolution also was passed regarding the Paducah &
Illinois R R . (see also aforosaid annual report) :
That tho resolution adopted at the meeting July 6 1914 authorizing tho
President to execute an agreement rclativo to the construction and oper­
ation o f a bridge across tho Ohio River at or near Metropolis, III., and a
connecting railroad between said bridge and the NashviVo Chattanooga
& St. Louis R y ., at or near Paducah, Ky., bo amended by substituting
for the words, the sum of $6 ,0 0 0 ,0 0 0 ” the words, “ tho sum o f $7 ,0 0 0 ,0 0 0 ”
and for tho words, not to exceed 4 A 7 o . " tho words, “ not to exceed 5% ”
per annum.— V. 101, p. 694.

Now O rleans G reat N orth e rn R R .— Earnings.—
Ju n e , 30
G ross
Y e a r— E a rn s .

N e t a fte r
T a x e s.

O ther
Bond
In c o m e . In t e r e s t.

R en ta ls,
B a la n c e ,
A c . , d i g s . S t i r ., or clef.

1914-15 $1,600,000
$512,992 $7,312 $424,863
$109,505 def.$l4,064
1913-14 1,873,613
709,199 2.572
427,180
130,612 sur.154,979
[Statement received too late for use in Ry.& Ind.” Sec.]— V. 100, p. 2010.
New Y o rk New H aven & H artfo rd R R .— Report.— See
Annual Reports” on a proceeding page.
A nnu al M eeting— Remarks o f Chairman .— A t the adjourned

annual meeting on Oct. 27 Chairman Elliott said in part:

To-day things look brighter for tho company than they did a few months
ago or a year or so ago. On tho New Ilavon road, for tho three months
ended Sept. 30 1915, tho increase in railway operating revenues was $1,509.­
953, with an incrcaso in operating expenses o f $43,165. After paying or




1465

allowing for threo months’ proportion of all kinds of fixed charges, the
mu?mo«.for tho three months was $2,096,048, an increase of $867,671*
Anls, of courso, is very encouraging.
Tho company is confronted with largo earnings and tremendous
business, duo to extreme activity in the manufacture o f articles used for
war. Our facilities are seriously taxed. It is obvious that our next duty,
is to enlarge the company’s facilities. This will take a largo amount o f
money and time. The annual report [see another page.— Ed.] mentions
expenditures In excess of $20,000,000 that need immediate attention. We
have placed an order or are about to place an order, for $2,500,000 worth
°* equipment to be delivered in 1916. A now bridge is about to bo started
j^ .jlm m es River, New London, Conn. This bridge will take two and a
half to three years to build and will cost $2,500,000. Tho company needs
badly larger freight yards and bigger engine houses in order to give proper
attention to equipment.
*
.
tj 10 Period of 1903 to 1913 tho volume of transactions measured
by tratfic increased about 4 4 % . There is no doubt that the volume of
business in the next ten years will increase very considerably, perhaps as
much as in the past ton years. Wo have mado, in view of such prospects,
no final plan to handle the immense floating debt, although tho latter will
bo presented to the stockholders in duo course.
I can hold out no hope about dividends until the road is not only on a
sound financial basis but has secured all the equipment needed to handle
its expected increases in business. During tho past year wo added to the
troasury $860,000 by the salo of second-hand material and $660,000 by
the sale o f odd lots of real ostato, and we are negotiating for the sale of other
properties to add to tho treasury cash.
Tho Now Haven must mako complete plans and preparations to do the
work for all of Now England. It is a waste of time and energy to fritter
away tho company’s time and money in bringing restitution suits which
would add little if anything to the company’s treasury [the only exception
being tho suit pending against John L. Biilard].
Thp effort of Asa P. French and Hugh W. Ogden o f Boston to have the
stockholders authorize tho directors to prosecute former directors failed
by a voto of 14,774 to 994,910 to receive the support of tho shareholders.]
Suit— Directors Resign— Board Reduced .—
The examination of Charles S. Mellen, President of the road from 1903
to 1913, in the criminal suit against the formor directors under the Antil™ «t law began in this city on Oct. 20 and was continued this week.
the annual meeting Oct. 27 tho resignations from tho board of Henry
K. McIIarg and Frederick F. Brewster, now on trial with nine former di­
rectors of tho road under tho Sherman Anti-Trust law, were accepted,
tho membership of tho board being reducod from 17 to 15. Mr. McIIarg
i o-?q rosl8 ned as a member of the executive committee.— V. 101, p. 1364,

Paducah & Illinois RR.— Status.—
SooNashviilo Chattanooga* St. LouisRy. above and also under "Annual
Reports” on a preceding page.— V. 101, p. 371.
Philadelphia Company, Pittsburgh, Pa.— N ew Stock.—

Tho shareholders will vote Dec. 28 (1) on increasing autho­
rized capital stock from the present 869,433,400 to $71,933,­
400, such authorized increase to bo in the common shares;
(2) on the sale of the $2,500,000 now common stock to
Ladonburg, Thalmann & Co. and Hayden, Stone & Co.
An authorized statement says:
The purposo of the increase in the capital stock of the Philadelphia Co.
is to provide funds for paying off all tho outstanding floating indebtedness of
tho company. The stockholders, at the meeting on Dec. 28, will be called
upon to ratify the proposition, calling for an increase in tho capital stock
from $69,433,400 to $71,933,400 and to approve the sale of the 50,000 shares
of the newly authorized common stock to Ladenburg, Thalmann & Co.
and Hayden, Stone & Co. This salo, together with cash on hand, will clean
up the entire floating indebtedness incurred last winter for improvements
betterments, &c., when busniess was slack and which was accomplished at
a minimum cost. The wisdom of the improvements mado during the period
of inactivity in tho Pittsburgh district is now being reflected in tho com­
pany’s earnings. It is estimated that earnings this fall will be at least
2 0 % in excess of any previous months in tho history of the company.
It may lie stated on high authority that none of the new stock, which is
to bo taken by the bankers mentioned above, will be offered in the market.
When the above has been accomplished, it is apparent that the company
will bo in a stronger position financially and physically than at any time
in tho past. The general business situation in the Pittsburgh district is
more favorable than for years, and when such a condition exists in that
territory, earnings of the Philadelphia Co. share the prospertiy. Earnings
of tho company thus far in the present fiscal year have shown unusual
increases and estimates of from 13 to 15% for the stock in current fiscal
period aro mado in well informed circles.
Compare United Railways Investment Co; under “ Reports” above.
— V. 101, p. 1273, 1093.
Quebec Central Ry.— Earnings fo r year end. June
J u n e 30.
G ross
N e t {a fter Other B o n d , A c . ,
D iv s . B a la n c e •
Y ea r—
E a r n in g s .
T a x e s ). In c o m e . In te r e s t. P a i d ( 4 % ) .S u r p l u s ’
1914-15................ $1,343.<29 $417,482 $8,616 $257,561 $135,264 $33,273
1913-14-------------- 1,553,174 474,557 11,461 257,561 135,264 93,193
Bond, &c.. interest include yearly $117,742 interest on 4 % debenture
stock: $57,573 interest on 3 l % debenture stock, and $S2,247 interest
A
on 3d M . 5s.— V. 99, p. 1367.
Rates.— Arkansas Passenger Cases Continued .—
A press dispatch from Little Rock, Ark., Oct. 20 said: Acting upon ap­
plication of tho State RR. Commission, Federal Judge Jacob Trieber has
granted continuances until April 1 1917 on all the cases filed to enjoin the
railroads in Arkansas from charging 3 cents passenger fares. The chief
roads affected aro the Iron Mountain, the Cotton Belt, tho Rock Island
and tho Pino Bluff & Arkansas Valley. All these roads are now charging
3 cts., though until June 1 of this year the charge was 2 cts. The St. Louis
& San Francisco and the Kansas City Southern roads are not concerned in
tho continuances because the Commission now has a suit in the U. S. Su­
premo Court asking a permanent injunction against the 3-cent fare being
used by these lines. If tho Frisco case is decided adversely to the Commis­
sion it was oxtremoly doubtful, members of tho Commission said, that the
fight would bo continued against the roads which this morning obtained con­
tinuances. To-day’s action was taken because all the money previously
appropriated for rate fights has been spent and the next General Assembly
does md^meet until Jan. 1917. (Compare V. 99, p. 1131.)— V. 101, p.

30.—

Reading Co.— Ordered to Divorce Coal Co .—
Soo Contral R R . of N. J. above and compare V. 101, p. 929, 1010.
Southern Railway.— ■ ew Director Elected .—
N
Henry B. Spencer, Vice-Pres.. has been elected a director to fill the
unoxpired term of the late Col. A. B. Andrews, and also for a full term of
threo years.— V. 101, p. 1289, 1265.
Temiscouata Ry .— Incom e Interest Omitted .—
Tho Bondholders Committee, Ltd., give notico that the company, owing
to decreased earnings, has decided to omit the dividend of \ \ i % for the
year ending June 30 last on the Consolidated Mtgo. Income Bonds. Conse­
quently no distribution will be mado at this time on the committee’s provi­
sional certificates.— V. 99, p. 1599, 1132.
Tioga RR. Bonds to Be Extended—
1st

—
The $239,500
mtge. 5% bonds will be extended for 20 years from Nov. 1
1915.—V. 57, p. 595.
Tonopah & Goldfield RR.— Earnings.—For year:
Ju n e 30.

O n er.

N e t (a fte r

Other

In ter-

C o m .D iv . P f . D i v .

B a l . , S t ir .

Y ea r—
R ev.
T a x e s ). In c o m e , est, A c .
(7% ).
(7% ).
o r D e f.
1911-15-$6S2,714 $278,822 $25,509 $146,024 $115,500 $35,000 sur. $7,807
1913-14. 688,849 247,032 19,003 154.355 115,500 35,000 def.38,820
•V. 99, p. 1675.
Union Pacific RR.— Listing .—
Tho N. Y . Stock Exchange has listed $58,500 First Lien & Ref. Mtge.
4% bonds, with authority to add $1,941,500 on official notico of issuance
in oxchange for outstanding sterling bonds of said issue, making the total
amount authorized to be listed $41,402,000.— V. 101, p. 1097, 1086.

146<>

United Railroads of San Francisco.— Report .—
See California Ry. & Power Co. under “ Annua! Reports" above.— V .
101. p- 1372. 924.
United Railways Investment Co., N. Y .— Report.—
See "Annual Roports” on a preceding page.
Annu al M eeting— N ew Director— N o Plan Y et .—
At the annual meeting on Oct. 26, Benjamin Althelmer o f St. Louis was
elected a director to succeed Emil Loeb. who resigned. I he committee ot
directors appointed at the annual meeting in 1914 to prepare a plan for re­
adjusting the finances reported that owing to prevailing conditions they
were not able to accomplish anything. The committee was discharged,
but it Is learned that this does not mean the abmdonment o f a financial
readjustment of the company. While no now committee is likely, it is
understood that a plan will bo worked out when financial conditions aro
favorablo.—-V. 101, p. 846. Comparo V. 98, p. 1394.
Wabash RR.— Decree Value of Bonds, & c .—
Special Master Chester H. Krum will on Nov. 8 at the Eq. Tr. Co.,
37 Wall St., be prepared to pay, out of the proceeds of the foreclosure sale
(to holders o f bonds, A c., not participating in the reorganization), the fol­
lowing amounts: (a) For each 31.000 First Refunding & Extensions M .
bond with coupons attached maturing Jan. 1 1912 and subsequently,
$33.1526. This amount will be stamped on the bond when presented for
Aug. 1 1915 to Nov. 8 1915, at 6 % per annum, (c) For each 830 of Aug. 1
1915 coupons rrom the above-mentioned receiver’s certificates, 830,485,
being the faco valuo with interest from Aug. 1 1915 to N ov. 8 1915 at 6 %
per ann. Interest on said receiver’s certificates and coupons therefrom will
ceaso on Nov. 8 1915.— V. 101, p. 1372.
Wabash Railway.— S u ccessor C o m p a n y

.—This is the name
of the now company incorporated in Indiana on Oct. 22 as
successor of the Wabash RR., foreclosed. The com­
pany is oxpected to tako possession about Nov. 1. See
V. 101, p. 1372.
Wilmington & Philadelphia Traction Co.— S old .—
See American Railways Co. above.— V. 101, p. 1372, 1190.
Winnipeg Electric Ry.— G uaran teed B on d s.—
See Winnipeg Solkirk & Lako Winnipeg Ry. below.— V. 101, p. 695, 371.
Winnipeg Selkirk & Lake Winnipeg Ry.— G uaranteed
B o n d s .—Tho Dominion
Securities • Corporation, Ltd,.
Toronto, is placing SI,000 000 5% 10-year Gon. Mtgo.
& Ref. Gold Bonds dated July 1 1015 and duo July 1 1925,
but callable, all or part, at 103 and int. A circular shows:

Consolidated Earnings.— For tho co. and its subsidiaries:
R esu lts f o r 8 M o n th s e n d in g A u g . 31 1915 a n d C a le n d a r Y e a r 1914.
P e r io d
N et
N et
B o n d .& c ., P f . D i v . C o m . D io . B a la n c e ,
C o vered —
S a le s .
In c o m e . I n t e r e s t . (7% p .a . ) . (7 p .a . ) .
S u r p lu s .
8 mos ...$11,584,066 $1,849,276 $149,570 8116.667 $501,556 $1,081,483

1914
16,160.536 1,711,257 210,781 175,000 750,869
574,607
Dividends as above for tho 8 mos. ending Aug. 31 1915 are tho amounts
paid and accrued at the rate of 7% per annum onreach stock.
1 Tho balance, surplus, for tho calendar year 1914 after deducting roservos
amounting to $220,000, was $354,607.— V. 101, p. 1191,371.
American Light & Traction Co.— Bonds .— The com­

pany has sold to Bodell & C o. of Providence and Boston
$700,000 Consolidated Gas C o. of New Jersey First Refund­
ing 5 % bonds of April 19G5, recently authorized by tho
N . J. Public Service Commission.
_
_

Theso bonds are part of an authorized issuo of $5 ,0 0 0 ,0 0 0 , of which
$1 000 000 are reserved to retire the 1st M . 5% bonds, d ie in 1 9 3 0 , and
are the first to bo offered under the first and refunding mortgago. The
company is controlled, through tho ownership of all Us stock, by American
Light & Traction and its property has been valued and its rates estab­
lished by tho New Jersey Commission. It gives gas or electric service
to seventeen towns on the Jersey coast, serving a population ol o2,000
and has net earnings of approximately $87,000 a year, lh e company
was purchased by Emerson McMillan & Co. in 1895 and acquired by
American Light A Traction in 1902. (See V . 101. p. 4 .0 .1 . 3.)
Tho bonds aro a legal investment for savings banks in Rhode Island.
V. 101. P- 450, 133.
.
„
„
,
American Pipe & Construction Co., Phila. Bonds.
Sec Paris Mountain Water Co. below.— V. 100, p. 2169.
Anaconda Copper Mining Co .— L is tin g .—
The London Stock Exchange has granted official quotation for 2.166.250
shares of $50 each, fully paid, in lieu of tho $25 shares.— V. 101, p. 1093, 4o0.
Aetna Explosives Co.— N ote Call.—
Tno company has called for payment
Nov. 9 at 101 M il Intwest
$200,000 5% notes at Franklin Trust Co., N . Y .
Of the $3,000,000 notes
outstanding. $ 1 ,0 0 0 ,0 0 0 matures Dec. 15 1915, $1,000,000 on Jan. lo
1916 and $1,000,000 on I*ob. 15 1910.— V. 101. p. 775, 132.
Bethlehem Steel Corporation.— Proposal to Reduce Par
Value of C o m m o n from $100 to $10 Disapproved.— I n tt letter

addressed to shareholders, (II. P . Goldschmidt and somo
ninety others) who signed a petition asking that tho par
value of tho common stock bo reduced from $100 par valuo
t o $ 10 , Chairman Charles M . Schwab says:

Authorized amount (closed mortgago), $1,400,000, of which $400,000
aro set asido to rotiro an underlying 5% issuo o f that amount [duo 1933.
which aro boing rapidly exchanged]. Interest payablo J. & J. at Hank of
Montreal, Winnipeg, Toronto, Montreal, Now York and (in storting at
par of exchange) London. Denom. $1,000. $500 and $100 c*&r. Trustee,
National Trust Co., Ltd.
Principal and intorest unconditionally guar­
anteed, by endorsement, by the Winnipog Electric Ry. Co.
Data from V.-Pres. Hugh Sutherland. W innipeg, Man., Aug. 4 1915O rg a n iz a tio n . — Incorporated by an Act of tho Manitoba Legislature
with power to oporato a steam or electric railway and to conduct a lighting
and power business. Now owns about 40 miles o f suburban electric rail­
way radiating from Winnipeg, including one lino, 22H miles in length,
oxtending through flourishing suburban municipalities to Solkirk, a popular
summer resort with a population o f 3,500, and another branch recontly
completed, 1 7 A milos, on private right o f way to Stonewall, through a
suburban dairy and market gardening district that seems to assure a good
passenger, dairy and market garden traffic. Includes 7 'A acres for ter­
minal purposes in Winnipeg, 36 passenger, freight and other cars, franchises
running 35 and 40 years from 1904 and 1912. respectively. For excursion
traffic to Selkirk trains o f 4 to 5 cars attain a speed of 40 miles an hour.
Tho cost of building and equipping the 40 milos of railway operated and
real estate acquired was in excess of $1,400,000.
C u m u la tiv e S in k in g F u n d . — This fund, which is to roceivo oacli year an
amount oqual to 2 % of tho bonds outstanding plus interest on tho bonds in
the fund, will redeem 25% of tho issuo by maturity.
P o w e r C o n tra ct. — A contract with tho Winnipog Electric Ry. C o., run­
ning until May 31 1925, assures at a fixed price tho necessary oloctrical
current. Under this contract, which forms part of tho mortgaged prqmisos,
wo are in a position to resell electric power at a profit to all tho municipali­
ties through which its lino passes. Contracts havo boon secured with
Selkirk to supply electric power for municipal purposes and with Stonowall
to do a general light and power business.
E a r n in g s o n S e lk ir k B r a n c h , 22 A M i le s — (R e m a in in g 1 7 A M i le s O nlg
O p era ted S in c e J a n . 1 19'5).
1910.
1911.
1912.
1913.
1914.
Gross________________ $75,725 $89,185 $106,181 $129,317 $136,665
Net (after taxos)_____ 37,268
40,229
49,799
57.796
57.614
Tho directors anticipate that tho full yoar’s earnings of both branches
o f tho railway under normal conditions will show a surplus over and above
bond intorest and sinking fund requirements.
G u a ra n to r C o m p a n y . — Tho Winnipog Electric Ry. Co. controls all tho
street railway and gas business of Winnipog, and doos a large eloctric power
and commercial lighting business. It is a corporation with $9,380,000 of
bonds and debenture stock outstanding, and $9,000,000 of common stock,
issued and fully paid. Upon tilo latter dividends havo boen paid for many
years, ranging from 6 % in 1906 to 12% in 1914. It has an exclusive fran­
chise until 1927 for its street railway business in tho city, and tho franchises
for tho sale and distribution of gas, electric light and power aro either
perpetual or extend for very long terms. The company controls tho Winni­
peg Selkirk & Lako Winnipeg Ry. Co. through ownership of capital stock.
E a r n in g s o f W in n ip e g E le c tr ic R y . C o . —
1912.
1913.
1914
Gross earnings....... .. ............................... ..$3,765,384 $4,078,695 $4,101,302
Net earnings__________________________ 1,554,290 1,615,349 1.444,343
Interest charges______________________
359,827
359,844
449,732
Surplus for the $70,000 interest o n -------------------------------Winn. Scl. & L. Winn. R y. bonds..$1,194,463 $1,255,505 $994,611
— V . 101, p. 924.
_______________

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Co., Baltimore.— Overdue Coupons .—

Treasurer James E. Whitney announced on Oct. 26 that tho company
would pay. upon presentation at tho Baltimore Trust Co., on an I after
Nov . 1 1915, all coupons of Alabama Consolidated Coal & Iron Co. ($1,641,
000) consolidated mortgago 5% bond issue, duo May 1 1915, with interest
to Nov. 1 1915. Tho November interest, it is said, will be similarly de­
layed. The management contemplates increasing tho output of iron.—
V. 100, p. 1834.
Alaska Juneau Gold Mining Co.— Listing .—
The N. Y. Stock Exchange has listed $13,967,330 capital stock, with au­
thority to add $1.032.670 on official notico of issuance and payment in full,
making the total amount authorized to be listed $15,000,000, par $10 Tho
company's shares originally had a par value of 10 cents each. No bonded
debt. In tho year 1897 a dividend of $55,000 was paid and no other divi­
dends havo at any time been declared or paid. Officers aro: President,
F. W. Bradley; Vice-Presidents, Wellington Gregg Jr. and A. B. Davis;
Sec. and Treas., G. D. Abbott. Office. Crocker Bldg., San Francisco.
American Coal Products Co., N. Y .— Listing .—
The N. Y. Stock Exchange has authorized tho listing oil notice of issuanco
of (a) tho $538,000 additional common stock (of an auth. issue of $15,000.­
000) which on Oct. 5 1915 tho directors declared tssuablo as an oxtra divi­
dend of 5% upon tho common stock, payablo on or about Nov. 1, to com­
mon stockholders of record Oct. 18 1915. (b) The $2,069,700 prof, stock
offered for subscription to the common and preferred stockholders of record
Oct. 29 1915. making tho amounts listed and authorized to bo listod $11.
298,200 common and $4,569,700 preferred. The proceeds of tho additional
prof, stock will bo used to pay o ff tho $2,000,000 gold notes duo July 1 1916,
which are to be called and paid at par, Jan. 1 1916. (V. 101, p. 371, 1191.)




[Vol. 101.

THE CHRONICLE

Th« nrinted letter bearing your signature and similar letters from others
by the directors of this corporation
and officers, who are important holders of tho common as will as tho pro
forred stock. While we have great respect lor the judgment ot those from
whom those communications emanate, wo have been compelled to con­
sider the request which they contain from the point of view of tho interests
of tho coruoration and the entire body ot stockhohiei s.
Viewing the situation from this standpoint, it is oiir unanimous con­
viction that it would bo a mistake to reduce the par value of the shares
from «m o to S10 at the present time. Our business at present is largo
aml n r o fit a b le but cent Rions are unusual, and any readjustment of
c a n i t a f f i o n that m w bo deemed necessary can well await the return
o f more normal conditions. Furthermore, we are in a position to assure
you that tho holders of a substantial majority of the stock ol our company
are opposed to the change.
Purchase Said to be Hindered by Donner Option.—
ponnrtflfl nlan for acciuiring control of the Pennsylvania Steel Co.
is g e n t l y believed to have b e e . halted by the fact that William II.
Donner, President of the Cambria Steel C o., still holds an option from tho
Pennsylvania RR. on a largo block of tho stock. (Compare V. 101, p. 10J6.)
V 101. P- 1373.
Canadian Car & Foundry Co., Ltd., Montreal.— W a r
Orders.— Pres. Nathaniel Curry, in circular Oct, 22, says:
Your company's railway equipment business is less than in former years •
Several of your plants, as well as those of Canadian Steel Foundries. Ltd ’
have been equipped for the manufacture of parts of shells, the product to«
of which is well under way. Plants aro working 24 hours a day and pro
Hurt,ion is constantly Increasing in a satisfactory manner. A largo portion
of this work is for the British Government on which substantial deliveries
have already been made. Several months ago two contracts wore made to
supply tho Russian Government with a largo number of <
eomplote
and high explosive shells and recently a third order has eon obtained
subject to tho negotiation of minor details ln ronnection; 'v Nation of largo
The transaction of this business lias involved the n^goUation or largo
ponfraers for Darts of shells between this company and manufacturers in
the United States, as well as Canada, greatly increasing the magnitude
of
on orat ions of vour company. This work has now progressed to a
nnint where the first shipments aro about to be made and from results
obtained the management feels that tlioy can make fairly reliable estimated
b o th as to costs and n it earnings. Your management knows that there
a reasonable profit in all your company’s business, the amount o f wWch
busin \ss during the current fiscal year to Sopt. 30 1916. sriould bo in excess
of $150,000,000. as compared with about $27,000,000 In tho best prevlou

h a v e been carefulfy considered

J' Wli!1 o th< i recto rsS< "not^foel at this time that tlioy should make any
lo
definite announcement as to the disposition of the s u r p l u s r " Vnay’ look
will acorn ■ fro n this business, they fool that h
«
W £ 1274
forward, with confidence, to an oarly resumption of dlvs.— V. 1 0 1 ,
Carbon Steel Co., Pittsburgh.— Notes Cared fo r .—
Thp sHr 000 6 % collateral notes due Nov. I 1015, secured by pledge or
)0
sinking fund gold &onds, have all been provided for through tho Issuanco
of «225 0 00 collateral trust sinking fund bonds and the extension of the
remaining $626 000. The extended notes, it is stated, will lie paid off in
installments before July 1 1916. Sco annual statement on a preceding
_
—-»
page.— V. 97. p. 889.
* _ _____
Central Leather Co.— Earns, for 3 & 9 M o s . end. Sept. 30.
------ Three Months--------------Nine MonthsT « ' l £ “ e” ° l“ f
L“

S ' i ‘i t S a r o ? b o n f f f ':

Add inc. from investments..
Total

D e d T c l - InL on Tst M . 5 s . .

Preferred dividends______

s a j a u w ) S7.'m!& ,3 87 .M M 62
8 7 .1 .8 7 2

$2,202,689 $1,452,741 $5,306,668 $4,883,988
11,556
4,376
is . 6 ,>4
^’>’ *'
$2,214,245 $1,457,117 $5,325,322 $4,899,467
*459.552 $459,552 $ 1 .378,656 $ .378,656
582,73d
682,733 1.748,1 > 1,7 io, 1_
7

Surplus for period_______ $1,171,960

$414,832 $2,198,469 $1,772,614

♦Total net earnings are stated after deducting oxponsos incident to op­
erations, including thoso for repairs and maintenance, approximately
$104,210 for the quarter and $990,748 for the nine months.
Total surplus Sept. 30 1915, $9,991,262.— V. 101. P- 3(~.
Central Petroleum C o . — Pref Slock— Status.— Douglas

Fenwick & C o ., N . Y . , are offering a limited amount ot tho
company’s preferred stock (dividend guaranteed by the loxas
Company) at a price yielding about 1 3 % . Their circular,
dated Sept. 18, says in substance:
........
O rg a n iz a tio n .— Incorporated Aug. 1 1913 as a consolidation (V. 97, p.
524) and directly and through its subsidiaries owns, looses and operates
oil lands in Oklahoma. Capital stock, $6 ,0 0 0 ,0 0 0 6% pref., par $100,
and common $900,000. par $5. Of an original $6 0 0 ,0 0 0 1st M . 6 % bonds
duo 1923. $120,000 were retired by sinking fund Oct. I 1914 [and a further
sr>0 000 Oct. 1 1915], and tho remainder will be retired $120,000 annually,
extinguishing tho issuo Oct. 1 1918. The directors at tho annual meeting

THE CHRONICLE

OCT. 30 1015.)

1407

this week made provision for the .$120,000 bonds duo Oet. 1 and for the wisdom of this manner of financing, not only because of tho excellence of
semi-annual dividend of 2 H % on the prof, stock on Oct. 1. After deduct­ the investment offered, but because of tho strengthening of the credit and
ing tlie abovo charges and $72,000 paid tho Texas Company annually for tho improvement in the position of its existing stock issues.— V. 97. p. 1118.
management, there was $280,000 in surplus and cash on hand. With tho
D om in ion B ridge, M o n trea l.— D iv. Restored — 3 % Extra.
present price of 80c. per barrel for oil, and deducting 2 2 c. per barrel for
Tlio directors on Oct. 20 declared a quarterly dividend of 2% on the
expense and maintenance, it is estimated that tho not income for tho ensu­
$6,500,000 capital stock, and also an extra distribution of 3 % , both payable
ing yoar should approximate $0 0 0 ,0 0 0 .
C o n tro l .— Controlled and operated through common stock ownership N ov. 1,5 to shareholders of record Oct. 30.
Tho “ Montreal Gazetto” Oct. 21 said: As the rate was cut from 8 % per
by the Texas Company, which has guaranteed a dividend of 5% per annum,
on tho prof, stock for 10 years expiring 1023. In tho meantime, it lias either annum to 5% this time a year ago, the extra distribution of 3% declared
to tako up all the pref. stock at par, or surrender control and distribute its makes up the loss sustained by shareholders in the last four quarterly pay­
holdings of common stock among tho pref. holders of the Central Petroelum ments. The directors have also resolved to recommend to the shareholders
Co. at that time. Tho Texas Company's guaranty was contingent upon a that 2 % of all moneys received from contracts for munitions to tho end of
renewal of certain leases of land in the Osage Indian District. Had these the present year be contributed to the Montreal Branch of the Canadian
leases not been renewed on as favorablo terms as existing, tho Texas Com­ Patriotic Fund as its contribution for the year 1916. The fiscal year ends
pany was permitted to reduce this guaranty to not less than a 3% dividond. Oct. 31 and estimates made in responsible quarters indicate a profit of
The Interior Department at Washington has just ruled on this matter favor­ $1,200,000 to $1,300,000 after writing off all expenditure Incurred on new
ably to tho Central Petroleum (to., which is bolioved to insuro a permanent | plant, &c.. against earnings of $629,968 in the previous year. Tho indi­
cated profit, it is understood, excludes profits that will come from tho
maintenance of tho 5% dividond.
,
The Texas Company is obligated to purchase tho entiro output of tho controlling interest which the company holds in tho Montreal Ammunition
Central Petroleum Co. During tho depression last year the Central re­ Co. and from the Quebec Bridge contract.
William F. Angus has been elected a director to fill an existing vacancy
stricted its production, but with the market now ruling at, 80c. per barrel
and the outlook Tor a prico of SI per barrel, as a result of a greatly increased on the board. Compare V. 99. p. 1302. 1907; V. 100. p. 478.
consumption, the earnings aro expected to exceed all past showing.
E astern Steel C om p an y .— Dividend Resumed .—
D
irectors.— President K. C. Lufkin, also President of 1oxas Co.; Amos L.
Tho directors havo declared a quarterly dividend of 1 H % on the $4,500,­
Beaty, Irwin Untermver, Now York; T . .1. Donoghuo, Houston. Tex.;
D. F. Connolly. J. E. Crosbie. Tulsa, Okla.; George C. Priestley, Bartles­ 000 1st pref. stock, payable Dec. 15 to holders of record Dec. 1. This is
the first distribution sinco Sept. 1914. Rumors of a ponding sale of the
ville. Okla. Comparo V. 101, ]> 925.
•
company are not confirmed.— V . 99. p. 1302.
Cerro de Pasco Copper C orp o ration . — N ew C om pany .—
F airm on t (W . V a .) G as C o.— Sale o f Property.— The

Touching this company, incorporated at Albany on Oct. 27,
Chas. D . Barney & C o., N . Y . , Oct. 25 said in substance;

It is proposed that a corporation shall bo organized in N. Y. State with
an au(horized capital of 1 ,0 0 0 ,0 0 0 shares of non-par value stock, and shall
Issue $ 1 0 0 0 0 ,0 0 0 1 0 -yoar 0 % convertible bonds and 600.060 shares of stock
in return for 95% of the stock of the Cerro do Pasco Copper Co. [Incorp. in
N. J. Feb. 21 1908 with $60,000,000 auth. cap. stock, “ full paid.” — Ed.]
and all of the stock of the Morococlia Mining Co. [incorp. in N. .1. Jan. 30
1908 with $ ! 0 ,0 0 0 .0 0 0 auth. cap. stock, “ full paid.” — Ed.], these being all
of the securities now held by tho present Cerro do Pasco Investment Co.
[incorp. in N. .1. Juno 18 1902 with $10,000,000 auth. stock.— Ed.].
Tlie remaining 333.334 shares of stock o f tho new corporation will be held
for conversion into tho $ 1 0 ,0 0 0 ,0 0 0 bonds aforesaid, tlie said bonds to have
the right of conversion on and after two years into stock at tlie rato of 33 1-3
shares of stock for each $1,000 bonds, that being on the basis of $30 per
share. Tho bonds will be callable after two years at 105, with tlie right to
holders of tho bonds to exercise their election for conversion for a reasonable
period after notice that their bonds have been called. The bonds will be
gradually retired by means o f a sinking fund amounting to one-third of tho
not profits after deducting interest charges with a minimum of $1,500,000
per annum.
The corporation to be formed will own through its subsidiary corporations
two mineralized sections in Peru, one located at Cerro de Pasco and tlie
other at Morococlia, tho districts being about 100 miles apart. The sub­
sidiaries own their own smelter and reduction wo ks, about 1 2 0 miles of
railroad, a hydro-electric plant and coal mines.
Tho officers of tho company advise us tho net earnings o f tho companies
controlled by the now corporation for tho year 1915 (witn the remaining
months o f the year estimated) will bo in excess of $5,000,000.
Tho net working capital o f tho corporation and its subsidiaries will bo in
excess of 84.000.000.
Tho company through Its subsidiary companies will smolt not only its
own ore, but such other ores as are produced in the region. It is estmated
by the company’s engineers that toe cost o f mining. Including selling ex­
pense and delivery in Now York, will not exceed 7c. per pound,crediting
silver and gold values and miscellaneous incomo.
Charles I). Barnoy & Co. havo acquired from tho parties formerly in­
terested in the property an interest in tho stock o f the new company. Tho
bonds o f tho new company have been sold to J. P. Morgan & Co.

Cleveland & Buffalo Transit Co.— Dividend Omitted.—
The directors have suspended the payment of dividends until rasscn yor
traffic again becomes normal. Freight traffic has alre dy improved. Tho
Cleveland “ Plain Dealer” on Oct. 21 said (hat the company has been
paving regular dividends at the rate of 5% per pnnrm for many years
with 3% extra each year from 1907 * > 1912 inch (and 25% in stock n 1°08),
<
1 } 4 % extrain 1913 and in 1915 rights to now stock.— V. 101. p. 215. 133.
Coast Valley Gas & Electric Co.— Report.—
Soo Cal. By. & Power Co. under “ R ep orts,"above.— V. 101, p. 1373.
Consolidated Gas Co. of N. J.— Bonds Sold.—
Soo American Light & Traction Co. abovo.— V. 75, p. 344.
Consolidated Gas Co., N. Y .— Regular Dividend M ade
7 % . — Tho directors oil Oct. 28 declared a quarterly dividend
of l 'K % on tho $90,810,500 stock, payable *Dec. 15 to
holders of record N ov . 11, comparing with
regular
and kt of 1 % extra in June and Sept. last.
D iv id e n d R eco rd (P er C ent) S in c e 1903.

1904.
1905.
1906.
8 hi
S fi
5
— V. 101, p. 1094.
9

1907-1909.
4

1910.
4H

1911 (0 1914.
6 yearly.

1915

Corn Products Refin. Co.— E a r n s. 9 M o s . end. Sept. 30;
M o s . e n d in g
S e p t . 30—

C u rren t
P ro fits .

B o n d I n t .,
D e p r e c ., A c .

P re fe rr e d
D iv id e n d s .

1915.....................$3,111,267 $1,177,462 (3"4% )$1.118.509
1914_____________ 2,679,658
947,463 ( 3 ^ % ) 1 .125.000
— V. 101. p. 1094, 290.

B a la n c e
S u r p lu s .

$815,296
607,195

Consolidated Water Co. of Utica, N. Y .— $500,000 7%
Cumulative First Preferred Stock.—
The shareholders will vote Nov. 10 on increasing the capital stock from
$2,500,000. all outstanding, par $100, consisting of $(.500,000 common
and $1,000,000 5% non-cum. proferrod (now to be 2d pref.l to $3,000,000
by the creation of an Issue of $500,000 cum. 7% First Pref. stock, pref.
principal and dividends, but callable for redemption, all or any part (when
drawn by lot), at 110 and divs. on any dividond date after Jan. 1 1920 on
30 days' notice. In March 1915 It was reported that no dividends had been
paid on pref. tho stock slnco Dec. 1913.
William S. Bacot is Pres, and
Richard W. Ilacot, Secretary. Compare bond offering, V. 96, p. 363;
V. 97, p. 1118.
C ircular Signed by President W illiam S. B acot, TTtica, Oct. 22 1915.
The company’s authorized bond issues compriso a 1st M. of $2,500,000
and a 2d M ., sometimes called a “ debenture issue,” of $1,500,000, a total
of $4,000,000. There is also an underlying closed issue of $100,000 on
the Whitestown C o., now merged in this company.
For tho last ten years the company’s capital expenses have been financed
by a sale of tin? 2d M . bonds. Owing to large expenses involved in the
construction of the now supply main and system, which was completed
during the curront year, all of the remaining 2d M . bonds were sold and
disposed of, and, as tho issno was limited to $1,500,000, it thus became a
closed issue. Since that time certain capital expenditures, amounting to
over $100,000. have been temporarily financed. It now seems advisable
to provide for the funding of a substantial portion of the moneys thus bor­
rowed, and also to provide for tlio company’s estimated capital expenditures
in tho future. For theso purposes it is now proposed to raise $100,000.
Inasmuch as the company’s mortgages are now closed issues, and it is
boiler “(1 that thero is a market for a 7% cum. pref. stock issuo at not less
than pnr. it Is tl>e opinion of the board that tho existing capital should bo
increased by authorizing a now Issue o f $$nn non 7 % cum. 1 st, pref. stock
and.by autim izing tho s lo i t the present timo of not more than $ 1 0 0 ,0 0 0
thereof. The proem da of this issue will be a 1 1 d to refunding the notes,
1
as already stated, and for the capital expenditures during 1 010. Tho plan
has met with such favor that tho principal stockholders have already sub­
scribed for their shares. It is, of course, our intention, pursuant to tho
law o f N. Y ., to offer to each stockholder an opportunity to subscribe to
his proportionate amount of the now proposed stock, and due notification
of tfiis privilege will bo given immediately after the meeting. Each stock­
holder will be entitled to subscribe to an amount of the new stock equal to
4% o f *’ ’8 present holdings.
If *s un 'irn'S"rv
unon tho rrowdi of f»,r> (.nmn^ny's business
resulting from tho rapid development o f thejterritory served, nor on tho




shareholders will vote N ov . 24 on selling the entire property
to the Monongahela Valley Traction Co. (see under “ Rail­
roads” above). A circular dated at Baltimore Oct. 25, says:

Your directors havo voted that tho proceeds of the sale shall bo distrib­
uted as follows: (a)To tho holders of tho pref. stock one share ($100 par
value) of prof, and one-fourth share ($25 par value) of the common stock
of Monongahela Valley Traction Co. and $17 in cash for each two shares
($100 par value) of pref. stock of Fairmont Gas Co. (b) To the holders
of the common stock ono sharo ($ 1 0 0 ) of tho common stock of the traction
company and $18 75 in cash for each 2 'A shares ($125 par valuo) of com ­
mon stock of Fairmont Gas Co. You aro requested to immodiatoly for­
ward your stock, preferred or common, duly endorsed for cancellation to
Fairmont Trust Co.. Fairmont, W. Va., or Fidelity Trust C o.. Baltimore,
with the enclosed form of letter o f authority.
It is confidently believed that tho earnings of tho combinod properties
will justify a sustained 4% dividend rato for the common stock of tho trac­
tion company beginning with tho new year, and add a very substantial
amount to surplus.
Although it is not a condition of the offer, a resolution is to be offered to
tho stockholders of Monongahela Valley Traction Co. at their meeting on
Nov. 24 1915 to authorize tho right to be given to tho holders of the pref.
stock to convert their pref. stock on any dividend date Into common stock
at $ 1 1 0 for the common stock, being eleven shares of prof, for ten shares
of common stock.— V. 100, p. 1835, 1352.

Forestal L a n d , Tim ber & R ailw ays C o ., L td ., L o n d on .
The directors announce that they are in a position to resume dividend
payments and. barring unforeseen circumstances, maintain the payments
semi-annually at 6 % . J. & J., on both preference and ordinary shares.
Interim dividends of 6 % on both classes of shares in rospoct of tho year 1915,
it is announced, will be declared in duo course and made payable in January
1916. The offices will be removed about Jan. 1 to 149 Leadenhall St.,
London, E. C .— V. 100, p. 1755.
Frisbie & S ta n sfield K n ittin g C o .— N ew President.—
F.
B. Harder, who has had a successful career dating from 1884 in con­
nection with the High Rock Knitting Co., of which ho became President in
1904, has been elected President and director of tho Frisbie A Stansfield
Knitting Co. of Utica, N. Y. The High Rock Co. bogan with a capital
stock of $75,000 in 1879. incorporated at $90,000 in 1892, increased to $200,­
000 in 1906, and again to S000.000 in 1910. Mr. Harder will continue his
relations with the High Rock Co., but will devote the larger portion of his
timo to tho Frisbie & Stansfield Co. It is authoritatively stated that the
chango means no consolidation of interests between the High Rock Co. and
Frisbie & Stansfield Knitting Co. Under tho new policy tho products of
tho latter’s Kendall mill at Utica, the Regal mill at Syracuse and the Cam­
den mill will hereafter bo sold by tho company itself. The output of these
mills is the velvet-lined underwear for men, women and children, well
known in tho trade.— V. 99. p. 611, 410.
H arrison Bros. & C o ., In c ., P h ila .— Pref. D iv. Increased.
The directors havo declared a quarterly dividend of 1 % on the $1.500,­
000 7% non-cum. pref. stock, payable Nov. 1 to holders of record Oct. 26.
P re fe rr e d D iv id e n d R ecord (P e r C en t).
M a y 1898 to M a y 1901. ’02 to ’08. 1909. TO. ’ 11. ’ 12. ’ 13. ’ 14.

1915.
0
1 (Oct.) 4
4
5
4
3 0, 1, I. l j (
% '"’as paid in 1899; none sinco.— V. 100. p. 1513.
H endee M fg. C o ., Sp rin gfield, M ass.— Earnings.—
A u g . 31.
N e t (a fter
P r e f.
S in k in g
B a la n c e ,
T o ta l
Y e a r — D e p r e c .. A c . , D iv id e n d s .
Fund.
S u r p lu s .
S u r p lu s .
$169,951
$150,000
$102,489
$857,280
1914-15........ $422,440
1013-14------- 711,567
131.250
150,000
430.317
604,791
The total surplus as abovo in 1914-15 was after crediting $150,000 can­
cellation of 1 st roservo provided for retirement of pref. stock.
Samuel II. Miller and Charles E. Childs have been chosen directors, suc­
ceeding A. II. Wiggin and Clarence A. Earl.— V. 101, p. 531.
H en derson Bridge C o .— Bonds Called.—
Sixty-eight 1st M . 6 % bonds of 1881 were called and paid at 105 on
Sept. 1 at Central Trust Co., N . Y .— V. 79, p. 681.
H ercules Powder C o .— For N in e M o s . ending S ept.
—
7 yearly.
On common stock 9

N i n e M o n th s e n d .
S e p t . 30—

G ross
R eceip ts.

N e t (a fter
D e p r ., A c .)

Bond In t. A
P r e f. D iv .

30.

B a l . 'o r C o m .
D i v ., A c .

1915.......................$8,675,567
$2,359,464
$310,983
$2,048,481
1914- ...................- 5.974.427
996,966
305.135
691.831
“ The percentage available for dividends was equivalent to annual rato on
common stock of 38.20% in 1915. against 12.90% in 1914 (dividend paid in
1915 was 10.00%, against 4.50% in 1914). Tho not earnings from all
sources aro equivalent to annual rato on total investment of 10 06% in 1915,
against 11.35% in the previous quarter.
“ Present indicationsaro that the forecast noted on tho Juno 30 quarterly
report will be more than realized.”
BA LA N C E SH EET.
Sept. 30’15. Dec.SX T4.
S
S
L ia bilities—

Sept. 30’ 15. D ee. 31’14.
5
$
Plants & property 12.931,304 11,448.554 Common stock__ 7,150.000 7.150.000
S97.939 Preferred stock__ 5,350,000 5,111.700
Cash.................... 9,364.862
Accounts recelv’le 1.380,628 1.123,411 Funded debt........ ........... 1.100.000
805.542
Collateral loans-. 1.650.000
350,000 Bills payable____ 1,006 624
245,370
Invest, securities. 365.609
311,0'3 Accounts payable. 757,303
Materials & suppl. 4,582,667 1,998,458 Preferred divs___
46,812 *110,727
72,647
22,940
Finished product. 935.732
616,900 Deferred credits..
339,541
Deferred charges.
71,992
24,165 Reserves, Ac____ 13,619,222
Profit and loss___ 3,280,187 1,884,611
Assets —

Total...............31,282,794 16,770,430

Total__

..31,282,794 16,770,430

* Includes bond interest.—V. 101, p. 849, 373.
In d ia n R efin in g C o.— Notes Called .—
Twelve notes of $1,000 each, seven of $500 each and eighteen o f $100
each, all dated May 23 1913 and amended by supplomontal indenture of
M ay 25 1915. have been drawn for redemption on N or. 1, at par and
interest at Guaranty Trust C o., N. Y .—V. 101, p. 611.
In tern a tio n a l H arvester C orp.— Dividend Omitted .—
l’ res. Cyrus II. McCormick announces that “ As European conditions
havo not improved and the resulting effect on this corporations' great ex­
port trade is still unfavorable, the directors have decided that no quarterly
dividend on tho common stock will ho paid for the Oct. 15 quarter.” —
V. 100, p. 1927. 1908.
F or o t h e r In v e stm e n t N ews see pages 1473^and 1482.

THE CHRONICLE

1468

Im p o rts

[Vol. 101

and

SOUTHERN

PACIFIC COMPANY

AND PRO PR IE TA R Y COMPANIES

T H IR T Y -F IR S T A N N U A L R E P O R T — F O R T H E Y E A R E N D E D JU N E 30 1915.
R E P O R T OF T H E B O A R D OF D IR E C T O R S .
N ew

York

October 8

1915.

To the Stockholders o f the Southern Pacific Company:

Your Board of Directors submits this report of the operations of the Southern Pacific Company and of its Proprietary
Companies for the fiscal year ended June 30 1915.
P R O P E R T IE S A N D M IL E A G E .
The transportation lines constituting the Southern Pacific System, June 30 1915, were as follows:
F ir s t
A d d it io n a l
M a in T rack. M a in T rack.

D IV IS IO N S .

S id in g s .

F e r r ie s .

W ate
L in e s .

A .— M ile a g e o f L in e s B e lo n g in g to or L e a se d by C o m p a n ie s the C a p it a l Stocks o f W h ich A r e
P r i n c ip a lly O w ned by the S o u th ern P a c ific C o m p a n y .

(1)— Operated by the Southern Pacific Company under leases:

2,235.68
692.48
3.497.31
166.69

870.20
167.87
1,478.49
49.58

404.53
207.74
468.14
1,351.21
190.94
40.72
■894.63

58.35

366.80
140.58

(2)— Operated by the owning Companies:

256.04
2.85
211.76
20.46

228.35
70.08
202.49
332.80
56.57
7.35
258.79
23.64
81.67
16.98

21.44

10.99

3.46
6.59
.69
1.27

9.90

3.00

4,683

B.— M ile a g e o f L in e s B e lo n g in g to C o m p a n ie s the C a p it a l Stocks o f W h ich A r e P r i n c ip a lly O w ned
by the M o r g a n 's L o u is ia n a & T ex a s R R . & S . S . C o ., but W h ich A r e O p erated by the
(fu m in g C o m p a n ie s :
•

125

3.00
3.00

65

10,618.89
31.49

561.47
9.97

3,855.85
17.80

18.90

4,873

10,587.40
10,477.00

551.50
506.60

3,838.05
3,788.93

18.90
18.90

4.873
4.873

110.40

44.90

49.12

Increase______________________________________________________________

In addition to the mileage above tabulated, the Southern Pacific Company solely controls through ownership of capital
stock 890.46 miles of electric lines and 1,458.09 miles of steam lines, and jointly controls (through ownership of capital stock
in equal proportions with the Atchison Topeka & Santa Fo R y . C o.) 400.99 miles of the Northwestern Pacific Railroad and
62.93 miles of the Sunset Railway, an aggregate of 13,399.87 miles.
Since June 30 1914 railways have been purchased by Proprietary Companies as follows:
HOUSTON & TA XA S C E N TRAL RAILROAD.

Under authority of Chapter 40, Laws of the State of Texas, 1913, the Houston & Texas Central Railroad Company pur­
chased as of July 1 1914 the railroad and appurtenances of the Hoame & Brazos Valloy Railroad Company, extending from
Hearne to Stone City, Texas, a distance of 18.61 miles.
TEXAS & NEW ORLEANS RAILROAD.

Under authority of Chapter 54, Laws of the State of Texas, 1913, the Toxas & New Orleans Railroad Company pur
chased as of July 1 1914 the railroad and appurtenances of the Burr’s Ferry Browndel & Chester Railway Company, oxtend
ing from Rockland to Turpentine, Texas, a distance of 11.89 miles.
IN C O M E F O R T H E Y E A R .
The income for the year ended Juno 30 1915 of the Southern Pacific Copmany and of its Propriotary Companies, com­
bined, excluding offsetting accounts, compared with last year, is as follows:_____________ _ _ _ _ _ _______________
___
T h is Y e a r .

Average miles o f road operated:

In c r e a s e ( + ) or
D e c re a s e (— ).

Last Y e a r.

3,534.12
7,020.12

+74.96
+57.63

3,459.16
6,962.49

Per
C e n t.

2.17
.83

10,421.65

+ 132.59

1.27

$138,520,258 56
93,662,266 93

— $8,054,583 47
— 5,908,424 62

6.25
6.31

$44,857,991 63

— $2,746,158 85

6 .12

$6,371,272 84
50,946 14

$7,162,624 57

— $791,351 73
+ 50,946 14

11.05

$35,689,613 80
NON-OPERATING IN COM E.

10,554.24
$129,865,675 09
87,753,842 31
$42,111,832 78

OPERATING INCOM E.

$37,695,367 06

— $2,005,753 26

5.32

$72,612
282,448
80,759
69.555
473,475
94,996
444,514
298,358
4,478,250
3,833,185
3,756,061
2,651,463
678,550
577,332

$239,269
212,944
2,609
188,542
472,424
94,667
366,230
225,476
3,656,276
3,612,450
3,813,144
2,334,382
556,873
109,617

— $166,056
+69,503
+78,149
— 118,987
+ 1,050
+ 328
+78,284
+72,881
+ 821,973
+220,735
— 57,082
+ 317,081
+ 121,677
+467.714

69.65
32.04

74
41
03
19
Ot
46
74
19
00
82
84
91
66

14

60
78
58
24
65
66

03
78
04
71
31
60
33
42

86

63
45
05
36
80
71
41
96
11
47
31
33
72

1.50
13.58
21.85
426.68

63.11
.2 2

.35

2 1 .8 8

32.32
22.48
6.11

$17,791,564 14
DEDUCTIONS FROM GROSS IN COM E.

$15,884,909 73

+$1,906,654 41

1 2 .0 0

$53,481,177 94

$53,580,276 79

— $99,098 85

.18

— $56,971 49
— 6,031 79
+ 16.809 21
+ 863 92
— 2,436 90
+ 61,268 71
+ 10,466 59
+ 35,731 01
+355,929 1 .
+ 1,523 ,3 i '
— l :• ,,
.)
:
— 2j{ \;
— >: i *
•
— 59

32.04
19.68
10.77
31.42
25. 92
20 . J
1
•

$120,850
24,771
172,921
3,613
6,960
358.839
717,904
647,940
965.387
28,939.034
356,574
237,540
125,981
232.537

99
52
37
92
69
75
21
60
10

71
07
56
31
67

$177,822
30,803
156.112
2,750
9,397
297,571
707,437
612,209
609,457
27,415,733
546,242
505,476
159,056
1,092,287

48
31
16
00
65
01
62
59
87
89
06
92
90
48

$32,910,858 47
Net Income_____________________ ____ _______ ____ _ _________________




$32,322,358 97

$20,570,319 47

$21,257,917 82

+ f

J

f
: /.
i?
10.7

78.7

1.82
3.23

Oct. 30 1915.]

1469

THE CHRONICLE
T h is Y e a r .

In crea se ( + ) or
D e c r e a s e (— ) .

L ast Y e a r .

P er
C en t.

D IS P O S IT IO N OF N E T IN C O M E .
Incom o applied to sinking and other reserve fu n d s ................... ..........................- - ........

$939 ,72 4 57

$805 ,70 2 07

+ $ 1 3 4 ,0 2 2 50

16.63

Tneomn balance transferred to credit o f P rofit and L oss-------------------------------------------

$19,6 3 0 ,5 9 4 90

S20.452.215 75

$— 8 21,620 85

4.02

Per cent on outstanding capital stock o f Southern Pacific C om p a n y-------------------------

7 .20

7 .5 0

— .30

4 .02

Commission, effective July 1 1914. This change in the classification has necessitated a restatement or tneiigures tor last year.
The details of Railway Operating Revenues and Railway Operating Expenses are fully dealt with under TransportT l^ $ ^ 9 4 6 lT reported against Uncollectible Railway Revenues represents the amount of charges against companies
and individuals, for transportation services rendered, which have been determined to be uncollectible, and which are debited
to said account in accordance with legulations of the Inter-State Commerce Commission, effective July 1 1914. Similar
c h a r g e s in previous years were debited to Railway Operating Revenues.
, , .
,
The income for the year from rent of equipment exceeds the payments to other companies for rent of equipment by
$176,256 88. This is a decrease, as compared with last year, of $90,223 72.
..
The principal item of increase in Miscellaneous Rent Income is the rental received from the City ot Cortland tor tne
use of the Willamette River bridge, a one-half interest in which was acquired during the year.
.
Of the $317 081 31 increase in Income from Unfunded Securities and Accounts, $177,722 09 represents interest on
increased investment advances to Affiliated Companies, and the remaining $139,359 22 represents increased interest leceived
on bank increase of&c.
„
. ,
, . . „
.
The deposits, $467,714 72 in Miscellaneous T
Income is the result, principally, of. J . . into the year , s income tne __.
taking . , ,,
net
receipts from the operations of the steamships Persia and Nile from July 1 1913 to June 30 1915; and of crediting to income,
in accordance with the regulations of the Inter-State Commerce Commission, interest on the Companies’ own funds used
lor
jn Miscellaneous Tax Accruals is the result, principally, of including in this account this year, in accordance
with the regulations of the Inter-Stato Commerce Commission, effective July 1 1914, certain taxes which were included in
Railway T^x^ccrimls^la^^y ^ jiun(je(j Dobt is tho result, principally, of the excess of interest accruing this year on the
Five Per Cent Twenty-Year Convertible Bonds issued in June of last year over the interest accruing last year on the One-Year
Fivo Per Cent Secured Gold Notos retired in Juno of last year.
. . „ . . .
. .
The decrease in tho cliargo for Amortization of Discount on Funded Debt is the result, principally, of charging against
last year’s income the remainder of tho discount on tho $26,000,000 of Southern Pacific Company One-Year Five Per Cent
NOt Thetamountsl reported against Maintenance of Investment Organization represent expenses of the Southern Pacific
Company1for other than railway operations, and tho expenses of keeping up the corporate organizations of the Proprietary
Companies, tho properties of which aro operated by tho Southern Pacific Company under leases.
Tho decrease in Miscellaneous Income Charges is duo to tho fact that last year the charge for depreciation on rolling
stock owned by tho Southern Pacific Company and leased to other companies, was included in this account; while this year
tho corresponding charge is included in operating expenses, in accordance with the regulations of the Inter-State Commerce
On June 30 1915 the principal of advances to tho Southern Pacific Railroad Company of Mexico amounted to $38,­
993,894 69. Interest accruing on these advances has not been taken into the income of the Southern Pacific Company.
' Statements of tho Income and of the Profit and Loss of tho Southern Pacific Company and of its Proprietary Companies,
combined, will be found in Tables Nos. 2 and 3, respectively [these and other tables referred to below will be found in pamphlot report]. Tho details of tho Incomo Account and of the Profit and Loss Account of the Southern Pacific Company
aro shown in Tables Nos. 8 and 9, and those of tho Proprietary Companies in Tables Nos. 14 and 15.
Tho incomo herein dealt with is that of the Southern Pacific Company and of such Proprietary Companies as are re­
ported in Table No. 14. Statements of tho incomo of other transportation lines and of other companies, the capital stocks
of which aro principally owned by the Southern Pacific Company, will be found in Tables Nos. 33, 34 and 35.
The Southern Pacific Company owns 55.40 per cent of tho capital stock of the Pacific Mail Steamship Company and
50.48 per cent of the Associated Oil Company. It also owns 50 per cent of the capital stock of the Northwestern Pacific
Railroad Company and of tho Sunset Railway Company, the remaining 50 per cent being owned by the Atchison Topeka
& Santa Fe Railway Company. Tho incomo and affairs of these companies are, therefore, separately reported, and will bo
found in Tables Nos. 36, 37, 38 and 39, respectively.
CAPITAL STOCK.
Tho capital stock o f tho Southern Pacific Com pany outstanding at tho beginning of tho year amounted t o ----------------------------------------------- 2 ,6 7 2 ,4 0 5 64
Issuod^during

issued in exchange for a like amount of Five Per Cent T w en ty-Y ear Convertible Gold Bonds surrendered and canceled________ 2 ,0 0 0 00

Am ount of Southern Pacific C om pany stock outstanding Juno 30 1915....................................... ........... ..................................... ...........................................S2< 2 ,6 / 1,405 64

Tlioro was no chango during the year in tho capital stocks of the Proprietary Companies.

Tlio amount outstanding June 30 1915 was as follows:

0 n n fto

Preferred stock__________________________________________________________________________________________________________________

nn

2 9 ,4 0 0 ,0 0 0 00

Stocks of Proprietary Companies outstanding Juno 30 1915 wero held as follows:
________ __
Owned by Southern Pacific C om pan y---------------------------------------------------------------------------------------- --------------------------------------------- $ 3 44 ,76 7,40 0
Owned by M organ's Louisiana & Texas R B . & SS. C o ____
______________________________________________________________
3 5 0 ,0 0 0
In tho hands of tho public........................................................................................................................................................................................
8 3,172

3 345 ,20 0,57 2 00

„
00
00
00

T o ta l ............................................................ ............................ .................................................................. ..................... ......................................................... ................3345 ,20 0,57 2 00

FUNDED DEBT.
In December 1914, to provide for the purcliaso of now equipment, an equipment trust known as “ Southern Pacific
Equipment Trust, Series C,” was croated, and an issuo of $1,170,000, par value, Fou - and One-Half Per Cent Equipment
Trust Certificates authorized, all of which wero issuod during tho year, and, in accordance with tho terms of tho trust, guar­
anteed by tho South rn Pacific Company.
x
Under an agrooment mado in Docembor 1914 between Tho Galveston Harrisburg & San Antonio Ry. Co. and the
holders of all of the outstanding Galveston Harrisburg & San Antonio Ry. Co. Mexican and Pacific Extension Second
Mortgago Six Per Cent Incomo Bonds, $3,815,000, par valuo, of tho said bonds were retired; the rate of interest on the
remaining $2,539,000, par valuo, of such bonds still outstanding, was reduced to five per cent per annum; tho endorse­
ment making sucli interest conditional was canceled; all obligation, if any, of the Railway Company in respect to sinking
fund paymonts accruing on or prior to January 1 1915 was released; and the payment of tho principal of and interest on
tho $2,539,000, par value, of such bonds still outstanding, was guaranteed by the Southern Pacific Company.
.
Tho funded and other fixed into’est-bearing dobt of tho Southern Pacific Company and of its Proprietary Companies
outstanding Juno 30 1914 was as follows:
Southern Pacific C om pany__________________________________________________________________________________________________________ $203 ,22 6.33 6 58
Proprietary Com panies______________________________________________ ______________________________________________________________ 4 5 6,106 ,632 24
Total outstanding Juno 30 1914______________________________

______________________________________________________________________3659 ,33 2,96 8 82

First M ortgage Six Per Cent Bonds of the Burr’s Ferry Browndel & C luster R y . C o ., the property o f which was purchased by the Texas
& New Orleans R R . C o ., July 1 1914, subject to the mortgago indebtedness____________________________________________________________

165,000 00
3 659 ,49 7,96 8 82

Issued during tho year:
S o u th ern P a c ific C o m p a n y —

Equipm ent Tm st'C ertificates, Series C ........................... ..................... . ....................
$1 ,1 7 0 ,0 0 0 00
Flvo Per Cent Tw en ty-Y ear Convertible Gold Bonds, balance o f subscriptions................................................................ 3,006,5TB 42
S o u th e r n P a c ific R a ilro a d C o m p a n y —
First Refunding M ortgage Four Per Cent Bonds:
Against outstanding old bonds retired ----------------------------------------------------------------------------------------------------------$2 1 ,0 0 0 00
Against expenditures for additions and betterm ents____________________________________________________________ 6 ,5 8 5 ,5 0 0 00




$4,176,573 42

6,6 0 6 .5 0 0 00
10,783,073

42

$670 ,28 1,04 2 24

[Vol. 101

THE CHRONICLE

1470

Retired during the year:
S o u th ern P a c ific C o m p a n y —
San Francisco Terminal First M ortgage Four Per Cent Bonds:
Purchased from paym ents to sinking fund____________________________________ ______ ________________________
$ 1 2 ,0 0 0 0 0 Five Per C ent Tw eu ty-Y ear Convertible Gold Bonds:
Retired in exchange for a liko amount o f Com m on Stock issued__________________ _______________________
2 ,0 0 0 00
Equipm ent Trust Certificates, Series A , duo M arch 1 1915, paid o if_________________ __ __________________ . . . 1,0 1 2 ,0 0 0 00
Equipm ent Trust Certificates, Series B , due September 1 1914, paid e f f ______________________________________
2 0 1 ,0 0 0 00
----------------------- $ 1 ,2 2 7 ,0 0 0 00
C e n tr a l P a c ific R a ilw a y C o m p a n y —
Three and O ne-H alf Per Cent M ortgage Gold Bonds:
Purchased 'rom proceeds o f sale o f lands______________________________________________________________________ $649 ,50 0 00
Purchased from proceeds o f sale of securities________________________________________________________________
9 16,500 00
Purchased from paym ents to sinking fund____________________________________________________________________
4 6 ,5 0 0 00
B ond scrip retired from general funds_______________________________________________ 1-----------------------------------25 00

$ 1 ,612,525 00

First Refunding M ortgage Four Per Cent Bonds:
Purchased from paym ents to sinking fund___________________________________________________________________

2 9 ,0 0 0 00
-----------------------

1,641,525 00

G a lv e s to n H a r r is b u r g & S a n A n t o n i o R a ilw a y C o m p a n y —

Second M ortgage M exican and Pacific Extension Six Per Cent Income Bonds retired__________________________ __________ .
H o u s to n & T e x a s C e n tr a l R a ilr o a d C o m p a n y : —
First M ortgage Five Per Cent Bonds:
Purchased from proceeds o f sale o f lands______________________________________________________________________ $ 1 54 ,00 0 00
Purchased from proceeds o f sale o f other mortgaged property ___________________________________________
2 2 ,0 0 0 00
-----------------------S ou th P a c ific C oa st R a ilw a y C o m p a n y —
First M ortgage Four Per Cent Bonds:
Purchased from paym ents to sinking fund___________________________________________________________________________________
S o u th e r n P a c ific R a ilro a d C o m p a n y —
First Refunding M ortgage Four Per Cent Gold Bonds:
Purchased from paym ents to sinking fund___________________________________________________________________________
T exas

& N ew

3 ,8 1 5 ,0 0 0 00

1 76.000 00
2 3 7 ,0 0 0 00
1 4 ,000 00

O r le a n s R a ilr o a d C o m p a n y —

Paym ent to Stato o f Texas on account of School Fund D e b t_________________________ ______ ______________________________

5 ,350 80
----------------------------

7 ,1 1 5 ,8 7 5 80

A m ount of funded and other fixed interest-bearing debt o f the Southern Pacific Com pany and o f its Proprietary Companies, outstanding
June 30 1 9 1 5 - . - ______________________________ . _______________ _______________________ __________ ______ ______ - ........... ................ ....................................$663 ,16 5,16 6 44
N e t increaso during tho year________________ _______ ___________ i ___________________ ___ ________________________________________ ______ ______ _______

$3,832,197 62

The outstanding funded securities are held as follows:
In the hands o f the public_______ __________________ . . _________ . . ____________________________________ _________________________________ ______________ $ 5 8 2 ,15 4,31 6 91
Owned by Southern Pacific C om pan y_____________________________________________________________________________________________ $67 ,8 3 1 ,8 4 9 53
Owned by Proprietary C om panies____________________________________________________________________________________________________
3 ,3 8 6 ,0 0 0 00
H eld in Sinking Funds o f Proprietary Com panies________________________________________________________________________________
9 ,7 9 3 ,0 0 0 00
.
---------------------------- 8 1 ,010,849 53
T o t a l ........................... ...................................................... ............................................................................................................. . ................................................$ 6 6 3 ,16 5,16 6 44

ASSETS AND LIABILITIES.
The value of tho granted lands belonging to the Central Pacific Railway Company and to the Oregon & California
Railroad Company, remaining unsold at the close of the year, is not included in the statement of the assets of tho said
companies.
The assets and liabilities of the Southern Pacific Company and of its Proprietary Companies, combined, on June 30
1915, and the increases and decreases during the year, excluding the offsetting accounts betweon the Companies, sum­
marized, were as follows:
T o ta l J u n e

30 1915.

In crea se.

D ecrease.

IN V E S T M E N T S .

Investm ent In road and equipment___________ _______
Sinking funds______________________________________________
Deposits in lieu o f mortgaged property sold_________
Im provem ents on leased railway property____________
Miscellaneous physical property___ ____________________
Investm ents in affiliated companies:
Stocks and bonds____________________________________
N otes and advances_________________________________
Other investments:
Stocks and bonds____________________________________
N otes, advances and miscellaneous________________

$908,712 ,243
11,961 .803
,997
1,425 ,925
17,155 ,150

A N D

............. 303 36
1,069,081 55
3 62,618 80

*430,739 758 47
111,175 191 32

14,908.811 86
5 ,6 5 0 .5 0 0 99

7,907 307 30
6.838 555 05

264,803 79

$ 1,495,931,932 98
CURRENT

46
55
60
63
60

$ 2 7,519 ,936 74

1
5

DEFERRED

$6,0 8 0 ,2 8 4 18
$264,256 29

452,211 50

ASSETS.

Cash and demand loans and deposits_________________________________
Special deposits___________________________________________________________
Other cash accounts______________________________________________________
M aterial and supplies_____________________________________________________
Deferred a s s e t s ___________________________________________________________

$16,307 ,928
541,169
10,829,629
18,859,879
6,211,521

64
50
23
40
00

$ 2,862,656 15
$453,883 10
4 ,2 6 2 ,4 6 6 80
"177,192 91
2 00,459 37
$6,293,587 57

$ 5 2,750 ,127 77
U N AD JU STED

D E B IT S .

Discount on capital stock .
Discount on funded d e b t -_
Other unadjusted debits___

$ 3 ,678,600 00
4,223.011 38
4 ,550,807 66

$445,139 40
$654 ,30 8 68

$12,452 ,419 04

$209 ,16 9 28

$1,5 6 1 ,1 3 4 ,4 7 9 79

T otal assets

$ 2 1 ,435 ,518 45

STOCK.

Capital stock o f Southern Pacific Com pany
____
Capital stock o f Proprietary C om p an ies___________

$272,674,405 64
*345,200 ,572 00
$617,874,977 64

L O N G -T E R M

$2,000 00
$2,000 00

DEBT.

•Funded debt o f Southern Pacific C om pany....................................
Funded debt o f Proprietary Com panies____ ___________________

$206 ,17 5,91 0 00
* 456,989 ,256 44

$ 2 ,949,573 42
882,624 20

$663 ,16 5,16 6 44

A N D

DEFERRED

$ 4 ,4 2 4 ,5 5 0 89

$669 ,24 9,11 6 36
CURRENT

$3,832,197 62

$ 6,083,949 92

Non-negotiable debt to affiliated com panies.

$ 8 ,256,748 51

L IA B IL IT IE S .

Audited accounts and wages payable_____________________________________
Interest and dividends matured unpaid____________________________________
Unmatured dividends declared_________________________________ ______ _____
Unmatured interest accrued_______ ________________________________ _______
Other cash accounts______________________________________
__
_
Deferred liabilities__________________________________ ________________________

$7,692,791
8,55 2 ,9 3 2
4.09 0 ,1 1 6
5,47 2 .7 7 5
2,64 8 ,0 1 0
395,504

07
24
08
07
66
97

$566,561 24
>478.511 44
30 00

$28 ,8 5 2 ,1 3 0 09
U N AD JU STED

$2,1 3 3 ,5 9 0 79

C R E D IT S .

Accrued depreciation____
Other unadjusted credits .

$ 3 6,144 ,227 71
31,617,828 45

$ 1 ,9 7 6 ,0 0 5 14
4 ,8 2 7 ,6 7 5 97

$ 6 7 ,762 ,056 16

$6,803,741 11

$1,3 8 3 ,7 3 8 ,2 8 0 25

Total liabilities
CORPORATE

69.047 34
1,728.248 85
248,274 80

$12 ,9 2 8 ,8 9 8 83

$ 3 0 ,044 ,472 20
146,751.727 34

$ 1 ,6 0 7 ,0 1 8 14
6,899,601 48

SURPLUS.

Appropriated surplus.
Profit and loss________
Total corporate surplus.
T o ta l............................................................. ............................................ ...............................................

$ 1 77 ,39 6,19 9 54

$8,5 0 6 ,6 1 9 62

$1,5 6 1 ,1 3 4 ,4 7 9 79

$ 2 1,435 ,518 45

* Tho outstanding capital stock and fundod debt include capital stocks and funded debt of Proprietary Companies o f tho par value of $ 3 15 ,11 7,40 0
and $ 8 1.010 ,849 53, respectively, a total o f $426 ,12 8,24 9 53. which securities are owned by the Southern Pacific Com pany or by Proprietary Com panies,
or are held in sinking funds o f Proprietary Companies. The cost of those securities is included In tho invostmonts shown abovo. O f tho said am ount,
stocks o f tho par value of $ 2 49 ,65 3,16 1, which stand charged on tho books at $232 ,93 2,66 7 41, are pledged against tho issuo o f Southorn Pacific C om ­
pany stocks and bonds.




1471

THE CHRONICLE

0<n\ 30 1915.]

TRANSPORTATION OPERATIONS.
The results of tho year's transportation operations compared with those of last year are as follows:
T h is Y e a r .

R a ilw a y O p e r a tin g R ev en u es—

Freight

$ 8 0,020 ,751
3 6 .8 6 4 .9 9 7
5.922.171
3 ,0 5 5 ,1 3 4
3 ,9 4 1 ,9 1 0
76.9 4 2
16,232

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

P a ssen g er.................... ....................... .
M all and Express-------------------- . . . .
A ll other transportation___________
Incidental---------- ------------------------------Joint facility— Credit______________
Joint facility— D ebit........ ...................

38
50
25
36
42
58
40

$129 ,8 6 5 ,6 7 5 09

T otal
R a ilw a y O p e r a tin g E x p e n s e s —

$ 1 5 ,3 5 6 ,3 5 5
1 9,815.973
2 .9 1 5 ,0 0 9
44,0 0 6 ,7 5 3
2 ,0 3 1 ,8 5 6
3 ,9 5 5 ,0 2 7
327,133

M aintenance o f way and structures-----M aintenance o f equipm ent....... .................
T r a ffic .................................................... ..........
T ransportation. --------------------------------------M iscellaneous operations-----------------------G en era l__________________________________
Transportation for investment— C red it.

77
36
84
11
61
24
62

10.421.65
$ 8 5 ,8 6 4 ,3 7 8
4 0 .4 1 4 .9 3 2
5 .2 0 7 .0 9 2
2 .7 4 3 .7 8 0
4 ,1 9 0 .6 1 3
134,213
34,752

75
05
03
82
25
84
18

13
20
10
47
36
67

1.27

132.59
$5,8 4 3 ,6 2 7 37
3 .5 4 9 .9 3 4 55
$715,079 22
311,353 54
248 ,7 0 2 83
57.271 26
18,519 78
$ 8 ,6 5 4 ,5 8 3 47

$ 1 38 ,52 0,25 8 56
$ 1 6,515 ,452
2 1 .475.526
3 .1 1 4 .3 4 8
46,4 0 0 ,0 4 5
2,2 9 2 ,1 5 3
3.864,741

P ercen t

D ecrease.

In crea se.

L a st Y ea r.

1 0 ,554.24

Average miles o f road operated.

$ 1 ,1 5 9
1.659
199
2 ,393
260

096
552
338
292
296

36
84
26
36
75

$ 90,285 57

6.81
8 .7 8
13.73
11.35
5 .93
42.67
53.29
6 .2 5
7 .02
7 .73
6 .40
5 .16
11.36
2 .34

3 2 7 ,1 3 3 62

$87 ,7 5 3 ,8 4 2 31

$93 ,6 6 2 ,2 6 6 93

$5,9 0 8 ,4 2 4 62

$42 ,1 1 1 ,8 3 2 78

$44,857,991 63

$ 2 ,7 4 6 ,1 5 8 85

$ 6 ,3 7 1 ,2 7 2 84
50.946 14

$7,1 6 2 ,6 2 4 57

$791,351 73

11.05

$ 3 5 ,6 8 9 ,6 1 3 80

$ 37,695 ,367 06

$ 2 ,0 0 5 ,7 5 3 26

5.32

3 1 .8 5 7 ,0 3 9
,6 3 7,345,295
390.24
507.84
463.71
18.43
24.66
2 2.32
21.18
2 0.60
2 0.78
69.22
70.13
69.84
$4 39
1.099 cents
2 0 8.35 miles

32,5 9 9 .1 3 8
7 ,1 0 8 ,3 3 1 ,0 5 0
399.43
510.30
471.21
18.95
24.10
22.28
21.08
21.18
21.15
70.91
7 0.25
70.45
$4 44
1.104 cents
218.05 miles

7 42.099
4 7 0 ,985 ,755
9.19
2.46
7 .50
.52

2.28
6.63
2 .3 0
.48
1.59
2 .7 4
2 .32
.18
.47
2 .74
1.75
2 .3 8
.17
.87
1.13
.45
4 .4 5

41,7 0 8 ,0 9 6
Passengers carried— revenue— including ferry suburban_______________
Passenger miles— rovenue— including ferry suburban................ ............... 1,662,556,191
$1 51
Averago passenger servico train revenue per train m ile-------- ---------------2.173 cents
Averago revenue per passenger m ile .............- - - - - - — - ........... ,— ,-------

4 2 ,744,673
1 ,7 48,983,080
$1 34
2.247 cents
4 0.92 miles

T o ta l.
N et revenue from railway operations.
Railway tax accruals_________________________________________________—
Uncollectible railway revenues---------------------------------------------------------------- --T otal operating income (Table N o . 23, pamphlet report)----------------------F r e ig h t T r a ffic —
, .
Tons— rovenue freight— total —
-----------------------------------------------------------\e !
T on miles— rovenue freight— total........................... ..............E a sV o f El" Paso
W est o f El Paso
Avorago ton miles per train mile— all freight----All lines
East of El Paso
W est of El Paso
Averago loaded freight car miles per train m ile.
All lines
East o f El Paso
Avorage ton miles per loaded freight car mile all freight W est o f El Paso
All lines
East o f El Paso
. W est o f El Paso
Percentage o f loaded freight car miles to total.
(All lines.............

Average freight revenue per train mile
......... - - - - - - - .......... .......... (e)
Averago revenue per ton mile o f freight— rovenue freight................ ( e )
Average miles hauled— rovenue freight....................................................... (e)
P a ssen g er T r a ffic —

,

,

„

.

.

Average miles carrie'l— revenue passengers— Including ferry suburban.
(e)
Revenues.

3 9.86 miles

Figures in last year’s report were based on commercial freight on ly .

6.31

6.12

$ 50,946 14

.56
.04

.10

.58
.37
1.69

.12

.61
$ 0.05
.005 cents
9 .7 0 miles
1 .036.577
8 6 ,4 2 6 .8 8 9
$0 17
.074 cents
1.06 miles

2 .43
4 .9 4
12.69
3 .2 9
2 .5 9

( /) Similar charges In previous years .were debited to Railway Operating

Since tho opening of tho Panama Canal, August 13 1914, competition has been intensified and the gross revenue of the
lines of this Company has beon considerably reduced by a large increase in the number, capacity and sailings of steamships
between Atlantic and Pacific ports, which, by a material reduction of rates, have taken a substantial volume of freight
that was formerly shipped over transcontinental railroads.
#
.
Tho business depression prevailing throughout the United Statos was aggravated on our lines by the outbreak of the
European War. Somo of tho copper mines served by them were closod down and others were operated to about half normal
capacity, which reduction of activity resulted in a large shrinkage of earnings from products of the mines and from the fuel
consumed in their operation. The construction of now buildings was retarded and railroad construction and development
almo t entirely abandoned, these conditions causing a material decrease in revenue derived from lumber and other construc­
tion material. There was, moreover, a widely distributed decrease of earnings upon general merchandise and miscellaneous
trftf ic
Theso unfavorable cond tions, and consequent genoral retrenchment in expenditures, have also affected both business
and pleasuro travel and liavo brought about a largo reduction in passenger and related earnings, tho former amounting to
41 por cent of the total reduction of $8,654,583 47 in operating revonues. This reduction has been increased by serious
inroads mado upon local railroad travel by automobile competition, which the improvement of highways has encouraged
and rapidly developed.
.
While these losses were offset to some extent by Exposition travel, the increased earnings derived from that source
beforo tho closo of tho year wore not sufficient to affect materially the general results. Earnings from express business
increased undor a now and more favorable contrac with the Express Company.
The net decrease in operating revenues of the Company was equivalent to 6.25 per cent, which is less than the average
percentage of reduction in earnings of large railroad systoms reporting to tho Inter-State Commerce Commission.
A readjustment of rates is now boing made which is expected to check tho diversion of traffic to the Canal steamship
lines; a normal condition of tho mining industry has beon restored; and, as has been previously stated, passenger earnings
sinco tho beginning of the new fiscal year have boon substantially increased by Exposition travel. The prospect of better
earnings during the coming fiscal year is encouraging, but tho oxtent and permanence of the improvement will depend upon
the return of general confidence in the business world, tho destruction of which, without doubt, has been the most potent
influence that has held back a revival of business and investment in now enterprises.
Although railway operating revenues decreased 88,654,583 47, or 6.25 per cent, total operating income decreased only
82,005,753 26, or 5.32 per cent, owing to a decrease of 85,908,424 62 in operating expenses, and 8791,351 73 in railway tax
accruals. This reduction was offected in face of an inereaso of 8765,082 34 in price of locomotive fuel; of an increase of
837,398 through higher wage schedules; of an inereaso of 875,589 80 in valuation expenses; and of an increase of 81,240,290 62
in charges to operating oxponsos for equipment depreciation and retirements, caused by including in this year’s expenses
81,190,432 to comply with Inter-Stato Commerce Commission’s classification, by which we were required to charge to
operating expenses tho depreciation portion of rental paid on equipment, which last year was charged to income account.
But for those abnormal and uncontrollable charges total operating income would have shown an increase despite the large
decrease in operating revenues.
. . . . .
,
These favorable results, attained under the most trying conditions as to now and intense competition, higher wages and
fuel costs, increases in oxpensos duo to costs of valuation, and increases in other operating expense items caused by compli­
ance with now laws and rules of regulating bodies, in face of a decrease in volume of 6.63 per cent in freight and 4.94 per cent
in passenger traffic caused by business depression, reflect great credit on your officers. For instance: Marked improvement
was offected during tho year in the use of locomotivo fuel, each pound of which moved in freight service 6.83 per cent and
in passonger service 2.85 per cent more gross ton miles than in the previous year. The saving thereby effected amounted
to 8450,388 as compared with last year and 81,158,015 as compared with two years ago.
As shown by chart below, continued efforts wore made to securo safer operation, as a result of which the number of
fatalities and injuries was reduced and the payments on account of casualties and damages of all kinds were $234,758 74
less than last year.
R A IL W A Y T A X AC C R U A L S.
The not operating revenue for the fiscal year ended June 30 1915 amounted to 842,111,832 78, whereof 86,371,272 84>
or nearly one-sixth, was paid in taxes. With an increase of 179.40 per cent in the mileage of all tracks operated during
tho life of tho Company, taxes have increased 85,511,767 78, or 641.27 per cent. The decrease in Railway Tax Accruals
of 8791,351 73, or 11.05 per cent, compared with last year, is t e result, principally, of charging to Miscellaneous Tax Ac­
cruals this year, in accordance with the now classification of tho Inter-State Commerce Commission, certain taxes which
heretofore havo been charged to Railway Tax Accruals; and to iho decrease in such taxes as are based on gross operating
revenue.



[Vol . 101.

THE CHRONICLE

14?3

S A F E T Y OF O P E R A T IO N .

During the past year, no passenger lost his life in a train accident, and with but one exception, nono has been killed
in a train accident for six yea rs and eleven m o n th s, during which period 373,233,119 locomotive miles wero run and 282,719,­
444 passengers wero carried an average of 42.61 miles, or 12,045,555,744 passengers carried one mile. During the year
6 employees out of 8,664 lost their lives through train accidents in running 52,127,703 locomotive miles. Out of 38,833 em­
ployees engaged in pursuits not involving train movements, 15 lost their lives—an averago of one fatality to every 810,300
days, or 2,200 years worked.
F A T A L IT IE S
N u m b e r K ille d

1 9 0 8

1 9 0 9

IN T R A I N

1 9 1 0

191

A C C ID E N T S
1

*

1 9 1 2

1 9 1 3

,
1 9 1 5

1 9 1 4

5 0
4 5

Employes Killed_____

4 0

Passengers Killed-------

3 5
3 0
2 5
2 0
\

15
t o

--

5

_

_______ ________

O

TOTAL KILLED
Employes
Passengers

20
2

12
7

19
0

14
0

42
0

9
0

7
1

c
0

TOTAL KILLED PEP MILLION
LOCOMOTIVE MILES
Employes.
Passengers

0.382
0.038

0.254
0.148

0.360
0

0.258
0

0.772
0

0.156
0

0.123
0.018

0.115
0

39,337,735
1,541.212,518
47,282,374
9,144

40,190,200
1,805,834,993
64,457.917
9,232

39,989,058
1,808,133.603
54.227.433
8,605

40,329.011
1,787,640,025
54,427,530
9,137

42,006,240
1,834,380,082
57,653,935
9,497

42,744,673
1,748,933,030
57,054.594
9,418

41,708,096
1,662,556,191
52,127,703
8,664

Passengers Carried
41.393,734
Passengers Carried One Mile 1.640,036,373
Locomotive Mileage
52,292,012
Number Trainmen in Service
8,481

GOVERNMENT ATTACK ON RIGHT TO CONTROL CENTRAL PACIFIC RAILWAY.
In February, 1914, tho UnitedStates, acting through the Attorney-General, (brought suit in the United Statos District
Court for the District of Utah, against the Southern Pacific Company and tho Central Pacific Railway Company, to separate
the two companies, on tho ground that their union in ono system was in violation of the Federal Anti-Trust Act of 1890,
known as the Sherman Law, and also in violation of tho Pacific Railroad Acts, meaning tho Acts of Congress providing for
the construction of tho Union Pacific and Central Pacific railroads. Since tho last annual report, in which tho nature of this
litigation was explained, tho testimony on both sides has been taken, and the case has been fixed for argument in tho lower
Court on Dec. 1 1915. It may bo assumed that an appeal to the Supremo Court of tho United Statos will bo taken by tho
losingparty. As the caso will be submitted to theCourt for decision at an early date, it will servo no useful purpose to at­
tempt now to predict tho outcome.
GOVERNMENT ATTACK ON TITLE TO OIL LANDS.
Tho last report contained tho following statement:
“It follows, asa result of thedecisionin thoBurko case, that proven fraudalonocan avail to defeat our titlo to our oil
lands. Wo know thero was no fraud in obtaining tho patents, and wo may consider that tho danger of losing tho lands is now
removed. Moreover, except as to a comparatively small quantity of land, in respect to which suits havo already boon insti­
tuted, tho six-years period of limitation is believed to bo a bar oven to a suit alleging fraud.”
Tho Attornoy-Gonoral of tho United Statos, deeming it his duty not to abandon tho pursuit of tho Company’s lands
without a judicial investigation to determine whether or not our patents woro fraudulently obtained, has ronowed tho litiga­
tion, specially alleging such fraud; and, in order to avoid the six years period of limitation, it has been further alleged that
the Government was prevented from suing within tho required timo by fraudulent concealments of its acts by tho Railroad
Company. Thero has been no final decision in those suits. Tho fact that they have been instituted does not losson tho con­
fidence expressed in the last annual report as to our ability to sustain our titlo to tho lands in question.
GOVERNMENT ATTACK ON THE TITLE TO THE OREGON & CALIFORNIA RAILROAD’S LAND GRANT.
In 1908 tho United States brought suit against tho Orogon & California Railroad Company and the Southorn Pacific
Company, to forfeit to tho Government the unsold portion of tho lands granted by Act of Congress to aid in the construction
of tho Oregon & California Railroad. The ground of forfeiture mainly relied on was that some of tho lands included in tho
grant had been sold in disregard of tho requirements of tho granting Act, namely, that tho lands should be sold to actual set­
tlers only, for not moro than 82 50 per aero, and in quantities not exceeding 160 acres. Tho quantity of land involved
amounted to about 2,300,000 acres.
Tho lower Court decided in favor of tho Government, but in Juno of this year tho Supreme Court reversed the decision
of tho Court below, and declared that tho title of tho Railroad Company to tho unsold lands had not boon forfeited and was
unimpaired by tho alleged grounds of forfeiture. The Supromo Court further decided that tho lands wero held subject to
tho original terms of tho grant limiting sales to actual settlers, in quantities not exceeding 160 acres to any ono purchaser,
and at prices not exceeding 8250 per aero. Recognizing that such restrictive covenants wero not appropriate to lands of
the character of those remaining unsold, the Court practically referred the matter to Congress, by enjoining any disposition
of the unsold lands or of tho timber thereon “until Congress shall have a reasonable opportunity to provido by legislation for
their disposition in accordance with such policy as it may deom fitting under the circumstances*, and at the sa m e tim e secu re
to the d efen d a n ts all the value the g ra n tin g A c ts co n ferred u p o n the r a ilro a d s;” with tho proviso that, if Congress doesnot act
within six months, tho Railroad Company may apply to tho lower Court for a modification of so much of tho injunction as
enjoined any disposition of tho land or timber. In other words, if Congress does not act within tho timo named, tho lower
Court should grant relief from tho broad injunction against any sales of the lands, and should confine tho injunction to salos
in violation of tho terms of tho grant. It will bo observed that any legislation wliich Congress may provido is subject to tho
condition that it must secure to tho railroad all tho valuo tho granting Acts oenferred.
It would not bo profitable or expedient at this timo to speculate upon tho possiblo action of Congress. Tho Railroad
Company will bo prepared to co-operato with Congress in securing appropriate modification of the original restriction upon
the sales of lands, but it will insist upon observance of tho condition that tho full valuo conferred by tho grafting Acts is se­

cured to it.

* ¥ h o Italics » » e ou rs.




THE CHRONICLE

<>0T. 30 1915.|

1473

FEDERAL LEGISLATION FORCING PACIFIC MAIL STEAMSHIP COMPANY OUT OF BUSINESS.
Tho Southern Pacific Company owns 55.40 per cent of tho capital stock of tho Pacific Mail, an American steamship
company that has boon operating lines of steamships on tho Pacific Ocean for the last G7 years.
Tho Act of Congress approved March 4 1915, generally known as tho La Folletto Act, becomes effective as to vessels’of
tho United States Nov. 4 1915. Tho Company cannot continue operations under the terms of that Act without incurring
heavy losses. Figures prepared by chartered accountants show that the Act would increase the expenses of its trans-Pacific
fleet as to wages and feeding crews alone by $640,805 per annum. Other provisions of the Act, relating to lifeboat crews and
to tho Central America lino, would swell this amount. The abnormally large surplus in 1915, due to higher rates following
the withdrawal of Canadian Pacific and Japaneso steamers in consequence of the European war, would not suffice to meet
the increases in wages and feeding expenses only that tho Act will demand. The stockholders of the Pacific Mail Steamship
Company realized that tho Company could not obey this oppressive law and exist, and therefore have authorized the sale of
their vessels as a necessary condition precedent to tho liquidation of the Company.
GENERAL.
Dividends on tho capital stock of your Company woro declared during the year, payable as follows:
per
per
per
per

\ l
A
l A
W i
1A

cent
cent
cent
cent

payablo
payablo
payable
payablo

S I ,0 9 0,116
4 .0 9 0 .1 1 0
4 .0 9 0 .1 1 0
4 .0 9 0 .1 1 0

January 2 1915-------------------------------------------------------------------------------------------------------------------------------------------------------------April l 1915------------------------------------------------------------------------------------------------------------------------------------------------------------------July 1 1 9 1 5 -- - — ................... —
...................... ............................ ................... ...................................................... ......... ..............
October 1 1915............. - ..................... .............. ........................................ ................................................................................... ............

08
08
08
08

516,3 0 0 ,4 6 4 32

T o t a l -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Tho revolutionary disturbances on tho lino of tho Southern Pacific Railroad Company of Mexico have continued. It is
estimated that from the beginning of tho Madoro Revolution, in 1910, to June 30 1915, the cost of property destroyed will
approximate 3,124,000 pesos, equivalent to $1,562,000. On account of these losses the Company filed claims with the Ma­
doro Government amounting to 287,953 pesos, all of which were approved but have not yet been paid. No further claims for
proporty losses liavo been filed, owing to tho lack of a constitutional central Government to which they could bo presented.
In addition to tho abovo, the Company has claims for froight and passenger service performed, for rental of road and equip­
ment and for material furnished to or confiscated by the various military authorities, amounting to 5,088,000 pesos. Bills
for this amount (loss 434,000 pesos received on account) will bo filed with the proper authorities as soon as conditions permit.
During tho year only such maintenance work has been donoas was absolutely necessary in ronder it possible to operate trains
ovor those portions of tho Iinowhich are opon for traffic. Tho rovenues during the year, including those derived from the
transportation of troops and munitions of war, woro slightly in excess of the expenditures for maintenance and operation.
In addition to tho losses during tho year from revolutionary causes, tho Company suffered heavily from an unprecedented
flood along tho lino in Sonora.
Tho continued revolutionary disturbances procludo any thought of completing, at tho present time, the 99.47 miles of
lino from Topic to La Quemada, roforrod to in last year’s roport.
In addition to the completed linos of railway reported under Properties and Mileage, and the railway of the Southern
Pacific Railroad Company of Moxico, horoinbeforo mentioned, construction is progressing on tho lines of the following com­
panies, viz.:
L en g th o f
P r o je c te d L i n e .

T rack
C o m p le te d .

G r a d in g
C o m p le te d .

G r a d in g
P r o g r e s s in g .

M iles.

M ile s .

M ile s .

M ile s .

Central Pacific Railway:
Colfax to Blue Canon, California— second track:
Length o f projected lin e. ____________________________________ ........................... 25.08
L e s s placed in operation____________________________________ - ...................... - - . 2 3 . 0 5

2 .03

1.99

.04

61.15

46.69

11.99

121.50

73.39

43.30

17.63

9 .13

Colusa & Hamilton R ailroad:
2 .47

W illanietto Pacific Railroad:
Toxas & Now Orleans Railroad:
Turpentino to Browndel, T exas—

.

.

—

_

_____________

___________________

4.81
8 .5 0

Tho Board announces with sorrow tho doath on May 19 1915 of Goneral Thomas H. Hubbard, a Director, and on Nov. 14
1914 of Mr. II. A. Jonos, Assistant Treasurer of your Company. Goneral Hubbard served as a Director and as Vice-Presi­
dent for many years prior to 1901, and was again olectcd a mombor of the Board shortly before his death. Mr. Jones was in
tho sorvico from 1885 to tho time of his death, serving as Goneral Freight Agent, Freight Traffic Manager and Assistant Treas­
urer.
Under tho pension system put into effect on Jan. 1 1903, seven hundrod and forty-six employees are carried on tho pen­
sion rolls of t rail and water linos. Tho payments to them for tho year amounted to $326,685 04.
By order of tho Board of Directors,
JULIUS KRUTTSCHNITT,
io

C h airm a n o f the E xecu tive C om m ittee.

International Nickel Co., N. Y .
Sco "A n n u al Reports” on a preceding pago.

— E a r n in g s ,

&c

.—

$3,803,100 A d d itio n a l C om m on Stock D istrib u ted
10% surplus o f tho company thoro bo and hereby is declarod a dividend
—On Oct. 4 1915 the directors voted that—
out of the
L istin g o f
as
D iv id en d .

of 1 0 % on tho common stock, payablo N o v . 1 1915 to common stockholders
of record Oct. 15 1915: such dividend to bo paid in common stock of tills
company at par. Tho N . Y . Stock Kxchango has authorized tho listing
o f tliis additional stock (or voting trust certificates in lion of all or any part
tlioroof) on official nottco of issuance of the same. Tho Kxchango had pre­
viously authorized tho listing of voting trust certificates when Issued in
lion o f a like amount of tho outstanding 838,0 3 1 ,5 0 0 common stock (or
in lieu o f an equal amount of samo 8 0 ,382,300 common stock certificates
if not exchanged for voting trust certificates).— V . 101, p. 1192, 1010.

International Steam Pump Co., N. Y . — A ssessm en t

—Tho reorganization committoo,
Charles II. Sabin, Chairman, gives notico to holdors of cer­
tificates of doposit of Columbia Trust Co., roprosonting prof,
stock, that tho payment required under tho plan (V. 101, p.
620) to bo made by tho holders of pref. stock will bo $13 42
per sharo, this amount being tho sum of tho fixed paymont
of $12 50 por sharo and of tho proportionate amount of tho
paymonts not mado by holdors of common stock. This incroaso in tho cash assessment raises tho amount of tho now
stock to bo reeoivod by tho participating pref. sharoholdors
from $12 50 Prof. A stock and $34 com. stock for each
prosont prof, sharo, to must 42 made on or before N251217 1915 and
$13 bo Prof. A and $35 o v . common.
Tho payment mentioned
on

A s s e n tin g

P r e f.

S tock.

m ay then bo made in full or optionally 4 0 % on said date and tho remaining
0 0 % in three installments of 2 0 % each Jan. 17 1910. M ar. 17 1910 and
M a y 17 1916, with privilege o f paying all unpaid installments at any time.
Paym ent must bo mado in N . Y . funds at C uaranty Trust C o ., 140 Broad­
w ay, N . Y . C ity, accompanied by tho certificates of deposit, in order that
receipt of tho paymont m ay bo endorsed thereon.— -V. 101, p . 1095, 1016.

Kelley-Springfiold Tire Co., N. Y.

— S tock .—

The stockholders will vote N o v . 30 on decreasing the par value o f singlo
shares of tho 8 4 ,0 0 0 ,0 0 0 common stock from 8100 to 825, tho total amount
o f tho issuo to remain unchanged, but each 8100 share to bo exchanged
for four $25 shares. The par valuo of pref. shares will continuo to be $100
— V 101, p. 1192.

La Belle Iron Works Co.

— B o n d s .—

T h e stockholders on O ct. 27 authorized tho issuo o f $ 7 ,5 0 0 ,0 0 0 bonds.
See V . 101, p. 1373, 1095.




9

Laclede Gas Light Co.— E a r n in g s . — D eb en tu res — .
M o s. en d .
S e p t . 30—

G ross
E a rn in g s.

N e t (a fte r D c p r c T a x e s ). c ia lio n .

I n te r e s t.

P r r f.D iv . B a la n c e ,
< 3 % % ) . S tir p l u s .

1915.............. 83,370.901 S1.848,35G S217,900 8810,070 $93,750 8000.570
1914________ 3,388.501 1,692,691 201,005 831,031
93,750 563.905

N.W . Ilalsoy & Co.'and G.II. Walker & Co. are placing
at 99 \ i and int. a further $750,000 5% gold debentures of
1914, proceeds will1be1919. to reimburse the company for expenditures
duo Feb. used
The

already mado for additions to its property and plants. Total authorized
Issue, 85,000,000: outstanding, including this $750,000, $3,250,000. Call­
able as a whole but not In part at 101 A and int. on Feb. 1 1916 and any
Interest date thereafter. (Compare V. 98. p. 765.)—V. 101, p. 452.

Lehigh Coal & Navigation Co.— D e c is io n .—

Sco Central RR. of N. J. under "Railroads” above.—V. 100, p. 2171, 1596

Lehigh & Wilkesbarre Coal Co.— To be D iv o rce d .—

Sco Central RR. of N. J. under “ Railroads" abovo.—V. 101, p. 1012.

Metropolitan Coal Co.— B onds C alled. —

Fourteen ($14,000) 1st M. 4 h % 20 year sinking fund gold bonds dated
Dec. 1 1911 for payment at 105 and int. on Dec. 1 at New England Trust
Co., Boston.— V. 99, p. 1302.

National Properties Co., N. Y .— A m a lg a m a tio n —

Sco American Railways Co. above.—V. 100. p. 2010.

New England Telephone & Telegraph Co.— O ffe r .—

See Providence Telephone Co. below.—V. 101, p. 532, 452.

Northern California Power Co., Cons.— A s s e s s m e n t. —

An assessment (No. 3) of 82 per sharo has been levied on the stock de­
linquent Nov. 15. sale day Dec. 6—V. 101, p. 1193.

Nova Scotia Car Works, Ltd.— L iq u id a tion . —

A petition has been filed for the liquidation of the company. The cred­
itors recently declined to compromise at 50c. on the dollar.—V. 99, p. 541.

Pittsburgh Steel Co.— E a r n in g s

3

M o s . en d . S ept.

1915.
Gross sales......................- ................ $4,431,777
Net profits_______ ______________
S673.352
— V. 101, p. 1185, 698.

1914.
$2,269,994
$106,920

Providence Telephone Co.— P la n O p era tiv e. —

30.—

In crea se.

$2,161,783
$566,432

As more than 30,000 shdres of stock of the company have already been
deposited, tho New England Telephone & Telegraph Co. has formally
elected to exercise its option under the terms of the deposit agreements,
and will oxchango Its stock for all stock of the Providence Telephono Co.
deposited on or before Nov. 1 1915. Tho new certificates of stock will be
ready for delivery on or before Nov. 10 1915. See V. 101, p. 532.

[Vol. 101

THE CHRONICLE

1474

THE NEW YORK NEW HAVEN AND HARTFORD RAILROAD COMPANY
F O R T Y -F O U R T H

G E N E R A L S T A T E M E N T — FO R T H E

Y E A R E N D I N G JU N E 30T H 1915.

IN C O M E A C C O U N T OF T H E N E W Y O R K N E W H A V E N & H A R T F O R D R A IL R O A D C O M P A N Y F O R T H E
Y E A R E N D I N G J U N E 30 1915, IN C O M P A R IS O N W IT H Y E A R 1914.
* C o m p a riso n w ith 1914.

1915.

In crea se.

. D e c re a se .
43.12

2.003.17
Railway Operating Rovenues—
M ail.......... " . I ............................................................ .......................................................................-

$31,179,318
27.010,798
136,345
717,1.55
2,709.639
a957,070
2.025.030
643.305

71
83
50
16
13
26
59
53

S135.002 99

.....

54.142 07
70.323 71
$325 46

$32,637 90

Railway Operating Expenses—
................................................................................................ ............... .............

7,729,240
9.780.329
473,368
23.958.702
592,053
1,611.243
18,314

1,101.823
611 .948
28.651
3,020,169
22.392
312,876
8.523

58
69
28
46
69
46
40

$10,609
2,743.921
1.369
7.830

$2,031 24

3,033.057 90
$1,705 78

50
47
79
36

834,522 95
$378 96

7,830 36

826.692 59

2.751.751 83
$18,500,888 12
1,193 34

$3,859,750 49

$18,502,081 46

$3,851,958 99

$9,236 40

Non-Operating Income—

$2,077 04

$1,450,666
179.118
1,387.587
232,606
139.717
1,779.033
630.486
55.835

90
32
70
55
34
11
47
01

$57,452 48
50.767 01
133,239 96

$24,357,132 86

$1,091,338
94,125
662.289
12,804

347,376 31

$1,177 64

598,100
2,728.338
6,228,999
204.648
93.474

97
26
ll
59
50

598,100 97
57.210 25
196,038 84

17.792 13

783 55

7,428 30

131,571 70
864,000 00
9,380.046 3.8
1,800.276 96
19.704 96

423,018 37

$22,049,161 43
Net Incomo____________________________________________________________ :--------------------Ratio of Operating Expenses and Taxes*to Total Operating Rovenues_______________________

03
26
07
32

$1,885,485 45

$12,159 29

Separately Operated Properties— Loss—

7.791 50

$1,966,473 54

$5,855,051 40

Deductions from Gross Income—
Rent for Locomotives, Passenger Train Cars, Work Equipment and Balanco for Iliro of

60
08
59
46
99
70
78

5,106.386 20

44.126.623 76
$22,028 40
21,252.639 95

54
26
67
75
29

2.073,328 30

65.379.263 71

Traffic

$1,297,320
633.037
6,339
7.154
140.013

$11,007 13
$2,307,971 43

95.324 68
1.159,750 87
148.679 11
$153,823 11

$2,039,308 56

67.49%
71.69%

$156 77
5.50%
6.60%

N o t e . — Tho N. Y. N. II. & II. K B . Co. Incomo Account does not Include Interost duo from Subsidiary Companies uuloss earned by them.
* 1914 figures havo been revised to conform with classification effective July 1 1914.
a Includes $161,761 61 rovenuo from milk handled on freight trains.

O P E R A T IN G R E S U L T S .
M ILES O PERATED.

There was a decrease in avorago milos of road operated
of 43.12 miles.
Tho average miles of track maintained was 4,3 15.49,
compared with 4,397.7 5 tho previous year, a decreaso of
82.26 miles.
These decreases aro ma nly duo to giving up certain
trackage rights on tho Boston & Albany and Boston & Maine
and to tho Central New England assuming operation of tho
lino betweon D anbury, Connecticut and Hopewell Junction,
New York.
REVENUES.
Total Operating Revenues decreased $2,073,328 30, or
3 .0 7 % .

was $1.31453, as compared with $1.29923 a year ago.
Tho avorago rovenuo rectivod por ton por mile was $.01434
this year, as against $.01415 last year.
Tho avorago number of tons of rovenuo froight por rovenuo
train mile was 333.17, an increase of 29.21 tons, or 9 .6 1 % .
Tho avorago number of tons of rovenuo froight per loaded
car milo this year was 15.59, as compared with 15.55 tons
a year ago. Tho averago number of froight cars (including
caboose), per rovenue train milo was 31.78 this year, as
compared with 28.35 cars a year ago, an increase of 3.43 cars.
Rovenue freight train milos decreased 1,001,404 miles.
The decrease in freight train mileago was duo to bettor
loading of cars, to heavier loading of trains account of
rearrangement of locomotives and to decreaso in businoss
offered.

FR E IG H T .

PASSENGER.

Freight Rovenue decreased $1,297,320 54, or 3 .9 9 % .
There were 23,842,023 tons of revenue freight carried
during tho year. This was a decrease of 1,154,815 tons.
The number of tons of revenue freight carried one mile
was 2,185,109,160, a decreaso of 109,674,782 ton milos. Tho
averago distance haul of one ton of rovenuo freight this
year was 91.65 miles, as compared with 91.80 miles last
year. Tho averago amount received for each ton of freight

Passenger Rovonuo decreased $633,037 26, or 2 .2 9 % .
Excess Baggage Rovenuo decreased $6,339 67, or 4 .4 4 % .
M ail Rovenuo decreased $7,154 75, or 0 .9 9 % . Express
Rovenue decreased $140,013 29, or 4 .9 1 % .
There were 78,172,698 rovonuo passongors carried during
tho year, a decrease of 9,010,843 passengers. Total number
of rovenuo passongers carried ono milo was 1,477,868,934,
a decrease of 122,607,802 passongor milos. Tho avorago




1475

THE CHRONICLE

Oct. 30 1915.]

Signal and Interlocking Improvements and Additions
distance each revonuo passenger was carried was 18.91 miles,
as compared with 18.36 miles last year. The average havo-been made at 32 points on the system.
During the fiscal year 1915 33.67 miles of road and 109.54
amount roceived from each passenger was 8.34553, as com­
pared with 8.31708 last year. The average revenuo per miles of track wore equipped with automatic block signals.
A now interlocking plant was installed at the junction
passenger per mile this year was 8-01828, as compared with
with the Boston & Albany R R . at Springfield, M ass.
8.01727 a year ago.
.
Bridges.— During the year, 50 bridges, railroad and high­
The averago number of passengers per revenue tram mile
was 97, an incroaso of 1 passenger. The averago number w ay, were repaired, strengthened or renewed.
Tho realignment of tho New Haven Company’s tracks
of passengers per revenuo car mile was 25, the same as last
year. The average number of passenger train cars por across Winthrop Cove at New London, Conn., including the
rovonuo train milo was 5 , as compared with 4.88 cars a year construction of a solid embankment and twenty-two foot
arch water way, is progressing satisfactorily, and will, when
a g° •
.
finished, permit tho abandonment of the wooden trestle
Revonuo passenger train miles decreased 1,485,622 miles.
Tho decreaso in passenger train mileage was duo to re­ and provide for a better approach to the proposed bridge
arranging service and taking off somo trains that did not over the Thames River. Location for this bridge has been
approved by the United States Government and the Con­
pay their operating oxponses.
necticut Public Utilities Commission, and plans of the
OTHER TRANSPORTATION.
substructure are completed.
_
Construction of the new concrete bridge carrying the
Other Transportation Revenuo increased 8135,002 99,
or 1 0 .4 1 % . This includes Special Train Service, revenue Now Haven Company’s westbound track over three of the
Now York Central Company’s tracks at Woodlawn, N . Y . ,
from Pullman sorvice, Switching and M ilk Revenue.
has been completed.
IN CIDEN TAL.

Incidental Revenue decreased 854,142 07, or 2 .6 % *
This account includes: dining car revenuo which decreased
844,602 72, or 9 .2 8 % ; rovenue from restaurants which de­
creased 81,031 95, or 1 .0 5 % ; other itoms such as Station
and Train Privileges, Parcel Room receipts, Storage,
Demurrage, & c., which decreased 8144,971 63, or 1 1 .4 1 % ;
and rovonuo from electric curront and other power sold
which increased 8136,464 23, or 5 9 .3 5 % . .
JOINT FA CILITY.

Joint Facility Revenue decreased 870,323 71, or 9 .8 5 % .
This account includes your Company’s proportion of revenuo
collected for tho use of privileges in stations owned by other
carriers and used jointly by this Com pany.
EXPENSES.
Total Operating Expenses decreased 85 ,106 ,38 6 20, or
1 0 .3 7 % .
M AINTEN AN CE OF W A Y AND STRUCTURES.

Stato of Connecticut.....................- ....................- ..................- ................
State of Rhode Island------------------------------------------------------------------

9
7

T o t a l__________________________________________________

10

Tho elimination of five grade crossings at Pawtucket and
Central Falls, R . I ., has been completed, together with
now four-track location through tho cities; also a now sixtycar bulk dolivery yard, and other work incidental to the
elimination schomo. Tho construction of a new passenger
station for joint use of tho cities is progrossing and will bo
completed boforo tho ond of the year.
.
Now Passenger Stations have boon provided during tho
year at tho following points :
Jlrookficld, Conn.
IPittsfield. Mass, (joint station built
Clinton, Mass, (joint station built | by II. & A.)
by 11. & M .)
ISouth Worcester, Mass.
Iladdam, Conn.
West Haven, Conn.
Pawtucket-Central Falls (temporary station).

Tho rebuilding of tho Hartford Passenger Station is woll
under way, and the entire station facilities will soon be
completed.
..
.
Now Freight Stations havo boon built during tho year at
tho following points :
Now York, Pier 37, East River.
Olncyvillo, R. I.

Improved facilities havo boon mado at 7 other stations.
Improvements to Roadway and Track.— There wero
31 75 miles relaid with 107-pouiul rail, 90.22 miles with
100-pound rail, 25.33 miles with 90-pound rail and 73.31
miles with rail weighing from 68 to 80 pounds per yard.
Thero wero placed in main lino track 1,588,895 now ties, of
which 97,256 wero creosoted. In sidings 408,648 ties wero
ronowed. Thero wero also 23.90 miles of track ballasted.
During tho year, 10.21 miles of sidings and spurs wero built.
Owned and leased track oporated (excluding sidings), as
of Juno 30 1915, was laid with rail of various weights per
yard as follows :
W eight.

141 lb.
107
100
90
80
79
78

74
72
70
68-67-66-60
56 or under

M i le s .

.86
31.75
980.84
157.38
454.92
111.28
623.43
9.63
185.66
23.59
174.12
157.75
39.54

% o f T o ta l.
.03
1.08
33.24
5.33
15.42
3.77
21.13
.32
6.29
.80
5.90
5.35
1.34

C o m p a riso n o f
M ile s w ith 1914.
In c .
D ec.
—

31.75
17.56
_____

50.66
3.30
_____
_____
_____

9.74
—

.13

1.93
2.60
•07
54.17
7.52
18.21
31.35

—
T03
—
100%
-------------- ___ 2.950.75
N o t e , __All Steol Rail. With exception o f sidings (not included In above
figures) thero is no iron rail in tho track.
Total




$294,927
77,268
970,055
272,759
87,555
21,867

Steam Locomotives..
Other Locom otives...
Freight Train Cars__
Passenger Train Cars.
Floating Equipment..
AVork Equipment-----

38
68
81
20
90
56

SI,724,434 53

Total

The equipment retired from service during the year
resulted in the following charges to Operating Expenses :
$32,312
8,457
404,457
68,236
32,540

Steam Locomotives..
Other Locom otives..
Freight Train Cars...
Passenger Train Cars.
Work Equipment___

19
89
80
68
43

$546,004 99

Total.

Tho charge decreased 81,101,823 60, or 1 2 .4 8 % .
This general account took 1 1 .8 2 % of Operating Rovenues,
as compared with 1 3 .0 9 % a year ago.
A briof description of tho character of tho improvements
mado during tho year is given bolow.
Grade crossings eliminated during tho year for the greater
safety of tho public were :

Brockton, Mass.
Brookfield, Conn.

M AINTEN AN CE OF EQ U IPM E N T.

Tho charge decreased 8611,948 08, or 5 .8 9 % . Included
in Maintenance of Equipment are charges accoum of De­
preciation, as prescribed by the Inter-State Commerce
Commission, as follows :

The ratio of this general account to Operating Revenues
was 1 4 .9 6 % , as compared with 1 5 .4 1 % a year ago.
Steam Locomotives.— Total number on active list June 30
1914........................................................................................... ......................................

1*204

Total on active list June 30 1915-------------------------------------------------------

1,165

From which should bo deducted :
'
Engines retired from service during tho year-----------------------------

63

Thirty-six of tho engines retired from service during the
year Avero of light capacity and in addition, their boilers
Avould not meet the requirements of tho Federal Boiler
Inspection A ct. Since the Company had no service that
Avould justify going to tho expense of repairing the engines,
they were condemned.
The hauling capacity of the steam locomotives is as fol­
lows :
A c tiv e L is t .

N u m b er.

T o ta l
W eight o n T o ta l W eight
D r iv e r s , L o co m o tives, Tc
T o n s . (ex c lu s iv e o f tend

T ra ctive
P ow er
P ou n d s.

80,668

Assigned Juno 30 1914 1,204
Added during fiscal
year* ______

29,074,311

62,608

68,736

52

82

T o ta l______ ______1,204
Retired from service
39
during year.. ______

29,143,047

62,660

80.750

569,447

1,145

2,454

As of June 30 1915----- 1,165

28,573,600

61,515

78,296

* Increased account of superheaters applied and change from compound
to simple cylinder locomotives.

The following statement shows tho character and con­
dition of the steam locomotives of the Company on June 30
1915 :
Tir. ,
A v e ra g e W eight
W heel
A r r a n g e - O w ned
m en t. 6-30-14.

,eOO
zOOoo
zOOO
/oOOO
zoOOOO
to o O O

zooOOO
^ooOOo
^ooOOOo
Total

16
3
205
349
35
390
106
12
88
1,204

C o n d itio n .

E a c h L o co m o tive,
T o n s (exclu sive o f
A v e ra g e
te n d e r).
T ra ctive P o w e r,
T o ta l. O n D r iv e r s .
P o un d s.

W ith ­
draw n .

23
47
61
69
76
53
67
100
122

6
2
23

39

1.165

67

23
33
61
60
69
35
51
53
75
53
N u m b er.

........ 989
G o o d ____________
111
F a ir _____________
...______________________
41
In shop for repairs .
Stored*'awaiting repairs, to be repaired when suitable
service demands-------------------------------------------------------24
1,165
N o. of locomotives equipped with superheaters------------82

15.674
10,066
27,666
27,427
32,546
17,115
23,421
24.956
35,513
24,527
P e r C e n t.

84.9
9.5
3.5
100.
7.04

The 24 engines stored awaiting repairs, are engines of
light capacity assigned to no particular service. Should
occasion arise requiring engines of this particular type they
Avill be repaired and placed in active service.
As of June 30 there wero 191 engines stored in good con­
dition .suitable for immediate service when requirements
demand.

THE CHRONICLE

1476

Electric Locomotives.— Hauling capacity and condition :

A c tiv e L is t .

N u m b er.

* T ra c tiv e
P o w ir ,
P o u n d s.

Assigned June 30 1914______ 104
Retired during fiscal year_______ 2

1,515,464
17,200

As of June 30 1915___________ 102

T o tal
T o tal
W eight
W eight o f
o n D riv e rs , Locom otives
T o n s.
Tons.

1,498.264

8,172
30

11,152
30

8,142

11,122

* 1 hour rating.

The electric locomotives are in good condition and during
the year 48 received a general overhauling.
Cars in Passenger Service.— In addition to new equipment
shown under Additions and Betterments on page 42 [pamph­
let report], the following equipment was recoived during the
year under an Equipment Trust:
45 steel
5 steel
10 steel
50 steel
10 steel

coaches.
electric cars.
combination baggage and smoking cars.
baggage eras.
baggage and mail cars.

On June 30 1915 there were 74 all-steel passenger train
cars due from the Osgood Bradley Car C o ., on the 1915
contract. Of this number there have been received since
June 30 1915 :
24 baggage cars.
20 coaches.
10 smoking cars.

Cars in Freight Service.— Of the total numbor of freight
cars owned on June 30 1915, 3,863, or 1 1 .2 6 % , were in
need of repairs. The repairs needed vary from those re­
quiring one hour of labor up to and including rebuilding.
The freight car repair shops are working full time and the
force has "been considerably increased during the past few
months in order to reduce the number of bad order cars.
TRAFFIC EXPENSES.

The charge decreased $28,651 59, or 5 .7 1 % . The most
noticeable decreases were in Superintendence and Adver­
tising, while Outside Agencies and Industrial Bureau show
increases.
This general account took 0 .7 2 % of Operating Revenues,
as compared with 0 .7 4 % last year.
TRAN SPORTATION EXPENSES.

The charge decreased $3,020,169 4 6 , or 1 1 .1 9 % . This
general account took 3 6 .6 5 % of Operating Revenues this
year, as compared with 4 0 % a year ago, a decrease of
3 .3 5 % .
The miles run by revenue trains of all classes were 21 ,­
584,882, a decrease of 2,481,774, or 1 0 .3 1 % . The cost
per revenue train mile for Transportation Expenses was
$1 11, compared with $1 12 for last year, a decrease of 1
cent per mile.
Cost of fuel for revenue train and yard locomotives de­
creased $826,875 03 under the previous year, due to better
weather conditions, a decrease in train miles and better
work by officers and men in obtaining greater efficiency
from coal burned.
Injuries to persons required the sum of $792,795 18, a
decrease of $388,940 41 under the previous year. $485,­
424 44 was on account of accidents occurring prior to July
1st 1914. The estimated amount of unpaid personal injury
claims on June 30 1915 was $697,608 69, as compared with
$1,042,597 17 on June 30 1914, a decreaso of $344,988 48,
or 3 3 .0 9 % . ’
The amount spent during the year for loss and damage,
for injuries to persons, and for clearing Avrecks was $1 ,­
412,804 72, as compared with $1,966,492 64 in 1914, a
decrease of $553,687 92. The cost of these items per revenue
train mile was 6.55 cents, as compared with 8.17 cents in
1914, a decrease of 1.62 cents. The reduction in the amount
paid for injuries to persons and for loss and damage reflects
the efforts put forth towards efficiency and safety which
have brought about a reduction of accidents and damage
to property.
.
MISCELLANEOUS OPERATIONS.
(Covers Dining Car and Restaurant Service and Producing Power Sold.)

The charge decreased $22,392 99, or 3 .6 4 % . Thero was
a reduction in the cost of operating the dining car service of
$71,554 67 under the previous year. The number of rovenue
meals served during the year was 378,540, a decreaso of
64,212 meals, as compared with the previous year.
There was a decrease in cost of operating restaurants of
$523 29 and an increase of $49,684 97 in the cost of “ Pro­
ducing Power Sold.”
This general account took 0 .9 1 % of Operating Revenues
this year, the same as last year.
GEN ERAL EXPENSES.

The charge shows a decrease of $312,876 70, or 1 6 .2 6 % ,
in spite of an increase in pensions of $23,468 31 and an
increase in valuation expenses of $66,710 97.
(St The amount of pensions paid during the year was $176,­
276 25, and the cost to the Company account of the Federal
Act requiring valuation of railroads amounted to $90,887 74.
1 The salaries and expenses of the general officers wero
a
reduced $45,718 44, and law expenses were reduced $180,­
707 96.
This general account took 2 .4 6 % of Operating Revenues,
as compared with 2 .8 5 % a year ago.




[Vol. 101.
PAYROLLS AND M ATERIALS.

Total payrolls of the Company for the year for all classes
of labor paid for directly were $25,765,313 80, and the
expenditures for materials of all kinds, excepting equipment,
amounted to $14,278,303 39.
NON-OPERATING INCOM E.
(Includes Dividends, Interest on Notes and Deposits, Income from
Lease of Road, &c.)

This account decreased $1,966,473 54. N o dividend was
received from The New England Navigation Company
this year and some of the subsidiary companies did not earn
their fixed charges. The interest on the securities of those
companies held by the New Haven Company was not in­
cluded in income unless actually earned.
The decrease was offset in part by a larger dividend from
the Central New England Railway Co.
DEDUCTIONS FROM GROSS INCOM E.
(Includes Hire of Equipment, Joint Facility Rents, Rent for leased
Roads, Properties Operated at a Loss, Interest on Debt, &c.)

The charge decreased $153,823 I t , the principal decreases
being in Interest on Debt and Miscellaneous Deductions.
There were increases in Hire of Equipment, Joint Facility
Rents and Rent for Leased Roads.
F IN A N C IA L .
CAPITAL STOCK.

The Massachusetts Public Service Commission recom­
mended to the Massachusetts General Court that all of the
capital stock outstanding in the hands of the public bo
validated under the laws of Massachusetts, and also recom­
mended that the shares in the Company’s treasury bo retired
and canceled.
The Massachusetts General Court validated
the 1,571,179 shares in the hands of the public and the
stockholders at a meeting held in New Haven, Connecticut,
April 24th 1915, authorized the retirement of the 228,991
shares held in the treasury, which shares wore subsequently
retired and canceled.
•

M ATURING DEBT.

Thero will mature between October 1st 1915 and Juno
30th 1916, short term notes as follows :
October 26th 1915__
December 14tli i 9 15
December 28th 1915
January 14th 1916...
May 1st 1916______

$375,000
75,000
550,000
1,705.000
27,000,000

ro
00
00
00
00

Total.................................. ................. ..................................... $29,705,000 00
CHANGES IN DEBT IN HANDS OF THE PUBLIC.
D ebt a s o f J u n e 30 1914.
Mortgage Bonds.............
$58,526,000 00
Debentures ...............
155,779,100 00
Loans and Bills Payable__________________ 23,769,00000
II. R. & P. C. ItR. One-Year 5% Gold
Notes, due May 1 1915 (seo note)______ 10,000,000 00
— $248,074,100 00
D ebt a s o f J u n e 30 1915.
Mortgage Bonds__________________________$58,354,000 00
Debentures_____________________________ 155.892,100 00
Loans and Bills Payable__________________ 30,139,00000
244,385,100 00
Net Decreaso.

$3,689,000 00
A c co u n ted f o r a s fo llo w s .
In c r e a s e .

Mortgage Bonds—
Middletown Horse RR. Co. 5% 1st
Mortgage Bonds, due Dec. 1 1914,
paid o ff_____________________________
Worcester & Conn. Eastern Ry. Co.
4)4% 1st Mortgage Gold Bonds, due
Jan. 1 1943, purchased for Sinking
F u n d .._____________________________
Debentures—
Sale of Treasury holdings of 6% Con­
vertible Debenture Certificates, due
Jan. 15 1948_______________________
Loans and Bills Payable...... ............. ..........
II. R. & P. C. RR. Co. One-Year 5% Gold
Notes, duo May 1st 1915, paid o ff______
Actual decrease in debt

D ecrea se.

$150,000 00
22,000 00
$113,000 00
6,370,000 00
10.000,000 00
$6,483,000 00 $10,172,000 00
3,689,000 00

N o te . — The Harlem River & Port Chester RIt. Co. One-Year 5% Gold

Notes, amounting to $10,000,000, whieli were in the hands of the public
as of Juno 30th 1914, were paid off during the fiscal year ended Juno 30th
1915, from the proceeds of the New York Now Haven & Hartford Rail­
road Co. note issue of $27,000,000, dated May 1st 1915, tile New Haven
Company being reimbursed by the Harlem River & Port Chaster Railroad
Co. by an issue of Fifteen-Year Prior Lien Debentures dated May 1st 1915,
these debenturas now being carried in the Investment Account of the
New Haven Company.

GENERAL REM ARKS.
The last two years have been the most critical in the
history of the Company and there has been difficulty in
maintaining its integrity. In the last annual report you
were fully informed of the terms of the proposed settlement
with the United States Government. This settlement was
confirmed by a decree of the United States District Court
for the Southern District of New York entered October 17th
1914, and the securities were transferred to the Trustees
appointed thereunder. Since then theso Trustees have
been in exclusive control of the respective properties, namely
the Boston & Maine Railroad, the Connecticut trolleys
and the Rhode Island trolleys.
Since July 1st 1913 thero has been a widespread depres­
sion in business, affecting adversely the earning powor of

1477

THE CHRONICLE

Oct. 30 1915.]

your property, for example, the gross operating revenues
compare as follows :
For the year ending June 30 1913, $70,458,790 09.
For the year ending Juno 30 1914, $07,452,592 01.
For the year ending Juno 30 1915, $65,379,203 71.

This business depression has also affected all of the sub"
ordinate properties in which your Company is interested,
so that the returns to your Company from these properties
for the last year were $4,759,010 31 less than for the year
ending June 30 1913 and $1,135,451 39 less than for the
year ending June 30 1914.
This large decrease in earnings and income made it neces­
sary for the Company to retrench in every way.
EFFICIEN CY AND ECONOM Y.

During the year continuous efforts were made to adopt
efficient methods and to encourage economical practice.
$5,100,386 20
There was a total saving in operating expenses of.
2,073,328 30
compared with a loss in operating revenues or-----R esu ltin g In an increase in net revenue from railway operations ^ ^
^

The most important savings were in Conducting Trans­
portation, which decreased $3,020,169 46, or 1 1 .1 9 % , and
in General Expenses, which decreased $312,876 70, or
1 6 .2 6 % .
,
.
The average load for each train was increased from
320.84 tons to 351.25 tons. This is a step in the right
direction, but there is much chance for further economies
through the purchase of heavier locomotives, the lengthen­
ing of sidetracks and the creation of better terminal facilities.
CONDITION OF PROPERTY.

Although there was a reduction in expenses for Mainten­
ance of W ay and Structures and for Maintenance of Equip­
ment, the property has been well maintained during the
past year, and its track and structures are in better con­
dition than for several years.
The amount spent per mile of track maintained was
$1,637 47, which is the largest amount in the history of the
Company, except for the previous year when $1,853 06 was
spent, due to unusually heavy rail renewals.
The same may be said about all classes of equipment,
although the Company is somewhat behind in repairs to
freight cars and in the varnishing and painting of passenger
cars and locomotives.
DEBTS.

On June 30 1915 the floating debt of the Company in the
hands of the public was $50,139,000, including $20,000,000
6 % Gold Notes of The Now England Navigation Company
due M a y 1 1917, for which the New Haven Company, as
the only stockholder, must be responsible.
The amount paid for interest and discount on short term
paper, including The New England Navigation Company
and the Harlem River & Port Chester Railroad Company,
for the last two years has been :
.$4,483,300 48
. 3,662.051 30

For the year ending Juno 30 1914
For tlio year ending Juno 30 1915

Tho Company in the last two years has spont for the pro­
tection of its properties the following :
1915.
For Additions and Betterments.......................$1,358,261 86
For Orand Central Terminal Buildings, New
York City---------------------------- — - — - - 643,432 37
Advancos to affllaltel companies for im­
provements, betterments and fixed charges 1,272,365 14
$3,274,059 37

1914.
$4 ,083,669 57
1,575,790 35
1,959,479 09
$7,618,939 01

This total, $10,892,998 38, has been obtained from earn­
ings, from the sale of property and from cash on hand.
In spite of these large and unavoidable expenditures, by
oxercising care and postponing all improvements that could
be put off with safety, the debt in the hands of the public
of tho New Haven Company, including The New England
Navigation Company, has been reduced since July 1st 1913
$324,750; an increaso in 1914 of $3,364,250, but a decrease
in 1915 of $3,689,000.
Some further reductions can probably lie made from the
procoeds of property sold and from earnings, although tho
necessity for improvements and betterments is likely to take
all surplus earnings until a definite financial plan is effective.
The total debt of the Company, in the hands of the public,
excluding contingent liabilities, but including The New
England Navigation Co. Gold Notes, for which the New
Ilaven Company is responsible, is $264,385,100, which
means that for every $100 of stock tho Company has $168 28
of debt.
EQUIPM ENT t r u s t .

The Company leases 273 all-steel passenger equipment
cars under two Lease and Conditional Salo Agreements,
one with the Farmers’ Loan & Trust Company, dated
April 1 1914 and the other dated November 2 1914, with
tho Philadelphia Trust, Safe Deposit & Insurance Company.
Tho equipment is as follows, constructed at a total cost
of $4,216,889.
117 all stool coaches.
50 all steel baggage cars.
15 all steel postal cars.
28 all steel smoking cars.
10 all steel combination
10 all steel combination
i7 all steel m. u. motor
26 all steel m. u. trailer

23
7



.
baggage ami smoking cars.
baggage anil mail cars.
cars.
cars. ■

The equipment trust certificates issued under the first
agreement are known as “ Series A , ” and those issued under
the second agreement as “ Series A A .”
B y the terms of the first agreement, an initial payment
was made of $512,399 and “ Series A ” certificates were issued
in the amount of $2,490,000 par value, bearing interest at
5 % per annum, payable semi-annually and redeemable in
fifteen annual payments of $166,000.
B y the terms of the second agreement, an initial payment
was made of $244,490 and “ Series A A ” certificates were
issued in the amount of $970,000 par value, bearing interest
at 6 % per annum, payable semi-annually and redeemable
in twenty semi-annual payments of $48,000 and $49,000
respectively.
The Company pays as rental for these cars (annually in
the one case and semi-annually in the other) to the lessortrustees under the agreements, an amount equal to the
maturing certificates and interest on the outstanding cer­
tificates, and these rental payments, by the terms of both
agreements, apply as purchase money toward the eventual
ownership of the cars by the Company, in the event that
no default in payment occurs. The initial payments of
$512,399 and $244,490 respectively likewise were on account
of rental, and also apply as payments on account of the
purchase price of the cars.
NEW LEGISLATION.

To place the Company in a better position legally to
finance itself the charter of the Company and the laws of
Connecticut, Massachusetts and Rhode Island were, at the
request of the Company, so amended that with the authority
of the stockholders and the Public Service Commissions,
the Company can mortgage its property or issue preferred
stock or do both.
A careful study is now being made of this subject and the
directors will make their recommendations to the stock­
holders at a later date.
INCREASE IN CAPITAL SINCE 1903.

On December 18 1913 the Board of Directors appointed
a special committee with power to employ accountants to
make a thorough examination of the accounts of the Com­
pany. The exam nation was made by a representative of
Price, Waterhouse & Company, who spent over a year on
the work and made reports covering 392 pages.
From
these reports the following deductions were made :
From July 1 1903 to June 30 1915 the Company increased
its capital obligations in the hands of the public, as follows :
P a r V a lu e.

Capital Stock____________________________$87,216,800 00
Mortgage Bonds________________________
54,136,000 00
Debentures_____________________________ 145,710,900 00
Short Term Notes_______________________ 30,139,000 00
Total N. Y. N. II. & II. R R ...............
Tho New England Navigation Co. Col­
lateral Gold Notes____________________
New York Westchester & Boston Ry. Co.
Mortgage Bonds____________ _____ ____
The New York Connecting Railroad Co.
one-lialf issue of Mortgage Bonds______
Grand Total

$317,202,700 00
20,000,000 00
19,200,000 00
8,000.000 00
$364,402,700 00

This Company owns all of the shares of The New England
Navigation Company and all but a few shares of the New
York Westchester & Boston Railway Company and must
protect the outstanding notes and bonds of those companies.
This Company and The Pennsylvania Railroad Company
are the only stockholders of The New York Connecting Rail­
road Company and your Company must protect one-half
of the bonds issued for that enterprise.
The New York Westchester & Boston Railway and New
York Connecting Railroad are important parts of the ter­
minal development of your Company and should be re­
tained for the benefit of the increasing volumo of business
passing to, from and tlirough New York, Brooklyn and
Jersey City.
From sale or exchange of the above obligations there was
received, including premiums, $388,049,309 88.
INCREASE IN PROPERTY SINCE 1903.

During tho same period there was acquired additional
property with book values as follows :
Additions and Betterments to the New York New Ilaven
& Hartford and leased lines and investment in securities
o f certain leased and controlled steam railroadlines_____ $171,669,058 38
New York Westchester & Boston Ry. C o_________________ 38,850,150 09“
The New York Connecting Railroad C o__________________
9,450,000 00
Grand Central Terminal Buildings, New York City______
6,001,794 12
Total Steam Railroad and Terminal Properties______$225,971,002 59
O utside P ro p erties .

Now York Ontario & Western Railroad Stock______________$13,108,397
Rutland Railroad Securities____________________________
2,514,977
Gas and Water Power Companies_______________________
4,151,663
Miscellaneous Properties________________________________
1,475,673
Boston & Maine and Leased Line Stocks_________________ 31,079,668
Various Steamship Lines________________________________
14,242,718
Various Trolley Lines and Securities_____________________ 100,527,389

62
15
95
13
75
81
53

Total Outside Investment_________________________ $167,100,488 94
Grand Total..........................................................................$393,071,491 53
LOSSES.

Charges and credits to Profit and Loss have been made
during the year as shown on page 32 [Pamphlet report.] For
causes that need not here be enumerated there have been

THE CHRONICLE

1478

decreases in the present value of some of the properties,
and some actual losses have been entered on the books.
Unless industrial and general conditions change so as to
restore the value and earning power of all transportation
agencies the Company will without doubt suffer consider­
able losses from the salo of thoso properties which the United
States District Court has ordered sold. Whether these
losses will bo so great as to impair the capital stock of the
Company cannot be determined until sales of tho various
pieces of property have been mado and until tho valuation
now being made by the Inter-State Commerce Commission
is completed. Tho directors therefore have thought it was
not wise to make any general charges to Profit and Loss at
this time, but simply to stato that there may bo large losses
which may be offset all or in part by a proper valuation of
tho property.
DIVIDEN DS.

Tho first three months of the current fiscal year show
marked improvement in the earnings of the Company, both
gross and net, but your directors cannot consider the declara­
tion of any dividend until thoy are assured of tho permanent
financing of the Company. Tho amount of the possible
loss in tho sale of the properties that must bo sold by order
of tho Federal Court, tho existence of tho largo floating debt,
and tho need of money for making improvements, all affect
the ability of the Company to pay dividends. It is hoped
that tho valuation of the property of tho Company now
being conducted by tho Inter-State Commerce Commission
will result in an increased value over that now shown on the
books and to that extent will offset any loss in tho salo of tho
properties that must bo sold under the decree of the Court.
From July 1 1902 to June 30 1915 tho property has paid to
its owners in dividends $92,135,004 44. During the samo
period it has paid in wages on tho New Haven and sub­
sidiary companies, tho not earnings of which helped to make
up tho dividend fund (except Boston & Maine and New
York Ontario & Western), $402,488,811 53.
M ORE T IM E UNDER FEDERAL DECREE.

Under tho decree of the Federal Court somo securities
must bo sold by January 11917, some by July 1 1917 and the
remainder by July 1 1919. The decree, however, provides
that tho Court may extend the time for good cause. Tho
European W ar Started after tho agreement was mado with
tho Government and has changed financial conditions in tho
whole world to such an extent that it would seem just for
the Company to have more time within which to dispose of
tho various properties if no sales can be made on a reason­
able basis within tho period now fixed by tho Court. A t
the proper time, if the properties have not been sold, tho
management will apply to tho Court for an extension of
time.
SUITS FOR RESTITU TION .

After earnest and thorough discussion and consideration,
with the assistance, and in accordance with the advice of
able counsel specially employed in these matters, tho directors
voted unanimously that any such suits, except tho so-called
“ Billard Case,” in which suit is now ponding, would be long
drawn out, full of complications and very expensive, and
would result in nothing but a waste of the stockholders’
money.
SALE OF PROPERTY.

Every effort is now being mado to sell at fair prices real
estate and other property not needed to protect tho Com­
pany in its futuro development and with tho proceeds to
make improvements, to pay part of tho floating dobt or to
purchase tho Company’s own securities in tho market and
thus reduce interest charges.
BOSTON & ALBAN Y RAILROAD.

A settlement was mado with the New York Central Rail­
road Company as a result of tho termination of the Boston
& Albany Operating Agreement and tho withdrawal from
the Agreement for tho acquisition of one-half interest in
certain Trust Equipment provided by the New York Central
for use on tho Boston & Albany Railroad.
After all adjustments wero mado the not result of the
participation in the operations of tho Boston & Albany
Railroad for tho period July 1st 1911 to January 31st 1914,
was a loss of $168,601 55, which your Company paid and
the New York Central Company returned the working fund
of $750,000 advanced by your Company. The participa­
tion in the Trust Equipment Account was settled by the
Now York Central returning to your Company all payments
mado on that account aggregating $668,391 28.
EASTERN STEAMSIIIP CORPORATION.

Your Company, through the Navigation Company, owns
securities of a book value of $4,200,000 of tho Eastern Steam­
ship Corporation which is in tho hands of receivers. An
effort is now being made to reorganize that corporation but
there will, without doubt, bo a loss, and your Company will
have to tako securities of a different kind and participate
in the loss.
NEW ENGLAND IN V E STM E N T & SECURITY COM PANY.

Your Company, through the Navigation Company, owns
$13,709,000 notes of the New England Investment &




[Vol. 101.

Security Company. Negotiations are now ponding to put
the corporate affairs of that Company on a simpler basis in
tho belief that better results may be obtained for tho owners
of tho property and for the public.
NEED FOR IM PROVEM ENTS.

It is necessary for your Company to spend considerable
monoy in the next fow years for improvements. A few of
tho larger items that must be considered are :
Rebuilding the Thames River Bridgo, about____________
300 steel passenger cars (contracted for in 1913)__________
100 steam engines of largo capacity_____________________
3,000 freight cars_ ________ __________________________
_
Electric equipment and facilities so as to get full benefit
of electrification between New York and New H aven ..
Better ballast on important main and branch lines so as
to increase safety, preserve ties and keep down dust____
Improved and added signals so as to increaso safety and
capacity of road_____________________________________
Added trackage, yards, sidings, &c-------------------------------Improved terminal facilities at many points so that bettor
caro can bo taken of motive power, hotter working con­
ditions created for employees and better service given
to the public_________________________________________

$2,500,000
3,000,000
2,500,000
3,000,000

00
00
00
00

1,500,000 00
1,000,000 00
1,000,000 00
3,000,000 00
4,000,000 00
$22,100,000 00

To this must bo added an indeterminate amount for grado
separation and many items of improvement to shops, bridges,
passenger stations, small buildings, grado revisions so as to
increaso train tonnage, heavier rails, and advances to the
New York Connecting and Now York Westchester & Boston
Railroads and to certain subordinate companies to enable
them to sustain themselves until thoy are sold under court
decree.
It is not too much to say that at least $25,000,000 to
$30,000,000 should be spent in the next five years over and
above ordinary operating oxponses and fixed charges. Part
of this monoy should bo taken from earnings and part from
the sale of property and securities.
RATES.

During the year the rates for local passengers wero in­
creased to 2 ^ cents a mile and for miloage tickets to 2 ^
cents a milo.
On Juno 8 the N ew York Court of Appeals approved tho
decision of tho lower court in annulling the order of tho
Public Service Commission of Now York requiring the
Company to reduce its increased passengor rates between
Now York Stato points.
In December 1914 the Inter-State Commerce Commission
authorized an advanco of froight rates applied for by the
eastern roads. This increased tho ratos about fivo per cent
on a limited part of this Com pany’s business.
Throughout tho year much progress has been mado in
revising class rates, merchandise and commodity rates, with
tho idea of removing discrimination.
Somo rates have been increased and somo have been
reduced, but on tho wholo tho rato basis is on a slightly
higher plane.
TAXES.

There was a considerable docrease in tho taxes paid by
the Company for tho last fiscal year duo to tho decreased
market value of tho Company’s securities which was tho
basis for tax assessments in Connecticut and Massachusetts.
Tho Connecticut law was changed at tho last session of tho
Legislature to a gross income basis. On this account the
taxes for the coming year will show an increaso over tho
last year.
VALUATION.

During tho past year the forcos of tho Inter-State Com­
merce Commission have been engaged activoly in tho work
of valuation of tho property of this Company, under the
Act of Congress passed March 1 1913.
The date of valuation of tho proporty of your Company
and its leased lines was fixed as of Juno 30 1915 and that of
the Central Now England as of Juno 30 1916.
Tho Government roadway parties havo mado a cross­
section survey of tho roadbed and an inventory of tho track
material on about four hundred miles of road, tho land
parties havo completed an investigation of tho values of
similar and adjoining land on about ono hundred and twenty
miles, tho electrical party has completed its inventory of
electrical construction on tho Providonco Warren & Bristol
and on the Norwich & Worcester iind is now at work on tho
lino between Hartford and Rockvillo, a telephone and tele­
graph party has just started, tho structural parties havo
commenced tho inventory of bridges and will soon commence
the inventory of buildings, tho signal and interlocking party
will begin during tho fall and tho equipment parties oxpect
to commonco tho inspection of machinery and equipment in
December.
It is hoped that these inventories will bo completed prior
to January 1 1917 ,by which time tho survey being made by
tho Company should bo completed, thoro now remaining
about 500 miles unfinished.
While tho Act provides that tho invontory of tho proporty
shall bo mado by tho Commission, tho Company is required
to comploto tho survoy of its lands; to furnish a largo amount
of information and data roquired of tho carriers by tho
Commission, and to co-oporato and aid tho Commission in
tho valuation work.
A valuation dopartmont was organized in Decembor 1913
and $115,064 51 has boon oxponded to Juno 30 1915. About

1479

THE CHRONICLE

Oct. 30 1915.1

130 employees are now engaged in the work at a cost of
approximately S150,000 per year and it is oxpected that the
ontiro cost will equal, if not oxceed, 8500,000.
It is impossible to estimato when the whole work will bo
finished, but a tentative valuation may bo roached some
time during the year 1917.
IN V E S T IG A T IO N B Y P U B L IC S E R V IC E C O M M IS S IO N OP
M A S SA C H U S E T T S .

In the Massachusetts Act validating the Company s
securities a provision was included directing tho i ublic
Servico Commission to mako an examination ot the linanciai
affairs of tho Company. That investigation is now going
on, and tho Company is giving the Commission every assistTho relations between tho State Commissions, tho Inter­
State Commerce Commission and tho Company have been
frank and cordial and tho members of tho various^commis­
sions have been receptive of suggestions and
A
advice and action. Tho relations with the public and with
tho press have also been pleasant throughout the yet •
Tho standing of tho Company with tho public and with
public bodies has helped it to tide over a most serious period.

GENERAL

BALANCE

The road is solvent and its next most important problem
is to adopt some comprehensive plan for handling its debts
and providing funds for making those improvements which
are essential.
,
_
Tho road is owned by tho peoplo who live along its lines,
and your particular attention is directed to the classified
list of stockholders on page 46 [pamphlet report], showing the
largo number who own a small amount of the stock,
these
stockholders can help themselves and the Company by
taking an interest in its affairs.
.
,
,
Tho improved results for the year were obtained by hard,
painstaking work, and a spirit of co-operation by the officers
and men, for which tho directors of the Company and the
stockholders are thankful. Acknowledgment must also be
made to tho patrons of tho road, to the press and to the
public authorities for their assistance.
Your attention is called to the statements of account ot
the New Haven Company and of each one of the subordinate
properties.
Respectfully submitted,
.
B y order of the Board of Directors,
,
H O W A R D E L L IO T T ,
Chairman.

SH EET

JU N E

30

1915.
C o m p a r is o n w ith

ASSETS.

Investm ents:
R o a d ---------E qu ipm ent.

1915.

1914.

In crea se.

$56,117 44
341,564 53

S134.024.062 55
61.481.781 17

Im provem ents on Loasod Railway P rop erty------------------------------------------------------ «i'44 4fll»'66'
Sinking Funds------------------- ------------------------------------------------------ r ----------------------- 114 000 00
Loss C om pany's own issues......................... - - .....................................- ...............im .u u u uu
M iscollancous Physical Property
------ ---------­
Investm ent In buildings at Grand Central Term inal, N ow Y ork C ity .
Stocks— In hands o f Trustees (See subsequent p a go)--------------------------Pledged
(Sco subsequent p a g o)------------------------------------------Unpledged ( “
“ ) ------------------------------------------Bonds— Pledged
( “
“
“ ) -------------------------------------------Unpledged ( "
“
“ ) -------------------------------------------N otos — P le d g e d ______________________________________________________
Unpledged (Seo subsequent p a g o ) - .- ------------------------------------Advancos— U npledged (Sco subsequent p a go)------------------------------------Total Investm ents________________________
Current Assets:
Special D ep osits------------------------ -— ---•--------N et Ilalanco duo from Agents and C onductors.
T ra ffic and Car Servico Balances R eceivable.
M iscellaneous A ccounts R eceivable----------------M aterials and Supplios
-------- --------Interest and Dividends R ecoivablo--------------Loans and Bills R eceivable.................................
Other Current Assots.........................- .............- - T otal Current Assots.........................- ...............
Deferred Assets:
W orking Fund A d v a n c e s ..........................................
U nadjusted Debits:
.
,, .
Itonts and Insurance Premiums Paid in A d va n co.
Iload and Equipm ent Susponso A ccou n t-----------Other U nadjusted D ebits------------------------------------

S 195,505.843 72
3,990.421 40

$397,681 97
463,915 36
741,656 60

495 00
5.337,414
6.001.794
53.369,953
31.444,196
77,639.368
14,270,027
4,515.668

95
12
36
21
72
50
50

2,974,264 39
643,432 37
53.369,953 36
10,656,404 45
3,921,680 00

” '38751*5,650 14
1,642,671 63

'37534,403*48

$432,253,505 25
$3,786,642
2,113,400
3,133,065
211,876
4,056,955
5,582,699
448,664
4,693
201,314

93
82
66
27
93
18
16
97
16

Stock.
a! gtQck (, hands o f public)
.
..
Premium on Capital Stock (since July 1 1909).

107,382
1,444,817
59.641
624,359

2,906 45

84
90
02
25

350,887 99

$19,539,313 08

$2,930,733 35

88,694 87

751,942 35
4,009 71

20,008 71
599,310 04
2,469,064 01

592,341 70
688,884 01
$1,277,216 00
$1,417,702 71
C o m p a ris o n

L IA B IL IT IE S .

3,014,708 17

$1,019,594 50
366,386 49
306,657 21

$3,088,382 76

Grand T o ta l-------------

8,554,781 71

$3,823,162 41

$454,969,895 96

T otal Unadjusted D ebits.

13.195.821 61
39.887,712 16

1915.

In crea se.

w ith

1914.

D ecrease.

S157.117.900 00
19,282,887 50
$176,400,787 50

........................... - ........................558.779.000 00
Loss held in Treasury and Sinking Fun d........................... ............................
391.UUU uu
Debentures (seo subsequent p a go)--------------------------------------------------------------00
Less held in Treasury.......................................... - ..................... - ...................
z .u ^ .o o u uu

$172,000 00

58,388,000 00

Liability under C ontract witli Now Y o * Central for this C om pany's H a lf Interest In Equip
m ent o f B. & A . Equipm ent 'lru st ot ------------------------------------------------------------------------Current Liabilities:
T
>
..
T ra ffic and Car Service Balances I ayablo--------------------------------------------------------------------------Audited A ccounts and Wages P ayablo----------------------------------------------------------------------------------M iscellaneous A ccounts P a ya b lo-- — ----------------------------------------------------------------------------------M atured Dividends and Interest U npaid-------------------------------------------------------------------------M atured Funded D ebt U npaid---------------------------------------------------------------------------------------------Unmatured Interest A ccru ed___________________________________________________________ “
Unmatured R ents A cerucd__________________________________________________________________
Other Current Liabilities------------------------------------------------ --------------------------------------------------------

155,892,100 00
30,139.000 00
807,536 58

$113,000 00
6,370,000 00

$245,226,636 58

Loans and Bills P
a
y a
b
l o . . -------------------------------------------------------N on-N egotlablo D ebt to A ffiliated Com panies-------------------------------------------------------------------

$6,089,591 46
2,436,000 00

Itosorvo for Accrued Depreciation o f E qu ipm ent.
Sinking Fund R eserves. . . - ------ ----------------------------Equipm ent and Personal Property Loasod— . . .
P rofit and Loss— Surplus (seo subsequent p a g o ) ...
Grand T ota l.
N o t e . __1914

$769,202 01

83,160 06
72,153 00

83,160 06
8.889 30

$155,313 06
Unadjusted Credits:
A ccrued T a x e s - - . - -----------Personal Injury Roservo
Other Unadjusted C redits.

78
72
00
94
68
69
05
11

1,152,090 08

S13,362,810 97
Deforced Liabilities:
Retained Percentages duo C ontractors.
Deposits account o f Sldotracks_______

$92,049 36

205,542 57
697,608 69
1,968.227 80

17,746 46

4,430,008
3,741,729
56,000
1,960,753
6,512
2.448,502
489,070
230,233

56.000 00
694,924 57
86,610 08
16,230 98

1,072,231 36
22,000 00
142,422 34

344.988 48
5,656,755 59
$5,983,997 61

$2,871,379 06
3,742.865 27

1,597,131 30

9.477,069 23
3,733,034 29

*2 *2 *07
*.*1 *6
1,910,788 15

$454,969,895 96

$1,417,702 71

balanco sheet figures have been rovisod to conform with classification effective July 1 1914.
For Contingent Liabilities seo subsequent pago.




221,408 54

623,188 03

1480

THE CHRONICLE

'

[Vol. 101.

P R O F IT A N D LOSS A C C O U N T .
C R E D IT .

Balance brought forward from Juno 30 1911____

Net incomo for the y e a r ..............

.

2 307071

Adjustment with Boston & A lbany Railroad 'o f 'operating
and Equipment Trust agreements_________
Difference between par and amount paid for the N . Y '.' n ’. ' h ".
ItR . C o. 5% Collateral Gold N otes dated M ay 1 1911.
Profit on sale o f securities..............
Overcharges carried in “ Other U nadjusted ~Credits'” ~ now
Mf°ctdltane<nfsU i 4 ^ i t s ^ * ^ ? f ^ .- r.a.I!S ^ r.0. ! . ^ l > )5!.t. !y 'C .^ ^ S
c
5
.r^
|
_

42

00 f.ofi 09
s 025 93
q uvj 7 *
T o lS

01

$4,261,478 75

S T A T E M E N T OF C O N T IN G E N T L IA B IL IT IE S
J U N E 30 1915.
Under the provisions of Section 4, Chapter 519, of tho
Acts ol the General Court of the Commonwealth of M assa­
chusetts, passed at its 1909 Session, Tho 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
ot indebtedness of Boston Railroad Holding Company.
',n / lltie If* 1910 the General Court of tho Commonwealth
ot Massachusetts passed an Act authorizing the issue of
preferred stock (without voting power) of Boston Railroad
Holdm Company, in exchange for its four per cent fiftyDebentures dated November 1st 1909; and on January
10th 1911 the $20,012,000 Debentures owned by the New
York New Haven ik Hartford Railroad Company were
exchanged for preferred stock. On Juno 30 1915 thero were
held l>y the public 28,000 shares of preferred stock of Boston
Railroad Holding Company, on which the guaranty of four
per cent ciimulative dividends per annum and the payment
ot principal at one hundred per cent on liquidation had been
executed and on the same date tho New York New Haven
& Ilartforcl Railroad Company owned tho following stock,
which is held by Trustees for the Company under decree
ot tho Federal Court :
31,065 shar&s o f Comm on Stock o f I’ ar Value.............
$ 3 10 6 500 00
244.939 shares o f Preferred Stock o f Par Value................ - I I -24,493,900 00
THE N EW YO RK NEW

D E B IT .

«■ » otfi 14

"

H A V E N & H A R T F O R D R A IL R O A D CO.

Is liable jointly with other roads for any deficiency on
foreclosure of bonds of tho Boston Terminal Company.

Am ount paid other roads account o f unadjusted
? S ^ iem.,chargas during the period October 1
1907
to February 28 1908..... .......................... s ifto 892 34
Am ount paid tho Rhode Island Com pany ac'
count cancellation o f certain operating agreem erits____ ____ __________ _________ __________
12 0 000 00
Valuo o f property or facilities abandoned___
108 489 60
Discount on Equipm ent Trust Certificates
Senes A A dated N ovem ber 2 1914_________
19,400 00
Reduction in stock value o f interlocking and
signal material on h a n d _________________
118 0 19 9 1
Miscellaneous charges______________ ____ 1,652 2 1
---------- — — —

528,444 46

Balance June 30 1915, as per balance sheet________________ $3,733,034 29

Guarantees the payment of principal and interest of the
four per cent First Mortgage Gold Bonds of the Central
New England Railway Company of the issue of January 1
1911 to the amount of $13,427,000.
Guarantees four per cent dividends on preferred stock
2innnn7w fW England Investment & Security Company,
•M,000,000, and payment of principal at ono hundred five
per cent on liquidation; also guarantees the payment of
principal, $5,000,000, and interest of the New England
Investment & Security Company fifteen-year Funding Gold
Notes dated April 1 1909.
Guarantees the payment of principal and interest of the
Gold Debenture of Tho New England Navigation Company
m case of termination of lease of tho Old Colony Railroad
Company, $3,000,000.
Guarantees jointly and severally with the Pennsylvania
Railroad Company the payment of the principal and intorest of tho New York Connecting Railroad Company First
Mortgage four and one-half per cent Gold Bonds due August
1 19o3 of the principal amount outstanding of $10,000,000.
Guarantees the payment of principal and interest of the
tour per cent fifty-year First and Refunding Mortgage Gold
Bonds of tho New York & Stamford Railway Company of
the issue of November 1 1908 to the amount of $247,000.
Guarantees tho payment of principal and interest of tho
tour and one-half per cent First Mortgage Gold Bonds of
the New York Westchester & Boston Railway Company
ot the issue of July 1 1911 to the amount of $19,200,000.
Guarantees four per cent dividends on preferred stock
of tho Springfield Railway Companies, $3,387,900, and
payment of principal at one hundred five per cent on liquida­
tion.
1

STATEMENT OF FINANCIAL OPERATIONS YEAR ENDING JUNE 30 1915.
R ESO U R C E S T O A C C O U N T F O R .
Cash on hand and In banks June 30 191 4 .........$4,806,237 43
Special deposits for paym ent o f interest
dividends, & c _____________________________ _ 1 , 7 4 7 0 1 4 3 3
Incom e for the year—
"
Balance after expenses, taxes and fixed charges
Increase in N otes Payable_____
_____
Decrease in sundry assets—•
Treasury securities sold
^ I L c e U a n w u s ^ c u ^ le s U ^ f_*^
.rf
c iCat^ " ' S l E '° ™
N otes o f other companies and individuals
’ ‘
paid o ft -----------------------------_
1 of\ o 19 7
..............
’ ? o ’fi4 l
M aterials and Supplies.......
Miscellaneous Physical Property account
’
termination o f Boston & A lbany E qu ip­
ment T r u s t ............................................... ..
538,570

$6,5o3,251 76
9 907 07 1 49
a "-V 'r I'noA nn
o.o/u .u u u U
U
°°

1,536,926 20
Less exc-'ss o f real estate s o ld .. .$ 178,661 34
Abandoned structures___
198 438 45
Equipm ent retired___________ 958,195 34
- 1,335,298 13
Advances account structures at Grand Central
Terminal, N . Y ______ _____________________
Im provem ents on Leased Railway Properties.
Advances to subsidiary com panies covered by
n o t e s . . -----Advances to subsidiary companies for better­
m e n ts ...................................................................

01
no
97

Decrease in sundry current assets plus increase in sundry"
na talities..................................................... ....................... .............

R E SO U R C E S A C C O U N T E D F O R .
Expenditures—
For additions and betterm ents_________
$828 989 53
I or new equipm ent_______________________
707’,936 67

1 ,83 8,0 87 01
3,400,426 2 1

$201,628 07
643,432 37
463,915 36
520,982 06

16,678 80
1.645,008 59
Notes o f Harlem River & Port Chester R R . C o paid o ff
10,000,000 00
Securities o f other comnanies acquired
1,929,251 15
................
M ortgage debt paid o ff .
150.000 00
Bonds purchased for Sinking Fund
.....................
22.000 00
Increase in Notes Receivable
'
2,906 45
Increase in sundry assets— Park Square P roperty
306 58
Decrease in N on-N egotiable D ebt to A ffiliated Companies
221.408 54
Profit and D jss—
''
Balance o f sundry accou nts___________________
397,183 28
Cash on hand and in banks June 30 1915___ _ S3 78fi (149 09
Special deposits for paym ent o f interest, ’
dividends, & c----------------------------------------------- 2,113,400 82
5,900,043 75

$20,469,736 41

$20,469,736 41

IN V E S T M E N T S .
D IS T R IC T C O U R T .
X o . o f S h a res

♦Boston & M aino R R . Leased Lines—
Boston & Lowell ItR . Corp
C oncord & M ontreal RR
Concord & Portsmouth R R . C o
C onn. & Pass. Rivers R R . Co
Connecticut River R R . Co
Hereford Railway C o _ .
Lowell & Andover R R . C o . I I . I I U I
M anchester & Lawrence R It. C o
Massawippi Valley R R . C o .
Nashua & Lowell R R . Corp
Northern R It. (of New Ham pshire)..............
Pemigewassett Valley It It. Co
"
Peterborough R R . C o __________I I I I I I ”
Upper C oos R R . C o. (of New Hampshire)
Verm ont & M ass. R R . Co
W ilton R R . C o .................... _111111111111111" "
Boston R R . Holding C o., Com m on and "Prefer red I
R hode Island C o ., T h e_______________

412
2,469
18
1,464
1,015
246
193
63
354
84
922
710
86
7.3
184
98
276,004
96,855

P a r V a lu e.

$41,200
246,900
1,800
146,400
101,500
24,600
19.300
6.300
35,400
8.400
92,200
71,000
8,600
7,300
18,400
9,800
27.600,400
9,685,500

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

Total
381,250
$38,125,000 00
♦ Under decree o f tho C ourt the investments in Boston and M aine leased lines must bo sold on or before January 1 1917.




B ook V a lu e.

$88,775
395,765
3,285
208.162
276,220
21.928
41,919
14,081
46,020
20,170
130.750
99,676
8,390
10,242
30,439
21,389
27.600,400
24,352,336

13
70
00
44
04
77
26
66
00
51
27
51
00
75
77
14
00
41

$53,369,953 36

1481

THE CHRONICLE

Oct. 30 1915.]

STO C K S— P L E D G E D A N D U N P L E D G E D .
*P L E D G E D .

U N PLEDGED.

S h ares.
P a r V a lu e .

53,981
Berkshire Street R y . C o . . -------- ------- ------------------------------------------5,246
$524,600 00
Boston & Providence R R . C orporation------------------------------------2,000
Boston Terminal C o., T h e ----------------------------------------------------------85,320
Central New England B y C o.,
} ,
Com m on and Preferred — - - - - - - - - ------------------------------------- Scrip, $136 78
10,000
Harlem River & Port Chester R R ., T h e ----------------------------------17,482
Hartford & Connecticut Western ItB . C o --------------------------------200
H olyoke & W estfield K B . C o - - . - ..............- ......................................
1-12 interest
Iron Works Aqueduct & Water C o --------------------------------------------1,000
M illbrook C om p an y. - — . — - - - ---------------------------------------------494,055
N ew England N avigation C m , l h o . ------------------------------------------15,000
29,162,200 00
291,622
New York OnTarto™ W estern By Co° I C om m on 'a h d ' Preferred I
5.000
Now York & Stamford B y. C o — - — . - ------------------------------------- /
49,249
New York W estchester & Boston B y . C o ..........................................
_______
)
\Scrip, $37 50
97,100 00
971
N orwich & W orcester B B . C o ............................... ............................9,813,200 00
98,132
Old Colony Bailroad C o - ----------------------------------------------------------* 1,168
Pennsylvania B B . C o., lh e
- - - - - - ...............................................50
Pittsfield & North Adams B B . Corp
--------------- - - - - --­
486,700 00
4,868
Providence Warren & Bristol B B . C o ., Com m on and Preferred.
955,100 00
9,551
Providence & W orcester B B . C o .........................................................
38
Quincy Quarries C o .............................................. - .................................
1
2
Queensbury M ills, In c------------------------------------------------------------------}
\Scrip, $66 27
Boxbury Central W harf C o .
'
23,52014
Rutland B It. C o .
9
South Bay W harf & Terminal C o .
6,500
Verm ont C o ., T h e ------. - --------------21,472
W aterbury Gas Light C o . . . .........
7,000
Westchester St. B B . C o., T h e . . .
9
Westinghouse Air Brake C o -------336
W ood Biver Branch ItB . C o -----25
M iscellaneou s____________________
1,203.813 >4
{$41,038,900 00
Scrip, $240 55

Total

B o o k V a lu e .

P a r V a lu e .

B o o k V a lu e.

$6,371,395 58

$5,398,100 00
$1,582,443 18

200,000 00

200,000 00
8,532,136
1,000,000
1,748,200
20,000
100
100.000
49,405,500
1,500,000

13,108,397 62

1,921,727
1,000,000
1.201.063
20,000
100
100.000
53,322,899
1,527,204

78
00
00
00
00
00
00
00

96
00
69
00
00
00
48
33

500,000 00

6.241,951 76

58,400 00
5,000 00
100 00

71,907 64
6.965 26
220 00

1,900 00

219,038 19
13,065,341 $0

610,643 40

4,924.937 50

2.110 00

730.212 67
2,738,762 75

266
x7
2,364,977
x9
517,164
1,174,027
905,783
967
21.477
2,500

266 27
2,352,050 00
650.000
536,800
700,000
450
33.600
2,500
$31,444,196 21

00
00
00
00
00
00

$77,639,368 72

$77,670,040 55

* Pledged as part o f collateral securing $27,000,000 One Year 5 % G old Notes o f the N . Y . N . H. & II. K It. C o. dated M a y 1 1915.

27
00
15
00
31
86
53
00
50
00

x Nominal value.

B O N D S— P L E D G E D A N D U N P L E D G E D .
R a te
of
In t.

5%
Central New England B y. C o. First M ortgage 50-Y ear Gold B ondsdu e 1961----------------Chicago & Eastern Illinois R R . C o. Consol. & 1st M tge. 50-Year Bonds due 1 9 3 /---------Chicago B ock Island & Pacific B y. C o. General M tge. Gold B on d sd u e 1 9 8 8 - - - — - - - Ifarlem River & Port Chester RIG, The, 15-Year Prior Lien G old Dobs, dated M a y 1915
New Y ork & Stam ford B y. C o. First & Refunding 50-Year G old Bonds due 19o8---------New York Westchester A Boston R y ; C o. FlretrM ortgage (Sold B on d sd u e 194b---------Pawtuxet Valley E lectric St. Bj^. C o. Bom ls due 1933_- - - - - - - - ................- .......................
W estchester Street* R R . C o ., T he, First M tge. G old Bonds dated Sept. 1 1914-------------

4%

U N PLEDGED.

*P LE D G E D .
Par

B ook

V a lu e .

V a lu e .

Par

B o o k V a iu e .

V a lu e .

$200,000 00
$1,500,000 66

$1,270,027 50

5%
415%
5%
4%
13,000,000 00 13,000,000 66
5%
4%
4J5%
5%
5 % ........................... ...........................
5%
5% ........................... ...........................
515%

$200,000 00

608
5.000
22,000
38.000

608
5.230
25.300
38.000

678,000
2,190,000
320,000
38.000
846.000
222.000
56,500

50
00
00
00

50
00
00
00

599,880 00
00
00 2.190,000 00
320.000 00
00
39,900 00
00
846.500 00
00
222,000 00
00
28,250 00
00

$14,500,000 00 $14,270,027 50 $4,616,108 50 $4,515,668 5
* Pledged as part o f collateral securing $27,000,000 Ono-Yoar 5 % G old N otes o f the N . Y . N . II.

N O T ES— U N PL E D G E D .
R a le o r I n t e r e s t .

Berkshire Street K y. C o . . .................................
C ity Lumber & Coal C o ..... .......... - .......... ........
Connecticut C o ., T h e ------------Harlem Biver & Port Chester B It. C o ., T h e .
Hartford & Conn. W estern B It. C o ................
Housatonic Power C o ..........................................

6%
5%

A m o u n t.

&

II. K It. C o . dated M a y 1 1915,

B r o u g h t f o r w a r d ------------------------W estchester Street R R . C o ., The
W ood R iver Branch R R . C o -------

6%
5 and 6 %

$38,422,506 84
88.643 30
4.500 00

$ 3 ’3?A n n n n o
n o s ’enn on
$38,515,650 14
Total.
i r ’nnn’nnonn
4%
15’2 92 '92 ? 99
ADVANCES— U N PLEDGED.
5%
SVn’nnAAA
A m o u n t.
0%
1,2A ]’uo9n9
$101,060 62
Boston & Providence R K . C o rp o ra tio n ..........................
*1 00
New Y ork W estchester & Boston B y . C o ------------------MOlbrook C om p any.............................................. , « and 0 %
2,278,241 21
820,729 04
N orwich & W orcester R li. C o -------------------------------------New England N avigation C o ., I h e -------------4 }^ , 5 and 6 %
3,904,808 04
720.880 97
Old C olony R R . C o -----------------------------------------------------6%
189,872 08
New York & Stamford B y. C o --------------------New York Westchester & Boston B y . C o --5 and 6 %
5,478,751 00
$1,642,671 63
Total
6%
352,397 30
Providence Warren & Bristol B B . C o ---------Rhode Island C o ., T h e ---------------------------------6%
3 ,?'J9’99A9n
•The advances made to the New Y ork W estchester & Boston R ailw ay
Salts Textile M fg . C o -----------------------------------5%
Shearer R ealty T ru st------------------------------------5%
150,000 00 C o. amount to $2,764,775 00, but as the prospect o f their being repaid Is
Trustees o f the M ass. A utom obile Club Trust
5%
90,000 00 very rem ote, they have been reduced to a nominal value o f $1 00.
6/o

M O R T G A G E B O N D S , IN C L U D IN G B O N D S OF M E R G E D R O A D S A S S U M E D .
— R a le a n d C h a r a c te r o f D e b t—

T o ta l
O u ts ta n d in g .

$15,000,000 00
First M ortgage
N . Y . N . H . & H. B B . C o.— H . B . & P. C ...................................... 4%
1,000,000 00
General M ortgage
«N ow York Prov. & Boston B B . C o ------------------------------------------4%
2,839,000 00
Consolidated M ortgage
Housatonic B B . C o ----------------------------------” %
100,000 00
Consolidated M ortgage
IJanbury & N orwalk B B . C o ---------------------------- ------------------— o /o
400,000 00
Consolidated M ortgage
Danbury & Norwalk R R . C o -----------------------------------------------------5%
150,000 00
General M ortgage
5%
Danbury & Norwalk ItB. Co
350,000 00
4% First Refunding Mtgu. G old
D anbury & N orwalk B B . C o -----575,000 00
Consolidated M ortgage
5%
Now Haven & D erby B B . C o -----750,000 00
First M ortgage
5%
Providence & Springfield B B . Co
2,500.000 00
First M ortgage
Naugatuck ItB. C o ------------------------------------------------------------------3,777.000 00
First M ortgage Gold
Boston & Now York Air Line B B . C o ....... .....................................-4 %
4,000,000 00
First M ortgage Gold
Providence Terminal C o m p a n y .--4 /o
1,992.000 00
First M ortgage G old
b W orcester & C onn. Eastern B y. C o ------------- -------------- ---------415%
283,000 00
First M ortgage
New Haven & Centerville St. B y . C o --------------------------------------- o%
415,000 00
Consolidated M ortgage
Meriden Horse B B . C o ----------------------------------- ------------------------- ■ V
>
350,000 00
First M ortgage
•>%
N orwich Street Railway C o ------------------250.000 00
First M ortgage
M ontvillo Street Railway C o ___________________________________ 5%
150,000 00
First M ortgage
New London Street Railway C o ________________________________5%
30,000 00
First M ortgage
Portland Street Railway C o ____________________________________ 5%
200,000 00
First M ortgage
Hartford Manchester & Rockville Tram way C o ------------------------ 5%
2,500,000 00
First M ortgage Gold
Hartford Street R ailw ay C o _________
4%
320.000 00
First M ortgage
Grt enwich Tram w ay C o ________________________________________ 5%
63,000 00
First M ortgage
•Branford Electric C o __________
5%
150,000 00
First M ortgage
Torrington & Winchester St. B y. C o ___________________________ 5%
175,000 00
First M ortgage
Meriden Southington & Corapounce Tram way C o . . ............— 5%
160,000 00
First M ortgage
Pawtuxet Valley B It. C o ....... ................. .............. ....................... ...... 4%
10,000,000 00
Consolidated M ortgage
N ew Eng'and B it. C o .................................................................
-4 %
7,500,000 00
Consolidated M ortgage
New E nglatul ItB . C o ------ -------------------------------------------------------- 5 Vc
400,000 00
First
Stafford Springs Street B y . C o ---------------------------- --------------------- 5 %
1-irst M ortgage Gold
2,400,000 00
New Haven & Northam pton C o __________________ _____ _____ 4 % R efund. C ons. M tge. G old Bonds
Total
a
b

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

D a te o f
M a tu r ity .

M a y 1 1954
April 1 1942
N o v . 1 1937
July 1 1920
July 1 1920
April 1 1925
June 1 1955
M a y 1 1918
July 1 1922
M ay 1 1954
Aug. 1 1955
M ar. 1 1956
Jan. 1 1943
Sept. 1 1933
Jan. 1 1924
O ct. 2 1923
M a y 1 1920
Oct. 2 1923
N ov. 1 1916
O ct. 1 1924
Sept. 1 1930
July 1 1931
Oct. 1 1937
D ec. 1 1917
July 1 1928
April 1 1925
July 1 1945
July 1 1945
July 1 1956
June 1 1956

-In te rest P a y a b le -

M ay
April
M ay
Jan.
Jan.
April
June
M ay
Jan.
M ay
Feb.
M ar.
Jan.
M a r.
Jan.
April
M ay
April
M ay
April
M ar.
Jan.
April
June
Jan.
April
Jan.
Jan.
Jan.
June

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

N ov.
O ct.
N ov.
July
July
O ct.
D ec.
N ov.
July
N ov.
A ug.
Stpt.
July
Sept.
July
O ct.
N ov.
O ct.
N ov.
O ct.
Sept.
J uly
Oct.
Dec.
July
Oct.
July
July
July
D ec.

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

$58,779,000 00

In Treasury o f the C om pany— N ew Y ork Providence & B oston ltlt. C o . 4% General M ortgage Bonds
------------------------------------- *247.000 00
In Sinking Fund (New Y ork Trust C om pany, Trustees)— W orcester & C onnecticut Eastern Ity. C o . \ \ i % I irst M tge. G old B onds------ 1 11,000 00
S391,000 00

N O T E . __Certain property c f this C om pany Is subject to a lien under a m ortgage o f the N ew York & N ew England Bailroad C om pany to secure
Boston Terminal Bonds o f that C om pany to the amount o f $1,500,000, due April 1 1939, bearing interest at 4 per cent.
•Principal and interest to m aturity deposited with the Union & N ew H aven Trust C o.




1482

THE CHRONICLE

[Vol.

101.

D E B E N T U R E S . IN C L U D IN G D E B E N T U R E S OF M E R G E D R O A D S A S S U M E D .
♦Convertible 6 % Debenture C e r tific a te s ...
♦Convertible 3 ^ % Debenture Certificates
................................................................................ S2
...........- ........................
% ’n n n n n n n n
N on-convertible 4 % Debentures.............................
JNon-Convertible 3 H % Debentures...........
...................................* ...................................
92

^ T on-C onvertible

3 % %

D e b e n tu r e s..----------------- ----------------------------------- ----------------------

............ ........... ..................... ........... ............
N on-Convert b e 4 % Debentures_________ . . .
N on-Convertible 4 % Debentures.................... .... ................ — ................ ........... ...............................
European Loan o f 1907.........................
.....................................................................................
Naugatuck RR. C o. 3 « % D eben tu res:” : : : : ---------------------------- -------------------------------------Hartford Street Railway C o. 4 % Debentures. Series M
.......................................
..................- ........................................
T h o Consolidated Railway C o.—
* 3 % . 3>£ % and 4 % Debentures____________
4 % Debentures----- ------------- ------------------------------- ----------------------4 % Debentures----------------------------------------------- --------- —
4 % Debentures...........................
..................................
............... ............................
4 % Debentures........ ...................

D a te o f M a tu r ity .

-I n te r e s t P a y a b le -

Jan. 15

-Ian - 15 1948
i *n§§
1
M ar- 1 1?47

JanM a r.

M ar.

M ar.

a ? 11'

in nnnnnn no

99
9 9 9 ’999 99
A 3 '999'999 9 9
27 o f f non no
? « k’999 99
165.000 00
Q 7 0 nf>n „ „
.
00
9 ’ qoo’999 9 9
? ’§ 9 9 ’999 99
o 'm ? '9 9 9 9 9

April
J « Iy
M ay
£ pril
9 ct‘
Jan.
_ ,
Fob.
July
JapApril

providence securities co.-*4% Goid-bVb^T^:::::::::::::::::::::;::::::::: ii:iM:888 88

I }8|T

J
} 1§§5
1 1956
J J822
l 1999
1930
.
1 1930
1 1954
1 1955
1 1955

1

1
1
1

July 15
Ju,y
1
Sept. 1

SePfc- 1

April
Jan.
1
M ay 1
April
April 1
Jan. 15

O ct.
1
July 15

F eb. 1
Jan.
1
Jan. 1
April 1

Aug. 1
July 1
July 1
O ct. 1

1

1

fc 1

{

-------- ^ ? t a l........................... ......... ........................................ - ...............................................................................$1 57 ,96 4,45 0 00
♦Include Treasury Holdings as follows:
Convertible,6 % Debenture Certificates.
™ % Debenture C ertificates......... .... ........................................ ...........................................- ...................................................... .............................................
Non-Convertible Debentures, 1947.............
............................ ..................................................................................................................................... .........
........................... .... ..............- ........... ......... ............................ - .....................
^ %
Non-Convertible Debentures, 1954...........
' ..................
T h e Consolidated R y . C o. 3 % , 3 K % and 4 % Debentures
.............................................................. - ........... ............. ......... ....................................................
Providenco Securities C o. 4 % Gold d e b en tu res....................................... .................................- ....................... ..................................................................
........................................................................................................................................................................... .........

O ct.
July
N ov.

1
1
1

1

Oct.

&0ly }
u

$ 487 ,80 0
8 52,100
9 ,0 0 0
2 ,1 0 0
2 ,3 5 0
7 19,000

00
00

00

00
00
00

$ 2 ,0 7 2 ,3 5 0 00

A D D I T IO N S A N D B E T T E R M E N T S .
Owing to financial conditions, the expenditures for A d ­
ditions and Betterments have been comparatively small and
mi.cover work that was absolutely necessary.
I he expenditures for the year ending June 30th 1915
follow :
N ew or im proved bridges....................
.
.
W oodlaw n, N. Y . -N ow H aven, C onn., electrlflM tionVcontroi
system , power plant, & c_______ ______
_ _
Pittsfield, platform and tracks______ _____ ____ 14 362 95
M iddletow n-W il Iimant ic , C onn., im provem ents__________ "
Stam ford-N ew Haven, C onn., signals............. .....................

noo on
114 985

Increased weight o f rail laid.......... .......................

22 097 97

'

°

iq

12 102 36

21 730 9 1
f o ’ceq
14 408 37

O neyville. R . L , freight facilities.................... ........
.
"
Ellis, M a ss., parallel h ig h w a y ...______ ______________ . . . _ ! '
Springfield, M ass, .interlock in g plant and track changes____
H artford C on n ., yard fa cilities..............................
Elim ination o f grado crossings_____
Sundry other additions and betterm ents............................... ! . !

qft qns

7«

i o 429 65
0 0 ’? fx 93
10L454 78
$828,989 53

L ess—
Excess o f Real E state s o ld ______________________
Buildings and sidings abandoned_______________

« i 7 a ««4 04
198,438 45
1----------

N ew Eflu p m o n ^ consisting o f 6 club cars, 26 baggago cars,
50 cabooses, 2 derrick cars and 1 truck car, was received
during tho year and paid for out o f cash.
Cars were converted as follows: 39 box, 3 flat, 9 coal, 1 der­
rick car, 1 wrecking and 2 “ Other passenger train cars”
converted into Other com pany servico cars,” 2 coal 1
coach and 2 baggago cars into wrecking cars, 1 coal car
into a derrick car, 2 postal cars into com bination cars_____

Equipm ent put out o f service: 25 passenger, 6 freight, 8 switch
and 2 electric locom otives, 34 coach and sm oking and 21
other passenger train cars, 1,078 coal and 355 other freight
train cars, 78 work equipment cars________________________

'$ 5 9 9 ,3 1 0 04

L e s s -

$56 117 44
341,564 5 3

377,102 79

$397,681 97
---------------------- $201,628 07

$451,886 74

Pure Oil C o ., P h ila d elp h ia.— Voting Trust E nds.—

p a refV f lCOm p°8ni6tOCk6 W
00
90

b ° iSSUed ° D and aftcr N o v . 6 1 915 .”

C om -

R iker-H egem an C o.— Proposed Sale.—
Stockholders will voto at a special meeting D ec. 6 on the proposed sain
Property to the United D rug C o. as approved b y tho board o f direc* ?r ' It ls now stated that com m on stockholders will receive share for
.s
addition ©4 ?
ta U mted D [ l|K equal to present holdings, and in
addition $ 15 o f United D rug second preferred for each $100 o f Hiker &
H egem an com m on stock now held.— V . 1 0 1 , p. 1 3 7 4 , 1276?
Kcr &

Sierra; & San Francisco Power Co .— Report.—
California R y. & Power C o. under “ R eports’ * abovo.— V. l o t , p.1374.

Silversm iths C o., New Y o rk .— First D iv. on Common.—
„ A n initial quarterly dividend o f 2 % has been declared on tho $3,600 000
com m on stock , as re-classified per plan in V . 100, p . 145, payable N ov 15
t o | o c k o f r e c o r d N o v .5 . This is the first dividend on* t K e w com m on

« ^ ^ ebm e r aC orp 0ratio n ’ ] ^ — N e w - S W c k ~ O f 'the
n
y
5530,000,000 auth. common stock, $2,638,000 is hold in tho
treasury and this amount, tho company announces, will be
ottered at $110 a share to common stockholders of record
N o v . 20 1915 in amounts equal to 7 % of their respective
holdings. Subscriptions will be payable on D ec. 5. Tho
official statement says:
Out o f the proceeds from the sale o f this stock the com nanv will retire
on tho next interest date (M arch 1 1916) all o f its outetandlng serial notes
am ounting to $2,300,000, tho last o f which would, In the ordinary course o f
events not be duo until 1922. After retirement o f these outstondin* s ld a l
notes, the corporation will bo freo o f all debts save current accounts^ Mid
W*mnlav£ 822,500,000 working capital, o f which $6,500,000 is cash. ’
.. 7 be c^ rter prov‘ des that no dividends in excess o f 6 % can be paid until
to l ‘? C
r?nn nnoP l mnoCOUnt use.c} for tho amortization o f prof, stoclfam ounts
«5 2 8 ’9SPk 1 Tho corporation is now acquiring sufficient additional
to $ 2 500konnbr a*?
S0t a, ld ei p the special surplus account
s
to
A t that tim e tho total outstanding nref stork will Ha
under $11 000,000. T h e weekly sales and shipments5 ™ th eC orp ora tion
continuo to exceed its best former records.— V . 1 0 1 , p. 136, 452.

Texas C om p an y .— Status o f Subsidiary Com pany.—
See Central Petroleum C o. abovo.— V . 101, p. 769, 698.

T h om as Iron C o. — Option Given on Property . —
Stockholders at a special meeting on tho 27th inst. granted an option on
the company’s entire property to Mills L. C. Kaphetaacher o f Logan Ohio
Stfe^OCH 1V .T o i? 1p. 1276? H59L8' Th° ° ptl° n price is stated to be $3,L—

U n ited Coal C o., P ittsb u r g h .— Ttme Extended.—
1 j^h® oredltors protective committee, A. O. Robinson, Chairman, whose
plan o f reorganization declared operative July 27 1915 has been accented
t h £ t?!innaah ?OUSL
yibi,jr the creditors, has extended to and including Nov. 1 0
the,time within which further deposits o f bonds, notes and claims will be
received by the Commonwealth Trust Co. o f Pittsburgh, as deDOsitarv
, irOCC irdan<J0 w tt tho plan, tho cominltteo is proceeding with the^oreclos
I a o<
th?a
purchase o f the properties. There havo been deposited with
this committee the following securities and claims: All bonds but $39 500
Par.vah'°, or 1 y 2 %; all bonds secured notes but $ 10 ,0 0 0 par vaIue7 or 3 - 1 0 of
hut’$6^6 7 R or 8-10 o f 1% . blis 86,931,plan 5.1% ; all contingent liabilities
nSorU C nr'i'c?
s in
out ®b,b7b,
Comparo or V. 100, p. 2015.
U n ited D rug C o .— Acquisition .—
See Rlker-IIegeinan C o. a bov o.— V'. 101, p. 1374, 1017.




958,195 34

T o ta L - - .................... - .................................................................- $201,628 07
These expenditures were disposed o f as under :
Charged to Roa.d Suspense (account work not yet com ­
pleted) __________________________
$508 004 18
Charged to E quipm ent S uspen se'’(account
’
work not yet c o m p le t e d )................................
91,305 86

Credited to Cost o f R o a d ________
Credited to E qu ipm ent.................

N . H . W eber in circular dated at Phlla. on Oct. 10 says in
substance:
The trust agreement executed N ov . 6 1895 expires N o v 6
HvifvlsoKU? d m i^0rsian< t{je trus^oes deem tho renewal o f tho same to be
inadvisable.
Thero have been issued to stockholders 4 53 670 shares o f
on v n fot0<k - against 453,670Lshares o f com m on stock (out o f a total o f
n
?07,M9^shares. par $5, n o t $50) . On N ov. 6 1915 tho trustees will deliver
c°™ pany this com m on stock for transfer to stockholders sharo for
t? ea?° sond y °u r trust certificates to Colum bia N at. Bank Pitts­
burgh, P a ., from whom you will recoivo tem porary receipt. N ew certifi-

707,936 67
$1,159,823 41

L e s s -

U n ited S ta tes Steel C orporation , N . Y .— Earninos—
N o Dividend Declared on the Common Stock.—
, S

- ‘ 'Annual R eports” on a preceding page.

d ivid en d Suspended1 fir t?

m

Tho directors declared the

S E S .*40* ’ bUt t0° k D° aCt,0n ° n the Common

Government Suit Carried to Supreme C ou rt— Tho Depart­
ment of Justice on Oct. 28 appealed to the U . S. Supreme
Court from the decree of the Federal District Court refusing
to order the dissolution of the corporation as a trust existing
in violation of the Sherman Law.
T he appeal, em bracing 23 assignments o f error, was filed at Trenton.
11 alleges that the district Court erred in not finding the corporation
aml aLso charges that tho mergers preceding and following the for­
m ation o f tho main corporation were violations o f the A ct— V. 101, p . 1017

W illys-O v erla n d Co.

(A u tom ob ile M frs.),

T o le d o .—

A nnu al M eeting Oct. 26 .— Official Statement.—
President John M . W illys said: “ Tho fiscal year has boon changed so
^
statem(;nt wiI* not bo m ade until aftor Jan. 1, covorlng the year
ended D ec. 31. August and September shipments increased 400% over
the same months o f a year ago. Octobor sales increased 100% over O c„ F 0"* buildings are now practically com pleted which will
pormit an incroaso in output to 1,000 cars a day b y M arch 1 which from
foF S1 01 fin d T h n °w * n iU ir W v J
r
t o Produce!bho now m odels planned
planned6 ” T h ° W lllys' Knlght deliveries are 4 0% greater than wo had
Treasurer W alter Stowart said: “ T ho financial condition o f tho Ovorland
AY " ° Vt! s-° i k ias no.w ',. [h o com pany owes nothing in merchandise
<
K °A
note*. Its Indebtedness to its banks roprasonts Its only outstanding paper.
It is taking advantage o f all discounts for cash and its avorago cash bal­
ances for the last four m onths havo boon in excess o f its total d o b ts.”
[An unotticial statement says: “ In Juno shipments averagod 300 cars
a d '17t,,but , n August this had been increased to 500 cars a da y.
From
April 21, when shipments o f this year’s models began, up to Sept. 30 tho
‘ y h a d sent out 49,977 cars, com pared with 21,426 for tho corraspondArgc o 1 1 o f
' i In Janiiary the com pany had an aggrogato floor space
o f bO acres. Ihis has now been increased to 80 acres and with com pletion
undf r .v a y/ ( a nA!W buildings will soon bo 103 acres. T ho com SsnoHrt K
nAon°yInA i ! ’000 me,n and with com pletion o f tho now buildings
Sii1
will add 5,000. A ll its power is purchased from T oledo Railways & Light ” 1
r>,^,prcnCAM - J^ar? , as. be°n elected a director and also, along with H . T .
A
b
D unn, a Vice-President.— ^V 100, p . 1516, 1354.
.

Y o rb a L in d a W a te r Co .— Bonds Offered.— W m . R .S taa ts
C o ., Los Angeles, are offering $70,000 of tho company’s 1st
M . 6s, total authorized issue $150,000.
CURRENT

N O T IC E S .

— Lee, Higginson & C o . and tho Guaranty Trust C o . o f this city , with
other members o f tho syndicate, are this week advertising and offcriiig for
investment $25,000,000 Italian Governm ent 6 % one-year convertible gold
bonds, duo O ct. 15 1916, at 100 and interest.
Theso bonds are oxom pt
from all Italian taxes and havo attractive convertible privileges. For
general details o f this offerin g seo advertisem ent on tho advertising
page to-day opposite our statement o f weekly clearings.
— T o not 5 ^3 % h . L. C rawford & C o ., 25 B road S t., this city, and
Industrial Trust Building. Providence, R . I., aro to-day advertising a
first m ortgage bond which is issued under authority o f Public Sorvice C om mlssion o f Ohio. N et earnings over twice bond interest and bonded debt
only 6 0% o f appraised valuo o f properties m ortgaged. W rlto tho bankers
for full particulars.
— The Caibarien-Rem edios W ater W orks C o. o f Oalbarion, C uba, has ap
pointed as their fiscal agents .1. G . W hite & C o ., In c., 43 Kxehango Place,
New \ o rk , and awarded contract for the engineering to the J. G . W hite
Engineering C orporation o f 43 Exchange Place, N . Y . The cost o f tho en­
tire developm ent will bo between $400,000 and $450,000.

THE

O o t . 3 0 1 9 1 5 .]

g p x e

© o m w je r d a X

^ o iS S d A L

EPITOME
Friday N ight, Oct. 29 191.).

The volume of .t a d . j | J «
cautious to tiraidity m the past

1483

CHRONICLE

S o u r i L n 's i 2 5 0 © S I 3 50, Birmingham. Business in struc­
Railroads are increasing
tural steel is good at firm prices. Rail
for over 15,000
their purchases. W ithin a week orde
cars have been placed

S | t ^ S S ! E
t y * ter if the supply

C OT TO N

Exports, largo as 5 % W e m a n d for iron and steel outruns
of ships were larger . The demand tor
domestic demand.
the producing capacity wit a
lumber and naval stores
Southern trade looks hotter, .c
exports of wheat aro so
aro notable at rising price ■
time existing between this
largo that tiro wide gap at one t
i
m
e
ciosed up.
season's and last season s total ^ r a p w i ^ ^
^
„

Friday N ight, Oct. 29 191o.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is giw n
•
egg
week this evening the total receipts have i
bales, against 277,910 bales last week and ? 7 5 ’3 ^ , L e s tne
nrnvious week making the total receipts since Aug. 1 1 Jib
2,113,677 bales, against 1,314,815 bales for Jhe same per od
of 1914, showing an increase since Aug. 1 1J15 oi t j o ,

£ L

bales.

' T

t o

present week.

Russia lias bought some

7 ,000,000

yards of woolen
chaso in the h istory,°‘ ™ wu^
Vugs” have brought high
Big auction sales of carpets ana rX t „
^Idnsoecf oil mills ^lave^o^WOTk^to their full "capacity
oil*mfds h »
prices. Linseed ^
.....„„,i
Largo sales aro being made of
Lmsee
to keep u p v d * ‘ h « ' t a T h e ' n i n u f a c t u r e of
corn and cotton on tu puww
t
___ i
nw
■
w l snelter, tin and aluminum aro
glycerine. Petroleum, le J oa(lior. Railroad traffic is inall higher and „ S i o n s
The balance of trade in favor of
creasing in some sectior v
^ °
Foreign exchange rates
this country is steadily J n c r e a depresse^
ne of the dishavo boon, therefore, mo
^ lo^ g.
M ild weather
quieting features m 1
8^ Q thwest. Cotton has declined
has hurt retail trade at the £ o r tm
^
scai0 . Y e t, taking

S a l.

M on.

Tue .

Th ur .

W ed .

12,236
16,005

9,522 34,157 13,307
14,140
Galveston
Texas C it y -------P ort A rthur-----Aransas l ’ ass.&c.
8.619
4,950 * 6,850 *10*,244 *1*1*.082
New Orleans-----690
1,375
582
1,895
762
M o b i l e -------------Pensacola
Jacksonville, & c.
*4*921
5,526 *5*177 *6*125 *4*332
Savannah ---------Brunswick —
* " 9 5 7 *1*664
2,588 "2*,46i "2*467
C h a rle sto n -------G e o rg e to w n -----1,263
1,659 **3*016 " * 8 7 4 *1*255
W ilm ington
3,037
3,263
2,520
4,790
3,791
N o rfo lk -----N ’port N ews, &c
N ow Y o r k ---------"*25 3 "*2 1 5
B o s t o n -------------S e { S S d f f l S . as‘ a whole, it is'generally eonsidored B altim ore---------74
Philadelphia-----distinctly fay ° ^ | ^ e Western 9.25c.; refined to the Continent T otal, this week 33,416 33,72f 56,965 35,824 48.650

L A R D dull, prune V
10 50o.; Brazil 11.50c. Futures
10.30c.; bou t
to lower prices for hogs and selling by
declined in
P°a
0 n the decline large packers bought

F r i.

10,784
3,086

T o ta l.,

94,146
19,091

2,348
4,984 46,729
5,306
2
1,503
1,503
3,703 29,784
3,000
3,000
1,259 11,336
1,708
3,198
213

9,775
20,599
213

*483
703

“ 951
703
74

36.974 245,558

Tho following shows the week’s total receipts, t ie Rita
1 1915 and tho stocks to-night, compared with

ICO A.ffi
sinco Aug
last year:

S to c k .
R e c e ip ts to
O c t o b e r 29.

Sal.

uBT. ui

o

O ct.
c t s . 8.85 \ ; « T 7 V x
v e t . del. in elov
bo
d e liv e ry in c oy
2
N o v . delivery in e ley -. 8
8.82 . 8
Jan. delivery In elov _. 9 00
9.22 'A

8.45
H S2y2
9.10

8.55
8.97** 9.05
9.30
9.20

8.72 >*

8.87
8.87
9.10
9.35

Beef,
“ a y ' S t t ' m e s s $ 2 0 @ $ 2 1 ; clear $ 2 0 @ $ 2 2
PORK
mess
C u t meats steady, picl l
Butter, creamery, 2 3 ® 2 9 c .
pickled belhes 1 12 © i d / 8c
freshj 2 3 @ 3 8 c .
Chr n E F F E tfn more aer ^
more demand for a time;@then?becamo to good
CO!
9^
9 H m falr quieter;
C O F F E E in, ,
Rio N o . 7 , 7 ^ c .
been firmer on W all
Cucuta 1 0 K @ 1 1 ° - futures liavo .
Besides Rio and

“ ss
bantos puces nay
effect for a time. Europe lias
t e n b u ? iig
To^lay prices advanced 8 to 11 points with

Galveston
Texas C ity ---------P ort Arthur
Aran. Pass, &C-N ow Orleans
M o b i l e --------------P ensacola-----------Jacksonville, & c.
Savannah-----------B run sw ick---------C harleston---------Georgetown
W ilm ington-------N o r f o l k -------- - - N ’port News, & c.
N ew York
B o s t o n -------Baltim ore—
Philadelphia

sales of 40,750 b a g s . ^ _ c M 7 2 „ . ;| .Tul v ____ cts6.92 @ 6 .93
N ovem ber cts6.70 @ 6 .75 A pril________ 6.77 @ 6 -7 8 A u g u st_____ 6 .9 7 @ 6 .9 8
D ecem ber— 6.73 @ 6 .7:> M a y ________0.8264 6.83 Soptombcr _ _7 .0 2 @ 7 .0 3
J a n u a ry ------ 6.7 2 @ 6 .7 3 June................6 .8 7 @ 6 .8 8
Fobruary___ 6.72 @ 0 .7 3

SU G A R quiet and easier; centrifugal, 96-degrees test
4 .26cq molasses, 80-degrees test, 3 .£ to .;
Futures declined with raws and refined dull. Fiance will
buy refined at a price, but England is holding aloof
To-day
futures advanced 2 to 12 points, with sales of 2,400 tons
J u ly........... C ts3.20@3.23
M
N o v e m b e r ct.s 3 .31 © 3 - 3 5 “ a rch ___ c ts° .0 2 @ 3 .0 4 A u g u st_____ 3.22 @ 3 .2 5
*
"* 3
A p ril_______ 3 .0 8 @ 3 .0 i
D ecem b er. - - 3
:*•7 1 M a y .............. 3 .1 3 @ 3 .1 5 September __3 .2 4 @ 3 .2 7
J a n u a r y ------ 3.10 @ 3 .1 1
Fobruary _ _ .2 .9 9 @ 3 .m

J u n o .............. 3 .1 6 @ 3 .1 8

brisk demand; refined in barrels $7 7 5 ©
« Q ^ F h ,? 1 k ES 2 5 @ S B 2 5 , cases $ 1 0 @ $ 1 1 . N aphtha, 73
$S 75, bidk $ 42 b^ ^ o
drums $8 50 oxto 76 degrees , idi 106-gaUon^orui ^ ^
25@27c
R"a ;

l , !ls1
oin<,’ < oo (?f24c ’ Development work in tho East
‘ ate. Price, of crude

65c
|| Illinois, above 30
W
* * - . degreos_________81 27
110b e* l - - - - - - ..........} • — South Lim a............1 m
- l .....................
Ca
35
Kansas and Okla­
M crcor black-------- 1 30 Indiana.............—
h om a ___________80c
Now Castlo---------- 1 30 P r i n c e t o n - .- - - - - - ® 1 f.L
Somerset. 32 d e g -- 1 22

T otals_________

In order that comparison may he made with o t t e years.

Galveston —
ToxasCity,&c.
N ow OrleansM obile Savannah —
BrunswickCharles ton,&c
W ilm ington -N o r fo lk -------N 'p ort N .,& c
All others------

IC iVUBO
Sinco Aug.

1914.

1913.

1911.

1910.

91.146
21,439
46,729
5.306
29,784
3,000
11,336
9,775
20,599
213
3,231

123,806
23,170
39,118
4,574
43,965
1,300
12,591
5,566
12,732
2,086
3,816

134,426
33,828
85,962
21,772
123,375
30,000
29,853
28,323
36,369
6,147
30,337

188.349
45,788
82,122
15,161
86,585
18.000
21,759
21,805
32,509
1,387
16,051

149,173
49,555
73,160
16,510
98,329
16,150
14,125
24,789
33,414
1,392
11,328

118,961
28,369
62,015
10,055­
59,925
9,250
13,53a
30.012
32,97a
847
15,951

245.558

R e c e ip ts a t—

272,727

560,392

529,516

487,955

381,530

1915.

-------------- j__ :--------------------------—;------------- ~

W e e k e n d in g O ct. 29
E x p o r te d to —
E x p o r ts
fro m —

I C o n t .,
G rea t
& c.
B rita in . F r a n c e .

F ro m A u g .

1915.

T o ta l.

19,882 49,231
........ . 17,025

17




1 1915 to O ct.
E x p o r te d t o —
C o n ti­
n e n t .& c .

G rea t
B r it a in .

Galveston. 29,349
Texas City 17,025
Port Arthur
Aran. PassV,995 24,161
New Orl’ns. 8,118 10,048
M oblle----Pensacola..
Savannah..
5,247
Brunswick . 5,247
Charleston.
11,604 11,604
Wilm'ton .
Norfolk—
10,371 10,371
New York
324|
198
Boston —
500| 5,000
4,500
Baltlmore.
200,
200;
Phlladcl’la.
2,8061 2,806s
San Fran..
3,664; 3,664
Seattle----8,324 8.324!
^U
pr)PPEtR > better demand and firmer; Lake 17M @ 18o*i Tacoma . . .
in
Pembina—
i . i f ;f,
3 / (a 18c. Tho depression in foreign exchange
),
Total___ 59,805; 14,548, 63,544 137,957

t e o & s c . I r S export b u s i U s . Tin advanced on the
™ t to 3 4 ® , with a good demand. London active and
S )0- i iIt, Vmrber
V
Spelter advanced to 14 % c. hero, with a
f S
t e in c ? s
Lead on the spot hero firm at 4.75c with
a good demand from Russia and a business with the home

| 1912.

, , |

* 107 nr,7 Iviles of which £>9,000 were tu 'm y c
......
1 d7 t e 1
kaa tn
14,548 }Joi y ^ e ei » . d 6 3 . ^ t, o A thfi rest ^ ^the^ Continent*
the r e s of

P e „ » y l v a „ '» a » r .< s i SO Wo o * « f c —

O00 I LS.— Linseed quiet; city, raw American seed, 6 2 © 6 3
city boiled, American seed, 6 3 @ 6 4 c ; Calcutta 5 9 @ 6 0 o ;
Lard, prime, 8 5 @ 8 8 c . Cocoanut, Cochm,
Ceylon, 1 0 @ 1 0 k tc . Corn 7 .75 @ 8c. 1 aim, Lagos 7 @ 7 / g .
Cod, domestic 4 8 @ 4 9 c . Cottonseed, winter 8c ., summer
white 8c. Spirits of turpentine 5 7 @ o 7 /6 c ., later o o A O
56K2c^ g r a in e d rosin^common to good, $o. ^ ^
^
T O B A C C O lias sold less freely but for all
business has been dono at firm prices. Of binder tho supply
Of binae
'
is rather small. The decreased yield m Wisconsin may
lmvn rather interesting results. Certainly this circums t a t e encourages holders. A fair trade is being <lono in

JV m u t
V

we givo

255,7431
65,558
163
85*541
4,386i
10,493:
21,555
17,620
22,400
1,550
14,059
464
25,874
3,800

529,206

46,178
12,503
13,873
21,138
42,38l|
4,800
34,196
18,029
*4*,300

197,598

29 1915.

T o ta l.

137,400, 439,321
83.878
5,812
163
13.878
92,327 199,006
4,386
10,493
52,553 116,489
22,420
32,000
9,600
89,060
54,864
1,550
110,712 142,800
1,533
1,069
30,874
500
4,500
700
17,448
17,448
34,305
34,305
27,397
27,397
1,000
1,000
545,687jl,272,491

15,214 272,217, 547,985
260,5541
107
9. R9.7 0 3 0
908,098i 423.187,1,197,745 2,527.030-

Total 1914. 66,0671 10,950! 75,562 152,579
Total 1913 141 443 105,879 187,431 434,753
N o t e - N e w York exports since Aug. 1 Include 1.048 bales Peruvian and 153 West
Indian to IJverpoo! and 1,010 bales Peruvian to Genoa.

1484
v

i

v

S J fJ ?
n

the

1 1 ° a b o v o M , i 0 r t s ' p u r t e le g r a m s t o - n i g h t a l s o
t h .e , , l l o w l " 5 a m o u n t s o f c o t t o n o n s h i p b o a r d , n o t
fo
a

I w Y ork

P0

S n am e[1On

O c t.

29

c h r o n ic l e

a t—

G rea t
B rita in .

S h ip b o a r d , N e t C le a r e d f o r

| ra n ce.
F

New Orleans. .
5,447
Galveston_
_
21,091
Savannah .
Charleston _
M obile___
" '3 8 3
Norfolk
Now York__
1,666
Other ports__
8,000
Total 1915.
35,921
Total 1914
48,720
Total 1913.. 72,933

W e a d d a im ila r fig u r e s “ o r

G erm any,

867 —
23,201
—
"166
2,000

_______

26,068
100
5,879 3,532
30,647 69,502

1
j

O th e r
C o n t.

__

C o a stiv ise .

T o ta l.

10,506
1,462 18,282
36,127 27,660 108,079
2,000 2,000
2,000
2,000
200
683
1,980
1,980
3,500
6,500
6,000
14,000
58,133 33,302 153.524
78,268 19.827 156,226
38,708 12,413 234,203

t e d
S u w ’ a T h rUK T ? f a .M i.nisterial crisis in England,
caused selling.
T h e bullish ginning report issued b v tho
Census Bureau practically fell fla t, showing plainly enough
u n fnthn n T a S e t WaS °iVerT ? u g h t a n d t i r e d .
T h e to ta l g in n fd
u p t o O c t . 1 8 w a s o n l y 5 ,7 1 3 , 3 4 7 b a l e s a g a i n s t 7 ,0 1 9 7 4 7 in

' Z l l? St yeak

6 ’9 73 > 8 iu 1913 and 5 ,5 3 0 ,9 0 7 in
51

-g h i
theSu e
tfi?ra y ?°u te n d e d , would have been m uch larger b u t’for
o n K f l 5 ? q S i ? fi the season,lu O klahom a, where the total was
in th e -same Period last year
+w + v T ’ • • 3 9 8 -34 5 ln the two previous years. It is true
that the ginning for the period from Sept. 2 5 to O ct IS was
the smallest for years past,
being
only
2 80 9 28 4
1 9 l f km ?2m 6 2 48 ? 7 5b9 ? 5 ^ iqhq^ u ear’v 3 ’7 2 ^ 8 6 2 bales in
9
y
o m m n i c i 8 7 bales ln • " ? ’ when th< cr° p was roughly
>
1U,5 9 0 ,0 0 0 bales
T h e ginning, moreover
in T exas
Arkansas and A lab am a looked sm all. B u t the tenoral
white
th at all this had been discounted.g A n d ,
of 5 7 3
HoiadlCal bulls took the ground that the ginning
onininn ’H I
fopresented 6 0 % of the crop, the general
h? ? ??
th at th,ls Vlew was inadmissible
O nly twice
excSededy f o r^ hT e h% P Ceata^ n i^ inneC! up to ° Gt- 18th
i%
t« « i i Y a
U % ’- V e , » 51 % ln 1912 and 5 4 .9 % in 1909
In other years it has ranged at that date from 3 8 to 4 9 9 % ”
generally being under 5 0 % .
So that it w ould be possible on
t ^ h a s i s , say o f 5 0 % , t 9 figure out a crop of 1 1 ,4 2 6 0 0 0 bales
and adding half a m illion bales for linters, m ake the total
not very far from 1 2 ,0 0 0 ,0 0 0 bales. T h is w ith , say 3 ,0 0 0 snnrd
p carried over from last year, would m ake a season’s
supp ly of approxim ately 1 5 ,0 0 0 ,0 0 0 bales. A t the same time
the figures on the w orld’s consum ption and the total exports
demand tfTrb A
arS ^be Lkelihood o f a disappointing w orld’s
dem and for Am erican cotton this season unless someth innturns up to give it a fillip.
There have been free Ten t 1Pe m ^ t w l0 ° f a i r eak? n ln ? of spofc priees at the S o u th ! SouthS i n bep g e . l elhng has ,lf anything increased. N o general
d
fLTSt haSvvCn ’e d * C otton is therefore making^all the
U?

Ia i.i-C ------2? . f° r ± „ ° f the Past
l 9i 5°c Gr i ^ rtn ion-7
1907- c --------10.80
i l i S : ? ; : : - 12-30 19 06........... 10.50
1900.
.10.65
1904----------- 10.00
1911-------------9.45 1903------------ 10.35
1910----------- 14.40 1902............ 8.70
1909----------- 14.85 1901.
...8.00
1908----------- 9.35 1900________ 9.44

32 g ears have been as follows:
jg g y c
~ qo
1891 . c ........... 8.38
1 8 9 8 : . : : : : : 5 :3 1 1890..............10.00
1897............. 6.00 1889............ 10.50
1896............ 7.94 1888 ............... 9 .8 I
189.5.............8.88 1887............. 9.62
1894_______fi 75 1886________ 9.25
1893---------- 8.19 1885............. 9.62
1892............. 8.31 1884............. 9.75
----SALES A T N E W Y O R K .
F u tu re
M arket
C lo s e d .

S pot M arket
C lo s e d .

f mshf i Iy' T he weather was iu the m ain favofable
Spot m arkets w eakened. T h e downfall o f the V iviani M in ­

if

N E W Y O R K Q U O T A T I O N S F O R 32 Y E A R S
n T v? Q^^tations for m iddling upland a t N ew Y o rk on

MARKET AND

a t SE i atm n T l-C0tt0n for. future delivery has been active
f
a t tim es, bu t this m eant increased liquidation and prices

1909

[Vol. 101.

Saturday.-_
_
M onday_
T uesday_
_
Wednesday.
Thursday
Friday_____

Steadv
Quiet --------------Quiet 10 pts d e c ... E a s y .........
Quiet 25 pts dec------'S t e a d y Y '"
Quiet 5 pts adv------- 1
Steady.
'
"
Quiet 30 pts dec___ IEasy _
Steady 45 pts adv__ Steady

Total - , -

S A L E S .
S p o t.

C o n tr 'il

T o ta l

1.100
100

400

1,100
100
1,200

800
4,000

'130
530

4,000
130

6,000

6,530

78reTTvU w S '7 7 T h e highest, lowest and closing prices at
N e w Y o rk for the past week have been as follow s:
Saturday, , M o n d a y ,
O ct. 23.
O ct. 25.

T u esd a y , IV ed’ d a y , T h u rsd 'y
, F r id a y ,
O ct. 26.
O ct. 27.
O ct. 28.
O ct. 29.

W eek.

N ovem ber—

Range___
Closing__
D ecem b er—
Range___
Closing__
Ja n u a ry—
Range___
Closing__
F ebru a ry—
M a rch —
A p r il—

I 12.30-.35 12.12-.15 11.90-.921 11.8 8 —
■U.62-.65’ 11.95-.0Cl ------------- 12.49-.50 12.22-.61 11.94-.34 11.96-.13
- 12.42-.43 12.24-.25 12.06-.07 12.01-.05i 11.70-.00i 11.93-. 15 11.70-.61
ll.79-.8l 12.12-.13
- 12.53-.63 12.32-.72 12.05-.44 12.07-.26
- 12.54-.56 12.35-.36 12.16-.17 12.19-.20 11.85-.16 12.10-.29 11.85-.72
11.91-.94 12.25-.26
12.30 — 12.30 —
i 12.64 — 12.45 — ! 12.25 — 12.28 —
12.00 — 12.33 —
. 12.71-.84 12.53-.95:12.25-.64 12.27-.45
12.06-.38
■ 12.74-.76 12.55-.56jl2.35-.36 12.40-.41 12.12-.14 12.30-.49 12.06-.95
12.43-.45

Range____
Closing___ 12.80 — 12.60 — j 12.40 —
12.45 — 12.17 — 12.50 — -----------Range____ 12.85-.97 12.63-.05 12.37-.74
Closing___ 12.88-.90 12.65-.66jl2.43-.44 12.39-.57 12.20-.47 12.42-.62 12.20-.05
12.52-.53 12.24-.26 12.58-.59
J u n e—
Range____
—
Closing___ 12.88 — 12.65 — jl2.44 — 12.53 —
12.25 — 12.58 —
J u ly —
Range____ 12.90-.01 12.68.10 12.41.77
12.44-.62 12.25-.50 12.49-.66 12.25-.10
Closing___ 12.92-.94 12.68.70 12.49-.50
12.57-.58 12.29-.30 12.64-.66 ■
A u g u s t—
1
Range____ 12.85 — ]
I2.61-.80 - ----------- ] 12.34 — ;l2.13-.25
12.31-.44 ;
Closing___ 12.80-.82lll2.55-.57 12.35-.37 ]12.42 — 1
]12.12-.13 :12 .45-.4S -I2.13-.85
M ay—

u p b y c a b l e a n d ^ l e g r a p h , is a s f o l l o w s . ^ F o m g n ^ t T d c s 6
a s w e l l a s t h e a f l o a t , a r e t h is w e e k ’ s r e t u r n s , a n d c o S q u n U y
a l l f o r e i g n f i g u r e s a r e b r o u g h t d o w n t o T h u r s d a y e v e n in g y
B u t t o m a k e t h o t o t a l t h e c o m p l o t o f i g u r e s f o r t o -n iir h t
(I t o d a y ) , w e a d d t h e i t e m o f e x p o r t s f r o m t h e U n i t e d S t a t e s
in c lu d in g m it th e e x p o r ts o f F r id a y o n ly
sta te s,
Gc tr bOr H
_...
*
*
O
o e 29—
1915

1914.
Stock at Liverpool------------ bales. 920,000
70non 758.000
Stock at L on d on ______________
21,000
Stock at Manchester.. _______” 55,000
49.000

1913.
548,000
5,000
37,000

19 12 .
643,000
7,000
21,000

^ a . Groat Britain---------------- 1,0453)00 828.000
Stock at H am bu rg______
*1 nnn *25,000 590.000 671.000
17.000
8,000
Stock at Bremen________
* 2 'ono
187.000 209.000
Stock at Havre ___
234’nno *140.000
a f^ t im e
T h T a T iS Get
N ?w ° P
rleans sclli» g has been Stock at Marseilles___ 111
208,000
143.000
158.000
2nnn 3,000
dull ' t S a iT
Liverpool m arket for futures has been Stock at Barcelona___
2.000
2,000
3 5 ’onn
22.000
9,000
12,000
Stock at Genoa ------151000
c a u s e d ? i T v h feV L bqU v d a t l 0 n b T
e
l
p a rtIy o n s to p o rd e rs
19,000
24.000
3,000
Stock at T r ie s te _______ *1.000
c a u s e a a b ig d e c lin e ; it a m o u n t e d t o s o m e 7 5 t o 8 0 p o in ts
*18,000
10.000
“ ,000
January feI1 from 1 3 .2 0 c . on O c t. 5 , t h f f i h
Total Continental stocks . . . . 426,000 435.000 " 3 9 2 ^ 0
level of the season to 1 1 .85c. R esum ption of bull speculation
Total European stocks
1
a ? a b l h ? le b-V h e p u b h c at large is n ot generally regarded India cotton afloat for Europe’ ’ ,471,000 1,263,000
gSi
982.000 1,068,000
32.000
79.000
76.000
as probable until the price reaches a point where pretty Amer. cotton afloat for Europo " 536,059
31.000
282,436 1.085,909 1,064,575
Egypt, Brazil,&c.,afloatforEur,pe 54.000
21.000
S J !*1 l S bod y -wdI rcgard it as cheap and bo willing to take Stock in Alexandria. Egypt
f
79.000
70.000
194.000 *110.000
263.000 210,000
453.000
t g j t e S
l
t 6 dlstu^ iag factor was a report tha? Stock in Bombay, India_____
”
1 .291,889 470,000 400.000 280,000
no lin tish G overnm ent was endeavoring to induce British Stock in U. S. ports ____
695,002
844,885 998,339
Stock in U. S. interior towns
927,291 820,382
merchants to restrict their purchases of Am erican cotton as U. S. exports t o -d a y __________
564,003
554,786
2,374
7,450
52,835
166,838
much as possible with a view of relieving th T pressSr^on ste
^
Total visible supply--------------- -l79(Tl3U9 3,748.270 -L3473532 4I 4F S
O rT th ^ T i? 18? wh,lcl1 Las latterly touched a new low level
t0tals of Amerlca“
other descriptions aro as follows!-8
l?Td h? ° thf h?-nd ’ a f harP rally came later on.
Lim ddation
w eeks'of * 6 r7 5 ti ° h i i ld ^ h ^ ® bad had a decline in three
f i •
75 a Lale. T h e Con tin en t, despite all obstacles
t llk Vsn m T 0 n f A m e ™ an co tton than G reat Britain. Peace
talk is more frequently heard. T h e crop is estimated of
practically 5 ,0 0 0 ,0 0 0 to 6 ,0 0 0 ,0 0 0 bales les? than a Tear Ig o
and it m a y be small again next year on poor fertilization and
W s ® ? v d da-mage. Besides cotton , it is argTed, is g o in ? to
e helped b y m onetary inflation sooner or later
T o -d a v
m,tt1nO d Van0e1-?-harPly °,n a bullish private crop report
ai h
S
69? l ^ iT ^ Q io ° n ^ Tonly 5 9 -8 % ’ against 7 3 .5 % last year
0
rep / i '
in 1 9 1 3 . with an estim ate o f 7 2 % picked against
6 8 % last year to this tim e, and 7 0 % in 1913
f e 0 0 0 bTieJ1S1 T h • ou,th.oi;n estim ates o f the crop was 1 1 ,S
L iv S o l
U e J T l PlamIyv had an -effect both ^ r e and ik
d e ll e f T T
v y bu ying b y prominent bulls and a good
deal of covering caused a rise o f some 3 6 to 3 8 points
Snni
houses, however, sold heavily, spot m arkets w SrTquiet the
weather was favorable, and M essrs. Ralli Brothers of Io n
s T d o ^ b S e T 0! ^

, 68^

fo r t h e week o f l 5 p Z l

^

^

the E ast t S
’ crop at
y ®ars Pa s t* Spot cotton

g UplandS’ shoWmg a nefc decline

T h e official quotation for m iddling upland cotton in the
eaCh d ay f o r t h e ^ a s ^ v S e k h a s ° b e e n :t h e
Fri.
^ .I b
M idd Iing *up! ands?71............... 1 %
12.30




m 3 S U ‘» ^ y . : y .........“ “
6g «
Continental stock______________ *328 000
American afloat for Europo
536 059
IJ. S. port s t o c k s ---------- --------- 1,291,889
U. S. interior stocks. _
<)27 ->07
U .S . exports to-day . . I I ™ H I
2!374

Total American .

non
o 1,000

3,H ’%
00
17.000

*282 ’ em

1 n<y,00()

508,000
14 nnn
372:000

Rornni’ 1-085,909 1,064,575
s o n §11-885 998,339
820,382
564,003 554,786
7,450
52,835 160,838

3

.804,619 2,625,270 3,259,632 3,678,538
243,000 298.000
194,000
135.000
70.000
21,000
5,000
7.000
13.000
18,000
20,000
7.000
*98.000 *105,000
51.000
25.000
32.000
79.000
76.000
31.000
54.000
21.000
79.000
70.000
194.000 *110,000
263.000 210,000
453.000 470.000
400.000
280,000
Total East India, & c------------ M 57.000 1,123,000
1.088,000
765,000
Total A m erican __________ -.3,804,619 2,625,270
3.259,632 3.678,538
E a st I n d ia n , B ra z il, t i c . —

Liverpool stock. ______
London s t o c k ________
Manchester stock____
Continental stock __ Y : I : : I
India afloat for Europe _
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock In Bombay, India________

7.02d.
........
?‘ C
f *
7.63d.
Middling Upland, New Y orkY Y . 4 e12.30c.‘ 3'71V m ° “ 14.10c.
4>85dEgypt, Good Brown, Liverpool
lO.OOd.
7.60d.
10.75d.
Peruvian, Hough Good, Liverpool lO.lOd.
8.75d.
9.25d.
Broach, Fine, Liverpool
6.6 Hi.
4.35d. 7 l-16d.
Tinnevelly, Good, Liverpool!III
6.77d.
4.50d.
7^d.
♦Estimated.

6.63d.
11.75c.
10.16(1.
lO.OOd.
6 3-16d.
ORd.

Continental imports for past week havo been 1 1 6 ,0 0 0 bales
e f Too S n Y 0 , lgures f.o r 1915 show an increase over last week
f
r r T o s 7 Vale s ,a g aia o f 1 ,2 1 3 ,3 4 9 bales over 1 9 1 4 ,an excess
19 12 3 ’98 7 baIes over 1913 and a gain of 5 1 8 ,0 8 1 bales over

A T T H E I N T E R I O R T O W N S the m ovem en t— that is,
the receipts for the week since A u g . 1 , the shipm ents for
the week and the stocks to-n igh t, and the same item s for the
corresponding periof of the previous year— is set out in de­
tail below .

N E W O R L E A N S C O N T R A C T M A R K E T .— T h e high­
est, lowest and closing quotations for leading contracts in the
N e w Orleans cotton m arket for the past w eek have been as
________ _
follow s:

____________________________.
M o v e m e n t to O ctob er

T ow n s.

R e c e ip ts .

1485

THE CHRONICLE

OCT. 30 1915.]

29 1915. |

S h ip ­
m en ts.
W eek.

M o v e m e n t to O ctob er
R e c e ip ts .

Stocks
O c t.

29.

W eek.

| S ea so n .

S a tu r d a y , M o n d a y ,
O c t . 25.
O c t . 23.

30 1914

1
S h ip - |S locks
m erits. 1 O c t .
W e e k . \ 30.

W e e k . I S ea so n .
361 8,357
11,617
276 10,754! 1,338
10,237
750,
Ala., Eufaula..
85,601 4,040 64,557
60,309 2,505 72,900 9,860
Montgomery. 4,424
54,835 2,743 38,892
30,084 6,139,
3,482. 30,913 4,969
Selma............
18,680 1,669 14,837
11,750 3,893
Ark.. Helena.. 4,431! 17,160 2,682 24,543 9,557| 40,840 4,848 26,944
38,323 4,696
Little R ock.- IO.ns7
155 17,212
396 10,314 1,606, 20,505
15,737
588
Ga., Albany27,590i 6,550 15,840
40,751 2,650 25,263 6,023!
6,115!
Athens
3,097 20,339 7,2391 29,999 4,565 10,608
5,853! 42,534
Atlanta-------___ 117,491
163,603 22,683: 157,301
Augusta------- 19,572! 184,817 10,994 33,951 5,375; 30,881 1,000 22,921
950
2,2821 18,078,
Columbus —
566 17,609
20,077
14,534 2,496
1,019
M a con --------- 2.5671 27,178 2,719 9,067 3,928!
15,358 2,782 4,917
3,561! 21,499
R o m e .......... 54,502 1,701 50,763
7,497| 55,830 7,041 39,40-1 10,722
La., Shreveport
185 4,556
6,211
201 5,014 1,328!
4,190
711
Miss .Columbus
1,844
4,857|
4,500; 30,800! 2,500 22,024 10,800, 28,053 6,800 21,398
Greenville —
26,440
41,644
44,687 3,947 22,115
Greenwood . - 4,823!
366 5,610
5,870
1,674
10,228 1,553 9,322 1,230,
Meridian----100 8,600
9,720
731 10,571 1,800
15,465
1,537
Natchez------600 7,237
8,837
12,391 1,026 9,293 2,393
2,522
Vicksburg . . .
500 13,080
14,003
12,963 1,174 11,806 2,500;
.
1,928
Yazoo C ity..
53,374 15,278 6,878 16,660, 53,900 15,214 18,640
M o., St. Louis. 15,909
250
301
1,11(1
399
380
4,065j
550
501
N.
C., Raleigh.
25,347 6,250. 3,672
6,715
7,584!
O.
, Cincinnati. 33,0671 7,728 10,858 1,366
290 2,172
3,32
981
1,754
478
435
Okla., Hugo—
218 5,018
5,70
6,359
515 7,124 1,818
S.C., Greenw'd 1,618
50,699 227,09C 25,350154,037
Tenn., Memphis 52,854! 216,224 28,061, 153,800
___ I
482
532
2,270
3,189!
62
457
Nashville----210l 5,752
7,786
‘ 290
10,046;
521 3,434
|
726
Tex., Brenham
13,578 1,986, 5,365
9,857
827 4,773 2,619
1,902
Clarksville_
_
33,730 5,525 7,375
33,721 2,969| 6,324 7,610
3,197
Dallas______
11,223 1,346 5,541
2,442 2,292
8,880 ‘1,700, _.
Honey Grove. 1,183 805,927! 87.647,164,499 125,606 665,705 112,314 108,083
Houston____ 92,435!
25,924 3,852, 6,475
5,949
28,329, 5,054 6,883
4,666
Paris
Total, 33 t o w n s 272,97lll,903.882206,513 927,297 337,790' 1,757,084214,180 820,382

O cto b er—

T u e s d a y , W e d ’ d a y , T h u r s d ’y ,
O c t . 28.
O c t . 27.
O c t . 26.

F rid a y ,

| c t . 29.
O

R an ge-------C losing____

12.10-.20 12.11-.21
12.10-.15

R an ge_____
C losing____

12.2612.26-

12.09.37
12.10.28

R an ge_____
C losing____

12.4312.44-

12.25.45
12.26.46

12.6712.68-

12.46-.85 12.15-.56 12.16-.35 11.92-.26 12.12-.41
.79
12.48-.49 12.28-.29 12.31-.32 11.99-.00 12.37-.38
.69
12.34-.68 12.32-.50 12.10-.41 12.32-.57
12.63.01
.93
12.44-.45 12.46-.47 12.13-.15 12.53-.54
12.63.64
.86

D ecem b er—
Ja n u a ry—

M a rch —

R an ge_____
C losing____
M ay—
R an ge-------C losing____
J u ly —
R an ge_____
C losing____
T on e—
S p o t ______
Options . . .

12.8312.84-

11.85-. 18 11.82-.99 11.55-.90 11.80-.03
.45
11.93-.96 11.95-.96 11.63-.64 11.99-.00
.il
11.96-.33 11.97-.15 11.70-.05 11.96-.19
.64
12.09-.10 12.10-.12 11.77-.79 12.15-.16
.28

13.01-.05 12.76-.05 12.47-.78 12.47-.58 12.2312.93-.95 12.72-.74 12.53-.55 12.55-.56 12.24Quiet
Quiet
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
Steady

12.42-.63
.37
12.62-.63
.25
Steady
Steady

W E A T H E R R E P O R T S B Y T E L E G R A P H — A d vices to
us b y telegraph this evening indicate a continuation o f favor­
able weather a t the South during the w eek. Picking is
active generally and is drawing to a close in some sections.

Galveston, Tex — W eather conditions have been favorable
for all farm w ork during the w eek. Tem peratures have been
m oderate, while no precipitation has occurred. Preparation
of the soil for fall planting is being pushed. T h e thermom eter
has averaged 7 4 , ranging from 6 6 to 8 2 .
Abilene, Ten.— T h e therm om eter has ranged from 4 4 to
8 4 , averaging 6 4 .
Brenham, Tex.— A verage therm om eter 6 9 , highest 8 4 and
TTin above totals show th at the interior stocks havo in­ low est 5 4 .
.
creased during the week 0 6 .4 5 8 bales and are to-night 1 0 0,91 5
Cuero, Tex.— T h e thermom eter has averaged 6 8 , the high­
bales more than a t the same time last year.
T h e receipts at
est being 8 6 and the lowest 50 .
all towns have been 6 4 ,8 1 9 bales less than the same week
Henrietta, Tex.— T h e therm om eter has averaged 6 4 , rang­
last year.
ing from 4 4 to 8 4 .
Huntsville, Tex.— T h e therm om eter has ranged from 4 6
O VER LAN D M O V E M E N T FOR TH E W E E K A N D
S I N C E A U G . 1 .— W o give below a statem ent showing the to 8 2 , averaging 64 .
Kerrville, Tex.— A verage therm om eter 6 1 , highest 8 4 ,
overland m ovem en t for the week and since A u g . 1, as made
up from telegraphic reports Friday n igh t.
T h e results for the lowest 3 8 .
Lampsasas, Tex.— T h e therm om eter has averaged 6 3 ,
914--------- the highest being 8 4 and the lowest 4 2 .
---------1 115--------<
—
S in c e
S in c e
O c t o b e r 29—
Longview, Tex— T h e therm om eter has averaged 6 4 , rang­
W eek.
A u g . 1.
W eek.
A u g . 1.
-.1 5 ,2 7 8
Via C a iro ............— .......... .......... --1 5,64 9
175
Via R ock Island---------------------- . .
. . 4,418
Via Cincinnati-------------------------- . . 4,000
Via Virginia points...................... - . 1,946
Via other routes, & c.................... ..1 4 ,7 6 2

64,340
59,370
294
16,335
18,773
15.198
80,410

15,214
11,478
150
3,708
2,730
2,598
16.473

60.385
35,007
753
15,061
6,159
13,363
61,884

ing from 4 6 to 8 2 .
Luling, Tex.— T h e therm om eter has ranged from oO to
8 6 , m ean 6 8 .

Nacogdoches,

T e n — M in im u m therm om eter 4 6 , highest 8 2 ,

average 6 4 .

254,720

52,351

192,612

Overland to N . Y . , Boston, & c. . . 1.728
Between interior t o w n s ........... . . 1,622
Inland, & c., from South...........
T otal to be deducted............. . . 7.332

11,814
11,991
37,071

2.425
2,175
1,793

10,028
12,310
42,251

Palestine, Tex.— T h e therm om eter has averaged 6 7 , the
highest being 8 4 and the lowest 5 0 .
Paris, Tex — T h e therm om eter has averaged 6 8 , ranging

60,876

6,393

64,589

from 5 0 to 8 6 .

Leaving total net overland*.......... ..4 8 ,8 9 6

193,844

45,958

128,023

Total gross overland................
D e d u c t S h ip m e n ts —

San Antonio, Tex.— T h e
Weatherf rd,

Including m ovem ent b y rail to Canada.

T h e foregoing shows the week’s net overland m ovem ent
has been 4 8 ,8 9 6 bales, against 4 5 ,9 5 8 bales for the week last
year, and th at for the season to date the aggregate net over­
land exhibits an increase over a year ago of 6 5 ,8 2 1 bales.

therm om eter has ranged from 5b

to 8 6 , averaging 7 1 .

. . ,

, on

T ea r— Average therm om eter 6 1 , highest »U

and lowest 4 2 .

New Orleans, L a — R ain

has fallon on one d a y during the
the rainfall reaching thirty-five hundredths ot an
T h e thermom eter has averaged 73 .
---- 1915-1914Shreveport, La.—We have had no rain during the w eek.
S in c e
S in c e
I n S ig h t a n d S p in n e r
A u g . 1.
Tho thermom eter has ranged from 51 to 8 2 .
W eek.
A ug. 1
......... g
W eek.
T a k in „ .
Receipts at ports to Oct. 2 9 _____ 245,558 2,113,677 272,727 1,314.815
Vicksburg, Miss .— D r y all the week T h e therm om eter
45,958
128,023
193,844
N et overland to O ct. 2 9 __________ 48,896
60,000
750,000 has averaged 6 9 , ranging from 51 to 8 2 .
839,000
Southern consum ption to Oct. 2 9- 67,000
Mobile, A la —We have had no rain during tho w eek. T h e
Total marketed — ....................... 361,454 3.146,521 378,685 2,192,838
700,243
481,335 123,610
therm om eter has ranged from 6 0 to 8 1 , averaging 7 1 .
Interior stocks in excess__________ 66,458
Selma, A la .— There has been no rain the past w eek. T h e
502,295
Came into sight during w e e k -..4 2 7 ,9 1 2
---------- 2,893,081
therm om eter has averaged 6 5 .5 , ranging from 53 to 7 8 .
T otal in sight Oct. 2 9 ..........
- 3.627',856
Madison, Fla .— W e have had no ram during the w eek.
67,417
462,025
Nor. spinners’ takings to Oct. 29- 77,692
523,772
T ho thermom eter has ranged from 60 to 8 0 , averaging 7 1 .
M o v e m en t into sight in previous years:
Savannah, Ga.— There has been rain on one d ay o f the past
B a le s .
W eek—
B a les. I
S in c e A u g . I —
week, tho rainfall reaching tw enty-six hundredths of an inch.
,0 1 3 — Oct. 3 1 - - - - ................. 742.855|1913— Oct. 3 1 . . - ..................§.101.246
T h e thermom eter has averaged 7 0 , ranging irom 5 8 to »u .
1 0 1 2 — N ov. 1 - - - - ................. 707.936 1912— N ov . } ---------------------- 4,964,522
1 9 1 1— N ov. 3 ______________ 6 56 .3 1 9 11 9 1 1 — N ov. 3 ..............
“
5,017,468
Charleston, S. C — W e have had ram on two days during
the w eek, the precipitation being ninety-hundredths o f an
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
inch. T h e thermom eter has ranged from 58 to 7 9 , a verM A R K E T S .— Below are the closing quotations of m iddling
cotton at Southern and other principal cotton m arkets for &glCharMle, N. C .— 'There has been only a trace of rain during
the w eek. T ho thermom eter has ranged from 4 8 to /b ,
each day o f the week.
C lo s in g Q u o ta tio n
W e e k e n d in g
O c t o b e r 29.

G a lv o s to n -------New Orleans—
M o b ile ------------Savannah _____
C h a rle sto n -----W ilm ington-----N orfolk . .
Baltimore
Augusta .
St. Louis.

S a tu r d a y . M o n d a y .

12.30
12 .0 0
1 1.8 8
12
12
11 K
12 .0 0

12 .2 0
12 .0 0
1 1.8 8
12
12

li.¥ o
1 1.8 8
19
12*4
12 25
! 12.32

12 &)
1 1.8 8
12.13
12 %
1 2 .1 0
12.32




II "88

f o r M id d lin g C o tto n o n

T u e s d a y . W e d ’ d a y . I 'h u r s d 'y .

12.05
11.93
1 1 .8 8
12
12
11%
11.75
12
12.35
11.75
12.13
12 %
12 .0 0
12.32

12.05
11.93
1 1.8 8
12
12
11%
11.63
12
12.40
11.63
12 .0 0
12 %
11.90
12.25

F rid a y .

12 .0 0
11.75
11.62
UK
UK

11.75
11.75
1 1 .8 8
UK
12

U 'A

lUo
n%
1 2 .1 0
11.50
1 1.8 8
12 14
11.75
12.25

■

11.50
11%
12.55
11.63
12.13
12 %
11.95
12 .0 0

w eek,
inch.

aVK £ L 6 2 J’« m . - D r y all the w eek. W e ath er tine for
m aturing of the crop.
Picking and m arketing are active.
A verage thermometer 6 6 , highest 7 9 , lowest 5 0 .
T ho following statem ent we have also received b y tele­
graph, showing the height of the rivers a t the points nam ed
a t 8 a ’ m . of the dates given:
,
^ ^ m5
O c t . 30 1914
F eet.

N ow Orleans..................-A b o v e zero o f gauge.
M em phis
A bove zero o f gauge.
N ash v ille______________ A bove zero o f gauge.
Shreveport-......................A bove zero o f gauge.
V icksburg..............
A bove zero o f gauge.
♦Below.

9.3
14.4
9.j>
16.8
22.3

F ee t.

4.7
12.2
8.7
*4.2
15.8

1486

THE CHRONICLE

W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .
T h e follow ing brief b u t com prehensive statem ent indicates
a t a glance the w orld’s su pp ly o f cotton for tho week and
since A u g . 1 for the last two seasons, from all sources from
which statistics aro obtain able; also tho takings, or am ou n ts
gone out o f sigh t, for the like period.
C otton Takings.
Week and Season.

1915.
W eek.

1914.

S ea son .

|

W eek.

S ea son .

V s b e supply O ct. 2 2 _____
Visible supply A ug. 1
Am erican in sight O ct. 29
B om b a y receipts to O ct. 2 8 '”
Other India ship’ts to O ct. 28
Alexandria receipts to O ct. 27
Other supply to O ct. 27*_____

4,839.479

T otal s u p p ly _________
D e d u ct—
Visible supply O ct. 29____

5,360,391

8,866,066 4,079,429

6,261,897

4,961,619

4,961,619 3,748,270

3,748,270

427,912
628,000
63.000
660,000
62.000

T otal takings to O ct. 29.
O f which A m erican____
O f which other _ _

398.772
331.772
67,000

4,633,210
3,627,856
378.000
54.000
148.000
25.000

3,5*16,134
502,295
2,000
3.000
24,000
2.000

3,176,816
2,893,081
56.000
35.000
59.000
42.000

331,1591 2,513,627
3,046,447 265,159 1,947,627
858,0001 66,000l
566,000

* E m braces receipts in E urope from Brazil, Sm yrna, W est Indies &c

[V ol . 101.

E G Y P T I A N C O T T O N C R O P .— T ho report o f tho A lex­
andria Gonoral Producers’ A ssociation for O ct. 1 is as follow s:
f i r ^ A f v A • Th<? tom P°rature, which was fairly favorablo during the
Y
m h w n w l ' M r slYC0 b.ocomo cooler; on tho other hand the fogs which
w
tlm °i ln, T 0 past y ears have not occurred this season.
t o S f / b ^ lw orm and pmk worm aro fairly serious and vary according
v
i,
Picking 1? general and 15 days in advanco. R esu lt!
hniA rT h .n |b l° \ soveK districts they aro estimated as equal and slightly
S e c o n d ilfrr w u fY ' wh 0 1 1 o ther parts thoy aro considerably Inferior.
1
^h?i°/!,d P‘c ^,l.Il7 will give a worse rosult on tho wholo. Roports for tho third
good dg ? M n w c /fh in w * 11 resulfcVr Glnnln8 yields aro very variable, but a
n
turn wilh
?°,a r- U R P e r E w p t a n d F a i/ o u m .— T l w tomporat'iyc,' with tho exception o f tw o or threo rather cool days, has been on tho
b e g h m in g n h h n 'm n n ir 8w S H ! gs o f no .im portance wore recorded at tho
K s lm n n 7 h f
W lth tbo exception o f tho worm attack mentioned
lasc m onth, thoro has been no damago. First pickings have given satisG fn nhT ^yields are slightly less than last year.
tleld!’
!asfc
whereas second pickings will bo loss,
uinn in g

G E R M A N C O T T O N S U P P L Y .— F rom tho M anchester
(E ngland)
Guardian o f O ct. 16 wo have tho follow ing:
M.
Lazaro W oillcr, the French econom ist and M em ber o f Parliament, in
m n vin rw V w m tho I ’aris I om ps, -1 says his inquiries and ca.culations have
C otton in n ,t hh L l th? c Cginning o f August there were 380,000 bales
n
or co tto n m tho hands or German manufacturers and a further 180 000
ho d \ t u! Im perial G overnm ent. A great deal will depend
>y
^ rn iiv h 0inllSn?i’rfain^ S A itl1 wbj cb the British fleet prevents cotton passing
f
wL b°t.t°ms- In the various Italian p orts, at tho tim e o f
tn
i with. l t y ' , horo were about 500,000 bales consigned
,a.l
t
b?i,?q\wA!i-Kr!dS’ arY( - ° ! tins about 50,000 bales have found their way
mainder doeL noi; reach G ™ n°yP
thafc It&Iy Wl“ SC° to 16 that the r°. . A s to this it m ay bo stated that tho returns o f tho International FederaR op
A blst< G°tto n Spinners and M anufacturers Associations show
!.r
ahnnr ? 1 ^ 0 0 non1 1{? M G erm any had 401,750 bales in stock. She has
*11 ’50 0 -00P ,
rc
AU:is', to supply which for a year, on tho basis o f
bales 3 return o f
- Jo bales per thousand, would require abou t 1,800,000

E X C H A N G E .— Alien Reslric
a vote o f 119 to 4 0 , tho m em
C otton Exchango on W e d n e sd a y

R E C E I P T S F R O M T H E P L A N T A T I O N S .— Tho follow ­
ing tablo indicates tho actual m ovom ent oach week from th e

adopted tho proposed am endm ent to tho by-law s restricting
tho privileges o f alien m em bers. T h o am endm ents in full
are as follows:

nor Southern consum ption; they aro sim ply a statem ent of
tho wookly m ovem ent from tho plantations of that part of the

NEW

YORK

COTTON

tion Amendments Adopted.—B y
bors o f the N e w

Y o rk

plantations.

Tho figures do not include overland roooipts

orop which finally reaches the m arket through the outp o rts.
W e e k ------ R e c e ip ts a t P o r t s --------- S tock a t
e n d in g .
1915.
1914.
1913.
1915.
Sept. 10.100,520 49,127 217,200 432,699
“ 17.176,839 67,930 329,018 473,800
24.281,998 97,716 307,522 550,381
Oct. 1.306,450 158,121 110,299 017.414
• 8.282,775 102,032 408,848 698,808
•
" 15.275.390 199,397 485.092 785,989
“ 15.277,910 240.007 488,622 860,839
" 22.245,558 272,727 560,392 927,297

In te r io r T o io n s -

R e c e ip ts fr o m P la n ta t io n

1914.
1913.
1915.
1914.
1913
113,830 158,237 120,512 07,344 251,24
191,548 192,635 217,940 115,618 303,41
255,150 223,469 301,570 161,318 398,05
314,803 290,750 373,480 247,837 483,28
459,570 360,911 364,109 278,745 479,00
577,653 440,472 362,577 317,474 564,65
690,772 522,301 352,700 359,ISO 570,45
820,382 564,003 312,010 396,337 602,09

T h e above statem ent show s: 1 .— T h a t tho total receipts
from the plantations since A u g . 1 1915 a r e 2 ,5 9 5 ,0 1 2 bales; in
1914 were 2 ,0 1 5 ,0 5 8 bales, and in 1913 wore 4 ,0 9 7 ,9 1 0 balos.
2 .— T h a t although tho receipts at the outports tho past wook
were 2 4 5 ,5 5 8 bales, the actual m ovom ent

from plantations

was 3 1 2 ,0 1 6 bales, tho balance going to increase stocks at
interior tow ns. L a st year receipts from the plantations for
the week were 3 9 6 ,3 3 7 bales and for 1913 thoy were 6 0 2 ,0 9 4
bales.
from m embership in thT Exchango

o f managers, bo expelled

_ C E N SU S B U R E A U R E P O R T ON C O T T O N G IN N IN G
T O O C T . 18.— T ho Consus Bureau issued on O ct. 2 5 its
report on tho am ou n t o f cotton ginned up to O ct. 18 from

IN D IA
COTTON
M O V E M E N T .— T h e
receipts of
India cotton at B o m b a y and tho shipm ents for tho week
onding Octobor 7 and for tho season from A u g . 1 for three
years havo beon as follows:

the growth o f 1915 as follow s, comparison being m ade with
the returns for tho like period o f tho preceding years:
0 ( ? U » hieo i
i

1915.
O c t. 7 .
R e c e ip ts a t —
W eek.

b ‘j ,es o f cotton ginned from the growth o f 1915 prior to

and' 1913 (TOuStiSS^SSnd m haff-bafes?
Corresponding dat0 in 1914
1914.
a, ,
‘
1915.
1913.
............................... ................... — - 556,272
810,295
839,899
397,261
Florida
’ .............
281,190
322,181
43.313
35,956
1,367,916 1,200,911
& i a n a : : : : : : : — .......................................M M
225,274
164,034
M is s is s ip p i.................... ........ .......................... 491 fist
474.788
435.690
301,108
252.193
Oklahoma™1'? . : - .....................
2^ | 5
451,449
391,258
South C a r o lin a ..I
..........................
K ? ’XSg
2
693,444
619.720
T e n n e s s e e ... ............... I : : : : : : : : : : : ; : : :
79 .24 7
102,177
131.933
2,715,772 2.451,279
36,950
32,464

Bombay................ .......

Bombay—
1915___
1 9 1 4 ....
1913___
Calcutta—
1915___
1914___

7,619,747 6,973,518
Madras—
1915___
1914___
1913___
All others—
1915___
1914___
1913___
w h e n % h ^ k ed C ir a m ^ h ro Pi 15 « f M 1915 are subject to slight corrections
|
0
m itted b y mail 8
6 th indivldual returns o f tho ginners being trans­ Total all—
1915___
1914___
1913___
— M r . A rthu r T . L y m a n , one o f the leading cotton m anu­
report include 54,422 round bales for 1915, com
1A-235 bales in 1914 and 49,030 bales in 1913, and the niimbe
{)a|cs included is 40,257 in 1915, against 30,078 bales in 19 1°4
?1 d 'l ? bales in 1913. Tho distribution o f Sea Island cotton in 1915 l»y
C aron n a .'eeg :baTes°.rida’ 12’831 balos; Geor« ia- 26,7^7 b a l ^ a S d ^ S o u t 7

G rea t
B r ita in

the Bigelow

C arpet C o .,

the

M assach u setts C otton M ills in G eorgia, tho m ills o f tho same
nam e in Low ell, tho M errim ack M f g . C o . and other industrial
and insurance concerns, and was the proprietor o f m ost o f
the locks and canals on the M errim ac R ive r. M r . L ym an
had also served as overseer o f H arvard U n iv ersity , President
o f tho B oston A th en eu m , and as a m em ber o f the corporation
o f tho M assach u setts In stitute o f T ech n ology.




248,000

2,000

4.000
1.000
10,000

—

—

—

—

....

..........

240,000

1,000

2,000
4,000
3,000

1,000

1,000

12,000

1,000

1,000 15,000 1,000 17,000
1,000
___ 1 38,000 39,000
1,000 4,0001 2,000 7,000!

T o ta l.

1,000

—

3,000
1,000
2,000

C h in a

3.000
1.000
8,000

—

1,000
___
—

A

1.

231,000

..........
1,666

2,000
___
2,000

C o n tin en t.

120,000

180,000
69,000
88,000

—

___
1,000
—

50,000 23,000

46,000
20,001
150,000

—

1,666

S in c e
A u g . 1.

W eek.

5,000
2 ,00(
2,000

—

------------------------------------ &

crease,

G rea t
B r ita in .

—

—

1913.

S in c e
A u g . 1.

S in c e A u g u s t

C o n ti- J a p a n
n e n t . & C h in a T o ta l.

1,000 13,000
___ 14,000
—
___ 38,000 38,000
1,000 1,000 2,000 4,000

qk; Toi

dent o f the Pacific M ills ,

W eek.

F o r th e W e e k .
fr o m —

United States......................................................................5,713,347

facturers o f the U nited S ta tes, died at his hom e a t W altham *
M a s s ., on S u n d ay , O ct. 2 4 , a t the age o f 8 3 .
H o was Presi"

34,000

1914.

S in c e
A u g . 1.

12,000

23,000
22,000
32,000

15,000
2,000
11,000

40,000
28,000
46|000

7,000
73.000
6,000
43,000
6,000: 202,000

196.000
71 onn
100,000

270 O )
'M
120 000
308,000

^
------------------~

a tu SUUVV till 6/t-

com pared w ith last year, in tho w eok’s receipts of

2 2 .0 0 0 bales.

E xports from all India ports rocord a loss of

3 2 .0 0 0 bales during tho weok and since A u g . 1 show an
crease of 1 5 6 ,0 0 0 bales.
A L E X A N D R IA

R E C E IP T S

AND

S H IP M E N T S

in­
OF

C O T T O N .— T ho following are tho receipts and shipm ents for
tho weok onding Octobor 6 and for tho corresponding wook
o f tho two previous years:

(cantars)—
T his w eek_______________
Sinco A ug. 1-------------------

R e c e ip t

To
To
To
To

420,000
1,156,923

42,151
54.876

227,338
696,219

T h e tone of the Liverpool m arket for spots and futures
each d a y o f the past week and the daily closing prices of
spot cotton have been as follow s:

1913.

1914.

1915.

A le x a n d r ia , E g y p t.
O c t o b e r 6.

E xp ort

L iv e r p o o l----------------M anchester - - - - - - - ­
Continent and In d la .
A m e r ic a -------------------

T otal exports.
cantar is 99 lbs.

S in c e
Thi
W e e k . A u g . 1.

3,551 21,891
4,235 13,176
5,022 24,357
2,929 16.816

2,043

6,738
5,114
8,139
7,127

Market,
12:15
P. M .

S in c e
Thi
W e e k . A u g . 1.

5.250 25,132
9.250 23,500
9,750 52,205
2,700
200

76,240

15,737

N o t e . __ a

l',034
1,877

S a tu r d a y .

S p o t.

S in c e
Thi
W e e k . A u g . 1.

(bales)—

[
\

1

Salca____
Spec.&exp.

4,954 ! 27,118 124,450 103,537

lb s . S h ir tin g s co m m o n
to f i n e s

d.
10 9 y»
17 0 %
24 9 M
Oct.
1 10>4
8 1014
15 1014
22 1014
29 1014

@
@
0

d. s.
6
10 '4 7
1014 7

0
0
0
0
0

1114
11
1114
1114
1114

7
7
7
7
7

d.
10
3
3

C o t’ n
M id .
U p l's

8J4
T w is t.

S. (1. d.
0 8 114 6.12
6.44
08 0
0 7 1014 6.59

41408
514 0 8
3 @8
3 ©8
6 ©8

0
1
6
7 'A

6.97
7.12
7.02

d. 8. cl.
No quo tatlona
No quo tationa
No quo tatlona
No
No
No
No
No

quo
quo
quo
quo
quo

a. d

d.
6.00
5.80
5.55
5 .3 ­
5.3
6.3
5.0l°
!o
4.8

tationa
tatlona
tationa
tationa
tatlona

5

N E W S .— A s shown on a previous pago the
exports of cotton from tho U n ited States tho past week have
reached 1 3 7 ,9 5 7 bales. T h e shipm ents in detail, as m ade
u d from m ail and telegraphic returns, aro as follow s:
S H IP P IN G

1

T o ta l b a le s .

1,100..............

1,100

To2 V°lkdlvostock— O c t. ''2 2 — S t."'P a trick ," T .6 4 9 ---O c t . 27—

g Qig

G A L V E S T O N — T o °U v crp ool— O ct. 22— Huronian, 2 0 ,8 1 5 -.-O c t.
T o

B a r M lo ^ — O 'i^ ^ ^ ^ — ercules,"8^0561
H

^8 [056

T E X A S ^ T t Y — TC L votpoo1 S et. 23— A rranm oor, 8,531— O ct.
o 12
—
NEW
NEW

o I rl S ^ N

^ — ^ o ^ lv e r p o o l— OcV.~23^Monarc"h," 14811I Oct I
7.504___O c t. 27— Afghan Prince, 2 _ . ..........

^

F r id a y .

Good
demand.

Fair
buslneas
doing.

7.20

10,000
2,000

7.15

7.08

7.10

7.02

10,000
1,000

7.20

10,000
1,000

8,000
800

12,000
1,200

10,000
2,500

[ Steady Quiet unch. Steady
6@9 pta.
to 2 pta.
1140214
decline.
P. M . i pta. adv. advance.

C o t’ n
M id .
U p l’ s

lb s . S h ir t­
in g s , c o m m o n
to f i n e s t .

323 C o p

T h u rsd a y.

Fair
bualneaa
doing.

Market,

^

’
7,654

Quiet
Steady
6@ 8 pta. 10214 pta.
decline.
decline.

Steady
14@214
pta. dec.

Very ate’dy
Eaay
Steady
5@ 7 pta. 71409 pta. 7.14 @814
pta. adv.
decline.
decline.

T h o prices o f futures a t Liverpool for each d a y are given
below . Prices aro on the basis of u pland, good ordinary
clause, unless otherwise stated .
T h e p r ic e s a r e g iv en i n p e n c e a n d

O c t. 23
to
O c t. 29.

1915.
814

W ed n esd a y.

Moderate
demand.

Fair
buslnea3
doing.

Quiet
F u t u r e s . Barely at’y Quiet unch.
9@10 pta.
to 1 pt.
Market I 214 pta.
decline.
decline.
opened \ decline.

E gyptian bales weigh about 750 lbs.

M A N C H E S T E R M A R K E T .— Our report received b y
cable to-n igh t from M an ch ester states th at the dem and tor
India is m oderate bu t for C h in a is qu iet. Business for other
oversea m arkets and for the hom e trade is of fair proportm ns.
W e give prices for to -d a y below and leavo those for previous
weeks of this and last year for c o m p a r i s o n : _____________

C op
T w is t.

Fair
bualneaa
doing.

T u esd a y.

M onday.

Mld.Upl’da

T h e statem ent shows th at the receipts for the week ends
ing O ctobe 6 were 2 2 7 ,3 3 8 cantars and the foreign ship­
m ents were 1 5 ,7 3 7 bales.

32s

1487

THE CHRONICLE

OCT. 30 1915.]

S a t.
12K
p .m .

12 A
p .m .
d.

d.

O c to b e r ..
O ct.-N o v
J a n .-F e b .
M ar.-Apr.
M ay-June
J uly-A ug.

7
7
7
7
7
7

05
05
0514
07
07
0114

M on .

100t h s .
T ues.

T h u s:

7 05

W ed.

m ea n s

7 05-1OOd.

T h u rs.

F ri.

4
4 12V4. 4 1 2 ^
4 12H
12H
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
12 K '
d.

0314
0314
04
05
05
99

4

1 d. I d.
07
99
07
99
0714 99
0814 99
08
98
0114 9114

d.

d.

d.

94
94
94
94
9314
8614

94
94
9314
94
9314
86

d.

92
01
93
01
9114
01
0014 91
9814 90
92 183

d.

d.

8514 86
8514 86 •
85 s86
8514 87
85 ,8614
78 17914

d.

93
93
93
94
9314
8614

BREADSTUFFS
Friday Night, October 2 9

19 15 .

Flour has been in fair dem an d.
I t is a fact th at b u t for
the unavoidable delay in m aking deliveries, purchases w ould
be larger. Flour is w anted in rather liberal quantities for
prom pt delivery. T here is a good deal of congestion on all
the railroads a t N e w Y o r k . T h is relates to b oth foreign
and dom estic trade. U nder the circum stances the trans­
actions are nothing like as large as they m igh t otherwise
b e . Y e t n ot a few buyers still hold aloof, believing that the
im m ense crop o f w heat is b ou n d , sooner or later, to cause
lower prices. T h e total output last week a t M in n ea p o lis,
D u lu th and M ilw au k ee was 5 5 5 ,1 9 0 b b ls ., against 5 6 6 ,9 5 0
b bls. in the previous w eek and 3 4 5 ,4 7 0 b b ls. last year.
Prices weakened later. T o -d a y C hicago advices said th at

tho m ills were doing a good export business.
W h e a t advanced early in the week on a good export de­
m and and rains in C an a d a . T h e A m erican N orth w estern
BRU N SW IC
m arkets were noticeably strong, b u t the firm ness of prices
W IL M IN G 1
C ash prices there
B O ST O N — T o Liverpool— wuo. ^
-------------------------1Qo a t W in n ep eg was even m ore pronounced.
p a i / tx M ^ U K — l ^ ^ a v r c ^ — ct .“ lS — P otom a c?^ ,5 0 0 l - - - - - - - - - - 4,500 have gopo to a prem ium over those a t D u lu th .
O
Shorts h av e
covered freely. Powerful interests have been buying for a
P H iLAD^E Ll^HI A— T o ^ B o t ^ d a S —
K e j^ r g e n ," 200l II I
200
riso. A good m an y think that Europe will have to b u y A m er­
ican w heat on a very large scale. Seaboard clearances have
T A C O M A— T o S
v\ V ^ n M ^ ck — O cU '22'— lIudKon"MaruT 4~,422lII1 4 ’.422
been liberal.
W e e k ly exports o f late have been exceptionally
T o Japan— O ct. 27'— Canada M a ru , 3 ,9 0 2 -------- --------------------- - ■ ' Jt>z
>
In R ussia the weather has been b a d . I t lo ok s, to o ,
.137,957 large.
T o ta l.
as though the Russian acreage w ould be reduced. In Russia
T h e particulars o f tho foregoing shipm ents for the week
scarcity of w heat is pronounced in parts and fam ine prevails
arranged in our usual i o r m , aro as follows:
H o t - — O iln ..n u r o p e —
V
G rea t F ren ch
i — u h E u rov
1 l a d .,
R ailw ay facilities are inadequate and
B r ita in .
P ort •
la n d .
N o r th . S o u th 1
<£c. J a p a n . T o t a l over a wide area.
10,371 therefore little grain is m ovin g.
1,570 2,652 5,049
M u c h of the recent harvest
N ew Y o r k .............- - 5^5
49,231
19,882
--G a lv e s to n ............ 29,349
-----17,025 w as dam aged and unm erchantable, as storage is inadequate.
Texas C i t y ------ 17,02o m ‘ n7t»
24,161
709
5,286
N ow Orleans— 8,118 10,048
5,247 Severe cold has com m enced and ice is form ing in northern
B runsw ick............ 5,247 - - - ­
11,604
ll',6 0 4
N o w heat is being exported from R u m an ia.
The
W ilm ington............. ..
324 ports.
198
B o s t o n .................
126 - - - ­
5,000 Italian acreago will be reduced.
Ita ly is still buying foreign
500
B a ltim o r e ...................... - 4,500
200
200
Philadelphia ................................
2,806 w heat, although its own crop is m ovin g m ore freely.
In
. - - 2,806
San F ra n c is co .. ----------3,664
3,664
...
N o E a st In d ia w heat of tho recent
S eattlo-------------- -----------8,324 Ita ly prices aro h igh .
4,422 3,902
T a c o m a ------------ ----------- ---------------crop is being oxported.
D rou gh t prevails in Spain. A d vices
T o t a l ________ 59,865
14,548 1,800 i .570 39,424 14042 6,708 137,957
from E n glan d state that it is not expected that prices will
T h o exports to Japan since A u g . 1 have been 6 7 ,5 5 7 bales
decline perceptibly from this level, owing to the urgency of
from Pacific ports.
im port dem and from M editerranean countries and the great
C O T T O N F R E I G H T S .— Current rates for cotton from strength in freights. There will be m uch difficulty a ttend­
N o w Y o rk aro as follow s, quotations being m cents per pound: ing shipping, b oth from A rgentina and A u stralia, owing to
scarcity of freights. M o reo v er, the close m arketing of this
Genoa.
y ear’ s crop in A rgentina and the ligh t reserves in A ustralia
^ ^O c^'vfadTvostock, 1 .5 0 c. D oc.
point to liberal holding to replenish depleted reserves. E a rly
T T V E R P O O L .— B y cable from Liverpool wo h ave the threshing will not reach the seaboard. I n A rgentina freights
^
following statem ent o f the ------ 1-’ ~ sales, stocks, & c ., at are scarce even a t 8 0 shillings. In Liverpool the scarcity of
w eek’ s
spot w heat has been the outstanding factor. Stocks there
that port:
0ct. 8.
O c t . 29.
O c t . 22.
O c t . 15.
aro decreasing and the n ative yield is disappointing. In other
67.000
67.000
50,000
Sales o f the week
- - - - ---------6,000
3,800
O f which speculators t o o k -----•Liuy
w ords, it looks like a good foreign m arket present and pros­
3.000
12.000
O f which exporters t o o k -..........
« ” }»
50.000
45.000
pective for Am orican w heat. O n the other hand , A ustralian
Sales, Am erican...............................
Yt'XXX
5,000
2.000
4,000
Actual export....................................
97,000
76.000
crop roports are very favorable. N o b o d y questions the fact
85.000
Forwarded ....................................
QG '}$ X
920.000
943.000
932.000
______
th at the Am erican crop exceeds all former y ields. T h e reT otal stock ............................... fiqfiOOO
677.000
699.000
682.000
O f which A m orican..................... 6J6,0U0
89.000
86.000
T otal imports o f tho week............
"b.uuu
67;ooo ceipts have been very large and the available supply increased
77.000
63,000
O f which Am orican..................... oKBnnn
2|s:ooo
........... last weok no less than 1 7 ,6 0 0 ,0 0 0 bushels against an increase
256.000
A m ount afloat — - ......................... 258.000
O f which A m erican.....................




223.000

1488

THE CHRONICLE

in the same week last year of 9 2 7 ,0 0 0 bushels. T h e dispar­
ity between the w orld’s supplies this year and those of a year
ago js thus being reduced.
T h e stock , instead of being 5 0 ,
0 0 0 ,0 0 0 less than a t this tim e last year, as it was recently, is
I1 '* 'Jy>000,000 less than then.
!0
R um ors have been rife, too,
that C an ada would rem ove the d u ty , m eaning “ free wheat
which caused selling on this side of the border.
It is be­
lieved that it w ould m ean big shipm ents o f Canadian w heat
to the United States.
T h e weather, too , has latterly been
tine.
T a lk of a m ovem en t to bring abou t peace also caused
some selling.
T o -d a y , how ever, prices advanced some 3
cents on a good export and homo dem an d, higher cables and
large clearances. Canadian prices wero higher. There was
less talk of the Canadian d u ty being rem oved .
E xport sales
were reported of 8 0 0 ,0 0 0 bushels.
D A I L Y C L O S IN G F R IC E 3 O P W H E A T F U T U R E S IN N E W Y O R K ,
Nn 9
. S a tM o n . T n es.
W ed . T h u rs. F ri. ’
I ;., ™ - t.--------,- - - 7 ---------- cts .n om . nom . nom . nom . nom. 124
December delivery in elevator------ 106
108% 107% 106% 107% 110%
D A I L Y C L 0 3 IN G P R IC E S OP W H E A T F U T U R E S IN C H IC A G O .
_
.
, ..
.
,
S a t.
AT o n . T u e s . W e d . T h u r s . F r i
u C? d d i r d e U- ory ln ? Ievat° r - c ts - 9 7 ^ 1 0 1 1 0 0 %
v
99% 100% 102%
M a y delivery m elevator---------------- 100% 103% 102% 101% 102% 104%

E x p o r ts
fr o m U . S.

IVol. 101
1915.

1914.

1913.

9 M o n t h s . | ep te m b er . | 9 M o n t h s .
S

S ep te m b er

S ep te m b e r . i

9 M o n th s.

Q u a n titie s .

W h eat, .bush 21,300,126 101,227,401 25.763,047 109,657,106 ll,956,80f
Flour___ bbls 1,002,961 11,184,862 1,223,282; 7,980,887 1,226,507 82,301,311
8,009,510
W heat * bush. 25,813,450 211,559,280]31,167.816 145,571,097 17,476,081
121.104,106
C orn___bush.
764,847 40,300,644 1,100,636 7,369,021
645,070 43,195,053
Total bush. 26,578,297 251.859,924 32,270,452 152,942,118
18,121,151 164,299,159
V a lu es.
S
W heat & flour 30,500,012
Corn................
641,896
O ats_________ 3,650,445
Oth. b ’stuffs a 3,189,634

8
8
8
8
8
302,101,151 35,480,99.3 143,150,591 16,8.35,220 119,0.3.3,086
32,845,878
983,964 5,724,418
499,954 24,945,647
49,575,117 6,064,063
7,170,876
148,03.3 2,036,599
25,888,635 2,806,612 9,923,024
375,295 10,277,839

Breadstuffs 37,981,987 110,410.781 45,335,632 165,968,909 17,858,502 150,893,771
Provisions___
C a ttle * hogs.
C o tto n ...........
Petrol’ m, & c.
Cottonseed oil

10,981,029 189,140,655 10,184,813 90,518,033 10,512,239 104,316,782
223,135 2,546,534
108,005
795,512
99,491
673,399
28,535,561 307,312,509 5,806,707 242,208,637 65,744,007 282,434,231
12,335.791 105,138,362 12,900,076 107,219,034 13,159,249 106,706,493
1,555,569 19,953,615
702,394
9,579,438
197,489 13,271,609

T o t a l......... J7,613,072 103450245675,037,627 OIO^SO.OOS1107570977
664,296,285
■m ci. flour reduced to wheat, a Incl. corn meal, oatmeal, barley and rye.

T h e statem ent o f tho m ovem ent of breadstuffs to m arket
In dian corn advan ced, partly in sy m p a th y w ith a rise at
tim es in w heat.
T h e dom estic dem and increased. T h e indicated below are prepared b y us from figures collected by
T ho receipts at W estern
seaboard has been trying to b u y old corn at Chicago.
For­ tho N ow Y o rk Produce Exchango.
eign reports have been bullish.
Liverpool advices have utlco and river ports for the week ending last Saturday and
reported the undertone strong, w ith an active dem and, and since A u g . 1 for each o f the last three years have beon:
cargoes dearer.
Corn has been in a strong position in Liver­
W h e a t.
O a ts.
B a r ie v .
R ye.
pool with R iver Plate holders selling at the rise and m ain­ R e c e ip ts a t — F lo u r .
taining prices at the advanced level.
C old weather in the
66.S.196 bs. b u s h . 60 lbs b u sh . 5 6 bs b u sh . 32 lb s. b u s h A S lb s . b u . 56 lb s .
208,000
793.000
837,000
2.782.000
U nited K in gdom has increased consum ption and supplies Chicago____
692.000
91,000
Minneapolis
7.230.000
71,000
2.288.000 1,733,000 420.000
of all feeding stuffs are ligh t.
A rgentina freights continue D uluth____
4.769.000
220,000
461.000
56,000
99,000
270.000
59.000
to advance.
A rgen tin a advices state th at arrivals are M ilw aukee..
1,159,000
392,000
162.000
T o le d o ..
194.000
49.000
300.000
liberal but the dem and urgent at rising prices.
Still it is D e tro it..
7,000
53.000
61.000
95,000
14.000
29.000
42,000
plain enough th at the A m erican crop is very large. Somo Cleveland . .
127.000
St. Louis. _.
93.000
1.379.000
140.000
347.000
66,000
17,000
now corn is being m arketed in Illinois and the Southw est. P e o r ia .........
59.000
57.000
544.000
160.000
55,000
8,000
1 ho Eastern dem and a t Chicago has been indifferent. Somo Kansas City
1.660.000
114.000
123.000
Omaha_____
802.000
114.000
294.000
2 0 0 ,0 0 0 bushels of new to arrivo were sold for export. A Chi­
cago crop report (that of B . W . Snow) says: “ T h e N ovem ber Total wk. ’ 1£
480.000 17.236.000
2.031.000
7.595.000 3.399.000 754.000
wk. 14
410.000 10.214.000
1.892.000
5.792.000 2.528.000 589.000
report of the D ep a rtm en t of A griculture gives the estim ated Same wk. ’’ 13
Same
420.000
6,550,000
3.342.000
4.153.000 2.779.000 407.000
yield per acre, q u ality and total crop of corn upon the basis
Since Aug.
,, tho a®reage originally reported.
T h e estim ate covers j 1915.
4,373,000 140,825.000 40.691.000 70.532.000 26.765.000 7.306.000
all corn of w hatever qu ality and no effort is m ad e to put tho
1914......... 5,364,000,157.239,000 40.382.000 99.221.000 29.548.000 7.304.000
1913--------1 4,743,0001112.136,0001 40[369!000 74.587.000 30.771.000 5.321.000
iiguro into sound or m erchantable corn, or to reduco them to
the basis of feeding value.
T h e estim ato of yield per aero
T otal receipts o f flour and grain a t tho seaboard ports for
tins year due on N o v . 8 , upon the basis of data which wo tho week ended October 23 1915 fo llo w
are now receiving, is likely to prove a surpriso to the grain
F lo u r ,
W h e a t,
C orn ,
O a ts,
B a r le y ,
R ye,
R ece ip ts t —
b bls.
bush .
b u sh .
b u sh .
trade because of its size, even in some of the territory hurt New Y orka......... ..
b u sh .
bush .
299,000 4.333.000
175,000
909.000 291.000 247.000
b y frost; but the average qu ality will be decidedly below B o s to n ............. ..
50.000
41.8.000
1,000
51,000
6,000
2,000
69.000 1.006.000
23.000
norm al. M e re ly in num ber of bushels reported, and w ith­ Philadelphia____
369.000
3,000 253.000
Baltimore........... ..
36.000 2,275,000
34.000
118.000 233.000 211.000
out regard to q u ality, tho N ov em b er estim ate is likely to Newport N e w s ..
158.000
700,000
show a corn crop, dispite frost losses, that will be surprisingly M obile ..................
New Orleans a ___
large. ’ T o -d a y prices advanced. M inneapolis was b u y
Galveston
m g in O klahom a.
Montreal
D A I L Y C LO SIN G P R IC E S O F N O . 2 M I X E D C O R N IN N E W Y O R K
■T „
»
„
S a t. M o n .
T u es.
W d . T h u rs. F ri. '
75% 75% 76
7 5 % 75%
N o. 2 yellow .................................c ts . 76%
D A IL Y C LO SIN G P R IC E S O F C O R N F U T U R E S IN C H IC A G O
„
.
, ,,
,
,
S a t. M o n .
T u es.
W ed . T h u rs. F r i.
Decem ber delivery in olova tor.c ts . 57% 58%
58%
58% 5 7 % 58%
M a y delivery In elovator----------------58% 59%
60%
59% 5 9% 59%

o n*th rough* b ms o f lading''° 8ralU passlns throuKh New Orleans for foreign ports

Tho exports from the several seaboard ports for tho week
O ats advanced, but showed somo irregularity under tho
influence o f prices for other grain. C ou n try offerings, how­ ending October 23 are shown in tho annexed statem en t:
W h e a t,
C orn ,
F lo u r ,
O a ts ,
R ye,
B a r le y ,
P eas,
ever, have been m oderate. T ho available supply o f American
E x p o r ts f r o m —
bush .
b u sh .
bb s
b u sh .
b u sh .
bush .
b u sh .
oats increased last week only 9 8 0 ,0 0 0 bushels, against 1 .2 7 5 ,­ New Y ork..............2,635,171
8,802 105,588
24,621 56,005 84,849 14,480
1,693
B o sto n ................... 172,440
0 0 0 in the same week last year, and the total available sup­ P h iladelphia------ 759,000
4,000
300.000 120,000
Y,6()0
ply in tho U n ited States is only 2 0 ,5 5 0 ,0 0 0 bushels, against Baltim ore------------- 1,695,902
32,840
13,265 123,879 17,426
.........
700.000
4 2 ,0 0 0 ,0 0 0 a year ago and 4 4 ,7 5 0 ,0 0 0 at this tim e in 1913. Newport N e w s .. 158,000
M o b ile ......... ................... ..
40,000 11,000
2,000
........
So that tho supply that can bo readily got a t, despite the big New Orleans------- 224,000
30,000 70,000
1,000
6,000
crop, is less than half what it was at this tim e last year and Galveston................1,223,000
" V,66o
M o n tre a l................1,274,000
20,000
142,000
tho year before. Cash houses a t C hicago, to o , have boon
Total week_ 8,141,513
_
protty good buyers o f D ecom ber.
T he" seaboard has also
79,802 251,121 1,040,880 299,884 245,275 14,480
114,125 371,433
864,020 227,710 186,438
540
bought D ecom ber.
Tho oxport inquiry for N ov em b er- Week 1914......... .4,311,033
T h e destination o f these exports for tho week and sinco
Decem ber shipm ent has a t times been reported good, but
somo o f the foreign bids wero too low . Still, about 1 ,5 0 0 ,0 0 0 July 1 1915 is as below:
F lo u r ----------- W h e a t—
-C o rn bushels were sold for foreign consum ption. T o -d a y prices
S in c e
S in c e
S in c e
wero firm with a good oxport inquiry.
R ye is firm ; exporters „
. ,
,
J W eek.
J u ly 1
W eek.
J u ly 1
W eek.
J u ly 1
E x p o r ts f o r w eek a n d
O ct. 23.
1915.
O ct. 23.
1915.
O ct. 23.
1915
to-d a y took 2 5 ,0 0 0 bushels.
D A IL Y C LO S IN G P R IC E S OF O A TS IN N E W Y O R K .
_
S a t.
M o n . T u es.
W ed . T h u rs. F r i.
S tandards--------------------------------cts . nom. nom . nom . noni. nom. nom.
N o. 2 w hlto----------------------------------- nom . nom . nom .
nom . nom. nom .
1 IN C H IC A G O .
..
. . . .
.
.
S a t.
M o n . T u es.
W ed . T h u rs. F ri.
December delivery in e lova tor.cts. 3 7 % 3 8% 38%
3 8% 38% 39
M a y delivery in elovator__________38%
39% 39%
39% 39% 39%

T h e following are closing quotations:
G R A IN .
Wheat, per bushel— t . o. b.
Corn, per busbi 1—
C ts.
N . Spring, N o. 1, new ____$1 14%
N o. 2 m ixed .. _____ f. o. b
nom.
N . Spring. N o. 2 __________________
N o. 2 yellow
75%
Red winter, N o. 2. new_ 1 24
_
N o. 3 yellow _______________
Hard winter. N o. 2 _______
___
Argentina in bags_______ I
Oats, per bushel, new—
C ts.
R ye, per bushel—
S ta n d a rd __________________ N om .
New Y ork ________________ 5 1 08
N o. 2, white________________ Nom.
Western, N o. 2. new
N o. 3, W hite.................... 41% © 42 Harley— M a ltin g ..............r.'."64@ 66c
F LO U R .
Winter, low grad es.. . . 3 1 3 0 © $ 4 50 Kansas straights,.sacks. $ 5 1 0 @ $ 5 40
Winter patents_________ 5 8 0 @ 6 00 Kansas clears, sacks___ 5 0 0 © 5 20
Winter straights............ 5 2 5 ® 5 50 C ity patents_________
Winter clears....... ............. 5 10© 5 30 Rye flour
................. 4 8 5 © '5 '6 0
Spring p a ten ts..................5 3 0 © 5 60 Buckwheat flou r______ __
Spring straights.................5 15© 5 40 Graham flou r.................. 4 35@ "4*75
Spring cleat’s ....... ............ 4 9 0 © 5 10

E X P O R T S OF B R E A D S T U F F S , P R O V IS IO N S , C O T ­
T O N A N D P E T R O L E U M .— T h o exports o f those articlos
during tho m on th o f Septom bor and tho nino m onths for tho
past three years have beon as follow s:




s i n c e J u ly l to —

b b ls.

b bls.

b u sh .

bush .

b u sh .

.......

bush

United K in g d o m ... 62,026 1,415,446 3,084,677 26,246,500
Continent................. 43,619
801,784 5,051,676 48,775,144
Sou. & Cent. A m er. 93,318
692,787
4,100 1,305.719
West In d ies.............. 46,681
421,566
1,000
33,000
Brit. N o. Am . C ols. 1,936
17,978
..................................
Other Countries____ 3,541
101,062
408,875

18,480
00,264

144,917
1,718,101
1,322,050
848,918
1.942
0,781

T o t a l .. ................251,121 3,450,623 8,141,513 70,829,238
Total 1 9 1 4 ............ 371,433 4,261,262 4,311,033 105916,645

79,802
.
114,125

4,042,715
. ______
2,457,454

T h e w orld’s shipm ents of wheat and corn for tho week
ending October 23 1915 and sinco July 1 1915 and 1914
are shown in the follow ing:
W h e a t.
E x p o rts.

1915.
W ee k
O ct. 23.

1
S in c e
1 J u ly 1.

C orn .

1914.
S in c e
J u ly 1.

1915.
W eek
O ct. 23.

1
S in c e
| J u ly 1.

B u sh els. 1 B u sh els.
B u sh els.
B u s h e ls . | B u s h e ls .
North Amer* 12168000 120,541,000 137,293,000
18,0001 3,519,000
176,000
3,082.000 11.922.000
D a n u b e____
2.347.000
Argentina . .
i l l 666:
7,71V,666
3.722.000 3,730,000 84,662,000
Australia___
7.864.000
I n d ia ...........
--------- 1 11,292,000 12.584.000
Oth. countr's 238.000, 3,666,000
2.773.000
82,000
1,436,000

T o t a l ____ 12726000 146,295.000 178,505,000 3,830,000

1914.
S in ce
J u ly 1.
B u s h e ls .

1.690.000
1.531.000
9.431.000
50,866,000

89,017,000 03,518,030
* North America. The Canadian Government has officially prohibited tho
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.

THE

Oct. 30 1915.]

T h e quantity of w heat and corn afloat for Europe on dates
m entioned was as follow s:
Corn.

Wheat
United
Kingdom. Continent.

Total.

Untied
Kingdom.

Continent.'

Total.

Bushels. 1 Bushels.
Bushels.
Bushels.
________ 31,092,000
35.944.000
________ 32,938,000
35.680.000
Oct. 16 1915..
.............. 20,655,000
30.200.000
Oct. 24 1914..
18,536,000 33.272.000 11,492,(100 10,787,000 22,279,000
Oct. 25 1913. - 14,736,000
Bushels.

Bushels.

T h e visible supply of grain, comprising the stocks in
granary at principal points of accum ulation a t lako and
seaboard ports October 2 3 1915 was as follow s:
GRAIN STOCKS.
Oats,
Corn,
W h e a t,
bush.
bush.
b u sh .
166,000 1.030.000
New Y ork________________ 1,538,000
22,000
1,000
B o s to n ____________________
1.000
249.000
51.000
949,000
P h iladelphia....... ...................
128,000 1.893.000
Baltimore.....................
1,234,000
200.000
Newport News...................
189,000
114,000
125',666
New Orleans---------------------- 1,082,000
10.000
Galveston__________________
800,000
421.000 1.533.000
B uffalo...................................- - 1,033,000
455.000
30.000
544,000
T o l e d o - ...................
305.000
132.000
D etroit.....................................
233,000
C h ic a g o ...................................
978,000 2,303,000 4.144.000
703.000
79.000
M ilwaukee------------------------35,000
694.000
D u lu th ____________________ 4,323,000
22,000 1.720.000
873,000
M inneapolis— ..................—
348.000
134.000
St. Louis______ _______
660,000
317.000
38.000
Kansas C it y .................
700,000
535.000
30.000
Peoria.......................................
4,000
469.000
171.000
Indianapolis_______________
220,000
398.000
29.000
O m aha..................................
386,000
96.000
104.000
On lakes - ......... - ..................... 4,092,000
45.000
On canal and river..............- - 130,000
U n ite d S tates —

lin e,

bush.
198.000
93.000
58.000
533.000
2,000

Barley,
bush.
94.000
127,000
1,000
65.000

35.000
3,000
22.000
64.000
31.000
57.000
11.000
37.000 1,714,000
25.000 527,000
7.000
1,000
...........
3.000
15.000
78.000

1489

C H R O N IC L E

15,000
530,000

D O M E S T I C C O T T O N G O O D S .— T h e com pilation of the
w eekly returns of exports of cotton goods has been tem ­
porarily discontinued by the N ew Y o rk C ustom H ouse.
Staple cottons rule quiet, as dem and has fallen off con­
siderably during the past week. Prices are holding firm in
m ost cases, and in some instances advances have taken plade.
G ra y goods and prints are easier in tone and the former
have been m arked down about Jdsc. per y ard .
Reductions of
M e . have also been m ade on some w idths o f sheetings.
Staple lines of bleached and brown cottons are firm ly held
with dem and stea d y. Brow n cottons are in the strongest
position and are likely to continue so.
Prices ruling on these
are considered to be low in com parison w ith the cost of cot­
ton , and selling agents are not anxious to book far into the
future. T ickings are decidedly firm and standard 8-ounce
goods have been advanced a full cent per y a rd .
In the
colored goods end of the m arket considerable unsettlem ent
is resulting from the scarcity of dyes.
T h e low levels at
which gingham s were opened attracted increased business
and standard gingham s during the week were advanced
Y ic. to 6 M e . per y ard . Fine dress gingham s are unchanged,
the dem and for these not having been so good.
M a n y mills
report that they have been com pelled to cancel some of the
orders on colored goods which they accepted earlier, owing to
their inability to guarantee the fastness of colors.
G ray
goods, 38-inch standard, are quoted 4 M e .
" W O O L E N G O O D S .— There is little change in the woolen
and worsted situation. M ild weather continues to hurt
fall and winter trade and m an y jobbers are asking mills
to hold back further shipm ents of heavy-w eight goods pend­
ing instructions.
T h is has not affected prices, how ever,
w hich continue firm , and selling agents state that while
they have received cancellations from some quarters they
have booked sufficient now orders to more than offset the
loss.
L ate dem and for broadcloths is good as these goods
aro largely favored b y the garm ent trade in m aking up the
new fur trim m ed garm ents.
V elveteens and corduroys are

Total Oct. 231915......... 20,613,000 3.974.000 15,270,000 1,151,000 3,476,000
Total Oct. 161915_____ 18,888,000 4.829.000 15,177,000 1,401,000 3,605,000
Total Oct. 241914------- 63,149,000 3.074.000 32,016,000 1,940,000 5,033,000
Total Oct. 251913_____ 53,505,000 7.075.000 31,839,000 1,866,000 4,855,000
x r n tr — Bonded grain not Included above: Wheat. 1,916,000 bushels at New York,
202 000 Baltimore 113,000 Philadelphia, 67,000 Boston, 1,712,000 Buffalo, 319,000
T i.ii’iitiv tJ.tn.1 4 329 000 bushels, against 1,552,000 bushels In 1914. Oats, 47,000
T
bMhete a Duluih.agalnsttotal of 447,000 In 1914; and barley, 62,000 bushels at |
“
iu i u n u n a u
— f ’ ~I “~ ~
' fc L jj „
New York 35,000 Boston, 21,000 Baltimore, 31,000 Buffalo, lo.ooo Duluth; : a l s o b e i n g e x t e n s i v e l y u s e d i o i t h e s a m e p u i p o s e .
i la icls
total, 198,000 against 100,000 bushels In 1914.
' ’
’
4
f.-i-i- - i
and checks aro not so suitable .to .these styles and consequently
Montreal.......................
2,925,000
Ft. William .fe Port Arthur. 10,938,000
Other Canadian.................. 4,203,000
Total
Total
Total
Total

Oct.
Oct.
Oct.
Oct.

23
16
24
25

1915........... 18,066, 00
1915______ 15,299,000
1914______23,028,000
1913--------- 17,080,000

Amc“
T 7 - .......................20.613,000
Canadian 1.............................18,000,000
Total
Total
Total
Total

Oct.
Oct.
Oct.
Oct.

23
16
24
25

1915...........38,679,000
1915_____ 34.187,000
1914______86,177,000
1913--------- 70,585,000

9,000

182,000
1,711,000
153,000

11,000

118,000

9.000
4.000
50.000
52.000

2.040.000
1.304.000
4.367.000
6.907.000

11,000
7,000
--------18,000

118,000
119,000
155,000
543,000

3,974,000 15,270,000 1,151,000 3,476,000
9,000 2,046,000
11,000
118,000
3.983.000
4.833.000
4.024.000
7.127.000

17,316,000
10,541,000
36,3,83,000
38,800,000

1,162,000
1,408,000
1,940,000
1,884,000

3,594,000
3,724,000
5,188,000
5,398,000

THE DRY GOODS TRADE
New York, Friday Night, Oct. 2 0 1915.
W h ile dry goods m arkets have been less active during the
w eek, the undertone continues good. There aro several fac­
tors which servo to check a ctivity. Chief am ong those is
the sharp decline of cotton futures which it is feared m ay_go
further. T h is has made buyers of staple cottons more cau­
tious in covering thoir futuro requirements until they see
w hat the effect will bo upon finished goods prices. A nother
reason for the quieter tone is found in the fact th at buyers
covered thoir requirements liberally on the recent advatico
and aro not compelled to bid for goods. C o tto n mill agents
report sales stead y, but that since the break in the cotton
m arket, buyers are less willing to m eet m ill qu otation s.
T h e y state that no revision of prices is con tem plated , how ­
ever, as present quotations aro not considered too high, in
view of the cost of raw m aterial. T h e slum p in the cotton
m arket is attributed by m anufacturers to speculative opera­
tions which arc not oxpectod to continuo. M o s t mills aro
com fortably situated through the turn of the year and are
not seeking business at the oxponso of profits. Jobbing busi­
ness is active, despite the quietor tone in prim ary m arkets.
M o s t jobbers roport a steady call for both plain and fancy
goods from retailors in all sections of the cou n try.
In general
the ordors aro sm all and call for im m ediate and nearby d e ­
liveries, bu t they aggregate a good v olu m e. Jobbers aro ex­
periencing a better call for colored goods from retailers who
aro anxious concerning the dyo situation.
R etail business is
im proving, but salos aro still held back b y m ild weather,
particularly in knit goods. A week or two of cold weather
is neodocl for rotailers to start their stocks m ov in g. T h e ex­
port situation is little changed.
Reports aro received daily
of new war contracts being closed, but these aro confinod
chiefly to the woolen and cotton duck trades. South
Am erican and W e s t Indian dem and for staple cotton and
m anufactured dry goods is steadily expanding as a result of
the inability of European m anufacturers to com poto. Higher
prices on shootings and drills aro preventing further inquiries
from being closed with R ed Sea and In dia, while nothing
now is heard from C hina.




the earlier heavy bookings of these have been reduced ex­
cept in heavy plaids suitable for sport cloaks. Spring busi­
ness is fa ir, but sales are not h ea v y , dem and is still confined
to staple fabrics, very little attention having as y et been given
to fancy goods.
F O R E I G N D R Y G O O D S .— D em an d for linens continues
active. Stocks are becom ing more irregular every d a y,
prim ary distributors finding it impossible to renew the
num bers they are in need of m ost.
Retailers are m aking
active inquiry for all kinds of stock goods in preparation for
the “ T hank sgiving” and “ M id w in ter” special sales, with the
result that there is an active dem and for prom pt and nearby
delivery. A good business is being done in substitute goods
which are m eeting the requirements of the lower-class trade
very satisfactorily. H igh-grade table linens and toweling
aro hard to obtain except a t prices which only the best can
afford. Inquiry for dress linens for next spring delivery is
good , and if importers were in a position to quote liberally,
a largo business could be done.
H andlers of dress linens are
m uch concerned about securing their necessary stocks of
colored dress linens for the com ing season, as they believe
that hard fast colors will be difficult to secure. T h e fact that
dress linens will bo scarce is expected to cause them to be
more popular than ever as a sum m er dress fabric, particu­
larly as current styles are suitable to their use. T h e m arket
for burlaps is more or less irregular, a fair dem and being re­
ported for h eavy w eights, while light weights are quiet iind
easier in tone.
Light weights are quoted 5 .2 5 c . to 5 .3 o c .,
and heavy weights at 7 .7 5 c .
I m p o r ta tio n s & W a r e h o u s e W it h d r a w a ls o f D ry G o o d s.
T h e im portations and warehouse withdrawals of dry goods
a t this port for the week ending O ct. 2 3 1915 and since
Jan. 1 1915, and for the corresponding periods of last year,
wore as follow s:
Im p o r ts E n te re d fo r C o n s u m p tio n fo r th e W eek a n d S in ce J a n . 1
W eek E n d in g
O c t . 23 1915.
V a lu e.
P kgs.
%

M anufactures o f—
W o o l.................................................
C otton
...........................................2.151
455
S ilk --------------F l a x _________________
1.081
M iscella n eou s_________________ 1,262

131,977
480,914
156,130
111,713
553.532

S i n c e J a n . 1 1915.
P kgs.
V a lu e.

27,356
87,769
45,958
40,767
89,259

$
7,180,957
23,289,295
21,032,059
9.333,798
12,682,90-4

1,434,266 291,109 73,519.013
. 6.784 1,739,962 436,697 107,745,420
als T h r o w n U p o n th e M arket.
M anufactures o f-

287
480
151
1,101
341

80,047
154,882
131.280
130,308
119,476

15,560
22,696
14,534
22,344
53,625

4,826,074
7,018,423
5,524,282
4,538,929
4.699,103

. 2.360

C otton
S ilk ...

615,993
1.434,260

128.759
291,109

26,606,811
73,519,013

.
.
.
.

. 7,783 2,050,259 419.868 100.125,824
T otal marketed 1915----. 8,894 2,301,487 599,952 136.971.034
T otal marketed 1914----I m p o r ts E n te re d f o r W a re h o u s e D u r in g Sam e P e rio d .
M anufactures of—
3,414,533
10.550
19,203
W o o l..............- .................................
444
5,467,118
17,416
88,095
220
C o t t o n _________________________
f2 0
4.390,205
11,658
38,450
.
105
Silk......................................
4,212,936
103,498
21.212
. 1,783
F l a x ............- ..................... 4,172.507
99,243
51,295
..
386
M iscella n eou s_________________
380
21,657,299
73,519,013

. . 2,938
Entered for consum ption------------ 5,423

348.489
1,434,266

112,131
291,109

8,361
.10,304

1,782,755
2,853,084

403,240 95,176,312
573,559 140.390,349

1490

S T jV r £

THE

M E

C IT Y

S p o k a n e , W a s h .— Bond Call.— T h e follow ing specialim provem ent bonds have been called for paym en t a t the
C ity Treasurer’s office on N o v . 15 :

News Items.
C o u n t y , M is s .— Commission
Form of Government Defeated.— T h e question of establishing
the com m ission form of governm ent failed to carry, it is
stated , at an election held O ct. 19 . T h e vote was 2 0 5 “ fo r”
and 221 “ a g a in st.”
G r e e n v ille ,

[Vol, 101

C H R O N IC L E

W a s h in g to n

I t a l i a n G o v e r n m e n t L o a n .— Public Offering.— In the
advertising colum ns of to -d a y ’s issue will bo found full
details of the $ 2 5 ,0 0 0 ,0 0 0 6 % one-year convertible gold
notes of the Italian G overn m en t offered to the public a t par
and interest.
M in n e s o t a .— County Ditch Bonds, Their Security and
Method of Issuance.— W o print the follow ing from a letter
addressed to us b y M r . J . L . G eorgo, Treasurer o f Beltram i
C o u n ty , as illustrating the m ethod o f issuing county ditch
bonds in M in n eso ta and the security back o f such bonds:

Im p t.

N a m e.

D is t.
N o.

Paving—B row ne’s A d d .. 675
Howard S t_____ 678
M on roe St_____ 1 025
10th A v o ______ 662
W ashington S t. 856
Grade—
Arthur S t _____ 882
Bridgeport A v o . 476
Bryant A v o . . . 870
Helena St______
1
M adison S t ___ 719
Post St_________ 653

B o n d s c a lle d
u p to a n d
in c lu d in g .

Im p t.

N am e.

D is t.
N o.

Grade—
1423
Rich A v o ____ . . 600
33
16th A v o ____ . . 663
9
16th A v o ____ . . 855
22 Walk—
41
M ain A vo___ ..1 0 7 7
W ater M ain—•
17
18th A v o ____ _ .W 4 4
13 Sower—
A l l o y _______ . . 964
17
62
l lt h A v o ____ . . 968
24
5th W ard____ . .
3
30

B im d s c a lle d
u v to a n d
in c lu d in g .

10
33
10
13
7
4

2

18

Bond Proposals and Negotiations this week
have been as follows:

ABERDEEN, C h e h a lis C o u n ty , W a s h .— B O N D S A L E . — T ho tw o is­
sues o f 5 43 % gold cou pon bonds (V . 101, p . 957) havo boon disposed o f as
follows:
I would lilco to call particular attention to the fact that our ditch bonds $400,000 water-works-system im provem ent and extension bonds author­
ized b y vote o f 1,209 to 178 at an election held Sept. 25, wero
aro secured b y a lien which is practically a first m ortgage on tho lands
awarded to G eo. l i . T ilden & C o. o f Seattlo at 101.10 on Sept. 29.
being im proved b y tho drainage now under construction. A largo amount
D ato Oct. 1 1915. D uo on Oct. 1 as follows: $10,000 1 9l8 and
o f tho lands benefited aro Governm ent lands, which under tho Volstead
1919, $15,000 yearly from 1920 to 1925 incluslvo, $20,000 1926
A ct o f Congress o f M a y 20 1908 aro [mado available for im m ediate hom oand 1927, $25,000 yearly from 1928 to 1931 inclusive, $35,000
stead filing without residenco or im provem ent on paym ent to tho Govern­
1932 and 1933, and $40,000 1934 and 1935: subject to call all
m ent o f tho prico o f $1 25 per acre and tho usual fees. This law also pro­
unmatured bonds on O ct. 1 1930 or any interest-bearing dato
vides for tho sale o f the delinquent taxes on these lands (tho tax is only tho
thereafter.
interest on tho drainage assessment) and for bidding an excess which,
25.000 bridge purchase bonds authorized b y vote o f 1,218 to 146 at a
over and abovo tho total drainago assessment is paid to the Governm ent
election held Sept. 25, have been purchased b y A . J. W est a
as a bonus on tho lands, when tho purchasers filo on tho certificates pur­
101. Dato Sept. 1 1915. Duo Sept. I 1925.
chased at tho sale.
D onom . $ ,000. Principal and semi-annual interest payable at tho C ity
During tho past three years, there has been over a half a million acres
o f Governm ent lands added to tho tax lists o f tho C ounty through this law. Treasurer’s offico , or at the W ashington State fiscal agency in Now Y ork
T h o bonuses bid at tho tax sales have run as high as §200 a forty, though C ity , at op tion o f purchaser.
ADA, H a rd in County, Ohio.— B O N D S A L E .— On O ct. 25 the tw o issues
that is tho extreme, tho average being between §5 and $ 1 0 a forty-acre
o f 5 43% 5 43-year average cou p, street-im provem ent bonds, aggregating
tract.
I f ablo to sell tho bonds to secure tho necessary funds this cou nty will $11,000, were awarded to Sidney Spitzer & C o. o f T oledo at 103.36, it is
drain and iinprovo and place in tho hands o f actual settlers within tho stated.— V . 101, p. 1208.
next few years every aero o f swamp lands in tho cou nty. T ho population
ALBANY, N. Y.— B O N D O F F E R I N G . — Proposals will bo received until
and tho valuation o f tho cou nty will m ore than doublo in fivo years.
11 a. m . N o v . 10 b y John M . P oll, C ity C om ptroller, for tho following
T hose settlers which have been benefited b y tho partial drainago o f thoir 4 \ i % registered bonds:
lands aro only too anxious to pay for further ditches and aro petitioning $100,000 water-system-extension bonds. D enom . $1,000. D uo $5,000
for branches and laterals to tho main ditches on which they aro now making
yearly on N o v . 1 from 1916 to 1935 inclusive.
paym ents and aro perfectly willing to bo further assessed.
30.000 State St. im provem ent bonds. D enom . $1,500. D uo $1,500
E very m ile o f d itch provides a m ilo o f road, which is o f great valuo in
yearly on N o v . 1 from 1916 to 1935 inclusive.
this unsettled cou ntry, whero it costs from $1,500 to $3,000 a m ilo to con­
28.500 Stato St. im provem ent bonds. D enom . 15 for $1,000, 15 for
struct roads.
$900. Due $1,900 yearly on N o v . 1 from 1916 to 1930 inclusive.
T h o Governm ent should do all this w ork, but it will n ot, but has given
33.000 South Pearl St. im provem ent bonds. Denom . 30 for $1,000, 15
tho counties tho right, and all that is necessary is to secure tho funds, i f
for $200. Due $2,200 yearly on N o v . 1 from 1916 to 1930 incl.
tho G overnm ent would allow the cou nty to retain tho excess as a m ainten­
30.000 N orthern Boulevard improvem ent bonds. D enom . $1,000. D uo
ance fund instead o f requiring it to bo paid as an additional prico on land
$2,000 yearly on N o v . 1 from 1916 to 1930 inclusive.
that Is not worth 10 cents an aero until ft is drained, it would m ake matters
13.500 W illett St. im provem ent bonds. Denom . $900. D uo $900
still easier for us.
yearly on N o v . 1 from 1916 to 1930 inclusive. This issue will bo
purchased b y tho C ity C om ptroller for tho Sinking Funds.
S p r in g fie ld , 111.— Decree in School Case Modified.— A c ­
Theso bonds aro non-taxablo. D ato N o v . 1 1915. Int. M . & N . b y
cording to tho Springfield “ R egister,” on O ct. 20 tho A p p ell­ check. C ertified check for 2 % o f bonds bid for, payablo to Chas. E . W alsh,
ate C ourt m odified its opinion in tho caso of H yslor v s . T ho C ity Treasurer, required. B onds will be ready for delivery N o v . 15. or as
soon thereafter as possible. T ho legality o f theso bonds will bo examined
Springfield School D istrict, in which tho Circuit C ourt of b y Caldwell, M assfich & Itccd o f N ow Y o rk and A . L . Andrews o f Albany,
Sangam on C ou n ty was directed to issue an injunction re­ and their opinions will bo furnished purchaser.
ALLIANCE, Stark County, Ohio.— B O N D S A L E . — On O ct. 25 tho
straining the acquiring o f a site, tho orectionof a b u ild in g ,a n d
seven issues o f 5% bonds, aggregating $79,390, wero awarded as follow s,
the issuing of bonds for tho now D ouglas school. A t the it is stated— V . 101, p. 1208:
same tim e tho A p pellate C ou rt allowed a m otion that a $40,000 sewage-disposal bonds to W m . R . C om pton C o. o f St. Louis
at 107.27.
certificate o f im portance bo issued, which will allow tho case
30,200 four Issues assess, street-im provem ent bonds to T illotson & W olcott
to bo taken up a t tho D ecem ber term o f tho Supremo C ourt,
C o . o f Cleveland at a total premium o f $242 07.
990 street-im provem ent assess, bonds to Stacy & Braun o f Toledo
whereas in the regular course o f events it w ould n ot havo
for $993 10. equal to 100.313.
reached tho higher court until F ebruary.
Tho opinion
8,200 street-im provem ent, c it y ’s portion, bonds to Sidney Spitzer & C o.
o f T oled o for $8,776 50, equal to 107.030.
handed down b y tho A ppellate C ourt is m odified in several
AR CAD IA, Los Angele 3 County, Calif.— B O N D S A L E . — Reports
details, tho m ost im portant of which is tho elimination of all
stato that Girvin & M iller o f Los Angeles havo purchased tho $150,000
reference to the bond issue.
543% i-40 -y r. ser. coupon tax-free street-im pt. bonds.— V . 101, p . 709.
ARDM ORE, Carter C ounty, Okla.— B O N D S A U T I I O R I Z E D . — Re­
ports state that tho C ity Commissioners havo authorized tho issuanco o f
$20,000 funding bonds.
ATLAN TIC C IT Y , A tlantic County, N. 3 . — B O N D S A L E . — Tho
B ir m in g h a m , A l a .— Bond Call.— T h e following bonds havo
Sinking Fund Comm issioners havo purchased at par and int. tho following
been called for redem ption: C ity public-im provem ent bond 4 44% bonds:
,
N o . 4 7 , Sories 5 6 8 ; bonds N o s . 1 to 5 , in ch , o f Series 57 2; $ 2 1,0 0 0 park bonds purchased June 3. D a to July 1 1914. D u o July 1 1944.
15.000 harbor-im provem ent bonds purchased July 1. D ato Jan. 1 1915.
bonds N o s . 1 to 6 , in ch , of Series 5 7 5 ; bonds N o s . 3 and 4 of
Duo Jan. 1 1940.
16.000 conduit bonds purchased June 3. D ato Jan. 1 1915. D uo Jan. 1
series 5 8 2 , all issued O ct. 1 1912, to bo redeemed a t the O ct. 1
1935.
1915 interest period. B onds N o s . 3 , 4 , 14 and 15, 21 to 31
10.000 lighting bonds purchased Juno 3. D a to July 1 1914. D uo July 1
in ch, 4 0 , 5 0 , 51 and 5 2 , N o s . 7 0 to 74 in ch, 8 4 and 8 5 ,
1934.
32.000 paving bonds purchased Juno 3. D a to Jan. 1 1915. D u o Jan. 1
N o s . 9 5 to 9 9 , in ch , N o s . 115 to 142, in ch, and N o s . 157 to
1934.
16 0, inch; all of theso were issued O ct. 2 1 9 11 , to bo redeemed
D onom . $1,000. Interest J. & J.
AT LAN T IC C IT Y SCHOOL D IS T R IC T (P. O. Atlantic City),
a t tho O ct. 2 1915 interest period.
A tlantic County, N. J.— B O N D S A L E . — T ho Sinking Fund Comm ission­
B o is e C ity , A d a C o u n t y , I d a h o .— Bond Call.— P aym ent ers o f A tlantic C ity purchased at par and int. on Sept. 30 an issuo o f $15,000
will be m ade a t tho C ity Treasurer’s offico, through tho P a­ 444 % 30-yr. school bonds. D en om . $1,000. D a to J a n . 1 1915. I n t .J .& J .
AT LAN T IC H IG H L A N D S , M onm outh County, N. J.— B O N D S A L E .
cific N ation al B a n k , Boise C ity on N o v . 1 o f tho following
— On O ct. 26 the $25,000 5 % 13-year averago cou p, (with priv. o f rcg.)
5 % coupon bon d s: N o s . 11 to 5 0 in ch , for $ 5 0 0 oach, and sower-oxt. bonds wore awarded to O utw atcr & Wells o f Jersoy C ity at 102.01
dated July 1 1902; N o s . 73 to 119 inch for $ 5 0 0 each, and and int.. a b a s iso f about 4 .7 8 8 % . V. 101, p. 1301. Other bids wero:
Geo. B . G ibbons & C o ., N .Y . 101.76 M . M . Freeman & C o ., Fhlla.101.033
N o . 120 for $ 3 5 4 6 5 , dated July 1 1900, and N o s . 8 to 71 K ountzo B ros., N . Y _ . ------ 101.75
Harris, Forbes & C o ., N . Y . . 100.679
B ond & G oodw in , N . Y __ ..1 0 1 .1 4 4
in ch, for $ 1 ,0 0 0 , dated July 1 19 04 .
B AG L
SCHOOL D IS R IC T
2 (P. O.
H a r t fo r d F ir s t S c h o o l
D is t r ic t (P . O . H a r t fo r d ), Bagley), EY INDEPENDENT M inn.— B O N D S T V O T E D . No. ho question
Clearwater County,
—T
C o n n .— Bond Call.— P aym ont will be m ado on or a fto r o f Issuing $25,000 high-school-building bonds carried, it is stated, b y a
N o v . 1 a t tho H artford T ru st C o . in H artford o f tho $ 3 5 ,0 0 0 voto o f 96 to 24 at a recont election.
BEACON, Dutchess County, N. Y . — B O N D O F F E R I N G . — B i d s w i l !
4 % coup, bonds dated M a y 1 1 8 97 .
bo received until 12 m . N o v . 1 b y M oses Lam ont, Cornmr. o f A ccounts, fo
$12,000 443 % reg. tax-freo streot-paving bonds. D onom . $1,000. D a t”
I o w a .— Certificate Call.— P aym en t will bo m ado a t tho
Sept. 1 1915. Int. M . & 8 . at M attowan N at. Bank, Beacon. Duo par®
State Treasurer’s office on or before D e c . 1 o f tho following each six m onths. C ert, check for 2 % o f bid, payablo to abovo Commiss*
certificates issued for the purchase o f additional grounds for sioner, required. Bonded debt Incl. this Issuo, $542,020. Assess, val.
1915, real $6,288,584; personal $608,875. Theso bonds wero offered but
the State C ap itol: N o s . 7 6 to 150, inch; 2 1 2 to 2 7 2 , incl; not sold on O ct. 18.— V . 101, p . 1395.
3 3 5 to 3 9 6 , inch; 4 7 2 to 5 4 6 , inch; 6 0 8 to 6 6 8 , inch, 731 to
BELL C O U N T Y (P. O. Belton), Tex.— B O N D S A L E . — On O ct. 15
7 9 2 , inch; 8 0 8 to 8 2 2 , inch; 8 2 8 to 8 3 2 , inch; 8 4 8 to 8 6 2 , inch; tho $250,000 5% R oad D ist. N o . 10 road-construction bonds (offered on
Sept. 1) wero awarded to IT. C . P oo, Pres, o f tho T em ple Stato Bank, It is
and 8 7 8 to 8 9 2 , inch
stated, for $253,333 (101.333) and int.— V . 101, p. 634.
BELMONT T O W N SH IP, W abash County, Ills.— R O N D E L E C T I O N .
R e p u b lic o f C u b a .— Bond Call.— A . B . Loach & C o . of
A Centralia, Ills., nowspapor states that an election will be held to-d ay
N e w Y o rk were advisod O ct. 2 6 that the following numbored (O ct. 30) to voto on tho question o f issuing $50,000 road bonds.
Intorior D e b t 5 % bonds (am ounting to $ 5 0 ,0 0 0 par valuo)
BERESFORD, Union County, So. D ak.— B O N D S A L E . — On O ct. 19
havo been drawn for paym ent a t tho T reasury in H a v an a on $18,000 5 % funding bonds wore awarded to Schanko & C o. o f M ason C ity
at par and interest less $75 for expenses. D enom . $1,000. D ato July 1
N o v . 2 8 , on which dato interest will cease: N o s . 10,501 to 1915. Int. J. & J. Due $5,000 1920 and $1,000 yearly from 1921 to 1933
1 0 .5 5 0 inch; 2 1 ,9 0 1 to 2 1 ,9 5 0 in ch; 5 5 ,9 0 1 to 5 5 ,9 5 0 inch; inclusive.
BLACKFORD CO U N T Y (P. O. Hartford City), In d .— B O N D S A L E .
6 3 ,0 0 1 to 6 3 ,0 5 0 in ch; 7 0 ,6 5 1 to 7 0 ,7 0 0 inch; 7 9 ,3 0 1 t o 7 9 ,3 5 0
O ct. 26 tho $26,000
inch; 8 2 ,5 0 1 to 8 2 ,5 5 0 inch; 8 2 ,8 5 1 to 8 2 ,9 0 0 in ch ; 8 3 ,5 0 1 to — On awarded, reports stato,443% 10-yoar county-infirm ary-bldg, bonds
wero
to tho Indiana T r. C o. o f Indianapolis for
8 3 .5 5 0 inch and 10 5,15 1 to 1 0 5 ,2 0 0 inch
$26,705, equal to 102.711, a basis o f about 4 .1 6 5 % .— V . 101, p. 1033.

Bond Calls and Redemptions.




THE

<$ct. 30 1915.]

nrrp
B L A C K H A W K C O U N T Y Of.

S

S

S

s

s

S
s

s
s

S

g a l e

b

s

s

ptvpr

T O W N SH IP , Moore C ounty, No. Car.— BOND OFFER­

ING.— Further details aro at hand relative

S

the $13,500 funding bonds mentioned In V. 101, P- 103-

1491

C H R O N IC L E

’J * 'bSnds— V “ 10lT p* °1396.

—

r

than $100 and not more than $ 1 .000. D a t e D ec. l

payableat

for $200 required. The t ^ . ^
no Indebtedness.
states that
il'i^comen^lat^^on^oversy^or^iitigatU)nir«^ar<iing the bonds and

s

r°l| p q MOINPS INDEPENDENT SCHOOL D ISTR ICT (P. O. Des
“

S

m

m

M

tO T O T O
D jg .
B O N D O F F E R I N G — Proposals ^ 111 be recei c
Q fi%
d bonds.
^enH
omN $
»
S I,000 yearly for 40 years.
Cert, check for $1,500 required.
C A L I F O R m A .-K W D

S

A

L

$1,800,000 4 Yi % 26-yoar aver. 8®!“ coupo
building bonds were awarded to
h . «o n

S

of school building bonds.

.rmimniTETi
Tt,«
D O D G E C IT Y Ford County, K an . — BONDS AUTHORIZED-. The
City Commission recently passed an ordinance, it is stated, providing
the issuanco of 5% 3-year Central Avenue sewer bonds.

„t o i l M S

gan Francisc0 at 102.804

a basis o f abou t 4.3 % ■
•
■
D S 0FFER E n B Y B A N K E R S —
C A N T O N , L ew is C o u n ty . M o
^ iV nvestors $14,000 5% wator-worksL ittlo & W sof
*500
l)a to Sept. 1 1915. Principall and sernisystom bonds. Dcnoni^ SoUU- ^ ^ ^ ^ f £ e N a liollai Bank o f Comm erce,

failed to carry at the election held Sept. 8 .
n n O T B Morris Countv N. 3 . — BOND SALE.— On Oct. 25 the $20,-

Other uiua wcio.
Uiuur bids were:

Including
nhn nnn
(estlnm ted), $ .
■
• D I F T R I C T (P- q . Carthage), Jasper CounC A R T H A G E F L E C T I O N .— It is reported that an election will be held
&W M 0
submit t o a vote the question o f issuing $7,000 im pt. bonds.
CEDAR RAPIDS, Linn County, Iowa.— B O N D S A U T H O R I Z E D .
T h e C i t y Council oil O ct. 15 authorized the issuanco o f $25,000 dam -

0- n
&
Outwater & Wells, Jer-C it y -101-379 Geo. B. GibbonsIN. C o.. N .Y .100.87
Kountze Bros..
Y
H. L. Crawford & Co., N. Y.101.375 J. S. Rippel, Newark ---------- 100.80
Dover Nat. Dank, D ov er.-1 01.2 95 N. W . Halsey & C o., N. \ -.100.765
It. M . Grant & Co.. N . Y . 101.071 Morris County Sav. Bank, 100.75
Hamilton Tr. C o., Paterson. 101.000
M o r r i s t o w n ------------------------Citizens’ Nat. Bk., Nctcong lOl.OOO
The Dover Trust Co. --------■ bid par for $ 10 ,000.
of Dover
*
. ,
I lie UUVCl Ai uo«

C H A N U T E ,U Neosho ^C ou n ty, K an s.-B O N D S T O B E O F F E R E D
°C
S l& R T L Y ^ O is p a t c h e s state that this city will shortly offer for salo an
Ksuo o f $37,000 5 % sewage-disposal and publlc-im pt. bonds.

CH ILLICOTHE Ross ^ounLy,jt Ohio.— B O N D O F F E R I N G . — Bids
Ross County, «
)jy Robort D Alcxander,
will bo received. until 12
for $19,000 5 % 6 l - y r . average city
A
bony s ° Int. seini-ann .“ c ert. check for 2 t f % required.
d
CITRONELLE, Mobile County, A la.— B O N D O F F E R I N G ^ — ProC iT ^r ill lie received at onco for the $15,000 water-works and $10,000
sowerage-systeni 6% 10-year bonds authorized b y v oto o f 60 to 8 at an

n 1160

1923 and 1924: $6,000 1925 and 1926; $7,000 192/ and 1928. $8,000
1929 1930 and 1931; $9,000 1932 and 1933; $10,000 1934;

’C O U N T Y ‘(“ .'S '. I t J o h n .) , M i c h - R O N D
.— It is stated that in April 1916 the questions o f issuing
$8 5,0 0 0 trunk line road and $15,000 W olverino roadway bonds will bo
subm itted to the voters.
r % r \ K j p p n v F SCH OOL D IST R IC T (P. O. Coal Grove), Lawrence
“

S

$100,000 of these bonds wero sold on I- eb. 27■— \ • 100. p. 832.

o h

PROPOSED

s l l i s s i s & is s
S S H S S S S '
i

H

s

s

i

s

f

f

i

s

s

^ • oo°

$3 000 1922, 1923 and 1924; $3,500 1925. 1926, 1927 and 1928,

— V. 1 0 1 , p . 148.
_ n n a r n O F F E R I N G .— Proposals will bo received
nH ?2 ”
L.y
N ov f e
S
R ow land, Secy, o f Sinking Fund Trustees,
for tho following 4 % tax-free bonds:
$7,000 W hitehorn A ve. im pt.
*10 000 street-cleaning equip. (2 ).
11.000 Siebert St. im pt.
7.000 ga rb a g e-d isp osa l.
18.000 Jenkins A vo. im pt.
40.000 Hilltop fire house.
9.000 Cleveland A vo. im pt.
35.000 elec, light, plant ext. No. 5.
3.000 R oso A ve. im pt.
21.000 D u ra n cea u P a rk p u rch .
8.000 East A ve. im pt.
9.000 Ninth Avo. opening.
3.000 Grant A ve. im pt.
5.000 Goodalo Park Impt.
6.000 Hamlet St. im pt.
45.000 Street cleaning stables.
7.000 Idnwood. A ve. im pt.
28.000 Glenwood Iigts. sower.
11.000 Cleveland A vo. Impt.
25.000 Franklin Park Impt.
9.000 Oakw ood A vo. im pt.
10.000 West Side storm sower.
6.000 Colum bus St. im pt.
11.000 storm water drainago.
5.000 Indiana A ve. im pt.
14.000 West Side Park.
5.000 POplar A ve. im pt.
131000 Medill St. relief sower.
3.000 Glenw ood A vo. im pt.
15.000 sewer ropair.
5.000 N oble St. im pt.
10.000 firo plugs.
.
7.000 Ogden A ve. im pt.
4.000 Sixth St. opening.
13.000 Johnson St. im pt.
10.000 Cent. Dist. light (No. 2).
10.000 R ich St. Im pt.
1,500 Comfort Station.
8.000 Chittenden A vo. im pt.
15 000 Goodale Park Impt.
16.000 Thirteenth A ve. im pt.
5.000 Sixth St. Impt.

£^U
turcs

i S S I

S Mtge. & Trust Co. will certify as to the genuineness^of the sig,na-

or t ie city ofHcM,> » " «

^ h e S f S T n o c V o f <MS 6 ^ r o //i1 n T 5 « ° 6 T /o u n d among the advertise­
a
ments elsewhere in this Department.

. _.

. n

S ept‘ 7 ‘

V *1

*

EDGEWATER,p B e ^ e n nC ou n ty biN . J ^ S f de^ f ^ tU8 p . ^ !
N ov^ 1 6 for 140,000 5% 19’5-6-year average fire bonds. Int. semi-ann.
C% V ^ ™ T Y c H T o L D m R I C T (P. O. Elk P oin t), U nion C o n n t,

Bonds to be d
jias never defaulted in the payment o f the principal
cular states that the cR^nas ^ Transcrlpts 0f proceedings will bo furnished
^ ch aser
Sepa^te b i ^ m u s ^ b e m ^ d e fo r e a c h ^ u o . ^ u r c ^ a s ^
Ore.—

iSC/ATDLp.

The

ELECTION FBO-

■ qqq municipal improvement bonds was called off.

and Noy. 10 by John Reid. Member o

were authorized by vote o f

49ItoS4aa t1 cfwndon'hef^OcG 18.
an
^
c r/O J V _
^S.CAMBIA COUNTY^iP. Cjg®^®QC
d^ d^^i^the?^or> ^ h ^ c o u n ty
im
^n
al!“
$ t V o eMOd4 H % big% V y and bridge building bonds. Int.
nnniial
Due $25,000 yearly for 40 years.
^ B i t T n i t T P R M a ss __TEMPORARY L O A N — According to report?
thfs cUy 1ms S o t i ” ted a loarTof $150,000 in anticipation of taxes at 2%
int., with Curtis & Sanger of Boston.

1 U ^ l^S
p
T^rO K l?iF-dV l^^^iv^m b(V ^'li’cTiroiiStlio*^ fsU on < ^ u | n g ^ 4 0 ^ i0 0
^

— It Is

at

will bo submitted to a voto.

?!S „^obJ S W » U C o . . C l e v . l 0 3 . 8 7
A » ^
“ ' 1 C .„2
)3
Heasongood & Mayer. Cine. 103.86 a - Y . ^ R oricir& Y ^ :. T o l.. 102.935

ig i’ .g s I

- ■-

D A W SO N C O U N T Y S C H O O ^ m S T R W T NO.^IOS ^ colvod untll

Creek), M o n t.— BOND ° | ^ a/ e i crk B d . of School Trustees, for $2,000
slto-purcha.se,'bldg.^aiid equipment bonds at not exceeding 6 % int. Duo
(P O. Decatur), Adams C o u n t y .I n d .-

n,?N D^PR<m fsiN ^— T \ ?a »^ ^ \ Board has under consideration tho quesUonVo fU u in g $ 10.000 school bonds, it is reported.




Schooi D is tr ic t issu e, b eca u se

- :io i.o s

awarded to James oou>m $ 15 0 0
Dat0 D*
cc. 1 1915.
V. 101, P,p o W ashington! In d . — BOND SALFj.— On
D AVIESS C O U N T Y (P- O • ^ fe r a g o coup, road bonds wero awarded,
Oct. 27 the $4 .2004£ £ ^ y ^ ^ ^ n d l f n a p o l t e for $4,232 (100.761)

!n " o V ^ i ^ V o T r i T Y

are also informed b y W e il, R o t n s ^ o .

T?ust Co. of Florence at a bonus of $300.

•'fS S i S S S j b b b o o l
S
S
S
s

l -

g a t e

__The

t e a w n s a m ft

14 9 2

THE

C H R O N IC L E

G ALESBURG, Knox County, Ills.— B O N D S V O T E D __ T he nm
SnDt 04 S
^
water WOrks and S20.000 electric-1 ijh t-p la n t'
__ 1 0 1 , p . b°209 c r e d ’ reP °rts state, at the election held O ct. 2 6 ­

[Vol. 101

HU G H ES C O U N T Y (P. O. Holdenville), Okla.— B O N D

E L E C T IO N

m itted to a?vo?o o n ^ o v '.g17??t is< ted?t' b0US0 C nstr‘ bonds wiU be s* b s^a<
°

__ C O U N T Y (P. O. Bozeman), M ont.— B O N D O F F E R I N G
$2^0 0 0 0 4 u , <yC
tin S n ™ at lanA relative to the offering on N o v . 10 o f the
% . 10-20-year (op t.) coupon funding bonds— V . 101 d 1.106
Proposals /o r these bonds wifi b e received until 10 a m . on that day b y
®?hu^ ache,r ’ Cour; ty Clerk. D enom . S I,000. D ate D ec 1 lQ i ^
mw-o £ m and semi”aPnual interest— J. & J.— payable at the C ou n ty Treasb ^ B o a rd o^’ c n iin fv
? n -o f the ^oIder- at somo bank to be designated
i 0 ‘ G o ^ t y Comm issioners, in New York C ity. An unconditional
R^nrile? « C o C!< n°r $ 2 ’000, payable to the “ C ounty o f G allatin,” required
h
?<?5ds to £ e delivered to the purchaser and paym ent m ade thereforw ithin
20 d a ys after acceptance o f bfd. the purchaser to furnlTh at h il oxoen^e the
bla" k bonds. Pull certified t r a n s e c t o f proceedings wfll be
^
ffoat1ni?flehtPUrA=Sfer' I?onded d eb V including this issue ,g$557,000?
( ^ t ) *Hogl 7 i b
979 A n m w a li’ equalized, 1915, S16.724.424; true Value
’ 173.272. Official circular states that there is no controversv

^

J r yS

V»

^

UndlDg b0DdS’ 16 18 Stated'

®

send-ann.

JACK SO N C O U N T Y D R AIN AG E D IST R IC T NO

5

Cert?

(P O Fdnai

S f f l s s a ^ ' s s s B f e a t iw « & s r s a
<K- ° ; Jackson), Jack ,on County,

f o r s A M n d s wtreblngt0n at Par f° r 5s~ V ’ 101’ p ' 1210’ Other bid^
r ^ V ^ ^ Kh^ P ° - b D ca Y-S!§-40(> 801 Western B ond & M tgo.
J o h n E .P rice & C o .,Seattle 18,387 0 0 1 C o ., Portland_________« iq 027 00
D enom . $1,000. Date N o v . 1 1915. Interest a n n u ally'" ~
’

maturity, a n d that n o previous issue of b o n d s ha s ever been contested.

l o n ^ n S n Y w w L f ? ® ® SCHOOL D IST R IC T NO. 6 , Towns of BabyS /fZ E — OnkOct
he ^ n ° i 9 n 5r cY’ Nassau County, N. Y .— B O N D
te c/B
\ cv
-* , tne 511,120 5 % 6 ^ -y e a r aver. cou p, or ret?. (oDtion
o f purchaser) school-im pt. bonds were awarded to Isaac W . SherrillV o nf
OtheMWds"5were;102‘° 8 and in t” a basi« o f abou t 4 . 6 ^ 5 % - ^ 1 0 l T l S b S f
Southold Savs. B k ., South’d . 102.025 Spitzer, R orick & C o ., N . Y . 101.30
G eo. B . Gibbons & C o ., N .Y .101.42 John J. H art, A lb a n y___
101.11
H . A . Kahler & C o ., N . Y . . . 101.40 Union Savs. B k. P atchoguo. 101.0.34
Farson. Son & C o ., N . Y . .101.387 Bank o f A m ityvillo__________ 100-00

tln ^ w iu ? 0 ,YY.T£ (P - , ° ' Globe), Ariz. — B O N D E L E C T I O N — An elecn o n * s L c /,d mOV' l o to deplde whether or not this cou n ty shal? issue
l l 5000 0 0 m t o 0 K n c ? u?S ,Vr° aC
1
J»a.nd hijihwaY'construction bonds. Denom?

Pt j
a

Ze

^

S87®000 1931 a n d W S O r o T g s e ^ - 1 “ f0" ° WS: $87’000 1921’ $88’000 1
OILES C O U N T Y (P. O. Pulaski), T e n n __ B O N D f t e g t t o n
An
Sstw.'oOO^oVt^coristraction^’b on d s?^ 16^ ’ l ° Voi° ° n the proposUlon * issue
,

G IR AR D , T rum bull County, Ohio.— B O N D

GOSHEN

SCHOOL

D IS T R IC T ,

Tulare

County,

« f ^ ^ ^ W ^ A; . H a n c o c i£ C o u n t y , Iowa.— B O N D S

Dec. 1M

'f f i t o

i w r i n ^ 60-

O F F E R IN G

L at° Dec‘ 1 1915’

__Proposals

Due « 500 W

W ashington County, Miss.— B O N D

ISffifc iSW-SSSf- SSSS5T 15&SS?.-

O F F E R IN G —

N ,,0M iobt
o
lne

r ) A ™ /E^ ° P D tlT 0 ^ S H I P , Moore County, No. Caro . - B O N D
N o t £ 1 / ^ ° t ^ 1*Tohnnndr?iadln.arn at hand relat‘ ve to tho offering on
w t p 1 ,f 9 t b° a z s ,° &
i s r & s s r a
g
C aro' i S M

S F X

o f 'l l i ? t o h2§C t
l

o t

annual i n t . - J . & J .- p a y a b le at the offiVe o f
T r 4 ^ ? of^ B oa ^ d ^ f
T h e d,n »n ISqJ?^l0nerS’ , t Carthage. Certified check for
a
required
T h e township has no indebtedness. Total assess val
1 0 1 5 ^.i < 1 1 1 *
h
Official c i r c u i t stltes' that there Is no
bu?lding. t d C° ntr0VCrsy or iiti^ation regarding these bonds and road

$200

A n L V fl!°;
;l

1 P 1 5 ’ S800.000.

?o itSon?VugPP27O - V hti ^ ? p 007
.
09^igh and 8rad^ ch° o1 bld«- “
V O T F n

i

near futuro?g Wa^U-construction bonds will be subm itted to a v*oto in tho

s a m ite

N“

H IG H T S T O W N , Mercer County, N . J.— B O N D
* 5

m

grove o f Spokane at 100.20.

r w

O F F E R IN G

» '» »

u

»

'

D uo S 10,000 yearly beginning in 5 years.

H ILLSBO R O U G H , San Mateo C ounty, Calif.— B O N D O F F E R I N G __
Proposals will be received until 5 p . m . jnov 16 bv John A iinnv r i i v
thor* 4^1rtfmnU /40, H ? 1bro1 1 Iild« -. N o. 58 Sutter S t., San F raiid?co)< for
, °k
W « ° e c 5«
G o r i ih 19l 5r
i-A ’ i - A
D ue $2,00(1yearly on D e ^ l $fdr 20 years°
d e b t. $lTok 5 0 5 V o f flod QU{ire bt.
f0
atrin g C

A ^ ^ ^ W

p t X f e r ° ? v t l U Pt P c S
r

w

.

th °

lO

GROVE TO W N SH IP (P. O. Gate 3 villo)

year coupon road bonds offered on June 7.— V

Oct.

^ A n

****

«

th e

o l S

**Se w ? U

Gate<< Pnnntv

100, p. 1853 ,UU°

° %

1915
1 1915
1915
1915
n g J u y 1915
1915

A u g . l ’16-’ 0
2
J u Iyl’17-’ 3
2
J u l y l ’16-’ 9
2
JuIyl’17-’ 5
3
J u lyl’16-’18
1920
Julyl’ 0-’ 5
2 2
l 1915
1 1925

1 9 1 5 J a n . l ’16-’ 0
3
1 1915
1 1930
2 1915
2 1925

i s i a r * m * t x - m , 5 bhc- u - ^
6.500 M S & i & S r i i - i f i . - f s f - 1
3 '(>™ ^ fon tgorn eryC o S. I). N o .l 5
1.500 P ott°a w lS m le C o ^ ° s ! 3 D .

^

a
s
I S . i S IS i S r i S
Building A ug. I 1915 J u Iy l’ 16-’30
5
B ld ld ing A ug.

.$HboT
“

f e r a “ ^ c ® f;.* f| | 85 M S 'S ffS X :

3.000 eq u a U o fo 0 608rAmerlCan

Bank o f IndlanaP olisfor $3,018 25,

KNP ^ VI.LLE ’. K n o x County, T e n n .— B O N D S A L E . — J. C M avpr A°
C o. o f Cincinnati were awarded on July 2 $26,000 5% 30-year’refunding
re

m t e J u l y 1 ) 1 9 L5 . lni S r j . * d
!
J.COSt ° f p rin ,b >8 b o n d ! D ^ nom lL O O O *
I.ACEY CO N SO LID ATED SCH OOL D IS T R IC T ( P
O Tne«„i
Mahaska C ounty, Iow a.— B O N D S V O T E D — B y a voto o f 18 to 2 7hn
• * * * « « « - buHding bonds t S M
OsYv>C L Thh! CO U N TY (P. O. Lebanon), Mo.— B O N D E L E C T I O N P R O O.
SED.
This cou nty, according to reports, is contem plating calling an
election to vote on the question o f issuing about $250,000 road bonds*
L A D O G A , Montgomery County, In d .— B O N D S A L E — On Oct. 20
lb® ? H ’0. ,0
0
/o ®®uR?n water-works bonds were awarded to Breed
■ " t o t * * Uarrison o f Indianapolis for $12,241 (102.008) and int. V 101
P . 1210. Other bids were:
*‘
Fletcher-Am erican N ational B ank, Indianapolis
« i o o i a on
E.
M . Cam pbells Son & C o ., Indianapolis
to i i f on
Miller & C o ., Indianapolis___________
______ ______
l o n o ? 22
J. F. W ild & C o ., Indianapolis........... ..
........................................ i o non £2
............................. * lo 'e n n o n
Bolger, M osser & W illam an, C hicago . .

s s i ' i t e a r f i i E
? . « ! • «
g UAKB CO U N TY (P. O. Crown Point), In d .— B O N D A N D N O T E
m t h S ’ t u S n n f t ' 2H< e u 0
, ssues o f 4 H % 10-year l>ridgo bonds aggro?
a ffX w s - V
101 phei3 0 3 ’ ° 00 ° % cllrront rovenue notcs were awarded
br!2 *e bonrJs to tho Indiana T r. C o . o f Indianapolis at 102 80
16.000 S ua1°toT 02.081fchO Ind,ana T r ' C o ‘ o f Indianapolis for $16‘.333,
.
25.000 current revenue notes to the Com m ercial Bank o f Crown Point
C<nm?y4VT ex?-^ B

00
00
60
50

^ D ^ L E C T ^ N Tp ^ O P O S E D —

t o S d i !" * ° f “

A ?fordingT b “ r ° o r t ?
«»
™ ‘ " o question

,„,I*A MANDA PARK, Lo 3 Angeles County. C a l__ B O N D S v o t e d __.
T h e election held Oct. 16, it Is stated, resulted In favor o f tho ouestinn’ nf
Issuing the $2^.009 ornaincntal-lighting-systom bonds. V. 101, p. 1210.
A*16 vote was ooO to o l»
v U M " o f w S t . S ' J f S J S S f g . t . 0 r u r a l s i b ' “ n l‘ b ° ” d' ' '
A" blM°™ P O
’ LAWRENCE, Essex County, M ass— B O N D S A L E . — On O ct. 26 tho
tw® issues o f 4 % cou p, tax-free sidewalk and sower bonds, aggregating $60 000, were awarded to M errill, Oldham Sc C o . o f B oston at 100.859 it is
d S S f J f S i S K S rtS ?S g b ^ d f i v r T o o ^ ' s S r “ *• “ “ c l w » “
stated.
$20,000 wa^ter-worlrs^bonds. D uo $1,000 yearly M arch 15 from 1916 to
The other bids wero:
P ^ k in son & Burr. B o s to n -_ 100.81 ISollers, Phillips & C o ,
100 076
80,000
P -r -^ ^ v ^ b O b c ls .
D ue $4,000 yearly M arch 15 from E.
II. R o llin s * Sons, Boston. 100.188 C rop ley, M cG aragle & Co'.'
10
100 011
Estabrook & C o ., B o s to n ...1 0 0 .0 9 | B o s t o n ..............
D ate M arch 15 1915. Interest M . & S.
I
1 he Houston Land C orp. o f Houston has purchased $30,000;drainagolbds. UARIMER C O U N T Y SCHOOL D IS T R IC T NO. 2 (P. O. Lovelandl
Colo.— B O N D S V O T E D . — Reports stato that the election held Oct. 25




11915J u .? l ’ l «

3.500 PraH C o .'S: b . N o . 4211" 11
I
Building Aiig
}B B S E I M
1.500 R iley C o. S. D . N o. 12____ 5
B uilding Sept. 1 1915 Ju v ' 6 -'2 1
1.000 Sedgwick C o. S. D . N o. 5 3 , , 5 Building July 1 1 9 1 5 j S y l ’ fff-’20
r.
B O U N T Y (P. O. Vincennes), In d .— B O N D S A I F __ On
21
the three issues o f 4 'A % highw ay-im provem ent bonds, agm-egating
815.800. were awarded, it is stated, as follow s— V . 101 p 1303- 8
8
$9,000 bonds to Miller & C o. o f Indianapolis at 100.00.'
4,800
equal3to H)0 677 A m crican N a t' B ank o f Indianapolis for $4,832 25,

3°"

coupon bonds v o t e d ’
7. D en om
D ^ b e ^ l 1 9 1 5 " 'in t
,
V " J)ayabl° at p ,ac0 to be agreed upon with purchaser
tw in lv i
r y? 0 A ar| o ur>t o f bid, payable to the Recorder, required
1
Blank
d h
«n ar7f4 rn A< by Purchasur- b on d ed d e b t, $6^)00 Floating
o ,sh 0 1
d L ^ ' | D '9 6 7 | 2 . Assessment o f 1915, actual value, $9L1 024- taxable
raiue, $235,756; m oney and credits, $290,260.
’

Sid.Spitzer & C o ., T o L . *$46,901 78 H ist N at. B k.,
Com m erce Tr. C o ., lv. C ._ 46,755 50 Spitzer .R o rick &H o r t o n ,.$46,550
C o., T ol 46,427
Sec Sav. Bk.& T r .C o .T o l. 46,752 80 B olger,M oss.& W ill..Chic. 46,334
D.
E . Dunne & C o ., W ich. 46,726 85
Shawnee In v .C o.,T op ek a . 46,287

A u g u st.
iy u C

rf
11915
, A«!y x iftlS u uijf il’25: .oU
i.' i.) J u ly &ijr ’ 30
1 0:0 00 c!a yC eS teS
r'.D :? ? 0 . ? ? : : / / . % f e
;
u9d,ng J
\
A ug. 1
2.500 Clay & Dickinson C os. Joint
5 Building July
S. D . N o. 1 . . ..................
7.000 Edwards & Pawnco Cos.
Joint S. D . N o . 26 .
5 Building July 1
9.450 El D orad o.......
............5
F u n d g July 1
900 Ford C o. S. D . N o . 26
5 Bu d
1
800 Graham C o. S. D . N o . 20
5 Building July l
July 1
1.000 Greenwood C o . S. D . N o. 7 1 5
July 1 191.5
28,500 H amilton C o. S. D . N o. 1. 5 Building July i i 9 lr, Juiy l 103()
2.450 Kanapolis, B d. o f E duca’n . . 6 R efund gJuly
July
2.000 Lincoln & Ottawa C os. Joint
S .D . N os. 3 - 2 4 ______
5 Building July 1 1 9 1 5 J a n .l’ 16-’25
5.000 L yon & Osage C os. Joint
„
S. D . N o. 50-90__________ 5
Building July 1
8.000 M itchell C o. S. D . N o . 1 0 - .
c Building July
July
■ ’999 Nickerson Bd. o f Ecluca’n . . o n u im ingA U g. u n i l 5 A ug. 2 1925
5
Building A ug.
Aug.
K a;fcceTvs W ° u “ £ ° & il.oifE ilu c a .. 5 H tg.Plant A ug. 1 1915 A ug 1 090
1-000 c
Osawatomie, B ™ 1.500 O sborneC o. S. I). N o. 4 0 . .
5 Building July 1 1915 J u IyV lfW in
iS ,000 Ottawa C o. S. D . N o . 7 - - .
5 B uilding July 1 1915 J u ly /’ 1 6 - ’ 2 fi
'r’SJIn w a f£?r(l ( ° ' S * D •N°* 17-_
5 Building July 1 1915 J u l y r i6 - ’ 20
7 ,Snn w n Shin^ tonoC?V S* D * N o 1 9
5 b uild in g July I 1 9 1 5 J u ly l’ i6 -’29
800 W ilson C o. S. D . N o . 4 3 __._
5 Building A ug. 1 1915 Jan r 16 -’ 19
E l e v e n I s s u e s , A g g r e g a t i n g $46,400, P u r c h a s e d D u r i n g S e p t e m b e r
$ 1 ,0 0 0 _______ , , ________ __
A nthony Bd o f E ducation 5 H tg. Plant Jan. 1 1915 Jan 1 1 9 1 5
R
11,1 a ..k- 15*’ 15 July
a ’onn ChfilTWR ft. B d. nf Krlncaa ,. 5 R e p ’r Bd." A ug. 7 , t ' i X**!1, 11925
Uherryyalo, R fl. o f E d u c

f f l

__ Thn

$128,900 75, P u r c h a s e d D u r i n g
Fate. P u r p o s e .
D a te .

f 2.-000 Chase Coa's : b : N o . 6 V ' V

Cr<
?jnY^rn Y CENTER INDEPENDENT SCHOOL D IST R IC T (P O
Grundy Center), Grundy County, Iowa.— B O N U S R E F U S E D -__Thn
Harris Trust & Savings Bank o f C hicago advises us that their attorney lias
GULFPORT, Pinellas County, Fla.— B O N D S

.— By a voto

K A N S A S .— BONDS P U R C H A S E D B Y S T A T E .— 1 ho following bonds
T
and°September: b y th° Stat° ° f K ansas at par during the m onths ofgAugust

Calif — B O N D

A m m u u W° ISp i C J A M r e ° a t i n °
r
•Anno A
P l ? c,c -

G R AFTO N , T aylor County, W . Va.— B O N D

VO T E D

91

__On r w

S A L F

Oct. 30 1915.]

THE

C H R O N IC L E

resulted in fa vor o f the question o f issuing tho $90,000 high-school-building
bonds.— V . 101, p. 1210.
LEAVENW ORTH, Leavenworth County, S a n . — B O N D S A L E —
T ho Leavenworth N ational Hank was awarded on M arch 17 an issue or
£50 000 5 % nark refunding bonds at 101. Denom . S i,000. Date April t
1915. Int? A . & O. Due $5,000 yearly April 1 from 1916 to 192.) inclusive.
LEE COUNTY, Fla.— B O N D S V O T E D .— Tho proposition to issue
$125 000 road-construction bonds carried, it is stated at an election held in
Special R oad & Bridge District N o. 3 on O ct. 9.
LIN TON, Greene County, Ind.— B O N D S A L E . — O n O ct. 26 the $8,000
5 )4 % 8-year aver. coup. im pt. bonds were awarded to tho M eyer-K iser
Bank of Indianapolis for $8,417, equal to 105.212, it is stated.— V . 101, p.
LO RDSTOW N TO W N SH IP SCHOOL D ISTR ICT, Trum bull Coun­
ty, O hio.— B O N D E L E C T I O N .— At tho N ovem ber election the question
of issuing $22,000 school bonds will bo submitted to a v ote, it is stated.
LOW ELL, Middlesex County, Mass.— B O N D O F F E R I N G .—despatches
state that the C ity Trcas. will receive bids until 11 a. m . N o v . 4 for $125,­
000 4 % school bonds dated N o v . 1 1915 and maturing $6,250 yrly. from
1916 to 1935 incl.
LUCEDALE, George C ounty, Miss.— BOND E L E C T I O N P R O P O S E D .
— R eports state that tills town proposes to hold an election to vote on the
question o f Issuing bonds for the purpose o f securing a right o f w ay and
depot grounds for the A labam a & Mississippi R R - c o .
M cCONNELLSVILLE, Morgan County, Ohio.— B O N D S A L E .— On
Ocfc. 22 tho $1,000 5 % coupon street-improvement bonds were awarded to
E . M . Stanberry at 101.10 and interest.— V . 101, P- 1210.

In t? A . ot O . D uo $500 yearly from 1 9 16 to 1920, inclusive and $1,000
yearly from 1921 to 1925, inclusive. Certified check for $50, payablo to
Borough Treasurer, required.
MALDEN, Middlesex County, Mass.— B O N D O F F E R I N G .— Reports
state that tho C ity Treasurer will receive bids until 7.30 p . m . N ov . 3 for
the follow ing 4 % bonds, aggregating $42,000: SlS.OOO drainago. dated
M a y 15 1915 and m aturing $1,000 annually 1916-1930, inclusive, $18,000
Tuberculosis Hospital, dated July 1 1915 and maturing: $1,000 .annually
1916-1933, inclusive; and $9,000 park, dated July 15 1915 and maturing
$1,000 annually 1916-1924. inclusfvo.
MANATEE C O U N T Y (P. O. Bradentown), Fla.— BOND O F F E R I N G .
— Proposals will bo received until N ov. 15 b y R obert R oesch, Clerk Hoard
of Comm issioners, it is stated, for the following 6 % annual drainage bonds:
$130,000 17 2-3-year average, $16,000 6M -year averago and $3,500 6 5-6year average.
MANSFIELD, Richland County, Ohio.— B O N D S A L E .— On O ct. 26
the £12 106 5% 3 M -vear Sewer District N o. 1 bonds wero awarded to tho
M ansfield Savings Bank o f Mansfield for $12,236— equal to 101.073— a
bas"s o f about 4 6 2 % . V . 101, p. 1210. Other bids woro:
oasis or r. C o D /0 it..$12,222 „ „ Richland Savings B an k _____ $12,172
„ „ „ 00
D etroit Taoout ., i„> e tr o..
Ohio N at. Bank, C o lu m .. 12,317 21 Field, Richards & C o ., Cin__ 12,069
Spitzer ?lio rick & C o .. T ol 12,190 00 Seasongood & M ayer, C i n . . . 12,067
P rov. S. Ib & T r. C o ., Cin 12,187 07 Fifth-Third N at. B k ., Cin__ 12,011
D enom . $100 and $1,000. Dato O ct. 26 1915. In t. M . & S. D ue
Sept. 1 1919.
M ARION C O U N T Y (P. O. Ocala), F la.— W A R R A N T S A L E .— The
$110,781 38 3-19-year serial coupon fund warrants offered on Sept. 8, have
been awarded to tho Comm ercial Bank o f Ocala.— V. 101, p. 636.
M ARSHALL, Harrison County, Tex.— BOND E L E C T I O N P R O ­
P O S E D .— Reports state that an election will probably bo called N o v . 23 to
vote on tho question o f issuing viaduct-construction bonds.
MAYES CO U N TY (P. O. Pryor), O kla.— B O N D E L E C T I O N P R O ­
P O S E D .— This county is contem plating calling an election to vote on the
proposition to issue bridge and court-house constr. bonds, reports state.
M EDINA C O U N T Y (P. O. Hondo), T e x . — B O N D O F F E R I N G —
Further details are at hand relative to the offering on N o v . 8 o f the $38,000
5 % 5-40-year (op t.) R oad D istrict N o. 2 improvem ent bonds. V. 101, p.
1397.
Proposals for these bonds will be received until 10 a. m . on that
d ay b y R . J. N oonan, C ounty Judge. Denom . $500. Date April 10 1915.
Interest annually (April 10) at tho Hanover National Bank, N ow Y ork, or
at Austin and Hondo, at option o f holder. Certified check for $1,000
roquired. T otal bonded debt o f district, including this issue, $50,000.
T otal assossed valuo in district, 1914, $3,094,590; real valuo (est.), $9,­
000.000.
MEIGS CO U N TY (P. O. Decatur), T en n .— B O N D O F F E R I N G —
Further details aro at hand relative to tho offering on N ov . 1 o f the $100,000
5 % 20-year coupon road-improvem ent bonds. V. 101. p . 1210. Proposals
for theso bonds will bo received until 1 p. m . on that day by tho Board o f
R oad Commissioners, R . L. M cK enzie, Secy. A uth. C hap. 618, Private
A cts o f 1915; also vote o f 461 to 355 at tho election held Sept. 2. D enom .
$1,000 or less, at option o f purchaser. Date Oct. 1 1915. Principal and
semi-annual interest payablo at the office o f C ounty Trustee. Certified
bank check for 1% o f bonds bid for, payable to above S ecy., required.
Purchaser to pay accrued interest. Bids will be received for the entire
amount or any portion o f bond issue. Bids will bo receivable on tho basis
o f delivery o f tho whole issue o f bonds on acceptance o f bid, with paym ent
therefor, witli accrued interest. Second, upon tho basis o f paym ent for
and delivery o f 20% o f amount bid o ff on acceptance o f bid with accrued
interest; 20% to bo paid for and delivered 3 mos. from acceptance; 20%
in 6 m onths from acceptance; 20% in 9 months from acceptance, and 20%
in 12 m onths from acceptance o f bid. Accrued interest on delayed install­
ments to be paid at dato o f delivery o f same b y purchaser. This county
has no bonded debt. Floating debt, $2,557 56. Assessed valuo 1914,
$1,005,367; actual value 1914, $2,500,000. Bids must bo m ado on blank
forms furnished b y tho county.
MENASHA, W innebago County, W is.— B O N D S A L E — On O ct. 19
$15,000 414 % hlgh-school-buildlng bonds wore awarded ,it is stated, to tho
Wisconsin Trust C o. o f Milwaukee for $15,285 25— equal to 101.901.
r MERCER C O U N T Y (P. O. P r in c s t o n ), W. Va — B O N D S A L E — 'Tho
$350,000 5 % 10-30-ye.ir (op t.) road bonds offerod without success on
July 1 have ooju awarded to the Fifth-Third National Bank o f Cincinnati
at par. V. 101, p. 151. D m om . $1,0)3. Dato M a y l 1915. I n t .J .& J .
MILLE LAC3 C O U N T Y INDEPENDENT SCHOOL D IST R IC T
NO. 13 (P. O. Milaca), M in n . — B O N D S V O T E D . —T h o election hold
Oct. 18 resu ted In favor o f tho question of issuing the $25,000 high-sclioolbuilding bonds. V. 101, p. 1210. Tho voto was 61 to 7. Interest rate
not to exceed 6 % .
i M ILWAUKEE CO U N T Y (P. O. Milwaukee), W is.— B O N D S A L E —
On Oct. 25 tho $160,000 4 H % 1-20-year serial tuberculosis-sanitorium
bonds wero awarded to N . W . Halsey & C o. o f Chicago at 102.555 and Int.
— a basis o f about 4 .2 0 % .— v . 101,p. 1210. Am jng other bids wero :
W is. T r. C o ., M ilw --------$163,827 501 Harris T r. & Sav. Bank,
M cC o y & C o ., C hicago. 163,728 0 0 1 C h ic a g o _________________ $163,328
l MINNEAPOLIS, M inn.— B O N D O F F E R I N G .— Further details aro at
hand relativo to tho offering on N ov . 10 o f tho following cou pon bonds
(V . 101, p. 1398):
$167,000 4 % bonds: $82,000 tax refunding and $85,000 bridgo. D ato
July 1 1915 and Sept. 1 1915, respectively. Donotns.: $50,
[u4
$100, $500 and $1,000, as tho purchaser thereof m ay desire.
Interest semi-annual. Duo at a tim e not loss than one year
nor moro than thirty years from dato o f issue. N o bids will
bo entertained for this issuo for a sum less than 95% o f the par
value o f said bonds and accrued interest to date o f delivery.
E l47,875 . special streot-im pt. bonds at not exceeding 5% int. Denom .
$50 or multiples thereof. Dato N ov. 1 1915. There aro
two separato issues o f theso bonds, each issuo to bocom o due
and payablo substantially ono-twontloty yearly on N o v . 1
from 1916 to 1935, incl. N o Diels will bo ontortained for theso
bonds for a sum less than par valuo o f same and accrued intor’ est to date o f delivery. Interest annually or semi-annually.
Proposals for theso bonds will bo received until 2:45 p. m . on that
dny_by_tho.C om nilttco_on W ays and Moans o f the C ity .C ouncil, at .the




1493

office o f Dan C . Brown, C ity Com ptroller. Principal and interest payabl*
at tho fiscal agency o f tho C ity o f M inneapolis in N ew Y ork . These bonds
aro tax-exem pt in M innesota, and m ay be registered upon surrender thereof
to the C ity Com ptroller. Certified check for 2 % o f bonds bid for, payabl*
to the C ity Treasurer, required. The official circular states that the city
has never defaulted in tho paym ent o f principal or interest on its bonds.
T h e o f f i c i a l n o lic e o f th is b o n d o ffe r in g w ill b e f o u n d a m o n g th e a d v e r tis e ­
m e n t s e ls e w h e r e i n th is D e p a r t m e n t .

MINERAL C O U N T Y (P. O. Superior), M ont.— B O N D S O F F E R E D
G . I I . W alker & C o . o f St. Louis are offering to investors
$37,000 6 % 15-20-year (o p t.) bonds. D ate July 1 1915. Principal and
somi-annual interest (J. & J .) payable at the National Bank o f C om m erce,
Now Y ork. T otal bonded debt (this issue on ly ), $37,000. Assessed valu*
1914, $4,036,600; real value (estim ated), $12,000,000.
MOHAVE C O U N T Y (P. O. K ingm an), Ariz . — B I D S R E J E C T E D —
All bids received fo r the $100,000 5 % road bonds offered on O ct. 18 wer*
rojected.— V. 101, p. 1210.
M ORRILL, Brown County, K an .— B O N D S D E F E A T E D . — The ques­
tion o f issuing the $10,000 water-works-plant purchase bonds failed t*
carry, it is stated, at the election held O ct. 18.— V . 101, p. 1211.
M O U N TAIN VIE W SCHOOL D IS T R IC T (P. O. M ountain View)'
Howell County, Mo . — B O N D S O F F E R E D B Y B A N K E R S .— L ittle &
H ays o f St. Louis are offering to investors $2,000 5 % 10-year building
im provem ent and equipm ent bonds. D enom . $500. Dato O ct. 1 1915.
Principal and semi-annual interest (A. & O .) payablo at Mississippi
Valley Trust C o . o f St. Louis. T otal bonded d eb t, including this issue,
$9,500. Assessed value 1912. $205,252; real value (e tim a te d ), SoOO.OOO
MT. STER LIN G , Madison County, O hio.— B O N D S A L E . On
O ct. 25 tho $8,500 5% 514-year averago coupon street-im provem ent b on d s
wero awarded to the Ohio National Bank o f Colum bus fo r $8,o05 7o
(101.244) and interest, a basis o f about 4 .7 5 % . V . 101, p- 1211. Other
bids were:
Socur. S. B k. & T r. C o.,T ol$ 8 ,6 02 00 Seasongood & M ayer, C in .$8,557 00
Breed.Elliott&IIarrison.Cin 8.593 50 H anchett Bond C o ., C h i c .. 8,527 00
R ud. K leybolto & C o ., C in. 8,591 00 W eil, R oth & C o .. C in ____ 8,522 95
Davies-Bertram C o ., C in ._ 8,572 00 Sidney Spitzer & C o ., T o l . . 8,514 50
Field, R ic h a rd s* C o ., C in . 8,504 55
Iloohler, Cum mings&Prudden, T o le d o____________ 8,567 00 Spitzer, Rorick & C o ., T o l. 8,500 00
NAMPA SCHOOL D IST R IC T (P. O. Nampa), Canyon County,
Idaho. — B O N D E L E C T I O N P R O P O S E D — Local papers state that an elec­
tion will probably bo called shortly to voto on the question o f issuing build­
ing bonds.
NAPOLEON, Henry County, O hio. — B O N D S A L E — On O ct. 26
bonds aggregating $16,850. issued for street and sewer improvements and
bearing 514% interest, were awarded, reports state, t o Sidney Spitzer &
C o. o f T oled o at a total prem ium o f $473 98.
NASHVILLE, Brown County, In d . — B O N D E L E C T I O N .— R ep orts
state that an eloction will b o held N o v . 2 to vote on the question o f issuing
$2,000 olectric-lighting-plant bonds.
N ASH U A, Hillsboro County, N. H — B O N D S A L E . — On O ct. 28 the
tw o issues o f 4 % 20-year school and bridge bonds, aggregating $65,000,
woro awarded to N W . Harris. & C o. o f B oston at 102.70 a basis o f about
3.8 0 5% . V. 101. p. 1398. Other bids were:
Baker, A y lin g * C o ., B o sto n .102.536 B lodgett & C o ., B oston -------- 101.28
M orrill, Oldham & C o ., B os.102.419 A . B . Leach & C o ., B o s to n ..100.719
E . H. Rollins & Sons. B o s ___102.188 Parkinson & Burr, Boston — 100.679
H ornblower & W eeks, B o s t .. 101.523 C ropley,M cG aragle*C o.,B os. 98.013
D enom . $1,000. Interest semi-annual. Due in 1935.
N ASSAU C O U N T Y (P. O. Mineola), N. Y — B O N D O F F E R I N G —
Bids will bo received until 12 m . N o v . 9 b y Chas. L. Phipps, C ou n ty C om p ­
troller, for S600.000 5% 3 'A -year average registered gold road-im prove­
ment bonds. Series N . Denom. $1,000. Date D ec. 11915. Principal and
semi-annual interost— J. & D .— payable at o ffice o f C ounty Treasurer
Duo $150,000 yearly on D ec. 1 from 1917 to 1920 inclusive. C ertified
check on an incorporated bank or trust com pany for 1% o f bonds bid tor,
payablo to C ounty Treasurer, required. Purchaser to pay accrued interest.
T he validity o f theso bonds will be approved b y Hawkins, Delafield &
Longfellow o f New Y ork, and a duplicate original o f their opinion will be
furnished purchaser.
N EW BU R YP O RT, Essex County, Mass.— L O A N O F F E R I N G .— Bids*
will bo received until 7.30 p. m . N o v . 1 b y the C ity Treas. fo r a loan o f
$75,000 maturing April 3 1916.
.
N EW M E X IC O . — B O N D O F F E R I N G .— Proposals will be received unu*
2 0. m. N o v . 20 by W . G . Sargent. Secy, o f Board o f Stato Loan C om m is­
sioners, at Santa Fo for $186,000 4 H % 20-40-year op t. funding bonds.
Interest semi-annual. C ertified check for 2 % required.
N E W ORLEANS, L a. — T E M P O R A R Y L O A N — Local papers stato that
I arrangements have been com pleted for a loan o f $500,000 to restore city
property dam aged b y the storm . T h e m oney will be borrowed for one
year, at 5 % interest, w ithout the issue o f bonds or other security. The
offer o f the American C ities C o. o f $100,000 and o f the Cumberland Tele­
phone & Telegraph C o . o f $50,000 will bo a ccepted and the remainder,
$350,000, will be advanced by the banks that are members o f the N ew
Orleans Clearing House. These twelve banks will advance their pro rata
based upon their capital, surplus and undivided profits.
_____
N EW PO R T N EW S, Warwick County, Va — B O N D S P R O P O S E D —
Local papers state that the Board o f Aldermen at its m onthly meeting on
O ct. 19 referred to the finance com m ittee a plan for the issuance o f $500,­
000 worth o f bonds for new schools, street improvem ents, a new city hall,
additional sowers, sewer purification plants, a public park and a public
bathing beach.
N EW TO N FALLS, Trum bull County, O hio.— B O N D S D E F E A T E D *
— T h o issuance o f m unicipal lighting-plant bonds was defeated at a recent
election, it is stated
NOBLES C O U N T Y (P. O. W orthington), M inn. — B O N D S A L E —
On Oct. 25 $18,000 5-14-year serial d itch bonds were awarded to tho N orth ­
ern Trust C o . o f St. Paul for $18,645 (103.583) as 5s. Other bids for 5 %
B Y B A N K E R S .—

Caplta]V r .'& S. B k ., St. P -.$18,642| U nion Trust C o ., M in n e a p ..$18,353
T
A . B. Leach & C o .. C hicago 18,621 G oo. M . Bechtel & C o ., Den 18,247
W e l ls * Dickey C o ., M i n n .. 18,5521Boigcr.M osser& W illam an.Ch 18,225
F . I ). M anfort & C o . o f St. Paul Did S18.019 50 for 4 Ms.
D enom . $1,000. D a to Jan. 1 1916. Int. J. & J.
NO. 3 T O W N SH IP (P. O. Shelby), Cleveland County, No. Caro.—
B O N D S V O T E D . — T h e 'proposition to issue the $30,000 '6% road-im pt.
Oct. 16.
bonds carried,, it is stated, b y a vote o f 172 to 48 at the election held[ 1
— V. 101, p . 1037.
N O R TH YAKIM A, Yakim a County, W ash — B O N D S D E F E A T E D . —
Local papers state that the election held O ct. 20 resulted in the defeat o f
tho question o f issuing the $80,000 drainage-system-construction bond s.
V. 101, p. 960. T ho vote was 460 to 343. a three-fifths m ajority being
necessary to carry.
N O R W O O D , Norfolk County, Mass.— B O N D S A L E — Tt is stated that
C rop ley, M cG aragl) & C o. o f Boston recently purchased at 100.312 an
issuo o f $8,000 4 % bonds maturing July 29 1918.
O AK LAND C O U N T Y (P. O. Pontiac), M ich.— B O N D E L E C T I O N
P R O P O S E D .— R eports stato that the question o f Issuing $1,000,000 road
bonds will be submitted to a vote in April 1916.
ODELL UNION H IG H SCHOOL D ISTR ICT (P. O. Odell), Hood
River County, O re. — B O N D S D E F E A T E D .— At a recent election ibis
district defeated tho question o f issuing $8,000 building bonds, reports state.
OMAHA SCHOOL D IST R IC T (P. O. Omaha), Douglas C ounty,
N ob — B O N D O F F E R I N G — Proposals will be received until 12 m. N o v . 8
b y W . T . Bourko, Secretary Board o f Education, for the $500,000 o f an
issuo o f $1,000,000 414% high-school-building bonds voted M a y 4— V. 101,
p. 714. Denom . $1,000. Dato July 1 1915. Int. J. & J. at the N e­
braska fiscal agency at Lincoln. Duo July 1 1945. C ertified or cashier's

proceedings regarding tho issue.
OMRO, Winnebago County, W ise.— B O N D E L E C T I O N . —An elec­
tion will bo held N ov. 8, it Is stated, to vote on the question o f issuing $3,000
bridge-construction bonds.

1494

THE CHRONICLE

O M BO T O W N S H IP (P. O. O m ro), W in n e b a g o C o u n ty , W ise .—

B O N D E L E C T I O N . — The question of issuing $7,000 bridge-construction

bonds will be submitted to a vote, it is stated, on N ov. 8.

O R A N G E C O U N T Y (P. O. O ra n g e ), T e x a s .— B O N D S V O T E D — B y

a vote of 15 to 2 tho question of issuing $7,000 road bonds carried, it is
stated, at an election held recently in Precinct N o. 3.
P A L E S T IN E , A n d e r s o n C o u n ty , T ex a s. — B O N D S A L E . — N . W . Hal­
sey & Co. o f Chicago have purchased, it is stated, the $100,000 5% 10-40year (opt.) school building and impt. bonds.— V. 101, p. 232.
P A IN E S V IL L E , L a k e C o u n t y , O h io . —-B O N D E L E C T I O N — An elec
tion will be held Nov. 2 to submit to a vote the question of issuing $8,000
public comfort station construction bonds.
P A R K C I T Y (P. O . K n o x v ille ), T e n n .— B O N D S A L E . — On Oct. 19
an issue o f $10,500 sewer bonds was awarded to J. C. Mayer & Co. of Cin­
cinnati at par and interest.
P A W N E E C O U N T Y (P. O. L a rn e d ), K a n s .— B O N D S V O T E D .— On
Oct. 19 the question o f issuing $110,000 Anthony & Northern Railway aid
bonds carried, it is stated.
P E R T H A M B O Y , M id d lesex C o u n t y , N. J .— B O N D S A L E . — On
Oct. 27 the $38,000 25-year park and $138,000 15-year street-improvement
4 )3 % coupon (may bo registered) bonds were awarded to Kean, Taylor &
Co. o f New York at 102.295 and 100.645, respectively. V. 101, p. 1398.
Purchaser to pay accrued interest. Other bids were:
$38,000 $138,000
Issu e.

II. M . Grant & Co., Now York...........................................100.47
Perth Amboy Trust Co., Perth Amboy_______________ 100.125
Perth Amboy Savings Institution, Perth Amboy______ ______

Issu e.

100.47
100.125
100.65

P IN E L L A S C O U N T Y (P. O. C lea rw a ter), F la .— B O N D E L E C T I O N .

— On Nov. 16 the question o f issuing $715,000 road bonds will, It is stated,
be submitted to a vote.
P O R T V IL L E , C a tta ra u g u s C o u d ty , N . Y . — B o n d S A L E — Douglas
Fenwick & Co. of New York were awarded on Sept. 10 an issue of $10,000
5% 6-year average bridge bonds at par and bonds. Denom. $1,000. Date
March 1 1915. Int. M . & S. Due on March 1 from 1919 to 1923.
P O W E L L C O U N T Y (P. O. S ta n t o n ), K y .— B O N D E L E C T I O N P R O ­
P O S E D . — Reports state that this county proposes to hold an election to

vote on tho proposition to issue $40,000 (amount changed from $25,000)
turnpike bonds.— V. 101, p. 1304.
P O W E R C O U N T Y (P. O. A m e r ic a n Falls), I d a h o .— D E S C R I P T I O N
O F B O N D S . — The $90,000 6% 10-19-year serial funding bond awarded on
Juno 15 to Keeler Bros, of Denver at par are in tho denom. of $500 and
dated Jan. 1 1915. V. 101, p. 1212. Int. J. & J. Duo serially Jan. 1
from 1925 to 1934 Inclusive.
P R O V IS O T O W N S H IP H I G H S C H O O L D I S T R I C T , C o o k C o u n ty ,

Ills.— B O N D O F F E R I N G . — Bids will bo received until 12 m. N ov. 4 by
C. If. Neilus, Sec. (Room 302 Lees Bldg., Chicago), for $50,000 443%
913-year average high school-impt. bonds. Denom. $1,000. Date
July 1 1915. Prin. and somi-ann. int., J. & J., payable at tho Continental
& Commercial Trust & Savings Bank, Chicago. Due yearly on July 1 as
follows: $3,000 1917 to 1926 incl. and $4,000 1927 to 1931 incl. A de­
posit o f 2% o f bid required. These bonds have been approved by Wood
& Oakloy of Chicago.
T h e o ffi c i a l n o tice o f th is b o nd o ffe r in g w i l l be fo u n d a m o n g the a d v ertise ­
m en ts elsew h ere i n th is D e p a rt m e n t .
P U L A S K I C O U N T Y (P. O. W in a m a c), I n d .— B O N D O F F E R I N G . —

Additional information is at hand relative to tho offering on Nov. 12 of the
$9,600 413% 613-year average John Runhall et al highway improvement
bonds in Tippecanoo Twp. V. 101, p. 1398. Bids for these bonds will bo
received until 3 p. m. on that day by J. J. Lowry, County Treasurer.
Denom. $480. Date Oct. 5 1915. Int. M . & N. Due $480 each six
months from M ay 15 1917 to N ov. 15 1926 inclusive.
Q U IN C Y , M ass. — L O A N O F F E R I N G .— I t is stated that tho City Treas.i
will receive bids until 12 m. Nov. 4 for a loan of $100,000 maturing Mar. 31.
1916 and Issued in anticipation of taxes.
R A N K IN , V e rm ilio n C o u n t y , I lls .— B O N D E L E C T I O N . — An e ection will be hold to-day (Oct. 30) to submit to a voto the question of issuing
$6,000 water-works-installation bonds.
R A T O N , C o lfa x C o u n t y , N. M e x . — B O N D O F F E R I N G . — Further de­
tails aro at hand relativo to tho offering on Nov. 12 o f tho $25,000 5% 10-30year (opt.) water-works bonds— V. 101, p. 1399. Proposals will be received
until 10 a. m. on that day by J. J. Shuler, Mayor. Denom. $500. Date
Sept. 1 1915. Principal and semi-annual int. (M . & S.) at Kountzo Bros.,
New York. Certified check for 5% o f amount o f bid, payablo to tho “ City
of Raton,” required. Bonds to be approved by Periling, Titsworth &
Try of Denver and Wood & Oakley o f Chicago.
R IC H L A N D C O U N T Y S C H O O L D I S T R I C T N O . 5 (P. O. S id n e y ),
M o n t.— B O N D O F F E R I N G . — Proposals will bo received until 12 m. Nov. 15

by Miss M ay E. Smith, District Clerk, for $5,000 6% 5-10-year (opt.)
coupon building bonds. Denom. $1,000. Date Nov. 20 1915. Interest
annually at the County Treasurer’s office. No deposit required. Bonded
debt, exclusive of this issue, $9,000. Assessed valuation $504,528.
R IC H L A N D S C H O O L D I S T R I C T (P. O. W h e e lin g ), W . V a.— B O N D

E L E C T I O N P R O P O S E D . — Local papers state that an election will be called
shortly to voto on tho question of issuing $85,000 (amount changed from
$50,000) building bonds.— V. 101, p. 1304.
ROCHESTER, N. Y .— N O T E O F F E R I N G . — Sealed bids will bo re­
ceived by E. S. Osborne, City Comptroller, until 2 p. m. Nov. 4 for $100,000
sewer constr. notes, payablo 4 months from N ov. 9 1915 at the Union Trust
Co. of New York. Notes will bo drawn with interest, and will bo deliverable
at tho Union Trust Co. of Now York, 80 Broadway, N. Y . City, on Nov. 9.
Bids must state rate of interest and designate to whom (not bearer) notes
shall bo mado payable and denominations desired.

R U N N E L S C O U N T Y COM M ON S C H O O L D I S T R I C T (P. O. B a llin ­
g er), T ex .— B O N D O F F E R I N G .— Sealed bids will bo received until Nov 8

by M . Kloburg, County Judge, for $4,800 5% 10-40-year optional building
bonds. Donom. $240. Int. A. & O. Cashier’s check for $240, payablo
to the County Judgo, required.
R U S K IN , N u ck o ll3 C o u n t y , N e b . — B O N D E L E C T I O N . — An election
will be held Nov. 5 to voto on tho question of issuing $6,000 5-20-ycar (opt.)
coupon clectric-liglit-oxtension bonds at not exceeding 6% interest. Denom.
$500. Dato, “ day of issuance.” Principal and annual interest payablo at
tho State Treasurer’s offico, Lincoln.
S T . L O U IS , M o .— B O N D E L E C T I O N P R O P O S E D .— Local papers state
that an election will probably bo called in November to vote on tho issuance
of $17,050,000 public-improvement bonds.
S T . M A R Y S , A u g la iz e C o u n t y , O h io .— B O N D S A L E . — On Oct. 21
the $18,200 4.80% 20-year general street refunding bonds were awarded,
it is stated, to Field, Richards & Co. o f Cincinnati for $18,570 (102.032)
and interest— V. 101, p. 1212.
SA L IN A , S a lin e C o u n t y , K a n s . — B O N D O F F E R I N G . — Chas. E.
Baker, City Clerk, will recoive sealed bids until Nov. 1, it is stated, for tho
826,000 5% coupon street-improvement (assessment) bonds. V. 101, p.
1399. Denom. (50) $500, (10 $100. Date Oct. 1 1915. Principal and
semi-annual interest (A. & O.) payable at tho Kansas fiscal agency, Topeka.
Due $2,600 yearly Oct. 1 from 1916 to 1925 inclusive. Certified check for
$500 required.
B O N D E L E C T I O N . — On N ov. 2 this city will voto on tho Issuanco of
park bonds, reports state.
S A L IS B U R Y , R o w a n C o u n t y , N o. C a r o .— B I D S R E J E C T E D — N E W
O F F E R I N G . — All bids received for the $125,000 water-plant, $55,000 school­

building and $20,000 street and sewer 5% 40-year bonds offered on Oct. 16
wero rejected, it is reported— V. 101, p. 1119. New bids will bo opened
at 7 p. m. Dec. 2.
S A M PSO N C O U N T Y (P. O . C lin to n ), N o. C a ro .— B O N D O F F E R I N G

— Tho Board o f Commissioners, J. R . Peterson, Chairman, will sell at
12 m. Nov. 8 $25,000 5% 20-year road bonds.
SE C O N D C R E E K D R A IN A G E D IS T R IC T , R o w a n C o u n ty , N o.
C a r o . — B O N D O F F E R I N G . — The Board o f Drainage Commissioners,

U. S. Potrea, Secy., will open bids at tho offico o f tho Clerk o f Superior
Court at Sa isbury at 10 a. m. Dec. 1 for $15,000 6% drainage improvement
bonds. Denom. to be named in bid. Interest semi-annual. Due part




[Vol. 101.

yearly Jan. 1 from 1919 to 1928, inclusive. Auth. Chap. 442, Public Laws
of North Carolina, 1909, amended by Chap. 07 of Public Laws of 1911.
11. 11. Miller of Salisbury is Attorney for District.
S E L B Y S C H O O L D I S T R I C T , C o n tra C o sta C o u n t y , C a l.— B O N D

S A L E . — On Oct.

18 tho $11,000 5% building bonds were awarded to
Girvin & Miller of San Francisco for $11,177 (101.609) and int. Other
bids were:
E. II. Rollins & Sons, San Francisco__________________________$11,118 25
Blyth, Witter & C o., San Francisco___________ _____ ________ 11,083 001
N . W . Ilalsey & Co., San Francisco_________________________ 11,071 50
Donom. $500. Dato Oct. 18 1915. Interest annually on Oct. 18. Due
$500 yearly Oct. 18.
S H A R O N V IL L E , H a m ilto n C o u n t y , O h io .— B O N D O F F E R I N G . —

Jos. Wright, Village Clerk, will receivo bids until 12 m. Nov. 22 for $3,200
6% 1-10-year serial coup, public-hall bonds. Auth. Sec. 3939, Gen. Code.
Denom. $320. Dato Aug. 4 1915. Int. annually at Sharonvillo Bank.
Sharonvillo. Certified check for 5% of bonds bid for, payablo to Villago
of Sharonvillo, required. Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued interest.
S H E R ID A N T O W N S H IP (P. O. R e e m a n ), N e w a yg o C o u n ty , M ich .

— B O N D O F F E R I N G . — Bids will bo received not later than N ov. 10 by

John Beem, Twp. Clerk, for an issuo of $35,000 highway-impt. bonds.
Denom. to suit purchaser. Duo beforo 1935. Cert, check for $1,000
required. Bonded debt, this issuo. Assess, val. about $900,000.
SH ERM AN,

G r a y so n

C ou n ty,

T e x a s .— B O N D

E L E C T IO N

PRO ­

P O S E D . — An election will bo held in the near future, it is reported, to voto
on the question of issuing $150,000 sewerage-system, street-impt. and water
and light plant impt. bonds.

S O M E R V IL L E V IL L A G E S C H O O L D I S T R I C T (P. O. S o m e rv ille ),
B u tle r C o u n ty , O h io .— B O N D O F F E R I N G . —-Bids will bo received until

12 m. N ov. 6 by F. W. Peter, Clerk of Board of Education, for $32,500
5% site-purchase, construction and equipment bonds. Auth. Secs. 7625 to
7629 incl., Gen. Code. Donom. $500. Dato day of sale. Prin. and somiann. int.— A. & O.— payablo at Somerville Nat. Bank, Somerville. Duo
each six months as follows: $500 April 1 1917 to Oct. 1 1941 incl. and $500
on Apr. 1 and $1,000 on Oct. 1 from Apr. 1 1942 to Oct. 1946 incl. Certi­
fied check for 5% of bonds bid for, payable to Board of Education, re­
quired. Purchaser to pay accrued interest.
S O U T H A M P T O N , S u ffo lk C o u n ty , N. Y . — B O N D O F F E R I N G . — Bids
will bo received until 8 p. m. Nov. 5 by the Board of Trustees, Wm. l\
Bishop, Villago Clerk, for $25,000 8-year averago lake improvement bonds
at not exceeding 5% interest. Denom. $500. Dato Jan. 1 1916. Int.
J. & J. in Southampton. Duo $2,500 yearly from 1919 to 1928, inclusive.
Certified check for 2 % , payablo to E. A. Hildreth. Villago Treasurer, re­
quired. Bonded debt, including this issuo, $69,000; no floating debt.
Assessed value, $3,584,186.
SP E N C E R C O U N T Y (P. O. R o c k p o r t ) , I n d .— B O N D S A L E . — On
Oct. 26 tho $13,120 4)3% 6 >3-year average coupon road-improvement
bonds were awarded to tho Farmers Bank o f Rockport for $13,260 (101.067)
and interest— a basis of about4.31% .— V. 101, p. 1305.
ST E V E N S C O U N T Y S C H O O L D I S T R I C T N O . 70, W a s h .— B O N D
S A L E . — On Oct. 16 the $1,250 1-10-ycar (opt.) building bonds wero
awarded to the Stato of Washington at par for 5)3s. There wero no other
bidders. Denom. $250. Interest annually in November.
S T E V E N S P O IN T , P o rta g e C o u n t y , W ise . — B O N D S A U T H O R I Z E D .

— On Oct. 5 the Common Council passed an ordinance providing for the
issuance of $10,000 4)3% coupon refunding bonds. Denom. $100. Date
Nov. 15 1915. Principal and semi-annual interest (M. & N.) payablo at
the City Treas. office. Due $1,000 yoarly on Nov. 15 from 1917 to 1926
incl. Total indebtedness, including this issue, $98,500. Assess, val. 1914.
$4,499,289. W. L. Bronson is City Clerk.
S T R E A T O R , L a S alle C o u n t y , 111.— B O N D S V O T E D .— At an election
held Oct. 20 the question of issuing $16,000 fire and polico department im­
provement bonds carried.
SU M TER , S u m ter C o u n t y , S o. C ar.— B O N D O F F E R I N G . — Further
dotails aro at hand relative to tho offering on Nov. 23 of the $225,000 5%
l0)3-year aver, street and sidewalk-improvement bonds.— V. 101, p. 1399.
Proposals for these bonds will bo received until 6 p. m. on that day by
D. M . Blanding, City Clerk. Auth. Act No. 77 of 1915, amending Sec.
3050, Codo 1912: also vote of 150 to 26 at an election hold Sept. 7. Denom.
of bonds optional with purchaser, who shall furnish same. Dato Jan. 15
1916. Principal and annual int. (can bo legally changed to soml-annual
payments, payablo in Now York. Duo ono-twentieth yearly Jan. 15 from
1917 to 1936, incl. Cert, check for $2,500, rcquirocl. Bids to bo con­
ditional upon approval of issuo by purchaser’s attorney without unreason­
able delay, when transcript of proceedings aro furnished. Total indebted­
ness, including this issuo, $511,000. Sinking fund $1,089. Assess, val.
equalized 1914 $2,987,218. Actual true valuo, ost., $9,000,000. Officiat
circular states that there is no controversy or litigation pending or threat­
ened affecting the corporate existence o f the boundaries o f said municipality
or the title of its present officials to their respective offices, or tho validity
of its bonds, that the principal and interest of all bonds previously Issued
have always been promptly paid at maturity, also that no previous issues,
of bonds have ever been contested. Bids are also requested at 4 and 4)3 %
interest.
S U P E R IO R , D o u g la s C o u n ty , W in .— B O N D S A U T H O R I Z E D .—
An ordinance was passed by tho City Council on Oct. 19 providing for tho
issuanco of $33,000 5% lO-year gold coupon general street-improvement
bonds. Denom. $500. Dato N ov. 1 1915. Principal and semi-annual'
nt., M . & N ., payablo at tho City Treas. offico.
S U T T L E L A K E I R R I G A T I O N D I S T R I C T (P. O. G r a n d v ie w ),
J e ffe r s o n C o u n ty , O re. — B O N D O F F E R I N G . — Proposals will bo received

until 10 a. ni. Nov. 22 by C. I. Henlino, Secy. Board of Directors, it is
stated, for tho $600,000 6% irrigation-system completion bonds voted
Oct. 2. V. 101, p. 1305.
S W A N T O N , F u lt o n C o u n ty , O h io . — B O N D S A L E . — On Oct. 25
the $4,700 5)3% paving bonds wero awarded to tho Sccurltv Savs. Bank
& Tr. Co. of Toledo for $4,816, equal to 102.468.— V. 101, p. 1305. Other
bids were :
Spitzer, Rorlck & Co., Tol $4,802 501 Field, Richards & Co., Cin_$4,773 00.
Tillotson & Wole. Co., ( ’ lev. 4,782 72 Koehler,Cum.& Prud., Tol. 4,771 00
Breed. Ell. & Harrison, Cln. 4,778 02|Sid. Spitzer & C o., T ol___ 4,732 85
T A F T H IG H SC H O O L D I S T R I C T (P. O. T a ft ), K o rn C o u n ty , C alif.

— B O N D E L E C T I O N . — Reports state that an election will be held Nov. 6,

t is stated, to voto on tho question of issuing $60,000 building bonds.
jSeo V. 101, p. 1305.
T E X A S .— B O N D S P U R C H A S E D B Y S T A T E B O A R D O F E D U C A T I O N .

— On Oct. 13 the Stato Board of Education purchased 5% bonds amounting
to $ 17,700. We print below a descript ion of the bonds purchased, showing
in each case the total issue and amount of same taken by tho Stato in Oct.
C o u n ty C om m on
S ch o o l D is t r ic t —

D a te .

D u e.

O p tio n .

BowieNo. 12-- ...........May 10 1915 40 yrs. 20 yrs.
Dallas No. 8 7 _______ Juno 1 1915 40 yrs. 10 yrs.
Edwards No. 6_______April 10 1915 40 yrs. 10 yrs.
Hidalgo No. 4 ________April 10 1915 40 yrs. 10 yrs.
Hidalgo No. 1 0 ______April 10 1915 40 yrs. 10 yrs.
Harris No. 28________April 19 1915 40 yrs. 20 yrs.
Walker No. 9..............A p r il 10 1915 20 yrs.
5 yrs.
Zavala No. 4_________ April 10 1915 40 yrs. 10 yrs.
In d e p e n d e n t S ch o o l D is t ric ts —
C arrolton ______ _____ M ay 1 1915 40 yrs. 10 yrs.
Celina............................ M ay 1 1915 40 yrs. 10 yrs.
M erkel______________ Juno 1 1915 40 yrs. 10 yrs.
Rankin _________
M ay 1 1915 40 yrs. no opt.
C o u n ty R o a d D is t r ic t —
GuadaiupoNo. 2-------- April 10 1915 40 yrs. 10 yrs.
Italy (sewerage)---------Sept. 10 1914
Milford (street) ---------July 10 1914
Milford (street)______July 10 1914
Palacios (road, bridges
anc street)___ _____ N ov. 1 1913
Shamrock (water wks.).Jan. 1 1913
P u b lic S ch o o l D is t r ic t —
M t. Calm____________ July 22 1915
Tho Guadalupe County Road Dls
while tho remaining issues all carry

T otal
Is s u e .

10,000
10,000
15,000
38,500
25,000
10,000
3,500
4,000

Am ount
P u rch a sed
i n Oct.

1,500
1,500
3,000
2,000
1,500
1,000
2,300
2,500

12,500
25,000
18,000
15,000

2,000
2,500
3,000
2,400

75,000

11,000

40 yrs.
40 yrs.
40 yrs.

10 yrs.
20 yrs.
20 yrs.

17,000
4,000
10,000

2,500
2,000
1,500

40 yrs.
40 yrs.

15 yrs.
10 yrs.

4,000
14,000

2,000
2,000

40 yrs. 10 yrs.
10,000
1,500
. No. 2 bonds bear 5)3% Interest,.
5% .

holder. A cert, check or a bond for 2% of bonds bid for required. Bonded
tViio icciin Floating debt, non©. Assess, val. lJ lo , $l.uou*u/Ot
true val est $ io 000,000. Official circular states that there is no contro-

.T ir a M M H OOL
« %
g « S
8
N ov. 20 by Win. II. Stewart. Township Trurtee.
Yik’
T V S ’ “ d u S st ! “ c M a m o n ’ W S o n , o « * 211816 to A„rtl 21 1920. loci.
. " “ a f f T
R
o ®
9S S
W
Olstrtc?won^bort’lyN
orfcr Tor rale the $15,000

' A

S
f i r a
» v c r « o bunding

6 ® . " D & ffS ffl s s i r &

& s&

is Clerk of Hoard of Education.
T o r i m n r iliin nr),vn E L E C T I O N .— Dispatches state that an clcctlon^vilt ho held N ov. 2 to decide whether or not this city shall issuo $750,000
park bonds.
TnpPF N T IH Y a k im a C o u n ty , W a s h . — B O N D S A L E . -C. Tl. Green
o flp o to n e ^ a V lr d ^ o n A u g
bonds at par and interest. Denorn. $500
Date Oct. 1 1J15- me.
A. & O. Due 1 to 15 years serially; subject to call alter 3 years.
School binu^was

T O T O W A S C H O O L D I S T R I C T (P. O.

Dato Oct. 1 1015.

1495

THE CHRONICLE

GOT. 30 1915.1

Int. A. & O.

b X a n y defauh in th^paynumt of any of the ^ ^ n ty obll^aUons. ajsojhat
no previous issues have ever been contested. No bid
offered
for a sum less than 95% of par value of bonds. These bonds were orrerea
without success on Oct. 11.— V. 101, p. 1400.
W A C O M cLennan C oun ty, Tex.— B O N D S D E F E A T E D .—-The elec
tion held Oct. 19 resulted in tho defeat of the three issues of ■ >% »0-year
bonds, aggregating $100,000.— V. 101, p. 1306.
W A S C O U N IO N H IG H S C H O O L D I S T R I C T (P. O. W a s c o ), K e r n

C ounty, Calif — BOND E L E C T I O N P R O P O S E D .— Reports state that
this district is contemplating tho calling of an election early next month to
vote on the question of issuing $50,000 building and equipment bonds.
W A T E R L O O S C H O O L D I S T R I C T (P. O. W aterloo), B la ck h a w k
C o u n t y la !— 5 O N D E L E C T I O N P R O P O S E D . — Reports state that an
B
election7 will bo held in tho near future to vote on tho question of i*uing
__ nnnl„ , n
about $250,000 school bonds.
W A Y C R O S S , W are C o u n t y , G a . — B O N D E L E C T I O N PR O PO SE D ^

An election will be called, it is stated, to submit to a vote the queetioe of Is­
___
suing city-hall bonds.

Due in 6 , 7 and 8 years.

W AYNESBORO,

"
S
c
°
“ g an election to vote on the qne.tion o f Issuing
$40,000 building bonds, it is reported.
VFAT p q r n o o i T O W N S H IP (P. o . W a s h in g t o n ), D aviess C o u n ty ,

TnH _ m w / ) S 4f F - O n Oct 25 tlio $2,400 5% 4!^-year average school
I n d . ISOI\ D S A L E , o n
to tlu! Meyor-Kiser Bank of Indian­
apolis at 101.50 and furnishing of lithographed bonds.— V. 101, p. 1305.

B u rk e

C o u n ty ,

G a .— B O N D

O F F E R I N G . - -P r o -

nosals will bo received until 12 m. Nov. 1. it is stated, by 1. ^1- Cates,
Mayor, for the $19,000 5% 30-year gold school-building bonds. Principal
and semi-annual int. (J. & J.). payable at the Hanover Nat. Bank N. \ .
A similar issuo of bonds was reported sold on July 5 to W . M . Darla & C o.,
of Macon.— V. 101, P- 717.
W E S T C H E S T E R C O U N T Y (P. O. W h ite P la in s ), N.
BO ND
O F F E R I N G -_Proposals will be received until 1 1 a . m. to-day (Oct.. 30)

by R obcrtA . Patteson, County Comptroller, for * 100.000 4H % l i f t ? ® "
average reg county-buildinf? bonds. Dcnoin. S1»000.
p Z ^ K - a n n . int., M . & N .. payable at office of Co. T reu . Due
$5 000 y e ^ y on Nov. 1 from 1917 to 1936, incl. Certified check on a
national bank or trust company or a State bank for 2% of bonds bid for,
§22,M o”‘bonds0” DenorTs'hOOO- Due $1,000 yearly on Jan. 1 from 1918 navablo to Wm Archer, County Treasurer, required. Bonds to be
dehveredand M id for at offico of County Treasurer at 12 m. Nov. 1.
17 500 asses^men^bonds. Denorn. 10 for $1,000. 10 for $750. Duo miWs a subsequent date shall bo mutually agreed upon. Purchaser
m ™ v accruwHnterest. These bonds will bo certified as to genuineness
bv the U S M t g o & Trust C o., who will also certify as to the signatures
"
o f this^lssue^ m a f b V e d u ^ J J c c o r ^ f f S S ' S m S ? o“
e
of the countv officials and tho soal impressed thereon, and legality iiill be
Date k k l $l.il.)T
& J .-p a bonds approved1by Hawkins Delafield & l.ongfellow of N . Y . 'C ity, a copy
Date July
1 y ermm 0 n. Certified check for 2% of y a b le of'whose opinion will bo furnished purchaser. Total bonded dob* Rmt
b dEUDoS0 p a 7 a b llfo ^ in a g e Treasurer required. Bonds to be delivered including this issueT. $7,022,051; floating debt. $293,000. Asse^ed value,
mu upon, P- J'1 ” V ,lavs from time of award. Purchaser to pay accrued personal, $8,019,672: real $389,896,028.
!
.
r„n e ' , d fo£ o 5 , T e l . " ^ ? n S S 3 f i thT ! » « « . *58.600: floating debt.
t
W E S T F IE L D , H a m p d e n C o u n t y , M ass. — B O N D O F I E R I E G . Bids
will ho received until 10 a. m. Nov. 4. it is stated, by the City Treas. for
$ 11,825. Assessed value 1915, 82.o8(M>/JL
$ 7 0 0 0 0 4 % school bonds.
Date N ov. 1 1 9 1 5 . Due $4,000 yrly. from 1910
tt/ at t t s t a C O U N T Y (P. O . D e la n d ), F la . — B O N D O F F E R I N G . — Pro­
t o 1925 inc1. a n d 83.000 yrly. from 1926 to 1935 inch
posals will be received until 5 p. m. N ov. 22 by Sam’l D. Jordan, Clerk Bd.
W E ST JA C K S O N (P. O. J a c k s o n ), H in d s C o u n t y , M iss.— B O N D
of Co Commrs., for $400,000 6 % 30-year coupon Halifax Spec. Hoad and
Hridiro Dist. bonds. Auth. Chap. 6208, Acts o f 1911. and as amended F I F C T I O N — An election will bo hold Dec. 11, it is stated, to vote on the
bv Chap. 0879 of 1915; also vote of 314 to 35 at an election held Juno 10 question of issuing $36,000 park-site purchase bonds.
jo 5
Bonds were validated Aug. 7. Denorn. $1,000. Dato July 1 1915.
W H IT M A N C O U N T Y S C H O O L D I S T R I C T N O . 61, W a s h .— B O N D
Principal and semi-annual int. (J. & J.) payable at tho National Bank or S A I F — O n Oct 19 tho $8,000 building and improvement bonds were
Commerce, Now York, or Merchants’ Bank of Daytona, at option of
V^ ^ ^ IL? l? ^ 9 ^ iie N ^ ^ ni ^ ,(n<H < o ^ ^ ^ ^ ^ D r ^ J^)ortetn^by^Lew'is
1 N
J
BUttneGVillage Clerk, for the following 5% sewage-disposal-piant-con-

V illa g e

of

$ 4 5 ,0 0 0

$ 1 6 7 ,0 0 0

$ 8 0 ,0 0 0
R id g e w o o d ,

N .

C ity

J.

C ity of M inneap olis B onds

Grade C rossing E lim in ation
B onds

AND

$ 4 7 ,8 7 5
Sealed proposals will bo recoivod by tho Board
o f Commissioners on tho 3RD DAY OF NOVEMBFR, 1915, at 8 o ’clock In tho evening at tho
Municipal Building in tho Villago o f Ridgewood, Special S treet Im provem ent B onds
Now Jersey, for the purchaso of Eighty Bonds
of tho Villago of Ridgewood In tho denomination
Sealed bids will bo received by the Committee
•f $1,000 each, dated October 1st, 1915, interest
5 % . payable semi-annually at tho Ridgewood on Ways and Moans of tho City Council of the
City of Minneapolis, Minnesota, at the office of
Trust Company, Ridgewood, N. J.:
2 bonds to bocomo duo on October 1st In each tho undersigned, WEDNESDAY,
NOVEM­
BER 10TH, 1916. AT 2 45 O ’CLOCK P. M.,
•f the years 1916 to 1920, inclusive.
3 bonds to bocomo duo on October 1st In each for $82,000 00 Tax Refund Bonds and $85,000 00
•f the years 1921 to 1930, Inclusive.
Bridge Bonds.
,,, ,
,
, . , ,
4 bonds to become duo on October 1st In each
Tho Tax Refund Bonds will bo dated July 1,
•f the years 1931 to 1940, Inclusive.
1915, and tho Brlilgo Bonds will bo dated Sep­
Privllego o f registration as to principal and tember 1 , 1915, to become duo and payable at
Interest.
a time not less than one year nor more than
Certified check to the order of Goorgo U . White, thirty years from tho dato thereof, as desired by
Director of Revenue and Financo, for 2% of tho tho purchaser thereof, and will bear interest at
amount bid must accompany each bid as a guar­ tho rato of four (4%) per cent per annum, payable
anty that the bonds will bo taken if bid is ac- semi-annually, and no bid will bo entertained for
said bonds for a sum less than ninoty-fivo (95%)
^ T h o Board reserve tho right to reject any or por cent of tho par value of same and accrued
intorost to date of dollvery.
aU bids.
.
,
„„„
As.so.ssod valuation, $8,517,300.
For $47,875 00 Special Street Improvement
Bonded indebtedness, including this issuo, Bonds, of two separato Issues, dated November 1,
1915, to become duo and payable one-twentieth
$686,300.
„ „„„
each year thereafter, tho last one being payable
Population, 6,739.
, .. , , _ _
Legal opinion Hawkins, Delafield & Long- November 1, 1935, and no bid will be ontertained
fg ln r
for said bonds for a sum less than tho par value
GEORGE U. W H ITE,
of tho samo and accrual lntcrsot to date of de­
Director of Rovonuo and I'Inance livery, and tlie rato of interest must bo bid by
Itldgowood. N. J.
tho purchaser and must not bo In excess of five
(5 %) per cent per annum, payable annually or
semi-annually.
Tho right to rojcct any or all bids is hereby re­
served.
,
1915 ISSUE
A certified chock for Two per cent of the par
value of tho bonds bid for. mado to C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular
THE
FINANCIAL
REVIEW mailed uponcontaining full particulars will be
application.
DAN C. BROWN,
320 PA G E S
City Comptroller.
Minneapolis, Minn.

of

T h ree

F ork s,

M on ta n a

W A T E R W O R K S BONDS
Notice is hereby given that the City or Three
Forks, State of Montana, will, on the 22D DAY
OF NOVEMBER, 1915, at Eight o ’clock p .m .,
sell at public auction at the Council Chambers
In the offico of tho City Clerk of said City of
Three Forks, to the bidder offering the highest
price for them, $45,000 of gold bonds bearing
5 per cent Interest, payable semi-annually on
each first day of January and the first day or
July, In each year. Said bonds to be known and
designated as “ Waterworks Bonds,” the money
derived from tho sale of said bonds to be U60d
exclusively “ for the purpose of constructing a
supply lino of Waterworks running along the South
Boundary lino of said City of Three Forks, from
tho reservoirs to be located near pole No. 1115
on the Electric Transmission Line to Trident,
Montana, to Fifth Avenue West, in said City,
and the purchaso of tho pumps, the site for the
wells, pumping station and reservoirs, and the
construction or said wells, pumping station and
reservoirs to bo used and constituting a part of
said supply lino, to be owned and operated by
said City of Throe Forks, State of Montana, and
the revenues derived therefrom to be applied upon
the indebtedness incurred therefor.”
Said bonds will be of the denomination of Five
Hundred Dollars each, dated July 1st, 1914, and
shall bo redeemable and payable as follows, to wit;
Said Waterworks Bonds shall be payable in
TW E N T Y (20) years, and redeemable at the
option of said City of Three Forks. State of Mon­
tana, at any time after TEN (10) years from the
dato of issuo of said bonds.
.
All parties desiring to bid will be required to
deposit with the City Clerk of said City, before
the time set for tho sale of bonds, a certified
check in the amount of One Thousand ($1,000 00)
Dollars, payable to the order of Ralph L. Robert­
son, as Mayor, as a guarantee o f good faith, and
no bids will be entertained at less than par.
The City reserves tho right to reject any or all
bids.
„
,,
By order of the City Council.
J. C. M ENAPACE, City C*erk.
Dated October 4th. 1915.
A certified copy of the transcript of proceedings
will bo furnished on request.

ISSU ED A N N U A L L Y B Y T H E
C o m m e r c ia l

&

F in a n cia l

C h r o n ic le

S
-5 2 .2 5

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.

g

Interest allowed
on deposits.

This well-known year book of FInan
ol&l Facts and Information Is 1 *
annually In March.
TERMS.
P rice o f t h e R eview , b o u n d In c l o t h - .

138 Front Sweat. New




York,

G ir a r d

T r u s t

C o m p a n y

PHILADELPHIA
Chartered 1836

C A P IT A L an d S U R P L U S , $10,000,000
E. B. Morris, President.