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financial
• Tfie.
tinumrrtzti
VOL.103
OCTOBER 7 1916
tjri ntrie
NO.2676
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana.Sec. Addresses of all. Office of the Company.
-FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPTEMBER 30
CLEARINGS
•
September.
Clearings al
1916.
1915.
Week ending Sept. 30.
Nine Months.
inc. Or
Dec.
.
1916.
1915.
.
Inc or
Dec.
1916.
1915.
Inc. or
Dec.
1911.
1913.
$
s
4s
$
$
$
$
%5
$
%
9.7 3 773,699,213 3,055,987,968 +23. 1,493,114.518 2,180,822,633
14,355,941,185 9,624,363,278 +49.2 110,280,470,670 73,664,153,932
New York
263,964,694 245187,833 +7.7 14,615,917 198127,714
1076781123
737,058,267
46.1 9205586740 6,051,092,823 +52.1
Philadelphia
54,141,686 .61,886,458
57 858,377 +19.4
69,092 721
272.003,216
218,792,651 +24.4 2,453,249,740 1.902,138,621 +29.0
Pittsburgh
42,227,191
38,765,113
35,949,820 +1.4
36,448,180
130,969,252 +21.8 1,640,015,532 1,281,660,515 +28.0
159,571,012
Baltimore
14,960,168
11 531,724
12,654.691 +28.3
16,273,032
66,196,412
431,985,626 +31.7
48,000,794 +37.9
Buffalo
563,654,301
7,996,464
6,271,904
3,840,184 +11.5
Albany
4,282,191
208,0/5,722 -9.8
20,468,201
20,189.411 +1.4
187.772,374
8,353,467
7,833,602
7,630,437 +4.4
7,965.681
297,027,214 +16.9
Washington
30,381 582 +17.1
347,230,122
35,563,911
6,646,535
5,470,822
5,563,974 -0,6
5,560,485
25,531,050
181,469,636 +25.5
Rochester
227,701,906
19,141,176 +33.4
3,450,000
3,323,579
3,011,132 +7.5
3,239,003
13,494,776
121,844,454 -2.0
Scranton
12,403,394 +8.8
119,477,780
3,739,801
3,688.911
3,515,194
3,853,858 -8.8
12,274,967 -18.8
14,583,333
114,441,029 +12.6
Syracuse
128,900,474
2,165,993
2,024,169
1,968,200 +6.6
2,097,042
68,630,286 +25.5
7,439,748 -18.4
8,806,376
Reading
86,160,670
2,486,843
1,711,941
2,804,630 t21.4
3,403,669
73,807,521 +48.9
12,198,904
Wilmington
8,695,016 -40.3
108,436,078
1,830,015
1,410,907
14.1
1,545,872
1,609,932
62,424,159 +7.4
7,255,343
6,485,848 -11.9
67,059,269
Wilkes-Barre
2,391,250
19.9
2,312,844
1,902,410
73,936,644 +43.2 • 2,773,893
105,903,226
11,074,578
Wheeling
7,976,131 -38.8
1,867,565
2,090,789 -10.9
1,861,534
1,638,853
70,953,810 +19.5
84,798,637
0,426,708
8,487,802 -11.1
Trenton
63,177,240 4.15.8
73,055,804
8.326,024
7,620,594 +9.3
Harrisburg
944,794
1,035,770
1,040.683
840.656 +23.2
34,818,534 +12.2
39,075,967
4,341,248
15.3
3,765,911
York
1,259,422
1,123,851 +25.0
1,404,667
1,249,601
38,051,823 +35.1
51,424,513
36.4
5,840,631
Erie
4,283,141
675,000
1,000,362 -7.8
26,982,661 +23.9
928,998
921,830
33,440,587
31.9
Greensburg
2,671,839
3,524,892
+16.9
782,700
666,600
700,000
779,900
26,238,000 +23.0
32,267,900
18.1
3,004,400
3,548,100
Binghamton
1,159,015
735,91E
897,533 +29.2
44,723,937 , 26,789,518 +66.9
722,775
3,904,036 -31.0
Chester
5,114,129
622,281
539,201 +25.8
20,389,403 +13.0
617,674
23 035,638
678,101
2,200.446 -24.7
2,743,923
Altoona
9,148,235 +52.3
13,933,185
928,115 -,-81.6
1,685,095
Franklin
1,465,214 -14.3
14,999,445
13,334,072 +12.5
1,674,944
Frederick
6,490,162 -15.7
2,175,9H
74,203,125
2,031 383
7,509,360
1,945,698 -7.4
1,802,375
62,770,633 $18.2
Lancaster
2,375,817 -10.0
2,633,022
24,450,205
20,411,038
19.8
Beaver County, Pa_.
2,088,318 +4.7
2,186,025
21,605,036
18,509,031 . 17.2
Norristown
1,484.330 +21.2
1,799,665
387,782
16,497,368
369,960 +33.8
325,867
15,996,763 +3.1
494,140
Montclair
2,902,787
2,833,252 +5.6
29,639,076
30,616,685 -3.2
Oranges
16,142,815,973 10,937,71- 802 +47.5 126.103,8507485 -337111,184,688 +48.3 4,204,069,433 3
Total Middle
C
,9
-- -,512,555 +21.9 1,743:09045 2.547,26C1
575,243,71134.8 7,643,968,428 5,720,783,687 +33.6
775,243,942
t
Bost n
192,004,402 168,963,816 +13.6 130,921,832 173,585,912
37,503,500
28,807,200
9,395,200
30.2
8,546,500
7,777,800 +20.3
Providence
9,360,4(0
364,532,400
290,048,500 +25.7
36,181,006
6,671,251
5,013,195
30,173,069
19.9
9,729,874 -2.6
Hartford
9,479,134
252,514,608 -1-22.0
308,187,747
18,743,093
14,94,,831
3,669,316
3,636,204 +17.8
3,653,275
25.4
NewHaven
4,285,736
168,259,971
143,036,370 +17.6
10,213,222
2 927 778
9,350,489 +9.2
3,478.255
2 232 805 +7.5
2,400 000
Portland
75,941,289 +21.1
92,153,573
15,126,040
2,762,965
3,051,022
11,779,531 -28.4
3,526,574
3,363,774 +4.8
Springfield
154,698,710
110,060,137 +40.6
16,130,571
3,259,335
2,894,613 +22.8
2,444,819
11,132,381 -44.9
2,555,975
141,278754
Worcester
100,942,170 +40.0
6,178,923
1,296,305
1,200,950 +25.2
1,026,303
1,503,655
4,803,080 --28.6
Fall River
45,567,132 +29.6
'50,052:877
5,590,800
851,549
4,238,257 -31.9
1,167,884
980,425 t28.4
1,258,710
51,555,702
Now Bedford
39,7454.41 +29.7
4,026,574
816,802
34.8
488,352
715,072
3,353,714 -20.1
1,100,000
Lowell
37,644,885
30,821,336 +22.1
3,820,798
14.7
889 284
800.342
961,523
2,810,546 -35.9
Holyoke
918,074
36,648,396
28,045,092 +30.7
2,939,531
526,420
1,761,312
435,000 +37.9
438,627
Bangor
66.9
600,000
25,079,307
15,719,830 +59.5
8.333,100
5,605,300 +48.7
742518,600
Waterbury
47 303 300 +57.7
„
74006,421 -43.5 - 51,630,350 940,031,100 6711- -G281,433 206,478,542
Total New Englan
)
.
-1-- 000,528,892 - 3. 2 7 229,002,660 202,8317405 +13.4 - 6
1,722,248,567 1 314,396,361 -31.0 14,596,337,230 11,665,870.798 +25.1
409,967,897 328,953,130 +24.6 278,218,168 349,814.505
Chicago
144,179,700
23,158,750
25,298.600
27,311,700 +21.6
33,222,500
108,423,350 -33.0 1,262,706,750
Cincinnati
978,417,300 -29.0
223,649,227
126,970,111 -76.1 1,659,483,026 1,083,223,999 -53.2
52,510,421
23,433,394
29,757,951
29,138,742 +80.2
Cleveland
202,609,556
124,929,231 -62.2 1,585,339,468 1,049,813,946 -51.0
28.300,596 +67.9
24,641.007
Detroit
47,523,085
26,138,422
62,832,434 -40.1
732,651,707
88,036,285
605,549,520 -21.0
15,052,924 +27.7
16,237,251
Milwaukee
19,226,071
15,654,791
45,344,391
Indianapolis
7,833,918
36,051,407 -25.8_
10,396,199
8,615,695 +20.7
8,899,112
4
01,69_3,966
320,085,084 -25.5
40,842,090
Columbus
28,549,300 +43.1
9,629.800
6 808 200
7,130,000 +35.1
6.266,000
249,186,800 +42.9
355 9u6 100
. ,
28,589,838 -36.6
39,066,604
340,892,615
Toledo
5,320,682
4,977,195
8,182,685
6,387,300 +28.1
327,284,756 +43.7
13,251,579 -29.6
17,170,733
Peoria
143,173,209
3,778,772
3,100,000 -3.2
2,636.479
3,000,000
114,274,916 +25.3
14,324,140 -27.1
18,213,826
Grano Rapids
160,795,967
3,447,511
2,942,582
3 779 390 +0.5
3 798.084
128,592,213 +25.0
8,642,014 -55.3
13,418,436
121,393,042
2,741.961
2,066,198
Dayton
2,773,579
+47.9
1,915,806 +44.8
82,100,688
7,033,720 -26.9
8,923,789
69,038,165
1,297,84f
1,724,182 +20.0
1,061,961
Evansville
2.068.426
49,678,126 4-39.0
4,801,233 -38.3
6,641,096
57,172,517
1,131,275
Springfield, 111
1,047,378
993,174 +46.0
1,450,000
44,588,135 t28.2
100,433,585
13,227,022
• 6,711,291 -97.1
1,875,334
1,217,618
Youngstown
3,079,973
77.9
1,684,827 +82.8
56,454,020
6,868,164
5,355,587 -28.2
56,200,747
Fort Wayne
1,624,778
1,252,810 +29.7
1,326,078
499454t840 +13.7
1,377,314
17,781,000
9,626,000 -84.7
145,528,000
4,454,000
2,000,00(
1,350,000
Akron
2,312,000 +92.6
75,518,000 +92.7
3,723,534 -38.6
5,168,406
43,391,907 • 35,948,882 +20.7
Rockford
874,007
788,994 +62.0
1,277,048
814,158
2,379,1711
2,462,280 -3.4
29,499,271
Lexington
501,183
729,577
867,621 -42.2
568,313
29,155,311
+1.2
3,409,219 +15.5
3,937,043
35,850,118
861,218
Quincy
881,347
721,591 +22.2
+18.0
853,510
30,385,017
3,224,827 +22.8
33,633,298
Bloomington
808,960
673,625
688,340 +17.4
624,510
28,817,273 +16.7
3,960,3971
•
97,104,435
11,634,8571
7,935,575 -46.6
1,525,000
Canton
2,380,827
1,543,570
1,597,467 +49.0
70,314,098 +38.5
3,461,314 -40.5
4,862,459
39,269,063
Springfield, Ohio._
1.027,940
803,618
793,962 +29.5
834,782
30,252,630 +29.8
3,221,033 -16.4
3,750,258
33,357,088
826,821
628,336
gouth Bend
736,279 +12.2
732,219
26,971,205 +23.7
2,915,012
2,315,098 -25.9
25,517,046
Decatur
614,221
483,356
527,845 +16.5
432,417
18,579,285 137.3.
3,042,327
2,362,647 -28.8
25,715,119
Mansfield
735,002
540,539
506.603 +45.2
499,256 •
20.81
21,294,260
2,281,418
Danville
2,160,029 +5.6
23,405,097
499,647
515.000
440,908 +13.4
19,919,809
17.5,
444,174
Jackson
4,990,776
2,597.145 -92.1
33,776,330
1,000,034
449,964
530.000 +88.7
22,416,863 +50.71
440,000
Jacksonville, Ill
•
1,482,314
1,201,149 -23.4
13,387,041
382,822
27%255
273,036 +2.3
285,829
11,058,661 +21.11
Lima
3,232,530
2,365,316 -36.7
27,055,467
644,462
700.000
463,652 +51.1
448,261
18,793,158 +44.0
AnnArbor
•
875,270 -22.5
1,072.609
12,427,158
271,074
152,078 •
290,000'
274,038 +5.8
8,967,225 +38.6
Adrian
•
270,256
227,780 -18.6
2,875,281
40,162
82,239
29,853
77,783 +5.7
2,268,317 +26.7
Lansing
2,788,492 -60.8
4,484,890
37,071,049
506,793
1,048,191
775,000 +34.3
600,363
22,611,489 +63.9
Owensboro
1,747,832
1,353,019 t29.1
14,690,557
374,102
309,521
279,663 +34.7
376,895
13,529,327 +8.6
Gary
92.1
2,724,257
1,418,423
21,145,966 '
11,437,849 +84.9
Flint
5,037,786
51.0
3,336,900
41,174,056
22,802,053 +80.6
Lorain
740,345
593,081 +24.8
5,170,649
4,223,356 +22.4
New Albany
530,868
493,408 +7.6
5,007,680
, 5,298,873 -5.5
Paducah
3,200,000
3,076,946 +4.0
33,929,693
30,492,300 +11.3_
Total Middle Wes 2,681,667,107 1,955,095,861 -T3
408:111,349 443:562,048
227
626,237,111 --7:2 - - 423,589,472 177275- 630,6432 --- 9
-1tmoos,sss --3170 ,
+2 -13 Details of Pacific & ther Western o n page 1276.
Total Pacific
707,787,640
522,082,290 +35.6 5,569,401,981 4.506,083,103 +23.6
153,825,317 123,629,474 +24.4 120,940,458 131.792,604
1,039,927,012
Total Other West_
778,152,509 +33.6 8,242,391,867 6,583,657,089 +25.2 245,425,159 184.0E11,300 +33.3 182,838,281 175,096,374
441,536,521
322,083,530 -37.1 3,739,922,488 2,046,022,764 +26.9
St. Louts
82,423,453
65,409,571
77.889,852 +38.2
107,615,901
108,544,252
79,409,450 -36.7
New Orleans
14,732,860
18,338,945
886,091,746
18,977,346 +40.9
26,729,598
678,217,460 +30.6
69,810,061
61,050,210 -14.3
Louisville
10,921,118
12,636,558
14,519,602 +14.3
688,563,763
16,601,740
524,159,492 +31.4
60,775,561
39,573,981 -53.6
Houston
11,303,565
7,235,057
9,640,114 +64.1
15.820,210
379,954,661
302,774,007 +25.5
24,005,825
19,554,611 -22.8
Galveston
3,590,502
4.892,000
5,466,780 +8.0
5,903.710
155,008,848
166,803,847 -6.1
76,441,391
41,021,679 -86.3
7,960,505
Richmond
7,982,265
9,687,547 +84.2
17,843,524
624,739,879
351,603,473 +77.7
25,118,722 -71.8
43,154,702
4,087,028
Savannah
9,726,703
6,827,403 +47.2
10,048,559
215,545,597
173,302,580 +24 4
33,633,637 -31.9
44,351,588
•
7,069,907
Fort Worth
9,622,837
11,966,061
7,995,274 +49.7
322,056,122
300,861,837 +7.3
57,780,594 -59.2
91,998,203
10,758,030
Atlanta
17,041,419
16,070,402 +53.8
24.721,173
628,080,640
481,013,700 +30.6
18,194,613 +104.5
37,211,111
5,507,324
Memphis
5,031,061 +110,6
8,206,918
10,596,353
281,623,627
227,212,804 +23.5
25,630,044 +23.1
31,790,501
Nashville
6,041,915
7,604,827
6,125.204 +30.8
8,009,549
282,038,270
+26.4
223,124,236
15,208,557 +13.5
17,266,054
Norfolk
3,425,846
•
3,747,232 +11.9
3,914,443
170,227,258
4,193,404
145,317,099 +17.1
Birmingham
•
10,835,268
2,526,932
104,254,515
2,719,25c -10.7
9,657,648 +12.2
3,232,418
2,428,462
91,330,757 +14.2
Augusta
70,455,167
15,236,458
2,628,018 +47.3
1,726,824
2,656,252
7,895,938 +03.0
3,872,140
58,524,800 +20.4
Knoxville
•
8,625,885
1,756,091 +11.0
7.540,033 +14.4
83,071,210
1,790,519
1,939,232
1.950,000
64,253,917 +29.3
Jacksonville
•
2,406,965 +12.2
9,978,211 +45.1
14,477,269
131,793,667
2,390,547
2,650,000
2,700,000
102,935,789 +28.0
Chattanooga
•
2,043,679 +0.5
9,192,804 +6.0
105,055,431
0,712,803
1,672,826
2,053,423
2,398,702
86,229,751 +21.8
Mobile
5,041,088
1,047,022 +9.8
1
0
4,571,321 +1 .342,543,704
950,000
1,400,000
1,150,000
+3.3
41,192,721
Little Rock
•
1,879,025 +112.0
14.338,902
7.577,043 +89.2 ' 93,288,693
3,984,142
2,623.701
1,904,734
24.2
75,124,813
Charleston
•
2,677,453 -15.5
8,994,996
8,264,657 +8.8
83,426,653
2,688,473
2,263,272
1,373,423
19.6
69,743,873
Oklahoma
•
2,373,900 +150.0
23,047,000
9,650,000 +138.8
5,934,241
146,639,834
1,686,692
2,045,147
50.3
92,033,981
Macon
14,156,237 +113.9
30,280,743
3,667.758 +115.3
7,867,514
4,599,703
145,916,668
3,013,268
41.7
102,958,485
Columbia
•
4,418,438
3,550,928 +24.4
37,422,899
31,510,670 +18.8
Austin
12,215,430
7,306,167 +67.3
1,437,593 +91.3
• 2,750,000
128,081,025
1,615,327
1,396,130
104,453,791 +22.6
Beaumont
3,435,276
2,864,758 +19.9
33,739,965
.
26,602,380 +26.8
Columbus, Ga
• 2,331,565
1,858,169 +25.5
16,971,117
•
14,774,942 +14.9
Wilmington, N.
2,412,122
1,756,682 +37.3
18,747,564
15,208,516 +22.5 •
Vicksburg
1,179,816
304,438
9,476,169
247,018
1,008,472 +17.0 241,636 +26.0
218,056
9,616,936 -1.5
El Paso
12,488,531
8,949,520 +39.5
104,188,737
80,288,470 +20.8
Jackson
1,972,534
374,147
. 389,631
1,460,592 +35.1
344,934 +8.4
264.372
22,017,107
14,991,871 +46.9
Tulsa
13,964,144
1,271,524
3,308 411
1 378 575 +140.1
1,148,331
6,018,801 +132.0
126,827,794
52,328,607 +142.4
6,537,068
Muskogee
1,227,993
832,188
3,515,
1,902,598
541 +86.0
790,609 +139.3
46,799,698
28,365,405 +65.0
Meridian
1.539,900
1,238,
400 +24.3
15,288,600
10,236,708 +49.3
-1,250,001,896
Total Southern
866- 473,936 +44- 3 ,
-?7 170,532,960 224,320,599
209,374:324 +44 - .
+
2 302,804,570 77303,214.300 -- 24.
4,940,759,146 -7
Total all
22,762,230,728 15 763 585,903 +44t4 181,437,731,301127,970,294,934 +41.8 5,762,444,256 4,647,425,621 +24.0 2,837,799,426 3,782,511,977
Outside New York.. 8 406,284,643 -(11107222,625 ,
.043 1,591437,655 -1-25:0 1-344,235,908 1,601,589,344
4:36.9 71,157,260.541 54.30(a4r0o2 -.31.0 1,98877 3
-4 -4
Clearings' by Telegraph and Canadian Clearings on nage 1276.
1248
THE CHRONICLE
[VOL. 103.
The dairymen have a "league," to which the
opprobrious term of trust may be applied without
apparent injustice. If we admit that the struggle is
between a producers' trust and a distributers' trust,
there are reasons or suspecting that the former is
the more seriously mistaken in its contention. One
weighty reason is that the dairymen have resorted
to violence, thus beginning by descent to the level
of the traction striker. Their right to use their own
milk as they choose, including spilling it on the
ground, may be admitted; but they put themselves
outside the pale of argument by attacking the
wagons of others and destroying product not their
own to dispose of. Here there is no room for discussion; only a demand for prevention and punishment.
Incidentally, among the conferences and investigations already had or proposed, it appears that the
head of one of .our State commissions is openly espousing the .side of the dairymen against the distributers, coupling the former with himself by the
word "we," and using language which savors only
of partisanship. To say the least, this is a position
in which the innocent third party and invariable final
sufferer—the consumer—is wholly disregarded.
Producer, railroad and distributer are normally
engaged in bringing this article of food from the dairy
to the table, the nursery and the hospital. The
police power of the State is derelict if it allows bandits on the rural highways to destroy a product
honestly acquired and in course of delivery to the
common carrier, en route to the distributer whose
wagons go their rounds before most of us are astir
in the morning. One prominent distributing company advertises that it will "continue to deal with
the farmers themselves and them only, and not
through some scheming third party who does not
even know the milk business," while the State official
just mentioned is quoted as saying that these comWhile the traction trouble here is dying out in panies "should not be permitted to bunk the public
failure and grumbling talk, with some sporadic into the belief that it will be necessary to raise milk
violence still continuing, the city has another trouble prices again." The consumer is the "bunked" party
in some interruption of its supply of milk, one of always, but while the screw is in course of receiving
the food articles which was mentioned as among another turn upon him, we may point out that it is
the first to be cut off by the general sympathetic not for the State to intervene between producer and
strike that refused to come when it was called. the distributer to whom he sells; it is the duty of the
There are accusations and counter-accusations be- State to repress disorder, to allow buyer and seller to
tween producers and distributers. Several of the make their own deals, and certainly not to take sides
latter have appealed to the reasonable thought of in a business controversy.
both the producers and the public by broad adverThe prospect of settlement seemed no nearer yestisements after the example set by the railroads in terday, the producers meeting offered concessions by
the matter of "full-crew laws" and the controversies further demands, and the State proposing one more
over wages. These companies say, with evident investigation. Has there not been too much investruth, that the better and more wholesome milk of tigating and too much interfering without investito-day cannot be supplied without methods which gating?
necessarily cost more than the careless methods of
Because we have had so much of compromise in
forty years ago; they say they have maintained these outbreaks in course of demands for more and
amicable relations with the producers for many more money, and because of the climax of such
years, and they justly claim that they have raised arrangements during August in Washington, labor
the standard of this indispensable article.
is everywhere incited to lawlessness. Nobody can
No complaint can be made merely because the prove, and nobody will affirm, that the surrender in
farmers have an organization, for the lack of co- August produced the traction troubles here,and now
operative organizing has been one of the causes of this trouble over food; but it is indisputable that the
the friction and obstruction which make scarcity tendency is to stimulate greed into threat and outrage.
and intolerably high prices here, while abundance
The 'dairymen may be overdoing it. Forcing the
exists at the soil within a moderate distance from price of food up,and again up, may stimulate scientific
New York. The right to organize belongs to every and intensive agriculture, and competition may
place and every class, and exercising it should be for turn attention to dairy farming, a consummation
the general welfare; its abuse is the constant evil. quite to be desired. The farmer may get exemption,
There seems to be clear evidencelrofisuch abuse in as a part of the labor class and vote, from anti-trust
this instance.
laws, but nobody can exempt him from the operation
THE FINANCIAL SITUATION.
Reports were given wide circulation in financial
circles at this centre yesterday that our Ambassador
at Berlin, Mr. Gerard, who is on his way home for
a short vacation, is the bearer of a message to President Wilso'n asking the latter's good offices in a
movement to bring about an early peace. Investigation places responsibility for the report with the
head of an important financial institution, an institution so prominent and in a position to be so wellinformed, that it is difficult to accept the view expressed by representatives of other financial institutions of similar prominence that real basis does not
exist for the statement. However, Acting Secretary
Polk of the State Department made a formal statement to newspaper correspondents who interviewed
him in which he expressed entire disbelief in the
report. It does not seem unlikely that the German
Foreign Office or even the Kaiser himself, may have
expressed a hope to Mr. Gerard, when the latter was
leaving, that the war soon would end. But such a
hope may hardly be stretched to mean that the
Kaiser is seeking a peace founded on admitted defeat.
The sensitiveness of the stock market to post-bellum
conditions was indicated by the sharp breaks that
were shown in quotations on the Exchange, more
notably in the so-called war stocks, when the report
referred to was given publicity. An Associated
Press dispatch from Washington of Thursday's date
is significant in connection with the report. It
stated that no new step to end the European war
has been taken by the United States, and so far as
officials at Washington can foresee, none is likely
to be taken in the near future, according to an authoritative statement of the Government's position
obtained in high official circles.
OCT. 71916.]
THE CHRONICLE
of the laws of business. There are several oldifables
he might study with profit, for he may be letting his
greed carry him too far. It may be that in quarreling
with the distributing companies which handle milk
he is getting in his own light. It seems quite clear
that he ought, instead, to try to induce equally
efficient companies (failing an effective co-operative distribution scheme of his own) to dispose of his
apples, his vegetables, and his other products which
now perish without the using, and profit nobody.
Bank clearings in the United States for September
1916 furnish another in the sequence of phenomenally large aggregates, thereby further reflecting the
marked activity in most commercial and industrial
lines; a situation in which it is hardly necessary to
state the urgent demand for many commodities—
explosives and supplies for the Entente armies in
the main—is the dominating factor, as indicated by
the nature of our exports from day to day. This
latest total of clearings, moreover, and by a very
satisfactory margin, sets up a new high record for
any month of any year, as does that for the period
since Jan. 1 establish a nine-months' high mark.
The current activity, while almost universal, is
not apparent in equal degree in all sections, being
most noticeable, as reflected by the clearings, in
localities catering to the war demand, but its generality is indicated by the fact that of the 162 cities
included in our compilation, only two show any
loss for September, and that nominal, while gains
of 25% or more over the full totals of a year ago are
quite common. Furthermore, in addition to New
York, no less than 26 cities exhibit totals the heaviest
of any month in their history, and among them such
centres as Philadelphia, St. Louis, San Francisco,
Cleveland, Richmond, Atlanta, Seattle, Salt Lake
Cityland Denver. Finally, in all cases but 15 the
Septemberlfigures are records for that month. The
exhibit at New York is especially good, an outcome
due in part to the marked revival of speculative
activity on the Stock Exchange.
For the country as a whole the aggregate, of
clearings, as already stated, marks a high record
for September, and contrasted with 1915, which it
displaces, there is a gain of 44.4%. For the nine
months since Jan. 1, moreover, the current year's
total is 41.8% in excess of that of a year ago. At
New York the September clearings record a very
heavy gain over last year-49.2%—this following
an increase then of 108% over the very contracted
figures /of 1914. The nine months' aggregate is
not alone 49.7% greater than that of a year ago,
but falls only nominally short of actually equaling
the twelve months' total of 1915, which was by a
fair amount the high mark for such a period. Outside of New York this year's aggregate for the month
exceeds last year by 36.9%, while for the longer
period the increase is 31.0%. As regards the individual cities, very important gains are to be noted
at many leading points, particularly at Philadelphia,
46.1%; Chicago, 31%; St. Louis, 37.1%; Cincinnati,
33%; Cleveland, 76.1%; Boston, 34.8%; Detroit,
62.2%; San Francisco, 37.1%; Los Angeles, 32.1%;
Seattle, 42.3%; Salt Lake City, 55.8%; Kansas
City, 44.1%; Omaha, 35.1%; Denver, 57.3%; Richmond, 86.3%; New Orleans, 36.7%; Savannah,
8
71. %; Atlanta, 59.2%, and Memphis, 104.5%,
the increases at the South reflecting the quite free
movement of cotton at greatly enhanced values.
1249
Dealings on the New York Stock Exchange in
September were of considerably greater volume than
for any month since March 1907, and constitute
a record for the particular period covered. Activity
was apparent immediately following the Labor
holiday and every full day session subsequent to
that date, with one exception, witnessed sales of
over a million shares, with 2,339,060 shares changing hands on Monday, the 25th. All the leading
shares participated in the activity, with the properties benefited by the war conspicuous, and transactions were at generally advancing prices. Operations totaled 29,992,582 shares, against 18,399,286
shares in 1915, and for the nine months they reached
138,862,182 shares, against 115,133,248 shares last
year. Bonds, also, were freely dealt in during the
month, the transactions closely approximating 100
million dollars par value, with United Kingdom 5s,
Anglo-French 5s, American Foreign 6s and Dominion
of Canada 5s making up some 25% of the total.
Sales of bonds for the nine months at 797 million
dollars contrast with 605 millions in 1915. At
Boston, too, trading in stocks and bonds was much
more active during the month.
A continuation of very satisfactory commercial and
industrial conditions in Canada finds interpretation
in the bank clearings returns for the month of
September. At a few points the aggregates are
high records for any monthly period; at most cities
they are the heaviest ever reported for September,
and the total of all exhibits a large increase over the
like period of 1915. Specifically, the gain for the
month in the total for the 23 cities furnishing comparative figures is 40.8%, while for the nine months
the excess over a year ago reaches 41.6%, with
Montreal, Toronto, Winnipeg, Calgary, Regina,
Saskatoon, Lethbridge, Hamilton and Peterborough
the mostc onspicuous contributors to it.
Cotton, which had already made a decided advance in August and September, ruling higher at
the close of the last-named month than at any time
since May 1911, moved upward further in value the
current week, following the publication of the report
of the Department of Agriculture on the status of the
crop Sept. 25. That report indicated an even greater
drop in condition than had been generally expected,
and its announcement was signalized immediately
by an excited speculation on the local exchange that
carried prices for the staple up some $3 per bale net,
and the advance has since gone still further. As
officially determined, the condition of the crop on
Sept. 25 was only 56.3% of a normal, or much lower
than usual at that date—in fact, the lowest in our
record, the nearest approach thereto having been
58.3 in 1902 and 58.5 in 1909—and comparing with
60.8 at the same time in 1915 and a ten-year average
of 67.2. Moreover, the Department stated that a
condition of 56.3 on Sept. 25 forecast a yield per acre
of but 156.3 lbs., and this, applied to the acreage
(Government total), after allowing for an abandonment of 1% of planted area, indicates an aggregate
production of 11,637,000 bales of 500 lbs. gross
weight each, and not including linters. On the basis
of the "Chronicle" acreage, however, and following
the same method of calculating, the result would be
over 12,750,000 bales.
According to this final report on condition for the
season, every State except California and Oklahoma
gives a poorer promise than on Aug. 25, noticeably
1250
THE CHRONICLE
[VoL. 103.
so in some cases, and especially where the outlook in Demetrios Diamantidis, Minister of Communicawas distinctly poor at that time. The deterioration tions in the Venizelos Cabinet, to advise him respectin Alabama during the month is stated as 9 points, ing the Venezelists to be chosen for the new Ministry.
making a condition at latest date only 36, and an In addition to M. Diamantidis, the former President
identical drop in Mississippi puts the percentage of the Chamber, Constantine Zavitsanos and the
down to 40. Elsewhere, the deterioration ranges former Minister of the Interior, M. Kafandaris, are
from 3 points in Texas to 13 in Missouri, with Okla- under consideration. Written opinions of the situahoma unchanged, but low withal, and California tion of Greece submitted by each member of the
showing a slight improvement. As regards indicated retired Cabinet to the King showed that the
yield per acre in the various States, some decided Minister of the Interior, M. Roufas; the
declines are to be noted. The forecast for Alabama, Minister of Communications, M. Kaftandjoglow,
for instance, is only 94 lbs., against 146 lbs. last year and the Minister of Justice, M. Vokotopoulos, were
and a ten-year average of 174 lbs.; Mississippi, 114 all opposed to entering the war. There seems no
lbs., against 167 lbs. and 193 lbs., respectively; reason to doubt that financially Greece is in a most
South Carolina, 175 lbs., against 215 lbs. and 223 uncomfortable position. According to a wireless
lbs., and Georgia 162 lbs., against 189 lbs. and 194 dispatch from Rome, the Greek Government has
lbs. On the other hand, the indication for Texas suspended payments because of the shortage of funds.
is 161 lbs., against 147 lbs. last year and Arkansas,
The Allied armies, considered as a whole, appear
183 lbs. against 180 lbs.
These conclusions are based, of course, upon the to be making progress, but the advances are obviSept. 25 condition, and are consequently subject to ously being contested foot by foot. It is evident
modification either way according as the climatic that preparations will soon be necessary for another
conditions, including time of frosts, are better or winter's campaign, and from the military standpoint
worse than average hereafter. In a memorandum there seems slight encouragement to expect a deissued in connection with the condition report, the cisive development this season. The policy of the
Crop Reporting Board of the Department of Agri- German Chief of Staff, von Hindenburg, is obviously
culture refers not only to the heavy deterioration in based on the plan to hold back the English and
the central cotton States, but explains that boll French advances on the west by defensive tactics
weevils have taken a heavy toll in Texas, Arkansas, - and to indulge as far as possible his offensive operaAlabama, Louisiana and Florida, puncturing and de- tions in the more easterly sections, where troops
stroying grown bolls to a greater extent than ever probably less efficient in experience, training and
before,known. Serious damage, it is also stated, has equipment, though not in numbers, are to be faced.
been done by the pest to portions of the crop in Okla- Thus the more spectacular operations are along the
homa, Georgia and Tennessee, and caterpillars have eastern battlefields, particularly in the Balkans.
injured late cotton in Southern Texas and Eastern Reports from the latter permit very indefinite ideas
to be gathered as to the result, owing to the unreFlorida.
rapidity with which picking has been carried liable and exaggerated official statements that always
The
on is also noted in the Department's memorandum, seem to be such an outstanding feature of Balkan warand it finds confirmation in the statement of the fare. Thus the Bulgarian War Office in an official
amount of cotton ginned to Sept. 25, issued by the statement yesterday declared that the invading army
Census Bureau just prior to the announcement of the of Rumanians have been entirely dispersed,"not a
condition figures. In all, 4,062,991 bales had been single Rumanian soldier remaining" on the Bulgarginned to the date mentioned, a high record total for ian side of the river. Earlier statements from the
the period covered and comparing with 2,903,829 same source declared that the Rumanian army that
crossed the Danube had been annihilated. This is
bales in 1915 and 3,393,752 bales in 1914.
denied by Rumania. All the attempts of the RuCount Okuma, Prime Minister of Japan, resigned manians and Russians to advance into Dobrudja
on Wednesday, giving advanced age—he is 78 years have been repulsed by counterattacks of the Teutonic
old—as the reason for his action. The members of Allies, though the Rumanians declare that 13 cannon
the Cabinet also tendered their resignations to the have fallen into their hands in this region. In TranEmperor. Before he resigned, the Premier recom- sylvania the Rumanians have captured Austro-Germended to the Emperor the appointment of Viscount man fortifications near Rajd after a battle lasting
Takaaki Kato as his successor. The Emperor, three days. Near Bekokten, north of Fogaras and
however, appointed Count Terachi to the position. in the vicinity of the Hatszeg Mountains, the RuThe new Premier holds highest rank in the Japanese manians are reported by Berlin as in retreat, but it is
army. Until his appointment to the Premiership admitted by the German War Office that the inhe was Governor-General of Korea. This appoint- vaders have made another gain in the Orsova sector.
ment is considered a victory for the army party. The forces of the Entente Powers have driven their
But it is believed that he will be able to unite the line to within twelve miles of Monastir, Serbia, and
have occupied the town of Buf. On the eastern part
various factors in Japan.
of the Macedonian front the occupation of Yenikeui
Greece still remains nominally in the list of neu- near the Struma River, by the British is admitted
trals. But a new national Ministry, which will by Berlin. The British also claim to have occupied
favor intervention on the side of the Entente Powers the village of Nevolyen, on the eastern bank of the
is about to be appointed by King Constantine. river. Italians have captured several additional
Three of the adherents of ex-Premier Venizelos will, towns in Albania. In Volhynia, west of Lutsk, as
it is stated, receive portfolios. The King accepted well as along the entire front to the Dniester, in
the resignation of the entire Kalogeropoulos Cabinet Galicia, the Russians have started a vigorous ofon Wednesday morning at a Crown Council held at fensive. Emperor William has gone to the front of
the palace. Following the meeting the King called General von Linsingen, near Lutsk, where the prin
00T. 7
1916.]
THE CHRONICLE
cipal fighting is in progress. At various places in
this sector and in Galicia,Petrograd asserts that the
Austro-Germans have been defeated. Berlin will
only concede that the Russians have reached the
Teuton lines at one point north of Zubilno, and state
that they were later driven from the captured position.
Grand Duke Nicholas has been recalled from his
post in Turkish Armenia and given command of the
combined Russian and Rumanian army that is
fighting Field Marshall von Mackensen in Dobrudja. This transfer of the Grand Duke, in the
opinion of British military critics, is the most significant move that has been made by any of the Allies in months. According to reports from various
sources, the Dobrudja army now commanded by
General Averescu, formerly Rumanian Minister of
War, has been reinforced by large details of Russian
troops until it has become a very powerful one.
Russia since the beginning of the war has been preparing for a drive through the Dobrudja and Bulgaria to Constantinople. The shifting of the Grand
Duke to Dobrudja is interpreted as an indication that
preparations for this great offensive have been completed. Suddenly resuming offensive in Turkish
Armenia, west of Trebizond, the Russians, with
the co-operation of their fleet, have, according to
advices from Petrograd, inflicted a severe defeat on
the Turks.
-
1251
Toward the close of the week the London markets
showed some improvement, the decline in prices having attracted numerous small buyers whose united
purchases revealed the fact that there was comparatively little stock offered. The Stock Exchange
managers have postponed consideration of the dividend until the end of the financial year, in March.
Similar action was taken last year, £2 per share being
paid in April, against £7 the preceding year. The
new French loan was advertised in London on Thursday. There is no limit placed upon the amount made
available in the British centre, just as there is no
limit on the entire issue. The price in sterling is
£3 4s. 6d. per 100 francs, payable in installments in
December, February and April at an exchange rate
of 273/ francs to the pound. The loan was well received. Announcement that subscriptions to the
loan would be payable in British Treasury bills when
full payment is made on application will help the result. There has yet been no formal offering of the
British Exchequer bonds, the delay presumably being for the purpose of giving the French loan a clear
field. It is expected that a considerable part of the
Treasury bills as they mature will be transferred into
new Exchequer bonds, which finally may be funded
into a longer term loan at a lower rate. The revenue
of the United Kingdom for the six months ended
Sept. 30 was £164,000,000, an increase of £61,050,000
as compared with the corresponding period last year.
The expenditure for the half-year amounted to
The "saving daylight" plan that was inaugurated £904,750,000 and the borrowing to £742,500,000.
in Great Britain, France, Germany and other Con- Current sales of short-dated Treasury bills continue
tinental countries in May last, seems to have been heavy. The outstanding total was increased last
a success, at any rate to the extent of having caused week by £30,000,000.
A London correspondent cables that a suggestion
a minimum of inconvenience. All these countries on
Sunday, Oct. 1,moved their official clocks back one that Great Britain adopt after the war a decimal syshour, thus restoring conditions to the old basis. In tem of coinage, patterned after that in use in the
Great Britain, beginning at 3 a. m. legal time was United States, is receiving earnest consideration.
returned to 2 a. m. In France, Greenwich time There is discussion also as to the advisability of
was resumed at 1 a. m., while Germany returned to adopting a metric system of weights and measures.
normal time on Saturday at midnight. Advices British trade is still very active, but is, it is said, becabled from Berlin state that opinions vary greatly ing embarrassed by the so-called "combing" operaregarding the advantage of the so-called summer tions for recruits. The harvest now is practically
.
time. Farmers are opposed to it, as also are the over and has proved to be of satisfactory proportions.
motion picture interests, while some of the theatres Farmers are reported to be enjoying unparalleled
and the commercial classes favor it.
prices for their produce. The Bank of England for
the half-year ended Aug. 31, after making provision
The announcement of the British Government's for all contingencies, showed profits of £561,130,
determination to issue 6% Exchequer bonds has making the total of the "rest" on that day £3,566,proven sufficient to counteract the favoring war news 402, and after providing for a dividend of £5%, less
in the London markets for securities. Another income tax, the "rest" was left at £3,020,665. The
influence of the same tendency was the decision half-year dividend was paid on Thursday.
to• offer the new French war loan officially at
The London Stock Exchange has abandoned the
the British centre. Thus from two sources was proposal to reduce the abatement of fixed commisthere promise of new competition with existing sions to banks from M to 1-3. Home rails on the
investment issues. Operators found difficulty in London market have been relatively firm, owing to
disposing of the older classes of investments except the official statement that the additional war bonus
at substantial reductions in prices. Additional re- of the railway men will be borne by the Government
strictions on war profits caused armament descrip- under its earning guarantee. New English capital
tions to sag. The Chancellor has been subject to issues for the quarter ending with Sept. 30 were
severe criticism on the ground that the interest on £110,578,000, making a total of £387,324,000 for the
the Exchequer bonds is unnecessarily high. They nine months that have thus far elapsed in 1916.
are not the kind of securities that are attractive to The London "Economist" end of September index
the banks or to other short-term professional inves- number, to be published to-day, is 4423, making a
tors; but they appeal to the general public. The further advance of 51 points for the month, which,
Government has announced that applications will however, is not so large as the 168-point advance in
be received for the new bonds in amounts of £5 and August. The new figure represents a 100% advance
upward. The banks report that they are receiving from the basic number of 2200, which is the average
liberal orders from customers for the new Exchequer of the commodities in question for the five-year
issue.
period 1901-1905. Cereals and meat advanced 183
1252
THE CHRONICLE
points to 101E, other food (tea, sugar, &c.) advanced
5 points to 5363/2; textiles are 55 points higher at
937. Minerals, on the other hand, are lower, having.declined 143 points to 858,while heavy goods,
such as timber, leather, &c., are 13 points lower at
1073.
British Consols have suffered in common with
other securities, the closing quotation last evening
being 59%, a recovery from 58% early in the week,
and comparing with 593' on Friday of last week.
Still 59% for a 23/2% Consol is certainly not a sign
of great weakness in the credit of a country in the
third year of a war of such unexampled destructiveness and expensiveness as that now current. There
recently has been some disposition on the part of
anti-British interests in New York to ascribe importance to an article in the Sept. 16 issue of the
"London Statist," which has recently arrived, suggesting that in the event of a long-continued war
specie payments would have to be abandoned. The
following paragraph suggests the tenor of the article
in question:
Ought we to do as we did in the great war against
revolutionary France, suspend specie payments, or
ought we to show that we are rich enough and ingenious enough to do what no other nation ever has
done hitherto, and go on paying in gold till peace
returns? The answer, we take it, to the question is,
"That depends upon the length of the war." lithe
great general staffs of all the Entente Powers can
reasonably assure the British Government that the
war will not last much more than, say, six or eight
months, the Government clearly ought to exhaust its
ingenuity before suspending specie payment's. On
the other hand, if there are reasonable grounds for
thinking that the war will last throughout nest
year, and possibly longer, it seems safe to predict
that specie payments cannot be maintained to the
end.
Referring to reports cabled to London from New
York of the attention that the article had attracted
here the correspondent of the "Journal of Commerce"
cables that much surprise is expressed in Government
and representative financial circles at the cables
from New York. "The article has attracted not
the slightest attention on this side," the correspondent adds,"as it is regarded as a merely academic discussion of an utterly remote theoretical contingency."
"It is recognized fully here," the correspondent continues, "that British banking and political authorities
attach utmost importance to the continuance of
, specie payments and to maintaining London as a
free gold market." The correspondent has made
personal inquiries of the highest possible authorities
and is authorized to state unreservedly that the
slightest deviation from the established policy regarding specie payments would not be contemplated
for an instant. The mere suggestion is regarded as
highly ridiculous.
The month-end settlement at Paris was satisfactorily arranged, though money was slightly dearer,
the daily loans requiring 4%. The Bourse has
ruled firm this week, but characterized by a certain
amount of irregularity in such movement as there
has been. A 40% dividend by Rio Tinto has not,
it is said, sensibly affected the price. Further issues
of defense obligations have been postponed indefinitely, presumably on account of the offering of the
new war loan. The French moratorium again has
been extended for three months. In a statement
[voL. 103,
in the Chamber of Deputies last week, the French
Finance Minister, M. Ribot, intimated that heavy
increases in taxation, both direct and indirect, were
inevitable next year. This foreshadows, he added,
a complete revision of the present fiscal system. The
Chamber of Deputies on Monday voted without
discussion a plan to make the Post Office service a
regular banking institution. A Postal Savings Bank
system already is in existence in France, and it now
is extended so that postal savings accounts may become checking accounts. This plan, it is expected,
will greatly reduce the use of actual money. For a
checking account the minimum deposit required is
only 50 francs, and checks in the form of postal
orders are payable without charge. Another law
enacted by the Chamber provides a pension varying
from 30 to 50 francs a month to soldiers suffering a
decrease in pay on account of inability to carry on
former employment where such disability results
from wounds or sickness, caused by service in the
army. The fact of inability to do former work is
to be taken as prima facie evidence that injuries
received in the army were the responsible cause. It
rests with the State to prove the contrary. The
outstanding amount of French Treasury bonds is
13,000,000,000 francs. The traffic statements of
the chief railroad companies operating outside the
army zone for the month of July, it is stated, show
an increase over the same month of last year of 25%
and an increase over the normal of before the war
of 30%. Reports cabled from Paris indicate that
the war loan promises to be an even greater success
than the first. In Paris rain kept many *away on
the morning of the opening day, but in the afternoon
there were long waiting lines outside all places where
subscriptions were taken. The banks state that a
large number of persons paid for their stock in gold.
At one window of the Bank of France alone 300,000
francs in gold were paid over in two hours. Officials
of the Ministry of Finance in charge of the issue are
radiant. M. Vogues states: "I sent provisional certificates for 3,000,000 francs to a banker who at the
time of the last loan sold 5,000,000 worth, all told.
He just sent an urgent request for certificates for
20,000,000 francs. If the scouts of the army of
thrift reached that point, it is not hard to judge the
results we are entitled to expect when the lists close."
Subscription lists to the fifth war loan of Germany
closed on Thursday. There have been no official
figures published as to the total amount pledged,
although press cables from Berlin under date Oct. 2,
stated that unofficial forecasts indicate that it will
exceed the total of the preceding loan. An investigation by the Reichsbank a few days before suggested a total of subscriptions at that time of more
than 9,000,000,000 marks. In the fourth German
war loan last spring, as reported by the semi-official
Overseas News Agency of Berlin 10,712,000,000
marks were received. Although there has been some
falling off in small subscriptions (quoting Berlin
dispatches) it is reported that this has been more
than counteracted by the large subscribers. An
extremely vigorous press campaign is said to have
aided materially in bringing in small subscriptions
during the closing days. The Reichsbank estimates
the total of German banknotes being circulated in
occupied countries at 2,000,000,000 marks, of which,
to quote a Berlin dispatch (dated Oct. 3) "400,000,000 will be shortly brought back from Belgium
OCT. 7 1916.1
THE CHRONICLE
1253
to Berlin." This movement seems to bear close of open market rates at other European centres, as
relation with recent reports that the German author- far as we have been able to learn. Money on call in
ities in Belgium had seized and sent to Berlin the London has not been changed from 432%.
The Bank of England, for the first time in several
cash reserve of the Central Belgian Bank, the
Societe de Generale de Belgique. The weekly state- weeks, showed a gain in its gold item, namely £1,ment of that institution, quoting a London cable of 078,272, which is coincident with the cessation of
Sept. 30, now shows cash in hand reduced 250 mil- gold shipments to this centre, there having been no
lion francs for the week and the item of "balances imports of the precious metal here this week. Note
abroad" increased 280 million. These reserves were circulation was expanded £529,000; hence the total
chiefly German banknotes, it is claimed which were reserve increased £549,000. The proportion of reforced on Belgium as a currency when Germany serves to liabilities, however, fell to 21.23%, against
appropriated its gold. Germany's output of steel in 22.9% last week and 26.05% a year ago. Public
August was 1,412,326 tons, compared with 1,365,641 deposits registered a decrease of £1,136,000, although
tons in July. At a meeting last week of the German other deposits showed the large increase of £15,Pig Iron Association reports were read showing a 918,000. Government securities continued without
continued good demand for all grades of iron. Sep- change. Loans (other securities) were expanded
tember shipments, it was stated, are expected to £13,781,000. The Bank's holdings of gold aggregate
exceed those of August. In the second year of the £54,630,522, which compares with £61,249,793 in
war freight receipts on the German State Railways 1915 and £56,756,912 the previous year. Reserves
were (according to newspaper statements) 2,245,- now stand at £36,016,000, against £46,823,273 last
000,000 marks, comparing with 1,863,000,000 marks year and £40,378,212 in 1914. Loans amount to
in the first year of the war and 2,226,000,000 marks £109,167,000, comparing with £119,266,493 and
in the last year of peace. Passenger receipts de- £113,894,148 one and two years ago, respectively.
creased 32% in the first year of the war and in the The Bank reports as of Sept. 30 the amount of cursecond year were 21% below the last year of peace. rency notes outstanding as £120,785,480, against
Iron exports are no longer permitted without a £119,896,191 a week ago. The amount of gold held.
special license. It is reported that shares of the for the redemption of such notes remains at £28,Hamburg-American Line are being bought by 500,000. Our special corresponderit is no longer
Dutch interests.
able to give details by cable of the gold movement
As in France, Berlin is striving to introduce pay- into and out of the Bank for the Bank week, inasment by check as a means of providing a necessary much as the Bank has discontinued such reports.
expansion in current funds. Under a new decree of We append a tabular statement of comparisons:
'BANK OF ENGLAND S COMPARATIVE STATEMENT.
the Federal Council, the Reichsbank is now empow1916.
1915.
1914.
1913.
1912.
ered to certify its depositors' checks. The certificaOa.4.
Oct. 6.
Oct. 7.
Oct.8.
Oet.9.
tion is valid for but ten days from the date of issue. Circulation
32,876,520
Press advices state that judging by the experiences Public deposits— 37,064,000 81,375,191 34,828,700 29,231,625 29,170,925
52,235,000
17,852,333
5,993,166 10,357,468
Other deposits
of the first few days of the new regulation, the ar- Governm'tsecurities117,402,000 98,301,697 146,646,768 41,214,915 45,298,171
42,188,000 31,286,061 27,971,087 14,488,105 13,338,084
rangement will prove popular. Although the decree Other securities 109,167,000 119,266,493 113,894,148 25,523,489 32,855,495
Reserve notes dr coin 36,016,000 46,823,273 40,378,212 24,930,706 27,192,560
primarily affects the Imperial Bank, other banks Coln and bullion_ 54,630,520 61,249,793 56,756,912 35,712,331 37,913,485
can, "in suitable cases," procure certified checks for •Proportion of reserve
to liabilities
21.23%
26.05%
24.50%
52.75%
48.84%
their depositors, although these have no accounts in Bank rate
6%
5%
5%
5%
4%
the Imperial Bank. This is considered one of the
The Bank of France this week reported a further
most important steps in the efforts of the Imperial,
State and municipal authorities to substitute pay- gain in its gold holdings of 7,695,075 francs. As was
ment by check for cash transactions. But it is' only the case last week, the increase was all in the amount
one of a long series of measures directed to the same of gold held by the Bank itself, the balance held
end. Measures are now being taken to abolish or abroad remaining without change at 674,553,075
greatly reduce the fees heretofore charged for postal francs. The total holdings at home and abroad
checks, and the payment of taxes, bills for gas, water aggregate 4,840,446,350 francs. Last year the
and electricity, and such items by check or through amount held (all in vault) was 4,601,340,011 francs
the post office, will be made easier. The Associa- and in 1914, 4,141,350,000 francs. During the
tion of Berlin Banks and Bankers decided that, be- week the silver item decreased 1,735,000 francs. The
ginning on Oct. 1, it would charge its depositors the total silver now on hand is 335,105,000 francs, which
same fees for postal check payments as have been compares with 363,624,377 francs in 1915 and 625,recently charged by the Imperial Bank. Much is 325,000 francs in the year preceding. Note circulaexpected of the Imperial Bank's power to certify tion registered the large increase of 297,081,000
checks. A great reduction of cash transactions, francs. General deposits were expanded 4,112,000
particularly at months' and quarters' end settle- francs. Bills discounted also showed a large increase,
ments,is looked for, especially since checks thus cer- viz., 101,197,000 francs. Treasury deposits were
tified are legal tender.
increased 22,786,000 francs and the Bank's advances
gained 9,039,000 francs. Note circulation is now
Official bank rates at the leading European centres 17,011,144,000 francs, against 13,664,084,765 francs
continue to be quoted at 5% in Paris, Vienna and last year and 6,683,175,000 francs in 1914. General
Copenhagen; 53/2% in Italy, Sweden and Portugal; deposits total 2,252,168,000 francs, which compares
6% in London and Petrograd, and 43/2% in Switzer- with 2,627,015,439 francs one year ago and 947,land, Holland, Spain and Norway. In London the 575,000 francs the year preceding. Bills discounted
private bank rate has remained at 532@58% for amount to 512,155,000 franes, as against 267,437,sixty-day and ninety-day bills. Cables from Berlin 890 francs in 1915, while advances total 1,185,844,still give 4% as the nominal private bank rate at 000 francs, against 589,974,351 francs last year. In
that centre. No reports have been received by cable 1914 bills discounted and advances combined,
The Imperial Bank of Germany in its statement,
issued as of Sept. 30, shows the following changes:
Total coin and bullion increased 11,031,000 marks,
gold increased 13,148,000 marks, Treasury notes
increased 180,053,000 marks, notes on other banks
decreased 15,674,000 marks, bills discounted increased 3,180,913,000 marks, advances increased
772,000 marks, investments decreased 4,029,000
marks, other securities decreased 142,881,000 marks,
notes in circulation increased 509,918,000 marks,
deposits increased 2,586,712,000 marks, and other
liabilities increased 113,555,000 marks. Total gold
holdings now amount to 2,484,770,000 marks, compared with 2,419,434,000 marks in 1915 and 1,716,071,000 marks the year previous.
So far as the local money situation is concerned
there is very little to record in the direction of really
new feature. The tendency continues one of distinct ease. The offering of the $50,000,000 City of
Paris loan, which occurred on Tuesday, was largely
oversubscribed, the books being promptly closed.
The bonds were offered at 98%. Details of the
offering appear on a subsequent page of this issue.
Investors in this country are also being invited
through bankers to subscribe to the new French
war loan, which will constitute another demand on
surplus funds. But this surplus apparently is so
large that these new demands upon it makes small
impression. The market has received no assistance
this week from imported gold. Commercial paper is
offering in a moderate way.
• The weekly statement of New York Clearing House
banks and trust companies, which was issued on
Saturday last, was somewhat less favorable. The
loan item registered the large increase of $31,825,000.
Net demand deposits were increased $7,755,000.
Net time deposits, however, declined $2,056,000.
Reserves in "own vaults" registered a loss of $13,435,000, to $436,616,000, of which $374,079,000 is
specie. A year ago the total in own vaults was
$503,372,000, including $433,087,000 in specie. Reserves in Federal Reserve banks showed a reduction
of $10,645,000, to $166,394,000, compared with
$146,705,000 in 1915. Reserves in other depositories
increased $208,000, to $54,570,000, against $37,878,000 last year. Note circulation is $31,149,000, a de-cline of $26,000. Aggregate reserves suffered a loss
sof $23,872,000, to $657,580,000, which compares
with $687,955,000 at the corresponding date a year
ago. The reserve required, however, increased $1,072,560, and surplus reserves were reduced $24,944,560, thus carrying the total of excess reserves down
to $89,189,570, as against $196,372,130 the year
previous, and $114,134,130 a week ago. The bank
statement in fuller detail is given on a subsequent
page of this issue.
Referring to money rates in detail, loans on call
%
have covered a range of 2@23 %,against 2@3% a
4
ago. On Monday and Tuesday 23 % was the
weak
high and ruling quotation and 23/2% low. Wednes0
dayithe minimum declined to 2%, although 2%7
was still the maximum quotation as well as the basis
for renewals. Thursday the range was 2@2%
/
and renewals were at 23/2%. On Friday 21 1@2M%
4% the ruling figure.
continued the range with 21
For fixed maturities there were slight recessions in
the longer periods. Sixty-day funds were not changed
/
from 3@331%; ninety days from 33 1@3M% and
2%, although six
four and five months from 3/
months is now quoted at 33/2%, against 33/2@3%%
last week. At this date last year sixty days was
quoted at 231@23/2%, ninety days at 29-%, four
months at 2%@3%, five months at 3% and six
months at 3@3%%. Commercial paper discounts
are without quotable change. Trading continues
to be restricted by an inadequate supply of offerings.
Sixty and ninety days' endorsed bills receivable and
six months' names of choice character have remained
at 331@332%. Names less well known still require
4%. Banks' and bankers' acceptances are quoted
as follows:
Spot Delivery
Sixty
Ninety
Days.
Days.
2 9-16@2 7-16 234 042%
2 11-16@2 9-16 234@234
334@234
33i00234
Eligible member banks
Eligible non-member bills
Ineligible bills
Thirty
Days.
234@)234
234@234
334(z.0234
Delivery
within
30 Days.
3 @234
3 @234
334(33
A rate of 3% has been established by the St.
Louis Federal Reserve Bank for commercial paper
maturing within fifteen days. The Federal Reserve
Board has approved a rate of 3@4% on domestic
acceptances at Boston. The rate of the Richmond
Federal Reserve Bank on promissory notes of member banks running from one to fifteen days has been
reduced from 4% to
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
CLASSES
t
i
'
OF
DISCOUNTS AND WA VS i N
i
1
43
eci
e
1
CO
Commercial Paper
1 to 10 days maturity....
1 to 15
;
11 to 30 "
15 to 30 "
,..4
31 to 60
•..4
61 to 90
Agricultural and
Live-Stock Paper
91 days to 6 months matu ity 5
Promissory Notes of Mem bet
Banks
1 to 15 days maturity_ _ _ __ 334
1
.:
: :ai 7
__5iii
4 4
____4
i
4
i
4
ii
O
1 1
e
i
3
------3343
___i 4
4H i i 4 4
454 4
434 4 4
Of 5
5
5
5
4345
3
334 334 3H 3H 3H 3
A:Rancor°Us.
aggregated 3,202,975,000 francs. Treasury deposits
are 59,598,000 francs. A year ago they totaled 69,277,095 francs and in 1914 382,575,000 francs. The
figures here given for 1914 are those for the week
ending July 30, the Bank having discontinued the
publication of weekly returns with the outbreak of
the war.
[VOL. 103.
THE CHRONICLE
Atlanta.
1254
i
1
#
a
4
I Di
--i -- 5i
_i
iii
i
_
__
i 4H i i
434
434 4H 4
5 5
4
4
454534
3344
Trade Acceptances
1 to 30 days maturity_ _
334 3H 3% 3 334 3H _.... 3 3344
_ _ .__ 33-4 334 ni 354 33-4 334 —_ 3 33-4 4
"
31 to 60
.... 334 334 33-4 4 354 3$4 --- 334 331 4
"
61 to 90 "
33-4 3
334 3
335 334
Commodity Paper
1 to 30 days maturity
_31 to 60
_
"
61 to 90 "
61 days to 6 months matt
3
3
3
__ 334 ___ 3yi ___ 3H 3
— 3% --- 3H -- 3H 3
- 334 ..-- 3% --- 33i 3
tv
.__3
..__3
--- 3
3344
334 4
3344
334
4
4A
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankers' Acceptances.—Authorized discount rate for all Federal Reserve banks;
minimum, 2%; maximum. 4%.
Trade Acceptances.—Bills with maturities of 90 days or lees, purchased in open
market without member bank endorsement, by New Orleans branch of Atlanta
Federal Reserve Bank; 334 to 4%.
Commercial Paper.—Bills purchased in open market by Dallas Federal Reserve
Bank; 3 to 5%.
Bills of Exchange.—Bills purchased in open market by Atlanta Federal Reserve
Bank; 334 to 534%.
Bills With or Without Member Bank Endorsement.—BIlls with maturities 01 90 days
or less purchased in open market by St. Louis Federal Reserve Bank; 2 to 4%.
The sterling exchange situation remains in the same
dull and uninteresting rut that it has occupied for so
long a period. Rates do not change, being supported
when necessary by buying of cable transfers by a
prominent international banking house. No additional importation of gold has been reported this
week. The success of the City of Paris loan in New
York as well as the formal offering of the French
national war loan in this city through bankers are
sustaining influences in the sterling exchange situation since English and French financial operations
OCT. 7 1916.1
with this country are so closely interwoven. Mr. J.
P. Morgan sailed for London last Saturday. It
seems to be generally presumed that his visit is
connected with additional loans to be placed at this
centre in the near future, as it is presumed that the
$250,000,000 collateral loan of last August was merely
the initial one of a series of similar transactions.
Compared with Friday of last week, sterling exchange on Saturday was quiet but firm with demand
still quoted at 4 75 11-16, cable transfers at 4 76 7-16
and sixty days at 4 713/2. Monday's market presented no new feature, the entire sterling situation
being evidently still under the control of the British
Treasury, and rates continued at 4 75 11-16 for
demand, 1 76 7-16 for cable transfers and 4 71 %
for sixty days. Dulness marked Tuesday's operations while quotations were not changed from those
ruling on the preceding day. On Wednesday trading
was featureless, and rates little more than nominal;
demand bills remained pegged at 4 75 11-16, cable
.
2
transfers at 4 76 7-16 and sixty days at 4 713/
Extreme dulness again prevailed on Thursday, and
whatever business was transacted was put through
at the established figures of 4 76 7-16 for cable
2
transfers, 4 75 11-16 for demand and 4 713/ for
sixty days. On Friday the market ruled steady,
and without change. Closing quotations were 4 71%
for sixty days, 4 75 11-16 for demand and 4 76 7-16
for cable transfers. Commercial sight finished at
4 75 9-16, sixty days at 4 703%, ninety days at 4 68%,
documents for payment (sixty days) at 4 71 and
seven-day grain bills at 4 743 . Cotton and grain
4
for payment closed at 4 75 9-16.
The Continental exchanges have experienced another dull and irregular week. The most noteworthy
feature has been a renewal of the pressure upon
reichsmarks. Sight bills on Berlin at one time went
as low as 69 8, although before the close a slight
rally from this low point took place. As against this
francs were strong, moving up to 5 833% for sight
bills on Tuesday. This rise was attributed in large
,
measure to the success attending the offering at this
centre of the new City of Paris $50,000,000 loan.
Rubles were again heavy and further declines were
recorded, attributed chiefly to speculative activity.
Lire, however, ruled firm and slightly higher. The
2
sterling check rate on Paris finished at 27.813/, compared with 27.90 last week. In New York sight bills
on the French centre closed at 5 843,cables at 5 833/
and sixty days at 5 897 , against 5 84, 5 833% and
4
5 893/2, respectively, last Friday. Demand bills on
Berlin closed at 7.0
and cables at 701 which
4,
compare with 70% and 70 11-16 the previous week.
Kronen, following the course of Berlin exchange,
were weak and finished at 12.00, against 12.02.
Rubles closed at 37.80. A week ago the close was
32.05. Lire finished at 6 47 for bankers' sight
and 6 463/2 for cables, which compare with 6 463/2
and 6 46 on Friday of last week.
As to the neutral exchanges, here also inactivity
was the feature. Scandinavian exchange was weaker,
while guilders remained without noteworthy change.
Bankers' sight on Amsterdam closed at 407 against
4
40 13-16 less 1-16, cables at 40 15-16„ against
40% plus 1-16; commercial sight at 403% (unchanged)
and commercial, sixty days, at 40% (unchanged).
4
Swiss exchange finished at 5 313 for bankers' sight
and 5 31 for cables, compared with 5 313% and 5 31
a week ago. Greek exchange (which may still be
1255
THE CHRONICLE
regarded as neutral) has not been changed from
5 153/2 for sight bills. The quotations largely
nominal. The Greek Government has suspended
payments because of a shortage of money. Copenhagen checks closed at 27.35, against 27.60 (by a
misprint given last week as 28.60). Checks on
Norway finished at 27.85, as compared with 28.40,
and checks on Sweden at 28.45, against 28.45 Friday
last. Spanish pesetas finished at.20.10, the previous
close.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,178,000 net in cash as a result of the
currency movements for the week ending Oct. 6.
Their receipts from the interior have aggregated
$9,198,000, while the shipments have reached $8,020,000. Adding the Sub-Treasury operations and
Federal Reserve operations, which together occasioned a loss of $10,288,000, the combined result of
the flow of money into and out of the New York
banks for the week appears to have been a loss of
$9,110,000, as follows:
Week ending Oct. 6.
Banks interior movement
Sub-Treas. and Fed. Reserve oper
Out of
Banks.
Into
Banks.
, Net Change in
Bank Holdings.
$8,020,000 Gain $1,178,000
31,380,000 Loss 10,288,000
$30,290,000
Total
$9,198,000
21,092,000
$39,400,000 Loss $9,110,000
The following table indicates the amount of bullion
in the principal European banks:
Oct. 5 1916.
Oct. 71915.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
England__ 54,630,52
54,630,520 61,249,303
61,249,793
Francea__ 166,635,531 13,404,2 180,039,731 184,053,600 14,544,960 198,598,560
Germany_ 123,581,250 1,048,
124,629,450121,148,600 1,777,350122,925,950
Russia' - 155,377.000 9,541,000 164,918,000158,843,000 2,489,000 161,332,000
0_
Aus-Hun. 51,578,
12,140,111 63,718,000 51,578,000 12,140,000 63,718,000
Spain ___ 46,650
30,232,00 76,882,000 29,675,000 29,602,000 59,277,000
Italy
38,176,
3,143,000 41,319,000 45,915,000 4,561,000 50,476,000
Netherrds 48,947,000
577,6
49,524,600 32,532,000
153,200 32,685,200
Nat.Bel_h 15,380,
600,000 15,980,000 15,380,000
600,000 15,980,000
Switaland 11,571,600
11,571,600 9,726,000
9,726,000
Sweden __ 9,527,
9,527,000 6,300,000
6,300,000
Denmark_ 8,950,
234,00
5,946,000
309,000 6,255,000
9,184,00
Norway__ 6,282,
6,282,000 3,359,000
3,359,000
Tot. week.737,285,901 70,920,000 808,205,9011725,705.993 66,176.510791.882,503
Prey.week 734,911,276 71,225,050806,136,326 723,778,071 67,137,490 790,915,561
a Gold holdings of the Bank of France this year are exclusive of £26,982,323
held abroad.
•The gold holdings of the Bank of Russia for both years in the above statement
bave been revised by eliminating the so-called gold balance held abroad.
n July 30 1914 in both years. h Aug. 6 1914 in both years.
MILITARY WAR AND "TRADE WAR."
How much or how little of light is thrown on the
possibility of peace by yesterday's report that
Ambassador Gerard is bringing to our Government
the Kaiser's request for its mediation, it is as yet
impossible to say. Even the basis of the report is
not known, and the report itself gave no particulars
as to the nature of the supposed proposals. It was
rendered all the more surprising by certain other
recent incidents. Two noteworthy statements by
public men of the belligerent countries have been
made in the past few days. Each had a bearing on
the attitude of England and Germany towards the
character and duration of the war. Lloyd George,
now Great Britain's Secretary of State for War, declared at London that "Britain has only begun to
fight." "It took England twenty years," the Secretary for War continued,"to defeat Napoleon, and the
first fifteen of these years were black with British
defeat. It will not take twenty years to win this
war, but whatever time is required it will be done.
We have no delusion that the war is nearing an end,
but we have not the slightest doubt as to how it is
to end."
On the following day, the German Chancellor's
speech to the Reichstag was considerably more in
1256
THE CHRONICLE
the nature of a defense of the Government's policy
than was Lloyd George's statement. Much of
Bethmann-Hollweg's speech was devoted to explaining Rumania's entry into the war, and in this part
of his speech the Chancellor chiefly devoted himself
to bitter attacks on the motives and good faith of
the Government at Bucharest. Perhaps this would
have had more effect on outside opinion if people had
not had their own idea as to the motives of Bulgaria
in joining the war last year; but the Chancellor's
statement was manifestly designed to explain to the
German people why so grave a diplomatic mischance
had been allowed to happen.
The rest of his speech was made up mostly of
denunciation of England; the Chancellor's strong
feelings being illustrated first by his declaration that
Great Britain's purpose is that when the war is over
"all her allies of war must toil as England's slaves
in the financial life," and that a victorious England
would "build on devastated Germany her-dreamed-of
English world dominion." Great Britain, he declared, is Germany's "most egotistical, fiercest and
most obstinate enemy;" and he added that "a German statesman who would hesitate to use against
this enemy every available instrument of battle
that would really shorten this war—such a statesman should be hanged."
That this last declaration meant resumption of
unrestricted submarine activities (as was rather
generally assumed on the first reading of it) does
not necessarily follow. The very fact that BethmannHollweg qualified his assertion by the words "every
available instrument of battle that would really
shorten this war," was on its face significant. Certainly the result of Germany's submarine exploits of
1915 pointed in no such direction. Nevertheless,
the bearing of these public assertions by English and
German statesmen on the duration of the war, and
on the present feeling of the two nationalities toward
one another, is obvious. But they have their bearing
also on conditions after the war, and in this respect
another speech, made this week by another eminent
English public man, was equally significant.
Speaking at Birmingham last Tuesday, Viscount
Bryce first gave his ideas regarding a possible future
world movement for guaranty of peace. After having set forth the hopes and aspirations of rightthinking men in this direction, the speaker turned
his attention to the attitude of England in particular,
and of belligerent Europe in general, after the end
of this war. On that point Lord Bryce thus expressed himself:
"We are justly indignant at the war the enemy
powers have waged. We trust that our victory will
warn the world that such methods must never be
resorted to again, and that those guilty of them will
be punished. But is it wise to talk of banning a
whole people for all time to come? To indulge in
revenge will be to sow the seeds of future wars.
Nations cannot hate one another forever, and the
sooner they cease to do so the better for all of them.
We must take a 1 proper steps to defend ourselves
from any dangers that might arise, if, after the war,
the enemy countries were to resume an insidious hostility. But the talk we now hear about starting,
after peace has been concluded, a new war of trade
to follow the war of arms, has immense capacities
for mischief. Such a trade war would prolong,
would embitter afresh, those hatreds that ought to
be allowed to die, and it assumes a continuance of
those very things from which we expect our victory
to deliver us once for all."
[Vol,. 103.
What the speaker clearly had in mind was the program of a possible "economic war" after the present
military conflict is over—the plan for which was outlined in the declaration sent out last June by the Economic Conference of the Allies at Paris. We do not
need to review those tentative proposals, already
familiar to our readers, except to say that they set
forth the program, not only of taking measures which
would "assure the independence of the Allies" in matters of "financial, commercial and maritime organization," but, in order to guard themselves against "economic depression resulting from dumping," proposed
that the Allies should fix a period "during which the
commerce of the enemy powers shall be subjected
either to prohibition or to a special system which
shall be efficacious." In fact, among the permanent
measures advocated for the period after peace, it
was stated that the Allied Governments may have
recourse even to "permanent prohibitions."
It is not even now clear how far this declaration
(it has not yet been approved by the respective
Governments) was inspired by a wish to allay temporarily that public sentiment which was demanding
retaliation for Germany's practices in this war; how
far it was meant to threaten the commercial classes
of Germany and thereby induce them to insist on
early peace, and how far it represented actual and
determined purpose. Possibly all three motives
existed, though in such mixture as to make it impossible to say which was really paramount.
But the Paris declaration has called forth abundant
criticism, even in France and England. Not only
has Lord Bryce's conclusion, that economic war
would defeat the hopes of stopping or restraining
future military war, been drawn by other thoughtful
men, but the proposals were widely criticized as embodying an economic blunder. The London "Economist" lately remarked on the plan of economic retaliation, that the problem of doing what was proposed "without damaging ourselves and others who
have fought for civilization is a problem which has
been perhaps more freely discussed than deeply considered." It asks, would such a policy "hurt Germany more than it would hurt us? Would our shipbuilding and engineering trades benefit from the
Stopping of cheap raw material from Germany?
Would our export trade with Germany benefit by
being cut off?"
In a recent trade supplement of the London
"Times," a member of Parliament insists that the
proposed restriction on trade with Germany after
peace is impossible unless applied to neutral countries
also, since Germany could probably use such neutral
countries for her own trade with England; so that,
in case the Paris program is adopted, "we shall be
compelled to include in our tariff schedules all neutral countries on the same level as enemy countries."
To this the "Economist" adds the suggestion that a
logical result of the proposed exclusion of Germany
from the markets of the Allied Powers would be to
drive the United States into closer trade relations,
and therefore into possibly closer political relations,
with the German Empire.
.
Our own opinion is that adoption of a drastic and
thorough-going policy of the sort proposed at Paris
would greatly emphasize and prolong any loss of
prestige, as a world market, which England may already have suffered through this war. The probability is that cordial trade relations between the present antagonists will not in any case be fully resumed
Our. 7 1916]
THE CHRONICLE
for a long period after this present war. If so, it
seems to us that all nations concerned will measurably suffer from the loss of an undoubtedly profitable
mutual trade. But to make such conditions permament, to drive political enemies into the markets of
nations which are already gaining, through not having been involved in the European war, the economic
power and prestige lost by Europe—deliberate
adoption of such a policy for the longer future would
impress us as an act of political insanity.
THE NON-PARTISANSHIP OF BUSINESS.
Essentially, business has no politics. But the persistant invasion by government into the domain of
commerce and finance constitutes, every campaign,a
nightmare. The business man is between the devil
and the deep sea of temporary expedients. He may
admit a certain police power of government in regulation, but he asks how can regulation, such as is
continually proposed, exist without control, how control without ownership? It is no wonder, therefore,
that the Socialist stands opposed to both the old
parties.
This quadrennial riot of conflicting opinion should
bring to mind, strongly, the purpose of a fabric of
government. We need not split hairs about constitutionalism. Amend the Constitution if necessary, but first find out whether necessary. It is
mere political word-play to talk of mossback and progressive—the human endeavor goes on, we are progressing all the time, progressing by the sheer force
of the unwearied search for the better way, progressing under individualism.
Once the purpose of government is determined, the
direction and limitation of its powers follow. The old
Republican and Federalist parties framed a constitution and bill of rights, and were chiefly engaged in a
balancing of powers between States and nation.
But upon what basis and for what purpose, if it were
not to insure the freedom of the individual in the pursuit of life, liberty and happiness? Business is
essential to this well-being and there was no thought
of determining or predetermining how he should conduct this essential to his happiness. With the inevitable ensuing complexities of effort, the business
relations became complex, interlocked, interdependent, and soon the corporation was born, and distinctively out of human need.
Then came the fiery test of States rights, and the
establishment by the sword of the inalienable right
of the black man to his liberty, and the birth of
new parties. It is important to point out that the
contest at this time was to establish the equilibrium
of powers between co-ordinated governments with
reference solely to the purposes of government to
guarantee the freedom of the individual. Principles
alone were involved, not practices. The New England town meeting was germinal, but the individual
was free, and government, whatever its form or scope,
was representative—but representative of that individual freedom. Human rights, the right to follow
honest vocations and to choose them, was the chief
cornerstone of this individual freedom. And it may
be said that no government can be free, and no individual be free under a free government, that does
not recognize the natural right of the individual to
exercise his inherent energy to produce, and confirm
to him the direct ownership of the tools and necessary implements of his trade, whether they take the
1257
form of land or of movable capital. Essentially, both
State and nation did this, jointly parcelling out the
public domain and guaranteeing fee simple titles;
the State administering, as a ministerial officer, estates; directing descent of property, and exercising
police power over the open effort and the private
ownership of the free individual; creating the form of
the corporation as an instrument of the free exercise
of business power by the individual. And Congress
at this time had not created a single business "cornMission."
It is necessary to recall these facts to see whither
we are tending and where business stands in the present campaign. Where in all this, or in the subsequent history, did this free individual, distinctively,
by the exercise of his ballot on a clearcut issue, delegate in a representative form of government the power
to the Congress to say by law how a man shall run his
business, how much, if any, property he shall own,
and what wages he shall pay to men who work for
him? And the corporation is an artificial person
created by the State with perpetual life and limited
liability, and entitled to operate a business enterprise
under the same natural laws that compel the conduct
of the free individual, the purpose of every form and
division of government we have being to safeguard it,
as well as the individual in all legitimate pursuits.
Pass over the peopling of the Mississippi Valley,
the growth of great cities, the advent and development of railroads, the expansion of trade over wide
areas, the necessity of concentrating capital to conduct huge enterprises, resulting in the common good
—the corporation prospered this concentration and
at the same time preserved individual initiative,
ownership and operation. There was not, there never
has been, a change in the principle of individualism.
And to-day the very recognition of the fact that
commerce is "inter-State" is recognition that in its
essential and natural conduct it is independent and
must be, if the individual is to remain free, of both
scope and power to direct, define, control, restrict,
by any fabric of institutional government now existent, and whether it be State or national. Out of
conditions arose the old discussion of co-operation
and competition, overlooking the larger co-operation inherent in competition, the union of many in
one, the unity which can only,exist in diversity.
And one political party began to see evils in corporate
conduct of business. Follows a saturnalia of diatribe,
of fustian, of appeal to prejudice, and of condemnation of a government in charge of a political party
which would permit so-called evils to exist—the poor
growing poorer, the rich richer, ad infinitum. Then,
the Congressional lobby and the undoubted attempt
by capital not only to secure relief from popular
prejudice, but of undue advantage, since law was held
to take the place of nature, undue discrimination and
protection the place of supply and demand under
free individualism.
Politics having invaded business, special legislation follows in ever growing variety, parties seeking
to curry favor with the voter in its enactment. And
since so-called "combination" of capital (in the really
dividing and distributing form of a corporation) was
such a colossal evil, it became (presto, what logic!)
necessary for labor to combine, it became holy to
fight the devil with fire, and the present day labor
unions began their triumphant march to glory and
greed. And while business goes on growing and
spreading, under the God-given creative power and
1258
THE CHRONICLE
tendency of the individual, under the immutable
laws of mutual exchange, under the tremendous impetus of free individual accomplishment out of which
springs the common good, we witness inefficient commissions, newly created and endeavoring to do the
impossible, while, to use a concrete example, St. Louis
makes shoes in the midst of an agricultural valley
and sells them over the whole world, and while by
co-operative effort, by scientific operation, a single
railroad freight car can be shunted over two hundred
and fifty thousand miles of track carrying the necessities and luxuries of life to every hamlet in the land.
What power or purpose of government enables these
things to be, save the power which guarantees individualism?
Well, the campaign comes on, and where shall we
turn? We are befogged with temporary expedients.
Partisanship surmounts principles. Government is
fast becoming an agency of agitators, of theorists, of
interests, of combinations both of labor and capital.
We animadvert against the restraint of trade and
straightway enact some so-called regulatory measure
which restrains it the more. And the supreme issue
remains, is business to be free or slave. And to paraphrase the famous saying of other days, it cannot remain part free and part slave, it must be one or the
other. Is it free when a handful of the population,
by threat of causing commercial disaster, can coerce
Congress into passing a measure to increase their
wages?
We are fast coming to look upon government as
the Little Father, the sacred instrument of personal
success, and fast constituting it the Czar of the commercial world. Parties go before the people and recite what they have done for business, how they have
legislated prosperity over a waiting people, and how
they will smooth out all the conflicts of human endeavor. The powers and purposes of government,
by and for a free people, are distorted, for business
cannot thus become politically partisan without abrogating its freedom. More than ever in the present
campaign it is important that we see the paramount
issue clearly. Shall government protect human
rights, includingifundamental free business rights?
Shall it be individualistic or socialistic? Shall a
man own whatihe:earns, be the sovereign of his own
destiny, or shall we leap from inefficient control to
government ownership, and the individual become the
slave of the State? Alas, we have so clouded principles with practices, so enveloped natural law with
artificial expedients, that we cannot adequately express ourselves at the polls.
What is left? The2business man has a vote—what
shall he do with it, what can he do with it? Note,
that he is compelled to exercise suffrage, not upon the
old questions of government autonomy, which in the
public mind are as dead as Morley's ghost, but upon
immediate questions of effort and occupation which
constitute the body of a business as free, in its potentiality, of law-shackles as the ocean tides! One thing
he can do, he can study party records, protestations,
promises, party accomplishments and tendencies,
party candidates and party courage, and vote upon
his best judgment. Our problems are intensive.
The war will end some time, and they will then burn
more fiercely than now. Shall we strive to bring
government back to its legitimate purpose (of hanging
lightly on the people), or shall we go on in our present
course of fostering "regulation" and "control" until
"business," without which we cannot exist as a
[VoL. 103.
civilized and free people, is bound hand and foot to
the idea of the perennial reformer,—of "humanizing"
that which is already the most human thing in the
world of men?
JAPAN'S ATTITUDE TOWARDS CHINA AND
EVIDENCES OF HER DEVELOPMENT.
There could be no greater mistake, affecting the
friendly trade relations between the United States
and the Far East, than to interpret the recent clashes
between Japanese and Chinese soldiers (for most
part Manchurian bandits) as significant of the deliberate plan of Japan to dominate or appropriate
the territory and trade of China to the exclusion of
foreign nations, especially of their trans-Pacific rivals.
These clashes and rumored "secret terms" of settlement and compensation are not to be understood as
efforts to close the "open door." On the contrary,
they are rather of the nature of action made necessary
to keep the door open. To appreciate how true this
is, two things must constantly be borne in mind.
The first consists in the extremely unsettled condition of the Government of China. There is actual
rebellion in the south; threats of rebellion in the Central Provinces; but the most immediately threatening disturbances, so far as the Peking Government
is concerned, are in the north, in Manchuria and
Outer Mongolia, just the territory where ChinoJapanese and Russo-Japanese interests are greatest
and most sensitive. Here a plan is credibly
suspected to bring about a combination between
Manchurian bandits and the leading representatives of the deposed Manchurian dynasty, "The
Manchurian Household," with a view to overthrow
the present Chinese Government and reinstate themselves. It is not, then, the Japanese and Chinese
Government forces who are looting and killing one
another. It is Chinese rebels that are looting and
killing both their own countrymen and the "foreign
oppressor," quite indiscriminatingly, whenever either
comes in the way of their lawless plans.
In contrast with the sinister efforts of interested
parties, helped on by our not unnatural failure to
understand the ins and outs of such complicated conditions, it is most refreshing to read the sane and
friendly words spoken by Chairman Gary of the
United States Steel Corporation, at a banquet recently given to him in Tokio. Mr. Gary assured his
hosts—prominent officials and business men—that
the people of this country entertained no
or
mean spirit of jealousy toward the Japanese; and that
the great body of business men with us desired and
intended fair play on both sides, and would never
allow themselves to be incited to unjust hostile feeling toward the Japanese, much less to hostile and warlike action. His hosts, who as we have already indicated were the men who control such matters in Japan
much more strictly than the same classes with us,
most heartily reciprocated every promise and every
friendly sentiment uttered by Chairman Gary. It
is an excellent omen when such attempts to remove
misunderstandings and to reinstate friendly relations,
which have hitherto been confined for the most
part to educational and social circles and their courtesies, extend to circles which so largely control the
great financial and commercial interests.
The most notable recent movements and items of
information about business affairs in the Far East
concern financial rather than commercial or manufacturing enterprises. The specie holdings of Japan,
00T. 71916.]
THE CHRONICLE
both at home and abroad, like our own, keep constantly increasing. In evidence of the same kind of
prosperity, may be cited the notable gain in postal
savings,the number of depositors having gone up more
than a million and a quarter and the net increase in
amount having reached nearly fifty million yen during the past twelve months. How the common
people are sharing in the financial prosperity of the
Empire is manifest from the fact that at the end of
June 1,267,701 individual depositors had 49,910,994
yen in postal savings alone. It is to be regretted,
however, by those who have all the interests of the
country at heart, that the agricultural classes
have had almost no perceptible share in this prosperity.
In Chosen (formerly Korea), there is also considerable increase in the economic welfare of the body
of the people. But the unchecked practice of usury
in the capital city of Seoul constitutes a real curse,
as it has so often in the past to so many countries
similarly circumstanced financially. Although the
rates on money advanced on security by the banks
have fallen commendably, many business men for
one reason or another still prefer to borrow of the
money lenders. The statistics are amusing as well
as otherwise interesting; they show that Seoul deserves its title of the "happy land of usurers."
Koreans and Japanese, either separately or in companies, receive on their loans from a minimum of
1.2@2% up to a maximum of 10@11% monthly.
But the maximum for European money lenders
reaches 15%, while the Chinese are somehow satisfied with monthly interest ranging between 1%
and 10%.
The project of establishing a system of ChinoJapanese banks has now taken definite shape and
has received the imprimatur of the Japanese Government. On August 4th the Committee of The
Economic Investigation Society organized by the
Government some time ago, met at the official
residence of the Premier, Marquis Okuma; and the
following is "the gist of the project" then decided
upon:
"(1) New organs for facilitating monetary circulation
shall be established in Manchuria and Central China.
(2) The organs shall be named the Manchurian Bank and
the Chino-Japanese Bank, respectively.
(3) The Chino-Japanese Bank shall be placed under the
joint management of Japanese and Chinese, and its capital
shall be maintained on the gold standard; the aggregate
capital of the bank shall be twenty million yen; permission
shall be given to the bank to issue bills payable on sight;
the Manchurian Bank shall be capitalized at twelve million
yen; the two banks shall be permitted to issue debentures
bearing premium, but the debentures shall not be issued
or put on sale in Japan."
The project for raising a loan to Russia by subscription to Russian Exchequer Bonds 'hung fire
for a time; but it is thought that the differences as
to terms on the part of the two governments will
soon be adjusted; and it is rumored that the
sum will be fifty million yen, redeemable in one
year, and the rate of interest not less than six
per cent.
A very interesting and suggestive statistical report,
covering the first six months of the current year,
has just been isstied at Seoul. In estimating its
significance, the newness and smallness of such
things in Korea, the part of the Japanese
Empire to which the report refers, must be
borne in mind. Its substance is given in the table
below:
Kind of Work—
Agricultural
Forestry
Marine
Mining
Colonization
Industry
Gas and electricity
Commerce
Central bank
Ordinary banks
Agricultural and industrial banks
Monetary trust
Transportation
Warehousing
1259
Capital
Number of
Companies. in Yen.
19
2,063,900
149,000
3
2
16,000
2,175,000
3
1
10,000,000
1,833,220
40
11
970,160
4,954,990
87
1
10,000,000
11
3,240,000
6
1,469,890
5
131,000
26
3,420,250
3
185,000
218
40,608,410
Total
(It should be understood that the table includes only those
banks and companies which have their head offices in the
country of Chosen.)
The foreign trade of Chosen has also been increasing in an encouraging and, on the whole, healthy
way. For the first seven months of 1916 it reached
a total of nearly sixty-five million yen—an increase
of over eight millions, as compared with the corresponding period for last year, and including both
exports and imports. The principal exports are
cocoons, rice, leather goods, gold and copper ores,
tungsten and dried and salt fish. It is hardly worth
while to give particulars, except, perhaps, in the case
of tungsten, which is being found in, and exported
from, Chosen in increasing quantities. But tungsten and molybdenum are still under a partial embargo, "favorable consideration being given to
Great Britain, France, and other allied countries
and their dependencies." "On the other hand,
export to neutral countries is permitted only when
there is no possibility of the shipped goods falling
into the hands of the enemy."
THE UNION PACIFIC REPORT.
The Union Pacific Railroad, the same as so many
other railroads, had a very good year in the twelve
months covered by the present report, and the
results disclosed furnish full testimony to that fact.
Some of the advantages which the road enjoyed were
not common to the whole railroad system of the
country. By this we mean that the, company not
alone shared in the benefits of the present countrywide industrial prosperity, but, like the Southern
Pacific Company, from which it is now completely
dissociated, it had a special advantage (to which
reference is made by Chairman Robert S. Lovett) in
the fact that there was curtailment of shipping
through Pacific coast ports to Europe and to our
Atlantic ports because of the withdrawal of ships
to more profitable lines as a result of the European
war and the closing of the Panama Canal, with the
effect of deflecting much through traffic from the
water lines to the trans-continental roads. These
conditions, it is stated, still exist.
The gains over the preceding year reach large proportions, and what must be particularly gratifying
to the shareholders is that a very considerable proportion of the gain in gross earnings is carried forward as a gain in net. In the gross the increase over
the preceding year is $17,758,710, and of this only
$6,446,055 was consumed by augmented expenses,
leaving a gain in net (before the deduction of taxes)
of $11,312,655. Of course such a showing as this is
a token of the continued development of operating
efficiency. The addition to expenses is not only
16O
THE CHRONICLE
relatiyely small, but examination of the details
reveals that by far the greater portion of the augmentation reflects increased maintenance outlays,
the policy regarding which has always been very
liberal. The outlays on maintenance accounts for
1915-1916 exceeded those of the year preceding by
$3,283,493, or 14.3%. On the other hand, the increase in the transportation expenses was no more
than $2,743,650, or 12%. What economy of operations this latter reflects will appear when we say that
the increase in the volume of the freight traffic as
measured by the number of tons of revenue freight
carried one mile was three times as great, or over
37%. In other words, in the latest year the company carried 8,244,311,695 tons of revenue freight
one mile, as against only 6,001,739,197 ton miles in
the year preceding with an addition to transportation
expenses of only 12%.
It hardly needs to be said that larger train loads
have been an important factor in bringing about the
advance in efficiency. For the latest year there was
a further addition of 50 tons to the average lading of
the trains, bringing the load up to 492 tons. This
compares with an average of 442 tons in the preceding year and 430 tons in the year before. Including company freight, the average lading of the trains
for the latest year was 608 tons, as against an average
of 555 tons in 1915 and 553 tons in 1914. As indicating the advance made in that particular during
the nineteen years of the company's existence, we
may say that in the first year of operation the trainload, including company freight, was less than 280
tons. One of the first things the late E. H. Harriman addressed himself to when he acquired control
of the property was to get more profitable results by
raising the train load. To that end he spent millions
upon millions of dollars in reducing grades, straightening track and making other improvements, the
effect of which is to enable the road to handle an
expanding volume of traffic at a diminishing cost per
unit of transportation services rendered. And the
benefit derived from those outlays, and from that
work, have continued. The methods then inaugurated for the economical handling of the business are
still in vogue and are being improved upon wherever
possible.
Except for this, the returns even in a year of such
favorable conditions as we are now reviewing would
be poor, for the company has had to contend with a
persistent decline in rates. Thus, for the latest year
the system realized only 8.85 mills per ton per mile,
as against 9.68 mills in 1915 and 9.78 mills in 1914.
The increase in train load, however, was sufficient
to more than offset the loss in rate. Consequently,
for 1916 we find that the freight trains earned $4 28
per mile run,against $421 in 1915 and ;.4 19 in 1914.
Gross revenues were, of course (as stated in the
report), the largest in the history of the Union
Pacific. They, for the first time, reached and
exceeded one hundred million dollars, the total
actually reaching $104,717,005. This compares
with $86,958,295 in 1915, which was a poor year, but
with $93,638,459 in 1913,. which was the previous
high-water mark. It is proper to state, however, that
these latter figures are not on an identical basis of
comparison since • a revised classification of both revenues and expenses was put into effect by the
Inter-State Commerce Commission on July 11914.
In the 1915 report the figures for the previous year
were revised to accord with the new classification,
[vol.. 103
but the revision was not extended further back. In
the case of the net the comparison is between
$46,134,235 in 1916 and $34,821,580 in 1915, $36,705,081 in 1914 and $39,608,242 in 1913.
After allowing for 8% dividends on the common
shares and 4% on the preferred shares, and setting
aside $3,524,489 for additions and betterments,
there remained a surplus in the large sum of $13,487,950, which was carried to profit and loss. In
the year immediately preceding the corresponding
surplus was only $5,544,032.
The report figures out that the net income from
all sources for the year, after deducting charges and
allowing for dividends on the preferred stock, is
equivalent to 15.65% on the outstanding common
stock. It is pointed out, however, that this includes
income from investments and other sources, as well
as from the transportation operations. The "income
from transportation operations" alone amounted to
0,918,905, which is equivalent, it is stated, to only
7.17% upon the investment in the railroad property
from which such income is derived. For the years preceding the return calculated the same way was 5.32%
for 1915, 5.63% for 1914, 6.32% for 1913, 5.87% for
1912 and 7.15% for 1911. Commenting on this showing Chairman Lovett well says that such figures indicate that even in the most prosperous years the return
upon the property employed in transportation
service is not large; and considering the absolute
necessity of expending large amounts out of surplus
each year for improvements classed as "additions
and betterments" by the Inter-State Commerce
Commission, but which do not appreciably increase
revenue or reduce expense, the net return on the
railroad investment is certainly not an excessive
price for the public to pay for the use of these properties.
CITY OF PARIS $50,000,000 EXTERNAL LOAN
DISPOSED OF BY SYNDICATE.
The $50,000,000 6% 5
-year municipal external gold loan
referred to by us in these columns last week and which was
offered to the public on Oct. 2 by the Kuhn, Loeb & Co.
syndicate at 983, netting the investor about 6.30%, was
about three times subscribed the following morning. The
subscription books were then closed, although they were to
have remained open until 3 p. m. Oct. 4; the bankers had
reserved the right to close the same any time without notice.
It is said that the subscribers got only 30% of the amount
of bonds they had asked for.
The bonds,coupon in form,are in denominations of $1,000,
$500 and $100 each. Principal and semi-annual interest (April
15 and Oct. 15) is payable in New York in United States gold
coin, or, at the option of the holder (to be exercised as to principal thirty days before the date of maturity or of redemption)
in Paris in francs at the fixed rate of francs 5.50 per dollar.
The bonds are due Oct. 15 1921, but are redeemable at the
option of the City of Paris at 1023/% on Oct. 15 1918, or
2
on any interest date thereafter on ninety days' published
notice.
As stated last week, none of the proceeds of the loan •
will be devoted to war purposes, but will be used to increase
hospital facilities, build orphan asylums, care for widows of
soldiers, maintain the unemployed and for other municpial
purposes.
REPUBLIC OF FRANCE NEW 5% LOAN.
A. Iselin & Co., New York, and Brown Bros. & Co.,
New York, Philadelphia and Boston, announce in an advertisement published on a preceding page of this issue, that by
a special and exclusive arrangement with the French Government they are receiving subscriptions for the new 5%
tax-free French loan, which will be in denominations of 100
francs capital and multiples thereof. The loan, which is a
direct obligation of the Republic of Franco, will not be redeemable or convertible before Jan. 1 1931. The interest
coupons will be paid quarterly in francs, Feb. 16, May 16
1261
THE CHRONICLE
Om.7 1916.1
reached this system would make the allotment
When $1,000,000
Aug. 16 and Nov. 16. The subscription lists were opened $47,500 to start withisfor the first $100,000, plus 40% of the balance of
on the 5th inst. at the New York office of Brown Bros. & $900,000, or $407,500 in all.
With the subscriptions in excess of $1,000,000, apparently the $407,500
Co., 59 Wall St., and will close on or before Saturday,
becomes a fixed quantity for the first $1,000,000. to which will
Oct. 28. Subscriptions will be received at the fixed rate of allotment26% of the balance of the subscription in excess of $1,000,000.
be added
exchange of 5.90 francs to the dollar. This agreement also
The following table of how the allotment plan would work out in the
be in accord
provides for delivery of the definite Rentes in New York case of specific amounts in excess of $25,000 would seem tofollowing the
with the Finance Department's announcement, the classes
City free of expense to the subscriber. Subscriptions may be numbered subdivisions of the plan:
forwarded without additional expense to the subscriber
CLASS II.
Total Allotment.
Allotted.
through any bank, trust company, banker or broker. The Subscribed.
826,500
825,000+ $1,500
$30,000
4
subscription price in Paris for installments is 883 %. The
29,500
25,000+ 4,500
40,000
in full is 87M% ex November 1916 cou32,500
25,000+ 7.500
price for payment
50,000
47,500
25,000+ 22,500
100,000
pon. In New York the subscription price ex November
CLASS III.
coupon is $14.8305 per 100 francs capital, $148.3050 per
$67,500
847,500+ 820,000
$741.5250 per 5,000 francs capital. $150,000
1,000 francs capital and
87,500
47,500+ 40.000
200,000
207,500
47,500+ 160,000
500,000
At the above prices, should exchange return to the normal
407.500
47,500+ 360,000
rate of 5.183', the equivalent price in New York would be 1,000,000
CLASS IV.
7532%. At the current rate of exchange the direct yield to $1,500,000
$407,500 +8130,000
$ 537,500
407,500+ 260,000
the investor is over 5.70%,and at normal parity of exchange 2,000,000
667.500
is about 6%%. Notes and bonds of the 5% National Defense Loan and the3M%Rentes issued in 1914 will be receved
COMPARATIVE FIGURES OF CONDITION OF
in ;payment for the new issue at rates to be specified.
CANADIAN BANKS.
Temporary receipts will be ssued by Iselin &Co. and Brown
In the following we compare the condition of the Canadian
Bros. & Co., jointly, exchangeable only for the definite banks, under the last two monthly statements, with the reRentes when issued in New York.
turn for June 30 1914:
FOREIGN COMMERCE OF FRANCE.
[From "L'Economiste Francaise," Aug. 26 1916.1
Difference
First Seven
First Seven
In 1916.
Months 1916. Months 1915.
Francs.
Francs.
Francs.
Imports+258,689,000
1,507,996,000 1,249,307,000
Articles of food
Material needed for manu+584,197,000
2,308,622,000 1.724,425,000
facture
+269,681,000
Manufactured articles_ _..A,595,693,000 1,326,012,000
Total
5,412,311,000 4,290,744,000
+1,112,567,000
Exports
253,470,000
Articles of food
Material needed for manu405,841,000
facture
Manufactured articles_ _ 1,196,427,000
138,111,000
Parcels post*
329,673,000
-76,203,000
355,183,000
885,398,000
93,277,000
+50,658,000
+311,029,000
+44,834,000
1,993,849,000
1,663,531,000
+330,318,000
Total
*Of which 4,677,000 francs were for parcels post containing silk fabric
and silk floss. The corresponding figure for 1915;;was 3,649.000 francs.
PLAN OF ALLOTMENT OF CANADIAN LOAN
SUBSCRIPTIONS.
. The Finance Department at Ottawa on Oct. 3 issued an
official statement of the system under which the allotment
of subscriptions will be made to the $100,000,000 5%go1d
loan which was found to be more than doubly subscribed
when the application books were closed on Sept. 23. The
loan is not to be increased beyond $100,000,000 and will be
allotted, it is said, on a graduated percentage scale, preference being given to subscriptions for the smaller amounts.
Concerning the plan referred to, the Montreal "Gazette" of
Oct. 4 prints the following:
As anticipated it does not provide for the acceptance of subscriptions in
excess of the aggregate of $100,000,000. This means that no allotments for
any portion of the $50,000.000 subscribed by the chartered banks are being
made, the procedure of the department in this respect being in accord with
the understanding between the Minister of Finance and the banks that
subscriptions by the public would be accepted first. These subscriptions
have more than supplied the amount called for in the prospectus.
Allotments in regard to subscriptions by the public will be made as
follows:
1. Those of $25,000 and under will be allotted in full.
2. From $25,000 to and including $100,000, the first $25,000 in full, the
remainder 30%.
3. From $100,000 to and including $1,000,000, the same as (2), the
remainder 40%.
4. In excess of $1,000,000, the first $1,000,000 the same as (3), the
remainder 26% approximately.
The working out of this principle will be this: Subscriptions from $25,000
to $100,000 will be allotted an average of 58.7% of the sum subscribed,
subscriptions from $100,000 to $1,000,000 an average of 40% of the sum
subscribed; subscriptions over $1,000,000 an average of 31 2-5% of the
sum subscribed.
In the working out of the plan as stated in the foregoing it would appear,
for instance, that a subscriber of $50,000 will receive $25,000 in full, and
30% of the remaining $25,000, which is $7,500, making his allotment
$32,500. Similarly, in the case of a $100,000 subscription, there would be
$25.000 in full, plus 30% of $75,000, or $22,500, making a total allotment
of $47,500.
When subscriptions exceed the $100,000 level, the first $100,000 is
apparently treated similarly to a subscription of any amount between
$25,000 and $100,000. That is the allotment will start off with a scaling
down of the first $100,000 to $47,500, and that $47,500 becomes a fixed
quantity in all allotments of subscriptions in MOSS of $100,000. Thus,
the subscriber of $200,000 would appear to start off with an allotment of
$47,500 for his first $100,000 and then by the terms of the system he
would receive 40% of the remaining $100,000, or $40,000, making his
otal allotment $87400.
Gold and subsidiary coin
In Canada
Elsewhere
ASSETS.
Aug. 311916. July 31 1916. June 30 1914.
45,679,218
20,282,856
45,480,313
20,214,490
28,148,841
17,160,111
Total
65,962,074
Dominion notes
137,913,305
Deposit with Min'er of Finance
for security of note circulation
6,849,627
Deposit in central gold reserves
20,860,000
Due from banks
167,147,991
Loans and discounts
855,804,425
Bonds, securities, &c
253,657,061
Call and short loans in Canada_
86,351,216
Call and short loans elsewhere
than in Canada
171,380,353
Other assets
74,969,671
65,694,803
140,574,481
46,108,952
92,114,482
6,850,316
19,010,000
178,839,342
850,861,861
238.900,428
87,355,648
6,667,568
3,050,000
123,608,936'
925,681.966
102,344.120
67,401,484
177,121.733
76,057,811
137,120,167
71,209,738
Total
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
1,840,895,723 1,841,266,423 1,575,307.413
LIABILITIES.
$
8
188,866,666 188,866.666 192,866.666
113,431,666 113,267,766 115,434,666
113,018.937 112,852,038 114,811.775
113,022,933 113,022,933 113,368,898
Circulation
122,656,083 123,530,451
99,138,029
36,018,762
Government deposits
44,453,738
35.264,128
584,106,375 603.125,803 458,067.832
Demand deposits
806,774,687 789.363.919 66.3.650,230
Time deposits
Due to banks
28,219.803
29,748.735
32,426,404
Bills payable
4,063,877
3,553,313
20,096,365
14,132,107
Other liabilities
12.656,085
13,668,446
1.419,500
Balances due to Imperial Govt
Total, not including capital
or reserve fund
1,596,526.401 1,599,119,588 1,330,488,683
-Owing to the omission of the cents in the official reports, the
Note.
the above do not exactly agree with the totals given.
footings in
BRITISH TREASURY REGULATIONS GOVERNING
SMALL HOLDINGS UNDER SCHEME B.
The British Treasury's regulations governing the deposit
under Scheme B, of securities cf less than £1,000 ($5,000)
were printed in the London "Stock Exchange Weekly Intelligence" of Sept. 16. Scheme B, as we have heretofore
pointed out, comprises mobilized Canadian and other neutral
government securities, that designation being used to distinguish the securities from the American securities mobilized by the British Government. We give herewith the
regulations under Scheme B governing small holdings:
REGULATION OF FOREIGN EXCHANGES.
Deposit on Loan With His Majesty's Treasury.
(Scheme B.)
Regulations for the Deposit of Small Holdings of Bearer Securities Through
the Medium of Agents.
With a view to the provision of facilities for the depcsit on loan with the
Treasury under Scheme B of Bearer Securities of less nominal amount than
£1,000 ($5,000), the following regulations shall become operative:
1. The securities to which these regulations shall apply are such as are
accepted by the Treasury for deposit under Scheme B, with the exception
of the registered stocks included in the lists published in August 1916.
under Scheme B, which must be offered to the Treasury by the owner in
his own name and not under these regulations.
2. Banks and other approved agencies shall be empowered to receive
suitable securities in amounts of less than £1,000 ($5,000) from the individual owners and to aggregate the same for deposit.
3. The securities so received shall be deposited with the Treasury in
the name of the Agent.
4. Certificates of deposit will be issued by the Treasury in the name
of the agent either
(a) For the aggregate amount of each description of security deposited
agent at any one time. In this case a non-negotiable memorandum
by the
of deposit will also be issued by the Treasury to the agent for delivery to
each of the indiNidual depositors, or
(b) For the amount of each security deposited by each depositor, in
which case the name of the depositor will be mentioned on the certificate
for purposes of identification only.
The agent may select (a) or (b) in accordance with the requirements of the
individual depositors; but it is recommended that (a) should be chosen
wherever possible.
5. The dividends or interest on the securities deposited together with
the additional payment at the rate of 34% per annum will, after deduction
1262
THE CHRONICLE
of income tax, be paid by the Treasury by warrant in total to the agent,
upon whom will devolve the distribution among the individual depositors
and the granting of certificates of deduction of tax to such of the depositors
as may require them. Separate warrants will be issued to the agent in
respect of aggregate amounts of the same security lodged by such agent
at different times.
6. Transfer on the Treasury' Register of individual holdings deposited
in the name of an agent under these regulations will be possible on the same
conditions as are applicable to the case of larger holdings deposited with the
Treasury in the name of the owner.
As, however, the certificate of deposit will stand in the name of the
agent, the deed of transfer must be executed by the agent or by a duly
authorized representative of the agent, who will be required to execute
such deed at the request of the individual depositor. Lodgment of transfer deeds'so executed will not be accepted by the Treasury otherwise than
at the hands of the agent, who will further be required to furnish to the
Treasury such evidence as they may consider necessary of the desire of the
depositor to effect transfer.
7. Banks will be expected to combine the securities deposited through
their several branches under one offer submitted by the Head Offices.
8. The commission payable by the Treasury to agents in respect of
securities deposited on loan under these regulations will be as under:
Y, per cent as at the date of deposit.
31st March 1918 I if at such date
"
"
1-16
the securities
1919
" "
1-16
remain stand1920
"
"
1-16
ing in the
1921
"
1-16
"
name of the
Xi per cent as at date of termination of
Agent.
deposit.
The commission will in general be computed upon the nominal amount
of the security.
9. No agent shall offer or deposit under these regulations on behalf
of any one individual depositor an additional amount of any security if
the deposit of such additional amount would cause the aggregate amount
of such security deposited by him on behalf of such depositor to be equa Ito
or to exceed £1,000 ($5,000), unless with the written consent of the Treasury.
10. The agent shall furnish to the Treasury from time to time such
information or evidence relative to securities deposited by him on behalf
of individual depositors, or with regard to matters arising therefrom,
as the Treasury may require.
11. Application for approval as agent for the purpose of these regulations must be made to the National Debt Office on the prescribed form but
agents who have been approved for the purposes of Scheme A (Regulations
of 7th July 1916) will be considered to have been approved also for the
purpose of these regulations.
National Debt Office,
19, Old Jewry, London, E. C.,
7th September 1916.
Transfer to Scheme B of Securities Deposited with the Treasury in the Name
of Agents under Scheme A.
Securities that have been deposited with the Treasury in the name of an
agent under Scheme A may be transferred to deposit under Scheme B in
the name of such agent, provided that the agent's request for transfer is
lodged at the National Debt Office.
The general regulations were printed in our issue of Sept. 2,
together with the list of securities acceptable under Scheme B.
A supplementary list appeared in these columns Sept. 16.
firer,. M.
terms that may seem liberal and even generous to a European may not
particularly appeal to an American.
Moreover, trade is extremely good in America, and people in general
are more inclined to put their savings back into their businesses than to
lock them up in securities. Again, in nearly all our States there are laws
that limit the amount which a bank or a trust company may invest to a
certain percentage of its capital and surplus, and in a great many cases
that margin has already been reached. Then, too, we have no single
dominating financial centre that controls the United States as London
controls Great Britain: no American bank has branches outside its own
city, and the size of the country makes it almost a pnysical impossibility
to do business as cheaply as it can be done in England.
You will see, therefore, from all this that foreign government loans
raised in America have to be unusually attractive to bring in the average
American investor. But the question is not merely one of terms and of
the character of the security, which, of course, permits of no discussion,
and of how these issues compare with the more familiar domestic securities.
There is also the question of the capacity of America to undertake fresh
commitments. Until the war we had practically no experience in international finance, and not much of the machinery for engaging in it. Our
people are only just beginning to appreciate the immense importance
of foreign loans as an aid to foreign commerce. Their financial interests
are still mainly national and not international in scope. The educative
influence of a wider contact with world affairs will, no doubt, broaden
tnem in time. But the process mast necessarily be a slow one. You
cannot expect a transformation of that sort overnight. We are adding, of
course, all the time to our available resources, but the demand upon them
has been so sudden and so tremendous that the problem of making further
provision for the needs of foreign countries is becoming somewhat serious.
With regard to the American output of munitions (the
organization of which has been under the control of J. P.
Morgan & Co.), and Mr. Montagu's recent reference to that
output in the House of Commons, Mr. Davison is quoted in
the "News" as follows:
Of course we read in America what Mr. Montagu said, and it gave us, I
need not say, the greatest pleasure. I am not sure whether all Englishmen
realize how entirely new the munitions business was to most of the American
manufacturers who have engaged in it. They have taken it up and grappled
with its enormous difficulties in a very fine spirit, and I think also with
very great efficiency. Of course, as is inevitable in any new industry,
there have been some failures and disappointments. But our manufacturers have put their backs into the job, and a good many of them have
found it by no means a remunerative undertaking.
Some firms—a very few—which were in the munitions business before
tne war, and have merely had to expand their existing plants and organizations to meet the demands of the Allies, have made very largo profits. But
those cases are exceptional, and Englishmen would probably be surprised if
they knew how many of our munition makers will be satisfied if they "break
even." Labor troubles, scarcity of raw materials, the large sums that have
nad to be sunk in providing new facilities, the shortage of skilled and
experienced mechanics, and the inherent complexities of the industry have
wiped out a great many extravagant expectations. It is ratner curious,
indeed, that while America's prosperity of to-day has been built up on war
orders, and particularly on orders for munitions, the actual manufacturers
of munitions, apart from a limited number, have not greatly profited by
their contracts. In point of fact. I could name some who have actually lost
by them.
EUGENE LAMB RICHARDS ON NEED OF CO-OPERASUSPENSION OF PAYMENT BY GREECE REPORTED.
TION BETWEEN GOVERNMENT AND BUSINESS—
A wireless dispatch received at London from Rome on the
PROPOSAL FOR SAFEGUARDING OF DEPOSITS.
5th inst., reports that the Greek Government on that day
The need for co-operation between Governmental activities
suspended payments because of a shortage of money.
and business interests was emphasized in an address at
Danville, Ill, on the 4th inst. at the annual convention of the
H. P. DAVISON'S OBSERVATIONS ON FLOTATION OF Illinois Bankers' Association by Eugene Lamb , Richards,
Superintendent of Banks of the State of New York. SuperFOREIGN LOANS IN UNITED STATES.
H. P. Davison, of J. P. Morgan & Co., who is now in intendent Richards spoke on "the banking millenium—how
Europe, had something to say in the London "Financial can we bring it nearer?" He said in part:
One of our ablest editors has said;"American'sother name is opportunity."
News" of Sept. 18 concerning the placing of foreign loans in
opportunity is menaced everywhere by the tenets of that semi-socialism,
the United States. Pointing out that no single dominating But some call pure democracy but which I call the tyranny of paternalism.
which
financial centre controls the United States as London controls
This new tyranny, this spirit of paternalism, even now is hovering over
Great Britain, Mr. Davison stated that foreign Government the banking interests of the nation. We find it in the perennial agitations
for absolute guaranty of bank deposits by State or national Governments,
loans raised in America have to be unusually attractive to and we find it in dozens of other nostrums which, so far, have made slight
bring in the average American investor. With reference to headway.
Shall banking
the recent $250,000,000 loan to the United Kingdom of prise with State become entirely a State function or remain a private entersupervision, or is there some middle
combine the
Great Britain and Ireland, Mr. Davison, while describing it advantages of both and the disadvantages of neither? way to make that
Can we
as "a most gratifying success," added, however, that its middle way the basis of a banking millenium, and, if so, how can we bring
flotation was not all "plain sailing." We quote below his It nearer? two years of supervising the State banks
After over
and trust companies of
remarks as given in the "Financial News":
Now York, with oetween five and six billions of resources, I have come to be
The British loan of 150,000,000, which was completed just before I left
New York, was a most gratifying success—the more gratifying in that, only
a week or two before, we had successfully launched a French loan for
£20,000,000 on terms which, quite apart from the very pronounced sympathy for France in America, were also exceedingly attractive. Taking the
form of two-year 5% notes, amply secured by collateral, and being intended
for the payment of supplies purchased in America, the British loan proved
a highly popular investment, and was widely taken up. It was especially
gratifying to note the general interest taken in the issue throughout the
country, and not merely in the Eastern States. Chicago,for instance, was
a handsome subscriber.
But I should not like to loave the impression that the flotation of the
recent credit loan was all plain sailing. You must remember that before
the war America was a borrowing and not a lending nation, and that since
the war we have not only absorbed an enormous quantity of American
securities formerly held in Europe, but have also furnished credits for foreign
governments to the amount of several hundred million sterling.
You must remember, too, that foreign loans are a new experience to
the average American investor. Home railways, home "industrials," farm
loans, and American national and municipal bonds are the securities he
has hitherto almost exclusively affected. His investment horizon, naturally enough, is pretty well bounded by his own country: and he has not
Yet had to look outside it to obtain a high and safe return on his money.
Beyond Chicago, and still more beyond the Mississippi, the investor looks
for a steady 6 or 7%, and has little difficulty in getting it. That is why
a firm believer in the middle way for banking—the middle way between
absolute Government control and private ownership. I believe that the
solution for most of our difficulties lies in a system of complete co-operation
between banks and the State—co-operation between the State and every
officer or director of banks under its supervision, with like co-operation
between the banks and their depositors.
We shall probably none of us see the day of perfection, but we can at
least strive to bring it nearer—the day that shall see savings banks and
savings institutions completely divorced from, and not competing with,
commercial banks and trust companies. That day should see more complete co-operation between the Federal Reserve system and the various
State systems of banks. That day should see a perfected independent
system in each State, having as an aid to each State Banking Department
a State Clearing House Association of State institutions, with power to
issue Clearing House certificates and with a guaranty or sinking fund for
depositors voluntarily contributed by the members of such association.
When that day comes we shall have what I believe to be the ideal relation
between the Government and banks—namely co-operative supervision,
with the State acting to settle disputes and prevent injustice and exaction.
Any step toward this final result represents sincerity in Government, the
recognition of the principle to which I believe we are again turning—after
being tempted to worship the graven images of semi-socialism—the principle
that the least interference with business by the State brings the highest
fairness, efficiency and prosperity. That policy makes for consolidation
and construction. It represents progress with prudence. It represents
(Pur. 7 1916
THE CHRONICLE
1263
real financial preparedness of this country for what is surely coming—nay force of the United
States will be used to produce in Mexico
what is really hero—an established position as the bankers of all the nations
the kind of law and order which some American investors in
of the earth.
There has been a great change in this country's financial power and future Mexico consider most to their advantage." The President
heritage since the first of August 1914. On that day all the gold in this
also directed his remarks to the promises of the Republicans
country amounted to less than the total deposits in the savings; banks of the
State of New York alone; to-day our stock of gold is equal to that of all with regard to the currency system; he declared that until
the combined stocks of the warring nations of Europe. In a short period the present Administration, Wall Street controlled the
of time we shall have turned ourselves from a debtor into a creditor nation,
actions of the United States Treasury, adding that "when
and unless we sell our birthright for some socialistic mess of pottage, or
some doubtful financial program, we ought to become the leaders of the I say 'Wall Street' I mean some parts of Wall Street and I
world in business, trade and above all, in finance.
leave you to select the parts." "I would have you under-.
I believe that the present system of finance or banking should be
developed and improved, but not substantially changed. But there are stand" he said,"that I am very much prejudiced against them
necessary elements in this banking millenium in which all must do their (`the gentlemen in Wall Street') as they are against me."
part. The Apostles of Buncombe have pictured all bankers as selfish, We give below the following extended
extracts from his
greedy, and honest only by force of law.
And what can you bankers do? You cannot sit silent under these remarks, but omit entirely the early part of the speech, which
attacks; for a lie uncontradicted and repeated often enough is as good as was wholly political in character and undertook to show that
truth. You must meet these attacks both by word and by deed; by word, the Democratic Party had
survived where other political
through frank • publicity in full and open detailed information to your
depositors and to people generally; by deed, in not borrowing money from parties had become extinct since the inauguration of the
your own banks yourselves and by keeping your banks clean of slow and Government of the United States.
dangerous loans made either to friends or to selfish interests. The man
Now the party that believes in the people and tries to do things for the
on the street must be made to believe not only that your financial state- people has been in power
for four years, and what has happened? It has
ments are true but that your business dealings are square. This is plain redeemed some of the
promises falsely made by the attorneys for the special
speaking, but it is time for plain speaking. No matter how unjust those interests. And it has done
something more interesting than that.
attacks may seem, you must bear in mind that the exceptional cases of
You remember that four years ago there was a great body of spirited
usurious, unjust and criminal banking are charged to the whole banking Republicans who said, "This thing
is becoming a fraud and a sham. We
community, and that no matter how unfair it may seem, the burden of have been taking care of some
people, but we have not been taking care of
disproving these charges is upon every man in this hall. The whole bank- the great body of the people. We
have not thought about their morals, we
ing community must together face these problems of perverted opinion, have not thought about their health,
we have not thought about their rights
unselfishly, with good judgment, and with open minds.
as human beings, and we insist that you put the policy of this party in our
On my mind one thought has been indelibly impressed by the events of hands, or we will go
off and form a party of our own," and thereupon the
these strenuous years following the European cataclysm. It is more than great
Progressive Party sprang up—great, not because it turned out to be
a Ciought. It is a conviction—inc conviction that some way must soon more
numerous than the party from which it had seceded, though it did
be devised to satisfy the depositors in every bank of a State that their
that, but because it had the real red blood of human sympathy in its veins
money is as safe as a deposit in the United States Treasury. And our wise
and was ready to work for mankind and forget the interests of a narrow
man may be willing to accept the plan I have already suggested of voluntary
party. I want to pay my tribute of respect to the purposes and intentions
contributions by members of State associations to a sinking fund to insure
of the men who formed that group in our politics.
that any depositor shall receive his money if any member bank closes. The
But the interesting thing is that, inasmuch as they did not get the opporassociations control thtir memberships and can examine, if necessary, any
member, as the New York Clearing House does. Such a plan represents tunity, we took advantage of our opportunity to do the things that they
sound finance. The increased confidence of depositors will add millions wanted to do. And I want you young fellows to understand the reason for
to deposits, with the cost of the plan paid for many times over. Protection that. There are standpatters in the Democratic Party. There are men
sitting down hard on the breeching strap. There are men who are trying to
to depositors and profits to the bankers will go hand in hand.
Certain things, I believe,should be put upon the statutes of all tne States, hold back and to serve what they believe to be conservatism, though it is
interesting thing about the Democratic Party is that
as they have in the State of New York. Private bankers, especially those really reaction, but the
men are in a small minority in its ranks, whereas in the party of the
who take small deposits, should be under the same regulations, supervision those
opposition they are in a majority and are in control. The interesting thing
and restrictions as incorporated banks. Officers of banks should not be
for all politicians to remember is that the progressive voters of this country
permitted to loan to themselves directly or indirectly. Banks should
together outnumber either party. I venture to say they outnumber
report specifically all their securities in which any of the directors or officers all put
both parties put together. This country is progressive, and if you youngare directly or indirectly interested. The limitation on the amount of
sters are going to be in the running, you will throw in your fortunes with the
loans to any one man or set of men should be continued and increased rather
party of which the progressives have the control.
than decreased; and in the case of savings banks there should be drastic
I am a progressive. I do not spell it with a capital P. but!think my pace
prohibitions against any one of the trustees being allowed to profit by his Is just as
fast as those who do; it does not interfere with the running, and I
position. Such laws, honestly lived up to, will make banks the servants, am very
much astonished to see the company that some gentlemen who
not the masters, of the public, and a banking corporation will become what
spell their name with a capital P are keeping. They are engaged in the
it ought to be—"The Golden Rule, Incorporated."
interesting enterprise of trying to capture a party which is fortified against
As to supervision by the State, the crux of it all is to make directors
direct, and to make them do it, as I have tried to do, without resorting to them and refusing to enter a party which is already captured by those who
civil or criminal proceedings and without blacklisting anybody. The believe in their principles. The intellectual processes by which they arrive
at their conclusions are entirely obscured to my intelligence.
watchword of a banking department should be supervision and silence.
But you will notice that a party that merely wants control does not have
And what is the best method, the true method? I should say it is the
simple appication of honesty and frankness between the officers and the to have any principles. That is the reason why surprise that a program has
supervisor; by his telling them the truth, whether pleasant or unpleasant, not been announced is unreasonable. Look over the ranks of the supporters
and then all of them setting about industriously and intelligently to correct of the Republican Party. Did you ever see a more motley company in your
the evils which they have together discovered. That is the way to bui,d-. life? Did you ever see elements so absolutely contradictory of each other
to reorganize, to reconstruct. Thb is applying the rule of reason to bank- as the elements of that party? If they moved in any direction they would
have to move in many directions; and if I am trying to get into power by
ing supervision.
To illustrate the force of ideal co-operation. I am going to give you a the support of people that do not agree with one another, it is very dangerous for me to profess my own opinion.
little of the inside and hitherto unpublished history of the first two weeks
Back of that party are those who want to inject into our politics, the
of August 1914, In New York City, when the foundations of everything
were shaken by the European cataclysm. On August 1st the Stock Ex- politics of Europe, but not all who have that purpose in mind are on the
same side. Some want to inject those politics in order to move in one direcchange was closed. No one knew the market value of securities. People
were drawing millions from the banks, many of which were keeping open tion, and others want to inject them in order to move in exactly the opposite
at night and on Sundays. During the preceding week depositors had direction.
In these circumstances it is not wise to announce your direction,. Some
drawn a hundred millions from the New York savings banks whose deposits
were still more than equal to all the gold in the country. Currency and of them are progressives, or were, and profess themselves dissatisfied with
the present leadership and guidance of the party, and others are so well
gold were being hoarded by the poor in their bedding and by the rich in
safe deposit boxes. Private banks, not licensed by the Banking Depart- satisfied with it that they are afraid that the entrance of this new element
ment, located on the East Side of New York, with over fifty thousand will disturb some of their favorite plans, and so, look at each other with
suspicion. They have only one enthusiasm and that is the enthusiasm to
depositors, were generally believed to be insolvent.
In this situation a few men worked together—the Clearing House Com- "get in." I see in my minds eye this greatly motley company "enthusiaticmittee of New York City with some leading financial advisors, the Secretary ally united in a great drive for possession."
P46
/6
Unfortunately, however, one thing has become reasonably clear, my
of the Treasury with the Comptroller of the Currency, and I as Superinfellow-citizens, and it is a very serious thing indeed. One thing has become
tendent of Banks. In twenty-four hours a program of co-operation was
agreed upon and carried out. The Federal officials took the necessary steps evident, not because it was explicitly stated, for nothing has been explicitly
to insure the issue of emergency currency, the Clearing House Committee stated, but because it is unmistakably implicit in almost everything that
issued its certificates among the member banks and I, as Superintendent has been said. Am I not right that we must draw the conclusion that if the
of Banks, had the savings banks immediately put in force the 60 day clause Republican Party is put into power at the next election our foreign policy
with their depositors;compelled all State banking institutions to close for busi- will be radically changed? I cannot draw any other inference. All our
ness at 3 p. m.; and as a drastic piece of surgery cut out the East Side present foreign policy is wrong, they say, and if it is wrong and they are
men of conscience, they must change it, and if they are going to change it,
canker by closing the insolvent private banks,
In two weeks the worst was past and a threatened panic which would have in what direction are they going to change it?
There is only one choice as against peace, and that is war. Some of the
devastated our country was prevented, so that, as we all know, in six
months this country began to get a grip on itself, and we entered, not supporters of that party, a very great body of the supporters of that party,
upon panic and denres.
1,,n, but upon an upward climb toward complete outspokenly declare that they want war, so that the certain prospect of the
success of the Republican Party is that we shall be drawn in one form or
public confidence and the greatest prosperity our people have over seen.
other into the embroilments of the European war, and that to the south of
us the force of the United States will be used to produce in Mexico the kind
of law and order which some American investors in Mexico consider most
PRESIDENT WILSON SUSPICIOUS OF WALL STREET
to their advantage.
In addressing representatives of the Young Men's DemoI do not find that anybody else's counsel is taken in respect of the policy
that this country should pursue with regard to Mexico except those who have
cratic League at Shadow Lawn, Long Branch, on Saturday
hitherto acted as the counsellors for the vested interests in Mexico. The
last (Sept. 30) President Wilson launched a vigorous attack whole country is acquainted with
the gentlemen who have been
against the Republican Party, asseting that it had outlived There is no concealment, even by themselves, whose attorneysconsulted.
they are;
its usefulness. He pointed out that the Republicans con- they have talked to me. I know exactly what they want. I hav.3 declined
to give it to them,and now they are going where they think they can get it.
tend that his foreign policy is wrong, and he argued that the And there is every indication, on the surface at any rate, that their
calculacertain prospect of the success of the Republican Party is tion is well founded.
There is a more serious aspect even than that. There is an immediate
that we shall be drawn in one form or other into the embroilmy
time until the 7th of
ments of the European war, and that to the South of us the result of this thing,to be fellow-citizens, from thisthe present AdministraNovember it is going
practically impossible for
1264
THE CHRONICLE
Um to handle any critical matter concerning our foreign relations, because
all foreign statesmen are waiting to see which way the election goes, and in
the meantime they know that settlements will be inconclusive.
The conference which is being held with regard to the Mexican affairs is
embarrassed every day by the apparent evidence which is being produced
that hostility to Mexico is being traded upon by one of the great political
parties, these gentlemen may reconcile these influences with patriotic
purpose, but it is difficult for all of us to do so. And the one thing I want
to lay emphasis upon in this connection is this: That a great,fundamental,
final choice with regard to our foreign relationships is to be made on the
7th of November. Some young men ought to be interested in that, some
men who want to see the future cleared of the passion which governs the
present ought to be interested in that. Men who love to see a great peaceful
force expended by America for the service of the world ought to be interested
in that.
Singular, isn't it, that that should have been the only thing disclosed by
the opposition? But I suspect that they are well enough, content with
many of the things that have been done in domestic legislation, provided
they can get in and control them. Let me illustrate.
Take the Federal Reserve systcm. The great banking system by which
the credits of this country were hitherto locked up,the credits of the average
man have been released and put into action; the great system which has
made it possible for us to absorb two thousand millions' worth of American
securities held on the other side of the water which have been offered for
sale, nearly, if not quite, 50% of the whole body of the American securites
held abroad, a thing that would have been impossible otherwise.
You know that one of the many things that the Republicans promised
and never did, was to reform the currency system. They did what they
have always done in such circumstances. They had a thorough inquiry and
report made without any promise of following it up.
The report was made after long and expensive inquiry and much interesting
travel, by a committee presided over by the late Senator Aldrich, and that
report is a very valuable document. It is full of a great deal of useful information, along with a great deal of useless information. I dare say that
in any report the useless predominates over the useful, but if you know what
you are looking for, you can find it in that report. And when we came to do
this thing that ought to have been done long ago, but which because of a
kind of paralysis, which cannot be called infantile, it was impossible for
the Republican Party to do (I should call it a paralysis of the will), we found
that we could take the skeleton of what we wanted to do from the Aldrich
report, but that we could not take the heart out of it, we so absolutely altered
the heart that Senator Aldrich himself denounced the thing that we producod.
Now the heart of the Aldrich plan was a single central bank which was
susceptible of being controlled by the very men who have always dictated
the financial policy of the Republican Party, whereas the heart of our system
s not a great central bank, but a body appointed by and responsible to the
Government and, by the same token, responsible to the people of the
United States.
The hand is the hand of Esau, but the heart is the heart of Jacob, and
that heart is the heart of the Democratic Party, the control by representatives of the people of the things that concern the whole people.
There was universal hostility among the bankers of this country, not
unanimous, but universal, to the adoption of tie present system, and all
of that opposition got its impulse from that central group which knew that
that was going to happen which did happen—that they were going to lose
their grip on the Treasury of the United States.
Federal
They are perfectly content, my fellow-citizens,to take over the
Trade Commission, provided they can select the commissioners and suggest
board;
whom they shall consult. They are perfectly willing to have a tariff
at least, they were willing to have it before wo created it, provided, they can
conclusions are going to be by determining
determine beforehand what its
the quality and antecedents of the men who compose it.
For
You can very easily determine beforehand what is going to happen.
example, if you want certain things to happen, select the most eminent—it
put him
may be the most honest—corporation lawyer in the country and
you. He may
on the Supreme Court. His character is not going to fail
is going
have as good a character as any man who over lived, but his training
things
to determine everything that he sees. You do not have to do these
corruptly; you only have to do them astutely.
is to
'Similarly, they would be perfectly content to control the board which
willing to
govern the Rural Credit system. They would be perfectly
development of the Merchant
appoint the board that is to control the
Marino and the regulation of a marine charges in the carriage of freight on
the high seas. The only thing that makes them uneasy is that Democrats
should be running these things.
am
I am not saying this in jest, I am not saying it to make a point. I
n
saying it out of my personal experience. Until the present Administratio
Wall Street controlled the actions of the Treasury of the United States. I
because there are some men in
do not like those words, "Wall Street,"
and
Wall Street who have vision; there are some men who see things large
I do
see them true; there are some men with fine, statesmanlike gifts, and
Street is not given
n ot like to include them, but the main impulse in Wall
to it by them. When I say "Wall Street" I mean some parts of Wall Street
formerly
and I leave you to select the parts. Wall Street, thus selected,
controlled the Treasury of the United States. Why, my follow-citizens,
it oven had a desk in the Treasury Department!
the
Many of these gentlemen honestly believe that only they understand
interests of the country and they were genuinely uneasy to see the Treasury
received intimaconducted without their consent. Again and again I have
they
tions from these quarters during the last three and a half years that
the
would very much like to be consulted, and I have invariably returned
I
same answer. I have said if these gentlemen have any advice to give
ask to see me
shall be most pleased to receive it. All they have to do is to
any other American citizen, what they
and tell me in the frankest way,like
think ought to be done. But they would not accept that kind of an invitation. They wanted to be sent for and they wanted to be reasonably certain
before they went that their advice would be taken. They did not want to
come in on the same terms with other citizens of the United Sttates offering
their advice as to what ought to be done.
It has been interesting, and it has been very amusing,that any set of men
what
should think that they had the absolute by the wool, that they knew
since
the interests of the country demanded and nobody else did. So that
they would not volunteer to come, we have made shift to conduct the
surTreasury of the United States without their assistance. And it must
prise them in their private thoughts to have to admit that it has been better
in our generation—more successfully as business
conducted than ever before
administration and Infinitely more helpfully to the general body of the
American people. Such assistance as the Treasury of the United States
can legitimately extend in times of financial stress used always to be extended to Wall Street. Now it is extended to the country.
It was no doubt shocking to see the money deposited in country banks and
not in Wall Street, but the country banks knew how to use it, and they were
very much nearer the great masses of the people who need it than were the
great depositaries of financial resources in New York. I would not have
(Vol, 103.
you consider me prejudiced against New York City. Why,gentlemen, the
great City of Now York is one of the most vital parts of the United States,
but the City of New York does not consist of the gentlemen in Wall Street.
And I would have you understand that I am very much prejudiced against
them, as they are against me. No, not prejudiced, but aware.
They have suffered another inconvenience. They used to be able to do
a great deal in the way of legislation by means of a lobby the people knew
very little about, and the lobby, thank God, has disappeared. I do not
mean the legitimate lobby, the lobby that will go to hearings of committees
and argue their case in public with the reporters present, but I moan the
buttonholing lobby; I mean the lobby that uses influence and not argument,
that uses inducement, and not fact, that understands some special interests
and does not give a cent for the general interest. That is the lobby I mean,
and the little cowards scuttled the minute they were mentioned. I had
only to say in a casual interview with the representatives of press that there
was such a lobby when all at once the rats began to scuttle.
So the instrumentalities of control have been destroyed, and the object of
the present campaign on one side is to rehabilitate them. Why do I say
that, because I see, not more than you do. You see who are controlling
the present campaign on the Republican side. There is no concealment
about that. Two years ago the Republicans fancied that there was a
reaction against the Democratic Party, because it had been going somet
I admit.
And so in the campaign for the Congressional elections two years ago some
of their most distinguished leaders spoke very indiscreetly. They said that
what this country needed was a business administration, which from one
point of view we might have concurred in if they had not added this definition that what the country wanted was to return to the "Good old days of
Mark Hanna." Further definition was unnecessary. The good old days
of Mark Hanna. No thoughtful man in this country would propose that
we should return to the methods of political control practiced by Senator
Hanna.
It happened that at that time a very lovely, trustworthy gentleman was
President of the United States. I mean William McKinley. He had no
part discreditable to himself, so far as I know, in the political arrangements
and the expenditure of unlimited money in campaigns for which Senator
Hanna was responsible. But now you will notice we have returned to the
good old days of Mark IIanna in the Republican Party. Some of the very
gentlemen who were prominent in that odious regime are now at the head
of affairs in the management of the Republican campaign. The lieutenants
of Mark Hanna have returned to authority, and the lieutenants of Mark
Hanna represent the choices, the determinations and, so much as we can
conjecture, the policy of the Republican Party. What they want to do
is to got control and then determine the policy in private conference. We
are not going to be taken into their confidence.
It would not be wise for them to take us into their confidence. They
want to control, possess. Those are the magic words for them. They do
not think we have sense enough. They do not think we have coherence
enough. They do not think a great body of free people know how to hang
together in its own cause, and that a little body of men that always hangs
together can in the long run manage the people, and It is up to us to show
them that that is impossible. Tile people of the United States have frequently been fooled, but they are not often fooled several times in the same
way and this barefaced attempt to fool them in the same old way is, in my
judgment, one of the most futile things that was ever attempted.
Henceforth, understand that so far as I am concerned, I will excuse these
gentlemen from answering questions, because I know they canna answer
them; that if they answered them, they would lose half of their following
on any particular subject and the confidence of the people of the United
States all together. Therefore I for my part do not intend to ask them any
questions. I have other uses for my mind, because I am on to the game
already.
What it is our imperative duty to do, my fellow-citizens, is to make everybody we know understand what the Democratic Party stands for and what
it intends to do. It has begun a great process of liberalization for the business of this country,and it intends to strengthen that system at every point,
extend it wherever it needs extension, strengthen and fortify it against all
attacks and once for all make good the domination of tno American people
in their own affairs. On that program wo are challengers to all comers. We
have shown our hand. It cannot be doubted. All you have got to do, if
is
you want to know the lines of the future policy of the Democratic Party
to extend the lines of the past policy of the Democratic Party and you
going. The
have an absolute standard. You know which way we are
question is, do you want to head us off and it is for the young men of the
country in particular.
I do not know,for my part, how the spirit of a nation gets into one generation after another, but I do know by long contact with young men that the
than
spirit of a nation is perhaps more intense in the generations coming on
in
in the more sophisticated generations that have become deeply immersed
man is of the
particular lines of business. The point of view of the young
wide world because he is choosing his
horizon. He looks abroad upon a
path. He looks curiously upon many of the aspects of human affairs,
because he hopes and intends to play a part of importance in some of them.
And so the young men have the impulse, the momentum, the whole vision
grown
of the people more intensely in them than the older men who have
a little tired, some of them grown a little pessimistic, some of them grown
and have
a little discouraged, some of them have had many hard knocks
stubborn
suffered many disappointments, but who yet, nevertheless with
the light.
courage and steadfast strength are themselves struggling toward
Some
And they are calling to the young man,"Come, recruit our ranks.
your hope.
of us are falling by the way. We need your force. We need
and stay
We need your confiderIce. We need your capacity to got together
army of men
together and follow and lead. Como, strengthen the great
hope
who have their eyes tiled to those horizons where shines the light of
for men of every nation and of every generation, where rests the reassurance
happiness.
of the world's peace and of the world's
1
THE GREAT SALE OF COPPEh TO TIIL ENTENTE
POWERS.
I
[From the Engineering & Mining Journal of Sept. 30.1
been talked
The great sale of copper to the Allied Governments that has
or rather, was
about for several weeks back was consummated on Sept. 23,
long tons-448,reported then. The quantity contracted was 200,000
transaction. This
000,000 lb.—a quantity beyond all precedent for a single
war. It
to
Is about 20% of the world's production in a year just previous the
of
is about one-sixth of what tho American capacity for the production
1917. The contract
refined copper is expected to be in the early part of
the first half of 1917. It may be said,
is for delivery running through
refiners
therefore, that about ono-third of tho expected output of American
for the first half of 1917 has been preempted by this one purchase.
transaction should be the main
It was natural that this spectacular
in Wall Street.
theme of gossip, surmise and forecast in the daily papers and
confronted by a
American consumers of copper were represented as being
um% 7 )1416.1
THE CHRONICLE
famine of their raw material. Judging from that sort of talk, it was to be
inferred that a now buyer had suddenly grabbed ono-third of the prospective
supply out of a market that is already being seriously taxed by the needs
o( current consumption. This is not so—not at all so.
The Allied Governments made large purchases of copper in the early
part of 1916, contracting for deliveries up to the end of the year. It is
the filling of those deliveries that creates to a large extent the strength of
the copper market now. The war continuing—and there is no reason to
forecast its early termination—it was to be supposed that the Allies would
require as much copper as they are taking now. So far as the statistical
position of the industry is concerned, there is no deifference whether they
buy It all in one transaction or buy about 33,000 tons per month later.
Either way there is just as much copper left for other consumers; probably
there will be as largo a free surplus as there has been during the latter part
of 1916, especially taking into consideration the increasing refinery
capacity.
Moreover, the American consumers do not approach 1917 as a preempted
market. They have, themselves, during the last fortnight been buying
very heavily for the first half of the coming year, no doubt in anticipation
of the great sale that has just been consummated, for if it had not been
consummated on Sept. 23, it would have had to be done later. Producers
supplied them with copper at about the same price as was realized in the
big sale. It was natural, therefore, that the copper market should have
become rather dull after the culmination of what all had been looking for.
Wo shall see prolonged dull periods between now and tho delivery of the
last of the copper that has lately been sold.
It is to be romarked, furthermore, that all the copper just bought by the
Allies is not necessarily going into war material. Rather does it represent
the total requirements of Great Britain and part of that of her Allies. For
Groat Britain has now so organized her industrial affairs that the Munitions
Ministry supplies everybody, including the manufacturer who is making
cartridges for the front and the manufacturer who is making electrical
machinery for some industrial purpose. The running of things in Great
Britain is no longer at sixes and sevens. On the other hand, a good deal
of the copper that has lately been sold to Connecticut brass makers is going
into munitions.
What the big sale of copper has really done is to insure to certain producers,especially the Anaconda and those for which It sells,similarly as to
Phelps, Dodge & Co. and to the producers selling through the American
Smelting & Refining Co., the dispesition of a large part of their production
in 1917 at a very high price. In this respect Anaconda probably fares best
as a single producer. The smaller producers, who do not participate
directly in the big sale, will nevertheless do so indirectly, for they will have
command of the general market in which the withdrawal of the largo quantity
of copper already contracted will be a backlog. The copper producess are
now guaranteed an extraordinary mice for their copper and phenomenal
profits in 1916. They are guaranteed the same for a considerable part
of 1917. They are entitled to a fooling of satisfaction.
E. P. RIPLEY ON GRANTING OF SPECIAL LEGISLATION TO LABOR.
In a circular addressed to the stockholders ofthe Atchison
Topeka & Santa Fe Ry., President E. P. Ripley reviews the
incidents leading up to the enactment of the Adamson eight
hour railroad law, and recites that the result "appears to be
that, according to the view of the Government, it is, under
existing laws, powerless to protect the public against any
nation-wide combination on the part of railroad employees
paralyze by strike all the railroads in the cotntry." Headds:
1265
The railroad companies declined to acceptrthese demands, claiming that
they Were wholly unreasonable, and claiming that they would be unjust,
not only to their bondholders and sbechholders, but also to the general public. which ultimately, through increased rates or impaired service, would
have to bear the additional burden, and would be unjust to other railroad
employees, but offered, however, to submit the whole controversy to arbitration, by the Inter-State Commerce Commission or by a board of arbitration appointed under thelNewlands Act.
The letter goes on to state that the men declined to arbitrate and gives the further facts which brought about the
enactment of tile Adamson law.
PRESIDENT SELECTS EIGHT
-HOUR LAW BOARD.
In accordance with the requirements of the recently
enacted Adamson Bill establishing an eight-hour day for
employees of carriers engaged in inter-State and foreign
commerce and employed in the running of trains, a formal
announcement was made on the 5th inst. at Omaha, Neb.
during the presence there of President Wilson, of the selection
as members of the Commission which is to report on the
effect of the eight-hour day of Major-General George W.
Goethals, Governor of the Panama Canal, Commissioner
Edward E. Clark of the Inter-State Commerce Commission
and George Rublee of the Federal Trade Commission. Mr.
Rublee was rejected by the Senate as a member of the Trade
Commission, but is serving a recess appointment given him
by the President. Gen. Goethals, who arrived here from
Panama on the 2nd inst., and who recently obtained President Wilson's consent to resign as Governor of the Canal
Zone, will act as Chairman of the new Commission. Commissioner Clark was for many years a railway operative. He
began his railroad service in 1873 and in 1889 entered the
service of the Order of Railway Conductors of America; as
grand senior conductor. Later he became Grand Chief Conductor. He was appointed a member of the Commission
to determine the issues involved in the strike of anthracite
coal miners by President Roosevelt in 1902. He has been a
member of the Inter-State Commerce Commission since 1906,
having been appointed first by Roosevelt, later by Taft and
finally by Presient Wilson. The law creating the new Commission goes into effect on Jan. 1 next; its text was given in
our issue of Jan. 9.
As indicating the attitude of Maj.-Gen. Goethals toward
the eight-hour law, attention has been directed to the eight
hour order which, as President of the Panama RR. he put
into effect on that road on Sept. 1. We quote the order
below:
Effective Sept. 1, the working day for train crews and switching-engine
crews will be limited to eight hours, except in cases of emergency, when
authority for overtime must be obtained through the proper channels,
either from the executive office of from the superintendent of the Panama
Railroad.
If this view is correct, it must be on the theory that the Clayton Act,
which was passed and approved about two years ago, was intended to and
The effect of this order, it is said, is to limit the actual
does facilitate strikes at the expense of the public by freeing from restraint
working day of all train and switching employees on the
and punishment any conspiracy, no matter how widespread or unreasonable,
to paralyze by strikes the rail transportation upon which the public is de- Panama Road to eight hours per day, unless special perpendent.
mission is obtained from the highest authorities on the road
Under this view of existing law upon which the Goverement seems to
have acted, it appears that until some remedial legislation shall be adopted, for overtime labor.
the only way to avert such tieurs is for Congress to grant by special legislation whatever demands labor combinations may insist upon as their price
-HOUR LAW.
A. B. GARRETSON ON&THE EIGHT
for permitting the people to continue to enjoy railway transportation.
The receipt by it of two copies of an editorial written by
The question, therefore, becomes of profound importance to you, both
as a citizen depending upon railroad transportation, and as a holder of rail- A. B. Garretson of Cedar Rapids, President of the Brotherroad stock, to consider what can be done to obtain necessary remedial legis- hood of Railway Conductors, for publication in the "Raillation. The brotherhoods made it clear at the session of Congress just ended
that they will resist with all their power any such remedial legislation, way Conductor" is announced by the "Chicago Tribune" of
whether it seeks to prohibit strikes in advance of public investigation or the 3rd inst. One, the "Tribune" says, came from Cedar
to put any form of restraint upon labor combinations. It is, therefore, reaPublicity Bureau of the
sonable to assume that the public demand for a remedy will have to be per- Rapids, and the other from the
sistent and forceful, or else the public will continue in its present defense- Democratic National Committee, Western headquarters.
less position.
The "Tribune" prints the Cedar Rapids version of the
Since the precedent of abandoning arbitration and hurriedly paying the
demands of railroad unions by special Congrcssicnal enactment has thus editorial in part as follows:
The enactment of a nation-wide eight-hour law, applicable to train
been established, does it not behoove you to exercise your influence in favor
service employees, by the national Congress on the recommendation of the
of appropriate remedial legislation?
This company believes that the Act which Congress has passed is un- President of the United States, means far more to men who labor than
constitutional, and that steps should be taken to resist it in every lawful appears within the written lines thereof.
It means the embodiment in statutory law,first, of the declaration made
manner.
by President Wilson to the representatives of the four brotherhoods and to
out the facts concerning the demands the railway managers that "the social sense had declared in favor of an
Mr. Ripley in setting
eight-hour day and that it was not legitimately a proposition for arbitration.
of the men, said in part:
Second, it means the throwing into the balance in favor of the establishThe demand out of which the present controversy grew was made by the
trainmen in the freight service. Broadly speaking, the pay of these train- ment of a universal eight-hour day the weight of the influence of tnis
men has been on the basis of ten hours' work or less. A trainman got a Government.
If men desire to know what would have been the course pursued by the
day's pay for his run, no matter how much it fell short of ten hours, but if it
exceeded ten hours he got extra pay on the basis of one-tenth of a day's candidate for President on the Republican platform, all that is needed to
pay for each hour beyond ton hours. The trainmen also got extra pay for furnish the information are the declarations made by that candidate on the
any distance by which his run exceeded 100 miles, on the basis of ono-tenth Public rostrum. Those utterances make it perfectly apparent that had he
of a day's pay for each 10 miles beyond 100, and this was true even though been at the time administering the affairs of the commonwealth, no agency
the total run was made in much less than ten hours. In cases where the of the Government would have been utilized either to recognize the justness
run was over 100 miles and took ton hours, a man had the option of claiming a the claim of the employees or to forward the realization thereof.
For the purpose of securing political support of the intrenched financial
his extra pay on the basis of either excess mileage or excess hours, whichever
interests he espouses their cause, criticises the effort of the man whom he
produced the larger amount of pay.
four brotherhoods, opposes, and attempts to minimize the result of his efforts, while at the
These trainmen in freight service, acting through their
demanded that their wages be increased through the expedient of paying same time making it perfectly apparent that he personally is possessed of
them for the first eight hours their present standard pay for ten hours or neither the breadth of vision that recognizes the march of social events, the
less, and so that all time over eight hours would be paid for as extra time; courage to stand for that which is right regardless of what effect it may have
betterment of the
and through the further expedient of increasing by 50% the pay they receive on his political fortunes, nor the desire to aid in the
citizenfor extra time. These demands old not seek that their working day should working conditions of the men who constitute the great bulk of the
ship of the nation, to the headship of which he aspires.
be shortened to eight hours or at all.
•
1266
THE CHRONICLE
JOHN E. ROVENSKY SEES GOVERNMENTAL SUBVENTION AS SOLUTION OF AFTER-WAR COMPETITION.
At the banquet of the Rotary Club of New York City on
the 3rd inst. John E.Rovensky, Vice-President of the National Bank of Commerce, expressed the view that our present
commercial activity, although brought into being by war
conditions, had quickened our entire economic structure and
become a genuine and healthy prosperity. He dwealt upon
the importance of the fact that the United States is an
economic unit, I. e., that it produces within its own borders
practically all the commodities that are required to satisfy
man's wants and consequently it requires but the normal
functioning of each part of the economic body to produce
that condition of perfect economic health-prosperity. Mr.
Rovensky stated that he did not fear any evil results from
the present influx of gold, as he believed that we would in
time adopt legal measures which would insure the proper
concentration of this gold within control of the Federal
Reserve banks, where it would be scientifically administered
for the benefit of the country as a whole. While we would
undoubtedly be compelled to part with some of this gold at
the conclusion of hostilities, the Federal Reserve Board could
so regulate the outflow that no harmful effects would result.
He stated that it seemed to him that all danger of financial
panics in the future had been permanently removed by the
enactment of the Federal Reserve Act. Speaking of what
may happen at the conclusion of the war, Mr. Rovensky
said in part:
[VOL. 103.
GROWTH OF POSTAL SAVINGS DEPOSITS.
The deposits in postal savings banks during the month of
August, according to information furnished by the Post
Office Department, show a gain of almost $5,000,000-more
than $1,000,000 a week. A statement issued by the Department says:
The gains were not confined to any particular city or section but were
general throughout the country. They reflect the nation-wide prosperity
of the working classes, who are the principal patrons of the system. The
next largest monthly increase was $4,016,000 for August 1914, the first
month of the European war.
Another reason for the remarkable gain is the removal of hindering
restrictions on the amount that may be accepted from a depositor, brought
about by an Act of Congress which was approved by President Wilson on
May 18 last. Previous to that time no one could deposit more than $100
In a calendar month or have a balance to his credit in excess of $500. The
new law authorizes the acceptance of any amount, and at any time, until
the balance to the credit of a depositor amounts to $1,000. As tho liberalizing legislation becomes more generally known it brings to light the hidden savings of those who will not entrust their money to private institutions but have implicit confidence in the Government. A large part of
the hidden money of the country is therefore fast being restored to the
active channels of industry and commerce through the medium of the
postal savings banks.
The principal gains for August were in the following cities:
33,101
$844,806 Kansas City, Mo
New York City
30,467
342,122 St. Paul, Minn
Brooklyn, N.Y
30,428
196,783 Cincinnati, Ohio
Chicago, Ill
29,974
122,580 Uniontown, Pa
Boston, Mass
28,087
Colo
121,346 Leadville,
Pittsburgh, Pa
26,472
119,409 San Francisco, Cal
Detroit, Mich
25,732
77,259 Erie, Pa
Philadelphia, Pa
25,607
72,403 McKeesport, Pa
Cleveland, Ohio
24,424
Ohio
68,884 Columbus,
Buffalo, N. Y
24,085
57,753 New Haven, Conn
Butte, Mont
23,627
56,014 Ironwood, Mich
Milwaukee, Wis
It is almost useless to try to forecast when the war will end or just what Bridgeport, Conn
23,066
53,027 Jersey City, N. J
22,782
the economic position of each country will be when peace is declared. While Portland, Ore
47,389 Pueblo, Colo
advantage is undoubtedly with the Allies, they themselves admit that there Toledo, Ohio
22,627
43,046 Los Angeles, Cal
is much fighting before them. and the course of war may take some queer Newark, N J
21,198
40,252 Providence, R. I
angles before the Central Powers are decisively defeated. However, as Atlantic City, N. J
20,845
35,329 Tacoma, Wash
nearly as can be foreseen at the present time, it would appear that our St. Louis, Mo
20,529
Conn
35,277 Waterbury,
country shall enter the period of peace with wages and commodity prices Akron,Ohio
33,546
at unprecedented high levels. I doubt that it will be possible for us to
On Aug. 31 the postal savings service was available at
attain any material decline in the general level of wages. Of course, In
certain special Jima, such as munitions, wages will immediately drop,but, 7,682 offices in the United States, Alaska, Porto Rico and
after all, that is an unimportant part of the entire problem. If the general Hawaii. At these offices approximately 621,000 persons
wage level cannot be reduced, it certainly follows that prices will likewise
have accounts with $94,700,000 standing to their credit.
not be materially reduced.
Whatsteps,then,will be advisable for us to take to meet these conditions. Ninety offices have each more than $100,000 on deposit
It seems to me that the usual remedy of a high protective tariff will be those which have deposits in excess of $500,000 are:
applied to protect our domestic industries from foreign competition. This,
967,232
$20,073,986 Butte, Mont
of course, will not solve the problem of how our manufacturers shall meet New York, N. Y
930,551
6.467,620 St. Louis, Mo
competition in foreign fields, and in that direction I can see but one remedy Brooklyn, N Y
853,903
4,239,868 Kansas City, Mo
-that of Governmental subvention. It may take some time for us to Chicago, Ill
825,583
Cincinnati, Ohio
2,300,791
become reconciled to this new departure in our national policy, but, after Boston, Mass
797,134
2,127,730 St. Paul, Minn
all, it is morally correct. By means of a subvention, an industry that could Detroit, Mich
793,352
1,590,676 Newark, N.J
not meet foreign competition on account of the higher wage levels existing Pittsburgh, Pa
746,583
1,136,989 Los Angeles, Cal
in this country may be fostered until conditions adjust themselves, and in San Francisco, Cal
713,109
1,129,482 Toledo, Ohio
Philadelphia, Pa
the meanwhile the loss is spread over the entire population of the country.
672,549
1,150,466 Columbus. Ohio
the world both Portland, Ore
We shall emerge from this war the strongest nation in
605,367
1,034,006 Buffalo, N Y
In point of banking power and commercial organization. Of all nations Milwaukee,Wis
507,901
980,107 Tacoma,Wash
Cleveland, Ohio
we can face the future with the most self confidence.
DEATH OF UNITED STATES SENATOR JAMES P.
CLARKE.
United States Senator James P. Clarke of Arkansas, President protempore of the Senate, died on Oct. 1 at his home in
Little Rock, Ark., from a stroke of apoplexy. He was born
in Yazoo City, Miss., on Aug. 18 1854. After graduating
from the law department of the University of Virginia in
1878, Senator Clarke began the practice of law at Helena,
Ark., and continued in that field of work until 1897, when he
moved to Little Rock, Ark., where he entered politics. He
was elected a member of the Arkansas House of Representatives in 1886 and 1887; a State Senator from 1888 to 1892,
being elected President of thatbody in his last term. He was
Attorney-General of the State of Arkansas for two years and
wassubsequently elected Governorfor two years,from 1895 to
1897. He declined a renomination and in 1905 was elected to
the:United States Senate. He was re-elected to that office
in 1909 and 1915. Senator Clarke's attitude toward the
railroad eight-hour bill was in line with his general independence of party policies; he was one of the two Democratic
Senators who refused to vote for the measure, and when the
bill was presented to the presiding officer of the Senate, Senator Clarke, who occupied the Chair in the absence of VicePresident Marshall, refused to sign the bill, and exercised
his right under the rules to designate a presiding officer for
the time being, and Senator Hughes of New Jersey, who was
named to preside, signed as the Senate presiding officer.
Throughout the thirteen years of his Senatorial career, Senator Clarke had many times been the leader in opposition to
measures proposed by his party. Senator Clarke acted for
several years as Chairman of the Committee on Commerce
in the Senate, and was also the ranking Democratic member of the Foreign Relations Committee and the Committee
on Military Affairs.
SUITS UNDER 'ANTI-TRUST ACT.
Information anent the pending proceedings against alleged
combinations in restraint of trade is presented by U. S.
Attorney-General Thomas W.Gregory, in a statement issued
this week by the Publicity Bureau of the Democratic National
Committee. Mr. Gregory gives a list of the more important
suits, and compares the work of the Wilson, Taft and Roosevelt Administrations in this respect. He says:
The preservation of fair competition in trade and the prevention of
monopoly are essential to the general welfare. Therefore, efficient and
energetic enforcement of the Federal Anti-Trust Act prohibiting restraints
and monopolizations of inter-State trade, is of the highest importance
to the people.
There are now pending in the Federal Courts thirty-six proceedings under
the Anti-Trust Act. There are also pending numerous investigations of
alleged violations of the law. These proceedings and investigations are
being conducted by the Department of Justice, which is charged by law
with the enforcement of the law. Among the more important proceedings
-Trust laws during the present Administration
instituted under the Anti
are the following:
Against Reading Company and other anthracite coal-carrying and mining
companies, for the purpose of breaking up the combinations which control
the supply and the price of anthracite coal.
Against the Southern Pacific Railroad Company,to require it to relinquish
control of the Central Pacific Railroad Company, a competing transcontinental line.
Against the American Can Company, to dissolve a combination which
controls the market for tin cans.
Against the New York New Haven & Hartford Railroad Company, to
dissolve a monopoly of the transportation facilities of Now England.
Against the United Shoe Machinery Company, to cancel the so-called
tying contracts by which it has monopolized trade and commerce in shoo
machinery.
Against the American Telephone & Telegraph Company, to enjoin the
execution of a plan for monopolizing tho means ofcommunication by wire.
Against the Eastman Kodak Company, to dissolve a combination which
controls the market of kodaks and photographic supplies.
Against the Quaker Oats Company, to break up a combination which
controls the market for package rolled oats.
Against the Wholesale Jewelers' Association, to break up a combination
designed to prevent manufacturers from selling direct to retail dealers
and consumers.
The fundamental weakness in the enforcement of the Anti-Trust Act
in previous Administrations was the failure to insist upon a real dissolution
of monopolies and combinations which the courts had adjudged unlawful.
OCT. 7 1916.j
THE CHRONICLE
In the principal case in the Roosevelt Administration—the Northern
Securities case—and in the principal cases in the Taft Administration—the
Standard Oil case, the Tobacco case, and the Powder case—the parts into
which the unlawful monopoly was divided were left by decree of court in
control of one and the same set of persons.
Such dissolutions merely change the form of the monopoly, since, of
course, competition in real sense cannot exist between corporations controlled by the same persons. The law was thus virtually nullified by
reason of the defective manner of its enforcement.
The present Administration, on the other hand,has insisted in every case,
notably the Union Pacific-Southern Pacific merger case, the Anthracite
Coal cases,the Kodak case, the Telephone case, the New Haven case, the
Harvester case, and the Corn Products case, that the parts into which
the unlawful combination was or may be divided must be separate and
distinct in ownership, and must not be left under the control of the same
set of men, thereby opening the way for the restoration of competitive
conditions in the branches of trade or commerce which had been monopolized.
While thus endeavoring to correct the fundamental error which has
characterized the enforcement of the law in the past by insisting upon more
effective dissolutions of monopolies and combinations in restraint of trade,
the present Administration at the same time has been solicitous to avoid
prosecutions for which there is no adequate ground.
AMENDED RESERVE ACT OMITS PROVISION
AFFECTING LIMIT OF ACCEPTANCES.
During the past week or so it has been pointed out that in
amending the Federal Reserve Act during the closing days
of the late session, Congress inadvertently placed an unintended limit upon member banks of the Federal Reserve
system desiring to accept drafts or bills of exchange. In
the Reserve Act as originally passed, member banks were
permitted to accept drafts or bills of exchange, drawn upon
them and growing out of transactions involving the importation or exportation of goods having not more than six months
sight to run, to an amount not exceeding one-half their
capital and surplus. Under an amendment approved March
3 1915, the discount of acceptances to the full amount of the
capital stock and surplus was made possible through the
addition to the provision of the following sentence, "except
by authority of the Federal Reserve Board, under such
general regulations as said Board may prescribe, but not to
exceed the capital stock and surplus of such banks, and such
regulations shall apply to all banks alike regardless of the
amount of capital stock and surplus." In extending the
acceptance provision under the amendments just passed,
so as to permit acceptances growing out of domestic shipments
as well as out of import and export shipments, the provision
quoted above was left out; the fact that it was contained in
the earlier drafts of the measure and was not a matter of
dispute between the two houses makes it apparent that it was
dropped unintentionally. It is claimed that the omission
will not affect banks already authorized to accept bills up
to 100%,but why this should be so is not clear. In our issue
of Sept. 16 we gave the text of the bill (as published at the
time in the "Federal Reserve Bulletin") and indicated all
the changes in wording from the old law. That reading of
the text was correct with the single exception that it included
the sentences inadvertently omitted as noted above. To
avoid all misunderstanding, however, we reprint the whole
Act and give the measure just as it now appears on the
statute books.
[II. R. 133911
An Act to amend certain sections of the Act entitled "Federal Reserve
Act," approved Dec. 23 1913.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled.
That tho Act entitled "Federal Reserve Act," approved Dec. 23 1913,
be, and is hereby, amended as follows:
At the end of section 11 insert a now clause as follows:
"(m) Upon the affirmative vote of not less than five of its members the
Federal Reserve Board shall have power from time to time, by general
rulings covering all districts alike, to permit member banks to carry la the
Federal Reserve banks of their respective districts any portion of their
reserves now required by section 19 of this Act to be•neld in their own
vaults."
That Section 13 be, and is hereby, amended to read as follows: "Any
Federal Reserve bank may receive from any of its member banks, and from
the United States, deposits of current funds in lawful money, national bank
notes. Federal Reserve notes. or cnecks, and drafts, payable upon presentation, and also, for collection, maturing bills or solely for purposed of exchange
or of collection may receive from other Federal Reserve banks deposits of
current funds in lawful money, natlenal bank notes, or checks upon other
Federal Reserve banks, and checks and drafts, payable upon presentation
within its district, and maturing bills payable within its district.
"Upon the indorsement of any of its member banks which shall be deemed
a waiver of demand, notice and protest by such bank, as to its own indorsement exclusively any Federal Reserve bank may discount notes, drafts,
and bills of exchange arising out of actual commercial transactions; that
is, notes, drafts, and bills of exchange issued or drawn for agricultural,
industrial, or commercial purposes, or the proceeds of which have been used,
or are to be used, for such purposes. the Federal Reserve Board to have the
right to determine or define the character of the paper thus eligible for
discount, within the meaning of this Act. Nothing in this Act contained
shall be construed to proninit such notes, drafts, and bills of exchange,
secured by staple agricultural products, or othot goods, wares, or merchandise from being eligible for such discount; but such definition shall not
include notes, drafts, or bills covering merely investments of issued or
drawn for the purpose of carrying or trading in stocks, bonds, or other
Investment securities, except bonds and notes of the Government of the
1267
United States. Notes, drafts, and bills admitted to discount under the
terms of this paragraph must have a maturity at the time of discount of
not more than ninety days, exclusive of days of grace. Provided, That
notes, drafts, and bills drawn or issued for agricultural purposes or based
on live stock and having a maturity not exceeding six months, exclusive of
days of grace, may be discounted in an amount to be limited to a percentage
of the assets of the Federal Reserve bank, to be ascertained and fixed by
the Federal Reserve Board.
"The aggregate of such notes, drafts, and bills bearing the signature or .
indorsement of any one borrower, whether a person, company,firm or corporation rediscounted for any one bank shall at no time exceed ten per
centum of the unimpaired capital and surplus of said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith
against actually existing values.
"Any Federal Reserve bank may discount acceptances of the kinds hereinafter described, which have a maturity at the time of discount of not more
than three months' sight, exclusive of days of grace, and which are indorsed
by at least one member bank.
"Any member bank may accept drafts or bills of exchange drawn upon
it having not more than six months' sight to run, exclusive of days of grace,
which grow out of transactions involving the importation or exportation
of goods or which grow out of transactions involving the domestic shipment
of goods provided shipping documents conveying or securing title are
attached at the time of acceptance or which are secured at the time of
acceptance by a warehouse receipt or other such document conveying or
securing title covering readily marketable staples. No member bank shall
accept, whether in a foreign or domestic transaction, for any one person,
company,firm,or corporation to an amount equal at any time in the aggregate to more than ten per centum of its paid-up and unimpaired capital
stock and surplus unless the bank is secured either by attached documents
or by some other actual security growing out of the same transaction as the
acceptance and no bank shall accept such bills to an amount equal at any
time in the aggregate to more than one-half of its paid-up and unimpaired
capital stock and surplus.
"Any Federal Reserve bank may make advances to its member banks on
their promissory notes for a period not exceeding fifteen days at rates to
be established by such Federal Reserve banks, subject to the review and
determination of the Federal Reserve Board, provided such promissory
notes are secured by such notes, drafts, bills of exchange, or bankers
acceptances as are eligible for rediscount or for purchase by Federal Reserve
banks under the provisions of this Act, or by the deposit or pledge of bonds
or notes of the United States.
"Section 6202 of the Revised Statutes of the United States is hereby
amended so as to read as follows: No national banking association shall at
any time be indebted, or in any way liable, to an amount exceeding the
amount of its capital stock at such time actually paid in and remaining
undiminished by losses or otherwise, except on account of demands of
the nature following:
"First. Notes of circulation.
"Second. Moneys deposited with or collected by the association.
"Third. Bills of exchange or drafts drawn against money actually on
deposit to the credit of the association, or due thereto.
"Fourth. Liabilities to the stockholders of the association for dividends
and reserve profits.
"Fifth. Liabilities incurred under the provisions of the Federal Reserve
Act.
"The discount and rediscount and the purchase and sale by any Federal
Reserve bank of any bills receivable and of domestic and foreign bills of
exchange, and of acceptances authorized by this Act, shall be subject to
such restrictions, limitations, and regulations as may be imposed by the
Federal Reserve Board.
That in addition to the powers now vested by law in national banking
associations organized under the laws of the United States any sucn association located and doing business in any place the population of which does
not exceed five thousand inhabitants, as shown by the last preceding
decennial census, may, under such rules and regulations as may be prescribed by the Comptroller of the Currency, act as the agent for any fire,
life, or other insurance company authorized by the autnorities of the State
in which said bank is located to do business in said State, by soliciting and
selling insurance and collecting premiums on policies issued by such company and may receive for services so rendered such fees or commissions as
may be agreed upon between the said association and the insurance company
for which it may act as agent and may also act as the oroker or agent for
others in making or procuring loans on real estate located within one hundred
miles of the place in w_tich said bank may ne located, receiving for such
services a reasonable fee or commission: Provided, however, That no such
bank shall in any case guarantee either the principal or interest of any such
loans or assume or guarantee the payment of any premium on insurance
policies issued through its agency by its principal: And provided further,
That the bank shall not guarantee the truth of any statement made by an
assured in filing his application for insurance.
"Any member bank may accept drafts or bills of exchange drawn upon it
having not more than three months'sight to run, exclusive of days of grace,
drawn under regulations to be prescribed by the Federal Reserve Board by
banks or bankers in foreign countries or dependencies or insular possessions
of the United States for the purpose offurnishing dollar exchange as required
by the usages of trade in the respective countries, dependencies, or insular
possessions. Such drafts or bills may be acquired by Federal Reserve banks
in such amounts and subject to such regulations, restrictions and limitations
as may be prescribed by the Federal Reserve Board: Provided, however
That no member bank shall accept such drafts or bills of exchange referred
to this paragraph for any one bank to an amount exceeding in the aggre- •
gate ton per centum of the paid-up and unimpaired capital and surplus of
the accepting bank unless the draft or bill of exchange is accompanied by
documents conveying or securing title or by some other adequate security:
Provided, further, That no member bank shall accept such drafts or bills
in an amount exceeding at any time the aggrgato of one-half of its paid-up
and unimpaired capital and surplus."
That subsection (e) of Section 14 be, and is hereby, amended to read
as follows:
"(e) to establish accounts with other Federal Reserve banks for exchange
purposes, and with the consent of the Federal Reserve Board to open and
maintain accounts in foreign countries, appoint correspondents, and
establish agencies in such countries wheresoever it may deem best for the
purpose of purchasing, selling, and collecting bills of exchange, and to buY,
and sell, with or without its endorsement, through such correspondents,
or agencies, bills of exchange, arising out of actual commercial transactions
which have not more than ninety days to run, exclusive of days of grace,
and which bear the signature of two or more responsible parties and with
the consent of the Federal Reserve Board to open and maintain banking
accounts for such foreign correspondents or agencies."
That the second paragraph of Section 16 be, and is hereby, amended
to read as follows:
"Any Federal Reserve bank may make application to the local Federal
Reserve agent for such amount of the Federal Reserve notes hereinbefore
1268
THE CHRONICLE
provided for as it may require. Such application shall be accompanied
with a tender to the local Federal Reserve agent of collateral in amount
equal to the sum of the Federal Reserve notes thus applied for and issued
pursuant to such application. The collateral security thus offered shall
be notes, drafts, bills of exchange, or acceptances rediscounted under the
provisions of Section 13 of this Act, or bills of exchange indorsed by a member
bank of any Federal reserve district and purchased under the provisions of
Section 14 of this Act, or bankers' acceptances purchased under the provisions of said Section 14. The Federal Reserve agent shall each day notify
the Federal Reserve Board of all issues and withdrawals of Federal Reserve
notes to and by the Federal Reserve bank to which he is accredited. The
said Federal Reserve Board may at any time call upon a Federal Reserve
bank for additional security to protect the Federal Reserve notes issued
to it.
LOANS ON REAL ESTATE.
That Section 24 be, and is hereby, amended to read as follows:
"Sec. 24. Any national banking association not situated in a central
reserve city may make loans, secured by improved and unencumbered farm
land situated within its Federal Reserve district or within a radius of one
hundred miles of the place in which such bank is located, irrespective of
district lines, and may also make loans secured by improved and unencumbered real estate located within one hundred miles of the place in which
such bank is located, irrespective of district lines but no loan made upon the
security of such farm land shall be made for a longer time than five years,
and no loan made upon the security of such real estate as distinguished
from farm land shall be made for a longer time than one year nor shall the
amount of any such loan, whether upon such farm land or upon such real
estate exceed fifty per centum of the actual value of the property offered
as security. Any such bank may make such loans, whether secured by such
farm land or such real estate, in an aggregate sum equal to twenty-five
per centum of its capital and surplus or to one-third of its time deposits
and such banks may continuo hereafter as heretofore to receive time deposits and to pay interest on the same.
"The Federal Reserve Board shall have power from time to time to add
to the list of cities in which national banks shall not be permitted to make
loans secured upon real estate in the manner described in this section."
BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN
BANKING BUSINESS.
That Section 25 be, and is hereby, amended to read as follows:
"Sec. 25. Any national banking association possessing a capital and
surplus of $1,000,000 or more may file application with the Federal Reserve
Board for permission to exercise, upon such conditions and under sum
regulations as may oe prescribed by the said Board, either or both of the
following powers:
"First. To establish branches in foreign countries or dependencies or
Insular possessions of the United States for the furtherance of the foreign
commerce of the United States, and to act if required to do so as fiscal
agents of the United States.
"Second. To invest an amount not exceediag in the aggregate ten per
conturn of its paid-in capital stock and surplus in the stock of one or more
banks or corporations chartered or incoreorated under the laws of the United
States or of any State thereof, and principally engaged in international or
foreign banking, or banklag in a dependency or insular possession of the
United States, either directly or through the agency, ownership, or control
of local institutions in foreign countries, or in such dependencies or insular
possessions.
"Such application shall specify the name and capital of the banking association filing it, the powers applied for, and the place or places where the
banking operations proposed are to be carried on. The Federal Reserve
Board snail have power to approve or to reject such application in whole or
in part if for any reason the granting of such application is deemed inexpedient, and snail also have power from time to time to increase or decrease
the number of places where such banking °pet ations may be carried on.
"Every national banking association operating foreign branches shall be
required to furnish information concerning the condition of such oranches
to the Comptroller of the Currency upon demand, and every member bank
investing in the capital stock of banks or corporations described under subparagraph 2 of the first paragraph of this section shall be required to furnish
information concerning the condition of such banks or corporations to the
Federal Reserve Board upon demand, and the Federal Reserve Board may
order special examinations of the said branches, banks, or corporations at
such time or times as it may deem best.
"Before any national bank shall be permitted to purchase stock in any
such corporation the said corporation shall enter into an agreement or undertaking with the Federal Reserve Board to restrict its operations or conduct
its business in such manner or under such limitations and restrictions as the
said Board may prescribe for the place or places wherein such business is to
be conducted. If at any time the Federal Reserve Board shall ascertain
that the regulations prescribed by it are not being complied with,said Board
is hereby authorized and empowered to institute an investigation of the
matter and to send for persons and papers,subpoena witnesses,and administer oaths,in order to satisfy itself as to the actual nature of tne transactions
referred to. Should such investigation result in establishing the failure
of the corporation in question or of the national bank or banks which may
be stockholders therein, to comply with the regulations laid down by the
said Federal Reserve Board, such national banks may be required to dispose of stock holdings in the said corporation upon reasonable notice.
"Every such national banking association shall conduct the accounts of
each foreign branch independently of the accounts of other foreign branches
established by it and of its home office, and shall at the end of each fiscal
period transfer to its general ledger the profit or loss accrued at each branch
as a separate item.
"Any director or other officer, agent, or employee of any member bank
may, with the approval of the Federal Reserve Board, be a director or other
officer, agent, or employee of any such bank or corporation above mentioned
in the capital stock of which such member bank shall have invested as hereinbefore provided, without being subject to the provisions of Section 8 of the
Act approved October 15th 1914, entitled 'An Act to supplement existing
laws against unlawful restraints and monopolies,and for other purposes.'"
Approved September 7 1916.
[vox.. 108.
The aggregate, however, of eligible notes and bills bearing the signature
or indorsement of any one person, company, firm, or corporation rediscounted by a Federal Reserve bank for any one member bank shall at no
time exceed 10 per centum of the unimpaired capital and surplus of such
member bank, the restriction not applying to bills of exchange drawn in
good faith against actually existing values. The law places a limit upon
the amount of eligible acceptances which may be discounted by a Federal
Reserve bank for a member bank of one-half of the paid-up and unimpaired
capital stock and surplus of the member bank. This limit on the amount
of acceptances rediscounted may be increased upon application to the Board
to 100 per cent of the capital and surplus of the member bank.
August 3 1916.
CHECKS STAMPED "PAYABLE IN EXCHANGE"
NOT VALID.
The Federal Reserve Board has ruled informally that
checks stamped "payable in exchange at current rates" are
not valid negotiable instruments, and hence may not be
received for collection or credit. We give the ruling below
as printed in the September "Bulletin":
The Board has been informed that in some of the districts a number of
member banks have induced depositors to draw checks upon them with the
clause, "payable in exchange at current rates" printed or stamped upon
the face of the checks.
Our counsel holds (see opinion under law department) that checks so
payable are not valid negotiable instruments, inasmuch as they are not
made payable in a sum certain in money, as required by law, but are made
payable in domestic exchange. He is, therefore, of the opinion that Federal
Reserve banks have no authority, under the law, to charge such quasi
checks to the accounts of member banks but must accept payment in exchange according to the terms of the check. The common-law definition
of a check is a written order for money drawn on a bank or banker, and of a
draft, a written order drawn by one person upon another, directing the
payment of money on account of the drawer.
Section 16 of the Federal Reserve Act provides that, "Every Federal
Reserve bank shall receive on deposit at par from member banks * * *
checks and drafts * * *," but does not authorize Federal Reserve
banks to receive for credit or for collection, orders for exchange or other
nonnegotiable instruments.
The Board therefore advises all Federal Reserve banks to notify their
member banks that such items cannot be received for collection or credit
and that all instruments not payable expressly and unconditionally in
money will be returned at once to the senders.
August 10 1916.
YEARLY FIGURES OF NEW YORK CLEARING
HOUSE.
The total transactions of the New York Clearing House
Association for the year ended Sept. 30 1916 reached the
large volume of $155,742,333,909, comparing with $96,183,554,464 the year before and $94,888,992,273 in the year
ending Sept. 30 1914. This year's total transactions were
made up of $147,180,709,461 clearances and $8,561,624,447
balances. The average daily transactions for the year just
closed amounted to $512,310,309, of which $484,147,071
represented exchanges and $28,163,238 balances. The total
transactions since the organization of the Clearing House
sixty-three years ago aggregate $2,878,757,069,684. The
largest exchanges on any one day during the year were
those for Sept. 2 1916—$1,058,926,600; the largest balances
on any one day during the year were $61,892,084 on Oct. 16
1915; the largest transactions on any one day during the
year were witnessed on Sept. 2 1916 and reached $1,112,282,206; the smallest exchanges on any one day during the
year were recorded April 22 1916 and amounted to $232,102,078; the smallest balances on any one day during the
year were those for Oct. 13 1915, viz.: $12,264,903; and the
smallest transactions on any one day during the year occurred
on April 22 1916, the figures being $254,315,227. The
largest daily transactions on record are those of Sept. 2
1916, when they totaled $1,112,282,206; the largest balances
were recorded on Oct. 16 1915, and totaled $61,892,084.
The report states that the Association is now composed of 29
national banks, 16 State banks and 15 trust companies. The
Federal Reserve Bank of New York and the Assistant Treasurer U. S., New York, also make their exchanges at the
Clearing House. The Clearing House Collection Department also exchanges at the Clearing House, making 63 clearing institutions. There aro 21 banks and trust companies
in the city and vicinity, not members of the Association,
which make their exchanges through banks that are members,
in accordance with constitutional provisions.
Frank A. Vanderlip, President of the National City Bank,
was re-elected President of the Clearing House Association
LIMITATION ON REDISCOUNTS.
this week's annual meeting, and Gates W. McGarrah,
In setting out in its "Bulletin" for September an informal at
President of the Mechanics & Metals National Bank, was
ruling concerning the extent to which a member bank may
Chairman of the Clearing House Committee, sucrediscount with a Federal Reserve bank the Reserve Board chosen
ceeding James S.Alexander. Joseph Byrne, Vice-President
said:
Merchants National Bank, continuos as Secretary of
Your letter of July 31 asking the extent to which a member bank may of the
rediscount with a Federal Reserve bank is received.
thel Association; William Sherer has been re-elected
The law places no limitation upon the amount of commercial paper which Manager, and William J. Gilpin continues as Assistant
a member bank may rediscount with the Federal Reserve bank but leaves
Manager.
this to the judgment of the Federal Reserve bank.
OCT. 7 1916.]
1269
THE CHR,ONICLE
INVESTMENT BANKERS' ASSOCIATION-ANNUAL CONVENTION.
LEWIS B. FRANKLIN PROPOSES FEDERAL RAILROAD
BOARD.
The railroad problem was discussed by Lewis B. Franklin,
Vice-President of the Guaranty Trust Company of New York
in his annual address this week as President of the Investment
Bankers' Association of America. Mr. Franklin's view that
the trouble with the present system of regulation is that it is
founded on the supposition that the railroad corporations
are malign creatures of a corrupt money power and therefore
repressive measures are the only ones needed. He set out
that what is wanted is intelligent action on these problems;
"we do not" he said, "want legislation by compulsion—compulsion from the railroads, from the shipper, or from labor,
but a fair decision based on knowledge, not on supposition,
on equity, and not on political expedience." A Federal
Railroad Board, with regional boards constituted in a way
similar to the Federal Reserve Board, with Federal incorporation, would in Mr. Franklin's opinion provide for our railroad systems stability, freedom from inexpert regulation and
release from outside domination. We give his remarks
more fully below:
One of the most serious problems in which we are deeply interested and
upon which the public needs educating is the relation of the State and Federal Governments to our great transportation systems. The regulation of
Public Utility Corporations by State Commissions,now in effect to a greater
generally as wise and
or less extent in thirty-three States, has been accepted
The reason for this
proper by the banker, the operator and the public.
be found in the fact that for the most part
approval by all classes is to
economic principle that
these State Commissions have recognized the sound
the public at the lowest rates
regulated monopoly provides the best service to
on the investment. The questions as to
commensurate with a fair return
what constitutes a fair return and on what basis the value of the investment
is being made
should be computed are still under discussion, but progress
into harmony with
from year to year in bringing the various commissions
bankers. As a matter of fact the
each other and with the operators and
but a very practical
question of a fair return is not a theoretical question,
one that will attract capital
one. In the last analysis, a fair return must be
service, and this necessary
In sufficient quantities to provide adeqtrate
of capital for that class of underreturn will fluctuate according to the price
taking in•the market places of the world.
The Railroad Problem.
the practice in our municipalities, so
As regulated monopoly has become
in the relations of the Federal
regulated competition has been instituted
Government with our inter-State transportation system. Federal regulainter-State, is, I believe, sound in
tion of railroad rates, both intra and
principle and beneficient in practice, but it can never be practical to have
transcontinental systems subject to one master as a whole and to
our great
forty-eight masters as to their several parts. The time is coming, and I
railroads will be taken entirely
trust is not far off, when the regulation of our
legislatures and placed where it belongs
out of the hands of the several State
Commission. Some of our legal
—in the hands of the Inter-State Commerce
that the sovereign power of the
friends may tell us that this cannot be done;
cannot be taken away; that they
States granted them by the Constitution
control the corporations which they have
must continue to supervise and
State without exception,
created. Sovereign power was not given to each
solely for the Federal Governbut certain important functions were reserved
ment,including the control of commerce between the several States and the
establishment of post roads.
Constitutional Authority.
It must be remembered that at the time of the adoption of the Constitution there was in the mind of none of its framers any conception of our
modern systems of railroads, of telegraphs, of telephones or of steamships.
Inter-State travel was by post roads and over the establishment of such
This power was not
means of communication Congress was given power.
character, thereby indicating
limited to inter-State roads, but was general in
that intro State transportation is only a part of inter-State traffic and that
control should not be divided but centered in the Federal Government. I
firmly believe that had present conditions of transportation existed at that
time, that sole power of regulation of all transportation would nave been
delegated to the Federal Government, and sincerely hope that this can be
shortly brought about by Federal legislation.
Construction vs. Destruction.
If it is proper for the Government to estaellsh railroad rates and therefore
revenue of the railroad corporations, is
in a large degree determine the gross
same power should exercise supervision over such
It not also proper that the
subject to control? The trouble with the present system of
expenses as are
regulation is that it is founded on the supposition that the railroad corporaof a corrupt money power and therefore
tions are maligned creatures
repressive measures are the only ones needed. While there may in the past
warrant for this idea the time has come when our legislators
have been some
must awake to an appreciation of the fact that the ownership of the railroads is in the hands of a great mass of the people and to the necessity of a
constructive policy instead of a destructive policy. What a change in the
attitude of the Government since the days of the late sixties, when Congress
transcontinental lines reaching out across the
was busily granting aid to the
aid of that kind now, but we do want
western prairies! We do not want
intelligent action on these problems. We do not want
justice. We want
legislation by compulsion—compulsion from the railroads,from the shipper
decision based on knowledge, not on supposition,
or from labor, but a fair
expedience.
on equity, and not on political
Federal Incorporation.
those who have studied this question that comIt has seemed to many of
pulsorY Federal incorporation of all railroad corporations doing an interState business is the first step toward the solution of the problem. Our
transportation systems are not lass important to the country at largo than is
our national banking system and should even more logically come under
Federal control. A Federal Railroad Board with Regional Boards constituted in a way similar to the Federal Reserve Board, with Federal incorporation, would, in my opinion, provide for our railroad systems stability,
freedom from inexpert regulation and release from outside domination.
Such intelligent supervision would lead to a restoration of confidence in
railroad securities and thereby enable the companies to borrow money upon
reasonable terms to provide funds with which to construct improvements
necessary to good service and extensions whereby new territory can be
opened up.
It is not alone to those of our members who are distributers of railroad
securities that this situation is ofinterest. The railroad problem is the most
important and at this time happens to be the most prominent example of the
much larger question of the relation of Government to business, in which
question every dealer in corporation securities is intensely interested. A
happy solution of the railroad problem means a long step in the direction
of a better understanding of the proper relationship of corporate enterprise
to the State and Federal Governments, particularly if the solution is brought
about through the education of the general public to a realization of their
dependence upon business prosperity. Even those of us who confine our
dealings to municipal bonds cannot afford to overlook this wider aspect
and do all we can to assist in this work of education.
,••••••
WALKER D. HINES ON THE NEEDS OF THE RAILROADS.
"The Needs and Opportunity of the Railroad Situation"
were reviewed by Walker D. Hines, Chairman and General
Counsel of the Atchison Topeka & Santa Fe Railway Co.,
at the annual convention this week in Cincinnati of the
Investment Bankers' Association of America. "The railroads need," said Mr. Hines, "and you need and the public
needs first, legislation which will provide an orderly and
responsible method of settling railroad labor disputes as a
substitute for the terrorism of the strike; second, legislation
whereby State regulations reducing net income through reductions of rates and increase ofcosts will be superseded by
national regulation; and third, legislation whereby the power
to issue stocks and bonds will be derived from the nation,
and the method of their issue will be supervised by the nation.
And all these things are needed to the end that railroads may
riase their new capital largely through the sales of stock so as
to give them a broad and sound financial basis which will
make their stocks and bonds attractive investments and
whereby the public will be assured of the continued development of the railroads." Mr. Hines took occasion to
state that "the difficulty which is uppermost in the nation's
thought to-day is the defenceless position which the railroad
companies and the people themselves occupy with reference
to organized railroad labor." In mentioning some of the
steps which have led up to this defenceless condition, he
said:
In June 1913 the Sundry Civil Appropriation Bill made an appropriation
-Trust Law which prohibits restraints of
for the enforcement of the Anti
Ira& but provided that no part of the appropriation should be used to
prosecute labor unions. This was a striking illustration of the power of
the labor unions over Congress, and was an invitation to the labor unions
to go as far as they liked.
In July 1914 the locomotive engineers in the territory west of Chicago
and the Mississippi River made demands for increased wages and more
favorable working conditions. The railroad companies made counter
demands for the modification of various working conditions which they
regarded as unreasonably favorable to the engineers. The railroad companies offered to submit both sets of demands to arbitration under an Act
of Congress which had been passed the year before with the approval of
the railroad brotherhoods. The engineers refused to arbitrate the demands
made by the railroad companies and said they would strike unless the arbitration was confined to their own demands. President Wilson intervened
and urged the railroad companies to avert a strike by confining the arbitration to the points which the engineers were willing to arbitrate. The railroad companies, out of deference to the President, yielded to this unreasonable position. Here the country was face to face with a railroad
strike which threatened to tie up transportation throughout the West;
the arbitrary position of the railroad brotherhood was clearly disclosed:
and the support which that position received paved the way for still more
arbitrary action in the future.
But despite this impressive warning as to the arbitrary methods of the
brotherhoods and as to the resulting public menace, Congress took no action
to protect the public. On the contrary, about two months later legislation
was adopted which seemed designed to remove the lid entirely and to give
railroad unions and other unions still more power and to make the nation
still more defenseless. This legislation was the Clayton Act, which was
approved by the President on Oct. 15 1914. Sections 6 and 20 of that Act
were inserted by way of compliance with the demands of the labor unions.
Section 6 may be construed to provide that the existence and operation of
labor unions and the action of their individual members shall not be deemed
restraints of trade under the Anti-Trust Act. Section 20 may be construed
to provide that strikes shall be regarded as lawful no matter how unreasonable their purpose or their method. The prevailing opinion seems to be
that these sections deprive the Government of any means whatever to
prevent conspiracy to restrain commerce through a railroad strike, no
fnatter how 'widespread the strike or how unreasonable the motive which
actuates the strike.
These were the things which were done in 1913 and 1914 which emphasized and increased the power of the railroad labor unions and encouraged
them to their climax of arrogance which came last August and which is too
fresh in the minds of all of you to justify discussion.
Under the law as it seems to be construed by the Government, the country has no voice whatever in preventing or postponing a railroad strike
no matter how widespread it may be or how arbitrary the leaders of railroad
labor may be. The result is that until there shall be some general remedial
legislation, the railroads are left in a position which is full of danger to the
public and full of discouragement to prospective investors whose capital
ought in the public interest to be used in the further development and im-
1270
THE CHRONICLE
[VoL. 103.
provement of the railroads. Since the Government is unable to get the 36 Class "C," and 176 branch offices. On Oct. 1 1916 the
railroad unions to do anything they do not want to do, the whole pressure
of the Government is exerted to get the railroads to concede whatever the membership stood at 561, made up of 376 main and 185
unions insist upon. When Executive pressure fails, then Congress seeks branch members. With regard to the extension of the
to grant by hurried legislation what the labor unions demand. If such "Bulletin" service, Mr. Franklin
said:
legislation proves Constitutional the railroads must try to shift the burden
I believe in the extenbion of our "Bulletin" service and the enlarging of
to the public and to do this must get the approval of the Inter-State Comits scope. During the coming year it will be the aim of the Secretary's
merce Commission and to some extent of State railroad commissions.
The continuance of such a condition is a menace to the soundness of Office to bring this branch of our service to a greater degree of usefulness.
It seems to me that there is no better way for the Association to keep its
present and future railroad securities, because if railroad revenue is thus
put at the mercy of the railroad unions no one can have confidence in the name before the puolic, and,therefore, advise the public of the constructive
ability of the railroad companies to continue to earn sufficient net income work we are now carrying forward, than by giving the "I. B. A. of A.
to pay interest, rentals and dividends and to provide the annual suplus Bulletin" too widest circalation.
We have at the present time a circulation of approximately 1,500. Of
necessary to protect railroad credit.
Of course there will be and must be consideration of this matter by Con- this number 600 go to members, wnile the remaining 900 are divided
gress until some method can be found for the settlement of these contro- among the public service commissioners of the several States, universities,
versies in a legal and orderly way in accordance with the rights ofall legislative reference bureaus, public libraries. Perhaps the most numerous
parties concerned. But I wish particularly to emphasize that no such law requests filed for the "Bulletin" emanate from the legislative reference
can be passed except over the opposition of the railroad brotherhoods; bureaus, and the universities througnout the country.
We have always made it a point to give special attention to the legislative
for they have declared in the most unqualified manner that they will oppose
any law which seeks to provide for an official investigation of the merits of reference bureaus. It is by this source that by far the greater number of
bills are from, that are introduced in the State legislatures. They are a
a dispute before a strike can take place, and will oppose any other law
through which the Government would interfere in any way with the unre- source of information to which the State legislators refer when they have
stricted freedom of railroad labor to strike whenever it sees fit. When you any matter under consideration which they think should be regulated
consider the past record of Governmental compliance with the wishes of by law.
As to the universities. I have carried on a large amount of correspondence
union labor, you will realize that it is not going to be an easy thing to get
the necessary remedial legislation when that will be violently opposed by with them, and have made it a point to inquire what particular use was
made of the extra "Bulletins" required. Without going into the matter
union labor. We must expect the labor unions to use in the future all the
too much in detail, I found the major -limner were used to form the basis
political power they can command just as they have done in the past.
Hence your influence and the influence of your customers should be em- of lectures, and were distriouted for research purposes.
Therefore, we should increase in every possible manner the efficiency
ployed to aid in bringing to bear the sentiment of the public generally in
favor of a solution which will relieve the public from its present defense- of the "Bulletin" service, and the circulation, never losing sight of our past
high standards.
lessness and which will give railroad investments the protection of orderly
The compilation of our annual proceedings entails a large amount of
decisions of these matters on their merits.
The time appears almost ripe for Congressional action on other matters work each year. The Association has now issued four volumes representing
the complete history of the Association. In addition to distributing the
of vital importance to tne soundness fo railroad securities.
I do not need to take up your time in-pointing out how the foundations proceedings to our members they are also placed in the hands of public
of sound railroad securities have been slowly undermined by the accumu- service commissions, universities and other public bodies.
The Chicago Public Library informs us that the proceedings and publilating and conflicting regulations of forty-eignt States in addition to the
regulations of the Federal Government. Railroad securities are not issued cations of our Association are toe only complete and authentic history of
in fragments according to State boundaries but are issued as a whole. blue sky legislation in existence and that taey are in great demand.
They depend for their soundness upon the railroad company's present and
prospective net income as a whole. Yet that single and indivisible net income is being eaten away by State action—miscellaneous, disjointed, inde- RECOMMENDATIONS REGARDING RAILROAD ISSUES
pendent and inordinated—through reductions in rates and increa.sw in
In the report of the Railroad Bond Committee of the
expenses. The horizon of each State is circumscribed by its own boundaries
and it acts with reference to its own local interests, although nearly all of Investment Bankers' Association, John E. Blunt Jr., of
its railroad iegulations have a direct and injurious effect upon the general
Chicago, Chairman, stated that early in the year inquiries
welfare of each railroad company affected, The general welfare of each
railroad in this country is a matter of national concern, and yet it is affected were sent to members to ascertain the extent of their interest
n countless ways by State authorities who do not and cannot look at the in railroad bonds and the attitude of investors toward these
matter from a national standpoint. The dangerous consequences of having
a single matter which is primarily of national concern regulated and impaired securities. From replies received the Committee has drawn
by forty-eight different States, no one of which has a national horizon or the following conclusions:
responsibility, are now generally appreciated.
First.—Only between 25% and 30% of our membership is actively interAnother point, with which likewise you are thoroughly familiar, is the ested in railroad bonds, and 75% of these are located in Eastern cities.
necessity for uniform and national control over the power to issue and the
Second.—There has been a comparatively large decrease, and this holds
manner of issuing railroad securities, both stock and bonds.
good even in the East, in the proportion of railroad bonds handled by our
Under the present Statelaws,the prevailing idea is that a railroad company members and the attitude of investors is much less favorable to railroad
cannot issue mortgage bonds without obtaining the authority of each State bonds than it was five years ago.
in which any part of the mortgaged railroad lies. The authorities of each
The report continues:
State necessarily deal with the matter according to local conceptions and
without any controlling sense of responsibility for the interest of the nation
There can be no doubt in the mind of any of us that the raising of capital
as a whole. The delays and uncertainties and at times the conflicts inci- for railroad purposes is growing more difficult each year, and the railroad
dent to these conditions are serious and will become greater as additional problem is probably the most important internal question before the AmeriStates assume the power to control these matters.
can people to-day. In its solution members of the Investment Bankers'
There is another matter of vast importance which has been frequently Association have a vital interest. Our position as intermediaries between
touched upon in your annual meetings and with which your members are the railroads and the investors should be one of great influence and our duty,
familiar. That is the proposition that the fundamental soundness of rail- as I see it, is threefold:
First.—We must endeavor to turn public sentiment from its attitude of
road bonds must depend upon the railroad company doing a large part of
its financing through the issue of additional capital stock. Bonds to be antagonism to one of fair play to the railroads.
Second.—We must use our efforts to prevent that kind of financial missound and attractive must be protected by a wide margin of safety. If
75% of a railroad company's normal annual net income must be used to pay management which has resulted in disaster to some of our best systems
bond interest, it is obvious that a loss of 25% of net income in any year and which to-day more than any other one thing prevents the recognition
through business depression or exceptional disaster will bring the company of the just needs of the railroads.
Third.—Above all we must insist on the proper protection of the capital
to the brink of insolvency. But if only 40% of the railroad company's
normal annual net income is required for bond interest, it would take a re- invested in the railroads and surround railroad mortgages with such safeduction of 60% in that normal net income to bring its solvency in question. guards that they may hold their place among our prime investments.
Before proceeding with our specific recommendations, I will take a few
This margin of safety, or the annual surplus of net income over and above
fixed charges, is the fundamental element of security and attractiveness in moments of your time to present some figures which will bear repeating,
even though they are well known to you. The following table gives the
railroad bonds.
The vital condition for the successful continuance of railroad companies amount of railroad stock and bonds in the hands of the public in the years
under private ownership is that there shall be a reasonable prospect of 1904 and 1914, and shows the large relative increase in the bondholders'
earning not income sufficient to make the stock of those companies at- investment during that period:
tractive investments to stockholders. You gentlemen know that in order
1904
Increase.
1914
for a 6% stock to be an attractive investment, it is necessary year in and Stock
$6,011,404,923 38.2% $4,397,040,970 45.9% $1,614,363,953
year out for the net earnings applicable to dividends to be 8 or 9% upon Bonds
9,708,292,002 61.8% 5,188,426,741 54.1% 4,519,865,261
that stock because the amounts needed to take care of obsolescence and
of the creation of new facilities which do not produce revenue are such that
$6,134,229,214
$15,719,696,925
$9,585,467,711
it is out of the question for a railroad company to pay out in dividends all the
It is with the bondholders that this Association is most concerned.
net earnings which are theoretically applicable to dividends. This question
and, aside from the amount
cannot be solved on any theory that railroads can prosper by allowing them Their investment is nearly $10,000,000,000,
investors, savings banks, insura return which is equivalent to ordinary bond interest, because no such held abroad, is distributed among private
institutions. There are said to be 11,000,000
return will ever be sufficient to support the issue of capital stock.
No in- ance companies and other
policyholders, so that a large portion
vestor is willing to take the risk of investing in capital stock if he is to get savings depositors and 30,000,000
of our population has a direct interest in this question. This investment
no larger return upon it than he could get by investing in well secured
has been made without the idea of profit at a rate of interest averaging not
bonds.
moderate income and safety of prinThe establishment of a national method of regulation which will be unified more than 434%, merely to secure a
large losses entirely out of proportion
and consistent will be calculated to remove from the railroad situation the cipal, but even here there have been
claims of watered stock can be applied
present fear that their net income will be regulated down to a basis so low to the rate of return. No material
one deny its right to complete
that it will be out of the question for stockholders to look forward with con- to this class of investment. Can any
fidence to a continuance of dividends sufficient to make the stock an at- protection?
subject is so broad and its angles so numerous that it is impossible
Our
tractive investment.
for your committee to do more than cover what seem to be some of the
most important points, and we are offering for your consideration the folGROWTH IN MEMBERSHIP OF INVESTMENT
lowing recommendations:
BANKERS' ASSOCIATION.
First.—That railroad bonds be issued providing for three classes of bonds
Frederick R. Fenton, in his report as Secretary of the under one mortgage, covering both road and equipment.
(a) Sinking
Investment Bankers' Association of America, at the annual premium withfund bonds running,say, 50 years, redeemable at a moderate
a cumulative sinking fund sufficient to retire both princonvention this week, stated that during the past year the cipal and interest at maturity.
(b) Convertible bonds without the sinking fund provision on the theory
membership had increased until the high water mark had
convertible feature shall forego the sinking fund
been reached. On Sept. 1 1915 the Association had 516 that investors desiring the of these bonds into stock from time to time
privileges. The conversion
members, divided as follows: 127 Class "A," 177 Class "B," should increase the equity behind the remaining bonds.
OCT. 7 1916]
THE CHRONICLE
(c) Equipment bonds payable serially from 1 to 20 years, the present
method of issuing serial bonds, payable in 1 to 10 years secured on equipment alone to be discontinued as rapidly as practicable.
Second.—Provision on the part of railroads for adequate charges on
account of depreciation of equipment.
Third.—Federal incorporation of railroads and approval of issues of railroad securities by some Federal Commission.
Fourth.—Changes in the form of railroad reports.
The sinking fund recommendation is identical with that suggested by
last year's committee, and it is on this point that your committee has spent
its greatest efforts. The attitude of the Association is shown by the responses received from its members to the following question: "Do you
believe that a reasonable sinking fund would materially broaden the market
for railroad bonds?" There were 197 affirmative and only 11 negative
replies.
Members of your committee have interviewed prominent financiers,
railroad Presidents and members of the Inter-State Commerce Commision.
While there is considerable opposition from all of these sources, several of
the Presidents of the largest systems have expressed themselves favorably
on the subject, and I believe some progress has been made. Although none
of the larger railroad mortgages issued during the year contains any sinking
fund provisions, there are several of moderate size that provide for substantial sinking funds, including one issued by an important Western system,
which provides for the payment of the entire principal within 40 years.
It so happened that one of the members of this committee and your Chairman were concerned in the negotiations for this issue, and we were much
gratified at the attitude of the company in question in adopting practically
every important suggestion that we made.
ROBERT L. OWEN ON THE FEDERAL RESERVE ACT
AND ITS RELATION TO INVESTMENT BANKING.
At the banquet on Wednesday of the Investment Bankers'
Association of America,which brought to a close this week's
annual convention of tho Association in Cincinnati, Senator
Robert L. Owen was the chief speaker. Taking for his
subject "The Federal Reserve Act, and Its relation to Investment Banking", he spoke in part as follows:
Many men have claimed to be the author of the Federal Reserve Act.
The fact is, the Federal Reserve Act was born out of the experience of men.
The principles of that Act were first put into effect, probably by Great
Britain, in a panic immediately after the Civil War,in 1866, when,by Ministerial promise, the Bank of England, which, though owned by private
stockholders, is to all intents and purposes a Governmental institution, was
permitted to issue legal tender notes against other securities than gold,
in violation of the English Act of 1849; but, because of the exigency and need
of immediate currency, the Ministerial powers gave a permit to use the
printing press and manufacture legal-tender notes against commercial
bills. It abated the panic within 24 hours. Three times that has occurred
in England.
The great German Empire followed that experience, and gave authority
by statute law to the Roichsbank to issue legal tender notes against commercial bills of a certain qualified class, under a penalty of a five per cent
interest charge, payable to the Government, and which would serve as a
means for automatic retirement of those notes; and in that way they got
protected against inflation.
The principle of the Federal Reserve Act, which is of great importance to
this country, is the fact that commercial bills of a qualified class can be
used by the Federal Reserve banks as a basis of issuing money to the business men of the United States. In the old days, under our laws, we concentrated the reserves of the banks of the country, first in 40 odd reserve
last they were pyracities, then in the three central reserve cities, then
mided in New York, where the Now York banks were compelled to rely
upon each other, where those who wanted currency in the country relied
upon New York to furnish that currency, and therefore there was built up
in New York the reliance on stocks and bonds, used as collateral for call
loans, and these call loans went into the millions; and when any sudden demand came that alarmed the banks of the country, they had no remedy
whatever except to call upon the borrower to make good his call loan. The
borrower under such circumstances had no recourse except to sell his securities upon a falling market.
Under conditions of that kind we have been visited with a number of
severe panics, the recent one being in 1907, and also in 1894 and 1893.
These panics have swept this country. They have made the business
men in this country tremble for fear, and have prevented tens of thousands,
and hundreds of thousands of men from engaging in legitimate manufacturing business, in legitimate commerce, in other avenues, which would be
well warraated, if there had been any stability in our financial system, any
stability in the credit market.
Under the American system men are compelled of necessity to extend
credit, and do extend credit, and under such conditions where there is no
stability in the credit market, it was easy to destroy confidence; and we
have talked learnedly in the past about our troubles being due to loss of
confidence, and have some times forgotten that the loss of confidence was
unavoidable, because the banks of the country owed ten times as much
money as the banks had in their vaults,and if ten per cent of their depositors
at any one time were to call for the payment of the deposits in cash, the
banks would have nothing with which to transact current business sad to
pay a check on a deposit.
It was no wonder that the banks of this country were in a state of continual trepidation, whenever there was a threat of a panic, or a disturbance
of confidence.
I believe for us that period is gone, and gone forever.
Under our present system commercial bills can be used to issue money,
Federal Reserve notes—they are not bank notes either. The banks of
this country tried hard to make them bank notes. They are notes of the
United States, with the taxing power behind them, and as good money as
the world has ever seen, secured in cash by a credit of a man who takes
his note to his local bank, and is worthy of a loan; secured, second, by the
member bank that endorses that note; secured, third, by the Federal Reserve bank that takes that note; secured, in fact, by all of the banks of
this country who are members of that system, and secured by the stockholders of those banks, under the double liability clause; and finally,
secured by the taxing power of the people of the United States. There
never was in the history of the world a security of more stability and
dignity.
But what has that to do with the investment banking business? It has
much to do with your business. It gives for the first time in this country
an assured stability in business. It brings into activity every human
agency available in our country. It brings to employment every man
willing to labor. It brings a condition, not of temporary prosperity, but
at
1271
of continued stable business prosperity- inIthis country, which cannot be
.
broken.
Any individual who indulges in unsound business methods, will, of
necessity, go into a personal liquidation, as he merits; but, in the future,
no man will have the ground cut from under his feet, by a sudden panic,
such as swept over this country in October 1907, when nearly every bank
from the Atlantic to the Pacific, closed its doors from Saturday to Monday
night. The American people had the wit, even in that exigency, to manufacture an artificial currency in the form of clearing house certificates; in
the form of cashiered checks, pay checks, certificates of deposit, and
numerous other forms which availed at the time, as a medium of currency;
and the people of the country had the good sense to stand by the banks
and not to demand the payment of their deposits in cash; but the exigency
will never arise again In this country, and you will find that those of you
who deal in municipal securities will have a widening field, a more stable
field—I call your attention to the stability of the interest rate, since the
Federal Reserve Act went into effect, practically no fluctuation. In a few
days the interest rate in New York went to 6%; but the rate is comparatively stable now, without the fluctuation of a single point, and the reason
of that is perfectly plain—because those who have a right to ask credit;
those who have a right to demand currency, can open these proper securities
obtained by the currency that they need, and when a man can get currency,
and know they can get currency—then they don't want it.
The United States is entering into a new era, and in my judgment the
world is entering into a new era. Since the Federal Reserve Act went into
effect, the bankers of this country have gained in deposits over six thousand
millions, and that is a sum so gigantic that the human imagination can
hardly conceive it. It is a little bit difficult to ascertain where that line
of deposits comes from. A part of it is undoubtedly due to money which
was hoarded in this country, and which was gradually put back into
employment under conditions that the holders of it believed they were
safe in marching forth on. A part of it is due to drawing out of stockings
of the cowardly depositor who was unwilling to trust the bank, some
ninety odd millions of dollars through the postal savings system by which
the Government puts itself behind the depositor and re-deposits that fund
with the bank. A part of it is due to the bringing into this country of
European gold; but a very large part of it, in my opinion, is due to the extension of credit by the bankers of this country, which reappear as deposits.
So that in my judgment the Federal Reserve Act has a very far-reaching
effect upon your business as investment bankers. The stabilizing of finance
and commerce and industry means that the public will become buyers of
your securities in gradually increasing degrees to the extent of their means.
It means that the spirit of confidence which has been established in this
country will be useful to you in your field because it will enlarge your
clientage and enable you to place your securities in a constantly widening
circle. It has occurred to me that while you are organizing your committees, looking after your interests, that you would do well to have a committee charged with the duty of looking after national legislation in that
suggestions might be made from your body, this Association, of a useful
character in framing the laws of this country. In writing the Federal
Reserve Act infinite pains were taken to get the point of view of the bankers
of this country. I, myself, spent days listening to the arguments, personally and directly, with the leading bankers of the United States. in
New York, Philadelphia, Chicago and St. Louis; and I invited their confidence, and I imposed upon them the duty of instructing me, as far as possible. as Chairman of the Committee on Banking and Currency of the Senate.
And it is, therefore, the part of wisdom, that an organization such as
this, that is skilled in investment securities,that might have something
to say of value in improving our financial condition, ought to find some
means of expressing its opinion, and doing it with intelligent directness,
in order that Congress may understand what is needed in this country,
and what should be done. One of the most important principles of government I succeeded in putting into the Federal Reserve Act, to which I
want to call attention I will speak of in a moment. We have bad some
merriment made of the rule of the people to-night by our good friend who
has so kindly and generously entertained us, but the people of the United
States comprise every shade of opinion, political, religious, intellectual—
every point of view, and the great body of opinion of the people of this
country is the sheet-anchor of our safety. The rule of the few in this
country is the only element of serious danger to our stability. It is the
rule of the few in Europe, where they made a mistake somewhere—we
do not know just where, and it is not for us to say, but it is evident that
the human brain fell down in the administration of government in Europe.
and those people are at each other's throatsdestroying human life on a
scale so gigantic as to make the entire world tremble with anxiety and
fear. We have in this country a minority system, which is directly at
variance with the fundamental principles upon which every one of our
State governments was founded. Every State government has in it, as
a fundamental principle, the principle that the sovereignty resides in the
people; and they have a right to alter, amend, or change that government
Whenever it fails to meet the requirements of giving protection to life,
liberty and the pursuit of happiness. And yet we have only in a comparatively small degree written upon our statutes the mechanism by which
that sovereignty shall be exercised without undue or sinister influence.
In the Senate of the United States I could not pass a Corrupt Practices Act
because of the hostility of a few in that body and the rules of the Senate
adopted in 1806, which give unlimited right of debate to any garrulous
tie
debater, or any man who is unwilling to allow a bill to pass.
It is minority rule, and it is bad minority rule. It should not be endured in a free republic. The Senate of the United States should have
the right by a majority vote to determine when it will dispose of any pending question. It has not that right now, under its own rules. I say, you
should have a committee to represent your interests, about the mechanism
by which you shall have your prayers properly heard and administered!
if they are right, and they must involve a system by which the majority
will be empowered to exercise government. In the Federal ReserverAct
you will find a preferential ballot system, and I call your attention to it
as citizens of the United States, and I would call your attention to it as
members of the Investment Bankers' Association because I regard it as
of fundamental national importance. The preferential ballot automatically coheres a majority, and no nomination can be made except by a majority, and no election can be made except by a majority, and an organized
group of politicians on the inside of either party at present is able to dictate
nominations by the plurality system, dividing the majority of their own
party first, and then dividing and conquering the unorganized rule of the
others. And the politicians of both parties keep them from enjoying that
privilege. This matter could only be understood by giving it attention;
it can only be understood by giving it thoughtful attention; it can only be
understood, thoroughly understood, by putting the miscoscope on it, and
unless some man calls the attention of the country to these principles.
will be longer delayed than it should be. I call your attention to the fac
that the Civil War in the United States was due to a defect of government
In this country. We had a Constitution which was not amendable: w
had a Supreme Court which was not recallable; and the Dred Scott Ac
1272
THE CIIRONICLE
was passed, nationalizing slavery, and we could not change the decision,
and we fought it out at the cannon's mouth as the only available political
remedy. We should not let that recur to the United States, and I call
your attention to the fact that we are face to face with a struggle between
the interests of organized labor and organized capital in this country, and
we have no mechanism that is adequate to thoroughly meet these differences if they arise upon constitutional questions.
You talk of stability, you talk of conservatism—important as these things
are to investment bankers, let me tell you that if you quietly sit still and
permit the structure of government to be so defective as to be unaole to
deal with these great questions which will arise, you put your capital in
jeopardy, and you put your lives in jeopardy as well.
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Your interests are not affected by the Federal Reserve Act alone; your
interests are also affected and will be affected by the other Acts which
have passed, relating to it indirectly. Your interests will be affected in a
very important way by the Rural Credits Act, because the Rural Credits
Act is going to bring forward the need of those who are cultivating the soil
of America, with those that have idle money to invest, and those bonds
which will be issued, based upon landed estates, under the safeguard of
Federal management, will cut a very important figure in enlarging your own
field.
It will stimulate agriculture in this country and enable the people to buy
a much larger volume of securities than ever before. In Germany they
say that the average wheat yield is 36 bushels an acre; in the United States
Is is between 12 and 14 bushels per acre. Our people do not use a sufficient
amount of wisdom in tilling their soil; they do not use a proper kind or a
proper quantity of artificial stimulants to the soil. The United States has
nowlby Act proposed tofspend $15,000,000 for making nitrates, and when the
nitrates are not needed for the manufacture of powder, they will be used for
fertilizers. The United States by the Smith-Lever Act is sending a demonstrator of Agriculture to every single county in the United States, and many
counties are supplementing that work with their own funds. They are
teaching scientific agriculture; they are teaching scientific husbandry; they
are teaching scientific horticulture; economies of the farm, too. Those
things mean a greater purchasing power on the part of the people of the
United States; it means a larger field for you, because of this larger purchasing power. I therefore commend your friendly interest on behalf of the
Rural Credit system when these bonds are issued. I think you should take
a friendly hand and place those bonds with the view to build up this country as a patriotic service and above all the service of building up America
to make it what it should be; and, incidentally, you will serve your own interests thereby.
[VOL. 103.
On the contrary the war and lack of ocean shipping facilities has been a
great burden as evidenced by the export figures for the last three years.
Exports of wood products for the Government fiscal year 1914 were approximately $103,000,000, they fell to about $50,000,000 in 1915 and were only
$60,000,000 for 1916. Nevertheless, increased domestic demand and
curtailment in several branches of the trade has brought about an improved
situation. Conditions cannot be termed prosperous, but they are very much
better than they were. While there have been a few failures of timber
companies during the year, there were not many and it is believed that they
represented the afterclap of the period of injudicious financing rather than
any present inherent weakness.
The best figures we can obtain indicate that the total amount of timber
and pulp bond issues financed in the United States, exclusive of Mexican
and South American issues, aggregates to date only about $293,000,000.
Of these approximately $43,000,000 have defaulted, or about 14 1-3%. We
are informed that already approximately $9,000,000 of these defaults have
paid out in full or that such payment is assured.
There was presented at the last session of Congress two bills, the passage
of which would greatly help the lumber industry. Both of these bills
passed one House, but did not come to a vote in the other. It is hoped
that they may be made laws at the next session of Congress. The first
had to do exclusively with timber and provided for the exchange of intermixed Government timber holdings for those held by others. The passage
of this law will not only increase the value of the Government's timber by
blocking it up, but will materially lessen the operating costs of many lumber
companies by decreasing the amount of railroad necessary to build.
The other law,known as the Webb bill, applied to practically all American
industries and in effect provided for combinations of American manufacturers
or producers in so far as their export or foreign trade was concerned,
legalizing such combinations. May we particularly call to the attention
of your committee on legislation, this latter bill and urge upon them the
many advantages to be gained for our country by its passage?
INVESTMENT BANKERS COLLECTING STATISTICS
REGARDING FOREIGN FINANCE.
The Foreign Relations Committee of the Investment
Bankers' Association, through its Chairman, Barrett Wendell Jr., of Boston, in its report made at the annual meeting
of the Association, stated that: "When it became evident
that the United States would be required to finance foreign
loans, owing to the shutting off of the European market,
CORPORATION OF FOREIGN BONDHOLDERS.
The subject of foreign bondholders was discussed at this the committee of 1914-1915, of which Mr.Bulkley was Chairthe principal
week's meeting of the Investment Bankers' Association by man,wrote a letter to the Ministersof Finance of
countries of the world asking them to send to the Association
Bernard Rosenthal, his report thereon being in part as follows:
The Corporation of Foreign Bondholders was founded in 1868 and was statistics concerning the finances of their respective governincorporated by an Act of Parliament in 1898.
ments." "We have," says the committee, "continued this
Under the Act of Incorporation the Council of the Corporation, which is work, and hardly a steamer arrives without bringing some
comparable to an executive committee, consists of twenty-one directors,
of whom six are nominated by the Central Association of Bankers, six by response. These documents, when received in New York
the London Chamber of Commerce and nine by the Council as a whole. by Mr. Rosenthal, Secretary of the Foreign Relations ComThe Corporation has at its disposal about $1,000,000, the income of which
mittee, whose work has been most untiring, are forwarded
it spends principally to maintain a competent organization whose principal
duty is the protection of the interests of the holders of foreign securities. to the Secretary's office of the Association in Chicago, and
It attempts to protect such interest mainly in two ways:
are there placed in your library. A list of the documents
First, through the force of public opinion, which it seeks to educate
through annual reports, which are circulated all over the world, containing has been published from time to time in the bulletins during
comprehensive information regarding the financial condition of a great the past year. The Secretary's office reports that it has 331
many foreign countries, the information being regarded as among the most books on file, practically every one of them treating of forauthoritative obtainable. In addition to this, it keeps elaborate records
regarding the economic and iinancial conditions of the various States with eign finance."
whose debts it is called upon to deal and such records are placed at the disposal of investors or other interested parties.
In the forty-first annual report for the year 1914 comprehensive reports
were made concerning the financial condition of:
Argentina,
Province of Buenos Ayres,
Columbia,
Costa Rica,
Ecuador,
Egypt,
Greece,
Gautemala,
Honduras,
Liberia,
Mexico,
Nicaragua,
Paraguay,
Portugal,
Salvador,
Santo Domingo,
Spain,
Turkey,
U.S.of America,
Uruguay,
Venezuela.
The report also furnishes a list of the bond issues in default at the time.
The second principal way in which the Corporation of Foreign Bondholders attempts to serve the interests of holders of foreign securities whenever their rights have been prejudiced by the action of foreign governments
is through the formation of committees, similar to our own protective committees. It sometimes does this on its own initiative more often when the
help of the Council has been solicited by interested bondholders. In either
case when the Council lends its help and advice in the formation of a committee its President and Vice-President, and sometimes one or two other
directors, beome members of the committee. •
During the time in which this Corporation of Foreign Bondholders has
been in existence, it has been concerned in the settlement of debts aggregating not much short of the sum of five billion dollars, and the value of
the Corporation's services in this connection may be judged from the fact
that at public meetings resolutions have been passed expressing cordial
appreciation of the services of the Council in connection with the debts
of Spain, Portugal, Turkey, Columbia, Costa Rica, Ecuador, Guatemala,
Nicaragua, Paraguay and Venezuela.
Could not the Investment Bankers' Association occupy, in a measure,
a position here similar to that occupied by the Council of Foreign Bondholders in Britain? It is probable that were we to ask for the active help and
co-operation of the Corporation of Foreign Bondholders that we would
get it and with such help it might be that the Investment Bankers' Association, with its power and prestige, would do invaluable work for American
investors at small expense.
SAVINGS BANK LAW FOR INVESTMENT OF PUBLIC
UTILITY BONDS.
The work of the Committee of Public Service Corporations
of the Investment Bankers' Association, according to the
report submitted by Chairman John E. Oldham of Boston,
was largely taken up during the year with the consideration
of provisions for a proposed savings bank law for investment
in public utility bonds. The report states that the publication of the series of reports of all commission decisions in the
United States, known as Public Utilities Reports Annotated,
with its careful editing, indexing and digesting, has in its
opinion been one of the most important single happenings
in the public utility field in the last two years affecting in the
most vital ways the consumer, the investor, the operator,
the manager and the banker. Through these reports, it
states, the useless matter is separated from the decisions of
interest and importance, all decisions of value are printed
and distributed monthly in temporary form and later in
bound volumes at most reasonable cost; the decisions are
carefully analyzed, head-noted, indexed and digested, and
the whole mass of the results of commission activities throughout the country is available in every office in the United
States almost as soon as promulgated.
The Committee sets out that preliminary to taking up the
matter of provisions for proposed savings bank law covering
public utility bonds, it seems desirable at the outside to
have it clearly understood that it is not making definite
MANUFACTURERS OF FOREST PRODUCTS
recommendations and that such proposals as are made are
AND THE WAR.
suggestions rather than recommendations. In part the
The manufacturers of forest products, with the exception report says:
The requirements and purposes
of the pulp and paper manufacturers, have not shared the appear to be much the same; the aimof savings banks wherever located
being to invest small savings safely
prosperity of the "war brides," according to the report of and pay depositors dividends at the rate of 4% annually. Generally
the Committee on Timber Land Bonds of the Investment speaking, the average expense, including taxes, of running savings banks
and an
sum
Bankers' Association. We quote further from the report amounts to a to equivalent to about theof 1 % of the deposits To pay
of 1% is desired for
additional 34
purpose of a reserve.
as follows:
dividends of 4%,therefore, requires an average return on investments no t
Oar. 71916.]
THE
CHRONICLE
far from 5%. The opportunities for investment in different States, however, vary to such an extent that the methods of obtaining a 5% return also
show considerable variation. In some States 50 to 00% of savings bank
assets are found to be invested in real estate mortgages and personal loans;
and as these investments usually yield fairly generous returns, such long
term securities as are purchased can be of a kind to yield a lower income
return than would be the case if the yield from the bulk of the investments
were not so large. Under such circumstances the long term securities held
are valued rather for their marketability than for their income producing
qualities, while the lower rates from these investments, when combined
with the returns from real estate mortgages and personal loans still yield
approximately 5%.
In States of slow industrial growth, however, where a few new enterprises are being developed, opportunities to invest in local real estate mortgages and personal loans are often very limited, and it therefore becomes
necessary to seek among other forms of investment something which will
produce income enough to bring up the general level and permit a 4% dividend rate for the depositor. Situations of this kind apparently provide the
most favorable field for the introduction of well secured public utility bonds
to savings bank investment, inasmuch as such bonds are adapted to yield
the desired income as well as to furnish the necessary requirements of safety
and form assets of reasonable marketability. In the suggestions which
follow, the Committee has undertaken to provide more especially for such
situations as described, where opportunities for investment in real estate
mortgages and personal loans are limited, and where it is accordingly
desirable and necessary to look for other kinds of investment which will
assist in obtaining the rate of income required for the purposes referred to.
At some future time your Committee believes consideration should be
given to framing a law which would meet the requirements of other situations.
In regard to the kinds of utilities which afford a suitable field for savings
bank investment, your committee believes it is advisable, for the present
at least, to include only companies furnishing artificial gas, electric light
and power, local transportation and telephone and telegraph service. It is
suggested that the recent development of the Jitney and other independent
systems for local transportation makes it desirable to specify in the law
tracks.
that local transportation companies must operate cars running on
The committee, after some study of various utility properties and the
market for their securities, would suggest that companies must have at
least $500,000 gross earnings in order that their securities may qualify for
Investment. This, also, has been a matter of some experimenting in order
to place the requirements at the proper point; and it has been found that
companies of this size usually operate in substantial centres of population
and have a substantial amount of property investment. Further, companies with earnings of the above amount usually require bond issues of
a size which insures a considerable distribution and consequently a better
market than is possible with smaller issues. As in other cases the decision
must be arbitrary, but it is believed that $500,000 gross earnings fairly
marks the point where the advantages of a well established market for the
securities of a corporation may bo expected to exist.
The committee would suggest, in order that there may be assurance
that earnings are derived from a general distribution of service as the law
intends, that if 10% or more of the gross earnings is derived from any one
customer the revenue from that customer shall be excluded in determining
the size of the corporation for this purpose of qualification. It is not the
intent, however, to exclude those earnings in the other provisions of the law.
In regard to telephone companies the committee believes that gross
earnings of at least $1,500,000 should be required in order to give the assurance that a company occupies either a large and permanent centre of
population or else covers a largo area so as to include a proper field for longdistance communication and give a full telephone service, long distance as
well as local.
The committee suggests that investment should be limited to companies
located within the United States, and believes that investment can to advantage be further limited to those States only which have public utility
commissions with powlars of protection of utilities and their investments.
It is believed that sufficient protection is afforded where a commission,
through control of rates, can assure to a company a fair return on its property investment, honestly and prudently made, and where the laws provide
that any new utility must obtain a certificate of public convenience and necessity from the commission before starting in business. Consequently,
the committee suggests the further restriction of investment to .utilities
located in States which give such protection.
The committee suggests that in selecting the securities of companies
which qualify for investment, the principle should be followed of allowing
only bonds which are secured by a direct lien on operating property from
which the company's gross earnings are derived, and are the direct or
assumed obligations of the company which qualifies, or are bonds of leased
and operated properties guaranteed as to both principal and interest by
endorsement by such a company.
This limits investment to mortgage bonds, except that the committee
believes that an exception may safely be made in the case of a bond issue
secured by entire issues of first mortgage bonds of operating properties
whose gross earnngs are included in a company's statement of gross earnings, as such an issue would give in effect a first lien on operating property.
It is believed that a provision should be included similar to that in some
existing savings bank investment laws, permitting a company's securities
to remain legal, although the company fails in one fiscal year to maintain
its standard of general credit. This should follow the existing laws, however, in not allowing further investment in such a company's securities
until the company has again attained the required standard and in not allowing the term of probation to extend More than one year.
INVESTMENT BANKERS—RECOMMENDATIONS OF
REAL ESTATE BONDS COMMITTEE.
In the report of the Real Estate Bonds Committee of the
Investment Bankers' Association of America, presented at
the annual meeting on the 3d inst., Charles A. Otis, Chairman, observed that, broadly speaking, the scope of the committee includes effort to bring about improvement in legislation, particularly in the direction of greater uniformity.
It would also seem, he said, that efforts should be of more
avail through concerted action in the direction of Federal
legislation, instead of trying to alter or patch up or harmonize
the present State laws. The following recommendations
were contained in the report:
First. We recommend the appointment of a sub-committee to take up
with the proper committee of the lower House of Congress the matter of
seeing what could be done in the direction of national legislation. In this
1273
connection we make supplementary suggestions that the proper legal talent
be consulted, probably before this sub-committee undertake any definite
work; that is to say, such a committee should have pretty complete legal
advice as to proceeding with any national lobby. It might be that suggestion of any effort along national lines will not be found practicable, but if
found so, in our judgment, it would be well to proceed along broad and
vigorous lines.
Second. We would recommend in particular that all States follow the
example of New York, Pennsylvania and Ohio, wherein the mortgagee has
full control of the property as soon as necessary legal steps can be taken, a
feature which has done much,indeed, to render popular the foregoing States
as fields for loaning operations, and no doubt it is an influence in the direction of lowering interest rates. The laws of many States should no longer
make it practically impossible for mortgagees to sell their interest in foreclosure before the end of long redemption periods.
Third. We recommend effort in the direction of modifying present laws
on the subject of interest rates—a lower maximum legal rate in some States
and a higher one in others. In brief, law should be amended so that the
legal rate of interest per annum'can be higher in territory where new capital
is in demand for the purpose of injecting new energy and purpose into farming and the building industries. For instance, in Connecticut, where
competition makes it difficult to secure better than 5% under sound mortgage investments. the State law permits a maximum legal rate of 12% per
annum, whereas in North Carolina, Tennessee and Kentucky, where new
capital could be relied upon to give new life to farming and other industry,
it is impossible to get legally a higher rate than 8% per annum.
Fourth. We recommend that steps be taken to solve the problem presented by the State system under which property is exempt from levy or
attachment—what we generally call homestead exemption. A summary
of the great extent to which losses in this respect differ in various States
have made some writers express themselves to the effect that it seems impossible, therefore, to make the loans with any degree of safety, although
in many of the States the homestead exemption can be waived
Fifth. This committee recommends the appointment of a sub-committee
for the censoring of advertising of real estate bonds by members and nonmembers of the Association, in order to put a proper check on irresponsible
and flamboyant promotions. While the better class of houses handling
this type of bonds are not a subject for criticism in this respect, it is. however, an unfortunate fact that a number of smaller and less responsible firms
have used methods of advertising of the most flamboyant nature, which
cannot but injure the cause of real estate bonds in general. A great movement is on foot in the direction of clean and honest advertising. The New
York Stock Exchange with its recent restrictions on advertising of its members has aimed at greater protection to investors. Of course, any censorship
of advertising must be judicious and carefully considered, and must not err
in the direction of too good conservatism. Nevertheless, this is an important part of our recommendation, because publicity in this direction is certain to call attention to our efforts in the direction of a new deal and a new
era in the sale of real estate bonds.
Marketability for this class of securities, said the report,
"would come with increased confidence and the field is golden
because land is after all our real basic value. We can readily
imagine the opportunity in bonds predicated upon real
estate when we consider the surprising increase in the volume of building operations in this country. It is one of the
best gauges of the degree of confidence with which a nation
views its own immediate future."
BLUE SKY LAWS—INVESTMENT BANKERS.
The Blue Sky laws were discussed in the annual report of
the General Counsel of the Investment Bankers' Association,
from which we take the following:
The appeals in the blue sky decisions are to be argued in the United States
Supreme Court within the next few weeks. We are rushing our brief
to completion by the end of this week. We are therefore only able to
prepare a very brief report of the important work of the past year.
A year ago the second Michigan suit had been brought but had not been
argued. It was argued in November 1915, and we again obtained a sweeping decision holding the Act unconstitutional. A similar decision was
rendered in South Dakota on substantially the same Act. The Ohio Act
was then attacked by other parties in the Federal Court in that State. The
suits brought- necessarily involved the important prinicples for which we
have been contending and it seemed necessary for us to obtain leave to file
a brief before the Court in the Ohio case. In this brief as in our other brief
we particularly contested the principle that the business of buying and
selling securities could be made the subject of discretionary executive
license and control. The cumulative effect of this work appears in the
Ohio decision which presents the most clean-cut and effective pronouncement yet obtained of the principle of freedom of private business from
executive control.
The Michigan, South Dakota and Ohio cases are now before the United
States Supreme Court and will all of them be argued this fall. In the
United States Supremo Court we have retained Mr. Wickersham, who will
appear with us and we are hoping to secure from that Court a decision sus
tabling our position upon the general principles for which we have contended
when we say that a reeent.writer, who has made a list of over five hun
but
dred cases, involving the due process of law question, cited by the United
States Supreme Court, has found that in only three of these cases has the
Act in question been held unconstitutional, you will realize that though
we feel some confidence in the outcome of this litigation, we do not feel
overconfident at the present time.
Perhaps we might mention that blue sky Acts had been Introduced in
Virginia, Kentucky and Maryland. The Acts In Kentucky and Maryland
failed of adoption and in Virginia, upon our suggestion, the main part of
the so-called Bank Supervisors' Act was substituted for the original bill
and adopted by the legislature.
INVESTMENT BANKERS ON FARM LOAN ACT.
With reference to the new rural credit legislation the Committee on Agricultural Credits of the Investment Bankers'
Association of America (William R. Compton of St. Louis,
Chairman) stated that without attempting to analyze or
criticize the bill which has now become a law,"we certainly
wish the creation of our Legislature success and trust that it
may be instrumental in aiding agriculture in our country,
which is the backbone of national prosperity." The work of
1274
THE CHRONICLE
[VOL. 103
the committee was confined largely to watching legislation
Subscriptions to the fifth German 5% war loan are being
at Washington and endeavoring to have removed from the accepted by the Transatlantic Trust Co., 67 William St.,
final bill some of the objectionable features. Anent the this city, who have handled the four previous,loans of the
legislation the report says:
German Government offered in this country. It was stated
The law at best is complex and needs careful study to interpret properly.
at the office of the trust company that the last loan is being
Briefly, it provides for the creation of:
(1) Twelve Federal Farm Loan banks, located so as to serve the entire subscribed to more freely than any of the previous German
country and Alaska. Capitalization of each bank to be not less than issues handled by them.
$750,000. Any unsubscribed stock after a period of thirty days is to be
4—
purchased by the Government.
(2) National Farm Loan Association, to be chartered by the Federal
Ernest K. Satterlee, one of the examiners attached to the
Farm Loan Board on the recommendation of the Federal Farm Loan banks,
New York State Banking Department, has resigned his
organized by ten or more farmers,land owners and prospective borrowers.
(3) Joint Stock Land banks, chartered by the Federal Farm Loan Board, position to accept the treasuryship of the Franklin Savings
capitalized at not less than $250,000.
Bank of this city. He has also been elected a trustee of this
Certain provisions of the Act are susceptible of divergent opinions as to
the practicability of their nature. For instance, Federal Farm Loan banks bank. Mr. Satterlee had been connected with the State
are made Government depositaries; farm loan securities issued under the Banking Department since 1912 and previous to that time
system are exempt from all forms of taxation and are legal investments was for a number of years one of the national bank examiners
for trust funds and security for public deposits. All borrowers are required
to pay, in addition to interest, a sum of money which, amortized over a for Eastern New York. For several years he was in the
employ of the Guaranty Trust Company of New York.
norm of years, will pay the principal during the life of the loan.
It is not probable that the system will be in workable shape for some
—
time to come. The effect on the marketing of farm mortgage securities,
The second annual convention of corporations operating
or on the investment field generally, is difficult to forecast; but we are not
of the opinion that the marketing of these securities will have any appre- The Morris Plan of industrial loans and investments opened
ciable effect on the business of the members of this Association.
The duties of the Committee seeming to be at an end, the at the Hotel Astor this city on the 4th inst. Last year, there
were twenty-five Morris Plan companies in the United
report recommended that no reappointment be made.
States; to-day there are fifty-three, extending from ManchesINVESTMENT BANKERS' ASSOCIATION—ELECTION ter, N. H., by way of Boston, Providence, Hartford, New
York, Philadelphia, Washington and Atlanta to Cleveland,
OF OFFICERS.
Lewis B. Franklin, of the Guaranty Trust Co., was re- St. Louis, Denver and San Francisco, and several others
elected President of the Investment Bankers' Association are in process of formation. The convention was held under
of America at this week's annual meeting, and Frederick the auspices of the Industrial Finance Corporation, which
R. Fenton, of Devitt, Tremble & Co., Chicago, was re- organizes and installs The Morris Plan companies, and proelected Secretary. Among the five Vice-Presidents two vides a small proportion of their capital. The Morris Plan
were re-elected, namely Allen G. Hoyt, of the National City Company of New York, now one year and nine months old,
Company,New York,and John E.Blunt Jr., of the Farmers' is lending $3,000,000 a year to small borrowers, while $12,Loan & Trust Co.; Chicago; the newly-elected Vice-Presi- 000,000 additional is being lent by other companies. Total
dents are Barrett Wendell Jr., of Lee, Higginson & Co., loans to date Sept. 30, numbered about 172,500 and aggreBoston; II. P. Wright, of the H. P. Wright Investment gated $22,000,000. The convention closed last night
Co., Kansas City, and William G. Baker Jr., of Baker, (Friday) with a dinner at the Hotel Astor, at which Herbert
Watts & Co., Baltimore. J. Sheppard Smith, of the Missis- L. Satterlee served as toastmaster.
sippi Valley Trust Co. of St. Louis, has been elected TreasThe enlarged capital of $10,000,000 of the Chase National
urer of the Association. Baltimore was decided upon as the
next meeting place of the Association, subject to confirma- Bank of this city was listed on the Stock Exchange on the
tion by the Board of Governors. The Association went on 2nd inst. The increased capital, amounting to $5,000,000,
record as favoring the taking up in an active manner of the was authorized by the stockholders on Sept. 7; it was offered
question of the deposit of legal opinions accompanying pro rata, at par ($100) to shareholders of record that date,
municipal bonds and the filing of these with a central office payment to be made by Oct. 2.
under the control of the Association. The addresses of
On October 5 the Sherman National Bank of this city
Walker D. Hines, Senator Owen and President Lewis B.
Franklin (of the Guaranty Trust Co., New York) and many announced that its capital had been increased from $200,000
of the reports presented at the meeting are given above in to $300,000, and its surplus from $50,000 to $100,000.
large part. Another report which attracted attention was The Sherman National opened for business on Nov. 1 1907
that of William C. Baker Jr., of Baltimore, Chairman of the with capital stock of $200,000 and surplus of $50,000, and
Municipal Bond Committee. In this report Mr. Baker has as its President, Edward C. Smith, ex-Governor of
Vermont.
says:
A large part of the total net indebtedness of States and municipalities,
which aggregates more than $4,000,000,000 to-day, has been incurred under
hastily drawn and inadequate statutes. Many millions to-day represent
the cost of improvements which long since have been thrown into the scrap
heap, so that the credit of taxing power which should be available for present
needs is being drained to pay for the deficit of former generations. Sound
legislation is needed to remedy this.
Steps should be taken by all investment bankers to improve the laws relating to municipal bonds. None of the investment bankers are averse to
municipal borrowing, but are averse to reckless borrowing. Investment
bankers should limit the life of municipal bonds to the probable life of the
improvement.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Twenty-five shares of bank stock were sold at the Stock
Exchange this week and no sales of either bank or trust company stocks were made at auction. .Extensive tables reporting bid and asked quotations, deposits, surplus, &c., of
banks and trust companies in all important cities in the
United States are published monthly in the "Bank and Quotation Section," the October issue of which accompanies today's "Chronicle." Bid and asked quotations for all Now
York City bank and trust company stocks are also published
weekly in another department of this paper, and will be
found to-day on page 1293.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
__
25 Commerce, Nat. Bank of..._ 174
174
174
Sept. 1916— 1744
J. P. Morgan sailed last Saturday (Sept. 30) for London
on the American Line steamship New York. Within the
last two months two others identified with the Morgan firm,
H. P. Davison and A. M. Anderson, head of the bond
department, have journeyed to Europe. Current reports
that Mr. Morgan's visit foreshadows new loan arrangements
are, of course, mere surmise.
On Sept. 11 Governor Whitman commuted the sentence of
Adolph Mandel, East Side private banker, who was sentenced on May 4 1915 by Justice Davis in the Supreme Court
of New York to serve not less than two and one-half years
nor more than five years in Sing Sing Prison for accepting a
deposit when he knew his bank to be insolvent. He was
also ordered to pay a fine of $3,000, or serve over and above
his definite term a day for each dollar unpaid. Several
hearings have been held before Governor Whitman on the
application for commutation and, it is said, he reached his
decision after it was brought out that Mandel had been of
assistance in straightening out the bank's affairs and had
made restitution as far as possible.. Depositors, it is stated,
were in favor of the commutation.
Jacob Blank, a director of the Mechanics Bank of Brooklyn, died on Oct. 1. Mr. Blank was also a member of the
Advisory Committee of the Broadway Branch of the Mechanics Bank, and was an organizer of the old Merchants
Bank,which was merged with the Union Bank of Brooklyn.
Francis R. Hart and Louis K. Liggett have resigned from
R.
the directorate of the American Trust Company of Boston
n compliance with the requirements of the Clayton Law,
which forbids the interlocking of directorates. James A.
Parker of the firm of Charles Head & Company has been
elected a Director of the American Trust Company.
•
Herbert E. Stone was recently elected an Assistant Cashier
of the Second National Bank of Boston.
ocT. 7 1916.]
1275
THE CHRONICLE
and capitalized at $1,500,000. This institution has just
completed and is now occupying one of the most attractive
banking rooms in New Orleans. For the past five years Mr.
Bishop was Vice-President and General Manager of the Reynolds Mortgage Co., through which institution, it is said, he
has controlled the largest farm mortgage business in Texas.
Prior to the organization of the Reynolds Mortgage Co., he
was identified for many years with the Land Mortgage Bank
of Texas, a $5,000,000 mortgage loan bank controlled by
English interests. It is announced by James L. Wright,
President of the Bankers' Loan & Securities Co., that a
branch office of the company will be opened in Fort Worth
in the near future, through which will be handled a large
The suspension was announced yesterday of L. T. Layton volume of Texas mortgage paper. This extension of the
& Co., brokers, of 742 Real Estate Bldg., Philadelphia. Bankers' Loan & Securities Co. is the first of a series of
in the Southern Gulf States.
Lowder T. Layton, head of the firm, is a member of the branches to be created
Exchange, having been admitted to
Philadelphia Stock
IMPORTS AND EXPORTS FOR AUGUST.
membership on July 27 1909.
The Bureau of Statistics at Washington has issued the
John W. Kaiser and Henry Lorenz were chosen Assistant statement of the country's foreign trade for August, and
have prepared the
Cashiers of the Ohio National Bank of Columbus, Ohio, at from it and previous statements we
following interesting summaries:
a meeting of the directors on Sept. 26. Mr. Kaiser has
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
served as Auditor for the Ohio National and will continue
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
in that capacity.
Exports
Imports
A new institution, the Manufacturers National Bank, is
slated to open for business in Cambridge, Mass. on Jan. 1.
It will have at its head ex-Mayor Timothy W. Good of
Cambridge. The bank will be capitalized at $200,000, and
will occupy quarters in Kendale Square, a new building, it
is said, being erected for that purpose. The other officers
of the new bank chosen up to the present time comprise
the following: E. H. Marsters, Chairman of the Board;
William Crane, Albert E. Lynch, W. E. Webster Jr., and
Fred. A Wiggin Vice-Presidents.
The German American Trust,Co. of Denver announces the
death on Sept. 28 of Adolph J. Zang, Vice-President of the
company and one of its founders.
Edward S. Lacey, Chairman of the Advisory Committee,
member of the Executive Committee and a director of the
Continental & Commercial National Bank of Chicago, died
on Oct. 2, in his eighty-first year. Mr. Lacey was born in
Chili, N. Y., in 1835. He later moved to Charlotte,Mich.,
and was elected the first Mayor of that city. He served as
a member of the Forty-seventh and Forty-eighth Congresses
from the Third Michigan District. In 1889 President
Harrison appointed him Comptroller of the Currency. He
held this position for three years, until 1892, resigning it to
accept the position of President of the newly organized
Bankers National Bank of Chicago. When that institution
was consolidated with the Commercial National Bank on
Aug. 20 1909, Mr. Lacey was chosen Chairman of the
board of directors. In 1910 he was chosen head of the
Advisory Committee of the united bank, which position he
had since held.
The new Bank of Commerce & Savings in Chicago, Ill.,
opened for business on Monday, Oct. 2. The new organization, which is a State institution, has a capital of $500,000
and a surplus of $100,000. W.F. Van Buskirk,former VicePresident of the Standard Trust & Savings Bank of Chicago,
is President of the bank, while William M.Grissom will serve
as Cashier.
Mark Skinner, formerly Vice-President and Manager of
the Commercial National Bank of Great Falls, Mont., has
been made Vice-President of the First National Bank of St.
Paul and assumed his duties in that capacity on Oct. 2. Mr.
Skinner has a wide acquaintance throughout the Northwest,
and for several years has taken an active and aggressive part
in financial affairs in Montana. He entered the employ of
the First National Bank of Great Falls as a clerk some 20
years ago, remaining with that institution until elected
Cashier. He resigned from that position to found the Commercial Bank & Trust Co. of Great Falls, which was organized as a State bank. Within a few days of a year from its
opening, this bank showed footings of more than a million
dollars, a notable record for a new bank in a city the size of
Great Falls, which already had four vigorous and healthy
financial institutions. Mr. Skinner has long been one of
the active leaders in the Montana Bankers' Association, and
for four years he was Secretary and Treasurer of the
organization.
1916.
January
5330.036
February.... 401,784
410.742
March
April
398.569
May
474.801
June
464.687
July
445,472
August
509,770
September_
October
November_
December
1916.
$4,636
4.947
5,748
4,856
6,212
4,644
4,337
5,815
Total
January
;-.
..
April
June
aye
n
1Aulugyust
Seirtemb wr
october..
November..
December.
1915.
$267,879
299,806
296,612
294,746
274,218
268,547
268,469
260,609
300,655
336,152
327,670
359,306
1914.
$204,067
173,920
187,499
162,553
161.733
157,072
154,139
110,367
156,052
194,711
205,878
245.633
1916.
$184,351
193,935
213,590
218,236
229.188
245.795
182,723
199,247
Exports
1915.
$5,188
3,425
3,156
4,371
4,741
3,969
8,965
3,378
3.366
5,237
5,971
6,831
1914.
$ 4,009
3,592
3,882
4,543
4,845
4,639
8,953
3,627
5,390
3,972
3,838
5,3 2
1916.
$1,852
2,596
2,880
2,176
2,725
3,183
2,426
2,517
1915.
5122,148
125,123
157,982
160,576
142,285
157,695
143,245
141,804
151,236
149,173
155,497
171,833
1914.
$154,743
148,045
182,555
173,762
164,282
157,529
159,677
129,768
139,711
138.080
126,467
114,657
Imports
1915.
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3.376
2,603
1914.
$2,384
1,911
2,567
2,214
1,755
1,822
1,240
2,097
1.864
2.724
2,705
2,739
$34,484
$25,959
$53,599
$551,602
EXCESS OF EXPORTS OR IMPORTS.
Silver
Merchandise
--Gold
1916.
1915.
1914.
1916.
1915.
1918. 1918.
$
$
$
$
$
$
$
+145,731 +49,324 -4.795 -6,204 +2,784 +2,901
++2 7.849 +174.683 +25.875 +7.669 -11,673 +2,351 +1,025
10 6 5
45 8
+998 -24,696 +2.868 +679
+186,271 +138,630 +4,944
+180,333 +134,170 -11,209 +5,381 -15,389 +2,680 +1,788
+131,933 -2,549 -15.403 -29,859 +3,487 +2,889
-457-114.423 -49,520 +1,461 +347
++242158,681962 +110,852
+962
+262,749 +125.224 -5,538 -52,713 -15,071 +1,911
+118.805 -19,401 -29,459 -60,513 +3.298 -428
-40,028
+310,753 +149.419 +16,341
+629
-76.730
+186,979 +56,631
+2,018
+172,173 +79,411
-57,321
+2,595
+188.473+130,976
-33,524
+4.228
+1,777,072+324.348
Total
.
+ Exports. -Imports.
-420,528
+19.115
Totals for merchandise, gold and silver for eight months:
Merchandise.
eight
Excess
Months,
ExIns- 1 of I Ex(0005
ports. Exports, ports,
omitted) ports.
Gold.
Silver.
Excess
ExImof
ports. Exports ports.
Excess
Imof
ports. Exports
$
$
ISIS'S'S
.
1916_ _ 3,435,873 1,667,0671768806 87,581,290,3251202744
1915_ _ _ 2,230,887 1,150,859 1080028 10,903 223,828f212925
1914-1,311,349 1,270,3611 40,988135,770 37,180, 98,590
1913-1,515,182 1,156,300 358,882 73,583 41,573; 32,010
1 416 347 1 188 075228 272 43,159 34,589 8,570
1912
1911_1,259,703 1.007,746251,957 15,910 40,473/24,563
$
41,194
32,193
33,090
43,166
46,337
44,588
$
20,355
22,549
15,927
24,332
32,653
29,535
20,839
9,644
17,163
18,834
13,684
15,053
C. W. Thompson has been chosen First Vice-President of
the National City Bank of Memphis, Tenn., to succeed I Excess of Imports.
Capt. W. H. Kyle as Active Vice-President of that bank.
Similar totals for the month of July for six years make
Mr. Thompson is Chairman of the County Commission, VicePresident of the jewelry firm of the Mullford-Thompson Co., the following exhibit:
and a partner in the firm of Thompson & Tobin, insurance
Merchandise.
Gold.
agents, in Memphis. Captain Kyle, while serving on the
One
Excess .
Excess
Excess
Mexican border with the Chickasaw Guards, will retain his Month. HzImof I Hz- 1 Imof
Ex-'
Insof
(0003
Vice-Presidency in the bank.
ports. Exports pont. ' ports. Exports ports. ports. Exports
Ports.
Onifiled)
-
R. B. Bishop of Fort Worth, Tex., has severed his connection with the Reynolds Mortgage Co. of that city and taken
up his permanent residence in New Orleans, in order to facilitate his work as Vice-President of the Bankers' Loan &
Securities Co., a Southern mortgage and bond company
controlled by a group of Louisiana and Mississippi bankers
1916___,
1915_ _ _ I
1914___
1913_1
1912_
1911...
-8
955,251
529,078
264,506
348,900
316,730
271,882
3
i
1
281,070673,281
285,049244,020
289,445 24,939
276,713 72,187,
303,424 13,306
244,000 27,882
f Excess of Imports.
I
S
4
$
$ PT
4
21,175103,346182,171 10,132 4,943 5,209
3,320, 78,904)75,584 7,344 6,807
537
51,795 6,437 45,358 7,580 3,338 4,242
9,848 13,663 /3,915
6,200 3,644
.
438 12,669 7,388 5,280
9,763 9,325
2,659 6,700 /4,401 10,144 7,574 2,570
THE CHRONICLE
1276
[Vox,. 103
Pacific and Other Western Clearings brought forward
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London, from first page.
as reported by cable, have been as follows the past week:
Nine Months.
September.
Clearings
London,
Sept. 30. Oct. 2. Oct. 3.
Tues.
Week ending Oct. 6.
Sat.
Mon.
$ liver, per oz
32%
d 32%
323j
Consols, 2% per cents
58%
59
British 434 per cents
933
c9334
French rentes (in 1 .) .fr_62.00
33r1
62.00 61.90
French War Loan, 5% (In
Paris
90.00
fr_90.00
90.00
Oct. 4.
Wed.
329-16
5934
9334
61.80
Oct. 5. Oct. 6.
Thurs.
Fri.
323.
323
5934
593i,
9334
9334
61.80
90.00
00.00
The price of silver in New York on the same days has been:
Silver In N. Y., per oz_ _cts-69%
693.4
6834
6831
6734
6834
c Ex-interest.
TRADE AND TRAFFIC MOVEMENTS.
LAKE SUPERIOR IRON ORE SHIPMENTS.
-Shipments of iron ore from the Lake Superior region during
September amounted to 9,600,786 tons. This total greatly
exceeds the tonnage for any previous September and,in fact,
represents the third largest monthly movement in the
history of the trade, having been surpassed in July and
August 1916 only, when 9,750,157 tons and 9,850,140 tons,
respectively, were shipped. For the season to Oct. 1 the
tonnage amounts to 48,816,650 tons, as compared with
34,669,566 tons in 1915, 26,709,413 tons in 1914 and 39,273,417 in 1913, the previous record year. In the following
we compare the shipments from the various ports for Sept.
1916, 1915 and 1914, and for the season to Oct. 1:
Port (tons)1916.
Escanaba
922,517
Marquette
557,140
Ashland
1,255,328
Superior
1,945,171
Duluth
3,455,611
Two Harbors _1,465,019
Total
September
1915.
1914.
1,015,820 553,959
539,879 335,928
1,028,363 662,141
1,557,935 1,901,422
2,428,689 1„532
1,292,460 851,325
1916.
5,630,994
3,026,845
6,051,712
9,760,966
16,174,159
8,171,974
To Oct 1
1915.
4,011,682
2,313,532
3,829,582
5,997,023
11,807,219
6,710,528
1914.
3,019,651
1,385,718
2,741,917
9,478,253
5,278,899
4,804,975
9,600,786 7,863,146 5,431,307 48,816,650 34,669,566 26,709,413
Canadian Bank Clearings.
-The clearings of the Canadian banks for the month of September 1916 show an increase
over the same month of 1915 of 40.8%, and for the nine
months the gain reaches 41.6%.
1916.
$
$
San Franc! mo_ 311,471.859227.318,845
Los Angeles,..-- 107,900,819 81,683,713
Seattle_ _--- 72,013,668 50,610,005
Portland --- 58,935,038 46,475,763
Spokane.._ _ - - 21,115,409 15,628,306
Salt Lake ;1-y 44,810,456 28,757,232
t
Tacoma_ _ ---- 9,638,481 8,369,647
Oakland_ _ ---- 19,090,462 15,033,107
Sacramento--- 11,703,084 8,507,007
San Diego_ --- 9,117,097 7,828,429
Fresno __ _---- 6,266,812 4,723,808
Stockton _ _ --- 6,185,521 4,820,199
San Jose__ ---- 4,397,199 3,211,523
Boise
5,300,000 4,312,529
Pasadena _ _ --- 3,779,501 2,944,258
North Yak!ma. 2,553,174 1,910,074
Reno
1,927,814 1,443,392
Ogden .. _ _ _ --- 5,632,025 3,922,730
Santa Rosa--- 1,185,377 1,038,800
Long Beach--- 2,387,643 2,040,519
Bakersfield --- 2,376,201 1,502,404
1916.
Inc. or
Dec.
1915.
$
$
7
+37.12,420,002,9491,926,989,541
+32.1 924,014,902 762,229,639
+42.3 546,007,467 448,404,351
+26.8 443,408,072 397,940,815
+35.1 171,036,958 136,326,038
+55.8 335,108,155 234,978,984
+15.2 83,226,158
72,909,374
+27.0 160,471,970 131,292,645
+37.6 87,769,062
69,050,839
+16.5
84,757,719
72,423,480
41,670,939
34,434,918
+32.7
48,950,662
34,918,718
+28.3
24,250,436
28,495,650
+36.9
+22.9
36,586,327
29,762,346
32,267,374
36,022,606
+28.4
14,101,708
+33.7 16,366,579
11,088,910
+33.5
14,372,769
46,307,791
29,956,514
+43.6
+14.1
8,346,135
8,295,462
+17.0
22,519,935
19,645,311
+58.2
14,815,700
20,049,176
%
+25.6
+21.2
+21.5
+11.4
+25.5
+42.6
+14.2
+22.2
+27.1
+17.0
+21.0
+40.2
+17.5
+22.9
+11.6
+16.1
+29.6
+34.6
+0.6
+14.6
+35.3
Total Pa:Mc 707,787,640522,082,290 +35.65,569,491,981 4,506,083,103 +23.6
Kansas CitV-- 448,576,753311,225,183 +44.13,385.354.2502,692,434,329
Minneapoll 1 -124,195,477 109,169,945 +13.7 996,740,240 869,853,163
Omaha
- --- 113,995,010 84,391,012 +35.1 897,024,141 701,573,287
_
St. Paul- _ _ --- 59,121,683 50,168,937 +17.8 559,473,587 452,446,018
Denver.._ _ _ --- 61,278,630 38,961,932 +57.3 468,962,044 347,984,258
St. Joseph_ --- 40,884,728 30,291,592 +35.0 363,770,572 280,803,626
Des Moines--- 27,222,226 23,043,802 +18.1 245,503,418 205,997,124
Sioux City --- 19,365,697 14,115,254 +37.2 160,908,506 122,841,708
Wichita _ _ _ --- 23,774,796 15,129,204 +57.1 183,244,780 139,668,514
Duluth.._ _ _ --- 29,988,375 28,696,805 +4.5 193,425,424 144,419,472
Lincoln _ _ _ --- 12,168,211 9,547,126 +27.5 113,801,908
87,022,028
Topeka _ _ _ --- 8,232,570 6,330,965 +30.0 66,918,765
56,987,008
Davenport..--- 7,958,854 6,568,896 +21.2
55,709,615
71,689,882
Cedar Rap ds- 7,631,801 7,254,023 +5.2 69,387,475
66,194,009
Fargo
45,690,549
--- 7,010,738 5,982,017 +17.0
64,890,011
Sioux Falls--- 5,546,800 4,415,488 +25.6
38,788,953
49,529,322
Colorado S ,gs. 4,503,156 2,939,504 +53.2
31,983,832
26,294,022
Pueblo_ _- -- 2,372,502 1,575,913 +50.6
18,194,281
19,370,616
Fremont -.---- 2,380,060 1,547,578 +53.8
15,241,835
18,787,709
Hastings _ _ --- 2,037,175
8,162,055
905,312 +125.1
13,255,530
Aberdeen_ --- 3,757,566 3,356,864 +11.9
22,293,006
31,784,100
Helena.. _ --- 6,805,459 4,618,412 +47.4 52,894,927
40,725,850
Waterloo..- --- 7,533,585 6,667,795 +13.0
81,419,134
62,235,863
Billings _ ---- 3,332,033 2,185,133 +52.5
25,017,417
18,330,885
Joplin
56,397,889
32,832,757
5,213,583 4,630,991 +12.6
Grand For s__ 2,484,000 1,893,000+31.2
20,043,500
13,145,400
Lawrence_ _ --- 1,055,544
7,370,740
8,957,932
822,8261 +28.3
Iowa City---- 1,500,000 1,717,000 -12.6
10,416,644
11,854,956
,
Tot.Oth.
+25.0
+14.6
+27.9
+23.6
+34.8
+29.5
+19.2
+31.0
+31.3
+33.9
+30.8
+17.4
+28.7
+4.8
+42.0
+27.7
+21.6
+6.5
+23.3
+62.4
+42.6
+29.9
+30.8
+36.5
+71.8
+52.5
+21.5
+13.8
Week ending Sept. 30.
Clearings at
1916.
. ...
Inc. or
Dec.
1915.
1915.
Inc.or
Dec.
1913.
1914.
Nine Months.
September.
Clearings at
1916.
1915.
Inc. or
Dec.
1916.
1915.
Inc. or
Dec.
4
$
$
$
%
%
Montreal
295.337,209206,673,288 +42.92,606,547,552 1,792,541,200 +45.4
Toronto
'196,413,726 138,247,404 +42.1 1,800,649,493 1,313,132,482 +37.1
Winnipeg
150,558,359 102,276,346 +47.2 1,373,752,221 814,139,297 +68.7
Vancouver
29,690,373 24,360,842 +21.9 228,933,856 204,950,633 +11.7
Ottawa
26,669,383 17,306,374 +54.1 185,573,473 153,115,966 +21.2
Quebec
15,735,004 14,049,560 +12.0 135,913,966 113,014,956 +20.3
Halifax
90,933,152
74,745,528 +21.7
10,090,285 8,375,614 +20.5
Hamilton
16,643,543 12,312,115 +35.2 140,846,415 106,719,328 +32.0
St. John
65,812,911
58,075,593 +13.3
6,962,621 7,032,534 -1.0
Calgary
17,068,129 12,013,785 +41.7 151,781,851 107,093,822 +41.7
London •
72,137,459
65,491,961 +10.0
7,247,901 8,887,872 +5.2
Victoria
59,123,966
7,003,376 5,216,333 +34.3
57,386,019 +3.0
Edmonton---- 10,000,000 7,182,158 +39.2 81,698,128
75,508,725 +8.1
Regina
77,511,232
50,114,965 +54.7
11,142,068 6,664,203 +67.2
Brandon
19,927,991
16,685,380 +19.4
2,351,227 1,878,252 +25.2
Lethbridge
18,995,305
11,722,473 +62.0
2,624,754 1,381,138 +90.0
Saskatoon
28,494,591 +48.6
5,237,215 3,922,548 +33.5 42,358,999
Moose Jaw
24,751,473 +37.5
34,033,970
4,211,620 2,861,396 +47.2
Brantford
23,624,492
18,590,506 +27.1
2,656,570 1,991,039 +33.4
Fort William_ 2,259,794 1,560,745 +44.8
19,134,728
15,828,884 +20.9
New Westm'er 1,252,274 1,147,837 +9.1
10,103,876
10,091,804 +1.0
Medicine Hat_ 1,571,989
13,206,916
949,460 +65.5
7,838,619 +68.5
19,345,441
Peterborough _ 2,223,912 1,548,213 +43.6
14,814,051 +30.6
Sherbrooke
15,646,966 Not incl. into tel.
2,138,278 Not incl. In total.
Kitchener __ -- 1,913,014 Not incl. In total.
12,973,933 Not incl.In to tal.
Total Canada_ 824.951.332585.839.056 +40.87.271.949.3925.134.848.856 4-41.6
The clearings for the week ending Sept. 30 in comparison
with the same week of 1915 show an increase in the aggregate of 33.2%.
Week ending September 30.
Clearings at
1916.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victorla
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _
.
New Westmeter_
sdedicine Hat__ _
Peterborough
3berbrooke
Kitchener
qW.A1 nirtrigda
1915.
1,14. 07
Dec.
$
$
%
49,316,236 +47.4
72,711,118
33,881,818 +42.7
48,339,996
36,503,409
32,719,468 +11.6
5,664,801 +30.8
7,410,833
5,461,703 +4.9
5,730,796
3,073,467 +11.9
3,440,990
1,811,084 +11.3
2,015,022
3,239,106 +22.2
3,958,727
1,301,200 +33.3
1,734,564
2,785,316 +32.5
3,689,992
1,401,630 +19.0
1,667,598
1,526,926
1,170,492 +30.4
1,750,291 +11.3
1,948,105
1,806,783 +62.0
2,926,597
487,894
410,138 +19.0
332,728 +97.4
656,472
1,134,286 +16.6
1,322,531
1,153,542
767,187 +50.3
603,430
509,803 +18.4
373,534 +46.3
546,311
296,415
285,483 +3.8
322,616 +26.2
407,152
376.833 +47.5
555,600
519,654 Not incl. in total.
438,132 Not Incl. In total.
100 6/4 020
140 016.503
4-33.2
1914.
$
47,186,291
37,539,180
31,916,389
7,914,469
3,560,970
3,701,893
1,834,046
3,046,174
1,309,347
3,659,125
1,908,905
1,446,579
2,200,000
2,051,423
503.880
457,361
1,128,369
970,794
473,024
797,411
363,555
435,355
382,807
San Francisco_ _ _
Los Angeles
Seattle
Portland
Spokane
Tacoma
Salt Lake City.._
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima_ _
Reno
Long Beach
74,281,670
25,797,703
16,543,593
14,315,801
5,223,924
2,168,720
10,631,537
3,932,491
2,468,729
2,082,170
1,364,945
1,415,350
1,200,633
937,353
648,766
300,000
511,432
Total Pacific
Kansas City---Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Duluth
Des Moines
Sioux City
Wichita
Davenport
Lincoln
Topeka
Fargo
Cedar Rapids__ _
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
+29.6
+37.8
+42.4
+21.4
+37.9
+24.5
+55.9
+11.2
+28.0
+24.7
+20.8
+47.4
+51.5
+34.8
+40.5
+33.3
+21.4
52,765,723
20,629,703
12,434,608
10,586,830
3,899,578
2,133,374
5,865,828
3,488,580
2,193,969
1,818,524
1,028,708
1,043,825
971,141
666,831
481,660
200,000
531,576
56,169,592
21,142,164
13,564,784
13,163,117
4,664,186
2,532,190
6,926,967
4,212,009
2,435,100
2,500,781
1,159,259
873,719
1,015,876
782,597
437,975
232,288
153,825,317
123,629,474 +24.4
120,940,458
131,792,604
108,849,221
30,984,353
26,581,399
14,757,610
14,589,539
9,545,867
6,734,785
5,795,293
4,772,620
5,487,899
1,760,965
2,713,866
2,076,645
1,604,668
1,823,456
750,000
532,311
508,380
1,854,562
1,507,914
875,473
500,000
818,3331
75,379,25
+44.4
28,664,109 +8.1
20,174,705 +31.7
11,117,334 +32.7
10,18.5,027 +43.2
6,590,324 +44.8
5,183,313 +30.0
5,493,371
+5.5
3,702,001 +28.9
3,539,046 +55.0
1,673,284
+5.2
2,323,599 +16.6
1,363,518 +52.3
l,59,343 +6.3
1,852,766 -1.6
450,000 +66.7
332.180 +60.2
309,345 +64.4
1,585.516 +17.0
1,130,454 +33.4
811,03
+7.9
222,348 +125.2
490,537 +66.9
06,692,522
35,243,312
18,805,042
10,970,076
9,214,256
6,473,973
8,671,883
5,357,651
3,469,959
3,396,905
1,827,375
2,138,885
1,499,034
1,487,251
1,800,000
445,000
541,360
399,263
1,527,978
1,429,085
750,000
272,798
424,673
60,457,331
32,082,172
19,873,323
11,052,640
10,314,741
7,249,610
7 860,061
5,882,796
4,006,597
3,470,517
2,220,831
2,058,425
1,517,105
526,979
2,087,805
448,690
605,324
283,068
1,538,202
1,208,824
510,000
231,565
509,762
57,306,798
18,715,700
11,617.618
11,790,810
3,816,443
1,741,055
6,818,108
3,536,606
1,930,034
1,67:,312
1,129,515
960,467
792,711
695,208
461,532
225,000
421,557
1913.
Tot.oth.West_ 245,425,1591 184,082,300 +33.3 182,838,281 175,996,374
$
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
60,906,228
64,262,155 -The subjoined table, covering clearings for the current
39.851,856 week, usually appears on the first
page of each issue, but
12,366,611
4,274,124 on account of the length of the other tables is crowded out
2,930,921 once a month. The figures are received by telegraph from
2,083,283
3,864,131 other leading cities.
1,563,724
5,364,083
Per
Clearings-Returns by Telegraph.
3,974,656
1915.
iVeek ending October 7.
Cent.
1916.
1,537,238
3,841,794 New York
$3,118,409.657 $2,271,924,973 +37.3
2,554,403 Boston
144,738,950 +37.6
200,110,387
684,898 Philadelphia
172,833,067 +45.9
252,094,421
651,647 Baltimore
35,438,674
34,553,413
+2.8
1,791,665 Chicago
385,707,860
284,440,055 +35.8
1,077,194 St. Louis
104,853,493
71,960,707 +45.7
660,392 New Orleans
30,984,811
18,610,077 +80.4
912,260
457,858
Seven cities, 5 days
$4,127,599,303 $2,999,061,242 +37.6
572,001 Other cities, 5 days
634,928,942 +11.7
708,946,237
Total all cities, 5 days
All cities, 1 day
154.707 247: 105 15/ 199
Total all cities for week
$4,836,545,540
925,076,249
$3,633,990,184
837,416,500
+33.4
+10.5
$5,761,621,789
54.471,406,684
+28.9
OCT. 7 1916.1
TEE CHRONICLE
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the nine months of 1916 and 1915 are given below:
Nine Months 1915.
Nine Months 1918.
Description.
Actual
Value.
Par Value
or Quantity.
Aver. Par Value I
Price. or Quantity. I
Actual
Value.
lAver.
Price.
155,133,248
138,862,182
Stock'Sh's.
Oral_ 311966,510,505 511204,376,624 93.639,971,922865$8,304,319,965 83.3
588,944,700, 489,108,345 83.3
542,415,437 92.6
585,898,500
ER. bonds
U.S. Govt.
815,000!
832,834 102.2
724,057 103.8
697,950
bonds __
,
State, &c.,
I
17,538,500,
15,955,167 91.0
201,771,365 95.6
211,064,000
bonds __
139,300,
244,606 175.6
407,102212.2
Bank sacs_
191.800
312764.362.755 311949,694,585 93.6 310577,358,365 38,810,460,9171 83.3
Total
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1916 and
1915 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
Number
of
Shares.
Values.
Actual.
Par.
Number
of
Shares.
Values.
Par.
Actual.
$
IS
$
$
fan _ 15,956,944 1,427,403,335 1,301,244.816 5,076,210 435,534,900 302,461,298
Feb _ 12,126,205 1,025,902,910 962,417,409 4,383,449 380,032,785 262,372,421
Mar_ 15,197,585 1,331,870,900 1,284,214,208 7,862,308 681,471,315 535,476,914
1st qr 43,280,7343,785,177,145 3,527,876,433 17,321,967 1,497,039,000 1,100,310.633
Apr. 12,523,507 1,118,264,050 1,061,472,487 21,022,930 1,799,436,335 1,619,407,302
May 16,427,576 1,421,290,750 1,322,476,934 12,581,040 1,037,762,960 958,264,713
rune 12,823,833 1,071,814,64511,014,902,417 11,004.042 912,619,430 832.467.913
,-..
Id qr 41,774.916 3.611,369,4453.398,851.838 44,608,0123.749,818,7253,410,139.928
3mos85,055,650 7,398,546,590 6,928,728,271 61.929,9795,240,857.7254,510,450,561
fuly_ 9.187,888 802,658,015 754,218,904 14,371,833 1,288,908.820 958,643.288
Lug. 14,628,032 1,266.413,175 1,118,942,47320,432,350 1,791,656,625 1,434,978,418
3ept.29,992,582 2,500,892,7252,404,488,976 18,399,286 1,644,499,895 1,400,247,898
Id le53,806,532 4,569,963,9154,277,648,353 53,203,2694,725,085,140 3,793,869,404
1 ma
125252119 15R9 1101111 AM
raiR 11964 17R 119.111K11.29&Q 0 071
Chicago
Minneapolis
Duluth
Milwaukee _ _
Toledo
Detroit
Cleveland
_
St. Louis_ _ _ _
Peoria
Kansas City
Omaha
Flour.
A00 eano onA gin nac
p
The following compilation covers the clearings by months
since Jan. 1 1916 and 1915:
Wheal.
Corn.
Barley.
Oats.
Rye.
bb18.1961bs. bush.60 lbs„bush. 56 lbs bush. 32 Ms bush.481bs bush.56lbs
.
.
.
190,000 1,613,000 2,530,000 2,922,111
967,000
200,000
3,703,0001
41,000 1,455,111 1,320,111
435,000
1,377,000
71,111
443,000
274,000
37,000
339,000
784,111
259,000 1,299,111
117,000
203,00f)
31,000
52.111
6,000
30,000
106,000
20,000
8,000
12,000
50,000
6,000
989,000
93,000
106,000
70,
6,000
142,000
2 0::1:1:1
3562 oil
6,
3
396,000
149,
26,000
t
2,201,000 - 251,000
519 1;
895:04 o
825,000
121,000
Total week'16
Same week'15
Same week'14
334,000 11,442,000
421,000 18,591,000
499,000 16,838,00C
3,891,000
5,390,000
2,441,000
7,729,1 i 3,745,000 1,064,000
847,000
6,789,000 3,871,000
8,258,101 4,320,000
771,000
Since Aug.11916
3,289,000,102,725,000 33,699,000 88,519,000 20,577,000, 6,009,000
1915
3,017,000, 99,205,000 30,814,000 61,129,000 17,335,000 4,978.000
1914
4,007.000123,651,000 33,951,000 76,131,00021,003.000 5.332,000
-
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 30 1916 follow:
Receipts at
-
1915.
1918.
ifth .
Receipts at
-
1277
Flour.
Wheat.
Corn.
Barrels. I Bushels.
New York_ _ _
124
1,708,000
Portland, Me
171,0
25,
Philadelphia _
955,000
Baltimore _ _ _
59.
768,11
N'port News.
38,
Mobile
18,000
50,000 814,00
New Orleans.
360,111
Galveston
Montreal...
163,000 2,069,000
St. John
Boston
31,000
317,
Port Arthur_ _
200,000
Halifax
60,000
Barley.
Oats.
Bushels.
206,000
30,000
214,000
Bushels.
Bushels.
604,000
327,
23,000
46,000
161,
907,
368,
5
,
28,
197,000
Rye.
Bushels.
11,000
518,
20,0
356,000
59,000
12,000
Total week'16
768.000; 7,182,111
335,
736,0001 2,650.000
379,000
Since Jan.1'16 20,328,000310,089,000 48,823,000146,630,000 23,034,000 9,114,000
:
Week 1915_ __
549,00(1 9,266,000
345,000, 606,000
316,000 3,160,000
Since Jan.1'1519,426,000 195,842,000 45,056,000114,195,000 8,624,000 8,854,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Sept. 30 are shown in the annexed statement:
Exports from-
Corn.
Flour.
Oats. 1 Rye. Barley. Peas.
bushels, barrels, bushels, bushels. bushels. bushels.
Wheat.
bushels.
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total AU.
Month.
1916.
1915.
1916.
1915.
%
Jan -- 20,070,094,925 13,483,433,873 +48.8 7,743,292,898 6,195,741,340 +25.0
Feb __ 18,238,249,765 11,912,182,657 +53.1 7,129.512.488 5,430,348,110 +81.3
Mar.._ 20,679.675,539 13,848,400,164 +49.3 8,131,801,038 6,283,286,482 +29.4
1st qr. 58,986,020.229 39,244,016.694 +51.3 23,004,806,224 17,909,373.912 +28.4
+28.6
7,692,625,092 6,201,418.760 +24.0
April _ 19,315,241,747 15,013,083,834
May - 20,857,279,868 14,628,775.839 41.2 8,096,352.324 5,991,630,329 +35.1
June__ 20,507,706,945 14,122,200,044 +45.9 8,044,195,053 6,096,718,495 +32.0
2d qr.. 60,570,228,358 43,7(32,059,717 +38.4 23,833,172,489 18,289,767,584 +30.3
mos- 119 556 248 587 83,006,076,411 +44.0 48,837,778,893 36,199,141,496 +29.4
July _ _ 19,386,856,923 14,929,402,551 +29.7 7,928,114,051 6,233,988,983 +27.2
Aug _- 19,752,395,080 14,271,230,069 +38.4 7,985,078,254 5,733,787,898 +39.2
Sept__ 22,762,230,728 15,763,585,903 +44.4 8,400.289,543 6,139,222,625 +36.9
ad qr_ 61,881,482,701 44,984,218,523 +37.6 24,319,481,848 18,106,999,586 +34.3
9 mos- 181437,731,301 127970,294,934 +41.8 71,157,260,541 54,306,141,002 +31.0
The course of bank clearings at leading cities of the country for the month of,September and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
(000,000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Total
Other cities
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Sept. 30September
1916. 1915. 1914. 1913. 1916. 1915. 1914. 1913.
$
14,356 9,624 4,628 7,456 110,280 73,684 65,480 70,354
1,722 1,314 1.150 1,308 14,596 11,686 11,955 11,888
5,721
7,644
5,757 6,006
575
575
461
775
5,999 8,291
6,051
737
561
654 9,206
1,077
2,946
2,952
442
322
279
332 3,740
3,037
272
219
209
226
2,453
1,902 2,002
2,200
311
227
1,927
1,860
205
217 2,420
1,940
144
108
978
94
103 ' 1,283
998
983
160
131
147
149
1,640
1,282
1,406
1,473
449
311
277
240 3,365
2,692
2,093 2,075
224
127
96
104
1,659
1,083
951
956
109
79
62
77
888
678
684
890
124
109
131
131
997
870
915
901
70
61
49
63
689
524
521
530
203
125
104
108
68
1, 83 1,120
535
7
1,041
987
63
67
88
606
633
575
108
82
87
93
924
762
882
910
38
29
28
31
365
290
299
306
84
77
114
78
897
702
649
661
48
48
88
52
569
432
447
459
59
50
45
45
559
452
419
379
45
36
33
35
402
320
312
325
61
39
38
37
469
350
328
344
76
41
33
34
625
352
300
301
37
18
20
26
282
227
265
272
72
51
55
59
546
448
479
484
36
30
19
20
308
253
204
188
45
29
24
25
335
235
223
230
21,283 14,669 9,025 12,330 169,037 118,533 110,060 115,754
1,479 1,094 1,003 1,117 12,000
9,437 9,725
9,745
Total all. ,___22,762 15,763 10,028 13,447 181.437 127,970 119,785 125,499
Outside New York_ 8.408 6,139 5.400 5,991 71.157 54,308 54,305 55.145
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Mobile
New Orleans
Galveston
Montreal
Port Arthur
Halifax
1,575,852
171,000
301,519
904,000
1,161,179
Total week
Week 1915
7,621,550
7.640.515
61,504
1,965
48,000
501,908 272,135 15,000
368,000
5,000
5,000 4,000 8,000
4,000
326,000 106,000
422,000
192,000
2,834,000
200,000
6,000
14,786
28,000 17,000 558,000
650,351 429,759 922,694 289,136 690,504
118.234 198.257 1.595.042 494.945 250.643
5,985
1.380
The destination of these exports for the week and since
July 1 1916 is as below:
Wheat.
Flour.
Exports for Week
and Since
July 1 to-
Week
Sept.30
1916.
Since
July 1
1916.
Week
Sept. 30
1916.
Corn.
Since
July 1
1916.
Week
Sept. 30
1916.
Since
July 1
1916.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 170,494 1,400,840 3,267,386 34,564,682 320,857 8,340,580
174,725 1,830,553 4,354,164 51,542,159 255,910 4,990,474
Continent
338,694
79,952
24,020
396,946
So. az Cent.Amer. 26,175
498,067
3.333
49,344
58,814
951,055
West Indies
2,979
115
1,500
Brit. No.Am.Cols
81,962
5,000
220
9,978
Other Countries.. 1,436
429,759 3,953,095 7,621,550 86,195,128
198.257 2.627.484 7.640.515 50,185.807
Total
mr.ftl 1915
650,351 14.890,531
118.234 3.863.102
The world's shipments of wheat and corn for the week
ending Sept.30 1916 and since July 1 1916 and 1915 are
shown in the following:
Wheal.
1916.
Exports.
Week I
Sept.30.
Corn.
al915.
Since
July 1.
Since
July 1.
a1915.
1916.
Week
Sept. 30.
Since
July 1.
Since
July 1.
I
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
309,00 14,816,000 2,254,000
NorthAmer* 9,696,000 112,446,000 69,836,000
281,000
368,000 4,518,000
824,000
RU/3818,
Danube
1,782,
15,727,000 5,168,000 2,287,000 34,391,000 64,370,000
Argentina
184,000
9,872,000
656.
Australia_ _ _
7,840,000 8,608,000
672,
India
42,000 1,980,000 1,081.000
2,131,000 2,728,000
246,
0th.countr's
Total ____ 13,420,000152,534,000 87,348,000 2,638,0001 51,468,000 67,705,000
a Revised.
•North Amerioa.-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Commercial nuftWasvaliantans4.ents
Breadstuffs Figures brought from page 1337.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
210,494 113,927
115
42,857
33,000
88,717
38,000
23,000 18,000
48,000 34,000
Corn.
Wheal.
United
Kingdom. Continent.
Bushels.
Sept. 30 1916_
Sept. 23 1918_
Oct. 2 1915_
Oct. 3 1914_
Bushels.
Total.
United
Kingdom. Continent.
Bushels. Bushels.
45,472,000
42,112,000
24,960,000
33,504.000
Bushels.
Total.
Bushels.
19,576,000
19,678,000
26,121,000
16.465.000
1278
THE CHRONICLE
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTERS.
For organization of national banks:
The National Bank of America at Gary, Ind. Capital
The Lincoln National Bank of St. Louis, Mo. Capital
The Sidney National Bank, Sidney, Mont. Capital
fr., or conversion of State banks:
The First National Bank of Hovey, Minn. Capital
Conversion of the First State Bank of Hovey.
Total capital
$100,000
200,000
30,000
25,000
$355,000
INCREASE OF CAPITAL APPROVED.
The Chase National Bank of the City of New York, N.Y. Capital increased from $5,000,000 to $10,000,000. Increase
$5,000,000
The Sherman National Bank of New York, N. Y. Capital increased from $200,000 to $300,000. Increase
100,000
Total increase
$5,100,000
-•
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Atch Topeka & So Fe ,corn (au.)(No 46)
Buffalo & Susquehanna, common (quar.)
Cleve. Cln. Chlo. & St. Louis, pref (qu.)
Colorado at Southern, first preferred_ _ _ _
Cuba RR.. common
Delaware Lackawanna & Western (guar.)
Georgia RR. & Banking (guar.)
Grand Trunk, first preference
Guaranteed
Great Northern (guar.)
Kansas City Southern, preferred (guar.)_
Kanawha & Michigan (guar.)
Lehigh Valley, corn. & pref. (quar.)
Minn.St.P. & S.S.M.,com.& pf.(No.27)_
New York Central RR. (quar.)
Norfolk & Western, ad/. pref. (guar.)_ _
Northern Pacific (guar.)
Philadelphia & Trenton (quar.)
Reading Company, common (guar.)_ _ _ _
Second preferred (guar.)
United N. J. RR.& Canal Cos.(quar.).
warren RR
Street and Electric Railways.
Boston Suburban Elec. Cos., pref. (qu.)
Brooklyn City RR (guar.)
California Ry & Power, prior pref.(guar.)
Central Illinois Public Service, pref.(qu.)
Cin. Newport & Coy. L.&Tr., corn.(qu.)
Preferred (guar.)
Cities Service, corn.& pref.(monthly).-Cleveland de Eastern Trac., pref. (qu.)_ _
Commonwealth Pow.,Ry. & L.,cons.(qu.)Preferred (guar.)
Dayton & Troy Elec. cons. & pref. (qu.)_ _
Detroit United Ry. (guar.)
Duquesne Light, pref. (Qua (No. 7)---Greene & Coates Streets, Pails. (guar./Kentucky Securities Corp., pref. (guar.)Preferred (acct. accumulatedldivs.)__ Manchester'frac., Lt. & Power (guar.).Monongahela Valley Trac., corn. (quar.)...
Nashville Ry & Light. pref. (guar.)
Ottawa Traction, Ltd. (guar.)
Ottumwa Ry & Light, pref (guar.)
Pacific Gas & Elec., corn. (qu.)(No.8).-Philadelphia Co., com. (qu.)(No. 140)
8% preferred (No. 8)
Philadelphia Rapid Transit (No. 1)
Philadelphia & Western Ity., pref.(quar.)
Puget Sound Tr., L. & P., pf
.(qu.)(No. 17)
Republic Ry. dc Lt., pref. (cpt.) (No. 21)
Rome (Ga.) By. & Light (guar.)
United Rys. & Elec., Balt., corn.(guar.)
Virginia Ry. az Power, common
West Penn Power, pref. (guar.) (No. 3).....
WestPenn Rys., pref. (qu.) (No. 44)
West Penn Traction, pf. (qu.) (No. 23).....
York Railways, preferred (guar.)
Banks.
Chelsea Exchange
Fifth Avenue (guar.)
Fifth National(guar.)
Produce Exchange, New York
Miscellaneous
Aetna Explosives, Inc., pref. (quay.)
Ahmeek Mining (guar.)
Alliance Realty (guar.)
Allis-Chalmers Mfg., pref. (guar.)
Amer. Agri°. Chem., corn. (qu.)(No. 20)
Preferred (guar.) (No. 45)
American Cigar, common (quar.)
American Cyanamid, pref
Amer. Gas & Eleo., pref. (qua (No. 30).
AmericanGlue, common
Amer. Laundry Machinery, pref. (guar.)
.4lner Light & Traction, corn. (guar
__
Common (payable in common stock)_ _
Preferred (quay.)
American Locomotive, preferred (guar.).
American Malt Corporation, (quar.). _
American Malting Co., preferred
Amer. Seeding Machine, corn. (guar.)._
Preferred (guar.)
Amer. Telephone & Telegraph (quara_ _ _
Amer. Type Founders, corn. (quar.)_ _
Preferred (guar.)
American Woolen, common (guar.)•
Preferred (guar.)
Anaconda Copper Mining (guar.)
Associated Gas & Electric, pref. (quar.)_
Associated Oil (guar.)
Atlas Powder, pref. (guar.)
Atlantic Steel, common (quar )
Barnhart Bros.& Spindler,1st4/2d pf.(qu.)
Barrett Co., preferred (guar.)
Bell Telephone of Canada (guar.)
Bell Telephone of Pa. (guar.)
Bonbright(Wm.P.)&Co.,Inc.,1stpf. (qu.)
Borne, Scrymser Co. (annual)
Canada Steamship Lines. nref
Canadian Explosives, pref. (guar.)
Canadian West'house, Ltd.(qu.)(No.47)
Per
When
Cent. Payable.
1%
1
Ui
2
3
2%
3
2Y4
2
lj
Ui
$1.25
3;4
1%
1
Hi
234
Si
50c.
Books Closed.
Days Inclusive.
Dec. 1 Holders of reo. Nov. 3a
Oct. 16 Holders of rec. Sept.30
Oct. 20 Holders of rec. Sept.29a
Oct. 10 Oct. 3 to Oct. 10
Nov. 1 Holders of ree. June 15a
Oct. 20 Holders of reo. Oct. 6
Oct. 15 Oct. 2 to Oct. 14
Nov. 1 Sept. 23 to Oct. 13
Oct. 16 Holders of roe. Sept. 30a
Sept. 30 Holders of reo. Sept.27a
Oct. 14 Holders of rec. Sept. 30a
Oct. 18 Holders of rec. Sept.22a
Nov. 1 Holders of reo. Oct. fla
Nov. 18 Holders of rec. Oct. 31a
Nov. 1 Holders of rec. Oct. 11
Oct. 10 Oct. 1 to Oct. 10
Nov. 9 Holders of rec. Oct. 24a
Oct. 12 Holders of rec. Sept. 26a
Oct. 10 Sept. 21 to Oct. 1
Oct. 16 Holders of reo. Oct. 6a
50c. Oct. 14 Holders of rec. Oct. 3a
Oct. 16 Holders of rec. Oat. 4a
2
Oct. 2 Holders of reo Sept 20
1
134 Oct. 15 Holders of rec. Sept. 30
134 Oct. 15 Oct. 1 to Oct. 15
134 Oct. 15 Oct. 1 to Oct. 15
Nov. 1 Holders of reo. Oct. 15
Oct. 1 to Oct 4
34
1
Nov. 1 Holders of rec. Oct. 20
1% Nov. 1 Holders of rec. Oct. 20
134 Sept. 30 Sept.25 to Sept. 30
131 Dac. 1 Holders of rec. Nov. 16
1% Nov. 1 Holders of reo. Oct. 2
51.50 Oct. 7 Sept. 23 to Oct. 8
134 Oct. 15 Oct. 1 to Oct. 11
04 Oct. 15 Oct. 1 to Oct. 11
2
Oct. 16 Holders of rec. Oct. 2a
Oct. 14 Holders of rec. Oct. 9a
1
134 Oct. 1 Holders of reo. Sept. 28a
Oct. 1 Holders of rec. Sept. 30a
1
134 Oct. 16 Holders of rec. Sept. 30
1.31 Oct. 16 Holders of reo. Sept 30a
87%o. Nov. 1 Holders of reo. Oct. 2a
31.50 Nov. 1 Holders of rec. Oct. 2a
Oct. 11 Holders of ree. Oct. 40
$1
134 Oct. 14 Holders of rec. Sept. 30
75o Oct. 16 Holders of reo. Oct. 4a
134 Oct. 14 Holders of rec. Sept. 30
Holders of reo Sept. 28a
1
50o. Oct. 14 Holders of rec. Oct. 3a
134 Oct. 20 Holders of ree. Oct. 3a
131 Nov. 1 Oct. 17 to Nov. 1
1% Nov. 1 Oct. 22 to Nov. 1
131 Oct. 16 Oct. 3 to Oct. 16
6234c Oct. 30 Holders of rec. Oct. 20a
3
25
3
5
Oct. 1 Sept.30 to Oct. 1
Oct. 2 Holders of rec. Sept. 30a
Oct. 2 Holders of reo. Sept.30a
Oct. 16 Holders of rec. Oct. 10
134 Oct. 25 Holders of rec. Oct. 14
Oct. 10 Holders of rec. Sept. 21a
$4
134 Oct. 16 Holders of rec. Oct. 10
134 Oct. 16 Holders of rec. Sept. 300
134 Oct. 16 Holders of rec. Sept. 25a
134 Oct. 16 Holders of rec. Sept. 25a
1% Nov. 1 Holders of reo. Oct. 14
Dec. 1 Holders of ree Aug. 1
6
134 Nov. 1 Holders of reo. Oct. 20
3
Nov. 1 Holders of rec. Oct. 25
134 Oct. 14 Oct. 5 to Oct. 14
2% Nov. 1 Oct. 15 to Oct. 31
1234 Nov. 1 Oct- 15 to Oct. 31
154 Nov. 1 Oct. 15 to Oct. 31
134 Oct 21 Sept. 19 to Oct. 17
50c. Nov. 2 Holders of rec. Oct. 16a
70c. Nov. 1 Holders of rec. Oct. 16a
Oct. 15 Holders of rec. Sept. 30a
1
134 Oct. 15 Holders of rec. Sept. 30a
2
Oct. 16 Holders of rec. Sept. 30a
1
Oct. 14 Holders of reo. Oct. 10a
134 Oct. 14 Holders of reo. Oct. 10a
16 Sept. 16 to Sept. 28
Oct.134
134 Oct. 16 Sept. 16 to Sept. 28
Nov.27 Holders of rec. Oat..21
$2
134 Oct. 16 Holders of rec. Sept. 30
Oct. 16 Holders of reo. Sept. 30a
1
1% Nov. 1 Oct. 21 to Oct. 31
134 Oct. 10 Holders of roc Sept 30
1% Nov. 1 Holders of reo. Oat. 27a
134 Oct. 16 Oct. 6 to Oct. 15
2
Oct. 14 Holders of rec. Sept. 30
134 Oct. 16 Holders of rec. Oct. 5a
1% Oct. 10 Holders of rec. Sept. 30a
Oct. 16 Sept. 17 to Oct. 15
20
131 Nov. 1 Holders of rec. Oct. la
131 Oct 14 Holders of rec. Sept. 30
134 Oct. 10 Holders of rec. Sept.30a
Name of Company.
[VoL. 103.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Central Coal & Coke, preferred (guar.) _134 Oct.16d Oct. 1 to Oct. 15
Central Leather,common (guar.)
1
Nov. 1 Holders of reo. Oct. 10
Extra
1
Nov. 1 Holders of reo. Oct. 10
Central& S. A.Telegraph (quar.)
134 Oct. 9 Holders of rec. Sept. 30a
Chalmers Motor, common (guar.)
234 Oct. 1 Holders of reo. Sept. 20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Charcoal Iron of America, preferred
1
Nov. 1 Holders of rec. Oct. 16
Preferred
1
Dec. 1 Holders of rec. Nov. 15
Preferred
1
Jan. 2 Holders of rec. Dec. 15
Chicago Pneumatic Tool (guar.)
1
Oct.d25 Oct. 15 to Oct. 25
Civic Investment & Industrial (quar.)
1
Nov 15 Holders of reo Oct. 31
Cleveland & Sandusky Brew'g, pref.(qu.)
134 Oct. 16 Holders of rec. Sept. 30a
Cluett, Peabody & Co. Inc., corn. (qu.)__ _
1% Nov. 1 Holders of reo Oct. 21
Colorado Power, common
Oct.. 16 Holders of rec. Oct. 9
1
Preferred (guar.)
1% Dec. 15 Holders of rec. Nov.30
Commonwealth Edison (quay;)
Nov 1 Holders of roe Oct 14
2
Commonwealth Gas & El. Cos., pf.(qu.) 51 50 Oct. 16 Holders of rec. Oct. 2a
Computing-Tabulating-Recording (guar.) 1
Oct. 10 Holders of reo. Sept. 25a
Continental Gas & Elec. Corp., COM. (qu.)_
34 Oct. 1 Holders of reo. Sept. 22a
Preferred (quar.)
134 Oct. 1 Holders of reo. Sept. 22a
Corn Products Refining, preferred (quar.) 1% Oct. 16 Holders of rec. Oct. 9a
Creamery Pack. Mfg.,corn.& pf.(guar.) 134 Oct. 10 Holders of rec. Oct. 2
Cresson Cons. Gold M. & M.(No. 48)--- 100 Oct. 10 Holders of ree.Sept. 30
Crucible Steel, pref. (extra)(No. 8)
h131 Oct. 31 Holders of reo. Oct. 16a
Delaware Lackawanna & Wen.Coal(qu.) 2% Oct. 16 Holders of rec. Sept.30a
Detroit Edison (guar.)
2
Oct. 10 Holders of rec. Sept.30a
Distilling Co. of America, pref. (guar.)._
134 Oct. 14 Holders of rec. Sept. 27a
Distillers Securities Corp. (guar.)
134 Oct. 16 Holders of reo. Sept. 270
Dominion Textile, Ltd., pref. (guar.)._ _
134 Oct. 16 Holders of rec. Sept. 30a
du Pont(El.) de Nem.Powd., corn.(qu.) 134 Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 210
Edison Elec. ill. of Boston (qu.)(No .110)Nov. 1 Holders of rec. Oct. 16
3
Electrical Securities Corp., pref. (quar.)
1% Nov. 1 Holders of rec. Oct. 25a
Electrical Utilities, pf. (qu.) (No. 26)._
1% Oct. 15 Holders of roe. Oct. 7
Eureka Pip Line (guar.)
Nov. 1 Holders of reo. Oct. 16
6
Fajardo Sugar (guar.)
234 Nov 1 Holders of reo. Oct . 18
Federal Sugar Refining, pref. (qu.)
134 Oct. 30 Holders of reo. Oct. 27a
General Electric (guar.)
2
Oct. 14 Holders of rec. Sept. 160
General Motors, common (quay.)
Nov. 1 Holders of roe. Oct. 11
5
Preferred (guar.)
334 Nov. 1 Holders of ree. Oct. 14
Globe-Wernicke, pref. (guar.)
134 Oct. 15 Holders of rec. Sept. 30
Goodrich (B. F.) Co., common (quar.)
1
Nov. 15 Holders of roe. Nov. 3a
Granby Consol. Mm.,Smelt.& Pow.
Nov. 1 Holders of rec. Oct. 18a
(qu.) 2
Gulf States Steel. common (No. 1)
Jan. 2 Holders of reo. Dee. 15
2
Gulf States Steel, 2d pref.(guar.)
1134 Nov. 1 Holders of ree. Oct. 140
Harbison-iValker Refract., pref. (quar.)_
134 Oct 2 Holders of ree Oct. 10
Holly Sugar Corporation, pref. (quar.)_ _
134 Nov. 1 Holders of rec. Oct. 15
Homestake Mining (monthly)(No.505)... _ 65e. Oct. 2' Holders of reo. Oct. 20
Houghton County Elec. Light, common__ _
234 Nov. 1 Holders of rec. Oct. 16a
Preferred
Nov. 1 Holders of rec. Oct. 16a
3
Illinois Brick (quar.)
134 Oct. 14 Holders of rec. Oct. 4
Illinois Northern Utilities, pref. (quay.).. 134 Nov 1 Holders of reo Oct. 20
Indiana Pipe Line (quar.)
$2
Nov. 15 Holders of rec. Oct. 23
Inspiration Consolidated Copper (quar.) $2
Oct. 30 Holders of rec. Oct. 13
Int. Buttonhole Sew. Mach.(qu.)(No.76) 1
Oct. 16 Holders of rec. Oct. 2
Int. Harvester of N.J.,com.(qu.) (N0.27) 131 Oct. 16 Holders of rec. Sept. 25a
International Nickel, pref. Zquar.)
1% Nov. 1 Holders of reo Oct 16
International Paper, preferred (guar.)_
1
Oct. 16 Holders of rec. Oct. 5a
Interocean Oil,first preferred
3A Nov 1 Holders of reo. Oct. 20
Isle Royale Copper Co.(guar.)
Oct. 31 Holders of rec. Oct. 3
$1
Extra
1
Oct. 31 Holders of rec. Oct. 3
Kayser (Julius) & Co.
First and second preferred (quar.)-131 Nov. 1 Holders of reo. Oct. 20a
Kelly-Springfield Tire, corn. (guar.)
Nov. 1 Holders of reo.Oct .16
$1
La Rose Consolidated Mines (quar.).
15o Oct. 20 Oct. 1 to Oct. 18
Lehigh Valley Coal Sales (guar.)
51 25 Oct. 14 Holders of reo. Oct. 5
MacAndrews & Forbes, common (guar.)
234 Oct. 14 Holders of reo. Sept.300
Common (extra)
234 Oct. 14 Holders of reo. Sept.30a
Preferred (guar.)
1% Oct. 14 Holders of reo. Sept.30a
Monett Sugar, common
k2% Dec. 1 Holders of ree. Nov.28
Common (payable in common stock).. _ _ J20 Nov. 8 Holders of rec. Oct. 31
Manufacturers' Lt.& Ht.,Pittsb.(guar.) 2
Oct. 14 Oct. 1 to Oct. 14
Massachusetts Gas Cos.,common (guar.) 1% Nov. 1 Holders of rec. Oct. 14
Mass. Lighting Cos., old coin. (quar.)_
$1.75 Oct. 16 Holders of rec. Sept. 25
New common (guar.)
25e. Oct. 16 Holders of reo. Sept. 25
Preferred (guar.)
$1.50 Oct. 16 Holders of reo. Sept.25
Mexican Telegraph (guar.)
234 Oct. 18 Holders of roe. Sept. 30
Miami Copper Co.(guar.)(No. 17)
51 50 Nov. 15 Holders of rec. Nov. la
Midwest Oil, preferred
2c. Nov. 20 Holders of reo. Nov. 1
Midwest Oil, preferred
20. Oct. 20 Holders of reo. Oct. 1
Minnesota & Ontario Power, pref. (guar.). 134 Oct. 10 Holders of reo. Oct. 10a
Moline Plow,common
2
Oct. 15 Holders of reo. Oct. 1
Montreal LI., Iii. & Power (qu.)(No.62)_ 2
Nov. 15 Holders of roe. Oct. 31
Montreal Telegraph (guar.)
2
Oct. 16 Holders of reo. Sept.30a
Extra
31 Oct. 16 Holders of ree. Sept.300
Mountain States Tel.& Tel.(qu.)(No 21) 1% Oct. 15 Holders of reo. Sept. 30
National Biscuit, corn. (guar.)(No. 73). 134 Oct. 14 Holders of reo. Sept. 28a
NationalCarbon, common (guar.)
2
Oct. 14 Holders of rec. Oct. 4a
Preferred (guar.)
1% Nov. 15 Holders of rec. Nov. 4a
National Paper dr Type, coin. (quar.)._
134 Oct. 14 Holders of reo. Sept. 30a
Preferred (guar.)
154 Oct. 14 Holders of reo. Sept. 30a
National Steel Car, Ltd.. pref. (quar.)„ 134 Oct. 18 Oct. 1 to Oct. 14
New England Power, preferred (quar.)_
I34 Oct. 14 Oct. 1 to Oct. 13
New Jersey Zinc (extra)
Oct. 10 Holders of rec. Sept. 30
10
New York Transit (guar.)
Oct. 14 Holders of reo. Sept. 23
4
Niagara Falls Power (guar.)
Oct. 14 Holders of ree. Sept. 30a
2
Mee Bay Co
Oct. 14 Holders of ree. Sept. 23a
2
Nipissing Mines (quay.)
25c. Oct. 20 Oct. 1 to Oct. 12
Extra
25c. Oct. 20 Oct. 1 to Oct. 12
North Butte Mining (guar.)(No. 40).- 75c. Oct. 23 Holders of rec. Oct. (3a
Northern States Power, common (guar.) 134 Oct. 20 Holders of rec. Sept.30
Preferred (guar.)
1% Oct. 15 Holders of reo. Sept.30
Nova Scotia Steel & Coal. pref. (guar.)
Oot.14d Holders of reo. Sept.30a
- 2
Ohio Cities Gas corn. (pay. in corn, stk.) 15
Dec. 1 Holders of rec. Nov. 15
Ohio Fuel Supply (guar.)
50c. Oct. 16 Holders of reo. Sept.30
Osage & Oklahoma Co.(guar.)
Oct. 10 Holders of reo. Oct. 2
2
Osceola Consolidated Mining (quar.)_
55
Oct. 31 Holders of rec. Oct. 3
Otis Elevator, common (quar.)
1% Oct. 16 Holders of reo. Sept.30
Preferred (guar.)
134 Oct. 16 Holders of roe. Sept.30
Pacific Telephone & Telegraph (quar.)_ _
134 Oct. 15 Oct. 1 to Oct. 15
Penmans, Limited, common (guar.)
Nov. 15 Holders of reo. Nov. 8a
1
Preferred (quar.)
134 Nov. 1 Holders of roe. Oct. 21a
Pennsylvania Salt Manufacturing (guar.) 2
Oct. 14 Holders of rec. Sept.30
Pittsburgh Coal, preferred (guar.)
tyi Oct. 25 Holders of rec. Oct. 14
Pittsb. Term. Whse. & Trawl. (monthly). 250 Oct. 14 Holders of ree. Oct. 7
Prairie Oil & Gas (guar.)
Oct. 31 Holders of reo. Sept.30
3
Extra
Oct. 31 Holders of rec. Sept.30
2
Prairie Pipe Line (guar.)
Oct. 31 Holders of reo. Sept.300
5
Extra
Oct. 31 Holders of rec. Sept.30a
5
Procter & Gamble, preferred (quara_ _ _ _
Oct. 14 Sept.24 to Oct. 11
2
Public Service Co. of No. Ill., corn. (qu.)
134 Nov. 1 Holders of reo. Oct. 17a
Preferred (guar.)
1)4 Nov. 1 Holders of rec. Oct. 170
Quaker Oats, common (guar.)
234 Oct. 16 Holders of reo. Oct. 20
Preferred (guar.)
134 Nov. 29 Holders of rec. Nov. la
Reece Buttonhole Mach. (qtr.) (No. 22). 3
Oct. 16 Holders of rec. Oct. 2
Reece Folding Machine (guar.)(No. 30). 1
Oct. 16 Holders of rec. Oct. 2
St. Joseph Stock Yards (guar.)
134 Sept. 30 Holders of reo. Sept. 20
St. L. Rocky Mtn.& Pao. Co., corn.(qu.)
% Oct. 10 Oct. 1 to Oct. 9
Shattuck-Arizona Copper (qu.) (No. 17)
50o. Oct. 20 Holders of reo. Sept. 30a
Extra (No. 5)
75c. Oct. 20 Holders of reo. Sept. 300
Shawinigan Water & Power (guar.).
10 Holders of ree. Sept. 30
Oct.134
Sinclair Oil & Refining (guar.)
$1.25 Nov. 15 Holders of rec. Oct. 31
Southern Calif. Edison, pf.(go.)(No.29) 1% Oct. 15 Holders of reo. Sept.300
Southern N. E. Telephone (guar.)
1% Oct. 14 Holders of roe. Sept.30
0
Steel Co. of Canada, Ltd pref. (quar.). 134 Nov.
Submarine Boat Corp. (guar.)
$1.50 Oct. 16 Holders of reo. Sept. 30
Temple Coal, preferred (guar.)
Oct. 10 Oct. 3 to
2
Oct. 10
Union Natural Gas (guar.)
234 Oct. 14 Oct. 1 to Oct. 15
Union Oil (quay.)
31.50 Oct. 24 Holders of roc. Oct. 9
Union Switch & Signal, corn. & pref.(qu.) 51.50 Oct. 14 Holders of roe. Sept.30
United Cigar Stores, common (guar.)
131 Nov. 15 Holders of reo. Oct. 27
THE CHRONICLE
ticri. 7 1916.]
Name of Company.
Miscellaneous (Concluded).
United Drug, 1st pref. (guar.)(No. 3)____
United Fruit (quar.) (No. 69)
United Gas Improvement (quar.)
United Paper Board, preferred (guar.).U.S. Cast I. Pipe&Fdy., Pf.(qt1.)(No.51)
U.S. Industrial Alcohol, pref. (quar.)
U. S. Rubber, 1st preferred (guar.)
Second preferred (guar.)
U.S.Smelt., Ref. tic Min., corn.(quar.)
Preferred (quar.)
U.S. Steamship
United Verde &ten. Min.(No. 2)
Utah Gas & Coke, pref. (guar.)
Vacuum Oil
Va.-Caro. Chemical, pref. (qu.) (No. 84)
Washington Oil
Western Power Co., pref. (quar.)
Western Power Corporation, pref. (qu.)_
Western States Gas & Electric, pf. (gu.)_
Western Union Telegraph (qu.)(No. 190)
Westinghouse Air Brake (quar.)
Westinghouse Air Brake (extra)
Westinghouse Elec.& Mfg., corn. (quar.)
Preferred (guar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
1
131 Nov. 1 Holders of rec. Oct. 16
Oct. 14 Holders of rec. Sept. 23a
2
91 Oct. 14 Holders of reo. Sept.30a
n131 Oct. 15 Holders of rec. Oct. 1
131 Nov. 15 Holders of rec. Nov. 3a
131 Oct. 15 Holders of rec. Sept.30a
Oct. 31 Holders of rec. Oct. 14a
2
13.5 Oct. 31 Holders of rec. Oct. 14a
Oct. 14 Holders of rec. Oct. 9
$1
87Xe. Oct. 14 Holders of rec. Oct. 0
be. Nov. 1 Holders of rec. Oct. 16
600 Nov. 11Holders of ree.Oct. 16
131 Sept. 30 Holders of rec. Sept.20
3
Oct. 31:Holders of roe. Oct. 17
2
Oct. 16:Holders of roe. Sept. 30a
$4 Oct. 20 Sept.21 to Oct. 20
$120 Oct. 161Holders of rec. Sept. 30a
Oct. 16 Holders of rec. Sept. 30a
131 Oct. 15 Holders of rec. Sept. 30
13( Oct. 16 Holders of rec. Sept. 20a
$2
Oct. 21 Holders of reo. Sept.300
Nov. 21 Holders of rec. Oct. 31
$5
75c.,Oct. 16 Holders of rec. Oct. 6a
87310.1Oct. 16 Holders of rec. Oct. 6a
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. !Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. t Declared 3%, payable 131% Nov. 1
to holders of record Oct. 14. and 131% Feb. 1 1917 to holders of record Jan. 15 1917.
It Declared on common stock 231%, payable Dec. 1 to holders of record Nov. 28;
231% payable Mar. 1 1917 to holders of rec. Feb. 26 1917; 231% Juno 1 1917 to
holders of rec. May 29 1917; 231% payable Sept. 1 1917 to holders of rec. Aug. 29
1917.
Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent.
60 Pacific & Atl. Teleg. Co..
$17 per sh.
$25 each
25
1 Brogon Mills
95
6 Clifton Mfg. Co
.$8 lot
4 Don Air Coal dr Iron, prof.
400 Morton Truck & Traoter,
_$25 lot.
common
91
10 Visayan Refining Co
Per cent.
Shares. Stocks.
32,300 Kan. dr Hook. Coal & Coke
Co.Ms. of benef. int./11.000 kit.
6,900 Ouray Union Mining, Co.
$10 each
$100 lot.
Bonds.
$12,000 13Ig Horn Power
Wyo., 1st 5s, 1918
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
30 Rock Island Co., common_ ...-$1 lot
6 J. B.Stetson Co., pref
173
22 Finance Co. of Pa., 1st pref.__ _121
5 Finance Co. of Pa.,2d pref
11931
13 Miners' Nat. Bank, Pottsville,
$50 each
10031
10 American Bank,$50 each
5431
1 Bank of North America
25831
22 Commercial Trust Co
4123.
10 Empire Title & Tr. Co.,$50 each 2031
22 Girard Trust Co
900
1 Pennsy. Co. for Insur., &e_ _ _ _726
20 West End Trust Co
16731
5 Home Life Ins. of Am.,$10 each 15
18 Phil. Ger. & Norris. RR., $50
each
14331
5 13th & 15th Streets Pass. Ry__ _241
Per cent.
Co.,
3
1279
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
5 Merchants' Nat. Bank
19 Great Falls Mfg
1 Cabot Mfg
24 Pepperell Mfg
3 Arlington Mills
10 Lawrence Mfg
$ per sh.
290
199-200
12231
1823j-183
106
10831
Shares. Stocks.
2 Salmon Falls Mfg
5 Dartmouth Mfg., common
25 Wamsutta Mills
90 Union Twist Drill, pref
8 Boston Insurance Co
$ per sh.
60
19731
11031
9631
451
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
1 Border City Mfg
8 Butler Mill, common
35 Pacific Mills
5 Columbus Mfg
$ per sh.
115
95
15931-16031
100
Shares. Stocks.
$ per sh*
3 Androscoggin Mills
200
5 United States Hotel Co
145
45 Worcester Elec. Lt. Co. rights
1431
15 Sullivan Machinery Co
135
Imports and Exports for the Week.
-The following are
the reported imports of merchandise at New York for the
week ending Sept. 30 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
I
1916.
1915.
1914.
1913.
$23,752,098
941,134,883
$22,691,656
705,293,234
$18,515,011
728,182,625
$17,964,162
715,874,817
Total 39 weeks.-- I $964,886,981
$727,984,890
$746,697,636
$733,638,779
Total for the week_ _I
Previously reported_
EXPORTS FROM NEW YORK.
1916.
1915.
1914.
1913.
$80,334,393
$36,398,439
For the week
Previously reported_ 2,050,835,810 1,037,673,769
$13,270,865
615,951,155
$14,655,458
649,015,996
Total 39 weeks... $2,131,170,203 $1,074,072,208
$629,222.020
$663.671.454
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Sept. 30.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since
Jan. 1.
Imports.
Week.
$11,902 $6,490,381
27,162,941
2,000
707,500
321,052 9,943,213
300,000 14,181,348
Since
Jan. 1.
$37,125,762
14,840
$8,227
111,316
297,681
110,091
9,773,491
2,558,662
7,721,577
2,065,994
Shares. Stocks.
$ per sh.
14 J. B. Stetson Co., common.....384
Total 1916
$634,954 $58,485,383 $527,315 $59,260,326
3 Corn Exch. Nat. Bank
330
Total 1915
1,300,000 12,296,988 4,098,418 37,705,258
Bonds.
Per cent.
Total 1914
127,598,948
279,486 7,210,432
$1,000 United Gas & Electrle 1st 5s,
Silver.
1922
100
Great Britain
$741,488 $35,175,974
$18,157
2,000 Wash. Arl. & Falls Church
France
22,000
376,600
6.631
Ry. 1st cons. 5s, 1958
7431 Germany
2,400 Springfield Water Co. 55,
West Indies
212
854,509
$3,622 • 201,378
1926
8831 Mexico
29,467
183,069 7,142,590
1,000 Lowell dc Fitch. St. Ry. 1st
South America
1,531,703
220,381 4,690,342
5s, 1920
76
All other countries
10,300
62,540 1,257,570
4,000 Union Trac., Ind., gen. 5s,
1919
95)4
Total 1916
$763,700 $37,978,553 $469,612 $13,316,668
8,000 Indianap. St. Ry. gen. is,
Total 1915
648,452 29,914,367
313,166 7,027,857
1933
8331
Total 1914
925,052 33,356,086
87,729 7,083,643
2,000 Citizens' St. RR.,Indlanap.
1st cons. 55, 1933
Of the above exports for the week in 1916, $342,310 were American gold coin.
9931
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board on Sept. 30:
Additions of over SU millions to the gold reserves of the Federal Reserve banks, due largely to liquidation of earning assets, are indicated by the
statement as at close of business on Sept. 29. All the banks except New York, Chicago and San Francisco report substantial gains of gr.ld, mainly
through transfers on the books of tho Gold Settlement Fund. Now York's slight decrease in gold reserve is more than offset by its gain of silver. The
bank reports the liquidation during the week of 3.9 millions of paper and U. S. securities, also the change of a favorable to an adverse balance in account with other Federal Reserve banks as against net withdrawals.of almost 10 millions of deposits. Philadelphia's gain of $660,000 in total reserve
is due primarily to increased deposits, offset to a large extent by a decrease in its net balance due to other Federal Reserve banks. A gain of about
1.4 millions in total reserve shown for the Cleveland bank is the combined result of an increase by over 2.4 millions in total net deposits, the liquidation
of about 0.9 million of paper and securities on the one hand and an increase by 1.9 millions in the net balance due from other Federal Reserve banks.
Gains in reserve reported by the Richmond and St. Louis banks are traceable in the main to increases in net deposits, while Minneapolis' increase in
cash reserve is accompanied by a considerable reduction in its net balance due from other Federal Reserve banks, also to some increase in net deposits.
All classes of earning assets show smaller totals than at the end of the immediately preceding week. Discounted paper on hand declined about
1.75
millions, Dallas, Richmond and Chicago reporting the largest decreases. Of the total discounts, about $800,000 is the amount advanced by the Reserve
banks on member banks' own notes, secured by eligible collateral.
Acceptances on hand show a decrease of about 3.3 millions, following tho liquidation of considerable amounts of bankers' paper by the four Eastern
banks. Of the total bills, including acceptances on hand 41.9% mature within 30 days and 34.3% after 30 but within 60 days. Transactions in
ernment securities are repertod by nine banks, resulting in a decrease by over 1 million in the amount of U. S. bonds and of 1.1 millions in the Govtotal
of Treasury notes hold. The total of municipal warrants in the hands of the banks underwent but little change, though almost all the banks report
transactions under this head. Aggregate earning assets decreased about 7.2 millions and constitute at present 332% of the banks' paid-in
capital as
against 345% the week before. Of the total earning assets, 43.8% is represented by acceptances, 25.3% by U. S. bonds; 14.1% by discounts; 13% by
,
warrants and 3.8% by Treasury notes.
Government deposits show a decline of about 1 million, Chicago, Kansas City and San Francisco reporting considerable net withdrawals of Government funds for the week. Net member bank deposits increased about 3.3 millions, all the banks except Boston, New York and San Francisco showing
larger net totals than the week before.
Federal Reserve bank notes in circulation are now in excess of3 millions. The total of Federal Reserve notes issued to the banks is given as
967,000, an increase of $4,189,000 during the week. Against this total the Agents hold $197,572,000 of gold and $17,054,000 of _paper. The $213,banks
report a total of $196,538,000 of Federal Reserve notes in actual circulation and aggregate liabilities a $13,216,000 on notes issued to them by
the Agents.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 29 1916.
RESOURCES.
Gold coin and certificates In vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
Sept. 29 1916 Sept. 22 1910 Sept. 15 1910 Sept. 8 1916. Sept. 1 1916. Aug. 25 1916 Aug. 18 1916 Aug. 11 1918 Aug. 4 1916.
1
$260,845,000 $258,711,000 $250,308,000 $248,845,000 5245,358,000 8259,799,000 5260,926,000 $258,952,000 $256,437,000
124.421,000 117,791,000 125,271,000 118,950.000 104,601,000 110.951,000 110,001,000 106,121.000 106,811.000
1,929,000
1,941,000
1,884,000
1,894,000
1,991,000
1,637,000
1,812,000
1,852,000
1,915,000
Total gold reserve
Legal tender notes, silver, &0
$3387,195,000 $378,443,000 $377,473,000 $369,680.000 $351,771.000 $372,387,000 $372,918,000 $366,925,000 $365,163,000
7,811,000
7,642,000
7,898,000 27,487,000 13,605,000 12,265,000 16,998,000 11,127,000 11,699,000
Total reserve
5395,006,000 5386,085,000 $385,371,000 $397,167,000 $305,376,000 3384,652.000 $389,916,000 $378,052,000 $376,862,000
5% redemption fund ag'st F.R. bk notes
500,000
500,000
500,000
500,000
500,000
500,000
t484,000
500,000
450,000
Bills discounted and bought
Maturities within 10 days
$21,408,000 $24,378,000 $15,685,000 $14,318,000 $15,733,000 $12,955,000 38,163,000 512,425,000 115.271,000
Maturities from 11 to 30 days
23,245,000 24,238,000 32,521,000 32,236,000 23,671,000 27,507,000 29,267,000 26.310,000 23,863,000
Maturities from 31 to 60 days
36,527,000 37,893,000 39,788,000 39,625,000 42,874,000 42.781,000 42.400,000 41,898,000 42,566,000
Maturities from 61 to 90 days
23,882,000 23,594,000 20,697,000 19,333,000 21,250,000 23.548,000 24,584,000 25,388,000 25.228,000
Maturities over 90 days
1,516,000
1,487,000
1,631,000
2,342,000
1,823.000
2,387,000
2,480,000
2,950,000
3,006,000
Total
$106,578,000 $111,590,000 $110,322,090 $107,335,000 $105,670,000 $109,178,000 $106,894,000 8108.971,000 $109,934,000
'Acceptances (included In above)
$80,625,000, $83,884.000 $82,609,000 $79,808,000 $79,278,000 $82,146,000 $80,138,000 $80,513,000 $79,519,000
Investments: U. S. bonds
846,544.0001 $47,553,000 $46,915,000 $45,954,000 $46,821,000 946,796,000 $47,029,000 $46,703.000 348,037.000
One-year U. S. Treasury notes.._
6,927,0001
9,039,000
8,039,000
9,055,000
8,205,000
8,205,000
8,351,000
7,885,000
7,925,000
Municipal warrants
24,028,0001 24,137,000 23,714,000 21,166,000 21,302,000 27,863,000 27.788,000 27,975,000 27,375,000
Total earning assets
4184.077.000 3191.319.000 3189.990.000 3183.510.000 3181.998.000 9192.042.000 9189.596.000 3192.000.000 3193.271.000
THE
1280
CHRONICLE
[VoL. 103.
Sept. 29 1916 Sept. 22 1916 Sept.15 1916 Sept. 8 1916. Sept. 1 1918. Aug.25 1916 Aug.18 1916 Aug.11 1916 Aug. 4 1916.
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $579,583,000 $577,904,000 $575,861,000 $581,161,000 $547,874,000 8577,194,000 8580,012,000 $570,552,000 $570,583,000
Federal Reserve notes
-Net
Due from Federal Reserve banks
-Net
All other resources
314,250,000 $16,080,000 819,975,000 $19,324,000 $20,890,000 $21,222,000 $19,887,000 $20,069,000 $20,426,000
31,365,000 29,266,000 28,937,000
28.706,000 35,607,000 21,654,000 21,068,000 16,447,000
19.947,000
8,451,000
7,543,000
2,969,000 f3,403,000
3,031,000
3,541,000
3,731,000
4,411,000
3,226,000
$632,741,000 $631,701,000 $627,742,000 $632,594,000 $607,402,000 1623,611,000 8624,193,000 1610,799,000 $615,367,000
Total resources
LIABILITIES.
855,393,000 155,423,000 $55,416,000 155,406,000 855,390,000 355,363,000 $55.110,000 $55,130,000 $55,148,000
38,985,000 39,947,000 40,199,000 44,236,000 50,918,000 50,099,000 49,717,000 53,259,000 56,607,000
521,740,000 518,456,000 514,343,000 514,225,000 484,697,000 502,421,000 505,090,000 489,219,000 490,625,000
13,216,000 14,605,000 14,223,000 18,076,000 14,416,000 13,733,000 12,295.000 11,212.000 11,029,000
2,914,000
3,214,000
2,334,000
3,033,000
1,690,000
1,691,000
1,691,000
1,690.000
1,692,000
356,000
347,000
317,000
374,000
291,000
290,000
288,000
266,000
305.000
Capital paid in
Government deposits
Member bank deposits
-Net
Federal Reserve notes
-Net
Federal Reserve bank notes in circulation
All other liabilities
$632,741,000 $631,701,000 8627,742,000 8632,594,000 $607,402,000 8623,611,000 8624,193,000 8610,799,000 $615,367,000
Total liabilities
Gold reserve ag'st net dep. & note liabilities (a)
Cash reserve ag'st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a)
71.4%
72.8%
69.6%
71.0%
69.9%
71.4%
67.7%
72.8%
68.4%
71.0%
68.4%
70.6%
68.3%
71.4%
88.3%
70.4%
67.7%
70.0%
73.6%
71.9%
72.2%
73.8%
71.9%
71.4%
72.1%
71.0%
70.6%
(a) Less items in transit between Federal Reserve banks, viz
$31,365,000 $29,266,000 $28,937,000 $28,706,000 $35,607,000 821.654,000 $21,068,000 $16,447,000 $19,947,000
Federal Reserve Notes
Issued to the banks
In hands of banks
$213.967,000 $209,778,000 $202,530,000 $199,218,000 $194,645,000 $179,838,000 $176,620,000 $175,602,000 $175,551,000
17,429,000 18,143,000 23,121,000 21,437,000 24,084,000 23,493,000 22,176,000 22,374,000 22,764,000
$196,538,000 $191,635,000 $179,409,000 8177,781.000 8170,561,000 8156,345,000 3154,444.000 $153,228,000 $152,787,000
In circulation
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
8197,572,000 $193,110,000 $185,161,000 $181,029,000 $177,035,000 $163,834,000 $162,036,000 $162,085,000 $162,184,000
14,250,000
16,080,000 19,975.000 19,324,000 20,890,000 21,222,000 19,887,000 20,069,000 20,426,000
13,216,000 14,605,000 14,223,000 16,076,000 14,416,000 13.733.000 12,295,000 11,212.000 11,029,000
Federal Reserve Notes (Agents' Accounts)
Received from the Comptroller
Returned to the Comptroller
$354,160,000 $352,900,000 $351,400,000 $349,900,000 1312.100,000 1302,660,000 8300,520.000 $299,520.000 $298,520,000
72,042,000 70,891,000 69,829,000 63,582,000 67,097,000 66,197,000 65,126,000 63,977,000 62,778,000
Amount chargeable to Agent
In hands of Agent
$282,118,000 $282,009,000 $281,571,000 $281,318,000 $245,003,000 1236,463,000 $235,394,000 8235,543,000 $235,742,000
68,151,000 72,231,000 79,041,000 82,100,000 50,358.000 56,625,000 58,774,000 59,941,000 60,191.000
Issued to Federal Reserve banks
1213,967,000 1209,778.000 8202,530,000 $199,218,000 $194,645,000 $179,838,000 $176,620,000 8175,602,000 8175,551.000
How Secured
By gold coin and certificates
$131,628,000 $131,535,000 8129,365,000 $127,675,000 8124,475,000 8114,796,000 $112,146,000 $112,006,000 $112,006,000
By lawful money
By commercial paper
17,369,000 18,173,000 17,610,000 16,004,000 14,584,000 13,517.000 13,367,000
16,395,000 16,668,000
Credit balances in gold redemption fund
10,964,000 10,860,000 11,138,000 11,240,000 10,659,000 11,208,000
9,764,000 10,345,000 10,366,000
Credit balances with Federal Reserve B'd_
58,180,000 51,230,000 45,430,000 42,390,000 41,700,000 37,900.000 38.650,000 39,420,000 38,970,000
$213,967,000 $209,778,000 $202,530,000 $199,202,000 $194,645,000 $179.838.000 8176,620,000 $175,602,000 $175,551,000
Total
Commercial paper delivered to F. R. Agent
$17,054,000 317.981,000 818,452,000 318,702.000 $17,842,000 817.048.000 816.547.000 316.152.000 315,993,000
*Including bankers' and trade acceptances bought in the open market. t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 29 1918
Boston.
New York. Philadel'a. Cleveland. Richmond. Atlanta.
Chicago. St. Louts.I Minneap. Kan. City. Dallas. San Fran.
Total.
RESOURCES.
$
$
1
$
$
Gold coin & otts. In vault 8,219,000 157,324,000 11,721,000 14,587,000 5,098,000 3,878,00029,838,000 6,037,000 5,903,000 4,140,000 3,311,000 10,789,000260,845,000
Gold settlement fund _ 15,618,000 11,719,000 16,588,000 13,081,000 13,718,000 3,040,000 19,623,000 3,401,000 5,289.000 10,736.01 5,995,000 5,613.000124,421,000
10,000 1,929,000
50,000
86,00
439,000
241,000
200,000
Gold redemption fund....
121,00
417.000
5,000
250,000
80,000
30,000
Total gold reserve..--- 23,842,000 169,293,000 28,359,00027,754,000 19,255,000 7,159.00049,661,000 9,518,00011,222,000 14,997,000 9,723,00016,412,000387,195.000,
78,000
575,000
Legal-ten.notes,silv.,&c.
805,000 1,132,000
140,000 3,293,0001 291,000 1,018,000
203,000
22,000
223,000
31,000r 7,811,000
,
Total re •erve
23,982,000 172,586,000128,650,00028,772,000 19,333,000 7,734,000 50,466,000 10,650,000 11,425,000 15,019,000 9,946,00016,443,000395.006,000
5% redemp. fund-F.R.
100,000
500,000
400,000
bank notes
Bills:
639,000 5,268,000 3,906.000 2,447,000 2,092,000 1,882,000 1,615,000 6,039,000 353,000 25,953.000
782,000
124,000
Discounted-Members 806,000
144,000 .6,628,000 80,625,000
Bought in open mkt 10,246,000 24,529,000 11,385,000 6,563,000 2,346,000 3,127.000 5,647,000 5,543,000 3,051,000 1,418,000
Total bills on hand__ 11,052,000 25.311,00011,509.000 7,202.000 7,614,000 7,033,000 8,094,000 7,635,000 4,933,000 3,031,000 6,183.000 6,981,000 106,578,000
Investments: U. S. bds- 2,922.000
250,000
One-yr. U.S. Tr. notes
Municipal warrants__ 4,532,000
2,728,000 2,662,000 6,254,000 1,019,000 1,508,000 8,303,000 2,694,000 3,307,000 9,617,000 2,896,000 2,634,000 46,544,000
724,000 6,927,000
760.000
684.000
526,000
616,000 529,000
818,000
850,000
350,000
570.000
250.000
86,000
1,926,000 24,028,000
289,000 4,138,000 1,510,000 1,277,000
359,000
4,873,000 2,386,000 2,652,000
Total earning assets__ 18,756,000 33,162,000 17,375,000,16,868,000 9,403,000 9,356,000 21,385,000i12,409,0
-Net 759,000
Fed. Res've notes
Due from other Federal
-Net.. 2,670,000
Reserve Banks
74,000
All other resources
Total resources
1,410,000
406,000
8,313,000
465,000
5,249,000
4,269,000 1.374,000
62,000
256,000
205,000
9,867,000 13,623,000 9,608,00012,265,000 184,077,000
1,341,000
57,000 12,524.000 7,430,000
377,000
172,000
215,000
1,556,000 14,250,000
841,000 1,149,000 2,322,000 1,073,000031,365,000
154,000 7,543,000
787,000
186,000 516,000
46.241,000219,310,000 46,695,000 50,571,000 30,172,000 17,319,00086,162,000 30,704,00023,551,000 30,377,000 22.492.00031,491,000 632,741,000
LIABILITIES.
5,024,000 11,602,000 5,222,000 5,997,000 3,325,000
Capital paid in
3,236,000 5,673,000 6,029,000 2,141,000 4,018,000
Government dopes'ts
Member bk deposits-Net37,833.000 201,430,000 33,617,000 42,433,000 17,950,000
4,763,000
-Net_
Fed. Res've notes
F.R.bank notes In ciro'n
605,000 1,739,000
Due to F.R.banke-Net
116,000
88,000
148,000
All other liabilities
2,491,000 6,687,0001, 2,794,000 2,597,000 3,043,000 2,691,000 3,920,000 55,393,000
3,858,000 3,124.000 3,781,000 1,084.000 1,040,000 2,186,000 2,815,000 38,985,000
9,883.000 76,351,000 21.789.000 19,870,00024.101,000 11,727,000 24,756,000 521,740,000
' 2,340,000
1,065,000
1,160,000 3,888,000
13,216,000
1,033,000 2,000,000
3,033,000
'
22,0001
374,000
46,241,000 219,310,000 46,695,00050,571,000 30,172,000 17,319,000,86,162,000 30,704,000 23,551,000 30,377,000 22,492;000 31,491,000 632,741,000
Total liabilities
Federal Reserve Notes
10,337.000 78,414,000 7,606.000 9,121,000 12,536,000 19,040.0001 3,325,000 8,909,000 13,781,000 17,062,000 23.730,000 10,106,000 213,967,000
Issued to banks
406,000
307,000 1,687,0001 1,410,000
447,000 1,341,000 540,000
465,000
198.000 1,556,000 17,429,000
759,000 8,313.000
In hands of banks..
F.R. notes in circulation 9,578.000 70,101,000 7,141,000 8,715,000 12,229,000 17,353.0001 1 1,915,000 8,482,000 12,440,000 16,522,00023,532,000 8,550,000 196,538,000
Gold and lawful money
10,337.000 78,414,000 7,606,000 9,121,000 7,466,000 16,288,000 3,325.000 6,122,000 13,781,000 15,362,000 19,644,000 10,108,000 197,572,000
with agent
1,556,000 14,250,000
406,000
1,410.000
1,341,000
465,000
759,000 8,313,000
Carried to net assets_
1
1,160,000 3,888.000
13,216,000
4,763,000 1,065,000.
2,340,000
Carried to net liabilities_
a Items in transit, I. e.. total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS SEPT. 29 1916.
Boston.
New York. Philadel'a. Cleveland. Richmond
Atlanta.
Chicago. St. Louts. Minneap. Kan.City. Dallas. San Fran.
Total.
$
$
$
$
'1
$
$
$
i
$
$
$
$
'federal Reserve NotesI
Reo'd from Comptrolr 20,380.000 143,400,000 15,480,000 15,160,00020,000,00026,660,000 9,380.000 12,600,00021,000.000 22.620.00033,600.000 13,880,000354,160,000
889,000 1,605,000 3,569,000 1,214,000 72,042.000
Returned to Comptrol 5,523,000 40,426,000 4.834.0001 2,739.000 5,314,000 3,126,000 1,174,000 1,929.000
Chargeable to Agent- 14,857,000 102,974,000 10,646.0001t2,421.000 14,686,00023,534.''' 8,206,000 10.671,00020,411,00021,015,000 30,031,000 12,666,000282,118,000
In hands of F.R.Agent 4,520,000 24,560.000 3,040,000 3,300,000 2,150,000 4,494,001 4,881,110 1,762,001 6,630,111 3,953,000 6,301,000 2.560,000 68,151,000
Issued to F. R. bank- 10,337.000 78,414,000 7,606,00 9,121,00012,536,000 19,040,i i i 3,325,000
Held by F. R. Agent
4,560,011
Gold coin & certfe____ 9,700,000 75,715,000 3,820.000 8,540,000
Credit balances'
245,000
581,111
416,000 1,178,11i
366,000
637,000 2,699.000
In gold redemption f'd
7,050,00010,550,011 3,080,
3,420,000
With F. R. Board
Notes secured by com5,070,000 2.752,o i •
mercial paper
8,909,111 13,781,001 17,062,00023,730,000 10,106,000213,967,000
10,337,000 78.414.i 1 i 7,606,000 9,121,111 12,536,011 19,040,000 3,325,
Total
Amount of oomm'l paper
5.157.000 2.762.1 i 1
delivered to F.R.Alet.
8.909,i i i 13,781,000 17,082,00023,730,000 10,106.000213,067.000
3,063,1 i i 11.620,000 4,270,000 10,340.000
131,628,000
549,110
811,000
692.000 1,224,000 '366,000 9,764,000
2,510,i i i 1,350,000 10,400,000 8,080,000 9,740,000 56,180.000
2,787,000
2.788.111
1.700,000 4,086,000
1.899.001 4.448.000
16,395.000
17,054,000
1281
THE CHRONICLE
OCT. 7 1916
-The following detailed statemen t
Statement of New York City Clearing House Banks and Trust Companies.
shows the condition of the New York City Clearing House members for the week ending Sept.30. The figures for the separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 30 1916.
(00s omitted.)
Loans,
Discounts,
Investen'ts,
&c.
Nat.Irks Juno 30 t
IStatell'ks Juno 30 J
Capital.
Net
Profits.
Members of Federal
$
Reserve Bank.
Bank of N. Y., N.B.A. 2,000,0 4,896,9
Merchants' Nat. Bank 2,000,0 2,356,3
Mech. & Metals Nat__ 6,000,0 9,314,9
National City Bank___ 25,000,0 a40,809,8
Chemical Nat. Bank__ _ 3,000,0 8,103,0
792,0
Atlantic National Bank 1,000,0
90,4
300,0
Nat, Butchers' A Drov.
Amer. Exch. Nat Bank 5,000,0 5,193,3
National Bank of Corn_ 25,000,0 18,279,9
Chatham & Phenix Nat. 3,500,0 2,025,7
Hanover National Bank 3,000,0 15,772,8
Citizens' Central Nat__ 2,550,0 2,519,8
1,000,0 2,017,8
Market & Fulton Nat_ _
Corn Exchange Bank__ 3,500,0 6,991,2
1,500.0 7,614,6
Importers' & Traders'_ _
National Park Bank___ 5,000,0 15,535,3
250,0
73,4
East River Nat. Bank_ _
1,000,0 3,357,0
Second National Bank_
First National Bank___ 10,000,0 23,562,7
Irving National Bank.. 4,000,0 3,398,3
500,0
1,059,6
N. Y. County Nat. Bk.
Chase National Bank.. 5,000,0 10,453,5
1,903,2
Lincoln National Bank_ 1,000,0
1,275,6
Garfield National Bank 1,000,0
417,6
250,0
Fifth National Bank__
Seaboard Nat. Bank... 1,000,0 2,888,2
1,000,0 3,443,2
Liberty National Bank_
758,1
Coal & Iron Nat. Bank_ 1,000,0
1,000,0 1,068,0
Union Exchange Nat__
1,000,0 1,130,1
Nassau Nat. Bank_ _ _ _
937,6
Broadway Trust Co_.._ 1,500,0
Average.
33,574,0
28,708,0
121,267,0
396,703,0
36,896,0
12,153,0
2,875,0
86,575,0
231,359,0
62,060,0
122,007,0
27,242,0
10,584,0
89,900,0
32,884,0
138,692,0
2,447,0
18,051,0
170,791,0
71,444,0
10,419,0
190,641,0
19,401,0
11,461,0
5,614,0
38,848,0
54,783,0
9,816,0
11,497,0
9,914,0
21,019,0
Gold.
Legal
Tenders.
Addis 'al
Reserve Deposits
with
Net
with
Legal
Demand
Legal
Depost- Depost- Deposits.
taries.
larks.
Average. Average. Average. Average. Average. Average. Average. Average.
$
2,197,0
3,0
602,0
855,0
2,055,0
44,0 1,956.0
15,0
867,0
606,0
1,282,0
33,0 9,637,0
62,0
19,519,0 1,500,0 5,306,0
871,0 32,791,0
34,0
57,101,0 5,397,0 3,455,0
16,0 2,447,0
36,0
974,0
673,0
2,156,0
958,0
23,0
10,0
221,0
256,0
1,033,0
146,0
4,0
33,0
114,0
87,0
58,0 7,641,0
73,0
823,0 1,261,0
7,381,0
40,0 18,311,0
1,0
1,992,0
20,758,0 7,002,0
170,0 4,824,0
283,0
3,590,0 1,703,0 1,546,0
32,0 13,634,0
24,0
23,101,0 1,474,0 2,516,0
8,0 2,436,0
34,0
174,0 1,250,0
1,012,0
826,0
12,0
92,0
689,0
401,0
804,0
7,000,0
551,0
5,675,0 1,504,0 3,988,0
2,237,0
40,0
622,0
1,618,0 1,066,0
47.0 11,373,0
64,0
12,108,0 1,635,0 3,196,0
211,0
1,0
7,0
183,0
34,0
78,0
1,091,0
43,0
34,0
450,0
323,0
1,038,0
13,851,0
25,0
14,745,0 3,116,0 2,903,0
126,0 5,974,0
10.0
4,986,0 1,155,0 3,915,0
18,0
761,0
118,0
554,0
100,0
376,0
68,0
165,0 16,207,0
22,184,0 5,409,0 3,403,0
65,0 1,635,0
109,0
617,0
843,0
1,607,0
22,0
69,0
755,0
292,0
122,0
703,0
4,0
2,0
416,0
322,0
121,0
188,0
27,0
28,0 4,174,0
2,764,0 1,970,0 1,712,0
22,0
5,506,0
3,387,0 1,602,0 2,597,0
140,0
185,0
20,0
23,0
838,0
734,0
290,0
373.0
20,0
8,0
885,0
195,0
160,0
430,0
33,0
15,0
460,0
680,0
187,0
1,808,0
531,0
54,0
18,0 1,717,0
40,900,0
Totals, avge. for week 118,850,0 198,634,8 2,077,625,0 214,563,0
2,080,244,0 215,183,0 38,634,0
Totals, actual condition Sept. 30
01,0 42,934,0
,5
„
Totals, actual condition Sept. 23
2,054,517,0,200,617,0 44,145,0
Totals, actual condition Sept. 16
2,052,910,0'188,662,0 38,485,0
Totals, actual condition Sept. 9
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Greenwich Bank
Pant10 Bank
People's Bank
Metropolitan Bank_
Bowery Bank
German-American Bank
Fifth Avenue Bank...
German Exchange Bank
Germania Bank
Bank of Metropolis....
West Side Bank
N. Y. Produce Ex. Bk.
State Bank
Silver.
Nat.Bank Nat.Bank
Federal
Notes
Notes
Reserve
[Not
[Reserve
Notes
for State Counted
[Not
as
Institulions]. Reserve]. Reserve].
Nations
Bank
Net
CirculaTime
Deposits.
Average.
Average. Average.
$
31,111,0
380,0
781,0
1,828,0
26,718,0
134.539,0 2,636,0 4,946,0
420,939,0 5,613,0
1,799,0
31,550,0
450,0
12,587,0
150,0
315,0
49,0
2,278,0
84,250,0 4,547,0 4,839,0
238,336,0
155,0
1.370,0
61,720,0 5,209,0 1,770,0
143,756,0
130,0
24,588,0 1,574,0
1,014.0
10,227,0
149,0
98,898,0
29,310,0
51,0
140,669.0 1,903,0 3,552,0
2,335,0
25,0
50,0
15,202.0
687,0
168,027,0
125.0 4,535,0
640,0
78,680,0
387,0
10,425,0
199,0
211.075,0 10,293,0
450,0
41,0
20,653,0
893.0
8,802,0
399,0
158,0
248,0
5,399,0
70,0
45,516,0
499,0
60,757,0 2,465,0
240,0
412,0
9,518.0
29,0
397,0
9,787,0
18,0
50,0
9,575,0
489.0
22,302,0
46,870,0
1,889,0
1,935,0 173,115,0
2,169,529,0 37,817,0 31.189,0
43,581,0
55.300,0
51,854,0
45,395,0
1,836,0
2,094,0
2,097,0
1,826,0
1,659,0 166.394,0
1,830,0 177,039,0
1,649,0 166,806,0
2,499,0 171,050,0
2,160,361,0
2,164,046,0
2,133,953,0
2,112,813,0
35,866.0
38.536.0
42,331,0
42,559.0
750,0
236,0
368,0
763,0 1,019,0
6,0
284,0
1,117,0 1.378,0
1,569,0
48,905,0
30,210,0
12,041,0
6,060,0
2,440,0
15,856,0
3,637,0
6,559,0
17,819,0
4,656,0
6,862,0
12,715,0
4,728,0
17,241,0
26,163.0
764,0
31,149,0
31.175,0
31,307,0
30,960,0
6,386,0
3,644,0
990,0
543,0
183,0
1,007,0
325,0
746,0
2,212,0
390,0
729,0
724,0
278,0
1,373,0
2,068,0
1,969,0
1,400,0
185,0
433,0
68,0
1,205,0
46,0
153,0
368,0
44,0
127,0
370,0
168,0
382,0
688,0
674,0
1,467,0
581,0
78,0
146,0
971,0
59,0
306,0
975,0
97,0
172,0
444,0
168,0
388,0
516,0
83,0
83,0
223,0
125,0
4,0
52,0
42,0
9.0
39,0
93,0
100,0
35,0
36,0
72,0
172,0
32,0
208,981,0 21,598,0
7,606,0
7,042,0
1,168,0
76,0
8.610,0 3,310,0
215,892,0
808,0
209,923,0
207,825,0
206,145,0
205,086,0
22,412,0
21,034,0
20,513,0
20,088,0
8,571,0
7,449,0
8,041,0
8,730,0
6,747.0
6,603,0
6,409,0
5,755,0
1,141,0
998,0
1,036,0
1,175,0
71,0
74,0
57,0
60,0
8,429,0
8,543,0
8,477,0
8,519,0
2.211.0
3,783,0
2,821,0
4,144,0
218,660,0
213.548,0
211.857,0
210,688,0
807,0
808,0
807,0
856,0
33,124,0 1,883,0
209,040,0 17,218,0
60,228,0 3,893,0
28,990,0 2,048,0
41,713,0 2,271,0
364,730,0 30,438,0
9,9(32,0
637,0
27,991,0 1,635,0
80,647,0 5,255,0
22,231,0 1,649,0
81,092,0 5,441,0
10,308,0 1,135,0
13,117,0
955,0
60,772,0 3,991,0
467,0
1,001,0
22,0
25,0
192,0
4,185,0
49,0
272,0
223,0
111,0
2,892,0
165,0
89,0
2,261,0
239,0
1,616,0
203,0
131,0
139,0
468,0
98,0
163,0
536,0
301,0
310,0
341,0
193,0
870,0
261,0
20,0
173,0
24,0
163,0
405,0
39,0
23,0
142,0
113,0
11,0
34.0
47,0
372,0
29,0
22,0
14,0
1,322,0
9,455,0
2,122,0
1,140,0
1,340,0
16,875,0
390,0
1,048,0
3,100,0
1,088,0
3,561,0
839,0
632,0
2,944,0
2,156,0
6,468,0
4,139,0
575,0
1,097,0
1,468,0
495.0
270,0
1,613.0
933,0
2,572,0
599,0
397,0
2,060,0
26.444,0
189,106,0
42,450.0
23.037.0
26,804,0
337,512,0
7,823,0
20,954,0
61,998,0
21,761,0
70.971,0
16,778,0
12,643,0
58,886,0
5,479,0
25,715,0
17,544,0
6,457.0
953,0
36,112,0
1,078,0
1,088,0
18,239,0
1,043.0
8,019,0
2,767,0
770,0
4,977,0
Totals, avge. for week_ 54,750,0 104,844,5 1,052,945,0 78,449,0 11,957,0
5,638,0
1,827,0
477,0 45.856,0 24,842.0
917,167,0 130,241,0
7,172,0
4,127,0
7,478,0
6,448,0
2,017,0
1,655,0
1,544,0
1,564,0
523,0
408.0
410,0
427,0
46,141,0 24,568,0
45,819,0 25,572.0
44.949.0 15,614,0
46,100,0 17,647,0
922,489,0 129,650.0
916.161,0 129,035.0
898,838,0 127.281,0
910,972,0 126,835,0
Grand Aggregate, avga- 185,550,0329.423,7 3,339,551,0 314,610,0 60,463,0 59,550.0
+32,458,0 +7,803,0 -3,663,0 -4,472,0
Comparison prey. week
2,995,0
+320,0
1,889,0
-293,0
2,488,0 227.581,0 28,152,0 3,302.588,0 168,866,0 31,189,0
-17,0
+376,0 -2,039,0 +41980 +31.764,0 +748,0
Grand Aggregate,actual condition Sept. 30 3,317,438,0 316,579,0 59.379,0 57,500,0
+31,825,0 -723,0 -1,687,0 -8,530,0
Comparison prey. week
3,1 870
+505,0
6
1,8;370
-258.0
2,253.0 220,964,0 26.779,0 3,301.510,0 166,323.0 31,149.0
-26,0
-59.0 -10,437,0 -2,576,0 +7.755.0i-2.056,0
Grand Aggregate actual condition Sept. 23 3,315,613,0 317,302,0 61,066,0 6(3.030,0
Grand Aggregate actual condition Sept. 16 3,301,358,0 297.433,0 62.150,0 65.741,0
Grand Aggregate actual'condition Sept. 9 3,305,602,0 287,655,0 53,144,0 57,598,0
2,653,0
2,580.0
2,739,0
2.09470
2,097,0
1,826.0
2.312,0 231,401,0 29.355,0 3.293.755.01 168.379.0 31,175.0
2,116,0 220,232,0 18,435,0 3,244.648.0 170,419,0 31,307.0
2,986,0 225,669,0 21,791,0 3,234,173.01 170,250,0 30,960,0
2,050,0
1,500,0
500,0
600,0
200,0
2,000,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1.500,0
4,999,1
6,211,6
1,189,9
1,005,7
445,9
1,976,8
804,4
790,5
2,187,3
827,6
1,064,5
2,130,4
566,5
1,067,8
676,4
Totals, avge. for week_ 11,950,0 25,944,4
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Sept. 30
Sept. 23
Sept. 16
Sept. 0
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co____ 1,500,0 3,991,0
10,000,0 15,498,8
Bankers' Trust Co
U.S. Mtge.& Trust Co. 2,000,0 4,278,2
1,250,0 1,712,5
Astor Trust Co
Title Guar. & Trust Co_ 5,000,0 12,227,2
Guaranty Trust Co_ _ _ _ 20,000,0 31,073,7
1,000,0 1,210,3
Fidelity Trust Co
Lawyers' Title & Trust_ 4,000,0 5,472,0
2,000,0 8,097,3
Columbia Trust Co_
1.000,0 1,660,2
People's Trust Co
New York Trust Co_ _ _ 3,000,0 11,372,3
1,000,0 1,301,3
Franklin Trust Co
525,4
1,000,0
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 6,424,3
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Sept. 30
Sept. 23
Sept. 18
Sept. 9
43,654,0
31,405,0
11,243,0
6,728,0
2,698,0
16,743,0
4,036,0
6,378,0
16,873,0
5,101,0
6,621,0
13,629,0
4,613,0
15,857,0
23,399,0
1,057,271,0
1,050,651,0
1,040,696,0
1,047,606,0
78,984,0 12,174,0
78,767,0 13,683,0
76,303,0 9,964,0
78.905,0 5,929,0
3,025,0
668,0
20,0
25,0
36,0
186,0
31,0
76,0
20,0
15,0
23,0
146,0
84,0
218,0
216,0
2,0
22,0
59,0
31,0
1,0
26,0
a Includes capital set aside for Foreign Branches, $3,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures,
Averages.
1
Inc. or Dec.
Inc. or De4.1
from
Surplus
b Reserve
Total
Cash Reserve Reserve in
Total
a Reserve
ICash Reserve Reserve in
Surplus
from
Reserve. Previous Week
Required.
Vault. Depositaries Reserve.
Required.
Reserve. PreviousiVeek, in Vault. Depositaries Reserve.
In
I
$
i
$
S
S
$$
$
$
Members Federal
Reserve Bank.- 302,333,000 173,115,000 475,448,000392,406,070 83,041,930 -4,673,250 297.398.000 166.394,000 463,792,000390.658.280 73,133,720 -28,185.200
37,414,000 8,610,000 46,024,000 38,860,560 7,163,440 -1,397,120 38,871.030 8,429,000 47,300,000 39,358,800 7,941,200 +1,752,840
State Banks.
Trust Companies._ 97,871,000 45,856,000 143,727,000 137,575,050 6,151,950 -1,2152,750 100,347,000 46,141,000 146,488,000138,373,350 8,114.650 +1,487,800
1
437,618,000227,581,000 665,199,000 568.841,680 96,357.320 -7,333,120 436,616,000220.964,000657,580,000 568,390,430 89.189,570 -24,944,560
Total Sept.30
Total Sept.23-.... 1437,625,000229.620.000 667.245,000 563,554,560 103,000,440 4-28.746,1100 450,051.000231,401.000 681.452,000 567.317,870 114,134.13 +25,186.180
,411,318,000,221,803,000 633,156,000 558,211,160 74.944,840 +3,882.980 427,904.000220,232.000 648.136,000 559.188.050 88.947.950 +19.146,880
Total Sept.16
410.3,28506.91'
557,829.140 71.061,860-42.3011.520 401,136.000 225.669.000 626.805.000 557.003.930 69.1101,070-26.028.070
Total Sept. 9
*Not members of Federal Reserve Bank.
required on Net Demand Deposits in the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
a This is the reserve
Includes also the amount of reserve required on Net Time Deposits,which was as follows: Sept. 30, 51,890,850: Sept. 23, *2,012,700; Sept. 16, 82,105.150: Sept.9, $2,133,950.
Federal Reserve Banks
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the
$2,116,550; Sept. 9,$2,127,950.
Includes also the amount of reserve required on Net Time Deposits,which was as follows: Sept.30, $1,793,300; Sept. 23, 31,926,800; Sept. 16,
THE CHRONICLE
1282
[VoL. 103.
The State Banking Department reports weekly figures,
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in New York City not in the Clearing House," furnished
n New York City not in the Clearing House, and those are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
Sept. 30.
previous week.
Loans and investments
$720,381,900 Dee. $1,317,600 York)and those for the rest of the State, as per the following:
Gold
59,660,900 Dec. 631,700
For definitions and rules under which the various items
Currency and bank notes
216,300
9,267,700 Ino.
Total deposits
912,233,100 Ine. 3,451,900 are made up,see "Chronicle," V.98, p. 1661.
Deposits, eliminating amounts due Irons reserve
depositaries and from other banks and trust cons-.
The provisions of the law governing the reserve requirepanics in New York City, and exchanges
761,521,000 Dec. 2,929,900
Reserve on deposits
212,246,100 Inc. 3,920,800 ments of State banking institutions were pu'ilished in the
Percentage of reserve, 29.5%.
"Chronicle" March 28 1914 (V. 93, p. 963). The regulaRESERVE.
---State Banks-- -Trust Companies
- tions relating to calculating the amount of deposits and what
Cash in vaults
312,443,000 10.57%
$56,485,600
9.39%
Deposits in banks and trust 0J9
19,643,000 16.68%
123,674,500 20.56% deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 93, p. 1045).
Total
$32,086,000 27.25%
$180,160,100 29.95%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended
- Loans and
Investments
July 8
July 16
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept 2
Sept. 9
Sept.16
Sept.23
Sept.30
4,011.831,8
3,956,132,5
3,901,908,7
3,903,877,9
3,926,634,6
3,939,268,3
3,952,230,3
3,917,932,5
3,966.687,2
4,032,032,9
4,028,996,0
4,028.792,5
4,059,932,9
Demand
Deposits.
3,988,998,0
3,906,760,1
3,871,422,7
3,876,459,5
3,8-10,711,7
3,868,552,7
3,899,806,1
3,932,563,9
3,973,033.4
4,000,621,1
4,005,139,9
4,038.274,9
4,067,109,0
Other
Money.
Total
Entire
Money Reserve on
Holdings. Deposits.
82,520,9
66,617.8
79,582,4
79,857,2
77,337,1
75,347,5
74.696,7
74,651,4
75,932,3
66,542,4
69,334,1
75,822,4
72,725,7
3
469,740,2
472,283,9
493,250,6
496,917,1
494,731,4
500,756,9
509.053,2
516,931,8
517,466,0
480,107,3
481,203,3
506,939,0
506,546,6
Specie.
407,219,3
405,666,1
413,668,2
417,059,9
417,394,3
425,409,4
431,356,5
442,280,4
441,533,7
413,564,9
411,874,2
431,116,6
433,820,9
786,127,9
779,462,3
812,531,2
824,628,3
828,101,3
842,538.1
846.616,0
863,608,9
861.249,6
821,018,7
833,730,4
875,570,3
877,445,1
Week ended Sept. 30.
Trust Cos.
Slate Banks
State Banks
Trust Cos.
in
outside of
in
I
outside of
iGreater N. Y. Greater N. F. Greater N. F. Greater N. Y.
3
23,450,000
Capital as of June 30_ _ _ _
Surplus as of June 30_
75,550,000
11,783,000
14,900,000
14,654,000! 14,381,600
!
397,245,500 1,669,629,800, 157,699,700 250,448,700
+248,300
+4,191,500 +5,976,809
+421,900
40,068,509
173,239,300
Gold
Change from last week_
39,443,300
1,958,000
136,697,400!
+2,961,300
Currency and bank notesChange from last week_
21,098,500
+587,500
20,291,400
-965,400
Lamas and investments__
Change from last week_
Deposits
555,773,800 1,993,506,500
Change from last week. +20,160,800, +34,604,600
Reserve on deposits
Change from last week_
107,112,300! 366,510,000
+81,700 +11,278,400
P. c. of reserve to deposits
Percentage last week__
25.7%
25.8%
23.4%
22.7%
171,392,800
+726,100
266,926,200
+686,400
32,273,200
+260,700
38,876,100
+90,900
22.1%
22.1%
18.0%
18.1%
+ Increase over last week. -Decrease from last week.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
Net
NON -MEMBERS. Capital.1 Profits.
Week Ending
Sept. 30 1916.
Loans,
Discounts,
{Nat. bks. June 301 InvestState bke. June 30J meats, &c.
Members of
Ved'I Reserve Bank
Battery ParkNat_
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N.,J.C_
First Nat.. Hoboken
Second Nat., Hobok.
Total
Legal
Tenders.
Silver.
National
Bank
Circutatton.
Net
Time
Deposits.
Average. Average, Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
$
$
$
$
3
200,000
189,000 5,630,000 579,000
62,000
77,000
452,000
3,000
263,000 194,000
5,951,000
300,000
879,400 5,347,000 150,000
50,000 116,000
10,000
166,000 4,9-17,000
10,000 613,000
120,000 293,000
300,000
588,000 5,746,000 169,000
78,000 122,000
7,000
8,000 705.000
79,000 5,798,000
40,000 119,000
400,000 1,266,500 4,859,000 209,000 337,000
81,000
19,000
1,000 541,000 3,049,000 4,518,000
396,000
250,000
755,500 4,848,000 151.000
17,000
73,000
86,000
3,000 477.000
193,000
820,000 3,971.000
220,000
628,100 5,989,000 153,000
19,000
40,000
5,000 395,000
15,000
643,000 2,393,000 3,231,000 218,000
125,000
291,300 4,863,000
61,000
32,000 109,000
2,000
426,000 2,586,000 2,144,000
3,000 310,000
99,000
1,795,000 4,397,800 37,282,000 1,475,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash.Ins_ 100,000
400,000
Colonial Bank
Columbia Bank-300,000
200,000
Fidelity Bank
International Bank. 500,000
200,000
Mutual Bank
200.000
New Notherland
Yorkville Bank
100.000
Mechanics', Bklyn
1,600,000
200,000
North Side, Bklyn
Total
Gold.
•
Nat.Bank Nat.Bank
Reserve Additional
Notes (Re- Notes[Not Federal
with
Deposits
serve for Counted Reserve
Legal with Legal
Net
State In..
as
Notes[Not DeposDeposDemand
stitutions] Reserve]. Reserve] Caries.
Caries.
Deposits.
410,700 2,258,000
851,400 8,458,000
655,900 8,002,000
184,300 1,293,000
116,300 2,970,000
474,900 6,410,000
243,500 3,959,000
584,600 6,317,000
807,900 18,142,000
189,100 4,821,000
139,000
519,000
619,000
109,000
257,000
610,000
228,000
430,000
851,000
232,000
3,800,000 4,518,600 62,633,000 3,994,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,Bkln. 500,000 1,103,500 8,089,000
297,600 5,397,000
Mechanics',Bayonne 200,000
700,000 1,401,100 13,486,000
Total
595,000
621,000
10,000
145,000
26,000
11,000
21,000
47,000
27,000
85,000
135,000
56,000
51,000
436,000
221,000
31,000
54,000
171,000
169,000
288,000
689,000
105,000
37,000
65,000
138,000
12,000
1,000
47,000
43,000
97,000
297,000
18,000
563,000 2,224,000
755,000
142,000
30,000 3,493,000 5,183,000 30,164,000 5,798,000 1,512,000
111,000
136,000 1,859,000
585,000
451,000 9,018,000
276,000 8,511,000
511,090
72,000
173,000 1,203,000
4,000 166,000
313,000 2,760,000
406,000
327,000 6,408,000
5,000 234,000
98,000 3,91:3,000
412,000
664,000 6,874,000
1,167,000 3,552,000 19,451,000
283,000 4,504,000
270,000
12,000
43,000
43,000
95,000
370,000
289,000
89,000
410,000
21,000 3,934,000 6,273,000 04,504,000 1,253,000
515,000
96,000
31,000
46,000
18,000
83,000
56,000
39,000
2,000
15,000
323,000 1,83-1,000 6,431,000
925,000
124,000
927,000 2,474,000 2,827,000
641,000
77,000
101,000
95,000
17,000
447,000 2,761,000 8,905,000 3,752,000
Grand aggregate-- 6,295,000 10,317.500 113401000 6,110,000 1,235,000 2,946,000 850,000 185,000
68,000 7,874,000 14,217,000 103573000 10,803,000 1,512,000
Comparison,prev.wk
+630,000 -103,000 -11,000 +46,000 +96,000 -37,000 -10,000 +80,000 +808,000 +221,000 +98,000 -1,000
$72,540 increase
Excess reserve.
Grand aggeteSept.2 6,295,000 10,317,500 112771000 6,213,000 1,246,000 2,900,000 754,000 222,000
78,000 7,79-1,000 13,409,000 103352000 10,705,000 1,513,000
Grand ageteSept.1 6,295,000 10.317,500 112476000 6,128.000 1,234,000 2,891,000 721,000 255,000 101,000 7,760,000 11,841,000 102665000 10,659,000 1,499,000
Grand aggr'teSept. 9 (3,295,000 10.317,500 111363000 6,015,000 1,272,000 2,847,000 748,000 267,000
79,000 7,683,000 11,490,000 101541000 10,571,000 1,516,000
Grand aggeteSept. 2 5,795,000 10,317,500 111158000 6,214,000 1,230,000 2,769,000 745,000 160,000
63,000 7,735,000 12.533,000 101619000 10,602,000 1,522,000
Grand aggeteA09.20 5.795.000 10,459,700 111456000 6,182,000 1,339,000 2.758.000 840.000 146.000 55.000 7.760.000 11.787.000 102410000 10.521.000 1,518.000
Philadelphia Banks.
-Summary of weekly totals of
Boston Clearing-House Banks.
-We give below a sumClearing Hou e banks and trust companies of Philadelphia:
mary showing the totals for all the items in the Boston ClearWe omit two ciphers (00) in all these figures.
ing-House weekly statement for a series of weeks:
Due
Loans,
from
Disc'ts
Investls. Banks.
Deposits.
Bank.
Inc:101(1'1.
Total.
Reserve
Held.
Excess
Reserve.
3
3
Sept. 30.
3
Nat. banks. 371,144,0 73,939,0 171,714,0 312,477,0 484,191,0 86,496,0 27,659,0
Trust cos-.-. 151,655,0 5,313,0 3,813,0 139,169,0 142.982,0 25,188,0 4,907,0
Total_ _ 522,799,0
Sept. 23-._.. 517,519,0
• 16___ 515,320.0
9-.-- 514,717,0
" 2.... 515,893,0
511,475,0
Aug.
510,242,0
" 12.... 503.341,0
509.061,0
July 29.-... 509,024,0
79,252,0 175,527,01 451.616,0 627,173,0 111,684,0
81,524,0 175,72-1,0,443,715,0 619.439,0 108,796,0
77,607,0 171,781,01 440,268,0 612,052,0 109,583,0
71,312,0 168.940,0,434,993,0 603,933,0 108,504,0
72,434,0 169,921,01438,5-17,0 60-3,458.0 105,855,0
69,971,0 163,209,0,429,679.0 597,838,0 103,373,0
72.538.0 166,587,0,431,907,0 598,491,0 106,982,0
66,743,0 161,405,0,427,724,0 589,129,0 105,238,0
83.772,0 161.534,0 425,290,0 586,874,0 97.790.0
71,446,0 163,328,0,424,646,0 587,972,0 98,288,0
32,566,0
30,978,0
32,017,0
31.140,0
28,353,0
B.12:3
29,179,0
22,699,0
23.175,0
-National bank note circulation Sept. 30, $9,186,000; exchanges for ClearNote.
ing House (inolude3 in "Bank Deposits"), banks, $17,999,090; trust companies.
$2,456,003; total, $20,455,033. Capital and surplus at latest dates: banks,
$64,175,600; trust companies, $11,295,200; total, $105,470,800.
BOSTON CLEARING HOUSE MEMBERS.
Sept 30
1918.
Change from
previous week.
Circulation
$6,471,000 Inc.
Loans,disols ..tc investments_ 432,128,000 Inc.
Individual deposits. Inel.U.S. 349,058,000 Ino.
Duo to banks
131,319,000 Inc.
Time deposits
27,972,000 Inc.
Exchanges for Clear. House_ 17,600,000 Inc.
Due from other banks
40,509,000 Inc.
V escrve ier;
iash reserve
res n
25,056,000 Dee.
Res've Banks 24,621,000 The.
Reserve with other banks
46,352,000 Inc.
Reserve excess in bank
1,010,000 Dee.
Excess with Reserve Agent
30,820,000 Inc.
Excess with Fed. Reeve B k
4,581,000Inc.
Sept. 23
1916.
Sept. 18
1916.
$11,000 $6.460,000 $6,458,000
939,000 431,189,000 429,7(11,000
8,270,000 340,783,000 339,750,000
769,000 130,550,000 130,044,000
2,877.000 25,095,000 26,146,000
4,005,000 13,595,000 14,919,000
309,000 40,200,000 41,316,000
639,000 25,695,000 24,698,000
219,000 24,402,000 23,839,000
7,806,000 39.016,000 38,387,000
506,000 1,516,000
705,000
7,89-1,000 22,926,000 22,391,000
329,000 4,252,000 3,844,000
Imports and Exports for the Week.-Seo third page
preceding.
Om.7 1916.]
razt
1283
THE CHRONICLE
Gazette.
TVall Street, Friday Night, Oct. 6 1916.
The Money Market and Financial Situation.—The
general financial and industrial situation remains practically
unchanged and the security markets have continued, without interruption, the course pursued for several weeks past.
We are now nearly at the end of the fifth week during which
not less than 1,000,000 shares have been traded in daily at
the Stock Exchange and the bond market has been correspondingly active. This record has not in recent years been
equaled.
As implied above, there is no perceptible decrease in industrial activity. The exports of iron and steel in August
were nearly 60,000 tons in excess of all previous records,and
preliminary reports of the outward movement of general
merchandise in September indicate that it continued enormous. Railway earnings although now comparing with the
increased traffic of a year ago,still make an excellentshowing.
On the other hand, the Goverrunent report as to this year's
cotton crop was disappointing in that its percentage of condition was the lowest ever recorded at this season since these
estimates began in 1870. As a consequence, cotton has sold
higher this week than at any time since the period of extreme
heat and drought in the summer of 1910. Not so many
people are now interested in the price of cotton, however, as
in the high price of practically every necessity of life. It
seems to be no longer a question of "the cost of high living,"
but the high cost of very simple living. When to the foregoing matters of interest are added the prevailing strikes, the
increasing political agitation and the daily war news from
Europe, there would seem to be no cause for complaint of a
lack of diversion or of ennui.
Foreign Exchange.—Sterling exchange throughout the
week has continued pegged at about recent quotations. The
situation was not affected by reports current on Friday of
possible peace negotiations in the near future. Continental
exchanges were quiet and irregular.
tional loss for the week. Baltimore & Ohio advanced from
88N to 903%, closing at 89. Chicago Milwaukee & St. Paul
gamed 1% points to 973 , the final figure being 963/2.
4
New York Central and Norfolk & Western, the two most
spectacular, advanced from 1093% and 1353/i to 114 and
1453%, respectively, falling away at the close, however, to
1113/i and 1413%.
The industrial issues were irregular. From a list of 25
most active, 14 declined and 11 advanced. Bethlehem
Steel, as usual the most spectacular feature, fell away from
5693/ to 5493/2. American Smelting & Refining from 11534
fell away to 1113 , moved up to 1143.' and closed at 111,
4
while the high, low and last prices for Central Leather,
American Beet Sugar, Crucible Steel, Cuba Cane Sugar
and Baldwin Locomotive went 823/2, 71, 813%; 99, 96,
9634, gim,91%;66%,64%,65x,and 93%,87,87%.973%;
The
copper issues were weak, falling off a point or more each.
New York Air Brake advanced from 150% to 1623%, the
final quotation being 1563/2. Studebaker fluctuated between 13234 and 1373, closing at 134%, while Steel covered
a range of 43% points, the last sale being at 1153%, 43% points
below the high mark.
For daily volume of business see page 1292.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
1 Sales
STOCKS.
Week ending Oct. 6. for
1Week.
Range for Week.
Lowest.
.1
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par.1S1jares $ per share. $ per share. :$ per share. per share.
Acme Tea tern ctfs..-100, 700 5734 Sept 30 5834 Oot 3 51
Aug 59% Sept
Adams Express
100 2,700
A Oct 215134 Oct 4 132% Mar 154% Jan
Amer Bank Note_ _ _ _50; 400 40 Oct 5 4134 Oct 0 3834 Sept 41;5 Oct
Am Brake S & F ctfs _100; 10010934 Oct 5109% Oct 5 100
Apr 109% Oct
Preferred Ms
100. 300 189 Oct 4118934 Oct 5 165
Feb 198
July
American Coal
25
100 35 Oct 2, 35 Oct 2 35
Sept 35
Sept
American Express_ _ _100 600 12714 Sept 30,132 Oct 5 123 Jul1401i Jan
Assets Realization __100, 7001 3 Oct 41 3 Oct 4 3
Ma 8
Jan
Associated Oil
100 500 6814 Oct 2, 6914 Oct 6 62
Jan, 77
Jan
Barrett Co, pref_ _ _100; 2001117% Oct 61117;50ct 5 117% Oct;z117% Oct
I3atopllas Mining
_20 2
1% Oct 3 1% Oct 3 1% June' 3% Jan
Brooklyn Union Gas..100 10013214 Sept 30 13214 Sept 30 126
Apr113234 Sept
Brown Shoe
100
1001
66% Oct 6 6614 Oct 6 5034 Jan 67 Sept
Preferred
1001 300 99 Oct 6 9934 Sept 30 9534 Jan1102 May
Terminal_100!
7% Oct 3
Oct 5 6
July
Jan
To-day's (Friday's) actual rates for sterling exchange were 4 71% for Brunswick& Pitts_ _ _100 1,100 97 Oct 3 8 Oct 2 92 May 14
Buff Roch
224
100
July
9734
sixty days, 4 75 11-16 for checks and 4 76 7-16 for cables. Commercial on Barns Bros
101
700 7814 Oct 2 8014 Oct 4 66
Aug 87
Jan
banks, sight, 4 75 9-16, sixty days, 4 704; ninety days, 4 68%, and docu- Butterick
100, 100 2814 Oct 4 2814 Oct 4 28
Apr 31
Jan
ments for payment (sixty days), 4 71. Cotton for payment, 4 75 9-16, Case (J I), pref
100; 700 83 (Oct 5 8314 Oct 4 83
Oct 90 May
and grain for payment, 4 75 9-16.
Cent & So Am Teleg _100,
33140 Oct 4142 Oct 6 134
July 142
Oct
To-day's (Friday's) actual rates for Paris bankers' francs were 5 89% Chicago & Alton
100 1,000 834 Oct 5 1114 Oct 6 8
Feb 1114 Oct
for long and 5 84% for short. Germany bankers' marks were 79% for
Preferred
1001 300 20% Oct 6 24 Oct 6 18
Sept 24
Oct
nominal for long and nominal for short. Amsterdam banker
sight,
Cluett,Peabody&Co_100. 900 71 Oct 5 72 Oct 4 68
Apr 76
Jan
guiluers were 40% for short.
Cons G,EL&P(Balt) 100; 850113 Oct 4116 Oct 6
Mar116%
Exchange at Paris on London, 27.81% fr.; week's range, 27.8114 fr. Continental Insur____25' 1001 56% Oct 6 5614 Oct 6 10834 June 58 June
54
Mar
high and 27.86% fr. low.
Deere & Co, pref_....i00 800 94 Oct 3 95 Oct 4 89 May 9834 Feb
The range for foreign exchange for the week foaows:
Detroit Edison
100
100.140 Oct 6 140 Oct 6 131
Mar 14134 Jan
Cheques.
Sterling Actual—
Sixty Days.Cables.
Detroit United
100 425116% Oct 3 118 Oct 5 70
Jan 11934 Aug
4 76 7-16
High for tho week_ __ 47114
4 75 11-16
Duluth S S & Ati_ _100 500, 6 Oct 3 634 Oct 3 4% Mar 6% May
4 76 7-16
Low for the week_
4 75 11-16
4 7114
Preferred
100' 1.100 10% Oct 3 13 Oct 6 10
Jan 14
Jan
Parts Bankers b rano—
Homestake Mining_ _100
Jan 13534 Oct
1001135% Oct
13534 Oct 6 126
High for tine week__ _ 58914
58314
58214
Int Ham N J, pref_ _100 250120 Oct 4122 Oct 4 114
Feb 122
Oct
5 8414
5 8314
Low for the week_ __ 5 8914
Int Harvest Corp
100 200 79 Oct 5 80% Oct 3 6834 Mar 8434 May
Germany Bankers' Marks—
Preferred
100 100110 Oct 4 110 Oct 4 104% Apn110
Oct
High for the week_ _
7014
70%
Iowa Central
100
100 3% Oct a 334 Oct 3 2
July 6 May
_
Low for the we3k___
6914
69%
K C Ft S & M pref 100
Me 73 June
100 70 Oct 61 70 Oct 6 GO
'
Amsterdam Bankers' Guilders—
Kayser(Jullus)& Co_100 100 98% Oct 41 98% Oct 4 801 M 100 June
5
40/s
High for the week_ _ _
4014
40 15-16
Kings Co E L & P__ _ 100; 628 Oct 2129% Oct 5 126% May 131
Feb
1%
40%
40 13-16
Low for the week__
4014
Laclede Gas
1001 600 106 Oct 2106% Oct 4110334 Mar107;5 Feb
Domestic Exchange.—Chicago, 20c. per $1,000 discount. Boston, par. Loose-Wiles Biseult_100 3001 15 Sept 30 1534 Oct 3, 14
Sept 21
Jan
St. Louis, 15c. per 81,000 discount bid and 10c. discount asked. San May Dept Stores__ _100 5,100I 6235 Oct 2 6814 Oct 5' 5034 Jan 6834 Oct
Francisco. 10c. per $1,000 premium. Montreal, par. Minneapolis, 30c.
Preferred
100
501105% Oct 6 105% Oct 61102% Jan 169 May
per $1,000 premium. Cincinnati, par. New Orleans, sight 50c. per Minn & St L new.. _ _ _100 8001 26 Oct 5 28 Oct 3 26
Oct 28
Oct
$1,000 discount, and brokers 50c. premium.
N Y Ch & St L 2d pf_100 250 55 Oct 5 55 Oct 5 50
Apr 67 June
New York Dock_ _ _ .1011 100 14% Oct 2 14% Oct 2 934 May 16
Sept
State and Railroad Bonds.—No sales of State bonds Norfolk Southern_._100' 600 2334 Oct 4 25 Oct 51 20 Apr 27 Jan
Owens Bottle Maeh__251 6,200 83 Sept 30 96 Oct 5 83 Sept 06
Oct
have been reported at the Board this week.
Preferred
1001 100
Oct
The volume of business in the market for railway and Pacifto Tel & Tel._1001 1,400 117 Oct 6 117 Oct 6 117 Apr 117 Oct
_100,
Oct 4 3514 Oct 81 32%
44
bonds was not so heavy as that of last week. Prices Peoria & Eastern__ _ _100; 2,000 3434 Oct 2 15% Oct 4 8 Mar 1534 Jan
industrial
14
Oct
1,400 33% Oct 4 3834
Apr 3834
were generally higher, the advance in some cases being note- Pittsburgh Coal _ _10 1,000104 Sept 30 106 Oct 6 22% Feb 106 Oct
Pittab Steel, pref_ _
Oct 5
Oot
their movement of aweek ago, American Quicksilver Mining _1001 4001 4 Oct 6 434 Oct 6 9334 May 81; Jan
worthy. Reversing
pf1001
334
Rutland, pref
100; 120
30
30
Oct
Smelters Securities 6s fell away 23% points to 1123 , while Sloss-Sheff S & I, pf _10Q 200 28 Oct4 9834 Oct 6 23 Feb 101 Jan
4
Oct 4 9134 Apr
9834 Oct 4
Southern Pacific con. 4s, Northern pacific 4s, and 3s, and Standard Milling _ _100; 300 97 Oct 4 100 Oct 6 86 Mnr103% May
6 5
7
3
Apr
New York Telegraph 43's lost fractionally. St. Louis & Toledo St L & West_10011,800 5% Oct '4 10% Oct 6 5 May 1034 Oct
Trust receipts
1 400
Oct
6% Oct
634 Oct
San Francisco prior lien 4s, ser. A. w. 1. and adjustment 6s Preferred
100, 2,600 1234 Oct 3 1834 Oct 6 10
Feb 1854 Oct
w. i. gained 13 and 1% points, respectively. In sympathy United Cigar Mfrs....10Q 300 46 Oct 4 4734 Oct 51 46 Oct 64 Mar
4
Express
100
100
5
Sept
Oct
with the shares, New York Central deb. 6s advanced from U S Reduc & Refin _ _100 700 28 Oct 6 28 Oct 51 28 June 4934 Apr
US
1% Oct
5 1
2
374 Jan
1001 900 134 Sept 30 1% Oct 3
% Aug 4
Jan
1143'g to 1143' and Denver & Rio Grande con. 4s added % Preferred
Wells Fargo Express _100, 1,600 127% Oct 2 130% Oct 512334 May1135
Jan
of a point to their closing price of 78% a
week ago. The most
spectacular was United Railroads of San Francisco 4s, which
gained 3 points to 363/s.
Among the Government issues, Anglo-French 5s, American
Foreign Securities 5s, United Kingdom of Great Britain &
Ireland 5s and the Dominion of Canada issues, as usual, were
the most active. Sales amounting to “:25,000 par value of
the new City of Paris loan, mentioned in these columns last
week, were reported at the "curb" market this week, the
selling price varying between 99 and 993%.
Sales on a s-20-f. basis, indicating presumably sales on
foreign. account, have increased considerably, being $94,000
as against $18,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board are limited to $5,000 Panama 3s reg. at 103; $25,000 Panama 3s coup. at 103 and $1,000 4s coup. at 1103/2.
prices of all the
For to-day's
different issues and for the week's
range see third page following.
Railroad and Miscellaneous Stocks.—It has become
almost unnecessary to point out that sales of securities at the
stock market have aggregated over a million shares daily.
Despite large sales for the purpose of taking profits, prices
have, as a whole, advanced. Railway shares have been
very prominent this week, due, no doubt, to the exceptionally
favorable earnings reports, both monthly and yearly. From
a list of 15 most active issues Union Pacific and Reading,
reacting from their recent sharp advances, showed a frac
Outside Securities.—Business at the Broad Street
"Curb" has been brisk and sales have shown a considerable
increase in volume over those of a week ago. Aetna Ex%
plosives advanced from 113 to 12%, closing at 103%. Carbon Steel moved up from 89 to 95 and Corporation of Riker
& Hegeman gained a fraction. Chevrolet Motors fell from
205 to 198, advanced to 201 and closed at 195. Gaston,
Williams and Wigmore gained slightly, while General Motors
w. i. advanced from 15134 to 157. declined to 151, the final
figure being 154. Midvale Steel dropped from 7634 to 683%,
the last sale being quoted at that price. Poole Engine &
Machine Co. covered a range of 434 points, closing at 113,
334 Points below the high mark, while the high, low and
last prices for Springfield Body, Stromberg Carburetor,
United Motors and White Motors were 101-92-95, 41M-39-41%, 67-6334-6334 and 59-553%-5834.
Standard Oil issues were less active than last week. Ohio
Oil fluctuated between 309 and 300, closing at 307, and
Prairie Oil & Gas lost 10 points for the week. Standard Oil
of New York moved up from 236 to 240, closing at 236, and.
Union Tank Line closed at 95,4 points above its final quotation last Friday. Bondstraded in at the"curb"were $607,000
Midvale Steel 5s at 983 to 9834, $59,000 Russian Govern%
ment 634s w. i. at 1013% to 10134 and
25,000 City of
Paris 6s w. i. at 99 to 993%.
A complete record of "curb" transactions for the week
will be found on page 1292.
1284
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.
PEIC SH A KZ
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Monday
Oct. 2.
Saturday
Sept. 30
Tuesday
Oct. 3.
Wednesday 1 Thursday
Oct. 5
Oct. 4.
Friday
Oct. 6
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
t-Erc Z.AlIS.
Range for Precious
Year 1915
Lowest
Highest
Railroads
Par $ per share $ per share $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share
0212 Feb 11114 Nov
3
8
4
8
10612 1067 1064 1067 10614 10738 107 10812 10738 1087 1063 1077 45,800 Atch Topeka & Santa Fe_100 10014 Apr 22 10878001 5
8
96 Jan 10218 Nov
100 9858 Aug 30 102 Feb 24
4
100 10014 10012 10078 10014 1003 1008 10012 3,400 Do pref
8
10034 1007 10018 1007
8
3,800 Atlantic Coast Line RR
98 Mar 116 Nov
100 10612 Apr 19 12118 Oct 5
12012 12118 120 121
11612 12012 120 121
*115 11612 116 116
4
633 Feb 90 Dec
91
100 8278 Apr 24 96 Jan 4
89
905, 42,600 Baltimore & Ohio
9034 90
8
4 885 8912 885, 894 89
883 893
4
67 Feb 7934 Nov
7714 7612 7612 1,030 Do pref
*77
100 7212 Aug 30 80 Jan 15
4
8 763 77
77
763 768 7612 767
*76
8
8314 Aug 93 Apr
8
4 8512 8638 5,400 Brooklyn Rapid Transit_100 8312 Sept25 887 June 6
863
85
85
85
85
85
85
85
85
85
16,200 Canadian Pacific
4Jan 3 138 July 194 Nov
100 x16212 Mar 1 1833
18012 18134 1794 18112 179 181
4
4
4
17812 1783 17812 1793 1793 182
72,800 Chesapeake & Ohio
355 Jul y 644 Nov
8
100 58 Apr 24 6014 Oct 5
6812 685, 6914 6712 69
8
8 67
65% 678 657 674 6618 673
1014 Jan 1712 Nov
4 1312 1412 14,200 Chicago Great-Western_100 11% Apr 24 155,Jan 3
3
*1314 1312 1318 13% 134 1312 1314 1312 133 133
2512 May 4112 Nov
8
3734 403 29,300 Do prof
100 33 Apr 24 4053001 6
3712 3712 38
37
37
373
*3612 37
37
37
773 July 10118 Dec
4
5g 9814 963 98
25,600 Chicago Milw & St Paul 100 91 Apr 22 10212 Jan 3
8
8 97
8 06
9612 96
963 977
06
97
967
12814 1285, 4,600 Do prof
100 124125ept13 13618Jan 5 12078 Sep 135 Dec
4
4
127 12714 127 1273 1273 12814 128 12918 12812 129
4,900 Chicago & Northwestern--100 124 Sept 8 1347 Jan 3 11812July 13518 Nov
130 13114 12912 130
131
130
8
*128 12912 129 1293 1291 130
100 §165 Apr 13 175 Jan 11 163 July §180 Nov
Do pref
*170 175 *171 175 - ---- ----*171 175 *171 175 *171 175
1012July 3838 Apr
100 1512 Apr 22 2412June21
19% 1812 1978 1938 2058 1938 2014 35,800 Chicago Rock Isl & Pae
185, 1918 1918 1912 19
8,580 Cloy On Chic & St Louls100 38 Apr 27 5912June 8 §21 Jan 52 Oct
8 564 5914
553 5612 5612 587
4
8
5318 5314 537 5414 5312 56
700 Do prof
5318 Feb 77 Oct
8412 8412 8412
8412 *83
100 70 Feb 2 86 June14
83
82
*83
83
82
85
*83
33
24 Mar 3812 Nov
34
1,700 Colorado & Southern
4
100 243 Apr 24 3612 Junel3
3138 *3114 3212 303 32
32
31
*30
32
*31
600 Do 1st pref
45 Jan 60 Nov
6012 6012 0012 6012
100 46 Apr 1 61 Sept27
60
61
*59
*59
61
62
60
*60
100 Do 2d pref_
52
*48
35 Sep 52 Nov
4
53
*48
100 40 Mar13 573 June10
53
*48
5212 5212 ____ __-_ *4812 52
155 15578 15512 15512 1,300 Delaware Sr Hudson
100 14918 Apr 20 156 Oct 4 13812 Aug 15418 Nov
153 150
15212 15212 ____ ____ *152 153
100 Delaware Lack & Western_50 216 Mar18 238 Sept26 109% Jan 238 Nov
238 238 *234 210 *23112 240
*234 240 *234 240 *234 240
4 Jan 1612 Nov
878 Mar30 1914 Oct 6
4 17
1914 9.400 Denver & Rio Grande__ _100
15
1478 15
16
15
*12
155, 1514 163
*13
612 Jan 2938 Nov
100 15 Mar 8 45380ct 6
345 364 3613 3734 37.2 4212 4112 453 57,750 Do prof
*3312 3412 3434 35
4
1978 Feb 4538 Nov
8Jan 3
100 32 Apr 22 435
4012 4138 405 4112 3938 403 106,900 Erie
8 393 4012 393 41
393 405
4
3214 Feb 5912 Nov
100 48 Apr 22 5918 Jan 3
5414 5538 5412 5512 5418 5518 10.000 Do 1st prof
4 5414 65
4
5414 5438 533 543
464
46
27 Feb 5414 Deo
46
800 Do 2d pref
46
4614 464 4612 47
100 41 Apr 22 5412Jan 3
47
*45
*45
46
100 11618 Aug 30 12712Jan 4 11234 Jan 12838 Nov
119 11953 119 1197 119 1197 1197 12014 12014 1204 119 12078 9,100 Great Northern pref
8
8
8
254 Jan 54
Oct
4538 433 4514 35
.050 Iron Ore properties_No par 3338 June26 5034 Jan 3
4
443 453
4538 45
8 45
8
453 4673 44% 46
23,310 Illinois Central
8
99 July 113 Apr
4
100 993 Apr 17 10973 Oct 5
10414 1067 1057 1073 1065, 10812 108 10913 109 1097 10638 109
8
8
8
1814 46,80 interbor Con Corp, vtc No par 1534 Feb 15 2113 Jan 3
8
1712 1718 1818 18
187 July 2512 Nov
1712 1712 1714 173
3 1'714 17% 17
753 16,550 Do prof
70 July 82 Nov
7412 754 75
74
7378
74
73
100 71 Feb 15 7712Jan 3
7313 74
2712 2614 2734 0,800 Kansas City Southern__100 231s Apr 28 3214Jan 4
27
27
205 Feb 3518 Nov
8
*2614 2634 2613 2612 2534 1614 26
4
6212 613 6178 2,200 Do pref
5478 Feb 6512 Nov
100 58 Aug 18 647 Jan 3
*5912 6012 6012 6012 62
61
8 60
597 597
3
21
5 Jan 163 Dec
21
21
21
20
*19
100 10 May 2 2212 July19
20
21
2138 2138 2138 1,800 Lake Erie & Western
*19
1,000 Do prof
46
45
19 May 4112 Dec
4412 4412 4412 45
*42
44
*423 44
100 32 Apr 20 48 Oct 6
4
44
*42
4
8538 854 8718 844 863 151,300 Lehigh Valley
8512 84
6438 Feb 8314 Nov
8614 84
50 7412Jan 31 8713 Oct 5
825 854 84
35
35
*33
15 Jan 2738 Oct
Long Island
35
36
*33
*33
*34
36
50 20 Jan 31 4112Junel2
36
*34
139 13912 5,900 Louisville & Nashville____100 12118 Mar 1 140 Oct 5 10412 July 13012 Nov
13512 13612 13812 140
13312 13312 13312 136
134 134
1,233 Manhattan Elevated
8
100 128 Apr 28 13138Jan 28 125 June 132 Dec
1303 131 *129 133 *130 131
13014 131 *130 132 *130 134
128 128
130 130
7,600 Minn St Paul & El 8 M
100 11614 Apr 24 130 Oct 4 106 Jan 12612 Nov
124 124
4
124 124
8
1247 1293 12812 130
1,000 Do prof
13012 13012 13112 13112 132 136 *132 136 *134 136
100 128125ept26 137 Jan 15 123 June 136 Dec
130 130
418 413 3,500 Missouri Kansas & Texas_100
4 Sep 1514 Apr
43
714Jan 13
8 438
4 412
*33
4
412 *33
4
313 Sept 6
1412
13
400 Do pref
1018 Sep 40 Apt
13
13 .10
*10
100 10 Apr 3 1012Jan 4
13
---- ---- ---- ---- *10
1814 Apr
514 512 5,700 Missouri Pacific
712July 6
518 514
134 July
518
434 434
100
34 Sept 1
5
47
8 47
8
---- ---43
74 Nov
3 Dec
738July 6
314 Sept 1
000 Trust co etts of deposit___
514 55 10,
54 538
47
8 514
4 47
3
47
8
43
43
4 434
s
2312 2378 233 233
4 237 24
2 7 214 2414 2438 2414 2438 6,000 Missouri PacifIc(new)when Ise. 2218 Sent 6 2458001 6
5238 5212 5214 5238 1,800 Do prof(or Inc bonds) do_
4734 Sept 5 52580ct 6
5134 517 ---- --52
8
52
5138 52
8112 Mar 11012 Dec
400 NY Central & Hud River_100 10014 Apr 22 11414 Oct 5
109 10934 10938 11038 1093 11034 11014 114
1135, 11414 x111 11238 184,
*34
3512
343 35
4
34
200 NY Chic & St Louis
30 Juno 4653 Dee
35
*31
*33
*33
35
35
100 33 Apr 17 45 Jan 13
*33
3
Oct
8
6112 6238 6014 623 16,600 N Y N H & Hartford
43 Feb 89
61
583 6012 60
62
4
100 57 Apr 26 777 Jan 10
60 8 6034 60
3
213 Jan 35 API
20
11.800 N y Ontario & Western_100 26 May 5 31 Jan 3
27
*2714 2712 28
*2612 2714 *2612 2734 27
2638 27
3
9912 Jan 1225, Dec
100 114 Mat 1 14514 Oct 4
1385 14012 1395 14514 1433 14514 141 144 129,800 Norfolk & Western
8
8
135 1375, 138 140
8012 Sep 90 June
4
500 Do adjustment pref_100 8418 Feb 25 8918 May22
---- ---- 8512 8512 8512 8512 *8512 8612 864 864 *8512 863
11334 11434 23,200 Northern Pacific
0918 Feb 1185, Dec
11412 115
8Jan 4
11338 11412 114 115
100 10814 Sept 2 1187
11314 11378 11312 114
5812 5973 70,400 Pennsylvania
5918 60
8
59
50 55 Sept12 60 Oct 4 51% Feb 6112 Nov
583 60
4
577 5818 577 5838 58
8
65 May 86 Nov
1 3 Pitts Cin Chic & St Louls_100 78 Feb 17 88 June 5
. 00
*834 85
83
8412 .80
8412 853 *8314 85
83
*80
84
100 Do pref
00 June 0812June
100 88 Jan 26 9834Jan 13
95 *---- 98 *____ 98 *---- 98 *---.. 98
95
*--_ 98
8
693 May 8538 Nov
8
11212 1137 11112 11318 11114 11318 11213 11334 11258 114% 111 11414 161,100 Reading
50 7518Jan 31 11512 Sept27
45
454 45
---- ---45
403 Sep 45 June
45
*45
8
45
50
45
0 1st preferred
8
50 417 Feb 19 46 Feb 29
40 Feb 44 Apt
8
8
8 463 4638 463 4638 *4614 4612 --------400 2d preferred
_50 4114 Feb 21 52 May19
3
463 - 8 463 483
463
17
17
---.
5,400 St Louts & San Fran new (w I). 1512 May18 173 June28
1718 1713 175
4
1678 1718 167 17
17
8
•1614
11
Sep 23 Nov
400 St Louis Southwestern____100 16 May 4 2034 June 9
203 203
4
20
20
*18
20 *_ 20 *____ 20 *_ 20
900 Do pref
425 427
29 Sep 4512 130(
100 3712 Sept I 4612June 9
4212 *____ 4212 4212 4213 4213 425
4212 *29
*40
8 4,500 Seaboard Air Line
1612 157 163
8
1118 July 2014 Nov
16
15
100 14 Apr 22 187 Jan 13
1514 153 16
8
2
4 1512
143
4 147 *143
4014 6,800 Do pref
8 40
4
8 393 407
3014 July 4334 Nov
3714 38
393
36
3634 36
38
100 3413 Apr 24 42 Jan 13
36
46,700 Southern Pacific Co
1025, 10314 1013 103
8114 Feb 1044 Dee
4
100 9414 Apr 22 1044 Jan 4
10112 1025, 10112 10214 10112 10212 1013 103
2734 88,400 Southern Railway
3 26
8
1212 July 26 Nov
8 253 2614 264 273
100 18 Apr 24 2734001 6
8
2514 257
8 247 2512 2514 257
704 7,000 Do pref
4 693 7014 69
42 July 65 Nov
693
100 56 Apr 24 71 June 9
4
6918 6814 6814 683 6918 69
69
1778 Apt
3
1234 125 1438 6,500 Texas & Pacific
12
12
113
612Feb 14 143sOct 6
12
812 July
*1013 1134 1112 1112 *10
100
11,400 Third Avenue (New York) 100 564 Oct 3 6812 June22
5938 5812 59
35 Jan 644 Oct
5812 5914 59
56% 58
561 583
5814 601
90 July 100 Apt
9712 *96
063 063 --------100 Twin City Rapid Trans1t_100 04 Mar 24 99 June 8
4
98
4
98 - ---- ----,
96_
.96
15214 1503 15214 149 15138 192,700 Untoi Pacific
4
4
4
4
1495, 1513 1495 15112 1501
100 1293 Apr 22 15212 Sept27 1153 Jan 14112 Nov
8
14913 151
8 8314 834 834 8338 2,434 Do pref
8438 837 8412 8314 837
84
3
100 x80 Sept 1 8412 Sept29 x79 Mar 8418 Nov
84
84
912 1012 14.200 United Railways Invest100
8
95 103
8
8 Jan 2712 Oct
912
4
4May 9 2114Jan 4
8
87
87
8 93
73
93 10
8'2 9
4
2313 233
4 3,500 Do pref
4
2212 24
2114 Mar 473 Oct
22
21
24
22
22
1878 187
8 20
100 17 Sept16 393 Jan 3
4
3 1514 1513 1514 153 15,000 Wabash
153
1238 Oct 1712 Nov
100 1318 Sept13 17 Jan 3
1438 1438 1438 154 1453 1538 15
4
5378 523 5412 43,100 Do prof A
5214 5314 53
5214 53
100 4112 Mar 1 5412 Oct 6
51
437 Oct 4914 Nov
5112 515 53
8
8
4
4 295 304 293 307 51,000 Do pref B do
2813 2814 293
293
28
2512 Oct 3212 Nov
4 283 2912 29
4
100 25 Apr 22 3213 Jan 15
13,200 Western Maryland
32
014 Jan 3513 Oct
2933 297
3 293 3012 2912 297
100 2412 Feb 28 3412Mar 27
8
2938 3018 304 3114 30
8 4,200 Do pref
4612 4612 487
45
46
25 Jan 5058 Oct
4512 47 .45
47 .42
46
*41
100 40 Mar 7 51 Juno13
614 Nov
212 212 *3
4
312
1,
400 Wheeling & Lake Erle
312 *3
6 July 10
*212 312 *3
3
3
100
12 July
212 Sept29
1,--9nn Do 1st preferred
*515 9
713 *613 7
*53
4 713
4
2 Aug 193 Nov
100
514 Sept30 1812July 5
514 512 *518 713 *6
3
33
4 7,300 Do 2d preferred
212 3
818 Nov
734July 5
2
312 *312 4
3 Aug
214 3
3
212 4
100
214 Oct 4
52
514 514 *50
1,500 Wisconsin Central
28 July 45 Nov
5112 5112 5112 52
*49
49 49
52
100 33 Apr 19 5612 July 20
Industrial 8c Miscellaneous
900 Advance Rumely
154 1514
15
1518 15
8
17
15
*1512 17
163 17
*15
100 14 Aug 22 2112 Apr 29
500 Do prof
*3114 344 314 32
--.
*3112 3412 *3114 33
*3114 33
100 3114 Oat 6 43 Apr 28
*3114 38
__ *63
6512
-- •
65
6512 65
---*63
100 Ajax Rubber Inc
50 63 July31 67 Sept14 . _ _ ____ pi
2114
00
-iii8 131- -121.2 -13 - 1212 1273 1212 1314 1258 1258 1258 1234 8. 0 Alaska Gold Mines
10 1112 Aug 30 2612Jan 7 - - Dec 4012 A67
8 7
712 712
03 Dec 1312 Nov
714
4
74 9.900 Alaska Juneau Gold Min'g_10
67
8 7
7
67
714
7
30ot 2 1014 Jan 7
67
2714 8,390 Allis-Chalmers Mfg v t c.100 19 July 19 337 Mar 14
73 Jan 4912 0e1
8 26
2612 2678 2618 267
3
2612 2738 26
27
267 27
,120 Do preferred v t o____100 7012July 18 8412 May16
8112 8112 80 4 81
33 Feb 857 Dot
81
*8012 82
8 2
4 8118 813
8114 8113 813
3
8138 8034 81
8078 807
8012 8014 8014 80
2 100 Amer Agricultural Chem__100 63 Apr 22 8331Sopti4
.
80
48 Jan 7412 Nov
81
80
200 Do prof
___
___ _ __
---_
4
101% 1013 102 102 *10112 102 *100 102
00 Mar 10118 Nov
100 96 Ivlar23 102 Sept12
31,100 American Beet Sugar
97 100
991
9712 0914 98 974 9612 98
100 6134 Feb 1 100 Oct 0
9612 9712 96
3314 Jan 727 DCI
*99 1005,
300 Do pref
100 100
9912 100
83 Feb 05 Nov
*98 101
*98 101
*98 101
100 93 Apr 24 102 Juno22
664 6312 654 69,400 American Can
65
6553 654 66
25 Feb 6812 001
6012 65
6514 6738 65
100 5014 June27 6812 Sept29
1143 115
11412 11412 114 11414 ;1115 115
1.078 Do prof
9112 Jan 11312 Nov
115 11538 *114 115
100 10814July 13 11538 Sept30
40 Feb 98 Oc
7313 7013 7213 7133 727
7113 7214 714 7218 6812 7112 64,100 American Car & Foundry_100 52 July 8 78 Jan 3
71
100 Do pref
__
___ 119 119 *11712 11012 *11712 11914 .118 11912
__ ____
8Aug 9 11912Mar 11 11112May 118 Ant
100 1153
8 4,700 American Cotton Oil
4
5438 5458 543 5412 543 563
5418 *54
544 55
55 -39
55
Ian 64 Oc
100 5012 Apr 22 5712Jan 17
*09 102
*99 102
*99 102
*99 102
*99 102
*99 102
Do pref
91 June 1024 Nov
100 98 Jan 6 102 Mar 15
1214 1218 1338 22.600 American Hide & Leather-100
1414 00
4June 3 135
1118 1158 1114 1114 1118 1114 1114 1112 12
8Oct 6
438 Feb
83
6514 6934 23.400 Do prof
6253 6313 65
6014 607s 6014 607s 62
6012 613
1034 Jan 5913 Oc
100 45 Mar 1 693
4001 6
2813 29
284 2878 2812 2812 2812 2813 285 2838 28
8
4 2,500 American Ice SecurItles
283
100 25 Jan 20 3112 Fob 19
2058 Jan 35 AP
37,400 American Linseed
2412 2512 237 25
3
257
s 2314 233
4
2312 237
4 233 2513 25
714 Jan 314 Oc
100 174 July 14 2578Oct 4
3 56% 5812 31,300 Do prof
5212 5234 5614 577 585
57
583
5212 5212 52
100 3814 Mar 1 5853 Oct 4
24 Jan 504 Oc
834 108.700 American Locomotive_-100 58 July14 8412001 3
8212 8312 80
19 Mar 743 Oc
8
7912 8112 795 8214 8212 8412 8212 84
830 Do pref
10612 10612
75 Mar 105 No,
4
100 9912July 13 107 Sept25
---- ---- 10612 10612 10612 107 *1063 10714 10618 107
*712 813 *712 9
37 Apr 134 Oc
8
8
83s 83
*712 812
83
8
*7
700 American Malt Corp
9
512Ju1so 3 10 Apr 7
100
4214 1,400 Do pref
42
41
41
407 4073 4112 42
8
*3912 4012 4014 41
2112May 3712 De
8Jan 14 4214001 6
100 x315
*864 8812 ss
*8712 88
88
78 Jan 88% Ma:
220 Amer Smelters Sec prof B_100 8412July 13 88 Nlay25
88 88
88
*88
*96
9612 *95
97
96
*95
9612 9612
----- _-96
96
-210 Do pref Ser A stamped__
9134July 11 07 Sept 6
86 Oct 92 De
113 11438 11038 11378 81,650 Amer Smelting & Refining_100 8812 Apr 22 117 Sept25
4
113 11512 1113 11312 112 11418 1123 114
56 Jan 1088 De
4
11718 11712 1174 11714 *11612 11712 1163 1163 11612 1163 11618 11618 1 0
4
4
. 85 Do pref
100 10914 Apr 22 11712 Sept30 100 Jan 113 No,
-___ __
1397 140
8
140 140 *135 150
---- -___ *140 145
500 American Snuff
100 130 Mar 23 14912June 8 144 Jan 165 Ap
*105 110 *108 110 *108 110
__
Do pref
100 10612 Mar 22 110 Jan 27 103 Jan 11038 No,
61
8
6112 6214 615 6233 6234 6514 6414 6512 60
62
6314 15 200 Am Steel Foundry
.
100 44 Apr 24 6512001 5
2418 Mar 7412 Oc
1124 1143 20.000 American Sugar Refining_100 10512 Apr 22 11612Jan 8
4
112 11212 1117 11218 112 11214 11213 11338 1125 114
0912 Feb 11978 No,
00 Do pref
1187 1187 ---------------- - 2
____ ____ ____ 119 119
100 11513May 5 120 Sept20 109 Feb 11912 No,
,200 Amer Telephone & Teleg_100 12614 Feb 1 £13413 Sept29 116 Jan 13014 No,
133 134
133 13312 133 1333 133 13314 133 13312 13318 13314
3
____
___ 22118 222
22118 22113 221 22114 22112 222
221 221
1 3 American Tobacco
. 00
100 188 Feb 16 225 Aug 11 19512 Dec 25212 Ap
650 Do pref (new)
1094 10914 1004109's 1094 10914 110 110
§109 109 *109 111
100 10514 Apr 24 113 Sept23 10314 Jan 111 No'
8
48
4812 467 483
485 524 4938 5238 24,250 Am Woolen of Mass
48
*48
487
3
46 Nov 56 Oc
s 48
100 42 Jan 11 5514 Mar 14
98
97 97
973 984 *9712 9812
*97
98
9713 9714 *97
950 Do prof
05 Dec 984 No'
100 92 Jan 10 102 Mar 10
3234 33
32
3218 33
3434 3413 3512 3518 357
3 34
343 14.600 Am Writing Paper pref_100 11 Jan 8 36 Septll
4
5 July 15 AP
4212 4234 4538 46
4914 25,100 Am Zinc Lead & 8
42
4114 4214 413 417
4134 42
6714 Dec 7113 De
25 29%July 10 977 Apr 10
2,500 Do pref
7714 7718 79
76
77
75
____
75
*75
77
___ *75
25 5912July 11 7912Septll
9858 9512 9818 173,
97
975
9814 958 050 Anaconda Copper
9533 9758 964 9714 97
50 77 Apr 22 102 Sept25 c2434 Feb 9158 No
86
884 897
8812 8712 89
893 9158 8813 00
8 88
4
88
6
.100 AU Gulf & W I SS Line etfs 100 56 July 12 95 Sep114
2.200 Do pref cents
66
6513 6614 66
66
657 66
66
3
*6513 87
67
*66
8
100 61 July 12 683 Sept16
91
935
865 9012 125,550 Baldwin Locomotive
927
8 907 9214 893 92
3
4
.2
8712 8812 88
8Jan 3
3July 14 1185
2058 Mar 15412
100 653
10813 10834 *108 109 *108 109
10812 10812
3
00 Do pref
100 104 June20 110 May24
92 Mar 114 Se
-_-_-_- -..--_- i.ii- 154
4
154 15412 15514 15912 1593 16312 1623 1654 6.900 Barrett Co (The)
4
100 15018 Sept25 16514 Oct 6
555 555
555 559
*540- 56i5 54912 551
59 *550 560
1,376 Bethlehem Steel
100 415 Jan 11 580 Sopt14
4614 Jan 600 0(
----- --1137 137 *135 138 *135 137
•130 137
Of
135 135
Jan 184
91
150 Do nref
100 126 July21 145 Jan 6
• Bid and asked prices; no sales on this day. I Ex-rights. II Less than 100 shares. a Ex-dlv and rights. S New stock. ()Par $25 per share. *First kunallment
paid. z Es-dividend. a Full paid.
*32
4
ii"(
1')
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 30.
Monday
Oct. 2.
Tuesday
Oct. 3.
Thursday I
Wednesday
Oct. 5
Oct. 4. I
Friday
Oct. 6
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PE'R SHARE
Range Since Jan. 1
-share lots
On basis of 100
Lowest
Highest
InduStrial&Alisc.(Con.) Par $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share
30,100 Butte & Superior Copper-- _10 6012July 11 10514 Mar 9
3 65
68
4
4 633 657
6312 635
8 6312 6434 0312 6414 6318 633
2314 3,100 California Petroleum. vte_100 15 June27 4258Jan 3
2213 2312 23
24
23
2312 2314 24
2314 2373 23
1,500 Do pref
51
5118 *5012 5118
100 40 June29 803 Jan 3
51
4912 503
s
4 50
5012 51
52
*50
,
100 49 Apr 22 833 Oct 6
Central pref80 Leather
80
8334 105
80
73
757
7234 7134 73
8 76
4
7214 7312 71
600 Do
100 1087
8Jan 3 11514 Oct 5
115 115 *115 11512 115 11518 11514 11514
•11412 115
i- -14- - 2,100 Chandler Motor Car
6 1156
10514 106
100 8812 Apr 24 131 June 5
105 1053 105 10514 *104 106
4
105 105
13,600 Chile Copper
8 2114 22
25
195 July 14 2538Jan 5
8
2138 2134 2113 2114 2113 2138 21; 215
2134 22
5 4618July 11 60 Feb 19
,
5513 56 2 5518 5614 20,300 Chino Copper
4
5534 5718 553 563
4 5512 56
5618 57
5914 6012 5712 593 80,700 Colorado Fuel & Iron
4
100 3818 Apr 22 6314 Sept30
5914 61
60
6314 5953 61; 5912 61
3234, 35.2 59,000 Columbia Gas & Elec _ __ _100 3014 Sept28 3512 Oct 6
4
313 33
8
3014 31,
4 3058 3112 3158 32,4 313 32
300 Computing-Tab-Record
47
100 4058 July24 5258Jan 22
4612 *4612 4712 47
4712 46
4612 *46
*46
4
8
13818 13812 138 1387 139 13914 13918 13912 13912 14114 ii5r4 fill- 10,500 Consolidated Gas (N Y) 100 13012Mar 1 14434 Jan 8
2,400 Continental Can
10334 10514 1023 105
4
100 7514 Jan 31 x111 Sept20
10312 104 *10212 104
103 103
10212 103
100 106 Feb 1 211218 Sept20
Do pref
•109 115 *109 115 *109 115 *109 115 *110 115 *110 115
4
4
8 163 173 31,425 Corn Products Refining__ _100 1314 Aug 8 2514Jan 25
8 1612 173
4
3 1718 177
158 1614 1514 1618 153 173
8 2,600 Do pref
100 85 June26 10112Jan 14
4 00; 913
9138 9114 913
8
9113 9118 9114 917 291
*9012 92
4Jan 12 9912 Mar 16
800 p
5
Of Amer1ea-100 523
917 9514 9234 9512 9414 963
91 12 95 166, 02 Crucible
4 9414 955
8
3 9414 953
122 122
122 122
pref
100 10814Jan 11 122 Sept29
12178 1217 121 122
8
6712 100,500 Cuba Cane Sugar
No par 5214 Aug 3 6712 Oct 5
4
6513 6614 6512 67'2 65
1343- '
4 ail 6512 643 66
-i519,700 Do pref
9618 97
4
9012 96
100 93 July14 98 Sept29
963
4 96; 9612 963 97
4 96
9614 963
1.620 Cuban-American Sugar100 152 Jan 5 26978 Sept26
200 200
19212 19212 193 19312 19414 200
265 265 z182 192
100 10434Feb 1 110 June 8
Do pref
E 4
15i8 - - - -1 8 -IfEi4 -44E8 -ii - 7,800 Distillers' Securities Corp_100 41 July10 5412 Apr 29
i53
4
1:513 1E3 -;08 -, 6- -iiiit -, 3 -2
ii
2
6
.
-i
2514 25
25
2,000 Dome Mines, Ltd
*2412 2512 25
10 2234 Aug 29 2912Feb 8
25
2453 2512 2434 25; 25
600 Driggs-Seabury Ord
95
*85
8818 8818
100 85 Sept 8 11934 Sept18
90
90
90
95
90
95
90
90
2312 *16
2312
2312 *1618 2212 *18
Federal Niining & Smelt_ _ _ 100 355 Julr 13 35 Jan 7
00 1212 A p y
8
*22
1612 *16
231* •16
4334 *41
4312 *41
4338 *41
*41
44
24 5712Jan 7
Do pref
4312 *41
.41
4334
323 323
325 325
100 §265 Jan 5 350 Nlar18
815 General Chemical
315 320 *320 325
308 308 11310 310
100 1113 Jan 5 116 Jan 27
Do pref
*115 117 *115 117 *115 117 *11434 117
180 18278 19.600 General Electric
100 159 Apr 22 18614 Sept28
18014 18112 18012 183
2
. 4
18112 1821- 1 Wo- 1821- 18018 182
100 General Motors
100 405 Apr 24 759 Oct 3
759 759 *700 759 *700 759 *705 760
*730 760 *701 750
1275 12818 6,500 Do pref
100 108 July14 12812 Sept 6
8
8
1271 128
12714 128
126 12612 127 127
s
1257 126
36,600 Goodrich Co (13 F)
4
100 673 Jan 31 80 Am- 10
4
8 7438 77
4
8 7414 753
2
3 1314
763 *1743 7614 743 7512 743 755
74
100 11034 Feb 1 11634 Mar 16
114 11418 *114 11414 11413 11414 2,400 Do pref
114 *11212 114
923,
92
2,700 Granby Cons M S & P
1
100 80 July12 99 Feb 10
9214 9218 93
92
9112 92
92
65 4 91
-55- - .35158 7,300 Greene cananea Copper_100 34 June26 5338 Mar 9
5118 51
51
5012 5012 51 14 50; 5113 5034 51
50
9512 96
1,780 Gulf States Steel tr etfs
95
93
93
100 71 May 4 9612 Sept15
9312 9312 93
93
93
96
94
100 Do 1st pref tr etre
100 87 May 4 10112June 1
____ ____ *101 105 *101 105 *101 103
101 101
-5512 - .
900 Do 2d pref tr ctis
9i100 72 May 5 9812 Sept15
9512 9512 *94113 97
--------96 96
97
96
66i2 6812 66
67; 103,190 Inspiration Cons Copper20 4258 Apr 22 69;Sept28
6612 67
67
734 66
675s i s
66
17
183
4 3,700 Internet Agricul Corp
1938
17
16
16
100 11 Aug 30 297 Jan 5
15
15
8
15
•13
2,800 Do pref
50
100 3813July 14 74 Jan 5
4473 44; 4434 4512 4513 4614 4612 5012 50
116 11612 116 116
11634 11634 *116 117
1,200 Intern Harvester of N J
100 10812Jan 7 11934June 7
-114
lii 1 1- 117 117
4 433 4518 30,700 lot Mere Marine ctfs of dep__
3
8
457
8 448 453
13;Feb 15 50;Sept14
4453 4014 4414 4612 4434 4614 45
4
8
4
4
3
6114 Mar 1 12553 Septl 1
120 1223 11013 1223 12012 1223 1203 12214 120 1213 11814 12058 78,400 Do pref ctfs of del)
5514 5334 55
52
5412 197,000 Intern Nickel (The) v 1 c___25 3958 Aug 22 56% Jan 17
8 54
553
4 52.2 5414 53
5314 543
4
313 3512 3514 3734 345 363
3714 117,345 International Paper
3
4 35
4
2014 283 31
28
100
4
912 Mar 1
373 Oct 4
3967 98; 96
8
4 95
9712 965 98
8
8
9914 28,300 Do pref
9312 94; 937 943
100 4212 Feb 1 100 Sept12
87
88
86
88
88
88
87
87
1,200 Jewel Tea, Inc
88
8814 8814 88
100 67 Mar 9 96 Apr 4
05 66 July18 8514 Sept 6
81; 8012 813
4 8114 8112 8158 8134 81
4 5.100 Kelly-Springfield Tire
8 81 12 823
8214 827
551s 55; 5518 56; 5412 557 90,820 Kennecott Copper___Ne par 4413 Aug 2 59 Apr 3
8
5653 5511 56
4
55
553 57
8812 863 88
4
8814 873 8858 86
4
87
28,100 Lackawanna Steel
88
8912 87
87
100 64 May 5 90 Sept29
45
45
4612 3,800 Lee Rubber & Tire___No par 41 July13 5012June 5
453 4512 4514 4512 45
3
4658 4512 40
46
*274 285 *260 285 *260 285
---- ---- ______ Liggett & Myers Tobacco_100 240 Apr 14 294 Sept 2
6- ____ _
.i55- iii .200 226 *200 226 *200 230 *Rio- i3
100 17914Jan 19 23978 Aug 19
Lorillard Cm0a 1es
C:(.
P
)
86
86
*85
*85
85
86
86
85
*85
100 Mackay
8512 *85
100 78 Apr 14 91 Feb 10
*85
67
67
*663 68
4
4
*663 68
67
67
6634 66; *6612 68
300 Do pref
100 6.512Jan 20 683 June 7
4
9312 9512 92
94
9512 20,600 Maxwell Motor Inc tr ctfs..100 5714 Mar 3 99 Sept25
8 93
,
93 2 9212 937
4 93
9212 933
8714 8778 3,000 Do 1st prof stk tr ctfs_100 78 Apr 22 93 Jan 3
8712 8734 87; 88
87; 88
88
88
87 2 88
,
5714 5712 5718 5814 5714 5818 2,400
58
5814 5814 58
577 58
s
8June 6
Do 2d prof stk tr etfe_100 4214 Mar 2 607
8
4
4
8
1113 1123 110 11214 11012 11258 111 1123 112 11378 11014 11378 40,400 Mexican Petroleum
8June28 1295 Jan 3
100 885
*91
96
*90
96
96
*90
*90 95Do i p
90
*93
96
8Jan 3
•92
100 8912 June28 1055
miere
383 39
4
3812 3914 . 38; 39
38; 39
16,400
3914 40
4
Copper
393 40
5 33 Aug 3 41;Sept25
96
96
95
96
95
9612 1,700 Montana Power
94; 94; 9412 9478 *9312 95
96120et 6
100 6814 Mar 1
____ 117 117 *11478 ____ *11518 -_-_ 117 117
____ *113
200 Do prof
•113
100 109 Jan 3 117 Sept28
122 12212 12212 12212 *12112 122
1,000 National Biscuit
12212 12212 12212 12212 *122 123
100 118 Sept 9 12514 NIar20
•127 12912 127 127 *12612 12912 *12612 129,
100 Do pref
2
8
100 124 Junc30 1295 May12
83
____ ____ *82
84
83
84
83
41U Nat Cloak & Suit
3iii - 7- -81- - - 83
- gi
100 71 May 9 847 Sept12
8
--------'109 110
109; 10973
,t 3012
109 109 - --------110 110
300 Do pref
100 106 Nlay20 113 Feb 1
2912 2934 29
30
3012
3 3
30
31;
30
8,000 Nat Enam'g & Stamp'g
1934 Apr 22 3133 Sept29
100
*95
95
95
97
06
96
96
96
96
600 Do prof
9514 95'4 96
100 92 Jan 19 97'2 Feb 18
4 '‘03 735
4
8 7014 7278 21,300 National Lead
8 6912 7012 70; 703
4
693 7014 6934 703
8
100 6012 Apr 22 745 Sept21
11614 11713 *116 11612
300 Do
8
1163 116; *11512 118
pref
100 112 Feb 9 11718 Oct 3
225
8
-. s
4
81 2212 22; 2238 2258 22; 223 -His - - - - -22i Ii1-2 12,000 Nevada Consol Copper
8
225 227
5 15 Jan 31
2312 Sept25
8
28,690 New York Air Brake
1503 15214' 152 155, 155 16078 1603 16234 16014 16212 156 161
4
2
100 118 July14 1623 Oct 4
4
69
69
69
69
6812 6712 68
6912 .66
4
663 663 *66
4
600 North American Co
100 6512 Apr 26 75 Jan 3
7818 7914 7753 78
79
78
77
7712 7914
777
8 7,700 Ohio Cities Gas (The)
7818 79
25 77 Oct 6 80 Sept28
7
46
,
*612 7
714
*612
*612 7
612 612
*612 7
300 Ontario Silver Mining100
113
8Jan 7
6 July20
2658 2618 2612 26
8 26
8
8 267 267
2614 2,400pacific Mall
2714 2614 267
27
5 1134Jan 3 31 Aug 21
109 109 .109 1103
10812 109
10812 109
8 2,925 people's G L & C (Chic)__100 10018 May 5 1117
*10812 10912 *105 100
3Jan 3
8 4112 4212 12,500 philadelphia Co
4253 4312 4213 427
4112 43
x4118 42
4218 43
(Pitteb)_ -50 38 June15 46 Jan 17
3213 3214 34
3312 3573
32
_3_oi.4___ 42,600 pittsburgh Coal ctfs dep_100 2514 July28 377 Oct 5
537
78
3114 32
104 105
106 106
13712 130873%4
0
6
000 Do pref Ws deposit_ A00 10014 Aug 25 1083 Oct 5
4
6814 69
6813 69
ir 6 8
6
66 4
-6i- - - I- -fla --3- 6814 70
37.700'pres ed Steel Car
,
100 4212July 14 70 Oct 3
1047 10178 10114 10412 104 10412 105 105
8
_ •104 105
68
700 Do pref
100 97 July18 105 Oct 6
131 131
6
-- 4
15612 13 3- .13013 ____ 131 131
13114 13114 *131 13112
900 Public Serv Corp of N J
an 31 137 Sept27
100 114
173 177
174 17634 174 174
173 174
17412 1753 17314 176
4
7,100 Pullman Company
100 1597 May10 177 Sept30
8
5312 5512 54
5478 5412 5514 05
54; 56
5734 5114 577 37.100 Railway Steel Spring
8
8
100 32 Apr 22 577 Oct 6
10214 10214 102 102
102 102 *10112 10214 102 102
102 102
450 Do pref
100 9514 Mar 9 10214 Oct 4
8
4 2514 255 16,500 Ray Consolidated Copper_10 20 Junc23 27 Sept25
3
257 2618 2512 2618 2533 2534 25; 2512 253 253
8
8138 79
8218 80; 82
7712 8253 78
8018 817
3 78
8
805 149,700 Republic Iron & Steel
100 42 June26 833 Sept29
4
8
112 1123 11214 11214 11214 11233 11214 11214 11214 112; 11214 11214
1.600 Do pref
8Junc26 116125ept14
100 1067
793 80
4
7812 7912 7814 79
78
7773 78; 7834 7913
7814
1,700 Saxon Motor Car Corp
100 77 Sept15 843i Sept 19
4
2143 21434 214 21434 21418 21412 2143 215
213 213
4
21412 216
2,400Bears, Roebuck & Co
100 16814 Mar 1 21
30
3 3012 31
313
3038 2912 29; 30
31
30
30
30
3,300 Shattuck Ariz Copper
10 24 July 11
4814 PAT
6434 6318 6438 6314 643
63
65
64
6234 6614 22,000 Sloss-Sheffield Steel Ac Jr.
65
s 64
.J00 37 July14 6614 Oct 6
208 212 .205 215 *205 215 *205 215
205 205 *180 208
800 South Porto Rico Sugar100 146 Jan 29 240 June10
132 13314 13112 13318 13114 13313 13314 135
13:37 13818 13412 13812 82,450 Studebaker Corp (The)
8
100 11914 Sept 1 167 Jan 3
111 111 *10912 111 *10913 1107 11034 1103
*109 111 .10912 111
8
4
300 Do prof
108143°9126 114 Mar 14
8 7012 71
7012 72
703 707
4
6912 70; 68
6934 6812 693
4 6.400 Stutz Motor of Am Ine_No p10a0r 68 Oct 5 7912 Sept25
22; 2434 23
2412 2314 24
2312 25
2312 237
3 2314 237 40,000 Tennessee Copper
25 2218 July26 6612Jan 5
221 221; 221 2223 221; 224
22014 22114 220 222
220 221
4
8,400 Texas Company (The)____100 17714 June27 23512Jan 3
5212 5312 5214 54
53.2 54
5312 58
57; 5918 56
5S'z 49,950 Tobacco Products Corp __100 4814 Sept 7 5918 Oct 5
*105 10612 105 105 *105 106 *10434 107 *105 106
_
200100 99 July14 10912Mar16
prof
Do
10814 10814 10914 109; *10613 1-09,-s
107 107 *105 10712 108 108
70 Underwood Typewriter_100 86 Jan 12 10938 Oct 5
0
914 1014
85
8 9
1014 1058
873 9
/
1112 1112 1112 12 4 34,
414 May 9 1214 Oct 6
500 union Bag & Paper
,
100
5512 5512 5512 5513 5618 57
57
5934
62
6312 12,870 Do pref
100 28 Jan 27 6312 Oct 6
4
10218 10312 103- 1045 10234 10353 8,100 united cigar stores
10114 1023 10114 10114 10112 103
- 8
59 Feb 9 10534 Aug 9
119 *117 119 *117 119
119 119
•117
Do pref
100 b1112Feb 10 120 Aug 9
163 16312 16212 16312 i--5- 16f3; 16111 164586,8
4
6
16253 16312 1623 164
100 United Fruit
0
0
100 13618Jan 31 16912 June 8
24; 27
2512 28
2512 271s 26
267
8 26
263
4 2312 253 23,300 u s cast I pipe & pdy
4
100 15'8 Jan 31
28 Oct 2
4 56; 5678 *55
56121 5534 5678 5614 563
56;
58
•54
563
4
1,400 Do prof
100 4812 Feb 5 67 Sept29
4
12814 12912' 1273 129313 129 13012 12814 12914 12814 1293 12512 12914 14,500 US Industrial A1cohol
4
100 97 July13 17012 Apr 6
*10314 108 *103 106 *10114 105 *10112 105 *10112 10312 *10114 10313
Do pref
100 9912July 11 114 Jan 13
6214 6053 6134 6034 6112 61
4 61
623
61
617
8 6053 62; 26,900 United States Rubber
100 4734 Mar 1 633 Sept29
3
_
11312 11312 1137 114
8
114 114 *1133 114
4
114 114
800 Do 1st preferred
100 10618Feb 5 115 Sept18
76
-;7- 1812 7512 7714 74
7
733 75
4
75
74
'1 71
500
50 6212 June27 803 Apr 4
4
5212 5212 5212 5212 *5214 5258 *5214 523 -----------200 u S Smelting Ref & M
4
50 50 June20 5312 June 9
114i4 fi6- - 11612 118% 11612 1187 117 11814 11712 1183 11512
5
8
3
4
118 - 1028500 United States Steel
4
Do
100 2793 Mar 1 120;Sept29
12114 12113 121; 12114 121; 121 12114 1205s 121.3 12012 121
12114
100 115 May 3 122 Sept26
Ce p ef
prpe
,
9534 93; 0512 93; 95; 9514 963
94
9514 96
4 9518 9634 46,100 Utah
5 075
10 743
4July 14 993
48ept25
19
*18
1812 18
18
.18
1812 1734 1812 *17
183 *18
900 Utah Securities v to
100 1614 June 9 2034 Fob 3
4112 4214 4214 43
4212 4212 4213 4358 43
8
425
45
42
11,050 Virginia-Carolina Chem___100 36 Apr 24 51 Jan 17
*109 115 *109 112 *109 112
111 111
11114 11114
300 Do pref
100 108 Apr 22 11373 Sept25
4712 4712 47
52
6
47
8 4 8
47
-47:31 - - 7- *47
47
46
4718
1,000 virgiola Iron C & C
100 41 July27 6212 Jan 7
4
4
2
1007 1007 100, 10113 10058 100; 100 1003 10014 1013 100; 102
3
8
10,100 Western Union Telegraph_100 87 Mar 1 1027 Sept16
8
6418 6134 6412 6714 x6413 667
8 6413 6513 6112 65
643 653
8
8 168,300 Westinghouse Elee & Mfg_50 523
4July 14 71;Mar 15
•72
74
75
.72
74
75
*70
75
*70
75
200 Do 1st preferred
50 70 Apr 19 79 Mar 15
4 4512 1612 45; 46; 46
s
8 457 463
-iiir8 ii3
467
8 4512 4718 55,995 Willys-Overland (The)
25 433 Sept 1 n325 June 5
3
10314 10334 *103 1033 103; 1033 103; 104
4
•1031 1 104
4
10312 104
1.000 Do pref Sub recta full pd 100 102 Mar 2 117 June 5
13918 43978 140 14138 141 14134 141 141
139 139
139 130
3,000 Woolworth (F W)
100 118 Jan 5 1113 Oct 5
4
.12312 ____ 1255 125; ____
8
100 Do
pref
100 123 June29 12558 Oet 3
__ *31
34
.32
--- -- _
34
-347 - 8 -5,- 3473
1i4 -35-1-2
tM
Wore prto P & e v t e_ _100 25 July13 363 Sept14
D thin g efnA,
8
*97 100
*97 100 : : :
: 69,1 997
10 0
-. : -..
0 17 63 8 1,000
:
100 95 July13 100 Sept16
,
-ilii- *-6:f 'Ill
61
.61
63
Do pref 13 v t 0
300
100 5238 July14 6612Sept14
• 1191 and asked Prices: no sales on thisday. g Lees than 100 shares.
1 Ex-rights a Ex-div. and rights. b New stock. c Par $25 per share
xEx-dividend. n Par $100 per share.
PER SHARE
Range for Prertous
Year 1915
Lowest
Highest
$ per share $ per share
7978Juno
5612 Aug
3858 Dec
8 July
30 July 81 Deo
3253 Feb 6114 Nov
1003 Jan 11012 Nov
8
23; Dec
3234 Jan
2134 Jan
----- --,-4112 Nov
11334 Jan
4014 Jan
8812 Jan
8 Jan
65 Jan
1814 May
84 May
2638 Nov
8
573 Nov
6612 Sep
----- ____
495 Dec
8
15012 Oct
127
Oct
10912 Dec
2112 Oct
9634 Dec
109% Sep
11212 Sep
Jan 177
38
93 Mar 110
512 Mar 5012
j16 June 3011
8
20
165
106
138
82
9058
2412
95
7914
37
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Oct
Dec
Sep
Oct
Dec
60 itnrili
65 June
Oct
360
g11612 Nov
18512 Oct
558 Dec
136 Dee
8014 Oct
11414 Oct
91 June
523 Dee
3
4712 Oct
16; Jan
4
512 Mar 203 Nov
4
8 Mar 713 Dec
90 May 114 June
18 Dec 2012 Dee
7712 Dec
5512 Nov
1793 Dec 22313 Oct
4
127 Dee
8
8 Jan
4
33 Feb 503 Dec
Jan
9434 Sep
207 Jan
16512 Jan
72; Jan
6434 Oct
1514 Jan
4314 Jan
Jan
18
Jan
51
Jan
67
1714 Jan
Jan
42
99 Jan
116 Apr
110 May
68 Mar
10014 Mar
912 Jan
79 Apr
Jan
44
10434 Jan
1134 Feb
5612 Feb
Jan
64
260 Dec
189 Nov
84 Nov
6934 Jan
92
Oct
10334 Dec
6812 Oct
12412 Dec
10412 Dec
3618 Deo
79; Dec
120 Dec
Jan
132
12713 Dec
90 Aug
111 Nov
3618 Oct
97 Deo
703 May
115 Nov
17 Nov
16434 Sep
Apr
81
28
2
2814
10612
3512
12; Dec
Feb
Dee 38 Aug
Dec 12312 Apr
Sep
Apr 49
25 Mar 7814 Oct
Oct
86 Mar 106
10012 Aug 120 Deo
15018 Mar 17014 Oct
Oct
19 Mar 54
87 Mar 102 Nov
2712 Nov
1514 Jan
10 Feb 5714 Dee
8
Jan 1125 Dec
72
-----------------i)
113134 Mar 112
Jan 6678 Dec
24
40 Feb 164 Dec
353 Jan 195
4
Oct
Jan 11912 Oct
91
-----------------2512.Feb
70 Sep
120 May 237 Dec
95 May
55 Feb
4; Jan
2278 July
59 Dec
51112 Oct
139 Nov
8 Jan
3212 Mar
15
Jan
70 Jan
44 July
1013 Feb
3
103 Nov
Oct
97
918 Dec
3113 Dee
51012 Oct
51218 Nov
163 Nov
3178 Oct
5512 Nov
13134 Des
107 Nov
17434 Apr
10
8912 Dec
38 Feb
Oct
z102 Feb 117
4
4812 Jan 813 De4
15
52
Jan
3
80 Jan 1137
36 June 74
57 Jan 90
32 Feb 7478
5812 Mar 85
n87 Feb n268
Oct
Dec
Oct
Nov
Oct
Oct
Nov
9014 Jan 12013 Dec
Jan 124 Aug
115
s Ex-stock dividend.
1286
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
In Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all-"and interest"-except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 6.
g"g
-t
.Price
...a.
Friday
Oct. 6.
Week's
Range or
Last Sale
'H
Oa
41
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Oct. 6.
t
Price
Friday
Oct. 6.
Week's
Range or
Range
11
ge
,,,,,,,ii i
g
,,g,g
:ornala).ccc000 -, rono.10
--------
y
iiiiii1111111111
,,,,, '1.
onc000pmZzZzzzZZcw-b -,-,,,
m
0011111
11111111111111111
.30e > >zAAArn- b mumAz,,,,zoo
11111111
,,,,, 1
llllllllllllllllll
111111111111111111111
aaaaaaaaam
Bid
U. S. Government.
Ask Low
High No. Low High Chic Burl & Q (Con.)
Bid
Ask Low
High No. Low High
U S 2s consol registered_ _ _d1930
99 ____ 99 Aug '16 ---- 99
Illinois Div 48
Ms 917 9414
997
1949 J - J
8
8
9434
6 937 963
s
8
U S 2s consol coupon
99 ____ 10012 Sept'16 ---- 9912 10012
51930
Iowa Div sink fund 5s
1919 A - 0 10258 _ - _ - 12,0732 i cepb: ..--..021assF ept 16 i 1 1S1a il031a
L4 SSal 163
t
:
102 2 s e1
4 f
inn
U S 3s registered
10014
k1918
Sinking fund 4s
1002 Aug '16 --- 9934 1023
4
4
1919 A - 0 993 _--- 993 Aug '16 ---- 9938 997
4
s
1004 ____ 10112 Sept'16 ---- 100 1027
U 5 3s coupon
k1918
Joint bonds. See Great North
8
U 5 4s registered
10912 __ _ 110 Sept'16 ---, 1093 1114
1925
Nebraska Extension 4s_ _ _1927 ltol-N
4
U S 4s coupon
11012 Sale 11012 11012
1925
1 110 11212
Registered
98 July'16 ---- 96
1927 M-N
98
U S Pan Canal 10-30-yr 28.1c1930
0814 ____ 9814 Oct '15 ---8 4 --- 9918
Southwestern Div 4s
1021 M- S 997'8 -99 084 June8 4 -,,, -"-0 39 15
'
1 i .. 1 4
9 4 :
i 6
U S Pan Canal 10-30-yr 2s I938
9814 ____ 97 July'15
General 4s
1958 M- S 0312 Sale 03
0312 1°,1
103 Sale 103
U S Panama Canal 38 g
103
25 1017- 10314 Chic & E III ref & imp 48 g_ _1955 J - J 2412 29
s
2612 Sept'16 ---- 2114 2612
1961
100 ___ 100 Feb '15
2314___ 25
Li S Philippine Island 4s_1914-34
U Mtg & Tr Co etfs of dep_ 25
3 20
26
Foreign Government.
100 -__ 10712 Aug '16 ---- 104 107 2
1st consol gold Os
1934
,
987 Sale 983
8
987 922 98
Amer Foreign Secur 5s (w 1)_'19
8
9878
General consol 1st 58
93 Sept'16 ---- 75
1937 M- N 8912 93
93
9512 Sale 9514
Anglo-French 5-yr 58 Ester loan_
Registered
953 3333 9312 9618
4
1937 M- N 85 ___ 82 May'16 ---- 82
82
93 Sale 92
93
Argentine-Internal 53 of 1909_ _
13 8934 953
U Mtg & Tr Co etfs of dep -- -- 89 ___
85 Sept'16 ---- 75
8538
6_70
71
7112
Chinese(Hukuang Ry)-5s of'11
85
Guar Tr Co etfs of dep
7112
8 69
911- 88 Sept'16 ---- 74
8
7814
881s
10012 Sale 933
4
Cuba-External debt 5s of 1904_
Fur money let coal 55___ _1942
1005
8 31 9614 1003
4
9618 9612 9618
6 941, 97
0612
Ester dt 5501'14 ser A__ _1949
Chic & Ind C Ry 1st 5s
2712
1936 J - J 20
---- 81,11 7
86
_ 86
86
External loan 430
11 8112 87
Chic Great West 1st 4s
1949
1959 M- S 71 Sale 6934
7118 91
10014 Sale 100
10014 107 98g 10014 Chic Ind & Louisy-Ref Os_1947 J - J 114 115 113 Aug '16
Dominion of Canada g 55 w 11921
1003 Sale 10018
8
149 97i 10114
101
Do
do
1926
Refunding gold Os
101
1947 J - J 10018 ____ 100
100
1003 Sale 1003
4
Do
do
4 1008 87 9634 1023
1931
Refunding 4s Series C_ __ _1917 J - J 8411 94
83 Sept'16 -_ 183 183,
013
12
5 873 89 873
4
Japanese Govt-£ loan 40_1025
4
877
8 16 8214 877
Ind & Loulsv 1st gu 4s
75
1956 .1 - J 70
70 Sept'16 ---- 70
70
I 8714 8712 8714
Second series 435s
8738
1925
2 7812 8712 Chic Ind & Sou 50-yr 4s___ _1956 J - J 8812 90
88 Sept'16 ---- 88
9112
813 Sale 8112
4
Do do "German stamp".
83
963 965 9712 Apr '10 ---- 9712 973
57 73 8414 Chic L S & East 1st 4353
8
8
1969 J -D
4
Sterling loan 4s
t 7012 75
7012 Sept'16 ---- 63
1931
7212 Chicago Milwaukee dc St Paul;47 57
Mexico-Ester loan £ 5s of 1899
50 Aug '16 ---- 45
60
Gen'l gold 48 Series A_ _e1989 J - J 9114 9214 9112
9214 85 8912 94
36
43
Gold debt 4s of 1904
39 Aug '16 ---- 2712 50
1954
Registered
538 sale 9558 Feb '16 --„ 9258 925
92
el989 Q- J
8
Prov of Alberta-deb 435s_ _1924
t---- __ 9512Jan '15 ..-._ .
Permanent 45
9534 122 92
1925 J -D
9534
5 78
7818 55 i
Tokyo City-5s loan of 1912_ ___
i 8612
7812 78
Gen de ref Ser A 430_ ___a2014 A -0 95 Sale 9334
0618 74 9112 061s
99% 5289 987 99%
993'. Sale 997
U K of Gt Brit & I 2-yr 5s_ _1918
187 8 e 1007
0
8
0 Sale 86 8
4
Gen ref cony ser B 5s____a2014 F - A
10714 38 10512 110
:These are prices on the basis of
Gen'l gold 335s Ser B____e1989 J - J
80
3 78
8112
State and City Securities.
4
General 435s Ser C
el989 J - J 1023 Sale 10212 103
50 10012 104
10312 Sale 103
-4s Corp stock_1960
1N Y City
10312 27 101 10414
_. 91
25
-year deben 48
1934 J - J 92
9212 14 90
93 2
,
10414 10412 104
10414 13 101 10412
4;15 Corporate stock
1964
Convertible 430
1932 .1 -D 10112 Sale 101
1013 162 loo 1033
4
4
104% Sale 1013
430 Corporate stock_ _ _1966
s
1043
8 32 10418 104%
Chic & L Sup Div g 5s_
1921 J - J 103 _-__ 103 July'16 ---- 103 1037
s
430 Serial corp stock.1917-31
Chic & Mo Riv Div 5s._1926 J - .1 10518 __-- 105 Sept'16 --- 10412 1057
- ---- ------- ---iiii sale 100
110 52 id6r2 HO
4358 Corporate stock
4
1965
-Chic & P W 1st g 5s
1921 .1 - J 1023 103 10234
1027
15 102 10418
10914 1091.1 los%
10914 31 1057 1093
4MB Corporate stock
1963
C M & Puget Sd 1st gu 45_1949 J - J 9214 Sale 9114
4
9214 10 8912 9214
s
101 10114 100
10114 44 9778 101 8
4% Corporate stock
1959
Dubuque Div 1st s f 6s_ _ _1920 J - J 106 _-__ 106 Sept'16 --- 106 10738
,
10118 10114 100%
10118 19 98 10114
4% Corporate stock
8
1958
Fargo & Sou assum g 6s_ _1924 J - J 1107 _--- 110 June'13 ---10114 _
1003
0 11 8
4 1003
2 ioi" iaii
4% Corporate stock
4
8 9758 1013
La Crosse de D 1st 5s
1957
4
1919 J - J :252 ______ 1021., 10213
4
100 10114 9714 Jan '16 --,, 07 4
4% Corporate stock
1956
Wls dc Minn Div g 5s
1921 J - J 103 10412 1023 Sept'16 --- 1023 105
4
4 0134
, 971-1
1093a Sale 10858
New 430
1093
3 7u 10534 1093
1957
4
Wis Vail Div 1st Os
1920 J - J 107 ____ 107 Sept'16 --- 10612 10714
,„ ____ 101 Sept'16 -- - 10014 101
New 435s
1917
Mil & No 1st ext 435s_ _ _ _1934 J -D
10114 Sept'16 ---- 10114 1017
11i93- sale 109
8
435% Corporate stock_ _ _1957
10938 i9 108 1093
4
Cons extended 4358.__ _1931 J -D 10212 ____ 10134 June'16 ---- I01
-- - - -- - 1007 June'16 ---- 10078 100% Chic & Nor WestExt 431886-1926 F - A 95 ____ 96 Aug '16 ---- U18. la%
435% Assessment bonds_ _1917
s
-__
9312 Sale 9312
1954
9312
335% Corporate stock
4 8838 9312
Registered
1886-1926 F- A 9458 ___- 97 Apr '16
,
105 ____ 105 July'16 ---- 10212 10553
/R Y State-4s
1961
General gold 330
1987 M- N 82 Sale 8114
82
9 80 84
105 ____ 105 Sept'16 ---- 102 105 4
81
Canal Improvement 4s...._1961
8114 7812 Jan '14 -Registered
91987 Q - F
,
105
_ 10214 Jan '16 ---- 10214 10214
Canal Improvement 4s_ _ _1962
9514 95
General 4s
1987 M- N 95
19514 16 -Iii3"; - 975
8
13
10512 ---- 10514 Aug '16 ---- 10212 100
Canal Improvement 4s_ _1960
943 94 Sept'16 --Stamped 48
8
933 96
1987 M- N 94
8
115 ___. 115% Sept'16 -- -. ;13 115%
Canal Improvement 4;0_1964
8
General 5s stamped
1987 M- N 1144 11412 1133
2
%
11214 1163
212 214
1093 ___ 1093 Sept'10 --- - 10612 1093
4
4
Canal Improvement 430_1965
Sinking fund 6s
1879-1929 A - 0 110 _--- 11212 Jan '16 -___i
4
1143 1157- 116 Sept'16 ---- 11212 116
4
8
Highway Improv't 430_ _1963
Registered
1879-1929 A -0 *109 _ - - 10912 Apr '16 ---- 10912 10912
10914 ____ 10038 July'16 ---- 107 1093
Highway Improv't 4;0_1965
Sinking fund 5s
1879-1929 A - 0 10518 .._ - 10434 Aug '16 --__ 104 1043
4
4
IVirginia funded debt 2-3s_1991
--, 88
85 Aug 16 ---- 843 8838
4
Registered
1879-1929 A-0 10412 --.- 10312 Apr '16 --, 10315 104
121- 54
8
53 Sept'16 ---- 50
68 deferred Brown Bros Ws_ _ _
Debenture 55
1921 A -0 10214 103 10234
10234
5812
1 :03:2
:0 22 2
2 :
Railroad
joi - --- -_ 101 Dec '12 ......:-. joi14 i6i
-3
4
Registered
1921 A ..
.
.
6312 68 63
64
11 63
Ann Arbor 1st g 4s
6818
h1995
Sinking fund deb 58
__ 0 12 Sep 0130
0
1933 M-N ____. ii_ 104 se pt:16 :::: ...... __
937 232 9218 9518
8
933 Sale 9318
4
itch Top & S Fe gen g 4s _1995
Registered
1933 M-N ---- 103 10414 June'16 -- 10414 10414
92
_ 9158 Sept'16 --, 914 9358
Registered
1995
From Elk & Mo V 1st 6s_ _1933 A -0 12014 ___ 12012 Sept'
85 Sale 8418
85
Adjustment gold 4s
6 8312 88
h1995
Man GB&NW 1st 30_1941 J - J
8312 857 82
Registered
82
h1995
Milw & S L 1st gu 330_ _1941 J - J
2 81
8
612
86 Sale 8414
iar i=6:6:
lo s4
Stamped
8612 85 8314 8814
h1995
Mil L S & West 1st g 6s
'
1921 Micifi" iiii
10712 10812 1053
Cony gold 4s
10812 31 1003 10812
4
1
1955
Ext & imp s f gold 5s_ _ _1929 F - A
4
°8
0 112
- 10012 julY 06 :::i 100 10712
10712 1083 10638
Cony 45 issue of 1910
8
1083 493 10134 1083
8
4
1960
Ashland Div 1st g 6s_ _ _1925 M- 5 1113 __-- 11178 Deo '15 ---8
1003 10114 10058 101
4
10
-year 5s
7 10012 10134
1917
Mich Div 1st gold 6s_ _ _1924 J - J 111 --- Ill Sept'16
:Li i i111. l. 52 2_
(6
967 ____ 967
8
East Okla Div 1st g 4s_
967
8
1 953 9678
8
1928
927- 9214
8
Mil Spar & N W 1st gu 4s_1947 M- 5 92
9212 12 9
0
83
85
Rocky Mtn Div 1st 4s
84 Sept'16 ---, 84 89
1965
Northw Union 1st 75 g__ _1917 M- S 10114 ____ 10732 May'14 I:
9012 92 903
Trans Con Short L 1st 4s_1958
4
92
903
St L Pee & N W Ist gu 5s_1948 J - J 10518 106 10518 Sept'10 ---1 89
4
9712 ____ 9712
Cal-Ari,1st & ref 430"A"1962
9712
5 9638 99
Winona & St P 1st ext 75_1916 J - D -------- -10212 Dec '15
104 _ _ 10278 Aug '16 ---- 10278 10412 Chicago Rock Isl Pac 6s...1917 J - J
S Fe Pros & Ph 1st g 5s_ _ _1942
.2 101
101
94 Sale 92
Atl Coast L 1st gold 4s____h1952
94
16 91
0438
Registered
1017 J - J ---- 101 101 Sept'16 ---- 101 102
9114 Sale 91
Gen unified 430
9114 25 89
1964
8412 8313
Ry general gold 4.3
84
72 82 87
923
1988 J - J 84
4
106 1077 1063 June'16 ---- 10614 1073
Ala Mid 1st gu gold 5s_ _1928
8
8
83 June'16 Tio 83 84 4
7112
Registered
3
1988 .1 - J _7_2-1-2
,
93 ____ 9312 Sept'16 ---- 9312 95
Bruns & W 1st gu gold 4s_1938
i 33 i 5ll
617 4 6 i
6 - 7
Sale
Refunding gold 4s
1934 A -0
i
8
13314 -- - 1297 Aug '15 -„
Charles & Say 1st gold 7s_1936
_
39
-year debenture 5s
1932 .1 - J 58 Sale 5614
5812 ..... ilAl2 L7 4
73
51 2
1
87 Sale 84s8
L & N coil gold 4s
62 -iii, 8712
87
01952
Coll trust Series P 48
1918 M-N 07 9714 967 Sept'16
1183 --- 11918 July'16 ---- 11918 s122
4
Say F & W 1st gold Os_....1934
59
R I Ark & Louis 1st 430 1934 M- S 50
58 Sept'16 ---- 54
651s
10512 __- 105 July'15
1st gold 5s
1934
2 973 10118
Bur C de N-Ist g 5s__ _1934 A -0 10113 Sale 101
10118
4
0914 100
99 Feb '16 ...„ 69
Sil Sp Oca de G gu g 4s1918
. -18 9918
4
s
CRIF&NWlstgu 58_1921 A-0 993 _--- 1007 Mar'14 ---- ....... -- •
9312 937 9338
3alt & Ohio prior 335s
04
69 9214 91
1925
M deStL 1st gu g 7s
19271 -D ---- ------- -ziiii
92
_ 92 June'16 --,, 9112 9238
Registered
-663-4
h1925
Choc Okla de G gen g 5s__o1919 J - J
92 Sale 9118
92
9
1st 50
158 893 9212
934
-year gold 48
4
h1948
- 6 38 .1 u - a:
6 - - -P
Consol gold 58
1952 M - N 90 .-. -_ -. -9754 8e 1yq5 :-- :
u
___ __ _ 8912 Aug '16 ---- 8912 9114
Registered
4
4
h1948
Keok de Des Moines 1st 5s 1923 A - 0 633 Sale 633
6412
953- Sale 9558
4
957 347 937 98%
10-yr cony 430
8
1933
St Paul & K CSh List 430'41 F - A 6612 6712 67 Aug '16 ---5
1
101 Sale 10058
Refund & gen 5s Series A_1995
10114 299 997 1013
4 Chic St P M &0 con 68_ __ _1930 J -D 118 11812 11778
11778
2 i66i1_4 i76 7
1a7 - 118:-1g - 1s
.
6 .8
108 109 112 Jan '12 ---,
_ _
Pitts June 1st gold 6s.....1922
_
Cons 68 reduced to 330_ _1930 J -D 91 8 _--_ 8734 Feb '10 ---- 873 8714
4
9112 _-_
P June & M Div 1st g 330 1925
913
4
913
4
2 -6f ii
Debenture 5s
10158 31 100 103
1930 M- S 10158 Sale 10158
8714 873- 873
11 8613 90
877
4
8
PLE&WVaSysref 4s_1941
Ch St P & Minn 1st g 6s 1918 11'1-N 117 ____ 11712 May'16 ---- 11712 11814
913 Sale 9114
4
92
Southw Div 1st gold 330_1925
32 893 9212
4
North Wisconsin 1st 6s_. _1930 J - J 117 ____ 12958 May'09 -99 10118 100 Apr '13 ---,
Cent Ohio R 1st c g 430 1930
. _ _.
8
8
St P & S City 1st g 6s__ _1919 A -0 1043 1057 10414 Aug '16 --_
10658 ___ - 1063
Cl Lor& W con 1st g 5s_ 1933
8
4
4
WA
Superior Short L 1st 5s 841930 M- S 1045 1053 104i Aug '16 --- 10412 10412
2 i663 1077
4
8
1003 ---- 1003
4
Monon River 1st gu g 6s_1919
1003
4
4
6 1003 101
4
Chic T H & So-east 1st 5s_..1960 J - D 78 Sale 76
78
11 68
78
10618 --- 107 July'16 ---- 10612 1073
Ohio River RR 1st g 5s__ _1936
s Chic & West Ind gen g 6s_q1932 -M 1064 __-- 10614 Sept'16 ---- 106 107 2
,
10412 1051- 105 July'16 -__ 105 10514
General gold 55
7612 Sale 7638
2
1937
Consol 50-year 4s
763
4 35 753 815
8
8
107 _-__ 11312 Feb '12 ---Pitts Clev & Tol 1st g 6s 1922
_ Cin H & D 2d gold 430_ _ _1957 3 i 01 ____ 8612 Jan '16 ---- 8613 864
1932 J:J
Pitts de West 1st g 4s
993 ---- 993 Sept'16
1917
8
1st & refunding 4s
-9135 -1: -12
19
1959 J - J
_
.
Stat Isl Ry 1st gu g 430_ _1943
--, ---- 91 June'12 -1st guaranteed 4s
1959 J - .1
1083- _-__ 10834 July'16 --- ioii2 HO
4
luffalo It & P gen g 55
1937
r8 8- .
:
Cin D & I 1st gu g 5s_ _ _ _1941 M-N -2ff12 . - -21- ili y15 ---------_-- -- -.18:
9
.li i- a
C
-fg- 1007 ____ 10112 Sept'10 ---- 10114 103
3
Consol 43-5s
1957
--- 88 Mar'll -_-_-_-.
C Find & Ft W Ist gu 4s g 1923 M- N 91 ____ 9'25 Mar'16 ---- 9258 925t,
All & West 1st a 4s gu___ _1998
8
On I de W 1st gu g 4s___ _1953 J - J
106 _-__ 1031/I Feb '16 ---- 10318 10318
Clear & Mali 1st gu g 5s_ _1943
---- -.. -- ---- -- -- 9638 Dee 14 ---- . -. - ....-....-- ..-: :.: . - - -04 3lY: 4
Day & Mich 1st cons 430_1931 - J
i -.
108
_ 11:914 Aug '16 ---- 10753 10914
Roch de Pitts 1st gold Os_ 1921
Ind Dec & W 1st g 5s
1935 J - J ------ 65 July'14:10812 _-... 110 July'16 --,„ 107a4 11014
Consol 1st g 6s
1922
10712 Dee '02
1st guar gold 58
10312 10414 103
;made Sou cons gu A 5s_ _ _1962
10114 10 10112 1043
8034 Sale 8034
- il
803
4 -i -if13 - -4 Cleve Cin C & St L gen 4s._1993 1 D
1 35 J:J
91
9412 9412 Sept'16 ---- 92
ler Clinch & Ohio 1st 30-yr 58'38
20-yr deb 430
8612
4 8312 9014
9512
1031 J - J 8578 8614 8512
1073 --,- 1075 Sept'16
'entre'of Ga 1st gold 55._ _91945
8
4
10712 108
Gen 5s Series B
0914 Sept'16 ---- 9914 10053
1993 J -D 98 101
100 1013 10014
Consol gold 55
8
10014 11 100 102
1945
853 857 853
11
87
4 82
Cairo Div 1st gold 4s
853
4
4
1939 J - J
77
Chatt Div pur money g 48 1951
7618
--- ........ 8412 May'16 --- 8312 8412
765
8
3 7512 7711
Cin W & M Div 1st g 4s_ _1991 J - J 76
1033 _--- 1013 MaY'16 ---- 1013 1013
3
Mac & Nor Div 1st g 5s...1946
4
4
St L Div 1st coil tr g 4s__ _1990 M- N 803 815 8034 Sept'16 --- 79
4
4
8412
100 --- 10014 maci5 --Mid Ga & Atl Div 5s
1947
---- ---- 8214 Mar'14 -__
Registered
10314 _ 10214 Jan '10 ---- 10214 1024
Mobile Div 1st g 5s
1946
Spr & Col Div 1st g 4s___ _1940 M- N 83 ___- 83 Sept'16 -- -g3 -§1 12
0 9 N- S
.I9
9412 953- 9418
4
len RR & B of Ga col g 5s_ _1937
9418
5 94
4
97
W W Val Div 1st g 4s_ __ _1940 J - I 8014 8318 843 Jan '16 --- 843 845
4
4
11714 Sale 11614
lent of N J gen'l gold 5s_ __ _1987
11714 68 11534 11814
4
C I St L & C consol 6s_ __ _1920 1111-N 1051 1053 105 June'16 ---- 105 1053
4
115 ____ 11614
Registered
A1087
4
11614
9234
; 115 11714
1
3 Oils 923
1st gold 4s
k1936 - F 923 ---- 9234
4
1033 104 10338 1033
Am Dock de Imp gu 5s_ ___1921
9112 ---- 8812 May'15--8
1 10314 1033
Registered
4
Leh &IludRivgen gu g 5s_1920
---- ----100 June'13 ---CBI de CI con 1st g 5s k 1933 JJ 102 _ _-- 102 Sept'16
_ 96 Q F
2
901- --„- 10012 Jan '13
4
N Y de Long Br gong 4s__1941
ows ____ 11612 June'16 ---- iiii - 116,
l fali 8
11618
CCC&I gen con g 6s_....1934 .1 ___
80 79 Aug '16 ---, "76
)ent Vermont 1st gu g 4s_ _e1920
85 ---- 94 July'08 ---- --__ -gi
Ind B & W Ist pref 4s_ _ 1940 A 967g Sale 9678
:hesa & 0 fund dc 'rapt 5s_ _1929
967
_ __
9 9412 98
0 Ind & W Ist pref 5s
d1038 Q - J
1053 10612 1055s
4
1st consol gold 5s
1939
1055
""" 1 10434 10738
8
ji if
Peo & East 1st con 4s____1940 A -0 -id" 7254 7658 July'16
103 104 10412 June'10 --,- 103 10412 .
Registered
ia 23 38
1939
353 37
4
36
3558
Income 4s
9118 Sale 8958
General gold 430
1992
59 9934 10112
9114 45 89 0314 Cleve Short L 1st gu 430_ _ _1061 A PO 10012 lin 10012 101
1999 A- r
77 12
*-- 91
Registered
1992
9012 Feb '16 .--- 9013 91
13 Aug '113 ---7
1614
,
Col Midland let g 45
1947 J
86
8512 Sale 85
43 8318 89
20
-year convertible 435s....1930
8
10
714 Sept'16 --6
Trust Co certfs of deposit----- ---153
4
-1
9512 sale 9458
30
-year cony secured 53_1946
96 2279 9218 96
ii 90 9314
9234 Sale 023
4
923
4
Colorado de Sou 1st g 4s_ _ _1929
Big Sandy 1st 4s
81
85 84 Aug '16 ---- 8314 85
1944
8612 72
857 Sale 85
Refund & Ext 430
Coal River Ry 1st gu 4s 1945
8212 8314 8212 Sept'16 ---- 8212 843
4
M-D
31
82: 87
921
4
:
Ft W tic Den C 1st g 6s_ _1035 J -N 105 10512 1043 Sept'16 ---- 104 10611
Craig Valley 1st g 5s
____ ---- 9634 Feb '16 ---- 963 963
_ 05
1910
4
4 Conn & Pas Rivs 1st g 4s..1943 A -0
Potts Creek Br 1st 4s
---- - - -- 843 Jan '13
4
1946
647 Fel '1- -----_-_ - 6
s64 "ii
Cuba RR 1st 513-yr 58 g
1952 J - J --- 05 8714 88 87 Sept'16 ---- 8412 88
R dc A Div 1st con g 4s
1989
Del Lack & Western
82 83 82 Sept 16 ---- 8112 831s
2d consol gold 4s
1989
867 Sept'10
Morris de Es 1st gu 330_ _2000 J - D *---- 88
8534 87
88
Greenbrier Ry 1st int g 43_1940
89
8812 Sept'10 --- 8812 8812
8
10658 10912
N Y Lack & W 1st 6s_1921 J - J 1065 ---- 10738 Sept'16
Warm Springs V 1st g 5s_ _1941
--------11314 Feb '15
4
103i
8 10234 104
1923 F - A 103i 1033 103i
Construction 55
:hie de Alton RR ref g 3s__ _1949
6038 61
6018
6018
I -57
6012
98
983
4
4
Term & Improve 4s_ _ _ _1923 rd-N 9834 9912 083 Sept'16
Railway 1st lien 330
5014 Sale 50
1950 •
5012 21 43
5012
Warren 1st ref gu g 330 2000 F - A 84 86 10218 Feb '03
ale B de Q Denver Div 4s_ _1922
100 --- 997 Aug '16 ---- 99 100
8
8
103
Del de Hod 1st Pa Div 713-1917 M. S 103 1043 103
Illinois Div 330
1949._
85
5 8:11, 87
833 847- 837s
4
s
i53.1- 04 2
104 2 i1
1041g Feb '16
16 ;
1917 M- S
Registered
• No price Friday: atest Ilsis week. 4 Due April. 5 Due
May. •Due June. a Due July. it Due Aug. o Due Oct. it Due Nov •Due Deo a Option sale •
-- --
--
--
-- --
New York Bond Record-Continued-Page 2
OCT. 7 1916.1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct.6.
I
'-sk
Price
Friday
Oct. 0.
Week's
Range or
Last Sale
11
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Oct. 6.
t 43
4
ici.
High No. Low High
1 1001. 102
10114
1287
Price
Friday
Oa. 6.
Week's
Range or
Last Sale
icl
Range
Since
Jan. 1
Ask Low
Delaware & Hudson (Cont)Bid
Bid
Ask Low
High No. Low High
1st lien equip g 431s
Leh Val Coal Co 1st gu g 58_1933 J - J 11)412 105 10414 Sept'16
1043 t J 10118 10214 10114
1
)2 ii104 108 s
1
-N 9812 981. 9812
Regi ercd
18t kg
1st & ref 4s
1933 .1 - J ---- -- 105 Oct '13
-- --19858 33 195; 2 19089'8
8 025 4
42 816 4
07reduced to 4s
-year cony 58
20
1933 J - J 92 --__
1935 A - 9 107 Sale 106
188
1,
Alb & Susq cony 3A s__1946 A -0 874 8814 874
Leh & N Y 1st guar g 4s_-__1945 M- $ igi8:: - - July'16
873
8513 --- 6614
664 -661Renss & Saratoga 1st 7s.._1921 M-N 11218 _- .. 1124 11218
Registered
7912 05 78
8
Deny de R Or 1st con g 43_1936 J - J
7912 Long Isld 1st cons gold 5s_ _111 911 Q 1
1
7814 Sale 785
4
:
viiii
Consol gold 430
86
1936 / - J 8412 8512 8414 Sept'16 --„i 83
1st consol gold 45
9614
ii - Plne lf- -- -- -- .- 9414 ide5-8
:414 u ;: 6
;
85
Improvement gold 5s_ _ _ _1928 J -D 85 Sale 8212
160, 78% 85
h1114
General gold 4s
88
8712 8
4 85
90
7012 126 5512 73
1955 F - A 7012 Sale 67
1st & refunding 55
Ferry gold 430
1922 M- S 973 9918 99% Apr 8
4
'
8 16
(1914 99 4
3
8
Sept'16 ____ 863 88
Rio Or June 1st gu g 53_1939 J - D 8613 95
Gold 4s
8814
9914 Oct '06
- ----Rio Or Sou 1st gold 45-1940 J - J 3712 _--- 6112 Apr '11 1939 j 13 42 M 13 66- :
Unified gold 4s
8412 -.t3 /661g 8412 July'16
Guaranteed
:6w 35 June'16 __-- 35 354 Debenture gold 5s
1934 J -D 94
1940 4 - .! His
0718 96 Sept'16
96
97
76
78
7 73
Rio Or West 1st g 45
7813
Guar refunding gold 4s___1949 M- El 88
1939 1 - 1
9C1
88 Sept'16
8614 90
14
6613
6614 6513 Sept'16 --- 61
Mtge & coil trust 45 A__1949 A -0 61
Registered
95 Jan '11 -- 90 Apr '14
5 : ii5g- 17: 105
1
Utah Cent 1st gu g 4s_a1917 A -0
N Y B & M 13 1st con g 58.1319 1
1 WI log:
105
---- ---- 99 Sept'16 ---- -99 - 66Des Moines Un Ry 1st g 5s-1917 M- N
N Y & R B 1st gold 53_1927 M- S 103 ____ 10214 Sept'16
10214 103
85 00 Jan '16 -_..----- 90 90
Det & Mack-Ist lien g 43-1995 J -D 76
98
Nor Sh B 1st con g gu 5s_o1932 Q - J 91 _9 - 100 Aug '16
__
4
9978 102
1995 J -D 80
84
75 July'16 --- 75
85
Louisiana dr Ark 1st g 55____1927 M- S
Gold 4s
974 July'16
88
974
91
5 901 94
1930 J -D 112% 113 11212
Det Riv Tun-Ter Tun 4301961 MN 9012 9218 91
Loulsv & Nashv gen 6s
11212
1 11134 113 •
1 104 10412
1937 M-N 10834 110 109 Aug '16 --- 1081. 11012
Dul Mlasabe & Nor gen 50-1941 J - J 10412 105 10412 10412
Gold 5s
J 95 Sale 9458
102 10212 10112 Sept'16 -__ 10112 10314
1940 5 Dul & Iron Range 1st 55...._1937 A -0
Unified gold 4s
9514 29 921. 96
1937 A -0
Registered
106 Mar'08 ---1940 J - J •---- 934 93% Sept'16 ---- 93 934
Registered
Dul So Shore & Atl g 5s_ __1937 1 - 5 92
923 923 Sept'16 ____ 0212 9512
Collateral trust gold 5s.... J931 M- N 104 ___ 104 Sept'16 ____ 10372 1054
4
4
MN 103
Elgin Joliet & East 1st g 53_1941
E H & Nash 1st g Gs
1919 j -: 1(413 --_-- 1071. Dee '15 ---- .._ . - _ __
_ 10314 May'16 -___ 103 104
14
2
12 1031. 1111.
Erie 1st consol gold 7s
L Cin & Lex gold 430_ _1931 M101% Sept'16 ____ 10034 102
1920 M. s 10812 i56 10812 too
N Y & Erie 1st ext g 48._ _1947 M-N 96 ---- 9678 Sept'18 1930 .1 - J 1143 Sale 1143
- 9512 9612
N 0& M 1st gold 6s
11434
4
4
11434
4 11334 11612
1919 M- S 102
2d ext gold 53
1930 .1 - J 107 10914 1097 May'15 ---- _ _ _ - 2d gold (38
101 June'16 ---- 10178 10214
8
3d ext gold 430
Paducah & Mem Div 43_1946 F_ - t 10
11411 --3 2 6812 July'16 -- 8812 904
0 -1- 8 1
10012 Aug '16 ---- 100 100
6s__1921 M4th ext gold 5s
St Louis Div 1st gold
1015 Aug '16 -- 10111 10218
8
---- 10812 Apr '16 ____ 107 1084
5th ext gold 4s
2d gold 3s
94 Nor'15
1928 - 'D 91
2 el
3
64
NY L E & W 1st g fd 7s...1920 M- 5 1081. 109 10312 Sept'16 -- 08
All Knox dr On Div 43_1_122
873 8812 873
4
11
5 )3513 90
8814
All Knox & Nor 1st g 5s....1946 J - D 1074 __-- 10712 10712
5 Erie 1st con g 48 prior___ _1996 J - 5 8414 8518 83
86 183 18613
1 10712 10712
1996 J - J 81
'lender Bdge 1st s f g 6s__1931 M- S 1_7 _______ 10614 June'16 ---_ 10534 107
._
Registered
83 80 Oct '15 --Kentucky Central gold 45_1987 J - J
1st consol gen lien g 4a......1998 1 - 5 '7311 Sale 7212
7312 92 -fi- -u8812 Sept'16 ---- 87 4 8918
3
Lax de Last 1st 50-yr 55 gu.1965 A -0 10218 Sale 10218
tuno'ig ___ 7212 7612
Registered
1996 1 - 5 ---- ---- ntil s
10218 11 100 10212
L&N&M&M 1st g 430 1945 M- S 10014 ____ 101 July'16 ---- 997 101
Penn coil trust gold 4s......1951 F - A 8914 ____ 89 Sept'26 --- 8834 90
a
7213
L & N-South M joint 4s__1952 J - J 7812 80
50
-year cony 48 Series A.._1953 A -0 6914 Sale 683
6914 65 68
80 Sept'16 ---- 774 8111
43
Registered
75
1953 A -0 74
do
7514 74
h1952 Q - J
Series B
95 Feb '05 ---- ---- ---N Fla & El 1st gu g 5s____1937 F - A 1165 4 -_---_-- 1058 Sept'16 ---- 1053 10714
8%
8
7
4 84
9
Gen cony 4s Series D
88% 604 8
1
1952 A -0 8814 Sale 8714
4
4 10534 10718
N & C Bdge gen gu g 4%5_1945 J - J 9714 __-- 9758 May'16 -___ 9758 975
107
Chic & Erie 1st gold 5s___1982 M-N 107 10714 106
8
Pensae & Atl 1st gu g 6/1_1921 F - A 10818 ____ 10814 May'16 ---- 10818 10858
3
Clev & Mahon Vail g 5s__1938 J - J 1037 ---_ 101 Feb '15 -4 S & N Ala eons gu g 5s.__1936 F - A 10734 __ __ 10734 Sept'16 ---- 10514 1085
_ 123 July'16 --- Nil; ii118
Long Dock consol g ge___1935 A -0 1227
.
Gen cons gu 50
M-N 1011s 164 102 Marge --- 102 102
Coal & RR 1st cur gu 6a__1922
-year 5s..1963 A -0 10134 Sale 1013
17 100 10314
102
4
L & Jeff Bdge Co gu g 4s__ _1945 M- S 79 _ _ _ _ 81) Apry;16 -.......... 8018 8212
Dock & Imp 1st ext 5s-1943 J - J 106 -_- 106 Aug '16 ---- 10214 106
79 3
10
Manila RR-Sou lines 48._ _1936 M-N •_-_ - 79
N Y & Green L gu g 511-1946 M-N ------ 10313 Aug '12 ---- J -_- 97 99 May'16 -- -664 -66" Mex Internat 1st cons g 45-1977 MN Y Susq & W 1st ref 58_1937 J
_ .. .
_
--f- NG;iii:::: :::: ::::
i
S
1937 F - A ---- ---- 10014 Dec '06 ---Stamped guaranteed
2d gold 43413
1977 M- S
78
78 Sept'16 ---- -ii- -1;1:- Midland Term-lst s f g 53_1925 J - D .:_--. :__ 101
General gold Ss
1040 F - A 76
M-N 10513 106% 1054 sepvig -- 10512 10512 Minn & St L 1st gold 7s___ _1927 .1 -D 11034 11513 115 Oct '09 .--- ---- -Terminal 1st gold 5a
1943
Mar'16 -.MIS of NJ 1st ext 513
1940 A -0 104 ___ . 104 Sept'16 -- 104 104
o Ext lld gold 6s____1921 A -0 1024 10314 102/2 10212
wo goat
,
11
1 10 - 11 11 2 0 4
3
i
P'
1 eeo
Wilk & Eaa 1st gu g 53......1942 J -D 81% 83% 8113 Sept'16 -- 8112 90
:t fl
1934 M- N 86
8878 86
86
1 86
90
106 may'12
1st & refunding gold 4s__ _1949 M- S 6212 Sale 59
Ev & Ind 1st con guy 6s__1926 1 - 5 - -- 40
6212 181 5234 6412
Ref & ext 50-yr 58 Ser A__1962 Q- F 61
Evansv dr T H 1st cons 60._1921 J - 1 6518 101 102 Sept'16 -------- -66- joi64 60
60
2 50
64
5318 --- 63 Marie ---- 63 63
Des M di Ft D 1st gu 4
1st general gold 5s
/1_1935 .1 - J
60 Feb '15 ---Iowa Central lat gold 5s__1938 J -D -ii6- giiii- 8712
Mt Vernon 1st gold 6s__ _ 1922 A -0 --- --- 108 Nov'll ---- ___ __
943 A
89
3 -if; 741;
Jun'2 30 _6i1i ..5.7;
;5
32
1
Still Co Branch 1st g 53._ _1930 A -0
594 250 5 3 60
1951 M- 5 59 Sale 5434
Refunding gold 4s
8
6SG -537
3
M StP&SSM con g 4s int gu_1938 J - J 93 Sale 9212
Florida E Coast 1st 430___1959 J 'D 9314 164 9114 987
3
92 Aug '10 -_ . _ _ .. _
92
1st Chic Term s f 4s
Fort St U D Co 1st g 4%8_1941 J - J *1941 M- N 85 _--- 9714 June'12 ---;
M 13 13 & A 1st g 45101 gu_1926 J - .1 9812 9914 99
Ft W & Rio Cr 1st g 4s
1928 J " J 661 7012 68 Sept'16 ---- -6114 69
9912 15
15 9712 0834 M2 issiltd; tral 1st 5s_ .1949 J - J 93 -.- 9212 Sept'16 ____ 18s geopp1 ldnu
1sdt x 4 e
Great Northern
90
6i. -6 I2
5 2
i
3
9812 361 97% 99
Mo Kan & Tex 1st gold 4s.._1990 J -D 7614 Sale 7518
1921 J - i 9838 Sale 974
C B & Q coil trust 48
7634 54 7012 78
7
4
93
8
1921 Q - J 9818 987 973
Registered h
0990 F - A 47 Sale 46
4712 21 40
5012
7
10014 51 983 10012
8
4
1st & ref 43is Series A___1961 1 - J 995 10014 99
s 39 Sept'16 --__ 37% 5212
58
.1.J
96 June'16 ..
1st & refunding 4s
1961 j - j _-_Registered
Sale
387
9614 ,--- 9714
9714 -99 -66'- .6i3-8
Gen sinking fund 4%8_1936 J - J 4012 Sale 4014
St Paul M & Man 45
1933
213 lt 38
Vi
4
St Louis Div 1st ref g 48_2001 A&O 37 ____ 37 Aug '16 --- 37
1st consol gold 65
1933 1. - 1 12014 1213- 12014 Sept'16 -__ 12014 122
46
1193 Aug 16 ---- 11934 12112
4
Dall & Waco 1st gu g 53._1940 M- N 67 ____ 9934 Dee '13 -Registered
1933 J - J
152 -_-_-_ _ 10258 10214 10 10114 1033
;
5
Reduced to gold 4%3.1933 5 - i
Kan City & Pao 1st g 4a...1990 F - A
4
72
f
6
66- 87912
--_ - 4. - i121 0 1 2
Registered
:
1933 J - J -- • - -- 10212 May'16 .-- 11 53 11 414
Mo K di E 1st gu g 5__1942 A -0 - - -84 - 82 "4' -- 3 7
82
818
9614 Senn() 1
Mont ext 1st gold 45_1937 J -D
M K & Okla 1st guar 58_1942 M-N
6712 70 65 Sept'16 ---- 50
1937 J -D -------- 9512 Mar'16 -9612 9612
-Registered70
M K & T of T 1st gu g 58_1942 M- S 693 70
4
70
1 48
73
8512 Nov'15 ---Pacific ext guar 45 4._ _1940 J - .1
Sher Sh dr So 1st gu g 5a__1942 J - D ____ 5014 50 Sept'16 ---- 50 5012
E Minn Nor Div 1st g 42_1948 A -0 93 __ 9214 Aug '16 __ - .214 -63 - misso aridE acifi21st gu gc _1943 M- S 50
6 .
Texus pOkla ( m t
reo
573 573 Sept'16 ---- 49 83
4
4
___ 109% June'16 -- 1094 100%
88
1922 5 - 1 1055812 -Minn Union 1st g 6s
1937 J - .1 12318 1243- 12058 Sept'16 -4
Mont C 1st gu g 65
5
let & refunding 53 wh iss --------9213 8a47 8412 Aug '16 -iio :11111 2,4
12
6412 91.28 92
1937 J - J
13614 May'06 ---- --------General 4s when issued
Registered
1937 J - 11 i.66% -- - 109% Aug '16 ---- i6614 ii634 Missouri Pac 1st cons g 6s_....1920 M- N 1015 Sale 10114
1st guar gold 5s
10158 14 100 102
_-_1937 J - J
Registered
__-_
Trust gold 5sstamped_a1917 M- S 10013 ____ 100 Sept'16 ---- /3914 100
.
-6654
Will a s F 1st gold 55_ 1938 J -D i 8:.- 1093 Aug '16
166% ii67-8
Registered
.
i
1 27 M S sir _6 _ 82 Oct '15 ....-- -a1910 F :A if12 75 Jan '16 ---- 74
Green Bay AG W deb ctfs "A"____ Feb _-_
75
1st collateral gold 53
9612
1334 - 20 1)6
96
Feb
137- Sale 137
8
52 11
14
8
Debenture ctfs"B"
147
Registered
19,4 F --- Ass
1192 No8
595 1
0
5s__b1952 5 - 1 8614 ..„- 86
_ .. 84 43 8812
1, 9 : 9
0
86
Gulf & S I 1st ref &I g
0
40-year gold loan 48
-Ei- EiTtiW -ii- -Ei- --ii -iii -ii"
Hocking Val 1st cons g 4%3_1999 J - J 9113 Sale 9112
9112 32
1st & ref cony 5s
52 _--- 5112 Sept'16 ---- 40
51%
4
Registered
1999 J - 1 ---- ---- 973 Jan '14
3d 78 extended at 4%..193S M- N
82
82 May'16 ---87% Sept'16
Col de H V 1st ext g 45_1948 A -0 87%
iii-'W. Boonv St L & 5 1st 5s gu_1951 F - A -------100 Feb '13 ---- 82 85
8
Col de Tol 1st ext 4s
'955 F - A 885 .. _ _ _ 87 Aug '16 -..-1 86
87
Cent Br Ry 1st gu g 413_1919 F - A ---------67 Aug '18 ---_ 50
___ --_67
Houston Belt dr Term 1st 5s_1937 J - i 87 ---- 9412 Feb '15 ---- - - -.. ... _
Cent Br UP 1st g 43
7712 Dec '13 ---- ---- -1943.8 -D
Illinois Central 1st gold 43_1951 J - J 9758 __ 9714 Sept'16 ....- 9612 975
Leroy & C V A L 1st g 5s...1928 J - .1 -------- 110 Mar'05 ---- ---- ---_- ---92 Aug '15
Registered
1951 J - J
Pao R of Mo let ext g 4s__1938 F - A 89 ---- 8918 Sept'16
1951 J - J -g4 - -86i2 8514 sopt.lo
-12
1st gold 330
-6i - -6544
2d extended gold 5s_ __1938 J - i
--_ 10012 July'16 ____ -1-4-"
100 - :4
100
Registered
St L Ir M & S gen con g 53.1931 A -0 1C113 1023- 1013
4
102
s
4
5 99% 10212
Extended 1st gold 3%3.._ 1951 A -0
-341- -6658
2
Gen con stamp gu g 5s.._193I A -0
- 192 Xly '14 ____
-1951 j -- O **i3-1- _887_ 884312 8Ne74"1166
1 9 A j -8212 _3 42
5
Registered
Unified & ref gold 48..„1929 J - .1 80 8412 844
8412 36 -fil2 - - 66
-.
1st gold Is sterling
1951 M- S --- ---- -66- J'13r"i55 :::: :::::___ ____ so% Oct .12 ____...... .
Registered
Registered
1951 M - 0 -- - ---Riv &0 Div 1st g 48_ _ _ 1929 3 -N 7613 -__ 7818
933 M- i
7634 13 -58 - . 4
f
.
i
-61
-8 2-ii "gi- -61:,-2 Verdi V I & W 1st g 5s___1926 M- S 80 .._ -_- 87 Sept'15
Coll trust gold 4s
8913 Sale id- 954 Sep 'is-..
l- )
4
a tt - i:1 .....
Registered
Mob dr Ohlo new gold 6s____ 1937 J - D 1713 iii __ 11134 Sept'16 ---- 11134 115 2
8
92 is.1.. s 1514
1st refunding 45
897 Sale 8912
8
1st extension gold 6s... .118927 Q - J ____ 10912 109 Fob '16 102 109
- 0 4 -.
6
873. 9i12
8
Purchased lines 3%s
8978 4
1952 5 -J -- - 814 803 Sept'16 --7!
General gold 4s
3
4
7513 Sept'16 ------ 75
3
7614
L N 0& Texas gold 48-1953 M- N 8512 8613 86
8614 23 8434 8714
Montgomery Div 1st g 5s_1947 F - A 9914 --- 9912 Sept'16 ---- 9913 102
1953 M- N *8213 84 84 May'14 -_-...-:
Registered
St Louts Div 53
94
1927 J - D 91
89 Dec '15 --Cairo Bridge gold 4s
1950 J -0 89 -..-.. 9012 June'16 ---- 90
9212
St L dr Cairo guar g 4s_ _ _1931 .1 - J 874 884 8312 Apr .16 iiii -6812 . 4
883
Litchfield Div 1st g
74 Feb '14
.i14 ..ii3
i. .
.
. Nashv Chatt & St L 1st 5s. 1928 A -0 107 10712 10714
4
10714 13 10334 10712
Lows Div 4 Term 3s___ _1951 i - 1 ---- --,
4
g 3xs 1953 J
J _ _ - 8() 784
7814 ...!
Jasper Branch 1st g 65__1923 J - J 10734 ---- 11014 Mar'16 -- 11014 1104
Registered
_- 83 Aug '12
1953 5 - 1
mem m w & Al 1st 65_1917 J - J 1004 ---- 10034 July'16 ---- 10034 10112
Middle Div reg 55
1921 .-. 2 101 --_ 102 June'16 ;
ioil- 16.i - T & P Branch 1st 6s
4
1917 J - .1 10018 --_- 113 July'04 ...... -6618 7212 70 Aug '16 ....... . 70
Omaha Div 1st gold 3s....1051
L
71
Nat 144 of Mex pr lien 4%8_1957 J - J 30 ____ 3014 Aug '18 ____ 30
304
St Louis Div & Term g 33-1951 5 - 1 ---- 76
6813 Sep '15
Guaranteed general 4s__.._I977 A -0
35 Aug '16 --__ 35 35
-... --- 1951 J - J ---- -__ 8118 Jan '16 ---- 8118 814 Nat of Mex Prior lien 4%8_1926 .1 - J -------- 967 Feb '13
Gold 34s
____ ---___. -.
1951 5 - 1 79 --- 80 June'16
Registered
1st consol 4/1
1951 A -0 30 ____ 30 Aug '15 --. -80
80
--.
Springf 1)1v 1st g 330.... _1951 1 - J 79 8014 79 Bantle - 7834 79
N 0 Mob & Chic 1st ref 53_1960 J - J _-__ 55
40 May'15 --__
Western lines 1st g 43.-1951 F - A 90 ....- - 9013 may'le __:::: 89
9012 New Orleans Term 1st 4s__ _1953 J - -1 73
74
7312
7312 10 -66- -f312
„.. ._ _ _
Registered
N Y Cent RR cony deb 6a....1935 M-N 11412 Sale 11378
11558 2888 11078 1177
Nil; 51/4-'16
Bailey & Car 1st is
Consol 45 Series A
86
1998 F - A 86 Sale 8514
255 814 867
s
Carb & Shaw 1st gold 4s.._1932 M- 8 86 ---- 9412 rly '12 .._
Ref & imp 430 -A"
2013 A -0 945 Sale 9418
9 17 95%
9414 258 8118 8412
2
Chic St L & NO gold 55...1951 J -D 10'712 ---- 1083 Sept'16 ..-- 1:6614 i09
4
NY Reg tral & HR g 330-_1997 J - J 8414 843 8318
4
Cenistered
8412 35
114 l'et) '11 ---- _
Registered
1951 J -D
1997 J - .1 83 Sale 83
83
Gold 330
-1951 J -D -------- 90 Oct '09 ---l
benture gold 45
92
1934 M-N 923
92% 79 8978 83
1
Registered
-----1951 J -D ---------------------------1934 M-N -__ -00 June'16 ____ 8 % 90
9
9
0
3'4
Joint 1st ref 5s Series A_1963 J - D 10178
..0
7
1118
0 10318
RegistrdSal
Lake Shore coil g 334s- _1998 F - A __ __ 783 78
4
12, 74
79
7958
Memph Div 1st g 4s_1951 J - D
8
867 Dec '13 --- __ - _ _
__ 90
Registered
7713
2 7314 78
Registered
----_ _ _
1951 J - D ,._ . 8712
Mich Cent coil gold 3345._113 F A 7
8 Sa9
8
9g :
7le 771:
3 75 80 4
80
8
3
St Louis Sou 1st gu g 45_1931 M- 5 9012 923 -Or J'-ii3
F - A 78 Sale '77
4
Registered
7.5i -7 74 '78
78
914 Apr '16 --__ -id' -6i1-3
Ind Ill & Iowa 1st g 4s
1950 J - J 8914
__ ___ .._
Battle Cr & Slur 1st gu 38_1989 4 .: c? 60
Int & Great Nor 1st g 6s.. 1989 M- N 9614 99
954 Aug '16 -- 95
9813
Beech Creek 1st gu g 48-1936 1 i 9518 ____ 95 July'16 -__ 9412 6612
James Frank tfc Clear 1st 4s_1959 J -D 8914 9113 903
903
4 25, 8912 9213
4
Registered
9334 933
13 m a t:16
3 4 Sepy 8
1
4
_____
Kansas City Sou 1st gold 33_1950 A -0 86813 Sale 684
6813
2, 6634 '71
2d guar gold 50 3,54412...1511111999993339506611,. - os .10214 _-__-__-__-_
MA
3
5 . j 9: 3
J . j ...
104 1(34
Registered
_1
1950 A -0
63 Oct 'OJ
Registered
___. --_Ref & Impt 5s
Apr 1950 J - J 90 Salo 897
Beeea: Ext sst u
93 808 94
90
8
m al 1 lt ,g
r
Niob
Kansas City Term 1st 4s__ _1960 J - J 883 Sale 8814
2
8858 153 853 894
Cart & Ad 1st gu g 43
1981 J -0 ii- -if- "i6- June 11)
4
;
8' 66Erie & West 1st g 5s...1937 ./ - J 99 _-__ 9812
Lake
99
8 9814 100
Gouv & Oswe let gu g 53.._1942 .1 -D 104
_ --_1981 j _ j 7912 8314 8113 Sept'16 -___' 75 8313
2d gold 58
*93 _-__ 94 Mar'16
94
94
North Ohio 1st guar g 5s...1945 A-0 72 ____ 98 Mar'14 --_i __ .
NJ June R guar 1st 4s.._ _1988 F - A __ _. 8914 Feb '16
894 8914
Leh Vali N Y let gu g 430....1940 J - J 1003 _ _ _ 1001g Sept'16 --11001- 103
N Y & Harlem g 33is... __MO M-N 8412 --- 85 J i 1.1e
4
8
' '15
Registered
1940 J - J 9914 1014 10013 May'16 - 10013 102
N Y & Northern 1st g 53_1923 A -0 10614 ---- 10614 Sept'16
joil3 16613
.
Lehigh Vail( Pa) cons g 4s....2003 M -N 91 ___
1 8913 924
9013
9012
N Y & Pu let eons go g 4s 1993 A -0 895 90
88
9112
s
88 Aug '16
General cons 4345
2003 M-N 10012 1003 1004
4
10014
1, 9914 1014
Pine Creek reg guar 6s__1932 J - D 118 --- - 113 May'15
Leh V Term Ry 1st gu g 5s1941 A -0 11214 __ 11218
11218
8 110 1124
R W &0 con 1st ext 5a__h1922 A -0 10358 10414 1035 Sept'16
8
i0338 ioil;
Registered
1941 A - 0 111 4 ...- 11112 June'16
.
11112 11112
RW&OT R lstgug 55_1918 M-N
-- 104
_
.
- _ June 10 ____ ____ ____
* No price Friday: latest bid Prid amed title w ek. a Due Jan. b Due Feb. 'Due Apnt. s Due May. o Due June. la Due July. k Due Aug. o Due Oct.
Due Nov. 3 Option sale.
2- Z.
(7
-- --
18B 1'- S *NIA .-:_-:
P.1:41
(
43,2
EN It_ '1 -59
---
-- --
ISE;-11 -_-_-_:-_-_-_-_
.-
___
[VoL. 103.
New York Bond Record-Continued-Page 3
1288
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 6.
Z Is,
t,'a t
...a.
4 ,4,
Price
Friday
Oct.°.
Range Or
Last Sale
74 cq
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 6.
lat
4a.
FPrrice
idesy
Oct. 6.
Week's
Range or
Last
tSe
;
E 63
Range
ty
w .-81
: H
High No. Lej5 c 411
Bid
Ask Low
High No. L01.0 High
Ask Low
Bid
N Y Cent & H R. RR (Con.)Peoria
---i
4
Rutland 1st con g 4128 _1941 J - .1 80 ____ 813 Dec '15 -------------Peoria & Pekin Un 1st g 6s-_1921 Q - F 100 -___ 102 Noy'15 ----'i
2d gold 4;0
b1921 M-N 87 --_- 87 Mar'16 ---- -8 - -g'i6814
1
-69.
Og & L Cham 1st gu 4s 81948 J - J 6814 ___- 6814
14
-Ref 4s____1955 J - J 2114 ---- 14 Apr '16 --- - 14
Rut
-Canada let gu g 4s-1949 J - J 67 --. 92 June'09 ---- _- --. Pere Marquette
20%
2012
2058 23 14
Refunding guar 4s
1955 .1 - J ____
Bt Lawr & Adir 1st g 58---1996 J - .1 96 ---- 100 Oct '15 -1921 J - D 8914 ---- 85 June'16 -- 83 85
Chic & West Mich 5s
2d gold 68
1996 A -0 ---- 111 11912 Mar'12 --- --_-_- --Flint dr PM gold 6s
1920 A - 0 104 ____ 10112 Aug '16 ---- 101 105
Utica & Blk Ely gu g 4s___1922 J - 1 0712 ---- 9712 July'16 ---- -97G -9712
76
1st consol gold 5s
84
5 83 2 86
1939 IVI-N 70 ____ 754 Apr '16 ---- 74
4
1997 J -D 8412 843 84
Lake Shore gold 3125
40
48
40 Sept'16 ---- 4(1
Pt Huron Div 1st g 58_1939 A -0 40
4
1997 .1 -D 833 ---- 835g July'16 ---- 83 833
4
Registered
21 943 06
8
Sag Tus & 11 1st gu g 48_1931 F - A __ __
96
1928 M- S 96 Sale 954
Debenture gold 4s
4
9512 106 933 9614 Philippine Ry 1st 30-yr s f 4s 1937 J - J ____ 49 -Efi- AP; -Er -gi'
- 18
1931 M-N 9518 Sale 95
25
-year gold 48
1064 106%
9434
4
943
4
5 94 043 Pitts Sh & L E 1st g 58
1940 A - 0 1014 ____ 10618 Aug '16
Registered
1931 M-N
_--- .._ _ - ___
11314 Noy'll
1st consol gold 55
Ka A & G R 1st gu c 58_1938 J - J
6
9618 86 -tiii4 -96's
iiki" 7_1: i.6f1; Dee '15 ____
1847 3 j -9 -1- . ftle 9512
993 J:j - s --Reading Co gen gold 4s
Mahon C'l RR 1st 55
1997 J - J 9412 95
9412
941_2
.
1_ 923 95
Pitts & L Erie 2d g 55_ _ _a1934 3 O 103 ____ 103 July'16 ---- ilia - iiii
Registered
4
8 :
182 A j
22 944 97%
9612 96
96
Jersey Central coil g 4s__ _1951 A -0 96
Pitts McK & Y 1st gu 68_1932 J - J 11512 _-_- 13018 Jan '09 ---City guar 4s g__ _1951 J - J 93 _
2d guaranteed 6s
1934 J - J 11312 ---- 12314 Mar'12 --_- ---- '16
- J 7034 ____ -6912 Sept
-- -- -g6- 671;
St Jos & Gr Isl 1st g 4s
1947 J
McKees & B V let g (38_1918 J - i
g '16
8
iiili14
4
Michigan Central 58
1931 M- S 1661- ::::-- Au- - - --:- 16E1- 16614 St Louis & San Fran (reorg Co)
g
6712 7113
Prior Lien ser A 45
1950 J .1 7014 Sale 6812
Registered
7014 -31 837 88
1
.
1931 Q -M 10412 ---- 105 July'16 ---- 105 105
8
-_
--__
98 Apt '12
4
86
Prior lien ser B 5s
1950 J - J 86 Sale 853
4s
1940 J - J 9018 1965 J - J 8512 Sale 8312
8512 113 3,
74
87 Feb '14 .--- --- ---_
Cum adjust ser A 6s
Registered
1940 J - J
'2
55 Sale 533
4
5512 68 10,
J L & 5 1st gold 30_1951 M- S ---- ---- 90 June'08
Income series A 65
1960 July
8212 Sept'16 ---_-_- -8112 -fib - St Louis & San Fran gen 68_1931 J - J 11012 ___ 113 Sept'16 ---1st gold 310
1952 al-N 8212 86
1
0 1 1314
8
..- .1 10214 1C123 10214 10234
J
a 8614 60.2
4
5 19 7: :
893 88
4
88
General gold 5s
20-year debenture 4s_ 1929 A -0 88
93
10 91
9512
St L & 5 F RR cons g 45._1931 3
NY Chic & St L let g 43-1937 A - 0 93 Sale 9212
1896 J
- i .5- 7
3 Sea t. 6
903 Aug '16 --4
:
903 933
4
General 15-20-yr 5s_
1937 A - 0 90
48
1
M-N -ii12 -; 2 8 78 M pY 18 ---- 853 41
4
Registered
7352 ---5 46
4
7858
73
%
i 7812 843
4
1931 M-N ____ 783 78%
Trust Co ctfs of deposit--------741 7412 73%
__
Debenture 48
4 4314 7112
7112
7 8714 93
915$
do
Stamped-- ----711s SaleA 7118
West Shore 1st 4s guar__ _2361 J - J 91% Sale 91
94 9
4
883
Southw Div 1st g 5s____1947 A_, 9212 ____ 9212 Sept'16 __ -_ 10 :
4 35 867 90
Registered
2361 .1 - J 883 Sale 8814
8
12 6714 ..
1951 J - J _8_1_ _ Sale 81
N Y C Lines eq tr 50_1916-22 M- N 100 _-__ 10018 Sept'16 ---- 10018 102
Refunding gold 48
803 M ar 1 .--4
8 11
'
4
Registered
Equip trust 4;0...A917-1925 1 - J 9914 __-_ 993 July'16 ---- 9934 10058
---- -E8
9878 10 9712 10018
987 987
8
deposit-- ---- 8158
Trust Co ctfs of depos851 3 - j 815 ---- 8012 Sept'16 ---- 82% „.
11t_
N Y Connect 1st gu 4 Sig A....1953 F - A 98
7414 Sept'16 ---- 6114 'a%
- 7512 76
N Y N H & Hartforddo
Stamped_ _
110 11138 1093 Sept'16 --_--- 795g 8114
K C Ft 5 & M cons g 65_ _1928
4
82
795$ Sept'16
Non-cony deben 4s
1947 M- 5 80
7634 41 75
78
4
4
K C Ft S &M Ry ref g 4s_1936 A -0 763 Salo 753
Non-cony deben 33is
1947 M - 5 71 ---- 71 Sept'16 ---- 71
73
1n
1,1
)
6912
Non-cony deben 330
6912
6 6912 72
KC&MR&B1stgu 58_1929 A - o 89 ____ 90 Juno'16 --__90 8 ..
1954 A -0 __
45 75
7
7714 Sept'16
7714 8112 St L S Wast g 4s bond ctfs-_1989 M- N 7814 Sale 7612
7814
Non-cony deben 4s
1956 J - .1 7734 80
6434
64
6412 June'16 ---- 62
7714 82
77% 78% 7714
7714
2d g 48 income bond ctts_p123 ,--Li
Non-cony deben 4s
2
2 Sale 6552
14
6712 62 6012 ,
87%
„
69
16 6834 73
69 Sale 6814
Consol gold 48
Cony debenture 330
68
6618
6618
1 60
'''
1952 J - J 66
1st terml & unit 5s
7 110 116
Cony debenture 68
1948 J - J 11112 11214 11214 1125%
4
7912 _ -___ -_Gray's Pt Ter 1st gu g 513. _1947 J - D 100 ---- 983 Jan '14 ___ _
Cons Ry non-cony 48
1930 .. A.i
1
:
____ gil -9 2 .ficn-Iii ---- -- ---- S A & A Pass 1st gu g 4s__1943 J - J 69
6814
-11697 6612
8
Non-cony deben 4s
1954
135100 .,:J 10178-8. 174 8 8 upt016 ....._ -28, 16,;114!8
A 0 7, - 74 017 Ae g : 2 7i - 0844 s 173;4114
110
0
Non-cony deben 4s
1
17a
1955 J - J -------- 7912 Apr '16 ---- '7914 7912 5 F & N P 1st sk fd g 5s
Non-cony deben 4s_ _1955 A - 0 ---- ---- ---- ------ ---- ---- ---. Seaboard Air Line g 4s
80
0104 A - 0 8014 Sale. 79
9
1
Gold 4s stamped
Non-cony deben 4s____1956 J - J 66
ii(112 - -_ - -51712 Se pt 1b
- ---1
F - A 65 Sale 6412
9112 93
Adjustment 5s
Harlem R-Pt Ches 1st 48_1954 5.1-N
6812 12 6512 It
683 Salo
14
2
is
8
B & N Y Air Line 1st 48_ _1955 F - A _8_9_1_ -- 9912 June'12 ._-Refunding 4s
79
797
83
84 E Sept'16 ---- 82'
8
797
8
'
14
4 -i6i; "ii"
Atl Birm 39-yr 1st g 45_ _,213 l'il- 4:
Cent New Eng 1st gu 4.9._1961 J - J
88
T.::: ---- ---- Car Cent 1st con g 4s
1949 .1 - J 8812 ---- 88 June'16 --- 88
Hartford St Ry 1st 4s__1930 M- S
i
Fla Cent & Pen 1st g 5s
1918 J - J 10012 --- 993 Sep '15 ---- -- ---..4
____ ____
Housatonic R cons g a__ _1937 M-N fli" ::::: 'loll; lcia- i8
8
19301 - J 1015 --_- 101 Dee '15 ---1st land gr ext g 58
Naugatuck RR 1st 4s____1954 M-N 9114 ---- 87 J'iy '14 __ ---- ----8
4
1943 J - J 1023 _-__ 1028 Sept'16 ---- iiii3 MI%
Consol
N Y Prov & Boston 4s.._ _ _1942 A -0 9013 ---- 88 Aug '13 ---- --------Consol gold 58
7512 Sale 74
7512 28
%
_ __2 ____ 1934 July'16 __ 103 103
.
-E
Ga & Ala Ry 1st con 58....01945 - - I 10
T
NYW'ches&B 1st ser 1 430'46 J - J
8
s
Ga Car & No let gu g 58_1929 J - J 1017 --- 1017 Sept'16 ---- 10172 103
N H & Derby cons cy 58.._1918 54-N 10014 ---- 107 Aug '09 -- ---- ---____ ____ ____ __ Scab & Roan 1st 58
1926.9 - J 102 -__ 9914 Aug '15 --Boston Terminal 1st 48.-1939 A -0
___ ____ Southern Pacific Co
New England cons 5s____1945 J - i 166" :::::
31 8312 88
86
__ - - Mar'12 ---- -----012
Gold 4s (Cent Pao corn- _k1949 J -11 86 Salo 8514
Consol 4s
90 Feb '14
k1949.9 - D -...... 84
Registered
Providence Scour deb 48_ _1957 3 -N 82 -70- 6914 Sept'16 -_-_---- 6914 '70
845 M- j 67
-ia ---- -iti5i
01929 M- 5 8814 Sale 8818
Prov & Springfield let 55_1922 J - .11 --------997 Dee '14 -- ---20-year cony 48
8812
--666 10212 107%
20-year cony 5s
1934 .1 -D 10534 Salo 105%
106
Providence Term 1st 4s__ _1956 M- 5 -___ --_- 83% Feb '14 ---- --- ---.
89 2
W dr Con East 1st 4;0_1943 .11 - J 56
,F A 90,4
4 :
Cent Pae 1st ref gu g 48_ 1849 F A 8832 Sale 8714 800 8 __8_i 875 91
94
4
0 n1344 t
8 ?
-ifi8 -ii"
N Y 0 & W ref 1st g 4s_ ___g1992 M- S 8012 Sale 8012 -g0.1-2
male
Registered
9212 June'12 ---Mort guar gold 330__k1929 J - D 90 Sale 90
90
Registered 85,000 only__ g1992 M- S
i .- .
86
85 bept'16 -___ 181:14 :
76"
,16 4
-i6" General 48
Through St L 1st gu 48_1954 A -0 85
863
1955 J -D -7 6 -rio" 79 Apr '16
4
78 Aug '16 :::: 78
0 11 & 5 A M & P let 5s_-1931 M-N ---- 104121 102 May'16 ---- 102 102
Norfolk Sou let & ref A 58_1961 F - A 7912 82
80
994
Gila V 0& N let gu g 5s.._1924 M-N --_- 10212 10014 Jan '16 ..- 1004 10014
9814 Sept'16 ____ 97
Norf & Sou let gold 5s
1941 M-N 99 101
16
Norf & West gen gold 6s
s
Hous E & W T let g 5s_.1933 M-N _--- 100 102 May' ---- 101 102%
1931 NI- A 11918 120 11914 Sept'16 __-- 1187 120
let guar 5s red
1933 M-N --- 101 10112 Apr '16 ---Improvement dc ext g 68_1934 F - A 12032 122 12118 July'16 _--- 12012 122
New River let gold 6s---_1932 A - 0 11912 120 120 Sept'16 ___ 11912 12012
H & TO let g Sc lot gu- _1937 J - .1 106 __-- 10612 June'16 -___ 108 10612
2
9533 25 9112 963
8
Gen gold 48 int guar__ _1921 A - 0 96 --__ 96 July'16 ---- 9414 96
N & W KY 1st cons g 48___1996 A - 0 947 Sale 94
.
Registeredacodr N W div 1st g 6s '30 01-N iiio - mi.. 109% Nov'15 ---- -- -1996 A - 0 --_- ---- 9314 DecDeo '15 ___
907
8
5 'i8 4 -if -3A & N W 1st gu g 55
103 Nov'15
DWI let lien & gen g 48_1944 J - .1 891s 9118 9012
-17 11312 145
145
.1
10 -year cony 4s
Louisiana West 1st 6s__1821 3 .3 10518 _-- 109 June'14 -_-_-_-_ ---- 7--:
194 J:
-25
1932 J -D 140 146 137
15 12 10 34
0 - 04
4;
6
8
143
8
3
6 114 143
Morgan's La & T 1st 7s__1918 A -0 1033 1053- 104 4 July'16
10 -year cony 4s
-20
1932 M- s 140 ____ 143
11512 143
let gold 68
19
. .4 -_---_ 105 Jan '16 ::::
ii0365
-25-year cony 430
1938 M- 105 Oct '15
No of Cal guar g 58
Pocah C & C joint 48.._ _1941
1t2 ?•1 88 9014
13 _a
__ 103
827 J I
9
J
Ore & Cal let guar g 5s-193280 jA --- 0 10112 10214 10112 Sept'16 -------- 10-0-7-s 10211:.
C C & T 1st guar gold 58_ _1922
i
l 1E2 5-lei las Sept'16 __ 103 10312
9212 Sept'16
9112 94
So Pee of Cal-Gu g 5s_ 1937
Selo V & N E let gu g 48_ _1989 M- N 9214 93
95 6
7
6" 1r2 i P
_ i - 14
1
l c gt:ig --ii 11 711 17113
e
9118 9414
-1 9312 17
So Pac Coast 1st gu 4s g 1937.4- 1 1( ` 12 - Nor Pacific prior lien g 4s___1997 Q - .1 9312 Salo 924
1097 Q - J 9112 ---- 0214
9214
8 9012 9312
San Fran Terml 1st 4s _A950 A -0 8412 Salo 84
8212 86
8412
Registered
67
61 6518 67
4
Tex & NO con gold 5s__ _1943 J - .1 93 -- - 96 Apr '14 ---- ____
General lien gold 38
a2047 Q- F 663 Sale 66%
98 1212 19312
91
6312 653
4
So Pac RIt 1st ref 48
1955 1 - J 91 Sale 903
8
Registered
a2047 Q - F 6514 --- - 655* Juno'16
__
9112 Sept'16 --- 9133 9112 Southern-1st cons g 5s
10218 208
St Paul-Duluth Div g 48_ _1996 J D
1994 J - J 10218 Sale 10114
i oni,
:
1112 113- 113 Sept'16 ---- 1095 113
St P & N P gen gold 6s__1923 F A 18
1994 J - J -..„. 10218 10014 Aug' -;:.,',; 'ic - 10914
Registered
8
16
738
4
7212 10. si
8
1956 A -0 723- Sale 7112
Develop & gen 4s Ser A
Registered certificates_ _1923 Q - A
- ---- 10912 Oct '15 ---7612 75
1 75
78
75
St Paul dr Duluth let 58._1931 F - F' 117n ---- 107 Mar'1(3 --__ Rif - icii"
Mob & Ohio coil tr g 4s._1938 M- S 75
4
Mom Div let g 450-58-1996 J - J 10012 10112 101 Sept'16 --- 100 104
2d 5s
- 0 10012 -___ 1003 Sept'16 ---- 100% 10118
1917 A
8
12
7 80
84
1951 J - J 847 Salo 83
848
let consol gold 4s
9112
St Louis div 1st g 4s
1968 .1 -D 88 ...,.- - 9112 Sept'16 ---- 90
8
1 10212 10314
1918 J - J 10233 ---- 1028
1023
8733 904 Feb '16 --- 90
9012
Ala Cen let g 68
Wash Cent 1st gold 4s_1948 0-M 85
A9
Nor Pac Term Co let g 65___1933 J - J 111 11212 11112 Sept'16 ____ 111 11112
Ala Gt Sou 1st cons A 5s_1943 J - D 9812 9934 984 Sept'16 -_-- 9812 9.
8614 32 8314 88
4
Oregon-Wash 1st &ref 0...A961 .1'- J 8614 Sale 8512
Atl & Char AL let A 430 1944.9 - J 933 944 9414 May'16 --- 9414
1025g
97 96 Sept'16 ---- 93 100
8
8
5 1003 193%
let 30-yr 58 ser B
1944 J. J 10214 1027 1025
4
Pacific Coast Co 1st g 5s_ _ __1946 .1 -D 96
1 8112 85%
8178
817
8
8
s
9834 Sale 987
987
3
5 98 987
A2d 4aanv 1st g 4s
t1& D
1948 J - J 8178 82
Paducah & Ills let a f 4128_1955 J - J
8112 Marl() _,
8
104
Pennsylvania RR 1st g 4s___1923 M-N 007 ---- 99% Sept'16 -- 984 991'
All & yad 1st g guar 48_194 .1 - J --- 82
4
A -0 75 ---- 753 Dec '14 ....Consol gold 58
1919 M- S 103 ___ 103 Sept'113 __- 10212 10314
-111943 ryi_N 9834 987 987
8
b 9814 9912
8
8
987
E T Va & Ga Div g 5s____1930 J -1 10414 ---- 1043 Apr '16 ---- joi 2 101 2
Consol gold 4s
--- 1057 Sept'16 --- 10514 1°614
8
Con 1st gold 55
Consol gold 48
1948 M-N 9914 9912 99 Sept'16 __-- 98 100
Consol 4-e
10614 69 10412 10633
:
E Ten neon lien g 55
1958 M N 105% 10112 10112 Sept'16 ---838 M S 00
A 10618 Salo 10514
1960 F ;1:223
10212 164 1003 1027
_
62.
8
Ga Midland 1st 3s
1946 A -0 5812 60 58 July'16 --- 57 ..111:8706u1:1,
General 430 when issued_1965 1 -D 1023 Salo 10218
8
4
9614
8
965
8
Alieg Val gen guar g 48_ _ _1942 IN- S 9614 97
2 964 97
Ga Pac Ry 1st g es
1922 J - .1 1067 10714 107 Sept'16 ---- 111100097035998611711:2;
D R RR&B'ge 1st gu 48 8_1936 F - A 941% _-__ 9412 Sept'16 ---- 9412 96
Knox & Ohio 1st g 6s__1925 .1 - .1 108 --- 10914 Aug '16 __-_
Phlia Bait & W let g 45,1943 M- N 9812 ____ 9812 Sept'16 _--- 984 9834
Mob & Bir prior lien g 55_1945 J - J 10214 _--- 106 Sept'16 _' -----------Mortgage gold 4s
4
Sodus Bay & Sou 1st g 58_2924 J - .1 -1945 J - .1 7114 ..-- 713 May'16 ---- 71% , `,
'•
AA ---------- ------- -----------8
Rich & Dan deb 55 stmpd_1927 A -0 10334 104 1035 Sept'i6 ____
Sunbury & Lewis 1st g 48_1936 J - J 93
.....-.
---UN J RR & Can gen 48._1944 IN- S 9912 ___- 995 Sept'16
73 Sep '12Rich dr Meek 1st gu 48_1948 M- N --..66 8 loci1
2
1919 M-N 101 - 10112 101
101
Pennsylvania CoSo Car & Ga 1st g 55
3 16(11- 102
4
6 10012 10212
4 1013
4
Guar 1st gold 4s
s
Virginia Mid ser D 4-55.-1921 M- S 10218 ____ 10212 June'16 -- 102 10212
1921 J - J 1007 1013 1013
100 10118
1926 M- S 1034 ---- 10318 Aug '16 ....-- 102 103%
Series E 5s
Registered
1921 J - J 10014 _-_- 100 Aug '16
4
1931 al- 13 10434 ..-- 104 Mar'13 _Guar 330 coll trust reg A.1937 M- S 853 --- 8612 Jan '16
Series F 5s
8612 86%
3
85
General Sc
1936 M-N 10(i -_- 106 Sept'16 __-- i(iii4 16411
Guar 330 coil trust ser 13_1941 F -A 85 8412 85 Sept'16
8514
Ti- 100% Jan '16
Trust Co ctfs gu g 3;0 _1916 M- N
99% 1001s
Va & So'w'n let gu 58_2003 1 - J 10312 ---- 105 May'16 ---- 10212 105
91
90 Sept'16 -_-- 8912 903
8618 July 16
- 861% 864
let cons 50
-year 5s_ _ _1958 A -0 85
Guar 330 trust ctfs C....._ _1942 J - D -iii1;
9412
923 91 Sept'16 ____ 91
4
1924 F - A 92
8618
Guar 330 trust ctfs D....__1944 J - D 85 8614 8618
5 85 86%
W 0& NV 1st cy gu 4s
5 9138
8
913
8
9812 9514 Sept'16
9412 955 Spokane Internet 1st g 5s__.1955.9 - .1 9138 Sale 013
Guar 15 -year gold 48__1931 A -0 95
8
-25
3 984 1vusti
9912
9114 ---- 92 Aug '16
- 92 92
Ter A of St L 1st g 430
A -0 9912 10014 9912
40
1939
-year guar 48 ctfs Ser E_1952 M-N
3 904 91
Cin Lob & Nor gu 4s g___1942 M- N 91 __- 91
91
1894-1944 F - A 100 198 105 Aug '16 -- 10312 106%
1st con gold 58
88
86
2
86
86
99 Aug '16
99
993
4
Cl & Mar let gu g 430___1935 M-N 9912 100
Gen
1953
g 45
i 10378 10512 St L refunds f Ter gu g 5s_1930 J --J 10032 Salo 10038 Aug '16 ---- 84% 10114
9912
10112
1037
8
A 0
CI & P gen gu 4308er A__1942 .1 - J 10312 ---- 1037
M Bridge
981s
Sale
9714 60 95
104 Dec '15
Tex & Pac 1st gold 5s
Series B
1942 A -0 102%
33
45
378142
3612 Sept'16
7
g1123
lot reduced to 30_1942 A - 0 8712 --__ 9114 Feb '12
2d gold Inc Sc
---- ---8914 88
88
90
--- 9018 Oct '12
1931 J - J 89
88
Series C 330
La Div 13 L 1st g 5s
1948 M- N 88
- 95 10612 Nov'04 _--W Min W & N W 1st gu 581930 F - A
8912 8912
Series D 30
1950 F - A 8712 _-__ 8912 Sept'16
4
8812
2 8812 90
1935 J - J idi sale 104
104
11 idi" iiii1Erie & Pitts gu g 330 B....1940 j - 1 8818 8812 8818
Tol & 00 let g 5s
8
1935 A - 0 ____ 1007 1014 May'16 _--- 101 102.3
Series C
Mestern Div 1st g 55
1940 J - J 8818 8812 901s J'ly '12
94 May'16 ---- 93 94
1935 J -D ---- 93
Or R & I ex 1st gu g 401941 J - J 99 -___ 9934 Aug '16
11
3
General gold 58
. 99
__
i
__ _
1990 A -0 82 831 823 Sept'16 --- N-4 8414
Ran dr M let gu g 48
Ohio Connect 1st gu 48.._1943 M- S 9434 ---- 93 May'14---- ---- ---973 97
4
Pitts Y & Ash 1st cons 581_1927 M- N 1047 --- 109 MAY'10
8
----.
2d 20-year 58
1927 J - J 97
61
5313 Sept'16 __-- so
Tol P & W 1st gold 48
1917 J - .1 5318 55
WV &0 gu 4%s A___1931 J:
I
Tot
018112 10 ,
8112
Series B 4s
1933 J
-- - - - Tol St L dr W pr lien g 3;0_1925 J - J 8012 55
a2 2
59
9i3
94 Apr '16
9312 94
-year gold 4s
Series C 4s
1942 M- S 95
101 1025*
Coll In 4s g Ser A
PC C & St L go 430 A
1940 A - 0 1013 --_- 101 Sept'16
8
F3i
83 rur6r! e : 8158 134'1
4 a l
Igt4
' li
s
:
2
:
0
102
1 10114 1025
8 Tor Ham & Buff let g 4s_h1946 .7 --- 'C E 0
Series B guar
1942 A -0 102 Sale 102
Ulster & Del 1st con g 55___1928 J -D __- 1.0012 IOC% Sept'16 ___ 99t2 101%
Serie:3 C guar
1942 M- N 10112 ____ 9714 July'15
-143 -1/g14
1952 A - 0 _--- ---- 74 Mar'15 _-94 4 May'16
3
2
let refund g 4s
Series D 48 guar
1945 M- N 9412
98
72 -iiii - lei 2
92
95
1947 J - J 9712 Sale 97
Series E 3;0 guar gold.1949 F - A 944 ____ 9412 Sept'16
Union Pacific 1st g 45
971s
1947 J - J 96 ---- 96 Aug '16 __-- 95
Series F guar 4s gold_ _ _1953 J - D 9412 __- 954 Ian '14
Registered
57 9578
8
1927 J - J 945 Sale 9418
957 Sept'16
29
Series 0 4s guar
-year cony 45
1957 M- N 943
9434 26 9212 IT5
101 10212
let dr ref 48
g2008 M- 5 91% Sale 91
Series I cons gu 430_ _ _1963 F - A 10114 -__- 101 Aug '16
913 148 8912 2e4
4
CSI L & P 1st cons g 58_1932 A - 0 10712 ---- 10712 Sept'16 --__ 1074 10712
Ore RR & Nay con g 48_1916 J -D 925 938 923
4
023
4
7 917 9•
2
- .
• No Price Friday;latest bid and asked. a Due Jan. 0 Due Feb. 4 Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. g DueDie
a Option sale
-------Atlantic
-- --
Ing 11--NJ
29 -a 8 -iji4
-7- .
-- --
p
s.
"-,,,-apr
)
: (,26:12
B 7.... v.:,
____ _.....
OCT. 7 1916.1
New York Bond Record—Concluded--Page 4
1289
•
Price
Friday
Oct. 6.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 6.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N, Y. STOCK EXCHANGE
Week Ending Oct. 6,
Price
Friday
Oct. 6.
Week's
Range or
Last Sale
en
Range
Since
Jan. 1
High No. Low High
Bid
Ask LOW
Bid
Ask Low
High No. Low High
Union Pacific(Con)—
10712 109
Union Elec Lt & P 1st g 5s1032 M- S 101
10034 July'16
Oro Short Line 1st g 13s .._1922 F - A 107%_ 108 Sept'16
10034 10114.
106 1077
1946 J - J 10614 107 10614
10614
Refunding & extension 51_1933 14-N
8
,
1st consol g 55
89 Mar'15
94
14 91
94
1929 J - D 94 Salo 0358
Utah Power & Lt 1st 5s___1944 F - A
Guar refund 48
9538 Sale 95
9614 114 9312 -9814
102 Mar'16
_--102 102
1926 J - J
Utica Rice Lt & P 1st g 5s__1950 J - J 10018
Utah & Nor gold 5s
10214 Mar'15
4
90 Apr '16
90
1933 J - J 023 100
1957 J - .1
95
Utica Gas & Elec ref 5s
1st extended 4s
10-098 Aug '15
903
4
4
9034 91
1950 J - D 10514 1053 10512 Sept'16
Westchester Ltg gold 5s
Vandalla cons g 4s Ser A_ _ _ _1055 F - A 903 _-__ 904
10414 10552
4
4
903 ____ 91 June'16
9112
91
1957 M- N
Consol 45 Series B
Miscellaneous
87
4212 Aug '15
Vera Cm's & P 1st gu 4s _1934 J J
Adams Ex coil tr g 4s
1948 M- S 85
8514 52 82
85% 8412
8514
9912 63 -9 4 -6612 Alaska Gold NI deb Os A
-719912 Sale 99
1925 M- S 86
Virginian 1st 5s Series A
1962 PA-N
21 85 117
87
86
86
10.134
17 103 105
Wabash 1st gold 5s
1926 M- S 89
1939 81-N 10438 Sale 10418
Cony deb Os series B
4 85 105
90
8612
88
7 98 100
9958
2d gold 58
Armour & Co 1st real est 43.3'39 J -D 93% Salo 9314
1939 F - A 9914 993 99
74 93
95
93%
80 110
90 June'12
Braden Cop NI coil tr s f 6s_1931 F -A
1939 J - J
9914 Sale 9818
Debenture Series B
50 97 2 9912
9914
,
S 97 ____ 100 May'16
_ 87 4
- 96's 100
1921
Bush Terminal 1st 4s
1952 A - 0 8712 _
1st lien equips fd g 5s
4 8612 89
,
8712
71 __ 65 Dec '15
1954 .1 - J
1955 .1 - J 89
1st lien 50-yr g term 4s
Consol 5s
6i 88 Sept'16
8678 92
1941 J - J 10312 ____ 105 July'16
103 1.6E
Bidgs 5s guar tax ex
1960 A - 0 8812 Sale 87%
2 86
Det & Ch Ext 1st g 5s
91
8812
75 ____ 80 Aug '12
1939 J _ Chic UnStat'n 1st gu 43is A 1963 J - J 100 10018 9934
Des Moin Div 1st g 4s
10018 42 9932 10018
72
7418 72 Apr '16
1941 A 72
73
125% Sale 125
Chile Copper 10-yr cony 7s_1923
Oin Div 1st 33.s
12712 76 12012 13514
S 817 86
3
86 June'16
1941.
Coina utied Tab-itec s f 65.. _1941 J - .1
st pm p ng
82
87
8412 Sale 8412
8412
Tol & Ch Div 1st g 4s
1 81
86
112 2
1 12
112
1954 J -D
3
4 414 Granby Cons NI Sec Peon 6s A'28
N 10512 107 107 Sept'16
Wab Pitts Term 1st g 4s
101% 10914
112 2
12 33
4
1% Sept'16
106% Sale 106%
6 103 109
Cent and Old Col Tr Co certs__
107
12 312 Great Falls Pow 1st s f 53_192 IVI N 101 101% 1003 Sept'16
112 2
112
112
Columbia Tr Co certfs _______ _- _8
1940 NI:N
4
9914 10118
12 37
8 Int Mercan Marine 4;is
112 212 112 Sept'16
1922 A - 0 110% Sale 11058
Col Tr ctfs for Cent Tr Ws_ _
3 95 110%
110%
14 Aug '16
14
1954 i-7i5 ---11012 111 11012
Certificates of deposit
2d gold 48
14
7a
11038 250 9518 111
14 July'16
Trust Co cents
New 1st & coil tr St 63_1941 A -0 99 Sale 98%
1s
3
4
99% 743 9614 9912
1
8312 8434 Int Navigation 1st s f Is____PJ29 F - A 110
Wash Terml 1st gu 3%s1945 F - A 8434 - ,! 84% Aug '16
4 915 110
10934
110
4
9
-512 9112 Aug '15
9918 Sale 9918
9914 25 9518 9914
1st 40-yr guar 45
1945 F - A 04
Montana Power 1st 53 A__ lf'43 J - .1
753
8 89 71
9214 9212 9212 Sept'16
1952 A -0 74 Sale 7214
West Maryland 1st g 4s
75% Morris & Co 1st s f 4 yis1939 J - J
9214 93
105 ____ 10418 July'16
_ 10334 105
1937.3 - J
Mtge Bond (N Y) 4s ser 2__1966 A -0
West N Y& Pa 1st g 5s_
83 Apr '14
8112 8434
10-20-yr Is series 3
1943 A -0 8418 ____ 84 Aug '16
Gen gold 4s
94 June'16
W 4- -641;
37
_ 37 Aug '16
7112 74
N Y Dock 50-yr 1st g 45
p1913 Nov
37
37
19. 2 :
931 S A
5
Income 5s
72 Sep t'16
71
7512
1003 101 100 Sept'16
4
Niagara Falls Power 1st 58_1932 J - J 10112 103 10214 June'16
08 102
Wheeling & L E 1st g 5s___1926 A -0
10034 10214
9912
10512 Sale 10512
Ref & gen 6s
96
9912
81932 A Wheel Div 1st gold 5s____1928 S - .1 9912 Sale 9912
6 10512 10512
10512
8
97 Mar'16
Niag, Lock & 0 Pow 1st 5s__1954 M- N
_ 97 97
9314 - - 92 Sept'16
Exton & Impt gold 5s____1930 F - A 063 _
9258
92
Ontario Power N F 1st 5s__1943 F - A
93
80
78 68
1949 M- S SO Salo 77
80
di 93
RR. 1st consol 4s
93
9512.
92
80
Ontario Transmission 5s__1945 M-N ---- 95
75
90
80 Sept'16
80
1922 J 86 Sept'16
20-year equip s 5s
86
9012
8412 8712 Pub Serv Corp N J Con 5s__1959 A - 0 92 Sale 913
88
85 July'16
Winston-Salem S B 1st 4s
1960 J - .1 86
9212 41 8934 0314
4
10 84
92 Sale 913
873
4 Tennessee Cop 1st cony 6s__1925 M- N
87
87 Sale 86
4
9212 12 88 125
Wis Cent 50-yr 1st gen 4s_ 1949 J - J
SO% Wash Water Power 1st 5s_ _1939 J - J -- 10014 10312 Jan '14
6 85
883
4
N 88 ____ 88
Sup & Dul dick term 1st 4s'36
Manufacturing & Industrial
Street Railway
1003
4
8 100% 1033
101
4 Am Ag Chem 1st c 5s
1928 A - 0 10334 Sale 10312
Brooklyn Rapid Tran g 5s 1945 A - 0 101 Sale
10334 20 1017 1033
s
4
2 7418 81
7734
7512 Sale 7512
Cony deben 51
10014 Sale 9934
2002 J - .1
10012 25 9634 101
1st refund cony gold 4s
97i8 9714 9714
1003 111 100 10118 Am Cot 011 debenture 5s19 114 N
4
4
9714
6 9512 973
4
1931 F A
24 :
6
-year secured notes 5s_ _1918 J - J 1003 Sale 10038
9 10012 10214 Am Hide & L 1st s f g 6s
10214
8
1919 M- S 104 Sale 1035
Bk City 1st con 5s_1916-1941 J - .1 10212 - - 102
104
12 1038 10412
9312 Sept'16
0312 9418 Amer Ice Secur deb g 6s__ _1925 A -0 8712 Sale 8712
Q Co & S con gu g 5s1941 411-N
8734
4 85
8834
101 Misy'13
Am Smelt Securities s f 6s_
1123
Bklyn (2 Co & S 1st 59_ _ 1941 J - J
4
196
F
115
10114
- -111-66- 102 Am Thread lit coil In 4s_ __ _1926 .1 - A 9834 Sale 11234 Sept'16 ---- 10614 118 4
1950,r - A 16652 10 4 101
Bklyn Un El 1st g 4-5s
____ 983
J
97% 983
- 10114 Sept'16
I001 10212 Am Tobacco 40-year g 6s _1919 A - 0 11914 120 120 4 Sept'16 ---- 118 120
1950 P - A 101
Stamped guar 4-5s
1944 4
84
84 Sale 833
8212 8612
Gold 4s
Kings County E 1st g 43_1949 P - A
837 ____ 85 Sept'16 --__ 8212 8,512
1951 F - A
8312 8412 8418 Sept'16
8212 8612
1949 F - A
Stamped guar 49
Registered
93 June'14
74 Sept'16
74
72
73
763
4 Am Writ Paper 1st s f 5s
Nassau Eke guar gold 43_1951 J - J
82
19.1 JJ -E1-2
15 F A
19
8 2
-45
i
0
4 -0 i42, -3;
4
963
4
4
1 953 9834 Baldw Loco Works 1st 5s_1940 M-N 105 _— 105 Sep83 —5_ 1
963 9714 963
4
1927 P - A
Chicago Itys 1st 5s
_3
105
V 16
10112
4 9912 102
Beth Steel 1st ext s f 5s
Conn It & List & ref g 43481951 J - J 101 Sale 101
10414
• 1021, 10
1926 J - J 10414 Sale 10312
10118 10112
100% — - 10112 Sept'16
1st & ref 5s guar A
Stamped guar 4 As
1951 J - J
2
4
10238 95" 997 1031
1942 M-N 1013 Sale 101
84
136 7418 84
Cent Leather 20
Det United 1st cons g “69-1932 J - J 84 Sale 82
-year g 5s 1925 A -0 10238 Sale 10214
4
1023
4 80i 1003 103
84 Jan '14
- _ Consol Tobacco g 4s
Ft Smith Lt & Tr 1st g 5s1936 1101- S
975 Jan '15 ----I
8118
1951 F - A
9414 Sept'16
87
64
-14 Corn Prod Ref s f g 5s
95
Havana Elec consol g 55
1952 F - A
1931 RI- N
4
983
4
2; 983 10018
0914 984
6912 27, 6812 7514
1st 25-year e f 5s
6912 Sale 6918
lIud & Manhat 5s Ser A__1957 F - A
97
904 9812 963
4
2612 33 2512 3114 Cuban-Am Sugar coll tr 6s_ _1914 N
2612 Salo 2618
1957 -- -Adjust income 5s
1 38 A
10212 10234 102%
91 957 99
:
1025* 28 1011 10313
10012 102
Distil Sec Cor cony 1st g 5s_1927 A -0 73 Sale 7212
1932 F - A 10014 10012 10012 July'16
N Y &Jersey 1st 5s
46 6932 78
73
733 200, 7212 7612 E I du Pont Powder 4%s
4
Interboro-Metrop coil 4 yis_19561A -0 73% Sale 73
1936 J -D 10112.102 10112
10112
5' 101 10712
085 197 9712 9912 General Baking let 25-yr 65_1936 J -D
8
9812 Sale 9814
Interboro Rap Tran 1st 53_1966,J - J
85
95
85 Mar'16 ---- 85
8812 93
9214 Sept'16
Gen Electric deb g 3%s__ _1942 F - A
,
Y)cons g 43_1990 A - 0 90 2
Manhat fly
82
8238 10212 Sept'16
8 ,8
003
78
8312
9314
03
31 89
Debenture 5s
-0 92% Sale 9214
1990 A
Stamped tax-exempt
03
1952 M- S 110558i2 Sale 10512
10, 103% 1057
1
1055*
III Steel deb 4 yis
Metropolitan Street Ry—
1940 A -0 0312
94
126' 8912 94
92%
0
99
2 9314 10 14 Indiana Steel 1st 5s
99 Wale 99
Bwav & 7th Av it c g 53..1943 J 1952 - N
oel0312 _3_ 4_ 1
t 1011/ 10313
13
Sale
98 100% Ingersoll-Itand 1st 5s
Col & 9th Av 1st gu g 5s 1093 NI- S 9812 9918 9812 Sept'16
100
2 99 101
rnt AgrIcul Corp 1st 20-yr Is 1932 j
S 100 10113 100
Lox Av & P F 1st gu g 53._1903
935 ni
11. 1s-76 - Sale 76
76
-0 - 2
T2 c7
30 Mar'14
hut Paper Co 1st con g 6s
Met W S El(Chic) 1st g 4s 1938 F. A
101 102 10114
1918 F - A
10112
3
8 10 4
4
101 102(4
4
- 1018 Aug '16
Consol cony s f g 5s
95
06
Milw Eke Ity & Lt cons g 5s 1926 P - A 1013
9518
9612
9612 14' 81
92114 Feb '15
Cut St Pump 1st s f 5s_
Refunding & eaten 4343_1931 J - J
71 June'18
_1935 3 -3
192 N1- S
9
71
7834
101 Aug '16 -_-_-_-_ 6 4 101 .61Minneap St 1st cons g 5s_ 1919 .1 - J 1(1(11; .;
Certfs of deposit
84
84 Sept'16 --__ 64
02 July'16
9212 94
92
95
Montreal Tram 151k ref 5s_1941 J - J
Laekaw Steel 1st g 5s
10018 Sale 100
10018 85 9712 10034
1923 A _ - 86 8334 Aug '16
80
86
New On Ity & Lt gen 4;is 1935 J - J
1st cons 5s Series A
7
9612 Sale 9634
967 222' 90
97
_
99 Sept'16
99
99
NY NIuniclp fly 1st s f 53 A 1966 .1 - J 66
Liggett & Myers Tobac 7s 1954 :S 1263 Sale 125
4
12634 36 12312 127
49
O
1942 J - J 7412 Sale 74
16 7312 79
7434
5s
N Y Rys 1st It E & ef 4s
102
23 10014 130
1951 F - A 10112 ____ 10114
01942 A - 0 5312 Sale 5312
56
239 5312 6378 Lorillard Co (P) 7s
-year lull Inc 5s
30
12614 22 122% 127
1914 A -0 12614 Sale 125
83
8812
N Y State Rya 1st cons 4%3_1962 NI- N _--- 8718 8312 Sept'16
5s
101 Sale 1007
64 10014 10214
s
101
89
0112 July'16
91
9412 Mexican PetrolLtdcon Cs A 9 21 l. A 112 11612 11612 Sept'16
Portland fly 1st & ref 5s____1930 NI- N
1951 A O
:
10852 128
1,y1
July'16
7812 80
Portid Sty Lt & P 1st ref 58_1942 F - A
1st lien & ref 6s series C 1921 A -0 112 116 116%
1167
ii 105 12512
7
0
Portland Gen Elec 1st 58_1935 J - .1 ---- 78 10858
Nat Enam & Stpg 1st 5s
9:3
99
99
99
5 9611 99
1929 .1 -D
98
M- N
96 May'16
-6E- .- Nat Starch 20-yr deb 5s 1930 J- J 8518 92 8512 Aug '16
St Jos Ity, L,It & P 1st g 58_1937
8.5/2 8812
100 sap *16
St Paul City Cab cons g 5s_1937 J - J
National Tube 1st 53
10214
1013
8
997k 10214
82 Sale
1960.3 10218- 8112
82
-d81 -8-5-8 2 NY Air Brake let cony 6s 1958 M - N 10334 Sale 10314 10214 528 101 10512
Third Ave 1st ref 41
32
Sale
10334 291
922 A1- N
4
781, 76
a 1960, A -0 773 Sale 7714
Adj Inc as
7714 8434 Railway Steel Spring—
1075 10912 10818 Sept'16
8
1937 S 100 10818
Third Ave Ity 1st g Is
Latrobe Plant 1st s f 53 1921 J - J 10038 ____ 10014 Sept'16
9934 10014
8
997
8
9834 1007
Tr -City Ity & Lt 1st s f 5s 1023 A - 0 9978 Sale 997
Interocean P 1st s f 5s_ 1931 A -0 97
2
9812 963
4
9712 15 9412 98
9512 July'14
Undergr of London 45s ...,1933 J - J --- 90
Repub I At S 10-30-yr 5s s f_1940 A -0 100 Sale 993
4
100
97 9534 100
69
80
1948
69 Jan '16
Income 6s
- -di Standard Milling 1st 5s 1930 M- N 9712 98% 9834 09
2
6 957 100
---- 80
84 Oct '08
Union Elev (Chic) 1st g 5s 1940
The Texas Co cony deb 6s 1931,J - J 10512 Sale 10512
106
48 104 108
80
67 Sept'16
United Rys Inv Is Pitts iss_1926 r N
67
74
93 Sale 9114
Union Bag & Paper 1st 5s _19301J - J
93
43 5013 93
4
1934 J - .1 613 68
6114 Senn°
Rys St L 1st g 4s
United
5912 62
9112 __
8714 Sept'16
Stamped
8218 8714
1924 A -0 5112 62
55 Apr '16
55
St Louis Transit gu5s
597
8 U S Realty & I cony deb g 5s 1924 J:3 68
6972 697
8
6978
1 68
03 J
73
3
8
1927 A -0 355 Sale 33
United flits San Fr s f 4s
36, 162 30
2
15 Sale 15
463
4 IJ S Sled & Refg Ist g 63
15
1 1012 16
1931 J - J
8778 Sale 87
53._1934 J - J
877
8
Va Ity & Pow 1st & ref
81 87 92 US Rubber 10-yr col tr 6s 1918 J -D 10212 Sale 1023 103 30 10178 10312
Gas and Electric Light
8
US Smelt Ref & Ni cony 6s_1926 F - A 1083 1117 112
112
16 109 11512
1947.3 -D 10414
- 103 Sept'15
Atlanta G LCo 1st g 58
U S Steel Corp—'coup_ _d1963 M- N 10612 Sale 100
10612 376 10334 10612
s
ilklyn tin Gas 1st cons g 53-1945 NI- N 1063 Sale 10658
106 8 10 idi- idi
,
S f 10-60-yr 531reg
d1963 NI-N 106 Sale 1057
8
106
1 1035 106
8
1947 A -0
54 June'13
Buffalo City Gas 1st g 5s
Va-Car Chem 1st 15-yr 53_ _ _1923 J 987 99
987
8
99
4
18 963 99%
97 Feb '15
Columbus Gas 1st gold 53 1932 J - J
Cony deb 63
31924 A -0 10218 Sale 10218
6 100 10312
10312
126 §310 125
1920 Q -Consol Gas cony deb 63
126
120 12612 West Electric 1st Is
8
103
13 10112 10332
1923 J - J 10112 102 10112 Sept'16 66 101 10212 Westingh•se E & M Dec.__1922 S - J 103 Sale 1023
Detroit City Gas gold 5s
cony 55_1931 J - J 1325 Sale 129
8
187 112 14112
133
. . 9712 Nov '15
Detroit Gas Co cons 1st g 5s 1918 F - A 100
10-year coil tr notes 5s _1917 A -0 10034 101 1007
8
s
1 1001, 1002
1007
Detroit Edison 1st coil tr 5s_1933 .11 - J 104 Salo 104
104
4
Coal & Iron
1 6'1
51940 NI- S
10114 Sept'16
1st & ref 53 ser A
10014 10134 Buff & Susq Iron s f 53
9614 99
1932 J -D
9612 96%
9612 July'16
5s__1932 51- S
10012 May'15
Eq GLNY 1st cons g
Debenture 5s
9614
03
a1926 NI- S 93
90
95
93
100 Feb '13
Gas & Elec Berg Co c g 5s__1949 J -I) 100
Col F & I Co gen s f 53_
95 100
1943 F - A
923 98
4
98 Sept'16
___8
Hudson Co Gas 1st g 53___1949 81-N 103 10312 1033 Sept'16
103 10384 Col Indus 1st & coil 5s gu___1934 F - A
8038 81
8012 65 7418 82
80
01 Jau '14
Kan City(Mo)Gas 1st g 5s-1922 A - 0
91
91
Cons Ind Coal Me 1st 5s___1935 -D
1712 ____ 73 Marl,'
;
- 105% Sept'16
Kings Co El L & P g 5s____1937 A -0 1553
104 10518 Cons Coal of MS Ist&ref 53_1950 J - D
92
5, 90
93
91
93
92
1997 A -0 11612 119 117 Sept'16
Purchase money 6$
993 Feb '14
1147 11812 Continental Coal 1st g 5s _1952 F - A
4
1925 Al- S 120 128 126 mar in
Convertible deb (3s
126 128
.. 9434 Marla
941
. .2
Cr lily Coal & C 1st g 6s 31919 A -0
-914 -9434
88 13 Sept'16
Ed El III Bkn 1st con 4s.19391 J - J
88
90
8884 Kan &H C & C 1st st g 53_ _1951
611- 102 10112 10112 2 100% 102 Pocah Con Collier 151 s f 55_1957 J -'3 9112 ____ 93 July'15 2 89 94
2
Lac Gas L of St L 1st g 5s_e191.9 9312
J - J
8
1
1934 A -0 1015 1017 1015
8
1015
Ref and ext 1st g 5s
4
86
85 Sept'16
8812
1 1007 10212 St L Rock Nit & P 5s stmpd_1955 J -3 85
84
03
9312 93 Sept'16
1927 3A-N
Milwaukee Gas L 1st 4s
9114 9312 Tenn Coal gen 53
10112 27i 10058 10338
10112 ____ 1005*
10312
_ 10358 Mar'16
Newark Con Gas g 5s
firm Div 1st consol 6s__ _ 1951 53 3 10014 1003 10014 Sept'16
-_-_-_- 103% 103%
4
J
917
10014 102
194 J:
105
N YG E L II& Pg 5s_1948 5 D 105 Sale 105
1003 ____ 10014
4
10014
5 103 10512 Tenn Div 1st g 6s
6' 10014 109
853
4
1949 F - A 8512 Sale 8512
Purchase money g 4s
10612 108 101 Dee '14
4
Cali} e Co 1stIs 6s _ _ _a 1 g22 J
ctor CuM 1st f gu
.
7 833 87
_ 1 17 A
1995 J - .1 108 ____ 1085 Aug '16
Ed El II 1st cons g 5s
108 109
8712 73 Apr '14
4
NY&Q El L & P 1st con g 5s 1930 F - A 10018 ____ 1003 Aug '16
14
,
949 81 S
85
- _ 100 3 10114 Va Iron Coal&Coke 1st g 53_ 1953 3 j 8314 8478 83
2
8 827 6619212 July'09
1921 M - N
N Y& Rich Gas 1st g 5s_
Telegraph & Telephone
Pacific G & El Co Cal0& E
0212 Sale 92
4s___1929 J - J
9212 128 904 9212
9912 Sale 99%
1937 M- N
Corp unifying & ref 5s
9912 28 9758 100 Mn Telep & Tel coil tr
10534 Sale 1053
4
Convertib,e 4s
12 um 10534
1053
4
Pao Pow & Lt 1st & ref 20-yr
s 1127 Sale 11278
S
6
8
193
33
20-yr convertible 434s_
52
11312 35 105 11334
1930 F - A
96
9218 Sept'16
Is Internat Series
92
1947 J
9
10214 10234 1023 Sept'16
Cent Dist Tel 1st 30-yr 5s 23 3 Q
10112 10318
4
1949 M- S 15132 __
9912 Oct •I5
Passaic G & El 5s
Pat &
73
Commercial Cable 1st g 4s 2397 Q 75
73 July'16
73
73
. 115 Sept'16
Poop Gas & C 1st cons g 63.-1943 A
114S 1151k
931Registered
- 73
71
71 May'16
71
1947 M- S 10154 102 10112 sel,
09
Refunding gold Is
eiq,:139
100% 10218 Cumb T & T 1st & gen 5s__ _1937 J
156 3 10058 10012
3
100% 43' 99% 100%
1947 M- S
Registered
Keystone Telephone 1st 5s_ _1935 J - J
100
98 Apr '16
08
98
Ch
& Coke 1st gu g 53_1937 J - 1 1E3;10212 Sept'16
160 810234 Metropol Tel & Tel 1st s f 5s 1918 NI- N 1007
.7_ 1007 Sept'16
8
1007 10112
.
Con G Co of Chl 1st guff 19362-0 10114 i52 101 Sept'16
101 101,8 Mich State Telep 1st 5s._ 1924 F - A 10034 Rif 100%
5 c)912 101
1003
4
M- N 86 Sale 86
Ind Nat Gas & Oil 30-yr 5s 1936
86
_ 1005 June'16
NY &NJ Telephone 5s g_1920 81-N 10112
10034 1003
4
86
87
8
Mu Fuel Gas 1st gu g 5s 1947 M- N 1007 --__ 1003 Mar'16 12 100% 10034 N Y Telco 1st & gen s f 45is_1939 M- N
4
9812 Sale 9814 98% 304 9712 9912
9734
Philadelphia Co cony 5s_
1919 F - A
_ _ 973 Sept'16
4
.061 9812 Pao Tel & Tel 1st 5s
4
1937 J - .1 102 Sale 10112
32 99% 102
102
1922 NI- N
9114 Sale 91%
9112
Cony deben gold 5s
88
9312 South Bell Tel & T 1st s f 59_1941 J - J 101 Sale 101
17 9958 10188
10114
8
Stand Gas & El cony s f 63_1926 J - 0 997 100
9978 Sept'16
9812 102% West Union coil tr cur 5s_ _.1938 J - J 100 102 100
22 100 10218
102
Syracuse Lighting 1st g 5s_ _1951 J -D 101 ____ 101 Sept'16
Fd and real est g 4%s
99% 101
1950
94% 9612
9612 98
96 Sept'16
86 --__ 8512 June'12
Syracuse Light & Power 5s_1954 J Mut tin Tel gu ext 5s_ _ 1941
10114 10112
1023 _
4
10114 Apr '16
- -Trenton 0& El 1st g 51_ _ _ _1949 M- S 101,
2
- 10112 June'14
Northwest Tel gu 4
g_ _1934 J - J 94 ____ 95 Mar'16
95
95
•Nilotic.FrldaY: latest bid and asked. a Due Jan. dl Due Apr aDue May •Due June. A Due July. k Due Aug. a Due Oct. V Due Nov. •Due Dee. sOption sale
z
1
_ -
•_
BOSTON STOCK EXCHANGE-Stock Record see"N'eriZwe
c
1290
-NOT PER CENTUM PRICES.
SHARE PRICES
Saturday i
Sept 30
Monday
Oct 2
Tuesday
Oct 3
Wednesday
Oct 4
Thursday
Oct. 5.
Friday
Oct. 6.
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
Lowest
I
Highest
[Vol.. 103.
Range for Precious
Year 1915
Lowest
Highest
Railroads
9234 Feb 10958 Nov
Atch Topeka & Santa Fe. 100 102 Mar 2 108 Jan 3
Last Sale ) S'1
4
•10614 107 '106 10634 *107 10714 *108 1083
97 Jan 10113 Nov
100 9834 Aug 17 10114 Mar 9
100 Do pref
*10012 101 ,*10012 101
10014 10014 *10012 101 *100 1007 ---------4 -100 17412Sept25 198 Feb 16 170 Mar 198 Jan
132 Boston & Albany
17812 17812 180 11 178 178 1 177 178
177 177
178 178
73 June 98 Jan
100 6512 Apr 24 8813 Jan 19
Elevated
8012 8112 8112 83 82 8212 82 8212 82 82 82 8212 1,065 Boston & Lowell
100 122 Sept14 145 Feb 11 109 Feb 13813 Oct
1 Boston
124 124 *121 125 *122 125
*121 125 *121 125
20 Feb
3711 Oct
100 34 Aug 29 52 Feb 14
46 2
46
-4514 - 1- 1,536 Boston & Maine
44
44
44 I 43
45
43 43
43
44
100 200.. Aug 4 23512 May29 225 Jan 240 June
102 Boston & Providence
____ 2103 2103
8
8
210 210 *210 _ _ *210
*200 210 ,*200 210
10 Mar
5 Dec
5 Jan 8
412 Feb 29
Boston Suburban Eleo Cos
Last Sale 412 May'16
4
4 *
4
. 14 i*_
58 Mar
40 Sep
Do pref
39 May19 4013 Feb 29
Last Sale 39 May'16
*____ 40 ,*____ 40 *__
40 *____ 40
9 Sep
5 Nov
512Jan 5
4 Mar18
Boston & Wore Electric Cos
Last Sale 412 Sept'16
*412 5 1 *412 5
5
*412
*ii2 5
47 July
39 Jan
42 Feb 28 4518 July18
Do pref
Last Sale 45 Sept'16
*4412 47
*4412 47
*4412 47
*4412 47
Chic Juno Ry & U S Y__ _100 154 July26 154 July26 157 Feb 160 Sep
Last Sale 154 Sept'16
10212 Apr 26 110 July14 1014 July 110 Apr
13 Do pref
10612 107
*1.5513 16/-!*i5- 166- *iiii- 167 - *iiii- iiii- *105 107
100 123 Sept 1 182 Feb 19 140 Feb 165 Jan
50 Connecticut River
14812 14812 *14614 140 *146 149 *14614 149 *146 149
76 Nov
51 Feb
100 6914 Sept27 87 Feb 14
111 Fitchburg pref
-i5- fE75
75
74
74 I *7212 75
73
76
*'7212 76
5 Georgia Ry & Eleo starnpd100 122 Jan 3 12913 Sept21 114 Apr 120 Feb
*12914 ___'*12914 -___ -___ ---: 12912 12912 *12912 13012 *12912 130
84 Aug
88 Mar
100 x86 Jan 10 90 May25
Do pref
___
Last Sale 90 Sept'16
90 ____ *90
92 Mar 10312 Nov
100 98 Sept19 102 Jan 17
4 Maine Central
*90*99 100
*99 100
*99 100
*99 100
100- foo
*53
478 June 10 Sep
100
5 July14
854 Aug 30
35 Mass Electric Cos
*512 6
6
6
4 6
4 6
*53
6
6
*53
4 6
33 July 58 Jan
100 31 May 2 44 Aug 9
634 Do pref stamped
3412 3434
35
35
3412 35
*3514 3614 35
35
3514 35
4
43 Feb
873 Oct
100 57 May 5 7734Jan 3
1,196 NYNH& Hartford
62
6014 6038 6014 6012 5912 60
603 6112 613 6212 61
4
4
98 Apr
89 Oct
Northern New Hampshire_100 97 • Jan 3 107 Sept14
Last Sale 107 Sept'16
*105 107 *105 107 *105 107 *105 108
100 135 Sept21 157 Feb 28 140 Aug 157 Apr
4 Old Colony
_
*13812 ...._ *13812 ___ 139 139 *140 145 *141
15 Mar 30 Nov
100 20 May 1 30 Jan 3
145 Rutland, prof
*26
23
26
26
28
28
*28
2812 2313 - 2 -35- 162i1100 130 Apr 26 15138 Sept27 11612 Jan 14138 Nov
___
100 Union Pacific
*150 15012 *14914 150
150 150 *15112 152 *15012 151
100 8178 Mar 1 8458 Oct 3
4
____
200 Do pref
793 Mar 8178 Oct
2 Vermont & Massachusetts_100 10012 Aug 29 125 Mar 1 105 Feb 125 Apr
- --.
58
*is55- 1 11- *i65- 112 4 IT ioo" 166- *iii5- 112-12
61 May 724Jan
246 West End Street
50 x55 Sept21 6712Jan 10
60
59
60
59
59
59
*58
59 1 60
60 1 59
E680 July 9312 Feb
106 Do pref
100 69 July13 88 Feb 25
*7414 7514 *7412 7512 75
75
76
76
77
75
Miscellaneous
7354 Nov
48 Jan
427 Amer Agricul Chemical_..100 64 Apr 24 8213 Sept22
81
81
8012 8012 8012 8012
80
*80
81 1 8018 81121 81
8712 Mar 10112 Nov
781 Do pref
100 9512 Mar23 10214 Oct 2
8
101 1013 1013 1017
4
*102 10212 102 10214 102 102
10113 102
4
18 Mar
4
412 Oct
314 Apr 12
50
112July 8
8
4
400 Amer Pneumatic Service
4 *113 13
4
13
4 13
8 *15
13
4'
15
8 13
4 *112 13
' 14 13
13 Dee
191z Jan
168 Do prof
50 11 Oot 5 16 May 4
*1114 1112 *11.2 12 1 *11
12
12
12
11
11
100 106 Apr 22 11612Jan 8 100 Feb 11912 Nov
231 Amer Sugar Refining
ha- iii*11158 11212 11212 11213 11134 112
1123 11318 11314 114
4
124 Do pref
100 11412 Mar 1 120 Sept21 109 Feb 119 Dec
119 119
1183 119
4
1193 11934' 119 119 I 119 11938 *11812 120
4
100 12618 Jan 31 13413 Sept30 116 Jan 13012 Nov
13312 13412' 13318 13358, 133 13314 133 13314 133 13312 133 13312 1,475 Amer Telep & Teleg
5714 Oct
1613 Apr
65 American Woolen of Mass.100 42 Aug 6 55 Mar14
*4714 48141 *47
5112 52
*4912 5014
4812 *4712 4814 48 48
77 Feb
9912 Oct
332 Do pref
100 92 Jan 11 10158 Mar14
4 98
98
9712 97121 9714 9713 9712 9713 9712 973
98'4
59l Jan
67 Apr
304 Amoskeag Manufacturing _ (16 Jan 3 76 Aug 18
72
72
7213 73
*73
74
73
73 1 72
72
9713 May 101 Feb
56 Do pref
98 July24 10114 Feb 10
9712- 12
9812 -. 31 iii 9 3
*98
9812' *98
99
9814 9814 9812 9812 *98
36 Nov
4 Feb
9,045 AU Gulf &WISS Lines _ _100 27 Jan 14 9434 Sept14
90
88
894 8714 8812 8712 883
4 853 88
4
8912 91
88
978 Mar 49 Nov
261 Do pref
6512
100 42 Jan 15 6914 Sept14
65
6512 65
6514 6514 653
4 65
66
66
657 66
8
8
2218 1,000 Cuban Port Cement---$15 pd te818 Apr 28 257 July20
*2258 2312 2214 223 *223 23
223 223
4
4 2214 2214 22
4
4
1314 Apr
812 Deo
812 812! 82 812 *812 9
200 East Boston Land
10
813 Aug 1(1 1338Jan 19
87
8 8 8 *812 9
7
336 Edison Electric Ilium
100 231 Apr 27 250 Mar 7 230 May 280 Jan
235 235
235 237 *237 240 i5i- iii237 237 1 235 235
64 General Electric
100 1594 Apr 22 18518 Sept28 13814 Feb 18413 Oct
___ - --*18112 182121 180 180
18012 18012 18112 18112 182 182
9612 Aug 104 Mar
35 McElwain (IV H) 1st pref_100 95 June 8 10212 Sept 8
102 102
10112 10113 101 101
101 102 *100 102
94 Aug
78 Apr
8412 3,931 Massachusetts Gas Cos.....100 79 Sept21 8613Jan 5
84
8314 833
8
*813 82 I 82
4
4 833 8414 843 8412 8312 4
84 Nov 0212 Jan
100 78 Sept14 89 Feb 14
8212 8212 834 8212 8212
376 Do prof
79
80 1 79
80
80
8012 81
58 Mergenthaler Linotype_ 100 155 May 4 172 Jan 19 154 Feb 200 Jan
162 163
____. __
*159 162 ,*162 __ 162 162 *159 162
14 Apr
3 Sep
*60 112
214 Jan 15
10 .90 Aug 3
Mexican Telephone
Last Sale 1
Sept'16
.
___ _I .
____
,60
*.60
10 June 1638 Dec
Last Sale 16 June'16
Mississippi River Power 100 15 Jan 18 19 Apr 10
17 '*.._ 17 *___ 17 *__ _. 17
4613 Jan
35 Feb
100 39 Apr 21 44 Feb 8
Last Sale 39 Aug'16
Do pref
___ 39
____ 39 *____ 39
•
_ 39
20 Apr
30 Nov
New Eng Cotton Yarn___ _100 2312 July18 30 Jan 7
*27
_ __ *27
____ *27
___ *27
____
Last Sale 2'718 Sept'16
25 July 55 Dec
2 Do pref
100 50 Jan 24 58 Jan 7
55
55
*55 _ _ _ _ *55 _ __ _ *55 _ _ _ _ *55
611 New England Telephone_ _100 128 Aug 18 140 M ar17 212714 June 143 Jan
12314 12834 128 1283 128 12812 12314 12 12 1. 812 129
128 128
4
-8
2
100 10218Jan 11 160 May 5
78 Nipe Bay Company
149 149
146 146 *146 149
*146 148
146 146 *146 150
23 Pullman Company
100 15812 Apr 28 175 Oct 5 150 Feb 170 Oct
174 174
..-174 174 *174 176
175 175
_ --1814 Jan
15 Sep
35 Reece Button-Hole
10 15 Feb 3 1613 May23
4
4
8
*1512 16
*153 -167 *1512 157
8
8
8 153 153 *1512 157 -ii- 16100 125 Feb 5 17018 Oct 6 10454Jan 128 Nov
163 165
165 17018 4,947 Swift & Co
153 15614 15612 163
16112 163
162 164
28 Mar 3612 Dec
549 Torrington
25 35 Jan 14 63 Sept19
59
59
60
60 60
60
5914 5914 59
6012 5912 6012
15 Do pref
25 28 Jan 14 32 Mar 2
26 Mar 3014 Sep
*3118 32
32
32
313 313 *3112 32
4
4
*3118
1.34 Apr
25
2 Feb 23
.95 Jan
.90 Mar28
*112 2
112 *1
112 *1 -112 - -ii2 -If;
Union Copper L & M
112
158 *1
10
100 13612Jan 31 16834 Aug 21 110 Feb 163 Nov
163 16312 16214 164
163 163
1623 16312 16312 16412 16112 1643
4
s 2,658 United Fruit
65 May
48 Aug
25 50 June23 6313 May12
5834 7,183 United Shoe Mach Corp
5618 '57
5814 573 5812 58
4
561s 563
4 57
4 5613 563
28 Mar 30 Aug
25 2812 Jan 3 31 Sept18
30
30
30
30
30
30
30
30
3014 3012 31
304
3 3 Do pref
8
8912 Deo
38 Feb
5
4 i.
3..8
4
117 11912 11612 11812 1167 11878 11678 11818 11712 11812 ;53 11758 13,700 U S Steel Corporation..-100 793 Mar 1 12012 Sept29
8
11714 Oct
105 Do pref
100 11514Feb 5 12112Oct 2 10214 Jan
*121 1213 1207 12112 *12114 12158 *121 12112 *12012 121
4
8
1458 Nov
1058 Dec
5,820 Ventura Consol Oil Fields_ 6
65 Sept18 13 Jan 3
8
8
83
8
77
77
8 818
818 812
8 812' *814 812
Mining
95
478 Apr
365 Adventure Con
4 Jan
412,
4
134 Feb 17
518 Apr 11
4
312 4
413 412
458 434 *414
*334 414
95 91 Aug 1 108 Sept25
9212 Dec 103 Aug
412 Ahmeek
105 105
106 10612 105 106 *104 106
10512 106
107 107
4054 Apr
2112 Dec
10 1134 Sept 2 2612Jan 7
13
1312 1234 13
1212 1278 1212 1314 1258 13
Alaska Gold
8
4
3
.45 Feb
454 Apr
2 Apr 7
25
*138
112
138
112
Algomah Mining
118
114
3 May 3
4
118
118 *118
112 g.18 94
66 Dec
6934
792 Allouez
25 58 July17 7413 Feb 21
351k Jan
69
70
6914 70
6914 70
70
7012 72
6912 71
7214 Nov
8
1834 Jan
4134 4214 4134 42
4212 4512 4614 4912 15 659 Amer Zino, Lead & Smelt_ 25 2912 July1 1 975 Apr 10
4134 4213 4112 42
.
25 60 July11 79 Sept 9
7713 7712 79
2,330 Do pref
75
*7512 7612 7613 7612 *7512 7612 76
76
912 Apr
6,332 Arizona Commercial
5
758 July29 14 Sept13
1314 1358 133 1358 13
8
1312 13
8
1314 127 1318 1212 13
34 Jan
434 Apr
2 Jan
3,045 Butte-Balaklava Copper
2
2
*2
218
2
10
512 Feb 5
2
214
2
218
2
2 18
2
112 Aug 2
353 Jan
4
80 June
6758 3,845 Butte & Sup Cop (Ltd)
10 6012July10 10514 Mar 9
64
64
*6314 64
64
66
64
6314 6314 64 64
7854 Apr
5112 Feb
10 66 June28 7738 Sept25
7513 76
7512 76
75
:534 4,649 Calumet dc Arizona
7614 763
7614 7512 76
4 76
166 Calumet & Heola
25 515 July14 590 Sept25 350 Jan 630 Apr
586 587
585 585
582 589
580 580
584 584
580 587
15 Jan
25 Apr
2212 23
43
5
0
25 14 July17 24 Sept28
*22
23
23
2212 23
22
2212 11,210 Centennial
2234 23
23
3278 Jan
57 Nov
5 46 July1 1 60 Feb 19
5638 5638 *5514 5534 5512 5512
Chino Copper
57
57
5612 57
30 Jan
65 Dec
6913 71
693 7014 70
4
/03-4
Copper Range Cons Co-100 5112 July11 73 Sept29
71
73
7012 72
7112 716i2 *212 3
*212 3
100 Daly-West
20
3 8 Mar17
7
3
*212 3
*212 3
2 July13
17 Jan
8
*278 318
3
4
53 Apr
1612 Dec
3,751 East Butte Copper Min.__ 10 1112July12 1734 Sept 8
812 Jan
1578 16
16
1618 16
1618 1578 1618
15
16
1638 16
413 Feb
1414 Apr
818 818
395 Franklin
25
6 June23 1034 Jan 8
812
812
8
814
*812 9
*9
014
83
4 9
0412 Apr
525 Cranby Consolidated
58 Jan
9238 92
92
9214 9212 9212 92
93
100 79 July14 984 Feb 10
9212 93
,
0318 94
5258 Dec
2314 Feb
51
51
51
129 Greene Cananea
100 343
*5014 5114 50
*503 51
4
505 5034
8
4June26 5212 Mar 9
*50
51
2412 Apr
11 Jan
330 Hancock Consolidated__
14
14
14
14
1414 14
14
25 1012 June28 1912 Jan 4
14
14
143 1478 14
4
21 Jan
1012 Apr
6 Jan 3
*312 4
545 Indiana Mining
25
2 July10
338 4
*334 4
*314 4
*314 4
318 4
41 Mar 52 Aug '
1 42 Sept27 5454 Apr 11
44
4612 46
4513 4534 2,070 Island Creek Coal
*43
4412 *43
44
4412 45
47
9118 Apr
8512 Jan
92 Do pref
1 88 Jan 29 92 May23
*8912 9012 9012 9013 *8912 PO
90
9012 *90
92
*90
91
33
3214 33
3212 3212 1,915 Isle Royale Copper
25 25 July13 3734 Sept27
34 Apr
3312 33
36
3612 343 3612 233
4
17l2 Jan
518 Apr
312 M ar 4
53 May 3
510 Kerr Lake
5
8
3 Aug
478 478
478 4%
*434 478
47 4% *43
8
4 478
4 47
8 *43
413 Apr
25
23
8 Apr 6
112 Aug
4Feb 11
7
634
634
7
63
8 612 *614 63
4
614 612 1:vg Keweenaw Copper
63
47
1978 Dee
512 Jun
25
1414 1414 1412 1458 133 1412 1,480 Lake Copper Co
1912 Feb 10
1514 14
1514 1412 15
94 July14
4
9 Apr
318Jan
25
534 Jan 3
645 La Salle Copper
'5
47
*4.2 5
5.8
5
54
5
5
*412 5
8 5
314 J tily15
1 Mar
112 Aug 3
5 Dec
5
412 478
412 434
8 3,270 Mason Valley Mite
54 Sept23
412 48
414 47
8
414 43
4
413 47
3 Jan
4,095 Mass Consol
17 Apr
1614 17
1514 1513 1512 157
25 10 July13 1714 Sept29
153 1612 1514 16
4
8 1514 16
5 Feb 10
3 Aug
278 278
234 234
310 Mayflower
8 Apr
3
318 *23
4 314
234 234 *234 314
25
2 July 5
*33
4 4
3 Apr
*312 4
414 Sept27
.60 Mar
• 378 378
4
4
25
112Jan 5
4
4
*33
4 37
Michigan
s_
uly18 2332 M pr11
) 4614 Jan
98 Dec
94
9512 9314 9418 93
9334 9212 93
9318 05
25 7712lan 21 10318 sea t23
15
Mohawk
92
9414 1
2212
17 Apr
2233 2233 2212 23
2212 2251 2214 2214 *2214 223
4 22
360 Nevada Consolidated
11% Feb
5
434 Ju 1 y14
1014 Jan 4
144 June
7
758 *7
7
74
760 New Arcadian Copper__ _ 25
412 Feb
712
7
7
8
8
73
4 8
1312 Aug
14
14
595 New Idris Quicksilver....5
9 July19 2434Jan 19
4 July
13
1312 *13
14
*1314 14
1334 133
4 1333 135
84 Nov
6 Mar 1
9 Sept14
518 Aug
5
812 812
812 812 *814 83
8
818 84
84
818 *73
4 814
853 Nipissing Mines
3878 Apr
2212 2178 2212 22
2213 22
15 20 July13 32 Jan 3
224Jan
22
2234 22
2234 21
2112 2.459 North Butte
44 Apr
1 Jan
218 214 *218 238 *2
214 1,380 North Lake
412 Jan 3
238 212 *214 212
212 *2
25
.50June 2
312 Apr
178
.50 Mar
178 *112 212 *114 _ _ _
115 Olibway Mining
278 Apr 6
178
178 *112 2
25
118 July15
17
8 *13
4
74 Apr
218 213 *2
4 Jan 3
24 Nov
2
2
2
595 Old Colony
212
25
214 212 *2
212 212
114 July14
4Marl1
3812 Mar 64 Dec
71
70
71
2,457 Old Dominion Co
25 60 July14 733
7014 707
71
8 7012 7114 70
8 70
713 717
8
64 Jan
9313 Apr
89
90
98
98
9512 977 28812 90
90
91
80 • 92
1,061 Osceola
25 70 July14 10112 Mar14
s
12 Jan
1958 Aug
*_ _ _ 1512 15
15
15
15
15
1614 16
16
1512 1512 3,622 Pond Creek Coal
10 1112Mar 7 1612 Aug 16
4
90
9112 90
50 Jan
95 Apr
91
90
90
530 Quincy
25 81 July12 983 1v1ay16
9212 9213 91
92
90
91
2758 Nov
2512 26
*2514 2534 *2514 2534 *2514 253 *2518 25'8 2712 2712
4
1534 Jan
300 Ray Consolidated Copper- 10 2034 June22 2713 Oct 6
6513 Dec
88
87
873
4 874 83
85
8712 1,135 St Mary's Mineral Land
25 6112Jan 31 93128ept22
28 Jan
8512 871* 87
8612 88
5 Oct
114 July28
234
234 ' 212
212
37s Jan 8
1 Mar
27g
234 2%
212 212
218 214 2,015 Santa Fe Gold & Copper- 10
27
8
1112 Apr
7 July13 1212Feb 14
4 Jan
812 914
9
918 1,650 Shannon
10
912 10
912 95
914 912
8
9
9
38 Nov
8
1834Jan
3012 *2912 30
*2912 3012 *29
5 Shattuck-Arizona
10 2434 J uly1 1 403 Feb 14
*31
3112 3112 3112 *30
30
734 July
4 Aug 4
812Jan 4
723 South Lake
25
8
65
8 65
8
33
8 6
4
63
4 63
4 *633 67
8 *65
3 67
612 63
514 Nov
4112 Apr
17
2212 Jan
1734 1734 17
*1612 17
85 Superior
*1612 17
*16
17
25 1212July15 2812Jan 3
1612 164
412 Apr
434 434
5
5
1 Mar
5
5
434 434
6 Sept14
112Jan 13
8
47
8 47
8 1,108 Superior & Boston Copper- 10
47
s 47
585 Aug
8
25 Jan
43
4334 42
4212 40
42
41
4214 42
4313 41
42
1,158 Tamarack
25 35 Aug 5 5614 Jan 14
23 Feb
1512 Oct
414 July12 1234Jan 3
84 914
812 8 4
3
73
4 85
714 712 3,915 Trinity
25
8
712 77
8
712 73
4
.20 Jan
.63 Apr
.55 .53
.55 .55
.57 .57
.58 .58
.65 Oct 5
.59 .65 *.60 .65 6,750 Tuolumne Copper
1
.15Jan 26
7413 7412 747
20 Feb
54 Dec
8
74
7512 74
77
773
4' 7514 76
8 7312 7412 5,076 U S Smelt Refin & Min
50 5418 Jan 3 805 June 9
28 Jan
4
504 Dec
52
5214 52
5214 5214 5214 52
5214 52
5214 1,117 Do pref
5112 52
50 49 Feb 1 533 Apr 11
4
418
54 Apr 10
2 Jan
418 414
538 June
4
418
4
418
4
4
3% 4j 6,307 Utah-Apex Mining
5 • 31 6Feb 11
/
1658 June
1514 15
15
147 15
8
1478 15
15
1538 15
15
1518 3,635 Utah Consolidated
5 1212Jan 15 1584 Feb 11
94 Feb
8
81114 Dee
8
8 9434 943
4884 Jan
*9514 9534 947 9558 937 943
8
4 9613 067
10 75 June27 997 Sept25
8 9618 9618
611 Utah Copper Co
712 818
1112 Mar13
612July18
814 9 1
814 83
8
8
75
8 8.2
712 8 149,643 Utah Metal & Tunnel
1
83 6 87
/
234Jan 3
518 Sept27 --I Feb ------ Apr
-5
5
5
5 1
412 478
47
8 47
8
414
414
414 414
925 Victoria
25
51, May
3
184 Jan
712 May31
511
511
514 534
530 Winona
25
33 NI ar27
4
514 514
512 53
Ma 514
4
514 54
70 Apr
4914 4913 49
49 ; 48
48
48
48
48
277 Wolverine
32 Jan
48
25 4612 Aug 9 6712Feb 10
4812 49
214 Apr
*178 2
*178 2 1
17
8
17
8
17
3
17
8 *13
4 2
*178 2
150 Wyandott
23.1 Feb.14 _ •50 Mar
25
118 Aug 12
• Bid and asked prises. s Ex-dividend and rights, la Ex-stook dividend. a Assessment paid. hEx-rights. z Ex-dividend. s Ex Tamarack stork. to Half-paid.
31°
1,,,z
A
Outside Stock Exchanges
-Transactions in bonds at BosBoston Bond Record.
ton Stock Exchange Sept. 30 to Oct. 6, both inclusive:
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Bonds
Alaska Gold deb 6s A _1925
Am Ag Chemical 5s_. _1924
Am Tel dr Tel coil tr 4s '29
Convertible 4348_1933
Anglo-French 5s
Atl G & WI SS L 5s_ _1959
Chic June & U S Y 5s_1940
Dominion Coal 1st 58_1940
Fremont Elk & M V (3s___
Gt Nor-C B & Q 4s__1921
1931
Mass Gas 4345
Miss River Power 5s_1951
N E Telephone 5s____1932
Pond Creek Coal 6s.._1923
Swift & Co 1st 58_ _ _ _1944
United Fruit 434s_ _ _ _1925
434s
1923
Western Tel & Tel 53_1932
8934 8934 $1,000
10034 10034 17,000
9234 9134 9234 46,000
11234 112 11334 15,500
9534 9534 5,000
8434 18,500
84
84
10134 10134 10134 8,000
1,000
94
94
2,000
121 121
121
9834 9734 9854 15,000
11,000
95
95
95
2,000
7734
77
10234 1013410234 7,000
9734 96
9754 11,000
102
41,500
10034 102
9731 9734 1,000
1,000
9834 9834
10034 10115,000
101
---
Range since Jan. 1.
Low.
8634
9634
9034
10534
94
74
10034
9334
121
9734
93
77
10134
87
9834
97
9734
99
--
Sept
July
Jan
Mar
Mar
Jan
May
Feb
Oct
July
Mar
July
Jan
Feb
Jan
Jan
Jan
Jan
High.
May
Oct
Apr
Oct
Jan
Sept
Aug
Feb
Oct
Feb
Jan
Jan
May
Aug
Oct
Apr
July
June
105
10034
93
113%
95%
85%
102
96%
121
99
96
81
104
98%
102
97%
100%
101%
Chicago Stock Exch.-Sept. 30 to Oct. 6, both ine.l.
Stocks-
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
American Radiator_ _ _.100 400
Arne. Shipbuilding_ _ __100 54
Preferred
100 9434
Amer Strawboard
100
Booth Fisheries, corn_ _100 56%
Preferred
100 8734
Cal & Chic Canal & D.100
5%
CaloCity&C fly pt sh corn..
34%
Preferred
Chicago Eley fly, pref---Chic Pneumatic Tool_ _100 -7354
Chic Rys part ott-Chic Rys part ott "2". _ _ --24
4%
Chic Rys part ott "3'.....
Chlo Rys part at "4"._ - -----Chicago Title & Trust..100 215
Commonw'th-Edison..100 144
Deere & Co, pref
100
Diamond Match
100 119
Edmunds &Jones,com 100
Preferred
100
Hartman Corp
100 72
Hart,Shaff& Marx.com100
Preferred
100
Lindsay Light
2154
National Carbon
100 220
Preferred
100
Pacific Gas & Eleo Co_100
Peop Gas Lt & Coke_ _100 11035
Pub Serv of N Ill, corn.1(0
Preferred
100 102
Quaker Oats Co
100 325
Preferred
100
Sears-Roebuck, corn_ ....100 21534
Stew Warn Speed,com-100 115
Swift dr Co
100 16734
Union Carbide Co
100 170
Unit Paper Board,com..100 2934
Preferred
100 7534
Ward, Montg & Co, pref._ .116
Bonds.
Armour & Co 456s_ _ _1939 9334
Booth Fisheries s f 68_1926
Chicago City fly 5s....1927 99
ChloCity&Con Rys 55 1927 7934
1927
Chicago Rys 50
Chic Rys 5s_ _Series "A"
Chic Rys 4s_ _Series "B" 72
Chic fly pr m Mg 4s1927
Chic Ry AdJ Inc 48_1927 41
Chicago Telephone 58_1923
Ch Un Sta 1st Mg 434s'63
Commonw-Edison 58_1943 ung
Commonw Elea 53_1983
Metr W Side El 1st 48_1938 73
Morris & Co 434s- A939
Ogden Gas 5s
1945
Peep Gas L & C 1st fis 1943
Pub Sent Co 1st ref g5s1956 96
Sulzberger&Sons 1st 631941 102%
Swift dr Co 1st g 5s- _ _1944
Range since Jan. 1
Low.
High.
24 385
Jan
400 405
1,175 33
Jan
55
50
135 75% Jan
94% 95
May
313 12
23
30
1,266 25
Jan
54% 57
945 68
Jan
86g 83
133 45
May
5134 52
234 July
4% 534 9,979
32
3535 25,414 15
July
75 25
Apr
3234 3234
1,115 6331 Mar
73% 75
40 70
75
74
Apr
18% 2734 5,252 13
Apr
155
334 4%
2% July
134 1%
75
1
June
211 215
102 b211
Oct
144 145
386 139% June
94% 95
60 89
May
117 119
618 102
Mar
41% 4334
55 3834 Aug
95
95
15 95
Oct
425 72 Sept
72
72
70 88
Aug
88% 89
20 11434 Jan
118 118
1,735
6% Jan
2131 2234
July
138 167
215 220
123 123
12034 Feb
100 5734 Aug
58% 58%
573 100
May
1083( 110%
Jan
237 107
117 118
Apr
93 100
102 10234
24 309
Jan
325 328
131 107
Jan
110 11034
1,673 16934 Mar
21234 216
10,246 8234 Apr
112 117
153% 170% 14,093 126% Jan
2,415 a155
164 171
Sept
2534 29% 7,255 13% June
x70
75% 1,820 51% June
115 116
165 112% June
405
05
95
30
62
88
52
534
35%
72
79
80
2734
4%
134
24934
147
98
122
4434
95
7334
91
120
25
220
125
z6634
11234
11834
104
363
111
217
110
17034
215
29%
7534
117%
Oct
Oct
Sept
Oct
Sept
Oct
Sept
Oct
Oct
Jan
May
Jan
Oct
Oct
Apr
July
Sept
Feb
Sept
Sept
Oct
Sept
Sept
Sept
Aug
Oct
Aug
Apr
Jan
Sept
Feb
Jan
June
Sept
Aug
Oct
Sept
Oct
Oct
Aug
934 933.4
91% 92
99
99%
74% 80
06% 98%
88
8834
68
72
64
64
39
41
102 102%
100 100
102% 10231
102 102
72% 73
92% 9231
95% 95%
114% 11435
96
96
102% 102%
10034 101
9434
92
100
80
9834
92%
75
70
41
102%
10034
102%
102%
73%
9934
0731
114%
9634
10234
101
Feb
Sept
Feb
Oct
Feb
Feb
Jan
Jan
Oct
Feb
Feb
Jan
Mar
Jan
July
Mar
Oct
Sept
Sept
Oct
$5,000
9,000
13,000
138,000
3,000
42,000
55,000
15,000
23,40
9,000
10,000
35,000
1,000
3,000
10,000
19,000
1,000
43,000
5,000
17,000
92%
83
98%
6934
96
8634
65%
(34
33%
101%
100
101%
10134
71
89%
95%
11434
94
9934
9831
Sept
Mar
Apr
Sept
May
Aug
July
Oct
June
Apr
June
July
July
May
Jan
Jan
Oct
Jan
Apr
Jan
z Ex-dividend. a Ex-dividend 2%, stock div dend 40%. b
ex-rights.
Pittsburgh Stock Exch.-Sopt. 30 to Oct. 6, both incl.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Sewer Pipe_ _100
Am Wind Glass Mach_100
Preferred
100
100
Am Wind Glass pref
25
Caney River Gas
Columbia Gas & Eleo_ _100
Consolidated Ice corn. _50
50
Preferred
Harb-Walker Refract_ _100
100
Preferred
Independent Brewing_ _ _50
Preferred
50
La Belie Iron Works.._100
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproofing
50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Peoples Nat Gas & Pipe-25
Pittsb Brewing com--- -60
50
Preferred
100
Pittsburgh Coal
Pitts Cons M M dr T _ _..1
Pitts-Idaho1
Pitts Oil & Gas
100
Pittsb Plate Glaris
100
Pittsb Silver Peak
1
Pure Oil common
5
Ross Mining & Milling_ _ _1
San Toy Mining
1
Union Natural Gas__ _100
Union Switch dr Signal-80
U S Glass
100
100
U S Steel Corp com
wast'honse Air Brake_ _ _5()
1291
THE CHRONICLE
OCT. 7 1916.]
1534 1534 1534
140
6454 6234 (36
5,775
12734 12454 12814 1,045
103 103
15
60
4054 4034 4054
35
5,508
3034 35
4
434
700
28
28
33
105 10534
50
160
10634 105 10834
534
534 634 2,642
385
2234 2234 23
4,572
78
6934 8034
35
89
89
1,050
5634 5834
2,115
734 9
834
169-4 1834 1,600
1854
710
1754 1734
4734 4634 473-4
653
35
35
55
534 654
1,765
25
25
26
855
3734 3736 3734
30
60
8c
flo 37,800
1.25 1.25 2,205
1.25
834 934 2,226
9
405
127 128
127
flo
90
500
2154 2054 2154 13,650
45o 146,710
28o
350
190
210 20,800
200
182
16834 16234 16834
999
11934 118 120
4234 3734 4056 3,533
11631 11834 11934
140
mg
1st 34 160
6.721
Range since Jan. 1.
Low.
High.
15 1 June
3434 June
12234 July
100
Feb
36
June
1454 Mar
3
July
25
Aug
7134 Jan
10()
Jan
22.4 Mar
1531 Mar
49 June
87
Aug
4954 Apr
634 July
1534 July
Aug
14
38
Feb
34
July
431 Mar
1634 Feb
2334 Apr
5o Sept
1.10 Sept
634 Mar
115
Jan
7o
Apr
x1754 May
5o Apr
14o June
14194 Apr
109
May
2534 June
8034 Jan
13335 Ator
1734 Jan
66
Oct
155
Apr
107
Aug
4234 Jan
35
Oct
5
Mar
Jan
35
10534 Sept
10634 Oct
7
Sept
23
Sept
8054 Oct
93
Jan
5934 Sept
Jan
12
2454 Jan
Jan
19
4734 June
Jan
37
634 Aug
Oct
26
3754 Oct
8o Sept
1.25 Sept
934 Apr
128
Sept
90
Jan
2194 Sept
45o
Oct
25e. Jan
16834 Oct
Jan
126
4034 Oct
11954 Sept
160
Oct
Stocks-(Concl.)
Friday
Sales
Last Week s Range for
Week
of Prices.
Sale.
Par. Price. Low. High. Shares.
Wesehouse Elec & Mfg_ 50
Westinghouse Machine_50
West Penn Rys pref._ _100
West Penn Tr dr W P--100
Bonds
Cent Dist Telep 5s_ _ _1943
Columbia Gas & El 5s 1927
Independ Brewing 68_1955
Pittsb Brewing 6s._ _ _1949
Pittsb Coal deb 5s___1931
8454
7434
60
7531
99
643-4
31
7434
2234
6731
35
75
2231
103
8554
5934
75
993-4
103
8734
60
7554
9934
2,860
80
100
100
Range since Jan. 1
High.
Low.
5334
30
73
17
July
Mar
June
Jan
7134 Mar
Oct
35
Sept
75
Sept
24
$13,000 10131 Jan 10354 Mar
Feb 8731 Oct
18,000 80
Ma
5,000 49
62
Aug
Aug
Mar 75
11,000 64
11,000 9654 May 9934 Oct
Philadelphia Stock Exchange.
-Record of transactions
at the Philadelphia Stock Exchange from Sept. 30 to Oct. 6,
both inclusive, compiled from the official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices
Sale
Week
Par. Price. Low. High. Shares.
American Gas of N J__100
American Rys pref._ _ _100
Baldwin Locomotive_..100
Buff & Susq Corp v t c_100
Preferred v t c
100
Camb.la Iron
50
Cambria Steel
50
Eieo Storage Battery_ _100
100
General Asphalt
Preferred
100
Insurance Co of N A___10
J G Brill Co
100
Kentucky Secur, pref 100
Keystone Telephone.._ _50
Lake Superior Corp_ 100
Lehigh Navigation
50
Lehign Valley
50
Lehigh Val Transit
50
Preferred
50
Minehill dr S H
50
Norristown
50
Northern Central
50
North Pennsylvania_
50
Penzuryl Salt Mfg
50
Pennsylvania
50
Philadelphia Co (Pitts)..50
Preferred (5%)
50
Prof (cumulative6%)-50
Philadel Electric
2234
Phil Rap Tr vot tr rec._50
Philadelphia Traction _50
Reading
50
1st preferred
50
2d preferred
50
Tono-Belmont Devel_ _ _ _1
Tonopah Mining
1
Union Traction
50
United Ccs of NJ
100
United Gas Impt
50
U S Steel Corporation_100
Warwick Iron & Steel_ _10
Welsbach Co
100
Western N Y & Pa
50
West Jersey dr Sea Sh_.50
Westmoreland Coal_ _ _ _50
Wm Cramp & Sons..
..100
York Railways
50
Bonds.
Amer Gas & Elec 5s_ _2007
do
do small _2007
Edis Elec.stk tr etf 59_1946
Eleo & Peoples tr ctfs 4s 45
do small _1945
do
Equit Ill Gas Lt 5s_..1928
Harwood Electric 6s_ _1942
Keystone Telep 1st 58_1935
Lake Superior Corp 5s.1924
do
do small _1924
Leh C & Nav cons 434s 54
Leh Val regist 434s_ _1923
Registered 6s
1923
Gen eonsol 4s
2003
Gen consol 434s.
..2003
Leh Val Coal 1st 5g_ _ _1933
Pa & NY Canal cons 48'39
Penn RR gen 434s.._1965
Consol 434s
1960
P
& B ctfs 4s_ _ _1921
Pa & Md Steel cons 68.1925
Phil B & W 1st 4s reg 1943
Philadelphia Co 1st 55.1949
Cons & coil tr 5s_ _ _1951
Phil Eleo tr ctfs 55__ _1948
do small_ 1948
do
Trust certfs 4s
1950
do small_ 1950
do
Phil & Read Terml 55_1941
Pub Sem' Corp NJ 5s_1959
Reading eon 4s
1997
1951
J-C collat 48
Schuylkill Riv E S 48..1925
Spanish Am Iron 6s_ _1927
Standard Gas & El 6s_1926
United Rys Invest 5s.1926
Welsbach Co 55
1930
do
do small _1930
West N Y& Pa 1st 55_1937
1943
General 4s
York Railways 1st 55_1937
97%
90
5534
5635
91
6934
27%
85
1231
2034
42%
57
88
100
58%
42
28;4
1934
11134
6
4434
89
115,1
41
5034
72
81
Range since Jan. 1.
Low.
121 121
4 119
July
96
469 9331 Feb
9754
540 69
9334
90
July
11 38
Jan
5534 5534
July
5635 5614
15 54
45
147 44
45
Jan
88
91
1 Jan
107 703
69
7134 1,403 58% Apr
30
263 2734 Aug
31
Aug
7034 72
292 69
27% 27%
Jan
245 25
3834 40
Apr
60 34
82
85
45 7034 Feb
1234 12%
150 1231 Oct
13
1534 26,042
8% Jan
7631 78
1,726 74 May
8234 87
6,005 74% Jan
2034 20%
Jan
760 18
4234 43
94 38
Jan
32 56
57
57
Feb
144 144
5 142
Jan
116 85
Sept
8731 88
1 9234 Mar
95
95
411 97
July
99 100
15,660 55% Aug
58
60
x41% 43
1,089 38% Sept
35
35
2 35
Oct
41
52 39% July
42%
28
Mar
2834 2,792 27
z19
9,328 17 May
21
124 75 May
79
79%
11134 11431 2,924 7531 Jan
40 42% May
44% 4534
46% 4634
40 42% Jan
4
Mar
4344 13-16 3,123
534 6
534 Aug
2,196
4434 45
1,058 41% Jan
224 224
51 222% July
88% 89
770 8734 May
11534,119% 25,505 11534 May
931 9%
1,230
94 Aug
41
41
25 41
July
17
225 10
Mar
1934
258 4831 Sept
5034
50
45 65% Apr
72
72
81
200 70
8234
Mar
13% 14
95
8% Feb
96% 9631 $17,000
9634 96
9631 3,400
2,000
109 109
109
80
80% 23,000
80
80
2.000
82
5,000
10534 10534 10534
10234 10234 5,000
9731 9734
1,000
38% 28,000
35
1,000
38
37
102 102% 28,000
2,000
101 101
109% 109% 2,000
9134 9034 9134 7,000
10054 10054 10031 31,000
10454 105
105
17,000
5,000
97
97
10234 10234 36,000
10534 10531 10554 55,000
9934 22,000
999-4 99
10634 10634 1,000
9934 9931 50,000
101 101
1,000
89
89
13,000
105% 105% 26,000
105 10534 1,100
8534 8531 8534 32,000
8534 85
8534 2,900
112% 112% 2,000
92 1 92
92
11,000
9634 95% 9634 67,000
95
95% 21,000
gg
99
2,000
99
10234' 10234 10231 3,000
99% 9931 99% 6,000
70% 71
18,000
99% 9934 1,000
98% 99
600
105% 10534 3,000
8534 85% 12,000
9634 9634 2,000
8934 Jan
8934 Jan
Mar
105
79% May
76
Apr
10.554 Sept
Jan
101
Jan
96
20% Jan
2734 Feb
101
Aug
101
Mar
109% Sept
89
Sept
9934 Aug
104
Aug
97
Oct
100% Jan
104% July
99
Jan
Jan
104
99% Oct
10034 Aug
Aug
87
10334 Jan
Jan
103
8134 May
82
May
11031 Jan
90
Mar
9334 May
95
Jan
9831 Feb
10134 May
9834 Jan
67% Sent
94% Jan
9634 Jan
104
Aug
8134 Jan
92% Jan
High.
Feb
123
Mar
100
115% Feb
56
Sept
0231 Jan
Feb
47
Oct
91
7231 Sept
Mar
38
7334 Mar
7% Oct
2
48% Jan
Oct
85
Mar
15
15% Sept
79% Jan
87
Oct
2334 Mar
44% Mar
58% June
144
Oct
90
Jan
Sept
95
10234 Feb
Oct
60
4534 Jan
Apr
39
Apr
45
29% June
21% Sept
79% Jan
115% Sent
45% Oct
5135 May
5 7-16May
7
Jan
46% Sept
227% June
9234 Jan
121% Sept
11% June
Feb
45
20% June
51
Jan
7234 Sept
87
Jan
1634 June
96% Sept
96% Oct
109
Sept
813.4 Peb
83
Jan
10634 Jan
103
Jan
Feb
100
3934 Sept
38
Oct
10331 Feb
101% Apr
111
July
94
Feb
103% Feb
106
Jan
97
Oct
Feb
103
106% Feb
9934 Feb
Mar
107
9934 Oct
10134 Feb
Feb
94
10534 Oct
10535 Oct
8635 Sept
34 Oct
113 June
93
May
0634 Jan
97 June
Oct
99
10231 Oct
102% May
Apr
74
9931 Sept
Feb
99
109 June
8514 June
96;5 Apr
Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stock Exchange from Sept.30
to Oct. 6, both inclusive:
Stocks-
Sales
Friday
Last Week's Range for
of Prices
Sale
Week
Par. Price. Low. High. Shares.
Alabama Co
100
1st preferred
100
2d preferred
100
Atlan Coast L (Conn)_100
Bait Electric pref
50
Baltimore Tube
100
Preferred
100
Canton Co
100
Commercial Credit prof.25
Preferred 13
25
Consol Gas E L & Pow_100
Preferred
100
Consolidation Coal_ _100
Cosden & Co
5
Cosden Gas
5
Preferred
5
Davison Chemical no par
Houston Oil trust ctfs 100
Preferred trust ctfs_ _100
Mer dr Miners Tran new100
23
60
35
117
43
124
123%
104
104
14334
26%
26%
116
112%
119% 11934
99
16
16
13
13
4%
4%
45%
49
16
16
80
60
70%
23
65
35%
24
56
41
65
3531
57
300
119
44
50
490
125
104
10
36
14334
127
2734
573
2634
2,431
116
1,342
110.6
282
100%
6,112
17
13% 10,252
2,315
5
2,971
49%
270
16%
140
60
2
7034
Range since Jan. 1.
Law
15
50
30
11034
41
63
82%
138
2634
26%
107
107
96
13%
6
434
3534
1331
57
5034
Apr
Sept
Apr
May
July
Jan
Jan
Jan
Oct
June
Mar
June
Feb
Aug
Apr
Apr
Aug
Aug
July
Feb
High.
24
65
38
119
44%
131%
104
145
30
26%
11634
11931
103
26%
18%
631
71%
2334
68
80
Oct
Oct
Jan
Jan
Jan
Aug
Oct
Apr
Jan
June
June
Sept
Jan
June
June
June
Jan
Jan
Jan
June
THE CHRONICLE
1292
saga
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Stocks (Concl.)- Par. Price. Low. High. Shares.
20
75
Monon Vail Trao pref _100
75
265
15% 16
Mt V-Woodb Mills v t r100 15%
60
125
Preferred v t r
100 59
59
12
50
Northern Central
8634 87
571
76
7635
Pennsyl Wat & Pow_ _ _100 76
355
112 116
Poole Engineering & M 100
759
Sapulpa Refining
5
934 1034
934
1535 1535
5
100
Seaboard Air Line
600
100
3735 39
Preferred
2834 2,395
28
50 28
United Ry & Elec
230
534 5%
531
Wayland Oil & Gas
5
Bond.
$8,000
85
85
85
Alabama Coal & I 5s
30,800
6834 74
Alabama Co gen 6s_ _ _1933 74
Atlan & Charleston 1st 5s
10234 102% 6,000
1,000
10335 10334
Atlanta Consol St 5s_ _1939
23,000
Atl CL RR cony deb 48'39 9335 9334 94
9135 9134 2,000
AUCL(Conn)etfs 5-20 4s25
1,000
100 100
Balt & Harris W E 5s-1938
10034 10034 8,000
Canton Co 5s
1,000
Charles dr W Car 1st 5s'46
10134 10135
2,000
9735 9734 973-4
C & P Teleph of Va 58 ____
9735 973-5 13,000
Chicago Ry 1st &J.__ _1927
5,300
City & Sub(Wash)lst 5s'48
10234 10234
7,000
99
99
Coal ac Iron 1st 55.._ A920
10535 10535 5,000
Consolidated Gas 55._1939
15,000
94
1954
94
General 434s
Cons G,E L & P 4%5_1935 913.4 9134 913-4 82,000
9234 9234 24,000
Consol Coal ref 55._ _ _1950
10234 10335 30,000
1923
Convertible 6s
Cosden Gas 6s
102% 10235 10334 145,000
9734 9735 2,000
Elkhorn Coal Corp 65_1925 973-4
Elkhorn Fuel 5s
1918 9934 9934 9935 5,000
1,000
Fair & Clarks Trac 5s_1938
1003-4 10034
.
Fairmont Coal 5s_ _ _1931 9734 9734 973% 5,000
10235 10235
1,000
Ga Car & Nor 1st 5s_ _1929
1,000
10135 1013-4
Ga Sou & Florida 5s_ .1945
2,500
25
25
G B S Brewing 1st 48_1951 25
3,000
8035 803-4
How 011 div ctfs_ _1923-25
16,000
9835 99
Maryl'd El Ry 1st 58_1931 99
7,000
20
20
Md & Pa income 45_ _1951
Merch & Miners Trans 6s
10334 10334 5,000
1,000
Milwaukee Elec 1st 5s.1926
10234 10234
102 10234 3,000
Minn St & St P C jt 581928
5,000
100 100
Monon Val Trac 5st _ _1942
16,000
65
65
New Ori Grt North 58.1955 65
99
1,000
99
N News & Old Pt 1st 5.9'38
Nod dc Atl Terml 5s_ _1929
9134 9134 1,000
3,000
86
85
Norf & Ports Trac 58_1936
2,000
98
98
Norfolk Ry & Lt 58_ _1949
Pennsylv W & P 5s.... _1940 923-4 92
9234 17,000
loin 102 24,000
Poole 1st cony 6s
793-4 7934 1,000
Scab A L 4s stmpd._ _1950
United Ry & Elec 4s_ _1949 8335 8334 8335 6,000
35,000
6334 64
Income 4s
1949
1936
8634 8734 9,000
Funding 5s
1.000
do
Finnan
1936 RR
873-6 8834
Range since Jan. 1.
High.
Low.
74
10
49
8534
72
92
734
15
36
2535
334
7634
60
101
10334
91
91
100
9914
10134
9534
96
10234
9854
10535
9234
8634
91
1023-4
100
9634
9934
9934
9334
102
101
2035
79
0634
20
101
10234
101
9235
553-4
99
9134
8135
95
90
101%
7934
82
603-4
8435
83%
Aug 75
Mar 1634
June 60
Sept 90
Mar 7935
Sept 148
Aug 16%
Sept 1734
Sept 41
Jan 29
Aug
934
Mar
Jan
Sept
Jan
Sept
Jan
Feb
Jan
Jan
Feb
Feb
Oct
Jan 85
Oct
Jan 74
Mar
Sept 103
Apr 10334 July
Oct
June 94
Jan
Mar 93
Oct
Oct 100
Apr 10054 Sept
Aug 10334 Apr
July 9734 Oct
May 9934 Feb
Jan 10234 Sept
May 9034 Feb
Feb
Sept 107
May 9434 Jan
Aug 913-4 Oct
Jan
July 93
Jan
Sept 105
Aug 120 June
Aug 9834 Jan
Aug 10034 Feb
Jan 10134 Feb
June 9934 May
Aug 10335 Jan
Jan
July 103
Apr 25 May
Apr 8234 May
Mar
Jan 99
Oct
Oct 20
Jan 10335 June
Apr 1023-4 Oct
Aug 10234 May
Oct
Jan 100
Oct
May 65
Oct9934 Mar
Oct 9134 Oct
July
Jan 86
Oct
Feb 98
Jan 9234 Oct
Oct
Oct 102
Jan
Oct 83
Jan
July 85
June 64
MIO
Jan 8754 Fa
May 8834 OcI
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Oct. 6 1916.
Par Value.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
&c.,
Bonds.
Slate. Man.
U. S.
& Foreign
Bonds.
Bonds.
$622,000
2,075,000
2,664,500
1,177,000
1,993,000
1,592,000
$5,000
6,599,302 $571,602,500 $24,243,000 410.123,500
531,000
808,045 470,275,500
1,020,690 89,399,500
1,125,490 97,263.000
1,064,488 96,792,300
1,219,469 105,105,900
1,361,120 112,766,300
$1,829,000
2,802,000
3,402,500
5,496,000
5,644,500
5,069,000
Jan. 1 to Oct. 6.
Week ending Oct. 6.
Sales at
New York Stock
Exchange.
1916.
1915.
26,000
1915.
1916.
124,165,849
142,459,315
7,515,702
6,599,302
Stocks
-No shares_ _ _
$571,602,500 $593,745,200 $12,282,987,815 $10,686,042,890
Par value
$140,300
$191,800
2,500
Bank shares, par
Bonds
$847,000
$722,450
$32,000
$31,000
Government bonds_ _ _
18,050,000
217,978,000
$980,500
State, mun.,&o.,bonds $10,123,500
614,523,700
599,169,000
24,243,000 23,131,500
misc. bonds_ _ _
RR. &
$34,397,500 $24,144,000
Total bonds
$817,869,450
$634,020,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Oct. 8 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
43,694
83,153
78,769
32,055
57,580
47,625
$17,600
19,000
56,000
49,200
30,100
48,100
18,203
14,645
17,844
25,828
20,856
16,336
$22,600
81,700
96,700
111,400
135,500
108,300
4,575
5,437
8,075
4,963
5,349
5,605
$71,600
115,000
87,900
37,400
139,300
166,100
342.876
3220.000
113.712
3556.200
34,004
5617,300
-Below we give a record of
New York "Curb" Market.
the transactions in the outside security market from Sept.30
to Oct. 6, both inclusive. It covers all the sales for the
week ending Friday afternoon.
Sales
Friday
Last Week's Range for
Week
Sale
of Prices
Par. Price. Low. High. Shares.
Week ending Oct. 6.
Stocks-
Range since Jan. 1.
Low.
High.
July 25
Aetna Explos_r___(no par) 10% 1035 12% 35,300
50 11% June 14%
12% 12%
Amer Druggist Synd_r_ _10
5934 3,200 e12% Jan /61
58
Am Int Corp $50 pd_ _ _100
1935 2454 2,700 1935 Oct 2435
Amer Sumatra Tob_r_ _100
6%
2
Mar
2,860
4
5
Am Writ Paper com_r_100 4,6
Jan 85
275 55
100
80
82
Atlantio Steel
Jan 121
450 62
118 121
Baltimore Tube, corn_ _100
1,000 15% May 2034
20
20
Brit
-Amer Tob ord bear El
5 4% 435 434 1,020 2% Mar 734
Butler Chemical_r
Sept 72%
72% 27,600 60
Butterworth-Judson_ r (f)_ 72% 67
2%
% 1
300
5i Sept
Canadian Natural Gas _1
Feb 95
770 55
86% 95
Carbon Steel, com_r_ _ _100
734
4% 15,700
4
334 Aug
454
Car Ltg & Power_r----25
8%
6% 7
2,400
Charcoal Iron Co of Am_10
534 Aug
TA
7% 7% 3,000
535 June
Preferred
10
734
Jan 278
3,200 115
194 205
100 195
Chevrolet Motor
Aug 60
20 18
28
29
Curtiss Aerop & M(no par)
Sept
154
650
1
Electric Gun Corp_r
55 • %
3-4
335 June
5%
4% 4% 1,400
Emerson Motors Ino_r_ _10
9% 2,885
834 July 1434
9
Emerson Phonograph---5
934
Feb
Jan
Sept
Oct
Sept
Sept
Oct
Aug
Apr
Oat
Jan
Oct
Apr
May
Oct
June
Jan
Mar
Aug
Jan
Stocks-(Concl.)
[VoL. 104.
Sales
Friday
Last Week's Range for
Week
Sale of Prices.
Par. Price. Low. High. Shares.
Range since Jan. 1
Low.
High,
534 Oct
Oct
5
420
Etowah Milling & Power_ _ -----5
535
9% Sept
Oct
Falls Motors Corp_r_ _ _10
8% 935 2,600
8
9
Fisher Body Corp.r(no par) 4035 4034. 4235 1,100 37% Aug 42% Oct
Gaston, Williams & Wigmore_r
(no par) 50% 48343 5134 5,934 87% July to70% Apr
Sept
Sept 160
5,500 124
145 157
General Motors_r_w 1.... 154
Sept
Sept 98
1,000 94
Preferred_r_w I
9435, 96
June
7
Apr 14
710
10
Grant Motor Car Corp_10
9
Apr
Sept 86
7234 2,650 u56
Guantanamo Sugar__ --50 iE72
68
350
5
Aug 2134 Jan
10%
Hall Switch & Signal_r_100
10
Feb
Sept 43
300 20
Preferred r
23
24
100
6,175 33% July 54% Jan
Haskell & Barkear(no oar) 40% 4035 42
135 Oct
3% Oct
135 335 3,300
2%
Havana Tobacco, com_100
Oct
6
3% Oct
2,000
6
3% 6
Preferred
100
Apr 55 June
673 41
48% 51
Holly Sugar oom--(no par)
Oct
620 9354 July 99
9834 99
100
Preferred
535 535 1,100
Hupp Motor Car Corp_ _10
534 Oct II% June
Oct
28
28
150 27% Sept 28
Hutchinson Sug Plant r 25
430 520 100,980 25o Aug 530 Sept
Imp Carbon Chaser_r__ _1 440
Sept
1535 16
300 10 June .19
Intercontinental Rubb_100
July 2634 Jan
7
20350 220
500
lot Arms & Fuze See.._25 220
Jan
633 *3
Oct 25
*535
*3
Internat Motors, corn r 100
450 500
3,700 0350 Aug 0610 Aug
Joplin Ore & Spelter_r_o_b 450
Jan
Aug 33
600 14
15
Kathodion Bronze, pref._5 14% 14
Sept 19% Oct
Keystone Tire & Rubb_ _10 18% 1554 1934 36,000 12
400 1135 Sept 17% Sept
17
17
Preferred
10
2,400 10 June w1631 Jan
14
13
Kresge (S 5) Co,com_r_10
634 July 1334 Jan
814 1254 23,800
Lake Torpedo Boat_r_10 12
3,700
8% July 1434 Jan
12
9
10 12
1st preferred_ r
Sept 10535 Sept
175 105
Loft, Inc
100
10554 *10535
4% Jan
Apr
3
300
3% 3%
Marconi Wirel Tel of Am_5
335
3
1,750 23 June 39% Sept
Marlin Arms v to(no par).
3534 37/4
Jan
Mar 13
4
535 654 11,800
Maxim Munitions_r_ _10
534
Mexican Petrol Export r. 1935 1994 1935 3,300 17% Sept 19% Oct
Apr 77% Jan
72,000 57
77
Midvale Steel & Ord_r_ _50 68% 68
Aug 73% Sept
Mitchell Mot-r-w-(no par) 6635 65
7335 3 .900 64
2
Jan
700 20% May 32
Peerless Truck & Motor_50 2434 2435 25
Jan
745 86% Sept 160
113 11654
Poole Eng & Maoh_r_ _100
4% • Oct
2 Sept
434 17,400
PuilmanVentilatorCorp.r.5
33-6
23-4
4% Oct
53.5 2,050
63-4 Aug
Preferred _r
5
5
100 16 June 2054 Feb
16
16
10
Pyrene Mfg_r
Sept
Aug 77
100 54
74
74
Republic Mot Truck r (1')
634 Feb
435 Mar
3,085
for)_
5A
5% 6
Riker & Heg (Corp
Oct
July 19
9,500 14
10 1854 1734 19
St Joseph Lead.r
Mar
200 30
Sept 40
30% 31
St L Rocky Mt & Pao r 100
Sept
775 49,‘ Sept 62
55% 57
Scripps-Booth_ r_ _(no par) 57
Sept
550 243-4 Aug 30
Seab'd St dr Manganese (t) 2934 2935 2935
9% Aug 1134 Sept
Smith &Terry Transp pf 10 1034 1034 103-4 2,800
Oct
Apr 101
2,225 51
9335 101
Springfield Body Corp_100 95
Oct
245 101
Apr 131
128 131
100 130
Preferred
6,115
635 9
5% Aug 10% Feb
Standard Mot Const_r_10
8
3% Oct
3
394 17,200
5
2% Sept
3%
Steel Alloys Corp_r
850 3934 Oct 4534 Aug
3954 4135
Stromberg Carbur(no par)
4535 43,000 8135 July 45% Oct
41
Submarine Boat__(no par) 41
450 7335 July 82 Sept
82
81
Todd Shipyards_r(no par)
22,690
6% Jan
2 June
254 3
Triangle Film Corp v t o_5
Aug 94 June
6634 12,500 57
United Motors_r_(no Par) 63% 82
34 May 2 1-16 Jan
6,350
United Profit Sharing_.._1 15-16 15-16 1
2% July
49-4 Jan
235
23-4 2% 1,700
US Light & Heat Corp r 10
4
8 Sept
Apr
10
7
654 754 14,200
U 8 Steamship
41,045 27
Sept
Sept 35
35
30
1 34
U S Tungsten r
Oct
4,400 12
Sept 16
Western Pacific RR_r_100 1534 14% 16
Sept
900 36
Sept 46
41
45
100 43
Preferred _r
100 19
Sept 2034 Sept
1.19% 1934
Wheeling dr Lake Erie_r_ _
27,500 4631 Jan 60 June
50 --ii;i 5535 59
White Motor
154 4,700
55 July
3
Jan
1
World Film v t c
394 Aug
6
634 Apr
534 28 0
Zinc Concentrating_r--10
. 00
535
RightsA Sept
Sept
3-16
Cosden & Co
34 23,300
6,300 20
Sept 24% Sept
Texas Company
2335 2235 24
Former Standard Oil
Subsidiaries
Apr
10 204
Sept 225
204 204
100
Eureka Pipe Lino
411 155 June 202
Sept
194 202
IllinoisPipe Line
100 197
65 93 June 107
Jan
105 107
Indiana Pipe Line
50 107
805 189
Jan 310 Sept
299 309
25 307
Ohio 011
184 359
Aug 470 Sept
450 470
Prairie Oil & Gas
100
Apr 305
470 205
Sept
278 298
100 293
Prairie Pipe Line
Mar 406
Oct
193 325
389 406
100
South Penn 011
Apr 505
Oct
550 495
580 595
Standard 011 of N J_ _ _100
Oct
1,405 200
Mar 240
232 240
Standard 011 of N. Y._100 236
475 80
Mar 95
Oct
92
95
100 95
Union Tank Line
Other Oil Stocks
Oct
2,300 500 June 670
600 670
Alberta Petrol_ r (prosp'ct) 040
435 May
235 Jan
2%
Barnett Oil & Gas_r_ _ _1
234 254 4,550
9,800 13
Aug 27 June
16
17
5 16
Coaden & Co_r
634 Apr 184 June
12% 13% 25,500
Cosdeu 011 & Gas_r
5 13
6,200
634 Feb
3% July
435 5
435
Preferred _r----- _ --5
% Feb
2 Sept
17,600
1% 2
Federal 011_r
5
1%
134, Sept
% Aug
% 13-16 16,600
General Ref & Prod_r_
1634 17
Aug 23
Jan
500 12
Houston 011. oom_r_.-100
934 June 1334 Jan
Internat Petroleum.r_ _ El 109-4 1035 11% 9,400
Oct
Oct 21
100 21
21
21
Interocean 011, com_r_100
Oct
Oct 38
100 38
38
38
100
Preferred
3-16 5-16 5,500
if8 Sept 930 June
Kenova 011 (prospect)_ _ _1
May
Aug 25
Metropolitan Petroleum-5 1635 1635 17% 5,700 10
40o 430 19,500 38c Aug 850 Feb
1 410
Midwest 011 com_r
1% 18,100 700 June
1
194 Aug
N Y-Oklahoma 011_ r_ _1 1 1-16
100 13o 277,80(
7c Mar 210 June
1 120
Oklahoma Oil com_r
X Aug
154 May
1
Preferred r
3.4
34 33,430
5.5
8% 9% 37,000
5% Aug • 9% Oct
Oklahoma Prod & Refg_ _5
935
Oct 950 Aug
480 70o 38,500 480
Omar 011 & Gas
1 000
200 46 May 50 June
Pan-Am Pet & Trans r _50
4934 4934
July 102
May
92% 9435 4,300 80
Preferred r
100 94
54 Aug
1,000
1% June
930 040
Pennsylvania Gasoline_r_l 940
734 Aug 1694 Feb
9% 1035 2,000
Sapulpa Refining
r 5 10
17 4 Sept
1% Sept
/
1 5-16 1 7-16 11,200
1
Sequoyah 011 & Ref
48% 19,200 3554 Aug 50
May
Sinclair Oil& Ref r(no par) 47% 43
2% June
1% 1 1-16 134 8,900 54o Mar
United Western Oli_r
40o 44o 17,500 350 Sept 470 Sept
1 420
Utah Pet (prospect)
Apr
300 500 48,500 28c Sept 550
Vacuum Gas&O.Ltd r_t_l 450
Mar
I
23-4 Jan
1 1 3-16 1 1-16 1 3-16 17,150
Victoria 011_r
1,000 620 Aug 700 Sept
700 70o
1
Wayside 011 & Refg
Mining Stocks
Oct 1.02
May
3,000 250
25o 50o
Alaska-Brit Col Metals i 1
Oct
1 790
770 790 41,400 590 Sept 790
Alaska Mines Corp
% July 700 July
9-16 9-16 3,600
Alaska Westover Cop_r_l
8,250 35o July
3% Sept
Arizona Copperfields.r....1
1%
135 1
fk) Aug 2334o Jan
9350 110 10,200
1 100
Atlanta Mlnes_r
134 Sept
135 Feb
100 1 5-16 15-16 134 43,300
Big Jim
6% Sept
535 6% 32,700 1 7-10 Feb
Big Ledge Copper Co....
6
300
935 Aug 15% May
10 1135 11% 11%
Bingham Mines
Jan
1,300 12o Aug 44o
12o 120
1
llooth_r
2% June
134 72,000 500 Mar
Boston & Montana Dev_ _5 1 1-16 980
4% June 1234 Mar
634 835 8,000
8
Butte Copper & Zino v t o 5
434 Mar
1;4 July
900
135 1%
Butte & N Y Copper....
Oct
Oct 80o
5,000 700
790 80o
Calif-Treadwell Gold M t 1 790
634 Sept
2% Jan
5% 535 1,350
Copper_r
5
Calaveras
570 600 13,000 53o Aug 1 5-32 Apr
Caledonia Mining
1 590
135 Aug
1% Oct
1% 1% 83,700
Calumet & Jerome Cop r_l
ln
234 MAY
1% 19-10 1% 8,100 1 3-18 Mar
Canada Copper
8
4,300 323i July 42;5 Feb
40
39
Cerro de Pasco Cop(no par) 39
3,000 65c Aug 70o Aug
1 650
650 700
Columbia Mines
Jan
70 Apr 17o
7340 8350 1,500
2 734o
Comstock Tunnel_ r
Jan
1% July
2
5 1 11-16 1 7-16 1% 48,700
Consol Ariz Smelt
334 MAY
4,350
135 Feb
*2% 3
3
Consol Copper Mines.- _5
% Sept
51 9,000
Consol-Homestead.__r-1
35
3-4 July
54
% Mar
35 Jan
800
5-16 5-16
Consol Nevada-Utah. -3
631 Sept
Oct
6
0
634 2,100
6
Cresson Con Gold M & M 1
135 July
34 July
13.18 13.4 2,600 •
1
Crystal Copper
Oct73-4
5% Sept
635 7% 18,600
Darwin Lead-S M & D_ -5
734
THE CHRONICLE
OCT. 7 1916.]
Sales
Week's Range for
Week
Site
of Prices
Mining (Concluded). par Price. Low. High. Shares.
Friday
Last
2
Dundee Arizona Copp_i_l
1
3%
Emma Copper-r
5
First National Copper
24o
Fortuna Independent r_
Goldfield Cons'd Mines_10 650
1
Goldfield Merger_r
5 23o
Gold Hill Alining
1 590
Goldstone Min r(
Green Monster Mining _r_l
560
Grizzly Flats Gold M__ 1
535
25e
Hecla Mining
1%
InspirationNeedlesCopri 1
100
Iron Blossom_ r
Jerome Verde Copper_i_A 1 15-16
3
Jerome Victor Exten_r_i_l
1
Jim Butler_ r
37o
1
Jumbo Extension
1
Kewanas r
5
La Rose Cons Allnes
Louisiana Consolidated 10c 42o
5 18%
Magma Copper
100
1
Marsh Mining _r
Marysville Gold Mining_l 1 5-16
5
5
Mason Valley
McKinley-Darragh-Say 1
2
435
Mojave Tungsten_ r
2%
Monitor Sil L&ZM&M1
Montana Gold Mines_r 1 020
1 34%
Mother Loder
Nevada Utah Bingh'm 2.50
72e
Newray Mines,Ltd _ r _ .....1
N.Y.ScHonduras Rosario.10 15%
6
Nipissing Mines
150
Oatrnan Gold Key_i_ _ _ _1
Old Emma Leasing_ r_ 100 67e
PIttsb Jerome Copper_ r_ii 2 5-16
5
3%
Ray Hercules_ r
1 30%c
Rex Consolidated r
Rochester Mines
1 66o
40o
Round Mountain_ r
1
St Nicholas Zinc r
10
fianta Fe
San Toy
1
Silver Pick Consol_ r
Standard Silver-Lead_ _ _ -1
1 36o
Success Mining r
1
Temlskaming r
Tintio
Tommy Burns Gold pi r..1
4%
1
Tonopah Belmont_ r
1
5%
Tonopah Extension
6
Tonopah Mining
5
Tr -Bullion S & I)
3%
1
United Eastern
llo
S Continental Mines_ rl
United Verde Exten_r.50c 39%
Unity Gold Mines
1
Utah Metal r
770
West End Consolidated_ _1
440
WhiteCaps Mining_ r_ _10c
4%
White Oaks Mince Cons r 5
Yuscaran Consol_r
Range sines Jan. 1.
Low.
14 June
1% 3 118,750
33% 294,600 1734o Jan
2%
45% 5% 10,820
July
3
2,000 21c
Oct
210 24o
15,550 600
Oct
600 66e
4,500
70 Aug
7%o 8o
10,000 13e
Apr
170 230
460 600 33,000 350 Aug
24 4% 170,000
1
Aug
13,600 51.0
Oct
510 560
3% Jan
5 7-16 5% 8,100
1 1-16 1% 116,200 Mc July
1%
1%
Jan
700
1
1% 2 7-16 129,000
14 July
*2%
334
4,065
1% June
900 93o
1,500 810 July
35o
390
13,310 32c Sept
Sc 10%c 4,800 8340 July
1,300
9-16 Mar
%
370 42e 107,500 12e May
July
6,200 13
185% 19
be
lie
7,200 10c Aug
1% 1%
9,950
1
Aug
4%
5
July
2
2,900
60o 67e
2,800 380 Mar
4% 4n
4,100
2% Aug
1% 2% 30,450
Apr
92o 92o
3,000 64c June
33o
37o 103,000 20c
Jan
1% 1%
4,100
1
Sept
690 720 27,000 34o June
Aug
*15% *16
2,510 16
63‘ Feb
7% 8%
3,200
Oct
15e
15o
2,000 150
45e 82o 350,400 12e Aug
1% 2 7-16 65,800 85o July
2% Mar
3% 4
2,500
290 320 119,000 10e Aug
52o 66o 41,250 50o Sept
530 34c Sept
400 430
Sept
35 15,200
5-16
3
3
2
Sept
400
6,210 13o Aug
180 20c
Sc
8,000
Feb
1834o 200
5,800
1
July
1 7-16 134
13,650 300 Aug
330 37o
62o 630
2,500 51c Mar
% 1%
7,000
Oct
65o
75o 45,900 620 Sept
435
434
100
4
June
5 5 7-16 15,800 3 16-16 Jan
5% 6
400
534 Aug
%
1,400
5-16
4 Aug
1,325
3% 3%
3% July
40 Aug
no 11%c 16,100
9,800
42
64 Jan
39
5,200
1% Apr
3% 3%
75%
835
4,300
64 July
7,000 650 Sept
730 790
18,000 22%eJune
430 52o
1,275
5
34 Aug
4
% July
1% 2,250
134
Bonds
119 120 $27,000 110
Cerro de Pasco Cop 6s 1925
City of Paris (France)994 825,000 to99
1921 09% 09
so
6s
41
42
10,000 25
Consol Ariz Smelt 53_1939
1024 10234 104 133,000 100
Cosden & Co new es
102% 102% 103% 73,600 9934
Cosden 0& 0 6s_ _w I
Midvale St & Ord 5s.r.1936 084 084 9835 541,000 94
100 102
33,000 100
_
Poole Eng et Mach 6sr '26
1014 101% 46,000 100
Russian Govt 6358_ r_w
009%
Sinclair Oil& Ref 6s.r.1920 9831
10
92 10
6
92T5 165:01
6 00
0
Sulzberger & Sons 6s_r_'41
8234 84
07,000 81
West Pat RR new 53_1946 84
June 123
Oct
Mar
Sept
Aug
July
Sept
July
Sept
Aug
Sept
Feb
1.69%
50
104
125
100
102
102%
09%
102%
84
Oct
Mar
Sept
June
Feb
Oct
Sept
May
Sept
Oct
'Odd lots. f No par value. i Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. es New stock, par
value $12 50. a Old stock, par value $25. o New stock. r Unlisted. s Ex-100%
stook dividend. C $50 paid. u Ex-eash and stock dividends. o $10 paid. r When
issued. x Ex-dividend. y Ex-rights. c Ex-stock dividend.
New York City Banks and Trust Companies
Ask
Banks.
Bid
Ask Trust co's. Bid
Ask
550
Manhattan • 305
315
New York
235
Mark & Fult 245
__ Astor
470
Mech & Met 280 .
185
29y
- . 13ftwnftkr
B
480
175
Merchants' _ 232
y
Trust
180
-_-_ Metropolis._ 290
ContralTrust hil
705
____ Metropen • 175
:-_-_-_ Columbia _ _ 615
630
_
180
Mutual _ ___ 3.50
_ Commercial_ 100
110
135
200--- 145
New Neth•_ 215
-225 $10
105
116
New YorkCo
_
725
1, q tflire fr Pig
E: m table500
350
360
New York__ 375 - 385
-Farm L & Tr 1600 1675
230
235
Pacific •____ 275
Fidelity
210
-125 Park
475
490 - Fulton_ --i21
-:
_
0
chemicai__iii
402
People's•_ 220
_
235
Guaranty Tr 448
455
180 Prod Exch._
CitizensCent 175
_
198
Hudson _
140
147
500
565
Publlo •____ 220 City
_
Law Tit& Tr 137
145
105
Seaboard...
420
Coal & Iron_ 185
43 - 1.incoinTrust08
-0
117
__ Second
Colonial*_ 450
_
395
410
Metropolitan ;10
420
-325 Sherman _
125
Columbia' _ 300
135
Alut'l (West
t174_ State •
113
Commerce__
118
cheater)., _ 125
34 - 234 Ward'.. 100
-0
135
Corn Exch*_ 335
N Y Life Ins
____. Union Exch_ 140
Cosmoporn• 100
150
& Trust__ 075 1000
Unit States* 500
75
____ N Y Trust__ 605
East River__
615
iiii
. Wash Irta*_
Title Gu&Tr 400
FlilelitY *--- 150
410
Westch Av• 225--- - Tr io0 t1
160
175
-_
, nsa Trust
:t
Fifth Ave' 4300 4800
155
West Side' _ 380
275
250
410
Fifth _
ane iiii- 415
990 1010 Yorkvillo •__ 475
550
DS Mtg&Tr 440
First
450
195
Brooklyn
185
Garfield _
UnitedStatee 1010 1025
140 Coney 151(1'130
.
140
Germ-Amer• 130
Westchester, 130
110
First
5
2 5
270
German Ex. 380
40 Fiatbush_ _ _ 150
-6Oerrnania •_ 375
165
Brooklyn
____ Greenpoint _ 155
200
Gotham_
015
Brooklyn Tr 550
Hillside 4... _ _ 100
Greenwich._ 310
115
Franklin_._ 255
2-g
0
Homestead •
90
Hanover _ __ 645
Hamilton_ __ 265
27.5
7
Mechanica•_ 131i- 140
405 390
Harriman _ _ 3 5
Kings Co.... 010
060
Montauk'..
505
85
110
Manufact're
Imp & Trod_
--__ Nassau
.
100
200
207
Irving
Citizens__ 145
150
Nation'ICity 266
275 People's__ 282
Liberty. ___ 815
292
North Side_ 170
35 -0
185
Queens Co_ Lincoln. ___ 335
70
80
People's
130
140
---- ------------ ------ --(*) are State banks.
t Salo at auction or at Stock
*Banks marked with a
y Ex-rights.
i New stock.
Exchange this week.
Banks-N.Y.
America'_-Amer Ezell_
Atlantic---Batter Park
Bowery ._ -Bronx Bore*
Bronx Nat__
BryantPark*
Butch & Dr_
Chase, now _
Chat & Phen
Chelsea Ex*
11i4
535
228
180
165
390
lin
6-5-
New York City Realty and Surety Companies
Bid
70
AlllancoR'tY
Amer Surety 155
Bond & M 0 298
Casualty Co
City Ifwest'g 18
80
._ Preferred-
Ask
80
165
303
21
88
Bid
LawyersMtg 159
Mtg Bond__ 110
Nat Surety_ 270
N Y Title &
Mtge
90
Ask
163
114
280
98
Quotations for Sundry Securities
High.
3
Oct
3% Oct
8% Jan
24c
Oct
1 3-16 Jan
210
Jan
300
Jan
60e
Oct
4% Oct
560
Oct
5% Sept
1% Oct
2% Apr
2% May
3% Sept
1 3-16 Jan
1% Jan
22c
Jan
May
1
420 Sept
19% May
41c Mar
1% Sept
54 Sept
72e May
May
8
2% May
1
Aug
430 Apr.
5% Jan
72c Sept
174 June
934 Sept
Apr
25o
82e
Oct
21 4 Oct
/
5% Mar
30o May
78o May
78o May
96e Sept
3% Jan
26e
Jan
2334cSept
2
Jan
05o
Feb
810 May
1% Apr
750
Oct
535 May
7% May
7)4 May
1
Apr
14 May
180 Mar
45
Sept
a% Sept
11
Mar
14 June
52e
Oct
16% May
1% May
Bid
Realty Assoc
(Brooklyn) 95
U S Casualty 195
US TitieG&I 55
Wes dr Bronx
Title dc MG 165
Ask
1293
All bond prices ere "and interest" except where marked "t".
Standard Oil Stocks PeIrShars
Poi Bid. Ask.
10
Anglo-Amer 011 new____ £1 .1612857
100i 840
Atlantic Refining
100, 400 425
Borne-Scryrnser Co
50.105 107
Buckeye Pipe Line Co
Chesebrough Mfg new _100 460 490
1001 60 70
Colonial Oil
100; 550 565
Continental Oil
46
Crescent Pipe Line Co__ _ _501 •43 06
Cumberland Pipe Line 100 93
Eureka Pipe Line Co_ _ _ _1001 240 250
Galena-Signal 011 com_ _100, 173 178
100 140 145
Preferred
100 197 199
Illinois Pipe Line
Indiana Pipe Line Co._ _50.104 107
£1 .1012 11
Internat Petroleum
16
National Transit Co. A2.50 *15
New York Transit CoI00 210 215
Northern Pipe Line Co 100 105 108
25.306 309
Ohio Oil Co
25 *68 72
Penn-Alex Fuel Co
25 •14
1414
Pierce 011 Corp
100 460 465
Prairie 011 & Gas
100 295 298
Prairie Pipe Line
100 385 1400
Solar Refining
Southern Pipe Line Co100 215 !219
100 40$ 410
South Penn Oil
Southwest Pa Pipe Lines_100 114 1118
Standard 011 (California)100 345 ,350
Standard Oil (Indiana)-100 775 ,780
Standard 011 (Kansas)_ _100 540 1560
Standard Oil (Kentucky)100 560 1580
Standard 011 (Nebraska).100 530 550
Standard Oil of New Jer_100 583 588
Standard 011 of New Y'rk100 237 240
Standard Oil (Ohio)
100 425 435
Swan & Finch
100 110 120
Union Tank Line Co ......i00 93 95
100 295 300
Vacuum Oil
10 .40 50
Washington Oil
Per,Ceni.
Bonds.
Pierce Oil Corp cony 6s_1924I 83
85
-Per Silo re.
Tobacco Stocks
Pori Bid
Ask.
American Cigar common100, 110 115
a
rn
Preferred
100' 98 100
Amer Machine & Fdry_100 80 85
British-Amer Tobac ord--£1 .1812 20
Ordinary, bearer
£1 .19 20
Conley Foil
100 300 350
Johnson Tin Foil & Met_100 100 150
MasAndws & Forbes_ _100 195 205
Preferred
100 99 101
Porto Rican-Amer Tob_100 250 260
Reynolds(R J) Tobacco 100, 590 625
1001 121 123
Preferred
Young( J 5) Co
100 150 160
'
Preferred
100 105 110 .
Short Term Notes. Per Cent.
Am Cot Oil 5s 1917___M&N
Amer Locom Is, July '17..J-J
Am T & T 4%s 1918
Anaconda Copper 5s 17 M-s
Canadian Pac Os 1924_ M&S2
Chic & West Ind ss'17_M&S
Erie RR 535s 1917.____A-0
General Rubber 5s 1918 ..hieD
Hocking Valley Es 1.917_M-N
Int Han es Feb 15 '18_F-A
,
K C Rys 5%.1918____ J&J
Morgan&Wright 5s Dec.1.18
New Eng Nay es 1917_M-N
NYNH&H 435s May 1917
Penn Co 434s 1921_ _.14rD15
Pub Ser Corp NJ 55,19 MdeS
Rem Ams U.M.C.5s19F&A
Southern By 5s 1917__M-S2
United Fruit be 1918_ _ M-N
UtahSecurCorp 6s22 M-S15
Winches RepArms5s18M&S
Now York City Notes
6s Sept 1 1917
Canadian Govt. Notes
F&A
5s Aug 1 1917
1007
310118
10012 10134
0058 1.0
0
1005 1007
s
8
102781031s
100 ,10014
10034 101
1005
81007
s
i0054 0
101121013
4
10034101
1001410012
100141004
1001810014
10078 10118
1005
81007
8
89 1 00
1001210034
10118 1013
8
9514 96
987 991s
8
10214 10212
1001211005$
Ordnance Stocks
-Per Jharc.
Aetna Explosives prof.... _100 58
Amer de British Mfg
100 10
Preferred
100 20
Atlas Powder common,..100 177
Preferred
100 98
Babcock & Wilcox
100 x122
Bliss (E W) Co common_ _50 *725
Preferred
50 *75
Canada Fdys & Forgings100 185
Preferred
100 90
Canadian Car & Fary_ _100 40
Preferred
100 65
Canadian Explosives com100 380
Preferred
100 100
Carbon Steel common_ 100 92
1st preferred
100 89
2d preferred
100 66
Colts Patent Fire Arms
Mfg _
100 865
Crocker-Wheeler Co com.100 95
duPont(E I) de Nemours
& Co, common
100 2
90
100 103
Debenture stock
Electric Boat
100 430
Preferred
100 430
Hercules Powder corn__ _100 325
Preferred
100 116
Hopkins & Allen Arms_ _100 20
Preferred
100 45
International Arms
25 '4
Lake Torpedo Boat corn...101
Midvale Steel k Ordnance 50 *71
Nilee-Bement-Pond corn _100 183
Preferred
100 105
1002630
Scorn! Mfg
Submarine Boat__ _(no par.)I.
43
Winchester Repeat Arms 100 1300
(30
20
40
182
100
124
775
85
195
100
50
75
460
no
95
92
70
880
100
295
107
440
440
35
20
24
60
25
9
72
85
10
50
44
1450
Public Utilities
6051154 156
Am Gas & Elec com
50 .4912 51
Preferred
Am Lt & Trac common_ _100 386 388
100 111 113
Preferred
Amer Power dr Lt com_ _ _100 70 71
100 83 85
Preferred
Amer Public Utilities com100 40 44
74
)00 71
Preferred
100 336 338
Cities Service Co com
100 96 97
Preferred__
Com'w'ith Pow fly & L 100, 62 6312
1001 83 85
Preferred
Dayton Pow & Lt pref.... _1001 04 96
Mee Bond Ar Share pref_ _100 101 103
Federal Light & Traction100 18 20
Preferred
100 52 56
Great West Pow Si 1946.J&J 8912 0012
_
100 85
Indiana Lighting Co_
4s 1958 _____
F-A 80 81
North'n States Pow corn. 100 97 99
100 97
Preferred
99
lit & ref Si 1941_ _ _ _A&O 96 97
Pacific Gas & Eleo com 100 57 58
1st preferred
lool 110
9112
Republic Ry & Light_ _ _100 50 52
Preferred
100 75 77
South Calif Edison corn._ _100 92 94
Preferred
100 104 108
Southwest Pow 44 L pref-100, 9712100
Standard Gm & El (Del)- 581 .14 16
43
Preferred
501 *41
Tennessee Ry L ,k P com1001 1112 1212
100 52
,
Preferred
53
United Gas & Elm Corp_1001 14
17
1st preferred
100 x71
75
24 preferred
100 15
18
United Lt & Rye corn__ _100 48 50
lit preferred
100 75
77
Western Power common _100 19 20
Preferred
100 69 70
RR. Eq LI pments--PerCt.Basis
Bid. Ask.
4.40 4.25
4.40 4.25
4.40 4.25
4.55 4.35
4.70 4.40
4.25 4.00
4.75 4.45
Industrial
5.50 5.00
and Miscellaneous
5.50 6.00
5.50 6.00 American Brass
100 341 344
4.85 4.50, American Chloie com
100, 72 75
4.85 4.50
100 84
Preferred
87
4.35 4.15 Am Graphophone e.om_ A00 188 192
6.20 4.90
100 184 188
Preferred
4.75 4.50 American Hardware__ _ _100 133 136
4.65 4.40, Amer Typefounders com_100 43 46
4.65 4.40' Preferred
100, 94
98
4.65 4.40 Borden's Coed Milk com.100, 110 11iis
2
100 107121091
Preferred
4.50 4.30
4.50 4.30 Celluloid Company
100 188 195
4.37 4.15 Havana Tobacco Co_ _ _ _100
2
312
Preferred
100
4.37 4.15
334 5
1st g M June 1 1922_1-D 150 I 58
4.70 4.45
4.37 4.15 Intercontinen Rub corn.. 100 1512' 1612
4.60 4.37 Internat Banking Co
100 160 163
5.50 5.00 International Salt
100, 41
43
8.50 5.00
lst g 5s 1951
A-0 1713
78
4.70 4.45 International Silver pref _100 102 105
4.70 4.45 Lehigh Valley Coal Sales_ 50 •87 92
4.55 4.3 Otis Elevator Corn
100 68
70
4.55 4.35
Preferred
100 94
96
4.55 4.35 Remington Typewriter
100 17
4.37 4.15' Common _
18
100 84 __
4.37 4.15
1st preferred
100 49
4.35 4.15' 2d preferred
62
4.35 4.15 Royal Baking Powd com_100 155 160
Preferred
100 102 104
8.50 5.00
5.60 5.00
4.65 4.45
4 65 4.45
4.37 4.15
4.6a, 4.45
5.00 4.50
Baltimore A Ohio 435e
Buff Roots & Pittsburgh 4%s
Equipment 4s
Canadian Pacific 434s
Caro Clinehf & Ohio 5s
Central of Georgia 5e
Equipment 4351
Chicago & Alton 4s
Chlemo & Eastern Ill 535s....
Equipment 4351
Chic Ind & Lotesv 4%s
Chic St La NO 58
Chicago & NW 434s
Chicago R I & Pie 435s
Colorado & Southern 5s
Erie 5s
Equipment 435s
Equipment 4s
Hocking Valley 41
Equipment bre
Illinois Central Si
Equipment 44s
Kanawha & Michigan 435s_ _
Louisville & Nashville 5s_
Minn St P & 8851 435s_ _
Missouri Kansas .k Texas 5s_
Missouri Pacific bs
Mobile & Ohio 5s
Equipment 4%s
New York Central Lines 8..
Equipment 4%s
N Y Ontario & West 4%s_ _ _
Norfolk & Western 434e
Equipment 4e
Pennsylvania RR 4%s
Equipment 4s
St Louis Iron Mt & Sou 5s_ _
St Louis & San Francisco 5s_
Seaboard Air Line Si
Equipment 435s
Southern Pacific Co 435e
Southern Railway 435s
Toledo & Ohio Central 4s
100
210
70
175
• Per share. b Basis. d Purchaser also Days accrued dividend. • New Stoat
price. n Nominal. xEx-dividend.
!Flat
1294
THE CHRONICLE
[VoL. 103.
ininstutent mut SatIrratt
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the pbriod from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
July 1 to Latest Date.
ROADS.
July 1 to Latest Dale.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Lla N 0& Tex Pac$
$
$
$
N 0 & Nor East.. August ___ 333,322 293,652
649,420
586,806
Ala & Vicksburg_ August ___ 147,536 127,507
251,544
290,761
Vicks Shrev 8: P_ August _ _ 145,185 118,909
240,006
275,287
Lim Arbor
655,812
532,616
44,264
3d wk Sept
57,789
.tch Topeka & S Fe August _ _ 13238861 10904377 24,943,683 21,326,718
Manta Birm & Atl 2d wk Sept
60.529
61,140
569,342
648,402
ktianta & West Pt_ August ___ 114,706 101,268
220,447
198,053
ktlantic Coast Line August ___ 2,605,923 2,017,173 5,213,103 4,194,560
Chariest & W Car July
128.169 116,593
128.169
116,593
Lou Hend & St L August
150,741 126,720
287,124
237,748
;Baltimore & Ohio_ August
10550229 9,348,857 20,704,142 18,019,610
B &0 Ch Ter RR August
159.008 134,559
306,775
262,765
3angor & Aroostook July
211,051
226,295
211.051 226,295
3essemer & L Erie_ August
1,372,459 1,268,925 2,665,417 2,534,732
31rmingham South_ August
137,471
96,685
68,971
184,560
3oston & Maine._ July
4,719,795 4,099,236 1,719,795 4,099,236
luff Roch & Pittsb_ 4th wkSept 412,917 319,056 3,553,631 2,971,458
luffalo & Susq RR.. August _ _ 150,921 121,549
293,209
237,614
3anadian Nor Syst_ 4th wkSept 1,085,000 1,054,900 10,707,000 6,702,300
3anadian Pacific__ 4th wkSept 3,660,000 3,371,000 37,363,908 26,691,827
)entral of Georgia_ August ___ 1,115,293 899,997 2,234.462 1,887,824
:lent of New Jersey August ___ 2,995,446 2,816,962 5,971,352 5,425,023
;tent New England.. August ___ 515,848 358,211 1,001,894
722,352
)entral Vermont__ July
361,552 320,602
361,552
320.602
Thes & Ohio Lines_ 4th wkSept 1,364,896 1,367,655 12,360,580 11,660,951
)hicago & Alton___ August ___ 1,628,690 1,375,058 3,114,124 2,563,416
)hic Burl & Quincy July
8,278,336 7,374.125 8,278,336 7,374,125
, Chicago Sr East III August _ _ 1,486,641 1,300.419 2,778,677 2,461,205
Chic Great West__ 4th wkSept 354,104 304,802 4,167,713 2,613,995
)hic Ind & Louisv_ 401 wkSept 208,892 200,327 2,177,89.., 1,878,001
Dhic Milw & St P..1 August
10021195 8,285,176 19,257,582 16,504,458
Chic Mil & Pug S I
iChic & North West August
9,614,358 7,983,359 17,837,721 15,202,047
)hic Peoria & St L.. August
157,053 143,810
305,648
271,223
)hic Rock Isl & Pac August
7,230,707 6,137,637 13,612,092 11,576,064
Chic RI & Gulf_ August ___ 330,002 248,720
602,597
477,281
(Chic St PM & Om August ___ 1,796,115 1,498,741 3,444,075 2,932,074
Mile Terre H & S E August ___ 247,430 177,854
341,124
458,349
)in Ham & Dayton August ___ 1,044,531 994,086 1,978,422 1,914,837
316,820
259,098
189,178 137,181
)olorado Midland_ August _
'Colorado & South_ 4th wkSept 445,389 436,740 4,077,851 3,685,114
)ornwall
August ___
23,685
21,438
10,329
46,687
)ornwall & Lebanon August ___
43,715
100,961
75,301
34,673
Juba Rallroad
836,724
August ...... 558,327 416,634 1,129,818
3elaware & Hudson August ___ 2,354,162 2,13J,303 4,641,473 4,175,452
3elaw Lack & West August
4,349,331 3.758,762 8,857,135 7,145,833
)env & Rio Grande 4th wkSept 747,900 751,500 6,854,119 6,677,310
t
Western Padfic July
773,102
702,452
773.102 702,452
3enver & Salt Lake 3d wk Sept
474,056
42,700
504,323
44,279
3etroit Tol & Iront August
297,232
212,478 164,129
398,683
3etrolt & Mackinac 4th wkSept
271,966
30.536
27.686
327,961
)et & Tol Shore L_ July
117,444 105,897
105,897
117,444
3ul& Iron Range.... August
978,030 917.989 2,013,159 1,783,388
3u1 Missabe ,Sc Nor August
2,083,452 1,553,656 3,981,622 2,998,735
3u1 Sou Shore & Atl 3d wk Sept
844,711
79.679
937.622
70,616
3uluth Winn & Pac July
130,444 119,301
119,301
130,444
Elgin Joliet & East_ August
1,169,411 993,467 2,282,477 1,875,934
ill Paso & Sou West August
1,188,357 813,928 2,228,440 1,562,770
Me
August
6,697,727 5,945,765 13,003,941 11,618,893
708,240
?lorida East Coast_ August __ 587,636 345,453 1,094,540
?onda Johns & Glov August ___
166,220
92,813
80,347
189.951
3eorgia Railroad.... July
280,989 205,778
205.778
280.989
3rand Trunk Pac__ 2d wk Sept
66,812
893,661
67,732
685,980
3rand Trunk Syst_ 4th wkSept 1,796,466 1,416,933 16,704,563 13,688,868
Grand Trunk Ry 2d wk Sept 1,C00,464 832,429 10,844,168 8,975,318
Grand Trk West_ 26 wk Sept 187,992 151,995 2,041,253 1,609,072
Det Gr II & Milw 2d wk Sept
65,127
60,348
711.350
635.389
lreat North System September 7,964,409 7,862,036 23.597,689 19,882,788
3ulf & Ship Island_ July
156,178 140,022
140,022
156,178
locking Valley.._.._ August
815,692 650,074 1,596,257 1,193,210
Hine's Central.. _. _August ___ 6,494.108 5,529,844 12.336,600 10.408,669
'nternat & Grt Nor August ___ 859,097 598,049 1,714,069 1,257,748
Cansas City South_ August ___ 938,00:3 807,407 1,885.584 1.638,763
,ehigh & Hud Riv_ August ___ 208,521 161,397
315,492
410,464
',ehigh & New Eng.. August ___ 242,622 270,009
590,011
460,397
:4ehigh Valley
August ___ 4,435,645 3.779,598 8,743,143 7,513,360
,os Angeles & S L._ August_.... 992,725 958,193 2,017,043 2,041,655
',ouLsiana & Arkans August ___ 134,297 132,462
271,441
269,351
r,ouisiana Ry & Nav August _ _ 186,368 182,751
351,990
350,012
'Louisville & Nashv 3d wk Sept 1,280,610 1,155,670 14,391,553 12.514,164
daine Central
August
1.185,226 1,050,517 2,269,763 2,047,481
14aryland & Penna. July
34,568
36.482
34,568
36.482
11Idland Valley____ August
270,973
179,189 145.706
359,225
Wineral Range____ 3d wk Septp
_23.013
20,842
255,228
242,281
Vlinneap & St Louts 4th wkSept 258,713 239,358 2,802,202 2,638,697
Ainn St P & S SM..3d wk Sept 699,142 764,035 8,220,423 6,894,803
14Ississippi Central_ August ___
78,767
123,720
59,637
147,332
r Mo Kan & Texas_ 4th wkSept 1,096,454 838,883 9,641,936 7,797,445
:Missouri Pacific.... August ___ 6,324,428 5,111,359 11,895,102 9,874,658
gashv Chatt & St L August ___ 1,212,040 945,760 2,266,307 1,888,063
; New York Central August ___ 18078121 14531756 35,205,325 28,479,526
Boston & Albany August ___ 1,879,706 1,525,749 3,714,331 3,061,047
nLake Erie & W_ August ___ 660,598 575,173 1,305,004 1,064,551
Michigan Central August ___ 4,072,693 3,243.728 7,930.664 6,293,270
Cleve 0 0 St L August ___ 4,251,508 3,563,590 8,092,726 6,727,048
&
Cincinnati North. August ___ 189,288 149,892
288,910
351,037
Pitts & Lake Erie August ___ 2,203,467 1,823,899 4,268.422 3,479,332
Tel & Ohio Cent_ August __ 617,993 418,381 1,210,749
821,348
Kanawha & Mich August ___ 337,065 290.761
620,706
568,306
Tot all lines above Aturust ___ 32290439 26122929 62.698.966 50.783.343
Week or
Month.
Current
Year.
Previous
Year.
Current 1 Previous
Year.
Year.
$
$
3
$
109,997
113,253
Nevada-Cal-Oregon 3d wk Sept
13,146
14,806
289,690
321,013
New Oil Great Nor._ August ___ 170,182 148,720
282,804
329,806
N 0 Mobile & Chic August __ 184,102 143,208
N Y Chic & St Louis August ___ 1,302,569 1,053,086 2,586,498 2,017,875
NY N H & IIartf__ August __ 7,149,732 6,264,053 14,117,077 12,511,713
N Y Ont & Western August ___ 969,811 912,030 1,957,554 1,873,602
635,540
602,244
NY Susq & West.._ August __ 304,100 317,750
677,910
898,022
Norfolk Southern__ August ___ 411,977 345,465
Norfolk & Western.. August ___ 5,343,013 4,729,491 10,188,134 9,196,836
Northern Pacific__ August ___ 7,041,003 6,076,329 13,773,289 11,426,113
919,333
Northwestern Pac__ August --- 506,676 456,831 1,033,868
Pacific Coast Co__ June
520,569 597.220 7,212,557 6,284,493
p Pennsylvania nit_ August ___ 20664931 17674765 40,304,730 34,430,410
307,208
332,527
Balt Ches & Atl__ August -_- 172,930 153,448
621,351
579,055
Cumberland Vail. August ___ 311,410 276,764
Long Island
August ___ 1,606,940 1,472,452 3,287,576 3,025,805
220,356
222,256
Mary'd Del & Va August ___ 117,130 114,236
862,694
999,822
NY Phila & Norf August ___ 437,847 381,230
Phil Balt & Wash August ___ 2,205,431 1,923,926 4,488,029 3,825,613
W Jersey & Seash August ___ 1,117,660 1,018,421 2,102,866 1,913,526
Pennsylvania Co _
August ___ 7,336,986 5,779,671 14,197,061 11,419,605
958,726
Grand Rap & Ind August
585,143 503.7691,085,677
Pitts 0 C & St L.. August ___ 4,505,554 3,748,744 8,745,308 7,138,930
Vandalia
August ___ 1,168,994 980,609 2,233,758 1,901,864
Total linesEast Pitts & Erie August ___ 27008400 23339742 53,076,373 45,740,382
West Pitts & Erie August __- 13761828 11152943 26,578,014 21,697,425
All East & West.. August - - 40770228 34492684 79,654,387 67,437,807
Pere Marquette.._. 4th wkSept 631,505 544,364 5,773,424 4,935.606
Reading CoPhila & Reading.. August ___ 5,121,384 4,230,252 9,895,594 8,313,450
Coal & Iron Co__ August __- 2,948,5671,973,932 5,627,978 3,791,212
Total both cos__ August -__ 8,069,951 6,204,184 15,523,572 12,104.662
Rich Fred & Potom August __ 283,136 211,727
608,959
464,653
Rio Grande June_ __ June
999,707 1,004,292
71,027
87,602
128,264
Rio Grande South__ 3d wk Sept
127,641
13,068
10,574
640,955
693,515
Rutland
August ___ 353,180 327,197
245,652
St Jos & Grand Isl.. August ___ 194,524 129,496
372,284
424,385
923,892
St L Brownsv & M.. August ..
430,665 241,079
St L Iron Mtn & So August ___ 3,164,207 2,608,518 6,018,729 5,040,567
St Louis & San Fran July
4,431,155 3,550,223 4,431,155 3,550,223
St Louis Southwest.. 4th wkSept 396,000 312,000 3,488,285 2,732,822
Seaboard Air Line__ August ___ 1,969,095 1,632,751 3,660,700 3,306,602
Southern Pacific___ August .15163482 13207856 29,419,270 26,171,060
Southern Railway__ 4th wkSept 2,037,539 1,804,674 18,356,798 10,428,875
_Mobile & Ohio__ 4th wkSept 354,828 300,119 2,921,035 2,757,422
Cin NO & Tex P_ 4th wkSept 320,328 282,396 2,859,506 2,368,960
Ala Great South_ 4th wkSept 167.554 157,672 1,409,153 1,208,001
553,163
Georgia So & Fla.. 4th wkSept
617,638
72,994
61,492
988,823
892,740
Spok Port & Seattle August
_ 508,234 466,785
27,693
18,840
Tenn Ala & Georgia 3d wk Sept
_2,246
1,253
295,316
262,089
Tennessee Central.. August _ _ 153,270 132,214
Texas & Pacific....._ 4th wkSept 584,284 467,526 4,979,480 4,413,323
202,644
Toledo Poor & West August _ _ 101,505 110,618
198,073
Toledo St L & West 4th wkSept 118,645 113,790 1,499,427 1,298,402
Trinity & Brazos V August ___
111,877
136,340
59,042
74,255
Union Pacific Syst_ August ___ 10884320 8,446,063 20,021,806 16,292,929
Virginian
August ___ 759,146 641,644 1,447,390 1,230,260
Wabash
August __ 3.249,927 2,813,256 6,274,847 5,235,739
Western Maryland_ 4th wkSept 333,883 285,210 3,129,660 2,670,095
187,833
199,081
Western Ry of Ala.. August -- 102,455
93,197
Wheel & Lake Erie_ August ___ 979,118 667,793 1,918,042 1,229,598
Yazoo & Miss Vail.. August ___ 1.243,558 996,254 2,302,241 1,897.043
Various Fiscal Years.
Current
Year.
Period.
Buffalo ,S: Susquehanna RR___ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central./
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve Cinc Chic & St Louis... Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Total all lines
New York Chicago & St Louis_ Jan
N Y Susquehanna & Western.._ Jan
Jan
p Pennsylvania Railroad
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw SG Virginia.. Jan
N Y Philadelphia & Norfolk_ Jan
Phila. Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Penn.sylvania, Company
Grand Raplds & Indiana
Jan
Pittsb Cinc Chic & St Louis_ Jan
Vandalia
Jan
Total linos
-East Pitts & Erie Jan
-West Pitts &Erie Jan
-All lines E & W_ Jan
Rio Grande Junction
Dec
Rutland
Jan
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
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
June
An
Previous
Year.
31 $1,116.335 $912,139
31 17,612,076 14,956,799
31 49.117,491 41,232,933
31 132888184 104438515
31 14,077,233 11,180,554
31 4,772,851 3,830,691
31 29,832,645 22,851,323
31 33,248,902 23,769,309
996,389
31 1,246,246
31 15,745,455 10,517,276
31 3,964,389 2,893,412
31 2,443,820 1,894,124
31 235219716 182372593
31 10,110,435 7,699.579
31 2,791.154 2,638,571
31 151948923 122589414
793,965
792,788
31
31 2,358,006 1,913,339
31 9,094,916 9,078,805
31
699,031
586,954
31 3,475,823 2,728,944
31 16,574,378 13,542,230
31 5,442,562 4,691,748
31 49,811,271 36,635,917
31 3,853,285 3,425,258
31 33,108,382 25,577,541
31 8,451,129 7,058,861
31 193833906 158012174
31 96,425,532 73,715,403
31 290259437 231727576
523.924
30
462,775
31 2.652.365 2.274.208
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
Current
Year.
Previous
Year
Increase or
Decrease.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
-Cdr. Yr. Prev. Yr.$
$
$
Mileage.
$
3d week July (35 roads)____ 14,551,530 11,557,175 +2.994,355 25.91 November -246.910 245,858 306,713,317 240,422.695 +66.310,622 27.58
4th week July i35 roads ____ 20.837,695 17,635.279 +3.202.416 18.16 December __248,437 247,673 295,202,018 232.763.070 +62,438.948 26.82
1st week Aug 35 roads ____ 15.151.993 12.201,051 +2.950.942 24.19 January __247.620 246,838 267.043.635 220,203.595 +46,840.040 21.27
2d week Aug 33 roads __ 15.698.481 12,415.730 +3.282,751 26.44 February..__245.541 244.809 287,579.814 209.573.963 +58.005,851 27.68
3d week Aug. 35 roads ....... 15,813,607 12,792,433 +3,021,174 23.62 March
247,363 246.548 296,830,406 238,098.843 +58,731.563 20.47
4th week Aug (35 roadsi____ 22.632.905 18.169.117 +4,463,789 24.65 April
246.615 245.773 288.453.700 237.512,648 +50.941.052 21.45
1st week Sept (35 roads ____ 13,302,575 11,719,000 +1,583,575 13.51 May
248.006 247.189 308.029,096 244,580.685 +63.448,411125.94
2d week Sept (30 roads ____ 13,701,400 12,081,028 +1,620,372 13.41 June
2
96,752 225.803 28.5,149,746.237.612,967 +47.536.779 20.01
3d week Sept (30 roads)____ 13,523,400 12,145,079 +1,378,321 11.34 July
244,249 243,563 308,040.7911263,944,649 +44,096,142,16.70
4th meek Sept (25 roads)____ 16,478,827 14,658,083 +1,820,744 12.42 August
92,655
90.7691 85,956,7861 69,264,008 +16,692,778124.12
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute. c Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not Include earnings of Colorado Springs & Cripple
Creek District Ely. .1 Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the Wichita Falls lines. h Includes the St. Louis Iron Mountain 86 Southern. .1 Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana & Southern R,R. and Dunkirk
Allegheny Valley & Pittsburgh 1111. is Includes the Northern Ohio RR. p Includes the Northern Central. a We no longer include the Mexican roads
In any of our totals.
41 Monthly Summaries.
THE CHRONICLE
OCT. 7 1916.1
Latest Gross Earnings by Weeks. In the table which
follows we sum up separately the earnings for the fourth week
'
of September. The table covers 25 roads and shows 12.42%
increase in the aggregate over the same week last year.
Fourth week of September.
1916.
$
167,554
Alabama Great Southern
Buffalo Rochester & Pittsburgh
412,917
Canadian Northern
1,085,000
Canadian Pacific
• 3,660,000
Chesapeake & Ohio
1,364,896
354,104
Chicago Great Western
208,892
Chicago Ind & Louisville
320,328
Cinc Now On & Texas Pacific...
445,389
Colorado & Southern
747,900
Denver & Rio Grande
Detroit & Mackinac
30,536
Georgia Southern & Florida__
72,994
Grand Trunk of Canada
Trunk Western
Grand
1,796,466
Detroit Gr Hay & Milw
Canada Atlantic
Minneapolis & St Louis
258,713
Iowa Central
Missouri Kansas & Texas
1,096,454
Mobile & Ohio
354,828
Pere Marquette
631,505
St Louis Southwestern
396,000
Southern Railway
2,037,539
Texas & Pacific
584,284
Toledo St Louis & Western
118,645
Western Maryland
333,883
Total (25 roads)
Not inglynnsn (1959\
1915.
Increase. Decrease.
$
157,672
319,056
1,054,900
3,371,000
1,367,655
304,802
200,327
282,396
436,740
751,500
27,686
61,492
$
9,882
93,861
30,100
289,000
1,416.933
1295
2
O 2 = 2 2 a
ii 1 1
'
0-2 .00 WI.
-1z
al M .. ‘C ... 0
l EX 5.3
'..g
gr' g z sz'oo SR. gal gm
•
cC
4.,,,
P;
gel.%) ciqzigg 00 0"
10
"
1
,T.'. . '› .1!. f:4..t:'› :•. ...1'.
.
.
: g : P,:g:g:g:fi:r,
.n
379,533
$
2,759
49,302
8,565
37,932
8,649
gg
2,850
11,502
239,358
Gig
.47x, 00.4
o
"o- ov 7 . 0,
60
we
000
§i ER
13,355
o
c0 C4 17.no.
v.
.4 03 'v.a.
cio
0
"Co0 - 3
00
0.4 00 -4
140 .40
.
0
00
1400 a.
88
p -vt
Gross earnings (26 roads)
a.
Au
0a.
AA
,
1-4 on Eg
t4.4 I
000
Increase.
68,028,168 60,270,226 7,757,942
..9
..
7
:5I
ei.
o$1.
l'2 CO
,
s
t
...
••4 ca
-400
1
'v. a. 1.3* 11.1.1 0
0 -4 ct; ' 00
W
40 &0 1.3 00
°
" -41..4
ow -40
.
001.0
.
01-',3
W. .c, W. 4..ts, W. 0303".“
It,0,
ow .-a 1.2w . 4. Co"co V-4 Cc .1,:bo
vm 4.- Ato mw . Plp
mm
woo 00-a to. WO "4.4 CW 88
Is
....
coa, A.
00
no
C
W v0 no.
173.4
1915.
1.310
bo▪ a..03
4
•
.....,
. a.a. -..
0,03 .1°,08
C,
....4 .W ...'''. 2a.tO ..
..-..,4 W. .00 u"
zit
1.- - ca Ca. - eo a.C) Vo le:<?...
.
4.c
co A ...., CO W. OW .0 WC
0003 WC 0.4 .. WC C. c. W.
Vi
7
1,
4.0
6,359
v.a.
1916.
.. 1-00
t"
p..
For the month of September the returns of 26 roads show
as follows:
Month of September.
.
..
.
to ion
"°° ,2 2%. . ... 'w a. ?7 ..r. ea 5.1
6
45
co.... .o .: -.
4.
....m " :
,
.7
-Ia. 01
4
lio ''g
..1.4 .OD 'op"oo .
..
.
ww 0,0 00,.0 'j . 13a.1 .• 4
...lts, 0. c. y w g
,
W. 0
00 CW WW
0."
Ot..4
04.
W.
O. 00
74:4 olo
2;
g3; coo
vn
52 so .10 gr. 0.4
257,571
54,709
87,141
84,000
232,865
116,758
4,855
48,673
16,478,827 14,658,083 1,827.103
1 .820
.744
2,1,v.
1
.
3,600
838,883
300,110
544,364
312,000
1,804,674
467,526
113,790
285,210
C4 OtO
.
it.. to 0t0
-4-. .
OW 0W 04. gt2 84
.
L2 t8
2" .)•.;ros
to"co a. - In . 00 b•'4. b'ix 1 Co
.
0, 01co
4
.
.3b
pc.0 co . 03 000 ilE 1 .4 Pg
ca 0
0
,..
c-. a. 00 w- -. -.4 ...........2
..4
,o.t,3
,„„
a.
.
0,to co ...00 ... 4.tO 0403 03. 14.. v
to a.
.... C. W. W.
03 4.
- 4. W. IA0, "C 0, Z 0.. "C::-: it; F
4.14
. 4.00 - 4
. C'..
° w
".1
00
c4g ls . -a
v.a.
w .to
wo wo
.0.10
.4 Co
12.87
It will be seen that there is a gain on the roads reporting
in the amount of $7,757,942, or 12.87%.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies reported this week:
O4
CO
a.
cow a.
4.1.0
0,t4
w°
W.
on OW
0,4
00
-403 "
01,1 0100 1C"
03°
C.'1 i
0
2i
.- o- ....., •
.-..0. WO 0W
0103
t4
0000
1410 Coln
a.a.. 03 0004
01
.
C4 4. .4t0 to
0O 0. 003 v.a. CO 4. con .0
to
ot3
.4 OW
OW
04. W.
1.4
w.
to
0. W. .400 ▪ a. a. 1-•
a.
*074. . co 1.2
0300 00ca
,
o •
..00 OW 0V to.
01,1 I
0,03
a.a. 'v.a. "014
t 88 • S7 . Ea
CC 14
t.4 .4 CO
1003 Z8 git.' .4. 0010
-Gross Earnings- -NetEarnings
no
coo. C
0.4
--4.....4.
Previous
Current
Current
Prevarus
e io.
CO -In 020
-4 112,
4
2
1143
0
8
00 4.t4 01.0 .114 0.4 0. O.. 00 . .
WO 1-.0
Year.
Year.
Year.
Roads.
Year.
....
$
$
$
v. a.
0
2,605,923 2,017,173
515,990
Atlantic Coast Line
88,989
W. 0,03
4.0 .4. a.'so a.
0=
5,213,103 4,194,560
- 4. " s
rs,U
975,773
a1 l'
July 1 to Aug 31
326,542
CAW
.to 00 CAW .0, a... .00 00 0.4 .0
W. .403 CO CO 0W 00
Aug 1,628,690 1,375,358 h511,499 h379,048
a. 4.00 bob,
Chicago & Alton_a
no.
U1.3
b•;-• .. 00- 0
00 00 0
co
.40 .
W. . .,0.,
3,114,124 2,563,416 h936,268 h585,406
July 1 to Aug 31
no.
0. C. .1.0 0,W 00 .03 040 ..;; •
."
▪
a.- "e"'" ..- ,o.
id
e°
347,551
Chicago & East Ill_b___Aug 1,486,641 1,300,419
252,391
..
2,778,677 2,461,205
July 1 to Aug 31
591,375
435,250
•
- W.
03 • a.
Chic Milw & St Paul_ b_Aug 10,021,195 8,285,176 3,804,505 2,964,628
..4 .4.
O4 CO 4.00 . .4 0,-4 .0 '400
Co 0,10 4.0 co co
19.257,582 10,504.458 7,474,008 6,223,588
July 1 to Aug 31
Poo 00 0100
- 4.
00
;=.14 OW
.
00
.4 05 CO a.
4 Ow W. C7, olo "n14 P
Chic R I & Pacific_ b_ _ _ _Aug 7,230,707 6,137,637 2,541,215 1,4,12,174
too. 4.a. 00 C4 .400 .`28 na. 041. .W 8- 0. WO ...n ra
13,612,092 11,576.064 4,416,352 2,395,222
July 1 to Aug 31
Chic Rock Isl & GultbAug 330,002
248,720
120,545
58,946
W.
602,597
July 1 to Aug 31
477,281
202,664
*
00
93,704
AO CO
no.
.y a.
• 85 88 0,00
000
W.
74
Cinc Han & Dayton_b-Aug 1,044,531
994,086
396,293
291,970
"c,Cr.
W. .•03
1210 -u
1,978,422 1,914,837
July 1 to Aug 31
17.0
711,220
545,261
gO W. 05 gt g. OW
Z.1 ww no. -;*!.:6 014 s?'
•
0 1:3...
; no
I
Colorado & Southern_b_Aug 1,430,065 1,257,567
566,382
386,317
July 1 to Aug 31
2,702,587 2,365,962 1007095
, ,
654,573
v.a.
nw 00,Delaware & Hudson_b__Aug 2,354,162 2,130,303
765,125
883,258
nw nA 000 0300 00
nos
LLv. 1,1
17,612,076 14,956,749 5,684,330 5,338,312
AA WO mo -40 ..
Jan 1 to Aug 31
too
61.1 .0 no 1,2n
00
.
El Paso Southwestern_b _Aug 1,188,357
813,928• 293,368
v.
000 .40 .0.. no no. on
CO0
a. a.
o.4.. •400
.40
2,228,440 1,562,770 1,187,493
0000 00 C. 030 no.
July 1 to Aug 31
579,201
Aug 6,697,727 5,945,765 2,026,032 2,268,794
Erie_a
Jan 1 to Aug 31
49,117,491 41,232,933 12,414,391 10,559,136
v. a.
.1
owW. s- .14 .400
Internat & Gt North_b_Aug 859,097
C.3 a.
598,049
.00a..-'.8 °
1-2r0 0
228,920
-to
5,371
July 1 to Aug 31
1,714,069 1,257,748
tab
no. Woo
.
14 00 'cola
454,144
58,529
C4
.
"e,?, a. ca -c 000
-I0 no.
Louisville & Nashv_b___Aug 5,649,838 4,628,371 2,019,394 1,521,938
Cob) 03.9.
CO
88 .
July 1 to Aug 31
10,752,443 9,114,214 3,651,254 2,891,202
Gross
Net, after
Balance,
Fixed
Minn St P & S S Ma-_ _Aug 1,961,943 1,569,391
813,899
Earnings.
Taxes.
486,818
Charges.
Surrlus.
July 1 to Aug 31
4,050,938 3,019,190 1,770,304
$
910,002
$
Chicago Division_aAug 1,167,092
969,641
520,976
345,978 Chic & North West_Aug '16 9,614,358 3,537,877
866,168 2.671,709
July 1 to Aug 31
2,279,779 1,908,031
975,678
'15 7,983,359 2,437,187
672,237
855,813 1.581.374
Missouri Pacific and St Louts
2 mos '16 17,837,721 5,985,402 1,745,038 4,240.364
Iron Mt & South_a_Aug 6,324,428 5,111,359 1,653,017 1,145,276
'15 15,202,047 4,084,860 1,716,858 2,368,002
July 1 to Aug 31
11,895,102 9,874,658 2,773,507 2,092,005 Chic St P Minn & O_Aug '16 1,796,115
521,589
283,746
237,843
Nashv Chatt & St Lb.
.Aug 1,212,040
945,760
370,230
'15 1,498,741
232,901
371,086
128.831
242.255
July 1 to Aug 31
2,266,307 1,888,063
632,694
2 mos '16 3,444,075 1,029,465
4583374
269 1
:4
557,301
472,164
N Y Chic & St Louisa_ _Aug 1,302,569 1,053,086
'15 2,932,074
252,594
484,223
264,139
736,817
Jan 1 to Aug 31
1.1,110,435 7,699,579 2,648,254 1,219.004 Louisiana & Arkan_Aug '16
134,297
37,996
14,805
23,191
N Y Susq & Western_a_Aug 304,100
317,750
15
82,045
132,462
33,726
100,703
26,169
7,557
Jan 1 to Aug 31
2,791.154 2,638,571
2 mos '16
699,761
271,441
82,223
47,539
851,524
34.684
Aug 7.041,003 6,076,329 3,259,540
Northern Pacific_b
'15
269,351
70,956
52,886
18,070
-13.773,289 11,426,113 6,066,883 2,770,164 Mo Kan & Tex____Aug
July 1 to Aug 31
4,565.514
'16 3,244,545
706,058
605.209
100.848
Aug 353,180
Rutland RR_b
327,107
'15 2,653,341
118,489
677,428
600,014
103,859
77,414
2,652,365 2,274,298
Jan 1 to Aug 31
2 mos '16 6,371,858 1,323,479 1,205,664
821,075
117.815
629,426
St Louis Iron Mt& So_a Aug 3,164,207 2,608,518
'15 5,170,546 1,149,596 1,221,040 1131'71,444
923,138
083,339
6,018,729 5,040,567 1,596,722 1,243,517
July 1 to Aug 31
Other
Gross
Total
Net
St L & San Fran RR_b.._Aug 4,663,853 3,604,002 1,630,879 1,255,406
Charges
Balance,
Earnings. Earnings. Income.
8,907,092 6,962,559 2,726,696 2,325,503
Income. & Taxes. Surplus.
July 1 to Aug 31
$
$
Seaboard Air Line_ a___ _Aug 1,969.095 1,632,751
520,745
345,649 Boston Revere Beach & Lynn
July 1 to Aug 31
3.660,700 3,306,602
734,313
727,486
12 mos to
Southern Railway
June 30 '16 965,833
141,315
14,363
155,678
95,893
59,784
Aug 1,008,177
Mobile & Ohio_a
897,078
198,496
'15 951,083
136,870
1,581
138,451
76,352
62,098
1,931,890 1,793,433
July 1 to Aug 31
35801
HUB Chesapeake & Ohio
CM N 0& Tex Pac_a-Aug 975,328
779,856
Aug '16 4,307,432 1,680,534
329,761
59,977 1,740,511
830,656
168,440
909,855
1,881,798 1,546,632
July 1 to Aug 31
'15 3,973,598 1,475,712
612,606
17,886 1,493,598
784,473
384,523
709,125
2 mos '16 8,279,586 3,163,340
Ala Great Southern_a_Aug 494,686
123,131 3,286,471 1,662,773 1,623,698
397,796
182,410
112,829
942,757
'15 7,616,175 2,733,315
July 1 to Aug 31
39,349 2,772,684 1,570,373 1,202,291
799,943
539,666295310
3 1 011
247 4
2 :0
Duluth So Sh & AUAug 1,625,801 1,422,680
Texas & Pacific_b
361,604
Aug '16
125,459
3,233,581 2,895,239 1,076,850
July 1 to Aug 31
5,266
130,725
102,377
28,348
747,974
324,871
'15
112,488
3,813
116,301
Tel St Louis & West_a__Aug 526,590
93,461
22,840
444,466 3180,009 3134,159
707,212
2 mos '16
246,245
255,941
9,696
204,859
51,082
July 1 to Aug 31
1,010,581
841,034 3329,440 3232,670
'15 633,354
207,366
216,536
9,170
188,342
28,194
Virginian_a
Aug 759,146
641,644
339,649
308,369 Hocking Valley
July 1 to Aug 31
1,447,390 1,230,260
646,235
566.332
Aug '16 815,692
311,511
37,647
349,158
206,153
143,005
650,074
'15
313,114
---4,611
308,503
Gross
151,285
Net
157,218
Fixed Chas. Balance,
2 mos '16 1,596,257
608,203
67,677
Earnings. Earnings. & Taxes. Surplus.
675,880
286,118
389,762
'15 1,193,210
538,179
---7,719
530,460
302,570
227,890
$
$
$
Mineral Range
Central of New Jer_Aug '16 2,995,446 1,108,582
551,157
5:7,425
Aug '16
95,243
19,370
287
19,657
15 2,816,962 1,061,069
13,882
5,775
524,697
536,372
'15
89,918
30,423
614
2 mos '16 5,971,352 2,262,979 1.100,658 1,162,321
31,037
13,477
17,560
2 mos '16
188,350
46,174
972
47,146
'15 5,425,020 1.907,442 1,049,565
27,703
19,443
857,877
'15
179,251
55,856
694
56,550
26,218
30,300
IE.
.,,.. -.... -0.
c.t.1-4cn.....r-A .."
1,,-...
r
[Vol,. 103.
THE CHRONICLE
1296
Gross
Net, after
Earnings. Taxes, dte.
Cuba RR
264,348
558,327
Aug '16
197,399
416,634
'15
522,653
2 mos '16 1,129,818
407,480
836,724
'15
Deny & Rio Grande
875,107
Aug 16 2,360,603
744,367
15 2,243,210
2 mos 16 4,457,220 1,630,674
15 4,245,611 1,273,449
Gross
Earnings.
Na after
Taxes.
Other
Income.
Gross
Income,
Fired
Charges.
$
Balance,
Surpcus.
$
87,092
72,013
177,440
144,282
178,131
125,386
346,905
263,198
601,428
982,136
107,029
589,007
840,595
96,228
251,268 1,881,942 1,201,896
203,366 1,476,815 1,166,306
380,708
251,588
680,046
310.509
. 875
265,223
1,692
524,345
Other
Income,
Gross
Income.
Fixed
Charges.
Balance,
Surplus.
$
New York Central
Aug '16 18,078,121 6,490,890 4,325,359 10,816,249 3,409,883 7,406,366
'15 14,531,756 4,784,861 1,324,417 6,109,278 3,463,337 2,645,941
8 mos '16 132,888,184 41,849,451 15,653,901 57,503,352 27,923,645 29,579,707
'15.104,438,515 27,543,655 11,287,745 38,831,400 27,021,945 11,809,455
Boston & Albany
277,587
402,331
679,918
35,037
644,881
Aug '16 1,879,706
109,820
377,113
486,933
26,042
460,891
'15 1,525,749
274,333 4,732,813 3,302,372 1,430,441
8 mos '16 14,077,233 4,458,480
138,113
224,044 3,153,592 3,015,479
'15 11,180,554 2,929,548
Lake Erie & Western
143,508
87,066
230,574
9,983
220,591
660,598
Aug '16
73,788
81,889
155,677
10,721
144,956
'15
575,173
963,880
648,510
91,750 1,612,390
8 mas '16 4,772,851 1,520,640
47,436
730,016
777,452
93,137
684,315
'15 3,830,691
Michigan Central
823,683
668,902
140,728 1,492,585
Aug '16 4,072,693 1,351,857
485,275
611,259
77,256 1,096,534
'15 3,243,728 1,019,278
746,397 9,730,654 5,524,421 4,206,233
8 mos '16 29,832,645 8,984,257
685,225 5,913,974 4,868,379 1,045,595
'15 22,851,323 5,228,739
Cleve On Chic & St L
899,835
592,930
128,584 1,492,765
Aug '16 4,251,508 1,364,181
570,366
611,326
86,248 1,181,692
'15 3,563,590 1,095,444
960,416 9,630,344 4,663,216 4,967,128
8 mos '16 30,248,902 8,669,928
602,355
859,125 5,515,040 4,912,685
'15 23,769.309 4,655,915
Cincinnati Northern
56,780
16,319
73,099
3,234
69,865
189,288
Aug '16
24,085
11,620
35,705
-288
35,993
149,892
'15
234,883
123,577
358,460
15,121
343,339
8 mas '16 1,246,246
47,787
95,992
143,779
-4,850
148,629
996,389
'15
Pittsburgh & Lake Erie
918,781
224,932
64,999 1,443,713
Aug '16 2,203,467 1,078,714
890,871
228,206
100,106 1,119,077
'15 1,823,899 1,018,971
922,869 8,558,591 1,835,613 6,722,978
8 mos '16 15,745,455 7,635,722
800,685 5,198,435 1,244,572 3,953,863
'15 10,517,276 4,397,750
Toledo & Ohio Central
122,887
125,914
248,801
62,930
185,871
617,993
Aug '16
55,950
126,378
182,328
82,865
99.463
418,381
'15
404,342
993,486
649,669 1,397,828
748,159
8 mos '16 3,964,380
743,598 1,010,037 de1266,439
391,090
352,508
'15 2,893,412
Kanawha & Michigan
120,526
28,048
148,574
44,115
104,459
337,065
Aug '16
74,547
29,711
8,165
104,258
96,093
290,761
'15
863,789
233,720
349,791 1,097,509
747,718
8 mos '16 2,443,820
360,336
238,139
598,475
96,837
501,638
'15 1,894,124
Total all lines
Aug '16 32,290,439 11,511,309 4,814,969 16,326,278 5,556,325 10,769,953
'15 26,122,929 8,755,950 1,715,532 10,471,482 5,540,839 4,930,643
8 mos '16 235,219,716 74,957,694 19,664,247 94,621,941 45,248,560 49,373,381
'15 182,372,593 46,442,697 14,433,048 60,875,745 43,137,244 17,738,501
Per cent return on operating investment for 12 months to Aug. 31 1916 has been:
N. Y. Central, 7.81%; Boston & Albany, 8.46%: Mich. Cent., 7.49%; Cloy. Cino.
Chic.& St. L., 6.91%; Clno. Northern, 9.54%; Toledo dr Ohio Cent., 4.80%; Pitts.
& Lake Erie, 17.57%; Lake Erie & West., 5.05%, and Kanawha & Mich., 8.40%.
Net, after
Gross
Earnings, Taxes, ctc.
Other
Income.
8
Gross
Income.
$
Fixed
Charges.
8
Balance,
Surplus.
Pennsylvania RR
Aug 16 20,664,931 5,976,311 1,981,680 7,957,991 2,635,539 5,322,452
15 17,674,765 5,335,641 1,936,358 7,271,999 2,579,202 4,692,797
8 mos '16 151,948,923 37,433,689 15,338,697 52,772,386 19,320,103 33,452,283
'15 122,589,414 26,040,269 14,503,571 40,543,840 17,766,744 22,777,096
Bait Ches & Atlantic
29,491
24,189
53,680
1,630
52,050
172.930
Aug '16
17,749
24,721
42,470
2,151
40,319
153,448
'15
185,311 def42,348
142,963
14,503
128,460
792,788
8 mos '16
107,129
16,351
185,637 de178,508
90,778
793,965
'15
Cumberland Valley
133,741
24,588
158,329
21,546
136,783
311,410
Aug '16
112,762
27,229
139,991
19,746
120,245
276,764
'15
195,858 1,022,238
135,510 1,218,096
8 mos '16 2,358,006 1,082,586
616,733
132,738
749,471
110,442
639,029
'15 1,913,339
Long Island
262,984
504,789
767,773
91,102
676,671
Aug '16 1,606,940
264,070
454,144
718,214
100,050
618,164
'15 1,472,452
139,697
571,424 3,447,207 3,307,510
8 mos '16 9,994,916 2,875,783
557,316 2,948,424 3,161,338 def212,914
'15 9,078,805 2,391,108
Maryland Del & Va-12,777
14,788
27,565
450
27,115
117,130
Aug '16
11,093
14,753
25,846
307
25,539
114,236
'15
113,254 def52,380
60,874
2,824
58,050
586.954
8 mos '16
115,436 def57,235
58,201
5,287
52,914
599,031
'15
N Y Phila & Norfolk
99,101
23,862
122,963
6,529
116,434
437,847
Aug '16
78,571
21,343
99,914
5,498
94,416
381,230
'15
864,510
297,821
69.741 1,162,331
8 mos '16 3,475,823 1,092,590
376,897
248,630
625,527
60,732
564,705
'15 2,728,944
Phila Balt & Wash
336,484
327,229
128,944
663,713
534,769
Aug'16 2,205,431
279,423
314,095
593,518
122,816
470,702
'15 1,920,926
8 mos '16 16,574,378 3,998,351 1,037,392 5,035,743 2,448,703 2,587,040
842,027
982,434 3,218,702 2,376,675
'15 13,542,230 2,236,268
Phila & Camden Ferry
1,784
54,969
56,753
5,819
50,934
86,808
Aug'16
1,819
50,711
52,530
5,390
47,140
82,597
'15
10,820
339,403
350,223
46,380
303,843
584,066
8 mos '16
284,781
11,100
295,881
40,011
255,870
540,420
'15
West Jersey & Seashore
420,172
69,295
489,467
17,033
472,434
Aug'16 1,117,660
391,431
72,280
463,711
16,126
447,585
'15 1,018.421
849,893
515,904
117,018 1,365.797
8 mos '16 5,442,562 1,248,779
504,493
521,020
122,042 1,025,513
903,471
'15 4,691,748
Pennsylvania Company
956,980
206,206 2,810,091 1,853,111
Aug'16 7,336,986 2,603,884
787,571
481,965 2,459,085 1,671,514
'15 5,779,671 1,977,120
8 mos '16 49,811,271 14,447,888 7,357,674 21,805,562 13,785,477 8,020,085
'15 36,635,917 8,549,248 6,226,412 14,775,660 12,120,406 2,655,254
Grand Rapids & Ind
92,965
84,286
177,251
3,751
173,500
585,143
Aug '16
74,406
75,917
3,458
150,323
146,865
503,769
'15
171,917
588,814
760,731
44,438
716,293
8 mos '16 3,853,285
79,169
529,094
608,263
39,771
568,492
'15 3,425,253
Pitts On Chic & St L
723,842
577,415
54,508 1,301,257
Aug '16 4,505,554 1,246,749
611,856
520,467
54,213 1,138,323
'15 3,748,744 1,084,110
429,125 8,156,123 4,671,012 3,484,511
8 mos '16 33,108,382 7,726,998
481,065 5,447,627 4,055,560 1,392,067
'15 25,577,541 4,966,562
Vandalia96,757
171,594
268,351
3,200
265,151
Aug '16 1,168,994
90,382
153,218
243,600
3,879
239,721
980,609
'15
409,050
8 mos '16 8,451,129 1,588,086 • 55,281 1,643,367 1,234,317
91,388
92.197 1,254,048 1,162,660
'15 7,058,861 1,161,851
-Total East P.& E.- -Total West P.&E.- -Total All Lines
Gross
Nd, after
Net, after
Gross
Gross
Net, after
Whole Penn. Earnings. Taxes, &c. Earnings. Taxes, ctc. Earnings. Taxes, &c.
a
a
$
RR. System
a
$
a
Aug '16 27.008,400 8,224,516 13,761,828 4,322,233 40,770,228 12,546,749
'15 23,339,742 7,343,690 11,152,942 3,461,714 34,492,684 10,804,404
8 mos '16 193,833,906 49,541,394 96,425,532 24,668,421 290259,437 74,209,815
'15 158,012,174 34,018,755 73,715,403 15,348,610 231727,576 49,367,365
The return on property investment for the system East & West was 7.06%for
the 12 months ended Aug. 31 1916, against 4.52% for the same period in 1915.
Balance,
Fixed
Gross
Other
Gross
Net, after
Surplus.
Charges.
Income.
Earnings. Taxes, &c. Income.
$
8
$
I
$
$
Rio Grande South
156
16,499
16,655
49
16,606
49,742
Aug 16
17,088 def10,146
6,942
143
15
6,799
45,589
32,636
def4,299
612
28,337
27,725
92,687
2 mos 16
34,430 def20,159
14,271
708
15
13,563
90,933
St Louis Southwestern
272,141
156,828
428,969
110,632
318,337
Aug '16 1,130,687
268,285 de131.389
236,896
70,431
166,465
862,195
'15
325,695
540,224
865,919
243,440
622,479
2 mos '16 2,224,285
7,486
537,182
544,668
136,493
408,177
'15 1,763,822
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
15
$
51,087
84,676
88,780
Aug 130,108
Alabama Power_a
391,201
583,052
646.584
941,223
Jan 1 to Aug 31
308,997
331,291
Aug 1,630,146 1,438,616
Chicago Telephone
Jan 1 to Aug 31
12,907,333 11,493,579 2,936,335 2,638,567
108,127
93,041
546,504
627,514
Aug
Michigan State Tel
843,077
810,220
Jan 1 to Aug 31
4,801,064 4,205,236
89,395
Missouri & Kansas Tel__Aui 409,476365306
668,925
3
700,7 4
Jan 1 to Aug 31
3,128,809 2,824:392
195,076
195,276
644,784
Mtn States Tel & Tel_.._Aug 748,868
5,494,172 4,929,623 1,543,941 1,542,820
Jan 1 to Aug 31
New York Telephone_b_Aug 4,638,558 3,910,904 1,766,373 1,306,791
35,426,167 31,511,300 13,259,817 10,578,910
Jan 1 to Aug 31
162,143
176,066
652,823
Southwestern Tel & Tel_Aug 706,022
5,528,190 5,353,642 1,325,751 1,433,625
Jan 1 to Aug 31
Fixed Chas. Balance,
Net
Gross
Earnings. Earnings. eo Taxes. Surplus.
$
$
$
$
71,747
81,025
152,772
289,530
New York Dock Co_Aug '16
54,139
80,766
242,018134905
'15
457,006
630,217
8 mos '16 2,240,396 1,087,223
252,791
621,447
874,238
'15 1,808,429
Companies.
Gross
Earnings.
$
Atlantic Gulf & West Indies
(Subsidiary cos)_July '16 3,224,996
'15 1,581,025
• 7 mos '16 18,821,679
'15 11,549,052
63,086
Carolina Pow & Lt_Aug '16
52,092
'15
755,137
12 mos '16
667,817
'15
291,131
Pac Lt & Pow Corp_Aug '16
263.833
'15
8 mos '16 2,140.483
'15 1,906,859
83,724
U S Public Service_Aug '16
68,735
'15
12 mos '16 1,030,114
885,700
'15
West Penn Power and Sub247,193
Aug '16
sidiary cos
8 mos '16 1,881,221
Net, after
Taxes.
$
Fixed
Charges.
$
Balance,
Surilus.
998,320
166,618
1,164,938
220,156
174,496
394,652
5,979,966 1,151,128 4,828,838
2,889,800 1,144,556 1,745,244
4,212
14,406
18,618
14,910 def1,185
13,725
170,602 x194,629
288.681
173,283 x124,600
240,383
99,687 z107,345
197,290
x86,631
107,618
185,128
819,460 z667,363
1,418,962
861,515 x499,462
1.277,661
21,342
13,388
34,730
13,856
12,961
26,817
300,761
157,118
457,879
215,057
152,23o
367,296
104,110
861,424
38,343
303,263
65,767
558,161
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
h After allowing for miscellaneous charges to income for the month of
Aug. 1916, total net earnings were $439,719, against $303,503 last year,
and for the period from July 1 to Aug. 31 were $801,237 this year, against
$439,374.
s After allowing for miscellaneous charges to income for the month of
August 1916, total net earnings were $142,524, against $91,090 last year.
and for the period from July 1 to Aug. 31 were $255,368 this year, against
$150,605.
x After allowing for other income received.
EXPRESS COMPANIES.
-Month of June- -July 1 to June 301915.
1916,
1915.
1916,
Globe Express Co.Total from transportation__
$
$
$
$
-5
5,150
2,290
1,362
447
601,549
303,433
Revenue from transport'n_
Operations other than trans
-5
2,859
8
915
10
298,115
8,110
Total operating revenues_
Operating expenses
-5
86
2,867
2,072
925
6,188
306,226
298,630
-92
795
345
-5,262
4,200
7,595
11,195
-Dr
Express privileges
Net operating revenue
Express taxes
-3,599
-9,462
449
-92
-Month of June- -July 1 to June 301915-16, 1915-16.
1915.
1916.
Southern Express Co.
Total from transportation..__ 1,361,097 1,120,676 16,504,461 14,085,099
576,713 8,488,215 7,278,117
696,302
-Dr
Express privileges
543,963 8,016,246 6,806,982
664,794
Revenue from transport'n
300,882
357,401
22,897
34,746
Operations other than transOperating income
Total operating revenues..
Operating expenses
699,541
568,895
Net operating revenue_ __ _
Uncollectible rev. from Iran_
Express taxes
130,645
117
14,608
566,860 8,373,647 7.107,864
514,900 6,637,119 6,302,800
805,063
51,960 1,736,527
662
67
1,152
172,957
173,137
12,922
631,443
38,970 1,562,238
115.920
Operating income
This report includes $10,000 for loss and damage claims presented to
which are in the process of investigation and therefore
the company, but
which
unpaid, and for loss and damage currently occurring but foramountclaims
being
have not yet been presented by shippers or consignees, the
"Loss and Damage"Reserves.
credited to a reserve account entitled
-Month of June- -July 1 to June 301915.
1916.
1915.
1916.
Great Northern Express Co.-
$
$
$
$
Total from transportation
Express privileges-Dr
304,907
183,981
299,022 3,384,808 3,138,116
172,362 2,062,411 1.903,533
Revenue from transport'n_
Operations other than trans_
120,926
5,320
126,659 1,322,486
58,889
4,839
Total operating revenues..
Operating expenses
126,246
110,500
131,499 1,381,376 1,287,271
86,099 1,080,023 1,058,575
Not operating revenue..
Uncollectible rev,from trans.
Express taxes
15,745
7
4,953
45,400
20
3,708
301,353
213
45,980
228,696
123
45,155
10,784
41,671
255,159
183,417
Operating income
1,234,582
52,688
OCT. 7 1916]
THE CHRONICLE
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Jan. 1 to latest date.
Current Previous • Current
Year.
Year.
Year.
Previous
Year.
244,543
243,909
Atlantic Shore By
August ___ 53,861 51,883
cAur Elgin & Chic By August ___ 198,215 189,975 1,354,077 1,262,686
456,137
439.583
72,642 68,146
Bangor By & Electric July
137,013
120.580
17,352 15,284
Baton Rouge Elec Co August
62,913 64,541
464,077
441,479
Belt LIty Corp(NYC) July
656,816
100.762 91.619
610,036
Berkshire Street By. August
17184000 16576000 154329,000 150964.000
Brazilian Trac,L & P August
82,857
15,934 14,395
77,734
Brock & Plym St By August
2715,702 2624,427 16,859,553 15,719,829
Bklyn Rap Tran Syst July
35,264 33,226
248,206
220,143
Cape Breton Elec Co August
102,884 90,116
707,010
599,233
Chattanooga Rv & Lt July
46,303 45,047
307,896
281,139
Cleve Painesv & East August
Clove southw & col_ August
121,633 114,658
876,687
810,839
74,428 , 56,000
547,505
454,658
Columbus(Ga) El Co August
287,226 239,594 1,996,481 1,754,967
Colum (0) BY.P & L July
1358,867 1181,948 10,826,081 9,202,661
g Com'w'th P,Ry & L August
August
910,430 796,221 6,338,487 5,371,137
Connecticut Co
363,295 305,310 2,622,193 2,126,069
Consum Pow (Mich)_ July
264,023 262,080 1,562,731 1,437,310
Cumb Co(Me)P & L July
Dallas Electric Corp.. August
149,870 147,944 1,240,152 1,165,445
Detroit United Lines August
1446,175 1228,043 10,422,431 8,510,613
41,597 40,508
288,968
D DEB& Batt(Rec) July
278,924
Duluth-Superlot Trac August.
904,063
126,820 98,056
750,318
East St Louis & Sub_ July
258,367 200,599 1,668,150 1,374,586
Eastern Texas Elec August
441,652
71,088 55,065
532,463
yEl Paso Electric Co_ August
84,157 75,111
623,761
696,236
164,707 162,751 1,144.182 1,123,408
42d St M & St N Ave July
168,724 135,757 1,266.593 1,267,478
Galv-Hous Elec Co August
570,226 498,869 4,548,368 4,170,522
g Georgia By & Pow_ August
753,687
666.317
113,948 105.596
Grand Rapids Ry Co July
603,955
535,875
57,321 79,422
Harrisburg Railways July
513,376 465,554 3,899,892 3,665,433
Havana El Rv L & P_ August
337.549
375.077
54,064 49,531
Honolulu R & Land July
217,845
180,505
29,459 25,511
Houghton Co Tr Co_ August
445,556 427.195 3,855,865 3,623,732
b Hudson & Manhat.. August
August
962,672 884,788 7,767,213 7,038,273
Illinois Traction
2650,906 2448,788 21,709,489 19,611,827
Interboro Rap Tran_ July
416.723
49,422 47,613
4h),417
Jacksonville Trac Co August
19,795 19,170
157,720
August
150,873
Keokuk Electric_ _
9,000
10,161
August
76,351
74,392
Key West Electric
167,567 144,479 1,054,483
906,050
Lake Shore Bloc By.. August
206,616 167,643 1,166,959
Lehigh Valley Transit June
927.263
83,759 75,376
440,553
Lowist Aug & Watery July
406.272
29,348 32,437
139,149
Long Island Electric_ July
145,004
250,857 238,733 2,031,105 1,940.703
Louisville Railway August
541,177 447,692 3,974,633 3,373,442
Milw El Ry & Lt Co _ July
190,412 141.904 1,013,017
Milw Lt. tit & 'Pr Co July
820.287
Monongahela Vail Tr August
123,375 86,325
976,396
620,980
Nashville 12y & Light July
199,043 166,92i 1.353,672 1.213,933
NewpN & HRy.G&E August
100,877 93,465
678,627
592.176
N Y City Interboro July
54,178 58,814
422,732
399,696
NY & Long Island July
41,041 44,552
234,703
244,740
North Shore July
NY &
15,447 16,251
92,864
93,199
N Y & Queens Co.__ July
139,789 134,381
845,879
789,375
New York Railways_ July
1163,783 1127,093 7,932,431 7,715,398
Stamford Ry _ August
40,814 46,258
N Y&
253,996
257,316
713,037 614,755 4,832,292 4.163,993
N Y State Railways_ July
46,028 40,621
N Y Westches & Bos August
352,260
307,993
Northampton Trac August
16,296 17,119
132,248
116,290
473,434 360,055 3.334,077 2,488,442
Nor Ohio Trac & Lt_ August
North Texas Electric August
155.378 147,066 1,217,498 1,086,328
Ocean Electric (L I). July
32,200 32,176
82,358
81,903
eaducah Tr & Lt Co August
26.158 23,551
204,121
186,003
Pensacola Electric Co August
24,390 22,075
186,745
166.191
Transit_ August
2149,836 1897,763 17,787,133 15,736,149
Phila Rapid
Phila & Western Ity_ August
44,524 41,267
332,632
296.673
Port(Ore)Ry .L&Peo July
448.219 467,946 3,130.195 3.204.301
663,746 664,564 4,508,691 4,358,631
g Puget Sd Tr, L & P July
g Republic Ry & Lt.._ August_.. 335,579 260,792 2,596,205 1,968,619
587,475 511,492 3,885,262 3,279.760
Rhode Ialsnd Co_ _ _ _ August
49.237 48,331
Richmond Lt & RR_ July
234,284
223,861
109,480 104,194
888,343
St Jos By, L, H & P_ August
828,320
44,646 38,860
Santiago Elec Lt & Tr Juno
266,491
228,236
69,892 65,768
Savannah Electric Co August
528,491
526.884
90,413 85,231
Second Avenue (Rec) July
502,310
494,547
16,415 21,542
Southern Boulevard_ July
128,046
130,608
44,221 48,102 • 190,782
Staten Isl'd Midland July
190,005
74,194 78,924
Tampa Electric Co__ August
633,119
648.023
325,619 329,224 2,406,765 2,220,460
July
Third Avenue
Twin City Rap Tran_ 3d wk Sept 187,096 179,561 7,335,712 6,777.389
249,004 272,043 1 .704,818 1,602,935
Union By Co of NYC July
488,698 442,699 3,845,295 3.368.472
Virginia'Ry & Power.. August..
79.977 71.966
Wash Bait & Annap _ July
499.789
464.026
Westchester Electric_ July
44,640 62,426
317,030
334,550
Westchester St RR August
21,076 24,718
162,735
167,080
542,519 429,821 4,036,449 3,247,873
a West Penn Trac Co August
Yonkers Railroad_ _ _ July
51,674 65,901
410,049
440,984
August
York Railways
80,075 71,771
629,578
525,207
Youngstown & Ohio_ August
30,149 25,077
220,845
18/3,420
Youngstown & South July
10.122 16,851
109,403
95,008
b Represents income from all sources. c These figures are for consolidated company. I Earnings now given in milreis. g Includes constituent
companies.
1297
Gross
Net
Earnings. Earnings.
$
$
Detroit United__Aug '16 1.446,175
419,198
356,091
'15 1,228,043
8 mos '16 10,422,431 3,155.469
'15 8,510,613 2,496,099
Fixed Chas. Balance,
Surplus.
ee Taxes.
$
$
197,792 z254,218
190,830 :187;553
1,537,342 :1.840.859
1,498.418 :1.177.343
New York Street Railways.
-Gross Earnings- -Net Earnings
Current
Current
Previous
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Hudson & Manhattan a July 297,024
278,209 c150.683 c139,103
Jan 1 to July 31
2,346,941 2,143,607 1,266.834 1.139.814
Interboro R T (Sub)_a _July 1.317,912 1.239.096
675,253
714,574
Jan 1 to July 31
11,739.064 10,550.834 7,271.906 6,496,757
Interboro R T (Elev)a _July 1,333,084 1,209,692
553,619
506,351
Jan 1 to July 31
9.970,422 9,060,990 4,523.776 4,176,767
Total Interboro R T a July 2.650.996 2,448.788 1,268.193 1,181.604
•
Jan 1 to July 31
21,709,489 19,611,827 11,795.682 10,673.526
Brooklyn R T_a
July 2,715,702 2,624,427 1,048,020 1,038,345
Jan 1 to July 31
16,859,553 15,719.829 5,699,773 5,304,429
New York Railways_a_ _July 1.163,783 1,127,093
339,246
369,659
Jan 1 to July 31
7,932,431 7,715,398 2,383.410 2,176,867
Belt Linea
July
62,913
64,541
16.131
17,036
Jan 1 to July 31
464,077
441,479
115.493
76.013
Second Avenuo_a
July
90,413
85,231
32.605
31.003
Jan 1 to July 31
502,310
494,547
99.397
119.370
Third Avenue_a
July 325,619
329,224
114.087
100.242
Jan 1 to July 31
2,406,765 2,220.460
990,895
787,226
Dry Dock E Bway & B a July
41.597
40,508
6.002
8.662
Jan 1 to July 31
288,968
278.924
30,088
28.370
42d St M & St N Av_a_ _July 164.707
162,751
68,392
71.717
Jan 1 to July 31
1.144,182 1,123,408
499,658
451,558
N Y City Interboro_a_ _July
54.178
58,814
15,780
20.647
Jan 1 to July 31
422.730
399,696
147,326
123.061
Southern Boulevard_a_ _July
16,415
21,542
3,442
7,844
Jan 1 to July 31
128,046
130,608
31.048
41,091
Union By of N Y 0_a__July 249,004
272,043
80.256
92,977
Jan 1 to July 31
1,704,818 1,602,935
466.924
388,178
Westchester Electric_ a_July
44,640
62,426
10,897
12,015
Jan 1 to July 31
317,030
334,500
70,052
67,851
Yonkers _a
July
51,674
65,901
5,524
13,450
Jan 1 to July 31
440,984
419,949
122.082
55.718
Long Island Elect_ a_ __ _July
29,348
32,437
7,439
11,378
Jan 1 to July 31
139,149
145,004
def416
14,515
N Y & Long Isl Trac_a_July
41,041
44,552
9.703
13,292
Jan 1 to July 31
234,703
244.740
22.610
49.198
N Y & North Shore_a__July
15,447
16.251
5,521
5.115
Jan 1 to July 31
92,864
93,199
28,441
24.620
NY & Queens_a
July 139,789
134,381
17,226
3.607
Jan 1 to July 31
845,879
789,375
3.975 def21.526
Ocean Elect(L I _a___ _July
32,203
32,176
21,131
22,161
Jan 1 to July 31
82,358
81.903
21.622
34,435
Richmond Lt & RR _a_ _July
49,237
48,331
24,103
21,578
Jan 1 to July 31
234,284
223,861
55.725
44,588
Staten Isl Midland_a _ __July
44,221
48.102
14,856
13.160
Jan 1 to July 31
190,782
190,005
9,066
11,958
a Net earnings here given are after deducting taxes.
c Other income amounted to $81,151 in July 1916, agst. $85,390 in 1915.
ANNUAL REPORTS
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 30. The next will appear in that of Oct. 28.
Illinois Central Railroad.
(Reportfor Fiscal Year ending June 30 1916.)
The full text of the remarks of President Markham is given
on subsequent pages; also the detailed operating revenues and
expense and income account for three years, comparative
'
balance sheet for two years and numerous tables, including
comparative traffic, and operating results, &e.
OPERATING REVENUES AND EXPENSES FOR JUNE 30 YRARS.
1915-16.
1914-15.
1913-14.
1912-13.
Average miles operated_
4,767
4.770
4.769
4.763
Revenues$
Freight
46,457,338 41,212,271 43,871,272 42,589,299
Electric Railway Net Earnings.
-The following table Passenger
gives the returns of ELECTRIC railway gross and net Mall, express & miscell_ 13.371,593 12,640,597 13.715.979 13,455.884
8,201,177
7,338,7011 8,786.252 8.741.232
Incidental. &c
earnings with charges and surplus reported this week:
1,044,235
949,981J
-Gross Earnings-. -Net Earnings
Total oper. revenues_ 69,077,343 62,111,552 66,373.503 64,786,415
Current
Previous
Current
Previous
ExpensesRoads.
Year.
Year.
Year.
Year.
Maint. of way & struct_ 9,506.527 8,866,250
X
Maint. of equipment..__ 16,547,749 13,943.804
aAug 962,672
Illinois Traction
884,788
341,707
336,222 Traffic expenses
1,252,366
1,238,732 51.292.781 53,632,015
7,767,213 7,038,273 2,882.124
Jan 1 to Aug 31
2.678318 Transportation expenses 21,841,050 2z,217,903
Gross
Net, after
Fixed
General, &c.. expenses_ 2.138.578
2,011.786
Earnings.
Taxes.
Charges.
Surprs: Transporta'n for Invest_ Cr.112,542 Cr.303,279
la
198,215
Aurora Elgin Sr Chic Aug '16
72,883
35,933
Total oper. expenses_ 51.173,728
36,950
'15
189,975
69,308
36,517
'
32,791 Net operating revenues.. 17,903.615 47 975397
14,136,356
2 mos '16
407,245
152.477
72,051
80,426 Taxes accrued
3,724.021
3,233,439 3.341,247 2,903,551
'15
377,463
136,072
73,047
63.025 Uncollectibles
24.507
24,044
46,303
Cleve Painesv & E_Aug '16
21,378
11,467
'15
45,047
24,045
10,973
Operating income____ 14,155,087 10.878,473 11.739.475 11.250.848
13:012
9 971
mos '16
307,896
136,254
91,098
772.291
45,156 Hire of equipment
*110.530
'15
281,139
125,352
87,784
37,568 Joint tacit. rents. &c_.... 1,870,049
1.865,994 *1,519,699 *1,392.769
6
121,633
46,513
Cleve Southw & Col Aug :1
27,676
6,978,404 6.092.833
z18,916 Interest, diva , &c
5,690,371
4,606,583
40,463
27,591
z12,969
8 MOS '16
876:
.
687
325,809
221,686 z104,923
Gross corp.income__.. 23.775,831 18,837,300 *19,060,075 *17,250.200
'15
810,839
262,386
220,002
Dedudions:43,175
Havana Elec Ry Lt & Power
Lease of other roads
5,512,902 5,227,180 3,995,150 3.669,241
Aug '16
513,376
320,830
132,617 :196,695 Hire of equipment
221,187
*531.413
465,554
15
274,677
107,021 z175,278 Joint fad!. rents, &c
831.879
731,497
*664,010
*657.714
8 mos '16 13,899,892 2,394,827 1,025,402 :1,458,514 Interest on bonds
5,536,942 5.487,883 6,094.528 5,653.217
'15 3,665,433 2,164,966
870.330 :1.363,502 Other interest
39,236
295.529
159,089
159.861
167.567
Lake Shore Bloc By Aug '16
77,769
36,455
41.314 Miscellaneous
47.308
14,862
8,473
3.641
'15
144,479
63,447
36,208
(5%)5.464,800 (5)5,464,800 (5)5,464,800 (6)6.557.760
27,239 x Dividends
8 /nos '16 1,054,483
390,506
290,972
Skg. fund. &c.. reserves
99,534
111,725
107,875
906,050
311,618
'15
288,706
22,912 Add'ns & betterments...
41,207
46,028
41.643
473,434
Nor Ohio Tr & Lt_ _Aug '16
182,130
47.995
134,135
360,055
145,496
'15
Total deductions..-__ 17.585.998 17,596,841 *16.427,693 *17,232.847
53,319
92,177
8 mos '16 3,334,077 1,322,507
403,001
919,506 Balance,surplus
6,189,833
1,240,459
2,632,382
17.353
952,533
'15 2,488.442
413,588
538,945
542,519
West Penn Trac Co Aug '16
247,106
173,052
x Deducted by the company from profit and loss, but here shown for the
74.054
429,821.
and subs cos
222,351
'15
154,037
68,314 sake of simplicity. * Comparison with items so marked is slightly in8 mos '16 4,036,449 1,955,527 1,356,582
598,945 accurate, the figures having been changed in later years, the final results,
15 3.247,873 1.598.280 1.214,585
383,695 however, remain unchanged.
-V. 102. p. 1896. 1346.
R.13:,1g1 NIgi:R48
1298
Union Pacific Railroad.
(19th Annual Report -Year ending June 30 1916.)
On subsequent pages will be found extracts from the report of the board of directors, signed by Robert S. Lovett,
Chairman of the Executive Committee; also the comparative income account and balance sheet for two years.
TRAFFIC STATISTICS.
1913-14.
1914-15.
1915-16.
7,597
7,784
7,918
Average miles operated
Equipment
1,476
1,524
1,474
Locomotives
1,170
1,224
1,167
Passenger cars
37,817
41,222
39.436
Freight cars
3,637
3,295
3,689
Road service equipment
Passenger Traffic
8,044,757 8,075,960 8,555,615
Number revenue passengers carried
917,993,011 834,627,962 888,370,579
Passengers carried 1 mile
$1.34
$1.28
$1.31
Rects. pass. train per rev, train mile..
-c
Freight Traffic
19,867,068 16,791,412 17,155,390
Tons commercial freight carried_ b_
8244311,695 6001739,197 6168799,317
Tons carried 1 mile_ b
7,656,442
7,272,509 6,216,645
Tons company, freight carried_e
.978 cts.
.968 cts.
.885 cts.
Average revenue per ton mile_ b
$4.19
$4.21
$4.28
Receipts per revenue train mile
430
442
492
per revenue freight train mile_d
Tons
a Mixed train statistics included, except under train and locomotive
motor cars and special train service excluded. b Based on waymiles; also
bill tonnage, commercial freight only. c Mixed trains included in freighttrain performance; special train service not included. d Based on conductor's tonnage, less waybill tonnage covering company freight. e Based
on waybill tonnage.
EARNINGS AND OPERATING EXPENSES.
1913-14.
1914-15.
1915-16.
$75,078,755 $59,191,109*.362.407,762
Freight
19,941,890 18,748,559 20,540,077
Passenger
5,801,318 5,764,249 5,159,723
Mail and express
3,895,042 3,254,378* 3,746,743
Miscellaneous
Total revenues
Maintenance of way & structure
Maintenance of equipment
Traffic expenses
General expenses
Miscellaneous operations
Transportation expenses
Transportation for investment
[VOL. 103.
THE CHRONICLE
$104,717,005 $86,958,295 $91,845,305
$13,869.369 $10,887,308*$10,872,882
12,388,810 12,087,377* 12,517,155
2,261,922 2,063,499* 2,123,140
2,891,805 2,883.296* 2.885,663
1,313,189 1,484,607
1,557,189
25,795,299 23,062,187* 25,526,804
Cr.181,624 Cr.160,142 Cr.270,027
Total operating expenses
Net operating revenue
Taxes
$58,582,770 $52,136,715 $55,140,224
$46,134,235 $34,821,580 $36,705,081
5,078,867
5,310,698 4,641,474
Net operating income
Other Income
Interest on bonds, &c., owned
Dividends on stocks owned
Balance of interest on loans, &c
Rent for lease of road, &c
Hire of equipment
Miscellaneous income
$40,823,537 $30,180,106 $31,626,214
$6,528.971 $6,434,508 $3,858,172
9.258,794
4,331,904 4,540,094
988,978 3,234,958
839,878
966,179
1,083,036
1,208,491
103,661
220,155
117,616
152,884
174,444
$13,303,843 $13,303,161 $17,435,719
Total other income
$54,127,380 $43,483,267 $49,061,933
Total net income
Deduct
Interest on bonds held by public..__ _$13,810,313 $13,803,926 $14,062,108
11,973
11,800
11,627
Sinking fund requirements
771,886
-balance
Hire of equipment
1,104,755
1,154,389
1,348,895
Rent for lease of road.&c
17,267
120,593
179,038
Miscellaneous expenses
1,083,459
3,524,489
Additions and betterments
3,981,740 3,981,740
3,981,740
Preferred dividends (4%)
(8)17,783,328(8)17,783,328(9)19,780,778
Common dividends
$40,639,430 $37,939,235 $39,730,507
Total deductions
$13,487,950 $5,544,032 $9,331,426
Balance, surplus
*Comparison with items so marked are slightly inaccurate,due to changes
made inlater yrs.; final results, however,remain unchanged.-V.103,p.489.
Chesapeake & Ohio Railway.
(38th Annual Report-Year ending June 30 1916.)
The remarks of President Geo. W. Stevens at length, together with the balance sheet and income account in detail,
are published on subsequent pages.
EQUIPMENT OPERATIONS, &C.
1913-14. 1912-13.
1914-15.
1915-16.
2,319
2,346
2,369
2,375
Average miles operated_
Equipment
811
825
817
827
Locomotives
377
395
387
370
Passenger cars
43,052
44,390
45,620
44,027
Freight cars
740
659
726
743
Tool, camp and ballast_
Operations
6,804,183 6,487,803 6,491,256 4,859,447
Passengers carried
Pass. carried one mile_ _281,348,788 269,379,558 291,653,817 267,044,325
Rate per pass. per mile_ 2.132 cts. 2.115 cts. 2.091 cts. 2.194 cts.
37,619,654 30,048,454 27,722,015 25,174,241
Freight (tons) carried
Freight (tons) carr.1 m.10296523.340 8138347,516 7061650,082 6694879,287
0.380 cts. 0.384 cts. 0.409 cts. 0.412 cts.
Rate per ton per mile_
843
870
906
1,003
Av. rov, train load (tons)
Earns, per pass. tr. mile,
$1.31
$1.37
$1.35
$1.43
incl. mail and express_
$3.47
$3.56
$3.48
33.81
Earns. per fgt. train mile
$15,129
$15,969
$16,657
$20,309
Earns, per mile of road..
FISCAL RESULTS FOR YEAR ENDING JUNE 30.
1913-14.
1914-15.
1915-16.
Revenues$39,079,087 $31,288,537 $28,866,516
Freight
5,696,088 6,098,059
5,998,044
Passenger
426,967
438,667
448,572
Mail
636,786
602,912
627,919
Express
1,431,536
1,437,833
2,085,390
Miscellaneous
$48,239,012 $39,464,037 $37,459,864
Total revenues
Expenses
$5,553,447 $4,694,522 $4,149,457
Maintenance of way & structure..
8,243,170 7,827,660
10,561,094
Maintenance of equipment
669,283
650,406
645,188
Traffic
13,809,686 12,896,079 12,532,329
Transportation
986,822
873.883
953,685
General
248,347
232,347
288,847
Miscellaneous operations
Cr.33,994
Cr.22,768
Transportation for investment
BALANCE SHEET JUNE 30.
(Excluding stocks and bonds owned of auxiliary companies. The balance
sheet of June 30 1916 is given on a subsequent page.]
1015.
1016.
1915.
1918.
Liabilities
--$
Assets
Road & equip1-224,326,800 221,818,189 Stock,common.. 62,792,600 82,792,600
Stock, 1st & 2d
Improvements on
3,200
3,200
preferred_.
3,770
leased props..
305,424 C.& 0. of Ind.,
340,422
Mise.phys.prop.
1,200
1,200
common
Scours., prop'ty
&o.,cos.,pledg_ 17,069,006 14,147,711 Eds.& notes (see
Co's bds.pledged 45,920,001 40,270,001 "R.& I." Sec.)173,552,000 166,686,000
137,638 Equip. tr. oblig. 7,983,170 6,413,183
143,884
Advances
Construe. funds. 7,588,207 4,170,352 1st lien & 'rapt.
Cash in treas.,&o. 7,005,171 1,536,541 08 (pledged)._ 47,265,000 40,270,000
Int., &c.,aoord_ 2,331,890 1,889,997
Cash for interest
381,833
399,723
354,578 Unpd int.drdIva.
447,778
and dividends
Vouch.& wages. 3,528,812 3,783,845
Cash for mat'r'd
409,645
399,777
226,663 Traffic balances.
642,423
notes, &o
373,504
932,165
868,189 1,003,709 Nliso. accounts.
Agts. & oonduo_
95,000
95,000
879,410 Loans&bills pay.
Traffic balances. 1,213,282
158,861 Taxes accrued-.. 1,607,791 1,332,088
525,111
Loans & bills reo.
131,916
436,817
916,118 Sundry def. nab.
Miso. accounts.. 1,254,762
Mat'ls & supp_ 3,231,713 2,581,952 Accrued depreciation (equip.) 5,357,530 4,004,280
Scours. in treas.
5,486,775 6,308,306 Approp.surplus. 3,076,255 3,018,189
unpledged
618,546 Profit and loss.. 6,939,894 2,047,540
683,728
Deferred assets.
316,750,824 295,434,000
316,750,824 295,434,000 Total
Total
-V. 103, P. 60.
Chicago Great Western RR.
(7th Annual Report-Year ended June 30 1916.)
The report of President Samuel M. Felton, together with
the balance sheet of June 30 1916, will be found on subsequent
pages. See also Railroad News Department.
STATISTICS FOR YEARS ENDING JUNE 30.
1912-13.
1913-14.
1914-15.
1915-16.
Operations1,496
1,496
1,427
1,496
Average miles operated..
5,306,774
5,557,858
fght.(rev. carried. 5,959,813 5,642,764
Tons
Tons (rev.) 1 m le_ _ _ _1,534,353,175 1378504,602 1364026,080 1337724,849
Rev, per ton per mile...... 0.684 cts. 0.700 cts. 0.730 cts. 0.732 cts.
450
475
529
552
(tons).
Av.train load, rev.
2,817,637 2,651,006
No. passengers carried.. _ 2,809,058 2,825,496
Pass. carried 1 mile_ __ _163,106,201 157,642,318 160,199,058 153,998,027
1.950 cts. 2.001 cts. 2.042 eta.
2.011 cts.
Rev. pass. per mile
$9,357
$9,591
$9,749
$10,352
Oper. revenue per mile
EARNINGS AND EXPENSES.
1913-14.
1914-15.
1915-16.
Operating Revenue$10,492,684 $9,645,527 $9,956,308
Freight
3,074,050 3,205,992
3,280,656
Passenger
996,833
1,003,305
1,056,766
Mail, express and miscellaneous
100,605
197,803
237,239
Incidental, &c
$15,067,345 $13,920,685 $14,349,738
Total operating revenue
Operating ExpcnsesMaintenance of way and structures.... $1,983,135 $1.876.924 $2,033,781
2,390,863
2,398,216
2,436,353
Maintenance of equipment
577,769
561,526
546,487
Traffic expenses
5,431,829
5,150,730
5,257,979
Transportation expenses
410,038
334,092
406,925
General expenses
79,354
85,868
101,749
Miscellaneous operations
Cr.10,789
Cr.16,130
Transportation for investment
$10,716,498 $10,446,567 $10,923,634
$4,350.847 $3,474,118 $3,426,104
498,764
580,026
553,129
4,161
10,669
Total
Net revenue
Taxes
Uncollectibles
$3,787,049 $2,889,931 $2,927,340
63.935
68,700
40,227
82,205
177,518
157,268
Operating income
Income from securities, &c
Rentals and miscellaneous
Total income
Deduct
Interest on C. G. W.bonds
Interest M.C. & Ft. D. bonds
Other interest
Property rental paid
Hire of equipment (balance)
Miscellaneous
Dividends
$3,984,544 $3,136,149 $3,073,480
$1,032,798 $1.032,660 $1,032,580
480,000
480,000 • 480,000
1,250
1,446
1,337
502,850
725,743
724,824
50,400
487
Cr.36,448
20,430
27,619
18,038
(2%)877,343
$3.097,893 $2,267,955 $2.177,510
Total deductions
$895,970
$868,194
$886,651
Balance, surplus
CONSOLIDATED BALANCE SHEET JUNE 30.
1915.
1916.
1915.
1916.
3
$
AssetsRoad de equip....128,970,258 128,322,306 Common stock.. 45,210,513 45,246,913
Preferred stock_ 43,867,902 43,902,902
Inv. in MM. cos.
887,593C. G. W.1st 4s. 25,383,000 25,381,000
867,593
Stocks
500,000
500,000
30,537Minn.Term.3J4s
30,537
Bonds
28,666 M.C.& F.D.Ist 4s 12,000,000 12,000,000
18,985
Advances..
29,000
10,000
2,001 W.M.& Past 4s.
2,001
Other investm'ts
41,925
17,925
44,498 Miso.obligns,&o.
44,498
Miso.phys.prop.
467,967
392,795
2,238,588 2,776,327 Traffic,&e.,bals.
Cash
083,074 1,193,987
90,038 Accts. & wages..
102,089
Traffic, &o., bal.
236,156
238,689
iscel. accounts
133,965
1,653
Loans & bills reo
39,528
23,547
237,503 Matd int. unpd.
293,980
Agts. & conduc_
537,882
435,635
597,101 Unmatd int.,&c.
574,210
Miami.accounts
277,547
276.364
suppl's 1,616,567 1,115,369 Taxes accrued....
Mans &
Oper. reserves__ dob155,716 cr194,890
Unexting. dis598,711Other unadJ., &e.,
583,201
count on bds_
183,755
455,999
648,030 accounts ........
498,745
0th. unadJ. accts.
732,939
880,221
Accr'd depreo'n.
5,687
Add'ns to prop'y
Profit and loss-- 5,311,260 4,524,255
Total
135,842,903 135,490,648
-V.103,p. 117.
Total
135,842,903 135,490,646
Louisville & Nashville Railroad.
(65th Annual Report-Year ending June 30 1916.)
Below we show the comparative income account for three
years and statistics for four years. The remarks of President
M.H.Smith and Chairman H. Walters, together with a comparative balance sheet for two years, will be published
next week.
ROAD AND EQUIPMENT.
1912-13.
1913-14.
1914-15.
1915-16.
4,820
4,937
5,037
5,071
Average miles operated..
Equipment
331,789,179 $27,556,414 $26,413,898
1,035
Total expenses
1,069
1,090
1,082
(70.5) Locomotives
(69.8)
(65.9)
655
Per cent expenses to earnings
667
659
653
$16,449,833 311,007.623 $11,045,966 Passenger cars
Net revenues
45,269
46.480
46,710
46,423
Freight, &c., cars
1.018,219 2,144,650
1,181,534
Other income
2,644
2,495
2,534
2,265
Roadway cars
Operations-.
$17,631,367 $12.925,842 $13,190,616
Total
11,925.101 11,849,957 13,360,348 12,928,015
Passengers carried
Deduct
548,661,206
$8,176,454 $8,098,042 $7,934,648 Pass. carried one mile_ _529,426.981 499.878,816 577,420,770
Interest on debt
2.339 cts.
2.172 cts. 2.266 cts.
1,330,935 Rate per pass. per mile_ 2.170 cts. 27,731,561 32,215,106 32,241,734
1,349,497
1,587,407
Taxes
35,488,688
62,616 Freight (tons) carried
Cr.88,697
11,724
Loss on elevator
835,077 Fgt. (tons) carr. 1 milo_6511946570 5144441,634 5511812,374 5513273,784
860,074
tracks,&c. 901,505
Rentals of leased roads,joint
55,524 Rate per ton per mile.. 0.686 cts. 0.719 cts. 0.778 cts. 0.779/cts.
43,389
75,061
Miscellaneous
295
297
347
415
(1%)627,816(4)2,511,264 Av.train-load (rev.)tons
$1.4207
Dividends
$1.4040
$1.2113
$1.2928
Earn. per rev. pass.tr.m.
$2.2956
$2.3078
$2.4960
$2.8484
Earn, per rev. frt. tr. in..
$10,752,151 $10,890,122 $12,730,064
Total
$12,338
$12,090
$10,245
$11,964
$160,552 Gross earnings per mile..
$6,879,216 $2,035,720
Surplus
1299
THE CHRONICLE
00T. 7 1916.]
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
Earnings from
$44,658,860 $36,953,794
Freight
11,488,086 10,859,047
Passengers _
932,576
926,833 $59,906,467
Mail
1,462,498
1,240,500
Express
1,625,841
1,775,973
Miscellaneous
INCOME ACCOUNT (ENTIRE SYSTEM).
1913-14.
Operating Revenue1915-16.
1914-15.
Passenger
$2,207,074 $2,030.950 $2,659,656
Freight
9,183,185
7,891,642 9,295,143
Mail and express
502,203
448.933
550,627
111,057
155,665
Miscellaneous
125.559
Incidental, &c
179,237
145,279
158.005
$60,317,993
Total operating revenues
Operating Expenses
Maintenance of way and structures.._ $8,314,204
10,910,744
Maintenance of equipment
17,663,609
Transportation expenses
1,480,734
Traffic expenses
1,285,213
General
270,863
Miscellaneous operations
Cr.134,885
Transportation for investment
Total operating revenues
$12,224,449 $10,627,861 $12,791,904
Expenses
Maintenance of way & structures.... $1,393,106 $1,585,884 $1,937,045
Maintenance of equipment
2,268,904
2,076,048
2,662,760
Traffic expenses
450,245
505,820
520,675
Transportation expenses
3,761,922 3,b08,827 4,152,954
General expenses
520,674
521,878
515,091
Miscellaneous operations
50,453
47,770
60,130
Transportation for investment
Cr108,948 Cr129.498
$51,606,015 $59,906,467
$8,993,389
10,310,563
17,449,811 $45,012,305
1,349,705
1,249,517
212,660
Cr.133,857
$39,790,481 $39,431,789 $45,012,305
Operating expenses
(65.97)
(76.41)
(75.13)
Per cent operating expenses to earns_
$20,527,512 $12,174,226 $14,894,162
Net operating revenues
2,237,583
2,136,713
2,600,288
Taxes
24,023
6,065
5,719
Uncollectibles
Operating income
$18,265,906 $10,031,448 $12,288,155
Income from investments, rents, &c_ 4,456,169
2,887,987
3,429,596
Total income
Deduct-.
Interest on bonds
N. & D. RR. rent
Other rents, &c
Sinking fund, &c
Dividends
$22,722,075 $13,461,044 $15,176,142
$7,681,718 $7,475,562 $7,123,933
118,710
119,617
119,867
883,360
914,101
881,359
405,275
91,622
85,281
(6%)4,320,000(5)3,600,000(7)5,040,000
Total deductions
$13,088,226 $12,200,902 $13,571,279
Balance, surplus
$9,633,849 $1,260,142 $1,604,863
The comparison with 1913-14 is slightly inaccurate, due to changes made
in later years.
-V. 103, p. 666.
Northern Pacific Railway.
(Income Statement for Year ending June 30 1916.)
Gross earnings
Operating expenses
1013-14.
1914-15.
1915-16.
$75,939,231 $63,171,653 $70,449,575
40,366,412 37,108,049 43,082,457
Net earnings
Taxes, &c
$35,572,819 $26,063,604 $27,367,118
$5,079,o29 $4,475,110 $5,030,584
Operating income
Other income
$30,493,190 $21,588,494 $22,336,534
8,479,258 10,442,959
5,650,124
Gross income
Interest, rents. &c
Dividends (7%)
Balance, surplus
-V. 103. I). 606
.
$38,972,448 $32,031,453 $27,986,658
$13,242,574 $13,208,633 $8,331,411
17,360,000 17,360,000 17,360,000
$8,369,874 $1,462,820 $2,295,247
Minneapolis & St. Louis Railroad.
(Results for Year 1915-16 Reported to N. Y. Stock Exchange.)
The following statement has been made to the New York
Stock Exchange as of Sept. 13 1916 for the old company prior
to consolidation of July 31 (see new stock listing on p.1210).
June 30 Years1915-16.
1914-15.
1913-14.
1912-13.
Average miles operated_
1,646
1,646
1,646
1,646
Gross revenue
$10,721,512 $10,111,975 $9,620,675 $9,707,004
Operating expenses_ _ _ _ 7,022,098 6,903,594
6.893,126
6,707.751
Taxes, &c
473,575
465,17S
440,521
382,242
Operating income____ $3,225,839 $2,743,204 $2,287,028 $2,617,011
income
954,147
94,433
Other
105,391
155,698
$4,179,985 $2,837,637 $2,392,420 $2,772,709
Total income
3,466,350
2,651,033 2,545,812
Interest, rents, &c
2,320,815
Balance, sun or def__sur$713,635 sur$186,604 def$153,392 sur$451,894
BALANCE SHEET JUNE 30.
1915.
1916.
1916. • 1915.
Liabilities-$
$
Assets$t
$
Road & equipl_66.697,991 63,626,677 Common stook_122,650,272115,370,200
Preferred stook_.1
Sec. of MM., &o.,
1 5,917,500
oos.-pledged _ 1,297,176 1,771,678 Bonds & notes (see
166,240
203,140 "Ry.&Ind."Seo)46,510,651 41,448,095
Cash
Equip, trust notes
Securities owned
8,957,750
978,996 Bills payable
Stooks
*810,500 1,103,801
2,134,972 Vouchers & wages 1,560,636 1,167,798
Bonds
5,500,000 Traffic, &o., bats_ 238,545
Notes
246,585
Transit accounts_
Loans (dopos. &
,
75395
202,591
Miscell. amounts_ 135,436
bills reo.)
480,760
360,757 Matured interest_ 131,176
Agents & oonduo.. 453,199
100,508
488,643 Taxes accrued.... 320,403
Cos. & individuals
325,539
378,193 Accrued int., &cll._ 516,596
Material & Rupp_ 486,577
498,339
Miscell. amounts_ 507,965
113,666 ()Der.,&o., reserves 269,798
200,142
Dlsot. on stook
1,359,088
Depreo'n reserve_ 725,299
654,757
do on fund. debt 2,767,393
Unadjusted noels 251,826
356,237
Unadjusted soots_ 209,233 1.637,274 Profit and loss-26,315
290,591
Total
74,147,452 77,103,996 Total
74,147,452 77,193,996
-V. 103, p. 1210, 844.
Total operating expenses
Net operating revenue
Taxes accrued
Uncollectibles
$8,406,785 $8,361,154 $9,833,800
$3,817,664 $2,266,707 $2,958,104
599,076
581,778
601,886
3,334
2,188
Total operating income
Hire of equipment-balance
Joint facilities
Interest on investments, &c
$3,215,254 $1,682,741 $2,356,218
588,197
717,698
530,435
241,923
236,263
221,169
320,012
398,760
316,614
Total net income
$4,494,887 $2,905,961 $3,424,435
Deduct
Fixed bond interest
$2,098,190 $2,098,190 $2,098,190
Interest on 2d M.income bonds held
by public
121,700
121,700
121,700
Other Interest and miscellaneous
193,992
90,954
184,812
Rents-leased roads
277,154
276,263
259,279
Rents-joint facilities, &c
536,395
505,989
518,541
Total deductions
Balance, surplus for year
Preferred dividends
-V. 103, p. 1211, 1033.
$3,227,432 $3,136,954 $3,088,664
sur$1,267,455 def$280,993 sur$335,771
(2X)497,341
Wheeling & Lake Erie Railroad.
(Report for Fiscal Year ending June 30 1916.)
Below are the comparative income account and general
statistics for several years past. The plan of, reorganization was given last week on page 1211. The general remarks
of the receiver, W. M. Duncan, together with the comparative balance sheets for two years, will be published another
week.
OPERATIONS AND FISCAL RESULTS.
1915-16.
1914-15.
1913-14.
1912-13.
Average revenue mileage
512
512
491
459
Operations
Total tonnage (revenue) 13,877,353 8,290,069 12,076,785 11.667,451
Tot. tonnage 1 m.(rev.)1302625501 651,739,754 1192862166 1255097127
Freight train miles
1.674,315
a1,634,994 a1,137,347 a1,569,143
Av. net tons per tr. mile
609
794
825
789
Revenue per ton per mile 0.603 cts. 0.673 cts. 0.549 cts. 0.539 eta.
$4.17
$3.86
Revenue per train mile..
$4.04
$4.80
Passengers (No.)
1,691,514
1,484,352
1,789,128
1,754,901
Passengers 1 mile(No.). 41,849,503 35,231,336 40,257,750 41,859.992
1.50 cts.
1.57 cts.
1.54 cts.
1.49 eta.
Rev, per pass. per mile_
Gross earnings per mile_
$10,599
$17,933
$15,604
$17,056
$2,711
$4,812
Net earnings per mile_ _ _
$6,296
$4,240
a Includes mixed train miles.
Operating RevenueCoal Freight
Ore and general freight
Passengers
Miscellaneous
INCOME ACCOUNT.
1915-16.
$2,447,143
5,406,127
627,476
703,771
1914-15.
1913-14.
$684,550 $2,690,441
3,700,870 3,854,458
553,630
621,034
489,019
492,491
Total operating revenue
Operating Expenses
Maintenance of way, &c
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses, &c
$9.184,516 $5,428,069 $7,658.424
Total operating expenses
Net operating revenue
Taxes
$5.960,229 $4,039,740 $5,296,660
$3,224,287 $1,388,329 $2,361,764
452,393
385,907
396,831
Operating income
Miscellaneous
$1,158,889
*1,757,744
102,486
2,741,217
199,893
$604,591 $1,000,063
1,043,748
1,287,186
112,250
110,185
2,088,758 2,663,369
190,393
235,857
2,771,894 $1,002,422 $1,904,933
36,947
20,273
63.369
Total income
$2,808,841 $1,022,695 $2,028,302
Deductions
Hire of equipment
-balance
$372,829
$187,665
$303,985
Interest on bonds-x
633,030
633,030
633.030
Interest on equipment obligations__ _
33,893
72,997
Interest on notes payable
44,275
44,791
44,571
Interest on receiver's certificates _ _
453,054
416,189
446.004
certificates_ _ _
Discount on
1,202
St. Louis Southwestern Ry. ("Cotton Belt Route"). Rents paid receiver's
104,556
53,065
57,734
224,812
Additions and betterments
94,568
143,059
(25th Annual Report-Year ended June 30 1916.)
Equipment obligations paid by receiver 202,000
291,500
426,000
Below we show a comparative income account for three
years and general statistics for four years. The remarks of
Chairman and President Edwin Gould, together with the
comparative balance sheet for two years, will be published
next week.
Total deductions
Balance, surplus or deficit
$2,034,557 $1,755,903 $2,127,380
sur *$774,284def.3733,208 def.$99,078
* Maintenance of equipment in 1916 includes $379,389, covering the residue value of cars retired in previous years. x Deductions of $633.030
yearly on account of mortgage bond interest include 12 mos.' int. on the
following issues: Lake Erie Div. 5s $2,000,000,$100,000; Wheeling Div. 58.
$894,000, $44.700; extension and improvement 5s, $409,000, $20,450; consolidated 4s,$11,697,000.$467,880.-V. 103, p. 1211, 1120.,,.,
CHARACTER OF STEEL RAIL IN MAIN TRACK JUNE 30.
854b. 75-lb.
70-lb. 60-lb. 56-lb.
Miles.
Total.
8.95 1,045.44 30.67 44.15 383.15 1,512.36
1916
8.95 1,045.07 30.67 44.76 382.91 1,512.36
1915
BALLAST AND BRIDGES IN MAIN TRACK JUNE 30.
United Railroads/of1SanPrancisco.
Gravel. Cinders. Burn Clay. Soil,Tres.,&c. Total.
Rock.
Miles.
631.46
80.74
*189.89
212.42
Year
412.83
1916
(Statementiof EarningsforiY ending June1 1916.)
.30
*1,527.34
672.58
78.05
*189.82
144.62
1015
442.27
*1,527.34
The following data, certified byipublic accountants, ac*Includes 14.98 in second main track.
company the reorganization planAwhich is cited fully on
OPERATIONS. EARNINGS, EXPENSES, CHARGES, &c.
1
a subsequent page.it4i „,i,,, s,
1915-16.
1914-15.
1913-14.
1912-13.
1,754
1,754
Average miles operated_
1,754
1,609 STATEMENT OF EARNINGS FOR YEARS ENDED JUNE 30 APPLEOperations
txratigg Q.CABLE TO PLAN OF REORGANIZATION.
2,429,184
2,505,801
Passengers carried
3,080,323
2,586,04
Pass. carried 1 mile_ _ _ _ 86,256,162 88,410,690 113,572,192 100,170,761 In
1912.1111
1913-14.
1912-13.
-June 30 Years. 1915-16. 6P1914-15.
2.29 cts.
2.56 cts.
Rate per pass. per mile_
2.34 cts.
Operating rev-_$7,751.743 $8,030,998 $8,515,894 $8,589,248 $3,173,114
2.61 cts
Tons freight moved _a_ _ 3,74o,130 3,181,267 3,495,537
3,657,964 Operating exp..... 4,905,234 4,757,827 4,722,737 4,705,829 4,256,739
do do 1 mile
891,104,359 747,474,244 830,028,078 871,985,756 Taxes
503,800
516.000
516,000
453,200
402,000
1.06 ets.
Rate per ton per mile_a_
1.03 cts.
1.12 cts.
1.13 cts.
Earns, per pass. tr. mile.
$1.0310
$1.1086
Net earnings-$2,330,509 $2,757,171 $3,289,357 3,430,219 $3,514,374
$1.3938
$1.4588
$3.5721
$3.2543
Earns, per frt. tr. mile
3,232
10,783
12.329
21,426
7,686
$3.3308
$3.4233 Other income___
$8,060
Gross earnings per mile_
$6,970
Total available
$7,373
$8,262
for int. s. f..
depr.& divs.$2.341,292 $2,769.501 $3,292,589 $3,437.905 $3,535,800
a Not including company's trete)
1300
THE CHRONICLE
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
Assets
-3
Railroads, proper1st pref.stook
5,000,000
ties de franchises 81,380,370 81,599,479 Preferred stock
20,000,000
Trust equipment_ 860,468
940,468 Common stock_ 17,948,600
Mtge. sink. funds:
Skg.fd.4% bonds 23,854,000
Invested
2,172,790 2,096,877 Underlying ponds
Uninvested
1,039
assumed
80
12,298,000
Invest. in securs_ 764,537
735,719 Equip, trust notes
Fund for redemp.
and certificates- 280,000
of ferries & Cliff
5% promis. notes_ 1,000,000
House Ry.bonds
10,000
10,000 Income def. notes_ 740,000
Funds for acquireCal. Ry. & Power
ment of stocks of
Co. notes pay
1,925,000
undezlying co's_
1,834
1,834 Notes payable_ _
15,120
Materials & supp_ 511,965
588,665 Accts. payable_
397,212
Prepaid insurance
15,279
14,449 Salaries & wages
97,745
Cash
181,409
215,064 Bond int. due and
Special deposits
50,213
unclaimed
43,190
143
Notes receivaJle__
5,054
2,315 Accrued bond int_ 395,368
Accts. receivable
Accr'd int. on notes
41,031
Affiliated co.'s_ 227,644
158,290 Accrued taxes__
207,956
Others
33,624
54,995 Deposits received&
Accrued interest
44,922
42,026
unred. tickets__
62,579
Disc. on fund.debt 804,823
876,580 Reserves for mtge.
Unadjusted accts..
61,399
sinking funds__ 477,497
57,857
Other reserves.....1,834
Depree'n reserve_ 956,498
Reserve for power
deficiency, Bierra&S.F.Pow.Co. 109,169
1,270,610
Surplus
1915.
$
5,000,000
20,000.000
17,948,600
23,854,000
12,541,000
360,000
1,000,000
740,000
1,925,000
70,183
451,880
135,431
48,430
403,723
46,122
229,631
(Vol.. 103.
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
AssetsLiatrilittes$
Real est.,plant,&e.19,353,635 18,670,356 Preferred Stock. _ _10,500,000
Invait'ts(at cost)_
42,005
Common stock.. _ 7,000,003
Cash
1,003,597 2,134,101 Coup, gold notes_ 2,384,000
Bills & accts. rec.- 2,398,512 2,608,897 Purch. money M.
Inventories
3,330,736 3,108,159 Accounts payable_ 1,865,372
Special deposits .1,019,378
Deproc'n reserve_ 500,000
Miscellaneous
44,457
24,615 Repairs.&e.,res.., 321,563
Adv. royalties, &c. 259,089 • 152,349 Profit and loss__ __ 5,380,473
Total
27,951,408 26,698,477
Total
1915.
10,500,090
7,030,090
5.400,000
21,283
962,501
248,287
*2,566,405
27,951,403 26,698,477
* Includes special deposits for redemption of notes July 11916, $1,000,000, and miscellaneous deposits, $19,378.-V. 103. p. 1122. 946.
International Agricultural Corporation, New York.
(7th Annual Report
-Year ended June 30 1916.)
President Stephen B. Fleming says in substance:
Results.
-The operating earnings for the year were $2,107,778, which
is in excess of 33 times the amount required to meet the annual bond
Interest charge, as against $663,984 for the year ending June 30 1915.
After deductions of bond interest charge, all amortization
and an
676,414 additional sum of $339,641 on account of re-valuation of chargesand do
assets,
1,834 predation charges belonging to prior periods, there remains a net
surplus
880,990 of $1,034,054, which overcomes the deficit of $975,725, as shown June
30
1915, and leaves the company with a surplus at July 1 1916.
Bonds.
-First mortgage bonds for $565,800 were retired during the year.
The bonds retired during the past throe years amount to $1,839,600, which
1,018,657 is $864,600 in excess of the annual sinking funding requirement of $325,000.
This excess reduction was the result of bonds being offered to tho sinking
Total
87,126,410 87,395.801
Total
87,125,410 87,395,801
value. During the year current liabilities have
Note.
-The company had contingent liabilities at June 30 1916 as guar- fund at less than their par contingent
reduced $2.965,422,
liabilities $1,197,604, a total reducantor of principal and interest of the San Francisco Electric Rys. bonds, been of
tion
$4,163,026.
total issue, $1,416,000, and Gough St. Ry. bonds, total Issue, $45,009
Acid Delavery.-Failure of a large seller of sulphuric acid to fulfill its
-V. 102, p. 1211, 580.
contracts for the delivery of acid to this company deprived us of substantial
additional profits. [See Tonnassee Copper Co. V.92, p.37;V.100, V. 098.1
Fertilizer Business.
-This business has, in the bagged goods department,
General Motors Co., Detroit.
shown a gratifying increase in tonnage and in earnings. The higner prices
obtainable for sulphuric acid in its natural state, and our sales of the same
(Report for the Fiscal Year ending July 31 1916.)
as such,'account for a decreased tonnage sold of bulk acid phosphate, it
soil acid than to consume
manufacture.
The remarks of President W. C. Durant will be found at being much more profitable toto European ports, manyit inwnich have boon
Owing to prohibitive rates
of
length on subsequent pages, together with the comparative closed entirely to all shipping, our sale of phosphate rock was Just about
balance sheet, inco:ne account and profit and loss account the same as the previous year.
Improvements.
time past
for two years. Some of the tables were given briefly in fertilizer plants -The improvements made during companytwo years to the
and mining properties give to the
manufacturing
advance of the annual report in last week's "Chronicle" on and mining facilities which are fully equal to those of our competitors.
With the exception of ordinary repairs, no largo expenditures for plant
page 1208. As to the recapitalization plan e() V.103, p.1214. improvements will be necessary during the present year.
The remarkable development of the company's business
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
is disclosed by the following:
1915-16.
1914-15.
1913-14.
1912-13.
Gross profit on operat'ns $2,793,893 $1,844,799 51,931,494 51,718,832
Years ending July 311915-16.
1914-15.
1913-14.
Operating, &c.,expenses
742,595
1,198,815
1,104,049
1,054,441
Cars sold, number
132,088
76,068
58,937
$
' $
Net earnings
32,051.303
$645,984
$830,445
$664,391
Gros.s sales
156,900,206 94,424,841 85,373,303 Divs.from Jtly.own.corps.
56,475
18,000
208,730
Not profits (after depr.. taxes. &c.).._ 20,146,103 14,926,322
7,947,413
General Motors 0).s proportion.... 23,812,238 14,794,190
,819,969
Gross income
$2,107,778
$663,984 $1,039,175
5664,391
-V. 103, p. 1214, 1203, 897.
Bond interest
581,906
616,900
646,529
650,000
63,903
Pittsburgh (Pa.) Steel Co.(and Subsidiary Companies).
(Report for .Fiscal Year ending June 30 1916.)
Pres. Wallace H. Rowe,Pittsburgh, Sept. 8, wrote in sub.:
The gradual improvement in all branches of the Iron and steel Industries
that began during the last half of 1914 continued throughout the fiscal year,
thus enabling us to operate our plants and departments to maximum
capacity. The gross sales for the late year were $21,848,036, an Increase
of $10,198,172, while the net profits, after setting aside $500,000 for depreciation, were $4,564,067, an increase of $3.705,907.
Shipments of various products of your company during the year, compared with the preceding fiscal year, were as follows:
--1915-1916-- --1914-1915-Shipments of Co.'s Products- Tons.
Amounts.
Tons.
Amounts.
Pig iron, billets and bars
244,118 $5,364,608 62,384 $1,482.439
Hoops, bands and cotton ties
1,260,842 36,468
1,045,57:3
40,530
Wire rods, plain wire, nails,
fencing, &c
334,113 14.506,902 234,921
8,829,395
618,761 $21.132,352 333,773 $11,357,401
$715.683
$292,457
Miscellaneous products
Balance, surplus
$1,525,872
Amort. of bd. disc., organization exp., &c
246,040
Profit on bonds parch.._ Cr.93,864
Extraord. exp.,&c
339,641
Preferred dividends_
$47,084
4392,646
$14,391
207,106
241,636
175.884
66,102
(33i)457,303
Bal.,sur. or deficit_sur.$1,031,054 def$160,022 sur $84,908 def$618,796
*Profit on bonds purchased at a discount and cancelled under operation
of sinking fund.
CONSOLIDATED BALANCE SHEFT JUNE 30, INCLUDING AFFILIATED (1. e., 100% OWNED) COMPANIES.
1916.
1915.
1916.
1915.
LiabilitiesAssets$
S
$
$
Real est., plant,&o.21,304,935 21,323,096 Preferred stock_ _ _13,055,500 13,055,500
Common stock___ 7,303,500 7,303,500
Patents
300
Investments
3,100,945 3,335,697 lst M. bonds
11,160,400 11,726,200
444,5211
596,129 Bonds assumed on
Cash
Acets.reo.(less res.)14,005,9571 12,017,847
property purcli_
28,000
46,000
1 1,678,612 Accounts payable_ 460,160
Notes receivable I
214,660
Inventories
751,066 1,970,765 Loans and notes
Due from: Jointly
payable
1,160,092 4,340,761
owned core's_ 386,902
730,404 Interest on bonds
Other companies 1,081,224
& loans accrued. 237,022
975,801
273,274
Prepaid exp., Ace__ 2,492,863 2,829,286 Due jointly-owned
Cash In escrow agst.
corporations
11,641
settle't of claims 120,897
Special reserves__ 240,434
361,618
Cash In sink. fund.
23
16 Surplus
53,329
Deficit
975,725
Totals
618.761 $21,848,035 333,773 $11,649,864
The amount expended for maintenance during the fiscal year is $800,841
and in addition the.eto, numerous betterments and improvements to your
property have, been made during the course of the year at a cost of $109,378.
Appropriations were made for the construction of four additional
open-hearth furnaces, for the purpose of completing the steel making unit
of 12 open-hearth furnaces, and to give the co. an inciease of 50% in its
steel ingot production. Two of the furnaces were built by contract and were
Total
33,709,437 37,333,157
33,709,437 37.333,157
Total
finished and put Itno operation on Aug. 10 1916; the other two furnaces are
-There are also contingent liabilities consisting of endorsements
Note.
in course of construction by the company's own forces, and are soon to be
completed; they are expected to be put into operation Oct. 1 1916. The on notes receivable of the corporation and paper of Jointly-owned corpora-V. 102, p. 2080, 1720.
benefits expected from the operation of these now open-hearth furnaces tions amounting to $1.914,636, not included above.
will only be reflected in the new fiscal year.
Notes.
-Of the $5.000,000 notes outstanding June 30 1915 there have
been redeemed during the fiscal year $3,000,000 and of the remaining notes
$1.000,000 were calmed for redemption and paid on July 1 1916. and the
remaining $1,000,000 have been called for redemption Oct. 1 1916. (V.
103, p. 916.)
RAILROADS, INCLUDING ELECTRIC ROADS.
Depreciation.
-We have set aside from the profits of the present year the
sum of $500.000 as a reserve for depreciation of plants, buildings, &c.
Alabama Great Southern RR.
-Earnings.
Ore Properties.
-The ore property of the company, situated at Riverton,
Operating Net (after Other Interest, Pref.
Cam.
Bal.,
Minn., on the Cuyuna iron ore range, has been in continuous operation
Revenue. Taxes.)
Inc. Rents, (*.c. Dies. Dies. Surplus.
since the opening of the season, and is showing a satisfactory increase in June 30
Year$
the shipments of ore over the past season. Experience having demonstrated the advisability of adding to the capacity of the crushing and wash- 1915-16___5,641.402 1.681,301 383,915 6/1,858 236,625 548,100 675,633
ing plant, necessary additions were made and the results have proyen 1914-15- _4.776.630 944,263 240,433 553,521 202.821 391,500 31,853
Profermi dividends Include regular dividends of 3% each paid Feb. and
satisfactory. During the year there were redeemed and canceled $25,000
Aug., amounting to $202,821 yearly and in 1915-16 a reserve for 1% extra
notes of rho Pittsburgh Steel Ore Co. Issued Feb. 1 1915.
Aug. 1916, calling for $33,804. In 1915-16 in ad,tition to the regular pryDividends.
-Dividends on the preferred stock of the company were, resumed on Sept. 1 1915 and regular quarterly payments have been made nicest of 5% on ordinary stock ($391,500) the company paid in Juno 1916
throughout the year. In addition theteto, the accumulated dividends on an extra dividend of 2%. calling for 3156,600.-V. 102, p. 1086, 1539.
the preferred stock, amounting to 7%, were paid during the year, namely
-Earnings.
-For year ending June 30:
Ann Arbor RR.
,
33 % on Dec. 22 1915 and 335% on Jan. 31 1916. (V. 102. P. 349.)
,
6
Other
Net (after
Gross
Total
• Balance,
Payment of dividends at the rate of 8% per annum on the common stock Fiscal
Income. Deductions,
Taxes).
Earnings.
YearSurplus.
of the company was also resumed, the first quarterly,payment having been
$693,622
434,926
$300,060
1915-16_ -42,684.309
$428,489
made on April 11916. (V. 102, p. 1254.)
34,292
520,123
100,757
2,310,902
_
453,658
-V. 103,-- 1031, 937.
1914-15- p.
INCOME ACCOUNT YEARS ENDING JUNE 30.
GENERAL INVESTMENT NEWS
1915-16.
1914-15.
1913-14.
1912-13.
Gross saws (x net sales)
.521.848,038 $11.649,864 $11,024,694x$11,654.888
Mfg., &c., cost (including replacements, &c.) 15,608,867
9,429,709
9,311,396
9,327,806
Provision for deprec'n_500,000
Gross profit on opers_ $5,739,169
Selling exp.. taxes, &c_l 1,194,260
Interest charges (net)
.J
Balance
Other income
$4,544,909
19,158
Net profits all sources 51,564.067
Pref. dividends_ _ _(14%)$1,470,000
Common dividends_ - _(4) 280.000
Balance, sur. or def_sur.2.814,067 sur.$858,160 def.$458,449def.$101,330
-Earnings.
• Aurora Elgin & Chicago RR.
Other
Net, after
Gross
Interest, Prof. Divs.
Balance,
June 30
Taxes. Income. Deprec. &c. (6%)•
Years- Earnings.
1915-16_31,950,510 $651,003 $257 5489.210
s A lif 1) g
'
ti2, e
i
443,438 $186,000 def. 19,557
608,790 1,091
1914-15- 1,968,137
$2,220,155 $1,713,298 $2,327.082 -V. 102, p. 1895.
1,373,640 151,168,299 $1,186.339
-Definitive Bonds Ready.
Baltimore & Ohio RR.
1
201,720
31,995
'fire Girard Trust Co., Phila., as trustee, will be prepared oil Oct. 10 to
deliver definitive 49. % certificates of Equipment Trust of 1916 at its
$846,515
$343,279 $1,108,748
Phila., on surrender of Its
73.272
11.645
84,922 office, Broad and Chestnut Sts., at the office of tile B. & interim certificates. Exchange will also be made
0. RR. 2 Wall
St. Holders aro asked to file their request for N. Y. delivery prior to
$858.160
$416.551 $1,193,670
(7)5735,000 (7)3735,000 Oct. 7 1916.-V.'103. p. 406. 238.
(2)140,000 (8)560.000
-Oct. .1 Interest Defaulted.
Boston & Maine RR.
-This
company, as a result of the receivership, has failed to pay
OCT. 7 1916.1
130 I
TnE CHRONICLE
the interest due Oct. 1 on the $11,700,000 outstanding 43%
debenture bonds, due 1929. See V. 88, p. 157; V. 103, p.
1031, 937.
Results for Fiscal Years.
June 30 Years- 1915-16.
-I915-16. 1914-15.
June 39 Years
Gross earnings-352.075,427 $46,673,049 Gross income- __$15,059,293
Net,after taxes 13,888,577 8,779,110 Int., rents, &c__ 10,993,002
stir 4,065,691
Other income_ 1,170,715 1,201,474 Balance
-V.103, p, 117. 1031.
1914-15.
$9,983,584
10,318,046
def334,462
-Dividend Reduction
California Railway & Power Co.
-This company has declared a dividend of
Financial Plan.
1% on its $2,800,000 Prior Preference stock, payable Oct. 2
to stockholders of record Sept. 20. The last regular quarterly
0
dividend was 1%7 July 1.
•
all earnings in excess of this amount. To insure that this policy will be
carried out, the directors voted that the certificate of incorporation be
amended to conform with the following resolutions, viz.:
(a) Until such time as there has been invested in the property of
Cities Service Co. or its subsidiaries, from the earnings of the company, a sum equal to the entire par value of the pref. stock then outstanding, there shall be no dividends paid in cash on the common
stock in excess of 6% per annum, unless the company shall for a
period of six months have purchased and retired all pref. stock that
can be purchased in the open market at 110% of par or less: and
(5) Until the foregoing has been complied with, no surplus, or
portion of surplus, created by an increase due to the re-valuation of
assets already carried on the books, may be used as a basis for the
distribution of cash dividends on the common stock.
The present twelve months' earnings of the properties now controlled by
the company are sufficient to pay 6% in cash on both classes of stock and
leave earnings in excess of $6,000,000 to ho put back into the property.
Had all of these properties been owned by Cities Service Co. for the full
twelve months, the following statement will show the amount which would
have accrued for the period ending Aug. 31 1916:
$10,982,255 I Preferred dividends
$3.347,464
Gross earnings
10,732,25516% dividend on common_ 1,299,068
Net earnings
Digest of Official Statement Dated Oct. 2.
While United Railroads of San Francisco has hitherto punctually paid
the interest upon its notes held by this company, it is apparent, in view of
36,085.723
Surplus for 12 months on aforesaid basis
the prospective reorganization of United Railroads of San Francisco (see
On aforesaid basis the dividend on the pref. stock during the 12 months'
that company below) that it is unlikely that United Railroads will be able
make remittances during the period of such reorganization. Notwith- period was earned 3.4 times over.
to
standing this, your board decided as the company had the money on hand
Subsidiary Company Bonds Offered.
with which to pay the above dividend, in connection with which your
-V.103, p. 1117, 1031.
See St. Joseph Ry., Lt., Ht.& Power Co. below.
attention is called to the fact that the dividends upon your stock are
cumulative, to cause it to be paid and cause you to be advised of the above
-Earnings.
Detroit Toledo & Ironton RR.
facts in regard to United Railroads.
Other lot..Rents,
Net
Balance
Gross
The affairs of Sierra & San Francisco Power Co., ail of whose stock this June 30
Earnings. Earnings. Income. Taxes,&c. Sur. or ef.
YearYearcompany owns, are showing a gratifying improvement. Its executive
$2,212,266 $601,172 $35,595 $308,830 sur.$327,937
officer has advised us that "it is gratifying to report that the interest cou- 1915-16
136,136
45,981
1.767,580
314,251 def. 132,134
pon on the second mortgage Series B bonds, matured July 1 1916, was paid 1914-15
In cash and that for the first time in the history of the company it closed -V. 103, p. 60.
its fiscal year with a not surplus, after providing for operating expenses,
Elgin Joliet & Eastern Ry.-Income Statement.
taxes, depreciation and interest on all classes of outstanding bonds for the
Other
Interest,
Net, after
Gross
Divs.
Balance,
June 30
entire year."
Income. Rents, &c. (4%). Surplus.
Taxes.
Ycar- Earnings.
Income Statement.
1915-16_ _$13,353,457 $5,274,426 8184,644 $4,122,676 $400,000 $036,394
Total
Pri9r Pref.
Total
1914-15_
8,541.355 2.813,320 131,600 1,823,160 400,000 721,760
Previous
Total
Net
June 30
Income. Inc,mie. Surplus. for Divs. Divs.(7%). Surplus. -V. 101, p. 1267.
Years$203,328 $166,947 $43,633 $210,014 $196,000 $14,014
1915-16
43,633
Flint & Pere Marquette RR.-Commitee.--199,500
243.133
141,268
1914-15
127.196 115,937
See Pere Marquette BR. below.
-V. 69, p. 1345.
-V. 101, p. 1461.
Cape May Delaware Bay & Sewall's Pt. Ry.-Receiver.-
.
Vice-Chao, lior I earning in the New Jersey court at Camden on Sept. 28
House
appointed Alfred M. Uooper of Cape May Court N. J. as receiver, for
-V . 04, p. 982.
the property operating a trolley line at Cape May,
Florida Zast Coast Ry.(Flagler System).
-Earnings.
June 30
Gross
Years- Earns.
Net
Earns.
Water
Line.
Int. on
Inc. bonds.
Int.,
Balance,
Taxes, &c. burp.
-Annual Report-Position 1915-16_6,374,933 2,645.265 Cr.560,631 (5)1,250,003 1,076,00S 882.889
Chicago Great Western RR.
191_4-15_ _5,392,782 2,054,946 Cr. 40,000 (4)1,000,000 881.627 213.319
-The company's annual report for the late fiscal -V. 103, p. 1032.
of Bonds.
at much length on other pages of this issue of the • Grand Trunk Ry.-Not Officially Advised as to Declarayear is cited
"Chronicle," disclosing a surplus from the operations of the tion of Dividend.
year amounting to $1,763,994, after deducting all fixed
A telegram from the company's oflice in Montreal, received in New York
! on Sept. 30, says: "neferrin; to your letter, we have not as yet been off:
charges.
daily advised by our London office regarding dividends on stock."
In view of this showing, President S. M. Felton calls V. 163, p. 1118, 938.
attention to the very low price at which the company's bonds 1 Illinois Central RR.
-Proposed Terminus.
are selling compared with others of similar class. It hardly
Tentative plans for the construction of a new terminal station at Chicago
reasonable, he says, that the first mortgage bonds of a were submitted to the Chicago City Council on Sept. 20. The plans provide
seems
building to accomodate the traffic of not only the Illinois Cent. RR..
at but $25,000 a mile and for aalso for all other lines not using the Union Station and the Chicago
first-class road, which is
but
earning three times their interest charges, should be selling Northwestern station.
The construction will provide for an entrance for trains on three levels,
below 70.-V. 103, p. 1117.
and the electrification of suburban traffic. The cost of the improvement
nalae
nc
Chicago Lake Shore & Eastern Ry.-Income Statement. Is set at upwards of $20.000.000. the late fiscal year on a
See report of the
page.
for
Dividends
Other Interest,
Inc. lease
June 30
Paid.
sur. or def.
Income. Taxes, &c.
of road.
Years1915-16 ___ _32,284,639 $173,583 $426,985 (10%)3900,000 sur.$1,131,237
462,081 165,870 419,581 (15%)1,350,000 def. 1,141,630
1914-15
Divs. as above are deducted by the co. from profit and loss acct. but
-V. 101, p. 1265.
shown hero for comparative purposes.
Chicago Rock Island & Pacific Ry.-Protective Commit-In connection with the filing of a bill of foreclosure by
lees.
the holders of the $111,140,000 outstanding First & Refunding Mtge.4% bonds, the following branch line security holders committees have been formed:
(1) For the St. Paul & Kansas City Short Line RR. First Mtge. 4M %
gold bonds ($12,400.790 outstanding): Eugene Meyer Jr., Horace E.
Andrews and Willis D. Wood.
(2) For the Rock Island Arkansas & Louisiana RR. First Mtge. 4%%
gold bonds ($12,965,000 outstanding): Henry Ruhlender, Andrew J. Miller
and Timothy S. Williams.
-V. 103, p. 4031.
Alfred A. Cook will act as counsel for both committees.
Chicago Terre Haute & Southeastern Ry.-Earnings.
1915-16.
1914-15. June 30 Years.
June 30 Years. 1915-16.
Gross earnings$2,528,047 $2,186,268 Gross income_ _ _ _5899,112
Net, at. taxes $581,074 $438,945 Fixed charges_ _ _ _$684,781
Other income_ $318,038 $265,593 Balance, surplus_$214,331
-V. 101, p. 1185.
1914-15
$704,538
$684,385
$20,153
Chicago Utilities Co.---Suit re Telephone Sale.
The Chicago Tunnel co., owning tho Automatic Telephone Co. system
in Chicago, on Sept. 29 filed suit in the Illinois Circuit Court for $8,000,000
against the American Telephone & Telegraph Co., charging breach of contract in the matter of the failure of the American Co. to complete the
purchase of the Automatic system.. See V. 103, p. 1121. 758.
Cincinnati Findlay & Fort Wayne Ry. "Adjustments"
-The holders of over 85% of
Approved-Further Deposits.
the 1st M.4% gold bonds have, it is announced, "approved
of the adjustments" made by the bondholders' committee
in behalf of depositors under protective agreement dated
Dec. 17 1914.
Holders of undeposited bonds to participate must deposit their bonds
with Bankers Trust Co.. depositary, on or before Oct. 14 1916. The
nature of the "adjustments" is not divulged, but they are presumably part
of a plan for disposing of the bonds for cash or securities or both, on some
basis, to an existing company, possibly: the B.& 0., as part of the C. H.&
V. readjustirent (V. 102, p. 1059, 1346, 1895). See also V. 103, p. 1210.
Cincinnati Hamilton & Dayton Ry.-Adjustments.-
-1'. 103, p. 665.
See Cincinnati Findlay & Fort Wayne Ry. above.
company
-Nr. 102, P. 1896, 1346.
previous
Illinois Traction Co.
-Sub, Co. Bonds.
This company has applied to the Illinois P. U. Commission to authorize
the St. Louis Springfield & Peoria RR., a controlled property, to issue
$392,000 First and Refunding bonds.
-V. 103. p. 406, 145.
-Notes Paid.
Interborough Consolidated Corp.
The issue of $2.500,000 10-year 5% notes of 1915 were all paid off on
July 11016 and a new loan was made for 9 months for $2,300,000 at 434%.
due April 1 1917.-V. 102, p. 1163.
-Resale.
-A press
Kansas City Mexico & Orient RR.
dispatch yesterday from Kansas City said:
Ualms the purchasers of the road can raise approximately $3,030,003 by
noon, Oct. 9, the former sale of the road will be set aside and a receiver
named to resell the property. This was the announcement of Judge Pollock in U. S. District Court hero at a hearing in which the bondholders of
the original company asked for transfer back to them of about $18,000,000
bonds. The sum of $6,000,C0G was to be paid by Oct. 9 by toe purcaasers
of the railroad after the receivership had been dissolved. Only half of the
-V. 103, p. 320.
amount has been raised, It was announced.
-Annual Earnings.
Lehigh & New England RR.
Net, after Other Interest, Dividends Balance,
Gross
June 30
Paid.
Surplus.
Taxes. Income. Bents.&c.
Years- Earnings.
(
1915-16 - _ _$3,278,968 $1,432,377 $41,161 $533,830 11)$660,000 $279,708
1914-15 -- 2,646,662 1,098,737 61,298 -467,089 (8)480,000 212,947
-V.102, p. 1060, 976.
Louisville Henderson & St. Louis Ry:-Earnings.1915-16. 1914-15.
1914-15. June 30 Years,
June 30 Years. 1915-16.
'
Gross earnings$1.617,2-14 31,397,190 Gross income_ _ _ _$448,059 $276,899
Net, aft. taxes $439,308 $270,460 I Fixed charges_ __ _$268,238 $245,654
Other income_
36,439 Balance, surplus_$179,821 $31,245
58,751
-V. 101, p. 1459.
-Ann.Report-New Director.
Louisville & Nashville RR.
The comparative "Income Account" will be found on a preceding page.
Lyman Delano of Wilmington, N. C., has been chosen a director to fill
an existing vacancy.
The comparative "Balance Sheet" for 2 years, together with the remarks
of President M. H. Smith and Chairman H. Walters, will be published next
week.
-V. 103, p. 666.
-Earnings.
Massachusetts Electric Companies.
Preferred Balance,
Total • Interest,
Divs. on Misc.
June 30
Dividends. Deficit.
&c.
Income. Income.
Yearstocks.
$.844
1915-16......$108,831 $54,923 $163.754 $164,599
198,584 (2)$484.128 87,262
595,449
82,381
513,068
1914-15
-V. 101, p. 2068.
-Earnings for June 30 Years
Mississippi Central 1:M.
-Sale of New Pref. Stock-DiviCities Service Co., N. Y.
Balance,
Sinking
Other
-Montgomery, Clothier & Tyler, J. & W. Selig- June 30 Gross Net, after Income. Bond Fund. Divs. sur. or def.
dend Policy.
(2%).
Int.
Years- Earns. Taxes.
man & Co., Kissel, Kinnicutt & Co. and Henry L. Doherty 1915-16_3812,696 $269,851 $84.207 $205,000 849,200 $78,715 sur.$21,143
1914-15_ 771,427 2-10,615 78,564 205,000 49,200 78,660 def. 13,661
& Co., have purchased the 1.:,000,000 6% cumulative pref. -V. 101, p. 1803.
stock, sale of which was authorized by the directors Thursday,
Nashville Chattanooga & St. Louis Ry.-Additional
to provide for the purchase of the capital stock of the Crew
-The company has just sold $1,000,000 First ConLevick Co. A public offering is expected next week.
Bonds.
Digest of Official Statement. Dated Oct. 6.
solidated Mtge. 5% gold bonds in lieu of that amount of
At a special meeting held Thursday. Oct. 5, the board of directors authmatured July 1 1913, thus
orized the issuance of $8,000,000 of prof. stock and $118,800 of common First Mtge. 7% bonds, which
stock, for the purchase of the capital stock of Crew Levick Co.(V. 103, n. increasing the amount of the First Consolidated Mtge. issue
Ponca (Okla.) Refining Co., Cushing (Okla.) Refining Co., and the to $10,108,000 as of Oct. 2 1916.
1117),
Producers' Refining Co., Gainesville, Tex. Those properties will be
subject to a bonded debt of approximately $5,500,000.
The policy of Cities Service Co., from its organization, has been to pay
no cash dividends on the common stock in excess of 6%, but to re-invest
White, Weld & Co., N. Y., have purchased and re-sold $700,000 of this
issue, the remainder being hold for company funds. The offering price
-V. 103, p. 239.
was on a 4.20% basis.
1302
THE CHRONICLE
[VOL. 103
Nevada-California-Oregon Ry.-Earnings-Purchase.- upon the completion of this financing. Population served is estimated at
June 30
Gross
Net (after
Other
Bond
Sinking
Balance, 89.000.
Capitalization (Including Present Issue)Year- Earnings. Taxes,&c.). Income. Int., ctc. Fund.
Authorized. Outstanding.
Deficit.
1915-16
$369,221
$49,840 $2,036 $63,835 $13,640 $25,599 First Mortgage 5s, 1937
$5,000,000 $5,000,06
1914-15
377,749 def11,425
15,000.000
2,579
13.795
59,776
826,000
82,417 First & Refunding 5s, 1946 (present issue)
This company has applied to the Calif. RR. Commission for authority 5% cumulative preferred stock
2,500,000
1,560,000
to purchase the entire property, &c., of the Sierra & Mohawk Ry., whose Common stock
3,500,000
3,500,000
Security.
-'A first lien on the interurban electric line between St. Joseph
entire $250,000 capital stock it owns.
-V. 102, D. 1626.
and Savannah, Mo., and a general lien on the remainder of the property,
to $5,000,000 First
New Orleans Ft. Jackson & Grand Isle RR.
-Sold.
- subject only an equal amount is Mtge. 5s (closed issue), due in 1937, to
retire which
reserved. Additional bonds can be issued
A syndicate, consisting of Bernard McCloskey, Hugh McCloskey, Frank only for
B. Hayne, 0. E. Algyer, C. P. Ellis, Lee Benoist, T. G. Bush and Genere ings are 85% of the cost of additions, extensions, &c., when the net earn1% times
Dufour, of New Orleans, on Sept. 27 purchased this property at receiver's Issued, or for 85% the total annual interest charges, including bonds to be
sale for $175,300. Development of the line, It is understood, will com- sinking fund. Theof First Mtge. bonds retired, through the supplemental
physical value leaves a large equity above the amount
mence shortly.
-V. 103, p. 939.
of all outstanding bonds.
Property.
-Includes (a) Light and Power Dept.
New York New Haven & Hartford RR.
-New Bonds.
- ing plant of 7,600 k. w. capacity and 843 miles-A modern steam generatof primary and distributing
The shareholders on Oct. 25 will vote on authorizing an issue lines; an additional 5,000 k. w. turbine will be installed within the next
year. (b)
-48
of'$700,000 7
-year 5% gold debentures, payable $100,000 cars, with Street Railway Dept.cars miles of trackage in city lines, 90 motor
36 additional trail
available; nearly all lines are double-'
annually, containing an agreement that if any additional tracked. (c) Steam Heating Dept.
-Boilers have a capacity of 5,520 b. h. p.
by light
mortgage be placed upon the property these debentures will the steam is usedsteam byand power department to generate electric current
and the exhaust
the steam-heating department; 3 miles
be equally secured thereby. The proceeds from the sale of are now in service. (d) St. Joseph & Sarannah Interurban Line. of mains
-Connects
these debentures is to be used for the construction of a new St. Joseph and Savannah, 11% miles.
Statistics1915.
terminal passenger station and appurtenances at New Haven, Number of electric meters 1915. Pass. carried on car
10,337
lines _19,770,427
Sales of electricity. k.w.h_10,612.186 Steam-heating customers..
Conn. Compare V. 103, p. 1210, 1119.
226
Franchises
.-For electric service, unlimited in point of time; also several
Northern Ohio Traction & Light Co.
-Deposits.
- street railway franchises, the most important also unlimited in point of time.
Sinking Fund.
-1% of bonds outstanding,
Announcement was made on Sept. 29 that 85,500 shares of bonds of this issue at 1023 % of First Mtge.for purchase or redemption of
bonds
common stock had been deposited with the Citizens' Savings 2% for construction, additions or improvements. at 105%; or optionally
While any First Mtge.
bonds are outstanding,
company must pay,
a supplemental sinking
leveland, under the plan for sale of control, fund, an additional I% thethe amount of bonds as that
& Trust
of
of
issue outstanding,
being 95%
Co.,Of the total outstanding common shares, which to be applied as above set forth, or may expend in construction 1% of the
was required. Holders of certificates evidencing deposit are amount of the bonds outstanding.
Combined Earnings for the Year ending June 30 1916.
notified to present them to the Citizens' Savings & Trust Co. Gross earnings
$1,371,8821 Less interest on outstandNet, after taxes
and receive the first payment of 3%.
612,4911 ing bonds,incl. this issue $291,300
New Stock.
-The shareholders voted on Oct. 2 to increase
the authorized amount of 6% cumulative preferred stock
from $5,000,000, of which $4,600,000 is outstanding, to
$10,000,000.
Hodenpyl, Hardy & Co. of New York and E. W. Clark & Co. of Philadelphia, who have taken over the company, will not make it a part of the
Commonwealth Power, Railway & Light Co., but will handle it under a
separate holding company.
-V. 103, p. 1210, 844.
Northern Pacific Ry.-New Vice-President.
George T. Earl, former Sec. & Asst. Treas., has been elected Third VicePres., and E. A. Gay was appointed Sec. & Asst. Treas. Other retiring
officers were re-elected, but the position of Chairman remains vacant.
V. 103, p. 666, 522.
Paris (Tex.) Transit Co.
-Capital Stock Increased.
-
This company has filed a certificate at Austin increasing its capital stock
from $150,030 to 3160,000.-V. 78. p. 1393.
Pere Marquette RR.
-Separate Committee for Flint &
Pere Marquette 1st M. 6s and 4s.
-The committee named
below has been organized to represent the holders of the
Flint & Pere Marqueett RR. 1st M.6% and 4% bonds due 1920
($5,000,000 outstanding) (or Old Colony Trust Co. certificates of deposit therefor), and will shortly call for deposits
with the Title Guaranty & Trust Co. of N. Y. as depositary.
An advertisement on another page says in part:
After various conferences it has seemed to the undersigned necessary to
form a committee to represent solely holders of the above described bonds
and for the purpose of obtaining the full value of their mortgage security.
We have accordingly organized as such a committee. It is our opinion
that in the reorganization the said First Mortgage bonds should either
(a) be left undisturbed-with the three years past due interest thereon
paid in cash,
(b) be paid off at par and interest in cash,
(c) be given in exchange securities of the reorganized company which
shall have an assured cash value equivalent to not less than principal and
accrued interest of present bonds.
We shall endeavor at an early date to obtain payment
-out of the net
earnings of the railroad during the past three years
-of past due interest
upon the bonds which we represent.
Committee.
-Edward H. Ladd Jr., Chairman, of Ladd & Wood; George
E. Ide, Pres. the Home Life Insurance Co.; John M. Holcombe. Pres.
Phoenix Mutual Life Insurance Co.; Frederick H. Shipman, Treas. New
York Life Insurance Co., and George S. Coe of A. M. Kidder & Co., with
Wood. Cooke &Seitz as counsel, 63 Wall St.; Huntington Lanman as Secretary, 7 Wall St., and Title Guarantee & Trust Co., depositary, 176
Broadway, N. Y.
-V. 103, p. 939, 844.
Pittsburgh Railways Co.
-Fares.
In a decision handed down by the Pennsylvania P. S. Commission on
Sept. 28 the 10-cent night fare was declared abolished and the company
ordered to refund all excess fare to holders of slips showing additional tares
paid. The Commis,sion held that the company's methods used in establishing the schedule constituted a violation of law. The company on
Sept. 29 filed an appeal in the State Superior Court.
-V. 102, p. 1988.
Rapid Transit in New York.
-Contracts, &c.
-
Balance
3321.192
Territory Served.
-Is noted for its packing interests, jobbing houses,,
railroad facilities and banking institutions. It is also the centre of a rich
agricultural district. The deposits of the 16 banks aggregate $25,000,000
and the clearings for 1915 amounted to $384,976,736.-V. 103, p. 939, 845.
St. Louis Springfield & Peoria RR.
-Bonds.
-
See Illinois Traction Co. above.
-V. 102, p.68.
St. Paul & Kansas City Short Line RR.
-Committee.
-
See Chicago Rock Island & Pacific By. above.
-V. 94, p. 1058.
Sheboygan Electric Co.-Pref. Stock Offered.
-Paine,
Webber & Co., Boston, Chicago and New York, having sold
the greater part of the issue, are offering the unsold portion
at par and dividends of the outstanding $350,000 7% cumulative pref. stock. A circular shows:
Preferred as to assets and dividends. Divs. Q.
-J. Authorized and
Issued with the approval of the Wisconsin RR. Comm.
Organization.
-The company, formerly the Sheboygan By. & Elec. Co.,
was organized in Wisc. In 1895. Owns and operates the electric light and
power and street railway properties in Sheboygan, Wisc., and the interurban line from Sheboygan to Elkhart Lake, with the exception of the eight
miles from Plymouth to Elkhart Lake, which is operated under a 25-year
lease. It sells power in Sheboygan Falls, Plymouth and Elkhart Lake.
Poptilation served, 30,000.
Capitalization (as of Aug. 311916)Authorized. Outstanding
Cumulative 7% preferred stock
$1,000,000 $350,000
Common stock
750,000
200,000
First and Refunding 5s (including those reserved
to retire underlying issues)
5,000.000 1,550,000
Property.
-34 miles of city and interurban railway standard gauge trackage, car barns, and roiling stock, including modern semi-convertible type
interurban cars, a 3,500 k. w. steam generating power plant, and the light
and power distribution systems serving Sheboygan and Sheboygan Falls.
The interurban line from Sheboygan to Elkhart Lake by way of Sheboygan
Falls and Plymouth is about 20 miles long and is of standard railway construction, with heavy rock ballast, 70-1b. rail for greater part of distance.
Eight miles of this trackage is leased.
Sheboygan contains 132 manufacturing establishments representing an
Invested capital of more than $21,000,000, with an annual product valued
at over $25,000,000. Manufactured articles include: agricultural ixnplements, brooms, brick and tile, brass ware, furniture, beer, knitted goods,
pianos, shoe leather and wagon and automobile bodies.
Earnings for the Twelve Months ended June 30.
1916.
1915.
1916.
1915.
Gross earnings...$362,611 $322,474 Balance
$87,189
Net, after taxes_ 164,689
126,462 7% pref. div_ _ _ _ 2 1 0
759
4, 0
'8
Interest Charges 77,500
Surplus
$62,689
Franchises and Rates.
-Operates under indeterminateper48 under the
62m1t6
9
supervision of the RR. Commission and is protected against competition.
The rates are approved and controlled by the Commission, and are considered mutually advantageous.
Preferred Stock Restrictions and Provisions.
-No additional preferred stock
shall be issued at lass than par and except for money or property at its true
value. No priority stock shall be issued except by the vote of two thirds
of the preferred stock outstanding.
Except with the approval of the Wisc. RR. Commission, or of the preferred stockholders: (a) no floating debt shall be created in excess of quick
assets of more than 20% of the gross earnings; (b) no additional funded
debt shall be created except under provisions substantially similar to those
of the 1st Ref. mortgage.
No additional preferred stock shall be issued unless earnings are twice
the amount required for dividends on the stock outstanding and to be
issued unless authorized by a majority of preferred stock. The preferred
stockholders may elect a majority of directors when four consecutive quarterly dividends are not earned, or whenever the property is shown to be
Inefficient or depleted.
Management.
-The company will be operated under the management of
Kelsey, Brewer & Co. See Sheboygan Ry. & Elec. Co. V. 103. p• 759.
A connection between the Broadway subway line, at Fulton and Church
Streets, and the concourse of the Hudson Terminal Bldg., has been anproved by the Public Service Commission, following an agreement entered
into between the N. Y. Consol. RR. and the Hudson & Manhattan RR.
The Commission has awarded the contract for the construction of 1-B
of Route 12, a part of the connection between the Brighton Beach Line and
the Fourth Ave. subway, to the Degnon Contracting Co. for $810,265.
This is the last section of the connection between the two lines.
The contract for the installation of the tracks on the Seventh Ave. branch
of the Lexington Ave. line, at $229,440, was awarded to Engel & Ilevenor,
N. Y., was approved by the Commission on Sept. 13 last.
The Commission also awarded a contract to Kaufman & Garcey, N. Y.,
Sierra & Mohawk Ry.-Sale.at $103,680 for installation of tracks on main portion of Culver Line, Bklyn.
See Nevada-California-Oregon By. above.
-V. 99, p. 1367.
The Interborough Rapid Transit Co. on Sept. 11 placed in service the
new connection between the Grand Central subway station, and the QueensTampa & Jacksonville Ry.-Bondholders' Committee.
boro subway, making it possible to transfer between the two lines without
A committee composed of Henry L Cohen, 61 Broadway, Chairman,
going into the street.
-V. 103, p. 1033, 239.
H. A. Smith, Hartford, and Wm. Shillaber Jr., Now York, and Graham
Adams,
Broadway, Secretary, is looking after the interests of the bondRock Island Arkansas & Louisiana RR.
-Committee.
- holders.61There are 3480.000 bonds outstanding. Coupons from and inSee Chicago Rock Island & Pacific Ry. above.
-V.91, p. 1161.
cluding Oct. 1914 are in default.
-V.89, p. 1543.
!.. St. Joseph Ry., Light, Heat & Power Co.
-Bonds
Offered.
-A.B.Conant & Co. Boston, are offering privately,
if, when and as issued, at 94M and interest, yielding about
'
5 8%, $826,000 First & Refunding Mtge. 5% sinking fund
/
gold bonds, dated July 1 1916, due July 1 1946. $1,000c*.
Toledo & Ohio Central Ry.-Decision.-
Justice Greenbaum in the Supreme Court at Now York on Oct. 2 handed
down a decision holding that the company must carry out the terms of its
guaranty of 33,500,000 1st M. 50-year 5% bonds of the Kanawah
& Hocking Coal & Coke Co., issued in 1001, and which were defaulted,
principal and interest. The suit was brought against the company by
Interest J. & J. at New York without deduction for normal Federal in- Daniel E. Pomeroy. Lewis L.Clarke, Walter Buckner and Stacy G. Rich.
come tax. Redeemable on any interest date at 1023i and interest. Trus- mond, holders of 2,387 $1,000 bonds. Soo V. 102, p. 2167.
tees, Bankers Trust Co., N. Y.,and Mississippi Valley Trust Co.,St. Louis.
Union Traction Co., Philadelphia.
-Directors.
Legal investment for Maine savings banks.
James G. Balfour and John C. Gilpin were recently elected directors.
Data from Letter of Pres. Frank W. Frueauff. Aug. 5 1916.
Organization.
-Incorporated in 1895 in Missouri as a consolidation, and succeeding George W. Elkins, who has resigned, and Jacob S. Disston,
-V. 103, p. 1120.
controls without competition the entire electric light and power and central deceased.
heating business, and owns and operates the street railway system in St.
United Railways Investment Co.
Joseph, Mo., and, through a subsidiary, the interurban line between
-Sub. Company Plans.
St.t.Joseph and Savannah. Mo., which line it will own and operate directly,
See United Railroads of San Francisco below.
-V.101,p. 1466, 1460,846.
OCT. 7 19164
THE CHRONICLE
United Railroads of San Francisco.—Earnings and
Balance Sheet.—See "Annual Reports" on a preceding page.
Default.—Official Announcement.—In view of the unsettled conditions surrounding maturing underlying bonds
and reorganization plans, it has been deemed advisable by
the board of directors, pending further progress with the
proposed reorganization, not to pay the interest on the company's[$23,854,000] 4% bonds, due Oct. 11916.
Plan Dated September 22 1916.—The committee named
below has presented a plan (which we summarize below)
and also a statement of earnings and balance sheet (given
under "Annual Reports") and urges the immediate deposit
of the $23,854,000 4% bonds of the United Railroads under
the plan, as necessary to prevent hostile legal proceedings.
The time for deposit, as extended, will expire Oct. 31.
Reorganization Committee.—Frank 13. Anderson. Chairman; William H.
Crocker, Herbert Fleishhacker, I. W. Hellman Jr., and John D. McKee,
with office at 901 Alaska Commercial Bldg., San Francisco, and Pillsbury,
Madison & Sutro of San Francisco, as counsel.
Depositaries.—Union Trust Co., Market St. and Grant Ave., San Francisco, and as its agents, Guaranty Trust Co., 140 Broadway, N. Y. City,
and Equitable Trust Co., 37 Wall St., N. Y. City.
Outline of Plan of Reorganization.
All of the physical properties, franchises, bonds and stoec owned by
United Railroads and all of the physical properties, franchisas and bonds
owned by the San Francisco Electric Railways are to be transferred to the
present Market Street Ry. Co.. which latter company will thereupon become the operating company. In consideration for the transfer, the bondholders of -United Railroads will receive 25% of the face value of their
present bonds in Market St. By. Co.5% bonds and 46% in new 6% cumulative first pref. stock of said co., preferred both as to prin. and income.
The holders of the unsecured notes and stock of United Railroads will
cause to be underwritten by California Railway & Power Co. at 90%, $2,500,000 of serial debentures to be presently issued, and $3,000.000 of
Market Street By. Co. 5% bonds [secured by its $17,500.000 first Consol.
Mortgage of 1894, duo Sept. 1 1924—Ed.) to be taken in 1918 or before
the proceeds to be applied toward payment of the $5,200,000 divisional
bonds to mature in 1916 and 1918. The underwriting agreement will provide that if the company can secure from others a higher price at the time
when the proceeds are needed, then these securities shall be sold at such
higher price, and the benefit thereof be secured to the new company.
Market St. Ry. Co. and its $17,500,000 Mortgage of 1894, Securing Bands
now to be Issued.
The Market St. By. Co. was incorporated Oct. 13 1893, as a consolidation, with a capital stock of $18,750,000, of which $18,617,000 has been
issued and is now owned by the United Railroads of San Francisco. The
entire capital stock of the last named company is owned or controlled by the
California By.& Power Co. As of Juno 7 1902, United Railroads executed
its first general deed of trust to secure an issue of $35,275,000 4% bonds,
due April 11927,of which there are now outstanding $23,854,000, including
$312,000 in the treasury of the company and in sinking funds.
On July 12 1894 the Market St. By.Co.executed a mortgage to
secure an issue of $17,500,000 of 5% first [consolidated) mortgage bonds [dated 1894 and due Sept. 11924. Interest M.& S.
at company's office, San Francisco. Trustee, Union Trust
Co. of San Fran. Sinking fund $160,000 annually beginning
Sept. 1 1918—Ed.I Of these bonds there have been issued (and
are to be left undisturbed under this plan), including $45,000
in treasury of United Railroads
$7,098,000
There have heretofore been canceled
$243,000
Reserved, issuable as to underlying bonds heretofore matured and retired[largely, through sale
of notes of United Railroads—Ed ]
2,050,000
Reserved for underlying bonds outstanding, which,
with the $1,000,000 Sutter St. By. bonds that do
not underlie this mortgage, represent all the outstanding prior bonds of the United RRs. maturing prior to Sept. 1 1924
4,200,000
For purchase of new property,&c
3,909,000
Outstanding Underlying Bonds of United Railroads which mature
$5,200,000
prior to Sept. 1 1924 (when Market Street Ry. 6s 'nature).
Market St. Cable By. Co.6s, payable as extended Oct. 15 1016..$1,800,000
Ferries & Cliff House By.Co., payable as extended Dec.31 1916.. 400,000
Omnibus Cable Co., payable April 2 1918
2,000,000
Sutter St. Ry. Co., payable May 1 1918
1.000,000
maturing bonds cannot be paid by the sale of the unissued Market
These
St. By. Co. 5% bonds as they now stand, nor by the sale of United Railroads 4% bonds, because of the unsaleability of these securities under
present conditions at satisfactory prices. New marketable bonds cannot
be issued on the security of the property because the lien of the United
Railroads 4% bonds covers all of the property of that company no* owned
or hereafter acquired; and no bond junior to the 4s could be marketed.
This plan of reorganization contemplates provision for the payment of
$5,200,000 of underlying bonds maturing before the maturity of Market
St. 5s on Sept. 1 1924. Unless such reorganization is brought about a
general foreclosure of all of the mortgages and a receivership seem inevitable.
New Stock and Bonds to be Issued by Market St. Ry. Co.
The capital stock of the Market St. By. Co., all now owned by United
ERs., will be increased to 329,000,000 and will be reclassified as below shown
and the company will also issue is debenture bonds and additional bonds
under its aforesaid mortgage of 1894 as follows:
First Preferred Stock in shares of par value of $100, bearing 6%
cumulative dividends. Preferred over all other shares as to
dividends, and in case of dissolution, with respect also to the
assets, after Its bonds are paid in full
$11,000,000
Second Preferred Stock,6% cumulative, in shares of $100 each.
Preferred over the common stock as to all dividends, and in
case of dissolution, also as to assets. Total issue
5,500,000
Common Stock, divided into 125,000 sh. of par val. of $100 each.. 12,500,000
Serial 6% Debentures to mature in installments on or before
July 11924. Total issue
2,500,000
Additional 5% Consol. Mortgage Bonds of the $17,500,000 issue
of 1894, duo 1924—
(a) To be underwritten forthwith at 90 and to be issued when
necessary toward the payment of the underlying bonds to
mature in 1916 and 1918
300i00()
(b) To be issued forthwith with all of the proposed first preferred, second preferred and common stock of the Market
St. By. Co. in consideration for the transfer of the properties of the United Railroads to the Market St. By. Co., and
for other considerations
6,000,000
As part consideration for the securities mentioned under (c) above, there
will be obtained the release of the United Railroads from the obligations
of the 7% notes, 6% notes and 5% notes, aggregating $3,665,000, to the
end that the Market St. By. Co. may not, in any contingency, be liable
on account thereof, and at the same time, there shall be surrendered:
$901,386
Notes of the Railroads & Power Development Co., aggregating_
Debentures of the United Rys. Invest. Co., aggregating
790.000
The 36,000,0005% bonds and all ofthe $11,000,000 first pref.stock of the
Market St. By. Co. will be delivered to the holders of the United Railroads
4% bonds, on the basis above stated. All of the $5,500,000 2nd pref. stock
and all of the $12,500,00C common stock of Market St. Ry. Co. and the
notes of Railroads & Power DtrclopMent CO. and United Railways Investment
Co. will be delivered to the noteholders and stockholders of the United
Railroads (a) for thel cancellation of the aforesaid $3,665.000 notes;
(b) in satisfaction of the equities in and claims against the properties now
held by the holders of the entire capital stock of the United RRs., viz.:
(1) the $5,000,000 first pref. stock and for $962,500 accrued dividends;
(2) the $20,000,000 pref. stock and $8.200,000 accrued dividends thereon;
(3) the $17,948,000 common stock.
In the event foreclosure proceedings should become necessary for the
consummation of this plan, the Market St. By. Co. will pay all costs, &c.,
connected therewith, or which may become necessary to carry out the
plan of reorganization.
1303
Voting Trust.—All of the common stock of the Market St. Ry. Co. shal
be held in trust until the payment of that company's 5% bonds due Sept. 1
1924, and shall be voted in all matters relating to the election and removal
of directors pro rata as the first pref. stock and the second pref. stock
shall be voted so that under said trust 125-165ths of each share of the common shall be voted as each share of the first pref. stock and second pref.
stock shall be voyed respectively.
This trust to terminate, however, should the company fail to pay the
annual installmentsof the serial debentures or on default in respect of the
interest thereof, and also if and when the holders of two-thirds in amount
of the first pref. stock, together with the holders of two-thirds in amount
of the second pref. stock shall elect to terminate such trust.
Result.—The readjustment will accomplish the extinguishment of $44,
330,100 (net) of bonds, notes, stock and accumulated dividends viz:
Present.
Under Plan (on or before May 1 1918)
Market St. By. Comet. 5s_ 37,098,000
To remain undisturbed
87,098,000
United RRs. 4% bonds
23,854,000} I Market St.Ry. consols (25%). 6,000,000
(Percentage for each $1,000 bond)
1 First pref. stock (46%)__ _11,000,000
Market St. Cable Rys. 6s
1.800,000
Omnibus Cable Co. Os
2,000,000 [Market St.Ry.consol. 5%.- 3 000.
.
000
Ferries & Cliff House 6s
400,000 1 6% debentures
2,500,000
Sutter St. By. Co. 68
1,000,000
7% notes of'12,due Jan.1 '13 1,925,0001
6% income notes
740,000
5% 10-yr. notes, due Feb.1 '16 1.000,000
First pref. stook
5,000,0001 'Second pref. stock
5,500,000
do accumulated dividends_ 962,5001 1Common stock
12,500,000
Second pref. stock
20,000,0001
do accumulated dividends_ 8,200,0001
Common stock
17,948,6001
891.928,100
Total
$47,598,000
Advisability of Plan.
believes that the foregoing plan is advantageous to the
The Committee
holders of the Market St. Ry. Co. 5% bonds as it takes care of $4.200,000
of bonds underlying that issue, and adds to the security of those bonds the
properties of the San Francisco & San Mateo Electric By., Sutter St. Ry.
Co., Sutro RR. Co.. San Francisco Electric Rys. and other property.
The $9,000,000 of 'Market St. By. Co. 5% bonds to be issued include all
bonds exchanged for underlying bonds (canceled and to be canceled).
Besides taking care of the $4,200,000 of underlying bonds mentioned,
and the S1.000,000 of Sutter St. bonds, which underlie the United Railroads, it gives to the latter's bondholders new securities aggregating at
face value 71% of the face value of their present bonds, which are to-day
selling on the market at 33% of their face value. The new securities will
entitle the bondholders to the same income they now receive, and will have
to be paid in full before the stockholders below them receive anything in
the way of principal.
In the opinion of the committee these bondholders can well afford to let
the equities behind 71% of the face value of their present bonds go to the
present noteholders and stockholders in consideration of the latter financing
the underlying bonds as proposed in the plan and surrendering all of their
notes and also their claims to an interest in the property or to any equitable
consideration which they might assert in the event of foreclosure proceedings on account of the fact that in 1905, at the time of the disaster, they
paid in $5,000,000 in cash for the rehabilitation of the property, and because in Dec. 1912 they loaned the company $1,550,000 for the particular
purpose of paying $1.200.000 of the 53,000.000 Market St. Cable Ry.6%
bonds and 5350,000 Park & Cliff House By. Co. bonds which matured
Jan. 1 1913.—V. 103, p. 1211, 580.
Total
West End Street Ry. Boston.—New Stock.—
This company has petitioned the Mass. P. S. Commission for the right
to issue 12,000 shares 15600,000 par value) of common stock, the proceeds
to be used to reimburse the Boston Elevated By. for improvements, &c.
Shareholders have authorized 4,300 shares and the balance will be authorized on Nov. 28 at the annual meeting. The company at present has
outstanding $13,445,150 common stock, par $50.—V. 103, p. 321.
INDUSTRIAL AND MISCELLANEOUS.
Algoma Steel Corporation, Ltd.—Status.—
See Lake Superior Corporation below.—V. 103. P. 845.
Allis-Chalmers Manufacturing Co.—Sales Billed, &c.-
1016—
Sales Billed. Net Profit
Sales Billed. Net Profit
1916—
April
$1,434,779 $291,486 July
$1,291.694 $163,567
May
1,733,015
327,912 August
1,311,9C3
142,405
June
1,938,336
331,363
Unfilled orders on hand Aug. 31 1916, $11,639,750. The decrease in
not profits was due to machinists' strike, effective July 18 and declared off
Sept. 26.—V. 102. p. 2078, 1724.
American Cyanamid Co.—Purchase.—Sperling & Co.,
London, in a circular dated Sept. 21, say in substance:
The company has exercised its option for tne purchase of all of the
capital stock of the Ammo-Phos Corporation. The Ammo-Phos Corp. has
under construction an extensive plant at Warners, N. J., on the Arthur
Kill, part of the deep-water harbor of N. Y. City, and it owns all of the
capital stock of the Amalgamated Phosphate Co. the property of which is
at Chicora, Fla., and contains in excess of 20,000%000 tons ot _pebble phosphate rock. It is believed to be the finest property in natural characteristics and equipment and the most cheaply operated in the U. S. The company has thus added to its assets millions in additional property and has
Issued therefor $4,618,800 of its pref. stock and $4,014,000 of its common
stock, making the total present outstanding prof. stock $7.895,100, and
common stock $6.514,000. Compare Annual Report in V. 103, p. 842.
American International Corporation.—To Construct
1 1100 Miles of Railway in China.—This corporation and the
Siems-Carey Railway & Canal Co., wned jointly by the
American International Corp. and Messrs. Siems and Carey,
on Sept. 30 signed with the Chinese Government a contract
for the building of Chinese Government railways, the construction of which would be financed by Chinese Government bonds to be issued through the American International
Corporation. An authoritative statement says:
The lines to be constructed have not yet been decided upon, but will be
located by an American chief engineer, to be appointed by the Chinese
Government on the recommendation of the American International Corp.
The contract provides for the construction of 1,100 miles of road between
points to be agreed upon after investigation. When the line to be first
constructed has been agreed upon, the road will be built by the contractors
on a percentage basis.
The American chief engineer, in addition to surveying and locating the
lines, will, on behalf of the Chinese Government,superintend the construction which will be undertaken by the Slems-Carey Railway & Canal Co.
This engineer will later act as chief engineer of the railroad. The Chinese
Government agreed further to appoint an American auditor who shall act
during construction and operation, as well as an American traffic manager.
The contract mentions certain points between which the Chinese Government desires lines to be constructed. It is provided, however, that if the
construction of these lines is, after investigation, deemed to be inadvisable,
the Government and the corporation shall agree upon other lines to e
constructed to make up the total mileage agreed upon.
The American International Corp. has already advanced $500,000 to the
Chinese Government to be utilized in investigation, survey and location of
lines and other preliminary expenses. After the Chinese Government and
the corporation have agreed upon a lino to be constructed, estimates will be
prepared of the cost of such construction, and arrangements made for the
necessary financing. It is anticipated that probably something over a
year will elapse before the lines have been located and estimates prepared.
Until this preliminary work has been done it will be impossible to state
either the amount or the character of the securities to be issued, or the
terms or conditions of their issue.
The Chinese Government and the American International Corp., in
selecting lines for construction, will take pains to avoid interfering with any
agreements covering railway construction which have been entered into
THE CHRONICLE
1304
by the Chinese Government with the various foreign governments or banking groups. At the present time there are only about 6,000 miles of railroad in China. While a number of roads have been contemplated, they
are more or less covered by agreements of the character referred to. The
roads already built have been found to be extremely profitable. China
has been sadly lacking in transportation facilities, and wherever these have
been improved, immediate increases in business have resulted. There are
at present numerous lines which are desired, and whose operation it is
believed would be at once profitable.
The present agreement is the outcome of negotiations carried on by
W. P. Carey, on behalf cf Stems & Carey, the well-known railway contractors of St. Paul. On May 17 last he signed a preliminary agreement with
the Chinese Government for the construction of railroads in China, provision being made for financing such construction of railroads by the Issue of
Government securities as construction progresses. Mr. Carey returned to
New York in Juno and submitted this contract to the American International Corporation. About the same time preliminary contracts for
dredging the Grand Canal were concluded, and the American International
Corporation, together with Siems & Carey, organized the Stems-Carey
Railway & Canal Co. to undertake the construction of the railroads and the
dredging of the Grand Canal. Final agreements for the dredging of the
Grand Canal are now under negotiation. George A. Kyle has been engaged
as engineer in charge of location and construction. Mr. Kyle was associated
with John Hays Hammond in the Rand, in South Africa, and in Alaska
he has built over 600 miles of road.
-V. 103. p. 845, 580.
-Receivership Proceedings.
American Real Estate Co.
Judge Leonard Hand in the U. S. District Court at New York on Oct. 4.
authorized Walter C. Noyes and Alfred E. Marling, receivers, to organize
a corporation with capital stock of $500, to acquire title to real estate of
the company. It is stated that many mortgages about to mature will not
be paid,and it may seem advisable to the receivers to acquire title by private
sale in order to avoid the expense of foreclosure proceedings.
-V. 102,p.2168
(yob.
103
1916 $100,000 additional treasury stock was sold for cash, and on Juno 30
1916 a cash dividend of 5% was declared on $1,500,000 paid-in capital,
and $300,000 of the existing surplus was converted into treasury stock,
and $200.000 additional treasury stock was sold for cash, making the present paid-in capital $2,000,000 (V. 102, p. 69).
Security.
-A first closed mortgage on all the real estate, buildings and
machinery. From Oct. 1 1916 to April 11018 the company will maintain
quick assets in excess of all liabilities (other than this issue) of $1,250,000,
of which 50% shall consist of cash and accounts and no tes receivable in
the company's hand, not discounted, and from April 1 1918 to Oct. 1 1921
the company will maintain said not quick assets of not loss than $250,000
in excess of the total bonds of this issue outstanding at any time.
Earnings.
-Since 1911, when the company discontinued the manufactpre
of pleasure cars,it has made a net profit each year, and for the past two years
and eight months show net earnings at the rate of over $500,000 per annutn,
after allowing for depreciation. Orders now on hand assure earnings for
the last four months of this fiscal year in excess of previous average monthly
earnings. The entire output is being sold to the domestic trade. The
company agrees to furnish to the trustee monthly statements of the financial condition.
Growth of Business-Statement of the Annual Net Factory Sales.
1909 _ _$1,017.05311911 _ _$1,567,26811913 _ _$1,725,33511915 - _$2,776,673
(8mo)2535,192
1910.. 1,255,94711912 _ _ 1,511,12011914 _ 1,841,8351'16
Property.
-On tho main line of the Pennsylvania RR. at Ardmore, Pa.,
the real estate, buildings, machinery and equipment are carried on the
books at $1,057,686, and are appt aised at $1,105,350. Its New York building and perpetual leasehold is carried at $82,396 and is appraised at $94,396.
These appraisals are dated Sept. 26 1916.
During the last 12 months an additional five-story brick building 90x60
feet has been erected and Installed with machinery. During the last few
months a brick building containing over 70,000 sq. ft. of floor space on two
floors has been in course of erection on Greenfield Ave., Ardmore, adjacent
to the factory (V. 102. p. 69).
American Rolling Mill Co., Middletown, 0.
-Earnings.
Co.-Extra Dividend.
Butte & Superior Copper
Jaen 30
Other Accrued
Other Divid'ds, Balance,
Net
An extra dividend of $5(50%) has boon declared on the $2,726,000 stock
Year.Profits. Income. &c., Int. Dcduens.
&c.
Surplus.
$3,101,512 $46,175 $177,483 $657,580 $597,214 $1,699,410 (par $10) along with the regular quarterly $1 25 (1214%), both payable
1915-16
1914-15
5,000 521,402
24,316 Sept. 30 to holders of record Sept. 15.-V. 102, p. 2168.
694,511 58,860 1,54.552
In addition to the dividends declared and interest on installment stock
-Gilbert Eliott & Co., New
-Status.
Carbon Steel Co.
*597,214 in 1915-16, the company also deducts a 5% stock diviPayments.
dend paid Aug. 15, calling for $319,905, leaving a balance of $1,379,446 York, have favored us, with the following:
for the year.
Tir)company has outstanding $342.000 refunding 5s, duo 1937; $600,000
"Other deductions" in 1915-16 include $358,961 reserve for profit-shar- 6% bonds. due April I 1917: 3609,000 6% notes, duo July 1 1916 (being
ing distribution, year 1915-16; $165,030 eaarge for initial operation New paid off at the rate of $100.000 per month); $500,000 non-cumulative 1st
East Mill written off; $98,886 cost of6% gold notes written oft, and $44,733 prof. 8% stock; $1,500,000 non-cumulative 2d pref. 6% stock; $3,000,000
proflt-sharina distribution, year 1914-15.-V. 102, p. 252.
commen stock.
company has completed
It is understood
-"A Century of Sugar 90,000 shells to the that theGovernment, on which thetheir first order for
American Sugar Refining Co.
profit was approxiBritish.
Refining in the United States, 1816-1916."
-The payment of mately $6 per shell, anti is about to complete the second order of about
on which a slightly
the 100th dividend upon its stock, marking the close of the 600.000 shells,latter is estimated at smaller profit per shell is expected.
between $2.000.000 and $3,593,000.
Profit on the
first quarter of a century of its history, has been celebrated In addition, the company is earning on its domestic business, in special
high-speed steels, over $100,000 net per month. At this rate the company
by the company through the publication of a handsomely should show for 1916 profits in excess of $4,000,000, or sufficient to pay off
illustrated pamphlet containing a brief account of the de- its short-term bonds and notes and have in excess 50% applicable to the
velopment of the cane-sugar refining industry in the United common stock.
current that this company will be consolidated,
There
States during the last 100 years, prepared by Joseph E. although are rumors now has been stated.
nothing official
The company recently declared 6% on bath the 2d pref. and common
Freeman, the Secretary. Mr. Freeman says in part:
Sept. 25. This was
In 1816 the total amount of sugar refined in New York City in a year stocks. payabis Sept. 30 to stockholders of record the company declared
In Juno
payable in
did not exceed 9,000,000 pounds, while to-day our largest refinery can refine 8% on the a lump sum for the year 1916. 5 1916, 4% Jan. 5 1917.-V.
1st prof., 4% to be payable July
approximately that amount in 48 hours. Furthermore, a loss of 6 or 7% 101. p. 1466.
of sucrose content made in refining raw sugar of average test is at present
all that is expected. In 1816 a refiner could only obtain from 100 pounds
Chicago Telephone Co.
-Sale Litigation.
of raw sugar about 50 lbs. of refined, 25 lbs. of molasses and 25 lbs. of soSee Chicago Utilities Co. under "Railroads" above.
-V.103, p. 11E1,940.
called "bastard" sugar.
At the wharves of the company's refineries located in Brooklyn, Jersey
-Earnings.Citizens Gas Co. of Indianapolis.
City, Boston, Philadelphia and Chalmette, just below New Orleans, more
Other
Bond
Rental on Balance,
Net (after
than 650 ships annually dock and discharge their cargoes totaling nearly 6 Mos.end. Gross
Income. Int.,&c. Oper.Prop. Surplus.
syrup
30. Earnings.
Taxes).
June
1,500.000 tons. The yearly output of the company in sugar and
mounts up to nearly 80,000 carloads, and this is only a little over one-third 1916
$1,639,243 $354,069 $157,255 $57,958 $187,701 $265,675
64,858
53.746
185,756
of the sugar consumed in the United States. The refining and cooperage 1915
9,283
1,317,667
205,077
For the 6 mos. to June 30 1916 the company paid the following dividends:
plants of the company alsb require the use of about 55,000 freight cars,
making a total of 135,000 cars necessary to conduct its yearly business.
A semi-annual dividend of 5%, calling for $62,500, paid March 27, and a
At prices for the refined product which are less than the sum which was special dividend to bring aggregate disbursements to .holders from dates of
expended by the refiner 100 years ago to turn the raw sugar into refined, Issuance of certificates to Jan. 11010,to a vote of 10% per annum,$125,009,
this company offers for sale over 100 varieties of grades and packings, paid June 30, leaving a surplus for the period in 1916, $78,166. For the
"the most complete line of sugar in the world." Severely competitive con- same period in 1915 a regular semi-annual dividend of 334% was paid, callditions prevail in the refining business and only a large corporation is able ing for $13.747, and leaving a surplus of $11,828. "Other ineome in 1916,
to compete successfully in the world's sugar markets. 1Photographs are $157,265, includes net benzol earnings, $146,093, and other earnings and
interest, 311,172.-V. 103, p. 146.
included of the company's leading plantsj.-V. 103, p. 62.
-American Telephone & Telegraph Co.
-Litigation.
-V.103, p.1212. 1120
Se.Chicago Utilities Co. under "Railroads" above.
-Report.
Amoskeag Manufacturing Co.
June 30
Year-
Rec'a from
Sales.
Net
Cost of Invent'',
Mann/ac. Charge. Profits.
Meidends.
Balance,
Surplus.
1915-16
20,684,294 19,354,641 150,172 1,179,181 1,06,800 142,613
1914-15
19,124,682 17,856,943 188,326 1,079,413 1,036,800 42,613
-V. 101, p. 1191.
Anaconda Copper Mining Co.
-Production.
-Month in 1916July
August
-V. 103, p. 322, 241.
Pounds.
Month in 191628,200,000 September
28,800,000 Total for quarter
Pounds.
29,4C0.000
86,400,000
-Stock Ready.
Associated Dry Goods Corporation.
Notice is given, by adv. on another page, that the stock of
this new company formed pursuant to• the plan of reorganization of the Associated Merchants Co. and the United Dry
Goods Cos., dated Dec. 28 1915 (V. 102, p. 64, 69), is now
ready for distribution to the holders of certificates of deposit
issued under the plan by United States Trust Co. of N. Y.
Balance Sheet, &c.
-See "Annual Reports" and V. 103,
p. 1208, 1212.
-New Stock Ready.
Associated Merchants Co.
See Associated Dry Goods Corporation above.
-V. 103, p. 1212.
-Bonds Offered.
-Montgomery,
(The) Autocar Co.
Clothier & Tyler, Phila., New York and Pittsburgh, are
offering at par and interest, yielding 5%, "if when and as
issued, a new issue of $1,250,000 First Mortgage 5 serial
gold bonds, to be dated as of Oct. 11916. Due semi-annually from April 1 1917 to Oct. 1 1921, inclusive, in installments of $125,000 each. A circular shows:
Int. A. & 0. Denom. $1,0000. Callable as a whole, but not in part,
at 10234 and int. Trustee, the Pennsylvania Co. for Insurances on Lives &
Granting Annuities, Phila. Free of Pennsylvania State tax. Interest
without deduction of normal Federal income tax.
Data from Letter of Pres. David S. Ludlum, Sept. 27 1916.
Organization.--Ineorporated in Pa. Aug. 30 1899, and manufactures and
sells commercial automobile trucks of 1 6-2-tons capacity. Its trucks are
owned and o_perated by over 4,000 different concerns of the highest business
standing. The Adams Exp. Co. alone owns and operates over 400 Autocars.
Over 90% of the output is sold direct to the consumer through its brancn
sales and service stations in New York City (where the company owns a
perpetual leasehold) and in Boston. Newark, N. J., Phila., Baltimore and
Chicago, where the company has long-term leases.
-Paid-In capital Oct. 1915 was $800,000, at which time the
Capital Stock.
authorized capital was increased to $2,000,000. During Oct. and Nov.
1915. $200,000 of the treasury stock was sold for cash and on Dec. 31 1915
a cash dividend of 5% was declared on $1,000,000 capital, and at the same
time $400,000 of tho surplus was converted into treasurscstock. On Jan. 1
•
-Initial Dividende---Civic Investment & Industrial Co.
An initial quarterly dividend of 1% has been declared on this company's
of 1% on the stock of the Cedars Rapids
stock, along with dividends of
Power Co. and 2% on that of the Montreal Light, Heat & l'ower Co., which
has not been exchanged for this company's stock, all payable Nov. 15 to
holders of record Oct. 31.-V. 103, p. 843, 496.
-Earnings.
Coast Valleys Gas & Electric Co.
Gross
June 30 Year- Earnings.
$249,417
1915-16
229,615
1914-15
-V. 101, p. 1467.
Net (after
Other
Bond
Taxes). Income. Int., &c.
$59,506
$683
$95,475
60,890
794
88,443
Balance,
Surplus.
$36,652
28,347
-Official Statement to N. V.
Columbia Gas & Electric Co.
Stock Exchange, with Full Description of Properties, Earnings,
-On subsequent pages of the present
Balance Sheet, &c.
number of the "Chronicle" will be found the very complete
statement recently made by this company to the N. Y. Stock
Exchange in connection with the admission to regular dealings on the Exchange of the $50,000,000 of capital stock.
As shown by the map and text on pages 151, 152 and 153
of the "Railway and Industrial" Section, the "Columbia
system" not only embraces the entire gas and electric light
and power business of Cincinnati, and adjacent places, and
the extensive natural gas territory and pipe lines by which
Cincinnati and other municipalities are supplied, but it also
includes the traction lines of Covington and other neighboring communities, and several local water-works. Also included in the system is Cincinnati Gas & Electric Co., whose
bonds covering property operated under lease by the Columbia Gas& Electric Co. have just been listed on the Exchange.
The official statement respecting these bonds will be pub-V. 103, p. 1213, 1121.
lished in next week's "Chronicle."
-Sold--Plan Off.
Combination Bridge Co., Sioux City.
This company's 1,940-ft. steel bridge over the Missouri River was sold
on Aug. 29 last to W. L. Dilby of Omaha, Nob., the bondholders' committee being unable to purchase and reorganize the property'. A dividend
of 57.6% is being paid on the $500,000 outstanding bonds and there will be
-V.
a small additional dividend when the receiver's accounts are closed.
102, p. 2256.
-Preferred Stock.-Eugone
Cuba Cane Sugar Corp.
Meyer Jr. & Co., New York, recommend by adv. on another page the 7% cumulative preferred shares, convertible
share for share into common shares at any time at option
of holder. The capitalization consists of $50,000,000 preferred stock ($100 par value) and 500,000 common shares
without par value.
Oar. 7 1916.j
THE CHRONICLE
1305
•••••••
Data from Bankers' Circular
The corporation has recently purchased the properties of tho Stewart
Sugar Co. out of surplus earnings, involving no increase in the capitalization. The Stewart :sugar Co. is located near the Port of Jucaro. on the
south shore of the island and not far from the corporation's Jagueyal
property. It has an annual capacity of about 500.000 bags of sugar.
Operations of Stewart Sugar Co.
[Including two reasonably normal years, one year of abnormally low prices
and the past year of particularly good prices.]
1913.
• 1914.
1912.
1915.
1916.
Production, bags 205,267
502,455
329,659
459,428
489,030
2.40
2.09
2.91
Price- rec'dcts.
3.59 4.50 Est.
Profits
$505.983 $472,615 $1,184,000 $1,390,000 $2,800.000
In addition to the Stewart acquisition, the capacity of the other mills of
the corporation is being increased and extensive new plantings are now being ntede to insure an additional cane supply for 1917-1918 and an even
greater crop in 1918-1919. The preliminary report for tho five months
ending April 30 1916, submitted to the N. Y. Stock Exchange as of Juno 14
1916, covers substantially the operations during the grinding season of
1915-191e, but does not represent a statement of the total profits of the
year, since all of the sugar produced hail not been sold at that period. Up
to April 30 total net profits of $13,866,812 had been realized.
The corporation's production (luring the grinding season of 1915
-1916
-was 3,180,802 bags of sugar. The Stewart
the first year of its existence
properties add about 500.000 bags and the improvements of the old properties will bring largo increases in production beginning with the crop year
1917-1018. The total output is therefore expected to reach for the crop
year 1916-1917 3,800,000 bags; for 1917-1918, 4,500,000 bags, and for 19181919, 4.800,000 bags.
Estimated Earnings on Output of 4,500,000 rags with Sugar at Various Prices.
Net Earns. Pref. Dies.
For Corn.
With lowest price for full crop in 1G y's_$7,090,000 Twice earned $7 per sh.
With price at ay. for 10 y's before war_10,500,00e Three times 14 do
With price 4j4e. (abteluba's av.in '16)20,000,000 5.7 times
33 do
The beet sugar fields of northern France have been devastated by war,
and those of(isrmany and Austria have,in many eases, been replanted with
cereal products; it will be a matter of years before the beet production of
Continental Europe can be brought back to the volume prevailing before
the war. aret in the meantime the deficit in supply must he made up from
Cuba. At the present time vetsuger is minted at about 4lie. per pound c.f.
[Compare statement to N. Y. Stock Exchange, &c., V. 103, p. 67, 406.1
V. tue, p. 011, 1062, 1628.
Falls Motors Corporation.
-Dividend.
TWA company has declared a dividend at the rate of 7% per annum on
the $500,000 outstanding preferred stock, payable Oct. 15 on stock of record
of Sept. 30, for the fractional quarter. Aug. 8 to Sept. 30.-V. 103, p. 410.
-Large Foreign Contract.
Federal Sugar Refining Co.
The "Journal of Commerce" on Oct. 5 said in substance:
Negotlations have been completed for the sale of 30,099 tons of ref1n,1
,
sugar to a foreign government. This purchase involves about $3,500,031
and stands as a recorl shtele trans action with any one nation. Shipmonts
are to be made over J ontary, February and March.
The company has al o finished clearing a cargo of 5,500 tons for Greece,
and to-day wiil load 7,1re) tons for the British Commission. On Monday
6,009 tons will be sent to France. Altogether these four transactions total
close to 50,000 tons of refitted sugar, worth about $5,000,000, done by the
Federal, and indicate the pressing need abroad for sugar. In addition to
this business Norway and Argentine are in the market and still to ha taken
care of by the retliters of this country.
‘'arlous neutral countries in Europe will (waive the sugar, the trade
assuming that Scandinavia, Greece and Switzerland would be the principal
participants as tAey are likely to be short of supplies, now that Germany
and /kestrel are not exporting as in former years.
Refined suger at 7e. quoted by most refiners 13 new within 65 points of the
top of the year, having recovered 75 points from the low level reachee this
summer. The Cuban planters have been in control of the situation, for
beside.; supplying the U. S. with most of its rates, they are also shipping
heavily to the other side. Cuba's shipments to Europe thus far in t916
total some 700,090 tons, as against 327,090 last year. Yesterday (Oct. 4)
rawe sold at Sc. cost and freight for shipment to outports or within )ec. of
--V. 103, p. 64. 58.
the top for the year.
General Petroleum Corporation, San Francisco.
Bonds Sold.-Blyth, Witter 446 Co., San Francisco and Los
Angeles, have sold at par and interest the entire issue of
$1,400,000 (closed) First Mtge. 6% 10-year Sinking Fund
gold bonds. Bonds dated June 1 1916 and due June 1,1926.
See advertisement,for purposes of record only, on another
page. For details of offering, see V. 103, p. 1121, 940.
Granby Consol. Mining, Smelting & Power Co., Ltd.Interest,
Net
Gross
Dividends
June 30
Profits. Disc't, &c.
Sales
Paid.
Year1915-16-- -$9,299,337 $4,107,621 $288,326 (6%)$890.911
1,340,559
1014-15-_- 4,036,441
411,391
-v. 103, p. 324.
Balance,
Surplus.
$2,n'9,384
,
929168
The stockholders should not be carried away by false prosperity of the
present day, but should look at the problems from every angle.
My opInion is thht a reorganization of the corporation, possibly by a
reduction of the capital stock, may he desirable sooner or later. It will be
necessary also to find further capital for the Algoma Eastern Ry. to enable
the corporation to preserve that railway as an asset.
We have within the last two years banished the I3esserner and substituted
an equal capacity of open-hearth furnaces. We hope by the end of the
year to exceed our oid open-hearth and Bessemer ceneened output by some
20%. In this connection I would like to repeat that the Algoma Steel
Corporation will neither be complete nor on a substantial basis until it is
able to make something else besides steel rails.
[W. H.Cunningham of Phila. has been elected a director to 1111 a vacancy.]
-V. 103, p. 840, 761.
Louisville Tobacco Warehouse Co.
-Option Sought.
-
The International Trading Co. has asked the shareholders for an option
on the $1.436,000 common stock at $35 per share (par 8100), good until
Dec. 311916. the stock to be deposited at the Fidelity & Columbia Trust
Co., Louisville. The company also has outstanding $350,000 pref. stock.
eg, p. 1455.
-Common Dividends.
Manati Sugar Co.
-
A dividend of 20% has been declared on the common stock, payable in
common stock at par on Nov. 8 to holders of record Oct. 31. Cash dividends of 254% were also declared, payable Dec. 1 1916 and March. June
and Sept. 1 1917 to holders of record Nov. 28 1916, Feb. 26 and May and
-V. 102, p. 2345.
Aug. 29 1917, respectively.
Massachusettr Lighting Co.,Boston.
-Stock.
-Earns.
-
To provide for $4 10,000 notes representing advances to controlled companies on account of extensions and improvements, and to finance further
capital outlays of like nature, the preferred shareholders wIll be permitted
,
to subscribe for additional prtfertei stock, $101 a share. at Treasurer's
office on or before Oct. 21. Saiescriptione are payable either in full on or
before Nov. 1 or 50% then, 25% Tan. 15 and 25% April 16.
Mass..Ltg. cos.- 1915-16.
1914-15. Consolidated accts.. 1915-16. 1914-15.
Divs. on stks. owned.$310,005 $305,779 Cross eatnings___$1,251,678 51,148,125
Int. received, aos__ 59,111
73,386 Net earnings
401,726
340.656
Other income__
52,899
87.305
Total
$369,116 $379,165
Trust exp. & taxes
13,916
18,989 Gross income_ _ _ _ $454,625 $427,961
Int. paid by trustees_ 18,095
15,870 Inteiest charges__
89,769
119.541
Dividend paid__ _ _ 310,526
306,633
Balance
$337,106 $344,305
Balance
Total all companies Inc!. those shares are wholly owned
Mass. Lighting Cos. divs.-pref., 4290,814, against $284,289;
and common,$46,169
$54,330
391,435
$1,787
6346,092
336,983
330,458
Balance for fiscal years ending June 30
$15,634
$54,452
*Consolidated operating accounts of the companies whose shes are
wholly owned by the above co.
-V. 103. le• 148.
Midvale Steel & Ordnance Co.
-Results.
-The following statement was made to the shareholders at the first
annual meeting on Tuesday:
From the standp tint of our company, business conditions are entirely
satisfactory. All of our plants are operating to full capacity and orders
are being received in excess of shipments. Net earnings, leaving entirely
out of consideration the manufacture of rifles by the Remington Arms Co.
under its contract with the British Government, since the acquisition of
Cambria Steel Co. in Feb., are in excess of 52.500.000 per month.
During the past year additions to our plants have been under-construction, and will be completed by Jan. 1 1917, resulting in a total increased
production of 1,000 tons of pig iron and 1,200 tons of open hearth steel
per day.
-V. 103, p. 761.
Moline Plow Co., Chicago.
-Dividends Resumed.
-
A dividend of 2% has been declared on the $10,000,000 common stock,
payable Oct. 15 to holders of record Oct. 1. This is the first payment since
.Aug. 1914, when 134% was pa id.-V. 102, p. 151.
Pan-American Petroleum & Transport Co.
-Listing.
-
Application has been made to the New York Stock Exchange for authority
to list $10,000,000 capital stock.
-V. 103, p. 411.
Pierce, Butler & Pierce Corporation.
-Sale of Stock.
-
It is learned that this company has accepted an offer from interests
represented by Levi S. Chapman, of Syracuse. N. Y., to purchase the
$700.000 unissued common stock now in the treasury, of the S1.500.000
authorized. No change in management is contemplated.
-V.99, p. 1055.
Plymouth Cordage Co., Boston.-Bal. Sheet July 31.1916.
1915.
1916.
1915.
3
LiabilitiesAssets$
$
Real est. dr mach_ 2,290,000 2,269,375 Capital stook ____ 4,000,000 4,000,000
Mdse. & supplies_ 5,269,694 3,275,292 Premium on stock
196,140
285,864 Surplus
537,729
Cash
2,611,619 2,255,237
Impt.& depr. res. 180,811
Notes & accounts
219,168
receivable, &e__ 4,345,997 4,689,772 Accr. int. & taxes
46,914
72,643 Notes & accts.pay. 5,729,988 3,875,488
78,993
Unexpired insurce
Intercontinental Rubber Co. (of N. J.), N. Y TotalEarns.
Total
12,522,418 10,592,947
Total
12,522,418 10.592,947
Net
Gross Adminis.,
Previous
Jul!, 31
-V. 101, p. 51.
,Surplus.
Profits. &c., Exps. Profits.
YearSurplus.
1915-16
S581.903 $45.914 $535,988 *$2,414,433 3
2,950,422
-Merger Effected.
Motor Car Co.
Reo
1914-15
145,955 *2.186,841
34,183
a t80,140
2,427,077
The shareholders on Sept. 28 voted to carry out the proposed consoli*After deducting amounts charged off. a Excludes $94.281 net income
from securities, interest. &c., after adjustment of investment securities (Lation with the Roo Motor Truck Co. by the acquisition of the truck
company properties in exchange for whic:h were given 93,750 shares of the
-V. 101, p. 1271.
to current market values.
car competes stock on a par value basis, or share for share.
report states that gross sales of the truck company
A
International Mercantile Marine Co.
-Company Re- year pressended were $3.521,000, an increase of 33.38% over for the fiscal
just
previous
sumes Possessions.
-The reorganization plan having been year. The car company sales were $24,363,000, an increasethe 33.08%.
of
Soo V. 103, p. 1215. 1036.
declared operative and arrangements having been
completed
to meet all obligations, Chancellor Walker in the New Jersey
Court of Chancery at Trenton on Oct.3 discharged Chauncey
G. Parker of Newark as receiver of the property upon the
application of Richard V. Lindabury and Frank S. Katzenbach, representing the company. See V. 103, p. 1214, 1034.
Judge Hough in discaarglitg the receiver spoke in high praise of the operations of the properties by tne receiver and the conservative and helpful
proee lure of the trustees for the bendholders.
Reo Motor Truck Co.
-Merger.
See Roo Motor Car Co. above.
-V. 103, P. 1036, 670.
Sears, Roebuck & Co.
-Total Sales.- .
-1915.
1916-Sept.
Increase. 1 1916-9 Mos.-1915.
Increase.
59,716,339 $3.150,067 $1,566,2721$94,706,203 $75,477,300 519.228.903
-V. 103, p. 946, 499.
Shattuck Arizona Copper Co., Inc., N. Y.
-Production.
PeriodsSeptember
Nine months
-V. 163. p. 1046.
Copper(lbs.) Lead (bs.) Silver(oz.) Gold(oz.)
233,800
26.928
1,566,446
419.32
Distribution of New Bonds and Cash.
-The bondholders'
2,331.830 240,040 3,827.84
13.543.030
committee announces by adv. on another page the distribution of the new bonds and cash beginning on Monday,
Sheffield Farms-Slawson-Decker Co.-Business.-Pres.
Oct. 9, as follows:
Loton Horton, in an advertisement says:
'In four big ways we have played a leading p art Di giving Greater New
(1) To Degniting rondhohlers.-The new bonds and cash to whice they
are entitled on surrender of the certificates of deposit, namely (a) for 4 % York milk of highest quality and safety: (I) by betiding and maintaining
s
bonds at New York Trust Co., N. Y. City, (b) for 5% bonds, deposit barns and dairies and receiving stations of ineeteculate cleanilne- s; (2) by
certificates of (an) Fidelity Trust Co., Phila., or Fidelity Title & Trust Co., increasing the percentage of butter fat through premiums; (3) by greatly
Pittseurge, at Fidelity Trust Co., Phila. (hb) Bankers Trust Co., at Bank- decreasing the bacteria c >tint, and (4) be edlin the final safeguard of
pasteurization. We sent experts all over this country; pant them to Deners Trust Co., N. Y. City.
-Cash for full amount of principal mark, to Holland, to France, to Germany, to study the best ways to handle
(2) To flolders of Bonds Not Deposited.
and intermit to Oct. 7 (a) For 4 Ye % bonds at New York Trust (:o., N. Y. milk. We engage! scientists to study at noine. We established laboraCity;(b) for 5% bonds at Fidelity 'frost Co.,
1J3, p. 12(4, 1034. tories in city and country to pr eve all tests. We spa d hundreds of thousands of dollars to install the first perfasey p Isteerizing plant in New York,
Jacksonville (Tex.) Ice & Electric Co.
-Purchased.
- or anywhere in this country, and had to spent tlteusants (IC dollars since,
A. t. Fitkin an Co., N. Y. 13ostoxt and Chticago, have purchased the to show the people that this is the safest mile. 'VAS is the sort of pioneer
.
entire outstanding stocic and all of the bonds of this company. What dis- work we have done In a lot of cases. In 1/.05 Now Yor,c City received
position will be made of the company is not announced, but this acquisition 8,027.010 Cans of milk and cream. In 1915 New York City received 20,065,327 cans of milk and cream. This is an increase in twenty years of
is said to be the forerunner of interesting developments.
over 250%. People are drinking more milk because it's batter intik.
Let us do everything in our power that the standards of the mile supply
Lake Superior Corporation.
-Status--Nets President,&c.
of New York City be raised higher-instead of lowered. That is why we
-Vico-Pres. J. F. Taylor has just been elected President to have raised our prices just now to the farmers for high-grade milk. This
-V.98, p. 1390:
succeed W.E.Stavert, who resigned. At the annual meeting milk question will settle itself seen.
on Oct. 4 he said in substance:
For other Investment news see page 1331.
1306
THE CHRONICLE
(VOL. 103.
evarts and Dercitments‘
ILLINOIS CENTRAL RAILROAD COMPANY
SIXTY-SIXTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1916.
To the Stockholders of the Illinois Central Railroad Company:
The following report of the operations and affairs of your Company for the year ended June 30 1916 is respectfully
submitted by the Board of Directors:
4,767.14
The number of miles operated on June 30 1915 was
On June 1 1916 there was a reduction in the mileage due to putting in crossover at Aberdeen Junction, Miss., and a consequent reclassification
.21
of a portion of the former main track as side track, of
4,766.03
The number of miles in operation on June 30 1916 was
4,767.12
The average miles of road operated during the year were
INCOME.
The income account for the year as stated below is compiled in accordance with the Inter-State Commerce Commission's classifications and, for comparative purposes, the account for the preceding year is restated:
1916.
Average miles operated during year
Railway operating revenues:
Freight (including bridge tolls and miscellaneous freight)
Passenger (including bridge tolls and miscellaneous passenger)
Mail
Express
Other passenger train
Other transportation
Incidental and joint facility
Total railway operating revenues
Railway operating expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for Investment-Cr
1915.
Increase (+).
Decrease (--
4,767.12
4,770.03
-2.91
$50,045,039 44
13,582,091 99
1,146,298 72
1,872,273 76
480,885 99
906,517 68
1,044,234 98
$44,446,221 85
12,851,677 38
1,050.706 59
1,589,501 31
457,177 96
766,286 52
949,980 64
+35,598,817 59
+730,414 61
+95,592 13
+282,772 45
+23,708 03
+140,231 16
+94,254 34
$69,077,342 56
862,111,552 25
+36,965,790 31
$9,506,526 60
16,547,749 43
1,252,366 08
21,841,049 72
375,222 27
1,763,356 06
Cr.112,542 42
$8,866,250 34
13,943,804 48
1,238,731 70
22,217,002 68
355,991 97
1,655,794 46
Cr.303,278 88
+$640,276 26
+2,603,944 95
+13,634 38
-376,852 96
+19,230 30
+107,561 60
+190,736 46
$51,173,727 74
$47,975,196 75
+3,198,530 99
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
$17,903,614 82
3,724,020 73
24,507 09
$14,136,355 50
3,233,838 38
24,044 24
+$3,767,259 32
+490,182 35
+462 85
Railway operating income
Non-operating income
$14,155,087 00
9,620,743 92
$10,878,472 88
7,958,827 25
+33,276,614 12
+1,661,916 67
Gross income
Deductions from gross income
$23,775,830 92
11,968,266 19
$18,837,300 13
11,978,138 47
+34,938,530 79
-9,872 28
Net income
Disposition of net income:
Income applied to sinking and other reserve funds
Income appropriated for investment in physical property
$11,807,564 73
$6,859,161 66
+34,948,403 07
111,725 00
41,20650
107,875 00
46,027 77
+3,850 00
-4,82127
Total railway operating expenses
Total appropriations of income
Income balance transferred to credit of profit and loss
$152,931 50
$153,902 77
-$971 27
311,654.633 23
$6,705,258 89
+34,949,374 34
REVENUES.
The operating revenues amounted to $69,077,342 56 this year, as compared with $62,111,552 25 last year, an increase
of $6,965,790 31, or 11.21 per cent.
Revenue from the transportation of freight, including bridge tolls and miscellaneous freight, amounted to $50,045,039 44,
an increase as compared with the previous year of $5,598,817 59, or 12.60 per cent. The increase in freight traffic was
general in practically all classes of business although the increase in the transportation of bituminous coal and lumber was
more marked than in the other commodities. The tonnage of bituminous coal transported exceeded that of the previous year
by 13.53 per cent and constituted 40.16 per cent of the total tonnage carried by the Company. The lumber moved, while
not as great in volume as in the year ending June 30 1914, showed an increase over last year of 20.77 per cent. The larger
portion of the increase in freight revenue was on the lines north of Cairo and east of Dubuque, although there was a substantial increase in freight revenue on the lines south of the Ohio River and a moderate increase on the lines west of Dubuque.
Passenger revenue, including bridge tolls and miscellaneous passenger, amounted to $13,582,091 99, an increase over
the preceding year of $730,414 61, or 5.68 per cent. The increase in the revenue from the transportation of passengers was
general over the entire system, but the total revenue was not equal to that for the year ending Juno 30 1914.
Table No. 12 contains general details as to freight and passenger traffic.
EXPENSES.
The operating expenses for the year were $51,173,727 74, as compared with $47,975,196 75 the previous year, an
increase of $3,198,530 99, or 6.67 per cent.
MAINTENANCE OF WAY AND STRUCTURES.
The expenditures for maintenance of way and structures amounted to $9,506,526 60, being $640,276 !26, or 7.22 per
cent, in excess of the previous year. The increase was occasioned by large expenditures made to restore tracks and bridges
damaged by the tornado and high water in and near New Orleans, La., in October 1915, to increased rates of wages paid
section men and to increased expenditures for maintenance of buildings, fences and miscellaneous other work.
Some of the important renewals made, the cost of which was charged to operating expenses, were as follows:
2,110,328 cross ties were renewed, being equivalent to 680.69 miles of continuous track, or 9.05 per cent of all ties in
track, including sidings.
26.83 miles of track were relaid with new steel rail, and 13.89 miles with second-hand steel rail, replacing rail of the
same weight.
5,647 lineal feet of pile and timber bridges were replaced by embankments.
1,899 lineal feet of iron and 3,110 lineal feet of concrete pipe culverts were installed.
382 miles of ballasted track were repaired or renewed to restore the track to its original standard.
For particulars as to work, the cost of which was charged wholly or in part to "Road and Equipment," attention is
invited to remarks of this report under "Physical Changes."
MAINTENANCE OF EQUIPMENT.
Maintenance of equipment expenditures amounted to $16,547,749 43, being an increase of $2,603,944 95, or 18.67
per cent, as compared with last year. The greater portion of the increase for the year was due to heavier charges for repairs, depreciation and retirements of freight-train cars.
Charges for depreciation amounted to $2,652,185 01, being an increase over last year of $560,589 17.
OCT. 71916.]
THE CHRONICLE
1307
207 locomotives received general repairs this year, as compared with 246 in the previous year, and 376 were given
thorough repairs, as against 404 last year.
327 passenger train cars were given medium repairs this year, as against 561 last year, and 263 received heavy repairs,
as compared with 148 last year.
The average mileage per serviceable locomotive for the year was 27,480 miles.
The average age of locomotives was 11.98 years, of revenue freight train cars 9.35 years and of passenger train cars
16.19 years.
TRAFFIC EXPENSES.
Traffic expenses were $1,252,366 08, an increase of $13,634 38, or 1.10 per cent.
TRANSPORTATION EXPENSES.
Transportation expenses amounted to $21,841,049 72, a decrease of $376,852 96, or 1.70 per cent. Additional super
heater locomotives of greater tractive power were substituted on portions of the main lines for locomotives of lighter power,
resulting in a further substantial increase in the train load. The special attention referred to in last year's report in connection with fuel economy, loss and damage and other claims, has been continued and the results of the year's operations show
substantial decreases in those items. Increases in the rates of pay have been granted to a number of the different classes of
employees in the transportation department.
MISCELLANEOUS OPERATIONS.
Expenses for miscellaneous operations were $375,222 27, an increase of $19,230 30, or 5.40 per cent, as compared with
the preceding year.
GENERAL EXPENSES.
General expenses amounted to $1,763,356 06, an increase of $107,561 60, or 6.50 per cent. The greater gortion of this
increase was due to expenses incurred by the Company in connection with the valuation of its physical property being made
in accordance with the requirements of an Act of Congress providing for the physical valuation of railroads.
TAXES.
Taxes amounted to $3,724,020 73 this year, being an increase of $490,182 35, or 15.16 per cent, as compared with last
year. The greater portion of this increase was for taxes accruing to the State of Illinois, due in part to an increase in the
Charter Tax caused by increased gross receipts on the Charter Line this year as compared with the previous year, and partially to a substantial increase in the taxes on the Non-Charter Lines growing out of increase in levy rates throughout the
State. There were substantial increases in taxes in other States through which the Company's lines extend, due in some instances to increased gross receipts and in other cases to increased levy rates and assessments. There was also a marked increase in the Federal Excise Tax.
FINANCIAL.
The general balg,nce sheet, Table No.4, shows the financial condition of the Company at the close of the year, as compared with the previous year.
CAPITAL STOCK AND FUNDED DEBT.
The Capital Stock remained unchanged during the year.
$1,900,000 00 of Illinois Central Equipment Trust Certificates, Series "D," were issued and sold in January, 1916.
There were delivered to the Trustee and canceled under the terms of the mortgage $2,000,000 00 Illinois Central Railroad
Company First Lien Equipment Bonds. Additional bonds of this issue to the amount of $7,817,000 00 were also surrendered
to the Trustee for cancellation in connection with the release of retired and other equipment covered by the mortgage.
There were retired and canceled under the terms of the several Trust Agreements 00,000 00 of Illinois Central Equipment Trust Certificates, Series "A," $350,000 00 of Illinois Central Equipment Trust Certificates, Series "B," $198,000 00
Illinois Central Equipment Trust Certificates, Series "C," and $95,000 00 of Illinois Central Equipment Trust Certifiof
cates, Series "D."
•
SECURITIES OWNED.
year $1,257,000 00 of The Yazoo & Mississippi Valley Railroad Company Five Per
There were acquired during
Cent Gold Improvement Bonds, in liquidation of indebtedness for improvements made to that Company's property.
Herrin Northern Railroad Company, Fredonia & Reeds Railroad Company, Benton
The entire capital stocks of the Southern Railroad Company, and Johnston City Southern Railroad Company, the amount in each case being $2,500 00,
were purchased during the year. These companies were organized in the interest of your Company for the purpose of constructing several branch lines in the southern portion of the State of Illinois.
The Central Fruit Dispatch, which was organized in January, 1912, to take over the refrigerator service business of this
Company, having proved unprofitable, the operations were discontinued as of Sept. 1 1914. The liquidation of the Company's affairs was practically completed during the past year and your Company surrendered to the Central Fruit Dispatch
all but five shares of its Capital Stock and charged off to Profit and Loss $547,430 89, this sum representing the depreciation
in value of the stock. The amount written off is included in the item "Miscellaneous Debits," in Table No. 3.
$70,000 00 of Chicago St. Louis & New Orleans Railroad Company Equipment Trust Certificates, Series ”A," held in
the treasury, matured and were redeemed during the year.
The Peoria & Pekin Union Railway Company redeemed $12,500 00 par value of its Five Per Cent Debenture Bonds,
maturing Aug. 1 1915.
$96,000 00 par value of The Yazoo & Mississippi Valley Railroad Company Five Per Cent Gold Improvement Bonds
were transferred to the Insurance Fund, and $56,000 00 par value were sold.
INSURANCE AND OTHER FUNDS.
The changes in the Insurance Fund during the year and the condition of the fund at the close of the year are shown in
the following table:
LOSSEM by Ciro
Premiums paid for reinsurance
Year Ending
June 30 1916.
$2.215,372 56
60,000 00
1,099 92
111,725 00
29,784 20
Year Ending
June 30 1915.
32,129.835 52
60.000 00
1,099 92
107,875 00
12,604 82
$2,417,981 68
Amount at credit of fund beginning of year
Added through monthly charges to operating expenses
Collected from lessees account of insurance
Interest received on investments of the fund
Fire losses collected
32,311,415 26
358,327 07
48,279 78
350.714 86
45,327 84
$106,606 85
Amount at credit of fund June 30
396,042 70
32.311.374 83
32.215.372 56
The balances in the sinking funds as of June 30 1916, and the increases during the year, were as follows:
The Farmers' Loan & Trust Company, Trustee-Cairo Bridge Contingent Fund, $504,180 00.
The Farmers' Loan & Trust Company, Trustee-Cairo Bridge Sinking Fund,$381,998 59, an increase of $337,418 35.
United States Trust Company of New York, Trustee-Sinking Fund for Western Lines Bonds, $1,522,298 45, an increase of $104,410 72.
United States Trust Company of New York, Trustee-Sinking Fund for Omaha Division Bonds, $210,869 15, an increase of $17,947 65.
ROAD AND EQUIPMENT.
There was expended during the year for Road and Equipment (including improvements on subsidiary properties)
166,097,616 21. The following is a classified statement of these expenditures:
[Vol,
THE CHRONICLE
1308
Additions and Advances for Additions and
Betterments to Lines of
Betterments on
Subsidiary Companies.
Owned Lines.
$42,513 68
$24,879 24
23,249 24
173,137 95
78,101 85
155,007 43
253 39
76 27
622.411 27
374,906 88
43,670 99
46,486 17
155,750 83
120,020 15
224,672 48
258,537 41
17,137 25
36,945 01
125,235 90
102,679 25
5,581 76
8,653 30
124 01
Cr.124 17
112,123 00
14,098 21
154,609 23
Cr.36,223 83
3,403 19
13,843 49
36,021 52
35,599 05
3,503 72
818 98
141,952 10
361,349 52
Cr.120 02
1,066 59
4,933 62
409 94
2,478 21
2,684 39
10,579 84
130,154 98
109,945 70
2,725 56
4,098 82
52 90
Cr.633 15
1,163 71
407 61
2 89
430 63
1,72797
4,318 33
1,16406
69,535 09
30 29
Cr.943 90
43,242 85
28,429 02
Cr.300 00
97,554 17
35,013 12
25,811 31
39,674 77
7,382 98
8,760 00
Road:
Engineering
Land for transportation purposes
Grading
Tunnels and subways
Bridges, trestles and culverts
Ties
Rails
Other track material
Ballast
Track laying and surfacing
Right of way fences
Snow and sand fences and snowsheds
Crossings and signs
Station and office buildings
Roadway buildings
Water stations
Fuel stations
Shops and enginehouses
Grain elevators
Wharves and docks
Coal and ore wharves
Telegraph and telephone lines
Signals and interlockers
Power plant buildings
Power transmission systems
Power distribution systems
Power line poles and fixtures
Miscellaneous structures
Pavink
Roadway machines
Roadway small tools
Assessments for public improvements
Revenues and operating expenses during construction
Other expenditures
-Road
Shop machinery
I'ower plant machinery
Equipment:
Steam locomotives
Freight train cars
Passenger train cars
Motor equipment of cars
Floating equipment
Work equipment
General:
Organization expenses
Law
Interest during construction
Other expenditures-General
103.
Covered by Equipment
Trust Series "G'."
Cr.$14,859 63
Cr. 8,699 52
Cr.
421 70
Covered by Equipment
Trust Series
81,076,574 46
1,308,789 30
Cr.480,820 061
Cr.448,165 59J
2,692 28
8,000 00
Cr.12,77() 00
Cr.27,056 32
570,000 00
18 10
.-
266 30
4,367 11
Cr.$23,980 85
12,385,363 76
81.447,964 01
6,852 58
1060
12,288,269 29
.
The following shows the amount advanced during the year to eath of the subsidiary companies, these amounts being
included in total advances shown in Table No. 6 of this report:
Chicago St. Louis & New Orleans RR
Canton Aberdeen & Nashville RR
South Chicago RR
Blue Island RR
Dubuque & Sioux City RR
Kensington & Eastern RR
Batesville Southwestern RR
Bloomington Southern RR
Johnston City Southern RR
Benton Southern RR
Herrin Northern RR
Fredonia & Reeds RR
-,.
$1,690,081 92
46,283 58
3,770 84
4,942 79
482.888 59
983 39
57 40
12 30
Cr. 2,496 50
52,371 55
11,869 93
Cr. 2,496 50
$228826929
Total
PHYSICAL CHANGES.
The physical condition of the Company's road and equipment was materially improved during the year.
There is given below a summary of the principal improvements, the cost of which was wholly or partially charged
to Road and Equipment.
ROADWAY AND STRUCTURES.
There were 249.78 miles of track laid with 90-pound new steel rail and 121.04 miles of track relaid with secondhand steel rail during the year, all of which replaced rail of lighter pattern.
Eighty-four now industrial sidings were built or extended, making a net addition for the year of 6.72 miles, after
allowing for industrial tracks taken up.
One hundred and eighty-two new Company sidings were built or extended; allowing for tracks taken up, there was
a net addition for the year of 32.64 miles.
Freight yard facilities were increased at Indianapolis, Ind., by the construction of 2.54 miles of sidings, and at Dubuque,
Ia., by the construction of 1.78 miles of track.
Grade reduction work between Princeton, Ky., and Paducah, Ky., including the enlargement of the yard facilities
at Princeton, was completed during the year.
The grade crossing elimination work at Grand Crossing, Chicago, Ill., and alai the grade reduction at Mattoon, Ill.,
were completed during the year. The elevation of tracks through Cicero, Ill., and the grade crossing elimination work
between 79th Street and 116th Street, Chicago, Ill., were continued. Preliminary arrangements are being made for the
elevation of tracks at Indianapolis, Ind.
A new drawbridge was installed over the New Basin Canal at New Orleans. Steel bridges on the Kentucky Division
were strengthened, so as to permit of their use by Mikado type locomotives.
The renewal of bridges over the several street crossings between 63rd Street and 67th Street, Chicago, Ill., was begun
during the year.
An electric interlocking plant was installed at Pontiac, Ill., replacing the mechanical one. The work of installing
similar plants at Rockport, Ky., and at Pullman Junction, Ill., is in progress.
Subways were completed at Franklin Street, and Prairie Avenue, Decatur, Ill., Phinney Park Boulevard, Fort Dodge,
Ia., and at Harahan, La.
New station buildings were completed at Storm Lake, Ia., Millwood, Ky., Kensington, Ill., Mt. Pulaski, Ill., Lincoln,
Ill., and LaSalle, Ill. Others are in course of construction at Raleigh, Ill., Argyle, Wis., and Bryant, Miss. Station
buildings were enlarged or improved at Hallidayboro, Ill., Cherokee, Ia., Wingo, Ky., and Jackson, Miss.
The construction of a new office and depot building at 63rd Street, Chicago, Ill., was commenced.
New freight houses were constructed at Evansville, Ind., and Lincoln, Ill., and an extension is now being built to
the freight house at Cairo, Ill.
Water stations were improved by the installation of 100,000-gallon steel tanks to replace wooden tanks of smaller
capacity at Kensington, Ill., Olney, Ill. Freeport, Ill. Vandalia, Ill., Rockford, Ill., Gravel Switch, Ky., and Jackson,
'
rokee,
Tenn. At Benton, Ill., Dixon, Ill., Cherokee, Ia., and Fulton, Ky., the existing water facilities were improved.
New mechanical facilities, consisting of an engine house, car shop, wash-out plant, office and turntable, were constructed
at Dyersburg, Tenn., and a ten stall roundhouse, eighty-five foot turntable, boiler and wash-out buildings, power house,
oil house and cinder conveyors put in at Jackson, Tenn.
Improvements were made to mechanical facilities at Freeport, Ill., Waterloo, Ia., Fort Dodge, Ia., Cherokee, Ia., and
Nonconnah Yard, Memphis, Tenn.
The erection of new mechanical coaling plants at Effingham, Ill., Assumption,Ill., Hart, Ill., Waterloo, Ia., and Cecilia,
Ky. is in progress.
' new eighty-five foot steel turntable was installed at Clinton, Ill., and second-hand turntables were put in at DodgeA
ville, Wis., Corinth, Miss., and Aberdeen, Miss.
The installation of electric block signals reported in progress last year embracing 39.9 miles of track, was completed and
additional installations made,aggregating in all an increase for the year of 294.1 miles of track. With the trackage previously
equipped there was a total of 1,556.5 miles of protected track at the close of the year.
OCT. 7 1916.]
THE CHRONICLE
1309
Block signals are now being installed at various points on the Mississippi and Louisiana Divisions aggregating 452.2
miles, at Unionville, Ind., 1.4 miles and between Munger and Coleman, Ill. 3.5 miles, a total of 457.1 miles. With the
'
completion of the work on the Mississippi and Louisiana Divisions the railroad between Chicago, Ill., and New Orleans, La.,
will be completely block signalled.
7,663 lineal feet of permanent bridges and trestles were constructed, replacing pile and timber bridges, trestles and
embankments.
1,652 lineal feet of permanent bridges and trestles were rebuilt or replaced by embankments.
30,058 lineal feet of pile and timber bridges or trestles were rebuilt or replaced by embankments.
EQUIPMENT.
Forty-eight Mikado type freight locomotives and three switching locomotives were added during the year. Seventy-two
locomotives were retired and fifteen small saddle-tank type switching locomotives engaged in shop service were transferred
to work equipment, resulting in a decrease of thirty-six locomotives for the year, but an increase of 1,121,318 pounds in the
tractive power. During the year one Atlantic type and two Pacific type passenger engines were converted into superheated
locomotives, thus increasing their tractive power 7,460 pounds. This incre,ase is included in the general increase for the
year as stated above.
No new passenger-train cars were added during the year. Fourteen cars, heretofore included in work equipment, were
changed to passenger-train equipment as thirteen smoker and excursion ears and one mail and express car. Six passenger
and chairs cars, one smoker and excursion car, one baggage and express car and one coach assigned to mixed train service,
or a total of nine cars were destroyed, resulting in a net increase of five passenger-train cars for the year.
One thousand one hundred and fifty-one new freight-train cars were added and three thousand three hundred and eightyone cars were sold, destroyed or transferred to other service, making a net decrease of two thousand two hundred and thirty
cars during the year. Nine thousand one hundred and eighty-one cars were rebuilt during the year. In the process of
rebuilding, only such parts of the original car were retained as were in first class condition, the result being that the rebuilt
equipment was practically equal to new cars suitable to present day requirements. The average capacity of cars owned at
the close of the year was 41.69 tons as against 41.46 tons last year, and the total capacity of cars-was 2,567,570 tons, compared with 2,647,730 tons.
GENERAL REMARKS.
The volume of freight traffic handled and the revenue derived therefrom were the largest in the Company's history. A
large portion of the increased revenue this year was undoubtedly due to a recovery from the depression in business existing
last year. There was, however, a substantial increase in both the volume of tonnage and revenue over the year ended June
30 1914, during which year the Company moved a larger volume of freight and received greater freight revenue than in any
previous like period.
As a result of the large expenditures made in recent years for the extensive improvement of the road-bed and for increased
facilities, as well as for the acquisition of a large number of heavy locomotives of increased tractive power and cars of greater
capacity than those formerly in service, your company was in a position to take care Of the increased volume of business
during the past year with a material reduction in Transportation Expenses as compared with the two preceding years.
Equipment Trust Certificates amounting to $1,900,000 were issued under a lease and agreement dated January 3 1916,
"
known as 'Illinois Central Equipment Trust, Series 'D,' for the purpose of providing funds in part with which to pay for
50 locomotives and 1,000 refrigerator cars. The equipment covered by this Trust was received and placed in service during
the year.
The number of the Company's stockholders as of June 30 1916 was 10,697, as compared with 10,963 on the same date
of the previous year.
The number of pensioners on the pay rolls at the close of the year was 530, and the amount of pensions paid during the
year was $144,063 34, an increase of $14,794 01 over the preceding year.
The Board takes this opportunity of expressing its appreciation to the officers and employees for their loyal and efficient
service during the past year.
By order of the Board of Directors.
C. H. MARKHAM,
President.
-INCOME STATEMENT FOR THE YEARS ENDING JUNE 30 1916 AND .1915.
TABLE 2
1916.
Average Miles Operated
Per Cent of
Total0perattng
Revenues.
1915.
Per Cent of
TotalOperating
Revenues.
Increase.
Decrease.
4,767.12
• •
$46,457,338 45
3,587,700 99
13,374,593 34
207,498 65
138,162 68
26,914 60
1,146,298 72
1,872,273 76
240,994 45
74,814 26
865,974 56
28,013 12
7,530 00
5,000 00
67.26
5.19
19.36
030
0.20
0.04
1.66
2.71
0.35
0.11
1.25
0.04
0.01
0.01
$41,212,270 70
3.233,951 15
12,640,597 28
211,080 10
138,678 09
24,239 00
1,050,706 59
1,589,501 31
227,850 77
66.440 10
711,076 97
23,959 55
18,750 00
12,500 00
66.35
5.21
20.35
0.34
0.22
0.04
1.69
2.56
0.37
0.11
1.14
0.04
0.03
0.02
$5,245,067 75
353,749 84
733,996 06
368,033,107 58
98.49
$61,161,571 61
98.47
$6,871,535 97
$329,996 32
122,587 44
76,652 83
32,839 95
90,678 99
11,785 85
224,435 65
204 00
61,528 34
127,260 66
0.48
0.18
0.11
0.05
0.13
0.02
0.32
$296,673 58
114,506 19
74.974 15
28,221 70
99,574 28
12,865 29
219,505 22
0.09
0.18
52,298 57
82,88641
0.09
0.13
4,930 43
204 00
9,229 77
44,374 25
$1,077,970 03
1.56
3981,505 39
1.58
$96,464 64
$5,545 69
Dr.39,280 74
0.01
Dr.0.06
$6,071 70
Dr.37,596 45
0.01
Dr.0.06
3526 01
1,684 29
Total joint facility operating revenue
Dr. $33,735 05
Dr.0.05
Dr. $31,524 75
Dr.0.05
$2.210 30
Total railway operating revenues
$69,077,342 56
100.00
362,111,552,25
100.00
$6,965,790 31
39,506,526 60
16,547,749 43
1,252,366 08
21,841,049 72
375,222 27
1,763.356 06
Cr.112,542 42
13.76
23.96
1.81
31.62
0.54
2.55
Cr.0.16
$8,866,250 34
13.943,804 48
1,238.731 70
22,217,902 68
355,991 97
1,655,794 46
Cr.303.278 88
14.28
22.45
1.99
35.77
0.57
2.67
Cr.0.49
$640,276 26
2,603,944 95
13,634 38
Total railway operating expenses
$51,173,727 74
74.08
347,975,196 75
77.24
$3,198,530 99
Net revenue from railway operations
$17,903,614 82
25.92
314.136,355 50
22.76
$3,767,25932
Rail-Line Transportation
Freight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mail
Express
Milk
Other passenger train
Switching
Special service train
Other freight train
Water transfers-other
Total rail-line transportation revenue
Incidental Operating Revenue
Dining and buffet
Hotel and restaurant
Station, train and boat privileges
Parcel room
Storage-freight
Storage-baggage
Demurrage
Power
Rents of buildings and ether property
Miscellaneous
Total incidental operating revenue
Joint Facility Operating Revenue
Joint facility-Cr
Joint facility-Dr
Railway Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic-------------------------------------Transportation-rail line
Miscellaneous operations
General ---------------------------Transportation for investment-Cr
4,770.03
2 91
0.48
0.18
0.12
0.05
0.16
0.02'
0.35
2,705 60
95,592 13
282,772 45
13,143 68
8,374 16
154,897 59
4,053 57
11,220 00
7,50000
$33,322 74
8,081 25
1,67868
4,618 25
$8,895 29
1.97944
$376,852 96
19,230 30
107,561 60
190,736 46
Railway tax accruals
Uncollectible railway revenues
$3,724,020 73
$24,507 09
33,233,838 38
324,044 24
$490,182 35
$462 85
Railway operating income
$14,155,087 00
$10,878.472 88
53,276,614 12
$3,581 45
515 41
THE CHRONICLE
1310
1916.
Non7erating Income
ire of freirt cars-credit balance
Rent from ocomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
Joint facility rent income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-profit
D vidend income
Income from funded securities
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
Per Cent of
TotalOperating
Revenues
[Vol.. 103.
Per Cent of
Total Operating
Revenues.
1915.
Increase.
5772,290 55
$772,290 55
70,789 93
287,150 91
12,871 23
65,771 34
1,185,943 27
7,099 38
240,423 34
36,114 58
57,176 69
1,665,848 89
4,420,781 31
651,595 07
124,225 03
22,662 43
587,893 88
272,135 24
3,845 00
66,515 50
1,212,570 88
$17,103 95
15,015 67
9,026 23
744 16
26,627 61
7,099 38
17,389 57
223,033 77
36,239 06
96,302 22
1,833,409 52
3,345,770 55
646,126 89
120,375 00
14,609 74
124 48
39,125 53
167,560 63
1,075,010 76
5,468 18
3,850 00
8,052 69
$9,620,743 92
Gross income
Deductions from Gross Income
Hire of freight cars-debit balance
Rent for locomotives
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
Joint facility rent deductions
Rent for leased roads
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt
Interest on unfunded debt
Maintenance of investment organization
Miscellaneous income charges
$7,958,827 25
$1,661,916 67
$23,775,830 92,
Total non-operating income
Decrease.
$18,837,300 13
$4,938,530 79
$221,187 08
1,567 60
$221,187 08
13,601 16
54,100 93
$12,033 56
65,835 69
2,13788
11,799 47
730,259 52
5,512,901 60
9,813 15
5,970 71
28,673 29
5,536,941 67
,
39,235 98
534 00,
12,129 67'
$11,73476
2,13788
1,289 42
85,655 46
285,721 24
1,132 42
28 15
28,673 29
49,058 33
10,510 05
644,604 06
5,227,180 36
8,680 73
5,944 56
5,487,883 34
295,528 90
364 35
8,552 95
256,292 92
169 65
3,576 72
$9,872 28
Total deductions from gross income
$11,968,266 14
$11,978,138 47
Net income
$11,807,564 73
$6,859,161 66
$4,948,403 07
$111,725 00
41,206 50
$107,875 00
46,027 77
53,850 00
$152,931 50
$153,902 77
Income balance transferred to credit of Profit and Loss $11,654,633 23
$6,705,258 89
Disposition of Net Income
Income applied to sinking and other reserve funds
Income appropriated for investment in physical property
Total appropriations of income
$4,821 27
$971 27
$4,949,374 34
TABLE 3
-PROFIT AND LOSS.
Dividend appropriations of surplus
Dividend payable March 1 1916
Dividend payable Sept. 1 1916
$2,732,400 03
2,732,400 00 $5,464,800 00
Surplus appropriated for investment in physical property.._
9,577 64
Debt discount extinguished through surplus
9,592 04
Unaccrued depreciation prior to July 1 1907 on equipment
retired during the current fiscal year
401,695 20
Difference between cost of property retired and not replaced
and net value of salvage recovered
132,487 16
660,830 92
Miscellaneous debits
Balance June 30 1916
10,092,236 39
Balance June 30 1915
$4,814,263 17
11,654,633 23
Balance transferred from income
Profit on road and equipment sold
1,102 91
Unrefundable overcharges
33,778 00
Donations
9,577 64
Miscellaneous credits
Unclaimed vouchers, wages and miscellaneous
drafts
• $41,212 91
Other miscellaneous items
257,864 40
216,651 49
$16,771,219 35
$16,771,219 35
TABLE 4
-CONDENSED GENERAL BALANCE SHEET JUNE 30 1916, AND COMPARISON WITH
PREVIOUS YEAR.
ASSET SIDE.
Investments
Road and equipment to June 30 1907
Investment in road-securities:
Stocks-unpledged
-pledged
Funded debt
Road and equipment since June 30 1907
1916.
1915.
Increase.
$95,198,329 47
$95,198,329 47
86,570 54
13,718,070 67
49,870,161 31
86,570 54
13,718,070 67
46,060.814 39
$3,809,346 92
Total road and equipment
5158.873,131 99
$155,063,785 07
$3,809,346 92
Miscellaneous physical property
$1,360,928 45
$1,328,029 33
$32,899 12
$39,139,441 79
4,893,700 00
13,946,000 00
1,339,466 00
18,434,791 12
540,634,143 57
4,976,200 00
13,946,000 00
1,340,603 82
16,292,150 70
52,142,640 42
$77,753,398 91
$77,189,098 09
$564,300 82
$5,489 00
9,339,750 00
27,305,679 38
1,989,059 98
$5,519 10
8,234,650 00
27,305,679 38
3,078,777 15
$1,105,100 00
538.639.978 36
$38,624,625 63
$15,352 73
$276,627,437 71
$272,205,538 12
$4,421,899 59
35,637,520 62
278,341 94
2,159,247 89
116,840 17
2,413,434 99
4,145,065 07
6,141,588 20
3,101,027 88
$2,585,515 08
195,154 46
3,689,770 08
$3,052,005 54
83,187 48
2,226,329 68
4,341,676 02
5,348,241 73
2,028,008 89
793,346 47
1,073,018 99
$23.993,066 76
520,414,695 94
$3,578,370 82
$11,764 18
2,561,374 83
208,009 73
$12,762 89
2,465,372 56
219,396 84
$96,002 27
$2.781,148 74
$2,697,532 29
$83,616 45
Decrease.
Investments in affiliated companies:
Stocks-unpledged
Bonds-unpledged
Bonds
-pledged
Notes
Advances
Other investments:
Stocks-unpledged
Bonds-unpledged
Bonds
-pledged
Notes, advances, etc
Total investments
Current Assets
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Total current assets
Deferred Assets
Working fund advances
Insurance and other funds
Other deferred assets
Total deferred assets
Unadjusted Debits
Other unadjusted debits
Grand total
51,494,701 78
82,500 00
1,137 82
$30 10
1,089,717 17
116,840 17
187,105 31
$1.530,522 19
196,610 95
$998 71
11,387 11
$862,546 12
$845,738 76
$16,807 36
$304,264,199 33
$296,163,505 11
58,100,694 22
OCT. 7 1916.j
1311
THE CHRONICLE
1916.
$109,296,000 00
10,468 33
$109,296,000 00
4,283 33
Total stock outstanding
$109,285,531 67
$11,078 91
Decrease.
$109,291,716 67
Governmental Grants
Grants in aid of construction
Increase.
1915.
Stock
Common Stock
-Common stock held in treasury
Less
LIABILITY SIDE.
$6,185 00
$6,185 00
$11,078 91
Long-Term Debt
00
Funded debt$161,526,700
7,858,000 00
Less
-Funded debt
held in treasury
$170,886,700 00
17,675,000 00
$153,668,700 00
600,000 00
$153,211,700 00
600,000 00
$457,000 00
$154,268,700 00
$153,811,700 00
$457,000 00
$203,159 74
6,137,503 96
2,666,374 24
951.120 00
38,044 05
100,266 16
2,732,400 00
870,348 34
357,788 51
687.360 01
$1,000,000 00
321,200 40
6,003,344 73
2,466,686 88
784,882 50
31,764 05
6,353 64
2,732,400 00
897,200 84
359,554 78
700,660 14
Total funded debt outstanding
Non-negotiable debt to affiliated companies
Total long-term debt
Current Liabilities
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$9,360,000 00
9,817,000 00
00,000 00
---118,040 66
-----------34,15923
199,687 36
166,237 50
6,280 00
93,912 52
26,852 50
1,766 27
13,300 13
$14,744,365 01
$15,304,047 96
Deferred Liabilities
Liability for provident funds
Other deferred liabilities
$250,000 00
23,632 79
$250,000 00
21,429 54
$2,203 25
Total deferred liabilities
$273.632 79
$271,429 54
$2,203 25
usted Credits
Unadj liability$599,06591
Tax
'2,311,374 83
Insurance reserve
Operating reserves
11,024,238 43
Accrued depreciation-Equipment
1,015,479 00
Other unadjusted credits
$419,757 20
2,215,372 56
127.696 48
8,920,511 21
396.760 89
$179,308 71
96,002 27
2,103,727 22
618,718 11
$14,950,158 17
$12,080,098 34
$2,870,059 83
$638,496 39
10,092,236 39
$590,249 43
4,814,263 17
$48,246 96
5,277,97322
Total current liabilities
Total unadjusted credits
Corporate Surplus
Additions to property through income and surplus
Profit and loss
Total corporate surplus
$559,682 95
$10,730,732 78
$5,326,220 18
$296,163,505 11
$8,100,694 22
$67,692,100 00
Contingent Liabilities
$5,404,512 60
$304,264,199 33
Grand total
$127,696 48
$67,692,100 00
TABLE 6-CAPITAL ADVANCES TO OTHER COMPANIES.
Kind
Capital Advances to Other Companies:
Batesville Southwestern Railroad Company
Benton Southern RR. Co
Bloomington Southern Railroad Company
Blue Island Railroad Company
Canton Aberdeen & Nashville Railroad Company
Chicago Memphis & Gulf Railroad Company
Chicago St. Louis & New Orleans RR. Co
Chicago St. Louis & New Orleans RR. Co., account C. St. L.& N.0. RR. Co. Equipment Trust, Series "A"
Dubuque & Sioux City Railroad Company
Fredonia & Reeds RR. Co
Herrin Northern RR. Co
Johnston City Southern RR. Co
Kensington & Eastern Railroad Company
Kensington & Eastern Railroad Company of Indiana
Memphis Railroad Terminal Company
Omaha Bridge & Terminal Railway Company
South Chicago Railroad Company
Madison Coal Corporation
Mississippi Valley Company
Mississippi Valley Corporation
Southern Property Company
Total.
$100,761 82
124,871 88
304,679 75
68,728 76
139,433 36
97,668 90
7,251,861 65
2,319,341 90
2,521,116 18
37,720 33
13,228 69
46,183 30
1,220,486 56
280 79
113,147 22
1,750,000 00
252,941 71
1,500,000 00
40,990 90
526,620 73
4,726 69
Interest received
During Year.
$81,529 10
45,954 38
87,500 06
82,500 00
25,457 14
$18,434,791 12
1,898,438 62
$322,940 62
73,033 14
$20,333,229 74
The Yazoo & Mississippi Valley Railroad Company
Total Capital Advances to Other Companies
5395,973 76
TABLE 5
-INVESTMENT SECURITIES OWNED-PAR VALUE.
KIND.
Pledged.
Stocks
Illinois Central RR. Co. Stock and Scrip
-Preferred
Central of Georgia Ry. Co.
-Common
Central of Georgia By. Co.
Chicago St. Louis & New Orleans RR. Co
Dubuque & Sioux City RR. Co
DunLeith & Dubuque Bridge Co
Chicago Memphis & Gulf RR. Co.
-Preferred
Chicago Memphis & Gulf"RR. Co.
-Common
Belt Railway Company of Chicafo
Miscellaneous
Total Stocks ______________________________
$10,468 33
15,000,000 00
4,998,500 00
10,200 00
11,756,000 00
1.000.000 00
150.000 00
520,000 00
240,000 00
889,388 00
Total Bonds
Grand total
Total.
Dividends
and Interest
Received.
310,468 33
15,000,000 00 $900,000 00
4,998,500 00
249,925 00
10,200 00
408 00
11,756,000 00 * 360,909 20
1,000,000 00
141,096 42
00
150,000
520,000 00
240,000 00
13,200 00
889,388 00
310 27
$34,574,556 33 $34,574,556 33 $1,665.848 89
Bonds
I. C. RR. Co. Gold Fours of 1953
I. C. RR. Co. First Lien Equipment Fours
I. C. RR. Co. and C. St. L. & N. 0. RR. Co. Joint First Refunding Fives of 196
•
I. C. RR. Co. Gold Louisville Division and Terminal Three and a halfs of 195
Cedar Rapids & Chicago RR. Co. First Mortgage Gold Fives of 1935
a$830,000 00
Cherokee & Dakota RR. Co. First Mortgage Gold Fives of 1935
a3,100,000 00
Chicago St. Louis & New Orleans RR. Co. Gold Fives of 1951
b5,266,000 00
Chicago St. Louis & New Orleans RR. Co. Gold Bridge Fives of 1950
c3,000,t00 00
Chicago St. Louis & New Orleans RR. Co. Equipment Trust Certificates, Series
"A," Fives of 1924
Louisville New Orleans & Texas By. Co. First Mortgage Fours of 1934
d16,832,000 00
Louisville New Orleans & Texas By. Co. Second Mortgage Income Fives of 1934 d9,104.000 00
Louisville New Orleans & Texas Ry. Co. Land Grant Non-Cumulative Income
Sixes of 1934
d6,553,27690
Peoria & Pekin Union Ry. Co. Debenture Fives
Southern Illinois & Missouri Bridge Co. Fours of 1951
Tennessee Central RR. Co. Prior Lien Fours of 1934
Yazoo & Missiasippi Valley RR. Co. First Mortgage Gold Fives of 1952
a2,800,000 00
Yazoo & Mississippi Valley RR. Co. Gold Improvement Fives of 1934
Miscellaneous
Other Securities
Unpledged.
$71,000 00
7,787,000,00
3,348,100 00
156,000 00
$71,000 00 e
7,787,000,00 e
3,348,100 00 e
156,000 00 e
--830,000 00 $41,500
-00
3,100,000 00
155,000 00
5,266,000 00
263,300 00
3,000,000 CO
150,000 00
595,000 00
595,000 00 e
16,832,CCO 00
673,280 00
9,104,000 00 2,457,469 30
194,000 00
600,000 00
1,338,000 00
7,871.000 00
151,000 00
6,553,276 90
194,000 00
600,000 00
1,338,000 00
2,800,000 00
7,871,000 00
151,000 00
9,752 08
24.000 00
53,520 00
140,000 00
399.475 00
9,060 06
$47,485,276 90 $22,111,100 00 $69,596,376 90 $4.376,356 38
$1,093,588 36
$1,093,588 36
$44,424 93
$47,485,276 90 557,779,244 69 $105,264,521 59 36.086,630 20
[VOL. 103.
THE CHRONICLE
1312
The book value of the securities listed above is $90,720,078 28, and on the balance sheet is included in the items
-Stocks Unpledged
Investments in Affiliated Companies
Investments in Affiliated Companies-Bonds Unpledged
-Bonds Pledged
Investments in Affiliated Companies
-Notes
Investments in Affiliated Companies
-Stocks Unpledged
Other Investments
-Bonds Unpledgod
Other Investments
-Bonds Pledged
Other Investments
-Notes, Advances, etc
Other Investments
As deductions from Liabilities:
Under Common Stock
Under Funded Debt
* Declared August 30 1916, payable as of June 30 1916 to stockholders of record on that date.
a Pledged to secure in part Illinois Central Four Per Cent Bonds of 1952.
b Pledged to secure Illinois Central Three and a half Per Cent Sterling Bonds of 1950.
c Pledged to secure Illinois Central Cairo Bridge Bonds of 1950.
d Pledged to secure Illinois Central Four Per Cent Bonds of 1953.
o Excludes interest on Company's bonds and issues of Subsidiary Companies guaranteed.
$39,139,441 79
4.893,700 00
13,946,000 00
1,339,466 00
5,489 00
9,339,750 00
27,305,679 38
1,989,059 98
10,468 33
7,858,000 00
TABLE 11-GENERAL OPERATING RESULTS FOR THE YEARS ENDING.TUNE 30 1916 AND 1915.
1916.
Train and Locomotive Mileage
Revenue freight train miles
Revenue passenger train miles
Revenue mixed train miles
Revenue special train miles
Revenue motor train miles
Total revenue service train miles
Helping and light freight locomotive miles
Helping and light passenger locomotive miles
Helping and light mixed locomotive miles
Helping and light special locomotive miles
Total revenue service locomotive miles, excluding motor car and switching
Switching locomotive miles
Total revenue service locomotive miles
Non-revenue service locomotive miles
Per cent of helping and light mileage to revenue train mileage
Car Mileage
-loaded
Freight car miles
-empty
Freight car miles
Freight car miles-caboose
Total freight car miles
Average number of loaded freight cars per train mile
Average number of empty freight cars per train mile
Average number of all freight cars per train mile
Per cent of loaded car mileage to total car mileage
Per cent of empty car mileage to total car mileage
Per cent of caboose car mileage to total car mileage
Passenger car miles
Average number of passenger cars per trainmile
Motor car trailer miles
Special revenue service car miles
Non-revenue service car miles
-4,Figures restated so as to show motor car statistics separately.
'
16,273,328
13,345,263
263,175
13,808
88,832
29,984,406
363.546
358,738
3,376
426
30,621,660
7,329,708
37,951,368
1,193,271
2.43
*1915.
Increase.
16,628,875
12,990,508
290,731
12,658
98,995
30,021,767
455,162
352,937
1,695
134
30,732,700
7,125,792
37,858,492
958,491
2.71
Decrease.
%
2.14
2.73
9.48
9.09
10,163 10.27
37,361 0.12
91,616 20.13
1.64
99.17
217.91
111,040 0.36
2.86
0.25
24.49
.28 10.33
355,547
254,755
27,556
1,150
5,801
1,681
292
203,916
92,876
234,780
413,641,399 367,261,612 46,370,787
188,566,973 184,169,197 4,397,776
16,386,197 16,729,601
618,594,569 568,160,410 50.434.159
21.71
25.01
3.30
.52
10.88
11.40
3.83
33.58
37.41
2.23
64.64
66.87
32.42
30.48
.._ _ _ ___
2.94
2.65
78,512,156 74,372,262 4,139,894
5.77
.17
5.60
43,651
34.499
9,152
182,342
177,279
5,063
7.867,043 6,322,187 1.544.856
12.63
2.39
2.05
8.88
15.20
4.78
11.41
3.45
1.94 5.98
.29 9.86
5.57
3.04
26.53
2.86
24.44
__
343,404
TABLE 12-GENERAL TRAFFIC RESULTS.
I
1914.
I
1915.
1913.
1916.
1912.
Years ending June 30th.
4,767.12
4,768.51
4,762.70
4,762.70
4,770.03
Average miles of road operated
32.342,709
26,339.149
30,447,165
35,023.545
31,309.351
-Tons of revenue freight carried
Freight Traffic
6,844,266
6,995,050
6,113,998
7,570.619
6.444.889
Tons of company freight carried
39.186.975
32,453.147
36,892,051
42,018,595
38,879.970
Tons of all freight carried
8,514,498,948 7,522,111.963 7.789,173,596 7,385.261,210 6.210.461,853
Tons of revenue freight carried one mile
1,330,286,594 1,323,981,742 1.325,961,521 1,381.335.080 1,239.346,673
Tons of company freight carried one mile
9,844,785,542 8.846,093.705 9,115,135,117 8.766.596,290 7,449.808.526
Tons of all freight carried one mile
1,633,461
1,303,979
1,550,646
1,786,089
1,576,953
Tons of revenue freight carried one mile per mile of road
243.11
..
235.79
242.56
Average distance revenue freight carried-In miles
$46,457,338 45 841,212,270 70 343,871,271 70 842,589.298 68 $37,881.765 94
Revenue from freight
$1.43-823
$1.39-879
$1.35-645
$1.32-646
$1.31-629
Average revenue per ton carried
.610
.577
.563
.546
.548
Average revenue per ton per mile-in cents
$7,953 84
$9,745 37
,$8,942 26
$9,200 21
$8,639 83
Freight revenue per mile of road operated
$2.17-201
$2.34-734
$2.80-938
$2.34-824
$2.43-577
Freight revenue per revenue freight train mile
356.09
407.04
514.89
416.92
444.58
Tons of revenue freight carried per revenue freight train mile
427.15
595.34
483.18
487.89
522.83
Tons of all freight carried per revenue freight train mile
all freight carried per revenue service locomotive mile, excludTons of
414.40
582.41
470.52
467.39
509.08
ing switching miles_
21.52
23.53
22.87
23.80
24.09
Average number of tons of all freight In each loaded car
27,005.956
27,300,134
27,537.947
27,500,555
25,900,693
-Revenue passengers carried
Passenger Traffic
09.596.283
711,368,242
693,585.888
718,552,858
659,282,944
'Revenue passengers carried one mile
148,990
149,362
145,494
150,687
138,214
Revenue passengers carried one mile per mile of road
26.28
25.83
26.13
25.41
25.45
Average distance carried-in miles
$13,337,052 56 $12,603,239 06 313,706,655 01 $13,455,884 45 813,337,562 40
Revenue from passengers
49.387
48.863
49.841
48.660
48.853
Average revenue per passenger-In cents
1.880
1.892
1.923
1.908
1.912
Average revenue per passenger per mile-In cents
$0.95-807
$0.96-588
$1.01-907
$0.98-006
$0.94-895
Average revenue from passengers per passenger train mile
$16,836,511 03 $15,700,624 92 $16,995,013 25 $16,760,538 49 816,570,743 10
train revenue
Passenger service
$3,479 28
$3,519 13
$3,291'51
$3,531 80
$3,564 01
Passenger service train revenue per mile of road
$1.19-032
$1.23-721
$1.20-309
$1.18-217
$1.26-356
Passenger service train revenue per train mile
14
14
14
14
13
Average revenue passengers per car mile
51
51
51
53
50
Average revenue passengers per train mile
22,219
98,508
119,127
Car-Revenue passengers carried
Motor
409,533
1,501,984
1,587,354
Revenue passengers carried one mile
18.43
13.32
15.25
Average distance carried-In miles
2.277
2.353
2.499
per mile-in cents
Average revenue per passenger
$0.52-996
$0.37-737'
$0.42-260
Average revenue from passengers per train mile
$59,831,931 79 $53,852.867 98 857,587.250 76 $56,045,183 13 351,219,328 34
Revenue and Expenses-Freight and passenger revenue
$10,754 26
311.767 52
$11,289 84
$12,076 57
$12,55096
Freight and passenger revenue per mile of road
$69,077,34256 $62,111.552 25 $66,373,502 63 $64,786,414 60 $59.220.650 49
Total operating revenues
$13,602 88
$12,434 26
$14.49037
$13,919 13
$13,021 21
Total operating revenues per mile of road
$51,173,72774 $47,975.196 75 851,292,780 91 $50,632,015 55 $48,722,201 76
Operating expenses
$10,630 95
$10,229 95
810,756 56
Operating expenses per mile of road
$17,903,614 82 $14,136,355 50 $15,080,721 72 $14,154,399 05 $10,498,448 73
Net operating revenue
$3,162 57
$2,204 31
$2.971 93
$2.963 58
$3.755 64
Net operating revenue per mile of road
Expenses, and Net Operating Revenues,
Motor Car Statistics stated separately for the years 1914 and 1915. Total Operating Revenues, Operating the
Inter-State Commerce Commission's
and Statistics relating thereto, restated in each of the years 1912 to 1915, inclusive, so as to conform with
classification, effective July 1 1914.
-CLASSIFICATION OF REVENUE FREIGHT YEARS ENDED JUNE 30, 1916 AND 1915.
TABLE 13
Products of Agriculture:
Grain
Flour
Other mill products
Hay
Tobacco
Cotton
Fruit and vegetables
Total
Products of Animals:
Live stock
Packing house products
Poultry,game and fish
Wool
Hides and leather
Total
1916
1915
1915
1916
. Per Cent. Tons. Per Cent
Tons
Tons. Per Cent. Tons. PerCent
3,544,547 10.12 3,647,309 11.65 Products of Forests:
4,717,850 13.47 3,906,472 12.48
Lumber
284.642 0.91
336,600 0.96
278,929 0.89
0.87
304,901
270,205 0.86 Manufactures:
0.77
269.771
54,230 0.17
75,696 0.22
364,582
1.16
404,050
1.15
Petroleum and other °Rs
290,074 0.03
246,238 0.70
277,675 0.89
,
342,862 0.98
Sugar
3.59
1,123,489
3.66
1,282,537
24,878 0.08
stores
28,038 0.08
Naval
193,927 0.62
316,633 0.90
Iron, pig and bloom
6,060,290 17.30 5,948,878 19.00
57,169 0.18
113,950 0.33
Iron and steel rails
178,488 0.57
230,769 0.66
Other castings and machinery_
77,549 0.25
0.23
79,431
Bar and sheet metal
1.41
441,719
1.43
501,264
3.52
1,100,799
1,187.177 3.39
Cement, brick and lime
171,137 0.55
227,015 0.65
80,510 0.23
70,362 0.22
Agricultural implements
35,507 0.11
39,586 0.11
79,148 0.23
42,992 0.14
Wagons, carriages, tools, Sze
8,976 0.03
14,724 0.04
140,635 0.40
143,258 0.46
Wines, liquors and beers
16,313 0.05
17,205 0.05
84,616 0.24
60,837 0.19
Ilousenold goods and furniture__ _
673,652 2.15
799,795 2.28
3,087,819 8.82 2,592,516 8.28
Total
Products of Mines:
94,452 0.30
77,958 0.22
Anthracite coal
14,065,125 40.10 12,388,969 39.57
Bituminous coal
100,797 0.32
102,370 0.29
Coke
186,990 0.60
0.66
229,551
Ores
1.365.103 4.36
Stone, sand and other like articles 1,509,063 4.31
Total
15,984,067 45.64
14.136,311
45.15
1,630,375
4.66
1,620,715
5.18
Miscellaneous:
Other commodities not mentioned
2,743,349
above
7.83
2.430,807
7.76
Merchandise
Total tonnage
35.023,545 100.00 31,309,351 100.00
0421T. 7 1916.]
THE CHRONICLE
1313
UNION PACIFIC RAILROAD COMPANY
NINETEENTH ANNUAL REPORT-YEAR ENDED JUNE 30 1916.
New York September 14 1916.
To the Stockholders of the Union Pacific Railroad Company:
The Board of Directors submit the following report of the operations and affairs of the Union Pacific Railroad Company for the fiscal year ended June 30 1916, including the Oregon Short Line Railroad Company, whose entire capital stock
is owned by the Union Pacific Railroad Company, and .the Oregon-Washington Railroad & Navigation Company, whose
entire capital stock is owned by the Oregon Short Line Railroad Company. For convenience, the three Companies are designated by the term "Union Pacific System."
TRANSPORTATION OPERATIONS.
The results of Transportation Operations this year compared with those of last year, were as follows:
This Year.
Average miles of road operated
*Last Year.
Increase.
Decrease.
Per Cl.
7,917.73
7,784.29
133.44
Operating Revenues
Freight revenue
Passenger revenue
Mall revenue
Express revenue
Other passenger-train revenue
Other train revenue
Switching revenue
Water line revenue
Other revenue
$75,078,75$ 24
19,941,889 85
3,765,734 62
2,035,583 97
1,569,042 60
25,766 11
551,055 95
163,601 00
1,585.675 72
$59,191,109 25
18,748.558 82
3,766.274 86
1,997,973 96
1,210,582 81
71.662 77
451,663 86
187.681 74
1,332.787 15
$15,887,615 99
1,193.331 03
Total operating revenues
$104,717,005 06
$86,958,295 22
$17,758,709 84
20.4
Operating Expenses
Maintenance of way and structures
Maintenance of equipment
$13.869,368 61
12,388,809 64
$10,887,307 96
12,087,377 14
$2,982,060 65
301,432 50
27.4
2.5
Total maintenance
Traffic expenses
Transportation expenses-rail line
-water line
Transportation expenses
Miscellaneous operations expenses
General expenses
Transportation for investment
-Credit
$26,258,178 25
2,261,922 13
25,660,247 80
135,051 45
1,557,188 56
2,891.805 41
181.623 53
$22,974,685 10
2,063.499 30
22,916,597 72
145.589 44
1.313.188 94
2,883,296 47
160.142 06
$3,283,493 15
198,422 83
2,743,650 08
14.3
9.6
12.0
7.2
18.6
.3
13.4
$58,582,770 97
352.136,714 91
$6.446,055 16
12.4
$46,134,234 99
5.310,698 49
$34,821,580 31
4,641.474 25
$11,312.654 6$
669.224 24
32.5
14.4
$40,823,536 50
330,180,106 06
$10.643.430 44
55.94
59.96
19,867,068
8,244,311,695
.885
414.97
491.81
$4 28
16,791,412
6,001,739,197
.968
357.43
441.73
$4 21
8,044,757
917,993,011
2.137
114.11
61.35
$1 31
$1 71
8,075,960
834,627,962
2.209
103.35
57.91
31 28
Si 66
Total operating expenses
Revenues over expenses
Taxes
Net operating income
Operating ratio (excluding Taxes)
Freight Traffic (Commercial Freight Only)
Tons of revenue freight carried
Ton-miles, revenue freight
Average revenue per ton-mile (cents)
Average distance hauled per ton (miles)
Average revenue tons per revenue freight-train mile
Average revenue per revenue freight-train mile
Passenger Traffic (Excluding Motor Car)
Revenue passengers carried
Revenue passengers carried one mile
Average revenue per passenger-mile (cents)
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger-train mile, passengers only
Average total passenger-train revenue per passenger-train mile
37.610 01
358.459 79
99.392 09
252.788 57
243.999 62
8,508 94
1.7
$540 24
45.896 66
24,080 74
$10,537 99
21,481 47
26.8
6.4
I.§
29.6
64.0
22.0
12.8
19.0
35.3
4.02
6.7
.083
18.3
37.4
8.6
16.1
11.3
1.7
3,075,656
2,242,572.498
57.54
50.08
$0 07
83,365,049
10.76
3.44
20 03
SO 05
31,203
.072
.4
10.0
3.3
10.4
5.9
2.3
3.0
* Wherever necessary for comparative purposes, last year's figures have been re-stated to conform with Inter-State Commerce Commission rulings.
effective July 1 1915.
MAINTENANCE OF WAY AND STRUCTURES.
Average miles of track operated-first and additional main tracks
Superintendence
Roadway and track-ordinary
Extraordinary repairs of roadway and track
Tunnels, bridges and elevated structures
Ties
Rails
Other track material
Ballast
Fences, crossings and signs
Buildings and other structures
Signals and telegraph lines
Removing snow, ice and sand
Paving and assessments for public improvements
Roadway tools and supplies
Miscellaneous
Maintaining joint facilities
Total, excluding Depreciation
Deprociation-MIse.ellaneous Structures
Total
Cost ner mile-all main tracks operated
This Year.
Last Year.
Increase.
Decrease.
Per Ct.
9,045.35
8,881.00
164.35
1.9
$775,394 36
4,999,575 65
672,134 62
1,016,136 49
2,030,207 03
1,161,20775
766,888 56
124,19540
261,318 66
990,056 22
334,621 45
311,722 67
13,667 10
339,754 29
154,372 77
*117.784 30
$685,429 58
4,230,772 29
337.505 32
777,763 07
1,726,605 07
560,766 41
498,889 10
112,032 45
251,229 12
1,056,525 95
311,172 53
192.813 86
8.013 59
229,499 11
135.759 88
*227,469 37
$89,964 78
768,803 36
334,629 20
238,373 42
333.601,96
600.441 34
267.999 46
12.162 95
10,089 54
13.1
18.2
99.1
30.6
17.6
107.1
53.7
10.9
4.0
6.3
7.5
61.7
70.5
48.0
13.7
48.2
$13,833,468 62
$10.887.307 96
$2.946,160 66
$35,899 99
23,448 92
118,908 81
5,653 51
110,255 18
18,612 89
109,685 07
$66,469 73
27.1
$35.899 99
$13,869,368 61
310.887.307 96
$2.982,060 65
27.4
81.533 31
81.225 91
5307 40
9.A.1
*Credit.
MAINTENANCE OF EQUIPMENT.
This Year.
Superintendence
Shop and power plant machinery
Steam locomotives-repairs
Freight-train cars-repairs
Passenger-train cars-repairs
Motor equipment of cars-repairs
Floating equipment-repairs
'
Work equipment -repairs
Miscellaneous equipment
-repairs
Miscellaneous
Maintaining joint equipment at terminals
Totals, excluding depreciation and retirements
Depreciation
Retirements
Total
*Credit.
Last Year.
3504,414 64
372,815 43
4,712.324 86
2,535,132 26
887,716 08
69,777 02
11,137 94
202,608 22
195 41
261,565 85
*5.246 80
$482,549 40
303.312 75
4,655,928 98
2,542,543 00
887.600 70
86,183 54
19,761 35
136,639 10
168 44
241,633 82
8,520 16
$21.865 24
69,502 68
58.395 88
$9,552,440 91
2,512,327 51
324,041 22
$9,364,841 24
2,553,342 20
169.193 70
$187,599 67
212.388.809 64
$12.087.377 14
$301.432 50
Increase.
115 38
65,969 12
26 97
19.932 03
Decrease.
$7,410 74
16,406 52
8.623 41
13,766 96
154.847 52
241.014 69
Per Ct.
4.5
22.9
1.2
.3
19.0
43.6
48.3
16.0
8.2
161.6
2.0
1.6
91.5
2.5
1314
THE CHRONICLE
[Vol, 103.
TRAFFIC EXPENSES.
This Year.
Superintendence
Outside agencies
Advertising and industrial and immigration bureaus
Miscellaneous
Last Year.
Increase.
Decrease.
$459,538 10
948,272 34
655,577 61
198,534 08
$2,063,499 30
Per Ct.
37,460 26
64,443 24
144,365 54
$2,261,922 13
Total
3452,077 84
883,829 10
511,212 07
216,380 29
$198,422 83
$17,846 21
1.7
7.3
28.2
8.2
9.6
TRANSPORTAION AND MISCELLANEOUS OPERATIONS EXPENSES.
This Year.
Last Year.
$945,356 83
3,186,320,88
1,786,369 17
604,354 75
105,867 40
235,013 25
3,541,922 86
6,682,852 33
601,381 43
1,060,640 62
3,438,851 73
1,390,370 64
769,561 23
1,194.988 32
116,396 36
3892,844 38
3,003,455 71
1,576,694 39
561,531 34
93,349 71
228,650 31
2,986,695 72
5,878,001 09
518,587 90
964,558 19
2,938,987 52
1,330,734 41
720,761 10
1,130,379 12
91,366 83
$52,512 45
182,865 17
209,674 78
42,823 41
12,517 69
6,362 94
555,227 14
804,851 24
82,793 53
96,082 43
499,864 21
59,636 23
48,800 13
64,609 20
25,029 53
$25,660,247 80
$22,916,597 72
$2,743.650 08
$135,051 45
$145,589 44
$1,490,711 76
66,476 80
$1,308,727 97
4,460 97
Superintendence and dispatching
Station expenses
Yard labor
Fuel for yard locomotives
Yard supplies and expenses
Enginehouse expenses
-yard
Train enginemen and motormen
Fuel for train locomotives
Supplies for train locomotives
Enginehouse expenses
-train
Trainmen
Train supplies and expenses
Miscellaneous
Loss, damage and casualties
Operating joint facilities
Total Transportation Expenses
-Rail
Transportation Expenses-Water Line
Dining cars and hotels
Other miscellaneous operations
Total Miscellaneous Operations Expenses
$1,557,188 56
Total Transportation and Miscellaneous Operations Expenses
$27,352,487 81
Increase.
Decrease.
Per Ct.
5.9
6.1
13.3
7.6
13.4
2.8
18.6
13.7
16.0
10.0
17.0
4.5
6.8
5.7
27.4
12.0
$1u.537 99
$181,983 79
62,015 83
$1.313,18894 ,
7.2
13.9
$243,999 62
18.6
$24,375,376 10
$2,977,111 71
12.2
Increase.
GENERAL EXPENSES.
This Year.
Last Year.
31,853,735 88
153,521 65
313,841 46
158,580 87
128,697 55
265,108 40
18,319 60
$1,829,382 39
162,681 36
348,786 70
133,542 64
98,824 34
293,603 51
16.475 53
$24,353 49
1,844 07
1.3
5.6
10.0
18.7
30.2
9.7
11.2
$2.891.805 41
Salaries and expenses of officers, clerks and attendants
General office supplies and expenses
Law expenses
Pensions
Valuation expenses
Miscellaneous
General joint facilities
32.883.296 47
38.508 94
.3
Total
Decrease.
25,038 23
29,873 21
Per Ct.
$9,159 71
34,945 24
28,495 11
INCOME ACCOUNT.
(Excluding all offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and
Oregon-Washington Railroad & Navigation Co.)
This Year.
Last Year.
Increase.
$104,717,005 06
58,582,770 07
$86,958.295 22
52,136,714 91
$17,758,709 84
6,446,055 16
Revenue over Expenses
Taxes
$46,134,234 99
5,310.698 49
$34,821,580 31
4,641,474 25
$11,312,654 68
669,224 24
Operating Income
$40,823,536 50
$30,180,106 06
$10,643,430 44
$220,154 91
71,160 00
1,080,531 73
56,799 63
123,453 45
$103,661 05
71,331 86
959,779 75
51,923 99
106,714 93
$116,493 86
TRANSPORTATION OPERATIONS.
Operating Revenues
Operating Expenses
OTHER INCOME.
(Excluding Income from Investments, and Sources other than
Transportation Operations.)
Hire of equipment
-balance
Rents from use of road
Rents from use of joint tracks, yards, and terminal facilities
Miscellaneous rents
Miscellaneous income
Total
120,751 98
4,875 84
16,738 62
31,552,099 72
Income from Transportation Operations
INCOME FROM INVESTMENTS AND SOURCES OTHER THAN
TRANSPORTATION OPERATIONS.
Dividends on stocks owned
Interest on bonds, notes, and equipment trust certificates owned
Interest on loans and open accounts-balance
Miscellaneous income
$1,150,177 13
4,212 06
116,832 90
$171,840 97
22,664 51
31,271,222 09
$185,508 62
$40,918,905 51
Total
310,902,118 68
$1,322,018 10
26,876 57
107,836 04
$30,202,295 55
$10,716,609 96
34,331,904 00
6,528,970 59
839,878 43
50,990 75
34,540.094 50
6,434,507 84
988,977 82
46,169 42
$94,462 75
$171 86
$258,688 14
$31,473,517 64
$1,456.730 71
DEDUCTIONS.
(Excluding Interest on Funded Debt, and Miscellaneous Charges, other than
Transportation Operations.)
Rents for use of joint tracks, yards, and terminal facilities
Miscellaneous rents
Miscellaneous charges
$1,293,411 58
342,375,636 22
Total Operating and Other Income
Decrease.
$8,996 86
4,821 33
Total
$11,751,743 77
312,009,749 58
Total Income
$52,670,649 28
$42,212,045 13
$13,803,926 08
3,759 80
149,099 39
$10,458,604 15
$13,810,312 64
71,202 41
3208,190 50
$6,386 56
67,442 61
Deduct:
Interest on Funded Debt
Miscellaneous Charges, other than Transportation Operations
$258,005 81
Total
$13,881,515 05
313,807,685 88
$73,829 17
Net Income from all Sources
$38,789,134 23
$28,404,359 25
$10,384,774 98
$1,990,870 00
1,990,870 00
$1,990,870 00
1,990,870 00
DISPOSITION OF NET INCOME
Dividends on Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1
2 per cent payable October 2
$3,981,740 00
•
Appropriated for Additions and Betterments
Sinking Fund Requirements
Total Appropriations of Income
SURPLUS, TRANSFERRED TO PROFIT AND LOSS
$3,981,740 00
34,445,832 00
4,445,832 00
4,445,832 00
4,445,832 00
$4,445,832 00
4,445,832 00
4,445,832 00
4,445,832 00
$17,783,328 00
Common stock:
2 per cent paid January 3
2 per cent paid April 1
2 per cent payable July 1
2 per cent payable October 2
317,783,328 00
$3,524,489 14
$1,083,458 89
$11,626 67
$11,800 00
$25,301,183 81
$22,860,326 89
$2,440,856 92
$13,487,950 42
$5,544,032 36
$7,943,918 06
$2,441,030 25
$173 33
1315
HE CHRONICLE
OCT. 7 1916.]
Operating Revenues for this year are the largest in the history of the Union Pacific System, amounting to $104,717,005
as against $86,958,295 last year, and $93,638,459 in 1913, the largest in any previous year. This extraordinary increase
is due to the business revival affecting all lines of traffic, which set in in our territory about October 1 1915, and the
curtailment of shipping through Pacific Coast ports to Europe and our Atlantic ports on account of the withdrawal of
.
ships to more profitable lines as a result of the Egropean war and the closing of the Panama Canal; and these conditions
still exist. Operating Revenues for last year, .with which comparison is made in the above table, were lower than for
several previous years, due to the general businep depression which prevailed throughout that year. Operating Expenses increased $6,446,055, of which $3,283,493 was in Maintenance and $2,743,650 in Transportation Expenses—Rail; and
the latter increase is due to handling the large volume of business which resulted in an increase of $17,758,710 in Operating
Revenues.
The "Net Income from all sources" for the year, after deducting all fixed and other charges, and dividend on preferred
stock, is equivalent to 15.65 per cent on the outstanding common stock of $222,293,100, as against 10.98 per cent for
the year previous. It is, of course, to be noted that this is from Investments and Other Sources as well as Transportation Operations. Th9 "Income from Transportation Operations," as shown in the above summary, amounted to
$40,918,905, which is equivalent only to 7.17 per cent upon the investment in the railroad properly from which such
income was derived ($570,636,971), as shown by the General Balance Sheet. It is interesting in this connection to note
that the percentage of return from Transportation Operations upon the investment in the railroad,property from which
such income was derived was, for the last five years, as follows: The fiscal year ended June 30 1915, 5.32 per cent;
1914, 5.63 per cent; 1913, 6.32 per cent; 1912, 5.87 per cent; 1911, 7.15 per cent.
This indicates that even in the most prosperous years the return upon the property employed in transportation
service is not large; and considering the absolute necessity of expending large amounts out of surplus each year for
improvements classed as "Additions and Betterments" by the Inter-State Commerce Commission, but which do not appreciably increase revenue or reduce expense, the net return on the railroad investment is certainly not an excessive price
for the public to pay for the use of these properties.
APPROPRIATION OF INCOME FOR ADDITIONS AND BETTERMENTS.
Additions and Betterments, including double track and equipment, authorized during the year, including those coming
over unfinished from the previous year, aggregated $11,182,251, of which $4,844,729 was expended prior to June 30 1916.
Of the total Additions and Betterments thus authorized, there were items Aggregating $3,524,489 14 which, in view of the
financial condition of the company, it was believed should be charged against Current Income.
Of this amount, $1,762,915 02 was expended during the year.
Each improvement was carefully considered in determining whether the cost should be paid for out of current inoome
or be capitalized, and its character and special circumstances, rather than any general rule, governed the decision.
Formerly railroad companies were allowed, at their discretion, to charge expenditures of the character above specified,
as well as other Additions and Betterments, to Income and treat the same as "Deductions from Income" for the year, in the
same manner as Interest on Funded Debt,and other charges. But by revised accounting regulations of the Inter-State Commerce Commission, all such expenditures subsequent to June 30 1909 were required to be charged to Investment in Road and
Equipment-7-in other words, to "Capital Account." In order, therefore, to apply any of the earnings to the property in.
excess of ordinary maintenance and repairs, as defined by the Commission, it is necessary to set aside the amount as "Appropriated Surplus" to offset the charge to the Investment in Road and Equipment account as the expenditures are made.
Hence item in the General Balance Sheet "Appropriated for Additions and Betterments," $4,607,948 03, which is made up of
the items above specified, $3,524,489 14, and $1,083,458 89 appropriated last year.
Prior to July 1 1907 the company had, from time to time, appropriated Income for Additions and Betterments; and
expenditures out of Income for such purposes aggregated $13,310,236 52, as shown by a deduction from the item "Invest-discontinued until last year, when,
ment in Road and Equipment" in the General Balance Sheet. The practice, however, was
notwithstanding the necessity of carrying such expenditures in the Balance Sheet as Surplus, though appropriated, it was determined to return to the practice of appropriating some of the current Income each year toward some of the expenditures
which, while absolutely necessary for proper maintenance and development of the property, yet do not appreciably increase
revenue or reduce expenses.
It is to be borne in mind, however, that, while no appropriations were made out of Income for Additions and Betterments during the years 1908-1914, the company continued its policy of building up and improving its properties, as shown
by the following table of expenditures for Additions and Betterments (including double track and equipment) and for Extensions and Branches during each of those years.
Year Ended June 30—
.
Additions & Betterments, Including
Double Track and
Equipment.
Extensions and
Branches.
Total
Expenditures
for Capital
Account.
Total
Average per year
59,551,399
11,172,582
18,361,161
17,154,949
12,982,718
9,549,254
5,179,736
522,351,067
583.193,130
----------------------1912----------------------------------------------------------------------------------------1913
1914
$12,799,668
5,849,838
12,948,695
20,197,633
6,725,312
6,939,773
17,732,211
583,951,799
5167,144.929
$11,884,733
1908-------------------------------------------------------------- -------.
---------- --------------1909---- _ -----------------------____________________________________________--------------------------------------------------191?-----------------------__________________________________________________________________________________________________
$11,993,114
323.877.847
17,022,420
31.309,856
37,352,582
19,708,030
16,489,027
22,911,947
Instead, however, of charging a portion of the more unproductive of such expenditures against the Income of the year
in which they were made, as had been done in some cases prior to 1907, the entire expenditures for Additions and Betterments were charged to Capital Account, in strict accordance with the accounting regulations of the Commission.
PROFIT AND LOSS ACCOUNT.
Excluding all offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co.. and Oregon-Washington RR. & Navigation Co.)
(
CREDIT.
Balance, June 30 1915
Balance from Income Account
Not profit from sale of Southern Pacific Company stock
Proceeds from sale of bonds of Union Pacific Coal Company to its Sinking Fund
Difference between proceeds from sale of property and book cost thereof
Liabilities written off, being unclaimed
Miscellaneous credits
396,962,242 10
$13,487,950 42
316,099.190 21
201,000 00
12,153 07
57.909 15
5.470 89
$16,375,723 32
Total
DEBIT.
Differcnce between cost of property retired and not to be replaced and neo value of salvage recovered_ _
Cost of surveys of projected linos not constructed, surveys abandoned
Difference between investment in the Oregon & Washington Railroad Company and appraised value
of lands owned by said Company, which constitute its only assets, and are not used for railroad
purposes or subject to any mortgage
Loss arising from ilquidation of the Occidental & Oriental Steamship Company, representing investment in capital stock of that company
Uncollectiblo accounts
Adjustments in accounts
Miscellaneous debits
Total
Not credit from miscellaneous transactions
Increase during the year
Profit and Loss—Credit Balance. June 30 1916
$117,266 52
47,205 41
2,150,000 00
310,198 95
8,191 78
5,548 28
10,694 88
2,649,105 80
13,726,617 52
$27,214,567 94
$124,176,810 04
1316
THE CHRONICLE
[voL. 103.
GENERAL BALANCE SHEET.
(Excluding all offsetting securities and accounts between the Union Pacific RR. Co., Oregon Short Line RR. Co. and Oregon-Washington RR. c% Navigation Co.)
ASSETS.
I
June 30 1916.
Investments:
Road and Equipment
! $606,558,299 03
Less:
Receipts from improvement and equipment fund
, $22,611,091 13
Appropriations from income and surplus prior to July 1 1907, credited
to this account
13,310,236 52
Total
$35,921,327 65
June 30 1915.
Increase.
$603,443,340 95
$3,114,958 08
$22,151,091 13
$460,000 00
Decrease.
13,310,236 52
Current Assets
Cash
Time deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets:
-Baltimore & Ohio Railroad Co.capital stock applicable to
payment of extra dividend
Miscellaneous items
Total Current Assets
Deferred Assets:
Working fund advances
Other deferred assets:
-Land.contracts, as per contra
Miscellaneous items
Total Deferred Assets
Unadjusted Debits:
iurance premiums paid in advance
Rents and i*Other unadi, sted debits
Total Unadjusted Debits
Grand Total
LIABILITIES.
$68,275 48
312,951,771 25
36,183,786 12
11,997,731 22
$11,968,583 42
35,765,132 00
14,800,383 25
$983,187 83
418,654 12
$62,534,098 67
51,400,810 08
$89,095,498 25
103,080,032 53
389,095,498 25
104,420,281 63
$1,340,249 10
$193,515,779 88
$1,340,249 10
$339,838 44
$4,126 06
$825,393,973 37
$21,951 68
$12,234,368 79
11,500,000 00
281,105 89
10,768,505 48
1,948,257 60
739,488 54
2,458,654 94
9,534,305 95
2,623,195 14
62,832 82
$9,691,221 02
350.300 00
263,172 29
6,023,863 14
1,287,130 10
649,057 51
2,439,230 53
8,983,247 14
2,745,629 93
*799,454 20
87,512 44
1,648.454 20
82,360 73
5,151 71
$34,163,366 59
$18,874,315 20
$27,743 48
675,836 81
a1,305,591 85
$35,932 59
964,942 71
663,849 97
$641,741 88
$1,664,725 27
3344,446 87
81,133 93
626,771 50
$873,743 69
$627,905 43
$873,743 69
$881,046,781 05
Total investments
$1,022,243 08
$2,009,172 14
Sinking Funds
106.499 85
$53,037,681 79
Total
$504 88
56,658 80
965,079 40
3825,372,021 69
Investments in other companies:
Stocks
Bonds, notes, and equipment trust certificates
$7,750 74
11,188 57
1,071,579 25
$335,712 38
Total
$2,654,958 08
3192,175,530 78
Total
Investments in affiliated companies:
Stocks
Bonds and notes
Advances
3460,000 00
$567,982,013 30
$61,133,288 59
Improvements on leased railway property
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
$35,461,327 65
$570,636,971 38
$1,090,518 56
Investment In road and equipment
$862,095,808 92
318,950,972 13
Increase.
$7,245 86
345.470 23
$2,802,652 03
$2,543,147 77
11,150,000 00
17,933 60
4,744,642 34
661,127 50
90,431 03
19,424 41
551,058 81
$122,434 79
62,832 82
849,000 00
$8,189 11
289,10590
$1,133 93
$246,972 19
$245,838 26
June 30 1916.
June 30 1915.
Capital Stock:
Common Stock
Preferred Stock
3222,293,103 00
99,543,50000
$222,293,100 00
99,543,500 00
Funded Debt
$321,836,600 00
334,629,850 00
$321,836,600 00
334,022,265 00
$607,585 00
$656,466,450 00
$655,858,865 00
3607,585 00
Total
Current Liabilities:
Traffic and car service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable:
-Due to Affiliated Companies
Other accounts payable
Interest matured unpaid:
-Coupons matured, but not presented
Coupons, and interest on registered bonds, due July 1
Dividends matured unpaid:
-Dividends due but uncalled for
Extra Dividend on Common Stock declared January 8 1914, payable to
stockholders of record March 2 1914, unpaid
Dividend on Common Stock payable July 1
Funded debt matured unpaid
Unmatured dividends declared:
Dividends on Preferred and Common Stock payable October 2
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Decrease.
$552,531 03
7,023,209 18
5,431,001 65
297,161 75
326,984 55
3,781,580 70
108,486 00
$582,492 96
5,112,848 93
$1,910,360 25
5.040.970 40
390,031 25
73,215 51 •
223,946 24
207,810 00
119,174 55
3,776,946 00
4,634 70
104,356 09
4,129 91
$29,961-93
871,695 31
4,445,832 00
3,003 00
1,793,479 58
4,445,832 00
3,000 00
921,784 27
6,436,702 00
1,486,316 08
241,912 92
454,931 42
6,436,702 00
1.481.149 04
132,391 73
5,16704
241,912 92
322,539 69
$31,461,344 59
$29,191,194 24
$2,270,150 35
$675,836 81
1,660,000 00
292,152 78
2.895.734 60
3964,942 71
1,660,000 00
196,651 26
2,792.160 66
$95,501 52
103,573 94
$5.523.724 19
55.613,754 63
$788,296 70
19,848,26796
1,174,26438
1,136,153 97
3665,703 51
18,920,817 07
663,238 82
1,170,805 50
$122,593 19
927,450 89
511,025 56
$22,946,983 01
$21,420,564 90
16,130,150 10
$1,526,418 11
$22.946,983 01
$37,550,715 00
$716,398,501 79
8728,214,528 87
$4,607,941 03
35,418,052 00
91,300 14
354,169 05
31,083,458 89
35,418,052 00
64,286 53
353,240 53
33,524,489 14
$40,471,469 22
124,176,810 04
$36,919,037 95
96,962,242 10
$3,552,431 27
27,214,567 94
Total Corporate Surplus
$164,648,279 26
$133,881,280 05
$30,766,999 21
Grand Total
3881,046,781 05
$862,095,808 92
$18:950,972 13
-
Total Current Liabilities
Deferred Liabilities:
Other deferred liabilities: Principal of deferred payments on land contracts, as per contra
Contracts for purchase of real estate
Miscellaneous items
Tax liability
Total Deferred Liabilities
Unadjusted Credits:
Insurance Reserve:
-Reserve for Fire Insurance
Reserve for depreciation
Other unadjusted credits:
-Contingent interest
Miscellaneous items
Profit from sale of Southern Pacific Co. Capital Stock
Total Unadjusted Credits
Total Liabilities
Corporate Surplus:
Appropriated for additions and betterments
Reserved for depreciation .of securities
Funded debt retired through income and surplus
Sinking fund reserves
Total Appropriated Surplus
Profit and Loss-Credit Balance
$289,105 90
$90,030 44
$34,651 53
$16,130,150 10
514,603,731 99
$11,816,027 08
27,013 61
928 52
* On June 30 1916 there remained unpaid on account of the Extra Dividend on Common Stock declared January 8 1914, payable to stockholders
of record March 2 1914, $871,695 31, which is carried as Current Liabilities under account "Dividends Matured Unpaid." Of this amount
3799,454 20 is represented by $326,608 par value preferred and $584,965 par value common stock of the Baltimore & Ohio Railroad Company.
The cash portion of the dividend unpaid amounted to $72,241 11 and is included in account "Cash."
a Includes $757,530 Demand Notes of The Chicago & Alton Railroad Company accepted in payment of interest on General Mortgage 6% Bonds.
The amount was not included in Income Account, and, pending collection of notes, is carried in Account Contingent Interest."
Note.
-The increases and decreases in Assets and Liabilities are explained on page 11 [of pamphlet report.]
1317
THE CHRONICLE
OCT. 7 1916.]
The increase in "Investment in Road and Equipment" is made up as follows:
31,110,864 94
4,172,203 09
672,525 86
Extensions and Branches
Additions and Betterments, excluding Equipment
Equipment
Total Increase
.
From which there was deducted:
and Loss, in conformity with
Cost of property retired from service and not to be replaced, charged (less salvage) to Profit
regulations of Inter-State Commerce Commission:
Sidings and Industry tracks
Shop machinery and Tools
Water Stations and Fuel Stations
Buildings and structures
Other miscellaneous property
$64,861 80
54,729 59
61,701 29
59,783 17
10,619 19
$251,695 04
30,585 74
r
Cost of Real Estate sold
$5,955,593 89
Cost of equipment retired from service:
58 Locomotives
66 Passenger-train cars
2,087 Freight-train cars
587 Work equipment
4 Locomotive tenders
Dining Car equipment
$663,729 55
557,067 48
1,031,135 13
253,397 03
12,055 00
40,970 84
2,558,355 03
Total
Amount received from the Trustee of the Union Pacific Railroad Co., First Railroad and Land Grant Four Per Cent Mortgage 460,000 00
in payment for expenditures for Additions, Betterments and Equipment
$3.300,635 81
Total Deductions
$2,654,958 08
Net increase in "Investment in Road and Equipment" during year
Final decree having been entered taxing costs and settling other details in the Court proceedings pursuant to which the
as of Dec. 31 1915,
Southern Pacific Stock was disposed of, as described in previous annual reports, that account was closed 20, was credited to
and the credit balance on account of the Southern Pacific stock transaction. amounting to $16,099,190
Profit and Loss.
By order of the Board of Directors,
ROBERT S. LOVETT,
Chairman of the Executive Committee.
GENERAL MOTORS COMPANY
REPORT FOR THE FISCAL YEAR ENDING JULY 31 1916.
Detroit, Michigan, September 26 1916.
To the Stockholders:—
Your directors submit the annual report of General Motors
Company and its subsidiary companies for the fiscal year
ending July 31 1916.
The income and profit and loss accounts include simply
the share of General Motors Company in the earnings and
surplus of the subsidiary companies.
The Condensed Consolidated Balance Sheet, as of July
31 1916, as compared with July 31 1915, is to be found on
following page. Income and Profit and Loss accounts for
July 31 1916, compared with July 31 1915, will be found
on following page.
INCOME ACCOUNT FOR YEARS ENDING JULY 31
1916 AND 1915.
Preferred stock 7% Cumulative
Common stock
CAPITAL STOCK.
The capital stock of the Company outstanding in the
hands of the public, on July 31 1916, was as follows:
$14,985,200 00
16,511.783 05
This represents an increase during the year of $5,000
• Common stock.
FUNDED DEBT.
The Company has no funded debt, the $2,328,000 00
notes outstanding July 31 1915 having been
General Motors Company proportion thereof$28,812,287 96 314,791,190 76 6% First Lien
paid at maturity, October 1 1915, and the Voting Trust
Accrued interest on General Motors Com22,727 55
336,387 34 dissolved.
pany 6% First Lion notes
1915.
1916.
Net profits for year after deducting expenses
of manufacture (including maintenance),
selling and administration as well as taxes,
329,146,107 51 $14,926,322 28
insurance and depreciation
$28,789,560 41 $14,457,803 42
Balance
Preferred dividends for 12 months at rate
1,048,904 00
1,048,964 00
of 7%
Undivided profits for 12 months
$27,740,596 41 313,408,839 42
PROFIT AND LOSS ACCOUNT.
$19,985,159 94
Profit and Loss Surplus, July 31 1915
Add balance of undivided profits (after payment of Preferred
dividend) for twelve months, ending July 31 1916, as per
Income Account above
27,740,596 41
OTHER INDEBTEDNESS.
The only indebtedness of the Company and its subsidiary
companies on July 31 1916 consisted of current accounts
payable of $7,264,443 70 (composed wholly of obligations
for merchandise, &c.), and $2,690,832 07 liabilities accrued,
but not due, for pay rolls, taxes and other sundry items.
The current accounts payable on July 31 1916 were $5,883,535 76 greater than on July 31 1915. This increase
is due to the larger volume of business being carried on
by the Company.
$47,725,756 35
WORKING CAPITAL.
.The net working capital as shown by the balance sheet
of July 31 1916 amounted to $43,664,671 40, as follows:
10,730,158 99
1916.
Current Assets—
1915.
$22,476,574 86 $14,526,124 14
Cash
Marketable securities of municipalities
286,000 00
1,001,000 00
and other corporations
Notes ($102,829 46 in 1916) and accounts
receivable including drafts against shipments in transit
5,629,633 20 3.944,680 75
25,100,349 97 14,049,298 15
Inventories
389,630 14
Prepaid expenses
533,585 97
Loss: Cash Dividends paid on Common Stock:
$8,253,391 53
October 15 1915-50%
1,651.178 31
February 15 1916-10%
825,589 15
May
1 1916— 5%
Profit and Loss Surplus July 31 1916
$36,095,597 36
The net profits of $29,146,107 51 are after deducting all
expenses of General Motors Company, and also after deducting $1,018,476 54, a slim' deemed sufficient to cover
depreciation of buildings and equipment. The plants have
been maintained in good operating condition.
Full charges have been included in operating expenses to
cover all depreciation in inventories during the year just
closed. Inventories at the close of the year were on a
thoroughly conservative basis of valuation. The increase
of $11,051,051 82 in the value of inventories is due to the
greatly increased volume of business being carried on by
the Company at the close of the fiscal year.
Total Current Assets
Less Current and Accrued Liabilities—
Current accounts payable
Taxes and pay-rolls accrued not due
$53,882,188 17 334,054,689 01
$7,264,443 70 31,380,907 94
2,690,832 07
1,270,302 43
89,955,275 77 $2,651,210 37
$43,926,912 40 $31,403,478 64
1318
THE CHRONICLE
Brought forward
$43,926,912 40 $31,403,478 64
From which deduct amount reserved for
three months' proportion of Preferred
Dividend payable Nov. 1
262,241 00
262,241 00
Net Working Capital
$43,664,671 40 331,141,23764
Increase in net working capital during the year as above_ _ _ $12,523,433 75
To which should be added the reduction in debt during the
year through the payment of the balance of6% First Lien
Five-year notes outstanding
2,328,000 00
Cash Dividends paid on Common Stock
10,730,158 99
Total additions to the net working capital during the year__ $25,581,592 75
In addition there was expended during the year $3,726,751 61 for additions to real estate, plants and equipment
without incurring any new capital obligations therefor. It
will also be seen that the Company had $22,476,574 86
cash on hand on July 31 1916, as against $14,526,124 14
July 31 1915, a gain in cash of $7,950,450 72.
The marketable securities aggregating $286,000 00 shown
above are the balance of high grade short term obligations
of municipalities and corporations shown in last year's
report which have not as yet matured.
CAPITAL EXPENDITURES.
Balance in real estate, plants and equipment at July 31
1915, before deducting reserve for depreciation
$22,753,422 53
Expended during the year
3,726,751 61
$26,480,174 14
Less: Plant and equipment sold
$113,621 08
Plant values applied against reserve
for depreciation
2,019,052 92 2,132,674 00
Balance in real estate, plants and equipment July 31 1916_ $24,347,500 14
The above expenditure of $3,726,751 61 was for additions
to real estate, plants and equipment made necessary by the
great growth of the business.
Your directors have deemed it wise to apply against the
reserve previously set aside for depreciation, the sum of
$2,019,052 92 to the reduction of plant values.
[VoL. 103.
GENERAL.
Gross sales of General Motors companies in the year just
closed amounted to $156,900,295 71, as compared with $94,424,841 47 for 1915. The number of cars sold, 132,088,
compared with 76,068 during the preceding year.
It is gratifying to report that all of your companies have
shown substantial profits for the fiscal year just closed and
there continues to be a good demand for their products.
The Preferred dividends have been paid during the year
at the full rate of seven per cent.
The Common stock received its first cash dividend on
October 15 1915, when a dividend of fifty per cent., being
$50 00 per share was paid to stockholders. Quarterly
dividends of five per cent., being $5 00 per share per quarter,
were paid during the fiscal year just closed.
Your directors wish again to express their high appreciation of the loyalty and efficiency of your officers and
employees.
By order of the Board of Directors,
W. C. DURANT, President.
Detroit, Michigan, September 23 1916,
Mr. W. C. Durant, President, Detroit, Michigan.
Dear Sir:—I submit herewith the following statements
showing the results of operation and the financial condition
of Gerieral Motors Company and its subsidiary manufacturing companies, consolidated, for the periods named:—
Statement 1. Condensed Consolidated Balance Sheet, as
of July 31 1916, compared with July 31 1915.
Statement 2. Income account July 311916, compared with
July 31 1915.
Statement 3. Profit and Loss account July 31 1916, compared with July 31 1915.
Yours,
W. H. ALFORD, Comptroller.
STATEMENT 1—CONDENSED COMPARATIVE CONSOLIDATED BALANCE SHEET OF GENERAL MOTORS COMPANY AND SUBSIDIARY COMPANIES DIRECTLY CONNECTED WITH THE MANUFACTURE OF MOTOR CARS AND
PARTS AS OF JULY 31ST 1916 AND 1915.
ASSETS.
July 31 1916.
Fixed Assets: real estate, plants and equipment
Less: reserve for depreciation
July 31 1915.
$24,347,500 14
5,981.095 44
$18,366,404 70
355,80000
358,428 50
Patents, agreements, Szc
Misecllaneous investments
Current and working assets:
Cash in banks and on hand
Marketable securities of municipalities and other corporations
Notes ($102,829 46 in 1916) and accounts receivable
Inventories
Prepaid expenses
$22,476,574 86
286,000 00
5,629,633 20
25,100,349 97
389,630 14
Total Current and Working Assets
Good-will, representing excess of appraised value over book value of capital stocks of
subsidiary companies owned, less reserve
$14,526,124 14
1,001,000 00
3,944,680 75
14,049,298 15
533,585 97
In hands of public
Common stock (authorized $40,000,000) issued
Less: in treasury of General Motors Co
$19,874,030 00
3,362,246 95
7,934,198 14
$80,897,019 51
$58,589,423 50
$18,038,400 00
3,053,200 00
In hands of public
$18,038,400 00
3,053.200 00
$14,985,200 00
$19,874,030 00
3,367,246 95
$14.985,200 C
16,511,783 05
Total in hands of public
Funded Debt:
6% First Lien Five-year Sinking Fund Gold Mites
Outstanding Capital Stock (par value) and surplus of subsidiary companies, being the
portion not owned by General Motors Co—
Capital Stock
Surplus
Total
Current Liabilities:
Accounts Payable
Taxes and Pay-rolls Accrued not due
16,506,783 1
$31,496,983 05
331,491,983 C
2,328,000 Ok
8540,500 00
687,958 19
$528.000 00
454,423 14
$1,228,458 19
$7,264,443 70
2,690,832 07
Total Current Liabilities
Reserve for three months' proportion of Dividend on Preferred Stock, payable Nov. 1
Reserves for sundry contingencies
Surplus
982,423 14
$1,380,907 94
1,270,302 43
STATEMENT 2—INCOME ACCOUNT.
Year ending
Year ending
July 311916. July 311915.
Net Profits after deducting expenses of manufacture (including maintenance), selling
and administration as well as taxes, insurance and depreciation
$29,146,107 51 $14,926,322 28
General Motors Companyproportion thereof$28,812,287 96 $14,794,190 76
Accrued Interest on General Motors Company 6% First Lien Notes
22,727 55
336,387 34
$28,789,560 41 $14,457,803 42
1,048,964 00
1,048.964 00
$27,740,596 41 $13,408,839 42
9,955,275 77
262,241 00
958.464 14
36.995,597 36
2,651,210 37
262,241 00
888,406 00
19,985,159 94
$80,897,019 51
Total
34,054,689 01
7,934,198 14
LIABILITIES.
Capital Stock:
Preferred stock (authorized $20,000,000) issued
Less: in treasury of General Motors Co
Undivided Profits
$15,819,851 85
413,500 00
367,184 50
53,882.18817
Total
Balance
Preferred Dividends at rate of 7%
$22,753,422 53
6,933,57068
$58,589,423 50
STATEMENT 3—PROFIT AND LOSS ACCOUNT.
Year ending
Year ending
July 31 1916. July 311915.
Profit and Loss surplus at the beginning of
the year
$19,985,159 94 $6,689,427 51
Add undivided profits per Income Account
above
27,740,596 41 13,408,839 42
$47,725,756 35 $20,098,266 93
Less:
Cash dividends paid on Common stock, 65%, viz.:
$8,253,391 53
Oct. 1915-50'7
0
1,651,178 31
Feb. 1916-10%
May 1916— 5%
825,589 15
Charged off Plants and Equipment
$113,106 99
$10,730,158 99
Profit and loss surplus July 31
113,106 99
$36,995,597 36 $19,985,159 94
•
THE CHRONICLE
00T. 7 1916.]
1319
THE CHESAPEAKE AND OHIO RAILWAY COMPANY
THIRTY-EIGHTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1916.
Richmond, Va., September 21 1916.
To the Stockholders:
The Thirty-eighth Annual Report of the Board of Directors, for the fiscal year ended June 30 1916, is herewith submitted.
The average mileage operated during the year by the Chesapeake & Ohio Lines was 2,375.2 miles, an increase over the
previous year of 6.0 miles. The mileage at the end of the
year was 2,385.6 miles, an increase of 13.9 miles over mileage
on June 30 1915.
RESULTS FOR THE YEAR.
Operating Revenues were
14..(Increase $8,774,975 11, or 22.24%.)
Operating Expenses were
(Increase $4,232,765 72, or 15.36%.)
Net Operating Revenue was
(Increase $4,542,209 39. or 38.15%.)
Taxes were
(Increase $237,910 12, or 17.63%.)
Operating Income, Taxes deducted, was
(Increase $4 304,299 27, or 40.77%.)
Miscellaneous income was
(Increase $163,315 34, or 16.04%.)
$48,239,012 10
31,789,179 22
$16,449,832 88
1,587,407 08
$14,862,425 80
1,181,534 42
$16,043,960 22
988,290 27
Rentals and Other Payments were
(Increase $173,523 14, or 21.30%.)
$15,055,669 95
Income for the year available for interest was
(Increase $4,294,091 47, or 39.90%0
8,176.454 11
Interest (54.31% of amount available) amounted to
0.)
(Increase $78,412 25, or 0.957
Net Income for the year, equivatent, to 10.96% on capital
$6,879,215 84
stock outstanding, amounted to
(Increase $4,215,679 22, or 158.27%.)
of railroad from a point near Madison, W. Va., up Pond
Fork of Coal River, and additional shares of capital stock of
the White Sulphur Springs, Inc., and the Cincinnati InterTerminal Railroad Company. Additional First Mortgage
Bonds of the Elkhorn & Beaver Valley Railway Company
were acquired at par in reimbursement for advances for construction purposes.
Securities of the Chesapeake & Ohio Equipment Corporation, issued in respect of the cost of twenty-four Mallet locomotives, were acquired by your Company and the cost of
same is included in property account.
Further shares of stock and First Mortgage Bonds of the
Chesapeake & Ohio Railway Company of Indiana were
issued in respect of the cost of certain additions and betterments made to that line and were pledged under your Company's First Lien and Improvement Mortgage.
A statement of charges to property accounts will be found
below, showing a net addition of $2,527,411 09; that is,
$1,551,837 61 was added to cost of road and $975,573 48
was added to cost of equipment.
A schedule of securities owned June 30 1916 will be found
on page 17 [pamphlet report].
During the past seven years your Company's increase in
capital liabilities in hands of the public, its principal acquisition of stocks and bonds of other companies, and its expenditures for equipment, branch line construction, second track,
and other additions and betterments, have been as follows:
Capital Obligations Issued or Assumed:
General Mortgage 434% Bonds
First Consolidated Mortgage 5% Bonds
Convertible 434% Debentures
Three-Year 434% Collateral Trust Notes..._ _
One-Year 5% Collateral Trust Notes
Five-Year 5% Collateral Trust Notes
C.& 0.Convertible 5% Secured Gold Bonds_
Total Operating % of Coal River Ry. Co. First Mtge.49' Bonds_ _ _
Return. Raleigh & Southwestern Ry. Co. First Mtge.
Income.
0
49' Bonds
$14,410,191 96 5.797
Big Sandy Ry. Co. First Mtge.4% Bonds_ _ _
10,058,639 87 4.99
Virginia Air Line fly. Co. First Mtge. 5%
9,844,660 14 4.05
Bonds..
9,273,205 37 3.92
Equipment Trust Certificates Series"N"
10,5.2,941 88 4.57
Equipment Trust Certificates Series "0"..
$10,823,927 84 4.49% Equipment Contracts, Various
RETURN ON PROPERTY.
The following table shows the amount of return to your
Company, from transportation operations only, upon its
investment in road and equipment at the termination of each
fiscal year of the five-year period ended June 30 1916:
Property
Investment.
Fiscal year ended June 30 1916._ _$248,710,261 86
Fiscal year ended June 30 1915.- 246,193,467 59
Fiscal year ended June 30 1914_ _ 243,132,472 21
Fiscal year ended June 30 1913__ 236,429,988 62
Fiscal year ended June 30 1912._ 230,650,068 20
Yearly average for five fiscal
years ended June 30 1916
$241,023,251 70
FINANCIAL.
The changes in funded debt in the hands of the public
during the year were as follows:
Sold.
Retired,
0 Convertible 30-Yr. Secured Gold Bonds_$40,180.000 00
7 Equipment Trust Ctfs.-Series"0"__ 3,160,000 00
-Year Secured Gold Notes
$33,000,000 00
Kineon Coal Co. 1st Mtge. Bonds
200,000 00
Big Sandy Ry. 1st Mtge. Bonds
56,000 00
Coal River Ry. 1st Mtge. Bonds
34,000 00
Greenbrier Ry. 1st Mtge. Bonds
19,000 00
Raleigh & Southwestern Ry. let Mtge.
Bonds
5,000 00
Equipment Trust Obligations
1,255,392 00
Net Increase
$43,340,000 00 $34,569,392 00
$8,770.608 00,
Other changes in obligations shown under funded debt on
balance sheet of June 30 1916 were as follows:
Increase.
57' First Lien & Improvement Mtge. Bonds ..$6,995,000 00
69' Equip. Contracts-General Equip. Co_
5 Equip. Contract
-Standard Steel Car Co
5 o Equip. Contract,
-Central Locomotive &
Car Works
670euiP. Contract-American Locomotive
5 % Equip. Contract
-Central Locomotive
Car Works
725,000 00
Net Increase
Payments.
$9,400 00
612,667 01
66,488 38
156,046 28
215.000 00
$7,720,000 00 $1,059,601 67
$6,660,398 33
Five per cent Convertible Thirty-Year Secured Gold
Bonds, of a face amount of $40,180,000, maturing April 1
1946, were issued under a closed mortgage dated April 1
1916 to Central Trust Company of New York, trustee, secured by a face amount of $45,920,000 of your company's
First Lien and Improvement Mortgage Bonds and sold to
provide funds for the retirement of $33,000,000 Five-Year
five per cent Secured Gold Notes called for payment at a
premium of 1%,June 11916, and for other capital purposes.
Four and one-half per cent Equipment Trust Certificates
Series "0," amounting to $3,160,000, were issued and sold
to provide funds for payment of equipment shown in table
on page 19 [pamphlet report].
Five per cent First Lien and Improvement Mortgage
Bonds, of a face amount of,$6,995,000, were issued during
the year for additions and betterments and other capital
purposes. Of the aggregate of these bonds outstanding,
$1,345,000 are held in the treasury for future additions and
betterments.
Your Company acquired during the year 18,496 additional
shares of the capital stock of the Chesapeake & Ohio Northern
Railway Company, payment for which was made out of cash
derived from the sale of the Kanawha & Michigan Railway
Company stock mentioned on page 7 of last year's report.
Of the proceeds of the sale there is still deposited with the
Trustee for future investment the sum of $2,129,000.
There were also acquired 591 shares of capital stock of the
Pond Fork Railway Company, which is constructing a line
Par Value.
$3,716,000 00
2,000,000 00
31,390,000 00
25,000,000 00
3,500.000 00
33,000,000 00
40,180,000 00
3,000,000 00
860,000 00
229,000 00
900,000 00
1,700.000 00
3,160,000 00
4,809.390 00
$153,444,390 00
Realizing
$145,428,990 92
Less:
Capital Obligation,' Paid or Purchased:
Peninsula Division First Mtge. 6% Bonds,
matured Jan. 1 1911
$2,000,000 00
Greenbrier & New River RR. Co. First Mtge.
5% Bonds redeemed Feb. 1 1911
339,000 00
General Funding and Improvement Mtge.
5% Bonds
7.302,000 00
Greenbrier Ry. Co. First Mtge. 4% Bonds
retired Nov. 1 1911
2,00000
Throe-Year 43j% Collateral Trust Notes..
25,000.000 00
One-Year 5% Collateral Trust Notes
3 500 000 00
Five-Year 59' Secured Gold Notes
33,000 0 00
0
Kineon Coal Co. First Mtge. Bonds
200,000 00
Equipment Trust Payments
12,027.000 00
Through Sinking Funds:
Big Sandy Ry. Co. First Mtge.4% Bonds_ _ _
382,000 00
Coal River Ry. Co. First Mtge.4% Bonds..
191,000 00
Greenbrier Ry.Co. First Mtge.47 Bonds..
o
137,000 00
Raleigh & Southwestern Ry. Co. First Mtge.
4% Bonds
43,000 00
Costing
$84,123,000 00
84,719,147 09
360,709.843 83
Acquisitions:
Stocks of:
The C.& 0. Railway Co. of Indiana
$5,998,800 00
Elkhorn & Beaver Valley Ry. Co_
30,000 00
Gauley & Meadow River RR.Co
116,300 00
The flocking Val.ey Ry. Co
7,671,900 00
The Cincinnati Inter-Terminal RR.Co
56,000 00
Logan & Southern Ry. Co
292,100 00
Levisa River RR.Co.(of KY.)
50,000 00
The Levisa River RR. Co.(of Va.)
50,000 00
Kanawha Bridge & Terminal Co
400.000 00
The Silver Grave Land & Building Co
200,000 00
White Sulphur Springs, Incorporated
2,560,000 00
First National Bank Building Corporation
(Richmond, Va.)
180.000 00
The Chesapeake & Ohio Northern Ry. Co_ 1.897,50000
Pond Fork Ry. Co
59.100 00
Miscellaneous
30,960 00
319.592.600 00
Costing
$20,928,771 89
Bonds of:
The C. & 0. Railway Co. of Indiana First
Mtge. 5%
$6.869,000 00
Elkhorn & Beaver Valley Railway Co. First
Mtge. 5%
1,031,000 00
Miscellaneous
218,000 00
Costing
Properties of:
Coal River Ry. Co
Raleigh & Southwestern Ry. Co
Virginia Air Line Ry. Co
$8,118,000 00
6.717.170 13
$2,304,359 88
816,562 42
1,071,947 12
Costing
4,192,869 42
Construction of:
Extension of Branch Lines, costing
$1,595,592 15
Second Track (176.5 miles) and Additions and
Betterments, costing
16,488,838 92
18.084,431 07
(Excluding 32.320.823 99 expended on Chicago Line to
April 30 1916, for which securities have been acquired.)
'
I
Equipment:
Additional equipment acquired (less retirals)
19.849.327 85
(Excluding $24.586 89 expended on Chicago Lino to April
30 1916, for which securities have been acquired.)
Costing
$69,772.570 36
1320
THE CHRONICLE
1011,
GENERAL REMARKS.
A spur track 4.7 miles in length, leaving the main line at
The equipment inventory as of June 30 1916 was as follows: Penniman Junction, just east of Williamsburg, Va., and exLocomotives owned
Inc.
5 tending to the plant of the E. I. du Pont de Nemours
610
ComLocomotives leased
Inc.
5
217
pany at Penniman, has been completed.
Total
Inc.
10
827
year have been completed as folExtensions during the
Passenger train cars owned
Dec.
17 lows:
341
An extension of Gauley and Rich Creek Branch 0.1
Passenger train cars leased
29
mile, Dingess Run Branch of the Guyandot Valley Line 03
Total
Dec.
17
370
Freight train and miscellaneous cars owned
Dec.
43 mile, Horse Creek Branch 5.1 miles, Peter Cave Fork Branch
23,868
Freight train cars leased
Dec. 1,533 2.0 miles, and Beech Creek extension of the Coal River
20,902
Line 1.6 miles. 3.4 miles of second track between Balcony
Total
Dec. 1,576
44,770
The decrease in equipment is due principally to the retiral Falls, Va., and Greenlee, Va., have been completed and 0.3
of old equipment, in place of which your Company has con- mile of track of the Raleigh & Southwestern Branch has been
abandoned.
tracted for 2,000 70
-ton steel coal cars, 1,000 30
-ton box cars in a decrease The change of line at Walbridge, Ky., resulted
of 0.1 mile of track.
and 20 passenger train cars.
The revenue
The changes during the year in the accrued depreciation crease of 26.5 coal and coke tonnage was 26,979 519, an inper cent; other freight tonnage was 10,640,135,
of equipment account were as follows:
an increase of 22.0 per cent. Total revenue tonnage was
Balance to credit of account June 30 1915
$4,904,279 67
37,619,654 tons an increase of 25.2 per cent. Freight revAmount credited during year ended June 30 1916
by charges to:
enue was $39,079,087 19, an increase of 24.9 per cent.
Operating expenses
$794,073 45
Freight train mileage was 10,262,082 miles, an increase of
Charges to account for:
Accrued depreciation on equipment
14.3 per cent. Revenue ton miles were 10,296,523,340, an
retired during year
increase of 26.5 per cent. Ton mile revenue was 3.80 mills,
34 locomotives, 3 passenger train
cars, 4,138 freight train and work
a decrease of 1.0 per cent. Revenue per freight train mile
cars and 2 barges
$333,034 80
was $3.808, an increase of 9.3 per cent. Revenue tonnage
Accrued depreciation on cars changed
In class during year
per train mile was 1,003 tons, an increase of 10.7 per cent;
7,788 69
340,823 49
including Company's freight the tonnage per train mile was
453,249 96
1,064 tons, an increase of 10.6 per cent. Tonnage per locoBalance to credit of account June 30 1916
$5,357,529 63 motive, including Company's freight was 937 tons an in1916.
1915.
crease of 7.7 per cent. Revenue tonnage per loaded car was
Operating Revenues
amounted to
$48,239,012 10 $39,464,036 99 Inc. $8,774,975 11 34.0 tons, an increase of 5.3 per cent. Tons of revenue
Net Operating Revenue $16,449,832 88 $11,907,623 49 Inc. $4,542,209 39 freight carried one mile per mile of road were 4,335,013, an
Operating Ratio
69.8% Dec.
65.9%
3.9%
increase of 26.2 per cent.
Tons of Revenue Freight
carried one mile
10,296,523,340 8,138,347,516 Inc. 2,158,175,824
There were 6,804,183 passengers carried, an increase of
Revenue train load, tons
1.003
97
906 Inc.
4.9 per cent. The number carried one mile was 281,348,788
Revenue tons per loaded
car
32.3% Inc.
34.0%
1.7% an increase of 4.4 per cent. Passenger revenue was $5,998,Among the new local industries are the following: 26 manu- 043 81, an increase of 5.3 per cent. Revenue per passenger
factories of mineral, metal and other products, 9 manufac- per mile was 2.132 cents, an increase of 0.8 per cent. Numtories of farm implements and farm products, 3 manufac- ber of passengers carried one mile per mile of road was 118,tories of lumber products, all giving employment to approxi- 453, an increase of 4.2 per cent. Passenger train mileage
mately 3,700 persons, with annual pay-roll of approxi- was 4,963,002, a decrease of 0.9 per cent. Passenger revenue
mately $2,300,000, producing approximately 8,350 car loads per train mile was $1.208, an increase of 6.2 per cent; includof inbound and outbound freight. At the close of the year ing mail and express, it was $1.425, an increase of 5.9 per
there were on your Company's lines 330 separate mines for cent. Passenger service train revenue per train mile was
producing coal and coke, all of which were in actual opera- $1.463, an increase of 6.4 per cent.
tion. Of the 1,304 coke ovens, 1,154 were in operation. Of • There were 23,920.5 tons of new rails (1,265.3 tons 125-1b.,
the 14 iron furnaces, having a total daily capacity of 2,705 16,727.1 tons 100-1b., 204.5 tons 97-1b. Frictionless rail, and
tons, 13, having a daily capacity of 2,605 tons, were in oper- 5,723.6 tons 90-1b.), equal to 154.7 track miles, used in reation. During the year 174 new settlers were located on newal of existing main tracks.
your Company'slines,their purchases aggregating87,950 acres.
There were 1,763,343 Cross Ties used in maintaining exThe construction of the Chesapeake & Ohio Northern Rail- isting tracks, an increase of 126,700.
way is rapidly approaching completion, and this line will
There were 899,507 yards of ballast (507,609 stone) used
doubtless be in operation in time to handle coal shipments in maintaining existing tracks, an increase of 314,066 yards.
for the Great Lakes at the opening of navigation in the spring
The average amount expended for repairs per locomotive
of 1917. This line extends from Limeville, Kentucky, on operated was $3,291 41; per passenger train car, $1,021 40;
your Company's main line, to the line of the Norfolk & per freight train car, $106 38.
Western Railway near Waverly, Ohio, a distance of 30.4
The thanks of the Board are tendered to the officers and
miles, and this will afford a short route to the Lake for ship- employees for loyal and efficient services performed during
ments from your Company's lines through trackage rights the year.
already arranged for over the Norfolk & Western Railway
By order of the Board of Directors.
from Waverly to the Hocking Valley Railway at Valley CrossGEO. W. STEVENS, President.
ing, near Columbus.
FRANK TRUMBULL, Chairman.
-GENERAL BALANCE SHEET JUNE 30 1916.
THE CHESAPEAKE Fc OHIO LINES.
ASSETS.
(Excluding Stocks and Bonds owned of The C. & 0. Ry. Co. of Indiana and of The C. & 0. Equipment Corporation.)
Property Investment.
$173,439,123 66
Cost of Road
50,887,470 65
Cost of Equipment
$224,326,600 31
Improvements on Leased Railway Property
3,770 14
Securities of Proprietary, Affiliated and Controlled Companies-Pledged
$12,958,599 44
Stocks-See Schedule, page 18 (pamphlet report)
4.110,407 01
Bonds
-See Schedule, page 18 (pamphlet report)
817.069,006 45
Securities
-Issued or Assumed-Pledged.
Bonds
-See Schedule, page 18 (pamphlet report)
(Includes First Lien and Improvement Mortgage 5% Bonds $45,920,000 00. See Contra.)
Miscellaneous Investments.
Physical Property
Special Funds, and Funded Debt Issued and Reserved.
First Lien and Improvement Mortgage Bonds-Available for Additions and Betterments
R.& S. W. Ry. Co., First Mortgage Bonds-Reserved for Construction
Potts Creek Branch-Cash
Special Deposits account of Construction and Equipment
(Includes Cash and Note-Balance Proceeds K.& M.Ry. Co. Stock Sale.)
Working Assets.
Cash in Treasury
Cash in Transit
Cash deposits to pay Interest and Dividends
Cash deposit to pay Equipment Trust Principal
Cash deposits to pay Matured Bonds and Scrip
Cash deposit to pay C. & 0. Grain Elevator Insurance Claims
Loans and Bills Receivable
Traffic Balances
Agents and Conductors
Miscellaneous Accounts Receivable
Other Working Assets
Materials and Supplies
Securities in Treasury- Unpledged.
Stocks-See Schedule, page 17 (pamphlet report)
Bonds
-See Schedule, page 17 (pamphlet report)
Deferred Assets.
Unmatured Interest, Dividends and Rents
Advances to Proprietary, Affiliated and Controlled Companies
Advances, Working Funds (Fast Freight Lines, &c.)
Special Deposits with Trustees, Various Mortgage Funds
Cash and Securities in Sinking Funds
Cash and Securities in Insurance Reserve Fund
Sundry Accounts
Total
45,920,001 00
$62,989,007 45
340,421 90
$1,345,000 00
40,000 00
44,987 59
6,158,219 39
7.588,206 98
70,917.636 33
$295,248,006 78
$5,903,395 30
1.101,77554
$7.005,170 84
447.778 33
112,000 00
514,154 17
16,268 78
525,110 82
1,213,282 17
868;188 95
1,202,937 94
51,824 11
$11.956,716 11
3.231.713 23
$4,829,223 45
657,551 75- 5,486,775 20
$93,189 79
106,417 92
37,466 18
35,073 81
59.886 01
59,318 04
436,259 66-
827,612 41
21,502.816 95
-$316,750,823 73
OCT. 7 1916.]
THE CHRONICLE
1321
LIABILITIES.
(Excluding Stocks and Bonds owned of The C.& 0. Ry. Co. of Indiana and of The C.& 0. Equipment Corporation.)
Capital Stock.
Common
362,792,600 00
First Preferred
3,000 00
Second Preferred
200 00
$62,795,800 00
Common-The Chesapeake & Ohio Railway Co. of Indiana
1.20000
362,797,000 00
Funded Debt.
First Mortgage, Terminal, &c., 6% Bonds
1922
$142,000 00
General Funding and Improvement, 5% Bonds
1929
3,698,000 00
Convertible, 434% Bonds
1930 31,390,000 00
First Mort a e, R. & S. W. Railway, 4% Bonds
1936
857,000 00
First Conso 1 ated Mortgage,5% Bonds
1939 29,858,000 00
First Mortgage, Craig Valley Branch,5% Bonds
1940
650.000 00
First Mortgage, Greenbrier Railway, 4% Bonds
1940
1,762,000 00
First Mortgage, Warm Springs Branch, 5% Bonds
1941
400,000 00
First Mortgage, Big Sandy Railway, 4% Bonds
1944 4,618,000 00
First Mortgage, Paint Creek Branch, 4 Bonds
1945
539,000 00
Mortgage, Coal River Railway, 4% Bonds
First
1945
2,809.000 00
Convertible 5% Secured Gold Bonds
1946 40,180,000 00
First Mortgage, Potts Creek Branch, 4% Bonds
1946
600,000 00
First Mortgage, Va. Air Line Railway, 5% Bonds
1952
900,000 00
First Mortgage, R. & A. Division, 4% Bonds
1898 6,000,000 00
Second Mortgage, R.& A. Division,4% Bonds
1898
1.000,000 00
General Mortgage, 43i% Ponds
1992 48,129,000 00
$173,552,000 00
Equipment Truss Obligations and Contracts
7.983,169 54
181.535,169 54
First Lien and Improvement Mortgage,5% Bonds (see Contra)
1930
47.265.000 00
$291,597.169 54
Working Liabilities.
Loans and Dills Payable
Traffic Balances
Audited Vouchers and Pay Rolls
Unpaid Wages
Miscellaneous Accounts Payable
Matured Interest and Dividends Unpaid
Matured Mortgage and Secured Debt Unpaid
Other Working Liabilities
395,000 00
399,777 04
3,499.239 30
27,572 62
350.050 07
399,722 90
514,154 17
67,960 40
$5,353.476 50
Deferred Liabilities.
Unmatured Interest and Rents
Taxes Accrued
Accrued Depreciabion-Equipment
Sundry Accounts
$2,331,890 09
1,607,791 01
5,357,529 63
436.817 36
9,734,028 09
15,087,504 L9
Appropriated Surplus.
Additions to Property through Income since June 30 1907
Reserve Invested in Sinking Funds
Reserve Invested in Insurance Fund
$2.984,365 23
32,570 97
59,319 04
$3,076,`z55 24
6,989,894 36
Profit and Loss
-Balance
10,066.149;60
Total
$316,750.823 73
GENERAL INCOME ACCOUNT FOR YEAR ENDED JUNE 3. 1916
AND COMPARISON WITH YEAR ENDED JUNE 30 1915.
Inc. (+) or
Dec.(-).
1916.
Per
1915.
Operating RevenuesCent.
$
$
$
Freight Traffic
39,079,087 19 31.288,53862 +7,790,55057 24.9
Passenger Traffic
5.998,043 81 5,696,088 37 +301,955 44 5.3
Transportation of Mails 448,571 67
438,666 73
2.3
+9,904 94
Transportation of Express
627.919 43
602,911 91
+25,00752 4.1
Miscellaneous
2,085,390 00 • 1,437,833 36 +647,556 64 45.0
Total Operating Revenues
48,239,012 10 33,464.036 99 +8.774,975 11 22.2
Operating Expenses
Maintenance of Way
and Structures
5,553,447 40 4,694,522 17
+858,925 23 18.3
Maintenance of Equipment
10,561,093 51 8,243,170 36 +2,317,923 15 28.1
Traffic
645,188 50
650.406 20
-5,21770
1.0
Transportation
13,809,686 28 12,896,078 82 +913,607 46
7.1
Miscellaneous Operations 288,847 19
232,347 26
+56,499 93 24.3
General
953,684 73
873,882 70
+79,802 06
9.1
Transportation for Investment-Cr
22.768 42
33,991 01
-11,225 59 33.0
•
Total Operating Expenses
31,789,179 22 27,556,413 50 +4,232,765 72 15.4
65.9%
Net Operating Revenue 16,449,832 88 11,907,6249 +4,542,209 39 38.1
6 8
9
Railway Tax Accruals
1,587,407 08 1,349,496 96
+237,91012 17.6
Uncollectible Railway
Revenues
20.208 19
8,212 83
+11,995 36 146.1
1,607,615 27 1,357,709 79
+249,90548 18.4
Railway Operating Income
14,842.217 61 10,549,913 70 +4,292,303 91 40.7
Income from Other
COST OF PROPERTY JUNE 30 1916.
The Cost of Road as of June 30 1915 was
3173,210.086 05
Added for-Additions and Betterments
during year ended June 30 1916:
Branch Lines
$37.884 25
New Second Track
56,057 97
Eliminating Grade Crossings
3,740 57
Sidings and Yards
480,190 26
Depots at various places
52,742 31
Shop Buildings at various places
173,896 43
New Coal Pier (No. 9), Newport News, Va.._
2,686 47
Additions to Piers, Newport News, Va
15,295 09
Water and Coaling Stations
48,906 73
Renewing and Strengthening Bridges
5,548 18
Telephone Lines for Dispatching Trains
13,508 69
Various Other Structures
146,442 55
Interlocking, Block and Other Signals
13,026 86
Shop Machinery and Tools
136,964 65
Track Scales
4.956 70
Furniture and Equipment, General Office_ _ _
1,464 58
Right of Way and Real Estate
185,975 92
Stock Pens
7,343 35
Paving, Sidewalk, Sewer and Street Assess.
13,473 72
Fencing Right of Way
10,584 54
Improved Rail and Track Fastenings
186,087 16
Increasing width of Road-bed and Ballasting..
25,733 20
Roadway Tools(Motor Cars)
600 13
$1,623,110 31
Less: Sundry Credits
71,272 70
1.551.837 61
•
$174,761,923 66
Difference between face value of securities of auxiliary companies and the prices at which they were taken over
1,322,800 00
Cost of Road June 30 1916
3173,439,123 66
Add Sundry Adjustments
86,952.295 86
37,598 50
The Cost of Equipment as of June 30 1915 was
$49,911,903 17
Added for-Equipment purchased and acquired during year ended June 30 1916:
34 Mallet Locomotives
$1,094,019 04
6 Consolidation Locomotives
116,884 04
2 Shay Locomotives
22,680 01
2 Pacific Type Locomotives
36,653 29
1,000 Steel Underframe 30-Ton Box Cars_ _ _ _ 729,418 72
1,406 30-ton Box Cars
932,609 54
50 Cabin Cars
47,998 54
10 57 -Ton Flat Bottom Gondola Cars_ _
10,204 90
6 55-Ton Hopper Bottom Gondola Cars_
1,803 00
1 Steam Wrecking Crane
14,000 00
13 Freight Cars previously written off and
returned to service
8,350 99
Changes in Classes of Equipment:
7 Cabooses converted from
Box Cars
$3,557 95
2 Freight Train Cars converted
from Work Cars
408 00
110 Work Cars converted from
Freight Train Cars
55,588 41
14 Work Cars converted from
Passenger Cars
25,310 00
84,864 36
Improvement of Equipment
341,469 35
$3,440,952 69
Less-Value of Equipment retired:
34 Locomotives
$319,126 00
4,032 Freight Train Cars
1,982,520 12
3 Passenger Train Cars
9,537 29
106 Work Cars
39,068 70
2 Barges
4,400 00
Changes in Classes of Equipment:
110 Freight Train Cars converted
to Work Equipment
$52,674 10
7 Box Cars converted to Cabooses
3,395 00
14 Passenger Cars converted to
Work Cars
54,250 00
2 Work Cars converted to
Freight Train Cars
408 00- 110,727 10
$2.465,379 21- 975.573 48
Cost of Equipment,June 30 1916
$50.887,476 65
Balance to credit of Proat and Loss June 30 1916
$6,989,894 36
Cost of Road and Equip..June 30 '16,as per Balance Sheet $224,326,601431
Sources
-
Hire of Equipment_ _ _ _
Interest from Investments and Accounts_
Miscellaneous
214,667 99
77,632 04
677,319 36
289,547 07
635,345 97
305,241 07
+41,973 39
--15,694 00
6.6
5.1
1,181,534 42
1,018.219 03
+163,315 34
16.0
+137,035 95 177.0
Gross Income
16,023,752 03 11,568,132 78 +4,455,619 25 38.5
Deductions from Gross
Income
8,176,454 11 8,098,041 86
Interest on Debt
+78,41225
1.0
Rentals Leased Roads,
Joint Tracks, &c_ _ _ _ 901,505 40
860,074 09
+41,43131
4.8
Loss on C. & 0. Grain
Elevator
11,723 50 Cr.88,696 23 +100,419 73 113.2
Miscellaneous
54,853 18
35,176 44
+19,67674 55.9
Total Deductions_ _ _ _ 9,144,536 19 8.004,596 16
+239,940
6.879,215 84 2,663536 62 +4 25.679 03 2.7
Not Income
2 22 158.3
Amount to credit of Profit and Loss June'30 1915
' 16 947,539 83
Amount of Net Income for year ended June 30 1916, trans '
transferred to Profit and Loss
6,879,215 84
$9,826,755 67
Discount and Expense on Securities issued during the year ended June 30 1916
$2.484,602 35
Premium on Five-Year Secured Gold Notes
called for payment June 1 1916
Refunds under West Virginia two-cent fare law_ 330,202 76
2,654 70
Appropriation of Surplus to Sinking and Other
Reserve Funds
57,000 00
32,874,459 81
1322
THE CHRONICLE
[VOL. 103.
CHICAGO GREAT WESTERN RAILROAD COMPANY
REPORT FOR THE YEAR ENDED JUNE 30 1916.
To the Stockholders of the Chicago Great Western Railroad Co.: at Tenth street and Washington avenue, and this building
The Board of Directors submit herewith their report for has been leased fora long term of years as a storage warehouse.
COALING STATIONS.
the year ended June 30 1916:
Clarion.—The one-hundred-ton steel mechanical coaling
OPERATING REVENUE.
station mentioned in last year's report has been completed
The detailed statement of operating income indicates an and placed in operation.
increase of $1,146,659 92 in the total Railway Operating
Council Bluffs.—A one-hundred-ton steel mechanical
Revenue in this year, over the preceding year, of which $1,- coaling station, equipped with scales, has been completed,
107,224 46 was from transportation, 47,156 91 being from replacing the old wooden coaling trestle at that point.
freight,and $206,606 32from passenger.
Red Wing.—A fifty-ton frame mechanical coaling station,
Operating Revenue this year was the largest of any year equipped with scales, has been completed, replacing the old
since the organization of the present company, notwith- wooden coaling trestle.
standing the decrease in the average revenue per ton mile
Hayfield.—A fifty-ton frame mechanical coaling station,
from 7.00 mills in 1915 to 6.84 mills in 1916. This decrease equipped with scales, has been completed, replacing the old
in average revenue per ton mile alone diminished the freight wooden coaling trestle.
revenue for 1916,$247,788. On the other hand, the average
Graf.—The power plant at this coaling station has been
revenue per passenger mile in 1916 was 2.011 cents, as com- improved by replacing the gasoline engine with an oil engine,
pared with 1.950 cents in 1915, which produced an increase and the substitution of a more efficient hoist for the one in
of $100,085 in the total passenger revenue for 1916. Taken use.
together these changes in the average revenues effected a
WATER STATIONS.
decrease of $147,703 in the total revenue from transportaByron.—A new 100,000-gallon steel tank has been erected,
tion in 1916.
replacing a 50,000-gallon wooden tank, and oil engines have
In considering the revenue in 1916, it should be borne in been installed for power, replacing the old steam plant.
mind that more than the indicated increase for the year was
South Freeport.—The old steam pumping plant at this staearned in the eight months beginning with November, the tion has been replaced by modern oil engines.
total revenue for the first four months of the year (July to
Thorpe.—The 100,000-gallon steel tank mentioned in last
October inclusive) being $119,115 less than for the preceding year's report has been completed and placed in service.
year. This resulted from the unusual conditions growing
Oelwein.—The ten-inch pipe line for conveying water from
'1!
mainl out of the Euro sean war.
the shop grounds to the roundhouse, mentioned in last year's
•
report, has been placed in service.
OPERATING EXPENSES.
Carroll.—A pumping plant consisting of a 15-horse-power
Maintenance of Way and Structures increased $200,958,
principally in Road Maintenance; Bridges, Trestles and oil engine has been built, greatly reducing the cost of the
Culverts; Rails; Other Track Material; Track Laying and water purchased from the city.
Waterloo.—An oil engine pumping plant has been built,
Surfacing; Water Stations; Tools and Supplies, and Maintaining Joint Tracks, Yards and Other Facilities. And eliminating the necessity of purchasing water from the city,
decreased $94,747, principally in Ballast; Station and Office) thereby materially reducing the cost.
Marshalltown.—A 15,000-gallon wooden tank has been
Buildings; Fuel Stations; Signals and Interlocking; Rebuilt, replacing one of 12,000 gallons, and a twelve-inch water
moving Snow and Ice, and Injuries to persons.
column has been installed.
The final increase under this heading was $106,211.
Valeria.—An oil engine pumping plant has been installed,
Maintenance of Equipment increased $199,324, principally
replacing the old steam plant.
in the following accounts:
Dearborn.—An oil engine has been installed, replacing the
Shop Machinery; Steam Locomotive Repairs; Steam Locomotive Retirements; Freight Train Cars Depreciation; Work old steam pumping plant.
ICE HOUSES.
Equipment Repairs; Work Equipment Depreciation, and
South Des Moines.—A 650-ton addition has been made to
Injuries to Persons.
And decreased $161,188, principally in Freight Train Cars the frame ice house, increasing its capacity to 2,650 tons.
Clarion.—A 1,200-ton ice house has been erected at this
Repairs; Freight Train Cars Retirements; Passenger Train
Cars Repairs; Passenger Train Cars Retirements, and Work point in addition to the former icing facilities.
St. Paul.—The old ice house has been replaced by a new
Equipment Retirements.
one of 1,950 tons capacity.
The final increase under this heading was $38,136.
-ton addition has been made to the
Boom Island.—A 750
Traffic Expenses increased $5,119, principally in Advertising account. And they decreased $20,158, principally present ice house, making its total capaicty 2,250 tons.
in the accounts of Outside Agencies; Traffic Associations,
BRIDGES.
and Stationery and Printing.
Durango.—The bridge across the Maquoketa River, conthis heading was $15,039.
The final decrease under
-foot I-beam spans resting on pile piers,
sisting of eleven 28
Transportation Expenses increased $182,566, principally in has been replaced with three 70-foot through, plate-girder
the following accounts:
spans on concrete piers and abutments.
Station Employees; Yard Conductors • and Brakemen;
Altura.—Bear Creek Viaduct on Winona Branch, consistfor Yard Locomotives; Train ing of twenty 44
Yard Enginemen; Fuel
-foot steel, deck truss spans on steel towers,
Fuel for Train Locomotives, and Trainmen.
Enginemen;
has been reinforced to carry modern equipment.
And decreased $75,317, principally in Enginehouse ExECONOMIES.
penses; Operating Joint Yards and Terminals; Lubricants for
By the installation of a plant for reclaiming and repairing
Train Locomotives; Train Supplies and Expenses; Clearing
machines
Wrecks; Damage to Property; Loss and Damage of Freight, track material, by welding machines, electrical to tools
of various kinds, and many minor improvements
and Injuries to persons.
and machinery, a saving of $22,054 per annum has been
The final increase under this heading was $107,249.
Miscellaneous Operations increased $15,414, in the accounts effected.
The saving from the use of gasoline section cars in place
of Dining and Buffet Service, and Hotels and Restaurants.
continued, and the excar
Last year there was a credit of $467, while this year there of the old fashioned hand their has
installation some years ago
perience in their use since
was none.
They are saving approximately
The final increase under this heading was $15,881. (It has been most gratifying. greater efficiency in the cork of
annum, with
will be noted that the revenues from dining cars and hotels $39,000 perforces.
the section
and restaurants increased $20,405 46.)
The modern coaling stations which have been installed
General Expenses increased $24,319, principally in Valuation
a saving of $31,000
(Federal) Expenses and Joint Facilities, and decreased $15,- from time to time are now effecting
742, principally in the accounts of Stationery and Printing, per annum.
By the substitution of gasoline and oil engines and elecand Other Expenses.
water stations an average
Last year there was a credit of $14,256 growing out of tricity for the old steam plants at
annual saving of $26,000 is now being realized.
settlement of an old account.
EQUIPMENT.
The final increase under this heading was $22,833.
The equipment has been increased during the year by
ADDITIONS AND IMPROVEMENTS.
additions as follows:
•
BUILDINGS.
1 Steel postal car, 1 Russell Wing snow plow,2 Automatic
Petersburg.—A station building 16 x 40 feet in size of frame dump cars, 5 Switching locomotives, 10 Mikado-type
construction has been completed. There were no station freight locomotives.
facilities at this point before.
Contracts have been made for additional equipment which
Oelwein.—A small addition has been made to the passenger had not been delivered before the close of the year, as
station to enlarge the kitchen facilities.
follows:
Goodhue.—The station building has been enlarged by the
3 Pacific-typo passenger locomotives, 7 Santa-Fe-type
addition of another waiting room.
freight locomotives, 10 Switching locomotives, 2 Steel dining
Stewartville.—A station building 24 x 80 feet in size, of
Parlor-Observation cars.
frame construction,is being built to replace the one destroyed cars, 2
GENERAL REMARKS.
by fire.
Minneapolis.—Extensive alterations and additions are
This year shows the largest gross and net earnings in the
being made to the old freight and passenger station located history of the company.
OCT. 71916.]
The present company has always been provided with
equipment and track facilities to meet any sudden increase
in business, and the officers have been diligently working
for the last six years in an effort to get the gross earnings
more nearly up to the capacity of the property. The year
marks the first in which any fair test of the facilities of the
road has been made.
It has been the thought of the Board of Directors from
the first that if the gross earnings could be raised to fifteen
million dollars, or approximately ten thousand dollars per
mile, the net earnings would be equal to at least four per
cent. on the preferred stock. This report verifies that prediction. The physical property and its locomotive equipment are to-day in shape to handle a gross business on present
rates of twenty million dollars per annum.
What might be termed the overhead charges, i. e., taxes
and rentals, have always been heavy, owing to the extensive
use of other lines by the Chicago Great Western in reaching
its terminals. These charges,including as rental the interest
on the Mason City & Ft. Dodge bonds, amounted to $1,170,701, leaving a surplus of $2,796,792-nearly three times
the annual interest on the outstanding first mortgage bonds
of the Chicago Great Western Railroad.
The Company has no floating debt, short term notes,
equipment trusts orany obligations due prior to Jan.1 1950.
Owing to the strong cash position of the company it was
able to save during the year $26,155 through discount of
bills for materials and supplies purchased. The total amount
so saved since September 11909,is $119,329.
During the year the company earned interest on its bank
balances $57,665. The total so earned since September 1
1909, is $530,920.
A careful study of Exhibit 12[pamphlet report] will prove
of interest. It shows what has been accomplished by the
expenditure of $19,444,000, or $13,788 per mile of road, on
the property since its organization. The increase in Net
Income yielded a return equal to 12.74% on the total expenditure.
Operating Revenue in the year shows an increase of 39.46% over 1909; Operating Expenses increased but 17.32%;
Taxes, over which the company has no control, increased
57.75%. Nevertheless, the Percentage of Operating Expenses and Taxes has been reduced 14.8%, and the Net
Operating Income increased 189.2%.
Among the causes contributing to this improved result
is the reduction of 27.1% in Freight Train Mileage while
Revenue Ton Mileage increased 41.92%; consequently the
Average Revenue Tons Per Train Mile increased 94.68%,
and the Revenue Per Freight Train Mile increased 93.33%.
Revenue Per ton Mile decreased .58%. It will be noted that
the Average Tons of All Freight Per Train Mile this year
wore 610.16-a record that will compare favorably with any
western line.
In the conduct of the passenger business, as compared with
1909, Passenger Train Mileage was reduced 10.36%, while
Passengers One Mile increased 18.08%; Revenue Per Passenger Mile increased 11.9%; Passenger Revenue Per Train
Mile increased 46.38%.
Much stress has been laid in recent years on the ratio of
Transportation Expenses to total Operating Revenue. A
reference to Exhibit 10[pamphlet report] will show that the
Great Western's Transportation ratio has been reduced to
34.9%, which, considering the fact that included in the
Transportation account is freight paid on company coal, of
$549,597, while many other lines with which it competes
have abundant coal supplies on their own lines, shows in
another way what has been accomplished by the additional
capital expenditures on the property.
Claims paid for loss and damage of freight in 1909
amounted to 3.27% of the freight revenue. In 1916 1.8%,
being a decrease of 44.95% in this one item.
During the year two dividends, one December 1 1915, and
the other May 1 1916, of one per cent. each, were paid on the
preferred stock of the Company out of the income since
July 1 1914, when the dividend on the preferred stock
became cumulative.
The reserve accountfor accrued depreciation is asfollows:
Total amount charged in the Operating Expenses, September 1
1909, to June 30 1915
$804600 89
Total amount thereof applied in connection with equipment retired to Juno 30 1915
7166173
reserve brought over at beginning of this year
Balance of
732,939 16
Amount charged to Operating Expenses and credited to the
reserve account in this year
169,261 58
Amount of reserve applied in connection with retirements of
equipment during this year
21,979 45
Amount at credit of accrued depreciation account June 30 1916_ 880,221 29
The amount charged to Operating Expenses and credited
to reserve accounts for depreciation of equipment this year
shows an increase of $20,506 36 over last year, and it is
deemed to be ample to cover the actual depreciation accruing
during the period.
The gross earnings since the close of the year down to the
middle of September show an increase of $467,000, or 15.7%,
.
which is exceedingly gratifying. There is every indication
of this increase being maintained through the month of
October; but after November first, to the end of the fiscal
year, comparison will be made with the largest earnings ever
made in that period by the present Company.
The following statement showing the return on the investment in Road and Equipment from date of organization of
the present company (September 1 1909) to Juno 30 1916,
will prove of interest:
1323
THE CHRONICLE
Income Applicable to
Per Cent.
Bond Interest, DirtIncome of
dencls, Improvement of
Property
Property and StrengthProperty
Investment.
ening of Credit.*
Years end. June 30: Investment.
1.42
31,676,496 23
1910 (10 months).3118,467.316 67
1.87
2,304,847 65
123,371,726 67
1911
1.44
1,813,549 01
125.721,54808
1912
2.26
2,876,611 11
127,345,039 29
1913
1.97
2,526,172 25
128,229,157 66
1914
1.83
129.295,60078
2,371,808 78
1915
642.44
129,933,872
1916
* The "Income" shown here is determined after allowing for adjustments
made through profit and loss.
The amount earned in the year just closed capitalized at
7% is equal to $32,187 per mile of road, a sum probably
not half the cost of reproducing the present railroad and
its equipment.
imiminimmimmis
Your Directors announce with deep sorrow the death of
Mr. Charles H. Conover, at Chicago, on Thursday, November 4 1915.
Mr. Conover was a highly valued and respected member
of your Board of Directors and his loss is deeply mourned.
Appropriate resolutions in respect to his memory were
adopted by the Board, and a copy thereof forwarded to
his family.
For detailed information as to income, balance sheet,
traffic and other statistics reference is invited to the following pages.
The Board of Directors takes this opportunity to express
its appreciation to the officers and employees of the Company
for their faithful and efficient services.
By order of the Board,
SAMUEL M.FELTON, President.
CONSOLIDATED BALANCE SHEET STATEMENT JUNE 30 1916.
ASSETS.
Investments:
Road and Equipment:
Investment on Sept. 1 1909
-Road_ _ _$106,411,458 87
Investment on Sept. 1 1909
-Equipment 6,333,347 63
Investment since Sept. 1 1909
-Road__ 10,156,872 43
6.068.579 10
Investment since Sept. 1 1909-Equip't
$128,970,258 03
Miscellaneous Physical Property
44,498 01
Investments in Affiliated Companies:
Stocks-Pledged
$530,192 09
Stocks-Unpledged
337,400 81
Bonds-Unpledged
30,537 50
Advances
18,985 20
3917,115 60
Other Investments:
Stocks
-Pledged
$100
Stocks-Unpledged
500 00
Bonds-Unpledged
1.50000
$2,001 00 3129,933,872 64
Current Assets:
Cash
$2,238,585 82
Loans and Bills Receivable
1.65303
Traffic and Car Service Balances-Receivable
102,088 64
Net Balance Receivable from Agents and
Conductors
293,980 11
Miscellaneous Accounts Receivable
509,909 67
Material and Supplies
1,616,567 33
Interest and Dividends Receivable
1,380 26
Other Current Assets
56,285 75- 4.820,450 61
Deferred Assets:
Working Fund Advances
6,634 25
Unadjusted Debits:
Insurance Premiums Paid in Advance__ _
$2,145 40
Discount on Funded Debt
583,201 01
Other Unadjusted Debits
1,081,945 73
496,599 32
Total
3135,842,903 23
LIABILITIES.
Capital Stock:
Common Stock
$45,246,913 00
Less Common Stock in
Treasury
a36,400 00
345,210.513 00
Preferred Stock
$44,137,402 00
Less Preferred Stock in
Treasury
b269,500 00 43,867,902 00 $89,078,415 00
Long Term Debt:
Chicago Great Western Railroad Co.:
First Mtge. 50
-Year 4% Gold Bonds__ $28,816,000 00
Less Bonds held in Treasury
3,433,000 00Minneapolis Term. 50
-Year 3%% Gold Bonds
Mason City & Fort Dodge Railroad Co.:
First Mortgage 50
-Year 4% Gold Bonds
Wisconsin Minnesota & Pacific Railroad Co.:
First Mortgage 50
-Year 4% Gold Bonds $6,232,000 00
Less Bonds owned by Chicago Great
Western Railroad Co. and I'ledged
with Trustees of its Mortgage
6,216,000 00Non-negotiable Debt to Affiliated Companies
Current Liabilities:
Traffic and Car Service Balances Payable
$392,795 47
Audited Accounts and Wages Payable__ _
983,074 14
Miscellaneous Accounts Payable
85,501 12
Interest Matured Unpaid
23,547 50
Unmatured Interest Accrued
338,878 15
Unmatured Rents Accrued:
Int. on M.C.& Ft. D. RR.Co. Bonds..
40,000 00
Miscellaneous Rents
56,757 03
Other Current Liabilities
118,987 41Deferred Liabilities:
Other Deferred Liabilities
Unadjusted Credits:
Tax Liability
$276.364 20
Operating Reserves
c155,716 00
Accrued Depreciation-Equipment
880,221 29
Other Unadjusted Credits
455,999 27Corporate Surplus:
Additions to Property through Income
and Surplus
$5.687 24
Profit and Loss
-Balance
5.311,265 74
Total
25,383,000 00
500,000 00
12,000,000 00
16.000 00
17,924 77
2,039,540 82
34,200 90
1,456,868 76
5.316,952 98
$135,842,903 23
a Held for exchange of Chicago Great Western Railway Co. securities.
b Includes $36,500 held for exchange of C. G. W. Ry. Co. securities. and
$8,000 against exchange of W. M.& P. RR. Co. bonds.
c Denotes Debit.
For the comparative income account, balance sheet and general
statistics see company's statement under "Annual Reports" on
a previous page.
1324
[vol.,. 103.
THE CHRONICLE
COLUMBIA GAS AND ELECTRIC COMPANY
(A holding and operating company organized under the laws of the State of West Virginia)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF CAPITAL STOCK.
Cincinnati, September 12, 1916.
Columbia Gas & Electric Company (hereinafter called the Columbia Company) hereby makes application for the listing
of • 9,948,700 of its Capital Stock, consisting of 499,487 shares of the par value of $100 each, which is issued and outstanding
in the hands of the public in the form of permanent engraved interchangeable certificates, with authority to add $51,300, consisting of 513 shares of the par value of $100 each, on official notice of issuance of permanent engraved interchangeable certificates in exchange for outstanding temporary certificates, making the total amount applied for $50,000,000 (the total
authorized issue). All of said stock is common stock, is full-paid and non-assessable, and no personal liability attached to
stockholders.
The Columbia Company was incorporated September 10 1906 under the laws of the State of West Virginia, under the
name of Columbia Corporation. On November 13 1906 a certificate was filed changing the name to Columbia Gas & Electric
Company.
Duration of the charter is limited to September 10 1956.
Pursuant to its certificate of incorporation, the Columbia Company is engaged, or controls corporations which are
engaged,in the production of gas (natural and artificial), oil and electricity for light, heat, power and fuel, in the operation of
water works for power, and other purposes, of pipe lines, of electric railways and of other businesses incident to the above,
and in buying, selling and dealing in stocks and obligations of other corporations.
The authorized capitalizatio -1 of the Columbia Company has been as follows:
Preferred.
$1,000,000
1,000.000
At organization, $11,000,000
December 15 1906 increased to $51,000,000
December 28 1907 reduced to.
•
$1,000,000 Preferred Stock in the treasury retired and canceled.
Common.
$10,000,000
50,000,000
50,000,000
The stock for which application to list is hereby made was issued for the following purposes:
Amt. of Stock.
Purpose for Which Issued.
$500._ __For cash upon organization of corporation.
$9,999,500_ _ _ _As part of purchase price of leases and options of and upon oil and gas lands in West Virginia and Kentucky, and of a contract for supplying City of Cincinnati and adjoining towns with natural gas.
$40,000,000____As part of purchase price of 10,000 shares of the Common Stock of The Union Gas & Electric Company, certain letters patent, 48,468
shares of the stock of The Cleveland Gas Light & Coke Company and 36,659 shares of stock of The People's Gas Light Company.
There was no public service commission or other authority in existence at the time of the issue of the above stock having
jurisdiction thereof.
No dividends have been paid upon the stook of the Columbia Company.
The following dividends have been paid on the stock of United Fuel Gas Company and its predecessor:
Date.
June 29 1915 (Old Company)
April 15 1916
Stock Outstanding. Amount of Dividend.
$3,000,000
$6,000,000
9,000,000
540,000
Dividend Rate.
50% stock dividend
6% cash dividend
The following dividends have been paid on the preferred stock of The Union Gas & Electric Co. since its organization:
Period—
4 months ending Dec. 31 1906
3 months ending Mar.31 1907
3 months ending June 30 1907
3 months ending Sept.30 1907
3 months ending Dec. 31 1907
Amount of
Amount
Stock
Outstanding. In.
Rate.
Paid.
67 $100,000 $5,000,000 Cash
75,000
5,030,000 Cash
67
75,000
5,000,000 Cash
6%
75,000
5,000,000 Cash
67
5,000,000 Cash
75,000
6%
Period—
3 months ending Mar.31 1908
15 months ending June 30 1909
12 months ending June 30 1910
12 months ending June 30 1911
12 months endingJune 30 1912
Rate.
6
67
6
67.
Amount of
Stock
Amount
Outstanding. In.
Paid.
5,000,0)0 Cash
75,000
5,000,000 Scrip
375,000
5,000.000 Cash
300.000
300,000
5,000,000 Cash
300.000
5.000,000 Cash
No dividends have been paid on the common stock of the Union Gas & Electric Company.
The following is a statement of the funded debt of the Columbia Company as of July 311916:
Remarks.
Maturity.
Rate.
Limited to.
Outstanding.
First Mortgage 57 Gold Bonds, Columbia
Trust Co., New York, Trustee
Jan. 1 1907
Jan. 1 1927
5%
$25,000,000
$13,248,000 $6,770,000 retired through sinking fund; of
the $13,248,000 outstanding, $2,303,000
are owned by The Union Gas & Electric
Co. (over 99% of whose stock is owned
by the Columbia Company).
57 Gold Debentures, Central Trust Co. of
o
New York, Trustee
July 1 1913
Jan. 1 1927
5%
2,850,000
2,617,168 33 $232,831 67 in tho treasury. Of the figures
given $668 33 is represented by scrip outstanding and $331 67 by scrip in treasury.
Obligatzons—
Date.
The Columbia Company owns or controls the following companies (statement as of July 31 1916):
Name.
Where
Incorpporated.
Capital Stock.
Par.
Date. Duration.
Authorized.
Owned by Columbia Company—
Owns:
The Union Gas & Electric Co., which
holds under lease ending Oct. 1 2005: Ohio
1906 Perpetual 6% Cu.Pf.$10,000,000 $5,000,000
Common
10,000,000 10.000,000
The Cincinnati Gas & Electric Co_ Ohio
1837 Perpetual
36,000,000 35.056,300
United Fuel Gas Co
West Va. 1916 Perpetual
10,000,000 9,000,000
Holds under lease ending July 1 1938:
3,000,000 3.000,000
Cincinnati Gas Transportation Co
West Va. 1908 Perpetual Preferred
Common
2.000.000 2,000,000
Under agreement ending April 1 1952 with
Cincinnati Newport & Covington Light
& Traction Co.. a holding company
controls and is entitled to earnings on
all stock of the following companies
which are owned by Cincinnati Newport Sr Covington Light dr, Traction Co.:
(1) The following non-operating Kentucky companies which are to be dissolved in the near future:
The Suburban Electric Co.
The Bellevue Water & Fuel Gas
Light Co.
The Dayton Elec.Light& Power Co.
The Kentucky Electric Co.
The Municipal Light Co. and
The Cincinnati Covington & Erlanger Railway Co.
(2) The following operating connpanies:
The Licking River Bridge Co
Kentucky
Union Light. Heat & Power Co_ _
Kentucky
Cincinnati Newport & Covington
Railway Co
Ohio
Which owns all the stock of:
South Covington & Cincinnati
Street Railway Co
Kentucky
And the following non-operating Kentucky companies which are to be dissolved in the near future:
The Newport Electric Street Railway Co.
The Cincinnati Covington & Rosedale Railway Co.
The Cincinnati West Covington &
Ludlow Street Ry. Co., and
The Covington & Latonia RR. Co.
Remarks.
Issued.
1896 Perpetual
1901 99 Years
1892 Perpetual
1876 Perpetual
50.000
500,000
100
100
100
100
$5,000,000
9,995,000
4,591,000
100 All the Preferred Stock is owned by the
100 Cincinnati Gas & Electric Co. and the
Columbia Company has an option to
purchase it for $1,000,000. It is entitled
to 5% dividends after the bonds of the
company have been redeemed.
50,000 100
500,000 100
4,000,000 3,200,000 100
500,000
500,000
50
-
THE CHRONICLE
OCT. 7 1916.]
1325
The following is a statement of the funded debt of owned or controlled corporations as of July 31 1916:
Name of Corporation.
Obligations.
Date.
Maturity.
Rate. Authorized. Outst'd'g.
Remarks.
The Union Gas & Electric Co__ None.
The Cincinnati Gas & Electric
First and Refunding
Co
Mortgage 5% 40-Yr.
Sinking Fund Gold
April 1 1916 April 1 1956 5% $15,006,000 $4,500,000 A sinking fund is provided by the mortBonds
gage, payments on which are to commence on April 1 1920.
The Cincinnati Edison ElecFirst Mortgage 5% 20tric Company
Year Gold Bonds__ _ June 1 1897 June 1 1917 5%
2,000,000 1,500,000 Mortgage is closed.
Cincinnati Gas Transportation
First Mortgage 5%
Company
5,000,000 3,669,060 These Cincinnati Gas Transportation Co.
Gold Bonds
July 1 1908 July 1 1933 5%
Bonds are guaranteed by the Columbia
Company. $3,000,000 of the bonds are
also guaranteed by The Cincinnati Gas
& Electric Co. A Sinking Fund is provided by the mortgage which has redeemed, to date, $1,331,000 of the bds.
.
The South Covington & Cincinnati Street Railway Co___ ConsolidatedMortgage
500,000
150,000
Jan. 1 1892 Jan.21 1932 6%
6% Bonds
100,000
Newport & Dayton Ry. Co___ _ First Mtge. 6 Bonds Aug. 1 1887 Aug. 1 1917 6%
100,000
The Licking River Bridge Co__ First Mtge. 5% Bonds Nov. 1 1914 Nov. 1 1939 5%
185,000
185,000 A sinking fund is provided by the mortgage and payments of $3,750 per year
are to be made from May 1 1915 until
maturity.
The Cincinnati Newport &
First Consolidated 5%
Covington Railway Co
3,000,000 2,750,000
Bonds
July 26 1892 July 1 1922 5%
•
Second Consolid'd 5%
1,000,000
694,000
July 1 1896 July 1 1922 5%
Bonds
The Union Light, Heat &
2,000,000 1,561,700
Power Company
First Mtge. 4% Bonds May 1 1901 May 1 1918 4%
5,000,000
200,600 A sinking fund is provided by the mort5% Refunding Bonds. Nov. 1 1915 Nov. 1 1965 5%
gage, payments on which are to commence Nov. 1 1920.
FirstMortgage 6%
United Fuel Gas Co
Sinking Fund Gold
Jan. 1 1916 Jan. 1 1936 6% 15,000,000 7,932,500 A. sinking fund is provided by the mort•
Bonds
gage, payments on which are to commence on March 11922.
The following is a description of the physical property of the Columbia Company and controlled companies as of Aug. 1
1916:
PROPERTY AND EQUIPMENT, COLUMBIA GAS & ELECTRIC COMPANY.
Number of acres of oil and gas land under lease or held in fee in Southern West Virginia and Eastern Kentucky
265,814
(Most of this land is held under lease; only a small part is owned in fee.)
Of this acreage there is now being operated
19,724
Number of producing gas wells
192
135,000,000 cubic feet
Open flow capacity of gas wells per day
Total amount of gas produced, purchased, sold and used in 1915
15,619,406,000 cubic feet
Number of miles of field lines (2-in. to 8-in.)
70
Number of miles of trunk lines. (See description of Cincinnati Gas Transportation Company property hereinafter set forth, which property is leased
to the Columbia Company.)
The Columbia Company supplies gas at wholesale to the Maysville Gas Company at Maysville, Ky.,the Bracken County
Gas Company at Foster, Ky., the Union Light, Heat & Power Company at Covington, Newport and other Kentucky cities
in the vicinity of Cincinnati, and to The Union Gas & Electric Company at Cincinnati, Ohio. Ninety-five par cent of the
gas produced and purchased by it is sold to the Union Light, Heat & Power Company and The Union Gas & Electric Company, the balance being distributed to a small number of consumers in the field and to the above-named distributing companies at Maysville and Foster, Ky.
To the field lines of the Columbia Company is connected one compressing station described as follows:
Branchland, W. Va., Compressing Station.—Consists of three units, Cooper gas engines, total horse power 1,455, with buildings and auxiliaries
necessary for its operation.
Also a recently completed gasoline plant,known as
Leach Siding, Ky. Gasoline Absorption Station.--Consists of land, buildings, sidings, absorption tanks, stills, pumps, cooling apparatus and
other equipment necessary to handle 75 million feet of gas per day in the process of extracting gasoline from dry natural gas by what is known
'
as the absorption process. This station will produce in the winter season from 7,500 to 10,000 gallons of high-grade gasoline per day. At the
present time it has a production of between 4,000 and 5,000 gallons per day.
This company has a complete telephone system connecting its fields, warehouses, etc., to the main trunk line at
Kenova, W. Va., at which point it connects with tho telephone system of the Cincinnati Gas Transportation Company,
hereinafter described.
This company has at different points in the field warehouses, buildings, etc., incident to the operation of its business.
THE UNION GAS & ELECTRIC COMPANY (hereinafter called the Union Company).
The Union Company was incorporated for the purpose of operating, under lease, the plants and property of The
Cincinnati Gas & Electric Company (hereinafter referred to as the Cincinnati Company) which, at that time, was doing
the entire electric light and power and artificial gas business in the City of Cincinnati, Ohio, and surrounding municipalities. On September 1 1906 a lease was made between the Union Company and the Cincinnati Company for a
period of ninety-nine years, whereby the Union Company took over the operation of the Cincinnati Company's entire
property. Por information as to the terms of the lease, reference is made to the application (A-4625) of The Cincinnati
Gas & Electric Company to list its First and Refunding Mortgage Five Per Cent Forty-Year Sinking Fund Gold Bonds,
Series A.
The Union Company has the option of purchasing the property at any time on or before April 1 1921 at a price
equal to the par value of the capital stock of the Cincinnati Company and at any time after April 1 1921 during the
term of the lease at a price equal to 115% of the par value thereof.
The Capital Stock of the Union Company was issued for the purposes of organization, capital expenditures to be
made and a guarantee fund to be provided for in accordance with the terms of the above-mentioned lease, and for
the acquisition of the lease.
In 1909, the Columbia Company purchased sufficient stock to obtain control of the Union Company, and since
that date has purchased additional stock, so that it now owns $5,000,000 of the Preferred Stock (the total outstanding
issue) and $9,995,000 of the Common Stock.
The Cincinnati Compan was incorporated in 1837, under the laws of the State of Ohio, as the Cincinnati Gas, Light
& Coke Company, a change thereafter being made to the present name. The Cincinnati Company owns perpetual
franchises in Cincinnati for the purpose of supplying Cincinnati with electric light and power and artificial gas,subject
to the right of the city to purchase the artificial gas and electric properties at a price to be fixed by arbitration, and
subject to ten-year rate ordinances.
The properties of the Cincinnati Company, all of which are leased to the Union Company, are as follows (as of
August 1 1916):
There are 717 miles of gas mains, supplying 111,549 consumers through 115,912 meters distributed in sixteen
separate municipalities, with a population aggregating 500,000. Connected to these mains are nine gas holders with an
aggregate capacity of 10,000,000 cubic feet, and serving as temporary reserves to the high pressure lines from the fields.
The property also includes two artificial gas plants, which have, however, been shut down since the introduction of
natural gas into Cincinnati by the Columbia Company, and are now held as reserves.
The following cities and towns receive their supply of natural gas exclusively from the Union Company: Cincinnati,
Norwood, Elmwood, Wyoming, St. Bernard, Arlington Heights, Reading, Cheviot, Lockland, Glendale, Williamsdale,
Woodlawn, Silverton, Deer Park, Mt. Healthy, Rensellaer Park.
The electric plant of the Cincinnati Company was supplying electricity on August 1 1916 to 25,083 consumers
through 25,587 electric meters, using for this service 635 miles of pole line, forty-seven trench miles of underground
THE CHRONICLE
1326
[VoL. 103.
duct and 29 miles of so-called Edison underground tube. The consumers are distributed among eleven separate municipalities having an aggregate population of 450,000, with a total connection load of 72,455 k. w. Also included therein
are 6,491 luminous arc lamps furnished under a street-lighting contract with the City of Cincinnati, having six years
to run.
The electricity supplied to the territory is generated in the Cincinnati Company's power station located in the heart
of Cincinnati, having a rated capacity of 29,200 k. w. Much of this energy is transmitted from the power station direct
to the consumers, the remainder being transmitted to six sub-stations scattered over the City of Cincinnati, and to
the Kentucky generating station in Newport, Ky., which supplies the street railway and electric properties controlled
by the Col mbia Company in the State of Kentucky.
Steam is generated in thirty modern water tube boilers, aggregating 15,623 rated horse-power, and fully equipped
with mechanical stokers fed by gravity with coal from over head coal bunkers of 3,000 tons capacity. Twenty-two of these
boilers are also equipped for firing with natural gas, which is used, to some extent, as a substitute for coal, principally
during the summer months. The electric generating equipment in the power station consists of steam engine and steam
turbine-driven electric generators of bo h alternating and direct current types, together with motor generators set for
converting such alternating current into direct current as may be required. This station also houses about one-third of
the total arc street-lighting apparatus required by the city. Two of the substations, located in the central business district, are equipped with motor generators converting alternating current to direct current for distribution through the
underground mains, and with large storage batteries, which insure both an unvarying pressure and absolute continuity
of service. The remaining four substations are located in outlying districts and are equipped with transformers and
control apparatus for street lighting service, and with regulators for commercial lighting service.
Plans have been completed, all principal contracts let, and construction is now well under way, for the erection in
Cincinnati on the Ohio River of a large, modern electric generating station of an initial capacity of 75,000 horse-power,
which will be increased to 150,000 horse power.
The following cities and towns receive their supply of electricity from the Union Company: Cincinnati, Elmwood,
Wyoming, Arlington Heights, Bridgetown, St. Bernard, Lockland, Glendale, Cheviot, Woodlawn, Norwood.
The property includes an adequate and substantial brick, steel and stone office building in the business district of
the city, a brick, steel and concrete distributing warehouse for gas and electric supplies, a five-story brick building'
adjacent to the office building and used as a garage and as an electric meter and arc lamp shop, together with various
brick and concrete buildings for the housing of artificial gas purifying equipment, ga; compressing apparatus, and general
storage purposes. The principal real estate parcels are excellently located and of great value. They include ample space,
structures and equipment for the receiving, hoisting and storage of coal, both by river and rail, there being exceptionally
good railroad connections with all trunk lines entering the City of Cincinnati.
For additional information as to the properties of the Cincinnati Company reference is made to the Application
(A-4625) of the Cincinnati Gas & Electric Company to list its First and Refunding Mortgage Five Per Cent FortyYear Sinking Fund Gold Bonds, Series A.
CINCINNATI GAS TRANSPORTATION COMPANY (hereinafter referred to as the Transportation Company).
.
The Transportation Company was incorporated under the laws of West Virginia May 30 1908, the purpose of its
formation being to construct a pipe line for the transmission of gas from West Virginia to Cincinnati, which pipe line
and all property of said company was leased under date of July 1 1908 to the Columbia Company for thirty years.
All of the $3,000,000 Preferred Stock is owned by the Cincinnati Company, and the Columbia Company has an
option to purchase said stock at any time for one million dollars. This stock is not to receive any dividends until all
of th , bonds of the Transportation Company have been redeemed. The Transportation Company has outstanding
$3,669,000 of its First Mortgage Five Per Cent Bonds, the authorized issue of which was $5,000,000, and of which there
have been redeemed by the sinking fund $1,331,000. All bonds are guaranteed by the Columbia Company, and $3,000,000
thereof are guaranteed by the Cincinnati Company.
The following is a description of the physical property of the Transportation Company as of August 1 1916:
Mlles of trunk line
126 miles of 20 inch
33 miles of 18 inch
14 miles of 12 inch
10 miles of 8 inch
183
Valves, gates, fittings and regulators incident to the operation of the trunk line.
Compressor station located at Kenova, W. Va., consisting of five gas engine units—three Westinghouse and two
Snow (total of 6,750 horse-power), buildings, auxiliaries, machine shops, electric-light plant, water-works, dwelling
houses, etc., necessary for the operation thereof.
One hundred and eighty-one miles of double circuit copper telephone lines from Kenova, W. Va., to Cincinnati. At
Kenova it connects with the telephone line of the Columbia Company and United Fuel Gas Company.
KENTUCKY PROPERTIES.
At the time of the organization of the Columbia Company, there were operating in Covington, Newport and other
adjacent municipalities in Kentucky directly opposite Cincinnati the Union Light, Heat & Power Company, doing the
entire electric light and power and artificial gas business in those municipalities, and the South Covington & Cincinnati
Street Railway Company, doing all the street railway business in the same section. This street railway company was
owned by the Cincinnati Newport & Covington Railway Company, incorporated in Ohio to operate in Cincinnati. The
Union Light, Heat & Power Company and the Cincinnati Newport & Covington Railway Company were, in turn,
owned by the Cincinnati Newport & Covington Light & Traction Company, a holding company incorporated under the
laws of New Jersey.
An agreement, dated June 15 1907, was entered into between the Cincinnati Newport & Covington Light & Traction
Company, The Columbia Gas & Electric Company of Ohio, The Union Savings Bank & Trust Company of Cincinnati
and the Columbia Company (of West Virginia) whereby the Columbia Company obtained the right to vote and receive the
dividends upon all the Capital Stock except directors' shares of the Union Light, Heat &Power Company, the Cincinnati
Newport & Covington Railway Company (with the exception of sixty-four shares) and of certain other corporations until
April 1 1952. By the terms of said agreement the Columbia Company as consideration now pays to the Cincinnati
Newport & Covington Light & Traction Company amounts equal to 43/2% dividends upon its ,500,000 of outstanding
Preferred Stock, and 6% dividends upon its $5,000,000 of outstanding Common Stock, together with $10,000 a year to
maintain its organization and certain small amounts for taxes, etc. The Columbia Company is also obligated to maintain, and does maintain, a $250,000 fund guaranteeing the fulfillment of its duties under the agreement.
The Union Light, Heat & Power Company now does the entire gas and electric light and power usiness in Covington and Newport, Ky., and adjacent communities, under perpetual and long-term franchises. The Cincinnati Newport & Covington Railway Company and South Covington & Cincinnati Street Railway Company operate the entire
street railway business in Covington and Newport, Ky., under franchises, most of which are perpetual.
The following is a statement of the physical properties of the Union Light, Heat & Power Company, the Cincinnati Newport & Covington Railway Company and. the South Covington & Cincinnati Street Railway Company as of
August 1 1916:
GAS.
The natural gas system of the Union Light, Heat & Power Company supplies gas to 23,721 consumers through 24,431
meters distributed through eleven separate municipalities with an aggregate population of 125,000. The distribution
system includes 150 miles of gas mains, mostly new and principally of cast iron, well laid and efficiently maintained.
ELECTRICITY.
The electric lighting and power property of the Union Light, Heat & Power Company supplies electricity to 7,559
consumers through 7,510 electric meters, over 150 miles of overhead pole line, reaching and traversing fourteen separate
municipalities, with an aggregate population of 130,000. Power is secured through n electric generating station located
in the City of Newport, Ky., and used jointly with the Cincinnati Newport & Covington Railway Company. This
power station is connected with the Cincinnati power station above described by means of a high tension transmission
line, enabling power to be interchanged when necessary or desirable in either direction. The total connected load of the
Union Light, Heat & Power Company is 10,547 k. w., and there are included 1,489 modern high-powered street lights
supplied under contracts with various Kentucky municipalities served.
The Newport, Ky., generating station contains two electric light and power generating units, aggregating 3,250
rated k. w. capacity, respectively, engine driven and steam turbine driven, and of high-grade and efficient design. There
OJT. 7 1916d
THE CHRONICLE
1327
•
are also installed three step-down transformers, aggregating 4,500 k.w. capacity, enabling this amount of energy to be
received from the Cincinnati generating station, in addition to the generating units mentioned, thus giving the Union
Light, Heat & i ower Company a total of 7,750 k. w. available energy, supplied through apparatus owned by the company.
The following Kentucky cities and towns obtain their supply of electricity exclusively from the Union Light, Heat
& Power Company: Covington, Newport, Bellevue, Dayton, West Covington, Ludlow, Bromley, Fort Mitchell, Erlanger,
Ellsmere, Clifton, Southgate, Fort Thomas, Cote Brilliante.
WATER.
The water supply and distribution system of the Union Light, Heat & Power Company includes a pumping station
receiving water from settling basins and reservoirs owned by the City of Covington, together with an elevated steel-pressure
tank of 8,000 gallons capacity, and a distribution system containing 36.8 miles of standard cast iron water pipe. The
system supplies a total of 3,776 consumers, including the three towns of Fort Thomas, Dayton and Bellevue, Ky., with
an aggregate population of 20,000, and an annual consumption of approximately 200 million gallons. The distribution
system is also connected with the distributing mains of the Newport, Ky., water system, thus enabling a supply of water
to be received either separately or jointly from the cities of Newport and Covington.
The pump station is a brick building equipped with duplicate electric motor-driven pumps, elevating water for the
high-pressure distribution and into the pressure tank, whence it flows to all consumers on the high-pressure distribution.
The low-pressure distribution, covering the lower portions of the towns of Bellevue and Dayton, is normally supplied
with water obtained directly from the adjacent City of Newport.
STREET RAILWAYS.
The street railway properties of the Cincinnati Newport & Covington Railway Company and the South Covington &
Cincinnati Street Railway Company furnish passenger transportation annually to about 30,000,000 revenue passengers,
and connect ten separate municipalities in the State of Kentucky with each other and with the City of Cincinnati, the routes
traversing and terminating in the heart of the business and shopping district of Cincinnati. The two companies, together,
own sixty-four miles of revenue-earning, single track and operate a total of seventy and one-half miles of single track equipment,with an average of eighty-seven passenger cars in service,and a maximum of 150 at rush hours. The Street Railway
Company owns all the cars and all but 333 feet of the track.
The rail is 65, 75 and 80-lb modern T and girder shapes, laid on high-grade oak ties, with heavy concrete foundations
where in paved streets. The lighter rail and T shapes are chiefly in suburban sections. The total number of cars owned,
including work equipment, is 176; the passenger cars having two motor equipments with single end control and equipped with
electric heaters. All regular passenger cars are double vestibuled and seat thirty-two passengers.
The company's power station, machine shop and car repair and paint shops are located in the City of Newport on real
estate owned by the company. There is a car barn and storage yard located in each of the Cities of Covington, Newport
and Dayton.
The road connects Cincinnati with the Kentucky territory by operating over three bridges crossing the Ohio River, for
which privilege the road pays rental to the bridge companies.
Between the cities of Newport and Covington the road crosses the Licking River over two bridges, one of which is jointly
owned by the two cities mentioned, and the other of which is owned by the Licking River Bridge Company, a subsidiary
of the street railway company.
The generating station of the South Covington & Cincinnati Street. Railway Company is a brick, steel and concrete
building, located on the east bank of the Licking River in the City of Newport,and includes in its equipment fourteen modern
water-tube boilers, aggregating 5,000 rated horse-power, each equipped with mechanical stokers receiving coal by gravity
from overhead bunkers. These bunkers are filled by Telpher trams from the storage yard outside the station. Eight of
the above boilers are also equipped with burners for firing with natural gas in manner similar to the power station of The
Cincinnati Gas & Electric Company, and for similar reasons. The electric generating equipment of the station aggregates
2,675 k. w. of direct connected engine driven 600 volt direct current generators, together with 3,800 k. w. in rotary converters, making a total of 6,475 k. w.available rated capacity, and of type insuring flexibility and reliability of operation, coupled
with the ability to receive power from other generating stations when desirable or necessary. An ample and well equipped
machine shop of brick construction, including storerooms for supplies, stands adjacent to the power station and affords
facilities for repair and maintenance work to all power station equipment, rolling stock and electrical apparatus owned or
operated, either by the street railway company or by the Union Light, Heat & Power Co. Commodious and well-equipped
car repair and paint shops are located adjacent to the power station and machine shop, and are substantial brick buildings
maintained in good condition. There is a car barn and storage yard in each of the Cities of Newport, Covington and Dayton, provided with suitable repair pits for rolling stock, the car barns in Newport and Covington being of brick.
The Cincinnati Newport & Covington Railway Company owns and operates two substations, one being a brick building
in the Town of Fort Mitchell, equipped with rotary converters aggregating 600 k. w.capacity, and the other being a so-called
portable converter equipment of 300 k. w.capacity, housed in a specially built steel box car on trucks. This portable equipment is used for temporary or seasonable work at whatever point on the railway system, remote from the power house, an
excessive demand for power may occur.
The street railway company's main office building hr Covington is a modern and substantial building of brick and stone,
and houses the offices of both the street railway company and of the Union Light, Heat & Power Company.
The street railway company controls the Licking River Bridge Company, by stock ownership and operates the Licking
River Bridge, a new steel and concrete structure erected in 1914, spanning the Licking River between the Cities of Newport
and Covington, being 803 feet in length between approaches, with a channel span of 360 feet. It constitutes the main traffic
artery between Newport and Covington, has two main roadways for wagon traffic paralleling the double track street railway, an ample sidewalk for foot traffic, and, in addition, supports the main natural gas supply and all niain electric lines
between the Cities of Newport and Covington.
The following Kentucky cities and to ns are traversed and connected with the City of Cincinnati by the lines or the
Cincinnati Newport & Covington Railway Company: Covington, West Covington, Ludlow, Bromley, Fort Mitchell,
Newport, Bellevue, Dayton, Southgate, Fort Thomas.
The company's routes traverse and terminate in the heart of the business and shopping district of Cincinnati.
UNITED FUEL GAS
(hereinafter called the Fuel
The Columbia Company purchased, during COMPANY stock of the United Fuel Company).
of the
been reorganized under the same name, with the 1915, 51%Company owning 51% of the Gas Company, which has since
Columbia
new
Company owns or operates over 840,000 acres of oil and gas leases in West Virginia, Kentucky company's stock. The Fuel
and Ohio, together with a large
pipe line and distributing system. The Fuel Company supplies gas direct to consumers
in a number of cities in West Virginia and Ohio.
The following is a description of the physical property of the Fuel Company as of August 1 1916:
No. of acres of gas and oil lands under lease or held in
No. of miles of trunk lines (size 10 inch to 20 inch)--437
fee in So. W. Va. and Ohio and East. Kentucky__ _
834,383
No. of miles of field lines (size 2 inch to 8 inch)
Of this acreage owned there is now being operatod___
,
49899
Gas produced in 1915
19,578,870,000 cu. ft.
414
No. of producing gas wells
0
Gas sold in 1915
Open flow capacity of gas weis per day
1,000,000,000 cu. ft. No. of cities and towns supplied by Fuel Co. direct__29,594,673,000 Cu.ft.
54
No. of producing oil wells
96
Population served direct (approximately)
130,000
Amount of oil produced in 1915
78,176.77barreis No. of domestic consumers connected in these 54
towns served directly by the Fuel Co
28,379
Among the fifty-four towns and cities directly supplied are: Charleston, W. Va.; Huntington, W. Va.; Williamson,
W. Va.; Ashland, Ky.; Catlettsburg, Ky.; Ironton, Ohio, and forty-eight smaller towns and villages in West Virginia, Kentucky and Ohio, in all of which are the above named domestic consumers.
The Fuel Company also supplies gas to the following companies on long term contracts:
The Columbia Company—About 50% of the Columbia Company supply, which company, in turn, supplies Union
Light, Heat & Power
in Cincinnati, Ohio. Company at Covington, Newport and other Kentucky cities, and The Union Gas & Electric Company
The contract covers a period from 1909 to 1929 at a price gradually increasing from the present price
of 10 cents per 1,000 cubic feet.
The Ohio Fuel Supply Company, which, In turn, supplies Columbus and Springfield,
Ohio, and a great number of other
large and growing communities in Central Ohio. Contract is perpetual.
Central Kentucky Gas Company, which supplies Lexington and other central
1934. The price is to gradually increase from the present price of 10 cents per 1,000Kentucky cities. Contract expires in
cubic feet.
Louisville Gas & Electric Company, which supplies the City of Louisville, Ky. Contract expires in 1936. The price
is to gradually increase from the present price of 11 cents per 1,000 cubic feet.
1328
THE CHRONICLE
[VOL. 103.
The Portsmouth Gas Company,which supplies Portsmouth, Ohio. Contract expires in 1926. The price is to gradually
increase from the present price of 17 cents per 1,000 cubic feet.
The Fuel Company also has contracts with the Philadelphia Company, and Hope Natural Gas Company, which will
become operative this year; each of these contracts is for 10 years at a price gradually increasing from 10 cents per 1,000
cubic feet; the Philadelphia Company supplies gas to many northern West Virginia cities and towns, and is also a large dis-.
tributor in western Pennsylvania and particularly in the Pittsburgh district; the Hope Natural Gas Company is a large wholesaler of natural gas in northern West Virginia, and also supplies the East Ohio Gas Company of Cleveland, which, in turn,
distributes it through eastern Ohio cities, including Cleveland; the Hope Natural Gas Company also sells to the People's
Natural Gas Company of Pittsburgh, which distributes extensively in that district.
The gas sold during 1915 to consumers in Ohio, West Virginia and Kentucky, and to large distributing companies,
amounted to 25,594,673,000 cubic feet, which was distributed in cities and towns having a population of about 2,000,000
people.
.
To the trunk lines of the Fuel Company are connected four compressing stations, described as follows:
Kermit, W. Va., Compressing Station—Consists of five units. Snow gas anginas, total horse power of 2,100, buildings and auxiliaries necessary
for its operation.
Walgrove, W. Va., Compressing Station.—Consists of two units. Westinghouse gas engines, total horse power of 700, buildings and auxiliaries
necessary for its operation.
Spencer, W. Va., Compressing station,—Consists of five units. Westinghouse gas engines, total horse power of 2,100, buildings and auxiliaries
necessary for its oporation.
Goad, W. Va., Compressing Station.—Consists of three gas engine units, total horse power 703, buildings and auxiliaries necessary for its operation.
And the following gasoline plants:
Sandyville, W. Va.'Gasoline Absorption Station.—Consists of land, sidings, buildings, absorption tanks, stills, pumps, cooling apparatus and other
equipment necessary to handle 60 million feet of gas per day in the procaas of extracting gasoline from dry natural gas by what is known as the absorption
process. This station will produce in the winter season from 7,0)a to 10,030 gallons of high-grade gasoline per day. At the present time it has a production of about 4.000 gallons per day.
Kermit, W. Va., Gasoline Absorption Station.—Consists of land, sidings, buildings, absorption tanks, stills, pumps, cooling apparatus and other
equipment necoasary to haralla 20 million foot of gas per day in the process of extracting g ts olin a from dry natural gas by what is known as the absorption
process. This station will produce in the winter season from 2,500 to 3,093 gallons of gasoline per day. At the present time It has a production of about
1,500 gallon:3 per day.
Ona, W. Va., Gasoline Absorption Station.—This plant has not yet been camplotel, but is in the process of erection. It will bo the same size as
the Columbia Company plant.
Walgrove, W. Va., Gasoline Absorption Station.—This plant is being erected, and will be about the same size as the Kermit station.
In addition to the above four absorption plants, this company has erected two compression plants, whereby gasoline is
extracted from heavy gas by that method. These have a capacity of about 1,500 gallons per day each.
Plans have been made and contracts let for, and work will be started in a few weeks upon, an absorption gasoline plant
to extract gasoline from the gas being supplied under the new contract recently made with the Philadelphia Company and the
Hope Natural Gas Company. This will have the same capacity as the Leach Station plant.
The Fuel Company has 260 miles of telephone and telegraph lines reaching all its compressing stations, warehouses and
fields.
The Fuel Company owns at Charleston, W.Va., a new three-story brick and stone office building, in which is located its
general offices. This building was lately completed at a cost of about $75,000, and the Fuel Company has in other parts of
West Virginia valuable buildings, warehouses, &c., incident to the operation of the company.
For additional information as to the properties of the Fuel Company, reference is made to the application (A-4629)
of United Fuel Gas Company to list its First Mortgage Six Per Cent Twenty-Year Sinking Fund Gold Bonds, Series A.
The following is a statement of the franchises dr ordinances under which the Columbia Company and its controlled companies operate:
Company.
Town.
United Fuel Gas Co.
Ashland, KY
United Fuel Gas Co.
Barboursville. W Va
Cassville, W. Va.(Fort Ga,y)_United Fuel Gas Co.
United Fuel Gas Co.
Catlettsburg. Ky
United Fuel Gas Co.
Catlettsburg, Ky
United Fuel Gas Co.
Ceredo, W Va
United Fuel Gas Co.
Charleston, W. Va
United Fuel Gas Co.
Charleston, W. Va
United Fuel Gas Co.
Charleston, W. Va.
United Fuel Gas Co.
Clendenin, W. Va
United Fuel Gas Co.
Coal Grove, Ohio
United Fuel Gas Co.
Guyandotte, W Va
United Fuel Gas Co.
Greenup, Ky
United Fuel Gas Co.
Huntington, W Va
United Fuel Gas Co.
Huntington, W. Va
United Fuel Gas Co.
Huntington, W. Va
United Fuel Gas Co.
Hurricane, W. Va
Inez, Ky. (formerly Eden) United Fuel Gas Co.
Inez, Ky. (formerly Eden) Unitad Fuel Gas Co.
United Fuel Gas Co.
Ironton, Ohio
United Fuel Gas Co.
Ironton, Ohio
United Fuel Gas Co.
Kenova, W. Va
United Fuel Gas Co.
Kenova, W. Va
United Fuel Gas Co.
Louisa, Ky
United Fuel Gas Co.
Logan, W. Va
United Fuel Gas Co.
New Boston, Ohio
United Fuel Gas Co,
New Boston, Ohio
United Fuel Gas Co.
Portsmouth, Ohio
United Fuel Gas Co.
Pratt, W. Va
United Fuel Gas Co.
Ravenswood, W. Va
United Fuel Gas Co.
Reedy, W Va
United Fuel Gas Co.
Ripley, W. Va.
United Fuel Gas Co.
Russell, Ky
United Fuel Gas Co.
Spencer, W. Va
United Fuel Gas Co.
Spencer, W. Va
United Fuel Gas (Jo.
Vli illiamson, W Va
United Fuel Gas ()o.
Chesapeake, Ohio
United Fuel Gas Co.
Proctorville, Ohio
Character.
Natural gas
Natural gas
Natural gas
Natural gas
Telephone
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas and telephone
Natural gas
Natural ga.s
Natural gas
Telephone
Telephone
Natural gas and telephone
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Telephone
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Natural gas
Telephone and telegraph
Natural gas
Natural gas
Natural gas
Date.
Jan. 3 1898
April 20 1906
Aug. 16 1904
Jan. 21 1898
Jan. 2 1899
Mar. 28 1898
Mar. 1 1894
Oct. 24 1905
Mar. 6 1900
Aug. 31 1906
Aug. 9 1901
Sept. 19 1900
Mar. 3 1913
Nov. 29 1897
Sept. 11 1911
Aug. 27 1903
Aug. 7 1906
Oct. 18 1898
Feb. 3 1913
Dec. 6 1897
Nov. 10 1909
Aug. 6 1898
Aug. 30 1902
July 1 1898
Nov. 21 1912
Oct. 14 1909
Oct. 14 1909
Feb. 3 1905
Mar. 2 1911
July 2 1909
Jan. 26 1909
Sept. 28 1910
Oct. 14 1905
Oct. 20 1897
Juno 7 1905
Mar. 22 1912
Aug. 7 1014
Aug. 4 1914
Expires.
20 years
50 years
50 years
20 years
During good-will of Board
25 years
30 years
50 years
30 years •
20 years
50 years
50 years
20 years
50 years
50 years
50 years
50 years
25 years
10 years
50 years
Amending gas franchise
20 years
20 Years
25 years
10 years
25 years
25 years
25 years
50 years
25 years
20 years
20 years
50 years
5() Years
100 years
100 years
The company also owns franchises for the maintenance of pipe lines and telephones in the roadway in the Counties of
Boone, Cabell, Fayette, Jackson, Kanawha, Logan, Mason, Mingo, Nicholas, Putnam, Wayne, Roane, W. Va.; Boyd,
Greenup, Lawrence, Martin, Ky.; and Lawrence and Scioto, Ohio:
Expires.
Date.
Character.
Company.
Town.
Perpetual(1)
June 16 1841
Gas
The Cin. Gas & Elec. Co.
Cincinnati, Ohio
25 years
Dec. 26 1905
Natural gas
Elec. Co.
The Cin. Gas &
Cincinnati, Ohio
Perpetual(1)
Nov. 17 1893
Electric
The Gin. Gas & Elec. Co.
Cincinnati, Ohio
25 years
Natural gas
Oct. 16 1905
The Gin. Gas & Elec. Co.
Norwood, Ohio
20 years
Sept. 5 1907
Natural gas
.The Gin. Gas & Elec. Co.
e
St. Bernard, Ohio
25 years
May 16 1906
Natural gas
The Cin. Gas tz Elec. Co.
Cheviot, Ohio
25 years
Nov. 18 1903
Electric
Tho Gin. Gas & Elec. Co.
Cheviot, Ohio
April 19 1905
25 years
Natural gas
The Cin. Gas & Elec. Co.
Elmwood, Ohio
. 25 Years
May 19 1900
Electric
The On. Gas & Elec. Co.
Elmwood, Ohio
25 years
April 18 1906
Natural gas
The Cin. Gas & Elec. Co.
Reading. Ohio
25 years
Sept. 25 1907
Natural gas
The Cin. Gas & Elec. ()o.
Lockland, Ohio
10 years(2)
Feb.' 13 1905
Electric
The Gin. Gas & Elec. Co.
Lockland, Ohio
25 years
April 23 1910
Natural gas
The Cin. Gas & Elec. Co.
Mt. Healthy, Ohio
25 years
Sept. 16 1907
Natural gas
The Cin. Gas & Elec. Co.
Wyoming, Ohio
15 years
Dee. 21 1914
Electric
The Gin. Gas Sz Elec. Co.
Wyoming, Ohio
25 yeas
Mar. 5 1906
Natural gas
The Gin. Gas & Elec. Co.
Glendalo, Ohio
25 years
Feb. 4 1907
Electric
The Gin. Gas & Elec. Co.
Glendale, Ohio
25 years
Aug. 8 1907
Natural gas
The Cin. Gas & Elec. Co.
Silverton, Ohio
25 years
May 16 1907
Electric
The Cin. Gas & Elec. Co.
Silverton, Ohio
25 years
April 3 1903
Natural gas
The Cin. Gas & Elec. Co.
Arlington Heights, Ohio
10 Years
Dec. 2 1913
Electric
The Cin. Gas & Elec. Co.
Arlington Heights, Ohio
10 years(3)
Dec. 26 1905
Gas price ordinance
The Gin. Gas & Elec. Co.
Cincinnati, Ohio
10 years
Nov. 2 191a
Eleatric price ordinance
The Gin. Gas & Elec. Co.
Cincinnati, Ohio
10 years
Natural gas price ordinance Sept. 5 1907
Tho Cin. Gas & Elec. Co.
St. Bernard, Ohio
10 Years
Natural gas price ordinance May 16 1906
The Gin. Gas & Elec. Co. .
Cheviot, Ohio
10 Years
Natural gas price ordinance April 19 1906
The Ctn. Gas & Elec. Co.
Elmwood, Ohio
10 years
Natural gas price ordinance April IR 1906
Gas & Elec. Co.
The Cin.
Reading, Ohio
10 years
Natural gas price ordinance Sept. 25 1907
The Gin. Gas & Elec. Co.
Lockland, Ohio
10
Natural gas price ordinance April 23 1010
The Gin. Gas & Elec. Co.
Mt. healthy, Ohio
years10years
Natural gas price ordinance Sept. 16 1907
Co.
The Gin. Gas & Elec.
Wyoming, Ohio
10 years(4)
Natural gas price ordinance Mar. 5 1906
The Gin. Gas & Elec. Co.
Glendale, Ohio
10 years
Natural gas price ordinance Aug. 8 1907
The Ctn. Gas & Elec. Co.
Ohio
Silverton,
10 ye5rs(4)
Natural gas price ordinance April 3 1906
The Gin. Gas & Elec. Co.
Arlington Heights, Ohio
10 years(3)
Natural gas price ordinance Oct 27 1905
The Gin. Gas & Elec. Co.
Norwood, Ohio
ie
arbitration. (2) Now negotiating new franchise. _(3) Firs
(1) Unless the property is purchased by the City, in Which case the price is to be settled by
agreement have remained in abeyance pending
been extended by temporary ordinance until fixing of new rate. (4) Have not been renewed, but by
settlement of the gas rate question in Cincinnati.
THE CHRONICLF
OCT. 7 1916.1
1329
Character,
Date.
Expires.
April 15 1897 Until revoked by Newport General Council
Electricity
Artificial gas
May 5 1905
20 years from July 6 1905
Natural gas
Feb. 15 1910
20 years
Electricity
April 9 1890
No limit
Electricity
June 18 1890
No limit
Gas
Jan. 10 1901
20 years from Nov. 30 1900
Electricity,steamorotherarti-April 22 1882
No limit
tidal means for furnishing
light and motive power
Union Light. Heat & Power Co. Natural gas
Mar. 11 1909
Covington. Ky
Nov. 30 1920
Dec. 12 1907
Union Light, Heat & Power Co. Natural and artificial gas
West Covington, Ky
20 years
Union Light, Heat & Power Co. Electricity
Mar. 17 1914
West Covington, Ky
15 years
Central Covington, Ky
Union Light, Heat & Power Co. Electricity
April 20 1900
20 years
Dayton. Ky
Union Light, Heat & Power Co. Electricity
April 12 1890
No limit
Dayton, Ky
Union Light, Heat & Power Co. Natural gas
Mar. 21 1912
20 years from April 15 1912
Union Light, Heat & Power Co. Artificial gas
Dayton, Ky
Oct. 9 1901
20 years
Union Light, Heat & Power Co. Water
Dayton, Ky
Nov. 23 1910
18 years from Jan. 17 1911
Union Light, Heat & Power Co. Natural gas
Bellevue, Ky
Dec. 15 1910
20 years from Dec. 29 1910
Union Light, Heat & Power Co. Water
Bellevue, Ky
July 16 1908
20 years from Aug. 27 1908
Union Light, Heat & Power Co. Electricity
Bellevue, Ky
Mar. 22 1909
10 years from Apr. 22'1909
Union Light, Heat & Power Co. Alectricity
Fort Thoma,s, Ky
Aug. 2 1915
20 years
Union Light, Heat & Power Co. Water
Aug. 2 1915
Fort Thomas, KY
20 years
Union Light, Heat & Power Co. Gas
Aug. 2 1915
Fort Thomas, KY
10 years
Union Light, Heat & Power Co. Gas
Southgate, Ky
Sept. 22 1915
10 years
Union Light, Heat & Power Co. Electricity
Erlanger, Ky
May 10 1914
10 years
Union Light, Heat & Power Co. Electricity
Elsmere, Ky
Oct. 1 1914
20 years
Ludlow, Ky
Union Light, Heat & Power Co. Natural gas
Aug. 12 1909
20 years
Latonia, ICY
Union Light, Heat & Power Co. Electricity
Oct. 22 1907
13 years
Covington, Ky
So Covington & Cin. St. By. Co. Street railway franchises
Dec. 13 1869
No limit
Covington, Ky
So. Covington & Cin. St. By. Co. Street railway franchises
April 5 1878
No Omit
Covington. KY
So. Covington & Ctn. St. Ry. Co. Street railway franchises
Oct. 20 1890
50 years
Covington, Ky
So. Covington & Cin. St. By. Co. Street railway franchises
Sept. .7 1904
20 years
West Covington, Ky
So. Covington & Cin. St. By. Co. Street railway franchises
April 9 1914
20 years
Ludlow. Ky
Mar. 4 1915
So. Covington & Cin. St. By. Co. Street railway franchises
20 years
Newport, Ky
Oct. 3 1867
So. Covington & Cin. St. By. Co. Street railway franchises
No limit
Newport, Ky
So. Covington & Cin. St. By. Co. Street railway franchises
May 19 1881
No limit
Newport, Ky
July 18 1906
So. Covington & Cin. St. By. Co. Street railway franchises
20 years
Bellevue, Ky
Jan. 25 1868
So. Covington & (Mn. St. By. Co. Street railway franchises
No limit
May 6 1856
Bellevue, Ky
So Covington & Ctn. St. By. Co. Street railway franchises
No limit
Sept. 15 1904
Bellevue, Ky
So Covington & Cln. St. By. Co. Street railway franchises
20 years
Dayton, Ky
So. Covington & Ctn. St. By. Co. Street railway franchises . Sept. 15 1904
20 years
Dayton, Ky
July 19 1887
So Covington & (Mn. St. By. Co. Street railway franchises
No limit
Dayton. Ky
May 21 1901
So Covington & Cin. St. By. Co. Street railway franchises
No limit
Cincinnati, Ohio
April 3 1891
The Cin. Nowp. & Coy. Ry. Co. Street railway franchises
25 years(1)
(1) The franchise for the Covington division expired in 1915 and the franchise for the Newport division expires next year. The settlement of the
franchise question has remained in abeyance by agreement with the City Council of Cincinnati pending the adjustment of various matters with the companies serving Cincinnati.
Town.
Newport, Ky
Newport, Ky
Newport, Ky
Newport, Ky
Newport. Ky
Covington, KY
Covington, KY
Company.
Union Light, Heat & Power Co.
Union Light, Heat & Power Co.
Union Light, Heat & Power Co.
Union Light, Heat & Power Co.
Union Light, Heat & Power Co.
Union Light, Heat & Power Co.
Union Light, Heat & Power Co.
STATEMENT OF CONSOLIDATED NET EARNINGS OF THE COLUMBIA COMPANY AND THE UNION GAS
& ELECTRIC COMPANY FOR THE FOUR YEARS ENDING 1914.
Total consolidated net earnings
Deductions:
Accrued rentals to The Cincinnati Gas & Electric Company
Accrued rentals to The Cincinnati Gas Transportation Co. (incl. sinking fund)
Accrued rentals to Cincinnati Newport & Covington Light & Traction Company
Accrued interest of The Union Gas & Electric Company
Surplus earnings of The Union Gas & Elec. Co. applicable to its outstanding stock
Total deductions
1911.
1912.
1913.
1914.
$3,584.576 19 $3,904,443 82 $4,165,716 08 $4,435,724 25
1,764,750 00
491,391 67
705,250 00
26,139 61
117,168 00
1,802,250 00
727,727 18
743,614 76
53,529 41
63,713 43
1,788,250 01
718.208 35
770,816 44
79,171 88
325 3b
1.788.552 00
708.305 15
791,339 $2
80.948 54
586 40
$3.1C4,699 28 $3,390,834 78 $3,356,772 03 $3,369.731 91
Net income available for Columbia Gas & Electric Company
Fixed charges:
Accrued Merest on 1st M. 5c7 bonds of Columbia Gas & Electric Company
o
Accrued interest on 5% Gold Debentures of Columbia Gas & Electric Company
Other accrued interest on Columbia Gas & Electric Company
$479.876 91
$513,609 04
$808,944 05 $1,065,992 34
$558,280 95
$495,783 54
51,364 23
19,651 51
$499.225 00
61,600 00
28,997 91
$516,239 97
123,262 50
35,452 00
Total fixed charges
$609.645 18
$515.435 05
$589,822 91
$674,954 47
219,121 14
391,037 87
Surplus before sinking fund requirement-Columbia Gas & Electric Company
129,768 27*
Sinking fund requirements
-Columbia Gas & Electric Company
Surplus after sinking fund requirements-Columbia Gas & Electric Company
*Those figures show a deficit in these two years.
56.352 80
COLUMBIA GAS & ELECTRIC CO.
-THE UNION GAS & ELEC. CO.
CONSOL. INCOME ACCT. FOR YEAR ENDED DEC. 31 1915.
Gross earnings:
Gas
$4,051,783 60
Electric
2,528,338 14
Railway
1,421,085 06
• Water
43,345 37
Total
Operating expenses and taxes:
Gas
Electric
Railway
Water
•$8,044,552 17
$2,130,274 56
1,029,642 48
953.595 98
29,551 56
Total
4,143,064 58
Net operating earnings
$3.901,487 59
Other income:
Dividend United Fuel Stock
$275,400 00
Accrued dividend on The East Ohio Gas Co.
7% Preferred Stock
86,649 50
Accrued dividend on The East Ohio Gas Co.
Common Stock
123,785 15
Accrued interest and dividends on miscellaneous securities
9,957 51
Miscellaneous earnings
18.386 49
514.178 65
Total net earnings and other income
$4,415,666 24
Deductions:
Accrued rentals to The Cin. Gas & Elec.
Co_$1,788,546 99
Accrued rentals to The Cincinnati Gas Transportation Co. (including Sinking Fund).. _
Accrued rentals to Cin. Newport & Coving- 688,389 67
ton Light & Traction Co
70
Accrued interest of The Union Gas & El. Co. 795.693 52
79,494
Surplus earnings of The Union Gas & Electric Co. applicable to its outstanding stock
973 34
Total
3,353,098 31
Net income available for Columbia Gas & Electric Co
$1,062,567 93
Fixed charges:
Accrued interest on 1st Mtge. 5% Bonds of
Columbia Gas & Elec. Co
$517,008 54
Accrued interest on 5% Gold Deb.of Columbia Gas & Elec. Co
126,554 16
Other accrued interest of Columbia Gas &
Elec. Co
38,346 10
Total
681,908 80
Surplus before sinking fund requirement (Col. Gas & El. Co.)
Sinking fund requirements (Columbia Gas & Elec. Co.)___
$380,659 13
80,746 43
Surplus after sinking fundr equiroments(Col. Gas & El. Co.)
$299.912 70
$186.121 07*
1,826 01*
81.096 43
$82.922 44*
95.004 95
95,004 95
$124,116 19
$296,032 92
COLUMBIA GAS & ELEC. CO.
-THE UNION GAS &
CONSOLIDATED BALANCE SHEET AS OF DEC. ELEC. 00.
31 1915.
ASSETS.
Property account, comprising gas fields, plants, franchises,
leases and preferred and common stock owned of The
United Fuel Gas Co
$62,917,057 74
Other securities owned:
Cincinnati Gas & Elec. Co.5% stock at 85%
of par value
$1,012,605 00
Cincinnati Newport & Covington Lgt. &
Trac. Co.4M% preferred stock
85,000 00
Guarantee funds deposited with trustees under the lease of 1,097,605 00
tween the Cincinnati Co. and the Union Co.:
Cash
$650,300 00
Bonds
-Columbia Gas & Elec. Co. 1st A1.5% 3,753,000 00
Treasury bonds
-Columbia Gas & Elec. Co. 5% Gold Deb., 4,403.300 00
due Jan. 1 1927
232,831 67
Current and working assets:
Columbia Trust Co., Trustee
$540,372 59
Cash
843,841 74
Accounts receivable-Customers
437,341 40
Union Light, Heat & Power Co
113,029 96
Material and supplies at cost
259,211 93
Interest and dividends accrued
283,834 29
Prepaid accounts
67,140 69
South Coy.& Cincinnati St. Ry. Co
320.257 18-2,865,029 78
*Deferred assets:
The Cincinnati Gas & Elec. Co. account betterments_ _ _ _
527,025 32
The Chi. Newport & Coy. Light & Trac. Co. betterments
162.179 78
$72.205,029 29
LIABILITIES.
Capital Stock-Columbia Gas & Elec. Co.(total auth. issue) $50,000,000 On
First M.5% Bonds
-Col. Gas & El.Co.. due Jan. 1 1927- _- 13,998.000 00
5% Gold Debs.--Col. Gas & El. Co.. due Jan. 1 1927
2,850,000 00
Outstanding securities of The Union Gas & Elec. Co. par:
Preferred stock
$35,000 00
Common stock
9,000 00- 44,000 00
Current and accrued liabilities:
Notes payable (revised in balance sheet of
July 311916)$1,690,447 37
Accounts payable
510,471 76
Accrued accounts
7,849 36
Accrued taxes
179,841 65
Accrued rentals
758,397 92
Accrued interest on 1st M. Bonds & Debs
321,537 50
Other accrued interest
11,722 43-3.480.267 99
Deferred
Customers' deposits
$157,740 84
Reserve to amortize Kentucky Guar. Fund_
97,222 27
Lease reserve account
336,731 43
Electric rate reserve
14,651 40
'
Reserved for other contingencies
5,45425-- 611,800 19
Suspense
107,188 36
Surplus
1,113,772 55
872,205,029 29
*These deferred assets represent amounts due from the companies
mentioned for advances made for betterments and extensions to the properties
of the companies in question.
1330
THE CHRONICLE
-THE UNION GAS & ELEC. CO.
COLUMBIA GAS & ELEC. CO.
CONSOL.INCOME ACCT. FOR 7 MOS. ENDED JULY 31 1916.
Gross earnings:
Gas
$2,807,539 94
Electric
1,623.679 21
Railway
859,983 32
Water
26,107 48
Total
Operating expenses and taxes:
Gas
Electric
Railway
Water
$5,317,309 95
[VOL. 103.
GROSS EARNINGS OF TIIE PREDECESSOR OF THE UNITED
FUEL GAS CO. FOR THE LAST FIVE YEARS.
$2,359,315 82
3,406,367 09
3,339,643 00
3,107,532 11
3,235,813 38
1911
1912
1913
1914
1915
$15,448,671 40
INCOME ACCOUNT OF THE PREDECESSOR OF THE UNITED
FUEL GAS CO. FOR THE YEAR ENDING DEC. 31 1915.
Sale of gas
$2,940,060 92 Cleaning out tools, oil_ $11,364 00
Interest earnings
1,300 25
3,310 28 Cleaning out tools_ ___
Rents
6,120 51
$2,556,498 71 Water
Total
117 50
53,235,813 38
$2,760,811 24 Miscellaneous
Net operating earnings
Total expenses
643 08
1,938,407 41
Other income:
Shop
995 51
Accrued div. on The United Fuel Gas Co.stk. $275,400 00
109 42 Not income
Timber
$1,297,405 97
18,086 94
Accrued int. & divs. on miscell. securities__
011
141,556 28 Fixed charges
380,419 36
2,542 60
Miscellaneous earnings
698 57
Miscellaneous oil
296.029 54 Drilling tools
3916,986 61
103,407 02
Surplus
Team
26,130 04
Total net earnings and other income
33,056,840 78
Deductions:
GENERAL BALANCE SHEET OF THE PREDECESSOR OF THE
Accrued rentals to The Cincinnati Gas &
UNITED FUEL GAS CO. AS OF DECEMBER 31 1915.
Elec. Co
$1,067,205 76
ASSETS.
Accrued rentals to The Cincinnati Gas &
Gas investment (see note)
$15,955,904 87
Transportation Co. (incl. Sinking Fund).. 397,429 65
Oil investment (see note)
641,074 92
Accrued rentals to Cin. Newport & Coy.
$16,596,979 79
Light & Traction Co
468,657 11
83,204 11
Suspense construction account
39,298 18
Accrued interest of The Union Gas & El Co..
362,054 74
Material and supplies at cost
1.072,590 70 Securities owned
92 25
Cash
50,762 41
Net income available for Columbia Gas & Elec. Co-$1,084,250 08 Bills receivable
287,075 31
Fixed charges:
Accounts receivable
521.352 78
Accrued interest on 1st Mtge. 5% Bonds of
Columbia Gas & Elec. Co
$311,770 91
Total assets
$17,901,521 39
Accruedlnterest on 5% Gold Deb.of Columbia Gas & Elec Co
76,314 58
LIABILITIES.
Other accrued interest of Columbia Gas &
$9,000,000 00
Capital Stock
Elec. Co
16,142 59
Bonds:
United States Natural Gas Co. bonds
$1,721,000 00
404,228 08
Total
Triple State Natural Gas & Oil Co. bonds_
26,000 00
60,000 00
Kanawha Gas Co. bonds
-Col. Gas & El. Co. $680,022 00
Surplus before sinking fund requirement
4,392,072 90
United Fuel Gas Co. debentures
52,603 11
Gas & Elec. Co
-Columbia
Sinking fund requirements
0,199,072 90
938,200 00
-Col. Gas & El. Co. $627,418 89 Bills payable
Surplus after sinking fund requirements
593,415 10
Accounts payable
3,379 35
Interest payable
1,167,454 04
Surplus
-THE UNION GAS & ELEC. CO.
GAS & ELEC. CO.
COLUMBIA
$17,901,521 39
CONSOLIDATED BALANCE SHEET AS OF JULY 31 1916.
-The items headed "Gas Investment" and "Oil Investment" inNote.
ASSETS.
clude lands, buildings, equipment, supplies, &c., used in the production of
Property account, comprising gas fields, plants, franchises,
gas or
leases and stock owned of The United Fuel Gas Company-$63,224 173 95 freight oil, respectively, at cost, and also expenditures for labor, teaming,
and other expenses in connection with the development of such
Other securities owned:
production.
Cincinnati Oas & Electric Co. 5% stock__ $553,804 00
Light &
Cincinnati Newport & Covington
CONSOLIDATED INCOME ACCOUNT OF THE UNITED FUEL GAS
85,000 00
Traction Co.4% Preferred Stock
CO. AND ITS PREDECESSOR FOR THE PERIOD FROM
191,436 25
Discount on bonds
JANUARY 1 1916 TO JULY 31 1916.
830,240 25
$2,230,963 68 Income carried forw'd.$2,406,797 99
Gas earnings
Guarantee funds deposited with Trustees:
984,698 61
Expenses
011 earnings
146,077 08
$335,708 14
Cash
Gasoline earnings
19,925 58
-Columbia Gas & Electric Co. First
Bonds
$1,422,099 38
Shop earnings
1,340 26
3,618,091 86
Mtge. 5% and miscellaneous securities
160 20
3,953.800 00 Miscellaneous oil dep't
$1,422,099 38
817 31 Net earnings
Miscellaneous gas dep't
Treasury bonds:
267,100 41
91387 Fixed charges
232,831 67 Rent
Columbia Gas & Electric Company 5% Gold Debentures_
6,508 71
Interest earned
assets:
Current and working
Surplus
$1,154,992 97
79 50
Water
$550,374 22
Cash
12 00
Timber
342,442 75
Accounts receivable-customers'
96,574 97
Union Light, Heat & Power Company
$2,406,797 99
Income
459,399 59
South Covington & Cincinnati St. Ry. Co
275,171 79
Material and supplies at cost
CONSOLIDATED GENERAL BALANCE SHEET OF THE UNITED
288,766 87
Interest and dividends accrued
FUEL GAS CO. AS OF JULY 31 1916.
95.421 60
Prepaid accounts
ASSETS.
137,934 50
The Cincinnati Gas & Electric Company
$16,619,642 81
Gas investment (see note)
5,308 20
Columbia Trust Company-Trustee
832,442 40
2,251,394 49 011 investment (see note)
$17,452,085 21
*Deferred asset:
275,087 94
23,64638 Suspense construction accounts
The C. N.& C. L.& T. Co. account betterments
92 25
Securities owned
735,070 72
$70,516,086 74 Cash
354.756 82
Material and supplies at cost
178,068 64
*This deferred asset represents amounts due from the company men- Bills receivable
..$94.222 08
tioned for advances made for betterments and extensions to the property Accounts receivable (gas,shop and water ledgers)
292,152 81
Accounts receivable miscellaneous)
of the company in question.
386,374 89
55,000 00
LIABILITIES.
Treasury bonds
4,600 00
$50.000,000 00 Reserve for United States Natural Gas Co. bonds in escrow..
Capital Stock, Columbia Gas & Electric Company
Bonds, Columbia Gas & Electric Co..... 13,248,000 00
First Mortgage 5%
$19,441,136 47
2,850,000 00
5% Gold Debentures, Columbia Gas & Electric Company
Outstanding securities of The Union Gas & Electric ComLIABILITIES.
5,000 00
-Common Stock
pany, at par
$9,000,000 00
Capital Stock
Current and accrued liabilities:
7,987,500 00
United Fuel Gas Company First Mortgage 6% Bonds
$930.000 00
payable
Notes
$101,070 79
Accounts payable
332,693 65
Accounts payable
197.500 00
Bills payable
6,298 91
Accrued accounts
298,576 79
225,974 37
Accrued taxes
175,000 00
Bills discounted
318,015 05
Accrued rentals
$89,658 52
Accrued taxes
56,506 25
Accrued interest on 1st M.Bonds and Debs_
39,202 50
Accrued bond interest
3,777 91
Other accrued interest
3,713 80
Accrued note interest
61,750 00
United Fuel Gas Company
3,642 22
Accrued other interest
70,147 00
Chas. P. Taft
136,217 04
2,005,163 14
$20,560 00
Security deposits
Deferred liabilities:
1,278 34
Unclaimed accounts
& Electric Company advances
Columbia Gas
27,838 34
$100,000 00
account new power house
1,816,004 30
Surplus
167,123 18
Customers' deposits
Kentucky Guar. Fund.. 103,703 72
Reserve to amortize
*19.441.13647
336,731 43
Lease reserve account
80,708 14
Electric rate reserve
-The items headed "Gas Investment" and "011 Investment" inNote.
788,268 47
1.619,657 13 clude lands, buildings, equipment, supplies, &c.. used In the production of
gas or oil, respectively, at cost, and also expenditures for labor, teaming,
$70,516,086 74 freight and other expenses in connection with the development of such
production.
$1,345,393 57
646,885 88
545,952 88
18,266 38
The Columbia Company agrees with the New York Stook Exchange as follows:
said
Not to dispose of its stock interest in any constituent, subsidiary, owned or controlled company, or allow any of
retirement
constituent, subsidiary, owned or controlled companies to dispose of stock interests in other companies unless for
stockholders of the company holding the
and cancellation, except under existing authority or on direct authorization of
said companies.
To publish a consolidated income account and consolidated balance sheet quarterly.
of the corporation, a
To publish, and submit to the stockholders, at least fifteen days in advance of the annual meetingfiscal year, and a conphysical and financial condition, a consolidated income account covering the previous
statement of its
solidated balance sheet showing assets and liabilities at the end of the year.
in the Borough of Manhattan,
To maintain, in accordance with the rules of the Exchange, a transfer office or agency all listed securities with interest
York, where all listed securities shall be directly transferable, and the principal of of New York, other than its
City of New
or dividends thereon shall be payable; also a registry office in the Borough of Manhattan, City
transfer office or agency in said city, where all listed securities shall be registered. of its stook, or of a trustee of its bonds or
Not to make any change in listed securities, of a transfer agency or of a registrar
an officer of director
other securities, without the approval of the Committee on Stock List, and not to select, as a trustee,
Columbia Company.
of the
ocT. 7 1916.]
THE CHRONICLE
1331
To notify the Stock Exchange in the event of the issuance of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period within which to record their interests after authorization, and that
all rights, subscriptions or allotments shall be transferable, payable and deliverable in the Borough of Manhattan, City of
New York.
To publish promptly to holders of bonds and stocks any action in respect to interest on bonds, dividends on shares, or
allotment of rights for subscription to securities, notices thereof to be sent to the Stock Exchange, and to give to the Stock
Exchange at least ten days' notice in advance of the closing of the transfer books or extensions, or the taking of a record of
holders for any purpose.
To notify the Stock Exchange if deposited collateral is changed or removed.
The annual meeting is held on the last Saturday in March at Huntington, W. Va., the principal office.
The fiscal year ends December 31st.
The Board of Directors are (To serve until 1917): George P. Toby, Henry Seligman, John Alvin Young, New York;
Andrew Squire, Cleveland, Ohio; Charles E. Clark, Covington, Ky.;(to serve until 1918): A. B. Leach, William P.
New York; George W. Crawford, Pittsburgh, Pa.; Louis Werk, Cincinnati, Ohio; F. B. Enslow, Huntington, W.Phillips,
Va.•
serve until 1919): William S. Cox, New York; Louis J. Hauck, W. W. Freeman, Charles P. Taft, Cincinnati, Ohio; A.(to
' Y.
Gowen, Cleveland, Ohio; (to serve until 1920): W. H. Schmidlapp, J. M.Hutton, W. Y. Cartwright, Cincinnati, Ohio; (to
serve until 1921): P. G. Gossler, Frederick Strauss, John W. Herbert, Beverly Bogert, New York; T. F. Wickham, Cincinnati, Ohio.
The officers are: A. B. Leach, President; P. G. Gossler, Chairman of the Board, New York; W. W.Freeman,
VicePresident; W.Y. Cartwright, Vice-President, Cincinnati; F. B. Enslow, Vice-President, Huntington, W. Va.; T.
F. Wickham, Secretary and Treasurer; A. Sherlock, Assistant Secretary and Assistant Treasurer, Cincinnati; D. L. Babcock,
Assistant Secretary and Assistant Treasurer, New York.
The certificates of stock are interchangeably transferable in New York,Pittsburgh and Cincinnati.
The Transfer Agents of the stock are: Bankers Trust Company in New York, N. Y.; Pittsburgh Trust Company, in
Pittsburgh, Pa.; and Provident Savings Bank & Trust Company,in Cincinnati, Ohio.
• The Registrars of the stock are: Guaranty Trust Company of New York, in New York, N. Y.; Fidelity Title & Trust
Company,in Pittsburgh,Pa.,and Union Savings Bank & Trust Company,in Cinncinati, Ohio.
COLUMBIA GAS & ELECTRIC COMPANY,
By A. B. LEACH, President.
This committee recommends that the above described $49,948,700 Capital Stock be admitted to the list, with authority
to add $51,300 of said stock on official notice of issuance of permanent engraved interchangeable certificates in exchange for
outstanding temporary certificates, in accordance with the terms of the application; making the total amount
authorized
to be listed $50,000,000.
WM. W. HEATON, Chairman.
Adopted by the Governing Committee, September 27 1916.
GEORGE W. ELY, Secretary.
Sloss-Sheffield Steel & Iron Co.—Earnings 3 Mos. to
Aug. 31 1916 (August Partly Estimated).
3 Mos. to
Net
Legal Bond Int. Depr. over Pf. Divs. Balance,
Aug. 31— Profits. Exp.,&c. &Taxes. Charges.
(14%). Surplus.
1916
$481,463 $7,584 $69,900 Cr.$17,693 $117,250 $304,425
The earnings for the nine months ending Aug. 31 1916 were $1,407.506,
and after deducting three quarterly preferred dividends of 1%% each
(5X%), calling for $351,740, the balance, surplus, for that period was
$1,055,766. Compare V. 102, p. 1064, 2347.
The following published statement stands approved: The third quarter
earnings were reduced considerably, in the face of a production of 42,000
tons a month and high prices, by the inability of the railroads to accept
offered shipments of iron, earnings not being calculated until the iron is
actually shipped. In August very little iron could be shipped for this
reason, and the company has at present 86,000 tons at its plants awaiting
cars. The net surplus in June was 3157,3W; in July, $142,994. and in
August 3121,362.
September shipments showed some improvement and it is hoped that it
will be possible for the roads to provide cars for all deliveries shortly. In
the meantime it is unlikely that the directors will take any action on the
matter of common dividends.
Last week the company blew in its sixth furnace, increasing the monthly
rate of production to something over 50,000 tons.
This furnace will make
ba.sic iron.—V. 102, p. 2347. 1452.
Springfield Body Corp.—New Stock.—Both common
and pref. stockholders of record as of Oct. 9 are given the
privilege of subscribing, at $110 per share, on or before Oct.
25 at the Guaranty Trust Co., N. Y., for 2,250 shares of new
pref.stock to the extent of 10%of their holdings at $110 and
dividend from Oct. 1. Negotiable subscription warrants
will be mailed to each stockholder by the Guaranty Trust
Co.—V. 102, p. 2347.1
Tennessee Copper Co.—New i'ingncing Proposed.—
Plans are under consideration for rehabilitating the company's finances,
which were disturbed by the fire that destroyed its trinitrotoluol plant last
March (V. 102, p. 2347) and thus prevented the prompt completion of its
contract with the Russian Govt. One plan suggested is said to call for an
issue of 200.000 shares of new stock to be offered to shareholders at possibly
815 a share after first being underwritten. The committee of directors to
handle the matter has not been definitely formed, though the following, it
is
understood, have been asked to serve: Richard Sutro, Horace
Martin Vogel and William B. Joyce.—V. 103, p. 948, 849. M. Kilborn,
Union Bag & Paper Corporation.—Merger.—
A certificate of merger of the Union Bag & Paper
Riegel Bag
under this title, with $10,000,000 capital stock, was Co. and Trenton, Co.
filed at
N.J..
on Oct. 4.—V. 103, p. 1046, 762.
Union Electric Light & Power Co., St.
Louis.—Bonds.
The Missouri 1'. S. Commission on Sept. 30 authorized this
company to
issue $929,000 5% bonds, duo 1933, to be used for refunding and
extension
Purposes. The total outstanding bonds, prior to
the issue newly authorized,
$17,071,000.— V. 102, p. 2082.
was
United Dry Goods Cos.—New Stock Ready.—
see Associated Dry Goods Corporation above.—V. 103, p. 1216.
United States Fidelity & Guaranty Co. (Balt.).—Par
Value of Shares to Be Reduced—Capital Stock Increase.—
CURRENT NOTICE.
—Paul E. Woll and James A. S. MaxMeekin of Philadelphia have entered into a partnership for the transaction of a general banking and brokerage business, specializing in Government, municipal, railroad and highgrade public utility bonds, and trading under the firm name of Woll, MacMeekin & Co. Mr. MacMeekin was for many years head of the bond department of Newburger, Henderson & Loeb, and Mr. Woll was a member
of the firm of Peter Woll & Sons, manufacturers of curled hair, located and
doing business in the Kensington district for over forty years. The firm's
offices are located on the mezzanine floor of the North American Building,
Broad and Sansom streets, Philadelphia, being those formerly occupied by
Dick Bros. & Co. The new firm are members of the Philadelphia Stock
Exchange and have private wires to all the principal markets. Louis A. F.
Fleck and Warren Plummer have become associated with the bond department of the new firm.
—Frederick Peirce announces the opening of an office at 1421 Chestnut
Street, Philadelphia, for the purchase and sale of investment bonds. Mr.
Peirce established the Philadelphia office of N. W. Halsey & Co. in 1905,
and developed the business and scope of that office until it covered a number
of States, drawing to Philadelphia a large investment business from such
cities as Baltimore, Washington, Cleveland, Pittsburgh, Scranton, &c. In
addition to being Manager of the Philadelphia office, Mr. Peirce was
formerly Vice-President of N. W. Halsey & Co.. and subsequently
was
General Sales Manager of all the Eastern offices with headquarters in
New York. Among others there will be associated with Mr. Peirce in the
new firm Arthur B. Loder, formerly Assistant Treasurer and for over
seven years Cashier of the Philadelphia office of N. W. Halsey & Co.
—The firm of John Nickerson Jr., of 61 Broadway, this city, St. Louis
and Boston, Is advertising a page list of "Well-Chosen Investments" in
to-day's issue. The bonds yield 4.73 to 6% and the preferred stocks 6 to
7%. The firm states that the record of securities issued by operating
public utility companies owning their property in fee, has been unusually
good. All the securities in the list advertised have been approved by
the firm's buying, legal and engineering departments, and are recommended to the careful investor. The firm also desires inquiries from
owners having public utility bonds and preferred stocks for sale.
Circulars
of the securities in to-day's advertisement will be mailed on request.
—A List-of
-Securities blank, ruled and containing space for information
regarding name of securities, yield, purchase price, interest
payments, &c.,
was recently distributed to its customers and friends by the United
States
Safe Deposit Co. of this city. As the blank apparently filled a long-felt
want, the demand for additional copies was immediate and necessitated
securing an additional supply. A sample will be sent to any trust or
safe
deposit company desiring the same.
—Augustus Crane, Albion K.Parris and Eugene E. Thompson announce
that the partnership heretofore existing among them under the firm name of
Crane, Parris & Co. of Washington, D. C., has expired by limitation. The
business will be continued under the same name by Eugene E. Thompson,
Shareholders will vote Oct. 16 (a) on changing the par value of
George Hewitt Myers and William J. Boothe. Messrs. Crane and Parris
the shares
by issuing two shares of new stock for each share of old; will continue to make their headquarters at the
from $100 to $50,
offices of the firm.
(b) on increasing the authorized stock from $2,000,000 to $3,000,000.
—.T. S. Grier & Co., Inc., are offering at 873 a block of Consolidated
United States Smelting, Refining & Mining Explora- Cities Light, Power & Traction Co. First Lien 5% gold bonds, guaranteed,
tion Co.—Sale of Security Subject to Lien.—
principal and interest by the Cities Service Co. Dated July 1 1912, due
Walbridge S. Taft, Special Master, will sell at auction on Oct. 18 100,000 July 1 1962. Int. J.& J.in N.Y.or Lloyds
Bank,Ltd., London. Callable
shares of the stock of the Ebner Gold Mining Co. and 1,000 shares of the
at 105 and interest on three months' notice. Trustee, Bankers Trust Co..
stock of the Humboldt Mining Co. now in custody of the
U. S. District New York, N. Y. See description
Court at New York in the action of Edward H. Titus and
of issue and secutity in V.95, p.679.
others, as execute"-, against the company, defendant.
The stock will be sold subject to a lien in favor of
—Edward J. Byrnes has recently associated himself with the advertising
defendant.—V.103,p.66.
agency of Edwin Bird Wilson, Inc., 14 Wall Street, New York. Mr.
Western Canada Power Co., Ltd.—Successor.—
Byrnes had been connected with the J. Walter Thompson Co. for
See Western Power Co. of Canada, Ltd., below.—V.
25
103, p. 1216, 663. during which time he handled many important financial accounts. Years
Western Pov(or Co. of Canada, Ltd.—Successor
•
Co.—
—Geo.Reith & Co. of this city, dealers in investment securities, announc.
This company was incorporated
panies Act as successor of 'Westernon Sept. 28 under the Canadian Com- that Austin L. Babcock and Russell M. White have been admitted as genCanada Power
v.
p. 1216, 663, 330, 245. The authorized Co., Ltd., per plan in eral partners in their firin, the offices of
which have been removed to 40
company is $10,000,000, in $100 shares, of which capital stock of the new
$5,000,000 is 7% pref.
Wall Street.
THE CHRONICLE
1332
[VOL. 103.
quoted at 200. Also flaxseed has advanced sharply at Duluth. Prices of flaxseed in this country have risen about
40 cents within a week. The demand for linseed oil has been
sharp, though latterly buyers have been purchasing rather
EPITOME
COMMERCIAL
less freely. On Wednesday and Thursday the total imports
Friday Night, October 6 1916.
of Argentine seed reached 252,739 bags. City, raw, AmeriThe activity in business seems to be practically unchecked. can seed, 82@85c.; City, boiled, American seed, 83@86c.;
Prices are abnormally high, but so is the tide of trade. Calcutta $1. Lard, prime, $1 08@$1 16. Cocoanut, Coic. Palm,
Corn, 9%@9N
3
Wages are away up, labor is busy as seldom or never before, chin, 15@17c.; Ceylon, 13
and the grain and cotton crops are fetching exceptional Lagos, 9%@9Yo. Cod, domestic, 67@68c. Cottonseed
prices. Large sections of the American population have a oil on the spot, 11c. Spirits of turpentine, 46c. Strained
greater buying capacity than for years past. The big retail rosin, common to good, $6 25.
stores are doing, it is said, an enormous business in expensive
PETROLEUM active and firm. Refined in barrels.
goods of all sorts. While there is an imperative wholesale
35@$9 35; bulk $4 50@$5 50; cases $10 75@$11 75,
demand for commodities, mills and factories find it hard to Naphtha, 73 to 76-degrees, in 100 gallon drums and over;
fill their orders and make anything approaching prompt 4.03c. Gasoline continues in active demand; motor gasodeliveries. What with a feverish war demand, high prices, line, to garages in steel barrels, 220.; to consumers, 240.,
and unprecedented wages, golden harvests and domestic gasoline, gas machine, steel, 37c.; 73 to 76-degrees, steel and
prosperity, the consumption of American goods at home and wood, 31@34c.; 68 to 70-degrees, 28@31c. Crude oil has
abroad is on a scale that is historic. Iron and steel are still shown little or no change. In the Central West, field operaactive at rising prices. Copper and zinc are higher. Cotton tions are less active. In Kentucky drilling is busy. Sepfutures have risen to the highest prices at this time of the tember field reports showed an increase in new production.
year, on record, even the Sully year of 1903-04 and the
Closing quotations were as follows:
Brown-Hayne-Patten deal of 1909-10, being outdone. Sales Pennsylvania dark $2 40 North Lima
$1 43 Illinois, above 30
$1 47
1 43 degrees
some selling at figures Cabell
1 92 South Lima
of dry goods dwarf previous records,
1 28 Kansas and Okla1 90 Indiana
the other hand, in some Mercer black
not seen since the Civil War. On
1 47 homa light_ _ 90
1 90 Princeton
New Castle
90
1 90 Somerset,32 deg.._ 1 75 Caddo La.,
directions, the abnormally high prices are causing greater Corning
80 Caddo La., heavy_ 65
1 65 Ragland
Wooster
1 83
conservatism. It is not expected that such a scale of costs Thrall
95 Canada
95 Electra
a
95 California oil .. _-7378
95 Moran
can be kept up indefinitely.
Strawn
95
1 08 Henrietta
80 Plymouth
STOCKS OF MERCHANDISE IN NEW YORK. 11915. De Soto
Oct. 11916. Sept. 1 1916. Oct.
TOBACCO has been firm with quite a good business.
1,068,545
884,431
bags_ 962,109
Coffee, Brazil
71.285 Manufacturers are having an excellent trade. They are
34,926
mats_ 32,854
Coffee, Java
485,830 feeling the good times. Holders are encouraged by the fact
568,491
bags_ 629,854
Coffee, other
134,448
124,029
hhils_ 54,607
Sugar
200,000 that desirable leaf is anything but plentiful. Frost did a
80,958
No. 14,500
Hides
215,353 good deal of damage in Ohio and Wisconsin, and this also
66,607
bales_ 76,383
Cotton
2,172
4,813
bales.. 6,795
Manila hemp
24,000 tends to strengthen prices. Sumatra and Cuban tobacco
69,500
bbls_ 63,800
Flour
higher; prime Western 15.45c.; refined is in good demand and firm.
LARD strong and
COPPER strong and export demand less urgent, though
to the Continent 16.15c.; South America 16.500.; Brazil
have been irregular, declining early in the domestic consumers have bought more freely, even though in
17.50c. Futures
pretty well covered for the
week and rallying later. At first there was good selling with many cases they are said to behowever, has latterly been
prices for hogs. Packing in the West last week was first half of 1917. London, here on the spot 29
lower
Lake
/
3 2@300.;
544,000 hogs against 345,000 in the same week last year. strong and advancing. for future delivery 2731(4)28c. Tin
/
Later on, however, packers became good buyers with lighter electrolytic 283/2 ©290.;39%@40c. London and Singapore
offerings and shorts covering freely. In fact, prices reached higher on the spot at
during the month of
new high levels in spite of dragging quotations for hogs. A. have latterly advanced. Deliveries first of the year 44,413
-had its effect, to- September were 4,025 tons; since the
rise in pork of $2 for October-to $28 30
time last year, showing
gether with reports that Europe, including Belgium, was tons, against 36,905 tons for the samethis year of 7,508 tons.
tin
buying pork. Also the monthly stock statement was bullish. an increase in the absorption of720 tons; afloat, 2,420 tons.
Stocks of lard in the West are stated at 54,427,000 lbs., Arrivals thus far this month are spot at 9.80 ©10c. London
the
against 71,292,000 lbs. a month ago and 78,836,000 lbs. at Spelter active and higher on demand has chiefly come from
this time last year. Stocks of meats are also much smaller has been advancing. The
have not been in the
than a month ago or at this time last year. To-day prices speculative interests. Consumers strong, although in somemarket to any great extent. Lead
advanced.
what less demand. Still, there has been a fair demand from
CHICAGO.
DAILY CLOSING PRICES OF LARD FUTURES IN Thurs. Fri. domestic sources, and at times a fair amount of forward
Sat. Mon. Tues. Wed.
14.62
October delivery.. _cts_14.30 14.32 14.32 13.77 14.75 14.77
business. The Canadian Government is expected to enter
December delivery_ __ _13.50 13.37 13.42 13.35 13.82 13.87
13.37 13.40
the market very soon. On the spot unchanged for the week
13.15 12.97 13.05
January delivery
@7.10c. Pig iron has been in
quiet
PORK strong; mess $30@$31; clear $27@$29. Beef at 7.25c.; later higherat 7
prices. A good export demand has
products firm; mess $21@$21 50; extra India mess,$35@$36. brisk demand at market of late. Bessemer and basin pig
Cut meats quiet and in some cases lower; pickled hams, 10 to been shaping the
a ton within a fortnight. No. 2
20 lbs., 17@,17 Mc.. pickled bellies, 16@163'c. Stocks of iron have advanced $1 25 No. 2 Southern, $14 50(4415,
25;
$19
0
'
meats at the West decreased during September 55,026,00a Northern, m. 75@$20 continued active and rising. The
Steel has
Birmingha
lbs., and are now 183,512,000 lbs. against 203,531,000
Cheese, State, export demand has still been large. Domestic consumers
year ago. Butter, creamery, 31
are also buying more freely, having, to all appearances, given
19og21c. Eggs, fresh, 24@40c.
of lower prices in the near future. Prompt deCOFFEE dull; No. 7 Rio, 9%c.• No. 4 Santos, 11© up the hope
or anything like it, is difficult, owing.to shortage of
113/20.; fair to good Cucuta, 113-@11%c. Futures de- livery,
the immense demands upon the mills.
clined on hedge selling, increasing receipts, accumulating labor and
stocks, and dulness of the spot trade, with an easier tendency
in Brazilian markets. So severe is the embargo against
Germany, that in September nothing was shipped to ScanCOTTON
dinavia from which there has been at times a suspicion of a
Friday Night, Oct. 6 1916.
leakage to Germany. With Germany and Austria shut off
THE MOVEMENT OF THE CROP,as indicated by our
in the Brazilian exports, some are looking for lower prices as
is givep. below. For the
South
inevitable. To-day prices closed 11 to 13 points lower, with telegrams from theeveningto-night, receipts have reached
the total
sales of 22,500 bags. Closing prices were as follows: 8.72 week ending this
June____cts-8.70©
324,221 bales, against 285,561 bales last week and 230,375
October -_cts8.56 8.591 Februaryl-cts8.57©8.58 July
8.7408.76
8.598.69
total receipts since
November ....8.56(8.59 March
8.79(08.81 bales the previous week, making the
8.63(8.64 August
8.55 April
_
Decem ber8.53
8.82 ®8.84 Aug. 1 1916 1,574,596 bales, against 1,314,813 bales for the
January ____8.5558.56 May....8.67(58.68 Sept.
same period of 1915, showing an increase since Aug. 1 1916
SUGAR in better demand and higher; centrifugal, 96-de- of 259,783 bales.
grees test, 6.02c.; molasses, 89-degrees test, 5.25c.; granulated 7c. Futures have advanced, with higher prices for
Sat. Mon. Tues. Wed. Thurs. Fri. Total.
•
granulated and a fair demand from refiners for raw sugar.
19.202 21,730 33,473 28,198 14,626 22,506 139,735
Galveston
Europe bought 40,000 tons of granulated to be shipped to Texas City
____ 3.958 --- 3,809 1,109 2,695 11,571
340 340
--- ---countries from January to March. Beet sugar is Aransas Pass,Scc.
_
neutral
- 7 -277
New Orleans_ _ _ _ 6,9'7. 7,45 18,529 12,720 11,455 10,262 67,395
423 2,204
being quoted, but at firm prices, and there is an idea that Mobile
150 987 361
6
refiners will not have much competition from this quarter Pensacola
---- ---- --- ---- ---- 4-556 4;556
,
1, as car shortage is bound to tell and besides the Jacksonville, &cc_ 10,766 7,125 9,411 8,404 5,457 9,472 50,635
before Nov.
2,500 2,500
Michigan crop is smaller than that of last year. Also the Savannah
Brunswick
,iiiii -Lai 1,683 8,749
-§§§ 1,664 2,He 1-.
beet root crop is late and invisible stocks of granulated in Charleston
988 738 7,176
1,301
904 2,422 823 3,021 6.653 0.131 28.461
this country are said to be small. A very fair demand is Wilmington
3,327 5,681 3,648 ---- -i, i5 - 8 _iiii
Norfolk
.
____
expected from Europe and Argentina and the statistical N'port News,3cc. ____ ___
11
127 159 402
is considered rather strong. To-day prices ended New York
---- -Cie
-position
Boston
429
to 3 points lower, with sales of 8,550 tons, but are Baltimore
---- ----------------429
unchanged
higher for the week. Closing prices were:
October.._ cts4.955.00 February _cts4.0504.06 June -____cts4.14 4.16 Tntftla thiq vallek_ 42.1R1 50.301 68.280 60,187 41.489 61.783324.221
4.17(54.19
4.0504.06 July
November.... 4.90(54.92 March
4.20(54.22
4.08(04.10 August
December-4.68( 4.69 April
The following shows the week s total receipts, the total
4.23 4.25
4.11(04.13 Sept.
January _..__4.30(54.31 May
and the stocks to-night, compared with
-Linseed oil has been excited and higher with a since Aug. 1 1916
OILS.
sensational rise in flaxseed at Buenos Aires, November bein. last year:
W,Ixe Tommertial
q@38.3.
inxs
THE CHRONICLE
OWE 7 1916.]
1./16.
Receipts to
Oct. 6.
Stock.
1915.
This Since Aug This Since Aug
Week. 1 1916. Week. 1 1915.
139.735
Galveston
11,571
Texas City
Port Arthur
340
Aransas Pass, &c.
67,395
New Orleans_
2,204
Mobile
Pensacola
---Jacksonville, &c_
4,330
Savannah
50,635
Brunswick
2,500
Charleston
8,749
Georgetown
Wilmington
7;176
28,461
Norfolk
__
N'port News,&c_
-. 94
New York
402
Boston
429
Baltimore
Philadelphia
1916.
263
2,673
265,372 34,546
38,928 2,144
6,705 8,854
13,006 1,830
323,333 55,508
34,500 4,090
48,606 18,770
Totals
223.530
39,889
200,154
12,368
3,994
172,743
14,201
4,264
175,654
12,500
52,643
1,000
177,100
7,000
81,700
42,086
44,702
42,531
43,648
73,834
4,924
3,060
3,c64
40,240 13,376
92,645 20.441
8,515
132
1,620
462
4,905
256
3,121 2,043
376
- --324.221 1,574,596.282.775 1.314.813
1915.
293,858
27,890
456.418
52,011
163
19,497
165,909
20,716
9,817
6,073
317,697
21,400
86,430
45
65,706
83,936
1,142
1,405
1,257
5,160
31
646,833 100,082
43,218 20,068
269,605
4,493
938
1,890
951,901 1,092.692
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1916.
1915.
Galveston ___
TexasCity,&c.
New Orleans.
Mobile
Savannah
Brunswick__ _
CharlestonAc
Wilmington
Norfolk
N'port N.,&c.
Allothers_ _
139,735
11,911
67,395
2,204
50,635
2.500
8,749
7,176
28,461
81,969
2,372
14,577
4,843
29,975
637
11,572
3,940
9,738
5,456
100,082
20,331
34,546
2.144
55,508
4,000
18,770
13,376
20,441
132
13,445
Tot. this week
324,221
282,775
1914.
Rinee Aug. 1_ 1.574.596 1.314.813
1913.
1912.
1911.
2,409
108,210
17,107
31,014
22,240
120,373
16,500
38,330
28,132
19,665
1,241
6,036
185,410
45,108
36,491
10,010
64,599
8,4o0
21,480
24.104
23,367
186
2,003
129,936
31,099
31,500
16,194
125.435
8,750
20,182
22,180
28,033
238
17,582
162,032
408,848
421,208
431,129
602,624 2,143,279 2,053,090 2,340,125
The exports for the week ending this evening reach a total
of 187,025 bales, of which 95,849 were to Great Britain,
18,418 to France and 72,758 to other destinations. Exports
for the week and since Aug. 1 1916 are as follows:
IVeek ending Oct. 6 1916.
Exported to
Exports
Porn-Galveston__
Texas CityNewOrleans
Mobile
Pensacola
Savannah
Brunswick
Wilmington
Norfolk_ _
New York_
Boston __ Baltimore_ _
Philadelphia
San Fran
Seattle
Tacoma
From Aug. 1 1916 to Oct. 6 1916.
Exported to
-
Great
Great
Britain. France. Other. Total. Britain. France.
45,2801 9,522 19,550 74,352 204,182
5,507
14,61
1,348 8,788 24,750 70,553
400 21,823
400
12,003
12,523
11,000 23,523 28,052
18,261
7,400 7,400
6,003 11,932
4,7041 1,299
12,252 6,249 12,226 30,727 61,230
6,944
434
434
6,042 35,424
0,042
3,446
8,838 8,838
4,556
Other.
9,922
19,227
33,136
15,541
13,640
9,506
44,062
4,556
95,849 18,4181 72,758 187,025 479,357 145,034
Total
66,403 148,246 294,167 122,266
Total 1915_ 60,843 21,0
3,410
3,4051 44,842 88,303 100,708
Total 1914_ 40,05
-Exports from New York include 60 boles Peruvian to
Note.
Total.
67,213 281,317
24,734
54,751 158,440
400 22,223
12,003
40,052 83,645
18,261
39,331
52,971
1,100 22,538
89,960 195,252
336
7,280
1,000 36,424
1,800
5,246
26,963 26,963
31,501 31,501
16,079 16,079
370,480 994,877
356,195 772,628
121,182 225,300
Havre.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Government estimated the crop at only 11,637,000 bales,
with a condition as we have seen 56.3, against 61.2 last month,
60.8 last year, 73.5 in 1914, 64.1 in 1913, and 69.6 in 1912.
The yield per acre was stated at 156.3 lbs., against 1?0.3 lbs.
last year and 209.2 the year before. Large spot interests
have been big buyers and the mills have also bought on a
liberal scale. Southern spot houses in some cases have
been buying to cover hedges as they sold out the actual
cotton on which the hedge was originally made. Southern
spot markets have been active and rising. Predictions come
from the South of big exports during October. The consumption of linters for explosive purposes is shown to be large by
the figures of the Census Bureau. In the calendar year of
1915 it was 244,003 bales of 500 lbs. each, net weight. In
the first half of the present calendar year it was 287,713 bales,
or 43,710 bales larger than during the whole of 1915. Also
the exports of linters for use in making guncotton and other
explosives are large. The total for the year 1915 is stated
as 236,574 bales and for the first half of 1916, it was 181,804 bales, or at a rate considerably larger than that of last
year. In the last year and a half it seems that some 950,000 bales of linters have been taken at home and abroad for
use in making explosives. Latterly the weather in the Atlantic States has been more or less threatening. Finally speculation, as already intimated, has been expanding. Chicago
and the West generaly have been buying more freely after
successful campaigns in wheat and stocks. On the other
hand, some think that the rise in the price is being largely
overdone. They believe that 17 cent cotton discounts anything at all bullish in the situation, especially as they contend
that in all likelihood the Government has understated both
the crop condition and the acreage, as it has done almost
invariably in the case of the acreage, for years past. Some
timesits acreage figures have been revised sharply upward in
May, as compared with the estimate of the previous June.
Its present figures are slightly under 36,000,000 acres. There
are those who believe that this is several million acres too
low. Besides a good many believe that if the price advances
much further it will be checked automatically by a decrease
in the consumption. Moreover the tendency of ocean freights
and war risks seems to be upward, and this with a possible
car shortage, it is feared, may hamper export trade more or
less. To-day prices after very irregular fluctuations closed
somewhat lower owing to profit taking, Southern hedge
selling, some selling by Liverpool and selling for a turn by
local traders. On declines, spinners,spot houses and sold-out
bulls and others bought. Spot cotton closed at 17c. for
middling uplands,showing an advance for the week of lc.
The official quotation for middling upland cotton in the
Now York market each day for the past week has been:
Sept. 30 to Oct.6Middling uplands
Oct. 6 at
-
Total.
Leaving
Stock.
New Orleans__ 16,758 2,389
Galveston.
50.026 9,910
Savannah _
6,200 10,700
Charleston _
5,476
Mobile
Norfolk
500 1,000
New York....
Other ports__ _ 15,000 3,000
16,840
439 36,426
16,985 21,940 98,861
1,000 2,600 20,500
5,526
1,200
5,500
25,000
163,728
194,997
155,154
52,643
6,842
43,502
68,334
73,688
Total 1916._ 93,960 26,999
Total 1915._ 52,009 17,668
Total 1914.. 15,945 1.204
45.825 26,229 193,013
100 37,999 9,762 117,538
4,343 39,139 15,392 76.023
758,888
975,154
332.325
4.000
7,000
50
1,200
Speculation in cotton for future delivery has been decidedly
more active at very much higher prices. In fact a new high
level has been made, not only for this season but for any
season in the history of the trade, at this time of the year.
This was owing to fears of a short crop and a big consumption.
For the Government crop reports on Monday were unexpectedly bullish. First the ginning report, which appeared
at 10 a'clock, did not show so large a total as had been expected, although it is true it was the largest on record. In
fact it was some 600,000 bales larger than ever before, not
excepting the big crop year of 1914-15. Furthermore, at
11 o'clock on the same day, the crop condition was given as
56.3, whereas, most other reports had been 57.7 to 59.8 per
cent. The effect of the two Government reports was electrical. It caused an advance of some 90 to 93 points that
day Oct. 2. Much of this was held at the close of the day's
trading. The estimated transactions of late, have ranged
from 400,000 to 650,000 bales daily. This is large trading
and something new. January has reached a level 130 points
above the previous high level for January, which was reached
in January 1909. The•CensusBureau put the ginning up to
Sept. 25, as 4,062,991 bales, against 2,903,829 in the same
time last year. Previous guesses on the ginning total had
been 4,200,000 to 4,400,000 bales. At the same time the
Sat.
16.00
Mon. Tues. Wed. Thurs. Fri.
16.60 16.70 16.80 16.95 17.00
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 6 for each of the past 32 years have been as follows:
1916_c
17.00
1915
12.45
1914.......
1913
14.10
1912
11.25
1911
9.95
1910
14.15
1909
13.30
1908_c
1907
1906
1905
1904
1903
1902
1901
9.05
11.75
10.80
10.20
10.45
9.50
8.90
8.38
1900_c
1899
1898
1897
1896
1895
1894
1893
10.88
7.31
5.44
6.62
8.12
9.12
6.25
8.31
1892_c
1891
1890
1889
1888
1887
1886
1885
•
8.12
8.69
10.38
10.75
10.31
9.44
9.44
10.06
MARKET AND SALES AT NEW YORK.
OnShipboard, Not Cleared for
GerOther CoastGreat
Britain. France. many. Contl. wise.
1333
Spot Market
Closed.
Saturday___
Monday __ _
Tuesday ___
Wednesday_
Thursday _ _
Friday
Total.....
Futures
Market .
Closed.
Quiet
Barely steady__
Steady,60 pts. adv.. Steady
Quiet, 10 pts. adv.. Steady
Quiet, 10 pts. adv_ _ Strong
Quiet, 15 pts. adv._ Irreg. & unset_
Quiet, 5 pts. adv.__ Unsettled
SALES.
Spot. Contr 'ct Total.
1;466 foloo
200
200
1,600
1,600
FUTURES.
--The highest, lowest and closing/prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, 1Veci'dal Thursel.y,1 Friday,
Sept. 30. Oct. 2. Oct. 3. Oct. 4. Oct. 5. Oct. 6.
October
flange
15.80-.84 15.85-.70 16.31-.55 16.54-.68 16.74-.96 16.69-.90 15.80496
Closing
15.80-.82 16.42-.47 16.51-.52 16.82-.85 16.83-.85 16.82-85
-November
Range
16.58
16.58 -Closing___ _ 15.94 -16.51 -- 16.64
16.95 -- 16.93 -16.94 --December
Range
16.04-.15 16.15-.98 16.60-.89 16.80-.14 16.95-.18 16.93-.15 16.04-h18
Closing_ _ 16.08-.09 16.66-.69 16.75-.77 17.10-.14 17.06-.08,17.07-.09
January
Range
16.10-.21 16.42-.03 16.66-.94 16.84-.18 17.00-.241 16.92-.13 16.10-h24
Closing___ _ 16.10-.12 16.75-.77 1.680,81 17.16-.18 17.07-.09 16.97-.99
February
Range
Closing___ 16.18 -16.82 -16.87 -17.23 -17.13 -;17.05 March
16.29-.38 16.51-.22 16.84-.11 17.01-.36 17.17-.43 17.10-.32 16.29-h43
Range
Closing__ _ 16.30-.31 16.92-.94 16.97-.99 17.34-.36 17.23-.25 17.14-.15
April
Range
Closing____ 16.38
17.00 -17.04 -- 17.40 -17.30 -;17.20 May
16.49-.58 16.84-.40 17.00-.29 17.17-.50 17.35-.60 17.25-.47 16.49-h60
Range
Closing__ _ 16.51-.52 17.11-.14 17.15-.16 17.48-.50 17.40-.42,17.28-.30
June
Range
16.92
17.09 .12 17.33
16.92-.33
Closing..___ 16.54 -- 17.14 -17.18 -- 17.51
17.42 -117.30 July
Range
16.58-.65 16.93-.40 17.10,37 17.25,59 17.45-.68 17.28-.52 16.58-h68
Closing..___ 10.59-.60 17.18-.20 17.22 -- 17.58-.59 17.45 -17.35-.36
fi6. h17.
[vol.. 103.
THE CHRONICLE
1334
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Oct. 6Stock at Liverpool
Stock at London
Stock at Manchester
1914.
786,000
19,000
56,000
1913.
404,000
5,000
26,000
635,000 1,059,000 861,000
*1,000 *29,000
*1,000
*2,000 *170,000
*1,000
177,000 198,000 222,000
2,000
3,000
6,000
22,000
41,000
29,000
85,000
22,000
166,000
*1,000 *20,000
*1,000
435,000
17,000
103,000
63,000
2,000
9,000
6.000
11,000
1916.
bales_ 563,000
30,000
42,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1915.
934,000
71,000
54,000
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-1916
Oct. 6ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-1915
Week.
3,415
10,053
Since
Aug. 1.
31,265
21,605
1,"39
2,340
2,397
3.841
5,906
7,275
9,641
44,763
176,367
23.405
120,455.
10,022
12,341
37,262
2,761
1,236
4,347
7,853
7,629
24,577
Since
Aug. 1.
55,301
14,433
383
7.762
9,037
10,348
79.103
Week.
19,301
7,600
383
1,886
1,455
1,962
6,898
Total gross overland
39,485
Deduct shipments
Overland to N. Y., Boston, &c
1,225
Between interior towns
2,614
Inland, &c., from South
5,368
495,000
211,000
Total to be deducted
9,701
53,625
8,344
40,059
Total European stocks
1,004,000 1,389,000 1,356,000
India cotton afloat for Europe_ _ _
88,000
77,000
24,000
Amer. cotton afloat for Europe.._ 377,013 470,834 150,198
22,000
19,000
Egypt,Brazil,&c.,afloat forEurope 25.000
Stock in Alexandria, Egypt
60,000 152,000 *100,000
Stock in Bombay, India
365,000 495,000 528,000
Stock in U.S. ports
951,901 1,092,692 408,348
Stock in U. S. interior towns
830,921 736,530 459,576
1,175
U.S. exports to-day
12,844
31,749
646,000
89,000
786,166
58,000
154,000
396,000
601,113
360,911
37.801
Leaving total net overland *
20,778
116,742
15,061
80,396
Total Continental stocks
374,000
330,000
Total visible supply
3,674,584 4.463,900 3,099,297 3,128,991
Of the above totals of American and other descriptions are as follows:
American
Liverpool stock
bales.. 425,000 696,000 485,000 242,000
37,000
15,000
Manchester stock
44,000
37,000
Continental stock
*290,000 *256,000 *375,000 170,000
American afloat for Europe
377,013 470,834 150,198 786,166
U.S. port stocks
951,901 1,092,692 408,348 601.113
U.S.interior stocks
830,921 736,530 459,576 360,911
12,844
1,175
37,801
U.S.exports to-day
31,749
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,943,584 3,308,900 1,916,297 2,212,991
138,000
30,000
5,000
*84,000
24,000
25,000
60,000
365,000
238,000 301,000
71,000
19,000
10,000
19,000
*74,000 *120,000
88,000
77,000
19,000
27,000
152,000 *100,000
495,000 528,000
162,000
5,000
11,000
41.000
89,000
58,000
154,000
396,000
731,000 1,155,000 1.183,000 916,000
2,943,584 4,463,900 1,916,297 2,212,991
Total visible supply
3,674.584 4,463,900 3,099,297 3.128,991
Middling Upland,Liverpool
7.24d.
5.30d.
7.52d.
9.934.
Middling Upland, New Arork
12.50c.
13.70c.
17.003.
15.784.
10.25d.
8.104. 105.0d.
Egypt, Good Brown, Liverpool
Peruvian, Rough Good,Liverpool 14.00d. 10.104.
8.75d.
9.25d.
9.35d.
6.85d.
4.80d. 6 15-16d.
Broach, Fine, Liverpool
7d.
Tinnevelly, Good, Liverpool_ _ _ _
9.37d.
6.97d.
4.95d.
* Estimated.
Continental imports for past week have been 68,000 bales.
The above figures for 1916 show an increase over last week
of 334,420 bales, a loss of 789,316 bales from 1915, an excess
of 575,287 bales over 1914 and a gain of 545,593 bales over
1913.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug.1,theshipmentsfor
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to Oct. 6 1916.
Towns.
Ship- Stocks
ments. Oct.
6.
Week. Season. Week.
Receipts.
Movement to Oct. 8 1916.
Receipts.
Week. I Season.
7,711
5,839
Ala., Eufaula _
567
68 7,715 1,244
Montgomery.. 2,004 16,110 1,885 37,487 6,747 44,487
8,054 1,674 10,083 3,246 20,257
Selma
1,650
5,753
11,169 2,849
Ark., Helena_ _ 5,004 12,502
14,151 55,526 8,602 36,112 5,450 11,444
Little Rock
Pine Bluff _ _ _ 9,535 27,678 3,113 24,774 5,834 12,502
13,204
Ga.,Albany.._ _ 1,499 13,186 1,539 2,465
13,140 9,662 22,092
11,612 29,212 10,2
Athens
13,276 62,382 9,733 24,953 6,279 27,346
Atlanta
27,561 151,649 10,957 110,497 28,133 121,719
Augusta
Columbus.. _ 4,549 13,232 1,482 9,683 2,324 12,692
Macon
9,687 54,841 7,835 17,629 3,700 18,757
9,493
8,597 2,057 4,080 3,174
Rome
2,708
La.,Shreveport 12,208 50,166 9,118 24,335 8,122 31,182
761
402
2,119
66
144
450
MLss.,Columbus
257 13,990 4,643 15,044
Greenville _ 4,308 14,736
Greenwood__ _ 6,940 28,973 5,820 18,814 5,536 27,088
5,452
25
4,514 1,046
773
3,853
Meridian _ _ _ _
2,560 12,940 1,427 7,591 2,500 10,588
Natchez
5,991
202 2,204 1,780
Vicksburg
863
2,338
6,746
6,017 2,307
4,709
Yazoo City
2,020
Mo.,St. Louis_ 23,868 56,107 19.301 8,745 2,988 20,425
N.C.,Gensboro 1,934 20,437 2,529 5,516 1.047 12,344
2,248
391
575
265
1,768
750
Raleigh
0., Cincinnati_ 2,732 21,589 1,947 13,319 3,432 12,000
1,014
338
Okla., Ardmore 4,844 14,842 5,398 7,089
1,814
358
Chickasha _ 5,594 13,837 2,956 9,191
328
198
2,106 11,331 1,757 4,814
Hugo
405
1,008
728 6,537
7,330
Oklahoma __ _ 2,670
S.0.,Greenville 5,503 27,595 1,265 17,315 2,667 21,223
2,844
624
894 2,478
3,232
986
Greenwood.._ _
Tenn.,Memphis 49,520 152,490 21,276136,291 29,267 67,193
241
2,144
469
82
Nashville
Tex., Abilene_ _ 6,000 22,559 5,000 7,628 3,756 10,130
1,000
7,715
961 1,68
1,124 17,715
Brenham..
3,822
Clarksville _ 3,700 20,173 3,942 7,730 1,541
14,239 36,757 14,723 12,194 5,000 20,532
Dallas
3,830
Honey Grove_ 4,006 17,894 3,8554,308 1,334
153,306 763,962 115,960 182,901 111,429 511,701
Houston
44,774 6,008 11,138 5,019 15,263
Paris
7,73
26,172 2,629 3,300 4,031 31,068
San Antonio.... 2,24
Ship- Stocks
ments. Oct.
6.
Week.
250 9,304
4,943 66,932
1,630 28,380
516 5,661
3,143 10,364
1,22 12,293
94
9,672
4,350 17,354
4,929 15,681
11,509 132,128
1,516 31,140
1,862 10,725
2,116 5,554
6,359 33,231
199 3,874
2,643 14,000
3,534 15,941
1,061 8,485
1,170 8,000
947 6,734
8,199
3,415 7,004
1,420 2,878
450
363
3,727 11,499
106
657
73 1,221
328
289
708
3,800 9,908
340 5,269
13,382 78,026
581 1,563
3,417 2,657
600 3,046
977 2,497
3,000 7,233
1,185 1,453
95,858 133,786
4,275 5,382
3,552 7,400
Total,41 towns 426,302 1,857,537288,071830,921281.236:1,180.313195,285736.530
'Note.
-Our Interior Towns Table has been extended by the addition of 8 towns.
This has made necessary the revision of the Visible Supply Table and a number
of other tables.
The above totals show that the interior stocks have increased during the week 137,231 bales and are to-night 94,391
bales more than at the same time last year. The receipts at
all towns have been 145,066 bales more than the same week
last year.
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 29,778 bales, against 15,061 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 36,316 bales.
----1916
Since
Week.
Aug. 1.
1,574,596 282,775
116,742
15,061
65,000
753,000
Since
Aug. 1.
1,314,813
80,396
640,000
432,999 2,444,338 362,836
137,231
477.187
85,951
2,035,209
259.353
In Sight and Spinners'
Week.
Takings.
Receipts at ports to Oct. 6
324,221
29,778
Net overland to Oct. 6
Southern consumption to Oct. 6_ - 79,000
Total marketed
Interior stocks in excess
Came into sight during week..-570,230
Total in sight Oct.6
--------448,787
2,921,525
2,294,562
67,656
298,879
North. spinners' takings to Oct. 635,277
279,790
Movement into sight in previous years:
Bales.
1,535,930
3.038,940
2,929,243
Bales.
S.nce Aug. 1-Oct. 9
345.703 1914
-Oct. 10
562,754 1913
570,394 1912
-Oct. 11
Week-Oct. 9
1914
-Oct. 10
1913
-Oct. 11
1912
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Colton on
Week ending
Oct. 6.
Saturday. Monday. Tuesday. TVed'day. Thursd'y. Friday.
Galveston
New Orleans_
Mobile
Savannah
Charleston
15.60
15.50
15.50
15%
15Y
_ 151
Norfolk
15. 3
Baltimore
15%
Philadelphia
16.25
Augusta
15.69
Memphis
15.75
St. Louis
15Yi
Houston
15.50
Little Rock_ _ _ _ 15.3
16.25
16.00
16.00
163i
16
1534
16.00
16
1645
16.19
16.00
16.00
15.38
16.25
16.00
16.00
163i
16
1531
16.13
105
16.95
16.32
16.25
16X,
16.00
16.00
16.35
16.13
16.12
1634
16M
1634
16.5
163i
17.05
16.50
16.25
1634
16.25
16.13
16.35
16.13
16.50
16
161
'18.g0
1 1634
17.20
16.69
116.50
1634
116.25
16.13
16.35
16.19
16.50
163i
,
163
1634
16.g0
1634
17.25
16.69
16.50
1634
16.25
16.25
-The highNEW ORLEANS CONTRACT MARKET.
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Oct. 6.
Oct. 3. Oct. 4. Oct. 5.
Sept. 30. Oct. 2.
October
Range
Closing
December
Range
Closing
January
Range
Closing
March
Range
Closing
May
Range
Closing
July-Range
Closing
Tone
Spot
rintanna
15.44-.48 15.91-.21 16.03-.23 16.22-.32 16.33-.50 16.26-.13
15.44 -16.03-.10 16.07-.10 16.35-.37 16.30-.31 16.32-.34
15.62-.70 15.70-.54 16.18-.44 16.29-.56 16.48-.66 16.40-.63
15.62-.64 16.26-.27 16.27-.28 16.54-.56 16.50-.51 16.51-.53
15.75-.84 15.88-.63 16.33,59 16.54-.70 16.61-.78 16.52-.73
15.76-.77 16.41-.42 16.42-.43 16.69-.71 16.62-.63 16.61-.62
15.96-.06 16.30-.86 16.55-.80 16.69-.91 16.84-.00 16.74-.95
15.96-.98 16.63-.64 16.64-.65 16.90-.91 16.85-.86 16.83-.84
16.19-.29 16.61-.93 16.78-.01 16.91-.13 17.06-.21 11.97-.15
16.18-.20 16.85-.86 16.86-.87 17.11-.13 17.07-.03 17.04-.05
16.39 -16.75-.18 16.95-.17 17.09-.27 17.23-.36 17.13-.29
16.34-.36 17.00-.01 17.01-.03 17.27-.29 17.23-.24 17.16-.18
Quiet
Steady
Firm
Steady
Firm
Steady
Quiet
Firm
Steady
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
favored by the weather picking has progressed rapidly and
in some localities of Texas and elsewhere is reported to be
about completed. Marketing is active and on a free scale.
-Clear cool weather prevailed throughout
Galveston, Tex.
the week, very little precipitation of consequence occurring.
Picking and ginning made rapid progress and is about complete in some sections. Weevils continue active and destroying new growth. The thermometer has averaged 73,ranging
from 62 to 84.
-The thermometer has ranged from 52 to
Abilene, Tex.
88, averaging 70.
-Average thermometer 68, highest 88,
Brenham, Tex.
lowest 48.
-The thermometer has averaged 68,the highest
Cuero, Tex.
being 90 and the lowest 46.
-The thermometer has averaged 67,
Fort Worth, Tex.
ranging from 46 to 88.
OCT. 7 1916.1
THE CHRONICLE
1335
-The thermometer has averaged 70, the of about 11,637,000 bales. That is, the final outturn will probably be
Henrietta, Tex.
larger or smaller than this amount, according to conditions hereafter.
highest being 94 and the lowest 46.
Last year's production was 11,191,820 bales; two
16,134,930
-The thermometer has ranged from 42 bales; throe years ago, 14.156,486 bales, and four years ago, 13,703,421
Huntsville, Tex.
years ago,
bales. Comparisons of conditions, by States, follow:
averaging 65.
to 88,
Sept. 25Aug.25
-Average thermometer 62, highest 86 and
Kerrville, Tex.
10-Year Attg.25 10
-Year
Stateslowest 38.
1916.
1915.
Avge.
1916.
Av
ge.
85
80
90
76
Lampasas, Tex.
-The thermometer has averaged 65, the Virginia
North Carolina
61
70
72
65
76
South Carolina
highest being 90 and the lowest 40.
53
63
70
57
75
Georgia
58
61
71
62
Longview, Tex.
-The thermometer has averaged 62,ranging Florida
75
48
62
70
58
77
Alabama
from 42 to 82.
36
57
68
45
73
Mississippi
40
62
65
Luling, Tex.
49
-The thermometer has ranged from 44 to Louisiana
72
56
60
60
64
66
- 92, averaging 68.
Texas
63
57
66
66
70
Arkansas
65
63
-Average thermometer 65, highest 90 Tennessee
67
Nacogdoches, Tex.
71
74
68
71
72
80
81
lowest 40.
Missouri
67
72
73
80
81
56
-The thermometer has averaged 67, the Oklahoma
63
Palestine, Tex.
65
56
71
California
93
*96
95
*95
92
highest being 88 and the lowest 46.
United States
56.3
-The thermometer has averaged 69, ranging
Paris, Tex.
60.8
67.2
61.2
72.5
Yield per Acre (lbs., lint).
Acreage Planted.1916
from 44 to 94.
1916.
San Antonio, Tex.
10
-Year
-The thermometer has ranged from
% of 1915
(Indi1915. Average.
Planted
52 to 88, averaging 70.
cated).
Final.
Final.
Acres.
Area
Virginia
Taylor, Tex.
225
264
-Minimum thermometer 44.
230
44,000
130
North Carolina
260
214
243
1,469,000
1Veatherford: Tex.
113
-The thermometer has averaged 65, South Carolina
175
215
223
2,938,000
115
Georgia
the highest being 86 and the lowest 44.
189
162
194
5,516,000
112
86
Florida
120
123
207,000
Ardmore, Okla.
105
-There has been no rain during the week. Alabama
94
146
174
3,468,000
102
Mississippi
The thermometer has averaged 67, ranging from 42 to 91.
114
167
193
3,202,000
116
Louisiana
154
165
174
1,212,000
Marlow, Okla.
-It has been dry all the week. The ther- Texas
120
161
147
169
11,583,000
108
mometer has ranged from 41 to 93,averaging 68.
Arkansas
183
180
191
2,599,000
115
Tennessee
186
188
198
Eldorado, Ark.
-Dry all the week. Mean thermometer Missouri
897,000
115
255
240
287
136,000
130
63, highest 87,lowest 39.
Oklahoma
154
162
176
2,600,000
130
484
Little Rock, Ark.
380
*426
-No rain the past week. The thermome- California
98,000
240
All other
-__
___
25,000
167
ter has averaged 64, ranging from 45 to 83.
United States
156.3
New Orleans, La.
170.3
186.1
-This week's rainfall has been one hun35,994,000
112.1
* Six-year average.
dredth of an inch, on one day. Average thermometer 69,
INDIA COTTON MOVEMENT FROM ALL PORTS.
highest 81 and lowest 56.
-There has been no rain during the week,
Shreveport, La.
1916.
1915.
1914.
The thermometer has averaged 66, the highest being 86 and
Sept 14.
Receipts at
the lowest 46.
Since
Since
W
.Sig l..1Week. Aug. 1. Week.1 Aug. 1.
4ek. u ne
.e
Columbus, Miss.
-We have had no rain during the week.
Bombay
thermometer has averaged 68, ranging from 43 to 91.
The
10,000
78,000 31,000 149,000 2,000' 42,000
Vicksburg, Miss.
-Dry all the week. The thermometer
For the Week.
Since August 1.
ranged from 45 to 80, averaging 62.
has
Exports
Mobile, Ala.
-With good weather, picking is progressing from- Great Conti- Japan
Great
Japan I
Britain. nent. &China Total. Britain.
neat. !& China.: Total.
rapidly and the bulk of the crop has been gathered. Dry all
-week. Average thermometer 67, highest 82 and lowest 50. Bombay1916
19,000 19,000
2,000I 4,000 186,000 192,000
Selma, Ala.
-Dry all the week. The thermometer has
1915
11,000 41,000
3,000 21,000 140,000' 164,000
averaged 64, the highest being 83 and the lowest 46.
1914
4,000 4,000
13,000: 30,000' 43,000
Calcutta
Madiron, Fla.
-We have had rain on one day during the
1
1916
2,000
2,000
3,000;
1,000
4,000
week,to the extent of twenty-six hundredths of an inch. The
1915
1,000
1,000,
5,000
6,000
1914
thermometer has averaged 69, ranging from 46 to 86.
1,000'
1,000
Albany, Ga.-Dry all the week. The thermometer has Madras
1
______ 1.000
1916
1,000
2,000
2,000
1915
ranged from 50 to 92, averaging 71.
1,000
1,000
1,000
2,000
3,000
1914
Savannah, Ga.-We have had rain on three days during
others
the week, the rainfall being seventy-seven hundredths of an All
1916
2,000 1,000 3,000
1,000
9,000
9,000 19,000
1915 ____ 1,665. 3,000 1.000 5,000
inch. Average thermometer 66, highest 85, lowest 54.
7,000 15,000 20,000 42,000
1914
!
2,000 20,000
1,000 23,000
Charleston, S. C.
-There has been rain on four days duringrthe week, the rainfall being one inch and seventy five Total all1
1916___________ 5,000 20,000 25,000
3,000 18,000; 196,000 217,000
hundredths. The thermometer has averaged 66, the high1915 _ _ i,000 5,000, 42,000 48,000 12,000, 43,000 160,000 215,000
1914
I
4,000 4,000
est being 84 and the lowest 47.
2,000 34,000' 31,000 67,000
Greenville, S. C.
-We have had rain on two days during
ALEXANDRIA RECEIPTS AND SHIPMENTS.
the week, to the extent of twenty-seven hundredths of an
Alexandria, Egypt.
inch. The thermometer has averaged 60, ranging from
1916.
1915.
1914.
September 13.
42 to 77.
-Rain has fallen on three days during the Receipts (cantars)Charlotte, N. C.
This week
61,955
53,700
week, the rainfall being fifty hundredths of an inch. The
800
Since Aug. 1
142,270
96,896
3,400
thermometer has ranged from 42 to 75, averaging 58.
Goldsboro, N. C.
-We have had rain on three days during
Since
Since
Since
Week. Aug. 1., Week. Aug. 1. Week. Aug. 1.
the week, the rainfall being fifty-eight hundredths of an Exports (bales)
inch. Average thermometer 64, highest 84, lowest 44.
Liverpool
To
' 9,824 5,717 15,010
4,695
To Manchester
Memphis, Tenn.
3,290 3,290
-Light frost on Sept. 30; no damage.
5,354
4,622
To Continent and India_
335 3,376 2:454 15,411
-655 4,391
Dry all the week. The thermometer has averaged 63, the
To America
1,133 1,920' 12,749
5.250
highest being 85 and the lowest 40.
Total exports
3,625 17,623 10,071 48,524
993 18,958
WORLD'S SUPPLY AND TAKINGS OF COTTON.
MANCHESTER MARKET.
-Our report received by
Cotton Takings.
1916.
cable to night from Manchester states that the market is
1915.
Week and Season.
strong with a good demand from India and the undertone
Week.
Season.'
Week.
Season.
promising. We give prices for to-day below and leave
.
Visible supply Sept.29
3,340,164
4,243,551
those for previous weeks of this and last year for comparison:
Visible supply Aug. 1
3,198,251
4,664,410
American in sight
to Oct. 6..
Bombay receipts to Oct.
Other India sbipm'ts to Oct. 5_
receipts to Oct. 4
Alexandria
Other supply to Oct. 4 *
Total supply
Deduct
Visible supply Oct. 6
570,230 2.921,525 448.787 2,294,562
b21,000
145,000
34,000
248,000
b3,000
35.000
6,000
77,000
b40,000
01,000
31,000
80,000
b2,000
27.000
2,000
20,000
3.976,394 6,417,776 4,765,338 7,383,972
3,674,584 3,674,584 4,463,900 4,463,900
Total takings to Oct. 6.a
301,810 2,743,192 301,438 2,920,072
Of which American
241,810 2,066,192 261,438 2,240,072
Of which other
tvig
A77,nrYi
37.000
680,000
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
753,000 bales in 1916 and 640,000 bales in 1915-takings not being available
-and the aggregate amounts taken by Northern and foreign spinners,
1,990,192 bales in 1916 and 2,280,072 bales in 1915, of which
1,313,192
bales and 1,600,072 bales American. b Estimated.
• THE AGRICULTURAL DEPARTMENT'S SEPTEMBER REPORT.
-The following statement,
condition of cotton on Sept. 25, was issued byshowing the
the Department of Agriculture on Oct. 2:
Crop
The
Reporting Board of the Bureau of Crop Estimates
States Department of Agriculture estimates, from the reports of the United
of the correspondents and agents of the Bureau, that the condition
of the
Sept. 25 Was 56.3% of a normal, compared with 61.2% cotton crop
on
1916, 60.8% on Sept. 25 191o. 73.5% on Sept. 25 1914, and on Aug. 25
67.2% the
average on Sept. 25 for the past ton years.
A condition of 56.3% on Sept. 25 forecasts a yield per acre of 158.3 lbs.
and a total production (allowing 1% from area for abandonment)
planted
1916
323 Cop
tug d.
13 12%
25 134
Sep.
1 1434
8 1434
15 14%
22 14%
29 14%
Oct.
0 14% @
1915
gyi bs. Shirt- Corn
ing:, common Aftd.1
Co finest.
Up'3
d. s. d.
s. d. d. d.
134 7 9 09 9
8.86834
144 8 3 @103
9.4283.4
15 8 6
15% 8 8
15% 8 8
15% 8 .8
154 8 8
@10734
@106
@106
@106
@106
328 Cop
Twist.
@
0
83.4 bs. Shirt- Corn
ing:, common
to finest.
Up '11
S. s. d.
s. d. d.
8348 8 07 9
5.42
9 6 6 07 9
5.63
0 934 6 9 08
0 934 6 10 @8
@ 1034.7 3 448
0 1034 7 3 07
0 113.4 7 43.408
1
15% 9 0 @10 1054 9.931034 0 11 7 53408
9.90834
9.38934
9.61934
0.6293.4
9.471034
0
11-4
0
1034
0
1
5.78
6.12
6.44
6.59
6.97
7.24
SHIPPING NEWS.
-Shipments in detail:
Total bales.
-To Liverpool-Sept. 29-Saxonia,2,97E _Sept. 3()
NEW YORK
-Queen Margaret, 2,016_ _ _Oct. 5
-Baltic, 3,063: Mongolian, 3,000
11,050
To Manchester-Sept. 30-Canova, 1,202
1,202
To La Pallice-Oct. 5
-Wentworth,5,198
5,198
To Havre-Sept. 30-Vitalia, 1,051
1,051
To Rotterdam-Oct. 4-Noorderdijk, 1.515
1,515
To Gothenburg-Oct. 3
-Nordic, 3,000
3,000
To Genoa-Sept. 29-Duca degli Abruzzi, 2,061_ _ _Oct. 2
Verona,2,400
4,461
To l'iraeus-Oct. 3-Miltia.des Emblricos, 50
50
To Vladivostok-Oct. 5
-Tokushima Maru, 3,000
3,000
To Venezuela-Oct. 4
-Caracas, 200
203
Total bales.
13,305
-Median, 13,305
-Sept. 29
GALVESTON-To Liverpool
16,497
-Minnie de Larrinaga, 16,497
-Oct. 2
To Manchester
9,522
To Havre-Oct. 3-Songa, 9,522
8,600
-Miguel M. Pinillos, 8,600
To Barcelona-Sept. 29
10,950
30-Fert, 10,950
T,o Genoa-Sept.
-To Liverpool-Sept.29-Elswick Manor,6,197
NEW ORLEANS
14,614
___Oct. 4-Idomeneus, 8,417
1,348
To Havre-Oct. 4-Eggesford, 1,348
3,595
To Gothenburg-Oct. 4-Noruega, 3,595
5,193
. 4-Arundo, 5,193
To Rotterdam-Oct
400
MOBILE-To Genoa-Oct. 5-Nordfarer, 400
12,523
-Heliopolis, 12,523
-Sept. 29
SAVANNAH-To Liverpool
11,000
-Etna, 11,000
To Genoa-Sept. 30
7,400
WILMINGTON-To Genoa-Sept. 30-Luisa, 7,400
-Kerry Range, 2,304_ __Oct. 3
-To Liverpool-Oct. 2
NORFOLK
4,704
-Cambrian King, 2,400
1,299
-Cambrian King, 1,299
-Oct. 3
To Brest
-Canadian, 259___Sept. 29
BOSTON-To Liverpool-Sept. 27
434
Devonian, 175
-To Liverpool-Sept. 26-Swanmore, 1,810_ __
BALTIMORE
3,420
Sept. 30-Norlina, 1,610
2,622
-Rapidan, 2,622
To Manchester-Sept. 29
SAN FRANCISCO-To Japan-Sept. 28-Shinyo Maru,4,185,..- 8,838
Tjikembang, 4,653
TACOMA-To Japan-Sept. 22-Kuneilri Maru, 1,406 ___Sept. 4,556
-Canada Maru, 3,150
29
187,025
Total
-Current rates for cotton- from
COTTON FREIGHTS.
New York are as follows, quotations being in cents per pound:
27
tFierpool, 2.00c.; Manchester, 2.00c.; Havre, 2.00(4)2.25c.; Rotterdam.
3.00c. nom.; Genoa, 2.00c.; asked; Naples, 2.00c. asked; Leghorn, 2.60c.;
Christiania, 3.25c.: Bergen, 3.25c.; Stockholm, 3.250.; Malmo, 3.25c.:
Gothenburg, 3.00@3.25c.; Barcelona, 2.00©2.25c.; Lisbon, 2.00c.;
Oporto, 2.70c; Marseilles. 2.50c. asked; Japan, 3.00c. asked; Shanghai,
3.00c. asked; Bombay, 3.00c. asked; Vladivostok, 2.50c.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks,&c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Oct. 6.
Sept. 15. Sept. 22. Sept. 29.
46,000
42,000
43,000
40,000
3,000
4,000
1,000
5,000,000
3,000
36,000
32,000
31,000
34,000
3,000
1,000
1,000
4,000
90,000
62,000
65,000
73,000
604,000 588,000 564,000 563.000
472,000 452,000 430,000 425,000
50,000,92,000
60,000
77,000
34,000
36,000
48,000
196,000 191,000 204,000
181,000 174,000 187,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
I Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,(Fair
business
Good
Good
Good
Dull.
12:30
doing.
demand. demand. demand.
P. M.
Mid.Uprds
9.50
9.49
Sales
Spec.&exp.
4,000
500
10,000
1,000
9.72
10,000
1,000
9.75
10,000
1,000
9.95
8,000
1,000
Friday.
Quieter.
9.93
6,000
600
Steady Quiet unch.
Steady
Steady
,
3(4)5 pts. 4M ®5 pts. 836©934 to 34 pt.
decline.
advance, advance. pts. adv.
Irregular
Very st'dy Very st'dy Irregular
Unsettled
Easy
Market f
Closed 1 7@834 pts 2634@29 1(4)3 pts. 834@9 pts. 12(4)1334 3(4)4 pts.
decline. ots. adv. advance, advance. tots. adv. decline.
Futures.
Market f
opened I
Quiet
;i pt.
decline,
Steady
507 Dts.
advance,
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus: 9 29 means 9 29-100d.
Sept. 30 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
to
434
, 43
Oct. 6. 12= 13-i 1X 44 13 43 13 44 135 p.m. 134 p.m.
P.m.
p.m. p.m. p.m. p.m. P.m. P.m. P.m. P.m. P.m.
d. d. d. d. d. d. d. d. d.
d.
d. d.
3834 5834 6134 6134 65 7034 8434 84 8334 8034
October
Oct.
-Nov ____ 9 28 37 57 60 5934 63X 68 83 82 81X 79
9 3534 43 62 6434 6334 6734 7234 8534 8434 83 8034
Jan.
-Feb_
-Apr. ___ 9 39 4634 66 6834 67 70 7534 88 88 87 8434
Mar.
May-June .... _ _ 9 4134 49 68 7054 6934 7234 7854 9054 9054 89 86X
9 3734 4534 6434 67 6534 69 7434 8634 8634 86 83
July-Aug_
BREADSTUFFS
Friday Night, Oct. 6 1916.
Flour has on the whole been rather quiet, though at one
time there was more activity in response to the rise in the
price of wheat. But it remains true that buyers for the most
part have adhered to their old policy of buying from hand to
mouth, hoping to get supplies later on at lower prices.
Bakers have been raising the price of bread, however, in
various parts of the country, and this, together with the advance in wheat, has given the flour market a firm tone, even
though the volume of business leaves much to be desired,
both for home and foreign account. Yet it is noticeable,
too, that from time to time some of the bakers are buying
more freely, and not a few members of the trade come to the
conclusion that higher prices are inevitable. The total output last week at Minneapolis, Duluth and Milwaukee was
325,000 barrels, against 376,000 in the previous week and
541,000 last year.
Wheat has advanced on the bullish situation as to supply
and demand. This has been accentuated by bad crop news
from Argentina,and asharp rise in prices there. Winnipeg has
been buying at Chicago, and last Monday Chicago prices
advanced two cents, followed by a rise the next day of three
cents. Argentina reports stated that the weather there was
still dry; others have reported frost. Foreign houses have
[Void.
103
_
been buying futures at Chicago. Export business has been
on a pretty liberal scale. Last Monday it was estimated at
1,800,000 bushels, part last week mostly at Omaha at thebest
premiums of the season. Two cargoes of old Chicago No. 2
hard wheat were sold, it is stated, at Buffalo to millers. These
things tended to confirm bullish sentiment. Another noticeable factor was the falling off in receipts to a total less
than that of a year ago at primary points. And the total
supply in North America increased last week only 3,371,000
bushels, or less than a third of the increase in the same week
last year, when it was 10,895,000 bushels. The total increase in the world's supply last week was but little more
than half as large as in the same week last year. In other
words, it was 7,171,000 bushels as contrasted with an increase in the same week in 1915 of 13,995,000 bushels. Snow
makes the total crop in the United States 603,000,000 bushels.
This counted very noticeably among the bullish factors. It
is 408,000,000 bushels less than the total last year. He
makes the yield of winter wheat only 453,000,000 bushels,
the smallest since that of 1912, when it was 399,919,000
bushels. Since then it has ranged from 523,561,000
1913 to 684,990,000 in 1914. This year
in
it is over 200,000,000 bushels less than the crop of last year,
which was 655,045,000 bushels. He states the crop of spring
wheat at only 150,000,000 bushels. That is less than half
the yield of last year, when it was 356,460,000 bushels. It
has been years since the spring-wheat crop has been so small.
The nearest approach to the present smallness of yield was
in 1911, when it was 190,682,000 bushels. For the last seven
years it has ranged from 190,682,000 in 1911 to 356,460,000
in 1915. Such figures make Chicago operators confident
that, although there may be sharp reactions from time to
time, nothing is going to put down the price of wheat except
peace or the opening of the Dardanelles. A noteworthy
actor has been the firmness of the Northwestern markets. In
England weather has been unsettled and native offerings light.
English importations are going readily into consumption and
prices have been firm, owing partly to reports of damage to
the Argentina crop. The Liverpool market is the more
sensitive to news of bad weather and crop damages in Argentina from the fact that England has expected all along to
buy largely in Argentina. And now this hope is lessening.
Certainly the reports indicate that drought in Argentina is
becoming serious with the drouth area extending. In
France the yield is disappointing and the quality only
fair. French advices admit that the importations will
have to be large. In Russia the weather has been wet in
a late harvest. The general crop outlook in that country is said to be bad. Complaints are being received from
the spring wheat area of Russia. In India prices are firm
with freights very dear. The Italian crop is smaller than
was expected. Italy will have to import on a large scale.
In Austria-Hungary the crop outlook is bad. Its supplies are not expected to last for more than six months.
In the Balkan States the crops will be much smaller than those
of last year. Argentina crop estimates are being reduced.
Australian officials have taken no decisive action as to shipping wheat to Europe. On Thursday a carload of No. 1
hard winter sold at Minneapolis at $1 80, the highest in forty
years. On the other hand, some think that European importers will be relieved by big shipments from Australia
sooner or later. Liverpool advices call Australia a possible
trump card for importers. German crops are said to be good
and of fine quality. Crops in Spain are abundant and Spain's
import needs will be small. In India the outlook for seeding
is favorable. Of course, too, there is always the possibility
that damage reports from Argentina are more or less exaggerated. Some of the trade in Liverpool have laid stress
on reported successes of the Allies and liberal shipments
from America. The total last week was 9,696,000 bushels
from North America, of which 4,267,000 went to the United
Kingdom. To-day prices declined with prices 1 to 2c. lower
at Buenos Aires, and profit taking at Chicago. The Argentina export surplus is said, however, to be not over 55,000,000 bushels, as against an average annual surplus of 100,000,000 bushels and American export sales to-day are reported
at from 300,000 to 500,000 bushels. Peace rumors were
circulated in the afternoon. A Chicago Board of Trade
membership sold to-day at $6,800 net to the buyer, a new
high record,.
THE CHRONICLE
1336
IN
DAILY CLOSING PRICES OF WHEAT FUTURESWed.NP.W YORK.
Thurs. Fri.
Sat. Mon. Tues.
170
cts_ 164
1663i 16654 16734 168
No. 2 red
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
15634 15534 15934 1603( 157X
December delivery in elevator_cts_154
15334 1559i 1573 1583/ 15934 157A
May delivery in elevator
Indian corn advanced partly in sympathy with tho rise in
partly
wheat. It reached a new high level on this move, is said
owing to had crop news from Argentina. Argentina
to have been buying in Chicago. A good cash demand has
been reported at Chicago. On a single day, St. Louis advanced 1 to 2 cents on light receipts and a good demand from
manufacturing industries. Recent•exports have been large.
They encouraged the bulls at Chicago, who have been buying
December,and in some cases taking high grades in the sample
effect.
market. A rise in prices in Argentina has also had itsArgenDrouth and locusts are said to be damaging corn in611,000
tina. The American supply increased last week only year.
bushels, or 800,000 less than in the same week last brisk;
Yet, on the other hand, the export trade has not been
far from it. The available supply in this country is 6,667,-
THE CHRONICLE
OCT. 7 1916.]
1337
000 bushels or 2,500,000 bushels more than a year ago and
THE DRY GOODS TRADE
the cash price is about 25 cents higher than then, on No. 2
New York, Friday Night, October 6 1916.
yellow. Still the tone in the American, English and ArgenWhile for a time the sharp advance in prices for the staple
tina markets has been firm and all three have advanced.
To-day prices fell in sympathy with a decline in wheat and had a tendency to check business in the cotton dry goods
markets, demand is again improving, with buyers anxious
also in Argentina.
to provide for future requirements. The volume of trade,
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
however, is to a certain extent being restricted by the unSat. Mon. Tues. Wed. Thurs. Fri.
cts 98A 100
1003 1004 101A 100
No. 2 yellow
willingness of manufacturers to enter into commitments for
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
forward delivery, owing to the uncertainty regarding supSat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 73A 74A 74A 75A 78
76A plies of raw material. They have become quite generally
5
763i 76A 77% 77% 783
May delivery in elevator
78
alarmed over the outlook for the cotton crop and realize that
Oats have advanced slightly, not following advances in prices for the staple will likely range extremely high during
other grain readily. For the receipts have been liberal and the remainder of the season. As a result, values for many
stocks are undoubtedly large. And the increase in North classes of goods have been advanced to the highest levels
American supplies last week was 2,251,000 bushels, against ever recorded, and in some instances have been placed on an
an increase in the same week last year of 800,000 bushels "at value" basis. The record high prices for raw cotton are
less than this. Besides North American supplies amount to also being felt in other branches of the dry goods market
55,858,000 bushels, or 37,500,000 bushels more than a year outside the cotton goods division. Manufacturers of woolago, and 20,090,000 bushels more than at this time in 1914. ens, silks and linens during the past year, owing to a short.
That is nertainly a big difference, and it has not escaped age of raw supplies, have been forced to mix cotton with
observation. Chicago has a stock of contract oats amounting wool and flax on a larger scale than ordinarily. Jobbers
to 7,902,000 bushels, against only 215,000 bushels a year continue to report a good demand for goods as an outcome
ago. Cash business too, is hampered by the scarcity of cars of the advancing prices, as retailers throughout the country
and an embargo at the Eastern seaboard. Large Chicago ,are expecting still higher levels and are endeavoring to proelevator interests,however, have at times been good buyers vide for their requirements. Many selling agents, owing to
of December and May. Export houses have bought Decem- the oversold condition of their mills, are refusing business,
ber. Export business in cash oats has been 100,000 to 200,- despite the fact that buyers are willing to pay sharp advances
000 bushels a day. But the speculative trading has been over prevailing quotations. Nearly every line of goods is in
comparatively small, with stocks very large and prices active demand both for prompt delivery and shipment well
approximately 15 cents a bushel higher on cash oats than a into next year. Mills falling further behind with deliveries
year ago. To-day prices declined slightly. Export houses has prevented the spot situation from improving, and there
however, were pretty good buyers and oats did not fully are considerable quantities of goods long overdue. The labor
situation has failed to improve to any extent, and this, toreflect the decline in other grain.
gether with the raw material question, compels manufacDAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Tues.
Wed.
Sat.
Thurs.
Fri.
turers to face many uncertainties as regards the operation of
Standards 53-53A
53-53 A
&3-533
53-54 54-54 A
53-533
their plants. The high level of prices is not checking export
Now.
Nom.
No.2 white Nom.
Nom.
Now.
Nom.
business, which continues to improve, particularly with
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
South America. Inquiry from the Far Eastern markets,
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 48A 48% 48A 49
494 49A however, continues quiet.
May delivery in elevator
51A 51A 51% 51A 52% 52A
DOMESTIC COTTON GOODS.
-There has been a general upward revision of all staple cotton goods values, but
the higher prices asked by manufacturers have not checked
the demand. The reluctance of mills to accept business for
future delivery appears to be the only factor standing in the
way of heavy trade. When deliveries are guaranteed, buyers
are willing to pay almost any price asked, but mills as a general rule are not willing to guarantee deliveries. Southern
standard sheetings are quoted at 10c. to 103.c. per yard, or
almost 4c. higher than what they were selling at during the
corresponding time a year ago, while other lines of goods
have been advanced upwards of 75%. Printers and conyerters report that mills are refusing bids for forward deliveries, even though liberal advances have been offered. Although fine goods have ruled firm, they have not been marked
up as rapidly as coarse cottons, but much higher values are
expected. Jobbers are selling wash fabrics freely for next
The visible supply of grain, comprising the stocks in spring delivery, and special fabrics used in various manufacgranary at principal points of accumulation at lake sand turing trades are moving in large quantities. The domestic
Seaboard ports Sept. 30 1916 was as follows:
dye situation is said to be improving but prices for dyes continue high and colored goods are firmly held. Demand for
GRAIN STOCKS.
Oats.
Wheat,
Corn.
Rye.
Barley. heavy goods is active, but orders are difficult to place, as
United Statesbush,
bush.
bush.
bush.
bush. mills are well sold ahead. Gray goods, 38-inch standard,
New York
4,780.000
20,000 276,000 are quoted at
314,000 1,186,000
73c. to 7%c.
Boston
50,000
516,000
2,000
41,000
4,000
The following are closing quotations:
FLOUR.
Whiter, low grades__--$5 75 $6 25 Spring, low grades ____$5 25§$6 00
Winter patents
8 15 8 45 Kansas straights,sacks- 7 90 8 15
Winter straights
760 7 85 Kansas clears, sacks___ 6 55 7 35
Winter clears
7 10 7 40 City patents
9 80
Spring patents
8 60 885 Rye flour
650@ 700
Spring straights
8 25 8 55 Buckwheat flour
Spring clears
7 35 7 60 Graham flour
6 100 7 10
GRAIN.
Wheat, per bushel-f.o. b.
Corn, per bushel
No. 2 mixed
N. Spring. No. 1. new___-$1 88
f. o. b. Now.
No. 2 yellow
N. Spring, No. 2
c. 1. f.$1 00
No. 2 yellow kiln dried___ Nom.
Red winter. No. 2, new...... 1 703
Hard winter, No. 2
Argentina in bags
1 763-i
Oats, per bushel, newcts.
Rye, per bushel
Standard
540!54 A
New York
c. 1. f. $1 33
No. 2, white
Now. Western
c. 1. f. $1 33
No. 3, white
53A 054 Malt
Now.
No. 4, white
53053A
For other tables usually given here, see page 1277.
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
'
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
1,427,000
56,000
2,320,000
98,000
62,000
2,837,000
158,000
2,504,000
15,000
3,272,000
682,000
2,093,000
63,000
428,000
185,000
8,556,000 2,021,000
181,000
84,000
51,000
7,683,000
6,059,000
2,000
2,495,000
147,000
11,701,000
369,000
81,000
152,000
230,000
354,000
1,710,000
43,000
806,000
235,000
286,000
1,358,000
628,000
188,000
i,000
62,000
4,000
2,930,000
850,000
235,000
18,003,000
115,000
1,084,000
438,000
5,628,000
596,000
1,418,000
787,000
835,000
1,785,000
169,000
5,000
32,000
84,000
24,000
55,000
172,000
121,000
61,000
112,000
228,000
13,000
75,000
280,000
930,000
270,000
53,000
73,000
40,000
304,000
Total Sept. 30 1916
57,418,000 5,093,000 38,868,000 1,006,000 2,460,000
56,672,000 4,483,000 36,533,000 1,117,000 2,397,000
Total Sept. 23 1916
15,900,000 3,444,000 14,381,000 1,235,000 2,946,000
Total Oct. 2 1915
51,586,000 5,488,000 27,285,000 1,245,000 3.065,000
Total Oct. 3 1914
Nots.-Bonded grain not included above: Wheat,2,182,000 bushels at New York,
125,000 Baltimore, 197,000 Philadelphia, 349,000 Boston,89,000 Duluth, 1,743,000
Buffalo: total, 4.685,000 bushels, against 854,000 bushels in 1915. Oats, 219,000
New York, 13.000 Boston, 43,000 Baltimore, 41,000 Duluth, 1,900,000
Buffalo;
total, 2,216,000 bushels, against 15,000 in 1915; and barley, 130,000 New York,
6,000 Baltimore, 87,000 Buffalo, 55,000 Duluth; total, 277,000, against 75,000 in
1915.
Canadian
Montreal
1,203,000
34,000 376,000
674,000 3,669,000
Ft. William & Pt. Arthur.... 4,458.000
1,683,000
Other Canadian*
4,722,000
6,014,000
30
1916*____10,383,000
Total Sept.
674,000 11,386,000
Total Sept. 23 i916.... _11,134,000
656,000 12,079,000
Total Oct. 2 1915
10,336,000
3,000
893,000
Total Oct. 3 1914
83,000 3,807,000
22,884,000
Summary
-American _______
--------- I0.383,000 5,093,000 38,866,000
Canadian ____________ 57,416,000
674,000 11,366,000
1..AN
Total Sept. 30 1916 _____ 67,799,000 5,767,000 50,232,000
Total Sept. 23 1916_____ 67,806,000
5,139,000 48,612,000
Total Oct. 2.1915
26,236,000 3,447,000 15,274,000
Total Oct. 3_1914
74,470,000 5,571,000 31,092,000
Adel 1,1
•Including Canadian at Buffalo and Duluth.
34,000
8,000
3,000
376,000
300,000
129.000
159,000
1,006,000 2,460,000
34,000 376,000
1,040,000
1,125,000
1,238,000
1,245,000
2,836,000
2,697,000
3,075,000
4,124,000
WOOLEN GOODS.
-More activity prevails in the m vrkets for woolen and worsted goods, demand being stimulated
by the cooler weather throughout the country and the strong
tone of cotton goods. Prices rule firm and indications are
that opening values for the fall of 1917 will show sharp advances. Cutters-up are actively inquiring for piece goods for
late fall needs but are finding it hard to obtain supplies.
Many selling agents are oversold, this being particularly true
as regards women's wear serges for next spring, and several
fine grades of fancy dress fabrics have been withdrawn from
sale. As a result of the high values it is believed that less
business than usual will. transacted across counters in
be
women's ready-to-wear suits, and that skirtings and coatings
will be in better demand. In the men's wear markets clothing manufacturers are looking for prompt deliveries of heavyweight suitings and overcoatings.
FOREIGN DRY GOODS.
-Demand for linen goods continues active, with retailers seeking supplies for their usual
special holiday sales. Various fabrics of cotton and flax
mixture are selling well and are firmly held, owing to .the advance in prices for raw cotton. Pure linens are also selling
well, particularly housekeepings. Domestic substitutes are
moving freely and many mills are well sold ahead for months
to come. Inquiry for colored dress linens for next spring
.
delivery is improving. There is little change in the markets
for burlaps, which continue firm, with demand confined
mostly to light weights. Light weights are quoted at 7.10c.
and heavy weights at 8.40c. to 8.50c.
COTTON GOODS ADVANCES.
-Messrs. WattsiStebbins & Co. of 44 Leonard St., this city, announeed on
Thursday advances of one-half cent per yard on Masonville
36-inch muslins, cambrics, long cloth, nainsook and percale
and Wamsutta 414 OXX, OX I B brown, jeans, I C T twill,
percale, cambric, nainsook, long cloth and night robes.
THE CHRONICLE
1338
STATE MID CITY
DEfAVINittIT,
Thronicte.
Terms of Subscription—Payable in Advance
$10 00
6 00
13 00
7 50
22 14s.
21 11 s.
$11 50
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Depeyster Sts., New York.
Statement of the Ownership, Management, etc., required by the Act of Congress of
Aug. 24 1912, of Commercial A& Financial Chronicle, published weekly at
New York, N. Y., for Oct. 1 1916.
State of New York, County of New York, as.: Before me, a notary public, in
and for the State and county aforesaid, personally appeared Jacob Seibert Jr., who,
having been duly sworn according to law, deposes and says that he is the editor of
the Commercial & Financial Chronicle and that the following Is, to the best of his
knowledge and belief, a true statement of the ownership, management, etc., of the
aforesaid publication for the date shown in the above caption, required by the Act
of August 24 1912, embodied in Section 443, Postal Laws and Regulations, printed
on the reverse of this form, to wit:
(1.) That the names and addresses of the publisher, editor, managing editor.
and business managers are:
Publisher, William B. Dana Company. 138 Front St., New York.
Editor, Jacob Seibert Jr. 138 Front St., New York.
'
Managing Editor, Jacob Seibert Jr., 138 Front St., New York.
Business Managers, George B. Shepherd and W. D. Riggs, 138 Front St., N. Y.
• (2.) That the owners are (Give names and addresses of individual owners, or if a
Corporation, give its name and the names and addresses of stockholders holding 1%
or more of total amount of stock): Owner, William 13. Dana Company, 138 Front
St., New York. Stockholders: Estate of William B. Dana (beneficiaries, Maria T.
Dana and W. S. Dana), Jacob Seibert Jr. Arnold G. Dana, Grace N. Dana, and
Albro J. Newton; address of all, 138 Front St., New York.
(3.) That the known bondholders, mortgagees and other security holders, holding
1% or more of total amount of bonds, mortgages, or other securities are: (If there
are'none, so state.) No bonds or mortgages on property, and therefore no"bondholders, mortgagees and other security holders."
(4.) That the two paragraphs next above, giving the names of the owners, stockholders, and security holders, if any, contain not only the list of stockholders and
security holders as they appear upon the books of the company, but also, in cases
where the stockholder or security holder appears upon the books of the company
as trustee or in any other fiduciary relation, the name of the person or corporation
for whom such trustee is acting. Is given; also that the two said paragraphs contain
statements embracing afflant's full knowledge and belief as to the circumstances
and conditions under which stockholders and security holders who do not appear
upon the books of the company as trustees, hold stock and securities in a capacity
other than that of a bona fide owner; and this afftant has no reason to believe that
any other person, association, or corporation has any interest, direct or indirect, in
the said stock, bonds, or other securities than as so stated by him.
(Signed) Jacob Seibert Jr., Editor. Sworn to and subscribed before me this 29th
day of Sept.. 1916. Thomas A. Creegan, Notary Public, Kings County. Certificate filed In N. Y. Co. No. 207. (My commission expires March 30 1917.)
MUNICIPAL BOND SALES IN SEPTEMBER.
Long-term municipal bonds sold in the United States
during the month of September aggregated, according to
our records, $19,262,259. During the same period the temporary loans negotiated amounted to $18,521,199, including
$14,085,479 short-term securities (revenue bonds, revenue
bills and corporate stock notes) of New York Cit130 Canadian disposals during last month reached a total of $100,979,192, including the $100,000,000 5% Dominion Government
loan. A few of the important sales made in the United States
during September were: Cleveland, Ohio, $1,836,000 43/2s;
Flint., Mich., $400,000 4s; Hamilton County, Ohio, $500,4
000 431s; Ironton, Ohio, $375,000 43 s; Lawrence County,
Tenn., $342,000 5s; Lima City School District, Ohio, $490,000 43's; Lynn, Mass., $343,500 4s; State of Massachusetts,
$300,000 33's; Milwaukee, Wis., $1,350,000 43s; Morris
County, N. J., $543,000 4 2s and St. Louis County, Mo.,
$520,000 43's.
In the following, we furnish a comparison of all the various
forms of obligations put out in September during the last
five years:
1912.
1913.
1914.
1916.
1915.
S
$
$
Permanent loans(U.5.).. 19,262,259 26,707,493 13,378,480 26,025,969 25,469,643
'Temporary loans(U.S.) 18,521,199 22,247,495 107,865,574 45,398,533 26,081,556
Canadian loans(perm't)_100,979,192 6,889,930 1,907,883 17,256,464 3,864,129
None
Bondsof U.S.Possessions None
None
100,000
None
None
None
3,000,000
Gen.Fund bds.(N.Y.C.) None
None
Total
138,762,650 55,844,918 126,151,937 88,680,966 56,515,328
'minding temporary securities issued by New York City In September, $14,'
085,479 in 1916, 316,597,700 in 1915, 3102,127,800 in 1914, $42,493,908 in 1913
and 323,588,171 in 1912.
The number of municipalities emitting permanent bonds
and the number of separate issues made during September
1916 were 310 and 615, respectively. This contrasts with
387 and 524 for Aug. 1916 and with 403 and 566 for Sept.
1915.
For comparative purposes we add the following table showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for
a series of years:
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1901
For the
Month of
September.
Nine Mos.
819,262,259 $355,243,026 1903
26,707,423
400,496,817 11/02
408,044,823 1901
13,378,480
26,025,969
288,204,714 1900
25,469,643
317,912,921 1899
26,487,290 314,503,570 1898
231,921,042 1897
18,364,021
23,001,771
272,389,451 1896
34,531,814
243,241,117 1895
199,722,964 1894
47,947,077
8,980,418
153,152,345 1893
9,325,200
141,021,727 1892
10,604,671
197,921,657
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
News items.
PUBLISHED WEEKLY.
For One Year.
For Six Months
European Subscription (including postage)
European Subscription six months(including postage)
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
[VOL. 10:3.
For the
Month of
Nine Mos.
September.
$8,762,079 $111,745,993
9,179,654
117,678,855
14,408,056
99,324,001
97,194,441
4,033,899
7.201,593
95,026,437
6,173,665
83,150,559
9,272,691
106,387,463
56,229,416
3,693,457
11,423,212
92,253,916
8,240,347
90,451,836
40,974,566
3,885,137
6,242,952
63,583,834
Canada (Dominion of).—Plan of Allotment of New Loan
Subscriptions.—In our editorial columns this week we refer
to a plan adopted by the Finance Department at Ottawa,
under which the allotment will be made of subscriptions to
the new 8100,000,000 5% gold bonds.
France (Republic of).--New Loan.—In our advertising
columns this week will be found full particulars concerning
the new 5% national loan, subscriptions for which will be
received at the office of Brown Bros. & Co., 59 Wall St.,
until Oct. 28.
Gretna, Jefferson Parish, La.—Commission Form rf
Government Adopted.—Reports state that the question of
establishing the commission form of government carried by
a vote of 519 to 238 at an election held Sept. 19.
New York City.—Tentative Values of Real Estate and Personal Property for 1917.—The Department of Taxes and
Assessments on Oct. 2 opened the assessment books for the
year 1917. The tentative assessed value of ordinary real
estate and real estate of corporations for 1917 is announced
to be $7,833,875,536, a decrease of $38,392,908 compared
with the tentative figures for 1916, but an increase of
$51,405,837 over the final rolls for 1916. We give below the
estimated figures for 1917, comparison being made with
both the estimated and the final figures for 1916:
REAL ESTATE.
—Final Rolls
Tentative Figures
1916.
1916.
1917.
ManhattanfOrdlnary real estate- ---$4,693,178,646 $4,805,068,826 $4,748,231,066
101,350,945
108,935,045
Real out. of corporations 109,149,640
619,288,876
623,857,316
Bronx ____ Ordinary real estate_ — _ 634,570,101
47,526,600
48,820,430
52,900,500
Real est. of corporations
Brooklyn.... Ordinary real estate- _ _ 1,673,189,196 1,646,268,487 1,632,038,807
36,518,995
27,912,470
29,214,655
Real est. of corporations
512,867,098
488,911,435
487,996,860
Queens _ Ordinary real estate__ - _
36,555,790
33,357,420
32,611,590
Real est, of corporations
85,409,560
81,744,845
81,093,570
Richmond_ I Ordinary real estate_ _ _
3,616,080
3,312,030
3,116,730
Meal est. of corporations
$7,599,214,601 $7,645,850,000 $7,568,649,179
Total ordinary real estate
234,660,935
226,417,535
213,820,520
Total real estate of corporations_ _ _ _
Grand total of real estate
$7,833,875,536 $7,872,268,444 $7,782,469,699
The above does not include special franchises. The
assessments for these are made by the State Board of Tax
Commissioners and returned to the Tax Department of the
city in January each year. They were reported as follows
for 1916: Manhattan,$280,248,618; The Bronx,$32,053,720;
Brooklyn, $92,107,508; Queens, $18,786,164; Richmond,
$3,156,652; total, $425,352,662.
Mr. Lawson Purdy, President of the Department of Taxes
and Assessments, makes the following statement explaining
the increase and decrease in the real estate values:
Exclusive of the Borough of Manhattan, the tentative assessment of
real estate shows an increase of $85,617,842. The net decrease In the
Borough of Manhattan amounts to $55,052,420, leaving a not increase for
the whole city of $30,565,422. It must not be inferred that the past year
has been especially bad in the Borough of Manhattan because the decrease
is so large. The fact is and always must be that the Tax Department
follows the evidence, whether an increase or decrease. When property is
rising in value the assessment must be somewhat less than actual value,
because the assessment is based on the evidence of the past. The same is
true when property is falling in value: as the assessment is based on the
evidence of the past the assessment is really taking account of a previous
decline. The sections of Manhattan In which values have declined the
most in recent years are showing evidences of improvement, or, at least,
of greater stability.
The most notable reduction in Manhattan is in the general territory
south of 14th Street and north of Worth Street. The decrease in this
territory was approximately $50,000,000. South of Worth Street the
decrease was about $3,000,000. Between 14th Street and 40th Street tne
net decrease is about $16,000,000. From 40th Street to about 96th Street,
from river to river, there is a net increase of about $20,000,000. North
of 96th Street to about 140th Street there is a decrease of about $11,000,000.
North of 140th Street the increase is about $5,000,000.
In the Bronx there is a net increase of $15,281,225. The section in
which the increase is most notable is between Kingsbridge Road, Bronx.
and Pelham Parkway, Bronx River and 177th Street. The increase hero
for new buildings alone was about $6,000,000, and the total Increase is
$7,200,000. The only decrease of any consequence in the Bronx was in
the southerly part, between Third Avenue, Westchester Avenue, St. Ann's
Avenue and the Harlem River. Here the decrease on buildings amounted
to a little over $400,000.
The Borough of Brooklyn shows the largest increase of any borough, and
this increase in the value of both land and buildings is naturally along
the lines of the new rapid transit development. The increase for new
ouilaings alone in Brooklyn is $34,205,885, and the net increase is $41.150.389 for land and buildings together. The largest increase is along the
Eastern Parkway, where in one district there Is an increase of almost
$5,000,000 of which $4,000,000 is for new buildings. The next largest
increase is in the Bay Ridge section-34,000,000. In Prospect Park South
and the neighborhood adjoining to the south there is an increase of nearly
$4,_000.000.
In the Borough of Queens there has been a largo increase for new buildings, and the most active development has been not far from the Plaza.
South ol Nott Avenue, west of Van Alst and Jackson avenues, between
Newtown Creek and the East River, the increase was nearly $3,500,000.
The total increase for the borough is $24,870,238.
In the Borough of Richmond there was an increase of over $4,315,990,
the
and 2()% of this increase was in the Second Ward, bounded on and north
Richby Richmond Turnpike, on the south by Vanderbilt Avenue
mond Roaa.
The tentative assessed valuation announced at this time does not include
special franchises, which are assessed by the State Tax Commission. The
tentative assessState Tax Commission notifies the Department of thefinal
assessments
ments about the first of December and certifies tho
about the first of February.
The tentative valuations will be decreased on account of the property
acquired during the year by the city and property which must be exempted
for other reasons. The exemptions in recent years have averaged about
$20,000,000. The reductions by the Commissioners have in recent years
averaged $50,000.000. The final assessed values, exclusive of special
franchises, will certainly show a net decrease. The amount of the decrease
is not likely to be much more than $50,000,000
The total of the tentative personal assessment list for 1917
is $1,100,973,215, or $2,603,332,750 less than the tentative
figures for 1916. Enormous reductions are always made in
these figures by the "swearing off" process. For instance,
THE CHRONICLE
Om.7 1916.]
the estimated figures of $3,704,305,965 for 1916 being reduced
more than 33 billions, the final figures amounting to only
$376,530,150. In 1915 over 500 millions were deducted
from the estimated figures.
The following table shows the amounts for the various
classes of -personal property on the 1917 list, compared with
the tentative and final lists for 1916; the final figures for
1916 being designated by means of an asterisk (*):
1339
thirds will be cared for by certificates of indebtedness to be
paid out of the earnings of the water department in one, two
and three years. The 00,000 for the old plant is to be
paid for the company's property free of encumbrances,
delivery to be made Dec. 31 1916, the water company to be
entitled to the earnings until that time.
Bond Proposals and Negotiations thisweek
have been as follows:
PERSONAL PROPERTY.
AKRON CITY SCHOOL DISTRICT(P.O. Akron), Summit County,
-The Sinking Fund Commission of the city has pur-BOND SALE.
Ohio.
-year school bonds which were adverchased the issue of $45,000 06% 22
sold on Oct. 31. Auth., Secs. 7629 and 7630, Gen. Code. Detised to be
Boroughs.
nom. $1,000. Date Nov. 1 1916. Prin. and semi-ann. int.-M. & N.
payable at First-Second Nat. Bank, Akron. Due Nov. 1 1938.
1
3
1
$
1
3
-On Sept. 25
-BOND SALE.
ManhattanALEXANDRIA, Rapides Parish, La.
i917__.._ 19,204,900208,325,700261,609,500, 39,656,500,28,499,800 3,499,800 the wool)5% 194-year (aver.) coupon public-impt. bonds (V. 103, p.
1916____ 1741480200 188,668,200887,679,000; 40,193,00032,197,500 3,483,600 1055) were awarded, it is stated, to H.T. Holtz & Co. of Chicago at 104.77.
1916.- 100,789,900 29,160,400 143,805,700 28,557,60011,421,000 3,452,700
-On
-BOND SALE.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
Bronx1
200,000
Sept. 28 the six issues of 43% road bonds aggregating $50,000-V. 103, p.
- 17,272,500 6,250,700 5,504,000,
1917
,
1916__ 77,535,200 7,869,800 25,436,500, 1,287,000
1143-were awarded to the Hamilton Nat. Bank at 101.826. There were
167,800
435,700 3,033,9001
2,628,100
two other bidders.
Brooklyn
-Below we give a
-BOND SALE.
ALLIANCE, Stark County, Ohio.
32,000
99,657,425 42,497,565 21,182,000 2,524,000
32,000 list of the bids received for the 16 issues of 5% street 1mpt. bonds aggre936,000
1916_ 34,000,500 46,994,840 81,169,5001
gating $63,031 19 offered on Sept. 27.-V. 103. p. 1144. The following
32,000
735,800
22,653,025 6,103,665 14,264,600
issues were offered:
Queens
N
No. 1_ _37,734 50 No. 5_312,068 00 No. 9_31,435 501 o. 1342.500 00
257,000
19i7
28,007,075 6,280,850 5,036,000
No. 2__ 1.350 00 No. 6_ 3,513 60 No. 10._ 1,704 70 No. 14_ 3,691 15
192,000
1916____ 78,145,600 6,481,850 15,463,000
646 80
No. 3-- 4,036 15 No. 7.. 3,177 00 No. 11_ 1.250 00 No. 15_
123,900
752,685 3,467,900
2,366,575
No. 4-- 1,435 501N0. 8_ 8,000 00 No. 12.. 7,984 40 f No. 16_ 2,23589
Richmond--(1)$7,774,(2) $1,353,(3) $4,057.(4)$1,444.(5)$12,
Son & Co.
.Farson.
197,000
1917____ 2,738,050 1,419,850 1,121,000
175,000
130.(6) 0,532, (7) $3,193, (8) $8,041, (9) $1,443, (10) $1,713, (11) $1,1916____ 28,390,750 2,818,925 3,676,000
256. (12) $8,025, (13) $2,513,(14) $3.981,(15) $648,(16) $2.247.
175,000
756,7001
438,350
1,207,150
-(1) $7,798 50, (2) $1,360, (3) $4,069 15. (4) $1,City Says. & Tr. Co.
445 50, (5) $12,168, (6) $3,543 60, (7) $3,203, (8) $8,066, (9) $1,445 50,
Total
294,452,5001 42,834,50028,499,800 3,531,800 (10) $1,716 70. (11) $1,259, (12) $8,049, (13) $2,520. (14) 3,994 15. (15)
1917____ 466,879,950264,774,665
1
1916____ 23595522.50252,833,615 1013424000, 42,783,00032,197,503 3,515,600 $646 80,(16) $2,253 89.
Seasongood & Mayer-(1)$7,826,(5) $12,225,(R) $3,095,(12) $8.085.
760 10011,421,000 3,484,700
-129,6-14,750 36,890,800 165,328,800'
1916.
29"
Stacy & Braun-(1) 37,734 50, (2) $1,350, (3) $4,1036 15,(4) $1,435 50.
(5) $12,068, (6) $3,513 60, (7) $3,177, (8) $8,000, (9) $1.435 50, (10) $1,704 70.(11) $1,250,(12) $7,984 40,(13) $2,500,(14) $3,961 15,(15) $646GRAND TOTAL BY BOROUGHS.
80 (16) $2,235 89.
Hayden, Miller & Co.,$130 premium on all issues..
Queens. Richmond. Total.
Tillotson & Wolcott Co., par on all issues.
Manhattan.! Bronx. I Brooklyn.
J. C. Mayer & Co., $6 premium on all issues.
I
-(1) $7,825, (2) $1,357, (3) $4.035. (4) 31.453.
S
$
Keane, Highbie & Co.
1917____ 860,706,200 29,227,200165,892,930 39,580,925 5,475,900 1100973215 (5) $12,149 50,(6) S3,556, (7) $3,215, (8) 38,098,(9) $1.453, (10) _ _ ,$1 731,1916_ ___ 2893701500112,128,500563,132,840100,282,45035,060,675 3704305965 64, (11) 81,265, (12) $8,110 50, (13) $2,530 75, (14) $4,022, (15) 3649 35,
1916*___ 317,187,300, 6,265,500 43,789,090, 6,711,060 2,577,200376,530,150 (16) $2,270 31.
-Proposals will
-BOND OFFERING.
ALMA, Gratiot County, Mich.
17 by Carl E. Gallagher, City Clerk, for the
be received until 8
-We $60,000 water and p. in. Oct.
-External Loan Sold by Syndicate.
Paris, France.
$40,000 sewer 4% c,7, bonds voted Aug. 29-V. 103, p.
Int.
958.
refer this week in our editorial columns to the sale by the $5.000Denom. $1,000.1,Date Nov. 11916. incl. M.& N.in Alma. Due
Cert. check for $1,000
from 1917, to 1936
yrly. on Nov.
Kuhn, Loeb & Co. syndicate of the new 850,000,000 5% payabla to the City of Alma required. Bonded debt Oct. 2, 1916 incl.
$137,000, floating debt $1.500, sinking fund $4,700, assess.
these issues
municipal external gold loan.
val. $1916, $3,091,300, total tax rate per $1.030, 1915, $27.04.
-On Oct. 3 the $4,- r ALTA LOMA STORM PROTECTION DISTRICT, San Bernardino
-Bond Sale.
Philippine Islands.
-On Sept. 23 $80,000 6% 11-20-yr. ser.
-BOND SALE.
gold registered Manila Rail- County, Calif.
000,000 4% 10-30-yr. (opt.)
bonds were awarded to the Contractors Securities Co., of Los Angeles for
road Co. purchase bonds (V. 103, p. 1054), were awarded to $81,010, equal to 101.262. The Crown City Trust & Says. Bank of Pasathe National City Co. of New York at 100.76, a basis of dena bid par. Int. J. & J.
-BOND
ALTURA SCHOOL DISTRICT, Los Angeles County, Cal.
about 3.91% to optional date and about 3.957% to full SALE.
-On Sept. 25 $1.100 51,9':, building bonds were awarded, reports
maturity.
-equal to 102.727.
state, to the State Board of Control for $1,130
to the bid of the National City Company for
It Is stated that in addition
-On Sept. 6
AMBBRG (T) Marinette County, Wisc.-BOND SALE.
the entire issue of bonds at 100.76,a joint Old of 101.31 for the first 1,000,000,
of 101.08 for the second 81,000,000, of 100.68 for the third $1,000,000, and ..S5,000 6% highway impt. bonds (V. 103, p. 863), were awarded to the
was submitted byBreed, Elliott & Harrison, Farmers & Merchants Bank of Marinette at par and expenses. Denom.
100.38 for the fourth $1,000,000
W. R. Compton & Co. and Kissel, Kinnicutt& Co. The average of these $1.000. Date July 11916. Int. ann. on Mar. 1. Due $1,000 YrlY. Mar.
bids was slightly lower than that of the National City Company for the 1 from 1917 to 1921, inclusive.
whole issue. The bid of the Fletcher American National 13ank of IndianAMES SCHOOL DISTRICT (P. 0. Ames), Story County, Iowa.
apolis was 100.80, and, wane on its face this was the highest bid, when BOND SALE.-Geo M. Bechtel & Co. of Davenport were awarded at par
subtractions were made for arbitrage, the bid figured out 100.36. William and Mt. on Aug. 1, $9,000 4%% school funding bonds. Date Sept. 1
for
E. Lauer & Co. of New York put in a bid of 103.50 and accrued interest
1916. Int. M.& S. Due Oct. 1 1935.
$25,000 of the bonds. The Mercantile Trust Company of St. Louis filed
-BOND OFFERING.
-Proposals
ANSONIA, Darke County, Ohio.
a bid of 100.59 for $1,000,000.
12 m. Oct. 9 by H. R. Milletto, VII. Clerk,for an issue
The above bonds are now being offered by the National pity Co. in an ad- will be received until apparatus bonds. Denom. $500. No deposit re. of $2,000 coup. fire
issue.
vertisemmt on a preceding page of this
quired. Bonded debt Oct. 1 1916, 82,600, no floating debt.
-On Oct. 3 the two issues of i ARCADIA, De Soto County, Fla.
-Bond Sale.
Porto Rico.
-Proposals
-BOND OFFERING.
10 a. m. Nov. 10 by the Bond Trustees for
4% gold registered tax-free bonds, aggregating 8700,000 will be received until sanitary sewer, $19,000 water-works-ext. and $90.000
$15,000
,
street-impt. 821,000
(V. 103, p. 1054) were awarded as follows:
fire-hall-bldg. 6% 30-yr. coupon bonds voted Aug. 29, De
-Series I, city-hall and Date Nov. 1 1916. Prin. and semi-annual int.(M.&N.)
Lot A, $200,000 Irrigation Refunding bonds (due on Jan. 1)
nom. 31.000.
1959, $100,000; Series J,1960,$100,000:-$75,000 of SeriesI and $100,000 payable to the City Clerk or at the Nat. Park Bank, N. Y. Cert. check
Series J. awarded to Seasongood & Mayer of Cincinnati at 104.6055 and for $1,000, payable to the Bond Trustees, required. All bids subject to
$25,000 of Series I to the Ohio Nat. Bank of Columbus at 105.385.
-Series A, validation of bonds.
Lot 13, $500,000 Public Improvement bonds (due on Jan. 1)
-BOND OFFERING.
-Proposals
AVON PARK, De Soto County, Fla.
1027.$100,000; Series 13, 1928,$100,000; Series C, 1929. $150,600; Series D.
1930. $150.000:-$100,000, Series A,$100,000; Series B,$125,000; Series C will be received until 12 m. Oct. 23(date changed from Oct. 12) by the Bond
and $100,000. Series D to Seasongood & Mayer at 102.622 and $25,000 Trustees, De Forrest Canfield, Chairman, for $30,000 5% coupon street
improvement bonds voted July 18 (V. 103, p. 1240). Denom. $1,000.
Series Oat 102.682 and $50,000 Series D at 103.15 to the Ohio Nat. Bank.
Newspaper dispatches state that Seasongood & Mayer offered to buy Date June 11916. Principal and semi-annual interest (J. & D.) payable
all or any part of the $500,090 issue of public improvement bonds at par at the National City Bank, N. Y., or at the City Treasurer's office. Certiand accrued interest, offering a premium of $13,111, and that the same fied check drawn on some recognized financial institution authorized to do
firm offered to buy all or part of the $200,000 Irrigation refunding bond business in De Soto County, for $1,000, payable to the Bond Trustees,
issue at par and accrued interest, with a premium of 39,211. The National required. These bonds will not be sold for less than 95% on the dollar.
Park Bank of New York offered to take $100,000 of the bonds at par and The town has no indebtedness. Assess. val. 1916, $300,000. Town tax
accruednterest. C. F. Childs & Co. offered for the entire amount a rate (per $1,000) $20.
prondinn of $15,890 making its premium rate 102.37. The bid of Gavin
-Reports state
-BONDS VOTED.
BALBOA, Orange County, Cal.
L. Payne of New "York on $100.000 was 103. W. R. Compton & Co.
of New York submitted bids of 101.313, 101.332, 100.128, 100.404, 100.467 that the question of issuing $125,000 harbor-impt. bonds carried by a vote
and 100.527 for the bonds in lots of $100.000 each. The Ohio National of 391 to 20 at the election held Sept. 25.
Bank of Columbus offered to take part of the bond issue at the figures
-The
-BONDS VOTED.
BAY COUNTY (P. 0. Panama City), Fla.
at which it was awarded $25,000 of Series C. $50,000 of Series D, and proposition to issue the $375,000 road-construction bonds (V. 103, p. 958)
$25,000 of Series I.
carried, it is stated, at the election held Sept. 19.
Other bids reported received were: Stacy & Braun of N. Y.. offering to
BEDFORD COUNTY (P. 0. Bedford), Va.-BOND OFFERING.
take the entire issue at 102.80; Lawrence, Turner & Co. of N. Y.. $100,000
at 101.25; E. II. Rollins & Sonsof N. Y.. $100,000 at 100.668 and accrued Proposals will be received until 12 m. Oct. 23 by S. M. Bolling, Clerk Bd.
interest; Mercantile Trust Co. of St. Louis, $500,000 at 101.280 per $1.000 of Supers., for $75,000 4 % coupon tax-free Forest Magisterial Dist. road
worth of the bonds; W. I'. Crowell & Co. of N. Y. 102.76 for all or part bonds. Denom. of $100 or any multiple thereof as purchaser may prefer.
of the $200.000 irrigation refunding bond issue, also offering 102.76 for Date Oct. 2 1916. Int. A. & 0. at the Co. Treas. office in N. Y.funds.
all or part of the $500,000 public improvement bonds; William E. Lauer & Bids must be submitted for bonds to mature as follows: First, bonds due
Co. of N. Y.. 104 and accrued interest for $25,000 of Series J of the $200,000 in 34 yrs.; second, due in 34 yrs., with option after 20 yrs.; third, due
irrigation bond issue; Crane, Parris & Co. of Washington, who offered to $3,000 yrly. Oct. 1 from 1920 to 1944 incl. Cert. check for 2% of amount
take the entire lot at 97.744, the only bid below par received on either of bid, payable to the above Clerk, required.
Issue; Fletcher American National Bank of Indianapolis, 103.338 and
BEE HIVE RURAL SCHOOL DISTRICT (P. 0. Warrensville),
-Proposals will be reaccrued interest for the $200.000 issue and 101.42 and accrued interest for Cuyahoga County, 01210.
-BOND OFFERING.
the $500,000 public improvement Issue; Folsom & Adams of New York, ceived until 6:30 p. m. Oct. 11 by Guy W.Shurmer, Clerk Bd. of Ed., for
who offered to take the entire issue at a premium rate of 103.076.
$50.000 5% coup. site-purchase and constr. bonds. Auth. Secs. 7625.
and 7627, Gen. Code. Denom. 20 for $500,
Offer for Water Company's Plant 7626 1 1916. Prin. and semi-ann. int.-A. & 0. 40 for $1,000. Date
-payable at Woodland
Oct.
-Representatives of the Shreveport Water Co. Ave. Says.& Trust Co., Cleveland. Due $500 each six monthsfrom Oct. 1
Accepted.
Oct. 1 1928 to
1 1928 incl. and $1.000 each
the city to purchase the company's 1918 to Apr.incl. Cert. check on a bank six months fromone making the
have accepted the offer of
other than the
Apr. 1 1948
plant for $800,000. In addition, the City Council, it is said, bid for 10% of bonds bid for, payable to the Dist. Treas., required. Bonds
has awarded contracts for a complete new pumping plant to be delivered and paid for within 10 days from time of award. Purchaser
pay accrued interest. Bonded debt incl, this issue $50,000.
equipment, filter plant and water softening system, the toBELLEVUE, Huron County, Ohio.
-On
-BOND SALE.
whole to cost $305,047. The $800,000 will come from the two Lssues of 5% coup. bonds, aggregating $7,000-V. 103, p.Oct. 2 the
-were
953
water-works bond issue of $1,200,000 authorized in 1914, awarded to Breed, Elliott & Harrison of Cincinnati for $7,134 50 (101.921)
and of which $750,000 was sold on Jan. 5 (V. 102, p. 630). and Int.
BELOIT SCHOOL DISTRICT (P. 0. Beloit), Mahoning County,
Of the balance of the bond issue one-third will be used, it is Ohio.
-BONDS VOTED -The question of issuing $5,000 school completion
paying cash for the new plants, the other two- bonds carried at the election Sept. 23 by a vote of 77 to 66, reports state.
Corporation
Resident Personal of
Estates.
Personal.
Non-Resident Personal.
NonResident. ' Resident.
Saxe Law
Section 7, Section 7,
Sub. 2.
Sub. 1.
I
I
Shreveport, La.-City's
and
stated, in
1340
THE CHRONICLE
[VOL. 103.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.
-Bids
COLUMBUS, Ohio.
-BOND OFFERING.
-Proposals will be received
will be received until 10 a. m. Oct. 10 by Ben F. Hawkins,County Treasurer until 2 p. m. Oct.
for $13,400 43.6% Hickory Grove Twp. road bonds. Denom. $670. Date Trustees, for the 12 by Willis G. Bowiand, Secretary of Sinking Fund
following 43 % bonds:
Sept. 15 1916 Principal and semi-annual interest
-M.& N.
-payable at
office of County Treasurer. Due $670 each six months from May 15 1917 $100,000 water-main-line-ext. bds. Date Apr. 30 1914. Due Sept. 1 1944.
100,000 water-main-line-ext. bds. Date Mar. 24 1915. Due Mar. 1
to Nov. 15 1926, inclusive.
165,000 sewage-disposal impt. bds. Date Apr. 1 1915. Duo Sept. 1 1945.
BETHEL TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Tippe185,000 south-side-storm-sewer bonds. Date Mar. 15 1915. 1935.
Due
canoe City), Miami County, Ohio.
-BOND SALE.
Sept. 1 1945.
-On Oct. 2 the $60,000 4M % school bonds
-V. 103. p. 1055
-were awarded to Well, Roth &
Denom. $1,000. Prin. and semi-ann. int.-M. & S.
-payable at agency
Co. of Cincinnati at 101.41 and interest
of City of Columbus, in N. Y. City. Certified check
Other bids were:
2% of bonds bid for, payable to the Sinking Fund on a local bank for
Trustees,
Fifth-Third Nat. Bank
$60,786 C E. Denison & Co
$60,186 60 Bonds will be delivered on Oct. 24. Separate bids must be maderequired.
for each
Hayden, Miller & Co
60,410 Cummings,Prudden & Co.60,176 00 issue and must
forms furnished by the Secretary. Official circular
Bolger, Mosser & WiHaman_ 60.360 Breed, Elliott & Harrison_ 60,066 00 states that this be onhas
city
never defaulted in the payment of principal or
Davies
-Bertram Co
60,255 Stacy & Braun
60,055 00 interest on any of its bonds. Total bonded debt $20,587,100,
consisting
Field, Richards & Co
60,240 Prov. S. B.& Trust Co_ _ _ 60,012 00 of $5,165,800 assess., $3,616.000 water and
311,805,300
bonds; sinking fund, $6,432,018; net debt, less water bonds general city
BIG HORN COUNTY SCHObL DISTRICT NO. 29 (P. 0. Wyoli)
and sinking
Mont.
-BOND SALE.
-On Sept. 30 the $2,000 6% 3-5-yr. (opt.) building fund, $10,539,082.
The above bands are not new issues but securities which were held in the
bonds (V. 103, p. 864) were awarded to the First National Bank of BarnesSinking Fund as investments.
ville. Ohio. at 100.80. Denom.$500. Date Sept. 301916. Int. M.&3.
COLUMBUS, Columbia County, Wis.-BOND SALE.
BISMARCK, Burleigh County, No. Dak.-WARRANT SALE.
-The Farmers,
-On
Oct. 2 the $115,000 6%.1-20
-year paving warrants (V. 103, p. 1240) were & Merchants' Bank of Columbus was awarded on June 22 an issue of $7,000
% paving bonds for $7,005, equal to 100.071.
awarded to P. C. Remington at 101.22. Other bids were:
Date
July 1 1916. Int. J. & J. Due $2,500 Jan. 1 1917 Denom. $500. $2,000
Trimble Investment Co., Jamestown
and 1918 and
101.21 Jan. 1 1919.
Wells & Dickey Co., Minneapolis
101.17
Denom. $500 and $1,000. Int. ann. on May 1.
COMFREY INDEPENDENT SCHOOL DISTRICT NO. 49 (P. 0.
BLACKWELL, Kay County, Okla.
-BOND ELECTION.
-BOND ELECTION.
-An elec- Comfrey), Brown County, Minn.
-An
tion will be held Oct. 12 to vote on the questions of issuing $35,000 water- will be held Oct. 9 to vote on the question of issuing to the State ofelection
Minneworks ext. and $10,000 fire
sota $45,000 building bonds.
-dept. 6% 25
-year bonds.
ft
BOSTON, Mass.
-TEMPORARY LOAN.
-During September a loan
CONECUH COUNTY (P. 0. Evergreen), Ala.
-BOND SALE.
-The
of 82,000,000, dated Sept. 12 and maturing Nov. 3 1916, was negotiated $15,000 5% 30-year coupon road-impt. bonds offered on June
5-V. 102,
at 2 8-10% interest.
p. 2097
-have been awarded to Otto Marx & Co. of Birmingham at 103.12.
BRADENTOWN,Manatee County, Fla.
-BOND SALE.
-On Sept. 29
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND SALE.
-On
the $35,000 5% 20
-30-year opt. refunding bonds
-V. 103, p. 1056
-were Oct. 2 the two issues of 4%% 5 1-3
-year aver, road bonds, aggregating
awarded to Farson, Son & Co. of New York at 101.25.
$10,000-V. 103, p. 1144
-were awarded, It is said, to the Meyer-Kiser
BREVARD COUNTY (P. 0. Titusville), Fla.
-BIDS REJECTED
- Bank of Indianapolis at 101.945.
NEW OFFERING.
-All bids received for the $40,000 6% coupon special
Allegany County, Md.-BONDS VOTED.
-A vote
Road and Bridge Dist. No. 2 bridge-construction bonds offered on Sept. 11 of CUMBERLAND, cast
3,288 to 153 was
at the election Oct. 5 in favor of the question of
-V. 103, p. 864-were rejected.
issuing the $500,000 4%% 40-year impt. bonds, it is stated.
-V. 103, p.
The bonds were re-advertised to be sold at 2 p. m. Oct. 16.
1056.
BRIDGETON, Cumberland County, N. J.
-BOND SALE.
-On Oct. 3
DARBY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Derby),
the 414% coupon tax-free water bonds
-V. 103, P. 1240
-were awarded to Pickaway County, Ohio.
-BOND OFFERING.
-Proposals will be reJ. S. Rippel & Co. of Newark on their bid of $35,009 (100.025) and int. for ceived until 12
m. Oct. 14 by Harry Blaine, Clerk Bd. of Ed.,for $4,800
$34,000. There were nine other bidders.
5% coup. school bonds. Auth. Sec. 7629 Gen. Code. Denom.9 for $500,
BRITTON, Marshall County, So. Dak.-BONDS VOTED.
-The ques- 1 for $300. Date day of sale. Prin. and semi-ann. int.-M. & S.- paytion of issuing refunding bonds carried, it is stated, at the election held able at Third Nat. Bank, Circleville. Due $500 yearly on Sept. 1 from 1918
Sept. 19, the vote being 37 to 1.
to 1926, incl., and $300 Sept. 11927. Cert. check for 3% of bonds bid for,
payable to the Treas., required. Bonds to be delivered and paid for withBROWN COUNTY (P. 0. New Ulm), Minn.
-BOND OFFERING.
- in 10 days from time of award. Purchaser to pay accrued interest.
Bids will be received until 10 a. m. Oct. 24 by Louis G. Vogel, County
Auditor, for 6145,000 Judicial Ditches Nos. 6 and 24 and County Ditches
DARKE COUNTY (P. 0. Greenville), Ohio.
-BOND SALE.
-On
Nos. 20, 21, 22, 23, 24, 25 and 29 construction bonds at not exceeding 5% Sept. 16 the two issues of 5% bonds, aggregating $71,800-V. 103, p. 865
interest. Denom. $1,000. Date Nov. 1 1916. Int. semi-annual. Duo were awarded, reports state, to the Greenville Nat. Bank at 100.97.
serially in not over 20 years. Certified check on some State or national
DAVENPORT, Scott County, Iowa.
-BOND SALE.-Geo. M. Bechbank in Minnesota for $1,000, payable to the County Treasurer, required.
Purchaser to furnish blank bonds and necessary legal services at his own tel & Co. of Davenport were awarded on April 1 $10,000 4%% coupon corporate bonds. Denom. $500. Date April 1 1961. Prin. and semi-ann.
expense.
Int.(M.& N.) payable at the purchaser's office. Due $500 yearly Nov. 1
BUFFALO, N. Y.
-BOND SALES.
-During the month of September from 1921 to 1932 incl., $1,000 Nov. 1 1933, 1934 and 1935, and $1,000
the following three issues of 4% bonds, aggregating $55,220 05, were pur- April 11936.
chased at par by the City Comptroller for the account of the various
DAVENPORT INDEPENDENT SCHOOL DISTRICT (P. 0. Davensinking funds:
port), Scott County, Iowa.
-BOND SALE.
-The First Trust & Say.
$39,000 00 refunding water bonds. Date Sept. 11916. Due Sept. 11941. Bank of Davenport
recently purchased an issue of 389,000 4% coupon
10,996 11 bonds for work ordered by the Board of Public Works. Date tax-free funding bonds.
Denom. $1,000. Date June 1 1916. Int.
Sept. 15 1916. Due Sept. 15 1917.
J.& D. Due $29,000 June 1 1926,$30,000 June 1 1927 and 1928. Bonded
5,223 94 bonds issued for work ordered by the Board of Public Works. debt, including this issue,
$298,000. Taxable value 1915, 319,941 107;
Date Sept. 15 1916. Due Sept. 15 1917.
actual assessed value of property, $58,955,963.
CANTON, Hartford County, Conn.
-LOAN VOTED.
-At the annual
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND OFFERING.
town meeting held Oct. 2 the resolution authorizing the borrowing of Bids will be received
by Roger Daoust, Co. Aud., until 12 m. Oct. 10 for
money for current expenses not to exceed $20,000 was passed, it is said.
864,000 434% 4)4-yr. aver, road bonds. Auth. Secs. 105. 106 and 103,
CANTON, Ohio.
-BOND SALE.
-On Oct. 2 the six issues of 434% and Gen. Laws of Ohio. Denom. $1,000. Date Oct. 20 1916. Prin. and
-payable at Co. Treasury. Due $8,000 yearly on
5% bonds aggregating $127.800-V. 103, p. 1056
-were awarded to Tillot- semi-ann. int.-M. & S.
son & Wolcott Co. of Cleveland for $131,948 88 equal to 103.246. A full Sept. 1 from 1917 to 1924 incl. Cert. check on a local bank for $1,000.
payable to the Co. Aud., required. Blank bonds will be furnished by the
list of bidders follows:
$11,200 $21,900 $6,600 $6,100 $59,800 $22,200 County. Purchaser to pay accrued interest. Delivery of bonds to bo
Name al Bidder-Paving. Paving. Paring. Paring. Paring. Paving. Oct. 25.
Tillotson & Wolcott Co
$268 80 $525 60 $139 92 $107 36 $2,427 88 $679 32
DETROIT, Mich.
-PRICE PAID FOR BONDS.
-The price
Breed, Elliott & Harrison_ _ _ 259 84 521 22 128 70 101 26 2,409 94 668 22 the $45,000 4% 30-yr. public-building bonds recently purchased by John
Prov. Says. Bank & Trust Co_ 25538 519 03 124 08 0211 2.42788 643 80 F. McLean & Co. of Detroit
-V. 103, p. 1241-was 101.56. Denom.
Otis & Co
270 00 345 00 145 00 110 00 2.420 00 690 00 $1,000. Date Oct. 1 1916. Int. A. & 0. Due Oct. 11946.
Field, Richards & Co
250 30 505 00 121 10 90 47 2,363 08 624 40
BOND OFFERING.
-Proposals will be received until 11 a. m. Oct. 24
A.E. Aub & Co
261 00 511 00 138 00 107 00 2,22500 85000 by Geo. Engel, City Compt., for $1,200,500 4% 30-yr. coup. or reg.
(purWell, Roth & Co
228 48 473 04 122 76 95 16 2,188 68 590 52 chaser's option) school bonds. Denom. $1,000 for
Stacy & Braun
254 82 503 57 129 80 104 50 2,143 66 527 91 Date Nov. 1 1916. Prin. and semi-ann. int.-M. &$1,000, 401 for $500.
N.
-at
Sidney Spitzer & Co
235 00 466 00 126 00 101 00 2,11000 507 00 Treas, or at current official bank of City of Detroit in N. Y. office of City
Cert. check
Ohio National Bank
211 75 416 50 122 66 91 60 2,132 25 516 30 on any national bank or a State bank of Detroit (or cash) for 2%
Cummings,Prudden& Co_
234 00 458 00 125 00 97 00 2.08400 456 00 bid for, required. No bid for less than $500 will be considered. of bonds
R.L. Day & Co
($2,035 68 on first five issues)
568 32
EAST CLEVELAND, Cuyahoga County, Ohio.
Fifth-Third National Bank
53,563 33 premium on all issues.
-BOND SALE.
-On
Oct. 2 the two issues of 4%%'bonds, aggregating $54,360-V .103.
CARROLL COUNTY (P. 0. Carrollton), Mo.-BOND ELECTION.
- were awarded, it is stated, to C. E. Denison & Co. of Cleveland. p. 959
The proposition to issue $100,000 5% 10-yr. bridge bonds will be submitted
EAST LIVERPOOL, Columbiana County Ohio.-BOND SALE.to a vote, it is stated, on Nov. 7.
Reports state that J. C. Mayer & Co. of Cincinnati, bidding $47,001 49
ge CARY, Wake County, No. Caro.
-BOND OFFERING.
-Proposals will
bidders for the $46,5005% sower assess,
be received until 6 p. m. to-day (Oct. 7) by Thomas H. Taylor, Mayor,for (101.078) and int., were the highestp. 1056.
$12,000 20
-year bonds at not exceeding 6% interest. Denom. $500. bonds offered on Oct. 2.-V. 103,
Date Oct. 11916. Int. A. &-0. Cashier's check for $500, payable to the
EAU CLAIRE, Eau Claire County, Wisc.-BOND SALE.
,
-The City
"Town of Cary, required-4,
Sinking Fund purchased at par the 315,000 4% coupon water-works bonds
(V. 102, p. 908). Denom. $500. Date Jan. 11916. Prin. and semi-ann.
CHICOPEE, Hampden County, Mass.
j
-BOND SALE.
-On Oct.,'5 Int. (J. & J.) payable at the Eau Claire Nat. Bank, Union Nat. Bank or at
the four issues of 4% coup. bonds aggregating $93,100-V. 103, p. 1241
were awarded to Chandler, Wilber & Co., Inc., of Boston at 101.37 and the City Treas. office. Eau Claire. Due $1,500 yearly Jan. 1 from 1917 to
1926 incl. Bonded debt; incl. this issue, $390,000. Assess. val. 1915,
int. Other bidders were:
$10,768,051.
Merrill, Oldham & Co
101.079 Harris, Forbes & Co
100.83
Cropley, McGaragle & Co_ _ _101.037 Adams & Co
EMMITSBURG, Frederick County, Md.-BONDS VOTED.
-Ac100.82
cording to newspaper dispatches the citizens of the town voted on Sept. 25
Blake Bros. & Co
101.03 Biodget & Co
100.81
R.L. Day & Co
In favor of the issuance of $2,500 street
-improvement bonds.
101.029 Curtis & Sanger
100.779
H. C. Grafton, Jr
100.99 R. M Grant & Co
100.67
FAIR HAVEN TOWNSHIP (P. 0. Bay Port), Huron County, Mich.
Edmunds Bros
100.919 E H Rollins & Sons
100.658 -BOND SALE.
-The Detroit Trust Co. of Detroit was awarded on Juno 1
Arthur Perry & Co
100.853
the $35,000 4%% 13-yr. aver, road bonds offered on that day-V. 102,
CINCINNATI, Ohio.
-BOND OFFERING.
-Proposals will be received p. 2007. The price paid was $35,379 (101.082) and expenses. Denom.
until 12 m. Nov. 2 by Wm. Leiman, City Aud. for $100,000 43./% 20-yr $1,000. Date june 11916. Int. J. & D. Due from 117 to 1941.
water high-pressure fire-protection bonds. Auth. Secs. 3939 and 3940
-CERTIFICATE SALE.
FAIRMONT, Martin County, Minn.
-On
Gen. Code. Denom. $500. Date Sept. 1 1916. Int. M. & S. Cert.
check for 5% of bonds bid for, payable to the City Aud. required. Pur- Sept. 11 $121,000 paving and 810,300 sewer 6% certificates were awarded
& Dickey Co.
(100.762) and int.
chaser to pay accrued interest. Bids must be made on forms furnished by to Wells$1,000. Date of Minneapolis for $132,301lit
.
Aug. 21 1916. Int. ann.
July. Due part
the Auditor. These bonds are part of the $400,000 issue authorized by the Denom.
in July 1917, 1918 and 1919.
City Council on Aug. 1.-V. 103, p. 774. 141
,
-TEMPORARY LOAN.
FALL RIVER, Mass.
-This city recently neCLARK COUNTY (P. 0. Springfield), Ohio.-BOND SALE.
-On
Oct. 2 the two issues of 5% coup. bonds, aggregating $20,000-V. 103. 1). gotiated a loan of $200.000, maturing Nov. 15 1916, with R. L. Day & Co.
of Boston at 2.67% ,discount, it is stated.
-were awarded to Seasongood & Mayer of Cincinnati at 103.55.
1144
FANNIN COUNTY (P.O. Bonham), Tex.
-Pro-BOND OFFERING.
CLARKSVILLE, Mecklenburg County, Va.-BOND OFFERING.
- posals will be received until Oct. 12 by W. Harkins, Co.Auditor. it is stated.
Sealed bids will be received until 2 p. m. Oct. 31 by J. P. Taylor, Mayor,
for the following 5% 10-40
-year (opt.) road bonds: $35,000 Dist. No. 9,
for $7,500 6% 20
-30-year (opt.) coupon electric-light bonds. Denom.
3500. Date Aug. 15 1916. Int. F. & A. Certified check for $100, pay- $20,000 Dist. No. 10 and 360,000 Dist. No. 11, Denom. $1,000. Date
July 15 1916.
able to the "Town of Clarksville," required.
-BOND SALE.
FAYETTE COUNTY (P. 0. West Union), Iowa.
-CLEVELAND, Ohio.
-LOAN AUTHORIZED.
-The City - Council On Sept. 13 the $50,000
% 5-20-yr. serial funding bonds were awarded
passed a resolution on Sept. 25 providing for a loan of $1.500,000 maturing
&
.April 2 1917 at interest not to exceed 3Yi %. Denom.$100,000 and $50,000. to Geo. M. BechtelInt.Co. of Davenport at 103.092. Denom. $1,000.
Date Oct. 1 1916.
semi-annual.
Date Oct. 2 1916. Prin. and int. payable at office of City Treas.
FLINT UNION SCHOOL DISTRICT (P. 0. Flint), Mich.
-BOND
COBDEN, Brown County, Minn.
-BIDS REJECTED.
-All bids-re- SALE.
--M. H. Rollins & Sons of Chicago recently purchased at 98.89 and
ceived for the $2,000 5% village-hall-erection bonds offered on Sept. 25
int. the $80,000 47 coup. school bonds offered on Aug. 31. V. 103, p. 681.
c
-V.103, p. 1056
-were rejected. Bids were again asked for until Oct. 2.
Denom. $1,000. Date Sept. 1 1916. Int. M. & S. Due serially from
, ism
COLUMBIA TOWNSHIP (P. 0. Unionville),' Tuscola -Couirry; 1945 to 1948 incl.
,
-BOND SALE.
Mich.
-On Sept. 25 an issue of $2,500 5% road bonds
FLINT, Genesee County, Mich.
-BOND SALE.
-On Sc pt. 28 th
was awarded to John F. McLean & Co. of Detroit at 104.04. Denom.
-wore awarded at
$400,000 211-3-yr. aver. water bonds
-V. 103, P. 1145
$500 andl$1,000.:s, Datelulyi111915.k Int.t ann. in_Mar.,_ Due in 1933.
100.025 for 4s to the First Trust & Says. Bank of Chicago, subject to con-
OCT. 7 1916.1
THE CHRONICLE
Estabrook & Co. I
firmation by the Common Council. For 43i% bonds,
bid $19,760 premium. Other bidders were:
%
4%
Discount. Premium.
$5,200
$7,840
First & Old Detroit National Bank, Detroit
5,360
R.L. Day & Co., Boston
4,572
5,880
C. E. Denison & Co., leveland
5,720
6,800
Estabrook & Co., dhicago
6,800
3,900
R. M. Grant & Co.. Chicago
8,250
5,680
Mathew Finn, Detroit
8,548
New York_ 4.883
H. A. Kahler & Co.and Hornblower & Weeks,
8.605
5,400
Stacy dr Braun, Toledo
5,850
7,550
Spitzer, Rorick & Co., Toledo
9,000
County Savings Bank, Flint
Genesee
8,240
3,900
Curtis & Sanger, Chicago
8,920
Kissell, Kinnicutt & Co. Chicago
6.800
B. H. Rollins & Sons, Chicago
$200,000 (q) 4% and $200,000 © 44,%, premium of $80.
FOND DU LAC, Fond du Lac County, Wisc.--BOND ELECTION.
completion bonds will be
The question of issuing $50,000 Lakeside Park held
Nov. 7.
submitted to a vote. It is stated, at the election
Harris Trust & Savingsf$93.503 50
1*93.451 00
93,502 00
Halsey, Stuart & Co
93,473
E. H. Rollins & Co.,Cnic_ *93,435 10
30
R. M.Grant & Co., Chic
First Tr. & S. B. Chicago 93,380 00
Cont. & Comral Trust &
*93,268 00
Say. Bank, Chicago
A.B.Leach & Co., Chic_ _*93,231 00
Second Ward Say. Bank,
*93,215 00
Milwaukee
1341
Wiscon. Tr. Co., Milw__*$93,201 00
McCoy & Co.and Kissel,
Kizmicutt & Co., Ch1-1 93,174 00
*93,084 00
cago, jointly
Wm. R. Compton Co.,
*93,086 00
Chicago
Mosser Sr WillaBolger, 92.970 00
man, Chicago
Emery,Peck dz Rockwood.
*92,934 00
Chicago
Yard, Otis & Taylor, Chic.*92,725 00
Curtis & Sanger, Chicago- 92,529 00
* And blank bonds.
LACKAWANNA SCHOOL DISTRICT (P. 0. Lackawanna), Erie
-Proposals will be received until
-BOND OFFERING.
County, N. Y.
Ed., for $158,000
8 p. m. Oct. 16 by John J. Monagahan, Clerk of Bd. of semi•ann. Cert.
454% 8 1-3-yr. aver, school bonds, reports state. Int.
check for 10% required.
-The ques-BONDS VOTED.
LAKE COUNTY (P. 0. Tavares), Fla.
election
tion of issuing $65,000 6% road-construction bonds carried at the 1 1917.
Special Road District on Sept. 11. Date Jan.
held in Howey
-Reports Interest semi-annual. Due $20,000 Jan. 1 1927.and 1937 and $25,000
-BOND OFFERING.
Hardin County, Ohio.
FOREST,
II. H. Duncan is Clerk of Circuit Court.
state that Chas. S. Dome, Vii. Clerk, will receive bids until 12 m. Oct. 26 Jan. 11947.
-BOND SALE.
LARKIN SCHOOL DISTRICT, Glenn County, Calif.
for $14,550 improvement bonds. Cert. check for 10% required.
school bonds has been awarded, It is stated, to
-DESCRIPTION OF BONDS. -An issue of $10,000 5% Francisco at 104.70.
FORT WORTH, Tarrant County, Tex.
Byrne & McDonnell of San
-The $225,000 5% 20-40-year (opt.) school-bldg. bonds awarded on Sept. 1
-On
960)
-BOND SALE.
to R. J. Edwards of Oklahoma City at 105.57 and int. (V. 103, P. Aug.
LAWRENCE COUNTY (P. 0. Bedford), Ind.
are in the denom. of $1,000 each and dated Aug. 1 1916. Int. Feb.&
Sept. 30 the 326,000 4%% road bonds (V. 103, P. 1146) were awarded to
P. Wild dr Co. of Indianapolis for $26,501, equal to 101.926. The other
J.
FOXBOROUGH WATER SUPPLY DISTRICT (P. 0. Foxborough), bids were:
-Proposals will be received
-BOND OFFERING.
Norfolk County, Mass.
$26,471 001 Merchants Nat. Bank.._ _ _$26,403 40
Miller & Company
26,403 00
until 8 p. m. Oct.9 by Orlando McKenzie,Chairman Bd.ofiWater Commrs., Meyer-Riser Bank
26,445 75,R. L. Dollings Co
for $11,000 4% 6%-yr. aver, coup. tax-free water bonds. Denom. $500. Breed, Elliott & Harrison 26,442 001
-payable at Old
Date Oct. 1 1916. Prin. and semi-ann. int.-A. & 0.
-W. W.
-BOND SALE.
Loudon County, Tenn.
from 1917
LENOIR CITY,
Colony Tr. Co., Boston: Due $500 yearly on Oct. 1genuineness to 1938,
have been awarded, reports state, $35,000 paving
of these
incl. The above trust company will certify as to the the legality of this Wills & Co. of Knoxville
and int. Purchaser to pay legal expenses and
bonds and this trust company will further certify that Perkins of Boston, bonds for $36,000 (102.857)
the bonds.
issue has been approved by Ropes, Gray, Boyden & delivered without cost of lithographing
-BOND OFFERING.
copy of whose opinion will accompany bonds when
(P. 0. Liberty), Tex.
a
LIBERTY COUNTY
charge to the purchaser. Assessed val. of District Apr. 11916,$2,086,435; Proposals will be received until Oct. 9 by C. N. Smith, County Judge, it is
total tax rate $2.45 per $1,000.
-30
stated, for $70,000 6% 10 -year (opt.) drainage bonds. Denom. $500.
-On
-BOND SALE.
FRANKLIN PARISH SCHOOL DISTRICT, La.
LIBERTY SCHOOL TOWNSHIP (P. 0. Clayton), Hendricks
to
-Reports state that A. K. Gilbert,
-BOND OFFERING.
Sept. 21 an issue of $12,000 Eighth Ward building bonds was awarded
County, Ind.
Township Trustee, will receive bids for $12,50006% refunding bonds until
B. B. Handy of Monroe at par. Date Oct. 1 1916.
10 a. m. Oct. 21.
FREEDOM SCHOOL DISTRICT (P. 0. Dallas R. F. D. No. 1),
-The ques-BONDS VOTED.
-The $1,800 5% building bonds
-BOND SALE.
LONG BEACH, Nassau County, N. Y.
Marion County, Iowa.
on June 17 have been awarded to Schanko & Co. of Mason City at tion of issuing $45,000 municipal building property purchase and construcoffered
A. Due $200 yearly Aug. 1 from 1917 to tion bonds carried, reports state, at the election Oct. 2 by a vote of 92 to 70.
par. Denom. $200. Int. F. &
1925, incl.
-Bids will be
-BOND OFFERING.
LORAIN, Lorain County, Ohio.
-On received until 12 m. Oct. 27 by Geo. N. Damon, City Aud., for 417,626 45
-BOND SALE.
FULTON COUNTY (P. 0. Rochester), Ind.
Code. Denom. 1 for
Oct. 4 the $8,900 434% road bonds (V. 103, p. 1145) were awarded for 434% coup. funding bonds. Auth. Sec. 3916,Gen.
25 Sept. 15 1917
$9,087 80 (102.110) and interest. Other bidders and their premiums bid $626 45, 34 for $500. Date Sept. 15 1916. D ue $1,626in odd years from
and $2,000 on Sept. 1 in even years and $1500 on Sept. 1
were:
$16000 1918 to 1926 incl. Cert. check on a Lorain bank or any national bank for
Ind. Bk.& Tr. Co. Roches'r.$174 60 Salem Bank, Goshen
paid
be delivered
172 50 Merchants Nat. Bk., Muncie 152 75 $500, payable to the City Treas., required. Bonds to pay accrued and
'
Meyer-Riser Bank
interest.
00
165 00Breed, Elliott & Harrison__ 149 00 for within 10 days from time of award. Purchaser tothe issuance of these
Union Trust Co
135
Complete transcript of proceedings had relative to
161 00 Miller & Company
& Co
Gavin L. Payne
will be furnished purchaser.
County, bonds
GRANT SCHOOL TOWNSHIP (P. 0. Boswell), Bentonrelative to
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 2,
-Additional information is at hand
Ind.
-BOND OFFERING.
-V. 103, p. 1241. Calif.
-On Sept. 23 the $390,000 Mission Lands Dist.
-BOND SALE.
the offering on Oct. 21 of the $42,000 4% school bonds
by H. E. water-distributing system installation bonds were purchased, it is stated,
Bids for these bonds will be received until 1 p. m. on that day
J. & J. by the San Fernando Mission Land Co. at par and int.
Simpkins, Twp. Trustee. Denom. $500. Date July 1 1916. Int.
incl. and
Due $500 July 11918, $4,000 yrly. on July 1 from 1919 to 1928
LOWER RUNNINGWATER DRAINAGE DISTRICT (P. 0. Wal-15-year
$1,500 July 11920.
-On Sept. 5 the $25,000 5
-BOND SALE.
nut Ridge), Ark.
-By a vote of serial coupon drainage bonds (V. 103, p. 776) were awarded to Whitaker &
Spalding County, Ga.-BONDS VOTED.
GRIFFIN,
$500. Date
$65,000 4 % 30-yr. high-school and gram- Co. of St. Louis at 101.30 for 5s. Denom. 3100 and
587 to 1 the question of issuing
19.
Sept. 1 1916.
mar school building bonds carried at the election held Sept.
-PURCHASER OF BONDS.
-On Sept. 22
-BOND SALE.
LYNDEN, Whatcom County, Wash.
GRINNELL, Poweshiek County, Iowa.
recently sold at 101
% refunding
Geo. M. Bechtel & Co. of Davenport were awarded $73,000 (more or less) The purchaser of the $26,000 Price & Co. ofbonds
Seattle. Denom. $1.000.
improvement fund, sewerage-disposal fund and district (V. 1()3, p. 1146) was John E.
-year serial
5% 10
subject to call $2,000 in
years after
sewer fund bonds at 101. Denom. $500. Int. M.& N. Using newspaper Interest semi-annual. Due 20 from date. date,
reports, we stated in last week's "Chronicle" (p. 1242) that the amount of 5 years and $24,000 in 10 years
-On Sept. 29 the following three issues
bonds sold was $80,000.
-BOND SALE.
LYNN, Mass.
-On Sept. 27 of 4% registered tax-free bonds, aggregating $152,500, were awarded to
-BOND SALE.
HARCOURT, Webster County, Iowa.
were purchased by Estabrook & Co. of Boston at 101.65:
tho $3,500 5% electric-light bonds (V. 103, P. 775)
building bonds. Due $12.000 yearly on
Schanke & Co. of Mason City. Denom. $500. Date Nov. 11916. Int. $119,500 street 1and municipal 1925, inclusive, and $11,500 April 1 1926.
April from 1917 to
J. & D. Due $500 yearly Dec. 1 from 1920 to 1926. inclusive.
38,000 drainage bonds. Due $2,000 yearly on April 1 from 1917 to
-BONDS AUTHORIZED.
-The
HARRISON, Hudson County, N. J.
1924, inclusive, and $1,000 yearly on April 1 from 1925 to 1946,
Town Council on Oct. 3 authorized the issuance of $245,000 4301% Passaic
inclusive.
$1,000. Due
Valley sower-constr. bonds, it is stated. Denom. yearly on Nov.$6,000
5,000 paving bonds. Due $1,000 yearly on April 1 from 1917 to 1921,
1 from
Inclusive.
yearly to Nov. 1 from 1917 to 1951 incl. and $7,000
1952 and 1956 incl.
Interest payable on April 1 and Oct. 1. Other bidders were:
101.54 Arthur Perry & Co
-An issue of Blake Bros. & Co
-BOND SALE.
County, Ala.
HARTSELLS, Morgan
1 03
181 06
Adams & Co
$8,000 6% 10-year school-building-completion bonds has been purchased Cro ley, McGaragle & Co101.527 E. H Rollins & Sons
100.90
101.399
by Sidney Spitzer & Co. of Toledo at par. Denom. $500. Date Sept. 15 R. L. Day & Co
100.88
101.26 Blodget & Co
Harris, Forbes & Co
1916. Interest semi-annual.
100.77
101.23 Chandler, Wilber & Co
R. M. Grant & Co
- Curtis & Sanger
100.62
-BOND OFFERING.
101.22 F. S. Moseley & Co
HIGHLAND PARK, Wayne County, Mich.
101.16
Further details are at hand relative to the offering on Oct. 9 of the $70,700 Merrill. Oldham & Co
water-mains and $374,740 reservoir and filtration-plant-construction 20
-The
MANCHESTER, Meriwether County, Ga.-BONDS VOTED.
year bonds (V. 103. p. 1242). Bids for these bonds will be received until
resulted, it is stated, in favor of the question of is8 P. m. on that day by R. M. Ford, Village Clerk. These bonds were election held Sept. 18
$500 or $1,000. suing $45,000 water-works and sewerage system bonds.
voted at the July 10 election (V. 103, P. 340). Denom.
Date of bonds, "when sold." Interest bids are asked at 4%, 434% and
MARIN COUNTY SANITARY DISTRICT NO. 2 (P. 0. Corte Ma4%%. Principal and semi-annual interest payable at Highland Park dera), Calif.
-An issue of $7,500 5% 20-year seriarsewer
-BOND SALE.
State Bank. Bonded debt, $2,146,640, including water debt of $1,101,240, bonds was awarded at par on April 1 to D. 0. Church. Denom. $375.
floating debt $25,000, sinking fund $151,440, assessed valuation 1916, Interest J. & J.
S52 904,060; actual valuation, estimated, $60,000,000; total tax rate per
-On
-BOND SALE.
MAR/ON COUNTY (P. 0. Indianapolis), Ind.
$1,(100, 439 00.
-V. 103, p. 1146
534-year aver, road bonds
-BOND Sept. 25 the $25,000 434% to J. F. Wild & Co. of Indianapolis at 102.01,
INDIANAPOLIS SCHOOL CITY (P. 0. Indianapolis), Ind.
were awarded, it is stated,
OFFERING.
-Proposals will be received until 8 p. m. Oct. 31 by John E. a basis of about 4.09%.
Cleland, Business Director, for the $150,000 4% coup. tax-free school
-BOND SALES.
bonds mentioned in V. 103, p. 601. Denom. $1,000. Date Dec. 11916.
MARSHALL COUNTY (P. 0. Holly Springs), Miss.
& J.
Prin. and semi-ann.
-payable at the Indiana Trust Co., -On Sept. 1 the 3200.000 Holly Springs Dist. road-impt. bonds were
Indianapolis. Due July 1 1961. Certified check on a responsible bank or awarded, it is stated, to the Bank of Commerce & Trust Co. of Memphis
trust company for 3% of bonds bid for, payable to the Board of School at 101.4375 for 5Xs. Date Sept. 1 1916. Int. semi-annual. Due
Commissioners, required. Bids must be made on special forms and $20,000 Sept. 1 1926 and $12,000 yearly from 1927 to 1941 incl. Bonded
debt of district, this issue. Assessed valuation, $2,014,000.
enclosed in envelopes furnished by the Business Director.
Dist. road-impt.
On
-BOND SALE. bondsAug. 25 the $60,000 10-24-year serial Mt. PleasantLouis for $60,641
IRVINGTON (Village), Westchester County, N. Y.
were awarded,it is stated, to Whitaker & Co. of St.
-V. 103, p.
-On Sept. 19 the $12.000 4% 83'-yr. aver, water bonds
Denom.$500. Date Aug. 1 1916. Int. semi-annual.
-101.06-and in
1057-wore awarded to Crandell, Sheppard & Co. of N. Y. at 101.429.
-On Oct. 2 the $25,000 1734-year aver. Marianna Road
BOND SALES.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-On Dist, road bonds
-were awarded to Whitaker & Co. of St.
-V.103. p. 1243
Sept. 30 the two issues of 4%% road bonds, aggregating $10,200 (V. 103, Louis at 100.875.
. 1145), were awarded to the Madison Safe Deposit & Trust Co. for
-On Oct. 2
-BOND SALE.
MARTIN COUNTY (P. 0. Shoals), Ind.
10,406 (102.019) and interest. Other bids were:
p. 1243
$10,393 60tH, L. Dollings Co
$10,355 00 the two issues of 434% road bonds, aggregating $9,800-V. 103, 50, equal
. F. Wild & Co
Martin County Bank of Shoals for $10,022
10,375 10 Merchants' Nat. Bank.- 10,351 21 were awarded to the
Meyer-Riser Bank
10,300 00 to 102.270. There were 8 other bids received.
Elliott & Harrison_ 10,365 75J. M. Casady Co
Breed,
10,361 00
-Reports
-BONDS VOTED.
Miller & CompanY
MAZEPPA, Wabasha County, Minn.
-erection
of issuing $8,000 light and power-plant
JONESBORO SCHOOL DISTRICT (P. 0. Jonesboro), Craighead state that the question of 88 to 14 at an election held Sept. 19.
-The Mercantile Trust Co. of St. Louis bonds carried by a vote
-BOND SALE.
County, Ark.
-27-year serial high-school-building
$85,000 5% 2
-On Oct. 2
-BOND SALE.
Purchased on July 25
MILLERSBURG, Holmes County, Ohio.
bonds. Denozn. $500. Date July 15 1916. Int. J. & J.
-V. 103, p. 1058-were awarded
the $3,000 5% village-hall-impt. bonds
-and int.
-103.108
- to Davies-Bertram Co. of Cincinnati for $3,093 25
-BOND OFFERING.
KENMORE (Village), Erie County, N. Y.
Proposals will be received until 8 p. m. Oct. 10 by Eimer W. Johnson, The other bidders were:
$3,085 00 People's Bkg. Co., Coshoc..$3,053 00
Co
Otis &
Village Clerk, for the following bonds:
3,038 10
3,078 35 W. I. Slayton & Co
$3,600 sewer (village's portion) bonds. Duo $600 yearly from 1919 to Stacy & Braun
Prov. Say. Bk. & Tr. Co.._ 3,069 30 Tillotson & Wolcott Co_ _ _ 3,033 00
1924, inclusive.
3,061 00 Commercial Say., Millersb. 3,005 00
First Nat. Bank, Gallipolis
975 water bonds. Duo $325 in 1917, 1918 and 1919
'
3,05700
3,000 lire-system bonds. Due $500 yearly from 1921 to 1926 inclusive. Durfee, Niles & Co
'
Interest send-annual. Separate bids must bo made for each issue.
MONROE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Lon-Proposals will be
-BOND OFFERING.
County, Ohio.
-On Oct. 2 the don), Madison
KENOSHA, Kenosha County, Wisc.-BOND SALE.
Board of Education,
1
$90,000 434% water-works bonds(V. 103, p. 1242) were awarded to Halsey, received until 12 m. Oct. 13 by William Glass, Clerk of
-year aver, coup. school bonds. Auth. Sec. 7629, Gen.
Chicago, for $93,457 (103.841) and int. Purchaser to fur- for $5,500 5% 23
Stuart & Co.
Code. Denom. $500. Date Oct. 15 1916. Int. A.& 0. Due 000 each
nish blank bonds. Other bidders were:
!
1342
THE CHRONICLE
six months from Mar. 1 1937 to Mar. 1 1942 incl.
Certified check for 5%
of bonds bid for, payaole to the Board of Education,
required. Bonds to
be delivered and paid for within 10 days from time of
to pay accrued interest. Bonded debt Sept. 1916, incl. award. Purchaser
no floating debt or sinking fund; assessed valuation, this issue, $50,500;
$3,000,000.
MONROVIA SCHOOL DISTRICT, Los Angeles County,
Calif.
BOND SALE.
-On Sept. 25 $9,260 5% building bonds were awardedto
Perrin, Drake & Riley of Los Angeles, for $9,661, equal
to 104.33.
MURFREESBORO, Rutherford County, Tenn.
-BONDS VOTED.
The questions of issuing $50,000 high-school-building and
equipment,$13,000
grammar-school-building and $12,000 colored-school-building
and equipment bonds carried, it is stated, by a vote of 333 to 158
at the election held
Sept. 25.
[VOL. 103.
PORTSMOUTH, Scioto County, Ohio.
-BOND
-On Sept. 28
the three issues of 43i% and 5% bonds, aggregating SALE.
961-were awarded to the Portsmouth Banking Co.$11,000-V. 103, 1).
for $11,301 90
-including accrued interest-equal to 102.744. Other
bidders were:
Prov. Say. Bk. & Tr. Co_$11,345 00 Spitzer, Rorick
& Co_ ___$11,265 00
Seasongood & Mayer.__.__ 11,300 00 First Nat. Bank,
Portsm- 11,238
Bud. Kleybolte Co
11,268 50 Central Nat. Bk.,Portsm. 11,209 65
00
Security Bank, Portsm
11,266 00
PRAIRIE DU CHIEN, Crawford County,
Wisc.-BOND OFFERING.
-Unconditional sealed bids will be received until 7
p.
Turbitt, City Clerk, for $62,000 43% high-school in. Oct. 16 by W. H.
nomination $1,000. Date Sept. 11916. Prin. and -building bonds. Desemi-ann. int. M.& S.,
payable at the Harris Trust & Say. Bank, Chicago.
March 1 from 1917 to 1935, incl., and $5,000 March Due $3,000 yearly
NATCHITOCHES PARISH (P. 0. Natchitoches),
11936, Cert.
La.
-BOND for $3,500, payable to the City Treas., required. The purchaser check
OFFERING.
-Further details are at hand relative to the
will be
of the $250,000 5% Road Dist. No. 19 highway constr.offering on Oct. 30 furnished with the approving opinion of attorney Theo. S. Chapman of
Chicago. Total debt, $94,000. Assess. val.
1243). Proposals for these bonds will be received until bonds (V. 103, p. (est.)
$1,923,339. Actual val.
10 a. m. on that
$2,000,000.
day by Addle Tauzin, Sec. of the Police Jury. Auth.
Art.
La., Act 256 of 1910 and Act 183 of 1914, and election 281, Const. of
PROSPECT PARK,
-BOND SALE.
Denom. $1,000 and $5,000. Date Mar. 1 1916. Prin. held Aug. 22. Oct. 2 the $56,000 4% 15 Delaware County, Pa.
-On
-year optional street and refunding bonds were
-30
and ann. int.
(Mar. 1), payable at the office of Treas. or any bank
sold at par. Denom.
chaser. Due on Mar. 1 as follows: $8,000, 1917 and designated by pur- Sept. 15 1946, subject $1,000. Date Sept. 15 1916. Int. M. & S. Due
to call after Sept. 15 1931.
1918; $9,000, 1919
and 1920; $10,000, 1921 and 1922; 311,000, 1923 and
These bonds were offered but not sold on July
1924; 312,000, 1925
21.-V. 103, p. 174.
and 1926; $13,000, 1927 and 1928; $14,000, 1929 and
1930
QUANAH, Hardman County, Tex.
1931 and 1932; $16,000, 1933 and 1934 and $17,000, 1935 and and $15,000,
-BOND
-J. L. Arlitt of
1936. Cert. Austin recently purchased $16,000 5% 10-40-yr. SALE.
check for 1% of face value of bonds payable to the Pres. of
(opt.) sewer bonds at par
required. Bonded debt, including this issue, $259,200. No Police Jury, and int. Date Sept. 11916.
floating debt.
Assess. val. of Dist. for 1915. $2.926.240.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-On
Oct. 5 a loan of $100,000,
NEBRASKA.
-BONDS PURCHASED BY STATE.
-During the month state, to the First National maturing April 5 1917, was awarded, reports
of September the following 5 issues of 5% bonds, aggregating
Bank of Boston at 3.09% discount plus SI 25
$28,200, were premium.
purchased by the State of Nebraska at par:
Place
Date of
RACINE, Racine County, Wis.--BOND OFFERING.
Amount.
Issuing bonds. Purpose.
-Proposals wilt
Bonds.
Due.
Option. be received until 2 p.
$5.000 Creighton
City Hall June 1 1916 June 1 1936 10 yrs. $40,000 414% street-i m. Oct. 23 by A. J. Eisenhut, City Treasurer, for
mprovement bonds. Denom. $1,000. Date Oct. 1
9,000 Dodge Co.S.D.No.39_Bullding Sept. 1 1916 Sept.
1
10.000 Holt Co. S. D. No.29.Building May 1 1916 May 1 1926 5 yrs. 1916. Principal and semi-annual interest (A. & 0.) payable at the City
1936 5 Yrs. Treasurer's office, or by draft payable in New York. Due
3,000 Pawnee City
Sewer
$2.000 yearly
July
1936
,
1,200 Platte Co.S.D.No.47_Building Sept. 1 1916 July *1 * * 5 yrs. Oct. 1 from 1917 to 1936, inclusive. Certified check for $2,000, payable to
1 1916
the "City of Racine, required. Bonded debt, including this
'
*** Due one bond yearly beginning Sept. 11917.
$1,290,000. Assessed valuation 1916, $50,507,791. Purchaser issue,
to pay
NEWARK,N. J.
-TEMPORARY LOAN.
-This city recently negotiated accrued interest.
a loan of $500,000 maturing in six months with Goldman, Sachs &
Co. of
RANDOLPH COUNTY(P. 0. Winchester),Ind.
N. Y. on a 3.24% basis.
-BOND OFFERING.
-Proposals will be received until 11 a. m. Oct. 7 by Elijah Puckett,
County
NEWARK, N. J.
-BONDS PROPOSED.
-A local paper stated that at Treasurer, for $3,600 Lemuel Austin road and $8,800 Herbert Baker road
the meeting of the City Council which was scheduled to be held last
Denoms.
night 43% 5 1-3-year aver. road-impt. bonds of White River
-Oct. 6
-an ordinance providing for the issuance of $100,000 hospital $180 and $440, respectively. Date Sept. 5 1916. Int. Twp. N. Due
M.
bonds was to have been introduced.
one bond of each issue each six months from May 15 1917 &
to Nov. 15
1926 inclusive.
NEW LEXINGTON, Perry County, Ohio.
-BOND SALE.
-On
25 an issue of $3,500 refunding bonds was awarded to the Sinking Sept.
RAPIDES PARISH (P. 0. Alexandria), La.
-BOND SALE.
-On
Fund Sept. 28 the $60,000
Trustees, it is stated.
5% Road Dist. No.8 road-construc. bonds (V. 103, p.
1059) were awarded, it Is stated, to the Rapides
of
NEWTON, Middlesex County, Mass.
-BOND SALE.
-On Oct. 4 an 100.83. Denom. $500. Date Aug. 11916. Int. F. & Bank the Alexandria at
A. at
issue of $10,000 4% 5%-year aver. street bonds was awarded, it is
Parish Treas,
to Merrill, Oldham & Co. of Boston at 102.089, a basis of about stated, office, the Chase National Bank, N. Y. or some bank to be selected by
3.59%• purchaser. Due yearly on Feb. 1 as follows: $500 1917; $1,000 1918 to
Duo $1,000 yearly on Oct. 1 from 1917 to 1926 incl.
1922, incl.; $1,500 1923 to 1929. incl.; $2,000 1930 to 1935,
incl.; $2,500
1936 to 1940, incl.;
NORTH HEMPSTEAD (Town), Nassau County, N.
to 1943, incl.•, and $3,500 1944, 1945 and
Y.
----BOND 1946. Bonded debt$3,000 1941this issue.
SALE.
of district,
-On Oct. 3 the $40,000 bonds issued for acquiring property in
Assessed valuation of district,
the 1915, $606,920.
Great Neck Park District were awarded to Geo. B. Gibbons & Co.
of N. Y.
at 100.375 for 4.10s.
-V. 103, p. 1243.
REMSEN (Town), Oneida County, N. Y.
-SPECIAL TOWN MEETING.
-The Town Board has called a special meeting of the taxpayers for
NORTH WILKESBORO, Wilkes County, No. Caro.
---BONDS NOT
SOLD.
-Up to Sept. 28 no sale had been made of the two issues of 5% Oct. 17 to decide whether or not the Town Board shall be authorized to
borrow the sum of $1,000 or as much thereof as may be necessary to pay
bonds, aggregating $65,000, offered on Aug. 28.-V. 103. p.
683.
the town's share for highway improvements.
NOWATA, Nowata County, Okla.
-BONDS VOTED.
-The election
RIVER TOWNSHIP, Warren County, No. Caro.
held Sept. 26 resulted, it is stated. in favor of the questions of issuing $3,-BOND SALE.
The $30,000 5% coupon road-construction bonds offered on July 3-V. 102.
500 fire truck purchase and $3.500 bridge constr. bonds (V. 103, p.
1147). p. 2366
-were awarded at par on Aug. 7 to Sweeney & Co., contractors.
The vote was 236 to 87 and 235 to 82, respectively.
ROCKMART SCHOOL DISTRICT (P. 0. Rockmart), Polk County,
OCONTO, Oconto County, Wis.-BOND SALE.
-On Sept. 11 the Ga.-BOND SALE.
-On Sept. 23 the $30,000 5% 1-30-year serial school$40.000 5% 1-20
-year serial tax-free street-Improvement bonds
868-were awarded, reports state, to the Wisconsin Trust -V. 103, p. building bonds were awarded, it is stated, to J. II. Hilsman & Co., Atlanta,
Co. of Mil- at 102.82. Denom. $500.
waukee at 106.13.
Date Oct. 1 1916. These bonds were authorized at an election held Sept. 12.
ONTONAGON COUNTY (P. 0. Ontonagon), Mich.
RUSSELL SCHOOL DISTRICT, Los Angeles County, Calif.
-On Sept. 20 air issue of $195.000 5% 1-15-yr. serial -BOND SALE.
bonds
-On Sept. 25 $1,250 5%%
awarded to Bolger, Mosser & Willaman of Chicago at parroad int., was BOND SALE.
plus a Is stated, to the State Board of Control building bonds were awarded, it
bonus of $600. Denom. $1,000. Date Dec. 15 1916. and
at 103.20.
Int.
These bonds are sold subject to their approval by the voters at J. & D.
ST. CLOUD, Osceola County, Fla.
the elec-BOND OFFEBING.-Sealed
tion Nov. 7.
bids will be received until 12 in. Nov. 28 by Fred. 13. Kenney, City Clerk,
for $72,000 water-works-plant. $21,000 sanitary-sewer and sewage-disposalOSSINING (Village), Westchester County, N. Y.
-BOND SALE.
- plant, $15,000 street-impt., $1,000 funding
On Oct. 3 the $88,450 5% reg. assess. bonds
and $2,000 sinking fund 6%
-V.
awarded to A. B. Leach & Co. of N. Y. at 105.219 and103, p. 1243-were coupon tax-free bonds voted Sept. 5. Denom. $1,000. Date Jan. 11917.
int. Other bids:
Prin. and semi-ann. int.-.T. 4; -at the City Treasurer's office, St. Cloud,
Rhoades & Co
$93,005 18 Crandell, Sheppard & Co492,580 00 or some bank or trust company J.
in N. Y. later to be designated. Duo $4,000
R. M.Grant & Co
92,930 25 Geo. B. Gibbons & Co__ 92,475 36 Jan. 1922 and $5,000
from 1923 to 1944 incl. Certified
Farson, Son & Co
92,903 76 Hornblower & Weeks_ __ 92,368 34 check1for $500, payable yearly Jan. 1 of
to the "City
St. Cloud," required. The city
Kissel, Kinnicutt & Co
92,899 00 Stacy & Braun
92,359 50 has no bonded debt. Assessed valuation 1916, 3815,000.
Harris, Forbes & Co
92,811 47 Isaac W. Sherrill Co
92,262 20
H. A. Kehler & Co
SANTA BARBARA COUNTY (P. 0. Santa Barbara), Calif.
92,669 95 J. S. Bache & Co
-BOND
92,159 00 SALE.
Cummings,Prudden & Co. 92,633 69
--F. M. Brown & Co. of San Francisco have been awarded
$50,000
5% bridge bonds at 115.862.
OTTAWA, Putnam County, Ohio.
-BOND SALE.
--On Oct. 2 the
SARASOTA.,
89.000 5% 54-yr. aver. coupon street impt. bonds
-BOND OFFERING.-Proposala
-V. 103, p. 1147
- will be received Manatee County, Fla.
were awarded to the New First Nat. Bank of Columbus
until 3 p. m. Oct. 16 by Paul Thomson, City Clerk. for
a basis of about 4.61%. Among the other bidders were:at 101.80 and int., $18,000 5% 30-year coupon municipal pier-construction bonds authorized
Field, Richards & Co
$9,144 00 Durfee, Niles & Co
$9.096 50 by vote of 45 to 29 at the election held Sept. 5. Denom. $500. Date
Otis & Company
Oct. 1 1916. Principal and semi-annual interest (A. & 0.) payable at the
9,135 00 W L. Slayton & Co
9,092 97 Hanover
Seasongood & Mayer
National Bank, New York. Certified check for $500 required.
9,130 00 Hayden, Miller & Co
9,013 00 Bonded debt,
Prey. Say. Bk. & Tr. Co__ 9,122 40
including this issue, $133,000. Special assessment debt,
$150.000. Sinking fund, $4,540 24. Assessed valuation 1915, $1,866,080.
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.
-BONDS
VOTED.
-The proposition to issue 810.000 road bonds carried, reports Official circular states that the principal and interest of previous issues of
bonds have been promptly paid.
state, at the election held in Palm City Dist. on Sept. 19.
SCOTLAND NECK, Halifax County, No.
-BOND SALE.
PASCO COUNTY SUB
-SCHOOL DISTRICT NO. 12 (P. 0. Trilby), On Sept. 26 the $80,000 5% 19Y,-year (average) Caro. water-works coupon
and
Fla.
-BOND OFFERING.
-Proposals will be received until 9:30 p. m. sewerage bonds (V. 103, p. 869) were awarded, it is stated, to tho
Gate City
Oct. 24 by J. W. Sanders, Supt. of Board of Public Instruction (P. 0. Trust Co. at 101.61.
Dade City), for $10,000 6% coupon building bonds. Denom. $1,000.
Date July 11916. Int. J. & J., payable at the County Treasurer's office.
SERGEANT BLUFF CONSOLIDATED INDEPENDENT SCHOOL
Due July 1 1936, subject to call. Certified check for $500, payable to
DISTRICT (P. 0. Sergeant), WoodburT County, Iowa.
-BOND OFabove Superintendent, required. Assessed valuation 1916, $460,854.the FERING.
-Proposals will be received until 2 P. m. to-day-Oct -by
H. M. Michaelson, Secretary of Board of Education, for the $75,000 7 %
4
PATCHOGUE (Village), Suffolk County, N. Y.
-BOND OFFERING. 16-year aver. tax-tree school-building bonds authorized by vote of 65 to
-Bids will be received until 8 p. m. Oct. 10 for an issue of$8,000 Ocean Ave. at the election held Sept. 26.
Denom. :$1,000. The district has no inpaving bonds not to exceed 5% int. payable
it is stated. Date debtedness. Assessed valuation 1915, $2,272,000.
Nov. 1 1916. Due $1,000 yearly on Jan. 1, from 1920 to 1927 inclusive.
semi-ann..
SOMERSET SCHOOL DISTRICT (P. 0. Somerset). Perry County,
Edward 13. Woodruff is Village Clerk.
Ohio.
-BONDS VOTED.
-At an election held Sept. 28 the proposition to
PIERMONT (Village), Rockland County, N. Y.
-BOND OFFERING.
-Proposals will be received until 8 p. m. Oct. 13 by Alex. D. Cornell, Vii. issue 340,000 building bonds carried, it is reported.
Clerk, for $48,000 4 Vi% coupon sewer bonds. Denom.$2,000. Prin. and
SPRING CITY, Chester County, Pa.
-BONDS PROPOSED.
-An
semi-ann. Int.-J. & J.
-payable at First Nat. Bank, Sparkill. Due Issue of $20,000 street bonds is under consideration by tnis borouga.
$2.000 yearly on July 1 from 1918 to 1941, incl. No deposit required.
SPRINGFIELD, Clark County, Ohio.
-BONDS REFUSED-RE
Village has no indebtedness. Assess. val. 1916 about $1,295,000.
AWARDED.
-Reports state that the Provident Savings Bank & Trust Co.
PITMAN, Gloucester County, N. J.
-BOND OFFERING.
-Proposals of Cincinnati has refused to accept the four issues of' 4%% bonds, aggrewill be receivedby J. E. Peterson, Borough Clerk, for an issue of 500 gold gating $20,112 60, awarded it on Sept. 25 (V. 103, p. 1244).
coupon (with privilege of registration) sewer bonds not to exceed
Reports further state that the bonds were re-awarded on Oct. 2 to
$ 0,000.
Denom. 40 for $500 and 40 for $1,000. Date Oct. 11916. Principal and Seasongood & Mayer of Cincinnati at $222 premium.
semi-annual Interest
-A. & 0.
-payable at Pitman National Bank. Due
SUMTER, Sumter County, So. Caro.
-TEMPORARY LOAN.
-On
$1,500 yearly on Oct. 1 from 1917 to 1956, inclusive. Certified check on
an incorporated bank or trust company for 2% of bonds bid for, payable to Sept. 23 a loan of $85,000, dated Sept. 28 and due Dec. 28 1916, was nethe Borough Collector, required. The purchaser will be furnished with the gotiated with the Farmers' Loan & Trust Co. at 4% interest.
opinion of Hawkins, Delafield & Longfellow, N. Y., that the bonds are
SUPERIOR, Douglas County, Wis.-BOND SALE.
-On Sept. 1
binding and legal obligations of the borough. The bonds will be prepared $25,000 436% 10-year street-improvement bonds were awarded to
,
Kalman,
under the supervision of the U. S. Mtge. & Trust Co., N. Y., which will Matteson & Wood of St. Paul at 100.56. Denom. $500. Date Sept. 1
certify as to the genuineness of the signatures of the borough officials and 1916.S.
the seal impressed thereon.
DESCRIPTION OF BONDS.
-The $10,000 4%% fire-protection bonds
awarded on July 20 to the Firemen's Pension Fund Association at 103.565
PORT ARTHUR, Jefferson County, Texas.
-BOND SALE.
-On (V. 103, p. 434) are in the denom. of $500 and dated July 11916. Int.
Sept. 30 the $64.000 5% 40-year streot-paving bonds-V. 103. p. 1117
were awarded. it Is stated, to Stacy & Braun of Toledo for 365,005-102 - J. & J. Due 1926.
.976
-and interest.
SUTHERLAND, Lincoln County, Nab.
-BIDS REJECTED-BONDS
TO BE SOLD AT PRIVATE SALE.
-All bids received for the $9,000 6%
PORT BYRON (Village), Cayuga County, N. Y.
-BOND SALE.
-were
On Sept. 20 the $15,400 11%-year average paving bonds (V. 103, p. - reg. electric-light-plant bonds offered on Sept. 23-V. 103, p. 1148
1059) relected. The bonds will now be offered at private sale. C. A. Law is
were awarded to Crandell, Sheppard & Co. of N. Y. at 100.254 for 4.15s.
Village Clerk.
1343
THE CHRONICLE
Mir. 7 1916.1
-Proposals will be received
-BOND OFFERING.
SYRACUSE, N. Y.
Comptroller,for $50,000
until Oct. 17, it is stated, by Mark E. Conan, City
city bonds.
sewer and $258,500 general
-BONDS VOTED.
TANGIPAHOA PARISH (P. 0. Amite), La.
it is stated, at an
The proposition to issue .$100,000 road bonds carried,
election held in the First Ward on Sept. 25.
-On Sept. 28 the issue of 4h%
-BOND SALE.
TRENTON, N. 3.
Bache & Co. of New York at
sewer refunding bonds was awarded to J. S. of bonds.
-V.103. P. 1198
their bid of $77,977 (101.268) for $77,000 worth
County, Calif.TROPICO SCHOOL DISTRICT, Los Angeles building bonds was
-On Sept. 25 an issue of $1,750 5% for
BOND SALE.
$1,780, equal to
awarded, it is stated, to the State Board of Control
101.708.
-On
-BOND SALE.
Ohio.
TRUMBULL COUNTY (P. 0. Warren),
-year aver, road bonds was awarded
Sept. 25 an issue of $18,000 5% 3 for $18,315 45, equal to 101.752.
Columbus
to the Ohio Nat. Bank of
Int. A. & 0.
Denom. $500. Date Sept. 1 1916.
TOWNSHIP (P. 0. Lebanon), Warren County,
TURTLECREEK
An election will be held Oct. 14, it is said,
-BOND ELECTION. issue $60,000 school-building bonds
Ohio.
to
to vote on a proposition
-On Oct. 5
-BOND SALE.
UNION COUNTY (P. 0. Elisabeth), N. J.
(V. 103, p. 1244) were awarded to
1 mo
the, or 44% gold bridge bonds
Geo. B. Gibbons & Co. of New York on their bid of $54,213 95 (102.290)
for $53,000 bonds. The other bids were:
Amt.of Bonds. Price Bid.
$54,205 00
$53,000
Outwater & Wells
54,869 41
54,000
Ludwig & Crane
54,621 00
Cummings, Prudden & Co54,000
54,727 00
54,000
Son & Co
Parson,
54,002 00
53,000
Kissel, Kinnicutt & Co
54,156 99
53,000
Harris, Forbes & Co
54,913 14
54,000
Hornblower & Weeks
54,086 50
53,000
Blake Brothers & Co
54,081 73
53,000
R. M. Grant & Co
54,134 72
53,000
M. M. Freeman & Co
54,960 66
54,000
A. B. Leach & Co
54,172 89
53,000
H. L. Crawford & Co
54,010 71
53,000
New Jersey Fidelity & Plate Glass Co
54,171 90
53,000
J. S. Rippel & Co
-BOND SALE.VAN WERT COUNTY (P. 0. Van Wert), Ohio.
bonds
-year average highway improvement of CinOn Oct. 2 the $28,400 5% 3
Seasongood & Mayer
(V. 103, p. 1060) were awarded, it is said, to a basis of about 4.35%•
(101.813) and interest,
cinnati for $28,915
--On
-BOND SALE.
N. Y.
WATERLOO (Village), Seneca County,
bonds, aggregating $8,500, were awarded to John J.
Sept. 26 the following reported:
it is
Hart of Albany,
to 10
$4,500 sewer bonds at 100.21 for 4.40s. Due serially from 2 2 to 9 years.
years.
4,000 pavement bonds at 100.11 for 4.40s. Due serially from
-BOND OFFERING.
Me.
WATERVILLE, Kennebec County,
Proposals will be received until 5 p. m. Oct. 10 by Sanger N. Annis, City
-improvement
Treasurer., for $12,000 47 20-year coupon tax-free street semi-annual
bonds. Denom. $1,000. Date Oct. 1 1916. Principal and
-payable at First National Bank Boston. Due Oct. 1
-A.& 0.
interest
1936. The above bank will certify as to the genuineness of these bonds
and their legality will be approved by Ropes, Gray, Boyden & Perkins, of
Boston, whose opinion will be furnished purchaser. Bonds to be delivered
at above bank on Oct. 11.
-This city has
-BOND SALE.
WAYNOKA, Woods County, Okla.
disposed of $50,000 6% 20-year coupon tax-free city-hall, water-works
and electric-light bonds.
WEST COVINA SCHOOL DISTRICT, Los Angeles County, Calif.
BOND SALE.
-On Sept. 25 $2,000 5 % building bonds were awarded, it
.
is stated, to the State Board of Control at 103.75.
-In our
-CORRECTION.
WEST HOBOKEN, Hudson County, N. 3.
issue last week, page 1245, we stated that this town was to offer on Oct.6
an issue of 43i% municipal building bonds not to exceed $150,000. The
date of the sale was in error as no date has yet been decided upon.
-The CitiWESTERNPORT, Allegany County, Md.-BOND SALE.
zens' Nat. Bank of Westernport has purchased at par the $20,000 5%
-year opt. coup. funding and impt. bonds authorized by the State
-25
15
Legislature on April 4. Denom. $500. Interest M. & N.
WHITE RIVER SCHOOL DISTRICT, Tulare County, Calif.
-year serial building bonds
-On Sept. 25 the $1,500 6% 1-15
BOND SALE.
were awarded, reports state, to the First National Bank of Visalia for
51,545 68, equal to 103.045.
-BOND OFFERWILKES COUNTY (P. 0. Wilkesboro), No, Caro. H.
W. Horton.
-Proposals will be received until 2 p. m. Oct. 12 by
ING.
highway impSecy. of the Good Roads Commission. for $250,000 coupon$1,000. Date
bonds at not exceeding 5% interest. Denom.
provement
Nov. 1 1916. Principal and semi-annual interest payable in New York
City. Bids are asked for on the following propositions: Entire $250,000.
due Nov. 1 1951, or $250,000 due $10,000 yearly Nov. 1 from 1927 to 1951.
inclusive. Certified check for $2,500, payable to the above Commission.
required. Purchaser to pay accrued interest and furnish lithographed
blank bonds and legal opinion at his own expense.
WILSONIA SCHOOL DISTRICT, Los Angeles County, Calif.
-On Sept. 25 $1,500 6% building bonds were awarded, it is
BOND SALE.
of Control for $1,600, equal to 106.666.
stated, to the State Board
-On
-TEMPORARY LOAN.
WINTHROP, Suffolk County, Mass.
Oct. 2 a loan of $20,000, maturing Dec. 28 1916, and issued in anticipation
of revenue, was awarded, reports state, to H. C. Grafton Jr., of Boston,
at 2.85% discount.
Qf
FINANCIAL
The Union Trust Company of New York has leased for a term
of years the banking floor of the Century Building adjoining its
Main Office at 80 Broadway. The additional space is to be used
by the Trust Department of the Company, but the entrance will
be through the Company's own building.
The Growth of the Trust Department has been steady and consistent. In forty out of the fifty-one years since the company
began business the aggregate amount of property held for personal
trusts has shown increases,and since 1900 this aggregate has been
more than tripled.
The fact that the Company is now caring for property for the
third and fourth generations of those who originally entrusted their
property to it clearly indicates satisfaction on the part of its clients.
Conference or correspondence concerning personal trusts of
all kinds is cordially invited.
Adrian H. Muller & Sort
AUCTIONEERS
Office. No. 55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
4.*. the Exchange Sales Rooms
14-16 Vesely Street
AMERICAN MFG. CO„
UNION TRUST CO., 80 Broadway
CAPITAL AND SURPLUS - $8,500,000
MANILA, SISAL AND JUTE
CORDAGE
EXEMPT FROM FEDERAL INCOME TAX
We own and offer, Subject to Prior Sale:
Sales Office'
Aoble & West Sts, Brookirro, N.
City of New Orleans Public Impt.4s 1950 Yield 4.40%
/
City of Shreveport, Louisiana_ _...4348 Serial " 4.30%
" " 4.30%
Caddo Parish, La., S. D. No. 1_ _ ..5s
4.35-4.40%
Coahoma County, Mississippi_ _ _58
58
4.60%
City of Canton, Miss
GEO. B. EDWARDS
BROKER
Tribune Building, NEW YORK. N. W.
IPOR SALE.
-Timber. Coal, Iron, Ranch and]
other Properties.
nanfidential Negotiations. Investigations:
Settlements. Purchases of Property..
Vetted States, West Indica._ (Climui,dao ligezhm;
RAYMOND M. HUDSON
Price and full circular upon request
BOND
DEPARTMENT
HIBERNIA BANK 64 TRUST CO.
NEW ORLEANS
39 -10e,0,11,0,1•••••••1111M•10410",........nn...KWALONIM•
-,
41111111MINOVIN•,.....
,
ATTORNEY AT LAW
WASHINGTON, D. C
BOND BUILDING
Practice before U. S. Supreme Court, U. S. Court
of Appeals, D. O.Supreme
of Claims, D.O. CourtCourts,
Executive Depart
Court, Va. and Md.
menta, Congressional Committees, Federal Re
Board, Federal Trade Commission, Inter
serve
atateICommerce Commission. Cable "Rayhud.•
F. WM. KRAFT
LAWYER
Specializing in Examination of
Municipal and Corporation Bonds
511-520 HARRIS TRUST BUILDING
111 WEST MONROE STREET
CHICAGO,ILL.
IllinoisTrust&SavingsBanic
CHICAGO
Capital, Surplus and Undivided Profits
-
-
$16,000,000
Has on hand at all times a Variety of exPays interest on Time
cellent seourities. Buys and sells
Deposits, Current and Reserve
Government, Municipal and
in Foreign ExA000unts. Deals
Corporation Bonds. I
change. Transaots a General Trust Business.
1344
THE CHRONICLE
[vol.. 103.
WOODBURY, Gloucester County, N. J.
-BOND
-On Oct. 3
'the $9,000 4;6% 18-year aver. tax-free school bonds SALE.
-V.
1245
were awarded to R. M. Grant & Co. of N. Y. at 103.72 and103, p. basis
Int., a
of
about 4.20%. Other bids were:
Outwater & Wells
103.077 First Nat. Bk., Woodbury_ _100.125
M. M. Freeman & Co
102.619 Farm. & Mech. Bk., Woodb_100.00
H. L. Crawford & Co
102.53 Florence Lodge, F. & A. M.,
Geo. B. Gibbons & Co
101.50 Woodbury(for only$2,000)--101.00
electric light,$1,000 powerhouse impt. and $6,700
electricsystem[debentures
will be decided upon, it is said.
MADORA and WOOD TOWNSHIP,
Ont.-DEBENTURE ELECTION PROPOSED.
-According to
municipal election on a proposition reports a vote will be taken at the next
to issue $25,000 road impt. bonds.
MAGOG, Que.-DEBENTURE SALE.
-It
Vidricaire & Boulais recently purchased $25,000 is stated that Versailles,
6% serial debentures.
MONCK TOWNSHIP (P. 0. Alport), Ont.-DEBENTURE
SALE.
Reports state that local investors have purchased
at par the $4,600 5%%
10 installment debentures which were offered on
Oct. 1.-V. 103, p. 1149.
ACTON, Ont.-LOAN ELECTION.
QUEBEC ROMAN CATHOLIC SCHOOL
-An election has been set for Oct.
DISTRICT(P.O. Quebec),
9 to decide whether or not a loan of $25,000 shall be granted to the Reliance Que.-DEBENTURE SALE.
-On Oct. 2 the $200,000 5% school deoenShoe Company of Toronto.
tures-V. 103, p. 1246
-were awarded to A. E.
Denom. $1,000. Date Nov. 1 1916. Prin. and Ames Sr Co. at 98.17.
ALBERTA SCHOOL DISTRICTS.
semi-ann. int.-M. & N.
-DEBENTURE OFFERING.
Bids will be received by M. C. Elliott, Manager Debenture Branch, Dept. -payable in N. Y., Toronto or Quebec.
of Education (P. 0. Edmonton), for a block of school debentures aggreRIVIERE ST. PIERRE, Que.-DEBENTURE SALE.
-Newspaper regating $5,550; also $3,000 Bideford S. D. and $2,000 Frankland 7%
10- ports state that the Credit Canada, Ltd., has purchased $80,000 6% 30 Yr.
installment debentures. Date Oct. 15 1916. Separate tenders are asked school debentures at 96.36.
on the last two issues.
RODNEY, Ont.-DEBENTURE
-J. D.
DUNNVILLE, Ont.-DEBENTURES VOTED. The question of
Clerk, will consider bids until Oct. 10OFFERING.of $8,500Shaw, Village
for an issue
5M9', 30 year
the $53,000 hydro-electric-plant debentures carried, reports state,issuing debentures.
at the
election Sept. 25 by a vote of 412 to 10.-V. 103, p. 871.
SALTCOATS, Sask.-DEBENTURE OFFERING.
-S, G. Fisher, Sec.Treas., will receive bids until 8 p. m. Oct. 16
GRAND MERE, Que.-DEBENTURE SALE.
for $16,000 634% 20 install-On Sept. 27
issue
of $100,000 5% 30-yr. debentures was awarded, reports state, an Rene ment electric light debentures.
to
T. Leclerc of Montreal.
SANDWICH, Ont.-DEBENTURE SALE.
-An issue of $5,507 67 10
HALTON COUNTY (P. 0. Milton), Ont.-DEBENTURE SALE - installment local impt. debentures has been awarded
.
to G.A.Stimson &
°Co.
On Oct. 3 the two issues of 5% 20-installment debentures,
of Toronto, at 100.71. Date Sept. 6 1916.
$24,400 (V. 103. p. 1149) were awarded to A. E. Ames & Co.aggregating
of Toronto
SASKATCHEWAN.
-DEBENTURE SALES.
at 97.62 and interest. The other bidders were:
--The following 5 issues
Mulholland,Bird&Graharn$23,743
Noxon & Co$23,561 00 of debentures aggregating $16.800 issued by various school districts, villages
W.A. Mackenzie & Co_.__ 23,73164'
44 R. C. Matthews & Co..-- 23,494 00 and towns in this province are reported as sold from Sept. 11 to Sept. 15:
Imperial Bank
$1,2001 Village of St. Brieux
23.699 00 Macneill & Young
23,431 32 Staynor Hall Sch. Dist
51,500
Frontier Sch. Dist
Wood,Gundy & Co
1,600 Town of Ogema
23,687 00 0. H.Burgess & Co
23,406 92
6,500
Kerr, Fleming & Co
6,000
23,658 24 W.L. McKinnon & Co_ _- 23,105 09 Regina Pub. Sch. Dist
Canada Bond Corporation 23,650 92 Standard Reliance MortSASKATCHEWAN SCHOOL DISTRICTS.
-DEBENTURE 5.4LE.Geo. A. Stimson & Co__ _ 23,548 08
gage Corporation
22,257 68 On Sept. 26 the Local Government Board sold five issues of7% school district
Date Oct. 11916. Interest annual y on Oct.!. Due in 20 installments. debentures, aggregating
$5,450, it is said.
The issues were composed of the following:
HIBBERT TOWNSHIP (P. 0. Dublin), Ont.-DEBENTURE ELECGarden Prairie
I $1,000 Buchanan
TION.
-Newspaper reports state that the question of issuing $5,000 $1,600 Leamington
800
1,700 Treelon
electric-power-distribution debentures will be submitted to the voters at the
350 Cherry Grove
election to be held Oct. 16.
TRENTON, Ont.-DEBENTURE ELECTION.
-The propositions
LIPTON SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
-It is issue $36,000 school and $10,000 bonus debentures will, reports state, to
stated that W. L. McKinnon & Co. of Toronto recently purchased $10,- submitted
be
to the voters on Oct. 9.
000 6% 20 installment debentures.
WALLACEBURG, Ont.-DEBENTURE OFFERING.
-W. B. JackLETHBRIDGE, Alta.
-DEBENTURE ELECTION.
-At the election
to be held Oct. 17 propositions providing for the issuance of $9,375 66 son, Town Clerk, will receive bids until Oct. 17 for an issue of $5,000 6%
15 year school debentures, it is said.
Canada. its Provinces and Municipalities.
FINANCIAL
INSURANCE
ATLANTIC MUTUAL INSURANCE COMPANY
$250,000
Terminal R.R. Assn.
of St. Louis
Refunding 4s,
New York, January 26th, 1918.
Wle Trustees,ia conformity with the Charter of the Company,submit thefollowing
staanient of its affairs on AS
The Company's business has been31st of December, 1915.
ccmftned to marine
ererniums on such risks from the 1st January, 1915, tithe and inland transPortatton insurance.
31st December, 1915
36.153,860 6Z1
Vremiuras on Policies not marked off 1st JanuarY,
1915
993.965 15
Total Premiums
$7,147,831 50
Premiums marked off from January 1st. 1915. to December 31st.
1915
$6.244,127 93
Interest on the investments of the Company received during the year 3328,970
78
Interest on Deposits in Hanks and Trust Companies, etc
75,237 08
laent received less Taxes and Expenses
97,835,23
,,osses paid during the year
.
Less! Salvages
Re-insurances
Price on Application
Mississippi Valley Trust Co
Capital, Surplus and Profits
over $8,000,000
ST. LOUIS
STONE &WEBSTER,
FINANCE public utility developments.
BUY AND SELL securities.
DESIGN steam power stations, hydroelectric developments, transmission
lines, city and interurban railways,
gas plants, industrial plants and
buildings.
CONSTRUCT either from our own designs or from designs of other engineers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
MANAGE railway, light, power and gas
companies.
NEW YORK
BOSTON
CHICAGO
8502,043 09
32.233,703 62
$205,247 59
448,602 85$ 653,850 44
$1,579.853 18
15s-liasuranee Premiums and Returns of Premiums
$1,076,518 38
Expenses, including compensation of officers and clerks, taxes,
stationery,
advertisements,etc
$ 717.114 88
A dividend of interest of Six per cent on the outstanding certificates
fialders thereof, or their legal representatives, on and after Tuesday the of profits will be paid OD Mc,
first of February next.
The outstanding certificates of the issue of 1910 will be redeemed
and paid to the holders thereof, ov
ttrsir legal representatives, on and after Tuesday the first of
February next, from which date at3
!Merest thereon will cease. The certificates to be produced at tho time
of
A dividend of Forty per cent is deolared on the earned premiums of the payment, and canceled.
31st December, 1915, which are entitled to participate in dividend,for which,Company for the year endLls
upon application. certidtattrl
Will be issued on and after Tuesday the second of Ma next.
By order of the Board,
G. STANTON FLOYD-JONES. Secretell
,
TRUSTEES.
EDMUND L. BAYLIES.
ANSON W.HARD
DALLAS B. PRATT.
JOHN N. BEACH,
SAMUEL T. HUBISAR ,D
ANTON A. RAVEN.
IIICHOLAS RIDDLE.
LEWIS CASS LEDYARD,
JOHN J. BIKER,
ERNEST C. BLISS,
WILLIAM H. LEFFERTS,
DOUGLAS ROBINSON
JAMES BROWN,
CHARLES D. LEVERICH.
WILLIAM JAY SoBin&FEL1244
JOHN CLAFLIN,
GEORGE H. MACY,
SAMUEL 8LON, .
E LOANE
I A
GEORGE C. CLARK,
NICHOLAS.F. PALMER:
WILLIAM
CLEVELAND H.DODGE.
HENRY PARISH.
LOUIS STERN,
CORNELIUS ELBERT,
WALTER Wool)PARSONS, WILLIAM A. STREET.
RICHARD H.SWART,
ADOLF PAVENSTEDT._
GEORGE E.TURNURE.
0 STANTON FLOYD-JONES, CHARLES A. PEABODY;
GEORGE C. VAN
.11/.
PHILIP A S FRANKLIN.
JAMES H.POST
RICHARD EL WILLIAMS
TUYL..
intrLiwaT L. GRIGGS.
CHARLES M.PaArr,
A. A.RAVEN. Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Virc-PreMeat,
CHARLES E. FAY,2d Vice-President.
ASSET'S.
LIABILITIES.
91Itted Staten and State of New York
Estimated Losses, and Losses UnsetBonds
•
tled in process of Adjustment
$ 670,000 00
New York City, New York Trust
Premiums on Unterminated Risks..._$ 3,11?,101 eft
903.76.3 CC
Companies and Bank Stocks
1,783,700 00 Certificates of Profits and Interest
necks and Bonds of Railroads
2.832,463 65
Unpaid
7
0
215:5 :
273 V :
ether Securities
386,185 00 Return PremiumsUnpaid
lIcecial Deposits in Banks and Trust
Reserve for Taxes
es
138
112
Companies __ .
2.000.00000 Re-insurance Premiums on TermiSeal Estate cor. Wall and William
nated Risks
Streets and Exchange Place, conClpenution,etottled. including Comaims not kie
taining offices
4.299,42604
jj,37g 73
Seal Estate on Staten Island (held
rdered ReCertificates of Profits 0
under provisions of Chapter 481
deemed, Withheld for Unpaid PreLaws of 1887)
75,000 00
Yremium Notes
660,314 60 Inmiums
come Tax Withheld at the_Source..,31112 Receivable
788,575 31
Cash in hands of European Bankers
8errifiirsaOS oi Pro s Outatanding
Cw en
Accotulit
7.1227 871 11:
8 51 3 0 511
.259
8
to pay losses under policies payable
In foreign countries
256,610 85
Caah in Bank
1,695,488 03
135,000 00
Loans
315,582,763 48
812,025.
809 65
'
Thus leaving a balance of
33.057,153 Op
Accrued Interest on the 31st day of December, 1915, amounted to,.
. 40,52i' CZ
Rents due and accrued on the 31st day of December 1915, amounted to
s 25,5€0 ix
-insurance due or accrued, In companies authorized in New York, on the 31st dar of
as
December, 1915, amounted to
$ 172,381)56
Rots: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in excess of the Book Value given above at_ -.3 450,573 2e
And the property at Staten Island in excess of the Book Value, at
$ 63,700 Oil
IND Insurance Department's valuation of Stocks, Bonds and other Securities daceeds the
Company's valuation by
$1,727,337 28
the basis of throe inccsaced Vtallit:OD13 the balance Would DO
58,037,250 58
@FedFRASER