The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 101
OCTOBER 9 1915
NO. 2624
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.
CLEARINGS— FOR SEPTEMBER, SINCE JAN U A RY 1, A N D FOR WEEK ENDING OCTOBER 2.
N in e M o n th s.
S ep te m b er .
C le a r in g s
at —
New York___
Philadelphia________
Pittsburgh.
Baltimore .
Buffalo
Albany.
W ashington........ .....
Rochester__________
Scranton.............. .....
Syracuse___________
Reading.
Wilmington..
Wilkes-Barre
Wheeling___________
Trenton .
Harrisburg
York
E rlo ___
Greensburg.
Binghamton___
Chester________
Altoona.
Franklin_____
Frederick_____
Lancaster........
Beaver County.
Norristown___
M ontclair____
Oranges *____
Total Middle____
Boston .
Providence___
H artford..........
New Haven___
Portland..........
Springfield___
Worcester____
Fall River____
New Bedford______
Lowell
Holyoke.
Bangor.
Waterbury
Total New England
Chicago.
Cincinnati.
Cleveland .
Detroit
Milwaukee ..
Indianapolis .
Columbus . . .
Toledo .
P eoria______
Grand Rapids.
Dayton
Evansville........
Kalamazoo___
Springfield, 111.
Youngstown__
Fort Wayne__
Akron
Rockford..
Lexington .
Quincy___
Bloomington.
Canton
Springfield, O.
South Bend__
Decatur
Mansfield
Danville .
Jackson
Jacksonville, 111__
Lima
Ann Arbor
Adrian
Lansing
Owensboro
Gary
Flint
Lorain
New A lbany..........
Paducah ....................
Total Mid. W est..
Details of Pacific and
Total Pacific--------Total Other W est..
St. Louis....................
Now Orleans..............
Louisville--------------H ouston............ .......
Galveston........ .........
Richmond............—
Savannah ..................
Fort Worth................
A tlanta____________
Memphis___________
Nashvlllo___________
Norfolk
Birmingham —
Augusta
K noxvlllo........ .........
Jacksonville-----------Chattanooga..............
M o b ile ..---------------Little Rock_________
Charleston_________
Oklahoma__________
Macon
Columbia
Austin
Beaumont________
Columbus, Ga___
Wilmington, N. C .
Vicksburg........ .....
El Paso
Jackson______
Tulsa
Muskogee_________
Total Southern__
Total all_________
Outsldo New York.
I n c . or
D ec.
W e e k e n d in g O ctob er
I n c . or
D ec.
2.
I n c . or
D ec.
$
%
73,664,153,932 65,480,026,225 -M2.5 3,055,987,968 1,493,114,518 + 104.6 ,180,822,633 2 662,697,486
245,187,883 154,615,917 + 58.6 198,727,714 186,156,556
+ 0.9
6,051,092,823 5,999,151,195
57,858,377
2,001,062,845 — 4.9
1,902,438,621
54,141,686
61,093,871
61,886,458
+ 6.9
35,949,820
1,405,537,539 — 8.8
38,765,113 — 7.3
1,281,660,515
44,306,371
42,227,191
447,082,681 — 3.4
11,531,724
12,654,691
431,985,026
14,290,930
14,960,168
+ 9.7
7,996,464
236,814,631 — 12.1
208,075,722
6,271,904 — 23.5
4,80 >,000
6,082,548
290,612,452
297,027,214
+ 2.2
7,833,602 — 2.6
8,168,383
8,353,467
7,630,437
190,554,552 — 4.8
5,470,822
5,563,974
181.469,636
0,316,854
6,646,535
+ 1.7
128,852,899 — 5.4
121,844,454
3,450.000
3,014,132
3,375,000
3,323,579 — 9.3
118,829,844 — 3.7
114,441,029
3,456,705
3,739,801
3,688,911
3,853,858
+ 4.5
72,334,159 — 5.1
68,639,280
2,226,114
2,165,993
2,024,169 — 2.8
1,968,200
72,760,101
+ 1.4
73,807,521
1,711,941 + 63.9
2,804,630
2,466,843
2,140,567
60,620,507
+ 3.0
1,410,907
62,424,159
1,790,389
1,830,015
1,545,872 — 8.7
84,205,072 — 12.2
2,312,844
2,430,034
73,936,644
2,391,250
1,902,410 + 21.6
68,455,546
+ 3.6
2,090,789
70,953,810
1,748,758
1,867,565
1,638,853 + 27.6
61,133,030
+ 3.3
63,177,240
944,794 — 11.0
840,656
35,473,407 — 1.9
34,818,534
1,040,683 ‘ *1,125,347
41,343,999 — 8.0
1,201,921
1,259,422
1,249,601 — 10.1
1,123,851
38,051,823
27,900,142 — 3.3
1,000,362
660,000
675,000
+ 8.6
921,830
26,982,661
26,293,200 — 0.2
782,700
26,238,000
706,300
700,000 *—4.7
666.600
26,535,446
735,918
+
1.0
687,091
897.533
722,775 + 24.2
26,789,518
22,299,244 — 8.6
588,331
622,289
617,674 — 11.0
550,000
20,389,463
11,663,623 — 21.6
9,148,235
12,232,953
+ 9.0
13,334,072
1,837,392
65,192,084 — 3.7
2,175,919
1,945,698
2,031,383
62,770,633
21,567,671 — 5.4
20,411,038
+ 0.2
18,466,057
18,509,031
15,879,570
346,049
387,782
+ 0.7
369,960
15,996,763
325,867 + 13.5
14,805,738
30,016/085
84,980,568,003 77,043,480,740 + 10.3 3,450,483,170
+ 92.2 7547726’UriO 3 ,013,430,997
5,720,783,087 5,756,537,480 —0.6
168,963,816
+ 29.1 173,585,913 200,853.697
9.395.200
298,518,500 — 2.8
9,221,200
290,048,500
7,777,800
— 9.0
5,399,352
203,909,484 + 23.8
6,671,251
252,514,608
9,729,874
+ 93.4
3,624,700
3,669,310
129,412,802 + 10.5
143,036,370
3,636,204
—0.5
3,687,664
75,941,289
77,063,905 — 1.5
3,478,255
2,232.805
— 23.7
3,224,181
110,060,137
3,051,023
108,065,745
+ 1.8
3,363,774
+ 21.8
100,942,170
3,008,400
3,259,336
100,272,031
+ 0.7
+ 18.4
2,894,613
45,507,132
1,069,367
1,296,308
47,874,997 — 4.8
+ 7.2
1,200,950
39,745,411
891,851
1,167,884
42,147,888 — 5.7
980,425
+ 15.1
30,821,336
580,786
29,459,970
488,352
+ 4.6
816,802
+ 14.1
28,045,092
28,087,174 — 0.1
962,080
889,284
800,342
— 16.7
15,719,830
17,002,642 — 7.5
663,243
526,426
435,000
— 0.8
47,303,300 _
37,812,600 + 25.1
0,870,165,218
+ 0.4
202^832.405 160,281,433 + 26.5 207,478,542 “2337186,521
11,954,533,158 — 2.4
328,953.130 278,218,168 + 18.2 349,814,508 341,831,665
' 997,634,900 — 1.9
25,298,600
23,158,750 + 17.9
26,767,350
27.314,700
951,363,827 + 13.9
29,757,958
23,433,394 + 2 4.3
27,769,119
29,138,742
26,138,422
22,155,724
1,041,144,218
+ 0.8
24,641,007 + 14.8
28.300,596
15,654,793
14,919,600
632,949,078 — 4.3
16,237,251 — 7.3
15,052,924
8,899,112
311,877,943
+ 2.6
8,143,375
7,833,918 + 10.0
8,615,695
6,403,700
261,916,200 — 4.9
6.808.200
6,266,000 + 10.1
6.900.000
5,320,682
5,024,397
232,076,015
+ 2.2
4,977,195 + 28.3
6,387,800
4,081,822
3,778,772
132,307,901 — 13.6
2,636,479 + 17.6
3.100.000
3.910.614
128,578,061
+ 0.0
3,447.511
2,942,582 + 28.4
3,779,390
91,878,149 — 10.6
2,741,961
2.481.615
2,066,198 — 7.3
1,915,806
49,233,274
+ 0.9
1,159,475
1,297,845
1,061,961
+ 6.2
1,724,182
22,896,239 — 6.2
712,276
694,840
505,952 — 8.8
461,366
44,703,050 — 0.3
1,237,413
1,047,378
1,131,275 — 12.2
993,174
1,724,705
59,124,193 — 4.5
1,875,334
1,217,618 + 38.3
1,684,827
1,329,597
+ 0.0
1,377.314
49,445,478
1,326,078
—
5.6
1,252,810
2,000,000
2,065,000
67,290,000 + 12.2
1,350,000 + 48.1
2,000,000
874,007
809,017
35,832,136
+ 0.3
814,158 — 3.2
788,994
853,786
729,577
+ 2.8
28,359,427
568,313 + 52.6
867,621
861,218
758,753
32,979,383 — 7.9
853.510 — 15.5
721,591
850,874
673,628
624.510
+ 3.5
27,841,619
+ 10.2
688,340
1,525,000
1,515,117
60.598.198 + 16.0
1,543,579
+ 3.5
1,597,467
690,943
803,618
30,990,501 — 2.4
S 834,782 — 4.9
793,962
628,336
744,936
24,180,629 + 11.5
732,219
+ 0.6
736,279
522,911
483,356
18,688,548 — 0.6
432,417 + 22.0
527,845
540,539
450,367
20,385,222
+ 4.5
499,256
+ 1.5
506,603
515,000
498,026
+ 2.8
19,385,940
444,174 — 0.7
440,908
449,964
591,456
19.623.199 + 14.2
440,000 + 20.5
530.000
382,822
336,805
285,829 — 4.5
11,451,217 — 3.4
273,036
644,462
431,595
19,063,924 — 1.4
448,261
+ 3.4
463,652
271,074
285,929
8,838,079
152,078 + 15.1
+ 1.5
175.000
40,162
62,545
2,349,061 — 3.4
29,853 + 160.2
77,783
506,793
457,847
19,156,976 + 18.0
600,363 + 29.1
775.000
369,521
374,102
309,521 — 10.0
15,878,063 — 14.8
279,663
12,690,490 — 9.9
18,172,627 + 25.5
4.995,470 — 15.5
5,539,780 — 4.5
— 2.7
_
31,353,061
496,250,888 481,949,875
17,497,297,834 — 1.1
477^818,886 408,617,301 + T O
on page 1101.
606,201,029
745,795,053
279,034,958
61,876,530
48,966,631
32,087,017
14,327,387
32,660,120
14,589.802
27,146,180
44,227,106
20,410,798
24,914,734
14,534,666
10,167,366
5,032,461
7,744,661
10,662,137
8.320.896
4,178,583
8,150,879
5,527,442
9,165,553
14,897,402
3,111,664
7.317.897
2,696,091
1,593,225
2,062,722
799,258
7,679,272
1,351,012
5,008,047
3,362,215
734,7947872
10,028,059,866
5,399,930^23
— 3.3
+ 11.5
— 0.2
— 0.8
+ 0.6
123,629,474
184,053,067
77,889,852
18,977,346
14,519,602
9,640,114
4,700,000
9,687,547
6,827,403
7,995,274
16,070,402
5,031,061
6,125,204
3,747,232
2,719,254
2,628,018
1.756,091
2,406,965
2,043,679
1,047,022
1,879,025
2,677,453
2,373,900
3,667,758
120,940,458
182,838,281
65,409,571
14,732,860
10,921,118
7,235,057
3,590,502
7,960,505
4,087,028
7,609,907
10,758,030
5,507,324
6,041,915
3,425,846
2,526,932
1,726,824
1,790,519
2,390,547
1,672,826
950,000
1,904,734
1,373,423
2,045,147
3,013,268
+ 27 i)
+ 14.8
+ 10.9
+ 8.7
— 8.2
— 14.4
— 11.6
— 4.4
— 23.4
— 12.2
— 9.6
— 15.8
— 5.9
— 16.6
— 15.8
— 0.5
+ 15.8
— 23.1
— 10.0
” 1,396', 130
— 2.3
’ 7,437,593
— 4.0
— 11.0
— 19.4
— 8.1
241,636
+ 20.6
264,372
— 3.3
1,148,331
— 15.3
-15.8
832,188
170,532,960
~ — 1.8
2.838,305,378
+ 6.8
— 0.1 1,591,432,585 1,345,190,860
+2.2
+ 0.7
+ 19.1
+ 28.8
+ 32.9
+33.2
+ 30.9
+ 21.7
+ 42.6
+ 5.1
+ 49.4
— 8.6
+ 1.4
+ 9.4
+ 7.6
+ 52.2
— 1.9
+ 0.7
+ 22.2
+ 10.2
— 1.3
+ 95.0
+ 16.0
+ 21.7
131,792,604
175,996,374
82,423,453
18.33S.945
12,636,558
11,303,565
4.892.000
7,982,265
9,726,703
9,622,837
17,041,419
8,206,918
7,604,827
3,914,443
3,232,418
2,656,252
1,939,232
2.650.000
2.398.702
1.400.000
2,623,701
2,688.473
1,686,692
4.599.703
135,291,844
164,626,739
79,929.890
20,928,205
14,255,298
' +2'.9
” 1,615,327
1,881,392
+ 10.8
247,018
300,576
’ 4",202"500
8,003,694
7,520,219
10,536,192
14,187,555
6,778,818
6.657,274
3,916,305
2,848,198
2,440,405
1,921,069
3,000,000
2,267,681
1,570,000
2,336,838
2,381,484
1,933,273
4,130,223
350,995
+ 30.3
729,939
+ 20.0
858,496
— 5.0
211.866,519
+22.3
+ 637 3.783.206,817 4,240,351,795
+ 12.3 1,602,234,184 1,577,654,00 Q
Table Clearings byTelegraph andCanadianClearings on page 1160. *Not IncludedIntotal for monthandninemonths; comparisonIncomplete.
1124
THE CHRONICLE
[Vol. 101.
The sudden advance in margins demanded, amount
ing to 100% for certain stocks, caught many specu
THE F IN A N C IA L SITUATION.
lators in a position whence they were unable to emerge
Belated attemp4s have been instituted this week with the stocks they had bought because they had
to correct the speculative excesses on the Stock not the additional funds to put up. It was reported
Exchange. The only effect has been to make it that selling orders were executed on a broad scale
patent that the correctional methods applied embody throughout the morning by firms doing a substan
as much evil as the situation against which they are tial business with interior points. The customers in
other cities were notified by letter or telegram sent
aimed. Fluctuations had got so wild and erratic out on Tuesday that a new margin standard was in
and securities of problematical value had been raised effect and those who were not able to meet the re
to such inflated levels that banks and brokers alike quirements were forced to see their holdings reduced
became alarmed as to the possible consequences. by sales at the best prices they would bring at the
After allowing the movement to proceed unhindered moment.”
The same paper also stated that the “ Governors
for so long and even aiding it an attempt was sud
denly made to apply the brakes. The movement, of the Exchange said when the day was ended that
however, had gained such a decided momentum that the warnings sent broadcast to curb excessive specu
this in itself was now a delicate and difficult job, lation had had a satisfactory effect.” It should be
noted that the “ satisfactory” effect was attained
and attended by no small measure of danger.
In seeking to apply the brakes the usual clumsy simply by throwing over for what they would fetch
processes were resorted to. The banks called loans the holdings of those who were unable to protect
and brokers sent out frantic calls for larger mar themselves. That is invariably what happens on
gins. The brokers were impelled to take this step such occasions, but the proceeding hardly appeals to
not only because they were getting alarmed and one’s sense of justice and fair dealing.
As expected, the evils growing out of the speculative
feared that collapse of the speculative bubble might
mania
have given new hope to those who are seeking
involve them in the general ruin, but also because
the Stock Exchange authorities, after having looked to place the stock exchanges of the country under
on in a helpless kind of way while the mania was Government control. Samuel Untermyer has writ
spreading like wildfire month by month and week ten a letter, which we publish on another page, des
by week, all of a sudden made a feeble little attempt canting at length on the dangers involved in such
at activity. On Tuesday afternoon the Stock Ex wild and reckless speculation as has marked the deal
change people sent out a circular calling the attention ings on the Exchange of late, and takes occasion to
of the members of the Exchange to certain resolutions urge anew his scheme for the regulation of the ex
adopted long ago and directing strict observance of changes. His characterization of the performances
the same. One of these resolutions prohibits the on the Exchange is none too strong, and is the more
carrying of accounts of clerks of members and of noteworthy as he is reputed to have made large
financial institutions, and the other makes it an act profits as the fortunate holder of some of the stocks
detrimental to the interest and welfare of the Exchange that have enjoyed the large advances. Here is
for a Stock Exchange house to accept an account what he says wtih regard to the movement and its
dangers:
“ without proper and adequate margin.”
“ Never in the history of the Stock Exchange has
The effect of the call for additional margins was
the same as on other similar occasions in the past. the public been threatened by so dangerous a pitfall
The poor devils who happened to get caught when as that which is now open wide for its victims. The
stocks of a few companies with genuine merit that
this drastic process of bygone days was put into
were selling far below their actual values led the
operation, were simply wiped out. Being unable way and made possible this wild orgy of gambling
to respond to the call, their holdings were uncere in a market that has lost all sense of real values. The
moniously thrown upon the market for what they whole matter would be ludicrous to thinking men
would bring, and their accounts closed out. After if it were not so tragic in its consequences.”
having been encouraged to take part in the game,
Mr. Untermyer then proceeds to argue that the
retribution was, without much warning, visited country’s latest experience will not have been in
upon them, and the result was that their recently vain “ if it arouses public sentiment to the point of
acquired little piles of wealth vanished. Certainly compelling Government regulation of the Stock Ex
the victims have only themselves to blame, for change that will convert it into the great legitimate
margin speculation is a hazardous game, but one and responsible security market of the country, which
cannot help reflecting that in such a proceeding is its high and honorable function.”
“ Under
their doom is about as effectively sealed as if they Government regulation,” he says, “ we would know
entered a gambling den. As only one illustration from month to month, and almost from day to day,
of the effect upon prices, we may note that Crucible when necessary for public protection, the real basis
Steel in the course of the day (we mean Wednesday, of the published rumors on which prices are being
the 6th) dropped from 96% to 79% . It had sold boosted. We would have an open market, free from
the week before at 109%.
manipulations of pools and insiders, and the small in
After the weakly margined holdings had been vestor would have protection against illegitimate
shaken out there was the usual quick rebound and stimulation of the market in times of great excite
this particular stock closed the same day at 84% ment.” Continuing in this vein, he says:
and yesterday closed at 90% . One of the daily
“ We would not stop speculation. No law can
papers Thursday morning gave the following account accomplish that. It is doubtful whether that should
of Wednesday’s doings on the Stock Exchange. be attempted by law if it were possible. But we
It is worth quoting here as illustrating the effects would have honest speculation. It is dishonest
speculation, superinduced by false rumors and
of the carrying out of the policy determined upon.
manipulation, that I have tried to stop by Govern
“ Brokers were unanimous in the opinion that the ment regulation. Laws against false rumors and
new margin policy caused the great bulk of the sales. manipulation cannot be enforced because the guilty
Oct. 9 1915.]
THE CHRONICLE
cannot be detected unless we have the legal machin
ery for delving into the books of the members of the
Stock Exchange. This machinery is now in the hands
of the Governors of the Exchange and is not accessible
to any public authority. If that machinery were
now available we would at least have the means at
hand to separate the wheat from the chaff.”
M r. Untermyer does not indicate what Govern
ment officials could do to remedy a situation which
all thinking people deplore as much as he does him
self. The situation is one that cries out for a
remedy, but Government officials are not the ones
to apply the remedy. If they are to decide between
legitimate and illegitimate transactions, are to
regulate the volume and character of the dealings,
are to be constituted censors of what is right and
what is wrong, or, in his own words, “ separate the
wheat from the chaff,” we would be simply in
augurating a species of political graft of which we
have had only too much in this country and our
last state would be worse than our first.
The Stock Exchange authorities are better fitted
to cope with the trouble than any Government body
could be. That, indeed, has been the argument
that has always been urged against the incorpora
tion of the Stock Exchange, namely that the Stock
Exchange authorities possess powers of investiga
tion that could never be delegated to any public
officials or any public body. It is, therefore,
all the more to be regretted that on the present oc
casion when such a great opportunity was offered
for showing what could be done in the way of exer
cising wise restraint, the Stock Exchange did prac
tically nothing until the movement got beyond
control and the whole world recognized its dangerous
and alarming character.
Were it not for last summer’s experience it might
well be questioned if even the Stock Exchange
authorities are not powerless in the matter. But
they were able then to devise and put into practice
such efficacious measures for arresting the downward
plunge of prices so as to avert general disaster and
in so doing furnished such a perfect demonstration
of omnipotent power that it would seem that these
same powers could with advantage and with success
be employed in undertaking to prevent reckless in
flation of values which also must end in general
disaster if not kept under control.
A t all events it seems certain that if last spring,
when the first manifestations of the wild mania for
inflating values first began to be witnessed, the Stock
Exchange people had applied themselves with the
same assiduity to this year’s problem that they did
last year to the reverse of the same problem, the move
ment over which every one is so deeply exercised
now would never have reached its present stage,
and M r. Untermyer would not be in position to cite
it as a new argument in favor of Government regula
tion of the exchanges.
If the Stock Exchange can do nothing but unite in
a plea for larger margins with decapitation of those
who may have carried the pyramiding process too
far to be able to respond to the call for more funds,
M r. Untermyer will in the end, we may be sure, have
his way, and Government control of the exchanges
be undertaken notwithstanding its objectionable
character.
Bank clearings in the United States for September
1915, while indicating in some measure the improve
1135
ment in commercial and industrial lines that has
recently been noted, more fully reflect the stimu
lating influence of war orders in certain sections of
the country and the continued speculative activity.
The closing last year of the Stock and other ex
changes, with consequent cessation of speculation,
and the dearth of other financial transactions,
operated, in conjunction with the then existing
business depression, to reduce very appreciably the
totals of clearings at this time in 1914. But this
year business, although not on normal lines generally,
is better, and speculation, especially in “ war stocks”
and particularly at New York, has been extremely
active, virtually passing all reasonable bounds.
Consequently it is not surprising to find that most
of the cities— 107 out of 160— included in our com
pilation show gains over a year ago, and that in
many cases the increases are very heavy. Railroad
earnings recently have made less unfavorable com
parisons.
For the country as a whole the aggregate of clear
ings marks a high record for September, and con
trasted with 1914 there is a gain of 5 7 .1 % . Even
compared with 1913 there is an increase of 1 7 .2 % .
For the nine months since Jan. 1 the current year’s
total is 6 .8 % above that of a year ago, and is 1 .9 %
more than in 1913. A t New York, for the reason
outlined above, the September clearings record an
enormous gain over last year— 1 0 8 % — and more
over are, by a considerable amount, a high water
mark for the period covered. The nine months’
aggregate is 1 2 .5 % greater than a year ago. Outside
of New York this year’s total for the month exceeds
last year’s by 1 3 .6 % and the 1913 high record by
2 .4 % , but for the longer period the decreases are
0 .1 % and 1 .6 % , respectively. As regards the indi
vidual cities, important gains are to be noted at
many points, especially at Philadelphia, 3 1 .4 % ,
Boston, 2 4 .8 % , Hartford, 6 2 .6 % ,
Waterbury,
5 7 .2 % , Wilmington, D el., 3 5 .5 % , Cleveland, 3 3 .8 % ,
Akron, 4 6 .8 % , Evansville, 4 4 .3 % , Savannah, 7 2 .2 % ,
Galveston, 3 6 .5 % , the last two reflecting a much
freer movement of cotton. Of the various groups
into which the figures are segregated the Middle,
New England and “ Other Western” make a better
exhibit than in 1914.
Dealings on the New York Stock Exchange in
September were of very much greater volume than
for the same month of any year since 1909, with the
“ war stocks” continuing to be the feature in the
trading and at generally advancing values, with the
highest prices of the year recorded at or near the
close of the month in most instances. The trans
actions during the month this year aggregated
18,399,286 shares, against n il in 1914 and 7,682,304
shares in 1913. For the nine months they were
115,133,248 shares, against only 45,990,575 shares
and 65,149,991 shares, respectively, in the like period
of the two previous years. Bonds, also, were quite
actively dealt in during the months and transactions
for the nine months at 605 million dollars par value
contrast with 425 millions in 1914 and 383 millions
in 1913. A t Boston trading in stocks for the period
since Jan. 1 covered a total of 8,593,061 shares,
against 4,335,473 shares in 1914 and 8,752,018 shares
in 1913, and at Philadelphia the comparison is be
tween 3,997,512 shares and 1,905,259 shares and
3,807,477 shares.
Canadian clearings returns in a vast majority of
cases continue to make unfavorable comparison
THE CHRONICLE
1126
[VOL. 101.
Cotton, which had already advanced materially
in price in the closing days of September on reports
of unusual deterioration in condition due to unfavor
able weather and indications that the top crop
would be short, advanced further in value the current
week following the publication of the Department
of Agriculture’s report on the status of the crop
Sept. 25. That report, indicating as it did, a much
greater drop in condition than had been expected,
stimulated an excited speculation in the staple on
the local exchange on M onday that carried prices
for the nine months 2 3 .1 % .
up approximately 83 per bale and since then there
The grain crop report of the Department of Agri has been a further moderate advance. Officially
culture for October 1, issued on Thursday, not only it is determined that the average condition of the
served to confirm previously announced optimistic crop on Sept. 25 was only 60.8, or much lower
official forecasts, but indicated an even greater pro than usual at that date, and comparing with 73.5
duction of the leading cereals than the Sept. 1 report. at the same time in 1914, and a ten-year mean of 68.3.
A yield of wheat slightly in excess of 1,000 million Furthermore, the Department announced that a
bushels now seems assured, leaving, therefore, after condition of 60.8 on Sept. 25 forecasts a yield per
supplying home needs, an immense exportable sur acre of 168.1 lbs., which, applied to the planted
plus, and the aggregate production of the five leading acreage (Government total) less an average aban
grains— wheat, corn, oats, barley and rye— promises donment of 1 .3 % , indicates a total of 10,950,000
to be no less than 5,826 million bushels, or 883 bales of 500 lbs. gross weight each (on the basis of
millions greater than in 1914, and, furthermore, the “ Chronicle” acreage, and following the same
method of calculating, the result would be a little
establishes a new high record.
In corn an improvement in condition of nine-tenths over 12,000,000 bales).
According to this latest report, the condition in
of a point during September is reported by the
Department, making the average status of the crop every State except California is noticeably lower than
in the whole country 79.7 on Oct. 1 against 72.9 a on Aug. 25, the deterioration varying from 5 points
year ago, and a ten-year average of 78. The yield in Louisiana to 6 in North Carolina, 7 in Mississippi,
per acre is estimated at 29.7 bushels and the aggre 8 in South Carolina, Georgia, Alabama and Okla
gate crop is computed as 3,026,159,000 bushels homa, 9 in Arkansas and to 10 in Texas. Moreover,
against 2,673 millions in 1914 and 3,125 millions in as regards indicated yield per acre, some startling
1912— this latter the high mark in production. declines are indicated. The forecast for Georgia
Every important producing State except Iowa, which at this time, for instance, is given as only 168 lbs.
is figured to show a loss of 100 million bushels, makes against 239 lbs. last year; South Carolina, 208 lbs.
a better exhibit than a year ago, with the gains con against 255 lbs.; Alabama 148 lbs. against 209 lbs.;
spicuously large in Illinois, Kansas, Missouri, Oklahoma 176 lbs. against 212 lbs., and Texas 145
lbs. against 184 lbs. It is of course to be remem
Nebraska, Texas and Oklahoma.
The indicated yield of spring wheat as now stated bered that these conclusions as to yield are based
is 1.1 bushels more than the Sept. 1 report, and is upon the Sept. 25 condition and are subject to modi
given as 17.9 bushels per acre, promising a crop of fication in either direction according as weather is
345,163,000 bushels against 206 million bushels in better or worse than average hereafter. Then,
1914 and 330 millions in 1912. The quality of the again, it must not be forgotten that the earliness
crop, moreover, is above the average. Last year or lateness of killing frosts will have an important
quality was low— 78.6; this year it is 90.7. No bearing on the ultimate outturn. But a short yield
essential change is made in the winter-wheat esti the current season is less calculated to cause concern,
mate, the figure as now given being 656,866,000 as with the large carry-over from the previous year,
bushels. Combining the two varieties, we have a and the contraction in consumption due to the war,
total product of 1,002,029,000 bushels, which exceeds no shortage of supplies is to be feared.
The report on amount of cotton ginned to Sept. 25
by 110 million bushels the previous largest yield
also issued on M onday, and prior to the announce
(that of 1914).
A crop of oats greater than ever before harvested ment of the condition figures, was not in any real
in the United States is indicated by the present sense a factor in the advance in prices noted above.
even with the considerably reduced totals of a year
ago. In fact for September, losses, and many of
them very large, are to be noted at all cities in the
Western Provinces, while in the East, St. John and
London alone show mentionable gains. For the
22 cities from which we have comparative figures
the month’s total shows a decrease of 7 .7 % , while
for the nine months’ period the falling off is 1 5 .5 % .
Contrasted with 1913 the showing is even less favor
able, the decline for the month being over 2 0 % and
Oct. 1 report. On the basis of a yield per acre of
37.8 bushels an aggregate yield of 1,517,478,000
bushels is foreshadowed from the area harvested,
this comparing with 1,141 million bushels last year,
and the 1,418 million record of 1912. The barley
crop is now estimated at 237 million bushels against
195 million bushels in 1914, a yield of rye of approxi
mately 44 million bushels this year contrasts with
43 million bushels a year ago. The following fur
nishes a summary of the various crops:
E stim a te d .
F in a l.
F in a l.
F in a l.
P r ev io u s
1915.
Winter wheat___ bush. 657
Spring wheat-------------- 345
Corn_______________ 3,026
O ats________________ 1,517
Barley______________ 237
liyo-------------------------- 44
1914.
685
206
2,673
1,141
195
43
1913.
523
240
2,447
1,122
178
41
1912.
400
330
3,125
1,418
224
36
R ecord s.
685(1914)
330(1912)
3,125(1912)
1,418(1912)
224(1912)
43(1914)
Total b u s h e ls ....— 5,826
4,943
4,551
5,633
5,825
P ro d u ctio n .
(000,000s
o m itte d ).
The outstanding developments this week connected
with the European struggle have been the definite
decision of the Bulgarian Government to join the
Central Powers and also the unexpected decision of
Greece to ma:ntain a “ benevolent neutrality.” Mean
while the diplomatic rupture between Servia and
Bulgaria is complete, the Servian Foreign Office
having handed his passports to the Bulgarian Minis
ter. King Constantine refused to support the policy
of Premier Venizelos and the latter resigned. On
Thursday Alexander Zaimis accepted the Premiership
in succession to Venizelos at the invitation of King
Constantine and will serve as Foreign Minister as
well as Premier. He will announce his policy on
M onday. The new Premier has twice before held
Oot. 9 1915.]
THE CHRONICLE
1137
the office of Prime Minister. M ore recently he has Novo Grodek. The heaviest fighting is in the neigh
been governor of the National Bank of Greece. Five borhood of Dvinsk, to the south of which the Ger
members of the new Greek Cabinet are former mans have had some success, having succeeded in
Premiers, according to a news agency dispatch from crossing the Viliya north of Smorgon, thus enabling
Athens. Zaimis alone among the former Premiers them to co-ordinate their forces north and south of
has not opposed the quadruple entente and it is con that point.
sidered that his ideas best represent absolute neu
trality. The attitude of the Venizelos Party will
The German Ambassador, Count von Bernstorff,
depend upon the Government’s declarations.
on Tuesday formally notified the State Department
As to the military operations the invasion of Servia that Germany disavows the sinking of the Arabic and
by the German and Austro-Hungarian armies under will offer full reparation for the loss of American lives
the direction of Field Marshal von Mackensen has and American property. The question of damages
begun, the immediate object being to seize the rail will be arranged through diplomatic channels, this
way leading from Belgrade to Salonika and Constan being a more expeditious way than if referred to ar
tinople. Meanwhile British and French troops are bitration. Ambassador von Bernstorff called at the
being landed, it is reported, in large numbers at State Department on Tuesday and had a conference
Salonika for the purpose of aiding Servia against the with Secretary Lansing. Early in the afternoon the
invaders. The German and Austrian forces are Secretary made public a letter he had received from
seeking to push their way southward with the the Ambassador, which we publish on another page.
Drina, Danube and Save rivers at their back. The Ambassador von Bernstorff has instruction to proceed
next move lies with Bulgaria. Whether she will with the negotiations with the State Department re
attack Servia from the rear while the Central Powers garding the amount of the indemnity. He has full
are hammering at the northern and northwestern power to proceed in this matter.
gates, or maintain for the moment a watchful attitude
is a matter of surmise, but the situation is such that
D r. Constantin Theodor Dumba, who has been re
her entrance into the war seems to be a matter only called as Austro-Hungarian Ambassador, together
of hours. Russian warships are reported to be shell with M rs. Dumba, sailed on the steamship Nieuw
ing the Bulgarian port of Varna on the Black Sea. Amsterdam of the Holland-American Line on Tues
It is considered possible that Bulgaria may avoid day for home, the State Department having provided
arousing the Greek people by refraining from attack a safe conduct.
ing Servia, simply keeping her troops on the border.
This would have the effect of preventing Servia from I The London Stock Exchange will remain closed
bringing her full strength to bear against the Austro- to-day in furtherance of the Committee’s plan for
German attack.
Rumania still is neutral.
Like bi-weekly holidays. The Balkan situation, while
Greece it is bent on continuing friendly with all the not liked has nevertheless not been a source of
belligerents. To influence her and the other Balkan depression in the market; successes reported from
States Russia is reported to have commenced an the East and W est having counteracted the news of
energetic offensive in Bukowina and to have attacked Bulgaria’s espousal in a practical way of the cause of
the Teutonic allies. The new Anglo-French credit
the Austrian positions northeast of Czernowitz.
After having given Bulgaria twenty-four hours to loan has increased in popularity at the British center
break with the Central Powers, Russia notified during the week and the British press as a whole has
Premier Radoslavoff on Tuesday that a rupture of been less critical of the transaction in its discussion.
diplomatic relations between the two countries exis Reports that persons in England have been subscrib
ted. Russian interests in Bulgaria were at once ing to the Anglo-French loan as a result of the higher
confided to the Dutch Charge d’Affaires. The interest yield than is available on British domestic
Russian, French, British, Italian and Servian M inis loans has elicited the following statement from the
ters promptly asked for their passports. It is re British Government:
ported that rain and the consequent mud have pre
“ The Treasury points out that it is very undesir
vented the Anglo-French armies from continuing able in the public interest that persons or firms in the
their full offensive in Artois. Fighting of a stubborn United Kingdom subscribe to or purchase the forth
nature is still going on in that region. Success is coming Anglo-French loan in America. The main
apparently varying, although the Allies are firmly purpose of the loan is to give support to the American
exchanges. Remittances from the United Kingdom
holding virtually all the ground they gained in last
for the purpose either of subscribing to or purchasing
week’s thrust. It is believed in military circles that the loan or of replacing funds already in America
other similar thrusts will take place before long. The which may be employed for such subscription or
repeated bombardment of the German positions on purchase would have the effect of defeating the
the Belgian coast by British ships and big French object.
“ Holders of the loan who reside in the United
guns, as well as the air raids over the German lines,
Kingdom will be liable to an income tax on the divi
suggest that another storm is brewing.
The British
dends, as in the case of income from other securities
censor, as has been his recent practice, has continued abroad, and dealings in the loan will not be per
to prevent definite news affecting the British position mitted upon any stock exchange in the United King
coming forward. As a result of a month’s minor dom .”
actions in Gallipoli General Sir Ian Hamilton reports
It may be remarked incidentally that numerous
that the British have gained 300 yards on a front of requests for participation in the underwriting of the
four miles at Suvla Bay. There appears to have loan in this country have been received by cable.
been no important movements on the Italian invasion All have been refused.
of Austria.
There are distinct signs of growing firmness in the
A renewal of military activity is evident on the
northern end of the Russian front from Dvinsk^to
London money market. Cheap credit, to quote one
newspaper correspondent, is becoming scarce and
the banks are able to lend as freely as they desire
1138
THE CHRONICLE
at 4 3 ^ % . The half-yearly Treasury statement to
Sept. 30 will shortly be published. It is expected to
show that national expenditures have exceeded the
receipts, the Exchequer balance being reduced to
£64,000,000. Last year’s war loan is still to be re
duced by about £70,000,000, and as Treasury bills
for an amount estimated to be about £70,000,000
mature in October, it is believed that the Govern
ment will shortly advance the rate for new bills.
[Vol. 101.
being absent in war service or taking the year’s holi
day that is permitted by the Exchange’s rules. Divi
dend reinvestments are proceeding in the English
market and are particularly noticeable in stocks with
high yields. The investment markets have not been
affected by the distribution of more than £6,000,000
interest on Government stocks.
British trade for September, according to the
monthly returns of the British Board of Trade, was
Official announcement was made on Friday of last not as favorable from the exchange standpoint as
week that the conferences between Reginald M c was that of August. The imports into the United
Kenna, the British Chancellor of the Exchequer, and Kingdom for the month in question increased £25,
Pierre L . Bark, the Russian Minister of Finance, - 285,393, while the exports increased only £5,633,899,
had resulted in an arrangement for “ a joint course comparing with the corresponding month last year.
of action between the two allied Governments.” Of the increase in imports, about £10,000,000 are in
M . Bark on Sept. 21, it will be recalled, concluded a food, £5,000,000 in raw materials and the remainder
conference in Paris with Alexandre Ribot, the French in manufactured articles. Of the increase in exports,
Minister of Finance, and departed for London to £1,250,000 was in coal and the remainder in cotton
discuss with M r. M cKenna financial matters affect and textiles. The following comparisons show the
ing the Allies. He explained that Russia was going trade of the United Kingdom in September and for
through a difficult period as regarding exchange. the nine months ending with September:
----- M o n t h o f S e p t e m b e r
J a n . 1 t o S e p t e m b e r 30—
Being unable to export her products, Russia had large
1914.
1914.
1915.
1915.
credits to make abroad which could not be made
Imports---------------- £70,292,000 £45,006,607 £644.029,043 £522,739,546
in goods or products. M . Bark said that this Exports__________ 32,308,000 26,674.101 283.091.254 350.748,363
difficulty had been examined into in February by Excess of imports. £37,984.000 £18,332,506 £360,937,789 £171,991,183
the allied British and French finance Ministers,
Comparisons by months with the corresponding
and that Great Britain and France had come to
periods of last year follow:
Russia’s assistance with advances which had been
1915.
1914.
employed to pay Russia’s debt coupons and to pur
1915.
1914.
£28.247,592 £47.806.165
£67,401.006 £68.005,009
chase supplies. He added that this policy of co January__________
26.176.937
41.261.797
62,053,651
February_________ 65,268,814
30.176.066
44,518.661
operation must be continued and that certain pre M arch___________ 75,590,918 66.947,315
39.946.822
32.169.733
61,626,830
A p r il------------------- 73,678,288
cautions must be taken to raise the rate of exchange M ay______________ 71.644,966 59,099.290
42.051,190
33,618.992
39,872.978
33.233.568
58.281.653
76,117.797
for the ruble and give it stability. An improvement June_____________ 75,548.147 59,376.484
44,405,380
34,721.511
J uly.........................
24,211,271
32,438,855
in the exchange, he explained, would facilitate im August___________ 69,496,695 42,342.707
26.674.101
46,006,607
32.308.000
September_______ 70,292.000
portations into Russia which had been obstructed October . . . ____ ___
28.601.815
51,379,435
24,601.619
IIIIIIII 55.518,130
by the depreciation of the ruble. The result of the November_______
26,278.928
67,316.898
December ............. . ______
visit of the Russian Minister of Finance to London
will, it is reported, be an issue of Russian Treasury
A better tone has been evident in the reports
bills in London at the rate of £2,000,000 monthly.
from the Paris Bourse this week, the succe sful
The ruble is worth about 17J^d. against 24d. under arrangement of the Anglo-French loan on this side
normal conditions. It will therefore require a very
being a factor in this improvement. Another feature
large credit to make exchange normal. In addition,
was the satisfactory results of the Sept: 30 settlement,
Japan’s huge exports of war munitions and supplies
which was completed without assistance from the
to Russia make a triangular exchange problem.
Bank of France and with a carry-over rate of not
Great Britain’s business with Japan is not affected
more than 6 % . Still another influence was the news
by these conditions, its trade continuing very nearly
of the successes of the British and French armies.
on a normal basis. The Russian treasury bills will Rentes, however, have been under pressure, reflect
not be actually issued to the public in England.
ing the desire of many holders to convert their bonds
They will be held at the Bank of England as security
and buy Russian securities. They closed at 66.50fr.
behind the three months’ sterling bills which will be
against 66.50fr. a week ago. The Minister of Agri
drawn by Russian banks on London banks and ac
culture published in the “ Journel Officiel” the fol
cepting houses. Sterling bills then will be placed
lowing estimates of French crops of 1915: W heat,
at the disposal of the Russian State Bank, which will
6,472,020 metric tons, against 7,870,321 tons in 1914;
offer them for acceptances and discount in London,
spelt, 114,210 tons, against 133,976 tons; rye,
where the proceeds will be placed in the Bank of
992,820 tons, against 1,138,326 tons; barley, 786,275
England to be utilized by the Russian State Bank’s
tons, against 1,004,493 tons, and oats, 3,746,220
customers. Both the Treasury and sterling bills
tons, against 4,665,472 tons.
will be renewable if necessary for a year after peace,
The French Chamber of Deputies on Thursday
but they will only be issuable at the rate of £2,000,000
adopted a bill authorizing the Anglo-French loan.
monthly and the maximum amount will be £20,000,
It was introduced by M . Ribot, the Minister of
000. It is not expected that there will be a much
Finance, and consisted of the following single para
lower exchange rate, but the new financing will
graph:
facilitate business.
“ The Government is authorized to issue in the
The passing of the Stock Exchange interim
United States, conjointly and collectively with the
dividend until the end of the Stock Exchange
British Government, one or several loans, of which
year, which is next M arch, was announced this the amount and conditions will be fixed by the
week.
The passing of the dividend was ren I Government according to the best interests of the
dered necessary because of a heavy reduction in sub j Treasury. Bonds of these loans will be exempt
scriptions, no less than 2,350 members and clerks I from all taxes, present or future.”
Oct. 9 1915.]
THE CHRONICLE
Authority was also askccl by the Finance Minis
ter to negotiate other loans in the United States
in accord with the British Government “ to assure
payment for our purchases and to ameliorate con
ditions of exchange.”
M . Albert Metin of the Ap
propriations Committee explained that the proceeds
of the loan were to be used exclusively to pay for
what France was buying in the United States and
to stabilize the exchange. M . Ribot then asked
the Chamber as a mark of confidence to pass the
bill immediately. A lively campaign had been
conducted in the United States, he said, to hinder
the completion of the loan, but without result. He
expressed the thanks of the Government to the
delegates who had negotiated an accord with Ameri
can bankers, and the Chamber without further
debate unanimously passed the bill.
Advices from Vienna by way of Amsterdam an
nounce that the subscription lists for the third Aus
trian war loan were opened on Thursday and will
remain open until N ov. 6. The price is 93.60.
It will bear interest at 5 % % and mature in 1930,
payments to be in installments as follows: 1 0 % at the
time of subscription, 2 0 % on Dec. 6, 2 0 % on Jan. 5,
2 5 % on Feb. 5 and the remainder on March 5. The
loan will be free from taxation. Six German banks
are offering the new issue at 9 0 % to holders of the
first and second loans. The main subscribers are
reported to be industrial corporations and firms
favored with war orders who arc expected to subscribe
for the same amount as at first to obtain additional
business.
Official Bank rates at the European centers remain
at 5 % in London, Paris, Berlin, Vienna and Copen
hagen, 5 Yz% in Italy, Norway, Sweden and Portu
gal, 6 % in Russia and 4 3 ^ % in Switzerland and
Amsterdam. Open market rates in London are
4 % @ 4 % % for short bills and 4 ^ @ 4 % % for long
bills. These quotations compare with 4 ) ^ @ 4 ^ %
for short and 4 % % for long bills a week ago. D a y to-day funds at the British center are quoted at
4J/g% against 3 j ^ @ 4 % last week. In other centers
the private rates are subject to negotiation 'on the
basis of the official Bank rates.
The Bank of England’s statement reported a fur
ther decrease of £759,098 in its gold item, due to
additional shipments of the precious metal to this
country. Note circulation increased £65,000 and
the total reserve decreased £836,000. Public depos
its registered the large contraction of £34,841,000,
while other deposits increased £21,613,000. There
was a reduction of £13,048,000 in loans. The propor
tion of reserve to liabilities is 2 6 .0 5 % , an increase
from 2 4 .7 0 % last week and comparing with 2 4 .5 0 %
a year ago and 5 2 .7 5 % in 1913. The bullion hold
ings indicate a total of £61,249,793. One year ago
the amount was £56,756,912 and in 1913 £35,712,331,
and the reserve stands at £46,823,000 against
£40,378,212 and £24,930,706 one and two years ago,
respectively. The loans aggregate £119,266,000
against £113,894,148 in 1914 and £25,522,489 the
year preceding. The Bank reports as of Oct. 2 the
amount of currency notes outstanding as £70,012,325
against £58,427,572 the week preceding. The
amount of gold held for the redemption of such notes
remains at £28,500,000. Our special correspondent
furnishes the following details by cable of the gold
1129
movement into and out of the Bank for the Bank
week: Inflow, £1,349,000 (of which £1,100,000 bar
gold bought in the open market and £249,000 net
received from the interior of Great Britain); out
flow, £2,108,000 (of which £5,000 bars, sold in
the open market, £1,233,000 exported to America,
£200,000 to Spain and £670,000 ear-marked Egypt).
W e add a tabular statement comparing for the last
five years the different items in the Bank of England
return:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1911.
1914.
1913.
1912.
1915.
Oct. 9.
Oct. 11.
Oct. 8.
Oct. 7.
Oct. 6.
Circulation______ £32,876,000 £34,828,700 £29,231,625 £29,170,925 £29,180,175
6,430,990
Public deposits___ 81,375,000 17,852,333 5,993,166 10,357,468
Other deposits____ 98,301,000 146,646,768 41,214,915 45,298,171 45,987,621
Gov’t securities___ 31,268,000 27,971,087 14,488,105 13,338,084 14,596,084
Other securities___ 119,266,000 113,894,148 25.523,489 32.855,495 28,296,644
Reserve notes & coin 40,823,000 40.378,212 24,930,706 27,192,560 27,227,928
Coin and bullion__ 61,249,793 56,756,912 35,712,331 37,913,485 37,958,103
Proportion of reserve
48.84%
51.45%
to liabilities........
26%
24.50%
52.75%
Bank rate...............
4%
5%
5%
6%
4%
The increase this week in the Bank of France’s
gold holdings is 51,198,000 francs, bringing the
total up to 4,601,257,000 francs, against 4 ,1 4 1 ,3 5 0 ,
000 francs one year ago, and 3,462,050,000 francs in
1913. The Bank’s silver, on the other hand, de
creased 522,000 francs to 353,579,000 francs, which
compares with 625,325,000 francs a year ago and
633.150.000 francs the year preceding. Note cir
culation showed the large expansion of 205,781,000
francs, making the total 13,663,001,000 francs.
Last year it was 6,683,184,785 francs and in 1913
5,760,180,835 francs. General deposits decreased
68.974.000 francs to 2,627,113,000 francs, and
compares with 947,571,861 francs in 1914 and 54 7 ,
721,263 francs in 1913. Discounts were reduced
122.881.000 francs to 2,264,808,000 francs, against
2,454,280,425 francs at this date in 1914 and 1 ,
448,204,758 francs in 1913. Treasury deposits
increased 5,070,000 francs and advances increased
4.299.000 francs. The Bank of France has now
retired more than half the pre-moratorium accept
ances against which 100,000,000 francs were ad
vanced. The note issue to finance the war, totals
13,458,000,000,000 francs and an extension will
soon become necessary. The present limit of the
issue is 15,000,000,000 francs. A year ago the
Bank of France suspended publication of its weekly
statement and did not resume it until February 4
1915, hence no closer comparison with 1914 is
available than of July 30. These are the figures
that are used in the foregoing comparison.
The Imperial Bank of Germany, in this week’s
statement, revealed increases in every item. It
shows conditions as of October 4. The metal stock
and paper currency, including Imperial and Loan
Bank notes and notes of other banks, in addition to
coin and bullion, increased 694,341,000 marks, the
stock of gold showed an expansion of 4,525,000
marks, discounts an increase of 2,143,709,000
marks, loans an increase of 755,000 marks, securi
ties an increase of 6,697,000 marks, note circulation
of 608,969,000 marks and deposits an increase of
2,167,021,000 marks. The large increase in dis
counts and deposits are undoubtedly due to opera
tions in connection with payments on the last war
loan. It was semi-officially announced that 5 ,
000,000,000 marks of the war loan was paid last
Saturday. The gold holdings of the Reichsbank
now amount to 2,419,434,000 marks, comparing with
l,716,000,000]m arksonthe corresponding date a year
4
4
4
3H 4
4 4
4
4
4K 4>*
5
5
5
5
San Francisco.
4
4
4
4
4
4
4
4^
3
4
4
4
4
4
4
4M
4
4
4
4
4 3
4
3 Vi
4
4
4M 4 «
5
5
5
5
5
5
| Dallas.
Kansas City.
5
3
4
4
4
St. Louis.
3
4
4
4
Minneapolis.
3
Chicago.
Commercial Paper—
1 to 10 days maturity____
11 to 30 “
“
........
31 to 60 “
"
........
61 to 90 “
"
........
A.QTicultiiTdl and
Live-Stock Paper—
91 days to 6 months maturity
| Richmond.
CLASS
OF
REDISCOUNTS.
| Atlanta.
The situation in the local money market continues
one of distinct ease, notwithstanding that there
must in the near future be a concerted demand for
funds with which to pay subscriptions to the new
Anglo-French credit loan. So far as dividend
paying railroads and other standard investment
stocks are concerned as collateral, money rates,
are, if anything, easier than a week ago. But
where the borrower is offering industrial collateral
especially the so-called war stocks, there are evi
dences of keen discrimination and aside from demand
ing higher rates, the names of borrowers are under
going keen scrutiny. Transactions based on these
war industrials as collateral have been reported
at 3 % @ 3 % % for six months, while the trading
rate on regular mixed collateral has been 3 % for the
same term. Commercial paper has again been in
restricted supply and discounts have not been
changed from 3 @ 3 % % for the best names. Crop
funds should, at this season, be an active factor in
the general situation, but there appears no interior
demand upon New York for this purpose, the re
serves in the banks of the West being sufficient for
the grain crops. There have been no important
demands upon the capital market this week. Satur
day’s statement of the New York Clearing House
Association showed an increase in loans of $14,110,
000; demand deposits were increased $12,421,000,
while time deposits were reduced $3,591,000. The
reserve requirements were increased $2,631,790.
While the agregate reserve was increased $930,000
there was thus a decrease of $1,701,790 in the sur
plus above the requirements. Reserves in “ own
vaults” decreased $9,495,000 to $503,372,000, in
cluding $433,087,000 in specie, comparing with a
deficit of $17,986,605 a year ago. Reserve in
Federal Reserve banks increased $2,459,000 to
$146,705,000 and reserves in other depositaries
increased $7,966,000 to $37,878,000, bringing the
aggregate reserve down to $687,955,000.
Referring to money rates in detail, demand loans
have again covered a range of 1 % @ 2 % this week.
The latter has been the renewal rate each day and
has also been the highest. On M onday and Tuesday
1% was the lowest and on Wednesday, Thursday
and Friday 1% % was the lowest. Time money
rates are without important change, sixty day funds
remaining at % @ 2 % % , ninety days funds 2 % % ,
four months 2 % @ 3 % , five months 3 % and six
months 3 @ 3 % % , against 3 % last week. Com
mercial paper remains at 3 @ 3 % % for sixty and
ninety days endorsed bills receivable and six months
single names of choice character. Names not so
FEDERAL RESERVE BANK DISCOUNT RATES.
Philadelphia.
1914.
1,704,514,000
1,675,820,000
149,292,000
23,103,000
4,712,152,0;0
125,477,000
79,624,000
269,434,000
3,992,806,000
2,708,974,000
107,335,000
Cleveland.
Sept. 23—
1915.
Total coin and bullion.....................................................2,457,402,000
Of which gold........ .......................................
2,414,909,000
183,883,000
Treasury notes............................................
Notes of other banks.......................... _.........................
18,334,000
Bills discounted....................................
5,326,867,000
12,378,000
Advances.......................
Investments___ ________
31,132,000
Other securities.......... ..................
310,561,000
Notes In circulation____________
5,548,661,000
D eposits________
2,249,234,000
248,858,000
Other liabilities.............
well known still require as high as 4 % . Bankers’
acceptances are quoted at 2 @ 2 % % . Discount
rates at Federal Reserve banks have not been changed.
On Tuesday the Federal Reserve Board approved
a rate of 3% at Kansas City for commodity paper
and in Cleveland, trade acceptances were author
ized at 3 % % up to sixty days and 4 % for sixty to
ninety days, the Cleveland rates becoming effective
October 7.
New York.
ago; the holdings of metal stock and paper currency,
including gold, 3,151,743,000 marks against 1,737,
000,000 marks;
discounts, 7,470,576,000 marks
against 4,756,000,000 marks; note circulation, 6 ,
157,630,000
marks against 4,491 ,0 0 0 ,0 0 0 marks,
and deposits, 4,416,255,000 marks against 2,3 5 1 ,
000,000 marks. The latest detailed report received
by mail is of date Sept. 23. It follows:
[Vol. 101.
THE CHRONICLE
Boston.
1130
6
Trade Acceptances—
1 to 60 days maturity____ 3H f3X 3
........ 3M
61 to 90 “
“
3
3>S 3H 3H __ 3 X __ 3K 3 'A 3
3 'A
4 4 3H . . . 3H — - 3^ 4
Commodity Paper—
1 to 30 days maturity____ 3X __ 3
to 60 ”
“
........ 3M __ 3
61 to 90 “
*• ........ 3H __ 3
91 days to 6 months maturity
__ 3
__ 3
__ 3
31
3
3
4
__ 3
__ 3
__ 3
__
__
__
3
3
3
3
3
3
3M
4
3 4H
--- 5
Authorized rate for discount of bankers’ acceptances, 2 to 4%.
/Maturities less than 10 days, 3%.
Instead of sterling exchange rates being further
advanced as a result of the favorable reception of the
Anglo-French credit loan, considerable irregularity
has been displayed and final quotations indicate
substantial net declines for the week. Demand bills
which closed at 4 72% a week ago finished last even
ing at 4 69% , and cable transfers which were 4 72%
a week ago were 4 70% yesterday. There are few
signs of speculative activity in the market, no dis
position being shown to undertake short commit
ments with such an important factor as the new loan
so clearly in sight. There have been quite free offer
ings of commercial bills, but the demand has been
backward. It is not definitely known what the
policy of the British and French Governments will
be in connection with the loan, except that there will
be a definite one of drawing upon the credit on as
small a scale as practicable, thus aiding in the effec
tiveness of the funds for as long a period as possible
as a means of maintaining the general exchange situ
ation. The lack of definite information of the
methods in which the proceeds will be utilized for
the purpose of sustaining the exchanges has also,
there can be no doubt, been responsible for the ab
sence of direct influence. It is not known, for in
stance, whether the British Government, either
through the Bank of England or J. P. Morgan & Co.,
will sell to British merchants desiring to remit to this
country in payment of exports, bills on New York
payable out of the proceeds of the loan. Offerings
of bills have increased in this market, which is not
surprising in view of the increased export movement.
Last week’s balance of exports over imports through
selected customs districts as reported by the Depart
ment of Commerce was $35,469,722, which com
pares with $27,528,703 the week preceding and $35,
423,734 for the week preceding that.
The steamer
New York, which arrived early in the week, brought
$2,250,000 in English sovereigns consigned to the
Guaranty Trust Co., and there was deposited at the
Sub-Treasury $1,250,000 gold in sovereigns and 20franc pieces that had arrived on the steamer St. Paul
last week. The steamer Ventura from Australia,
Oot. 9 1915.]
THE CHRONICLE
which reached Honolulu on Friday, has a shipment
of sovereigns for the San Francisco Mint valued at
$6,500,000.
Compared with Friday of last week, sterling ex
change on Saturday showed a reactionary trend and
demand declined to 4 7178@4 72, cable transfers
to 4 72 % @ 4 72% and sixty days to 4 6 8 % @ 4 69.
On Monday weakness again became evident and quo
tations receded to 4 71 @ 4 71% for demand, 4 71%
@ 4 71% for cable transfers and 4 68@ 4 68% for
sixty days; a heavy accumulation of bills over the
week-end, principally grain and cotton, was mainly
responsible for the downward movement. Further
declines were recorded in the initial transactions on
Tuesday; later the market rallied slightly, but sagged
off again with the close weak; demand ranged at
4 6 9 % @ 4 70% , cable transfers at 4 7 0 % @ 4 71 and
sixty days at 4 6 7 % @ 4 68. On Wednesday, fol
lowing an easy opening, heavy buying by an impor
tant banking concern, brought about a firmer tone,
and the morning losses were recovered; the day's
quotations were 4 6 9 % @ 4 70% for demand, 4 70%
@ 4 71 for cable transfers and 4 68@ 4 68% for sixty
days. The continued pressure of offerings, chiefly
cotton, induced renewed depression on Thursday, and
rates receded slightly from Wednesday’s high figure,
although the range was practically unchanged for
demand, at 4 70@ 4 70% and 4 7 0 % @ 4 71 for cable
transfers; sixty-day bills were weaker at 4 68. On
Friday the market remained weak at 4 69% @
4 70 for demand, 4 7 0 % @ 4 70% for cable trans
fers and 4 67% for sixty days. Closing quota
tions were 4 67% for sixty days, 4 69% for demand
and 4 70% for cable transfers. Commercial on
banks closed at 4 63, documents for payment fin
ished at 4 64% and seven-day grain bills at 4 68% .
Cotton for payment closed at 4 64%; grain for pay
ment at 4 69% .
The Continental exchanges have continued irregu
lar as a rule. Sterling exchange in Paris closed at
27.43 francs against 27.33 a week ago. In New York
Paris checks are 5 81% and cable transfers 5 80% ,
comparing with 5 76% and 5 75% and 5 77 and 5 76
a fortnight ago. Exchange on Berlin has reacted
slightly from last week’s firmness, checks closing at
82% and cables 82% , comparing with 84% and84% .
Swiss exchange is 5 31 for sight and 5 30 for
cables, against 5 26 and 5 25 on Friday of last week.
Bankers’ sight on Amsterdam closed at 40% , against
40% and cables at 40% , against 40% . Commercial
sight on Amsterdam is 40 against 39 15-16. Italian
lircs are 6 32 and 6 31 for sight and cables, respec
tively, against 6 22 and 6 21. Greek exchange re
mains at 5 27 and 5 26 for sight and cables. Copen
hagen checks arc 26 05, against 25 95 and sight
exchange on Norway and Sweden is 26 10 against
26. Russian rubles closed at 35 against 35% for
sight a week ago.
The Now York Clearing House banks, in their
operations with interior banking institutions, have
gained $662,000 net in cash as a result of the cur
rency movements for the week ending Oct. 8. Their
receipts from the interior have aggregated $6,022,000,
while the shipments have reached $5,360,000. Add
ing the Sub-Treasury operations and the gold im
ports, which together occasioned a gain of $5,719,000,
the combined result of the flow of money into and
out of the New York banks for the week appears
to have been a gain of $6,381,000, as follows:
11 31
Week ending Oct. 8.
Into
Banks.
Bub-Trcas. oper. and gold imports..
T o ta l_________________
Net Chung* in
Bank Holdings.
Out of
Banks.
36.022.000
24.131.000
$30,153,000
S5,3G0,000 Gain
18,412,000 Gain
$662,000
5,719,000
323,772,000 Gain $6,381,000
The following table indicates the amount of bullion
in the principal European banks:
Oct. 8 1915.
Banks of
Gold.
England..
Branco___
Germany.
Russia__
Aus.-Hunc
Spain___
Italy____
Netherl’ds
Nat.Belgli
Swltz’ land
Sweden __
Denmark.
N orw ay..
Silver.
Oct. 9 1914.
Total.
Gold.
Silver.
Total.
£
t
£
£
£
£
61,249,793
61,249,793 56,756,912
56,756,912
184,053,600 14,544,960 198,598,560 163.680.000 12.760.000 176.440.000
120,971,700 2,101,650 123,076,350 88.535.000
932,80( 89,467,800
162,713,000 2,489,000 165,202,000 178.900.000 5,500,001 154.400.000
51.578.000 12.140.000 63.718.000 51.578.000 12.140.001 63,7 IS,000
29.675.000 29.602.000 59.277.000 21.971.000 27.409.001 49.380.000
45.915.000 4,561,00U 50.476.000 46.637.000 3,000,00d 49.637.000
32.532.000
153,200 32,685,200 13.030.000
173,70(1 13,203,700
15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
9.726.000
9.726.000 8,972,300
8,972,300
6.300.000
6.3Q0.000 5.700.000
5.700.000
5.946.000
309,000 6.255.000 3.780.000
233,000 4.013.000
3.359.000
3.359.000 2.700.000
2.700.000
Tot. week 729,399,093 66,503,810 795,902,903 657,620,212 62,748,500 720,368,712
Prev .week 728,434,521 67.415.49011795.850,011 645,235,304 62,873,600 708,108,904
c July 30 1914 In both years,
h Aug. 6 1914 In both years.
BEGINNING OF THE N E W B A LKA N WAR.
It has been evident— if not from the very begin
ning of the European war, then, at any rate,since
Turkey joined hands with Germany and Austria in
November— that the Balkan States were almost cer
tain to be dragged into the general conflict. This
was so, not only because the war began on a
purely Balkan issue, but because the Balkan terri
tory lay between the positions at which two of the
most important campaigns were being fought. This
week has witnessed the aligning of those nationalities
for the conflict.
For the long postponement of the actual entry into
the conflict of any Balkan State but Servia, there
have been three reasons.
First, undoubtedly,
should be named the physical and economic exhaus
tion of all the Balkan States except Rumania, as a
result of the war of 1912 with Turkey and the war
of 1913 among themselves. The second reason was
the reluctance of the governments to commit the
personal fortunes of their respective countries to
either side, until it became more clear how military
events would move. But third, and of great im
portance, stood the determination of all the Balkan
States to make sure of the largest possible guarantee
of territorial advantages as the price of participation.
This seemingly sordid, yet not unnatural attitude,
was perhaps chiefly responsible for the prolonged and
confusing diplomatic backing and filling at Sofia,
Bucharest and Athens during the nine past months.
Wednesday’s declaration by Bulgaria, rejecting
Russia’s demand that German officers lately sent to
the Bulgarian army be dismissed from the country,
was the first positive announcement of participation
on the part of any of these hitherto neutral States in
the European war. But Bulgaria’s decision had
been made plain, even before that. Her Govern
ment has sent an ultimatum to Servia based on politi
cal and territorial disputes over Macedonia; pre
sumably, like most ultimatums, a mere pretext for
a war already decided on. The result has been the
withdrawal of the Allied Ministers from the Bulgarian
capital; the invasion of Servia by a German-Austrian
army; an attack by Russian warships on a Bulgarian
Black Sea port; also a violent political ferment in
Greece, where the policy of Premier Venizelos, in
favoring open action with the Allies, clashed with the
pro-German sympathies of the Grecian King, and
where, last Wednesday, the Premier resigned his
office despite a strong vote of approval of his course
in the Greek Legislature.
1133
THE CHRONICLE
The attitude of Rumania is still cautious. Her
Government still hints at neutrality, but is massing
troops on the frontier. Meantime, the Allied Gov
ernments have been landing men and munitions at
Salonika, the Greek port of Macedonia, whence they
are being sent north to Servia by rail. This action
has evoked a technical protest from the Greek Govern
ment, but it is pretty well understood that the action
of the Allies met with no actual opposition on the part
of Greece.
In episodes of this sort, the events move quickly,
once the program is decided on; but the situation is
even yet obscure. In the face of Bulgaria’s attack
on Servia, with German and Austrian troops co-oper
ating, Greece is at least bound by treaty to come to
the relief of Servia. She has not done so yet. It is
exceedingly doubtful if Rumania can keep out of the
war; but that Government may be waiting for the
most advantageous moment to declare itself— in
which case, all signs have indicated participation on
the side of the Allies.
At the present stage, the situation raises two sets of
questions, each of great political and military impor
tance. The first is, why Bulgaria has acted as she
has done and what is determining the attitude of the
other Balkan States? The second is, what should be
the result of this new phase of the general conflict?
The action of Bulgaria is in some ways anomalous.
That Turkey’s most inveterate antagonist in the war
of 1912 should now be about to fight on Turkey’s
side is one strange chance of war. That the Balkan
nation which was really created by Russia should in
effect take arms against the nation which by tradition
is regarded, in Bulgaria, as the founder and protector
of the Bulgarian people’s rights, is an equally singular
result. Furthermore, Bulgaria’s alliance with the
allies of Turkey seems to guarantee that, even in the
event of German victory, Bulgaria will derive no
benefit from a distribution of territory out of a dis
membered Turkey.
But, on the other hand, Bulgaria has been greatly
embittered against the other members of the old
Balkan League because of the outcome of the war
of 1913, when her fight with Servia and Greece, over
the spoils of the Turkish war, was settled by Ru
mania’s forcible intervention against Bulgaria, re
sulting in Bulgaria’s loss of part of her territorial
acquisitions from Turkey, and of part of her own
territory. Servia and Greece might have been for
given, though old hatreds must have rankled. They
at least fought a fair battle in the field. But Ru
mania’s action, which was taken after no partici
pation in the war with Turkey, yet with great per
sonal profits to Rumania herself, extorted from Bul
garia’s emergency, could hardly be forgotten. And
Rumania is recognized as at least tacitly on the side
of the Allies. There can also be no doubt that the
Bulgarian Government has been greatly impressed
by the German victories over Russia, which were
quite probably reported in Sofia as meaning the
permanent annihilation of the Russian military
power. All these influences were strongly culti
vated by the efforts of the Bulgarian King, who,
before his election as Prince of Bulgaria in 1887,
ruled the little German principality of Saxe-CoburgGotha and was a member of the German army.
As to direct results, the participation of Bulgaria
on the side of the Teutonic allies is necessarily of
high importance, because Bulgaria is one of the main
gateways for men and munitions between Austria
[Vol. 101
and Constantinople. If Greece and Rumania were
both to hold aloof, the prospect of German and
Austrian troops breaking through to the Allied lines
on the Gallipoli Peninsula would be very greatly
enhanced. On the other hand, an attack on Bulagria by the Greek army from the west and the R u
manian army on the east would create most formid
able obstacles against the advance. On the ulti
mate decision of those two States largely depends
the character of the Balkan conflict.
The actual situation in Greece is difficult to under
stand. The Greek King, who succeeded his father
in 1913, is a Dane by inheritance but is married to
the sister of Emperor William of Germany, and is
known to hold pro-German sympathies. His action
in overruling a popular Prime Minister immediately
after a vote of confidence in the Ministry by the
Chamber was a very unusual, a very sensational,
and a very hazardous move. Venizelos himself has
made to the Associated Press the statement that if
Bulgaria should attack Servia, “ Greece would un
flinchingly remain true to her word;” adding, “ The
honor of Greece is at stake. Greece will abide by
the terms of her alliance with Servia to the last man
and to the last drachma.” Yet a new Ministry has
been formed without Venizelos, and the very con
fusing dispatches from Athens give some ground for
the belief that the Greek people are not wholly in a
mood to fight. Rumania is still silent; but, on the
one hand, her participation with the Teutonic allies
has surely become impossible since Bulgaria has cast
in her lot with them, and even from the point of
view of territorial advantages, Rumania can now
have nothing to gain except by co-operation with the
Allies.
We may, then, be on the verge of great military
events in a whole new theatre of war— possibly
bringing an altered situation to the obstinate cam
paign against the Dardanelles and Constantinople,
and possibly affecting operations on the other battlefronts. Much will depend on what troops, and how
many, Germany and Austria can spare to co-operate
in this fresh campaign. Participation by these two
Powers in overwhelming numbers might be quickly
decisive. Yet it is not wholly easy to see how such
an army can be spared, with the advance of the French
and English on the Western battle lines continuing
in full force, and with Russia delivering vigorous
counter-attacks at her German-Austrian invaders.
In the next two weeks we shall get more light on all
of these questions. The answer to them will have
important bearing on every battle line in Europe,
west, east and south. It may in some important
respects alter the character of the war.
WORKMEN’ S COMPENSATION— LEGISLATIVE
CARELESSNESS.
Aiming to provide a rule for computing the com
pensation of injured workers, the law of this State
declares in respect to the steady worker that “ his
average annual earnings” shall be three hundred
times his average “ daily wage or salary” earned
“ during the days when so employed,” and on behalf
of the injured casual or part-time worker that his
average shall be three hundred times the average
daily wage or salary of the regular worker in the
same or a similar employment in the same or a
neighboring place during the whole of the last pre
ceding year. This is not remarkably pellucid, but
the framer of the law recently enacted in the sober
Oct. 9 1915.]
THE CHRONICLE
1133
and comparatively deliberate State of Maine, per not avoid one practical difficulty: that no statute
haps having the New York statute before him, ex can be enforced until somebody has discovered what
pressed the like intent thus:
it commands or forbids and that if the judge is not
“ If the injured employee has not worked in such to do this it must be left to the jury or the sheriff.
employment during the whole of such immediately This dilemma may therefore be passed along to those
preceding year, his average weekly wages shall be who would keep judges careful by holding the recall
three hundred times the average weekly wages, above their heads.
earnings, or salary which an employee of the same
class working substantially the whole of such im
mediately preceding year in the same or a similar THE UNION PACIFIC A N D ITS INCOME
employment, in the same or a neighboring place, has
STRENGTH.
earned in such employment during the days when so
The
present
annual
report of the Union Pacific
employed and working the number of hours con
Railway
Co.
(covering
the
fiscal year ending June 30
stituting a full working day in such employment,
1915) is the first report for a full period of twelve
divided by fifty-tw o.”
Sometimes the language of a statute, in two or months since the completion of the transactions
more paragraphs or even in a single paragraph, is under which the company disposed of its share
self-contradictory, and then nobody can deny that holdings in the Southern Pacific Company in accord
it has nullified itself; sometimes the language is so ance with a decree of the U. S. Supreme Court
from exercising
involved or ambiguous that the meaning cannot be forbidding the Union Pacific
any
sort
of
control
over
the
Southern
Pacific, and
discovered, and then the statute (or that part of it)
also
distributed
the
bulk
of
its
shareholdings
in the
must be deemed void by ambiguity. But in the
Baltimore
&
Ohio
Railroad
Co.
The
effect
of
clause above-quoted there is no ambiguity whatever;
these
transactions
and
the
contemporaneous
payment
the declaration is entirely distinct— it is that the
injured casual worker shall receive nearly six times of an extra dividend on Union Pacific common
stock of large proportions (each share of Union
as much compensation as the regular.
This is plainly an unworkable provision as respects Pacific common getting $12 par value in Baltimore
insurance. For nobody can foresee what proportion & Ohio preferred stock, $22 50 in Baltimore & Ohio
of workers injured will be regulars and what will be common stock and $3 in cash) has been that the
casuals, and no insurance company can afford to investment income of the Union Pacific has been
write policies without multiplying the natural rate very greatly reduced. That fact is plainly manifest
by nearly six, as to all employees covered, nor can in the report now at hand, but an equally important
any company venture to assume that the law does fact established by this report is that notwithstand
not mean what it says and that some very strict and ing the diminution of income from that source the
unfriendly jury and court may not hold it to the company’s income strength, as represented by the
actual letter instead of the presumed intent. The margin of earnings remaining after the payment of
presumed intent is to put regular and casual workers dividends, continues unimpaired in any essential
on the same basis, and the natural explanation is degree.
It was part of the plan in making the large
that cither the careless framer or some careless
copyist in Maine wrote (in one place) “ weekly” extra dividend disbursement— and was so an
wages when he meant “ daily.” This bill was doubt nounced at the time— that the annual rate of return
less “ read” several times but possibly the legislators (in part derived from railroad transportation opera
were half-asleep at the time or were just waiting to tions and in part from investment income) should
get out of the hall; naturally, they would assume be reduced from 10% per annum to 8 % . This
that the words used were as intended and that the latter, therefore, is now the regular rate of distri
bill was right, having gone through the regular bution. The reason for the reduction, of course,
routine. So they answered to their names mechan was that the return from the securities embraced in
ically and the legislative football was kicked through the extra distribution will make up the difference
in the usual heedless fashion. Here is an example of of 2% per annum in the yearly payment on Union
the manner of doing an important and far too- Pacific common shares, leaving the total annual
abundant part of the public’s business, the “ making” return to the shareholders as large as before.
The report for the year under review shows that
of laws.
It has been suggested that the State Supreme the 8 % dividends per annum are now as readily
Court might declare the law invalid as giving an met as were the previous dividends of 10% before
unconstitutional preference. Yet what ought, or the company had divested itself of the large mass
what shall, the courts do about it? M ay courts of investment holdings represented by the extra
decide that a law means what it justly or reasonably dividend disbursement. The year was such as to
ought to be supposed to mean, and not what it says? test well the company’s ability in the respect men
To do so would be to commit the grave offense, ac tioned, for trade conditions were decidedly un
cording to some of the loud Progressives, of seeking favorable and caused a diminution in traffic with
to obstruct what the sovereign People have enacted, the effect that the company sustained a decrease
through their mouthpieces. The right of judges to in income from its railway transportation opera
pass at all upon the validity of statutes is denied by tions which was additional to the shrinkage
some, who affirm that this is wholly an American in investment income from the cause already
doctrine of powers and too dangerous to allow to stated. Gross earnings from operating revenues
become confirmed.
There are those, especially for the twelve months fell off $4,887,010 and not
among the advocates of flexible and quickly-changc- withstanding a decided reduction in expenses, due
able constitutions, who insist that a legislature must to higher operating efficiency, this was attended by
be its own arbiter as to constitutionality and that no a decrease of $1,446,108 in the net income from
judge should dare attempt more than to execute the railway operations. This, too, is after some loss
statutory decree as he finds it. But even this does in the transportation revenues in the previous year,
1134:
THE CHRONICLE
(Vol. 101.
the exact amount of which it is impossible to state the previous year, there being, indeed, a small
since a revised classification of both revenues and increase in them ($28,043), while expenditures for
expenses was put into effect by the Inter-State maintenance of equipment decreased only $115,942.
Commerce Commission on July 1 1914. The fig In the transportation expenses, on the other
ures for the previous year have been revised to hand, there was a decrease of no less than $2,
accord with this new classification but the revision 389,447, or 9.4% . We have already seen that the
has not been extended further back. On the basis ratio of decline in traffic was much smaller than
of the old classification the loss in gross revenues in this, the diminution in the tonnage movement one
the previous year, as compared with the year pre mile having been only 2.7% . But the road again
ceding, was $1,523,126 and the loss in net earnings added to its train load and there were economies
(after the deduction of taxes) $3,315,751.
in many other directions. The cost of fuel for
The loss in “ other income,” or income from in instance was reduced $1,040,445, or 13.8%. Station
vestments, in the late year was no less than $4,132, expenses were reduced $269,157, yard labor $224,
558. The combined loss in net income, therefore, 618, train enginemen and motormen $239,235 (in
was $5,578,666. But notwithstanding this large part because the higher train-load diminished train
shrinkage, the income account shows a surplus of mileage) engine-house expenses $113,414, trainmen
$5,544,032 on the results for the twelve months, $226,620, & c., &c.
after allowance of the full 8 % dividends on the
The train load of revenue freight was raised from
common shares. This, moreover, is the showing 430 to nearly 442 tons, more than recovering the
after an appropriation out of income of $1,083,459 slight falling off in the average load the previous
to cover the cost of certain additions and better year. Including freight carried for the company’s
ments made during the year. As the amount of own use, the total freight train load for 1915 was
Union Pacific common stock outstanding is $222, 555 tons, against 553 tons for 1914. As indicating
293,100, this means that while the company dis the advance made in that particular during the
tributed 8 % in cash it had the equivalent of 2)^ % eighteen years of the company’s existence, it is only
remaining in the shape of surplus and the equivalent necessary to say that in the first year of the company’s
of another one-half per cent in earnings applied organization the train-load, including company
towards additions and betterment of the physical freight, was less than 280 tons.
properties of the system.
The company in the latest year realized slightly
As far as the results from the transportation lower rates, the average receipt per ton per mile
services are concerned, these show, as already having been only 9.68 mills, against 9.78 mills in
indicated, continued development of operating- the preceding year, but the increase in train-load
efficiency. This is plain from the large reduction was more than sufficient to offset this loss in rate.
effected in the expenses. The diminished income Consequently, the freight trains earned an average
from railway operations followed entirely from the of $4 21 (revenue freight) per mile run in 1915,
loss of traffic consequent upon general business against $4 19 in the year preceding. And this shows
depression. Examination of the traffic statistics how unfavorable business and traffic conditions are
bears out that statement, for while the total number being in considerable measure overcome through
of tons of revenue freight moved was 363,978 tons advances in operating efficiency.
less than in the preceding year, the agricultural
The financial condition of the company remains
tonnage actually increased 888,617 tons and the very strong. There was no addition during the
tonnage in animal products increased a further twelve months to the total of the capital stock and
58,094 tons. In mineral tonnage, however, there the outstanding funded debt was decreased $23,400.
was a decrease of 428,125 tons, in forest products Over $14,000,000 appears to have been spent during
a decrease of 710,690 tons, in manufactures a the year for extensions and branches, for additions
decrease of 128,526 tons and in other commodities and betterments and for new equipment, not includ
a decrease of 43,348 tons. The effects of business ing the $10,024,751 equipment purchased from the
depression also extended to the passenger depart Union Pacific Equipment Association and formerly
ment, the number of revenue passengers carried leased. But the operations of the previous fiscal
having been only 8,075,960 against 8,555,615 in year put the company in easy circumstances asfaf
the preceding year, and the number carried one mile as immediate cash requirements are concerned. It
834 millions against 888 millions. The ratio of will be remembered that in the series of transactions
falling off in the latter is 6% , but the contraction in made necessary by the court decree compelling the
the revenue tonnage movement one mile is not as sale of Southern Pacific shareholdings, $38,292,400
large as this, being only 2.7% . The loss in total par value of the stock of the Southern Pacific Co.
gross earnings from the transportation business was, held was exchanged for $12,547,200 of Baltimore
as has already been stated, $4,887,009, this being & Ohio stock (half common and half preferred) held
a decrease of 5.3% .
by the Pennsylvania R R ., but that a further $88,
The management, however, succeeded in effecting 357,600 of Southern Pacific stock held (after being
a proportionately large reduction in expenses, these deposited with a trust company in New York and
aggregating (notincluding taxes) $3,003,508less than trustee’s certificates issued against the same under
in the twelve months preceding. The distinguishing- certain restrictions, which would prevent the stock
feature about the reduction in expenses is that the itself from going to Union Pacific shareholders) was
greater part of it is found in the “ transportation” sold to Union Pacific shareholders, preferred and
expenses.
At the outset of business depression common, at $92 per share. The Union Pacific
it was resolved, the report tells us, to continue Company thus realized over $80,000,000 of cash.
without any modification the policy of maintaining The money was invested temporarily in railroad
the property fully up to its high standard; con bonds, equipment trust obligations, short term rail
sequently, the expenditures for maintenance of way j road notes and secured loans, with the idea of in
and structures were substantially the same as for suring ready convertibility into cash as needed and
O ct . 9 1915.]
THE CHRONICLE
affording a reliable income in the meantime. This
provision and advantage still exist.
It is also worth noting again that even after the
large extra dividend disbursement referred to above,
in which the sum of $74,020,372 was involved,
and the charging off of the amount represented by it,
the balance of surplus accumulated during the 18
years of the company’s existence still remains very
large, the balance sheet showing that the credit
balance to profit and loss on Juno 30 1915 aggre
gated no less than $96,982,242. This, too, is after
the setting up two years ago of a reserve of $50,
000,000 for depreciation of securities, of which there
still remained on June 30 1915 $35,418,052. This
depreciation reserve was a wholly precautionary
measure, it having been created for the purpose of
providing for any further depreciation in the value
of the company’s investment holdings of stocks and
bonds.
A new table in the report this time furnishes a
condensed statement of the assets and liabilities,
the income account and the profit and loss account
of various controlled corporations other than operat
ing railroad companies, such as the Union Pacific
Coal Co., the Green River Water Works Co., &c.,
&c. These represent a property investment, it
appears, of over $39,000,000, with gross revenues in
the year under review of $9,310,929 and surplus
income above charges for the twelve months of
roughly one million dollars (in exact figures $999,808).
Out of the profit and loss accounts of the same com
panies there were paid during the year dividends of
$1,169,970, and included in the investment income
of the Union Pacific.
THE ATCHISON TOPEKA & SANTA FE
REPORT.
The Atchison Topeka & Santa Fe Railway Co.
in its report for the fiscal year ending June 30 1915,
makes quite a different record from that of most of
the larger railways of the country in being able to
show a very substantial increase in gross and not
earnings alike. As a consequence, the income
statement for the twelve months is of the most
gratifying character, and the company makes a
further advance in its record of prosperity for
which the property has so long been distinguished.
The fact that for this great system the year has
been a good one, where for most railroads it was
a decidedly unfavorable one, naturally attracts
attention. President Ripley in his remarks gives
the reason for this. After pointing out that the
year was the largest as to earnings, both gross and
net, in the history of the company, he states that
two causes contributed mainly to that result, namely
the unprecedented wheat crop of Kansas and the
largely increased yield of agricultural products of
all kinds in the so-called “ plains country” in West
ern Texas and Western Oklahoma. These two
items, he asserts, were more than sufficient to over
come a falling off of $1,304,472 in net revenue of
the lines west of Alberquerque. There was at the
same time an additional advantage in the fact that
the wheat of Kansas and Oklahoma was largely
exported at Galveston, thus giving the Atchison
the longest possible haul and the largest possible
earnings, and this created so marked an improve
ment in business of the Texas lines as to make their
net earnings much more than ever before. The
1135
Panama-Pacific Exposition at San Francisco and
the Panama-California Exposition at San Diego
created some extra passenger business, but at
such low rates as to afford little, if any, profit.
And we notice that the passenger revenues record
a further decrease in 1915 on top of the decrease
sustained in 1914, the total of the passenger revenue
for 1915 having been $27,823,063, as against $28,
497,232 in 1914 and $29,425,922 in 1913. We see
Mr. Ripley estimates the loss from the competition
of the Panama Canal as considerably in excess of
$1,000,000 per year.
The part played by the extraordinarily bounteous
harvests in the year’s favorable showing becomes
apparent on examination of the classified comparative
statement of commodities carried during the last two
fiscal years. Almost two million more tons of
agricultural products were moved in the latest year.
In other words, the system carried 6,932,354 tons
of grain and other agricultural products in 1915, as
against only 5,000,439 tons in 1914 and 5,236,712
tons in 1913. Under all the other leading heads the
tonnage records a decrease, and aggregate tonnage
of all kinds registers a gain of only about a million
tons, notwithstanding the nearly two million tons
increase in agricultural products.
Stated in brief, gross earnings for the late year
increased $6,555,817, as compared with the year
preceding, and the net earnings $3,933,597. As
modifying somewhat, however, the significance of
this improvement, it should be recalled that these
gains follow considerable losses in the year preceding,
there having then been $5,786,482 decrease in gross
and $1,613,281 decrease in net. With the 1915 net
revenues thus so substantially improved the income
account shows no less than $6,513,397 earned in
excess of the dividend requirements, on the basis
of the six per cent now being paid. The manage
ment have followed their usual policy of appropriat
ing the whole sum for additions and betterments.
Under the smaller earnings of the previous year
the amount remaining in excess of the dividend
requirements and applied towards addition, and
betterments was only $2,719,317.
President Ripley, however, takes pains to note
that the development of the company’s business
and of its efficiency has been due principally to
the very large expenditures (over $308,000,000),
which have been made in the extension and improve
ment of the property since January 1 1898. In
order to make such expenditures the Atchison has
raised since 1896 over $218,000,000 by the sale of
bonds which are now outstanding or which (in the
case of many of the convertible bonds sold) are
represented by common stock now outstanding.
Mr. Ripley repeats and brings down to date a
tabular statement introduced in a previous report,
showing the aggregate property investment from
year to year and the yearly income “ applicable to
bond interest, dividends, improvement of property
and strengthening of credit.” This statement proves
that the earnings on the entire investment are now
not much more than 5% per annum and it should
not be forgotten that of these earnings it is neces
sary to appropriate a considerable amount each
year for additions and betterments to preserve the
company’s credit. The ability of the company
under such conditions to pay 6 % on the common
stock is due to the fact that it pays an average of
only slightly more than 4 % on its bonded debt,
1136
THE CHRONICLE
[Vol. 101.
much of this debt having been created when money
WHY B U S IN E S S H ALTS EXC E PT WHERE
S T IM U L A TE D B Y WAR ORDERS .
could be obtained at or near 4 % .
New York, Oct. 5 1915.
The company’s advance in operating efficiency
during the late year was noteworthy. This appears Editor Financial Chronicle;
Sir — I again call your attention to the curious phases o f
very plainly from the circumstance that out of a
business which, in spito o f all predictions o f im provem ent
gain of $6,555,817 in the gross earnings it was pos now running over a year, aro still in a tentative or hopeful
sible to save nearly four million dollars ($3,933,597) phase.
Outside of the war and m unitions business, which repre
for the net. The augmentation in expenses, not
withstanding the larger volume of traffic moved, sents a sheer w aste o f good m aterial, there is no settled feoling
o f prosperity, or o f good business. On the contrary, there
was only $2,622,220 and of this the greater part is this “ w aiting” disposition which perm eates the retail
was in the expenditures on maintenance account, business, and reflects the opinion of the rank and file of
$1,088,738 more having been spent upon mainte consum ers.
A s wo cater especially to the clothing trado, wo notice
nance of way and structures and $551,193 more
upon maintenance of equipment. The Atchison that in this stap le, where econom y is so easily practiced,
business continues poor.
In spite o f the fact th a t, owing to
has always been liberal in its maintenance outlays the largo export o f woolen m aterials, prices have advanced
and for the year under review its maintenance charges, enorm ously, there is no live dom and; no speculation. Shelves
including renewals and depreciation, averaged $129 aro bare. T h e cold weather m a y , and w ill, bring a spurt in
per freight car, $1,203 per passenger car and $4,600 trade, but it is business that should have been done during the
past three m onths and cannot bo m ade up b y rushing during
per locomotive.
the first six weeks o f cold weather.
In the transportation expenses the increase was
N otw ithstanding the enormous crops, the C entral W e st
only $928,596, or less than 3 % . Yet the freight and Pacific C oast reports show v e ry little im provem ent in
service rendered, as measured by tons transported bank clearings and these districts aro not affected b y the
one mile, increased 12.33%. The explanation is cotton situation. If you will look a t the bank clearings of
tho great cities of S t. P au l and M inneapolis, which aro at
found in the fact that the train-load was further
the gatew ay of tho great agricultural b elt, but also depend
raised over 5 % , being brought up from an average on iron ore and lumber for part o f their prosperity, you will
of 420 tons (revenue and company freight combined) get a hint as to w hat is w rong.
Tho entiro m atter is duo to tho unbusinesslike and biassed
to 442 tons. This meant not only a great saving
in expenses, the same crew handling a much larger adm inistration of tho G ovornm ont. Tho continuing o f tho
prosecution o f the Steel, Shoo M achinery and other corpora
tonnage, but it also enabled the company to bring tions, after tho courts had decided that the G overnm ent
earnings of the freight trains per mile up to $3 55, had no case, is sim ply an oxamplo of w hat is affecting tho
as against only $3 47 in 1914, notwithstanding an entire com m unity. In other words, they look for no pros
important shrinkage in the average freight rate perity until there is a change a t W a sh ington .
M o n e y is p lenty, but confidence is lacking.
realized, which for 1915 was only 9.74 mills per ton
V ery truly yours,
per mile as against 10.07 mills per ton mile in 1914.
R e t a il e r .
Mr. Ripley sounds a note of warning against “ the
unwise and improper expenditure of public funds” NEW YORK PUBLIC SERVICE COMMISSION FOLLOWS
LIBERAL RULE I N VALUING PUBLIC U T I L IT I E S .
which make necessary the raising of such large
It is encouraging to find our N ew Y o rk Public Service
amounts in the shape of taxes, the greater part of
which burden is then laid upon the railroads. In Com m ission pursuing a broad and liberal policy in tho
valuation o f public utility properties.
In passing upon
the Atchison case, the tax accruals for the late the application o f the Bronx G as & Electric C om p an y for
year did not show the customary big increase, but perm ission to fund tho sum o f $1(3,880 05 oxpended out
the total was, nevertheless, extremely large for both of its current funds tho m attor of the valuation o f tho prop
years, having been $5,497,316 for 1915 and $5, erty had to bo takon up, and in considering this valuation
the question w hat allowance should bo maclo for overhead
525,585 for 1914, being in both cases close to 5% expenses, or “ contractor’s p ro fits,” “ engineering super
of the aggregate gross revenues from operations. v isio n ,” “ contingencies and incidentals,” had to bo deter
Mr. Ripley states that information so far received m ined, tho com p any’s books containing no data on the
pertaining to assessments, indicates that the late subject.
Com m issioner R obert C . W o o d , to w hom tho case was
year’s decrease was temporary only and will be
referred, took tho view th at an allowance of 2 0 % for this
succeeded by another substantial increase in 916. purpose w ould not bo excessive and the C om m ission (for
He says that expenditures for good roads are assum the First D istrict) b y a v o te of 4 to 1 on Septem ber 28
ing tremendous proportions. States are vying with approved his recom m endation to that effect. M r . W o o d
States, and counties with counties, and the worst well says that “ expenditures such as these m ust be m ade
fears are being realized. Road improvement and and provided for in some form . If tho corporations do not
receive fair and liberal treatm ent and aro denied tho right
construction projects are approved and bond issues to include such item s in their expenditures to be reimbursed
voted, he asserts, with but little regard to the ability b y the salo o f securities, extension work will como to a stop .
of the taxpayers to bear the burden and with even Thero will bo no inducem ent or encouragement to attract
less consideration of the utility and permanancy of capital to assist in tho developm ent of new localities. Proper
and necessary additions and extensions to oxisting plants
the roads.
will not bo m ado and now enterprise will be discouraged.”
The company decreased the net amount of its
A s the C om m ission m akes it a practice to deduct from
funded debt during the twelve months $2,218,366 “ net cost” tho am ount of “ accrued depreciation,” it would
in face of capital expenditures of $12,359,940, and obviously bo unfair n ot to m ako proper allowance for over
financially is in affluent condition as a result of the head expenses. M r . W o o d ’s observations on tho subject
of these overhead oxponses aro well fram ed, and wo quote
wise provision for new capital needs made in pre as follow s :
vious years. Mr. Ripley points out that neither
In tho foregoing opinion I have recommended that an allowance of 20%
bo mado for “ Contractor’s Profits,’ ' “ Engineering Supervision,”
the Atchison itself nor any of its auxiliaries has any should
“ Contingencies and Incidentals,” &c., over and above the net cost of the
notes or bills outstanding; that the company held in property. It has been asserted that this item is too largo and should bo
reduced to 10 % .
its treasury on June 30 1915 $21,186,791 cash and
I believo that individuals or corporations that are willing to invest their
funds
in development enterprises or in tho securities of public utility
had available $5,278,000 general mortgage bonds companies
that assist in opening up or serving now territory deserve fair
besides holding unpledged in its treasury a large and liberal treatment. And further, that tho investment o f funds and
expenditures such as those should bo encouraged by thoso in authority
amount of stocks and bonds of other companies.
as far as it is consistent and proper.
Oct. 9 1915.)
THE CHRONICLE
Every public utility corporation, bo it a gas, electric light or street
railway, always aids in the development o f the territory it serves, particu
larly now and sparsely settled sections, provided it furnishes proper and
adequate facilities.
During the construction period o f public utility corporations many and
varied expenses have to be met, contractors must be allowed a fair profit,
or, if the work is done by the company itself, proper supervision must bo
provided for. Engineers must be employed to supervise construction
and installation of plant and equipment and a sum must be set aside to
meet unforeseen contingencies which are bound to occur in every under
taking o f this character.
In appraising the plant and equipment o f a public utility company a fair
allowance should be made for all these items.
Ten per cent for “ Contractor’s Profits,” five per cent for "Engineering
Supervision,” and ten per cent for “ Contingencies and Incidentals,” are
allowances that are figured on a most conservative basis when taken indi
vidually. I have taken them collectively and recommended that an
allowance o f 20% bo made for these items. In sovoral cases as decided
by this Commission, a larger amount has been found to be justified, but
the figure I have taken represents a conservative average o f the previous
allowances that have been made by this and other commissions.
In the Kings County case, Peo. ex rel. Kings Co. E. L. Co. vs. Willcox,
156, 603; aff’d 210 N . Y ., 476, an allowance for these items o f 21.6%,
arrived at in this manner, was made and received the approval of the
Appellate Division.
Expenditures 6uch as these must be made and provided for in some form.
If the corporations do not recelvo fair and liberal treatment and are denied
the right to include such items in their expenditures to be reimbursed by
the sale o f securities, extension work will come to a stop. There will be
no inducement or encouragement to attract capital to assist in the develop
ment o f new localities. Proper and necessary additions and extensions to
existing plants will not bo made and new enterprise will bo discouraged.
Six per cent and over can bo secured by investing in the first mortgage
bonds o f going corporations without incurring the risk that always attends
new development undertakings.
In appraising the plant and equipment o f public utility companies I
beliovo that the same principles should bo followed and tho same treatment
accordod to companies that have already constructed their plants as is
accorded to new corporations just starting construction, provided condi
tions aro similar. Simply because a corporation has already constructed
its plant and lias its funds invested which it cannot take out, does riot alter
tho treatment it should receive, nor the principles that should bo followed in
making tho appraisal.
This and other commissions have adopted this practice invariably in the
past and in all decided cases havo made allowances in accordance with tho
principles 1 havo mentioned. As stated above, more liberal figures havo
been taken in a number o f instances than that which I havo recommended.
Similar arguments apply and the samo principles should bo followed In the
allowances that should bo mado for “ Preliminary and Development
Expensos.”
In tho last paragraph of the foregoing M r . W o o d refers
to the allowance for “ preliminary and developm ent ex
p en ses.”
H e re , also, a far-sighted policy is pursued. T h e
allowance for this item has been fixed a t 1 2 % , and the
reasons for so doing are clearly set out in the opinion o f M r .
W o o d as shown in the subjoined extracts from the sam e.
Preliminary and Development Expense.
Tho Bronx Gas & Electric Co. was incorporated in 1893 and commenced
business in 1895. Tho electrical industry was then in its infancy. Tho
gas business had not advanced to its present stato o f development and was
then in a comparatively crude state as compared with that of the present
day. Tho company’s franchise rights and field o f operations covered a
sparesoly sottled territory, which extends over a largo area, the so-called
Annox District in the Bronx. In short, it was a period when investors
in public utility corporations expected a larger return upon their Invest
ment then they can to-day.
Tho company had then as now tho question before it of its ability to mar
ket its bonds and so raiso funds to meet the requirements of tho territory
it served.
I beliovo that public utility companies, especially those beginning busi
ness in new territory, are entitled to a legitimate sum for certain expenses
that must bo met beforo tho plant can commence operation.
This Commission has recognized theso conditions in all similar cases
that havo como beforo it and has mado allowances accordingly.
This is specifically set forth in tho opinion adopted in tho Queens Borough
Gas & Electric C o. case, 2 P. S. O. R . (1st Dist. N . Y .), 544 , at 564.
“ There aro certain expenses connected with every undertaking which
aro not represented by physical property, but which must be incurred beforo
tho plant is operated. These relate to tho initial promotion of tho scheme
and tho organization o f the company. Investors must be interested,
lawyers and engineers must bo consulted and franchises and permits must
bo secured. Interest and taxes during the period o f construction must
be paid, and as there are no earnings, they must be included as past of tho
cost o f the undertaking. There are also other expenses connected with the
experimental and trial operation of machineiy and tho adjustment of
various parts, & c., which antedate operation. * * *
“ It Is obvious that tho whole cost would not boar interest for the equated
period, as funds would bo provided only as needed, certain apparatus would
bo purchased just beforo operation begins and therefore it would not be
unfair to the company to computo interest and taxes upon ono-half “ re
production cost’ plus tho cost o f land and other preliminary and develop
ment expenses.”
An allowance o f 16.7% was made in this case.
In tho second reorganization plan Third Avenue R R . C o., 2 P. S. C. R.
1st Dist. N . Y .), p . 405, 407, tho Commission held:
“ As already pointed out, no allowance has as yet been made for interest
and taxes during construction, organization expenses and other develop
ment charges. Certain Items must still bo added in order to determine
tho full present value of tho property.
“ It should bo recalled that certain goneral items have already been
included in tho appiaisal, such as engineering, general superintendence and
administration during construction.
“ Interest during construction Is undoubtedly a proper capital charge.
Both M r. Connetto and Mr. Floy (men experienced in utility appraisal)
agreo that tho average period o f construction would bo about two years
and this estimate seems reasonable. As it is not necessary to raiso tho en
tire cost o f tho undertaking beforo work begins, but only such portion from
tirno to time as will pay for tho work completed, and, as several large
expenditures need not bo incurred until just beforo tho road is opened, it is
customary to estimate the interest as equivalent to the normal rato upon
the wholo cost for one-half the period o f construction or upon one-half the
amount for the full period.”
In tho Brooklyn Borough case, 2 P. S. C. R. (1st Dist. N. Y .), 620, at
637, tho Commission held:
“ This subject is generally discussed in the opinion in tho Queens Borough
caso. Applying the principles therein outlined, It is believed that an allow
1137
ance of $180,000 is sufficient to cover all preliminary and development
expenses, including interest and taxes during construction.”
$180,000, the allowance made in this case, amounted to 18% of the value
o f “ physical property.”
In the Kings County Lighting Co. case, 2 P. S. C . R . (1st Dist. N . Y .);
p. 686, the Commission quoted and approved its previous opinion adopted
in the Queens Borough case in regard to “ preliminary and development
expenses.”
The table on page 5 shows the allowances made by this and other com
missions in similar cases for this “ preliminary and development” charge.
Taking 12% as a conservative average of these allowances, I believe
that tho sum of $107,020, or 12%, should be allowed the Bronx Gas &
Electric Co. to cover this charge for “ preliminary and development ex
penses.”
COMPTROLLER W IL L IA M S I N ANSWER TO SENATOR
W EE K S'S CRITICISM S OF H IS OFFICE.
In an address before the K en tu ck y B ank ers’ A ssociation
on the 6th in st. Com ptroller o f the Currency John Skelton
W illiam s warned against the tendency, alw ays likely to
follow cheap and abundant supplies of m o n e y , tow ard ex
travagance, speculation and loose and reckless in vestm en t.
W h ile it is not necessary, he th ou gh t, to urge the people
to a ny special econom ies, conditions do dem and prudence
and careful consideration for the dem ands likely to be m ade
upon us in the future, to provide for our own defense and to
help the countries th at will be left prostrate and burdened
w hen peace com es. H e urged th at the bankers and finan
ciers and the other leaders of thought keep their m inds fixed
on the certainty th at “ a t the close o f this great war it will
be our task to finance the w orld. W e m a y be the one
affluent and solvent P o w e r.”
Review ing briefly the finan
cial situation through the first year o f the European w ar, he
said th at this country had n ot only avoided financial crash,
b u t had wiped o ut the floating debt of $ 3 5 0 ,0 0 0 ,0 0 0 due to
Europe Jan. 1 19 15 , and absorbed betw een 7 5 0 and 1,0 0 0
m illions o f dollars o f Am erican securities th at were held
abroad. H e presented as a fact th at the U n ited States
was now in position to b u y back the A m erican securities
held in foreign lands, if they should be offered, b u t th at
“ Europe has com e to realize th at A m erica is the m ost stable
country on ea rth ,” and that investors there cling to A m eri
can securities as likely to be the best real values, “ as the
A m erican dollar has becom e the w orld’s standard o f value
because it com m ands the w orld’ s fa ith .”
G iving figures to
substantiate this assurance, the Com ptroller said “ the esti
m ated gold supply o f the U nited States in gold coin and bul
lion is m ore than tw o billion dollars, o f which our State
and national banks hold one billion and the Federal Reserve
banks and the Treasury 64 0 m illions, leaving m ore than
4 0 0 millions in the pockets of the people. A t no tim e in
recorded history have the banks o f a n y country held such
resources as the banks o f this country hold to -d a y .”
He
stated that the deposits o f all the banks in the U n ited S ta te s,
including trust com panies, h ad , in the past fifteen years,
increased a t the average rate o f a bou t a billion dollars a year.
T h e income o f the people of the U n ited States over the ex
penses o f liv in g ,a n d available for developm ent and invest
m e n t, he said, am ounts to 5 ,0 0 0 m illions o f dollars per
ann u m . T h e total annual incom e o f the people of this
country from productive occupations he placed a t 3 0 ,0 0 0
m illions per ann u m . H e said the total w ealth o f the U n ited
States is now estim ated a t 2 1 0 billions, as com pared with
7 6 billions as the total w ealth of G erm any in 1911; 5 5 billions
the total w ealth o f France in 19 08 , and 108 billions the w ealth
of the whole British E m pire, including the U n ited K in g d o m ,
C an ad a, A ustralia, India and South A frica , b y the latest
available com putation, th at of 1903.
M r . W illiam s gave special attention in his discourse to
criticisms of his office and of the adm inistration of the Treas
ury D epartm ent m ade b y Senator W e ek s of M assachusetts
before a recent gathering o f M ich igan bankers. Senator
W e ek s had com plained strongly against the action o f the
Com ptroller and the Treasury D epartm ent in a ttem pting
to regulate the rates o f interest to be charged b y bankers,
and said th at the rate was a m atter for each banker to deter
m ine for him self.
M r . W illiam s took this rem ark as
a text and challenged Senator W e ek s to suggest an in
quiry into the conduct o f the
C om ptroller’ s office in
the m atter o f the regulation o f interest rates o f which he
had com plained, and to com e before the country in ad vo
cacy of unrestrained interest rates and have all the facts
and official records spread before the people. T h e evil o f
excessive and unlim ited interest charges b y national bank s,
he said, is not confined to the business centers, b u t is m ost
oppressive and destructive in the m ore rem ote sections of
the country. W ith o u t m entioning nam es or indicating
exact locations, he said that detailed reports sent b y national
1138
THE CHRONICLE
banks to the Com ptroller’s office showed th at somo banks
were lending m oney in sum s o f from three to tw en ty-five
dollars, and charging interest ranging from 5 0 to 2 ,4 0 0 %
per year, and dem anding ruinous rates on larger am ounts,
even to thousands. T h e evil of usury, the Com ptroller said,
is. especially prevalent in the W e s t, Southw est and N o rth
w est, and is m ore cruel and ruinous in the agricultural sec
tions than elsewhere. H e added th at “ it is hoped and be
lieved that w ith the final transfer o f tho bank reserves of
the national banks from W a ll Street to tho Reserve banks
of each Federal R eserve D istrict, the rates of interest charged
b y the m em ber banks to custom ers will be reduced from tho
indefensible m axim u m s of 1 0 0 % and higher, to approxim ately
6 % , even in the m ost rom ote districts. In referrring to
Senator W e e k s ’s criticisms M r . W illiam s spoke in part as
follow s:
Tho bank that lends at such rates is destroying its constituency and is
at tho same timo committing slow but suro suicide. Tho proper function
and tho course o f safety for tho bank is to bo a constructive force in its
community, to build up and establish, to infuse life into commerce, develop
health and vigor, rather than suck its life blood. Tho effort o f the present
system is to oncourago that purposa and policy.
It is tho cause o f some regret but no surprise that United States Senator
Weeks o f Massachusetts, whoso activities were largely concentrated in a
Wall Streot brokerage bouse before ho emerged to teach us wisdom and to
savo tho Republic, do9s not, as I understand him, share in or accopt theso
theories.
Tho most far-reaching and serious question to which tho Senator referred
is the activity o f tho Comptroller in looking into tho interest rates on loans
and endeavoring to reduco them. Already I have told you o f the work
dono in that direction at a timo o f emergency. Asido from that, I boliovo
vory earnestly that regard for the general businoss and welfare of tho
country domands o f me that I use all tho lawful power I havo to prevent
oxtorticn and to restrain those who would take advantage o f temporary
necessities to ruin or to cripple. To the extent o f using those powers for
that purposo, I confess to having offonded, and am ready to answor oven
a Sonato Investigating Committee if tho Senator referred to will have the
norvo to go before his coastltuents and come before tho country or tho
business community with his plans for unrestricted interest rates in timos
of troublo, or at any timo.
Should such an investigation be ordered, I will bo prepared with somo
facts which will astonisli and horrify tho country, and rouse a storm of
indignant wrath not only with the general public but among bankors thomsolves. I fear the Senator to whoso address I havo alluded is a statesman
of somowhat narrow and restricted observation and knowlodgo, his monarch
thought’s fair dominion confined to tho pavomonts and brick and stono and
tho financial districts o f a fow large cities.
As I havo tried to show you, I do not concede that even in tho largest
and richost citio.s and tho stormiest timos bankers havo tho right to pile
on businoss all tho traffic will bear. It is neither wisdom nor righteousness,
not oven intelligent avarice, to take advantage o f strain and distress to
squoozo from hard-prossod borrowers excossivo and destructive rates of
interest. I can say for tho present Treasury Department and for tho
Administration that thoy will do all tho law will allow them to do to hindor
extortion and suppress oppression everywhere.
Tho old familiar homely
maxim. “ Live and lot llvo,” is as sound morals and business in the groatost
bank in tho world as in a general store at a cross roads.
Tho Sonator referred to told his hearers, whilo ho was speaking o f tire
regulation of Interest charges, “ The banker himself is tho man to determine
that.” Ho would throw o ff tho brldlo and leave each bank free to charge
what it could got. Such a policy would be bad and dangerous, oven at tho
business centers, whore borrowers are mon o f experience and skilled in busi
ness, whoro competition is available, where tho active doalor in securities
and commodities is supposed to know his lights and to havo tho knowledge
a id information to tako care o f himself. But tho real brutality and horror
of it develop in tho moro remote districts, in small communities o f agricul
tural districts, having but one bank, or in which two or tliroo banks com
bine to maintain rates on monoy. Some reports from the South and AVest,
tho Northwost and tho Southwest, especially in tho whoat and cotton sec
tions of tho Southwest, aro blood-curdling. They are liko tho storios from
darlcost Russia, o f tho oppressions inflicted on tho peasantry; liko tho ghastly
history of tho wrongs dona tho French country peoplo by tho old nobility,
tho Seignours. Tho small farmer o f planter frequently is ignorant and
poor. Ho has not tho money to employ lawyers or the instruction to under
stand his own rights. Frequently it happens, as all o f us know, with his
crop in the ground and cultivation o f it begun, his cash resources and ills
credit for food and supplies aro exhausted. So ho goon, perhaps, to tho
ono bank ho can roach, states his position and presents his plea. As to tho
rato of intorost to bo oxactod from him for tho little monoy ho neods to keep
his family and himself to harvest timo, “ tho banker himsolf is the man to
dotormlno that,” in tho comfortably cold logic and emphatic language of
tho Sonator talking to tho Michigan bankers.
I
do hopo tho Senator is merely ignorant, as many good pooplo aro.
cannot imagino that any man of ordinarily humane instincts and patriotic
impulse, and with evon a little foresight, would express that opinion if
ho know.
All tho national banks o f tho country havo been required in each report
of condition mado to the Comptroller’s office slnco Jan. 1 last to state under
oath tho highest rate of interest they havo charged since tho preceding report
and the averago rato o f interest charged by them on all loans sineo tho
precoding report.
Tho reports received at tho Comptroller’s offico show indisputably that
in somo States and sections borrowers, especially small borrowers, have
been and are being subjected to extortions and exactions which tho averago
man would consider impossible in this onlightened ago.
Ono thousand and twonty banks in different sections o f the country, out
o f tho total of 7,615 banks, admitted that thoy were receiving an average
of 10% or moro— somo an averago o f 18%— on all their loans.
Thoso receiving an averago o f 10% and upwards included 2 banks in
Illinois, 6 in Minnesota, 2 in Missouri, 23 in Georgia, 6 in Florida, 21 in
Alabama, 2 in Louisiana, 315 in Texas, 17 in Arkansas. 3 in Tennessee,
90 in Nortli Dakota, 25 in South Dakota, 18 in Nebraska, 5 in Kansas,
38 in Montana, 14 in Wyoming, 37 in Colorado, 25 in Now Mexico, 300 in
Oklahoma, 12 in AVashington, 10 in Oregon, 13 in California, 2 in Utah,
1 in Nevada and 33 banks in Idaho.
Lot me illustrate tho methods o f somo o f theso bankers by giving you tho
facts and figures as taken from tho sworn statements submitted to tho
Comptroller’s Offico by tho national banks in two particular States in the
Southwest.
[Vol.
ioi
In ono of these States there were 131 banks which roportod that they
charged a maximum rate of interest ranging from 15% to 24% per annum,
67 banks whoso maximum rate ranged between 25% and 60% por annum,
22 banks which charged between 60% per annum and 100% per annum,
18 banks whose maximum rate was from 100% to 200% per annum, and 8
banks which owned up to having charged maximum rates ranging between
200% and 2,000%. Most of theso disgraceful and unprecedented rates
were for comparatively small loans.
Unfortunately the high rates wero not chargod only in isolated cases.
The legal rato of interest in this particular Stato is 6 % , and tho maximum
authorized by special contract is 10%, and^yot wo find in this Stato 125
banks which admitted that tho avorago rates which thoy charged on all
their loans wore from 12% to 14% per annum, anil 46 banks ownod up to
averago rates ranging from 15% to 18% per annum. Ono bank admitted,
carlior in the yoar, that it was receiving an averago of 21% on all loans.
Theso figures aro not results of tho rulo, applied by many banks, not to
pass a loan on their books for less than a dollar. That frequently works
hardship, but a dollar for a ten-dollar loan for four months is but 30% per
yoar, and that is a high rato. AVhen wo find loans mado by national banks
for $25, $50, $100, $200, $500 and $2,000 or moro, at 40, 50, 100 or 1,000% ,
it is merely a hideous gamble on how long tho borrower can keep starvation
from his door and livo and work. Yet I am told on good authority that in
ono Stato, largely agricultural, reports from nearly 200 banks—loading
chiefly or largely to farmers—show losses of only a fraction of 1% on
farmers’ loans, whilo tho averago interest rato in thoso particular banks is
12% to 15%— and the maximum rato 30% or 4 0 % , tho banks paying large
dividends.
AVe road much of tho infcrnos'of tho slums of tho great cities, o f degra
dation and misery and squalor, of tho grinding callousnoss of tonomont
landlords and sweatshop operators. Hero in tho country wo find bankers,
men in business that should bo tho most respectable, as it is tho most re
sponsible, o f all secular avocations, literally crushing tho facos o f their
neighbors, deliberately fastening their fangs in tho very heart of poverty.
I have in my hand, not to bo shown, but I havo it here for roforonco, the
report of a national bank in a certain Stato, from which I will givo you some
instances. Hero is a loan of $109 to a woman for 30 days, charges for
interest, $10— 120%. Others aro, $380 for 90 days, interest $30, or 34%:
$133 for 40 days, Interest charged $10, or 75%: $145 for 80 days, interest
$20, or 70%; $30 for one month, interest charges 360%. I thought wo
had reached tho limit when we found a national bank reporting a loan at
360%, but on this paper is a record of a loan by a national bank, mind you ,
of $3 50 to a woman, for six days, with an Intorest chargo o f $1, which
figures out about 6% a day. or 2,400% per annum.
A well thought out, carefully constructed, conservative systom o f rural
credits for tho development of agriculture and tho increase of our wealth
and resources by offering encouragomont and opportunity to tho ambitious
farmer will come presently. AVhon it comes all of us will share tho splendid
results. Moanwliilo, I hold it to bo a proper function of tho Government,
and especially of its Treasury Department, to do all that lawfully may
bo dono to protect tho borrower of all grades, everywhere, against short
sighted and mutually destructive rapacity, as well as tho stockholder and
depositor in national banks against reckless and suicidal methods.
SA M U E L UN TERMYER ON DANGERS OF P RESEN T
SPECULATIVE CONDITIONS.
T h e present speculative conditions on tho Stock Exchange
aro em braced by Sam uel U nterm yer for the recital aneAV of
his vieAvs on G overnm ental supervision of tho E xchange.
T h e m edium through which M r . U nterm yer finds oppor
tunity for roiterating his vieAvs is a lettor addressod to D r .
C . F . Reisner, M inister o f Grace M e th o d ist Episcopal
Church, in response to the la tter’s request for enlightenm ent
on certain questions bearing on the m oral sido of tho present
excitem ent, tho information being sought b y tho clergym an
for use in his ministerial Avork. In his letter M r . U nterm yer
asserts that “ never in the history of tho Stock Exchango has
the public been threatened b y so dangerous a pitfall as that
Avhich is noAV open Avide for its v ic tim s.”
“ T h is latest ex
perience,” ho declares, “ will n ot be in vain , although the
cost Avill indeed be hejivy, if it arouses public sentim ent to
the point of compelling G overnm ent regulation o f the Stock
Exchange that will convert it into tho great legitim ate and
responsible security m arket of tho c ou n try .”
T h o letter
in full is quoted beloAv:
October 2 1915.
Rev. C. F. Reisner, Grace Methodist Episcopal Church, 131 West 10 Uh Street,
New York d tp .
M y Dear Sir:— 1 ought, perhaps, to profaco my answers to your inquiries
by explaining that I havo never bought stocks on margin or credit, and have
I
never been concerned in a short salo or speculated in tho stock market.
But as an investor and a lawyer who for upwards of tnirty-fivo years has
been intimately connected with tho affairs of corporations, and who Is
familiar with tho machinery of the Stock Exchango, I havo no hesitation
in answering your first question by saying that it is worso than hopeless
for tho average man to expect to amass a fortune or to make monoy by
dealing in the stock market. M y experience is that in tho end they all
lose. Thoy do not loso all tho timo, but thoy do loso all in time.
M y advico to you is to urge them to keep as far away as possiblo from tho
contagion of speculation and especially to warn thorn against tho present
fever of speculation, and at no time to buy stocks except to tho extent to
which thoy can pay for them in full as an investment, and then only after
a thorough investigation of the merits of tho property based on normal
conditions.
A bo v e all things, I adviso that in making their investments they keep
away from tho so-called (and in m ost instances miscalled) “ war stock s,”
m ost o f which are selling at greatly inflated prices based on temporary
conditions, which aro greatly exaggerated and accelerated by pool manipu
lations and other form s o f artificial a ctivity. In somo o f tho m ost prom i
nent instances tho present pricos reflect, in m y judgm ont, besides these
conditions, a feverish wavo o f wild and senseless speculation that has
seized the general public, spreading liko wildfire from ocean to ocean, and
for which tho public will, as usual, pay dearly In tho end.
Liko all such movements, it finds a somblanco of Justification sufficient
to fire tho imagination of tho novices and visionaries, who aro always
easily separated from their hard-earned monoy by tho battlof "easymonoy”
got.
9 1915.J
THE CHRONICLE
ln exaggerated tales o f tho flood o f now business Involving abnormal profits
and that is likely to end as unexpectedly as it began. Stocks that represent
nothing beyond hopes and dreams of promoters, and that have been rightly
regarded as little moro than waste paper, havo been suddenly galvanized
into lifo with tho aid o f cunningly devised and widely advertised rumors
and half truths from unknown quarters, and unloaded in reams upon the
unfortunate public.
Novor in tho history of tho Stock Exchango has tho public boon tlircatotiod by so dangerous a pitfall as that which is now open wido for its victims.
Tho stocks o f a fow companies with genuino merit that were selling far be
low their actual values led tho way and mado possiblo this wild orgy of
gambling in a market that has lost all sense o f real values. Tho whole
matter would bo ludicrous to thinking men if it wero not so tragic in its
consequences.
In answer to your inquiry, I should say that much can and ought to
be dono to mitlgato such conditions. This latest oxporienco will not be
in vain, although tho cost will indeed bo heavy, if it arouses public sontiment
to tho point o f compelling Government regulation of tho Stock Exchango
that will convert it into tho great legitimate and responsible security markot of tho country, which is its high and honorablo function.
Undor Government regulation wo would know from month to month,
and almost from day to day, when necessary for public protection, tho
real basis of tho published rumors on which prices are being boosted. TV#
would havo an opon market, free from manipulations o f pools and insiders,
and the small investor would havo protection against illegitimate stimu
lation of tho market in times o f groat oxcitomont.
Wo would not stop speculation. No law can accomplish that. It is
doubtful whether that should bo attempted by law, if it were possible.
Hut wo would have honost speculation. It is dishonest speculation super
induced by false rumors and manipulation that I have tried to stop by Gov
ernment regulation. Laws against falso rumors and manipulation cannot
now bo enforced becauso tho guilty cannot bo detected, unless wo havo tho
legal machinery for delving into tho books of tho members o f the Stock
Exchango. This machinery Is now in tho hands o f tho Governors of tho
Exchango and is not accessible to any public authority. If that machinery
wero now available wo would at least havo tho means at hand to separate
tho wheat from tho chaff.
Tho Stock Exchango is a great public agency. It is a public necessity
in any comprehensive scliomo o f national finance. Its function is quite
as important as that of tho banks, and it is moro essential that it bo placed
undor supervision than that banks or lifo insurance companies should bo
so placed, as they aro.
If tho present craze should end in disaster, as likely it will and as all
past oxporioncos have, perhaps wo will liavo at least learned how to protoct oursolvcs against like futuro gambling dobuaches.
Ours is now tho only country in which thoro is no public supervision over
tho Stock Exchango, although wo aro moro in need o f it than all tho other
countries combined. It is not within tho possibilities o f such a communi
cation to explain tlio many reasons that render this action essential to the
public protection nor tho vast and far-reaching influences against such
supervision that havo thus far defeated legal regulation.
Nor had I intended when answering your question to onlargo upon this
subjoct, but tho subject is ono so near to my heart and to which I have
devoted so much o f my time and thought and it is so closely interwoven
with tho matters montloned In your letter that I felt it impossible to fairly
represent my view without this explanation.
It would bo a mistake to attempt to abolish the Stock Exchango. It
would bo a great public misfortuno and would render large, legitimato
business and financial enterprises impossible. What we should strive
for is to add to tho usefulness o f tho Stock Exchange as a public security
market by keeping it within its proper functions.
That can only bo accomplished through Government supervision in somo
form. It is bound to como with us as in other countries. Tho only ques
tion is, how long can tho powerful interests delay its coming? When it
does como it will, like othor reforms that theso groat interests aro opposing,
provo tho greatest possiblo blessing to them.
Vory truly yours,
SAMUEL U N TER M Y ER .
CLEARING HOUSE D EPARTM ENT FOR H AND LING
OUT-OF-TOWN CHECKS E X P A N D S .
'
Tho departm ent in tho N ow Y o rk Clearing H ouso for tho
collection of o u t-of-tow n checks which began operat'ons on
A u g .9 had on O ct. 1, according to a revised list w h ieh hasbeon
sont to m em bers o f tho A ssociation , 4 8 0 institutions on the
discrotionary list, cash items on which m a y bo deposited
a t tho Clearing H ouso for collection. T hese institutions
havo filed agreem ents to rem it at par on day o f receipt for
item s drawn on them . A s heretofore m entioned, when tho
departm ent began operations tho discretionary list contained
3 8 8 institutions located in the fivo States o f M assach usetts,
R hodo Island, C onnecticut, N e w Jersey and N ow Y o rk .
T ho revised list comprises additional banks and trust com
panies in theso States.
T ho circular sent to Clearing
Houso institutions states th at tho N ation al B an k o f Syra
cuse, has not withdraw n its agreement to rem it direct
to individual Clearing H ou se institutions, bu t has not filed
an agreement to rem it through tho collection departm ent,
and therefore checks on that ban k m u st not bo deposited
w ith tho departm ent. A list o f 53 banking institutions is
also given , upon which, in addition to a num ber o f national
banks in N ow Y o rk and N ow Jersoy which are included
without designation in tho collection departm ent list, tho
Federal Rosorvo B an k of N ew Y o rk has advised the Clearing
H ouso th at it will rcceivo checks from its m em bers for
im m ediate credit at par. T ho circular states th at those
banks have not filed agreements to rem it to the Clearing
H ouso, and while tho charge for collecting item s on them
shall be discretionary with Clearing Houso institutions, such
itoms m u st notjbo”doposited with tho collection departm ent
NEW
1139
YORK CLEARING HOUSE ELECTS OFFICERS.
A t the annual m eeting o f tho N e w Y o rk Clearing H ouse
Association on the 5th inst. Frank A . V anderlip, President
of the N ation a l C ity B a n k , was elected President to succeed
Francis L . Ilin e , President of tho First N ation a l B a n k .
M r . Ilin e has been President of the A ssociation since the 1912
m eeting. Jam es S . A lexander, President o f the N ation al
B an k of Com m erce, was chosen Chairm an o f tho Clearing
H ouse C om m ittee in place of A lbert H . W ig g in .
T h e other
officers selected were: Secretary, Joseph B y rn e ,V ic e -P re si
dent o f tho M e rch a n ts’ N ation a l B an k ; M a n a g er, W illiam
Sherer, and A ssistant M a n ag er, W illia m J . G ilpin.
Tho annual report of the M a n ag er of tho Association for
the year ended Sep t. 3 0 1915 shows total transactions of
$ 9 6 ,1 8 3 ,5 5 4 ,4 6 4 , m ado up o f $ 9 0 ,8 4 2 ,7 0 7 ,7 2 4 exchanges
and $ 5 ,3 4 0 ,8 4 6 ,7 4 0 balances.
L ast year’s transactions
am ounted to $ 9 4 ,8 8 8 ,9 9 2 ,2 7 3 .
T h e average d aily Clearing
Houso transactions totaled $ 3 1 7 ,4 3 7 ,4 7 3 , o f which $ 2 9 9 ,
8 1 0 ,9 1 6 were exchanges and $ 1 7 ,6 2 6 ,5 5 7 wero balances.
Tho total transactions since the organization o f Clearing
H ouse (62 years) aggregate $ 2 ,7 2 3 ,0 1 4 ,7 3 5 ,7 7 5 — $ 2 ,5 9 9 ,8 7 6 ,7 4 8 ,7 7 7 consisting of exchanges and $ 1 2 3 ,1 3 7 ,9 8 6 ,9 9 8
of balances. T h e report shows th at the largest daily trans
actions on record wero those of N o v . 3 1 9 09 , while tho largest
balances wero recorded on July 2 1915, when they totaled
$ 5 3 ,9 9 0 ,5 8 5 . T h e A ssociation is now com posed of 29
national banks, 16 State banks and 15 trust com panies.
T h e Federal Reserve B an k of N e w Y o rk and tho A ssistant
Treasurer of the U nited States a t N e w Y o rk also m ake ex
changes a t the Clearing H ou se. T h ere aro 2 0 banks and
trust companies in tho city and vicinity which are not m em
bers of tho A ssociation, but which m ake their exchanges
through banks that are m em bers, in accordance with consti
tutional provisions.
CHANGES I N COMMISSION RULES A N D ODD LOT
D EALINGS ON STOCK EXCHANGE.
Am end m ents revising the com m ission rules o f the N ew
Y o rk Stock Exchange wero adopted a t a m eeting o f the
G overning C om m ittee on tho 5th in st.; subject to the
approval o f tho m em bers, they aro to go into effect on
W ed n esd ay next, tho 13th inst.
It has heretofore been
custom ary, in the purchase or sale b y m em bers of stock
having a par value o f $ 1 0 0 to charge a com m ission o f $ 1 2 5 0
per hundred shares, while in transactions involving stocks
having a par of $ 5 0 , like R eading, P ennsylvania and W e s tinghouse, to charge $6 25 a hundred shares. W ith tho
adoption o f the new rules tho selling price is taken as a
basis, and a m inim um com m ission of 1 2 Yi cents a share is
fixed in the case of stocks selling a t $ 1 0 per share and over,
and 6 M cents per share for stocks selling under $ 1 0 .
On tho day theso changes were adopted b y the Governing
C om m ittee, stock exchange dealers in odd lots decided at
an informal meeting to charge odd lot brokers (those who
cater to the public in odd lots) a com m ission of
of 1 % ,
instead o f Ls of 1 % above tho last previous q uotation.
T his action, it was understood, was taken to curb the
speculative m ovem ent b y reducing tho volum e o f odd lot
business. A protest over this increaso has been raised b y
tho brokers, who havo drawn up a letter asking that the
extra charge bo dropped as soon as tho present activity
lessens. Somo of tho houses who havo signed tho protest
are John M u ir & C o ., Sheldon, M o rgan & C o .; Chisholm
& C hapm an and R enskorf, L yon & C o . A ccording to the
“ Sun” , soveral o f tho big houses that do an odd lot business
in addition to their heavy full lot trade refused to join this
protest on the ground that it did not go far enough. T h ey
held that the charging of tho extra one-eightli was un
justified even under the present circumstances o f heavy
work, for the reason that the odd lot dealers are deriving
increased profits from tho increased business which moro
than m ake up for the increased expense. Som e o f these
houses asserted that a dem and m ay be m ade upon the busi
ness conduct com m ittee to investigate the addition to the
prico m ade b y tho odd lot dealers.
Coincident w ith the action of the Stock Exchange deal
ers, Secretary George W - E ly of the Exchange issued a
notice calling their attention to the resolutions prohibiting
the carrying of speculative accounts for clerks em ployed b y
banks, trust com panies, insurance com panies and Stock E x
chango houses, and to the rule that accounts for customers
m ust not bo carried “ without proper and adequate m arg in .”
T h is notice is as follows:
1140
THE CHRONICLE
October 5 1915.
To Members of •he Exchange:
I am Instructed to call the attention of members o f the Exchange to tho
following resolutions adopted by the Governing Committee, with tho re
quest that thoy particularly admonish tholr branch office managers to bo
constantly guided by said resolutions in tho performance o f tholr duties.
March 30 1910.
“ That the taking or carrying of a speculative account or the making of a
speculative transaction. In which a clerk o f the Exchange, or of a member of
the Exchango, or of a bank, trust company, bankor, or insurance company,
i s directly or indirectly interested, unless tho written consent of tho employer
has been first obtained, shall be deemed an act detrimental to tho interest
and welfare o f the Exchango.
“ That every member of the Exchango be required to uso duo diligence to
learn tho essential facts relating to every account accepted by himsolf or
by his clerks or representatives, and also rotating to tho possible uso of a
name for tho account other than that o f the party interested.”
February 13 1913.
“ That the acceptance and carrying o f an account for a customer, either
member or a non-member, without proper and adequate margin, may conitute an act detrimental to tho interest and welfare of tho Exchango, and
e offending member may be proceeded against under Section 8, of Articlo
VII, of tho constitution.”
GEORGE W. ELY, Secretary.
In m ak ing known the changes w ith regard to com m issions,
the E xchange issued on W ed n esd ay tho follow ing circular:
[Vol. 101
ties aro recoivod or delivered upon tho day of expiration of said privilogo
or prior thereto.”
The follow in g resolutions were rescinded:
Pago 78, Dec. 14 1898:
"That whoro parties havo orders to buy and ordors to sell tho samo
security, said partios must offer said securities, whether it bo stock or
bonds, at A % higher than their bid before making transactions with them
selves.”
Pago 83, N ov. 23 1881:
“ That in transactions whero ordors aro recoivcd from a non-momber,
wherein tho broker filling tho order Is directed to give up another broker or
clearing houso, tho responsibility of collecting tho full commission of A %
shall rest with tho broker or clearing houso sottling tho transaction.”
Pago 83, Oct. 24 1894:
“ That in transactions whero orders aro received from a membor, on
which a clearing firm is givon up by said member or by his ordor, tho
responsibility of collecting tho full commission of 1-32 of 1% shall rest with
said clearing firm; and it shall bo tho duty o f tho broker who oxecutes such
ordors to report the transactions to the clearing firm and render to them
and colloct his bill therefor at tho rato of 1-50 o f 1 % ; and also that whoro
a broker executes an order for a member and clears tho security himsolf,
ho must chargo 1-32 of 1% .
Pago 86, April 13 1910:
"That the rates o f commission on mining shares shall bo based upon
selling price, regardless o f par value, and shall not be less than tho following
for each ono hundred shares:
For NonFor Members For Members
Members
I f Cleared.
I f Given Up.
Selling at $10 and above—
$12 50
$3 12)4
$2 00
Below $10________________
6 25
1 56A
100”
Pago 86, April 12 1911:
“ Whenever a non-member o f this Exchango shall causo to bo oxocuted in
any markot outside of tho United States any order or orders for tho purchaso
or sale of securities listed on this Exchango, other than Government, Stato
or municipal securities, and said purchaso or salo shall bo accepted by a
membor or a firm who aro members of this Exchango, for tho account of
said non-member, one-eighth of ono per cent commission shall bo charged
said non-member in addition to any commission charged by tho party or
parties making tho transaction.”
Pago 87. Juno 12 1907:
“ That tho Commission Law, in Subdivision d, Section 2, Articlo X X X I V ,
of tho Constitution, which reads as follows:
‘ Government and municipal securities aro exompted from tho provisions
of this articlo,’
“ refers only to securities of tho United Statos, Porto Rico or tho Philip
pine Islands, and of States and municipalities therein.”
Pago 96, Feb. 14 1912:
“ When securities aro received or delivered on a privilege for a nonmomber, ono-olghth of ono per cent commission must bo charged whether
said securities are received or delivered upon tho day of expiration o f said
privilege or prior thereto.”
GEORGE W . ELY, Secretary.
NEW Y O R K STOCK EXC H AN G E.
New York, October 6 1915.
Tho following amendments to tho Constitution wore adoptod by the
Governing Committee on Oct. 5 1915, and aro submitted to tho Exchango
in accordance with the provisions o f Articlo X X X V III o f tho Constitution
and will bocomo law on Oct. 13 1915, if not disapproved prior to that
date by a majority voto o f tho ontiro membership.
A R TICLE X X I I I .
Bids and Offers.
Strike out Sec. 2, and insert in lieu thereof:
“ Sec. 2. The unit o f trading in bonds shall bo 810,000 in par value
thereof.”
Tho unit o f trading in stocks shall bo 100 shares valued in dollars and
fractions thereof not less than 'A.
Strike out Sec. 5, and insert in lieu thereof:
“ Sec. 5. Bids or offors shall not bo raado at a less variation than A
of 1% of tho par value o f bonds, and A o f ono dollar of tho valuo ol stocks.”
Striko out Sec. 6. Renumber Sec. 7. 8 and 9 to read 6, 7 and 8. Add
a new Sec. 9. as follows:
“ Sec. 9. Where parties have orders to buy and orders to sell the same
securities, said parties must offer said securities, if thoy be bonds at A
oi 1% , and if stocks at A of ono dollar, highor than thoir bid before making
transactions with themselves.”
AR TIC LE X X X I V .'
Commissions.
Striko out Sec. 2 and subdivisions (a), (6), (c) and (d), and insert iniliou
thereof:
NO SECRET CONFERENCE OF GERM AN C A B IN ET
"Sec. 2. All commissions shall bo calculated as follows:
M IN IS T E R S.
“ (a) On business for parties not mombers o f tho Exchange, including
T h e follow ing, from an Am erican resident in G erm a n y,
joint account transactions in which a non-membor is interested: transac
tions for partners not members of tho Exchange: and for firms o f which tho brands as falso tho cable dispatch circulated in this cou n try,
Exchango member or members aro special partners only, tho commission
shall bo not less than A o f 1% on tho par valuo of bonds and not less than tho latter part o f A ugust , j declaring with m uch circum stan
tiality that there had been a secrot conference of Gorm an
the following rates for stocks:
“ Selling at 810 and above, per share___________________ .12A c . per sharo C abinet M inisters to discuss tho alleged im pending financial
“ Selling below 810, per sharo_________________________ .06A c . per share
“ (b) On business for members o f tho Exchango tho commission shall be exhaustion of the G orm an E m pire and inability to continue
not less than 1-32 of 1% on tho par valuo o f bonds, and on stocks selling the w ar.
Bonn, September 22 1915.
at 810 per share and abovo .0312)4c. por sharo, and on stocks selling below
810 per sharo .0156j£c. per share; except when a principal is given up. In To the Editor Commercial it Financial Chronicle, New York, U. S. A .
Dear Sir— In your issue of Aug. 28, on pago 648, you say that koon in
which caso tho commission shall bo not less than 1-50 o f 1% on tho par
value of bonds, and on stocks selling at 810 and .abovo per sharo .02c. per terest has beon shown in financial circles of Now York in an alarming dis
patch
from Amsterdam, quoting tho "Telegraaf” of that city as authority,
share, and selling below 810 por sharo .01c. per sharo.
.
“ (c) On Subscription Rights, Bonds or Notes o f Foreign Countries, and referring to a secret conference of German Cabinet Ministers.
Enclosed I now beg to hand you original and translation of an official
Notes o f Corporations, or Bonds having two years and loss to run, such
rates to mombers and non-members as may bo determined from timo to statement published in tho "North Gorman Gazetto," which roads about
time by tho Committee on Commissions with tho approval of the Governing as follows:
“ The Amsterdam paper ‘ Do Tolograaf,’ known to bo anti-Gorman, re
Committee.
“ (d) Securities of tho United States, Porto Rico and tho Philippine cently published a report alloged to havo boon received from Berlin, and
Islands, and o f States and municipalities therein aro exempted from tho referring to a conferonco of political leaders, called by tho Imperial Gorman
Chancellor.
provisions o f this Article.
"A s this roport quito obviously bears tho stamp or untruth on its faco,
“ (e) In transactions whoro orders aro receivod from a non-member,
wherein tho broker filling the ordor is directed to glvo up another broker thoro should not remain anything to bo said, if Reuter had not takon hold
or clearing houso, tho responsibility o f collecting tho full commission of of it and tolegraphod It all over tho world.
"According to tho ‘Tolograaf,’ tho Imperial Chancollor is supposod to
A of 1% on tho par valuo o f bonds and .12 A c . por sharo on stocks selling
at 810 per sharo and abovo, or .0 6 A c . por sharo on stocks selling below have statod in this secret conferonco, that Germany was nearing its finan
$10 per sharo, shall rest with tho broker or clearing houso settling tho cial exhaustion and that any increase In tho issue of Exchequer bonds would
lead to its comploto bankruptcy. Thoroforo It wero nocossary to mako
transaction.
“ (f) In transactions whoro orders aro receivod from a member, on which peaco. Tho Imporial Chancellor, tho roport continues, averred that tho
a clearing firm is given up by said member or by his ordor, the responsibility difficulties were increasing and advised his hearers to uso thoir influence
of collecting tho full commission o f 1-32 o f 1% on the par valuo of bonds to soften down bollicoso inclinations, both in tho Reichstag and throughout
and .0312>$c. per sharo on stocks soiling at $10 per sharo and abovo, tho country, and to prepare peaco proposals which could bo acceptable to
or .0156 A c. por sharo on stocks selling bolow $10 per sharo, shall rest with tho Allies. Dr. Dornburg’s roport as to tho public opinion in tho Unitod
said clearing firm; and it shall bo tho duty o f the broker who oxccutos such States and other neutral countries had made a deop improssion upon tho
orders to roport such transactions to tho cloarlng firm and render to them conference. Gon. von Moltko is represented as having doclared that only
and colloct his bill thorefor at tho rato o f 1-50 of 1% on tho par valuo of those not fully informed on tho situation could hope for tho possibility of
bonds, or .02c. per sharo on stocks soiling at $10 per share and abovo, or .a completo Russian defeat.
"Despite those declarations, tho mooting had refused to adopt a resolu
•01c. per sharo on stocks soiling bolow $10 per sharo; and also that whero
a broker oxecutes an order for a membor and clears tho security himeslf, he tion advocating moderation in tho Reichstag, wheroupon tho Chancollor
must chargo 1-32 of 1% on tho par valuo o f bonds, or .0312J4C. per share had declared that if tho majority of tho Reichstag should show
on stocks selling at $10 per share and abovo, or .015614c. per sharo on stocks an irreconsistably chauvenis attltiulo, ho would bo obliged to rosign as ho
could not accept tho responsibility for German disaster.
selling bolow $10 per sharo.
"For Germany, it suffices to rovoal this clumsy attempt to dccolvo tho
“ (Q) Whonevor a non-member o f this Exchange shall causo to be exocutod
in any markot outsido o f tho Unitod States any order or orders, for tho pur public; for tho neutral and hostile world, wo must stato that such a secret
conference
has taken placo only in tho Imagination of tho authority of tho
chase or sale o f securities listod on this Exchango, other than securities of
tho Unitod Statos, Porto Rico or tho Philippine Islands or o f States and ‘Telegraaf,’ while even tho ‘Times’ (London) has characterized this piece
municipalities theroin, and said purchaso or salo shall bo accepted by a of information propagated through Router as ‘childish invention.’ ”
To Americans living In Germany it Is certainly surprising to see how suc
momber or firm who aro members of this Exchango, for tho account of said
non-member, tho commission o f A o f 1% on tho par valuo o f bonds, or cessfully Reuter is trying to deceive public opinion in America, if it only
.12 A c. per sharo on stocks selling at $10 per share and abovo, or .0614c. were to hido tho annoying fact that, while Germany apparently seems able
per sharo on stocks selling bolow $10 per sharo shall bo charged said non- to provide for her needs without foreign assistance, England and her Allies
mombor in addition to any commission charged by the party or parties have to rely on America in everything, from munitions down to cash, in
ordor to bo ablo to continue tho war.
making the transaction.
Even if American sympathy wore entirely with tho Allies, 1 do not seo
“ (h) When securities aro received or delivered on a privilege for a nonmomber, tho commission of A o f 1% on tho par valuo o f bonds, or .12 A c . tho valuo in turning everything to the disadvantage of Germany. Ger
many
now scorns to havo realized that America is resolved to pursue towards
por sharo on stocks selling at $10 por sharo and abovo, or .06J4c. per share
on stocks selling bolow $10 por sharo, must bo charged whothor said securi her a courso similar to the ono adopted by England towards tho Union in
Oct. 9 1915.]
our Civil War. England in those days
rtainly backed tho wrong horse,
and I feel that America is doing tho samo to-day. Are wo awaro of tho consequcnco that wo are most likoly to moot with tho samo fooling of resent
ment in Germany after this war which England encountered in America
after tho Civil War? Or should this perhaps bo tho reason why America
is straining all efforts to help England crush our bost customer,
Gormany!
Germany was one o f tho fow Powers that loaned us largo sums on our
bonds when England gave financial and military aid to our opponent.
This is tho way our Ambassador Andrew D. White, In his “ Autobiography,”
Vol. 2, page 169, speaks o f it:
“ Of ono thing I then and always reminded my hearers— namely, that
during our Civil War, when our national existence was trembling in the
balanco and our frionds wero few, tho German press and people were stead
ily on our sido.”
Very rospoctfully yours,
C. GEORGE BOKER.
ANGLO-FRENCH CREDIT.
Subscriptions to tho underwriting o f the $ 5 0 0 ,0 0 0 ,0 0 0
A n glo-F ren ch loan wero closed on T u esd ay m orning last a t
10 o ’clock with a largo over-subscription, the excess estim ated
a t between $ 5 0 ,0 0 0 ,0 0 0 and $ 1 0 0 ,0 0 0 ,0 0 0 .
W h ile the sub
scription m igh t have been closed last w eek, tho managers
o f tho syndicate, desirous of giving an opportunity to per
sons from all sections of the country to participate, de
cided to keep tho books open long enough to receive reports
from all parts o f tho U n ited States.
In m ak ing known the
intention to close the books on T u o sd ay , J . P . M o rga n &
C o . issued tho following announcem ent on M o n d a y :
In behalf o f tho managers of tho underwriting syndicate o f the AngloFrench external loan, J. I*. Morgan & Co. announco that no subscriptions
toward tho underwriting will bo received after 10 o ’clock to-morrow
(Tuosday) morning.
O ne-fifth o f tho ontiro loan— or $ 1 0 0 ,0 0 0 ,0 0 0 — has been
subscribed for b y six applicants; while the syndicate managers
have declined to disclose tho identity o f those from w hom
tlieso applications have com e, it is reportod th at Charles M .
Schw ab, or tho Bethlehem Steel C o ., and tho du P on t inter
ests aro am ong tho larger subscribers; one o f the six subscrip
tions is for $ 3 5 ,0 0 0 ,0 0 0 , ono for $ 2 0 ,0 0 0 ,0 0 0 , ono for $ 1 5 ,
0 0 0 ,0 0 0 a n d three for $ 1 0 ,0 0 0 ,0 0 0 .
I t is understood that
tho contract for tho loan will bo signed b y tho m em bers of
tho Anglo-Fronch Com m ission and J . P . M o rga n & C o .
some tim e noxt week, and th at tho first public offering of
the bonds will bo m ado on W ed n esd ay .
A bill authorizing tho loan negotiations in tho U n ited
States introduced on tho 7th in st. in tho Paris C ham ber of
D eputies b y Alexandre R ib o t, tho French M in ister o f
F inance, has been unanim ously ratified b y the C h am ber.
T ho text of tho bill is as follow s:
The Government is authorized to issue in tho United States, conjointly
and colloctively with tho British Government, ono of soveral loans, of which
tho amount and condition will be fixed by tho Government according to the
best interests o f tho Treasury. Bonds of those loans will bo exempt from
all taxes, present or future.
A statem ent intended to correct tho impression that the
bonds wero offered to tho public a t 9 6 kt, was issued as fol
lows b y J . P . M o rgan & C o . on tho 5th in st.:
.1. I*. Morgan & Co., when interviewed regarding tho statement that tho
bonds wero being offered to tho public at 96 A , stated that there was
evidently a misunderstanding. They said that no bonds havo been
offorod to tho public as yet at any price. As soon as the preliminaries can
bo arranged tho bonds will bo offered to tho public at 98 and at no lower
price. Tho terms o f tho syndicate agreement provide that members of tho
underwriting syndicate underwrite tho bonds at 96 and thoso who elect
may withdraw part or all o f their bonds at 98, such bonds, however, not to
1)0 released for sale until tho syndicate is dissolved, at which time tho under
writer will rocoive a commission upon his underwriting, this being tho usual
practico in syndicate operations.
T ho com m ission or rebate which will bo received b y under
writers m aking withdraw als after tho close o f tho syndicate
is understood to bo l % % .
T h o first installm ent of the
underwriters’ subscriptions, am ounting to 2 5 % , is to bo
paid on O ct. 15; tho second installm ent o f tho samo am ou n t
is duo N o v . 15, and tho third and last installm ent o f 5 0 %
is payablo on D e c . 15.
I t is stated that abo u t thirty-fivo
groups, representing the various sections o f tho country,
havo participated in tho underw riting.
T ho sale (when issued) of two lots of $ 1 0 ,0 0 0 each of tho
bonds a t 98 took place on tho Stock Exchange yesterday.
Sir Ernest Cassel, a t ono tim e financial agent of K in g
E d w ard , s reported to be a subscriber to tho oan to tho
extent of $ 5 ,0 0 0 ,0 0 0 .
Sir Ernest w as a recent visitor to
this cou n try; ho arrived on tho samo steamer w ith tho m em
bers of tho Anglo-French C om m ission , and returned last
Saturday.
A s indicating th at ho is n ot acting contrary to
tho British G overn m en t’s desiro th at no rem ittances bo
sent from G reat Britain to tho U n ited States to bo applied
toward tho loan , it is pointed out th at Sir E d w a rd ’s subscrip
tion will com e from m onoy which ho has invested in this
cou n try.
1141
THE CHRONICLE
CONFERENCE OF D ISTRIBUTING HOUSES A N D
SA L ESM EN REGARDING ANGLO-FRENCH LOAN.
A b o u t 6 0 0 m em bers, salesmen and other representatives
of investm ent houses attended a conference at the W a ld o r f
H otel yesterday afternoon.
T h is m eeting had been arranged
b y J . P . M o rga n & C o . for the purpose of affording oppor
tunity for the bond houses to post them selves on the technical
points connected w ith the value and responsibility o f the
bonds concerned in the An glo-F ren ch credit loan. M r . M o r
gan , in an informal w a y , answered questions, and discussions
resulted th at cleared up various queries on which there
seemed evidence of m isapprehension. Literature in the
form o f statistics and newspaper editorials dealing w ith the
credit of G reat B ritain and France, and also w ith the benefit
to our own country to result from a more stable exchange situ tio n .w a s subsequently distributed.
T h e bond salesmen will
undoubtedly be better able to explain the attractiveness o f
the new issue as a result of the conference.
A T T IT U D E OF CHI AGO B A N K S TOWARD FOREIGN
LOAN.
T h e recom m endation m ad e b y President Charles G . D a w es,
President of the C entral T ru st C o . of Illinois th at the insti
tution subscribe to the A n glo-F ren ch loan, was unanim ously
approved b y the directors o f the com p an y on the 1st in s t.,
when it was voted to m ak e application for $ 5 0 0 ,0 0 0 o f the
loan.
Som e o f the large Chicago banks announced on the
4th in st. that they w ould n ot participate in the loan, n am ely
the First N a tio n a l, F irst T ru st & Savings B a n k , Continental
& C om m ercial N a tio n a l, C ontinental & Com m ercial T ru st &
Savings, H ibernian B ank ing A ssociation , Illinois T ru st &
S avings, the Corn E xchange N a tio n a l B a n k and the M e r
chants’ L oan & T ru st C o .
I t is stated that while the banks
have signified their intention o f n ot taking any o f the bon d s,
the officers of m an y of them have m ado liberal subscriptions
to it.
C A N A D IA N OFFERING OF ANGLO-FRENCH LOAN.
In an announcem ent m ade b y the Provincial T ru st C o .
o f M o n trea l on the 5th in st., it states “ that it has had the
good fortune to be perm itted to share in the distribution of
a large block o f the $ 5 0 0 ,0 0 0 ,0 0 0 A n glo-F ren ch — five years—
5 % issue, which bond the com pany, is enabled to offer to
Canadians on the same term s, less exchange, if a n y , as the
bonds are now offered the public in N e w Y o r k , n am e ly, a t
9 8 , to yield about 5 A
X % . ” T h e com p an y states th at tho
bonds will be delivered a t the applicant’s bank for N e w Y o rk
draft pa ym en t. ______________________________
E L I G I B I L I T Y OF M A SSA C H U SE TT S TRUST
P A N I E S TO SUBSCRIBE TO LOAN.
COM
A ccording to the view of D e p u ty B a n k Com m issioner
Charles W . L ev i of M assach u setts, trust com panies, savings
banks and co-operative banks in the State are barred from
participation in the A n glo-F ren ch loan. M r . L evi is quoted
in the Springfield “ R ep ublican” of the 5 th as saying:
Savings banks and co-operative banks in this State positively cannot par
ticipate in the loan to the Allies, .and it appears that the trust companies
aro likewise excluded. We havo called tho attention of the officers of trust
companies, who have queried us, to tho fact that tho law seems to exclude
them from participating. Tho Comptroller of the Currency at Washington
has interpreted the law to tho effect that tho countries desiring this loan,
or any country for that matter, aro not corporations within the meaning of
the law. Under the provisions o f section 13, chapter 116 of the Revised
Laws, trust companies may purchaso solely tho stocks and bonds o f cor
porations, but they have no authority to invest in the bonds of a foreign
nation.
______________________________
ST.
LOUIS
AND
M IN N E A P O L IS
I N LOAN.
PARTICIPATION
I t is reported that the banks in S t. Louis will subscribe
to the A nglo-F rench credit to the extent of $ 2 ,9 0 0 ,0 0 0 .
T h e participating banks and the am ount of their subscrip
tions are announced as follow s :
St. Louis Union Bank, $500,000.
Mercantile Trust Company, $400,000.
The Merchants-Laclede National Bank, $300,000.
Boatmen’s Bank, $300,000.
Mechanics-American National Bank, $300,000.
Third National Bank, $300,000.
Mississippi Valley Trust Company, $300,000.
State National Bank, $200,000.
National Bank of Commerce, $200,000.
Mercantile National Bank, $100,000.
According to an announcem ent m ad e b y E . W . D ecker,
President of the N orthw estern N atio n a l B an k of M in n e
apolis, on the 1st in st. the subscriptions from the T w in
C ities to tho loan will probably am ount to $ 5 ,0 0 0 ,0 0 0 .
In
stating this M r . Decker said :
1142
THE CHRONICLE
Various banks and individuals in tho Twin Cities will probably sub
scribe for about $5,000,000 of tho British-French bonds under tho syndi
cate being organized by J. I*. Morgan & Co. Somo of tho banks have
already invested in bonds o f tho Gorman Government.
This movo on tho part of tho banks and individuals o f the Twin Cities is
taken sololy for the purpose o f making a wider market for our farm produce.
Great Britain and Franco bought normally in excess o f $750,000,000 por
annum from this country beforo the war began. Government roports would
indicate that tho United States lias a surplus o f whoat, alone, above normal
homo consumption o f about 400,000,000 bushels. It is, therefore, of vital
importanco to this section o f the country that as much o f a market bo
found abroad for our grain as possible.
In addition to this, a much larger surplus than usual o f wheat has been
raised in Canada, India, Australia and Argentina, so that tho world supply
of wheat, above tho normal consumption, would appoar to bo so groat that
the banks and individuals participating in this syndicate fool that they are
performing a scrvico to this part o f tho country in locating the best mar
kets possible abroad.
OHIO B A N K S NOT TO P ARTICIPA TE I N
FRENCH LOAN.
ANGLO-
T w o of tho four banks in C olu m b u s, O hio, which were
asked to form an underwriting syndioato for the dispos'tion
in th at section o f a portion o f tho Anglo-F ren ch loan, de
clared on tho 1st inst. th at thoy would n ot tako part in the
subscription. T h e four banks in question aro tho Citizens
T ru st & Savings B a n k , the Central N ation a l B a n k , the C ity
N ation a l B an k and the Com m ercial N ation a l B a n k .
T ho
first two m entioned declined to participate in the loan, whilo
the other two institutions n am ed, according to their officials,
havo not form ally considered tho question.
C . E . B orn ,
President o f tho Central N a tio n a l, said th at his bank would
neither participate in a local syndicate nor tako any of tho
bonds for its own accou n t. A similar statem ent was m ade
b y John L . Van ce J r ., President of tho Citizens T ru st &
Savings B a n k . J. J . Jennings, Cashier of tho C ity N ation a l,
a nd George A . Archer, President o f tho Com m ercial N a tio n a l,
declared th at the officers of tlioir institutions had taken no
action in the m atter.
Other banks in C olum bus which have
been approached in tho m atter declined on the 1st inst. to
indicate whether or n ot they w ould tako part in tho loan.
I t is understood th at individuals in C olum bus who wish
to purchase the bonds will bo able to do so through banks
and brokerage houses likely to handlo tho issue.
I t is reported th at all the largo savings banks and trust
companies in Cleveland decided n ot to participate in the
loan.
T h is decision was reached b y tho heads of four or
five of the leading State institutions. T ho belief prevails
that individual subscriptions in that city will bo largo.
CONTINUED EFFORTS TO PREVENT USE OF SAVINGS
FUND S FOR ANGLO-FRENCH LOAN.
Letters have been addressed to tho savings banks o f this
city b y the Am erican T ru th Society, through Bernard I f .
Kidder, Chairm an of its depositors’ com m ittee, requesting a
list o f tho State and national banks in which thoy havo de
posits.
M r . R iddor statos th a t: “ W o have tho written
agreement o f 9 ,0 0 0 or 1 0 ,0 0 0 bank depositors to withdraw
their funds from banks directly or indirectly partici
pating in tho loan.
These depositors control $ 7 5 ,0 0 0 ,0 0 0 .
W o estimato th at theso figures show only about 1 0 % of our
resources, th at somewhere near $ 7 5 0 ,0 0 0 ,0 0 0 m ight be af
fe cte d .”
A fter an a ttack upon J. P . M o rga n & C o ., tho
letter further sa ys:
Wo havo received reports from our depositors, who havo gone to prac
tically all tho savings banks in tho city, in which it has boon stated that
savings hanks cannot invest in foreign bonds under tho law. Tho deposi
tors have disposed o f these replies in their resolution which characterizes
them as deceptive and misleading. Tho fact o f tho matter is that the money
of savings banks is on deposit to tho extent o f millions of dollars with na
tional banks. State banks and trust companies, by permission granted by
law. AVhen tho next session o f tho Legislature convenes, our depositors
will present a memorial to the Legislature asking it to amend this provi
sion o f tho law. In tho meantime, basing our action upon tho wliolo object
of tho Savings Bank Law, wo appeal to you to co-opcrato with us in confin
ing tho moneys of savings bank depositors, which aro placed without the
protection o f tho savings bank laws, to tho smallest possible amount. We
realize that savings banks for convenience havo check accounts like private
individuals, but we cannot understand how those accounts should run into
such sums as two and four millions o f dollars. This is a state of affairs
which wo propose to call to the attention o f tho Banking Department at
Albany.
In addressing this communication to you wo deslro to say that in tho ovent
that you refuso to give us tho information wo ask, our Committeo of Ono
Hundred should call upon you personally for tho samo, after which a full
and completo report will bo mado not only to the depositors who have placed
their protests in our hands, but also to tho public and to thousands of other
depositors who aro awaiting results o f our investigation.
In furtherance o f his proposal for tho establishm ent o f a
G erm an -A m erican bank in this city , M r . Riddor printed an
appeal to G erm an-A m ericans in T h u rsd ay ’s issue of tho
“ Sta ats-Z oitu n g ,” asking them to unite in tho formation of
a great “ public servico” bank.
[Vol. 101.
PROPOSITION TO E STABLISH GERM AN B A N K I N
CHICAGO.
Steps are being taken in Chicago, according to prominent
G erm an-Am ericans in that city , looking to the establishm ent
of a “ G erm an b a n k .”
It is reported th at plans to establish
a bank which w ould be backed b y G erm an-A m erican capital
and w ould cater particularly to G erm an-A m ericans, have
been undor w ay for several m onths.
Theso plans aro said
to have assum ed a definito character since tho recent visit
to Chicago of the Anglo-French Com m ission.
I t is assorted
that tho G erm an-A m erican depositors in thoso banks which
propose subscribing to the loan are indignant because thoy
are being m ade unwilling contributors to a war fund to be
used in furthering the cam paign against tho G erm ans.
Fred K lein, President of the Fred K lein C o . o f C hicago,
is said to bo one of the principal backers of tho proposed
bank.
ANGLO-FRENCH COMMISSION GUESTS OF CHAMBER
OF COMMERCE.
T h o m om bers of tho A nglo-F rench Com m ission were tho
guests o f the Cham ber of Com m reco on T h u rsd ay.
Seth
L ow , President of the C ham ber, wolcomed the visitors,
saying:
By authority of tho executive committee, tho English and French Finance
Commissioners havo boon invited to attend this mooting of tho Chamber,
and it gives me great pleasure to welcome thorn in your name. It has not
beon forgotten that this Chamber is mado up of men whoso natural sympa
thies differ, so that every ono of tho countrios so unhappily engaged in war
in Europe has its sympathizers in our membership. This invitation, there
fore, is not to bo construed as a departure from tho neutrality which is bocoming on the part of a body so composed.
It is rather to bo looked upon as a recognition duo from tho Chamber of
Commerce of tho very eminent character in tho domain of finance of the
distinguLshod gentlemen who aro our guests, and also of tho very great ser
vice which, in serving their own countries, thoy havo rendered to ours.
Every ono who has had oxperionco in international trade understands how
fatal to such trade is a market for exchange which is subject to sudden and
violent changes. Tho most normal business under such conditions becomes
a species of gambling. Hi tho abnormal conditions affecting international
trade with Europe in these days, wo in tho United Statos are fortunato in
deed that this problem was committed to the hands of men so entirely com
petent as our guests.
B aron R eading, Lord Chief Justice o f E ngland, and M .
Octavo Ilom borg of the M in istry o f Foreign Affairs of
F rance, both replied to President L o w ’s address; M r . R o m
berg spoke in French; in part B aron R eading said:
We beliovo you havo invited us because you havo recognized that wo havo
come hero on business; that what wo havo to do is a matter which not only
concerns our countries, but which we boliovo also will affect tho welfare and
prosperity of your own. In limiting tho business to tho desire to keep stable
or more stable the rates of foreign exchange, wo beliovo that wo are not only
acting in our own interest as purchasers, but also in your interest as sellers.
Gentlemen, wo thank you, and may I bo permitted to say in conclusion
that during our stay hero wo have of course been well aware of tho growth,
tho extension, the extraordinary development of your own country. Wo
viow it with satisfaction, and l may say also with pleasure. Wo recognize
that you, after all, in your prosperity, in your strength, in your greater de
velopment, aro actuated by tho desire to benefit humanity and tho world
at largo, and for that reason wo wish you and thoso who are assembled here
all tho further prosperity and all continued success to iho Chamber of Com
merce.
In addition to Lord Reading and M . H om berg, the m em
bers o f the Com m ission aro Sir E dw ard I I . Ilo ld on , B a r t.;
Sir H enry B abington Sm ith, Basil B laekott and Ernest
M a lle t.
T h e Com m ission wero also guests at a luncheon andjYecoption givon b y tho Franco-Am orican Society at tho H otel
Knickerbocker on tho 1st inst.
A D M IN IST RA TIO N PROPOSES TO R E T A IN T A X ON
SUGAR AND TO CONTINUE WAR REVENUE ACT.
Secretary of tho Treasury M c A d o o announced on the 6tli
inst. that ho has dotormined to recom m end to tho next
Congress that the em ergency Rovonuo A c t bo extended until
peace is restored in Europe and th at tho existing duties on
sugar bo retained for several years or until conditions are
norm al again. M r . M c A d o o said th at these two sources of
revenuo should bo preserved regardless of what tho esti
m ates of tho various departm ents for tho com ing year m ight
be.
J . P. MORGAN
A*
CO. TO ACT FOR FRENCH GOVERN
M EN T.
Announcem ent was m ade on T u esd ay that J. I ’ . M organ
& C o . havo bocomo tho com m ercial agents for the French
G overnm ent in tho U n ited States.
T h is is the second com
mercial agency acquired b y tho firm since tho beginning of
the w ar.
Somo m onths ago it was designated to act in
that capacity for tho British G overnm ent.
OCT. 9 1915.]
THE CHRONICLE
IN CREA SING THE A C T IV IT IE S OF THE GOLD
S ET T L EM E N T FUND.
T h e Federal Reserve Board reports a total of $ 5 8 ,7 5 0 ,0 0 0
held in the gold settlem ent fund on S e p t. 2 3 .
It appears
th at it is now the practico to allow transfers a t W ashington
botween the gold settlem ent fund balances o f tho Federal
Reservo banks and tho Federal Reserve agen ts.
In report
ing tho statu s o f tho fund in its “ B u lle tin ” for October,
the B oard says:
Important developments havo marked tho progress of tho gold settlement
fund during September. After caroful consideration the Federal Reserve
Board determined to'make transfers at Washington between the gold settle
ment fund balances of tho Federal Reservo banks and the Federal Reserve
agents. Tho matter had boon under consideration for some time.
AVhilo tho oxtonsion had been advocated by several banks, the Federal
Reserve Bank o f Atlanta was tho first to make such a transfer on Sept. 8,
when $2,500,000 passed from tho account of the bank in the gold settlement
fund to tho credit of tho Federal Reserve Agent, releasing to tho bank a
corresponding amount of funds held by tho Agent. The second bank to
make use of tho now facility was tho Federal Reserve Bank of Richmond,
tho amount o f its transfer being $2,600,000. Tho total of tho Federal
Reserve agonts’ balances as o f Sopt. 23 1915 was $9,200,000, made up as
follows: Federal Reserve Agent, Richmond, $3,700,000; Federal Reserve
Agent, Atlanta, $5,500,000.
The total amount in tho gold settlement fund was materially increased
during tho month by tho doposit of $14,000,000 of tho $15,000,000 placed
by the Secretary o f the Treasury in the Federal Reserve banks of Rich
mond, Atlanta and Dallas. The Federal Reserve banks at Richmond and
Atlanta requested that the full amounts bo placed to their credit in the
gold settlement fund. The Federal Reserve Bank of Dallas asked to have
$4,000,000 o f its $5,000,000 allotment placed in tho fund.
There has boon increased activity in connection with tho fund on the part
o f the Southern banks, by which it has been used to make deposits with tho
Treasurer o f tho Unitod States against which shipments of fractional
currency havo beon made from tho nearest' sub-troasuries.
Below is given tho resolution adopted by tho Federal Reserve Board
under which accounts with Federal Reserve agents have been opened:
“ Whereas. Under tho provisions of regulation L, series 1915, adopted by
the Federal Reserve Board, there has been established a gold settlement
fund; and
•' Whereas, By resolution of tho Board adopted M ay 20 1915 a settling
agent and a deputy settling agent were duly appointed and regulations
governing tho administrative management o f tho said fund and tho conduct
of the business under it woro adopted; and
" Whereas. It appears to the Board to bo necessary and advisable to per
mit the settling agent and tho deputy settling agent provided for in section 1
o f said regulation to open and maintain separate accounts for oach Federal
Reserve agent for tho purpose of facilitating tho adjustment of accounts
between the several Federal Itosorvo agents and tho Federal Reserve
banks: Now, therefore, bo It
"Resolved, That tho settling agent and the deputy settling agent bo, and
they arc' hereby, authorized, empowered and directed to open and main
tain on tho books and records of the said settling agonts a distinct and sepa
rate account for oach Fedoral Reserve agent, and to roceivo from said
agonts. or from tho Federal Rese rve banks for tho account of such agents,
deposits of gold certificates to bo held subject to tho order of tho Federal
Reserve agent for whom such deposit has beon made.
"Resolved, further. That tho safekeeping of all deposits so received and
tho withdrawal or transfer o f said deposits, or any part thereof, to tho
account o f the Federal Reserve Bank, or to tho redemption fund account
held by the Treasurer of tho United States, upon tho order of tho said
Federal Rosorvo Agent, and all indorsements o f gold order certificates
made for the purposo of making withdrawals or transfers of said fund shall
Inc subject to tho same regulations, restrictions and limitations, mulatis
mutandis, as havo been adopted by the Federal Reserve Board in connec
tion witl) tho operation o f the gold settlement fund.
"Be it further resolved. That the accounts and records pertaining to tiie
deposits, withdrawals or transfers of funds to tho credit of tho several
Fedoral Reserve agents shall bo at all times kept separate and distinct
from those relating to Federal Resorvo banks and separate and distinct
from each other.”
RESERVE BOARD D EEM S CLEARING HOUSE E X A M I
NATIO NS OF RESERVE B A N K S IN A D V ISA B L E .
*
annual m eeting in K ansas C ity on Sept. 21 and 2 2 .
lutions are as follows:
1 1 43
T h e reso
Favors Substitution of Trade Acceptances for Open Accounts.
Tho officers and directors of tho National Association of Credit Men,
in annual meeting assembled, view with deep interest a growing tendency
toward the substitution o f trade acceptances for open accounts as a form
of commercial credit, and record their belief that trade acceptances present
conveniences and economies which should appeal to tho encouragement and
support of commercial credit grantors.
Trade acceptances, as a form of liquid credit, are favored by the Federal
Reserve Board as a class of commercial paper acceptable for re-discount at
Federal Reserve banks, and tho trade acceptance system would eliminate
certain serious o\ ils which have developed with tho increase of commercial
credits on an open account system, and of which the unearned discounts,
tho abuse o f sales terms and tho assignment of accounts receivable are the
more prominent.
Recommends Amendment Allowing Acceptance of Drafts from Domestic
Transactions.
The officers and directors o f tho National Association of Credit Men, in
annual meeting assembled, recommend to the National Banking and Cur
rency Committee that there be considered very seriously an effort to amend
tho Federal Reserve Act so that member banks o f tho system may be al
lowed to accept drafts arising from the sale and delivery of merchandise
bi domestic transactions, a power similar to that which the Act allows mem
ber banks in transactions arising from the importation or exportation of
merchandise. In the judgment of your committee, this form of paper would
aid domestic transactions in tho sale and delivery of merchandise and be
acceptable for re-discount at attractive rates of interest.
Approves Policies of Federal Reserve Board.
The officers and directors of tho National Association of Credit Men, in
annual meeting assembled, in Kansas City, Sept. 21 and 22 1915. desire to
record their appreciation of tho conservative attitude expressed by the Fed
eral Iteservo Board in adopting and promulgating regulations for member
banks of tho Federal Reserve system, which indicates obviously a deep desire
upon their part to prevent inflation in the nation’s banking and currency
affairs, and to establish sound bases for our commercial credits.
Tho Secretary-Treasurer of the National Association c f Credit Men is
hereby directed to convey to tho Fedoral Reserve Board this expression of
confidence and appreciation and a very sincere hope that tho conservatism
and sound policies expressed by the Federal Reserve Board in the execution
of their official affairs may be maintained consistently.
DRAFTS ON RICHMOND RESERVE B A N K RECEIVED
B Y M EM BERS OF NEW YORK B A N K A T PAR.
U nder arrangements effective this w eek, drafts on the F e d
eral Reserve B an k o f R ichm ond are received for im m ediate
credit at par b y the N e w Y o r k Federal Reserve B a n k .
I t is
also announced that by arrangem ent w ith the latter, checks
and drafts on all R ichm ond banks and trust com panies, both
m em bers and non-m em bers, will bo received b y the N ew
Y o rk Reserve B an k from m em bers of its collection sy ste m ,
for im m ediate credit a t par.
T h e follow ing is the notice
issued in tho m atter:
FEDERAL RESERVE B AN K OF R IC H M O N D .
Richmond, Va., October 4 1915.
To Members of the Federal Reserve Bank of Richmond:
This is to advise you that, from this date, your drafts on this Bank
will be received by the Federal Reserve Bank of New York from members
of i*s Collection System, until further notice, for immediate credit at par.
Up to the present time, drafts on Federal Reserve banks have been
received by other Federal Reserve banks subject to deferred credit, ac
cording to a prearranged schedule.
The deferred credit period between the Federal Reserve Bank of New
York and this Bank has been one day, being the time of transit.
The arrangement now mado will havo practically tho effect of giving
tho currency of New York exchango to your drafts on this Bank.
Wo further advise you that by arrangement with tho Federal Reserve
Bank of New York, checks and drafts on all Richmond banks and trust
companies, both members and non-members, will also be received by that
Bank from members of Us Collection System, until further notice, for immediate
credit at par.
Very truly yours,
GEO. J. SEAY. Goeernor.
T h e following inform al ruling in which tho Federal Re
serve B oard expresses it as inadvisable th at exam inations
of Federal Reservo banks bo m ade b y a Clearing H ouse ex
am iner, appoars in tho Federal R eserve B u lletin for October;
tho ruling is em bodied in a letter, tho nam e of tho Resorvo
bank to which it was addressed being withheld:
The attention o f tho Federal Resorvo Board has been called to a reso
lution passed by your directors, which reads as follows:
“ That tho directors ask for and they will expect tho Federal Rcscrvo
Bank to got tho full advantage of its membership in tho Clearing House
Association in respect to independent audits and examinations, and that NATIO NAL B A N K S I N CALIFORNIA TO BE BARRED
FROM ADVERTISING SAVINGS ACCOUNTS.
such examinations bo considered for tho benefit of tho directors of this
bank.”
W . R . W illiam s, Superintendent of B ank s of California,
I
am directed to stato that it does not appear advisable to tho Board
to havo your Fedoral Reserve Bank examined by a Clearing House exam- has sent a letter to John Perrin, Federal Reservo A g en t at
nor, or by any examiner representing a member bank or group o f member
San Francisco, stating that his departm ent will see that the
banks.
The Reserve banks aro granted unusual powers for tho acquirement of State law relating to the question of banks advertising
information concerning tho standing o f member banks and of customers savings accounts will bo enforced in regard to national bank s.
dealing with member banks, which information must bo carefully safe A s previously stated, the California B an k A c t provides that
guarded. Your Federal Reserve bank includes members which aro not
subject to examination by tho Clearing House examiner, and it would “ no banking association shall advertise savings or in any w ay
appear entiroly justifiable that thoso banks should raiso objection to their solicit or receive deposits in tho m anner o f a savings bank
credit files being subjected to tho inspection of a Clearing House examiner unless it is chartered as a savings bank under the California
with whom they had no relations. It is very desirable, however, that a
A s a result of this provision M r . W illiam s some tim e
friendly co-operativo spirit should exist between your Federal Reserve la w .”
Bank and tho Clearing Houso examiner.
ago raised the question whether a national bank under the
You aro roquostod to bring tills letter to tho attention of the directors, provisions of this State law could advertise savings accounts.
i order that they may bo acquainted with tho views o f tho Board.
W ith regard to this question, M . C . E llio tt, Counsel o f the
September 9 1915.
Federal Reserve B oa rd , held that since the Federal Reserve
A c t empowers national banks to receive savings accounts
A M E N D M E N T S TO FEDERAL RESERVE ACT
the right to advertise for such accounts would seem to be
RECOMMENDED B Y CREDIT MEN.
a necessary incident to its exercise. M r . W illia m s’s letter,
T h e N ation al Association of Credit M e n , which has taken
copies of which havo been sent to all State banks in C ali
an active interest in tho reform of the banking and currency
fornia, says in part:
sy s te m o f tho country, adopted resolutions recom m ending
Neither the Federal Reserve Act nor any other Federal statute affords
certain am endm ents to tho Federal Reserve A c t at their any of the usual or appropriate safeguards for the lending or inrevtment
1144
THE CHRONICLE
o f savings deposits by national banks. Savings deposits cannot bo segreT
gated from commercial deposits in national banks, but must neces
sarily be commingled with tho commercial deposits and bo subjected
to ail the hazards necessarily attendant on tho business o f commercial
banking.
It being impossible to attribute to Congress an intention to give national
banks the authority to engage in savings bank business, it follows that it
couldn’t have been the design o f Congress to authorize national banks to
advertise in such manner as would probably lead many to believe that the
national banks so advertising were, in fact, savings banks as commonly
understood by the public contrary to the laws o f the States prohibiting such
advertising,
Tho use o f the words “ savings accounts” in thus advertising for business
would undoubtedly bo taken by large numbers o f tho public to indicate
something more— that the savings accounts so received would be pro
tected and secured on the established principles o f savings banks.
It is the peculiar and exclusive right and duty o f the States to protect
the public against misleading advertisements by persons and corporations
seeking deposits o f money, and laws calculated to afford such protection
are not invalid as violating any Foderal law or right.
Being advised that the law o f this State on the point mentioned is valid
n its application to national banks, it becomes the duty o f this Department
to see to its enforcement, which will be done.
ST. LOUIS FEDERAL RESERVE B A N K TO B E HOUSED
I N NEW B U IL D IN G .
T h e Federal R eserve B a n k of S t. Louis will occupy the
entire second floor o f the new N ation a l B an k of Com m erce
B u ildin g, according to an announceem nt m ade on Sep t. 28
b y the M o rtg ag e T ru st C o . o f S t. L ou is. I t is stated that
negotiations w ith this o bject in view have been in progress
for several m on th s betw een the S t. Louis Reserve B a n k , the
M o rtg ag e T ru st C o . and the N ation a l B a n k o f C om m erce,
which owns the building. T h e floor to be occupied b y the
R eserve B a n k covers a bou t 9 ,0 0 0 square fe et.
I t is expected
th at the ban k will take possession o f tho new quarters about
J an . 1. T h e building is situated a t the northeast corner of
B roadw ay an d Pine Street. T h o S t. Louis R eserve B an k
will also use the southern portion o f the vau lts o f the M o r t
gage T ru st C o . T h e S t. Louis R eserve B a n k is a t present
lo cated in the B oa tm e n ’s B an k B u ildin g, a t B roadw ay and
Olive Street.
______________________________
T E X A S B A N K E R S ’ COMMITTEE D EFEND S B A N K E R S
A G A IN S T HIGH IN T E R E S T CHARGES.
l Vo l . 101.
E X C H A N GE CHARGES PLA N N ED B Y B A N K S I N
P A C IF IC NORTHWEST.
A n understanding w hereby the banks in the four Reservo
cities of the Pacific N orth w est— Spokane, Seattle, T acom a
and Portland— will charge their country correspondents
for all the item s collected b y them on which an expense o f
collection accrues to the handling b an k , has grown out of
inform al conferences held during the recent convention in
Seattle o f the A m erican B ank ers’ Association.
T h e plan
also contem plates a charge o f one-eighth o f one per cent
against all item s bearing on Eastern endorsem ent, no m a t
ter to w hat point th ey belong. A ccording to tho “ Pacific
B a n k e r,” this understanding was reached b y a conference
held between R . W . Sclim eer, representing the Portland
Clearing H ouse; M . F . B ack u s, President o f the Seattle
Clearing H ou se; C h as. A . M c L e a n , o f the Spokano
Association, and A . G . Prichard, President o f the T acom a
Clearing H ou se. A resolution was drafted for presentation
and form al action b y each o f tho clearing houses o f tho re
spective cities. W h e n M r . B ack us has received reports
from all four associations th at the resolution has been of
ficially adop ted, he will form ally n otify the other associa
tions to that effect and the agreem ent will then becom e oper
ative in all four cities autom atically. P ortland, it is stated ,
is the only one of tho four cities w hich does not m ake a regu
lar charge in all cases for the collection o f item s bearing
Eastern endorsem ents. T h e “ Pacific B anker” says:
In the matter or charging country correspondents for tho oxpenso o f col
lecting items which pass through tho hands of tho roscrvo city banks, and
which has heretofore boon absorbed by them, there has been no consistent
practice observed in any ono of tho cities. When, for instanco, a Portland
bank collects an item drawn on Seattle by an Albany bank and tho Soattlo
bank makes a chargo, it has been customary for tho Portland bank to ab
sorb this expense in tho case o f its country correspondents. In somo cases
even the collection has been absorbed by tho collecting bank when the only
interest it has in tho item is tho fact that it has boon deposited by ono of
its customers. Tho bank on which it is drawn may not carry tho compen
sating balance with tho collecting bank. It has all along boon recognized as
an evil practice to absorb an itom of exponso incurred outsido of its own op
erations, but tho custom has adhered until tho evil has grown to serious
proportions. It is now proposed to change all this by tho concerted action
of all four cities interested, and without the unanimous action of.which it
s said the plan would not bo practicable.
Whilo these two concessions governing the expense o f collecting country
items do not include all tho changes that aro desirable, or that some banks
hope thoy may bo able to secure in tho future, it was thought bost to begin
work along tho lino of least resistance.
T h e agricultural com m ittee o f tho T exas Bankers* A sso
ciation held a m eeting on S ep t. 2 8 a t D a lla s, W illia m G .
B reg , President of tho U n ited States B on d & M o rtg a g e C o .
o f D a lla s, C hairm an of the com m ittee, presiding. A reso
F IN A N C IN G OF GOVERNMEN T IRRIGA TION PROJECTS.
lution w as prepared answering certain charges recently m ade
U nder the title “ T h e R eclam ation o f the Public D om ain —
b y W . P . G . H arding of the Federal Reserve B oard as to the
exorbitant rates o f interest dem anded b y national banks in A Legitim ate U se o f State A i d ,” M y r o n T . H errick, before
the S ou th . M r . H arding said th at “ in T exas a num ber of the International Irrigation Congress a t San Francisco on tho
banks reported rates in excess o f 1 0 0 % and m an y o f them S e p t. 20 declared th at the troubles th at now confront tho
stated th at their average rates on all loans were 1 % per R eclam ation Service were foredoom ed from the start because
of the fau lty m ethod of finance b y which it was inaugurated—
m on th or m o r e .”
T h e resolution, while adm itting th at there
the trusting upon uncertain sources o f funds and revenue for
m igh t be a few “ pawnbroker” bankers in T ex a s, defended
conducting its operations. M r . Herrick subm itted that tho
generally the banking element o f the State.
correct w ay w ould bo to issue dobenturos, each irrigation
In a resolution com m ending the bankers, farmers and
m erchants o f T exas on the good results o f their co-opera project being required to stand good for its own debentures,
these debentures to be issued in representation o f tho of
tion dining the last tw elve m on th s, the com m ittee said:
W e, the agricultural committee o f tho Toxas Bankers’ Association, ex ficially appraised valuo o f tho land as im proved and redeemed
tend congratulations to tho bankers o f the State, acting in co-operation out of a sinking fund created b y tho installm ent paym ents
with othor agencies and through their several communities, upon the ef o f the land owners. W o quote a large part o f his remarks
forts of tho last twelve months for tho restoration o f agricultural prosperity.
Texas this yoar will feed herself: the farmers are reducing their debts be below :
Reclamation of land by drainago, embankment or irrigation in tho
cause they havo produced economically, and they aro enabled to market
more gradually than ever before in their history. In the judgment of con United States has been going on sinco George Washington’s days by
private
individuals and by tho Stato and national governments. The
servative business men and economists, the warehouse movement, to which
tho bankers o f Texas gave such valuable aid, has effected a saving o f many coastal swamps, tho Mississippi Valloy, and lastly tho arid and somi-arid
millions upon the cotton crop and its by-products. Diversification, by regions engaged tho attention of financiers, engineers and settlers as popu
tho raising o f feed and food, has increased the live stock product and has lation spread over and across tho continent. The tillablo acreage created
correspondingly reduced tho cotton output to the extent that it is well j or protected is enormous, yet results wore not always satisfactory. Less
within the world’s demands and is bringing a price above tho cost of pro- has been done than promised, whilo methods (especially those of finance)
ductlon. At the same time it has enhanced the soil fertility and has shown ‘ have been so variant and experimental that tho record of tills kind of work
the better way in safe farming, which means safe banking and safe com is full of flaws.
Tho best chapter of this record is tho irrigation projects. Private and
merce, and we improve the opportunity to impross tho outstanding facts
of the situation to the end that the exceptional efforts o f this year may be public endeavor has done wonders for theso during tho past generation.
Nevertheless, the Secretary of tho Interior, speaking of tho privato enter
come the established system o f Texas agriculture.
prises, says: “ Few, if any, of tho investments havo ever returned to tho
T h e com m ittee authorized Chairm an Breg to proceed w ith Eastern or European shareholder or bondholder tho amount of tho original
arrangements for a T exas B ankers’ A ssociation exhibit for expenditure.” As to tho Government projects ho says: “ It must be ad
the State F air of .T ex as. T h o m em bers of the com m ittee j mitted that the slowness of development and tho uso o f reclaimed lands
has been a sourco of disappointment.”
w ho were present a t the m eeting were J . E . R oberts o f | I will confino my fow remarks to tho latter. I believo that tho troubles,
E agle L ake; C . I I . F lato o f K in gsville; jW arren P . Andrew s I indicated by tho Secretary of the Intorior, aro financial. So with your in
dulgence, I will present my viows from tho standpoint o f a banker. M y
o f F o rt W o r th ; T . U . Cole o f Sherm an; W . W . W o o d so n o f j
talk will probably be dry and technical— but it also will bo short. I will
W a c o ; W . H . F u qu a o f A m a rillo, and Joseph H irsch o f ! try simply to offer somo suggestions that I hopo will bo useful to assist in
Corpus C h risti, President o f the T exas B an k ers’ A ssociation. tho solution of tho problems which confront theso garden spots among tho
mountains, theso oases in tho desert, theso true paradises in tho wilderness.
T h o follow ing resolution was also adopted:
Tho U. S. Reclamation Sorvlco has undortakon twenty-six irrigation
That we congratulate tho bankers o f Toxas that thoy have made amplo projects. Somo land Is already irrigated in each of tho projects, but most
provisions, at reasonable rates o f interest, for tho handling of farm products. of tho settlement lias on sixteen of them. Tho service has stored enough
There has been public criticism of some fow bankers on account of exccssivo water in various rosorvoirs to mako a lako fifty miles long, fifteen miles
rates o f interest, and if this criticism is warranted we indulge the hopo that wide and ton feet doop. It has constructed or Is maintaining anti operating
there will bo no occasion in tho future which will tempt any Toxas banker 8,500 miles of canals, which in a straight lino would run farther than from
to charge an excessive rato o f Interest, as has been heretofore referred to Palm Beach, Fla., to Fairbanks, Alaska, and back again; besides threo
i tithe press.
miles of dikes, twonty-fivo miles of tunnels and 548 miles of drainago and
O ct . 9 1915.]
THE CHRONICLE
waste-water ditches. Also it has built 800 miles o f wagon road, 78 miles of
railroad, 374 miles of electric transmission lines and 2,180 miles of tele
phono lines. It sells at cost the excess energy o f its hydro-electric plants
for heating, lighting, and for operating small domestic and industrial m a
chinery— thus giving to the sottlers tho use of modern scientific appliances.
Through these irrigation system s, the Service diverts a stream greater
than tho Hudson River at the M ohaw k. Tho estimated area is 2 ,918,600
acres, o f which 1,343,193 acres, or 27,115 farms, can now bo watered. In
1913, 5 6 % of this was divided into 16,354 farms on an average size of
42 acres apiece and cultivated by 61,253 persons. The value of the crops
was 815,732 ,000 and of the live stock and equipment 816 ,4 8 4 ,2 9 7 . The
investm ent in capital and labor o f tho owners of these farms when fully
developed will be about $17 5 ,0 0 0 ,0 0 0 , and the value is constantly increas
ing. Ono hundred and fifty-three towns liavo sprung up, making the total
population 310,514 . In these towns are 138 banks with $8,23 4 ,0 0 0 of
capit.ai stock and $ 3 2 ,984 ,954 of deposits. This, indeed, is great and
marvelously rapid progress. Tho work was started with tho A ct in 1902,
but water was first supplied only in 1906.
This splendid development, however, has been reached through trials
and tribulations largely arising, in m y opinion, from faulty methods of
finance. Tho 1902 A ct provides that all moneys (except the 5 % set aside
for educational purposes) received from the sale and disposal o f public
lands in Arizona, California, Colorado, Idaho, Kansas, M ontana, N e
braska, N evada, Now M exico, North D akota, Oklahoma, Oregon, South
D akota, U tah, Washington and W yom ing shall bo used in irrigation
projects in those Statos.
W hat that would amount to each year nobody,
of course, could predict. Tho framers o f tho A ct did not concern them
selves about tho possible dangers o f this uncertainty, because they thought
that irrigation was an easy m atter, and all that was necessary to do was
simply to build reservoirs for impounding and main canals for distributing
water step by step as tho money was received.
B ut irrigation turned out to be a very difficult m atter, complicated by
serious and unforeseen problems that iiave upset original plans and esti
m ates. Uneven surfaces that rendered large tracts not irrigable had to bo
leveled. Drainage systems had to be constructed in order to prevent
lands from becoming water-logged or covered with alkali deposits through
seepage and waste. Th e depreciation and obsolescence of machinery used
in construction work liavo been expensive troubles, while necessary changes
of plans and tho adoption of entirely now arrangements and equipment
to meet conditions or demands as they arose liavo altered and enlarged
the scope of tho work and the duties of the Reclamation Service far be
yond its primitive ideas.
The receipts from tho sale o f public lands amount to $81,8 1 3 ,7 7 2 71,
which have now. o f course, all disappeared. The Act provides that the cost
of the construction work shall bo assessed against tho lands improved and
bo repaid by ten annual installments; furthermore, that annual charges
shall bo made for tho water supplied and for maintaining tho system s. ” A
considerable porcontago of those installments and charges is in default, but
all repayments and accruals received liavo been thrown into tho reclama
tion fund and indiscriminately used with tho proceeds from the sale o f pub
lic lands for development work, without any regard as to whether it was on
old or now projects. Tho fund was oxpondod as fast as it accumulated.
Tho .Service has never had much moro cash on hand than was nooded for '
tho current year. Expenses have outrun receipts, and so it was authorized
to make two loans amounting to $ 2 1 ,000 ,000 .
The gross expenditures for construction work amount to $91,6 4 4 ,6 2 8 73.
W ith all repayments and various receipts deducted from this, the net in
vestment of tho U. S. Government remains at $82,918,801 83. This in
vestment yields no profit, because, under the A ct, Interest cannot bo charged
against tho land owners. So tho true financial situation of the Service can
bo determined only by taking into account the yearly loss o f this interest,
tho debt it lias incurred, tho liability it lias assumed on uncompleted work,
and tho adverse pressure exerted against it by constant demands o f water
users for easier terms from the Government.
Consequently, as tho Secrotary o f tho Interior declaros: “ The resources
of the reclamation fund are now overburdened and tho projects now undor
way cannot bo completed within a reasonable length o f time, unless tliero
shall bo largo accessions to the fu n d .” This is a timely warning. The pub
lic lands are being sold o ff, and recoipts from this sourco will ovontually
cease. Repayment of expenditures has not boon as regular as oxpectod.
M oreover, Congress in 1914 extended the period o f repayment by landown
ers to twenty years, with the first installment to date from the fifth yoar
after entry. Congress did this in full realization that groat projects were
under way or ought to be under way; it poured out the baby with tho bath,
and yet made no other provision to replace the means of finance that is
disappearing. The Secrotary has very properly warned that tho futuro
Is in jeopardy. The Reclamation Service employs a force of 7,998 persons;
it has invested enormous funds in power plants, machinery, Implements,
and in equipment and improvements for carrying on its work.
Its expenses
run on whether this lies idle or is kept busy, while if it should do its work by
piecemeal, tho operations of the servico— organized as it is for large under
takings— will become so costly that the investments o f the Government will
end in a loss.
Tho Panama Canal was not built by this guesswork method of financo.
The subways and water tunnels of Now York C ity were not started in tho
hope that tho necessary money would bo found with tho first shovelful of
dirt. N o great enterprise, public or privato, oxcept tlioso Government
irrigation projects, has ever been begun in tho United States without at
loast trying in advance to find tho funds needed to carry it to a finish. Tho
troubles that now confront tho Reclamation Servico were foredoomed from
the start because of tho faulty method of finance by which it was inaugurated
— because o f this trusting upon an uncertain sourco of funds and revenue
for conducting its operations. The correct way (if I m ay bo bold enough to
say it) is tho simple ordinary way o f issuing debentures.
Each project
should have boon required to stand good for its own debentures, and these
debentures should have been issued in representation of tho officially ap
praised value of the land as improved, and been redeemed out o f a sinking
fund created by tho installment payments of tho landowners.
'I ho debentures could havo been issued in scries against separate units
in each project and placed on the market as occasion arose. In this way
funds could have been obtained in advance of the full amount o f tho esti
mated cost of any work planned and undertaken. They would have had a
ready sale at 3 % .
In Europe such debentures have no fixed m aturity, but
are retired upon contingencies specified for tho series at tho issue. In tho
caso of railroads and municipalities in the United States, they mature at
very distant dates, but are subject to immediate recall by the maker.
Either of the two forms would have been satisfactory, provided it gave to
each projoct ample time to refund and meet its obligations. Tho time
should have been at loast 75 years. This would have enabled tho Govern
ment to grant a corresponding long term to landowners to repay thoir re
spective sharos of tho cost of tho construction work. Calculated at 3 % for
that period, tho annuities which the landowners would havo boon required
to pay into the sinking fund would not havo boon as largo as normal inter
est charges at present.
1145
Thus, besides creating an adoquato supply of capital, this m ethod of
finance would havo made the investment of the Government profitable and
also have lightened the burden o f tho landowners. Tho sooner this or some
other method is adopted tho better it will be. Indeed, a change is abso
lutely necessary, because the Secretary o f the Interior warns that a cessa
tion o f all work is imminent, while the Director o f the Service reports that
landowners are falling in arrears and must bo granted renewals oven after
the expiration of the recent twenty-year extension. Tho U . S. Govern
ment m ay possibly worry along under present arrangements— but the land
owners cannot. Bast yoar they paid 1 6 % o f the returns of their crops to
the Government. In addition, they had to pay water rights and taxes.
Unfortunately, too, most of them had to pay 6 % to 1 2 % interest on the
mortgages which they gave for the purchase price of the property.
Such a burden would bo difficult to bear in old established communities.
In these irrigation projects it becomes insupportable, because it leaves
practically nothing to the entryman or assignee for the keep o f him self
and fam ily, if he does not happen to have in cash at tho start the $ 2 ,0 0 0
or $4,0 0 0 needed to improve and equip his farm .
Five years are required
to bring an irrigated farm to full developm ent, while an orchard is a heavy
expense and yields not a cent o f profit during all that tim e.
It is clean out
of the question to expect a settler in a new country to pay back or to recover
the investment o f capital and labor in his homestead faster than he can
refund it from his savings from the annual returns of tho soil. A n attem pt
to force homesteaders to do so brought on the crash in 1893 o f the farm mortgage craze and, I believe, it is tho chief cause o f the financial difficulties
of the farmers on the irrigation projects.
Short term for loans or for installment paym ents on construction work .
should be abolished. Th e charges against landowners and tho financia
operations o f the Reclamation Servico should be converted into long-term
— fifty or seventy-five years— through some carefully prepared plan of
bond or debenture issues. I present tills idea to your consideration, sim ply
by way of suggestion after a more or less lengthy study o f the subject in
Europe and in the United States.
If it be found acceptable, perhaps it
would be best to reorganize tho Reclamation Servico so as to restrict its
scope to making plans and estimates and doing the construction work,
and then to place the financial operations in charge o f the Secretary of the
Treasury, and intrust tho collection of dues from Iandownors to tho water
users’ associations.
This arrangement, if carried out to completion, would turn the water
users' associations into landschafts, just as 1 have described them in m y
book on "R u ra l Credits” (2d ed.: New York: D . Appleton & C o . , 1915).
I called the Governm ent’s attention to the feasibility of the landschaft idea
In a report that I sent to the State Department from Paris in 1912. Further
study has more thoroughly convinced me o f the worth o f this idea. I f the
irrigation projects were established as land districts with authority to issue
debentures and extend credit to settlers through a management similar
to that o f the water users' associations and under tho supervision o f the
G overnm ent, they would become pure landschafts; and they would be able
to find capital on easy terms for other purposes than for the paym ent of
construction charges. Th e arrangement, moreover, would weld the
settlers in each project into a un ity, arouse in them an intenser feeling of
mutual responsibility and create a solidarity of interests. W ith its financial
duties thus eliminated, the Reclamation Service would be more efficient,
because then it would assume its proper rolo as a body of expert engineers
and contractors, with the Government acting as an impartial umpire to
assure equal justice to all.
So the first trouble with the Reclamation Act and amendments is, as I
understand it, that thoy did not provido for an adoquatc supply o f long
term capital in advance o f the projects which the Service has undertaken.
A s a result the Secretary of the Interior tells you that new or secondary
projects cannot bo considered, while there Is danger that work on the pro
jects under way m ay have to be discontinued. This trouble is purely
financial. A remedy lies in the issue o f debentures and the creation of a
sinking fund out of the receipts from settlers for tho paym ont of these de
bentures. This would open for the Service a dependable source of fund
and also convert the financial operations from the unsatisfactory short
term into the much needed long-term .
In this way tho Governm ent could mobilize its entire investment and
make it a revolving fund for carrying on and enlarging its work. There
is no reason why the Government should not realize on tho credit available
from this investment.
Indeed, good business and financial practice
dictates the constant re-use o f the $ 1 0 0 ,0 0 0 ,0 0 0 that will soon be tied up,
instead of letting it lio idle without drawing interest, as is now the case.
It would be to the advantage o f the Government to keep all this money
active, except a fair margin set aside for safety. This it could do by issuing
bonds or debentures against its investment. The future o f tho arid and
semi-arid regions rests upon irrigation enterprises, most of which are on
tho public domain and too large to bo undertaken by private individuals.
W hatever be the m ethod of finance adopted, progress on this splendid and
highly important work should not be left to hazard or impeded by lack
of funds.
.
It is difficult to irrigate this hard and dry subject witli a flow o f enter
taining ideas. But there is nothing easy about money oxcept tho spending
or losing of it; and I shall have the pleasure o f getting rid of some during
m y stay at San Francisco. So I hope you will pardon m y uninteresting
talk, which I will now endeavor to bring to a close. There is another serious
fact that m ust be looked squarely in tho face.
M an y o f the settlers are
not the original ontrymen. T h ey bought their farms on mortgage at a
price far in excess o f the value of the raw land. Th e principal and interest
on tids unearned increment that they are paying to others arc a severe
drain on resources in all these projects. B ut tho dobt was voluntarily
contracted and m ust remain until paid off.
Government should not be called upon to assist the mortgagors, since
the money thus obtained would not go to the irrigators; it would go eventu
ally to the speculators or fortunate entrymen who originally got posses
sion o f tho land. Such Government assistance is unnecessary, for the
irrigators could find in themselves an equally effective means through the
principle o f mutual self-help, if the water users' associations should be
reorganized as landschafts. A n association so reorganized would be able
to take up those mortgages, convert them into long-term annuity con
tracts, issue debentures against them , and thus extend credit at alm ost
as low interest rates as could be obtained through State aid. The Iandscliaft principle is so old and thoroughly tested that it is well worth a trial.
Its practice on the irrigation projects (where it could be easily introduced)
would set an excellent example for farmers in ail other parts of the cou n try.
M utual self-help, or co-operation, is tho next greatest necessity o f the
occupants o f the irrigation projects. The failure to recognize this fact is,
in m y opinion, another shortcoming of the Reclamation A ct. W ater
users' associations existed before this A ct was passed. They were organ
ized and are managed to protect tho mutual interests o f the settlers, and
under the 1914 law they m ay be constituted fiscal agents to collect the
charges due to the United States. I t is regrettable that the Government
did not take them more largely into its confidence from the start— and
that they have not more fully appreciated an utlli ed their influence to
THE CHRONICLE
j
organize the fanners co-operatively in all their industrial, commercial and
financial affairs relating to agriculture.
Rural co-operation, in order to attain its best results, m ust consist o f a
system of inter-related associations based on local co-operative banks.
I will not go into details here, since I am asked to speak on this subject
to-morrow. I will only say that much misinformation has become current
about mral co-operative credit. Tho chief purpose o f a rural co-operatlvo
bank is, not to mako individual loans to members, but to organizo and
strengthen their purchasing and selling power. It is ono of the basic units
for creating and supporting a system through which collective resources
m ay be utilized to enable members to buy supplies and sell their products
at tho best prices. This, o f course, saves so much money that members
eventually havo a surplus to lend t o ono another, but the common good
m ust always be the main objectrbe'cfvuso'only_thro’ugh that can the spirit
o f co-operation bo preserved and''the individual good o f mombers brought
about.
Co-operative associations'have already Jbeen'formed in ten o f tho projets:
Orlando, M inidoka, Flathead. Yellowstone, North Platte, Carlsbad, North
D akota Pumping Station, K lam ath, Bello Fourche, and Yakim a. These
are mostly marketing associations and creameries. The othor projects
appear to be without associations, while in no place has any effort been
made to systematize the associations or to mako uso o f tho collective credit
o f members. N o step has yet been taken to introduce co-operative bank
in g. although this, as I say, is the first requisite o f a co-operative system ,
without which it can never reach a high development.
The water users'
associations are in a position to take j i leading part in introducing and
•systematizing co-operative organization based on co-oporativo credit, and
it is to be hoped that they will give more attention to this important
m atter.
Tho buying o f supplies and tho selling o f products at fair prices is ono
o f tho greatest difficutlies that confronts the settlers, by reason o f tho
distance o f tho projects from tho markets; but conditions on tho projects
are peculiarly well adapted for overcoming this difficulty through co
operation. All tho original entrymen were, o f courso, native born, while
most o f the actual settlers aro Americans, so there is a sllmilarity o f lan
guage, customs, spirit and antecedents in each project. Tho farms are
small and tho farmers are thrown in close and constant contact with ono
another. All this creates an Identity o f interests that makes a congenial
field for co-operation. T o this must bo added tho fact that tho irrigators
generally aro prosperous and that thoro aro in tho 138 banks $41,218 ,954
o f capital stock and deposits.
Undoubtedly most o f this money belongs to tho farmers; at least they
mado it or brought it in. W ith such a large sum available at their very
doors, there ought not to bo any complaint o f tho lack o f current funds,
nor any demand for aid and assistance from Government. Tho settlers
on the projects would bo all-sufficlont in themselves if only they wore
thoroughly organized in such a way that they could utllizo tho wealtli
they create for financing their own business. The irrigation projects are
distinctively agricultural. Tho ease with which co-operation could bo
introduced on them, and tho great good it would do, call aloud for co n
tinued and persistent agitation for it, until the farmers on eacli project aro
completely organized into a co-operative system for taking care o f thoir
commercial, industrial and financial necessities and affairs.
I f this were done, and furthermore, if the mortgages wero converted
into long term through landschafts, and the Reclamation Service improved
through a reform o f financial methods, I predict that tho irrigator farmers
would have peace, plenty and prosperity, and that they would become
tho advance guard o f a modernized agriculture that would awaken better
ideas o f lifo and action among farmers throughout the United States.
ROCKEFELLER
IN D U STR IA L PLAN
F U E L & I R O N CO.
FOR
COLORADO
A plan prepared by John D . Rockefeller Jr., designed to
promote industrial peace in tho Colorado mining districts,
was submitted to officers and employees of tho Colorado Fuel
& Iron Co. at Pueblo on the 2d inst. The presentation of
tho plan which was worked out by M r . Rockefeller and W . L .
Mackenzie King, in collaboration with President J. F . W elborn and other officers of tho company, followed a tour of in
spection of tho mining camps undertaken by M r. Rockefeller
during the week of Sept. 20. M r . Rockefeller, for tho time
being, became ono of tho miners, working with them and
living as ono of them, in order that ho might seo how they
worked and lived and that ho might understand their
problem from a close viewpoint. The industrial plan drawn
up by M r. Rockefeller intonded to govern tho working and
living conditions of the men in tho mines, was approved at a
meeting of mine officors and delegates of the miners at
Pueblo on tho 2d, and on tho 4th inst. it was accepted by the
directors of tho Colorado Fuel & Iron Co. in behalf of the
company. It has since been submitted to a referendum vote
of all the miners, and returns from thirteen camps on tho 0th
showed a poll of 1,930 for the plan to 230 against it. A
committee of United Mine Workors of America issued a
statement on tho 3rd inst., indicating their disapproval of the
plan. The plan embodies arrangements for tho representation
of employees and provides for district conferences, joint com
mittees and joint meetings; tho prevention and adjustment of
industrial disputes; social and industrial botterment, and
includes an agreement respecting employment, living and
working conditions between tho company and its employees
from October 1915 to January 1918. M r. Rockefeller de
scribed his plan on Sept. 30 as “ broader and moro democratic
than unionism.”
In donying that it was intonded_as an
attaok on union labor, M r. Rockefeller said:
A t the outset of tho striko in 1913 tho com pany took tho position that
every man was entitled to work on his own terms and conditions: that he
should bo free to join a union or not. T hat position, when stated b y me
before the Congressional Striko Investigation Com m ittee in 1914, was m is
construed in some quarters as a statemont that wo wero fighting organized
abor *
. *.- t_n i
,
. i_ t. k& tit
L
[Vox,. 101.
W hat m y statement m eant, and Jwhat tho position o f tho com pany’s
officors meant, was that we did not think thoso o f our em ployees who did
not care to join a union should bo forced to do so, as would havo been tho
case if wo had signed the contract tendered by tho United M ine Workers
o f America. T his.is the position which I always havo m aintained.
Unionism benefits only ono class of workmen— thoso who belong to the
union. Our thought has been to doviso something that will take in all
workmen, whether they belong to tho union or not.
The essential foatures of the plan are outlined as follows:
It provides for representation among tho mon. M eetings o f the em
ployees aro held at stated Intervals and attendance Is encouraged. The
men ballot secretly for two miners who will constitute a grievance com
m ittee. N o salaried officers or agents o f tho company will bo permitted
to attend tho meeting. They will have full power to doal witli any or all
officers of tho company.
The workmen then prepare their grievances, tho scopo o f their cornpaints being unlimited. Tho complaint of a single miner m ust bo heard
by tho grievance committee and receive the same attention as if presented
by tho collective body.
Tho representatives of the mon take up tho griovancos with the officials
directly responsible. If tho matter is not satisfactorily adjusted, the
appeal is carried to tho general managor without delay. Then, if tho
decision is still unsatisfactory, the grievance is submitted to tho mediator
who has already been selected by M r. Rockefeller.
David Griffiths, a former mine superintendent, and later
State Mining Inspector, is to be tho mediator. Equipped
with a small automobile, ho will go from camp to camp, and
is the traveling “ court of appeals” of tho Rockefeller mining
district. If “ Judge” Griffiths is unable to hand down an
acceptable decision ho takes the caso to President Wclborn.
If tho latter’s decision is unfavorable to tho mon, ho then
appeals to the court of last resort in tho “ republic” — M r.
Rockefeller himself. If necessary, it is said, Mackenzie
King will bo sent to Colorado to adjust personally any griev
ance, and, if moro urgent, M r . Rockefeller himself will go to
Colorado.
Tho following is tho memorandum of agreomont respecting
employment, living and working conditions botwo n the
Colorado Fuel & Iron Co. and its employees in tho coal mines
and coke oven plants in tho State of Colorado, Octobor 1915
to January 1918.
It is mutually understood and agreed that in addition to tho rights and
privileges guaranteed tho employees and tho com pany, in tho industrial
representation plan herewith, tho following stipulations respecting employ
ment, living and working conditions shall govern tho parties hereto from
tho date o f their signatures hereon until Jan. I 1918, and shall continue
thereafter subject to revision upon ninety days’ notico by either o f the
parties:
1. Tho charge to employees for dwellings without bath shall not exceed
$2 per room per month.
Tho present uniform charge of 40 cents per electric light per m outh, with
free light on porches, shall not bo Increased.
There shall bo no charge for dom estic water, excopt cases where the
com pany is obliged to purchase tho same; in sucli cases tho charges shall bo
substantially cost to tho com pany.
2. T he rates to bo charged employees for powder and dom estic coal shall
bo substantially their cost to tho com pany.
3. T o encourage employees to cultivate flower and vegetable gardens,
the com pany agrees to fonco. free o f chargo. each houso lot owned b y it.
Tho company will continue Its
practice of removing garbago free of
chargo.
4 . As the need becomes manifest, tho company will continuo Its present
policy o f providing, as rapidly as possible, suitable bath houses and social
centers in the nature of club houses, for its employees at tho several mining
camps.
5. E ight hours shall constitute a d ay’s work for all underground em
ployees.” This shall mean eight hours exclusive o f tho noon hour and tho
time required to go and com e from tho mine opening to tho placo o f em
ploym ent.
Nino
firemen
0.
shall be
hours shall constitute a d a y’s work for all outsldo labor, except
and engineers.
All employees shall bo paid semi-monthly by check. N o deductions
made from earnings excopt where authorized by employees.
N o change affecting conditions o f em ploym ent with respect to wages
7
or hours shall be mado without first giving thirty days’ notico, as provided
by statuto.
Tho schedule o f wages and tho working conditions now in forco in tho
several districts shall continue without reduction, but if, prior to Jan. 1
1918 a general increase shall bo granted In competitive districts in which
the company does not conduct operations, a proportional increaso shall be
made.
For this purpose a joint meeting of tho miner’s representatives and
proper officers o f tho company shall bo called within thirty days after
tho increase in competitive districts is effective to discuss and determine
an cqultablo method for fixing tho now scalo in tho districts affected.
H E A R I N G S O N P H Y S I C A L V A L U A T I O N OF R A I L R O A D S
Argument before the Inter-Stato Commorco Commission
on the fundamental principles involved in the physical
valuation of tho railroads was had bofore tho Inter-State
Commerce Commission from Sopt. 30 to Oct. 2 inclusive.
Tho railroads wero represented beforo tho Commission by
a committee consisting of Georgo Stuart Patterson, General
Counsel for tho Pennsylvania R R ., appearing on behalf of
the Eastern carriers; Pierco Butler, representing tho Western
group; W . G . Brantloy of Georgia, representing tho Southern
group', and Sanford Robinson of Counsol for tho Presidents’
Conference Committeo, representing practically all tho rail
roads in tho country. A five-hundred-pago brief, ombodying
tho attitude of tho railroads, was filed with the Commission,
discussing physical valuation from a technical standpoint;
O ct . 9 1915.)
THE CHRONICLE
the scope of the briof is indicated in the following nine
divisional headings:
The reasons for tho enactment o f the Valuation Act of M arch 1 1913.
Cost of reproduction now.
Determination of unit prices.
Appreciation and depreciation.
Land.
Moaning of the phrase, Owned or used for tho purposes o f a common
carrior.
Valuation of alt property, including that of which tho cost was charged
to oxponsos or surplus.
Other values and olemonts o f value.
Form of the valuation roports.
In presenting the oponing statement M r . Patterson said:
The time has come whon tho Commission should lay down certain funda
mental principles as a guido for the work o f field parties in making inven
tories of tho property o f tho carriers. IVo boliovo the valuation should bo
made in such form that the courts can say whether it has been mado in
conformity to law.
M r. Patterson showed that the railroads of the country
comprise approximately 250,000 miles of line, and with
doublo tracks, yards and sidings 376,000 miles of track; also
that tho committee of Presidents represents 214,704 milos of
road, approximately 8 6 % of tho total mileago of the country.
M r . Patterson urged co-operation between the roads and the
Government in a task of such liugo proportions, and ho asked
tho Commission to avail itself of tho records of tho carriers
in the ascertainment of values. M an y of the roads had sot
in progress valuation systoms of their own in order to arrive
at results in co-operation with tho Government, ho said,
and this data should afford valuable assistance.
M r. Brantley, speaking for the Southern carriers, stated
that tho principles of law affecting the question of valuation
might bo summarized as follows:
1 1 47
.
N o. o f
Policies.
Am ount • /
Insurance.
1 9 1 5 ...................................................(4 banks)
10.217
$ 4 ,063,787
...( 4
banks)
9,4 3 9
3 .566,778
1 9 1 4 ................
1913
(4 banks)
8 ,0 5 4
3,1 5 0 ,8 0 6
1 9 1 2 .......................
(4 banks)
6,662
2 ,528.809
1911 ............................
(3 banks)
5,063
1.956,038
1910 ...................................
(2 banks)
3 ,3 1 8
1,367,363
(2 banks)
2,521
992.761
1909 ...........
1908 ..............
(1 b a n k )
282
114.953
In tho year ending October 31 1914 1,065 policies were terminated of
which 518 were surrendered and 216 lapsed. Only tw enty-seven o f these
were terminated by death. Tho lapsed policies generally speaking being
about the sam e ratio as in tho regular industrial companies.
In the year ending October 31 1910 the W hitm an Savings Bank termin
ated 814 policies, or 7 7 % of the number o f policies issued that year, the
number-issued being 1,051.
For tho same year the People’s terminated
522 policies, which was equivalent to 6 0 % o f the 865 policies written that
year.
O f tho policies and Insuranco in force October 31 1914 in tho Berkshire
County Savings B ank, 270 represented group insurance to the amount of
$2 7 ,0 0 0 and in the C ity Savings Bank o f Pittsfield, 250 policies repre
sented $ 2 5 ,0 0 0 o f group insurance.
The average savings bank policy is, according to the above figures, about
$400. I have seen it stated that tho average policy o f the industrial com
pany is about $140. Whether this latter figure be correct or not there is
without doubt a considerable difference in the am ounts. This difference
hereafter -will tend to Increase because the limit per policy has been raised
to $1,0 0 0 , unless this be off-set by the fact that the age limit next birthday
has been reduced to ten years and because also horeafter the banks propose
to issue policies on ages from 2 to 10 next birthday.
Rates under the savings bank plan seem to have been about 2 5 % less
than the rates o f the Industrial companies.
Tho dividends which the savings banks pay materially assist In reducing
tho cost to the policyholders, whatever tho total cost m ay be.
For in
stance, the regular dividends declared b y tho oldest bank for the current
year vary from 8 1 -3 % of tho year’s prem ium , on one year’s policies, to 2 5 %
on seven year policies, and under tho law the sam e bank this year must
pay an extra dividend varying from 2 5 % o f the regular dividend on one
year policies to 2 5 0 % , or oven 3 0 0 % o f tho regular dividend on seven year
policies. This, of course, means a very largo dividend to the policyholders.
W . J. M ontgom ery, tho Stato Actuary, says that tho banks aro able to'
do this because o f the absence o f largo itoms o f expense, such as agency
commissions, and the extremely favorable m ortality as well as the high
rate o f Interest actually earned.
This is quite true, but tho banks are also aided by the fact that tho State
itself bears a largo part of tho expenso and relieves the policyholders of Just
so much, while the contributions of m any generously disposed people and
organizations towards meeting much o f the expense, stamp tho plan as
more or le-s as a charitablo undertaking.
(a) Tho express language o f tho Valuation Act roquiros tho Inclusion o f
all tho proporty ownod or usod by tho common carrior.
(b) Tho valuo o f tho proporty o f tho carrior is to bo ascertained upon
tho saino principles as would apply if tho property woro being condemned
for public use.
(c) Tho thing to bo ascertained is tho valuo of tho proporty at tho time
it is bolng used for tho public sorvico, and tho expressions, “ real” valuo,
“ fair" value, "roasonablo” valuo, “ tho present” valuo, “ actual” valuo and
“ th o" value, are usod synonym ously.
(d) Tho method or acquisition or tho sourco of tho funds usod to pay
for tho proporty Is immaterial.
(c)
Additions and bottorinonts paid for out o f earnings and charged to
I N V E S T I G A T I O N S F I N D C H A R G E S OF S M E L T E R
operating oxponsos or surplus are tho property o f tho carrior and m ust bo
TRUST U N F O U N D E D .
.
valued as such.
(f) N o reported case holds that additions and bettormonts paid for out
Investigations which have been conducted by the D e
o f earnings should bo excluded.
partment of Justice and also by the State of Missouri to
(g) Rato casos liavo decided that tho valuo of additions and bettormonts
paid for out of earnings m ust bo included in tho valuation found by the
determine whether there is a smelter trust in Missouri con
courts.
trolling zinc ore prices, are said to have resulted in both cases
(h) Tho casos have docidod that appreciation in land values Is tho prop
in the failure to find any basis for action. Reports from
orty of tho carrior and must bo Included In tho valuation.
(1) In determining what is a reasonable return upon tho property of tho
Washington on Sept. 24 stated that the Department of
carrior, expenditures for additions and bottermonts should not bo included
Justice had completed its inquiry and had found no evidence
in operating oxpensos.
on which to base a prosecution of the alleged trust. The
(j) Tho expenditure mado by tho owners is not tho tost o f valuo.
M r . Butler pointed out that tho railroads cannot bo valued
like stocks of merchandise, but that tho historical construetion of the property must bo taken into consideration.
SA V IN G S B A N K L IF E IN S U R A N C E .
In an address delivered on September 23 before the fortysixth National Convention of Insurance Commissioners
at Del M onte, Calif., Burton Mansfield, Connecticut
Insurance Commissioner, furnished some interesting statis
tics on savings bank lifo insurance. M r. Mansfiold pointed
out that “ savings bank life insurance in this country is to bo
found only in Massachusetts” and “ is an outgrowth of tho
Armstrong investigation of 1905.” He traced tho history
of tho movement and outlined tho provisions of tho act which
established savings bank lifo insurance in Massachusetts.
M r. Mansfield said in part :
It took about a year to got tho plan Into operation, so that It was not until
Juno 1008, whon tho W hitm an Savings Hank o f W hitm an began a lifo in
surance business. Tills was followed by tho Peoples Savings Rank of
Brockton, in N ovem ber 1908, the Borkshiro C ounty Savings Bank of
Pittsfield, in August 1911 and tho C ity Savings Bank of Pittsfield in July
1912. Since then no bank has undertaken it. There aro at tho present
time in tho Commonwealth of M assachusetts, 195 trustco savings banks
of which four, or 2 % , aro doing an Insurance business. O f tho four, two
aro In the eastern section o f tho Stato, in tho manufacturing centers of
W hitman and Brockton, and two In tho western part of the State, In tho
city o f Pittsfield. Tho deposits o f these 195 banks in the regular banking
department are .$900,000,000, with 2 ,3 0 9 ,0 0 0 depositors. The average
deposits per bank is $ 1 ,0 0 0 ,0 0 0 .
O nly ono of the four named above
excoeds this amount to a largo extent, ono has about tho average amount
of deposits and two are below it. N one of tho banks In the largo industrial
centors, like Fall River, whoso largest bank has $ 9 ,4 0 0 ,0 0 0 of doposits,
or Lawronco with ono over $ 1 2 ,0 0 0 ,0 0 0 , or Lowell with one over $ 9 ,600,000,
or Haverhill with ono over $ 7 ,1 2 9 ,0 0 0 , or Ilolyoko with ono over $ 7 ,126,000,
or Lynn with ono over 3 7 ,7 0 9 ,0 0 0 , or N ew Bedford with ono over $ 1 8 ,
6 00,000 , or Worcester with ono over $ 2 4 ,6 0 0 ,0 0 0 , or Salem with ono over
$ 1 0 ,5 0 0 ,0 0 0 , or Springfield with ono over $ 2 1 ,5 0 0 ,0 0 0 , or Fitchburg with
ono ovor $ 8 ,4 0 0 ,0 0 0 , has gono into the insuranco business.
I shall not go into tho results o f each o f tho seven years since tho work
bogan in all particulars. A comparison, however, o f tho number of policies
and tho amount thereof by years will bo interesting. Tho following tablo
gives this. Tho figures aro for October 31 in each year, excopt for 1915,
when July 3 is taken :
inquiry was conducted through agents of the Department in
St. Louis and was undertaken at the request of Congressmen
from Missouri who had been asked by mine interests of the
State to have the matter investigated. It was alleged that
the spelter producers had formed a combination and in
creased the price of their finished products, while depressing
the price of the oro which they bought.
The examination conducted by the State at Joplin, M o .,
is said to have been marked by the absence of most of the
mine operators, including those who were most active in com
plaining against tho smelting companies. The hearing in
Joplin began on Sept. 13 before Frank W . McAllister, spe
cial commissioner appointed by the State Supreme Court.
It was conducted by W . T . Rutherford, Assistant Attor
ney-General of the State.
P A N -A M E R IC A N C O M M IT T EE S M E E T ; N IC A R A G U A
N A M E S DELEGATES.
Tho United States members of the International High
Commission on Uniform Laws held their first meeting on
Sept. 23 at the Treasury Department. As previously noted,
this Commission, which is an outgrowth of the Pan-American
Financial Conference last M a y and was formed to co-operate
with tho Pan-American Union with a view to bringing about
uniformity in tho commercial laws of the different countries,
is to include nine representatives from the United Statesand
each of the South and Central American republics. A t
last week’s conference the American delegates adopted a
resolution recommending that the joint meeting of the Cornmis ion which it had been suggested should behel l o n N o v .l
in Buenos Aires be postponed until April 3 1916. This
action was taken because of the fact that the date originally
proposed would not afford sufficient time for the prepara
tion of full reports on the existing obstacles to trade between
the ountrios and tho suggestion of remedies for their elimi
nation. The American delegates considered the reports
1148
already prepared, but withhold final action on them until the
next meeting to bo held on D ec. 1. The following members
of tho Commission were present at tho session: Secretary
M cA doo, Chairman; John Bassett Moore, Vice-Chairman,
John H . Fahey, Duncan U . Fletcher, Samuel Untormyor,
D r. Leo S. Rowe, Secretary-General of the Commission;
J. Brooks Parker, Assistant Socretary-Genoral, and Con
stantino M cGuire, Assistant to tho Secretary-Genoral.
Paul M . Warburg of tho Federal Reserve Board attonded tho
meeting and discussed with tho Commissioners Secretary
M cA d oo’s suggestion that joint agencies of tho Federal
Reserve banks be established in Latin America to finance
the trade of tho United States. Representatives of tho
Post Office Department wore also present and received data
relating to mail, parcel post and money order service between
this country and Latin America, collected by D r. Rowe
during a recent trip to Chili, Peru and Panama.
The delegates who are to represent Guatemala and Nica
ragua on tho International High Commission have been
appointed. Tho names of those who will represent tho
former country were sent to Secretary M cAdoo on Sept. 28,
whilo the Nicaraguan delegates were named in a cablegram
received by Secretary M cAdoo on Sept. 21 from tho Minister
of Finance of Nicaragua. Peru, Ecuador, Chili, Panama,
Salvador and Cuba had previously made known their repre
sentatives on tho Commission.
Tho Uruguayan Committee, which is composed of Ameri
can business men and is to carry on tho work of the Pan
American Conference by keeping in close touch with Uru
guay, held its first meeting in this city on Sopt. 23. The
organization of the committee was completed and a plan
of work outlined. Tho committee will co-operato with a
similar body selected in Uruguay. Those prosent at the
mooting wero H . A . Wheeler, Vice-President of tho Union
Trust Co. of Chicago, Chairman; D . G . W ing, President of
the First National Bank of Boston; Albert W . Harris of the
Harris-Fisher Co. of New York and Chicago; W . S. Kies
of tho National City Bank of Now York, and E .
. Thomas,
President of the United States Steel Products C o.
Regard
ing tho work of tho ommitteo, M r. Wheeler is quoted in the
New York “ Times” as saying:
T h e idea is that this committee shall assist iu establishing cordial rela
tions with Uruguay.
W e have decided how to establish a line o f communi
cation between this group and tho local Uruguayan Oom m ittoe. James A .
Farroll, Chairman of the “ Return T rip ” C om m ittee, appointed at the
Congress to arrange for return visits to the South American republics, has
worked out a plan whereby, instoad of a whole Congress visiting each o f
the South American countries, a group of ten m en. selected by reason of
their having close connections with one or a small group of those countrios,
shall visit that particular country or group. These visits will be made be
tween N o v . 1 and April 1 next year.
W e agreod to-day relative to the for
mation of a group to bo sent to Uruguay and Paraguay.
In the next place we have decided t* make inquiry from the local group
in Uruguay as to how we can assist them in locating industries to develop
and market thoir resources. Also we shall sound them on the question of
exchango professorships, as betwoen tho University of Uruguay and some
loading institution in tho United States: and particularly, since Uruguay
is an agricultural and stock-raising country, a similar exchange between
their leading agricultural school and one of ours.
Finally we shall ask whether thero is any form of commercial treaty now
practicable to consider as botween tho two countries that would tend to
invito a larger interchange o f products.
NAVAL
E X PER TS D E CID E H ES PER IA N
BY A M IN E .
WAS
SUNK
Tho United States naval officers who were assigned to ex
amine pieces of metal said to liavo been found on board the
Hesperian before she sank aro practically convinced that
tho vessel was wrecked by a mine, according to tho advices
from Washington on the 3d inst. As heretofore mentioned,
tho disaster occurred on September 4, tho Hesporian sinking
two days later whilo being towed into Quoonstown.
A note from the German Government on the sinking of the
vessol was received at tho State Dopartmont on Sopt. 16,
and was reported to express the conviction that a Gorman
submarine was not concerned in tho attack. Although there
has been no formal announcement on tho subject, dispatches
from London have credited tho British Admiralty with tho
belief that the Hesperian was torpedoed. Tho British Of
ficial Press Bureau recently issued a statement to the effect
that “ undoubted proof oxists that a German submarine was
actually in the locality whore tho Hesporian was attacked,
and ships wero sunk both to tho north and south of this spot
on Sopt. 4 and 5 .” A semi-official announcement contra
dicting this statement was issued in Berlin on Sopt. 22. Tho
pieces of metal which wero alleged to have been picked up
on tho Hesperian were forwarded to tho Stato Dopartmont
by Ambassador Page at London.
[Vol. 101.
THE CHRONICLE
SIN K IN G
OF
AR AB IC
D ISAVO W ED
BY
GERMANY.
Tho critical situation which developed botween this
country and Germany as a result of tho sinking of the
Arabic and the German Government’s apparont unwilling
ness to disavow the act was completely cleared away on
Tuesday, when Count von Bernstorff, tho Gorman Ambassa
dor, sent a letter to Secretary of Stato Lansing, in which
it was stated that “ the Imperial Government regrets and
disavows this act and has notified Commander Schneider
accordingly.” The letter also said that tho ordors issued
by the German Emperor to submarine commanders “ have
been made so stringent that tho recurrence of incidents
similar to the Arabic case is considered out of tho question” .
Count von Bernstorff stated too that his Government is
prepared to pay an indemnity for American lives which wero
lost on tho Arabic. The letter is as follows :
M y
D ear
M r.
S ecreta ry :
Prom pted by the desire to reach ;i satisfactory agreement with regard
to tho A rabic incident, my Governm ent has given mo the follow ing in
structions :
Tho orders issued by II is M ajesty the Emperor to tho com m anders
o f tho Gorman submarines, o f which l notified you on a previous occa
sion, have been made so stringent that the recurrence o f incidents similar
to tho A rabic case is considered out o f tho question.
A ccording to the report o f C om m ander Schneider, o f the submarine
which sank the A rabic, and his a ffid a v it, as well as those o f his men,
Comm ander Schenider was convinced that the Arabic intonded to ram tho
submarine.
On tho othor hand, tho Im perial Governm ent does not doubt the good
faith o f tho affid a vit o f tho Uritlsh officers o f tho Arabic, according to which
the A rabic did not intend to ram tho submarine. T ho attack o f tho sub
marine was undertaken against the Instructions issued to tho com m ander.
Tho Imperial Governm ent regrets and disavows this act and has notified
Com m ander Schneider accordingly.
Under theso circumstances my G overnm ent is propared to pay an
Indemnity for American lives which to its deep regret, have boon lost
on tho A rabic. I am authorized to negotiate with you about the amount
o f this indem nity.
I romain, m y dear Lansing, your very sincerely,
(Signed) .1. von U E U N S T O R F F .
This letter was addressed to M r. Lansing following a
conference betweon tho German Ambassador and tho
Secretary of Stato in Washington on Tuesday. .A previous
meeting between the two officials had been hold in Now
York on Saturday. Tho favorable solution of the contro
versy between this country and Germany over the Arabic
incident is regarded as a complete diplomatic victory for
the United States.
It is pointed out that tho remaining
points in tho dispute with Germany ovor her submai’ino
warfare are minor details which promiso an easy settlement.
As heretofore indicated, tho Arabic was attacked on
August 19 off tho coast of Ireland and her destruction re
sulted in the loss of two American lives. Following the
disaster, which brought about a critical situation in viow
of the American declaration that a repetition of submarine
warfare resulting in a loss of American life would be re
garded as “ deliberately unfriendly” , assurancos wero re
ceived from Germany that no liners would bo sunk by
German submarines “ without warning and without safety
of the lives of non-combatants, providing tho liners do not
try to escape or offer resistance” . This reassuring statement
was followed by a noto from Germany which was received
at Washington on September 9. The communication
proved unsatisfactory when viewed in tho light of tho
previous assurances given by Germany, inasmuch as the
sinking of the liner was not disavowed nor the punishment
of the submarine commander promised for exceeding his
orders. Tho noto declared that the commander acted in
supposed self defense as ho feared from the actions of tho
vessel that an attempt was to bo mado to ram tho sub
marine. Tho disappointment, however, which was felt
following tho receipt of this noto has beon dispelled by tho
German Ambassador’s letter of this week, which frankly
disavows tho act and offers indemnity.
C O N SU L -G E N E R A L A T M U N I C H RESIGNS.
Thomas St. John Gaffney, United States Consul-General
at Munich, whoso retirement was sought by tho State De
partment, because of tho partisan attitude which ho is alleged
to have assumed in relation to tho war, has forwarded his
resignation to the Stato Department.
It was roceived on
the 6th inst. and accepted. It is reported that M r.
Gaffney will ask for an investigation of his case. The
Consul-General issued a statement to tho press at Berlin
on the 2d inst., in which ho deniod tho charges made against
him, and added that ho knew of theso accusations only
through the nowspapers. Ho said that “ neither by the
American Ambassador at Berlin nor by the Washington
Government has tho question ovor been raised.” M r.
Gaffney stated that his “ relations with tho local American
colony and with approximately 100 British subjects who
are still here, aro excellent.”
Ho said that the allegation
that ho had criticised the policies of President Wilson was
untruo. A dispatch from Berlin on the2nd inst. quotes M r.
Gaffney as saying that “ tho suspicion of the English that
I have little enthusiasm for their politics is correct but I
by no means mingle my Irish views with m y official func
tions.”
_______________________
H AIT IAN
TREATY
R A T IF IED
DEPUTIES.
BY
CHAMBER
OF
According to advices received at Washington on October 7
from Rear-Admiral Caperton the Haitian Chamber of
Deputies has ratified tho new treaty with the United States,
by a vote of 75 to G and awaits action by tho upper house.
Seo “ Chronicle” of September 25, page 980.
P A C K E R S A S K U N I T E D S T A T E S TO T A K E D I P L O
M A T I C A C T I O N O N S E I Z U R E OF M E A T C AR GOES .
A formal request that the State Department make diplo
matic representations to tho British Government regarding
tho seizures of meat cargoes was made on the 2d inst. by
attorneys representing Chicago meat packers. As heretofore
stated, tho British Prize Court handed down a decision on
Sopt. 16 condemning American meat products valued at
about $2,500,000. Besides tho cargoes involved in these
particular cases there aro additional shipments of packing
house products, it is stated, valued at more than $12,000,000
which are being held up by England and have not yet been
brought before the Prize Court. On behalf of Armour &
C o ., Swift & C o ., Morris & C o., Sulzberger & Sons Co. and
the G . H . Hammond C o ., Charles J. Faulkner Jr. and Henry
Veedcr filed a formal statement on the 2d inst. with the State
Department relative to the seizure of tho shipments made by
these companies. Messrs. Faulkner and Veeder gave out
a summary of their statement:
A ll of these shipments were made in neutral bottom s to neutral Scan
dinavian ports, and to named definite neutral consignees. A ll of the
neutral countries at the time of the several shipments had placed a strict
embargo against re-exportation from these countries of the articles com
posing the shipments.
N one of the packers lias received paym ent for
of the shipments, and any loss resulting from tho seizures will bo that
of tho packers and of no ono else.
It is a long-established, fundamental principle o f international law that
conditional contraband bound for a neutral port in a neutral vessel is not
subject to seizure, and Great Britain lias declared foodstuffs to bo condi
tional contraband. This is tho principle upheld with special stress by tho
British Government when that Government has been neutral.
Groat Britain has attempted to m odify some of tho principles of inter
national law by Orders in Council, or municipal regulations, but the rights
of American citizens under established principles o f international law cannot
be m odified, limited or abridged by municipal regulations or Orders in
Council, and tho Government of tho United States so notified tho Govern
m ent of Great Britain in its note of July 14 1915.
The so-called blockade order violates tho fundamental principles of inter
national law, that blockade must be effective, that it m ust bo impartial,
that it must not bar access to neutral ports. There is no pretense that tho
blockade is effective or impartial. It is common knowledge that the com
merce of tho countries of Sweden, Norway and Denm ark, across tho Baltic
Soa to German ports, is not being, and cannot bo, interfered with by
England’s assumed blockade of Germany under said order, and that such
attempted blockade is wholly ineffective as to such trade. It is American
trade to neutral ports that is being interfered with, it is American ports
and neutral ports that aro being blockaded.
W e claim:
(a) T hat the seizures cannot bo justified under any of the recognized
principles of international law, and that tho British Orders in Council
cannot have the effect of altering, modifying or abridging rights o f American
citizens under the principles of international law.
(ft) T hat none of said shipments were lawfully subject to seizure under
tho British Orders in Council of Oct. 29 1914, all of said shipments being
consigned to a named consignee and destined to and to be discharged at a
neutral port.
(c) T h at tho seizure of any of said shipments under tho Order in Council
of M arch 11 1915, known as tho blockade order, was unlawful and an in
fringement o f the neutral rights of American citizens.
And we request tho Department of State to take the seizures up with tho
Government of Great Britain diplom atically, and obtain for tho packers
redress for the past seizures and an opening of neutral ports to tho same
freedom of trade which this country enjoyed with tho ports prior to tho war.
The statement filed to-day did not discuss tho decision of Sir Samuel
Evans in tho l ’rizo Court cases, tho text of which has just boon received in
this country.
It appears from a hurried reading of tho Prize Court decision that its
judgment is based on British Orders in Council or municipal regulations,
which are contrary to tho established principles of international law, and in
view of this we shall also ask tho Department to make this judgment tho
subject of diplomatic representations without waiting an appeal to tho
Privy Council.
Counsel for tho Chicago packers presented another formal
request to the State Department on tho 6th inst. asking
that the United States Government intervene diplomatically
with Great Britain for a reversal of tho recent Prize Court
decision condemning cargoes of meat products. This appli
cation concerns tho cases which were brought before the
Prize Court and is based on the declaration that tho decision
of the Court is contrary to the evidence and was guided by
principles entirely subversive of international law. The
1149
THE CHRONICLE
UOT. 9 1915.]
State Department is asked, without waiting for the result
of an appeal taken from the Court’s decision, to “ make
earnest protest against and refuse to recognize the judgment
and the principles on which it is based.” The request also
seeks reparation for the packers on account of the losses and
damages which they have suffered as a result of the seizure
and confiscation of their goods.
An official copy of the recent Prize Court ruling con
demning the cargoes of meat products, was submitted to the
State Department on the 4th inst. by the British Ambassa
dor. As previously stated, formal conferences between
State Department officials and representatives of Chicgao
packers on the confiscation of these cargoes were held
up awaiting the arrival of an official copy of the ruling.
Messrs. Veeder and Faulkner discussed the decision in a
general way with Chandler Anderson, special counsel for the
Department, and with Counselor Polk on the 4th inst. Tho
attorneys contended that the ruling is arbitrary, contrary to
international law, and permits citizens of other Governments
to sell produets while the .same privileges are denied to the
United States on the ground that the goods are destined
ultimately for Germany.
The “ Journal of Commerce” of the 2d inst., in summariz
ing the text of the Prize Court decision, said in part:
Briefly stating the contentions of the British authorities which requested
the Court to condemn the cargoes of tho four vossols, it is explained that tho
main ground was that tho goods wore contraband or conditional contraband
to bo sent to Britain’s enemies by way o f Copenhagen, which port, it was
alleged, was to bo used as a depot for Gorman Government supplies. It
was also allegod in the cases of tho Kim and tho Fridland that those vessels
wore carrying falso papers, in that certain rubber consignments were
described as "g u m .”
* * *
Com ing to his general conclusions. Sir Samuol Evans said ho had no
hesitation in pronouncing that in his view the doctrine o f continuous
voyage and transportation had bocomo part o f the law o f nations at tho
commoncoment of tho present war, and that, therefore, the Court was
entitled to mako a more extended outlook in order to soe what the ultimato
destination o f tho goods was. If consignments by neutrals o f contraband
goods after the outbreak of hostilities were made simply “ to ordor,” that
would bo regarded as a matter for suspicion, although, o f course, it was not
conclusive.
Shippers and owners of cargo should be expected to know tho ultimato
destination o f tho goods which they were forwarding, and he had no hesi
tation in coming to tho conclusion that, with cortain exceptions as to
small consignments to Danish consignees, the goods were not dostinod for
consumption or use in Denmark or to bo included in tho general stock of
that country, but wero actually and really intended for German territory,
when they were captured and on their way to the enemy for their naval
and military forces.
N oting the opinion rocently expressed in the H am burg Prize Court in tho
case of the M aria, decided in April last, where goods consigned from tho
United States to Irish ports were laden upon a neutral (Dutch) vessel, ho
roforrod to it, not becauso ho lookod upon it as profitable or helpful (on tho
contrary ho agreed with Sir Robert Finlay that it should rather be regarded
as a shocking example), but bocause it was not uninteresting as an example
of tho oaso with which a prize court in Germany “ hacks its way through”
bona fide commercial transactions when dealing with foodstuffs carried
by neutral vossols.
The court, in conclusion, said that for tho m any reasons which he had
given in tho course o f his judgment, ho had come to the cloar conclusion
from the facts proved and tho reasonable and, indeed, irresistible inference
from them , that tho cargoes claimod by the shippers as belonging to them
at the time of seizure were not on their way to Denmark to be incorporated
in the common stock of that country by consumption or bona fide sale or
otherwise, but, on the contrary, that thoy were on thoir way not only to
German territory but also to the German Government and their forces for
naval and military use as thoir real ultimate destination. T o hold tho
contrary would be to allotv ono’s eyes to be filled by the dust of theories
and technicalities and to be blinded to the realities of tho case.
A protest against the British requirement of advance
notice of future freight bookings from New York for neutral
ports on the Scandinavian-American Line was filed with the
State Department on the 7th inst. by counsel for several
Chicago packing houses. The Department is asked to
protest against the principle that the British Government
must be asked to sanction shipments to a neutral port.
AU STRIAN
M IN IST ER RECALLED BY
MENT.
H I S GOVERN
D r. Constantin Dumba, the Austro-Hungarian Ambassa
dor, who has been formally recalled by his Government,
according to an announcement made by the State De
partment on September 28 , sailed for Europe on the 5th
inst. on the IIolland-America liner Nieuw Amsterdam.
A request for tho Ambassador’s recall was sent to
Vienna by tho United States because of D r. Dum ba’s
j plans to disorganize the manufacture of munitions in this
I country. The Austro-Hungarian Ambassador asked his
Government to recall him on leave of absence to make a
personal report, but this was not satisfactory to the United
j States. Accordingly, when D r. Dumba recently advised tho
State Department that ho was desirous of sailing for Europe
on Sept. 28 and requested that he bo furnished with a safe con| duct to Germany, the State Department informed the Am bas
sador that tho subject of his return had been taken up with
tho Austro-Hungarian Foreign Office. The answer inferred
1150
THE CHRONICLE
that D r. Duraba would not bo given safe-conduet until his
Government had agreed to the request for his recall. A m
bassador Penfield at Vienna was also instructed to informally
impress the fact upon the Austro-Hungarian Government
that the United States must insist on D r. D um ba’s recall.
The announcement that Austria-Hungary would satisfy the
demands of the United States and recall D r. D um ba was re
ceived at the State Department on Sept. 25, in a dispatch
from Ambassador Penfield, reporting a conversation which ho
had had with theAustrian Foreign Minister. A record of this
conversation was shown to the Foreign Minister and verified
before its transmission to the State Department. The M in
ister informed Ambassador Penfield that D r. Dumba had
been instructed to proceed to Vienna and directed to request
from the United States Government a safe conduct. A copy
of the dispatch from Ambassador Penfield was sent D r.
D um ba. The State Department received a telegram from
the Austro-Hungarian Ambassador on Sept. 28, stating that
ho had been recalled and asking for a safo conduct. The
British Ambassador personally delivered to Acting Secretary
Polk of the State Department on September 30 a safo
conduct for D r. Dumba.
D r. Dumba addressed a letter to Secretary of State Lansing
under date of Sept. 17, complaining of the treatment which
he had received in this country. The letter protested against
the censorship to which wireless messages prepared by the
Ambassador for transmission to his Government had beon
subjected, and took exception to the statement mado by
Secretary Lansing in the noto asking for the Ambassador’s
recall to the effect that D r. Dumba had confessed to having
conspired to bring about strikes in American munition works.
Tho Austro-Hungarian Ambassador stated that he had been
allowed to communicate with his Government through the
German Embassy, but only to the extent of asking for leave
of absence to make a personal report. H e affirmed that “ 1
havo not been allowed to advise m y Government that I do
not admit having conspired to do any act in violation of
the laws of tho country to which I am accredited and whose
hospitality I have enjoyed and havo in no way abused.”
The Ambassador stated that tho message to that effect which
he sought to transmit was rejected by the censor. Tho
bulk of the Ambassador’s letter was devoted to a defense of
his plans to find other employment for citizens of his country
who were working in munition plants.
Tho lettor was as
follows :
[Vol. 101.
The facts m ay be briefly summarized as follows:
Tho German Governmeiit issued a proclamation by wiroloss mossago
calling tho attention of its citizens resident in this and other foreign coun
tries to tho sovero penalties thoy would incur by participating in tho
manufacture o f munitions for tho countries with which Germany is at war.
A s a result of tho proclamation and perhaps also from a natural impulse
of loyalty, somo hundreds o f German citizons, who aro onglnoors and
skilled mechanics, prom ptly surrendered tlioir positions in American muni
tion factories, as others had previously done from like patriotic m otives.
They could probably see no distinction in priuciplo or offoct botwocn ac
complishing tho slaughter o f tlioir countrymon in this way and taking up
arms against them, oxcopt that tho former m ethod would bo more effoctivo
than tho latter.
I
was subsequently advised by m y Governm ent o f the issuanco by it of
a similar proclam ation, in which attention was also directed'to paragraph
327 o f our M ilitary l ’ enal C odo, under which (in addition to tho provisions
o f our Civil Codo) the engaging or continuance in such activities by our
citizons in foreign countries is m ade a crimo punishable by imprisonment
for from ten to twenty years and under certain circumstances by death.
I
thereupon mado strong representations to m y Government for a sus
pension o f tho operation o f this law against citizons of Austria-Hungary
resident in this country, and urged, in support o f m y plea, tho following,
among other considerations:
1. T h at whereas tho Germ an workmen wore in tho m ain prosperous,
highly trainod specialists and mechanics, whoso services were greatly sought
in other trades, our citizens in those factories were largely poorly paid,
unskilled laborers, most o f whom were unable to read or write any language
other than their ow n, who were working under conditions of unspeakable
hardship, and who would find it difficult, if not impossible, to secure other
em ploym ent, and who had not tho m eans of subsistence for themselves or
their families.
2. T hat it would bo harsh to declare them criminals and outlaws without
first providing tho necessary machinery tor acquainting them with the
fact that they wero violating tho laws o f their country, and that as there is
no official record of these citizens extant, this would require tim e and an
educational campaign by personal contact and explanation and through
tho newspapers published in this country in tho rorcign languages with
which they aro fam iliar.
3 . T h at It would bo necessary also, before enforcing such provisions, to
arrango for em ployment agencies, through which other employment might
prom ptly bo secured for thoso who were thus bereft o f tho means of liveli
hood and to provide for them m eantim e.
I
urged that in the absoneo o f such measures those people would become
public charges upon tho communities here or find themselves compelled
to rejoin tho industrial army of tlioir country’s oncmies in order to avoid
starvation for themselves and their tamiiies.
M y G overnm ent, however, concluded that tho samo measure o f loyalty
m ight justly bo exacted from its citizens in this country as from thoso at
homo, and that as circumstances had prevented tho former from returning
to their country to defend it against the enemy on the field of battlo, which
would havo boen their sworn duty if it had beon possible, the loast that
could be expected from them was th at thoy should refrain from actively
contributing to tho success o f the enemy by manufacturing tho weapons
for the slaughter o f thoir brethren who wero shedding their blood upon tho
sacrod altar o f their country.
I
was accordingly instructed to use every proper means o f dissuading
our citizons from com m itting this crimo of high treason against tho country
to which they owed their allegiance in its hour o f greatest need. A t the
time o f tho publication of your message I had as yet been ablo to take no
stop toward tho carrying o u te f those Instructions and had, of course, no in
tention of doing so in any way that would violato the laws or offend against
N e w Y o r k , S e p t e m b e r 1 7 1915.
tho customs o f tho country whose hospitality I havo enjoyed and whose
H is E x c e lle n c y , H o n . R o b ert L a n s in g , S e cr eta r y o f S ta le , W a s h in g to n , D . C .
friendship m y country deeply appreciates and Is anxious to retain.
M y D e a r S i r : — I bog to acknowledge tho receipt o f your noto o f tho
th
I
respectfully insist that there is nothing in the letter in question that
inst. inclosing copy of a mossago forwarded by you by cablo to the M inister
is capablo of being so construed when read in tho light of tho facts.
tor 1'oreign Allaire of m y Government. In conformity with m y promise,
M y absoluto right and duty to call m y countrymon in tho United States
I am sending you herewith what purports to bo a correct translation that
out of their respective employments to tho ranks as soon as Austria-H un
I procured to be mado of tho memo that accompanied m y lotter o f August gary was in a state of war has not boen and cannot bo questioned. The
21st, addressed to tho Austro-Hungarian Minister for Foreign Affairs,
French and Italian Am bassadors did and are doing this without quostion
which was entrusted to M r. Archibald. A s 1 do not road or understand from official quarters. W h a t I proposed to ask from tho citizens o f m y
the Hungarian language I havo had to roly on tho translator for its correct
country Is only anothor form o f compliance with our military law. Tho
ness. It was not put into codo for tho reason that tho German version was
demand that thoy shall not work for tho enemy Is less of an exaction from
not rocoived until tho morning of tho sailing of tho Rotterdam on August 2 1 .
them than that thoy return homo to fight tho onomy. W h y , then, is the
In your message to m y Government your Excellency says in effect,
former characterized as conspiracy in m y caso whiio the latter is recognized
among other things, to which I beg to take exception, that I confessed to
as legitimate as applied to tho action of the Allies?
having conspired to bring about strikes in American munition works.
Tho tragic conflict between duty and nccossity to which m y countrymen
A s tho Austro-Hungarian Ambassador is and has boon for m any months
are exposed throws a lurid light upon tho immoral foundations of this war
past in tho phenomenal position o f being unable to comnninicato privatoly
industry, which in its need for tho cheap labor of thoso unskilled workmen
with his Government, although our enemies aro and havo boon permitted
refuses to givo tho slightest hood to thoir sacred feelings of patriotism and
treely to use tiio cables for tlioir secret code dispatches without consor- du ty.
ship. I havo, by the grace of your D epartm ent, now been permitted to
I
am advised that thoro is no substantial difference between tho law of
communicate with m y Government through tho Gorman Em bassy but to
m y country, which I havo been asked to call to the attention of m y country
tho extent only o f asking tor leavo o f absoneo to tho ond that I m ay in mon here, and to which thoir obodionco is exacted, and your own law on
person explain m y position, and moantime to suspend judgment upon tho
tho same subject. M y information is that in tho unfortunate event of a
charges contained in your Excellency’s message and am now awaiting war between your country and a foreign power (which I venture to hope
a reply. I havo not oven beon allowed to advise m y Government that will never como to pass), your citizens in foreign lands, who aro engaged
I do not admit having conspired to do any act in violation o f tho laws of in lending support to tho enemy by aiding in its supply of ammunition would
tho country to which I.am accredited and whoso hospitality I havo onjoyed
be equally guilty as if thoy took up arms against your Government; and I
and havo in no way abused. Tho mossago that I sought to havo trans make bold to suggest that your Ambassador in a ifoutral country who failed
m itted to that effect was rejected by your censor, as hereafter explained. to exert himself by all proper means to avert such a catastrophe to them
In somo unaccountable way this confidential message was communicated and to this country would bo remiss in his highest duty.
to tho press and has boon published.
I
tako it that m y obligation as representing m y Government to protect
I,
of courso, do not and cannot question the power of tho Govornmont of
tho rights and interests o f its citizons hore in their relations with your
tho Unitod States to dismiss mo by handing mo m y passports and assur
Governm ent under tho accepted rules of international law carries with it
ing m e safe-conduct homo without assigning any reason therefor or on corresponding obligations on tho part o f tho citizens o f m y Government
such grounds as it m ay doom sufficient without regard to m y opinion residont here to refrain from londing aid to our enemies.
If by argument
as.^to its justice. W hen, however, your Government seos fit to resort to or persuasion through tho limited channols open to us under tho present
the extraordinary and to me humiliating courso o f preferring charges exceptional conditions, or by othorwiso providing for their wants, wo aro
against mo to m y Government, without advising mo o f tho intended ac
able to prevail upon our citizons to discontinue their attacks upon their
tion or oven intimating that such action is contemplated and to request
Fatherland, it is not only our right but our boundon duty to do so. This
m y recall upon thoso chargos as confessed, while at tho same time re has not yet boen done or attem pted, because no means o f reaching them or
fusing mo pormissian even to communicate privatoly with m y Government, providing them with othor work has yet been found.
I respectfully protest against such action as unjust to mo and contrary
N one of tho suggestions mado to us has beon actoil upon, as nono o f them
to diplomatic usago.
seemod foasiblo. This statement applies particularly to tho plans thatf
Inasmuch as tho text of your message as furnishod by you to tho press wero outlined in tho Inclosod translation o f tho memorandum referred to
has been published broadcast throughout this and foroign countries with
in m y letter of Aug. 21. Somo of thoso plans wero visionary and grotesque.
out m y having been afforded tho opportunity o f reply or explanation, I
Such suggestions as, for instanco, tho writing of a novol to arouso tho
take tho liberty of herewith submitting an outlino o f tho circumstances patriotic feelings of m y countrymon and tho pi icing in ammunition plant*
under which I acted and tho reasons for m y action in forwarding to tho of patriots who wero to prevail upon thoir countrymon to quit thoir work,
Austro-Hungarian Minister for Foreign Affairs tho lotter o f August 2 1 ,
wero manifestly worthless in vlow o f tho fact that such plants havo not
which was tho occasion for -your Excellency’s mossago, and respectfully only beon refusing to omploy Gorman, Austrian and Hungarian citizons, but
request that you will assist mo in securing for this communication tho havo beon steadily gradually ridding themselves of tho groatost possiblo
sam e publicity as was given to your Excellency’s mossago of September
number o f skilled workmon of those nationalities as rapidly as_.their.busito tho Government.
ness needs would permit.
8
8
Ofst. 9 1915.)
The main proposal that seemed practicable and upon which the opinion of
our Minister for Foreign Affairs was asked was for the expenditure o f
sums for entirely legitimate purposes and which should not in the aggre
gate exceod S I ,
. to bo used in bringing the proclamation to the at
tention of our citizens in the munitions factories hero and through a cam
paign in tho nowspapers published hero in their own languages, appealing
to their patriotism to Induce m y countrymen to quit taking part In tho manu
facture of arms and ammunition for the enemy, and at tho same tim e to
establish employment agencies to secure work elsewhere for such of them as
should comply with tho proclamation.
Tho fact that tho total appropriation asked from m y Government to
carry out this nation-wide “ conspiracy” against tho industrial peace of
the United States, including tho organization of labor unions all over
the country and tho widespread corruption o f labor leaders, was limited
to $15,000, should convey some conception o f tho character o f tho charge
of which your Excellency has seen fit to endeavor to convict mo in tho
eyes o f m y Government, and without a hearing.
I f the embryonic proposal contained in m y letter, confined as it is to our
own citizons, upon which no action has yet been taken nor a penny ex
pended in any direction, is subject to tho criticism that it in any way
involves an unwarranted intrusion into tho domestic afiairs of your coun
try, I am , I regret to say, still unable to appreciate tho basis for that con
clusion.
In reply to tho charge of impropriety on m y part in having sent m y
letter by M r . Archibald, an American citizen, bearer o f an American
passport, I again call tho attention of your Excellency to the unfortunato
predicament in whicli tho representatives hero o f tho countries that are
at war with tho Allies aro placed by the action of your Government. AY o
have no access to tho cables to Europo that are availablo to the Allies free
from censorship. Our only means of telegraphic communication is by open
wireless mes agos, which aro subject to sucli rigid censorship that (by way
o f illustration) m y telegram to our M inister for Foreign Affairs, in which
I endeavored to answer his instructions to mo to report upon your Excel
lency's request for m y recall, was returned to mo by your Government s
censor on tho ground that it would bo unnoutral to permit mo to let our
M inister for Foreign Affairs know tlio character of tho papers belonging to
mo that Groat Britain had intercepted, although tho information I thus
sought to convey has alroady been widely published in tho newspapers of
your country and in foreign lands.
I ask you in all fairness, was ever an Ambassador in a neutral country
confronted with such a situation, created and enforced by tho Government
to which ho is accredited, while tho Ambassadors representing enemies
of his country liavo unlimited means o f secret communication? I t lias been
mado literally impossible for mo to communicate privately with m y G ov
ernment. Under such conditions I have no apologies to offer for having in
trusted my letter to M r. Archibald. I f tho convoying of letters to Europo
by Americans traveling abroad during tills war is an offense, it is ono
o f which most Americans are apparently ignorant, as tho courtesy has
frequently been volunteered by m y friends and is habitually practiced.
It did not for a moment occur to mo that it was improper, nor am I yet
able to see it in that light, having regard to tho entirely legitimate purposes
I had in mind in tho lino o f tho perfonnanco of m y duty.
Permit mo in conclusion to say that I liavo only tho most pleasant recol
lections of tho treatment I have received at tho hands o f tho American
people until tho happening o f this unfortunato incidont, and that I am
too familiar with your institutions to entertain any grievanco against your
people or to hold them in any way accountable for tho unspeakablo abuse
to which I liavo been subjected by tho sensational and irresponsible section
o f your press. Fortunately for your great peoplo, they know, as I do, how
to appraise such attacks at their truo valuo.
Very respectfully yours,
O. D U M B A ,
Ambassador of Austria-Hungary.
5 000
6
Tho letter was received at tho Stato Popartment on Sept.
19, and is said to have been published in tho newspapers
without tho sanction of the Department. Advices from
Washington, following tho receipt of tho lotter, stated
that, in spito of tho fact that Administration officials were
displeased with tho communication, no action would be taken
in the matter. It was also stated that both tho contents of
the lotter and tho manner in which it was mado public had
excited the displeasure of tho Stato Department, which has
started an inquiry to discover how tho communication hap
pened to appear in tho press in Now York simultaneously
with its delivery in Washington.
James P . J. Archibald, tho American newspaper corres
pondent, in whoso possession was found D r. Dum ba’s lotter
disclosing tho alleged plan to instigato strikos in American
manufacturing plants engaged in the production of munitions
of Avar, arrived in this country on Sept. 20 on tho HollandAmorican lane steamer Rotterdam. M r . Archibald had
been making a trip to Germany by way of Rotterdam when
dotained on Aug. 30 by tho British authorities, by Avhom a
number of documents in his possession, including tho lotter
which brought about D r. Dumba’s recall, vvoro seized. W ith
his arrival in Now York M r. Archibald made tho folloAving
statement:
AVhon I arrived in America this morning I had practically no Information
regarding tho unfortunato affair involved in tho sending by tho Austrian
Ambassador to tho M inister for Foreign Affairs of his country of a letter
by m o.
One thing I wish to state emphatically, and that is that I was in no
sense a “ dispatch-bearer” for any ono.
Wliat I did was done merely as
an accommodation to friends. N aturally, before leaving for belligerent
territory to do field work with armies engaged in the war, I sought proper
letters of introduction and recommendation, and tho day before I sailed
several sucli letters wore sent to m y hotel. Those letters were m ostly in
German, and as I am not proficient in reading that language, I did not
seek to translate them . AA'ith tho exception of a couplo o f notes accom
panying trifling gifts of personal nature, I supposed all theso letters were in
relation to m y w ork,and in fact I did not know, nor do I now know, any
thing of their contents.
T hat some of them were sealed did not occasion any surprise, as official
letters of introduction .are frequently delivered sealed.
1151
THE CHRONICLE
I read only ono letter in particular, which I had asked Prince Hatzfeldt
to have written for mo, and in fact I m ysolf suggested, alm ost word for
word, its contents. Foeling that there might bo a strong anti-American
sentiment in G erm any, and not knowing to what extent that might in
convenience those traveling with mo, I asked Prince lla tzfeld t to prepare
me an open letter stating that I was friendly to their cause; this was a
letter o f only a couple o f lines that could bo read in a moment in case of
necessity and intended to be used only in tho event we were subjected to any
local hostile demonstration. There were a few lottors to officials, but
these I o f course had not examined.
D r. D um ba’s letter was given to mo most openly at the last moment on the
dock at tho foot o f the steamer’s gangplank. Hundreds o f persons were
about and there was not the slightest suggestion o f secrecy. O f its contents
I had absolutely no knowledge. It was in a sm all, sealed envelope, without
special seal, however, and owing to the open manner in which it was pub
licly handed mo I supposed that it sim ply referred to m y work. I feel the
very openness o f tho manner in which the letter was given me shows D r.
D um ba had no intention o f using mo or m y passport as a shield for the trans
mission o f any improper letters, bu t, knowing personally that I was sailing,
simply availed him self o f tho opportunity o f having his note delivered d irect.
Last year, when I went abroad, I was compelled to land at Plym outh,
England. Anticipating that it would bo embarrassing to carry Germ anwritten letters recommending me to German officials, through England, I
placed most o f m y papers In the ship's safe deposit box, intending to leave
them should it be again necossary to proceed overland through England.
I saw no reason, nor do I know now w hy, because the Rotterdam called
at Falm outh, I had not the right to have m y German-written papers in m y
possession or was subject to arrest when I was a through Amorican passen
ger on a neutral vessel, with no intention of landing in England, or even
going ashore.
I did not consciously break either the spirit of tho letter o f m y passport or
of any law, but merely did what every traveler crossing tho ocean does, by
carrying notes or small packages as an accommodation to friends, just as I
did when I returned from Germany last year, wrhon I carried several letters
and official dispatches to our State Department for Ambassador Gerard and
packages for M rs. Gerard and others. O f course, in doing this for A m bassa
dor and M rs. Gerard, I did it sim ply as a matter o f friendship, precisely
as I carriod the letters in this case.
I regret tho affair, not so much on m y own account as on account of the
far-reaching consequences to friends, especially D r. D um ba. The letter to
Baron Burian, whom I have known several years, was, as already stated,
given mo so openly that I thought it related merely to m y work in tho field.
I was in no sense a “ courier” for any belligerent, and am positive that all
concerned will bear out this statement.
M y counsel, Frank J. Hogan, E sq ., of AVasliington, has called m y atten
tion to an interview telegraphed from Rotterdam via London. T h e major
portion o f the interview is quite correct, but the last paragraph has obviously
been added and manufactured out of tho w'holo cloth. Tho sentence added
to tho ond o f the dispatch says;
“ I am tho victim o f tho cunning method of tho Austrian and German
Em bassy officials in making me the bearer o f an incriminating docum ent.”
And it quotod mo as saying that I had b en tricked into carrying this let
ter by these officials. A s I havo never had any reason to suspect any such
thing, and havo never for a moment harbored any such thought, I wish
emphatically to deny tho use of any expression o f that kind. I do not think
that I was tho victim o f any trickery, nor do I believe that any official o f
either Embassy acted in any way except in tho best o f faith.
9
The letters, Avrittenby officials of the German and AustroHungarian embassies, which wero found in Archibald’s
possession Avhon he aa'rs detained by the British authorities,
Avero laid before the English Parliament on September 2 1 .
There are said to be thirty-four documents in all; seventeen
Avero made public and the others being withheld because
“ of insufficient interest to Avarrant publication.”
A report from Ambassador Page at London regarding the
documents taken from Archibald was received at the State
Department on September 21. It is stated that tho report
explains tho circumstances of the seizure and is accompanied
by photographic copies of some of the principal documents,
together Avith typeAvritten translations of them. The rest
of the documents sent by Ambassador Page were received at
the State Department on September 28.
GREAT
B R IT A IN D E N IE S IN T E R F ER IN G
U N IT E D STATES TRADE.
W IT H
In a note mado public by the State Department on the
1st inst. Sir EdAvard Grey, tho British Foreign Minister,
denies that tho British Government by means of its various
orders, affecting international commerce, has been seeking
to hamper American exports to neutral countries and at the
same time increase British exports to those countries. The
noto Avas the outgroAvth of a request made to tho Foreign
Office by Ambassador Pago on Juno 3 , asking that Consul
General Skinner in London bo furnished Avith figures showing
British exports of cocoa. The note states that these figures
Avero furnished to M r. Skinner and that “ His M ajesty’s
Ambassador at Washington reported on 22d of July that
the Acting Counsellor of tho State Department had referred
in conversation to tho unfavorable impression created at
Washington by reports as to the increase in British exports
to Northern European neutral ports since tho outbreak of
war received from Consul General Skinner, these reports
having given figures shoAving increases in British exports of
somo commodities to those countries.”
In order to remove
this impression and to refute the statements which Sir
Edward Grey believes are being circulated in tliis country
by German agents to tho effect that England is trying to
stop our trade Avith neutrals with, a view to securing the trade
for herself, figures shoAving tho comparative increases in re-
1152
THE CHRONICLE
exports of cotton, rubber, lubricating oils, unmanufactured
tobacco, cocoa, coffee, wheat, flour and barley from the
United Kingdom and the United States to neutral countries
during the first five months of this year aro given in the
communication from tho British Foreign Minister. Sir
Edward Grey sums up tho evidence presented by saying
that “ everything in tho statistics I liavo quoted tends to
show that the mercantile community of tho United States
has made profits proportionately equal to or greater than
those of tho mercantile community of Great Britain in respect
to all those demands which have inevitably arisen in Scan
dinavia and the Netherlands as a consequence of the closing
of German ports” . Tho note was dated August 13 and was
transmitted by mail instead of cable. The communication
says in part :
I have the honor to refer to the memorandum which you were good
enough to communicate on the 3d o f June past, in which you informed mo
of the desire o f the United States Consul General in London to bo furnished
with figures showing the amount o f raw cocoa and preparations of cocoa
exported from Great Britain to Holland, Denmark, Sweden, Norway and
Italy during the four months ending April 30 1915, as compared with tho
same period in 1914 and 1913. Your Excellency will remember that I
had the honor to communicate to you a tabular statement o f these figures
on the 16th ultimo.
Ilis M a je sty ’s Ambassador at Washington reported on the 22d o f July
that the Acting Counsellor o f tho State Department had referred in con
versation to the unfavorable impression created at W ashington by reports
as to the increase in British exports to Northern European neutral ports
since the outbreak o f war, received from Consul General Skinner, these
reports having given figures showing increases in tho British exports or
some commodities to those countries.
I am , therefore, communicating to Sir Cecil Spring Rico statistics showing
what tho exports of tho United Kingdom were in comparison with those of
tho United States, during the first five months of this year, in order that
this impression m ay be removed as soon as possible; but as hear that state
ments no doubt inspired by German agents, aro being circulated in America,
to the effect that His M ajosty’s Government is trying to stop tho legitimate
trado of the United States with neutral countries in order to capture tho
trade for tho British Empire; and are therefore allowing goods to bo ex
ported from tho United Kingdom which they have not allowed to bo im
ported into tho samo countries from tho United States, I think it well to
inform Y our Excellency immediately of tho true state of tho case, and
with this view to invito attention to tho following data and figures ;
The increased ro-export o f cotton from tho United Kingdom to Norway.
Sweden, Denmark and The Netherlands, during the months of January
to M a y 1915, as compared with tho same period in 1914, amounted to
50 3 ,9 9 5 centals of 100 pounds. The United States exported to the four
countries mentioned during this period in 1915 as much as 3 ,3 5 3 ,6 3 8 centals,
as compared with 204,177 centals during January to M a y 1914, an increase
of 3 ,149,461 centals, or six times the increaso in export o f cotton from the
United Kingdom .
T h e above figures for tho United Kingdom are taken from tho official
custom s returns; those for the United States have been carefully compiled
by the W ar Trade Department from the manifests of those vessels which
actually arrived with cargo from tho United States in Scandinavian and
Dutch ports during tho five m onths, February to Juno 1915, as compared
with five-twelfths of tho total recorded exports from the United States to
those countries in tho year ended Juno 30 1914.
It has been necessary
to adopt this method, as tho “ M onth ly Summary of Foreign Com m erce” ,
issued by the Uni tod States Government, gives very few details with regard
to American trade with these countries.
It is evident that some shipments must have taken place from the United
States to Scandinavia and tho Netherlands which could not come within
tho scope of even the most circumstantial compilation o f statistics drawn
up from tho manifests o f examined ships alono, and I would therefore
lay particular stress on the fact that the figures thus obtained by the W ar
Trado Department are necessarily understatements o f tho total amounts
actually shipped. But oven from tho figures thus obtained it is possible
to show conclusively how much greater tho increases in the American
exports to Scandinavian countries and tho Netherlands liavo been than
those of Great Britain during the first five months of this year, not only in
tho case of cotton, but in that of almost every other important com m odity.
Re-exports or rubber from tho United Kingdom to Scandinavia and the
Netherlands declined from 17,727 centals of 100 pounds in January-M ay
1914, to 16,693 centals in January-M ay 1915; on the other hand, exports
o f rubber from the United States to the same destinations increased from
1 ,579 centals to 5,040 centals. Larger re-exports o f rubber to tho United
States from this country have indeed taken place, but all other re-exports
o f rubber have declined during this period, as tho following figures show ;
1
The
United. Kingdom Re-Exports o f Rubber.
------------- Centals o f 100
Jan.-M ag.
1914.
T o all destinations................... 5 5 3 ,S64
O f whicn to United States. _ .2 4 8 ,4 3 5
* O r 2 0 .5 % .
a
Or
Jan.-M ay.
1915.
067,509
418,619 *
pounds ------------Increase in
1915 o v e r
1914.
*113.615
a !7 0 ,1 8 4
68. 6% .
It will therefore bo seen that this country has actually been supplying
more rubber to the United States at tho expense o f other neutrals, while
American exporters liavo taken advantage o f this to ship increased quanti
ties o f rubber to Scandinavia and tho Netherlands.
In the caso of lubricating oils the increaso o f United Kingdom exports
to Scandinavia and Holland was 703,370 gallons; tho increase o f tho United
States exports during tho same five months was 3 ,857,593 gallons, being
five times as groat as tho British increase.
Tho increase in tho re-exports o f unmanufactured tobacco from tho
United K ingdom io tho sam e countries and over tho sam e period was 2 ,
9 37,244 pounds; the corresponding United States increase was 6,0 8 1 ,8 4 8
pounds. Tho British increaso is m ainly due to tho diversion o f tobacco
grown in tho British dominions from Continental to United Kingdom ports.
Tho re-exports o f manufactured tobacco from the United K ingdom havo
actually declined, while exports o f this com m odity from tho United States
to Scandinavia and the Netherlands havo hitherto been relatively Insig
nificant. It is therefore altogether improbable that tho United States
can havo lost trado in tobacco in consequenco o f tho measures taken by
I lls M a je s 'y ’s Governm ent.
United Kingdom re-exports of cocoa havo risen from 2 ,9 7 6 ,1 4 3 pounds in
Jan uary-M ay 1914 to 14,50-1,013 pounds in January-M ay 1915, .an Increaso
,‘V- Ni
[Vol. 101.
in round numbers o f 11,5 0 0 ,0 0 0 .
Exports from tho United States for the
samo months have risen from 12,300 pounds in 1914 to 1 6 ,016,000 pounds
in 1915, an increase o f 16,000 ,0 0 0 . These figures speak for themselves.
In the first five m onths of 1914 tho United K ingdom re-exports of coffee
to the sam e countries amounted to 8 0 ,4 0 7 cw t., and the exports from the
United Scates to 7,3 7 6 cw t.
In the corresponding fivo m onths o f 1915 tho
United Klndgom re-exports were 263,488 cw t., while tho imports rrom the
United States were 285.760 c w t., showing that tho United States exports,
which were form erly much less, are now greater than thoso o f tho United
Kingdom .
In tho case of rico, tho increased re-export from the United Kingdom ,
which amounted to 193,458 hundredweight for tho period under review,
ivas entirely due to the diversion to tho United K lndgom ports o f the large
trado in Indian rico formerly carried on through H am burg and other
Continental ports. Tho exports from tho United States havo Increased
from 262 hundredweight in January-M ay 1914 to 2 7 ,8 0 0 hundredweight in
January-M ay 1915, an increaso of 27,538 hundredweight.
The United K in gdom ’s increaso in tho export of wheat flour to Scandin
avia and tho Netherlands during Jan uary-M ay 1915, compared with 1914,
was 47 .0 4 5 hundredweight; the United Scates Increase was 2,555,593
hundredweight for tho same period.
For tho same period tho United
Kingdom ’s increaso in tho export of barley to Scandinavia and tho N ether
lands was 249,512 hundredweight; tho United States increase, 2,016,892
hundredweight.
I could point to m ay other instances o f similar proportionate increases in
tho exports o f the United States to Scandinavia and the Netherlands as
compared with exports to the samo countries from tho United Kingdom
during tho last fivo months.
In respect to tho great m ajority of articles
for which figures o f United States trade can oo given,'tho'increases in this
trade aro greater, and in somo cases very considerably greater, than the
increases In the United K ingdom ’s trado.
In many cases, increasos In United Kingdom re-exports aro duo to the fact
that tlio products o f British India and colonial products which formerly
went direct to Continental ports, such as Ham burg, Rotterdam or Copen
hagen, are now sent to tho United (Kingdom and thense distributed to old
customers in Scandinavia and tho Netherlands. Am ong such m ay bo
mentioned pepper, cinnamon and other spices (largely tho product ofTIie
British East Indies), Indian toa, palm kornals (mainly from British W est
Africa) and copra (mainly from tho Straits Settlements and Australia).
The direct trade of tho British overseas dominioas with tho port of H am
burg alone is very great In normal times.
In m any other Instances our ro-export trado for tho first fivo m onths of
this year shows a largo decline. Tho following statomont gives a few ex
amples of such decreases in ro-exports from tho United Kingdom to all
destinations :
— ■— F i v e
M o n t h s ----------
1915.
1914.
Tallow , unrefined, cw t_________________
iqq
noc
Quicksilver, l b s .................................................... " " I ”
m JSO
Machinery—
Agricultural, tons........................
8,396
Sewing machines, number_______________________
Cotton waste, lbs............... .............
205.960
469,’235
Carpet and carpet rugs, square yards...........................
58,161
1S4.105
Silk, thrown, lbs______________________________________
15 582
Beef, chilled, cw t__________________
3,262
274 151
M ea t, preserved, cw t_________________________________
19,531
61
Butter, cw t...............................
I’ ” "
11L253
6o’, 343
Bananas, bunches................................................... ..............
127,217
258,315
H em p, tons................................................................................
19,399
25,673
Palm oil, cw t......................................
177,529
382.513
Gas oil, g a l l o n s ..................................................................
9 ,8 0 0
241,724
Fuel oil, g a llo n s ................. ..................................................
169,884
515,170
E verything in tho statistics I have quoted tends to show that the mer
cantile com m unity o f the United States has made profits proportionately
equal to or greater than thoso o f the mercantile com m unity of Great
Britain in respect to all thoso demands which have lnovicabiy arisen in
Scandinavia and tho Netherlands as a consequence of the closing of German
ports.
170
1(53
353
070
53333
050
000
Consul- General Skinner in London lias been summoned to
Washington for consultation with officials of the State De
partment on the subject of Great Britain’s interference with
American trade. Tho State Department officials, it is re
ported, aro anxious to obtain first-hand information from tho
Consul-General as to British exports and re-exports. It is
belioved that a consultation with M r. Skinner was thought
advisable before an answer was sent to Sir Edward Grey’s note.
GREAT
B R I T A I N TO R E C E I V E A P P L I C A T I O N S
RELEASE
OF G E R M A N
GOODS
FOR
Arrangements for tho roleaso of American-owned goods
of German and Austrian origin which liavo been hold up
at neutral ports of Europe since tho issuance of tho British
Order-in-Council wero announced on Sopt. 24; on that dato
tho State Department at Washington was notified by tho
British Embassy, that tho latter was propared to receive
applications for permits to export such goods. Applications
v/ill bo considered howover, only in cases whoro tho goods
were ordered and paid for by American importers prior to
March 1, or whero they had been ordered prior to that dato
under contracts which obliged tho importers to take delivery
of the goods on or beforo shipment and to pay for them.
As previously stated, it was reported early last month that
concessions had been granted by Great Britain which would
permit tho roleaso of German and Austrian goods to Ameri
can importers. This had followed vigorous protests mado
by tho Stato Department after tho British authorities had
declined (Juno 15) to rocoivo unofficial representations by
tho Foreign Trade Advisers regarding tho shipments of such
goods, notwithstanding tho fact that advices had roachodjtho
StateJDepartm entlthat private interests in London wore
s'ecuringjfpermits for thoXreleaso2of£goods fro m ! Rotterdam.
Oct. 9 1915.]
THE CHRONICLE
A t tko timo of tho announcement of the granting of tho con
cessions, it was also stated that the British Government
was agreeable to tho presentation of applications by the
Foreign Trade Advisors through tho British Embassy at
Washington. Tho actual carrying out of this plan was de
layed, however, and it was not until tho 24th ult. that
announcement wai made of the final completion of the
arrangements. It is reported that American-owned mer
chandise of German and Austrian origin worth about
$107,000,000 has been held up in neutral ports of Europe
by tho British Order-in-Council.
A t the request of the
Trade Advisers tho British Embassy in Washington has sub
mitted a written statement of tho conditions under which
goods will be released. Tho following statement outlining
tho arrangement was issued by the Trade Advisers’ office:
Tlio Foreign Trado Advisers o f tho Stato Department announce that they
aro prepared to receive for submission to tho British and French authorities
applications for permits for the shipment of goods o f German and Austrian
origin from neutral ports in cases where proofs are furnished that such goods
wero either:
(1) Ordered and paid for by American importers prior to M arch 1 1915, or
(2) Ordered by or for tho account of, American importers prior to M arch 1
1915 under contracts by tho terms of which tho importers aro obliged to take
delivery of tho goods on or before shipment and aro bound to pay for them .
All applications for permits under the foregoing conditions m ust be ad
dressed to the Foreign Trade Advisers and should be accompanied by the
necessary documentary proofs and clear statement o f tho claim.
Th e Stato Departm ent has been advised by Ambassador Pago that tho
British authorities have announced that hereafter all applications must be
submitted through tho Foreign Trado Advisers o f tho Departm ent of State.
On September 30 tho Trado Advisers distributed circulars
giving in detail tho requirements demanded by Great Britain
before permits will bo granted. Tho circular states that
applications must bo made beforo N o v . 1 1915. It is re
ported that tho Stato Department is endeavoring to have
this limitation removed.
It was announced at tho State Department on tho 7th list,
that negotiations aro being conducted with tho British
authorities for permits to roleaso American-owned goods of
Gorman origin which wero purchased and contracted for
botween March 1 and 15, inasmuch as tho Order-in-Council
was not made public until March 15. As stated above,
under tho arrangomonts which have been mado with Great
Britain applications for releaso aro to bo considered only
when tho goods woro ordered and paid for prior to Marcli 1.
ARRANGEMENTS
PERFECTED
FOR
RELEASE
R U S S I A N GOODS TO A M E R I C A N I M P O R T E R S .
OF
1 1 53
that the Russian Government has reserved the right in the
agreement to reject any application for export of goods
without giving any reason therefor. The Department of
Commerce has sent the following circular to Amorioan firms
who are desirous of securing release of Russian seeds, furs,
ores and similar goods :
Arrangements have been m adq'w ith the Imperial Russian Government
whereby American firm s, under certain conditions, will bo allowed to
secure the release o f shipments o f goods upon which tho Russian Govern
ment has placed an embargo.
In order to carry out these arrangements it will be necessary for American
firms to file an application in triplicate with tho commercial agent in charge
of the N ow York office o f tho Bureau o f Foreign and Domestic Com m erce,
Room 409 Custom House, asking for approval for the release o f certain
shipments o f goods from Russia. Form s for making out such applications
m ay bo obtained from the Bureau o f Foreign and Dom estic Commerce or
any of its branch offices.
In addition, the American firm must guarantee that no part o f the ship
ment for which release has been sought will be exported in any form from
the United States, and tho American firm must file a bond with tho proper
Russian officers covering the entiro value o f tho shipment: such a bond
to be mado out to the Imperial Russian Government and to run for three
years, or until peace shall have been declared. In case it is discovered that
any part o f the shipment has been exported the bond will be forfeited and
the firm will bo prevented from securing further shipments of goods from
Russia.
American firms m ust also indicate their willingness to furnish upon
request to the Bureau o f Foreign and Domestic Commorco statements
showing the sales of all or any part o f the shipment o f goods covered by
such agreement.
The approval o f the formal application o f American firms to secure the
release of such shipments o f goods does not guarantee that the'goods will
be released. Tho granting of the permission for the release of such ship
ments will rest wholly with tho authorities of tho Imperial Russian Govern
m ent. After an application has been approved by the Bureau o f fo r e ig n
and Domestic Commerce it will be transmitted to the Imperial Russian
Governm ent. I f permission is granted to the American importer it wil
bo necessary for him to then file his bond with the Imperial R u ssiaaG overn m ent.
All shipments released b y tho Russian Government m ust be consigned *
to tho commercial agent in charge o f the New Y o rk office of tho Bureau
o f Foreign and Domestic Commerce, Room 409, Custom H ouse. '
American firms interested in securing such shipments should note care
fully that it will bo necessary to file applications for approval for the
release o f such shipments with tho Bureau o f Foreign and D om estic C om
merce. T h at it will bo necessary to guarantee that no part o f such ship
ments will bo exported from the United States. T h at it is necessary to
file a bond with tho Imperial Russian Government covering the entire
value o f the shipment; such a bond to run for three years or until peace
shall have been declared with all belligerents. T h at a cash deposit, cover
ing all cables and incidental expenses, must be deposited with tho Bureau
o f Foreign and Domestic Commerce. T h at tho American firm m ay be
called upon to furnish statements showing the sales o f all or any part of
such shipments. T h at the American firm must guarantee that in no case
will it hold the Department o f Commerce or any Individual connected
with tho said Departm ent liable or in any way responsible for such
shipments.
The agreement is expected to free millions of dollars
An agreement botween Russia and tho United States
worth of merchandise and will cover practically all goods wheroby tho Russian ombargo on oxports to this country is
of Russian production or manufacture.
lifted, provided certain conditions aro complied with, has
been formally ratifiod by tho Russian Ambassador and
Statistics have been prepared by E . C . Porter, who is in
Secretary of Stato Lansing. Tho agreement became effect charge of the New York offico of the Bureau of Foreign and
ive on September 2)1, when it was signed by tho Russian Domestic Commerce for tho purpose of interesting American
Ambassador, M r. Lansing having affixed his signature to it manufacturers and exporters in tho openings for domestic
on tho preceding day. Previous reference to tho proposed products in the Russian market. M r. Porter believes that
arrangement botween tho two countries for tho raising of American manufacturers will have a great opportunity
tho ombargo was mado in our issuo of Soptombor 4 , when when the war ends to capture the immense business in Russia
the acceptance of tho agreement by Russia was announced.
formerly held by Germany.
In order to obtain the releaso of Russian goods it will bo
necessary for Amorican firms to file applications with tho
The organization of an international chamber of commerce
commercial agont in charge of tho Now York offico of the to promote trado between this country and Russia is being
Bureau of Foreign and Domestic Commorco. Tho import undertaken by Alexander Behr, who is in Now York as a
ing firm must guarantee that no part of tho shipment re representative of the Itussian-American Chamber of C om
ceived from Russia will bo ro-oxported from tho United merce at Moscow. As heretofore stated, M r . Bohr is to
States,and to insuro tho fulfilling of this provision, a bond make a tour of tho principal commercial conters throughout
must bo filed covering the entiro valuo of tho shipment. the country. Tho Bureau of Foreign and Domestic Com
It was provided in tho agreement that tlvcso bonds should merce will co-operate with him during his trip.
run for at least three years, or until the conclusion of the
war. This provision was modified, however, as a result of
negotiations between E . C . Porter, Now York Agent of tho D E F E C T OF O L D B A N K S Y S T E M O V E R C O M E I N
F E D E R A L RESERVE A C T .
Bureau of Foreign and Domestic Commorco, and tho Rus
The Federal Reserve Bulletin for August printed in full
sian commercial attache, so that one-year bonds subject to
renowal will bo accepted by tho Russian Government as a an address delivered by John Perrin, Chairman of the Board
guaranty against re-exportation from this country. Applica of Directors and Reserve Agent of tho Federal Reserve
tions for tho releaso of the goods must be passed on by Bank of San Francisco, in which he viewed as the main
tho local agont of tho Bureau of Foreign and Domestic defect of our former banking system the tendency to mutual
Commerce and then forwarded to tho Russian Embassy at destruction under stress. This opinion was expressed by
Washington. Upon receiving tho approval of tho Embassy, M r. Perrin in addressing the Convention of the National
tho permission of tho Russian Minister of Finance for tho Association of Supervisors of Stato Banks at Oakland on
exportation of tho goods is sought. Tho goods to bo im M a y 28. Both this speech and another one of M r. Per
ported must ba consigned to tho Secretary of Commorco. rin’s, which was a feature of the joint convention of the
It is also provided that tho American firms must furnish on California, Oregon, Idaho and Nevada State Bankers’
request to tho Bureau of Foreign and Domestic Commorco Association at San Francisco on M a y 27, liavo boon pub
statements showing tho salo of tho goods imported. Tho lished in pamphlot form. While differing in their text,
approval of tho application does not guarantee tho releaso both boro tho same title— Federal Roservo Bank of San
of tho goods,as final action in tho matter rests wholly with Francisco. In pointing out in his Oakland address the
tho authorities of tho Russian Govornmont. It is stated defect in the old system, M r . Perrin notes that tho difficulty
lias not beon confined to tlio carrying on of business in the
Unitod States, but wo havo been tho last of all the commer
cial countrios to apply tho remedy. Tho remedy in our
own caso, M r . Perrin addod, is incorporated in tho Fodoral
Resorvo A c t, and “ lies in gathering into a contral agoncy,
or agencies, a portion of tho money rosorves of tho banks,
to bo used for thoir common protection, in order that they
m ay continuously perform thoir functions and thus safe
guard general business.” W e quote moro fully from his
remarks bolow :
D e fe c t
in
F orm er
S y stem .
W h a t has boon tho defect in our banking system ?
O f all forms of m oney
thore is a total of nearly $ 4 ,0 0 0 ,0 0 0 ,0 0 0 in this country, including that in
tho United States Treasury, in tho pockets of the people, and in the vaults
of banks. Tho deposit liabilities o f banks aggregate $18,50 0 ,0 0 0 ,0 0 0 .
Obviously, if the banks had all tho money in the country, thoy could not
pay one-quarter o f their deposits in money if all depositors mado simul
taneous demand. Hanks actually hold only about §1 ,6 0 0 ,0 0 0 ,0 0 0 of
money in all forms, so as a m atter of fact, banks could not pay
% in
monoy if all depositors should demand it at tho samo tim e. Tho banks
havo loans, hovvover, o f $ 2 0 ,0 0 0 ,0 0 0 ,0 0 0 . These havo been mado to the
people, and really on behalf of tho people, being mado through banks as
thoir employment agencies for idle funds. Frightened depositors clamoring
for paym ent in m onoy, which they wish to hoard, in effect demand that
thoir neighbors, to whom §
,
,
havo been loaned, shall stop
the processes o f production and commercial activity. Tho lack of reason is
clear, but panic is a temporary paralysis of reasoning power.
In a threatening situation tho law o f self-preservation has impelled
each bank to try to fortify itself by adding to its stock of m oney. This it
would try to do b y calling for paym ent of loans, and by withdrawing in
monoy tho amounts duo to it from other banks. Once such a process has
been started a general scramble has ensued with cumulative violence.
There was no way of quickly or importantly increasing tho volume of
m onoy, and the total amount in tho country could not satisfy such a
demand. Tho inevitable result has boon that banks havo coased making
paym ents in money and havo discontinued other m ajor functions until
the apprehensions o f depositors subsided.
Th e strugglo o f each individual bank was a perfectly natural ono. It
regarded its obligations as sacred. It would m ove Heaven and earth to
avoid default. B u t no bank could fortify itself by adding to its stock
o f monoy except by correspondingly weakening other banks. Kach was
for itself against all the rest. Co-operation was lacking. W o had no
banking system , merely a vast number of individual units. Th e ten
dency to mutual destruction under stress has been the main defect o f our
banking. Tho losses through disruption o f the processes of production
and trade by such a panic as that of 1907 would amount to billions. N o
thing has been o f greater commercial importance than to find and adopt
the best method of averting such crises.
10
20 000 000,000
The
R em ed y.
The difficulty has not been confined to our own country, but wo havo
been the last o f all the commercial countries to apply the rem edy. The
principle of the remedy is very simple, although not recognized until about
the middle o f the last century, when England and Franco first came to
understand it. Since then practically every commercial country has in
corporated in ono form or another the samo principle into its banking,
the Federal Reserve Act giving it to this country. The remedy lies in
gathering into a central agency, or agencies, a portion of the money reserves
o f tho banks to be used for their common protection, in order that they
m ay continuously perform their functions and thus safeguard general
business. W hether under governmental direction as in some countries,
or under private direction as in others, whether voluntary or by legal re
quirement such an agency with largo money reserves, operating not
primarily for profit, but for protection, achieves tho same economic result.
Obviously no solvent bank need fear any demands mado for paym ent if it
can at any tim e convert its loans into means with which to pay. The
maintenance o f tho ability to pay eliminates depositors’ apprehensions.
The certainty o f replenishing its paying power eliminates tho bank’s fears.
Tho causo o f panic is thus removed.
A
F ed era l
R eserve
H ank.
Stripped of statutory specification, a Federal Reserve bank is a co
operative agency, in which tho member banks, for common protection,
pool about one-third of the money previously held in their vaults.
I f a member Dank becomes inadvertently overloaned, so that its money
reserve is too low, it sells a portion of its shortly maturing loans to this
co-operativo agency, tho Federal Reserve bank. Tho member bank is
thoreby kept in easy condition and enabled to render fullest service to its
com m unity without tho disastrous interruptions hitherto suffered. The
paym ent o f the loans at m aturity replenishes tho money o f tho Federal
Reserve bank so that like service m ay be performed for other banks.
I f the offering of loans for sale becomes too insistent, tho Federal Reserve
bank imposes a check by advancing tho rates it charges. I f the domand is
extraordinary in one district, the Federal Reserve banks of tho other
districts share the load, in this way tho varying seasonal or local loads
aro distributed over the broad base of the combined reserves of all the
Federal Reserve banks. The member banks aro thus linked into a roal
system guided by tho broad general policies o f tho Federal Reserve B oard,
which aro determined, not be local considerations, but by a national and
international view.
F ed era l
R eserve
N o te s.
T o assure greatest power to help and consequently the greatest general
stability, it is necessary for the Federal Reserve bank to avoid important
drain upon its gold, which is the final rosorve m oney. This is accom
plished by tho use o f Federal Reserve notes, which are in fact simply the
Federal Itcservo bank’s prom ises-to-pay-m oney, endorsed by tho Govern
m ent. They servo every purpose of money in ordinary trade transactions.
Th e mechanical operation is simple. A member bank sells loans to the
Federal Reserve bank, thereby establishing a deposit credit. Against
this it withdraws Federal Reserve notes, thus receiving means to pay Its
debts. Tho Federal Reservo notes drift back and aro presented to the
Federal Reserve bank for redemption through deposit or otherwise. Tho
moans for their payment are provided by the payment of maturing loans,
which tho Foderal Reservo bank has bought. Tho process is in effect an
exchange, through the instrumentality o f the Federal Reservo bank o f tho
promissory noto of tho member bank’s customer which will not pass cur
rent, for Federal Reserve notes which pass current. Such a currency
appears only in response to a commercial domand— a demand upon a
member bank for paym ent o f m oney. W hen such bank notes aro pre
sented for redemption to tho Federal Resorvo bank, they are paid and
cease to oxist just as paid checks ceaso to exist. The volume o f such a
currency automatically adjusts itsolf to trade requirements, there is no
redundancy, thore is no scarcity. A currency famino is inconceivable.
[Vol. 10 L
THE CHRONICLE
1 1 54
A d v a n ta g e
o f
U n ifie d
S u s tem .
A groat tendency t o uniformity of banking practice throughout th*
country would obviously result if all banks were parte o f one groat system .
This would bo of somo incidental convenience, but is not vital. The
fundamentally important, reason for unification is that tho larger the
proportion of banking reserves centralized in a reservo agoncy, tho higher
the ratio of potential fortification of business to its total volumo.
Only through tho issue o f Federal Reservo notes can thore bo any spoody
or important incrcaso in tho total volumo of our curroncy which must
meet tho requirements for the uso of all banks, Stato and national, and
the requirements for tho uso of all tho pooplo. In a crisis, when a vast
volumo of paym ents in money is roquired, tho amount of note# available
for issue will bo exactly in proportion to tho amount of the gold reserve
of tho Federal Resorvo banks. T o illustrate: $400 ,0 0 0 ,0 0 0 gold consti
tutes the required 4 0 % reserve against $ 1 ,0 0 0 ,0 0 0 ,0 0 0 Fodoral Reserve
notes; $ 800 ,00 0,00 0 would provido a like proportion of reserve against
$ 2 ,0 0 0 ,0 0 0 ,0 0 0 Federal Reservo notes. Clearly, to link all banks into
ono system , thereby increasing correspondingly tho gold resorvo cen
tralized in the reservo holding and noto issuing agoncy, would add to tho
security of all banks, and what is moro vital, would givo proportionately
greater insurance to tho stability o f tho ontiro business activities of the
whole people,
i f every citizen were trained as a soldior, tho potential
defense would bo tho entire physical forco of a nation. I f only one-fourth
of the citizens wero so trained, they might fight with equal valor but the
power of defense would bo only one-fourth.
Some havo contended that crises could bo averted b y increasing the
requirement o f monoy reserves. For individual banka to have gold re
serves in largo enough proponion to bo always adequate for all demands
would result in a tremendous restriction of commorco through the necessary
reduction in loans. B ut we have found to our sorrow that only slight in
adequacy o f reserves has involved incrodlblo disaster. In tho hands
of an individual bank, gold will pay debts only to its par value. Experi
ence, however, has demonstrated the fact that tho crodit of a great strong
reserve holding agency will pass current instead o f m oney, so that one
dollar o f gold in possession of a Federal Reservo bank is a basis for pro
viding a member bank with moans of settling two and a half dollars o f debt.
In this lios tho extraordinary power which a Foderal Reserve bank has for
fortifying its member banks. It might bo said that as tho m ythical
Antaeus renewed his strength by touching M other Earth, so a member
bank renews its strength by “ touching” the Federal Reservo bank.
Under our past banking methods, money in vault and balances with
other banks havo constituted tho banking reserves. Under tho Federal
Resorvo system , tho chiof reserves of member banks will bo the rediscount
able paper in thoir portfolios, and tho day will doubtless come when, as in
other countries, tho law will not specify any stated proportion of money
reserves. N on-m em ber State banks cannot safely operate thus, since
they would havo no unfailing placo of rediscount, tho Foderal Reserve
banks not being open to them oven through the medium o f correspondent
member banks. N o resorvo agency but ono under Federal authority
would have conferred upon it this magic power o f converting ono dollar
of gold into means o f paying two and a half dollars of debt. Tho oppor
tunity for financial life insurance through tho fortification by a Fodera
Reserve bank, and tho selfish dosiro for profit, which is tho ono constant
factor in all business, will bo potont influences to induce Stato banks to
bccomo members of tho Federal Resorvo System . A s tho importance and
bearing of those factors becomo fully understood, it seems reasonable to
expect that a steadily increasing proportion of Stato banks will bocomo
constituent parts of a system which will steadily grow in etength and uni
fication, its members exercising all functions incident to banking; and it
seems also truo that Stato banks will ultimately bo influenced to such
participation bctli by State authority and by public opinion as it becomes
more and moro fully realized that tho security and prosperity o f tho State’s
commerce will bo thereby best attained.
I t was a wonderful achievement to onact tho Federal Reserve A c t.
Legislation under our form of government is necessarily a scries o f com
promises. It is no ground for disapproval of tho A ct that certain features
havo not been as carefully worked out as in tho laws o f somo States. I f
true, that fact offers a great opportunity for porfoe'Ing aid from those
skilled through State experience. Tho point of paramount importance is
that tho Federal Reservo Act has incorporated into our banking tho funda
mentally vital principles of centralized rosorves and crodit currency.
Benefits will inure Incidentally to banks, but in largest sense will flow
to general business in every Stato through tho now and broader oppor
tunities, and through the added security. There is no proper ground for
contention between Sfato Banking Departments and tho Fetleral Reserve
System. Tho fundamental purpose of both is to attain tho greatest socurity
and prosperity of industry and commorco.
FEDERAL
R E S E R V E A C T I N T E N D E D TO
B R E A K D O W N OF C R E D I T .
PREVENT
That the real objoct of tho Foderal Reserve Act lios in
its ability to provent a breakdown of crodit when financial
relief was necossary, is tho point emphasized by E . D . Hulbert,
Vico-Presidont of tho Merchants Loan and Trust Co. of
Chicago, in a recent addross beforo Group V II of tho Illinois
Bankers’ Association. According to M r. Ilulbort, “ the
Federal Reservo Bank of Chicago could to-day issuo $60,
000,000 of Foderal Rosorve notes against tho resorvo now in
its vaults, and if tho danger was sufficient to justify a sus
pension of rosorve requirements, it could issuo $120,000,000.
As soon as tho time comes when its member banks cairy tho
full quota with tho Federal Rosorvo bank, this bank can
issuo three times this amount of currency at almost a moment’s
notice, while tho experience last yoar showed that it takes
nearly thirty days to got tho Aldrich-Vreeland machine into
full operation.” “ N o one familiar with thoso facts” , he
adds, “ can doubt that had tho Fodoral Rosorvo Banks been
in operation on tho first of August 1914 as thoy aro to-day
no suspension would havo occurred. This is tho roal object
of tho Fodoral Rosorvo A ct, and 1 believe that object has
beon accomplished.”
W ith regard to tho hesitancy of Stato institutions to onter
tho Federal Rosorvo system, M r . Ilulbort oited as ono
objectionablo foaturo “ tho quadruple control which now
exists over mombor banks” — tho Socrotary of tho Treasury,
Ocmj. 0 1915.]
THE CHRONICLE
the Com ptroller of the Currency, the Fedoral R eserve Board
an d the Fedoral R eserve ban ks.
I t w ould seem , he sa y s,
to bo logical and natural th a t w hen the system gets settled
in to w orking order, the supervision of th e m em ber banks
should be oxercised largely, if n o t entiroly, through the
Federal Resorve ba n k s. T h e follow ing abstract of his
rem arks w as printed in a recent issue of th e “ Journal of the
A m erican Bankers’ A ssocia tio n .”
In discussing the Fedoral Reserve Act we must keep in mind what Con
gress was trying to accomplish by the passage o f this law. N o law has over
boon passed by Congress for the creation o f Government banks except
nndcr prcssuro o f somo very groat necessity.
The first bank o f the United Statos was organized to givo the people of
this country ordinary banking facilities which privato capital had failed
to furnish.
The second bank o f tho United States was organized to give the country
a uniform currency to tako the placo of the vast amount o f State bank
notes which wore in circulation at that time at a discount all the way from
5 to 20% .
Tho National Bank Act was passed as a war measure to bolster up the
credit o f the Government.
The presont Federal Reserve Act was passed under equal pressure,
but o f an entiroly different kind. There was no lack of banking facilities
in tho country. On tho contrary, more business was being done on bank
credit than in any other country in the world; no fault was found with our
currency, every dollar being just as good as any other dollar; tho credit
o f our Government was tho best in tho world. Tho complaint was that
periodically our machinery broke down, solvent banks were forcod to
suspend paymont and tho injury to business was so groat that it became
intolerable.
Tho Monetary Commission, with Senator Aldrich at its head, came to
tho conclusion that tho greatest weakness in our banking system was our
method o f carrying reserves. That is, allowing one national bank to
make a deposit with another national bank and call that resorve, at tho
samo timo permitting tho Reserve bank to loan out 75% o f tills deposit.
Under this system our national banks were counting hundreds of millions
as legal resorve that had no existence anywhero in available form. Tills
naturally led to a breakdown whonever any general attempt was made to
draw on theso resorves. Senator Aldrich and his Commission fully realized
this, but, owing to tho almost unanimous opposition o f tho banks to any
change in this mothod o f carrying reserves, tho Commission yiolded and
dovotod all its efforts to devising a plan by which the penalties of this kind
o f unsound banking might bo evaded. It was very much as though wo
had boon periodically devastated by fires and instead o f working to lessen
tho firo risk wo devoted all our energies to increasing tho offociency of the
firo department.
Tho present Foderal Reserve Act strikes at tho root of this evil by pro
viding that after three years no deposits by banks in any other banks
oxcopt the Federal Reserve banks shall count as legal reserve. It also
provides that banks belonging to this systom shall havo practically un
limited discount privileges with the Federal Reserve banks so that hcroaftor there will bo no excuse for suspension of currency payments on the
part o f solvent banks and no excuse for withdrawing or disastrously cur
tailing crodlts in a time o f danger.
Somo bankers are o f tho opinion that the Aldrich-Vreeland Act would
accomplish this purpose. It is fair to say that it did not accomplish this
purpose in August, 1914. It undoubtedly saved tho country from a much
worso disaster than it suffered, but its operation was too slow to prevent
tho temporary suspension. One day’s suspension of payment causes
a breakdown o f credit which cannot be remodied by flooding the country
with any amount of curroncy afterwards. A log may bo broken very
quickly, but it takos a long time to heal, and no amount of splints or crutches
will effect an immediate cure.
Tho Foderal Reserve banks, however, are in position to afford the
necessary roliof before tho break comes. During tho financial crisis in
this country between August 1st and November 1st 1914, which was tho
most sovoro in our history, there wero about $45,000,000 o f Clearing House
certificates and Aldrich-Vreeland notes used in tho Federal Reservo .Dis
trict o f Chicago, and tills proved to bo ample for all necessities. Tho
Fedoral Reservo Bank of Chicago could to-day Issuo $60,000,000 of
Federal Rosorvo notes against tho reserve now in its vaults and, if the
danger was sufficient to justify a suspension o f reservo requirements, it
could issue $120,000,000.
As soon as tho timo comos when its mombor
banks carry tho full quota with tho Fedoral Resorve bank this bank can
issuo three times tills amount of currency at almost a moment’s notice,
while the experience last year showed that it takes nearly 30 days to got
tho Aldrich-Vreeland machine into full operation. N o ono familiar with
those facts can doubt that had tho Foderal Reserve banks been in operation
on the first of last August as they are to-day, no suspension would have
occurred.
This is tho real object of the Federal Rosorvo Act, and I believe that
object has been accomplished. In comparison with the othor foaturos
of tho Act, such as handling cheeks at par, are of minor importance. The
provision that chocks on member banks should bo taken everywhere at
par was put into tho Act to make it popular with tho business public,
but it might better have been left out, as it violates sound oconomic prin
ciples. There is no way of transferring money from ono point to another
without oxponso any more than there is of transferring merchandise without
expense, and thero is no more reason why one should bo expected than
tho other.
Tho question is asked, “ Why do not State banks come into this systom?”
Tho answer Is that State banks are using ordinary business precaution and
ordinary everyday barnyard senso in waiting to soo what rules are adopted
by tho Fedoral Rosorvo Board for the government o f State banks coming
into tho system. Thero is every reason to suppose that theso rulos will be
liboral and will not only givo tho State banks practically all the legitimate
banking privileges thoy enjoy under their State charters, but will permit
them to rotiro from tho Foderal Rosorvo systom without penalty if they
find It to tliolr interest to do so. This may seem unfair to the national
banks, but tliore are two sidos to that. If any groat number of State
banks enter tho systom thoy will bocomo an important factor in tho Foderal
Rosorvo banks, and should any disposition arise among Stato banks to
withdraw from tho systom it would indicate to tho Federal Rosorvo Board
that there was oithor something wrong witli tho law or with tho adminis
tration o f tho law, and they would undoubtedly seek to correct all such
defects to tho advantage o f the national banks as well as tho Stato banks.
There aro, naturally, many foaturos o f the law which will havo to be
changed, and tho Stato banks can bo o f far greater assistance in bringing
about theso changos by staying out of the systom than thoy can by coming
into it. For example, tho quadruple control which now exists over mem
ber banks is highly objoctionablo. Tho Secrotary o f the Treasury, tho
11 55
Comptroller o f the Currency, the Federal Reserve Board and the Federal
Resorve banks can and do exercise separate control and authority over
the individual banks, and no one knows where the authority o f one leaves
off and the others begin.
It would seem to bo logical and natural that when the system gets settled
into working order the supervision of the member banks should be exercised
largely, if not entirely, through the Federal Reserve banks. These banks
aro vitally and selfishly interested in seeing that the member banks are
kept in a solvent condition, and I think any one familiar with the subject
will admit that such supervision and control would be far more efficient
than any supervision or control which can possibly be exercised through
the office of the Comptroller of the Currency. In fact, it is hard to under
stand why that office need bo continued after the systom has come into
full operation.
I have no doubt that when the next financial crisis approaches, if not
before, there will be a large movement o f Stat8 banks doing a commercial
business into the Federal Reserve system, as State banks outside of the
systom will then be placed at a distinct disadvantage. Heretofore State
banks have been in a somewhat better position than the national banks
at such times, as their deposits are of a more stable character and they
have usually been able to require notice of withdrawal on a largo part
of their deposits. All that will be changed in tho future. There will be
no more clearing-house certificates; no more Aldrich-Vreeland notes, and
no more notices required of withdrawal of savings depposits. The Foderal
Reserve Act provides a way by which all this can be avoided, and the
public will not tolerate any such inconvenience in the future as it ha«
suffered in the past.
REDFIELD TO PREVENT “ DUMPING” BY FOREIGN
MANUFACTURERS.
T h a t the D ep artm en t o f Com m erce w ill n ot perm it
“ dum ping” b y foreign manufacturers after the war is ov er,
to injure A m erican industries, was indicated in an open letter
recently w ritten b y Secretary of Com m erce R cd field to
D r . E . E . P ra tt, C h ief o f the Bureau of Foreign and D om estic
Com m erce. M r . Redfield stated th a t he w ould recom m end
in his annual report “ that unfair com petition from abroad
shall not be perm itted to injure a legitim ate A m erican indus
try a n y more than it is perm itted to do so in our dom estic
field .”
A s to the m eans to be em ployed to prevent “ d u m p in g ,”
the Secretary of C om m erce said th a t he was “ considering
the m ethods used in different countries w ith a frank prefer
ence for such as have nothing to do w ith tariff or d u tie s.”
T ho letter is as follow s:
If the question arises as to the attitude of the Department of Commerce
toward what is called “ dumping” after the war shall end, you may say that
I shall recommend in my annual report that unfair competition from abroad
shall not bo permitted to injure a legitimate American industry any more
than it is permitted to do so in our domestic field. Especially I should op
pose action on the part of any foreign monopoly toward controlling tho
American market by unfair competition in an attempt to injure or destroy
an American industry. There is no doubt in my mind that this should be
dono. Tho more serious question to which consideration is being given is
as to the method o f doing it.
Various plans have been proposed, some of which seem to permit reac
tions which are possibly und&sirable. I an considering the methods used
in different countries, with a frank preference for such as have nothing to
do with tariffs or dutios. I should be very glad to receive suggestions from
practical commercial men as to tho most efficient means o f detaching and
preventing this unfair competition.
You may be quite sure of my earnest purpose to provide, so far as it lies
in my power to do so, that American industries shall not suffer from a type
of unfair competition at the hands of foreign producers which would be for
bidden if it took place at the hands of American producers.
T h e Secretary’s letter followed numerous conferences an
plans for dealing w ith the situation which is expected to fol
low the w ar. T h o Bureau of Foreign and D om estic C o m
merce and the Federal Trado C om m ission have begun a
detailed investigation of the subject, which will cover the
operations of the laws of various countries which prohibit
“ d u m p in g.”
T h e D ep artm ent of Foreign and D om estic
Com m erce m ade public on the 1st inst. a statem ent which
it had prepared, giving a sum m ary of the legislation whicn
has been enacted in C an ad a, South A frica and Australia to
prevent “ d u m p in g.”
T h e agitation to protect new A m erican industries from
foreign com p etition, which is expected a t the close of the
w ar, has been started b y A m erican manufacturers who are
desirous of entering fields of production which before the ou t
break of the w ar were occupied b y Europoan firm s.
Theso
manufacturers are seeking assurances th a t they will n ot be
subjected to a flood of foreign-m ade products when peace is
restored. M anufacturers who are preparing to m ake dye
stuffs have been especially anxious in this respect, because
they fear th a t the A m erican m arkets m a y be flooded w ith
low-priced G erm an products.
SHIPMENTS OF ANTHRACITE ACCORDING TO SIZES.
A statem ent ju st issued b y the A nthracite Bureau of In
form ation a t W ilk es-B arre (Edw ard W . P arker, Director)
gives the distribution o f the shipments of anthracite during
1914 according to sizes shipped from the different regions.
It shows that of the 6 8 ,3 4 2 ,6 0 1 tons sent to m arket in 1 9 1 4 ,
4 1 ,9 7 6 ,9 0 7 tons, or 6 1 .4 2 % , were of the prepared or dom estic
sizes, and 2 6 ,3 6 5 ,6 9 4 tons, or 3 8 .5 8 % , consisted of pea and
[Vol. 101.
THE CHRONICLE
1156
smaller sizes.
One of the interesting features of the state
m e n t is the larger proportion of prepared sizes and the
sm aller proportion of steam sizes shipped b y the W y o m in g
region as com pared with the Lehigh and Schuylkill regions.
T h e shipm ents of stove an d ohestnut coal, the tw o highest
priced grades, from the W y o m in g region constituted 4 6 .6 0 %
of the total from th at region, whereas the shipm ents of these
sizes from the Lehigh and Schuylkill regions constituted
only 3 9 .0 7 and 3 9 .4 5 % , respectively, of the totals from these
districts.
T h e shipm ents of pea and smaller from the W y
om ing district constituted 3 5 .3 8 % of its total as com pared
w ith 4 2 .7 % from the Lehigh and 4 3 .6 4 % from tho Schuyl
k ill. Th ese figures exem plify tho more favorable m ining con
ditions th at obtain in the W y o m in g or northern region.
Th ere was a slight increase in the percentage of small
sizes in 1914 ( 3 8 .5 8 % ) as com pared with 1913 ( 3 8 .2 6 % ) , bu t
w ith tho exception of 1913 the percentage of sm all sizes in
1 91 4 w as tho sm allest in several years, and points, it is stated,
to tho gradual disappearance of the culm banks from which
tho greater part of this portion of the product has been
obtain ed . T h e ou tp u t of “ w ashery” coal, as that from the
culm banks is designated, reached its m axim u m in 1909,
when 4 1 .7 6 % of the total production consisted of tho small
sizes. B y 1912 it had dropped to 3 9 .2 3 % and in 1913 it
was 3 8 .2 6 % .
STATEMENT SHOWING PERCENTAGES OF VARIOUS SIZES OP ANTHRA
CITE SHIPPED FROM SEVERAL REGIONS DURING YEAR 1914.
W y o m in g R e g io n .
T on s.
78,605
2,055,223
Egg - ............ 5,188,774
Stove........ . 8,987,458
Chestnut__ 10,032,255
4,528,514
H’kwh’ tNo. 1 4,430,737
Smaller than
B. No. I . . 5,459,237
P e r C l.
L eh ig h R e g io n .
T on s.
.19
27,755
5.04 468,830
12.73 1,167,515
22.05 1,696,741
24.61 1,854,383
11.11 1,148,960
10.87 1,285,262
.31
5.16
12.85
18.67]
20.41
12.64
14.14
T o ta l.
S ch u y lk ill R eg io n .
T on s.
P er Cl
70,028
934,070
2,118,487
3,419,831
3,876,952
2,344,120
3,203,990
P er C l.
T on s.
176,388
.38
5.05 3,458,123
11.46 8,474,776
18.49 14,104,030
20.96. 15,763.590
12.68 8,021,600
17.32 8,919,989
P e r C l.
.26
5.06
12.40
20.04
23.06
11.74
13.05
13.40 1,437,659 15.82 2,527,209 13.66 9,424,105 13.79
40,760,803 100.00 9,087,111 100.00 18,494,687 100.00 68.342,601 100.00
B A N K IN G ,
L E G IS L A T IV E
AND
F IN A N C IA L
NEW S.
N o sales of bank stocks wero m ado at tho Stock Exchange
this week and only ten shares wero sold a t au ction .
There
wero no public transactions in trust com pany stocks.
Shares. HANK—New York.
Low. High. Close.
Last previous sale.
10 National City B a n k ............ 392
392
392
Sept. 1915— 400
N o w Y o r k Stock Exchango m em berships mado further
advances in price this w eek, sales being reported a t 8 6 4 ,0 0 0
and 8 6 5 ,0 0 0 .
T h e last represents an advance o f 8 2 ,0 0 0 over
tho previous reported transaction.
Owing to tho enormous grow th and importance of tho
In vestm en t B an kers’ A ssociation of A m erica, it has been
found necessary to provide largor and more com m odious
' offices, and to this end tho A ssociation has taken fine
large quarters in the H arris T ru st & Savings B an k Building,
111 W e s t M on ro e S treet, C h icago.
In tho now quarters
tho oxecutivo officers of tho A ssociation will bo ablo not only
to properly transact their affairs, but also to adequately
care for visitors.
N o w Y o rk State Superintendent of B anks R ichards ap
pointed on S ep t. 3 0 A lb ert D o Lissor of N e w Y o r k and
B enedetto A . P alum bo of B rook lyn as inspectors in tho
privato bankers bureau of tho S tate B anking D ep artm ent.
T h e y will bo detailed to m ake investigations of alleged vio
lations of tho privato banking law . T h o position of inspector
of private bankers has been n ecossi'atod b y tho banking
law passed last year which placed privato bankers under tho
jurisdiction of the State B anking D ep artm en t.
the new ly charted W estern H em isphere, as discovered b y
C olu m bu s.
T h e L iberty N a tio n a l was heretofore located
at 139 B road w ay , where it had been since January 1903.
Prior to th a t date the bank was located a t the corner of L ib
erty and W e s t streets.
T h o institution has a capital stock
of 8 1 ,0 0 0 ,0 0 0 .
On S ep t. 2 it had surplus and profits of
8 3 ,0 4 5 ,8 8 0 and on S ep t. 2 5 showed net deposits of 8 4 9 ,4 8 3 ,
000.
T h o officers of tho bank are T h om as C ochran, Presi
dent; D aniel G . R e id , H a rv e y D . G ibson and Alexander M .
H all 2 d , V ice-P residents; Charles W . R ieeks, Vice-President
and Cashier; Frederick P . M c G ly n n , Theodore C . H o v e y and
Louis W . K n ow les, A ssistan t Cashiers.
N egotiations which have been pending for some tim o cul
minated yesterday in an agreem ent under tho terms of which
prominent stockholders in tho M ech an ics’ & M e ta ls N a tio n al
B ank agreed to purchase a controlling interest in the stock
of the N e w Y o r k Produce Exchange B a n k w ith its several
branches.
In the event of consum m ation , it is understood
th a t, while the personnal of tho board of directors m a y be
changed, inasm uch as President Forrest H . Parker desires
to retire on account of his long service of 3 2 years in tho
presidency, no further change in the official staff of tho
bank or its branches is contem plated.
T ho N o w Y o r k Pro
duce Exchange B ank and its branches will continuo as an
organization as heretofore, and will have tho added facilities
afforded b y an affiliation w ith the M ech an ics’ & M ota ls
N a tio n al B a n k .
It is w ithin tho possibilities that a merger
m a y bo ultim ately effected, in which event tho business of
tho N e w Y o r k Produce Exchango B ank and its branches
would be conducted under tho nam e of tho M ech an ics’ &
M eta ls N a tio n al B a n k .
I t is an interesting fact that G ates
W . M cG a rra h , tho President of tho M ech an ics’ & M otals
N a tio n al B a n k , w as connected w ith tho N e w Y o rk Produce
E xchange B ank from tho timo of tho organization of the
latter until 189 8 .
•
T h e Transatlantic T ru st C o ., at 6 7 -6 9 W illia m S t. and
109 A venue A , this city , announces that it will receivo sub
scriptions for the Im perial Gorm an G overnm ent 5 % bonds
of tho third G erm an war loan.
T ho Transatlantic T rust
C o . m akes m oney-forw arding a specialty, and as fiscal agont
of tho R o y a l H ungarian P ostal Savings B a n k of B u d ap est,
H u n g ary, it has unequalled facilities for remittances des
tined to A u stria-H u n gary. Julius Pirnitzer is President.
T h o B ryan t Park B a n k , W . W . W arn e r, President, of
this c ity , will m ove about O ct. 15 to tho Candler Building,
220 W e s t 42d Street, near Seventh A ven u e and Broadw ay.
T h e now offices, on tho ground floor, w ill bo larger and more
attractive in every w ay than tho present quarters a t 122
W e st 42d S treet. T ho location is pivotal for convenience,
as it is adjacent to the T im es Square subw ay station, also
near tho now Seventh Avenuo subw ay, now building, tho
B roadw ay surface trolley cars and all tho crosstown surface
lines.
H enry S . B rad ley, the missing m ail teller of tho M erch an ts’
N ational B ank of this city , was indicted on a charge of grand
larceny b y tho G rand Jury before Judge M a lo n e in Goneral
Sessions on S ep t. 2 8 . A s heretofore stated, Bradloy dis
appeared on S ep t. 16.
Irregularities wore discovered in his
books, but no statem ent has been issued b y tho bank as to
the am ount of the alleged shortago.
T h o P eople’ s T ru st C o m p a n y of B rooklyn is enlarging its
building on M on ta gu o Street in order to adequately ac
com m odate its business.
T h e alterations will increase tho
working space in the building ab ou t 5 0 % .
T ho plans em body
a tw o-story extension to the present structure. A new direc
tors’ room will occupy tho second floor of tho extension.
A dditional working spaco is to bo acquired b y tho erection of
a mezzanino floor over the va u lts.
Tho alterations are oxpccted to be com pleted b y tho m iddle of N o vem ber.
T h o Liberty N a tio n al B a n k of this city on tho 4th inst.
m oved into its new quarters on tho ground floor of the E qui
table B uilding. A s heretofore stated, tho bank has a lease for
tw en ty-on e years, w ith renewal privileges, covering the en
tire Broadw ay grade frontage of tho building to tho north of
Lowell M . P alm er, a director in tho M ark o t & Fulton N a
the arcade entrance, the space consisting of ab ou t 5 ,0 0 0
square feet at B roadw ay and C edar Street for tho m ain tional B a n k of M a n h a tta n and tho Franklin T ru st C o . of
M r . Palmor
banking room and executive offices, and a large office spaco B rook lyn , died on S ep t. 3 0 at S tam ford , C o n n .
on tho mezzanino and second floors. T h o new quarters was a prom inent business m an in B rooklyn and was connected
are dosigned in accordance w ith tho latest ideas in office w ith m a n y large enterprises. H o was born in 1845 and served
H o founded tho Palm er D ock
architecture. T h o electrical arrangements in tho now of throughout the C iv il W a r .
fices, especially tho great globe in tho center of tho banking ' C om pan y of B rook lyn and was for m any years its President.
floor spaco, are particularly striking. T ho hugo globo is H o organized and was President of tho B rook lyn Cooperage
a reproduction in stained glass of tho world of 1492, showing ’ C om pany and was a director of the Amorican Sugar R efin in g
Oct. 9 1915.]
THE CHRONICLE
C o m p a n y . H o retired from these business interests in 1904
bu t retained his place as a director in m an y large corporations,
from w hich in later years he gradually w ith drew . A t the
tim e of his death he was a director in th e above-m entioned
ban ks, the M a n h a tta n Life Insurance C o . and the U nited
States “ L lo y d s” ship insurance concern, as well as President
of E . R . Squibb & Sons an d Vice-P resident of the P alm er
L im e & C em ent C o .
T h e stockholders of the B a n k of L on g Isla n d , whose m ain
office is at Jam aica, voted on S ep t. 2 7 to increase the capital
from $ 7 5 0 ,0 0 0 to $ 9 0 0 ,0 0 0 b y the issue o f 1 ,5 0 0 additional
shares of a par value of $ 1 0 0 .
It is understood th a t the
proceeds of the sale will be used in purchasing the F irst
N a tio n a l B a n k of C oron a, L . I . , which will becom e a branch
of the B a n k of L ong Islan d . A s heretofore sta ted , negotia
tions w ith th a t ob ject in view have been going on for som e
tim e.
I t is reported th a t W . J . H a m ilto n , President of the
C orona b a n k , will be m ade a V ice-P resident of the B a n k of
L on g Island and 0 . G . Alexander, Cashier of the First
N a tio n a l, w ill be in charge of the C orona branch.
W illia m E . G reen, a director in the T ren ton Banking C o .
of T re n to n , N . J ., has been appointed to tho new ly-created
position o f A ssistant to John A . C a m p b ell, President o f the
in stitu tion .
T h e office was created b y the directors in order
to relieve M r . C am pbell of detail w ork.
T h e Com ptroller of tho Curroncy issued on the 1st inst.
his certificate showing t h ; capital of tho Central N a tio n al
B a n k of B u ffa lo , N . Y . , to bo $ 1 ,0 0 0 ,0 0 0 .
A s heretofore
stated, the directors of tho bank planned in A u gu st to in
crease the capital and 6 ,0 0 0 shares of stock wero sold at
$ 2 0 0 per share, producing $ 1 ,2 0 0 ,0 0 0 of new c a p it a l; nd sur
p lu s. T h is su m , added to the previous am ou n t of $ 4 0 0 ,0 0 0 ,
m akes a present capital and surplus o f $ 1 ,6 0 0 ,0 0 0 .
The
b a n k ’s facilities for doing business are now greatly enlarged.
T ho Central N a tio n al began business in 1 905 w ith a capital
of $ 2 0 0 ,0 0 0 and no surplus, and to -d a y has a capital stock
of $ 1 ,0 0 0 ,0 0 and surplus of $ 6 0 0 ,0 0 0 .
T h e depositors of the defunct Traders* N a tio n a l B a n k of
L ow ell, M a s s ., which failed in October 1 9 1 3 , have been paid
an additional dividend o f 1 0 % , which represents a disburse
m en t o f $ 2 8 1 ,4 6 1 . A s previously stated, tw o dividends of
5 0 % and 1 0 % , respectively, wero paid last year. T h u s, with
the present disbursem ent, depositors have received 7 0 % of
their deposits.
I t is reported th a t the total am ount returned
is $ 1 ,9 6 9 ,9 4 4 .
D ecius B eeb e, President o f the M elrose N a tio n al B ank
o f M elro se, M a s s ., died on S ep t. 2 3 . M r . Beebe was a
trustee in tho M elrose Savings B a n k and a m em ber of the
firm of L .
eebe & C o ., leather m erchants o f B o ston .
Jam es F . P ennell, President o f tho Charles R iver T rust
C o . o f C am bridge, M a s s ., died on the 5 th inst. M r . P en
nell was V ic -P resident o f the Lechmere N a t onal B ank o f
E a st Cam bridge and a m em ber o f tho board o f investm ent
of tho Cam bridge Savings B ank
W illia m P . G e st, heretofore Vice-P resident of tho F idelity
T ru st C o . o f Philadelphia, has been chosen President to
succeed tho late R udulph E lk s, who died on S e p t. 2 1 .
M r . G est has been connected w ith the institution since 1889
and for m an y years has been V ice-P resident, w ith im m ediate
supervision over trusts.
H e is a son of the late John B .
G e s t, a form er President of the F id elity.
M r . G est has been elected a director of the F ourth Street
N a tio n a l B a n k of P hiladelphia to fill the vacan cy caused b y
the death of M r . E llis.
T h e Seaboard B a n k of Baltim ore opened for business in
its perm anent homo a t tho southwest corner of Charles and
Preston streets on S ep t. 2 9 .
T h e bank began operations on
A pril 2 6 in tem porary quarters a t 1222 N o rth Charles street.
It has a capital of $ 1 5 0 ,0 0 0 and surplus of $ 3 7 ,5 0 0 .
T h e offi
cers aro W . Bernard D u k o, President; E dw in W . A d a m s, V ice
P resident, and R obert A . D ig g s, Cashier.
A t a m eeting of the board of directors of tho E quitable
T ru st C o . of Baltim ore on tho 5th in s t., R . W . Alexander,
John E . Sem m es Jr. and J . S . Cosdon were chosen directors.
M r . Alexander was also elected a V ice-P r sident of he com
pany.
M r . Sem m es is a m em ber of the law firm of Sem m es,
1157
Bow en & S em m es, and M r . C osden is President of the
C osden & C o . oil refinery. M r . Alexander is Vice-Presidenfc
of the C itizens’ C o m p a n y , an investm ent and underwriting
corporation. A s heretofore sta ted , the E quitable T ru st was
form erly known as the M u n se y T ru st C o ., the nam e having
been hanged last J u ly.
A rth ur G . P la n t, head o f the banking and brokerage firm
of A . G . P lan t & C o . of W ash in g ton , D . C ., com m itted
suicide on Septem ber 3 0 .
I t is generally believed th a t M » .
P la n t’s action w as caused b y the failure o f the banking
firm , for which a receiver was appointed b y Justice M c C o y
on the d ay of tho traged y. D e a th w as caused b y a pistol
shot. M r . P la n t w as a m em ber of the W ash in gton S tock
E xchange. A t its regular session on the 1st in st., the
Exchange adopted a resolution extending the sym p a th y
of the mem bers to M r . P la n t’s im m ediate fam ily and rela
tives. Frederick A . F enning w as appointed receiver fo i
the firm . A ccording to M r . Fenning the debts of the
bankrupt concern w ill to ta l a b ou t $ 4 0 ,0 0 0 .
I t is reported
that Jam es E . T iffa n y , whose claim s are said to aggregate
nearly $ 2 0 ,0 0 0 , is the largest single creditor.
Charles I I . Loughm an has becom e associated w ith the
Illinois T ru st & Savings B a n k o f Chicago in its bond de
partm ent. M r . L oughm an’s form er business connections
were w ith the old firm of R e d m o n d , K err & C o . in N e w Y o r k ,
and w ith the Chicago office of H o d e n p yl, H a rd y & C o .
In a cross bill filed in the Circuit C ourt a t Chicago on
S ep t. 2 4 , W illia m C . N ib la ck , receiver for the defunct L a
Salle Street T ru st & Savings B a n k of C hicago, seeks to re
cover $ 1 ,2 5 0 ,0 0 0 alleged to have been unlaw fully held by the
Central T ru st C o . o f Illinois. T e n individuals are also nam ed
in the bill, which charges th a t upon the conversion in 1912
of the L a Salle Street N a tio n a l B a n k into the L a Salle S treet
T ru st & Savings B a n k , ten stockholders of the form er in
stitution gave their notes to the national bank for $ 1 2 5 ,0 0 0
each, m aking a total of $ 1 ,2 5 0 ,0 0 0 . U p on these notes, it is
alleged, the L a Salle Street N a tio n al B a n k gave its bankers*
check for th a t am ou n t to the C entral T ru st C o . of Illinois
and received $ 1 ,2 5 0 ,0 0 0 in cash.
T h e bill states that this
cash w as shown to the State B a n k E xam iner in order to
satisfy the State officials that the capital and surplus of the
L a Salle Street T ru st & Savings B a n k was fully paid up a s
required b y law . A fter permission had been granted b y
the State authorities for the opening of the new bank it is
alleged th a t the cash was returned to the Central T ru st C o .
in exchange for the $ 1 ,2 5 0 ,0 0 0 check.
T h e bill says:
At the time the Central Trust Co. delivered to the representative of said
Trust & Savings Bank said sum o f $1,250,000, said Central Trust Co.
well knew that the delivery of said sum was not, and was not intended to
be, a bona fide transaction, but was merely a colorable one, that said
Trust & Savings Bank should be enabled to commence the business foi
which it was organized without its authorized capital stock and proposed
surplus or any part thereof having been paid in, and without said Trust &
Savings Bank having assets of a value in excess of its liabilities to its
creditors.
T h e cross bill seeks to hold the ten m en w ho gave their
notes and the C entral T ru st C o . of Illinois responsible to the
extent of $ 1 ,2 5 0 ,0 0 0 on the ground that the am ount is a trust
fund for the defunct b a n k .
T h e ten individuals nam ed in
the bill are W illia m Lorim er, form er President of the L a Salle
Street T ru st & Savings B a n k ; Charles B . M u n d a y , who was
Vice-President of the defunct institution; H . W . H u ttig ,
T h om as M c D o n a ld , Charles G . F o x , Charles E . W a r d ,
P . M . H a n n ey , J . K . Seagrave, A braham L evin and F rank
M . Spohr.
T h e following statem ent regarding the cross bill was issued
b y Charles G . D a w es, President of the Central T ru st C o . of
Illinois on S ep t. 2 4 :
The charge that the Central Trust Co. of Illinois, in the performance o
a courtesy without compensation to a neighboring bank and to the State
Bank Examiner in connection with what has been universally a custom In
this State in the organization of State institutions under the law, deliber
atcly involved itself in a conspiracy is absolutely unfounded and unjust in
the highest degree.
The request made upon the Central Trust Co. of Illinois by the officers
o f the La Salle Street institutions and by the Bank Examiner to furnish
this currency was not regarded as unusual, since, under an office regulation
of the State Auditor, when a bank is organized under State laws, the Bank
Examiner, in completing his work, is required to count the capital in
currency.
Since, under modern banking methods, subscriptions to capital stock
are usually and actually paid by stockholders in the shape of checks and
not in currency, which chocks are deposited by tho organizing bank In a
city bank, this city bank, at request, cashes in currency tho check of the
organizing bank so that the capital can be counted in currency by the
State Bank Examiner.
The State Bank Examiner himself presents the check on the bank and
receives the currency. T o save risk, expense and trouble of transportaI tion, it is the custom o f the Examiner, after receiving a physical transfe*
1 of the cash to himself, to count it under the roof of the city bank, returning It
1 1 58
THE CHRONICLE
*f tor ward. This has been tlio usual custom In this Stato. When the
Central Trust Co. o f Illinois furnished this currency it had no reason
whatever to suspect the solvency o f the La Salle Street institutions or the
good faith of the State Bank Examiner, who was sponsor for the good faith
of the La Salle Street institutions.
Receiver N ib la ck of the defunct L a Sallo Street institution
had the follow ing to say regarding tho action:
The laws o f tho State o f Illinois provide that tho representative of the
auditor of public accounts shall count out In cash the amount o f the capital
stock of a now bank before It is permitted to do business. No securities
belonging to tho now bank can bo considered by tho Bank Examiner. lie
must certify that ho counted tho cash capital and tho cash surplus, if any.
Whon the La Salle Street National Bank changed over into a S tato bank,
it became necessary for the Stato bank to havo tho amount o f its capital
and surplus in cash. The Central Trust Co. o f Illinois provided the
money for that purposo and the money was counted by tho Examiner.
Attorneys for depositors and many shareholders of tho La Sallo 3treot
Trust & Savings Bank insisted that I should include in tho dragnet bill
which I havo filod an allegation that this furnishing o f tho money by th6
Central Trust Co. of Illinois was unlawful and illegal. I havo filed the
bill at their solicitation. Of course tho claim against tho Central Trust
Co. of Illinois Is highly technical and is undoubtedly a very novel question
in this Stats.
T h o original bill, to w hich the receiver’ s cross bill is an
answ er, w as brought b y John P . G olden and the Im porters &
M anufactu rers C o . and sought to enforce the double liability
of tho stockholders in tho L a Sallo Street T ru st & Savings
Bank.
T h e cross bill sets forth th at tho defunct bank at
present lacks m ore than $ 2 ,0 0 0 ,0 0 0 of being able to satisfy
in full tho claims of creditors.
I t also asks th at the stock
holders bo assessed double liability on their holdings.
T h o N orth w estern N ation al B a n k of M in n eapolis has in
augurated a thrift departm ent as an addition to its regular
savings departm ent.
T h e system of thrift savings which
tho bank has established provides for saving a definite sum
w ithin a certain tim o through sm all w eekly paym en ts.
Tho
plan offers an opportunity to the bank’ s clients to provide
a sinking' fund for specific purposes, such as tho paym ent
of life Insurance prem ium s, taxes, & c .
W h e n tho required
am ou n t of m on ey has been saved interest is paid thereon
at the rate o f 3 ^ % per annum for the timo on deposit. H o w
ever, interest is n ot paid on th rift savings for a period less
than thirteen weeks or on those th at aro w ithdrawn before
'the am ou n t sought has been sav ed .
Cards aro issued to
depositors in the thrift departm ent instead of p ass-books,
and tho am ounts paid each week aro punched on tho cards.
I t was stated on the 7th in st.th a t tho Northw estern N a
tional had shown an increase of over $ 6 ,0 0 0 ,0 0 0 in deposits
since S ep t. 2 , tho date of the last C om ptroller’s call, and
that its deposits aggregated $ 4 0 ,0 0 0 ,0 0 0 , the largest total in
its history.
A run on the M anu factu rers’ N a tio n al B a n k of R acine,
W i s ., believed to have been caused b y a rum or th a t tho
bank was taking part in the A n glo-Fron ch loan, was started
on Septem ber 2 3 .
Largo consignm ents of m on ey were sent
to the bank from Chicago, and this help, com bined w ith the
active oo-operation of R acine m anufacturing concerns,
brought an end to the run on tho 2 4th u lt.
Regarding the
cause of tho ru n, Otis W . Johnson, President of tho b a n k , is
quoted in tho C hicago “ H erald ” as saying :
It is my belief that a rumor wo were taking part in tho war loan started
tho run. Wo liavo not oven thought o f buying shares In tho loan. If such
rumors were started with malicious intent thoso responsible may bo mado
to suffer.
Charged w ith em bezzlem ent and m isapplication of tho
funds of the D u b u q u e N a tio n al B a n k of D u b u q u o, Io w a , to
tho extent of approxim ately $ 2 0 ,0 0 0 , G eorge J . H o m a n ,
•Cashier of tho institution; Joseph F . Ila rrag an , V ice
President and teller and Charles R . Seigo, teller, wero
arrested on Septem ber 21 on Federal w arrants. T h e three
officials w aived prelim inary exam ination and wore released
on $ 5 ,0 0 0 bon d each, aw aiting action b y the Federal Grand
Ju ry, w hich m eets in D ecem ber. T h e w arrants wero sworn
out b y N a tio n al B a n k Exam iners R o b b and H au gen , who
had been working on tho books of tho ban k for tw o weeks.
H o m an an d Seige aro charged w ith em bezzlem ent and
Ilarragan is alleged to have m isapplied tho ban k’ s funds.
It is reported th a t tho bank is protected against loss b y
property and securities turned over b y tho accused officials
and b y their bonds.
A t a m eeting of the stockholders of tho M ercan tile T ru st
C o . of S t. Louis on S ep t. 2 7 three am endm ents to tho
articles of association were ad opted .
One of tho am end
m ents provides th a t all the powors and purposes specified
in tho now banking law of th at Stato shall bo included in
tho charter. T h o other two concern the num ber o f directors
necessary to constitute a quorum and the continuance of
tho existence of the corporation.
[Vol. 101.
Jacob E . U hrig has resigned as A ssistant Cashior of tho
S t. Louis-U nion B a n k of S t. L ouis. M r . U hrig w as form erly
President of tho S t. Louis C hapter, Am erican Institute of
B an k in g .
According to an announcem ent m ade on S ep t. 2 3 , H . C .
R od es, President o f the C itizens’ N a tio n al B a n k o f Louisvillo, K y ., will decline re-election as head o f tho institution
at the annual election of officers in January.
It is under
stood that M r . R odes will be succeeded b y S . B . L y n d , who
is V ice-P resident o f the ban k, and that Cashior P ercy I I .
Johnston will becomo V ice-P resident in addition to retaining
his present titlo.
M r . R od es, it is reported, will remain a
director and retain his interest in the b a n k .
M r . R odes was
form erly President of the Louisville Clearing H ouse A ssoci
ation, having rotirod from that position last January.
R ichard I I . S m ith , heretofore V ice-P resident and Cashier
of tho P lanters’ N a tio n al B a n k of R ich m on d , V a ., has been
elected President of the institution to succeed Jam es N .
B o y d , w ho died on S ep t. 6 .
M r . Sm ith has been connected
w ith tho bank for thirty-on e years.
H e becam o a discount
clerk in 1884 and in 1891 was m ado C ashier, assum ing tho
additional post of V ice-P resident in 1911.
R . L atim er G o r
don, heretofore an A ssistant Cashier of tho institution, ha»
been chosen a V ice-P resident and C onw ay H . G o rd on , who
was also an A ssistan t Cashier, has been advanced to tho
position of Cashier. Jaqueline P . T a y lo r, a director in tho
institution, has been elected Chairm an of tho board, and
John W . B o y d , son of the late James N . B o y d , has been
chosen to fill his father’s place as a director. J . J . M on ta gu e
continues as a V ice-P resident of tho bank.
Sherwood F ee, heretofore A ssistant Cashior of the C iti
zens’ N a tio n al B ank of W h eelin g, W . V a ., has been elected
Cashior to succeed R . R . B arrett, resigned. Prior to his
entrance into tho service of tho C itizens’ N a tio n a l, M r . F e«
was associated w ith tho G erm ania H a lf-D o lla r Savings B ank
J . B . E w ing has been elected an A ssistant Cashier of the
Stato B a n k & T ru st C o . of N a sh villo, T e n n . M r .E w in g ,w h o
was form erly Cashior of tho First N a tio n al B a n k of S m yrn a,
assum ed his now duties on the 1st inst. H . A . Vantrease
is also an A ssistant Cashier of the State B a n k & T ru st C o .
A.
G . C a m p b ell, form er President of tho failed First
N a tch e z B ank of N a tc h e z , M is s ., died recently in N a sh villo,
T e n n . M r . C am pboll was convicted on A pril 2 4 1914 on
a charge of receiving doposits after tho institution!, which
had failed on October 3 0 1 91 3 , was know n to havo been
insolvent.
H o was sentenced to tlireo years’ im prisonm ent
b u t was released on M a y 2 8 1914 under $ 2 5 ,0 0 0 bail on the
strength of a doctor’s certificate testifying to tho impaired
condition of his health. M r . C am pboll was m ado Cashier
of tho old First N a tio n al B a n k of N a tch e z in 1 88 7 , when the
bank was organized. A few years later ho was m ado Presi
dent and whon in 1895 tho First N a tch ez B a n k succeeded
the First N a tio n a l, M r . C am pb ell becam e President of th *
form er institution.
In com m em oration of its fiftieth anniversary tho A tlan ta
N a tio n al B a n k of A tla n ta held “ open house” for its friends
and patrons on Sopt. 2 7 , 2 8 and 2 9 .
T ho institution was
organized on S opt. 2 1865 and is said to have been tho first
national bank in tho South to recoive a cliartor under the
N a tio n al B a n k A c t.
T h o A tla n ta N a tio n al opened for
business on D e c . 19 1865 w ith a capital stock of $ 1 0 0 ,0 0 0 .
General A lfred A ustell was olected President, W . I f . T uller,
Cashier, and Paul R om are, bookkeeper.
In 1903 the capi
tal of the bank was increased b y a stock dividend from
$ 1 5 0 ,0 0 0 to $ 5 0 0 ,0 0 0 and later an additional dividend of
$ 5 0 0 ,0 0 0 was issued to stockholders, m aking tho present capi
tal of $ 1 ,0 0 0 ,0 0 0 .
On S ep t. 2 1915 the institution had sur
plus and profits of $ 1 ,3 5 3 ,8 8 6 , deposits of $ 6 ,7 1 3 ,8 7 7 and
total resources of $ 1 0 ,0 7 7 ,7 6 3 .
A total of $ 2 ,2 4 2 ,0 0 0 has
been paid b y the bank in dividends and tho total profits
since tho ban k ’s organization havo boon $ 3 ,5 0 0 ,0 0 0 .
The
building in which it had been planned to open the bank was
burned b y Sherm an’ s arm y and ponding tho rebuilding of
its hom e tho institution began operations in tho hom e of
General A ustell on M a rietta Streot.
On M a y 1 1903 it
m oved into its present quarters on tho northoast corner of
W h ite h a ll and A la b am a streots. T ho officers of the bank
aro C . E . Currier, President; F . E . B lock and J . S . F lo y d ,
1159
THE CHRONICLE
1)01'. 9 1915.]
Vice-P resident*; G . R . D o n o v a n , Cashier, an d J . S . K en n ed y
and J . D . L eitner, A ssistan t Cashiers.
T h e foregoing figures show a gross debt on S ep t. 3 0 of
$ 1 ,3 4 8 ,8 1 0 ,8 5 8 16 and a net debt (gross debt less net cash
in tho Treasury) of $ 1 ,1 3 1 ,8 3 2 ,7 8 8 2 9 .
T h o stockholders of tho H u m b o ld t Savings B a n k of San
Francisco vo ted on S ep t. 23 to incroaso tho capital of tho
institution from $ 6 0 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0 .
T h o ban k has
surplus and profits of over $ 1 0 0 ,0 0 0 and deposits of more
T R E A S U R Y C A S H A N D C U R R E N T L I A B I L I T I E S .—
T ho cash holdings of the G overnm ent as the item s stood
S ep t. 3 0 aro set out in the follow ing:
than $ 7 ,0 0 0 ,0 0 0 .
T h o directors of the B a n k of Ita ly a t San Francisco have
decided to put ou t the unissued 7 ,5 0 0 shares of tho author
ized capital stock of tho b a n k , thus increasing tho paid-in
capital from $ 1 ,2 5 0 ,0 0 0 to $ 2 ,0 0 0 ,0 0 0 .
T h o stock is to be
sold a t $ 1 3 0 per $ 10 0 share.
T h e directors have ordered
th at 2 ,5 0 0 shares be set apart exclusively for subscriptions
b y custom ers of the ban k w ho are n ot stockholders.
These
shares m a y be subscribed for in sm all lots of from ono to
ten sharos. L . Soatena, heretofore President of tho b a n k , has
been m ade C h airm an of tho B oard and A . P . G iannini,
First V ico-Presidont, has been chosen to succeed M r . S catona as P resident. P . C . H a lo , a director in tho b a n k , and
President of H alo B rothers, has been m ade First V ice
President.
A rrangem ents h ave boon complotod for tho taking over
of tho W ostern Com m ercial B a n k of O akland, C a lif., b y
tho Central N a tio n al B a n k of th at c ity .
T h e capital stock
of tho W estern Com m ercial B a n k , w hich is situated at
T w elfth an d Franklin streets, will rem ain in tho hands of
tho stockholders, who m a y either declaro a dividend or form
a now ban k. T h e W estern Com m ercial was organized about
a year ago from tho old H arbor B a n k of O akland, and had
doposits of ab ou t $ 2 5 0 ,0 0 0 .
T h o Central N a tio n al has a
capital stook of $ 1 ,0 0 0 ,0 0 0 an d doposits of over $ 8 ,0 0 0 ,0 0 0 .
J . F .C a rlsto n is President and M an ag er of tho Central b a n k .
Claronco B row n is President of tho W estern C om m ercial.
LIABILITIES.
•ASSETS.
T r u s t F u n d L ia b ilit ie s :
T r u s t F u n d H o ld in g s :
$
Gold coin and bullion__ 1,318,507,309 00 Gold certificates.......... .1,383,195,769 00
Sliver dollars__________ 491,514,000 00 Less certificates received
in exchange for gold
Silver dollars of 1890...
2,214,000 00
64,688,400 00
and order gold ctf3__
Total trust funds___ 1,812,235,309 00
Net............................1,318,507,309 00
G e n era l F u n d H o ld 'g s :
Sliver certificates.......... 491,514,000 00
In Treasury Offices—
2,214,000 00
46,522,149 97 Treasury notes________
Gold coin...... .............
Gold certificates........
26,018,270 00
Total trust liabilities. 1,812,235,369 00
Standard silver dollars
9,451,123 00
G e n 'l F u n d L ia b ilit ie s :
Silver certificates___
9,847,473 00
United States notes..
8,966,535 00 In Treasury offices:
Treas. notes of 1890..
3,84000 Disbursing officers’
balances__________
60,409,181 11
Certified checks on
Outstanding wairants
1,236,128 36
237,759 45
banks......................
Outstanding Treasur
Federal Reserve notes
7,594,725 00
er’s checks________
1,885,517 56
National bank notes.
26,233,307 53
Outstanding interest
Subsidiary silver coin
24,730,212 62
checks ___________
316,592 87
Fractional currency..
5100
P. O. Dept, balances.
7,581,449 09
Minor coin................
2,404,245 35
Postal Savings bals..
3,224,533 27
Silver bullion............
5,746,207 71
Judicial officers’ bal
ances, &c_________
7,054,491 57
T o ta l...................... 167,755,959 63
Redemption fund,
In Nat. Bank Deposit’s:
Fed. Reserve notes.
1,641,487 36
To credit Treas. U. S.
40,639,471 01
Nat. bank notes: Re
To credit postmasters.
demption fund___
23.096,069 50
Judicial officers, &c.
5,289,728 69
Retirement of add'l
circulating notes__
34.340,866 89
Total In banks----45,929,199 70
Nat. bank 5% Fund.
30,172,818 47
in Treas. Philippines:
Assets of failed na
To credit Treas. U. S.
3,011,618 66
tional banks______
1,738,723 97
To credit disbursing
Miscellaneous (ex
1,838,274 26
officers___________
changes, & c.)____
11,384,608 86
Total In Philippines..
4,839,892 92
T o ta l...................... 184,082,468 88
In Fed. Reserve Banks:
To credit Treas. U. S
15,000,000 00 In National Bank De
positories:
Judicial officers’ bal
ances, &c.......... .....
6,289,728 69
Outstanding warrants
645,398 24
Total In banks___
In Treasury Philippines:
Disbursing officers’
balances.......... .......
Outstanding warrants
5,835,126 93
Total in Philippines..
2,718,561 47
T otal liabilities
against cash---------
E dgar A m os has been m ade Vice-Prosidont of the Stato
B an k of Soattle, W a s h . M r . A m os was rocontly m ade a
director of tho institution to succeed W ill I I . P arry, w ho
resigned to become a m om bor of tho Federal Trade C o m m is-
C a sh D a l. A R eserveT o t a l cash reserve____
R eserv e F u n d H o ld in g s :
Gold coin and bullion..
DEBT STATEMENT OF SEPTEMBER 3 0 1915.
T h o following statem ents of tho public debt and Treasury
cash holdings of tho U n ited S tates aro m ade up from official
figuros issued S op t. 3 0 1915.
For statement of Aug. 31 1915
see issue of Sept. 2 5 191 5 , page 9 8 9 ; that of Sept. 3 0 1914,
see issue of Oct. 31 191 4 , page 1281.
INTEREST-BEARING DEBT SEPTEMBER 30 1915.
A m oun t
----------- A m o u n t O u ts ta n d in g ----------I n te r e s t
Issu ed .
R e g is te r e d .
C oupon.
T o ta l.
T itle o f L o a n —
P a y a b le .
$
$
$
____ ? _
2a Consoia of 1930.. . . . . . Q . - J . 646,250,150 643,310,250 2,933,900 646,250,150
3a, Loan of 1908-18...........Q.-F. al93,792,660 47,014,160 16,931,300 *63,945,460
4a Loan of 1925.................Q.-F. 5162,315.400 101,2,31,900 17,208,000 118,489,900
2a. Pan. Canal Loan 1906.Q.-F.
54,631,980 54,012,420
19,560 54,631,980
2a, Pan. Canal Loan 1908.Q.-F. 30,000,000 20,687,520
312,480 30,000,000
3a, Pan. Canal Loan 1911-Q.-S. 50,000,000 40,598,600 9,401,400 50,000,000
2 14s,Post .Sav .bds.T1-'14.J.-J.
0,441.000
5,712,500
729,100
0,441,600
24*9, Post. Sav. bds. 1915.J.-J.
805,500
780,560
84,940
865,500
Aggregate Int.-bearing d e b t..1,149,297,290 923,003,910 47,020,080 970,024,590
Made up of—
Available$40,898,894 97
and
Reserve Fund:
Gold and
'
bull.152,983,105 40
152,983,105 40
Grand total................ 2,198,753,526 65
1,838,274 26
880,287 21
192,636,157 28
193,882,000 37
Grand total.................2,198,753,526 65
T R E A S U R Y C U R R E N C Y H O L D I N G S — T h e follow ing
com pilation, based on official G overnm ent statem ents, shows
the currency holdings of the Treasury a t the beginning of
business on the first of J u ly , A u g u st, Septem ber and October
1915:
J u ly 1 1915 A u g . 1 l O l b l S e p t 1 1915
H o ld in g s i n S u b -T r e a s u r ie s —
S
$
S
Net gold coin and bullion.............241,322,017 257,006,051 241,840,744
Net sliver coin and bullion.......... 22,923,683 30,011,097 31,528.604
Net United States Treas. notes..
8,290
7,511
3,297
Net legal-tender notes__________ 14,645,022
12,517,467 10,072,178
Net national bank notes *.......... 36,388,737 37,731,120 33,853.197
Net subsidiary sliver.................... 26,397,048 26,298,677 26,277.417
3,312,897
3,173,716
3,011.068
Minor coin, &c.......................
O c t. 1 1915
$
225,523,525
25,044,804
3,840
8,966,535
33,828,093
24,730,213
2,642,055
Total cash in Sub-Treasuries..344,997,694 366.745.639i346.592,505 320,739,065
Less gold reserve fund.......... ....... 152,977,037 152,981,221 152,983,066 152,983,105
Cash balance in Sub-Treas’les.192,020,657 213,764,418 193,609,439 167,755,960
Cash In national banks—
To credit Treasurer of U. S . . . 88,274.716 46,502,976 43,180,814 c55,639,471
To credit disbursing officers...
5,055,811 4,723,592 5,208.480
5,289,728
a Of tlila original amount Issued, $132,449,900 baa been refunded Into the 2%
Consols of 1930 and $2,397,300 baa been purchased for tho sinking fund, dec., and
Total........................................... 93,330,527 51,231,568 48,387,294 60,929,189
canceled.
b Of tills or glnal amount lasued, S13,825,500 has been purchased for tho sinking
Cash in Philippine Islands........... 5.949,324
5,320,336
5,634,790 4,849,893
fund and canceled.
Net cash In banks, Sub-Treas.291,300,508 270,316,322 247,631,523 233,535,052
DEBT ON WHICH INTEREST HAS CEASED SINCE M ATU RITY.
Deduct current llabllitles.a...........121,511,516 100,731,869 128,340,533 133,557,733
A u g . 31.
Sept. SO.
Funded loan of 1891, continued at 2% , called May 18
Balance...................................... 169,788,992 169.584,453 119,290,990 99,977.319
1900, Interest ceased Aug. 18 1900..............................
$4,000 00
$4,00000 National bank redemption fund. 87,763,270 101,410,991 65,935,546 59,078,424
Funded loan of 1891, matured Sept. 2 1891__________
23,650 00
23,65000
I,oan of 1904, matured Feb. 2 1904.........
13,050 00
13,05000 Available cash balance.............. 82,025,716 68,173,462 53,355,444 40,898,895
Funded loan of 1907, matured July 2 1907___________
551,400 00
551,40000
Refunding certificates, matured July 1 1907..............
12,540 00
12,500 00
a Chiefly disbursing officers’ balances, x Includes In September $5,746,207 71
Old debt matured at various dates prior to Jan. 1 1801
silver bullion and $2,642,055 80 minor coin, &c.. not Included In statement "Stock
and other Items of debt matured at various dates
of Money", c Including $15,000,000 In Federal Reserve Banks.
subsequent to Jan. 1 1861.........................................
901,54020
901,54026
* Including $7,594,725 Federal Reserve notes on Sept. 1.
Aggregate debt on which Interest has ceased since
maturity.......................... ........................................$1,506,180 20
DEBT BEARING NO INTEREST.
A u g . 31.
United States notes................................................... $340,081,016 00
Old demand notea.....................................................
53,152 50
National bank notes, redemption fund...'._______
22,640,052 00
Fractional currency, less $8,375,934 estimated aa
lost or destroyed..................................................
6,850,239 90
Aggregate debt bearing no Interest.................... $370,224,460 40
$1,500,140 20
Septem ber 2 3 1915:
0,849,88990
$376,680,127 90
RECAPITULATION.
Interest-bearing debt..........
D e b t Interest ceased---------Debt bearing no Interest-----
S e p t. 30 1915.
$970,624,590 00
1,506,140 20
376,680,127 90
I n c r e a s e ( + ) or
A u g . 31 1915.
D e c r e a s e (— ).
$970,024,590 00 .................... .......
1,506,180 26
— $40 00
370,224,400 40
+455,007 50
r Total gross debt................ $1,348,810,858 10 $1,348,355,230 00
+$455,627 50
Cash balance In Treasury *- a216,978,069 87 «228,978,501 85 — 12,000,491 98
Total net d e b t ................ $1,131,832,788 29 $1,119,370,668 81 +$12,450,119 48
a • Includes $152,983,105 40 gold reserve fund.
' a under the new form of statement adopted by the United States Treasury on
July 1, the Item "national bank notes redemption fund" Is not only Included In
the "debt bearing no Interest," but appears as a current liability In tho Treasury
statement of "cash assets and liabilities.” In arriving at tho total net debt, there
fore and to avoid duplication, the amount Is eliminated as a current liability,
Increasing to that extent the cash balance In the Treasury.
THE ENGLISH GOLD AND SILVER MARKETS.
S e p t. .30.
W o reprint the following from the w eekly circular of
$346,681,01600
53,15250 Sam uel M o n ta g u & C o . of L on d on , w ritten under date of
23,090,06950
GOLD.
Tlio external movements have not been in favor of tho Bank of England.
The following amounts were received by tho Bank:
Sept. 16— £10,000 in bar gold.
“ 16— 50.000 in sovereigns released on miscellaneous account.
“ 22— 818.000 in bar gold.
Withdrawals were made as under:
Sept. 16— £291,000 in bar gold.
“ 16— 100,000 in sovereigns set aside on account of Egypt.
“ 17— 102,000 in foreign gold coin.
“ 17— 10.000 in sovereigns for Canada.
“ 20— 356,000 in sovereigns for U. S. A.
“ 21— 170,000 in sovereigns for U. S. A.
“ 21— 200,000 set aside on account of Egypt.
During the wook tho net reduction amounted to £351,000.
Inform ation has been received by mail that tho Indian Government has
cashed three crores of currency notes held in tho treasury balances, and has
H C ii
THE CHRONICLE
roceivod in oxchango
rency reserve.
This gold has boon
behalf of tho Bank of
amount in London in
£2,000,000 in sovereigns taken from tlio paper cur
deposited with the Bombay Mint and earmarked on
England, who have oponod a crodit for an equivalent
favor of tho Secretary of Stato.
SILVER.
Tho continued purchases o f silver for tho United States Treasury, who
have contracted for an additional amount o f 600,000 ozs., have boon a
source of strongth to a moderately supplied market. The prico, after im
proving by sixteenths of a penny from 23 7-16d. to 23 9-16d., roso rather
sharply on tho 21st inst. to 23Md., as tho result of some competitive buy
ing for coinago purposos. Tho receipt of moro favorable news regarding
tho rains in India was accompanied by covering purchases by tho Indian
Bazaars, and the quotation was maintained on the 22d inst., despite somo
China selling. To-day, however, consequent on considerable offerings from
the East, there has been a roaction to 23Ytd.
An Indian currency return for the 15th inst. gave dotails in lacs of rupees
as follows:
Notes in circulation_________________________ 64,25
Roserve in silver coin________________________ 38,10
Gold coin and bullion_________________________ 6,00
Gold in England____________________________ 6,15
Tho stock in Bombay consists of 6,000 bars as compared with 6,300 last
week. No shipment has boen made from San Francisco to Hongkong.
Quotations for bar silver per ounce standard:
No
Sept. 17— 23 7-16 cash
Bank rate_________________
5%
quotation
Bar gold per oz. standard__ 77s. <)d.
“ 18— 23)4
“
fixed
“ 20— 23 9-16 “
French gold per oz. standardNominal
for
U. S. A. gold coin per oz__ Nominal
“ 21— 23)4
“
forward
“ 22— 23)4
“
delivery.
“ 23— 23 54
“
Av. for wk. 23.604 cash
Tho quotation to-day for cash delivery is 3-16d. abovo that fixed a week
ago.
E n g lis h F in a n c ia l M a r k e t— P e r C a b le .
T h e daily closing quotations for securities, & c ., a t L o n d on ,
as reported b y cable, have been as follows the past week:
L ondon,
O ct. 2.
O c t. 4.
O ct. 5.
O ct. 6.
W e e k e n d in g O c t. 8.
S a t.
M ond.
T u es.
W ed .
Silver, peroz...................... d-23 13-16 23 13-16 23 13-16 23 %
Consols, 2)4 per cents.......... 65
65
65
65
British, 4H per cents_____ 97)1
97)4
97M
97)4
French Rentes (in Paris).-fr.66.50
66.50
66.50
66.50
O ct. 7.
T h u rs.
O ct. 8.
F r i.
23 15-16 23 15-16
65
65
97)4
97)4
66.5
66.50
C le a r in g s ,b y T e le g r a p h — S a le s o f S t o c k s , B o n d s , & c .
— T ho subjoined tab le, covering clearings for tho current
w eek, usually appears on tho first page o f each issue, but
on account of the length of the other tables is crowded out
once a m on th .
T h o figures aro received b y telegraph from
other leading cities.
C le a r in g s — R e tu r n s bg T e le g r a p h .
W e e k e n d in g O c t. 9.
Total all cities lor w eek ............ .......
P er
C e n t.
1915.
1914.
$2,271,924,973
144,738,950
172,833,067
34,553,413
284,440,055
71,970,707
18,610,077
$1,020,070,597
104,356,042
121,868,689
28,894,543
237,810,303
59,119,285
15,629,638
+ 122.7
+ 38.7
+ 41.8
+ 19.6
+ 19.6
+ 21.7
+ 19.1
$2,999,061,242
600,018,461
$1,587,749,097
555,427,618
+ 88.9
+ 8.0
$3,599,079,703
600,114,243
$2,143,176,715
418,212,629
+ 67.9
+ 43.5
$4,199,193,946
$2,561,389,344
+ 63.9
Our usual m on th ly detailed statem ent o f transactions on
tho N e w Y o rk Stock Exchange is appended.
T ho results
for the nino m onths of 1915 and 1914 are given below:
N in e M o n th s
D e s c r ip tlo n .
P a r V a lu e
o r Q u a n tity .
1915.
A c tu a l
V a lu e .
Stock/Sh's.
155,133,248
\Val _ $9.971,922,,865 58,304,319,965
R R. bonds
586,944,700
489,108,345
832,834
Gov't bds.
815,000
17,536,500
15,955,167
State bonds
Bank stks.
139,300
244,606
N in e M o n th s
A ver.
P ric e.
P a r V a lu e
o r Q u a n tity .
1914.
A ver.
P ric e.
A c tu a l
V a lu e .
45,990,575
83.3 $4,023,321,369 $3,792,545,143 94.3
83.3
391,771,500
370,286,685 96.0
102.2
655,100
083,029 104.3
91.0
32,922,526 100.8
32,669,600
175.6
265,800
535,338 201.4
T o t a l... $10577358 ,365 $8,810,460,917 83.3 $4,448,673,269 $4,202,972,721 94.5
T h o volum e of transactions in sharo properties on tho N e w
Y o rk Stock Exchange each m on th sinco Jan. 1 in 1915 and
1914 is indicated in the follow ing:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1915.
[Vol. 101
MONTHLY CLEARINGS.
C le a r in g s , T o ta l A l l .
1915.
1914.
Jan . 5,076,210
F eb. 4,383.449
Mar. 7,862,308
$
435.534,900
380,032,785
681,471,315
A c tu a l.
N u m ber
of
S h a r es.
1st qr. 39,229,853,660 43,316,943,366 — 9.4 17,895,220,878 18,857,977,446 —5.1
Apr . . 15,008,877,252 14,899,452,513 + 0.8 6,197,212,178 6,352,935,192 — 2.4
May . 14,622.873,941 13,167,100,346 + 11.1 5,987,717,981 5,928,568,788 + 0.9
June.. 14,117,551,611 13,948.023,685 + 1.2 6,092,070,062 6,103,820,918 — 0.2
2d qr. 43.749,302.354 42,014.576,544
+ 4.1 18,277,000,221 18,383,324,898 —0.6
6 mos. 82,979,156,014 85,331,519,910 — 2.8 36,172,221,099 37,241,302,344 — 2.9
J u ly .. 14,924,887,812 14.493,300,896 + 3.0 6,229,474,241 6,312,810,275 — 1.3
Aug . . 14,267,498,178 9,932,296.349 + 43.7 5,730,056,007 5,351,095,754 + 7.1
Sept.. 15,759,725,270 10,028,059,866 + 57.1 6,135,381,992 5,399,936,423 + 13.6
3d qr. 44,952,111,260 34,453,657,111 + 30.5 18,094,892,243 17,063,848,452
9 mos. 127931,267,274 1197S5,177,021
BANK CLEARINGS AT LEADING CITIES.
— S ep te m b er ----------- Jai 'i. 1 to S e p t. 30—
1915. 1914. 1913. 1912. 1915.
1914.
1913.
o m itte d .)
$
S
$
$
$
$
$
New York_______ . 9,624 4,628 7,456 7,433 73,664 65,480 70,354
( Chicago_________ . 1,314 1,150 1,308 1,207 11,666 11,955 11,888
B oston .......... ..... .
575
461
575
638
5,721
5,757
6,00*
Philadelphia____ .
561
654
737
615
6,051
5,999
6,291
St. Louis........ ..... .
322
279
332
317
2,916
2,952
3,037
Pittsburgh_____ .
219
226
209
223
1,902
2,002
2,209
205
216
San Francisco___ .
227
217
1,860
1,927
1,940
Cincinnati_____ .
94
103
107
108
978
998
983
Baltimore............. .
131
147
149
147
1,282
1,406
1,473
Kansas City____ .
311
277
210
221
2,692
2,093
2,07.5
<Cleveland............. .
96
127
101
92
1,083
951
956
New Orleans____ .
79
62
77
73
678
684
69*
131
Minneapolis......... .
109
131
105
870
915
901
Louisville______ .
61
49
53
52
524
521
530
Detroit_________ .
125
101
106
88
1,120
1,041
987
Milwaukee.......... .
63
67
58
66
600
633
575
Los Angeles____ .
82
87
93
87
762
882
910
Providence.......... .
29
31
28
29
290
299
306
Omaha ................ .
84
77
76
68
702
649
661
Buffalo_________ .
48
46
52
46
432
447
459
St. Paul_________ .
50
45
45
47
452
419
379
Indianapolis____ .
36
33
35
33
320
312
325
Denver .......... ..... .
39
38
37
38
350
328
344
Richmond_______ .
41
33
34
30
352
306
301
26
M em phis_______ .
18
20
24
227
265
272
Seattle__________ .
55
51
59
50
448
479
484
19
30
20
17
H artford............. .
253
204
18,8
24
23
Salt Lake City__ .
29
25
235
223
230
(000,000s
Total................ .14,669
Other cities_____ . 1,091
+ 6.
+ 6.8 54,267,113,542 54,305,150,796 — 0.1
1912.
$
72,976
11,250
6,644
5,194
2,943
2,056
1,951
1,023
1,419
1,933
835
746
757
542
827
530
844
317
626
418
408
324
351
319
274
436
183
273
9,025 12,330 12,084 118,533 110,060 115,754 117,119
1,003 1,117
993
9,398
9,725
9,745
8,960
Total all_____ .15,760 10,028 13,447 13,077 127,931 119,785 125,499 120,079
Outside New York . 6,136 5,400 5,991 5,644 54,267 54,305 55,145 53,103
C a n a d ia n B a n k C le a r in g s .— T ho clearings of tho C an a
dian banks for the m onth of Soptombor 1915 show a decroaso
from the same m onth of 1914 of 7 . 7 % , and for the nino
m onths the loss reaches 1 5 .5 % .
S ep te m b er .
N in e M o n th s.
C le a r in g s a t —
1915.
Montreal........
Toronto_____
Winnipeg____
Vancouver___
Ottawa______
Quebec______
Halifax............
Hamilton____
St. John_____
Calgary_____
London ..........
Victoria_____
Edmonton___
Regina............
Brandon........
Lethbridge__
Saskatoon ___
Moose Jaw__
Brantford___
Fort William..
New Westm’ r.
Medicine Hat.
Peterborough *
1914.
S
$
206,673,288 203,588,918
138,247,401 142,910,702
102,270,346 121,752,096
24,360,842 34,324,654
17,306,374 17,467,683
14,049,560 16.252,124
8,375,614 7,979,601
12,312,115 11,788,302
7,032,534 6,297,997
12,013,785 15,311,248
6,887,872 0,386,175
5,210,333 9,214,871
7,182,158 11,246,864
6,664,203 8,287,866
1,878,252 2,023,254
1,381,138 1,723,376
3,922,548 4.442,081
2,861,396 3,600,373
1,991,039 1,981,161
1,560,745 3,146,682
1,147,837 1,572,190
949,460 1,578,805
1,548,213 1,801,079
Total Canada. 584,290,843 632,877,024
In c .o r
D ec.
1915.
I n c . or
D ec.
1914.
S
%
8
+ 1.5 1,792,541,201 2,005,491,805
— 3.3 1,313,132,482 1,545,758,590
— 16.0 814,139,297 940,098,920
— 29.C 204,950,633 337,076,700
— 0.9 153,115,966 153,808,534)
— 13.6 113,014,956 122,831,100
+ 5.0
74,745,523
75,484,735
+ 4.4 106,719,328 113,264,989
+ 11.7
58,075,593
59,087.856
— 21.5 107,093,822 154,191,259
+ 7.8
65,491,961
04,032,695
—43.4
57,386,019
96,877,743
— 36.1
75,508,725 125,379,801
— 19.6
50,114,965
71,750,788
— 7.2
16,685,38(1
17,914,971
— 19.8
11,722,473
16,195,210
— 11.7
28,494,591
44,929,343
— 20.5
24,751,473
33,488,224
+ 0.5
18,590,506
21,918,715
— 50.4
15,828,884
30,048,199
— 27.0
10,091,804
15,201,421
7,838,619
— 39.8
15,815,315
— 14.2
14,814,651
6,155,118
%
— 10.0
— 15.0
— 13.4
— 39.2
— 8.0
— 1.0
— 5.8
— 1.7
— 30.5
+ 1.3
— 10.8
— 39.8
— 30.2
— 0.9
— 27.6
— 36.6
— 26.1
— 15.2
— 47.3
— 33.0
— 50.4
— 7.7 5,120,044,205 6,061,253,297 — 15.5
♦Not Included In total: comparison Incomplete.
T ho clearings for the week ending O ct. 2 b y comparison
with the same week of 1914 show a docroaso in tho aggregate
of 3 . 2 % . _____________________________________________________
$
302,461,298 10,088,895
262,372.421 6.220,059
535,476,914 5,855,260
W ee k e n d in g O c t.
V a lu e s .
P a r.
$
881,625,495
556,109,360
5 18.39S ,024
C le a r in g s at —
A c t u a l.
S
847,963,208
515.947.91S
483,147,619
latqr 17,321,967 1,497,039,000 1,100,310,633 22,164,214 1,956,132,879 1,847,058,745
A p r. 21,022,930 1,799,436,335 1,619,407,302 7,145,284
May 12,581,040 1,037,762,960 95.8,264,713 4.757,405
June. 11,004,042 912,61.9,430 832,467,913 4,002,748
623,482,570
398,348,240
343,676,540
593,470,978
374,842,097
324.08S.914
2d qr 44,608,012 3,749,818,726 3.410,139,928 15,905,437 1,365.507,350 1,293,007,989
6mos 61,929,979 5,246,857,725 4,510,450,561 38,069,651 3,321,640,229 3,140,060.734
July. 14,371,633 1,288,908,620 958,643,288 7,920,924 701,681,140
Aug. 20,432,350 1,791,656,625 1,434,978,418
No transactions.
Sept 18,399,286 1,644,499,895 1,400,247,698
No transactions.
652.478.409
3d qr 53,203,269 4,725,065,140 3,793,869.404 7,920,924
652,478,409
701,681,140
9 m’s 115133248 9,971,922.865 8.304,319,965 45,990,575 4,073,321,369 3,792,545,143
T h e follow ing com pilation covers tho clearings b y m onths
since Jan. 1:
%
1914.
V a lu e s .
P a r.
Ifo rk .
1914.
1915.
%
S
$
$
$
Jan__ 13,478,488,698 16.198,199,048 — 16.8 6,190,796,165 6,826,078,655 — 9.3
Feb . . 11.908,010,330 12,865.538.277 — 7.5 5,426,183,783 5,627,982,795 — 3.6
M a r.. 13,842,354,632 14,253,206,041 — 2.9 6,278,240,930 6,403,915,996 — 1.9
M th .
N u m b er
of
S h a res.
C le a r in g s O u ts id e N e w
M o n th .
1915.
Montreal---------------------Toronto_______________
W innipeg------- ------------Vancouver.............. .......
Ottawa----------------------Quebec .........................
Halifax.........................
Hamilton-------------------St. John.... ............... .....
Calgary...... ............. .......
London — ......................
Victoria._____ ________
Edmonton............ .........
Regina____ _____ - .........
Brandon........ - ...............
Lethbridge____________
Saskatoon-------------------Moose J a w ....................
Brantford-------------------Fort William_________
New Westminster..........
Medicine Hat........ .........
1914.
I n c . or
D ec.
49,316,236 47,186,291
+ 4.5
33,881,818 37,539,180 — 9.7
32,719,468 31,916,389
5,661,801
7,914,469 — 28.4
5,461,703 3,560,970 + 53.1
3,073,467 3,701,893 — 16.7
1,834,046 — 1.3
1,811,684
3,239,106 3,046,174
+6.3
1,309,317 — 0.0
1,301,200
2,785,316 3,659,125 — 23.9
1,401,630
1,908,905 — 26.0
1,170,492
1,446,579 — 19.1
1,750,291 2,200,000 — 20.5
1,806,783 2,051,423 — 11.9
410,138
503,880 — 18.6
332,728
457,361 — 27.3
1,134,286
1,128,369
+ 0.5
767,187
970,791 — 20.9
509,803
+ 7.6
473,024
373,534
797,411 — 53.2
285,483
363,555 —21.5
322,616
435,355 — 26.0
376,833
382,807 — 1.6
Total C anada............ 149,916,603 154,797,347
2.
1913.
60,906,228
40,262,155
39,851,856
12,366,61 1
4,274,124
2,930,921
2,083,283
3,864,131
1,503,724
5,364,083
3,974,656
1,537,238
3,841,794
2,554,403
684,898
651,647
1,791,665
1,077,194
660,392
912,200
457,858
572,001
1912.
05,929,944
47,148,416
30,501,514
14,780,480
4,338,115
3,428,052
2,206,209
4,256,518
1,021,950
5,856,519
4,120,615
1,885,988
4,525,021
2,227,467
550,322
656,154
2,311,299
1,386,441
623,712
712,016
— 3.2 198,183,122 199,132,802
THE CHRONICLE
i>CT. 9 1915.]
P a c ific a n d O th e r W e s t e r n C le a r in g s brought forward
from first page.
S ep te m b er .
N in e M o n th s.
C le a r in g s at —
1915.
In c. or
D ec.
1914.
$
S
San Francisco. 227,318,845 205,099,442
Los Angeles__ 81,683,713 86,864,639
Seattle---------- 50,610,005 54,975,511
Portland------- 46,475,763 48,423,865
Spokane.......... 15,628,306 16,283,010
Salt Lake City 28,757,232 23,775,842
Tacoma______ 8,369,647 10,227,902
O a k la n d ..__ 15,033,107 14,388,960
8,507,008 8,974,454
Sacramento—
7,828,429 8,095,574
San Diego----4,723,808 4,877,003
Fresno ---------4,820,199 2,299,483
Stockton____
3,211,523 3,572,421
San Jose_____
4,312,52fl 3,379,802
Boise ---------Pasadena____
2,944,258 3,033,520
North Yakima 1,910,074 1,948,931
R e n o .... .........
1,443,392 1,250,576
Ogden ______
3,922,731 3,740,650
Santa R o sa ...
1,038,801]
1,202,830
Long Beach*.
2,040,51!] 2,193,247
1,502,404 1,800,014
Bakersfield__
I n c . or
D ec.
1914.
1915.
%
S
S
%
+ 10.8 l,920,9S9,541 1,859,518,407 + 3.6
— 0.0 762,229,639 881,937,979 — 13.0
— 7.9 448,404,351 478,786,266 — 6.3
— 4.0 397,940,815 431,484,252 — 7.8
— 4.0 130,320,038 152,718,238 — 10.7
+ 21.0 234,978,984 223,042,779 + 5.4
— 18.2
72,909,374
14,118,847 — 13.3
+ 4.5 131,292,645 131,489,216 —0.1
75,527,925 — 8.5
69,050,839
— 5.2
80,412,135 — 9.9
72,423,480
— 3.3
36,068,345 — 4.5
34,434,918
— 3.2
33,927,319 + 2.9
34,918,718
+ 12.1
25,804,564 —6.0
24,250,430
— 10.1
28,453,469 + 4.0
29,762,346
+ 27.6
32,267,374
34,405,875 — 6.2
— 2.C
14,932,000 — 5.0
14,101,708
— 2.0
11,088,910
10,311,413 + 7.5
+ 15 4
29,956,514
29,165,898 + 2.7
+ 4.7
8,295,462
9,486,292 — 12.0
— 13.6
10,679,730
19,645,311
— 7.0
14,815,700
17,792,417 — 16.7
— 16.6
Total Pacific 520,041,772 506,221,029
+ 2.7 4,486,437,792 4,639,383,696
— 3.3
Kansas C ity .. 311,225,183 277,210.351
Minneapolis . . 109,169,945 130,804,919
O m aha___ _ 84,391,012 76,781,325
St. Paul......... 50,168,937 44,735,657
D en ver........ . 38,901,932 37,893,137
St. Joseph___ 30,291,592 24,385,949
Des Moines__ 23,042,802 20.994,308
Sioux City___ 14,115,254 13,092,121
W ichita.......... 15,129,204 15,418,481
Duluth______ 28,690,805 35,313,570
9,547,126 9,114,524
Lincoln _____
6,330,965 0,770,151
6,568,890 6,118,344
7,254,023 6,098,947
5,982,017 5,591,382
4,415,488 3,977,041
2,939,504 2,897,986
1,575,913 2,667,995
1,547,578 1,786,788
905,312 1,458,894
3,366,864 3,102,720
4,618,412 5,471,390
6,667,795 5,358,858
2,185,133 1,873,842
Billings_____
4,630,991 2,627,012
1,893,000 1,783,000
Grand Forks..
825,695
822,826
Lawrence____
1,717,000 1,040,000
Iowa City___
+ 12.3 2,692,434,329 2,092,754,854
— 16.5 869,853,163 914,827,472
+ 9.9 701,573,287 619,350,750
+ 12.1 452,446,018 419,102,330
+ 2.8 347,985,258 327,847,971
+ 24.2 208,803,620 265,963,842
+ 9.7 205,997,124 213,729,849
+ 7.8 122,841.79S 129,887,774
— 1.9 139,068,514 129,698,507
— 18.7 144,419,472 152,249,534
87,022,028
— 4.8
80,355,036
56,987,008
— 0.5
61,108,276
+ 7.4
55,709,615
64,746,411
60,194,009
“f- 8-3
71,023,682
+ 7.0
45,690,549
35,609,695
+ 11.0
38.7S8.953
36,262,746
+ 1.4
26,294,022
24,366,828
— 40.9
18,194,281
24,268,108
— 13.4
15,241,835
15,021,083
— 37.!)
8,162,055
8,052,283
+ 8.2
22,293,006
20,118,906
— 15.0
40,725,850
42,321,224
+ 24.4
62,235,863
55,242,035
+ 16.6
18,330,885
15,531,990
+ 70.2
32,832,757
24,793,456
+ 6.2
13,145,400
13,303,400
— 0.3
7,370,740
8,141,011
+ 65.1
10,416,604
9,586,424
+ 28.7
— 4.9
+ 8.0
+ 8.0
+ 6.1
+ 5.0
— 3.0
— 5.4
+ 7.7
— 5.1
+ 8.3
—6.7
— 14.0
— 6.8
+ 28.1
+ 7.0
+ 7.9
— 25.0
+ 1.5
+ 1.4
+ 10.8
— 3.8
+ 12.7
+ 18.0
+ 32.4
— 1.2
— 9.5
+ 8.7
Tot.oth.West 778,152.509 745,795,053
+ 4.3 6.583,657,089 5,905,332,027 + 11.5
W e e k e n d in g O c t.
C lta r in g s a t—
Portland______
Spokane........ —
Tacoma-----------Salt Lake C ity ..
Oakland..............
Sacramento____
San Diego..........
Fresno_________
Stockton _______
San Jose..............
Pasadena............
North Yakima,R e n o __________
1914.
S
57,306,798
18,715,700
11,017,618
11,790,810
3,816,443
1,741,055
6,818,108
3,536,606
1,930,034
1,670,312
1,129,515
900,467
792,711
695,208
461,532
225,000
421,557
S
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
I n c . or
D ec.
■
--------S ep tem b er -------R oa d —
1915.
1914.
Philadelphia & Reading_____ tons- 895,718 1,101,290
Lehigh Valley____________________ 1,093,283 1,290,327
Central RR. of New Jersey........ ...... 626,237
824,604
Delaware Lackawanna & Western
820,440
893,098
Delaware & Hudson______________ 737,592
647,974
Pennsylvania____________ ________ 407,587
575,898
Erie____________ _______________ 718,751
727,950
Ontario & Western_______________ . 159,163
185,045
Total________________ _________ 5,518,771
C o m m e r c i a l a n cl I \
%
+ 8.2
— 9.3
— 6.6
+ 11.4
— 2.1
— 18.4
+ 16.2
+ 1.4
— 12.2
— 8.1
+ 9.8
— 7.9
— 18.4
+ 4.3
— 4.2
+ 12.5
— 20.7
1912.
S
56,169,592
21,142,164
13,564,784
13,103,117
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
762,597
437,975
232,288
S
58,725,315
22,977,315
12,605,004
12,639,147
5,119,780
3,294,085
6,188,993
4,270,175
1,963,423
2,939,343
1,093,400
940,433
959,479
806,061
495,000
274,891
Total Pacific..
123,029,474
120,940,458
+ 2.2
131,792,604
135,291,844
75,379,250
28,664,109
20,174,705
11,117,334
10,185,027
6,590,324
5,183,313
5,493,371
3,702,001
3,539,046
1,673,284
2,323,599
1,303,518
1,609,343
1,890,000
450,000
332,180
309,345
1,585,516
1,130,454
765,001]
222,348
470,000
66,692,522
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
399,203
1,527,978
1,429,085
750,000
272,798
424,673
+ 13.0
— 18.7
+ 7.3
+ 1.3
+ 10.5
+ 1.8
— 40.2
+ 2.5
+ 6.7
+ 4.2
— 8.4
+ 3.9
— 9.1
+ 1.5
+ 5.0
+ 1.1
— 38.6
— 22.0
+ 3.8
— 20.9
+ 2.0
— 18.5
+ 10.7
60,457,331
32,082,172
19,873,323
11,052,646
10,314,741
7,249,610
7,860,061
5,882,790
4,006,597
3,470,517
2,220,831
2,058,425
1,517,105
526,979
2,087,805
448,696
605,324
283,068
1,538,202
1,208,824
510,001
231,565
509,762
57,636,558
28.383.904
17,400,093
11,275,439
10,433,664
6,727,658
6,082,916
5,850,333
3,725,321
3,448,559
2,238,901
1,804,195
1,348,099
400,932
1,675,954
628,505
631,921
304,112
1,624,308
1,093,093
012.715
224.074
403,425
T ol. Oth.West.
184,053,067
182,838,281
+ 0.7
175,996,374
104,026,739
T R A D E A N D T R A F F IC M O V E M E N T .
L A K E S U P E R I O R I R O N O R E S H I P M E N T S — Ironoro shipments from tho Lake Superior region continue tho
heaviest in tho h istory o f tho trade, the m ovem en t for
Septem ber aggregating 7 ,8 0 3 ,1 4 0 tons, against 5 ,4 3 1 ,3 0 7
tons for tho corresponding m on th last year, 7 ,2 5 9 ,0 0 2 tons
in 1913 and 7 ,2 8 7 ,2 3 0 tons in 1912, tho largest previous
Septem ber m ov em en t.
Below wo givo tho shipm ents from
tho sovoral ports for Septem ber 1915, 1914 and 1913 and
for tho season to October 1.
O c t. 1--------------------1914.
1913.
3,019,051 4,297,223
1,385,718 2,573,004
2,741,917 3,558,802
9,478,253 10,818,324
5,278,899 9,830,720
4,804,975 8,194,738
T o t a l.............. 7,803,140 5,431,307 7,259,002 34,009,500 20,709,413 39,273,417
A N T H R A C I T E C O A L P R O D U C T I O N .— T h o shipm ents
of anthracito coal to tidowater in Septem ber a m o u n te d to
47,379,111
i s c e ll lin e
S*---1914.
8,869,553
9,550,799
6,560,049
7,138,223
5,354,593
4,697,325
6,169,523
1,727,513
S e p t.
50,067,5*1
0u s g te m s
C ir c u la t io n ----O c t. 1 1914.
S
S
$
S
615,977,722 657,944,193
Gold coin and bullion____ 2,141,782,259 199,505,255
Gold certificates-b_______ __________ 26,018,270 1,172,277,599 931,390,259
Standard silver dollars___ 568,271,655
9,451,123
65,092,532
70,724,311
Silver certificates.b_____
__________
9,847,473 481,666,527 482,892,121
Subsidiary silver__________ 186,827,583 24,730,213
162,097,370 161,565,114
Treasury notes of 1890.b ._ __________
3,840
2,210,160
2,388,789
United States notes________ 346.6S1.016 8,966,535
337,714,481 336,974,24*
Federal Reserve notes____ 140,360,000
7,594,725
132,765,275
_____
Federal Reserve Bank notes --------------- - ...........—
-----------------------------National Hank notes.......... 786,736,460 26,233,368
760,503,092 1,050,869.169
C ir c u la tio n M e d iu m —
- S t o c k o f M o n e y O ct. 1 ’ 15-------- M o n e y in
In U . S.
a l l e l d i n T r e a s ' O c t. 1 1915.
Total................................4,170,658,973 312.350,802 3,730,304,758 3.694,748.196
Population of continental United States estimated at 101,151,000. Circulation
per capita, S36 88.
a This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money In national bank depositaries to the credit *f
tho Treasurer of the United States, amounting to S40.639.471 01.
b For redemption of outstanding certificates and treasury notes of 1890 an exact
equivalent In amount of the appropriate kinds of money Is held In the Treasury,
and Is not Included In the account of money held as assets of the Government.
N o te.- —On Oct. 1 1915 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes 57,791,913 gold coin and bullion and 5120,211,50*
gold certificates—a total of S128,003,413, against $97,179,702 on Sept. 1.
B A N K N O T E S — C H A N G E S IN T O T A L S O F , A N D IN
D E P O S I T E D B O N D S , & c .— W e givo below tables which
show all tho m on th ly changes in bank notes and in bonds
and legal tenders on deposit.______________________________________
B o n d s a n d L eg a l T e n d e r s
on D e p o sit fo r —
C ir c u la t io n A f l o a t U n d e r —
L eg a l
1913.
—----------- S ep te m b er -------------- . -------------- T o
1915.
1914.
1913.
1915.
1,015,820 553,959 073,591 4,011,082
539,879 335,928 418,242 2,313,532
1,028,303 002,141
485,174 3,829,582
1,557,935 1,901,422 2,225,802 5,997,023
2,428,089 1,120,532 1,938,823 11,807,219
1 292.400 851,325 1,518,030 0,710,528
\
6,246,192
-----J a n . 1 to
1915.
7,995,805
9,447,463
5,636,799
6,791,191
5,970,324
4,233,909
5,816,660
1,486,960
^ O C k o i ^ O O T l T m T H E C O U N T R Y ? — 'The'foiiow ing table shows the general stock of m oney in tho country
as well as the holdings b y the Treasury and the am ount in
circulation on the dates given:
2.
Kansas City----Minneapolis___
Omaha................
St. Paul........... .
Denver ..............
St. Joseph..........
Duluth.... ...........
Dos Moines____
Sioux City__ _
W ichita..............
Davenport.........
L incoln........ . .
T op ek a ________
Fargo__________
Cedar Rapids__
Colorado Springs
Pueblo -----------Frem ont_______
Waterloo.............
Helena.-----------Aberdeen............
Hastings............
Billings ..............
P o r t ( to n s )—
Escanaba____
Marquette----Ashland_____
Superior_____
Duluth______
Two Harbor*
5 ,5 1 8 ,7 7 1 tons, a decrease o f 7 2 7 ,4 2 1 tons as com pared w itk
Septem ber 1914.
In the follow ing we com pare the shipm ents
b y tho various carriers for the m onths o f Septem ber 1915
and 1914 and for period from Jan. 1 to Sept. 3 0 :
B on d s.
1915.
San Francisco —
Los Angeles-------
1101
Tenders .
B onds.
L eg a l
T en d ers.
S
S
S
$
Sept. 30 1915.. 735,793,393 63,794,876 0722,941,584 63,794,876 786 ,736,460
Aug. 31 1915.. 735,69S.80S 70,626.19S n723,160,609 70,626,198 793 ,786,807
80,798,814 804 ,601,373
July 31 1915.. 735,682,530 80,798.814 m723.802,559 80,798.814
June 30 1915.. 736,743,751 93,240,891 1726,032,702 93,240,891 819 .273,593
May 31 1915.. 738,666,230 112.101,038 *728,186,909 112,101,03S 840 ,287,947
April 30 1915.. 742,687,871 139,016,678 5728,776,389,139,016,678 867 793,067
Mar. 31 1915.. 751,289,635 165,409,147 0734,138,8331165,409,147 899 ,547,980
Feb. 27 1915.. 770,139,524 190,078,639 /747,951,802' 190,078,639 938 030,441
Jan. 30 1915.. 810,508,055 191,724,115 e790,4S2,018 191,724,115 982 ,206,133
Dcc. 31 1914.. 897,146,922 168,541,616 <1871,169,405 168,541,616 1,039 ,711,021
Nov. 30 1914._ 1,017,177,241 101,420,019 Cl,010,579,057 101,420,019 1,111 ,999,076
Oct. 31 1914 1,109,989.665 20,632,27S 61,100,836,633 20,632,278 1,121 ,468,911
Sept. 30 1914.. 1,089,281,290 15,766,893 a 1,062,117,883 15,766,893 1,077 ,884,776
Aug. 31 1914.. 870!289!600 15,447,138' *862.093,143 15,447,138 877 ,540,281
* Of which 5126,241,760 miscellaneous securities, Act of May 30 1908.
a Of which 5325,007,900 miscellaneous securities, Act of May 30 1908.
6 Of which 5361,119,940 miscellaneous securities, Act of May 30 1908.
c Of which $270,078,236 miscellaneous securities, Act of May 30 1908.
d Of which $150,836,092 miscellaneous securities, Act of May 30 1908.
e Of which S67.307.165 miscellaneous securities, Act of May 30 1908.
f Of which $31,133,734 miscellaneous securities, Act of May 30 1908.
g Of which $15,154,695 miscellaneous securities, Act of May 30 1908.
h Of which
SO,582,581 miscellaneous securities. Act of May 30 1908.
k Of which
$2,508,940 miscellaneous securities, Act of May 30 1908.
I Of which
S719.561 miscellaneous securities. Act of May 30 1908.
ttiOf which
8185,245 miscellaneous securities, Act of May 30 1908.
n Of which
S181.778 miscellaneous securities, Act of May 30 1908.
o Of which
$172,203 miscellaneous securities, Act of May 30 1908.
Tho following shows tho am ount o f each class of bonds
hold against national bank circulation and to secure publi*
m oneys in national bank depositaries on Sopt. 3 0 .
U . S . B o n d s H e ld S e p t.
B o n d s o n D e p o s it
S e p t. 30 1915.
Bank
C ir c u la t io n .
30
P u b lic D e p o s it
In B a n k s .
to S e c u r e —
T o ta l
H eld .
$
601,244,250
20,389.720
32,304,800
52,885,440
28,796,980
S
11,620,850
4,563,200
3,235,600
1,138,500
506.000
12,789,000
585.000
4.488.000
706.000
10,000
1.411.000
1.329.000
8,126,159
$
612,S65,100
24,952,920
35,540,400
54,023,940
29,302,980
12,789,000
585.000
4.488.000
706.000
10,000
1.411.000
1.329.000
8,126,159
T o ta l........ ......... ...................................
MIscclI. securities (approved Issue value)
735,621,190
172,203
50,508,309
786,129,499
172,203
Total bonds and other securities........
735,793,393
50,508,300
786,301,702
2% , U. S. Consols of 1 9 3 0 ...................
3% . U .S . Roan of 1908-1918__________
4% , U. S. Loan of 1925...........................
2% , U. S. Panama of 1936____________
2% , U. S. Panama of 1938____________
3% , U .S . Panama of 1961____________
3.65%, District of Columbia..................
4% , Philippine Loans________________
4% , Philippine Railway..........................
4% , Manila Railroad..............................
4% , Porto Itlco Loans........ ...................
Various, Territory of Hawaii...... ...........
Various, State, city, railroad, <fcc..........
Tho follow ing shows the am ount o f national bank notes
afloat and the am ount of legal-tender deposits Sept. 1 and
O ct. 1 and their increase or decrease during the m on th of
Septem ber.
N a tio n a l B a n k N o t e s — T o ta l A f l o a t —
Amount afloat Sept. 1 1915.................. .................................................... .$793,786,807
Net amount retired during September................... ................................
7,050,347
Amount of bank notes afloat Oct. 1 1915_________________________ $786,736,460
L e g a l-T e n d e r N o t e s —
Amount on deposit to redeem national bank notes Sept. 1 1915------------ 870,626,198
Net amount of bank notes retired In September......................................
6,831,322
Amount on deposit to redeem national bank notes Oct. 1 1915---------$63,794,876
G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .
•— T hrough tho courtesy of the Secretary of tho T reasu ry, wo
are enabled to place before our readers to -d a y , tho details of
G overnm ent receipts and disbursements for Septem ber 1915
and 1914 and for the three m onths o f tho fiscal years 1915-16
and 1 9 1 4 -1 5 .
S e p t. 1914. 3 M o n t h s 1915. 3 M o n t h s 1914.
S e p t. 1915.
S
$
$
S
14,923,039 89 17,225,887 03 45,089,823 53 59,045,714 59
r R e c e ip ts —
Revenues:
Internal Revenu*—
29,819,170 91 31,400,009 08
404,038 54
1,043,473 99
4,238,281 22 2,874,859 95
00,024,572 01
T o ta l..................... 50
D i s b u r s e m e n ts —
01
Legislative establish'*. 1,205,024
1
9,078 44
Executive propor----State Department__ 1,293,915 33
Treasury Department—
24
Kiel, public buildings. 3,318,421
3
Public buildings____ 1 1,392,957 12
War Department—
23
Military establlshm**. 10,124,222
10
Civil establishment—
180,888 00
War Dept, proper..
535,230 34
Miscellaneous Civil.
3,431,405 41
Rivers and harbors. _. 3
555,003 89
Department of Justice.
Post Office Dept.—
130,000 00
Excl. Postal Service..
Postal Deficiencies__ 4,000,000 00
Navy Department—
96
Naval Establishment. 11,459,330
11
09,402 90
Civil Establishment.
Interior Department—
Excluding
Pensions
and Indiana________1 1,622,448 51
14,281,721 87
Pensions__________ 14
033,000 84
Indians.............. —
2,351,915 80
Dept, of Agriculture.. 2
937,570 97
Dept, of Commerce__
319,120 03
Dept, of I-abor_______
Independent Offices Jb
535,271 00
Commissions.......... ..
District of Columbia.. 1,058,983 50
420,028 93
Int. on Public Debt__
88,930,998 93
11,045,101 55
12,609,118 91
83,753,807 30
8,012,934 02
24,850,009 88
51,971,394 60 158,275,042 92 176,268,400 45
1,207,117 50
145,871 10
278,101 89
3,482,812 52
*47,388 78
2,191,528 83
3,828,102 29
1,900,184 20
1,132,388 59
3,440,469 42
1,020,758 03
11,368,530 25
4,413,805 20
12,432,040 20
5,334,981 05
10,302,854 09
36,122,809 47
39,550,795 04
181,333
080,650
4,474,8S8
010,773
97
15
05
57
563,594
3,370,584
0,930,100
2,770,742
12
32
99
44
564,312
3,044,955
13,901,259
2,547,855
58
22
9S
09
100,521 44
473,738 90
5,500,000 00
510,942 88
11,589,907 62
08,092 09
40,020,084 61
215,255 80
35,044,180 12
223,097 34
2,570,101 39
14,283,092 81
2,375,329 47
2,375,488 31
1,001,381 70
352,808 10
8,759,320
40,884,700
4,004,500
8,181,314
3,159,802
909,362
9,814,099
41,970,011
0,402,748
7,838,435
3,128,182
1,050,482
Total Public Debt A
Panama Canal dls-
2,290,441 17
452,564 24
1,257,418 70
455,165 02
1,953,772 20
4,450,030 08
5,715,562 02
27
02
30
01
34
39
1,199,304 04
3,895,499 09
5,082,284 94
1,850,812 30
5,593,561 38
10,901,743 34
62,481,121 13 01,453,590 85 202,027,283 85 210,255,290 08
Net Extcss of All Dls-
12,450,549 17
9,482,196 25
43,480,740 93
33,980,823 63
* Excess repayment In relief of American citizens’ account.
CURRENT NOTICE.
— Messrs. Oartcnlaub & Co., 5 Nassau St., Now York, aro offering in our
advertising pages to-day for October investments an attractive list of
high grade railroad bonds yielding from 4.45 to 4.95%. Many of theso
bonds aro legal investments for savings banks in Now York, Massa
chusetts and Connecticut.
—At 84.13 and interest, to net tho investor 5 44 % . Wm. A . Read & Co.,
of this city, aro offering and advertising in to-day’s “ Chronicle,” City of
Toronto Harbor Commissioners’ 4>3% bonds duo Sept. 1 1953. Principal
and interost guaranteed by tho City of Toronto. Soo tho advertisement
for other particulars.
—Wm. A. Read & Co. of Now York aro offering to investors Toronto
Harbor Commissioners’ 44*% sinking fund gold bonds dated Sept. I 1913
and due Sopt. 1 1953. Details will bo found in an advortisomont on a
preceding page.
—Walter L. Cropley, who on Oct. 1 retired from tho Stock Exchange
firm of Markoo, Morgan & Whitnoy, 120 Broadway, has become associated
with the bond department of White, Weld & Co., 14 Wall Streot.
— Stone & Webster Engineering Corporation, constructing engineers.
Now York, Boston and Chicago, have Issued an illustrated pamphlet
describing the coal gas plant of tho Fall River Gas Works Co.
—John F. Lumpkin, who is prominently known in Kansas City, Mo.,
has opened offices in tho Victor Building in that city and will spocializo
in high-grado stocks and bonds.
—Megargol 9c Co., members of tho Now York Stock Exchango, 35 Pino
St., this city, have opened a branch office in Boston under tho porsonal
management of O. F. Coombs.
A u c t io n S a le s .— A m o n g other securities, tho follow ing,
wero recently sold
at auction in N e w Y o r k , B oston and Philadelphia:
B y M e ssrs. Adrian I I . M u ller & Son s, N o w Y o rk :
not usually dealt in at the Stock Exchange,
S h a res.
S to ck s.
P e r c e n t.
50 Nat. Steel Car Oo. of Canada,
common___________________ 35
10 National City Bank................... 392
S h a r es.
S lo ck s.
P ercen t
1 Clinton Hall Association............ S25
1 N. Y. Soc. Library freo right__ $86
23 Martln-Evans Co____________ $35 lot
B y M e ssrs. Francis H enshaw & C o ., B osto n :
S h a res.
S to c k .
S p ersh .
B onds.
P ercen t.
$1,000 Host. Wharf Co.1st 4s, 1941 90
4 Farr Alpaca C o.......... .......... 142
100 Pacific M ills......................... 120
9 Pepperell Mfg. Co________ 121
1 LockwoodCo.,Wnterv.,Me. 0844
10 Plymouth Cordage (full paid
r e o .).......... ........
195
30 Pacific M1113 . . ................. -.119
2 Boston Wharf Co................. 110
11 West Point Mfg. Co. rights. 344
10 Am. Marconi W . Co. of Am. 24*
14 Cent. Wharf A Wet Dock
C orp...................................185
20 U. S. Worsted Co., 2d prof. 1813
21,145 DavIs-DalyCopperCo.1.06 44-1.20
131 West Point Mfg. rights___ 3 X
B y M e ssrs. R . L . D a y & C o ., B osto n :
S lo c k .
$ p er sh .
2 First National Bank.......... ....... 42713
73 Market Trust C o., Brighton__ 170
10 Pocassct Mills____ _____________83
68 Androscoggin Mills___________ 150
2 Nashua A Lowell R R _________ 180
* Morse Twist Drill Co.................205
S h ares.
B y M e ssrs. B arnes & L o fla n d , Philadelphia:
S h a r es.
S to ck .
3 p er s h .
S tock.
S persh .
14 J. B. Stetson Co., common__ 35813
39 Farmers A M cch. Nat. Bk. 125-128
4 Phil. A Camden Ferry, $50ea.l06
30 Fourth Street Nat. Bank.........28544
3 Lumbermen’s Ins., Co., $25 ea. 9913 10 H. IC. Mulford C o., $50 each.. 63
9 Bank of North America---------- 25913
P ercen t.
14 Belmont Trust Co., $50 each.. 3313B o n d s .
25 Finance Co. of Pa., 1st pref— 10013 $1,000 Philadelphia City 4s, 1941.10113
1,000 Harrison Bros. A Co. 1st 5s,
5 Frankford Trust Co., $50each. 100
1924 ________________
90
1 Girard Trust C o................ ....... 891
500 Pottstown A Phoenixv. Uy.
2 Fire Assoc, of Phil., S50 each..325
25 Mechanics Insur. Co., $25 ea. 48
1st 5s, 1942____ _____ _ 9013
500 Wllm. A Chester Trao. coll.
101 Phila. Life Ins. Co.. 310 each. 10
5s, 1918.............................100
1 Frank. A Southwark Pass. Ry.344
S h a r es.
B y M e ssrs. Sam uel T . Freem an & C o ., Philadelphia:
S tocks.
$ p e r s h . S h a r es.
30
4,000 Tampico Oil Co., par 31..S3 lot
23
393,000 Eaglo Oil Co., par 51---S3 lot
00 San-Knit-Ary Text ile Mills,
1,000
Inc. prof., par $10-------- $1.25
50
15 San-Knit-Ary Textile Mills,
.10
Inc. com., par $10_____
S h a res.
S tock s.
$ p er s h .
Antlcor Mfg. Co., par $10.31 lot
Reading Iron Ore Co.,
par $10_______________ $2 lot
The Moab Oil Co., par SI.$2 lot
Nev.-Utah Min. A Smelt..
Corp., par 310_______ $1 lot
D IV ID E N D S .
T h e follow ing shows all tho dividends announced for fch«
future b y large or im portant corporations.
Dividends announced this week are printed in italics.
P er
C e n t.
N a m e o f C om pany.
W hen
P a y a b le.
B ook s C lo sed .
D a y s I n c lu s iv e .
Railroads (Steam).
47
40
30
31
17
65
Total pay warrants
drawn___________ “89,876,954 04 00,034,810 53 199,018,090 71 201,008,801 58
Publlo Debt:
Bonds, notes and «er1,470 00
8,345 00
400 00
390 00
tlflcates retired------Panama Canal:
5,592,091 38 10,893,398 34
2,290,051 17 1,850,412 30
Orand Total of Dls-
IVOL. 101
THE CHRONICLE
1162
S h a r es.
10
16
38
11
15
3
S lo ck .
% persh .
Revere Sugar Rcfg. C o., pref.. 50
Merrimack Chemical C o.......... 135
National Shawmut Bank.. 198-1984*
No. Boston Ltg. Properties rts. $1.09
Naumkeag Steam Cotton rights 38
West Point Mfg. rights________ 344
14* D e c . 1 Holders of ree. Nov. 5a
2
Nov. 1 Holders of rcc. Oct. 22*
1
Ileo. 1 Holders of rec. Nov. 20a
Cripple Creek Cent., com. (qu.) (No. 21)
1
Dec. 1 Holders of rec. Nov. 20a
Preferred (quar.) (No. 40)----------------Delaware Lackawanna A Western (quar.)
2 4* Oct. 20 Holders of rcc. Oct. 4a
3
Oct. 15 Oct. 2 to Oct. 14
Georgia RR. A Banking (<iunr.)............ .
G ra n d T r u n k R y .. g u a r a n te e d ------- ----------i x
Great Northern (quar.)..............................
1X Nov. 1 sept. 25 to Oct. 14
Oct. 15 Holders of rcc. Sept. 30a
Kansas City Southern, pref. (quar.)........
1
Lehigh Valley, com. A pref. (quar.)........ SI.25 Oct. 9 Holders of rcc. Sept. 25a
Minn.St. P. A S .S . M..com .Apf.(No.25)
3 4* Oct. 15 Holders of rcc. Sept. 24a
New York Central RR. (quar.)................
144 Nov. 1 Holders of rcc. Oct. 7a
1
Nov. 19 Holders of rcc. Oct. 30a
Norfolk A Western, ndj. pref. (qu ar.)...
Northern Pacific (quar.)----------------------1X Nov. 1 Holders of rcc. Oct. 11a
244 [Oct. 10 Oct. 1 to Oct. 10
Philadelphia A Trenton (quar.)................
2
Nov. 11 Holders of rcc. Oct. 26a
Reading Company, com. (quar.)..............
1
Oct. 14 Holders of rcc. Sept. 28a
Second preferred (quar.) — ............ -
United N. J. RR. A Canal Cos. (quar.).. $2.50 Oct. 10 Sept. 21 to Sept. 30
344 Oct. 15 Holders of rec. Oct. 6a
Warren Railroad........ ................ .............
Street aiul Electric Railways.
Boston Suburban Elcc. Cos., pref. (qu.).
50c. Oct. 15 Holders of rcc. Oct. 4a
2
Oct. 15 Oct. 7 to Oct. 16
B ro o k ly n C ity R R . ( g u a r .) ............................
Cin. Newp. A Cov. L. A Tr., com. (qu.).
14* Oct. 15 Oct. 1 to Oct. 15
Preferred (quar.)....................................
144 Oct. 15 Oct. 1 to Oct. 15
3
Oct. n Holders of ree. Oct. 5a
Dallas Electric Co., 1st preferred (No. 5)
Second preferred (No. 5 )____________
24* Oct. H Holders of rcc. Oct. 5a
Nov. i Holders of rcc. Oct. 1
Duquesne Light Co., pref. (qu.) (No. 3).
IX
7 Oct. 1 to Oct. 7
G r een A C oa tes S ts. P a s s ., P h ila . ( g u a r . ) . . $1.50 Oct.
14* Oct. 15 Holders of rec. Oct. la
K e n t u c k y S e c u ritie s C o r p ., p r e f . (g u a r .) —
2
Oct. 15 Holders of rec. Oct. la
Manchester (N. II.) Tr., L. A Power (qu.)
5
144
N a s h t ille R y . A L ig h t, p r e f . ( g u a r .) ..........
Ottumwa Uy. A Light, pref. (quar.)----1X Oct. 15 Holders of rcc. Sept. 30
Philadelphia Co., com. (qu.) (No. 130)..
144 Nov. 1 Holders of rec. Oct. la
3
Nov. 1 Holders of rec. Oct. la
6% cumulative pref. (No. 0 )-------------P u b lic S erv ice /« » ., p r e f . ( g u .) ( N o . 2 0 ) ... $1.50 Nov. 1 Holders of rec. Oct. 15a
75c. Oct. 15 Holders of rcc. Oct. la
Puget Sound Trac., L. A Pow., pref. (qu.)
Republic Ry. A Lt., pref. (qu.) (No. 17)
14* Oct. 15 Holders of rec. Sept. 30
50c. Oct. 15 Holders of rca. Oct. 4a
United Rys. A Elec., Balt., com. (quar.).
Virginia Ry. A Power, common (quar.)..
14* Oct. 20 Holders of rec. Oct. 6a
W e s t P e n n R y s ., p r e f . ( g u a r .) ....................
l H Nov. 1 Oct. 23 to Nov. 1
A t c h . T o p . A S . F e . , c o m . (g u .) { N o . 4 2 )..
C en tr a l R R . o f N J . ( g u a r .) --------------------
Y o u n g s to w n A O h io R iv er R l l ., p r e f . (g u a r .)
Banks.
N e w Y o r k P r o d u c e E x ch a n g e ( N o .
Trust Companies.
01)-----
M u t u a l o f W e s tc h e s te r C o u n ty ( g u a r .) .........
l
4
Oct. 15 Holders of rcc. Oct.
1X
Oct. 15 Holders of rcc. Oct . 14
Miscellaneous.
A e tn a E x p lo s iv e s , I n c . , p r e f . ( g u a r .) ........ .
l*A
144
Alliance Realty (quar.)............................1
Amcr. Agrle. Chcm., com. (qu.) (No. 16)
Preferred (quar.) (No. 41)............ .......
14*
A m e r ic a n C ig a r , c o m m o n ( g u a r .) -----------144
A m e r . C o a l P r o d u c ts , c o m m o n ( g u n r .) -----1X
C o m m o n (p a y a b le i n c o m m o n s t o c k ) -----5/
P r e fe r r e d ( g u a r .) -------------------------------IX
Preferred (quar.)...................... - ...........
IX
2
A m e r ic a n G a s ( g u a r .) ...................... ...........
Amcr. Gas A EL, pref. (quar.) (No. 35).
144
Amer. Laundry Machinery, pref. (quar.)
IX
A m c r . L ig h t A T r a c t ., c o m . ( g u a r .) ..........
24*
C o m m o n (p a y a b le i n c o m m o n s t o c k ) .........
24* /
P re fe r r e d ( g u a r .) ........................ .............
14*
Amer. Locomotive, pref. (quar.)-----------IX
50c.
A m e r . M a l l C o r p ., p r e f . (g u .) ( N o . 1 5 )...
70c.
A m e r ic a n M a i l i n g , p r e fe r r e d ........ .............
2
A m e r . R o llin g M i l l , c o m m o n ( g u a r .) ........
14*
P r e fe r r e d ( g u a r .) .................... ........ . —
1
Amer. Seeding Machine, com. (quar.) —
US
Preferred (quar.)------------ ----------------2
Amer. Teleph. A Telegraph (quar.)........
1
Amer. Typo Founders, common (quar.).
ix
Preferred (quar.)................ - - - - - - - - - American Woolen, pref. (quar.) (No. 00).
IX
Anaconda Copper Mining............ ............. SI
Associated Gas A Elec., pref. (quar.)----144
2
Associated Oil-------------------------------------1
Special.............. - ........... — ......... .........
144
A t la s P o w d e r , p r e f . ( g u a r .) ...... .................
2
Bell Telephone of Canada (quar.)............
Bell Telcp. of Pennsylvania (quar.)........
144
Ilonbright (Wm. P.) A Co., Inc., pf. (qu.)
IX
Borne, Scry mser C o------------------------------ 20
B r o w n S h o e, I n c . , p r e fe r r e d ( g u a r .) ...........
IX
1
Canadian West’h’se, Ltd. (qu.) (No. 43).
2
Caney River Gas (quar.).............. ..........
1
Extra.......................................................
1X
C a r d e n a s -A m e r le a n S u g a r, p r e f . ( g u a r . ) . .
Central Coal A Coke, preferred (quar.).
IX
1
Chtcago Pneumatic Tool (quar.)............
1
C lu cll,P e a b o d y A C o . , I n c . , c o m . ( g u . ) (N o .H )
2
Commonwealth Edison (quar.)------- - - - C o m m o n w ea lth G a s A E le c . C o s ., p r e f . (g u .)
144
Corn Products Refining, pref. (quar.)..
IX
10
Cuba Company, common-------------------Dayton Power A Light, preferred (quar.)
14*
Delaware Lackawanna A West. Coal (qu.)
24*
Detroit Edison (quar.)..............................
IX
Diamond Match (quar.)............................
14*
Distilling Co. of America, pref. (quar.)..
4*
Dominion Textilo. Ltd., preferred (quar.)
1X
duPont(E.I.)doNemours Powd.,pf. (qu.)
IX
3
E d is o n E l. I I I .. B o sto n (g u .) ( N o . 100)----Edison Elco. 111., Brockton (No. 50)----- $1
Electrical Securities Corp., pref. (quar.).
1X
Elec. Utilities Corp., pref. (qu.) (No. 22)
444
0
Eureka Pipe I.ino (quar.)..........................
Oct.
Oct.
Oct.
Oct.
Nov.
Jan.
Nov.
Jan.
Oct.
Gee.
Nov.
Oct.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
NOV.
Oct.
o ct.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
Nov.
Nov.
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Geo.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Oct.
Nov.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rcc.
1 Holders of rcc.
1 Gcc. 25 to
1 Oct. 19 to
15 Jan. 11 to
15 Oct. 10 to
1 Holders of rcc.
1 Holders of rcc.
15 Oct. 0 to
1 Oct. 16 to
1 Oct. 10 to
1 Oct. 10 to
21 Sept. 22 to
2 Holders of rec.
1 Holders of rec.
25
15
15
15
9
Oct. 20
Oct. 9
Sept. 27a
Sept. 27a
Oct. 15a
Jan. 1
Oct. 22
Jan. 14
Oct. 14
Nov. 17
Oct. 20a
Oct. 15
Oct. 31
Oct. 31
Oct. 31
Oct. 21
Oct. 15
Oct. 15
15
15 Holders of rcc. Sept. 30a
15 Holders of rcc. Sept. 30a
15 Holders of rec. Sept. 30a
15 Holders of rec. Oct. 10a
15 Holders of rcc. Oct. 10a
15 Sopt. 18 to Sept. 29
29 Holders of rcc. Oct. 23a
15 Holders of rcc. Sept. 30
15 Oct. 2 to Oct. 14
15 Oct. 2 to Oct. 14
1 Oct. 22 to Nov. 1
15 Holders of rcc. Sept. 30
15 Oct. 0 to Oct. 15
11 Holders of rec. Sept. 30
15 Sept 19 to Oct. lt
1 Holders of rcc. Oct. 23a
11 Holders of rec. Sept. 30a
20 Holders of rec. Nov. 10
20 Holders of rec. Nov. 10
1 Holders of rcc. Sept. 28
15 Oct. 1 to Oct. 15
25 Oct. 10 to Oct. 25
l Holders of rec. Oct. 21a
1 Holders of rcc. Oct. 15
15 Holders of rcc. Oct. la
15 Holders of rcc. Oct. la
1 Holders of rcc. Sept. 30
15 Holders of rec. Sept. 30a
15 Holders of rcc. Oct. la
15 Holders of rcc. Sept. 30a
15 Holders of rcc. Nov. 30a
30 Holders of rcc. Sept. 29a
15 Holders of rcc. Sept. 30a
25 Oct. 10 to Oct. 25
1 Holders of rcc. Oct. 15
1 Holders of rcc. Oct. 14«
1 Holders of rcc. Oct. 27«
15 Holders of rec. Sept. 30
1 Holders of rcc. Oct. 14
P er
of
N a v i*
C om pany.
Miscellaneous (Continued).
F e d e r a l S u g a r R e f g ., p r e f . ( g u a r .) ..............
General Electric (quar.)............................
General Motors, oommon---------------------Preferred.......... ............... .....................Globe-Wcmtcke, preferred (quar.)..........
Goldfield Consolidated Mines (q u a r.)...
Granby Cons. Min.. Smelt. ft Pow., Ltd.
lla r b ls o u -X V a lk tr R e f r a e ., p r e f . ( g u a r . ) . . .
H e r c u le s P o ic d e r , p r e f . ( g u a r .) ....................
J lo m e s ta k e M i n i n g (m o n th ly ) ( N o . 492) —
I l l i n o i s N o r th e r n U ti l i ti e s , p r e f . ( g u a r . ) . . .
Indiana Pipe Lino (quar.).-------------------Internal. Buttonhole Sowing Mach, (qu.)
Int. Harvester of N. J.. com.(qu.) (No.23)
I n t e r n a l . N i c k e l , t o m . (p a y . i n c o m . s t o c k ) .
P r e fe r r e d ( g u a r .) .......... .....................
International Paper, preferred (quar.)
I n t e r o t t a n O il, 1*1 p r e f ...... ......... .........
Island Creek Coal, common (quar.)........
Kayscr (Julius) ft Co. 1st ft 2d pref.(quar.)
K e l l y - S p r i n g f i e l d T i r e , c o m . ( g u a r .) ..........
La Rose Consolidated Mines (quar.)____
Lehigh Valley Coal Sales (quar.)_______
MaeAndrews ft Forbes, common (quar.).
Preferred (quar ) ...................................
Manufacturers’ light & Heat (quar.)----Massachusetts Gas Cos., com. (quar.) —
Ma3S. Lighting Cos., old com. (quar.) —
New common (quar.)_________
Preferred (quar.)........ .......... .
Mexican Telegraph (quar.)______
M i a m i C o p p e r C o . (g u a r .) ( N o . 13)
M i d w e s t R e fin in g ( g u a r .) _________
Montreal Telegraph (quar.).......... .
Extra...................... ....................
Mountain StatesTcleph. ft Telcg. (quar.)
National Biscuit, common (quar.)(No.09)
National Carbon, common (quar.)------Preferred (quar.).......... - ............... —
New York Transit-----------------------------Niagara Falls Power (quar.)— ..............
Nlpo Bay C o_________________________
Nlplsslng Mines (quar.)-----------------. . .
Northern States Power, pref. (quar.)..
Ohlo Fuel Oil (quar.)..............................
Ohio Fuel Supply (quar.)........................
O k la h om a N a tu r a l G a s ( g e a r . ) . . ..............
Osago ft Oklahoma Co. (quar.)................
Extra........................- .....................—
Otis Elevator, common (quar.)..............
Preferred (quar.)............ ....... ......... .
Pacific Telcph. A Teleg., pref. (quar.).
Penmans Limited, common (quar.)----Preferred (quar.)---------------------------P e n n s y lv a n ia L ig h tin g , p r e f. ( g u a r .) ........
Pennsylvania Salt Manufacturing (quar.)
Pittsburgh Coal, preferred (quar.)_____
P ltts b . T e r m . W M o u s e ft T r a n s f . ( m t h l y . ) . .
Procter ft Gamblo, preferred (quar.)
Public Sent. Oorp. of No. 111., com. (qu.)
Preferred (quar.)........................
Quaker Oats, common (quar.)____
Preferred (quar.)_____ ________
Recce Buttonhole Mach, (qu.) (No. 118)
lteeco Folding Machine (qu.) (No. 20).
H iker ft l i e g e m a n C o ., c o m m o n ................
S avoy O il (m o n th ly ) ....................................
E x tr a ................................................... .
S e c u r itie s C o r p o r a tio n G e n e r a l, p r e f . (g u .)
Shawlnlgan Water ft Power (quar.)-----Southern Cal. Edison, pf. (qu.) (No. 25).
Standard Milling, preferred (No. 25)----Steel Co. of Canada.Ltd.,pf.(qu.)(No.l7)
Temple Coal, preferred (quar.)..............
Tennessee Copper (quar.)---------- --------Thompson-Starrett Co., common..........
Tonopah Mining of Nevada (quar.)----Union Natural Gas Corporation (quar.)
Union Switch ft Signal, com. ft pref. (qu.)
United Fruit (quar.) (No. 05)........
United Gas Improvement (quar.)..
U. S. fndu*. Aloohol, pf. (qu.) (No. 30)
1163
THE CHRONICLE
0«*. 0 1915.]
Cent.
B o o k s C lo s e d .
D a p s I n c lu s iv e .
W hen
P a y a b le.
P er
C en t.
N a m e o f C om pany.
H ooks C lo s e d .
D a y s In c lu s iv e .
W h en
P a y a b le .
M iscellaneous (Concluded)
2
Oct. 30 Holders of rec. Oet. 15a
Nov. 1 Holders of rcc. Oct. 29a U n ite d S ta tes R u b b er, f i r s t p r e f . (g u a r .)—
IX
Oct. 30 Holders of rec. Oct. 15a
S ec o n d p r e fe r r e d ( g u a r .) .......... ............ Oct. 15 Holders of rcc. Sept. 4a
15 Holders of rec. Oct. 1
8
7
X
c
.
Oct.
U.
S.
Smelt.,
Ref.
ft
Min.,
pref.
(quar.)
Holders
of
rec.
Sept.
30
Oct. 15
3
Oct. 30 Holders of rec. Oct. 14
Vacuum Oil............ ...................................
Nov. 1 Holders of rec. Sept. 30
3X
2
Oct. 15 Holders of rec. Sept. 30a
Vtrginia-Caro. Chem., pf. (qu.) (No. 80).
X X Oct. 15 Holders of rec. Sept. 30
1X Oct. 28 Holders of rec. Sept. 30a
10c. Oct. 30 Holder? of ree. Sept. 30a Warner (Chas.) Co .of Del., 1st&2d pf. (qu.)
IX
Oct. 15 Holders of rcc. Sept. 30
Western States Gas & Electric, pref. (qu.)
X X Nov. 1 Holders of rec. Oct. 15a
l *4 ;Oct. 15 Holders of rec. Sept 20a
Western
Union
Teleg
(qu.)
(No.
186)..
Holders
of
rcc.
Oct.
9
20
Oct.
IX
$2 Oct. 30 Holders of rec. Oct. 8
W e s tin g h o u s e A i r B ra k e ( g u a r .) ................
G to Nov. 14
X X Nov. 15
X X Oct. 30 Holders of rcc. Sept. 30a
•s of rec. Oct. 20a Westlnghouse Elec. & Mfg., com. (quar.)
65c. Oct. 25
Preferred (quar.)............ .......................
IX
Oct. 15 Holders of rec. Sept. 30a
1 to Oct. 31
X X Nov. 1
s of rec. Oet. 23
$2
Nov. 15
a Transfer books not closed for this dividend, b Less British Income tax d Cor
•s of rec. Oct. 1
1
Oct. 15
s of rec. Sept. 25a rection. e Payable In stock. /Payable lu common stock, g Payable In scrip.
1 4 Oct. 15
h On account of accumulated dividends,
i Transfers received In London on or be
•s of rec. Oct. 15
1 0 / Nov. 1
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.
s of rec. Oct. 15
1
Nov.
XX
•s of rec. Oct. 6a
Oct. 15
X
•s of rcc. Oct . 20
3 4 Nov. 1
Im p o r ts a n d E x p o r ts fo r t h e W e e k .— T h e following are
■s of rec. Oct. 23
50c. Nov. 1
1 4 Nov. 1 Holders of rec. Oct. 20a the reported im ports a t N ow Y o rk for the week ending
Nov. 1 Holders of rec. Oct. 15
3
O ctober 2 and since the first week of January:
Oct. 20 Oct. 1 to Oct. 10
1
2 4 Oct. 16 Holders of rec. Oct. 7
FOREIGN IMPORTS AT NEW YORK.
Holders
of
rcc.
Sept.
30?
15
Oct.
24
14 Oct. 15 Holders of rec. Sept. 30a
Oct. 15 Oct. 1 to Oct. 15
2
1912.
1913.
1914.
1915.
F o r XVeek E n d in g O ct. 2.
1 4 Nov. 1 Holders of rec. Oct. 15
S1.75 Oct. 15 Holders of rec. Sept. 25
$2,713,005 83,064,390 82,803,378! 53,145,873
Dry goods.---------- ------------25c. Oct. 15 Holders of rec. Sept. 25
15,160,784; 18,115,850
15,450,621
19,978,651
General merchandise______
SI.50 Oct. 15 Holders of rec. Sept.25
2 4 Oct. 15 Holders of rec. Sept. 30a
822,691,656 $18,515,011 817,964,162 821,261,723
T
o
ta
l__________________
Nov. 15 Holders of rec. Nov. la
SI
1
S in c e J a n . 1.
1
Nov. 1 Holders of rcc. Oct. 15
Dry goods............ ................. S88.701.446 8130,995,477 5113,258,993 8110,988,800
Oct. 15 Holders of rcc. Sept. 30
2
General merchandise.......... . 739,283,444 615,702,159 620,379,786 641,589,423
1
Oct. 15 Holders of rec. Sept. 30
Oct. 15
1 4 Oct. 15 Oct. 1 to
Total 39 weeks.................. 8827,984,890 $746,697,030 8733,638,779 S752.578.223
14 Oct. 15 Holders of rec. Sept. 28a
Oct. 15
1 4 Oct. 15 Oct. 0 to
EXPORTS FROM NEW YORK.
Nov. 15
1 4 Nov. 15 Nov. 0 to
4
Oct. 15 Holders of rec. Sept. 23
1912.
1914.
1913.
1915.
W
e
e
k
E
n
d
in
g
O
c
t.
2
.
2
Oct. 15 Holders of rec. Sept. 30a
1 4 Oct. 15 Holders of rcc. Sept. 22a
For the week................ ......... 836,39S,4.39 813,270,865 814,655,458 819,155,210
5
Oct. 20 Oct. 1 to
Oct. 17
Previously reported________ 1037,673,769 615,951,155 049,015,996 599,044,437
1 4 Oct. 15 Holders of ree. Sept. 30
5. c. Oct. 11 Oct. 5 to
Oct. 10
Total 39 w eeks................ 1074,072,208 629,222,020 8663,671,454l$6I8,199,647
2
Oct. 15 Oct. 1 to Oct. 15
12 to o ct. 20
IX Oct. 20
T h e gold and silver exports and im ports for the week and
Oct. 10
Oct. 10 Oct. 1 to
IX
1
10
Oct. 10 Oct. _1 „to Oct. __
since January 1 have been as follow s:
Oct. If Holders of rec. Sept. 30
IX
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK._______
Oct. If Holders of rec. Sept 30
IX
Oct. 15 Oct. 1 to Oct. 15
IX
1
Nov. 15 Holders of ree. Nov. 5
Im p o r ts.
E x p o rts.
W e e k e n d in g O ct. 2.
1H Nov. 1 Holders of rec. Oct. 21
la
S in c e
S in c e
I X Oct. 15 Holders of rec. Oct.
Gold.
2
Oct. 15 Holders of rec. Sept. 30a
W eek.
J a n . 1.
J a n . 1.
W eek.
Oct. 25 Holders of rcc. Oct. 15a
IX
25c. Oct.
$1,394,381 85,600,603
Sept. 26 to Oct. 13
IOct.
2
11,519,880
Holders of rec Oct. 15
Nov.
IX
Holders of rec Oct. 15
Nov.
IX
$1,300,000 S11,'494,338 1,248,000 2,511,296
Holders
of
rec
Oct.
la
Oct.
2X
1,422,128
2,813
22,010
Holders of rec Nov. la
Nov.
IX
719,140 1,432,361 11,428,849
Holders of rcc Oct. 1
Oct.
3
20,862 5,222,502
61,500
Oct.
1
Holders of rec
1
Oct.
Dec. 1
Nov. 16 to
Dec.
IX
$1,300,000 $12,296,98S $4,098,418 $37,705,258
Holders of rcc Oct. 15
1
Oct.
279,4,S6 7,210,432
127,508,948
Holders of rcc Oct. 15
1
Oct.
607,199 16,807,342
10,000 68,778,546
Holders of roc Oct. la
Oct.
IX
Silver.
Holders
of
rec
Sept.
30
Oct.
IX
$14,868
81,590
S622.329 $25,981,685
Holders of rec, Sept. 30
IX Oct.
13,598
2,129,075
Oct. 31
Oct. 26 to
2 H Oct.
Holders of rec. Oct. 16
Nov.
IX
317,419
291
1,672,352
24,000
2
Oct. 11
Oet. 3 to
Oct.
277,398 2,861,845
3,700
7 5 o . Oct.
Holders of rec. Oct. 4a
2,848,727
27,491
114,980
2,123
4
Holders of rcc Nov. 8
Nov.
971,400
G.396
12,575
15
Oct
1 to Oct. 7
Oct.
2X
Oct. 1 to Oct. 15
Oct.
8648,452 $29,914,367 8313,166 $7,027,857
$1 50 Oct. 15 Holders of rcc, Oct. 5a
87,729 7,083,643
925,052 33,356,066
Total 1914.....................................
2
Oct. 15: Holders of reo, Sept. 22
214,246 7,898,743
842,726 33,368,939
Total 1913-----------------------------$1
Oct. 15[ Holders of rec Sept. 30a
Oct. 15 Holders of rec Oct. 8a
IX
Of the above exports for the week In 1915, 51,300,039 were American gold coin.
IX
2
50
T h e F e d e r a l R ese rve B a n k s .— Follow ing is the weekly statem ent issued b y the Federal Reserve Board on O ct. 2:
Telegraphic communication with Now Orleans having been interrupted, the figures for the New Orleans branch o f thei Atlanta Fcdo-al Rtscrve Bank,'
showing the condition o f tho branch as at close o f business Sept. 28 1915, were used. I he statement indicates net cas 1 withdrawals of about 13 millions
and a decrease In gold reservo of about 6.6 million dollars. Tho decrease in the banks gold reserves is more than fully offset by thei deposit o f over 8
million dollars o f gold with Federal Reserve agents to reduce their liability on outstanding reserve notes, and to release maturing oom n »clm paper.
Tho Now York bank shows an Increase of 3.9 millions in Its gold rcservo, while Philadelphia, St. Louis, Boston and Chicago report tho largest withdrawals
° f h<Tho banks’ Increased activity Is Indicated by tho gains shown In tho totals of investments held. The amount of commercial paper on hand decreased
by about 1.3 millions since tho end of tho previous week, largely as tho result o f tho liquidation by Oct. 1 of considerable amounts of paper held by the
Richmond and Dallas banks. Bank acceptances on hand increased 1.8 million dollars, the Boston bank ireporting practically the entire gain. Of the
total amount of bills on hand, 12.9% was paper maturing within 10 days,compared with 16-9% the week before, while the'Percentagei of_PaPcr maturing
after 10 but within 30 days shows but a slight change. A considerable increase since the previous week is shown in the holdings of agricultural and liv e*
stock paper maturing after 90 days, Dallas alono reporting a gain of $852,000 of this class o f Paper.
. .
_ ....
, ,
T h e r e has been practically no change in the amount o f United States bonds on hand.
The Cleveland bank reports an Increase of atout 2 milUon dolnt of municipal warrants on hand. Gains under this head aro also reported by all^other, except the Southtrru banks. 1 he ratio of earntal stands
creased fri
____
.
.
------------- ------------ jdeposits,------ --reporting srr rUoservo A| ents r0pOrfc a t o t ^ o f 141 million dollars of notes outstanding, against which they hold 123.3 miUionierof gold “ d ]8 -l
? .f
paper. Almost 8 million dollars o f reserve notes were issued by them to tho hanks during the past week. Tho banks report 122.2 million dollars of
notes In circulation and a net liability thereon o f 14,295.000 dollars.
T h e figures of the consolidated statem ent for tho system as a wholo are given in the following table, and in addition
wo present the results for each of tho eight preceding w eek s, thus furnishing a useful com parison.
In the second table we
show the resources and liabilities separately for each of tho tw elve Federal Reserve banks. T h e statem ent of I ederal Reserve
A g en ts’ Accounts (tho third table follow ing) gives details regarding the transactions in Federal R eserve notes between the
Com ptroller and tho Reserve A gon ts and between tho latter and tho Federal Reserve bank s.
C
o m b in e d
R
esou rces an d
L
ia b il it ie s
O c t.
of the
1 1915.
S e p t.
F
ederal
R
eserve
21 1915^Sepf. 17 1915
S e p t.
B
anks at the
10 X915'Sept. 3 1915.
c l o s e o f b u s in e s s
A ug.
27 1915
A ug.
20 1915
O
ctober
Aug.
131915
1 19 15 .
A ug.
6 1915.
RESOURCES.
Gold coin and certificates In vault.................... $227,263,000 $229,972,000 $224.402,000 $212,130,000 $209,369,000 $211,145,000 $205,951,000 8209,697.000 $207,822,000
53,490.000 52,290.000
Gold settlement fund.........................................
55,180,000 59,050,000 03.040,000 68,690.000 57,880,000 55,930.000 54,930.000
1.084.000
1,104,000
1,084,000
1,104.000
1.162.000
1,187,000
1,202,000
1,197,000
Gold redemption fund with U. S. Treasurer..
1,202,000
$261,271,000 $261,196,000
Total gold reserve........................................ $283,645,000 $290,224,000 $288,639,000 $282,007,000 $268,411,000 $268,179,000 5261,985.000
19,274,000 19.878,000 27,117.000 20,949,000 24,916,000
16,001,000 20.235.000
16,493,000 22,920,000
Legal tender note*, silver, A c.................. .........
$302,242,000
$287.685.000
$288,057,000 $289,102,000 *285.220.000 $286,112,000
5304,640.000
$313,144,000
$300,138,000
Total reserve................................. .............
Bills discounted and bought—
Maturities within 10 days---------------------Maturities within 30 days---------------------Maturities within 60 days---------------------Maturities within 90 days---------------------Maturities over 90 days..............................
Total .....................................................
Bank acceptance* (Included In above) —
$5,777,000
12.274.000
15.707.000
8.877.000
2.207.000
57.487.000 *$4,784,000
11.997.000 *12,997,000
15.561.000 *17,452.000
7.293.000
8.173.000
1.213.000
1.135.000
$4,734,000 ♦84,938.000
12,OSS,000 ♦11.348,000
16,532,000 •16,785,000
*8,490.000
8.652.000
1,395,000
1.255.000
$4,445,000
10.658.000
17.209.000
8.582.000
1.945.000
$4,475,000
10.264.000
16.168.000
9.156.000
1.688.000
$3,441,000
10.215.000
14.968.000
10.170.000
2,024,000
$4,222,000
8.851.000
15.085.000
10.686.000
2.082.000
$14,902,000 844,431,000 $43,601,000, $43,258,000 $42,956,000 842.839,000 $41,751,000 $40,818,000 $40,926,000
12,209,000 12,073,000
8,740.000
13,504,000
12,985,000! 12,918,000 13,039,000
$14,846,000 S13,058,000l
[Vol. 101
THE CHRONICLE
1164
O c t.
R E S O U R C E S (C o n c lu d e d ).
9 m r r M fo r w a r d (total reserve & bills
1 1915.
S e p t.
24 1915
S e p t.
17 1915
S e p t.
10 1915
S e p t.
3 1915 Aug. 27 1915 Aug. 20 1915 Aug. 13 1915
Aug.
6 1915
dlsc’ted) $315,810,000 $357,575,000 $348,301,000 $315,500.000 $330.641.000 $330,896,000 *330,853.000 $326,038,000 $327,*38,000
lavestments: U. S. bonds...... ........... .......... .
Municipal warrants___________
Federal Reserve notes— Net---------- -------------Due from Federal Reserve banks—Net.......... .
All ether resources------- --------------------------------
$9,329,000
27,381,000
15,378,000
10,993,000
3,318,000
$9,328,000
24,945,000
14,866,000
7.409,000
3,577,000
9,047,000
24,444,000
12,481,000
8,533,000
3,382,000
8,852,000
23,710,000
13,375,000
8,142,000
3,841,000
8,843.000
24,013,000
12,911,000
7,761.000
4,075,000
8,836,000
25,808,000
12,491.000
6.990.000
4.962,000
8,740,000
18,553,000
12,740,000
6.805.000
4,777,000
8,607,000
18,558,000
11.266.000
4,028,000
5,623,000
8,503,000
18,100,000
12,578.000
5,987,000
5,263,000
Total Resources............ .............. ....... S411,439.000 $417,700,000 $406,188,000 $403,420,000 $388,274,000 $389,983,000 *382,468,000 *374,120,000 *377,469,000
L IA B IL IT IE S .
Capital paid In_____________________________
Reserve deposits— Net.............. ..... ......... .........
Federal Reserve notes—Net------------------------All other liabilities.................. .............. .......... .
$54,728,000 $54,748,000 $54,749,000 $54,772,000 $54,762,000 $54,689,000 $54,329,000 *54,331,000 *54,315,000
15,000,000
15,000,000 15,000.000
15,000,000
324,747,000 329,941,000 316,953,000 313,053,000 312,316,000 316,989,000 310,095,000 301,926,000 3067002,666
15,723,000
15,420,000
14,295,000
15,348,000
16,562,000
17,527,000
10,738,000 15,847,000
17,670,000
2,197,000
2,663,000
1,567,000
2,140,000
1,732,000
2,669,000
2,924,000
3,068,000
3,526,000
Total liabilities.................. ................... $411,439,0 0 $417,700,000 $406,188,000 $403,420,000 $388,274,000 *389,983,000 $382,468,000 *374,120,000 *377,469,000
82.7%
87.5%
82.2%
88.7%
84.9%
89.6%
83.6%
89.6%
83.3%
89.3%
82.1%
88.2%
82.1%
90.6%
84.3%
90.9%
82.8%
90.7%
89.6%
91.0%
92.1%
92.3%
92.1%
90.8%
93.2%
93.6%
*3.3%
(a) After deduction of items in transit between Federal Reserve banks, viz............ $10,993,000
$7,409,000
$8,533,000
$8,142,000
$7,761,000
*6,990,000
*0,805,000
*4,028,000
*5,987,000
Geld reserve against net liabilities (a )-----------Cash reserve against net liabilities (a )— . . _
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
circulation .................. ..............................
f e d e r a l R eserv e N o te s —
In hands of banks............ ...................... .
$141,000,000 $133,060,000 $124,000,000 $119,851,000 $114,531,000 $109,901,000 $107,691,000 $102,571,000 $101,731,000
14,858,000
17,398,000
14,608,000
18,782,000
15,378,000 16,343,000
12,308,000
14,213,000
15,036,000
In circulation__________________________ $122,218,000 $115,662,COO $108,622,000 $103,508,000 $99,495,000 $95,233,000 $92,833,000 *90,263,000 *87,518,000
Gold and lawful money with Agent--------------- $123,301,000 $115,180,000 $104,541,000 $99,356,000 $94,766,000 $90,986,000 $89,726,000 *85,806,000 $84,676,000
15,847,000
15,348,000
16,562,000
16,73.8,000
15,723,000
14,520,000
14,295,000
17,527,000
17,670,000
12,740,000
11,266,000
12,481,000 13,375.000
12,491,000
12,578,000
14,866,000
15,378 000
12,941,000
Carried to net assets------------------------------------Received from the Comptroller-------------- $175,820,000 $171,860,000 $165,400,000 $160,160,000 $157,100,000 $155,860,000 $148,460,000 $143,260,000 $138,740,000
395,000
435.000
395,000
455,000
275,000
605,000
505.000
455,000
745,000
Returned to the C om ptroller...................
to hands of Agent— ................................ -
$175,075,000 $171,255,000 $164,895,000 $159,705,000 $156,705,000 $155,425,000 $148,065,000 $142,865,000 $138,465,000
38,195,000 40,895,000 39,854,000 42.174,000 45,524,000 40,374,000 40,291,000 36,734,000
34,075,000
Issued to Federal Reserve banks----- $141,000,000 $133,060,000 $124,000,000 $119,851,000 $114,531,000 $109,901,000 $107,691,000 *102.571,000 $101,731,000
$110,451,000 $105,235,000 $96,826,000 $98,956,000 $94,3S6,000 $90,606,000 $89,361,000 585,446,000 $84,316,000
5,000
5,000
19,447,000 20,495.000 91,765,000
16,765,000
16,742,000
18,915.000
17,965,000
17,699,000
17,880,000
410,000
380,000
380,000
410,000
400,000
365,000
360,000
673,000
450,000
Gold redemption fund held by U. S. Treas.
7,300,000
9,500,000
12,400,000
Gold settlement fund held by U. S. Treas.
By gold coin and certificates.................. .
T o ta l.......... ......... ........... - - - ............... $141,000,000 $133,080,000 $123,988,000 $119,851,000 $114,531,000 $109,901,000 $107,691,000 $102,571,000 $101,731,000
$18,093,000 $18,113,000 $19,476,000 $20,546,000 $20,070,000 $19,350,000 *18,852,000 *17,602,000 *17,431,000
Commercial paper turned over to Agent--------• Corrected figures,
b Deficiency of $12,000 offset by funds In the Gold Redemption Fund.
WEEKLY STATEMENT OK RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 1 1915
N ew Y ork .
B o sto n .
P h lla d e l'a . C lev ela n d . R ich m o n d .
A t la n t a .
C h ic a g o .
S t. L o u is .
M ln n e a p .
K a n . C ity
D a lla s .
San
F ra n
T o ta l.
$
$
S
S
$
$
$
S
$
$
$
$
$
3.383.000 4.572.000 3,603,000 6,262,000 227,263,000
Gold coin & ctfs In vault 14,186,000 133,071,000 7.584.000 11,883,000 5.894.000 6.048.000 26.638.000 4.139.000 3.151.000
1.699.000
3.72.8.000
2.721.000
13.040.000
5,236,00( 2,453,000 55,180,000
6.645.000
5.069.000
4,260,000
Gold settlement fund__ 2,146,000 5,032,000
225,000
35,000
30,000
77,000
375,000
341,000
21,000 1,202,000
37,000 —
55,000
6,000
Gold redemption fund..
Total gold reserve----- 16,338,000 138,158,000 12,690,00016,143,000 12,914,000 7,972,000 39,678,000 7,902,000 6,564,000 7,370,000 9,180,000 8,736,000 283,645,000
123,000 1,345,000
277,000
4,000
87,000
432,000
331,000
7,000 16,493,000
164,000 10,107,000 2,625,000. 991,000
Legal-ten .notes ,sll v . ,&c.
RESOURCES.
Total reserve____ . . . 16,502,000 148,265,00015,315,00017.134,00013,001,000 8,095,000 41,023,000 8,179,000 6,568,000 7,802,000 9,511,000 8,743,000 300,138,000
Bills dlscounted&bought
157,000
Commercial paper—
Bank acceptances----- 4,095,000
459,000'
270,000^
4,884,000 1,685,000
664,000' 7,749,000 5,912,000 1.576.000 1,422,000 1,562,000 2,160,000 0,925,000 1,194,000 30.056.000
495,000
1.552.000
317,000
605,000 14.840.000
542,000
571,000,
100,000
T o t a l____________ 4,252,000 5,343,000 1,955,000 1,235,000 7,849,000 5,912,000 3,128,000 1,964,000 1,879,000 2,661,000 6,925,000 1,799,000 44,902,000
3.986.000
242.000 1,027,000 1,356,000
1,000,000 9.329.000
887.000
340.000
491.000
Investments: U. S. bds.
795.000 . 831,000
1.624.000 27.381.000
"**5*666 2.985.000 1.148.000
Munlclpal warrants.. 3.865.000 9.355.000 3.069.000 3,704,000
2.161.000
527.000
633.000
1.904.000
15.378.000
272.000
584.000
369.000 8.928.000
Fed. Res’ve notes— Net.
Due from other Federal
585.000
147.000
4,575,000
1.559.000
1,924,000
458.000
793.000
1.182.000
u
10,993,000
598.000
4.093.000
1.171.000
Reserve banks— Net.
64,000
176,000
206.000
481.000
121,000
185.000
266.000
82,000 3.318.000
178.000
979.000
189.000 **391*666
All other resources........
Total resources______ 26,839,000 172,282,000 26,335,000 24,008,000(21,909,000 14,655,000 58,034,000 13,931,000 11,445,000 13,278,000 18,481,000 10,334,000 411,439,000
L IA B IL IT IE S .
Capital paid In________ 5,134,000 10,987,000 5,267,000 5,944,000 3.358.000 2,417,000 6,632,000 2,782,000 2,489,000
5,000,000 5,000,000
Government deposits—
Reserve deposits— Net. . 21,705,000 152,737,000 21,068,000 18,064,000 7.378.000 5.257.000 51,402,000 11,149,000 8,956,000
6.037.000 1.914.000
Fed. Res’ve notes— Net.
6.092.000 ............
Due to F.R.banks— Net
67,000 ........ .
136,000
2.466.000
AH other liabilities.........
Total liabilities______ 26,839,000 172,282,000 26.335,00024.008,00021,909,000 14,655,000 58,034,000 13,931,000 11,445,000
3,023,000 2.764.000 3,931,000 54.728.000
5,000,000
15,000,000
9.144.000 5.484.000 12,403,000 324,747,000
1.111.000 5.233.000
14.295.000
2,669,000
13,278,000 18,481,000 16,334,000 411,439,000
F e d e r a l R ese rv e N o t e s —
Issued to banks--------- 5,120,000 61.620,000 5,030,000 6,000,000 11,300,000 11,280,000 4.380.000 3,325,000 7,100,000 6,780,000 14,465,000 4,000,000 141,000,000
527,000
354,000
192,000 1,904,000 18,782,000
992,000
363.000 1,866,000 2.161.000
272,000
584,000
369,000 9,198,000
In hands of banks___
6,573,000
6,420,000
14,273,000
2,333,000
2,096,000 122,218,000
9.414,000
2,219,000
4,751,000j
52,422,000
4,446,000
0,328,00010,937,000
F. R. notes in circulation
Gold and lawful money
5,120,OOo! 61,350,000 5,030,000 6,600,000 4,900,000 7.500.000 4,380,000 2,966,000 7,100,000 5.315.000 9.040.000 4,000,000 123,301,000
with agents.......... —
________1 6.037,000 1.914.000 ..............
14.295.000
.............. 1.111.000 5.233.000
Carried to net liabilities.
*6*3*3,666 527,000
1,904,000 15.378.000
272,000 ________ ..............1 2,161,000
369,000 8,928,000 584,000
Carried to net assets___
(a) Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS OCT. 1 1915.
N ew Y ork .
R ich m o n d
A t la n ta .
C h ic a g o .
M l n n e a p . K a n . Clty.\
D a lla s .
T o ta l.
$
$
*
s
s
s
$
I
$
Federal Reserve Notes— !
Rec’d from Comptrolr 11,800,000 63,760,000 9,280,000 8,000,000 12,800,00013,600,000 9,380,000 3,400,000 9,000,000 8,000,000 16,800,000 10,000,000 175,820,000
15,000
.............. I ...............
120,000 .........
745,000
310,000 ........
300,000
Returned to Comptr'r
9,000,000
8,000,000
16,785,000
10,000,000175,075,000
11,500,000
63,760,000
8,970,000
8,000,000
12,800,00013,600,000:
9,260,000
3,400,000
Chargeable to Agent..
In hands of agent.close
75,000 1,900,000 1,220,000; 2,320,000 6,000,000| 34,075,000
of business Oct. 1 .. 6,380,000 2,140,000 3,940,000 1,400,000 1,500,000 2,320,000 4,880,000
Issued to F. R. bank.. 5,120,000) 61,620,000 5,030,000 0,600,00011,300,00011,280,000 4.380,000 3,325,000 7,100,000 6,780,00014,465,000 4,000,000141,000,000
Held by F. R. agent—
,315,000
Gold coin & certfs----- 5,120,000
Lawful money............
.............. 1 ...............
Notes secured by com
____
359,000
),000 3,7
1,405,000 5.425.000 _ . . . _' 17,699,000
270,000
mercial paper--------F.R.Agents’ credit bals.:
120.000
..............
450,000
Gold redemp. fund__
________
>*,666 7,5
12,400,000
With F. R. Board----4.380,000 3,325,000 7,100,000 0,780,000)14,465,000 4,000,000
5,120,000
T o t a l................
Amount comm'l paper
359,000 ________I 1,400,000 5,695,000!
270,000 .............. .............. ! 6,515,000 3,788,000
18,093,000
turned over to F.R.agt
1165
THE CHRONICLE
Oct. 9 1915.]
S t a te m e n t o f N e w Y o r k C ity C le a r in g -H o u s e B a n k s a n d T r u s t C o m p a n ie s .— T h e following detailed statem en t shows
tho condition of the N ow Y o rk C ity C learing-H ouso m embers for the week ending O ctober 2 .
T h e figures for the separate
banks are the averages of tho daily results.
In the case of the totals, actual figures a t the end of the week are also given .
In order to furnish a com parison, we have inserted the totals of actual condition for each of the three groups and
also tho grand aggregates, for the four preceding weeks.
N E W Y O R K W E E K L Y C L E A R I N G -H O U S E R E T U R N .
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
October 2 1915
(00s o m itte d .)
L oans,
D is c o u n t s ,
I n v c s tm 't s ,
N et
P ro fit).
Ac.
I Nat. B’ks Sept. 21
\Statc B’ks Junc23 J
Members o f Federal
Reserve Bank.
Bank of N. Y ., N.B.A.
Merchants’ Nat. Bank.
Mooli. * Metals Nat—
National City B an k...
Chemical Nat. Bank—
Atlantic National Bank
Nat. Butchers’ A Drov.
Amcr. Exch. Nat. Bank
National Bank of Com.
Chatham A Phenlx Nat
Hanover National Bank
Citizens’ Central N a t..
Market & Fulton N a t..
Importers’ & Traders’ . .
National Park B an k ...
EastRIvcr Nat. Bank..
Second National Bank.
First National B an k...
Irving National Bank..
N. Y. County Nat. Bk.
Chase National Bank.
Lincoln National Bank.
Garfield National Bank
Fifth National Bank..
Seaboard Nat. Bank..
Liberty National Bank
Coal A Iron Nat. Bank
Union Exchange Nat.
Nassau Nat. Bank —
Broadway Trust Co
5
000,0
000,0
000,0
.000.0
000,0
000,0
300.0
000,0
000,0
500.0
,000,0
,550,0
000,0
,500,0
.000,0
250.0
,000,0
,000.0
,000,0
500.0
,000,0
000,0
,000,0
250.0
,000.0
,000,0
,000,0
.000,0
000,0
.500,0
L eg a l
T en d ers.
S
4.673.6
2,180,1)
9.155.8
34.942.3
8,020,4
783.8
76,6
5.089.9
18.053.4
1.703.9
15,583,2
2.004.6
1.980.9
7,698,0
15.590,1
71,0
3.248.3
23,164.9
3.907.6
1.225.3
9.750.7
1.905.4
1.278.7
401.0
2.871.2
3.095.7
686.9
1.002.9
1.119.3
888.1
A verage.
A vera g e.
S
36.522.0
28.711.0
109.751.0
301.838.0
31.831.0
10.634.0
1.947.0
81.731.0
212.394.0
49.043.0
106.053.0
20.425.0
9.100.0
32.292.0
130.728.0
2.222.0
10.087.0
149.429.0
50.054.0
9.017.0
146.018.0
S
2.522.0
1.149.0
17,0.80,0
95.602.0
4.729.0
850.0
93,0
0,740,0
19.549.0
3.372.0
22.765.0
1.120.0
1.179.0
1.531.0
9.097.0
109.0
735.0
20.075.0
7.414.0
449.0
35.204.0
1.587.0
684.0
145.0
2.818.0
2.685.0
459.0
170.0
277.0
1.415.0
A verage.
$
705.0
.331,0
9.477.0
5.109.0
1.941.0
123.0
38.0
1.375.0
4.119.0
725.0
1.743.0
374.0
480.0
1.053.0
1.282.0
51.0
183.0
659.0
1.973.0
125.0
0,049,0
1.712.0
239.0
100.0
1.350.0
N a t . B a nk N a t . B a n k
N o tes
N o tes
[N o t
fR eserve
C o u n ted
f o r Stale
as
I n s t it u
R eserv e ].
tio n s] .
F ed era l
R eserv e
Bank
N o tes
[N ot
R e s e r v e ].
A vera g e.
%
A verage.
A verage.
A vera g e.
S
3
S
R eserv e
w ith
L eg a l
D e p o s i
t a r ie s .
A verage.
$
2.482.0
2.036.0
E xcess
Due
fr o m
R eserv e
D e p o s i
t a r ie s .
A v era g e
%
N et
D em an d
D e p o s its .
N et
T im e
D e p o s it s
N a tio n a l
B ank
C ir c u la
tio n .
A verage.
A vera g e.
A verage.
S
33.782.0
28.083.0
127.844.0
308.131.0
31.914.0
10.701.0
1.635.0
83.715.0
209.960.0
46.143.0
124.015.0
23.290.0
9.778.0
28.593.0
130.864.0
2.075.0
12.842.0
153.550.0
$
1.332.0
S
79.8.0
1.943.0
4.951.0
2.553.0
450.0
383.0
50.0
4.800.0
3.393.0
1.170.0
305.0
1.637.0
81.0
50.0
3.033.0
50.0
075.0
4.728.0
740.0
300.0
450.0
886.0
349.0
247.0
405.0
500.0
398.0
400.0
267.0
953.0
1.719.0
0,752,0
4.293.0
2.333.0
326.0
102.0
2.686.0
3.266.0
1.243.0
2.733.0
1.172.0
971.0
731.0
4.559.0
170.0
568.0
2.253.0
3.271.0
511.0
5.928.0
513.0
449.0
227.0
3.107.0
2.238.0
213.0
622.0
478.0
464.0
4.0
8.0
143.0
211.0
41.0
12.0
3.0
109.0
77.0
419.0
23.0
55.0
90.0
9.0
172.0
7.0
47.0
87.0
17.0
133.0
91.0
168.0
51.0
14.0
33.0
24.0
31.0
14.0
29.0
180,0
Totals, avge. for week 115,350,0 182,755,6 1,704,874,0 208,267,0 43,269,0 54,881,0
2,307,0
2,370,0 142,803,0
1,861,113,0 20,071.11 36,492,0
2,116,0
2.546.0
2.960.0
2.926.0
2,202,0
2.604.0
1.724.0
1.771.0
146.705.0
144.246.0
143.190.0
139.594.0
1.863.748.0 20.398.0 30,379,0
1.841.308.0 20.972.0 36,585,0
1.807.122.0 10.490.0 30,684.0
1.778.945.0 10.559.0 30,978,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Oct.
2
Sept 25
Sept. 18
Sept. 11
17.051.0
8.824.0
4.612.0
35.338.0
40.572.0
7.999.0
10.062.0
9.001.0
16,325,0
546.0
134.0
247.0
145.0
14 4,0
1.708.226.0
1.085.454.0
1.637.225.0
1.619.998.0
258.471.0
270.445.0
279.097.0
277 513,0
45,571,0
37,983,0
41,248.0
44,187,0
57.049.0
56.355.0
52.759.0
45.796.0
42.530.0
32.877.0
10.230.0
5.050.0
2.414.0
12.324.0
80.881.0
3.357.0
5.031.0
15.293.0
3.799.0
6.122.0
13.400.0
4,572,0
12.030.0
19.396.0
8.791.0
3.404.0
994.0
442.0
154.0
974.0
9.941.0
304.0
028.0
1.804.0
434.0
643.0
734.0
269.0
2.048.0
1.597.0
1.283.0
1.704.0
205.0
638.0
49.0
055.0
3.450.0
30.0
255.0
405.0
49.0
105.0
008.0
152.0
518.0
291.0
1.696.0
1.177.0
470.0
102.0
110,0
712.0
4.940.0
59.0
60.0
1.041.0
88,0
151.0
950.0
90,0
600.0
580,0
106,0
66,0
288,0
168,0
28,0
43.0
1,312,0
49.0
11.0
33.0
59.0
100,0
70.0
36.0
139.0
435.0
269,422,0 33,101,0
10,493,0
12,838,0
2,943,0
13.996.0
10.570.0
11.608.0
9,189,0
* * 4+6
56,0 9.131.0
761,0 29.009.0
2.593.0
920.0
128.0
31.0 6.835.0
66.0 15.667.0
167, o 3,39 4,0
77.0 9.379.0
55.0 2.030.0
930.0
34.0
2.191.0
44.0
357.0
13.0
109.0
123.0
129.0
10,0
146,0
6,0
5,0
143,0
9.788.0
179.0
9 46,0
11.618.0
4.781.0
705.0
14,359,0
1.412.0
770.0
325.0
3.176.0
4.025.0
609.0
704.0
597.0
1.299.0
65.168.0
9.001.0
192.017.0
18.937.0
8.005.0
4.547.0
41.949.0
49.430.0
7.930.0
9.480.0
8,32
17.485.0
4,913,6
1.097.0
150.0
17.0
57.0
1,120,(1
125.1
5,476,4
1.286.1
671.11
" 125,1]
154.1
” "s"n,i*
100.1
2.413,1
48, I
9,(|
134,1
State Banks.
N ot M em bers o f
F e d e r a l R eserve R a n k .
Bank of Manhattan Co.
Bank of America..........
Greenwich Bank--------Pacific Bank..................
People’s Bank-----------Metropolitan Bank----Corn Exchange Bank..
Bowery Bank------------Germnn-Amcrtcnn Bank
Fifth Avenue Bank----erman Exchange Bank
ormanla Bank---------Bank of MC(ropolls----West Side Bank............
N. Y. Produce Exch.Bk
State Bank..............
Totals, avge. for week.
2.050.0
1.500.0
500.0
500.0
200.0
2,000,0
3.500.0
250.0
750.0
100.0
200,0
200.0
1,000,0
200,0
1,000,0
1.500.0
4.801.0
0,239,7
1,178,8
999,7
442,6
1.899.0
0,729,7
778.0
716,9
2,343,4
800.5
993.6
2,126,2
055.3
923,2
553.1
15,450,0 32,181,3
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
1,283,6
267,0
100,0
54 l ,0
115.0
809.0
408.0
,004,0
,037,0
,001,0
,059,0
,954,0
,557,0
.079,0
,554,0
,519,0
,509,0
.547,0
15,0
7,194,0
1,040,0
289,570,0
68,0
2.503.0
2.880.0
3.044.0
3.374.0
7.0
9.0
59.0
93.0
7.287.0 1.403.0
991,0
6.910.0
7.082.0 1.120.0
7.801.0 3,307,0
291.450.0
287.258.0
301.430.0
290.057.0
68.Q
08
4,844
4.840,d
13.0
14.0
1,122,0 1.957.0
8.657.0 13.171.0
1.893.0 9.089.0
911.0 1.673.0
1.091.0 6.381.0
30.186.0
415.0
* 3*73 ,6
970.0
713.0
2.516.0 4.077.0
872.0 1.775.0
1.901.0 6.507.0
703.0
679.0
938.0
473.0
1.978.0 2.509.0
22,446,1)
173.140.0
37.800.0
19.241.0
21.820.0
220.052.0
7.408.0
14.205.0
50.315.0
17.434.0
39.158.0
13.578.0
9.401.0
39.501.0
,392,1,
,833 ,i;
.473,1
,470.(
558.1
,242.1
127.1
307.1
.013,1
781.1
,362,1
.713.1
,019,1
.971,(1
306,0 23,239,0 80,351,0
686,345,0
638.0
2,0
13,0
' 144.6
107,0
4",000,6
180.0
200,0
" *1*9*,6
'213*6
200,0
’ 653 ,0
’ 3*36*0
41
’ 2*7*6
Trust Companies
N o t M em bers o f
F e d e r a l R eserve fla n k .
1.500.0 3.468.8
Brooklyn Trust C o----Bankers Trust C o ........ 10,000,0 13,173,0
2,000,0 4.2 47,7
U. S. Mtg. A Trust Co.
1.2.31.9
1.250.0
Astor Trust C o............
5.000. 0 11.866,5
Title Guar. A Trust Co.
Guaranty Trust C o----- 10,000,0 23.217.8
1.000. 0 1 337.3
Fidelity Trust Co........
0
5.005.8
Lawyers TltloA Trust. 4.000.
7,409,3
2.000.
0
Columbla Trust Co----1.4.33.9
1,000,0
People's Trust Co........
3.000. 11.197.9
0
New York Trust C o ...
1.000. 0 1.096.2
Franklin Trust Co........
534,7
1,000,0
Lincoln Trust Co..........
2,000,0 0,093,0
Metropolitan Trust Co.
1.036.0
30.389.0
193.054.0 10.985.0
48.819.0 3.109.0
1.729.0
2 4,384,0
1.885.0
35.859.0
231.058.0 20.709.0
8,760,0
002,0
21.498.0
1.205.0
64.507.0 4.320.0
18.094.0
1.108.0
3.415.0
53.103.0
17.435.0 1.068.0
093,0
10.533.0
46.402.0 2,931,0
312.0
191.0
215.0
0,0
170.0
5.906.0
52.0
152.0
138.0
84.0
1.970.0
91.0
87.0
1.582.0
270.0
258.0
362.0
171.0
160.0
423.0
109.0
130.0
445.0
287.0
90,0
119.0
141.0
533.0
144.0
18,0
119.0
69.0
123.0
496.0
29.0
35.0
191.0
254.0
21.0
53.0
50.0
345.0
Totals, avge. for week. 44,750,0 91,374,4
803,895,0 07,455,0
11,022,0
3,498,0
1,947,0
60.097.0
65.041.0
00,254,0
59.560.0
0,501,0
19.735.0
17.257.0
14.701.0
250.0
258.0
232.0
270.0
368,883,0 0+784,0
—5,427,0 —2,130,0
2,097,0
+ 328,0
otals. actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Grand Aggregate, avge. 178,550,0 306,311,3
Comparison prev. week
2 2,780,450,0 358,743,0 65,941,0 74,344,0
+ 14,110.0 -10,300,0 —1,256,0 + 2,734,0
4,344,0
— 613,0
Grand Aggregate actual condition Sept 25 2.760.340.0 369,103,0 07.197.0 71.010.0
Grand Aggregate actual condition Sept. 18 2.703.761.0 376,362,0 09.453.0 75.820.0
Grand Aggregate actual; condition Sept. 11 2.679.900.0 373,744,0 69.090.0 74.002.0
4.957.0
5.128.0
5.201.0
Grand aggregate, actual
Comparison prev. week
x
Oct.
27,0
16,0
116,0
17.0
85.0
4.0
8.0
6,0
2,116,0
— 430.0
2,459,0 184,583,0 68,430,0 2,839.379,0
— 412,0 + 104250 -138680 + 12,421,0
2.871.0 174.158.0 82.298.0 2.826.958.0 124.772.1
2.015.0 172.522.0 89.543.0 2.765.537.0 137.609.1
2.134.0 169.330.0 92.262.0 2.695.240.0 139.818.1
Capital set aside for foreign branches, .83.000.000.
Actual Figures.
Averages.
C a sh R eserv e R eserv e i n
i n V a u lt. D e p o s it a r ie s
T o ta l
R ese rv e .
a R eserve
R eq u ire d .
S u r p lu s
R ese rv e .
I n c . or D ec.
C a sh R eserv e R eserv e In
fr o m
i n V a u lt. D e p o s it a r ie s
P re v lo u slV eek
T o ta l
R ese rv e .
b R eserv e
R eq u ire d .
S u r p lu s
R e se rv e .
In c. or D ec.
fr o m
P r e v lo u s lV e e k
S
$
S
$
$
$
1
8
1
$
$
1
s
$
1
8
Members Federal
171,301,400 — 5,232,700
Reserve Bank----- 367,417.009142,803,000 510.220.000 330,033,890174,186,110 — 5,836,780 361,091,000 146,705,000507,796,000 336,494,540
+
7.012,360
19,367,929
52,462,080
7,287,000
71,830,000
+
1,174,200
64,543,000
Stato Banks *.......... 59,435,000 7,194,000 06,629,000 52,123,080 14,505,320
102,626,250 5,702,75* — 4,081,450
Trust Companies*.. 83,922,000! 23,239,000 107.101.000 102,951,750 4,209,250 — 11,198,000 77,738,000 30,591,000 108,329,000
196,372,130 — 1,701,700
491,582,870
503,372,000 184,583,000 687,955,000
Total Oct.
2 . . . 510.774.000173.230.000 684,010,000491,109,320192,900,080 ——15,860,580
8,239,060 512,867,000 174,158,000 687,025,000 488,951,080 198,073,920 — 22,299 170
091.783.000 483,021,740 208,701,260
173,420,000
Total Sept. 2 5 ... 518.363.000
220,373,090
—3,749,900
478.911,910
+
7,113,480
526,763.000172,522,000699,285.000
Total Sept. 1 8 ... 523.810.000 109,244,000 093,000,000 470,059,680217,000,320
+ 367,910 522,157,000 169.330.000l691.487.000 407,304,010 224,122,990 + 15,012,080
Total Sept. 1 1 ... 505.572.000 167,786,000 073.358.000 403,171,160 209,880.840
n T hIs*!s°the°resc rve required on Net Demand Deposits In tho case of State Banks and Trust Companies, but in the case of Meraberecf the FederM Reserve Banks,
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Oct. 2, $1,033,550; Sept. 25, $1,042,550: S ept.1S*
s ®p*b This V th o reserve required on Not Demand Deposits In tho case of State Banks and Trust Companies, but In the case of Members of the ^ e r a l R e ^ v e Banks.
It Includes also the amount of reserve required on Net Time Deposits, which was as follows: Oct. 2, $1,019,900; Sept. 25, $1,048,600, Sept. 18, $824,800, >-cpt. 11, $S„7.9S*.
1166
THE CHRONICLE
T h e State B anking D ep artm en t reports w eekly figures
showing the condition of State banks and trust companies
in N e w Y o rk C ity not in the Clearing House, and those are
show n in the following table:
SUM MARY OP 9T VTE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(F ig u r e s F u r n is h e d b y S ta te B a n k in g D e p a r tm e n t.)
O ctob er 2 .
D iffe r e n c e s fr o m
p r e c io u s w e ek .
Loans and Investments___________________________ S530,705,000 Dec. $2,083,900
G o ld ............................................................................... 49,501,80!) Dec.
145,200
Currency and bank notes___ _______
8,997,000 Inc.
74,300
Total deposits........................................................... 753,814,800 Dec. 4,013,900
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies In New York City, and exchanges________ 000,094,200 Dec.
783,400
Reserve on deposits______________________________ 204,334,500 Dec. 3,031,900
Percentage of reserve, 33.0%.
RESERVE.
-------- S tate B a n k s ----------- T r u s t C o m p a n ie s ----Cash In vaults................................$10,543,400 11.28%
$48,011,000
9.12%
Deposits In banks and trust c o s .. 10,091,400 17.10%
129,083,700 24.02%
Total
.$20,639,800
28.44%
$177,694,700
In addition to the returns of “ State banks and trust c o m
panies in N ew Y o rk C ity not in the Clearing House}’ furnished
b y the State Banking D ep a rtm en t, tho D ep artm en t also
presents a statem ent covering all the institutions o f this class
in the whole S ta te .
T h e figures are com piled so as to distin
guish between tho rosults for N e w Y o rk C ity (Greater N ow
Y o rk ) and those for tho rost o f tho S ta te , as per the follow ing:
For definitions and rulos undor which the various item s
are raado u p , see “ C hronicle,” V . 9 8 , p . 16 6 1 .
T h e provisions of the law governing the reserve require
m ents o f State banking institutions wero published in the
“ Chronicle” M a rch 28 1914 (V . 9 8 , p . 9 6 8 ) .
T h e regula
tions relating to calculating the am ount of deposits and w hat
deductions are perm itted in the com p utation of tho reserves
were given in tho “ Chronicle” A p ril 4 1914 (V . 9 8 , p . 1 0 4 5 ).
33.74%
STATE BANKS AND TRUST COMPANIES.
T h e averages of tho N e w Y o rk C ity Clearing-H ou se banks
and trust com panies, combined with those for the State banks
and trust com panies in Greater N e w Y o rk C ity outside of the
Clearing H ou se, com pare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
%
$
3,093,795,5
3,124,117,8
3,138,585,5
3,147,008,8
3.161,053,4
3,172,513,5
3,227,940,4
3,250.872,5
3,280,386,0
3,281,909,7
3,350,088,0
3,390,150,6
3,443,128,2
S
400,003,9
407,474,4
414,895,2
419,001,4
419,236,5
434,942,9
449,279,8
456,750,1
473,413,8
481,187,9
498,657,5
490,161,0
490,661,8
July 10........ 3,144,527,9
July 17........ 3,145,394,3
July 24........ 3,156.507,4
July 31____ 3,158.668.0
Aug. 7........ 3,184.089,5
Aug. 14........ 3,192,566,3
Aug. 21........ 3,227,324,2
Aug. 28........ 3,239.060,0
Sept. 4 ____ 3,244,100,9
Sept. 11____ 3,255,146,3
Sept. 18____ 3.285,207,2
Sept. 25____ 3,317,707,9
Oct. 2____ 3,358,896,0
O th er
M on ey.
E n t ir e
R eserv e o n
D e p o s its .
S
82.704,3
84,165,2
84,403,7
84,187,0
83,077,0
83,149,3
83,967,5
81,539,1
83,874,0
82,700,5
83,684,2
80,832,3
78,671,6
$
482,708,2
491,039,0
499,358.9
503.188.4
502,313,5
518.092,2
533,247,3
538,289,2
557,287,8
503,888,4
582,341,7
570,993,3
509,333,4
S
760,343,0
777,173,8
789,583,3
806,293,6
799,090.0
812,298,7
828,407,2
847.557,2
878,958.4
873,985,2
901,059,6
899.749,4
888,344,5
S
67,300,000
39,269,500
$
13,100,000
$
10,913,000
151,327,000
13,749,700
11,225,000
Loans and Investments-.
Change from last week.
343,333,500 1,298,789,000
— 1,368,800 + 10,781,400
139,445,000
+ 1,215,100
202,485,509
+ SOO.SOO
G old.......................... .......
Change from last week.
44,609,000
— 1,535,400
Currency and bank notes.
Change from last week.
25,370,000
18,837,800
+ 2.293.100 — 12.887.600
149,813,100
+ 747,500
210,509,900
+ 1,402,800
383,132,000
28.498,600
— 591,009
32,477,500
+ 755,000
29.7%
31.1%
22.1%
22.6%
18.5%
18.1%
115,401,300
+ 3,402,400
Deposits............................
478,615,400 1,638,234,000
Change from last week. + 19,080,700 + 15,031,400
Reservo on deposit_____
Change from last week.
o
<N
S p e c ie .
T o ta l
M on ey
H o ld in g s .
3
24,550,000
er>
D em an d
D e p o s its .
Capital as of Dec. 24___
©
o
L oans and
I n v e s tm e n ts
S ta te B a n k s
T ru st C os.
S ta te B a n k s
T ru st C os.
in
in
o u t s id e o f
o u t s id e o f
G r ea ter (V. Y . G r ea ter N . Y . G r ea ter N . Y . G rea ter N . Y .
W e e k en d ed O c t. 2 .
Surplus as of Dec. 24___
W e o m it c ip h e r s i n a ll th ese f i g u r e s .
W e e k en d e d —
[Vol. 101
— 461,100 — 14,011,000
P. c. of reserve to deposits
Percentage last week..
27.5%
27.3%
+ Increase over last week.
— Decreaso from last week.
N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s .— Follow ing is the report m ade to the Clearing-H ouse by clearing non
m em ber institutions which aro n ot included in the “ Clearing-Houso return” on the precoding page:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W
CLEARING
NON-MEMBIORS.
Week Ending
O ct. 2 1915.
Members o f
Fed'l Reserve Bank
Battery Park N a t...
First Nat.. Brooklyn
National City, llklyn
First Nat., Jers. City
Hudson Co. N ..J .C .
First Nat., Hoboken
Second Nat., Hobok.
Capital.
Net
Profits.
Loans,
Discounts,
( Nat. b’ks Sept. 21
Invest
(State b'ks June 23/ ments, &c.
Average.
$
200,000
300.000
300.000
400.000
250.000
220.000
125,000
$
2,315,009
4.953.000
4.992.000
4.700.000
3.851.000
5,347,099
4.213.000
$
150.500
079,400
014.500
1,279,900
770.300
654.300
295,100
T o ta l.................... 1,795,000 4,450,000 30,431,000
Y O R K C L E A R IN G H O U SE .
Nat. Bank Nat. Bank Federal Reserve
Notes (Re Notes[Nol Reserve
with
serve for Counted
Bank
Legal
State In
as
Notes\Not Deposi
stitutions Reserve1. Reserve]. taries.
Excess
Due from
Reserve
Deposi
taries.
Net
Demand
Deposits.
Net
Time
Deposits.
Nattona
Bank
Circu
lation.
Average. Average. Average. Avenge. Average. Average. Average.
Average.
Average.
Average.
Average.
Legal
Tenders.
Gold.
Silver.
S
123.000
111.000
160,000
203,009
99.000
119,000
52.000
$
29.090
36.000
51.090
272,00)
12,0)0
20.090
37.000
$
49,099
132.000
117.000
84.000
06.000
58,000
102.000
..........
$
10,009
10,000
14.090
24.000
74.090
12.000
6,000
S67,000
403,000
599,09)
..........
150,000
108,000
375.000
480.000
102.000
539.000
183.000
401,009
828.000
202,000
10.009
120,000
07.009
8,000
33.000
30.000
73.000
114,009
34.000
57,090
506.000
191,090
28,000
154.000
147,009
198.000
058.000
110.000
177,009
9,000
49.000
48.000
84.000
284,000
27,090
439,009 2,031,000
696,000
254,009
7,009
26,000
14,009
75,000
24,000
22,009
28,000
33,009
89,090
48,000
28,000
$
..........
$
6,000
11,001)
2,090
5,000
4,009
S
S
S
S
466.000
2.383.000
01,000
551,009
43,000 4.551.000
614.000
183.000 4.933.000
483.000 2,887,000 4.025.000
332,090
921.000 2.768.000
336.000
044.000 2.030.000 2.782", Odd
253.000
534.000 2.111.000 1,872,000
S
194.000
294.000
118.000
383.000
195.000
215.000
98,000
23,000 3,035,009 5,212,000 22,801,000 4,715,000 1,497,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Hgts.
Columbia Bank___
Mutual Bank_____
New Netherland___
Yorkvllle Bank____
Mechanics’ Bklyn..
North Side, Bklyn..
100,000
400.000
300.000
200.000
200,000
200,000
100.000
1.600,000
200,000
T o ta l....................
300,600
731.700
694.700
183.000
478.500
288,400
514.000
727.500
186,900
1.945.000
7.449.000
6.746.000
1.110.000
4.491.000
3.349.000
5.491.000
16,395,009
3.090.000
4,165,300 50,078,000 3,218,009
18,000
152,odd
102",odd
90,099
60,000 1.500.000
475,009
330.000 7.923.000
428.000
224.000 7.120.000
69,000
237.000
990,000
336,090 1,228,000 4.385.000
" 5",odd 209.000
173.000 3.314.000
352.000
802.000 5.870.000
1,030,000 2,531,000 17,001,000
199.000
458,000 3.313.000
839",odd
5,000 3,196,000 0,109,000 52,031,000
579,000
......
174,000
66",000
........ ..
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamlltonTrust.Bkln
Mechanics, Bayonne
T o ta l.................. .
500.000 1,040,300 6.589.000
200.000
275,100 4.006.000
447,000
71,009
700,000
518,000
Grand aggregate___ 5.795.000
Comparison, prevwk
Excess roserve, *108.250
Grand aggr’te Sep 25 5.795.000
Grand nggr’te Sep 18 5.795.000
Grand aggr’te Sep 11 5.795.000
Grand aggr’te Sep 4 6.395.000
Grand aggr’te Aug 28 0.395.000
1,315,400 10,595,009
9.930.700 91,104,000 4.003.000
+ 279,000 — 19,000
decrease
9.930.700 90.825.000 4.622.000
10.067.500 90.947.000 1.573.000
10.067.500 90.755.000 4.528.000
10.007.500 90.695.000 4.623.000
10.067.500 90.595.000 4.599.000
935,000 2,739,000 742,000 432,099
— 70,000 -11.3,099 + 137000 — 56,009
1.055.000
1.022.000
1.07.3.000
994,000
1.187.000
2.852.000
2.654.000
2.724.000
2.519.000
2.549.000
P h ila d e lp h ia B a n k s .— Su m m ary o f w eekly totals of
C learing-H ouse banks and trust com panies of Philadelphia:
W e o m it tw o c ip h e r s
(00)
in a ll th ese f i g u r e s .
005.000
691.000
725.000
791.000
701.000
488.000
385.000
402.000
313,00)
295.000
2,000
10,009
246,000 1,473,000 4.933.000
805,000
819,000 1.619.0 1 )2,230,009
81,009
18,000
327,009 2,292,009 0,552,000 3,095,009
51.000 6,558,000 13,013,000 81,384,090 8,389,000 1.497,000
+ 7,000 + 14,000 — 53,000 + 281,000 — 42,090 — 7,000
44.000
42.000
41.000
40.000
37.000
6.544.000
6.589.000
0,560,000
6.510.000
6.481.000
13.671.000
12.984.000
12.071.000
11.403.000
11.937.000
81.103.000
81.254.000
s 1,113,000
81.370.000
81.233.000
8.431.000 1.504.000
8.338.000 1.499.000
8.339.000 1.500.000
8,100,000, 1.552.000
8.140.000 1.524.000
• B o s t o n C le a r in g -H o u s e B a n k s .— W o give below a
sum m ary showing tho totals for all tho item s in the Boston
Clearing-H ouse weekly statem ent for a series of weoks:
BOSTON CLEARING HOUSE MEMBERS.
C a p it a l
and
S u r p lu s .
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
8ept.
Sept.
Oct.
24___
31___
7___
14___
21___
28___
4___
11___
18___
25___
2 ____
$
103.684.3
103.634.3
103.084.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
L oans.
R ese rv e .
D e p o s its .
Clrcti-
C le a r in g s
tlo n .
S
424.533.0
425.398.0
426.702.0
429.948.0
431.709.0
432.200.0
431.900.0
432.378.0
433.634.0
430.807.0
437.928.0
$
114.811.0
114.109.0
115.946.0
117.853.0
119.090.0
116.789.0
119.932.0
123.105.0
125.335.0
129.433.0
140.704.0
$
503.80S .0
503.280.0
505.092.0
511.807.0
512.880.0
510.436.0
518.306.0
519.879.0
530.794.0
543.006.0
504.655.0
5
11.252.0
11.230.0
11.221.0
11.201,0
11.255.0
11.145.0
11.130.0
11.121.0
11.100.0
11,077,0
11,070,0
S
152.015.6
148.913.6
157.813.4
152,237,9
151,546.2
147.975.4
173,932,0
126.090.4
161.603.8
170,084.0
245.187.9
a Includes Government deposits and tho Item "duo to other banks” (Oct. 2,
$159,272,000): also "Exchanges for Clearing House” (Oct. 2, $20,703,000). Due
from banks Oot. 2, $61,314,000.
O c t. 2
1915.
C h a n g e fr o m
p r e v io u s w e ek .
Circulation............................ $9,025,000 Dec.
Loans, dlsc’ ts * Investments. 350.173.000 Inc.
Individual deposits, Incl.U.S. 299.100.000 Inc.
125.139.000 Inc.
16.760 non Mon
Exchanges for Clearing House 15.310.000 Inc.
Due from other banks.......... 35.760.000 Inc.
Cash reserve.......................... 26.329.000 Dec.
Reserve In Fed. Rcs’ve Bank 12.948.000 Inc.
Reserve with other banks__ 76.405.000 Inc.
7.020.000 Dec.
Excess with reserve agent__ 57.102.000 Inc.
Excess with Fed. Res’ve B’k.
3.297.000 Inc.
25
1015.
S e p t.
$31,000 $9,050,000
1,425,000 348.748.000
13,581,000 285.585.000
3,948,000 121.101.000
Jsil mm 17.252.000
5,007,000 0,703,000
1,022,000 34.738.000
2.31,000 20.500.000
09.3,000 12.255.000
8,370,000 68.026.000
381,000
7.407.000
8,229,000 43,873,000
019,000 2.678.000
IS
1915.
S e p t.
59.076.000
348.888.000
282.551.000
125.194.000
17.389.000
10.091.000
37.094.000
26.602.000
12.190.000
05.145.000
7.474.000
45.957.000
2.596.000
Im p o r ts a n d E x p o r ts fo r t h e W e e k .— See fourth page
preceding.
Wall Street, Friday Night, Oct. 8 19 15 .
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n .— A lm o st
mothing in Stock Exchange operations is a surprise now a
d a ys, and so a rather sharp reaction, beginning on T u esd ay
in several m anufacturing stocks whose recent sensational ad
vance lias been w idely com m en ted o n , was regarded as a
m atter of course. Perhaps this accounts for the fact that the
reaction soon spent its force, and on T h u rsday the m arket
resumed its form er strong ton e, w ith substantial recovery in
a few issues. T h o latter m ovem en t was stim ulated b y the
form ation of a now steel com bin ation , of which great results,
especially in the m atter of profitable business, are expected.
M ean w h ile the railw ay stocks, continuing as heretofore in a
class b y them selves, liavo n ot participated in these changes.
T h e y aro m ovin g logically in response to public sentim ent in
its estim ate of present and prospective general conditions.
T h o latter are based chiefly on the G overnm ent crop report
for O ctober and existing activity in the iron and steel indus
try . T h e former shows an estim ated w heat crop 2 1 ,0 0 0 ,0 0 0
bushels larger than the Septem ber report and 1 1 1 ,0 0 0 ,0 0 0
bushels larger than tho record crop of 1914.
C orn is esti
m ated to bo 4 1 ,0 0 0 ,0 0 0 bushels m ore than was shown in the
Septem ber roport and other crops m ake a similar show ing.
Coincident w ith this roport b y the G overnm ent is one re
lating to tho iron and steel industry. F rom this wo learn
th at the present output is a t the rate of 3 6 ,0 0 0 ,0 0 0 tons per
year_ f or Septem ber it was a t tho rate of 2 ,7 0 0 per day larger
than its previous high record, and th at the prospect for O cto
ber is for a considerably increased ou tp u t.
Our interna
tional trado balance is. as overy one know s, abou t equally fa v
orable. E xports for Septem ber were the largest of the year,
except those for M a rch last, when w heat was being shipped
in enorm ous quantities, and w ith im ports so greatly reduced
as they now aro, the balance in our favor is rap id ly increasing.
I t seom s, how ever, th at the logical results of all these fa v
orable conditions are still unrealized in soino m ercantile
circles. Business in certain lines is reported to be thus far
n ot up to reasonable expectations, and in tho light of this fact
ono is led to wonder to w h at exten t, if a t all, the war clouds
wliich are rapidly growing denser in Europe aro casting
shadows across seas and into the heart o f other continents.
F o r e ig n E x c h a n g e .— Sterling exchange failed to respond
to tho successful underwriting of the A n glo-F rench loan,
rates this week having declined in a m oderato w ay.
T o -d a y ’ s (F rid ay’s) actual rates for sterling exchange
woro 4 6 7 % for sixty d a ys, 4 6 9 % @ 4 7 0 for checks and
4 7 0 % @ 4 7 0 % for cables.
Com m ercial on banks 4 6 4 %
and docum ents for p aym en t 4 6 4 % .
C o tton for p aym ent
4 6 4 % and grain for paym en t 4 6 9 % .
Thore woro no rates posted for sterling b y prom inent
bankers this week.
.
T o -d a y ’ s (F rid ay’s) actual rates for P a n s bankers francs
woro n om inal for long and 5 8 3 for short.
G erm any bankers’
m arks woro nom in al. A m sterd am bankers’ guilders were
4 0 for short.
, ,
Exoliange a t Paris on L on don , 2 7 .4 3 fr .; w e e k s range,
27 3 1 % high and 27 4 6 % low .
E xchange a t Berlin on L on don , n ot quotablo.
•
T h e range for foreign exchange for the week follows:
S te r lin g , A c tu a l—
S ix ty D a y s .
High for tho wook— 4 09
Low for tho wook— 4 67
P a r is H a n k ers' F r a n c s —
High for tho wook... ----Low for tho wook— ----G erm a n y H a n kers’ M a r k s —
High for tho wook..............
Low for tho wook . . . . - - -
Amsterdam Hankers Guilders—
High for tho wook--- ----for tho wook... -----
Low
C h ecks.
4 72
4 6914
5 76k i
5 80
84 11-16
82 H
C a b le s.
5 75 14
5 80 'A
84 13-16
82 %
40n
D o m e s tic E x c h a n g e .— C h icago, 10c. per 8 1 ,0 0 0 discount.
B o sto n , par.
S t. L ou is, 5c. per $ 1 ,0 0 0 discount bid and
5c. promium askod.
San Francisco, 4 0 c . per $ 1 ,0 0 0 pre
m iu m . M o n tre a l, 9 3 % c . per $ 1 ,0 0 0 prem ium . M in n ea p o
lis, 20o. por $ 1 ,0 0 0 prem ium .
C in cin n ati, par.
S t a te a n d R a ilr o a d B o n d s .— Sales o f State bonds at the
B oard in clu d e $ 1 ,0 0 0 N e w Y o r k 4 % s a t 1 1 0 % , $ 3 0 ,0 0 0 N . Y .
C anal 4 % s at 110, $ 2 ,0 0 0 N . Y . C anal 4 % s 1965 at 105 to
1 0 5 % and $ 2 3 ,0 0 0 Virginia 6s deferred trust receipts at
54 to 5 5 % .
.
.
t
T rad in g in railway and industrial bonds increased day b y
day from $ 3 ,5 0 0 ,0 0 0 , par valu e, on M o n d a y , to $ 5 ,4 5 0 ,0 0 0
on T h u rsd ay , but tho aggregate dealings for tho w eek were
smaller than wo last reported. T h e m arket has, how over,
been continuously strong and of a list of 3 0 notably active
issues 2 6 liavo advanced. T h o copper issues have been by
far tho strongest features. Inspiration 6s lead the list in a
net gain o f 1 1 % and 12 points, respectively, and both Ila y
Consolidated 6s and Chili 7s are 6 % points higher than last
week. W a b a sh ref. and oxt. 4s have advanced 5 points,
U n ited R y s . of San Francisco 4s 4 , C onsolidated G as 6s 3 ,
and N orth ern Pacifies, Southern Pacifies, A tchisons, N e w
Y o rk C en trals, N ow H av en s, Chesapeake & Ohio and
W estinghouso 5s are from 1 to 2 % p nits higher.
On tho other hand, Lackaw anna Steels aro nearly 3 points
lower, in sym p ath y with a 6-poin t drop in tho shares. Sales
for foreign account designated “ s -3 0 -f” aro tho sm allest re
ported in m an y weeks, aggregating only $ 1 ,1 7 9 ,0 0 0 , par
valuo.
1167
THE CHRONICLE
Oot. 9 1915.]
U n it e d S t a te s B o n d s .— Sales of G overnm ent bonds a t
the B oard include $ 3 ,0 0 0 4s reg. a t 1 0 9 % , $ 2 5 ,0 0 0 P anam a
2s 1936 at 9 8 % , $ 1 ,0 0 0 2s coup , at 9 7 % and $ 3 ,0 0 0 2s reg. at
98.
For to-day’s prices of all the different issues and for
weekly range see third page following.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— A n expected
reaction in m anufacturing stocks took place on T u esd ay and
W e d n esd a y , b u t seems to have run its course on those days.
A t least the upward m ovem ent w as resum ed on T hursday
and substantial recovery m ad e.
T h e volu m e of business
has continued large, the recorded transactions averaging
about 1 ,4 0 0 ,0 0 0 per d a y .
R ailw ay issues, as for some
tim e p a st, have been relatively inconspicuous until to -d a y ,
both in the num ber of shares traded and in variation of
prices. T h e y , as noted a b o ve , have been continuously
strong and the entire list of 15 m ost active issues has ad
vanced from 2 to over 10 points within the w eek.
R ailw ays
led the m arket during a considerable part of to -d a y ’ s session
and added m aterially to previous gains. N e w H a v e n ’ s
advance during the week is 1 0 % points, R ead in g’ s 9 % ,
Lehigh V a lle y ’s 7 % Canadian Pacific’s 6 % , S t. P a u l’s and
U nion P acific’ s 4 % and G reat N orth e rn , N orth ern Pacific,
B a lti.& Ohio and N . Y .C e n t r a l are from 3 to 4p oints higher.
B ethlehem Steel to -d a y covered a range of 2 5 points,
m ade a new high record a t 4 5 9 and closed a t 4 4 0 , 7 5 points
above last w eek’s closing price. T h is record is, o f course,
exceptional and shows only the possibilities o f a peculiar
stock of lim ited available supply in a highly excitable m ar
k e t, but Crucible Steel, General M o to r s , A m . L oco m otive,
A m . C ar & F ound ry, Baldw in L oco m otive, C olorad o Fuel
& Iron and N e w Y o rk A ir B rake have fluctuated widely
w ith varying results.
For daily volume of business see page 1176.
T h e following sales have occurred this week o f shares not
represented in our detailed list on the pages whioh follow :
STOCKS.
W e e k en d in g O c t. 8 .
S a les
fo r
W eek.
R an ge s in c e J a n .
H ange f o r W e e k .
L o w e s t.
H ig h e s t .
1
600 10014 Oct 610314
American Express..........
300 86 Oct 6 87
Am Smelt Sec pref A __
n o 6214 Oct 7! 6214
Am Telegraph & Cable.
Am Woolen ctfs dep— 3,300 49 Oct 6 51J4
300 8 14 Oct 8 9
Am Writing Paper, pref.
700 5 Oct 6 6
Assets Realization........
400 3714 Oct 6 40
Brown Shoe.......... .........
3001
, 85 Oct 4! 87
Preferred...... .............
Brunswick Terminal___ 1.250 7 Oct 2 714
Butterlck_____________ 2,850 31 Oct 8: 3614
xoo 19J4 Oct J 8! 1914
Chicago & Alton, pref..
200 71 Oct 81 75
Cluett, Peabody & C o ..
400107 Oct 7 109
Preferred___________
Comstock Tunnel_____ 4,300 13c. Oct 2 15c.
100 41 Oct 71 41
Crex Carpet___________
100 97 Oct 4 97
Deere & Co, p ref.........
105 124 Oct 5 12514
Detroit E dison________
150! 62 Oct 71 62
Detroit U nited________
Oct 4' 9
ioo; 9
D u lS S & A tl.p re f........
100 110 Oct 5 110
Int Nickel, pref, v t c —
39110 Oct 8 110
Michigan Central_____
N Y Chicago & St Louis 1,020 34 Oct 7 3714
Second preferred........
110 50 Oct 7 50
Norfolk Southern_____
100, 18 Oct 7 18
400 3 'A Oct 7 314
Ontario Silver Mining..
300 9 Oct 2 9
Peoria & Eastern--------Pettlbone-Mulllken___ 2,075! 70 Oct 2 7614
550 95 Oct 61 98
First preferred_______
300 95 Oct 5 98
Pittsburgh Steel, prof__
200 91 Oct 7 91
Sloss-Sheff S & I, pref..
South Porto Rico Sugar. 1,000 92 Oct 4 110
Preferred____ ______ : 120!100 Oct 7.100
Tol St L & W, pf tr re c.. i 300! 7 Oct 4 9H
Union Pacific warrants. ^ 140 34 Oct 8 34
550 57 y » Oct 7: 60
United Dry Goods, prel
400 35 Oct 4! 38
U S Realty & Improv't.
300' 214 Oct 4 4
U S Reduction & Refin.
100 5 Oct 21 5
Preferred........ ..........
200112 Oct 8 112?i
Weils, Fargo * C o____
Western Maryland, prel 4.700' 45 Oct 6, 50
120286 Oct 51286
Wcstlnghouse Air Brake
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
L o w e s t.
8
2
7
4
2
£
8
8
4
2
8
£
5
4
7
8S
86
58
49
5
5
23
64
4H
27
1114
55
98
'7*.
38
4 86
5 11114
7 5214
4 4
5 107
8 100
8 30
7 50
7 15
8 2
7 4
7 15
8 83
S' 74
7 85
8 40
7 8914
8 6
8 2714
7 4814
4 25
2 114
2 1
2 7714
8 25
K 280
1.
H ig h e s t-
Pet 104
8ept 87
Mai 65
Ocl 5514
July 15
Jan 9
May 40
Aus 87
Mar 714
Fet 3614
Fet 22
Api 75
Jar 109
Man 21c.
flepl 49
Apr 99
Fet 127
Apr 62
Juli 1214
flept 110
Fet 110
June 3714
Ocl 50
Sept 25
Feb 4H
Jan n
Mar 7614
May 98
May 98
May 93
Feb n o
Feb 100
July 9‘ 4
Feb 34
Jan 6614
Sept 50
Apt 1014
Apt 10 If
Jan 113
Jan 50
Aug 286
Sept
Sept
July
Sept
Apr
Apr
Oct
Oct
Oct
Oct
Aug
Sept
Oct
June
May
Kept
Sept
Aug
Sept
Oct
Oct
Oct
Oct
Feb
June
Apr
Oct
Oct
Oct
Aug
Oct
Sept
Oct
Oct
Apr
Jan
June
June
Sept
Oct
Sept
O u ts id e M a r k e t .— W it h the m arket on the “ cu rb” h eavy
and rather quiet m ost of the w eek, prices lost ground; but
in the closing sessions a ctivity and strength developed and
prices recovered. Subm arine B o a t was conspicuous for
h eavy trading and a break of 10 points to 3 9 and a recovery
to 4 8 , with the close to -d a y a t 4 6 % .
A ctive trading in the
new M id v a le Steel & Ordnance stock , “ w . i . , ” began yester
d a y , between $ 6 0 and $ 7 3 % , w ith tho close a t tho high fig
ure. Canadian C ar & Foundry com . sold up from 109 to
1 1 2 % , then down to 103, w ith a final recovery to 1 1 0 . T h e
prof, rose some 6 points to 12 5, fell to 119 and sold finally at
123. C ar L ighting & Power was active and im proved about
2 points to 1 0 % , closing to-d a y a t 1 0 % .
C hevrolet M o to r
Car lost over 12 points in the forepart of the week to 1 0 3, but
ends the week at 112. I n t . M e r c . M arin e com . receded
about a point to 0 , then advanced to 7 % , w ith the final fig
ure to-d a y 7 % .
T h e p ref. was off from 3 5 to 3 2 % , recovering
to 3 8 % and closing to-d a y at 3 5 % .
T obacco Products com .
dropped from 4 4 % to 3 9 % , advanced to 4 4 % and finished
to-d ay at 4 3 . Triangle F ilm m oved down alm ost a point
to 7 % and closed to-d a y at 7 % . Oil stocks very dull.
Prai
rie Oil & G as lost some 2 0 points to 4 0 5 but closed to -d a y at
418.
Prairie Pipe Line receded about 15 points to 194 and
was traded in finally a t 2 0 4 . Standard Oil o f N . J . broke
from 4 9 5 to 4 6 0 and recovered to 4 8 4 . Stan dard Oil o f N . Y .
m oved up from 2 0 6 to 2 1 2 , down to 20 5 and closed to -d a y at
208.
In m ining, good buying of A laska Juneau advanced
tho price about 2 points to 1 3 % , with tho close to -d a y a t 13.
Chili C opper im proved from 2 0 % to 21 % and ends the week
at 2 1 % .
K ennecott C op per, after an early advance of 2
points to 5 6 % , dropped to 5 2 % , recovered to 5 6 and finished
to-d a y a t 5 5 .
Outside quotations will be found on page 1176.
1168
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.
STO CKS— H IG H E S T
S a tu r d a y
O ct 2
M onday
O ct 4
AND
T u esd a y
O ct 5
LOW EST
W ed n esd a y
O ct 6
SALE
P R IC E S
T h u rsd a y
O ct 7
S a lesfo r
F r id a y
O ct 8
W eek
S h a res
STOCKS
NEW YORK STOCK
EXCHANGE
L o w e st
Railroads
4*3*2 103*4 103*8 104
103*8 104*8 104 10434 101*4 1053s 10538 106% 34.665 Atchison Topeka & Santa Fe.
100 100*4 100 100*8 *99*4 100*2 100*4 100*4 *99*4 1001? 100 100*? 2 ,210
Do p re f......................
*108 110
1 10 1 10 *108*2 1 1 1 *108*2 n o
112
1 10 1 12
111
1.10 0 Atlantic Coast Line R R ..
87*8 88
87*3 88*a 87*4 88*4 87*4 88*a 88*2 89% 89*8 91*2 40,000 Baltimore & Ohio________
*74
74*2 74
74*? 74*4 74*4 73*2 74% 74% 74*8 74% 74% 3,320 Do pref_____________
84
84
8534 85% 861 11,10 0 Brooklyn Rapid Transit____
83*2 84
83*2 86
8412 85*a 85
1557* 158
157*2 160*4 159*4 161
159 161*8 101*4 1621t 161*4 104
30,275 Canadian Pacific............ . .
*260 370
*200 370 *200 370 *260
Central of New Jersey___
50*4 50*2 50*2 5112 50*4 51*8 51*8 53*4 5434 56
55% 57% 53,900 Chesapeake & Ohio_____
12
12 !
12
12*2 *12
12*4 1 2 *? 12*4 1 2 % 1 2 % 13% 3,700 Chicago Great Western__
32*8 32% 32
33la 32
32
32
32*? 32% 33
33
34*2 9,700 Do p ref.. ............ .........
86
87
86*8 86% 86
87
90% 19,100 Chicago Milwaukee <&St Paul.
86*4 87% 8734 88*4 88
125 125*8 12478 125*4 125 125
125 125
125 125*4 125 125
3,200 Do pref_____________
127 127
128*4 129*4 129 129
128 128
128*4 129% 129 130*2 2,969 Chicago & North Western____
*169
*170
*170 190 *168 190 *168 190 *168 190
Do pref........................
22** 23
2 U* 2212 21*8 24*8 22
23*4 2 1 % 23*4 215g 2234 62,725 Chicago Rock Island & Paclflo
*115 120
*115 125 *115 125 *115 125
Chicago St Paul Minn & O m ..
*125 131
*125 135 *125 135
Do pref........................
*34
35
*32
33*2 34
371? 34
34
35
35
800 Clove Cln Chic & St Louis__
37*2 38
*57
70
64*2 64*2 *60
70
*64
67
70
70
67
70
900 Do pref-............ .........
*28*2 30
2773 277g 28
29
28
30
500 Colorado & Southern____
*47
55
*47 ~ 55 ~ *45
*47
53
53
Do 1st pref__________
*27
45
*3*
45
*30
*35
45
45
Do 2d pref__________
*141 144
141 144
140*4 140*4 140*2 140*2 *140*2 144
600 Delaware & Hudson............ . .
*411 421 *408 421 *409*2 421 *409*2 422 *409*2 422
421 421
100 Delaware Lack A Western__
*6
8
*6
8*?
6*8 6*8 *6
9
600 Denver A Rio Grando___
8*4 10
7*2 7%
12
11
*10*4 11*2 *10
13
2,300 Do pref.................... .
16
11% 11*2 11*2 11*4 12
32*| 32*8 31*4 3234 31*2 32*8 31*8 325« 32% 34
33*8 3U- 105,275 Erie......................................
51
51*2 52
52*2 50*2 51*8 50*4 52*4 52*2 53*8 52*4 53% 37,200
Do 1st pref..................
407s 407g 40
41
40*4 40*4 40*2 41*2 41*2 43*8 43*4 44
7,000 Do 2d pref__________
118*4 119*8 118*4 119*4 118•">8 119
119 120
13,204 Great Northern pref_____
120*4 121*4 121 123
48*2 49*4 47*8 4878 45*2 47*8 4412 46
46*4 47*8 47*8 50*4 133,696
Iron Ore properties___
*10512 106*2 ____ ____ *105 106
106 106
1,700 Illinois Central__________
106*8 106% 106% 109
19*4 1978 19*2 197a 19*4 20*8 20
21
21*2 22
21*4 22't 26,800 Interborough Consol Corp, vtc
73*4 73*4 73*2 73*4 74
74*4 74*8 76
76*2 77% 7734 78*2 22,025
Do pref_____________
19** 20is
21% 22% 5,600 Interboro-Metropolltan v t ctf
19*8 20
19*2 20*8 20
20*2 21*2 22
*76*2 78
7K12
*77
79
79
*78
100 Do p r e f...................... .....
20*2 26*2 26*4 27
26*4 26*4 26*8 26*4 27
17,620 Kansas City Southern_______
28*8 27% 29
59
69
59
59
58's 59
*58
60
59*2 60*2 60*2 60% 2,025 Do pref.............. ...............
*S
9
*8
9
{9
9
9
9
*8
10
250 Lake Erie A Western________
9% 9%
*2*
23
21
21
*20
22
22
*19
21
22% 23
23
500 Do pref_________ _______
145 145
144 145*2 145 140*4 14478 146
33,000 Lehigh Valley______________
146*2 147% 147 153
44
45
45
*44
48
46
*41
47
*41
48
*43
48
500 Long Island..------- -------------*121 122*2 122*2 122*2 *121 122
121*8 122
900 Louisville A Nashville_______
1211*8 122% 121*4 121*4
____ ____ 128 128 *128 130 {129 129
320 Manhattan Elevated__ _____
128*4 129
*12*4 14
13
13
12*4 12*4 *12
13*? *1212 13'
13
13
490 Minneapolis A St Louis____
*26
36
*26
36
*20
36
*26
36
27
27
*26
35
150 Do p re f.................. .........
119 119
118*2 118*? *118 119 *121 122
120 120% 5,030 Minn St Paul A S S Marie—
118 120
*129 125 *123 127 *
127 *125
125 125 *125
130 Do pref.......... ............. —
5
5
47| 478
4% 5
5
478 5
5% 4,750 Missouri Kansas A Texas----4*4 5*8
____ ____
13
13
H'4 11*4 12*2 13
13
*12*2 13
15*4 3,000
Do pref------- -----------------3*8 3*8
378 4*8
3*2 4*2
3*4 4*8
4% 4*8
3% 41? 12,150 Missouri Pacific......................
*15
19*2 *15
20
*15
19
*15
19
19
*15
19
100 Nat Rys of Mexico. 1st pref..
*15
0*2 6*2 *5
6*4 *5
200 Do 2(1 pref........................
6*2 *512 6*? *5*8 6*2 *5*2 6*2
96*j 97
97
98
97*8 98*4 2:97*4 983,1 98*4 99% 51,350 N Y Central A Hudson River.
96*8 98
OS
68*2 68*4 70*2 69
79,670 N Y N II A Hartford..............
70*2 69*4 75
79
74*4 76*4 75
27*e 37*2 27U 28
27*4 27*2 28
28% 28% 29% 28*4 30*2 17,800 N Y Ontario A Western...........
113 113
113*2 115
114 115
114 115*4 115*8 117
116*4 117% 26,400 Norfolk A Western..................
*52
02
Do adjustment preferred.
110 110*2 1097s 111*8 l i o 1107s 110*4 111*8 111*4 112*4 112% 114
24,700 Northern P acific....................
112*8 113
112*8 113*8 112*4 113*2 113 114*2 114*2 115*8 114*2 116*4 41,935 Pennsylvania............................
757s 76
*74
*73*2 76
76
*74
78
*74
*74
76
200 Plttsb Cln Chic A St L ou is...
76
96
*90
94
*90
96
*90
90
100
*85
93
95*8 90
Do pref________________
152*4 152*4 152*2 154*8 152*2 154*4 151*4 154*2 154*2 155% 155*4 162*2 208,060 Reading......................... .........
84
84
*83
*81*2 84
87
*83
87
*83
*83
87
200
87
1st preferred_____________
*g»
83
83*4 83*4 *83
84% 84%
81*2 83
600 2d preferred______________
83*4 *83*4 85
*'4
*8
*'a
*8
**8
*8
Rock Island Company---------**8
*8
*>8
38
*'s
*3
*8
*2
200 Do prof...................... .
*2
h
*•*8
**8
**8
r>8
*2
**8
6s
*3% 4
3*4 3*4 *3*4 4
4
4
4
4
4
4
1,800
9*2 9*2 *7
10
*8
10
10
*8
10
1st preferred.
*8
10
*8
150 Do
57j
5
5
5% *4*4 5
400
5*8 5*8 *4*4 5% *5
5*4
Do 2d preferred..
*12*2 16*2 *12*2 15
*12
16
*12*2 16*2 *1212 16 lo
♦
32 ♦
35
35
35 *
35
Do pref.
16
*15*2 16
16
*15*2 16
15*8 15*? 16
16*? 2,900 eaboard Air
16*8 16
*36
37
36*2 37
37*8 37*8 36
37
4,500 Do pref.
39
37*4 38*4 38
93
937j
92*2 94*8 92*8 93*8 92% 94
65,170,
94*8 94% 94*4 96
{109*1 109*4
27 Certificates (when Issued)..
18*2 I87* 18*8 19
18*8 18*4 18*8 18*? 18% 19*8 19*4 19*4 17,250
56*2 56*2 57*4 57*4 57*4 57*4 57
57*8 573i 58
Do pref----58*8 58*2 2,950
*10*2 12
10*2 11
10*2 11
11
11*2 12% 12% 13*2 6,500 rexas A Pacific.
11*4
57
56*2 57
58
57*2 56*2 57*4 57
62*4 22,100
58*4 59% 60
*2
5
3
*3
4
5
*3
5
*3
5
*3
*3*4
*7
*6*2 8
10
*6*2 8
*6
10
*7
10
9% 9*4 1,400 Do pref_____________
*4
94
*92*2 95
*92*2 95
94
325 Twin City Rapid Transit-----{93*2 93*2 94
95
95
131*2 132
131*8 133*8 131*4 132*2 131*8 133*8 133*2 134% 131 136*8 110,300
♦80*4 81*2 81
81
81*4 *81
81*2 81
Do pref.
80*2 80*2 80
80*4 1,400
20
27
25*4 27
25
25*4 27
26*2 25*4 27% 25% 26*8 36,200
44*4 46*2 44
4478 43*2 46
42% 44*2 15,550 Do pref.
42*2 44*2 43*4 45
*2 * ___
*8 *___
*8 *
*8 *
*8 *
*3
J4
**8
u
300 Do pref.
u
*4
* *8
**8
*4
*4
*4
*29
30
29*2 2912 29*8 29% 29*4 30% 30*2 32
32
31*4 18,300
*1*2 2*2 *1*2 2*? *1*4 2*2 *1*4 31? *1*4 2*4 *1*4 2*2
10
*5
*6
10
10
*4*2 10
10
10
*5
1st preferred.
Do
3*2 2*2 *2
200 Do 2d preferred.
3*2 *1*2 3
*1*2 3
*1*4 2% *1*4 3
*32
35
*33
*32
35
34
34*4 *32
*32
34
34
1,200
35
32*2
45*4
74*g
99
*94
66*2
*87*2
64*8
108
84*2
116
157
33*2
46*2
V4 %
70
96
67
89*2
32*4
4512
73*4
08
9578
64*2
88
65*3 64
108
107
95
90
115
116
158
154*4
____ ____ *117
56*4 57
56*4
*90
98
*95
11
11*2 11*4
50
50*2 47*s
23
23
23
22
22*2 21
38
38*a 37*4
68*2 71*4 70
99*2 991,! 997s
*6*4 V*2
6*8
*27
29
*26*2
*81
81*2 *80*2
85
86*2 85
*108*2 *09
108*8
*149 153 *149
*106
*106
63*2 65
64
108*1 109
108*2
____ ____ 116
123*4 123*2 123*8
22S 229
228*4
*109 110*2 *109
51*4 62*8 51*4
95*4 99
98*4
73*8 74
7278
3238 32*8 32l2 32
49*2 43*4 46*4 41*4
76
72*2 73
71*2
72
66% 68*2 65*2
96
957a 96
96
60*4 64
65*4 61
*87
88
8912 *87*2
*100 102
172 172
68*? 63
66*8 ' 59
106 106
107
104*4
82
98
87*4 76*2
115
115 115
115
158
154*2 162
153*4
120
117 118
59*4 56*2 58*4 57*8
97*?
96
10*8 10*2 10
11*8
50
46*8 47% 46*8
23*4 23*2 24*i 23%
22*2 21*4 23*8 21
38
36*4 39*4 36*4
74
66*4 70*4
59*8
100
100 100
*99
6
7
7*8
*6
27*2 *26*2 27*2 26*2
81
81*2 81
87*2 85
87
83*4
108*8 *107*2 108*2 107
153 {150 150 *149
109*2 *106
*106
67
60
6478 57*2
108*4 108*8 108*4 108
116 *115 117 *114
123*2 123*4 123*2 123%
228*4 226 227
226
110
109*8 109*8 109*2
54
50*4 52*2 48
100
98*4 98*| *96
74*8 72*8 73*8 70%
32*8 33
35% 34% 35%
45*8 42% 44*2 42*8 44U
73*2 74% 75% 74
74*?
07*4 67% 69
69%
68
96
*95*2 96
*95*2 96
64
65*4 68
65*2 68
88
89*? *87
*86
89*?
*170
64*4 62
106
105
84*4 80*4
115
117
160
155*8
*117
58*2 59%
96
*95*4
10*8 10*4
48*i 47
25*a 23%
23
21*2
39
37
68*4 63*4
100
99*8
7
6*8
26*2 27
*80*4
85% 85*4
107
107%
153
150
*106
61*4
108
117
123*2 123*4
226
225%
109*2 *109
51
49*8
981? 97
73*,
7212
49,450
127,930
15,300
17,500
400
33,000
100
R a n g e S in c e J a n . 1
O n b a sis o f 1 0 0 -sh a re lots
Do preferred v t c .
merlcan Agricultural
Do
pref__________
Do p re f.......... ...........
Amer Brake Shoe A F ctfs dep
177
170 170
250 Do pref ctfs dep........
0334 62*2 64% 224,755
105*2 105*2 106
3,325
Do pref.
84
81*4 84*4 255,200
117
115 115
1,100 Do pref.
156*4 155% 159% 21,700 mertcan Co
121
300 Do pref.
61*4 5934 61% 35,650
99
400 Do pref.
113a 11*4 11*8 7,500 merlcan IIU
50*? 48*8 49*2 13,600
Do pref.
233.t 24*i
24
9.000
22*8 21*4 21% 26,750
37
38
pref.
38*2 4,000 Do
67
66
68*4 121,200 merlcan Lo
9934 1.600 Do pref.
99*2 99
6
6
6*8
2,400
27
450 Do pref.
27*4 27*4
8H? 81
81
200
87*2 87% 88*s 70,425 Amer Smelting A R efining...
108
900 Do pref................ .............
107*2 107*o
150 *149 153
125
*106
Do pref (new)__________
63% 63*2 67
70.400
110 113*4 15,100
*114 116
100 Do pref.
123*2 123% 124
5,125
226 227
227
1,340
n o *109 110
200 Do preferred (new).
51
49*8 50*4 24,900 merlcan Woolen_____
97
p re f.......... .......
97*2 97% 2,600 Do
75% 75*2 77*8 157,050
H ig h e s t
H ig h e s t
92% Feb 24 10678 Oct
96 Jan 5 101*8 Junel7
93 Mar 1 113*2 Apr 30
63*4 Feb 25 91 *2 Oct
67 Feb 23 7478 Oct
83<4 Aug 13 93 Apr 21
133 July23 174 Apr 19
}250 Sep 1 325 Jan 22
35*8 July 9 57*8 Oct
10*4 Jan 4 14ig Apr 19
25% Mayl4
36*8 Apr 19
77*4 July26
98'4 Apr 19
120% Sep 2 130 Jan 22
118% JulylO 132 Apr 15
163 July 9 {175 Jan 30
10% July23 38*8 Apr 15
5114 Apr 8 115 July 9
124 Sep 17 131 July29
{21 Jan IS 38 Oct 8
53'8 Feb 17 70 Oct
24 Marl5 32 Apr
45 Jan 18 5414 Apr
35 Sep
49<2 Apr
138% Aug 31 153 Apr 19
399% Jan
429*4 Apr 10
4 Jan 12 10 Oct 8
6<2 Jan
18U Apr 19
1978 Feb 24 34l2 Oct 8
32% Feb 24 5378 Sep 27
27 Feb 25 44 Oct 8
112*4 Jan 2 123 Oct 8
25% Jan 2 50*4'Oct 8
99 July 7 113 Apr 19
187g JulylO 22*8 Aug 30
70 JulylO 78%Oct 8
10*8 Jan 16 21*4 Apr 29
49 Jan 19 79 Oct 7
20*8 Feb 24 29*a Aug 12
54 % Feb 24 61 Sep 27
5 Jan
97s Oct 8
19 May27 23>4 Apr 22
129h Feb 24 153 Oct 8
30 Jan 11 49*4 Sep 20
104% July 8 12 .5*2 Apr 20
125 June25 129 Apr 23
8 Sep 15 19*8 Feb 15
24 Sep 15 49 Feb 15
106 Jan 4 124 Aug 11
123 June 8 132 Apr 19
4 Sep 28
1 -5*4 Apr 19
10% Sep 25 40 Apr 5
18*4 Apr 19
1*4 July27
1412 Aug 31 23 Jan 5
7l2 June 4
4*4 July28
81i2 Mar 1 9978 Oct 8
43 Feb 25 79 Oct 8
21*4 Jan 6 35 Apr 20
99i2 Jan 4 11712 Oct
80i 2 Sep 2 90 JunelS
99% Feb 24 114 Oct 8
103*8 Feb 24 116*4 Oct 8
65 May 17 76 Oct 4
90 JunelO 98l2Juno 5
138*4 MaylO 162 *2 Oct 8
86*4 Sep 20 90 |Junel
80 Feb 23 86*2 Apr 19
'8 July 16
1*8 Apr 9
'4 June21
2% Apr 9
1*4 Mar22
7*4 June26
7 Aug 17 12*2 June28
3 Jan 18
8 Mar3l
19 Apr 23
11 Sep 9
29 Sep 29 37 Jan 21
17 Apr 21
11*8 July31
42 Apr 10
30i4 July24
81'4 Feb 5 96 Oct 8
9473 Feb 20 106*4 Apr 19
1978 Sep 27
12l2 July23
42 July23 63 Jan 26
8I2 July23
1778 Apr 19
35 Jan 2 62*4 Oct 8
3i2 Aug 27
1 Jan 6
5i2 May25
9*4 Oct 8
90 July 9 100 Apr 19
115*4 Jan 2 136*8 Oct 8
i79 Mar 1 82*s Aug 31
8 Jan 5 2712 Oct 1
21i4 Marl5 47*4 Oct 1
2*4 Apr 30
'8 May26
6*2 Apr 29
<8 June28
9U Jan 4 3414 Oct 8
3*4 Jan 18
% July28
2 Aug 2 16 Jan 18
6 Jan 18
*8 Aug 10
3978 Jan 21
28 Julyl4
$26 >8 Jan 7
734J.au 12
33 Feb 10
48 Jan 4
90 Mar27
3314 Jan 6
83 Feb 1
87i4 Fob 25
132*2 Mar 25
25 Feb 24
9U2 Jan 5
40 Feb 23
111% May 25
82 Jan 20
{105 Jan 7
39 Jan 4
91 June25
4*8 Feb 19
19*4 Jan 5
20*8 Jan 4
714 Jan 2
24 Jan 5
19 Mar 2
75 Mar 6
3*8 Apr 11
2 1 *2 May27
78 Jan 19
56 Jan 2
100 Jan 4
144 Jan 10
103 Jan 19
24ig Mar 5
99*2 Feb 24
109 Feb 5
116 Jan 4
/218 May 14
103ti Jan 4
15*4 Mar 0
77h Feb 27
c$24»4 Feb 24
R a n g e f o r P r e v io u s
Y e a r 1914
89i2 July
4:96*2 Dec
{99*8 Dec
67 Dec
69 Dec
79 July
153 Deo
300 July
40 Doc
9*4 July
25 July
84*4 Dec
126 Dec
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
3778 July
29 Dec
138*4 Dec
388 Jan
4 July
8 July
20*s July
32 July
26*4 July
111*8 Dec
2212 July
103i2 Dec
100*8 Jan
101*4 Juno
126 Jan
9S*s Jan
83*8 Jan
94*4 Mar
220*2 Feb
310 Jan
68 Jan
15*4 Juno
4112 June
107*8 Feb
143 Feb
1367s Feb
180 Jan
33 June
131*4 July
132 May
40 Jan
70 Feb
28*2 Jan
62 Jan
35 Mar
159i2 Feb
406*4 June
19*4 Jan
31*8 Feb
32*2 Jan
49*4 Jan
40*4 Jan
134*4 Feb
39*4 Jan
115 Jan
10*4 July
50 Deo
20*4 July
49*8 Dec
5*8 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
9*a July
27*2 June
101 Dec
130 June
8*8 Dec
26 Dec
7 Deo
30 Jan
5 Dec
77 July
49*8 July
18*4 Dec
96*2 Doc
85 Jan
96*8 Dec
102i2 Dec
64*8 July
95 June
137 July
87 July
*80 Dec
*8 Deo
1 Den
2 Apr
8 May
2*4 Dec
177s July
30 July
10*4 Dec
45*4 Jan
81 Dec
927s Dec
14 Dec
58 Dec
11*2 Dec
33 July
2 Deo
4*4 Dec
9478 July
112 July
77*2 Dec
7*2 Dec
22 July
*2 July
1*4 Dec
10*4 Dec
2*2 July
8*4 July
3 Dec
29*4 July
16*8 Jan
65*8 June
2812 July
62 Jan
9 Jan
21*2 Jan
156*4 Jan
36 Feb
141%Jan
133 Feb
16*4 Jan
35*2 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96*8 Jan
78 Jan
31*s Jan
1057s July
90 Apr
1U«I Feb
115*2 Jan
91 Feb
101 Mar
172*4 Jan
89*8 June
93 Jan
16*8 Jan
25 Jan
5*8 Jail
17*2 Jan
9*4 Jan
20*4 Jan
65*8 Jan
22*8 Feb
58 Feb
99*2 Jan
106*2 Juno
28*4 Feb
85*4 Feb
17*i Apr
45*4 Jan
12*4 Jan
23 Jan
108*2 Jan
164*8 Jan
86 Feb
23*4 Feb
49*4 Mar
4*8 Jan
13 Jan
35 Jan
6*8 Jan
21 Jan
11 Jan
48 Feb
$4012 Apr 22 $19*2 July
49W Oct 4
0 July
77*2 Sep 28
32*2 July
72 Oct 1
47*4 Jan
97*4 Sep 25
90*4 Dec
68% Oct 1
19 July
91 Aug 18
06 May
100*4 Aug 9
80 Apr
183 Aug 9 129<2 Jan
0S12 Oct 4
19*4 July
103*4 Sep 30
80 July
98 Oct 4
42*j Dee
118 Aug 6 112 July
170*2 July 12 {82 Jan
120 Sep 11 {102 Jan
32 July
0U2 Oct 8
99*2 Sop 2
93*a June
12*4 Sep 28
3*« July
52*8 Sep 29
17 July
35 Apr 30
1978 July
24*2 Aug 30
7*2 July
41*4 Aug 30
21 Dee
74 Oct 4
20*4 July
100*2 Sep 27
96 Jan
8 Aug 31
4*4 Deo
32*2 Mar31
30 Dec
83*8 May 5
79*4 July
88*8 Sep 27
50*4 July
97*2 Apr
109*8 Sep 27
165 Apr 22 148 Dec
9978 Jan
106*2 Apr 26
27*2 July
67 Oct 4
97 Mar
111*4 Apr 23
116 Sep 21 10778 Mar
126 Sep 29 111 July
252*2 Apr 22 215 Apr
110*2 Sep 25 101*4 Jan
57 Sop 23
12 July
100 Oct 4
72i2 Mar
C$39 Apr 2 $24*4 Dec
$2878 May
14*4 Feb
49 Jan
59*2 Mnr
97*2 Jan
33*2 Dec
80 Deo
97*2 Feb
14078 Feb
35*s Jan
90 Jan
53*2 Feb
11878 July
{86*2 Mar
107 July
46*2 Feb
97*8 Mar
5*4 Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*4 Jan
37*4 Jan
1021* Mar
9*4 Jan
50% Jan
85 Jan
71*8 Feb
105 Jan
172 Jan
106*4 July
37*2 Feb
10978 Jan
115 Dec
124*4 Jan
250 Mar
109 June
207g Jan
83 Jan
838*4 Feb
•Bidandaskedprices; nosaleson thisday. 1Ex-rlghta. { Less than 100shares, a Ex-dlv. and rights, bNowstock, c Par $25 per gharo. <tQuoted dollar*
per share, e First Installment paid, x Ex-dividend. t Full paid.
1169
New York Stock Record -Concluded—Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
S T O C K S --H IG H E S T
S a tu rd a y
O c t. 2.
M onday
O ct. 4.
A.\’ D
T u esd a y
O ct. 5.
LOW EST
W ed n esd a y
O ct. 6.
SALE
P R IC E S
T h ursd a y
O ct 7
F r id a y
O ct 8
S a lesfo r
th e
W eek
S h a res
STOCKS
NEW YORK STOCK
EXCHANGE
R a n g e S in c e J a n . 1
O n b a sis o f 1 0 0 -sh a re lo ts
L o w e st
H ig h e s t
R a n g e f o r P r e v io u s
Y e a r 1914
L o w e st
Industrial & Mlsc. (C o n .)
112 12378 102 110% 110% 117
26% Mar 3 153%Sep 28
120% 127
114% 117% 130.405 Baldwin Locomotive________
38% Jan
125% 127
92 Mar 9 114 Sep 29 102% Jan
500 Do pref..............................
110% 110% *107 112
109% 109%
109 109
S% Feb 5 S2 Apr 17
*1
*1%
1% *1
1*4
1*4
46% Jan 2 459 Oct 8
17,800 Bethlehem Steel____________
375 399% 390 400% 390 401
29% Jan
304 375
409 450
434 459
91 Jan 2 183 Sep 24
103% 104
.3,250 l)o prof________________
68 Jan
155 158
101 170% 101 175
15812 100
1,200 Brooklyn Union Gas________ 118 Jan 5 132% Apr 30 118 Dec
*127 132 *127 132 *127 132 *120% 12,8
128 131% 129% 130
01% 59% 61
$56% Aug 23
03% 19,050
63 31 02
5S78 GO* i
60% 60% 60
8 July26
21%Sep 22
19% 20%
20% 7,400 California Petroleum v t ctfs.
18% 19% 19
19% 20
15% Dee
19*2 20%
19% 20%
30 July23
40% 45% 40
44«>8 44% 45*2 46
54% Feb 8
1,800 Do pref________________
45
45% 45% *44
50 July
40
32% Feb 20 54% Oct 7
25?8 Jan
52 U 53% 52% 54% 51% 527, 50% 53% 52% 54% 5 3 % 53% 49,500 Central Leather____________
000 Do pref________________ 100% Jan 7 108 Sep 29
947a Jan
107 107
107 107 *105% 107% 1067s 107
106% 100% 107 107
32% Jan 6 49% Apr 28 $31% Dec
42.500 d Chino Copper_______ P a r $5
40% 47% 46*2 47% 46
40% 45% 4078 40% 48% 4.81.( 49
21%Jan 5 60% Sep 29
63
20% July
62% 03% 59
56
01
50% 57% 52% 587, 56% 00% 154,330 Colorado Fuel & Iron________
135 137% 24,450 Consolidated Gas (N Y )........ 113%Jan 4 137% Oct 8 112% Dec
128% 129% 128% 129
130% 131
129 129% 129% 130
40% Jan 4 127 Oct 5
114% 118% 111 127
35,400 Continental C an .....................
37% June
115% 118
11.8 124% 109 120
117% 120
84 July
400 Do p r e f ........... ..............
88% Jan 5 109 Oct 1
*107 109 *107 108% *105 108 *105 107
100% 107% 107% 107%
20,750 Corn Products Refining____
8 Jan 2 20% Sep 29
18% 18% 19
7 July
19% 18% 19
19% 19% 19
17% 18% 18
Do p re f.............. .............
87
1,020
65 Jan 5 87% Sep 30
87
ISO
58% July
80% 585% 85% 84%
85% 851.| 85% 80%
0319 10314 7919 963.4 85% 93% 90% 94% 183,400 Crucible Steel of America___
103% 100% 102% 100
18% MaylO 1097g Sep 29
moi» 1 in
Do pref.............................
107 1077s 3,755
*1081’ 110
84 MaylO 112% Sep 29
108
11378 1147, 115% 115% 1,000 Cuban-Ainerlcan Sugar______
125 " July 22
117% 117% 117 117
117
112 115
*95 102
200 Do pref.................. ..........
93 Marl7 110 Sep 14
101 101
100 100 *100 103
90 Dee
34
5% Mar 2 307g Oct 5
33
33
34% 33
11 July
3678 33 % 30% 35% 30% 34% 30% 100,345 Distillers' Securities Corp___
217,8 22% 7,902 d Dome Mines Ltd__ P a r $10 t$16 J une25 $24% JulylS
21% 23
22
22
22% 22% 2 1 34 22
22*8 21
73% 74% *72% 74% 4,200 Electric Storage Battery____
69 Sep 1 78% Sep 25
74
74
74
71 ' 76*2 74
76*? 72
*
*
32
32
*27
Federal
Mining
&
Smelting__
35
8 Mar24 60 Junel2
1,700
33
35
35
30% 37
7% May
34
51
51
Do pref.. ____ _____ ..
20 Marl3
52*4 49% 51
3,800
52
65 June 12
28% Dee
50
51% 53
*48% 52% *
291% 291% 299 300
1,140 General Chemical.............. ..... 165 Jan 20 360 Oct 8 100 Apr
{294% 294% *290 295
290 290 ♦280 295
114 *110 114
100 Mar 1 §113 Sep 10 107*2 Feb
175% 178% 170% 178% 02,100 General E lectric.................... 138 Mar 3 185% Oct 4 137% Dec
175% 178
175% 185% 175 182% 173 178
330% 343% 344 350
82 Jan 2 375 Sep 28
340 340
5,025 General Motors vot tr etfs__
3738 Jan
350 350
350 300
350 365
112% 113
112 113
2,900
Do pref voting trust ctfs.
90%Jan 4 115% Sep 13
111% 112
70 July
112 112% 112% 112% 112 112
70% 74% 70% 75% 70% 85,800 Goodrich Co (B F )........ .........
24% Jan 7 79% Oct 1
19% Jan
77% 78% 70% 79% 75% 777, 72
79% Jan
100
Do pref____ ______ _____
95 Jan 14 110 Oct 2
110 110 *107 110% ♦108% 110% *108% 110 *108% 110 *109 109%
04% 00% 05% 077,
67
08
28,000 d Guggenheim Explor. P a r $25 $45% Jan 7 $09% Oct 1 $40% July
07% 00% 07% 0578 67
67
42% 43% 41% 43% 42% 44% 42% 45% 457, 47% 45% 40% 302,015 d Inspiration Con C op . P a r $20 $16%Jan 2 $47% Oct 7 514% July
5% Mar31
2578 Oct 4
24% 24
4 Jan
23
25% 23% 25% 20% 24% 23% 24% 21% 25% 15,75(1 Intermit Agricultural C o rp ...
54*2 50% 537,
51
55*4 50
53
58% Oct 4
58% 52
11,000
Do pref_______________ _
8 MarI5
49
13 May
47% 49
105% 100% 100% 109
10,8 108% 4,950 International Harvester of N J 90 MaylO 114 June 4
100% 107
100% 100% 100 100
82 July
*
*
117 *___ 117
___
117
117
117 117
Do pref_____ __________ 110 Julyl3 117 Jan 20 113% Jan
100
*70
75
75
*70
71
72% *70
75
71
♦70
*70
72%
100 International Harvester Corp.
55 Feb 20 80 Apr 10
82 Dec
*
1 17
117
117
117 +
117
90*o Mar 6 114 Jan 14 114% May
213 21334 210*4 223 U 2 121*> 223% 214 217% 210 2163i 215*2
978 10% 10
10
10
*10 ' 1 1
10%
10 % 10 % 10% 2,500 International Paper_________
10
8 Jan 6 12 “ Apr 19
6% July
40
40
38
38
*38% 38% 38% 38% 39
*39
*39
000 Do pref________________
33 Feb 24 43 Apr 19
39%
30 Dec
83
*70
85
*70
*70
85
85
83
*77
*80
86
*70
70 Aug 24
*100 112 *100 112 *100 112 *100 112 *100 112 *100 1 12
107 Jan 13 109 Apr 19 106 Mar
200 200 *198 200 *185 200 *185 200
195 195
*185 195
99 Jan 18 200 Oct 5
400 Kresgo Co (S S)........ .............
81 Jan
*110 112 *110 113 *110 113 *110 112 *110 112 ♦110 112
112 Sep 15
773t 84% 81% 84% 817g 83% 08,180 Lackawanna Steel..................
89% 81% 85
28 Jan 7 94% Sep 29
87% 89% 87
26% July
927g Jan 15 106 Apr 13
103 103 *102% 103 ♦102 103 ♦102 103 *102 103 *102 103
400 Laclede Gas (St Louis)______
85 July
225% 228
*225 230 *225 230 *225 230 *225 230 *225 230
500 Liggett & Myers Tobacco___ 207 Jan 9 231 Apr 22 207% Dec
*115
117
110
110
110 110
l)o pref________________ 113% Jan 5 1197g Sep 9 1113s Jan
*110 120 *110 120 ♦110 118
200
*22
25
♦22
25
___ ___
*22
20
25
25% 25% *24
100 Loose-Wiles Biscuit tr co ctfs.
16 Feb 17 31 Jan 11
26 Dec
95% *95
*95
90% *95 100
♦95
*95
105*8 Jan 13
*55
65
♦55
98
*55
*50
70
175 *___ 175 *__
175
*108 175 *108 175
1701.1 170*i
100 Lorillard Co (P )._ .................. 165% Jan 6 184 Mar 8 160 July
112 Sop 14 118 Jan 19 110 Jan
*113 117 *111 117 *112 I 10 *112 110 * 112 115 *112 115
♦70% 82
78
*70% 82
78
80
*78
79
72%Jan 11 827g May 6
100 Mackay Companies................
61 July
*78
*64
60
05% 05%
07
*05
*05
08
400
Do pref_____ __________
00
00
05
65
65 Feb 25 69% Jan 19
65% Jan
54
57%
66*2
58*2
56*2 58
58%
45,800 Maxwell Motor Inc tr ctfs__
54
54% 54
50% 55
15% Jan 6 58% Oct 7
14% Dec
93% 95
92
94
94
95
93% 95
95
12,300
Do 1st pref stk tr ctfs__
43% Jan 2 95 Oct 4
92l.| 92% 93
41% Dec
47% 44% 40% 40% 47*2 40% 47% 27,400
Do 2d pref stk tr ctfs___
18 Jan 0 49% Sep 22
44% 40
17 Dec
45% 47% 45
50
*40
48
*40
*44
50
35 July 12 56 Mar 2
99
97
98% *94
*97
97
947g Apr 27 z98% Marl5
100
89% 87% 91
85
91% 93% 85,850 Mexican Petroleum................
91
88
51 Jan 9 97 Apr 20
87% 91% 88% 92
40% Jan'
*82
85
85
*80
88
86
*83
80
87
100
Do pref________________
*83
88
07 Jan 15 94 Apr 26
*83
07 May
34% 35% 170,150 d Miami Copper_____ P a r $5 $17% Jan 6 $35% Oct 8 $16% Dec
30% 31% 31% 33% 32% 34% 32% 33*2 3 3 % 35
57
50%
57
58
57
57%
57*2
67
58%
59% 58
3,900 Montana Power____________
42 Jan 4 00% Sep 23
41 Dec
*58
99 Jan 29 107% Sep 3 101 Apr
*105% 107 510 1 104 *104 107 *105 107 *105 107 *101 107
29 Do pref........ ............. .......
123 123% 125 125
120 126
123% 123%
600 National Biscuit........ ............. 110 Apr 3 132 Jan 22 120 July
*125 128%
120 Feb 3 119% Jan
126
119 May25
85
85% *83
80
*83
80
8078 807s 80% 80% 85% 80
90 Aug 27
000
68 Mar25
*103 109% *108 109% *108 109% *108 109%. *108 109% *108 109%
100% Mar25 109% Sep 29
27%
30%
29% 30% 29% 30% 18,850 Nat Enameling & Stamping..
9% Jan 4 32% Oct 2
9 July
31% 32% 30% 32% 29% 30%
92
*89
93
917, 91% 91% 91%
92
93
*90
93
*90
300 Do prof................... .........
79 Apr 1 92 Oct 1
SO June
65% 07% 04% 00% 66% 07% 60% 07% 21,200 National Lead______________
09
07
44 Jan 4 70% May 1
40 July
66% 67
110 110 *110% 115
111 111 *110 111
Do pref___ _____ _______ 104% Jan 4 112% Sep 10 105 Jan
*110% 115 *110% 115
231
15*4 15*2 15% 15*2 15% 15% 15% 15% 21,400 d Nevada Cons Cop__ P a r $5 $11% Feb 24 $16% Apr 27 S10% July
14% 15% 15% 10
151% 15734 145% 152
140 153
157 159
150 152% 10,000 New York Air Brake________
159 10O
56% Feb 26 164% Sep 23
58 July
73
*73
727, 73
74% 73
75
74
75
73
*73
73
1,400 North American Co (new)__
61 Jan 19 81 Apr 21
64% July
31% 32% 33
32% 30% 30% 30*4 31*4 30% 31
33
1,900 Pacific Mall__________ ______
♦31
38 Aug 3
IS Marl7
17% July
44
42%
41
40
43
44
45
40
40
47% 4578 48
5,708 Pacific Telephone A Telegraph 20% Feb 11 49% Oct 1
20 July
117% 117% *110% 1 1 7 % *116 117% 117 118
*110% 118
117% 1197, .3,0l)0 People's Gas Lt & C (Chicago) 112% MaylO 123% Apr 3 100 July
92*2 97
92
95
92*2 90% 90
90
94
98
94% 97
37,850
71 Apr 7 98 Sep 30
37% 30% 38% 36% 38% 30
38% 37% 40% 38% 39% 107,800 Pittsburgh Coal.......... ..........
30
15% Jan 4 40% Oct 7
15 Dec
105% 105% 105 10578 104% 100% 104% 107% 107% 111% 110 112% 14,000
Do pref.............................
81%Jan 4 112% Oct 8
79 Dec
72% 781.| 70% 74% 65
72% 69% 72% 71
72
75
73
00,000 Pressed Steel C a r ............... ..
25 Mar 0 78% Oct 4
2G% Jan
104*2 104% 101 101 *102 100
*102 100 *105 100 *102 100
Do pref.............. ...............
200
SO MarlO 101% Oct G 97*4 Jan
*101 105% __ - — ♦103 105% *103 105% 103 103 *103% 105%
100 Public Service Corp of N J __ 100% Aug 24 110% Apr 22 107 Jan
162 10478 103 104
160 105
104 104
100 100
101% 105% 5,154 Pullman Company.................. 150% Marl2 167 Junel4 150 Dec
__
517, 44% 48% 46% 487, 48
49
41.000 Railway Steel Spring..............
19 Mar 6
97
95
95
*93
90
05
2011 Do pref..............................
95
87 Mar 3
2578 247g 2578 25% 27
20% 27% 175,575 d Ray Cons C opper.. P a r S10 $15%Jan 2
53% 48%
50% 52% 52% 53% 05,150 Republic Iron & Steel______
19 Feb 1
103% 100 101% 102 102% 103 103
Do pref------------------------3,300
72 Jan 30
5
6
6
5%
7s Jan 22
5*2 5*2 8,00(1 Rumely Co (M )......................
11
10 % 10% *10
12
*10
1 1 % 7,900
Do pref.......... .............. .
2% Jan 20
153% 153 153% 153 154
154 154
1,900 Sears. Roebuck A Co.............. *131% MarI7
125
125
125
125
55
58% 50% 59% 58
50% 60
63
00
10,020 SIoss Sheffield Steel A Iron__
24 Jan 6
75
75 *----71
71
72
70
70
300 Standard Milling....................
43% Feb 23
82
*79*2 81
*80
*79*2 81
*79% 81
200
80
Do pref............................
60 Feb 17
144% 139% 144% 130 143*2 142% 144% 142% 145 101,300 Studebakcr Corporation (The)
140%
35% Jan 2
110 *108 110% §109% 10 )*2 10.8% 109 *109 110%
100 Do prof________________
109%
91 Jan 2
65% 037, 05% 83% 65% 58,500 d Tennessee Copper. ..P ar S25 $25% Feb 24
62
00%
07% 03% 00
101 166*2 105% 107
108 108% 0,100 Texas Company (The)______ 120 Mayl4
109
170
107 107
*70
80
80
*70
*70
80
*75
80
100 Underwood Typewriter_____
*05
55 Feb 18
75
•100
107 * 100 107 *100 107 *100 107 *100 107
98*4 May22
6% 0*8
0% 7% 2,900 Union Bag A Paper.... ...........
*0%
4% Jan 4
7
7% *0% 7%
7%
*22
28
27% *22
*25
*23
28
300
Do pref.................. ...........
227g July 13
27% *25
28
02%
59% 59% 9,150 United Cigar Mfrs__________
58% 59% 59% 01
42 Jan 25
00
01
01
105% 105% *105 110
100
* 105 109 *105 110
23% 28% 27% 30% 20
8 Jan 2
28% 24% 27% 25% 26% 257g 207, 37,700 U S Cast Iron Pipe A Foundry
*42
49
*42
49
48
40% 49
49% ♦ 43
1,700
49
48
Do pref..............................
32% Mar 3
48
00
*01
00
00
*03
00
*03
200 U S Express..............................
00
04% 6578 *03
00
60 July27
101 103
93% 9 !7s 90 105
45,300 U S Industrial Alcohol______
100% 100% 95
103 100% 101
15 Jan 27
___
101% 102% *102% 101 *102% 101
*98 102
70(1 Do pref........ ................... .
103 103
70 Jan 20
51% 55% 54% 50% 53% 55*8 52 lo 54% 53% 54% 54
44 July24
54% 33,800 United States Rubber...........
1007s 100% 100% 107
100% 100% 105% 100% 100% 100% 107% 107% 2,000
Do 1st preferred.............. 101% Feb 24
80% 81% 79% 81% 78 % 80% 70% 791,
78% 80% 80% 81% 847,800 United States Steel__________
3$ Feb 1
114% 111% 114 114% 114% 114% 113% 114% 114 114% 114 111% 0,350
Do pref................ ............. rl02 Feb 1
07% 09
07% 08% 6378 70% 097, 71% 09,400 d Utah Copper............ P a r $10 $48% Jan 0
08% 09% 08% 09
41% 43% 41
421.1 39
42
41% 42% 41% 42% 18,700 Vlrglnla-Carollna Chemical__
15 Jan 4
11% 43
Do pref.. ____________
200
*100 109 *100 107 *107 108 *107 108
108% 108% *108% 109%
80 Jan 0
64
0578 09
65*2 62% 0512 03
07% 5,200 Virginia Iron Coal A Coke__
00% 07
30 June 9
7078 77
70
70% 77
70% 75% 70% 70% 78
8,800 Western Union Telegraph__
70% 77
57 Jan 2
125 133% 128% 1317, 1.32% 130% 857,200 Westlnghouse Elec A M fg___
133% 139% 133 141% 131% 137
64 Feb 24
1,200
Do 1st preferred.............. 117 Marl2
145% 145% 148 148 *147 150 *145 150
148% 150
150 150%
237% 247% 235 212
221*•> 2251•> 220 237
236 239*0 230 241
13,000
87 Feb 23
100 Do pref. ........ .................
109 " 109 *108 109% *100 110 *108% 109% *108% 109% *112% 113
90 Feb 13
109 109
5,400
109% 112
109% 110% 108% 109% 108% 109
109 110
120% 120% 122 122 *120
120% 180% *120% 121
500
Do p re f.............. ............. 1 1 5 'Jan 8
•120 124
50%
*90
25
54
103
5%
9%
154%
*124
01%
52% 50%
977S ___
25% 25
55% 53%
103% 103%
5%
0%
10%
11
1517S 154%
125
62% 01
72
80
142
139%
109% *108
077* 3-01%
172% 108
80
75
107 ♦100
7
7%
28
27
05
03%
48%
54
___ *95
25% 25%
55% 51*2
102%
101
0
0%
10%
12%
153%
155
• D id a n d asked prlcea; n o sales o n th is d a y .
d iv id e n d , * E x - d t v ld e n d .
| L e s s th a n 100 sh a re s ,
t E i- r lg h t a .
a E x - d lv . a n d rig h t s .
6 N ew sto ck ,
54 Oct 1
95 Apr 19
$27% Oct 8
•
r57g Sep 29
101 Oct 4
14 Aug 13
18% Aug 12
209% Feb 1
125*2 Feb 19
65 ' Sep 29
75 Sep 23
81 Sep 28
145% Sep 28
109% Sep 21
$70 Sep 30
173% Sep 27
81 Aug 31
105 July2fl
8% Aug 13
3078 Apr 6
60 Oct 4
119 Oct 1
30% Oct 4
493i Oct 4
73% Mar 9
106% Oct 5
103 Oct 7
7434 Apr 14
110 Apr 9
81% Oct 1
115 Oct 1
S73 Apr 20
43% Oct 1
110 Sop 25
69 Oct 4
78 Oct 8
141% Oct 4
150% Oct 8
247% Oct 5
109% Sep 30
112 Oct 2
124 Aug 141
H ig h e s t
52% Mar
110 June
$1% Feb
46% Dec
91% Dec
130 Jan
30% Feb
68 Mar
38% Dec
1*4 July
$44 Feb
34% Feb
139% Jan
45% July
91% July
13% Jan
72 Jan
90 Dec
20%Mar
15 Jan
43 Jaa
180 Jan
150% Feb
99 Xfay
95 Feb
2X7j Apr
95 Dee
$57% Apr
$19% July
10% July
30 Jan
113% Jan
118% July
111% Jan
118 July
19% Feb
41 Jan
10S34 May
105 Feb
105 Mar
40 Jan
101 Feb
231 Mar
118% July
38 Jan
190 ' Apr
1 1 77s July
87'% Feb
70 Jan
15% Dee
44 Deo
17% Dec
10134 Feb
73% Feb
87 Feb
$24% Feb
52% June
1037g June
139 Feb
123 June
14 Feb
867s Mar
52 Jan
109 Feb
$16*2 Jan
69 Jan
79% Mar
29 Jan
31 Jan
125 Jan
23% Feb
93% Feb
46 Feb
105% Mar
114 Apr
159 Jan
1934 July
34% Feb
88 Dec 101 Feb
$15 Dec $22% Apr
27 Jan
18 Dec
91% Mar
75 Dec
18 Jan
3% Dec
41 Jan
20% Apr
170% July 197% July
120 Dec
35 Jan
19% July
32 Jan
45 Dec
59% Dec
07% Dec
20 Jan
30% Mar
70 Jan
92 May
$24% July $30% Feb
112 July 149% Mar
73% June 38 Jan
103 Dec 113 Apr
3% June
8% Feb
32% Feb
18% July
50% Feb
39 Dec
1037^ Feb
13% Jan
734 June
30 July 49 Feb
87 Mar
40 Jan
20 Apr
15 Dec
85% Jan
75 Dec
44% July
63 Mar
95% July 101% Jan
67% Jan
48 Dec
103% Dec 112% Jan
$4538 Dec $5938 June
31% Mar
17 Dec
90 May 107% Mar
52 Mar
35 July
66% Feb
533s July
79% July
04 Jan
115% Jan
124% June
89 July
112% Jan
103% Feb
1187^ Mar
d Q u o te d d o lla rs per sh a re .
* E x -e to c k
1170
Jan.
N e w Y o r k S t o c k E x c h a n g e — B o n d R e c o r d , F rid a y , W e e k ly a n d Y e a rly
1909
m e S zc h a n g e m eth o d
BONUS
N. Y. STOCK KX' HANOE
Ending ()«t. 8.
i
o f q u o tin g n o w is
P r ic .
F r id a y
O c t. 8.
B id
1 k
U. S. Government.
97
98
U 8 2s consol registered___ *11930 q - j
0 B 2e consol coupon_____ 41930 Q - J 97 ____
0 0 3s registered..................*1918 Q - F 100*4
0 8 3s cou p on ___________ *1918 Q - F 1003.1____
D 9 4a registered....................1925 q - F 109*4 Sale
0 8 4s coupon ......................1925 Q - F 1094 ____
...
0 8 Pan Canal 10-30-yr 2s.*1938 q - F 90
0 8 F uCanal 10-30-yr 2a.. 1938 q - N
0 8 Panama Canal 3s g___ 1901 q -M 1 0 0 4 ____
0 8 Philippine Island Is. 1914-34 q - f ------ 100
Foreign Q s m n m ,n l
Anglo-French 5-year5s (wh Isa).
Argajiiu'j internal o* of 19U»
iLiucee (Hukuaog Ry)— 5a of ’ l l
Cuba— External debt 5a of 1904.
Eater dt 5s oi ’ 14 ser A__ 1949
External loan 1 t«j a............ 19 49
Japanese Govt— £ loan 4 He 1925
Second aeries 4 44s_______ 1925
Do do "German stamp” .
Sterling loan 4 i................. 1931
Mexico— Exter loan £ 6s ol 1899
Gold debt 4e of 1904......... 1954
f ic v of Alberta—deb 4 4 s . . 1924
*ckyo City— 5a loan of 1912___
ITheseor, priceronthebasisof
•tat* and City Securities.
N Y City— 4 ^ s .. _________I960
ttys Corporate stock___ 1984
4 Hs Corporate stock _1965
4Hs Corporate stock___ 1903
4% Corporate stock_____ 1959
4% Corporate stock_____ 1958
4% Corporate stock_____ 1957
4% Corporate stock......... 1950
New 4 448........................... 1967
New 4Ws...............
1917
4M% Corporate sto ck ... 1957
4)4% Aeaeesmcnt bonds.. 1917
8 )4 % Corporate stock ... 1954
N Y 8tate— 4s...... ................ 1961
Canal Improvement 4 e ...l9 0 l
Canal Improvement 4 s...1902
Canal Improvement 4 s . . . I960
Canal Improvement 4 44s. 1904
Canal Improvement 4H s.l90f
Highway Improv’t 4)4s..l903
Highway Improv’ t 4(4a .. 1965
Virginia funded debt 2-3s___1991
6s deferred Brown Bros c tfs ...
tea*
W eeks
R a n g e or
L a st S a le
c h a n g e d . a n d p r ic e * a r e n o w
is
H io ■ v
3
98
93
1
97*4
97*4
98 Sep '15 ___
101 Sep ’ 15
3
109%
109*4
110 Sep 15 ___
98I4
98% 25
97 July 16
101% Aug '15
100 Feb la —
L ow
R ange
S in c e
J a n . 1.
•onj
H ig h
96%
97%
98
100'*
109
1094
974
99*4
99
101%
102
no
1114
98*4
100% 102
100 100
20
08
Salo 98
93 June 15 —
yg
74*4 83 July'H
947*
8
S94 Sale 394
92 Oct '15
____ 92
80 Aug '15
____ 80
2
80
80
t 81
82
t 7 0% -----1
77
77
.8
t 73*8 Saif
734
734
J - j X ------ 687* 78*4 June’ lo —
q - J X ____ 80
65 July’ H
____ 54
J
95*2 Jan ’ 16 ___
F - A I ____ 90
80 May’ 15 —
t ------ 794
08
80
98
99%
934
90
80
737*
717*
70
—
97*?
94
85*?
814
82
79%
...
98%
09% 55
98%
994 10.3
101%
102
589
10
1024
1024
944
95*2 21
15
954
954
6
95*2
954
94 Sep ’ 15 __
1J17*
1024 33
100% Aug '15
2
1024
102%
1
101*8
1014
85% Sep ’ 15 ___
1U04 Sep ’ 15 ___
1014 Aug '15
101*8 Sep ’15 ___
LOO'* Apr 15
IIO4 Sep ’ 15 ___
2
105
105%
110
110*8 30
104% Sep ’ 15 ___
81 Aug ’ 15
54
55% 23
97*4
97%
101%
101%
91
0-4*2
94
91
1015*
100*2
101%
100*2
84
997*
997*
100
99%
108*4
104
108
1041*
81
62
98
m-
a
J -D
M- 8
F- A
F- A
F- A
J - J
IN
M P
X -----t ------
9S% Sule
98% Sale
IOI34 sale
102** Sule
95*2 Sale
95
95%
95*2 90
94
964
102 102%
1004 10134
102 102%
100 ____
847* 85%
101 103
101%____
101*2____
M N
M -N
M -N
M- N
M- N
IW-N
M -N
M -N
M- 8
J - J
J - J
J - J
i - J 109% nJ*2
1 - J 105 Sale
109*4 1104
101 ____
8 3 % -----54 Sale
95*2 95*2
82
78
100*?
100%
102
105%
97%
97
97
97*4
105%
101*4
1054
10)4
89
101%
101*2
101%
100'v
1 10 4
105%
110*2
101*2
81
614
BONUS
Y. STOCK EXCHANGE
Week Ending Oct. 8.
P r ic e
F r id a y
O c t. 8.
i l
defaulted
W e e k '*
R a n g e or
L a st S a le
bonds
P
Hid
A s k L ow
H ig h N o
Ohio Burl A q (C o n .)—
Joint bonds
See Great North
957* 12
957s Sale 95%
Nebraska Extension 4 s ... 1927 M -N
9334 ____ 95 June 15 ____
Registered.......... ............ 1927 M -N
Southwestern Dlv 4s____ 1921 M 5 9 9 4 ____ 094 Juno'15 ___
39
904
General 4s___________
1958 M S 904 Sale 807*
154 154 Sep ’ 15 ____
Chlo A E III rel A Imp 4a g . . 1955 J - J 11
3
97
1st consol gold 6s________ 193) A - O 97 Salo 964
00
3
59
604
Qeneral consol 1st 5s____ 1937 M- N 58
Registered....................... 1937 M- N 51 ____ 71 June’ l> ____
9734 Feb ’13
Pur money 1st coal 5s___ 19)2 rfir *. aa
10
17
274 July 14
Ohio A In d C R y 1st 5 s . .. 1936 J J
41
084 664
08
Chic Great West 1st ) s ____ 1959 M- S 83
114 July'15 ___
Chic lod A Loulsv— Ref 6s. 1947 J - J ____ 112
101 Juue’ 15 ____
Refunding gold 5s............. 19)7 J - J
95% Apr 'l l
Refunding 4s Series C ___ 1917 j * j
80 July'12
Ind A Loulsv 1st gu 4 s ... 1956 j - j
904 Aug ’ 12 —
Chic Ind A Sou 50 year 4s..I960 j - j
1 .- IJ
n
104 Dan '1 1
Chic » 8 A East ls t 4 ( ) s ___ 1969 M
Chicago Milwaukee A St Paul —
63
804
Qen’l gold 4s Series A ___ *1989 J J 854 8034 854
894 Apr ’ 1■> ____
Registered.....................<1989 Q - J ____ _ .
20
884
G sd A ref Per A 4 H*___ n2014 A O 884 Sale 884
1043* 225
Gen rel conv ser I) as__ <12014 F - A 101 Sale 103
___
77
774
77
Sep
15
Gen’l gold 3 He Ser B ___ <1989 J J
97% 34
General 1 4 s Ser C...........<1989 J J 9734 Sale 97
2
87
874 884
864
25-year dehon 4s........ ...... 1934 J
l
96% 231
Convertible 4 4 s ............. .1932 J D 9034 Sale S95%
Cblc A L 8up Dlv g 5s___ 1921 J J 101% _____ 102% Aug ’ 15 ____
Chlo A Mo Rlv Dlv 5s___ 1920 J J 1 0 2 4 _____ 103 July’ 15 ____
102% 21
Chic A P W 1st g 5a_____ 1921 J J 1026* yale 102%
807* 874 Sep ’ 15 ____
C M A Puget Sd 1st gu 4s. 1949 J - J 80
1
100
Salo
100
100
Dak A Grt Sou gold 5a__ 1916 J J
2
1004
Dubuuue Dlv 1st s f Hs__ 1920 J - J 1064 _____ 10012
Fargo A Sou aseum g 6 s.. 1924 J - J 108 ____ 110 Juue’ 13
La Crosse A D 1st 5s____ 1919 J J 1 0 1 4 ____ 1024 June’ 16 ____
8
1024
WIsA Minn Dlv g 5s........ 1921 J J 1024 _____ 1024
WIs Vail Dlv 1st 6s........ .1920 J .1 105''4_____ 1004 July’ 16 ____
984 ____ 09 May’ 15 ___
MU A No 1st ext 4 4 s ___ 1934 J -D
100% Mar’ If.
Cons extended 4 4 s ___ 1934 J - D 984 - .
Chic A Nor West Ext 4s 1880-1926 F - A 94 4 9434 94 Sep ’ 15 ___
A
04% July'14
Registered............. 1880-1920 Cp -. r%
794 794
79% 33
General gold 3 4 s . . ........... 1987 M- N 70
784 Jan ' 14
Registered...................pl987 fj
w -- rI?
93% 21
General 4s..........................1987 M- N 934 Salo 92
91 Sep 15 ___
Stamped la ............... .1987 M- N ------ 94
General Bs stamped___
1987 M- N 1094 110 1004 Sep ’ 15 ___
Sinking fund 0s___ 1879-1929 A O 104 ____ 108 Juno’ 15 ___
1054 Deo *13 ___
Registered............. 1879-1929 A O
Slaking fund 6s.........1879-1929 A - O 103"4____ 1037* Sop -is ___
Registered............. 1879-1929 A - O 1034 108 102 Oot ’ 18 ___
101%
3
Debenture Es___________ 1921 A O 10is4 ____ 101%
101 Dec '12
Registered....................... 1921 A - O
101% 31
Blnklng fund deb 6s______1933 M -N IOI3 4 ____ s01%
1014 May'15 __
Registered____________ 1933 M -N
From Elk A Mo V 1st 0 s..1933 A - O 1 1 7 4 ____ 117 A ug’ 15
904 Sep '09
Man G B A N W 1st 3 48-1941 J - J
Mllw A S L 1st gu 3 4 s . ..1941 J - J
4
Mil L 8 A West 1st g O s...1921 M- S 107 1075* 107” ” 107
Ext A Imp s f gold 5 s ... 1929 F - A 10534 _____ S024 Aug '15 - - .
Ashland Dlv 1st g 6 s ... 1925 M- 8 1 1 0 4 ____ 1134 Feb 14 ___
Mich Dlv 1st gold 0 s ...1924 J - J n o ____ 1114 Aug '15 ___
8934 Sep ’ 15 ___
Mil Spar A N W 1st gu 4a. 1947 M S ------ 94
107% May’ 14 ___
Northw Union 1st 7s g . . .1917 M- S 1043* . .
8t L Peo A N W 1st gu 5S-1948 J - J 1034 1044 1044 Sep '16 ___
Winona A 8t P 1st ext 7s. 1910 J - D 103 . . . 103*2 May’ 15 ___
5
102%
Chicago Rock Isl A Pro 0 s ..1917 J - J 1024 10234 102%
Registered____ ________1917 J - J 102%____ 102% Oct ’ 16 ___
70
814 Salo *804
82
R y general gold 4s________ 1988 J - J
7934 8OI4 June' 15 ___
Registered____ ________1988 J - J *79
05% 135
Refunding gold 4s............. 1934 A - O 6434 Sale S344
96
47
20-year debenture 6s_____ 1932 J J 45
45*8
464
70 ____ 01% June’ 11
Coll trust Series P 4s_____ 1918 M -N
Rf
.
u
____
51
85 July’ 13
R 1 Ark A Louts 1st 4 4 s . . 1934 ixi D
99 Sop '15 ___
Bur C R A N— 1st g 6s__ 1934 A -O
O R I F A N W 1st gu 5 s... 1921 A - O " " _9 9 ' lOO7* M ar’ 14
M A St L 1st gu g 7s........ 1927 J - D
Choc Okla A O gen g 5s.01919 J - J 973s _____ 97% July’ 15 ___
. _____ 97*5 Apr ’ l ____
Consol gold 5s............... 1952 M -N
60
4934 Sep ’ 15
Keok A l)ea Moines 1st 5s 1923 V - O 50
.
31
05 Apr 15
n .• aA
St Paul A K C S b L 1st 4 4 s '41 F
n
Ohio St P M A O con 0s___ 1030 J -D IU% U 04 115
1154
0(1 Jan l.> __
Cons 0s reduced to 3 4 s . .1930 J - D
0
9934
Debenture 5s..................... 1930 M 8 100' 10034 9034
1
115%
Ch St P A Minn 1st g 0 s ..1918 M -N 1 1 4 4 _____ 115%
North Wisconsin 1st 8 s ... 1031) J - J 1 1 4 4 _____ 1206* May’OU . . . .
0
3t P A S C Ity 1st g 0s____ 1919 A - O 1054 _____ 105
105
Superior Short L 1st 6s g.tf 1930 M- S
...
80
85 Jan 14 ___
Chlo T H A So-cast 1st 6 s .. . 1980 J - D
Chlo A West Ind gen g 6s..»1032 q - M 1054 .
100 Aug ’ 15 ___ _
Consol 60-year 4 s . ............ 1952 j - j
77
784 76 Oot ’ 15 ____
Cln H A D 2d gold 4 4 s ......... 1937 j - j 00 ..
90 M u r'14 ___
1st A refunding 4s............. 1959 j - J *70 ____ . . . . . . . . . . ___ _
1st guaranteed 4s________ 1959 j - j ____ 87
804 June’ 12 ___
25 July’ lfi - - .
Cln D A I 1st gu g 5s......... 1941 M -N
C Find A Ft \V 1st gu 4s g. 1923 M -N - ............... 88 M ar’ l l —
Cln I A W 1st gu g 4s____ 1953 J - J
04% Deo ’ 14
Day A Mich 1st c o n s 4 4 s .1931 J - J
Iud Dec A W 1st g 5s..........1935 J - J ___________ 65 J’ly ’ 14 ____
1st guar gold 5s_______ 1935 J - J . ________ 107** Dee ’02
717* 24
Clevo Cln C A St L gen 4 s . .. 1993 J - I) 70 Sale 70
20-yr deb 4 4 s ................... 1931 J - J ------ 704 82 June’ 14 ____
80
834 Sep ’ 15 ___
Cairo Dlv 1st gold 4s..........1939 J - J 78
70 Sep ’ 15 ___
Cln W A M Dlv 1st g 4s. . 1991 J - J ------ 75
70 Oot '15 ___
St L Dlv 1st coll trg 4 s . .. 1990 M- N ------ 70
824 M ar'l 1 ___
Registered...............
1990 M- N ____ .
80
77 8ep '15 ____
Spr A Col Dlv 1st g 4s____ 1940 M- S 77
....
01 Apr ’ 12
W W Val Dlv 1st g 4s____ 1040 J - J .
C I St L A C consol 6s____ 1920 M -N 1034 1044 1054 June’ 15
80 ____ 90 Feb ’ 15 ___
1st gold 4s.................... *1936 Q-F
88 ____ 884 May’ 15
.
Registered.................*1936 Q-F
101 Jtino’ 15
Cln S A Cl con 1st g 5 s.. . 1923 J - J
105*4 J’ ly ’ 14
C C C A I gen con g 6 s.. . 1931 J - J
....
Registered...............
1934 J - J .....................
’ 94 ’ J’ly "’6k
Ind B A W 1st pref. 4 s .. .1940 A - O
. . . . _.
.
... . .
O Ind A W 1st pref 6 »...dl93S q - j
12
'0 1
Peo A East 1st con 4s____ 1940 A - O 61 Sale 5f%
5
21
21
2 1 4 23
Income 4s....................... 1990 Apr
49
93 Sale 92
93
Cleve Short L 1st gu 4 4 s . . . 1981 A - O
12
144 10 May'15 ___
Col Midland 1st g 4s____ . .. 1947 J- J
. . . . 10
144 M ar’ 15
Trust Co certls of deposit........
87*2 ” 67
Colorado A Sou 1st g 4s____ 1929 F - A 873* Sale 80*2
80
49
Refund A Ext 4 4 s ______ 193.r M N 80 Sale 787*
Ft W A Den C 1st g 0 s . ..1921 J -D 1004 1044 103*4 Sep ’ 15 ___
Conn A Pas Rlvs 1st g 4S...1943 A - O
100 May’ 10 —
Cuba RR 1st 50 yr 5s g ____ 1952 J - J ------- 100
Del Lack A Western—
847* 844 Sep ’ 15
Morris A Es 1st gu 3 4 s . . 2000 J - D 84
N Y Lack A W 1st Cs____ 1921 J - J 1074 ____ 107*s Sep ’ 15 ____
Construction 5s............. 1923 F - A *102 ____ 10 13, May’ 15
95% Sep ’ 15 ____
0 5 % ____
Term A Improve 4s____ 1923 M -N
Warren 1st rof gu g 3 4 s . .2000 F - A ___ _ 854 102** Feb ’0.3 ___
Del A Hud 1st Pa Dlv 7U...1917 M- S 1044 - - - 104*4 Aug '16
149 A ug’01
Registered..................... 1917 M- S
1001,
10-yr conv deb 4s........ ...... 1916 J -D 1004 Rale 1003*
1st lion erpilD g 4 4 s ......... 1922 J - J 10 0 IOH4 997* Sop ’ 15 ___
93% 25
93% Sain 93%
1st A ref 4s......................... 1043 M -N
Alb A Sus conv 3 4 s _____ 1946 A - O 814 834 SI** Sep ’ 15 ___
_____ 113% Jan '15
Rens A Saratoga 1st 7s___1921 M -N 1 1 1
Railroad
57
59*2 59 Sep ’ 15
55
064
Ann Arbor 1st g 4s...........A. 1995
208 89*2 95%
92
92 Sal. 331
Ateh Top A 8 Fe gen g 4 s .. . 1995
3 89
90*2
92*2
91
024 90*2
Registered......................... 1995
10 80*4 80%
8034 83
82
83
Adjustment gold 4s........ A1995 Nov
80 M ar’ 13
Registered...................A1995 Nov
118 804 87
82*2 Sale 82
33
Stamped ....................... *1995
105% Sale 302*4
105% 27 92% 105%
Conv gold 4s____________ 1955
994 M ay'll ___
Conv 4a Issue of 1909......... 1955
lOO Sale 103
106*2 218 92% 1064
Conv 4s Issue of 1910____ 1960
16 1004 101%
10U* Sale lijl
1014
10-year 6s........ ...................1917
1 92
94
934
93*4------ 934
Eaat Okla Dlv 1st g 4s___ 1928
7 844 89
86
87
86*2
86*2
Trana Con Short 1st 4s. 195.8
1 93
93%
047*
95
95
96
Cal-Arl* 1st & ref 4)4* ’ ’ A" 1962
1004 ------ 103*2 Sep '15 ___ 103 103*2
8 Fe Pres & Pb 1st g 5 s.. . 1942
03
87*2 29 85
87 Sale 807g
All Coast L 1st gold 4s___ *1952
92*4 July 14
*83 .
50-year unified 4s............. 1959
101%------ 1054 June' 1 1
Ala Mid 1st gu gold 6s___ 1928
934
89 Sep ’ 15
87
92
89
Bruns A W 1st gu gold 4s. 1938
1287* 135 1297s Aug 15 ___ 1297, 1207*
Charles A Sav 1st gold 7s. 1936
83
8334 19 SO a74
83
84
L A N coll gold 4s_______ ol952
115*2 117 1194 June'16 ___ 119*2 1194
Sav F A W 1st gold 6s___ 1934
1034 ____ 105 July’ 15 ___ 105 105
1st gold 6s........ .............. 1934
9 7% ------ 98 June’ 15 ___
97*2 08
811 Sp Oca A G gu g 4s___ 1918
01 Bale 994
914 169 88% 92*2
Balt A Ohio prior 3)4s......... 1926
38*2 90
Registered......... ........... *1925
87*2 86 85
874 Sale 884
914
lei >0-year gold 4s____ *1948
*____ 857* 90 A p r ’ l.,
37*2 90
Registered ...................*1948
523 824 90
90
93 Salo 388*4
20-yr conv 4J4s................. 1933
............... 112 Jau 12 ___
Pitta Juuo 1st gold 6s........ 1922
1 81*2 8.8
83 ____ 83
88
P June A M Dlv 1st g 3)4s 1925
25 77% 84
8OI4
83
80
82
P L E A W VaSysref 4 s..l94 l
91
884 120 so
88*2 Sale 88
Southw Dlv 1st gold 3)48.1925
tOO Apr ’ 15
Cent Ohio R 1st o g 4 )4s.. 1930
104**
Apr
’
15
1044
103*2
Cl Lor A W con 1st g 6s.. 1933
102*4 June'12
Monon River 1st gu g 5 s..1919
102 ____ 105% June’ 14
Ohio River RR 1st g 6 a ...1936
104% May'14 . . . . . . . . . . . .
General gold 6s............... 1937
113** Feb ’ 12
Pitts Clev A Tol 1st g 0 s . . 1922
96% Mar’ l)
Pitts A West 1st g i s ........ 1917
8tat Isl Ky 1st gu g 4 )4 s.. 1943
Bolivia Ry 1st 5s...................1927
— 1034 ____ 1044 Sop ’ 15
Buffalo R A P gen g 5s____ 1937
102*4 106%
____ 100*2 09% Sep ’ 15 ___ 99% 103
Oonsol 4)4*.....
1957
94% Feb H ___ 94% 94%
S0
92
All A West 1st g 4s gu___ 1998
112 vpr ’ 14 ___
Clear A Mah 1st gu g 6 s..1943
100% ------ 1064 Sep ’ 15 __ 1064 1071,
Roch A Pitts 1st gold 0s._192t
107 . . . 107 Sep ’ 15 - - - - 107 107
Consol 1st g Os. ............. 1922
1005s Sale 100*2 100% 30 100 1044
Canada Sou cons gu A 5S...1902
1007* Apr 14
Registered.......................1962
_________ 94 June’ 15 ___ 94
96%
Oar Clinch A Ohio 1st 30-yr 6s ’38
5 103*2 107*?
105
105
1 0 1% —
Central of Ga 1st gold 6 s...p l9 45
12 90 1024
97 Sale 97
97
Consol gold 5s................... 1945
30 Fob 15 ___ 86
80
____ 82
Chatt Dlv pur money g 4s 1951
102 101U
10 1 10 24 I04U May* 16 —
Mao A Nor Dlv 1st g 6 s.. 1946
Mid Ga A All Dlv 5s........ 1947
1004 l o b 103% May’ 15 ___ 103% 103%
Mobile Dlv 1st g 5s.......... 1946
2 864 *'2%
89
89
89
92
Csn RR A B of Ga col g 6 s.. 1937
112% 38 111*4 1151?
5112 Sale 112
Cent of N J gen'i gold 6a___ 1987
25 1104 115
111
111 Salo 111
Registered..................*1987
2 102% 104
103
Am Dock A Imp gu 5 s ... 1921
103 1034 103
100 ____ 100 June'13
Leh A Hud Rlv gen gu g 5sl920
N Y A Long Br gen g 4s .1941
9 4% ____ 100'? Jan ’ 13
721?
71
75
724 Sep ’ 15 ___ 68
Cent Vermont 1st gu g 4s. .*1920
00
854 ____ 85 Oct '15 ___
83
Oheea A O fund A Impt 5S..1929
0 101% 105
3102% Sale 102%
102%
1st consol gold 6s........ ...... 1939
101 Sep ’ 15
101 101
Registered .....................1939
70 82
80
91
8512 Sate 85
General gold 4)4s............... 1992
93*2 Feb ’ 14
Registered.......................1992
804 Saif. 77%
804 208 70
801*
Convertible 4)4s............... 1930
1 80
80
834
Big Sandy 1st 4s...............194)
80 Salo 80
32i* May’ 15 - - 82*i 824
Coal River Ry 1st gu 4 s ..1945
____ 80
Craig Valley 1st g 5s____ 1940
___ 05
90*2 Dec ’ 13
84% Jan ’ 13 ___
Potts Creek Br 1st 4s___ 1946
... .
80*4 84%
R A A Dlv 1st con g 4s__ 1989
80
82*2 82 Sep ’ 15 ___
77
___ 817* 77 A p r ’ l.) . . . . 77
2d consol gold 4s_____ 1989
............... 90 Apr ’ 14
Greenbrier Ry 1st gu g 48.1940
____
Warm Springs V 1st g 5 s..1941
113 *4 Feb ’05
1 52
00
Chic A Alton RR ref g 3S...1949
51
52
52
52
23 38
R a ilw a y 1st Hen 3)4s_____1950
437* Sale 437*
414
474
Ohio B A q Denver Dlv 4 s..1922
98% 100
99 ____ 99 Sep 15
12 81*4 841*
83*4 Sale 83%
837*
Illinois Dlv 3t4s................1949
3 917* 94%
Illinois Dlv 4e___________ 1949
92% 91
93
93
..
____ 93 Juno'13
Registered_____________1949
2 101*2 102*2
102*2
Iowa Dlv sink fund 6s___ 1919
1024 103 102*2
9 90% 99
Sinking fund 4s . . .1919
98*i
98*2 . . . 98%
* No price Friday, latest tms woo*. <1 uue April. « Due May. o Due June. A Due July.
i l l — " a n d tn< ' * s t " — e x c e p t f o r i n c o m e a n d
-
* Due Aug.
o
Due Oct.
v
Due Nov.
q
Due Dee.
Range
S in c e
J a n . 1.
L ew
H ig h
94*4
05
994
88
154
91
514
524
97
05
O’J'l
92*4
20
103
76
71
64
113
101
7.%
lit
101
.................
85
80*2
87
100**
76
97
844
03*4
102%
103
101*4
857*
100
106
02
89*2
92%
1044
80*4
101*2
90*4
09*2
1024
104%
103%
91
100*2
107%
1024
101%
100*4
99
100%
924
1024
102*2
107
1007*
1004
94*4
78
82
89*4
89
109
108
94%
044
1144
1094
.
1027* 103%
100% 101*4
101 ‘ 104
09 1014
117 119*4
105 1084
*02*2 104*4
.- 111*2 111*2
89*4 92
....
102% 100
103*2 103%
101% 10 24
101*4 102%
70
85
80
824
61
717*
39
07
99
100
97%
974
49%
65
1143*
00
994
115
__ __
97%
974
84
65
117*4
90
102
115%
104% 105*4
ios‘ ' 160' '
747* 801*
.... ...
____ . . .
- .
.
25
25
------- ---------....
....
08 " 74
1
*81" 831*
70
70
70
86
77
77
__ . . .
105*4 105*4
90
90
87
88*2
101 101
;;;;
59
20
90%
15
144
85
787*
100
05
28
0S*4
17
IS
92
85
103*4
.....................
84
107
101*4
95*4
854
109
101%
90
.
...
101*4 106%
99 100%
99 1007*
804 90
80*2 80
113% 113%
s Option sale.
Oot. 9 1915.]
If.
BONDS
Y . STOCK EXCHANGE
Week Ending Oct. 8 .
1171
N ew Y ork B on d R e c o r d -C o n t in u e d — P age 2
P r ic e
F r id a y
O c t. 8 .
B id
W eek’ e
R a n g e or
L a st S a le
AtJt L o w
H io h
R ano»
S in ce
Jan. 1
L ow
BONDS
If. Y. 8TOCK EXCHANGE
Week Ending Oct. 8 .
P r ic e
F r id a y
O c t. 8.
B id
H ig h
W e e k 'e
R ange or
L a t t S a le
L ow
H ig h
R ange
S in c e
Jan. 1
I A ID
H ig h
84
85
85 July'15
85*2 .
Leh A N Y 1st guar g 4s____ 1945 M08
78
71*2 Sale 68*2
71*2
76*8
Registered_______________1945 M70*8 Sale 74%
7358 83
102 154*t
102” Sale 102’ * 102*
72 ____ 71*2 Oct '15
60
80
Long laid 1st cons gold 5s_./»1931 Q
89
90*4 96*4 M ar’ 12
49*4 Sale 40%
49*4
1st consol gold 4s_______ A1931 Q 38
49%
8634 May’ 19
85
87*8
83*2 80
General gold 4s................... 193s J ____ 95 109 Dec *12
92*2 95*4 M a y'll
Ferry
gold
4Ha..................
1922
I
V
1
------ 77
61*2 Apr 'l l
99*4 Oct *06
Gold 4s.............................. 1932 J
85 M ar’08
83*8 89*4
’ 82% 83*8 Aug T5
Unified gold 4s___________ 194!) M
75
09*2 Sale 09*2
69*2
95** 95*8
95** Jan T.T
Debenture gold 5 s............ 1934 J
59*4
____ 00
58
59*4 Aug T 6
82*4 86*2
85H
"84**2 83*8
Guar refunding gold 4 s ... 1949 IVI 90 Apr ’ 14
95 Jan T
Registered.................... 1941*jfVl 100 100
. . . . _ . . _ 100 M a r'15
100 " f6d*«
100 Feb ’ 1.
7178 87
85
90
85 Sep '15
N Y B A M B 1st con g 5s. 1935 A
102*r Jan ’ 1
80 .
N Y A R B 1st gold 5 s ... 1927 M78
85
85 Aug '16
1007a 101
101 Aug *1;
88*2 8978 90
Nor Sh B 1st con g gu 5s_ol932 Q 90
90%
90
91*2 91*2 Feb ' 14|
101% 104*8 Louisiana A Ark 1st g 5s___ 1927 M
101 105 *4 101*2 May’ 15
112 Sale 112
110 115
112
981j 101
Louisv A Nasbv gen 6s........ 1930 J ------ 99 % 100 May To
105*8 107
105*8 105*8 105*2 105*2
Gold 5s...............................1937 IW............... - 106*2 M ar’08
89*2 94*4
91*8
91*8 Sale 90*8
101 F o b ’ ll
Unified gold 43................... 1940 J 94 June’ 14
90 100
Registered....................... 1940 J
____ 95*2 90 May’ J.5
997a 103*4
102*8 1*0*278 9978 Sep ’ 15
10378 Apr T5
103 105
Collateral trust gold 5s...1931 M104*8 109 10«**a May’ 14
E □ A Nash 1st g 0s____ 1919 J 109
1061* 11012
109 . . . 109
102% J’ly ’ 14
97*4
L Cln A Lex gold 4 Ha___ 1931 M
90*8------ 97*2 June‘ 14
113% 115*2
. 113*4 ll47g July’ 15
N O A M 1st gold 6s........ 1930 J
100 102i4
10 0 *8 ____ 101*4 May'15
108 10978
. 110 1097s May’ 15
2d gold Gs.......................1930 J 98% 99U
98*4___ 98*2 June’ 15
80
86*2
86
8612
85*2 Paducah A Mem Dlv 4 s .. 1940 F 100 102U
10012 ____ 100 July’ 15
1057* 107*2
100
100*2 a 106*2
St Louis Dlv 1st gold 0s_. 1921 M
. . . . 93% May’ l l
60 Sep ’ 15
60
58*8 65
109 109
____ 109*2 109 June’ 15
2d gold 3s........ .............. 1980 M
847* 83 Sep ’ 15
83
83
88*2
35 77
83
83 Sale 81)
Atl Knox A Cln Dlv 4s__ 1955 M N
841*
111 Jan '15
797g Juno’ 15
Atl Knox A Nor 1st g 5 s.. 1946 J - D 102
797S 79?8
J - J ____ 80
Registered.............. .....
105
"
105
105
June’
16
*47
105*2
S
05
71
70*4
Sale
08
70*4
Header
Bdge
1st
s
f
g
6s.
.1931
MJ - J
1st consol gen Hen g 4s__
80
87*4
88*2 July’ 15
87
77 Apr ' 12
Kentucky Central gold 4s. 1987 J - J
J - J .....
Registered ................ ..
99*2 101
98
99*2 June’ 15
86
86% 25 86 * "88*U
L A N A M A M 1st g 4Hs 1945 M- s 95
F - A 86iH 87
78
80*2
80*2 80*2 July’ 15
05*4 95 59
L A N-South M Joint Is. . 1952 J - J
«ei4
A - O 66*4 Salo 05
50-yr conv 4s A _________
95 Feb ’05
75
631* 75
Registered............. ..... A1952 Q - J
A - O 76 Halo 72*2
do
Series B_____
106
J’ly
’
14
____
103
>
8
102%
JuneTS
A
N
Fla
A
S
1st
gu
g
fis___
1937
F
102>2
1031s
J
-D
Buff N Y A Erie 1st 7 s ...
97 Dec ’ 14
N A C Bdge gen gu g 4 H s-1945 J - J
M -N 103 ------ 102% Sep T5
101*2 IOH4
108
108
107*2 109
101 Feb ’ 15
101 101
Pens A Atl 1st gu g 6a___ 1921 F - A 108
Clev A Mahon Val g 5s__ 193; J - J
102*4
105*8 105*8
105*8
Feb T5
____
119*4
A
119*4
Aug
T5
119*4
121
S A N Ala cons gu g 5s__ 1936 F Long Dock consol g 6s__ 193 A - O
4 iooia l00*a
99*2 102U
100*2
100%
Gen cons gu 50-year 5s. 1903 A - O 100 100*2 100*2
Coal A RR 1st cur gu 0s._ 192: M -N 100 104 100%
74 80*2
80 Sep ’ 15
80
102*2 103*4 L A Jeff Bdge Co gu g 4 s . .. 1945 M s
Dock A Imp 1st ext 5s__ 194: J - J 103 ____ 103*4 Aug T 6
Manila RR —Sou lines 4s
1936 M N
N Y «t Green L gu g 5 s ... 19H M -N . . . . ____ 103»* Aug T2
’77” Mar’ 10
93*2 Sep T5
J - J 93 100
90
94
Mex Internat 1st cons g 4s. _ 1977iM- S
79 N ov’ 10
100'4 Dec ’00
F-A
Stamped guaranteed.......1977 M- s
101 Oct *09
F - A G5 ____ 07*2 Aug T5
67*2 75
Mldland Term— 1st s f 5s g. 1925 J - D
105 Sep ’ 15
105 111*2
102 Jan T4
M-N
Minn A St L 1st gold 7s___ 1927 J - D
Terminal 1st gold 5 s..
101 110*8 Aug 'l l
A -O 10 2 * 2 ____ 111*2 May’ 12
Pacific Ext 1st gold 6s__ 1921 A - O
Mid of N J 1st ext 5 s..
92*4
81 Sep ’ 15
J -I ) ____ 79
80 Juno'15
1st consol gold 5s.............. 1934 iM- N 81*8 82
Wllk A Ea 1st gu g 5s.
60
48*2
100 Mny’ 12
J - J
lst A refunding gold 4a___1949 M- 8 48U Sale 48*4
Ev * Ind 1st con gu g 6s.
60
48
60
Feb
'15
-----87*2
81
Aug
To
J - J
81
97
Des M A Ft D 1st gu 4 s.. 1935| J - J
Evans & T H 1st cons 6s.
47 ____ 99% Dec T3
9014
80%
A -O
Iowa Central 1st gold 5 s .. 19381J - D 80 Salo 80
lst genera? gold 5s----66
45
45
46
108 N ov’ ll
A -O
Refunding gold 4s____ 1951|fVI- S 44
M t Vernon 1st gold 0a.
86*2 93
88*s
95 June‘ 12
A-O
MStPASSM con g 4slntgu 1938 J - J 88*s Sale 88
89% Sale 87*2
97*4 June’ l
89%
J -D
86*2 9078
1st Chic Term s f Is.......... 1941 )M- N
93*2 Sep '1
92 Aug ' lu
93*2 9312
J - J
M S S A A 1st g 4s int gu. 1926 J - J 94*4 95
91 J'iy *14
54 Aug T5
60
6512 Mississippi Central 1st ««_-.1949 J - J
J - J 5412 05
Ft W <t Rio Gr 1st g 4s..
72*4 81
75
75 Salo 74
Mo Kan A Tex 1st gold 4 s.. 1990 J D
Great N orthern907S
49*« 63
60*4
947* 97ls
2d gold 4s........ ............... pl990:F - A 50 Sale 49*2
J - J 96% Sale 96%
70
89
70 Sep *15
69
96*4
96*4
91% 90*4
1st ext gold 5s.................. 1944 M- N
Q - J ____ 97
40
417*
40 56*8
90*4
94 101
J - J 95*2 Salo 95*2
lst A refund 4s..................2001 M- S 40*2
51*2 74
90 June’ io
49*4 61*2 Sep ’ 15
J - J
Gen sinking fund 4 H8___ 1936 J - J
60*8 60*8
60*8 FeD *15
60
93*4 Sep Tfi
J - J 93*4
St Louis Div Is ref g 4s ..20 0 1 'A& o
93 96*2
93*2 99*4 Dec '13
J - J 117*4 118*8 117% Oct T5
116% 120*4
Dal A Waco 1st gu g 5s__ 1940 M- N
78
118*4 Apr T 6
78 J’ ly '14
J - J
118 118*4
KanC A Pac 1st g 4s........ 1990 F - A
82
961a
89*2 91 Sep '15
100*2
1 - J 100*2 101 slOO
99*4 101*4
Mo K A E 1st gu g 5s___ 1942 A - O
85*2 88
87*4 85*3 Mar’ 15
J - J . . . . ____ 109*4 Apr To
M K A Ok 1st guar 5s___ 1942 M - N
Registered
69
89
09
92*2____ 92 Sep T5
J -1)
G8H 69
91*2 94*8
M K A T of T 1st gu g 5s. _ 1942 M- S
90 May’ 13
95
9034 92*4 94*2 Apr T4
J -I)
8 her Sh A So 1st gu g 5 s.. 1942 J - D
99*2 Jan '14
73
J - J 86 ____ 92% M ar’ ll
Texas A Okla 1st gu g 5s. .1943 M- S
86 .
92% 101*2
94i*
A -O
89*4 JuneTS
89U 89*4 Mlssourl Pac 1st cons g Os.. .1920 M- N 93*4 Sale 93*4
78*2 06%
81
82*8
J - J 107% . . . 110*2 Jan T 1
Trust gold 5sstam ped...a 1917 M- S 79*8
88*2 88*2
88*2 June’ 15
J - J 119 120*2 1185s Sep -15
Registered .................. al917 M- 8
118*8 121
72
921*
73*4
73*4
J - J . . . . . ___ 130U May'UtS
lst collateral gold 5s____ 1920 F - A 73*4 75
Registered .
J - J 105*4____ 105% July’ 15
Registered.....................
1920
F
A
105U 105*2
53*4
34
J - J
40 year gold loan 4s_____ 1945 M - 8 34 Sale 33
Registered.......... .. 1
497g
34*8
34*8
J -D 104 ____ 107% June’ l5
S 34*4 36
IstA ref conv 5s_________ 1959]
107*4 107*4
Will & S Fist gold 5s ..1
78
82
78 Jan
Feb
70*8 80
N
72 May'15
70
72
3d 7a extended at 4 % ____ 1938
Gr B A \V deb ctfs "A ” (5100 [
12*4 Sale 12*4
100 Feb
Feb
A
1234
Boonv St L A S 1st 5s gu. 1951
10*2 13*4
Deben ctfs ••l}” ($100 par).
86
85
85
Feb
'1
ii:::
*0
0
*
62
86
J
J
82
88
A
82
Aug
'15
Cent
Br
Ry
1st
gu
g
4
s
.
..
1919
Gulf & S I 1st ref A t g 6 s..51
•
...
77*2 Dec '13
'
.1 - J . . . . . .
D
Cent Br U P 1st g 4s____ 1948
Registered...................... 61
80 110 Mar'0
J - J 88*4 Salo 88*4
88*4
J
Leroy & C V A L 1st g 5 s.. 1926
87**2 95
Hocking Val 1st cons g 4H 0-1
84
87*2
89
85
Sep
*15
85
A
J
.1
9/*4
Jan
T
4
Pac
11
of
Mo
1st
ext
g
4
s..
1938
Registered...........................1
90
97*2 J’ly ’ 1
A - O 83 ____ 83% Sep '15
83*2 "8512
2d extended gold 5s___ 1938jJ - J
93 101*2
95*%
F - A ................. 90*2 June’ 14
Bt L Ir M A S gen con g 5s 19311A - O "95*4 95*8 95
Col A Tol 1st ext 4s___
101*4 102 J'ly
0*3*’ "93*2
Gen con stamp gu g 5s___ 19311A - O
Houston Belt A Term 1st 5s
61
71
06
61*4 Sep '15
J - J 97
08
97 " Oct T5
Illinois Central 1st gold 4s.
Unified A ref gold 4 a ... 1929 J - J 63
90
97*2
807* <jut '1
J - J
92
92
92 Aug 15
Registered.................1929 J - J
69
53
J - J 81*2____ 8 l July'15
1st gold 3Ha__________
Riv A G Dlv 1st g 4 s ... 1938 W- N "52*4 ~54 ’ 53
78*4 83*s
87
89
82
87 Sep T5
J - J 80
Registered........ ..........
Verdl V I A W 1st g 5a___ 1920 M- S
88*2 Feb T3
114*4
109 107%
A - O 80 ____ 78*4 Dec T4
107%
Extended 1st gold 3He..
Mob A Ohio new gold Gs___ 1027 jJ - D
114
106 ^
A - O 80
S3
1st extension gold 6s___ 61927 Q - J 102 106 106
75
72 M ar’ l
M- 8
1st gold 3s sterling.
8_0 J'ly '09
General gold 4s__________193SIM- S 65
101*2
ioo” 100 June’15
M- S
Registered..........
Montgom Dlv 1st g 5s___ 1947! F - A
88
95 Dec '13
A -O
82*2 34* «83%
St Louis Dlv 5a................... 1927 J - D
81
87*4
84
87
86*2 87 Jan 15— - 87
96*4 5S
CP T2
St L A Cairo guar g 4s___ 1931J - J 86
Registered............ ......... 195! A - O
102*4 106*8
85%
83
88*8 Nashville Ch A St L 1st 5 s.. 192s A - O 103 104 102*4 103
1st refunding 4s................ 195. M- N 85*4 Sale 85
111 Jan
J - J 77i2 84
Jasper Branch 1st g 0s___ 1923 J - J
79
79
70 Sep '16
83
103*4 Jan
M- N 82
80 Sep '15
McM M W A A1 1st 0 8 ... 1917 J - J
797s 80*8
113 J’ ly *04
M- N ------ 95*2 84 May’ 14
T A P Branch 1st 0s____ 1917 J Registered........ .....
80
89
J D ----- 93
Hll Apr ’ 15
Nat ltysof Mex pr lien 4Ha-1957jJ - i\ : . 59*4 58 June’
Cairo Bridge gold 4s.
77 Feb '13
J - J .... .
Guaranteed general 4s___ 19771A - o -----74 Feb ’ 14
Litchfield Dlv 1st g 3s
9G7g Feb '13
J - J ♦76*2____ 70*2 June’ l5
76'** 77*2 Nat of Mex prior lien 4 H s .. 19261J Louisv Dlv A Term g 2
30
30
30 Aug T5
J - J ____ _____ S3 A u « -12
1st consol 4a....................... 1951 A - o : : : :
Registered..............
40 May'
40
31*4 41
F - A _________ 123 May’99
N O Mob A Chic 1st ref 5s._1960 J 104 101 June’ 14
68
73
73 Mar'15
F-A
N O A N E prior Hen g 6s. _p 1916 A Omaha Dlv 1st gold 3 3 79*a M ay'13
J - J 66*4___ 08*2 Sep T5
6812 68*2 New Orleans Term 1st 4s__ 1953 J Si*:-::
1077* 1998 99*2 1077S
78
80
89 Apr '15
Gold 31-58.
J - J ------ 80
N Y Cen ItRdeb 0s wh las.. 1935 M - N 1*07*4 Sale 105%
89*a
80 86
89
101*8 Oct '99
.1 - J
Ref A Imp 4Ha " A " ___ 2013 A O 89 Sale 88*8
81*4
78*8
78*4 63 76
J
78
77*4
.
.
.
.
.
.
.
78%
M
ar'14
J - J
N Y Central A 11 R g 3 H a .. 1997 J
1 75*2 78*4
76
70
Western linos 1st g 4s
Registered........................1997J J 70
F - A 8-4*2____ 85 July'15
89
00 84
88
Registered..............
Debenture gold 4s........ .. 1934 IV!- N 87*4 Safe’ 80
897g June'14
Bcllev A Car 1st 6s .II
117*2 May’ 10
Registered .............
1934 M N -----J -D
76
60
73
94*2 J’ ly T2
Carh A Shaw 1st gold 4a '
Lake Shore coll g 3H s____ 1998 F - A! 72*4 Sale 71
IH- 8
72*4
70
71*4 72i4 July'15
105
Chic St L A N O gold 5s
Registered..................... 1998 F 101*2 1097s
J -D 10-4*2 Hale 104%
80
78*2 Sale 77*4
78*2
Registered...... .........
114 Feb ’ ll
J P M A Co ctfs of dep........
J -I)
71
70
70*4
Gold 3 Ha............H i l l
90 Oct '09
70*2
Mich Cent coll gold 3 H a .. 199S F J -D
70
67 Aug ’ 15
Registered........ I
Registered .................... 1998'F J -D
BattleCr A Stur 1st gu 3s. 1989 J Joint 1st ref 5s series' A _
98%
98*2
98*2 1005s
J - D 987g 99
GQ June’ 1 3 ----- 92*2 96
Memph Dlv 1st g 4s.
Beech Creek lstg u g 4 s __ 193G'J 86*2 Mar’ 15
86*2 86*2
J -D
Registered.......... .......
99 M a y 'l l ___
Registered....................1936 JJ
____ 102*2
2d guar gold 5s.............
1936 J M- S ____ 95** 98 J'ly *08
Registered.......... .......1936 jJ
82
85*8
84*4 82 Sep '15
J - J 81
Int A Great Nor 1st g 6s_
Beech Cr Ext 1st g 3 H a--61951! A 97*2 100
M- N ------ OlSSg 98 Sep '15
88 Oct '1:
J -1)
84% July’ l >
Cart A Ad Istgug ls.........1981 J 87
90
88
90*2
A -O
Gouv A Oswe 1st gu g 5 s.. 1942 J
06*i 09
07% Salo 00*2
OS
87
87*%
A-O
Registered.
Mob A Mai 1st gu g 4a__ 1991 M
87*8____ 87*8 Sep '15
03 Oct ’00
86
86
86 Jan '13
.1 - J
S87 " *92 ’
89 Salo sS7
89
N J June II guar 1st 4s__ 1986 F 85
85
85 June’ 15
J - J
Kansas City Term 1st 4 s ...
85
85*2 84*2
N Y A Harlem g 3,Hs___ 2000 M83*2 93
8512
101*2 1017|
101*2 Mar’ 15
J - J 90 Sale 9!)
102*2 .
Lako Erie A West 1st g 6s ..
91
N Y A Northern 1st g 5s.. 1927 A 8934 98*2
58
88
88 June’ 15
J - J 00
747# 9434 May’ ll
80*8
N Y A Pu 1st cons gu g 4a. 1993 A 2d gold 5s................ —
A-O
North Ohio 1st guar g 5s__
98 M a r'll
Nor A Mont Istg u gS s__ 1916 A
113’ * 113“
113 May’ 15
J - J 99*8 Halo 98%
99%
Pine Creek reg guar 6s___ 1932 J 98 101*2
Loh Vail N Y 1st gu g 4>$8-_
101*4 103*4
.1 - J ____100
U W A O con 1st ext 5S..A1922 A 99 Aug T5
101*2____ 102*8 Aug T5
Registered— ................ . .
99 100*8
100*8 100*8
100*8 Mar’ 15
M -N
87*2 90
Oswe A R 2d gu g 5s___ «1915 F 80*4 87*4
80*4 Sep T5
Lehigh Vail (Pa) cods r 4 s._
104 June’ 10
M -N
97*4____ 98*2 Sep '15
R W A O T R 1st gug 5a..1918 M97U 99*4
85
84
85 Sep '15
v 0 106*2 107% 100*2 Oct T5
105*4 108
Rutland 1st con g 4HS-..1941JJ 70
70 l eb '15
70
..1941 A - O ------107
Og A L Cham 1st gu 4s gl948 J
Registered_______
92 June’09
J - J 103*2____ 101% Aug T5
Rut-Canada 1st gu g 4s. 1949 J
101*2 104*4
101 101
J - J ------ . . .
. 100 101 M a r'15
105 « ct T3
St Lawr A Adir 1st g 5 s . .. 1996’ *
Registered........ ........... ..... 19
. 102 1191a " a r 'l ? . . .
1 - I . . . . ------ -----'M gold ................
_ IQOrt A -----1 st Int reduced to 4s------- 1 1
Duo Juno, h Duo July, t Dae Aug. # Due. Oct,
* No price Friday: latest bid and asked this week. a Duo Jan. 5 Duo Feb. d Duo April, a Duo May.
V Duo N ot . 9 Option salo.
Deny & R Gr let con g 4a. 1936 j - j
Consol gold 4H**------------1930 j - j
Improvement gold 5s----- 1928 J -D
F- A
J -D
J - J
Rio Gr So 1st gold 4s,.
Guaranteed.......... .
.1 - J
J - J
Rio Gr West 1st g 4s.
A -O
A-O
M- N
Des Mol Un Ry 1st g 5s. __
Det A M ac. 1st lien g 4 s ..
J -D
Gold 4 s ............................
J - I)
Det Riv Tun-Tcr Tun 4>$s.l901 M -N
Dul Mlssabe & Nor gen 5s.. 1941 J - .1
A-O
A-O
2d fls..........................
J - J
Du So Shore «fe At g 5s___
J - J
Elgin Jol & East 1st g 6s___ 1941 M -N
M- S
M-N
2d ext gold 5s___
M S
3d ext gold 4 Hs..
M S
4th ext gold 5 s..
A O
J D
M S
14
0
W eek’i
H a n ot or
L a tl Sale
H a n ot
S in ce
Jan. 1
In le r e tt
P er io d
P ric e
Pridau
O ct. 8.
B ondt
S old
BONDS
Y STOCK EXCHANGE
Week Ending O ct.'8 .
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 8.
(Vol . 1 0 1 .
P r ic e
F rid a y
O ct. 8.
W eek’i
R a n g e or
L a t l S a lt
*» M
« 0
0Q
lla n g e
S in c e
Jan 1
1
N
New Yor& Bond Record —OoQGiQiied —Pa<e 3
In te r tit
P e r io d
1.1.72
/>11
41*
N Y Cen A H HR (Con.)
..
U tica* BIk Iliv gu g 4s__ 1922 J - J 95
Lake Shore gold 3 tss____ 190/ J - I) 8 M4 82lj
Registered .................... 1997 J -D *8H2 82
\1 - S 94 Sale
5921a Sale
M -N
j - j
104 ____
.) - J
Plus & L Erie 2d g 5o__ a 1928 A - O 104'g____
J - J 115 ____
J * J ____ 110
...
J - J *10 1
Michigan Central 5a____ 193i M - S *____ 10212
Q-IY1
J *J
J - J
M- S
1st gold 31^9
1952 M-N
A O 8412 Sale
N Y Chic A St L 1st g Is.. 1937 A - O 90 " Sale
A -O
75 ____
M -N
90
9U2
West Shore 1st 4s guar__ 2301 j - j
8734 8912
Registered.................... 2361 j - j
N Y C Lines e<i tr 5 s.. 1915-22 M- N 99i2 ____
N Y Connect 1st gu 4H» A . .1953
N Y N H A Hartford—
Non eonr deben 4s_____ 1947
Non-conv deben 3 ^ s ___ 1947
8-on-coav deben 3)4s___ 1954
Non-couv deben 4s_____ 1955
F- A
...
97
L o w H ig h
Bid
A ik L o w
H igh N o .
Pere Marquette (C o n .)
90
98
98 Sep ’ 15
Flint & P M gold 6 s . . . 1921 A O 90
72
OS'* 72
72 Sep '15
1st consol gold 5s.......... 193! M-N
05
08
08 July’ 15
Pt Huron Dlv 1st g 5 s.. 193! A - O ____
89
F-A
an
83
4 91 ' 91 '*
A - O 103 l.i 100 108*2 May’ ll
91
91 "
J J
113U N ov’ l 1
95 lg
63 91
107*4 Apr ’ 14
93
J J *923. Sale 02
90
93
9012
j
103 Jan ’ 15 ___ 103 103
0(>i4 Aug '15
Registered...................... 1997 1
y.i
A O
92 Oct 15
90'* 93*8
130*8 Jau *09
123U Mar’ 12
i
J
59
00'2 .Ply ’ 15
00'* 73
i
J
102*2 Sep ’ 15 ___ i()23g 102l2 St Louis A San Fran gen 0s. 1931 j - j 107 10714 107 Sep ’ 15 , __ 10578 10812
9334 99r>x 99
1031* May’ ll
.1 j
99 ia 12 98'2 IOU4
•J J
75 J’ly ’ ll
98 Apt '12
10 35
5H*
87 Feb ’ 14
M- N 45
47
45
45
321* 61
45t2
90 Juno’OS
44 Sep ’ 15
10 321* 49
42
45
42 <8
42U
79^8 8 1 14
9
83
85
A-O
85
93 Dec *13
21 88
1 03'a 71'2
99
99
08 Sale 08
08
93*4
j
Refunding gold 4s........ 1951 j
92*4 J’ly ’ l i
80*4 M ar’ 1 1
1 - J
1 75
2 00'g 7 1lg
7914
07
07
77
77
22 59>2 08
02 Sale 01 la
62
90
91l2 40 80
92'2
do
Stamped .
2 857g 8934
1 IDS III)
105
89 >2
8912
K C Ft 3 & M cons g Os.. 192s M -N 1043.| 10612 105
5 0014 73l2
100 Mar’ 16 —
0914
100 100
K C Ft S A M Ity ref g 4s. 1930 A - O O8I4 093.! (1912
Low
No
H ig h
97 Feb ’ 15
82
82l4
82 Aug ’ 15
9214
94
97
5
97
M- S 78 ____ 77 J’ly ’14
M- S 70 ------ 03 Feb ’ 15
A - O 6812 ------ 69
70
80
J - J 77
77 Aug 15
78
78 ------ 78
M-N
7012
Conv debenture 3Ha____ 1950 J - J 70i2 Sale 70
J - J 113 Sale 11134
113i2
F - A 70 . . .
J - J
Non- onv deben 4a___ 1955 J - J ____ _____
A-O
J - J
99*4 Nov'12
M-N
B A N Y Air Line 1st 4s 1955 F - A
99ij June’ 12
71
73
71
71
Cent New Eng lstgu 4s. .1901 j - j
97
84 U
82
94
90
81
81
90
9412 97
—
. . . . 63
63
3 64
70
—
71
77*8
1 70
78
18 ODj 70>2
41 101 113l2
—
.
4
Uousatoulc R cons g 5s__ 193/ M- N 10 2U ------ 1051* May’ 15 __
87 J‘ Iy *14
M- N
A - O 8912 52
79
J - J 79 ' Sale 78
M- N
107 Aug ’09
A-O
J- J
J - J
991* M ar’ 12
............ 56 Apr '15 ___
Providence Secur deb 4 s.. 1957 M -N
J - J
9978 Dec *14
835^ Feb ’ 14
W A Con East 1st 4 Ha
1943 J * J
76l2 id
N Y O A W ref 1st g 4s___ pl992 M- S 7612 Sale 70l2
M- H
General 4s................ ......... 1955 J -D * ____ 74
70 Junc’ 15 ___
8:*
F-A
M- N ____ 98 101 July’ 15
Sl
5115
Norf A West gen gold O s... 1931 M- A 115i2 117 s ll5
F - A H 6I4 117'4 11034 Sep ’ 15
119 Apr ’ 15 . -New River 1st gold O s..” 1932 A -O 115 '
20
91
A - O 90^4 Sale 99
94 May’ 14
A-O
10
88 Sale 87
'88
Dlv’l 1st lien A gen g 4s. 1944 j - j
U034 12
J - I) IIO34 Sale 114
11534 Sl 1534 5 35
M- S
147
117
10-25-yearconv 4 Hs__ 1938 M- S 117 Sale 115
11
87U Sale 86*>8
87*4
100»4____
1
80
80
Sclo V A N E 1st gu g 4 s.. 19,89 M- N 80 ' 88
232
91
Nor Pacific prior lieu g 4a. . 1997 Q - J S907* Sale 99U
Q- J
03t4 133
General Men gold 3s____ a 2047 Q - F 6314 Salo S0212
03*2 June’ 15 —
Registered.............. __.«2017 <)- F
8t Paul Duluth Dlv g Is .. 1990 J D 891 4 ____ 90*>8 Sep ’ 15 ___
. . . 100'2 Sep ’ 13
M- S *100
St P A N P gen gold Os.. _ 1923 F - A 10933 113 1093s Aug ’ 15 ___
Q - A ___ 1097S US-ig Aug ’ ll
Bt Paul A Duluth 1st 5 s.. 1931 F - F 104U ------ 102 Feb ’ 15 ___
101 Aug ’ 15 —
2d 5s...... .....................,1917 A - O ____102
J - D ____ 90
Si's Dec ’ 13 . . . •
Wash Cent 1st gold 4 s...1948 Q - M
1
1103a
Nor Pac Term Co 1st g 0 s.. 1933 J - J liras 111 1103s
0
8314
Oregon-Wash 1st A ref I s . .. 1901 J - J 8 3U ------ 83
. . . 9434 95 Aug ’ 15 ___
Pacific Coast Co 1st g 5 s ... 1940 J -D
9512 ------ 97 A ug’ 15 —
Pennsylvania RR 1st g 4s. .1923 M-N
Consol gold 5s..................1919 M- S 103 ------ 10212 Sop ’ 15 —
0
95
97
97
97
Consol gold 4s
1943 M-N
J -D
Consol gold 4s.
*
1948 M -N
981S ------ 07 >2 Sep ’ 15
103i2 ilo
Consol 4 H s . . ........
I960 F - A 10338 Sale 103
977g 390
J - D 977S Sale 9758
2
9378
Alleg Val gen guar g 4s__ 1942 M- S 9334 ------ 937s
F- A
91 M ar’ ll
9034 8cp ’ 15
Phlla Balt A W 1st g 4s 1943 M- N 95l2 08
Sod us Bay A Sou 1st g 5s 2924 J - J
102 Jan ’03
Sunbury A Lewis 1st g 4a 1936 J * J
U N J RR A Can gen 4 s.. 1941 M- S 981 4 ------ 99 Aug ’ 15 ___
Peansylvanla Co—
I005g 22
Guar 1st gold 4 H »............ 1921 1 - J 1003s 10J34 100
100 July’ l.i
J - J
M- S 83l2 Sdg
80 July’ 15 ___
Guar 3H« coll trust ser B.1941 F - A
99i2 Sep ’ 15 —
Trust Co ctfs gu g 3H s__ 1916 M- N 9934 100
Guar 3>^s trust ctfs C . . . 1942 J - D ____ 857s 83 Feb ’ 15 ___
Guar3Hs trust ctfs I ) ___ 1914 1 - D 81 ------ 81 A u g’ 15 ___
9234 92 Sep ’ 15 —
Guar 15-25-year gold 4 s.. 1931 A - O 92
40 year guar 4s ctfs Ser E 1952 M- N * ___ 89‘2 923g May’ 14
93>2 Apr ’ ll
Cln l.eb A Nor gu Is g
1942 M- N
94ia ____
M -N
J - J 10 0 34 ____ 1013g N ov’ 13
8erlcs li........
1942 A - O 10 0 34 ____ 10934 J’ly ’09
A O 841 4 ____ 91*4 Feb ‘ 12
M- N 841 4 ____ 90*8 Oct ’ 12
8erles D 3Ha.......... ...1 95 0 F - A 84>4____ 8334 June’ If. __
Erie A Pitts gu g 3Hs B..1940 J - J 871 4 ___ SOU May’ ll ___
Series C ................
1940 J - J 87l4 . . . . 90'g J’ly ’ 12 ___
Or R A I ex 1st gu g 4HS..1941 .1 - J 91
99
95 July'15 ___
Ohio Connect 1st gu 4s
1943 M- S
93 May’ ll
Pitts Y A Ash 1st cons 5s 1927 \1- N 102U -109 May’ 10 ___
Tol W V A O gu 4Hs A. 1931 / - J ____ 9712 98*4 Aug *15 __
Series II 4 Ha..........
1933 J - J ____ _____ 0Si4 June’ 15 ___
. . . ____ 93>* J’ly ’ 14 - - .,
Series C 4s............
1942 M- S
P C C A St L gu 4 Ha A 1940 A - O 991 4 ------ 99 Sep ’ 15
Series B gu ar........
1912 A - O
i
9914
99 U
Series C gu ar..........
1942 M- N 987»____ 9714 July’ 15
Series D 4s guar.......... 1045 M N 92i4 _. . 92 ig Sep ’ 15 ___
Series E 3 Ms guar gold. 1919 F - A 99
91
90*8 July’ 15
•erles F guar 4s gold. . 1953 1 - D 92 1 4 ____
Series G 4s guar........... 1957 M- N 92<4____ 923g Aug '15
C St L A P 1st cons g 5s.. 1932 A O 1 0 1 '* ____ 100i2 May’ l l
feorla A Pekin Un let g 0s.. 1921
- F 101*8 . .. 10 Mg Mav’ 15
2d gold 4 Ha ........ .......... 51921 M-N ____ 89
89 Feb ’ 11
Psre Marquette— Ref 4s___ 1955 J - J ____ 20
1 1*2 June'15
Refunding guar 4s............ 1955 J - J ___ 19
40 Dec ’ 13
Ohlc A West Mich 5q._
1931 1 O
72 A u g ’ 15 ___
72 . . .
• No price Friday; latest bid and asked,
Option sale.
H ig h
L ow
15
a Due Jan. ft Due Feb.
*
71
79
105
1051*
061* 79
55
581*
741* 825g
751* 80
101
115
102
118
"t10 ' 119
8034 94
8512 88'2
1103*
Q93« 1\R9a
101 117 '
801* 90U
8434
8.334
83*4
02
on*
90*8
91
93 lg
92
66
63'2
9034
1091.1 I ll's
102 102
100'4 101
88
88
110
79'*
94
98
102
95
113
88
98 U
98
103'g
93'2
10078
90l2 98'i
IOM4 1047g
98*i
93*8 94
90U 97
0834 99
9934 1021*
99*2 100
84
99
83
81
89'2
86
991*
83
81
941*
07’4 9734
0734 80
55
M N 72 Sale 70l2
72
64
00
62 Sep ’ 15 ___ 62
- J 51
9 6 I7g 0234
55
Salo 5 5
J -D
55*2
___ . . . 981* Jan ’ 14
J - D 100
7 05
80
091*
J - J 09 Sale 69
10034
0 9914 1 007g
J - J 100-14 ____ lilies
82
76 D e c ’ ll
A - O 79
1 78
79
8312
Gold 4s stamped............ .1950 A - O 79 Sale 79
A-O
29 5934 7134
F - A 65
08
0 00
09
711*
A-O
07
07*2
80
83 Aug ’ 15
81
83n
Atl Blrm 30 yr 1st g 4s..el933 M- S
85*4 Mar* 15
8 1■* 85
J * J 82'*
9934 IIXH4
99
100
09»4 Sep ’ 15
104 Nov'12
I0078 101
101 July’ 15
J - j 10 1
____ 102*8 M ar’ 15 . . . 100*2 102**
Ga A Ala Ry 1st con 5s. .01945 J - J
101)1-. lO'JU
101*4 July* 15
99 U 1011*
uuu Aug .15 __
Seab A Roa 1st 5s____
1920 J - J 08«4
St L S W 1st g 4s bond ctf3. . 1989
2d g 4s Income bond ctfs.pl9S9
Consol gold Is.................. 1932
Gray’s Pt Ter 1st gu g 5 s.. 1947
S A A A Pass 1st gu g 4s___ 1943
S F A N P 1st sk fd g 5s........ 1919
J J MJ -
D 83
D
S 83
D 10Mi
80
F-A
Mort guar gold 3 4 s . . *1929 J - D 85
M- N
M- N
Hous E A W T 1st g 5 s .. . 1933 M-N
M- N
H A T C 1st g 5s lnt gu__ 1937 j - j
A - ()
M -N
A A N W 1st gu g 5s____ 1911 j - j
J - J
Morgan’s La A T 1st 7 s.. 1918 A - O
J - J
A-O
Ore A Cal 1st guar g 5s__ 1927 J - J
M- N
J - J
8an Fran Terml 1st 4s__ 1950 A -O
Southern— 1st cons g 5s___ 1994
9634 97''*
98'4 98i4
Tor Ham A Buff 1st g 4a. .A 1946
Ulster A Del 1st con g 5 s.. 1928
1st refund g 4 s .......... ..... 1952
Union Pacific 1st g 4s_____ 1947
Registered.......... .......... 1917
1st A ref Is.................. ..02008
Ore lift A Nav con g 4s . 1910
Ore Short Line 1st g 0s. . . 1922
1 - j
1 - j
1 - j
A- O
F A
J D
J -D
A-O
J- J
1- J
J - J
M- R
) -D
F- A
I
92'* 9334
1(113a 10 Mg
m*
11'*
72
72
Due May.
831-’ 39
83*2 82*s
90 ' Feb ’ 14
Sale 82U
83 lg 232
Sale 100*i
10 1 7h 553
328
807g 8534
8C.It,
1001m 102
9912 100
99 101
10234
03'2
108 1 1 1
100 iooi2
___160
1033.1
9978 101
80
79i2 Sale
102*4 Apr 'l l
100 July'15
J
Guar refund 4s..............1929 J - D
Utah A Nor gold 5s___ 1920 J - J
J - J
F - A
Cousol 4s Series B............ 1957 M N
I - J
Virginian 1st 5a Series A ___ 1902 M - N
Due June, ft Due July. * Duo Aug.
100
99 lg
102*8
93
104*8 July'15 ___
toon r i v •i t
9978
100
101 !■» N ov’ 13
9U2 Sep ’ 12
79
79>2
79*4 80U
7934 8334
95R 10D*
83*8 90
801* 8012
19 84-’g 89
82 lg 87
100 " 10 2 l2
10234 Hep '15
94 Bop '15
108 M a r'14
100 June’ 15 ___
103
99'*
107
9612
100
102.2
102
104**
10
99*4 £6l*2
13
77*4 82*s
83*g -89
90U 101
98
98
92 58' 4 09
00*2
00'2
07
65
71
70
71 June'15
93'34 S98U
52 39.814 100
j9834
98
____ 80
80U S334
Sl July'15 ___
100‘a
_________
98
9934 May’ ll
93
93
9 l7g
93 July’ 15
____ 82
83 lg 851*
83'a Apr ’ 15
74*2 ____ 75'* Aug ’ 15 ___
751* 751*
731*
754i Deo ’ 14
____ lOO'a .Ply ’ ll
____
102 ____ 10234 Sep ’ 15
102*8 102*4
101 103 103
0 100*4 l(H*a
103
98
97
99 Sep ’ 15
99
««
_ ______
____ 00
OB* Muy’ 13 _.
100 ____ 105
2 106 107
105
105'* 106'*
9734 977s S97>2
------
79'a 79
102
140
9734 133
M a r'13
May’ 15
So Car A Ga 1st g 5s........ 1919 M-N 101
100*2
10012
loon M ar'l.i
M- S 10214
10334 N ov’ 12
m - a 101
102 D e c '13
10U2
m - a 102
101 M ar’ 13
M -N 102 102l2 102*2 Aug ’ 15
Va A So'w'n 1st gu 5 s..2003 J - J 102 ____ 100 Aug ’ 15
8414
1st cons 50-year 5 s . . 1958 A - O 81 ____ 8414
F- A
98
J - J
Ter A of St I. 1st g 4.Ha...... 1939 A - O 9334 U0»8 93-‘>i Sep ‘ 15
1st con gold 5s__ 1894-1944 F - A 101 ____ I0()i2 1001*
79U
79U
Gen refund s f g 4s............ 1953 J - .1 70*4 82
St L M Bridge Ter gu g 5s 1930 A O ____ 9878 100 M ar’ Ll
91l2 Sale 9U*
u 112
Tex A Pac 1st gold 5s_____ 2000 J -D
30
33
31
33
8912 95 May’ 14
J - J
95 100*2 Nov'01
F- A
1011]
J - J l6l<’ 102 loll*
A -O
9» i2
2d 20-year 5s................1927
Tol PA W 1st gold 4s_____ 1917
Tol St L A W pr lien g 3Ha- 1925
50-year gold 4s.................. 1950
101'2
I01'2
t01'2
9334
9 Mg
J - J
J - J
J - J
J - J
A -O
Mob A Ohio coll tr g 4s__ 1938 M- S
Mem Dlv 1st g 4H 5s___ 1990 J - J
St Louis dlv 1st g 4s____ 1951 J - J
1 * J
Ala Gt Sou 1st cons A 5 s .. 1913 J - D
J - J
Atl A Danv 1st g 4s_____ 1018 J - J
2d Is ..........................1948 I - J
A-O
Col A Grccnv 1st O s ........ 1910 j - j
E T Va A Ga Dlv g 5s___ 1930 j - j
Con 1st gold 5s............ .1050 M- N
E Ten reor lien g 5s.......... 1938 M- S
Ga Midland 1st 3s............ 1040 A - O
Ga Pae lty 1st g 6 s . . ___ 1922 J - J
J - J
J *J
J - J
A -O
83*4 8334
_.
____
95 100
98
973g
97ll
92'g
90
J
04
74
53
94*4
041.1
75
Sale
50
93
04
75
50
102
102*4
4 100 nil
I00>4 100>4
102 103l2
98'2 101
1 81
S4I4
935, 09'2
i 100*2 102
1 79U 84
100 100
7 9H* 90
2 29
30U
10
A lig 'l. ___
Btp ’ 15 ___
75
1
4
53
99U 103
80
92
02'*
72'2
42>j
80 <2
90
68
78
631.4
____
82>2 M a r'15
82'* 87'2
____ ldoi 2 100’s Aug '15 . _ 98'* 101
____ ___ 74 M ar’ 16
74
74
94 Sale 931*
94
05 92'* 97'g
__ _ ____ s92
9fil2
*92
5 *92
9 Mi Sale 91
0134 108 8.8 ' 92
00 84 lg 92'4
80 Salo X 5 "t
80
8 87
8812 89
87*4
88
91*2
1 107'* 109'2
I08's
IDS'*
1081a
2 10012 100
101 103 10()l2 10012
891* 39 87'* 917,
8912 Sale S8I4
99 10314 102 Sep ’ 15
102 103's
933g 99
08 \pr *13
80 ”
80 Sep '15
80
80
80
00
421* 42*2
94
94
9312 94
12 92 997s
o Due Oct.
j> Duo Nov. j Due Deo.
1173
N ew Y o r k B on d R e c o r d — C o n clu d e d — P a g e 4
OOT. 9 1915.1
P r ie s
F rid a y
O c t. 8 .
BONDS
Y .S T O C K EXCHANOE
Week Ending Oct. 8 .
Bid
Wabash 1st gold 5 s............. 1930 M-N
•id gold 53..........................1939 F - A
Debenture Series 13---------1939 J - J
1 st lien equip a fd g 53—.1921 M- S
1st lion 50-yr g term 4 a ... 1954 J - J
1st ref and ext g 4a............ 1956 J - J
Cent Trust Co ctfs-----------Do stamped........ . .
Eqult Trust Co ctfs..............
Do stamped............
Det A Ch Ext lat g 5s___ 1941 J - i
DoaMoInDIv 1st g 4a___ 1939 J - J
Ora Dlv -st g 3 Ha............ 1041 A -O
Tol A Ch Div lat g 4a___ 1941 M
Wab Pitta Term 1st g 4s___ 1954 J - D
Cent and Old Col T r Co certs
Columbia Tr Co certfs_____
Col Tr etfa for Cent Tr ctfa__
2d gold la........................... 1954 J -D
Trust Ce certfs____________ I
Wash Terml lat gu 3 Ha___ 1945 f’ - ’ a
1st 40-yr guar 4a ______ 1945 F - A
West Maryland 1st g 4s___ 1952 A - O
Weat N Y A Pa lat g 5a........ 1937 J - J
Gen gold 4s.................
1943 A - O
Income 5s________
<11943 Nov
Wheeling A L E 1st g 5s___ 1926 \ - O
Wheel Dlv lat gold «5s___ 192.S J - J
Exteu A Impt gold 5a___ 1930 x . A
RR lat consol 4s . . ......... 1949 M- S
20-year equip a f 5s...........1922 J - J
Winston-Salem S 13 lat l a ... I960 J - J
Wla Cent 50-yr lat gen la ... 1949 J - J
Sup A Dul dlv A terra lat 4s '36 M-N
W eek ’s
R ang* or
L a rt Sa t
Aik L ow
101>a 10012
9118 90*8
90 J
89/8 I
65 . . .
65 2
22
22 Sale 1434
22
22 Sale IU4
141
14*2
22*8
22 Sale l l l 8
20 Sale 12*2
2014
1 0 1 ____ too Aug T5
80 AUg '12
*58 " > 0
6OI4 July'15
66** July '15
-800H
2*g
2ss Sale
2*8
1
1*8
13a Sale
1
1
1*2 1
1*8
78
1
1*8
*4 Sep
*8
»4
____
>8
101
91
No
R angt
S in c t
Jan. 1
Low
19, 97
33 80
H ig h
102*2
95*t
III I ’897»
BONDS
N. Y STOCK EXCHANGE
Week Ending Oct. 8.
P r ic t
F r id a y
O c t. 8.
1 |
M- S 99*4____
M S
M-N
J - J 102*4___
J - J
J D 101*8 102*8
—
—
-- .
377
—
—
1 0 1*fl . . . .
103*2
54 .
97 1
120* Sale 117
100*8 102 101 j
95*8 t
1017s Sale I0l7j
100*2 1
100*2
100 I
101*2 Salo 101
02 ;
91
104 .
102
113 114*2
121*1 122
80*4
10 1 Sale
993 —
90
I03*» ____
10l*s 1017«
8 H2 821,
107
100 10 1
94
122
86*4
101
99*8
90'>S
103*8 >
101*2
81*2
107 .
100*4
1 -----
103
103
72
63*2
09%
55*8
89*1
103
101*2
97
07
309 109*8 120L
—
09*2 101
1 101*4 103
—
100*2 100*2
10 101
103*2
U S Rubber 10-yr coll tr 6s..
U S Steel Corp— (co u p ___ d
8 f 10-60-yr 5a1r o g ____ d
Va-Car Chem lat 15-yr 5s..
Conv deb Gs.................... e
West Electric 1st 5a Dec___
Weatlnghouse E A M a f5a..
Certs of deposit..................
Coal & Iron
Buff A Susq Iron a f 5a____
Cona Ind Coal Me lat 5a__
102*4 10414
113 115
1
1
12
2
1
118
86*4
100*4
97
90
—
103
H 10 Ug
35 80
109*4
1 99*4
...
01*2 93*4 Sep '15 ___
___
91
i ...
99*4
114 114 Sep '
___
loo*. Sale 100*8
4 ___
9!)
ion
101*2
___
1001. . . . . 100*2
—
1 ___
93
99*2 100*8 99*4
.
95
S20
S90
89
96*4
1 .
90
94
92
1
98
___
99i2 100
80
85*2
___
99*2
65
60
59*4
40
88
101*2
100
89
102*4
98
102
H ig h
-5 a
RTS
0 tc
05
N o.
June' H
Sep '15 ___
M ar’ 16 __
M a r'1.5 ....
Aug ‘ 15
Sep '15 —
192
88
101*2
101
91*4
103*8
103*2
85*8
107
101
01
08
88*|
99*4
110
997g
91
99*4
115
101*2
101 103
097g 100*2
99*2 ’ °0
05 s96
8S*i 95
Trust Co ctfs of deposit.
Telegraph & Telephone
20-yr convertible 4 Hs__
Cent Dlat Tel lat 30-yr 5a.
Keystone Telephone 1st 5a..
Metropol Tel A Tel lat a f 5a
Mich State Telep lat 5a___
South Bell Tel A T lat a f 5
Weat Union coll tr cur 5s.
5
65
70
65
------ 26
26 Oct '15 ___
102*2 Sale 102*2
1027* 86
102*2 Sale 102
102*8 84 5
IS
102 Sale 1017*
102*2
16
*4*8
95*8 Sale 95
99*4 Sale 98*t
99*8 112
IOP4 15
101*4 Sale 101*2
105*8 105*2 105*8
105*8 31
l()5*a Sep '15 —
134U Sale 126
140*4 1210
—
4
A - O 10l>78 101*8 10 1
10 1
J - J
J J
J -D
M-N
M-N
.1 -n
A -O
J - J
J - J
90
J -D
89
M- S 85
F A 92*2 97
F - A 78 Sale
j -n
j 0 ____ 90
____ 99
----- 94*4
j - j
84
87*4
j
j
78
82
j - j
J j AM
92 J'ly '14
2
85
85
5
94
94
12
78
79
73 M a r'14 —
88*4 Apr '15
99*>• I’eb '14
102*8 Apr *06
90 July’ 15
85*4 July'15
82 Apr *15,
79*2 Aug '15
1005, Sep '15
j 100*4 10 1
j 101*2____ 101*8 Sep '15
C lOl^g 102 101*8 Sep '15
101 D e c ’ ll
___ 106
75
73 Apr *14
12
80
83*2
84
P 84
J MMJ
J 89 Sale 88*;
89
97 Sep '15
P 95*4 100
P 103*4 Sale 103*4
103*4
D 99*4____ 99*g M a y'16
88*4 June' 11
79 Apr '14
90*e
J* J 97 ____ 96*2
89*« Dec ’ H
100*4
M -N 101 101*4 100*4
99
99 Sep T5
F - A 98
M-N 100*2____ *01*2 Juue’ 16
97
M- F 9G7g Sale 96*2
97*e
J - J 97*8 Sale 967*
97*2 Sale 97*8
98
J - .
98*4 99
97*8
98
J •.
92*4 91*8
92*8
M •N 92
104 June’ 11
M N
1 90*2 M ar'lfi
J -
...............
• No prico Friday; latest bid and asked, a Dus Jan. tf D ub April. a Due May. a Duo June. 5 Due July. ftDueAuf. oDueOct.
A tk Low
B id
Trenton G A El lat g 5a___ 194 9
Union Elec Lt A P 1st g 5 s.. 1932
Refunding A extension 5a. 1933
Utica Elec Lt A P lai g 5a.. 1050
Utica Gaa A Elec ref 5a___ 1957
Westchester Ltg gold 5a____ 1950
Miscellaneous
Adams Ex coll tr g 4a______ 194*.
Alaska Gold M deb 6a A ___ 1925
Armour A Co 1st real eat 4 He ’39
Bush Terminal 1st 4a______ 1952
Conaol 5a____ ___________ 1955
Bldga 5s guar tax ex.......... 196*1
W e e k ’s
R ange or
L a st S a lt
897a 897g
65
65
85 12
34
61 12*4 27
2
M- £
77
78
77
77
46 11
27
5
131
12.5 135 132
1244 12
24*2
92*8 53
91*4 Sale 91*8
J -b
993 10
30
2
A-C
87
88
87
87
99 100
—
84 Aug '15
.1 1 . 55
A -O ____ 84
00*4
126*4 108.6
M-N 126 Sale 119
. . . . 60
72*4
19
M-N 10412 Sale 101
105
11
l
8*4 GranbyConsMS&P com 6a A ’ 28 M527
163
190
MS
182
Sale
76
Inspir
Cona
Cop
1st
conv
6s.
1922
f
“
”8 9*2
196
5
185
5-year conv deb 6a_______ 1919 JJ J I8 H2 Sale 167*2
*8 8*2
65
78
140
Int Mercan Marine 4 Hs___ 1922 A O 77*4 77*2 77
*8 8
77*2 292
77*4 Sale 76
—
Certificates of deposit.......... .
*4 1**
69*« 26
*8
78 Int Navigation 1st s f 5a___ 192' F - A 69*8 Sale G9
91*4 39
803, 82
Montana Power lat 5a A __ 1943 *J - J 91*8 Sale 91*4
87*4 90
91*2 91*2 Morris A Co 1st a f 4 Hs___ 1939
7
54
71*2 MtgeBond (N Y ) 4a ser 2 . . . 1966 ■
71's 7278 7034
1007s 102*2
10-20-yr 5s series 3............. 1932 J - J 9378 . . . 100 J'ly '14
101*4 1<>2>2 102 Sep 1
7214 Sep ’ 15
74*2 78*2 N Y Dock 50-yr 1st g 4s___ 1951 F - A 72*4 75
____ 7178 74H Sep
17*8 17*8 Nlag Falls Pow 1st 5s_____ 1932 J - J 100 101*4 100 Sep '15 ___
20 . . .
104 ____
Ref A gen 6s ...................01932
98*2 100
91
96
10
90
Nlag Lock A O Pow 1st 58—1954 M- N 88 ____ 90
91
91
3
F - A ____ 92*2 92*2
92*2
92
92
Ontario Power N F lat 5s .1943 •
90*2
- - 92 .
____
90*2
86
M
a
y'15
M-N
55
56
00
2
49
60*4 Ontario Transmission 5s___ 1945
8
87*4 83
90 .
87*2
87*4
Pub Serv Corp N J gen 5s.. . 1959 A 0
382
137
81 .
J - J 133 Sale 325*4
m i *82
81
84
Ray Cons Cop 1st conv 6s.. 1921 ■
6 81
92*4 Feb '14 ___
F - A * ___ 88
82 Sale 82
87
Sierra A S F Power 1st 5 s ... 1949 1
827*
103*j Jan *14
29 8278 85*2 Wash Water Pow 1st 5s___ 1939 . J - J
S2*2 87
M anufacturing & Industrial
11
102
Am An Chem 1st c 5a..........192x A - 0 101 102 101
1
94*4
8 100*8 103*8
0 1 l8
IOU4
101*4 102
Conv deben 5a................... 192* fF - A 9412 ____ 9414
—
80
Aug
To
____ 83
79*4 85*2 Am Cot Oil ext 4H3_____ pl9I5 *Q - F 100 100<* 100*8 Sep '15 ___
18
93
933, 93
93
M-N
100*8 Sale 0934 100*8 179 987g 101
Debenture 5s____ _______1931 ■
5
103*4
1 1 100*4 102
100* •>____ 100*2 100 q
Am Hide A L 1st a f g 6a___ 1919 *IM- S 103*8 103*4 103
85
83 Sep ‘ 15 ___
98 A
. . . . 95
Amer Ice Secur deb g Gs___ 1925 A - O 82
3
166*8
____
Am Pmclt Securities 8 f 68— 1926 IF - A 106*8 Sale 106
99
99*2
98*4 101*2 Am Thread 1st coll tr 4s___ 1919 ■J - J 03 ____ 95*4 Sep '15 ___
2
119*2
10 08 100*2 Am Tobacco 40-year g G s... 1944 A - 0 119*2____ 119*2
99
99
"83*2 80 Sep
70
83*2
Registered_______
1944
97 Apr '15
8134 79
Gold 4s............................... 1951 F
1 - A ------ 95
79
82*2
98 June’ 11 . . .
F A
73
77
Registered..................... 1951 1
73
78
4
61
.1 - J 61 Sale 61
18 92*4 97*8 Am Writ Paper 1st 8 f 5s..
"94*2 95
94*8
103 May* 1.5
M-N 103 . . .
Baldw Loco Works 1st 5s.
102*8 12
96*4 June’ l ___
J - J 102 102*8 102
93*4
Beth Steel 1st ext 8 f 5s___
100*4 202
5 65*4 79
M N 100*8 Sale 100
73
72*2 Salo 72*2
1st A ref 5s uar A_____
A - O 100*4 Sale 99*4
100*4 117
84 Jan *1 ___
Cent Leath 20-year g 5a..
___
100
100
97*4 J»*> *16 ___
Conaol Tobacco g 4a............. 1951 F - A
____
9638
96*8
Sep
'15
Apr
'
____
M-N
92
90
Corn Prod Ref a f g 5s.......... 193
9 l7i
17
9434 96*2 947g
72 Oct ’
71*2 72
lat 25-year a f 5a ............. 1934 M-N
70
797g
40 24*2 29*8 Cuban-Am Sugar coll tr 6a.. 1918 A - O 10034 101*j 1007a Sep *15 ___
25 Sale 25
212
69
Distil Sec Cor conv lat g 5a.. 1927 A O 68 Sale 67*2
54
7434 Sale 7412
10*
747g 196 73*4 79*2 E I du Pont Powder 4 Ha__ 1936 J - I) 102 102*2 101*2
87*2 July'14
General Baking 1st 25-yr 6a. 1936,
3
T7
122 96*4 98*g
F - A 76*2 Sale 76*2
96*8 Sale 963*
1027* 88
85
M- P 1921. Sale 102
87
87*4
82
91
*
___
A
C
100*8
SeP
*15
87
17
87*2 Sale
85
91*4
87*4 20
III Steel deb 4 Ha.................. 1940 A - O 386*4 Sale 38634
- . _ 97*2 101
10 1 >4 >1
07*i
Indiana Steel 1st 5s_______ 1952 M-N 101 Sale 10 1
100
_
100
Oct
'13
- - - - 04
96 10034
09
5
1011*
—
—
99 101
F - A 101*8 Sale 101**
80
79
79
—
2
80
Consol conv s f g 5s.......... 193/ J - J 79
1
68
63
GS
M- S 62
1 0 1 *g 101*8
*4*4 61
—
63 Sale G27i
____ " o f "
Certfs of deposit........
92*8 92*8
'
25
94
95**
941
2
95
A
O
Lackaw Steel 1st g 5a._.
*6«e 1206
M- H 93*8 Sale 92
102 NOV'12
99*1 —
33
123
A O 12234 gale 122*g
Liggett A Myers Tobac 7a.
7
101
Sale
1005*
101
90
(
—
F
A
91*2
5 s ....................................
86
94U
78 1
85
A - 0 121*2 Sale 121*2
131*2 20
78
78
10
6812
99*2
99*4
68*4 69
F - A 997g 100
n 68
73*4
1.5
82 47U 55*8 Mexican Petrol Ltd con 6a A 1921 A - O 107 lit) 107
107
47*4 Sale 47U
1
105
80
86
—
A - O 105 107 105
86 i
84
86
lat lien A ref 6a series C.
94*8 95
94U Se» 15
99'8 1
. . . QQlg 09*8 Nat Enarn A Stpg 1st 5a...
94
J -D
80 i
. . . 80
J - J 83*2____ 83 June’ 15
S3
80
5
99 100
—
9978
997j
M -N
100 100
—
100*4 100 1
28
10*
M -N 102l2 1027j 102
98 1
Railway Steel Spring—
100 100
22 78
J - J 97*2 98*2 97*2 Sep '15 __
82*s
■81" *81*2 80*4
6
9 lift
103 75
A - O 91*8 Sale 91*8
77 Salo 76 '5
82
Interocean P 1st a f 5a .
111!
A -O
95
9414 Sale 94*4
Repub I A S 10-30-yr 5s a 1
104*1 106*2 104*2
; 105*2 107
9234
__
___
92*2
Sep
*15
MN
95*4 08
1 91». 07*4
95*4
J - J 10212 Sale 102*2
103*8 37
The Texas Co conv deb 6a.
94
-----J - J 76 ____ 80 Aug ’ 16
Union Bag A Paper lat 5s—
88
—
. . . . ------
S t r o t Railway
Brooklyn Rapid Tran g 5a..1945 A - O
lat refund conv gold 4a. . . 2002 J - i
6-year secured notes 6a .. . 1918 J - J
Bk City lat con 5s.. 1916-1941 J - J
Bk Q Co A Scon gugfiB—1011 M -N
Bklyn Q Co A S lat 5a------ 1941 J - J
Bklyn Un El lat g 4 5a. —1950 F - A
Stamped guar 4-5s--------1950 V - A
Kings County El lat g 4a. 1940 F - A
Stamped guar 4a...........1940 F - A
Nassau Elec guar gold 4s. 1951 J - J
Chicago Rya lat 5a............... 1927 F - A
Oonn Ry A L lat A ref g 4Ha 1951 J - J
Stamped guar 4Ha........... 1961 J • J
Det United lat cons g 4Ha —1932 J - J
ITt Smith Lt A Tr lat g 5s. . . 1936 M- S
Grand Rapids Ry 1st g 5a__ 1916 J -D
Havana Eleo consol g 5a____ 1952 F - A
Hud A Manhat 6a Ser A ____ 1957 F - A
Adjust Income 5a________ 1957
N Y A J e r s e y lat 5a______ 1932 F -A
Interboro-Motrop coll 4HS-1956 A -O
fnterboro Rapid Transit—
lat A refunding Cs............. I960 J - J
Manhat Ry (N Y) cona g 4a. 1990 A - O
Stamped tax-exempt......... 1090 A •O
Metropolitan Street Ry—
Bway A 7th Av lat o g 5a. 1943 J - D
Col A9th Av lat gu g 5a._ 1093 M S
Lex Av A P F lat gu g 5a. 1993 M- S
M etW SE I (Chic) lat g4a._ 1938 F A
Mllw Eleo Ry A Lt cona g 5a 1926 F - A
Refunding A exten 4Ha — 193J J - J
Gen A refund 53 ser A ___ 1951 J D
Mlnneap St lat cona g 5a____1919 I J
Montreal Tramways 1st A ref
80-year 5s 8er A _________ 1941 J - J
New Orl Ry A Lt gen 4 Ha. -193 J - J
N Y IlyH lat R E A ref 4a.. 1942 J - J
30-year adj Inc 5s______ a!94 A O
N Y State Rya lat cona 4 Ha. 1962 M- N
Portland Ry lat A ref 5a____ 1930 M- N
Forth! Ry Lt A P lat ref 5a. 1942 F - A
Portland (Jen Elec 1st 5a. 1935 J - J
St Joa Ry. L. H A P 1st g 5a. 1937 \1 N
St Paul City Cab cona g 5a. _ 1937 J - J
Third Avo lat ref 4a............... 1960 J - J
Adj Ino 5a........ ............... a I960 A - O
Third A vo Ry 1st g 5s........... 1937 ./ - J
Trl-CIty Ry A Lt 1st 3 f 58—1923 A - O
rjndorgr of London 4 Ha____ 1933 J - J
Income On.......... ................194.8
Union Elev (Chic) 1st g 5a.. 1010 A -O
United Rya Inv 5a Pitts Isa. 1920 IYI- N 73*2 75
United Rya St L lat g 4s___ 1934 J - J ____ 60*2
61)
St Louis Transit gu 5a...1924 A - O
48 Sale
United Rita San Fr a f 4a.. .1927 A -O
Va Ry A Pow 1st A ref 5a.. . 1934 J - J 82*8
Gas and Electrle Light
Atlanta (I L Co lat g 5a___ 1947 J - D
Bklyn Un Gas lat cona g 5a. 1915 M - N
Buffalo City Gas lat g 5a___ 1947 A -O
Columbus Gas lat gold 5 a ... 1932 J - J
Consol Gaa conv d eb 6a ..1920 Q - F
Detroit City Gaa gold 5a .. 1923 J - J
Detroit Gas Co cona 1st g 5a. 19 i s F -A
Detroit Edlaou 1st coll tr 5a. 1933 J - J
Eq G L N Y lat cona g 5a.. . 1932 IM- S
Oaa A Eleo Berg Co c g 5a. 1949 I D
Hudson Co Gaa lat g 5a___ 1919 M -N
Kan City (Mo) Gas lat g 5a. 1922 A -O
Kings Co El L A P g 5a.........1937 A - O
Purchase money 6a.......... 1997 A - O
Convertible deb 6a.........— 1922 fW- 8
Convertible deb Gs..........11925 M- H
Ed El III Bkn lat con g 4a. 1939 J - J
Lao Gaa L of St L lat g 5a. . e 1919 Q - F
Ref and ext lat g 5a.......... 1934 A - O
Milwaukee Gaa L lat 4a___ 1927 M -N
Newark Con Gaa g 5e_____ 1948 J - D
N Y G E L H A P g 5a.......... 191s J -D
Purchase money g 4a.____ 1949 F - A
Ed El III lat cona g 5a___ 1995 J - J
NYAQ El L A P lat con g 5a. 1930 F - A
N Y A Rich Gas 1st g 5 s ... 1921 M -N
Pacific O A El Co Cal G A E
Corp unifying A ref 5a___ 1937 M- N
Pao Pow A Lt lat A ref 20-yr
6a Internat Series........ ...... 1930 F - A
Pat A Pasaalo G A El 5a----- 1919 M- S
Poop Gaa A C lat cona g 6a. .1943 A - O
Refunding gold 5a............. 1917 M- S
Registered.......................1917 M- S
Ch G-L A Cke lat gu g 5s. 1937 J - i
Con G Co of Chi lat gu g 5a1936 J - D
Ind Nat Oas A Oil 30-yr 5al936 M- N
Mu Fuel Gas latgu g 5s. .1917 M- N
Philadelphia Co conv 5a----- 1919 F - A
Conv deben gold 5 a ........ 1622 M- N
Stand Gaa A El conv a f 6a.. 1926 J - D
Jjracuse Lighting 1st g 5a..1951 J -D
Syracuse Light A Power 5 a .. 1954 J - J
ill
v
86
___
109
R ange
S in c e
Jan. 1
Low
H ig h
97*2
89
96
98
101
101
90
102*4
98
103
70
118
90*2
84
80
150
93
87
S3
87
1 1 1 126
98 111
97 190
94*4 185
30»i 79
33*2 78*4
36
70
88*4 92*2
71
100
75"
10 1
89*2 91*4
92*4 95*a
86*8 90
86*4 89*4
103 137
99*4 102*8
92
94*2
997* 100*2
91 *8 94*2
100*2 103*2
80
89*j
103*8 107
93*t 95*4
115 121*8
97
98*g
517a 70
100*4 103
98*1 103
85*g 102*8
9678 100*4
97*4 97*4
91*4 97*4
92
95U
95 1007,
46*4 69
84 1045,
74
101*2
100
827,
99
79
105
101*2
88
101*2
99*4
78*4
38
62
89
65
121*4
99*2
119
95*»
95*»
95
92
83
9.6
90
10H*
82
65*2
66
9.57,
97
I2412
102*2
124
102
110
110
94*2
85
997,
103
9.5*4
90
90*2
8^*2
97*2
75
98*4
93
95*4
92*2
103*2
80
65
76
20
30
101*8 103*8
997* I025g
99*4 102*4
89
97*2
96*2 99*4
100* 1 102
897* 106*4
103U 105*a
109*8 140*4
98*4 101*8
75
87
70
86
91
80
88*4 8SH
90
90
85*4 88
75
82
100 101*2
997a 101 a.
100*4 1017g
82"
86*2
91*4
99
98”a
86*f
89*4
98l2
io37a
09ia
21 95
87*1
2 160
97*4
__
101'f
142 94
31 94*4
11 96*4
11 95
7 88*s
__ J _
. . . 1 90*2
101
99*4
10112
975jj
98
99
98
93*8
90*2
Due Nov. f Due Deo. 1 Option aale
BOSTON STOCK EXCHANGE—Stock Record
1174
S H A R E P R IC E S — N O T P E R C E N T U M
S a tu r d a y
0 *1 . 2 .
*1031* 101
M onday
O c t. 4.
*1031* 104
T u esd a y
O c t. 5 .
*1031* 104
*1801* 188% 188 188
821* 821* 84
81
*130
*130
271* 28
27
28
*
*
*
*
*40
*46
70
*113
*
*
*
8
*
10
*
*
158
105
*
10
46
158
104
70
119
*68
69'* 66
66
♦1101* 119 *11612 119
40
101
08
*00
*147 150
20
20
*1S1% 132
42
42
69
70',
♦90
95
149 149
21
*17
*13H* 1315*
*112 115 *112 115
64
*03
65
65
*821* 83>2 *821* 84
*
80
86
180
*2
*10
*40
132
*151*
119
341*
20*4
*1
133
487*
20
SO-li
*114%
123,;
*
*46
*
*103
981* 99
43
683*
69
90
2l4
10
109
11514
1233*
52
97
63
IOOI2
17 "
34%
10
241
177
98
891*
86
ISO
3
69
951*
*2i*
15
1081*
115
123*4
521*
98
71
9012
21,
15
109
115
1233,
54
99'2
*
63
*
100
16'* 17
3334 3414
91* 9's
210 241
177 1841*
97*2 97i2
8734 8S34
*86
87i2
*183 185
*2
*10
*40
132U 132
160
153* *1512
HOT! 1183,
35
341*
2934 2934
1
1'2
1331* 133
49i2 49
29 *
8 II2 801*
1143* 1141*
1234 12
1321*
1051*
10
U9l2
343,
30
1
138
493*
29
813*
1145*
12*2
*10 11, 1043, *105
1861* 186
82
83
130 *130
27*2 28
*230
*
T
8
*08
68**
06
*2
*15
108
1151*
123
51*4
06
*62U
*09U
i6 '
3334
*ou
210
170
186
83
130
27
99
48
158
104
99
186
186
821* 83
*130
30
30
8
*46
*
*103
158
104
*98
*39
693,
*91
149
*20
* 13212
*112
65
84
*112
65
84
83
32
30
*401* 48
L a st Sale
104
68
68
99
L a s t Sale
991,
83
33%
Mar’ 15
Sept’ 15
160 Sept’ 15
155 Aner’ 15
68
71%
117 Sept'15
Sfi
Oof.’ 15
99%
*10
*42
132
161
*151*
11S7*
3412
*29
*1
134
49
28'2
78%
111'*
12
132
164l2
153,
119
35
293,
112
134
49l2
2812
80l2
114*8
123*
132l2
162
*15l2
118
35
*29
*1
132
49
2812
77
11438
12
10
40
1321?
102
153,
11S12
35
30
1'2
1331*
491,
29
79%
114%
131,
132%
164
*151*
118',
*34%
29
*1
132%
49
28%
7878
1133,
123,
132%
161
10
118%
35
29
1%
134
49*s
29
80%
114%
13%
69
95%
2%
15
109%
115
123%
49%
•96
62%
70
96*8
21,
15
112%
115%
12378
50
97%
63
242
177%
97
88%
10 June’ 15
20
Apr’ 15
184 165
15
15%
118 118%
34% 35
132%
49
28%
80*8
114
12*8
134
49%
28*4
81%
114%
13%
*n2 2
*1*4 2
2
17* 2
13*
l 5* *13* 2
102
99
98
98
98
99
98
98
93
98
98
3238 32
32
32t2 32*4 35*8 35% 35%
3314 313, 33
2
2
2
2
2
2
3
25* 2'.*
IVY 21,
5678 50
55
55
55
56
*55
55
55
57
56
583* 58
611, 63% 60
63
571, 6H,
59U 565* 581,
8«4
8% 8%
8l2
8
8'4
8*8 83,
8*2 8*4
S'2
3% 3%
3% 3%
3% 3%
334
*3i2 33,
3l2 31*
5S34 60t2 60% 03% 62
64
611, 59I2 61
60*4 60
04
63>2 Ot
623, 63*2 63
6314 631, 64% 04
65
555 500
558 560
558 *550 559
550 550
550 550
19
181* *17l2 181? *1712 181* *171* 18l2 18% 18% 19
48
49%
461* 47% 48
47t4 4012 47I4 4(514 46D 46
553, 56% 57% 57% 58%
55
507S 55
57U 501* 57
21,
23* *21,
2%
2D
2% 2%
21* 2*2 *23,
2'2
127* 123, 123,
123, 121* 12's 12l4 121, 12% 13
13*8
9
9
9
91?
8*2 9
9
9
9%
9% 9%
84
85*4 85% 87%
84
86
86'4 85
8512 83l2 85
40
41
39
381, 38*4 41
391* 39
38'* 3812 38
16% 16% 17
17
17
101* 17
16*2 10i2 *16
17
*
*
*
*
53,
S% 5*4
51* 5-3* *514
51,
5% 6
5% 5%
51,
45% 46
46% 47%
*441* 46
*44
*441*
44
44
45
86% 86% *86
*88
89
89
8812 88I2 *86
88
87
*88
29
30
29% 29%
20
29
*2.8
*27
29
28
♦27l2 29
3% 3% *3% 3*4
*33* 37* ♦35* 37*
3% 3%
3% 33,
*25* 3
*2% 2%
*2l2 3
*2U 3
*2*8 3
2*3 2*8
14
14% 14% 15
14% 141* 133* 133* *13*4 14«2 *131* 14
5
5% 51?
♦5
51*
5
*5
5l2
5
5
5% 5*2
*11,
2
2
2
1*4
1*4 *11* 2
* ii2 2
1*4
1*4
11% 1134 12
*101* 11%
11
11
1012 10l2 1012 1078 11
41,
4D *4
4%
*4
4
*4
4%
412 *4
41? *4
337, 323, 3412 327* 33% 34% 347* 3t% 35*8
301* 3031 32
*23* 21?
2%
238 2% *2%
2% 21?
21?
21,
2*8 23*
74
75
75
741* 7434 74
741* 7312 74
731, 74
77
*1453 15
15
15
155* 15'3 151* 15
15% 15% 15% 15%
97* 101,
93, 10
93, 10
10
10% 10*4 11%
9*4 10
9%
10
10
*0i2 10
10
9',
10
91,
*912 10
9',
7
*678 7
7% *6*4 7
7
7
7
7
7
7
293, 30
2934 30
2934 29
29
29'2 29t, 32% 31% 32%
*1% 2
13,
1%
1*2
1'2
11? *H,
1%
1'*
I *2 *13,
*112 2
* I 12 2
*1*2 2
*1*2 2
*334
3*4 4%
3i2 31? *31,
31?
3%
3'2 33,
3*4 *3%
52
54
54
52
55
54
5312
53
53
*5112 52
53
82% 86% S0
87
85
85
84
841, so
87
83
86%
10I2 1034 16'* 103,
16
101,
10
16
16% 17% 17*8
10
821? 82
83
83
83
*82
83
84% 84*, 85
83
*81
25
2512 25
2512 25*8 257S 251g 257* 25% 27
26*4 27%
543, 55
54
543, 55
55
54
55
55
54
54
55
33S 35*
31?
3%
3*4
31* 3*8
31* 33*
31,
3*8 3*4
63,
63,
03,
*63,
7
7
7
7
07*
7
7
07,
27
27
2678 267* 26% 27
27% 28
27
271, 271, 27
6
6
6
r>
5*2 5*2 *5
5i2
6*2 *0*4
27
27
27% 2S7s 29
*271* 28
27
271? *26
27
29*4
23,
2'*
23* 23*
2% 2*4
2% 234
21?
23,
2*4 3
52
53% 55
56
50
55
54
55% 57
55
53
66
4
4
51,
5% 5*,
4
4
4ll
41,
4G
6% 8%
.45
.45 *.47
.50 .50
.50
.50
.50 .50
.45 .50 *.45
403, 40
403, 41
40
42*4 42% 43%
40*4 407* 40'2 41
46
46
47
46
47',
451* 40
46I2 401, 46*4 46% 47
3*8 31?
31,
33* 3’ ,
33* 31?
3%
31* 33,
3% 3%
123, 1212 121, 121,
12% 13
12% 13
12>2 123,
13
13
703, 70% 71
681* 69
67>2 683,
67*2 68 <2 69
68’ 4 69
*23,
*23,
27j
27* *23,
3
3
2%
*23* 27* ♦25* 3
*23,
3
*3
*3
3
3
3%
312 *2*4 3
3% 3%
59
58l2 59
58% 60
60
61
5912 591* 587* 59'2 58
L "S t S a 'e 1%
0 -t* 1
13, •U*
* li2 134 *l<2
l*i
1*4 *11*
*1*3
*98
33
3
*45
47
8%
*31*
601*
64
656
*18
47
503*
23*
1334
9
851*
39
*16*4
• Bid and asked price,
a
Ex-dlvidend and ilghU.
361
331
38C
195
1,483
231
2,264
6,172
1,635
390
5
2,402
4,247
200
266
894
35
536
173
51
16*8 163,
33*4 33*4
242
177
97
88
» Bx-stoek dlrldend.
STOCKS
BOSTON STOCK
EXCHANGE
R a n g e S in c e J a n .
L o w e s t.
Railroads
1C Atoll Topeka & Santa Fe. 10C 92*4 Feb 23
101.
97 Jan 15
25 Boston & Albany.......... . 100 170 Mar 5
651 Boston Elevated________ IOC 73 JunoK
Cowell_______ 1 1C 109 Feb 2f
2 Boston
20 Fob 1C
1.91S Boston & M aine________ .10
.IOC
Boston Suburban Elec Cos__
10 Mar23
Do nref.................... .
40 Sep 21
8*4 Sep 13
_
10 Do pref.. _
39 Jan 20
Chic June R y & U S Y . . lot 157 Feb 13
1C Do pref............ .........
101% July £
101 140 Feb 25
37 Fitchburg pref................ . 100 51 Feb 9
Georgia lty & Elec stampdlOO 114 Apr 2C
i or
95 Maine Central____ _____ 100 92 Mar 4
10C
110 Do pref stamped___ .100 33 July21
6,447 N Y N II & Hartford___ .IOC 43 Feb 25
Northern New Hampshire lot
89 Oct 1
57 Old Colony...................... KM 140 Aug 5
15 Marl7
61C Rutland, pref...... ........... lot
13C Union Pacific___________ lot 116% Jan 4
79*4 M arl 1
Do pref__________ _ lot
Vermont* Massachusetts 100 105 Feb 9
59 West End Street.............. 5J 61 Mayl5
30 Do pref____________ 51
80 July 1
39
40
40
40
40
74*, 78%
74l2 76
741,
L a s t Sale 90
Oct’ 15
94
149 *149 150
21
23
21
133 *1331, 133*, 134 136%
80 Sept'15
L a st S it e 111 Sept’ 15
115
65
*64
65
*83
84
—
—
84
67
08
66
68
66
95l2 961, 95l2 96
961,
♦2's
2%
2',
2ia *2
15
15
15
15
15
10Sl2 108', 1081, 108% 109
115 1153, 115 115
116
12338 123 1231* 123 123%
51
521, 49
50'2 50
99
96l2 97l2 971, 973,
63
*99 100
163,
161, 1612 16l2 16*,
34*8 3338 333, 33% 34
*9
10
*9
10
9
241 241
241 241
241
1771, 177'.,
181% 175 177
97
97
97
97
97
88
88I2 87l2 87l2 88
87
87
87
871? 87
185
185 *
185 ♦
*2
L a s t S a le
*10
*41
68
96
2
15
108
115
1231,
501,
97
63
100
101,
3334
9
241
177
97
873,
87
183
S a les
o f th e
W ee k
S ha res
105% 105% 105%
*103
*67
68
*116'* 119
*
F r id a y
O ct. 8
186
83
L a s t S it e
9
40
42
691, 70%
*90
95
*149 150
21
*18
*1311, 1313,
115
65
84
P R IC E S .
T h ursd a y
O ct. 7
W ed n esd a y
O ct. 6.
BONDS
S«* Next Page
76
645
140
419
189
24
100
1,247
2,011
850
19,215
232
22,385
1.
H ig h e s t.
105% Oct 8
101 Sep 30
198 Jan 12
96 Jan 5
130 June 9
37 May 4
10 Mar24
56 Mar23
R a n g e f o r P r e v io u s
Y e a r 1914.
L o w e s t.
H ig h e s t .
88% Nov 100 July
97*s Jan
lOl-** Feb
175 Nov 195 Jan
77 May 1011, July
150 Dec 179 Feb
30% July
55 Jan
225 May 255 Jan
7 Mar
7% Feb
50 July
35 July
160 Mar
103 Dec
162 Nov
75 July
115% Dec
83 Jan
90*8 Jan
40 Jan
163 Jan
107 June
54 Deo
49% July
100 May
140 July
19 May
110*i Nov
82 Apr
115 Jan
05 Nov
82 Dec
00% Jan
77% Jan
112 Feb
165 Jan
30 Jan
163*, Jan
85 Jan
130 Fob
75 Jan
95 Mar
DO 48 Jan 5 71 Oct 4
47% Jan
10C 87% Mar25 96% Sep 9
89 Dec
3 Apr 14
2 Dec
50
1*1 Mar 17
17 Jan
50
15 Juno 7 19% Jan 9
97% Mar
100 100 Feb 21 114 Apr 23
100 109 Feb 5 117 Aug 28 108 Mar
100 110 Jan 4 12578 Sop 29 112 Nov
14 Mar
100
16% Apr 6 56 Sep 23
72*i Mar
100 77 Feb 5 99% Oct 4
57% Dec
59'* Jan 20 67 Apr 23
101 Feb 6
97*i June
5 Feb
Atl Gulf A W I S S Lines 100
17% Sep 7
4 ' Feb 24
97* M arl2 3 Us Sep 27
13% May
Do pref.......... ........... 100
East Boston Land............ 10
13% Apr 5
9% Dec
8% July27
Edison Electric Ilium........ 100 230 MaylO 260 Jan 22 234 Nov
General Electric.... ......... 100 138% Feb 20 184% Oct 4 137 Dec
McElwaln (W II) 1st pref 100 96% Aug 25 104 Mar29
98% Nov
Massachusetts Gas C os.. 100 78 Apr 8 91 Aug 5
70% Nov
Do pref.......... ............ 10 ) 85 May24
92% Jan 28
85 Nov
Morgenthaler Linotype.. 100 154 Feb 8 200 Jan 4 200 Dec
10
3 Sep 10
Mississippi River Power.. 100 10 June 4 12% Feb 8
18 July
100 35 Feb 23 46*2 Jan 26
New Eng Cotton Yarn___ 100 20 Apr 15 20 Apr 15
20 Apr
100 25 Jul v 1
38 Dec
Now England Telephone.. 1001127% JunelO 143 Jan 29 128 Nov
Pullman Company.......... 100 150 Feb 24 166 Junell
148 Dec
18% Jan 2
16 Jan
Reece Button-Hole............ 10 15 Sep 27
Swift A C o______________ 100 101*, Jan 4 121 Aug 30 101% Nov
Torrlngton.................. ....... 25 28 Mar 8 35% Sep 10
27 Fob
27 Mar
Do pref____ _____ ___ 25 26 Mar25 30% Sep 8
1*4 Apr 21
.95 Dee
Union Copper L A M ........ 25
.95 Jan 18
United F ruit...................... 101 110 Feb 25 141*4 May 3 2-113 Doc
52% Dec
United Shoe Mach C orp.. 25 48 Aug 17 65 M av21
Do pref...... ................. 25 28 Mar27
30 Aug 31
28 Jan
U S Steel Corporation___ 100 38 Feb 1 81*8 Oct 1
48 Dec
Do pref........................ 100 102% Jan 27 115 Oct l 103% Dec
Ventura Consol Oil Fields. 5
11 Aug 20
14 Aug 3
59% Mar
98 June
4 Jan
22 Jan
110% Jan
115 Dec
124 Jan
15 Mar
83 Jan
07 Feb
47 Juiyl5
160 Sep 9
110 Apr 21
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
99% Aug 18
10 Sep 24
56 Jan 6
78*4 Oct s
98 Apr 29
157 Apr 9
23 Oct 7
131% Oct 8
8078 Feb 11
125 Apr 20
72% Jan 25
93% Feb 4
Miscellaneous
Amor Agricul Chemical...
Do pref____________
Amer Pneumatic Service.
Do pref........................
Amer Sugar Refining___
Do pref........................
Amer Telep A Teleg..........
American Woolen............
Do pref____ _____ _
Amoskeag Manufacturing
Mining
1 Jan 22
47* Apr 22
305 Adventure Con.................. 25
290 Ahmcek...................... ....... 25 94 July26 103 Aug 27
19,411 Alaska Gold_____________ 10 26%Jan 6 40*4 Apr 22
4*4 Apr 22
45 Feb 10
2,725 Algomah Mining................ 25
315 Allouez___
25 35% Jan 5 5.8% Apr 26
16*4 Jan 4 63% Oct 7
83,361 Amer Zinc, Lead A Smelt. 25
9% Apr 22
3% Jan 4
5
6,366 Arizona Commercial........
4*4 Apr 22
2 Jan 16
175 Buttc-Balaklava Copper.. 10
13,691 Butte A Sup Cop (L t d )... 10 35*4 Jan 4 80 June 4
4,048:Calumet & Arizona............ 10 51% Feb 23 78*4 Apr 26
177 Calumet & Hecla________ 25 350 Jan 4 630 Apr 22
80 Centennial.............. - ......... 25 15 Jan 12 25 Apr 22
2,705 Chino Copper.................... 5 3278 Jan 6 49*4 Apr 26
5,233 Copper Range Cons C o__ 100 30 Jan 13 63% Apr 26
17* Jan 21
5*4 Apr 22
585 Daly-West.......................... 20
8% Jan 5 15*s Apr 23
5,595 East Butte Copper Min__ 10
4i2 Feb 5
14% Apr 22
573 Franklin.............................. 25
3,106 Granby Consolidated........ 100 58 Jan 7 94% Apr 27
3.430 Greene Cananea................ 100 23% Feb 1 44 July 15
11 Jan 18 24% Apr 29
578 Hancock Coasolldated___ 25
Iledlcy G o ld ...................... 10
29*i Jan 19
10% Apr 22
2% Jan 21
445 Indiana Mining.................. 25
425 Island Creek C o a l............
1 41 MarlS
52 Aug 17
15 Do pref........................ 1 85*2 Jan 5 91% Apr 27
17% Jan 11 31 Apr 26
530 Isle Royale Copper.......... . 25
6% Apr 20
465 Kerr L ake.................. ....... 5
3 Aug 3
4% Apr 26
1% Aug 23
100 Keweenaw Copper............ 25
18 Apr 22
5% Jan 27
1,015 Lake Copper C o................ 25
9 Apr 23
3% Jan 7
205 La Salle Copper................ 25
4% Apr 27
1 M a rll
265 Mason Valley Mine_____
5
17 Apr 22
3 Jan 11
2,115 Mass Consol.......... .......... 25
8 Apr 22
3 Aug 16
175 Mayflower______________ 25
4,127 Miami Copper...... ............. 5 16*4 Jan 2 35*8 Oct 8
.60 Mar 1
3 Apr 22
475 Michigan.... ....................... 25
2,275 Mohawk.................. .......... 25 46% Jan 15 82 Apr 26
5
11% Feb 24
17 Apr 27
1,401 Nevada Consolidated____
4% Feb 24
14% June 7
2,980 New Arcadian Copper___ 25
5
4 July 10
13% Aug 7!
580 New Idrla Quicksilver___
5% Aug 9
730 Nlplsslng Mines-------------- 5
7*8 Sep 27
9,175 North Butte____________ 15 22% Jan 25 3378 Apr 26
1 Jan 28
4% Apr 23
140 North Lake.................... . 25
3% Apr 29
25
7% Apr 22
730 Old C olon y........................ 25
3 Aug 16
1,510 Old Dominion C o.............. 25 38% Mar 8 58% Apr 21
695 Osceola_______________ _ 25 04 Jan 28 93% Apr 22
12 Jan 7 19*8 Ailg 13
1,895 Pond Creek Coal_________ 10
231 Quincy.............. ................. 25 50 Jan 16 95 Apr 22
12,418 Ray Consolidated Copper. 10 15*i Jan 7 27% Oct 8
340 St Mary’s Mineral Land.. 25 28 Jan 4 65 Apr 23
3 % Sep 29
1 M arl7
4,900 Santa Fo Gold A Copper.. 10
4 Jan 15 11% Apr 26
1,545 Shannon............................. 10
415 Shattuck-Arizona............ . 10 18*4 Jan 5 33 Apr 26
5% Aug 23
7*4 July 27
25
175
870 Superior...... ............... ....... 25 22% Jan 6 41% Apr 20
l Mar 3
4% Apr 29
1,635 Superior A Boston Copper. 10
1,102 Tamarack.......................... 25 25 Jan 4 58*8 Aug 18
2*8 Feb 11
8% Oct 8
15,070 Trinity.................. ............. 25
.20 Jan 2
1
.63 Apr 14
2,500 Tuolumne Copper..............
8,761 U S Smelt, Refin A M in .. 50 20 Feb 25 49% JunolS
1,312 Do pref-------------------- 50 28 Jan 15 48% June 16
6*g JunelO
2 Jan 2
2,930 Utah-Apex Mining.......... .. 5
10*8 Junel4
9% Feb 26
485 Utah Consolidated---------- 5
2,226 Utah Copper C o................ 10 4.8*4 Jan 6 73 Apr 26
4% Apr 22
150 Victoria........ ..... ............. - 25
l Feb 26
5% May 1
200 W inona.............................. 25
1*4 Jan 18
1,017 W olverine.......................... 25 32 Jan 6 70 Apr 26
21, Am- °°
OK
50 Mar 3
a
[VOL 101.
Assessment paid,
b
Ex right*.
93 Jan
124 May
99
Mar
9 Jan
16*4 Jan
14% Feb
265 Mar
1501* Feb
102 Jan
9 l*s Feb
96 Mar
216*4 Feb
33
Feb
30 Jan
111 Feb
159 Jan
20% July
107*4 Mar
31 May
29% Jan
2 Feb
173 Feb
61*4 June
30's July
07% Jan
112*8 Jan
1 Apr
2 Jail
239*4 Apr 300 Mar
19 July
28*4 May
% Dec
1*4 Jan
34% Jan
43*4 Feb
12% Nov
2 Jan
2% Nov
0 ‘Y .Mar
1 Nov
4% Feb
24 Nov
40*.| May
53 Dec
70% Mar
350 Dec 460 Feb
14 Jan
19 Feb
30% Den
43% Feb
29 Dec
40*4 Feb
1% Nov
3 Feb
8 Dec
13 Jan
2 Nov
7% Apr
00 Deo
91 Feb
21% Apr
42*s Feb
11 Dec
22 Feb
28 July
30 Mnr
3 Apr
6% Feb
44% Dec
50% June
81 June 89% June
10 Dec
24 Feb
3% Mar
0% July
2% May
4% F cb
4*4 Nov
10% Jan
3><«Dcn
5% Feb
It) Dec
4 Jan
2 Mar
c5% May
3*4 June
9 Jan
10*4 Dec
24% Feb
.50 July
1% Feb
39 Apr
491* Dec
10 Dec
16*8 Dec
7% Jan
1% Jan
4 June
4 June
5 July
8% Feb
30*( Feb
19*4 Dec
.95 Apr
2*8 Jan
*4 Apr
2 Jan
2*8 Nov
5 Y» Feb
44 Dec
54 Feb
64 Dec
84 Feb
12*4 Dec
20% Jan
51% Dec
6,3 Feb
15 Dec
22% Apr
28 Dec
40 Feb
1 Jan
2% Jan
4 Nov
7% Feb
18 Dec
29*4 Feb
22 Nov
1% Nov
24% Dec
2*4 Nov
.23 Deo
24% Dec
40% Apr
It, Nov
8*4 Jan
45% Nov
1 Mar
1% Deo
30 Dec
) Unstamped, s 2s paid, is Hull paid.
.32 Feb
2%Jan
43 Feb
5% Jan
.85 Mar
43% Feb
48% Feb
2*8 Feb
14 Feb
59 June
c2% M ay
47* Feb
47*4 Feb
1i. Jan
1175
THE CHRONICLE
Oct. 9 1915.)
Outside Exchanges—Record Transactions
Baltimore Stock Exchange.— Transactions at the Bal
timore Stock Exchange Oct. 2 to Oct. 8, both inclusive:
Boston Bond Racord.— Transactions in bonds at Bos
ton Stock Exchange Oct. 2 to Oct. 8, both inclusive:
Stocks.
Bonds-
Week’s
Salesfor
Week
Friday
Range
H igh. Shares.
Sales. Low.
Am Agrlc Chcm 5s— 1924
94 M 9454
88Jf 89
AmerTcl A Tel 4s-----1929
Convertible 4 Ms— 1933 103 % 10354 103M
Atl O A W I SS L 5s-.1959 74
72 M 74 M
72
72
Chic A W Mich 5s— 1921
Gt Nor—C B A Q 4s.1921
9654 9054
91
91M
Miss River Power 5s.. 1951
74 M 75 '
New Eng Telep 5s__ 1932
100M 101
77
75
N Y Central dob fls.. 1935
10554 10554
Pond Creek Coal 03 .1923
94
94 54
00 % 96 M
Swift A Co 5s______ 1944
Union Pacific conv 4s. 1927
9154 9154
96 % 9054 9054
United Fruit 4Ms___1923
4 Ms____________ 1025
95 M 9554
West End 4 s ........... 1917
9954 9954
Western Tel A Tel 53.1932 9754 97
9754
Range since Ja n . 1.
Low.
H igh.
Jan 9454 Sept
S7.000 91
46,000 8654 Jan 89 M Apr
3,500 9554 Jan 10354 Sept
Jan 7154 Oct
51,500 00
Aug
1,000 70 May 72
Sept
Jan 97
6,000 95
Jan
Aug 94
10,000 91
July 75 M Sept
9,000 70
24,000 99 M Jan 101M Feb
Mar 78
Aug
6,000 65
2,000 10054 May 10554 Oct
7,000 94 May 9854 Aug
9,000 9414 Feb 96 M May
10,000 9154 Oct 9154 Oct
Feb 99 May
13,000 93
Jan 9554 Oct
8,000 90
Mar 9954 Oct
1,000 99
14,000 94 54 Mar 97 54 Oct
Chicago Stock Exchange.— Comploto record of transac
tions at Chicago Stock Exchange from Oct. 2 to Oct. 8, both
inclusive, compilod from tho official sales lists, is as follows:
Stocks.
Salesfor
Week’s
Week.
Range.
Friday
H igh. Shares
Par S a les. Low.
American Radiator___ 100
Amorlcan Shipbuilding. 100 37
Preferred................. 100 75
Booth Fisheries, pref-.l 0
Chio Pneumatic Tool..100 86
Chic llys part ctf "2 "----Chic Itys part ctf “3” ----Commonw’th-Edlson. .100 136M
Diamond Match--------100 101
Hart, Shaft A Marx.pf. 100 11 2M
Illinois Brick............... 100 66
Kan City Ry A Lt com ctf 25
55
Kan City lly A Lt pref ctf.
National Biscuit......... 100
National Carbon......... 100
Preferred_________ 100
People’s G Lt & Coke..100 118M
Pub Serv of N III. com. 100 95
Preferred-------------- 100 98
Quaker Oats Co--------100
Preferred_________ 100
Sears-Rocbuck com...100 153 54
Preferred-------------- 100
S Warner Specdom com 100 75
Swift A Co...................100 11854
Union Carbide Co........100
U S Steel common-----100
Ward, Montg. A Co, pref. ..........
B on ds,
Armour A Co 4 54s— 1930
Chicago City Ry 5s.. 1927
Chic Pneu Tool 1st 53.1921 95
Chicago ltys 5s--------1927 94 M
Chic Rys 4s, Series "B” _ 70
Chicago Telephone 53.1923
Commonw-Edlson 53.1943
Cudahy Pack 1st M ,5sl924 _____
Dla Match con deb 6s. 1920
Mctr W Side El 1st 4s.1938
Ogden Gas 5s...........1945
93*4
PeoG L A C ref g o s.. 1947
ChlcG L A C 1st 5s. 1937
Pub Ser Co 1st ref g 5s 1950
9654
Swift A Co 1st g 5s__ 1944
..........
Range since Ja n .
Low .
IIlu
70 345 June 390
*357 357
Jan
195 26
Apr 4SM Aug
36
37M
125 07M Apr 7954 Aug
7454 75
78
30 0854 Mar 81
78
Aug
11,283 45 M Feb 93 54 Aug
78*4 88
16
745 16
Oct 3114 Jan
1854
3
20
3
3
5M Feb
130 130M
517 13254 June 14054 Aug
4s4 90
Mar 103
10054 102
Sept
112 112M
68 105
Jan 113 Sept
145 00
Feb 67 M June
6554 00
115 20
Apr 3054 Sept
24M 25
55
53 40
July 57
55 M
Feb
126 128
100 118 May 129 Sept
155 105
192 11954 Jan 165
Oct
120 120
40 11854 Mar 125 Sept
117 118M
598 113
Mar 12354 Apr
317 75
Jan 95 54 Oct
94 M 95 54
98
97
195 93 J4 May 100
Mar
38 225
255 255
Sept 270 May
26 103
105 107
Apr *107 May
756 a 131M Mar 215
153 155)4
Jan
2 ) 121
Jan 120
12454 12454
Mar
72 54 76 54 3,557 4SM Jan 7855 Sept
119
1,523
10454 Jan 12054 Sept
11754
2,337 14454 Jan 160 54 Aug
159 163
80
150 3854 Feb 8054 Oct
80M
152
112 11254
Mar
11054 Jan 114
9154 9154
9054 9654
95
95
9454 94 M
69
70
10054 100M
10054 10154
10054 1005-4
10254 102 54
71
71
9354 9354
10014 10054
100M 10054
90
90
90 M 90*4
101M 10154
SO,000
14.000
5,000
5,000
16,000
5,000
17,000
3,000
2,100
4 .000
1,000
5,000
3,000
5,000
70,000
5,000
91
Jan
96 June
94
Feb
93 Juno
69
Sept
99 M Jan
100
Jan
9954 June
101M Feb
71
Oct
Jan
92
99 54 Jan
100 M Oct
8754 Jan
94 M Jan
10054 Anr
9254
99
Feb
98
97
7755
101
102
10054
103
77
Feb
9454
10154
102
Apr
91
96*4
101 M
Par
Salesfor
Week's
Week.
Friday
Range.
Sales. Low.
H igh. Shiires
43
43
Balt Electric pref_____ 50
Commercial Credit___ 100 3754 3754 37 54
Preferred_________ 100
2754 2754
Consol G, E L A P ...100
10554 106 54
110*4 11054
Preferred_________ 100
Consolidation Coal___ 100 95 M 95
9554
Cosdcn A Co___________
654 654
0M
Preferred.................... .
654 654
27
27
Fairmont Gas............... 50
Houston OH trust ctfs.100 19
1754 1954
61
60
Preferred trust ctf3-_100 01
85
85
Maryland Gas____ _____
85
Mer A Miners Trans..100 31M 3054 3 m
Northern Central......... 50
8254 83
70
Penna Wat A Pow__ 100
6954 70 54
Sapulpa Refining......... .
254 254
United Ry A Electric...50 24 H 23 54 2454
Wayland Oil A Gas___ 5
354 4
Bonds—
70
70
Ala Coal A Iron 5s______
Anacostla A Potom 5s 1949
9754 9754
Atl C L RR conv deb 4s '39
8754 8754
Atl C L (Conn) ctfs 5s___
98 M 9854 98 54
99
99
Balt A Harris W E 5s. 1938
103 103
Balt Traction 1st 5s.. 1929 103
Central Ry exten 5s..1932
10254 102 54
104 104
Consolidated Gas 5s.. 1939
93
93
General 4%s_____ 1954 93
10054 10054
Consol G E L A P notes..
4 M s____________ 1935 87M 8754 8754
Consol Coal ref 4MS.1934
9154 9154
88
Refunding 5s......... 1950
8854
Convertible 6s........1923
10154 10154
100 100
Davison Chemical 6s. 1932
97
9754
Elkhorn Fuel 5s........1918 97
9854 99
Fair A Clarks Trac 5s. 1938 99
94*4 9454
Fairmont Coal 5s___ 1931
Fla Cent A Pen cons 5s 1943 10154 10154 10154
Georgia A Ala cons 5s. 1945
10154 10154
101 10154
Ga Car A Nor 1st 53.. 1929
19
19
G-B-S Brewing 1st 4s. 1951
Houston OH dlv ctfs ’23-'25 75 M 7554 7554
85
85
Jamison C A C-G C 5s 1930
103 103
Lake Roland El gu 5s. 1942
Md Elec Ry 1st 5s.. 1931
9754 9754
98
98
Maryland Steel 5s__ 1922
10054 10054
M St A St P C Joint 5s 1923
Mt V-Wood C Duck 5s ctfs 49 54 3954 4054
40
4054
N O Mobile A C 1st 5s 1900
Pennsy W A P 5s___ 1940 89
8854 89
United Ry A E 4s___ 1949
81M 8154 8154
Income 43.....
.1949 60
5954 60
83 54 84
Funding 5s small.. 1936
10054 10054
Notes 5s................. 1910
Va Mid 5th series 5s.. 1926
10254 10254
Low
H igh.
Sept
20 42
3 3554 May
20 2554 May
210 102 54 Jan
10 10654 Jan
102 92
Jan
Jan
1,105
5
100
554 Mar
10 23 54 Apr
Mar
3,360 10
Jan
405 54
Oct
1 85
9 24 May
Aug
165 82
309 63 54 Aug
2
July
100
1,006 2054 June
190
254 May
$3,000
1,000
2,000
900
1,000
1,000
1.00C
3,00C
1,000
5,00C
1,000
1,000
3,000
5,000
2,000
11,00C
5,000
1,000
1,000
2,000
7,000
2,000
27,500
2,000
1,000
3,000
1,000
2,000
77,000
8,000
24,000
26,000
11,000
1,300
5,000
2,000
70
9754
82 54
9854
99
102 54
102 54
103
92
9854
8554
90
8654
9954
97
9254
9854
94
100 54
100 54
101
18
72 54
79
103
94
94 54
100
35
33
88
7954
55
8054
100
10154
4454
168
102 54
10754
115
96
754
7
29
19 54
6154
'85
3154
85 54
7054
3
27
454
Feb
Apr
Apr
Jan
Mar
June
May
May
Apr
Sept
Sept
Oct
Oct
Jan
Oct
May
Mar
Jan
Sept 76
Oct 10054
Aug 8754
June1 101
Oct 99
July 10354
Aug 10454
Aug 105
Aug 95
Mar 10054
Sept 89
Jan 94
Sept 91
Jan 101*4
Jan 100
Jan 9754
July 100
JaD 98 54
Sept 102
Aug 10254
Jan 10254
Aug 23
Apr 77
June 86
Aug 104 54
July 9854
Apr 93
Sept 102
Jan 45
Feb 4154
Jan 92
June 82
June 63
July 8754
Jan 10054
Jan 104
Sept
Apr
Oct
Apr
Oct
Feb
Feb
Jan
June
Sept
Apr
Mar
Jan
Sept
Aug
Aug
Feb
Jan
Jan
Apr
Apr
Jan
Apr
Jan
Apr
Jan
Oct
Jan
Aug
Apr
Apr
Jan
Jan
Jan
Apr
Apr
Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchango from Oct. 2 to Oct. 8,
both inclusive, compilod from the official sales lists:
Stocks
Salesfor
Week's
Week.
Friday
Range.
H igh. Shares.
Par. Sales Low .
86
10154 114
American Gas of N J..100 114
24
6>
24
American Railways-----50 21
120
Baldwin Locomotive.. 100 11654 110 11654
100
1254 1254
426
4154 42
41
53
4354 44
6954 103,919
Cambria Steel------------ 50 6854 67
73
7654 8,568
Elec Storage Battery.. 100 74
475
3254 34
General Asphalt--------109 33
395
70
70
7154
209
Insurance Co ofN A-----10 2354 23 54 2354
60
72 54 6,072
J G Brill Co_________ 100 02
50
Keystone Telephone...50
14 54 1454
20
1454 1454
a Ex 50% stock dividend, x Ex-dlvldcnd.
0
854 954 4,737
Lake Superior Corp.-.lOO
Navigation____ 50 73*4 75 54 76*4 1.009
Pittsburgh Stock Exchange.— The completo record of Lehigh
677
7254 76 54
Lehigh Valley------------ 50 76
430
transactions at tho Pittsburgh Stock Exchango from Oct. 2 Lehigh Val Transit........50 18
17 54 1854
602
38
3754
3754
Preferred__________
50
to Oct. 8, both inclusive, compiled from tho official sales
24
5254 5254
lists, is givon below. Prices for stocks aro all dollars per Northern Central......... 50 8354 8254 8354
205
_____
49
91
9054
North
Pennsylvania___
50
share, not per cont. For bonds tho quotations aro per cent
2,018
Penn Salt Mfg...............50 10054 95 108
of par value.
Pennsylvania--------------50 58
5654 5854 4,997
191
90
90
Pennsylvania Steel-----109 90
4,466
8954 98
Preferred_________ 100 92
Salesfor
Week's
Range since Ja n . 1.
Philadelphia Co (Pitts).50
4654 4854 1,380
Range.
Friday
Week.
43
44
370
Pref (cumulative 6%) 50
H igh. Shares.
Low.
Par. Sales. Low.
H igh.
Stocks—
2,344
Phtladel Electric-----22 M
S 2554 2554 26
306
1254 1254
Phila Rapid Transit-----50 _____
16
175 16
Oct 24
Apr
American Sewer Pipe. .100
16 54
Voting trust rects-----50 1354 12 54 13 54 4,875
700 1554 July 22 54 Sept Philadelphia Traction..50 76
Am Wind Glass Mach .100 20
19 54 2054
76
76
47
100
975 75 M
9954 100*4
10054
SO'-4 76 54 8054 1,630
93
95
Jan
*90
Oct
123
99
Aincr Wind Glass, pref 100 90
50
2d preferred-............. 50 42546 42 'At 42%,
150 23
July 28
25
2754 28
Tono-Bclmont Devel-----1
3 54
354 354 1,285
14
1,611
Columbia Gas A Elec. .100 11
14 54 1,035
854 Jan 15 54 Aug
5%,
554 5%
88
20 12M Feb 100 Sept Union Traction-----------50 4154 40
Cruclblo Steel, com. _ . .100
88
3,3 59
42
Jan 111
Preferred_______ .100 108
25 75
Sept United Gas Impt--------50 85 14 8554 86
1,951
103 103
99
225 9754 Mar 99
Harb-Walk Refrac, preflOO
Jan U S Steel Corporation. 100 8054 7654 8154 41,542
99
Independent Brewing -.50
10
6
Apr
3
14
3
3
2 54 Aug
113 114
Preferred . . ......... ..50 16
60 13*4 Aug 22 54 Jan Warwick Iron A Steel.. .10 1054 1054 11
16
1,017
16
1,900 27
Jan 4654 Sept West Jer & Sea Shore ..50 4854 48
La Belle Iron Works.. .100 44
49
22
4354 46
Preferred.............. .100 115
60 103 June 115
Aug Wm Cramp A Sons___ 100
1,512
87
91
115 115
90
Mar 10854
Lone Star Gas ____ 100
25 91
01M 91M
100
854 854
Mfrs Light A Heat... -.50 4854 4854 4854
Aug
735 46 May 50
55
2954 30
Nat Fireproofing, com -.50 10M
454 Feb 1054 Oct
9M 10M 0,635
Scrip—
Preferred________ ..50 23
Feb 25
Aug Cambria Steel scrip.. 1916
49
1,13 1 16
100 101
21M 23
Ohio Fuel Oil----------- . . . 1
6,379
150 12 May 1554 Jan
10!) 101
1454 1454 1454
Ohio Fuel Supply___ ..25
325 39
Oct 45
7,162
100 101
Oklahoma Nat Gas__ .100
Feb 70
Oct Phtladel Co scrip-----1916
100 57
70
70
100 100
722
Pittab Brewing, com. ..50
Feb
4
4
305
3
854 Apr
9,350
98
98
4 54
Preferred ............... ..50 15
July 2454 Jan
330 12
14M 15
Bonds—
Pittsburgh Coal, com. .100 39
40
Oct
5,79
87
87
30M 40
16 54 Jan
8754 SI2,000
Pittsburgh Oil A Gas. .100
50
87
8754 3,300
754 Jan
5M 5M
4 54 Aug
do small
...2007
Plttsb Plate Glass----- .100 _____ 106 107
Apr 110
July Baldwin Locom 1st 5s 1940
347 104
10354 10354 1,000
...5
Pure Oil, common----1754 1654 1854 18,8'0 1354 May 1854 Oct Choc Ok A Gulf cons 5s *52
1,000
94
94
12c. 10c. 14c. 48,800
San Toy Mining------ . . . 1
8c. Apr 20c. Juno Elec A Peoples’ tr ctf 4s ’45 75
11,000
74 54 75
133 133
Mar
Union Natural Gas... .100 133
215 128M Aug 133
10554 10554 1,000
Union Switch A Signal ..50 12154 *120 122M
Apr 125 Sept Inter-State Rys coll 4s 1943
735 92
58 54 5854 1,000
.100
10
10
18 M
Kevstone Telep 1st 5s 1935 94 54 94 54 9454 4,000
Oct Lake S A Mich Sou 4s. 1928
US Steel Corp.com.. .100
330 38
Feb 81
7654 81
9254 9254 18,000
. i on
11354 113M
10 103 M Feb 114 M
Lehigh Coal A Nav—
West’houso Air Brake ..50 x V il *-4 X 14154 143 M 2,311 116M Mar 144 Sept
Consol 4 54s........... 1954 9954 9954 9954 28,000
W'housc El A Mfg, com.50 0754 03
7054 1,441 32 M Feb 7054 Oct Lehigh Valley—
75
70
160 58
Oct
Feb 75
Preferred________ 50 75
8754 8754 6,000
Gen consol 4s--------2003
10 11M Jan 2054 Oct
20M 20M
3,000
Wost’house Machlno. ..50 ____
99 % 100
Gen consol 414s-----2003
345 10
Oct Lehigh Val Coal 1st 5s 1933
Oct 13
West Penn Tr A W PowlOO 12M 1154 13
10354 10354 1,000
Bonds—
10254 10254 1,000
60
60
S2.000 5054 Apr 65
Jan
98
2,00(1
Pittsburgh Brew Os.. 1949
98
96
97
Apr
2,000 90
Jan 97
Plttsb Coal deb 5s----- 1931
10354 10354 37,000
0754 9754 88.000
General 4548......... 1965
x ak-dlTldend.
Range since Ja n . 1.
Range since Jan. i.
Low.
H igh.
Jan
100
Sept
24
Feb
30
11
July
30
41 May
Feb
41
4754 Jan
Mar
24
Mar
60
Jan
21
29
July
Aug
13
13 5-4 Jan
Apr
5
7154 May
Jan
65
1354 Jan
26% Mar
July
52
Sept
82
Feb
90
Mar
80
5154 Feb
34
Aug
49 54 May
29% Mar
Mar
32
23% Jan
7 May
754 May
July
70
70 May
Jan
40
3% July
5
July
30 May
so % Jan
Feb
38
Jan
103
9% July
47
Aug
18% Jan
July
6
2854 July
95
95
95
90
so
85
85
10054
93%
73
105%
57
90
92 54
Feb
Feb
Feb
Feb
Feb
114
Oft
36
Jan
144 54 Sept
13 54 May
43
45
Sept
75
Sept
78% Sept
36% June
72 54 June
24
Oct
72 54 Oct
16
Apr
15% Apr
13 54 June
77% June
76% Oct
19 Sept
SS
Oct
54%
86
Feb
92% Feb
108
Oct
53% Oct
no
Oct
98
Oct
48 54 Oct
46
Sept
26
Oct
13% Sept
14
Sept
79% Jan
SO54 Oct
42%, Apr
5% Mar
. 7 % Jan
43
Sept
8754 Mar
81% Oct
114*4 Sept
11% Aug
Jan
50
91
Sept
854 Oct
Feb
33
101
101
101
100
98
Oet
Oct
Aug
Aug
Jan 8S54 Aur
Jan 88
Aug
Mar 103% Apr
Mar 97
Apr
Aug 79
Feb
Mar 10554
Apr
July 00
Jan 96
Aug
Oct 92*4 Oct
97*4 Jan 100
Apr
Aug
Feb
Jan
Oct
Sept
Aug
Msv
May
Apr
Jan
Oet
Feb
Feb
Jnae
8654
97
1 *3
10254
97
102%
07
90%
100
10454'
102 54
9354
105
1176
THE CHRONICLE
Range since Ja n . 1.
Week's
Salesfor
Friday
Range
Week.
Sales. Low.
H igh. Shares.
Bands— (Con.)
F a A Md Steel cons 6s 1925 101M
People’s Pass tr ctfs 4s 1943
Phila Co 1st 5s.........1949
Cons A coll tr 5s__ 1951
Phil Elec tr ctf3 5s___ 1948
Trust certfs la___ 1950
do small______ 1950
Phil & Reading impt 4s '47
2d extended 5s____ 1933
Reading Tcrml 5s. .1941
Reading gen 4s_____ 1997
Spanish Am Iron Os. .1927
United Rys Invest 53.1926
Welsbach Co 5s_____ 1930
West N Y & Pa gen 4s 1943
r Ex-dlvldend.
101M 101 M 81,000
2,000
76 M 76 M
100
3,000
100
100
101M
101M 102
87
_____
87 H
79
79 M
SO
80
95 M 95 M
109M 109M
80
_____
110
93
110
11,000
100
2,000
1,000
2,000
92 M
93
29,000
73
93
75
75
94
75
70,000
5,000
101M 101 M
94
97,000
7,000
2,000
2,000
Low.
98
76 M
95
70
100M
77 U
79
94 M
109M
109M
91
100 M
55
89
75
H igh.
Jan
Oct
Mar
Mar
Jan
Jan
Jan
Aug
Oct/
Jan
Aug
Jan
Mar
Jan
Mar
Oct
Jan
Apr
87 M Oct
102M Jan
Apr
80
81
Sept
Mar
97
109
Oct
110
Aug
95
Feb
102M Aug
75
Oct
94
Oct
Feb
77
101M
83
100
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
_______
DAILY. WEEKLY AND YEARLY.
Saturday__
Monday___
Tuesday___
Wednesday.
Thursday...
Friday____
Sales at
Nets York Stock
Exchange.
Stocks—No. shares.
Par value______
Bank shares, par__
Bonds.
Government bonds.
State, mum.,Ac..bonds
RIl. A wise, bonds__
Tobacco Stocks— Per Sha re.
Railroads—
Par Bid. A sk. West IJac 1st 5s 1933__ M-S
American Cigar commonlOO 110 115
Preferred...............
100 98 100
Street Railways—
Par
Amer Machine A Fdry._100 85 95 Com’w’lth Pow Ry & L..100
Brltlsh-Amer Tobac ord..£l * 13 13 14%
Preferred..................... 100
Ordinary, bearer_____ £1 »14
15 Federal Light & Traction 100
Conley Foil.......................100 340 380
Preferred..................... 100
Johnson Tin Foil &Met. 100 125 150 Republic Ry A Light___ 100
MacAndrews & Forbes..100, 150 160
Preferred___________ 100
Preferred.......... ........... 100 99 101
Tennessee Ry L & P com 100
Porto Rican-Amer T ob._ 100 188 198
Preferred____________100
Reynolds (It J) Tobacco. 100 405 425
United Lt A Ilys com__ 100
Preferred............................! 119 123
1st preferred________ ICO
Tobacco Products com._100i 42 4.J Wash Ry A El Co_____ 100
Preferred— See Stock Ex.: list.
Preferred___________ 100
United Cigar Stores com. 100 95 105
4s 1951.......................J-D
Preferred....................... 100 110 125
United Cigar Stores(new). 10 *9% 9 %
Young (J S) C o ...............100 169 170
Preferred.......... ........... 100 107 110
Ordnance Stocks
Aetna Explosives com__ 100 150 152
Preferred........ .............100 84 88
24
Amer
British M fg___ 100 22
40
Preferred.................
100 32
Atlas Powder comm on.. 100 255 205
Preferred____________ 100 90 100
Bliss (E W) Co com m on..50*200 215
78
Preferred...............
50 *72
Canadian Car Fdry__ 100 103 111
Preferred.......... .......... 100 121 124
Canadian Explosives com 100 385 415
Preferred____________ 100 105 110
72
Carbon Steel common__ 100 69
78
1st preferred_________100! 72
61
2d preferred.................100 58
Colt's Patent Fire Arms
M fg _______
100 740 750
Drlggs-Seabury Ord CorplOO 105 110
duPont (E I) de Nemours
Powder com (new)__ 100C390 498
Preferred____________ 100 103 106
Electric Boat__________ 100 460 470
Preferred____________ 100 460 470
Hercules Powder com__ 100 425 435
Preferred____________ 100 110 116
Hopkins & Allen Arm s.. 100 42 48
95
Preferred____________ 100 90
Lake Torpedo Boat co m .. 10 *15% 1612
Midvale S te e l............. ..100 450 525
Midvale Steel* Ordnance w I *72% 73
Nllcs-Bement-Pond com. 100 145 150
Preferred____________ 100 101 107
Savage Arms___________ 100 370 390
Scovill M f g ___________ 100 111) 430
47%
Submarine Boat w i.............. *17
Winchester Repeat Arms 1002150 2550
Short Term Notes.
Amer Locom 5s July 1916 J-J 100% 101>4
5s, July 1917................ J-J 100l2 I O H 4
Am T A T Sub Cos 5 s.. 1916 100% 101%
Anaconda Copper 5s ’ 17 M-S 10J78 101%
—Per Share.
Volume of Business at Stock Exchanges
Week ending
Oct. 8 1915.
[Vol. 101
Stocks.
Shares.
700,797
1,40*1,159
1,148,890
1,496,865
1,420,163
1,344,828
Par Value.
R ailroad,
& c..
Bonds.
S54,436,200
114,894,150
95,325,800
121,134,000
103,661,700!
101,293,350|
$2,077,500
3,267,500
3,824,000
4,091,000
5,249,500
4,622,000
State, M u n .
A Foreign
Bonds.
$181,500
86,500
79,000
122,500
177.000
334.000
u . s.
Bonds.
$3,666
26,000
3,000
7,515,702 S593,745,200' $23,131,500
$980,500 $32,000
Week ending Oct. 8.
|
Ja n . 1 to Oct. 8.
1915.
7,515,702
$593,745,200
1914.
STOCK
EXCII’ GE
$32,000 CLOSED
SOSO,500
23,131,500
1915.
1914.
124,165,849
45,990,575
$10,686,042,890 $4,023,321,369
$140,300
$265,800
$847,000
18,650,000
614,523,700
$655,100
32,659,500
391,771,500
Total beads______ $24,144,000'
$634,020,700
$425,086,100
OAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES
A
A
B id.
m
A sk.
30
55
81
10
50
15
59
8
26
35
67
84
8OI4
8U2
Elec. Gas & Power Cos—|
Am Gas A Elec com.........50 *103 106
Preferred...................... 50 *49 50
Am Lt A Trac common.. 100 350 354
P referred.........................100! 108 U0l2
Amer Power A Lt com ___ 100! 60
62
P re fe rre d ............. ......... 10(1 79
81
Amer Public Utilities com 100 30
35
Preferred......... .......
100, 63
66
Cities Service C o com ___ 100, 50
52
Preferred______________100 60
62
Consumers Power (M inn)
1st A ref 5s 1 9 2 9 ...M AN
90% 9134
Elec Bond A Share p r o f.. 100 9812____
Great West Pow 5s 1946.JAJ Slt2 83
Indiana Lighting C o ____100
45
4s 1958 optional____F’-A
N orth’ ll States Pow com . 100
Preferred..... ....................10C
Pacific Gas & Elec c o m ..100
54 55
1st preferred................... 100 86
88
2d pref (old pref)____ 100 88
90
South Calif Edison com . 100 74
76
Preferred..................... ..1 0 0
93 96
Standard Gas A El (D e l). 50 *5
6%
Preferred..... ...........
50 *27
29
United Gas A Elec C orp . 100
17 20
1st preferred..................100
57 60
2d preferred__________ 100
18 21
Utali Securities C orp ____ 100
14 15
6% notes— Sec Short-Term Notes
Western Power com m on. 100
13 15
Preferred....... ..................100 45
48
In d u stria l
and M iscella n eou s
Adams Exp col tr g 4s’47 -I)
Alliance R e a lt y _________ 100
Amer Bank N ote com ___50
Preferred........................... 50
American Brass................. 100
American Chicle 00m ___ 100,
Preferred..................... ..10ffi
Am Graphophono c o m .. 100
Preferred......................... 100
American Hardware____ 100
American Surety............ 50,
Amor Typefounders com . 100,
Preferred______________100,
American Writing Paper. 100|
/71% 72%
75 85
*41 43
*49 50
Boston.
Ph iladelph ia.
Baltim ore.
PerCent.
240 245
Week ending
103 108
Oct. S 1915.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
84 87
93 95
Saturday...........
26,581
$31,000
38,828
$84,554
376
$31,500
99 102
Monday________
41,677
58.000
42,531
148,503
76,700 Balt A Ohio 4^3 1907. J&D 100 IOOI4
1,169
120
125
Tuesday ............
43.329
54,600
29,180
51,561
1,210
43,560
41$s. 1918...............J&D 9912 9934
115 125
Wednesday.........
69.330
45,100
35,559
1,635
87,669
47,900 Canadian Pac (is 1924.M&S2 102% 1021O
40 45
Thursday______
89,498
22.000
50,696
42,175
1,459
50,600 Ches A Ohio 5s 1919...J-D 9434 90%
91 95
Friday_________
86,080
17,500
37,253
45,100
50,400 Chic Elev Ry 5s 1916___ J-J 92 9312
1,535
1
l2
Chic* West Ind 5s’ 17
9814 99
265
275
Total ............... 356,495 $228,200 234,017 $459,562
7,3841 $300,669 Consum Pow 6s 1917.
98>2 99% Borden's Cond Milk com.100 109%
10912 111
lll
100% 100%
Preferred___________ 100, 105 107
100% 100% Braden Copper Mlnea____ 5 *»% 9%
100 100% Casualty Co of Amerloa.1001 110
100% 100-%
142 146
Banks.
Bid
Ask
Banks.
Bid
A sk
Trust Co’s.
Int Harv 5s Feb 15 ’ 18.F-A 100% 101%
*21% 21%
H ew York
Manhattan * 300 310
N ew York
B id
100% 100% City Investing C o ........... 100| 14 20
A sk
America*__ 545 555
Mark A Fult 238 245 Astor......... 340 355
100% 100%
Preferred...................
100
70 80
_. . Mecli A Met 240 245 Bankers Tr. 430 440
Amer Exch. 205
Minn Gen El 6s 1917... J&D 100% 101% Cramp Ship A E Bldg___100
89 91
Atlantic___ 175
185 Merchants’ . 175
185 B’way Trust 144
150
New Eng Nav 6s 1917.M-N 97% 97% Ernerson-Brantinghain ..1 0 0 17 20
Battory Park 145
165 Metropolis*. 300 320 CentralTrust 985 1000
N Y N H & H 5s.May 1 1916 100% 100%
P referred........... ............. 100 49
51
Bowery *__ 400
Metropol'n * 175
185 Columbia... 495 505
Pub Ser Corp N J 5s ' 16 M&S 100% 100% ^ oldflcld Consol M ines__ 10, * l T
1%
X»
Bronx Boro* 225
260 Mutual___ 325
Commercial- 100
Schwarz & Sulzb 6s ’ 16.-J-D 100% lOHs Havana T obacco C o ____100
1% 21*
Bronx Nat.. 160
175
New Neth*. 210 225 Empire____ 290 300
Seaboard A L 5s 1916...M-S 100% 100%
Preferred______________lOOj
4
6
BryantPark* 140
150 New York Co 725 825 Equitable Tr 400 415
Southern Ry 5s 1916__ F-A 100 100%
1st g 5s June 1 1 9 2 i..J -I )j f 52
58
Butch A Dr. 100
125 New York.. 365 380 Farm L A Tr 1120 1135
5s Mar 2 1917........M-S2 98% 98% Intercontlnon Rub c o m ..100,
7
8%
Chase_____ 520
550 Pacific *___ 200 220 Fidelity___ 197 203
Sulz&8onsCo6sJ’ne 1 '16M-S 100% 101% Intcrnat Banking C o ____100 105 110
Chat A Phen 189
195
Park........... 390 400
285
UnTypew 5s Janl5’ 16 J-J 15 93% 95 Intermit M erc M arine___100!
7% 7%
Cheslsea Ex* 124
135 People’s*__ 220 235 Guaranty Tr 615 625
United Fru!t6sMay 1’ 17M-N 101% 101%
Preferred______________100 35% 36
410
Chemical__ 400
Prod Exch*. 158
165 Hudson___ 120
130
Gold notes 5s 1918..M-N 99*4 99% International M otor____100 28 29
CitizcnaCent 169
174
Public *___
175 Law Tit A Tr 98
103
U S Public Serv 6s 1918-A-O 98% 99
Preferred______________lOffl 55
60
City______ t392
Seaboard __ 410 430 LlncolnTrust 100
105
Utah Co 6s 1917______ A-O 100% 100% International Salt........... 100, 34 36
Coal A Iron. 160
167 Second........ 395 425 Metropolitan 395 410
UtahSecurCorp 6s '22 M-S15 82% 84
1st g 5s 1951.............. A-O /6S
70
__ Sherman__ 125
Colonial*... 450
135 Mut'l (WestNew York City Notes—
International Silver pref. 100 105
Columbia*.. 300 325 State *........
130
Chester).. 130
102% 102%
135
6s Sept 1916......................
1st 6s 1948.....................J-D 106 108
Commerce.. 158
100l2 23<I Ward*. 100
135 N Y Life Ins
103% 103%
6s Sept 1 1917....................
D eb 6s 1933............
J-J
Corn Exch*. 300 305
Union Exch. 134
140
A Trust.. 970 1000
Canadian Govt. Notes—
Kelly-Sprlngfield T i r o .. . 100 218*' 22*5**
Cosniopol’n * 85
100 Unit States* 500
N Y Trust.. 580 600
5s Aug 1 1916...............FA A 100 100%
1st preferred..... ............. 100 90
92
East River.. 75
82
Wash Il’ ts*. 275
TitlcGu&Tr 370 385
5s Aug 1 1917................F&A 100 100%
2d preferred....... ........... 100
Fidelity *_.. 140
155
Westch Av* 160
175 Transatlan ’c
155
Per C l. Basis K cnnecott C oppor__________ *54% 55%
Fifth Avc*-- 4200 4600
West Side*. 400 450 Union Trust 330 340
R R . E q u ip m e n ts—
B id. Ask. Lanston M onotype--------100
80 81
Fifth......... . 250 300
Yorkvllle*.. 475
550 USMtg&Tr 375
385
4.55 4.40 La Rose Consol M ines____5
Baltimore & Ohio 44$8.........
*%
*2
First______ 875 890
UnltedStates 1025 1050
Buff Roch & Pittsburgh 4 K s 4.60 4.40 Lawyers' M ortgage
100 173 178
Garfield...
195
Brooklyn
Westchester 140
4.60 4.40 Lehigh Valley Coal Sale*.50 152 157
Equipment 4s..................
Gcrm-Amer* 135
145 Coney Isl'd*
140
+!•> %
4.90 4.75 Manhattan Transit........... 20
Canadian Pacific 44$s____
German Ex* 390 410
First______ 255 265
Brooklyn
5.25 5.00 Marconi Wireless of A m er.5 ♦4 % 4\
Caro Clinchf & Ohio 5s___
Germania *. 425 475
Flatbush__ 134
142
5.05 4.80 M ortgage Bond C o _____ 100 116 121
Central o f Georgia 5s_____
Gotham___ 190
___ Grcenpolnt .
150 BrooklynTr. 470 485
Equipment 4 M s__________ 5.05 4.80 National Surety.................100 215 225
Greenwich*. 265 280
Hillside * ... 105
120 Franklin__ 240 250
6
Chicago A Alton 4 s ...
N Y M tge A Security__ 100
98 103
Hanover__ 615 630
Homestead *
90 Hamilton__ 265 275
6
Chicago A Eastern 111 5s-----N Y Title Insurance Co.lOO
35 45
Mechanics*. 130
Harriman ._ 315 325
140 Kings Co__ 630 650
6
Equipment 4 !4 s ........... ..
Nlplsslng M ines___________ 5 *7
7%
Imp A Trad. 500 510
Montauk * .. 85
110 Manufact’rs
5.25 4.75 Ohio Copper C o __________ 10
Chic Ind A Loulsv 4 >$3-----*%
u
165
175
195 205
140
4.45
4.00
Chic St L A N 0 5 S ................
Otis Elevator co m ______ 100
71
73
Liberty___ 630
Nation’ICIty 270
280 People’s___ 280 287
4.50 4.30
C h ic a g o * N W 4FSs............
Preferred......................... 100 91% 91
Lincoln ___ 310 330
North Side*. 175
200 Queens Co..
80
7.50 5.50 Realty Assoc (Brooklyn) .100 94 99
Chicago R I A Pac 4 H s -----People’s ___ 135
145
5.10 4.80 Remington Typewriter—
Colorado A Southern 5 s . . .
4.05 4.75
C om m on..... ............... ..1 0 0
10 11
•Banks marked with a (*) are State banks. tSale at auction or at Stock Ex Erie 5 s . . .................. - .............
4.95 4.75
Equipment 4 M s................
change this week.
1st preferred__________ IOC 49
53
4.95 4.75
Equipment 4s---------------2d preferred__________ 100 30
33
4.85 4.70 Rlkcr A IIcgo'n(Corp forstk) *5% 6
Hocking Valley 4s------------Equipment 5s___________
4.85 4.70 Royal Baking Pawd com . 100 150 155
4.55 4.40
Illinois Central 5s------------Preferred______________100 102 104%
_AII bond prices are “ and Interest” except where marked “ f.
4.55 4.40 Safety Car Heat A Light. 100 125 127
4 M s .....................................
Kanawha A M ichigan 4 M « -- 4.90 4.65 Singer M fg C o __________ 100 210 215
Per sh are.
4.50 4.30 Standard Coupler c o m ..100 25 35
Standard Oil Stocks Pe rShare
I.oulsvllle A Nashville 5s.
Par B id . A sk.
__ .
Par B id. Ask. Pierce Oil Corp................ 25 * lli2 12
M inn St P A S S M 4 M s____ 4.75 4.50
Preferred_____ ________ i M 100
Anglo-Amer Oil new__
♦17
Missouri Kansas A Texas 5s. 6.50 5.50 Sterling G um ..............
5 *2% 2%
17D
418
Atlantic Refining.......... .100 660 665 Prairie Pipe Line........... 100 203 205
7.50 5.50 Texas A Pacific C oal____10(1 150 175
Missourl Pacific 5s................
Borne-Scrymser Co___ .100 265 275 Solar Refining________ 100 280 285
5.15 4.90 Tonopah Exteiwlea M ia __ 1 *2% 2%
M obile A Ohio 5s__________
5.15 4.90 Trianglo Film _____ ________ 5 *7% 7%
Equipment 44$s................
Buckeye Pipe Line C o.. ..50 *113 115 Southern Pipe Line C o.. 100 228 232
4.90 4.75 United Profit Sharing______
Chesebrough Mfg Cons. .100 720 740 South Penn Oil________ 100 343 346
New York Central Lines 53*2
2%
4.90 4.75 U S Casualty......................100 190 210
Colonial Oil.................. .100 135 145 Southwest Pa Pipe Lines. 100 125 130
Equipment 4 M s................
4.85 4.65 U S Envelope co m ______ 100 129 134
Continental Oil........... .100 257 263 Standard Oil (California) 100 317 319
N Y Ontario A West 4 M a ...
4.50 4.30
Crescent Pipe Line C o.. -.50 *47
Norfolk A Western 4M s-----50 Standard Oil (Indiana)..100 467 471
Preferred......................... 100 103 100%
4.50 4.30 U S F in ish in g................... 100 11 15
Cumberland Pipe Line. .100 65
Equipment 4s........... ........
70 Standard OH (Kansas) ..100 425 435
4.35 4.20
Eureka Pipe Lino Co__ .100 265 275 Standard Oil of KentuckylOO 335 340
Pennsylvania R R 4 M s-----38%
Preferred______________100 33
4.35 4.20
Galena-Signal Oil com.. .100 159 162 Standard Oil of NebraskalOO 340 350
Equipment 4s....................
1st g 5s 1919--------------J-J
90
6.50 5.00
Preferred........... ....... .101) 135 140 Standard Oil of New Jer. 100 483 486
St Louis Iron M t A Sou 5s.
Cons g 5s 1929------------J-J
68 73
Illinois Pipe Lino......... .100 150 153 Standard Oil of New Y’rklOO 206 209
6
St Louis A San Francisco 5s.
U S Title Gil A Indent — 100 30
50
4.90 4.60 Westchester A BroHx Title
Indiana Pipe Lino C o.. -.50 *108 112 Standard Oil of Ohio___ 100 505 515
Seaboard Air Line 53Intcrnat Petroleum___ ..£1
4.90 4.60
Equipment 4 Ms—
A M ortgage G uar......... 100 165 180
*9>8 9% Swan A Finch_________ 100 130 135
National Transit Co__ ..25 *32
4.55 4.40 W orthington (II It) C om
Southern Pacific C o 4 M »__
34 Union Tank Line Co___ 100 83 84
New York Transit C o.. .100 220 225 Vacuum Oil.................. 100 218 221
Southern Railway 4 Ms
4.85 4.65
pany pref--------------------- 100 94
97
4.90 4.70 Yukon Gold ......................... 5 *2% 2%
Northern Pipe Lino Co. .100 107 110 Washington Oil........... ..10 *43 46
Toledo A Ohio Central 4s__
Ohio Oil C o ................ -.25 *154 156
Ronds.
•Per
share.
6
Basis,
d
Purchaser
also
pays
acorued
dividend.
e New stock.
Penn-Mex Fuel Co........ 25 ♦57 60 Pierce Oil Corp conv 6s. 1924 79 81
/ Flat price, n Nominal, x Ex-dlvldend. 1/ Ex-rlghts.
New York City Banks and Trust Companies
Inactive and Unlisted Securities
THE CHRONICLE
Oot. 9 1915.]
1 177
\ n v tts tm m i u n it l ^ a i lr x r a x t % n U llx Q m t z .
R A I L R O A D
G R O S S
E A R N I N G S
T h e fo llo w in g t a b le s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a ilr o a d fr o m w h ic h r e g u la r w e e k ly o r m o n t h ly r e tu r n s
•an b e o b t a in e d . T h e fir s t t w o o o lu m n s o f fig u r e s g iv e t h e g r o s s e a r n in g s fo r t h e la t e s t w e e k o r m o n t h , a n d th e la s t t w o
o o lu m n s t h e e a r n in g s f o r t h e p e r io d fr o m J u ly 1 t o a n d in o lu d in g th e la t e s t w e e k o r m o n t h .
W e a d d a s u p p le m e n t a r y
s t a t e m e n t t o s h o w t h e fis c a l y e a r t o t a ls o f t h o s e r o a d s w h o s e fis c a l y e a r d o e s n o t b e g in w it h J u ly , b u t o o v e r s s o m e o t h e r
p e r io d .
T h e r e t u r n s o f th e e le c t r ic r a ilt e a y a a r e b r o u g h t t o g e th e r s e p a r a t e ly o n a s u b s e q u e n t p a g e .
L a test G ross E a r n in g s .
RO A D S.
W eek or
M o n th .
C u rre n t
Y ear.
July 1 to L a te s t D a te .
P re v io u s
Y ear.
C u rr e n t
Y ear.
P re v io u s
Y ear.
L a test G ro ss E a r n in g s .
R 0A D 3.
W eek o r
M o n th .
C u rr e n t
Y ear.
July 1 to L a te st D a te .
P re v io u s
Y ear.
C u rr e n t
Y ear.
P re v io u s
Y ear.
S
i
S
Ala N O & Tex Pac%
S
282 .804
586,806
293,652 317,245
N O & Nor East August __
143,208 160*765
65*0,881 N O Mobile Sc Chic. August . . .
342,357
251.544
Ala & Vicksburg A ugu st__
,512,543
127,507 138,626
272,842 N Y N II & H artf.. August . . . 6,264,053 5,756,909 12,511 ,713
240,006
Vicks Shrov&Pac. A ugu st__
912,030 1,000,730 1,873 ,602
271,374 N Y Ont Sc Western August . . .
.993,291
118,909 135.769
66,979
590,946
635 .540
Ann Arbor________ 4thwk Sept
624,857 N Y Susq & W est.. August . . .
59,357
317,750 315,072
604,704
677 ,910
Atch Top & San Fo. A u g u st__ 10904377 10166489 21,326,719 19,775,732 Norfolk Southorn.. August . . .
345,465 328,471
694,200
450,081
Atlanta Birm Sc Atl A ugu st__
504,406 Norfolk & Western. August . . . 4,729,492 3,996,567 9,196 ,836
.746,302
219,227 243,735
_
198,052
Northern
Pacific_
August . . . 6,076,329 6,075,933 11,426 .113
206,823
101,268 107.251
Atianta & West P t. A ugu st__
.867.995
919 ,333
Atlantic Coast Lino August .
2,017,173 2,213.766 4,194,560 4,751,905 Northwestern Pac . August . . .
456,831 404,445
833,244
236,762
Chariest Sc W Car August —
609 ,596
609,596 589.470
289,084 Pacific Coast C o__ July _____
120,169 146,022
5H9.470
237,748
126,720 130,836
Lou Ilencl Sc St L A u g u st__
255,545 z Pennsylvania R R . . August____ 17674 765 17001206 34,430 ,410 33 .069,793
Balt Ches& A t l.. August____
153,448 166,760
9.348,857 8,700,376 18,019,610 16,847,064
(/Baltimore & Ohio- August .
307 ,208
341,523
Cumberland Vail. August____
262,765
276,764 282,482
134,559 147,371
521 .351
B & O Oh Tor RR August .
286,032
522,736
August____ 1,472,452 1,505,277 3,025 ,805
462,793
Long Island...
Bangor Sc Aroostook August —
238,611 232,846
475,190
,025,083
Maryl'd Del & Va August____
114,236 121,574
Bessemer Sc L Erie A ugu st__ 1,268,925 1,150,608 2,534,732 2,269,071
220 ,356
233,679
84,038
N Y Phlla Sc Norf August____
137,470
862 ,694
68.971
381,230 363,123
Birmingham South. A ugust__
174,695
805,742
4,305,024 4,400,884 8,404,260 8,642,927
Phil Balt & Wash August____ 1,920,926 1,905,048 3,825 .613
Boston & Maine.
August .
,757.065
W Jersey & Scash August____ 1,018,421 1,010,298 1,913 ,526
Buff Roch & Plttsb. 4th wk Sept 386,576 279,008 2,972,690 2.852,164
,841,603
121,549 143,936
237,614
Buffalo & Susq UK. August —
259,521 Pennsylvania C o __ August____ 5.779,671 5,496,066 11,419 ,695
.694,560
Grand Rap Sc Ind August____
Canadian Northern 4th wk Sept 832,200 764,500 4,413,600 5,071,900
958 ,726
503,769 560,140
.049,719
Pitts C C & St L . August____ 3,747,744 3,585.259 7,137 ,930
Canadian Pacific . - 4th wk Sept 3,371,000 3,295,000 26,681,827 30,978,736
.061,469
899.996 1,031,504 1.887,824 2,197,875
Vandalla____
August____
Central o f Ooorgia. August —
980,608 1,004,976 1,901 ,863
.961,438
Cent o f Now Jersey August — 2,978,315 2,878,392 5,700,930 5,602,994 Total lines—
358,211 314,877
722,352
East Pitts Sc Erie August____ 23616954 23011495 46,269,487 44.823,078
Cent Now England August —
591,870
341,210 361,957
661,812
West Pitts & Erie August____ 11152 942 10792320 21,697,425 21,045,371
Central Vermont— August —
698,057
Chos & Ohio Lines 4th wk Sept 1,308,678 1,147,532 11,485,788 10,297,297
All East & West. August___ 34769896 33803817 67,966,912 65,868,451
Chicago Sc Alton— 3d wk Sept 338,520 320.252 3,544,683 3,481,223 Pero M arquette.. August . . . 1,629,418 1,624,690 3,182,022 3,003,617
Chic Burl Sc Quincy A ugu st---- 8,147,525 8,742,382 15,521,650 16,603,955 Reading Co—
1,334,129 1,385,512 2,525,724 2,700,965
/ Chicago & East III August .
Phila & Reading. August . . . 4,230,252 4,129,396 8,313 .451
.951,195
/; Chic Great VVost. 4th wk Sept 299.996 298,270 3.594.374 3,738,623
Coal & Iron C o .. August . . . 1,973,932 2,477,393 3,791 .212
,300,345
Chic I ml & Louisv - 4til wk Sept 199,700 175,907 1.875.375 1,841,174
Total both cos__ August . . . 6,204.184 6,606,789 12,104 .663
,251,540
A
ugu
st_
_
8,285,177
8,189,202 10,504,458 16,014,188 Rich Fred & Potom August —
Chic Milw Sc St P.\
464 .653
211,727 207,916
465,829
Rio Grande June__ J u ly _______
Chic Mil Sc PugS!
76 .558
78,505
76,558
78.505
cChic Sc North West A ugust__ 7,937 .061 8,378,083 15,127 ,409 15,740,894 Rio Grande South. . 4th wk Sept
142 ,754
17,112
14,490
143,180
A
ugu
st_
_
143 ,810 160,126
Chic Peoria Sc St L .
271 ,224
314,497 Rock Island L inos.. July _____ 5,666,486 6,035,758 5,666 ,486
,035,758
eChic St P M Sc Om August — 1,498 ,741:1,708,324 2,932 .074
640 ,955
327,198 325,279
632.187
,289,313 Rutland................... August —
Chic Terre II & S E A ugu st__
177 ,854 198,631
341 ,124
388,944 St Jos & Grand Isl. A u g u s t ___
245 ,653
129,496 140,171
336,279
Gin Ilam Sc Dayton A ugu st__
994 086
“ ~ 977,456 1,914 ,837
424 ,385
,916,194 St L Brownsv & M . A u g u s t ___ 241,079 226,616
426,192
Colorado Midland. August . .
137 181 201,686
259 ,098
336,710 St L Iron M t & Sou J u l y ______ 2,432.048 2,735.066 2,432 .048
735.066
b Colorado & South 4th wk Sept 417 ,742 396,575 3,628 ,078
,545,421 St Louis Sc San Fran J u l y ______ 3.550,223 3,815,950 3,550 ,223
815,950
C ornwall----A ugust__
10 329
12,519
21 ,438
24.974 St Louis Southw__ 4th wk Sept 316,000 278,000 2,750 ,822
761,309
Cornwall & Lebanon A ugu st__
35,299
34 ,673
75 ,301
61,789 San Ped L A Sc S L . A u g u s t ___ 958,193 770,009 2,041 ,655
648,800
Cuba Railroad------ A ugust__
416 ,634 343.487
830 ,724
726,031 Seaboard Air Line. . A u g u s t ___ 1.576,580 1,690.828 3,204 ,225
523,999
Delawaro& Hudson J u l y ......... 2,045 150 1,997,294 2,045, ,150
,997,294 Southern Pacific__ A u g u s t ___ 13207856 11672157 26.171 .060
305.077
Del Lack Sc Western A ugu st__ 3,758 ,762 3,715,617 7,145 ,834
,467,622 Southern Railw ay.. 4th wk Sept 1,727,152 1,749.180 16,012 ,011
902,895
Denv A Rio Grande 4th wk Sept 751 5001 701,400 6,060 ,400
Mobile Sc Ohio__ 3d wk Sept 222.973 212,007 2,425 .868
,333,030
781,123
Wcstorn Pacific.. August . .
722 592 553,804 1,425, 043
C in N O & T e x I>. 4th wk Sept 263.991 220,688 2,350 ,555
,115,043
435,444
Denver & Salt Lake 2d wk Sept
39 ,100
35,694
420 ,770
Ala Great South. 4th wk Sept 126,197 139.329 1,176 ,526
401.740
255,231
Detroit Tol & Iront August —
164 129 181,652
297 231
Georgia So & Fla. 3d wk Sept
333,242
484 ,931
45,720
46,860
542,594
Detroit & Mackinac 4th wk Sept
27 ,686
32,697
271 ,967
303,569 Spok Port & Seattle July __
425,955 470.694
425 .955
470.694
Dot Sc Tol Shore L . July _____ 105 897
91,974
105,,897
1,956 . 20 ,816
91.974 Tonn Ala & Georgia 4th wk Sept
1,796
21,422
917 989 685,698 1,780 ,388
Dul Sc Iron Rango A u gu st__
262 ,088
132,214 140,625
,497,952 Tonnessce Central . A u g u s t ___
294,778
96 ,422
Duluth So Sh Sc Atl 4th wk Sept
91,530
940 ,133
8/9,649 Texas & Pacific___ 4th wk Sept 478.341 465,099 4,383 ,723
.355.049
993 ,467 831,572 1,875 ,934
Elgin Joliet Sc East- August —
8,012
6,982
,631,920 Tidowater & W est. August —
15 .768
15,553
813 ,928 704,910 1,562, ,771
El Paso & Sou Wost August —
37,488
41,900
313 ,841
340.066
,445,069 Toledo Peor Sc West 4tli wk Sept
95,677 1,252 ,521
Erio______________ A ugust__ 5,945 ,766 5,488,767 11,618 ,894
,908.348 Toledo St L & West 4th wk Sept 102,320
,196,742
August
—
345 ,453 299,293
Florida East Coast.
708 ,240
83,193
59,042
111 ,877
591,159 Trinity & Brazos V . August —
219.010
80 ,347
90,198
Fonda Johns & Glov August —
166, 220
180,434 Union Pacific Syst. A u g u s t ___ 8,446.063 8.468,027 16,292 .929
,027,264
219 ,188 251,226
424 ,965
Georgia Railroad. . August —
506,652 Virginian-------------- A u g u s t ___ 641,644 527,604 1,230 ,260
.042,115
732 ,241
Grand Trunk I’ac— 3d wk Sept 107 ,958 110,479
152,719 178,076
,054,728 *Virginia & So West. August t___
298 ,928
347,378
Grand Trunk Syst. 4th wk Sept 1,416 ,933 1,403,695 13,088 ,868
,249,318 W abash__________ A u g u s t ___ 2,813.256 2,792,630 5,235 ,739
,442,083
Grand Trunk Ity. 3d wk Sept 830 ,911 875,707 0,800 ,228
,511,766 Western Maryland. 4th wk Sept 271,265 221,975 2,623 ,551
,200.248
Grand Trk West 3d wk Sept 159 ,996 152,691 1,769, 076
667,792 516,541 1,229 ,598
,720,839 Whool & Lake Erio. A u g u s t ___
,047,635
60 ,636
54,363
Dot Or II Sc Milw 3d wk Sept
693 ,107
19,244
612,344 Wrightsvilio & Tenn A u g u s t ___
16,821
30 ,363
37,863
Great North System September 7,869 ,616 8,081,031 19,890 ,367
,838,132 Yazoo & Miss Vail. A u g u s t ___ 996,254 925,111 1,897 ,044
.778.302
145 841 150,765
Gulf Sc Ship Island. August —
285, ,862
300.445
650 074 711,035 1,193, 210
Hocking Valloy----- August —
.162,449
Illinois Central____ August — 5,529 843 5,845,350 10,408, 669
,241,473
C u rre n t
P re v io u s
598 049 727,346 1,257, ,748
Intornat & Grt Nor August —
P e r io d .
V a rio u s F i s c a l Y e a r s .
Y ear.
Y ear.
.466,284
290 760 325.488
Kanawha Sc M ich .. August —
568, 300
604,882
Kansas City South. A ugust__
807 407 885,643 1,638 ,703
,830,908 Buffalo Sc Susquehanna R R ___ Jan 1 to Aug 31 $912,139 $935,344
Lehigh Valloy------- A ugust__ 3,779 ,598 3.770,347 7,513 ,360
,352,428 Delaware & Hudson__________ Jan 1 to July 31 12,826,449 12,745,338
161 ,397 157,878
Lehigh Sc Hud River August —
315 ,492
296,480 E rie__________________________ Jan 1 to Aug 31 41,232,933 39.351,864
270 ,009 225,263
Lehigh & Now Eng. August —
590 ,011
458,605 Now York Central.e__________
1 to Aug 31 103873494 100056767
132 462 180,762
Louisiana & Ark— August —
Boston & Albany___________
269 ,351
336,539
1 to Aug 31 11,180,554 11,015,638
Louisiana Ity & Nav J u l y _____ 169 ,239 167,891
169 ,239
Lake Erie & Western.» _____ Jan 1 to Aug 31 3,830,691 3,759,821
167,891
sLouisville & Nashv 4th wk Sept 1,443 820 1,347,987 13,914 ,754
Michigan C entral__________
,110,885
1 to Aug 31 22,851,323 22,121,986
10 ,034
Macon Sc Birm’ham August —
12,366
21 ,063
CIovo Cine Chic & St L ouis..
26,861
1 to Aug 31 23,769,308 23,097,992
Maine Oontral___ August — 1,050 ,510 1,066,623 2,047, ,480 ,081,491
Cincinnati Northern________ Jan 1 to Aug 31
996,389
925,222
40 ,525
48,067
Maryland Sc Ponna. August —
77, 007
Pittsburgh Sc Lake Erie_____ Jan 1 to Aug 31 10,517,276 11,017,340
88,410
145 ,706 125,783
Midland Valley____ August —
270, 973
Now York Chicago Sc St Louis Jan 1 to Aug 31 7,699,581 7,450,67-4
242,049
29 ,174
18,225
Mineral Range___ 4th wk Sept
Tolodo & Ohio Contral______ Jan 1 to Aug 31 2.893.412 2,917.289
271, ,455
212,241
All nil & St Louis.. 4th wk Sept 236 ,825 235,942 2,628, 636
Total all lin os___________ Jan 1 to Aug 31 187612028 182362719
,664,423
Iowa Central__
N Y Susquehanna & Western— Jan 1 to Aug 31 2.638.571 2,590.770
Minn St P Sc S S M . 4th wk Sept 905,868 940,715 7,901, 157
,899,124 zPentisyl vania R a ilr o a d ________ Jan 1 to Aug 31 122589414 12485634*
64,447
Mississippi Central. August —
80,754
132, 003
160,193
Baltimore Chesap Sc Atlantic Jan 1 to Aug 31
793,966
842,86ft
u M o Kan & Texas. 4tli wk Sept 809,232 857,582 7,701, 077
Cumberland Valley_________ Jan 1 to Aug 31 1,901,552 2,231,19?
,108,774
x Missouri Pacific. . 4th wk Sept 1,772,000 1,802,000 14,935, 604
Long Island________________ Jan l to Aug 31 9,078,805 9.042,931
034.446
Nashv Ohatt & St L A ugu st__
945,700 985,872 1,888, 083
,057,652
Maryland Delaw & Virginia. Jan 1 to Aug 31
599,0 51
626,051
10,521
13,384
Nevada-Cal-Oregon 3d wk Sept
105, 289
106.552
N Y Philadelphia Sc Norfolk. Jan 1 to Aug 31 2,728,944 2,59S,80I
e Now York Central A ugu st__ 14458039 13874907 28,320, 511
,904,465
Phila Baltimore & Washing’n Jan 1 to Aug 31 13,542.230 13,575,99,
Boston & Albany. A u gu st__ 1,525,749 1,487,009 3,061, 017
,957,189
West Jersey & Seashore_____ Jan 1 to Aug 31 4,691,748 4,557,935
n Lake Erie & W_ A u gu st__
575,173 560,603 1,004, 551
074.553 Pennsylvania C o m p a n y _______ _ Jan 1 to Aug 31 36,635,916 36,956,17ft
Michigan Oontral A ugu st__ 3,243,727 3,021,357 6,293, 209
859,699
Grand Rapids Sc Indiana___ Jan 1 to Aug 31 3,425,257 3,588,38?
Olevo O O Sc St L A ugu st__ 3,563,590 3,367,000 6,727, 048
,514,147
Pitts Cine Chic & St Louis__ Jan 1 to Aug 31 25,577,541 26.228,457,
Cincinnati North. A u g u st__
288, 910
287,622
149,892 157,402
Vandal ia___________________ Jan 1 to Aug 31 7,058,861 7,159.750
Pitts Sc Lake Erie A ugu st__ 1,823,899 1,518,102 3,479, 332
021,763
Total lines— East Pitts & Erie Jan 1 to Aug 31 159031218 161500860
N Y Chic & St L . A u g u st__ 1,053,086 907,114 2,017, 874
— WestPitts Sc ErielJan 1 to Aug 31 73,715,403 74.999,80 0
,887,772
Tol Sc Ohio Cent. August __
— All Lines E & W . Jan 1 to Aug 31 232746 620 236500 661
821, 348
418,381 544.932
861,339
Tot all linos abovo A u gu st__ 26811530 25504186 52,073, 890
1 to July 31
368.553
539,333
563,483
Now Orl Great Nor- July .........
140, 970
155,069 R u tla n d -------------------------------- Jan 1 to Aug 31 2,274,300 2.312,235
140.970 155.069
------- 8
AGGREGATES OP GROSS EARNINGS— Weekly and Monthly.
• W eekly S u m m a rie s .
C u rr e n t
Y ear.
P re v io u s
Y ear.
In c r e a s e o r
D ec rea se.
%
♦M o n th ly S u m m a r ie s .
C u rr e n t
Y ear.
P re v io u s
Y ear.
In c r e a s e or
D e c re a s e .
$
C u r. Y r . P rev. Y r .
M ile a g e .
*
$
S
$
wcok July (35 roads)____ 11,060,669 12.259,162 — 1,198,493 9.77
November -.246.497 242,849 240,235.841 272,882,181 —32.646.340 11.96
week July (37 roads)____ 17,072,024 18,470,398 — 1,398,374 7.61
December -.246,807 243,242 232.598.369 258,285,270 — 25.686,901 9.94
weok Aug (36 roads)___ 11.601.061 12,567,332
— 966,271 7.90 January — —246.959 243,559 220.282,196 236,880.747 — 16,598,551 7.01
weok Aug (37 roads)___ 11,965,891 12,618,877
— 652,986 5.17
February . —246,186 242,837 210,860,681 212,163.967 — 1,303,286 0.61
week Aug (36 roads)------ 12,220,564 12,778,103
— 557,539 4.62 M a rch __ -.246,848 243,598 238.157,881 253,352.099 — 15,194.218 5.99
week Aug (33 roads)------ 16,778.185 17,122,595
— 314,410 2.01
A p r il___ -.247,701 245.170 237.696,378 241,090,842 — 3.394.464 1.41
weok Sopt (36 roads)------ 12,032,766 12,057,576
— 24,810 0.20 M a y _____ ..247.747 245.207 244,692.738 243.367,953 + 1.324.785 0.54
weok Sopt (37 roads)------ 13,108,847 13,38 4,850
— 276,003 2.07 June_____ -.240,219 235,828 248,849,716 247.535,879 + 1.313.837 0.53
weok Sopt (35 roads)----- 13,332,571 13,319,783
— 17,212 0.13 July_____ -.243,042 241,796 262.948.115 260,624,000 + 2,324.115 0.89
weok Sopt (32 roads)----- 17.767.161 17,081,048
+685.113 4.01
August - 89,582
88.047 69,231,248 73,122.210 — 3,890,962 5.32
6 Does not Include earnings o f Colorado Springs Sc Cripple Crook District R y. e Includes the Lake Shore Sc Mich. So., the Chicago Ind. & 8o>.
the Dunkirk Aileghony Valley & Pitts., tho New York Sc Ottawa, the St. Lawrence Sc Adirondack and the Ottawa Sc New York Ry., the latter of
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. / Includes Evansville & Terre Haute and Evansvlllo Sc Indiana RR. o Includes Cleveland Lorain Sc Wheeling Ry. In both years, n Includes the Northern Ohio ItR. p Includes earnings of Mason
Olty Sc Fort Dodge and Wisconsin Minnesota Sc Pacific, s Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati, u Includes the Texa«
Central and the Wichita Falla Lines v Includes not only operating revenues, but also ail other receipts, x Includes St. Louis Iron Mountain Sk
Southern. * Includes the Northern Central beginning July 1 1914
* We no longer include the Mexican roads in any of our totals
FRASER
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
Digitized for
THE CHRONICLE
1178
L a test Gross E arn in gs by W e e k s.— In the table which
follows we sum up separately tho earnings for the fourth week
of September. The tablo covers 32 roads and shows 4 .0 1 %
increaso in the aggregate over the same week last year.
F o u rt h w eek o f S ep tem b e r.
1915.
1914.
In c r e a s e . D ec re a se .
s
8
126,197
139,329
Alabama Great SouthernAnn Arbor_____________
59,357
66,979
279,008
Ruffalo Rochester & Pittsburgh
386,576
Canadian Northern__________
764,500
832,200
Canadian Pacific_____________ 3,371,000 3,295,000
1,308,678 1,147,532
Chesapeake & Ohio---------------298,270
299,996
Chicago Great Western______
199,700
175,907
Chicago Ind & Louisville_____
220,688
263,991
Cine Now Orl & Texas Pacific 417,742
396,575
Colorado & Southern________
701.100
751,500
Denver & Rio Grande________
27,686
32,697
Detroit & Mackinac_________
95,422
Duluth South Shore & A tl___
91,530
Grand Trunk o f Canada______
1,416,933 1,403,695
Grand Trunk Western_____
Detroit Gr Hav & M ilw____
Canada Atlantic__________
1,443,820 1,347,987
Louisville & Nashville____ -_
29,174
18,225
Mineral Range_______________
235,942
236,825
Minneapolis & St Louis______
Iowa Central_____________
965,868
940,715
Minneapolis St Paul & S S M_
857,582
809.232
Missouri Kansas & Texas______
1,772,000 1,802,000
Missouri Pacific_________
14,490
17,112
Rio Grande Southern___
278,000
316,000
St Louis Southwestern__
1.727,152 1,749,180
Southern Railway_______
1,796
1.956
Tennessee Alabama & Georgia.
478,341
465,099
Texas & Pacific__________
37,488
•11,900
Toledo Peoria & Western. _
95,677
102,320
Toledo St Louis & Western
271,265
221,975
Western Maryland_______
17,767,161 17,082,048
107,568
67,700
76,000
161,146
1,720
23,793
43,303
21,167
50,100
‘ 3",892
S
13,132
7,022
/A fte r allowing for other income, operating income for Aug. 1915 was
8182,236, against 8253,271; from July 1 to Aug. 31, was $382,673 in 1915
against 8437,336 last year.
h After allowing for miscellaneous charges to income for tho month of
Aug. 1915. total not earnings were $294,053, against $375,206 last year,
and for tho period from July 1 to Aug. 31 were $420,898 this year, against
$619,980.
n Those figures represent 30% of gross earnings.
s After allowing for miscellaneous charges to income for Hie month of
August 1915, total not earnings were 391,090 against 883.088 last yoar,
and for the period from July 1 to Aug. 31 were $150,605 this year against
8159,724.
O 05 <0.1
COCO
Cb
‘O
ci :o eoci h ^. h
— -hci io co Xh-eo
cqci cqcqCqOCqO <qci go-hCl<qoq
—ci rt
la
13,242
4.412
6,643
49.290
814.038
ks
i
i.
48,350
30.000
2,622
I I 11
to
COCO O ci C5 Cl o o 0 0 5 H O O CO ■ * 2 .0*0
C5
00 00 CO—« O Cl ci Cl H*— CO—1 COCT5co O
« h o o f-_o eqeq
cqci —ico
i-'NfTo — H*rJ N O » tCOo ' — t- f x x f- >o HiCOOCO
’H
C J O C lM —lfO
•^CO
—I Hid
<C^1 N- 10CO
OX iO-i t-
I
£ .
t ' O — N- O -h
-IO
'3
o3
« c q ih co
N- iO X <q
X co'
cox
Hi
CIO
-1
—l
<30
to
c-i iq o c i o o
cq— i o o x
o ' 2 C°"co" X CO —<X "0 Hi’ — co
—'
C|C H M
—I
# —I T}1 X
— Cl
*
.
•HCO
a
o
o
cq co
H’CO
128,925
rt
con i-i x
c i *o — x
M o n th o f Sep tem b er.
1915.
1914.
In c r e a s e
22,042
%
N et E arn in gs M o n th ly to L a te st D a te s.— The tablo
following shows tho gross and not earnings of S T E A M
railroads and industrial companies reported this week:
----- G ross E a r n i n g s ----- ------ N e t E a r n in g s -----R o a d s.
P r e v io u s
Y ear.
C u rr e n t
Y ear.
P re v io u s
Y ear.
$
S
S
56,859
Bangor & Aroostook____Aug 238.611
232,816
462,793
475.190
93,386
July 1 to Aug 31--------Chesapeake & O h io .b __ Aug 3,973,598 3,519,057 1,475,712
July 1 to Aug 31----------- 7,616,175 6,783,155 2,733,315
/i379,013
Chicago & A lton .a______ Aug 1.375,058 1.328,562
July 1 to Aug 31______ 2,563,416 2,607,999 h585,408
Chic Burl & Quincy_b--Aug 8,147,525 8,742,382 3,029,139
July 1 to Aug 31______15,521,650 16,603,955 5,342,826
255,161
Chicago & East III-b— Aug 1,334.129 1,385,512
43 7,642
July 1 to Aug 31_ 2,525,724
2,700,965
224,047
Chicago Ind & Louisv b Aug
631,045
636,102
393,885
July 1 to Aug 31_ 1.199,184
1,232,169
Cin Ham& Dayton - b - - Aug
991,086
977,456
291,970
July 1 to Aug 31______ 1,914,837 1.916,191
545,262
Denver & Rio Grande a Aug 2,243,211 2,089,857
744,367
July 1 to Aug 31______ 4,245,611 4,093,487 1,273,449
Western P acific. b ____ Aug 722,592
553,804
286,300
567,583
July 1 to Aug 31______ 1,425,043 1,115,043
112,487
Duluth So Sh & A tl-b --A u g
324,871
301,087
207,366
July 1 to Aug 31--------633,354
594,444
Great Northern_b_______Aug 6,162,627 6,916,656 3,007,939
July 1 to Aug 31---------12,020,751 13,757,102 5,743,294
Louisiana & Arkansas b Aug
132,462
180,762
33,726
July 1 to Aug 31--------269,351
336,539
70,956
Louisville & Nashville b Aug 4,628,371 4,705,215 1,521,933
July 1 to Aug 31______ 9.114.214 9,508,858 2,891,202
Mineral R ango.b______ Aug
89,919
74,818
30,423
July 1 to Aug 31______
179,251
153,039
55,856
Minneap & St Loui3.a-.-Aug 822,665
904,698 /2 1 1,856
July 1 to Aug 31______ 1,615,339
1,689,445 /434.881
Minn St P & S S M .a —Aug 1,569.391
1,540,242 486,818
July 1 to Aug 31______ 3,019,190
3,126,585 910,002
Chicago Division.a__Aug
969,641
920,315 345,978
July 1 to Aug 31........... 1,908,031
1,819,493 672,233
M o Kan & Texas_b___ Aug 2,653,342
2,699,334 817,995
July 1 to Aug 31______ 5,170,516
5,416,034 1,422,614
Norfolk & Western_b— Aug 4,729,492
3,996,567 1,981,773
July 1 to Aug 31______ 9,196,836
7,746,302 3,837,796
Pore M arquette.a______ Aug 1,629,418 1,624,690
488,593
July 1 to Aug 31______ 3,182,022
3,003,617 867,459
Rich Fred & PotOUi-b--Aug 211,727
207,916
75,211
July 1 to Aug 31______
464,653
465,829 181,638
Rio Grande Junction__ July
76,558
78,505 rz22,967
Dec i to July 31______
539.333
563,485 *161,800
Rio Grande Southern.b-Aug
45,589
49,252
9,806
July 1 to Aug 31______
90,933
93,322
19,333
Rutland , b _____________Aug
327,193
325,279
103,859
Jan 1 to Aug 31______ 2,274.300
2,312,238 629,427
St Louis Southwest.a.-Aug
862,195
953,967 166,466
July 1 to Aug 31______ 1,763,822
1,880,309 403,175
Toledo St L & W esb-a.-Aug 441,466
410,997 sl34,160
July l to Aug 31______
841,034
813,557 s232,G70
Virginian, a ____________ Aug 641,644
572,604
308,369
July l to Aug 31______ 1,230,260
1,042,115 566,332
W abash_b_____________ Aug 2,813,256 2,792,630
909,562
July 1 to Aug 31______ 5,235,739
5,442,033 1,413,222
S
40.979
90,224
1,156,500
2.091,519
*425,042
h 7 19,959
3.514,495
6,266,214
417,990
840,065
191,383
357,677
242,463
466,951
500,709
937,373
124.755
249,216
77,066
138,521
3,592,133
6,872.272
70,593
119,063
1,169,889
2,424,942
22,312
48,237
/274.403
/471.999
372,561
839,699
269,550
531,745
806,670
1,549,701
1,446,490
2,680,803
457,313
724,950
63,532
168,399
*23,551
n169,047
11,106
20,380
93,136
456.663
180,556
337,871
s l 14,384
3220,316
250,332
413,795
847.664
1,587.467
IN DU STRIAL COMPANIES.
Adirondack El P o w .a —Aug
112.501
98,062
49,149
Jan 1 to Aug 31______
826,915
808,332 337,335
Huntington Dov & G .a -A u g
26,950
8,972
16,970
Jan 1 to Aug 31______
165,544
62,112 101,362
Pacific L t & P C o rp .a .-A u g
263,833
237,014 185,129
Jan 1 to Aug 31______ 1,906,859
1.734,019 1,277,661
24,072
262,682
5,170
33.501
160,057
1.022.106
a Not earnings here given are after deducting taxes,
b Net earnings hero given aro before deducting taxo3.
m
0.03
It will bo seen that there is a gain on the roads reporting
in the amount of $22,042, or 0.03 % .
C u rren t
Y ea r.
,J
5 cqjr v>
In T 05
rQ
d
10 <r>
^ Cl w CO o ) xX X ")l O O rt co S H (D w
ifl O "t cf co O 4 H O CGCO !
-h O r co'o
c-r}i o o O N
X O-H .
H h X COC3lno
io
oo x_oo Hi uqcqcq cqoi h h o x c? rji iqoo x r f o n
o
Cl —q o cox
' r~ r—
—ioQ 'O
lOm
—
—
—
AX
*, rf1
-*—
in Cl lO
.r. C
al, —
,
-H f. O — OCO
fO
cc
—
I
ci
X
H
fc
x COIO
Cfl X
co
rf
t■T o COHI COio HTji ICO f|Uj H(OOh NO HtO
Hi
x X H
i co
c:— — ■X COt- Cl rp
■Ort< HN Cl Cl -to f. x
5HiCOX O '0—
1HiCl ri C5 CIX
, o 'q ci x
Hi
o x _ c ix
HiX HU-)
> ci-*,~
X co
x
x rf*x X X
—
1C
5O
C5—
lOW
OOH —o
— q q ci ci Hi cq O
c i , o * x x x x —i x co
P
a
T)
a fs*
J
*
'd
u
o
1
L .
:
1
,
'
||
TP ft
Gross earnings (33 roads)--------- 62,653,926 62,631,884
CSO
LO-H
CO00 C5N. H< C5
r- 1.0 05 05 co COCJ CO —•Cl
co ci© cs
*h *hcqf._h m ,o,o go cd
K uc —I Cl [-•’ Cl O O
—T
—
*
HX
Cio N*Cl C505 SShic O X —i i o x O coGOC5x CCOC005 0 c o -4«o O x
io io o o o rh
' ' O ’ C'lOJ N — lOlO O f 00 05 N .® »liM
050 COCOOf. t - iq1 2 2 cq cq cq»q
f . *q cqt- 05^f - cqcq ci iq o o 05 o
jico' C l-I g O O x * oi cq X*t»*COX
x
—
ci C5O o Eq H
c :o
ci ci f- co t- *o f . I.o ‘O C5 Cl T IOO (flN Cl ■»tl ’H x
Pi
For tho montli of September the returns of 33 roads show
as follows:
X f* Cl Oi
•
O
o
« o c o o « o » taw o n
1.0«t~-o-50 coHOIci coOCOco cn
CO X-i
f - CO Cl CO >0)0 COCO O Hi I- O co—I CO—<C5 CO
<qc eqeo x x hm coco «qco_h uqcOcq o go co_t^ o n o n hi, ci
co io ci — c i — O io —
'G
o
co
—
•
-rito'
c
r-o
ooo
ci «oI —
i—
<co
t—i
—i
—
ci X H ci co ‘O O "l" co Cl iO —' t~ Hiio
<C
•HCO
ci h<
I I
ir
22",028
160
MC*iOlO M O Cl'o" M tO >o" COC5 O* Cl Cl Cl lO Cl —
HO*Cl
Cl X tO - h — H» CO Cl
iO O CCCO
ri Cl
Hf| | H
j Cl rj- ^ Cl
r H C O -c
II
I
Is- O —■
95.833
10,949
883
38,000
HCOt^
5,011
13,238
25,153
[Vol. 101
*2C
lN
-C
5C
5X
i rf* Cl X IO If? o COC® Cl
O
—
—
—
rfll 0—
io ' S
XX Hihi - •—
-*•
*■*X rf*—
Ir|iCl O' ) ■q L2 Hi <M
C^x
OX
X fi r-iI ) x’ lO
Clvj
— — Cl
; ci ci c if- o o
X
-t* >0 X-lOOifl
H<xOX
IOO
I~-XC5rfiClH
Xi H
CIOCJ >
C05C
Hli Hio X O OX
X CI
« x ■qGOcq»q io cq qcq <o_cq « hi cohh,qco cqcq x_cq cqo cch o q
f. H
05i rf
coCH
l o1C—
rfC
O
X*
^ w *r»
f.
5iCl Hi C
fC
XcoC
OC
l r}l O
r-1(0
j — o XCON
h CO
Cl HI —X
I I
ClX
O-i
ON HO
OH0^1
MHHCOf£)H CDCI
®
HI i : N O C)H H*GOO CO'MO COX OX -i Cl O —,
COoo »oX
ri XX
t-- co X
—o <
005 o h O h : - rq iq io w c q >o_x t-> x r , h< c so _
OCO'GW,
*q x h c i « x
lift ff i- r t J
--i
c n CIO I
---- X
—— —
1 I -. Cl
— 1
ci < y -r; ^ «tj
Q V* O
S - c i- Z *
,6 0 1 }
*
z
x
~
z
v
In terest C harges an d Su rplu s.
— l n t . t R en ta ls, A c .— — R a l. o f N e t E a r n s .—
R o a d s.
Bangor & Aroostook___ Aug
July 1 to Aug 31_____
Chesapeake & Ohio_____Aug
July 1 to Aug 31______
Denver & Ulo Grande,_Aug
July 1 to Aug. 31______
Duluth So Sh & A tl------Aug
July 1 to Aug 31_____
Louisiana & Arkansas.-.Aug
July 1 to Aug 3 l_ .........
Mineral Range-------------- Aug
July 1 to Aug 31------Missouri Kan & Texas, _Aug
Julj l to Aug 31-----Norfolk- & Western____ Aug
July 1 to Aug 31_____
Rio Grando Junction__ July
Dec 1 to July 31____
Rio Gramlo Southern — Aug
July l to Aug 31........
St Louis Southwestern-_Aug
July 1 to Aug 31______
C u rr e n t
Y ear.
$
115,503
231,403
784,473
1,569,994
539,007
1,166,306
93,461
183,342
26,163
52,835
13,477
20,219
740,532
i ,! 9 1,058
550,221
1,105,131
8,333
66,607
20,094
40,251
268,286
537,18L
P re v io u s
Y ear.
$
110,175
219,591
787,853
1,576,823
591,177
1,175,036
95,190
191.197
29,701
57,825
13,336
26,892
691,097
1,3
530,538
1.076,205
8,333
GO,067
20,279
39,313
265,643
526,930
C u rre n t
Y ear.
%
zdof43,113
zdof95,752
2709,125
21,202,291
2251,538
2310,510
222,339
22.3,195
7.557
18,071
*17.560
230.332
77,413
dof 71,444
21,534,194
22,885,392
14,634
95,133
2dofl0,146
2tlef20,l59
2de?31,390
27,480
H,COX Cl
C1C1Hi
P re v io u s
Y ear.
%
zdef49,671
xdofS7,748
2393,862
2550,153
2def8,3S0
xdof36,470
xdef 14,174
2 d of4 5,545
40,892
61,238
29,292
221,970
111,973
153,605
21,0-14,712
21,841,798
15,218
103,380
2dof9,005
xdef 18,184
2dof25ft
2dof23,774
IN DU STRIAL COM PANIES.
-R a h o f N e t E a r n s .—•
- I n t . , R en ta ls, &c.C u rr e n t
Y ear.
$
G o m p a n ie s.
P re v io u s
Y ear.
21,003
108,882
2,699
22,207
107,618
8 61,515
Adirondack El & Power.Aug
Jan 1 to Aug 31--------Huntington Dov & Gas.Aug
Jan 1 to Aug 31--------Pacific Lt & Pow C orp.-A ug
C u rre n t
Y ear.
$
28,146
168,453
14,271
79.155
*86,631
*499,462
$
22,511
169,486
1,360
11,023
109,137
823,148
P re v io u s
Y ear.
S
1,561
93,190
3,810
22,478
*63,14S
*315,900
income received.
RESS COM PANIES.
Tit
J u n e 30—
1913-14.
S
669,411
336,570
1915.
3
5.150
2,290
1914.
S
61,463
29,759
1914-15.
8
601,540
303,433
Revenue from transporta’ni
Oper. other than transport..
2,859
8
31,704
834
298,115
8,110
332,811
9,882
Total operating revenues.
Operating expenses________ .
2,867
2,072
32,538
29,706
306,226
298,630
342,723
357,916
Net operating revenue____.
.
Express taxes________
795
345
2,831
649
7,595
11,195
— 15,193
12,049
449
2.182
Globe E x p r e s s C o m p a n y —
Total from transportation__
Express privileges— D r_____
N o rt h e r n E x p r e s s C o m p a n y —
Total from transportation________________________
Express privileges—D r____________________________
— 3,599 — 27.242
1915—•/!/?>/—1914.
$
327,799
328,908
133,972
1'5,004
Revenue from transportation-----------------------------.
locations other than transportation---------------------- .
Ope
153,903
3,727
153,827
3,202
.
.
157,631
94,299
157.029
100,545
.
63,332
32
5,000
50,484
8
5,000
Operating income__
Operating expenses------------------------------------Net operating revenue--------------- -----------Uncollectible revenuo from transportation...
Express taxes---------------------------------------------
58,299
51,475
Operating iucom o............................. ...........
-----M o n th o f J u n e ----------- J u l y 1 to J u n e 30—
1915.
1914.
1914-15.
1913-14.
So u th ern E x p r e s s C o .—
. S
s
s
s
Total for transportation----- 1,120,676
1,198,531 14,085,099 15,664.012
Express privileges— Dr.........
576,713
611,374 7,278,117 8.041,709
Revenuo from transp'n —
Oper. other than transp’n —
543,963
22,897
587,157
23,782
6,806,9.82
300,882
7,622,302
328,812
Total ©poratlng revenues.
Operating oxponseu..............
Net operating revenue____
Uncollectible rev. from trans.
Express taxes______________
566,860
514,900
51,960
67
12,922
610,940
550,378
60,561
15,338
7,107,864
6,302,800
805,063
662
172,957
7,951,115
6.889,890
1,061,224
127
181,488
Operating liiaomo------------
38,970
45,222
631,443
879,608
ELECTRIC RAILWAY AND TRACTION COMPANIES
L a test G ro s s E a r n in g s .
N a m * of
Road.
W eek o r
M o n th .
C u rr e n t
Y ear.
P re v io u s
Y ear.
1 to latest d a te .
Ja n .
C u rre n t
Y ear.
$
P re v io u s
Y ea r.
S
s
American Rys C o__ A ugu st__ 472.611 504,252 3,496,359
51.8S3 53.357
243,909
Atlantic Shore R y __ A ugu st__
248.785
c Aur Elgin & ChicRy A ugu st__
189,975 211,108 1,262,686 1,403,750
512,805
Bangor Ry & Eloetric A u g u st__
73,221
72,661
509,152
120,581
Baton Rouge Elec Co A ugu st__
14,158
15,281
116,051
314,057
67.092
BeltLRyCorp(NYC). M a y _____
66,737
296.740
91 .619 100,431
610,016
651,213
Berkshire Street Ry August .
Brazilian Trao, L & P A ugu st__ /6570000 /0 166100 /50963.I10 /49073.148
77,735
82,721
Brook ft Plyin St Ry. A ugu st__
14,395
16,237
Bklyn Rap Tran Syst M a y _____ 2343,921 2182,243 10,811,361 10.731,655
A ugust_
220,1 13
Cane Breton Elec
Co _
33,226
32,742
231,531
( ’hattanoogu Ry & Lt A ugu st__
91,213
690.418
91,032
735,842
Olev Painesv & East. A ugu st__
43,453
276.141
43,789
287,815
<'love Southw ft Col. A ugu st__ 114,658 123,058
810,339
837,571
Columbus (Ga) El Co A ugu st__
56,000 54,800
434,827
454,658
Colum (O) Ry, P & L A ugu st__ 242,299 243,564 1,997,266 2,007,271
ffCom’w’th 1* Ry & L A ugu st__ 1181,948 1166,345 9,202,661 9,120,364
Connecticut C o ------- A ugu st__ 796,221 802,41s 5,371.137 5,404,250
Consum Pow (M ich). A ugu st__ 307,373 269,856 2,433,441 2,208,837
Climb <’o (Mo) P & L A ugu st__ 285.383 272,799 1,722,694 1,868,3S9
Dallas Electric C o— A ugu st__ 147,944 174,775 1,165,443 1.467,880
Detroit United Lines August . . . 1228,013 1130,742 8,510,613 8,175,51.5
41,201
44,205
1) D E B & Bat (Roc) M a y _____
197,376
212,260
98,055 1 15,900
750.318
Duluth-Superior True A ugust__
867,770
East St l/ouis ft Sul). August — 205,259 219,250 1,579,81.5 1,768,801
65.067
61.085
386.587
383.162
Eastern Texas E loc.. J u l y .........
75,111
.30,132
623,761
101 Paso Electric C o. _ A ugu st__
685,676
798,115
42<1 St M ilc St N Avo M a y _____ 172,795 170,715
737.674
Gaiv-Ilous Eloc C o .. July ------- 174,093 226,664 1,131,722 1,122,899
flGoorgla Ry ft Power A ugu st__ 498,869 527,919 4,170,522 4,1 10,887
101,207 11 1,380
767.524
Grand Rapids Ry Co August —
851,15.5
70,217 89.959
1larrlsburg Rail ways August —
626,928
851,301
ilavana El Ry, I, & p
43,«10 2,034,782 2.121,241
(Railway Dept,)
Wk Oct 3 50.281
384,465
Honolulu H T & Hand A u gu st__
47,745 49,967
402,669
Houghton Co Tr Co A u gu st__
180,50,5
193.031
25,511 24,573
ft 1i udson ft Manhat. A u gu st__ 427,195 421,659 3,623,732 3.704.590
Illinois Traction
A u gu st__ 884.788; 885.681 7,038,273 7,083,971
Intcrboro Rap Tran. J u n o _____ 2689,4 14 2714,007 17,163,038 17,515,940
Jacksonville Trac Co A ugu st__
410,421
55,798
47,613
495,919
Keokuk Electric___ A u g u st__
150.873
164,031
19,170 21,529
Key West Electric. .. A ugu st__
74,392
1 1,388
88,805
9.000
Lako Shore Eloc Ry.. A ugu st__ 144,480 156,220
908.050
966,324
Lehigh Valley Transit A u gu st__ 198,668 182,931 1,310,491 1,226.769
Lewist Aug & Watorv A ugu st__
435,631
452,778
76,293
70.35(1
Long Island Electric. M a y ____
86.974
85,065
22.839 23.452
Louisville Railway . . August
238,733 261,034 1.940,703 2,121,641
Milw El Ity ft Lt C o. A ugu st__ 465,232 479,262 3,838,676 3.990,523
Milw Lt, lit ft Tr Co August . .
967,322 1,013,475
117,035 151,619
Nashvlllo Ity ft Light August .
166.467 180,508 1,393.132 1,481,023
N Y City Intorhoro.. M a y ------282.011
61,662
262.984
62.244
N Y ft Long Island.. M a y ____
39.643
160.918
38,658
145,822
N Y ft Nortli Shore.. M a y _____
15.413
62,138
60,941
16,707
N Y & Queens C o . . . M a y _____ 127.162 133.647
529,701
523,732
New York Itailways. M a y ------- 1138,652 1199,850 5.454,101 5.509.712
A
ugust_
_
N Y ft Stamford Ity.
46,25257,316
52.391
263,387
N Y Westchos & Host A ugust__
40,621
36,139
307,981
268,831
Northampton Trac n July ____
17,512
17,526
105.709
99.171
Nor Ohio Trac & Lt. A ugu st__ 360,055 343,54s 2,488,442 2,416,902
North Texas Klectrk A ugu st__ 147,06( 174,662 1,080,32-1 1,402,161
36,001
Nortlnv Pennsyl ity July ........
38.898
200,112
201,298
10.752
Ocean Electric ( L I ) M a y ........
12,217
35.592
33,80*
23,551
2 1,801
Paducah Tr ft Lt Co A ugust__
186,00)
199,311
22,077
22.669
Pensacola Electric Co August —
166,192
185,546
Phila Itapi I Transit. A ugust__ 1897.7G: 1912,971 15,738,150 15,880,510
11,207
37.051
246.001
296,07-1
Phila & Western__ August —
Port(Ore)Ry.Lft P C< August__ 460,861 437,26-1 3,08.5.102 4,269.028
70.5,49 )
Portland (Me) R R .. August __ 121.917 121,027
703,832
1179
THE CHRONICLE
Oct. 9 1915.]
L a test G ross E a r n i n g s .
N am e of
Road.
C u rr e n t
Y ear.
W eek o r
M o n th .
Puget Sound Tr,L&P J u l y ..........I
^Republic Ity & L t .. A ugu st__
Rhode Island C o___ A u g u st__
Richmond Lt & R R . M a y _____
St Jos R y Lt H & P Co A ugust__
Santiago El Lt ft T r. A u g u st__ 1
Savannah Electric Co A u gu st__ I
Second Avenue (Rec) M a y _____
Southern Boulevard - M a y _____ i
Staten Isl M idland.. M a y -------- !
Tampa Electric C o .. A ugu st__ |
Third Avenue______ M a y -------- ]
Toronto Street R y .. July _____ !
Twin City Rap Tran 4th wk Sept
Union RyCo of NYC M a y _____
Virginia liy & Power. A ugu st__
Wash Balt & Annap. A u g u st__
Westchester Electric. J u n o _____
Westchester St RR__ A u g u st__
Yonkers Railroad__ J u n e _____
York Railways______ A u gu st__
Youngstown ft Ohio. A u g u st__
Youngstown & South A ugu st__
S
P re v io u s
Y ear.
664,564
260,792
511.492
32,963
104.195
39,182
65,768
76.617
20,233
28.766
78.924
325,135
449,108
228,707
247.902
442.698
71.767
51.367
24.718
60.753
71.771
25,077
17,135
S
726,373
255.488
535,81“
36,345
113,454
38,45
71,339
86,12“
20.778
29.868
82,810
351,298
515,883
228,615
261.552
446,197
74,839
56.780
27.734
64.585
68,151
25,461
16,490
1 to latest d a te.
Ja n .
C u rre n t
Y ear.
$
4.358,630
1,968.619
3,278,760
138.736
828,324
307,718
526,883
329.565
88.709
108,770
648,023
1.555.073
3,236.351
6.989,463
1,079.8141
3,368,408
535,7941
272.076'
167,080
354.049
524,918
188,417
112,143
P re v io u s
Y ear.
4,963.018
2,003.459
3,616,873
135.405
856,984
306,059
568,360
349.645
85,423
102.843
650,813
1.619,115
3.550.684
6,929,144
1.061.739
3,426,937
527.567
277.268
170,110
345.039
525.917
177,079
119,302
ft Represents Income from all sources, c These figures are for consoli
dated company. /Earnings now given in mllrels. g Includes constituent
companies.
Electric Railway Net Earnings.— The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
----- G ross E a r n in g s —
R o a d s.
C u rre n t
Y ear.
P re v io u s
Y ear.
------ N e t E a r n in g s C u rt ent
Y ear.
P re v io u s
Y ea r.
$
$
S
8
91,277
73.205
Aurora Elgin & C hic.b-A ug
189,975
211,108
187,018
143,878
July 1 to Aug 31_
377,463
427,855
36.399
37,900
Bangor Ry & E lec.a____ Aug
73,221
72,661
253,672
251,673
Jan 1 to Aug 31_
512,805
509,152
Brazilian Tr, Lt ft Pow.Aug"6,576,000 cG, 106.109 c3.897,090 c3.566.970
Jan 1 to Aug 31______c50,963,110c49,073,143c29,650,420c28,129,568
.32,072
91,032
28,174
01,213
Chattanooga Ry & Lta-Aug
270,756
735.842
211,702
Jan 1 to Aug 31______
690,446
20.415
23,315
43,453
43.789
Cleve Painesv & East.a-Aug
129,011
119,517
276,141
Jan 1 to Aug 31______
267.845
58,294
45,784
Cleve South',v & C ol.b-A u g
114.653
123,058
334,675
301,721
837,571
810,839
Jan 1 to Aug 31______
87,447
88.727
243,561
Columbus (O)R, P & L a Aug 242.299
717,597
780,612
Jan 1 to Aug 31______ 1,997,266 2,007,271
137,487
173,853
269,850
Consum Power (Mich) a Aug 307.374
Jan 1 to Aug 31______ 2,433,442 2,208,837 1,456,721 1,268,479
141,022
141.934
272,799
CumberrdCo(Me)P&La Aug 285,383
703,923
749,991
Jan 1 to Aug 31______ 1,722,691 1,668,389
91,862
83,720
219,250
East St Louis & Sub-a-.A u g
205,259
615,482
622.801
Jan 1 to Aug 31______ 1,579,845 1,763,801
39,006
2S.071
Grand Rapids R y .a ____ Aug 101,207 . 114,380
300.236
215.061
851,155
Jan 1 to Aug 31______
767,524
160,058
175.278
449,465
Havana PI1 Ry Lt & P_.Aug
465,554
Jan 1 to Aug 31_______ 3,685,433 3,569,654 1,363,503 1,082,966
Hudson & Manhattan (ail
239,906
236,082
424,659
s o u rc e s).a ___________Aug 427,195
Jan 1 to Aug 31--------- 3,623,732 3,704,590 2,077,193 2,138,093
71.726
63,447
156,220
Lake Shore El Ry Sys a Aug
144,480
370.983
311.61S
966,324
Jan 1 to Aug 31______
908,050
3.5.072
.35,911
76,293
Lewiston Aug & W at.a-A ug
79,359
174.406
139,296
452,778
Jan 1 to Aug 31______
485,631
Monongahela Valley Tract—
109.6S0
77,657
156,078
July 1 to Aug 31______
173,163
57,931
72,581
130.503
Nashville Ry & L t.a ___ Aug 166,467
570,298
539,937
Jan 1 to Aug 31______ 1,393,132 1,481,023
61,572
59,503
121,027
Portland (Me) R R .a ___ Aug 121,917
270,964
265,449
705,499
Jan 1 to Aug 31______
703,832
211,350
203.278
487,281
Portland (Ore) It,LftP .a-A u g
469,861
Jan 1 to Aug 31______ 3,665,162 4,269,928 1,613,418 2.039.130
.32.407
38,331
74,839
Wash Balt ft Annap.b-Aug
71,767
229,511
222,815
527,567
Jan 1 to Aug 31______
535,791
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxos.
c Milreis.
'
Interest Charges and Surplus.
— I n t ., R en ta ls, etc.--------D a l. o f N e t E a r n s .—
R o a d s.
C u rre n t
Y ea r.
S
40,214
89.651
17,610
142,193
30,239
237,995
10,974
87,731
32,911
259,319
40,232
313,593
71,495
574,991
65,093
629.604
62,421
501,701
13,966
110,423
Aurora Elgin & Chic___ Aug
July 1 to Aug 31--------Bangor Ry & Elec------- Aug
Jan 1 to Aug 31--------Chattanooga Ry & L t.-A u g
Jan 1 to Aug 31______
Cleve Painesv & E ast..A ug
Jan 1 to Aug 31______
Cleve Southw ft C ol___ Aug
Jan 1 to Aug 31______
Columbas(0)R, P & L ..A u g
Jan 1 to Aug 31______
Consumers Power (Mich) Aug
Jan 1 to Aug 31--------CumberlandCo(Mo) l’ &LAug
Jan 1 to Aug 31--------East St Louis ft Sub----- Aug
Jan 1 to Aug 31--------Grand Rapids R y ---------Aug
Jan 1 to Aug 31______
Hudson & Manhattan (all
212.032
sou rces)------------------- Aug
Jan 1 to Aug 31--------- 1,692.929
36,209
Lake Shore El Ry S ys..A ug
238.706
Jan 1 to Aug 31______
15,963
Lewiston Aug & W at— Aug
126.033
Jan 1 to Aug 31______
Monongahela Valley Tract—
53,667
July 1 to Aug 31......... 43,140
Nashville Ry & Light..A ug
327,132
Jan 1 to Aug 31______
186,507
Portland(Ore)R, L & P.Aug
Jan 1 to Aug 31......... - 1,476,234
19,947
Portland (Me) R R .........Aug
180,986
Jan 1 to Aug 3 1 --------25,218
Wash Balt ft Annapolis.Aug
198,193
Jan 1 to Aug 31---------
P re v io u s
Y ear.
C u rre n t
Y ear.
S
S
39,858
32,991
79,871
63,224
18.789
17,432
109,474
133,478
def2,115
28,511
223,838 dof26,293
12,341
11,388
31,733
88,416
*12,939
32.8 !7
253.783
*43,175
43,133
48,495
322,053
467,101
102,363
71,393
570,411
831,730
63,464
79,931
503,193
220.399
59,519
21,299
118,103
415,963
14,10.5
13.523
104,635
103,235
P re v io u s
Y ear.
$
51,419
107,147
20,493
114,194
3,523
46,953
9,027
19.595
25.457
75.999
47,254
395,528
65,091
693,037
89,553
195,733
35,343
199,514
2,5.486
192,091
211,599
1,077,511
35,944
283.433
15,593
123,994
24,050
384,264
27.239
22,912
19,932
48,373
28,307
460,581
35,781
87.531
19,569
15.302
51,686
41,90,3
333,197
186,188
1,4 58,081
19.S80
170,090
24,838
195,808
58,013
14,791
212.805
16,771
137.184
39.556
84,463
*9,167
*42,680
25,971
30,681
237,099
25,164
601,069
41,692
100,874
*15.320
*49,304
x After allowing for other income received.
THE CHRONICLE
1180
Louisville & Nashville Railroad.
ANNUAL REPORTS
{Report fo r Fiscal Year ending June 30 1915.)
Annual Reports.— A n index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will bo
given on the last Saturday of each month. This index will
n o t include reports in the issue of the “ Chronicle” in which
it is published. Tho latest index will be found in the issue
of Sept. 25. The next will appear in that of Oct. 30.
Atchison Topeka & Santa Fe Ry.
(Report fo r Fiscal Year ending June 30 1915.)
The remarks of President Edward P . Ripley are printed
at length in subsequent pages, together with some statistical
tables. Below we give comparative figures and income ac
count for four years and tho balance sheet for two years.
The text of the report will bo given another week.
RO AD A N D E Q U IP M E N T .
1912-13.
1914-15.
1913-14.
1911-12.
Average miles operated.
5,037
4,937
4,820
4,710
E q u ip m e n t —
Locomotives__________
1,090
1,069
998
1,035
Passenger cars________
6.59
667
655
620
45,269
Freight, &c., cars______
46,710
46,480
44,727
Roadway cars_________
2,534
2,644
2,495
1.884
O p era tio n s —
Passongers carried_____ 11,849,957 13,360,348 12,928,015 12,312,662
Pass, carried 1 milo___ 499,878,816 577,420,770 548,661,206 532,465.242
Rate per pass, per mile. 2.172 cts.
2.206 cts.
2.339 cts.
2.296 cts.
Freight (tons) carried.. 27.731,561 32,215,106 32,241,734 30,425,132
Frt. (tons) car'd 1 milo.5144441 634 5511812374 5513273 784 5172299481
Rato per ton per jnilo__ 0.719 cts.
0.778 cts.
0.779 cts.
0.786 cts.
Av. train-load (rev.) .tons
347
297
295
285
Earn, per rev. pass.tr.m.
$1.2113
$1.4040
$1.4207
$1.3683
Earn, per rev. frt.tr.m .
$2.4960
$2.3078
$2.2956
$2.2382
Gross earnings per m ilo.
$10,245
$12,090
$12,338
$11,935
O P E R A T IO N S , E A R N IN G S , E T C .
1914-15.
11,115
1913-14.
10,909
[Vol. 101
1912-13.
10,750
1911-12.
10,628
Average mileage o p e r..
E q u ip m e n t *—
Locom otives__________
2,142
2,081
2,150
2,105
Passenger cars________
1,653
1,552
1,738
1,515
Freight cars___________
67,342
67,407
69,366
63,065
Miscellaneous cars_____
3,603
1,727
817
1,271
O p era tio n s —
Passengers carried_____14,598,264
14,973,163 14,615,276 14,042,522
Pass, carried one mile, 1,341,675,114 1310056,723 1324881,099 1274188,385
Rate per pass, per mile. 2.074 cts.
2.175 cts.
2.221 cts.
2.155 cts.
Rev. rr’t (tons) carried. 26,093,880 25.034,240 25,061,711 21,149,984
6,970,719
xFr’t (tons) carried 1 m . 8,263,466
7,802,544
7,316,272
Rato per ton per milo__ 0.974' cts.
1.026 cts.
1.002 cts.
1.007 cts.
Aver, tons per train milo
399.94
425.41
442.04
420.15
Earns, per pass, train m.
$1.18
$1.09
$1.24
$1.17
Earns, por fr’t train m ._
$3.26
$3.48
$3.47
$3.55
$10,139
Gross earnings per mile.
$10,874
$10,587
$10,186
♦Also June 30 1915 2 steam and ferry boats, 1 river steamer, 4 tugs,5 car
floats and 5 miscellaneous equipment, x 000s omitted.
IN C O M E A C C O U N T .
- N e w B a s is -
Total oper. revenues.$51,606,015 $59,906,467 $59,682,778 $59,465,699
O p era tin g E x p e n s e s —
$9,323,206 $11 ,033,134
Maint. of way & stru c.. $8,993,3891
12,239,795 11 ,216,889
Maint. of equipment__ 10,310,563)
Transportation oxpenses 17,449,811 [$45,012,305 20,638,428 19 ,884,015
Traffic expenses_______ 1,349,7051
1.334,264
1,259,701
Goneral_______________ 1,249,517}
1,247.015
1 ,417,141
Miscellaneous operations
212,660)
--------Transporta, for invest.. C r . 133,857
______
______
___. . .
Operatingexpensos..$39,431,789 $45,012,305 $44,782,708 $44,810,880
I*. C. oper. exp. to earns.
(76.41)
(75.13)
(75.03)
(75.36)
Net operating rovenuos.$12,174,226 $14,894,162 $14,900,070 $14,654,819
______
______
25,118
20,428
Outside operations (net)
IN C O M E A C C O U N T .
O p era tin g R even u es —•
1914-15.
reight____
Freight............................
80,504,393
Passonger____________ 27,823,064
Mail, express and misc. 9,338,130
1913-14.
73,638,388
28,497,233
8,974,149
1912-13.
$
78.190.923
29.425.923
9,279,406
1911-12.
$
71,529.575
27,453,525
8,769,260
-O ld B a s is -
1913-14.
1912-13.
1913-14.
1914-15
$42,868,078 $42,924,952
F roigh t_______________ $36,953,794
Passongers____________ 10,859,047
13,082.509 12,835,658
M ail.................................
926,833 $59,906,467
924,584
886,175
1,504,698
1,493.303
Express_______________ 1,240,500
Miscellaneous_________
1,625,841
1,302,909
1,325,611
E a r n in g s fro m —
Taxes________
Uncollectibles.
........
.........
$12,174,226 $14,894,162 $14,925,188 $14,675,247
3,136,713
2,600,288
2,600,288
1.761,626
6,065
5,719
.....................
Operating income____ $10,031,448 $12,288,155 $12,324,900 $12,913,621
Inc. from inv.,rents,Ac. 3,429,596
2,887,987
2,812,977 3,037,104
Total oper. revenues. 117,665,587 111,109,770 116,896,252 107,752,360
O p era tin g E x p e n s e s —
Maint. of way &
16,514,468
-15,425,730 18.054,413 16,076,834
‘ stru c.. -------Maint. o f equipment__ 19,764,535 19,213,343 19,415,225 16,521,231
Traffic expenses_______ 2,649,175
2,521,774
2,455,785
2,416,747
Transportation expenses 34,827,705 33,899,108 35,135,649 33,733,667
General expenses______ 2,476,595
2,409,379
2,581,463
2,524,724
Transports for invest.. C r . 140,925
Total incomo................$13,461,044 $15,176,142 $15,137,877 $15,950,725
D ed u ct —
Interest on bonds..............$7,475,562 $7,123,933 $7,123,933 $6,417,487
N. & D. RR. rent............
119,617
118,710
118,710
118,061
914,101
883,360
923,592
876,054
Other rents, A c________
Sinking fund, A c______
91,622
405,275
292,755
268,761
To S. A N . A ............................. ..........
...........
........... C r . 109.937
Dividends.....................(5)3,600,000 (7)5,040,000 (7)5,040,000 (7)4,618,733
Total oper. expenses. 76,091,553
P .c . oper. exp. to r e v ..
(64.67)
Net operating revenuo.. 41,574,034
Taxes............................... 5,497,317
Uncollectibles_________
25,316
73.469,334
(66.12)
37,640,436
5,525,586
77,642,535
(66.42)
39,253,717
4,662,152
71,273,203
(66.15)
36,479,157
4,206,454
Operating income___ 36,051,401
Income from investments
688,478
Interest, discount, & c._ 2,308,672
32,114,850
641,116
1,533,238
34,591,565
622,294
1,893,330
32,272,703
804,632
1.765,336
Total deductions___ $12,200,902 $13,571,279 $13,498,990 $12,189,160
Balance, surplus______ $1,260,142 $1,604,863 $1,638,887 $3,761,565
G E N E R A L B A L A N C E S H E E T J U N E 30.
1914.
1915.
1915.
1914.
Assets —
$
$
L iabilities —•
$
$
Total income________ 39,048.551
D ed u ct —
Interest on bonds______ 12,785,747
Rentals of track, &c___
1,072,170
Hire o f equipment_____
819,722
Advances to sub. cos__
Miscell. income debits.. ” 240,656
Preferred divs. (5 % )__
5,708,686
Common divs. (6 % )__ 11,841,330
Approp. fuel ros'vo fund
54,503
Additions & betterments 6,513.397
Cal.-Ariz. Lines bds. s. f.
12,946
34,289,204
37,107,189
34,842,671
12,886,412
873,802
10,552
245,422
89,051
5,708,690
11,691,750
51,486
2,719,318
12,721
13,825,325
830,280
148,498
149,351
13,660,859
780,995
542,568
198,008
5,708”,690
10,398,780
461,105
5,574,434
10,726
5,708”,690
10,168,185
396,960
3.300,000
34.289,204 37,107,189
.....................................
S H E E T J U N E 30.
34,756,265
86,406
T o t a l ........................... 39,048,551
________
Balanco, surplus_______
GENERAL BA LAN CE
1914.
1915.
S
$
R R ., fran., A c .,
lncl.
stocks,
bonds, A c . ..659,193,468 647,575,518
Investm ’ ts, new
acquisitions.. 11,383,488 11,180,113
Other Invest’ts. 13,278,358 13,058,669
Loans and bills
146,444
receiva ble__
148,648
M aterial A supp 15,870,460 16,423,461
Traffic balances 1,559,199
1,516,990
789,504
Agts. A condiic.
706,856
Tim e D eposits.
666,000
666,000
Ins.Arents prep.
360,711
382,968
M isc. accounts. 4,343,058
4,537,471
Cash___________ 20,520,792 19,396,759
D eposit for fuel
reserve fund. 1,832,835
1,778,332
Other unadjus.,
A c. accounts. 1,099,549
751,938
Assets—
T o t a l ............. 731,043,866 718,123,723
-V . 101, p. 1091, 922 ,815.
1914.
1915.
Liabilities—
S
S
Com m on stock. 200,489,500 195,811,500
Preferred stock. 114,173,730 114,173,730
Funded d ebt__ 110,975,282 313,193,649
Full res’ ve fund 1,832,835
1,778,332
Accrued ta x e s .. 2,097,633
2,038,522
Int., A c ., accr’d 3,660,844
3,098,178
M at. int., A c.,
unpaid___. .
664,445
794,765
Unmatured divs
declared__ __ 2,854,343
2,854,345
8,334,591
Audited vouch. 8,181,153
Traffic balances
1,081,244
845,307
Unclaimed divs.
40,806
46,765
M isc. accounts.
540,706
479,929
D ef. cred. accts.
97,576
217,220
Accrued deprec. 23,953,468 19,790,1,86
Unadj. accounts 3,374,632
3,618,772
Expenditures for
add’nsAbott’s. 36,388,069 29,874,672
Cal.-Ariz Lines
bds. sink.fund
36,392
23,447
Profit and lo s s .. 20,581,222 20,569,801
T o t a l ..............731,043,866 718,123,723
Northern Pacific Railway.
{Report for Fiscal Year ending June 3 0 1 9 1 5 . )
- N e w B a s is -
-O ld B a s is -
1914-15.
1913-14.
1913-14.
1912-13.
Gross earnings------------$63,171,653 $70,449,575 $68,544,801 $72,676,139
Operating expenses___ 37,108,049 43,082,457 41,472,052 44,673,298
Not earnings...............$26,063,604 $27,367,118 $27,072,749 $28,002,841
Net outside operations.
________
________
304,819
308,820
Total net rovenuo-------$26,063,604 $27,367,118 $27,377,568 $28,311,661
Taxes, A c____________ 4,475,110
5,030,584
5,030.584 3,999,028
Operating income_____$21,588,494 $22,336,534 $22,346,984 $24,312,633
Other incom o................. 10,442.959
5,650,124
5,639,674 4,625,873
G rossin com o..............$32,031,453 $27,986,658 $27,986,658 $28,938,506
Interest, rents, A c______$13,208,633 $8,331,411 $8,331,411 $7,374,988
Approp.for sundry claims ________
________
_ _.
750,000
Dividends (7 % )------------ 17,360,000 17.360,000 17,360,000
17,360,000
Balanco, surplus____
— V. 100, p. 1919.
$1,462,820
$2,295,247
$2,295,247
$3,453,518
Road & e q u lp 't..245,919,597
Im pt. leased p rop. 1,704,977
Invest. In affll.cos.:
S to c k s ________ 21,304,224
Bonds.................. 2,273,675
N otes.................. 1,371,430
Advances........... 22,960.513
Other Investm’ts . 6,082,549
Sinking funds____
95,893
M isc.phys.prop’ ty 3,508,478
Cash......... ............... 9,894,134
Time drafts, A c . . 4,155,767
Special d ep osits..
105,514
Loans & bills r e c ..
253,950
Traffic, A c ., bais.
355,206
Agents & cond’rs.
955,217
Material & suppl. 5,879,962
M iscell. accounts- 2,997,774
Sou. R y . propor’n
Joint bonds____5,913,500
U n ad j.,A c.,acc’ts- 1,689,362
Conting’ t assents. 5,000,000
240660,341 Capital stock__ 72 ,012,117
1,157,888 Funded d ebt___ 174 ,231,000
Sou ,Ity . (seo contra)5 ,913,500
21,298,604 D uo affiliated cos.
541.160
(open acc’ ts )___
3,445,743
221.161
1,400,698 Traffic, & c., bais.
19.840.126 A cc’ts & wages__ 3 ,428,684
6,184,507 Matured Int., A c . 2 ,047,837
228,435
79,630 M iscell. accounts.
3,220,078 Int., A c., accrued. 2 ,838,230
13.710.127 Taxes accrued------1 ,152,436
Operating res’ves.
7,859
190,730
103,700 D ef. cred. ite m s ..
169,145 A ccr’d dcprcc’n__29 ,658,957
425,385 Oth. unadj. acc’ ts
852,958
988,523 A d d’ ns to prop’ ty
7,086,383
through lnc.,& c. 2 ,356,039
3,039,185 Sinking funds____
540,897
Appr. surp.uninv. 201,605
5,913,500 Profit and loss___*40 998,117
1,705,324 Contingent liabil
5,000,000
ities ___________ 5 000,000
Total ................342,421,723 335428,887
72,012,117
168341,000
5,913,500
192,062
220,657
4,849,735
1.999.540
307,653
3,475,732
1,163,168
37,287
485,467
27,413,600
1,302,121
2,356,039
471,312
290,454
39,597,434
5,000,000
T o t a l ................342,421,723 335428,887
* After deducting $394,212 discount and exponso on Lexington & Eastern
Ry. 50-yr. 1st M . 5s sold and adding $316,554 adjustment of roservo ac
counts for accrued depreciation on material, property, Ac., and miscellane
ous items (net) aggregating $218,198.— V. 101, p. 846, 527.
Chicago Great Western RR.
{6th Annual Report— Year ended June 30 1915.)
President Samuel M . Felton says in substance:
R esu lts. — Tho year just closed has been tho most trying ono for tills com
pany, in many respects, since Its organization. July 1914 showed a de
crease o f $121,000, or 10.08%, in operating rovenuo, as compared with
July 1913. Following that there was a decrease in operating rovenuo every
montti of tho 12 except the last, Juno, in which thero was an increase of
$16,000, or 1.40%. Tho operating exponses were reduced by an amount
greater than tho loss in total operating revenuo, but tho maintenance of
the property was not neglected, 'faking botli passenger and freight to
gether. tho total decreaso In revenuo on account or tho decrease in tho aver
age rates amounted to $497,930,an amount equal to 1.13% on our pre
ferred capital stock. The loss in froight rovenuo of $310,781, or 3.12%
was largely duo to variations in tho classes of froight carried, but tho fact
remains that tho company was obliged to transport additional tonnage with
a reduction in the rovenuo por ton per milo from 7.3 mills in year 1913-14
to 7 mills in 1914-15.
Tho surplus for tho year was $868,194, or 1.98% on outstanding prof, stock.
Outlook. — Tho returns during tho present year down to tho date of tho
preparation of this report are not encouraging. July shows a slight gain
in net incomo. August and September will show a loss; but thero aro some
indications of bettor business conditions during tho remainder of the year.
The movemont of the crops has been doiayed on account of the weather and
thero will lie somo damage, undoubtedly, from this cause, but the total yield
is very satisfactory, and it is hoped tho result will Do reflected in tho earn
ings of later months.
R a tes. — The average not incomo for tho past six years lias been $2,243,
205- The decisions of tho Courts have indicated 7% as a reasonable re
turn on railroad property. If this amount Is capitalized as 7% , it would
mean tho value or tho road and its equipment is but $22,726 por milo. A
physical valuation, when completed by tho' I. 8. C. Commission, in all
probability will discloso a value of at least double that amount. The 41
railroads in tho Western Rato Case showed a return at 7% on but $28,048
per mile in 1914. The situation has boon placed before the various com
missions and taxing bodios, and yot no substantial reliof lias been secured.
E q u ip m e n t. — Tho equipment was increased by additions as follows:
6 steel cars for passonger service, 500 80,000-11). capacity stecl-framo box
cars and 300 steel hopper-bottom gondola cars.
Work D o n e on R o a d b ed a n d T rack D u r in g Y e a r . — Miles of track roballasted, 161.63, against 149.28 in 1913-14; bridgos, trestles and culverts re-
§ 4 V ^ u w
J g iS rt I S
i o M
cross-ties putin
isffld
” tk 'new a s r ^ r ^
359,192 against 534.759
a s
Operationsf _ ^14-15
1913-14.
1912-13^
1911-12^
Average miles operated1,428
- - . J 'K j
5 306 774
5 054 478
T oS l (revenue) 1 m1le'Cl 378:504:602 1364026.080 1337724:849 1225238.896
Uevenu^per ton per mile 0.700 cts
0.730 cts
0 .7 3 2 cts.
0.725 cte.
A v. train load, rev.(tons)
529 9 0 4 7 ^ 0 7
9 651096
2 500 014
K ,r c r iK S r ^ ::i5 7 :« l:3 i8 n o ® . ® i f S ®
id ® ™
U q? ' d^ss. per mile......... 1.950 cts.
2.001 cts.
2.042 cts
2.013 cts.
Oper.^revenue per mile$9,749
S9.591
$9,3o/
S8,oo2
E A R N IN G S A N D E X P E N S E S .
- N e w B a s is
-O ld B a s is -
1912-13.
1913-14.
1913-14.
1914-15.
$9,956,308 $9,943,575 $9,795,074
F re /gh t---------------------- $9,545,527
3,144,284
3,205,992
3,205,992
Passengor — - - - - — - - 3,074,050
1,061,260
996,8331 1,110,955
Mail, express A miscell- 1,003,305
190,605)
Incidental, &c.................
197,803
Total oper. revenue...$13,920,685 $14,349,738 $14,260,522 $14,000,618
O p e ra tin g E x p e n s e s —
_
_
$2>033.781 $2,024,458 $1,688,800
Malnt. o f way & stru c.. $1,876,924
2,067,288
2.367,235
2,390,863
.Malnt. o f equipment__ 2,398,216
565,649
577,744'
577,769
Traffic expenses_______
561,526
5,524,434
5.428,497
5,431,829
Transportation expenses 5,150,730
413,971
433,234
410,0381
General expenses______
384,092
79,354)
Miscell. operations_____
85,868
Transports for in vest.. C r . 10,789 _________ _ __________ ____
a.ifi ^(,7 810.923,634 $10,831,168 $10,260,142
N r t r e v e n u v : : : : : : : : : : $3 :4 7 4 : 1 1 8 • S W ™
# 3 4 2 9 ,3 5 4
Outsidooperations.net............... ............................
def. 3,249 sur. 2,293
$3,426,104 33,426,105 $3,742,769
Total not revenue------$3,474,118
439.419
499,082
498,764
580.026
Taxes.......................
Uncollectibles--------------4,161
$2,927,340 $2,927,023 $3,303,350
Operating income----- $2,889,931
63,935
70,347
63,935
Income from socurs., &c.
-SS’Iiio
82,205
48,128
82,205
Rentals & miscellaneous
177 ,.)18
O p era tin g R even u e—
Total incom o---------- $3,136,149
$3,073,480
$3,073,163
$3,421,825
480,000
$1,032,580
480,000
$1,033,720
480,000
1,446
725,743
487
27,619
1*250
592,850
50,400
20,430
V.260
592,850
50,400
19,013
$917,500
480,000
232,440
1,683
587,775
Cr.56,905
14,293
D e d u c t—
,
Int. on C. G . W. bonds. $1,032,660
Int. M . O. & Ft. D. bds.
Int. on W. M . & I*, bds.
Other interest------- - —
Property rental paid—
Hire of equip, (bal.)-----Miscellaneous--------------
$2,177,233 $2,176,786
$895,930 $1,245,039
C O N S O L I D A T E D B A L A N C E S H E E T J U N E 30
1915.
1914.
1915.
1914.
Liabilities —
8
* '„
Assets —
$
$
Hoad A equip...128,322,306127,292,815 Com m on stock ___ 45,240,913 45,246,913
Preferred s tock ___ 43,902,902 44,137,402
Inv. in affil. cos.—
1
C .G .V V . 1st 4 s ...25,381 ,000 25,687,500
867,5931
Stocks_______
Total deductions------$2,267,955
Balanco, surplus---------$868,194
$2,177,510
$895,970
500,000
500,000
b o n d s ................
30,537) 1,351,655 M inn. Term . 3 H s
M . C . & F .I ) . 1S14s 12,000,000 12,000.000
Advances______
28,666!
55,000
\V
. M . * P. 1st 4s
29,000
Other Investments
2,001)
41,925
M lsc. phys. p rop .
44,498
68,549 M lsc. obllg’ns, A c.
282,753
467,967
Cash....... ................. 2,776,327 2,577,355 Traffic, A c ., bals.
Loans & bills r e c ..
133,965
2,059 Accts. & wages— 1,193,987 1,125,721
271,675
236,156
Agfa. A conductors
237,503
260,465 M iscell. accounts21,430
39,528
M iscell. accounts.
687,139
677,505 M at’d int. unpaid
467,517
537,882
M a t’Is & supplies. 1,115,369 1,009,175 Unmat’d Int., A c .
184,715
Taxes accrued___
277,547
Unextlng. discount
466,569
194,890
on bonds______
596,711
610,222 Opcr. reserves____
148,320
Oth. unadj. accta.
648,030
927,818 Oth.unadJ. Ac.accts 183,755
599,928
A ccr’d dcprec’ n . .
732,939
Profit and loss------ 4,524,255 3,582,175
Total
-- 135,490,646134,777,618
— V. 100, p. 1078.
Total............. 135,490,646134,777,618
St. Louis Southwestern Ry. (“ Cotton Belt Route” ).
(24 th A n n u a l R ep ort— Y e a r en ded J u n e 30 1915.)
Chairman Edwin Gould, N . Y . , Sopt. 15, wrote in subst.:
R esu lts. — As cotton is essentially tho “ money crop” o f tho South, the
conditions duo to tho war greatly rostrlctod tho purchasing power or the
cotton growers and all branches of trade, and seriously affected tho revenues
o f your company as they did the revenues of othor carriers operating in
the same section of the country.
F in a n c e s . — Owing to tho unfavorable bond market, brought about by
the general unsettled financial conditions, tho unsatisfactory rate situation
and othor influences, your company, in common with other carriers, has
boon unable to market its bonds, issued on account o f moneys advanced
from its Treasury to cover expenditures for additions and betterments,
at anythlngllke fair prices. In order to provide necessary casli for current
needs it was found necessary, during tho past yoar, to negotiate temporary
loans’of $1,585,000, for which thoro was pledged as collateral free assets
1st Tore™ &PU,drying Mtg. Bonds, St. L S. W. Ry Co 5%-.$2,420,000
1st & Ref. M. Bonds, Paragould Southeastern Ity. Co., 5 % - - - - 250,000
1st Mtgo. bonds Southern Illinois & Missouri Bridge Co., 4 % —
600,000
The following property investments and advances and unpledged socurities not necessary for control, held in the treasury as of June 30 1315,.do
not include any o f the securities owned by the company heretofore pledged
as collateral, and tho treasury may bo reimbursed later on through bond
issues or otherwise, for the amounts included in this exhibit on account or
property investments and advances unfunded:
Investment in road and equipment— road, unfunded----- — - .---$ o lo ,< J4
Investments in affiliated cos.— Paragould S. E. Ry. Co. 1st &
Ref. Mtgo. bonds, unpledged___________ - - - - - - - T.t------- -.--r v
N otes—Unpledged— Dallas Term. Ry. & U. D. Co. bills receivable 203,283
Construction advances to Southern 111. & M o. Bridge C o., 1 ino
Bluff Ark. River Ry., Memphis RR. Terminal Co. Ac
- - - - - 229,394
F u n d e d D ebt. —The funded debt has been increased $185,000, as follows
First Term. & Unifying Mtge. bonds issued on account o f additions and
betterments, $508,000, and to acquire First lief. & Ext. M. bonds or
Cray’s point Terminal Ry., $27,000; total, $535,000; loss equipment trust
obligations paid during year, $350,000; not incroaso (including bonds issued
and held by, or for, company), $185,000.
, , ,
.
.
O utlook. — Tho crop outlook is very encouraging and it is hoped tnat
business conditions may improve during the ensuing year.
Digest of Statement by Pres. F. II. Britton, St. Louis, Mo., Sept. 1 ’ 14.
O peratin g R even u es. — During the fiscal yoar just closed tho agricultural
and industrial Interests o f the South have been subjected to the most try
ing conditions experienced in many years. Tho difficulties encountered
in marketing the cotton crop and tho prevailing low prices, due to the war,
resulted in tho stagnation o f all lines o f business throughout tho Southwest
and seriously affected the operating revenues, both freight and passenger,
o f this company, in common with other carriers operating in tho same sec
tion of the country. Tho total operating revenues were $10,627,861, a
decrease o f $2 164,043. or 16.92%, compared with the preceding year.
The crop of cotton, the largest ever produced, failed to find a ready mar
ket as a result of the European war and tho growers were compelled to sac
rifice their cotton in order to satisfy their obligations. Tho average price
for "middling cotton” was 7.94c. per pound, as compared with 13.49c.
during tho preceding year and 12.20c. for the yoar before.
O perating E x p e n s e s .— Operating expenses decreased SI .472,647, or
11 98% but the ratio to operating revenues was 78.67%, as against 76.88%
in 1 9 ( 3 - 1 4
The substantial reduction ($351,161, or 18.13%) in inainte-
1181
THE CHRONICLE
O ot. 9 1915.]
nance of way and structures has been accomplished without impairment of
the physical property. The saving under maintenance of equipment was
largely due to the deferring of appropriations for the repair of bad order
freight cars, which were out of service but not urgently needed.
,,
In c r e a s e d B u r d e n s .— The enforcement of the maximum two cents per mile
passenger fares resulted in a shrinkage in the passenger revenues of ab ut
8320.000 during the year under review, and of about $340,000 during ine
preceding year, with no possibility of a corresponding reductioninexpensgg.
These lines also sustained a loss during the year o f about $<0,000 m expre. s
revenue which was due principally, to the inroads made on express businessby the parcels post, and the reduction Feb. 1 1914 in express rates
While the revenues have suffered losses due to the causes mentioned,
expenses and taxes, on the other hand, have been materially increased by
the “ full crew laws,” “ hours o f service Acts, ' ‘ ‘semi-monthly pay day
requirements, “ the Federal incomo tax (wehad to assume the tax on our
“ tax-free" bonds), Federal valuation law. increased wages, shorter hours.
R a le S itu a lio n .— [The report discusses at length the rate situation. State
and Federal, as affecting the company.)
O utlook .— During the present crop season there is being raised, througnout the cotton States, more corn, wheat, oats, rice, ha.y•Sarden-truck ano
live stock than ever before. The cotton acreage has been considerably
reduced, and while the growing crop is two or three weeks late, and has suf
fered some damage from the severe storm in the Southwest, which occurred
in August 1915, the present prospects indicate a good yield. Business
conditions are gradually becoming better throughout the Southwest, as is •
evidenced by the more cheerful attitude of the people and increasing activ
ity in many lines. Wholesale houses and jobbers, who have allowed their
stocks to run extremely low, are re-stocking and their business is slowly re
suming normal conditions.
.
„
,
. , .
Investm en t i n R o a d a n d E q u ip m e n t .— Expenditures for road amounted to
$734,475 (including $329,448 for ballast), while for equipment after allow
ing for equipment retired, the outlay was $2,048,352; total, $2,782,827.
In order to handle the present volume of traffic more economically, there
should be expended on the property, including the Texas lines, M soon as
financial conditions justify, about $1,400,000, which includes the devel
opment of terminals at East St. Louis, 111., extension of yards at Illmo and
Malden, M o., Pine Bluff, Ark., and other points; re-establishing incline>at
Birds Point, M o., washed out by flood; completion of ballasting from
Lavon to Fort Worth and Addison to Dallas, Texas, about 75 miles; also,
the re-laying of branch lines with second-hand 75-lb. rail secured from main
line. There should be proivded at once, however at least 20 miles or new
75-lb. rail to replace worn rail in the track, and in order to release 56-lb.
rail from branch lines for use in industry and business tracks.
E q u ip m e n t .— The following equipment, contracted for under trust agree
ment with tlie Guaranty Trust Co. of N. Y . during the preceding
yoar, was received during the current year: 1,500 steel undet^am e box cars,
400 steel underframe flat cars. 100 steel underframe and steel frame coal
C^ A r Z J a s A M e m p h is R a ilw a y B r id g e & T erm in a ll C o . - Thisn«*mpany is
constructing a double-track railway and highway bridge over the Mississippi
River at Memphis. Tenn.. the capital stock being °wned equally by the
Chic. Rock Island & Pacific Uy. Co., St. Louis Iron Mtn. A iSouthern Ry.
1" t rackage^R^ighis*^Granted^Other C o m p a n i e s .— T^he M is^uri Oklahoma &
Gulf Ry. Co. of Texas has been granted the right to jointly use ou rjails
between Plano and Fort VVorth and Dallas Texas and also terminall fa
cilities at the two latter points, effective Sept. U ^ . The Texas Soutb
eastern ItR. Co. also has been granted the right to use the rails between
Lufkin and White City, Texas, for the operation of logging trains, effective
f y n n t n a l s — 'Tho new freight terminals at Fort Worth, Texa . were
opened for operation on May 1 1915. Tho new union passenger ^ t l o n
and facilities of tho Union Terminal Co. at Dallas, Texas, are well under
way, and it is expected will be ready for operation early in 1Jlo.
C I I A R A C T E R O F S T E E L R A I L I N M A I N T R A C K J U N E 30.
T o ta l.
85-lb . 7 5 - lb .
7 0 -lb . 60- lb .
5 0 -lb .
M i le s .
8.95 1,045.07 30.67 44.76 382.91 1.512.36
1915...................
1.512.36
8.95
1.051.01
30.67
43.27
378.46
1914......... .......
1,368.44
8 .9 5
1 .0 5 0 .8 3
3 0 .6 7
6 . 1 5 2 7 1 .8 4
1913---------------8.95 1,036.49 30.67
6.15 287.14 1,369.40
1912...................
B A L L A S T A N D B R I D G E S I N M A I N T R A C K J U N E 30.
M i le s .
R ock.
1915......... *189.82
1914........... 204.42
1913........... 188.98
1912______ 190.69
G ra v e l.
C in d e r s .
78.05
74.89
68.82
69.20
672.58
678.67
719.44
721.65
B u r n t C la y .S o il,T r e s .,& c .
144.62
95.71
57.14
34.34
442.27
473.65
334.06
353.52
T o ta l.
*1,527.34
1,527.34
1,368.44
1,369.40
* Includes 14.98 in second main track.
O P E R A T I O N S , E A R N I N G S , E X P E N S E S . C H A R G E S , cfee.
1911-12.
1912-13.
1913-14.
1914-15.
1,548
1,609
1,735
1,754
Average miles operated.
O p era tio n s —
2,380,366
2,586,534
3,080.323
Passengers carried------- 2,505.801
88,410,690 113.572.192 100.170,761 87.700,576
Pass, carried 1 mile.
2.62 cts.
2.61 cts.
2.34 cts.
2.29 cts.
Rate per pass, per mile,
3,408,053
3,657.964
3,495,537
Tons freight moved a —
__ 3,181.267
do
do
1 mile__ 747,474,244 830.028,078 871,985,756 835,722.979
1.07 cts.
1.13 cts.
1.12 cts.
Rate per ton per mile a 1.06 cts.
$1.3085
$1.4588
$1.3938
Earn, per pass. tr. mile.
$1.0310
$3.1359
$3.4233
$3.3308
Earn, per rrt. tr. mile—
$3.2543
$7,778
$8,262
$7,373
Gross earnings per milo.
$6,060
a Not including company’s freight.
I N C O M E A C C O U N T (E N T I R E S Y S T E M ) .
-O ld B a s is
■ New B a s is
1912-13.
$2,618,176
Passenger.......................
9,864,489
F reig h t____________
7,891.642
500.918
Mail and express...........
448,933
313.367
lll.O W
Miscellaneous.................
Incidental, A c-------------145,279
Total oper. revenues.$10,627,861 $12,791,904 $12,744,555 $13,296,950
C
$1,937,045 $1,920,035 $1,899,484
Ej ZxJJCTloUo
p e n s e s - ----------Malnt. of way A stru c.. $1,585,884
2,219,390
2,635,700
2,662,760
2,076,048
Malnt. of equipment—
508.894
505,802
505.820
450.245
Traffic expenses----------4.039,413
4,116.729
4.152.954
Transportation expenses 3.808.827
548.616
589,451
515,0911
521.878
General expenses--------60,130/
47,770
MLscel.
IVllSVU
I. operations------auuiio------Transporta, for invest.. Cr.l29,4t)a
Total oper. expenses. $8,361,154 $9,833,800 $9,767,717 $9,215,797
Nor operating revenue.. $2,26b,707 $2,958,104 $2,976,838 $4,081,153
12,639
18,734
Outside oper.— net def.
--------1914-15.
1913-14.
1913-14.
$2,659,656 $2,661,551
9,295,143
9.295,143
502,203
502,203
285,658
155.6651
179.237/
$2,266,707
581.778
2,188
$2,958,104
601,886
$2,958,104
601,886
$4,068,514
468.697
Total oper. income__ $1,682,741
Hire of equip.— balance
588,197
Joint facilities.............
239,466
Intorest on invest., A c ..
398,7b0
$2,356,218
530,435
221,169
316,614
$2,356,218
586,442
221,169
191.057
$3,599,816
628.058
213,391
202.876
O p era tin g R even u e —
Total net revenue..
Taxes accrued---------Uncollectibles............
Total net income___ $2,909,164
$3,424,435
$3,354,886
$4,644,141
Fixed bond interest----- $2,098,190
Int. on 2d mtge. incomo
121,700
bonds held by public.
181,812
Other interest and mlsc.
276,263
Rents—leased roads-----509,192
Rents—joint facils.,Ac .
$2,098,190
$2,098,190
$2,070,327
121.700
90,954
259,279
518,541
121,700
90,954
259.279
448.992
121,700
37,549
105,208
423.166
Total d ed u ction s.... $3,190,157
$3,088,664
$3,019,115
|2.757,950.
1182
THE CHRONICLE
C O N D E N S E D B A L A N C E S H E E T (E N T I R E S Y S T L IM ) J U N E 30.
A s s e ts —
1915.
s
Road A cquIpm’t-94,250,627
Invest. In affil.cos. 4,501,281
Misc. Investments
18,826
676,493
Cash............
Special deposits-. 382,823
Material & supp.. 1,522,262
Traffic, Ac., bals. 121,020
Agents & cond’rs.
72,938
Loans & bills rec..
2,287
Mfsc. accounts__
640,093
Aocr.lnt.,divs.,Ac.
55,668
Inaur. funds, &c__
48,720
Unadjust, acc’ts.. 971,439
1914.
3
91 ,467,800
4 ,459,068
19,987
571,019
2 ,472,871
1 ,545,994
96,563
82,149
3,386
720,037
56,106
41,946
628,521
Total............. 103,265.478 102165,482
1915.
S
Common stock 16,350,100
Prcf. stock_____ 19 ,893,650
Bonds (see “ Ry. &
Indus.” Sec.)..56 ,189,250
Loans A bills pay. 1,621,920
Acc’ts & wages__
977,337
Traffic, & c., bals. 126,586
Int., dtv., Ac.,due 382,823
Mlscell. accounts. 373,916
Int.,dlv.,Ac.,accr. 279,271
Taxes accrued___
252,279
Accrued deprec’n. 3,072,783
UnadJ., Ac., acc’ts 166,927
Add’ns to prop'ty
through Income- 163,111
Profit and loss--.x3 ,409,524
Liabilities —■
1914.
S
16,356,100
19,893,650
56,539,250
144
1,259,224
126,121
385,971
327,251
275,674
266,281
2,568,737
164,058
163,111
3,839,909
Total............. 103,265,478 102165,482
x After deducting $109,219 reparation claims and expenses (Ark. rate
caso) and sundries aggregating (net) $40,17.3.— V. 101, p. 523.
B osto n & M aine R R .
(82 d Annu al Report— Year ended June 30 1915.)
Pres. James H . Hustis Sept, wrote in substance:
R e s u lt s .— 'The gross operating revenues aro $1,487,237, or 3.09',’ , less
b Jrea.r , owing to the unsettled condition o f business and the disT h n w , ,!!! mports and exports caused largely by the European war.
Tho loss would have been greater were it not for increases in freight and
p ^ e n g e r rates which becamo effective just prior to or during the year.
, -tjcult ,to, estimate these rate increases in tho aggrogato. Thoir full
fv ^ in o l}}
apparent until normal business conditions are restored
tv . luo, p. o i l , V . 99, p. 1672).
o f bhe automobile by tourists, particularly to tho mountain and
tf1P.r<?C0nt Introduction of jitney servico and tho Increasing use
of the automobile truck are llkowiso affecting railroad earnings.
i ho revenue from express shows an increase o f $68,040, or 5.58%, due
to tho now contract with tiie American Express Co. On tho former basis
there would have been a decrease of $150,000.
1
td « ;ruas:0 $2.916,447 (7.58%) in operating expenses, with
out neglecting tho maintenance ot tho property. Maintenance o f way and
* “
increased $494,168 (7.37% ), duo largely to the program of Uo
renewals and other track work, practically completed before July 1, while
maintenance o f equipment decreased $1,139,726, duo largely to unusual
expenditures in 1914 on steel under-frames.
Tho saving in operating oxcrA s^ oT s 2e 2 m C0 9 Kf nr o°o'mJCri in tho transportation group, with its de’ a ’ 1 8,1 OI\9 -9.9 % •clue partly to tho smaller volume of traffic,
but more particularly to increased efficiency in operation.. Locomotive
r v
s.h2 '/s a decrease o f $691,738. The froight-train-load in tons of
revenue freight averaged .)33.47, incr. of 19.06 over 1914 an d4l. 91 over 1913.
. t ’ 1®savings in operating expenses brought about an increaso o f $ l ,459,211
19lTtoO76r9 4 y Kirriei91 50’ th° operatin« ratl° decreasing from 80.68% in
w
wof
i v$702,122
I , 1wu III
Tho.decrease
in Ublit
other income is due principally to the sale
or Maine Central R R . stock, now paying
nay mg uiviuenns
dividends or
o f o%
6 % per annum
annum.
A largo proportion of tho purchase price was paid by 5% notes of tho Maine
Ra ways Companics ii part of which were delivered during the year to
° f rK1ua t,,lrin f5 B.oston * Maine notes in reduction o f amounts due
thereon. I he loss in incomo from this source, however, is offset to a considerablo extent in the decrease in interest on unfunded debt.
m 5 8 7 8 ’ 3 4 1 i l - \ 2 ' A*11 “ deductions” is made up principally
.h/.r.®
freight cars- $387,448; interest on unfunded debt, $291,384;
fj/'j<M iCOU' ; l on notos’ $274,108. The amount last named was charged out
lrbni
‘‘ f1 the one-year notes and has no corresponding item this year
Sao coniprate income for tho year fell short of mooting deductions by
S3 i1';462;
however, is $1,710,280 less than the deficit of 1914.
F e d e r a l V a lu a tio n — Tho valuation o f tho system by tho I. S. C. Com t S “ t o f f . * 135,538, which is included in operating oxpenses;
during0 19%Jlln° 3 0 191° ’ 5 1 8 3 , 4 3 1 • Tho work w il1 probably bo completed
Additions and betterments aggrogated gross $1,316,042,
s?vn«d i-?9 0 himiIy‘ ^ddges. trestles and culverts, $237,015: crossings and
?
| f| 0 .^ 9 , and equipment, $239,681. Credit items: Equipment rolAan Q*tt7 5wm?i, ‘? nd S | an<? ProP «* y retired, $419,548. Net additions,
$420,945, which was charged as follows: T o capital account 862 80S- to
leased roads, $237,536: additional rental of leased roads, $121101 ’
’
On account of tho financial condition o f the company, no now equipment
was purchased for replacements. Of tho 44 locomotives, 4 pass, cars 399
w lJ ? H ai?d F ";ork car» withdrawn from service, a considerable number
were of obsolete typos that could not bo profitably operated.
E lim in a t io n o f H ig h w a y G ra d s C r o ss in g s . — On tills work $252 423 has been
expended during the year. Total net expenditure on tho Boston & Maine
R R . and loasod lines to Juno 30 1915, $7,119,190.
lame
A m e r ic a n E x p r e s s C o n tra ct.— The contract dated May 1 1907 was super
seded by one signed Jan. 11 1915 and effective Juno 20 1914
It will run
to Dec. 31 191o and thereafter until 90 days’ notice. Instead of the 35%
o f gross express revenue received under tho former contract, we now get
42% which resulted in additional revenue of over $200,000 (V. 100 n 138)
N o te s .— The $24,310,000 notes outstanding June 30 1914 were duo iw
Xnn: Feb’ 3 1914.«.110,000: June 2 1914, $1,536,000; Mar 2 19l“
$21,664,000. At the maturity of tho notes duo Mar. 2 1915 tho holders
wero requested to make a further extension to Sept. 2 1915 (V?100 p 641)
to iV ne 3 0 ,1 9 J5 wero as follows: (a) Settled by delivery of
“ i,on u t c ” - ^ . o o o . 6 * 1®
.
a ,1* " f n , r 0pocl tl?ab bcforo tbo maturity o f tho oxtended notes on
Sept. 2 1915 some plan o f reorganization would bo agreed to, but the neces
sary enabling legislation was not secured, and your board had thereforoto
8tiH f„urther “ tension or a default and a rcceivershl ,
g that further conferences with tho representatives o f tho leaked lines
^ d Pave tho way to reconsideration by tho Legislatures ofVermontand
New Hampshire, with the possibility o f a favorable outcome, tho notehold
ers wore on Aug. 19 requested to agreo to a further extension of six months
to March 2 1916 ( V. l 6 l , p.. 6 13). More than 98% expr^dng thoi? wiI
tb<>extension, the completion of which, including tho do« 2 “ y of the Maine Railways Companies notes, will reduce tho floating’
$13,500,000. Tho privilege was given also for subscription
a“,5 H t '^ u uotes remaining In our treasury after tho allotments had been
IL 447,^13 693^ 7 7 2 ^ 4 jp1 ln reductlon o f Boston & Maine notes (V. 101,
f
n
^' A stl,uI-Yc f tit® finances o f the company and tho outlook
whi^h°r>ant hrifChnV nced. t
1,oard that the trouble is a fundamental one
^on o f t h e r n ^ u « r m rectie5l1 by a fblan<rlal reorganization involving a revltr i f'm frtS rt o™ r ' st;:! . rA sV T ° that cnfl th<) trustees appointed by tho
tn;^VCmUtmtod,sposoot U.u N - V. N. II. & Hartford It R. C o .’s majority in
secure) Iio,,isution
agVsVat
h
i 1 p?’
™th tho
acq)descenco
o f the
board,
to
secure
in Maine,
N.
II., Mass,
and
Vermont (tho
general
laws
or Jan 17 J a ?
for the purpose) which would permit such ro
mo n r i wi P lh o leglf latIon sought was permissive only in character,
but it failed o f passago in two of tho States (V. 100, p. 1917)
However
f v ai(inUn oXnHinf^ ° nC|'r botween committees o f tho principal loasod linci
fornu ? ’1 ,whn S ;A L I e f as- V/ co ,,1 Ju n c U o !1 with a committeo of your board,
£ K , i ' bl.10,, "terest o f aiding in securing tho necessary legislation, it is
distinct progress has been made and that all interests as never
bpforo roalizo the acuteness o f tho existing situation and would'deplore a
d '? “ t^ration of the system. W ith that knowledge and with a properre^gnitlon ot each other s claims, it would seem that a way should1 bo found to
ke£I> tho proporty intact (Vr. 100, p. 641, 3 0 7 ; V . 99, v . 1299 12H)
1 ™
O utlook.
With a lull realization o f tho particular difficulties confronting
your properties at this time, and with a l?nowhx go o f tho^ui^er?aint l of
the changing phases o f Governmental regulationjfancl control affootir g all
beIiov^41nVhnrD-n0 nrdu wi tho,ut bo*nK optimistic a.sRo tho Immediate future,
believes in tho gonorally fundamental soundness of the properties comprisin'*
tho system, and lias confidence in the future o f these propertta. ^provided
that theTsystem may bojkeritqin i.ict under alform^of r^rganlzatihn whlX
will rostoroiits credit.M^ & ^ w jT g fc ia c t a w ^ ^ a ^
[Vol. 101.
O P E R A T IO N S A N D
F IS C A L R E S U L T S .
, —
i
1914-15.
1913-14. 1912-13.
1911-12.
♦Miles operated Juno 30
2,252
2,252
2 ,2 5 2
2,244
x O p era tio n s —
Passengers carried------- 43,472,158 47,032,535 49,918,103 49,284,076
Pass, carnod one m ilo,.849,948,853 896,081,331 904,059,166 880,741,536
Rato per pass per milo. 1 .795 cts.
1.769 cts.
1 .775 cts.
1.782 cts.
Freight (tons) carried.. 22,678,480 24,752,884 25,473,568 23,694,987
l«r t (tons) carr. 1 milo.2416458,253 2635138,719 2721196,610 2460990,977
Rato per ton per m ilo ... 1.119 cts.
1.057 cts.
1.054 cts.
1.089 cts.
Cross earnings per mile.
$20,609
$21,262
$21,545
$20,493
♦ Excludes street railways (50.21 miles in 1914-15, 1913-14 and 1912-13.)
x Excludes electric railways and water lines.
IN C O M E A C C O U N T .
---------- N e w B a s is ----------------------- O ld B a s is ----------1914-15.
1913-14.
1913-14.
1912-13
Passenger ...................... $15,502,197 $16,111,548 $15,851,615 $16,049,174
fr e ig h t --------- ----------- 27,042,879 27,912,397 27,866,098 28,692,689
2,897,382
2,959,508
Mail, express, &c---------- 2,948,664 2,851,367
Miscellaneous.................
17,125
19,7331
798,811
812,137
In cid en ta l...................... 1,162,184 1,265,241/
r,
.
E a r n in g s —
E x p e n s e s —— ...................346,673.049 $48,160,286 $47,413,905 $43,513,507
Maint. of way & stru c.. $7,195,081 $6,700,913 $6,545,830 $ 5 ,4 2 4 ,1 0 4
Maint. of equipment__ 6,695,420
7,835,146
7,733,871
7,769,904
Traffic exponses.............
443,690
466,600
465,058
454,537
Transportation- expenses 20,193,692 22,434,904 22,189,351 23,092,906
General expenses______ 1,181,720
1,169,778
1,362,568
1,359,914
Miscellaneous operations
200,169
248,878
T o ta l----------- --------- $35,909,772 $38,856,219 $38,296,678 $38,101,425
P . c . o f o p . e x p . t o earns
(7 0 .9 4 )
N e t o p e ra tin g r o v e n u o - .$ 1 0 ,7 6 3 ,2 7 7
O u tsid e o p e r a tio n s — n o t
_________
(8 0 .6 8 )
$ 9 ,3 0 4 ,0 6 7
(8 0 .7 7 )
(7 8 .5 4 )
$ 9 ,1 1 7 ,2 2 7 $ 10 ,412,082
1 86 ,240
1871914
$10,763,277
1,978,223
$9,304,067
2,059,017
$9,303,467 $10,599,996
2,059,017
2,025,629
Taxes accrued____
Uncollectibles____
-
O piating incomo------$8,779,110 $7,245,050
$7,244,450 $8,574 367
Dividend incomo--------174,767 .
895,6331
1,516 0 1 0
1 356 229
Int., rents, &c.. received 1,029,707
1,010,962/
i.dh0,229
Net incomo.................$9,983,584
D ed u ct —
Rentals of leased roads. $5,589,405
lliro of equipment_____ 1,196,325
Other rents___________
476,970
Intorest accrued_______ 3,026,561
Discount on notes_____
Sinking fund paym ent..
' ” 28',785
Divs. on prof. stk. (6 %)
Divs. on com. stock____
$9,151,645
$8,760,460 $9,930,596
,487 ,629
.583 ,774
504 .147
,317 ,945
274 .108
28 ,785
$5,487,629 $5,312,700
1,535,404
1,748,315
161,330
169,038
3,317,945
2,547,311
274,108
74,750
28,785
28,785
-----------188,988
.............. (3)1,185,150
TotiU deductions----- $10,318,046 $11,106,387 $10,805,202 $11,255,037
Balance, d eficit............
$334,462 $2,044,742 $2,044,742 $11324.441
C O M B IN E D IN C O M E A C C O U N T .
Includes tho Boston & Maine R R ., Vermont Valloy RR.,. Sullivan Oountv
t*1? ” Xi°r c Ilat'b°e * Beach R R ., M t. Washington R y., St. Johnsbury &
Lako Champlain R R .. Montpelier & Wells River R R ., Barro & Ohelsea
R R . and Conway Electric St. R y., with intor-co. transactions olimlnatod.
_
----------N e w B a s is ----------------------- o ld B a s is _______
R ev en u es —
1914-15.
1913-14.
1913-14
1912-13
F reig h t...................... ..$ 2 8 ,180,551 $29,205,352 $29,156,812 $29 997 615
S S S i a r ^ ::
iifftg j
Iffiill
Expenses— revonuo' -848,430,486 $50,093,293 $49,348,907 $50,458,560
Maintenance o f way, &c. $7,588,044 $7 139 603 $6,983,094 $5,732,071
Maintenance o f equ ip.. 6,904,982
8,043,844
7,940,784
7,981,249
Iraffic expenses...........
455,433
4 77 795
476,253
465,743
T ransportation............ 20,900,273 23,263 [655 23,020,074 23,947,271
General exponsos.......... 1,221,825
1,208,5211 1,404,445
1,402,847
200,170
248,878/
M iscellaneous...............
T o t a l o p e r . o x p e n s e s .$ 3 7 ,2 7 0 ,7 2 6 $ 4 0 ,3 8 2 ,1 9 6 $ 3 9 ,8 2 4 ,6 5 0 $39 ,5 2 9 ,1 8 1
N e t o p e r a tin g r o v e n u o . . .5, 11 ,1 5 9 ,7 6 0 $ 9 ,7 1 1 ,0 9 7 $ 9 ,5 .4 ,2 5 7 $ 1 0 ,9 2 9 379
U u tsldo o p e r . r e v o n u o ..
............... ..
..................
1 86 ,240
187,913
Total net revonuo____$11.159,760
Taxes accrued_________ 2,085,875
Uncollectibles...............
5 ,9 4 5
$9,711,097
2,170,130
$9,710,497 $11,117,292
2,170,130
2,100,723
Operating income----- $9,067,940 $7,540,967 $7,540,367 $9 016 569
Other incom o.............- 1,204,766
1,862,085
1,447,661
l,288i56l
Gross corp. in com o..$10,272,703
$9,403,052
$8,988,028 $10,305,130
Rentals on loasod roads. $5,590,405
lliro of equipment_____ 1,236 950
Other re n ts...................
556,429
Interest .accrued.......... .. 3,324,758
Discount on notes_____
11,819
Sinking fund paym ent..
28i785
$5,489,656
1,644,174
584,421
3,534,916
290,655
28,785
$5,489,656
1,842,217
171,354
3,551,462
D e d u c tio n s —
27 4 ,1 0 8
28,785
$ 5 ,3 2 1 ,5 0 0
1 ,8 6 9 ,2 4 8
179,114
2 ,7 2 5 ,9 9 1
7 4 ,7 5 0
2 8 ,7 8 5
Total deductions----- $10,749,146 $11,572,606 $11,157,582 $10,199,388
Balanco.......................... df .$476,440df$2,169,554 df$2,169,554 sur .$105,742
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
Assets—
S
S
L iabilities —
S
S
Ro-ul and cqulp’ t.90 ,716,148 90,053,840 Common stock__ ,39,505,391 39,505,391
Improv. on loasod
Preferred stock... 3,119,300 3,119,800
railway property 3 ,221,703 4,500,084 Prcm. on common
Invest, in affil. cos.—
stock sold ....... 6,501,620 6,501,020
Stocks ............... 7,,405,142 7,495,142 Funded debt____ 43,333,009 43,338,000
545,619
Band3 _______
545,010 Loans & bills pay. 17,336,690 24,310,000
Note3...... ............ 2,,028,802
725,677 Traffic, &c., bal.. 1,833,224 1,543,290
Other Investments 3,,886,510 0,522,000 Audited accounts
Mlsc. phys. prop.
102,720
200,178
and wages........ 2,033,729 3,130,951
S3cur.,Ac.,onhand 1 ,321,512 1,243,707 Matured Int., Ac.,
Ca.sti_____________ 3 ,942,203 3,510,830
unpaid.............
290,213
312,263
Loans & bills rec’la 282,180
287.029 Rent, leased roads 1,245,233 1,245,418
Traffic, &c.. bal..
100,930
144,022 Rents A Int. accr’il 834,020
81-4,510
Agts. & conductors 1.070,938 1,831,453 Accrued taxes___
617,919
599,008
Mat’ls & supplies. 4 .139.143 5,702,135 Miscellaneous___
610,561
577,417
Miscellaneous___ 1 ,826,510 1,000,107 aDuo to leased rds. 1,852,343 1,852,316
Def’d debit Items, 511,222
516,302 Unoxtlng.prom.on
eliminating grade
funded debt___
340,726
331,451
crossings.......... 771,123
830,473 Accr.dep’n(equlp.) 5,770,739
Prepaid lilt., &c_. 277,471 1,040,352 Oth. UnadJ. accts. 257,0 40 4,063,160
339,236
Profit and loss__ b3 ,814,173 3,153.376 Add’ns to proporty 191,341
191,341
Sink. fd. redemp.
of Impr. bonds. 1,321,513 1,243,707
Total assets-. .127,023,120134,012,922
Total-----------127,023,120134.012,922
. , aoA^ . exJ,iratl</n.,0f leas03’ , b After adding $290,587 proporty rotired,
5 1 28.901 depreciation accrued prior to July 1 1907 on equipment and de
ducting miscellaneous not items aggregating $5 1 5 3
N o t e .— Tho company guarantees June 30 1915. $1,328,000 St. Johnsbury
A Lake C hamplain RR. 1st M . 6 s duo March 1 1944: $500,000 Concord A
t l?rr‘/r\ont N', « • « « ’
5s due Jan. 1 1944; $100,000 Peterborough
fKy. Sta. Co.
t sinking fund
- f . WJ4% bonds
d ',10 f uly 1 1917: * 3 0 0 ,0 0 0 Portland Union
duo July l 1927-2() truaranfond inintiv
with tho Mai ,10 Central
.an,I
h
K
f o T i 'M a t o U R . - v :
Elvor R R -
1 1 83
THE CHRONICLE
*CH\ 9 1915.]
The Missouri Pacific Railway Co.
(5 th Annual Report— Year ended June 30 1914.)
Pres. B . F . Bush, St. Louis, Sept. 10, wrote in substance:
I lr e u lt s __The decrease in revenue from freight traffic was $1,753,242, or
o ' , of
i lorein is recorded tlio direct erfect of the insistence upon reduc
tions in tariffs, which, as finally confirmed by tlio U. S. Supremo Court,
became effective during July 1913: for, while the number ol tons of revenue
freight handled this year was only .13% loss than the previous year, the
revenues for transporting the same show a shrinkage of 3.83% . A similar,
although grosser presentation, is found in tho revenue of passengers carried,
which “declined $407,840, or 4.02%. although tho number of passengers
carried increased 13.36%. Combining tho returns from both freight ana
nassengor transportation, and striking an average, arrived at by utilizing
all of the activo factors involved, it is estimated that the enforced reductions
in freight and passongcr tariffs, liavo caused a loss in rovonuo, based upon
tho volume of this year’s traffic, of not less than $1,800,000, even though
the facilities and appointments necessary for such transportation— and in
volving large capital expenditures— have been substantially increased.
Tho combined parcel post, mail and express traffic was greater than last
vo-ir yob tho combined revenues therefrom were loss by $141,431.
Operating expenses decreased $1,576,624, or 3.5 3% , though the condition
of roadbed, locomotives and cars, generally, has been substantially im
proved. The increases in charges for road work were against ties and
against bridges, which mako for greater stability and permanence. Apply
ing tho maintenance of equipment charges to the equipment list as it existed
at tho beginning of tho year, tho expenditure equaled, per locomotive,
$3,240; per passenger-train car, $883: per freight-train car, S1U.
__
There liavo been some increases in compensation to employees, enecting
maintenance of equipment, but more particularly in the transportation
department, which wore not in effect throughout all of the previous year,
necessitated by Federal or State action, like the so-called full crew law,
which have burdened transportation expenses without resulting in any
° ° " ’Viwir'd D e b t. — The* changes as to funded debt in hands o f tho public wore:
(a) Missouri Pacific ity.— Bonds decreased *34,000, equipment trust
obligations decreased $952,000; total decrease, $936,000. it (6 ) Ht. Loins Iron
Mtn & Sou liv G o __First & ltcf. M . 6 s, Series A, sold, $4,166,000
(for redemption of equipment obligations, i l , 420,000; and additions, betierm nts ,Vc v >
('001 I,ess: $22,000 Gun. Consols redeemed with
Land Grant Funds and $ 137,000 equipment trust obligations paid off; net
M IS S O U R I P A C IF IC R Y . PROPER— IN C O M E A C C O U N T .
-O ld B a s is - N e w B a s is -
1914-15.
Miles operated June 303,921
E a r n in g s —
$
Passengers____________
4,714,086
F reigh t_______________ 21,245,406
Mail, express, A c______ 2,092,899
Incidental, A c_________
273,285
28,325,676
T o ta l_________
Expen ses—
.
Maint. of way. & struc. 3,791,799
Maint. of equipment__ 5,342,983
Transportation________ 11,088,205
Traffic expenses_______
687,806
General_______________
699,951
Mlscell. operations_____
95,395
Transporta, for invest..
Cr.6,974
21,699,164
Total .......................
Net earnings____ ._____ 6,626,512
Taxes ________________ 1,213,763
Outside oper.— net d ef.
--------ncollectibles________
21,976
Operating income____ 5,390,773
Divs., int., rents, &c__ 2.307.272
St. L. I- M . & S. divs___
Total net income____ 7,698,015
D isb u rsem en ts —
Interest on bonds, &c__ 7,997.690
Rentals_______________
727,889
Hire of equipment_____
247,017
M iscellaneous________
43,766
Total disbursements. 9,016,362
Bal., sur. or deficit__ def.1,318,317
1913-14.
3,920
$
4,848,431
19,490,425
2,077,054\
280,104J
26,696,014
1912-13.
1913-14.
3,920
3,920
S
$
5.239,691
4,918,402
19,490,425 20,528.498
2,250.720
2,213,214
________________
26,622,041 28,018,909
4,100,381
4,127,146
4,974,142
4,995,222
11,184,789 11,179.599
680,954
681,713
841,007
787,2121
116,621/
21,892,703
4,803,311
1,170,180
3,814,427
4.853,669
11,809.090
743,648
810,551
21,776,083. 22,031,385
5.987.524
4.S45.958
1.125,711
1,170,180
39.410
42,647
3,633,137
3,633.131
1,927,758
2,288,687
1,733.468 _ 1 ,773,468
7,334,357
7,055,286
47822,403
1,947.653
1,773,468
8.543.524
7.741,794
7,739.742
7,762,342
238,119
239,684
506,785
154.395
290,090
343,917
39.520
44,288
21.689
8,634,733
dcf.9/9.447 def.979.447 sur.369,69,
S T . L O U IS IR O N M T N . & S O U T H E R N R Y .— IN C O M E A C C O U N T .
-O ld B a s is - N e w B a s is -
1912-13.
1913-14.
1913-14.
1914-15.
3.338
3,365
3,365
Miles oper. end of period
3,365
$
S
S
E a r n in g s fr o m —
$
6,587.418
6,424,575
6,311,203
Passengers_____________ 5,150,540
Three-Year 5% Secured Gold Notes of 1911 F reigh t_______________ 22,438,307 24,504,603 24,504,603 25,219,772
2,329,408
2,051,7971 2,242,682
Mail, express, A c______ 1,993,772
4 2 2 , 1 1 5 / __________________
Incidental, &c_________
301,011
33,289,717
33.171.860i
34.136,598
Total earnings______ 29,883,629
E xpen ses—
deposited with the trustoo.
Maint. way & structures
V ‘ ,v,8,n feiJ/ruwn?7— The following was acquired and taken into the accounts Maint. of equipment—
ly tu/ij /i
r\r\ « . it> I r t o r m i A t l 9 pnp« uiwl 9 ct.Anm niln rlrivorq
Transportation________
Traffic ---------------------General---------------------_
looking Miscell. operations_____
*n 't he*eo nstraction o f a now bridge across the Mississippi River at Mem Transpcrta. for invest-.
Total expenses______ 20,860,506
phis have finally led to tlio formation o f tho Arkansas & Mempnis Ry.,
9,023,123
Bridge * Terminal Co., having an authorized capital stock of $100,000, ot Net earnings__________
-----
which $ 1 0 200 is paid in, and a 5% bond first mtge., issuable not in excess Outside oper.— net def.
1,338,666
nf so non 000. The stock is equally divided between the 8 t. Louis South Taxes
"*
western Ry. Go., tho Chicago Rock Island & Pacific Ry. Co., and the U ncollectibles________
St Louis Iron Mtn. & Southern Ry. C o., each of tho companies subscribing
Operating income____
to an operating agreement extending a period o f 50 years, and guaranteeing Divs., int., rents, &c—
tlio principal and interest of tho bonds. Not only will tho new bridge
Total net income____ 8,565,428 11,316.888 10,972,133 16.742.699
afford adequate facilities for each company, but will insuro tholr accom
D isb u rs e m en ts —
modation at a rc/lucod cost. It is estimated that the economy to tho
6,537,509
6,740,640
6,813,405
Missouri Pacific System will be in excess o f $100,000 tier annum. Tho Interest on bonds, & c_. 6,819.367
789,135
829,916
1,138,634
foundations and some of the piers are partially completed, and it is hoped R entals_______________ 1,189,593
322,845
496.920
510,626
450,243
Hire of equipment------to place the bridge ia commission in the cotirso of another year.
124,524
74.873
24.414
28,458
Sundry items-------------Outlet to N e w O rlea n s— T r a n s M i s s i s s i p p i T e im in a l C o .— The desirability
1,775,649
1,775,649
1.775.649
of having a direct outlet to tho Gulfport of Now Orleans, lias led to a 99-year Dividends (4 % ) ............
9,549.662
9,917,998
contract with tho Texas A Pacific Ry. Co. lor tho use o f its tracks between
Total disbursements. 8,487,657 10,262,748
1,193.037
1,054,140
1,054,110
Alexandria and Now Orleans. Permanent terminal facilities at the latter Balance, surplus_______
77.771
point are assured by the Ht. Louis Iron Mtn. & Southern Ry. Co. acquiring
M I S S O U R I P A C I F I C R Y . B A L A N C E S H E E T J U N E 30.
one-half of the stock of the T r a n s - M i s s i s s i p p i T e r m in a l C o ., which will, by
1915.
1914.
deed or lease, have Immediate control of all tho terminals in and about
1915.
1914.
Liabilities—
S
S
Now Orleans which are especially necossary to the transaction of tho
Assets —
S
$
business of the St. Louis Iron Mountain & Southern Ry. Co. and the Road and equip.156,499,318155,014,270 Capital stock'___82,841,085 82,841.085
Fund, debt outst’g
Texas & Pacific Ry. Co., which companies jointly guarantee tho principal Invest, in affil. cos
(see “ Railway A
(pledged)—
Indus. Sec.” ).101,lS7,500161,910,500
Stocks ..............39,448,5291
683,520
Bonds.............24.17S.001164,461,401 Traffic. Ac., bal3. 795,608
825,000
Loans A bills pay. 650,930
Mtn. & Southern Ry. Co. for ratification.
Notes________
223.281J
5,484,9,32 4,308,439
C o m p a n ie s ' In v e stm e n t i n C a p it a l Stock o f W abash H R .—This investment
Stks., bds., Ac.
303.046
was adjusted to market value of Juno 30 1914, resulting in a charge of
(unpledged).. 7,210,455 0,593,682 Miscell. accounts. 382,410
$2,468,527 to profit and loss during thei year covered by this report.
Other investments 19,487,798 19,803,576 Matured Interest
168,361
329,203
unpaid_______
fAs to reorganization plan o f July 1 1015, &c., sco V. 101, p. 130, «-3<S
Misc. phys. prop- 1,110.899 1,762,055
51,463
30,209
Deferred cr. Items
4 4 9 , 015. 773, 923: comparo V. 100, p. 309, 812, 901, 982.]
Dep. in lieu of
prop, sold_____
11,431
7,109 Unmatured inter
est, Ac_______ 2,093.912 2,092,308
373,087
514,503
Cash___________
00,293
Special deposits.. 459,938
845,372 Oper., Ac., reserve 199,011
43,026
Accrued deprcc’n. 541,400
Agts. A conductors 998,535 1,028,4
41,758
Other unadj. accts. 160,137
Traffic,
Ac.,
bals.
240,689
225,540
M ile a g e o f B a lla s te d anti U n b a lla sted T ra ck s J u n e 30 ( T o ta l S y stem ).
3,530.240
c2,053,172
Profit
and
loss___
j
Misc. accounts__ 3,259,820 2,984,837
G ra v e l.
R o ck .
C in d e r s .
C h a lts. S lo n c D u st. T o t.B a l.
U n b a ll
St.L.l.M
A
S.R
y.
206,761
437,761
1915
1,883.48 262.84 1,294.57 1,676.41 40.39 5,157.69 2,177.24
Material A supp.. 2,652,492 2,887,428
1914-. 1,861.78 262.68 1,295.75 1,670.14 40.39 5,130.71 2,204.91
Other deferred and
O P E R A T IO N S A N D F IS C A L R E S U L T S O F M IS S O U R I P A C IF IC A N D
unadjust, accts. 378,541
401,053
ST
L O U IS IR O N M O U N T A I N
SO U TH ERN .
.256,749,633 256,907.046
.250.749,088 256,967,015
Total...
S ta tis tic s 1914-15.
1913-14.
1912-13.
1911-12.
Miles operated, averago
7 ,28«>
7,28.)
<,2.)/
/,2 o l
x After deducting miscellaneous items (net) aggregating $233,656N o t e .— Following securities owned are not included in the 191 5 balance
sheet: At par value— (1) “ Other invest, (unpledged) : (a) Capital stock
P a iS o r s 'c M r ic d ____ J 2,591.798 _14.103.U5 12.620,830 11,825,687
or tho Texas & Pacific R y., $6,525,000: Denver & Rio Grande R U ., pref.,
Pass, carried one milo_
o a ‘ 11"
$5 000. and common. $2,295,000; Wabash IiR ., pref., $7,000,000, and
Fr’t (tons) carried (rev
do carried 1 milo ( r e v . , - ---------nn (ft) miscellaneous, $357,283. (2) "Securities unpledged : (a) Missouri
373.29
Pacific Rv. stock, $410,000; non-convert. 1st A Ref. M . bonds, series B .
No. rev. tons per tr. mile
3 20717
$310811
373.29
332.90
$3.01275
$2.74374 $1,988,000, and miscellaneous bonds, $12,500. (3 ) ‘ S em itics pledged
Earns, por fr’ t tr. m ilo..
$1.10737
$1.06712 (branch line securities): (n) To secure trust 5% bonds, $17,215,000. (6 ) to
$1.10365
Earns, por pass. tr. milo ’l l . 05527
■>. ■»..
r,nr,. /.\ .....l™, , ot Jt- I? of Af bOOtlS KanS. &
$8,565
$7,538
$7,990
$8,235
Gross oarns. por m. road
series A,
Old B a s is
-N eiu B a s is
_
_
51 1911,
E a rn in g s CO.’S
lst***RefMVL*boncSTseries
IL
$1,972,000,
and
(c)
to
securo
demand
From freight______
notes co.’s 1st & Ref. M ., series B, S416.000.
From passengers
From mails______
S T . L O U I S I R O N M T N . & S O U T H E R N B A L A N C E S H E E T J U N E 30.
From ox
1915.
1914.
From m
1915
L ia b ilities—
S
S
Incidentals, &c_____
__
Assets—
$
44,390,574
Capital
stock___44,394,739
-853,209,306 $59,985,731 $59,793,900 $62,155,506 Road and equip. 162,510,026 161,477,99.,
Total earnings__
Fund.
deb.
outst’g
141,000
Imp.
on
leased
ry156,161
Expen ses—
(see "Railway A
Malnt. o f way, &c------ $8,141,892 $8,593,601 $8,536,046 $9,263,360 Invest. In affil. co3.—
Indus. Sec."). 143,501,129143,152,120
Pledged............. 4,113,765 4,113,765
9,860,188
Maintenance o f equ ip.. 10,769,047 10,301,335 10,252,256
Loans
A bills pay. 1,009,000
1,659,122
Unpledged.........
1,744,123
22,528,447
Transpor tation------------ 20,576,420 21,332,567 21.292,357
71,435
23,937
1,425,168 Other Inv. (pledg.) 17,70S,895 17,814.877 Traffic balances..
1,330,086
1,330,992
T raffic________________ 1,417,094
801,855
849,882
576,135 Accts. A wages__
do (unpledged) 1,398,49$
1,621,834
1,503,8771 1,711,628
General_______________ 1,484,807
85,770
100,403
Miscell.
accounts.
1,9.31,796
Misc.
phys.
prop.
2,039,194
Miscell. operations------192,891
265,195/
437,761
92,613 Missouri Pac. Ry. 206,764
Sinking fund, Ae. 114,945
Transport’n for invest.. 0.22,481
________
________
________
059,196 Matured Interest. 1,581,321 1,541,644
Cash___________
743,093
807,354
Total expenses---------$42,559,670 $43,387,567 $43,122,373 $44,698,997 Agts. A conductors 647,462
897,973 Unmat. Int., A c.. 875,442
Ratio oper. exp. to oarns.
(73.11)
(72.33)
(72.12) ^ (71.91) Material A supp.. 1,355,223 1,696,392 Insur.,Ac., reserves
4,524
30,508
27,297
N o t earnings__________ $15,649 ,636 $16,5 9 8 ,1 6 4 $ 1 6,671 ,527 $17,456 ,509
117,576 Accrued deprec’n. 458,000
354,963
Miscellaneous----Outside oner.— not d e f.
--------------------- 73,364
93,005 Other deferred and
Other deferred and
70,851
laxes accrued___________ 2,5 5 2 ,4 2 9
2,5 1 3 ,4 3 3
2,5 1 3 ,4 3 2
2,3 1 4 ,3 4 9
unadj. accounts 336,597
154,977
167,825
unad/ust. accts.
239,024
Uncollectibles-------------43,567
----------------------------- ----Profit and ioss.a def.303,033
Oneratingincome___ $13,053,610 $14,084,731 $14,084,731 $15,019,155
Total____ ..193,011,344191,096,212
Total............. 193,011,344191,690,212
M i’ ,’. }nc., divs., lilt.,Ac. 1.103.174
1,130,721
2.447,779
2,463,599
a After delayed income debits, $536,137, and miscellaneous items (net)
T o ta l....................... .$14,156,814 $15,215,452 $16,532,510 $17,512,754
D a /u c t -
.......................5 1 ,123,664
$998,580
477,240
14,408,125
66,076
M Lcell aneous 111111 —
72,219
47.788
47,788
Tofcs.1
$15,397,360 $15,140,760 $10,457,818 $15,950,021
Balance,’ sur."or def.def.$1,240,546 sur.$74,692 sur.$74,C92S.$1,562,733
Eoninmont rents
IntorM t
___
899,300
13.302,177
$1,024,314
1,022.160
13,046.498
$1,047,274
787,010
.
14,575.746
^
^
S
n
y
has also a contingent liability as endorser of $ 1 ,
741,000 discounted notes of the Texas & Pacific R y., which were accepted
’ ” The following securities owned are not included in the 1915 balance sheet.
At par value— (1) "Other investments (pledged)” : (aMVabash HR. prer,
stock, $2,826,000, common stock, $2,826,200. and 1st Ref. and extensions I
1184
THE CHRONICLE
$2,913,200; (6) 2d M . lncomo o f the Toxas & Pacific R y ., $23,703, and (c)
1st M . bonds Baring Cross Bridge C o., $200,000. (2) “ Other investments
unpl®dged
(a) State o f Arkansas bonds, $584,000; (6) Texas & Pacific
R y - 6% notes due Juno 1 1915, $842,000, and (c) miscellaneous, $492,035.
(3) Securities unpledged” : (a) 1st & Ref. M . 6s, 40-year, series A , $568
500; and (b) miscellaneous, $6,387. (4) "Securities pledged” : (a) 1st &
‘10-year, series A, $1,290,000, and (6) miscellaneous, $206,000.
— V. 101, p. 1089, 923, 773.
[Vol . 101
C O M P A N Y ’S B A L A N C E S H E E T J U N E 30.
1915.
Assets—
1914.
§
j
Road A equipm't.57,676,635
Securities issued or
assum.— piedg'dl2,000,000
Secs, of controlled
cos.— unpledged 833,915
Other Investments 2,665,042
Cashformatur.int.
1,255
Misceil. accounts.
117,693
Condemned equip
ment suspense..
668,313
Recr.W.AL.E.RR.
443,441
Profit and loss___ 3,135,471
Wheeling & Lake Erie Railroad.
(Report fo r Fiscal Year ending June 30 1915.)
Receiver W . M . Duncan, Cleveland, Sept. 1, wrote:
1915.
Liabilities —
1914.
$
$
56,482,906 Common s t o c k ...20,000,000
First pref. stock.. 4,986,900
12,000,000 Second pref. stock 11,993,5 A)
Mortgage b onds..28,298,000
833,915 Loans A bills pay.
798,177
2,665,042 Audited vouchers.
231,177
1,255 Misceil. accounts.
2,095
119,871 Matur.lnt. unpaid 488,266
Matur. notesunp.10,523,333
732,210 Unmat. int. accr’d 220,315
379,419
2,510,830
20,000,000
4,986,900
11,993,500
35,000,000
855,000
281,481
2,145
36,505
2,400,750
169,167
R e s u lt s .— - T h e decrease o f $2,230,354 (29.12%) in gross revenue was due
T o ta l................ 77,541.764 75,725,448
T o t a l . . . ........ .77,541,764 75,725,448
as to $2,00o,891 to less coal traffic, during the long-drawn out strike in
Eastern Ohio and as to $202,806 to less ore freight, duo to depressed
R E C E I V E R 'S B A L A N C E S H E E T J U N E 30.
conditions in the iron and steel markets. Revenue from general frolght
1915.
1914.
1915.
1914.
increased notwithstanding the general business depression.
s
Assets —
S
Liabilities —
S
$
R e c e iv e r 's C e rt ific a te s .— There wero issued $236,000 receiver’s certificates
.*8,802,898 9,841,053 Equip, s .f. bonds.
______ 1,387,500
1
to provido for interest on 1st Consols, duo March l 1915, incomo from
1
Receiver’s certif.. 5,677,850 5,441,850
operation being insufficient.
. 1,628,483 1,614,700 Rec’rs equip, cert. 1,615,000 1,817,000
D e fa u lt o n E q u ip m e n t B o n d s .— Attention is called to the comment conEquip, s. f. bonds..
44,606
Real est. m tg es...
5,019
7,223
tamed in the report o f the General Manager with reference to conditions
. 706,315
939,465 Traffic, Ac., bais.
182,889
156,990
o f existing car equipment. This situation has also been fully covered by
3
65,551
81,108 Accts. A w ages...
546,522
634,646
application heretofore filed with the Court for authority to purchaso new Materials & supp.. 471,547
643,400 Misceil. accounts.
131,561
149,112
car equipment, it seemed nccossary for the receiver (on July 1 1915J to Misceil. accounts.. 487,635
713,417 W .AL.E.RR.acct. 443,441
379,419
discontinue payments account o f principal and interest upon the company's UnadJ., Ac., accts..
42,006
47,182 Int. A ta xesa ccr..
448,580
473,395
equipment sinking fund bonds, secured by equipment agreement to the
2,113,298 1,389,506 Accrued deprec’ n.
926,259
785,737
Mercantile Trust C o., trustee (Bankers' Trust Co., successor), dated
UnadJ., A c., accts.
112,324
150,134
Jan. 1 1902, covering 3,100 freight cars, 10 cabooses, 25 passongor train
Surplus............ . 4,272,893 3,886,825
cars and 34 locomotives. The question as to the terms upon which the
receiver might retain this equipment has been taken up with tho trusteo _______
14,362,338 15.269,831
T o ta l................ 14,362,338 15,269,831
and will be made the subject of a special report when definite conclusion
is reached (V. 101, p. 49; V. 74, p. 578.)
* Road and equipment consists o f (1) road, $4,006,655, of which $2,113,
704 was derived from receiver’s certifs. and $1,892,951 from incomo;
Data from d e n . Mgr. H. W. McMaster, Cleveland, Sept. 1 1916.
(2) equipment, $4,796,243, of which $2,830,857 was provided by receiver’s
T r a f f i c .— Compared with 1914 general freight rovenuo Increased $49,218,
certificates, $446,009 from incomo, and obligations are
a outstanding for the
or 1.54% . The decrease in ore froight revenue o f $202,806, or 30.5% , was remainder, $1,519,377.— V. 101. p. 450, 49.
due to the genoral falling o ff in the steel plants'requlrementsfor ore. The
suspension o f operations in the No. 8 coal fields from July 1 1914 until
Cripple Creek Central Ry.
M ay 11 1915 was the reason for tho decrease in coal freight earnings of
over $2,000,000, or 74.56%. Competitive conditions and general depres
sion o f tho coal market was responsible for the small volume o f tonnago
(IRA Annual Report Year ended June 30 1915.)
moved arter tho mines resumed operations until the closo o f the year.
O p era tin g E x p e n s e s .— The greatly decreased earnings made it essential
Pres. Henry M . Blaekmer, Aug. 30, wrote in substance:
to enforce the strictest economy in all branches of operation. Tho slight
R e s u lt s .— This report shows a substantial Increaso In net earnings, duo
increaso in traffic expenses is due to the printing of tariffs, occasioned in
largely
to improved conditions in tho mining Industry in tho Crlpplo Creek
a large measure to the general revision o f rates, following the 5% incroaso.
with a decrease of 25.68% In available equipment and a docreaso in frolght District and also to a decreaso in operating exponses. Our ore tonnago
car mileage o f 35.31%, there was a decreaso in the oxpondituro for hiro of shows a substantial increaso and our passengor business is groatly improved.
equipment o f $116,320, or 38.26%. Maintenance charges wero necessarily The outlook for the coming year is good.
M e r g e r .— \Vo have dissolved and liquidated tho Florence & Cripplo
reduced to a minimum, bridge and track renewals being confined to such
expenditures as wero absolutely necessary to maintain safety. In order Creek HR. Co.; all tho assets of that company, including equipment,
to reach normal maintenance conditions, tho expenditures for maintenance Cripp o Creek District terminals and tho leaso on Tho Colorado Springs A
or way and structures should bo increased about 25% per annum during Cripple Creek District Ry., havo been convoyed to tho Cripplo Creek &
the next two or three years. During tho year 13,733 lineal foot, or about C£i°!?$0 SprinKS 'J1*-C o- (formerly known as tho Golden Circle RR. C o.),
2.6 miles, o f rail were laid.
E q u ip m e n t .— During tho year 117 cars wero destroyed, 2,279 were retired
irom service, 300 leased stock cars returned to the owners and 10 now
cabooses constructed.
AU Utigation in connection with tho abandonment of the Florence &
C o m p a ris o n J u n e 30—
1914.
1915. D e c re a s e . P e r C l.
Cripple Creek R R . Co. has been satisfactorily disposed of, and tho aban
Carsowned.................. ..........................9,328
9,211
117
1.2
doned line (Wilbur to tho Cripplo Creok District, 10.03 miles, incl. siding)
Gars actually in service-------------------- 9,328
6,932
2,396
25.68
o r tho 6,932 serviceable cars, there are 4,595 wooden gondolas and box has been charged off to profit and loss on tho books of that company and
equipment taken over by tho Cripplo Creek & Colorado Springs RR.
cars that are approximately 14 years of age, all o f which will be retired the
within the next three years. It is estimated that thero will be at least Co. at a low valuation.
C a p it a liz a tio n .— 'Tho only changes in capital accounts aro tho ellmlna-"
2,000 o f these cars condemned during tho coming year, so that unless addi
tional purchases are made in tho meantime tho cars in actual service on tion of $1,000,000 of tho capital stock of tho Florenco & Cripplo Creek IiRk
Juno 30 1916 will number only about 5,782, including 850 now cars under Co. and tho increaso of $582,000 In tho capital stock of tho Cripplo Cree1"
contract. In 1909 tho number o f cars owned and actually in service was & Colorado Springs RR. Co. (formerly tho Golden Clrclo RR. Co.) to cov e
10.851; on Juno 30 1915 . 6,932, a decreaso o f 36.12%. At the close of tho valuo of tho assets taken over from tho Floronco & Cripplo Creek R R •
1915, 4,932 o f the cars in service wero suitable for general froight tonnago Co. Nono of tho underlying companies havo any outstanding or bonded
and 5,972 wero suitable for coal and ore, decreases o f 52.35% and 35.62%,. debt except tho Midland Terminal Ry. Co., which had outstanding on
The increase in general freight earnings in 1915 over 1909 was approxi Juno 30 1915 $346,000 1st M . bonds, a decreaso for tho year of $6,000.
P ro p e r ty .— During tho year wo have sold two engines, five passenger
mately 46.13% . (Compare V. 101, p. 450.)
O P E R A T IO N S A N D F I S C A L R E S U L T S .
...... .... . . . . . . . . .
1914-15.
1913-14.
1912-13.
1911-12.
Average revenue mlleago
512
91
459
457
O p era tio n s —
Total tonnage (revenue)
.
. 8,290,069 12.076,785 11,667,451 10 641 187
T ot. tonnago 1 m. (rev.)651,739,754 1192862,166 1255097,127 1175463 368
Freight train miles------- a l, 137.347 a l ,569,143
1.674:315
1,673!953
Av. net tons per tr. m ..
609
794
789
740
Revenue per ton permile
0.673c
0.549c
0.539c
0.547c
Revenuo per train mile.
$3.86
$4.17
$4.04
$3.84
Passengors (N o .)--------- 1,484,352
1,789,128
1.754.901
1,806,767
Passengers 1 mile (N o .). 35,231,336 40,257,750 41.859,992 40.004,638
Rev. per pass, per m ile.
1.57 cts.
1.54 cts.
1.49 cts.
1.51 cts.
Gross earnings per milo.
$10,599
$15,604
$17,056
$16,395
Not earnings per m ile..
$2,711
$4,812
$4,240
$5,379
a Includes mixed train miles.
_
n_.
•
IUSIS----------1913-14.
1912-13.
$2,690,441 $3,145,853
3,854,458
3.621,977
621,034
624,376
471,413
439,742
$5,428,069
$7,658,424
$7,637,346
$7,831,948
Maint. of way, &e_____
$604,591
Maint. o f equipment__
1,043,748
Traffic expenses.......... ..
112.250
Transportation expensesi 2,088,758
General expenses, &c__
190,393
$1,000,063
1,287,186
110.185
2,663,369
235,857
$997,393
1.279.201
110,180
2,662,895
224,873
$1,322,651
1.621.987
98,274
2,602,232
239,667
$4,039,740
$1,388,329
385,907
$5,296,660
$2,361,764
396,831
$5,274,542
$2,362,804
396.831
$5,884,811
$1,947,137
362,426
$1,002,422
$1,964,933
$1,965,973
D f . 1,040
$1,584,711
D f . 1,403
O p e ra tin g E x p e n s e s —
Taxes.
Outsido operations.
Miscellaneous________ 1
D e d u c tio n s —•
Int. on equip, obligations!
Int. on notes payable__
Int. on receiver’s certifs.
Disc’t on receiv. certifs.
Rents paid____________
Additions & botterments
Equipment obligations
paid by receiver____
$1,002,422
20,273
$1,964,933
63,369
$1,964,933
63,369
$1,583,308
31,102
$1,022,695
$2,028,302
$2,C28.302
$1,614,410
$187,665
633.030
33,893
44,791
416,189
1,202
53,065
94,568
$303,985
633,030
72,997
44,571
446,004
$303,985
633,030
72.997
44,571
446,004
57,734
143,059
57,734
143,059
$325,928
633,030
84,791
70.853
296,766
6.465
83,571
765.171
291,500
426,000
426,000
224.000
$1,755,903
$733,208
$2,127,380
$99,078
$2,127,380
$99,078
$2,490,575
$876,165
1n
r
d
e
r ar!y ‘]n account o f mortgago bond interest
includQ 12 mos. int. on the following issues: Lake Erio Division
non -
000. $100,000; Wheeling Division 5s, $894,0 W $ 4 4 700-extemioA andim l
provement 5s, $409,000, $20,450; consolidated 4s, $11,697,000, $467,880.
i» in 111ftt-i.iiiss p u y s ic a i n o n u n io n .
iy u
IN C O M E OF C R IP P L E C R E E K C E N T R A L R Y .
1914-15-1913-14R ec eip ts ft
fr o m —
I n t . on
D iv id e n d s
I n t on
D iv id e n d s
♦Cripplo Creek & Colo- B d s . .A c .
rad£> Springs RR - - - - $ 7 1 ,809 ( 12. 5 % ) $125 ,00 0 $61*'500 (10.5°%) $105.000
rk
lH
ovt
I
1/
1/
j
q
j
»
qq
___
Golden Circle R R _____
Can. C ’y & C. C. R R ................
5,250
Midland Terminal___
1,850
(3%) 30,000
1.825
(1.5%) 15,000
Col. Trad. & Transfer. 4,236
(5%) 10,000
4,236
(10%)20,000
♦Includes in 1914-15 tho Floronco &Cripplo Crook RR.
IN C O M E A C C O U N T .
----------A
NIPin
V11/ B a 3 is
1914-15.
1913-14.
Coal freight___________ . $684,550 $2,690,441
Ore and general freight. 3,700.870
3,854,458
Passengers____________
553.630
621.034
Miscellaneous................ .
489.019
492,491
O p e ra tin g R ev e n u e —
v u , jn u i n i o
have spent during tho year $53,565 for filling bridges and improving tracks
and rolling stock, of which $36,000 was charged to operating exponses
ana $17,565 to betterments and improvements.
IN C O M E A C C O U N T S — C R IP P L E C R E E K C E N T R A L R Y .
„
Nct incomo (as above). _
Other incomo................
1914-15.
$242,895
14,679
1913-14.
$223,311
11,603
1912-13.
$285,536
11,058
1911-12.
$274,411
10,086
Total incomo...............
$257,574
$234,914
$296,594
$284,497
General expenses______
$15,936
$14,759
$12,980
$14,039
___
Preferred dividend (4% )
120,000
__
120,000
120,000
120,000
Common dividend----- (4% ) 100,000(4%) 100,000(4%) 100,000 (1%)25!000
T o ta l-------------Balance, surplus----------
$235,936
$21,638
$232,980
$63,614
$159 039
$125 458
C r k .& C o l.S p .R R . -------- M id la n d
T e r m in a l-
R a ilr o a d s —
1914-15.
Gross incomo--------------- $1,235,728
Operating expenses___
691,512
$234,759
^155
1913-14.
$1,228,512
703,305
1914-15.
$122,464
72,317
1913-14.
$111,692
70,255
Net earnings________
Other incomo--------------
$544,216
4,291
$525,207
3,804
$50,147
19,918
$41,437
17,462
Total income________
Interest on bonds______
Other interest................
Rents of tracks, &c___
Rental leased lines____
Hiro of equipment.........
Taxes__________ _____
$548,507
$61,559
1,500
1,938
228,029
46,488
66,824
$529,011
$60,000
1,500
1,594
238,848
48,847
75,865
70,065
$17,569
1,800
80
$58,899
$17,898
1,800
10
5,493
13,765
6,201
7,119
6,462
Dividends .................. (12.5)125,000(10.5)105,000 (3%)30,'000 (1.5)15,000
Balance for year_____ sur.$5,805 def.$2,643 sur. $1,799 sur.$3,984
♦Includes in 1914-15 tho Floronco & Cripplo Creek RR.
CO LO RAD O
Grass earnings.............
Net, Cripple Creek office
Net incomo, Victor office
T o ta l...........................
T R A D IN G
1914-15.
$505,241
5,434
12,446
$17,880
Balanco for year_____ sur.$7,880
^
TRAN SFER
1913-14.
$582,014
10,713
11,487
CO .
1912-13.
$521,432
10,721
12,477
1911-12.
$538,214
13,380
6,388
$22,200
$23,198
$19,768
10%)20,000( 10%)20,000C 10%)20,000
sur.$2,200
sur. $3,193
def.$232
1185
THE CHRONICLE
OCT. 9 1915.]
revenue per ton shows a decrease o f 1.79% and freight revenue per ton mil
30.
a decrease o f 18.90% . T he average haul per ton o f revenue freight in
1915.
1914.
creased from 72.97 miles to 88.01 miles, or 2 0 .6 1 % .
.
L l a b l l l ll e i —
S
$
In the passenger department the number o f passengers carried one mile
Preferred stock..........3,099.099 3,099,000 shows a decroase o f 2 5.1 8% . Average number o f passengers per train de
Coalman stock..........2,599,099 2,509,0)9
creased 22.2 9% , and passenger revenue per pass, train mile decreased 21.6 9% .
T o underlying c a l ..
59,929
735
A v era g e C ost o f M a in ten a n c e p er M ile o f R oa d , A c .
Dividends unpaid...
3,999
3,999
[Including reserves for equipment depreciation charged to oper. exp.I
Accrued taxes............
1,914
.................
R o a d M i l e . P e r L o c o m o tiv e . P e r P a s s .C a r . P e r E r l. C a r . W o r k C a r
Surplus .............
395,973 433,643
1914-15 ---$ 1 ,0 3 3
$2,493
$789
$114
$262
1913-14 . . . 1.183
2.299
885
113
260
T o ta l...................... 5,952,722 5,933,287
C R IP P L E C R E E K C E N T R A L R Y . C O . B A L A N C E S H E E T J U N E
1915.
S
A ssets—
1911.
S
tocks, bands, Ac.
(V. 81, p. 1133)..5,512,359 5,431,311
Cash.................. ....... 449,382
111,133
Deposit with Kessler
& Co. (doubtful). --------199,303
T o ta l....................5,952,722 2,933,237
B A L A N C E S H E E T S J U N E 30.
(Florence A Cripple Crock R R . now in Cripplo Creek & C olo. Springs R R .)
C .C . A C .S p . F l .A C .C r k .
1915.
1914.
A s s e ts —
s
s
Road A equipment.. 1,861,154 2,599,579
Impts. A betterm’ts
50,513
of leased lines___
52,293
24,871
10,833
Due from indlv., A c.
19,485
9,803
Due from ag’ ts, A c.
77,914
107,050
Mat.,Ac. (bk. val.).
81,528
Cash_____________ _ 100,442
856
Traffic balances___
3,750
26,596
26,596
Notes receivable___
50,476
285
Crip. Crk. Cent. Ry.
31,540
28,937
Miscellaneous_____
C .C .A C .S p . F I . A C .C r k
1915.
1914.
L ia b ilit ie s —
S
S
1,000,090
Capital stock__ 757,090
First mtge. bonds..1,170,009 1,090,000
Vouchers A pay-rolls
98,032
74,338
Traffic balances____ 18,309
18,970
Notes payable______ 25,009
25,000
Accrued taxes______ 126,060
96,338
Rental accounts____ 20,871
26,820
Equipment renewal603
14,978
637,758
Hetter'ts A lm pt3..- ........
Miscellaneous---------- 15,743
2,725
Profit and loss- y29,124
20,838
T o ta l.................. .2,249,746 2,917,765
T ota l......................2,249,746 2,917,765
y A fter deducting $275,603 adjustment o f book value o f equipment to
depreciated value, $143,654, estimated loss in connection with abandon
ment o f 8.98 miles main line track and 1.055 miles sidings, and $1,927
miscellaneous items (not) and crediting $418,000 reduction o f outstanding
capital stock in connection with change o f name.
M ID L A N D
T E R M I N A L R Y . C O . B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914
L ia b ilit ie s —
S
S
A ssets—
S
S ___
Itoiul A equipment-2,363,608 2,360,926 Capital stock----------1,090,009 1,009,000
7,199 First mtge. bonds___ 346,099 352,009
Due from RRs., A c.
6,393
6,174 Notes A accts. p a y ..
‘
*
34,731
39,249
Due from agents—
1,641
20 Equipment renewals
8,522
8,866
Sinking fund aco’ ts.
1,136
750 Equip.lease warrants 21,090
24,000
Coup. Int. account.
125
18,744 Accrued Int. A taxes 34,180
29,012
27,920
Cash.........................
459 Miscellaneous...........
166
785
Crip. Crk. Cent. Ry.
450
2,263 Approp. surplus.
7,337
Miscellaneous______
1,600
Profit and loss.......... 947,937 942,584
Total
______ 2,402,873 2,396,520
— V. 101, p. 1092.
T o ta l.................. .2,402,873 2,396,526
3 0 19 1 5 .)
Pros. M . J . Carpenter, C h icago, S e p t. 1 3 , wrote:
It Is gratifying to note an increases in gross earnings over any precoding
year, notwithstanding the prevailing business depression. Earnings per
freight train mile and tons per freight train mile show a further advance.
30 ( A V E R . M I L E S O P E R . 359)
1914-15.
1913-14.
1912-13.
1911-12.
Passengers carried_____
1,134,338
947,399
710,228
663,013
Pass, carried 1 m ile____ 13,941,799
12,922,194 10,904,798 10,324,618
A v . per pass, per m ile ..
1.3 6 0cts.
1.570 cts.
1.933 cts.
1.977 cts.
Revenue tons carried—
3,758,486 3,770,839
3,245,563
3,151,33)
T ons one m llo__________ 339,789,687 331,125,139 274,238,428 250,168,091
A v . rec. per ton per mile 0.570 cts.
0.576 cts.
0.609 cts.
0.631 cts
Krt. rev. per train m ile.
$4.21889
$3.85223
$3.40517
$3.07196
A v . tons frt. per tr. mile
739.54
669.01
558.81
486.52
E a r n in g s —
$
$
$
$
Freight ............................. 1,938,417
1,906,655
1,671,112
1,579,586
P a ssen g er_____________
189,622
202,813
210,816
204,145
*43.630
M ail, express, A c ______
58,229
60,821
*47,624
R E S U L T S FOR Y E A R S E N D . J U N E
S ta tis tic s (S e e n o t e )—
T o t a l ---------------------E xp en ses—
M aint. o f way, A c -----M alnt. o f equipm ent. .
T raffic expenses______
T ransportation_______
General expenses-------M lscell. operations------
2,186,268
2,170,289
*1,929,552
*1,827,361
286,609
486,720
41,823
667,925
118,831
10,523
315,929
613,308
43,138
693,976
109,577
11,378
332,289
402,569
37,308
634,029
95,436
269,944
309,255
35,926
590,557
89,394
T otal oxponses_____
N et operating rovonuo.
T a x es_________________
U ncollectibles_________
-
1,612,431
573.837
134,641
250
1,787.306
382,983
138,000
*1,501,631
*427,921
120,000
*1,295,076
*532,285
104,000
Hire o f equip., A c .
.
-
438,945
265,593
244,983
480,380
307,921
*490,352
428,285
*332,964
.
704,538
725,363
*798,273
*761,249
D e d u c t—
Rents, A c .
Fixed bond,
27,424
30,376
*7,608
*5,635
646,653
654,009
542,560
504,813
______ (23£) 131,778(2% ) 130,000
.......................
Total deductions____
684,385
674,077
*681,946
*640,848
Balance, surplus----------20,153
51,286
116,327
120,401
N o t e . — Passenger earnings and all passenger statistics are based on
211.53 miles o f road, over which regular passenger servico is established.
* Comparison o f the items so marked is inaccurato, the figure's having
been somewhat changed in later years, the final results, however, remained
unchanged.
C O N D E N S E D G E N E R A L B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
■S
A ssets—
S
S
L ia b ilitie s —
S
Road & equlpm t-24,948,7f>3 24,783,756 Capital stock...... 4,300,000 4,300,000
Mlscell. securities.
137,009
127,058 Ilondcd debt (see
225,898
170,053 •*Ry.AInd.” Sec.) 18,364,055 18,612,000
Cash---------- -------820,001)
Heeurs. in treasury
730,000
277,945 Equip't bonds___
31,070
Special deposits..
2,063
2,502
Traffic, Ac., bals.
Bills receivable. .
223,639
224,582
10,001 Acc’ts A wages .
32,374
Traffic, Ac., bals.
39,007 Loans A bills pay
20,000
45,650
32,479 Secured time loans 1,480,000 1,380,000
Agents A conduct.
44,980
30,812
Mlscell. accounts.
49,551 Matured Interest.
29,913
159,010
248,378 Inc. bond Interest422,407
Materials A supp.
739,212
739,212
13,517
422,407 Mlscell. accounts.
Inc. bond Interest.
12,718
99,572
100,882 Unmaturcd In t...
193,477
Oth.def. deb .Items
151,375
Unextlng. discount
107,218
96,260
Taxes accrued__
95,392
97,931 Accr’d dcprec’ n . .
on 1st ref. boml3
155,976
3,170
Oth. unadj. acc’ ts.
2,119
232,103
Profit and loss___
239,250
Tntal
..26,558,920 20,359,448
— V. 101, I). 1092
T o ta l_____
26,558,920 26,359,448
L o u is ia n a & A r k a n s a s R y .
(14 th
Annual Report— Year ended June
10 19 1 5 .)
Pros. W m . B u chanan, T exark an a, T e x ., A u g . 10, wrote:
R e s u l t s . — T h e gross operating revenues amount to $1,679,951, a docreaso
o f $20,257, or 1.19% . Revenue from com m odities other than forost
products ainounto 1 to $612,241, which is .Tj. 11% or the total gross revenue,
and an Increase over last year o f $106,603, or 2 1 .0 8 % . Operating expenses
(66.29% ) decreased $22,143, or 1.95% .
Revenue freight carried shows an increase o f 84,319 tons, or 5 .6 9 % , and
the number carried ono mllo an increase o f 2 7.4 3% . Revenue freight,
other than forest products, increased 181,106 tons, or 4 0 .3 1 % . Freight
EXPEN SES,
A c.
1911-12. _
255
Average mile3 operated.
O p e r a tio n s —
371.174
330,144
417,870
311,612
Passengers carried (N o.)
9,077.628
8,054,441
Pass. car. 1 mile ( N o , ) . . 7.599,171 10.156,006
2.69 cts.
2.63 cts.
2.68 cts.
2.70 cts.
Rate per pass, per m ile.
1,542,086
1,253.195
1,482,915
Revenue tons car. (N o.) 1,567.234
R ev. tons car. lm .(N o .) 137.935.631 108,205,012 115.012,193 102.554,999
1.20 cts.
1.20 cts.
1.27 cts.
1.03 cts.
Rato per ton per m ile___
S5.863
$6,563
$6,188
Gross earnings per m ile.
$6,027
*
E a r n in g s —
1,225,616
1,375,538
F r e ig h t ------------------------- 1,427,140
1,374,925
211,453
P a ssen g er______________
243,981
205,136
271,961
58,042
53,940
47,666
53,322
M ail, exp. & m iscell____.
1914-15.
279
1913-14.
275
1912-13.
255
1,679.951
1,700,20,3
1,673,459
1,495,111
301,887
281,988
446,522
31,209
49,556
Cr.441
325,039
276,272
442,517
30,312
61,724
270,611
254.707
444.873
29,287
60.207
244,541
226,253
407,774
28,423
55,377
a l , 113,721
568,230
82,400
256
1,135,861
561,341
69,255
1,059.718
613.741
50,235
962.36S
532.743
45.303
Operating incom e____
Other incom e__________
433,574
43,726
495,089
41,663
563.506
43,831
487.440
33.401
T otal incom o_________
D edu ct— Bond interest.
Other deductions______
D iv id e n d s_____________
527.300
*212,007
*91,963
536.752
*247,001
*90,275
697,337
*233,035
*90,003
T o t a l ________________.
S u rp lu s ......... ...... .......... ...
334,069
193,240
337,276
199,476
323,038
279,299
E xp en ses—
M aint. o f way & s t r u c ..
M alnt. o f equipm ent___
Conducting transporta’n
T raffic expenses_______
G e n e ra l-----------------------Transporta, for in v e s t._
N et earnings..
Taxes _______
U ncollectibles.
* Interest on bonds in sinking fund is included among “ other deductions ’
in 1914-15, 1913-14 and 1912-13; in previous years in “ bond interest."
a Includes charges for eventual replacement o f equipm ent, rails and ties.
C h ic a g o T e rre H a u t e & S o u t h e a s t e r n R y .
(4th A nnual Report— Year ended June
O P E R A T IO N S , E A R N IN G S ,
B A L A N C E S H E E T J U N E 30.
1915.
1915.
1914.
L ia b ilitie s —
S
Assets—
•S
$
,009,090
Road A cqulpm’t.12 ,031,798 10,923,504 Capital stock.
Mortgage bonds.. 5 ,330,000
Advances to pro
18,127
Traffic, Ac., bals.
prietary,Ac.,cos.
Acc'ts A wage3— . 177,689
130,294
Mlsc. phys. prop.
7,021
Mlsc. acc’ts p a y ..
438,310
Casli................—
88,023
Accrued Interest. .
3,643
Special deposits..
36,633
Taxes accrued___
83,299
Traffic, Ac., bals.
45,897
Other unadj. accts
Materials A supp.
144,328
804,636
Accr’d deprec’ n ..
63,693
Mlsc. acc’ts rec..
Sink, fund reserves 652,973
Sinking A redemp
Profit and loss___ xl ,348,713
595,473
tion funds........
21,398
Other unadj. acc't3
T o ta l................ 13,560,237 13,259,460
1914.
$
5.009.000
5.402.000
17,621
146,884
7,259
83,869
34,613
28,710
751,211
540,043
1,234,645
T o ta l_________ 13,560,237 13,250,400
x After crediting In 1914-15 miscellaneous items aggregating 812,722 and
deducting reserve set aside for sinking fund, $82,832, and sundry debits
$9,062.— V. 101, p. 1092.
P it t s b u r g h (P a .) S te e l C o . (a n d S u b s id ia r y C o m p a n ie s ).
(Report for Fiscal Year ending June
3 0 1 9 1 5 .)
Pres. W a lla ce H . R o w e, P ittsburgh, S e p t. 8 , w rote in su b .:
Owing to the unsettled conditions o f general business throughout the
cou ntry, and especially in the iron and steel industry., our earnings were
not placod on a satisfactory basis until the latter m onths o f the fiscal year.
F or the last several m onths o f the fiscal year orders and inquiries, satis
factory in quantity and value, were received, resulting in a corresponding
betterm ent in the operating returns. N otw ithstanding the depressed times
o f the last tw o o r three years, the volum e o f our sales has been fu lly m ain
tained: T he gross sales for the late year were $11,649,864, an increase o f
$625,170, while the net profits were $858,160, an increase o f $441,609.
S h i p m e n t s o f C o m p a n y ' s -------- 1914-1915-------- ---------- 1913-1914--------P ro d u cts—
T on s.
A m o u n ts.
T on s.
A m o u n ts.
Big iron, billets and bars________ 62,384 $1,482,439 48,847
$1,257,705
H oops, bands and cotton ties___ 36,468
1,045,573 25,239
797,092
Wire rods, plain wire, nails, fen___
cing, A c .......................................... 234,921
8.829,395 219,233
8,728,354
M iscellaneous products_________
333,773 $11,357,407 293,319 $10,783,151
292,457
241 ,o42
T o t a ls ...................... ..................... 333,773 $11,649,864 293.319 $11,024,693
There was expended for upkeep during the yoar and charged to cost o f
operation, $690,818.
,
...
„
__
C o u p o n G o l d N o t e s . — On Jan. 1 1915 we sold $5,000,000 6 % C oupon
G eld N otes, m aturing $1,500,000 Jan. 1 1918, $1,500,000 Jan. 1 1919 and
$2,000,000 Jan. 1 1920. From the proceeds o f these all the then outstand
ing obligations were paid and ample funds provided to carry on our opera
tions efficiently and econom ically (V. 100, p- 234). Since June 30 the direc
tors, in view o f the im proved general con dition and with the o o je ct o f
profitably utilizing some o f the available cash, have purchased $592,000 o f
the notes m aturing 1918.
.
R e d u c t i o n o f S u r p l u s . A c .— This reduction is duo to the writing o rf o f
certain deferred charges which could properlj have been distributed over
a series o f years.
W ith respect to depreciation the directors have voted a proper am ount
annually, beginning with the present fiscal year.
O r e P r o p e r t i e s — P i t t s b u r g h S t e e l O r e C o . N o t e s . — T o provide additional
m onoy to develop its ore properties, the Pittsburgh Steel Ore C o ., acting in
conjunction with you r directors, resolved to issue short-term 6 % coupon
gold notes to the am ount o f $400,000, the m oney realized to be used in the
general developm ent work c f the mine and in the construction o f a washing
plant. The notes were issued Feb. 1 1915 and mature $150,CC0 Feb. 1
1917 and 8250,000 Feb. 1 1918. Provision is made for the setting aside o f
a certain am ount per ton on all ore mined and shipped as a sinking fund
tow ard the redem ption o f the notes.
.
Further progress has been m ade in the developm ent c f our iron ore prop
erties at R iverton , M in n ., on the C uyuna Iron Ore R ange, m ore than
2,000,000 cu bic yards o f overhead material having oeen rem oved and a
large b o d y o f ore exposed. A crushing and washing plant is now practi
cally com pleted, and washing operations were begun on A u g. 1 last, ship
ments naving m oved with regularity since that date and the ore so treated
having proved to be o f satisfactory quality.
D i v i d e n d s . — N o dividends were paid on either stock during .me year, but
wo felt warranted on July 27 1915 in declaring a dividend ol I H % on the
prof, stock, payable Sept. 1 1915 (V . 101, p- 374 ..
O u t l o o k . — The market lias so broadened as to enable all departm ents to
operate t a their maximum capacity— our second olast furnace having been
blown in June 14 1915. T he outlook fo r business for the current fiscal
year is prom ising, both dom estic and export orders being quite encouraging.
1186
THE CHRONICLE
B ala n ce_______
Other incom e________
$1,108,748
84,922
$1,290,369
10,019
N ot profits all sources
$858.160
$416,551 $1,193,670
P ref. dividtnds ( 7 % ) __ (Seo text)
*$735,090
*$735,000
Com m on dividends____
*(2)140,000 *(8)560,000
$1,300,388
$490,000
(8)541,117
$846,515
11,645
$343,279
73,272
Balance, sur. or tlef.sur.S858,160 def.S458.449 def.$101,330 sur.S269,271
* Dividends not shown in com pany's statem ent, but believed to be cor
rect. the payments at the usual rates accounting for the difference in tho
p rofit and loss surpluses in balance shoot. As to deferring o f quarterly
dividend on preferred stock due Sept. 1 1914, seo V. 99, p. 541.
BALAN C E
1915.
SH EET JU N E
30.
1914.
1915.
1914.
3
$
Real cat.,pi**,A«.*18,670,359 18,531,422 Preferred s to c k ... 10,500,000 10,500,000
Stocks of sub. cos...................
419,000 Common s to c k ... 7,000,000 7,000,000
Cash...................... 2,134,101 1,137,546 Coup, gold notes. 5,400,000
_______
Bills A aec’ts rcc. 2,603,897 2,593,136 Purch. money M .
21,283
_______
Inventories______ 3,103,159 3,225,642 Accounts payable.
962,501 1,797,964
24,615
43,866 Bills payable.......................... 3,463,567
Miscellaneous___
A<lv. royalties,Ac.
152,319
............ Repairs, A c., res.
248,287
.............
Profit and lo s s ...*2,566,400 3,192,081
Asseto—
$
s
L ia b ilitie s —
T otal................ 26,698,477 25,953,612
T o t a l............... 26,698,477 25,953,612
* After deducting §1,497,101 d e f’d chges. written o ff.— V . 101,p .893,374.
C u m b e r la n d C o u n t y P o w e r & L ig h t C o ., P o r t la n d , M e.
(First Annual Report— Year Ending June
3 0 19 15 .)
President W illiam M . B radley Sep t. 1 wroto in substance:
R e s u l t s .— T he gross earnings o f tho paront com pany from its light and
power business in Portland and vicin ity show an increase o f 840,605, duo
to increased revenue from tho sale o f electric power and appliances, stimu
lated by new business cam paigns inaugurated In N ov . 1914; to more power
sold tho Portland R R , and to revenue recolvcd from York C ounty Power
C o. for surplus power delivered to B iddeford in 1915. Interest, A c., show's
an increase o f $4,538, due for the m ost part to the fact that 8100,000 o f the
1st & R ef. M . 5 % bonds were sold. T ho new high-tension transmission
lino extending from Dunstan to Biddeford, a distance o f 7 m iles, was put
in operation Sept. 1914.
T ho Portland R R . (leased) show s a decrease in gross earnings o f 82,939,
duo to the incloinont weather in July and August 191,4 and to the jitneys
(sinco Sept. 4 1915 regulated b y ordinance] and other automobiles in P ort
land. T ho operating oxponses include 832,000 to cover depreciation on
the car equipm ent— an item not included in previous years. Intorest, A c .,
increased $14,169; there has boon no change in tho funded debt during the
year, all o f this increase being duo to additi >nal power purchased from tho
Cum berland C o. P. & L. C o ., tho actual m anufacturing cost thereof being
charged by tho road to operating exponses and tho balance to interest, A c.
T he Lewiston, Augusta & W aterville Street Hy. (controlled by stock
ownership) show's an increase in gross earnings o f $26,174, attributable to
the mild weather conditions during tho winter o f 1914-15, to tho fact that
the Legislature was in session at Augusta and to the very satisfactory in
crease In the freight and express business. Opercaing expenses include a
now ioem o f 816,000 for estim ated depreciation on car equipment. Interest
increased $2,709, duo to interest and discount on additional notes outstand
ing and increase o f unfunded debt.
Tho earnings o f tho Y ork C ounty Power C o. have been increasing steadily.
R a t e s —■W a g e s .— T ho lower schedules o f electric light and power rates,
affecting Portland and vicinity and the territory served by tho Y ork C ounty
Power C o. aro expected to stim ulate business and increase not rovenue.
On M ay 1 1915 the wages o f tho m otorm en and conductors o f the railway
systems were voluntarily Increased
S e c u i i t i e s . — T ho follow ing were pai l off;
Fob. 15 1915, 815,000 Consol.
Kl. Lt. C o. o f M o. debenture 6s; June 1 1915.8500,000 Lewiston, Augusta
& W aterville St. R y . 5 % 2-year gold notes, Scries " B . ”
During the year the allied com panies sold: 8100,000 Cumberland C o.
Power & Lt. C o. First A R ef. M . 5s; 8100,000 Y ork C o. Power C o. First &
Ref. M . 5s; $014,000 Lew. A ug., & W atervillo St. R y . 5% 3-year gold notes,
Series “ C ” (V. 100, p. 1918).
C O M B IN E D R E S U L T S O F C O M P A N Y A N D S U B S ID IA R IE S
CO.
IT E M S
E L IM IN A T E D )— Y E A R S
EN D ED
JU N E
(I N T E R -
30.
1914-15.
1913-14.
1914-15.
1913-14.
Gross earnlng3__ $2,551,26.3 52,417,406 D e d u ct — Int., A c. 5777,210 5753,305
Operating expenses 1,331,992 1,303,797 Preferred stock
Taxes....................
112,750
100,158
dividend...........
138,000
138,000
Net carning3...$1,108,521 51,037,451
Balance
C U M B E R L A N D CO. P O W E R A L IG H T CO . A N D
C O M B IN E D B A L A N C E S H E E T J U N E
A s s e ts (T o ta l $28,379,164)—
Plant, prop. A franchises...$20,933,670
3,294,188
Securities owned.............
Do pledged......................
1,680,700
Do in treasury................
140,752
Do guaranteed................
1,114,000
Bond discount........................
239,597
165,356
Sinking funds........................
■Supplies.......... ......................
197,439
Cash.....................
285,1.31
Bills A accts. receivable___
313,325
Miscellaneous_____________
15,000
5191,311
SI 16.148
S U B . C O M P A N IE S
30 1915.
L ia b ilitie s ( T o ta l $28,379,164)—
Preferred stock...................... S3,283,000
Common stock...................... 8,099,009
Funded debt...............
14,199,500
Securities guaranteed_______ 1,114,000
Bills and accounts payable..
211,945
Accrued accounts__________
393,929
Reserved for renewals and
depredation.................
.369,722
Profit and loss........................
708,068
Y E A R S E N D I N G J U N E 30.
- C . C . P . A L . C o . -------- P o rtla n d R R . -------- L .A .& W .S t .R y .- Y .C o .P o
1914-15 1913-14
1914-15
1913-14 1914-15 1913-14 1914-15
■ S
S
S
*5
S
S
S
Cross earnings----- 717,549 676,944 1,043,735 1,046,674 703,897 677,723 239,569
Opcr.exp. A taxes.218,553 209,8.30
647,596
642,867 459,876 458,174 120,288
E A R N IN G S
O F S U B S I D I A R Y C O 'S F O R
Net, after taxes.498,996 467,114 396,139 403,807 211,021 219,549 119,281
Int. charges, A c . . . 250,208 245,070 261,730 247,561 187,543 184,834 70.773
Dividends...........................................(5)99,950 (9)99,950(0)30000(0)30000(6)22921
Balance, surplus.248,788 221,444
34,459
50,296 20,478dcfl,285 25,587
N o t e . — Inter-com pany items aro included in tho above statem ents, and
tho figures show the results if tho com pany had boon operated separately.
A . B. Leach & C o ., J. A W .S ellgm an & C o. and E . \V. Clark A C o. aro
largely interested in tho com pany and have placod in the hands o f investors
a considerable amount o f tho securities o f tho system .
Sccjalso pages 102 and 103 o f “ Electric Railway S ection ," also “ Chronlclo,” ..V. 95, p. 361; V . 100, p. 1917.
S t . L o u is R o c k y M o u n t a in & P a c ific C o .
(8th Annual Report—For Year ended June
3 0 19 1 5 .)
Pros. J . v an H ou ton , R a to n , N .M . , S o p t . 15w rote in su b st.:
V o a l A C o k e .— Tho sale o f tho railway referred to below has boon accom
plished, and hereaftor your co m p in y ’s activities will be strictly con fin ed
to tile mining and s ilo o f coal and its products.
T ho coal production for tho fiscal year o f each o f our m ines was as fo l
lows: Gardiner, 172,634 tons; Koehler, 533,598; Brilliant, 169,703; Sugarite, 163,170; Van Houton, 564,117; total tons, 1,641,222. 'I'lio coke pro
duction was as follows: Koehler, 210 ovons, 8,714 tons; Gardiner, 200
ovens, 69,667 tons; total, 78,381 tons.
The coal and coke demand has boon only fairly satisfactory, but just
at present tho situation in M exico, which has boon in such an unsatis -
IN C O M E
AC C O U N T
FOR
1914-15.
Coal mined (ton s)_____
1,644,222
C oko producod (t o n s )..
78,381
Coal and coko sales____ $2,435,215
C ost, expenses, ta x .,A c. 1,815,203
1913-14.
(?)
(?)
$2,270,838
1,615,661
1912-13.
1,326,521
15 5,510
$2,141,913
1,621,9 JO
30.
1911-12.
1,167,985
69,655
$1,812,573
1,301,819
$519,914
97,571
$507,754
93,335
$617,485
$335,956
113,294
50,000
$895,039
$583,363
101,700
YEARS
E N D IN G
N ot earnings_________
Other incom e_____
$650,097
207,752
$643,207
180,310
T otal not incom e____
Intorest chargos, A c ____
Dcproe’n roservo, A c ___
Pref. dividends ( 5 % ) ___
Com m on dividends (1 % )
$857,759
$414,091
11 1,564
50,000
100,000
S u rp lu s _____________
$182,191
C O N S O L ID A T E D
T o ta l................ 13,977,568 20,527,200
JU N E
$79,180
$68,235
$116,021
30.
1915.
1914.
L i a b ilit ie s —
$
*
St.L.It.M.AP.Co.:
Common stock. 10,090,090 10,009,000
Preferred stock. 1,000,000 1,000,000
First M . bonds. 5,786,000 7,559,000
Accts. A wages pay.
141,706
100,830
Accrued hit., A c ..
144,725
190,425
Prof, stock divs._
12,552
12,529
Sundry accounts..
27,735
23,483
Reserved for depr.
634,468
535,583
Surplus............... 1,230,382 1,015,650
BALAN CE
1914.
1915.
A s sets—
$
S
Prop., good-w.,Ac. 16,596,001 12,285,762
Inveitment in—•
A .T . A S . F. R y.
1st M . 4s, A c .. 1,537,200 7,234,201
Subsidiary co’.s.
290,341
301,7S2
413,810
Cash........ .............
273,857
Accta.Anotesrec..
293,071
242,579
Coal and coko on
hand__________
12,724
11,543
Sundry accounts..
19,603
13,201
Mater. A supplies.
34,531
24,322
Spec. dcp. red. bd3. *10,240
b o ^ ’xen ,
$2,681,279
$1,389,726
21,184
tSiO'i
$2,327,032
$1,186,339
31.995
og ox to
Grass prof, on opers__ *2,220,155 $1,713,298
Selling exp ., taxes, Ac__ . 1,373,040/ $1,168,299
Interest cnargas (n o t )..
201,720
factory state for so many years, shows somo im provem ent. Tho domand
for coko for copper smelters has also shown such an increase that tho co m
pany has felt warranted in firing up ail o f its coko ovons, m ost o f which
had boon idlo sinco August 1914. Prospoets for d ovolopinm c o f our mar
kets, halted by temporary disturbances in M exico, tho financial uncer
tainty causod by war conditions, and oil dovelopm ont in adjoining Statos,
are now again more promising.
Our power plants aro now hold for em ergency purposes, all power used
being rocoivod from tho plants o f tho Trinidad Electric Transmission, R ail
way & Gas C o. T ho sum o f $126,514 was expended for additions and
betterments out o f current funds.
S a l e o f R a i l w a y B o n d s .— Tho sale o f tho St. Louis R ocky M ountain A
P acific R y ., as explainod in tho last annual report (V . 99, p. 1298; V. 100,
p. 1169, 1593, 1753), has boon closed with tho consont o f all o f tho holders
o f tho $7,559,000 1st M . bonds outstanding at that time. T ho supple
mental indenture became effective Aug. 1 1913. Our bonds are now hold
by over 700 holders locatod in 26 Statos, Canada, England, Swodon, Franco,
Germany, Belgium , H olland, Italy, China and India.
T ho trustee has rocoivod $3,000,000 4 % 50-yoar A tchison T opoka A
Santa Fo-Itocky M ountain Division bonds, o f which on Juno 30 $1,660,000
had boen exchanged for this com p a n y’s 1st M . bonds, p ir for par, there
remaining in tho hands o f tho trustee on that date $1,340,000 o f said bonds.
Thoro woro rotirod by tho sinking fund during tho year $116,000 o f your
1st M . bonds, leaving outstanding Juno 30 1915 com m on stock, $10,000,000;
pref. stock, $1,000,000; 1st 5% 50-yoar gold mortgage, duo 1955, $5,786,000.
This com pany’s bonds are a first mortgage on 200,438 acres o f land, in
feo simple, and on coal and mining rights on 344,837 acres additional, all
locatod in C olfax C ounty, N . M ., also on 5 fu lly oquippod coal-mining
plants. Thoy are further collaterally secured by $1,340,000 Atchison
T opeka A Santa Fo R y. C o. 1st M . R ocky M ountain Division bonds.
D i v i d e n d s .— T ho regular quarterly dividends o f l R % wore paid on tho
pref. stock, while H o f 1% semi-annual dividends wore paid on tho com
mon stock (V . 99, p. 1367).
[Roes II. B eddow , Stato M ine Inspector, G allup, N . M ., A ug. 25 1915,
wroto: “ I havo no hositancy in stating that tho mines o f this com pany
will com pare favorably with tho host mines in this cou ntry, when tho
m ethod o f mining, tho system o f ventilation, tho application o f oloctrical
equipment and the regulations for safety are takon into consideration.
1
l m C O M E A C C O U N T Y E A R S E N D I N G J U N E 30.
1914-15.
1913-14.
1912-13.
1911-12.
G ro s s s tl«; (x not sa les).$11,01.),801 SI 1,024,09l x 311,05 1,833x311,417,869
M fg ., A c ., c is t (in clu d
ing repla :em n ts .A e .) 9,4 29,709 9,311,395
9,327,805
8,736,590
[Vol. 101.
SH EET
JU N E
T o ta l...... ......... 18,977,568 20,527,200
*By non-assenting holders, A c .— V . 101, p. 1014.
U n it e d S t a te s F in is h in g C o ., N o w Y o r k .
(Report for Fiscal Year ending June
3 0 1 9 1 5 .)
Pros. H enry B . T hom p son says in substanco:
W a r C o n d i t i o n s .— T ho offoct o f tho war on our business has produced now
and poculiar and embarrassing business conditions. T h e sudden and ex
traordinary fall in tho price o f cotton last August resulted in very dull busi
ness during N ovem ber, Dccom ber and January, our rocoipts for grey goods
during tho abovo period falling o ff to an alarming extent, in addition,
tho dyestuff question has boon a continual source o f embarrassment. All
our German contracts were canceled last August, and tem porarily wo found
ourselves out o f m any colors that were necessary for tho proper maintenance
o f our business. Wo havo boon dependent entirely upon the stocks o f d ye
stu ff that were hold in this country—-which in m any instances havo been ad
vanced to exorbitant prices— and to two or throo shipments which havo
been made from Rotterdam since the outbreak o f tho war. Wo havo been
able to replenish our stocks o f material in part from tlioso two sources, but
at very m uch advanced figures.
In somo notable Instances wo havo boon ablo to replaco Gorman products
b y those o f Atnorican manufacture, but tho outlook to date for tho replace
m ent o f aniline dyes b y tlioso o f Am erican m anufacture is poor. Unless
wo can replenish our stock o f German dyes b y Jan. I, certain branches o f
our business will lie seriously ombarrassed. Wo aro able In many instances
to reproduce effects through the so-called vegetable colors, which can bo
secured in limited quantities, Imt som e o f our finer printing can only be
continued by tho securing o f tlioso German dyestuffs which havo not yet
been replaced b y tlioso o f American m anufacture.
R e s u l t s .— T he year’s profits based on tho am ount o f capital invested in
our business aro disappointing, but considering tho unusual business condi
tions prevailing, incident to tho European war, and as com pared with the
previous year, they are encouraging. T ho net surplus was $101,272, as
com pared with a profit o f $232,844 for 1914 and a loss o f $68,537 for 1913.
During tiie past year tho com pany has finished 197,160.100 yards, a do,
creasoof 32,562,665 yards from tho previous year, largely duo to tho falling
o ff in business during N o v ., Dec. and Jan.
W o expended $219,199 in repairs and added $54,221 o f now m achinery.
N o t e s .— Under the terms o f our offer to tho bank creditors’ com m ittee
as o f July 21 1914, our second paym ent, am ounting to $225,531, was duo
on Sept. 14 1915. This amount was paid, leaving balance unpaid o f $890, 222 on our notes payable.
B a l a n c e S h e r i . -T ho increaso in our not assets was $363,077 (shown by
reduction in deficiency accou nt), whilo our profits wore $401,272. This
difference, $38,195, arose from charges to deficiency account occasioned in
part b y reduction o f plant and Inventories not chargeable against current
profits, and also b y tho charging o ff o f legal oxponsostho roorg. period.
C O . F O R Y E A R S E N D I N G J U N E 30.
1914-15.
T913-14.
1912-13.
1911-12.
Yards finished--------------197,160,100 229,722,765 238,488,564 270,163,212
Gross receipts__________$4,046,051
$4,365,587 *4,356,675 $4,626,341
(lost o f p rod uction____1 3,492,498
Tlioso
/ 3,559.523
3,918,762
M a in t. A gen. expenses/
particulars ( c8 4 1.799
not
N et earnings_________
$446,825 arailablo
$553,553
*225,019
Other in c o m e __________
No
29,760
89,927
176.335
report
T otal e a rn in g s---------$643,480
issuod.
$476,585
$401,354
Interest on bonds---------$138,125
$141,925
$182,500
Interest on n o t e s ..........
104,083
101,815
Preferred dividends____
______
- (3 ' A ) 105,000(7 % ) 3 fo', 666
R E S U L T S OF U . S. F IN IS H IN G
Balance, sur. or doficit.sur.$401,272sur.$232,845 d of .$68,537 sur .*8.854
C om m on dividends.......
............
............
............(4 % ) 130,000
c Includes interest on current bills payable, $75,780.
THE CHRONICLE
Oct 9 1915.]
30.
1914.
1915.
1915.
L ia b ilitie s —
S
S
S
6,310,095 6,312,765 Common stock____ 2,'150,000
547,442 569,248 Preferred stock____ 3,000,000
178,406 Ponds outstanding..2,700,000
Sterling Impt. stock. 174,255
y75l),000
750,000 Notes payable........ .1,115,757
571,221 429,925 Accounts payable__ 130,438
400,993 379,274 Debenture debt___ 047,200
401,146 4 IS,880 Taxes and pay-rolls.
71,074
69,016
Accrued bond, &c..
I)lv. (Queen D y’g ).
47,924
45,841
Interest.................
75,215
Prepaid lnsur.. A c ..
Deficiency_________ 713,014
76,909
Ilcb. bond exp., A c.
C a n a d ia n L o c o m o tiv e C o ., L t d ., K i n g s t o n ,O n t .
B A L A N C E S H E E T U . S. V IN IS IIIN G C O . J U N E
1914.
S
2.350.000
3,000,000
2.813.000
1,091,509
158,079
72,430
75,412
1,070,091
9,442,069 9,084,339
IN C O M E
ACCO U N T Q U EEN
D Y E IN G
CO.
1913-14.
1914-15.
1914-15. *1913-14.
$35,000
$35,000
G oods finished
Pref. dlvs. (7 % )-0 9,010
37,500
(yards)............. 44,319.031 42,421,072 Common dlvs___
Gross receipts____ $879,572 S723.745
S110.000
Total dcduc'ns. S141.510
Total earnings___ $141,510
$87,090
$22,310
Pond Interest____
$37,500
S37.500 Balance, deficit..
T h e liabilities include 3750,000 com m on stock (all owned b y the U . S.
Finishing C o .), 3500,000 nref. stock, 3750,000 bonds, $19,770 accounts
payable and accrued pay-rolls, $27,500 reserved for coupons and pref. d ivi
dends payable July 1 1915, $00,010 reserved for com m on dividend payable
Juno 30 1915, and taxes outstanding, $11,459. T ho total surplus June 30
1914 was $13,007. See (*) a b o v e — V. 99. p . 1070.
C a n e y R iv e r G a s C o ., P it t s b u r g h , P a .
(<Ninth Annual Report— Year ended June
3 0 1 9 1 5 .)
President G . T . B raden says:
T otal gross ea rn in gs..
purchased.
*Opcr. expenses, & c_ .
B ond interest_______
D ivid en ds.....................
Koservo for doprec’n .
$360,149
27,169
176,603
11,297
80,000
61,035
(4 tli
Annual Report— Year ending June
$406,401
67,486
155,773
14,455
80,000
46 466
$349,776
37,105
147,095
17,778
80,000
61 738
$401,418
14,317
119,116
21,167
20,000
108,327
3 0 1 9 1 5 .)
P res. Aem ilius Jarvis, Sept. 2 2 , wrote in substance:
R e s u l t s .— T ho decrease in our p rofits, as com pared with those o f the pre
vious yoar, is entirely accounted for b y lack o f orders, chiefly traceable to
the war. Our works were shut down for practically eight m onths, during
which tim e we deemed it advisable to keep our organization intact, paying
reduced salaries. The earnings shown are, therefore, the result o f only
four m onths’ operations. N et earnings from operations were $44,502 in
excess o f interest and fixed charges, and we used $60,498 o f tho accum ulated
profits to m ake up our preferred dividend, and took $100,000 from the
same fund for renewals and depreciation.
A d d i t i o n s .— T he cost o f additions to the plant for the year am ountod to
$158,469. T his expenditure com pletes the original contem plated additions
for the m anufacture o f locom otives, and also furnishes us with the addi
tional m achinery necessary for the m anufacture o f m unitions o f war.
i T a r B u s i n e s s . <Sc.— Early in January wo concluded to bend our efforts
to obtain new work in tw o directions; (a) to build up an export trade; (6)
to m anufacture m unitions o f war.
The President and the General M anager visited Europe and established
a selling agency, J . 11. C ory A C o ., 15 V ictoria S t., L ondon, with the result
that we liavo received m any inquiries fo r locom otives for foreign railways
and confidently expect good results from this connection. T he same o ffi
cers also went to Russia to establish connections with that G overnm ent.
We aro glad to report we were successful and obtained a con tract for 50
locom otives. We havo also received a very substantial con tract from the
British G overnm ent, through the Shell C om m ittee. B oth these orders
the works are now actively engaged u pon . T he contracts on hand from
thoso two sources exceed $3,000,000 and it is expected will keep our works
fully and profitably em ployed for the next year.
D e p r e c i a t i o n .— Last year we did not add anything to depreciation reserve
account. T his year it was necessary to put aside $25,000 for this accou nt,
and $75,000 for general depreciation on our plant, those amounts bringing
tho total reserves for depreciation to $240,000.
Y E A R S I E N D I N G J U N E 30.
1911-12.
1914-15.
1913-14.
1912-13.
$294,323
$334,114
$377,043
M anufacturing p r o fit s ____ $130,027
32,057
Interest from investm ents.
4,587 ______7,943
19.843
$326,380
T otal in c o m e ___________ $134,614
$342,057
$396,886
$90,000
D educt— Bond interest____ $90,000
$90,000
$00,000
Loss invest, b d s.sold ,A c.
112
14,168
12,624
25.000
______
50,000
Depreciation reserve____ ______
Special replace’t reserve. ______
40,000
25,000
'l0',232
Organ, exp. written o f f . . ______
______
______
105,000
Preferred dividends (7 % ) *105,000
105.000
105.000
$ 2 3 0 ,2 3 2
T otal d eductions_______ $195,112
$249,168
$282,624
Balance, sur. or d e f____ def.$60,498 sur.$92,889sur.$l 14,262 surJjShLLP'
♦.Deducted b y com pany from profit and loss; shown here fo r simplicity
IN C O M E
During the past yoar tho com pany has developed a largo surplus o f gas
by the drilling o f ten gas wells and the purchase o f fivo. These new wells
liavo an initial open flow volume o f 93,000.000 cu. ft. per day. We also
drilled four dry holes during the year. Wo laid and com pleted 38 miles
o f now lines and reclaimed 20 Vx miles o f various sizes, leaving a total o f 189
miles o f trunk lines in tho eatiro system. Our leaseholds consist o f 17.833
acres o f commercial oil and gas leases and 5,813 acres o f leases covering
gas rights only. P y gas purchase contracts we control 2,500 acres, giving
us a total acreage o f 26,146 acres.
Our regular earnings from distributing plants increased 88,400 for tho
year. Tho oil earnings and wholesale field earnings decreased, how ever,
owing to tho fact that some o f our large field consumers secured gas from
local producers at lower prices. This com petitive gas has now been pretty
well exhausted and the wholesale business will return to us this year in
greater volume. Tho board has authorized a special depreciation o f $59,932
out o f tho surplus.
„ „ „
„
S t a t e m e n t b y S c c . - I r c a s . R . I I . B a r l l c t t , S e p t . 15 1915.
Tho directors are recomnufnding tho purchase o f tho United Fuel Supply
C o. (seo that com pany below and in V. 101, p. 851) for $252,756 bonds. In
order to effect this purchaso and take care o f a portion o f tho floating debtit will bo necessary to authorize and issue $500,000 in bonds; $100,000 o f
thoso new bonds will bo sot asido to refund the present 1st M . bonds o u t
standing and tho balance will bo used for this new financing. Tho indebted
ness o f your com pany will bo increased only to tho amount o f tho purchase
price o f tho Fuel C o. [The shareholders will vote Sept. 28 on tho propos ed
purchaso and now bond issue.]
R E S U L T S F O R F I S C A L Y E A R S E N D I N G J U N E 30.
E a r n in g s —
1914-15.
1913-14.
1912-13.
1911-12.
Cities and tow ns..............
$244,925
$236,510
$252,627
$262,194
W h olesa le.........................
111,085
151,361
95,795
138,611
O i l ......... ............................
2,717
17,773
4.949
Miscellaneous _________
1,422
757
405
613
D e d u c t — Gas
1187
A C C O U N T FOR
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1911
L ia b ilitie s —
IS
?
s
Plant, gaol-will, A c .4,889,030 4,542,441 Preferred shares____ 1,509,030 1,500,000
Add’ns during year. 158,469 3 46,589 Ordinary shares____2,039,000 2,000,000
01,87.8 First mtge. bonds___ 1,503,000 1,500,000
Work In prog, (cost). 36,274
15.000
45,033
89,762 Int. accr.(pl. July 1)
82,863
Mat. A supp. (cost).
60,702
Note3 A acets. rseelv 264,552 233,495 Acets. A notes pay'le 67,103
7,854
2 4,0 43 Accrued wages, A c ..
Mu tic. A other bonds X23.185
26,250
26,250
Dividend July______
1,093
MU; illaneous
...
7.5.000
43,823 220,003 Depreciation reserve 150,000
CaSil.........................
65,003
90,0)0
21,861
7,294 Reserve spec, replae.
Del. charges to oper.
Proflt and los3____ .vl 13,802 303,300
A s s e ts —
T otal ............ ....... 5,521,155 5,533,108
T o t a l . . . . ............. 5,521,155 5,533,106
x Investm ents; Balanco July 1 1914, at par, $4,139: sold or redeomed
during year, $2,544; balanco at this date, $1,596; add interest accrued,
$70; balance, $1,666; 1st M . 6 % over Heritable property in K ingston,
$19,500, and interest thereon, $2,019, making a total o f $21,519.
y A fter deducting $25,COO transferred to special replacem ent reserve and
$75,000 to depreciation reserve.
N o t e .— 'To com ply with the factory accounting requirem ents, operations
cover the period from Juno 28 1914 to June 26 1915.— V . 101, p. 215. _ j
J
M a r itim e C o a l, R a ilw a y & P o w e r C o ., L t d .
$4,045
$42,221
$6,060 $118,491
N et to surplus..............
* Includes rentals, taxes, bad gas a cc’ts, junk allowances, A c.
(Report for Fiscal Year ending Feb. 2 8 1 9 1 5 .)
Tho net surplus has gone into investment accounts, which increased
$159,110; less depreciation, $61,035; net, $98,075.
Pres. W illia m Ilan son on April 2 4 reported in substance:
T he gross profits increased $5,513, and after providing for the usual
B A L A N C E S H E E T J U N E 30.
amount for depreciation on mining rights tho net profit am ounted to
L ia b ilities—
1915.
1914.
A ssets—
1915.
1914.
$111,211, an increase o f $20,076, being oqual to 2 2 % . Out o f tho p rofits
Investment ..$ 1 ,8 2 9 ,9 8 4 $1,791,841 Capital s to c k .$1,000,000 $1,000,000 carried forward from last year wo havo transferred to general reserve
168,000
224,500 $35,000, and wo havo increased tho depreciation and renewal reserve b y
C a s h ...............
46,246
49,547 B ond a c c 't s ..
481,035
331,361
A cc’ts rccolv .
52,617
49,647 A cc’ts p a y 'lo .
$3,000, thoso tw o accounts being now $35,000 and $30,000, respectively,
279,812
335,699 leaving a balance o f $52,757, which, added to tho net profit for this year,
Unoxp. lnsur.
________
525 Surplus............
gives tho sum o f $163,968. Out o f this sum we havo paid interest on bonds
T o ta l...........S I,928,847 $1,891,560
T o ta l............. $1,928,847 $1,891,560
amounting to $93,602; wo havo transferred to our sinking fund reserve
Directors: G. T . Braden (Pros. & Gen. M g r.), It. H . Bartlett (V .-P . A $3,842; we have written $7,870 o ff the discount on securities account and
T reas.), K . E. Alexander (Asst. Sec. A Asst. Gen. M g r.), E. 1*. W hitcom b, we have written $5,000 o ff our coal stock to provide for possible d “prociation
W . W. Splano, 1*. W . Luphcr and R . W . H annan.— V. 101, p. 848.
thereon, and wo have carried forward $53,654 at credit o f profit and loss. SJ
During tho year $151,000 additional bonds were sold and $6,000 bonds
were purchased for tho sinking fund and canceled.
U n it e d F u e l S u p p ly C o ., P it t s b u r g h , P a .
Tho installation o f tho eloctrical coal mining equipm ent at tho Joggins
Colliery was proceeded with during the yoar and we bclievo that we nave
(Fourth Annual Report— Year ended June 3 0 1 9 1 5 .)
now at Joggins one o f tho best equipped mines in Canada. D evelopm ent
work was actively continued and had it not been for tho unfortunato indus
trial conditions procipitatcd by tho outbreak o f war on A ug. 1 last, our coal
President G . T . B raden says:
output would have shown a very substantial increaso. As it was, only
During tho past 12 months wo liavo drilled 27 wells, 23 being gas wells, working four days per week the greater part o f the year, we were able
one an oil well and threo dry holes. W o also acquired b y purchaso tw o gas to maintain our output to within 8 % o f that o f last year; working full tim e
wells and now havo a total o f 45 gas wells and 46 oil wells. Wo laid 414
wo could procure 50% m ore than our present output and special efforts are
miles o f new lines and reclaim ed 3 H miles, leaving a present total o f 914 constantly being directed to enlarging our markets.
miles o f pipe line in use. Our leaseholds consist o f 4,300 acres o f com m er
N o now work lias been dono at tho main power houso at C hign octo, the
cial oil and gas leases, 660 acres o f gas contracts, and by gas purchaso enlargement o f our generating plant having oeen com pleted at tho close o f
contracts wo control 2,900 acres, giving us a total o f 7,860 acres.
last year. U nfortunately just about that tim e tho dem and for power
Owing to tho low prlco o f oil this past year and tho further fact that our bogan to fall o ff, in consequence o f abnormal trade conditions affecting the
oil production docllned, tho oil oarnings show quote a decrease. Our gas Canada E lectric C o .’s largest power users, and to such an extent that tho
salos aro $25,000 less this year, but tho gas purchased is $69,000 less, which revenue from this source was seriously reduced so that the result o f the
gives us a not Increase in the gas business o f $44,000. Our indebtedness is operations o f the Electric C o. for tho 10 m onths ending D ec. 31 last is a
about tho same as last year, but our cash and accounts receivable havo deficit o f $24,421. W o, however, anticipate clearing this d eficit on the
increased, so that our indebtedness is m ore than covered. T ho board has return o f normal trade conditions.
sal
authorized a special depreciation o f $76,193 75 out o f tho surplus.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G F E B R U A R Y 28.
R E S U L T S F O R F I S C A L Y E A R S E N D I N G J U N E 30.
1914-15.
1913-14.
1912-13.
1011-12.
1914-15.
1913-14.
1912-13.
Gross p rofits...........................................................$122,473 $116,960 $100,361
$324,704
$198,718
$262,853
$349,794
Gas earnings----------------Discount, A c ., written o f f ___________________ S7.870
$7,161
$9,553
18,825
102,560
97.851
5,426
DU earnings.......................
D ep reciation ________________________________
6,416
6,047
6.091
631
M iscellaneous--------------137 M iscella n eou s_______________________________
534
434
9,846
12,617
14,326
Bond Interest________________________________ 93,602
75,120
56,045
$344,160
T otal gross ea rn in g s..
$204,281
$452,888
$361,138
Sinking fun d ________________________________
3,842
4,289
3,999
125,911
15,150
D e d u c t — Gas purchased.
194,666
24,656
131,212
130,809
*Oporating exp., A c . .
41,625
$S97
$11,726
SI 0,347
139,225
Balanco, surplus.
867
C r .1,199
Prof. A loss susp. items
C r .1,901
t B A L A N C E S H E E T F E B R U A R Y 28.
40,000
40.000
35.000
30,000
D iv id en d s. . . -----------1917
1914.
1914
1915,
25.000
Reserve for line routS3T
L ia b ilitie s — 1
*
s
S
45,659
27,190
96,521
A
s
s
e
t
s
—
75,000
Res or vo for d cp roc'n Property*............. .3,416,951 a 479,758
16,500
______
56,500 Preferred stock------56,500
$511
$61,422
$61,160
Investments (cost). .
$20,985
N et to surplus-------70,015 First mtge. bonds__ 1,595,000 1,447.000
Book debts______ . 132,075
25,000
7,977 Bills payable______
9,423
* Includes drilling wells, rentals, taxes, bad accounts charged o ff, A c.
Stocks at stores___ .
34,533
25,832
12,618 Accounts payable__
18,809
Mining supplies.. .
B A L A N C E S H E E T J U N E 30.
36,771
30,603
11,703 Accrued bond int__
10,432
Coal on hand-------- .
34,532
52,771 Depreciation reserve 38,949
.
26,338
A ssets—
1915.
1914. _ | L i a b i l i t i e s —
1915.
1914.
36,800
Other
reserves______
1,392
.
4,803
Uncxplred
insur
.
Investm ent_______ $570,021 $688,7 .,2 Capital s to c k ____$500,000 $500,000
28,014
24", 171
Sinking fund_______
Dlsct.on securities. . 149,526
G a s h _____________ 46,533
ob',688 Notos & accounts
.......... Surplus....................
90,757
53,654
payablo, A c ___ 203,342 203,801
Accounts receiv
a b le ..................... 163:519 102,928 Surplus _ ................ 70,884 146,567
Total . . 1 . 1 .......... 3,825,357 3,692,76 4
T otal................ .3,825,357 3,692,764
Trustee re s e rv e ..
5,876
-------------* Property includes mining rights, developm ent, electric-power plant,
...$ 7 8 0 ,1 0 3 $850,368 real estate, m aritim e railway and equipm ent. There is also a'con tin gent
Total
T o tfll— . . . .$780,103 $850,368
As to sale of p rop erty, seo C aney R iver Gas C o . above; also V . 101, p . 851. liability oiG b’lls.d iscouated ,.8,007.— V. 101, p .’„ 923.
[Vol. 101.
THE CHRONICLE
1188
The proceeds are to bo used in completing the construction and equip
ment required by tho contracts between the city and tho New York M u
nicipal Railway Corporation, a subsidiary of the Brooklyn Rapid Transit.
3 0 1 9 1 5 .)
The notes aro secured by the deposit with the Central Trust C o., as trustee
G e n . M g r . C h as. E . T a rte on S ep t. 14 reported in su b st.: of tho New York Municipal Railway Corporation’s 1st M . 5% guraanteed
equal in face valuo to the notes issued and outstanding from timo to
The growth o f the Grand Rapids exchange during tho fiscal year just bonds,and
$10,000,000 Brooklyn Rapid Transit refunding gold mortgage
ended was the largest It has had since 1937. and outside exchanges the timo,bonds.
All the notes undor this $63,000,003 issue aro convertible prior
largest since 1910. Tho Grand Rapids exchange had a net gain of 1,001. 4%
to
Jan.
1
next
into tho New York Municipal Railway 1st M . 5% bonds.
making the number o f telephones in sorvice in tho Grand Rapids exchange Notes not converted
will mature July 1 1918. Interest on this money is
June 30 1915, 14,009. The principal gain in tho outside exchanges was as chargeablo to construction
and not against tho railroad’s earnings ,
follows: Lansing, 371; Allegan, 26; Hastings, 19; Jamestown, 19; Neway until the construction and account
equipment for which the proceeds aro used are
go, 14; Vermontville, 29.
and placed in operation. See maps. &c., on pages 15 to 19 o f
Tho Grand Rapids investment increased $93,266. $157,422 was charged completed
“ Electric Railway” Section.— V. 101, p. 845, 772.
to depreciation during the year.
Our long distanco business received a serious setback as a result o f tho
C a r o lin a A t l a n t i c & W e s t e r n R y .— Consolidation.—
sleet storm o f last February, and yet, in spite o f this setback, tho total
See Seaboard Air Line Ry. below.— V. 101, p. 527.
business for tho year shows a substantial increase over previous years. The
best o f long-distance service can be given to Traverse City, Petoskey,
C h e sa p e a k e & O h io R y .— Securities.•— •
Ludington, Muskegon, South Bend, Toledo, Jackson, Detroit, Saginaw,
See Chosapoako & Ohio Northern Ry. below.—-V. 101, p. 1101, 1086.
Lansing and all tributary and intermediate points.
C h e sa p e a k e & O h io N o r t h e r n R y .— Securities.—
Whilo tho affairs o f the company aro in good shapo financially, thero are
The company has appliod to the Ohio P. U. Commission for authority to
still numerous exchanges that aro not earning a reasonable profit on tho
Investment. Wo hope that at some time in the near future each exchange increase its capital stock from $50,000 to $3,500,000 and to issue $1,000,000
1st M . 30-year 5% bonds at not less than 9134. Tho proceeds will bo used
will carry its own burden.
to completo the construction of tho road from Sciotovillo to Columbus.—
Data from Secretary A. E. Wells.
The company has in tho hands o f the public $505,500 bonds, $78,000 V. 98, p. 1692.
bonds having been sold during tho year to provide for oxtonsions, &c. Tho
C h ic a g o & A l t o n R R .— New Director.—
net increased investment in physical property including the Grand Rapids
D. Snip worth, of tho traffic department of Sulzberger, Sons & C o.,
exchange, outsido exchanges, toil lino system, and construction work in hasV.been
elected a director to succeed Edward Tllden.— V . 101, p. 212, 46.
progress was $90,830. Tho company had at the close o f tho year $172,000
bonds unissued available for extensions, additions and betterments.
C h ic a g o G r e a t W e s t e r n R R .— New Director.—
Of our 3,177 stockholders, 1,488 are residents o f Grand Rapids, 1,190
E. A. Cudahy has been elected a director, succeeding E. N. Hurley.
of the State exclusive o f Grand Rapids, 472 rosido outsido tho State and 27
outsido the United States proper. Tho Pooling Association agreement of
Annual Report.— See “ R ep orts” a b o v e .— V . 100, p . 10 78 .
stockholders was renewed in Feb. 1915 for an additional period of 5 years.
C h ic a g o & N o r t h W e s t e r n R y .— Bonds .—
Approximately 96% o f the stock is ropresentod in the pool at present timo.
The 111. P. U. Commission on Sept. 25 authorized tho company to issue
RESULTS FOR FISCAL YEARS ENDING JUNE 30.
$1,545,000 5% gold M . bonds.— V. 101, p. 943, 918.
1914-15.
1913-14.
1912-13.
1911-12.
C in c in n a t i I n d ia n a p o lis & W e s t . R y .— Sale Confirmed.
Number o f telephones__
(?)
(?)
32,604
31,831
Juclgo Hollister in tho U. S. District Court at Cincinnati on Sept. 30
Earns.— Grand Rap. rev. $355,316
$333,965
$304,3781
$600,018
confirmed the sale on Sept. 9 of tho ontiro property to Frederick H. Eckcr,
Outside exchangorev.. 361,617
357,483
320,606/
Toil-line revenuo_____
150,900
147,115
149,910
149,264 as purchasing committee for tho bondholders. Tho confirmation is to be
Interest incom o______
22,625
23,6201
28,438
18,086 tinal unless within eight days causo is shown why tho salo should not be
confirmed.— V. 101. p. 845. 527.
Other incomo...............
9,714
7,479/
C itie s S erv ice C o ., N e w Y o r k .— Sub. Co. Notes.—
Total income............. $900,172
$869,662
$803,332
$767,368
Seo City Light & Wator C o., Amarillo, Tex., undor “ Industrials” below.
Operating & maintenance *$359,176
$348,1161
$436,623
$441,758
— V. 101, p. 287.
Doprec’n of plant, &c___
157,422
154,377/
General exp., taxes, &c__
98,412
95,827\
60,937
30,022
C r ip p le C re e k & C o lo r a d o S p r in g s R R .— Merger.—
Bond, &c., interest_____
27,369
25,993/
See Cripple Creek Central R y. under “ Annual Reports” abovo.
Amort’n o f fund, debt exp
3,805
3,301
______
______
Sinking fund___________
4,495
______
______
______
D e n v e r & N o r th w e s t e r n (E le c tr ic ) R y .— No Dividend.
Dividends p a id .............
231,105
231,121
286,744
295,588
See Denver Tramway Co. below.— V. 101," P- 1092, 130.
Total deductions_____ $881,784
$858,735
$784,304
$767,368
D e n v e r T r a m w a y C o .— Dividend Omitted.— In order to
Balance, surplus______. . .
$18,388
$10,927
$19,028
______
•Includesin 19l4-15Grand Rapids operating and maintenance, $141,317; strengthen the financial condition o f the com p an y, tho direc
less repairs charged to reserve, $22,541— $118,776; outsido oxchango,
$211,874. less $24,918 repairs, $186,957; and toll lino, $84,322, less $30,879 tors on S ep t. 2 8 voted to om it the quarterly dividen d.
repairs, $53,443; total, $359,176.
Operating expenses have been curtailed and the decrease in
earnings having slackened during the current m onth better
BALANCE SHEET JUNE 30.
tim
es, it is said, m ay reasonably be prophesied for the future.
1914.
1914.
1915.
1915.
Assets—
Liabilities—
S
S
S
$
Statem ent issued by Chairm an C. K. B oettcher.
Gr. Rap. Exch. Inv. 1,608,473 1,515,208 Capital stock......... 3,851,735 3,851,735
a meeting of tho board of directors of tho Denvor Tramway C o ., held
Outside Exch. Invest.1,740,890 1,739,522 Funded debt______ 505,500 427,500 onAt
Sept. 27 1915, the question of declaring a quarterly dividend was con
Toil line system___ 690,748 690,664 Bills payable______
15,000
12,500 sidered.
Tho following condensed income statement for July, Aug. and
Constr. work in prog. 24,185
28,071 Accounts payable—
8,551
6,020
with 1914 (Sept. 1915 estimato was submitted:
Stock of other cos__ 123,361 124,351 Dlv. paid July 20.. .
57,776
57,776 Sept. 1915, as compared
1915.
1914.
1915. _ 1914.
Bonds of other cos.. 48,600
50,100 Accrued bond lnt__
12,701
10,688 Oper’g revenues.-$796,604
Total not incomO-8398,177 $433,071
Sub-companies........ 344,332 324,820 Labor accrued-------13,850
13,491 Netoper. rovonue.$397,238 $851,809
Deduc.
from
in
c.314,442
321,515
$427,626
Bills & accts. receiv. 42,938
31,916 Adv. rentals, tolls
income----939
5,445 B al.todlvs. & s .f. $83,735 $111,556
Oash
mnpnnq, Afi
9,046
8,484
7,627
8,503 Misc.
From
the
abovo
it
will
bo
noted
that
tnoro
lias
been
a
decrease
in total
Pre-payments
.........
28,721
33,790 Depreciation reserve 147,603 136,500 operating revenues for the three months of about $55,000 and a decrease;
Unam. debt disc.,Ac. 33, 89
32,711 Surplus.................. 76,259
55,486 in total operating expenses of about $25,000, and that the decrease in net
Sinking fund______
4,495
incomo for tho quarter amounts to $28,000.
Owing to world-wide unfavorable financial conditions, tho directors have
Total.................. 4,697,459 4,580,199
Total------ -------- 4,697,459 4,580,199
deemed it advisablo to soli any of tho company’s securities at a sacrifice.
Directors.— Chas. F. Young. Pres.; Robert D. Graham, V.-Pres.; Chas. not
Dividend
declared for tho quarter ended Juno 30 1915 by tho Donver &
E. Tarte, Gen. Mgr.; Cyrus E. Perkins, Gaius \V. Perkins, John B. M ar Northwestern
Ry. Co. was at the rato of 14 of 1% . Tho directors decided
tin, P. B. Garvey, Van A. Wallin, Wm. J. Clark, Victor M . Tuthill, Frank that tho best interests
of its company, as well as tho interests of its bond
E. Church and W. K . Spencer. Tho Secretary is Arthur E. Wells.— and stock holders, would
bo better served by discontinuing for tho present
V. 101, p. 925.
tho payment of any dividend, thereby strengthening tho company s cash
position. Comparo V. 100, p. 2162.
C itiz e n s T e le p h o n e C o . o f G r a n d R a p id s , M ic h .
{Report for Fiscal Year ending June
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
A la b a m a G r e a t S o u t h e r n R R .—
O p e r a tin g N e tia fte r
Revenue. T a x e s ) .
O th er
Popular Vote Nov.
ROADS.
Earnings .—
In terest,
P f.D to . C o m .D ie .
B a l.,
In c.
R e n t s , A c . (6 % )
(5 % ) S u r p l u s .
$
$
.
$
.
$
$
$
$
1914-15 ------4,776,630 944,263 239,468 557,556 202,821 391,500 31,853
1913- 1 4 ____ 5,426,175 966,908 371,974 581,695 202,821 391,500 162,866
— V. 99, p. 1211.
June 30
Y e a r __
A la s k a N o r t h e r n R y .—
Control Taken.—
E . A . F itz-H enry, Surveyor-General o f tho State o f W ashington, acting
under instructions from Secretary o f tho Interior Lano, on Oct. 1 officially
took over the affairs o f this road, which was recently purchased by the
U . S. Governm ent. T ho work on tho Governm ent railroad in Alaska, it is
stated, is still being dono nom inally under the name o f the Alaska Northern
and Is legally a continuation o f that lino. C om pare V . 101, p . 772.
A r k a n s a s M e m p h is R y ., B r id g e & T e r m in a l C o .—
See M issouri Pacific R y . under “ R ep orts" abovo.— V . 100, p. 1436.
B o s t o n S u b u r b a n E le c tr ic C o m p a n ie s .—
J u n e SO.
Y ea r—
I n c . fr o m
S ec u ritie s.
1914- 1 5 _____ $160,447
1 9 1 3 -1 4 ______ 177,840
— V. 101, p. 845.
Earnings.—
E x p . Vi.
In te rest.
N et
In com e.
D iv i(le n d s .
$49,084
49,897
$111,363
127,943
$109,854
127,610
B a la n ce,
S u r p lu s .
$1,509
333
B o s t o n & W o r c e s te r E le c tr ic C o m p a n ie s .— Earnings.
June 30.
Divs. on
Other
Total Interest,Dividends Balance,
Year—
B. A IF.St.Ry. Income. Income.
cSc.
Paid. Surplus.
1914-15----------------- $55,687 $15,635 $71,322 $1,862 $67,872 $1,588
1913-14----------------- 55,687
15,349
71,037
1,714
67,872
1,451
— V. 99, p. 891.
B r is to l C o u n t y S tr e e t R y .— Decision.—
Seo Taunton & Pawtucket Street Ry. below.— V. 79, p. 2746.
B r o o k ly n R a p id T r a n s it C o .— Sale of Notes.— T he Cen
tral T ru st C o . o f N e w Y o rk , K u h n , Loeb & C o . and K idder,
P eabody & C o ., who financed tho Brooklyn R apid Transit
subway requirements tliree years ago b y tho purchase of
$ 4 0 ,0 0 0 ,0 0 0 B rooklyn R apid Transit six-year 5 % Secured
G old N o te s (comparo V . 9 4 , p . 1694) have exercised the
option then given to them b y the com pany and have pur•chased tho remaining $ 2 0 ,0 0 0 ,0 0 0 of the notes under the
$ 6 0 ,0 0 0 ,0 0 0 issue. T h e new notes were offered b y the
bankers to old syndicate participants and have been over
subscribed. Further official data follow :
( l a .) C ity R y .— Franchise Agreed Upon—
2 0 .— T h e C ity Council on O ct. 2 adopted
unanim ously tho now franchise and Pres. E m il Schm idt
im m ediately accepted the sam e. T ho election to ratify tho
franchise is set for N o v . 2 0 .
D os M o in es “ Register” said:
D es M o in e s
GENERAL INVESTMENT NEWS
Tho franchise as finally adoptod gives tho street railway company a
franchise in the streets for 25 years. Within a period of three years after
passago of tho franchise, the company must havo spont $1,500,000 for re
construction and rehabilitation of its system. As soon as possible all un
used tracks must bo removed and various extensions must bo made.
As a guarantee of tho servico provided for “ it is agreed that no dividends
on tho outstanding stock of tho company shall bo considered or allowed
In determining the quality, quantity or kind of service the company is
bound to furnish under this ordinance, it being understood and agreed that
subject to tho payment of all costs of operation including taxes and Interest
at not to exceed 5% on tho company’s indebtedness represented by bonds,
and not to exceed 6% on tho remainder of such indebtedness (tho floating
debt) and tho setting asido of a depreciation fund, tho city is entitled to
have, and the company is obliged to render first-class servico
Hix streot car tickets for a quarter must be placed on salo. Fare for
children under 12 will be 2H conts, children under 6 may rldo freo, and
high school students may ride on special tickets sold at 20 for 50 cents.
Tho city is given tho right to purchaso tho proport,y upon giving six
months’ written notico of its intontlon so to do, remuneration bolng figured
on tho basis that on Aug. 1 1915 tho property was worth $5,000,000.
— V. 101. p. 130.
D e t r o it T o le d o & I r o n t o n R R .—
J u n e 30.
Y ear—
G ross
E a r n in g s .
N et
E a rn in g s.
Earnings .—
O th er
I n t.,R e n ts ,
In co m e. T a xes, A c .
1914-15__________ $1,767,580 $136,136 $45,981 $314,-51
1913-14-................. l,513,9531oss776,362 21,317
342,893
—V. 99, p. 1214.
F a ir m o u n t P a rk T r a n s p o r t a t io n C o .—
B a la n ce,
D e ficit.
$132,134
1,097,938
Purchase of Coups-
E. W. Clark & Co. announced on Oct. 1 that thoy were purchasing tho
coupons of the Co. ($750,000) 1st M. 5s due that day upon presentation
either at their office, 32l Chestnut St., or at Girard Trust Co., Phila
delphia.—V. 100, p. 2166, 1832.
F lo r e n c e & C r ip p le C re e k R R .—
Dissolved.—
See Cripple Creek Central Ry. undor “ Reports” abovo.—V. 69, p. 795.
F lo r id a E a s t C o a s t R y .—
J u n e 30
Y ea r—
G ross
E a r n in g s .
N et
E a r n in g s .
Earnings for Fiscal Year.—
I n te rest,
R m 'a l s .A c .
In co m e
In te rest.
B a la n ce,
S u r p lu s .
1914-15— $5,513,477 $2,094,917 $811,623 (4% )Sl,000,000 $213,319
1913-14.-- 5,334,683 1,631,412 9 49,218 (2>*)% 625,000
116.214
4 % Interest on Incomes.— T h o directors have declared in
terest a t the rato of 4 % , p ayable N o v . 1 1914, for the lato
fiscal year, on tho $ 2 5 ,0 0 0 ,0 0 0 General M tg o . 5 % In com es.
This compares with 234% in 1914, 1913 and 1912, and with 4% and
3 34%. respectively, in 1911 and 1910.— V. 100, p. 140.
F o r t D o d g e D es M o in e s & S o u t h e r n R R .— Bonds Of
N . W . H alsey & C o . are
offering $ 5 ,5 0 0 ,0 0 0 1st M . 5 % gold bonds (tho entire out
standing issuo) at prices to yield 5 A % for the 18 later m a
turities and 4 H ,
5 , 5 hr and 5 .4 0 % , respectively, for
tho installm ents m aturing in tho years 1916 to 1920 incl.
Secured b y first lien on 1 2 8 % miles of electrified (formerly
steam ) railroad, extending from D es M o in e s, the principal
city of Iow a, northwesterly to B oo n e, A m e s, R ockw ell C ity
and Fort D o d ge, and thus handling to exceptional advantage
through freight and passenger traffic in connection w ith the
eight im portant trunk lines which it crosses, tho usual in
terurban passenger traffic being com bined w ith a large and
profitable freight business. A circular shows:
fered— Steam Road Electrified.—
(1) Bonded debt, 85,500,000, 62% o f replace, value o f phys. property.
(2) N et incomo largely In excess o f twico annual Interest requirements.
(3) Serial maturities and m tgo. provisions constantly increase equity.
(4) M ortgago provides am ply as fixed chargo for maintenance and deprec.
(5) Owns 99% o f right o f way, therefore non-dependent on franchises.
(6) Valuable terminals controlled in heart o f every city on Its lino.
(7) Management unusually able and progressive.
___.
Bonds dated Dec. i 1913 and due serially on Doc. 1, $50,000 yearly
1916 to 1937, both inch, and $1,400,000 in 1938, but^redeemable, all or
part, on any interest date, at 105 and int. Interest J. & D . in in . y . iJenom . $1.000 c* & r*; $500 and $100 c*. Trustee, Old C ol. T r. C o ., B oston
Serves one o f the most populous and fertile portions o f the leading
Stato in tho Union as to production o f corn and oats, the m anufacture o f
farm impiements and the value o f farm lands and buildings, v . l e i , p. 448.
G r a n d T r u n k R y .—
1 A % Dividend on Guaranteed Slock.
Cable advices from London stato that tho d }™ ct°rs havo declared a
dividend o f 1 H % for tho half-year on tho fuaranteed 4 % non-cum id^
stock, being tho same am ount as paid last A pril, and contrasting with
semi-annually prior to that tim e.— V . 101, P«
G u l f & S h ip I s la n d R R .J u n e 30
Y ea r—
O p e ra tin g
R even u e.
1914-15.. . $ 1 ,633.006
191314_________
— V. 99, p. 1291.
Earnings.
O th er
(A f t e r
In com e.
Tares).
$ 31,488
* ‘ 29.584
1,996,934 531,098 6,886
N et
H ilo R R ., H a w a ii.—
G ross
I n t . , S in k .
F und, & c.
B a la n ce,
S u r p lu s .
$254,596
268,305
$206,476
269,679
Earnings— Interest.—
N et
B ond
O th er I n t . ,
B a la n ce,
■((-) Y e a r —
E a r n in g s . E a r n in g s .
I n te r e s t. R e n ts , A c .
D e fic it.
1914- 15
•
..$ 4 2 9 ,0 8 9 $228,981 $269,700 $63,107 $103,826
1913-14................ .......... 436,405
180,165
269.700
77,205 166,740
'T h e report says: On O ct. 1 1915 the com pany will ho required to meet
the paym ent o f coupons which became due and payable on April 1 1915,
amounting to $135,000. The failure to meet this paym ent will give tho
bondholders tho right to take such action as they m ay deem best to protect
their Interests. This paym ent cannot be m et out o f present earnings, as
all surplus earnings have been assigned and will be required to liquidate the
ioaii made on M arch 27 1915 to pay coupons due O ct. 1 1914. The balanco
sheet shows bills payable, S440.712. See V . 100, p. 2009.
T,,n P
H o c k in g V a lle y R y .— Refunding Notes Oversubscribed.—
K u h n , Loeb & C o . ancl the N ation al C ity B an k offered yes
terday a t 99 A $ 4 ,0 0 0 ,0 0 0 2-year 5 % notes. T ho issuo was
oversubscribed.
Dated
proceeds
N o v . 1.
that for
p ort, V .
N o v . 1 1915 and duo N ov. 1 1917 but subject to call at 101. T ho
will bo used to take up the $4,000,000 one-year 6 % notes due
T h o indenture under which the new notes aro issued is similar to
tho m aturing notes (V . 99, p . 1366, 1130, 1214). C om paro re
101, p. 1087.
K a n s a s C ity R y . & L t . C o .— Deposits— Time Extended.—
Tho reorganization managers announce that moro than 9 0 %
of all tho m atured indebtedness has been deposited and is now
subject to tho plan .
In order that all holders of bonds and
notes m ay avail thomselves thereof, J udge I look has extended
tho tim e for the deposit of all bonds and notes em braced in
tho plan , except tho bonds of tho K ansas C ity K lovated R y .
C o . and of the K ansas C ity & W estp ort B elt R y . C o ., to
O c t .9 .
T h e shareholders havo u n tilN o v . 1 to a g re o o n a p la n .
Judgo H ook has stated that ho will announce later tho terms upon which
further denosits o f bonds o f tho Kansas C ity Elevated R y . C o. and ot tho
Kansas C ity & W estport B elt R y . C o. will bo accepted. Soo plan, V. 101,
p. 614, 689, 773, 1014.
L o n g I s la n d R R .— Proposed Lease.— T h o President of
tho B orough o f Queens has approved the report of C onsult
ing Engineer C lifford B . M o ore favoring the proposition to
leaso the Long Island R R . tracks for the operation o f rapid
transit trains from Corono to W h iteston e and to Little N e c k .
B rooklyn “ Eaglo” O ct. 5 said in part: “ T ho report shows that tho cost
o f ennsi,m eting a city-built lino to W hltcstono and Little N eck would be
approxim ately $6,000,000, on which tho interest would bo $300,000 per
annum, as com pared to an initial rental o f the railroad tracks o f $125,000
a year, with an annual increaso o f 6 % . It points ou t that while tho city
has pledged $1,000,000 towards rapid transit in tills section, this am ount
would not cover the cost o f building a three-track elevated road to M ain
S t., Flushing, including tho construction o f tho bridge across Flushing
Creole, and that it should therefore be held in reservo until an agreement
has boon made with tho Long Island U K.
.
„
,
,
“ In regard to tho rental, the report in part is as follows: ‘ T he rental
should bo based upon the present net earnings o f tho railroad com pany
derived from tho portion o f its linos over which it is proposed to leaso trafiic
rights, and also considering as well tho loss o f traffic to tlio railroad com pany
from its passenger service over tho Port W ashington branch from points
cast o f tho city lino, which naturally would bo diverted to tho rapid transit
servico and with a reasonable allowance for increases as tho territory d e
velops. A rental equal to tho presont net incom e o f tho railroad com pany,
increasing in such ratio as has been tho average increaso for tho past fivo
years, would seem to be a fair return for the rights it is proposed to lease.’ ’ ’
C om paro V. 100, p. 1592.— V . 101, p . 923.
M a n s fie ld (O .) P u b lic U t ilit y & S erv ice C o .— Successor
have been favored w ith the following:
Company.— W e
T h e M ansfield R y ., Light & Power C o. (V . 96, p . 63) was a corporation
whoso capital stock was $1,000,000, $350,000 being preferred. Suit was
brought b y tho pref. stockholders against tho com m on stockholders asking
for a dissolution o f tho corporation. T ho C ourt m ade an order dissolving
tho corporation and ordering tho assets to bo sold.
T ho pref. stockholders have form ed the M ansfield Public U tility & Scrvico
C o ., fixing the num ber o f shares o f stock at 3,500 and each sharo at $1 (not
$100). thus making tho capital stock $3,500. T ho officers are: President,
Frederick llcrtonstein (Pres. Western German Bank, C incinnati): V .-P rcs.,
R eid Carpenter, and Secretary, S. A . Foltz, both o f M ansfield, O . The
assots o f tho old com pany were appraised at $1,430,000 with a m ortgago
indebtedness o f $942,000. A t tho sale o f tho M ansfield Public U tility &
Servico C o. bought tho assets for $10,000, subject to tho $942,000 m ort
gage (soo p. 32 o f " E L R y- Section” ). T h o C ourt has confirm ed tho sale
and tho transfer o f tho property is expected to take placo in a fow days.
T h o now com pany has no assets except those bought at tho sale.
M a n s fie ld (O .) R a ilw a y , L ig h t & P o w e r C o — Sold.—
Seo Mansfield Public Utility & Servico Co. above.— V . 96, p . 63.
1189
THE CHRONICLE
O0T. 9 1915.]
M a s s a c h u s e t t s E le c tr ic C o m p a n ie s .—
J u n e ZD
Y ea r—
D ie s , on
S to c k s .
M isc .
T o ta l
I n c o m e .I n c o m e .
1 9 1 4 -1 5 -.- $513,068 $82,381
1913-14___1 ,077.292 79,008
— V. 101, p. 846.
In te rest,
& c.
Earnings .— ■
P r e fe r r e d
D iv id en d s.
B a la n c e ,
S u r .o r D e f.
$595,449 $198,584 (2)$484,128 def.$87,262
1,156,300 178,214 (4) 968,256 sur. 9,830
M isso u r i K a n s a s & T e x a s R y .— Additional Committees.—
In view of the receivership the follow ing com m ittees are
announced (see also V . 101, p . 10 9 2 ):
S e c o n d M o r t g a g e 4 % G o l d B o n d s , D u e J u n e 1 1990.— Edwin G . M errill,
Chairman, President Union T rust C o . o f N ew Y ork ; W . J. M athcson,
D . E . P om eroy, Lewis L. Clarko and P. J. G ood h art, w ith Spooner & C o t
ton as Counsel and G . K . B. W ade, Secretary, 80 B roadw ay, N . Y . T he
com m ittee docs not deem tho deposit o f theso bonds necessary at this tim e,
but requests tho holders o f the bonds to com m unicate with it, giving the
amounts o f their holdings. See adv. on another page.
F i r s t A R e f . M . B o n d s . — Colgate H oyt has been added to this co m
m ittee. (V . 101, p. 1092.)
S h e r m a n S h r e v e p o r t & S o u t h e r n R y . 1st M . 5 s , D u e J u n e 1 1943 (Assum ed
b y M . K . & T . on merger o f the prop erties).— It. W alter Leigh o f M aitland,
Coppell & C o ., N . Y .; II. F. W h itcom b , M ilw aukee, and F. X . Quinn,
Vice-President o f Fidelity M utual L ife Insurance C o ., Philadelphia, with
Joseph S. Dale, 52 W illiam S t., Secretary, and A lfred A . C ook, o f Leventritt, C ook & N athan as Counsel.
T e x a s A O k l a h o m a R y . 1st M . 5 s (assum ed).— F . N . B . Close, V ice-Pres.
o f Bankers Trust C o ., Chairman; R obert W . D rayton , V ice-Pres. o f Penn
M utual Life Ins. C o .; R . W alter Leigh o f M a itland , C oppell & C o .; W . W .
M cC lench, Pres. M ass. M utual L ife Ins. C o . o f Springfield, M a ss., and
John W . Stedman, Treas. o f Prudential Life Ins. C o ., w ith Perry B . B ogue,
16 W all S t., Secretary, W hite & Caso as counsel, Bankers Trust C o . as
depositary. T h e com m ittee defers requesting tho deposit o f these bonds
until such tim e as in its judgm ent it shall becom o necessary to d o so, but
desires names o f holders, & c. See a d v .— See V . 101, p . 1092.
M o n t a n a W y o m in g & S o u t h e r n R R .—
J u n e 30
Y ea r—
G ross
N et(a fte r
E a r n in g s . T a x e s ).
O th er
In com e.
Earnings .—
G ross
In te r e s t B a la n ce,
I n c o m e . C h a r g e s . S u r p lu s .
1 9 1 4 - 1 5 .................. $171,700 $66,844 def.$1,412 $65,432 $47,382 $18,050
1913-14............ ........ 179,386 72,830 def. 2,175 70,655 48,776 21,879
T ho decrease in business is attributed to tho reduction in freight rates,
weather conditions, the European war, curtailm ent o f mining operations
b y tho copper com panies and tho largo decrease in the shipments o f coal
over our lino b y tho W ashoo M ines which is controlled b y the large smelter
plants at A naconda.
„
. .
„
Tho balanco sheet o f June 30 1915 shows: Capital stock (c o m .), $ 1 ,000,
000; m ortgago bonds, $890,000; equipment bonds, & c., $50,970; and
profit and loss, surplus, $85,756.— V . 89, p . 1281.
M o rris & E ssex R R .—
Admitted to Suit .—
V ice-Chancellor Howell o f N . J. on O ct. 5 signed an order adm itting
.500 additional stockholders o f the com pany as co-com plainants in tho suit
brought by tho Am erican Insurance C o . and others against tho D . L. & W .
R R . as losseo for an increased dividend on tho stock, & c. T he com plain
ants now in the suit, it is stated, represent about 25% o f the entire $15,
000,000 capital stock. Seo V . 100, p. 1510, 1592, 1672, 1752, 1832, 2010.
— V . 101, p. 48. 131, 527.
N e w Y o r k C o n n e c t in g R R .— Bridge Gap Closed.— Presi
dent Sam uel R ea on O ct. 1 sent the following message to
G u stav Lindenthal, chief engineer of E a st R iver Bridge D iv .:
I congratulate you as designer and ch ief engineer o f tho East R iver arch
bridge upon the closing o f that great arch to -d a y . I regret I cannot be
present to witness the physical linking in N ew Y o rk C ity o f tho N ew H aven
and Pennsylvania system s and thus o f the N ew England railroads with the
trunk lines serving tho West and South.
W ithin 18 m ontns I hope we will seo tho com pletion o f tho N ew Y ork
Connecting R lt. and o f the 7th A ve. subw ay in M anhattan, w hich will
concludo our com prehensive program for terminal developm ent in and
through N ow Y o rk C ity , adopted 13 years ago under tho Presidency o f
A J. Cassatt. With these projects com pleted, full opportunity will be
afforded to measure the benefits o f tho N ew Y ork Termifaal improvem ents
to tho public, the cou n try at largo and to tho com p a n y.— V . 101, p . 449.
O cean
S h o re R R .,
C a l ifo r n ia .—
Assessment.—
An assessment, it is reported, o f $3 per share has been lovied on the stock.
— V . 100, p . 1593.
P e n n s y lv a n ia C o .—
Bonds Called.—
1,334 ($1,334,000) certificates o f tho 3 ' A % gold loan o f 1901, m aturing
N o v . 1 1916. for paym ent at par on N o v . 1 at Girard Trust C o ., P hila.
Certificates should tie presented on and after N o v . 2. N otice is also given
o f the following certificates heretofore called and remaining unpaid Sept. 15:
Called for N o v . 1 1911, N o. 7727 — V. 101, p . 1014, 846.
P ere M a r q u e tt e R R .— Foreclosure Decree.— A decree of
foreclosure and an order o f sale of the property has been
filed in tho U n ited States C ourt a t T oledo b y Federal Judge
John M . K illits.
’ T he upset price for the property (which is to be sold under tho consoli
dated m ortgage o f 1901. subject to underlying bonds) is $14,000,000 and
out o f this sum is to com e receivers’ expenses, & c. T h e order consolidated
several pending suits.— V . 101, p. 289, 528.
R a p id T r a n s it in N . Y . C i t y .—
Possible Lease.—
Soo Long Island R R . above.
Construction, &c.—
T h e following is authoritative:
For the construction o f the new subway system there has already been
paid ou t b y tho city , including tho contributions from the Interborough
and tho B . R . T ., m oro than $ 100,000,000, while the amount o f tho con
tracts already signed is $163,670,858. T o this must bo added $15,000,000,
tho cost o f the elevated construction w ork, which is being dono b y the
com panies for themselves. T his means that about five-sevenths o f the
total valuo o f tho work is now under contract, and that only 22 o f tho 86
construction contracts remain to bo let.
T he total estimated am ount o f material to bo excavated on tho new city owned lines is 12,800,000 cubic yards, and up to the present abou t 10,000,
000 cu bic yards havo actually been rem oved. It is reckoned that the quan
tity o f concrete to be used will bo 2,850,000 cu. y d s .,o f which about 1,500,
000 cu. yds. had already been put in placo b y Sept. 1. O f structural steel
620.000 tons will bo required, and o f this about 360,000 tons have already
boon erected or delivered.
T he total number o f men em ployed on tho subway work on Sept. 1 was
19,748, o f whom 16,089 were working on the city-ow ned lines and 3,659
o n ’the contracts let b y tho companies.
T he “ cu t-and-cover” system o f construction which was used on the sec
tions in B roadway and Seventh A ve. on which the recent fatal accidents
occurred, was first applied to subway work in 1902 and has been used ex
tensively since that tim e. [The tw o accidents m entioned caused some
nine deaths, and took place on sections for which tho U. S. R ealty & Im
provem ent C o. was contractor. T ho accident on Broadway is attributed
to a rock slide. See “ Eng. N ew s” o f N . Y . fo r Sept. 30.]. In carrying out
tho dual system the P. S. Comm ission has had to spend about $3,500,000
in building some 40 miles o f new sewers.
W hen finished the dual system will consist o f 620 miles o f single track
railroad, including tho 296 miles which were already in existence in the old
subway and elevated lines. T h e total cost o f constructing and equipping
this system has been estimated at $330,000,000.— V . 101, p . 1014, 846.
S e a b o a r d A ir L in e R y . — Consolidation with Carolina
Atlantic & Western. Approved by Directors— To Issue S 2 5 ,0 5 0 .0 0 0 Bonds.— Chairm an S. D avies W arfield on T h u rsd ay,
after a meeting o f the directors, gave out substantially the
following statem ent regarding measures for carrying out the
financial plan already anno need (V . 101, p . 5 2 8 ):
M e r g e r .— T ho directors approved articles o f consolidation o f the Seaboard
Air Line R y . C o. and the Carolina A tlantic & Western R y ., the plans in
connection with which have already been announced, and a meeting o f the
stockholders to ratify the same is about to be called.
1190
THE CHRONICLE
N e w H a n d s .— It will bo recalled that under the now financial plan a
mortgage is to bo made. Guaranty Trust Co. of Now York, trustee, with
an authorized issue of $300,000,000 o f bonds, issuaole In series of varying
maturity, interest and redemption rates. Under this new mortgage there
will presently bo issued 30-year 6% bonds approximately -.325,650,000
To be retained In treasury, about...........................32,750,000
Remainder, a part thereof to be used in exchange
for underlying bonds o f constituent companies,
an 1the balanceF20.741.000]. has been sold to a
syndicate which is under the direction of the
Guaranty 'ft». Oo. and Nat. CityjBank, about. 22.000.00 0
Sla ck o f C o n so lid a ted C o m p a n y .— The Seaboard Air bine Ky. Co. (the new
company) wilt have an authorized capital stock o f the same amount as the
present Seaboard Air Line Ity., viz.: 3100,000,000 divided into 1,000.000
shares of tho par value of 3100 each; of this^there is to bo presently issued:
C o m m o n Stock, (par 3100)................................ ............... ............... $10,0-11,000
To bo exchanged for an equal amount of common stock o f the
Seaboard Air Lino Ity. (307,516,000) aneikof the Carolina
Atlantic & Western Ry. ($2,525,000).
P re fe rr e d Stock $27,280,000, now to be issued [without preference
or priority of one part over another], par $100, as follows:
(a) 6% noil-cumulative preferred__________________
. .
$2,280 000
T o bo exchanged for $2,280,000 of the 5% Refunding
bonds o f tho Caro. Atl. & \V. Ry. now out, thus converting
a fixed chargo into pref. stock.
(b) 4% to 6% non-cum. preferred, having same pref. div. provi
sions as existing Seaboard pref., i. e., entitled to non-cum.
pref. divs. at 4% per annum, and after 4% on the common
stock, to an additional 2% . making 6% in all (but with right
$25 000 000
of conversion below stated)___________________ .
To be exchanged for the present $25,000,000 pref. stock.
C o n versio n R ig h t. — To do away with tho division of dividend right above
mentioned, tho option will bo given to holders of all pref. stock exchanged
for tho present outstanding pref. stock from July 1 1916 and until July 1
1921: (1) To convert each share of tho said pref. stock into (a) 2-8 o f a
share o f prof, stock entitled to 6% straight non-cumulative dividends but
calling for the same amount of cash required to pay 4% dividends on the
converted stock, and (b) 1-2 of a share of common stock: or (2) to convert
each share of pref. stock entitled to 4% and then 2% dividends as above
stated, into oneshareof pref. stock limited to 5% non-cumulative dividends,
thus giving up ono-half tho present right to 2% additional dividend.
All outstanding shares of the new pref. stock will be entitled to dividends
in any your without preference or priority in tirneor order o f declaration of
payment between any of the shares thereof, but in the ratio o f 86 for each
share of 6% prer. stock outstanding to 34 for each share of.5% pref. stock
outstanding and $4 for each share o f 1% pref. stock until the 6% oref.
stock shall havo received its full (>% dividend and the other pref. shares
shall receivo full 4% , whereafter the 5% pref. stock, if any, may receive
an additional amount up to the amount necessary to provide its full 5%
dividend in such year.
As has been stated, it may be desirable to issue pref. stock in future
financing; 4% plus 2% pref. stock could not be used to advantage for the
purpose of financing or partially financing tho requirements of the railway
company, which tho present plans of exchange and the right to issue new
pref. stock contemplate in the future.
Sale o f Bonds.—As indicated in tho foregoing statement,
tho Guaranty Trust Co. and tho National City Bank have
formed a bankers’ syndicate that has underwritten tho pur
chase of 820,743,000 of the now 30-year 6% bonds. Later
on a syndicato will bo formed to market them.—V. 101, p.528.
Scranton & Wilkes-Barre Traction Corporation.—
P r e f. Stock Offered.—As shown last week (p. xv), Lamarche
& Coady, Now York, are offering at par (with 50% bonus in
common stock), a block of 6%-7% Cumulative Preferred
Stock, Divs. 6% to 1917, 7% thereafter, payable Q.-J.
T a u n to n (Mass.) & P aw tu cket Street R y .— D ecision .—
A Boston financial paper on Oct. 7 said: “ Tho full bench of the Supreme
Judicial Court to-day atfirmed a decree of tho Superior Court authorizing
tho Federal Trust Co. to forocloso a mortgage given by tho Bristol County
Street Ry. Co. in 1901 to secure a bond issue of $200,000. In 1901 tho
company was declared bankrupt, and a recoi verso Id tho property to persons
who subsequently organized the Taunton & Pawtucket Street Ry. Co.
'The latter company attacked tho validity of the bond issue, arid also
claimed that by a supplemental indenture tho original mortgago did not
include all property now contended for. Tho full Court holds that all the
real estate, fixtures and rights of way owned by tho Bristol County St. Ry.
Co. at the time of tho appointment of the receiver, was covered by mortgage
anil supplemental agreement— V. 98, p. 1994.
Th ird Avenue R y ., New Y o r k .— Bonds.
Tidewater Southern Ry., California.— Assessm ent. —
An assessment of 10c. per share was lovieil on tho stockholders, delin
quent Oct. 4. Saloday N ov. 1.— V. 101, p. 214.
Trans-Mississippi Terminal Co.— Bonds, A c .—
Seo Missouri Pacific Ry. under “ Reports” abovo.— V. 99, p. 50.
Wabash RR.— To Purchase Rece'ver’s Certificates.— The
joint reorganization committee, Winslow S. Pierce, Chairman,
announces that holders of Receiver’ s Certificates matured
Aug. 1 1915, m ay, on Oct. 11 and during the wook beginning
on that day, present their certificates to The Equitable
Trust Co. of New York, where they will be purchased at their
face value, together with the interest thereon at the rate of 0 %
per annum from Aug. 1 to Oct. 11.— V . 101, p. 1093, 847.
Washington (D. C.) Interurban Ry.— Foreclosure Sale.
The company’s ontiro property will bo sold at foreclosure salo at Berwyn
Heights, M d., on Oct. 14 1915 by order of tho U. S. District Court, Mil.
— V. 98, p. 1921.
"Wilmington & Philadelphia Traction Co.— Control.—
The company has purchased tho entire capital stock of tho Wilmington &
Southern 'Traction Co. with road between Wilmington and New Castle, 6
miles. Tho system, it is stated, now includes all tho electric lines in
Delaware, except tho road botweon Now Castle and Delaware City, for
which negotiations are said to be ponding.
Seo Wilmington Southern Traction Co. below.— V. 100, p. 2012.
Wilmington Southern Traction Co.— N ew Bonds.—
This company, whoso entire capital stock ($250,000 common, $100,000
pref.) is now owned by Wilmington & Philadelphia 'Traction Co. (seo that
company abovo), has made a mortgago to tho Wilmington Trust Co., as
trustee, to secure $300,000 1st M. gold 5s (present issue to ho $231,000),
dated Oct. 1 1915 and duo in 1965, int. A. & O.. donum. $1,000. These
bonds are guaranteed, principal and Interest, by Wilin. & Pliila. Trac. Co.
Unissued bonds are reserved for 85% of cost of new construction. Pres.,
Van Horn Ely; V.-Pres. & Gen. M gr., T. W. Wilson; Trons., C. N. Ryan.
— V. 101. p. 1015.
Winona Interurban Ry., Warsaw, Ind.— Plan.—
Tho executive committee, at Warsaw, on July 1, wrote:
The roail from Warsaw to Goshen, 25 miles of track, was opened in 1900
forming the Goshen Division. The Peru Division, Warsaw to Peru, 45
miles long, was put in operation in M ay 1910. The contractors who built
tho Goshen Division accepted bonds for two-thirds of tho cost; most of the
remaining bonds havo been sold. Tho Peru Division was nearly all built
on borrowed money with bonds as collateral. Tho total investment is
approximately $2,500,000. Tho line of the Winona & Warsaw Ity. Co.,
Owns all tho bonds and stock (except directors’ shares) o f Lackawanna & also from Winona Lake to Warsaw, 2 H miles, is operated under 99-yr. lease,
Wyoming Valley lilt. C o., one of the most modern and substantially con affording access to our car shops and power house at Winona Lake. 'The
structed o f third-rail, double-track, intorurbanelectric railroads, it con road has been operated economically and Is in good repair.
The cost of maintenance, material, supplies and wages has gradually in
nects Scranton (estimated population 14 1,000) and Wilkes-Barre (estimated
population 75,000), important and wealthy manufactuing cities, situated creased by nearly 50% sinco tho road first started, hut the rates received
only about 19 miles apart in tho hoart o f the anthracite coal mining region. for passengers and freight are regulated by law and have remained practi
cally unchanged. While the gross receipts havo increased each year, except
Total population tributary to tho lines estimated at over 400,000.
Road is built ontirely on private right-of-way, and owns valuable terminal the last, about 10% per annum, tho net earnings have not increased
correspondingly.
'Tho result is that wo aro unable to earn fixed charges.
properties located near the business centers of Scranton and Wilkes-Barre
The bond account stands as follows; Issued (a) on Goshen D ili ion
Data from [‘ resident Wm. C. Sproul, Chester, Pa., Sept. 1 1915. $750,000;
sold. $698,090; unsold, but used as collateral for loans. $52,000.’
1 ho lino handles more than 90% of tho through passenger traffic between
Scranton and W ilkcs-Barro and a reasonable share of tho through and local (b) O n Peru Div., $1,593,700; sold, $290,200; used as collat., $1,303,500.
freight and oxpress business. Also owns all tho stock o f tho Lackawanna &
B a l a n c e S h e e t J u n e 30 1915 ( T o t a l E a c h S i d e , $5,179,108).
Wyoming Valley Power C o., which furnishes power to tho railroad anil to Road, equipment, &e___ $2,385,537 First mtgo. bonds sold
$988,200
other largo consumers in tho vicinity.
16,000
Common stock issued___
Do (hypothecated)
1,355,500
Do
(hypothecated)__
584,000
Capital
Stock—
Common.
690,000
Capitalieation (compare bond offerings, V. 98. p. 1539, 1216; V. 97 p 17’r>)
stock (hypothecated)
259,475 Preferred stock sold______
150,775
Common stock, authorized. $1,500,91,0; i-sued______ _______
$1 500 000 Pref.
Do in treasury_______
189,750
259,475
Do (hypothecated)__
?t°pk (6% ) $1,000,000. Issued, inch present offering!!! ’700 000 'Treasury
bds.(hypotho'd).
1,355,500
Do
unissued_________
189,750
2 112 000 Notes recoivablo________
hirst Ref. 5s, 1951, closed at $3,000,000___________
8,607 Accrued taxes___________
1,651
Reserved to retire a like amount of—Working assets__________
11,310 Interest accrued_________
229,029
Prior Lien 5s (ciosod mortgage)______________________________
oqsi 000
Accrued
assets,
&c_______
3,025 Interest— advanco_______
6,038
Collateral Trust 6s, 1934 (original offering by Bioren & C o .)IN I 1,0003)00 Current assets and cash ..
29.98S Notes payable__________ 1,368,048
Capitalization o f Lackawanna & Wyoming Valley RR. Co.. 31 850 000 Contingent assets_______
12,620 Current liabilities_______
29,442
«?Po
5YKl »*000.00p 1st M . 5% bonds. All these bonds and Profit and loss__________
323,296 Depreciation___________
1,209
$1,848,750 o f tho capital stock are owned by Scranton & W .-B. Trac. Corp
For year ending Juno 30 1915 the total revenuo was $218,021; not, after
E a r n in g s for Y e a r s en d ed J u l y 31 1914 a n d 1915 a n d C a l. Y e a r s 1909 to 1912!
taxes, available for fixed charges, $53,288.
„
.
1909.
1910.
1911.
1912. 1913-14. 1914-15
Tho deficit of $323,290, shown by tho balanco sheet, lias been accumu
Gross earnings $560,967 $588,391 $600,109 $607,271 $666,310 $671,862 lating over since the road began operation, and lias been covered by loans
Net earnings after taxes, depreciation, & c____________ ______ _ $271 935 made by friends of tho road or lay their deferring tho collection of interest
Annual interest on bonds (S. & W .-B. Trac. C orp.)__________
210,*000 duo. These conditions cannot continue indefinitely; creditors are clamor
for payment. Tho railway runs through a prosperous agricultural
Balance, surplus___________________________
Q.jr ing
country, but there are no large cities on the lino. Peru, Goshen and War
Extraordinary engineering and expert expenses'of "over "$18,000 were saw are the only three cl tie! touched, while there aro a number o f small
charged ofl to operating expenses.
towns of from 200 to 1.293 inhabitant!. Tito farms between Warsaw and
P r o p e r tie s .— A b o u t d 8 . acres of land in Scranton and over 4 acres in
Peru aro very large and tho population contributory to the road is under
Wilkes-Barre— exceedingly valuable terminal properties. Road practically tho average. It is hoped, liowover, tint the earning! will incroaso as the
all double-track, equivalent to about 50 miles single track: standard gauge years g > by so that no ere lltor will suffer loss.
90-lb. rail on main line heavily ballasted with stone: 56 steel bridges con
Under tho plan proposed over two years ago tho Securities Investment
crete or stone abutments; tunnel cut nearly a mile through soli7l’ rock
Co. was organized as a holding co. to acquire tho claims or creditors in ex
Generating capacity of power house more than double the needs o f tho roads change for its stock at par ari l to collect such ot tho int. as the railway could
1hirty multiple-unit motor passenger cars, 37 freight cars, 4 motor oxnres
nay, and dlst. ioute it in d i, i lends. Claims h ive thus been as-igned by the
cars, 1 motor work car and 2 electric freight locomotives.
Freight and Investment Co. and certificate! of stock limed by it to the amount of
passenger business is exchanged with Lehigh Valiev RR. I) L & W RR
$851,455. and while other creditors t ) tiio am xi it of more than $10 ) 030
Erie R R .. Pennsylvania R R ., D. & II. R R ., Central RR. o f N. J. and have signified their willingness to coino in, it ii not likely tint the holders
N. Y . Out. & \vostom Uy.
B u s in e s s F i e ld . — Population of Scranton in 1910, 129,867. increase over
27% over mX): Wilkes-Barre in 1910, 67,105’ increase ’ a?mosT 30%
W ltW na 10-mile radius o f Scranton there is an estimated population of
266.000, and within a 3-mile radius of Wilkes-Barre over 150 000 'The
The Winona Interurban Ity. Co. would istuo $1,037,480 1st M . and
company runs over 200 trains daily between these cities, tho ’hourly ex $1,256,220 2d M . .5% 20-year bond! (interest payable semi-a inuolly).
presses making the 20 miles in 30 minutes.
y
to bo, roipoxlvely, first an l socon l lie is on tho entire property.
The
O utlook. The present management (V. 98, p. 1158) found a largo surplus second mortgage would contain a provision that it is not to bo foreclosed
of power available for distribution. Contracts have already been made anil that no su-ts will bo brought for n >n-paymentof Intorest or principal
with a largo colliory company for tho sale or power and similar arrangements until there has been a default on interest or principal of tho 1st M .
are contemplated. A new 3,000 k. w. unit is being installed, largely in
'The company will take up tho bonds (a) on Goshen Division by
creasing the capacity of the plant. A culm bank estimated at 500 000 paying 60% of th > face thereof with Consolidated 1st M . bonds at par
o?,n?
b°on acquired under favorable terms, and, it is estimated will save and the balance. 40%, with 2d M. bonds at par; (b ) on Peru Division by
33 1-3% in the fuel expense for the next 20 years. The increased business paying 40% in Consolidated 1st M . bonds at par anil tho balanco, 60%,
already contracted for and tho savings in fuel and operation should largely witli 2d M . bonds at par. Tho Goshen Division is showing better earning
increase the net earnings. During tho past year engineering and export capacity than the Peru Div. and tho Goshen bonds are worth 50% more.
services were utilized to systematize tho management and provide a ulan
Tho annual interest required for tho new 1st M. bonds will bo $54,374,
lor tho expansion o f the business. In spite of the late depression our pas while tho net operating revenuo of tho company for the late fiscal year was
senger earnings showed only an infinitesimal decrease. With recent re $53,289. Any surplus after paying interest on the 1st M. bonds will he
newed activity in tho mining region a substantial increase is expected.
applied to interest on tho 2d M . bonds. Tho olci bonds will not bo canceled
E q u it y .— The proporty represents a cash expenditure o f over 37.200 000
hut will ho held by the Indiana Loan & Trust C o., trustee, as collateral
against which there are outstanding only $4,000,000 of bonds, $700 000 ’ security for tho new bonds until such time as all of the old bonds aro surcum. pref. stock and $1,500,000 common stock.— V. 98, p 1539.
rendeoil, when they will be canceled and tho trust deoils securing them
released. Int. will be calculated to anil the new bonds dated July 1 1915.
S o u th e rn R ailw ay.— Contracts.—
Assenting bondholders aro asked to deposit their bonds with Indiana Loan
The company his awarded contracts for tho completion of the douhleTrust Co. of Warsaw, as trusteo. The Interest due Oct. 1 on the Peru
track system between Charlotte. N. ( ’ ., an 1 Washington. 385 miles.— &
Division bonds Is in default. The July interest on Goshou bonds was paid
▼• 101, p. 443, 289.
at maturity. Seo V. 101, p. 1093.
THE CHRONICLE
O ct . 9 1015 '
Y o u n g sto w n & S o u th e rn R y . — foreclosure Suit .—
Tho Now York Trust C o., as trustee, for thu bondholders, has brought
suit to forocloso tho .$1,500,000 mortgage.— V. 100, p. 311.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Car & Foundry Co., N. Y . — Contracts.—
President F. N . Eaton in a statement issued Oct. 4 says:
Munition contracts amount to $7,361,000 gross. No other negotiations
for munitions pending. Delivery eight to nine months. Not hiving the
proper machines or tho class o f workmen, munition contracts could not be
materially increased. Number of cars to Imild approximately same as a
year ago. If it would bo economy to distribute those among the various
shops, thoy could bo completed within two or three months. Present
demand for cars, light.— V. 100, p. 2163.
American Coal Products Co.
Slock Dividend —
Pref. Offered for Subscription
Gold Notes
to be Called.
—5%
15%
—$2,000,000
—The company on Oct. 5 declared a dividend of
5% payable in common stock on or about Nov. 1 to holders
of common stock of record Oct. 18. Both classes of stock
holders will also be allowed to subscribe for 15% of new pref.
D ig e s t o f S ta tem en t b y P r e s id e n t
W illia m
H a m lin C h ild s.
In order to relieve any suspense o f our stockholders as to what action the
directors would take in regard to dividends this fall, the increasing earnings
liavo warranted immediate action, ana the directors have therefore:
(1) Declared a 5% common stock dividend to holders o f common stock
of record Oct. 18 1915.
.
(2) Authorized to both common and pref. stockholders tho right to sub
scribe 15% of their holdings, in pret. stock, at par, tins to be offered to
stockholders o f record Oct. 29 1915. Subscription to be paid 25% in cash
on Nov. 15 1915 and the balance of 75% in casli Dec. 20 1915. Tho money
received from this subscription will be used to pay off the $2,000,000 ot
gold notes duo Julv 1 1916, but which will bo called and paid at par on Jan. 1
1916. Tho first div. on this now prof, stock will bo payable Apr. 15 1916.
(3) Declared tho usual dividend on tho common stock of 1 >t % , payable
Jan. 1 to holders of record Doc. 21 1915: also tho usual \ 'A % on the pref.
stock, payable Jan. 15 to holders o f record Jan. 10.
It is to bo noted that tho 5% common stock issued as a dividend will
participate in the subscription for the pref. stock at par. At present mar
ket prices o f pref. and common stocks these declarations assure to tho pref.
stockholders an extra dividend of approximately 2 'A % , making their
income for tho year 9
and to common stockholders an extra dividend
of approximately $10 50 per share, making the stock pay approximately
17 'A % for tho year 1915. Compare V. 101, p. 371: V. 100, p. 1595, 1589.
American Gas Co., Philadelphia.— Dividend Increased.—
A quarterly dividend of 2% lias been declared on tho $6,-138,200 capital
stock, payablo Dec. 1 to holders of record Nov. 17. This puts tho stock on
an 8% basis, comparing with 7% paid since 1909.—V. 100, p. 1920, 1753.
American Malt Corporation. Dividend Changes.
—
—A
quartorly dividend of 50 cts. lias been declared on the pref.
stock, payablo Nov. 2 to holders of record Oct. 15. This
is tho first paymont at tho quarterly rate, provious declara
tions having been 1% each May anti November.
Tho American Malting C o., nearly all of whose capital is owned by tho
Am. Malt Corp., has declared a semi-annual dividend of 70 cts.
on tho preferred stock, payablo Nov. 1 to holders of record Oct. 15.
The provious paymont was 62 cts. in May last.— V. 101, p. 1093, 1015.
Amoskeag Manufacturing Co.— Report
J u n e 'S O .
Y ear—
B e c 'd f r o m
S a les.
C ost o f
M a n u fa c .
In v c n t’y
C h arge.
N et
P r o fits .
D U l(len ds.
H a l.. S tir,
o r D c f.
1191
Authorized and outstanding, $250,000. Dcnotn., $500 and $1,000.
Interest J. & J. 15. Trustee, Guaranty Trust Co. ofN . Y. Secured by
deposit of $400,000 1st M . bonds, the entire outstanding issue, undor the
$2,000,000 mortgage. The company agrees that no more bonds shall ba
issued until tho notes are paid. Proceeds of notes will retire all tli
$150,000 floating debt and provide for improvements, extensions, &c.
'File company does tho entire electric and water business without compe
tition and under long-term franchises, in Amarillo, Tex., a substantial and
growing city, population 13,585 (local census), against 9,957 in 1910 and
1,442 in 1900.
Properties: (a) Modern fireproof power plant, brick and stono, steam
turbine equipment, 1,235 k. w. generating capacity. (6) A water supply
pumping equipment and reservoir having a 1,006.000-gallon capacity and
a standpipe giving a static head of 80 feet, (c.) Electric transmission lines
with 124 miles of wire distribution, (d) 36 miles of water mains covering
the city. Appraised replacement Value, excluding franchises, and other
intangibles, over $569,000. The entire capital stock is owned by the Cities
Service Co. of N. Y ., which owns and operates over 70 public utility com
panies, serving over 2,000,000 pooplo. (Soe p. 79 of “ El. R y .” Section.)
E a r n in g s . J u l y 31 Y e a r s —
1914-15. 1913-14. 1912-13.
$128,872 $120,881 $100,514
Gross earnings...................
Not oarnlngs_______________________________ $54,604
$9,827 $24,688
Ono year’s interest on the $250,000 notes calls for $15,009.
C o m p u tin g -T a b u la tin g -R ec o rd in g C o.— N ew Director.
John W . Herbert has been elected a director, succeeding the late Benjamin
P. Tracy. Mr. Herbert is a director of the American Snuff Co., Colum
bia Gas & Electric Co. and other corporations.— V. 100, p. 15C0, 893.
C on solidated G as El. L t. & Power C o.— Sub-Co. Stock.
The 3,145 shares of stock issued in connection with the new Public Ser
vice Building was stock of the Building Company itself. The Consoli
dated Company, it is stated, will not issue any of its own stock in connec
tion with the enterprise, though itwill occupy a 1irgo part of the now struc
ture. The bonds and pref. stock of tho Building Co., recently offered, hav*
it is announced, all been sold. Compare V. 101, p. 1017.
N ew Directors .— The following new directors aro announced:
Howard Bruce, Vice-President and General Manager of the BartlettIlayward C o.; Siegmund B. Zonneborn o f the firm ot Iletiry Sonneborn &
Co.; Morton Otis o f London, England, a member of the banking fi*n of
Aldred & C o., and Frank M . Tait of New York, liavo been elected directors
to fill existing vacancies.— V. 101, p. 1094, 1015.
C o n tin en ta l Coal C o., C h a tta n o o g a , T e n n .— Deposits—
The necessary 80% o f the $2,100,000 bonds, it is stated, has been de
posited with tho Louisville Trust Co. to make operative the plan to reduce
tho interest to 3% to and including Jan. 1 1917. SeeV. 101, p. 530, 450 .
C u dah y P ackin g C o., C h ica g o.— Re-incorporation.—
The company, it is announced, is to be re-incorporated in Illinois as
Cudahy & Co. and the capital stock increased from $12,000,090 to $14,000.
000. Edward A. Cudahy, who resigned two years ago, will again become
President, succeeding Joseph M . Cudahy, who, however, will remain a
director. Tho “ Chicago Herald” says that the aforesaid increase in (the
stock “ will lower at first instance the book value of stock from 155, as it is
now, to about 130." Compare V. 99, p. 1595, 1600.
Denver U n io n W a te r C o.— Valuation .— Announcement
was made yesterday that the special master appointed by
tho Federal Court to ascertain from a valuation of tho prop
erty as to whether the city ordinance reducing water rates
was justifiable, has rendered his report that the property
has a value of $13,415,899, and that tho ordinance of the
city which would permit the company to earn only 3 .0 4 %
of this valuation would bo confiscatory.
Status.— On Sept. 24 our representative visited the
various properties of the company, as one of a party
made up chiefly of members of tho Investment Bankers’
Association of America. Ho reports in part:
$
.$
1914-15
19,124,683 17,850.943 188,326 1,079,41.3 1,036,80) sp .42.613
1913-14 ...20,658,269 19,893,851 258,470 1,022.887 1,030.800 df.13,912
— V. 99. l). 1053.
At Choosman Lake, which is about 50 miles from tho city in tho heart
Beacon Falls (Conn.) Rubber Shoo Co.— N ew Pref. of the Rockies at an altitude of over 7,000 feet, is located tho massive
Cheesman dam, considered to bo ono of tho most important engineering
Stock.
projects in the West. This dam is constructed in the form of a horseshoe,
7%
extending across the Platto River about 700 ft. and rising over 200 ft. It
176 ft. thick at the bottom and 18 ft. thick at Hie top, Built of solid graaNo bonded debt. Total net assets exceed $300 per sharo and net quick is
Ito and concrete, and i> forms what is said to bo tho deepest artificial rosorassets 3150 per sharo of prof, stock. Average earnings for past eight years ,voir
in tho world for tlie storage of water for domestic supply. The com
more than four times tho full dividend on preferred.
pany also owns Marston Lake, lying near Wynotka, Colo., having a rosorBillincrs & Spencer Co., Hartford, Conn.-—Slock, cfee. volr capacity of 6,400,000,000 gallons; th i, reservoir lies only 3H miles
The shareholders will vote Oct. 26 (1) on reincorporating under the from tho sou tliwest corner of the city and lias a maximum depth of 65 ft.
General Corporation Law of Connecticut as “ The Hillings A Spencer It is connected by two conduits, each 48 in. in diameter, directly with Hi*
Company” with 8300,000 capital stork In $25 shares, which will be distrib city. Tho combined capacity o f all lines entering tho city is stated to b*
uted to holders of the present $200,000 stock 3 for 2, thus partly capitalizing about 160,000,000 gallons daily.
surplus; (2) on authorizing the sale of an additional $200,000 stock, prefer . As water in Colorado on the eastern slope of tho Rocky Mountains is a
entially to shareholders pro rata, at not less than $37 50 a share prior to most valuable commodity, it can thus readily lie seen why tho city of Den
Jan 1 1916 for expenditures in connection with the now plant at Park and ver has been trying to purchase the company’s system, and in tho failur*
to do so on account o f the inadequate sum offered ($7,000,000) for its prop
Laurel Streets, Hartford. Charles E. Hillings is President.
erties and rights, has recently, on Aug. 21, through its Public Utilitios Com
Booth Fisheries Co Bonds Offered.
mission undertaken to purchase an irrigation plant and a small rosorvoir
at a cost of $1.050,000. See item in “ State and City” Department. (V. 101.
i). 709.) Wliile a contract of purchase has been signed, this deal iias not
7 ]A %
been consummated on account of the strenuous opposition raised by the
taxpayers, who have brought a number of injunction suits to restrain its
sale to tho city. IV. 98, p. 1996; V. 100, p. 10S1. In one of these at least
an injunction has been obtained which has prevented the sale of the bonds.
Those bonds are part of an outstanding issue of $3,837,000, having a — Ed.| It will lio recalled that the city in 1910 authorized SS,000,000 4H % ’
first lien (subject to only $336,000 1st M . serial bonds) on till the company’s bonds for the development of a competitive water supply, but as yet no
property, tho book value of which is $15,819,931, with physical and quick purchaser lias been found becauso of a technicality making the bonds invalid
assets, after depreciation, amounting to $8,624,105. Hased on current per so. A recent estimate of the P. U. Commission has now raised the
quotations of tile stock, thero is an equity of $4,325,000 in excess of tile ultimate cost of a new water system to $12,750,000, and a new bond issue,
bonds. Net earnings for 1914, $921,489, or over four times the annual If properly voted, may perhaps bo offire.l for sale.
Tho Denver Union Water Co., which Ins capital outstanding of
Interest charge. Sinking fund will retire about $3,500,000 bonds by ma
$7,500,000 and a bonded indebtedness of $12,030,000. also controls the
turity; quick assets of $1,250,000 must lie maintained at all times.
The principal factor in the fisheries industry in the United States, en South Platto Canal & Reservoir Co., making one of the largest private
gaged directly and through subsidiaries in buying and selling at wholesale water systems operating in a single municipality. In 1908 it was appraise l
and retail,fish, oysters and all lake and sea foods (including salmon and by a body o f recognized water-works engine--s to be worth $14,4 )0,000.
halibut) from tho Atlantic and Pacific oceans, Gulf of Mexico and tho Great since which $2,500,000 lias been expend ■1 for improvements. As re-iontlr
Lakes. Distributing branches in over 70 of the leading cities of the United as Oct. 1 1014 it was again appraised at $16,300,000, and it is stated that
States. Also owns and operates four large modern public cold storage since that time about $350,000 has been expended oil improvements. Its
plants and fifteen salmon canneries. Outstanding capital stock: Pre gross income is about $1,400,000 and oper. exp. <fc tixe-i about $100,000.
'File plant is under the able direction of W. P. Robinson as Pres, and Gen.
ferred, .32,906,000 (lias paid 7% yearly since organization): common, $5.
000.000. Sinking fund debenture 6s authorized, $5,000,000; in treasury, M gr.. John Evans as Vice-Pros, and Chairm in of the Board, P. G. Moffat
$500,000; repurchased by sinking fund. $663,000; outstanding, $3,837,000. as Trees, and W. I’ . Miller as Sec. Its directorate is also composed of
it is estimated that the company will earn $1,000,000 net in 1915 ami some of Denver’s leading business men. cioitalists and bankers, including
between $1,250,000 and $1,500,000 ni t annually during (lie next five years. John Evans, W. I’ . Robinson, P. G. M offat. W. N. W. Blayney, W. I*.
The gross sales have increased from over $9,000,000 in 1911 to over $10, Miller, John II. Porter. II. J. Alexander, W . F. Iiayden. D. O. Dodge.
000.000 in 1914. Tho capacity of tho profitable salmon packing depart 15.S. Kassler. A. V. Hunter and Gerald Hughes. SeeV. 100, p. 1081, 14S.
ment lias boon increased 33 1-3% this year. Tho earnings of tho public
(A lbert) D ick in so n Co. (Seed M erch an ts), C h ica g o.—
cold storage plants aro Increasing each year. If the expectations of tho
management are realized, the company will earn enough in the next ftvo Bonds.— Greenebaum Sons Bank & Trust C o ., Chicago, ar«
years to retire all of their debenture bonds, in addition to continuing 7%
preferred dividends and earning at least 7% on tho common stock. Com offering, at par and int., 1st M . 6 % serial bonds, part of a»
pare annual report, V. 100, p. 550.— V. 101. p. 616, 530.
issue of $1,500,000. The bankers report in substaneo:
B o n d s .— Total autli., $1,500,000; reserved for 6% of cost of future im
Boston Cape Cod & New York Canal Co.— Passage.— provements,
Dated Oct. 1 1915, maturing on Oct. 1: $50,00#
The company has Issued a statement regarding the canal, which is now 1017, $50,000$150,000.
1918, $50,000 1919. $75,000 1920, $75,000 1921, $100,009
open day and night for vessels drawing 20 ft.— V. 101, p. 818.
1022 and ,$1,100,000 1923, but callable Oct. 1 1916 at 105. Oct. 1 1917 at
Capital City Water Co., Jefferson City, Mo.— Bonds.— 104, Oct. 1 191H, and rf-e" at 10’L Donom. $500 and $1,090. Int. A. & O.
A direct obligation of Albert Dickinson Co., seed merchants, established
The Missouri P. S. Commission on Sept. 30 authorized the company to
issue, it is said, $330,000 bonds to refund a smaller amount now falling due. 1855, the largest concern of its kind In the U. S., and doing a world-wide
business.
Average earnings f >r past 5 y •irs con-i lovably over $450,000.
Pres., W. II. Donncr; Sec. & Trcas., Thos. Fleming Jr., botli of Pittsburgh.
Scc.urity .— Ownership of land and buildings (1) In property extending
1,800 feet along brick thoroughfare In tho new southwest manufac
City Light & Water Co., Amarillo, Texas.— N otes.— nearly
turing district of Chicago; 60 acres (10 more leased); new reinforced con
par
crete and steel buildings. 420x120 ft., 3, 4 and 5 stories, with connecting
$250,000
1 subways with covered unloading platforms for 100 cars; railroad yard
capacity, 350 cars. Steel tanks storage for 750.000 bushels of grain.
1915
Sopt. 1 191(5,
101
(2) In smaller complete working unit at S. W. corner Clark and 16th streets
oil the L. S. & M . S. R y. Company has the use of 2,000 ft. of water front
30
notice. A
$
$
$
S
—Blake Brotliors & Co. offer at 105 and div. 0,500
shores
oum. prof, stock, eaUablo as a wholo at 115.
.—
—C. W. Anderson
& Co., Chicago, aro offering at the market price, to yield
over
(seo adv. on another page), $250,000 Sinking
Fund 6% Debenture Gold bonds of 1011, due April 1 192(5,
but callable at 101 and int. Tho bankers report:
Brookd, Stokes & Co., Phila., aro placing at
and int.
One-Yoar (5% Secured Gold Notes, dated Sept.
and duo
but callable at
and int. on
days’
circular shows:
on tho drainage canal giving access to tho Great Lakes and proposed deep
water way to the Gulf. (Stock, $250,000; surplus over $2,000,000. In
corporated in Illinois, &c.]
Recent valuation by expert appraisers: Land at 35th St., California Avo.
and Drainage Canal (60 acres), $1,050,000, and improvements thereon,
actual value. $1,738,000; additional building improvements to cost $250,
000; land and buildings, Clark and 16th streets, $250,000; total, $3,288,000.
Dominion Steel Corporation, Montreal.— N otes.— The
“ Monetary Times” of Oct. 1 said:
At a meeting o f directors held at Montreal provision for tho payment of
tho $1,500,000 notes, duo N ov. 1, was made. Sir Henry Pcllatt stated
that the corporation’s bank loan had been reduced to about $1,800,000,
and that tho earnings by N ov. 1 would justify the redemption of tho short
term notes. By tho end o f tho fiscal year tho directors would be in a posi
tion to consider the resumption of dividends on tho pref. stock. The earn
ings justified this payment, but it is tho intention to further improve the
financial position of tho co. beforo deciding on dividends.— V. 101, p. 848
East St. Louis Light & Power Co.— Bonds.—
Bodell & Co. and W. AV. White & C o., o f Providence, It. I., aro offering
jointly, at 9613 and interest, yielding 5.25%, a block of 1st M . 5% gold
bonds dated June 1 1910 and due Juno 1 1940. Amount outstanding,
$973,000. Compare V. 100, p. 2170, 2089.
Edison Electric Illuminating Co., Brockton.— Stock.—
The stockholders will voto Oct. 19 1915 on increasing the capital stock by
tho issue of 2,110 additional shares. If so authorized, tho now stock will
be offered at $140 a share to stockholders of record on Oct. 19, to the extent
o f ono new share for each six old shares; subscriptions to be paid either in
full on or beforo Dec. 1 1915, or $70 Dec .1 1915 and $70 Feb. 1 1916. The
proceeds, $295,400, will be used to retire $225,000 floating debt and for
contemplated additions, &c.
Dividend disbursements after tho semi-annual dividend of $4 per share,
declared payablo Nov. 1 1915, will bo changed to quarterly (Q .-F.). Now
shares if paid for in full Dec. 1 will receive the Feb. dividend, if not, only
interest at 4% per annum.— V. 97, p. 447.
General Electric Co.— S trike Called.—
On Oct. 5 some 10,000 men and women employed at tho company’s works
in Schenectady went on strike for an 8-hour day.— V. 101, p. 216.
(The) Geo. A Boyden Pump Co., Balt.— N ew Com pany.
This company has been incorporated with $1,800,000 capital stock to
manufacture pumps, pump machinery, contract for and erect pumping
stations, manufacture marine equipment and machinery generally. Offices
have been opened in tho Maryland Casualty Building, Baltimore, and a
site for a plant has been selected in the immediate suburbs of Baltimore.
Officers: Georgo A. Boyden, Pres.; J. Calvin Boyden, V.-Pres.; J. Hill
Dawson, Troas.; Janon Fisher, Committee Chairman; Harry Carter Irwin,
Sec.; Georgo A. Boyden Jr., M . E., Supt.
Granby Consol. Mining, Smelting & Power Co., Ltd.
•Tune 30.
Y ea r—
G ross
S a le s .
1914-15.84,086,441
1913-14- 4,504.766
— V. 101, p. 849.
N et
P r o fits .
$1,340,559
622,071
In ter es t,
D i s c ’t, A c .
D iv id e n d s
P a id .
$411,391 ____________
182,519 (6%)$899,901
B a la n c e ,
S u r p .o r D e f.
sur.$929,168
def. 460.349
Hoster-Columbus Associated Breweries Co.— M tge. —
The reorganized company has filed a $2,000,000 mortgage, with the
Citizens’ Savings & Trust Co., Cleveland, trustee, securing a liko amount
of 1st M . 25-yr. 6% bonds.— V. 101, p. 451, 291.
International Nickel Co., N. Y .— 1 0 % Stock Dividend.
— The directors on Oet. 4 declared a dividend of 1 0 % , pay
able in common stock on N o v . 1 to holders of tho $3 8,031,
500 common stock of record.
The quarterly cash dividend on tho common shares was increased last
Juno to 20% per annum tho (present rato) having boon previously 10%
per annum since March 1913. Tho European war, it is understood, has
benefited tho company greatly.— V. 101, p. 451, 1016.
International Typesetting Machine Co. (of N. Y .)—
Plan Dated Sept. 20 .— Tho Reorganization Managers named
below on Sept. 20 presented substantially the following plan:
P re s en t O u tsta n din g C a p it a liz a tio n a n d L ib ia lit ie s
(E x c lu s iv o o f In t e r e s t) .
Pref. stock 7% cum ______$1,000,0001Receivers’ certificates_____ $250,000
Common stock__________ 2,977,300 Unsecured creditors, includ.
First mortgage 6% bonds. 1,000,0001 gold and finance notes__ 816,000
Additional indebtedness, approximately $350,000, secured by $530,000
purchase-money notes and assigned accounts may bo assumed or paid in
the discretion of the reorganization managers in order to control tho
collateral for tho benefit of the now company.
P ro p o se d C a p ita liz a tio n o f S u ccesso r C o m p a n y to B e O rg a n ized u n d e r N . Y L a ic s (A ft e r F o reclo su re) w ith o u t F ix e d C h a rg e s.
First prof. (p. & d.) stock (par $100) entitled to cumulative divi
dends at rato o f 8% per annum from Jan. 1 1916 (Q.-J.) call
able at 120 and divs. for a redemption fund which will roceivo
an amount equal to 50% o f all sums distributed as dividends on
2d prof, and com. stock, but not to excocd $30,000 in any year_$l ,500,000
To be sold (a) to creditors or underwriting syndicate,
$500,000; (b) To others, $500,000.......................... $1,000,000
Reserved for futuro requirements-------------------------500,000
Second Pref. (p. & d.) Stock (par $100), entitled to dividends at
rate of 6% per annum from Jan. 1 1916 (J. & J.) cumulative
from July 1 1918, and also exchangeable at option o f holder,
share for sharo, for common stock, in which case tho numbor
of shares of common stock will be increased accordingly........... 1,000,000
Kntiro issue to bo exchanged for prosont 6% 1st M . bonds.
Common stock, no par value---------------------- ------------------- — 30,000 shs.
To subscribers to $1,000,000 now First Pref. Stock----- 10,000
T o unsecured creditors, 7 shares for each $1,000 claims,
about 5,712 shares; also if subscribing 25% o f claims,
3 shares for each $1,000 claim, or to underwriting syn
dicate, about 2,448 shares__________________________8,160
For futuro requirements of now company.................— 5,840
For reorganization expenses, any surplus to new c o ----- 6,000
Voting trust for five years for any or all classos of stock, with Edward D.
Adams, Morgan J. O’ Brien and Marsdon J. Perry as voting trustees.
William Shillaber and Charles D. Palmer will act as syndicate managers.
No mortgage is to bo placod upon tho roal estato or plant without tho
consent of tho holdors of 75% of all tho outstanding First Pref. Stock.
Terms offered to creditors of existing company: (a) Holders of 1st M .
6% bonds to receive 70% of their principal in now 2d Pref. stock at par
and to tho oxtent of 50% o f their principal may, at their option, subscribe
for tho now stocks, receiving for oach $1,000 subscribed in cash $1,000 new
first pref. stock, $600 now 2d prof, stock, and 10 shares of now common
stock, lb) Unsecured creditors to rccoivo 7 sharos of common stock for
each $1,000 of their principal, and, to the extent of 25% of thoir principal,
may subscribe for tho now stocks, receiving for oach $1,000 subscribed
$1,000 now first prof, stock and 22 shares of now common stock. All sub
subscriptions to do prorated if exceeding in the aggregate $500,000.
A syndicate has underwritten tho above subscriptions offered to bond
holders and unsecured creditors to tho extent of $500,000 and new interests
not heretofore connected with or interested in tho existing company have
subscribed $500,000, thus assuring $1,000,000 of now cash.
To participate bondholders and unsecured creditors must doposit their
holdings or certificates of doposit roprosonting same, with tho Guaranty
Trust Co. of N. Y. as depositary, prior to Nov. 1 1915, after which no
doposits will bo received excopt in tho discretion of tho reorg. managers.
Reorganization managers: Edward D. Adams, Henry E. Cooper and
Richard H. Swartwout, with Livingston Platt, Sec., 120 Broadway, N. Y .,
and Guthrie, Banks & Van Sinderon as counsel, 44 Wall St.
Data from Receiver Erskine Hewitt (A ppoin ted Dec. 16 1914).
On Feb. 1 1915, based on statistical data compiled by accountants from
the records, first, of actual operation during tho preceding year, and second,
of the restricted operations during tho first six weeks of tho recolvership,
Charles D. Palmer, long one of tho senior officials of the International
Banking Corporation, rendered an exhaustive report regarding the enter
prise and its prospects, in which I concurred. With tho small capital at
my command I succeeded in carrying on tho business until Aug. 1 1915,
[Vol . 101
THE CHRONICLE
1192
during which period thoro were manufactured and sold over 150 machines,
including many models “ A ” and models “ B ,” and largo quantities of sup
plies and matrices. For lack o f working capital it was posslblo during 7
out of the 8 months to operato the plant to only about 30% of normal. On
this basis it lias met its operating charges. Having obtained further work
ing capital by tho sale of receiver’s certificates, I operated during ono month
at 60% of normal, gotting thoreby an operating profit of about $19,000 net.
I feel, therefore, that the original estimate as to tho profitable nature of
the business has boon confirmed. Tho company lias an excellent plant, an
efficient technical organization, an excellent product and a good market.
Given good business administration, ordinary flanking credit and sufficient
working capital, I estimate that after providing for all operating charges,
including clepreciation, insurance, taxes, &c., the business will within a
reasonable jieriod earn from $400,000 to $600,000 net per annum.
B a la n c e S heet S e p t . I 1915 (T o ta l E a c h S id e , $6,510,979).
Eq.,patterns ($41,946),&c $882,540 First mortgage bonds___ $1,000,000
356,490
Materials, supplies, &c---364,741 Advances (secured)______
529,000
Receivables____________ x l,017,915 Gold notes_____________
188,242
Cash(lield as trus.,$17,207) 120,294 Notes payable__________
251,755
11,7301Receiver’s certificates___
Receiver’s accounts, &c_..... Int. on all foregoing items
98,439
New patonts, &c________
40,432
109,753
Deficit__________________
96,028 Accts. pay. (inch rocoiv.).
Latent accounts................ 3,500,000 Preferred stock (7 % )___ 1,000,000
Common stock__________ 2,977,300
Monolino Composing Co.
sto ck _________________
477,300
x Includes $925,151 assigned as security for advances and receiver's
certificates.— V. 101, p. 291.
Kansas Natural Gas Co.— Decision .—
A press report says: “ Tho Kansas Supreme Court has held invalid tho
order of tho lower court directing tho receivers to incroaso tho minimum
rato on natural gas in tho towns served by the company to 30 conts. Tho
Kansas Utilities Commission had ordered a minimum rato of 28 cents, but
tho lower court enjoined this rate and directed a 30-cent rate to bo put in
effect. Tho present decision upholds tho contention of tho Commission
that its power is supreme in tho utility rate field and denies the power of
the courts to mako rates. However, the Court in effect holds that tho
rato as fixed by tho Commission was too low, as under it the company
could not earn a reasonable return. Tho Commission will therefore pro
ceed to fix a reasonable rate. The decision held that tho handling of natural
gas in Kansas was not inter-Stato commerce, although tho gas distributed
camo from Oklahoma. Tho receivers for tho gas company will appeal the
case to the U. S. Supremo Court on this and other issues for final roviow.
— V. 101, p. 776, 451.
Kelly-Springfield Tire Co., N. Y .— Dividend Increased .—
A quarterly dividend of 3% has boon declared on tho $4,000,000 common
stock, payable Nov. 1 to holders of record Oct. 15 1915. Dividends Nos.
1 to 3, paid quarterly Feb. 1 to Aug. 1 1915, were I f i % . — V. 100, p. 1756.
Keystone Telephone Co. of Phila.— Bonds— Earnings .—
Harper & Turner, Phila., aro offering their block of $300,000 1st M. 30year 5s of 1905 at the market price, yielding about 5.45%. Total out
standing, including this $300,000, $6,325,000.
E a r n in g s o f C o m b in ed C o m p a n ie s f o r 6 M o n th s en d ed J u n e 30.
1914-15. 1913-14.
1914-15. 1913-14.
Gross earnings
$670,620 $656,248 Interest charges..$ 158,664 $155,584
Net (after taxes) .$339,214 $332,9341Net surplus......... $180,550 $177,350
— V. 101, p. 1095, 692.
Lake Superior Corporation.— N ew Officers .—
W. E. Stavert has been elected President to succeed Thomas Gibson, who
continues as General Counsel. Harvey T . Underhill and A. II. Chltty were
also electod directors, succeeding Clias. B. Gordon and J. Trater Taylor.—
V. 101, p. 926, 920.
Lake of the Woods Milling Co.— Earnings .—
Y e a r to
A u g . 31—
N et
I n t . on
P r e f .D ie s .
C om m on
- B a la n c e ,
P r o fit s .
Bonds.
(7%)
D iv id e n d s .
S u r p lu s .
1914-15
- $518,920
$99,000 $105,000 (8%)$168,000 $146,920
1913-14--______ 507,939
99,000
105,000 (8%) 168.000
135,939
Tho total surplus on Aug. 31 1915, after writing off $100,000 from prop
erty and good-will, was$935,994.— V. 99, p. 1671.
Lockport (N. Y.) Light, Heat & Power Co .— M a y Raise
Rates.— Tho P . S. Commission lias authorized this company,
a subsidiary of tho United Gas & Electric Corp., to increase
its rates for electric light and power on a showing that it
was not earning an adequate roturn on its invested capital.
Tho valuation of tho fixed capital used in tho electric business was placed
at $467,436 and tho now rates were predicated on this valuation. Tho
now schedule will go into effect Nov. 1 and continuo for threo years.— V. 93,
p. 1792.
Miami Copper Co.— Dividend Increased .—
The directors on O et. 6 declared a quarterly dividend of $1 a sharo. paya
blo Nov. 15 to stock of record Nov. I, contrasting with 75 cts. and 50 cts.
respectively, on Aug. 1 and May 10. This makes tho total for 1915 $2 25
as against $1 50 in 1914, $2 in 1913 and $i 50 in 1912.— V. 101. P- 697.
Midvale Steel & Ordnance Co.— M erger.— This com
pany was incorporated in Delawaro on Oct. 5 witli $100,000,
000 of authorized capital, all of ono class (par $50), and will,
it is announced, tako over 9 8 % of tho $9,750,000 capital
stock of tho Midvalo Steel Co. (V . 101, p. 1095), tho entiro
share capital of Remington Arms Co. and Worth Bros. C o .,
all of tho properties of Coatesville Rolling Mills (operated,
by the Worth Bros. C o .), and options on^ oxtensivo
iron oro properties. Stock now to be issued $70,000,000;
no bonds or mortgage, now or old.
Statem ent Issued by President W. E. Corey.
Tho Midvalo Stool & Ordnance Co., organizod in Delaware with an au
thorized capital stock of $100,000,000, divided into 2,000,000 shares o f
only ono class of tho par value of $50 each, to-day concluded a contract
for tho purchase of all of tho capital stock of Worth Brothers Co., a Penn
sylvania corporation, and for all tho property and business of tho Pennsyl
vania co-partnership trading as tho Coatesville Rolling Mill Co.; also for
somewhat more than 98% of tho capital stock of tho Midvalo Stool Co. of
Pennsulvanla and or all of the capital stock of the Remington Arms Co. of
Delawaro, which last-named concern has contracted to manufacture 2,000,
000 Enfield rifles for the British Government. Tho company has also
under option 300,000,000 tons of Iron ore. To acquire tho above-named
stock and property and provide working capital, $70,000,000 of the capital
stock of the Midvalo Steel Sc Ordnance Co. will bo issued.
Neither the Midvalo Steel & Ordnance Co. nor tho threo companies and
firm whoso capital stocks and properties it is acquiring, have any debts
other than current, and no bonds or mortgages or preferred stock outstand
ing. and the aggregate working capital of the parent company and its sub
sidiaries will bo in excess of $15,000,000. Tho money necessary to carry
through tho transaction has been privately subscribed at par for tho stock.
D irecto rs a n d O fficers o f the M id v a le Steel A O rdn a n ce C o m p a n y .
Directors—William E. Corey, Albert II. Wiggin, Samuel F. Pryor, Am
brose Monell. Frank A. Vanderlip, Alva C. Dinkey, Samuel M . Vauclain,
William P. Barba, Percy A. Rockefeller, Charles II. Sabin, Mareollus
Hartley Dodgo and Frederic W. Allen.
Officers— President. W. E. Corey; Vice-President, A. C. Dinkey; Secre
tary and Treasurer, YVllllam B. Dickson.
(Mr. Wiggin is President of tho Chase National Bank; Mr. Pryor is Vice
President of tho Remington Arms Sc Ammunition Co.; Mr. Monell is Presi
dent of tho International Nickel Co.; Mr. Vanderlip Is President of National
City Bank; Mr. Dinkey is ono of tho old Carnegie Steel graduates; Messrs.
Vauclain and Barba are Vice-Presidents of tho Baldwin Locomotivo Works;
Mr. Sabin Is President of tho Guaranty Trust Co.; Mr. Dodgo is President
of tho Remington Arms & Ammunition Co., and Mr. Allen is a inombor of
Leo, Iligginson Sc Co. ]
Tho “ Now York Times” on Oct, 7 said:
THE CHRONICLE
Oct. 9 1915.]
The Remington Arms Co. was recontly organized to manufacture arms
and ammunition at Eddystono, Penn., and it has leased properties of the
Baldwin Locomotive Works and is building another plant. It is a separato
organization from the Remington Arms & Ammunition Co. o f Ilion, N. Y .,
but Marcellus II. Dodge, President o f that company, is a director of the
now Midvalo Company.
Mr. Corey would not tell whero the ore under option is situated, but
within tiio last week leading steel men have made an inspection of the prop
erties of Plckands, Mather & Co., who liavo in the Lake Superior region
ono of the most important oro properties in the country. Plckands, Mather
& Co. are controlled by practically the samo interests as those that control
tho Lackawanna Steel Co.
The Cambria Steel Co., tho Pennsylvania Steel Co., tho Baldwin Loco
motive Co. and other concerns tho names o f which had been mentioned
in connection with the flotation o f the new combination, are to have no
part in the Midvalo. Nor is thero any likelihood, according to Mr. Corey,
of thero being subsequently a merger with tho Bethlehem Steel Corporation.
Mr. Corey said that he doubted if a merger witli Charles M . Schwab’s com
pany would bo legal, and said that thero wero no plans under way for bring
ing in other manufacturers.
,
Tho only strictly war business on tho books of the now company is the
order for 2,000.000 rifles, now being turned out at the Remington plant at
Eddystono. Tho company lias been formed primarily not for war con
tracts, but to produce high grades o f steel, particularly for armor plate.
A controlling interest in tho Midvale Co. was first acquirod by William
A. Read & C o., for themselves and associates, from W. .1. Harrah, at
S18.r) a share for 89,750,000 of stock. Subsequently a syndicate made up
of W. E. Corey, E. C. Converse, F. A. Vandet'lip and Percy A. Rockefeller
acquired tho stock for $22,000,000. [Not confirmed.— Ed. “ Chronicle.” ]
Thero was a sale o f 15 shares o f new Midvalo stock on tho curb yesterday
at 120. It was the understanding when this sale was made that the stock
would have a par value of $100 instead of$50. The stock sold yesterday
on tho N. Y . curb at 560 to S73.50.— V. 100, p. 1095.
National Ice & Cold Storage Co. of Cal.— Stock.—
Tho stockholders will vote Dec. 3 on reducing the common capital stock
from $15,000,000. par $100, to $5,000,000, Par $100. Tho pref. will remain
tho samo $5,000,000, making total auth., $10,000,000.— V. 100. p. 1172.
National Surety Co., N. Y . — N ew Stock.— Pres. W m . B .
Joyce, Oct. 4, wrote in substance:
Tho directors on Sopt. 27 1915 decided to recommend an increase in tho
capital stock from $2,000,000 to $3,000,000. permitting stockholders to
subscribe to tho extent o f 50% o f their holdings, at $150 por share. It is
estimated that tho interest on tho securities now owned and to bo acquired
from tho proceeds o f this sale will bo within about $10,000 o f enough to
pay 12% on tho total capitalization o f $3,000,000. Our surety bond and
burglary insurance business will afford additional income. Thus far this
year tho company has earned from such underwriting operations about
$190,000, or at tho rate o f about $285,000 per annum, which, added to tho
income from Investments, would make a total annual not income of $635,
000. This wo believe represents about what may bo expected, unless
something unusual happens. Tho entiro SI.000,000 new stock has been
underwritten by friends o f tho company without any oxponso whatever.
— V. 101. p. 1096.
Northern California Power Co., Consol.— Assessm ent.
An assessment (No. 2) o f $2 per share has been levied upon tho capital
stock; delinquent, Nov. 3; sale day, N ov. 24.— V. 101, p. 776.
Pacific Coast Co.— Earnings for Fiscal Y ear .—
J u n e 30.
Y ea r—
G ross
E a r n in g s .
N e t (a fte r
T a x e s ).
Other
T o ta l
In c o m e . C h g s ., A c .
T o ta l
D iv s.
B a la n c e ,
D e fic it.
1914-15— $6,284,493 $680,420 $8,669 $368,837 $446,250 $125,998
1913-14-.. 7,063,650 825,685
9,248 259,375 681.250
105,691
Tho dividends as above include yearly: $76,250 (5%) on first pref., $160,
000 (4%) on 2d pref. In 1914-15. against $220,000 (53a %) in 1913-14; and
$210,000 (3%) on common stock, against $385,000 (53£ % ).— V. 101, p. 291.
Pennsylvania Steel Co.— Merger Talk.—
Rumor now favors the Idea that this company and tho Cambria Steel Co.
will be merged and brought directly or indirectly under tho control of tho
Bethlehem Steel Co. interests. It is denied that II. C. Erick is backing tho
merger o f the Pennsylvania and Cambria companies, and it is added that
the merger will take place “ some time.” — V. 101, p. 1096.
Pittsburgh Steel Ore Co.— N otes .—
Seo Pittsburgh Steel Co. under “ Annual Reports” abovo.
Public Service Building Co.— Stock.—
Seo Consolidated Gas EL Lt. & Pow. C o., Balt., abovo.— V. 101, p. 1017.
(M.) Rumely Co., La Porte, Ind.— D eposits .—
It was announced on Oct. 4 that holders o f over 95% o f the outstanding
note Issues and a majority o f each class o f stock had assented to the plan of
reorganization, which would probably bo declared operative within a fow
days, in tho mean time, the U. S. M tge. & Trust C o., depositary tor tho
notes, and tho New York Trust C o., depositary for tho stock, were author
ized to reccivo further deposits until Turthor orders o f tho committee.
Compare V. 101, p. 851, 1096.
*
St. Cloud (Minn.) Public Service Co.— Bonds Offered .—
Chicago Savings B ank& Trust C o ., Elston, Clifford & C o .,
and Baker, Ayling & C o.,are offering at par and in t.,b y adv.
on another page, $700,000 1st M . 6 % 20-year gold bonds,
dated N o v . 1 1914, due N o v . 1 1934. A first mortgage on
tho gas, olectrio light, power and street railway business in
St. Cloud, M in n ., and tho electric light and powor business in
Sauk Rapids, ltockvillo, Cold Springs, Richmond, St. Joseph
and Waito Park, M in n ., tho population served being about
19,000, 13,500 of these being in St. Cloud.
Interest payablo M . & N . in Chicago or Now York. Subject to redemp
tion on any Interst date at 105 and int. on or beforo Nov. 1 1920; at 104
and int. on 'or boforo Nov. 1 1925; at 103 and int. thereafter. Donom.
$1,000, $500 and $100 (c*).
Trustees, Chicago Savings Bank & Trust
Co. and Lucius 1 eter. Incorporated In Minnesota in 1915.
Digest o f Statem ent by Pres. A. Q. W hitney, St. Cloud, Sept. 1 1915.
C a p it a li z n .
A u th .
O u tsta n d’a . \ C a p it a lie ’n —
A u th .
O utst'g.
Com. stock
$1,000,000 $1,000,000 1st pref. stock— $700,000 $135,000
2 d pref. stock
300,000
200,00011st mtgo. bonds.4,000.000 700,000
The remaining bonds may bo issued for 80% of tho cost of future additions
and improvements, but only when annual net earnings are twice the Interest
charges, including the bonds proposed, with only ono exception, $100,000
being issuable for expenditures already mado, when tho not earnings are
twico tho lnterost charges, including those $100,000 bonds.
E a r n in g s f o r Y e a r e n d in g J u l y 31 1915 a n d fo r C a le n d a r Y e a r s 1912 to 1914.
,
1912.
1913.
1914. 1914-15
Gross earnings----- - - - - - -------- ------- $141,417 $183,378 $217,773 $235,276
Op. exp., rents, maint., taxes, &c------------------------ --------------------- $138,427
Netoarnings (twice Int. cna.rK°) -_ .............................................. $96,848
Int. charges on theso $700,000 1st M . 6s calls for.........................
42,000
Tho not earnings for the cal. year 1915 should considerably exceed
$100,000. and in a fow years I believe will exceed $200,000.
L e a se o f S t. C lo u d W ater P o w e r C o . — Operates undor 99 year lease at a
rontal of $36,000 per annum tho entiro hydro-electric property of the St.
Cloud Water Power C o . located at St. Cloud (V. 92, p. 1182; V. 93. p. 414),
thus assuring all the power which can bo made available from tho Missis
sippi Itiver at this point (i. o., about 7,500 h. p.) at less than Its roal valuo.
Tho rontal can nevor be increased except with tho consont o f tho trustee for
theso bonds under conditions protecting tho bondholders.
P ro p e r ly . — Generates by water power 1.950 k. w., o f which 800 k.w., at
tho North Station (owned by Public Service Co.) and 1,150 k. w., undor
loaso o f tho Water Powor Co. Tho Public Service Co. Is now Installing
aiiothor unit o f 400 k. w. It also owns a new steam turblno plant of 750
1193
k. w. capacity, with room for further units adjacent to tho hydro-electric
station. In St. Cloud also owns a steam power emergency plant with
550 h. p. boilers. Our modern gas plant consists of two benches, and we
are now installing a new 5-foot water gas set. [Now installed— Ed ]
Tho street railway line serves St. Cloud and connects it with Sauk
Rapids and Waite Park, and a part of tho outlying quarrying district, also
the Great Northern shops [now employing over 1,000 men] outside the city
limits, and connects tho Great Northern and Northern Pacific stations
which are on opposite sides of the city.
V a lu a t io n . — Independent engineers have placed the re-duplication value
of our property .exclusive of good will or franchise values, at over $1,200,000.
As a going concern I estimate it at $1,850,000.
F r a n c h is e s . — Broad and liberal, in St. Cloud for 30 years from Dec. 1905.
C ity C o n tracts. — In St. Cloud these cover both street lighting and pumping
city water; at Sauk Rapids, &c., lighting.
R a tes . — For electric light, 10c. per k. w. hour, with usual sliding scales;
gas, $1 25 per 1,000 ft.
S in k in g F u n d . — From May 1 1919, 5% o f gross earnings to be invested
in these bonds, which will bo kept alive, their interest accruing to the fund.
Based on present volumo of business, two-thirds of the bonds now out
should be retired before maturity.
O utlook. — The business is capablo of great development. The increase in
our gross income between Jan. 1 1913 and Jan. 1 1915 was 52%. During
1914 we added 273 lighting customers, 44 power customers and 43 gas
customers. Extensions are contemplated to several other cities and towns,
with an additional population of nearly 20,000 people.
St. Cloud is located on tho Groat Northern and Northern Pacific railways,
75 miles from Minneapolis, in a rich farming country, and in the heart of
tho quarrying business. Has shown a steady growth for several years,
averaging 200 new buildings each year.
O w n er s h ip . — Practically the entire stock is owned in St. Cloud,and the
writer has been at the head for the past 15 years.
St. Cloud (Minn.) Water Power Co.— Lease.—
See St. Cloud Public Service Co. above.— V. 93, p. 414.
Sears, Roebuck & Co.— Total Sales.—
1915— S eptem b er —-1914. D e c re a s e .] 1915— 9 M o s . — 1914.
In crea se.
$8,150,067
$8,757,287 6.93% |$75,477,300
S69,136,820
9.17%
— V. 101. p. 777. 452.
Southern Sierras Power Co.— Bonds.—
The Cal. RR. Commission has authorized the company to issue $948,000
bonds, o f which $798,000 are to be used for paying tho company’s debt
to its affiliated corporations, and the balance to pay notes and for additions.
— V. 101, p.374.
Triangle Film Corporation, N. Y .— Prospectus.— This
company, whose films portray some of the woll known stars
on the American stage, wero recently brought out at the
Knickerbocker Theatre, N . Y . C ity, was incorporated in V a.
July 20 1915, with S5,000,000 of auth. cap. stock in $5 shares,
all now to be issued. N o bonds. A circular says in substance:
Organized for the distribution of high-class motion pictures, and for tho
renting of films to theatres. The services of leading men in the industry,
D. W. Griffith, Macklyn Sennett and Thomas II. Ince, have been secured
for a minimum of three years, and they are making pictures featuring the
most popular players of the day. Pictures are being made, or are contracted
for, with Billie Burke. Raymond Hitchcock, DeWolf Hopper, Helen Ware,
Douglas Fairbanks, Frank Keenan, Eddie Foy and many others. The
company will own all of its films outright and thus have the world rights
thereon. The majority stock is held by members of tho board and is de
posited with a trustee so that it cannot be disposed of for two years.
President Aitken was tho organizer of the Mutual Film Corporation, and
Is President Reliance Motion Picture Corp., Majestic Motion Picture Co.
and Epoch Producing Corporation, which controls “ The Birth of a Nation,”
and Treasurer N. Y. Motion Picture Corp. and Keystone Film Co. Mr.
lvessel is President N. Y. Motion Picture Corp.. Keystone Film Co. and
allied cos. Mr. Baumann has long been associated with Mr. Kessel in
his motion picture productions. Mr. Griffith is the producer of “ The
Birth of a Nation.” Mr. Ince is known for his productions, "The Battle of
Gettysburg,” “ The Typhoon.” &c. Mr. Sennett is the originator and pro
ducer of the Keystone Comedies. W. B. Joyce is President of National
Surety Co.
Six weeks before the release date of their first pictures, enough business
was secured to cover the total overhead expenses. The best theatres are
applying for contracts for Trianglo service. These include such houses as
Liberty Theatre of N. Y ., whero Griffith’s “ Birth of a Nation” successfully
inaugurated $2 pictures on Broadway; the Studebaker Theatre in Chicago,
secured for Triangle pictures exclusively, and tho Knickerbocker Theatre
in New York, which opens in September [has opened] with tho first of the
Triangle releases. The profits from all of these sources at home and abroad
are expected to be very substantial.
Directors (and officers): Harry E. Aitken, President; Adam Kessel Jr. ,
Thomas II. Ince, Macklyn Sennett and David W. Griffith, Vice-Presidents;
Charles O. Baumann, Secretary: William Webster, 45 Wall St., Treasurer;
Seymour Stewart. J. P. Dunning, E. L. Thomas, Charles Kessel, Albert
II. T. Banzhaf, W. B. Joyce, Harry E. Aitken and Walter N. Seligsberg.
Executive Committee: Harry E. Aitken, Adam Kessel Jr., William
Webster. Registrar, Title Guar. & Trust Co. Office, of company 71
West 23d St., N. Y. Seo adv. on another page and issue of Sept. 4. p. xv.
[President Aitken was quoted this week as saying that tho delivery of
films is expectod to aggregate upwards of $200,000 weekly with expenses
of $125,000 and $150,000 for tho next six months. Some sixty film-plays
of tho quality now being exhibited at tho Knickerbocker Theatre, N. Y.
City, will probably, it is stated, be sent throughout the country within a
week or two, while an additional lot, now in preparation, will soon follow.]
United Cigar Manufacturers Co., N. Y .— P u rch a se. —
The company has acquired for cash tho business of the firm of Bondy &
Lcderer.— V. 101, p. 445,
United Gas & Fuel Co. of Hamilton, Ont., Ltd.— E a r n
ings.— Shapker, Waller & C o ., Chicago report:
8 M o . e n d . — A u g . 31 '14 .A u g . 31 ’ 15.18 M o . e n d . — A u g . 31 'M .A u g . 31 ’ 15.
Gross income. $334,647 $354,5911 Bd.int.&misc.
$43,881
$43,196
$50,126
$63,612
Net (after tax.)
$94,007
$106.8081 Surplus______
Compare bond offering in V. 97, p. 1668.
Washington-Oregon Corp., Vancouver, Wash.— Sale.
The date of foreclosure sale has been extended to Oct. 30.
plan in V. 101, p. 1106, 1017.
See modified
Westinghouse Air Brake Co., Pittsburgh.— E a r n in g s .
J u n e 30.
Y ea r—
N et
P r o fits .
C a sh
D ic id e v d s .
B a la n c e ,
S u r . or D e f.
A d ju s t m en ts.
T o ta l
S u r p lu s .
1914-15 ..$1,575,828 S3.140.650 def.$1.564,822 crod.$306,298 $4,390,341
1913-14- . 3.482.994 3,139.884 sur. 343,110 dob. 197.303 5,648,865
President H. II. Westinghouse in a circular letter says that orders for
shrapnel accepted in April amounted to $17,930,000, on which deliveries
will be mado at the scheduled dates. Tho manufacturing profits, he says,
will be substantial, but not unusual, because of tho expense necessitated by
tho installation of special machinery and the construction of new buildings.
— V. 100. p. 1444.
White Automobile Co., Cleveland.— Stock I n c r e a s e .—
Tlio Cleveland “ Leader” of Sept. 24 said:
Following a reduction in capital stock on Sept. 22 from $3,000,000 to
$2,500,000, tho company on Sept. 23 filed with the Secretary of State at
Columbus application for an increase to $8,000,000. These changes are in
line with tho recent announcement by which notice was given of the calling
of $500,000 pref. and the issue of an enlarged pref. stock, which will be
distributed among members of the White family who desire to retain their
investment, but to drop out of the active management. Holders of tho
old pref. were also given rights to the new pref. The public interest is
limited to $500,000 of pref., all of the remaining stock being held closely
by the White family.— V. 101, p. 619.
For other Investment News see page 1197.
1194:
THE CHRONICLE
If t e p u r ls a n ti
[Vol. 101
H c c u n x in tts .
THE ATCHISON, TOPEKA & SANTA FE RAILWAY COMPANY
T W E N T I E T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D I N G J U N E 30 1915.
Off t it of The Atchison Topeka & Santa Fe Railway System,
N o . 5 N assau Street, N ew York City.
September 14 1915.
To the Stockholders:
Your Directors submit the following roport for the fiscal
year July 1 1914 to June 30 1915, inclusive.
The Lines comprising tho Atchison System, the opera
tions of which are embraced in the following statements,
are as follows:
Atchison Topeka & Santa Fe Railway.
Rio Grando El Faso & Santa Fo R R __
Gulf Colorado & Santa Fe lty _______
Pecos & Northern Texas R y _________
Panhandle Sc Santa Fe R y___________
Texas & Gulf R y____________________
Gulf & Interstate Railway o f Texas__
Concho San Saba & Llano Valloy RR.
J u n e 30 1915.
J u n e 30 1914.
8,513.48 miles 8,339.72 miles
20.22 “
20.22 “
1,937.71 “
1,595.89 "
569.79 “
665.02 “
179.16 "
125.49 “
71.33 “
59.63 “
...........
11,136.43
“
10,961.23
“
Increase during tho year, 175.20 miles.
The average mileage operated during tho fiscal year end
ing June 30 1915 was 11,114.52 miles, being an increase of
2 0 0 .0 0 miles as compared with the average mileage operated
during the preceding fiscal year.
Under leases effective July 1 1914, tho lines of tho Pecos &
Northern Texas Railway north of Sweetwater, Texas, were
operated by the Panhandlo & Santa Fe Railway, and the
lines of the Texas & Gulf Railway, Gulf & Interstate Rail
way of Texas, Concho San Saba & Llano Valley Railroad
and Pecos & Northern Texas Railway south of Sweetwater
by the Gulf Colorado & Santa Fo Railway.
In addition to linos covered by this report, there were
completed on June 30 1915 25.70 miles of additional line,
all of which will be ready for operation in the near futuro.
The Company also controls, through ownership of stocks
and bonds, other lines aggregating 228.92 miles, and is
interested jointly with other companies in GOG.08 miles.
IN C O M E S T A T E M E N T .
The following is a summary of tho transactions of tho
System for the years ending June 30 1914 and 1915:
1914.
1915.
Operating Revenues................................ . . S i l l , 109.769 86 S117.665.587 46
Operating Expenses..................................... 73.469.333 68
76.091.553 69
Not Operating Revenue_______________ $37,640,436 18
T ax es___________ ____ _______________ __
5,525.585 30
Uncollectible Railway Revenues________
$41,574,033 77
5,497.316 77
25.316 43
Operating Income____________________ $32,114,850 88
Other Income__________________________
2,174,353 12
$36,051,400 57
2,997,150 47
Gross Corporate Income_____________ $34,289,204 00
Rentals and Other Charges (seo noto)____
1,218,827 08
$39,048,551 04
2,131,942 03
$33,070,376 92
$36,916,609 01
12,886,412 23
12,785,747 10
Interest on Bonds, including accrued in
terost on Adjustment Bonds__________
$24,130,861 91
E X P E N D IT U R E S A N D R E D U C T IO N OF
BOOK VALUES.
Tho total chargos to Capital Account, as shown by tho
General Balance Sheet, at June 30 1915 aggregated 8683,
855,314 09, as compared with 8671,814,299 94 at Juno 30
1914, an increase during tho year of 812,041,014 15, which
analyzes as follows:
Construction and acquisition of now miloago, Including tho
acquisition of bonds and stocks of other railway and ter
minal companies:
$11,430 34
Dodgo City & Cimarron Valloy R y ________
Eastern Ry. of New M exico_______________
5,243 10
Grand Canyon R y ...........................................
18.405 75
370.888 27
Minkler Southern R y_____________ _______
Oil Fields & Santa Eo R y ...............................
370.072 20
Northwestern Pacific R lt_________________
155,800 00
Rocky Mountain & Santa Fe R y ................. 3,000,000 00
Union Passenger Depot Co. of Galveston..
292.565 87
Verdo Valloy R y . . ...........................................
24,000 00
Additions and Betterments— System Lines:
Fixed Property_________________________ $5,115,796 42
Additional Equipment__________________ . 2,464,431 34
Betterments to Equipment______________
21,121 05
Fuel Lands and Other Properties:
Real Estato held for futuro use___________
Tie and Timber Lands...................................
Miscellaneous Items__________ ____________
$20,569,800 81
11,421 10
Surplus to credit of Profit and Loss Juno 30 1915_________ $2 0,581,221 91
N ote. — Tho increase of $913,114 95 In “ Rentals and Other Charges” oc
curs chiefly in tho Item “ Hire of Equipment,” duo mainly to tho largo grain
crop and tho necessity for using “ foroign” cars to a greater extent than usual
in handling it.
Income from sources other than earnings from operation
consisted of interost on cash in banks and sums collected as
interest and dividends upon bonds and stocks of companies,
the operations of which are not included in tho System
accounts.
7,601,348 81
290,497 30
219.689 3
Total Charges_________________
Reduction of Book Values:
California Arizona & Santa Fo Ry.
San Francisco Terminal Property..
Western Oklahoma R y___________
Ice Plant, Bolen__ ______ ________
Ice Plant, San Bernardino_______
Santa Barbara Tie & Pole C o____
Fuel Lands_______________________
.......... ....... $12,359,940 98
$4,299 11
6,000 00
44.645 10
12,000 00
59.792 89
7,189 73
185,000 00
--------------- 318,926 83
Net Increase In Capital Account during tho year_____$12,041,014 15
Tho item of 82,404,431 34 for “ Additional Equipment”
analyzes as follows:
727
142
1,927
5
Freight-Train C a rs_______________________________
Passenger -Train C a rs_____________________________
Miscellaneous Work Cars_________________________
Miscellaneous Equipm ent___________________ H H "
. . $907.775 40
. . 2.455,292 99
..
250.114 36
..
2.793 97
$3,615,976 72
Less— Value of Equipment retired during tho year as follows:
47 Locomotives_________________
_
SI98 078 47
2,789 Freight-Train Cars...........................II I I I
881,085 34
10 Passenger-Train C a r s .................................. 30,259 48
107 Miscellaneous Work Cars_________________ 37,381 97
Adjustment of charges for locomotives re
ceived in prior years___________________
4,740 12
-$1,151,545 38
$2,464,431 34
Tho 1,927 miscellaneous work cars included in equipment
added and the 2,789 freight-train cars reportod as retired in
clude 1,925 cars, which, being permanently assigned to work
service, were ro-lettered in work sorvico equipment series
during tho year and transferred from freight equipment to
work servico equipment at thoir doprociatod valuo at time of
re-lettering.
In addition to tho equipment reported retired as above, 33
freight-train cars leased from tho Oklahoma Central Rail
road Co. wero also retired during tho year and liability thorcfor included in Other Unadjusted Crodits in tho General
Balance Sheet.
M A IN T E N A N C E OF E Q U IP M E N T .
Tho following statement shows tho sums charged to
Operating Expenses for Maintenance of Equipment during
each year sinco July 1 1896:
$24,130,861 91
Surplus to credit of Profit and Loss Juno 30 1914_________
Additions to Profit and Loss Account (Sundry Adjust
ments)
$4,248,405 53
$154,038 72
23,700 91
112,757 67
Other Investments.
Y e a r e n d in g J u n e 30—•
A v e ra g e
O p era ted
M ile a g e .
1897......... ................. ...........
1898........................... - .........
1 8 9 9 ---.................................
1900................... - .................
1901..................- .................
1902........... ......... .................
1903.......................................
1904.......................................
1905............... - .....................
1906.......................................
1907................... ...................
1908.......................................
1909............................. .........
1910.......................................
1911.......................................
1912.......................................
1913....................... - - - .........
1914.......................................
1915_____________________
6.443.81
6,936.02
7.032.62
7,341.34
7.807.31
7,855.38
7.965.13
8,179.59
8,305.40
8,433.99
9,273.15
9,415 01
9,794.86
9.916.33
10.350.13
10,627.92
10,750.31
10.908.52
11.114.52
.
Not Corporate Incomo (representing
amount available for dividends and
surplus and for necessary but unpro
ductive or only partially productive
expenditures) _____________________ $20,183,964 69
From tho net corporate incomo for tho yoar the following sums have been deducted:
D iv id e n d s on P r e fe r r e d Stock —
No. 33 ( 2 A % ) paid Feb. 1
1915_____________ _____ $2,854,343 25
N o. 34 ( 2 lA % ) paid Aug. 2
1915 ................................. 2,854,343 25
$5,708,686 50
D iv id e n d s o n C o m m o n Stock —
No. 37 ( 1 A % ) paid Sept. 1
1914________
$2,942,407 50
No. 38 (1>*%) paid Dec. 1
1914 .............................
2,942,632 50
No. 39 (1 H % ) paid Mar. 1
1915
2,959,14750
No. 40 ( 1 A % ) paid June 1
1915 ................................... 2,997,142 50
11,841,330 00
Appropriation for Fuol Reserve Fund____
54,502 78
California-Arizona Lines Bonds Sinking
Fund________________________________
12,945 67
Appropriated for Additions and Botterm ents_______________________________
6.513,396 96
C A P IT A L
T o ta l
E x p e n d it u r e .
$3,443,884
4,659,277
4,810,795
5,267.832
6,257,456
7,864,951
8,510,543
10,006,135
10,914,864
10,720,040
11,779,846
14,246,621
13,903,897
15,560,047
16.686,145
16.521,231
19,415,224
19,100,724
19,764,535
82
99
64
40
57
25
09
41
47
43
64
44
37
44
45
41
63
51
40
E x p e n d it u r e
p er M ile .
$534 45
671 75
684 07
717 56
801 49
1,001 22
1,068 48
1,223 31
1,314 19
1,271 05
1.270 32
1,513 18
1,419 51
1,569 13
1,612 17
1.554 51
1,806 02
1,750 99
1.778 26
For the yoar ending Juno 30 1915 maintenance chargos,
including ronowals and depreciation, averaged as follows:
Per
Per
Per
Per
Per
Per
locomotivo____________________________
iocomotivo milo________________________
freight c a r ------------------------------------------freight car milo________________________
passenger car, Including mall and oxpress.
passenger car m ile _____________________
$4,600.26
.1674
128.99
.0119
1,203.56
.013 9
The foregoing average maintenance charges include a pro
portion of unlocatod expenditures for Maintenance of Equip
ment charged to Superintendence, Shop Machinery, Injuries
to Persons, Insurance, Stationery and Printing, Other
Expenses, and Maintaining Joint Equipment at Terminals.
Refrigerator cars are not taken into consideration in arriving
at freight car averages, such cars being operated by The Santa
Fo Refrigerator Despatch Company, which bears tho ex
pense of their maintenance.
M A IN T E N A N C E OF W A Y A N D S T R U C T U R E S .
The following statement shows tho sums charged to
Operating Expenses for Maintenance of W a y and Structures,
during each year since July 1 1896:
Y e a r e n d in g J u n e 30—
1897 ___________ __________
1898______________________
1899_________ _____________
1900......... ................... ............
1901....... .................................
1902_________ _____________
1903......................... ................
1904............. ............... ............
1905............. ............. ............
1906..... .............................
1907_______ . ....................
1908................. ........... ..
1909.........................................
1910_________________ _____
1911.............
1912......... ...............................
1913............................. ............
1914............. ............. .............
1915........................................
A v e ra g e O per
ated M ile a g e .
T o ta l
E x p e n d it u r e .
6,443.81
6,936.02
7,032.62
7,341.34
7,807.31
7,855.38
7,965.13
8,179.59
8,305.40
8,433.99
9,273.15
9,415.01
9.794.86
9.916.33
10.350.13
10.627.92
10,750.31
10,908.52
11,114.52
$6,282,923 15
8,281.397 88
7,672,107 62
6.354.372 10
6.433.840 36
6.141.466 39
9.304,892 04
9.170,234 07
11,385,418 33
12,475,407 97
15.286.062 66
14,120,828 02
12,884,406 81
17,807,136 20
16,059,786 90
16.076,833 75
18,054,413 03
15,308,780 25
16,514,467 89
E x p e n d itu r e
p er M ile .
$975 03
1,193 97
1,090 93
865 56
824 08
781 82
1,168 20
1,121 11
1,370 85
1,479 18
1,648 42
1,499 82
1,315 43
1,795 74
1,551 65
1,512 70
1,679 43
1.403 38
1.485 85
C O M P A R IS O N OF O P E R A T IN G R E S U L T S .
Tho following is a statement of revenues and expenses of
tho System for the fiscal year onding Juno 30 1915, in com
parison with tho previous year:
Y e a r E n d in g
Y e a r E n d in g In c r e a s e ( + ) or
J u n e 30 1915. J u n e 30 1914. D e c re a s e (— ).
O n cratin o Revenues—
f 19 5
THE CHRONICLE
Oot. 9 1915.]
$
$
The following statement shows the development of the
freight and passenger revenues of tho System since July 1
18 96:
Y e a r e n d in g J u n e 30—
F r e ig h t
R ev e n u e.
1897_____ _____ ________________________ $22,067,686 77
28,588,716 76
1898___________________________________
29,492,586 65
1899___________________________________
33,729,332 83
_________________
1900 ________ ____
39,052,557 43
1901_________________ _____________ ____
41,815,607 05
1902___________________________________
44,622,438 71
1903..... ................................. ........................
47,762,653 23
1904_______________ ______ ____ ________
47,408,982 36
1905________________________ ___________
54,598,902 82
1906__________ ________________________
65,500.309 42
1907___________________________________
61.848.638 51
1908........... ........................... ......................64.212.638 10
1909___________________________________
71,194,055 59
1910___________________________________
1911 ............... ..............................................
71,787,200 89
71,529,574 67
1912___________________________________
1913___________________________________
78,190,923 18
73,638,388 01
1914________ ___________________________
80.504,393 33
1915 .............. ................................................
The development of the Com pany’s business and of its
efficiency have been due principally to the very large ex
penditures (over $308,000,000) which have been made in the
extension and improvement of the property since Jan. 1
1896, In order to make such expenditures, your Company
has raised since 1896 over $218,000,000 of “ new money” by
the sale of bonds, which are now outstanding or which (in
the case of many of the Convertible Bonds sold) are repre
sented by Common Stock now outstanding.
The following statement shows, for each year, the amount
of investment, the amount of net income applicable to bond
interest, dividends, improvement of property and strength
ening of credit, and the rate of return which such net income
represents on the amount of the investment.
Y e a r e n d in g J u n e 30.
P ro p er ty
In v e s tm e n t.*
Total Oper. R evenues...117,665,587 46 111,109,769 86 +6,555,817 60
O p era tin g E x p e n s es —
Maintenance o f Way and
Structures--------------------- 16,514,467 89
Maintenance o f Equipment 19,764,535 40
T ra ffic ___________________ 2,649.174 86
Transportation— Rail Lino. 34.827,705 34
General___________________ 2,476,595 20
Transportation for Invest
ment— Cr_______________
140,925 00
Total Oper. E xpenses... 76,091,553 69
.425 ,729
,213 .342
,521 .773
.899 ,108
,409 378
81 + 1,088,738 08
09
+551,192 71
79
+ 127,401 07
43
+ 928,596 91
96
+ 67,216 24
— 140,925 00
73,469,333 68 +2,622,220 01
Net Operating Revenue------ 41,574,033 77 37,640,436 18 +3,933,597 59
Ratio of Operating Expenses
66.12
— 1.45
64.67
to Operating Revenues__
Credits in full-face.
N o t e . — The Operating Expenses by goneral accounts used for comparative
purposes are not the samo as shown in the last annual report, but aro revised
in accordance with Classification of Operating Expenses as prescribed by
tho Inter-Stato Cominerco Commission, effective July 1 1914.
Tho following is a consolidated statement of tho_ business
of the System for each fiscal year during tho poriod since
January 1 1896:
F is c a l Y e a r
E n d in g
J u n e 30—
G ross
| R even u es,
A v e ra g e i In c lu d in g
M ile s
In c o m e
O p era ted .' fr o m Other
I S o u rces.
E xpen ses,
I n c lu d in g
T a x es,
R en ta ls
a n d Other
C h a rg e s .
1897 (18 mos.) 6,443 81 $44 532,628 $36 038.455
396,126 30 513,553
1898
..... 6,936
332,964
762,933
1899
..... 7,032
414,427
498,899
1900
..... 7,341
,502,039
807,379
1901
..... 7,807
272,432
275,944
1902
..... 7,855
,635.576
668,390
1903
..... 7,965
,641,434
1904
..... 8,179
419,975
835.883
1905
........................................
189,739
8,305
,035,355
1906
........................................
,390,749
8,433
1907
..... 9,273
,779,916
,436,574
,031,582
1908
..... 9,415
,289,770
1909
........................................
.458,019
,424,091
9.794
1910
..... 9,916
,133,314
,543,250
1911
..... 10,350
689,094
,772,481
1912
....................
,001,227
10.627
,322.328
1913
....................
,432,816
10,750
,411,875
1914
..... 10,908
,213,746
,284.122
1915
..... 11,114
,746,129
,662,738
N et
C o rpo ra te
In c o m e .
In t e r e s t
on
Bon ds.
$8,440,387
7,045,988
7,241.972
7,345,166
7,830,810
8,438,985
9,134,485
9,418,770
9,611.510
10.622,184
11,487,934
12,579,301
13,548.081
11,984,151
12,712,319
13.660.859
13.825,325
12.886,412
12,785,747
$53,785
1,836,584
4,187,997
9,739.304
12,474,529
15,564,526
13,898.329
15.359,771
11,742,346
17,733,209
21,168,723
13,678.886
20,417.990
20,425,784
21,371.067
19,660.241
22.153.734
20,183.964
24,130,862
The following statement shows the gross operating reve
nues of tho System (exclusive of incomo from other sources)
per milo of road operated for each fiscal year sinco July 1
1896:
Y e a r e n d in g J u n e 30—
1897.
1898.
1899.
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
G ross O p era tin g
R even u es.
$30 621 ,230 10
39 ,214 ,099 24
40 ,513 ,498 63
46 .232 ,078 23
54 .474 ,822 61
59 ,135 ,085 53
62 350 ,397 28
68 ,171 ,200 18
68 375 ,837 25
78 044 ,347 25
93 683 ,406 91
90 617 .796 38
94 265 ,716 87
104 993 ,194 67
107 565 ,115 62
107, 752 ,359 91
116 896 ,251 98
111 109 ,769 80
117 665 ,587 46
A v e ra g e p er
M ile o f R oad.
$4,752 04
5,653 69
5.760 80
6,297 49
6,977 41
7,527 97
7,827 92
8.334 31
8,232 70
9,253 55
10,102 65
9.624 82
9.624 00
10,587 91
10,392 63
10,138 61
10,873 75
10,185 60
10,586 65
$5,574,288 31
7.347,361 59
8,126,141 85
9,334,661 57
11,678,017 25
13,439,384 57
13,469,985 78
15.433,773 63
16.045.380 27
18.013.988 56
21.171.629 08
21,643,427 49
22.734,505 32
25,437,181 98
27,204,867 66
27.453,525 41
29.425.922 44
28.497.232 68
27.823,063 87
P R O P E R T Y I N V E S T M E N T A N D R A T E OF R E T U R N .
$
Freight
- ..................... 80,504,393 33 73,638.388 01 +6,866.005 32
Passenger" ...................... - - 27,823,063 87 28,497,232 68
— 674,168 81
M ail? Express and Miscel
laneous._______ ________
9,338,130 26
8.974,149 17
+363,981 09
P a ss e n g e r
R ev e n u e.
$372,104 ,262 77
1896 (6 months).
387.957 ,477 68
1897
.........
392,169 ,842 02
1898
.....
399,527 ,444 30
1899
.........
407.187 ,811 22
1900
.........
419,541 ,440 17
1901...................
439.911 ,035 33
1902
.........
454.290 ,057 89
1903
.........
466,273 ,139 34
1904
............................................................
473.020 ,998 79
1905
........................................
496.782 ,342 35
1906
---------------- ---------------519.004 ,129 48
1907
....................i .................
541,727 ,328 96
1908
........
548.251 ,270 97
1909
........
579,793 .768 23
1910
........................................
609.287 .764 18
1911
..... .
621.869 .989 29
1 9 1 2 .................
640.263 .756 10
1913
____
651.428 ,708 11
1914
........
683,855 .314 09
1915
------Annual average_____
$508,625,494 75
In c o m e A p p lic a b le P e r Cent
to B o n d in te r e s t.
In c o m e
D iv id e n d s , Im p r o v e
of
P ro p e r ly
m en t o f P ro p erty
I n v e s t
a n d S tren g th en in g
m en t.
O f C r e d it .a
$2,432 ,870 06
6,070.,364 45
8,871,.947 26
11,409.,315 36
17,064.,850 91
21,196 714 38
23,921 018 14
23,032 ,814 51
24,778 ,541 31
21,353 ,856 15
28,355 ,393 34
32,724 ,274 07
25,633 ,510 34
33,523 ,437 28
32,387 ,712 39
34,102 ,511 86
33,321 ,100 75
36,078 .744 55
33.070 .376 92
36,928 ,030 11
.65
1.57
2.20
2.86
4.19
5.05
5.44
5.07
5-31
4.51
5.71
6.31
4.73
6.11
5.58
5.59
5.30
5.63
5.08
5.40
S24.936.276 11
4.90
* Tho amounts above shown as "Property Investment” do not Include
anything for necessary working capital.such as materials and supplies and
cash. Ordinarily such necessary working capital considerably exceeds
$35,000,000.
In the years 1901 to 1908 the “ Property Investment” was reduced by
"writing o ff” sums aggregating $21,066,685 78, which sums are excluded
from the “ Property Investment" as above stated.
The figures for the years 1910 to 1914, inclusive, are not the same as
shown in the corresponding table of annual report for the previous year, but
are revised to conform to the Inter-State Commerce Commission’s classifi
cation of “ General Balance Sheet Accounts,” effective July 1 1914.
a The “ Income” shown above is determined after allowing for adjust
ments made through profit and loss.
Tho striking fact emphasized by tho foregoing statement
is that tho earnings on tho entire investment are now not
much more than five per cent per annum, and it must bo
borne in mind that of these earnings it is necessary to
appropriate a considerable amount each year for additions
and betterments to preserve the Company’s credit.
The ability of your Company, under the conditions which
this statement exhibits, to pay six per cent on the common
stock, is due to the fact that it pays an average of only
slightly more than four per cent on its bonded debt, much
of the bonded debt having been created when money could
bo obtained at or near four per cent.
C A P IT A L S T O C K A N D F U N D E D D E B T .
The outstanding Capital Stock (deducting stock in treas
ury) on June 30 1914 consisted of:
$195,811,500 00
C om m on______________
Preferred......................................................... 114,173,730 00
----------------------- $309,985,230 00
Issued during the year:
Common Stock issued in exchange for Convertible
Bonds retired_________________________________________
4,678,00000
Capital Stock outstanding June 30 1915:
C om m on_____________________________ $200,489,500 00
Preferred..................................................... 114,173,730 00
----------------------- $314,663,230 00
The outstanding Funded Debt of tho System (deducting
bonds in the treasury) amounted on June 30 1914 to____$313,193,648 50
Tho following changes in tho Funded Debt
occurred during the year:
1196
Obligations Issued:
Convertible 4% Bonds________________
Rocky Mountain Division 4% Bonds__
California-Arizona Lines First and Re
funding Mortgage 4>^ % Bonds______
Obligations Purchased or Retired:
Serial Debenture 4% Bonds__________
Convertible 4% Bonds________________
California-Arizona Lines First and Re
funding Mortgage 4H % Bonds______
Chicago & St. Louis Ry. Co. First M ort
gage 6% B onds,________ ____________
Funded Debt Matured Unpaid included
in General Balanco Sheet under ‘ ‘Cur
rent Liabilities” ____________________
THE CHRONICLE
[Vol. 101.
TAXES.
Instead of showing the customary largo increase, tho fiscal
10,866 90— 3,987,866 90 year just closed shows a decrease in taxes of $28,268 53.
The tax accruals for the fiscal year ending June 30 1914,
$5,000 00
were $5,525,585 30, while the accruals for tho fiscal year
4.678.000 00
ending June 30 1915, were but $5,497,316 77. However,
9,733 00
information so far received pertaining to assessments and
1.498.000 00
rates for tho present fiscal year indicates the decreaso was
temporary only and that we will this year show anothor
15,500 00— 6,206,233 00 substantial increase.
In the report of last year your attention was called to the
Decrease o f Funded Debt_________________ . . . _________ $2,218,366 10
alarming growth of public expenditures, and the fear was
Total System Funded Debt outstanding June 30 1915___ 3310,975,282 40 expressed that expenditures for good roads were likely to
Interest charges for year ending June 30 1916 will bo ap assumo largo proportions. States aro vying with States, and
proximately $12,678,840, or an average monthly charge counties with counties, and the worst fears of a year ago aro
of about $1,056,570. In making this approximation, ex being realized. Road improvement and construction pro
changes of Convertible Bonds for Common Stock made since jects aro approved and bond issues voted with but little
regard to the ability of the taxpayers to bear tho burden,
June 30 1915, aggregating $2,007,000, are considered.
and with even less consideration of tho utility and per
TREASURY.
manency of tho roads. Yum a County, Arizona, well illus
. Neither this Company nor any of its auxiliaries has any trates the recklessness with which people are now spending
money. This county, with a population of but 7,7 30, and
notes or bills outstanding.
The Company held in its treasury on Juno 30 1915 $2 1 , but little wealth other than railroad property, and having
186,791 95 cash, and had available $5,278,000 General a bonded indebtedness of $138,791, has just approved a
Mortgage Bonds, including bonds not yet certified by the bond issue of $5 00 ,0 00for the improvement of its highways.
Your officials are doing everything in their power to check
Trustee. The Company also has in the treasury unpledged
a large amount of stocks and bonds of other companies, of tho unwise and improper expenditure of public funds by
which part are carried in the balance sheet as Investments arousing tho taxpayers and by encouraging associations of
and part are included under Railroads, Franchises and taxpayers to fight for efficiency and economy. Their efforts
have generally borne good fruit and oncourago thorn to
Other Property.
During the year $977,000 of Convertible Four Per Cent carry on the struggle.
Bonds, which formed part of the Company’s treasury assets,
R E V IS E D A C C O U N T IN G R U L E S OF T H E IN T E R
were sold for cash, realizing $997,702 50.
S T A T E C O M M E R C E C O M M IS S IO N .
FUEL RESERVE FU N D .
The Inter-State Commerce Commission issued, effective
The fund has been increased during the year by appro July 1 1907, its first classifications, pursuant to tho Act to
priations of income, as follows :
Regulato Commerce, as amended, with tho purposo of estab
Amount to credit of Fund Juno 30 1914----------------------------- $1,778,332 02 lishing a uniform system of accounts for steam roads. These
Added during tho year____________________________________
54,502 78
classifications related to operating revenues and oxponses,
In Fund Juno 30 1915...........................................................$1,832,834 80 expenditures for road and equipment, and locomotive, car,
and train miles; later these wero followed by instructions
O K L A H O M A C E N T R A L R A IL R O A D .
pertaining to income, profit and loss, and balanco sheet
This line, extending from Chickasha, Oklahoma, to Lehigh,
accounts. These classifications, which had been under re
Oklahoma, a distance of 133 miles, crossing your main lino
view for a considerable period, wero revised and reissuod
at Purcell and Byars, was leased by your Company effective
effective July 1 1914. Certain expenditures which formerly
August 1 1914, for a term of five years, and has since that
at the option of the carriers were chargeable to Operating
date been operated as a part of its System. Tho line serves
Expenses, are, under tho rovised classifications, obligatory
a fairly good agricultural country, but tho main purpose in
charges to Capital Account. As a result of these changes
leasing it was to secure coal from the Lehigh fields for use
tho operating exponses of your Company for tho year covered
on tho System and to permit of supplying tho domand for
by this report were relieved of charges aggregating upwards
coal at points in northern Texas.
•
of $600,000, with corresponding increase in tho charges to
O IL F IE L D S A N D S A N T A FE R A I L W A Y .
Additions and Betterments as compared with what they
would
otherwise have been. Tho greater part of this
This company was formed to acquire certain lines ex
tending from Cushing to Pometa, Oklahoma, and from amount represents transportation charges on men omployod
Jennings to Oilton, Oklahoma, tapping the so-called Cusli- and material used in improvement work, increased weight of
Jmg Oil Field, which is an important source of supply for second-hand rail, and necessary fastenings and appurte
The
fuel oil. A line from Pemeta to Oilton, connecting the nances applied during the year in track ronowals.
railroads purchased, and an extension from Pemeta to revised classifications also account for the chango in the
Drumright, are now under construction. The lines acquired, form of the general balance sheet as shown on following
together with those now being built, will aggregate about 27 pages.
GENERAL.
miles of railway, which, upon tho completion of construc
tion, will be operated, under lease, by your Company as a
Tho year has been tho largest as to earnings, both gross
part of its system, and will, it is believed, make a valuablo and not, in the history of the Company. Two reasons con
feeder to your main line, with which it connects at Cushing.
tributed mainly to this result, viz.: tho unprecedented wheat
crop of Kansas and the largely increased yield of agricultural
R O C K Y M O U N T A IN & S A N T A FE R A I L W A Y .
products of all kinds in tho so-called “ Plains Country” in
Reference was made in the last annual report to an agree Western Texas and Western Oklahoma. Theso two items
ment with tho St. Louis Rocky Mountain & Pacific Com were more than sufficient to overcome a falling off of $1,304,
pany, under which your Company took possession of this 472 05 in net revenue of the lines west of Albuquorquo.
line (then known as the St. Louis Rocky Mountain &
The wheat of Kansas and Oklahoma was largely exported
Pacific Railway) on August 1 1913 under a certain contract via Galveston, thus giving your properties tho longest possi
of purchase. Tho conditions of tho purchase contract have ble haul and tho largest possible earnings, and this has cre
been met and $3,000,000 of Four Per Cent Rocky Mountain ated so marked an improvement in businoss of your Toxas
Division Bonds have been issued in acquisition of the stock lines as to make their net earnings much more than over
and indebtedness of the Rocky Mountain & Santa Fo Rail before.
way Company, which owns this lino; and tho line has been
The Panama-Pacific Exposition at San Francisco and tho
leased to your Company.
Panama-California Exposition at San Diego have created
N O R T H W E S T E R N P A C IF IC R A IL R O A D C O M P A N Y . some passenger business but at such low rates as to afford
Track laying on tho lino of this Company (whose capital little, if any, profit.
Relations with tho general public, especially that portion
stock is owned one-half by your Company and one-half by
tho Southern Pacific Company) from Willets to Shively, a residing along the line, are quite satisfactory, but contest is
distance of 105.64 miles, has been completed, and the line boing made as to rates in various States beforo both commis
was placed in operation on July 1 1915. This construction sions and courts. There is little demur to the proposition
closes the gap in tho mileage and has made possible tho that tho railroads need moro money but each class of shippers
establishment of through train service between Eureka on is firm in the view that the increase should not come from it.
Tho general merchandise rates all over tho country (now
the north and San Francisco B ay on tho south.
lower than anywhere elso in the world) could be doubled and
U N IO N P A S S E N G E R S T A T IO N , K A N S A S C I T Y .
the ordinary living expense of each family would bo so little
The new passenger station and appurtenant facilities at increased that the head of the family would not know of this
Kansas C ity, which have been in process of construction advance unless somebody told him. A largo part of the
since August 1911, were placed in operation November 1, troublo about rates comes from certain classos of middle men
1914.
The now facilities constitute one of tho largest and who contribute little to the prosperity of tho country but
most complete passenger terminals in tho country and who aro well organized and consequently influential.
represent a very large investment. The heavy fixed charge
It is too early to measuro accurately tho effect of the
which this investment entails and the maintenance and Panama Canal. But it is evident that tho loss of revenue
operation of theso extensive facilities place a large expenso on that account is very substantial and already it probably
upon the Kansas City railroads, all of whom are using the is considerably in excess of $1,000,000 per year.
#
new station; however, the new facilities aro a great accom
Your Directors aro pleased to record their appreciation
modation to tho public and, of course, materially improve of loyal and efficient service by officers and employees.
operating conditions at Kansas City.
E D W A R D P . R IP L E Y , President.
3077,000 00
3,000,000 00
1197
THE CHRONICLE
OCT. 9 1915,]
E X P E N D IT U R E S PO E A D D IT IO N S A N D
“ O T H E R C A P IT A L P U R P OSES D U R IN G F IS C A L TEAR
“
Additions and
Betterments.
550.539
878.389
263,292
26,081
109
26
121.952
1,490
15,531
1,308
13,518
39,090
278,922
14,512
a SSISS t SSoS 2
California Arizona & Santa Fo Kailway----------------------------------------Concho'san^Saba^ ‘Llano Valie^F Railroad.............................................
Dodge City & Cimarron Valley Railway----------------------------------------Eastern Railway of New Moxico^System----------------------------------------Gardon City Gulf & Northern Railroad.--------- ------------------------g f f i S S J M S S W & r? S S ^ - W D » v c 5 i i i a - e s :
Gulf Beaumont & Great Northern Railway........................................
Gulf Beaumont & Kansas City Railway................................................
Gulf Colorado & Santa he Railway............... ............— ..................—
Jasper & Eastern Railway...............................- .............................
Mlnltler Southern Railway------------------- ---------------- -------------Oil Fields & Santa Fe Railway-------------- --------------------------------------Panhandle & Santa Fo Railway.
. . ............................................
Rio Grande El Paso & Santa I<o Railroad...........................- ............... *"
Rocky Mountain & Santa Fe Railway------------ --------- ..........
San Francisco Terminal Property-------------- ----------- - ...................
Santa Fo Pacific Railroad................ ............................. .........................
Santa Fe Band Improvement Company.........- ........... - ......................'
Texas & Gulf Railway--------------------- - - - — z ~ ~ -----------------------------Union Passenger Dopot Company o f Galvoston.........- ..................-- Verdo Valley Railway-----------------------------------------------------------------Western Oklahoma Railway---------------------------------------------------------
GENERAL
B A I ^ O B ^ B m ^ K H I B ™ ^C
IN VESTM EN TS
Expenditures to Juno 30 1914, as shown in Annual R o p o rt..$11,180,112 95
Expenditures during the Fiscal Year onding Juno 30 1,)15.
Grand Canyon R y
----- ----------------------- ? I k cnn no
Northwestern Pacific Railroad...........................1^ ,800 00
Oakland Wharf Property
.....................- - - 90,123 08
Rails and Fastenings leasod to various parties. 115,411 91
Roal Estate held for future use--------------------- 63.915 64
Tie and Timber Lands--------------------------------- 23,700 91
$467,357 29
_____
Deductions:
Ohanslor-Canfield Midway Oil C o.$185,000
Ico Plant, H elen------------------------ 12,000
Ico Plant, San Bernardino----------- 59,792
7,189
Santa Barbara Tie & Polo C o ------
GENERAL
BALANCE
00
22
89
73 $263,982 62
24
41
12
61
54
19
27
22
55
17
25
35
60
43
~~Cr A , 299' II
$11,430 34
5,243 10
370,888 27
370,072 20
132,101 41
7,603 98
3.000,000 00
Cr.6,000 00
50 00
5.239,282 76
17,596 71
292,565 87
24,000 00
Cr. 44,645 10
$712,988 81
SH EET— E X H IB IT
JU N E 30 1915.
$11,383,487 62
D— CAPITAL STOCK
SHEET— E X H I B iT
Int.
Rate.
Class o f Bond—
General Mortgage—
Duo October 1 1995__
Adjustment Mortgage—
Due July 1 1995______
Convertible—
Due Juno 1 1955______
Convertible—
Duo Juno 1 1960______
Convertible—
Duo Juno 1 1917---------
4%
4%
Due July 1 1958________
California-Arizona Lines—
Duo March 1 1962______
Duo March 1 1928______
Rocky Mountain DivisionDuo January 1 1965-------
Outstanding.
Ry.—
Duo September 1 1942.
F.— F U N D E D
Issued.
In
Treasury.
DEBT*
Out
standing.*
$152,562,500 $1,928,000 $150,634,500
51.346.000
382,000
51,728,000
4%
15.284,000
15,284.000
4%
25,146,000
25,146,000
5%
8,747,000
8,747,000
4%
17,000,000
17.000.000
4H%
18,310,561
4%
9,603,000
9,603,000
3 non ooo
3 ,000,000
6 000,000
6 .000.000
4,940,000
4,940,000
.500,000
560,000
5%
Ry.—
Duo January 1 1937--------Hutchinson & Southern Ity.Due January 1 1928--------Prescott & Eastern R R .—
Due April 1 1928------------
$11,617,950 14
14,599
18,295,962
192 000
192,000
224,000
224,000
2,820
Issued.*
In Treasury.
$44,500
25,800
$200,489,500
114,173,730
$313,300,911 $2,325,629 [$310,975,282
$314,733,530
$70,300
$314,663,230
* Not including Funded Debt Matured Unpaid amounting at June 30
1915 to $15,500, which, under tho rules of thg Inter-State Commerce Com
mission, is included in tho General Balance Sheet under Current Lialnll
ties.”
Wisconsin River Power Co.— B on d s, & c .—
Touching tills property, recently purchased by John I. Boggs o f St. Louis.
Dovitt. Tremble & Co., who earlier in tho year offered an additional
SHIP 000 of tho 1st M. bonds at 95 and int., with 50% of stock (tho original
$3 000,000 were placod at 90 with like bonus), roport:
Eirst M. 5% bonds dated M ay 1 1911. Donom. 81,000 and $500.
Duo May I 1941. Subject to call on and after May 1 1921 at 10.5 and int.
Trustee Cent. & Comm. Tr. & Sav. Bank, Chicago. Total authorized
®r. 000 000; issued, $3,400,000. Additional bonds issuablo only for 80%
of cost of extensions and improvomonts. Stock, $3,000,000, all of one
and all out. A Wisconsin corporation. Owns a modern hydro-elec
tric plant located at Prairie du Sac, Wise., on the Wisconsin River about
25 miles northwest of Madison, including in feo simple tho dam sito, land
fv>r storago purposes, transmission lines (of steel-tower construction) built
on private right-of-way. Plant develops to-day about 22,000 h. P-. which
wii{ i„, increased to 30,000 h. p. on and aftor Sept, of this yoar, with an
ultimate capacity of 40.000 h. p., to bo installed as markets dovelopo.
Date from (Late) President Alagnus Swenson, March 12 1915.
Current Is now being supplied to (a) Milwaukee Electric Ry. & Light Co.
under a 3 0 -voar contract, agreeing to take 84,000 k. w. Ii. per day, with a
peak load o f 6,000 k. w., at 'A cent per k. w. h., and also 42,000 k. w. h.
at 4-10 of a cent per k. w. h., with a corresponding peak, up to 60% of tile
Vntal available output as a maximum: value of tills contract,$214,000per
vear ' (ii) To Prairie du Sac, Sauk City, Mazomanie, Black Earth and
Mount lloreb. under 20-year contracts, delivery being made at 2 ets. por
k w ii directly to their own transmission lines, built to our power plant.
These contracts will yield about $16,000 per year, with good prospects of a
ranl'd increase. Population (last census): Sauk City, 867: Prairie du Sac,
r.nn. Mazoiiianio, 917; Black Earth, 479; Mount lloreb, 1.048.
.
' We have also a 25-year contract with tho Madison Gas & Electric Co.
to furnish all the electric current used in Madison, a rapidly growing city
i.r in 000 people. This contract calls for tho delivery o f 3,750 k. w. and
an annual consumption of about 10.000,000 k. w. h. at a prico of 7-10 cts
Pralrlo’du Sac, are ready to take power as soon as tho lino is built. Tho
incomo from thoso towns will begin at about $12,000 por yoar. Chargo,
a')Tho estimated average annual output of tho plant is 100,000,000 k. w. h.,
that tho abovo contracts represent probably a total consumption of
from 50% to 60% of its capacity,
to
iiK.
v II.
II Reauired Per Year to F
Pill
il said Contracts— Income Therefrom.
Milwaukee Electric Railway & Light Co
48.000,000 k.w.h. $214,000
Sauk City, l’rairio du Sac, Mazomanie, Black
..
16,000
800,000
((
Earth, Mount lloreb ....................................
70.000
Madison Gas & Electric Co
. . . - .....................10’922'222 ••
12.000
Lodi, Dane, Waunakoo, Middloton.................
400,000
T ot..i
.......... ................. .57,200,000
"
$312,000
Opcr! exp. ,'$37, obbl taxes. $20,000: int. on $3.400,000 5s $ 170,000..$227.000
Balanco surplus, on basis explained abovo-----------------------------$85,000
In order to serve Madison and provido for other contracts now pending,
wo* shall build a transmission lino into Madison and add two more units
to tho plant at Prairio du Sac.
BALANCE
$3,303,612 52
$200,534,000
114,199,530
* Not including $17,286,470 Preferred Stock placed in special uiusu .
certain purposes by tho Reorganization Committee and not yet used.
u
if
GENERAL
Valley R y.—
Duo October 1 1940$203,374 67
Total.
$1,547,835 00
1,878.389 41
258.993 01
26,081 61
109 54
11,456 53
127.195 37
1,490 22
15,531 55
1,308 17
13,518 25
39,090 35
278,922 60
14,512 43
370,888 27
370,072 20
132,101 41
7,603 98
3,000,000 00
C r. 6.000 00
50 00
3,239.282 76
17.596 71
292.565 87
24,000 00
Cr.44,645 10
Cr. $2,704 24
$7,601,348 81
GENERAL, BALANCE SHEET—E X H IB IT A— RAILROADS. FRAN
CHISES AND OTHER P R O I R K i* .
Amount .Tune 30 1914, as Published in Annual[ Report
$631,761,174 75
Expenditures for Additions and Betterments. Gonstnict on
and Other Capital Purposes during fiscal year ending
_ 14 ^
25
’
’______
Juno 30 1914-------------------------------------------------------------$647,575,518 00
Other
Expenditures.
Construction.
3,850
1,030
We have contracts now ponding with a large number of places al
,
40 miles of our plant, or present transmission linos, caiiing for an annual
nutout of about 12,000.000 k. w. h., at prices in excess of 1H c^s; P01
k w. h., which will-add about $180,000 to our annual income; and
still remains, art or allowing liberally for lino and transformer losses, about
30 000,000 k. w. h. to be sold. Estimating tho balance at as low a S /i c t .
Inf'about $640 !oo6°per' y earf'iv iii1e 'the °increaso1 hi opera°tbi£ expenses' and
Horn the F sto.1
are in perpetuity and without any charges or payments to either Govern
ment oxcopt tho ordinary State tax. Compare \ . 101. P* llOo.
CURRENT NOTICE.
— Glover & MacGregor, 345 Fourth Avenue, Pittsburgh, have issued
an October circular of investment securities which tho firm will mail to
inquirers. Tho list includes Pennsylvania municipal bonds which are
legal investment for trust funds under Pennsylvania laws, free from State,
war and income taxes. Proposals will be entertained from investors to
exchange any of their present holdings for the municipal bonds mentioned
in this circular, netting 4.20 to 4.25%. The firm's remarks on the bonds
of tho American Water Works & Electric Co. are of special interest to
prospective Investors in this property.
__Mark C. Steinberg and Louis M . Steinberg have formed a co-partner
ship under the firm name of Mark C. Steinberg & Co., investment bankers
of St. Louis, and will engage in a general bond and stock brokerage business.
The firm will deal in municipal, corporation and railroad bonds and listed
and unlisted stocks in all markets. Offices have been opened in the
Boatmen’s Bank Building. Mark C. . teinberg was connected with the
Altheimer & Rawlings Investment Co. of St. Louis for twenty years, and
for tho past few years was First Vice-President and Manager of tho com
pany.
— Montgomery. Clothier & Tyler, Philadelphia, arc recommending the
Pennsylvania R R . Co. Consol. Mtgo. 4 H % Bonds dated Feb. 1 1915 and
duo Aug. 1 1960, forming part of tho closed $100,000,000 issue which has a
first lion on tho main line and certain branches between Philadelphia and
Pittsburgh (oxcopt 52.27 miles operated under a 999-year leaso. pledged
undor tho mortgage), valuable terminals and yards in Philadelphia, Pitts
burgh, &c. Soe particulars in V. 100, p. 1169.
__Goorgo W . Fortmeyer to-day celebrated tho 60th anniversary of con
tinuous sorvico with tho National Lead C o. Ho first started in business
with Robert Colegato & C o., who represented tho Atlantic Whito Lead Co.
which subsequently amalgamated with tho National Lead Co. M r.
Fortmeyer recoived congratulations from tho officers o f tho company
and his many outside friends.
11 9 8
THE CHRONICLE
C m im u im a l
C O M M E R C IA L
E P IT O M E
m ,
..
.
F rid a y N ig h t, O ct. 8 1915.
iratio continues to improve, stimulated not a little bv
cool weather. The wheat crop exceeds one billion bushels,
the largest in the history of the country, and the oats crop
and the barley are also unprecedented. The corn crop is
much larger than the average for the last five years The
cotton crop may be small but sometimes a small crop sells
tor as much as a large one or for more. The success of the
Anglo-h rench loan, which is said to have been over-subscribed
about $100,000,000, is beginning to help the export S e
i He exports of wheat this week have been the largest for
months past, being over 10,000,000 bushels. War orders
are still large. Sales of steel are so large that enthusiasts
suggest a coming boom in that trade. Manufacturing in
dustries are busier than for a long time past. In endeavoring
to catch up with their deliveries to homo and foreign buyers,
tlour mills are working night and day. Railroad earnings
show a tendency to increase, and the companies are in
creasing then- purchases of rails. Trade reports from the
South aro again more favorable. Collections make a very
fair showing. On the other hand, the Balkan complications
are to be regretted. The high cost of dyestuffs cuts down the
profits of the textile industries and wild speculation in war
stocks and cotton have necessitated curbing measures as
to loans and margins. But in the main the state of business
m this country looks like the herald of better times to come.
STOCKS OP M ERCHANDISE IN NEW YORK.
S e p t 1 1915.
Oct,
870,992
75,083
527.444
129.525
123,400
227,427
1,200
31,400
29,700
? ” ?U............................ bags.Cl .0689545
Coffee. Java -\ V .V .\ V .\ V :::.m tts:
71 ,2 8 o
Coffeo, o th e r......................... ..b a g s . 485,830
Sugar — .......................... hogsheads T 134,448
H ides________________________
200,000
Cotton ------------------------------- balos. 215,353
Manila homp------------balos.
2,172
Sisal hemp----------------------------bales.
94,753
F1° u r .......................
barrels.
24,000
1 1914
973,365
33,652
302,085
72,999
22,105
55.804
1,025
3 ,09,1
34.600
L A R D firmer; prime Western 9.40c.; refined to the ConUnent 10.25c.; South America 10.40c.; Brazil 11 40c
P utures have advanced sharply on active trading and higher
prices tor hogs. Packers bought October supposedly against
cash sales. Commission houses bought January. To-day
prices were rather firmer.
D A ILY CLOSING PRICES
„ . ,
,
S a t.
Octobor delivery. _cts. 8.2743
Novembor dollvory----- 8.35
January delivery--------- 8.80
OP LARD FUTURES IN
M on.
8.35
8.45
8.90
T n es.
9.02^
9.05
9.15
W ed.
mcmths. The industry hardly grasps the importance of
tins decrease, so quickly has it come.” says the Oil City
Derrick, but it is reflected in the better feeling among
the oil men of every locality.” Crude pricos firm. Quota
tions are as follows:
Pennsylvania dark $ 1 7 5
Tiona____________l 70
Cabell__________ 1 30
Mercer black_____1 26
New Castle______ 1 26
Corning..... .............. 1 25
Wooster------------ $ 1 25 Ragland- ...........65c.
North Lima........... 1 08 Illinois, above 30
South Lima......... 1 08
degrees............... l 1 7
Indiana.................. 9 3 c.
Kansas and Okla
Princeton________ 1 1 7
homa.................. 80c.
Somerset. 32 d e g .. 1 1 2
0!LS.—Lmseed quiet; city, raw, American seed, 58@
59c.; city boiled American seed, 59@60c.; Calcutta 75c.
Hard, prime 85@88c. Cocoanut, Cochin 10M@llMc •
Ceylon 9K@9%c. Corn 6.50@6.60c. Palm Lagos h / 2
@6 Me. Cod domestic 44@45c. Cotton-seed winter
?nw^aJi su™mer white nominal. Spirits of turpentine
Strained rosin common to good $3 60.
l OBACCp has been firm with a fair trade in filler and
binder. A hopeful feature is the fact that manufacturers
are operating on a larger scale. The better grades of leaf
are particularly firm. Pennsylvania leaf has sold more
freeiy, coincident with some adverse crop reports from
Uino. Cuban leaf is steady, but rather quiet. Sumatra
meets with the usual demand at steady prices
COPPER steady but less active; Lake 18Kc.; electrolytic
18c.; later rather weaker with London prices off, subsequently
advancing again, however. Tin declined on the spot to
31<£c.m Jater rallied to 32M@33c. in response to a rise
of £3 m London. Spelter fell to 14c. hero, with less demand,
rallying later to 14Mc. Lead on tho spot hero 4.52Mc.
with sales smaller. Pig iron firm and in fair demand.
^?.ste*n *$16 25@$16 50; No. 2 Southern $11 50@
$12 50, Birmingham. Domestic buying of steel increases.
Also war purchases continue large. Products hitherto neg
lected are selling more readily to the home trade. Of rails,
the sales during the week are estimated at 100,000 tons. Wire
sales during September were remarkably large and prices aro
tending upward with a continued demand. Exports of wire
to Europe are the largest ever known. Considerable business
has been done in bars for the first quarter of 1916. High
freights interfere to some extent with export business. Low
phosphorous iron has advanced in Philadelphia to $26 50.
owing to a steady demand and the smallness of the supply
C H IC A G O
T h u rs
9.15
9 1,5
9.174S 9 15
9.32 $ 9.30
Fri
9 15
9 15
(L3 5
P0RI L s,-t^ y: mess 320@.$21; clear $20@$22. Beef,
«avS^®oQ7
extra10India
$27@$28. 52@^18:
Cut meatsPacket
steady;$17@$18;
pickled hams,
to 20 mess
lbs.,
1 2 13Me.; pickled bellies, 12@14^c. Butter, cream2 1 ^ 2 0 0 ^® ^9 c ' Cheese, State, 12@15Mc. Eggs, fresh,
COFFEE dull; No. 7 Rio, 6Kc.; No. 4 Santos, 8M@9c.;
tair to good Cucuta, 93^@10c. Futures have advanced
owing partly to higher prices in Brazil and partly to Wall
Street buying. But hedge selling has caused reactions from
time to time. Iho total quantity in sight is 2,089,931 ba"s
against 1,68 >,919 bags a year ago. To-day. thero was prac
tically no not change in prices at the close and the tradin
was small. Closing prices were as follows:
O ctober..cts 6.21®6.23
November__ 6.23® 625
D ece m b e r...6.26® 6.27
January____6.30@6.32
[Vol. 101.
February cts 6.34@6.36
i
March.......... 6.38®6.39
------------ O.Ol
0,5!
April.............6.43@6 44 August........ 6.0.5@6.67
M a y .............6.48@6.49 September
_
________
-_ 6 .? 0 @_____
6 .7 2 !
C O T T O N
F rid a y N ig h t, O ctober 8 1915.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
282,775 bales, against 306,456 bales last week and 284,998
bales the previous week, making tho total receipts since
Aug. 1 1915 1,314,813 bales, against 602,624 bales for tho
same period of 1914, showing an increase since Am? 11915
of 712,189 bales.
S a t.
G alveston_______
Texas C ity ______
Port Arthur____
Aransas Pass, &c
N ew Orleans____
M o b ile ........... .......
Pensacola_______
Jacksonville, & c .
Savann ah.............
B ru n sw ick______
C harleston...........
G eorgetow n____
W ilm in g to n ____
N orfolk__________
N ’port N ew s,& c.
Now Y o rk _______
B o s t o n _________
Baltim ore_______
Philadelphia____
! M on.
T u es.
W ed .
13,993
32,530
8 ,354
13,373
7,738
—
9,230
2,671 ^ 5',264
24
331
4',626
234
8', 020
7',394
516
8 ,854
17,071
i f , 243
811
T h u rs.
“- ““
F r i.
T o ta l.
13.885 100,082
3,976 20,068
—
--------263
263
6.571 34,546
228
2,144
8,854
1,830
1,830
7.095 55,508
4 ,000
4 ,000
3 ,020 18.770
9,177
6',791
. SUGAR lower, becoming stronger later, owing to Wash4'. 277 j 2*743
3',849
2'. 387
2*494
mgton reports that the sugar duties will bo retained; cen2",013
2*912
1,460
,130
trifuga!, {^-degrees test, 3.50@3.70c.; molasses, 80-deg.
2*489 13*376
5,171
3 ,348
2,918
3,219
2,713
3,072 20,441
^ot,-r^’73®
?,93c,>
later>
centrifugal,
96-degrees
test,
3.75
132
132
@3.77c., and molasses 2.98@3c.; granulated 4.90c. Futures
'1 9 6
266
462
"6 7
189
256
declined and thon rallied on a better demand andtho Wash
—
2*543
2,043
____
ington news. Also some damage, possibly 30%, is reported
::::
to tho Louisiana crop, and the Panama Canal landslide may Totals this w eek. 40,714 36.345 69.431 47,293 40,122 48.870 282.775
delay arrivals of Hawaiian and Philippine sugars four or
five weeks. Exporters’ bids are for the most part, however
The following shows the week’s total receipts, the total
under tho market. Tho demand for refined has been com since Aug. 1 1915 and the stooks
to-night, compared with
paratively small. At the West, 4.65c. has been quoted for last year:
best refined and California and Hawaiian 4.85c. Tho Tariff
Law as it stands provides for free sugar next year, but with
1915.
1914.
S to ck .
R eceip ts to
a deficit m the Government finances, it is argued that a
October 8 .
T h is S in c e A u g
revenue of $50,000,000 a year from sugar duties can ill be
W eek.
1915.
W eek.
1 1914.
1915.
1914.
spared. Secretary of the Treasury McAdoo is quoted as Galveston_______ 100,082 1458.418
81,969 312.538 223.530 124,197
saying that the Administration favors the retention of the Texas
City______ 20,088
52,011
1,210
4,462
39,889
3,679
Port Arthur_____
163
present duties. To-day futures advanced 9 to 27 points, Aransas
400
Pass, & c.
*263
19.497
1'.162
5,508
’
3',994
with sales of 17,600 tons.
'5,37
6
New Orleans____ 34,540 165,909 14.577
49,083 172,743
62,536
O ctob er..cts3.07® 3 09
November __3.16®3.18
December___3.17® 3.18
January___ 3.15@3.16
February cts3.13@3.14| J u n o____cts3.22® 3.24
March.......... 3.15 ® 3.171July............. 3 .25 rf 3 !26
A pril---------- 3.17® 3 18 August......... 3.27®3.28
M a y ............ 3 20 @ 3 21 (September . _3.29@3.30
M obile................
2,144
Pensacola_______
8,854
Jacksonville, &c.
l .830
Savannah_______ 55,508
Brunswick______
4,000
Charleston______ 18.770
Georgetown_____
Wilmington_____ 13*376
Norfolk_________ 20,441
N ’port News, &c.
132
New Y o r k ______
462
B oston_________
256
Baltimore_______
2,043
Philadelphia____
5,931
15', 271
2 ,3 7 2
20,716 4,843
9.817
141
6,073
1,720
317,697 29.975
21,400
637
86.430 11.572
45
65,706 3',940
83,936 9,738
1.142
1.405
"5 0
1,257
20
5,160
478
31
2
17,546
141
6.434
118,986
3,381
33,166
14,201
15,358
1,000
177.100
7,000
81,700
" '7 2 9
53,165
500
27,047
uLT!IY
^in good
refined
barrels, $7 7350@
$8RRTiR
50; bulk,
$4@$5;
casesdemand;
$9 75@$10
75. in Naphtha,
to
15,91 i
42,531
14*616
76 degrees, in 106-gallon drums, 25^c.; drums, $8 50 extra.
22,732
43.648
21,969
Gasoline, 86 degrees, 27c.; 74 to 76 degrees, 25@27c.; 6S to
8,533
100 269',605
68 ', 193
70 degrees, 22@24c. The latest report on the output of the
1,537
4,493
2.691
Cushing field gives its production as 135,000 barrels a day
2,072
9,368
4,133
90
1.890
4,765
*° that of all the outside pools of tho State, giving
Totals________
270 000 barrels as the total for Oklahoma. The Cushing
282,775 1,314,813 ]
602,624H ,092,6921 408,348
Held was producing that much in the middle of June. A big In order that comparison may bo mado
with other years,
decrease had therefore occurred in tho last three and a half we give tho totals at leading ports for six soasons:
1014.
1913.
1912.
1911.
1910.
2,409
108,210
17,107
31,014
22,210
120,373
10,500
38,330
28,132
19.065
1,241
6.030
185.410
45,108
36,491
10,010
64,599
8.450
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
159,706
11 ,152
35,858
11,201
89,179
14,569
18,910
27.365
28,126
2 88
3,835
162,032
408,848
421,208
431,129
400,089
R eceip ts a t —
1915.
Galveston - TcxasCity.&c.
Now Orleans.
M obile______
Savannah —
Brunswick. .
Charleston,&c
Wilmington. .
Norfolk . —
N ’port N.,&c.
All others------
100,082
20,331
34,516
2,144
5 >,508
4,000
18,770
13,376
20,441
132
13,415
81,969
2,372
14,577
4,843
29,975
637
11,572
3,940
9,738
Tot. this week
282,775
Sinco Aug. 1. 1,314,813
602,624 2,143,279 2,053,090 2,340,125 1,849,030
The exports for the week ending this evening reach a total
of 148,246 bales, of which 60,843 were to Great Britain,
2 1 ,0 0 0 to France and 66,403 to the rest of the Continent.
Exports for the week and since Aug. 1 1915 are as fol
lows:
lit ports
from—
Great
ConllBritain. France nent&e
Pensacola..
8,854
Brunswlck . 11,580
Charleston.
Now York.
B oston ___
1,500
35
7,850
Total.
4,450
Great
Britain.
33,824 02,828
1,775
143,597
15,877
103
1,700 17,045
41,749
4,380
10,493
19,398
11,580
17,000
8,854
3,050 3,050
11,580
3,300 3,300
8,094 10,707 19,401
4,080 10,030
141
100
100
4,154
4,722
Phlladel 'la.
Total___
From Aug. 1 1915 to Oct. 8 1915.
Exported to—
Week ending Oct. 8 1915.
Exported to—
Galveston.. 29,004
Texas City1,775
Port Arthur
Ar.Pass.&c
NewOrl’ns. 8,095
11 99
THE CHRONICLE
Out. 9 1915.]
100
4,154
4,722
00,843 21,000 00,403 148,240
1,55,
12,225
338
14,711
1,100
294,107
France.
Conti
nent &c.
40,178
92,995
2,402
13,873
11,090
03,543
12,308
34,231
22,025
3,300
30,503
10,192
122,200
Total.
500
14,592
18,418
8,149
1,000
282,770
18,279
103
13,873
110,382
4,380
10,493
G5.937
11,580
20,300
53,188
1,550
114,202
995
14,711
1,000
14,592
18,418
8,149
1,000
350,195
772,028
85,845
057
proof that the gist of the report was known before it was pub
licly announced. On the day of its issuance prices ran up
70 to 75 points with the largest business in one day seen since
tho days of Daniel J. Sully in 1903-04. On the same day,
the Census Bureau issued its ginning figures, on which a
bullish construction was put. They came at 10 o’clock and
tho crop report at noon. Details of the ginning will be found
elsewhere. The total was 2,900,007 bales up to Oct. 4,
against 3,393,752 in 1914, 3,246,655 in 1913 and 3,007,271
in 1912. Of this Texas ginned only 1,143,486 bales, against
1,334,342
last
year,
1,727,639
in
1913
and
2,002,975 in 1912. Dry goods prices have been advancing.
Manchester has been strong. Liverpool spot sales have
averaged 12,000 bales a day. Spot markets here and at the
South have been strong and rapidly advancing. Southern
liedgo selling here has been as a rule comparatively small.
Y et, latterly, sharp reactions have occurred in futures, part
ly in sympathy at times with declines in the stock market.
Also many think the Government crop estimate is too low;
that 12,500,000 bales, rather than 10,950,000, will ultimately
prove to be nearer tho mark. The technical position was
weakened by enormous buying, pyramiding, & o., and the
driving out of much of the short interest. Fluctuations be
came so wild that many commission houses have required
larger margins. The big advance, many think, discounts
anything at all bullish in the situation. Finally, on Thurs
day, Ellison of Liverpool dealt the market a blow in esti
mating the world’s consumption of American cotton, not at
15,000,000 bales, as some have put it, but at 12,500,000
bales, including 3,000,000 in Great Britain. Big bull opera
tors aro said to have been in some cases quietly selling out
during the week. Also Liverpool and spot houses have been
steady sellers. To-day prices wero irregular, closing slightly
lower. Frost was predicted for much of the belt, but killing
frost only for parts of Oklahoma. Spot cotton closed at
12.50c. for middling uplands, showing a riso for the week of
60 points.
Tho official quotation for middling upland cotton in the
New York market each day for the past week has been:
3,410 121,182 225,300
Total 1914- 40,050 3,405 44,842 88,303 100,708
Total 1913. 92,233 31,243 80,395 203,871 543,194 193,370 051,555 1.388,119
Note.— New York exports since Aug. 1 Include 1,013 bales Peruvian and 21 West
Indian to Liverpool and 2,200 bales Peruvian to Genoa.
Oct. 2 to Oct. 8—
Sat. Mon. Tues. W ed. T hurs. Pri.
Middling uplands...................... 11.85 12.50 12.75 12.45 12.55 12.50
In addition to above exports, our telegrams to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at tho ports named. W o add similar figures for
Now York.
1915-C..
1914___
1913___
1912___
1911___
1910___
1909___
1908-----
On S h ip b o a r d , N o t C le a re d f o r —
Oct. 8 at —
Now Orleans..
alvoston___
Savannah ----C harleston__
Now York___
Other ports__
Total 1915..
Total 1914. .
Total 1913. .
G er
Great
B r it a in . F r a n c e . m a n y .
7,611
1,222
29,163 11,446
2,090 3,000
2,000
235
"166
1,000
10,000
____
Other
F o r e ig n
12,588
13,411
C ao st w is e .
T o ta l.
L e a v in g
S to ck .
4.000
8.000
252 21,673
4,250 58,270
4,000
9.000
2.000
410
1,185
1,185
7,000
18,000
151,070
165,260
168,100
79,700
13,791
42,463
262,605
92,165
100 37,999
52,009 17,668
1,204 4,343 39,139
15,945
61,759 32,999 92,146 23.496
9,762 117,538
15.392 76,023
14.328 224,728
975,154
332,325
376,385
2,666
1899.C__ . .
1898......... . .
1897_____ . .
1896_____ . .
1895......... . .
1894......... . .
1893......... . .
1892......... . .
7.31
5.44
6.50
7.94
9.12
6.25
8.38
8.19
1891
1890
1889
1888
1887
1886
1885
1884
8.7 5
10.31
10.62
10.12
9.44
9.38
9.81
10.0 6
F U T U R E S .— The highest, lowest and closing prices at
Now York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd’y, Friday,
Oct. 5.
Oct. 6 .
Oct. 7. . Oct. 8 .
Oct. 2.
Oct. 4.
Week.
1
11.5S-.72 11.84-.32 12.50-.72 12.25-.52 12.30-.50 12.20-.29 11.58-/72
11.70 — 12.28-.30 12.50-.52 12.43-.40 12.33-.34 12.26-.29 --------—
11.77 — 12.38 — 12.60 —
1
11.90-.0S 12.15-.69 12.79-.00
11.98-.00 12.00-.03 12.79-.81
1
12.07-.23 12.30 .87 12.96 .20
12.13 .15 12.79 .82 12.98 .99
12.55 — 12.44 —•12.37 — ------------12.46-.85 12.57-.84 12.52-.77 11.90-/00
12.75-.70 12.64-.00 12.59-.60 —
12.62 .02 12.74 .00 12.67-.88 12.07->20
12.90 .91 12.81 .83 12.75-.77 —
12.25 — 12.90 — 13.10 — 13.02 — 12.93 — 12.85 — --------—
1
12.30 .50 12.56 .15 13.23 .47 12.88 .31 13.02 .25 12.92-.14 12.16-/47
12.41 .42 13.00 .08 13.25-.27 13.15-.1S 13.07-.09 12.99-.00 --------—
12.50 — 13.15 — 13.35 — 13.23 — 13.15 — 13.10 — —
1
12.5S-.09 12.7G-.32 13.43-.08 13.10-.49 13.22-.43 13.10-.31 12.S8-/6S
12.02-.63 13.27 — 13.43-.45 13.35-.37 13.26-.27 13.16-.17 —
12.02 — 13.25 — 13.43 — 13.35 — 13.27 — 13.16 — -------- ---- ■
1
12.01-.70 12.75-.34 13.45-.67 13.15-.49 13.26-.44 13.15-.33 12.C1-/67
12.63-.64 13.24-.26 13.45-.50 13.3G-.3S 13.28-.29 13.20-.21 —
12.54 — 12.71-.15 13.38-.40 —
12.50-.58 13.14 — 13.37-.40
00
October—
Range____
Closing___
November—
Range____
Closing___
December—
Range____
Closing___
January—
Range____
Closing___
February—
Range........
Closing___
March—
Range........
Closing___
April—
Range____
Closing___
May—
Range........
Closing___
June—
Range........
Closing___
July—
Range____
Closing___
August—
Range____
Closing-----
CN
CO
Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
...1 2.50 1907-C-. ..11.85
1906___ ..10.65
-.13.90 1905____ ...1 0 .1 0
..11.10 1904___ ..10.45
. . 9.95 1903___ . . 9.60
-.14.65 1902........ . . 8.85
..13.55 1901___ . . 8.38
- . 9.05 1900____ . .11.00
1
Speculation in cotton for future delivery has been active
and oxcitod at wide fluctuations in prices. A t ono dime
quotations got into now high ground. In threo days the
riso was 135 points. Light frosts occurred in somo parts
of Toxas, Arkansas, Tonnesseo and Oklahoma. But tho
chief bullish factor was tho Government report of Oct. 4,
putting tho condition at 60.8% again st 6 9 .2 % in the previous
month and 73.5 last year. It showed a declino during tho
month from Aug. 25 to Sept. 25 of 8.4 points, compared with
an average declino in tho same period for tho last ten years
of 4.5 points. The estimated condition on Sopt. 25 of 60.8
of normal (276.4 pounds as 10 0% ) forecasts, it says, a yield
of about 168.1poundsto thoacro and a total production (al
lowing a reduction of 1 .3 % from tho planted area for aban
donment) of about 10,950,000 bales, as against last year’s
production of 16,135,000 bales and tho 1913 crop of 14,
156,000 bales. A crop of less than 11,000,000 bales
would bo smaller than any sinco 1909. Tho Government
roport states that tho unusual deterioration was duo prin
cipally to tho extremes of weather conditions, periods of
oxcessivo railfall, cold weather and drouth having charac
terized the season in most of the cotton belt. Lack of fer
tilizer and the poor equality of that used, it adds, lias been an
unfavorable factor in the Eastern portion of tho belt. It
also says thero is little promiso of a top crop except in tho
Northern portion of the belt, owing to the climatic condi
tions and tho unusual activity of boll weevil, and that
whoro a top crop is setting in tho Northern portions of
tho belt tho lateness of tho crop there makes the reali
zation of a top crop dependent upon futuro fa
vorable weather and lato frost. This report was a sig
nal for a wild outburst of bullish speculation.
W all
Strcot, tho W est, tho Waldorf element, tho South, every
body bought. Tho force of the report was emphasized
by
tho now departure of tho Agricultural Depart
ment in interpreting tho meaning of tho roport and actually
making a crop ostimato. Usually this is deferred until tho
first weolc in December. Tho innovation gavo riso to rather
sharp criticism hero and there. There wero hints, too, of a
possiblo “ leak” from Washington, which aro hero mentioned
for what tlioy aro worth. Certainly thero was no direct
NEW
13.17-.20 13.10-.13 12.S4-/40
13.18 — 13.10-.12 —
}12.72 /13.00
N E W O R L E A N S C O N T R A C T M A R K E T — The high
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for tho past week have been as
follows:
S a tu rd a y , M o n d a y , T u e sd a y , W e d 'd a y , T h u r s d 'y ,
Oct. 2.
Oct. 4.
Oct. 6.
Oct. 7 .
Oct. 5.
October —
F r id a y ,
Oct. 8 .
Range_______
Closing---------
11.68-.29 12.37-.63 12.23-.41 12.23-.46 --- ---- ——.
12.27-.28 12.45-.48 12.33-.35 12.28-.30 12.1C-.20
Range_____
Closing______
11.SS-.51 12.65-.92 12.35-.75 12.43-.72 12.44-.64
12.50-.51 12.70-.71 12.58-.59 12.56-.57 12.45-.4 6
Range_______
Closing______
12.08-.6S 12.83-.0S 12.53-.93 12.65-.90 12.60-.80
12.66-.67 12.87-.88 12.77-.78 12.73-.74 12.63- .64
D ecem ber —
J a n u a r y —•
'M arch —
Range_______ Business 12.S3-.96
Closing___ __
Sus
12.94-.95
pended.
12.47-.13
Range_______
13-11-13
Closing______
Ju ly —
M ay—
Closing--------S p ot________
O ptions_____
13.10-.36 12.80-.20 12.92-. 16 12.84-.02
13.14-.15 13.01-.03 12.98-.99 12.86-.87
13.32-.53 13.04-.30 13.09-.30 12.99-.14
13.30-.32 13.19-.20 13.16-.17 13.01-.02
13.21-.23 13.40-.42 13.29-.30 13.26-.27 13.05-.08
Steady
Steady
Steady
Steady
Quiet
Steady
Quiet
Steady
Steady
Steady
1200
[Vol. 101
THE CHRONICLE
T H E V I S I B L E S U P P L Y O F C O T T O N to-n ig h t, as m ade
up b y cable and telegraph, is as follow s.
Foreign stocks,
as well as the a flo at, are this w eek’s returns, and consequently
all foreign figures are brought dow n to T h u rsday evening.
B u t to m ako the total the com plete figures for to-night
(F rid a y), we add the item o f exports from the U n ited S tates,
including in it the exports of F riday on ly.
Via
Via
V ia
Via
Via
Via
V ia
1914---------
1915---------
O c t . 8—
S h ip p e d —
W eek.
St. L ouis.........................................
. 3,415
C airo...............
10,053
-10,053
R ock Island_________________
L o u is v ille ____________________. 1,359
C incinnati_____________________
. 2,340
Virginia points________________
- 2,397
other routes, & c_______________
- 3,841
S in c e
A u g . 1.
S in c e
A u g . 1.
W eek.
31,265
21,605
3,692
4,281
25,024
8,202
5,906
7,275
9,641
44,763
1,369
379
843
5,986
4,920
1,913
5,792
24,008
120,455
16,550
69,859
7,853
7,629
24,577
548
1,042
6,002
3,799
9,565
32,626
O c t o b e r 8—■
1915.
Stock at L iverpool_________bales.. 934,000
Stock at L o n d o n ________________.
71,000
Stock at M anchester____________ .
54,000
1914.
786,000
19,000
56,000
1913.
404,000
5 .COO
26,000
1912.
489,000
13,000
53,000
D e d u c t S h ip m e n ts —
T otal Groat Britain___________-1.059.000
1.059,000
Stock at Hamburg_______________.
*1,000
Stock at B rem en ________________*2,000
Stock at H a v r e ---------------------------. 198,000
Stock at M arseilles_______
.
2,000
Stock at B a rcelon a ______________.
.
41,000
Stock at G e n o a _________________.
85,000
Stock at T rieste___________
*1,000
861.000
*29,000
*170,000
222,000
3,000
29,000
22,000
*20,000
435,000
17,000
103,000
63,000
2,000
9,000
6,000
11,000
555,000
8,000
145,000
83,000
3,000
12,000
3,000
5,000
T otal to bo deducted___________
. 8,344
40,059
7,592
45,990
Leaving total net overland *_______ 15,061
80,396
8,958
23,869
495,000
211,000
259,000
T otal European s to c k s _______ 1
.1,389,000 1,356,000
India cotton afloat for E urope___.
88,000
77,000
A m cr. cotton afloat for E urop e. _. 470,834
150,198
E gy pt. Brazil ,&c. .afloatforE ur’po)
22,000
19,000
Stock in Alexandria, E gypt
. 152,000 *100.000
Stock In B om bay, India___
. 495.000
528,000
Stock in U. S. p o r t s ____________ 1
.1,092,692
408,348
Stock in U . S. interior tow ns____. 698,808
459,576
U . S. exports to-d a y ______
.
12,844
1,175
646,000
89,000
786,166
58,000
154,000
396,000
601,113
360,911
37,801
814.000
41,000
806,663
45.0CO
110,000
318,000
814,249
350,349
43,799
.
330,000
.4,426,178 3,099,297 3,128,991 3,343,060
O f the above, totals o f Am erican and other descriptions aro cs follows:
American—
Liverpool stock ___________ bales.. 696,000
M anchester stock ________________.
44,000
Continental stock_________________
. *250,000
*256,000
American afloat for E urope_____. 470,834
U . S. port stocks________________.1,092,692
1,092,692
U . S. interior stocks______________. 698,908
U . S. exports t o -d a y ____________ .
12,844
242,000
15,000
170,000
786,166
601,113
360,911
37,801
485,000
37,000
*375,000
150,198
408.348
459,576
1,175
347,000
38,000
232,000
806,663
814,249
350,349
43,799
T otal A m erica n _______________3
.3,271,178 1,916.297 2,212,991 2,632.060
East Indian, Brazil, <&c.—
L iverpool s t o c k ____________
. 238,000
London stock _______________
.
71,000
M anchester stock___________
.
10,000
Continental s t o c k __________
. *74,000
India afloat for E urope_____
.
88,000
E gypt, Brazil, & c., a flo a t ..
.
27,000
Stock in Alexandria, E g y p t_____ . 152,000
Stock in B om bay, India___
. 495,000
T otal East India, & c___
T otal A m erican_________
301,000
19,000
19,000
*120,000
77.000
19,000
*100,000
528,000
142,000
13,000
15,000
27,000
41,000
45,000
110,000
318,000
162,000
5,000
11,000
41,000
89,000
58,000
154,000
396,000
711,000
.1.155,000 1,183,000
916,000
.3,271,178 1,916,297 2,212,991 2,632,060
T otal visible supply___________ 4,426,178 3,099,297 3,128,991 3,343,060
M iddling
,724d.
5.30d.
6.30d.
____
_ .
7.52d.
_ U.pland,Liverpool____
.
, _______
11.10c.
-----13.70c.
M iddling Upland, N ew Y o r k ____ 12.50c.
1 0H d .
E gy p t, G ood Brown, L iv e r p o o l..
10.25(1. 8.10d.
10.50d.
lO.OOd.
Poruvian, Rough G ood . Liverpool
10.10(1. 8.75d.
9.25d.
6M d .
B roach, Fine, Liverpool___________
6.85d.
4.80d. 6 15-16d.
T innevelly, G ood, L iverpool____
6.97d.
4.95d.
7d. 6 l-16 d .
* Estim ated.
Continental im ports for past week have been 3 3 ,0 0 0 bales.
T h e above figures for 1915 show an incrcaso over last week
o f 2 1 5 ,7 9 2 bales, a gain of 1 ,3 2 6 ,8 8 1 bales over 1914, an ex
cess o f 1 ,2 9 7 ,1 8 7 bales ovor 1913 and a gain of 1 ,0 8 3 ,1 1 8
bales over 1912.
A T T H E I N T E R I O R T O W N S the m ovem ont— th at is,
the receipts for the week since A u g . 1, the shipm ents for
the week and the stocks to-n ig h t, and the same item s for the
corresponding periof of the provious year— is set out in de
tail below .
M o v e m e n t to O c t.
T ow n s.
R e c e i p ts .
W eek.
Ala,, Eufaula. _ 1,244
Montgomery. 0,747
Selma........ .. 3,24(5
Ark., Helena.. 2,849
Little Ilock.- 5,450
Ga., Albany__
1,194
Athens _____
9,662
Atlanta_____
6,279
Augusta____ 28,133
2,324
Colum bus__
M a con _____
3.700
Romo ............
3,174
La., Shreveport 8,122
Miss.,Columbus
402
Greenville . . .
4,643
Greenwood . .
5,536
M eridian___
1,046
Natchez _____ 2,500
V icksburg__
1,780
Yazoo C ity .. 2,307
M o., St. Louis. 2,988
N .C ., Raleigh.
391
O., Cincinnati. 3,432
Okla., Hugo__
19S
S.C., Greenw'd
624
Tenn., Memphis 29,267
Nashville___
241
Tex., Brenharn 1,000
1,541
Clarksville__
Dallas______
5,000
1,334
Honey Grove.
Houston____ 111,429
Paris________ 5,019
S ea son .
8 1915.
S h ip
m en ts.
W eek.
S tic k s
[O ct.
8.
M o v e m e n t to O c t.
R e c e ip ts .
W eek.
7,711
250 9,304 1,400
44,487 4,943 06,932 10,209
20,257 1,630 28,380 6,700
510 5,601 2,832
5,753
11,444 3,143 10,364 7,521
13,204
940 9,672 1,512
22,092 4,350 17,354 4,790
27,346 4,929 15,681 4,043
121,719 11,509 132,128 21,434
12,692 1,510 31,140 4,307
18,757 1.862 10,725 3,353
9,493 2,110 5,554 1,742
31,182 0,359 33,231 7,977
006
199 3,874
2,119
15,044 2,643 14,000 4,393
27,088 3,534 15,941 4,178
510
5,452 1,001 8,485
1,400
10,588 1,170 8,000
5,991
947 0,734 1,140
6,740
8,199 2,025
20,425 3,415 7,004 4,548
2,248
45C
363
157
1,013
12,000 3,727 11,490
328
328 1,200
2,841
34C 5,260
774
67,193 13,382 78,026 37,158
2,144
581 1,563
211
7,715
ooc 3,046
948
3,822
977 2,497 3,000
20,532 3,000 7,233 5,038
3,83)
1,185 1,453 1,500
511,701 95,858 133,786 69,627
15,263 4,276 5,382 5,000
S ea so n .
9 1914.
S h ip m ea ts.
W eek.
S to ck s
O c t.
9.
7,487
301 5,203
51,666 3,659 41,930
32,460 1,585 25,182
7,080
259 7,256
13,068 2,057 13,453
11,305
53 11,572
10,797 1,100 9,212
7,805 2,326 3,293
81,390 8,561 55,040
17,424 1,450 12,709
11,393
193 10,375
5,698 1,195 2,174
24,790 1,055 25,527
2,328
373 1,932
13,184 1,891 11,796
12,570
140 15,561
2,935
90 3,797
4,495
85 5,100
3,300
209 3,231
0,292
7,111
13,2.82 3,692 13,683
347
32
175
8,612 1,415 4,417
2,740
300 2,000
1,846
24 1,875
76,037 10,150 05,014
247
247
6,342
76 4,830
6,600
800 4,900
14,841 3,153 4,915
5,700
600 3,900
334,761 60,245 67,940
19,390 1,000 14,000
Total, 33 towns 262,802 1,089,210181,408 698,808 222,9361 818,262' 108,223459,576
T h o above totals show that the interior stocks have in
crea sed during the week 8 1 ,3 9 4 bales and aro to-n igh t 2 3 9 ,2 3 2
bales more than a t tho samo timo last year.
T ho receipts a t
all towns have been 3 9 ,8 6 6 balos moro than the same week
last year.
O VERLAND M O V E M E N T FOR TH E W E E K A N D
S I N C E A U G . 1 .— W o give bolow a statem ent showing tho
overland m ovom ent for tho week and since A u g . 1, as m ade
up from telegraphic reports F riday n igh t. T h o results for tho
week and since A u g . 1 in tho last tw o years aro as follow s:
T otal gross overland____________23,405
-23,405
Overland to N . Y ., B oston, & c._.
Between interior tow ns__________.
Inland, & c., from South__________
.
2,761
2,701
1,236
4,347
* Including m ovem ent b y rail to Canada.
T h e foregoing shows tho w eek’s not overland m ovem en t
has been 15 ,061 bales, against 8 ,9 5 8 bales for tho week last
year, and that for the season to date tho aggregate net over
land exhibits an increase over a year ago of 5 6 ,5 2 7 balos.
-1914-
-1915I n S ig h t a n d S p i n n e r s ’
T a k in g s .
S in c e
A u g . 1.
S in c e
R eceipts at ports to O ct. 8 _____ .282,775
N et overland to O ct. 8 . ______ - 15,061
Southern consum ption to O ct. 8 - - 65,000
1,314,813
80,396
640,000
162.032
8,958
60,000
A u g . 1.
602,624
23,869
570,000
T otal m arketed_______________ -362,836
Interior stocks in excess_________ . 81,394
2,035,209
252,846
230.990
114,713
1,196.493
339,437
Came into sight during wcolc. -444,230
T otal In sight O ct. 8 __________
2,288,055
N or. spinners’ takings to O ct. 8 . . 67,656
298,879
W eek.
W eek.
345,703
61,112
1,535,930
259,274
M o v e m e n t into sight in previous years:
W e e k —■
B a le s . I
S i n c e A u g . 1—•
B a les.
’ 913— O ct. 10.................. ........ 562,7541 1913— O ct. 1 0 . . ..................3 .0 3 8 ,9 4 0
1912— Oct. 11....... ................... 570,394 1912— O ct. 11................
2,929,243
1911— Oct. 13______________ 566,413| 1911— O ct. 13........................3,076,448
Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are tho closing quotations o f m iddling
cotton a t Southern and other principal cotton m arkots for
each day of the woelc.
C lo s in g Q u o ta tio n s f o r M id d lin g C o lto n o n —
W e e k e n d in g
O c t o b e r 8.
S a tu r d a y .
G a lv e s to n _____ 11.75
M o b ile _________
Savannah _____
C h a rle sto n ____
W ilm in g to n ___
N o r fo lk _______
B a ltim o r e _____
Philadelphia . .
A ugu sta_______
M em phis______
St. Louis______
H o u s t o n ______
Littlo R o ck ____
11.63
11A
n
'A
11
H
11.25
11 H
12.10
11.25
11.75
11 H
1 1.60
11.75
M on day.
12.25
11.81
11.63
11 M
11 %
n'A
11.88
11H
12.75
11.25
12.00
11 H
11.65
T u e s d a y . W e d ’ d a y . T h u r s d ’ y.
12.50
12.00
12.06
12
12
Ii u
12.38
12
13
12.13
12.25
12 M
12.35
12.00
12.40
12.00
12.00
12
12
1 1^
12
12
12.70
12,00
12.25
12 K
12.35
12.50
12-40
12.00
12.06
12
12
11 A
12.13
12
12.80
12.06
12.25
12 'A
12.35
12.50
F r id a y .
12.00
12.00
12.00
n7
A
nx
12.00
12
12.75
11.94
____
12 'A
12.50
W E A T H E R R E P O R T S B Y T E L E G R A P H .— A dvices to
us b y tolegraph from tho South this ovoning indicato that
little or no rain has fallen in tho Southw est, but that else
where rain has been quite general w ith tho precipitation
heavy in some sections along tho G u lf and A tla n tic.
Tom perature has been lower. Picking o f cotton has progressed
rapidly and in T exas is roported to bo abou t com pleted,
except in some northom counties.
G alveston, T e x .— T ho weather during tho latter part of
tho week has been cool and dry.
Picking is about com
pleted except in some of tho northern counties.
R ain has
fallen on two days o f tho w eek, to tho oxtent of two inches
and eighty hundredths. T h o thorm om etor has ranged from
60 to 8 4 , averaging 7 2 .
A bilene,' T e x .— N o rain all tho wook. A vcrago therm om
eter 6 6 , highest 9 0 , lowest 4 2 .
B renharn, T ex .— W e have had no rain tho past w eek. Tho
thermom eter has averaged 6 9 , tho highest being 9 0 and tho
lowest 4 8 .
C u ero, T ex .— Tliero has been no rain tho past w eek. Tho
therm om eter has averaged 7 0 , ranging from 46 to 94 .
D a lla s , T ex .— D r y all tho w eek. T h o m inim um ther
m om eter was 4 6 .
H en rietta , T e x .— N o rain during the w eek. Average ther
m om eter 6 5 , highest 9 0 , lowest 4 0 .
H u n tsv ille, Tex.'— W o havo had no rain during tho week.
Tho thermom eter has averaged 6 6 , tho highest being 9 0 and
the lowest 4 2 .
K e r r v ille , T ex.— Tliero has been no rain during tho week.
T ho therm om eter has averaged 6 1 , ranging from 3 6 to 8 6 .
L a m p a sa s, T ex .— D ry all tho w eek. T h e thermom eter has
ranged from 3 8 to 9 0 , averaging 64 .
L on gview , T ex.— N o rain tho past weok. Averago ther
m om eter 6 6 , highest 8 8 , lowest 4 4 .
L u lin g , T ex.— W o havo had no rain tho past w eek. T ho
thermom eter averaged 6 8 , tho highest boing 92 and tho
lowest 4 4 .
N a cog d och es, T ex .— Tliero has been light rain on ono day
during tho week, to tho extent o f tw enty-tw o hundredths of
an inch. T ho thormomotor has avoraged 6 7 , ranging from
44 to 9 0 .
P a le stin e, T ex .— Tliero has boon no rain tho past week.
T ho thermometer has avoraged 6 8 , tho highost boing 8 8
and the lowest 4 8 .
P a ris, T ex .— Tliero has been no rain tho past wook. T h e
thermom eter has avoraged 6 6 , ranging from 42 to 9 0 .
THE CHRONICLE
O ct . 9 1915.1
San A n to n io , T ex .— I t has rained on one day of the week,
w ith rainfall to tho extent o f ono hundredth o f an inch.
T h e thermom eter has ranged from 4 8 to 9 2 , averaging 70 .
T u lsa , O kla.— W o havo had rain on ono d ay during the
week, the rainfall being ono hundredth of an inch. T he
thermometer has ranged from 3 9 to 8 8 , averaging 6 3 .
L ittle Rock, A r k .— It has rained on ono d ay during the
week, to the extent of forty-five hundredths of an inch. T he
thermometer has averaged 6 6 , the highest being 8 6 and the
lowest 46 .
N ew O rlean s, L a .— There has been rain hero on four days
of tho week, tho precipitation reaching four inches and
thirty-three hundredths. T ho therm om eter has averaged 7 4 ,
ranging from 61 to 90 .
Shreveport, L a .— R ain has fallen on one day during the
week, tho rainfall being sixty-six hundredths of an inch. T h e
thermometer has ranged from 4 9 to 8 9 , averaging 69 .
C olum bus, M i s s — W o havo had rain on ono d ay o f the
past week, tho precipitation reaching one inch and fifty-six
hundredths. Avorago therm om eter6 7 , highest 8 9 , lo w e st4 5.
V icksburg, M i s s .— It has rained on two days during the
weok, to tho extent of ono inch and forty-three hundredths.
T ho thermom eter has averaged 6 8 , tho highest being 8 7 and
tho lowest 4 8 .
M o b ile , A la .— There has beon rain on four days of tho
past week, to tho oxtent of two inches and fifty-one hun
dredths. T h o thermomoter has averaged 7 4 , ranging from
6 4 to 8 8 .
S elm a, A la .— R ain has fallen on four days during tho week,
tho rainfall being soventy-eight hundredths of an inch.
T ho thermom eter has ranged from 4 9 to 8 6 , averaging 6 8 .5 .
A lb a n y , G a.— R ain has fallen on fivo days o f tho week.
Tho rainfall reached seven inches and tw en ty-five hundredths.
A verago thermomoter 72 , highest 9 0 , lowest 54 .
Savannah, G a.— It has rained on three days during the
w eek, to tho extent o f ono inch and sixty-tw o hundredths.
T h o thermometer has averaged 7 8 , tho ‘ highest being 8 9
and tho lowest 66.
M a d is o n , F la .— R ain has fallen on fivo days during the
w eek, tho rainfall reaching four inches and sixty hundredths.
Averago thermometer 7 6 , highest 8 8 , lowest 66 .
C harleston, S. C .— T ho w eek’s rainfall has been two inches
and fifty-on e hundredths on four d a ys. T h o thermom eter
has averaged 78 , the highest being 86 and tho lowest 6 9 .
C harlotte, N . C .— There has been rain on threo days dur
ing tho w eek, the precipitation being n inety-soven hundredths
o f an inch.
T h e thormometer has ranged from 51 to 8 0 ,
averaging 66.
M e m p h is , T e n n .— It has beon dry all of tho w eok, T h e
thorm om eter has averaged 6 5 , the highest being 8 3 and tho
lowest 4 6 .
1201
T H E A G R I C U L T U R A L D E P A R T M E N T ’S S E P T E M
B E R R E P O R T .— T h e follow ing statem en t, showing the
condition of cotton on S e p t. 2 5 , was issued b y the D epart
m ent o f Agriculture on O ct. 4 :
T he Crop Reporting Board o f tho Bureau’ o f Crop Estimates o f the United
States Departm ent o f Agriculture estimates, from the reports o f the corres
pondents and agents o f tho Bureau, that the condition o f the cotton crop
on Sept. 25 was 60.8% o f a normal, as com pared with 69.2 on Aug. 25 1915,
73.5 on Sept. 25 1914, 64.1 on Sept. 25 1913, and 68.3, the average on
Sept. 25 o f tho past ten years.
A condition o f 60.8% on Sept. 25 forecasts a yield per acre o f 168 pounds,
which, applied to the planted acreage less the average abandonment, 1 .3 % ,
indicates a total o f 10,950,000 bales, 500 pounds gross, com pared with 16,
135,000 bales ginned last year. Final results will probably be above or
below the amount indicated according as conditions after Sept. 25 are better
or worse than average. Comparison o f conditions, b y States, follow:
Slate.
10-Yr.
1915.
V irg in ia ______
N orth Carolina
South Carolina
Georgia _____
F lo rid a _______
Alabama ____
M ississippi____
L ouisiana_____
T e x a s _________
Arkansas _____
Tennessee _ _ .
M i s s o u r i .___
O k la h o m a ____
C alifornia_____
United States
1914.
SALES A T N E W
Futures
Market
Closed.
Spot Market
Closed.
Saturday___
M o n d a y ___
T u o s d a y ___
W ednesday.
Thursday . .
76
73
71
73
71
69
65
60
67
68
73
74
66
85
76
71
69
70
65
69
65
67
72
82
81
71
93
81
76
75
76
78
74
72
65
70
74
81
81
72
--
60.8
73.5
68.3
69.2
72.8
*335
T o t a l____
1,735
15,300
1,400
1,800
18,500
0 ,2 3
W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .
C otton Takings.
W eek and Season.
1915.
Week.
| Season.
Visible supply O ct. 1 --------------- 4,210,386
Visible supply Aug. 1--------------American in sight to Oct. 8 -----444,230
550,000
B om bay receipts to O ct. 7 ____
Other India shipm ’t to O ct. 7 _ .
54.000
58.000
Alexandria receipts to O ct. 6 ___
Other supidy to O ct. 6 *______
52.000
Total su p p ly_________________ 4,718,616
Deduct—■
Visible supply O ct. 8
4,426,178
T otal takings to Oct. 8 0
O f which American
O f which oth er___
1914.
292.438
264.438
28,000
Week.
1 Season.
2,974,508
4,633,210
2,288,055
265,000
40.000
28.000
20,000
Avge.
—5
—6
—8
—8
—8
—8
—7
—5
— 10
—9
— 11
—9
—8
+2
—5
—3
—4
—3
—7
—5
—7
—5
—3
—6
—8
—7
—6
---
— 8.4
— 4.5
Acreage Planted 1915.
10- Year
% of T4
Planted
Area. .
1913.
Final.
Avge.
Final.
Acres.
Final.
260
248
208
168
112
148
180
159
145
176
202
288
176
499
265
290
255
239
175
209
195
165
184
196
200
270
212
500
240
239
235
208
150
190
204
170
150
205
210
286
132
500
...
228
240
223
195
125
176
195
174
171
191
200
293
181
...
36,000
1,333,000
2,399,000
4,684,000
202,000
3,382,000
2,728,000
1,139,000
10,365,000
2,193,000
813,000
107,000
2,102,000
35,000
17,000
80
86
83
85
90
83
88
85
86
86
87
72
72
75
84
168.1
209.2
182.0
187.7
31,535,000
84.3
V irg in ia ____ __
N orth Carolina
South Carolina
Georgia _______
F lo rid a _______
A la b a m a _____
M ississippi____
L ouisiana_____
T e x a s ______ __
A rk a n sa s_____
Tennessee . . .
M i s s o u r i_____
O k la h o m a ____
C aliforn ia .. . .
A ll other______
United States
1914.
IN D IA C O T T O N M O V E M E N T .
1914.
1915.
S e p t. 16.
R e c e ip ts a t —
31,000
S in ce
A u g . 1.
149,000
E x p o r ts
fr o m —
1913.
S in c e
A u g . 1.
W eek.
2,000
12,000
S in c e A u g u s t
G rea t
C o n t i- J a p a n
B r ita in , n e n t . & C h ln a T o ta l.
C o n t in en t.
G rea t
B r ita in .
Bombay—
1915..
.
41.000 41.000
1914..
.
4,000 4.000
1913.. .
17,000 12.000 29.000
C a lcu tta —
1915..
.
1.000
1,000
1914..
.
1913..
.
Madras—
1915..
.
1914
____________
1913
____________
2,000
2,000
All others—
1915
____________
3,000
3,000
1914
____________
1913..
..
1,000
3',666
2',666
2,000
T,66o
S in c e
A u g . 1.
W eek.
42,000
F o r th e W e e k .
1,400
15,300
1,735
1,800
10-Yr.
1915.
(indi
cated) .
Bombay_________________
Spot. ’|Contr'ct Total.
1,400
Avge.
80
79
72
81
81
78
68
67
70
69
70
72
80
96
1915.
SALES.
Steaely_________
Steady_________
Steady_________
Steady_________
Steady_________
Quiet, 5 pts. d ec___
Quiet, 65 pts. adv__
Steady, 25 pts. a d v .
Quiet, 30 pts. d c c . .
Q uiot, 10 pts. a d v ..
Quiet, 5 p ts. dee___
YORK.
1915.
80
70
63
61
62
57
62
60
57
63
71
72
63
95
W eek.
MARKET AND
10-Yr.
Avge.
Yield per Acre (Pounds, Lint).
State.
Change During
September.
Aug. 25.
Sept. 25.
55,000
1.
Japan
& C h in a
21,000
13,000
106,000
110,900
30.000
72.000
183,000
43.000
179.000.
2,000
1,000
8,000
i,ooq
* "1,666
3.000
1.000
10.000
13.000
1,000
10.000
32.000
23.000
36.000
9,000
9,000
2,000
2,000
3,000
17.000
20.000
23,000
345,703
2,000
1,000
5,600
2,000
3,176,816
1.535,930
50.000
29.000
7,300
38.000
Total all—
19 5___
1914___
1913___
7,274,275 3,330,811
4,837,046
4,426,178 3,099,297
3.099,297
2.848.087
2.240.087
608,000
1,737,749
1,299,449
438,300
M A N C H E S T E R M A R K E T .— Our report received b y
cable to-night from M anchester states that conditions in
tho m arket are unchanged, the phenom enal advance in
cotton disorganizing business.
Indian offers are on a low
basis. W e give prices for to-d a y below and leave those for
previous weeks o f this and last year for com parison:
231,514
177,914
53,600
* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
4,000 41.000 45,000
4,000 4,000
1,000 21,666 12.000 34,000
4.000
2.000
5,000
40.000 154,000 198,000
34.000
31,000
67,000
146,0001 83,0001 234,000
b Estimated.
A L E X A N D R IA R E C E IP T S A N D
Alexandria, Egypt.
September 15.
1915.
S H IP M E N T S .
1914.
1913.
Receipts (cantars)—
This week----------------------Sinco A ug. 1....................
Exports (bales)—
To
To
To
To
Liverpool____________
M anchester--------------Continent and .ln d ia .
A m erica_____________
53,700
96,896
This Since
Week. Aug. 1 .
5,717
2',434
1,920
15,010
5,354
15,411
12,749
T otal e x p o r ts _________ 10,071
48,524
Note.— A cantar is 99 lbs.
800
3,400
This Since
Week. Aug. 1.
125.000
205.000
This Since
Week. Aug. 1.
"993
4,695
4,622
4,391
5,250
3",250
5,500
12,000
7,000
34,000
2.700
993
18,958
8,750
55,700
Egyptian balos weigh about 750 lbs.
1914.
1915.
embraees tho total estim ated consum ption b y Southern mills,
040,000 bales in 19 lo and 570,000 bales in 1914— takings not being available
n S ° , a££ro/*ato amounts taken b y Northern and foreign spinners,
2.208,087 bales in 1915 and 1.167,749 balos in 1914, o f which 1,600,087
balos and 729.449 bales Amorican.
32s
8J4
lb s . S h ir tin g s , c o m m o n
lo f i n e s t .
C op
T w is t.
Aug.
20
27
Sept
3
10
17
24
Oct.
1
8
©
©
d. 8. (1.
8H G 6
9 6 6
954
9H
©
©
©
©
954 6 9
9 H 6 10
10Q 7 3
m i 7 3
1014
10)4
©
©
11H 7
11 7
d.
8 >4
8>4
8H
9 4
©7
@7
© 8
© 8
@8
©7
4)4 @ 8
5J4@8
C o t’ n
M id .
U p l's
8 4 lb s. S h ir tin g s , c o m m o n
to f i n e s t .
32s C o p
T w is t.
s. d. d.
d.
9
5.42
9
5.63
d. 8. d.
No quo tations
No quo tations
0
5.78
1J4 0.12
0
6.44
1014 6.59
No
No
No
No
0
1
0.97
7.24
s. d.
C o t’ n
M id .
U p l’s
d.
6.20
6.20
tations
tations
tations
tations
6.00
6.00
5.80
5.55
No quo tations
No quo tations
5.30
5.30
quo
quo
quo
quo
S H I P P I N G N E W S .— Shipm ents in detail:
Total bales.
N E W Y O R K — T o L iverpool— O ct. 5— Quebra, 1,500_____________
T o H avre— O ct. 2— Espagne, 480_____________________________
T o Bordeaux— O ct. 6— Strathallan, 3 ,976_____________________
T o R otterdam — O ct. 2— M aasdijk, 343
O ct. 6— New A m
sterdam , 714_____________ __________________________________
T o Genoa— O ct. 2— Italia, 1,001: P orto di Alessandretta, 1,872
T o Venezuela— O ct. 6— Caracas, 150_____________ _____ ______
1,500
480
3,976
1,057
2,873
„ 150
[Vol. 101
THE CHRONICLE
1202
exposed to the elem ents. T h is loss of quality w ill, it is
feared, bo strongly felt in final results. Thero is still nothing
m oving to B lack Sea ports, and the Dardanelles situation
is unchanged. Severo cold is reported and navigation
20,880
In Franco threshing is disappoint
750 will be affected shortly.
1,775 ing, both as to quality and qu an tity .
France, it is estim
4,514
a ted , will havo to im port nearly 1 0 0 ,6 0 0 ,0 0 0 bushels, accord
3,581
7,850 ing to a report this year, from C . W . A . V e d itz , A m erican
550
850 Com m ercial A tta ch e a t Paris. T h is estim ate allows for the
„ 300 crop lost through tho G erm an occupation of territory. “ It is
8,854 estim ated ,” says M r . V e d itz , “ that tho total production this
3,650
11,580 year will represent a shortage of approxim ately 7 0 ,9 4 3 ,6 0 0
3,300 bushels and that tho crop of tho invaded sections, which m ust
8,694
10,767 be deducted from the available supply, will represent a further
35 5 6 ,7 5 4 ,8 0 0 bushels, whence it w ould appear that
tho
106
100 total available output will bo approxim ately 2 1 2 ,8 3 0 ,6 0 0
3,654 bushels.
I f the large influx o f Belgian refugees bo taken into
500
4,722 account as partially offsetting tho decreased consum ption
attributable to the fact that a portion of Franco is invaded,
T o t a l.............................................................................- ................................ 148,246
it is estim ated that tho total consum ption will approxim ate
L I V E R P O O L .— Sales, stocks, & c ., for past w eek:
3 1 2 ,1 5 1 ,6 0 0 bushels during w hat m a y bo called tho approach
S e p t . 17.
S e p t . 24.
O c t.l.
O c t. 8 .
ing agricultural year.
It w ill, therefore, bo necessary to
Sales o f the w eek________________
72,000
71,000 61,000
---------O f which speculators t o o k _____
7,000
10,000
7,200
---------im port about 9 3 ,3 2 1 ,0 0 0 bushels of w h eat, representing a
O f which exporters to o k ______
2,000
2,000
2,000
---------value of approxim ately 8 1 8 0 ,0 0 0 ,0 0 0 .”
In tho Balkan
Sales, A m erican__________________
58,000
57.000
45.000
---------15.000 States heavy buying of old wheat continues.
In Italy
Actual export____________________
11.000
11,000
*9.299
71.000 the weather has been bad and tho yield smaller than was
Forw arded_______________
68.000
70,000
70,000
934.000
T otal s t o c k .............................
1,088,000 1,034,000 983.000
A lso tho quality of tlio Italian w heat is below
696.000 expected.
O f which A m erican___________ 841,000
798,000 743,000
3,6000 the
T otal imports o f the week_______
13,000
28,000
38,000
average
and
Ita ly
will
have
to
im port
23.000
O f which A m erican___________
3,000
17,000 20.000
heavily.
In Greece the crop is disappointing. A rgentina’s
A m ount a flo a t ___________________
90,000
145,000 221,000
O f which A m erican___________
69,000
107,000 194,000
---------exportable surplus, according to presont appearances, will be
T h e tone of the Liverpool m arket for spots and futures smaller than that of last year. B u t, lator on, prices declined.
each d ay o f the past week and tho daily closing prices of T h e latest U . S . G overnm ent crop report says that the 1915
Am erican wheat crop will total 1 ,0 0 2 ,0 2 9 ,0 0 0 according
spot cotton have been as follows:
to October crop estim ates. T h is estim ate is an increase of
T
h
u
r
s
d
a
y
.
F
r
id
a
y
.
W
e
d
n
e
s
d
a
y
.
T
u
e
s
d
a
y
.
M
o
n
d
a
y
.
S a tu r d a y .
S p o t.
2 2 ,7 0 0 ,0 0 0 bushels over that of Septem ber.
Tho esti
m ated spring wheat production, 3 4 5 ,1 6 3 ,0 0 0 bushels, has
Fair
Market, f
G
ood
'
Good
Good
Moderato
business
overrun tho Sep t. 1st forecast b y 2 3 ,0 0 0 ,0 0 0 bushels. L ast
Quiet.
12:15
demand.
demand.
demand.
demand.
doing.
P. M . 1
year’s final estim ate was 2 0 6 ,0 0 0 ,0 0 0 bushels, and tho
7.18
average of the preceding five years 2 4 5 ,0 0 0 ,0 0 0 bushels.
7.24
7.24
7.25
6.90
Mid.Upl’ds
6.86
T h e com bination of winter w heat and spring wheat esti
12,000
12,000
10,000
8,000
10,000
6,000
m ates m akes 1 ,0 0 2 ,0 2 9 ,0 0 0 bushels. T h is is tho first tim e
2,000
700
2,500
500
700
500
Spec.&exp.
the U nited States has reached tho billion-bushel m ark.
F u tu res.
Quiet at Quiet at Strong at Steady at Barely st’y, Strong,
unch. to 1 5@8% pts. L ast year’s crop was 8 9 1 ,0 1 7 ,0 0 0 bushels, and tho averago
2@3%
Market, 1 4@ 5 pts. 2@ 4 pts. 2@ 5 pts.
advanco.
advance. pts. adv. pt. dec.
opened
| advance. advance.
o f the preceding five years was 6 8 6 ,0 0 0 ,0 0 0 bushels. T o
day prices declined sharply on tho favorablo G overnm ent
Quiet,
Market, ( Barely st’y, Strong at Steady at Barely st’y, Barely sty,
4@ 6 pts.
4% @7
4@5%
5 pts. 29% @31% 18@18%
crop report.
4P. M . 1 4@
advance.
pts. dec.
pts. adv. pts. adv. pts. dec.
decline.
D A IL Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN NEW Y O R K .
Sat. M on . Tues. Wed. 7 hurt. b n .
T h e prices o f futures a t Liverpool for each d ay are givon N o. 2 rod .................... ...................cts.1 1 8 % 121 % 122
127
128
124
105% 106% 112% 113
109%
below . Prices are on tho basis o f u pland, good ordinary Decem ber delivery in elovator____ 103
D
A
IL
Y
C
L
O
S
IN
G
P
R
IC
E
S
OF
W
H
E
A
T
F
U
T
U
R
E
S
IN
CHICAGO.
clause, unless otherwise stated.
Sat. M on . Tues. Wed. Thurs. Fri.
T o ta l b a le s .
G A L V E S T O N — T o Liverpool— O ct. 1— A idan, 1 2 ,5 8 3 ---O c t. 4—
Scythian, 8 ,0 0 4. __O ct. 7— Santanderino, 8,417....... .......... - T o Barcelona— O ct. 6— M iguel M . Pinillos, 4,400; R am on do
Larrinaga, 7,794__________________ _________ ________________
T o Genoa— O ct. 5— Sicania, 9,516; Val Salice, 11,364------------T o Naples— O ct. 5— Sicania, 750---------------------------------------------T E X A S C I T Y — T o Liverpool— O ct. 6— Scythian, 1 ,7 7 5 .................
N E W O R L E A N S — T o Liverpool— Oct. 2— C olonial, 4 ,5 1 4 . ...........
T o Manchester— O ct. 1—-Kelvinia, 3,581-------------------------------T o Havre— O ct. 2— Hudson, 7,850------------------------------------------T o Christiania— O ct. 2— Texas, 550----------------------------------------T o Barcelona— O ct. 7— Barcelona, 850-----------------------------------T o M exico— O ct. 7— Senator, 300--------------------------------------------P E N S A C O L A — T o Liverpool— O ct. 6— Adelina, 8,854----------------S A V A N N A H — T o Barcelona— O ct. 2— M ar Casplo, 3 , 6 5 0 . . . ..........
B R U N S W IC K — T o Liverpool— Sept. 30— N estorian, 11,580-------C H A R L E S T O N — T o Barcelona— Oct. 7— M a r C aspio, 3 ,3 0 0 .........
W IL M IN G T O N — T o H avre— O ct. 7 ___________ _ 8,694.....................
T o Genoa— O ct. 5— C ayo Gitana, 10,767-------------------------------B O S T O N — T o Liverpool— O ct. 2— Bohem ian, 3 5 . . .................... ..
T o Yarm outh— O ct. 1— Princo George, 106-----------------------------P H IL A D E L P H IA — T o Rotterdam — Oct. 1— Poeldijk, 1 0 0 .............
SAN F R A N C IS C O — T o Japan— O ct. 2— C h iyo M aru , 3,6 5 4 .........
T o China— O ct. 2— C hiyo M aru, 500--------------------------------------S E A T T L E — T o Japan— O ct. 1— Shidzuoka M aru, 4,7 2 2..................
The prices given are in pence and 100ths.
O ct. 2
O ct. 8.
Saturday.
12%
12%
Thus:
6 65 means 6 65-1004.
Monday.
Tuesday. Wed'day. Thursday.
12% 5%
12%
d.
95%
95%
99%
02
81 % 03
99%
77
d.
08%
08%
11%
13%
4
29,004
12%
4
Friday.
12%
4
12%
4
d.
02%
02%
06%
10%
13
09
d.
01 %
01%
05
08%
11%
09
d.
07%
07%
09%
13%
16%
13%
d.
07%
07%
09
12%
16
13
p.m. p.m . p.m. p.m. p.m. p.m . p.m. p.m. p.m. p.m. p.m. p.m .
d.
Oct .-N ov .
Jan .-F o b .
M a r. -Apr.
M ay-Juno
J u ly-A u g . —
6
6
6
6
6
6
d.
65%
65%
70
71%
72
68
d.
73%
73 >4
77%.
80%
d.
13%
13%
IV %
20
14% 21 %
10% 17%
d.
08
08
12
15
16 17
11% 13%
d.
08
08
11%
14
BREADSTUFFS
Friday Night, Oct. 8 1915.
Flour has been firm er, with at tim es a fair business. Som o
o f the N orthw estern flour trade reported a good business on
T h u rsd ay . B u t on tho whole it has n ot beon a week of activ
ity , or anything liko it, hero, although a t tho close business
increased. E xport business has been m oderato, whatever
m a y bo the case in tho near future.
Thero are intim ations
th at foreign G overnm ents m ay purchase A m erican flour
rather freely before long.
How ever th at m a y bo, actual
business w ith foreign buyers has not beon largo enough to
bo a factor in tho m arket. M ean w h ile, shipping directions
are so numerous that m ills are hard pu t to it to m ake satis
factory deliveries to individual buyers.
Deliveries in m any
cases aro a couplo of weeks behind.
Still, somo im prove
m ent in this respect is noticeable. T h e trouble is th at bu y
ers as a rule are apparently more concerned abou t getting
flour on their old purchases than about m aking new con
tracts w ith the m ills. T h o ending was strong.
W h e a t showed for a tim e a great deal of stren gth . M a y
on W ed n esd ay advanced to $1 0 8 , a rise over night of 7jktc.,
while D ecem ber advanced 6% c., touching 81 0 6 % , the high
est price seen for abou t six weeks. T h is was due to rains in
the N orth w est, sharply reduced receipts there, the war news
and reports that M o rga n interests were executing European
orders to buy futures, som ething which is here m entioned for
w hat it is w orth. W a ll Street was bu yin g.
T h a t was
everywhere insisted upon. A n d somo think that tho recent
G overn m en t figures on the A m erican crop were too high.
E xp ort purchases have ranged from 2 5 0 ,0 0 0 to 1 ,5 0 0 ,0 0 0
bushels a d a y .
There is talk of a decrease in the winter-w heat
acreage as at least a possibility. Stop orders in largo numbers
have been caught on tho short sido. A s to tho outlook in
R u ssia, the latest advices say that the weather has been
unfavorable and that spring wheat has been greatly dam aged
b y rains and freezing, and th at tho yield will bo dis
appointing. T h o winter wheat m ovem ont in Russia is
curtailed, as storage room is filled, and m uch already is
December delivery in olovator.cts. 96%
M a y delivery in olovator __________ 98
98% 99% 104
105% J02
9 9 % 100% 107% 106% 102%
Indian corn advanced sharply, m ainly owing to threaten
ing weather.
H ea v y frosts occurred in Illinois and Iow a.
Freezing temperatures wero feared in tho N orth w est.
The
Iow a report showed th at only 2 3 % of the crop was safo from
frost on O ct. 1. T h o m arket acted rather “ sh o rt.”
C oun
try offerings have fallen o ff. A t Chicago houses with coun
try connections havo been good buyers.
Liverpool reported
R iver Plato firm and tho quantity afloat for Liverpool
smaller.
Y e t Liverpool prices havo n ot been very firm , for
the reason that tho dem and for tho m om ent has been sm all.
A lso , it is a fact that the available supply of Am erican corn
increased last week 1 ,4 0 5 ,0 0 0 bushels, against a decrease
in the same tim e last year of 4 9 5 ,0 0 0 bushels.
S till,
tho available supply in tho U nited States remains sm all,
being
only
4 ,1 6 0 ,0 0 0
bushels,
against
6 ,7 0 0 ,0 0 0
a
year ago and 9 ,5 0 0 ,0 0 0 in 1913.
N ow corn however has
begun to m ove in the Southw est.
S t.
Louis and
K ansas C ity havo both receivod a little.
Early in tho
week samplo prices a t Chicago wero w oak, falling last M o n
day 2 to 2 ^ c . , w ith tho receipts largo and the shipping de
m and p o o r .” Traders plainly show a preferonco for selling
on the price upturns on tho ground that weather scaros aro
things of tho m om ent, but back of all is a big crop. Tho
U . S. Bureau of Crop Estim ates puts tho crop on O ct. 1
a t 3 ,0 2 6 ,1 5 9 ,0 0 0 bushels, an increaso over last m on th ’s fore
cast of 4 1 ,0 0 0 ,0 0 0 bushels.
L ast year’s production was esti
m ated at 2 ,6 7 2 ,8 0 4 ,0 0 0 bushels, and tho averago of tho preing five years was 2 ,7 0 8 ,0 0 0 ,0 0 0 bushels. Tho condition
of the crop in Iow a is officially stated as conspicuously poor
as com pared w ith other portions of tho country. T o -d a y
prices declined on the G overnm ent report.
D A IL Y C L O S IN G P R IC E S OF N O . 2 M I X E D C O R N IN NEW Y O R K .
Sat. M on . Tues.
N o . 2 y ellow ................................. c ts . 74%
72% 72%
D A IL Y C L O S IN G P R IC E S OF C O R N F U T U R E S
Sat. M on . Tues.
O ctober delivery In elevator— c ts . 59% 58% 59%
December delivery in elovator------ 53%
54
54%
M ay delivery in elovator__________ 55 lA
552^ 55
Wed. Thurs. b n .
73%
7 4 % 73%
IN CHICAGO..
Wed. Thurs. Fri.
61
61% 60%
56%
.>7% 56%
58jJ<£
58 Vi
08
Oats advanced in response to tho riso in other grain.
A lso , how ever, thoy showed somo independent strength,
ow ing partly to tho fact that offerings wero rather sm all,
and the cash dem and pretty good.
A n d tho A m erican avail
able supp ly increased last week only 1 ,4 5 3 ,0 0 0 bushels
against an increase in tho samo week last year oi 3 ,6 1 7 ,0 0 0
bushels. T h is m akes the total supply only 1 8 ,3 4 0 ,0 0 0 bush
els against 3 5 ,7 3 0 ,0 0 0 a year ago and 4 4 ,0 7 5 ,0 0 0 in 1913.
Shorts have covered freely.
T ho speculation has broadened.
There has been little pressuro to soil.
T h o technical position
has grown stronger.
Liverpool advices havo reported tho
THE CHRONICLE
Oct. 9 1915.]
m arket firm , w ith n ative arrivals taking caro of needs, and
foreign purchases lim ited, adding that tho Am erican crop will
now be wanted to supply the deficiency.
Argentine crop
prospects are n ot favorablo.
In Franco the yield is light.
According to tho latest U . S . G o v t, crop report, tho A m eri
can crop is 1 ,5 1 7 ,4 7 8 ,0 0 0 b u sh ., which overruns the Sept. 1
forecast by 1 0 9 ,0 0 0 ,0 0 0 bushel, and m akes a new record in
tho production of this crop.
L ast year’s crop was estim ated
at 1 ,1 4 1 ,0 6 0 ,0 0 0 bushels, and the average of tho preceding
five years 1 ,1 3 1 ,0 0 0 ,0 0 0 bushels. T ho potato forecast has
declined to 3 6 8 ,1 5 1 ,0 0 0 bushels, a reduction of 3 8 ,0 0 0 ,0 0 0
bushels, or nearly 1 0 % from tho Sept. 1st forecast.
L ast
year’s crop was estim ated a t 4 0 5 ,9 2 1 ,0 0 0 bushels, and the
average for the preceding five years 3 5 7 ,0 0 0 ,0 0 0 .
Tho crop
is seriously affected b y blight and rot generally in the prin
cipal potato sections east of the M ississippi R iver. N o t only
will the crop be short bu t the keeping qualities probably
poor. T ho barley crop, like the other small grain crops, and
wheat and oats, has overrun early forecasts of production
and exceeds that of a n y previous barley crop, tho estim ate
being 2 3 6 .6 8 2 ,0 0 0 bushels, which compares with last y ea r’s
estim ato of 1 9 4 ,9 5 3 ,0 0 0 and the average of the preceding
five years of 1 8 2 ,0 0 0 ,0 0 0 . T ho quality is very good for feed
ing purposes, being plum p and h eavy, but m uch has been
bad ly stained b y rains after harvest, reducing tho quality
for m altin g. T o -d a y prices were lower.
D A I L Y C L O S IN G P R IC E S OF OA TS IN NEW YORK.
S a t.
M on.
T u es.
W ed . T h u rs.
F r i.H
Norn. N om . Norn.
S tandards______________________ c ts .N o m . N om . N om .
N om . N om . N om .
N o . 2 whito__________ _________ ___ N om . N om . N om .
D A I L Y C L O S IN O P R IC E S OF O A TS FU T U R E S IN CHICAGO.
S a t.
Decem ber dolivcry in olov a tor.cts . 3 5 %
M a y dolivery in elevator___________ 3 7 %
M on.
35%
37%
T u es.
3(5
38%
W ed . T h u rs. F ri.
37%
37
36%
39%
39 % 3 8 %
T ho following aro closing quotations:
FLOUR.
Winter, low grades____ $4 3 5 ® $ 4 60 Kansas straights, s a ck s.$5 2 0 @ $ 5 50
Winter patents_________ 5 8 5 ®
610Kansas clears, sacks___ 5 0 0 ® 5 20
Winter straights______ 5 3 5 ® 5 60 C ity patents___________ ___________
Winter clears------------------5 0 0 ®
525R ye flour.................. ..
4 8 5 @ 5 60
Spring patents............... 5 6 0 ®
600Buckwheat flou r______ ___________
Spring straights.............. 5 5 0 ®
5 90Graham flour__________ 4 3 5 ® 4 75
Spring clears----------------- 5 0 0 ®
540
A G R I C U L T U R A L D E P A R T M E N T ’S O C T O B E R R E
P O R T .— T ho report o f tho D epartm en t of Agriculture for
O ct. 1 r e s p i t i n g cereal crops in tho U nited States was
issued on O ct. 7 as follow s:
T he Crop Reporting B oard o f tho Bureau o f Crop Estimates makes tho
following estimates from reports o f Its correspondents and agents:
P r i c e O c t.
C rop .
O c t . 1 1915
I n d ic a tio n s .
000 o m i t t e d .
W inter w heat. _bu.
Spring w h e a t.. “
All w h e a t_____ "
C o r n __________ "
O ats___________ “
B arley_________“
R y o ___________ "
B uckw heat____“
W hite p otatoes. "
Sweet potatoes- '*
F la x___________ “
R ic o . _________"
T o b a c c o ______ lbs.
C otton _______ball's
R eaches_______ bu.
R oars__________ ’ ’
A pples_______ bbls.
Hay (tam e)___tons
Hay (w ild)------ “
Sugar beets— "
*656,866
*345,163
*1,002,029
3,026,159
*1,517,478
*236,682
*44,179
16,738
368,151
64,800
17,655
26,251
1,098,804
10,950
*04,218
11,131
71,632
*80,983
*20,293
6,158
C h a n g e S in c e
S e p t . 1.
000 o m i t t e d .
— 60
A p p lo s ---- -------------H ay, tamo (t o n s )..
Hay, wild (tons) —
Sugar beets (ton s).
Y ie ld p e r A c r e .
<A1 p
1915.
____
—
—
79,7
—
—
81.9
74.2
85.0
84.5
80.9
81.0
60.8
67.8
63.0
____
—
91.0
♦ Preliminary estimate.
10- Y e a r
A vge.
____
____
78.0
____
—
81.9
74.6
82.2
77.6
86.5
82.2
68.3
65.7
53.5
____
—
89.5
a
B u sh els
1914.
I n d ' c ' d B u s h e ls .
*16.4
*17.9
*16.9
27.7
*37.8
*32.0
*17.0
20.9
98.6
98.2
9.4
32.2
834.4
168.1
1915.
1914.
C en ts .
C en ts .
684,990
206,027
90.9
891,017
2,672.804
70.5
34.5
1,141.060
46.8
194,953
42,779
81.7
16,881
73.7
405.921
48.7
56.574
72.7
15,559
148.1
23.649
1,034,679
16,135
11.2
54,109
rtSl.l
12.086
«83.8
84,400 O174.0
70,071
$10 69
18,615
5,288
—
— 123
+433
C rop .
W inter wheat-------Spring wheat---------All wheat--------------C orn_______________
O a ts_______________
B a r le y ....... ...............
R y o ------------- --------B u ck w h ea t-----------W hite potatoes-----Sweot potatoes-----F la x _______________
R ic o _______________
T ob a cco ( l b s .) -----C otton (lb s.)----------
1914.
000 o m i t t e d .
— 818
— 37,758
— 474
— 516
— 10
— 21,345
— 869
C o n d itio n
1.
F i n a l 77st.
+ 2 2 .7 0 0
+ 2 2 ,7 0 0
+ 4 1 ,1 6 4
+ 109,808
+ 13.746
19.0
11.8
16.6
25.8
29.7
25.8
16.8
21.3
109.5
93.8
8.3
34.1
845.7
209.2
*159
*1.20
10.3
Price Sept. 15.
E
T h e statem ents of the m ovem ent of breadstuffs to m arket
indicated below are prepared by|us from figures collected b y
tho N e w Y o rk Produce Exchange.
T h e receipts at W estern
lake and river ports for the week ending last Saturday and
since A u g . 1 for each o f the last three years have been:
R e c e ip ts a t —
Chicago___
Minneapolis.
F lo u r .
1.43
1 11
10.9
x
7.8
a 137.3
a92.8
0184.8
S l l 77
______
A creage.
P ercen t
of
A cres
1914.
W h e a t.
163,000
Milwaukee..
96,000
Cleveland . .
St. Louis__
6,000
9,000
91.000
56.000
Total wk. ’ 15
Same wk. ’ 14
Same wk. ’ 13
111.6
109.8
1 11.0
105.6
104.6
97.7
102.1
101.0
100.6
109.5
99.8
117.5
107.6
84.3
40,169,000
19,248.000
59,417,000
109,273,000
40,193,000
7.393.000
2.594.000
800,000
3,732,000
660,000
1,881,000
815.000
1,317,000
*31,535,000
103.6
101.3
129.1
50,907,000
16,976,000
*664,300
Planted area.
C O R N .— Continued cool and wet weather over tho northern districts,
where tho corn crop has so porslstontly suffered from adverse weather,
further delayed the ripening o f the late planted; and as the growing season
ends, much o f tho crop In thoso sections is still unripe, and tho sovoro frosts
O a ts .
B a r le y .
R ye.
b u . bO lbs.
143.000
61,000
120.000
60,000
406.000
546.000
167.000
325.000
32 lb s. b u s h A S lb s .
3.072.000
603.000
1.347.000 1.405.000
337.000 1.247.000
568.000
520.000
97,000
114.000
1,000
144.000
384.000
34.000
61.000
298.000
130.000
298.000
5.390.000
2.441.000
4.304.000
6.789.000 3.871.000
8.258.000 4.320.000
5.501.000 4.088.000
847.000
771.000
496.000
56 lb s.
3,445,000
117,000
b u sh .
421.000 18.591.000
499.000 16.838.000
443.000 10.001.000
b u sh .
127.000
227.000
385.000
94,000
1,000
6,000
7,000
Since Aug. 1
1915........ 3.017.000 99.205.000 30.814.000 61.129.000 17.335.000 4.978.000
1914........ 4.007.000 123,051,000 33.951.000 76.131.000 21.003.000 5.332.000
1913____ 3.701.000 89.984.000 37.308.000 60.834.000 21.656.000 4.227.000
T o ta l receipts o f flour and grain a t the seaboard ports
tho week ended O ctober 2 1915 follow :
F lo u r ,
b bls.
R ece ip ts at —
New York......... .
Philadelphia__ Baltimore--------- .
Newport News. .
.
M obile............ . .
New Orleans.a. .
296,000
40,000
24,000
36,000
21,000
16,000
6,000
76,000
Montreal.......... .
34,000
W h ea t,
bush .
2.638.000
466.000
1.182.000
871.000
202.000
for
C orn ,
b u sh .
O a ts ,
b u sh .
B a r le y ,
b u sh .
R ye
bush .
240,000
1.032.000
46,000
546.000
1.053.000
319.000
239,000
206,000
28,000
102,000
270,000
20,000
12,000
31.000
13.000
322,000
1.329.000
2.256.000
1,000
40.000
124*666
105*.666
Total week 1915 .
316,000 3,160,000 345,000 606,000
549,000 9,266,000
SinccJan. 1 1915 .19,426,000 95,842,000 43,056,000 114176,000 8622,000 8854,000
Week 1914_____ .
614,000 9,381,000
958,000 4,223,000 308,000 562,000
Since Jan. 11914..16,759,000 172792,000 20,631,000 45,052,000 9342,000 3876,000
a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
T h e exports from the several seaboard ports for the week
ending October 2 are shown in the annexed statem ent:
E x p o r ts f r o m —
b u sh .
New York---------2,110,618
Boston-------------- 252,119
Philadelphia___ 1,460,000
Baltimore---------- 777,778
Norfolk_________ ______
Newport N ews.. 202,000
M obile............ ................
New Orleans___ 104,000
Galveston............ 1,844,000
Montreal ............ 884,000
Total week----- 7,640,515
Week 1914..........9,226,347
C orn ,
bush .
F lo u r ,
b bls.
O a ts,
b u sh .
17,234
55,687
546
19.000
12,024
10.000
21,000
6,000
48.000
8,000
12.000
607,180
31.000
70.000
R ye,
bush .
B a r le y ,
b u sh .
97,554 227,185
46,000 87,000
621,862 310,391
**l",666
319,000
........
B ia s ,
b u sh .
1,380
1,000
1,458
21,000
118,234 198,257 1,595,042 494,945 250,643
337.389 337,016 3,723,227 407,871 64.966
1,380
235
T h e destination of these exports for tho week and since
July 1 1915 is as below:
--------- F lo u r - -------E x p o r ts f o r w eek a n d
s in c e J u ly 1 to —
1915.
C orn .
60 lb s.
2.224.000
5.540.000
6.924.000
184.000
390.000
77.000
22.000
1.121.000
107.000
1,641,000
361.000
b b l s . i m b s . b u sh .
W h ea t,
93.5
78.2
43.3
51.8
79.0
78.7
64.7
87.3
127.4
W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
O C T . 4 .— T h o influences of weather on tho crops as sum
marized in tho weather bullotin issued b y tho D epartm ent
of Agriculture for tho weok ending O ct. 4 wero as follows :
as tho week closes have probably damaged a considerable am ount. M u ch
o f that, too late to ripen properly is being cut and saved as silage.
Over other districts tho greater part o f an excellent, crop has now matured
and cutting is in progress in ail sections.
W IN T E R W H E A T .— In the winter-wheat belt plowing and seeding
regressed rapidly in m ost districts, but are being delayed in som e localities
y rain. Some o f the early sown is up, but generally the crop is being
sown somowhat later than usual. T he soil, however, contains sufficient
moisture everywhere, which will insure prom pt germination and rapid
growth if seasonable weather continues.
S P R IN G W H E A T .— Over m uch o f the principal spring-wheat region
wet weather delayed thrashing, and som o dam age to tho unthrashed wheat
over the eastern districts is feared unless dry weather soon prevails. T he
soil, how ever, is in fine condition for plowing for next year's crop and
that work is being rapidly pushed.
C O T T O N .— Over the central portions o f tho cotton belt heavy rains and
high winds near the first o f the week damaged som o cotton and delayed
picking, but elsewhere the weather was generally favorable for picking
and ginning, which progressed rapidly. T he crop has been largely gathered
in Texas, and is making good progress in m ost other districts, except in
Oklahoma, where it is slow in ripening.
On account o f dry weather over tho eastern portion o f the belt during
previous weeks, the top growth made little progress and there is small
hope for any additional crop from that source: while in Texas boil weevil have
destroyed any prospect for a top crop in that State. A s a result o f gener
ally unfavorable weather and other conditions the season draws to a close
with prospects o f one o f tho smallest crops in a number o f years.
Kansas City.
G R A IN
Wheat, per bushel— f. o. b.
Corn, per bushel—
cts.
N . Spring. N o. I. now------ $1 17
nom .
N o. 2 m ixed------------f. o. b.
N . Spring. N o. 2 ---------------------------N o. 2 yellow ............c. i. r.
73%
Red winter. N o. 2. new___1 24
N o. 3 yellow ...................................
Hard winter. N o. 2 ________1 24
Argentina in bags_________ ______ _
Oats, por bushel, now—
C tt.
R ye, per bushel—
S ta n d a rd _________________ N om .
New Y ork ______ _________ $ 1 05
N o. 2, white_______________ N om .
. _
Western. N o. 2, new ______
N o. 3. W hite...................... 3 8 H @ 4 0 Barley— M a ltin g ..................... 5 8 ® 6 4 c
1303
W eek.
O c t. 2.
b bls.
-W h e a t—
S in c e
J u ly 1
1915.
bbls.
W eek.
O c t. 2.
b u sh .
-C o r n
S in c e
J u ly 1
W eek.
O c t. 2.
b u sh .
1915.
b u sh .
S in c e
J u ly 1
1915.
bu sh .
Continent................ 33,586
Sou. & Cent. Amer. 46,890
West Indies_______ 18,504
Brit. No. Am. Cols. 1,136
Other Countries___ 2,246
,136,060 1,994,682 17,344,574
608,103 5,443,409 31,237,594
462,477 200,424 1,284,453
314,863
30,000
2,000
9,747
96,234
289,186
81,340
35,556
11,338
144,917
1,718,101
1,292,456
690,385
1,100
16,143
Total..................... 198,257
,627,484 7,640,515 50,185,807
,307,547 9,226,347 91,684,934
118,234
337,389
3,863,102
1,865,451
T h e w orld’s shipments of wheat and corn for the week
ending O ctober 2 1915 and since July 1 1915 and 1914 are
shown in the following:
W h ea t.
1915.
E x p o rts.
C orn .
1914.
1915.
1914.
W eek
O c t. 2.
S in c e
J u ly 1.
S in c e
J u ly 1.
W eek
O c t. 2.
S in c e
J u ly 1.
S in c e
J u ly 1.
B u sh els.
B u sh els.
B u sh els.
B u sh els.
B u s h e ls .
B u s h e ls .
North Amer* 9,112,000 82,937,000 115,439,000 156,000 3,448,000
1.136.000
72,000
1,534,000 11,922,000
1.531.000
Danube____
2.347.000
9.431.000
Argentina . .
432,000 7,250,000 3.514.000 5,416,000 68,037,000 40,418,000
Australia__
6.688.000
11,292.000 9.576.000
Oth. countr’s 312,000 2,716,000 2.040.000 120,000
470,000
T o ta l___ 9,928,000 105,729,000 151,526,000 5,692,000 71,955,000 52.516,000
* North America—The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.
T h e qu an tity of w heat and corn afloat for E u rope on dates
m entioned was as follow s:
B u s h e ls .
C o n tin e n t.
T o ta l.
U n ite d
K in g d o m .
B u s h e ls .
B u sh els.
B u s h e ls .
1915-.
1915-1914 .
1913.. 13,208,000 21,016,000
-------- j y i o --------
C o n tin e n t.
T o ta l.
B u s h e ls .
B u sh els.
24.900.000
20.472.000
33.504.000
34.224.000 13,838,000 16,618,000
26,121,000
25.977.000
16.465.000
30.456.000
GRAIN STOCKS.
____
____
____
____
____
..
____
____
____
____
____
____
____
____
____
____
____
. .
...
____
____
New York___
B oston______
Philadelphia . .
B altim ore___
Newport News
Buffalo_______
T o le d o ______
Detroit_______
Chicago..........
Milwaukee___
Minneapolis__
St. Louis____
Kansas City__
Omaha_______
On Lakes____
On Canal and
Total
Total
Total
Total
Oct.
Sept.
Oct.
Oct.
2
25
3
4
W h ea t.
bush .
C orn .
bush .
O a ts.
b u sh .
R ye.
b u sh .
238,000
5,000
489,000
522,000
220,000
1,109,000
739,000
1,305,000
435,000
134,000
1,059,000
35,000
14,000
3,955,000
726,000
554,000
633,000
3,000
170,000
155,000
3,400,000
23,000
1,000
66,000
90,000
1,041,000
35,000
526,000
1,822,000
90,000
114,000
181,000
28,000
226,000
386,000
12,000
1,713,000
427,000
295,000
4,688,000
25,000
5,000
28,000
71,000
18,000
135,000
79,000
39,000
116,000
93,000
501,000
110,000
429,000
987,000
335,000
172,000
656,000
431,000
308,000
73,000
129,000
6,000
157,000
10,000
7,000
2,000
3,444,000
1,976,000
5,488,000
5,149,000
14,381,000
13,354,000
27,285,000
31,718,000
1,235,000
1,270,000
1,245,000
1,549,000
1915.____ 15,900,000
1915.____ 11,245,000
1914.____ 51,586,000
1913.____ 52,061,000
130,000
10,000
132,000
43,000
76,000
1,759,000
45,000
88,000
B a r le y .
b u sh .
1,000
2,000
12,000
79,000
N o t e .— Bonded grain not Included above: Wheat, 389.000 bushels at New York,
102.000 Boston, 140,000 Buffalo, 223,000 Duluth; total, 854,000 bushels against
745.000 bushels In 1914. Oats, 15,000 bushels at Duluth against 30,000 bushels In
1914; and Barley, 35,000 bushels at Boston, 40,000 bushels at Duluth; total,
75,000, against 40,000 bushels In 1914.
Canada—
3,000 129,000
343.000
[3,000
Montreal________________ 1,145,000
477.000
Fort William & Port Arthur 8,176,000
...........
. 73,000
Other Canadian...........— 1,015,000
---------
Oct.
2 1915........ 10,336,000
Sept. 25 1915........ 5,463,000
Oct.
3 1914........ 22,884,000
Oct.
4 1913____ 11,420,000
S u m m ary—
American________________ 15,900,000
Canadian________________ 10,336,000
Total
Total
Total
Total
Total
Total
Total
Total
Oct.
2 1915.........26,236,000
Sept. 25 1915......... 16,708,000
Oct.
3 1914_____74,470,000
Oct.
4 1913.........03,481,000
3.000
893.000
7.000
715,000
83.000 3,807,000
24.000 6,274,000
3,000
1,000
______
22,000
129,000
41,000
159,000
468,000
3,444,000 14,381,000 1,235,000 2,046.000
3.000
893,000
3,000 129,000
3.447.000
1.983.000
5.571.000
8.173.000
15,274,000
14,069,000
31,092,000
37,992,000
1,238,000
1,271,000
1,245,000
1,571,000
3,075,000
2,078,000
4,124,000
4,435,000
THE D R Y G OODS TRADE
New York, Friday Night, October 8 19 15 .
T h e drygoods trade has entered the new m onth in a very
strong position, with business broadening from day to d a y.
T rad e in prim ary cotton goods m arkets is progressing on
a larger scale and buyers are becom ing anxious over tho
steady rise in cotton valu es. Further advances have
occurred in tho cotton yarn trade, with tho result that
m anufacturers of finished goods are not only m arking up
quotations on contracts for future delivery, bu t arc accept
ing new business very con servatively. A ll lines of staples
have been placed a t higher lovols during tho week.
It is
reported th at m an y m anufacturers were caught unpre
pared b y the recent rise in cotton and are having difficulty
in filling contracts which were closed a t prices based upon
a m uch lower raw m aterial m arket. Jobbers are experi
encing an active call for all classes o f goods and aro busy
filling orders calling for im m ediate and nearby deliveries.
A s jobbing stocks are ligh t, it is difficult for them in m any
cases, to furnish tho goods needed prom p tly. A pro
nounced im provem ent has taken place in retail business
during tho last two or threo weeks and buyers for large
retail houses who liavo delayed their purchases as long as
possible aro now anxious to cover their requirements upon
short notico. A s a result, they aro compelled to face a
rising m arket, and in m an y cases, lim ited supplies from
which to choose. Houses having spot supplies aro holding
them at high prices, knowing that they cannot renew their
contracts with mills except at m uch higher levels. Business
in tho woolen and worsted trade is steadily im proving as
a result of better weather conditions.
Fall and winter
trado is proving bettor than was expected and the late call
for piece goods is very encouraging. E xport trade in cotton
goods through regular channels shows somo signs of im prov
ing. Sales of several hundred bales of drills havo been
reported for In dia, on a basis of 7c . per y ard , and it is
expected that more will follow unless there is a rise in prices.
T here are strong expectations of a resum ption of buying
for China as stocks of A m erican goods in that m arkot arc
reported to bo abou t one-half w hat they wero at tho begin
ning of the year. Business with South Am erica continues
to expand upon a m oderate scale. M u c h encouragement is
derived from reports received from W ashington to tho
effect that tho Adm inistration favors tho establishm ent of
Joint agencies of the U n ited States Federal Reserve B anks
in the principal cities of Central and South A m erica, which
would greatly facilitate com m ercial intercourse with those
m arkets.
W eek.
2
Groat Britain___________________________.3,115
3,115
Other E urope___________________________. 413
C h in a __________________________________ . . .
In d ia ................ _ _................................ ........... 186
A rabia__________________________________.1,808
1,808
A f r ic a __________________________________.1,207
1,207
W ost ln d io s ____________________________. 848
M e x i c o _________________________________. 205
Central A m e r ic a _______________________. 230
South A m erica_________________________. 894
Other countries________________________. 740
N e io Y o r k to O c t.
T h o visible supply of grain, com prising the stocks in
granary a t principal points o f accum ulation a t lake and
seaboard ports O ctober 2 1915 w as as follows:
U n ite d States-
D O M E S T I C C O T T O N G O O D S .— T h e exports of cotton
goods from this port for the week ending O ct. 2 wore 9 ,6 4 6
packages, valued at $ 5 5 8 ,6 9 3 .
C orn .
W h e a t.
U n ite d
K in g d o m .
Ocl. 2
Sepfc.25
Oct. 3
Oct. 4
[VOL. 101.
THE CHRONICLE
1204
T o t a l_____________
9,646
S in c e
J a n . 1.
W eek.
14
100
S in c e
J a n . 1.
71,015
17,917
5,004
19,990
43,416
15,648
41,326
t ,656
14,401
37,358
65,371
677
30
161
522
114
3,323
2,007
49,645
15,647
9,412
5,996
35,111
480
16,600
41,071
49,095
333,102
1,618
228,387
T h e value of these N ow Y o rk exports since Jan. 1 has been
$ 2 0 ,6 3 3 ,7 2 5 in 1915, against $ 1 6 ,2 8 9 ,2 7 4 in 1914.
Staple cotton goods aro activo and strong, with selling
agents booking all tho business they care to a t present prices.
W ith tho exception of a few lines, advances have been general
throughout the list. Print cloths are up M e- to M e ., gray
goods M e . to M o ., standard brown drills M e . and sheetings
M e . to M e . per yard .
D enim s and duck are about un
changed, although displaying a very firm tono. Standard
gingham s are selling m uch better than a week ago and some
lines have becom e so well sold that thoy aro now hold “ a t
v a lu e .”
Certain lines of Southern and Eastern dress ging
hams have been advanced M e . to M c -.P er y ard . Business
in coarse cotton sheetings for bag m aking purposes is being
put through on a large scale a t profitable prices, and in view
of tho condition of the burlap trado is likely to continuo un
interrupted. W ell-k n ow n brands of bleached goods are in
activo dem and as a result of tho attractive prices ruling on
same as com pared w ith other staples. Selling agents aro
considering an advanco in theso goods, claiming that thoy
havo not kopt paco with tho rest of tho m arket.
G ray goods,
38-inch standard, aro quoted at 4 M e .
W O O L E N G O O D S .— Trado in woolens and worsteds is
rapidly expanding, and soiling agents and commission houses
aro booking moro business than thoy can readily tako caro of.
Reports received from m ill contors stato that tho acitivity
of woolen and worsted m ills is greater than ever before, and
that m an y will soon bo put to tho necessity of curtailing their
bookings.
Dress goods m ills havo booked about all tho
orders thoy can handle, particularly those m aking tho hotter
class of goods.
Serges, poplins and gabardines and all fancy
and checks aro in heavy dem and, with mills m aking ship
m ents as fast as tho goods arc turned o ut. Jobbers report
business active with a better dom and from cutters-up and
clothing manufacturers
R etail sales of piece goods aro also
increasing and retailers aro in tho m arkot for further supplies.
Somo difficulty is oxporionced w ith buyers who aro asking
guarantees of tho fastness of colors, owing to tho situation
in dyestuffs, but this trouble is boing gradually overcom e.
F O R E I G N D R Y G O O D S .— D em an d for linons continues
good with both jobbers and retailers scouring the m arket for
supplies.
Large distributers and retailers both fully realize
that supplios aro limited and aro trying to anticipate higher
prices b y covering their requirements as early as possible.
A good advance business is boing placed with importers for
account of next spring in both dross linos and stock goods,
and more w ould bo placed if importers could bo prevailed
upon to accept orders.
Importers aro accepting m ost busi
ness in dress linons subject to a later upw ard revision of prices,
as lists receivod from foroign m arkets aro showing advances
of upwards of 6 0 % on all bottor grades of dress goods. Bur
laps rule about unchanged w ith tho dem and largely for
heavy-w eights.
Light-w eights aro quoted 5 .5 0 c . to 5 .6 0 c .
and heavy-w eights at 7 .7 5 c .
Importations & Warehouse Withdrawals of Dry Goods.
T ho im portations and waroliouso withdrawals o f dry goods
a t this port for tho wook ending O ct. 2 1915 and sinco
Jan. 1 19 15 , arid for tho corresponding periods of last year,
wero as follow s:
Imports Entered for Consumption for the Week and Since J a n .'l.
W ee k E n d in g
O c t . 2 1915.
V a lu e
%
Pkgs.
M anufactures o f—•
W o o l............- ..................................
427
C o t t o n __________________________2,118
Silk........................
633
F l a x ____________________________ 2,654
M iscella n eou s_________________ 2,232
110,623
595,421
142,836
296,44
@FedFRASER