Full text of Commercial and Financial Chronicle : September 11, 1915, Vol. 101, No. 2620

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Railway & Industrial Section
Bankers' Convention Section

Bank & Quotation Section
Railway Earnings Section

Electric Railway Section
State and City Section

SATURDAY, SEPTEMBER 11 1915

VOL. 101

€hvmkU.

Week ending September 4.

Clearings at—
1915.

PUBLISHED WEEKLY.

Terms of Subscription— Payable in Advance

NO. 2620

1914.

Chicago..............
F or Ono Year ................................................................................................. 92
Cincinnati______
F or Six M onths................................................................................................ . 2 22
Cleveland...........
European Subscription (including postage).......... - — - ........................
22
Detroit_________
European Subscription six mouths (including postage).......................
i
Milwaukee........
Annual Subscription in London (including p o s t a g e )..........................i t s .
Six Months Subscription in London (including postage).....................
i , , 8* Indianapolis___
Columbus______
Canadian Subscription (including jiostage) ............................................ do
Toledo_________
Subscription includes following Supplements—
Peoria ................
B ank and Q uotation (monthly) I R a ilw ay and I ndustrial (3 times yearly) Grand Rapids__
D a y ton ________
RAILWAY E arnings (monthly)
ELECTRIC K ailw ay (3 times yearly)
Evansville______
State and c it y (semi-annually) |Bankers’ Convention (yearly)
Kalamazoo........
Springfield, 111..
Terms of Advertising— Per Inch Space
Youngstown___
Transient matter per inch spaco (14 agate lin es)...................................... $4 20 Fort Wayne___
( Tw o Months
(S tim es)........................... 22 00 Akron__________
,,
,
n nr.,ia ) Three Months (13 tim es)........................... 29 00
Standing Business Cards < g lx Months
(26 tim es)........................... 60 00 Rockford............
Lexington______
(. T w elve Months (52 tim es)........................... 87 00 Springfield,
O__
Chicago O ffice—39 South La Salle Street, Telephone Randolph 7396.
Canton_________
Bloomington___
L ondon O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
South Bend____
W I L L I A M IS. D A N A C O M P A N Y , P u b l i s h e r s ,
Quincy................
Decatur............
F r o n t , F in e a n d D e p e y s t e r S t s ., N e w Y o r k .
Mansfield_____
Published every Saturday morning by WILLIAM B. DANA COMPANY, L im a __________
Jacob Seibert Jr., President and Treasurer; George S. Dana and Arnold G. Dana, Jackson ________
Danville________
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all. Olfloe of the Company.
Jacksonville, 111.
Lansing.......... .
Owensboro____
CLEARING-HOUSE RETURNS.
Ann Arbor______
The following table, mado up by telegraph, &c., indicates that tlio total Adrian_________
bank clearings of all the clearing houses of the United States for the week
Tot. MId.West
ending to-day have been $2,796,133,849, against $3,627,600,436 last week

S
305,796,421
24,839,700
32,297,22*
28,000,000
14,380,875
8,987,675
7,349.70C
5,819,742
3,300,000
3,410,222
2,450,910
1,607,06-1
460,574
1,117.26C
1,399,526
1,113,541
2,280,00(
715,397
617,144
786,500
2,141,599
884,170
719,281
884,642
540,843
592,840
698.461
487,767
592,945
281,670
440,000
314,907
228,11*
35,765
455,572,485

S
237,960,811
22,675,45(
25,454,007
22,006,471
15,012,30c
7,869,34(
6,184,701
5,851,351
2,871,492
3,303,51c
2,392,812
1,225,841
504,891
825.00C
1,307,55f
1,286,00)
1,702,000
816,742
781,592
915,383
1,943,654
813,856
559,161
786,225
441,977
543,272
586,320
413,780
504,139
259,821
416,000
414,725
200,43*
50,000
405,706,499

San Francisco__
Los Angeles____
Seattle................
Portland ............
Spokane..............
Salt Lake C ity ..
Tacoma________
Oakland________
Sacramento____
San Diego..........
Stockton_______
Pasadena........ .
Fresno_________
San Jose________
North Yakima..
R e n o __________
Long Beach____
Total Pacific..
Kansas City___
Minneapolis___
Omaha_________
St. Paul________
Denver_________
St. Joseph........ .
Dos Moines____
Sioux City........ .
Wichita________
Duluth.......... .....
T op ek a________
L incoln............ .
D avenport____
Cedar Rapids__
Fargo__________
Colorado Springs
Pueblo................
Fremont ............
Waterloo_______
Helena................
Aberdeen_______
Hastings_______
Billings ..............
Tot. oth. West.

66,340,472
19,446,322
10,880,686
9,911,293
3,339,743
5,902,404
1,829,380
3,698,714
1,803,220
1,686,389
1,453,136
692,627
858,073
028,748
439,225
199,009
493,166
119,602,607
68,274,682
20,061,760
18,841,073
10,660,419
8,923,496
7,005,054
5,093,073
3,058,760
3,440,931
4,080,935
1,377,198
2,315,577
1,651,132
1,625,000
1,105,603
480,420
351,854
344,205
1,328,503
1,012,188
400,000
228,608
445,000
162,105,471

50,748,841
21,000,000
12,025,210
11,016,097
3,479,347
5,145,242
2,174,915
3,396,415
1,884,024
1,769,998
970,500
745,518
1,035,295
610,000
457.809
218,234
540,332
117,217,777
59,945,093
26,346,566
14,949.106
9,617,626
8,644,464
5,499,911
5,248,361
3,151,302
3,635,548
5,525,621
1,368,732
2,102,188
1,336,177
1,615,738
1,005,269
649,777
560,028
499,556
1,161,834
1,117,373
425,000
291,611
432,275
155,165,156

and $1,950,343,336 the corresponding week last year.
1915.

1914.

Per
Cent.

$1,258,738,073
86,310,616
100,155,781
21,155,393
215,143,350
52,561,883
14,018,881

3674,279,091
71,909,923
86,670,685
24,546,713
180,457,657
48,157,298
15,000,000

+ 86.7
+ 20.0
+ 15.0
— 13.8
+ 19.2
+ 9.1
— 6.5

$1,748,083,977
506,101,109

$1,101,021,367
473,290,241

+ 58.8
+ 6.9

$2,254,185,086
541,948,763

$1,574,317,608
376,025,728

+ 43.2
+ 44.1

$2,790,133,849

$1,950,343,336

+ 43.3

Clearings—Returns bg Telegraph.
Week ending Sept. 11.

Total all cities for week.................. .

The full details for tlio week covered by the above will bo given next
Saturday. Wo cannot furnish them to-day, clearings being made up by tho
clearing houses at noon on Saturday, and hence in tho above tho last day
of tho week lias to bo in all cases estimated, as wo go to press Friday night.
W o present below detailed figures for tho wook ending with Saturday
noon, September 4, for four years;
Week ending September 4.
1915.

1914.

Dec.

1913.

1912.

$
$
$
$
%
New York.......... 2 251.925,096 1,083,487.986 + 107.8 1,724,620,481 1,561,564,448
173,965,888 140,756,149 + 18.5 147,954,873 133,852,781
Philadelphia----48,306,137 — 1.7
46,445,004
47,473,729
44,150,145
Pittsburgh--------33,860,813 — 0.9
32,928,451
33.539,553
31,734,911
Baltimore_____
10,903,483 — 2.8
8,987,580
10,597,405
9,365,453
Buffalo_________
6,085,470 — 34.3
4,608,389
4,000,000
3,342,212
Albany_________
7,406,371 — 0.6
0,203,042
0,735,322
7,363,767
Washington____
4,818,328
+ 4.2
4,100,794
5,021,752
4,917,930
Rochester______
3,015,980 — 22.9
2,200,000
Scranton______
3,408,427
2,714,402
3,252,509 — 13.2
2,743,548
3,007,928
Syracuse_______
2,823,332
1,795,950
+ 1.7
1,573,049
R eading............
1,825,260
1,022,185
1,476,743 + 34.5
1,387,517
Wilmington........
1,954,190
1,986,757
1,667,178 — 13.1
1,197,910
1 269,406
Wilkes-Barre___
1,448,029
+ 4.8
1,758,633
1,919,529
Wheeling, W . Va.
1,842,053
2,002,765
1,741,408 + 21.8
1,927,132
1,435,927
2,121,559
Trenton.......... .
769,431 — 2.4
861,001
802,839
751,134
York....................
+ 2.9
975,119
854,090
942,534
1,003,024
E rie ....................
766,043 —27.0
544,580
620,000
559,157
Greensburg_____
+ 6.0
639,600
509,000
678,100
570,700
Binghamton----629,408 + 12.1
625,566
705,495
604,180
+ 0.9
019,20-1
625,000
581,172
423.861
Altoona________
1,599,141 — 0.9
1,585,490
1,470,809
1,382,239
Lancaster ..........
312,738 + 1.15
348,909
276,942
331,490
Montclair_____
Total Middle. 2,544,901.951 1,363,155,422

+ 87.4 1,995,894,530 1,816,740,312

Boston_________
Providence........
Hartford............
Now Haven____
Springfield..........
Portland______
Worcester_____
Fall River........ ..
Now Bedford__
Lowell ................
Holyoke..............
Bangor.............. ..

132,957,737
6,675,100
0,571,702
3,575,583
2,597,749
1,940,581
2,597,339
1,015,002
903,718
750,785
055,291
430,355

106,788,102
0,207,600
4,474,401
3,275,217
2,188,689
2,076,723
2,092,690
912,420
804,629
615,048
664,558
489,636

+ 24.5
+ 7.5
+ 46.9
+ 9.2
+ 18.7
— 6.5
+ 24.1
+ 11.3
+ 4.5
+ 22.1
— 1.4
— 12.1

118,80-1,147
5,740,100
4,233,905
2,796,728
2,210,860
2,195,650
1,981,927
869,901
892,893
381,318
577,396
462,763

142,439.227
0,012,000
3,935,252
2,445,339
2,061,157
2,200,902
2,042,388
860,055
785,578
460,816
581,514
540,238

Tot. New Eng.

160,071,002

130,649,773

+ 23.0

141,133,654

164,364,526

Note.— For Canadian cloarlngs seo "Commercial and Miscellaneous News."




St. Louis______
71,505,995
62,449,268
15,084,039
14,856,399
New Orleans___
14,579,854
11,972,034
Louisville_____
6,900,000
Houston_______
7,188,850
3,500,000
Galveston..........
3,157,172
9,144,930
Richmond______
7,369,867
4,749,782
Savannah ______
3,055,583
5.609,632
Fort Worth____
5,075,318
11,149,135
Atlanta________
9,785,804
3,621,344
Memphis_______
5,642,413
4,976,137
5,721,836
Nashville______
2,938,645
N orfolk________
3,103,380
2,063,529
2,427,074
Birmingham___
1,060,095
Augusta..............
1,106,588
2,138,988
Jacksonville___
2,024,552
1,971,193
2,041,193
Chattanooga___
1,800,105
1,868,791
Knoxville_______
1,007,502
1,250,000
M o b ile -.......... .
2,445,900
Oklahoma..........
2,318,200
Charleston_____
1,158,927
1,267,702
1,516,791
Little Rock........
1,846,449
Austin...... .........
1,394,517
1,581,580
Macon................
2,225,601
2,494,276
Vicksburg..........
163,575
153,224
Jackson ________
217,478
116,497
1,122,768
Tulsa__________
1,147,245
769,149
697,458
Muskogeo..........
Total Southern 174,743,920 161,190.444
Total all____ 3,627,600,436 2,333,085,071
Outside N. Y . 1,375,675,340 1,249.677,085

Inc. or
Dec.

1913.

1912.

$
273,225,44)
21,286,400
22,430,167
21.792,65)
14,132,420
7,772,731
6,155,700
5,919,900
3,773,133
2,951,672
2,758,440
1,199,33:
585,031
823,46!
1,707,33!
1,228,66(
1,393,00(
752,477
612,194
706,189
1,275,000
818,741
570,941
751,807
488,570
516,541
533.827
550,000
454,593
349,050
389,240
365,561
188,37*
41,364
398,498,387

S
262,102,562
26,088,400
20,094,079
17,967,577
12,385,870
6,756,075
5,764,800
4,111,671
3,458,478
3,082,622
2,435,518
1,001,048
553,057
1,087,484
1,233,003
1,104,310
1,363,000
651,800
765,247
607,420
1,368,150
739,783
750,000
857,155
538,388
417,152
489,784
560,000
411,822
346,539
399,294
368,932
150,951
40,556
380,052,532

47,699,575
+ 11.0
— 7.4
20,838,602
— 9.5
12,371,400
9,629,732
— 10.0
3,455,412
— 40.2
+ 14.7
4,796,129
— 15.9
2,188,634
+ 8.9
3,388,640
— 4.3
1,896,789
—4.7
2,200,000
+ 49.8
703,800
— 7.1
712,349
— 17.1
849,880
+ 3.1
627,855
— 4.1
380,785
— 8.8
270,380
— 8.7
+ 2.0 112,011,962
+ 13.9
52,269,560
25,997,440
— 23.9
16,190,565
+ 26.0
9,456,786
+ 10.8
8,720,195
+ 3.2
+ 27.4
6,810,937
5,383,041
— 3.6
— 2.9
3,176,072
— 5.4
3,514,284
—26.2
3,833,065
1,405,351
+ 0.6
+ 10.1
1,938,207
+ 23.6
1,563,007
+ 0.6
1,510,219
+ 9.9
407,004
—26.0
692,111
595,289
— 40.9
359,025
— 31.1
+ 14.4
1,375.852
— 9.4
1.078,162
374,216
— 5.9
— 21.6
206,823
+ 3.0
358,139
+ 4.5 147,215,950

46,673,277
19,397,338
10,775,139
12,201,914
3,832,834
4,864,389
2,513,168
3,454,755
1,496,596
2,340,609
727,983
921,605
780,625
656,208
404,999
315,000

%
+ 11.6
+ 9.(
+ 26.1
+ 27.2
— 9.6
+ 14.2
+ 18.*
— 0.(
+ 14.!
+ 3.2
+ 2.4
+ 31.2
— 8.*
+ 35.)
+ 7.0
— 13.)
+ 34.0
— 12.4
— 21.C
— 2.9
+ 10.2
+ 8.9
+ 28.6
+ 12.5
+ 22.4
+ 9.0
+ 19.1
+ 17.9
+ 17.6
+ 8.5
+ 5.S
— 24.1
+ 1 3 .S
—28.5
+ 12.3

111,316,439
51,393,049
21,110,328
15,964.024
9,016,763
7,946,503
0.762,325
4,610,714
2,817,632
3.188,914
3,418,583
1,256,538
1,781,623
1,625,900
1,149,624
356,443
734,411
553,051
355,818
1,583,758
1,010,885
447,850
287,672
443,343
137,815,751

+ 14.5
80,358,328
75,026,858
+ 1.5
17,061,260
16,289,166
+ 21.8
11,779,637
12,829,955
— 4.0
10,197,366
+ 10.9
3,650,000
3,864,000
+ 24.1
6,172,205
7,022,063
+ 44.4
5,720,359
4,141,226
+ 10.5
6,520,425
5,788,967
+ 13.9
10,197,534
9,673,025
— 28.2
5,295,284
6,020,335
— 14.5
5,214,182
5,245,753
— 5.3
3,300,359
2,773,795
— 15.0
2,612,843
2,505,056
— 4.2
1,665,508
1,411,181
+ 5.6
2,713,927
2,400,000
— 3.4
1,714,583
2,079,267
— 3.7
1,763,390
1,914,342
— 19.5
1,284,647
1,167,605
+ 5.5
1,169,101
1,575,361
— 8.6
1,069,494
1,142,142
— 17.9
1,601,241
1,710,497
2,707,379
— 11.8
2,115,206
— 10.8
2,056,680
2,111,482
+ 6.7
270,237
245,743
+ 86.8
300,264
331,659
— 2.2
944.118
631,070
665,343
—9.4
617,703
+ 8.4 182,991,207 176,447,444
+ 55.5 2,977,745,696 2,786,137,004
+ 10.1 1,253.019,215 1,225,172,557

798

THE CHRONICLE

THE FIN A N C IA L SITUATION.
We wonder how many persons appreciate the
extraordinary character of the expedient which the
Secretary of the Treasury and the Federal Reserve
Board have just adopted for financing the assumed
needs of the cotton sections. The Secretary an­
nounces that in carrying out his purpose to contribute
$30,000,000 of Government funds towards the relief of
the cotton producer he intends to deposit immediately
$5,000,000 of Government cash in each of the
three Federal Reserve banks in the South, namely
those at Richmond, Atlanta and Dallas, and that
as part of the scheme the Federal Reserve banks
will grant rediscounts on cotton paper to member
banks only where these member banks agree to
charge not more than 6 % for the accomodation to
the planter, this 6 % to include any comriiission the
borrower has heretofore been called upon to pay.
In order to facilitate the process an exceptionally
low rate is to be allowed by the Federal Reserve
banks on rediscounts of this character.
The first thought that suggests itself with reference
to the whole proceeding is that apparently mistaken
ideas have prevailed with reference to the new bank­
ing system provided under the Federal Reserve Law.
It has been the general understanding— nay, more
than that, the general belief— that the new banking
system had been established on such a comprehen­
sive basis that no one need ever again have any anxi­
ety as to the future; that it had been planned so
broadly and so wisely that it would prove adequate
to all requirements and be found capable of dealing
with every situation and every emergency, ordinary
or extraordinary. So confident have the Govern­
ment authorities themselves been as to the scope and
adequacy of the new system that they allowed the
repeal of the provision in the Aldrich-Vreeland Law
for the issuance of $500,000,000 to $1,000,000,000 of
emergency currency, to become effective on July 1
of the present year, without any attempt to arrest
the appeal, and indeed expressed themselves as averse
to interfering with the repeal.
Yet now comes the time for the seasonal move­
ment of the cotton crop and the Secretary of the
Treasury feels called upon to come post haste to the
rescue of the three Federal Reserve banks of the
South, out of a fear that otherwise these banks may
not be able to finance the needs of the cotton pro­
ducers.
This looks the more strange, since it is
obviously the belief of the Secretary that the sum
of relief required is not very extensive. He has it in
mind to make aggregate deposits of only $30,000,000,
of which $15,000,000 is to be deposited immediately,
or has already been so deposited. The conclusion
would therefore seem to be that, assuming the judg­
ment of the Secretary is not faulty, the situa­
tion is such that in a period of very commonplace
monetary conditions and at a time when bank
vaults in the larger centers are bursting with idle
cash, and the New York City Clearing House insti­
tutions are actually reporting excess reserves of
over $209,000,000, the new banking system is unable
itself to provide the comparatively small amount
of assistance to the Southern sections which
$30,000,000 of Government cash is counted upon
to render.
Perhaps the Secretary is acting from an excess of
zeal; for ourselves wfc rather think he is, but, even ac­
cept n that as the true explanation's not the action



[VOL. 101.

of the Treasury Department calculated to shake the
faith of the ordinary individual in the efficacy of the
new system? Mr. McAdoo, in announcing his in­
tentions regarding the matter, said: “ The deposits
of Government funds in the South to aid in moving
the cotton crop is simply carrying out the policy
adopted by the Treasury Department in 1913, when
the first crop-moving deposits were made. In 1913
and 1914 Government deposits were made to assist
in moving the grain crops in the West and Northwest
as well as the cotton crop in the South.” He then
goes on to state that: “ This year the South is the
only section of the country where Government de­
posits would appear to be helpful. But if it should
develop that crop deposits are needed in any other
section of the country, the Treasury Department
will be just as ready to extend assistance within the
limit of its available resources to other sections of the
country as it has been to the South.”
The reference the Secretary here makes to similar
previous deposits seems hardly apropos, for these pre­
vious deposits were made when the country was still
hobbling along under the old banking system, and
it has been supposed by everybody that extraneous
help from the Government or from any other agency
would not be required now that we have a new system
expressly devised to overcome the defects of the old.
The Secretary acts and talks as if the country re­
mained as helpless in its banking mechanism as be­
fore the new law was enacted. His attitude in that
regard is difficult to understand.
Another thing that the Secretary’s course makes
plain is that he considers he is charged with respon­
sibility for the action of both the Treasury Depart­
ment and the Federal Reserve system. Quite obvi­
ously he has the idea that it is his duty to formulate
policies for the Reserve banks as well as for the
Treasury Department. In the Treasury Depart­
ment his authority, of course, is supreme. In the
Federal Reserve Board he apparently meets with no
opposition and easily succeeds in imposing his will
upon the other members of the Board. In the dis­
cussions in Congress during the consideration of the
bill, much apprehension was expressed lest the new
banking system should fall completely under the con­
trol of the Government. In reply it was urged that
this was exceedingly unlikely, since the Secretary,
with the Comptroller of the Currency, would always
be in a decided minority, there being five other mem­
bers on the Board. The actual experience thus far
has been that on large questions of policy the Sec­
retary maps out the course to pursue and the other
members of the Board are so completely in harmony
with his ideas and purposes that they readily accept
his leadership. Thus his is the dominating person­
ality, notwithstanding the Board is made up of able
and forceful men.
The Secretary, quite unconsciously, on occasions
discloses the all-controlling part he exercises. Thus,
in this instance, he says: “ After a conference with
my colleagues in the Federal Reserve Board 7 have
concluded that the best plan,” &c. The Secretary here
was referring to his course in making Government
deposits, where decision would in any event rest
with him. But the language in other cases is much
the same, and it is quite obvious that while he
consults with the other members of the Board, his
wishes are accepted as a matter of course. On this
occasion the quiescent attitude of the Reserve
Board was absolutely essential to the success of the

Sept . 111915.]

THE CHRONICLE

Secretary’s undertaking, for most extraordinary
conditions are attached to the Government deposits
that are to be made with the Federal Reserve banks
of the South, and the Reserve Board has yielded
full compliance thereto.
Secretaries of the Treasury in the past have gone
far in assuming additional functions and powers
and in giving new meaning to old provisions of law,
but in the conditions now imposed with the co­
operation of the Reserve Board, Mr. McAdoo goes
beyond what any of his predecessors would have
essayed to do in the same circumstances. He has
had the Reserve Board prescribe regulations under
which rediscounts will be granted only in those
cases where the member bank will bind itself not
to charge those borrowing on cotton paper more
than 6 % for the loan, this to include any commis­
sion the bank may have made it a practice to charge
in the past. Here is Government paternalism in a
new form.
To carry out Mr. M cAdoo’s scheme “ the Federal
Reserve Board has adopted regulations authorizing
Federal Reserve banks” — so reads the statement of
the Reserve Board— “ to give special •rates for re­
discount on commodity paper, that is, promissory
notes having not more than ninety days to run,
which are specifically secured by warehouse receipts
for staple and readily marketable commodities of a
non-perishable character, properly insured.” The
statement then goes on to say: “ It is believed that
preferential rates on this class of paper will be of
especial service at this time in aiding in the gradual
and orderly marketing of the cotton and other crops.
In order that producers may be directly benefited
by the low rates authorized, the Board has made it
a condition that paper offered by member banks for
rediscount at the preferential rate shall be paper on
which the makers have paid or have contracted to
pay in the way of interest or discount, including
commissions, a rate not exceeding 6 % per annum.”
Another part of the Federal Reserve Board’s
statement goes on to say that “ a rate of 3 % for
special ‘commodity paper’ has been proposed by
the Federal Reserve banks of Atlanta and Dallas,
to which the substance of the proposed regulation
had been communicated, and this 3 % rate was
approved at the meeting to-day.” It is then re­
iterated that “ this means that the member bank
which applies for a rediscount of paper secured by
properly insured staples will obtain the funds asked
for at 3% provided that the total charges made by
such member bank to the maker of the paper did
not originally exceed 6 % per annum, including
commissions.”
The nature of this transaction should not be mis­
understood. It is nothing more nor less than a
scheme for regulating and fixing banking profits.
The Federal Reserve Law is in its earliest infancy
and yet the Reserve Board, at the instance of the
Secretary of the Treasury, has already embarked
on the dubious course of prescribing profits. In
effect the Reserve Board is undertaking to do for
the banking business what the Inter-State Com­
merce Commission has been doing for the railroad
business with such disastrous results, only that the
Commission has some warrant for its action in the
law itself whereas the Federal Reserve Board has
none whatever, though the scheme is very cleverly
contrived so as to afford seeming compliance with
the provisions of the law.



799

The Reserve Board decides that the difference be­
tween the 3 % which the bank is obliged to pay for
its rediscounting loan and the 6% per annum which
it is allowed to charge the customer, must be consid­
ered sufficient to compensate the bank for its work,
its trouble and its risk. As this is a scheme for stor­
ing commodities and holding them off the market,
the element of risk may eventually prove consider­
able, and this risk in the first instance will fall upon
the bank making the loan. We do not assume to say
that this difference of 3 % between what the member
bank pays and what it is allowed to charge is or is
not adequate. We do not consider ourselves com­
petent to decide the question, though on the face the
margin of profit looks narrow and small. What we
wish to emphasize is that it is an arbitrary fixing
of profits, and that it is the Government, working
through the Federal Reserve Board, that is saying
what the profit shall be, instead of leaving it to the
unrestrained competition of the thousands of banks
represented in the system.
We wish also to direct attention to the nature of
the transactions themselves which are thus to enjoy
the special favor of the Government. The Govern­
ment’s solicitude and intervention is in behalf of
goods to be stored in warehouses and there held for
higher prices. Special facility for borrowing at low
rates is to be accorded to aid the movement. It
should be distinctly understood that the arrange­
ment is not intended to apply to cotton alone. Sec­
retary M cAdoo has taken particular pains to em­
phasize that fact, saying: “ It must not be inferred
that the regulations adopted by the Federal Reserve
Board concerning commodity loans apply only to
cotton. These regulations apply to all non-perish­
able and staple commodities in all parts of the coun­
try, and like credit facilities are available to producers
in all parts of the country.”
In other words, holders of commodities everywhere
are to be encouraged in placing them in warehouses
and borrowing upon them. Notice is given that if
they do this the immense resources of the Federal
Reserve banks and of the member banks are to be
made available for the purpose, while the Govern­
ment will throw its own cash into the bargain.
And the rate is to be kept low so as to stimulate
borrowing. Is not the Reserve Board laying the
foundation for a gigantic credit inflation in all this,
should the inducements offered unfortunately find
wide acceptance? But, waiving that point, is not
the Reserve Board, in saying what the margin of
profit shall be on transactions of this nature, which
may easily turn out to be extra hazardous, proceeding
in disregard of the possible consequences in deterring
non-member banks from entering the system and
in inducing member banks to withdraw from it?
If the Reserve Board has the right to prescribe
the margin of profit in one case, it has the authority
to do so in all cases. In any event, if the advantage
to be obtained from rediscounting, which is the
main inducement for entering the system or remain­
ing in it, is to be thus restricted and circumscribed,
is there not danger that a large number of banks will
conclude that they will be better off outside the
system than within it? Aside from the question of
profits, too much official meddling will be sure to
make banks debate seriously whether they should
place themselves under a jurisdiction where they
invite such treatment.

800

THE CHRONICLE

The commercial failures exhibit for the United
States for August 1915 is less favorable than for the
same month of any earlier year in number of defaults,
but in the amount of liabilities there is a very decided
improvement as compared with 1914, and the showing
is also better than two years ago. During the cor­
responding time a year ago the European war— then
in its first month— was, of course, a more or less
potent factor in our mercantile and industrial affairs,
yet the large increase in failed indebtedness reported
for the period was due in greatest measure to unfavor­
able conditions or developments here. It will prob­
ably be recalled that in August last year there were
31 large failures (for amounts in excess of $100,000),
accounting in all for $32,101,623, or nearly 75% of
the aggregate insolvent liabilities. Of this amount
almost one-third was contributed by the Interna­
tional Steam Pump Co., whose failure could in no
manner be ascribed to the war. Furthermore, the
casualties among brokerage houses, which involved
upwards of 1734 million dollars, were apparently
merely accelerated by conditions abroad, not actually
caused thereby, as developments here had already
tended to weaken the standing of the concerns. As
against the foregoing especially unfavorable exhibit
for August last year, the showing for the month in
the current year is notably satisfactory, the number
of large failures being stated at only 24 and repre­
senting but $6,981,362. Moreover, it is a note­
worthy fact that almost steadily, month by month
since January, the number of failures has decreased,
and this, taken in connection with the important
falling off in the volume of liabilities of late, would
seem to indicate a marked lessening of the stress
or strain from which trade and industry have
been suffering, partly on account of serious con­
traction in our foreign commerce along many
lines and the decreased purchasing power of the
masses.
Messrs. R . G. Dun & C o.’s compilation of mer­
cantile disasters for August, which furnishes the
basis for our remarks, gives the number of failures for
the month as 1,395, with liabilities of $17,733,552,
this contrasting with a commercial mortality of 1,272
for no less than $43,468,116 in 1914 and 1,145 for
$20,848,916 in 1913. In 1908 the indebtedness re­
ported was $23,787,378. Segregating the insolvents
into classes, the most favorable showing is in the
brokerage, &c., division, where not only is there a
decrease in the number of defaults, but the indebted­
ness stands at only $1,618,596 against $18,888,313 a
year ago. The liabilities last year were, as already
indicated, inordinately swelled by the suspension of
such prominent concerns as S. H. P. Pell & Co. and
Flower & Co. In the manufacturing section re­
ported liabilities of $9,197,401 compare with $16,­
168,970 in 1914. Last year’s abnormal total was
largely accounted for by the suspension of the pump
concern referred to above. This year the only note­
worthy expansion in liabilities occurred in lumber and
allied industries, iron foundries, and nails and leather,
shoes and harness. In fact, in a number of lines
distinct improvement is in evidence. In trading
branches a decline of about 134 million dollars in
debts is indicated ($6,917,555 contrasting with
$8,410,833), and it is quite generally shared in, the
only mentionable increase being in the liabilities of
general stores and this mainly at the South.
For the eight months the 1915 failures total
15,874, far exceeding all earlier years, and comparing



[Vol. 101.

with 11,226 in 1914 and 10,477 in 1913. The liabili­
ties, however, at $225,255,990, fall 23% million
dollars below a year ago, when the aggregate was
$248,944,994, and contrast with $174,083,682 in
1913. Manufacturing insolvencies involved $84,­
958,899 this year against $85,220,215 last year,
trading indebtedness reached $114,059,485 against
$119,009,889, and liabilities of brokers, &c., were
very much less than a year ago— $26,237,606 against
$44,714,890.
Failures in Canada in August, while smaller in
number than in 1914, covered liabilities moderately
greater. Since Jan. 1 the respective aggregates for
the current year are the heaviest on record.
The four members of the British financial com­
mission and the two members of the French com­
mission who are to meet American bankers to
discuss the best means for regulating the exchanges
between New York, London and Paris arrived
on the steamship Lapland yesterday morning.
At Quarantine they were met by J. P. Morgan and
H. P. Davison, who boarded the liner from Mr.
Morgan’s yacht, the Corsair, and accompanied the
members to their headquarters at the Hotel Biltmore. Captain George Gaunt, the British Naval
attache, also joined the party at Quarantine. The
members of both commissions are distinguished as
authorities in their own countries and have inter­
national reputations. The chairman of the British
commission is Baron Reading, Lord Chief Justice
of England. The other British members are Sir
Edward Hopkinson Holden, Chairman of the London
City & Midland Bank, Sir Edward Babington Smith,
President of the National Bank of Turkey, and
Basil P. Blackett, an expert from the British Treas­
ury, who, it will be recalled, accompanied Sir George
Paish to this country soon after the opening of the
war. The French commissioners include M . Ernest
Mallett, Regent of the Bank of France, and M .
Octave Homberg, who represents the French Foreign
Office. The Commissioners were also met at
Quarantine by numerous American journalists and
newspaper photographers. They met these visitors
frankly, indulging in many pleasantries and posed
for their photographs. But they refused to talk
seriously as to the object of their mission. All that
was obtainable was the following typewritten state­
ment furnished by Lord Reading :
The joint Anglo-French mission has come to the
United States in connection with the question of
exchanges between New York, London and Paris.
The object of the visit is to consult with American
bankers and other interested persons as to the best
means to be adopted for regulating the exchanges
between the cities named in order that the com­
merce of the three countries may suffer as little as
possible during the course of the war.
The first work of the Commissions after their
arrival was to accept the invitation of Mr. Morgan
to meet a group of representative American bankers
at 2.30 in the afternoon at the Morgan Library,
which became so famous for its various conferences
during the financial upheaval of 1907. In the even­
ing the visitors attended a dinner at which additional
financial representatives of this country were pre­
sent. Aside from the formal statement Lord Read­
ing did say that he and his associates had come over
without final plans. They were open minded and

Sept , l i 1915.]

THE CHRONICLE

were exceedingly anxious for a full and frank inter­
change of views. There is authority for the state­
ment that no formal discussions took place yester­
day. Nor were any plans presented. The pro­
ceedings consisted exclusively of introductions of
various prominent financiers to the Commissioners.

801

driven the enemy back toward Spripa. In the fight­
ing on Sereth front, says the official Russian report,
the total number of prisoners taken since Sept. 3
is 383 officers and more than 17,000 men, as well as a
great quantity of artillery and machine guns. These
successes are denied, however, by the German war
office, which claims that “ the Czar is attempting to
The formal note of Germany bearing on the sink­ deceive his own people in order to suppress the grow­
ing of the White Star liner Arabic, which was re­ ing feeling of revolt. The important victory before
ceived by our State Department on Thursday, raises Tarnopol belongs in the class with the recent Russian
a question as to the value and significance of Ger­ naval victory in the Gulf of Riga.” From the Gulf
many’s promise that ocean liners are not to be at­ of Riga to Olita, south of Kovno, the situation, ac­
tacked without warning and are not to be torpedoed cording to the German statement, is unchanged,
until the safety of the passengers has been assured, while the Austro-German center from that point to
unless they attempt to escape or to offer resistance. and beyond the Pripet cat marshes continues to
The new German note, which was communicated advance. Thence to the Rumanian frontier the
to the American Ambassador at Berlin under date Russians are still the agressors, endeavoring to pre­
of Sept. 7, refuses to admit obligation to pay in­ vent the invasion of Bessarabia. On the whole, the
demnity for American lives lost on the vessel, even Russians, with fresh supplies of ammunition, appear
if it should develop that the submarine commander to be making a better stand. They are aided doubt­
was in error in thinking the Arabic meant to ram his less by the rains which are said to be turning the
vessel. The latter is the excuse given by the com­ roads, especially in the region of the Pripet and its
mander for torpedoing the vessel. The German affluents, into quagmires. On the Western frontier
note in full appears on a subsequent page. The sub­ the German Crown Prince is making another at­
marine situation has been complicated and the im­ tempt to break through the French lines in the
portance of last week’s German assurances further Argonne, and, according to the Berlin official state­
diminished by the torpedoing, also without warning, ment, has succeeded in taking trenches over the
of the Allan Line steamer Hesperian with 350 pas­ front of l'A miles and to a depth of from 300 to 500
sengers and a crew of 300 aboard. The vessel was metres, capturing 2,000 prisoners, 48 machine guns
bound from Liverpool for Montreal and was attacked and 64 mine throwers. The French admit that the
presumably by a German submarine, off the Irish Germans gained a partial success, but declare that in
coast just as darkness was falling on Saturday even­ most instances they were thrown back with heavy
ing. There were three Americans among the crew, losses. Field Marshal Sir John French, Commanderalthough no Americans were passengers. One Ameri­ in-Chief of the British army in the field, reports
can is supposed to have died. The entire incident that there has been no recent change in the situation.
is receiving very serious attention by the President
Twenty persons were killed and 86 others were in­
and his Cabinet.
jured in a German Zeppelin raid on London on Wednes­
day night. The British censor apparently refused to
That President Wilson has determined on a firm permit details of the damage. The chief of the
policy is indicated by the instructions that were for­ German Admiralty staff, however, issued at Berlin
warded by our State Department on Wednesday to our the following report:
Ambassador at Vienna to inform the Austro-Hun­
“ Our naval airships attacked during the night of
garian Government that Dr .Constantin Dumba was Sept. 8 and 9 with good results the western part of
no longer acceptable as Ambassador to the United the city of London, the great factories near Norwich
States, and to ask for his recall. Formal announce­ and the harbor works and iron works at Middles­
ment that such action had been taken was made by brough. There were heavy explosions, and numer­
ous fires were observed.
Secretary Lansing on Thursday night in a statement
Our airships were heavily fired at by hostile
which we print on another page. Advices from batteries, but all returned safely.”
Washington last evening from correspondents who
are usually well informed state that there is a strong
By a unanimous vote, 610 delegates to the
possibility that the recall of other diplomats may be British Trade Union Congress, representing 3,000,000
requested for indiscretions very similar to those of workers, on Thursday registered their opposition to
Dr. Dumba.
conscription. The Congress was held in Bristol.
The text of the resolution was as follows:
In a telegram addressed to Raymond Poincare,
“ We, the delegates to this Congress, representing
President of France, Emperor Nicholas of Russia, nearly three million organized workers, record our
announced on Tuesday last that he had placed him­ hearty appreciation of the magnificent response
self in command of all the Russian armies. The made to the call for volunteers to fight against the
Czar’s action was interpreted quite generally as an tyranny of militarism. We emphatically protest
indication of a new Russian offensive movement. against the sinister efforts of a section of the reaction­
ary press in formulating newspaper policies for party
The Grand Duke Nicholas has been transferred and
purposes and attempting to foist on this country
is now in command of the Russian army in the Cau­ conscription, which always proves a burden to work­
casus, according to press accounts from Petrograd. ers and will divide the nation at a time when absolute
There already has been substantial indication of unanimity is essential.
“ No reliable evidence has been produced to show
renewed Russian activities, if Russian accounts are
to be believed, a victory near Tarnopol early in the that the voluntary sytem of enlistment is not ade­
week having been followed by another success in quate to meet all the Empire’s requirements. We
believe that all the men necessary can and will be
Eastern Galicia, southwest of Trembowla, where obtained through a voluntary system properly or­
in two days’ fighting the Russians claim to have ganized, and we heartily support and will give every
captured 150 officers and 7,000 men and to have aid to the Government in its present efforts to secure



802

[Y ol . 101.

THE CHRONICLE

the men necessary to prosecute the war to a success- j tally buys the war loan with the proceeds at nearly
a full point above the market price of the latter.
ful issue.”
It is believed that the action of the British unions This, obviously, is merely a subterfuge adopted to
will exert a positive influence on the Government, cut the minimum price. There has been an increase
and will go a long way toward preventing compulsory in taxation of from 7 to 12% in England since the
service. The Minister of Munitions, Lloyd George, war began, according to a report submitted on Thurs­
in a speech before the Congress declared that the day to the British Association for the Advancement
war had resolved itself into a conflict between the of Science. The moratorium, the report asserted,
mechanics in the contending nations. “ With you ,” enabled foreign countries to save enormous sums on
said the Minister to the Congress, “ victory is assured. indebtedness to Britain. “ England’s best weapon,”
Without you our cause is lost. I come here as the the report continues, “ now is a large loan in the
greatest employer of labor in this country. You United States, the discouragement of imports, en­
passed resolutions yesterday pledging yourselves to couragement of exports and increased economy in
assist the Government in a successful prosecution of consumption.” The monthly statement of British
the war, and I am here on behalf of the Government foreign trade was published by the Board of Trade
to take you at your word.” Lloyd George told the on Tuesday. It showed for August an almost sensa­
delegates that notwithstanding all the efforts that tional recovery, imports having increased £27,154,­
have been made to speed up the work of turning out 000, while exports increased £8,227,000. The prin­
war munitions only 15% of the available machinery cipal increases in imports were £11,000,000 in food,
was being worked on night shifts. “ The country £6,000,000 in raw material and £9,000,000 in manu­
is not doing its best,” he declared. The Minister factured articles. The chief gains in exports were in
said the Government had under construction eleven manufactured articles. Compared with the last
new arsenals, to man which, in addition to the exist­ corresponding month before the war, in August 1913,
ing arsenals, 200,000 more men were required. imports showed an increase of £13,000,000 but
“ The Government,” he added, “ cannot equip the exports were £11,000,000 lower. The excess of im­
army at this time unless the unions suspend during ports for August over exports was £37,077,763,
the war all instructions barring unskilled labor and against an excess of £18,150,763 in August 1914.
all restrictions tending to prevent a maximum out­ For the period January 1 to August 31 the excess
put. Therefore there must be no stoppages.” of imports this year has been £323,883,300 against
Lloyd George quoted from a trade union circular £153,685,311 for the same months in 1914. Fol­
issued in Coventry in which the men were counseled lowing comparisons show the trade of the United
in effect not to work at their full capacity. “ This Kingdom in August and for the eight months ending
means,” he commented, “ that there has been a with August:

------ Month of August------------------ fan. 1 to Aug. 31--------

1915.
1914.
1915.
1914.
deliberate attempt to restrict the output of guns, the Imports
£69,516,034 £42,362,034 £574,765,070 £477,759,573
250,882,670 324,074,262
making of which is vital to the protection of the lives Exports........ ...................... 32,438,271 24,211,271
Excess of Imports_____ £37,077,763 £18,150,763 £323,883,300 £153,685,311
of men at the front. Is there any one here who will
defend an action of that kind?” There were loud
Comparisons by months with corresponding periods
cries of “ N o.” “ Then,” said the Minister, “ you of last year follow:
-------------Imports------------- ------------- Exports------------ have answered the question I came down to ask you.
1915.
1914.
1915.
1914.
£67,401,006 £68,005.009 £28,247,592 £47,806,165
I knew you would not support such action.” Con­ January........................
February__________________ 05,268,814
62,053,651
26,170,937 41,261,797
tinuing, he said that as Minister of Munitions he March...............
75,590,918
66,947,315
30,176,066 44,518,661
......................... 73,678,288
61,626,830
32,169,733 39,946,822
had the right to ask workmen to come forth courage­ AMparil..".........
y " ...........................
71,644,966
59,099,290
33,618,992 42,051,190
ously, and fearlessly say they would have no part j u n c ........... .......................... 76,117,797 58,281,652 33,233,508 39,872,976
July.......................................... 75,548,147
59,383,792
34,721,511 44,405,380
“ in trying to hold the arm of their native land when August.......................
69,516,034
42,362,034
32,438,271 24,211,271
it is fighting for its life and their future labors de­ Septem ber.....................................- ......... 45,051,937 ................ 26,674,101
October.............................
51,559,289
28,601,815
pend largely upon the result of this war.” The November.....................
65,987,058
24,601,619
26,278,928
Minister concluded by appealing to the men not to D e ce m b e r.............. ................................. 67,554,960
British
exports
of
cotton
goods
amounted
to
array the country against organized labor.
418,794,000 yards against 313,075,000 yards for
The London Stock Exchange will be closed to-day August last year. The exports of cotton goods to
in accordance with the plan of the Committee to give the leading markets for August compare as follows in

occasional holidays during the summer. For reasons
that are only too obvious, it is doubtful, however,
whether there will be any real holiday spirit. Lon­
don correspondents cable that leading bankers at
that center are co-operating with a view to bringing
about normal conditions in their foreign exchanges
as quickly as possible. “ They have been actuated
in their efforts,” according to a Central News cable
dispatch, “ by a desire to prevent further indiscrim­
inate selling of American securities which diminishes
the power of bankers in the United States to lend to
London.” There was little activity in any quarter
reported on the English Exchange during the week.
During the closing days news of successes by the
Czar’s troops in Galicia \yas responsible for a better
undertone. No action has yet been taken in con­
nection with a further reduction in minimum prices.
Consols, however, are declared to be only salable
at the minimum price of 65 if the seller coinciden­



yards:

1915.
........... 2,952,000
........ 154,383,000
.............. 32,510,000
............ 4,537,000
.............. ................ 20,483,000
.............. 25,953,000
.............................. 28,790,000

1914.
3,356,000
169,137,000
28,027,000
1,429,000
459,000
9,812.000

Total, all countries_________________________________ 418,794,000

313,075,000

To—

France_____ . . . . . . . . . . . . ____
Central and South America-----

12,121,000

Included in the exports to the United States for
the month were 9,000 lbs. of worsted yarns, compar­
ing with 151,000 lbs. a year ago; woolens, 402,000
yards as compared with 685,000 yards in 1914;
worsteds, 1,101,000 yards against 2,809,000 yards.
It has been announced officially that the first
settlement of the Paris Bourse since the war began
will take place on September 30. Outstanding com­
mitments are estimated at about $34,000,000 and
balances due at $8,000,000. The official Bourse
agents have given full powers to their “ Syndic” to

Sept , n 1915.]

THE CHRONICLE

803

this effect. An early announcement is expected as
to settlement of the outstanding Coulisse accounts.
It is estimated that the settlement will release
possibly 8100,000,000 of contango and other moneys
and will at the same time reopen the market to time
contracts which are so essential a part of the French
Bourse operations. Considerable agitation has arisen
against any attempt to settle before the end of the
war, and it is intimated that the definite date is
not unlikely to be postponed at the last moment.

Sept. 8 amounted to £452,000,000. Our special
correspondent furnishes the following details by cable
of the gold movement into and out of the Bank for
the Bank week: Inflow, £5,664,000 (of which
£1,055,000 bought in the open market, £3,000,000
received from abroad, presumably from France^
£450,000 released from miscellaneous accounts and
£1,159,000 net received from the interior of Great
Britain); outflow, £6,618,000 (of which £151,000
bars and £4,107,000 foreign gold coin sold in the open
market, £2,000,000 to Japan, £315,000 earmarked
Financial circles in Berlin are concerned chiefly 1,Jgypt,. £40,000 to Malta and £5,000 to the Straits.)
with the subscriptions to the new German loan. A We add a tabular statement comparing for the last
dispatch from Berlin by way of Amsterdam states five years the different items in the Bank of England
that the Krupp family of Essen has subscribed return:
40.000. 000 marks. The highest single subscription
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
to the issue came from the Cologne Savings Bank.
SePt S.
Sept. 9.
Sept. 10.
Sept. 11.
Sept. 13.
Circulation.............
£31,790,000
£35,221,585
£29,049,255
£28,959,275
£29,381,370
It was 45,000,000 marks. The Berlin Municipal
Public deposits----- 129,587,000 24,400,348
9,008,592 1 5 ,5 1 3 1 3 3
9 9 3 7 873
Savings Bank is reported by cable to have subscribed Other deposits------- 85.942,000 130,704.402 43,554,786 47,355,484 44’.318,792
45.000. 000 marks as compared with its subscription Govt, securities.... 34.418,000 25,747,587 12,453,405 1 3 ,3 0 7 ,6 5 5 1 4 ,5 9 7 5 2 4
Other securities----- 145.230,000 110,922,759 20,522,749 36,088,331 26 382 060
of 30,000,000 marks for the first war loan and Reserve notes* coin 54,138,000 30,730,844 31,835,238 31,659 820 31 5 3 9 3 5 1
Coin and bullion ... 07,479,221 47,508,429 42,434,493 42,169,101 42’ l7o’ 721
40.000. 000 to the second. The Agricultural Central Proportion
of reserve
25.11%
19.81%
60.54%
50.34%
58 10%
to liabilities........
Loan Bank subscribed 25,000,000 marks. A Berlin
Bank rate................
5%
5%
4>*%
4%
' 3%
financial correspondent states that the new loan will
result in the sale of less than $15,000,000 worth of
The continued exchange of gold in France for
American securities, according to figures prepared by
Government paper is again reflected this week in the
bankers in close touch with the situation. From the
return of the Bank of France, which reports an in­
same source it is reported that the previous loans
crease of 51,087,000 francs in its gold holdings.
were responsible for the sale of something more than
Silver, oh the other hand, decreased 2,390,000 francs.
$50,000,000 worth of American securities, leaving
Note circulation recorded an expansion of 163,032,000
$100,000,000 still held in Germany. These the dis­
francs, general deposits a reduction of 80,334,000
patch says are not likely to be sold even in case
francs, bills discounted a decrease of 19,530,000
future loans are issued.
francs, treasury deposits an increase of 26,496,000
No alteration has been made by any of the leading
European banks this week in their official discount
rates, 5 per cent continuing in London, Paris,
Berlin, Vienna and Copenhagen, 5>£% in Norway,
Sweden and Portugal, 0% in Italy and Russia and
43di% in Switzerland and Amsterdam. Open market
rates in London are 4 % % for short bills and 4 % @
m % for long bills. A week ago sixty day bills were
4 13-16@4% % and three months’ bills 4% % . Dayto-day funds at the British center remain a t3 3 ^ @ 4 % .
A private discount rate of 3 % % is reported from
Berlin. Otherwise the open market rates are entirely
a matter of private negotiation.

francs, and the Bank’s advances an increase of
2.046.000 francs. The Bank now holds 4,377,358,­
000 francs in gold against 4,141,350,000 francs a
year ago and 3,440,550,000 francs in 1913. The
silver holdings are 354,272,000 francs against 625,­
325,000 francs in 1914 and 631,475,000 francs the
year preceding. Note circulation is again at a new
high record, namely 13,221,949,000 francs, which
compares with 6,683,184,785 in 1914 and 5,516,844,
450 in the year preceding. General deposits are
2.418.662.000 francs, comparing with 947,571,861
francs in 1914 and 641,760,678 the year preceding.
Discounts aggregate 2,369,593,000 francs against
2,454,280,425 francs in 1914 and 1,367,243,340 francs
in 1913. Treasury deposits are 157,280,000 francs
against 382,561,817 francs in 1914 and 261,269,681
francs in 1913. The Bank of France suspended
publication of its statement last year as soon as the
war began and did not resume until February 4 1915;
hence no closer comparison with last year’s condition
than as of July 30 is available. These are the 1914
comparisons that are mentioned above.

The Bank of England’s return this week begins to
reflect the outward movement of gold, a decrease
of £954,037 having been reported in gold coin and
bullion holdings. The total reserve decreased only
£420,000, there having been a contraction during
the week of £534,000 in note circulation. The pro­
portion of reserve to liabilities increased to 25.11%,
against 24.15% last week and 19.81% in 1914 at
this date. Decreases were reported of £8,348,000
The weekly statement of the Reichsbank shows the
in public deposits, £1,979,000 in other deposits and following increases: Gold, 3,633,000 marks ($908,­
£10,000,000 in Government securities. Outside se­ 250); metal stock and paper currency, 45,079,000
curities (loans) showed the nominal increase of £124,­ marks; discounts and Treasury paper, 125,702,000
000. The Bank’s gold item stands at £07,479,221, marks; securities, 1,450,000 marks; and deposits,
against £47,508,429 in 1914 and £42,434,493 in 1913. 231,711,000 marks.
Loans decreased 2,520,000
The reserve is £54,138,000, against £30,730,844 one marks, and the note circulation 4,450,000 marks.
year ago. Public deposits are £129,587,000, against
£24,400,348. The loan item is.£l45,230,000, against
In local money circles there is little that is new.
£110,922,759. The Bank reports as of Sept. 4 the Quotations are without quotable change and may be
amount of currency notes outstanding £57,747,034, said to represent the views of lenders, virtually all of
against £54,001,492 the preceding week. The amount whom are maintaining recent figures, recognizing
of gold held for the redemption of such notes remains |that the demand for funds in mercantile and indus­
at £28,500,000. Payments on the war loan up to trial circles is so backward that there would be no




THE CHRONICLE

804

[Vol. 101.

Conditions in sterling exchange have shown some
substantial expansion in the volume of business even
improvement, although the situation still is a nervous
if rates were lower. Demand loans still remain
pegged within a range of 1 % @ 2 %• A further in­ one and a renewal of recent weakness was a feature
crease in the surplus above reserve requirements of of the earlier days of the week. A third ship­
ment of British gold, amounting in this instance
$4,311,330 was noted in the Clearing House state­
to $19,466,000, and consigned to J. P. Morgan
ment of last Saturday, bringing the total of free funds
& C o., reached the Sub-Treasury on Wednesday.
available for all legitimate loaning purposes up to the
In
addition securities valued, according to
unexampled sum of $209,110,910. This compares
unofficial reports, at $30,000,000, also consigned
with a deficit (under the former style of statement)
to the banking firm named, as fiscal agents
at this date last year of $37,129,300 and a surplus
for the British Government, accompanied the gold.
of $4,023,300 in the corresponding statement of
There has been much exaggeration in the newspaper
1913. Loans decreased $834,000, net demand de­
accounts of the shipment, some statements having
posits increased $4,767,000, and net time deposits
placed the amount in excess of $80,000,000. When
increased $274,000. Reserve in “ own vaults” showed
the metal had been deposited, however, the bankers
an expansion of $13,683,000 to $502,237,000, which
gave out an official announcement as follows: “ There
includes $427,143,000 in specie. Reserve in Federal
is American gold coin valued at $7,850,000 and
Reserve banks decreased $2,918,000 to $138,440,000,
British sovereigns to the amount of £2,390,000,
and reserve in other depositaries decreased $5,197,000
valued at approximately $11,615,000. This makes
to $31,651,000, thus providing a net increase of
an aggregate of $19,466,000.” No statement was
$5,568,000 in the aggregate reserve. We refer to
made as to the volume or value of the securities.
the bank statement in greater detail on a subsequent
The gold in this week’s shipment came by fast
page.
.
British cruiser to Halifax and thence by special train
A third sum of substantially $19,500,000 in gold
to New York. Australian and New Zealand gold
was received in New York by way of Halifax from
to the amount of $3,000,000, consigned to San
London early in the week, and it is understood that
Francisco banks yesterday arrived at that port on
additional shipments are on their way. This is not
the steamer Moana, from Sydney, Australia, and
calculated to strengthen the position of the market
Wellington, N. Z. The greater part of it was in
so far as the attitude of lenders is concerned. Funds
gold coin, with some bullion. This brings the total
are so abundant throughout the country that the
of gold imports at San Francisco from Australian and
usual demand of the interior upon New York for
New Zealand banks within the last 30 days to $8,­
crop funds is very backward in presenting itself.
000,000. Nearly all of it has been consigned to the
Referring to money rates in detail, demand loans,
Anglo & London-Paris National Bank and the
as we have already noted, have remained pegged this
Canadian Bank of Commerce.
week at 1 M @ 2 % , these figures being the lowest and
The definite news that the British commissioners
highest, respectively, each day. Monday was a
who are to discuss the exchange problem with Ameri­
holiday. On Tuesday the renewal rate was 2% , but
can bankers were to arrive on Friday was the chief
this was reduced on Wednesday to l % % , at which
sustaining influence of the week. It is conceded
it ruled during the remainder of the week. Time
that there will be no serious obstacle to the arrange­
money quotations were not changed for any maturity,
ment of a credit, and that the natural influence of
remaining at 2^£% for sixty days, 2 % % for ninety
such an arrangement must be to restore in a sub­
days, 3 % for four months and 2J^% for five and six
stantial degree confidence in the foreign exchange
months. Commercial paper discounts are a shade
market as a whole. At any rate there has apparently
easier, being quoted at 3@ 33^% for sixty and ninety
been a greater disposition to do business this week by
days endorsed bills receivable and for four to six
bankers who heretofore have been inclined to delay
months single names of choice character, against
routine purchases of bills. The weekly statement
3 }4 @ 3 % % last week. The reduction is, however,
of the country’s imports and exports for the week
in a large degree a nominal one, as we noted last
ending Sept. 4, as reported by the Department of
week that business had been transacted in the highest
Commerce, showed an excess of exports of $27,616,­
class of names as low as 3% . Names not so favor­
721, comparing with $33,269,039 the week preceding.
ably known require 3 ^ @ 4 % . Bankers’ accept
There seems every expectation in sterling exchange
ances are quoted 2^ @ 23^ % , according to ma­
circles that the export movement will increase very
turity.
Discount rates at the Federal Reserve
rapidly during the closing months of the year and
banks remain at last week’s figures as follows:
that slight if any improvement may be looked for in
imports. We have referred to the arrival of the
Trade
Acceptances.
1
Agricul­
Maturities of—
tural and
Over 60 1 British and French financial commissions in a pre­
Over 30 Over 60 lice stock
Federal Reserve
to 90
To 60
10 days 30 days days to 90 days to 90 ;paver
Bank—
days
over 90 days inceding paragraph.
and
days,
days,
and
less.
New Y o r k __
Philadelphia Cleveland----Richmond . .
Atlanta..........
Chicago........
St. Louis----Minneapolis-.
Kansas C ity ..
San Francisco

3
3
3

_.

3

3

less.

4
4
4
4
4
4
4
4
4
4
4
314

Incl.
4
4
4
4
4
4
4
4
4
4
4
4

Incl.

4
4
414
4 14
4 14
4 Yi
414
4 14
5
4
4J^
4 14

days.
5
5
5
5
5
5
5
5
5
5
5
5

Incl.

_

314
—
—
—
—
—
—
—
314
3 Yu
3

incl.

__
314
------------—
—
---314
4
314

Authorized rate for acceptances, 2 to 4 % . On
March 10 the Federal Reserve Board fixed the fol­
lowing rates for re-discounts between Federal Reserve
banks: 3)/£% for maturities of 30 days or less; 4%
for maturities of over 30 days to 90 days, inclusive



j
Compared
I
i
! exchange on
1
1 4 6 6 H @ 4 67

with Friday of last week, sterling
Saturday was firm and advanced to
for demand, 4 673^@4 68 for cable
transfers
and
4 63@ 4 64 for sixty days. Monday
1
1
On Tuesday the firm tone which
| was a holiday.
j ruled at last week’s close, was replaced by distinct
weakness and sterling rates again broke sharply
as a consequence of the heavy pressure of com­
mercial bills— principally cotton and grain— in accu­
mulation over the week-end and an absence of
buying power; demand bills dropped 3j/£c. to 4 63,
with the hiVh 4 66 and cable transfers ranged be-

Sept. 11 1915.]

THE CHRONICLE

tween 4 64 and 4 67; sixty days was nominally
quoted at 4 59@ 4 60. Renewed weakness was
recorded in the initial transactions on Wednesday,
with a further decline of lc . in the pound; later,
however, the market steadied and the losses were
recovered; the range of quotations was 4 6 2 % @
4 64% for demand, 4 63 1-16@4 65% for cable
transfers and 4 61 @ 4 62 for sixty days. On Thurs­
day a perceptible decrease in the volume of offcrings, pending the outcome of the conference to be
held in this city between the British and French
Commission and prominent American banking in­
terests, caused marked firmness, and rates advanced
sharply; demand bills were quoted at 4 6 5 % @ 4 67,
cable transfers at 4 6 6 % @ 4 68 and sixty days at
4 63@ 4 65. On Friday the market ruled strong.
The day’s quotations were 4 66@ 4 67 for sixty days,
closing 4 67; 4 67@ 4 69% for demand, closing 4 69% ,
and 4 68@ 4 7034 for cable transfers, closing 4 7034*
Commercial on banks nominal, documents for pay­
ment nominal. Seven-day grain bills at 4 67@ 4 68,
closing 4 68. Cotton for payment nominal; grain for
payment nominal.
The Continental exchanges have sympathized with
sterling. The London check rate in Paris closed at
27.92, against 27.6534 francs a week ago. In New
York, Paris checks closed at 5.94 and cable trans­
fers at 5.93, against 5.95 and 5.94 respectively.
Exchange on Berlin has been stimulated by the de­
mand for remittance representing subscriptions in
this country to the new German war loan and also
on account of the release of goods by Great Britain
from Rotterdam. Demand rates on the German
center closed at 8234, against 80% a week ago and
cable transfers at 82% , against 80% . Swiss ex­
change finished at 5 32 and 5 31 for sight and cables,
respectively, against 5 34 and 5 33 a week ago.
Italian lires are 6 42 and 6 41 for sight and cables,
against 6 43 and 6 42. Bankers’ checks on Amster­
dam are 4034 and cables 4034, against 39% and
39 15-16. Greek exchange remains at last week’s fig­
ures of 5 27 for checks and 5 26 for cables. Copen­
hagen checks are 25 80 against 25 90 a Week ago, and
exchange on Norway and Sweden is 25 85 for checks,
against 25 95. Russian rubles continue at 3434.
’
The New York Clearing-House banks, in their op­
erations with interior banking institutions, have
gained $3,785,000 net in cash as a result of the cur­
rency movements for the week ending Sept. 10. Their
receipts from the interior have aggregated $8,132,000,
while the shipments have reached $4,347,000. Add­
ing the Sub-Treasury operations and the gold imports,
which together occasioned a gain of $19,038,000, 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 $22,823,000, as follows:
Week ending Sept. 10.
Banks’ Interior movement
Sub Trcas. oper. and gold Imports..
T o ta l_____

Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.

38.132.000
41.538.000

$4,347,000 Gain $3,785,000
22,500,000 Gain 19,038,000

$49,670,000

$26,847,000 Gain $22,823,000

# The following table indicates the amount of bullion
in the principal European banks:__________
Banks of

Sept.

9 1915.

Silver.
England.
Franco. .
Germany
Russia . . .
Aus.-IIunc
Spain___
Italy ..
Nctherl’ds
Nat.Bclgli
Swltz’land
Sweden . .
Denmark.
N orw ay..

Sept. 10 1914.
Total.
£

Silver.

Total.
£

07,479,221
. . . 07 ,479,221 47,508,429
47 ,508,429
175,097,040 14,573 040189 ,070,080 *105053080 25,013 ,280190 000,900
120,410,500 2,300 ,000 122 ,710,500 79,007,400 1,987 .000, 80 994,400
105,381,000 4,093 ,000 109 ,474.000 172,323,000 0,042 ,000178 305.000
51.578.000 12,140 ,000 03 ,718,000 51.578.000 12,140 ,000 63 ,718,000
28.931.000 29,530 ,000
,401,000 21.814.000 27,403 ,000
,277,000
45.811.000 4,070 000
,481,000 45.450.000 3,000
,450,000
31.530.000
193 ,500
,729,500 13.512.000
754
200,900
15.380.000
000 ,000
,980,000 10.053.000
030
289.000
9,030,500
,030,500 8 , 001,200
001,200
0,299,000
,299,000 5.727.000
727.000
5.940.000
309,000
,255,000. 3.880.000
270,000*
150.000
3.434.000
,434,000 3.103.000
103.000

Tot. week 720,919,80 1 08.408,540 795,328,401 028,870,709 77,300 180 700 182 889
1’rev .week 727,409,218 09,750,1ID 797,225,358027.242,942 81,340,330708,589!272
c July 30 191'4 In both years, h Data In 1915 lor Sept, 211914. * July 301914.




805

GERM ANY, AUSTRIA A N D OUR
GOVERNMENT.
The United States Government has achieved a
highly honorable distinction for the dignity and
correctness of its diplomacy in the present war. At
times there may have existed a temporary difference
of opinion among American citizens, as to whether
the State Department was not too patient in dealing
with the German submarine outrages. The Govern­
ment inevitably encountered criticism for prolonging
the discussion in a tone of high courtesy, when the
Berlin Foreign Office seemed to most people to be
endeavoring to obscure or evade the real issue. But
at no time has the tone of firmness in stating and re­
stating our nation’s irreducible demands been re­
laxed, and when, two weeks ago, the German
Government, through its Ambassador at Washing­
ton, completely surrendered its original position, and
cigieed to abandon attacks without notice on peace­
able ocean liners, the whole policy of our State
Department was so publicly and notably vindicated
that even such captious critics as Mr. Roosevelt
were silenced.
The repute thus gained for high-minded and firm,
yet dignified and self-contained diplomacy, serves
our Government well in connection with two episodes
of the present week. We refer, first, to the Hes­
perian incident and the German Government’s sub­
sequent announcement that the Arabic was torpe­
doed because the captain of the submarine imagined
the liner to be about to attack his vessel; second, to
the incident of the Austrian Ambassador, Dr. Con­
stantin Dumba. The matter of the submarines, so
far as it has been affected by these more recent inci­
dents, may be dismissed in a few words. The facts
regarding the Hesperian, which was sunk southwest
of Fastnet last Saturday evening while sailing west­
ward, are not yet clear. It is still possible that the
steamer was not torpedoed by a submarine, but
that she struck a mine. At all events, the sub­
marine was evidently not, as in the case of the Arabic,
distinctly seen from the passenger ship. These facts
must be left for investigation to settle.
But the German Government’s answer regarding
the Arabic, communicated on Wednesday to Am­
bassador Gerard, to the effect that the submarine
commander, seeing the Arabic change its course,
feared an attack and therefore fired in self-defense,
is not admissible. Ambassador Bernstorff’s assur­
ance, in his note of Sept. 1 to our State Department,
that liners will not be sunk by our submarines with­
out warning and without safety of the lives of non­
combatants, provided that the liners do not try to
escape and offer resistance,” seemed at the time
to be adequate. But clearly, in the light of this
Arabic incident, judgment as to such purposes on the
liner’s part cannot be left to the impulses of timid,
rash or unscrupulous submarine commanders. Other­
wise, the excuse offered for destroying the Arabic
without notice could easily be applied in any future
case, even when the facts were wholly otherwise,
and when the submarine commander’s allegation was
denied by officers and passengers of the ship attacked.
To leave the matter in such position would wholly
nullify the practical effect of the Bernstorff assur­
ance. It therefore becomes plain that far more
definite assurances are necessary. If satisfaction of
the United States were necessarily to involve the
outright abandonment of the submarine campaign,

806

THE CHRONICLE

then that, too, from our point of view, must follow.
The whole neutral public is becoming weary of
Germany’s assertion of privileges wholly unauthor­
ized by international law, and of the right to indulge
in practices condemned by common humanity and
international decency as well as by the law of
nations.
The case of Dr. Dumba is different, but much moie
aggravated. It has long been intimated that efforts
were being made, in behalf of the German interests,
to interfere with the output of American munition
factories through provoking strikes. This has been
lately proved by documents purloined from semi­
official German agents at New York, published in
the newspapers and not repudiated by their authors.
In that case the activities could be ascribed to purely
private motives. But that disclosure has now been
followed by the arrest, with documents highly in­
criminating to the Austrian Embassy, on a Dutch
steamer which had landed at a European port, of
an American citizen with known German sympathies.
This person, a journalist named James F. J. Archi­
bald, was on his way to Berlin and Vienna.
The seizure of his papers developed the fact that
he carried a confidential letter from the Austrian
Ambassador at Washington to the Austrian Minister
of Foreign Affairs at Vienna proposing that the
Austrian Government provide the necessary money
to disorganize and cripple the American munitions
factories. A letter enclosed with that communi­
cation outlined a plan “ to arrange for strikes in the
Bethlehem Schwab steel and munitions factory,
and also in the Middle West.” In his own letter
Dr. Dumba declares:
“ It is my impression that we can disorganize and
hold up for months, if not entirely prevent, the manu­
facture of munitions in Bethlehem and the Middle
West, which, in the opinion of the German Military
Attache, is of great importance and amply outweighs
the expenditure of money involved.”

Dumba’s offense. We know in fact of no analogy
short of Genet’s attempt, when Ambassador from
France in the Washington Administration, to defy
our Government by recruiting in this country for
the French army, by using American ports at will
as temporary refuge for warships and prizes, and by
criticizing in public speeches the actions of our
Government.
Washington’s towering indignation and the dis­
grace of Genet at the insistent demand of our Gov­
ernment make up a well remembered episode in our
early history. In principle the action of Dr. Dumba
can hardly be differentiated from this, except that
what Genet did publicly the Austrian Ambassador en­
deavored to do secretly. It is difficult to see how
any different action could have been expected from
our Government on this later occasion. It was
therefore with no surprise that our people, yesterday
morning, read the note of the Socrctaiy of State to
the Austrian Foreign Minister at Vienna, with this
plain and dignified statement of the case:

After some reference to plans in behalf of AustroHungarian workmen who were induced to give up
their work at the mills, the Dumba letter concludes
by saying that “ Mr. Archibald, who is well known
to your Lordship, leaves to-day at 12 o ’clock on
board the Rotterdam for Berlin and Vienna. I take
this rare and safe opportunity to warmly recommend
the proposal to your Lordship’s favorable considera­
tion.”
The offense against our Government and people
thus disclosed was very grave— certainly not less so
when committed by an envoy from the most punc­
tilious court in Europe, and certainly not alleviated
by the intimation that the Austrian Government
had approved the general policy suggested. What
we have in this acknowledged letter from the Am­
bassador is conclusive evidence of intrigue and con­
spiracy, by the envoy of a foreign State, to upset
American industries; that proposal having been made
at the very moment when our own Government, in
a formal note to this very Ambassador, had asserted
that pursuance of the industries referred to was
wholly proper, both under domestic and international
law. American newspaper comment on the matter
has recalled the dismissal of Sackville-West by the
Cleveland Administration in 1888 for expressing
opinions regarding the Presidential campaign of that
year in a letter to a naturalized English citizen.
With that incident we can see little analogy, except
such as indicates the far greater gravity of Dr.



[Vol. 101.

“ By reason of the admitted purpose and intent of
Mr. Dumba to conspire to cripple legitimate indus­
tries of the people of the United States and to inter­
rupt their legitimate trade, and by reason of the
flagrant violation of diplomatic propriety in employ­
ing an American citizen protected by an American
passport as a secret bearer of official dispatches
through the lines of the enemy of Austria-Hungary,
the President directs me to inform your Excellency
that Mr. Dumba is no longer acceptable to the
Government of the United States as the Ambassador
of his Imperial Majesty at Washington.
There can, we suppose, be no question as to the
acquiescence, without protest, of the Austiian Gov­
ernment. Indeed, quite apait from Dr. Dumba s
gross violation of diplomatic proprieties, we should
have supposed that the Austrain Government would
itself have seen the necessity of recalling an Ambassa­
dor whose service in his present position has so
obviously ended, and whose service to his own State
has surely not been enhanced by so extraordinary a
performance as sending an uncoded lottci, on a sub­
ject where secrecy was of vital importance, through
the medium of an obscure citizen who had been asked
to carry the dispatch— much as a suburban resident
might request his neighbor to drop a letter in the
city post-box. It is, we repeat, extremely fortunate
that our Government has established indisputably
its reputation for dignity and fairness in international
diplomacy. This places it in the position to put an
end at once to this intolerable policy of foreign diplo­
mats, enjoying our hospitality under well recognized
restrictions of international comity, engaging in
underhand plots and intrigue against American in­
terests.
________
MR. TAFT ON THE QUESTIONS OF THE D A Y .
Speaking to the bankers assembled at Seattle, All.
Taft said that railroads employ millions of men,
millions own their stocks, their needs constitute a
substantial part of the demand for manufactured
goods, and their prosperity is important to the pros­
perity of the country; therefore, “ we must grant
increased rates to the railroads when the conditions
require it, and grant them quickly.” This is liter­
ally and strictly true, notwithstanding it has been
said so many times and with so little general effect
apparent yet, and we are tempted to wonder whether
Mr. Taft, while saying it, remembered (and, if he
did remember, regretted) the share he himself had,

Sept , n 1915.]

THE CHRONICLE

80 7

while President, in bringing the Inter-State Com­ able to do their own business without hindrance by
merce Commission to its increased and excessive
interests” and bosses, is also condemned by Mr.
control of the subject, a control so stolidly exercised Taft. He declares it not true (and all observant
only in one direction.
and thinking people must agree with him) “ that the
But when he came to some other topics, Mr. Taft general primary is any less subject to the control
could not possibly have had any regretful recollec­ of a machine and the boss and a political organiza­
tions of his own course. In calling attention anew tion than a convention.” Primaries, he says, are
to the aggressiveness of organized labor, now deter­ usually attended by a minority of the party, and their
minedly and far too successfully seeking to make lesult is much affected by the number who cm be
itself a privileged class and above the law, in a aioused to come out to vote, and that depends upon
country whose very first political doctrine is that oi ganization; this places in the hands of the poli­
no privilege is allowed here and all classes and all ticians who have an organization the means of
interests must acknowledge the supremacy of law, control” Is not this almost self-evident? Is any­
Mr. Taft may justly have congratulated himself
body so fatuously enthusiastic over a novelty as to
silently upon his veto of the exemption rider tucked
imagine that the men who have made practical
into an appropriation bill; his successor was unable
politics their business are going to give it up without
to pluck up courage to veto the same vicious thing,
Hying to alter their methods to fit the new con­
and Mr. Taft deserves full credit, although the
ditions, and thus keep control, although they would
very fact that such an exercise of courage is worth veiy willingly let the dear people suppose they are
noting suggests how morally flabby our politics beaten and have retired ?
has gradually become. Mr. Taft’s suggestion
In this country, proceeded Mr. Taft, we have
that “ to those who are injured by the abuse of their
done so marvellously with machinery in reducing
power by trades unions ordinary principles of law
the hand labor needed and the total cost of pro­
offer remedies which are probably sufficient” is
duction that “ we cannot get over the idea that
interesting, but thus far those principles of justice
political evils can be remedied by a change in
imbedded and expressed in the common law have not
political machinery.” This is a serious error; no
quite proved so; not even the slowly and laboriously
mere change in forms will accomplish any real and
leached present position of the Danbury hatters
lasting improvement; the change must go deeper
case availed to protect the Loowc firm from injury.
than that. The old representative system, says
I he law maxim that where there is an injury there is Mr. Taft, (and we might add the simple remark
also a remedy, is like other good maxims in being
that anything except a representative scheme of
unable to make itself effectual in all cases.
some sort is positively unworkable) will do very
Mr. Taft renders a public service, however, in
well “ if the people who ought to vote will turn out,
adding the weight of his deserved reputation,’ as
and it will^work, for the reasons I have stated, a
often as possible, to enforce the necessity of grap­
great deal better than the initiative and referendum
pling with and rightly settling the irrepressible
and direct primary; but we should realize that, under
conflict between privilege and law, in the form
any system, the politicians will control if the people
the unions are determined to have it presented, fail in their electoral duties.”
lie spoke wisely also, at Seattle, as he has done on
othei occasions in the last two years, in condemning
the current attack upon representative government.
THE GRAIN-CROP SITUATION.
It is asserted, he said, that the elective system as we
Hie grain-crop^report of the Department of Agri­
have had it has often set faithless agents at legis­
culture for^ Sept. 1, issued on Wednesday, was in
lative work and the proper remedy is to eliminate
practically^allfrespects a satisfactory document, in­
the agents and let the people themselves do the
dicating as it did an even more bountiful supply of
legislating. I his cry has produced the initiative and
our leading cereal products than had been foreshad­
the referendum, which Mr. Taft says are clearly
owed a month earlier, and an aggregate yield of all
shown by their workings to be failures. No intelli­
vaiietics moderately in excess of the high-water mark
gent thinker could have expected otherwise, for if
set in 1912. The unfavorable features of the current
the people lack the sense and the independence situation, in fact, seem to have been confined to con­
and the determination to select competent agents
tinued wet weatherAin portions of the winter-wheat
to do their work, the same lack will beset any other belt, causing delay in threshing and resulting in
mode they may attempt for doing their own businessdamage to the quality of the grain; and the lateness
or, if it is the adroitness and energy of the machine
ol corn in maturing, which makes the possibility of
bosses which defeats the people under the old plan
extensive injury from frost in more northerly districts
it is quite certain that those bosses will not give
a more important question than usual. As the De­
up their game readily and will adapt their own
partment of Agriculture interprets the Sept. 1 re­
methods to any change of scheme.
turns, they promise a yield of corn some 67 midion
Mr. Taft, however, as is natural for a jurist
bushels above the expectations of Aug. 1, over 300
deems the recall of judicial decisions and of judges million bushels greater than a year ago, and 140
themselves to be still worse. He perceives that million bushels less than the record crop of 1912.
such a scheme would not bring to the bench the
Improvement in the condition of spring wheat during
ablest men; that subservience and time-serving August apparently added about 15 million bushels to
would tend to displace independence, and that one the anticipated yield, making the outlook now for a
of our most precious safeguards, a judiciary as near production only nominally less than the bumper crop
impeccable and incorruptible as human nature of 1912. Furthermore, the new supply of wheat
allows, would be put in peril.
(winter and spring combined) for the year will, ac1 he direct primary, another fad which is caught coiding to cuirent indications, very closely approxi­
up because it makes the flattering suggestion that mate, if not exceed, 1,000 million bushels, thus es­
thus the 1 cople will come into their rights and be tablishing a new high record and leaving available fo f



808

THE CHRONICLE

[Vol . 101.

export between 300 and 400 million bushels. Oats duction, it is expected, will exceed by a little the
deteriorated but slightly during the month, and the previous record set; buckwheat promises an aggre­
outcome of the harvest, it is now estimated, will be gate something more than a million bushels greater
6 million bushels greater than the prognostication of than in 1914, and rice an increase of about 2 1-3
Aug. 1, and very close to, if not in excess of, thiee million bushels.
Not only is the grain crop situation very encour­
years ago. The barley outlook, too, is better than
aging
in the United States this year, but late reports
on Aug. 1, and the promise is for a larger production
voice
expectations of bumper yields across the bor­
than ever before. These four cereals, the Depart­
der
in
Canada. An increased planting of all the
ment now estimates, will give a combined production
leading
cereals has heretofore been noted especially
in 1915 of 5,797 million bushels, or 786 million bush­
of
wheat—
and now it appears that of this specifically
els more than the final result for 1914, and an even
100 million bushels in excess of the high total estab­ named cereal a yield of 240,000,000 bushels is confi­
dently looked for, a total the greatest in the history
lished in 1912.
of
the Dominion and very much in excess of last
Corn suffered very moderate deterioration in
year.
Most recent advices, moreover, denote that
August from adverse weather. In some of the largerin
the
Northwest
harvesting has been largely com­
producing States, such as Missouri, Nebraska, Kan­
pleted
and
threshing
is getting under way.
sas and Oklahoma, improvement is noted. On the
other hand, in Iowa condition dropped from 72 on
Aug. 1 to 65 on Sept. 1, in Illinois from 83 to 78, RAILROAD GROSS A N D NET EARNINGS FOR
and in Texas from 82 to 80, but in all of these, except
JULY.
Iowa, the status this year is much better than on
There are no new features in the returns of railroad
Sept. 1 1914, this being particularly true of Texas,
gross and net earnings. The latter continue to make
where a large decrease in the crop was recorded last
better comparisons than do the gross, this being a re­
year. The general condition of corn in the United
flection of the policy pursued with reference to ex­
States on Sept. 1 is stated by the Department of
penses in the management of our rail transportation
Agriculture at 78.8 against 79.5 a month earlier,
lines. For some time it has been the practice to cut the
71.7 a year ago and a ten-year mean of 78.1. On the
expense accounts in all directions so as to avoid fur­
basis of the average condition percentage, an ap­
ther dwindling of the net results at a time when rail­
proximate yield of 27.3 bushels per acre is arrived at,
road credit is already in greater or smaller measure
which indicates an aggregate crop of 2,985,000,000
impaired because in recent years net results have not
bushels, or about 312 million bushels more than har­
been growing commensurate with requirements.
vested last year, but, as stated above, 140 million
The compilations we present to-day cover the month
bushels less than the record crop of 1912. The crop,
of July and the comparisons are precisely like those
however, being late in maturing, harvesting is not as
for the months immediately preceding in showing
well advanced as usual.
substantial improvement in the net due to the cir­
The average condition of spring wheat on Sept. 1
cumstance just mentioned, that is, the decrease in
is announced as 94.6, or 1.2 points higher than on
Aug. 1, and the weather latterly has favored the expenses.
There is just one satisfactory fact to be noted, and
maturing and harvesting of the grain. The condi­
that is a tendency towards betterment of the com ­
tion as given above compares with 68 at time of har­
parisons as to the gross. It is the totals of the gross
vest last year, 75.3 in 1913, and a ten-year average
that need watching for genuine signs of improve­
of 76.8. As worked out by the Department, an
ment, since the showing as to the net is so largely a
average yield of 16.8 bushels per acre is indicated,
matter of policy and controlled by the course being
or a total product of 322 million bushels, which con­
pursued with reference to the expenses.
trasts with 206 millions last year and 330 millions in
The tendency of the gross to improve may later
1912. Combining the foreshadowed spring-wheat
on develop into something of importance; as yet it is
yield with the official tentative winter-wheat esti­
only in the initial stages. For July the increase is no
mate of 659,000,000 bushels, we have an aggregate
more than $2,324,115, which is less than 1% , since
of 981,000,000 bushels for 1915, which is the largest
we are dealing with large totals, the aggregate of the
production of the cereal in our history, showing an
gross last year having been $260,624,000 and the
increase of 90 million bushels over 1914, and, as
present year being $262,948,115. Even this small
already intimated, assures a very large surplus for
increase is deprived of much of its significance
export.!!
through the fact that comparison is with reduced
Oats stood a little lower in condition on Sept. 1
totals the previous year. It is encouraging, how­
than a month earlier, but very much above a year
ever, that decreases are now being replaced with in­
ago. The condition when harvested is placed at
creases, so that, apparently, the period of contracting
91.1 against 91.6 Aug. 1 this year and 75.8 Sept. 1
revenues has come to an end. Combined with the
1914, with the ten-year average 78.1. It is evident,
gain (or recovery) in the gross, there has been a re­
therefore, that this crop also is expected to give a
duction of $7,527,125 in expenses, thus producing a
product per acre well above most recent years. This
gain of $9,851,240 in the net, or 12.66%.
is substantiated by the fact that the Department
Inc. ( + ) or Dec. (— ).
calculates the yield per acre as 35 bushels, against an
July (423 roads)—
1015.
1014.
Amount.
%
243,042
241,700
+1,246 0.51
average of 30.6 bushels for the previous five years, Mlloe of road.................................
Gross earnings .......................... $202,048,115
$200,024,000 +12,324,115 0.80
and arrives at an aggregate production of 1,408,­ Operating
expenses....................... 175.203,130
182,700.255 -7,527,125 4.12
000,000 bushels, as compared with 1,141 million
Net earnings...............................$87,084,085
$77,833,745 +$0,851,240 12.66
bushels last year and 1,418 millions in 1912 our
We have stated that comparison is with reduced
premier oats crop. The estimated yield of barley at
totals
in 1914. That is true of both the gross and the
223 million bushels is 15 million bushels greater than
net,
our
compilations for July last year having shown
the approximation of a month ago, and exhibits a
$9,571,763
loss in gross, or 3.67% , and $998,911 loss
gain of 28 million bushels over a year ago. Rye pro­



Sept . 11 1915.]

THE CHRONICLE

in net, or 1.31%. It deserves also to be noted that
the 1914 loss in net came after a loss in the same
month of 1913. In the gross in 1913 there was a
moderate amount of gain, namely $12,036,238, or
5.38% , but it was attended by an augmentation in
expenses of $15,302,025, or 9.79% , leaving, therefore,
a loss in net of $3,265,787, or 4.83% . As a matter
of fact, up to last year expenses had for a long period
shown a most pronounced tendency to rise. In July
1912 there was substantial improvement in both
gross and net, but while the addition to gross was
$23,007,660, the gain in net was no more than
$8,890,588. In July 1911 the changes were rela­
tively slight, there being a loss in gross then of
$1,555,652, or less than 1% , with a trifling gain in
net, namely $31,411. In July 1910 the rising course
of expenses was decidedly in evidence, the figures
registering $12,812,422 increase in gross but $4,485,­
758 decrease in net. In July 1909 the statement was
favorable, there having been $24,719,084 gain in
gross and $11,083,420 gain in net. But the additions
then were deprived of much of their significance by
the fact that they succeeded tremendous losses in
July 1908, when, according to the figures prepared
by the Inter-State Commerce Commission, there was
a shrinkage of no less than $33,426,116 in gross and
of $8,485,484 in net. In the following we furnish
the July comparisons back to 1897. For 1910, 1909
and 1908 we use the Inter-State Commerce totals,
but for preceding years we give the results just as
registered by our own tables each year— a portion of
the railroad mileage of the country being always un­
represented in the totals, owing to the refusal of some
of the roads in those days to furnish monthly figures
for publication.
Net Earnlni

Gross Earnings.

July.

1890 . .
1897 . .
1898 . .
1899 . .
1900 . .

1901. .

1902 .
1903 .
1904 .

.
.
.

1 9 0 5 ..

1900 . .
1907 . . .
1908 . . .
1909 . .

1 9 1 0 .. .
1911 . . .
1912 .
1913 .
1914 .
1915 .

.
.
.
.

Year
Given.

Year
Increase ( + )
Preceding, or Dec. (— ).

S
51,132 ,708
58,183 ,393
63,172 ,974
72,204 ,314
83,343 .882
. ,538
99,334
.
102,960
,249
.
115,691
,747
.
106,955
,490
.
118,404
,552
.
129,386
,440
137,212 ,522
195,240 ,134
.
219,964
,739
230,015 ,770
224,751 ,083
.
245,595
532
.
704
£35,849
.
248
252,231
.
115
262,948

S
$
+ 242
,890,523
,228,118 + 3,955
+ 833
,339,710
,434,240 + 10,770
,671,358 + 5,072
,920,806 + 12,413
,691,960 + 5,208
856,175 + 17,835
,078,504 — 0,723
325,222 + 11,079
550,367 + 14,830
066,092 + 18,540
672,250 — 33,420
245,055 + 24,719
803,354 + 12,812,
306,735 — 1,555
587,872 + 23,007
813,526 + 12,030
803,011 — 9,571
624,000 + 2,324

Year
Given.
S
,550,978
,091,230
,971,051
,377,447
,687,209
,925,716
,634,610
,290,851
,398,740
,594,553
,808,250
,891,837
,194,321
,350,772
,157,547
,423,409
,427,505
,354,370
,359,460
,684,985

Year
Increase ( + )
Predcelng. or Dec. (— ).
15,490,273
16,530,293
20,094,375
19,072,510
25,989,927
27,680,809
33,824,597
31,846,098
37.353.409
40,256,131
36.718.410
39,448,771
75,679,805
07,207,352
77,643,305
72,392,058
70,530,977
67,620,157
70,358,377
77,833,745

$

+ 00.705
+ 2,500,943
— 723,324
+ 4,704,937
+ 097,282
+ 7,244,847
— 189,987
+ 0,450,153
— 2,954,009
+ 3,338,422
+ 0,089,834
+ 2,443,000
— 8,485,484
+ 11,083,420
— 4,485,758
+ 31,411
+ 8,890,588
—3,265,787
— 998,911
+ 9,851,240

Note.— In 1890 the number of roads Included for the month to July was 130: In
1897, 127: In 1898, 123; in 1899, 114: in 1900, 117: in 1901, 108; in 1902, 103: in
1903, 100: in 1904, 98; In 1005, 94; In 1930, 90: In 1907, 82; In 1903 the returns wero
based on 231,830 mlle3of road; In 1909, 234,500; In 1910, 238,109; in 1911, 230,076;
n 1912, 230,712; in 1913, 200,084; In 1914, 235,407; In 1915, 243,042. We no longer
ncludo the Mexican roads or the coal-mlnlng operations of the anthracite coal roads
In our totals.

As far as the separate roads are concerned, there
are a few instances of substantial improvement in
gross, but these arc not nearly so noteworthy as the
increases in the net caused by reductions in expenses
and in both the gross and the net there are not
lacking a considerable number of decreases, some of
large size. Both the two important Eastern trunk
lines, namely the Pennsylvania and the New York
Central, give a good account of themselves. The
Pennsylvania on the lines directly operated east and
west of Pittsburgh has added $1,042,563 to gross and
has increased this to $1,630,826 in the net by a cur­
tailment of expense outlays. In July last year the
Pennsylvania lines fell $1,808,129 behind in gross
and $313,990 behind in net. The New York Cen


809

! tral this time has $898,094 increase in gross and
$1,526,550 in net.
This is for the Central
proper as recently enlarged. Including the various
auxiliary and controlled roads, the whole going to
form the New York Central System, the result is a
gain of $1,364,693 in gross and of $2,108,426 in net.
Last year, in July, the result for the New York
Central System was a loss of $2,341,849 in gross and
a gain of $632,922 in net, this contrasting with
$2,348,994 increase in gross and $841,025 decrease in
net, in July of the year preceding (1913). The New
York New Haven & Hartford for July 1915 has added
$492,025 to gross and $557,045 to net, while the
Boston & Maine lost $142,856 in gross but added
$409,383 to net; the Erie adds $253,548 to gross and
$738,600 to net, the decrease in expenses here follow­
ing in a measure from a change in the time of
year of doing certain renewal work; the Baltimore
& Ohio has added $524,064 to gross and $804,891
to net.
In the West results are somewhat uneven, but
with the same characteristic observable here as else­
where, in one particular at least— that is in the
matter of keeping expenses well in hand. The
Southern Pacific has an exceptionally favorable state­
ment by reason of the extra passenger traffic that has
come from the Panama-Pacific Exposition at San
Francisco; the company reports $1,222,013 increase
in gross and $1,298,453 increase in net. The Atchison has added $813,099 to gross and $501,814 to net
and the Union Pacific $287,629 to gross and $184,859
to net. For the Northern transcontinental lines the
showing is quite different, and the same is true of
some of the Southwestern lines like the Rock Island,
which reports a loss of $369,272 in gross and of
$312,813 in net. The Great Northern has lost
$982,322 in gross and $544,784 in net, and the
Northern Pacific $442,279 in gross and $261,487 in
net, while the Burlington & Quincy has suffered
$487,448 decrease in gross and $438,031 in net, and
the Chicago & North Western $250,930 in gross and
$364,879 in net. The Milwaukee & St. Paul, on the
other hand, has added $394,295 to gross and $479,889
to net. The Illinois Central falls behind $517,296 in
gross and $179,533 in net.
What the great revival in the iron and steel trade
is doing for the ore-carrying roads is evident from the
return of the Duluth Missabe & Northern, showing
$588,909 improvement in gross and $506,789 im­
provement in net. The same road the previous year
suffered a reduction of $423,776 in gross and of
$318,654 in net.
Those two important Southern coal-carrying roads,
namely the Chesapeake & Ohio and the Norfolk &
Western, have strikingly good exhibits, the former
having added $378,479 to gross and $322,584 to net,
and the Norfolk & Western $717,609 to gross and
$621,710 to net. The distinctive Southern railway
systems have all lost substantial amounts in the gross
but make a somewhat better comparison as to the
net. Thus the Southern Railway suffered a de­
crease of $493,484 in gross, but has converted this
into an increase of $153,036 in net, and similarly the
Louisville & Nashville has $317,800 decrease in gross
with $114,211 increase in net. The Atlantic Coast
Line falls $360,753 behind in gross but only $76,838
in net. In the following we show all changes for the
separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross and
net.

THE CHRONICLE

810

P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S IN J U L Y .
T)prrpnvr?

T n r r r n 'iP S

Southern P a cific.................$1,222,013
Pennsylvania____________ a l ,042,563
N ew York C entral______ 6898.094
A tch, T op ek a & S F e____
813.099
N orfolk & W estern______
717,609
Duluth Missabe & N o ___
588,909
Baltimore & O hio________
524,064
N Y New H av & H a r t f..
492,025
Chicago M ilw & St P ____
394,295
Chesapeake & O hio_____
378,479
Union P a cific____________
287,629
Philadelphia & R ea d in g -- C261.398
E r ie ................................
253.548
M ichigan C entral________
211,200
San Pedro Los A ng & S L 204,671
Pero M arquette__________
173,677
Pitts & Lako E rie_______
151,772
Lehigh V alley___________
151,681
Bessemer & Lake E rie____
147,344
Western P a cific__________
141,214
Union (P a )_______________
121,900
121,039
Virginian_________________
W estern M arylan d______
120,748

Great N orthern__________
Illinois Central__________
Southern Railw ay________
Missouri P a c ific -________
Chicago Burl & Q u in c y ..
Northern Pacific_________
R ock Isla n d ........................
Delaware Lack & W e s t ..
Atlantic Coast Lino_____
Louisville & N ashville____
St Louis & San Fran_____
Chicago & N orth W e s t ...
W abash__________________
Seaboard Air Lino_______
M obile & Ohio___________
Missouri Kans & T e x a s ..
Central o f Georgia______
Chic St P M & O _________
Boston & M aine_________
Nash Chatt & St Louis___
C hic & East 111....................
Kansas C ity Southern___

$982,322
517,296
493,484
489,672
487,448
442.279
369,272
364,933
360,753
317.800
265,727
250,930
226,970
C205.525
202,250
199,496
178,544
166,546
C142.856
129,477
123,858
113,910

Representing 23 roads
Representing (22) roads in
in our com pilation___$9,418,971
our com pilation________$7,031,348
the figures in the above are on the basis o f the roturns filed
with the Inter-Stato C om m erce Comm ission. W here, however, theso
returns d o not show the total for any system , wo have com bined tho
separate roads, so as to make the results conform as nearly as possible to
thoso given in the statements furnished b y the companies themselves.
a This is tho result for tho Pennsylvania R R ., together with tho Pennsyl­
vania C o m p a n y , and tho Pittsburgh Cincinnati Chicago & St. Louis, tho
Pennsylvania R R . reporting $687,057 increase, the Pennsylvania C o m p a n y
$441,530 gain and the P . C . C . & St. L. $86,024 loss. Including all lines
owned and controlled which m ake m onthly returns to tho Inter-Stato C om ­
m erce Com m ission, the result is a gain o f $1,119,832.
6 These figures cover merely tho operations o f tho N ow Y ork Central
itself. Including tho various auxiliary and controlled roads, like tho
M ichigan Central, the “ B ig Four” , the “ Nickel Plato” , & c., tho wholo
going to form tho N ow Y ork Central S y s t e m , tho result is a gain o f $ ! , 364,693.
c Theso figures are furnished b y tho com pany.
P R IN C IP A L C H A N G E S IN N ET E A R N IN G S IN J U L Y .
N o t e .— AH

Tnrrpnvp*.

In crea ses.

P enn sylvania___________ a.$l ,630,826 Lehigh Valley___________
111,935
111,228
N Y C e n t r a l....................... 61,526,550 Pere M arquette__________
Southern P a cific_________ 1,298,453 Grand Trunk W est______
111,223
106,688
Baltimore & O h io________
804,891 Delaware & H udson____
E r ie ........................................
738,600 Int & Great N or_________
106.626
N orfolk & W estern............
621.710
N Y New Hav & H a r t f..
557.045 Represonting 130) roads in
D uluth Missabe & N o . . .
506,789
our com pilation______ $12,247,573
A tch Topeka & S F o____
501.814
T)pcrpfivp?
479.889
Chicago M ilw & St P ____
Boston & M aine__________ C409.383 Groat N orthern.................. $544,784
Chesapeake & Ohio______
322,584 Missouri Pacific__________
460,082
Philadelphia & R ea d in g -. C308.820 Chic Burl & Q uincy_____
438,031
364,879
Pitts & Lake E rie..............
271,025 Chicago & N orth W est___
San Ped Los Ang & S L _ .
215,299 R ock Island_____________
312,813
M ichigan Central________
201,575 Northern Pacific_________
261,487
Union P acific...............
18-1,859 Chic & East 111..................
239,585
Bessemer & Lako E rie___
181,626 W a b a s h ....................
236,144
Western P a cifc..................
156,816 Delaware Lack & W e s t ..
218,037
Southern R ailw ay________
153.036 Illinois Central___________
179,533
138,413
Union (P a )...........................
142,960 Missouri Kansas & Tex__
Phila Balt & W ash............
132,311 Chicago St 1> M & O ____
112,940
Central N ew England____
122,222
H ocking V alley...................
116,579 Representing Cl 2) roads in
Louisville & N ashville___
114.211
our com pilation_______ $3,506,718
a This is the result for tho Pennsylvania R R ., together with tho Pennsyl­
vania C o m p a n y , and tho Pittsburgh Cincinnati Chicago & St. Louis, tho
Pennsylvania R R . reporting $1,149,335 Increaso, tho Pennsylvania C o m p a n y
$560,786 gain and tho P . C . C . & St. L. $79,295 loss. Including all lines
owned and controlled which m ake m onthly returns to tho Inter-Stato C om ­
m ission, tho result is a gain o f $1,839,621.
6 Theso figures merely cover the operations o f tho N ow Y ork Central
itself. Including the various auxiliary and controlled roads, like the
M ichigan Central, tho “ Big F our” , tho “ N ickel P la te,” A c ., the wholo
going to form tho N ew Y ork Central S y s t e m , tho result Is a gain o f $ 2 ,­
108.426.

When the roads are arranged in groups or geo­
graphical divisions according to their location, the
part played by decreasing expenses in affecting the
net results is again emphasized. For while three of
the seven geographical sections show losses in the
gross, only two record a loss in the net. Our sum­
mary by groups is as follows:
SUMMARY BY GROUPS.
-----------------------Gross Earnings---------------------- 1915.
1914.
Inc.( + ) or Dec.(— ).
5
5
%
12,452,750
12,155,470
+297,274 2.44
73,175,165
69,944,989 +3,230,176 4.62
31,171,748
30,052,960 +1,118,788 3.72
31,633,823
32,757,524 — 1,123,701 3.43
57,254,810
59,244,313 — 1,989,503 3.36
39,203,524
40,307,654 — 1,104,130 2.74
18,056,295
16,161,084 +1,895,211 11.72

Section or Group.
July
Group 1 (13 roads) New England..
Group 2 (67 roads) East & Middle.
Group 3 (59 roads) Middle W e st...
Groups 4 * 5 (88 roads) Southern..
Groups 6 & 7 (73 roads) Northwest.
Groups 8 & 9 (83 roads) Southwest.
Group 10 (40 roads) Pacific Coast..

Total (423 roads)..........................262,948,115 260,624,000 +2,324,115
0.89
------ Mileage------ -----------------------Net Earnings---------------1915.
1914.
1915.
1914. lnc.( + ) or Dec.t.— ).
$
S
8
%
Group No. 1.................. 7,615
7,601 4,046,974 3,030,801 +1,016,173 33.53
Group No. 2.................. 28,459 28,248 25,675,391 20,4S1,376 +5,194,015 25.36
Group No. 3-------22,974 22,994 10,187,727 8,488,193 +1,699,534 20.02
Groups Nos. 4 A
5. 41,481 41,117 9,453,495 8,338,223 +1,115,272 13.37
Groups Nos. 6 A
7. 68.20567.814 19,524,760 20,514,403 — 989,643 4.82
Groups Nos. 8 A
9. 56,60056,546 10,858,682 10,862,183
— 3,501 0.03
Group No. 10................ 17,708 17,476 7,937,956 6,118,566 +1,819,390 29.73
■ T o t a l .......................... 243,042 241,796 87,684,985 77,833,745 +9,851,240 12.66
NOTE.—Group I. Includes all of the Now England States.
Group II . Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all
of Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a lino parallel to the {State line
passing through Denver.
|fj|
Groups VIII. and I X. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.




[VOL.

101.

A M E R IC A N S SELF-RELIA N T— DO NOT W ANT HELP
FROM ABOVE.
Tho recommendation by tho Industrial Commission that
inheritance taxation bo placed on largo estates, and that the
sum of $150,000,000 per annum be distributed by tho Labor
Bureau of tho Government, is an example of one of tho
tendencies of a certain class of thinkers at this time.
It is a fact that tho increase of executive boards and com­
missions to supervise the living of tho American people, if
continued, will doublo the great body of office holders now
holding safe positions under the Government. In every
direction these bureaus are fairly seeking opportunities for
activity, and all apparently work on the idea that there is
a “ class” of peoplo in this country who need Government
assistance and instruction in the carrying on of their domestic
affairs.
Nearly all of tho reports of the Industrial Commission have
this idea imbedded in their fabric; that thero is, and is to be
permanently, a working class without initiative, education
or enterprise, who require constant tutelage and beneficent
advice from superior minds. These superior minds, of
course, aro to accept and hold the Government positions, at
a good salary, with a retinue of statisticians, secretaries and
stenographers to investigate and supply tho needs of those
dependent people who are assumed to exist in all parts of
the country. Tho Department of Agriculture is teaching
the farmer; tho Child Bureau is instructing mothers; tho
Department of Commerco is informing our merchants and
manufacturers as to tho proper manner of conducting their
business and selling thoir merchandise.
I
instance tho second annual report of tho Homestead Com­
mission of tho Stato of Massachusetts, which was made public
this week. B y a law passed in 1913 the cities and towns of
Massachusetts were required to establish local planning
boards to solve what is known as tho “ Housing Problem” in
their respective communities. The report began by stating
sadly that no less than eight cities and six towns in that
commonwealth had utterly failed, up to M a y 1st, to select
or appoint such boards, including places of tho sizo of Fall
River, Haverhill and Lynn.
The report goes on to state that, because of a ruling of the
Supreme Court, nono of tho boards which have been estab­
lished, nor tho Stato board, has been able to tako any active
step toward tho establishment of homes for working people;
their activities up to the present time have been confined
to suggesting improvements in sections already built up.
Tho Stato Commission has been activo, however, in bring­
ing about tho passage by the Legislature of an amendment
which, if approved by the electorate, will give tho Legislature
power to delegate to tho Commission authority to proceed
with the establishment of . new homes. Ono experiment is
roported as being made in North Billerico, which marks the
first step in bringing into existence in this country important
co-operativo methods of housing for workingmen that have
proved so successful in England, “ For,” says tho report
“ nowhere else in tho United States, so far as is known, have
the fivo essential elements— site planning, limited number
of houses per acre, wholesale operations, limited dividend,
and participation by the residents— been combined in an
undertaking designed to meet tho needs of the workingman
earning $12 to $20 per week.”
Tho report then goes at length into the subject, referring
to New Zealand, Australia, Germany and other European
countries to show what is being done there; in many cases
with tho aid of public funds. Suggestions aro tlion mado
at great length as to tho proper activities of “ local planning
boards” in taking charge of and directing tho work of proper
housing, for tho inhabitants of tho locality. Also tho over­
sight of streets, parks, playgrounds, public buildings, mar­
kets, &c.
Tho first thing that calls for comment in this roport is
tho entire omission of any reference to what has been and is
being dono by tho thousands of “ building and loan” associa­
tions and other similar enterprises, by tho means of which
so many of our people, largely of tho so-called “ working
class” , have built and own their own homes through the
means of monthly payment, hardly exceeding, in many
cases, a moderato rental. Theso it is well known havo
been most successful whero their organization has been
voluntary and managed entirely by the subscribers them­
selves.
And this leads to tho second thought; that tho very spirit
and genius of our peoplo is to help themselves and not look
to aLhigher power, authority, or official adviser in tho

Sept . H 1915 ]

TIIE CHRONICLE

regulation of their domestic affairs. That thero has been
a strong tondency in the other direction of late years, an
assumption of the part of “ social workers” that they know
what was better for tlio averago man and his family than ho
could know himself, is evident on every side. That some
of theso movements, such as “ workingmen’s compensation” ,
or “ tenement houso supervision” have been helpful and
beneficial as well as necessary thero is no doubt; but in
all such cases the only efficient activities have been under
general laws, based on the slow working out of experience
and experiments; and adapted to the character of our people
and tho institutions of our country.
M an y others which are being attempted, especially in
tho so-called progressive communities of the W est, have
been absolute failures, or are gradually proving themselves
worso than useless, and unnecessary burdens on tho tax
payer.
Tho well meaning Homestead Commission of Massa­
chusetts makes a serious error in failing to recognize the
fundamental difference between American and foreign
habits of thought; ours being founded on tho pioneer spirit,
the self-relianco of our native popidation, and tho pride
which every man feels in being able to improve his own
condition, and rise out of and abovo tho “ class” in which
he may find himself.
Tho “ industrial unrest” which our Federal Commission
has been investigating and endeavoring to alleviate is really
ono of our greatest national assets. T o do away with it,
and to creato a “ working class” would bo a most disastrous
accomplishment. Tho writer lives in a moderato sized
community and among other activities thero aro probably
twenty-five employers in tho building lino, boss carpenters,
masons, and others, and as many moro houso painters,
docoraters and other employers of labor.
It is probablo that far tho larger number of theso began
as journeymen, or perhaps as mero day laborers, but they
havo not remained in their “ class” , and their examplo is
a constant incentive to those in their employ to become thenown proprietors, or to ongago in some enterprise on tlioir
own account. This is a perfect examplo of what is going
on all over tho country. Another m ay be found in Now
York City, where tho four or five thousand firms engaged in
tho garment manufacturing industry aro in almost all
cases composed of men of comparatively recent immigra­
tion, and whose transit from employee to employer has been
astonishingly rapid and successful.
To attompt to counteract this spirit, and this natural
movement induced by tho atmosphero of freedom in which
wo dwell; to confine it in fixed lines by tho regulations of
thoso assuming superior wisdom, must necessarily end in
failure; and it should bo tho prido and glory of our people
that this is bound to bo tho result.
Respectfully,
J o seph D . H

o lm es.

P LA N OF SECRETARY McADOO AN D RESERVE BOARD
FOR A ID IN G COTTON MOVEMENT.
Soveral statements bearing on tho Government’s plan for
assisting in tho financing of the cotton crop, as embodied in
tho proposed deposit of $30,000,000 in gold in tho Federal
Reservo banks for tho rediscount of loans on cotton, wero
issued on tho 3d inst. Ono of theso, emanating from Sec­
retary of tho Treasury M cAdoo, made known tho intention
to immediately deposit $5,000,000 in each of tho three
Federal Reservo banks in tho South. A t tho saino timo tho
Federal Reserve Board announced that it had adopted
regulations authorizing tho Federal Reservo banks to givo
special rates for tho rediscount of “ commodity paper,” which
is defined to cover notes secured by warehouse receipts
based on cotton. It is proposed to cliargo momber banks
3 % for rediscounting such paper, provided the member banks
do not cliargo tho makers of tho notes a rato in excess of
6 % , including all commissions and expenses. In his state­
ment Secrotary M cAdoo says that tho South this year “ is
tho only section of tho country where Government deposits
would appear to bo helpful, but if it should develop that crop
deposits aro needed in any other section of tho country tho
Treasury Department will be just as ready to extend assist­
ance within tho limits of its availablo resources to other
sections of tho country as it has been to tho South.” Tho
following is M r . M cA doo’s statement in full:
After a conference with m y colleagues In tho Federal Reservo Board I
have concluded that tho best plan for extending aid to tho cotton producers
o f tho South is to deposit tho $.'10,000,000 In gold, concerning which I m ade
an announcement a short time ago, In three Federal Reserve banks, located




8 il

at R ichm ond, A tlanta and Dallas, instead o f tho momber banks o f tho
Federal Reserve system .
Five m illion dollars will bo deposited imm ediately in each o f these banks,
making a total initial deposit o f $15,000,000. The Federal Reserve banks
havo tlio organization, tho know ledge o f local conditions and tho powers
under tho Federal Reservo A ct and tho regulations o f the Federal Reserve
B oard through which the proposed aid m ay bo m ost effectively rendered.
T o -d a y tho Board adopted regulations concerning "com m od ity paper.”
Under theso regulations all national banks and Stato banks, which are
m embers o f the Foderal Reserve system , which m ay lend m oney to farmers
or others on notes secured b y cotton properly warehoused and insured, at
a rate o f interest, including com m issions, not exceeding 6 % per annum ,
m ay rediscount such notes with tho Federal Rcservo bank o f their district.
T o illustrato how the proposod relief is availablo to tho cotton producers,
the follow ing is given as an example: A borrower asks his local bank for a
loan on his noto, secured b y warehouse roceipts from cotton. If tho bank
is inform ed that the cotton is in a responsible warehouse, properly insured
and that the noto is good , it m ay m ake tho loan. I f tho local bank charges
tho borrow er a rate o f interest, including commissions, not oxcoodin g6%
per annum, it m ay indorso tho noto over to tho Federal Reserve bank o f
its district and tho Federal Reserve bank m ay advanco to tho local bank
the full am ount o f the loan. The rato o f interest which tho Federal Rcservo
bank will charge tho local bank will bo sufficiently low , say 3 % , to enable
tho local bank to m ake loans at a rato o f intorost not exceeding 6 % per
annum and havo a liberal margin o f profit on such transaction.
It m ust not bo inferred that the regulations adopted b y the Federal R e­
serve B oard concerning com m od ity loans apply only to cotton. These
regulations apply to all non-perishablo and staple com m odities in all parts
o f the cou ntry and, like credit facilities arc availablo to producers in all
parts o f the country.
T he deposit o f Governm ent funds in tho South to aid in m oving tho cotton
crop is sim ply carrying out the policy adopted b y tho Treasury Departm ent
in 1913 when tho first crop-m oving deposits wero m ade. In 1913 and 1914
G overnm ent deposits were m ade to assist in m oving tho grain crops in tho
W ost and N orthw est as well as tho cotton crop in tho South. This year
the South is tho only section o f tho country where Governm ent deposits
w ould appear to bo helpful, but if it should develop that crop deposits
are needed in any other section o f tho cou ntry tho Treasury Departm ent
will bo ju st as ready to extend assistanco within tho lim it o f its available
resources to other sections o f tho country as it has boon to tho South.

The statement issued by the Federal Reserve Board co­
incident with tho above, is as follows:
Tho Federal Reservo Board has adopted regulations authorizing Federal
Reservo banks to give special rates for rediscount on com m odity paper—
that is, promissory notes having not m oro than ninety days to run, which are
specifically securod b y warehouse receipts for staple and readily marketable
com m odities o f a non-perishablo character, properly insured.
It is believed that preferential rates on this class o f paper will bo o f espe­
cial service at this timo in aiding in tho gradual and orderly marketing o f tho
cotton and other crops. In order that producers m ay bo directly benefited
b y tho low rates authorized, the Board has m ade it a condition that paper
offered b y member banks for rediscount at tho preferential rato shall bo
paper on which tho makers havo paid or havo contracted to pay in the w ay
o f interest or discount, including commissions, a rato o f not exceeding 6 %
per annum.
T ho Secretary o f tho Treasury has announced his intention o f making de­
posits in tho Federal Reserve banks which are located in tho cotton-growing
sections, in order that they m ay havo enlarged resources to assist tho crop
situation. T ho rediscount facilities offered b y Federal Reservo banks in
other districts aro ample to provide any additional funds that m ay be
needed.
W hilo it is gra^ ing to note that a largo number o f member banks
throughout tho So
orn States havo announced their intentions o f making
loans on cotton at1 a^es not to exceed 6 % interest, yet thero are many banks
which hesitato to make any material reduction in tho rates they have been
in tho habit o f charging on such loans.
It is thought therefore that b y making tho preferential rates on com ­
m odity paper apply only to notes which have been taken b y member banks
at rates not exceeding 6 % per annum, tho banks will bo encouraged to do
their part in prom oting orderly methods o f crop marketing, and to a greater
extent than would otherwise bo the case. Tho benefits o f tho Federal
Rescrvo A ct wero intended b y Congress to apply to thoso having dealings
with banks as well as to tho banks themselves.
A rato o f 3 % for special “ com m odity paper” has boon proposed b y tho
Federal R e s o r V «. banks o f Atlanta and Dallas, to which tho substance o f
tho proposed regulation had been com m unicated, and this 3 % rato was
approved at tho meeting to-day. This means that tho member bank which
applies for a rediscount o f paper secured b y properly insured staples will
obtain tho funds asked for at 3 % , provided that tho total charges mado b y
such member bank to tho maker o f tho paper did not originally exceed 6 %
per annum, including commissions.

Tho Board’s announcement was amplified by a circular
issued by G ov. Hamlin defining “ commodity paper,” which
wo print below:
CIRCULAR NO. 17—SERIES OP 1915.
Federal Reserve Board.
W a s h i n g t o n , S e p t . 3 1915.
C O M M O D IT Y P A P E R .
In Regulation B , stfios o f 1915, tho Board has established tho policy o f
encouraging transactions o f Federal Roscrvo Banks in trade acceptances
and in com m odity papor b y admitting thoso kinds o f paper to bo ro-discounted b y Fodoral Reservo banks with tho waivor o f tho particular re­
quirements with reference to statements.
In pursuance o f this p olicy, tho Board has issued a regulation (P , series
o f 1915) laying dow n tho conditions under which trado accoptancos m ay
bo discounted b y Foderal Reserve banks at a special rate to bo published
for this kind o f papor. In further pursuance o f tho samo policy, tho Board
in tho appended regulation (Q, sorios o f 1915) has authorized special rates
on com m odity papor.
It is expected that this now class o f papor with its special rates will provo
o f particular effica cy in mooting the seasonal demands for credit facilities
in tho crop-producing districts, and the Board in authorizing thoso special
rates will rely on the Foderal Rcservo banks to adopt a policy which will
result in securing for tho ultimate borrowers tho extension o f credit on m od­
erate terms b y m ombor banks. A s in tho caso o f trado accoptancos, tho
rates to bo established for com m odity papor m ay bo oxpoctod to bo lower
than tho rates established for ordinary commercial papor. It will bo loft
to tho discretion o f tho Foderal Rescrvo banks to dotermino whothor differ­
ent rates should bo established for trado acceptances and com m odity papor.
U niform ity o f rato m ay appear to bo desirable in districts whero thero aro
transactions in both kinds o f paper.
II. B A R K E R W IL L IS ,
C H A R L E S S. H A M L IN , S ec reta r y .

G overn or.

81 2

THE CHRONICLE
REGULATION Q —SERIES OF 1915.

C O M M O D IT Y P A P E R .
In this regulation tho term “ com m odity paper” is defined as a note,
draft, or bill o f oxchango secured b y warehouse terminal recoipts, or
shipping docum ents covering approved and roadily marketable, non-per
Lshabie staples properly insured.
"C om m od ity paper” to bo eligible for discount by a Federal Reserve bank
under Section 13, at the special rates hereby authorized to bo established for
com m odity paper below the usual commercial rates, must (a) com ply with all
the requirements o f Regulation B , Series o f 1915, Paragraph I and II, or
with the requirements o f Regulation C , Series o f 1915; (b) and bo paper
on which the rate o f interest or discount, including commission charged the
maker, does not exceed 6 % p era n n u m , a n d a lso(c) com ply with such regula­
tions as m ay bo issued b y Federal Reserve banks covering requirements
as to warehouse or terminal receipts, shipping documents, insurance, & c.,
adapted to tho particular needs o f its district as a condition o f the special
rate herein authorized.
Reserve banks are now authorized to submit rates for the discount o f
com m odity paper in accord with this regulation for review b y tho B o a rL

S H IP M E N T OF GOLD AND SEC URITIES FROM
GREAT B RIT A IN .
The third large consignment of gold and securities shipped
to this country from England since Aug. 1 was safely de­
posited in this city on Wednesday, the gold, which is valued
at $19,406,000, having been placed in the U . S. Sub-Treasury
and tho securities in the vaults of J. P . Morgan & Co. As
was the case in the two previous shiments, the treasure was
consigned to J. P. Morgan & C o ., fiscal agents in the United
States of the British Government. The following statement
regarding the shipment has been made by the banking firm:

[Vol. 101.

offices by tho loaders o f the United M ino W orkers, wore notoriously in
sym pathy with their action, faithful to their interests, and opon opponents
o f any political activities o f tho coal operators?
Thoso were tho facts, M r. W alsh, that caused tho people o f C olorado to
pronounco against violence and to take tho reins o f government from those
then in o ffice and to say, “ you who havo so miserably failed to advance and
protect your own interests with all that opportunity cannot resort to
violonco to cover your own shortcom ings.”
B oth capital and labor havo many who appoal to prejudice. It takes a
higher and raror intelligence to find a com m on ground on which both m ay
live in poaco. W alsh’s strange conception o f his duty impollod him to dis­
card a wonderful opportunity for constructive work in favor o f a program
o f falso and destructive criticism.
W hen he was in C olorado, I sought to discuss with him cortain features
o f tho W orkm en’s Compensation and Industrial Commission A ct thon
being drafted to eliminate the cause o f industrial unrest and which was
subsequently passed by the last legislature. T o m y com plete astonishment
ho was totally barren o f ideas or facts concerning this kind o f legislation.
Messrs. W einstock and Com m ons o f the Commission gave us tho bonefit
o f their oxporionco and study, and if Walsh had done likewiso, ho m ight bo
regarded to-day as a benefactor o f Colorado instead o f her traducer.

Supplementing the summary of tho Commission’s findings
referred to at length in these columns August 28, tho report
itself ombodying the views of Chairman Walsh and Com­
missioners Lennon, O’Connell and Garrotson, was made
public on that date. Concerning the basic cause of indus­
trial unrest it said in part :

W o find tho basic cause o f industrial dissatisfaction to bo low wagos, or,
statod in another way, tho fact that tho workers o f tho nation, through
com pulsory and oppressive m ethods, legal and illegal, are denied tho full
product o f thoir toil.
Wo furthor find that unrest among tho workers in industry lias grown to
There is American gold coin valued at $7,850,000 and British sovereigns proportions that already menace tho social good will and tho poaco o f tho
to the amount o f £2,390,000, valued at, approxim ately, $11,615,000. This nation. Citizons numbering millions smart under a sense o f Injustice and
makes tho aggregate $19,466,000.
oppression.
T ho extont and depth o f industrial unrest can hardly bo exaggerated.
N o statement has been given out as to the amount of the
securities, and they have been estimated asbetween$15,000,- Stato and national conventions o f labor organizations, numbering many
thousands o f members, have cheered the names o f loaders imprisoned for
000 and $30,000,000. As previously noted, the first con­ participation in a campaign o f violence conducted as one phase o f a con flict
signment which arrived in this city on Aug. 11, consisted of with organized employers.
Employers havo created and maintained small privato armies and used
$19,534,200 in gold and securities estimated at more than those forcos to intimidate and suppress their striking employees by doporting
$30,000,000; tho value of the shipment received last week, imprisoning, assaulting and killing their loaders. Elaborate spy systems
Aug. 29, is figured at about $55,000,000, made up of $19,­ are maintained to discover and forestall the m ovements o f the enemy.
T ho uso o f State troops in policing strikos has bred a bitter hostility to
500,000 in gold and about $35,000,000 in securities. The tho m ilitia system.
present shipment was brought to Halifax on the British
Courts, legislatures and governors have been rightfully accusod o f serving
cruiser Argyle, and reached that place on tho 6th inst. Tho employers to tho defeat o f justico. and, while counter charges com e from
omployors and their agents, with almost nogligiblo exceptions it is tho
treasure arrived at the depot of the American Expres sCo. wage earners who believe, assert and prove that tho very institutions o f
their country havo been perverted b y tho power o f tho em ployer.
a t 45th St. and Lexington Ave. on Tuesday night.
T ho unrest o f tho wago earners has boen augmented by rocont changes and
dovolopmonts in industry. C hief o f these are tho rapid anil universal intro­
GOVERNOR CARLSON'S CRITICISM OF F R A N K P. duction and extension o f machinery, by which unskilled workors m ay bo
substituted for tho skilled and an equally rapid developm ent o f means o f
WALSII OF IN D U ST R IA L COMMISSION.
rapid transportation and com m unication, by which privato capital has
Discussing the findings in tho report of tho Colorado coal boon enabled to organize in groat corporations.
N ow more than over the profits o f great industries under centralized con ­
strike drafted by George P . W est, and made public August 27 trol pour into tho coffers o f stockholders and directors who novor havo so
by the United States Commission on Industrial Relations, much as visited the plants, and who perform no sorvico in return. And
Governor Carlson of Colorado issued a statement on August while vast inherited fortunes, representing zero in social sorvico to tho
credit o f their possessors, autom atically treblo and m ultiply in volum e, two29th in which ho stated that Frank P . W alsh, Chairman of thirds o f thoso who toil from eight to twelve hours a day rocolvo loss than
tho Commission, “ with vicious and subtle cunning,” was enough to support thomselves and fam ily in ilocency and com fort.
T he responsibility for tho conditions which havo boon described above,
“ imputing the domination of Rockefeller to an overwhelming
wo doclaro, rests primarily upon tho workers, who, blind to their collective
majority of Colorado’s citizens.” In further criticism of cries o f thoir followers, havo suffered exploitation and tho invasion o f their
strength and oftentimes deaf to tho cries o f their followers, havo suffored
Chairman W alsh, his statement says :
With tho sophistry o f tho mountebank anil tho prostigo o f Federal exploitation and tho invasion o f thoir ino:st sacred rights without resistance.
authority, ho slyly socks to transfer to our people tho prejudice o f tho A largo measure o f responsibility must, howovor, attach to tho groat mass
o f citizons. But until the workers themsolves realize their responsibility
nation against this man o f wealth.
Aftor a series o f $1,000,000, opera b ou ffe hearings, ho would convey to and utilize to the full thoir collective powor, no action, whether govern­
tho nation tho iiloa that tho m ajority o f our citizons who in tho last oloction mental or altruistic, can work any genuine and lasting im provem ent.
registered their protest against violonco in labor disputos had no knowl­
edge o f tho facts or wore corruptly influenced.
With such mondacious statomonts does ho satisfy his publicity lust and PUBLIC SERVICE COMMISSION REMOVES DISCRIM­
Colorado is still further maligned before tho nation.
IN ATIO N I N STOCK EXCHANGE TICKER SERVICE.
W hy does not w i‘ '*,£ tell tho people o f tho country that those engagoil
Tho Massachusetts Public Service Commission ordered on
in tho coal mining and allied industries arc a very small part o f our popula­
tion; that tho rest ° * o '- kpeople sat in judgm ent and with tho problom close the 8th inst. the United Telgram C o. and tho Gold & Stock
at hand balanced tno equities, probed into every fundamental principle
Telegraph C o., through its lessee, tho Western Union Tele­
involved and thon solem nly and overwhelm ingly declared indirect o p ­
graph C o ., to remove tho alleged discrimination against
position to his lately announced and skillfully press-agonted findings?
W hy did ho not toll tho people o f tho nation that Colorado decided
Calvin H . Foster, Boston correspondent of a member of the
against violenco becauso she is confident in tho effectiveness o f tho ballot
to deal with Industrial questions, when enforced by such popular checks as New York Stock Exchange, whoso request for a ticker service
had been refused because tho application had not been
tho recall, tho initiative and referendum, and biennial elections?
B y nature a mountebank and sensationalist ho did not tell the truth approved by the Stock Exchange.
because tho truth concerning Colorado is not wanted by tho yellow press
The Commission has tho following to say regarding M r.
o f tho nation and thoso anarchistic elements whom ho represents.
There was a further and special reason why C olorado would not tolerate Foster’s petition and the answers filed by tho respondents:
violenco and which Walsh shrewdly concealed. He claims to find among
In his petition M r. Foster alleges that he has been engaged continuously
other things that had tho labor laws o f Colorado been enforced, there
in tho stock brokerage business in Boston for about tw enty-five years; that
would havo been no strike and consequent violence.
during all that tim e until tho latter part o f Decem ber 1914 he had tickers
When in this State ho found out that our mining codo had been drafted furnishing him with quotations o f both tho Now York and Boston Stock
by John Lawson and his associates; that this codo o f laws is considered Exchanges; that in Decem ber 1914 tho stock tickers furnishing tho New
one o f tho most advanced in the Union, and that any imperfections were Y ork quotations were rem oved: that ho has been unable since then to
due to those who drafted and sponsored it.
secure this service; that tho respondents havo stated that they will not
W hy has ho not told tho people o f tho nation that at the time o f tho furnish tho service unless the application is approved by tho com m ittee on
strike and for six years before, tho United M ine Workers leaders controlled quotations o f tho N ew York Stock Exchange; that he has appeared before
and selected tho Stato enforcing officials o f Lawson’s coal mining code?
the said coinm itteo on two separate occasions and has given full particulars
Walsh declares that tho check-weighman laws were not enforced, but as to his business, answering every question asked; that so far as ho knows
ho does not state that M r. Ilrako, Stato Labor Commissioner at that time, said com m itteo has not yet taken action on his application; that he is an
and all his deputies were prominent mombers of, or closely affiliated with,
approved correspondent o f a member o f the N ew York Stock Kxchango
the United M ino Workers, and had full powor and com plete authority to since 1907, and is now a m ember o f that Exchange; that in conducting
enforco this as woll as all othor labor laws.
his business ho has always com plied with tho laws o f this Commonwealth;
W hy did Walsh not permit tho country to learn that during tho yoars that ho does « o t desire tho quotations and service for any unlawful or im­
o f discontent that finally culminated in Industrial warfare and violenco, tho proper uso, but for uso in his legitimate brokerage business in Boston; that
district attorney In the Trinidad and W aisonburg district and tho high his business will suffer irreparable damage if he is unable to procure them.
State officials almost without exception were practically chosen to their
T ho respondents filed soparate answers (The W estern Union Telegraph




Sept , l l 1915.]

THE CHRONICLE

S 13

C o ., as Iessoo, answering for the G old & Stock Telegraph C o.) and both
ask that tho petition bo dismissed for tho roasons:—
firs t, that the Comm ission is without jurisdiction over the subject
m atter o f tho petition, tho same being within tho solo jurisdiction o f tho
titer-Htate Com m erce Comm ission; Second, that tho respondents have
no legal right to deliver tho quotations desired to persons other than those
approved b y tho N ow Y ork Stock Exchange, as provided in tho contract
which each o f tho respondents has with said Exchange.

It is an undertakingjof such magnitude that tho Governm ent alone has
tho resources and tho power to act quickly and to com pass it. W e cannot
reasonably expect private capital in this country to engage in this essential
undertaking. It is too big an undertaking at tho outset for private capital.
M oreover, the claim is m ade that our navigation laws must be amended
or that subsidies or subventions must be granted or that one or all o f these
things must bo done before private capital can be encouraged to engage in
shipping enterprises. Hut if any or all o f these things should bo done
1 lie Commission finds that the allegations of the petitioner there is no assurance or guarantee, nor can any be had, that private capital
wcic not denied by the respondents, who stated, however, !.n f?u , icIent am°u n t will com e forward quickly and provide the steamship
that tho New York Stock Exchange had notified them that 1acuities for which the trade and com m erce o f this country and o f Central
and South America are acutely suffering.
M r. Foster’s application had been disapproved but did not
T he shipping field has for m any years failed to attract American capital,
furnish the Commission with the reason for such disappro al. which will have to be educated to shipping enterprises, no matter what
laws m ay bo passed b y the Congress. This will take a long tim e. The
Tho report of the Commission states that the dissemination
evolution o f an adequate merchant marine through private capital will bo
and distribution of these quotations is not a favor to the extremely slow and painfully uncertain if it evolves at all. M eantime
public granted by tho Exchange but is a matter of business 01,1 ^'vatj opportunity to serve our South American friends and prom ote
and a servico rendered which is productive of profits. The our Own interests m ay bo irretrievably lost.
I am inform ed by the N avy Departm ent that in order to bring our
Exchange was not represented at the hearing, and the present navy up to its maximum usefulness and efficiency in time o f war
there
is needed 400 merchant vessels o f approxim ately 1,172.000 gross
Commission asserts that it should have been in order to sub­
mit any evidence it might have of the unlawful and improper tonnage ot varied character and requirements; that in addition to this,
s iou < om own coast bo invested or even occasionally visited there
use for which the petitioner desires the quotations. The would be required a largo number o f small vessels fitted for mine sweeping,
say
31.4 o f such vessels o f about 1.50 gross tons each .”
W o have only a
report asserts that the Commission should not assume, as
small portion o f tho required tonnage in suitable merchant vessels o f the
tho respondents contend, that tho Exchango acted in good larger units registered under our flag.
faith and disapproved tho petitioner’s application on tho
It would seem to be tho part o f wisdom and intelligence for t he G overn­
grounds specified in the contracts. The report goes on to say: ment o f the United States to create, prom ptly b y construction and pur­
I f tho Exchange can, b y disapproving tho petitioner’s application and chase, a fleet o f merchant vessels suitable for naval auxiliaries and to
operate these vessels in tim e o f peace for the purpose o f extending our
without subm itting, when its decision is called in question before the
com m erce throughout the world and creating the trained seamen upon
propi r authorities, ovidenco to prove that he desires the quotations for
whose skill and valor wo must depend for tho operation o f these ships and
unlawful and improper use, keep the respondents from furnishing him with
tho defence o f our country in tim e o f war.
those quotations and ticker service, it m ay thus without producing any
It is mere assertion to say that those vessels cannot be operated in com ­
evidence cut o ff from receiving them any banker, broker or other porson
merce at a profit;|but even if this bo conceded and the ships should be
tor any reason, or, indeed, without reason. Such a power in this country
operated at a loss, which must bo borne by the Treasury, this loss will be
is unthinkable. W h iro a public service or public use is involved thero can
a small price to pay for the extension o f our com m erce and the defence o f
bo lodged nowhere powers o f unjust and unreasonable discrimination.
our country.

In reply to tho contention of the respondents that tho
Public Service Commission is without jurisdiction in tho mat­
ter, tho report states:
i he telegraph is an instrument o f com m erce, and under the amendment
o . uii(3 18 1910 to tho A cts o f Congress to regulate Inter-State com m erce,
it is provided that its provisions shall not appiy “ to tho transmission o f
messages liy telephone, telegraph or cable wholly within ono State and not
transmitted to or from a foreign country or from or to any State or Territory
as aforesaid.’ ’

I he order issued by tho Commission is as follows:
r ^ It appearing that the Gold & Stock Telegraph C o ., b y the Western Union
Telegraph C o ., lessee, and The United Telegram C o., have, without just
causo, denied and refused to supply to Calvin II. Poster the continuous
quotations o f tho New York Stock Exchango b y means o f ticker servico
now furnished and supplied to others, said denial o f service is held to con­
stitute an unjust and unlawful discrimination; and it is
^ Ordered that tne G old & Stock Telegraph C o ., by the Western Union
Telegraph C o ., lesseo, and The United Telegram C o ., shall forthwith
rem ove said discrimination.

As stated in our issue of August 7, certain Buffalo
stock brokers have secured a temporary injunction against
tho Western Union Telegraph Co. and the Gold & Stock
Telegraph Co. restraining the companies from shutting off
their ticker service from the New York Stock Exchange.
The proceedings were instituted because the Exchange de­
clined to approve the applications of the plaintiffs for such
service. On Juno 23 the injunction was continued by order
of Justico Pooley in the Supremo Court at Buffalo, pending
the determination of the proceedings.

FUND

ESTABLISHED B Y H EN RY
PEACE CAMPAIGN.

FORD IN

II I S

In furtherance of his educational campaign for peace
Henry Ford of Detroit announced on the 4th inst. that he
had sot aside a fund of S I,000,000 to bo devoted to that
purpose, and augmented this offer on the 8th inst. when ho
stated that, if necessary, he would increase the fund to $10,­
000,000. M r. Ford’s views on militarism in the United
States, and what he termed “ wasteful preparedness for war” ,
were sot out in these columns August 28.
Methods of tho disposition of tho fund will be deferred,
it is understood, until M r. Ford confers in the matter with
John Wanamaker and Thomas A . Edison.

McADOO URGES SHIPPING F A C IL IT IE S AND RESERVE
AGENCIES I N L A T IN AM ERICA.

In support of his suggestion for the establishment of joint
agencies of Federal Reserve banks in South and Central
America, M r. M cAdoo says that extension of the credit
facilities of this nation in those countries will inure to “ their
and our advantage.” lie declares that the plan advanced
during the conference here for the amendment of the National
Bank Act so that national banks could become stockholders
of an independent bank, which would do a foreign business,
is inferior to that he now proposes for joint agencies of tho
Reserve banks.
In his argument the Secretary saj’s :
Tim Federal Reserve banks com prise in their membership every national
bank in the United States, as well as a number o f leading State banks and
trust companies. T hey constitute a financial organization o f unequaled
strength, and their operations in foreign countries will bo for the com m on
bonefit o f all banks com posing tho system . Those agencies in foreign
countries could, in addition to their hanking business, render a great
sorvice to American business men and bankers by furnishing credit reports
and general inform ation about trade and finance in the various countries''
in which they operate.

According to Secretary M cAdoo the Federal Reserve Act
has supplied the necessary authority (Section 14, paragraph
E) “ to open and maintain banking accounts in foreign
countries, appoint correspondents and establish agencies in
such countries * * * for the purpose of purchasing, selling
and collecting bills of exchange,” and may also engage in
transactions connected therewith.
He further says :
T ho power o f tho Federal Reserve banks to establish such joint agencies
in foreign countries, with the consent o f tho Federal Reserve Board, ap­
pears to ho beyond question. T he initiative rests with the Federal Reserve
banks. W hile they cannot bo com pelled to cstablisn sucli agencies, i
bolieve that upon a careful study o f tho situation and with the encourage­
ment o f tho Federal Reserve Board, they will bo prom pted to take this
important stop.
I ho establishment o f Federal Reserve agencies will not prevent the
member banks from carrying on and enlarging tho business they are now
doing in foreign countries. It is gratifying to note that m any o f our na­
tional banks and trust com panies are showing com m endable enterprise in
supplying credits to Latin America.

hi outlining his proposal M r. M cAdoo says :
Tho twelve Federal Reserve banks could, with the consent o f the Federal
Reserve B oard, establish join t agencies in each o f the countries o f Latin
America, their interest in such agencies to bo in proportion to the capital
stock and surplus o f each participating Federal Reserve bank. The com ­
bined capital stock and rcsourcos o f our Federal Reserve banks, utilized
in this way for the extension and promotion o f our foreign com m erce,
would givo them unrivalled financial power. T hey could maintain thorn-'
selves in foreign fields in competition with tho world and perform a service
o f incalculable value to the American people.

Next in importance to banking and shipping, the report
The establishment of joint agencies of the twelve Federal says, is the qnestionjof uniformity of laws regarding :
(1) T he establishment o f a gold standard o f value;
Reserve banks in the leading cities of Central and South
(2) Bills o f exchange, commercial paper and bills o f lading;
America for tho purpose of providing enlarged ci’edit facilities
(3) Uniform classification o f merchandise, customs regulation, consular
is one of the recommendations contained in the report on certificates and invoices and port charges;
(4) Uniform regulations for commercial travelers;
tho recent Pan-American Conference submitted to President
(5) T o what extent further legislation m ay be necessary concerning
Wilson by Secretary of the Treasury M cAdoo on the 5th trade
marks, patents and copyrights;
inst. Declaring that the question of adeqate steamship
(0) Tho establishment o f a uniform low rate o f postage and o f charges
facilities is fundamental and underlies every other question for money orders and parcels post between the American countries;
(7) T ho extension o f the process o f arbitration for the adjustm ent o f
concerning our trade and future relationship with the Latin- commercial disputes.
America, tho report also urges that the Government put
M r. M cA doo’s further suggestions embody the following :
itself behind a shipping enterprise, so that the necessary
That tho International High Commission on Uniformity o f Laws be
financial support to make it successful bo assured. The granted an appropriation o f S25.000 to enable it to carry on tho im portant
work it has undertaken and represent tho.United States in the meeting o f
report adds :
1 the International High Commission o f all the L itin-A m erican republics.




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THE CHRONICLE

That a Pan-Amorican Financial Conference be held annually in the
city o f W ashington, and that tho Congress authorize tho President to ex­
tend invitations to tho republics o f Latin America to attond a financial
conference in tho city o f Washington during tho year 1916, and that an
appropriation o f $50,000 be made for said conference.

A sub-committeo of tho Latin-American return visit
committee, appointed by Secretary M cA doo, mot at lun­
cheon at India House on Thursday to organize tho personnel
of the delegations which are to visit tho different countries
or groups of countries, probably at periods between N ovem ­
ber 1 of this year and April 1 1916. The co-operation will
bo asked of tho chairmen of the eighteen permanent group
committees of United States business men, appointed by
Secrotary M cA d oo.
Tho sub-committeo announced that the trips would havo
none of the character of “ junkets” and that it was hoped to
complete tho organization of tho delegations at an early
date.

A M E R IC A N B A N K IN G PO SSIBILITIES AN D FOREIGN
TRADE DEVELOPMENT.
Under the caption “ American Banking Possibilities,”
H . J. Dreher of tho Marshall & Ilsley Bank, Milwaukee,
addressed tho delegates to tho annual convention of tho
Washington Bankers’ Association at Seattle on tho 6th.
Observing that America has at last become in fact a world
power, M r . Dreher pointed out that “ a nation that would
prosper in international trade must first become a world
banker.” The supplying of the products of soil and factory
to tho old established nations of Europe,” he noted, “ is a
simple matter of trade and also of finance, but such com­
mercial intercourse does not constitute such international
trade as would bo of largest benefit to America, or is it, as
generally understood, tho kind of activity most consistent
with American aims and governmental policies.” Continu­
ing, he said in part:

disturbance, have liquidated a vast am ount o f American securities hold
abroad, which has added capital to our store o f credit in the shape o f in­
terest paym ents no longer necessary to be sent abroad, and havo becom o
a creditor nation in current trade.
A nd yet with this great abundance o f credit, with advantages in trado,
and now fields for its developm ent, that we have never boforo possessed,
and above all, with cheap m oney bogging for uso, we behold a poriod o f
industrial inertia and business depression. W h y is everyone not rushing
to secure cheap m oney which bankers overywhero aro seeking to loan?
W h y aro receiverships still occurring, why are prices o f highest grade
stocks and bonds still so low ? W hy aro railroad systems finding It d iffi­
cult to procure m oney to placo their credit on a permanent and sound
basis, w hy is railroad developm ent, indubitably needed, still being dolayed?
W h y is tho buying o f great merchandising establishments so limited in
am ount? And concurrently, our store o f gold gradually increases and tho
expedient o f issuing Federal Resorvo notes to husband gold resources has
been utilized. W hat a paradox.
There is but ono answer. Capital is on strike. W e are in a period
when capital refuses to bo em ployed. Largo sums o f capital aro securely
resting at 3 % or loss in the deposit accounts o f strong banks. T h o dis­
honesty o f prom oters, and some financiers, is not forgotten. Tho ex­
ploitation o f dreamers who would create wealth out o f desert lands at 6 % ,
is still fresh in m ind. T he decrees which havo prevented tho paym ent
o f interest on foroign securities o f nations in tho turbulenco o f revolution
have not accelerated further investment. Governm ental attack on its
own creatures has rendered tho em ploym ent o f capital dangerous. In a
word, wo have cheap m oney because tho confidence o f tho public lias
been shattered. N evor m oro true than now . that in straightness rather
than astuteness, credit finds the source o f influence which make it grow
and flourish.
And now wo are about to enter into tho groator field o f foreign trado.
W e are to take, at a tim e when tho capital o f Europo is being utilized for
destruction and will, o f necessity, for years to com e, bo utillzod for hom o
restoration, our accumulated wealth and loan it for tho developm ent o f
other countries. Dovelopm ont loans b y reason o f tho hazard involved,
com m and higher rates o f interest than ordinarily prevail at hom o. A
tendency will develop on tho part o f prom oters o f now onterprisos, and
speculators, to press insistently at hom o for cheap inonoy in order that
attractive rates and largo profits m ay bo obtained b y loaning tho m oney
abroad.
Against this tendency, the bankers o f America must bo as adam ant.
In tho last analysis our experiment in foroign trado and its effect upon tho
future o f our country, will rest on tho wisdom and conservatism o f our
bankers.
_
Ono o f tho most prolific sources o f ovil in this Land in tho years which
havo passed since tho wonderful developm ent o f corporate a ctiv ity , has
been tho clash between Federal and Stato control. Tho accumulated
funds o f tho nation are placed in corporate enterprises irrespective o f tho
Stato in which.such enterprises originate, and yet decrees o f tho C om m is­
sions o f tho Federal G overnm ent, promulgated in accordance with tho
authority granted b y the Constitution or tho United Statos in tho regulation
o f Inter-State conunerco, aro practically sot at naught b y tho enactments o f
similarly constituted commissions exercising constitutional powers o f Stato
ovoreignty, and losses occur, developm ent is retardod, and capital is proventod from being fully utilizod b y reason o f this anomalous con dition
avhich is permitted to exist b y our peoplo.
lia s not. then, the timo arrived when tho bankors o f Amorica, tho men
m ost interested in properly and fully utilizing accumulated wealth, shall
insist that tho antagonism between Federal Governm ent and tho Stato, so
far at least as com m erce is concerned, shall coaso, and that tho business
policy demonstrated b y foreign nations to bo peculiarly adapted to com ­
mercial developm ent, and which our pooplo aro desirous o f seeing made
effective in operation in this land, shall bo given full sway. Is it not time
that tho Federal G overnm ent, tho great arm o f all tho peoplo extending
over all tho land, shall alono rogulato affairs o f Inter-State com m orco, and
make com m erce, as well as finance, an cinpiro without unnatural barriers.
I would not abrogato tho right o f Statos in tho exercise o f powers over tho
peoplo o f their locality, which peculiarly relato to thoir political welfare,
but in matters affecting tho commercial prosperity o f our pooplo, and which
aro o f equal interest to every citizon, irrespective o f tho Stato in which his
citizenship may vest, tho Federal Governm ent should be invostod with sola
authority o f regulation and supervision. This is an ossontial preliminary
to tho developm ent wo seek in foreign trado.

T he trado that is m ost profitable to a nation in international intercourse,
is that with now and developing countries. Trado is reciprocal. T ho
currency o f trado is gold. Credit is tho lifo blood o f dovelopm ont. W ith­
out it, doveloping nations can give no j>rofitablo return on undovclopcd
natural rosourccs. Expansion and internal developm ent must first bo a
reality bcforo nations reap the full bonofit o f international trado.
I f wo would profit b y tho M on roo D octrine, if wo would make cordial
relations with the Central and South American republics a roallty, wo must
d o it now, and we can only d o it b y pouring into thoso countries vast sums
for dovelopm ont purposes, being content for som e period o f tim o with small
returns and limited bonefits. N o nation is more capablo o f financing foroign
trado than Am erica. I f this nation were at tho point in its dovelopm ont,
whore funds were not needed in vast amounts for further internal develop­
m ent, thon'the financing o f a foreign trado policy would bo com paratively
oasy and fraught with littlo danger. B ut it is almost incalculable to ostim ato tho sums which will still bo needed for internal developm ent.
A belief is very prevalent, and oven hold b y bankers, that tho amount
o f notes in circulation determines tho degroe o f prosperity enjoyed b y a
nation. It has boon said, tim e and tim o again, that faulty currency legis­
lation alono makes interest rates high. Let it over bo remembered that
notes becom o scarce when gold is being exported, and that a scarcity o f
notos, ipso facto, provents gold exportation. Notes in this country aro
convertible into gold, and when you make notos plentiful you roinove tho
impedim ent to tho exportation o f gold. So long as wo havo a convertible
currency, tho facilities to trado, In n ow ay dopond upon tho issuing o f notes.
It is obvious that by an oxccssivo issue o f notos,tho aggregate curroncy
o f tho country would bo depreciated and a largo part o f tho com m unity
defrauded, or elso a corresponding amount o f gold would bo expollod, tho
result o f which could only bo to injure a part o f tho pooplo in tho same ratio
that tho other part had boen bonofited. Truo it is, that b y this process
an amount o f gold would bo roloasod b y notes. Assuming that converti­
bility would not bo ondangerod, it m ay bo arguod that this would bo an
advantage. Could this advantago consist in anything moro than an in­
crease in tho world’s supply o f gold in trado, and tho roturn in intorost to
bo had thereon?
B ut, it is advanced in answor, contem plato tho harm which onsuos b y
reason o f panics caused b y a limited supply o f notos. Y ou m ay legislate
as you will, but you cannot legislato for panics. T hoy occur under a rigid
system o f curroncy, they will also occur under an elastic system . And
they m ay bo more destructive under tho latter, for undor a rigid system
o f currency definito limits aro set beyond which tho world o f trado cannot
go. W hen this fact is forgotten, which is usually at tho end, catastrophe,
results. Under tho elastic system, wherein a practically unlimited multi­
plication o f notos is possible, unlimited engagements aro undertaken
because o f a belief in unlimited resources, and tho end demonstrates a very
dofinito com putation o f limited resources. Ono fact, and one only, is truo
under an clastic system, and American experience conclusively dem on­
strates its truth and that is that panics aro allayed b y law, only whon men
aro relieved o f tho belief that thoy cannot havo notes whon thoy want them.
Under tho elastic system, be it over romomborod, that a panic would not
arise until tho last noto had boon issuod which could safely bo issued, and
such panic would, o f necessity, inovitably end in actual and widosproad
disaster.
I f notes cannot bo procured, gold can bo. I f gold cannot be procured
a country is on dangerous ground. I f com m erce must stop if noto issuing
coascs, then gold cannot bo procured, which is tho strongest o f reasons for
not issuing notes convertible into gold. Only whon notes aro issued in
lim ited amounts to supply a decrease in circulation caused b y a breakdown
o f credit, and then only for internal purposos, is tho olomont o f dangor
at all minimized.
I f cheap money wero alono tho great accelerator o f prosperity and sound
ctMdltions o f business, why aro wo now talking o f roturning prosperity
and bemoaning tho stealth with which it seems to m ove upon us?
W hon we speak o f returning rospority wo, per so, take cognizance o f
its provious departure. W e ha
greatly benofitted, m aterially, by the
European war. W o have 0 a ya r’s tim o overcom o a serious financial




[Vol . 101

E ST A B L IS H M E N T OF F IN A N C IA L AGENCIES
CHILE B Y COPPER COMPANIES.

IN

The Braden Copper Co. and Chilo Copper Co. announce
that thoy will establish financial agencios in Valparaiso,
Chilo. Tho properties of tho two corporations aro several
hundred miles distant from Valparaiso, tho commercial
contro of Chile, and it has been found advisablo to centralizo
thoir financial affairs in that city. It is expected that the
financial agencies will contribute considerably to tho devel­
opment of dollar exchango in Chilo. They will bo in chargo
of trained foreign exchango men and undor tho supervision
of II. R . Wagner, resident director in Chilo. Leopold Fred­
rick, director and Treasurer respectively of the companies,
through whose efforts dollar exchango was introduced in
Chilo, states that during tho last two months an excellent
market has been created in Valparaiso for dollar bills. A
largo part of the business of tho companies with which ho is
connected is now transacted through Now York, which was
formerly dono entirely by sterling drafts. Considerably
lower discount rates in Now York in comparison with Lon­
don, tho rapid fall in sterling oxchango, and tho oponing of
accounts in tho United States by Gorman banks established
in Chile, who aro prevented through tho war from dealing
with London, are said to havo contributed to this chango.
In order to bo ablo to retain tho dollar business aftor tho war,
M r. Fredrick has taken steps, in conjunction with other
American houses doing business in Chilo, to havo contracts
made payable, whenever possiblo, in United Statos dollars.

SEPT 11 1915.J

THE CHRONICLE

RE PORT OF N A T I O N A L C U R R E N C Y A S S O C I A T I O N OF
S A N FRAN C ISCO.

The total amount of emergency currency issued under tho
provisions of tho Aldrich-Vreeland A ct by the National
Curroncy Association of San Francisco was $8,634,500,
according to tho report of tho executive committee of the
Association. Tho maximum amount of currency to which
tho members of tho Association would have been entitled
under the Act— that is, on tho basis of 3 0 % of tho combined
capital and surplus of $52,698,250— was $15,809,475. To
cover the emergency currency issued, the executive committee
received commercial paper and bonds aggregating $25,548,­
259, of which $11,536,585 represented original deposits of
commercial paper, $13,816,674 substitutions and $195,000
represented bonds deposited. The first application for cur­
rency was received Aug. 8 1914 and tho last application
D ec. 3 1914. The first retirement of the currency took placo
on N o v . 7 1914, whilo thodate of tholast rotiromontwas M ay
25 1915. The largest amount applied for in one day was
$1,750,000 on Aug. 8 1914, whilo tho largestamount retired
in one day was $1,735,000 on Jan. 21 1915. Tho maximum
amount of currency outstanding on one day was $8,617,500,
on Oct. 30 1914. The expenses of tho Association amounting
to $4,220 wero covered by assessments upon tho members.
Tho report states that “ tho territory covered by tho Associ­
ation, as finally determined by the Comptroller of tho
Curroncy, consisted of ‘ all of tho Federal Reserve District
N o . 12, except tho States of Washington and Oregon and tho
following counties in tho State of California, namely, Santa
Barbara, Ventura, Los Angeles, San Bernardino, Riverside,
Imperial, Orange and San Diego, and such other contiguous
territory as tho Secretary of tho Treasury may from timo to
time assign.’ ” Tho National Currency Association of San
Francisco consisted of 26 banks, of this number but 14
applied for currency, three receiving the maximum amount.
John D . M cK ee, President of tho Mercantile National Bank
of San Francisco, was Secretary of tho Association.
Re p o r t o f n a t i o n a l c u r r e n c y a s s o c i a t i o n o f
W ASH IN G TON .

Tho emergency currency issued by tho National Currency
Association of tho Stato of Washington having all been re­
tired, the Association has submitted its final report. The
largest amount of currency outstanding at any ono timo was
$530,000, or 7 .0 1 % of tho maximum available which was
$7,551,500. Only two banks in tho Association took out
emergency currency. Tho total amount of securities de­
posited to cover tho same was $728,090, of which $388,500
was commercial paper, $323,420 municipal bonds (par value)
and $16,170 other bonds and securities. Tho officers of tho
Association were: President, M . F . Backus, President of tho
National Bank of Commerce, Seattle; Vice-President, E . T .
Coman, President of the Exchange National Bank, Spokane;
Secretary, M . A . Arnold, President of the First National
Bank, Seattle; Treasurer, W . D . Vincent, Vice-President
of tho Old National Bank, Spokane.
F E D E R A L RESERVE B A N K E X A M I N E R .

J. L . Cross has resigned as Auditor of tho First National
Bank of Birmingham, A la., to becomo Federal Reserve Bank
Examiner, with headquarters at Washington, D . C . M r.
Cross assumed his new duties on the 1st inst. IIo will bo
called upon to examine tho Federal Reservo banks at regu­
lar intervals and report to tho Resorvo Board. It is stated
that a second examiner is to be appointed in a short time,
and tlioso two will handle tho examinations of tho Reserve
banks. M r . Cross was connected with the First National
for six years and during the greater part of that timo was
Auditor of tho bank. In 1913 ho was President of tho
Birmingham Chapter of the American Institute of Banking.
M r. Cross is tho second official identified with tho First N a­
tional Bank to becomo affiliated with tho Federal Roservo
system, W . P . G . Harding, formerly President of tho bank,
being a member of tho Reserve Board. C . E . Ilolcombo,
heretofore a collection teller in tho bank, succeeds M r.
Cross as Auditor of the First National.
B I L L S E L I G I B L E FOR A C C E P T A N C E M U S T I N V O L V E
I M P O R T A T I O N OR E X P O R T A T I O N OF GOODS.

According to tho viow of M . C . Elliott, Counsel for tho
Federal Reservo Board, “ a transaction in order to bo tho
basis of a draft or bill eligible for acceptance by a member
bank must itself involve tho importation or exportation of
goods. A transaction wholly independent of tho transac­




815

tion covering the importation or exportation of goods is
not sufficient basis for an acceptance under the terms of
Section 13 .”
M r . Elliott’s ruling is set out as follows in the Federal
Reserve Bulletin for September :
Juno 11 1915.
Sir.— Tlio following inquiry has been submitted to this office for an
opinion : A dom estic corporation, which for convenience will be designated
“ Com pany A ” , enters into a contract with another dom estic corporation,
designated “ Com pany B " , to furnish material to be used b y Com pany B
in tho manufacture o f products which C om pany B is under contract with
a foreign purchaser to export. Query : Can a national bank accept a draft
or bill o f exchange drawn b y Com pany A and accompanied b y tho neces­
sary docu ments ?
In other words, assuming that such an acceptance com plies with the
other necessary provisions o f law and the regulations o f the Board made
pursuant thereto, can such an acceptance be said to bo based upon the
im portation or exportation o f goods?
T ho exact language o f that part o f Section 13 which is involved is as
follows :
A ny member bank m ay accept drafts or bills o f exchange drawn upon it
o f goods ° g ° Ut
*'ransact*ons E volvin g tho im portation or exportation
From tho facts stated it does not appear that C om pany A which draws
tho draft, has any contract or is under any obligation to deliver the m aterial,
supplied b y it elsewhere than in tho United States. There is no privity
o f contract as between the foreign purchaser and C om pany A ; on the
contrary. C om pany A has an independent contract with C om pany B , both
being domestic corporations, and when delivery o f the material in question
is made to Com pany B and tho purchase price paid, tho transaction is
com pleted whether the goods in question wero exported or not. T ho
mere fact that tho material furnished is ultimately intended for export in
some form cannot be said to merge the two transactions into ono, and the
transaction between Com pany A and C om pany B , which is w h olly inde­
pendent o f tho transaction between Com pany B and the foreign purchaser
could not bo said to involve tho exportation o f the goods in question.
W hilo thelanguage used in Section 13, and above quoted, is broad enough
to justify a member bank accepting a draft or bill o f exchange for goods
or other articles purchased or produced in connection with a definite con ­
tract for export, even though the shipment m ay not bo a continuous or
immediate one, it seems clear that tho transaction on account o f which
tho draft or bill o f exchange is drawn must itself involve the exportation
o f tho goods in question. B y analogy tho samo principles must be applied
to Import transactions.
R espectfully,
M . C . E L L IO T T , Counsel.
T o lio n . C H AS. S. H A M L IN ,
Governor Federal Reserve Board.

L IV E STOCK A S A S E C U R IT Y .

That tho matter of financing the live-stock interests in the
W est must not be neglected if general business throughout
tho country is to do well was the gist of an address delivered
by A . E . do Ricqles, General Manager of the American Live
Stock & Loan C o. of Denver, before the Montana Bankers’
Association Convention at Glacier Park last week. The
occasion of tho address, which has been printed in pamphlet
form, was tho entertainment of the delegates to the conven­
tion of the American Bankers’ Association en routo to Seattle.
M r. do Ricqles said in part:
Taking up tho m atter o f loaning m onoy on livo stock: A t this tim o it is
a fact that there are men borrow ing m oney on good security in M ontana
who are paying from 8 to 10% , who every six m onths pay 50 cents a head
on their cattle, or 5 cents a head on their sheep, in the form o f a com m is­
sion, to somo com m ission firm for tho privilege o f getting this loan. These
live-stock com m ission firms aro possibly in touch with somo cattle-loan
com pany, bank or individual that will carry this paper; and such a com ­
mission firm m ay make 2 % on tho paper and looks to tho com m ission as
a part o f its profits. That is certainly a p oor place for any one to go for his
financial assistance. W hile in the past such an arrangement m ay have
been m oro or less o f a benefit and help, still, with our now banking system
and im proved transportation and com m unication, a man who has good
security in livo stock should never be called upon to pay any live-stock
commission firm a com m ission for anything unless it is actually sold on
the market or in tho country for him b y such a firm .
A t this tim o a great deal o f m oney is being put out on live stock, because
m onoy is cheap and people cannot find opportunities at hom e to loan it.
This is not a good situation, because, as soon as m oney tightens up, this
m onoy will likely bo taken out o f live-stock paper and som e ono will get
hurt. It is m y belief that tho best way to put out m oney on livo stock is
through tho local small country banks in the vicinity o f where tho live-stock
is produced and being fed. T his in event o f the loaner not having an inti­
m ate acquaintance witli the borrower. It is m uch better for the borrow er,
even though ho m ay have to pay a little m oro interest, to get his m oney
through his hom e bank than to seek outside and strange sources. M on ey
can bo loaned at a lower rate o f interest through tho home bank than it
can direct. F or example, if a N ew Y ork man wanted to loan m oney in
M ontana, in the small sum o f 55,000, he cannot afford to com e out to
examine the security and look after the loan, if ho had personally to super­
vise it: but ho could put that m oney out through a country bank, and such
a bank would know at all times what tho borrower was doing and could
look after it at small expense, and would bo glad to d o it for a small foe
becauso it would bring business to tho bank and bo helping a custom er o f
tho bank.
There is great opportunity for doing this kind o f business in tho W est;
It is tho sensible and reasonable way to d o it; and, with all duo respect to
tho numerous cattlo-loan companies that aro doing business in this cou ntry,
there Iras never been a better m ove proposed than to distribute funds to
tho producers through tho country banks. I f tho largo banks in tho
Reservo cities would take m ore interest in looking up their opportunities
for putting out m oney to good people througlr their correspondents, tho
effect in the country would be im m ediately felt.
W hat I am trying to present to you in this statement is not so m uch in­
form ation in regard to the details o f making a loan to a live-stock m an, but
tho feature that, if general business throughout tho country— tho mer­
chants and railroads— aro to do well, this m atter o f financing the various
kinds o f live-stock interests in the W est must not be lost sight o f. In this
aro wrapped up tho growth and prosperity o f this Western country.

816

THE CHRONICLE

becom e necessary and assures the Imperial and R oyal Governm ent that it
sincerely desires to continue the cordial and friendly relations which exist
between tho United States and Austria-Hungary.

IN CREASING EXPORTS OF THE UN ITED STATES TO
SOUTH AM ERICA I N FIRST H ALF OF 1915.
According to a statement issued by the Department of
Commerce on the 7th inst., exports from the United States
to South America during recent months show marked im­
provement over last year, the total for Juno 1915 being valued
at $13,744,000, against $7,573,000 in June 1914; and for the
six months ending with June last $60,573,000, in comparison
with $52,263,000 for the first half and $38,751,000 for the
last half of 1914. Imports from South America are also
considerably larger than a year ago. For June the official
figures of the Bureau of Foreign and Domestic Commerce,
Department of Commerce, just published in its “ Monthly
Summary of Foreign Commerce,” show a total of $26,210,000, against $17,118,000 in June 1914, and for the six months
ending June 30, $156,043,000, against $144,074,000 in the
first half and $105,447,000 in the second half of 1914.
During the earlier months of the fiscal year our trade
with South America was seriously disturbed, and our total
exports thereto in 1914 fell in value to $99,324,000, or
$25,000,000 below 1913, and it was not until March 1915
that the upward trend was definitely resumed. This change
is illustrated by the following table:

[Vol. 101.

!
;
;

j

;

j

The letter disclosing the alleged plan is reported to have
been found among documents in tho possession of James F .
J. Archibald, an American newspaper correspondent, who
was detained by the British authorities at Falmouth from
August 30 to September 2. M r. Archibald was making
a trip to Germany by way of Rotterdam when detained by
the British authorities. The communication was addressed
to Foreign Minister Burian at Vienna; the following trans­
lation of it was printed in tho “ Times” of yesterday :

N ow Y ork, August 20, 1915.
■
Yesterday
evening
Consul
General
von
N ubcr received the inclosed
j
pro m em oria [aide m emorie, as it has been ca lled , or sim ply “ m emorandum ” ]
; from the ch ief ed.tor o f tho local influential newspaper Szabadsag after a
previous conversation with mo and in pursuance o f his oral proposals
with respect to the preparation o f disturbances in tho Bethlehem Schwab's
steel and m unitions factories as well as in the M iddle W est.
T o -d a y at 12 o clock M r. Archibald, who is well known to your Exce, lency leaves on tho R otterdam for Berlin and Vienna. I would like to
use this rare, safe op p ortunity to recom m end the proposals m ost warmly
to your E xcellency’s favorable consideration.
I am under the impression that we could, if not entirely prevent tho
production o f war material in Bethlehem and in the M iddle W ist, at any
rate strongly disorganize it and hoi 1 it up for m onths, which, according
to the statement o f the German M ilitary A ttache, is o f great importance,
and which am ply outweighs the relatively small sacrifice o f m oney.
‘ i5ut even if the disturbances do not succeed, there is a probability at
M O N T H L Y E X P O R T S F R O M T H E U. S. TO SOU TH A M E R IC A .
hand that wo shall com pel, under pressure o f the crisis, favorable working
M o n t h s —•
1914.
1915.
D iffer en c e.
P e r C en t.
conditions for our poor, oppressed fellow-countrym en. In Bethlehem
$7,000,000 D oc. $1.700,000 D oc. 19.3
J a n u a ry ___________ $3,700,000
these white slaves at present work 12 hours a day seven days in the week.
F e b ru a ry ................ 8.500.000
6.500,000
D ec. 2.000,000 D ec. 23.1
All weak persons succum b, becom e consum ptive. As far as German
M arch .................... 8,400,000
10,500,000
Inc. 2.100,000 Inc. 25.6
workingmen are found among tho skilled elements, provision will bo made
A p r i l.......................
9,000,000
10,800,000
Inc.
1,800,000 Inc. 20.7
forthw ith for their exit. There has, besides this, been created a German
M a y ......................... 10,200,000
12,000,000
Inc.
1,800,000 Inc. 17.4
private (underlined) registry office for providing em ploym ent, and which
J u n o ......................... 7,600,000
13,700,000
Inc. 6,100,000 Inc. 81.5
already works voluntarily and well for such porsons. W e, too, shall
Tables in the June “ Summary of Foreign Commerco” show join , and tho widest support is contem plated for us.
I beg your Excellency kindly to inform me through wireless roply with
a few of the more important items making up our export trade
respect' to this letter, whether you approve o f same.
with South American countries. Thus in the month of June
urea test m
hasto and respectful devotion,
iIn
n greaiesv
c
DUM BA.

exports of agricultural implements to Argentina doubled;
sales of automobiles to South America as a whole nearly
trebled; a ten-fold increase marked the shipments of bi­
tuminous coal to that section; a similar gain occurred in ex­
ports of steel rails; sales of wire roso from 3 million to nearly
30 million pounds, half of it going to Argentina and a fourth
of it to Brazil; leather exports doubled and those of boots
and shoes increased in the case of Argentina. Over 2 million
pounds of lard went to South America in June, or double
the quantity a year ago. The depression in tho naval
stores industry was not reflected in sales to South America,
since exports both of rosin and turpentine to South America
increased to a marked extent. A like condition obtained
with respect to illuminating oil, increases occurring in ship­
ments to South America coincidentally with decreases to
foreign countries as a whole. Sales of nows print paper to
Argentina rose from 1 million pounds in June 1914 to 8
million in June of the current year.

RECALL OF A U S T R IA N M IN IS T E R FOR PLAN TO
DISORGANIZE M ANU FA CTURE OF MUNITIONS.
Instructions to the effect that the Austro-Hungarian
Government be informed that D r. Constantin Dumba,
its Ambassador to this country, “ is no longer acceptable
to the Government of tho United States,” and has requested
his recall “ on account of improper conduct” , wero cabled
to Ambassador Penfiold at Vienna this week by Secretary
of State Lansing, at the direction of President W ilson.
This action was taken by the State Department after D r.
Dumba had “ admitted that ho proposed to his Government
plans to instigate strikes in American manufacturing plants
engaged in the production of munitions of war.” The
note asking for tho Ambassador’s recall was dispatched to
Vienna by cable on the 8th inst. and was made public as
follows, by the State Department on Thursday night :
M r. Constantin D u m ba, tho Austro-Hungarian Ambassador at W ash­
ington, has admitted that ho proposed to his Governm ent pians to instigate
strikes in American m anufacturing plants engaged in tho production o f
m unitions o f war. T ho inform ation reached this Government through
a cop y o f a letter o f tho A m bassador to his Governm ent. T ho bearer was
an American citizen named Archibald, who was traveling under an Am eri­
can passport. The Ambassador has admitted that ho em ployed Archibald
to bear official dispatches from him to his.Governm ent.
B y reason o f tho adm itted purpose and intent o f M r. Dum ba to con­
spire to cripple legitimate industries o f the people o f tho United States
and to interrupt their legitimate trade and b y reason o f tho flagrant vio­
lation o f diplom atic propriety in em ploying an American citizen protected
by an American passport as a secret bearer o f official dispatches through
tho lines o f tho enemy o f Austria-Hungary, tho President directs mo to
Inform your Excellency that M r. Dum ba is no longer acceptable to the
Governm ent o f rho United States as tho Ambassador o f His Imperial
M ajesty at W ashington.
Believing that tho Imperial and Royal Governm ent will realizo that
tho Governm ent o f the United States has no alternative but to request
tho recall o f M r. D um ba on account o f his improper conduct, tho Govern­
ment o f the United States expresses its deep regret that this course has




. N ob le L ord :

D r. Dumba defended his plan as legitimate, saying, ac­
cording to the Now York “ Times” of the 6th inst.:
Tlioro was nothing in tho dispatches which Archibald carried that cannot
be satisfactorily explained. T ho proposals regarding embarrassing steel
works were nothing m ore than a very open and perfectly proper m ethod to
bo taken to bring before, men o f our races em ployed in tho big steel works
tho fact that they were engaged in enterprises unfriendly to their Father­
land and that the Imperial Governm ent would hold tho workers in munition
plants where contracts are being filled for tho Allies as being guilty o f a
serious crime against their country, something that would bo punishable
b y ponal servitude, should they return to their own country.
There are thousands o f workingmen in the big steel industries, natives o f
Bohem ia, M oravia, Carniola, Galicia, Dalm atia, Croatia, Slavonia and
other peoples o f tho racos from Austria-H ungary who are uneducated and
who do not understand that they are engaged in a work against their own
country. In order to bring this before them , I have subsidized m any news­
papers published in the languages and dialects o f the divisions m entioned,
attem pting in this way to bring the felonious occupations to their attention.
But this has been difficult. In somo o f tho great steel plants o f Pennsyl­
vania these uneducated men o f m y country are nothing more or less than
slaves. T hey are oven being worked twelve houis a day, and herded in
stockades. It is difficult to get at those workers excopt on masse, and a
peaceful walkout o f these workingmen would be o f the greatest advantage
to m y G overnm ent, as well as an indem nity to themselves.
It is m y duty as tho representative of Austria-H ungary to make known
these facts to the Imperial Governm ent, and in so doing I am performing
a service for which I was sent to this country. T he dispatches or letters
carried by A rchibald contained nothing more than a proposal that we at­
tem pt to call out tho workmen of our own country from those steel and
m unition works and provide for them other em ploym ent. T o do so m oney
would bo necessary and a labor employm ent bureau would have to bo or­
ganized. This Is one o f the things I shall bring before tho Secretary o f
Labor in W ashington this week. This seems to mo to bo a legitimate
and entirely satisfactory means o f preventing tho making and shipping
o f war materials to our enemios.
M y letter which M r. Archibald carried does not contradict anything that
Count von B ernstorff has said, for his people and tho great bulk o f those
who m ake up our Austro-Hungarian races are entirely different types. Tho
greater part o f German workmen o f all ranks aro educated. Thoy read
and discuss matters and can be easily reached. N ot so with tho many
races and tho great ignorant mass o f our peoplos. Promises o f better
wages and easier em ploym ent must bo m ade, and their position in aiding
the enem y must bo brought hom e to them. W here there aro a hundred
German-born men working in the factories there aro thousands o f Austrians.
Remedies for reaching these races must differ, and there is no conspiracy
in an open attem pt to call out the Austrian citizens at Bethlehem or else­
where. Such a proposal as this was the letter o f which it is said a photo­
graphic cop y was made and its contents cabled to tho State Departm ent at
W ashington. It is to prevent the letter from being censored or garbled
that I shall ask Secrotary Lansing for an opportunity to explain.

A conference between Secretary of State Lansing and
Ambassador Dumba was held in Washington on the 7th inst.,
at which the latter submitted an explanation of his actions.
N o statement was given out regarding tho meeting, but it
is understood that tho Ambassador intimated to Secretary
Lansing that ho was acting under instructions from tho
Austrian Government in conducting his propaganda.
Tho text of D r. Dum ba’s lotter which was seized by tho
British authorities was cabled to tho Stato Department
on tho 7th inst. by Ambassador Pago at London and was
in tho hands of Secretary Lansing prior to his conference
with tho Austro-IIungarian Ambassador.

Sept, n 1915.]

THE CHRONICLE

Dr. Dumba called at the Department of Labor on the
iStli inst. to seek co-operation in providing for workmen
who it was supposed would walk out of the munition plants
in pursuance of his proposed scheme. It was stated at tho
Austrian Embassy that the only step in the scheme so far
ordered in tho instructions from Vienna was the issuance
of a proclamation calling upon all Austro-Hungarian subjects
to obey tho decreo of their Government against aiding in
the manufacture of war munitions for the enemy.
According to the “ Tim es,” Secretary Lansing has in­
structed the Chief of tho Bureau of Citizenship and Naturali­
zation of the State Department to cancel the passport
issued to James F . J. Archibald. It is also stated that M r.
Lansing has sent instructions by cable to Henry Van D yke,
the American Minister at The Hague, to issue an emergency
passport to M r . Archibald to enable him to return homo
under the protection of this Government.

G E R M A N Y DECLARES ARABIC S U N K I N SUPPOSED
SELF DEFENSE.
In a note received by the State Department this week from
tho German Government in explanation of tho torpedoing
of the White Star liner Arabic, it is declared that the sub­
marine commander acted in supposed self defense as he
feared from tho actions of the vessel that an attempt was
to be made to ram tho submarine. The Arabic was attacked
on August 19 off tho coast of Ireland, its destruction resulting
in the loss of two American lives. The attack, following
tho declaration made in the last note of tho United States
to Germany that a repitition of submarine warfare resulting
in a loss of American life would be regarded as “ deliberately
unfriendly” , served to create a critical situation, which,
however, was arrested by assurances from Germany through
Ambassador Count von Bernstorff, that no liners would
hereafter bo sunk by German submarines “ without warning
and without safety of the lives of non-combatants, pro­
vided that tho liners do not try to escapo or offer resistance.”
A t tho same time this Government was informed that
Germany would give “ complete satisfaction” to the United
States if it developed that the commander of tho Gorman
submarine had gone beyond his instructions in sinking tho
Arabic.
The German note regarding the Arabic incident was
received at Washington on the 9th inst. from Ambassador
Gerard at Berlin. Germany expresses therein deep regret
“ that lives woro lost through the action of the commander”
and “ particularly expresses this regret to the Government
of tho United States on account of the death of American
citizens.” “ The German Government is unable, however,”
the note continues, “ to acknowledge any obligation to grant
indemnity in tho matter, even if the commander should
have been mistaken as to tho aggressive intentions of tho
Arabic.” Germany offers to submit this point to the Hague
Tribunal for arbitration if the two Governments cannot
reach an agreement, but states that “ the arbitral decision
shall not be admitted to have the importance of a general
decision on tho permissibility or tho converse under inter­
national law of German submarine warfare.” Tho full toxt
of tho note, which was communicated to Ambassador
Gerard in tho form of a memorandum, under dato of Septem­
ber 7, is as follows :
On August 19 a German submarine stopped the English steamer Dunsley
about sixteen nautical miles south o f Kinsale and was on tho point o f
sinking tho prize by gunfiro after the crow had left tho vessel. A t this
moment tho com m ander saw a largo steamer making directly toward
him. This steamer, as developed later, was tho A rabic. Sho was recog­
nized as an enemy vessel, as she did not fly any flag and boro no neutral
m arkings.
W hen sho approached she altered her original course, but then again
pointed directly toward the submarine. From this tho commander
became convinced that tho steamer had the intention o f attacking and
ramming him. In order to anticipate this attack he gavo orders for tho
submarine to dlvo and fired a torpedo at tho steamer. A fter firing, he
convinced himself that tho pooplo on board were being rescued in fifteen
boats.
According to his instructions the com m ander was not allowed to attack
the A rabic without warning and without saving the lives unless tho ship
attem pted to escape or offored resistance, lie was forced, how ovor, to
conclude from tho attendant circumstances that the A rabic planned a
violent attack on tho submarine.
This conclusion is all tho more obvious as he had been fired upon at a
great distance in tho Irish Sea on August 14— that is, a few days before__
b y a largo passenger steamer apparently belonging to tho British Iioyal
M ail Steam Packet C om pany, which ho had neither attacked nor stopped.
T ho German Governm ent most deeply regrets that lives woro lost through
tho action o f tho com m ander. It particularly expresses this regret to tho
Governm ent o f tho United State;) on account o f the death o f American
citizens.
T ho German Governm ent is unable, however, to acknowledge any
obligation to grant indem nity in tho matter, even if tho com m ander should
1 avo been mistaken as to tho aggressive intentions o f tho Arabic.




81 7

If it should prove to be the case that it is Impossible for tho German
and American Governm ents to reach a harmonious opinion on this p oin t,
the German Governm ent would be prepared to submit tho difference or
opinion, as being a question o f international law, to T he Hague Tribunal
for arbitration, pursuant to A rticle 38 o f T ho Hague Convention for the
pacific settlement o f international disputes.
80
assumes that, as a m atter o f course, the arbitral decision
shall not be admitted to have the im portance o f a general decision on the
permissibility or the converse under international law o f German su b ­
marine warfare.

^ It is understood that the position taken by the German
Government in justifying the action of the submarine
commander is disappointing, inasmuch as it was expected
that Germany would disavow tho act and possibly give
assurances that the commander would be punished for
exceeding his orders.
^ I he Berlin correspondent of the Nieuwe Rotterdamsche
Com ant stated on tho 8th that there was no basis for the
reports that Admiral von Tirpitz, the German Minister
of Marine, intended to resign; he merely planned, it was
stated, to take a brief vacation; Admiral von Tirpitz is
understood to have been the chief proponent of the sub­
marine campaign. In contradiction of the above tho New
York “ Tribune” printed the following yesterday :
M ilan, September 9 (dispatch to “ T he London D aily N ew s” .)—
A ccording to information received by tho “ Corricr Della Sera” , tho resigna­
tion o f Admiral von Tirpitz was followed b y tho resignations’ o f Admirals
Behncko and Bachmann.
It appears, how ever, that tho resignation o f
v °n Tirpitz was not accepted. Ho was ordered to remain at his post until
tho end o f tho war in order to preservo discipline in tho navy. Ho will,
however, no longer have any part in shaping G erm any’s naval policy.’
Admiral H olzondorf, cousin o f Admiral M uler, C hief o f tho N aval C abinet,
has replaced Admiral Bachmann. This appointm ent is significant, as
11olzendorf is known as a vigorous opponent o f von T irpitz and his p olicy.

BRITISH L IN ER H ESPERIAN S U N K .
The Allan Liner Hesperian, bound for Montreal from
Liverpool, was the victim apparently of a German sub­
marine, last Saturday evening (the 4th), while off the Irish
coast, and sank early M onday morning, after an attempt
had been made to tow the vessel into Queenstown. The
first news of the disaster was contained in a cable message
from American Consul Frost at Queenstown, which was
received at the State Department on the 5th inst. The
message said :
T ho Allan liner Hesperian torpedoed b y German submarine 70 miles
southwest o f Fastnet at 8:30 o ’clock Saturday evening. One or tw o
Americans on board: none lost. Loss o f life, about 8.
Vessel has not sunk. Adm iralty boats landed passengers and troops
at 8:30 this morning. H ave returned to bring Hesperian in hero, due
about 9 o ’clock to-m orrow morning.
There wero about 45 Canadian troops on board, unorganized, and
mainly invalided; also one 4.7 gun m ounted and visible on stern. Vessel
bound for M ontreal.

Tho vessel carried 350 passengers and a crew of 300.
Consul Frost informed the American Embassy at London
on tho 8th inst. that he had received an unconfirmed report
that one of the missing sailors of the Hesperian was an
American citizen. Figures issued by the Allan Line show
that 0 second cabin passengers, 6 third cabin passengers
and 13 of the crew of the vessel were unaccounted for on
tho 6th inst. This brings the probable death list, including
a M iss Carberry of St. Johns, Newfoundland, whose body
is at Queenstown, up to 26. It is reported that there were
no Americans among the Hesperian’s passengers, but that
some of tho crew were American citizens.
N o positive evidence that tho Hesperian was torpedoed
has been received at the State Department. Tho most
reliable information so far received is in the form of an
affidavit given to Consul Frost by Captain M ain of the
Hesperian and three officers. This affidavit, signed jointly
by the four,was received at the State Department on the
7th inst. and the following paraphrase of it was given out :

T ho Hesperian left Liverpool at 7 p . m . on Friday, Sept. 3, and b y
8:30 p. m . on Sept. 4 had reached latitude 50 north, longitude 10 w est,
about eighty miles southwest o f Fastnet.
Dusk was closing in rapidly at tho time specified when an explosion took
place against tho starboard bow N o. 2 bulkhead, admitting water into
com partments 1 and 2. T he vessel sank about ten feet within four hours.
T ho explosion occurred within about eight feet o f the surface, throwing a
mass o f water and steel fragments on the deck. From the steel fragm ents
preserved it is indubitable that tho explosion was caused b y a torpedo and
not b y a mine. The characteristic odor o f high explosive was noticeable.
N o warning o f any kind was received by tho Hesperian. The track o f a
torpedo approaching tho vessel was not observed b y any o f the ship’s
officers. T hey thought that on account o f a failing light it m ay not have
boon possible to have seen it. N o submarine was sighted before or after
the explosion.
A 0-inch gun mounted on the stern o f the Hesperian was painted a service
gray, and would not have been conspicuous even at a short distanco, and
the officers think it could not have been observed at all through a periscope.
On board tho Hesperian were forty Canadian soldiers, including officers,
all cither invalided or in attendance upon those invalided. These soldiers
were all from various Canadian organizations, but were not organized or
traveling as a unit.
N o American citizens wero among the passengers so far as know n. One
cabin steward, N . J. Dallas, was an American citizen.

818

THE CHRONICLE

V ery slight panic or confusion existed, and the boats and life-saving
apparatus were in readiness and worked well.
Wireless signals, siren and rockets brought a British warship in the scene
b y 9:30, and tw o other Adm iralty vessels beforo 10:30, b ut the Hesperian
was not under co n v o y , and had not spoken to an A dm iralty ship prior to
the torpedoing.

Ambassador Pago cabled to the Stato Department on the
7th inst. that ho had been informed by the British Admiralty
that tho Hesperian was sailing as an ordinary passenger
vessel and had never been in the Government service since
the war began.
Count von Bernstorff, the German Ambassador, gavo out
on Wednesday the following wireless dispatch from the
German Foreign Office in Berlin :
A ccording to inform ation available in Berlin it appears im probablo that
the Hesperian was torpedoed. M u ch m ore likely that b oat ran on a m ino.

It is reported that Secretary Lansing sent a cablegram to
Ambassador Gerard at Berlin on Wednesday instructing him
to inquire whether tho German Government had any report
concerning the attack on the Hesperian,and if so, to request
a copy of tho report.

[Vol . 101.

W ith reference to previous correspondonco with regard to tho shipment o f
goods o f Gorman origin to tho United States, you are inform ed that tho De­
partment is In rocoipt o f a cablo from tho American Ambassador at London,
saying that it is now understood that the British Governm ent agrees to
rocolvo applications presented b y tho Foreign Trado Advisers acting in­
form ally on behalf o f importers through tho British Embassy at this capital.
In view o f this information and inform ation o f a similar character re­
ceived from tho British Embassy, at W ashington, it is suggested that you
submit without delay to this o ffice , if you desiro to avail yourself o f its un­
officia l representation, ovidenco that tho goods in which you aro inte.osted
wero ordered b y an American firm , or for their account, beforo M arch 1 , by
a contract under tho terms o f which tho purchaser was legally bound to pay
for the goods.
A ll casos submitted should bo accom panied b y:
1. An a ffid a vit giving tho history and a clear statement o f tho circum­
stances o f tho case and substantiating tho docum entary evidonco sub­
m itted.
2. Either tho original contract or a cortified cop y showing tho conditions
stated abovo.
3. Copies o f order sheets, original acceptances, pro form a invoices and
consular invoices, if avialablo. In addition to these proofs, you should in­
dicate the marks, numbers, value, class o f goods, and name and address o f
your shipping agent in Rotterdam or otlior neutral port.
T his ovidenco will bo submitted b y this o ffico to tho British Embassy as
soon as details o f tho arrangement aro porfectod. Y ou will be informed o f
fu ll details o f such arrangement as soon as possiblo.

A committee of officers and members of the Master Dyers’
A P P E A L S FOR RELEA SE OF GERMAN GOODS A F ­
Association of Philadelphia called at tho Stato Department
FECTED B Y BRITISH BLOCKADES.
on tho 9th to urge Secretary Lansing to tako steps for tho re­
lease of dyestuffs now hold in Gorman ports. The com­
mittee, which claims that Philadelphia represents tho largest
d y e center in the United States, declared that the textile in­
dustry of this country was jeopardized by the embargo
placed on the German dyestuffs. Under certain conditions,
they said, the German Government would release tho dye­
M a n y importers aro laboring undor a mistaken impression in regard to stuffs, and they asked Secretary Lansing to endeavor to
Great Britain’s attitude touching tho bringing forward o f goods o f Gorman
meet those conditions. W ith regard to tho failuro of dye­
origin. T hoy seem to beliovo that goods contracted for prior to M arch 1
with logal liability o f paym ont aro now freely com ing forward and that ap­ stuffs to reach this country, tho following announcement,
plications will bo received b y tho British Embassy at this capital. This Is placing the responsibility with Germany, was mado by the
an error.
British Embassy on Aug. 30:

W ith regard to reports last week that concessions had been
granted by Great Britain which would permit American im­
porters to receivo German goods ordered prior to the issu­
ance on March 1 of tho Order in Council, the State Depart­
ment at Washington took occasion to give out the following
statement on tho 3d inst. in explanation of the present
situation:

Tho American Consul-General at London inform ed tho Departm ent
that attorneys on tho ground wero obtaining permits for such goods upon
certain conditions which were not specifically stated. Ambassador Pago
was imm ediately instructed to take up tho matter inform ally with the Brit­
ish Foreign O ffico and to inquire through what channels applications for
permits woro being received and what treatm ent would bo accorded appli­
cations m ado through the foreign trade advisers as unofficial representatives
o f American owners as in cases prior to June 15.
A cablegram was recelvod Sopt. 1 from tho Ambassador, reporting in ef­
fect, that tho British Government had replied that the questions propounded
are connected with tho general question o f shipments from neutral ports,
now under discussion, about which tho Fronch Governm ent is being con­
sulted, and that an answer might bo expected at a later date.
T ho Departm ent is now sonding a cablegram to tho Ambassador stating
that tho American importers not represented b y privato attorneys in Lon­
don feel that they should receive notice o f any relaxation o f tho application
o f tho British Orders in Council in rogard to goods owned b y thorn in R o t­
terdam, and aro now entitled to full information as to whether thoir appli­
cations would bo received in London or by tho British Embassy hero through
the unofficial aid o f tho foreign trade advisors.

It is stated that more than $150,000,000 of American-owned
goods of German origin are now tied up at Rotterdam under
tho Order in Council. A cablo from Ambassador Page at
London on the 7th reported that Great Britain is now pre­
pared to accept informal representations by tho Foreign
Trado Advisers of tho State Department as a means of re­
leasing American-owned goods of German and Austrian
origin now held up. Tho receipt of the Ambassador’s mes­
sage was followed by a conference at Washington, attended
by Trado Adviser Fleming; Sir Richard Crawford, commer­
cial attache of tho British Embassy, and T . S. Sharrotts,
counsel for tho American Importers’ Association, after which
it was announced that the details of the plan would bo
worked out within a few days. Tho arrangement, it is said,
will result in tho Trado Advisers resuming negotiations
which have been interrupted since July 15 by the British
refusal to consider further applications for special permits
under the Order in Council. It is expected that tho now ar­
rangement will release all goods of German and Austrian
manufacture for which American importers have incurred
obligations. Ambassador Page’s roport said:
T ho British Government is now agreeable to the presentation o f appli­
cations by tho Foreign Trado Advisers acting inform ally for importers,
through the British Embassy in W ashington. Y ou arc further informod
that details o f arrangement aro now being worked out. It is advisablo for
Importers to forward proofs as to goods ordered before M arch 1 by contracts
undor which they aro liable to make paym ont, including clear statement o f
tho circumstances o f tho caso and the original contract or certified copy.

April 14 a form al notlco was issued by tho British Governm ent that they
would allow vessols carrying tw o shipments o f dyestuffs, which wore paid
for b y dolivery in Germany o f cortain cotton cargoes, to pass without in­
terference, provided the vessels sailed under a noutral flag, that tho ship­
ments wero mado from Rotterdam and tho dyestuffs consigned to tho Sec­
retary o f Comm erce for distribution directly to tho toxtilo industries. This
offer, which was refused b y Germans, still holds good.

SENTENCE FOR GERMAN RESERVIST WHO SWORE
L U S IT A N IA WAS ARMED.
Gustav Stahl, the German reservist who was indicted for
lerjury in swearing to a false affidavit that the Lusitania
larried guns concealed below her decks, was sentenced on the
LOth inst. by Judge Charles M . Hough in tho U . S. District
Uourt in this city to servo one year and six months in the
federal penitentiary at Atlanta and to pay a fine of $1.
Stahl pleaded guilty to tho perjury chargo on tho 8th inst.
\s heretofore stated, he was indicted by tho Federal
3rand Jury on June 18 and pleaded not guilty on Juno 21 in
tho Criminal Branch of tho U . S. District Court; on July 12
ho withdrew this plea and presented threo ploas in abatement
of the indictment. Tho indictment against Stahl stated that
lie committed perjury as a witness at tho Fodoral Grand
Jury investigation to dotermino whothor Paul Koonig and
others had conspired to dofraud tho United States. In
pronouncing sentence on Stahl, Judgo Hough said:
As tho defendant does not understand English, tho commonts o f tho Court
will have no meaning to him, but the public interest in this caso sooms to call
for some discussion o f it. W o liavo soveral alternative questions confront­
ing us in endeavoring to determine tho m an’s motlvos. Plainly, In plead­
ing guilty, as ho has dono, to perjury, ho admits that liei liod in g a tin g that
ho saw guns on tho Lusitania. D id Stahl make this affidavit by the pro­
curement or application o f persons whom ho might havo judged to have
authority and power to reward and protect him ? No ovidonco on this
point is beforo mo. Or did he do It out o f porsonal vanity and a desire for
notoriety in tho public prints? I think tho answer to both questions is In
tho affirmative.
The prisoner is sentenced to ono year and six months In tho l odoral peni­
tentiary at Atlanta and to pay tho nominal fine o f $1, tho same being nccesanm, i,,
nr to m m nlv with tho learal rcciulrcmonts o f tho scntonco.

TO IN V E STIG A TE SCALE OF WAGES A T WASHINGTON
N A V Y YARD.

Secretary of N avy Daniels announced on tho 6th inst. that
ho will appoint a board to investigate tho scalo of wages
According to tho “ Times” of Thursday, importers in tho in force at tho Washington N avy Yard. M r . Daniels’
United States who had bought goods in Germany and statement was issued after a conference with President Wilson,
Austria beforo March 1 wero notified on tho 8th of tho plan and at the latter’s direction. A comparison of tho wages
of tho British Government to facilitate shipments from prevailing in tho Washington N avy Y ard with tlioso paid in
Rotterdam and other neutral ports. Judgo Fleming, tho privato gun factories will bo mado, and until a roport on the
Foreign Trado Adviser of tho Stato Department, has drafted investigation is submitted no action will bo taken on tho
a letter which has been mailed to importing firms throughout appeal of tho navy yard employees for higher wagos. M r .
the country which had complained to tho Stato Department Daniels pointed out that tho Washington N avy Yard is in
that goods were being tied up and were greatly needed in reality a Government gup factory and for this reason tho
wago scalo in force thoro should bo compared with those
this country. This letter is as follows:




S ept, l i 1915.]

THE CHRONICLE

prevailing at private gun factories and not at other navy
yards. The Secretary’s statement said:
It is recognizod that conditions in factories engaged in making guns have
changed since tho rato o f wages was fixed last December. W ages in outsido gun factories for highly skilled mechanics havo increased and tho domand for exports in such establishments is much greater. I do not feel
authorized to inako any change In tho com pensation o f these skilled workers
without tho custom ary investigation and report o f a labor board.
B ut, in view o f changed conditions, instead o f waiting for tho regular
period o f wago adjustment in D ecem ber, I will appoint a board and direct
its members to investigate tho prevailing rato o f wages fo r skilled m e­
chanics in plants like tho gun fa ctory at W ashington.
This board will bo directed to report at the earliest practicable day
feasible, and as soon as tho report is received action will bo taken looking
to such adjustment as tho investigation and report show to bo justified
b y prevailing conditions.

LEGAL OPINIONS L I M I T APPLICATIO N OF
S E A M E N ’S ACT.
Two opinions on tho La Folletto Seamen’s Law limiting
tho application of tho statute were made public by tho
Secretary of Commerce on tho 7th inst. One of the rulings
was rendered by Attorney General Gregory on Section 14
of tho A ct, which imposes rigid safety regulations. As
heretofore stated the Attorney General’s interpretation
of this Section was handed to President Wilson on Aug. 25.
It upholds tho ruling of Solicitor Thurman of tho Department
of Commerce that Section 14 does not apply to tho vessels
of foreign nations which have navigation laws “ approximat­
ing ’ those of tho United States. Tho other opinion made
public this week, was submitted by Solicitor Thurman,
who holds that tho provisions of tho Seamen’s Act do not
aPPly to foreign-built vessels granted American registry
under the Emergency Ship Registry A ct of August 1914.
This latter Act empowers tho President to suspend for a
time the navigation laws relating to measurement, survoy
and inspection, for tho purpose of admitting foreign-built
ships to American registry. Tho Solicitor holds that although
tho Seamen’s Act became a law subsequent to tho passage
of tho American Registry A ct, tho former does not alter
tho privileges granted under tho Registry A ct.
Tho Attorney General, in his opinion regarding Section 14,
contends that “ only foreign private steam vessels carrying
passengers from any port of tho United States to any other
place or country” are subject to the provision of tho Section
in question. Tho following aro the conclusions reached by
tho Attornoy General :

819

It is understood that under the Attorney General’s inter­
pretation vessels of Great Britain, France, Japan, N orway,
Germany, the Netherlands and Denmark will be exempt
from the provisions of Section 14. The fact that the lead­
ing foreign competitors of tho United States would not be
affected by these provisions of the A ct is a point that Ameri­
can vessel owners have made against the law ever since its
passage. It is believed that tho Attorney General’s opinion
will result in an attempt by the Administration to have the
law either amended or abrogated by the noxt Congress.
The Section of the Seamen’s A ct, 14, which is the subjeot
of the opinion made public on the 7th inst., is designed to
increase the life saving equipment required on passenger
lines and specifies that they shall carry life boats sufficient
to care for 7 5 % of the persons on board and pontoon rafts
to accommodate the others. It also compels the steamers
to carry trained life boat men, holding Government cer­
tificates for efficiency. The opinion of the Attornoy General
on this Section is looked upon as one of great importance,
and it is generally believed in official quarters in Washington
that it has dealt a severe blow to the La Follette A ct. It
has been the opinion of experts that tho provision of the
Seamen’s Law which attempted to compel all vessels of
whatover nationality using American ports to obey the law,
regardless of existing treaty provisions, would prove un­
tenable on application, and tho Attornoy General’s report
confirms this judgment. It is pointed out that tho effect
of these provisions when put into operation will be to compel
American vessels to operate at a higher cost than their
competitors, thus bringing about a discrimination against
American vessel owners.
As stated in these columns last week, tho Attorney General
lias sent an opinion to the President on Section 4 of the A ct,
which gives sailors on any ships of any nationality the right
to demand, while in American ports, one-half of the pay
duo them, providing that this demand is not made oftener
than once in every five days.
Tho Department of Commerce made public on the 9th
inst. several regulations issued by the Bureau of Naviga­
tion relating to seamen’s wages, hours of labor, &c.

PARCEL POST P E C U L IA R IT IE S —THE RAILWA YS THE
LOSERS.

[Reprinted from tho “ New Y ork T im as.” ]
T he Now Haven Railway has suod tho Post O ffice for $1,472, the damages
for being required to carry gold b y postal parcol sorvice in mannar contrary
to law. T he packages wore not sealed or stamped as required o f first-class
m ail. 1 he weight limit was exceeded, and tho packages were not prepared
for convenient inspection. The railway alleges that tho gold packages were
not mail m atter o f any sort, and wore not shipped as freight or express.
BosUlos tho gold, tho com pany was required to transport soven men as
guards, although it has no contract covering such sorvice. Nevertheless,
tho service had to bo perform ed, and was porform od, and tho com pany da!
mands p ay for transportation o f both gold and men according to fair value
recoived.
Ih o case is a m ild ono. T ho Pennsylvania Railroad carried $99,000,000
gold for nothing, 200 tons o f it, and 100 clerks and guards. G old is not tho
only thing which is put into tho parcel post and carriod b y tho railways for
In stating his reasons for his conclusions the Attornoy nothing. Tho only thing which tho parcol post has refused to carry is a
General said in p a r t:
)a )y '
1
Postmaster at St. Paul rulod that babios woro livo stock, and
not mailablo. Seven hundrod bushels o f oats could not bo doclinod, and
I concludo, therefore, that tho words “ foreign vessels” in tho proviso
under discussion can only bo read as "foreign vessels subject to tho opera­ tivo tons o f oro in fifty-pound sacks were shipped to tho W ashoe smelter.
Tho
tion o f Soction 4488, o f which this proviso is am ondatory.” This reading It was a losing jo b for Unlco Sam, even worso than for tho railways
meets tho declared purposo o f the conference com m ittee; accords with the smelter was o f f tho railway, and tho Post O ffice had to hire wagons. A
principles o f construction applicable to such an amendatory proviso, butcher roducod a stoor to mailable weights and sent him at a profit at tho
and makes tho amendment harmonize with tho largo underlying purposo cost o f tho railways, although the Governm ent got the thanks.
I here aro reports o f postal contractors who havo mado business for them­
(socurity o f life) o f tho Section on which is was im posed, and also o f tlio
selves b y means o f tho parcel post. A Wast Virginia postmaster, who also
A ct to which that Section belongs.
A s noted at the outset, certain foreign private steam vessels carrying was a grocor, rocoivod an order for four barrels o f flour. So ho sold himpassengers” aro exem pt from tho provisions o f the A ct, to wit, thoso solf stamps and delivered tho flour in bags through parcol post. T ho G o v­
belonging to countries having inspection laws approxim ating thoso o f the ernment was bound to supply him with tho stamps canceled through his
offico, and also was bound to deliver his flour. N ob ody paid for tho trans­
United States and possessing either unexpired certificates o f inspection
or in liou thereof having permits issued b y the Secretary o f C om m erce! portation o f tho flour. T ho railway was bound to carry it under its fouryear contract. Tho Governm ent paid nothing for tho additional servico.
T he scopo o f this exception depends, o f course, on tho meaning to bo given
1 iio transaction was strictly regular in all respects, and yet there is som e­
to tho word "approxim ate.”
thing about it hotter worth consideration than tho odditios o f tho case.
W hat inspection laws do and what do not "approxim ate” thoso o f the
There
aro six mail order houses shipping 100,000 packages apieco on which
United States is necessarily a mixed question o f law and fact. A s such it
must primarily bo determined for their guidanco b y tho proper officers tho freight and express chargos are avoided. T hoy know their rights and
o f that department o f tho Governm ent charged with tho administration it is an easy guess that thoy could tell strango tales o f how thoy put it ’over
tho railways and Uncle Sam. T ho people valuo the postal parcol servico
o f these navigation laws, ff their determination should bo controverted
and d o not want it crippled. A lso thoy d o not want it abused. T ho G o v­
b y the vessel owners, tho issue is ono for judicial determination like any
other disputed fact. Speaking generally, tho torm “ approxim ation” is ernment itself sots the worst oxampio in this rospoct.
not synonym ous with idonity, but Indicates merely substantial and material
accord. Trivial and unsubstantial differences should bo disregarded as
A PPEA L TO CONGRESS ON R A ILW A Y M A IL P A Y
also requirements in the foreign laws additional to and beyond our own.
T ho phrase also contem plates "approxim ation” not at the dato when it
QUESTION.
was added to the law, to w it, 1902, but approxim ation from timo to tim e
Business mon in every State aro asked in a bulletin issued
as the Inspections and voyages occur.
Questions as to the proper issuance o f foreign certificates o f inspection- by tho Railway Business Association undor tho caption
as to whether such foreign countries accord to tho steam vessels o f the “ Railway M ail Pay and Public Opinion,” to study the
United States visiting thoso countries the same privileges as aro offered in
tho amendment o f 1902 to steam vessels o f thoso countries visiting tho question and tako it up with Senators and Congressmen.
United States; as to whether vessels claiming tho privilege o f the Secrotary
Tho Association publishing the document is a national
o f C om m crco under tho amendment o f 1900 aro thoso operating upon
organization of manufacturing, mercantile and engineering
regularly established lines, and as to whether such vessels will bo regularly
Tho “ space mothod”
inspected b y tho authorities o f their hom o governm ent before thoy noxt concorns dealing with tho railroads.
return to a port o f tho United States— all tlicso aro o f a similar nature and advocated by tho Post Office Department is vigorously
should bo similarly rcsolvod.
I am o f opinion that when not actually carrying passengers neither
foreign cargo nor foreign passenger steam vessels aro subject to tho pro­
visions o f this section. Only foreign private steam vessels carrying passen­
gers from any port o f tho Unired States to any other place or cou ntry aro
so subject. T o this latter rule, how ever, an exception must bo noted in
fa vor o f a vessel belonging to a country whoso inspection laws at tho tim e
o f tho voyage approxim ate our own and which accords to our vessels like
privileges o f hom o inspection; provided such vessel is (I) possessed o f an
unexpired inspection certificate properly issued under and evidencing
com pliance with such foreign laws, or (2), wlioro its certificate so issued
has expired, it has properly obtained in lieu thereof from the Secretary o f
C om m erce a spocial perm it to depart from a port o f tho United States if
possessing an unexpired certificate.




opposod in tho bullotin.

In ton years, according to it, the

820

Post Office receipts increased 1 0 0.5% ^a n d total railway
mail pay only 2 7 :7 % . “ It is our earnest hope ” says
President Geo. A . Post, “ that the Government which re­
quires that rates of transportation to private shippers shall
be reasonable and that practices of commercial corpora­
tions shall bo fair, shall free its own procedure from all
suspicion of unreasonableness and unfairness.
The Association urges that mail pay shall not again bo
mado a rider on an appropriation bill or dealt with at the
crowded end of a session. The following are the conclusions
which business men and members of Congress are requested
to consider:
1.

„ .

.

,

.

M a il pay ought to be adjusted according to som e fair standard

fa 2d y M a d 'p a y ought not to be affected by the Post O ffice Departm ent
balance sheet. T he roads should rocelvo not what the Departm ent is
willing to pay them but what the service is worth. T w o successive I ostmaster-Genorals liavo advocated Governm ent ownership o f certain public
utilities. These considerations ought not to enter into the fixing o f

expected 7 (3) Is tho borrower good for it and has ho the kind o f assets
that warrant expectation that he will pay the noto at m aturity?
I t Is not mero curiosity, or distrust o f our member bauks, that p rom p t
theso inquiries. I f wo are to be o f the highest servico to our d istrict, ready
to respond to its needs under any and all circumstances, it is absolutely
necessary that wo confine our Investments to paper o f tho shortest possiblo
maturities and tho highest possible certainty o f liquidation at m aturity
w ithout renewal or direct substitution. The funds intrusted to our care are
the reserves o f tho member banks, taken from tho vaults o f theso banks
and in- no respect changed as to their character or purpose.
M oreover, tho notes red iscou n ted with us m ay at any m oment be called
unon to serve as the basis for issues o f Federal Reserve notes, which are, in
fact m oney and the coin necessary to redeem those notes must b o available
S i O T t notice through the collection o f the re-discounted paper It is not
enough for us that the commercial paper in our hands be good; it must
be un icl as well as good ; that is. fairly certain o f being paid through con bo liquiu a
transaction which called the paper into existence.
SUTheabest answer to tho argument that eligible paper is lacking in this dis­
trict lies in the fa ct that during our seven months o f operation wo have
d i s c o u n t e d paper for no less than 96 banks o f the 522 members in this
district
T h e amount o f such paper re-discounted was $5,041,000, em ­
braced in 1 018 notes. T he greater part o f these have been paid o ff as they
matured and the am ount at present on our books s about $ .750.000
O f all the paper offered to us, we have actually taken or given credit for
m ore than 90% the remaining 10% being declined partly fo r technical do-

C°-T PeCoan S s s should lay down the rule that com pensation shall be
equivalent to what private shippers would pay for similar service
lh e re
te no m ore reason for taking the postal deficit ou t o f the rai ways than out
o f letter-carriers or building-contractors. Congress should not hold the
roads dow n to the lowest possible lim it. Poor railroads m a te a poor
co u n try ^
^ rate3 anci measurement o f service to bo paid for should
be subject to review b y some Government body not directly interested in
showing a surplus for the Post O ffice Departm ent. T he PostmasterOeneral is an interested party. Ho should not have final arbitrary au­
thority over matters in dispute between the railroads and ids Department.
5. A m ount o f railway servico to bo paid for should be determined by
measurement o f actual service performed over a tost period, never b y
arbitrary estimate not subject to a check-up by the facts. Under the
weight system now in use Departm ent subordinates report what the scales
record . Under the proposed "sp a ce” system they would perform a function
involving judgm ent and putting a m uch greater strain upon their im­
partiality as between the carrier and the Governm ent.
0. W eight should be a factor as well as car-miles and should bo taken at
east annually. W eight is the actual measure o f servico performed, the
measure used by tlio Government on postage and tho measure by which
freights are paid. T he present law provides for quadrennial weighings.
This is too seldom . Increase o f actual woight between woighings involves
a great loss to the carriers, as notably shown following the establishment
o f tho parcel post. Annual weighing and annual readjustment o f pay
would approxim ate-to fairness as com pared with tho quadrennial system.
7
T otal mail pay for each road should bo large enough to includo fancom pensation for every facility furnished and for every service rendered.
Present practice takes no cognizance o f use o f apartments in com bination
cars, o f use o f side-track b y cars required in advance o f departure, of
specially equipped rooms in stations, o f use o f station-trucks, o f cranes,
m echanical catchers and bag-receivers.
Neither is cognizance taken o f
labor o f em ployees in handling closed pouches in baggage cars or o f trans­
porting mail to and from post offices and stations and between stations o f
different railways at junctions when not m ore than a quartor-nule apart.
T otal pay, m oreover, falls short to the extent o f the gross inadequacy o f
com pensation for the parcel post.
8. Payment to each road should vary according to length o f haul, speed
and frequency o f mail trains. T ho present law ignores all theso.

ssrsur

ssssx sras

“ “ 1 ™ b i n £ . and tho bulk or tho paper I.. amount lees com o from those

country banks.

and their origin might bo o f interest to you .

Tho character of
re-discounted for member banks, 237 notes.
Z X Z X T e S f o t * T o t and live-stock growers; 44 were notes

slmto p ^ o r .'^ o n ly a V8mall amount^

;r r
“

to'undcmtand moro

* is r * = —

““

o 'm ? rn d n“ h t C ~ v .S S f o r credit standards I, one o f the m ost

_ Inin is he trood for it? N ow thoy are going a stop farther, ana asiting
d
moJe questions-11W hat is ho going to d o with the m on ey? and h ow is
^ h ^ q C ^ i o n s m u s t ^ e answered satisfactorily before the paper will
These questions must
Bank. and. naturally, every banker
as possible o f paper that can be

THE WORKINGS OF THE SAN FRANCISCO FEDERAL
RESERVE B A N K .
Russell Lowry, Deputy Govomor of the Fedoral Resorvo
Batik of San Francisco, enlightened tho delegates at tho
annual convention of the Utah Bankers’ Association at Salt
Lako City on Juno 10 on tho workings of tho Roservo
Bank of tho Pacific Coast since its opening last November,
saying in part:
One o f the earliest problems confronting us at San Francisco was that
o f light weight gold. This district is the only one in tho country where
gold circulates at all freely as a medium o f exchange. Owing to tho com ­
placency o f the banks, gold coins have not been scrutinized with minute
care, and the result is that a large amount o f gold coin Is in use which has
been worn b y abrasion and no longer weighs up to the Government standa r Y ou are aware, o f course, that gold coin is legal tender only for the value
o f tho gold contained in it. W hen tho banks began paying in their reserves,
wo roccived large quantities o f this lightweight coin, which we were obliged
to reject. It seoms unfair, o f course, that when a $10 gold piece has
passed through five hundred hands, losing a little valuo at each exchange,
tho five-hunderd-and-first man should stand all the loss caused by the
other five hundred.
There is no other way, however, and as we did not care to bo Wo. 5U1,
we left that pleasant duty to the bank which sent the coin to us. Our
policy is to receive and pay out no gold except that which is full weight.
Perhaps some plan will be devised b y which the Governm ent will ulti­
mately stand the loss o f value b y natural abrasion o f tho coinage, but
until such plan is adopted, tho last holder o f tho coin must bo tho victim . If
this were generally understood b y tho public, and tho banks accepted gold
coins as we d o, only at their weight value, the use o f currency would
becom e suddenly very popular.
Our m ost important function, and the one in which no doubt you are
most interested, is that o f re-discounting. .Starting out with nothing to
guide us except tho general principles set forth in the Federal Reserve A ct,
supplemented by certain regulations o f tho Federal Reserve Board, we had
to develop our policies concerning tho quality o f paper to be handlod, the
technical details to be observed, &c.
It is not surprising that thoro was at first some confusion, perhaps sonre
contradictions and certainly a good deal o f misunderstanding o f what was
required, but gradually tho m atter has been worked out along certain defi­
nite lines which tho m ember banks are com ing to apprehend and follow.
■ It will be observed that we lay a good deal o f stress upon dofinito arrange­
ment as to m aturity and ro-paym ont, and, in fact, wo insist in overy.caso in
know ing these facts about any note offerod to us for re-discount: (1) For
wbat purpose was tho m oney loaned? (2) From what source is payment




[Vol . 101

THE CHRONICLE

tUO M t ^ b t o v l t h o u fb a n icfn T a n d C T ^ it'S s te in heretofore has been the
l a c k ^ m a r U 1f o r ° l l q S —
cial paper and lack o f dependable com " J
s
o f paper has been created.
wldch|ombracos t^^dosirab^e e ^ ^ o ^ ^ o ^ ” ^^m^swmrity,^suro ^ ^ ^ a n k
acc^tam ctn

^hls

^ ^ ^ ^ r a ^ H ^ s ^ f^ ^ o p e ^ w h e r e ^ t h e 'b a n k

acceptance1 and the discount system go hand-in-hand to provide stable
by L ondon
Paris or B crlii banks, who charge a commission for the use o f their credit.
The entering wedge has been m ade for tho use o f dollar exchange as op^ r l ™ , T r g“ r n g e . and the plan is being developed with great
"
the acceptance business has been m ore fully d eveloped, under the
safeguards provided in tho F ederal Reserve A ct, and perhaps extended to
saI° ”
p
finmostic as well as foreign transactions, the interior
permit o
^
source o f investment, standardized as
"
5
uTquallty, tkroukh
privilege or r e c o u n t
and mo™ ^profitable than balances carried with a city correspondent.
And the best part o f it is that our financial structure will in tho future
rest on r n r o n e r foundation, embracing tho whole credit resources o f the
nation— the com bined strength o f the merchant, tho manufacturer and tho
nroducer johied with that o f tho financial institutions, instead o f leaning
For support as it has in the past, upon speculative dealings in stocks and
bonds
T ruay we are entering into a new era o f banking and finance, and
tiie future is bright with promise.

NFW YORK PUBLIC SERVICE COMMISSION TO
ENFORCE J I T N E Y LAW.
Tho Second District Public Servico Commission, accord­
ing to a statement recontly given out,has taken tho first stops
toward tho enforcement of tho so-called Jitney Bus Law
passed at tho last session of tho Legislature, by applying
through its counsel, Frank H . M o tt, to Supremo Court Jus­
tice Hasbrouck at Kingston for a permanent injunction re­
straining Jamos
Adams in Corning and Elmer G . Booth in
Rochester from operating “ jitney” linos without tho consont
of the local authorities for a certificate of public conveni­
ence and necessity from tho Commission. Justico Has­
brouck will hear tho petition on Sept. 4 in Kingston.
Other proceedings will also shortly bo brought against othor
alleged violators of tho statute. This statute (Chaptor
, 667 of tho Laws of 1915) requires all bus linos, motor
vehicles, stago routos, any vehicle carrying passengers for
15 cents or loss, or any vohiclo operating in competition with
a common carrier required to procure tho consent of tho local
authorities, to obtain a certificate of public convenience and
necessity from tho Public Sorvico Commission boforo oper­
ating in tho streets of any of the citios of the State.

E.

Hithorto tho Commission, it is stated, has considered the
onforcomont of this law in tho hands of the local authorities,
and has withheld action on its own part until tho local au-

Sept, n 1915.]

THE CHRONICLE

thorities had boon afforded time to act. Rocontly, howovor,
a number of complaints have been lodged with tho Commis­
sion against so-callod jitney bus lines apparently operating
without authority. A t tho last session of the Commission its
counsel was directed to tako court action against tho alleged
violators. Complaints also havo boon received against other
alloged violators, and these will bo handled either in the regu­
lar way before the Commission, or before the courts.
Tho statuto in specific terms makes all persons and cor­
porations engaging in the jitney businesses defined,common
carriers, and subject to all provisions of law as such. Tho
present applications to the Supremo Court, are, wo are in­
formed, under Section 57 of the Public Service Commissions
Law, which authorizes the Commission to apply to tho courts
for injunctions to restrain violations of this law.

IN Q U IR Y INTO CHICAGO EXCURSION DISASTER:
SECRETARY RED FIELD ’S REPORT.
Secretary of Commerce Rodficld, who has been conducting
an investigation into tho capsizing of tho excursion steamer
Eastland, which overturned at her pier in tho Chicago Rivor
on July 24, has submitted a report to tho President, tho
contents of which were made public on August 16. The
roport states that a “ searching inquiry” will bo mado into
tho whole administration of tho Stoamboat Inspection Service,
undor supervision of representatives of the N a v y Depart­
ment and of tho public. M r. Redfield announces that the
inquiry will bo conducted by officers not connected with
tho Department of Commorco “ so that thero shall bo no
quostion of its impartial character.” Tho roport doos not
place responsibility for tho accident and points out that,
bocauso of tho action of Judgo Landis in ruling that wit­
nesses testifying beforo the Fodoral Grand Jury should not
bo oxaminod in any othor proceeding, it was impossible for
tho investigation of the Department of Commorco to con­
tinue until tho conclusion of tho Grand Jury inquiry. The
Secretary of Commerce added :
Ifc soomed, however. Important that the board o f Inquiry should con­
tinue its study as far as was practicable in order that it m ight if possible
suggest such romodial changes in tho law, as would tend to prevent a re­
currence o f similar accidents hereafter.

8*1

: BANKING, LEGISLATIVE AND FINANCIAL NEWS.
I
Only 15 shares of bank stock were sold at the Stock
j Exchange this week and 10 shares at auction. There were
i no transactions in trust company stocks. A sale of 10 shares
of Corn Exchange Bank stock was made at 307 H , an advance
°f
points over the price paid at the last previous sale
three weeks ago.
BANKS— N ew Y o rk .
L ow .
*15 C om m erce, N at. Bank o f ____ 158

S h ares.

H ig h .

C lo s e .

158

158

L a st p r e v io u s s a le .

A ug. 1 9 1 5 — 1 00

10 Corn Exchange Bank----------- 30713 307 'A 307 'A Aug. 1915— 301
* Sold at the Stock Exchange.

A New York Stock Exchange membership was posted
for transfer this week, the consideration being $00,000, the
same as the last preceding transaction.
Walter W . Warwick of Cincinnati has been made Comp­
troller of the Treasury, succeeding George E . Downey, who
was recently appointed a justice of the Court of Claims.
M r. Warwick was heretofore Assistant Comptroller of tho
Treasury. He was appointed to his now position by Presi­
dent Wilson on Aug. 31 and sworn in the following day.
Charles M . Foree, formerly Chief Clerk of the office,has
been named to succeed M r . Warwick as Assistant Comp­
troller.
Seattle was this week the center of interest for the banking
fraternity, that city being the scene of the annual conven­
tion of the American Bankers’ Association, which draws
together financial interests of every section of the country.
Tho closo proximity of the Panama-Pacific Exposition at
San Francisco and the Panama-California Exposition a t
San Diego served as an added attraction this year, with the
result of swelling the attendance. The programs of the
business sessions of the main body and tho various sections,
embodied important features aside from the regular pro­
ceedings, and the entertainment of the delegates was not
overlooked. N ot only were the attending bankers elabo­
rately feted by the bankers of Seattle, but in other cities,
like Tacoma and Spokane, they were also royally enter­
tained.

One of tho developments of . the present week’s conven­
M r . Redfiold makos known his intention to present a
roport to both housos of Congress which will contain recom­ tion has been the formation of a new section for national
mendations, and submit estimates for sufficient money to banks, mado up of one-third of the total membership of
rondor tho service efficient. Secretary Rodfield’s investiga­ the Association. Those who have been elected to serve as
tion into the disaster was temporarily suspended on August 5. officers of this new section are: President, F . W . Hyde, of
As previously noted, tho Eastland disaster has beon tho the National Chautauqua County Bank, Jamestown, N . Y .;
subjoct of soveral investigations, Fodoral, city and Stato. Vice-President, J. S. Calfee of tho Mechanics-American
Six indictments charging manslaughter and criminal care­ National Bank of St. Louis; and the following executive
lessness in connection with the capsizing of tho excursion committee: J. E . Cox, of the Commercial National Bank of
stoamor wero roturnod by the State Grand Jury boforo Judge High Point, N .C .; Oliver J. Sands, of the American National
Bank of Richmond, V a .; W . H . Bucholz of the Omaha
Kersten in Chicago on August 11. Those indicted wero :
National Bank of Omaha; H . E . Otte, of the National City
George T . Arnold, President o f tho St. Josoph-Chicago Steamship C o .,
owner o f tho Eastland.
Bank of Chicago; J. E . Spangler, of the Seattle National
William II. Hull, Vice-President and General Manager.
Bank, Seattle, and W . M . Van Dcusen, of the National
W . C . Stoolo, Socrotary-Troasurer.
-Newark Banking Co. of Newark, N . J.
B ay W . Davis, Assistant-Secrctary-Trcasurer.
Captain Harry Pederson, master o f the Eastland.
Another of the important steps taken at the convention
Josoph M . Erickson, ongineor o f tho vossol.
was the adoption by the Association on Wednesday of an
Bonds wero fixed at $20,000 each for tho company officials
amendment to its constitution, despite the opposition of the
and $10,000 oach for Pederson and Erickson. A joint
Trust Company Section, providing that no proposed na­
indictmont was returned against the company officials
tional or State legislation, originating in any section, shall
charging manslaughter on five counts, while separate bills
bo urged without the approval of the Law Committee and
wero handed down against the captain and engineer of the
tho Association as a whole. The Trust Company Section
vessel charging criminal carelessness. An indictment against
is said to regard the amendment as a move to hamper its
Walter K . Greenobaum, General Manager of tho Indiana
members in an effort to repeal that section of the Federal
Transportation C o., lessee of tho Eastland, charging man­
Reserve Act which confers on national banks trust company
slaughter, was returned by tho Grand Jury on August 27.
powers. Tho Convention also adopted a resolution, ap­
The true bill against him contains two counts, one charging
proved by the administrative counsel, that an attempt be made
tho overloading of a passenger vessel and the other the use
to procuro an amendment to Section 19 of the Federal Re­
of an unseaworthy boat for carrying passengers. Messrs.
serve A ct. The proposed change would give member banks
Hull, Pederson, Erickson, Greenobaum and Robert Reid
not in any Federal Reserve or central reserve cities the option
and C . C . Eckliff, Federal Inspectors of Steamships, woro
of keeping 4 % of their reserve with any national bank in
adjudged guilty on July 28 by a coroner’s jury, which
any Reserve or central reserve city in the United States,
placed upon thorn the blame for tho loss of lives resulting
or within a radius of 300 miles of the member banks or within
from tho capsizing of tho stoamor. Tho jury recommondod
the Federal Reserve District. The member banks can now
that thoy bo hold for indictmont on charges of manslaughter.
keep such 4 % in their own valuts or in the Federal Reserve
Tho Eastland was formally reloascd from the custody of bank.
tho United States Government and turned over to its owners
Still another resolution which was adopted, on recommen­
on August 17.
It has not been determined what disposition
dation of tho Committee on Law, advocates an amendment
will bo made of the vessel. According to tho revised and
of Section 5219 of the Revised Statutes so as to provide that
official roports of Coronor Hoffman’s offico, which wero
where taxes are imposed upon the income of personal prop­
completed on the 2d inst., 812 persons were lost in the
erty tho income derived from national bank shares may be
disaster. A t tho time of tho tragedy it was estimated that
included in the income of the owner or holder thereof in
there wero 2,480 on board the vessel and that over 1,100
assessing such taxes, in the city or town where the bank is
lives had beon lost.
located and not elsewhere.




822

THE CHRONICLE

A further resolution, against which but one negative vote
was recorded, and which was offered by ex-Roprosentative
Cornelius A . Pugsley of Peekskill, N . Y . , pledges support
to the national and State Governments in efforts to obtain
practical preparedness along the lines of national dofonco.
The subject “ M ilitary and National Preparedness” formed
tho topic of discussion at the convention, by Henry D .
Estabrook of N ew York.
A t the concluding day’s session on Thursday the Conven­
tion adopted a resolution commending tho Government’s
efforts in seeking a modification of tho cotton contraband
order. This resolution is as follows:
W h e r e a s , T ho cotton crop o f 1914 was m arketed at tow prices, with con­
sequent loss and hardship to tho planters o f tho cotton-growing States and
all those connected In any manner with tho production and sato o f cotton.
W h e r e a s , Following tho advlco o f recognized financial and agricultura.
authorities’, tho planters greatly reduced tho acreage planted to cotton this
year In their endeavors to prom oto as far as it lay within thoir powor the

[Vol . 101.

the amount of money which the institution is willing to loan,
but all applicants must havo the recommendation of the
correspondent banks of the Fourth National and must insure
tho cotton and storo it in one of 20 designated concentration
points in Georgia, Florida and Alabama. If tho cotton is
sold before the maturity of tho note, interest will be rebated
for the unexpired term at tho same rate. rih e minimum
of any ono loan will be $300. The concentration points which
are all warehouses of the Atlantic Compress C o ., will receive
cotton for Northern, Eastern or foreign consumption.
Charges on storage will be 25 cents a bale for the first month
and 15 cents a bale for every additional month thereafter^
For weighing and sampling 5 cents a balo will bo charged,
and for grading 5 cents a bale, except at Savannah, where
the charge is 10 cents. The prospectus issued by the Fourth

g ' W h e r e a s , T h e recent declaration b y belligerent Powers that cotton is
contraband now threatens to seriously affect tho marketing o f this season s
croD and work great hardship.
, _ ____
W h e r e a s T ho President o f tho U nited States and tho Federal Reserve
B oard havo shown com m endablo zeal and great efficiency in forecasting
and warding o ff sim ilar im pen din g calamities.
R e s o l v e d , that this convention com m ends tho President o f tho United
States and the State Departm ent for the efforts which have been already
made looking to a m odification o f tho said contraband order, and that it
Is the liopo o f this convention that theso efforts will bo continued until tho
threatened peril to this great industry is averted.

National says in part:
It Is our desire to give practical assistance to tho farmors and merchants
o f this section and. in view o f tho prevailing market conditions, wo feel that
t L b ^ t w ay to do this is to extend them loans on their cotton
W o believe
that this assistance should be tendered through our correspondents because
they are familiar with conditions in their severa com m unities and are in a
position to m ake proper recom m endations. W o shall be glad to furnish
all necessary blanks for the execution o f these loans.

The down-town branch of the Lincoln Trust C o. of this
city has been removed from Broadway and Lisponard Stree
to the New York Lifo Building at 34G Broadway.

Kansas City has boen chosen for next year s meeting,
i he
Tho expansion in business, which started in largo volume
officers of tho Association elected for tho ensuing year are:
President, James K . Lynch, Vice-Presidont of the First N a ­ when tho Mechanics & Metals National Bank of this city
tional Bank of San Francisco; Vice-President, Peter K . Goe­ moved to its new bank building at 20 Nassau S t., has steadily
bel, President of tho Commercial National Bank of Kansas continued until now the institution’s resources total $180,­
City; Treasurer, E . M . W in g, Vice-President of the Batavia 297,037. W o have reference to tho figures which aro shown
National Bank of La Crosse, W ise.; Secretary (re-elected), in its latest roport to the Treasury Department as of Sopt. 2 ,
whon deposits reached $155,603,615, of which $89,638,053
F . E . Farnsworth of Now Y ork.
Provious mention has been made of the speakers on the were individual accounts and $65,965,561 bank accounts.
several programs. Their addresses will appear in full, to­ The comparison between the June 23 and Sopt. 2 bank calls is
gether with a report of tho detailed proceedings, in our special interesting, tho deposits standing at $124,666,435 June 23,
edition, tho “ Bankers’ Convention” Section, to be issued next comparing with $155,603,615 Sopt. 2, and aggregate re­
sources $146,773,432 and $180,297,037, respectively. Th e
Saturday.
loans and discounts Sept. 2 were $86,589,753; cash and duo
A t tho convention of tho Investment Bankers Association from banks, $66,979,099, and combined capital resources,
of America to be hold in Denver, Sept. 20, 21 and 22, there $15,155,845, of which $9,155,845 represents surplus and un­
will be open disoussions of various committee roports. divided profits. Tho official staff is headed by Gates W .
L . B . Franklin, Vice-President of Guaranty Trust Co. of McGarrah, President, while Nicholas F . Palmer, John M c ­
New York, who has been nominated for President of the Asso­ Hugh, Frank O. Roe, Walter F . Albertson, Harry II. Pond
ciation, as Chairman of the Railroad Bond Committee will and Samuel S. Campbell are Vice-Presidents and Joseph S.
House is Cashier. The Assistant Cashiers include John
discuss, among other topics:
Should railroad bonds b o protected b y sinking fund, and should this p ro ­ Robinson, Ernest W . Davenport, Arthur M . Aiken. Alex­
vision apply to all railroad bonds or thoso issued b y com panies whose
ander F . Bryan is Auditor and North M cLean is Manager
business is not o f a staple character?
Is it econom ically sound to issuo bonds on a railroad property running
of the Foreign Department.
10 0 years whon tho usefulness o f tho property at that date cannot at the
present tim e be determ ined?
In view o f the changing conditions from tim e to tim e, should not tho
rato o f interest o f future railroad mortgages be fixed at tho tim o o f issuo?

Following the death at Lako Placid on Wednesday ^of
John W . Beers, Charles H . Dickinson, tho solo surviving
C.
W . M cNoar of Chicago, as Chairman of the Committee
partner in tho Stock Exchange firm of Beers & Owens, mado
on Municipal Bonds, will embody in his roport recommen­ an assignment on the 9th inst. for the benefit of creditois to
dations relative to needed legislation regarding tho issuanco William D . Gaillard, an attorney at 42 Broadway. The
of bonds in serial form, maturities to be within the lifo of firm, which was organized in 1895, will be dissolved. It
the improvement, tax limits, debt limits, optional features, is stated that the assignment was due to impaired capital
place of payment. The income tax as it now^ stands has and poor business. M r . Dickinson states that tho assets
been working to tho detriment of security dealers. A t tho will closely approximate the liabilities, which are placed at
Denver Convention tho Association will discuss “ Improper below $200,000. It is reported that among tho assets which
use of names of bond buyers which come to fiscal agents of have come into the hands of the assignee are securities valued
corporations, under tho Federal income tax regulation.” at $32,000, deposits in banking institutions aggregating $31,­
Ex-President Caldwell of Now York will address tho Conven­ 897, and a seat on tho Stock Exchange in tho namo of tho
tion on “ Publicity as Affecting the Investment Banker.”
late M r . Beers.
Ono of the problems which the investment banker faces to­
day is the security market after the European war. A t this
Tho Brooklyn Trust C o. opened for business on Tuesday
time, when no ono oan accurately judgo what tho results in tho completed half of its magnificent now homo at M on­
of tho present conflict will be on rates of interost for fixed tague, Clinton and Pierropont Streets. Tho trust company
investments, tho appearance of Senator Burton of Ohio is broke ground for tho erection of tho now building in June
doubly interesting. The Senator’s subject will bo “ Tho 1914. Tho demolition of the old structure occupied by tho
Effects of tho Present Conflict upon Rates of Interost and institution on Montague Street is to begin at onco and work
upon the Business of tho Investment Banker.” The Eastern on tho second half of the new building will then bo started.
membors of tho Association aro planning to leave Now York It is thought that tho completion of this half will tako about
on a special train over the Pennsylvania lines. The Western eight months. N o formal reception was held at tho new
members of tho Association will also leave Chicago in a banking quarters, this ceremony being deferred until the
special, traveling over tho Burlington lines. A meeting of
entire structure is completed. M any friends and patrons
the Chicago members of the Association was held at tho of tho company called, however, during the opening day
Hotel La Salle on the 8th inst. for the purpose of completing to offer their congratulations and to inspect tho new home.
plans for the annual meeting.
The exterior of tho building is of three different kinds of
The Fourth National Bank of Atlanta announced on
Aug. 25 that until further notice it will make approved loans
on cotton to farmers and merchants to the amount of threequarters of tho market value of the cotton for any period up
to six months at 6 % rate of discount. N o limit is placed on




limestone. The base of the structure is granite and the roof
is of green tile. The architecture is Italian Renaissance.
Within the doorway, which is of carved marble, aro swung
two huge wrought-iron gates. In the interior of tho buildin£? tho walls and bases for the bronze screens aro of highly

Sept , l l 1915.]

THE CHRONICLE

polished rosato marble from Southern Italy. The book­
keeping departments of the trust company are housed in the
three-story annex on Pierrepont Street, while the Brooklyn
C ity Safo Deposit Co. occupies the basement.

823

THE ENGLISH GOLD A N D SILVER M ARK ET S.
W o roprint tho following from tho weekly circular of
Samuel M ontagu & C o ., of London, written under date of
Aug. 26 1915:
•
GOLD.

Michael Jenkins, President of the Safe Deposit & Trust
External m ovem ents havo been slightly against the Bank o f E n gla n d ,
C o. of Baltimore, died on tho 7th inst. M r. Jenkins was but it is to be noted that no South African output appears to havo been
credited during tho week.
born in Baltimore in 1842. As a young man ho succeeded
T ho following amounts were received b y tho Bank:
his father in tho firm of Jenkins Brothers, capitalists. Ho A ug. 19th. £130,000 in Bar G old.
W ithdrawals wore made as under:
became President of tho Safe Deposit & Trust C o. in April
A ug. 19th. £155,000 in Bar G old.
1901, succeeding the lato B . F . Newcomer. In OctoberlOOG A ug. 19th. £200,000 in Foreign G old C oin .
ho was elected President of the Atlantic Coast Lino C o., A ug. 20th. £81,000 “
“
“
which position ho occupied at tho time of his death. From A ug. 21st. £30,000 in Sovereigns set aside for tho Straits Settlement N ote
Guarantee Fund.
1896 until 1907 M r. Jenkins was President of tho Merchants A ug. 25th.
£ 7.000
ditto.
& Miners’ Transportation C o. and had since been identified
During the week tho reduction on balance amounted to £357,000.
I
ho
return
o
f
currency
from circulation continues, though on a very
with it as a director. M r . Jenkins was Vice-President of
m oderate scale. Tho return issued to-d ay records a small increase o f about
the Northern Central R y ., a director in the Metropolitan £215,000.
Savings Bank and a largo stockholder in the MerchantsThe Iihodesian output for July 1915 amounted to £336,565 as com pared
with £320,670 for July 1914 and £322.473 for June 1915.
Mechanics National Bank and tho Commonwealth Bank.
S IL V E R .
1 ho undertone appears somewhat im proved in consequence o f tho pur­
chases made b y tho United States Treasury during tho last few weeks.
I ho total is said to exceed 2 ,000,000 ozs. during the current m onth.
Prices, how ever, havo not been well maintained, but havo fallen gradu­
ally from 22 15-16, quoted on A ug. 20th, to 22 13-16 yesterday.
A slight increase in tho am ount o f supplies, and tho sluggishness o f
demand from Eastern markets, especially from tho Indian Bazaars, aro
tho apparent reasons for this setback. China is inclined to buy at falling
rates.
T ho im ports o f tho United K ingdom from China during tho first six
m onths o f 1915 amounted to £3,233,720 in value, as com pared with
£1,975,846 during tho corresponding m onths o f 1914.
This represents an increase o f 6 3 % , and is owing to tho closure o f enemy
markets rather than to an expansion in the total export trade o f China.
Tho exports from tho United Kingdom to China during those periods
were £4,059,375 and £8,444,712 in value, respectively, a diminution o f
52% in the case o f tho first six months o f this year.
This remarkable falling o ff necessitates a substitution o f so much silver,
or credit in some form based upon silver, in order to balance tho altered
Walter M . Iloymann has been chosen an Assistant Cashier conditions o f trado.
of tho W est Sido Trust & Savings Bank of Chicago.
Tho figures apply only to the relations between China and tho United
K ingdom , and it is possible that the balance o f trade between China and
other countries, especially tho United States, m ay not havo altered in tho
Tho Hamilton National Bank of Denver has taken over samo proportions, but it is reasonable to assume that the m ovem ent o f
the business of tho Federal National Bank of that city. trado was somewhat similar.
I f this assumption be correct, it is hardly probable that China is in a
Tho purchaso of the property, assets and good-will of the position to re-sell perm anently any portion o f tho largo stock held here
latter institution was completed on tho 2d inst., tho trans­ on account o f that country, though, possibly, there m ay bo occasional
action having been approved, it is stated, by the Denver attem pts to make a favorable salo with a view to replacement at a profit.
An Indian currency return for A ug. 22d, gives details in lacs o f rupees
Clearing House Association and tho Federal authorities. as follows:
N otos in circulation___________________________ 66,39
W . T . Ravenscroft, who resigned last March as President
Reserve in Silver C oin ________________________ 39,91
of the Federal National to become Vice-President of tho
G old Coin and B ullion__________________________6,33
St. Louis Union Trust Co. of St. Louis, is quoted in the Den­
G old in E ngland________________________________6,15
T ho stock in B om bay consists o f 4,700 bars as com pared with 4,900 last
ver “ Nows” as saying:
week.
Doing a hoavy stockholder in tho bank, and having removed from D enver
A shipment o f 150,000 ozs. has been made from San Francisco to H ong­
to St. Louis, whero I havo becom e identified with tho Union Bank & Trust
C o ., I found m yself not in a position to givo m y attention to tho interests kong.
Quotations for bar silver, per o z. standard:
here; honco tho salo.
No
Bank rate__________________
5%
Allen F . A yers, who temporarily accepted tho position o f President, A ug. 20— 22 15-16 cash.]
Aug. 21— 2 2 %
“
I quotation Bar Gold per oz. standard._77s. 9d.
desired to retire. It was tho judgm ent o f tho directors and tho stock­
Aug. 23— 2 2 %
"
]
fixed
French Gold Coin per o z ___Nominal
holders o f tho Federal N ational Bank that, under tho circum stances, they Aug. 24— 2 2 %
“
I
for
U. S. A . Gold Coin per oz_.N om in al
forward
would rctiro from tho local banking field. Therefore tho institution was A ug. 25— 22 13-16 “
Aug. 26— 22 13-16 “ j delivery.
sold to tho Hamilton National Bank.
A v .for week 22.864 “
Tho Hamilton National has a capital of $250,000, surplus
T ho quotation to-day forlcash delivery is l-16 d . below that fixed a week
and profits of over $60,000 and deposits of about $1,400,000. ago.

Tho board of directors of tho Detroit Trust Co. of Detroit,
M ich ., has appointed Harry L . Stanton and Frederick J.
M cG avin Assistant Secretaries and Albert A . Chilman
Assistant Treasurer. M r . Stanton, who has had consider­
able experience in handling receiverships, will look after
tho reorganization and recoivership of companies for which
the trust company acts. M r . M cG avin will assist Vice­
President Charlos P . Spicer in tho administration of trusts
and estates. M r . Chilman has been assigned to the finan­
cial dopartmont to help Vico-Presidont and Treasurer Law­
rence K . Butler. All three appointees have been associated
with tho institution for some years.

Tho Federal National had a capital of $200,000, and on
Juno 23 surplus and profits of $14,612 and deposits of $1,­
038,239.
John G . Lonsdale, who was recently elected President
of tho National Bank of Commerco of St. Louis, has sent a
circular lotter to tho stockholders in which, in advocating
that a conservative policy with respect to tho administration
of tho institution bo adhered to, ho urges that the bank’s
surplus resorvo bo enlarged, even though it involves for a
time a decreaso in the dividend payments. M r. Lonsdalo
points out that by pursuing such a courso at the present
timo a bank best prepares itself for what tho futuro will
bring forth of either good or bad. Tho disturbed conditions
resulting from tho European war are discussed by M r . Lons­
dalo, and ho states that institutions, as individuals, must
exercise unusual precaution in a timo of world-wide war in
order to bo in readiness for any eventuality. M r . Lonsdalo
urges that if flourishing times are ahead, tho larger resorvo
of tho bank will increase tho valuo of its stock. On tho other
hand, if tho promising times fail to materialize, tho bank is
placed in a strong position to meet any emergency.
James N . Boyd, President of tho Planters’ National Bank
of Richmond, V a ., died on the 6th inst. M r . Boyd was born
in that city in 1850 and was a veteran of tho Civil W ar.
Ho was Vice-President of tho Virginia Trust C o ., President
of James N . Boyd & C o ., Inc., leaf tobacco dealors, and
President of tho Richmond Tobacco Exchange.




ENGLISH F IN A N C IA L M ARK ET—PER CABLE.
Tho daily closing quotations for securities, & c., at London
as reported by cable, havo been as follows the past week:
L ondon,

S a t.,

M o n .,

T u e s .,

W e d .,

W e e k e n d in g S e p t. 10.
S e p t.>4. S e p t. 6. S ep t. 7. S e p t. 8.
Silver, per ounco.............. d . __,
23% j
23 11-16 23 %
23%
Consols, 2 % per cents........ .. 65
65 . , 65
65
British, 4 % percents............ 97Ji^3
97J*?S 97Ji?S 97 Jf
98
French Rentes (in Paris).fr. 68.50
'
68.50
68.50
68.50

F tI . .
T h u r s ..
S e p t. 9. S e p t. 10,
23 11-16 2 3 %

65
98
68.50

65

98%

68.25

TRADE AND TRAFFIC MOVEMENTS.
A N T H R A C IT E C O A L P R O D U C T I O N — The anthra­
cite coal shipments to tidewater during August 1915 reached
an aggregate of 5,330,831 tons, against 5,483,743 tons for
tho corresponding month last year. Below we compare
tho shipments by the various carriers for the months of
August 1915 and 1914 and for period Jan. 1 to Aug. 31:
--------- A u g u s t --------- - — J a n . 1 to
R oa d s —
1915.
1914.
1915.
Philadelphia & Reading.............. tons. 847,262 904,643
7,100,087
Lehigh Valley......................................... 1,029,721 1,079,172
8,354,180
Central R R. of New Jersey.................. 613,721 637,467
5,010.562
Delaware Lackawanna & Western___ 859,368 819,848
5,970,751
Delaware & Hudson.............................. 731,137 619,062
5,232,732
Pennsylvania......................................... 426,818 497,579
3,766,322
Erie......................................................... 690,817 734,350
5,097,909
Ontario & Western................................ 131,987 191,622
1,327,797
Total................................................... 5,330,831 5,483,743

31—
1914.
7,768,258
8,260,472
5,735,445
6,245,125
4,706,619
4,121,427
5,441,578
1,542,467

A ug.

41,860,340 43,821,389

L A K E S U P E R IO R IR O N ORE S H IP M E N T S .— The
shipments of Lake Superior iron ore during August 1915
aggregated 8,081,117 tons, an increase of 2,211,640 tons
over tho samo month last year, and tho largest movement
for August of which we have any record. In tho following

[Vol . 101

THE CHRONICLE

824:

| National Banks.

— The following information regarding
we show the shipments from the different ports for August
j national banks is from the offico of the Comptroller of tho
1915, 1914 and 1913 and for the season to Sept. 1:
Currency, Treasury Department:
-Season to Sept. 1-Augusl1915.
2,995,862
1,773,653
2,801,219
4,439,088
9,378,530
5,418,068

1914.
1913.
1915.
Port (tons)—
724.951 964,288
933,102
Escanaba_____
659,293 368,430 598,861
Marquette____
662.951 809,597
________________________ 931,142
Ashland_______
Superior_________1,375,086 1,886,418 1,519,109
Duluth - ____ 2,668,070 1,203,081 1,957,239
Two H arbors... 1,514,364 1,023,646 1,835,191

1914.
2,465,692
1,049,791
2,079,776
7,576,831
4,152,367
3,953,650

1913.
3,623,632
2,155,363
3,073,628
8,592,522
7,891,903
6,676,708

T o ta l.............. 8,081,117 5,869,477 7,684,285 26,806,420 21,278,107 32,013,756

U N F IL L E D O R D E R S OF S T E E L C O R P O R A T IO N .—
The United States Steel Corporation on Friday, Sept. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of August. From this statement it appears that the
aggregate of unfilled orders on Aug. 31 was 4,908,455 tons,
recording a decrease of 20,085 tons from last month, when
the amount of outstanding orders was 4,928,540 tons. These
are the highest figures since Feb. 28 1914, when the amount
of outstanding orders was 5,026,440 tons. In the following
we give the compai
Tons.
A uk. 31 1915...4,908,455
July 31 1915..-4,928,540
June 30 1915...4.67S, 196
May 31 1915...4,264,598
Apr. 30 1915.-4,162,244
Mar. 31 1915...4,255,749
Feb. 28 1915__ 4,345,571
Jan. 31 1915.-4,248,571
Dee. 31 1914 —.3,836,643
Nov. 30 1914.-3,324,592
Oct. 31 1914... 3,461,097
Sept. 30 1914 — .3,787,667
Aug. 31 1914.-4,213,331
July c l 1914.-4,158,589
June 30 1914.. .4,032,857
May 31 1914.-3,958,160
Apr. 30 1914__ 4,277,068
Mar. 31 If It — .4 ,6 ‘ —
Feb. 28 1 9 1 4 .-5 ,0
Jan. 31 191 4 .-4 ,6
Dec. 31 IP 13__ 4,2

Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
Juno 30
May 31
Apr. 30
Mar. 31
Feb. 23
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31

Tons.
1913. ..4,396,347 Feb. 29
1913. ..4.513.767 Jan. 31
1913. -5,003,785 Dec. 31
1913. —5,223,468 Nov. 30
1913. —5,399,356 Oct. 31
1913. —5,807,317 Sept. 30
1913. —6,324,322 AUg. 31
1913. ..6,978,762 July 31
1913. —7,468,956 June 30
1913. ..7,656,714 May 31
1913. ..7,827,368 April 30
1912. — 7,932,164 Mar. 31
1912. ..7,852,883 Feb. 28
1912. —7,594,381 Jan. 31
1912 —6,551,507 Dec. 31
1912 —6,163,375 Nov. 30
1912 -5,957,079 Oct. 31
1912 —5,807,346 Sept. 30
1912 ..5,750,98S Aug. 31
1912 —5,664,885 July 31
1912 .5,304,841

Tons.
1912. —5.454.201
1912. —5,379,721
1911. . .5,084,765
1911. —4,141,958
1911. —3,094,327
1911. —3,611,315
1911. - -3,695,985
1911. —3,584,088
1911. —3,361,057
191 1 —3,113,1,.4
1911. —3.21>,700
1911 —3,447,301
1911.
B ill. —3,110,919
1910 —2,674,750
1910 -2,760,413
1910 —2,871,949
1910 —3,158.106
1910 —3,537,128
1910 —3,970,931

The figures prior to July 31 1910 were issued quarterly
only. These, oxtonding back to 1901, wore given in the
“ Chronicle” of March 13 1915, page 876.

#crmraercta l smclltt isccUatxeo u s JJxxtrs
Auction Sales.— Among other securities, the following,

not usually dealt in at the Stock Exchange, were recently sold

at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian II. Muller & Sons, New York:
Per cent.
Shares. Slocks.
Per cent. Shares. Stocks.
50 City Investing Co., com___ 14)5
40 Lowell Gas Light C o ........... 24715
50 Brunswiek-Balke-Collender
45 North Shore Dev. C o------- $ 1 0 0 lot
Co., prof.......... ....... ........... ..100
10 Corn Exchange Bank------- —307)5
200 Parker Supply Co., com|S3,370 1,380 Brunswick-Balke-Collendcr
Co., common______________ 91)5
100 Parker Sheet Metal W ks.,[ lot
Inc., common_________ J

Boston:

B y Messrs. Francis Henshaw & Co

Per cent
Shares. Stock.
$ per sh. IBonds.
6 Old Colony Trust C o____ ______ 258 $6,000 Vinalhaven El. Co. 1st 6s,
...
------i
1935
90
5 Lockwood Co., Waterville---------98)5

B y Messrs. R . L . D ay & C o ., Boston:
$ per sh
Shares. Stock.
$ per sh. Shares. Stock.
10 Northeastern Realty, com____
1
17 National Shawmut Bank--------- 199
1 Plymouth Cordage (old stock). . 193
1 Esmond Mills, pref------------------- 86
71 Naumkeag Steam Cot. rts..39-39)5 4 Peppered Mfg. C o____ _______ 121
3 Ludlow Mfg. Associates______ 121)5
50 Northeastern Realty, pref--------- 10

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
S persh.
2 J. B. Stetson Co., com---------350
25 Marconi W . T el . of A ., $5 ea. 3 'A
1 Farmers'* Mcch.Nat. Bank 128
45 Guarantee Tr. Co., Atl. City 200
10 Logan Trust Co-------------------125M
23 Mutual Trust Co., $50 each. 35
1 Philadelphia Trust Co_____ 719
33 West End Trust Co_______ 160
20 Phil. Warehousing & C. S—. 82
1,300 Phil.Clty&Sub. It.E.Co—$251ot
10 2d & 3d Streets Pass. R y----- 230
114 Camden Fire Ins. Assn., $5
each________________ 10)5-10)5

Shares. Stocks.
§ per sh
10 United Gas A E. Corp., 1st pf. 54%
4 Wilmington Gas, pref_____ 75
4 Phila. Bourse, com., $50 each 6
10 Phila. Bourse, pref., $25 each 21
5 Belmont Trust C o_________ 30)5
Bonds.
Percent.
$4,000 Philadelphia City 3J5s, 1934 92)4
2,000 New Jersey Gas Co. 1st 5s,
1940 ......................
500 Wildwood & Del. Bay Short
Line RR. 1st 5s, 1940___ 64)4
28,000 Brown’s Mills In the Pines
1st 6s, 1923.................. 100

Canadian Bank Clearings.

— Tho clearings for tho week
ending Sopt. 4 at Canadian cities, in comparison with tho
same week of 1914, shows a docreaso in the aggregate of
4 .0 % .
Week ending Sept. 4.
Clearings at—

Canada—

1915 .

1914 .

Inc. or
Dec.

1913 .

1912.

S

$

%

S

$

49 , 393,867 43 , 097 , S79 + 12.3
+ 6.0
33 , 525,308 31 , 636,433
Winnipeg........................ 15 , 944,597 19, 517,669 — 18.3
5 , 564,629
8 , 913,657 — 37.6
Vancouver____________
4 , 639,120 — 29.3
3 , 279,278
Ottawa-------------------- .
— 0.2
3 , 267,176
3 , 259,340
— 6.7
1 , 764,236
1 , 646,272
— 2.6
1, 463,880
1 , 502,877
St. John____ _______ .
— 2.8
2 , 950,388
2 , 867,227
Hamilton------- --------3 , 302,225 — 20.1
2 , 441,230
Calgary........ .
..........
2 , 865,930 — 58.2
1, 197,004
1, 660,176
1, 443,289 + 15.0
London....................— .
1, 779.653
2 , 517,382 — 29.3
1 , 488,634 — 17.6
1 , 226,715
Regina................ .............
382,005 + 13.4
433,053
Brandon______________
— 9.7
364,280
328,548
Lethbridge____________
844,051 —2 1.6
662,007
Saskatoon........ ............ .
— 4.3
737,884
706,395
— 2.1
423,123
432,227
596,007 — 49.2
302,800
Fort William__________
371,888 — 33.1
248,463
150,189
268,853 — 44.1
462,142 — 21.5
362,662

Total Canada________ 128 , 860,542 134 , 266,2321




—

45 , 035,481 50 , 125,140
35 , 473,863 38 , 843,495
19, 890,062 21 , 525,238
10 , 900,176 11 , 950,108
3 , 337,206
3 , 169,009
2 , 906,301
2 , 935,343
2 , 164,993
1 , 752,667
1, 380,411
1 , 610.944
2 , 992,156
2 , 854,832
4 , 188,157
4 , 269,314
3 , 437,994
3 , 390,029
1. 330,603
1, 418,758
3 , 455,155
3 , 572,208
1 , 684,504
2 , 221,220
423,422
483,410
388,015
554,014
1 , 290,981
1 , 757,756
827,478
1 , 115,517
520,750
453,508
800,202
533,241
478,022
469,980

4.0 143 , 435,972 154 , 002,726

A P P L IC A T IO N S TO C O N V E R T A P P R O V E D A U G . 20 T O A U G . 24.
T ho Farm ers’ & M erchants' State Rank o f A itkin, M in n ., to "T h e
Farm ers’ N ational Bank o f A itk in .” Capital, $25,000.
T ho Farmers’ Bank o f Shelbyville, T en n ., into “ T ho Farm ers’ N ational
Bank o f Shelbyville.” C apital, $100,000.
C H A R T E R S ISSU ED TO N A T IO N A L B A N K S , A U G . 18 T O A U G . 20.
10,769— T he First National Bank o f Bridger, M on t. C apital, $25,000.
M . J. Breen, Prosidont; T hos. M . Roes, Cashier.
10 770— T h e First National Bank o f Dolores, C olo. C apital, $25,000.
If. J. Porter, President; R andolph W illiamson, Cashier. (C on­
version o f the Dolores State Bank, Dolores, C olo.)
20 771— T he First National Bank o f St. M aries, Idaho. C apital, $25,000.
Cashier.
’
Leon D o M ors, President; E . W . Trueman, Ca
' '
V O L U N T A R Y L IQ U ID A T IO N A U G . 13.
.
9 056— T he Aurora National Bank, Aurora, N ob ., 12 o ’clock noon,
’
August 13 1915. Liquidating com m ittee; A . E . Siekmann,
V. Swanson, C . J. Anderson, O. E . W eir, E . S. Franklin, O. S.
Brown and F . J. Sharp, all o f Aurora.
C H A N G E OF L O C A T IO N A N D T IT L E A U G . 19.
8 5 7 1 — “ T ho First N ational Bank o f Jefferson” , Jefferson, Ashe C ounty,
N . C ., to “ T h e First National Bank o f West Jefforson” , West
Jefferson, Asho C ounty, N . C .

DIVIDENDS.
Tho following shows all tho dividends announcod for tho
futuro by largo or important corporations.
Dividends announced this week are 'printed in italics.
Books Closed.
Days Inclusive.

Name oj Company.
Railroads (Steam).
Boston & Albany (quar.)...... ................ —
Canadian Pacific, common (quar.)........
Preference_________________
—
Chicago Burlington & Quincy (quar.) —
Chicago & North Western, com. (quar.).
Preferred (quar.).......... ............. ...........
Delaware * Hudson Co. (quar.).......... —
Fitchburg (quar.)............ ............. ...........
Fonda Johnstown A Gloversvill:, pref. (gu.)
Great Northern (quar.)------------------------Interborough Consol. Corp., pref. (quar.)
Interborough Rapid Transit-----------------Manhattan Icy ., guaranteed (guar.)
..
Minn. St. P. & S. S. M ., com.Apt.(No.25)
Norfolk A Western, common (quar.)___
Pittsburgh Bessemer A Bake Erie, common.
p.tls. Ft. Wayne A Chic., spec. guar, (gu.)
Regular, guaranteed (guar.)_________
St. Joseph South Bend A South., co m ..
Preferred................ .......................—
St. Louis Rock’/All. A Pac. Co., pf. (gu.). .
Southern Pacific Co. (quar.) (No. 3 6 )..
Union Pacific, common (quar.)_____
Preferred________________ _______
Wisconsin Central, preferred..........—
Street and Electric Railways.
American Railways, common (quar.)----Arkansas Val. Ity., Lt. A Pow.,pfd.(qu.).
BrazilianTrac., Lt. A P., Ltd., pref.(qu.)
Brockton A Plymouth Si Ry., pref (NO. 13)
Brooklyn Rapid Transit (quar.)________
California Ry. A Power, prior preference..
Capital Traction, Wash., D. C. (guar.) —
Duluth-Superior Traction, pref. (guar.) —
Eastern Power A Light Corp., pref. (qu.)
El Paso Elec. Co., com. (qu.) (No. 17) —
Frankf. A Southwark Pass:, Phila., (qu.)
Galveston-Houston Elec. Co., pf. (No. 17).
Illinols Traction, pref. (guar.)........ .........
Louisville Traction, com. (quar.)............
Preferred_______________ ______ _____
Manila Elec. RR. A Ltg. Corp. (guar.)...
Northern Ohio Trac. A Lt. com. (quar.).
Philadelphia Traction.____
_________
Second A Third Sts. Pass., Phila. (quar.)
Twin City Rapid Transit, Minn..corn, (gu.)
Preferred (guar.)_______ ______ ______
United Trac. A Elec., Providence (qu.) —
1Vest End Street Ry., Boston, common------Banks.
Coal A Iron National (guar.)______ ..
.
Trust Companies.
Guaranty (quar.)............ .......... — ------Extra------- --------------------------------------Lawyers’ Title A Trust (quar.) (No. 68)..
Union (guar.)........ ................. ..................
Miscellaneous
American Bank Note, pref. (quar.)........ .
Amcr. Beet Sugar, preft (quar.) (No. 65).
Amer.
Can, preferred (quar.)------- . . .
80
Amer. Car A Fdy., com. (qu.) (No. 52). _
Preferred (quar.) (No. 66) — ..............
American Chicle, common (m onthly)...
Preferred (q u a r.).......... .......................
American Cigar, pref. (quab>--------------Amer. Coal Products, com. (guar.)............ .
Preferred (guar.)______ r____________
American Express (guar.). ; .....................
Amer. Gas A El., com. (gu.) '(No. 22)------Preferred (guar.) (No. 35)’____________
Amcr. Graphophone, com. (q%) (No. 42).
Amer. Iron A- Steel Mfg., pref. (guar.)...
Ameilcan Locomotive, preferred (guar.) —
Amer. Pneumatic Servlco, 1st pref_____
Second Preferred------------------------ —
American Radiator, common (quar.)----American Seeding Machine, com. (guar.).
Preferred (guar.)................ .......... ,........
Amer. Smelters Securities, pref. A (qu.) —
Preferred B (quar.) —............ ..............
Amer. Smelting A Refining, com. (quar.)
American Snuff, common (quar.)...........
Preferred (quar.)-------- --------------------American Sugar ltefg., com. A pref.(quar.)
Ameilcan Telegraph A Telephone (guar.). .
American Tobacco, pref. (quar.)-----------American Woolen, pref. (guar.) (No. 66)..
Ansco Company (guar.)................ .............
Associated OH_____________ ________ —
Special..............................- .....................
Atlantic Refining (quar.).........................
Bell Telephone of Canada (guar.)........ .......
Bethlehem Steel, prof, (quar.)--------------Borden’s Condensed Milk, pref. (quar.).
Borne, Scrymser C o...................................
Britlsh-American Tobacco, Ltd., ordinary
Brltlsh-American Tobacco, Ltd., pref------Brooklyn Union Gas (quar.) (No. 58) —
Brunswick-Balke-Collender, pref. (quar.)
Buckeye Pipe Line (quar.).......... .............
Butte A Superior Copper Co., Ltd. (guar.).
Extra....................— .............- .............
California Petroleum, pref. (guar.)............
Calumet A Arizona Mining (quar.)..........

Sept. 30 Holders of rec. Aug. 31a
Oct. 6
2J5 Oct. 1 Aug. 22 to
Oct. 6
Oct. 1 Aug. 22 to
Sept. 25 Holders of rec. Sept. 20a
2
1 M Oct. 1 Holders of rec. Sept. 10a
2
Oct. 1 Holders of rec. Sept. 10a
2 'A Sept. 20 Holders of rec. Aug. 28a
Sept. 9
1)4 Oct. 1 Sept. 2 to
1 A Sept. 15 Hol lers of rec. Sept. 10a
Oct. 14
1)4 Nov. 1 sept. 25 to
1)5 Oct. 1 Holders of rec. Sept. 10
Oct. 1 Holders of rec. Sept. 22a
5
D4 Oct. 1 Holders of rec. Sept. 15a
3)5 Oct. 15 Holders of rec. Sept. 24a
■lent. 18 Holders of rec. Aug. 3 la
m
1 'A Oct. 1 Holders < rcc. Sept. 15
1)4 Oct. 1 Sept. 16 to Oct. 1
1)4 Oct. 5 Sept. 12 to Oct. 5
Sept. 15
1)5 Sept. 15 Sept. 11 to
2 'A Sept. 15 Sept. 11 to Sept. 15
D4 Sept.30 Sept. 21 to Sept. 29
Holders of rec. Aug. 31a
1)4 Oct.
2
Holders of rec. Sept, la
Oct.
Holders of rec. Sept, la
Oct.
2
Holders of rec. Sept. 11a
Oct.
2

2

50c. Sept. 15 Holders of rcc. Aug. 28a
1)4 Sept. 15 Holders of rec. Aug. 31
1 Holders of rcc. Sept. 15
I'A Oct.
Sept. 15 Holders of rec. Sept. 10a
3
I'A Oct. 1 Holders of rec. Sept. 9a
154 Oct. 1 Holders of rec. Sept. 11a
Oct. 14
1)
Oct. 1 Hoi lers of rec. Sept. 15a
1
1J5 Sept. 15 Holders of rec. Sept. 2a
2) 4 Sept. 15 Holders of rec. Sept. 8a
$4.50 Oct. 1 Holders of rcc. Sept, la
3
Sept.15 Holders of rec. Sept. 11a
1 A Oct. 1 Holders of rec. Sept. 15
1
Oct. 1 Sept.l 1 to Sopt. 16
2)5 Oct. 1 Sept. 11 to Sept. 16
1)5 Oct. 1 Holders of rcc. Sept. 18a
1)4 Sept. 15 Holders of rec. Aug. 25a
Oct. " Sept. 11 to Sept. 30
$2
Holders of rec. Sept, la
Oct.
$3
Holders of rec. Sept. 15a
1)5 Oct.
Holders of rec. Sept. 15a
1)4 Oct.
Oct. 12
1)4 Oct. l.Sept. 8 to
Oct. I
$1.75 Oct. llScpt.22 to
Oct.

1 Holders of rcc. Sept. S

Sept. 30
Sept. 30
1)4 Oct.
4
Oct.

1)4
1)4

Holders of
Holders of
Sept. 16
Sept. 25

rcc.
rec.
to
to

Sept. 23a
Sept. 23a
Oct. I
Sept. 30

Holders of rec. Sept. 15a
Oct.
Holders of rcc. Sept. 15a
Oct.
Holders of rec. Sept. 16a
Oct.
Holders of rec. Sept. 10a
'A Oct.
Holders of rcc. Sept. 10a
1)4 Oct.
Sept. 20 Holders of rec. Sept. 13a
1
1)5 Oct. 1 Holders of rec. Sept. 24a
Holders of rec. Sept. 15a
1)4 Oct. 1 Sept.
25 to Sept. 30
1)4 Oct. 1
Oct. 14
Oct. If Oct. 10 tq
1)4
Oct. 1 Holders of rec. Sept. 11a
$1
Oct. 1 Holders of rec. Sept. 20
2
1 Holders of rec. Oct. 20
1)5 Nov.
1)4 Oct. 1 Holders of rec. Sept. 15
1)4 Oct. 1 Holders of rec. Sept. 18a
1)4 Oct. 21 Sept. 22 to Oct. 21
3)4 Sept. 30 Holders of rec. Sept. 11
1)5 Sept. 30lHolders of rec. Sept. 11
Sept. 30 Sept. 22 to Sept. 30
4
Oct. — ____ _____ ___________
1
1)4 Oct. - - I .... ..................................
Sept. 26
1)4 Oct. 1 Sept. 16
Sept. 26
1)4 Oct. 1 Sept. 16
Sept. 15'Aug. 28
1
Sept. 2
Oct. 1 Holders of rcc. Sept. 14a
3
1)5 Oct. ljHolders of rec. Sept. 14a
1)4 Oct. 2 Holders of rcc. Sept, la
2
Oct. 15 Holders of rec. Sept. 30a
1)5 Oct. 1 Holders of rcc. Sept. 15a
15Sept. 18 to Sept. 29
1)4 Oct.
1Sept. 16 to Sept. 30
2)5 Oct.
Oct. 15 Holders of rcc. Oct. 1
2
Oct. 15 Holders of rec. Oct. 1
1
Sept. 15 Holders of rec. Aug. 20a
5
Oct. 15 Holders of rec. Sept. 30
1)4 Oct. 1 Holders of rec. Sept. 16
1)5 Sept. 15Sept. 2 to Sept. 15
Oct. 15Sept. 19 to Oct. 14
20
Sept. 30
See note (l)
5
5b Sept. 30 Holders of coup. No. 24
1)4 Oct. 1Sept. 16 to Sept. 30
1)4 Oct. 1 Holders of rec. Sept. 10a
Sept. 15 Holders of rec. Aug. 25
*2
75c. Sept.30 Holders of rcc. Sept. 16
Sept. 30 Holders of rcc. Sept. 16
$5
Oct. 1 Holders of rec. Sept. 17
l
Sept. 20 Sept. 5 to Sept. 12
$ 11)4

SEPT. 11 1915.]

THE CHRONICLE
R ook s C lo s e d .
D a y s I n c lu s iv e .

N a m e o f C om pany.

Miscellaneous (Continued).
Calumet & Ilecla Mining (quar.)______
5
Sept 25 Holders of rec. Sept. 4a
Cambria Iron................... ........... .............
2
Oct. 1 Holders of rec. Sept. 15a
Canadian Consolidated Rubber, pref. (quar.)
1 X Sept 30 Holders of ree. Sopt. 18
Canadian Gen. Elec., com. (qu.) (No. G5)
Oct. 1 Holders of rec. Sept. 15
IX
Preferred (No. 39)............ .....................
Oct. 1 Holders of rec. Sept. 15
3X
Cane (J. I.) Thresh. Mach., prof, (quar. ) ._
Oct. 1 Holders of roc. Sept. 13a
IX
Central Leather, preferred (quar.)_____
Oct. 1 Holders of rec. Sept. 10a
IX
Central Slot's Electric Corp., pnf. {quar )
Oct. 1 Holders of rec. Sept. I1)
IX
Chescbrough Mfg. Consolidated (quar.).
G
Sept 20 Sept. 3 to Sept. 20
Extra.......................................................
4
Sept
oepi. 20
i.t, Sept. 3
to Sept. 20
Chicago Telephone (q u a r.)....................
2
:;o
Sept 30HIolders
Sept.
of rec. Sept. 29a
Chino Copper Co. (quar.)_________ _ . .
75c. Sept. 30 Holders of rec. Sept. 10
Citizens Gas of Indianapolis (No. 12)___
3X
Sept. 27 Holders of rtc. Sept.11
Colorado Power, preferred (quar.)_____
IX
Sept. 15 Holders of rec. Aug. 31a
Consolidated Gus (quar.)______________
IX
Sept. 15 Holders of rec. Aug. 12a
Extra______________________________
Sept. 15 Holders of rec. Aug. 12a
X
Consol .Gas.E .L.&Pow.,Balt.,com .(qu).
Oct. 1 Holders of rec. Sept. 15
IX
Preferred__________________________
3
Oct. 1 Holders of rec. Sept. 15
Continental Can, Inc., com. (No. lj
Oct. 1 Holders of roc. Sept. 20a
IX
Preferred (quar. ) _______ _____ ____ ” ’
Oct. 1 Holders of roc. Sent. 20a
IX
_
Continental Oil (quar.)___
Sept. 1(5 Aug. 27 to Sept. 10
3
Crescent Pipe Lino (quar.)........ ” ” ” ”
75c Sept. 15 Aug. 25 to Sept. 15
Cuba Company, common............
Oct. 1 Holders of rec. Aug. 31
10
Common__ _____ _______________
Nov. 1 Holders of rec. Sept. 30
10
Cuban-American Sugar, prof, (quar.)II"
Oct. 1 Holders of rec. Sept. 15a
n
Pref. (on account of accumulated divs.)
5 X h Oct. 1 Holders of rec. Sept. 15a
Diamond Match (quar.) . ____ ______
19, Sept. 15 Holders of rec Ana. 31a
Dominion (Hass, Ltd., preferred (quar.) __
Oct. I Hel lers of rec. Sept. 11
IX
Dominion Trxtil:, Eld., common (quar.)__
1 54 Oct. 1 Holders of rec. Sept. 15
Sept. 15 Sept. 5 to Sept. 15
du Pont (E. I.)deNemoursPow.,com.(qu.)
Sept. 15 Sept. 5 to Sept. 15
Common (extra).___________________
8
Preferred (quar.)___________________
Oct. 25 Oct. 10 to Oct. 25
IX
Eastman Kodak, common (quar.)_______
Oct.
Holders of rec. Aug. 31a
2X
Common (extra)......................................
Oct.
Holders of rec. Aug. 31a
2X
Oct.
Preferred (quar.)___________________
Holders of rec. Aug. 31a
IX
Electric Pout, common (No. 6)_________
8
Oct.
Holders of rec. Sept. 20a
Preferred (quar.) (No. 30)....................
Oct.
8
•folders of ree. Sept. 20
Federal Mining * Smelting, pref. (quar.)
1
Sept 15 Holders of rec. Aug. 23a
Galena-Signal Oil, common (quar.)........
3
Sept. 30 Holders of rec. Aug. 31a
Preferred (quar.)_____ _____________
2
Sept. 30 Holders of rec. Aug. 31a
General Chemical, prof, (quar.)_______
IX Oct. 1 Holders of rec. Sept. 17a
General Electric (quar.)_______________
2
Oct. 15 Holders of rec. Sept. 4a
Globe Soap. 1st. 2d A spec. pref. (quar.).
IX Sept. 15 Sept. 1 to Sept. 15
Goldfield Consolidated Mines (quar.)__ 10c. Oet. 31 Holders of rec. Sept. 30
Goodrich (II. F.) Co., preferred (quar.)..
Oct. 1 Holders of rec. Sept. 20a
IX
Great Lakes Towing, pref. (quar.)_____
IX Oct. 1 Sept. 10 to Oct. 1
Guggenheim Exploration (quar.)_______
4
Oct. 1 Sept. 11 to Sept. 15
Hart. Schaffner A Marx. Inc., pref (qu.)
Sept. 30 Holders of rec. Sept. 20a
IX
Ilelmo (George W .), common (quar.)___
2X
Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)___________________
IX Oct. 1 Holders of rec. Sept. 15a
Hendee Mfg., pref. (quar.) (No. 8 )..........
IX Oct. 1 Holders of rec. Sept. 20
Hercules /‘tinder, common (quar.)_______
2
Sept. 25 Sopt. 10 to Sept. 25
Common, (extra)____________________
4
Sept. 25 Sent. 10 to Sept. 25
Homcstake Mining (monthly) (No. 491)
05c Sept. 25 Holders of rec. Sept. 20a
Indiana. Lighting______________________
1
Oct. 1 Holders of rec. Sept. 22
International Salt_____________ _
X Oct. 1 Sept. 10 to Oct. 1
International Sllvi r, preferred (quar.)
Oct. 1 Sept. 18 to Oct. 1
lx
Kell,-Springfield Tire, first pnf. (quar )
1 X Oct.- 1 Holders of rec. Sept. 15
Second preferred (quar.). . . . .
.
Oct. I Hoi lem of rec. Sopt. 15
IX
Kerr Lake Mining (quar.) (No. 40)........
25c. Sept. 15 Holders of rec. Sept. la
La Bello Iron Works, pref. (quar.)_____
1
Sept. 30 Sept. 19 to Sept. 30
Laclede Gas Light, common (quar.)___
Sept. 1 Sept. 2 to Sept. 15
IX
Laurentlde Company (quar.)____________
2
Oct.
Holders of rec. Sept. 22
Liggett A Myers Tobacco, pref. (quar.).
IX Oct.
Holders of rec. Sept. 15a
LooserWlles-RUcuil, 1st pref. (qu.) (No. 14)
IX Oct.
Sept. 18 to Oct. 1
LoriUard (P.) Co., common (quar.)____
Oct.
2X
Holders of rec. Sept. 15a
Preferred (quar.).................. ................
Oct.
IX
Holders of rec. Sept. 15a
Mackay Companies,com. (quar.) (N o.41)
Oct.
IX
Holders of rec. Sept. 10a
Preferred (quar.) (No. 47)....................
1
Oct.
Holders of rec. Sept. 10a
Maxwell Motor, Inc., 1st pref. (quar.)__
Oct.
IX
Holders of rec. Sept. 10a
First preferred (extra)_______________
Oct. 1 Holders of rec. Sept. 10a
hX
May Dept. Stores, pref. (quar.)________
Oct. 1 Holders of rec. Sopt. 15a
IX
Mergcnthalcr Linotype (quar.)...............
2X
Sept. 30 Holders of rec. Sept. 4a
Montana Power, common (quar.) (N o.12)
Oct.
X
Holders of rec. Sept. 15a
Preferred (quar.) (No. 12)___________
Oct.
IX
Holders of rec. Sept. 15a
Montgomery, Ward A Co., pref. (quar.).
Oct. 1 Holders of rec. Sept. 20
IX
Montreal Cottons, Ltd., com. (quar.)__
1
Sept. 15 Holders of rec. Sept. 5a
Preferred (quar.)...................................
1 X Sept. 15 Holders of rec. Sept. 5a
Muskogee Gas A; Elec., pref. (quar.)___
Sept. 15 Holders of rec. Aug. 31
IX
National Biscuit, common (quar.)(No.09)
Oct. 15 Holders of rec. Sept. 28a
IX
National Lead, common (quar.)_______
Sept. 30 Sept. 1 1
X
to Sept. 15
Preferred (quar.)_____ _____________
Sept. 15 Aug. 21
IX
to Aug. 24
National Sugar Refining (quar.)________
Oct. 2 Holders of rec. Sept. 7a
IX
National Surety (quar.)........ ....................
3
Oct. 1 Holders of rec. Sept. 20a
National Transit (quar.)______________
50c. Sept. 15 Holders of rec. Aug. 31a
Nevada Consolidated Copper Co. (quar.).. 37 He. Sept. 30 Holders of rec. Sept. 10
New York Air Brake (quar.) (No. 5 1 )..
Sept. 24 Holders of rec. Sept, la
IX
Ncw York Transit_______ _____ ____ . .
4
Oct. 15 Holders of rec. Sept. 23
North American Co. (quar.) (No. 46).._
Oct. l Holders of rec. Sent. 15a
IX
Ohio Cities Gas, preferred (quar.)............
Oct. 1 Holders of rec. Sept. 15
IX
Ohio Oil (quar.)_______________________ $ 1 .21 Sept. 20 Aug. 25 to Sopt. 0
Extra______________ _______ ________
75c. Sept. 20 Aug. 25 to Sept. 0
Oils Elevator, common (quar.)______
IX Oct.. 15 Holders of rec. Sept. 39
Preferred (quar.)_________________ I I
IX Oct. 15 Holders of rec. Sopt. .30
Pabst Browing, preferred (quar.)........ ......
Sept. 15 Sept. 7 to Sept. 15
IX
Packard Motor Car, pref. (qu.) (No. 24).
IX Sopt. 15 Sept. 2 to Sept. 15
Pcttlbone, Mulllken Co.,lst&2d pf.(qu.)_
Oct. 1 Holders of rec. Sept. 17a
IX
Phelps, Dodge <fc Co., Inc. (quar.)______
Sept. 30 Holders of rec. Sept. 18a
2X
Extra .............. ........... ............................
3
Sept. 30 Holders of rec. Sept. 18a
Philadelphia Electric (quar.)___________ 39Kc. Sept. 15 Holders of rec. Aug 20a
Pittsburgh Plate Class, com. (quar.)............
IX Oct. 1 Holders of rec. Sept. 10
Plttsb. Term. Wareh. & Transf. (m'thly)
25c. Sept. 15 Holders of rec. Sept. 0a
Quaker Oats, common (quar.)..................
2X
Oct. 15 Holders of rec. Oct. la
Preferred (quar.)_____ ______ _______
Nov. 30 Holders of rec. Nov. la
IX
Quincy Mining (quar.)________________ $2
Sept. 27 Holders of roc. Sept. 4a
Railway Steel-Spring, pref. (quar.)____
IX
Sept.2 0 Sept. 5 to Sept. 20
Kay Consolidated Copper Co. (quar.)........ 37 He. Sept. 30 Holders of rec. Sept. 10a
Republic Iron A Steel, pref. (quar.)____ | 1 X Oet. 1 Holders of rec. Sept. 15a
Pref. (on account of accumulated dlvs.)
hX Oct. 1 Holders of rec. Sent. 15a
Reynolds (It. J.) Tobacco, com. (quar.)..
3
Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)...................................
Oct. 1 Holders of rec. Sept. 20
IX
Royal ltakiny Powder, common (quar.)___
2
Sept. 30 Holders of rec. Sept. 15a
Preferred (quar.).._______ __________
1 H ISept. 30 Holders of rec. Sept. 15a
Rubber Goods M fg., pref. (quar.) (No. 6(5).
IX Sept. If Holders of roc. Sept. 13
Safety Car Healing <fc Ely. (quar.)..............
2
Oct. 1 Holders of rec. Sept. 10a
Si. Joseph Lead (quar.)............ ............ .....
15c. !Sept. 20 Sept. 19 to Sopt. 29
Extra............ .......... ........... ...................
10c. ISept. 20 Sept. 10 to Sept. 20

Th e Federal Reserve B anks.
V 1' m V < s

825
Per
When
Cent. Payable

Name of Company.
Mlscelaneous (C oncluded).
Savoy O il____________
Extra ................ .............
Sears, Roebuck & Co., pref. (quar.)__
Southern Utilities, preferred (quar.)
South Penn Oil (quar.)............ ..
South Porto Rico Sugar, common______
Common (extra)........ ..........
South West Pa. Pipe Lines (quar.)
Standard G a s* Electric, pref..(quar.)__
Standard Oil, (California) (quar.).
Standard Oil (Kansas) (quar.)__________
Standard Oil (Kentucky) (quar.).
Standard Oil of N. J. (quar.)..
Standard Oil of New York (quar.)
Standard Oil (Ohio) (quar.)___
Extra________ . .
Steel Co. of Canada. Ltd., pref. (tru.)
Stewart Mining ( N o . 14)
Subway Realty (quar.) .
Sulzberger <(• Sons Co., pref. (quar.)
Superior & Pittsburgh C opper...
Swift A Co. (quar.) (No. 11G)__........
Texas Company (quar.)
Tobacco Products Corp., pf. (qu.) ( N o . 11).
Tonopah Belmont Development (quar.).
Tonopah Extension Mining (quar.)____

1
1
IX

lx

3
1
2

3
ia
2X

3

4
5
2
3

3

Rooks Closed.
Days Inclusive.

Sept. 22 ToMers of rec.
Sept.22
Oct. 1 Holders of ree.
Oct. 1 Holders of ree.
Sept. 30 Sept. 15 to
Oct. 1 Holders of ree.
Oct. 1 Holders of rec.

Sept. 15

Holders of rec.
Sept. 15 Holders of rec.
Sept. 15 Holders of rec.
Sept. 15 Aug. 27 to
Sept. 1G to
Sept. 15 Holders of rec.
Sept. 15 Holders of rec.
Sept. 4 to
Oct. 1 Sept. 4 to

Sept. 15
Aug. 31
Aug. 20
Sept. 15
Oct. 1
Aug. 20a
Aug. 27a
Sept. 22
Sept. 22

Sept. 15a
Sept. 18
Sept. 30
Sept. 1la
Sept. 11a

IX

10

Sept. 30 Sept. 1G to Sept. 30
Oct. 1 Holders of rec. Sept. 22a
Sept. 16 to Sept. 30
38c. Sept. 20 Holders of rec. Sept. 4
2
Oct
1 Holders of rec. Sept. 10
Sept. 30 Holders of rec. Sept. 20a
2X
Oct. 1 Holders of rec. Sept. 21
IX
Oct. 1 Sept. 1G to Sept. 21
12 X
5
Oct. 1 Sept. 11 to
Sept. 20
IX
IX

Underwood Typewriter, common (quar.)
1
Oct. 1 Holders of rec. Sept. 20a
Preferred (quar.)................ ..................
1 x Oct.. 1 Holders of rec. Sept. 20a
Union Carbide (quar.).
Oet. 1 Holders of rec. Sept. 20
Union Tank Line___
Sept. 25 Holders of rec. Sept. 4a
2X
United Cigar Stores of Amer., pf. (quar.)
Sept. 15 Holders of rec. Sept, la
IX
United Cas Improvement (quar.)
SI
Oct. 15 Holders of rec. Sept. 30a
United Shoe Machinery, common (quar.) . .
50c. Oct. 5 Holders of rec. Sept. 14
Preferred (quar.) _.......... ....... .........
37'Ac. Oct. 5 Holders of rec. Sept. 14
United States Gypsum, preferred (quar.)
Sept. 30 Sept. 16 to Sept .30
IX
Utah Consolidated Mining___
50c. Sept. 27 Holders of rec. Sept. 4
Utah Copper Co. (quar.) (No. 29).
SI
Sept. 30 Holders of rec. Sept. 1G
H is e - n Union Telegraph (quar.) (No. 180)
Oct. 15 Holders of rec. Sept 20a
IX
Weyman-Bruton Co., common (quar.)..
3
Oct. 1 Holders of rec. Sept. 13a
Wolverine Copper Mining
S5
Holders of rec. Sept 8a
Woolworth (F. W.), pref. (quar.)..
Oct. I Holders of rec. Sept. 10a
IX
Yukon Gold Co. (quar.).
7 X C : Sept.30 Sept. 9
to S ept.13
a Transfer books not closed for this dividend,
b Leas British Income tax. d Cor­
rection. e Payable In stock. /Payable in common stock, g Payable In scrip
i Transfers received in Loudon on or be­
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.

h On account of accumulated dividends,

Im ports and Exports for th e W e e k .— The following are
the roported imports at Now York for the week onding
September 4 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
F o r W e e k E n d in g S e p t.

4.

Dry Goods.......... ............ . .
General Merchandise........ _
Total ..................................
S in c e J a n u a r y 1.
Dry Goods.......... ..... ...........
General Merchandise____

1915.

1914.

$2,263,481
17,900,404

i

$2,488,545
12,723,457

1913.

1912.

$3,214,639
16,986,895

$3,510,124
20,876,406

$20,163,885 $15,212,002 $20,2.1,534 $24,386,530
1
1
$79,789,724 $119,028,907 $101,120,994 $97,949,620
671,975,155| 555,755,402 559,211,554 579,852,730

Total 3G weeks.... ............. $751,704,879 SG74,784,309 $600,332,548 $677,802,350
EXPORTS FROM NEW YORK.
W e e k E n d in g S e p i.

4.

1915.

For the week______________
Previously reported_______

1914.

1913.

1912.

$34,088,892 $12,210,9.89 $14,866,148 $15,667,790
908,221,503 561,593,484 587,384,144 531,241,661

Total 36 weeks__________ $942,310,396 $573,Shi,473 $602,250,292 S546,909,451

The gold and silvor exports and imports for the week and
since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W e e k e n d in g S e p t.

4.

E x p o r ts .

Gold.
W eek.

France_____________
Germany__________
West Indies..........
Mexico__________ .
All other countries___

S in c e
J a n . 1.

W eek.

S in c e
J a n . 1.

$2,121,378
11,519,314
*1,260,000 $9,673,338
22,010
719,140
50,000

Total 1915_________
_
$1,260,000 $10,464,488
Total 1914........
124,495 127,282,444
Total 1913_______
25,000 68,768,196
Silver.
Great Britain__________
$387,118 $23,745,025
France.............. .....
1,587,075
Germany...........................................
" ’ 32,200 1,522*,670
Mexico........ ............................
3,700
South A m erica.-..................
91,304
All other countries.......... .............
9,375
Total 1915......................................
Total 1914.......... .................
Total 1913_______________ _____

Im p o r ts.

$419,318 $26,959,149
1,037,857 29,501,027
1,041,0541 34,159,937

$229,992
125,621
5,483

1,257,201
1,363,644
5!06S!299

$361,096 $30,961,131
361,824 6,404,257
851,652 14,346,223
$11,928
12,923

47,601
1,290

2.LS1L610
2,693,719
862,078

$142,845 $0,085,036
182,293 6,618,439
263,519 7,000,103

Of the above gold Imnorts for the week In 1915, $1,009 were American gold
coin and of the exports $1,000,000 American gold coin.

Following is the weekly statement issued by the Foderal Reserve Board on Sopt. 4:

K 5\m J n , * 10 K O < r < ? ° C X <! o f $232,000 anil a decrease in total reserve o f $372,000.

T he decrease o f 2 million dollars i11
° f i fn l on in other reserve ri-ported by the Philadelphia bank is m ore than offset b y an increase o f 3.2 millions in the amount reported
i iicr eas t-d e v diKs"YiiCth o gold? sedUeinent fiind^ S™' ° banbs' A galn- o f 2 3 millions in the total reserve held b y the N ew Y ork bank is due mainly to
............
.................... .
|
to'
erdri

\'tv




shown for the previous week. The
T he decrease o f .9 million in "A ll
An increase o f $73,000 in the capital
all the banks except Philadelphia and

[Vol. 101

THE CHRONICLE

836

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents’ Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.

we

Statem ent

o f c o m b in e d

R

esou rces and

L

ia b il it ie s o f t h e

F

ederal

R

eserve

B

anks

of th e

U

n it e d

S taotos

of

A m e r ic a a t t h e c l o s e o f b u s in e s s S e p t e m b e r 3 1 9 1 5 .
RESOURCES.

aPT>t % 1 0 1 ^ A u n 27 1915 A u o 20 1915 A u g . 1 3 1 9 1 5 . A u g . 6 1915. J u ly 30 1915. J u ly 23 1915. J u ly 16 1915.
Gold com and certificates la vault..................145.000 *20*5.961,000 $20*9.097.000 $207,822,000 *212.988.000 $214,047,000 $213,472,000 $218,021,000

382 £

diToZ

5

roa„ r„ „

9 1915*

J u ly

d Z Z «ft$ 8 8 S

« £ o $ S 48:45o:ooo

S2RS 411 000 $268 179 000 $261 985 000 $264,271,000 $261,196,000 $266,192,000 $263,573,000 $261,188,000 $266,243,000

Le8a7 ^der°iot^^verV&o::::::::::::::*2xi'iri:ooo

'W

S

"S W o w

24.916.000 22.092.000 25.913.000

26.492.000. 22.494.000

Total reserve..............................................$287,685,000 $288,057,000 $289,102,000 $285,220,000 $280,112,000 $288,284,000 $289,486,000 $287,680,000 $288,737,000
Bills discounted and bought—
$4,222,000\
$3,441,000
$4,475,000
$4,445,000
$4,889,000
8,851,000/ $12,065,000 $11,956,000 $12,146,000 $13,008,000
10.215.000
10.264.000
10.658.000
11.418.000
13.639.000
12.815.000
12,103,000
15.085.000
11,367,000
14.968.000
16.168.000
17.209.000
16.760.000
11.774.000
11.196.000
9.399.000
10.686.000
8.557.000
10.170.000
9.156.000
8.582.000
8.494.000
3,249,000
3,456,000
2,082,000
3.992.000
3.745.000
2,024,000
1.688.000
1.945.000
1.395.000
$39,423,000
$40,727,000
$37,640,000
$40,926,000
$36,677,000
$40,818,000
$41,751,000
$42,839,000
$42,956,000
11.625.000 10.338.000
8.971.000
12.073.000
9.593.000
12.209.000
8,740,000
13.564.000
Bank acceptances (Included In above).. 13.039.000
$7,923,000 $7,923,000
$7,923,000
8.503.000
$7,898,00°
8.607.000
$8,740,000
$8,836,000
8.843.000
15.110.000
10.107.000
14,391,000
18.100.000
13,895,00°
18.558.000
18.553.000
25.808.000
24.013.000
5.229.000
7.078.000
5.855.000
6.107.000
5.987.000
4.028.000
6.805.000
0,990,000
7.761.000
Due from Federal lteservo banks— N e t . .—
9.227.000
11.029.000
9.953.000
8.379.000
12,578,000
11.286.000
12,740,000
12.491.000
Federal Reserve notes— Net---------------------- 12.941.000
4.765.000
4.436.000
5.904.000
3.694.000
5.263.000
5.023.000
4.777.000
4,902,000
4.075.000
All other resources.................. .........................
L IA B IL IT IE S .

Capital paid In....................................................$54,762,000 $54,689,000 $54,329,000
Reserve deposits— Net___________________ 312,316,000 318,989,000 310,095,000
Federal Reserve notes— N e t _______________ 17,670,000
16,738,000 a l5 ,847,000
2,197,000
All other liabilities________________________
3,526,000
1,587,000

$54,331,000
301,926,000
al5,723,000
2,140,000

$54,315,000
306,002,000
«15,420,000
1,732,000

$54,181,000 $54,170,000 $54,135,000 $54,104,000
306,183.000 301,063,000 297,616,000 295,808,000
«14,965,000 a l l , 521,000 al4,242,000 al3,375,000
1,723,000
1,409,000
1,885,000
2,100,000

Total liabilities................................... $388,274,000 $389,983,000 $382,468,000 $374,120,000 $377,469,000 $377,052,000$371,163,000 $367,878,000 $365,387,000

gasSSSSSSaStS
Cash reserve against liabilities after setting
aside 40%

IS:it

S3

«S

83

S3

83

83

83

S3

gold reserve against net

cUoulatlon*

92.1%
<j,.« 8 1 0 1 5

90.8%
,4«ff271915

93.2%
Auo

201915

93.6%
Auo

131915.

93.3%
Aug.

6 1915.

(a) Federal Reserve notes: Gross lia b ility .. .$112,430,000 $107,724,000 $105,573,000 $101,529,000 $100,096,000
Deduct: Gold and lawful money In hands
tlrement of om sU ndlnfn ofes^ .

94,760,000

N e toutsmndm«Rnoet e r

$17,670,000 $10,738,000

(b) Aft6twee'^Federa/Reserve* ba^ksfvlz.^ $7,761,000

90,980.000

$0,990,000

84,676,000

94.4%
J u ly

30 1915.

90.6%
J u ly

23 1915.

90.6%
J u ly

18 1915.

97.8%
J u ly

9 1915.

$96,150,000 $92,647,000 $91,898,000 $87,621,000

89,726,000

85.806.000

81,191,000

78,126,000

77,656,000

$15,847,000

$15,723,000

$15,420,000

$14,965,000 $14,521,000 $14,242,000

$13,375,000

$0,805,000

$4,028,000

$5,987,000

$7,078,000

$0,107,000

$5,229,000 $5,855,000

74,246,000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS A T CLOSE OF BUSINESS SEPT. 3 1918.
A t la n t a .

N ew Y ork .

K a n . C ity

C h ic a g o .

D a lla s .

\San F r a n .

T o ta l.

S
i
$
I
$
$
RESOURCES.
$
5 , 011,000 2.730.000 0,721,000209,369,000
Gold Coin A ctfs. In vault 11,944,000113,668,000 9.752.00013.116.000 4,122,000 3.285.00025.974.000 7,686,000 5,354,000 3,429,000 3.682.000 1,000,000, 57,880,000
S

|

$

$

1,308.000
Gold settlement fu n d ... 3,606.000 18,009,000 1.165.000 3,929,000 4,560,000 1.369.00012.416.000 3,407,000!
35,000;
30,000
225,000t ........
365,000
37,000:
6,000
55,000
Gold redemption fun d..

67,000

321,000

21,000

1,102,000

0,692,000 8,607,000 6,739,000 7,742,000268,411,000
Total gold reserve.. 15,550,000131,732,000 10,954,00017,045,000, 9,047,000 4,879,00038,390,00011,128,000
6,000, 19,274,000
5,000 443,000 548,0001
447,000, 2,524,000! 348,000
115,000
395,000, 10,650,000 2,737,OOOj 1,050,000
Legal-ten .notes ,sllv.. Ac
6,697,000 8,950,000 7,287,000. 7,748,000287,685,000
Total reserve--------- 15,951,000142,382,000 13,691,00018,101,000 9,162,000 5,326,000,40,914,000 11,476,000
Bills discounted A bought
180,1
3.00o!
Commercial paper-----Bank acceptances------ 2,571,000'

031,000
494,000
5,495,000 1,538,000

2,751,000

5,989,000 2,169,000

Total........................

7,061,000 1,438,000 29,917,000
486.000 8,463,000 5,312,000 1.152.000 1,227,000 1,922,000 1,551,000
424,000
280,000
606,000| 13,039,000
1.219.000
445,000
461.000 ........
947,000 8,463,000 5,312,000 2,371,000 1,672,000 2 , 202,000 1,975,000 7,061,000 2,044.000, 42,956,000

861,000'
340,000
491,000|
Investments U. 8. bonds
Municipal warrants.. 3,332,000 9,192,000 2,532,000 1.755.000
30,000
265.000
259.000 8,156,000
Fed. Res’ve notes— Net
Due from other Federal
45,000 .............. 4,566,000 1.030.000
Reserve banks— N et.
579,000
259.000
985.000
399,000
All other resources

156.000
200.000

3,951,000, 242,000 1,027,000
891.000
2.912.000 1,050,000
116.000
2.450.000

931.000
780.000

1,000,000 8,843,000
1.569.000 24,013,000
1.665.000 12,941,000

228,000
62,000

888,000

555,000 2,277.000; a7.701.OOO
50,000
72,000; 4,075,000

576,000 1.160.000
136,000
33,000

801,000
725,000

575,000

11,247,00053,894,00015,966,00011,223,000 14,099,000 14,953,000 10,375,000388,274,000
Total resources----- 23,814,000168,118,000 23,907,000j23,218,000jl7,981,000
L IA B IL IT IE S .
2,797,0001 2,487,000 3,020,000 2,757,000 3,931,000! 54,762,000
9,000: 6,625,000
6,6
Capital paid In------------ 5,162,000' 10,982,000 5,270,000 5,946,000 3.366.000 2,419,000!
Reserve deposits— N et.. 18,652,000,147,299,000 18,637,000 17,272,000 7.544.000 5,202,000 47,269,00013,068,000 8,736,000 10,119,000 6,002.00012,444,000 312,316,000
888,000 6,158,000 .............. 17,670,000
3,573,000|
..............
101,000
6.950.000
Fed. Res’ve notes—NetDue to other Federal
4.521.000
Reserve banks— N et.
36,666
3,526,000
121,000 " 5 3 ',6 6
3.316.000
All other liabilities------11,223,000 14,099,00014,953,000 16,375,000^388,274,000
Total liabilities----- 23,814,000,166,118,000 23,907,000,23,218,000 17,981,000 11,247,00053,894,00015,966,000
M em ora n d u m —
F.R . notes Issued to bks 4,620,000, 55,220,000 3,590,000 5,200,000 9,200,000 6,150,000 4,380,000
F.R . notes in hands of
127,000 2,450,000
350,000
265,000
30,000
259,000 8,426,000
banks -------------

836.000 5,600,000 5,980,00010,715,000 3.040.000114.531.000
109.000

716,000

382,000

257,000 1.665.000

15,036.000

F.R. notes In circulation 4,301,000' 46,794,000 3,560,000 4,935,000 8,850,000 6,023,OOOj 1,930,000

727,000 4,884,000 5,598,000,10,458,000 1,375,000 99,495,000

Gold and lawful money
with agents........ ....... 4,620.000 54,950,000 3,590,000 5,200,000 1.900.000 2.450.000 4,380,000
6.950.000 3.573.000
Carried to net llabllltles.
okn non' 8,150,666 ■*30.666 *265*666 .......... ...................... 1 2,450,000
Carrled to net assets----- ” "259,000'

626.000 5,000,000 4,710,000 4,300,000 3,040,000 94,760,000
888,000 6,158,000 . . . . . . . . 17.670.000
101,000
* 1 1 o’,666 ___ ____ 1 ...............1 1,665,000 12.941.000

* Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS SEPT. 3 1915^.
R ich m o n d

Federal Reserve Notes— I
S
Reo’d from ComptrolT 11,800;,000
100,000
Ret’d to Comptroller.
Amount chargeable to
F. R . agent............ 11,700,000
In hands of agent, close
of business Sept. 3 . 7,080,000
Issued to F. R. bank,
less notes ret. to agt.
forredemp. A cancel. 4,620,000
Held by F. R . agent—
In reduction of liability
on outstanding notes:
Gold coin A certfs.. 4,620,000
Lawful money.........
As security for out­
standing notes:
Commercial paper
Held by Treas. of U. 8
Gold redemp. fu n d ...

$

A t la n t a .

K a n . C ity,

C h ic a g o .

D a lla s .

San

F ra n

$
58,800,000 8.480.000 7,000,000 11,300,000 9,100,000 9.380.000 3,400,000 6 ,000,000 8 ,000,000 13,900,000 10,000,000157,160,000
5,000
455,000
120,000
230,000
$

$

$

58,800,000 8.250.000 7,000,00011,300,000 9.100.000 9.260.000 3.400.000 6,000,000 8 ,000,000 13,895,000 10 ,000,000 156,705,000
400,000 2,020,000 3,180,000 6,900,000 42,174,000
3,580,000 4,660,000 1,800,000 2 , 100,000 2.950.0001 4.880.000 2.564.000
55,220.000 3,590,000 5,200,000 9,200,000 6,150,000 4,380,000

836,000 5,600,000 5,980,000 10,715,000 3,040,000114,531,000

54,950,000 3,590,000 4,940,000 1,900,000 2,450.000 4,260,000

626,000 5 .000,000 4,710,000 4,300,000 3,040,000 94,386,000

7,300,000 3,700,000

270,000
260,000

210,000
120,000

600,000 1,270,000 6,415,000

91,765,000
380,000

836,000| 5,600,000 5,980.00010,715,000 3,040,000 114,531,000
Total........................ 4,620,000 55,220,000 3,590,000 5,200,000 9,200,000 0,150,000 4,380,000
Amount comm’l paper
270,000 .............. I ............... 7,558,000' 3.701,OOP1 .............. 1 212,0001 602.000 1,271,0001 6,456,0001 .............. 20,070,000
turned over to F.R.agtJ




Sept . 11 1915.]

THE CHRONICLE

827

Statement of New York City Clearing-House Banks and Trust Companies.— The following detailed statement
shows the condition of the Now York City Clearing-House members for the week ending Sept. 4. The figures for the sepa­
rate banks are the averagos of the daily results. In the case of the totals, actual figures at the end of the week are also
eiven. In ordor to furnish a comparison, we have inserted the totals of actual condition for each of the three groups, and
also the grand aggregates, for the four procoding weeks.
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
C LE A R IN G HOUSE
MEMBERS.
Week Ending
Sept. 4 1915
(00s o m itte d .)

C a p it a l.

L oan s,
D is c o u n t s
in v e s tm 't s ,
& c.

N et
P r o fits .

/N at. B’ks June231
(State B’ks June23l

Members o f Federal
Reserve Bank.
Bank of N. Y ., N .B .A .
Merchants' Nat. Bank.
Mech. A Metals Nat__
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers’ & Drov.
Amer. Exch. Nat. Bank
National Bank of Com.
Chatham A Phenlx Nat.
Hanover National Bank
Citizens' Central N a t..
National Park Bank__
First National Bank__
Chase National Bank..

Seaboard NatlonalBank
Coal A Iron Nat. Bank.
Nassau Nat.. Brooklyn
Broadway Trust Co__

$
2,000,0
2,000,0
6,000,0
25,000,0
3,000,0
1,000,0
300,0
5,000,0
25,000,0
2,250,0
3,000,0
2,550,0
1,000,0
l ’,500’0
5,000,0
250.C
l.ooojo
10,000,0
4,000,0
'500,0
5,000,0
1,000,0
1,000,0
250,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,500,0

$
4.674.5
2,210,3
9,242,2
36,933,5
7,991,9
798,7
77,6
4,942,2
17,843,2
1,467,5
15,389,4
2,537,£
1,972,4
7,803,7
15,604,3
64,2
3,192,5
23,281,9
3,929,2
1,510,0
9,832,1
1,898,4
1,284,4
418,9
2,873,5
3,067,2
679,6
1,004,9
1,120,2
888,1

(f o l d .

L ega l
T en d ers.

S ilv e r .

A vera ge.

A vera g e.

A verage.

A verage.

$
34,325,0
29,132,0
106,518,0
252,330,0
32,081,0
10^638,0
1,934,0
79,934,0
197,460,0
29,918,0
108,761,0
26,327,0
9,260,0
32,259,0
122,144,0
2,169,0
15,765,0
145,722,0
56,392,(1
9,886,0
144,501,0
16,063,0
8,574,0
4,546,0
30,504,0
38,725,0
7,778,0
10,267,0
9,003,0
16,433,0

$
S
999,0
2,269,0
249,0
1,566,0
15.062,0 10,515,0
105,259,0
9,320,0
395,0
3,361,0
163,0
627,0
33,0
60,0
1,055,0
8,760,0
6,050,0
19,127,0
627,0
2,056,0
20,761,0 3,393,0
1,173,0
105,0
731.C
927,(
1,740,0
1,010,C
7,190,0 3,124,0
47,C
70,0
803,0
183,C
17,441,0 2,218,0
7,167,0
1,395,0
61,0
419,0
32,484,0 5,604,0
1,648,0
1,587,(1
857,0
427,0
165,0
97,0
2,499,0
1,024,0
1,712,0
1,468,0
576,0
192,0
198.0
273,0
458,0
76,0
1,446,0
110,0

$
790,0
1,211,0
4,924,0
6,015,0
1,054,0
337,0
85,0
1,484,0
7,399,0
586,0
6,277,0
1,164,0
718,(J
718,C
3,931,0
108,(1
465,0
3,789,0
3,178,6
610,0
3,617,0
891,0
496,0
219,0
1,680,0
2,213,0
264,0
431,0
427,0
492,0

Totals, avge. for week 114,100,0 184,640,3 1,589,349,0 257,887,0 52,531,0 55,573,0
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

conditio n Sept. 4
conditio n Aug. 28
conditio n Aug. 21
conditio n Aug. 14

.......
.......
------.............

N a t . B a n k N a t . B ank F ed era l
N o tes
N o tes
R eserv e
[R eserv e
[Not
Bank
f o r S ta te
C o u n te d
N o tes
In s titu ­
as
[N o t
tio n s ],
R ese rv e .] R ese rv e ],

R ese rv e
w ith
L eg a l
D e p o si­
ta r ie s .

A v era ge.

A vera ge.

A vera ge.

$

$

______
__ ___
__ ___
______
______

...........
___

265,622,0
240,047,0
230,538,0
230,470,0

48,548,0
54,109,0
53,163,0
50,779,0

55,066,0
60,864,0
58,911.0
58,937,0

40,180, C 10,555,0
30,379,C 3,331,0
10,705, C 1,211,0
4.825.C
438,0
2,289,0
161,0
12,107,0
888,0
79,720,0 7,860,0
3,474,0
304,0
4,872,0
555,0
14,343,0 2,029,0
3,690,0
447,0
5,869,0
656,0
13,287,0
1,089,0
4,578,0
283,0
11,035,0
2,383,0
19,299,0
1,532,0
18,524,0
873,0

2,662,0
1,687,0
178.0
812,0
53,0
501,0
3,784,0
21,0
91,0
1,286,0
65.C
130,0
334,0
192,0
840,0
281,0
167,0

2,212,0
705,0
529.0
97,0
115,0
486,0
3,680,0
54,6
62,0
928,0
91,0
150,0
773,0
103,0
641,0
556,0
494,0

128,0
65,0
125,0
150,0
11,0
56,0
1,232,0
43,0
9,0
23,0
53,0
110,0
110,0
35,0
116,0
417,0
337,0

Totals, avge. for week. 16,700,0 33,205,3

279,236,0 34,595,0 13,084,0 11,676,0

3,020,0

Totals,
Totals,
Totals,
Totals,

280,964,0
278,801,0
278,801,0
280,348,0

1,593,375,0
1,586,026,0
1,581,891,0
1,559,276,0

...........

A vera g e.

E xcess
Due
fr o m
R eserv e
D e p o s i­
ta r ie s .

4,0
23,0
120,0
539,0
26,0
15,0
2,0
116,0
579,0
160,0
38,0
60,0
112,0
143,0
119,0
5,0
68,0
65,0
17,0
88,0
12,0
203,0
86,0
4,0
67,0
31,0
34,0
8,0
28,0
172,0

S
1,0 2,418,0
51,0 2,090,0
60,0 8,504,0
527,0 29,316,0
3,492,0
946,0
112,0
27,0 6,351,0
97.0 15,910,0
58,0
2.129.C
82 ,C 9.705.C
34 ,C 2.026.C
13,C
929,C
2,169,0
9,106,0
143,0
55,0
916,0
10,698,0
180,0 4,718,0
13,0
680,0
73,0 14,133,0
36.0
1,664,0
130,0
817,0
313,0
20,0 3,195,0
77,0 3,278,0
19,0
655 +
3,0
777,0
597 +
126,0
1,290,0

2,944,0

1,682,0 139,077,0

2,577,0
3,101,0
2,793,0
2,670,0

1,756,0
1,987,0
1,715,0
1,673,0

$

A vera g e.
%

N et
D em an d
D e p o s its .

N et
T im e
D e p o sits.

N a tio n a l
Bank
C ir c u la ­
tio n .

A vera ge.

A verage.

A vera g e.

S
31,415,0
28,342,0
121,282.0

$
1,646,0
4,887,0

80,701,0
200,910,0
29,396,0
130,258,0
22,773,0
9,669,0

2,441,0
125,0
1,322,0
1,454,0

50,0
4,720,0
3,443,0
1,189,0
305,0
1,641,0

120,935,0

651,0

3,580+

125,0
157,0

4,876 +

184^481 ,’o

1,000,6
------

450,0

35! 133 !o

100,0
2,846+

405,0

12,517^0
142+29+

7!932!o

37,0

8+0+ 0
17,387,0
______ 1,745,047,0

138,440,0
141,358,0
138,647,C
131,227,0 ...........

$
800,0
1,959,0
4,961,0

1,751,717,0
1,733,345,0
1,717,528,0
1,681,211,0

165,0

267,0

18,363,0 36,988,0
18,136,0
18,475,0
19,093,0
18,587,0

37,005,0
37.0703)
37,097,0
37+70,0

State Banks
N ot M em b er$ o f
F e d e r a l R eserv e B a n k .

Bank of Manhattan C o.
Bank of America_____
Greenwich Bank______
Pacific Bank__________
People’s Bank________
Metropolitan Bank___
Corn Excbango Bank..
Fifth Avenue Bank___
Gorman Exchange Bank
Bank of Metropolis___
West Side Bank---------N. Y. Produce Exch__
State Bank----------------Century B an k________

actual
actual
actual
actual

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
1,250,0

conditio n Sept. 4
conditio n Aug. 28
conditio n Aug. 21
conditio n Aug. 14

4.801.C
6,239,7
1,178,6
999,7
442,e
1,899,(1
6,729,7
778,C
716,9
2,343,4
800,5
993,0
2,126,2
655,5
923,2
653,1
1,024,0

____ _ _

35,864,0 12,656,0 10,491,0
34,832,0 12,354,0 12,744,0
34,832,0 12,354,0 12,744,0
33,931,0 9,417,0 10,446,0

49,400,0
28,505,0
11,536,0
4,858,0
2^34+0
10,039,0
90,104,0
3,023,0
4,520,0
16,036,0
3,473,0
5,932,0
12^341,6
4,333,0
13,133.0

558,0
2,0
11,0

141,0

89,0

4,000,0
181,0
200,0

124,0

208,0
248,0

548,0

182,0

48,0
5,0

50,0

1,269,0
119,0
867+ 2,739,0

14,451,0

4,789+

63,0

7,854,0 3,709,0

295,237,0

4,869,0

2,928,0
3,383,0
3,383,0
3,515,0

66,0
73,0
73,0
56,0

8,000,0
7,903,0
7,903,0
7,838,0

3,707,0
3,861,0
3,861,0
4,693,0

297,146,0
296,899,0
296,969,0
290,437,0

4,854,0
4,860,0
4,008,8
4,908,0

28,0
8,0

1,197,0
7,754.0
1,787,0
879,0
1,154,0
4,661,0
369,0
708,0
2,520,0
784,0
1,891,0
644,0
488,0
1,909,0

2,718,0
12,310,0
9,022,0
2,889,0
6,691,0
22,650,0
413,0
1,729,0
4,595,0
2,161,0
6,510,0
2,299,0
620*0
2,512,0

23,085,0
667^0
190,352,0 27,495,0
7,401,0
14,166,0
360,0
50,399,0 15,392,0
15,003,0
1,165,0
37,768,0 7,415,0
12,893,0
9,765,0
38,177,0 5,9463)

------

......

..........

___

__

Trust Companies
N ot M em bers o f
F e d e r a l R eserve B a n k .

Brooklyn Trust Co___
1,500,0 3,468,8
Bankers’ Trust Co____ 10,000,0 13,173,0
U .8 . M tgA Trust C o .. 2,000,0 4,247,7
1,250,0
Astor Trust C o . . . ........
1,231,9
Title Guar. A Trust Co. 5,000,0 11,866,5
Guaranty Trust Co----- 10,000,0 23,217.8
1,000,0
1,337,3
Fidelity Trust Co------Lawyers' Title A Trust. 4,000,0 5,005,8
2,000,0
7,409,3
Columbia Trust Co----1,000,0
1,433,9
People’s Trust Co------3,000,0 11,197,9
New York Trust C o ...
1,000,0
1,096,2
Franklin Trust Co------534,7
Lincoln Trust Co--------- 1,000,0
Metropolitan Trust Co. 2,000,0 6,093.6

1,691,0
31,865,0
181,548,0 15,229,(1
51,035,0 3,266,0
23,388,0 1,591,0
37,103,0 2.013,0
220,560,0 19,305,0
599,(1
8,699,0
21,339,0
1,171,0
67,461,0 4,269,0
16,972.0
1,093,0
52,906,0 3,156,0
17,006,0
1,008,0
10,847,0
668,0
45,217,0 3,041,0

289,0
116,0
49,0
11,0
123,0
1,496,0
47,0
305,0
135,0
84,0
843,0
106,0
28,0
1,323,0

390,0
173,0
164,0
123,0
125,0
2,581,0
102,0
66,0
474,0
230,0
286,0
134,0
249,0
520,0

137,0
20,0
167,0
50,0
124+
448,0
29,0
27,0
204,0
176,0
26,0
65,0
24.0
342,0

...........

6,0
100,0
21,0
66,0
5,0
1,0
3,0

Totals, avge. for week. 44.750,0 91,374,4

786,000,0 58,100,0

4,955,0

5,617,0

1,839,0

..........

253.0 26,745,0 77,119,0

632,432,0 118,949,0

51,452,0 9,161,0
60,050,0 3,581,0
61,509,0 5,315,0
58,512,0 10,297,0

8,648,0
4,142,0
3,240,0
6,844,0

1,801,0
1,848,0
2,307.0
1,948,0

242,0 23,651,0 79,064,0
266,0
290,0 24,919,0 68+90+
315,0 21,508,0 76,046.0

623,433,0 119,377,0

70,570,0 72,866,0
+ 2,977,0 + 1,618,0

4,859,0
—620,0

2,944,0
— 87,0

1,998,0 173,676,0 80,828,0 2,672,716,0 142,181,0 36,988,0
— 143,0 + 1,014,0 + 5992 0 +26,061,0 + 147.0
— 49,0

70,365,0 74,205,0
+ 321,0 —3,545,0

4,729,0
— 502,0

2,577,0
— 524,0

2,064,0 170,091,0 82,771,0 2,672,296,0 142,367,0 37,005,0
— 262,0 —8,115,0 + 59910 + 4,767,0 +274,0
—65,0

70,044,0 77,750,0
68,649,0 72,573,0
70,493,0 76,227,0

5,231,0
5,816,0
5,463,0

3,101,0
2,793,0
2,670,0

2,326,0 178,206,0 76,780,0 2,667,529,0 142,093,0 37,070 0
2,065,0 171,504,0 72,166,0 2,641,136.0 142,718,0
2.044,0 160,573,0 80,739,0 2,589,049,0 145,138,0 37,570+

Totals, actual conditio n Sept. 4
nAug. 28
Totals, actual conditio n Aug. 21
Totals, actual conditio n Aug. 14

_______

780,201,6
790,547,0
785,749,0
775,265,0

_______
............
Grand Aggregate, avge. 175,550,0 309,120,0 2,654,591.0 350,5,82,0
+ 6,495,0 + 15509 0
Comparison prev. week
..........
..........
Grand Aggregate, actual condition Sept. 4. 2,054,540,0 352,938,0
— 834,0 + 17409 0
Comparison prev. week
..........
..........
Grand Aggregate actual condition Aug. 28. 2,655,374,0 335,529,0
Grand Aggregate actual condition Aug. 21. 2,646,816,0 331,449,0
Grand Aggregate actual condition Aug. 14. 2,614,889,0 322,913,0

15,0

23,944,0 6,573,0
155,070,0 28,801,0
35,748,0 14,571,0

631+65+ 118,740.0
617,401,0 121,643,0

STATEMENTS OP RESERVE POSITION.
Averages.
Cash Reserve Reserve fti
In Vault. Depositaries

Total
Reserve.

a Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or Dec.
from
Cash Reserve Reserve in
Previouslyeek in Vault. Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PreviouslVeek

S
$
$
Mem bers Federal
$
3
$
$
$
S
S
$
%
Reserve Bank------- 365,991,000 139,077,000 505,068,000 315,026,610 190,041,390 + 15,328,960 369,236,000 138,440,000 507,676,000 316,215,860 191,460,140 + 7,407,990
State Banks*_______ 62.375.000 7,854,000 70.229.000 53,142,660 17,086,340
— 6,160 61.939.000 8,000,000 69.939.000 53,486,280 16,452,720 — 1.321,460
Trust Companies*__ 70.511.000 26,745,000 97.256.000 94,864,800 2,391,200
+ 49,100 71.062.000 23,651,000 94.713.000 93,514.950 1,198,050 — 1,775,200
Total Sept. 4----- 498.877.000 173,670,000 672,553,000 463,034,070 209,518.930 + 15,371,900 502.237.000 170.091.000 672.328.000 463,217,090 209,110,910 + 4,311,330
Total Aug. 28----- 479,843,000172,662,000652,505.000458,357,970 194,147,030 + 8,354,170 488.554.000 178.206.000 666.760.000 461,960,420 204,799,580 + 12,211,760
Total Aug. 21___ 474.676.000164.154.000638.830.000 453,037,140 185,792,860 + 10,210,860 478.487.000 171.504.000 649.991.000 457,403,180 192,587,820 + 5,354,960
Total Aug. 14___ 459.418.000159.977.000019.395.000 443,813,000 175,582,000 + 6,377,330 475.096.000 160.573.000 635.669.000 448,436,140 187,232,860 + 21,174.520
* Not members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In tho case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Inoludes also tho amount of reserve required on Net Tlmo Deposits, which was as follows: Sept. 4 , $ 918 , 150; A u k . 28 , $ 945 , 450 ; A u k . 21 . $ 944 , 850 ; Aug. 14 . $ 929 , 450 .
b This Is tho reserve roqulred on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
It laoludea also the amount of reserve required on Net Time Deposits, which was as follows: Sept. 4, $900,800: Aug. 28, $923,750; Aug, 21, $954,650; Aug. 14 $929 350
'




THE CHRONICLE

83 8

The State Banking Department roports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing H ouse, and these aro
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NE W YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(F ig u r e s F u r n is h e d bg S ta te B a n k in g D e p a r tm e n t.)

D i f fe r e n c e s fr o m

S ep te m b er 4.
p rev io u s w eek .
Lo tns and Investments_____ _______ _____________ 3589,509,900 Dec. §1,454,700
Go j d ........ .......... - ____________ __________________ 49,965,800 Dec.
13,300
Cur rency and bank notes_________________________
8,445,000 Dec.
22,100
Total deposits.............. ......... ............ _................. _ 756,040,800 Inc. 3,903,300
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies In New York City, and exchanges........ ...... 607,670,000 Dec. 2,547,500
Reserve on deposits_____ _______ _______ _________ 203,405,400
Inc. 5,353,200
Percentage of reserve, 32.9%.
RESERVE.
-------- State B a n k s — — — T ru st C o m p a n ie s —
Cash In vaults____________________ - $10,086,300 10.95%
348,330,500 9.34%
Deposits in banks and trust companies 15,107,200 16.40%
126,887,400 24.53%

$25,1S7,500 27,35%

Total

In addition to the returns of “ Stato banks and trust com­
panies in New York City not in the Clearing H o u se" furnished
by the Stato Banking Dopartmont, tho Department also
presents a statement covering all tho institutions of this class
in the whole State. The figures are compiled so as to distin­
guish botween tho rosults for Now York City (Groator New
York) and those for tho rost of tho State, as per the following:
For definitions and rules under which tho various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing tho rosorve require­
ments of State banking institutions wore published in the
“ Chroniclo” March 28 1914 (V . 98, p. 968). The regula­
tions relating to calculating tho amount of doposits and what
deductions aro pormittod in tho computation of tho reserves
were given in the “ Chroniclo” April 4 1914 (V . 98, p. 1045).

S175,217,900 33.87%

The averagos of the New York City Cloaring-IIouso banks
and trust cotnpanios, combined with those for the State banks
and trust companies in Greater New York City outsido of the
Clearing House, compare as follows for a series of weeks past:

[Vol. 101

STATE BANKS AND TRUST COMPANIES.

W e e k en d ed S ep t.

T r u s t C o s.
S ta te B a n k s
S ta te B atiks
T ru st C os.
In
In
o u t s id e o f
o u ts id e o f
G rea ter .V. Y . G rea ter N . Y . G r ea ter N . Y . G r ea ter I f . Y .

4.

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

Capital as of Dee. 24-----

s
24,550,000

67,300,000

10,913,000

IV e o m it c ip h e r s In a ll th ese f i g u r e s .

Surplus as of Dec. 24-----

39,269,500

151,327,000

13,749,700

11.225.000

352,981,100 1,290,196,490
+ 1,773,000 — 2,076,500

136,181,800
— 200,800

200,877,800
+ 593,600

W ee k e n d ed —

B oon s and
I n v e s tm e n ts

S
June 12........ 3.035,658,2
June 19........ 3,050,140,8
June 20........ 3,045,645,1
July 3........ 3,105,033,2
July 10........ 3,144,527,9
July 17____ 3,145,394,3
July 24........ 3,150,507,4
July 31........ 3,158,668,0
Aug. 7____ 3,134.089,5
Aug. 14........ 3,192,566,3
Aug. 21........ 3,227,324,2
Aug. 28........ 3,239,060,6
Sept. 4 ____ 3,244,100,9

D em an d
D e p o s its .

S p ecie .

S
2,977.514,7
2,995,498,0
3,028,615,2
3,083,954,0
3.093,795.5
3,124.117,8
3.138,585.5
3,147,068.8
3,161,053,4
3,172,513,5
3,227.946.4
3,256,872,5
3,280.386,0

S
425,046,5
439,905,1
446,010,8
435,726,5
490.003,9
407,474,4
414,895,2
419,001.4
419,236,5
434,942,9
449,279,8
456,750,1
473,413,8

O th er
M on ey.

s

79,781.0
73,257,9
70,451,2
72,230,4
82,704,3
84,165,2
84,463,7
84.187,0
83,077,0
83,149,3
83,907,5
81,539,1
83,874,0

T o ta l
E n t ir e
M o n e t)
R eserv e on
H o ld in g s . D e p o s its .

S
504,827,5
513,163.0
517,068,0
507,956,9
482,708,2
491,639,6
499,358,9
503,188,4
502,313,5
518,092,2
533,247,3
538,289,2
557,287,8

8
778,850,5
795,470,0
796,000,4
7S9,700,3
766,343,0
777,173,8
789,583,3
806.293,6
799,090.0
812,298,7
828,407,2
847,557,2
878,958,4

Loans and Investments-.
Change from last week.

S

S

S
13,100,000

G old.................. ...............
Change from last week.

47,779,400
+ 586,600

105,532,500
— 2,223,400

Change from last week.

24,669,400
— 727,600

15,556,000
+ 1,030,700

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

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

Chaugo from last week.

463,954,900 1,611,472,700
+ 4,052,000 +27,337,400

146,681,000
+ 905,000

212,705,500
+ 1,026,000

Reserve on deposit..........
Change from last week.

106,999,200 369,302,900
+ 87,400 + 16,339,800

28,665,100
+ 907,200

30,498,200
+ 325,500

22.4%
22.0%

17.6%
17.5%

28.4%
28.4%

P. C. reserve to deposits.
Percentage last week..
+ Increase over last week.

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

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

29.7%
28.9%

— Decrease from last week.

Non-Member Banks and Trust Companies.— Following is tho report made to tho Clearing-House by
member institutions which aro not included in tho “ Clearing-House return” on tho preceding page:

clearing

non­

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

Week Ending
Sept. 4 1915.
Members o f
Fed’l Reserve Rank
First Nat., Brooklyn
National Clty.Bklyn
First Nat,. Jers. City
Hudson Co. N., I. C.
First Nat., Hoboken
8econd Nat., llobok.

N et
P r o fit s .

/Nat. b’ks June 231
(State b’ks June 23)

B oon s,
D is c o u n t s ,
I n v e s t­
m en ts t i c .

S
151,600
682,700
649,600
1,287.200
800,100
OS1,500
334.100

.4 ce ra g e
S
2,185,000
4,963,000
4,841,000
4,657,000
3,826,000
5,386,000
4,171,000

C a p it a l.

$
200,000
300.000
300,000
400,000
250,000
220,000
125,000

Total..................... 1,795,000 4.5S6.800 30,029,000

G o ld .

B ega l
T en d ers.

A v e ra g e.

A verage.

S
106,000
117,000
178.000
201,000
81,000
127,000
56,000

$
40,000
41,000
46,000
294,000
11,000
13,000
34.000

S ilv e r,

A v era g e.
S

F ed era l
N a t. B ank N a t. Bank
R eserve
N o te s (R e­ N v t e s lN o t
B ank
serv e f o r
C o u n ted
N o te s ]N o i
S ta le I n ­
as
stitu tio n s ] R eserv e | R eserve]

R eserv e
w ith
L eg a l
D e p o s i­
ta r ie s .

E xcess
D u e fro m
R eserv e
D e p o s i­
t a r ie s .

A'ff

Net

D em and
D e p o s it s .

T im e
D e p o s it s .

.4 v era g e.
%

A v cra v e

A vera g e.

A vera g e.

A verage.

A v era g e.

%

118,000
132,000
85,000
56,000
47,000
84,000

A v era g e.

$

8,000
15,000
18,000
70,000
17,000
4.000

866,000

479,000

570,000

..........

119,000
336,000
471,000
102,000
557,000
169,000
396,000
860,000
191,000

10,000
131,000
47,000
9,000
33,000
31,000
75,000
105,000
38,000

46,000
519,000
201,000
25,000
134,000
144,000
190,000
507,000
107,000

150,000
‘.1.000
50,000
51,000
S5,000
336,000
22,000

479,000 1,873,000

719,000

146,000

137,000

State Banks.
A’ o t M e m b e r s o f th e
F ed era l R ese rv e B an k

100,000
400,000
300,000
200,000
200,000
200,000
100,000
Mechanics’ , Bklyn.. 1,600,000
200,000
North Side, Bklyn..
Bank of Wash. Ilgts
Colonial Bank — .
Columbia B an k...
Fidelity Bank..........
Mutual Bank_____
New Netherland___

360,600
731,700
694,700
183,000
478,500
2.88,400
514,000
727,500
1S6.900

1,944,000
7,298,000
6,866,000
1,205,000
4,526,000
3,287,000
5,292,000
16,483,000
3,114,000

Total_____ ______ 3,300,000 4,165,300 50,015,000 3,201,000

16,000

146,000

..........

l ,000
12,000
8,000
4,000

S
s
s
?
395,000
2,221,000
559,000
109,000 4,557.000
628,000
275,000 4,953,000
489,000 2,543,000 4,078,000
329,000
499,000 2,740,000
335,000
482,000 2,011,000 2,802,000
248,000
301,000 2,066,000 1,868,000

N a t io n a l
B ank
C ir c u ­
la tio n .
A v era g e.

$
195.000
296.000
119,000
396,000

oshoo

25,000 2,983,000 4,209,000 22,626,000 4,691,000 1,522,000
“
85,000
464,000
428,000
65,000
340,000
1,000 199,000
340,000
1,065,000
199,000

..........

153,000
445,000
122,000
184,000
1,330,000
321,000
636,000
1,636,000
495,000

1,413,000
7,742,000
7,147,000
1,087,000
4,350,000
3,324,000
5,600,000
17,745,000
3,315,000

_

_____
403,000
68,000
61,000

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

1,000 3,185,000 5,322,000 51,783,000

.........

532,000

Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R ese rv e B a n k .

Mechanics, Bayonne

500,000 1.040,300 6,706,000
200,000
275,100 3,945,000

482,000
74,000

10,000
26,000

11.000
65,000

37,000
35,000

30,000

T otal.....................

700.000 1,315,400 10,651,000

556,000

36,000

76,000

72,000

30,000

Grand aggregate___ 5,795,000 10,067,500 90,695,000 4,623,000 904,000 2,519,000 791,000 313,000
Comparison, prcvwk » . V " ~^
+ 100,000 + 24.000 — 193 000 — 30,000 + 30,000 + 18,000
Grand augr’tr Aug 28 5,795.000| 10,067.500
Grand aggr'te Aug 21 6,395,000 10,067,50(1
Grand aggr’tcAug 14 6,395.000; 10,460,500
Grand aggr’te Aug. 7 6,395,00(1 10,460,500
Grand aggr’ te July31 6,395,000j 10,460,500

90,595,000
90.522,00(1
00,624.000
90.282,000
89,678,000

4,599,000 1,187,000 2,540,000
4.523,000 1,049.000 2,597.000
4,554.00(1 1,101,000 2,499,000
4.554,00(1 9.88.000 2.470,00(1
4,576,000 995,000 2,666,000

Philadelphia Banks.

— Summary of weokly totals of
Clearing-Houso banks and trust companies of Philadelphia:
W e o m it tw o cip h e r s
C a p it a l
an d
S u r p lu s .

Juno
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.

20 .....................

3 _______

10 .....................
17 ____________
24 ___________

31..............
7— ........

14 .....................
21 - - . .............
28 - - ................
4 ............ ........

L oans.

(00)

In a ll th ese f i g u r e s .

R ese rv e .

D e p o s its .

a

$

$

$

$

103, 684,3
103 . 684,3
103 , 684,3
103 , 684,3
103 . 684,3
103 , 684.3
103 . 084.3
103 , 684.3
103 , 684,3
103 , 684,3
103 , 684,3

419 , 947,0
421 , 583,0
421 , 239,0
422 , 884,0
424 , 533,0
425 , 39 .3.0
420 , 702,0
429 . 943,0
431 , 760.0
432 , 260,0
431,900 0

113. 430,0
111,28 1,0
113, 026,0
114, 109.0
114, 811,0
114 . 109,0
115, 946,0
117, 853,0
119, 090,0
l 16. 789,0
119, 932,0

497 . 472.0
500 , 407,0
496 . 230.0
506 , 446,0
503 , SOS, 0
503 , 280.0
505 . 092,0
511 , 867,0
512 , 830,0
510 , 436,0
518 , 366,0

295,000
348.000
269,000
215,000
452,000

268,000
80,000

14,000

34.8,000 1,872,000 6,901.000 2,883,000

..........

40.000 6,516,000 11,403,000 81,370,000 8,106,000 1,522,000
+ 3,000 + 35,000 — .534,000 + 137,000 —40,000 — 2,000
37,000 6,481,000
41.000 6,4.87.000
43,000 6,342,000
45.000 6,279.000
57,000 j6.280,000

11,937,000
11.654,000
11,440,000
11,065,000
10.589,000

.81,233,000
81,124,000
80,298,000
79.710,000
79,707,000

8,146,000
8,113,000
8,780,000
8,895.000
8,873.000

1,524,000
1,505,000
1,512,000
1.501,000
1,507.000

Boston Clearing-House Banks.

a

— W o give below
summary showing tho totals for all tho itoms in tho Boston
Clearing-House weokly statement for a series of weoks:
BOSTON CLEARING HOUSE MEMBERS.

C ir c u la ­
t io n .

C lea rin g s

$

$

11 , 270,0 157, 254.3
11. 265.0 199, 174,7
11,211,0 130 , 789.2
11 . 264,0 108 , 838,0
11 , 252,0 152 , 015,6
11 . 230,0 148 , 913.6
11 , 224,0 157 , 813,4
11 , 261.0 152 , 237,9
11 , 255,0 151, 546,2
11 , 145.0 147 . 975.4
11 , 136.0 173, 932 , 9 ,

a Includes Government deposits and the Item "due to other banks" (Sept. 4
3147,708,000): also “ Exchanges for Clearing House" (Sept. 4, $15,610,000). Due
from banks Sept. 4, 554,765,000.




761,000
693.000
842,000
808.000
654,000

1,461,000 5,362,000
685,000
4 11,000 1,599,000 2,198,000

1.000
13,000

4.
1915.

S en t.

$9,090,000
Loans, dlsc'ts & Investments. 260.310.000
Individual deposits, incl.U.S 193.265.000
Due to banks.......................... 106.917.000
7.789.000
Time deposits........................
Exchanges for Clearing House 10.097.000
Due from other banks_____ 28.399.000
Cash reserve......................... 22.464.000
Reserve in Fed. Res’vc Bank 8.743.000
Reserve with other hanks__ 42.571.000
8.312.000
Reserve excess In bank_____
Excess with reserve agent__ 28.419.000
1.667.000
Excess with Fed. Rcs’vo B’k.

Imports and Exports for

preceding.

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

Inc.
Inc.
Inc.
Inc.
Dec.
Inc.
Inc.
Dec.
Dec.
Inc.
Dec.
Inc.
Dec.

28
1915.

Aug.

$2,000 $9,038,000
2,519,000 257.791.000
2,785,000 190.480.000
3,188,000 103.729.000
280,000 8.069.000
1,706,000 8.391.000
1,538,000 28,861,000
422,000 22,886,000
92,000 8.835.000
641,000 41.930.000
550,000 8.862.000
513,000 27.906.000
156,000
1,823,000

21
1915.

A ug.

$9,087,000
250.824.000
190.074.000
100.793.000
8.067.000
9.851.000
29.083.000
22.354.000
9.930.000
41.640.000
8.376.000
27.062.000
2.941.000

the Week.— Soo third page

Sept , n 1915.]

829

THE CHRONICLE

Uattfeets (Ufaxette
Wall Street, Friday Night, Sept. 10 1915.
Th e M oney M arket and Fin an cial S itu a tio n .— It is
unfortunate, so soon after this country had accepted confi­
dently and as offered in good faith, the assurances of the
German Government that the unlawful and inhuman sub­
marine warfare which has disturbed the civilized world for
several months past would be discontinued, that that con­
fidence should have been so severely shaken as it was last
M onday. Evidently we are learning what to expect. The
torpedoing of the Hesperian and the German attitude in
regard thereto, together with recent activities of the AustroHungarian Ambassador and other representatives of the Teu­
tonic allies in this country, show a disposition on the part
of these Governments or officials to ignore former standards
of international ethics and diplomatic procedure. It would
seem, therefore, that the authorities at Washington must
accept the facts and govern themselves accordingly.
_
If these matters have had any effect in W all Street, it is
seen in a greatly reduced volume of business and some weak­
ness to-day. The transactions in stocks aggregated only
about one-half the recent average and, except for increased
sales of bonds for foreign account, the record in this depart­
ment would have been similar. The especially favorable
Government crop report for September and information
given out showing increasing activity in the iron and steel
industry have apparently offset any anxiety which might
have developed from other causes. Prices for stocks ad­
vanced in a dull market, until to-day, and bonds have held
their own in spite of the heavy foreign sales.
The crops, except corn and cotton, are now practically
harvested and the Government report just given out shows
better results than was anticipated in the August report.
The wheat crop will bo 90,000,000 bushels larger than last
year’s,and corn promises to be one of the two or three largest.
Recent orders for steel products show a larger percentage
for home use than thoso of an earlier date. This is notably
true of orders for steel rails and is understood to indicate
that the railroads are preparing for increased traffic which
the splendid crops and resulting general business seem to
insure.
The international exchange situation has attracted less
attention this week in anticipation of the conferences soon
to be held between the English and French commissioners
and New York banking interests, which aro expected to
arrange a system of credits or otherwise meet the needs of
the situation. The commission arrived this morning and
will doubtless soon begin work. In the meantime both the
Bank of England and the French Bank continue to receive
gold in considerable amounts, the latter having taken in
$10,000,000 since its last report.
Foreign E xch an ge.— After a period of renewed weakness
on Tuesday and Wednesday, a steady improvement in ster­
ling exchange has taken place towards the close of the week.
The stimulating influence has been the benefits expected
to ariso from the conference of the British and French
financial commissions who arrived yesterday to discuss the
question of restoring equilibrium in the foreign exchanges'.
To-day’s (Friday’s) actual rates for sterling exchango
were 4 GG@4 07 for sixty days, 4 0 7 @ 4 0 9 3^ for checks
and 4 G 8© 4 7 0 for cables. Commercial on banks nomi­
nal and documents for payment nominal. Cotton for
payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent
bankers this week.
T o-day’s (Friday’s) actual rates for Paris bankers’ francs
were nominal for long and 5 95)^ for short. Germany
bankers’ marks wero nominal. Amsterdam bankers’ guild­
ers were 39 13-10 for short.
Exchango at Paris on London, 27.92 francs; week’s range
27.S 13^2 francs high and 27.92 francs low.
Exchango at Berlin on London, not quotable.
The range for foreign exchange for the week follows:

exceptional features Rock Islands have been conspicuously
weak, the deb. 5s showing a loss of 3 % and the ref. 4s
1 % points. N or. Pacifies are fractionally lower and Inspira­
tion Copper 1 % .
Sales for foreign account have again been large, those
designated “ s .-3 0 -f.” , aggregating for the 4 % days SH­
OOS,500, which is about the same daily average as last week.
U n ited States B on d s.— Sales of Government bonds at
tho Board are limited to $59,000 3s, reg., at 101 to 1 0 1 % ,
and $1,000 2s, reg., at 97. For to-day’s prices of all the
different issues and fo r weekly range see third page following.

R ailroad and M iscellaneous S to ck s.— The stock market
was extremely dull, according to recent standards, on Tues­
day after the holiday, but it was firm and further recovery
from the recent depression was made. Wednesday’s market
was hesitating and irregular with some increase in tho volume
of business. On Thursday there was a strong upward move­
ment of prices on the favorable crop and iron reports men­
tioned above. Railway as well as manufacturing stocks
participated in all these movements, although the latter
were by far the more conspicuous for wide fluctuations.
T o-day’s market opened lower on the diplomatic situation,
also mentioned above, and, although there was some recov­
ery, practically the entire active list closes lower than last
night. Tho volume of business did not increase, however,
and the average level is still higher than at the close a
week ago.
The usually erratic manufacturing stocks have fluctuated
widely. Betldehcm Steel has covered a range of 51 % points
and closes near the highest. General Motors advanced
22 points and holds all but 2. Crucible Steel’s range for
the week is 10 points, Electric Storage Battery’s 5 % , Air
Brake’s 5 , Studebaker’s 7 % and Mexican Petroleum’s 4 % .
The movement of railway issues has been so uniform and
inconspicuous as to leave practically no exceptions.
For daily volume of business see page 838.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W e e k e n d in g S e p t.

10.

Adams Express_______
American Express..........
Amor Tcleg & Cable___
Brown Shoo....................
Preferred____ ____
Butterlck.............. .........
( ':iso (.1 I ), pref. _ . ____
Cent & So Am Teles___
Comstock Tunnel_____
Crex Carpet___________
Deere & Co, pref............
Morris
Essex_____ _ _
Ontario Silver Minins
Bad fie Tel A Tel, pref
Pottibone-Mulllken ......
South Porto Rico Sugar.
TexasCo full pd roots__
Tobacco Products, prof.
Union Pacific warrants.
U S llcd u c* Refg-------Vulcan Detlnnlng_____
Wells, Fargo A C o........
West Maryland, pref—

Sa les
fo r
W eek.

R ange fo r W eek.
L o w e s t.

1,138 95
2,016 96
33 60%
51C 34
30C 82
lt;i 28
30C 78%
13 128%
4,100 13c.
22 40
50C 93
100163
100 3%
10C 95
10C 60
2Of! 85
100150%
300 98
200 31%
1,100 2 %
400 15
200109%:
200 48

Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept

!

H ig h e s t.

4 102
9/101
7 60%
4 37
8 S3
10 28
7 7S%
9 128%
7| 16c.
8 40
7 94%
9163
8 3%
9 95
8; 60
9 85
9 150%
7 99
7 31%
4 3%
4 16%
10109%
4 48

R ange s in ce J a n .
L o w e s t.

SeptlO 80
SeptlO 83
Sept 7 58
Sept 4 23
Sept 9 64
Sept 10 27
Sept 9 74%
Sept 9 110
Sept 7 7c.
Sept 8 40
Sept 10 86
Sept 9 160
Sept 8
2
Sept 9 88
Sept 8 15
Sept 9 40
Sept 9 123
Sept 7 95
Sept 9 27%
Sept 4
1%
Sept 81 5
Sept 10 77%
Sept 4! 25

1.

H ig h e s t.

Jan 102
Feb 104
Mar 65
May 39
Aug 83
Feb 32%
June 83%
Jan 128%
May 21c.
June 49
Apr 95%
Aug ISO
Feb 4%
Feb 95
Mar 75
Feb 100
June 150%
May 102%
Feb 31%
Apr 10%
Jan 16%
Jan 110%
Jan 48%

Sept
Sept
July
Jan
Sept
Apr
Apr
Sept
June
May
Aug
May
June
Sept
July
Aug
Sept
Apr
Sept
June
Sept
Aug
Sept

O utside M arket.— Trading on the “ curb” this week was
in moderate volume, with prices movement irregular. To­
day’s market was under pressure and prices weakened gen­
erally. Electric Boat, common, after early loss from 490
to 477, ran up to 530 and to-day sold at 510. . Submarine
Boat improved some 0 points to 5 3 % , but sold down to-day
to 4 9 % , closing at 50. Driggs-Seabury Ordnance was active
and strong, advancing 17 points to 115, with the close to­
day at 112. Canadian Car & F d y.co in , declined from 107 to
103, then rose to 100, to-day’s business carrying the prico
down to 101. The close was at 102. The pref. moved up
about 2 points to 120 and reacted to 110. Cramp Ship­
building fluctuated between SO and 83, with the final figure
82. Int. Merc. Marine com. advanced fractionally to 4, but
weakened to 3 % . The pref. gained about 2 points to 15 and
dropped to 1 3 % . The new com . and pref., w. i., moved up
about 2 points each, tho former to 55 and tho latter to 07.
Checks.
Cables.
Both reacted and closed to-day at 5 1 % and 00 respectively.
S te rlin g , A c tu a l—
S ix lu D a y s .
4
69
%
High for tho wook___4 07
4 70%
Int. Motors com. eased off at first from 31 to 29, rallied to 33
4 62)4
4 63 1-16
l.ow for tho w oolt___4 59
and moved downward again, touching 27 to-day. Tho close
Paris Hunkers' Francs—
5
94
5 93
High for tho woolt___ ____
was at 28. Tho pref. gained 5 points to 05 and fell to 57.
5 98
Low for tho woolt___ ____
5 97
Int. Nickel was prominent early in the week for an advance
H erm a n n H a n k ers' M a r k s —
82
%
82%
High for tho wook___ ____
of 10 points to 195, but declined thereafter to 187, closing
81
81%
Low for the w eek___ ____
to-day at 190.
Kelly-Springfield Tire com. was off at first
A m s te r d a m H a n k ers’ G u ild e r s —
40%
40%
High for tho wook___ ____
from 202 to 200, then advanced to 213, with the final figure
39%
39 15-16
Low for the w o o k ___ ____
to-day 205. Oil stocks were very dull. Atlantic llefg. im­
D om estic E xchange.— Chicago, par. Boston, par. St. proved about 27 points to 035. Illinois Pipe Lino gained
Louis, 5c. per $1,000 discount bid and 5c. premium asked. 9 points to 159 and closed to-day at 158. Prairie Oil & Gas
San Francisco, 40c. per $1,000 premium. Montreal, declined from 400 to 401, sold up to 412 and to-day down to
$1 8 7 )A per $1,000 premium. Minneapolis, 20c. per $1,000 404. Standard Oil (Calif.) improved from 300 to 310 and
premium. Cincinnati, par. New Orleans, sight 50c. per declined to-day to 308. Standard Oil of N . ,J. gained about
$1,000 discount and brokers $1 premium.
0 points to 449 and ends the week at 448. Vaccuum Oil
1" State an d R ailroad B on d s.— Sales of State bonds at advanced from 227 to 230. In bonds, Int. Merc. Marine 5s
the Board include $22,000 New York 4 ^ s , at 1 0 9 % , $15,000 advanced almost 2 points to 80. Kennecott Copper Os
N . Y . Canal 4 % s , at 109% to 109% ; $7,000 N . Y . Canal dropped from 175 to 170 H>, sold up to 179 and finally down
4 % s , at 104 to 10 4% ; $1,000 New York 4s, 1902, at 101; to 171. Mines were more active at the close. Kennecott
Copper declined from 54 to 5 3 % . then advanced to 5 7 % and
and $10,000 Virginia 0s, deferred trust receipts, at 54.
Magm a Copper on heavy trading
Tho market for railway and industrial bonds has been less closed to-day at 5 4 % .
active than last week but, in sympathy with tho stock advanced from 1 4 % to 10 % and reacted finally to 1 5 % .
market, has been strong. The daily transactions averaged An initial dividend of 50 cts. was declared. Braden Copper
about 2 % millions, par value, and of a list of 25 representa­ rose from 7 % to 8 % and closed to-day at 8 % .
Outside quotations will be found on page 838.
tive active issues 15 aro higher than last week. Of tho




830

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

Saturday
Sept. 4
10U2 102
977s 98*2
102*4 104*4
82*4 83*s
*70*4 71
*85
86
151*4 154*8
*250 350
47*4 49
*11*2 12
*29*4 30*2
82*2 83%
*120*4 121*4
126 126
*163 170
21*2 22*4
*114 120
*125 130
*32
35
*60
65
*26*4 27
*48
50
*35
42
140 140
*415 420
*4
7
*9
10*2
28*4 29*8
4434 45
35
3578
118*4 11878
41*4 42
♦101*4 10434
20*4 21‘s
76*8 76*2
20*4 21*8
26*8
*57*8
*7
*18
144
*39
*11412
*125
*13*2
*30
117
*120
7*8
*17
3*4
*14
*5
91*4
66*4
27*8
109*2
*80*2
107
109*2
*70
*___
149*4
*79
*82*8
**4
*8
*4*2
*9
*6
*10
•___
14
32*4
88*2

27
59*4
8
21
144
42
116
128
14
36
118*4
124
7*8
19*8
4*4
IS
6
92*2
66*4
27*8
111*2
90
108
110*4
72
96
150
84
83
*8
*8
5
11
6*4
14
34
14*8
32*4
89*2

” l578
49
10*2
54*2
*2*4
*6*2
*92*2
128*4
80*2
23
*38*2
___
----30*2
**i
*2*2
*1
*31

7(8*4
49
10*2
54*2
3*4
10
94
130
805$
23*8
39
___
-----3l%
1*4
6
2
35

*

2

Q

3
1
Q
W
W
a
W
O
W
0
Q
w

H
CO

AND

Tuesday
Sept. 7

Monday
S ep t. 6

LOW EST

Wednesday
Sept. 8

SALE

P R IC E S ■

Thursday
Sept. 9.

Friday
Sept. 10.

101*4 102*8 101 1017s 101*8 102*8 1007s 101i2
99
97*2 97*2 *97
97*2 98*8 99
99*4
*101 104*2 *102 105
103*2 103*2 103*4 104
8214 83*8 82*2 83*8 8278 8312 8234 8378
*70
71
70*4 7078 70*2 70*2 70*4 71*4
£83*4 84% 83*2 8378
85*8 85*8 85*8 86
151*8 156*8 153*4 155
153*4 154*2 153*8 154l2
*250 350 *250 350 *250 350 *250 350
4978 49% 50
48*s 50*4 49
48*4 49*2
12
12
11*4 12*8 11*4 12
12
12*8
29*4 31*4 31*4 31*4 30*4 31*4 30*2 31
83*4 83*8 83
84*4 84*2 85*2 84*2 85*4
*120 121l2 121*2 121*2 *121 124
122*2 122*2
12612 12678 *126 128
126*8 12938 *126 127*2
*163 170 *163 170 *163 170 *160 180
19
22
18*4 20*8 18*4 20*4 17*8 19*4
*114 120
115 115 *114 120 *114 120
*125 130 *125 130 *125 130 *125 130
*32
35
32
32
*30
35
*30
35
61
61
*60
62
*60
62
6178 6178
*26
28
*26*2 28
*26*2 27
*26*4 27
*48
50
*48
50
*47
52
*47
52
*35
42
*35
40
*35
42
*35
45
140 141 *139 145 *139 143
139*2 139*2
*400 429 *400 420 *400 425
412 412
*4
7
*4
7
*4
7
7
7
10
8*8 8*8 *7
*7
9*2
9
10
29
29*4 29
29*8 29*2 30*8 29*2 30*4
44*8 4558 45
45*8 45*8 47*8 47*4 4878
35*2 36*4 35*4 3578 36
37*4 36*4 38*2
118*2 11878 118*4 11878 118*2 119
118*4 119
41*4 42
4078 4178 41*t 42*4 41*8 413|
103 103
102*2 102*4 102*4 102*4 ♦102*2 104*4
21
21*2 21
21*8 21
21*4 20*2 21*8
75
75*4 76
76*8 76*4 77
*73*2 75*4
21
21*8 21*8 21*8 21
21*4 20*8 21*8
78
78
26*2 27
27
27
26*4 27*4 26*8 27
*57*4 59*4 *58
59*4 58
59*2
59*2 59
*7
8
*7
8
7
7
*7
8
*17
22
*19
22
*18
22
*18
22
142*4 145*2 14412 145
144*4 145*2 143 144
*38
43
*37
42
43
42*2 42*2 §39
115*4 116 *115 117 *115 117
117 119
*126 129
127*4 127*4 *127 129 *126 129
*13*2 14
13*4 13*4 *13
12
13
14
*30
36
*29
34
*25
35
♦27
35
*117 119 *___ 119
117 119*4 119*4 119*4
*120 123 *___ 123
123*8 125 *123 125
7*4 7*4 *7
8
7*4 8*8
6*2 8*s
18
18
*17
18
17
17*2 17*2 13
3*8 3*4
3*8 4
3*4 4
3% 4
*14
20
*14
20
*15
20
*5*2 6
6
*5
5*4 *5
92
93*4 92*2 93
92*4 94
9278 93*4
65*2 67
65*4 66*8 66*2 69*8 67
68*4
27
28
26*8 27
26*4 27*8 26*2 27*4
110*4 111*8 110*8 1 1 1
1 1 0 110*2 109 109*2
*80
90
*80*4 90
*80*4 90*4 *80*4 90*4
107*8 108
107 107*8 107*2 108*2 107*2 108
109*8 1 10*8 109*2 HO
109*4 110
109*8 HO
*70
72
*70
72
*70
72
*70
72
90
90 *___
96 *___
96 *----- 96
149 15178 14978 151*8 150*4 151*2 149*2 151*4
*79
84
*80*2 84
*80*4 8378 *80*4 8378
83
83
83
83
83
83
*82*s 85
*'4
>2
*14
3g
**4
*8
**4
*8
**8
>2
*8
*8
*8
*8
*4*2 5
4*2 4*8
4*2 4*2
4
4*2
*10
11*2
*7
10*4 *8
*7
11
11
6
6
*6
7
*6
6*2
6
6
*10*2 12
*10*2 12
11
11
*10*2 16*2
34 *___
*___
30
30
30 *----34
14
14% 14l2 14
14*2 14*8 14*8 14*4
32
32*2 *32
33
32*8 32*8 32*4 34*8
8878 89*2 88*2 89
887s 89*8 8858 89*2
105*8 105*4 105*4 105*4 105*4 105*4
15*4 16*8 16*8 16*8 16*8 16*8 "leU ~16*4
50
50
50*4 50
52
50
50*4 51
10*2 10*2 10*2 1 1
11
11
*10*2 11*2
54*4 55*2 54*4 55*2 5512 56*8 56*8 5778
*2*4 4*4 *2*4 4*4 *2*4 4*4 *2*4 4*4
*6*2 9
*6*2 9
*6*2 9
*6*2 9
*92
94
*92
95
*92
95
*92
95
129% 13078 12S78 130*8 129*4 130*4 129*8 130*4
80
80*8 80*4 80*8 80*s 80*8 80*2 80*2
22*4 23*2 2278 23*4 23*2 24*8 23
23*4
39
39*2 38
38*2 38*2 39
38
38*2
*----*8
*8 ♦___
*8 *___
*8
*4
*4
**8
*4
**8
*4
**8
*4
30
30*4 29*8 29*8 30
30
30*8 30
**4
1*4
**4 1*4
**8 1*4
**4 1*4
*2*2 6
*2
6
*2 *i 6
*3
6
*L
2
*1
2
*1
219
*1
2
*31
35
*31
35
33
33 "
*33
35

Sales of

STOCKS

Week
Shares.

EXCHANGE

L o w e st

Railroads
10,150 Atchison Topeka & Santa Fe.
1,300
710
21,750
1,000
2,035
12,600
21,055
2,600
2,900
12,360 Chicago Milwaukee & St Paul
300
1,900 Chicago * North W estern...
76,200 Chicago Rock Island & Pacific
100 Chicago St Paul Minn & O m ..
100 Cleve Cln Chic
200

700
100
400
1.000
78,350
40,100
1,750
3,725
10,300
600
7,700
7,200
3,650
100
5,100
500
100

&

St L ou is...

Delaware Lack «& Western__
Erie

Interborough Consol Corp.vtc
Interboro-Metropolltan v t ctf
Do

pref................ .............

7,500 Lehigh Valley..........................
100
810
100
560 Minneapolis & St Louis______
Do pref.................... .........
1,300 Minn St P & S S Marie..........
225
Do
p re f.................. .........
2,300 Missouri Kansas & Texas____
5,500
5,600
Nat Kys of Mexico 1st pref__
16,150 N Y Central & Hudson River
29,600 N Y N H <fc Hartford............
5,610
12,500
Do adlustment preferred.
10,700
11,900 Pennsylvania.......... ........... ..
Plttsb Cln Chic & St Louis
100
64.050 Reading.................. .................
500
900
1,10 0 St Louis <fe San Francisco___
800
100
100
1,500
1,800
16,530
700 Certificates (when Issued)..
11.600
2,650
1,500
22,345 Third Avenue (N Y )-._
Twin City Rapid Transit___
25,250 Union Pacific.............. ............
Do pref........ ....................
1,255
8,500 United Railways Invetments.
1,400 Do pref____ ___________
200
4,900

Do

pref.................. ...........

100

Industrial & Miscellaneous
32*4 32*2 3212 32*8 34
18,600 d Alaska Gold Mining.Par $10
39*4 39l2 41*4 3878 41*4 74,050 Allls-Chalmers Mfg v t c ___
69*i 70
70*4 6S*i 70*s 5,400
61*4 61*8 62
61
61*8 1,550 American Agricultural Chem.
96
98
*96
97*2 *96
100
Do pref................ .............
67*8 665s 67*4 65*8 66*4 20,600 American Beet Sugar________
92
*88
92
90
90
200
Do pref.............. ..............
105 *100 105 *100 105
Amer Brake Shoe & F ctfs dop
175 *150 174 *150 174
Do pref ctf d e p ............
58*8 5778 5878 57
58*2 35,700 American Can...... ......... .........
105*2 *105 106
105*4 105*4
400
Do pref____ _____ ______
68*4 68*4 70*8 z67*4 69
16,610 American Car * Foundry___
US
116*4 116*2 *114*4 118
205
Do pref.............................
152
151*2 154
150*8 153
3,400
118
118 119 *120 122
270
50*4 *50
51
50*2 50*2
900 American Cotton Oil________
100
*95
97
96
96
Do pref................ .............
400
8*2
8*2 812
8
8*8 2,200 American Hide * Leather___
37*2 37*4 38*2 36*4 37*8 5,200
Do pref................ .............
24
*23*4 24
23*4 23*4
200 American Ice Securities_____
20*2 19*8 20*4 18
1978 6,270 American Linseed___________
35*2 3578 3578 34*2 34*2
900
Do pref......................
5378 53
54
52*2 54
4,800
98
*96
98
97*2 97*2
100
Do pref_______________
7*4 *7*2 8
678 7
1,600 American Malt Corporation..
27
*27
29
26*4 27
562
Do p re f.................... .......
81
*80
81
81
81
400 Amer Smelters Sec pref B ___
81*8 81*2 82*8 81*4 82*4 14,200 Amer Smelting & Refining__
106*2 *106 107
106*8 106*8
400
Do pref................ .............
153 5152 152
150*8 152*2
225 American Snuff____________
___ *105 ----- *105 ___
52
52*2 53*8 51*2 52*2 6,000 Amer Steel Foundry (new )..
110*2 1 10 110 *103 110
500 American Sugar Refining___
120
115 115 *114 118
100
Do pref..............................
122*4 122*4 123*8 12278 123*2 3,751 Amer Telephone & Telegraph
223
226 227*4 227*8 233
1,900 American Tobacco__________
109
109*8 109*2 *108*2 HO
500
33*4 38*2 4112 4 1*4 45
19,400
93*4 92
93*2 91
91*4
1,700
71*8 70*8 71*2 6978 71
42.700 d Anaconda C opper..Par $50
• Bid and asked prices; no sales on this day.
t Ex-rlghts.
$ Less than 100 shares.
a Ei-dlv and rluhta
liars per share, e First Installment paid, x Ex-dlvldend. 8 Fnll paid

32*8
38*2
*68*2
*61*4
*94
65*4
*88
*100
*___
5778
*105
68*4
{ 110*4
152
*117
50
*95
8*8
38*4
23*8
19*4
*35*2
53*2
*96*2
7%
27
*80
81*2
*106*2
*149
*105
62*2
*109
*114
*122
*225
*107*2
38
93
71*8

32*4
39
69*2
6212
96
68*2
92
106
174
58*2
106
68*4
116*1
152
118
50
100
8*4
38*i
23*8
20*4
37
5334
98
8
28
81
81*2
107
150
___
53*2
110
120
123
228
109
39*2
93
715s

32
32*4
38*4 39*4
67
68*2
61*4 62
*94
96
65
66*4
90
90
*100 105
*150 175
57
58*2
3105 105
(57% G834
*116*4 11634
15078 152
*117 118
49*4 49*4
*95 100
8*8 8*4
37*4 38*4
*23*4 24*2
20
20*2
*35*2 38*2
52*4 53*4
*97
98
7*8 7*8
*27
29
*80*2 81*2
81*8 81*4
106*4 106*4
*149 151
*105 ___
52
52*2
*108 110
*115 120
i 22-*8 122*4
*225 228
108*2 109
38*4 39*8
92*8 92*8
70*4 71*2




32
38
68*4
61
96
65*2
*88
*100
*170
5678
105*2
67*4
*116*4
150*4
*117
50
*95
8*2
37
*23*4
19*8
34*2
53
*97
7*4
527
81
81
106*2
*149
*105
52
109
*115
1225g
*J225
*10S
38*8
*92
6978

R a n g e S in e e J a n . 1.
luu Moare to t s .
H ig h e s t .

Range for Previous
Year 1914.
L o w e s t.

H ig h e s t .

92% Feb 24 105 Apr 19
80*2 July
101*8 Junel7 x96*2 Dec
98 M ar 1 113*2 Apr 30 §99*8 Deo
63*4 Feb 25 84*8 Aug 11
67 Dec
67 Feb 23 73*2 July27
69 Deo
83*4 Aug 13 93 Apr 21
79 July
138 July23 174 Apr 19 153 Deo
§250 Sep 1 325 Jan 22 300 July
35*8 July 9 5014 Sep 7
40 Deo
10*4 Jan 4
14*8 Apr 19
9*4 July
25*2 Mayl4
36*8 Apr 19
25 July
77*4 July26 98*4 Apr 19
84*4 Dec
12078 Sep 2 130 Jan 22 120 Dec
118*2 JuIylO 132 Apr 15 122 Dec
163 July 9 §175 Jan 30 170 Jan
10*2 July23 38*8 Apr 15
33 June
§114 Apr 8 115 July 9 125 May
126 July26 131 July29 132 May
§21 Jan 18 30 Aug 10
22 July
53*8 Feb 17 65 Apr 1
40 July
24 M arl5
32 Apr 8
20 Mar
45 Jan 18 54*4 Apr 5
3778 July
35 Sep 2
138*2 Aug 31 153 Apr 19 138*4 Deo
399*8 Jan 6 429*4 Apr 10 388 Jan
9*4 Apr 20
4 Jan 12
4 July
6*2 Jan 7 18*4 Apr 19
8 July
20*8 July
1978 Feb 24 30*2 Aug 11
32 July
32*4 Feb 24 4878 Sop 10
27 Feb 25 38*2 Sep 10
26*4 July
112*4 Jan 2 122*4 Apr 19
22*2 July
25*4 Jan 2 45 Aug 19
99 July 7 113 Apr 19 103*2 Dec
1878 JuIylO 22*8 Aug 30
70 JuIylO 77 Sep 9
10*4 July
10*8 Jan 16 24*4 Apr 29
50 Dec
49 Jan 19 78 Sep 9
20*4 July
20*s Feb 24 29*8 Aug 12
60*2 Apr 20
5478 Feb 24
5*8 July
9*8 Apr 21
17 Apr
23*4 Apr 22
19 May27
129*4 Feb 24 148 Aug 11 118 July
28 Jan
30 Jan 11 44 Aug 25
104*2 July 8 125*2 Apr 20 125 Dec
125 June25 129 Apr 23 128 Jan
9*8 July
19*8 Feb 15
10*2 Jan 11
27*2 June
25 Jan 18 49 Feb 15
106 Jan 4 124 Aug 11 101 Dec
132 Apr 19 130 Juno
8*8 Deo
5 JuIylO
15*4 Apr 19
26 Deo
13 Sep 10 40 Apr 5
7 Doc
1*4 July27
18*4 Apr 19
30 Jan
14*2 Aug 31 23 Jan 5
5 Dec
7*2 June 4
4*4 July28
77 July
81*2 Mar 1 94 Sep 9
71*4 Apr 21
49*8 July
43 Feb 25
18*4 Deo
21*4 Jan 6 35 Apr 20
96*2 Dec
99*2 Jan 4 111* 2 Sep 4
85 Jan
80*2 Sep 2 00 JunolS
96*8 Dec
99*8 Feb 24 112*8 Apr 19
103*8 Feb 24 U l*sApr 21 102*2 Dec
64*8 July
65 May 17 72 Jan 18
95 June
90 JunelO 98*2 June 5
138*4 MaylO 157*8 Apr 19 137 July
87 July
81 Aug 13 90 Junel2
80 Feb 23 86*2 Apr 19 z80 Deo
*8 Julyl5
*8 Dec
1*8 Apr 9
1 Dec
2*2 Apr 9
1*4 Mar22
2 Apr
7*4 June26
7 Aug 17 12*2 Junc28
8 May
3 Jan 18
8 Mar31
2*4 Deo
11 Sep 9
19 Apr 23
177s July
29*4 Juiy24 37 Jan 21
36 July
11*8 July31
17 Apr 21
10*4 Deo
30*4 July24 42 Apr 10
45*4 Jan
81 Deo
81*4 Feb 5 95 Apr 21
9478 Feb 20 IO6I4 Apr 19
927s Deo
14 Dec
19*8 Apr 9
12*2 July23
68 Dec
42 July23 63 Jan 26
11*2 Dec
177s Apr 19
8*2 July23
33 July
35 Jan 2 68 Apr 15
2 Dec
3*2 Aug 27
1 Jan 6
4*4 Deo
9*8 Jan 23
5*2 May25
9478 July
90 July 9 100 Apr 19
115*4 Jan 2 134*8 Apr 19 1 1 2 July
82*2 Aug 31
77*2 Deo
x79 Mar 1
7*2 Deo
8 Jan 5 26 Aug 31
22 July
42i2 Aug 28
21*4 M arls
*2 July
2*4 Apr 30
*8 May26
1*4 Dec
6*2 Apr 29
*8 Juue28
10*4 Deo
9*4 Jan 4 31*8 Sep 4
2i2 July
3*4 Jan 18
i2 July28
July
2 Aug 2 16 Jan 188*4
3 Dec
0 Jan 18
*8Aug 10
29*4 July
28 Julyl4 39% Jan 21

34 Feb
14 Jan
96*8 Jan
78 Jan
31*8 Jan
10578 July
90 Apr
118*2 Feb
115*2 Jan
91 Feb
101 Mar
172*4 Jan
89*8 June
93 Jan
16*8 Jan
25 Jan
5*8 Jan
17*2 Jan
9*4 Jan
26*4 Jan
65*8 Jan
22*8 Feb
58 Feb
99*2 Jan
106*2 Jun
28*4 Feb
85*4 Feb
17*4 Apr
45*4 Jan
12*4 Jan
23 Jan
108*2 Jan
164*8 Jan
80 Feb
23*4 Feb
40*4 Mar
4*8 Jan
13 Jan
35 Jan
0*8 Jan
21 Jan
11 Jan
48 Feb

$40*2 Apr 22 $19i2 July
6 July
40*2 Aug 12
32*2 July
76 Aug 12
47*4 Jan
65 Aug 30
90*4 Dec
96 Sep 8
19 July
68*4 Sep 2
91 Aug 18
60 May
109*4 Aug 9
80 Apr
183 Aug 9 129*2 Jan
64*4 Aug 16
19b July
107*2 Aug 16
80 July
73*2 Aug 17
4214 Deo
118 Aug 6 112 July
170*2 Julyl2
119 Sep 9 §102 Jan
54*8 Apr 26
32 July
9912 Sep 2
931*8 June
9*s Sep 2
3*4 July
42*2 Apr 19
17 July
35 Apr 30
1978 July
24*2 Aug 30
7*2 July
41*4 Aug 30
24 Deo
68 Apr 16
20*4 July
100*8 Apr 16
90 Jan
8 Aug 31
4*4 Deo
32*2 Mar31
30 Dec
83*8 May 5
79*4 July
84*2 Junel4
60*4 July
108*2 Aug 10
97*2 Apr
144 Jan 16 105 Apr 22 148 Deo
103 Jan 19 106*2 Apr 26
9978 Jan
24*8 Mar 5 58 Aug 18
27*2 July
99*2 Feb 24 114*4 Apr 23
97 Mar
109 Feb 5 115*4 JunelO 1077s M ar
124*4
Junel7
118 Jan 4
114 July
1218 Mayl4 252*2 Apr 22 215 Apr
103*4 Jan 4 10912 Sep 0 101*4 Jan
15*4 Mar 6 45 'Sep 10
12 July
77*4 Feb 27 94*4 Aug 14
72*2 Mar
e $24*1 Feb 24 cS39 Apr 2 324*4 Dec
6 New stock.
Par $25 per share.

$2878 May
14*4 Fob
49 Jan
69*2 Mar
97*2 Jan
33*2 Deo
80 Deo
97*2 Feb
14678 Feb
35*8 Jan
96 Jan
53*2 Fob
11878 July
§86*2 Mar
107 July
40*2 Feb
97*8 Mar
5*4 Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*4 Jan
37*4 Jan
102*2 Mar
9*4 Jan
50*8 Jan
85 Jan
71*8 Feb
105 Jan
172 Jan
106*4 July
37*2 Feb
10978 Jan
115 Deo
124*4 Jan
256 Ma
109 Jun
2078 Jan
83 Jan
$38*4 fob
d Quoted

$26*8 Jan 7
7*4 Jan 12
33 Feb 10
48 Jan 4
90 Mar27
33*4 Jan 6
83 Feb 1
87*4 Feb 25
132*2 Mar25
25 Feb 24
91*2 Jan 6
40 Feb 23
111* 2 May25
82 Jan 20
§ 105 Jan 7
39 Jan 4
91 June 25
4*8 Feb 19
19*4 Jan 5
20*8 Jan 4
7*4 Jan 2
24 Jan 5
19 Mar 2
75 Mar 6
378 Apr 14
21*2 May27
78 Jan 19
56 Jan 2

100*8 Jan
98*8 Jan
83*8 Jan
94U M a
68 Jan
15*4 June
4112 June
107*8 Feb
143 Feb
13678 Feb
180 Jan
33 June
131U July
132 May
40 Jan
70 Feb
28*2 Jan
62 Jan
35 Mar
159*2 Feb
406*4 June
19*4 Jan
3l*a Feb
32*2 Jan
49*4 Jan
40*4 Jan
134*4 Feb
39*4 J«n
115 J»n
16*8 Ion
65*8 June
28*2 July
62 J»„
21*2 Jan
150*4 Jan
14178 Jan
133 Feb
16*4 Jan
35*2 Jan
137 Feb
145 Feb
24 Jan
60 Jan

831

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

STOCKS— HIGHEST AND LOWEST SALE PRICES.
S a tu r d a y
S e p t. 4

80*4 81*s
*104 106
1*4 1*4
285 287
*110 150
127*4 127*4
63
64*s
18
18
*43*2 447g
43*4 44*4
*104*2 106
45
45's
45*2 47*2
*125 126*2
83
83
*102*2 106
17*2 17*4
*83*4 84*2
82*4 83*s
104 104
115*4 115*4
*107 110
26
26*2
*2 1 *s 213.,
75
77*4
*25
30
*45
48*2
*290 298
*110 113
*171 173
242 242
112*2 112*2
61*4 62
*107 10,8*4
66
66
*117 118*2
35
3512
*19
22
*35
40
*105*4 107*4
*----- 116
70*4 70*4
*___ 110
10
10
*37
39
*77
83
*108 114
*150 168
*110 1 1 1
68*2 69*4
*101*2 103
224*2 224*2
*116 119*4
*21
25
*91
97*4
*----65
*160 180
*112
. ..
*75*4 79
*65
68
43*4 43*4
*91
91*4
37*4 37*8
*40
44
*91
98*2
*83
83*2
*82
867S
27
27
50*2 56^4
107*2 107*2
*122 124*2
*___ 124*2
*81
85*2
*108 108*2
27*4 27*i
*86
89
65
65*4
*109 112
14*8 14*4
147*4 147*4
71*4 71*4
*32
33*2
*34
35*2
*115 117
86*2 87*4
3.3*4 33*4
101*2 102*2
62
04
*100 101
*100 107
159*4 159*4
*3
3*2
3*4 3*4
38*2 38*2
*85
93
22*4 22*8
42% 43*4
101*8 101*4
5*4 0*8
9*4 10*4
*154 155*4
124*4 124*.i
*50
53
*55
50
*71
73
110*4 111*2
*103*2 105
54*8 56
*150 152
*79
82
*104 110
*6*2 7
*25
28
*43*| 45*4
*1 0 ll2 101*2
*19
20
*----- 45
*65
67
*70*2 72
*98
98*2
49*2 49*8
*103*2 105
74*8 75*4
112*8 1127s
66*4 067g
39
39
*103 100
60
60
74*2 74*2
115 115*4
*135 111)
*182 186
*105 108
*105 106
*120 124

M onday
S e p t. 6

1

O

31
w

m
O

w
p
W

0
y

w
M
m

J

T u esd a y
S e p t. 7

W ed n esd a y
S e p t. 8

F r id a y
S e p t. 10

W eek
S h a res

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1.
On haste of 100 share lots.
Highest.

Range for Preitont
Year 1914.
Lowest.

HigUtt.

Industrial & Mlsc. {C o n )
62*« Mcb
38*2 Jan
79i2 81*2 79*4 80*8 80
81**4 79*4 81*4 25,500 Baldwin Locomotive______
26% Mar 3 85 July27
110 June
100
Do pref______________
106 106 * 10 1 106*2 *104 106*; *104 106*;
92 M ar 9 IO6I2 Sep 1 102>t Jan
$1*4 Feb
250 d Batopilaa Mining__ P a r $20
$*2 Apr
$*j Feb 5 S2 Apr 17
§1*4
1>4
1 *.
1*4
1*4 *1*8
1*8 *1*8
16,810 Bethlehem Steel_________
302 326
46*8 Deo
29>i Jan
320 335
46*4 Jan 2 335 Sep 10
283i2 291
290 302
700 Do pref_____________
68 Jan 91*t Deo
140% 1401? 140*2 140*2 150 150 *142 150
91 Jan 2 180 Aug 12
500 Brooklyn Union Gas_____
128 128 *127 132 *127 130 *127 132
118 Jan 5 132'. Apr 30 118 Deo 130 Jan
05*8 67*. 16,240 d Butte* Superior Cop. P a r $10 $5612 Aug 23 $7978 June 4
65
67*o 66*4 68
65*2 66
177g 177g IS *4 18*4 18**4 18*4 18
1878 2,320 California Petroleum v t ctfs.
30*8 Feb
15*8 Deo
8 July26
213s Feb 8
1,800 Do pref______________
68 Mob
45*8
43
50 July
4412 44*4 44*2 44
30 Ju]y23 5434 Feb 8
43*2 44
4158 43% 44*8 44
44*2 43^8 44*2 12,950 Central Leather_________
43
38*4 Dec
25% Jan
32*8 Feb 20 46 Aug 19
600 Do pref______________
IOU4 105*8 *101*2 106
105*4 105*4 *1023, 105
104 July
947g Jan
106 Aug 26
1003s Jan
4512 4578 45*8 4512 45*8 455s 44*2 45*8 8,600 d Chino Copper.......... . P a r $5
3234 Jan
49*4 Apr 26 $31*2 Deo $44 Feb
47% 45*8 47*4 73,100 Colorado Fuel & Iron_______
46*4 48*4 46*4 47*8 47
48>4 Sep 7
21*4 Jan
20*2July 34*2 Feb
*125 127
1,880 Consolidated Gas (N Y )......... 11334 Jan
126*8 127*4 126 126
126 126
131*4 Apr 30 112it Deo 139*2 Jan
82
84*2 83
83*4 1,900 Continental Can____________
85
83
81*4 *83
37% June 45*4 July
94*8 Aug 16
40U Jan
10378 1037s 103 103
Do pref________________
*102l2 105 *103*2 106
200
91*4 July
84 July
104 Aug 19
88I2 Jan
17
17*8 17
17
17*2 6,450 Corn Products Refining______
13*8 Jan
17*8 17*2 18
7 July
8 Jan
19's Aug 30
*83
83*2 823s 82*8
300 Do pref________________
*83*2 84l2 83
83
72 Jan
68
ig July
85 Aug 30
65 Jan
81*2 88*2 84*2 89*8 88**3 91*4 86*2 91*4 194,650 Crucible Steel of America___
18U May 10 9234 Aug 7
IOU4
106
Do
pref________________
5,100
103 103*2 101*8 105*4 105*2 106*4
84 MaylO 106U Sep 9
111 115
114 115 *112 117
1,000 Cuban-American Sugar______
114*4 115
38 Jan 25 125 July22
Do pref________________
*107 109
100
108 108 *107 n o *107 n o
90 Deo
93 M arl7 109 Aug 27
90 Deo
Distillers’
Securities
Corp___
26
27*4 26
26
2078 9,325
26
20*2Mob
26*2 26
5h Mar 2 30U Aug 10
11 July
ic Mines Ltd__ P a r $10 $*16 June25 $24'4 Julyl5
1,000 ‘
21*8 2 1 12 21*8 21*4 21*4 21*2 2 1 % 21^8
73
74
72
70*2 74*8 8,300 Electric Storage B attery___
73
76*2 70
69 Sep
78*j Sep 3
100 Federal Mining & Smelting..
*25
30
15 Jan
60 Junel2
25*4 25*4 *25*4 33*4 * 2 5 3 ,___
8 Mar24
7U May
46
46
400 Do pref____ ___________
45
47
47
46
46
45
43 Jan
65 Junol2
20 M arl3
28*8 Deo
*290 297*2 293 293 §293 293 *287 293
n o General Chemical___________ 165 Jan 26 300 Aug 26 160 Apr 180 Jan
Do pref________________ 106 M ar 1 {113 Sep 10 107*2 Feb 110 Juno
*110 113 *110 113 *110 113 5113 113
63
171 171*2 171 171*2 171*2 172**., 170*8 172*4 4,506 General Electric____ _______ 138 Mar 3 17812 Aug 26 137*2 Deo 160*8 Feb
243 250
263 271
9,370 General Motors vot tr ctfs..
99 May
259*8 265
82 Jan 2 271 Sep 10
250*2 255
37*( Jan
Do pref voting trust ctfs.
114 115
112*2 114
90*8 Jan 4 115ls Sep 10
95 Feb
113*8 115*8 4,630
113*4 H I
70 July
61
287t Apr
63
61*4 63*4 62*2 63*2 62*2 6378 33,425 Goodrich Co (B F )................
24i» Jan 7 64<4 Aug 17
19*8 Jan
95 Jan 14 109 Sep 8
107 107
1,300 Do pref________________
95 Deo
7978 Jan
108*4 108*4 109 109
108*4 109
65*2 66
65
6.5*8 655s 66*8 x01*4 65*4 7,700 d Guggenheim Explor. P a r $25 345's Jan 7 $68*8 Aug 27 $40*2 July $57*2 Apr
Homestake Mining__________ 5114 Jan 8 5120 July 2 109*4 July 1122*2M cb
*117 118*2 *117 118*2 *117 118*2 *117 118*2
34*8 35*8 34*4 35*8 35
3578 34*2 35*8 15,900 d Inspiration Con C op.Par $20 $163s Jan 2 $3678 Aug 28 $14*4 July $19*4 July
*19
19*4 20*2
700 Internat Agricultural Corp__
10*2 July
24*8 Aug 30
22
20
20
20
20
4 Jan
5'2 Mar 31
Do pref________________
*33
36 Jan
1,10 0
34
8 Mar 15 42 Aug 28
38*8 38*8
13 May
37*2 38
37*2 39
800 International Harvester of N J 90 MaylO 114 June 4
*105*2 107*2 105 106
82 July 11312Jan
106*4 106*4 106 100
*
Do pref________________ 110 Julyl3 117 Jan 20 113*2 Jan
1187( July
116 *----- 116 *___ 116 *___ 117
*08
75
*69*2 75
100 International Harvester Corp.
*69*2 75
*69*2 75
82 Deo 111*4Jan
55 Feb 20 80 Apr 10
Do pref________________
116 *___ 110 *___ n o
90'i Mar 6 114 Jan 14 114*4 May 118 Juli
"ior2 10*2
5,600 International Paper_________
12 Apr 19
9*4 10*2 10*2 11*4 10 7s 1 1
6*4July 107g Fob
8 Jan 6
Do p re f...................... .....
*37
39
41 Jan
38
38*2 38*4 39*8 39*2 3912 1,200
30 Deo
33 Feb 24 43 Apr 19
*76*2 83
150
*76*2 83
*76*2 83
94 Juno
80
80
80 Jan
76 Aug 24 88 Apr 26
Do 1st pref.
*107 112 *108 114 *108 114 *108 114
107 Jan 13 109 Apr 19 106 Mcb 108*4 May
*150 168 *150 168 *150 168 *150 168
105 Feb
81 Jan
99 Jan 18 160 Aug 24
Do pref............ ...........
*110 1 1 1 * 110
1 1 1 ♦ 110 1 1 1
100
1 10 78 1 1 0 78
105 Mob
99 Jan
105*4 Feb 15 11078Scp 10
69
69*4 68
70
68
69*2 10,100 Lackawanna Steel.......... .
40 Jan
6878 70
28 Jan 7 72 Aug 30
26*2 July
*10 1 102*2 *101 103 *101*2 102*2 1023s 103
300 Laclede Gas (St L o u is)...
927g Jan 15 106 Apr 13
85 July 101 Feb
5225 225 *220 225
350 Liggett & Myers Tobacco___ 207 Jan 9 231 Apr 22 207*2 Deo 231 Mob
224 224*2 *220 225
Do
pref_____________
118*2 July
450
119*2 119*2 *118 119*4 119*4 1197s * 110 120
11334 Jan 5 1 1978 Sep 9 111*8 Jan
Looso-Wllcs Biscuit tr co ctfs.
*21
38 Jan
*22
25
*21*2 24*4
25
16 Feb 17 31 Jan 11
26 Deo
*21*2 25
Do 1st preferred_____
*91
97*4 *92
98
97*2
86 Feb 20 105'sJan 13 101 Apr 105 Mob
*92
97*2 *92
*
Do 2d preferred_____
*60
65
65 *----65 *___
95*4Juno
65 M arll
89 Jan
65
60 Juncl5
Lori Hard Co (P)................
*168 180 *168 180 *168 180 *168 178*8
165<2Jan 6 184 Mar 8 160 July 190 Apr
Do pref_____________
*112
1177s July
*112 117*4 *112 117*4 ♦ 112 117*4
112>4 Jan 6 118 Jan 19 110 Jan
*76
79
300 Mackay Companies_____
x77
77
87*8 Feb
*75*4 79
79
79
723s Jan 11 827g May 6
61 July
Do pref____ ________
70 Jan
67
68
200
*66
68
67*2 *65
*65
68
65 Feb 25 69*4 Jan 19
65*8 Jan
43
44*2 44
44*2 6,100 Maxwell Motor Inc tr ctfs__
15*4 Deo
43*4 44
45*2 43
15>4Jan 6 68 Apr 14
1
4
1
2
Deo
44 Deo
90*2 91*| 91*4 92
89*4 3,800 Do 1st pref stk tr ctfs___
9134 92*2 z88
43U Jan 2 92*8 Aug 18
4112 Deo
Do 2d pref stk tr ctfs___
37*8 37*2 37*4 37*4 37*8 38
17*2 Deo
37
37*4 2,200
17 Deo
18 Jan 6 44 May 5
45
*35
45
♦35
May
Department
Stores..
*35
45
69*4 Jan
*39
44
56 Mar 2
35 Julyl2
61*2 June
*94
96
Do pref_____________
98*2 *94
*94
96
*94
98
947g Apr 27 *981* M arl5
97*2June 101*4 Feb
81*2 82% 8 U4 83
73*2Feb
83
85*2 84*2 87*8 37,600 Mexican Petroleum..........
46*2 Jan
51 Jan 9 97 Apr 26
582
82
*82
87
87 Feb
87
87
209 Do pref_____________
♦84
87
67 May
67 Jan 15 94 Apr 26
27
27*8 27
27*4 27*8 27*8 26*8 27*4 4,000
$17UJan 6 $29*8 Apr 26 $16*2 Deo $24*8 Feb
55^4 57*8 56*4 57*4 56
527g Juno
55*4 56*4 3,400
57
41
Deo
42 Jan 4 59 Sep 2
*105 107*2 107 107 *___ 107 *104 107
200 Do pref.
99 Jan 29 107*8 Sep 3 101 Apr 1037s June
123 123 *118*2 124 *120*4 124
400 rational Bis<
120*2 120*2
116 Apr 3 132 Jan 22 120 July 139 Feb
*119 125 *119 121 *120 124 *119 122*2
Do pref.
128 June
119 May 25 126 Feb 3 119U Jan
80
81
81
83
81*2 83*2 1,000
*83
84
90 Aug 27
68 Mar25
*105 108*2 *108 108% 108*2 108*2 *107*4 109
Do pref.
100
100i2 Mar25 109 Apr 27
2U34 27
26
26*4 27*8 27*4 26
14 Feb
26*4 3,575 rat Enamclti
29*4 Aug 25
9'rJan 4
9 July
*86
90
*85
90
Do pref.
*85
90
*86
90
79 Apr 1 90 July27
80 June 867( Mob
64*8 65
565*2 65*2 645s 06
62 Jan
*64
65*4 4,150
44 Jan 4 70*4 May 1
40 July
§ 112 112 *109 112
109 Feb
720 Do pref.
111
112
111*2 112*4
104*4 Jan 4 112l.| Sop 10 105 Jan
14*4 11*4 14*8 14*8 14*8 14*.,
1,200
145g 143,
$11*4 Feb 24 $1678 Apr 27 $10*4 July $16*2 Jan
145 146
144*2 147
148 150
145 149*2 3,610
68 July 69 Jan
56*r Feb 26 152 Sep ‘
571*4 713., 72
*71*2 75
72
72
79*4 Mcb
72
450
64 Jan 19 81 Apr 21
64*8 July
32
32*8 *31*2 33
29 Jan
500
17*4 July
38 Aug 3
18 Marl7
31*2 31*2 303, 30*4
*33*2 36
*33*2 36
31 Jan
500
26 >8 Feb 11 39*2 Apr 16
20 July
33*2 33*2 32*2 33
*114*2 116 *114*2 116
100
115 115 *115 116
1121* MaylO 12312 Apr 3 106 July 125 Jan
87
87
87
87
89
9,475
90'2 Aug 29
71 Apr
87
88*2 87
33
33*4 33
34*2 33*4 34*8 3278 34*8 9,375
2312 Feb
38'8 Aug 28
15 Dec
15<4 Jan
10 1 10 1
prof.
101*8 1 0 1 *8 102*8 103
101*2 1 0278 2,400 Do
93*2 Feb
79 Deo
81*8 Jan
106'2 Aug 28
01
63
61*2 63
63
19,900 ’rcssed Steel
46 Feb
62*4 03*4 61
25 Mar 6 67 Aug 16
26*4 Jan
*100 101
100 100
300 Do pref.
105*4 Mo**
997g 100 *100 10 1
9
7
*
4
Jan
86 MarlO 102>4 Jan 25
*98 107 *----- 107
300
114 Apr
100*0 100*2 *100 107
IOOI2 Aug 24 110*4 Apr 22 107 Jan
*157 160
159 159
159 159
700
160 162
150's Mar 12 167 Junel4 160 Deo 159 Jan
3
3
3
3
400
27* Jan
3
3
414 Aug
78 June
*3
3*2
14 M arl5
*3*4 4*2 *3*., 4*2 *27g 4*2
Do pref.
200
3*2 3*2
6's JunelS
1*2June 4 Jan
*4 Mar29
39*4 39*2 __ _ ___
38
39
800 .allway Stce
34*8 Feb
39
39
19*4 July
19 Mar 6 44h Aug 18
*85
92
------ -----Do
pref.
400
91*2 92
91
91
88 Deo 101 Feb
87 Mar 3 95 Apr 19
22*4 22*8 22*8 22*8 22*4 22*2 22*8 22*4 5,700
$15*4 J:tu 2 $26's Apr 26 $15 Dec $22*2 Apr
42*4 43'.) 42*8 44
13,300
27 Jan
43
44
47't Aug 17
19 Feb
18 Deo
*10
1
102
101*8 101*8
500 Do pref.
91*4 Mob
72 Jan 30 1027g Aug 19
76 Deo
101*8 101*8 *10 1 102
6
G
*5*4 6
18 Jan
5*8 5*2 4,900 :umely Co (
14 Aug 13
3% Deo
78 Jan 22
5*4 5*8
41 Jan
*9*2 10*4 ♦9*4 10*4
2,700 Do pref.
1S'4 Aug 12
838 9
20*4 Apr
2>2 Jan 20
8*2 9*2
153% 154*4 155 155
*153 150
675
15478 156
*131*4 M arl7 209% Fob 1 170*4 July 197*8 July
*121*4 ___ * 125
Do pref.
100
*125 ___ *12478 ----121*8 Jan 4 125% Feb 19 120 Deo 124*4 June
*50
55"
*50*2 55
35 Jan
500
53*4
24 Jan 6 5678 Aug 19
19*2 July
*50
54*2 53
*55
5G*2 *55
57
*55
45 Deo
200
5578 5578
32 Jan
57
4312 Feb 23 56% July 14
73
73
74
*71
Do pref.
733,
200
67*2 Deo
73*2 73*o *73
66 Feb 17 73*8 Julyl3
5
9
*
2
Deo
n o 113*2 n o 115*4 114*8 1 1778 115*2 119 *2 46,505 tudebaker C
36*4 Mob
20 Jan
35*4 Jan 2 120 Aug 16
104 104*4 105 105
92 May
*103*2 105
Do pref.
105*2 105*2 2,200
70 Jan
91 Jan 2 107 Aug 17
58*4 57*2 58*8 55*2 58
54
55*4 56
41,150 <
$25<2 Feb 24 $65 Aug 26 $24*4 July $36*4 Feb
153 153
151 154
152*2 157
6,750 '
120 Mayl4 157 Aug 30 112 July 1497( Mob
*79
81
82
*79
80
80
300 *
80
80
55 Feb IS 81 Aug 31
73*4June 88 Jan
*104 111) * 10 1 108 *100*4 n o *100 n o
Do pref.
103 Deo 113 Apr
98U May22 105 Juiy26
7
*6*4 7*2 *6*4 7*2
7
8*4 Feb
7
7
400 *'nion Bag &
8*8 Aug 13
4*8 Jan
3*8 June
*25
28
*25
28
Do pref.
32*2 Feb
27*2 27*2
100
2278 Julyl3 3078 Apr 6
*25
28
18*4 July
*44
47
*43*2 47
50*4 Feb
42 Jan 25 51% Apr 19
820
*45
45*2 45*2 48
39 Deo
*102 10 1 *102 104*2 *102 104 *102 10 1
Do prof.
100 Junel9 105 Feb II
99 June 10378 Feb
20
20
*19
20*2 20
13*2 Jan
21*4
8 Jan 2 2314 Aug 17
1,400
20*8 2 1
7*4 June
45 *----- 45
49 Feb
45
___
45 *___
32*1 Mar 3 4712 Aug 12
30 July
67
65*8 65*8 *65
87 Mcb
*65
67
*65
67
100 1
46 Jan
60 July27 7314 Mar 9
717g 72
70*2 71
20
A ri
77
72*4 75*4 75
15 Jan 27 77 Sep 10
12,850 l
15 Deo
99
98*4 98*4 *97
85*8 Jan
99
99
200 Do pref________
70 Jan 26 99 Sep 9
*97
99*4
75 Deo
49*i 50*2 49*8 49*4 50
63 Mob
74*4 Apr 14
44 July24
5 l78 493, 50*2 8,335 * United States Rubbc
4
4
*
2
July
*103*2 105 *103*2 101*2 103*4 104 *103*2 105
Do 1st preferred.
101*8 Feb 24 110 Apr 9
200
95*8 July 104*8 Jan
74*8 75*8 7378 75!8 75*8 76*2 74% 76*8 298,150 1
67*4 Jan
48 Dec
77*8 Aug 18
38 Feb
112*2 1127g 11278 113
xl02 Feb 1 114i4 Sep 9 103*4 Deo 112*4Jan
1 12 78 111*4 113*4 113*4 7,805 Do pref.
67*2 66*4 0738 66*4 67*8 66*8 67
66
10,900 <
$48'2 Jan 6 $73 Apr 26 $45*8 Deo $59*8 Juno
38*2 38*2 39*2 39*2 38*8 39
347g Mob
36
38*2 5,350
17 Deo
15 Jan 4 4 1 7g Aug 30
*103 106*2 *103 107 *103 106 *103 106
Do pref.
80 Jan 6 10614 Sep 2
96 May 107*2 Mcb
64
64
52 Mob
63*4 65
63
35 July
63
63*2 63
3,020
36 June 9 66 Sep 4
74% 75*8 75<8 77
753, 76*4 18,535 1
6672Feb
76*2 77
53*8 July
57 Jan 2 77 Sep 8
114*4 115*2 115*2 110*4 114*4 116*2 78,950 \
114*2 116
79*8 July
64 Feb 24 120*4 Aug 17
64 Jan
*135 n o *135 139 *135 110 *135 138
Do 1st preferred.
117 Marl2 136 Augl2 11572Jan 124*2 June
186*2 188*2 189 190
183 188
188 191
6,030 \.'lllys-Overland (The
87 Feb 23 196 Aug 13
*105 108 *105*2 108 *105*2 108 *106 108
Do pref............ .
96 Feb 13 1075s Sep 1
105 106 *150 106
106 106
400 V
106 106
89 July 103*4 Feb
90UJan 6 111*2 Apr 14
*120 12 1 *120 12 1 *120 124 *118 122
1187a Mch
Do pref.
115 Jan 8 124 Aug 14 112*4Jan

* Bid and asked prtoes. no sales on this day.
dividend, x Ex-dlvIdend.




T h ursd a y
S e p t. 9

| Leas than 100 shares

tKi rights,

a Ex-dlv and rights,

hNew stock, d Quote

dollars per share

s Ex-stock

832
Jan.

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1909

th e Q x c h a n g e m e th o d

P r ic e

bonus
N.

o f Q u o t in g b o n d s w a * c n a n g e d . a n d p r i c e s a r e no>o a l l — -“ a n d i n t ' r e s t " — e x c e p t f o r i n c o m e a n d d e f a u l t e d b on d *,

Friday
S e p t. 10

Y. STOCK EXCHANGE
Ween Ending Sept. 10.

if ee k 's
R a n g e or
Last S a le

fflQh
Sid
1 «* fjOfi)
U. S. Government.
97
974 97
O S 2s consol registered...<*1930 q J 97
U S 2s consol coupon____ <11930 Q ■ J 97 ------ 974 July’ 15
101*8
D 8 3s registered................ A:1918 Q - F 101-4 Sale 101
0 S 3a cou pon ___________ *1918 Q- F 101 1 0 1 4 IOO34 Aug '15
D 8 4a registered___________1925 0 - F 169 109*4 109 4 Sep ’ 15
C 8 4a coupon------- ------------1925 Q- F 109*4 110-3.| 1 1 1 4 Sep T5
U 8 Pao Canal10-30-yr 2a.* 1936 Q • F 96 ____ 974 May’ ll
D 3 P u Canal 10-30-yr 28.-1938 Q O 8 Panama Canal 3s g ___ 1901 Q M 100-4 10134 10134 /Vug T5
100 Feo ’ la
O 8 Philippine Island 4s. 1914-34 q F ____IUU
F o n ly n G ov ern m e n t

Argentine— Internal oa of 1909.
Chinese (Hukuang R y)—5aof 'l l
Cuba— External debt 5a of 1901
Exter dt 5a of ’ 14 ser A __ 1949 F External loan 1 ............ 1949 F Japan* se Govt—£ loan 4 J^?* 1925 F Second series 4V*js______ 1925 J
Do do “ German stamp” .
Sterling loan H .... .......... 1931 J •
Mexico —Exter loan £ 5-s oi 1899 Q Gold debt 4? of 1904____ 1954
Prov of Alberta— deb 4 4 s . . 1924
Tokyo City— 5s loan of 1912___
tThese are prices on the basts of

State and City Securities.
N Y City—4 4 8 ................... I960
4>is Corporate stock
.196!
4,^3 Corporate ftok (wl)_1905
4 4 e Corporate stock___ 1963
4% Corporate stock.......1959
4% Corporate stock____1958
1 % Corporate
stock.......1957
4% Corporate stock.......1956
New 4 4 s ........................... 1957
New 4 4 9 .......
1917
4 4 % Corporate s to c k ... 1957
4 4 % Assessment bonds.. 1917
5 4 % Corporate stock.. 1954
N Y State— Is........ ..... ....... 1961
Canal Improvement 4 s ... 1961
Canal Improvement 4s...1962
Canal Improvement 4 s . . . I960
Canal Improvement 4 4 s. 1964
Canal Improvement 4 4 * . 1905
Highway Improv't 44 s . .1903
Highway Improv't 4 ,4 a .. 1905
Virginia funded debt 2-3s ..1991
0s deferred Brown Bros ctfs._

S
A
A
A
J
J
?
O
A
S
)£

M- S
M - jj
J - I)
M- H
M- N

M N
N
M- N
M- N
M- N
M- N
MM- N
(VI- s
M-

J J -

J -

J
J

X 814 92
t- 74*4
934 96
96 Salo
____ 85
t 774 Sale
t 75
76
1-------------t ------ 70
: ____ 8 2
. .
so
l . .
90
t------ 794

98 Sale
98 Sale
1014 Sale
1014 1024
94-4 94-4
9-1-4 9134
944 944
934 944
101-4 1 0 2 4
1 0 0 4 10l34
1014 102
1004 10078
844 884
1004 101*4
101 . . .
101 -----100*4-----1094 Sale

J - J
J M- S 109*4 Sale
M- ■a 104 104*4
J - J . . . . ____
54 Sale

3a
is

R ange
S in c e
Jin. 1 .

Nr1
___
59
___
___
___

>.ow

H ig h

96*4
974
1004
1004
109
I0934
974

994
99
1014
102
110
1114
974

___
—

100-4 102
100 100

93 June’ 15
80
88 Julv’ 14
93 934
95
954
90
90
1 90
80 A u g ’ lfl __ 80
77
774
11 734
1 714
734
734
71
71
30 70
78*4 June’ 15
79u Apr 'l 1
05 July’ 14
954 Jan *15
954
80 M ay'15
78

974
934
98
984
10178
1014
101*1
102
944 Sep '15
94-4 Aug ’ 15
944
944
94 Aug T5
101*4
102
100*4 Aug T5
101*4
102
1004
1004
89 June’ 15
1014 Aug T5
1014 Aug T5
10D4 Junc’ lo
1004 Apr ’ 15
1094
1094
104
104
1094
109*4
1044 Sep ’ 15
81 Aug T5
54
51

27
0

22
47
Si
si
1
7
___
13
1
___
_
___
___
11
5
2li
___
10

974
974
1014
101-4
91
914
91
94
1014
1004
101-4
1004
84
994
994
100
994
1084
101
108
1044
81
52

994
974
94
854
84 4
S3
79-4

954
82

1004
1004

102
105*4
97-*«
97
97
974
105*4
1014
1054
mi
89
1014
1014
1004
1004
110
10134
109*4
1044
81
014

Railroad.
57
59
1 55
59
59
664
Aon Arbor 1st g 4s..........4.1995
213 894 05*4
00
O 90 Sale 894
Ateb Top A 8 Fe gen g 4s...1995
89 July’ 15
89
O ____ 89
924
Registered......................... 1995
4
80
____
804
804
Adjustment gold 4s......../11995
804 80»4
____ _____ 86 Mur' 13
J
Registered .................. h 1995
80-4 23 80's 87
Stamped...... ................61995
N 80 Sale 80
20 924 1014
102
D 1014 Sale 1004
Conv gold 4 s...................... 1955
994 May* 13 ___
Conv 4a Issue of 1909......... 1955
D *1614 102
1013)|
1
0
2
4
101
1
0
1
4
80 92-4 1044
D
Couv 4s Issue of 1910____ I960
10 1004 101*4
1014
10-year 5s...........................1917
1) 1014 Salo 1014
2 92
934
a 924 9314 934
94
East Okla Dlv 1st g 4s . . . 1928
86
86
854 90
1 844 89
j
Trans Con Short 1st 4s. 195s
96
H ____ 934 95 May'15
95
Cal-Arli 1st & ret 44 a “ A” 1902
103 1 0 :; 4
S 1034 ____ 1034 Aug '15
8 Fe Pres & Pb 1st g 6s. . . 1942
85
88
85
85
9 85
s
Atl Coast L 13t gold 4s___61952
93
83 ____ 924 JulyT l
50-year unified 4s_______ 1959
N 10134 ____ 1054 June’ 14
Ala Mid 1st gu gold 5s___ 1928
89
Salo
89
89
1
J
89
934
Bruris A W 1st gu gold 4s 1938
J 1294 135 12978 Aug ’ 15
Charles A Sav 1st gold 7s. 1936
1294 1294
804 110 80
N 80 Hale 80
L A N coll gold 4a _______ o 1952
1144
116
1194 Juno’ 10
Sav F A VV 1st gold fla___ 1934
O
12)4 12)4
1st gold 5a....... ............... 1934
O 103 ____ 105 Juiy’ 15
105 105
1)7%____ 98 June’ 15
811 8p Oca A G gu g 4s___ 1918
J
974 98
894
Sale
8378
894
84
1
88*4 924
Balt A Ohio prior 3 4 s ......... 1925
Registered___________ 61925
J •38%____ 90 June’ 15
884 90
i«j 85
86*4
O 354 854 854
1st 50-year gold 4s........ 51943
91-2
-----854
90 Apr ’ lo
J
Registered ................... 61948
874 90
86-1)} Sale 86*8
867g 132 824 38
20-yr conv 4 4 s - ............... 1933
112
Jan
‘
12
J
Pitts June 1st gold 6s........ 1922
N 844 85
844 Aug T5
84! 2 88
P June A M Dlv 1st g 3 4 s 1925
78*4 12 78
N 78 Sale 78
84
P L E 4 W VaSysref 4a.. 1941
8 6 4 Sale
51 80
86
864
J
91
Southw Dlv 1st gold 3 4 s . 1925
100 Apr *13
S
Cent Ohio R 1st o g 4 48--1930
1044 Apr *15 _ ..-l 1034 1014
0
Cl Lor A VV con 1st g 53-. 1933
1024 Juno’ 12
Monon River 1st gu g 58.. 1919
D IOU4 ____ 105*4 June’ 14
Ohio River RR 1st g 6s.-.1936
C
164*8 May’ l l
General gold 5s............... 1937
Pitts Clev A To I 1st g 0 s .. 1922
Pitts A West 1st g 4a____ 1917
D ................. 91 June’ 12 —
8tat Isl Ry 1st gu g 44 s . _ 1943
___ . . .
Bolivia Ry 1st 6s................... 1927
S UH 10414 1054 Aug 15
Buffalo R A P gen g 5s........ 1937
1024 100*8
N 99*4 1004 1004 Aug '15 ___ I'X) 103
Consol 4 4 s ......................... 1957
80
92
All A West 1st g 4a gu___ 1998
9 14 944
112 Apr ‘ 14
Cleur A Mah 1st gu g 5a.. 1943
J
A 106 ____ 1064 Sop ’ 15 __ 1064 1074
Rocb A Pitts 1st gold 0a._ 1921
C 107 ------ 111-4 July’ 14
Consol 1st g 6s............... 1922
is 100 1044
1004
O 100 Salo 100
Canada Sou cons gu A 6s__ 1962
0 . . . . - - - . 1G678 Apr 14
Registered....................... 1962
__ _ ___ 91 June’ 15
E
Car Clinch A unio 1st 30-yr 6s *38
94
904
Central of Qa 1st gold 5 s ...p 1945
A 105 106 1074 Aug ’ 15
l<»3'* 1074
2
Consol gold 5a................... 1945
N 964 974 904
964
9 > 4 1024
»6 Feb To
D
Chatt Dlv pur money g 4s 1951
30
80
Mao A Nor Dlv 1st g 6s. _ 1940
J "lOOis----- 1014 May’ 15
102 1014
Mid Ga A Atl Dlv 5s........ 194"
J ___- . . . . 100 4 Mar 1..
t0>)4 10(14
Mobile Dlv 1st g 5s_____ 1946
J 1004 105 103*4 May’ 15
t0.3*i 1033|
874
54
8634 92-4
CSQ RR A B of Ga col g 6 s.. 1037
N 87*i Sale 80*.|
111 7g 19 1 1 1 4 1184
Cent of N J gen'l gold 5s___ 1987
J 1 1 1 4 1 1 14 U14
Registered................... 61987
J 1104 1114 t il Aug '1%
' 11 115
1034 Aug T5
Am Dock A Imp gu 5s__ 1921
J 1034 164
102*4 101
100 ----- 100 June’ 13
Leh A Hud Rlv gen gu g 5sl920
J
S 94*4___ 1004 Jan *13
N Y A Long Br gen g 4s. .1941
Cant Vermont 1st gu g 4s..«1920
F *71 ----- 63 Fen T5
08
68
Obesa A O fund A Impt 5s. .1929
J 834 ------ 834 July’ 15
83
90
102
18 '•>3
1st consol gold 6a............... 1939
N 10L 102 102
101
Registered .....................193P ■N 101 Sale lot
l 101 101
85
17 82
General gold 4 4 e ............... 199‘.
S 844 Sale 83*4
85
934 Fob ’ l-l
Registered....................... 1992
s * .
754 171 70
Convertible 4 4 a ............... 193ft
A 751.1 Sale 744
70-*.,
Big Sandy 1st 43___ ...1944
E
774 ------ 82 May’ 15
82
834
824 May To
Coal River Ry 1st gu 4 s . .1945
E ___ 80
824 824
*
___
95
964 Dec ’ Ll
Craig Valley 1st g 53_____194ft
J
84-*4 Jan ’ 13
Potta Creek Br 1st 43____194R
J
B A A Dlv 1st con g 4s.-.1989
L 804 844
804
J 8 O1.1 Sale 804
77 Apr To
2d consol gold 4s..........1939
.1 ____ 83
77
77
90 Apr T4
Greenbrier Ry 1st gu g 4s 194ft
N
1134 Feb '05 __
Warm Springs V 1st g 53.. 1941
8
Ohio A Alton RR ref g 3 s.-.1949
O 53
514 53 Aug T5
53
60
15
44 Sep T5
R a ilw a y 1st Hen 3 4 s ......... 1950
J 44
38
474
Ohio B A Q Denver Dlv 4 s..1922
A 9S4 994 99 Sep T5
984 100
Illinois Dlv 3 4 s ................. 1949
10 814 844
J
814 82*4 81-4
814
Registered.___________ 1949
864 Aug T2
J
Illinois Dlv 4s.....................1949
14 914 944
924 Sole 924
J
934
Registered.................
1049
____ 91
93 June'13
J
Iowa Dlv sink fund 5s___ 1919
1024
102i,!
O 101
5 1014 1024
linking fund 4s____ .1919
O 987S Sale 9878
984
2 96*4 99
• No prloo Friday; la t e s t t h is w e e k , 4 Dae April, i Dae May, g Due J u n e .




_

_

BONDS
Y STOCK EXCHANGE
Week Ending Sept. 10.

P r ic e
F r id a y
S e p t. 10.

W e e k 's
R ange or
L a s t S a le

xa xs
Js

R id
A s k L ow
Chic Burl A Q ( C o n ­
H ig h N o
joint bonds. See. Great North
944 95
9434
9434
Nebraska Extension 4s___1927 M - N
6
95 JunoT5
Registered.................
1927 M - N
Southwestern Dlv 4a_____ 1921 M S 9 9 4 ____ 994 June’ 15 __
88 Sale 88
884
27
General 4s........ ................ 1958 M - 8
104 174 244 June’ 15
Chic A E III ref A Imp 4s g . . 1955 J - J
91
94 Aug ’ 15
1st consol gold 6s............... 1934 A - O 91
66
59 Sep T5 —
General consol 1st 5a____ 1937 M- N 55
71 June’ 15
Registered........ . ..........1937 M- N
97*4 Feb *13
Pur money 1st coal 5a____ 1942 F - A
274 July’ 14
Chic A Ind C lty 1st 5 a ... 1936 J - J 20
654
90
Chic Great West 1st 4s......... 1959 M- S 644 Salo 644
114 July’ 15 —
Chic Ind A Loulsv— Ref 08.1047 J - J ____ 113
Refunding gold 5a............. 1947 J - J
954 Apr 'l l
Refunding 4a Serlea C ___ 1917 J - J
86 J u ly'l?
Ind A Loulsv 1st gu 4a___1956 J ■ J
904 Aug ’ 12
Chic Ind A Sou 50-year 4s.. 1956 J J
Chic 1 8 A East 1st 4 4 a ____ I960 J - D
Chicago Milwaukee A St Paul—
86
6
85
854
Gen'l gold 4s Series A ___ «1989 J - J 85
8912 Apr ' 15
Registered___________ el989
883,1
7
87
884 8834
Gen A ref 9er A 4 4 a ___ «2014
1024 Sale 102
103
43
Gen ref conv ser B 5s__ a2014
.
. 74-1.1 76 A u g ’ 15 ___
Gen’l gold 3 4 s Her B____el989
12
98 Salo 97
98
General 4 4 « Ser C ______e 1989
.
. 844 864 Aug '15 ___
25-year doben 4a________ 1934
03*i Sale 93i 1
933.1 92
Convertible 4 4 s ............... 1932
10 D4 ____ 10238 Aug T5 ___
Ohio A L Sup Dlv g 5a___ 1921
1U2% 1045* 103 July’ 15
Chlo A Mo Rlv Dlv 6s___ 1920
10211 103 10238
102-3-}
2
Chic A P W 1st g 5a.......... 1921
------ 87
C M A Puget Sd 1st gu 4s_ 1949
100
1004 July’ 15 __
Dak A Ort Sou gold os___1916
Dubuque Dlv 1st s f 0 s ... 1920 J - J 1054 1003.J IO0'*4 June*15 —
- ..
Fargo A Sou assum g 0 s.. 1921 J - J 108 ____ 110 Junc'13 ___
La Crosse A D 1st 5s____ 1919 J J 1 0 1 1 .1 ___ 1024 June' 15
1 4 1034 1024 June’ 15 —
WIs A Minn Dlv g 5s........ 1921 J - J 10
10534 ____ 1064 July’ 15 —
Wls Vail Dlv 1st 6 s ........ 1920
974 98
99 M ay'15
Mil A No tst ext 4 4 a ___ 193*
97 ____ 10<)38 M ur'15 —
Cons exteuded 4 4 a ___ 1934
Chic A Nor West Ext. 4s 1886-1920 F - A ................. 944 May’ 15 —
94-4 July’ 14
Registered............ 1880-1920 F A
80
81
78 Sep ’ 15 . . . .
General gold 3 4 a ________ 1987 M- N
784 »>m '14
Registered.... ..........__pl987 Q - F
92
924 93 A u g ’ 15 ___
General 4a_______________1987 M- N
5
914
9 1 4 ____ 91
Stamped 4 s ................... 1987 M N
General 5s stamped___
1987 M- N 10914 110 1094 Aug T5 —
Sinking fund 0s___ 1879-1929 A - O 110 ____ 108 June 15 —
1054 Dec '13
Registered............. 1879-1929 A - O
1
1034
Sinking fund 5s........ 1879-1929 A - O 1034 Sale 1034
Registered............. 1879-1929 A - O 1034 ____ 102 Dot T3 ___
__
1
0
1
4
____
1004
M
a
r'15
Debenture 5s____ ______ 1921 A - O
101 Dec '12 . . .
Registered.......... ...... ...1921 A - O ____
3
101
Sinking fund deb 5a.......... 1933 M - N 10 1 Sale 101
Registered......................1933 M - N 1004 ___ 1014 M a y'15 ___
Frera Elk A Mo V 1st 6 a.. 1933 A - O 117 ____ 117 A ug’ 15 —
904 Sep ’09
Man Q B A N VV 1st 3 48-1941 J - J
Mllw A S L 1st gu 3 4 8 ...1 9 41 J - J
Mil L 8 A West 1st g 0 s ... 1921 M - 8 1074 ____ 1074 June'is
Ext A Imp a f gold 5a___1929 F A 1 0 3 4 ____ 1014 M a r'15 —
Ashland Dlv 1at g rts___1925 M • 8 1094 ___ 1134 Feb T4
Mich Dlv 1st gold 6s__ 1924 J - J 1084 ------ 1114 Apr *15 ___
894 8934 8U4 Aug ’ 15 . . . .
Mil Spar A N W 1st gu 48.1947 M - 8
Northw Union 1st 7a g ...l9 1 7 M- S 1 0 4 4 ____ I073s M ay'14 ___
104 Aug ’ 15 - - - St L Peo A N W 1st gu 5a. 1948 J - J ____104
Winona A St P 1st ext 78.1916 J - D 1024 ___ 1034 May’ 15 ___
Chicago Rock Isl A Pac 6a.. 1917 J - J 1023s 10234 1024 Sep ’ 15
Registered____ ________1917 J • J 1024 ____ 1024 Sep *15 __
15
784 794 794
80
R v general gold 4a............... 1988 J - J
81
804 June’ 15
Registered____ ________1988 J - J -----0134 Sale 6 Ml
03
100
Refunding gold 4a_______ 1934 A - O
4234 sale 4234
46
266
20-year debenture 5a____ 1932 J - J
79 ____
Coll trust Serlea P 4a........ 1918 M - N
. . . 51
85 July’ 13
R l Ark A Louis 1st 4 4 a . . 1934 M - S
994 Aug ‘15 —
B u r C R A N —1st g 5s . -.1934 A - O ------ 09
1004 M a r'14
C R I F A N W 1st gu 6a.-.1921 A - O
M A St L 1st gu g 7s........ 1927 J - D
07%
uo%
97-4 July’ is . . . .
Choc Okla A G gen g 5s.ol9t9 J - J
974 Apr '15
Consol gold 5a............... 1952 M - N
52 Aug '15
O 82% 05
Keok A Des Moines 1st 5a 1923
____
85
65 Apr 15
St Paul A K C S b L 1st 4 4 s ’ *1 F - A
115
2
Ohlc St P M A O con 0s___ 1930 J - D n o Salo 115
Cons 08 reduced to 348-.1930 J - D ' 993,1 f o o ' ‘Hi Jau '15
ICO
100
5
Debenture 5s........ ............ 1930 M - S
Ch St P A Minn 1st g 0a..1918 M - N 114 ____ 1164 Jan '14
1294 May’09
North Wisconsin 1st 6 s.-.1930 J - J 114 _
St P A 8 City 1st g 0a___ 1919 A - O 11M% 105'S 105 Aug *15 . . . .
Superior Short L 1st 5a g_i/193ft M- 8
85 Jan '14
Chlo T H A So-eaat lat 5a__ i960 J - o ------ 80
106 Aug '15
Chic A West Ind gen g 6 s .. 9 1932 Q -M 106 .
Consol 50-year 4s............... 1952 J J 754 764 70 Aug T5
96 M ar’ 14 —
Cln H A D 2d gold 4 4 a ........1937 J J
lat A refunding 4a_______ 1959 J - J
804 Juue’ 12
1st guaranteed 4s............... 1959 J - J ----- 87
26 July’ 15
Cln D A I 1st gu g 5s........1941 M - N
88 M a r'll
C Find A Ft W 1st gu Is g . 1923 M- N . . . .
65 J’ly ’ 14 . . . .
Cin I A W 1st gu g 4s___ 1953 J - J ------ 30
Day A Mich 1st cons 4 4 a. 1931 J - J
05 J'ly *14
Ind Dec A W 1st g 5s........ 1935 J - J ------ 30
1074 Dec '02
1st guar gold 5s.......... .1935 J - J . . . . .
70
704 70 Sep ’ 15
Clove Cln C A St Lgen 4 s . .. 1093 J - D
20-yr deb 4 4 s . _ ............... 1931 J - J ------ 8434 82 June’ 14
834 Sop ’ 15
Cairo Dlv 1st gold 4s____ 1939 J - J 82 .
724 83 Feb '14
Cln VV A M Dlv 1st g 4 s.. 1991 J - J 70
70
7834 80 A p r '15
St L Div 1st coll tr g Is__ 1990 M- N
824 M a r'll
Registered..................... 1990 M- N
80
85 M a r'll
Spr A Col Dlv 1st g 4s___ 1911) M- S 77
91 Apr '12
W W Val Dlv 1st g 4s___ 1940 .1 - J
C I St L A C consol 6s___ 1920 M -N 1014 105 1054 June'15 -•
90 Feb ’ 15
1st gold 4s.................... *1936 Q F
884 Muy’ 15 -Registered.................*1936 Q F
101 June’ 15
Cln S A Cl con 1st g 5 s ... 1923 J • J
105% J'ly '14
C C C A I gen con g 6s__ 1934 J - J
Registered.......... .......... 1931 J - J
94" J’ ly '0a
Ind'B A W 1st pref. 4s__ 1940 A - (
O Ind A W 1st pref 5 s...<11938 Q-J
59 July'15
Peo A East 1st con 4s___ 1940 A - O “ II *59“
15
20
20 July’ 15
Income 4s....................... 1990 Apr
90
92
903.J Sep 'is
Cleve Short L 1st gu 4 4 s __ 1901
. . . 144 16 May’ 15
Col Midland 1st g Is............. 1947
. . 16
1 1 4 M a r'15
Trust Co certfs of deposit
87 Sale 854
23
87
Colorado A Sou 1st g 4s___ 1929
5
70
80% 79
79
Refund A Ext 4 4 s ........... 1935
1004 1034 101 Sep *15
Ft W A Den C 1st g 6 s ... 1921
Conn A Pas Rlvs 1st g 4 s ... 1943
—
106 100 May' 10
Cuba It It 1st 50 yr 5s g ___ 1952
Del Lack A Western—
8434 14
84*4 Salo 843.1
Morris A Es 1st gu 3 4 s. .2000 J
N Y Lack A W 1st 6s___ 1921 J - J 10034 ____ 1074 Ju!y’ 15
10 Mi May’ 15
Construction 5s.......... .1923 F - A
3
954
Term A Improve 4s___ 1923 M - N
9558 ____ 954
Warren 1st ref gu g 3 4 s . .2000 F - A ------ 854 1024 Feb '03 . . . .
Del A Hud 1st Pa Dlv 7 s ... 1917 M- S 1044 ___ 1044 Aug T5 . . . .
149 A ug’01
Registered___________ 1917 M- S
1004
15
10-yr conv deb 4s________ 1910 J -D in"o*8 io'o4 1004
094
994
994 100
1st lien equip g 4 4 a ......... 1922 J - J
0
894 Sale 894
90
27
1st A ref 4s.......... .............. 1943 M - N
80
82
82 Aug T5 slO
Alb A Sus conv 3 4 a ......... 1946 A - O
Rcns A Saratoga 1st 7 s...1921 M - N 111 ____ 11338 jhu ’ 15 . . . .

....

_

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

_.

6 D u e J u ly .

*

Due Aug.

o D u e Oot

o D u e Nov

a

Due Deo

R ange
S in c e
Jan. 1 .
L ow

01%
95
994
88
204
91
514
0- a

H ig l

07
95
994
924
29
103
75
11

044 7r-34
113 !«
101 101

85
894
87
1004
70
97
864
934
102-4
103
10I3.J
87
100
100

894
923„
1044
S0%
10 14
904
99i*
1024
104%
10?4
91
UK 4
107%

1024
101*4
106%
99
1004
924

1024
1024
107
1004
1004
944

78

82

9-2

894 91*4
89
944
109 1144
108 1094
1624 i03*4
1004 1014
101
99
117

104
1014
1194

105 1084
1014 101*4
1114 1114
89% 02
102%
103%
10 14
1014
794
80
61
30

inn
103%
1024
1024
85
824
714
67

99 100
.................
974 974
974 974
52
84
66
05
114% 117%
994 102
101% 105%
105
75

25

lOO"
804

25

............
68

74

81

834

80

85

1054
90
87
101

1064
90
884
101

59*
20
904
15
144
«5
79
100

05*'
28
93*4
17
15
92
86
1034

84
107
101*4
954

864
109
10134
96

1044 105**
99
99
894
81
113-4

a Ootlou -

1004
1004
96
80
1134

New York Bond Record —Continued—Page 2

S ept . i i 1915.]
N.

BONDS
Y. STOCK EXCHANGE
Week Ending Sept. 10.

P r ic e
F rid a y
S e p t. 10.

Wee*’*
R a n g e or
L a tt S a le

R atio*
S in c e
Jan. 1

a*

5. ^
K
2

BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 10.

833

P r ic e
F rid a y
S e p t. 10.

3

fPee/t'i
R a n g e or
L a tt S a le

Range
S in c e
Jan. 1

B id
A s k Low
l l i o 1 :Vo L o w H ig h
B id
A t k Low
H io n s o
L ow H ig h
Oenv A It Or 1st con g Is. ..193 i J 09 Sale 0812
091* 5. 08i2 78
84
85
Leh & N Y 1st guar g 4a___ 191 5 M85>2 — . 85 July’ l 5 -Consol gold 4H s_____ -.193 J - 1 ____ 70
78
83
5 M78 A ug’ l . . .
Improvement gold o s .. ..192 J - V 00
70
00
30
60 Sep ' 1 —
Long laid 1st cons gold 5a.. h 193 Q 100i2 102 103 July’ l 5 - - - 103 1041*
1 st A refunding 5s__ _ ..195
44
447
38
49
90'4 M ar'l 2 . . .
Q - [ ____ 94
Rio Or June 1st gu g 5s..193 J - E ____ 95 109 Dec T —
J -E ____ 86
85
875*
80*4 M ay'l
Ulo Or So 1st gold 4s__
0 U2 Apr '1
...
(VI ____ 77
1941 J ____ 921 2 9514 M ay'l
—
Guaranteed..............
____ 40
J -L
194( J 99U Oct '0
Ulo Or West 1st g 4s__ ..193' j 69** 7012 70 Sep T —
69
75" :
Unified gold 4 s . . . ............ 194 M - 1 ------ 82*4 831* Aug T . . .
8318 89**4
Mtge A col trust Is A . . 191<1 A - (
------ 5y3 i 59*4 Aug ' 1
58
59*4
- - ___
Debenture gold 5a............ 193 J - L
95i* Jail T ) . . .
95i* 951*
[ ___
Utah Cent 1st gu g 4s _al91 A - C
81*4 . . .
1
Guar refunding gold 4 s .. . 194 ) iM83 Sep '1
83
861*
Des Mol (Jn Ity 1st g 5s . ..191 M -l 1 ............
100 109
100 Mar’ l
n>l717* 87
Dot * Mao. 1st lieu g 4s. ..199 > J - 1
85
8712 85 Sep T
95 . . . 100 Feb T 5 . . .
N Y B & M B 1st con g 5s. 193 , A -C
100 1001*
Gold 4s . . . .
100 • J 1 1 80 . . .
85 Aug ’ 1
78
85 ;
N Y & It B 1st gold 5s__ 192 M—
Dot Rlv Tun-Ter Tun 4t$s_ 190 M-J> ------ 90
90
90'2
90'2 M ay'l
Nor Sh B 1 st con g gu 5s.ol93 Q 101 Aug '1
. . 1007* 101
Dul Mlsaabe <fc Nor geu 5a . 194 J 101 1051 1 101'i May l . . - ioii 2 ion* Louisiana .It Ark 1st g 5s
. 192 M____ 85
911* Feb '1 . . .
Dul A Iron Range 1st 5 s.. ..193 A - <1 997* . . . 100 M ay'l ___ 98'2 101
Loulsv A Nashv gen 6s____ 193 i J - I
111'
1 1 1 14 1 1 1 -2 1 1 1 1 *
110 115
Registered____ __
. 193 A - 11 .............. 100*2 M ar’0
(VI > 104 1051* 1C5‘*
1051
1051* 107
2 1 O s__
4
191 *> J 104 Feb ‘ l
90 Sale 90
91
89l2 94*4
Du So Shore A At g 5s . . . 193 1 90 100
.............
-J ____ 9512 90 M ay'l
1 __
1037* Apr 1
Elgin Jol A East 1st g 5a -.194 M-iN ____104
103 105
Collateral trust gold 5 s ... 193 M -h 1 0 1 l2 . . . 101*4
lOlU 103*4
101*
Erie 1st consol gold 7s
10012 1 10 'a
1091« Sale 109's
109'
E H & Nash 1st g 6s____ 191 » J - E 104'>* . . . 108*8 May’ l __
..192 M90
..
N Y * Erie 1st ext g 4s. ..194 M (I J
97'2 Jutie’ l —
L Cln A Lex gold 4 Hs___ 193 M- 6
9712 . . . 102** J’ly '1
100% 10 1? 101 '4 May’ l
— 100 l()2'4
2d ext gold 5s.
VI
N O & \1 1st gold 0s........ 193( , J 114i* jm y ’ l . . .
------ 115
113** 116'2
98'4 9911
3d ext gold 4 Hs.
98'2 June’ 1. - 98 ....
2d gold 0s . . .................. 193i J ..192. M
------ 108
1097* M ay'l
: 108 1097*
4th ext gold 5s
Paducah * Mem Dlv 4S..19K F 84 Dec •1
192C A C 100l2 . . . 100 July’ l. . . . . 100 10214
___
5th ext gold 4s
ioo"i*. . . IO6I4 Sep ’ L
St Louis Dlv 1st gold 6s . . 192
; 1057* 10712
..192) j r
109 June'!.
100 109
N Y L E «fc W 1st g f<l 7s _ 192( M
IYI- 8 ------ OH 01*2 Aug 'L
59'a 65
68 77
771
8412
Erie 1st con g 4s prior
109* j 77i* Sale 77
Atl Knox * Cln Dlv 4 s ... 195.' M-N ------ 85
85 July'l.
85
881*
797*
797*
797*
Juno’
If
80
Atl Knox A Nor 1st g 5 s.. 194f J - D 107 . . . I l l Jan '1( ___
Registered ..
199C j - . * .
40 65
671;
71
07'2 Sale 00'4
Render Bdge 1st s f g 0s . . 1931 M- S 105l2
1 st consol gen lien g 4s . . 199C j 105 June’ If
105 105"
77
Apr
'l
l
841*
87
Kentucky
Central
gold
4s.
1987
Registered__ __
199C
80
87*4
8018 ------ 80*8 Aug ’ 15
86
88 U
Penn coll tr g 4 s..
L A N * M A M 1st g 4Hs 1945 M- S 96
99
195 F ■2
99>2 June’ lf
637* "si 59
00
L A N-South M Joint 4s 1952 J - J ------ 81
60-yr conv 4s A .
..1953 A ■O 0 3 Sale 61*2
80>2 July’ lf
| 78 ' 801*
53
O
8I4
09lj
69i2
bale
0312
70
A
r
Registered___________AI952 Q - J
1951
95 Feb 0.
10212 1031*
N Fla * S 1st gu g 5s___ 1937 F - A 101 . . . 106 J'ly '14
Buff N Y A Erie 1st 7s. ..1910 J D 10134 1031* 102'4 inne’ L
101 >2 101*4
. 1982 vi- is 102 1025 102 Aug T5
N & C Bdge gen gu g 4H s. 194." J - J
97 D e c '14
-------------101
Feb
T7
101
101
Pens A Atl 1st gu g Os___ 1921 F - A 108 '*____ 108 Sep ' 15
Clev * Mahon Val g 5s. ..1935 j .
1071* 109
11934 121
B A N Ala cons gu g 5 s.. . 1930 F - A 10234 105 10 ,1* Feo '1;
Long Dock consol g Os. ..1935 A - 0 ____ 1194] 119*4 Aug T5
105'g 1051*
99?* 100'f 100 D e c’ 12
_________
Coal A RR 1st cur gu Os 1922 VI -N
Gen cons gu 59-year 5s. 196' A - O ------ 100
991* IO2I4
1031.1____
10314
Aug
T5
J
J
1021a 10314 L A Jett Bdge Co gu g 4 s.. . 1945 M- S ------ 82*2 80 Junc'15
Dock A Imp 1st ext 5s. .1941
74
80'2
............ . Manila Hit—Sou lines 4 s ... 1930 M N ____
103'2 Aug ’ 12
N Y * Green 1. gu g 5s. .1940 M-N
94 M ay'lr
1937 J - l ------ 90
90
94
Mex Intcrnat 1st cons g 4 s.. 1077 M- S
77 Mar'll)
F
A
lOOU Dec 'Of
2d gold I l i a ............
1937
M- S
79 Nov'lt
09
07'j Aug T5
General gold 5s........
1940 F - A 05
67l2 75
Midland Term— 1st s f 5s g.192" J - D
101 Oct '09
102 Jau T
Terminal 1st gold 5 s ...
194: M-N
Minn A St L 1st gold 7s___ 1927 J -D 104
1111* 11112
19 1( A - C 107 >2____ 111>2 M ay'12
Pacific Ext 1st gold 0 s . .. 1921 A - O
1101* Aug ' 1
Wllk & Ea 1st gu g 5s.. . 1942 J -D ____ 82lj 80 June'15
85
80
88
1st consol gold 5s________1931 M- N 80
81 Sep '15
*81
92'4
Ev & Ind 1st con gu g Os.. . 192( 1 * J
106 May'l l
4914 48
4S
1st * refunding gold 4 s.. 1949 M- 8 47
Evans * T II 1st cons Os.. .1921 J - J ____ 85
SI Aug '15
81
97"
00 Feb '15
Des M A Ft I) 1st gu 4 s..1935 J - J ____ 60
60
60
1st general gold 5 s ...
.1912 A - O 47 ____ 993* Dec T: .
84
82
83*2 84
2 82l2 9014
Iowa Central 1st gold 5 s.. 1938 J -D
Mt Vernon 1st gold Os__ . 1923 A -O
__ _____ _
108 N o v '11 .
1 35
48
Refunding gold 4s........ 1951 M- 8 ------ 5012 48
00
Bull Co Branch 1st g 5s. .1930 A - O - 95 June’ 12
M StPilrSSM con g Is Int gu 1938 J - J 80*4 87
80*8
805* 22 86*8 93
803* 87
Florid i E Coast 1st 4 H s.. . 1959 J -D
8634 907*
86*4 Aug '15
1st Chic Term s f 4s__ .1941 M- N
97'4 June'12
______ 92 xug 'll
Fort
u i) Co 1st g 4Ka 1911 J - J
M S S <fe A 1st g 4s Int g u .1920 J - J 9314 ____ 96 Nov'13
Ft vV < Ulo Or 1st g 4s
192H J - J 54
05
54 Aug T5
50" 55"2 Mississippi Central 1st 5a__ 1949
91 J'ly 'l l
Q eat Northern —
75>2 Sale 75U
1 721., 81
Mo Kail A Tex 1st gold 4 s.. 1990 J -D
75i2
C B & Q eoll trust 4s
903* 609 917* 97
.1921 J - J 903* Sale noi-i
9 4.H* 63
51
2d gold 4s_____________ ff 1990 F - A 51 Sale 50i*
11 n|3* 9034
Registered h
9014
90*2 9014
. 1921 Q - J 1st ext gold 5s____ _____ 1944 M- N ------ 72
79>2 July'15
79'* 89
1
9
4
Sale
91
91
J
J
1st* refunding 4Hsser A 1901
91 101
i i 4Gi2 56sf
1st <t refund 4s__________2004 M- S 46>2 Sale 40l2
4714
J - J
90 June’ 1.1
____ 54
St Paul M * Man 4s
9434 9512
00
. 1933 J - J 90?* 95i2 951? July'15
60's Feb 'lo
St Louis Dlv Is ref g 4 s . .2001 AA O —
o6'» oo'a
2 I10U 120U
110 12
1st consol gold Os
9 3 '2 99*4 Dec '13
1933 J - J 110*2 8ale UOI4
Dal & Waco 1st gu g 58__ 1940 M- N
118 *4 Apr ' 1.)
118 118*4
1933 J - J
Registered . .
78 J'ly 'l l
Kan C A Pac lst g 4s____ 1990 F - A ....... 78
093.1 21 993* ion*
Reduced to gold 4He . 1933 J - J ‘9812 ‘9912 993*
90 A u g'15
Mo K A E 1st gu g 5s___ 1942 A - O ------ 91
90
9012
10934 Apr '15
J - J
89
85 '* Mar’ l..
M -N
85l2 88
9U* 92
1 91*2 94*8
9Hj
91G
Mont ext 1st gold 4 s.. 1937 1 -D
7G
70 Sep '15
70
89
M- S 70
92*4 94>2 Apr T 1
1937 J -1)
Sher Sh A So 1st gu g 5s..1942
90 May’ 13
1910 J - J 85 ____ 9238 Mar’ l 1
Pacific ext guar 4s £
..
99'* Jan '14
Texas A Okla 1st gu g 5 s.. 1943 M- S 70
89i.i Junc'15
E Minn Nor Dlv lstg 4s . 1948 A - O 85*4
8OI4 89'4 Missouri Pac 1st cons g 0s__ 1920 M- N 92i2 Sale 92i2
9.3I.J 41 921* lOU*
1922 J J 100
_________
UOigJan 'l l
Minn Union 1st g Os__
78**
79i2 11
78*8
79
Trust gold 5s stamped. . . a 1917 M- S
117
118>8
Mont C 1st gu g Os_____ 1937 J J
120i2 July'15
120 121
88l2 June'16
Registered.................. al917 M- S
8M2 881*
1937 J J
R egistered ..____
ISOU May’OO
73
0 72
921*
1st collateral gold 5s........ 1920 F A 72
72
721*
1937 J J 1043*____ 105'2 July'15
1st guar gold 5s
105U 10512
Registered_____ _____ 1920 F A
1937 J J
M - S 301* 31
29*4
3C<4 178 29
53*4
Will * S Fist gold 5s
193k J D 104' ___ 107U Junc'15
l"07'4 10714
IstA ref conv 5s...... ..........1959 M- S 30i2 33
497*
30
30i4 39 29
70*8 80
u r 13* vv deb ctfs “ A" ($100 par) Feb
72 May'15
70
72
3d 7s extended at 4 % ___ 1938 M N ----- 85
78
78
101.1 HI4 IOI4 Aug '15
Dcben etfs 'll" ($100 par)___ Feb
10ig 13*4
Boonv St L A S 1st 5s gu. 1951 F - A * ------ 80 100 Feb '13
85
Q Hi 8 I 1st ref c g 5s. 51952 J - J 82
82 Aug '15
82
88
Cent Br Ry 1st gu g 4s__ 1919 F - A ------ 00
85 Feb '15
85
85
b 1952 J - J
00
77'* Dec '13
897* Aug 'is
Hoo ting Val 1st eons g4H s 1999 J J ____ 89
SO*., 95
Leroy A C V A L 1st g 5 s.. 1920 J - J ------ 80 110 Mar’05
9714 Jan '14
Registered__
1999 J - Jj 10 841* 8712
85
Pac R of Mo 1st ext g 4 s.. 1938 F - A 85 Sale 841*
827*-----1
A
O
83'2
83i2
Col * II V 1st ext g 4 s.. 1918
8312 8512
J - J 92*2 90
971* J'ly '14
1955 F - A
90'2 June' 14
93 Sale 93
937* 14 93 IOH2
St L Ir M A S gen con g 5s 1931
93i2 Feb '15
Houston Belt <fc Term 1st 5s 1937 r - j
93
9312
102 J’ly '14
Gen con stamp gu g 5s___ 1931 A - O
91
90
9'!'* July'15
Illinois Central 1st gold 4s. 1951 j - j
9i)i* 971*
04
17 01
71
J - J 64 sale 6314
Registered...................... 1951 j - j
92
92
80‘k Oct '12
J - J
1st gold 3H s.................... .1951 { • I 81>2____ 81 July’ 15
78*4 83*8
52
52
5 51
50
53
Rlv A G Dlv 1st g 4 s ... 1933 M-N
09
82
j
S8'2 Feb '13
Registered............ ....... .1951 j
Verdi V 1A W 1st g 5s
1926 m - a ____ 89
921* Dec '13
80
827* 78'4 Dec '14
Extended 1st gold 3 H s.. .1951 A -O
110'2 11434
11014 1 12 June'15
Mob A Ohio new gold 0 s.. 1927 J D
Registered............ ....... 1951 A O
114 114
1st extension gold 6s___ A1927 Q J 102 106 114 Apr '15
1951 VI- S
80 J’ ly '65
02 . . .
General gold 4s................ 1938
72
75
72 Mar'15
.1951 VI- S
Registered
Montgom Dlv lstg 5s___ 1947 F - A
100 June’ 15
100 lOlh
8I34
82 * 10 81
Coll trust gold 4s............ 1952 A -O
87U
____ 90
95 D e c'13
9514 Sep '12
Registered.................... 19 >2 A - O
St L A Cairo guar g 4 s .__ 1931 J - J ------ 8012 87 Jail 'IS
87
87
7 S3
1st refunding 4s_______ 1955 M- N
83
83i2
S8'* Nashville Ch A St L 1st 5-J..1928 A - O 103 104 103*4 Aug '15
103*4 100*8
Purchased lines 3H s___ 1952 I - J ---- - 837* 82 Feb '14
Jasper Branch 1stg0s ...1 92 3 J - J
111 Jau *13
2 797* 80**
L N O A Tex gold 4 s.. . 1953 M- N 80 Sale 80
80
McM M W A A1 1st fls. ..1917
•J
95*2 84 M a y'll
Registered________ . . .1953 M- N
T A P Branch 1st 0 s. ___ 1917 J J
113 J’l y '04
92*2 80 Apr '15
1950 J O
Cairo Bridge gold l a
80
89
Nat Rys of Mex pr lien 4H s. 1957 1 J
5934
1951
Litchfield Dlv 1it g 3s
77 Feb '13
70ij Juue'15
Louisv Dlv & Terra g 3 Hs .1053 1 J
70l2 7712 Nat of Mex prior lien 4 H s.. 1920 1 J
84
967* Feb M3
83 Aug ' 12
Registered.................... 1953 1 J
\
o
33 Aug '15
30
30
123 May'99
Middle Dlv reg 5s__
.1921 F A
40
N O Mob A Chic 1st ref 5s. 1960 J J
40 May'15
31U 41
083* 7.3 M ar'15
Omaha Div 1st gold 3 s.. .1951 t - A '
08
73
N O A N E prior Hen g 6s..pl915 A - O ____ 104
101 June'14
____
70
8t Louis Dlv «fe Term g 3s 1951 I - 1
75H Mar'12
New Orleans Term 1st 4s__ 1953
- J
70t2 M ay'13
Gold 3H s............ .
SO Apr '15
1951 1 - J . . . . 73
78
80
N Y Cen RR deb Os wh lss._ 1935 M-N 1641* Sale 1031,
104i4 90S 991* 10414
ion* o c t ’9!)
1951 r - i
Ref A Imp 4Hs " A ” ___ 2013
80*2 Sale 80i2
91
87
Bprlngf Dlv 1st g 3 H s ... 1951 j - j
N Y Central A II R g 3HS..1997
76>2 Sale 76'*
70>2 30
Western lines 1st g 4 s ... 1951 F - A 841*____ 85 July'15
85
88
Registered...... ............. 1997
J ------ 70
75l2 78'4
78'4 May'll)
Registered.. . .
1951
14 84
85
W- N 84i2 Sale 84
89
Bellov * Car 1st 0s_____ 1923 - D
17>2 May' lo
Registered.................. .1934 W- N
897* June* 14
9412 J’ ly '12
Carb A Shaw 1st gold Is. 1932 VI- 8
74
Lake Shoro coll g 3 Hs
1998 F A
7414 Aug '15
72
75
-D 104 105^4 IOOI2 Aug '15
Chic St L A N O gold 5s.. 1951
0fl«2 1097,
72 i2 72i4 July’ 15
Registered
1998 F A
71
72
1951 1 - D
Registered
77*4
77*4
1951 1 - D
90 Oct '09
Mloh Cent coll gold 3 H s . I99S
0 7 ’ 67
07
2 07
71
1951
-D
Registered
Registered ................. .1998 1
07 Aug '15
07
70
99
D
4 981* 1003*
Joint 1st ref 5s series A 1993
99
9912
o
O
1951
Meraph Dlv 1st g Is
80H Mar’ 15
801* 8OI2
Besch Creek 1st gu g 4s__ 1930 J
J 92i4
90 June'15
921* 96
1951 .
99 May’ ll
95>2 98 J’ly '08
Ht Louis .Sou 1st gu g 4 s. 1931 A - s
2d guar gold 5s
1936 J
I I I I 102>2
J
IT ..................
81
81
1950 - J
Ind III A Iowa 1st g 4s
851* Feb '15
831* 851*
J
98
A
N
1919
08
98
Int A Great Nor 1st g 0s
2 971* 100
-o
843* 90
84-3* July'15
James Erau A Clear 1st 4 s . 1959 -D
88
90'2
D
88 Oct '12
07
07
07
1 07
Kansas City Sou 1st gold 3s. 1950 V 0
69
Gouv A Oswe 1st gu g 5s. 1942 -D
k 0
......... ...
Registered
03 Oct '00
Moh A Mai 1st gu g 4s 1991 d - s
87 ___
S7i-i Sale 871.1
Ref A Irnpt 5 s.. _____ Apr 1950 . * J
8712 18 S714 92
N J June R guar 1st 4s 1980
- A
SO Jan '15
86
88
Kansas City Term 1st 4s _ 1990 - .1 83 2 St
8 U4
841,1
1 831] 93
N Y A Harlem g 3 H s___ 2000 f l - N ____ 84
85
85
90
95
Lake ICrle West 1st g 5s . 1937 - J
90 Aug T5
89*4 98*2
N Y A Northern lstg 5s.. 1927 - O 101
0U* Mar’ 15
01'2 1017*
19 11 - J ------ 79
2d gold 5a . . .
N Y A Pu 1st eons gu g Is. 1993
------ 88
88 June'15
88
88
100
98 M a r'll
North Ohio 1st guar g 5 s.. 1945 - 0
Nor A Mont 1st gu g 5s__ 1916
- o
9S Sale 98
J
Lab Vail N Y 1st gu g 4 H s . 1010
98
1 98 IOU2
Pine Creek reg guar 6s. . . . 1932 J D
13 Mav'ifi
13 113
J
1910
99 Aug '15
99 100**
R W A O con 1st ext 5s. .A 1922
101
01*4 103*4
Lehigh Vail (Pa) cons g 4s.. 2003 A N
87i2 87*4 July'15
87
87*1
Oswe A R 2d gu g 5s
«I915
A
00'* Mar'15
00'* 100'*
98 ____ 98!2 Aug '15
2003 1 -N
General eons 4 H s .
0714 09*4
R W A O T It 1st gu g 5s.. 1918 1 -N 100 ____
Oi 105’* 107
Leh V Verm Ity 1st gu g 5s.. 1941
08 Aug '15
05*4 108
Rutland 1st con g 4H s 1941 J
J
85
85
85
1 S5
85
Registered
______ 1911 ^ O
--- 11>g 1>ee ' 11
Og A L Cham Istgu 4s g 1948 J - J ____ 70
70 Feb '15 .
70
70
Leh Val Coal Co 1st gu g 5s. 1933 J - j 101*4____ 01 <2 Aug '15 . . . 101'2 I0P4
Rut-Canada 1st gu g 4s. 1949| J - J
92 Junc'09
- j 102 ___ 0j Out 13 _
nr, i,awr & Adir isc g .‘ja .-- 199b J - J ___ 100*4
01 Mar’ 15
01 101
1
1st Int reduced to 4s____ 1933
2d gold G a .................... 1996!A O
___ 102
10'2 Mar’ 12 .
* No price Friday: latest bid and asked this week. J Due Jao. If Due Feb.
4 Pur April
« Due V(hv
q Due June
0 Due 0*1
k Due July t Due Alia
V Due Nov. $ Option sale.

.

.

- - __
- .

.

_

- .
..

. ..

mmmm
.

*
-

__

------

-

__

---- - - - .. .. -

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

_
...

-

....
-. .
—
...

............
.... ----

................
-. .........
_
.
.
_
.
.........

. . -

__
—
___
__
__

__
—
—
....
....
__
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834
BONDS
N . Y. STOCK EXCHANGE
Week Ending Sept. 10.

New York Bond Record—GoaCiaued—Page 3
P ric e
F r id a y
S e p t. 10.

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

R ange
S in c e
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 10.

ST?

P r ic e
F r id a y
S e p t. 10.

[Vol. 101.
W e e k 's
R ange or
L a s t S a le

R ange
S in c e
Jan 1

B id
L o w H ig h
H ig h
Low
Pere Marquette (C o n .)
L ow
H ig h
B id
H ig h
A i k L oio
N Y Cen & II R R {.C on .)
96
90
96
96 Sep ’ 15
Flint & P M gold 6s . . . 1920 A -O
96
97
95 ____ 97 Feb ’ 15
Utica & Blk Rlv gu g 4s. . -1922 J - J
72
72 Sep ’ 15
65*2 72
1st consol gold 53---------1939 M -N
81% 82
8 U* 8414
82
82
Lake Shore gold 3 K 3........ 1997 J - D
65
68
A
O
68
July’
15
Pt
Huron
Dlv
lstg
5s.
.1939
82 ____ 82 Aug T5
81
82
Registered-----------------1997 J - D
Sag Tus & U 1st gu g 4 s .. 1931 F - A
90
9312
91
Debenture gold 4a-------1928 M- S 9078 Sale 00i2
30
55
J - J
65 May’ 14
Philippine
Ry
1
st
30-yr
a
f
4s
1937
90
Sale
88%
927
8
89i2
90
M-N
25-year gold 4s_______ 1931
Pitts Sh & L E 1st g 5s.........1940 A - O 103*2 106 108*2 May’ l l
9I78 June* 14
Registered________ 1931 M -N
113*4 N ov’ ll
1st consol gold 5s------------ 1943 J - J
Ka A & G R 1st gu C 5s. — 1938 J - J
92
91
95 %
Reading Co gen gold 4s------1997 J - J 91i8 Sale 91
107%
Apr
’
14
J -- JJ 10 3 1 2 - - Mahon C’ l RR 1st Ss........ 1934 .1
90*2 90*4 Aug ’ 15
90
93
Registered------------------- 1997 J - J 90
P ltts* L Erie 2cl g 53___«1928 A
A -O
-O lOUs 10412 103 Jan *15
*92
90*2 935*
90*2
92
A -O
Jersey
Central
coll
g
4s—
1951
130is
Jan
’09
J
J
Pitts McK * Y 1st gu 03--1032
- ■> H i
J
J
Atlantic
City
guar
Is
g
.
.
.
1951
12314 M ar’ 12
2<1 guaranteed Gs---------1934 JJ -- JJ ------- 110
* 60 % *73 "
St Jos & Gr Is! 1st g 4s.........1947 J - J ____ 61 ~60"% J’ly ‘ ’"l5
M cK ees* B V 1st g 6 3 .19 18 J
J -- JJ 101
105% 108*2
1023a 102i2 St Louis & San Fran gen 6s. 1931 J - J 107 107*8 106*8 Sep '15
IYI- S 102is Sale 102U 102i2
Michigan Central Gs....... 1931 M-.S
98*2
Sale
98*2 101*4
98*2
99*2
J
J
1931
General
gold
5s-------------103*2 May’ l l
Registered__________ 1931 Q-M
63 ____ 75 J’ly ’ 14
St L & S F RR cons g 4s_. 1996 J - J
98 Apt ’ 12
4s................................... 1940 J - J
44*2 46
35
61%
44l2 Sep ’ 15
M -N
General
15-20-year
5s.
.192/
87
Feb
*14
J
J
Registered________ 1940
32% 51
44l2
45
40*8 44*2
Trust Co certlfs of deposit..
90 June’ 08
J L A S 1st gold 3>$s__1951 M- S
------ 44
32*2 49
41*2
4H;
do
Stamped..
795a 81*4
7958 Aug ’ 15
1st gold 3 ^ 3 ................. 1952 M -N
93 D e c ’ 13
Southw Dlv l 3t g 5 s . ..1947 A -O
78U 83
20-year debenture 4s__ 1929 A - O 78% 8212 78k Aug ’ 15
66*2
66*2 67*2 60*2
63*2 71*2
Refunding gold 4s------- 1951 J - J
88
9334
88I4
N Y Chic A St L ls t g 4s. _ 1937 A - O 88% Sale 88I4
80% M ar’ ll
Registered---------------- 1951 J - J
92*4 J’ly ’ 14
Registered__________ 1937 A -O
62
6434 63
63
60%
71*2
Trust
Co
ctfs
of
deposit.,
73
___
70*2
June’
15
*76*2
"79*4
M
-N
Debenture 4s------------ 1931
60*2 Sale 60*2
59% 68
60l2
do
Stamped..
86
92*2
86i2 Sale 86i4
86i2
West Shore 1st 4s guar__ 23(51 J - J
105 110
K C Ft 3 & M cons g 6s .. 1928 M -N 10434 107 105 Sop ’ 15
857s 89*4
Registered__________ 2301 J - J 8614 86% 86I4 Sep ’ 15
66*4 Sep ’ 15
66I4 73*2
K C Ft S A M Ry ref g 4s. 1936 A - O 66*4 67
100 Mar’ 15
100 100
N Y C Lines eq tr 5 s.. 1915-22 M- N 100
95 M ar’ 14
K C A M R A B 1st gu 5s. 1929 A - O
9538____ 98 J’ ly ’ 14
Equip trust 4HS--1916-1925 J - J
69*2 Sale 69%
70*4
69% 80
94M May’15
94*2 95*4. St L S VV 1st g 4s bond c tfs.. 1989 M - N 62
N Y Connect lstgu4J^s A . .1953 F - A ____ 97
55
54 Aug ’ 15
54
60
2d g 4s Income bond ctfs.pl989 J - J 52
N Y N II & Hartford—
52
52
53
51% 6234
77 J’ ly T4
Consol gold 4s__________ 1932 J -D 100 ____
Non conv deben 4s______ 1947 M- S 78 . . .
98*2 Jan *14
J
D
70
63
63
MS
Gray’s
Pt
Ter
1st
gu
B
5
s..
1947
Feb
’
15
03
Non-conv deben 3H s____ 1947
66*8 Sale 66
66*8
05
80
G8
70
S A A A Pass 1st gu g 4s----- 1943 J - J 100%
70 Aug T5
70
64
Non-conv deben 3>$s____ 1954 A -O
Sale 100%
99*4 100%
100%
77 Aug T5
71
775s S F A N P 1st 8k fd g 5s.........WWM - J
Non-conv deben 4s______ 1955 J - J 77
75 D e e ’ 14
78*2 80
77
Seaboard
Air
Line
g
4s------1950
A
O
78
78
70
78
M
-N
Non-conv deben is........... 1956
78
83*2
Gold 4s stamped________ 1950 A - O ------ 78*2 7838 June’ 15
68
61*2 70
Conv debenture 3>$s_____ 1956 J - J (3712 Sale 67i2
11034
Registered_______________I960 A - O 60*2 Sale 60
101 112
Conv debenture 0s_______ 1918 J - J 110 Sale 110
5934 71 *4
605S
F
A
F
A
7G
___
Adjustment 5s-------------- 01949
Cons Ry non-conv 4s__ 1930
07
69*2 67
68
60
71%
Refunding 4 s .__________ 1959 A - O ____
9U2 Jan ’ 12
Non-conv deben 4s__ 1954 J - J
83
83 Aug ’ 15
81
83*4
Atl Blrm 30 yr 1st g 4s._el933 M
Non- pnv deben 4s____ 1955 i - J
84*s
85
82*2
85*4
M
ar’
15
J
Car Cent 1st con g 4s----- 1949
Non-conv deben 4s____ 1955 A -O '
993j
99% IOOI4
9934 100*4 9934
Fla Cent A Pen 1st g 5 s..19918 J
Non-conv deben 4s____ 1956 J - J
104 N o v ’ 12
J - J
1st
land
gr
ext
g
5s-----1930
M
-N
99U
Nov*
12
Harlem R-Pt Chcs 1st 4s. 1954
100% 101
101 July’ 15
991* June’ 12
Consol gold 5s............... 1943 J - J
B A N Y Air Line 1st 4 s .. 1955 F
- -A
100*2 102%
102% M ar’ 15
Ga A Ala Ry 1st con 5 s..01945 J - J
J
Cent New Eng 1st gu 4s. .1961 J
J - J
67
70% 79 May’ 15
100*2 102*4
101*4 July'15
J
J
Ga
Car
A
No
1st
gu
g
5s.
.1929
MS
Hartford St Ry 1st 4s__ 1930
99*4 101%
99*4
Aug
.15
J
J
Scab A Roa 1st 5s......... 1926
105 105*2
Housatonlc R con sg 5s___193/ M-N
M -N 102% - - - - 105i2 May’ 15
87 J’ly ’ 14
Southern Pacific C oNaugatuck UR 1st 4s____ 1954 M
— -N
15
79% 86*4
80
80*2
J
D
Gold
4s
(Cent
Pac
coll)-*1949
A
-O
* A u g’ 13
N Y Prov A Boston 4 s . 1942 - O
»9% . . .
90 Feb ’ 14
Registered___________*1949 J -D
77
66*2 78*2
NYW ’chesAB 1st ser I 4M s’46U - J 75
77
79% 83%
Sale 80
80*4
Aug ’09
20 year conv 4s------------ 01929 M- S 80
N II A Derby cons cy 5s. _ 1918 M- N
95*4 101%
99*2 Sale 98%
99*2
20 year conv 5s_________ 1934 J - D
Boston Terminal 1st 4s___1939J A - O
8358 90
84*4
Sale
83%
8433
F
A
Cent Pac 1st ref gu g 4 s.. 1949
New England cons 5s____1945 J - J
80*2 80%
86*2 M ar'15
Registered_____________1949 F - A
991* M ar’ 12
Consol 4s_____________ 1945 J - J
84% 89
- - - 84*2 84*4 Aug *15
Mort guar gold 3Ms__ftl92D J - D
50 Apr ’ 15
55
58*2
Providence Secur deb 4s.. 1957 M -N
84*4 87
.
.
.
82*2
84*4
June’
15
A
O
Through St L 1st gu 4s. 1951
9978 Dec ’ l l
Prov A Springfield 1st 53.1922 J - J
102 102*2
M ar’ 15
G H A S A M A P 1st 5S..1931 M-N 100 10 1 102
8358 Fob ’ 14
Providence Term 1st 4 s..1956 M- S
10234 Apr ’ 14
Gila V G A N 1st gu g 5S.. 1924 M-N
W A Con East 1st 4 Ms. ._ 1943 J - J
100 103
99*8 100 100 July’ 15
74*2 825a
Hons E A VV T 1st g 5s- — 1933 M-N
73
77
74U Aug ’ 15
N Y O A W ref 1st g 4s___ 01992 M- S
99*8 99*a
98*2 101
99*8 June’ 15
9212 June’ 12
1st guar 5s red........ — 1933 M-N 10233
Registered $5,000 only. .01992 M- 8 1 --------- - Sale
1025a
107
102%
10234
J
J
H A T C lstg 5s lnt g u ... 1937
70 June’ 15
75*2 80
General 4s.....................
1955 J -D ------ <5
94
93
95*2
93*2____ 94
Gen gold 4s Int guar— 1921 A - O 108
94 June’ 14
Norfolk Sou 1st A ref A 5s._1901 F - A ------ 83
1 1 1 108 M ar’ 14
M
-N
102
Waco
A
N
V
V
div
1st
g
6s
1930
July’
15
101
10
1
Norf A Sou 1st gold 5s........ 1941 M -N
90 100
100
102
%
100
103
100
June’
15
J
J
A A N W 1st gu g 5s..........1941
115 118
Norf A West gen gold 6s . . . 1931 M - A 114 117 2 115 Aug ’ 15
109 June’ 14
Louisiana West 1st 6s----- 1921 J - J ____ 106
119 119
Improvement A ext g 6 s..1934 F - A 115*4 117*2 119 Feb '15
102 104%
104% July’ 15
A
O
119
Apr
*15
119
Morgan’s
La
A
T
1st
7
s..
1918
119
New River 1st gold 6s___ 1932 A -O *114 - - - . . . 100
J’ ly ’ 14
8034 94
1st gold 6s. .......... ......... 1920 J - J 10334 ____ 106*4
8734
N A VV Ry 1 st cons g 4 s.. 1996 A -O
87*2 Sale 87%
112 Feb '0 7
94 May’ ll
No of Cal guar g 5s.......... 1938 A -O 100 100*4 100
Registered........ ............ 1996 A - O ------------11 99*4 101*2
100
J
J
Ore A Cal 1st guar g 5s— 1927
85*2 88*2
Dlv’l 1st lien A gong 4s. 1944 J - J 85
86*4 85% Sep ’ 15
106*2____ 101*2 N ov’ 13
9S78 110*4
109*2 110*1
So Pac of Cal—Gu g 5s— 1937 M- N
10-25-year conv 4s____ 1932 J -D
86 ___ 91*2 Sep ’ 12
J - J
107
Aug
T5
9934
107
So
Pac
Coast
1st
gu
4s
g
.
.
1937
10-20-year conv 4s.........1932 M- S
47 77% 82%
795s Sale 79%
80
110i2
San Fran Terml 1st 4 s.._ 1950 A - O
10 1 110*2
10-25-year conv 4
__ 1938 M- S 108% 110% 109*2
96 Apr ’ 14
8G34
Tex A N O con gold 5s— 1913 J - J
86*4 90*4
Pocah C A C Joint 4s__ 1941 J - D 86% 89% 8634
84 % Sale 8334
8412
83% 89
J - J
10534
Jan
’
13
So
Pac
RR
1st
ref
4s.........
1955
C C A T 1st guar gold 5s.. 1922 I - J 100% - - - 97
97*2 97
9734
97 101
Southern— 1st '’ons g 5s------ 1994 J - J
86*2 91
Sclo V A N E 1st gu g 4s. _ 1989 M- N 85
87% 8<>*2 Sep ’ 15
98 June’ 15
98
98
Registered.....................1994 J - J
89i2
88*4 93*8
Nor Pacific prior lien « 4 s.. . 1997 Q - J
89 Sale 89
6 U2 Sale 60*2
6134
A
O
58% 69
Develop
A
gen
4s
Ser
A
..
I960
8834
92
893
a
Aug
’
15
1997 Q - J - - •- - - - Registered...............
61
05
71 June’ 15
71
76
62%
62
66
Mob A Ohio coll tr g 4s— 1938 M- S 98*2 99
General lien gold 3s.........a2047 Q - F 62 Sale 62
9834 100
99*2 July’ 15
Mem Dlv lstg 4 M 5s------ 1996 J - J
Registered___________ a2047 <i - F - - - - - - - - 63*2 Juue’ 15
61*2 63*2
84% 81 July’ 15
J
J
80%
83%
9058
St Louis div 1st g 4s........ 1951
90% 9034
St Paul-Duluth Dlv g Is.. 1990 J - D 893* 90>s 905a
1003a Juno’ 14
100'2 Sep ’ 13
Ala Cen 1st g G s ............- *918 J - J ____ 98 104%
Dul Short Line 1st gu 5 s..1910 M- S
9934 May’ 14
Ala Gt Sou 1st cons A 5 s.. 1943 J - D ____ 93
109*4 111*8
St P A N P gen gold 6s . . _ 1923 F - A 1093s 113 10958 Aug ’ 15
93
July’ 15
93
94%
J
J
115%
Aug
’
l
l
Atl
A
Char
A
L
1st
A
4MS1944
Registered certificates.. 1923 Q - A
83*g Apr ’ 15
83% 85%
Atl A Dauv lstg 4s........... 19 IS J - J ------ 81
102 ’ 102
St Paul A Duluth 1st 5s. .1931 F - F 1*02% I I I - 102 Feb ’ 15
75*2 Aug '15
75*2 75%
101 Aug ’ 15
100*4 10 1
2d 4s........ ..................... 19*8 J
2d 5s................
1917 A -O ____ 102
7238 . . .
7534 Dec '14
88 JuneT5
Atl A Yad 1st g guar 4 s ... 1949 A -O
88
88
1st consol gold 4s_____ 1968 J -D ____ 90
10038 J’ly ’ l l
81*2 Dec *13
Col A Greenv 1st Gs--------- 1916 J - J 102
Wash Cent 1st gold Is__ 1948 Q -M
102% May’ 15
102% 102%
1 10
110 113
E T Va A Ga Dlv g 5s----- 1930 J
Nor Pac Term Co 1st g 6s..1933 J - J 1 1 0 1 1 1 110
100 102 102 A u g’ 1 5 ----- 102 104%
8034 81
80*4
8C34
Con 1st gold 5s-------------1956 M- N
79*2 88
Oregon-Wash 1st A ref Is__ 1961 J - J
99
99
99
10 99
99
95 Aug ’ 15
E Ten reor Hen g 5s---------1938 M- S 97
94
98*4
Pacific Coast Co 1st g 5s__ 1946 J -D ____ 95
65
64% May’ 13
96 ____ 97 Aug ’ 15
Ga Midland 1st 3s............. 1946 A -O
90
98
Pennsylvania RR 1st g 4s__ 1923 M -N
100% 106% Aug T5
106 107
102*2 10234
Ga Pac Ry 1st g 6s........... 1922 J - J
102 103*8
Consol gold 5s...... ............ 1919 M- S
105*2 July’ 15
105% 105*2
96 Sale 90
90
96
98*2
Knox A Ohio 1st g 6a----- 1925 J
Consol gold 4s__________ 1943 M -N
105*2 N ov’ 12
100
Mob A Blr prior lien g 5s. 1945 J
99*8 10078
Convertible gold 3Ma__ ol915 J -D 100 10018 100
Mortgage gold 4s........... 1945 J - J ---------- 70 % 79 M a r'13
9634 98*4
967s
9678
Consol gold Is__________ 1948 M-N ____ 97
102 May’ 15
102 102%
10134 lOUg
Rich A Dan deb 5s stmpd-1927 A -O
1023i
Consol 4Ms - - - ........ ....... 1960 F - A 1023i Sale 102*2
73 Sep *12
Rich A Meek 1st g 43------ 1948 M N
97
98*.
97*4
General 4 Ms when Issued 1965 J - D 97is Sale 97'a
% ____ 100
100 10 1
100
91 ------ 91 May’ 15
So Car A Ga 1st g 5s........ 1919 M -N 100
9358 94
Allcg Val gen guar g 4s__ 1942 M- S
10034 ____ 100*4 M ar’ 15
100*4 100*4
91 M ar’ ll
Virginia Mid ser C 6s------ 1916 M- S
D R RR AB ’go 1st gu 4s g 1936 F - A
103%
N
ov’
12
M
Series
D 4-5s----------- 1921
99*8 J’ly ’ 13
Phlla Balt A W 1st g 4 s.. 1943 M- N 95% 98
•S
102 Deo *13
102 Jan '03
Series
E 5s-------------1920
Sodus Bay A Sou 1st g 5s.2924 J - J
M ar’ 13
Series
F 5s.... .......... 1931 M- S 102 % ____ 101 Aug
Sunbury A Lewis 1st g 4s. 1936 J - J
’ 15
102 103*2
General 5s____________ 1936 M -N 100 101 102*2
98% 99
U N J RR A Can gen 4 s..1944 M - S 98*4____ 99 A u g ’ 15
100 Aug *15
98% 101
Va A So’w’n 1st gu 5 s..2003 J
Pennsylvania Co—
80*4 8U4 84 Aug T5
81% 84
A -O
102*2
Aug
T5
100*4
101*2
1st
cons
50-year
5s.
.1953
993i
102*2
Guar 1st gold 4M3_______l 921 J ' J
92
June’
13
F
W O A VV 1st cy gu Is----- 1924
99*8____ 100 July’ 15
99*2 100
Registered.... ............... .1921 J - J
______
93
96*2 June’ 14
84*2 Apr ’ 14
Spokane Internat 1st g 5s— 1955 J
Guar 3Ms coll trust reg A . 1937 M- S
93
95 % 91% July’ 15
94 % 99*2
Ter A of St L 1st g 4M s----- 1939 A -O
86
84
86 July’ 15
Guar 3Ms coll trust ser B.1941 F - A
99 109*2 101 Aug ’ 15
100% 102
99*8
1st con gold 5s— 1891-1944 F
993a Aug '15
99*2 100
99
Trust Co ctfs gu g 3Ms__ 1916 M- N
______
80
8034 Aug ’ 15
80% 84
83
83
____ 857a 83 Feb ’ 15
Gen refund s f g 4s_______ 1953 J
Guar 3Ma trust ctfs C___ 1942 J
100 M a r'15
100 100
80 ____ 81 Aug ’ 15
St L M Bridge Ter gu g 5s 1930 A -O
81
81
Guar3 M3 trust ctfs I )___ 1944 J - D
92
93
93
93
92
96
89*3
89*2
89*2 94*2 Tex A Pac 1st gold 5s--------- 2000 J - D ____ 32
Guar 15-25-year gold 4 s.. 1931 A -O ____ 92*2
32*2 Aug ’ 15
29
36 %
92% May’ 14
2d gold Inc 5s.............
02000 Ma
40 year guar 4s ctfs Ser E . 1952 M- N
____
90
95
May’
l
l
J
*84’
‘
I"
La
Div
B
L
1st
g
5s...........
1931
93*2 Apr '14
Cln Leb A Nor gu 4s g __ 1942 M- N
95 106*2 N ov’04
9734 9734
VV Min VVA N VV 1st gu 5s 1930 F - J ____
95 ------ 97*1 Aug '15
Cl A Mar 1st gu g 4M3__ 1935 M - N
9934100
99*4 Aug *15
99*4 103
Tol A O C lstg 5s................. 1935 J Cl A P gen gu g 4Msser A . 1942 J - J 100*8 ------ 1013s N ov’ 13
____
98 101 Aug *13
A
-O
109*4
J’ly
’09
Western Dlv lstg 5s--------1935
Series B........ ................. 1942 A - O 100*8 - - ______
98*2 101*2 Apr *14
General gold 5 s.................. 1935 J
91*4 Feb ’ 12
Int reduced to 3 M s.. 194? A -O
86 M ar’ 15
86
86 %
Kan A M 1st gu g Is......... 1990 A -O
90's Oct ’ 12
Series C 3M8................. 1948 M-N
93 Aug’ l >
92
96
8334 8334
83*4 June'15
2d 20-year 5s---------------1927 J Series I> 3><js_________ 1950 F - A
62%
63
63
02*2 68
86*4 May’ 14
Tol P A W 1st gold 4s........... 1917 J Erie A Pitts gu g 3Ms B..1940 J - J
73
72% Aug ’ 15
72% 78
90*8 J’ ly *12
Tol St L A VV pr lien g 3 Ha. 1925 J Scries C ...................... ..1940 J - J
45
44
05
42*2 53 %
50-year gold 4 s . . . ............. 1950 A 95 July’ l,
99
Gr R A I ex Istgu g 4M3..194I J - J 94
43 June’ 14
93 May’ l l
Coll tr 4s g Ser A_______ 1917 F - A
Ohio Connect 1st gu 4 s . .. 1043 M- S 93 . . .
J
D
82%
M
ar’
15
82*2 87 %
109
May’
ll)
Tor
Ham
A
Buff
1st
g
4s
.
.
h
1946
102*4------Pitts Y A Ash 1st cons 5s 1927 M- N
1005a Aug '15
98*2 101
9634 97*2 Ulster A Del 1st con g 6s .. 1928 J - D
96*4 Aug ’ 15
Tol W V A O gu 4Ma A .. 1031 J - J ____ 98
74
74
74 M ar’ 15
1st rerund g 4s........ .......... 1952 A 98*4 June’ 15
Series B 4 M s............... 1933 J - J
98*4 98*4
93 Sale 92%
93
92*2 97 %
93*2 J’ly ’ 14
Union Pacific 1st g 4s--------- 1947 J Series C 4s.......... ......... 1942 M- S
93
95*2
95*2 May’ 15
Registered____________ 1947 J P C C A St L gu 4Ms A .. 1940 A - O 98*2 10034 98*4 Aug ’ 15 s 2 98 101*2
89% Sale 89 *i
89 %
88
91*4
20-year conv 4s_________ 1927 J 9738 10 U2
98*2 10034 98 Aug ’ 15
Series B gu ar_________ 1912 A -O
84% Sale 84 %
84 % 92 %
85
1st A ref Is____________ 02008 MSeries C guar............... .1942 M- N 98*2------ 97*4 July’ l5
97*4 101*2
87 Sale 87
87
87
91*2
92% ____ 92*8 92*8
Ore RR A Nav con g 4s__ 1946 J 92*8 9331
Series D 4s guar______ 1945 M- N
108 Sale 108
108
107*2 109*2
9034 ------ 00>8 July’ '
Ore Short Line 1st g 6s__ 1922 F 90
915s
Series E 3 Ms guar gold. 1949 F -A
100 102*2 102%
102%
102*2 106
9234 ____ 95*4 Jan ’ 14
1 st consol g 5s________ 1946 J '•erles F guar 4s gold__ 1953 f - D
87% 88% 88
88*.,
87*2 91%
92*2 9334
92% ------ 923a Aug '15
Guar refund 4s.............1929 J -D
Series G 4s guar_______1957 M- N
99*4 102 103% June’ 15
103% 103*8
Utah A Nor gold 5s____ 1926 J C St L A P 1st cons g 5s._ 1934 A - O 101 *2 ____ 106*2 May* 14
9238 99
1st extended 4s_____ 1933 J Peoria A Pekin Un 1st g 6s . . 1921 Q - F 1015a____ 1013s May’ 16 . . . I d ’ s 1013s
93 Apr *13
89 Feb ’ 14
Vandalla cons g 4s SerA__ 1955 F 2d gold 4M8...... ............. 519211M-N
92*4 May’ ll
Consol 4s Series B __________1957M
11*2 11*2
Pero Marquette—Ref 4s___ 1955 J - J I I I I "‘i o ’ 11*2 June’ 15 .
______
90
42 % 42*2
42% A u g’ 15
Vera Cruz A P 1st gu 4 Ms. .19341J 40 D e c ’ 13.
Refunding guar 4s______ 1955 J - J ____ 19
92 % 93
99 %
92
9 2% 10 I 92
72 72
Virginian 1st 5s Series A ___ 1062'M -N
72 ------ 72 Aug *15 1.
Chic A West Mich 5s........ 1921 J -D
* No price Friday; latest bid and asked. a Due Jan. b Due Feb. e Dae May. 0 Doe June, ft Due July. *Due Aug. 0 Due Oot. v Dae Nov. 1 Due Dee
Option sale.




New York Bond Record-Concluded—Page 4

n 1915.]

BONDS
If. Y . STOCK EXCHANGE
Week Ending Sept. 10.

It

P r ic e
F rid a y
S e p t. 10.
B id

W e e k ’s
R a n g e or
L a s t S a 'e

A ik L ow

M -N 100 Sale 100
ad gold 5a.......................... 1939 F - A ____ 0 U2 9173

Om I)Iv 1st g 3 M s........... 1941 A -O
Tol it Ch Dlv lat g 4a___ 1941 /VI- S
Wab Pitts Term 1st g 4s___ 195-1 J -D

2d gold 4s...................... __1954 J -D
F-A
F-A
A -O
J - J
A -O
Nov
A-O

Extea & Irapt gold 5s ___ 1930 F - A
RU 1st consol 4s______
1949 M- S

R klynQ C oA H 1st 5s. .1.1941
Stamped guar 4-53........ 1950
Kings County El lat g 4s. 1049
Stamped guar 4a. - - 1949
onlcago Ilya 1st 5s.............. 1927
Dot United 1st eons g 4J^s..l932
Havana Eleo consol g 6s___ 1952
Hud A Manbat 5s Ser A ___ 1957
Adjust Income 5a________1957
Interboro-Metrop coll 4HS.1956
Interboro Rapid Transit—

1 U2 102*2
. . . . 83
997g Sale 9934
100
101 102 101 Aug '15
____ 95
98 Apr '14
101 May'13
9S34 Sale 0858
0'J
____ 99
99*2 Sep '15
____80
79 Sep T5
78
SO 79 Sep ’ 15
73 Aug T5
7334 76
9413 95
95*s Aug ’ 15
9 3 % ____

A-O
J - J
J - J
J •J
M -N
J - J
F-A
F-A
P-A
F- A
J - J
F-A
J - J
J - J
J - J
IW- 8
J -D
F-A
F-A

H ig h

M- S
Union Elec Lt & P 1st g 5s. .1932 M- S

8978
65
12
15
11
12
10
99

8978
65
34
27
27
24*2
30
100

Utica Eleo Lt & P 1st g 5s. .1950 J - J 102*4____ 102*4 M a r'15
Utica Gas «fe Elec ref 5s__ . 1957 J - J
98 Aug T5
Westchester Ltg gold 5s__ .1950 J D 1 0 1 102 102 Sep ’ 15

Third Avo 1st ref 4s_____
1900
Adi Inc 5s........................olOOO
Third Avo Ry lat g 5s.......... 1937
Trl-CIty Ry A l.t 1st s f 5 s.. 1923
Income 6s__ __

“

1048

United Rys Inv .5s Pitts Iss.1926
United Rys St L 1st g 4s . 1934
St Louis Transit gu 5 s ... 1921
United lilts San Fr s f Is...1927
Va Ily A Pow lat A ref 6 s ... 1931

__ .
27
____
—
_ __ _

73
75
14
72
84 Jan 14
9934 -----____ 91
92 Apr ’ 14 ___
7U* Salo 70*2
71*2 11
26ia Sale 25*2
26*2 230
f - A
9 7 / 3 -----7433 29
7414 Salo 74
A -O
96*4
96*2 74
8 U3 Aug ’ 15 ___
85*4 Sep '15

102

71
71
63*2 May’ 15
593g Mar’ 15
•1734
48*8

13
73

Hudson Co d a s'lst g S s.-I'llllO
Kings Co El L A P g 5a___ 11937
Purchase money 6s_____ 1997
Convertible deb 0s............ 1925
E<1 El 111 llkn 1st con g 43.1939
Lae Gas T. of St L 1st g 53..«1919
Rof and ext 1st g 5s.......... 1934
Milwaukee das 1. 1st 4s___ 1027
Newark Con Oas g 5s.......... 1918
N Y O E L II A PgfSs.......... 19 IS
Ed El HI 1st cons g 5s___ 1995
N YAQ El L «fe P 1st con g 5s. 1930

Paelflo O A El Co Cal O A E
Corp unifying A ref 5s___ 1937 M- N
Pao Pow A Lt lat A ref 20-yr
F -A
atA Passaic O A El 5s___ 1919 M- S
P eopO asA O 1st con sg fls.. 1913 A -O
Refunding gold 5s............ 1947 M- S
M- S
C hO -L A Ckc 1st go g 51.1937 J - J
C onO C o ofChl Istgug 5811)3(1 J - D
VI- N
Mu Fuel Gas 1st gu g .5s._ 1947 M- N
Philadelphia Co con . 5a___ 1919 P - A
M- N
Stand Gas A El conv s f ns, ,192(1 J - D
Syracuse Lighting 1st g 5 s..1951 1 - I)
Syracuse Light A Power 6s 1954 r I
• No price

F r id a y ,

102-14
883*
____
HO'2
____
121 122
867s -----IOUI2 lulls
9934 ____
90 -----1033s-----102 Sale
8 134 Sale
107 109
101) 1G1
943g Sale

101
100

8

a D un Jan

Montana Power 1st 5s A~ 11043 J -

J

Mtge Bond (N Y) 4s ser 2__ . 1966 A J N Y Dock 50-yr 1st g 4s__ .1951 F Nlag Falls Pow 1st 5s____ .1932 J Ref & gen 0 s ________ 01932 A -

O
J
A
J
O

101*2
100*2
83*2
82*2
97*8

F- A

6534 79

Beth Steel 1st ext s t 5s___ 11926 J - J

70
7973
24*2 29*8

.1951 F - A
Corn Prod Ref s f g 5s____ .1931 M-N
.1934 M-N

96*4 98%
84% 91
85
91*4

86
78
68*3
4S*4
84
99*8
100

9-4*4
78
73*4
65%
86
99*8

Distil Sec Cor conv 1st g 5s. .1927 A - O
.1936 J -D
J -D
.1942 F - A
Dcbenturo 5s__________ .1952 M- 8
Gen’ l Motors 1st lien 6s__ .1915 A -O
111 Steel dob 4
_________ .1910 A -O
Indiana Steel 1st 5s______ .1952 M-N
Int Paper Co 1st con g 6s. .1918 F - A
Consol conv s f g 5s____ .1935 J - J
Int St Pump 1st s f 53........ .1929 M- S

100

78
75
105*2
9434

82%
82
107
97*4

65
63*2
59%
40
88

70*8
03*2
59%
65%
89*2

104*2

101*4 103*2
102% 104%
113 115
115
87*2
100*4
97
90
103
101*4
81
106*4
99*4

121
83
101*2
101
91%
L03%
103*2
85%
107
101

91

95
91
9934
L15
101*2

99*2 Aug ’ 15 ___
95 Feb *15

99*2 100
95
95

92 July’ 15
100 M a r 'll
861* lun*»'12

88*2 95

d D u e A p r il.

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

I 1930,J -

J

.1921 J - J
.1931 A -O
Repub I <k S 10-30-yr 5s s f. .1940 A - O

100*2 Sale
93
9314
100*8 100%
831., 933,
103 103-34
83
85
105;}4 Sale

109*2 100*2
93
93
100*8
100*8
91% Aug T5
103
103%

H ig h

97% 101
96
98
101

105%
i06
100 July’15
93*2 June’ 15
119*2 Aug ’15
121% M ay'14
____ 94% 97 Apr '15
98 June’ 14
61
64
60-34
61
102 _
10134 sale 1 0 1%
10 1%
99% Sale 99*4
100
99*4 Sale 99%
9934
97% Jan '15
96% ____ 96% July’ 15
93*4 9 4% 94% Aug ’ 15
1003* iooi2 100%
100%
0434
04 Sale 64
101*2 Sale 99%
101%
87*2 J’ly '14
76
78% 76
76
101*2 Sale 101%
102
100*8
100
100
S078
86*2 Sale 86%
101*4 102 101%'
101%
100 ____ 100 Oct '13
9978 Sale 9978 100
79
80
79 A u g ’ 15
62
62 Sale 62
GO 62
G2
63
94-34 95
95
95%
8434 Sale 83
85
123*2____ 123 Aug ’ 15
101% Sale 101%
102
120 Sale 120
120%
99% Sale 99%
100
105 106*2 105 Sep ’ 15
104 106 104 Sep '15
92U 94%
83*2____ 83 June'15
98
98%
10U* Sale 101%
102

U 8 Realty* r conv deb k 5 s 1921 J - J
U S Red & Rofg 1st g 6s__ .1931 j
i
U 8 Rubber 10-yr coll tr 6s. .1918 J - D
(J S Steel Corp— /c o u p ___ CI1963 M-N
8 f 10-60-yr 5s\reg_____41963 M-N
Va-Car Chem 1st 15-yr 5s. .1923 J - D

97*2 98
97*2 Aug ’ 15
90*4 91% 91%
91%
94
94%
9-4*2 95

70
73
------ 26*2
10278 Sale
102 8ale
102% Sale
95 Sale

10 2 ”

102%
98
103

Conv s f 5s (Iss of 1915) .1931
115 Sale 114
10-year coll tr notes 5s__ .1917 A - O 10034 10 1 101
Coal & Iron
75
91
75

.1935 J -D
Continental Coal 1st g 5 s._ 1952 F - A ____
____
Pocah Con Collier 1st s f 5s .1957 J - J
St L Rock M t * P 1st 5 s ... .1955 J - J
Tenn Coal gen 5s_________ .1951
Blrm Dlv 1st consol 6 s.. .1917
Tenn Dlv 1st g 6s_____ al917
1922
.1953
Va Iron Coal&Coke 1st g 5s 1949
Tclogranli & Tcloniiono

J J AJ J M-

J

.1
O
D
J
8

87
117%
111

75”

8834 92%

71
100

75
10 1

9234 95%
86% 90
86% 89%
1 1 103 130
1
2
1

9934
92
9978
91*8
3 100%

102%
9334
100*2
94%
103*4

15 103% 107
93*2 93*2
115 121%
'

97

98%

8
20
212
103

40
17
169

98% 103
85% 102%
9734 9734
9434 97*4
92
95%
46*4 6734
84 103

i 74
79
59 101*2 105
2 100 101%
3 827g 88
34 09 101%
7
26
28
13
368

9934 101*2
78*4 82
38
65%

65
121*4
6 99*2
8 119
13 95%
95%
95

25
1
28
5
39

83
95
90

8534
124%
102%
124
102
110
110
85 *
9978
103

95% 98*4
90
93
90*2 9534
97*2 102
75
80

70 Aug *15
06
76
26 Aug *15
20
30
102*2
1027S 27 101% 103%
101*2
102% 327 9978 102%
2 99*4 10234
101%
102%
95
9534 41 H9
97%

Westtnghouse E & M s f5s. 11931 J - J 105*3 Sale 105%

Debenture 5s.................. 01928 M- 8
Col F & r Co gen s f g 5 s.. . .1943 F - A

16

93
95
119*2 122

The Texas Co conv deb 6s. .1931 J - J 10134 Sale 10 1

88*2
9934
2 110
9973

--

1st con5s Scries A _____ .1950
Liggett & Myers Tobac 7s. . 1944
5 S -----------------------------Lorillard Co (P) 7s_______ .1944
5 s.________ ___________
Mexican Petrol Ltd con 6s A 1921
.1921

94 July'15
86% May’ 15

J - J 112% Sale 1 1 2 % 114*2
F - A ------ 88
92% Feb *14
J - J
103% Jan *14

A -O
F- A
Q- F
M -N
VI- S
A- O
Am ^melt Securities s f 6s. 11926 F - A
M- S
Am Thread 1st coll tr 4 s ... .1919 J - J
Am Tobacco 40-year g 6s.. .1944 A - O
A- O

7314 79*2

Low

] 70
80
27 118 150
37 90*2 93
84
86

75
75
126
127
91%
92
86 Aug T5

90
91*3 90 “
90*2
87*4 90
83 Apr '14
937g ____ 100 J’ly ’ M
72
75
72 Aug T5
9934101% 100 Sep '15
104 ____

Ray Cons Cop 1st conv 6s. .1921
Sierra & 8 F Power 1st 5s. .1949
Wash Water Pow 1st 5s__ .1939
M anufacturing & Industrial
Am Ag Chem 1st c 5s____ .1928
Conv deben 5s_________ . 1924
Am Cot OH ext 4t£s______ P1915
Debenture 5s__________
Am Hide A L 1st s f g 6g.__ .1919

93%
99%
79
79
73
92-34

No

H ig h

R ange
S in c e
Jan. 1

Bldgs 5s guar tax ex___ .I960 A - O ____ 84
84 Aug T5
83
114
3^ 111
Chile Copper I0-yearconv7s 1923 M -N 11334 Sale 113*4
GranbyCoosMS&P coin 6s A *28 M-IS 100 104i2 104 A u g '15
98
221
140 Sale
31
140 142 141
143
74 Sale
385
74% Sale 71*2
462 33%
75

84
87
85*2

____ 101*8
IOU3
i 101 103
____ 100*2 July’ 15 ___ 9973 100*2

9934 ____
____ 9534
____ 91
____ 9473
98 ------

Sale
Sale
Sale
88*2

84
81
83

97
97
32 109% 118*2
99*2 101

95

91 Feb '15
99i2 ----- 993i July’ 15
1 14 Sale 111
114
100U 100% 1003s Sep T5

latost bill an 1 nikod.




94%

75
126
91%
87

Ontario Power N F 1st 5s * 1943 F - A ------ 94
Ontario Transmission 5s__ . 1945 M -N ------ 90*2

2 103

10134 July’ 15
92 Mar’ ll
104 June’ 15 ___
__
114 Aug '15
122% Dec *12
2
mi
12 1
87*2 Aug '15 . . . .
101*8 Sep ’ 15 ___
99 Sep ’ 15 . . —
9012
001,
5
1031a Aug '15
102
402
4
81*2
8134
4!
107 July'15
100
100
1

A sk L o w

99*4____ 101*2 June’ L
99*2____ 97*2 June’ 15

92
0534

102i4 12 10l*t 103
Detroit Edison 1st coll tr 5s. 1933 J - J 102 Sale 102
10012 May’ 15 ____ 100*2 100*2
Eq O L N Y 1st cons g 5s.. . 1932jM - » ------ -- _
IOOI4
____
102
110*2

Bush Terminal 1st 4s___

N ov ’12

Gai and Eloctrlc Light
J -D
103*2
Bklyn Un Gas 1st cons g 5s. 1945 M-Ni 10312 Salo 103*2
A- O
61 June’ 13
97 Feb '15
Columbus Oas 1st gold 5 s ... 1032 J - J
116
Consol Gas conv deb6s ...1 92 0 Q - F 11534 Sale ll5*i
Dotrolt City Gas gold 5 s ... 1923 J - J 101 103 101 Aug T5

M -N
A -O
A -O
A O
M- S
M- S
J - J
Q- F
A-O
M -N
J -D
J -D
F-A
J - J
F- A
M -N

-D
.1952 A -O
3

B id

92
49

__ - 97*2 101
94 Aug '15
94
09
101 Apr '14
80 M ar’ 14 ___
l0i*a Aug '15 ___ 101*8 101*8
92% Fo*> ’ 15 — 92% 02%

78 Feb 15 ___
68*8
68*3
3
40
40i4 38
86 Apr '15
99*3 Fob ’ 15 ____
92 M ar’ 14
100 May’ 15 ___
98 N ov’OS
103*2 Feb ’ 13
78*2 35
J - J 78*2 Sale 78
78*2 71
78% Sale 77*8
A -O
—
J - J IOU2 106
9534
95*4
A -O
J - J
____ 90
87*2 J’ly '14 ___

70
71
M-N
J J ____ 70
A-O
A - O 48 Salo
J - J ____ 85

55
60*4
72%
66
1
3S 9*2
3S 8*2
38 8
*4 1*2
78
I3
803s 82
91i2 9U?
54
7I>2
1007s 102*2
74*2 78*2
17*8 17*8
98*2 100

100*4 1033a
—
7934 85*j
113 98*3 100*2
—
100*4101

____

J - J 96*4 Salo
82
85
Manhat Ry (N Y) cons g 4s. 1990 A -O
Stamped tax-exempt.........1990 A -O ____ 85
Metropolitan Street Ry—
Bway A 7th Av lat o g 6a. 19 43 J -D ____ 98
Col A 9th Av 1st gu g 5 s._ 1993 M- S ____ 9812
M- S ____ 99
Met W S El (Ohio) lat g 4a . 1938 P - A ------ -------Mllw lOloo Ry A Lt cone g 5a 1920 F - A 10073 -----Refunding A exten 4K8..1931 J - J
J - D ____ 88
J - J 99*2-----Montreal Tramways 1st A ref
30-year 6s So.- A ................1941 J - J
New o n Ry * Lt gen 4 44a.. 1935 J - J . . . . 85
N Y Ilys 1st R E * ref 4s.. 1912 J - J
30-year adj Inc 5s............ a 1912 A -O
N Y State Rys 1st cons 4 44s. 1902 M- N
Portland Ry 1st A ref Ss___ 1935 M- N 9312 - - - F - A 82
Portland Oen Eleo 1st 53-1935 J - J ____10U*
M- N

■3s
§

W e e k 's
R ange or
L a s S a ls

P r ic e
F rid a y
S e p t . 10.

102*2
05*2

84 Apr ’ 15 ___
Winston-Salem S B 1st 4s...I96 0 1 - 3 ____ 83
82
10
J - J 8 178 Sale 817s
5
83
M-N ____ 82*2 83
s t r ..t Railway
Brooklyn Rapid Tran g 5...1945
lat refund conv gold 4 s...2002
8-year secured notes 53...1918
Hk City 1st con 6 s ..1910-1941

Is

BONDS
N. Y. 8TOCK EXCHANGE
Week Ending Sept. 10.

97
86

14
2

____ 8978
05 ____
12% Sale
11
1478

Eqult Trust Co ctfa........
Do stamped________
Oet & OH Ext 1st g f.3___ 1941 J - J

R ange
S in ce
Jan. 1

835

N o . Low

897g M ar’ 15 ___
65 Mar* 15
12
1 2 i4 1 1
15 Sep ’ 15 . . . .
23
11
11
11
13
12
1 2 l4 68
193
10% Sale 10
11
100 10 1 100 Aug T5 ___
80 Aug '12
57*2____ 00'4 July'15 ___
66% ____ 66*2 July'15 —
8
3
3
1% 3
$4 Sale
113
6
78
13s
% 1»2
h
1>4
34
1 % 76
*4 Aug '15 ___
-----%
____
la
8034 Aug T5 —
9 U 2 ____ 0112 Aug '15 ___
5
70 Sale 70
70
2
102 103 10212 102*2
14
74lj Sale 7-1*2
75
20 ------ 17% May’ 15 —
____ 96
9S*2 June’ 15 ___
____ 94
95*2 N o v '13
92 Apr ’ 15 ___
5234 ____ 53 Sep '15 —

1st Hen equip s fd g 5 a . 1921 M- S
1st lien 50-yr g term 4s__ 1954 J - J
1st ref and ext g 4a_........._1956 J - J
Cent Trust Co ctfs__

Wash Terml lat g'l 3H a___ 1915
1st 40-yr guar Is ............ 1945
West Maryland 1st g 4s___ 1952
West N Y * Pa lat g 6s........ 1037
Gen gold 4s.............. ..... 1943
Income 5g........................ d l943
Wheeling & L E 1st g ,5s___ 1926

H ig h

l 00i2
9173

B onds
S o ld

sept ,

105*8

12

H978 105*2

116% 516; 109% 11978
Sep '15
98% 101%

78*2 78
Sale 90
7078
73

June’ 15
91
M a r'14

10
10

"75
87

78%
92%

99* Feb '14
99
94%

85*2 8634 85% July’ 15
82 Apr '15
78
8U2 79*2 Aug ’ 15
100%
100*2 ion* 100%
101*2 101% 101% Sep ’ 15
101*2 10134 101% Sep ’ 15
____106
101 Dec ’ 14
____ 75
73 Apr *14
82
86*2 86%
86%

85% 88
75
82
75
82%
i 100 101%
997a 10134
100% 1017a
1 82

86%

96 Aug '15
Convertible 4s_________ .1936 M- S 92 100
101% 348
20-yr convertible 4H s__ .1933 M- S 101*4 Sale 100%
9978 99% May’ 15
Cent Dist Tel 1st 30-yr 5s. .1943 J - D 99

91*4 98%
96 103%
98% 99%

.2397 Q - J
Cumb T & T 1st * gen 5s.. .1937 J - J
1935 J - J

95

97

Sale

79
97

Apr '14
97

100*2 July’ 15
Mich State Telep 1st 5s. _. 1924 F - A 98% 100*4 98*2 Aug '15
N Y & N J Telephone 5s g. 1920 VI- N 100*2------ 101*2 June’ 15
Pac Tel & Tel 1st 5s_______ 1937 J - J
South Bell Tel * T 1st s f 5s 1941 J - J
Fd and real cst g 4 Ms__ I960 M -N
Northwest Te* eu 4 Ms C ..1 9 U

J - J

97%

97*4 99%
101% 101*2

9634
97*4

97
97%

13 94*4 9 8 °
i6; 96% 99

95 '| 91%

92%

4, 88% 933i

97 Sale
97*2 Sale
93

6
___

901* Mar* 15 ------» 90% 90%

• Hue M a y . a D uo Ju n o. t D u o J u l r . k D u o A u g . o D u e O o t. v D u e N o t .

i D u e D e o . i O p t io n

sale

BHARB PR1 C B S — N O T P E R C E N T U M
S ep t - 4

W ed n esd a y
S e p t. 8

T u esd a y
S e p t. 7

M onday
S e p t. 6

S a tu r d a y

T h u rsd a y
S e p t. 9

1
102141021.1 *10 1 1 0 U2! 102 102
98% ___ ___
*97*2 98 | 983.i 983.1 *98
183
83 *183 186 j 183 183
182 182
80
82 1 79% 803,
76*2 77 i 76% 80
130 Aug’ 15
■130
*130
25
2534j 25
25%
*24% 25
*2412 25
___ ___
232 232
233 233 *233 235
«
‘)
<)
10 Mar’ 15
50
55
L a st Sale J
Sep’ 15
9
9
*45
47
47
*44
___ ___
59% 160 160
0 1 % 101% 104% ___ ___
103*4 03% *101
61
Last Sale 155 Aug’ 15
*155
61 *155
Last Sale 65% Sep’ 15
65
*03
65
*64
■116
115 Aug’ 15
415
18
*84
86
*84
86
85 Aug’ 15
96
97
97
*96
96
7
8% 9
8% 9
7"
8%
7
42
44% 43
43
40
46
*38*2 40
6634 60% 60% 66% 09
07% 68%
66
92 Aug’ 15
91
*93*2
*141 141% *141 141% 141% 141%
*18
18
Sep’ "l5
*18
130% 130% *129% 12978 130 130
SO J’nc’ 15
*11312 115 *113% 115 *113% 115
___
...
65
65
04
03
64
64
82
*81
___ ..................
*81
84
81

102 U
98*2
___ i
7634
"25”
235

*
*41

50
9

_

*103
*155
*64
*115
*84
*96
*6
*3812
66

103>2
671.1
119
86
97
7's

115
♦63
*81

115
64
84

66
93*2
* 14012 41%
21
*18
*129l2 30

*61
*9514
*2%
*1514
*10914
114
12212
3812
92
★
•
13
29%
*934
*230
*171*2
*97
9012
867«

*

*2
*1012

*30
•128*2
159
*15*4
11934
33*2
*28
*1
134
49*2
30
74%
*11234
1lTl

62
01% 02
96
95% 96
21*> *2% 2%
15% *15%
1093.1 110% L10%
115 115
115
I2278 122% 12278
___
38%
923., 93
93
*02l> 033,
63
98
98
99
17% 16% 17%
32% 333,
33
10% *978 10%
232 232
232
171% *171 172
_
98
98
90%
90% 90
S7
88
87
176 *172% 176
*2
3
*10%.
*10%
*
40 *
40

62
9534

*61
95*2
*2
15*2
1093.1
115
122*2
38%
93
*00
*07'2
143.,
3U,
*9%
232
171*2
*
90
*86*2
*172%

15*2
110
15
1223.,
3912
93l2
6334
98*2
1434
32*2
10
232
173
98
90*2
87
3
40
<

131
159
16
120
3312
30
1»2
135
49*2
30
75
11314
IDs

*1*2 2*4
993.1
99
32% 33
*2*2 3
*533i 54
5178 531.1
8*2 812
37s 4
62*2 65
63
63
550 550
17
17
*45
4514
5334 54*2
3
3
12% 121.1
87«
83i
8 U2 8234
38*2 39
*17
18
*26
*5
5*2
48D 48l2
•89
90
251.1 26*2
*3% 33.,
*2% 3
13i2 131?
*5
534
*2
3
*10
11
*314 4
*27
271.1
2*2 21?
72
72<4
*14*2 143.,
9*4 93.,
9
912
*53i
6
29*2 30
* 1*2 2
*1
2
33.
♦3
*52
54
80
80
17
17
8 U2 8U
*221.1 221
*52
54
*2% 3
7*2 71
25% 251.
*6*2 7
27
27
2%
*21
*5212 53
*3*4 33.
.42
.40
40
40
463i 467)
37S 37)
*121.1 123
•663s 667)
*2*4 23.
*3
31
*63
61
13
*H2

Q
pj
0
3
1
Q
m

0
O
w
0

*30
130
158
1534
119
333.1
30
*1
132
49%
30
74%
*112%
11%

y
<

w
H
W
0

• Bid and asked prices,

*30
130 *
158 *158
1534 16
120
119%
34
34
30
30
112 *1
134
135
4934 49%
30
29%
75% 74
113 *U23i
11%
IDs

15%
no
115
122%
40
9234

L o to e st.

100 92% Feb 2.*
100 97 Jan 15
100 170 Mar 5
100 73 JunelO
100 109 Feb 26
100 20 Feb 13
1
100 225 Jan 5
1
10 Mar23
}
50 Jan 8
Do pref___ ___
9 Sep 1
ja ..
_____ 1 osion * vvorc Elec
39 Jan
1 Do pref............ .
101 157 Feb 13
10 1 ;hlc June Uy <fe U S Y — 10i
101% July 9
Do pref_______
35
10O 140 Feb 2
_____ l
1Of. 51 Feb 1
__ 1
100 114 Apr 20
_____ (
100 84 Aug 10
Do pref.
100 92 M.ir 4
10 .\
4 7s June 7
100
3,635 \
10c 33 July21
Do pref stumped____ lf>!
253
100 43 Feb 25
2,048 8
\
10" 90 Mar «
ion 140 Atlg 3
15 (
100
15 Marl 7
_____ r
inn 116% Jan 4
10 1
100 7934 Marl 1
Do pref.
100 105 Feb 9
1 %
5<> 61 May 15
91
50 80 July 1
10 Do pref.
102
3
42
1,005
_____ 1
289
13

4

Do

pref.

U
1

M iscellaneous

66
292

61% 62%
96
96%

Do pref
mer I’ ueiim
Do pref.

0*
10
5

1% M arl?

15%
110 %
115
123%
41
93

__ __

M ining

ft Iix-stock dividend,

e

Assessment paid.

A Ex-rlghts.

c

1.

H ig h e s t

R a n g e f o r P r e c io u s
Y e a r 1914.
L o w e s t.

101% Apr 21
88% Nov
07% J&u
lOOigJune -1
19.3 1 Jan 12 175 Nov
96 Jan 5
77 May
130 June 9 150 Dec
30% July
37 May 4
240 June2C 225 May
7 Mai
10 Mur24
5« Mar23
60 July
9 Sep 1 __________
35 July
47 JulylS
160 Sep 9 160 Mat
110 Apr 21 103 Dec
165 Jan 12 162 Nov
75 July
75 Jan 5
120 Feb 6 115% Dee
83 Jan
88 Mar 3
907g Jan
99% Aug 18
9 Apr
9 Sep 9
64 Deo
56 Jail 6
497, July
71 Apr 21
98 Apr 29 100 May
157 Apr 9 140 July
19 May
22 Juno 9
134 Apr 26 110% Nov
82 Apr
807s Feb 11
125 Apr 20 115 Jan
65 Nov
72%Jan 25
82 Dec
93% Feb 4

H ig h e s t .

iOu Jin;
101% le t
196 Jab
101% Julj
179 leb
56 Jan
265 Jaii
7% l ob
60 Jau
40 Jan
163 Jan
107 June
200 Jail
93 Jan
124 Ma
887* Apr
99 Ma>
14 Jan
66% Jan
777* Jan
112 Feb
165 Jan
30 Jan
163% Jan
.85 Jan
130 Feb
75 Jan
95 Ma,

47% Jan
69% M b?
04% Aug 30
89 Dec
98 June
98% Sop 9
4 Jan
2 Dec
3 Apr 14
22 Jan
17 Jan
l9%Jao 9
97% Mar 110% Jan
1 14 Apr 73
117 Aug,28 108 Mar 116 Dee
124% .1uno-17 112 Nov 124 Jan
15 M ai
14 Mar
44 Sep 10
72*4 Mar
94% Aug 14
67 Feb
57% Dec
67 Apr 23
l o l Feb 6
97*4 June 1001? June
9 Jau
5 Feb
17% Sep 7
13% May
16*4
33% Sep 8
14 •tli
0% Dec
13% \pr 5
260 Inn 22 234 N ov 265 " « i
178 Aug 20 137 Dec 150*2 1*M
98% N ov 102 Jae
104 Mur29
94*g i(e
76% Nov
94 Aug 5
85 N ov
92% Jan 28
200 Ian 4 200 Dec 216% Feb
3 Jau
2% May
3 Sep 10
38 Feb
12% Feb 8
18 July
70 fan
46% Jan 20
55 June
30 Jan
20 Apr 15
20 Apr
69 Jan
35 Apr 15
38 Dei
143 Jan 29 128 Nov 141 Feb
166 Junel4 148 Dec 169 Jan
20% July
lx%Jan 2
16 Jan
121 Aug 30 10U? N ov 107% Mat
31 May
35% Sep 10
27 Feb
29% Jan
27 Mar
30% Sep 8
2 Feb
1% Apr 21
95 Dec
111% May 3 arX13 Dec 173 Feb
61% June
65 May 24
52% Dec
30% July
30 Aug 31
28 Jan
67% Jan
777s Aug 17
4.8 Dec
113% Sep 9 103% Dec 112% Jan
14 Aug 3

47* Apr 22
2
Jan
1 Jan 22
1 Apr
94 July 26 103 Aug 27 239% Apr 300 Mat
28% May
26% Jan 6 40% Apr 22
19 July
1% Apr 22
1*4 J on
.45 Feb 10
l? Dec
43% Feb
34% Jan
35% Jan 5 58% Apr 26
2
Jan
12% Nov
10% Jan 4 60% July 14
9% Apr 22
6 %. M ai
21? Nov
3% Jan 4
4% Apr 22
4% •?b
1 Nov
•2 Jan 16
40% M y
24 Nov
35% Jan 4 80 June 4
78.% Apr 20
70% M •
5 1 % Fob 23
53 Dec
630 Apr 22 350 Dee 460 F e•
19 Feb
14 Jan
15 Jan 12 25 Apr 22
43% Feb
30% Dec
327* Jan 6 49% Apr 26
63% Apr 26
40% Feb
29 Dec
5% Apr 22
3 Feb
1% N ov
17, Jan 21
13 Jan
15% Apr 23
8 Dee
8% Jan 5
77g Apr
14% Apr 22
2 Nov
91 Feb
60 Dec
53 Jan 7 OH- Apr 27
42% Feb
21% Apr
23% Feb 1 44 Julyln
22 Fch
11 Dec
11 Jan 1» 24% Apr 29
30 Mat
28 July
26% Apr 0 29% Jan 19
6% Feb
10% Apr 22
3 Apr
2% Jan 21
50% June
52 Aug 17
44% Dec
91% Apr 27
81 June 89% June
24 Feb
16 Dec
17% Jan 11 3 1 Apr 26
6% July
5% Apr 20
37, Mar
3 Aug 3
4 % Feb
2% May
4*2 Apr 26
1% Aug 23
10'? Jan
4% Nov
18 Apr 22
6l2 Fob
9 Apr 23
3 lX . Dec
4 Jan
4% Apr 27
1% Dec
1 Marl 1
<61? May
17 Apr 22
2 Mat
3 Jan 1'
9 Jan
.8 Apr 22
.3% Jim
3 Aug 16
24% Feb
29 Apr 26
16% Dec
1% Feb
3 Aor 22
50 July
60 Mar 1
49% Dec
39 Apr
16% Jan 15 82 Apr 26
17
Apr
27
16%
Dec
10
Dec
11% Feb 24
17q Jqp
14% June 7
7% Jan
4% Feb 74
13% Aug 7
4 Juno
4 June
1 July 16
0% M nr‘29
8% Feb
J Jul
b% Allg 6
30% Feb
19% De
22% Jan 2a 387* Apr 26
4% Apr 23
2% Jan
95 Apr
1 J m 23% Apr 29
2 Jan
SO Mar 4
% \pr
7% Apr 22
3 Aug 10
R'At Feb
N o’
64 Feb
38% Mai -> 58% Apr 21
93U
Apr
22
84 Feb
64 Jan 2V
61 Dec
19% Aug 13
207* Jan
1234 Dec
12 Jan 7
95 Apr 22
OS Feb
517* Dec
50 Jan B
22% Apr
15% Jan 7 26% Apr 26
65 Apr 23
40 Feb
28 Jan
28 Dec
3% JunelO
2% Jan
1 M ar 17
1 Jan
7% Feb
11% Apr 26
4 Jan 16
4 Nnv
33 Anr 26
29% Feb
18 %Jan ‘
•8 Dec
__________7% July27
5*2 Aug 2'
32 Feb
4 1% Apr 26
22 Nnv
22% Jan t
2 % Jan
4% Apr 29
1 Mar :
1% Nev
43 Feb
24** Der
25 Jan < 58% Aug 18
fit? Jan
7% Apr 30
2% Nnv
2% Fob 11
63 Apr 14
.85 Ma»
2.3 Dec
20 Jan ?
43% Feb
24% Dec
20 Feb 25 49% JunelS
4.87* Feb
101; Apr
38 Jan 16 4.8% JunelO
5% JunelO
2% Feb
1% Nov
2 Jan 2
G t"b
10% June14
8% Jan
9% Feb 2f
VC l u r e
45% Nov
48*4 Jan 6 73 Apr 26
4% Apr 22
1 Feb 2(
1 Mar .2 % May
»'i l eb
5% May 1
I7* Dec
1% Jan 18
1
’ *1
30 Dec
32 Jan 6 70 Apr 26
2% Apr 23
1*4 J a n
30 June
60 Mar
Unstamped, x 2d paid, to Half paid.

Adventure f'on
____
Last Sale 2
2n
Aug’ 15
*98
99
25
90
98%
120 vhtneek new (wh lss)__
32% 32% 32
333.1 8,144 Alaska Gold
10
........ .....
2% 2%
2% 2%
2f
105 vlgomah Minina_______
52% 52% 521, 54
205 vllouez ___ _________ _ 25
523., 54
52
52^4 7,185 \mer Zinc, Lead A Smelt 25
5
8% 8%
8% 83,
697 \rlzonu Commercial.
10
3% 37,
3 % 334
600
66
673., 65% 67% 9,371 Butte A Sup Cop (L td )... i"
in
62
62% 63
03%
315
544 545 *510 545
25
27
*163., 17
25
*16% 17
220
5
*45% 45% 45
45
25
100
55
55*2 54
54*2 1,133
27g 27s *23.1 :i
20
125 D a l y * W e s t .....................
12% 12% 12
12 %
725 E a s t B u t t e C o p p e r M i n . 11
S3., 9
87,
87«
25
49.) F r a n k l i n . . ___ ___________
101
82
82% 82% 82%
310 G r a n b y C o n s o l i d a t e d ___
38% 38% 38
38
566 G r e o n e - C a n a t i e a ..................... 10'
103.1 10,3,1
2'
16% 16%
198 H a n c o c k C o n s o l i d a t e d . .
T I e d l e y G o l d _______________
U
L a st Sale 28% Aug’ 15
2r
I n d i a n a M i n i n g . ________ . . .
5
Sep’ 15
,
60 I s l a n d C r e e k C o a l _____ _ .
*48
48’4 47% 47%
j
*89
893., *89
Do
p r e f. .
.
89%
5
*25% 26%
2*
26
26
385 I s l e B o y a l e C o p p e r ________
5
*3% 334 *3% 33,
230 K e r r T a k e .................................
25
K e w e e n a w C o p p e r ______
1% Aug’ 15
13% 13% *13% 14
245 C a k e C o p p e r C o __________ _ 2 r
*5% 6
*5,8 6
25 I .u S a l l e C o p p e r __________ 2'
2
2
2
2
160 M a s o n V a l l e y M i n o s ___
10
10
10
10
665 M a s s C o n s o l . __________ 2*
25
Last Sale 37, Sep* 15 _____ M a v f l o w e r _________ . . . .
F
27% Sep’ 15
M i a m i C o p p e r _______________
*2% 2% *2% 2%
25
50 M I c h l R a n __________________
71
713, 71% 71%
25
265 M o h a w k .................. ..
..
5
*14% 1478 *14% 15
10 N e v a d a C o n s o l i d a t e d . .
93i O’,,
9% 97g
2*
600 N e w A r c a d i a n f'nntwr
8% 8%
310 N e w I d r l a Q u i c k s i l v e r . . . . 5
5?s 0
,*>
*53i 6
700 N l p l s s l i m M i n e s .....................
29
30
. 5
29% 29%
807 N o r t h B u t t e ...................
25
*1%
Da *1%
17s
63 N o r t h T a k e ________
25
1% Aug’ 15
O l l b w a y M i n i n a _____
*3
3% *3
3%
25
145 O l d C o l o n v ...................
53% 51
53% 54
311 O l d D o m i n i o n C o ___
25
SO
80
80% 80%
75 ' I s c e o l a ................................
25
17
18
17
17%
1,605 P o n d C r e e k C o a l .
If
80
SO
*80
82
86 Q u i n c y ...............................
. 25
22% 221
22% 22%
100 F la y C o n s o l i d a t e d C o p p e r If
51% 52
51% 51%
368 S t M a r y ' s M i n e r a l L a n d
25
23, 23
2% 2%
If
455 S a n t a F e G o l d A C o p p e r .
7% 71
*7
7%
325 S h a n n o n . . _______________ . 16
in
*25
251
25
25
300 S h a t t u o k - A r i z o n a __________
*0% 61
6% 61.
170 S o u t h T a k e ________ __________
*26
203,
*26
27
45 S u p e r i o r .
________ _________
25
*2% 2Sf
2% 2 'A
190 s u p e r i o r A B o s t o n C o p p e r 10
*52
53
53
53%
225 T a m a r a c k ___________________
334 33
3% 3%
110 T r i n i t y _______________________ . 26
* .50 .52
.45 ,5(
1,230 T u o l u m n e C o p p e r _____ . . 1
40
40% 40
40%
830 II 8 S m e l t . R e f i n A M i n . .. 66
4(>i i 467s 46% 463,
530
Do
p r e f __________________ . 60
33, 33.
3% 33
1,155 U t a h - A p e * M i n i n s ________ . 6
12% 121;
12% 121
275 U t a h C o n s o l i d a t e d ________ . 6
67% 071
105 U t a h C o p p e r C o ................... . 16
*2% 23
2% 2t
65 V i c t o r i a _______________________ . 25
*3
31
3
3
243 W i n o n a ________________________ . 25
57% 571
255 W o l v e r i n e ____ ________________ . 25
57% 571
15 W y a n d o t t ____ _______________ - 21
*1%
17S' *1%
13

Ex-dlvldend and rights,




623,
96%

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

___ ___
35
JO 100 Feb 2 '
109 109%
167
10» 109 Feb 5
115 115
Do pref.
156
10i
123 123%
853
I0O
390
41% 44
100 77 Feb 5
93
94
Do prof.
1,985
501.9 Jan ‘J0
64 Auc’ 15 _____ , moskeag M
*97% 99
98
98
195 Do pref.
10'
15
167s 15
4 Feb 24
16
7,924
313.1 33
101
Do prof.
31% 32
10,085
93.1 93i
10
*978 10%
50
8*4 July27
100 230 May 10
232 234% 236 239
312 I
172 1723, *170% 171%
10" I'tvi, Fob 26
30 (
100 96% Aug 25
97% 97% 97% 98
40
.100 78 Apr 8
90% 90% 90% 90%
256
100 85 May 24
Do pref.
___ ___
87
87
40
100 154 Feb 8
172 Sep’ 15
10
% Apr 20
2% 3
Telephone. .
*2
3
200
ion
10 June 4
J’ne’ 15
L a st Sale 10
36 Feb 23
.10 0
Do pref
Last Sale 40 July’ 15
.100
20 Apr 15
ew Km,' Cot
10" 23 July 1
Do pref.
10" xl27% Junel6
128% 128%
11
130 *126% 129
100 1 50 Feb 24
___ ___
153
160 *15934 161
10
___ ___
117
15*4 16
16
inn
120 120% list, 118*4
398
120
33% 35%
*35
36
624 rorrtmuon______________ 25
35
25 26 Mar25
Do p r e f _____
30
30% 30
39
30% *30
___
95 Jail 18
25
112
134 13434 1,331
1343, 136
10<> 1IO Feb 25
135
2*
493., 50
1,433
50% 49% 50
?5 28 M a r27
29% 30
30
30
214
Do pref
30
10^
75% 75% 76% 74% 76% 4.043
100 inoi, .Mn 27
113% 113% II.334
22
11 Allg 20
113.,
11
11% 11
11% 2,408
9 5

*1% 2
*1% 2
99
99
99
99
317S 32% 3178 32%
*2% 3
*2% 3
53
*53
53% 53
53^4 5234 54
53
83.1 87g
8% 8%
378 3%
378 3'g
67%
64% 65% 65
62% 62
62
62
545 545% 545 545
*16% 17
16% 17
*45% 453, *45% 45%
55
53% 533, 53
23,
*234 3
23.1
12% 12
12%
*12
834 8*4
8% 83,
82l.i 81% 82
82
39% 39% 38% 39
10% 17
16% 16%
*26
*26
53.1
*5
53.,
483,
49
*48
*48
*89
89% 89%
90
26
20
*25% 27
3
3 Vie.
3% 3%
*2% 3
*2% 3
14
14
*13%> 14
5 tg
5
*511
0
2% *2
*2
2%
10
10
101,
10
*3
3%
3% *3tl
271.1
*27
27% *27
*2ii
21? *2% 2 %
72
70
72
72
14% 14%
*14% 15
93.1 934
9’4 10
934
9
9
*9
5 % 53.1 *5% 578
29% 29% 29% 31
1%
11?
1%
1%
*13,
2
* 112
3%
*3
3
31.
54
53
*54
80
81
82
*80
17
17
171
17
82
82
*82
84
*22% 22% *22% 22K
513
53
51
51
*2% 23.
2% 23.
71? 7%
7% 7%
251
25
251 *25
63s 6%
*6% 7
27
*26
20
26
2% 2U
2% 2%
54
53
52% 523
3% 33.
*3% 33.
.55
*.45 .55 *.45
401
40% 40
40
47
47 1* 463, 467,
3% 33.
334 33.
*12% 123
12% 12%
667s
66
*67
67t
*2% 23 ! *2 % 23.
3
3
3
3
57
63% 64
£57
1
1 1 *1 % 2
a

62
90

STOCKS
BOSTON STOCK
EXCUANGB

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

P R IC E S .

1

*1013d
•98
•182
•76
*130
*2 1
*232

[V ol . 101

BOSTON STOCK EXCHANGE—Stock Record

836

Sept . 11 1915. |

THE CHRONICLE

Outside Exchanges—Record Transactions
Boston Bond Record.— Complete record of transactions
In bonds at Boston Stock Exchange Sept. 4 to Sept. 10,

837

Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchange from Sept. 4 to Sept. 10,
both inclusive, compiled from the official sales lists, is given
below. Prices for stocks are all dollars per share, not per
cent. For bonds the quotations are all per cent of par value.

both inclusive:
IFcet’s
1
W e e k 's
S a lesfo r
F r id a y
R a n g e.
W eek.
S a les. L o w .
H ig h . S h a res.

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

aU
R a n g e.
s - L ow .
H ig h

1.

Stocks.
Par.
Alliance Insurance____ 10
Amer Gas of N J .......... 100
126
126
S3,000 126
Sept 13544 July American Milling........ .10
87%
88
9,000
8644 Jan 8944 Apr American Railways___50
71%
7 2 % 101,500
Jan 73
May Baldwin Locomotive.. 100
60
06%
06%
Jan 9644 May
Preferred__________ 100
5,000 95
96
96
Jan 9744 Mar Cambria Steel............... 50
4,000 95
92
92
Jan Catawlssa 1st pref____ 50
10,000 91
Aug 94
74%
74%
Jan
Apr 76
2d preferred________ 50
1,000
70
100% 100% 13,000
9944 Jan 10144 Feb Elec Storage Battery.. 100
94
94
May 9844 Aug General Asphalt______ 100
3,000 94
96
96 % 33,000 9444 Feb 9644 May
Preferred__________ 100
Jan Hunt & Broad T op ........ 50
06%
06%
14,000 9444 Mar 97
Preferred___________ 5 0
Insurance Co of N A ___ 10
J G Brill C o__________ 100
Pittsburgh Stock Exchange.— The completo rocord of Keystone Telephone___ 50
Preferred___________ 50
transactions at the Pittsburgh Stock Exchange from Sopt. 4 Lake
Superior Corp___ 100
Navigation____ 50
to Sopt. 10, both inclusive, compilod from the official sales Lehigh
Lehigh Valley_________ 50
lists, is given bolow. Prices for stocks aro all dollars per Lehigh Val Transit.........50
Preferred_____ _____ 50
share, not per cent. For bonds the quotations aro per cont Little Schuylkill_______50
Mlnehlll A S II________50
of par value.
Northern Central_____ 50
Penn Salt M fg................ 50
Pennsylvania__________ 50
Pennsyl Steel, pref___ 100
W e e k 's
r
R a n g e s i n c e J a n . 1.
Phlladel Co (Pitts)____ 50
F r id a y
R ange.
Preferred (5 % )______50
S a les. L o w .
H ig h
.
Low .
H ig h .
Pref (cumulative 6% ) 50
Phlla Electric_______ 2 2 %
Stocks—
P a r.
American Sower Pipe.. 1(M) 17
17
17%
9 17
All" 2 4
Apr Phlla Rapid Transit___ 50
Voting trust rects___ 50
Am Wind Glass Mach. 100
20%
22
1544 July 2244 Sept Philadelphia
Traction..50
Preferred........ ......... 100
01%
01%
02
Sept Reading..........................
7544 May 95
50
Am Wind Glass, pref. .100 101
101
101
I *98
June 123
Jan
Caney ltlver G as......... 25
Tono-Belmont
Devel___ 1
25%
25 % 20 %
) 23
July 2 6 % Aug
Mining_______ 1
Columbia Gas & Elec. .100
14%
14%
14%
Jan
Aug Tonopah
844
1544
Union Traction............. 50
Crucible Steel com___ 100
80%
00%
1244 Feb 9044 Sept United Cos of N J ____ 100
Preferred________..100 105
103% 106%
75
Jan 10644 Sept
United Gas Impt.......... 50
Harb-Waik Itefrac com 100
60
60
45
Feb 60
Sept U
S Steel Corp________ 100
Preferred ..................loO
99
99
Jan
9744 Mar 99
Warwick Iron A S _____ 10
Independent Drew, pref.50
14%
14%
13)4 Aug 2 2 % Jan West
La Relic Iron Works.. .100 39
Jer A Sea Shore__ 50
39
40
27
Jan 46 44 Aug
Lone Star Gas________ 100 93
93
93
91
Mar 10844 Apr Win Cramp A Sons___ 100
Scrip—
Mfrs Light * Heat.........50 4 0 %
49
40%
46
May 50
Aug
Cambria Steel scrip.. 1916
Nat Fireproofing c o m ..50
8
7%
8%
444 Feb
844 Sept
Scrip
............ Feb 1917
Preferred.............. ..... so
23
2 1 % 21
16
Feb 25
Aug
Scrip..............May 1917
Ohio Fuel Oil.... ............ . 1
14%
14%
12
May
15%
Jan
Ohio Fuel Supply...........25
40
40%
May Phlla Co scrip............ 1916
3944 Aug 4 5
Scrip ..................... .1918
Oklahoma Natural Gas.100 6 6 %
66%
67
57
Feb
67
Aug
Ronds—
Peo Nat Gas A Plp’ge.25 21 %
31%
31%
39
July 3 1 % Sept
Am Gas A Elec 5s____2007
Plttsb. Rrewlng com__ 50
3
Feb
Apr
844
do
small.........2007
Pittsburgh Coal com .. 100 3 2 %
32%
34%
1044 Jan
38
Aug
Preferred_____________ 102
102 102
82%
Jan 10244 Aug Baldwin Locom 1st 5s 1940
Pittsburgh Plate Glass. 100
108 108
104
Apr 110
July El A Peoples tr ctfs 4s. 1945
Pure Oil common_______5 1 6 %
small_____ 1945
16%
17%
13 44 May
1744 Aug Interdo
State Rys coll 4s 1943
Repub Iron & Steel com 100
43
43
43
Sept 43
Sept
San Toy Mining________ 1
15c
14c. 15c.
8c. Apr 20c. June Keystone Teleph 1st 5s ’35
Superior Corp 5s 1924
Union Natural Gas___ 100
131
131
12844 Aug 133
Mar Lake
r
C A Nav cons 454s ’54
Union Switch A Signal..50 107 ”
106 107
92
Apr 107
Apr Leh
J
United States Glass__ 100
Lehigh
Valley—
13
13
13
Aug
18
Apr
1
U S Steel Corp com__ 100
Gen consol 4s_____ 2003
74%
74%
38
Feb 7744 Aug
Preferred...... ............ 100
113% 113%
10344 Feb 11344 Sept T Gen consol 4 % s ____2003
West Maryland Ry com 100
Leh
Val Coal 1st 5 s ... 1933
31
31
31
Sept 31
Sept Pennsylvania
,
ItR—
West'houso Air B rake..50 1 4 0 % 1 4 0 % 1 4 1 %
11644 Mar 142
Aug 1 Consol 4,54s_______
1960
Wcst’h’se El A Mfg.com.50
58
58
58
3244 Feb 6044 Aug
Ronds.
General 454s______ 1965
f
Columbia Gas A El 5s 1927
73%
73%
73%
$5,000 71
Mar 75
June -jPa A Md St cons 6 s.. 1925
Mlllv Etna & Sharps 5s ’23
Phil R A Wash lst4s. 1943
95 95
2,000
95
Sept 9644 Jan J
Pitts McK A Conn 5s. 1931
100 100
5,000
99?4 Apr 10044 June Phlla Co 1st 5s_____ 1949
Cons A coll tr 5 s ... 1951
Phil Elec tr ctfs 5s____1948
* Ex-dlvldend.
do
small_____ 1948
Trust ctfs 4s............. 1950
small......... 1950
Chicago Stock Exchange.— Complete rocord of transac PhlladoA Reading—
Terminal 5s regls.. . 1941
tlons at Chicago Stock Exchange from Sopt. 4 to Sopt. 10,
Reading gen 4s.......... 1997
both incl., compiled from the official sales lists, is as follows:
J-C collat 4s_______ 1951
Spanish Am Iron 6s . 1927
United Rys Invest 5s. 1926
W e e k 's
S a le s fo r
Welsbach Co 5s........ . 1930
R a n g e s in c e J a n . 1.
Alaska Gold Mines 6s .1925
Amer Tel & Tel 4s.-. 1929
Atl G i f f I SS L 5s 1959
72%
Gt Nor-C R A Q 4 s.. 1921
96 %
Mass Gas 4 % a ______ 1929
Do -i % s________ 19.'51
N E Cotton Yarn 5s. 1929
N E Telephone 5s__ 1932 1 00 %
Pond Creek Coal 6s. _1923
Swift & Co 5s_____ 1944 0 6 %
Western Tel & Tel 5s 1932 0 6 %

Stocks.
Par
American Can pref___ 100
American Radiator___ 100
Preferred____ _____ 100
Amer Shipbuilding___ 100
Booth Fisheries com. 100
Preferred............... 100
Cal A Chic Canal A 14.100
Chic Pneumatic T o o l.. 100
Chic Itys part ctf “ 2 " __
Chicago Title A Trust. 100
Commonwcalth-Edlson 100
Deero A Co., pref........ 100
Diamond Match.......... 100
Hart Shaft & Marx pref 100
Illinois Brick.............. 100
Kan City Ry A Lt pref 100
Do certificates______
National Carbon_____ 100
People's Gas L A Coke. 100
Pub Scr of No III, com .100
Quaker Oats Co............ 100
Preferred.................. 100
Rumely common........ _ 1 00
Sears-Rocbuck com__ 100
StcwartWarnSpeedcom 100
Swift * C o___________100
Union Carbide Co____ 100
Ward, Montg & Co, prof..
Ronds—
Arm our* Co 4H a...1939
Chicago City Ry 5 s.. 1927
Chic Pneu Tool 1st 5s. 1921
Chicago Rys 5s_____ 1927
Chic Rys 4s series "B ” __
Chicago Telephone 5s. 1923
Commonw-EdIson 5s. 1943
Metr W Side El 1st 4s. 1938
Leo Gas L A C ref g 5s 1947
WCh Gas L t* C 1st 5s 1937
Pub Serv Co 1st g 5s. .1956
Swift & Co 1st g 5 s ...1944

R a n g e.
L ow .
H ig h

1 5

350

95
113

115%

65

119

97 %
05%

100 %
72

100 %

90
96

350
135
39
39
79
4944
7544
1944
205
136
93
95
113
65
50
20
139
11544
8744
225
10 1
5
15344
65
11844
157
112

105
360
135
40%

39
79
51
7844
10%
206

137
94
96
113
65
50
20
142%

116
88%

250
105
5
156
66
12044
15744
1 12

18
10

25
32
10
50
300
529
40
37
26
69
157
106
5
10
50
305
196
265
797
322
20
377
948
1,009
32
4S

H ig h .

89
Jan 105
345
June 390
*13054 Feb 138
26
Apr 4 8 %
30
Feb 44
6 8 % Mar
81
4 0 % Sept
51
45%
Feb 0 3 %
1 7 % July
31%
204
Aug 213
1 3 2 % June HO!*
88
Jan 0 5 %
90
Mar 98
105
Jan 113
60
Feb 6 7 %
3 7 % May
52
20
Apr 3 0 %
110%
Jan 149
113
Mar 123 %
75
Jan 8 8 %
225
Sept 2 7 0
103
Apr *107
4
Apr
13
U31 % Mar 215
48%
Jan *7154
10-1% Jan 1 2 0 %
144%
Jan
60%
110% Jan 1114

9144 9144 S2.000 91
97 44 0 7 %
7,000 96
9544 9544 10,000
94
04%
04%
12,000
93
7044 7 1 %
9,000 70
100
100%
9,000 99)4
10044 10044 21,000 100
72
72 44 14.000 72
10044 10054
1,000
00%
101 % 10154
2,000 10054
89
90
6,000 8754
9554 90
16,000
9444

o Ex 60% atook dividend, * Ex-dlvldend,




W eek.
S h a r es.

Jan
June
Feb
June
Sept
Jan
Jan
Aug
Jan
June
Jan
Jan

S a lesfo r
W eek.
S h a res.

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

1.

H ig h .

H ig h .

L ow .

Ronds.

y

.

9244
99
98
97
7744
10 1
102
77
10144
102
91
9644

Sept
Jan
May
Aug
Aug
Aug
Sept
Aug
Jan
Mar
Aug
Aug
Jan
Sept
Juno
Feb
^Sept
Aug
Apr
Sept
May
May
Aug
Jan
Apr
Sep
Aug
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Feb
Mar
Apr
Apr

x

19 1 5 % Jan 17
17
17
July
110 l00
Jan 104
10 1 % 102
Feb
20
5
Apr
6 % Feb
644
644
75 2 4 % Aug 36
%
24%
24)
Jan
410 30
Feb 85
%
7944 81
July
106
78 90
Mar 106
10444 106
Sept
63
41
Feb 6 4 % Sept
53%
644 54,271
10 50 % Sept 54
-50.44 50 F
Jan
17 5 0 % Aug 52
July
5044 504
Sept
7044 77 5j 18,261 4 7 % Jan 78
10 2 4
33
33
Mar 3 6 % June
623 60
69
70
Mar 7 2 % June
15
- - 7
7
5
7
Sept
June
71
8 % Apr
14
1544
1 5 % Sept
107 21
•» 2254 23
Sept
Jan 23
216 29
45
46
July 50
Aug
14
15
1,725 13
16
Apr
Aug
168 61
;
65 % 67 44
Apr
Jan 69
11,721
S
0%
11%
5
13 % June
Apr
i
74 44 76 44 2.043 7 1 % May
77 >6 June
328 65
4 71% 72%
Jan 7 4 % Aug
1,822
1
17 44 1 8
13%
Jan
18
Sept
595 2 6 % Mar 34 % Sept
3344 3 4 %
4 52
5244 52 44
July 5 4 % Jan
20 5454 July 57% May
5544 55 44
94 82
82
82 54
Sept 86
Feb
80 80
;
94
95
Mar 96
Aug
3,059 5 1 % Feb 5 5 % Apr
1
5 4% 5544
1,378 4 0 % May
i
8144 85 %
90
July
510 2 0 % Mar 4 5 % Aug
*
44
44%
38 ,
10
38
3844
31
Mar 40
Aug
359 32
*
4244 4444
Mar 45
Aug
9,210 2354 Jan 25
24 % 25
Aug
3,000
4
1044 1054
7
May 1U* Mar
4,165
«
10
1054
7% May 1 0 % Mar
186 70
July 79*4) Jan
7354 73 54
1,342 70
May 7 8 % Apr
75
7554
1,185
3%
4
3 % July
5 % Mar
1,075
5%
6
5
July
7%
Jan
544 30
36
37
May 3 0 % Jan
3
222 222
220
Mar 225
Feb
988 80 % Jan 8 7 % Mar
84J4 86
74
7644 18,507 38
Feb 7 7 % Aug
70
10'4 1044
954 July 11 % Aug
4 47
Aug 5 0
Jan
4844 4844
30 1 3 % Jan 8 7
81
82
Aug
--

;;

9854
98 %
9844
100
98

10044
on 54
9944
100
98

307
SOS
1,213
83
188

95
95
95
90
80

Feb 1 0 0 % Aug
Feb 0 0 % Sept
Feb 99 % Sept
Feb 100
Aug
Feb 98
Aug

87%

8744 8754 $9,000 85
1,100
86
87
85
102 ’ 1 0 2 % 18,000 1 0 0 %
73%
7344 3.000 7 3
1.200
81
81
73
1,000
59
59
57
2,000 90
9444 95
2,000 2 5 %
26
26
99
9944 14,000 0 7 %

Jan 88 % Aug
Jan 88
Aug
Mar 10344 Apr
Aug 79
Feb
July 82
Apr
July 60
Apr
Jan 96
Aug
Jan
Aug 45
Jan 100
Apr

86%

8644 86 44
9854 9854
103 44 103 44

2,000 86 %
3,000 97
4,000 1

Aug 0 0 % May
Apr
Feb 100
Jan 1 0 4 % Jan

10254 10254 2,000 1
97 54 97 54 31,000 97
10 1
101
1,000
98
1,000
07%
9754 97)4
8,000 95
100
100
84
84
1,000 70
4,000 1
10144 10154
900 1
10154 10144
4,000
7844 79
600
80
8044
9154

109
9154
92
10 1
70
93

Aug
May
Jan
Sept
Mar
Mar
Jan
Jan
Jan
Jan

109
1,000 1
91J4 14,000
2,000
92
10144 11.000 1
71
70,000
93
1,000

105
9844
101
98

Feb
June
Sept
Feb
100
Apr
85
Aug
10244 Jan
10244 Jan
80
Apr
8044 May

Sept 10944 Feb
Aug 95
Feb
Jan 0 3 % Feb
Jan 1 0 2 % Aug
Mar 71
Sept
Jan 93
Aug

Ex-dlvldend.

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Sept. 4
to Sept. 10, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
snare, not per cent. For bonds the quotations are per cent
of par value.
W e e k 's
S a lesfo r
F rid a y
R a n g e.
W eek.
S a les. L o w .
H ig h . S h a res.

Stocks.
P a r.
Atlan Coast L (Conn).100
Consol Gas E L A Pow. 100
Consolidation Coal___ 100
Cosden A Co_________
Preferred__________
Fairmont Gas preferred.50
Houston O H ........... ..100
Northern Central_____ 50
Pennsyl Wat A Power. 100
Sapulpa Refining____
United Ry A Electric__ 50
Wayland Oil A Gas.......... 5
Ronds—
Atl Coast L con deb 4s 1939
Small bonds.......... .
Atl C L (Conn) ctfs 4ssmall
Cons Gas E L A P4 44s. 1 935
N otes.... ...................
Consol Coal conv 6 s..1923
~?’khorn Fuel 5s.......... 1918
’air A Clarks Trac 5s. 1938
'alrmont Coal 5s___ 1931
Ga Sou A Florida 5 s.. 1945
Minn St A St P C Jt 5s 1928
Mt V-W C Duck ctf of dep
United E L A P 444s.. 1929
United lly A E 4s___ 1949

Income 4 s ........... .1949

107
10644
9544
654
654
45
13
8254
69 54
2k
244
23%
24
344
344

107

45
13
8244
2344
8344

106
9544
654
654
45
1244
8254
69

8354
83 54
75 54
8554
10054
10 1 54
06%

98 44
95
10044
100
42
9144
8044 8044
5754
9844

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

100 107
95 10254
6 92
15C
5
100
544
35 42
25
10
99 82
200 6344
200
2
261 2044
200
244

|

1.

H ig h .

Sept 11544 Apr
Jan 10744 Jan
Jan 96
June
Jan
7 % May
Mar
7
May
Apr 46
Feb
Mar
1644
Aug 8544 Jan
Aug 70
Aug
July
3
June 27
Mar
May
444 Jan

8354 $11,000
8244 Aug
84
800 82
Jan
200 7544 Sept
7544
86
5,000 8554 Sept
10054 12,000 9854 Mar
7,000 9954 Jan
10154
7,000 9254 Jan
9654
1,000
0 8 % July
9844
95
1,000 94
Jan
1,000 100
10044
Aug
6,000 100
Sept
10044
42
1,000 85
Jan
92
3,000 9044 July
8054 19,000 7954 June
58 1 8,000 55
June

8744
87
7544
89
10054
10144
9744
100
9654
10244
102
45
9244
82
63

Apr
Sept
Sept
Sept
Aug
Feb
Jan
Jan
Aug
Jan
Jan

T ob a cco Stock*—Fee Sha

Volume of Business at Stock Exchanges

Par

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DA ILY, W EEKLY AND YE A R L Y.

W e e k e n d in g
S e p t. 10 1915.

169,163 $15,075,300
33,738,300
37,291,350
53,011,900
48,561,500

380,314
422,679
583,170
535,718

S ta le, M u n .
& F o r e ig n
B onds.

R a ilr o a d ,
& c ..
B onds.

P a r V a lu e .

Saturday—
Monday___
Tuesday----Wednesday .
Thursday...
Friday........

10.

W e e k e n d in g S e p t.

S a les at
N e w Y o r k S tock
E xch an ge.

134,000
58,000
42.500
56.500

Stocks— No. shares-Par value-----------Bank shares, par----B onds.

2.091,074
$187,678,350
$1,500

Government bonds. .
State, mun.,Ac..bonds
R R . and mlsc. bonds.

$00,000
318,000
12,288,500

Total bonds_____

$12,666,500!

STOCK
EXCH'NGE
CLOSED.

$29,000
1,000
30,000
$60,000

$318,000

Jan.

1914.

1915.

U . S.
B onds.

$27,000

$982,500
HOLIDAY
2.457.000
2.493.500
3.330.000
3.025.500

2,091,074 $187,678,350 $12,288,500

Total .

1 to

10.

S e p t.

1914.

1915.

45,990,575
100,583,881
$8,070,738,320 $4,023,321,369
$265, S00
$138,300
$736,500
15,093,500
531,242,200

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

$547,072,200

$425,086,100

DAILY TRANSACTIONS AT THE BOSTON,
BALTIMORE EXCHANGES.
B a ltim o r e .

P h ila d e lp h ia .

B o s to n .
W e e k e n d in g
S e p t. 10 1915.

S h a r e s . |B o n d Sa les.

Saturday________
Monday_________
Tuesday-------------Wednesday..........
Thursday..............
Friday__________

11,693

$32,700

18,655
18,137
21,359
16,496

11,200
01,500
40.000
50.000

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

86,340

$195,400

S h a r es.

B o n d S a les.

$37,250
14,893
HOLI DAY
69,531
16,207
59,226
27,861
34,392
41,662
15,000
31,216
131,839

$215,309

S h a r es.

B o n d S a les.

316

$23,230

150
976
185
275

33,320
32,020
23,310
13,500

l,902l

$125,380

C U R R E N T NOTI CE.
__T ho Lako T orpedo B oat circular, which has boon com pilod b y Gw ynno
Bros who arc making a spocialty o f this stock, contains com pleto and de­
tailed’ Information regarding this com pany and should provo valuable to
thoso interested In Ordnance Securities.
— Louis H . Ingraham, form orly o f Post & Flagg, has becom o associated
with A . Iselin & C o. as M anagor o f their dom estic bond departm ent.
— Tho Union Trust C o. o f this city has declared a quarterly dividend
o f 4 % payable to stockholders O ct. 1.

New York City Banks and Trust Companies.
Banka
N e w Y o rk

[Vol. 101.

THE CHRONICLE

838

B id

540

550

America*__
Amer Kxcb.. 200
185
175
Atlantic . . .
165
Battery Park 145
400
Bowery*
260
Bronx Boro*. 225
175
Bronx Nat . . 150
Bryant Park* 150
125
Butch A Dr. 100
185
Century* — 178
C hase--------- 525 550
188
Chath APhen 183
135
Chelsea Ex*. 124
410
Chemlcal — 400
174
Citizens Cent 169
City............. 385 395
165
Coal A Iron 155
450
Colonial* . .
325
Columbia* . 300
Commerce . tl58
Corn F.xch*. 3071
100
Cosmopolltn* 85
85
70
East R iver..
145
Fidelity*----- 135
Fifth A ve*.. 4200 4500
Fifth............ 250 300
First ............ 870 880
Garfield----- 180 200
145
Germ-Amer* 135
German Ex*. 390 410
Germania *. 425 475
190
O otbam __
280
265
Greenwich*
625
Hanover___ 615
335
Hnrrlman__ 320
Imp A Trad. 505 520
175
trvlng-------- 165
620
Liberty___
330
310
Lincoln ___
310
Manhattan* 300
* Banks marked with
Exchange this week.

B id
Bank
Mark A Fult. 240
245
Merchants'.. 175
Metropolis* . 300
Mctropol’n*. 175
Mutual------- 325
New Neth* . 210
New York Co 725
New Y o r k ... 365
Pacific*........ 200
P a rk ........ .. 392
People's*__ 230
Prod Exch*_. 158
Public*........
Seaboard___ 410
Second____ 395
Sherman___ 125
State* _____
23d W ard*.. 100
Union Excb. 134
Unit States*. 500
Wash H’ ts*. 275
Westeh Av*. 160
West Side*.. 400
Yorkvllle * .. 475

A sk

250
252
185
320
185

-.-

225
825
375
220
400
245
165
175
430
425
135
130
135
140

__

175
450
550

Trust C o’ s
A sk

B id

N e w Y ork

355
Astor______ 345
430
Bankers T r .. 425
150
B'way Trust. 144
Central Trurt 980 990
477
Columbia__ 470
Commeiclal . 100
305
Empire____ 205
Equitable Tr 400 410
Farm I. A Tr 1100 1125
203
Fidelity........ 197
Fulton_____ 270 290
605
Guaranty Tr 595
130
Hudson........ 120
105
Law Tit A Tr 100
105
Lincoln Trust 98
Metropolitan 395 405
Mut’l (West135
Chester)__ 130
N Y Life Ins
A Trust__ 945 970
N Y T ru st... 575 590
Title On A i r 378 390
155
Tr'nsatlantlc
UnloD Trust. 330 345
U S M tg A T r 380 390
United States 1020 1050
Westchester. 140

__

__

--

B r o o k ly n .

Coney Isl’d*.
First ______
Flatbush___
Greenpolnt..
Hillside*----Homestead*.
Mechanics* .
Montauk* . .
Nassau------National City
North Side*.
People’s -----

255
134

__

105

125
85
195
270
175
135

140
265
142
150
120
90
135
no

B ro o k ly n

Brooklyn Tr
Franklin----Hamilton__
Kings County
Manufact'reCitizens...
People's __
Queens C o ..

475
235
205
640

490
245
275

—

142
137
205
280 290
280
80
200
145 1
t Hal* at auction or at Stock
a (•) are State banks
___________

__

Inactive and Unlisted Securities
All bond o'loea are "a n d l o t e r e » f *xcept where marked "
Standard Oil Stocks— Pc

rS h a re
P a r B id . A s k .

Pat

P e r sh a rt
B id . As*.

Pierce Ol; C orp _______ 26
Prairie Oil a Gas............ mo
*1012 17
Anglo-AmerOIl new-----Prairie Pipe Line______ 100
Atlantic Refining............. ICO 625 635
Borne-Scrymser Co--------100 275 285 Solar Refining--------- . . . ion
Buckeye Pipe Line Co— 50 *100 102 Southern Pipe Lino C o.. 100
Chesebrough Mfg Cons.. 100 720 750 South Penn Oil------------- 100
Colonial Oil....................... 100 130 140 Southwest Pa Pipe Lines 100
Continental Oil_________ 100 240 245 Standard Oil (California) 100
48 Standard Oil (Indiana). 100
Crescent Pipe T.lne Co— 50 *46
Cumberland Pipe Line— 100 51) 54 Standard Oil (Kansas) . 100
250 255 Standard Oil of KentucXylOO
160 163 Standard Oil of Nebraska 100
135 III) Standard Oil ol New Jer .100
156 158 Standard Oil of New Y'rklOO
*100 103 Standard Oil of O h io... .100
*9% 9% Swan A Tlnch-------------- mr
Internet Petroleum.......... £1
Union Tank Line C o ... .100
*32 34
National Transit C o ..
Vacuum Oil ____ _____ i nr
225
220
New York Transit C o ... 100
Washington Oil------------ . it
Northern Flp# Line C o ..l0 ( 101 103
Bonds.
*153 155
Pierce Oil Corp conv 6s 1924
61
*58




*12*2 13
403 107
178 180
260 270
218 222
334 338
127 132
307 310
460 465
400 115
275 280
340 350
445 148
191 193
475 485
130 140
80 83
227 230
*39 43
78

81

r»
B id .

A sk

American Cigar common. 100 110 112
99
Preferred------------------- 100 07
90
Amer Machine A Fdry.-lOO 85
Brltlsh-Amer Tobao ord. £1 *13% 14%
15
Ordinary, bearer.......... £1 *14
Conley Foil-------------------100 02o 350
Johnson Tin Foil A M et. 100 125 150
MacAndrews A Forbes.. 100 155 165
Preferred— .......... — 100 99 101
Porto Rlcan-Amer Tob--10U 183 193
Reynolds (R J) Tobacco. 100 390 410
Preferred.................... - - - 110 121
60
Tobacco Products co m .. 100 50
Preferred— See Stock Ex. list.
United Cigar Stores com . 100 95 100
Preferred...................... 100 110 125
United Cigar Stores (new) 10 *J% 9%
Young (J S) Co................ 100 165 175
Preferred____________ 100 107 110

B id .
Railroads—
West Pac 1st 5a 1 9 3 3 ...M-S /28

As*.
30

Street Railways—
Par
Oom'w'lth Pow Ry A L ..100 50 52
78% 79%
Preferred____________ 100
17
Federal Lleht A Traction 100 14
Preferred .............. ....... 100 55 58
13
11
Republic Ry A Light___ 100
Preferred____________ 100
60
53
4
Tennessee Ry L A P com . 100
0
Preferred____________ 100 20
24
United Lt A Rys com__ 100 30 40
1st preferred_________ 100 67% 69*2
Wash Ry A El C o_______ 100 85
87
82%
Preferred____________ 100 81
4s. 1951.........
J-L 81% 82
Elec, Gas ft. Power Cos—
Am Gas A Elec com------- 50 *104 106
50
Preferred_____________ 50 *48
Am Lt A Trac com m on.. 100 325 330
Preferred____________ 100 108 111
59
61
Amer Power A Lt com __ 100
Ordnance Stocks— P e r ce n t.
Preferred____________ 100 79*2 81
Aetna Explosives com— 100 125 130
79
35
Amer Public Utilities comlOO 30
Preferred____________ 100 72
12
9
66
Preferred____________ 100 64
Amer A British M fg........ 100
45
47
Cities Service Co com__ 100 45
Preferred____________ 100 35
Preferred___________ .100 55
57
Atlas Powder common. . . 100 220 230
99
Consumers Power (Minn)
Preferred____________ 100 95
90
1st A ref 5s 1929 ...M A N
Bliss (E W) Co common. 50 360 380
139
Elec Bond A Share pref..l()0 99
129
Preferred_____________ 60
Canadian Car A Fdry---100 101 103 Great West Pow 5s 1946 JAJ 81% 83
Indiana Lighting Co___ 100 45
Preferred____________ 100 115 125
08 ’70“
4s. 1958 optional------ F-A
Canadian Explosives com 100 325 .375
Preferred____________ 100 101 110 Northern StatesPowercom 100 29*2 30
23
Preferred____________ 100 86
87
22
Carbon Steel com ........ ..100
50 Pacific Gas A E leom ___ 100 47% 48*4
1st preferred--------------100 45
86
1st preferred . . . . . ____ 100 85
2d preferred_________100 25 32
2d preferred................. 100 86 87*2
Colt's Patent Fire Arms
71
72
M f g ...............................100 560 580 South Calif Edison com . 100 93
96
Preferred___________ 100
Drlggs-Seabury Ordn Cor 100 110 113
*6
7
Standard
Gas
A
El
(D
el).
60
duPont (E I) de Nemours
Preferred_____________ 6C ♦29% 30*2
Powder common---------100 673 685
14
18
Preferred.......... ............ J00 100 105 United Gas A Elec Corp.100 54 58
1st preferred_________ 100
Electric Boat------------------*00 490 520
18
2d preferred__________ 100 14
Preferred.......... - ......... JOU 490 520
13
14
Utah Securities Corp----- 100
Hercules Powder c o m ..-100 373 383
Notes
6%
notes—See
Short-Term
115
111
Preferred------------------- J00
15
60 Western Power common.10C 14
Hopkins A Allen Arms -.100 60
Preferred____________ 10( 48 49
Preferred------------------- J00 95 105
Industrial
116
113
Niles-Bcment-Pond com. 100
and Miscellaneous
Preferred------------------- J00 95 105
Adams Exp col tr g4a ‘47 J-D /70*s 70%
Savaee Arms----------------- 100 290 310
85
50% Alliance Realty...... .......... 100 75
50
Submarine Boat w 1--------. . .
37
Winchester Repeat Arms 100 2300 2500 Amer Bank Note com----- 60 *35
Preferred_____________ 60 •48*2 50
American Brass________ 100 185 188
Short Term Notes— Per C e n t.
Amer Locom 5s, July 1916 J-J 100i2 101% American Chicle com___ 100 117 120
89
100i2
101'4
Preferred_____________ 100 85
6s, July 1917----- - —- - /* J
82
84
Am T A T Sub Cos 5s, 1910- 100% 101%Am Gtaphophone co m .. 100
Preferred________100 94 97
Anaconda Copper 5s '17-M-S 1007S 101 %
122 123
99%
American
Hardware___
100
99%
Balt A Ohio 4X s 1917.. JAD
130
4H» 1918....................J * D 085s 99% American Surety_______ 60 120
38 42
Canadian Pao 6s, 1924 MAS2 101 % 102% Amer Typefounders com . 100 88
92
93%
Preferred_____________
100
93%
Ches A Ohio 5s 1919 ...J - D
93% Amer Writing Paper___ 100
% 1
Cblc Elev Ry 5s. 191 0 ...J-J 92
265 275
99
Bond
A
Mtgo
Guar------100
98
Chic A West Ind 5s, 1917 . 9812 99>2 Borden's Cond Milk com . 100 109 110 %
Consum Pow 6s, 1917-MAN
Preferred...................... 100 107 109
Erie RR 5s, Oct l 1915.A-O 100 100%
100% Braden Copper Mines.........6 ♦8% 8%
5s April 1 1918.................. 100
99%
99%
Casualty
Co of America. 100 110
5X8. April 1 1917------A-O
90% 99% Celluloid Co.................... 100 139 143*
sneral Rubber 5s, '18 .JAD 100%
100%
chill
Copper......................
25 *18
18%
ucktna Valley 6s, '15-M-N
14 20
100% 100% city Investing Co______100
99% 100
Preferreu..................
100 70 80
100% 100% Cramp Ship A E Bldg ..100 80 81
100% 101
Emerson-Brantingham . . 100 17 20
60
90
96%
Preferred____________ 100 45
100 100% Goldfield Consol M in es... 1C * 1 % 1%
100% 100% Havana Tobacco Co___ 100
1%
2*2
4
100% 100% Prelerred........................ 10C
6
100% 101 | 1st g 5s Juno 1 1922..J-D /52
58
100% 100% Intercontlnent'lRub com 100
8
9
100 100% Internat Banking Co___ 100 105 110
3*8 3%
5s, Mar 2 1917.......... M-92 98 98% inter Merc Marine------- 100
100% 101
Preferred_____________ 100 13
13%
93*2 95 Internat Motor________ 100 28
30
55
101% 102
Preferred........... ............100
60
Gold notes 5s 1918.-M-N 99% 99% International Nickel___ 100 188 90
Preferred_____________ 100 107 09
J S Public Serv 6s 1918 A-O 97 99
International Salt____ 100 28 32
Utah Co 6s, 1917.......... A-O 100% 100%
79 81
1st g 5s 1951................ A-O 703*2 65
UtahSecurCorp fls.’22M-S15
International Silver pref. 100 105
10
N*w York City Note*—
102% 102%
1st 6s 1948...................J-U 100 108
6s, Sent 1 1916..................
103%;
104%
Deb
6s
1033
.............J-J
8s, Sod» 1 1917 . . .
,
Kelly Springfield T ir e ...100 200 207
Canadian Govt. Notes—
100%
1 st preferred_________ 100 89
90
5s, Aug 1 1916............ FA A 100*8
100
%
100
2d preferred_________ 100 200 207
5s, Aug 1 1917.............F&A Per Ci B a sie
*54% 55
Kennecott C opper...
A s t. Lanflton Monotype____ 100
80 80*2
B id .
RR. Equipments—
4.55 4.40 La Rose Consol Mines____ 6
*%
J2
Baltimore A Ohio 4 X 9 --- ,
177
Buff Roch A Pittsburgh 4X8 4.60 4.40 Lawyers' Mtge Co---------10C 173
4.60 4.40 Lehigh Val Coal Sales...5 0 155 L65
Equipment 4s--------------4.90 4.80 Manhattan Transit.......... 20
*%
%
Canadian Pacific 4X *- -•
5.35 4.90 Marconi Wireless of A m ...5 *3% 3%
Caro Cllnchf A Ohio 5s----4.80 Mortgago
Bond Co------- 100 115 120
510
Central of Georgia 5s--------4.80 National
Surety........ — 100 200 203
610
Equipment 4 X 9 -----------100 110
6
Chicago A Alton 4s.......... N Y Title fn3 Co............. 100 37 42
6
Chicago A Eastern Illinois 6s
Nlplsslng Mines__________ t
•5% 6
6
Equipment 4 X * -----------5.15 4.80 Ohio Copper Co_________ 10
**8
h
Chic Ind A Loulsv 4V$s—
4.50 Otis Elevator com______ 10C 71
4.05
73
Chic St L A N O 5s.............
94
90
4.55 4.30
Chicago A N W 4 X » ..........
95 100
7.50 5.75
Chicago R 1 A Pae 4X®—
5.15 4.85 Remington Typewriter—
Colorado A Southern 5a.. .
10
11
4.95 4.70
Erie 5s__________________
55
60
4.95 4.70
Equipment 4 X 9 -----------2d
prelerred........
.....
4.70
35
33
4.95
Equipment 4s--------------4.88 4.62 RlkerAHcgc’n (Corp for stk) *0
6*8
Hocking Valley 4s-----------152 157
4.88 4.62
Equip 5 s .................. .......
102 1(3*2
Illinois Central 5s__________ 4.60 4.40
105 107
4.60! 4.40
4 X 9 ..............................—
215 220
5.15 4.90
Kanawha A Michigan 4 X®.
25 35
4.5*1 4.35
I.oulsvllle A Nashville 5s—
100
Minn St P A R S M 4 X » - - - 4.75 4.50
*2% 2%
Sterling
Gum____________
6
5.25
6.50
Mlssourl Kansas A Texas 5s
175
7.50 5.50 Texas A Pacific Coal___ 100
Missouri Pacific 5S-----------5.20 4.90 Tonopah Extension Min__ 1 *2X» 2 %
Mobile A Ohio 5s_________
*0%
0%
4.90
5-20
Equipment 4X®-----------*2
4.90 4.70 United Profit Sharing___ ..
2*8
New York Central Lines 68.
190 •210
Equipment 4 X » -------------- 5.00 4.80 U S Casualty_______
130 135
N Y Ontario A West 4 X 8 .. 4.90 4.65
102
100
Norfolk A Western 4 X s ----- 4.50 4.30
10
15
4.50 4.30
Equipment 4s--------------33
39
Pennsylvania RR 4 X 8 ------- 4.35 4.20
90
4.35 4.20
Equipment 4s---------------68
72
St Louis Iron Mt A Sou 5s.. 6 .0 0 5.00
30
60
6
St Louis A San Francisco 6s
"5 .16 4.85
Seaboard Air Line 5s-----* 105 180
5.10 4.85
Equipment 4X9------4.55 4.40 Worthington (H R)
Southern Pacific Co 4X8
i 87
92
pony pref
4.90 4.70
Southern Railway 4 X 8 ..
5l *2*
2%
5.00 4.75 Yukon Gold
Toledo A Ohio Central 4°
• Per share
6 Basis, d Purchaser also pays accrued dividend,
n Nominal, x Ex-dtvidend. v Ex-rlghts

/ Flat price.

Sept , l i 1915.]

THE CHRONICLE

839

iuuxstnxeut autl ^Uxilvoiut fxxtdlipxxxje.
K

A

I

L

R

O

A

D

G

R

O

S

S

E

A

R

N

I

N

G

S

. _ iJ® K K i 18 t^?le#8,h°w.3 tho Sross earnings of every STEAM railroad from whioh regular weekly or monthly returns
«MnmL thl^o;;ir,31h^ raKtW0 °.ol"n2ns of figures give the gross earnings for the latest week or month, and the last two
•infomont f i fv Pr
P0rfO(f frorn July 1 to and including the latest week or month. We add a supplementary
tb/
fi.S°a/
y/Gar
t0-t,al13 ofare
thotse
ro?d3together
wbo3e separately
fiscal yearondoea
not begin with July, but covers some other
cerioa. m e returns of the electric railways
brought
a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Latest Qross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Previous
Current
Year.
Year.
Ala N O & Tex Pacl
$
S
$
N O Sc Nor East. A u gu st__
S
*
$
293,652 317,245
65*0,881 N ow Orl Great N o r. July
586,806
140,970 155,069
Ala & Vicksburg. A u gu st__
155,069
140,970
127,507 138,626
272,842 N O M obile & C hic July
251,544
139.596 181,592
V leks Sliro v&Pac. A ugu st__
181,592
139.596
118,909
135.769
240,006
271,374
N
Y
N
II
&
H
a
r
t
f..
July
6.247,659 5,755,633
Ann Arbor________ 3d wk Aug
,247,659 7.755.633
47,863
339.052 N Y Ont & Western July
331.005
45,605
961,572 992,561
Atch Top & San Fe. July _____ 10422342
992,561
961,572
9,609,243 10,422,342 9,609.243 N Y Susq & W e s t .. July
317,790 289,632
Atlanta Blrm & Atl J u l y _____ 230,854 260,671
289,632
317,790
230,854
260,671 N orfolk S ou th ern .. July
332,445 365,729
Atlanta & West P t. July .........
365,729
332,445
96,784
99,571
96,784
99,571 N orfolk Sc Western July
4.467,344 3,749,736
Atlantic Coast Line July _____ 2,177,387 2,538,140 2,177,387 2,538,140 N orthern P a cific___
.467,344 3,749,736
July
5,349,784 5,792,063
Chariest & \V Car J u l y _____ 116,593 143,062
,349,784 5,792,063
116,593
143,062 Northwestern P a c. June
353,865 363,540
Lou Ilend & St L J u l y ......... 111,028 124,709
,568.701 3.745.805
111,028
124,709 P acific Coast C o ___ July
609.596 589.470
(/Baltimore & Ohio. J u l y _____ 8,670,752 8,146,688 8,670,752 8,146,688 zPennsyl
589,470
609.596
vania /? /{ .. July
16755615 16068 588 16 ,755,645 16,068,588
B & O Oh Ter Hit July ......... 128,206 138,661
128,206
138,661
B alt Ches Sc A t l . . July
153,760
Bangor Sc Aroostook July ......... 224,182 242,344
174,763
174,763
153,760
224,182
242,344
Cum berland Vail. July
244,587 240,254
Bossemer & L Erie. J u l y _____ 1,265,806 1,118,462 1,265,806 1,118,462
240,254
244,587
L ong Island_____ July
1,553,353 1.519,806
Birmingham South. J u l y ___
,553,353 1.519.806
68,499
90,657
68,499
90,657
M
a
ryl'd
Del
Sc Va July
106,120 112,105
Boston & Maine__ J u l y ......... 4,099,236 4,242,092 4,099,236 4.242,092
112,105
106,120
N Y Phila Sc N orf July
481,464 442,620
Buff Itoch Sc Pittsb 1st wk Sop 215,515 217,006 2,165,994 2,202,723
442,620
481,464
Phil B alt & Wash July
1.904,687
Buffalo & Susq Hit. ■Ally _____
1,852.017
1,852,017
.904,687
116,065 115,585
116.065
115,585
W Jersey Sc Seash July
895,105 831,305
Canadian Northern 4 th wk Aug 397,500 386,200 2,399,000 2,962,000
831,305
895,105
C o ___ July
5,640,024 5,198,494
Canadian P acific.. 4th wk Aug 2,856,000 2,980,000 16,309,375 20,013,972 Pennsylvania
,640,024 5,198,494
Grand Rap Sc Ind July .
454.957 489,579
Central of Georgia. J u l y ......... 987,827 1,166,371
489,579
454,957
987,827 1,166,371
Pitts C C & St L . July .
3,390,186 3,476,210
Cent of New Jersey J u l y ......... 2,782,615 2,724,602 2,782,615 2,724,602
,390,186 3,476.210
V a n d a lia _______ July .
921.255 956,463
ContNow England. J u l y _____ 364,141 276,993
956,463
921,255
364,141
276,993 T otal lines—
Contral Vermont.. July _____ 320,602 336,100
320,602
336,100
East Pitts Sc Erie. July .
22652 533 21811 583
Ches & Ohio Linos. 4th wk Aug 1,385,522 1,210,380 7,540,610
,652,533 21,811,583
W est Pitts Sc Erie July .
10544483 10253051
Chicago & Alton__ 3d wk Aug 332,405 312,982 2,129,750 6,783,154
,544,483 10.253.051
All East <Sc W est. July .
33197016
Chic Burl Sc Quincy J u l y _____ 7,374,125 7,861,573 7,374,125 2,197,504
32064 734
,197,016 32,064,734
Pere M a rq u e tte ___ July .
1,552,603
/C hicago & East ill July _____ 1,191,595 1,315.453 1,191,595 7,861,573
1,378,926
,552,603 1,378,926
1,315,453
Reading
C
o—
p Chic Great West- 4th wk Aug 355,978 392,145 2.344,297 2,391,866
Phila Sc R eading. J u l y _____ 4,083,198 3,821,800
Chic Ind Sc Louisv. 4tli wk Aug 205,627 201,810 1,202,414 1,232,169
,083,198 3,821,800
Coal & Iron C o . . J u l y _____ 1,817,280 1,822,951
Chic Milw & St P_\ J u l y _____ 8,219,281 7,824,986 8,219,281
,817,280 1,822,951
7,824,986
T otal both c o s . . J u l y _____ 5,900,478 5,644,751
Chic Mil & Pug SI
,900,478
5,644,751
rChic & Northwest. J u l y ......... 7.190,348 7 362,811 7,190,348 7.362,811 R ich Fred Sc Potoin J u l y ......... 252,927 257,913
257,913
252,927
R io Grande June___ J u n e _____
Chic Peoria Sc St L . J u l y ..........
71,027
73,980
127,414 154,371
1,012,649
,004,292
127,414
154,371
R
io
Grande
S
o
u
th
..
4 th wk Aug
eChic St P M & Om J u l y .......... 1,433,33311 ,580,989 1,433,333 1,580.989
16,584
16,682
95,504
92,068
R ock Island L in e s ._ J u l y .........
Chic Terre II & S E J u l y _____
6,035,758
,666,486 6.035,758
163,270 190,313
163,270
910,313 R u tla n d ___________ J u l y _____ 5,666,486
Cin Ham Sc Dayton J u l y .........
313,757 306,908
306,908
313,757
920,7511 938,738
920.751
938,738
St Jos & Grand Isl. J u l y _____
Colorado Midland. J u l y .........
116,155 196,108
196.108
116,155
121,917 135,024
121,917
135,024 St L Ilrownsv Sc M . J u l y .........
183.306 199,577
b Colorado & South 4tli wk Aug 374,829 384,384 2,296,464
199,577
183,306
2,326,883 St L Iron M t Sc Sou J u l y _____ 2,432,048 2,735,066
Cornwall______
July
2,735,066
.432,048
11,109
12,454
11,109
12,454 St Louis & San Fran J u l y ......... 3,550,223 3,815,950'
Cornwall & Lebanon July _
,550,223 3,815,950
40,628
26,490
40,628
26,490
St
Louis
Southwest.
4
th
wk
Aug
267,000
Cuba Railroad____ J u l y .......... 420,090 382,544
,779,626 1,880.342
420.090
382,544 San Ped L A Sc S L . J u l y _____ 1.083,462 292,000
Delaware & Hudson July
2,045,150 1,997,294
878,791
.083,462
1,997,294 Seaboard Air L in o .. J u l y ......... 1.627,645 878,791
Del Lack Sc Western J u l y _____ 3,387,071 3,752,004 2.045,160
1,833.170
,627,645 1,833,170
3,387.071
3,752,004
Southern
P
acific_
_
J
u
l
y
_____
12963204
Deny Sc Kio Grande 1st wk Sep 545,000 528,700 4,736,400 4,609,100
11632920
,963,204
11,632,920
Southern
R
a
ilw
a
y
._
4th wk Aug 1,700,188 1,780,700
Wostern P acific.. July _____
702,452 561,238
,482,145 11,393,163
702,452
561,238
M obile Sc O h io.
4th wk Aug 281,456 332,907
Denver Sc Salt Lake 3d wk Aug
44,600
,786,839 2,133,048
41,899
280.091
271,499
Cln N O & T ex P 4th wk Aug 253,253 256,836
Detroit Tol Sc Iront J u l y _____
133,103 151,590
,526,420 1,660,287
133,103
151,590
A
la
Great
S
outh.
4th wk Aug 132.208 173.569
Dotroit Sc Mackinac 4th wk Aug
27,759
857,698
791,773
30,553
181,450
202,161
Georgia So & F la. 4th wk Aug
54,983
Dot & Tol Shore I J u l y ____
59,227
105,897
405,434
347,802
91,974
105,897
91,974
Spok
Port
Sc
Seattle
J
u
l
y
_____
425,955 470,694
Dul& Iron Itango.. J u l y _____
862,399 812,254
470,694
425,955
862,399
812,254
Tenn
Ala
Sc
Georgia
4th wk July
2,415
Duluth So Sli Sc Atl 4th wk Aug 103,067 101,275
2,467
15,015
14,484
632,770
588,757 Tennessee Central July _____
129,874 154.153
Elgin Joliet Sc East. J u l y _____
882,467 800,348
154,153
129.874
882,467
800,348
Texas
&
P
a
c
ific
..
4
th
wk
Aug
El Paso & Sou West J u l y _____
468,984 477,794
748,842 740,159
2,921,741
.877,856
748,842
740,159
Erie ______________ J u l y _____ 5,673,128 3,419,581 5,673,128 5,419,581 Tidewater Sc West J u l y ___ ;
8,786
7,541
7,541
8,786
T oledo Poor & West 4th wk Aug
Florida East Coast. July
37,801
43,676
362,787 291,866
207,951
231,549
362,787
291,866 T oledo St L Sc W est 3d wk Aug 108.528
Fonda Johns Sc Glov J u l y _____
99.600
85.873
708,274
708,497
90,236
85,873
90,236 Trinity Sc Brazos V July . . .
Georgia Railroad.. J u l y .........
52,835 135,817
205.778 255,426
135,817
52,835
205,778
255,426 Union Pacific S yst. J u l y ......... 7,846.866
Grand Trunk Pac__ 3d wk Aug
55.911
7,559,237
,846.866 7,559,237
89,655
387,319
587,788 V irginian__________ July . . . . . .
Grand Trunk Syst. 4th wk Aug 1,535,213 1,581,731 9,083,827
588,616
469,511
469,511
588,616
Virginia Sc So W est. July______
Grand Trunk Ity 3d wk Aug 841,204 890,346 6,033,077 9,577,757 W
146.209
169.302
169.302
146.209
a b a s h ___________ A ugu st__ 2,793,294
Grand Trk West- 3d wk Aug 151.495 153,894 1,084,311 6,555,144
,215,777 5,442,083
1,062,996 Western M aryland. 4th wk Aug 295,679 2,792,630
Dot Gr II Sc Milw 3d wk Au..
237,182
59,749
,730,833 1,475,558
52,196
427,904
377,424 Wheel Sc Lako E rie. July........... 561.805 531,094
Great North Svstom A u g u s t ___ 6.074.040 1.916,655 11,932,765
561,805
531.094
13,757,102 Wrightsville & Tenn J u n o _____
14,158
Gulf & Ship Island. July
17,869
140,022 149,680
271.368
352.118
140,022
149,680 Y a zoo & M iss V ail. August . . 1.014,721 925,111
Hocking Valley___ J u l y .........
543,136 451,414
014.721
925,111
543,136
451,414
Illinois Contral___ A u g u s t ___ 5,322,115 1,845,351 10,200,911
11.241,473
Internat Sc Grt Nor J u l y .......... 659,699 738,936
Current
Previous
659,699
738,936
Various Fiscal Years.
Period.
Kanawha & M ich .. July .........
277,545 279,392
Year.
Year.
277,545
279,392
Kansas City South. J u l y .......... 831,356 945,260
831.356
945.266
Buffalo
&
Susquehanna
R
R
___
Jan 1 to July
Lehigh Valley_____ J u l y ......... 3,733,762 ,582,081 3,733,762 3,582,081
790,590
791,408
Delaware & Hudson..
Jan 1 to July
Lehigh Sc Hud River J u l y _____
154,095 138,602
12,826,449 12,745,338
154,095
138,602 E rie______________________
Jan
Lehigh & Now Eng. J u l y .........
to July
320.002 233,342
35,287,168 33.863,098
320,002
233,342
New
York
Central.e
___113111
Jan
Louisiana Sc Ark__ J u l y .........
to July
136,889 155,777
89,415,454 86,181,800
136,889
155,777
Boston & Albany___________3 Jan 1 to July
Louisiana Ry & Nav J u l y .........
169,239 167,891
9,654,805 9,258,629
169,239
167,891
Lake Erie Sc Western n .
Jan 1 to July
sLouisvillo & Nashv 4 th wk Aug 1,496,250 ,448,760 9,120,912
3.255,518 3,193.217
9,508,858
"
Michigan
C
entral______
Jan 1 to July
Macon Sc Birm'ham July .........
11,029
19,607,596 19,100,630
14,495
11,029
14,495
Cleve Cine Chic Sc St Louis ’ Jan 1 to July
Malno Central____ J u l y _____
996,964 .014,868
20,205,718 19,730,992
996,964 1,014,868
Cincinnati Northern
Jan 1 to July
Maryland Sc Penna. J u l y .........
36,482
846,497
767,820
40,342
36,482
40,342
Pittsburgh Sc Lako Erie.
Jan 1 to July
Midland Valley___ July _____
125,267 116,266
8,693,377 9,499,238
125,267
116.266
Now
York
Chicago
S
c
St
Louis
Jan
Mineral Range___ 4th wk Aug
to
July
27.495
6,646,494 6,483.559
21,977
179,676
151,967
Toledo
S
c
Ohio
Central
Minn Sc St L ouis.. ' 4 th wk Aug 250,885 278,297 1,611,528
to July
2.575,030 2,372.356
1,689,415
Total all lines..
Jan 1 to July
Iowa Contral__
160800529 156858241
Minn St P & S S M 4th wk Aug 785,267 715,338 4,823,736 4,859,589 N Y Susquehanna Sc Western’ ’ Jan 1 to July
2.320,820 2,275.698
zPennsylvania
R
a
i
l
r
o
a
d
.
.
Jan 1 to July
Mississippi Central J u l y .........
67,556
104914649 107855136
79,439
67,556
79,439
Baltimore Chcsap Sc Atlantic Jan 1 to July
u Mo Kan Sc Texas 4th wk Aug 822,829 854,263 5,092,493
640,518
676,107
5,410,034
Cumberland Valley________ Jan 1 to July
x Missouri Pacific 4th wk Aug 1,559,000 1.817,000 9,675,000
1.624,788 1,948,715
10,606,000
Long
Island___
Jan
Nashv Chatt Sc St L J u l y ___ _ 942,303 1.071,780
to
July
7,606,353
7,537,655
942,303
1,071,780
Maryland Delaw Sc Virginia Jan
Novada-Cal-Oregon 4th wk Aug
to
July
10.489
13,428
484,795
504,480
70,872
79,713
N Y Philadelphia Sc Norfolk Jan 1 to July
e Now York Central J u l y ......... 13862472 13029498 13,862,472
2.347,713 2.235,681
13,029,498
Phila Baltimore Sc Washing'n Jan 1 to July
Boston Sc Albany. J u l y ......... 1,535,298 1.470,180
11,621,304 11,670,943
1.470,180
West Jersey & Seashore__
nLako Erie Sc W . J u l y ......... 489,378 507,955 1,535,298
Jan
1
to
July
3,673,326 3,547.635
489,378
507,955 Pennsylvania C o m p a n y ________ Jan 1 to July
Michigan Central J u l y _____ 3,049,542 2,838.342 3.049,542
30,866,246 31,460,111
2,838,342
Grand Rapids Sc Indiana__ Jan 1 to July
Clovo C C & StLl
2,921,488 3,028,248
Pitts Cine Chic Sc St Louis.
Peoria Sc East/ J u l y ......... 3,163,458 3.147,147 3,163.458
Jan 1 to July
21,829,796 22.643,190
3,147,147
Vandalia___________________ Jan 1 to July
Cincinnati North. J u l y _____ 139,018 130,220
6.078.253
6,154,77 k
139,018
130,220
Total lines— East Pitts Sc Erie Jan 1 to July
Pitts & Lake Erie J u l y ......... 1,655,433 1,503,661 1.655,433
135414 264 13848936ft
1.503,061
— WestPitts Sc Erie Jan 1 to July
NY Chic Sc St L . J u l y _____ 964,788 920,657
62,562.461 64,207,48?
964,788
920.657
—
All
Lines
E
&
W
Tol Sc Ohio Cent. J u l y ......... 402,967 316,407
Jan 1 to July
197976725 202696 84t
402,967
316,407 Rio Grande Junction_________ Dec 1 to
Tot all lines above July ......... 25262354 23864 067 25,262.354
462,775
484,98*
23.804.067 Rutland _________________
* Jan 1 to June
1.947.102 1.986,95 k

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
•Weekly Summaries.
3d week June
4th week Juno
1st wook July
2d weolc July
3d week July
4th week July
1st weok Aug
2d wock Aug
3d week Aug
4th week Aug

(36 roads)____
(31 roads)____
(36 roads)____
(34 roads)___
(35 roads)___
(37 roads)___
(36 roads)___
(37 roads)___
(36 roads)___
(33 roads)..

« . S fifflfsw g ss? assy's

•Monthly Summaries.
Mileage.
Cur. Yr.
October------- 244,917
Novem ber..246,497
December ..246,807
January-------246,959
February...2 4 6 ,186
M a rch -------- 240,848
A p r il............ 247,701
M a y .............. 247.747
Juno------------ 240,219
July-------------243,042

Current
Year.

Prev. Yr.
241,093 269,325.262
242,849 240,235,841
243,242 232.598,369
243,559 220,282.196
2 42,837 210.860.681
243,598 238,157,881
245,170 237.696,378
245.207 244.602.738
235,828 248.849,716
241,796 262.948.115

Previous
Year.

Increase or
Decrease.

298,066,118
272.882.181
258.285,270
236.880,747
212.163.967
253,352,099
241,090,842
243.367.953
217,535,879
260,621,000

—28.740.856
—32.646.340
— 25.686,901
— 16,598,551
— 1,303,286
— 15,194.218
— 3,394,464
+ 1.324,785
+ 1,313,837
+ 2,324,115

9.64
11.90
9.94
7.01
0.61
5.99
1.41
0.54
0.53
0.89

Olty * Fort Dodge and Wisconsin Minnesota Sc Pacific s Includes Louisvill^e'Ya‘AfUn?p.U^?H
^ lo
V Includes earniugs of Mason
Central and the Wichita Falls Lines e Includes not only operatingYeve^ues * u t X
all other
t
* ? 'S c,nSatl; « Includes the Texa.
Southern.
*
Includes
the
Northern
Central
beginning
July
1
1914
•
Wo
n
o
'longer
Include
the
MexIcan
roads
^n
a
n
y
^
f^ u r^ oU R ° D MouDtalD *
FRASER

Digitized for


[Vol. 101

THE CHRONICLE

840

Latest Gross Earnings by jWeeks.— In the table which
follows we sum up separately the earnings for the fourth week
of August. The table covers 33 roacls and shows 2 .0 1 %
decrease in the aggregate under the same week last year.
Fourth week of August.

Increase. *Decrease.

1914.

1915.

173,569
Alabama Great Southern—
132.208
356,214
326,421
Buffalo Rochester & Pittsburgh
386,200
397.500
Canadian Northern----------------Canadian Pacific-------------------- 2,856,000 2,980,000
Chesapeake & Ohio----------------- 1,385,522 1,210,380
392,145
355,978
C hicago Great W estern_______
201,810
205,627
Chicago Ind & Louisville--------256,836
Cine in ew Orleans & Texas Pac_
253.253
384,384
374.829
Colorado & Southern-------------675,800
747.500
Denver & Rio Grande-------------30,553
27.759
Detroit & Mackinac------------ —
101,275
103,067
Duluth South Shoro& Atlantic.
59,227
Georgia Southern & Florida-----54,983
Grand Trunk o f Canada-------1,535,213 1,581,731
Grand Trunk Western-----Detroit Grand Ilav & Mllw.
Canada Atlantic-------------1,496,250 1,448,760
Louisville & Nashville--------21.97/
27,495
Mintral R an ge..----------------Minneapolis & St Louis------278,297
250,885
Iowa Central------------------715,338
785,267
M inneapolis St Paul & S S M__
854,263
822,829
Missouri Kansas & Texas-------1,559,000 1,817,000
Missouri Pacific--------------------332,907
281,456
Mobile & Ohio_______________
1 3 ,4 2 8
10,489
N ovada-Californ ia-Oregon____
16,682
16,584
Rio Grande Southern------------292,000
267,000
St Louis Southwestern----------Southorn Railway____________ 1,700,188 1,780.700
2,467
2.415
Tennessee Alabama & Goorgia
477,794
468,984
Texas & Pacific--------------------43,676
37,801
Toledo Peoria & Western-------237,182
295,679
Wostern M aryland---------------Total (33 roads)____________ 16.778,185 17,122,595
Net decrease (2.01% )----------

41.361
29,790

11,300
175“ 142
" 3,817

45,373
2,500

516,907
34,071

485,666
26,180

s* Total operating revenues.

63,458
52,131

47,873
46,790

550.978
569,969

511,847
542,158

Net operating revenue-----

1,083

Operating expenses...............

11,326
11
925

— 18,991
102
10,912

— 30,311

1,157

36,167

Operating incom o-------------

10,390

— 73

— 30,005

— 40,039

" 4,244
46,518

47,490
5,518

60,198
3,259

U ncollectible rev.from trans.
Express taxes-----------------------

” 2,794

' 1,792

“^ R e v e n u e from t ra n s p o r ts .
Operations other than trans.

124", 666
" 3,583
9,555

71,700

-----Month of May----------July 1 to M ay 31—
1915.
1914.
1914-15.
1913-14.
$
$
$
$
T otal from tra n sporta tion ._ 109,665
97,310 1,063,588 1,090,071
Express privileges __________
49,466
51,937
546,682
604,404
Western Express Co.—

p S Z X Z Z p sC 2
S? z
a
S
a 2 o
2 °
2 *
2 s
2 "! 2 b
2 2 * 2 2 2-<
=
O » O O £ OftoOS OB o a o 2 o ^ ^, o >_ , o - . o ' ,,,
p p d p 2. o " ©. s* H.2
&ST
Er£
& 9 ? £(,>
^8:
0-2 o o o n c £ o o o « © o 2 ,2
2. H S , ca Oft, o ?
a
g<-*f\
O ^^
^ E1*-

!

<

Oft
§-o

?!

z* £5

l* ] M

z*

9,727

2

o

z

m

cr&»
o j-

Eo E ca Ea EO E< E* E*

f I 1**1

r ^

p i i r t

r 1rT r r

27,412

.si

69,929

?3

31,434

258,000
51,451
2,939
98
25,000
80,512
52
8,810
5,875
58,497
*-•

789.595
344,410

445,185

00

to

00

o

For the month of August the returns of 37 roads show
as follows:
Month of August.

1915.

Gross earnings (37 roads) __ 65,910,943

1914.

Decrease.

%

69,724,209

3,813,266

5.61

It will bo seen that there is a loss on tho roads reporting
in the amount of $3,813,266, or 5 .6 1 % .

^

Ki

-1

Cn
00
to

<1
to

-i
to
-i

to
©i

288,030
502,661
1,041,820

64,222
67,554
130,186

00
►
—

S

-----Gross Earnings----- ------ Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
%
•5
$

Now London Northern.b—
296,244
Apr 1 to Juno 30-------544.933
Jan 1 to Juno 30--------July 1 to Juno 30--------- 1,078,724

,-*»-■

s

<
o
<o
CO

CO
s

E

sto to&
co

W
s

2

127

71

119

I.i the following wo give all statomonts that have como in
the presont week covering a later or a different poriod from
that to which the issuo of the “ Railway Earnings” Soction
is dovotod. W e also add tho returns of tho industrial com­
panies recoivod this wook.
Roads.

M
03

CO

to
CO

to
•tk
©<

29

CO
CO
<o

8

,025

943

Net Earnings Monthly to Latest Dates.— In our “ Rail­
way Earnings” Section or Supplement, which accompanies
to-day’s issiie of the “ Chronicle,” we give the July figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple­
ment for full details regarding the July results for all the
separate companies.

to

bo

to

00
co
CO

21,429
def26.370
def 15,059

8 se

IN D U S T R IA L C O M P A N IE S .

------ Gross Earnings-------------- Net Earnings-----Current
Previous
Current
Previous
Companies.
Year
Year.
Year.
Year..
$
S
$
$
218,380
61.062
St L Rocky M t & Pac.a.July 229,602
65,164
a Net earnings here given are after deducting taxes,
b Net earnings hero given aro before deducting taxes.

i

- S

rj

o,

•:

a?

O

■ ft

Interest Charges and Surplus.
—Int., Rentals, A c.—
Current
Previous
Year.
Year.
$
8

Roads.
New London Northern—
Apr 1 to Juno 30-------Jan 1 to Juno 30-------July 1 to Juno 30--------

71,640
151,354
306,160

—Bal. of Net Earns.—
Current
Previous
Year.
Year.

$

$

77,399 deH ,418 dof55,970
157,994 d ef8 3 ,800 def 184,364
3 18,677xdef175,984.rdef333,7 2 1

INDUSTRIAL COMPANIES.
—Int., Rentals, A c.------- Bal. o f Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Companies.
St L Rocky M t & Pac__July

$
29,354

$
38,561

$
31,707

$
26,604

x After allowing for other income received.
EXPRESS COMPANIES.
Globe Express Co.—
Total from transportation—
Express privileges;—Dr-------

-Month o f
1915.
S
3,299
3,784

Revenue from transport'll.
Pper. other tan transports. _

— 484
49

Total operating revenues.
Operating expenses------------

May---1914.
-5
50,592
25,639

-July l to May 31—
1914-15.
---------1913-14.

$

S

596.398
301,142

607,947
306,810

24,953
785

295,256
8,102

301,136
9,048

— 435
5,809

25,738
27,970

303.359
296,558

310,185
328,210

Net operating revenue—
Express taxes_____________

— 6,245
250

— 2,231
600

6,800
10,850

— 18,024
11,400

Operating incomo________

— 6.495

— 2,831

— 4.019

— 29,424




..

CO

K E 2 S c i t - ‘

I

Ol

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CO

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O O O O O M t O t n o > i | S

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ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
ltoad.

Week or
Month.

American Rys C o— J u l y .........
Atlantic Shore R y— J u l y .........
cAur Elgin & Chic Ry J u n o ------Bangor Ry & Electric J u l y ------Baton Rouge Elec Co July ------BeltLRy Corp (N V C ). M a y .........
Berkshire Street R y . July ____
Brazillan Trac, L & P J u n e ------Brock & Plym St R y. J u l y .........
Bklyn Rap Tran Syst M a y ------Capo Breton Elec Co July .........
Chattanooga Ry & Lt July ____
Clove Painesv & East J u l y .........
Clev Southw & C ol_. July .........
Columbus (Ga) Ei Co J u l y .........
Colum (O) Ry, P & L J u l y .........
(ZCom’w’thP Ry & L_ J u l y .........
Connecticut C o ___ J u l y .........
Consum Pow (M ich). J u l y ___
Cumb Co (Mo) P & L J u l y ___
Dallas Electric C o— J u l y ___
Detroit United Lines J u l y ___

Jan. 1 to latest date.

Current Previous, Current
Year.
Year. | Year.

Previous
Year.

$

$

I

$

485.039 522,625 3.023 7 4 5 3 ,1 6 1 .1 6 2
44,197 49,184.
1 9 5 .4 2 8
--------192, 0 2 6
163.746 192,5591
9 7 5 .8 9 5
885, 223
68,146 67,805!
436,491
439 ,584
16.016
1 0 1 ,8 9 2
105 ,297
14,742
66,737 67,092;
2 9 6 ,7 4 0
314 0 5 7
91,244 97.654
518
5 5 0 .7 8 2
oxo 4 1 7
16591940 /6 188900 /37681 ,110 /36444.188
15,346
66,484
15,694
63 3 4 0
2343,921 2482,243 10.811 3 6 4 10,734,655
31,320 31.467,
ISC, 9 17
1 9 8 ,7 8 9
6 4 4 ,8 1 0
90,116 9 2 ,6 9 6
599 ,233
44,653 4 5 ,2 8 2
2 3 2 ,3 5 1
224 ,392
113.040 1 1 7 ,6 6 7 j 696 ,181
7 1 4 ,5 1 2
57,365 53,827
3 8 0 .2 2 7
398 ,668
......
239,594 2 4 1 .9 6 5 1 .7 5 4 ,96 7 1 ,7 6 3 .7 0 7
1182,519 1 1 4 3 .3 3 5 8 ,0 2 0 .7 1 2 7 .9 5 4 ,0 1 9
806.482 7 9 8 .7 6 7 4 .5 7 4 9 1 6 4,601.832
305.309 2 5 8 ,3 5 6 2 ,1 2 6 .0 6 7 1 .9 3 8 ,9 8 0
262.080 2 5 8 ,0 0 4 1 .4 3 7 ,311 1,395,590
144,101 1 7 9 ,1 3 1 1 ,0 1 7 .4 4 9 1 ,2 9 3 ,1 0 5
1205,881 1 1 2 9 ,9 5 5 7 .2 8 2 ,5 6 9 7,044,772

Sept , l l 1915.]

THE CHRONICLE

Latest Gross Earnings.

Name of
Iload.

Week or
Month.

D D E B & Bat (Roc) M a y ____
Duluth-Superior Trac J u l y ___
East St Louis & Sub. July . . .
Eastern Texas E loc.. J u l y ___
El Paso Electric Co__ J u l y ___
42d St M & St N Ave M a y -----Galv-ilous Elec C o .. J u l y ___
^Georgia Ry & Powor J u l y ____
Grand Rapids Ry Co July __
Harrisburg Railways J u n o ____
Havana El Ry, L & P
(Railway Dept)__ Wk Sopt 5
Honolulu R T & Land J u l y ___
Houghton Co Tr C o. J u l y ___
b Hudson & Manliat J u l y ___
Illinois Traction___ J u l y __
Interboro Rap Tran M a y ___
Jacksonville Trac Co J u l y ___
Keokuk Electric___ J u l y ___
Key West Electric__ J u l y ____
Lake Shore Elec R y . J u l y ___
Lehigli Valloy Transit J u l y ___
Lewist Aug & Waterv J u l y ____
Long Island Electric. M a y ____
Louisville R ailway.. J u l y ___
Mihv El Ry & Lt C o. J u l y ___
Milw Lt, lit & Tr Co J u l y ____
Nashvillo Ry A Light July _ . .
N Y City Interboro.. M a y ____
N Y & Long Island.. M a y ___
N Y & North Shoro.. M a y ____
N Y & Queens Co__ M a y ____
Now York Railways. M a y ____
N Y & Stamford R y. J u l y ___
N Y Wostchost & Bos J u l y ___
Northampton Trac’n. J u n o __
Nor Ohio Trac & Lt. J u l y ___
North Texas Electric J u l y ___
Northw Pennsylv Ry J u n o ___
Ocoan Electric (L I ). M a y ____
Paducah Tr & Lt C o. J u l y ___
Ponsacola Electric Co J u l y ___
Phila Rapid Transit- J u l y ___
Port (Oro)Ry,L&PCo J u ly ___
Portland (Mo) RR_. July . . .
Puget Sound Tr,L&P Juno . ._
oRepubllc Ry & L t_. J u l y ___
Rliodo Island C o____ J u l y ___
Richmond Lt & R R . M a y ____
St Jos Ry Lt II&P Co. July.........
Santiago El Lt A T r. J u l y ___
Savannah Eloctric.Co J u l y -----Second Avenue (Rec) M a y ___
Southern Boulovard. M a y ____
Staten Isl M idland.. M a y ____
Tampa Electric C o .. J u l y ___
Third Avenue______ M a y ___
Toronto Street R y .. July ___
Twin City Rap Tran. 4th wk Aug
Union IlyCo o f N YC M a y ____
Virginia Ry & Power. J u l y ___
Wash Balt & Annap. J u n o___
Wostcliostor Electric. Juno . . .
Wostchostor St R R .. J u l y ___
Yonkers Railroad__ J u n o ___
York Railways______ J u l y ___
Youngstown & Ohio. J u l y ___
Youngstown & South J u l y ___

Current
Year.
41,201
97,203
200,599
65,067
77,426
172,795
174,093
513,818
105,596
88,369

Jan. 1 to latest date.
Current
Year.

Previous
Year.

197,376
652,263
1,374,586
386,587
548,65C
798,115
1,131,722
3,671,653
666,317
471,259

212,260
761,870
1,549,551
383.162
599,244
737,674
1,422,899
3,612,938
736,775
469,864

Previous
Year.
44,205
121,610
218,659
61,065
83,641
170,715
226,664
515,191
115,756
76,684

52,068
49,437
49,531
50,765
28,309
26,177
427,914 438,820
861,295 887,140
2904,773 2948,937
57,442
50,098
21,643
18,687
11,732
9,323
136,446 151,999
190,563 175,676
72,565
75,376
23,452
22,839
244,231 268,059
447,692 487,590
141,904 154,797
166,927 181,081
61,662
62,244
38,658
39,643
16,707
15.413
127,162 133,647
1138,652 1199,850
49,667
49,783
42,61 1 37,198
15,054
16,014
371,736 351,659
151,850 188,715
31,098
31,127
10.752
12,217
23,196
24,250
21,941
24,405
1939,905 1951,265
467,946 511,005
1 15,100 116,551
592,737 668,255
250,908 252,217
472,148 535,578
32,963
36,345
101,463 108,888
40,300
40,707
67,285
73,627
76,617
86,127
20,233
20,778
28,766
29,868
78,979
83,683
325,135 351,298
449,108 515,883
252,275 252,781
247.902 261,552
448,857 443,816
64,984
66,654
51,367
56,780
26,016
27,198
60,753
64,585
72,536
66,348
24,407
24,320
16.851
17,842

$

81,659
2,128,388
939,262
164,106
33,868
162,452
144,117

"88" 273
2,073,359
1,227,499
162.399
35.592
174,507
162,877

3,204,301
581,915
3,694,066
1,709,826

3,782,664
584,472
4,236,645
1,747,949

135',405
138,736
743,530
724.129
267,602
268,536
497,021
461,1 15
349,645
329,565
85.423
88,709
102,843
108,770
569,099
568,003
1,555,073 1,619,115
3,236,351 3,550,684
6,164.732 6,118,469
1,079,814 1.061.739
2,925,770 2.980.740
381,947
392,060
277,268
272,076
142,376
142,362
345,039
354,040
457,766
453,147
151,618
163,342
102,812
95,008

Electric Railway Net Earnings.— The following table

Hoads.

railway gross and net

----- Gi oss Earnings—
Current
Previous
Year.
Year.

$

Interborough Rapid Transit Co.
{Report for Fiscal Year ending June 30 1915.)

The remarks of President Shonts will be cited at length in
the “ Chronicle” of Sept. 18. Below we give the usual
comparative tables for several years:
Year ending June 30— 1914-15.
1913-14.
1912-13.
1911-12.
Gross operating revenue.$33,4.33,743 $33,515,396 $32,497,871 $31,246,392
Operating expenses___ 12,941,314 12,902,054 13,260,743 13,047,802
Net oper. reven u e...$20,492,429 $20,613,342 $19,237,128 $18,198,590
Taxes------------------------ - 2,133,980
2,081,948
2,110,880
1,979,431
Income from oper’n . .$18,358,449 $18,531,394 $17,120,248 $16,219,159
Non-operating incom e..
623,631
612,852
487,490 *1.305.200

1,832,457 1,921,458
353.708
337,551;
Gross in com e............ $18,982,080 $19,144,246 $17,607,738 $17,524,359
168,461 T o ta l'ncome deductions 10,913,596 11,119,666 11,070,669 11,000,593
154,994
3,196,537 3,279,931
6,196,342
6,153,485
,
Net corporate income $8,068,484 $8,024,580 $6,537,069 $6,523,766
14,473,594 14,801,273 ' Divs. on I .R .T .stk-(20% )7,000.000(15)5250,000(12)4200,000(15)5250.000
440,121
362,808
142,502
131,703
Surplus---------- -------- SI,068,484 $2,774,580 $2,337,069 $1,273,766
77,417 Per cent oxp. to earns..
65,392
38.71%
38.49%
40.80%
41.76%
810,105 Passengers carried------- 647,378,266 651,886,671 634,316,516 607,244,697
761,570
1,043,838
1,117,826
376,485
406,272
* Includes first dividond, 15% ($900,000), on capital stock of Rapid
85,065 Transit Subways Construction Co.
86,974
1,701,970 1,860,606
3,373,442 3,511,261 STATEMENT OF OPERATIONS BY DIVISIONS FOR YEARS ENDED
JUNE 30 1915 A N D 1914.
861,826
820,287
1,226,665 1,300,515
----------- 1914 -15----------- ----------- 191:3-14-----------262,984
282,011
Manhattan
Subway
Manhattan
Subway
145,822
160.918
Ry. Div.
Division.
Ry. Div.
Division.
62,138
60,941
Operating Revenue—
S
S
$
$
523,732 Transportat ion________ 15,099,363 17,265,944 15,594,075
529,704
17,003,496
5,454,164 5,509,712 Other street ry. op. rev.
490,585
577,851
360,763
557,062
210,996
211 ,058

b Represents Income from all sources, c These figures aro for consoli­
dated company. / Earnings now given in milreis. g Includes constituent
companies.
gives the returns of E L E C T R IC
earnings reported this week:

841

------Net Earnings-----Current
Previous
Year.
Year.

$

Albany Southern.a—•
July 1 to Juno 30--------502,775
507,048
136,692
125,076
British Col El R y...........July 510,723
690,023
26,842
163,019
Havana Elec R y, Lt & l ’ ow—
Jan 1 to July 31.........- 3,199,879 3,120,189 1,188,225
922,908
Hudson Valloy Ry—
Apr 1 to Juno 30--------182,214
193,193
46,035
71,002
Jan 1 to Juno 30--------353,247
383,832
81,537
122,792
July 1 to Juno 30______
868,748
350,424
907,386
285,178
Intornat Ry (B uffalo).b—
Apr 1 to Juno 30______ 1,655,965 1,684,762
700,744
714,851
Jan 1 to Juno 30--------- 3,206,516 3,222,354 1,312,167 1,257,796
Wost N Y & Ponn T r .b —
Apr 1 to Juno 30______
103,996
117,499
43,398
54,785
Wisconsin Edison______July
675,707
C248.401
Aug 1 to Juiy 31______ 8,457,580
c3,431,544
a Not earnings hero given aro after deducting taxes,
b Not earnings hero given are before deducting taxes,
c Balanco for the Wisconsin Edison Co. and depreciation of sub. cos.
was $ i l l , 118 for July and SI,796,517 for tho 12 months.

Interest Charges and Surplus.

15,589,948

17,843,795

15,954,838

17,560,558

913,395
1,098,820
74
4,176,675
549,280

825,436
1.271,609
71
3,439,282
666,672

906,064
1,090,001
103
4,142,751
591,317

800,633
1,234,310
36
3,384,063
752,776

Total oper. expenses.
Not operating rovenuo..

6,738,244
8,851,704
1,691,608

6,203,070
11,640,725
442,372

6,730,236
9,224,602
1,695,759

6,171,818
11,388,740
386,188

Incomo from oporat’n
Non-operating income. .

7,160,096
139,127

11,198,353
484,504

7,528,843
59,713

11,002.552
553,139

7,299,223
Deduct—
Int. & s. f. on city bonds
Int. on 1st & ref. M . 5%
gold bonds (I. R. T .).
Int. on 5% 45-yoar gold
mortgage bonds------Sinking fund Inter. R .T .
__________
5% 45-year bonds—
Int. on Manhattan Ry.
consol. M . 4% bonds. 1,591,080
Int. on N. Y . Elev. Ry.
50,000
5% debenture bonds.
Man. Ry. rental (organ.))
35,000
7% guar. div. on Man­
hattan Ry. stock___
4,200,000
Amortization of debt,
discount & expense..
Int. on unfunded debt. _
Other ront deductions..
6,577

11,682,857

7,588,556

11,555,691

Operating Expenses—
Maint. of way, &c_____
Maint. of equipment__
T raffic......... ................. ..
Transportation expenses
General expenses______

2.360,066

2,361,065
2,23R 223

—

2,632,573

482 660

113,197
1,591,080
50,000
35,000
__________

37,500
800

4,200,000
6,577

3,565
37,500
800

Total income dcduc’s. 5,882,657
5,030,938
5,882,657
5,237,010
Not corporate incom e.. 1,416,566
6,651,919
1,705,899
6,318.681
P. C. exp. to earnings—Excluding taxes____
43.22%
34.76%
42.18%
35.14%
54.07%
37-24%
Including taxes______
52.81%
37.34%
Passengers carried_301,792,517 345,585,749
311,473,568 340,413,103
Daily avg. pass, carried.
826,829
946,810
853,352
932,639
BALANCE SHEET JUNE 30.
1914.
1915.
$
Assets—
S
Fixed capital__ 90,467,611 66,364,606
Investments__ 24,512,530 23,806,122
2,442,852
Adv. to sub. cos. 2,398,307
1,351,641
Material A supp. 1,634,878
904,871
Pre-payments.. 1,036,712
5,779,803
Cash.............
3,844,967
Adv. Manh. Ry.
3d tracking.. 1,600,000 ............ .
47,707
For bonds, A c ..
48,303
Bills receivable.
6,120
6,120
5,633,412
Acc’ts receivable 6,096,344
Dlvs. July 1—
Manhattan Ry 1,050,000
1.050.000
Interboro R. T.
875,000
2.625.000
Interest July 1. 2,591,450
2,466,450
Constr. & equip.
cash funds
a22,272.650 38,324,071
263,530
333,752
Int. A dlvs. rec.
467,759
170,22*3
Items await.(list
Volun. relief fd.
68,644
58,843
535,743
Taxes protested.
8,213,535
Unamort. Items. 7,867*389

191S.
1914.
Liabilities—
$
S
Stock................ 35,000,000 35,000,000
45-yr. M.5%bds ________
7.000
1st & ref. M . 5s. 103,658,000 98,658,000
Manh. lease acct
377,323
377,323
Acct. amor. cap. 2,292,637
1,812,042
Wages .............
284,695
234,524
Other accts.pay. 1,485,174
770,918
Int. & rents accr 1,300,711
1,265,007
Coupons not pre­
sented, A c__
27,403
19,457
Div. July 1 Man­
hattan R y__ 1,050,000
1,050,000
Int. July 1 on 1st
A ref. M. 5 s.. 2,591,450
2,466,450
Dlv.Julyl.I.R.T.
875,000
2,625,000
Taxes accrued..
689,055
614,630
Adv. Manh. Ry.
3d tracking.. 1,600,000
Man.Ry.cquip’t
reserve______
102,154
Int. on invest.of
deprec. rcs’ve
16,600
Items.nwait.dls.
242,883
Prof.A loss, sur.bl5,509,109 15,214,403

—Int., Rentals, A c .— — Bat. of Net Earns.—•
Total assets..167,102,194 160,114,754
Total llabirs.167,102,194 160,114,754
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
a
Includes
subway
contribution,
cash.
$20,055,594; Manhattan third$
$
$
$
tracking cash, $86,240; elevated extension cash, $2,085,823; and Man­
Albany Southern—
hattan power-house cash, $44,992.
91.719
98.105
July 1 to Juno 30______
44,973
26,971
b After crediting $17,477 tax refunds and other credits, and debiting
Hudson Valloy Ry—
$791,256 taxes for prior years, amortization, capital retirements and other
88,305
Apr 1 to Juno 30______
83,855 *dof41,371 *dofl 1,965 charges.— V. 101. p. 773, 614.
175,702
Jan 1 to Juno 30______
167,423 *dcf92,68l *def43,235
348,075
July 1 to Juno 30--------343,154 *dof59,787
*10,613
Chicago & Western Indiana RR.
Internat’l Ry (Buffalo)—
{Report fo r Fiscal Year ending Dec. 31 1914.)
439,837
428,392
Apr 1 to Juno 30--------*286,769
*280,469
872,627
Jan 1 to Juno 30--------850,229
*457,558
*420,337
President H . G . Hetzler, Chicago, June 1, wrote in subst.:
West N Y A Ponn Trac—
Bonds.— During 1914 $477,000 General Mortgage 6s were retired and
37.779
Apr 1 to Juno 30------37,988
*6,108
*16,961 oancelcd by the sinking fund, leaving $5,690,667 outstanding out of an
x After allowing for other income received.
original issue of $14,368,000. A like amount of consol, mortgage 4s wero
simultaneously issued. Of tho authorized issue of S50,000,000 Consol.
Mortgago 4% bonds, there are held to retire General Mortgage bonds
$5,691,000, and there have been issued (a) to refund General Mortgage
bonds retired by sinking fund $8,677,333, and (b) for additions and better­
ments $35,631,667.
Additions and Betterments.— Expenditures aggregating $3,748,201 W ( f o
Annual Reports.— An index to annual reports of steam made during tho year for additions and betterments, of which $2,914,850
represents expenditures on tho property leased to tho Belt Ry. Co. of
railroads, stroot railways and miscellaneous companies which Chicago. Tho principal items were: (a) Track elevation, $1,045,838; (b)
liavo beon published during tho preceding month will bo clearing yard, $2,255,265, including the north-bound receiving and south­
departure yards, the approach tracks extending from the Belt Ry.
givon on tho last Saturday of oach month. This isidox will bound
main tracks near 55th St. to the west end of clearing yard, tho separation
not include roports in tho issue of tho “ Chroniclo” in which of grades with the Chicago Peoria & Western Ry. near Argo, the interlock­
plant at tho hump, tho viaduct in South Cicero Ave. and tho shop
it is published. Tho latest indox will bo found in the issue ing
buildings and equipment wero practically completed, tho track work
of Aug. 28. Tho next will appear in that of Sopt. 25.
Involving tho laying of about 45.88 miles of track. (V. 101, p. 693.)
Roads.




ANNUAL REPORTS

THE CHRONICLE

842

T ho clearin'? yard as now constructed consists o f tw o classification yards,
each o f two units containing 26 classification tracks; four hump tracks,
one serving or.ch unit o f each yard; four small car-repair yards, tw o receiv­
ing yards o f 10 tracks each, one for north and west-bound traffic and one for
south and east-bound traffic; tw o departure yards o f 11 tracks each; an
electric pneum atic interlocking plant; a subway under tho hump to permit
internal yard m ovem ents; a 20-stall round-house, 90-foot turntable, 400-ton
coal and sand station, throo-track cinder pit, one 100,000-gal. water tank and
storage tracks for engines; a locom otive repair* shop 293 ft. long and 172 ft
wide; a storehouse 230 ft. long and 42 ft. wide; a repair yard for heavy car
repairs containing six tracks and a mill 203 ft. long and 02 ft. wide; a local
freight station, a yard office, a viaduct in South Cicero A ve. and a com ­
plete telephone system .
There remain to be com pleted tho viaduct in South Crawford A vo. and
street im provem ents required b y city ordinance, certain miscellaneous
track work, an interlocking plant at J iayford, the electrical wiring o f the
shop buildings, tho Installation o f pneumatic tubes in the yard, shop
equipment and the com pletion o f minor structures. T ho total cost o f the
yard to Jan. 1 1915 was $3,348,850.
Lato in tho year tho swing bridge over the Calum et River on the Dolton
Branch n ar-D olton , was authorized to bo reconstructed with a bridge o f
heavier design.
IN C O M E

STA TE M E N T

FOR

Revenues—•

YEARS

E N D IN G

DEC.

31.

Passenger re v e n u e __________________
Switching re v e n u o __________________
M iscellaneous revenue------------- ---------

1914.
$73,501
122,440
57,907

1913.
$95,419
54,970
49,712

1912.
$109,862
635
41,428

T otal operating revenues__________
Operating expenses_______ __________

$253,848
$203,570

$200,101
$170,599

$151,925
$159,355

N ot operating revenues___________
Operating ra tio _____________ . . —
O t h e r Income—
Tracks and terminals rentals_______
Hire o f equipm ent-------- ----------------Joint facility rent incom o----------------Other rents, A c _____ ________________

$50,278
(80.19)

$29,502
(85.26)

def. $7,430
(104.89)

$926,685
107,933
2,239,071
86,306

$935,565
88,144
2,084,970
50.799

$834,252
24,112
1,639,339
39,387

Gross incom o______________________ $3,410,273
$262,187
D educt— T a xes______________________
2,394,299
B ond interest_____________
M iscellaneous__________ ._
25,760
300,000
D ividends ( 6 % ) -----------------

$3,188,980
$269,909
2,256,296
25,680
300,000

$2,529,660
$197,838
2.037,856
18,389
300,000

O p e r a tin g

$2,851,885 $2,554,083
T otal deductions__________________ $2,982,246
Balance, surplus or d eficit_________ sur.$428,027 sur.$337,095 d ef.$24,423
BALAN C E

SH EET

D EC.

31.

1914.
1014.
1013.
1013.
L ia b ilitie s —
$
$
$
$
50,532,123 60,108,088 Common stock__ 5,000,000 5,000,000
Gen. M. bonds__ 5,690,667 6,167,667
Impts. on leased
Consol. M. bonds. 14,300,000 43,S32,000
1,510
property .
3-yr. 5% M. notes.
4,543,284
Mlsc. phys.
4,750
4,750
Sept. 2 1912... .0,000,000 10,000,000
Other Investments
476,364 Real estate mtges.
128,250
Cash in treasury-.
333,862
39,450
Loans A bills pay.
1,052,167
Cash with Bankers’
2,168,080 Traffic, Ac., b al..
3,983
5,079
Tr. Co. (trustee)
Special deposits.. 1,062,817 1,064,372 And. accts. A wages 700,609 1,043,873
118,576
91,826 Int., Ac., matured
Loans A bills ree’le
848,040
11,873
906,975
15,025
unpaid________
Traffic, Ac.. b al..
3,300 Unmat. int. accr’d
195,120
107,505
2,525
Agents & conduc’d
14,483
828,103 1,031,374 Miscellaneous___
15,723
Miscellaneous.. .
462,031 Dcf'd credit items
4,200
40,317
Material & supplies 300,552
262,125
272,414
2,314
2,126 Accrued taxes___
Deferred deb .items
544,956 Accrued deprec’ n
Discount on bonds 845,021
719,932
306,406
(equipment)__
Other unad J.dehits 658,276 1,446,449
204,881
142,746
1,351,000 Oth. unadj. credits
Pledged securities.
533,655
61,000
748,980 Corporate surplus x289,839
Unpledged do
68,316,486 69,610,620

T o ta l_________ 38,316,4S6 69,610,620

* Includes in 1914 investments on roads, $56,764,824 and equipm ent,
$2,707,295. against $57,559,911 and $2,639,077, respectively, in 1913.
x After deducting $600,000 surplus distributed to proprietary tenants
and $71,843 other miscellaneous deductions.
See also note offering in V. 101, p. 693, 527.

Manila Railway (1906), Ltd.— Manila Railroad.
(Report fo r Fiscal Year ending D ec. 31 1914.)

A t tho eighth annual meeting of the Manila Railway Co.
(1906), L td ., in London, on Aug. 10, Chairman C . J. Cator
Scott said in substance:
[N o te .—

Ono peso(P. 1.00) equals 50 cents, U . 8. g o ld , or, say, 2 shillings El
For tho first tim e since tho reconstruction o f the com pany I havo had to
com e before you with accounts which do not show an upward progressive
character, but instead a decided falling off. Under the conditions in which
wo aro working, this is not altogether surprising. T ho reduction in re­
ceipts is prim arily duo to the short rice crop in the island. Tho war, also,
has undoubtedly affected us to a certain oxtent, although perhaps not to
the extent one m ight havo expected. I f you look at tho operating revenue
account o f the American com pany [tho M anila Railroad], you will seo that
tho total receipts for tho northern lines wore 3,152,000 pesos, or a decrease
o f 288,064 pesos, while the southern lines show a total operating revenue
o f 1,839,000 pesos, or an increaso o f 44,000 pesos. Altogether, there is a
total operating revenuo o f 4,992,000 pesos, which is a decrease o f 244,000
pesos from tho previous year. During tho year 1914, 70 miles o f now road
wore brought into operation. T ho expenses o f tho northern line show an
increaso o f 100,700 pesos, and tho southern lines an increaso o f 171,200
pesos, or a total increaso o f 271,900 pesos, a very serious m atter. In tho
current year M r. Horace L . Higgins, our representative at M anila, is deal­
ing with that question, and I hope will m ake a considerable saving.
The residt o f tho trading o f tho American com pany is that wo have rocoivcd the full amount o f interest on their bonds, £164,592; on tho larger
amount o f guaranteed bonds now held by the com pany, which bear intorest
at 4 % , wo havo received £42,474, which was tho full amount o f interest
due up to D oc. 31 1914. This is £14,045 m ore than in tho previous year.
On tho other hand, there has been no dividend declared on tho preferred
stock, which last year gavo us £47.900, and our total receipts from tho
American com pany amount to £207,066, as against £240,932 in tho pre­
vious year. W e carry down £182,684, which is almost exactly £36,000 less
than last year. That has enabled us to pay tho full interest on our “ A ”
and “ B ” bonds, and the full amount duo on our now 5% debenture stock,
o f which we sold a certain additional amount last year, the chargo for theso
being £37,220, or £12,640 m ore than in 1913. T o do this, howover, wo
had to draw £9,700 from our carry-forw ard, which now stands at £94,205.
O f course under such circumstances there can bo no question about a divi­
dend on our pref. stock. T ho year 1914 has been with us, as with many
other com panies, certainly an unfortunate year. W o havo had a dimin­
ished revenuo, duo to special circum stances, and at tho same time wo havo
had, on account o f construction, to carry an increased amount o f capital
involving larger interest charges, for now work done.
D ig est o f R e p o rt, D ated May 7, from H ora ce L. H ig g in s, P resid e n t
a n d G en era l M anager o f M anila R a ilroa d .
M i l e a g e .— Tho average number o f miles operated in 1914 was 497, an
increaso over 1913 o f 18J4 miles. Tho mileage in operation at ond o f 1914
was 550.45, or 70.56 miles m ore than at end o f 1913.
T he following mileage was in course o f construction D ec. 31 1914: (a)
N orthern Lines— Ilauan to 8 . Fernando U nion, 4.76, and Cabalatian to
T ayu g, 2.16 miles. (5) Southern Lines— Baguio Lino, 23.92; Southorn
Link District, 49.50, and Southern D istrict, 20 miles: grand total, 100.34
miles. O f this, It is estimated that about 60 miles will be com jjleted and
in operation by D ec. 31 1915 or before.
F u n d e d D e b t .— This has been increased by the Issue o f $3,490,000 (U . 8.
g o ld ), or P . 6,980,000 First M ortgago 4 % G old Bonds Southern Lines
and at D ec. 31 1914 stands at P. 45,242,000, made up as follows: (a) N orth ­




[Vol. 101

ern Lines— 1st M . 6 % gold bonds, P. 8,660,000 ($4,330,000): 2d M . 7%
gold bonds, P. 15,432,000 ($7,716,000). (6) Southern Lines— 1st M . 4%
bonds, P. 21,150,000 ($10,575,000).
R e s u l t s .— T ho decrease in the earnings o f the com pany aro to a great ex­
tent duo to decisions with regard to the treatment o f interest charges being
applicable to revenuo, and to tho general business depression brought a bou t
b y the European war. O f rice, 223,512 tons were hauled on all lines, as
com pared with 243,837 tons on all linos in 1913, and o f sugar, 59,891 tons
against 52,676 tons in 1914. Baguio has for the time boing been aban­
doned, and tho seat o f governm ent will not be rem oved there during tho hot
soason o f 1915. This has resulted in a considerable loss o f revenuo on tho
northern lines in 1914. Several important sugar mills have been com pleted
and aro in operation, but are handicapped by a shortage o f cano.
I m p r o v e m e n t s .— During tho year P.
358,974 havo been expended on
terminal im provem ents, relay o f rails and strengthening o f bridges and
minor works on tho northern lines.
F l o o d s etn d P e s t s .— T ho islands were visited by soveral typhoons, tho m ost
severe being in Septem ber, causing considerable damage and interruptions
o f traffic. Locusts have been very bad and constitute a monaco to all
crops. Rlnderpost has been prevalent in most parts o f tho island. Cholera
has been sporadic and has interfered with holiday and tourist traffic.
O u t l o o k .— T he traffic prospects for 1915 are poor, owing to partial failure
o f tho rice and other crops, and to the general business depression caused b y
the European war.
The Board o f Public Utilities created b y A ct 2,307 o f D oc. 19 1913 ha*
been in full operation during the year.
(1906) , L T D I N C O M E A C C O U N T , C A L E N D A R Y E A R 1914'
Bond lnt. rec’d (Nor. Lines)__ *£164,593 Deduct— General interest______£16,099
do
do
(Sou. Lines)___*42,474
Balance .................. ............ .£182,685
Transfer fees................................
48
Deduct int. deb. bds. A stock..£192,420
Total income______________ £207,115 Preference dlvs. (1 % )_________ 20,000
Deduct directors’ fees, sal'es, Ac. £8,331
Total deductions___________ £212,420
Balance, deficit______________ £29,734
* Denotes Interest received on Manila RU. bonds.
M A N IL A R Y . CO.

(1906), L T D . , B A L A N C E S H E E T D E C . 31 1914.
A s s e t s ( T o ta l £9,845,070)
£
£9,845,070)’
£
Ordinary shares.......................
399,340 Manila UR. stock and bonds._z7,364,566
do Constr. new lines, A c— {803,152
Preference stock_____________ 2,000,000
17,753
4% "A ” deb. bonds..................2,000,000 Prepaid bond lnt., dlvs., A c—
50,863
4% ’’B" deb. b o n d s ................ 1,880,000 Advances (general)........ - .........
5% debenture stock__________ 999,172 Exp'd. under constr. contr’ts a . 788,442
57,329 Constr. material, Ac., at Man. 306,315
Accrued Interest.......... .............
45,909
Coupons and warrants________
2,991 Claims against Spanish Gov’t . .
Loans against security.............. 400,000 Discount and expenses________ 278,929
163
Bills payable________________ 488,113 Office furniture______________
13,341
Loans for constr. (Manila HR.) 1,287,054 Sundry debtors, &c___________
69,499
Sundry creditors, A c.............
132,347 Bills receivable______________
Claims against Spanish G o v 't.. x45,909 Cash________________________ 106,138
Construction contract........ ...... y58,610
Profit and loss_______________
94,205
x In suspense, y To be adjusted on delivery of bonds, z Investments In th«
Manila HU. (In U. S. coinage) Include $4,330,000 In 1st M. 6s, due 1956; $7,716,000
2d M. 7s, duo 1956; $3,652,800 7% cum. pref. stock; $2,130,700 common stock, and
57,579,000 1st M. 4% bonds due 1939 of the Southern Lines, of which $690,000 ara
retained by Philippine Govt, against advances; total, $25,408,500. { Chargeabla
to Manila RR. and repayable in bonds and stocks.
N o t e .— There are contingent liabilities In respect of contracts for supply of con­
struction materials, Ac.
(.M A N I L A R Y . C O .

L ia b ilitie s ( T o ta l

M A N I L A RR . CO. I N C O M E A C C O U N T FO R C A L E N D A R Y E A R S .
— N o r th e r n

1914.
Averago miles operated.
311
$
Freight revenue.............. 576,680
Passenger revenue____ 892,673
Miscellaneous.......... .
107,021
( A l l U . S . D o lla r s .)

($1 = 2 P e s o s ).

L in e s ------ S ou th ern L in e s ----------- A l l L in e s --------

1913.
1914.
1913.
1914.
1913.
305
187
174
498
479
$
$
8
S
S
636,273 269,499 224,216 846,179 860,489
973,901 575,037 604,994 1,467,710 1,578,895
110,232 75,457 68,627 182,478 178,859

Total oper. revenue.. 1,576,374 1,720,406 919,993 897,837 2,496,367 2,618,243
Malnt. of way A struc..
221,602 221,401 148,707 115,557 370,309 336,958
Maint. of equipment...
158,366 133,835 83,115 58,567 241,481 192,402
Traffic expenses______
16,747
15,265
9,859
9,155
26,606
24,420
Transportation expenses 391,250 368,130 314,938 289,264 706,188 657,394
General expenses............
75,801
74,782 47,732 46,198 123,533 120,980
Total oper. expenses..
Net earnings..................
Taxes...............

863,766 813,413 604,351 518,741 1,468,117 1,332,154
712,608
906,993 315,642 379,096 1,028,250 1,286,089
10,635
15,300
6.184
7,258
16,819
22,558

Net Income................ 701,973
O ther I n c o m e —
Int. on loans A accounts 47,531
Joint facilities rents, A c. 32,677

891,693 309,458 371,838 1,011,431 1,203,531
80,947 102,821 67,891
38,672
8,030 3,601

Gross income.............. 782,181 1,011,312
D e d u ct —■
Rents A Joint facilities.....................................
Bond Interest...... ........... 799,920 799,920
Other Interest...................................................
______
______
Reserves______________

150,352
41,607

148,838
42,273

421,209 443,330 1,203,390 1,454,642
31,297 28,200 31,297
28,200
327,985 258,018 1,127,905 1,057,938
102,632 63,284 102,632
63,284
______ 21,40-1
______
21,404

Total deductions........ 799,920 799,920 461,914 370,900 1,261,834 1,170,826
Balance, sur. or def..def.$17,739sr .211,392df40,705sr.72.424def.58,444sur283,816
M A N I L A R R . B A L A N C E S H E E T D E C . 31.
[1 Peso equals 50 cts. U. S. gold, or say 2 shillings English money.]
1914.
1913.
1914.
1913.
$
L ia b ilitie s —
$
!.)— $
$
X8.391
54,908
Common stock— 2,130,700 2,130,700 Oth. def. cr. Items
36,702
300,174
Cum. pref. stock. 3,652,800 3,652,800 Profit and loss----Fd. dt. (see text).22,621,000 19,131,000
35,347,413 30,459,040
Manila R y.(’06)—
Adv.,mat’ls, A c. 1,021,290 1,019,829
Exp. on Nor. new
system lines
1,727,762
883,845
28,123,404 23,654,872
Adv. for add'ns
Ac...... .............
759,134
645,912
113,875
200,180
Exp. on Sou. lines
394,742
221,444 Manila Hotel C o.
30,000
30,000
Vouchers A wages
146,313
174,263 Mlscell. accts. rec.
102,898
74,465
Manila Ry. (1906),
601.421
Mat'Is A supplies.
408,796
Oper. stores acc’t
221,624
...................
Manila Ry. (1906),
Miscellaneous___
24,120
19,533 Loan accounts.. ' 0,255,080 5,721.901
Unmat. bond int.
200,930
180,824 Remittance acc’t
48,753
222,485
Accrued taxes----8,857
14,597 Working funds__
1,185
415
Philippine Gov’t—
2,875
Prepaid Insurance
1,363
Loan for constr’n 2,313,500 1,950,000 Special deposits. .
22,894
17,693
Adv. to meet int.
x9,730
16,934 Oth. def. deb.ltcms1 45,028
57,864
Int. on loan____
X47.475
35,850
Operating reserves
x22,343
26,330
T o ta l
.35,347,41330,459,040
N o t e .— In addition to tho above, a sum of $3,831,829 has been expended to Dec 31
1914 by the Constructing Company. This expenditure (plus 15 < 4 % contractors’
profits) will be transferred to tho Northern Lines ns and when tho lines concerned
are put In full commercial operation, and to tho Southern Lines as and when bonds
are issued In respect thereof, x Deferred Items.— V. 100, p. 982.
gg

Third Avenue Railway, New York.
{Report for Fiscal Year ending June 30 1915.)

The report for the year ending Juno 30 last is given at
length on subsequent pages of to-day’s “ Chronicle” , includ­
ing tho remarks of President Whitridge, tho comparative
income account and the balance sheet. Tho usual com­
parative balance sheet for 2 years, also the comparative
ncome account for 3 years, are given below.

C O N S O L ID A T E D IN C O M E A C C O U N T , IN C L U D IN G
C O M P A N IE S FO R Y E A R E N D IN G J U N E

CONTROLLED

30.
1913-14.
1914-15.
..$10,565,028 $10,456,705
401,511
..
320,831

O p e ra tin g R ev en u e—
T ra n sp ortation ----------------------O ther operations......... ...............

M aintenance o f equipm ent.
D ep recia tion ______________
Power sup p ly_______________
Injuries to persons and prop erty.

1912-13.
$9,742,345
375.502

.$10,885,859 $10,858,216 $10,117,847
$838,621
_
$925,974 $1,012,646
614,793
678,574
713,003
461,500
562,959
511,250
794,484
779,459
779,131
2,580,920
.. 2,914,525
2,849.930
533,809
_
602,798
614,609
526,012
511,890
525,466
$6,350,139
$3,767,708
725,693

Taxes

$6,976,179
.. $3,909,680
..
731,035

$7,006,035
$3,852,181
730,785

Othor incom e-

.. $3,178,645
..
81.128

$3,121,396 *$3,042,015
70,170
75,216

interest on notos____
R ents, & c___________
Sinking fund reserre.

.. $3,259,773
.. $2,473,680
..
9,304
..
52,746
..
30,000

$3,196,612
$2,368,072
134.173
38,061
30,000

$3,112,185
$2,027,463
107,236
30,528
30,000

. . $2,565,730 $2,570,306 $2,195,227
$916,958
$626,306
..
$694,043
* Includes interest on adjustment incom e bonds at 5 % for the year 1915
and 1914 and 3M % for 1913, but does not include interest on certificates
o f indebtedness o f the D ry D ock East B roadw ay & B attery K it. C o .,
which lias not accrued or been included in the accounts sinco I' ob. 2 1908.
N o t e .— Operations o f tho M id-Crosstown lty . C o. are included from A pr.
17 1914 to Juno 30 1915. and tho Pelham Park & C ity Island R y . C o . for
tho fiscal year 1915 only.
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 3*.
L ia b tlU U s —
1915.
1914.
1915.
1914.
Capital stock— . .
$
$
A ssets—
$
8
3clAve.U y.Co. 16,590,000 16,590,000
Railroads, pl't.Ac.82,181,024 81,325,645
Controlled
cos.
619,000
622,900
Special deposits—
60,301 Fund. debt(bds.)—
66,389
Sinking funds. .
83,562
3dAve. Uy. C o .47,506,000 47,506,000
83,100
Comp.ofN.Y.C.
Controlled co s .. 7,079,000 7,079,000
State Workmen's
250,000
166,667
Notes payable___
95,204
Compensa.Com.
291,771
382,870
1,367 Acc’ts payable__
1,104
Other................
856,947
Employees’
wages
536,157
Cash____________
50,603
67,523
594,219
497,467
and deposits__
Cash for mat’d lnt.
519,257
620,144
Depr. A contin. fd. 1,749,690 1,152,981 Matured Interest.
239,042 Acer. lnt. & taxes. 1,078,470 1,114,905
Acc’ts receivable. 231,374
510,218 Res.for adjustm’t,
473,232
Mat'ls * supplies.
51,942
deprec.Ask. fd.10,924,050 10,327,913
110,512
Unexp. insur., A c.
329,382 Excess of par value
158,300
Constr. In prog—
over cost of sub­
Unamortizcd debt,
sidiary cos...C>.al65,384 aCr.99,491
901,641
909,876
discount, Ac—
8,097
99,244
148,250 Def. cred.Items,Ac. ---------Miscellaneous-----Surplus................ b2,402,850 1,906,026
T ota l................ 87,281,190 86,166,980
T ota l...............87,281,190 86,166,980
a Excess o f par valuo over costs o f controlled com panies’ securities owned,
less net doficits o f those com panies, relating prior to acquisition.
b A fter deducting profit and loss charges (not) am ounting to $197,219.
N o t e .— N o rosorvo is provided for unsettled injury and damage claim s.—
V . 101, p .7 7 5 , 214.

Standard Gas & Electric Co., Chicago.

(Financial Statement Dated Sept. 1 1915.)
As explaining the offer to shareholders at 9 0 % of $3,750,­
000 of a new authorized issue of not exceeding $15,000,000
<5% 20-year gold notes, referred to on a subsequent page,
President II. M . Byllosby, Chicago, Sept. 1, wrote in sub­
stance (compare map, & c., on pages 166 and 167 of “ Rail­
way & Industrial” Section):
R e s u l t s S h o w n b y S u b . C o s .— T ho

financial condition o f your com pany and its subsidiaries during that year.
This satisfactory progress has been accelerated as shown b y the results
for tho twelve m onths ended Juno 30 1915, given below:
U n d is tr ib u te d S u r p lu s a n d D e p r e c 'n R eserv e.
G ross
N et
U n d is .S u r .A
E a r n in g s .
E a r n in g s .
D e p r e c . R es.

12 m onths ended Juno 30 1915--------- $15,002,759
12 m onths ended D ec. 31 1914-------- 14,354,689

$7,216,909
6,741,234

$1,092,477
864,535

Increase in six m onths------------------$648,070
$475,675
$227,942
do
Per cen t------------------4 .51%
7.0 5 %
26.4%
This large Increase in depreciation reservo and undistributed surplus
emphasizes tho rapid progress o f your com pany.
M a i n t e n a n c e .— Tho physical condition or tho properties o f the subsidiary
com panies is fully maintained. During the 12 months ended Juno 30 1915
tho subsidiaries have expendocl for maintenance, which was included in thoir
operating expenses, $866,733, and havo set asido in addition, from earnings
in that period, for depreciation reserve and undistributed surplus, a total o f
$1 092,477- T he total o f thase Items is $1,959,210, which is equivalent

tensions and enlargements o f tho properties.

I n c o m e A c c o u n t o f S t a n d a r d G a s & E l e c t r i c C o .— This shows for tho 12
m onths ended June 30 1915:
B ond and other interest o f its subsidiaries received or accrued
(against receipt at m aturity)----------- - - - - --------------------------------- $617,067
D ividends paid b y its subsidiaries received or accrued (against
receipt at respective dividend datas)---------------------------------------865,744
Interest on bank balances and profits on sales o f securities_____
5,338

T o t a l _________________________________________________________-11,488,149
Operating expen ses___________________________
36,796
N e t incom e--------------------------------- .--------------------------------------------- $1,451,353
Interest on (a) Convertible 6 % gold bonds, $592,473: (b) on 6%
serial notes, $133,473; (c) general$22,243; (d) scrip, $75,167823,356
Balance, equivalent to 5.33% on preferred stock .......................
$627,997
Y ou r com pany does not own the entire capital stock o f all o f its subsidiarias and, therefore, the ontiro undistributed surplus o f certain o f its sub­
sidiaries will not be available for increase in the incom e o f Standard Gas
& Electric C o. T he amount collected and accrued b y your com pany, as
shown above, for the 12 m onths ended Juno 30 1915, indicate a com para­
tively small increase over tho cal. year 1914. This is duo to largely in­
creased amounts carried to depreciation reservo and undistributed
surplus o f tho subsidiaries during tho past six m onths. T h o increased
earnings o f tho subsidiary com panies from this tim e forward will bo more
directly reflected in increased incom e to Standard Gas & E lectric C o.
R e d u c t i o n o f D e b t .— Reductions have been m ade in tho am ount o f our
C onvertible 6 % bonds and serial 6 % notes sinco Jan. 1 as follows:
C o n v . B o n d s . S e r ia l N o te s .

$9,906,000 $2,197,000
Outstanding D ec. 311914____________
Outstanding flopt.
11915________________________ 9,793,000
1,888,000
R eduction in 8m onths__________________________
113,000
309,000
In 1913. duo to the disturbed financial situation in tho cou ntry at large
and to unfunded debts o f your com pany and its subsidiaries, tho com pany
suspended paym ent o f cash dividends and issued, as o f June 1 1913, a total
o f $3,000,000 o f tho aforesaid serial 6% notes. O f thoso notes $1,112,000
had been rotired by Sept. 1 1915, leaving outstanding on this dato a balanco
o f $1,888,000, all o f which mature Juno 1 1916. Y our com pany also has




a general Boating debt o f approxim ately $450,000 which has been Incurred
b y the acquirement o f further profitable interests in its subsidiary com panies.
F i n a n c i a l P l a n — N e w N o t e s — D i v i d e n d P l a n .— T he general financial con­
dition o f the country, which affects all organizations, prevents at this tim e
obtaining large permanent financing from the public. T o continue finan­
cing b y short-term notes is expensive and not satisfactory, and renders
unwise the re-establishment o f cash dividends. •
.
....
In view o f tho foregoing and considering the rapidly im proving condition
o f your com pany and o f its subsidiaries, your directors havo devi ;ed a plan
which, if supported b y the shareholders, will enable your com pany to retire
its short-m aturity obligations, to com plete its financial arrangements, and
to havo further means at its disposal for providing from tim e to tune addi­
tional capital for profitable investment in the securities o f its subsidiary
com panies. W ith these arrangements com pleted, your com pany wilt be
able to finance its subsidiaries on a m ore econom ical basis to the subsidi­
aries than lias heretofore been possible, and consequently on a distinctly
m oro profitable basis to itself.
T he plan contem plates the issue o f 20-year 6 % gold notes o f your com ­
pany. There aro now offered for im m ediate subscription $3,750,000 o f
these notes. [See a following p age.— Ed.] T he proceeds o f $3,000,000
par value will retire all o f our short-m aturity obligations and floating debt
and furnish some additional funds, which with the proceeds o f the remain­
ing $750,000 par value now offered, will, if sold, enable your com pany to
effectively increase its earnings. T h e plan will not be effective, however,
unless tho stockholders subscribe at least $2,000,000 par val. o f those notes.
Pome o f the large preferred shareholders have already subscribed for their
full proportion o f these notes. I f tho remaining shareholders will do their
part, the plan will becom e effective, you r com pany will be relieved o f shortm aturity obligations, and its preferred stock will b o imm ediately
put upon a cash dividend basis, starting with 1% for tho first quarter.
It is believed that in this event steady upward progress will continue, and
that the dividend distribution will increase until it again reaches the 8 %
per annum provided for tho preferred stock.
These 20-year 6% gold notes are to be issued under the provisions o f a
trust agrerment which will authorize, under tho following restrictions, a
total o f not exceeding $15,000,000 to be dated O ct. 1 1915 and due O ct. 1
1935, but redeemable on any interest paym ent date at option o f com pany
upon 90 days’ notice at 103% and interest. Interest is payable A . A O. in
C hicago or New Y ork , without deduction for normal Federal incom e tax.
Denom . $L,000, $500, $100 and $50 (c*).
Under the trust agreement n o additional 20-year 6 % gold notos m ay be
Issued unless the annual net earnings (after deducting operating expenses,
taxes and annual interest charges on tho then outstanding indobtedess,
oxcept these notos and tho prof, stock dividend scrip), are 2 lA times the
sum o f the annual interest charges on the 20-year 6 % gold notes, including
these to bo then issued and the then outstanding pref. stock dlvidond scrip.
In case tho com pany shall have acquired any property within such 12
m onth period, or shall have contracted to acquiro property with the pro­
ceeds o f notes to be issued, then the earnings o f said property during such
12 m onths shall bo included in tho earnings ’Used as the basis for the issu­
ance o f additional notes. In case the com pany shall, prior to any applica­
tion for the issuance o f additional amounts o f these notes, arrange to use
the proceeds thereof to pay o ff any interest-bearing debt o f the com pany,
then the interest on such debt need not be deducted from tho earnings
used as tho basis for the issuance o f additional notes.
O u t l o o k .— T ho annual interest on $3,750,000 20-ycar 6 % gold notes
herein offered will bo $225,000 and the annual interest on $1,497,011 pref.
dividend scrip is $89,821, making tho total annual interest on the above
$314 821. The earnings o f your com pany for the 12 m onths ended June 30
1915 available for interest on the 20-year 6 % gold notes and the preferred
stock dividend scrip then outstanding amounts to $858,880, which is
about 2 H times the annual interest charges on the notes and the above
dividend scrip. It is to be noted, how ever, that in caso the full $3,750,000
o f 20-year 6% gold notes are sold, there will be a substantial incom e to tho
com pany resulting from the profitable investment o f the surplus funds
realized from the sale o f tho full issue o f these notes, as well as the in­
creasing incom e from the subsidiary com panies which is taking place.
N o arrangements are m ado at this tim e for the retirement o f tho dividend
scrip heretofore issued by tho com pany which still has eight years to its
m aturity, but, at a convenient tim e after tho success o f the financing plan
herein presented to the shareholders, steps to that end will bo taken.
With the com pletion o f this financing and the resum ption o f cash div­
idends which will follow, tho basis for a materially higher market value o f
your com pany’s stock is established. These cash dividends will start at
1% per quarter, and should rise at a satisfactory rate, with the further de­
velopm ent o f your com pany which is behoved to be assured under the con­
ditions herein stated. [See further particulars in news item on a subse­
quent page.— E d.]— V . 100, p . 1915, 1173.

New York Transportation Co.

annual report for tho year 1914 (V. 100,

p. 1165, 1915) exhibited tho excellent progress m ade in tho earnings and

S u b s id ia r y C o s .’ E a r n in g s a n d

843

THE CHRONICLE

Sept , n 1915.]

{Report for Six Months ending Dec. 31 1914 and Fiscal Year
ending June 30 1914.)
President Richard W . M eade, N . Y ., M a r. 24 1915 wrote:
T he directors submit herewith a condensed balance sheet o f the New
Y ork Transportation C o. for D ec. 31 1914, accompanied b y a summary
o f incom e and profit and loss for six months ended D ec. 31 1914 and the
fiscal year ended Juno 30 1914, together with corresponding statements
o f the Fifth Avenue Coach C o. and the M etropolitan Express C o. The
Park Carraige C o. which discontinued business several years ago, has
been dissolved, and tho New York Transportation C o ., as its sole stock­
holder, has received its assets.
Tho finances o f the com pany and the extension o f tho m otor omnibus
system o f tho Fifth Avenue Coach C o . have been subjects o f active con­
sideration b y your board for more than a year. It is hoped that in the very
near future the last named matter m ay be determ ined, and our immediate
present financial p olicy will therefore be o f necessity largely governed
b y tho possible enlargement o f our service and the necessities consequent
thereon. T he com pany should maintain itself in the strongest possible
position to give the m ost adequate guarantees in every respect o f its com ­
petency not only to continue, but to extend, the very excellent service
it is now rendering.
IN C O M E

A N D

P R O F IT A N D
LOSS A C C O U N T OF
T A T IO N CO.

—6
Gross incom e.

..
..

N et incom e.
T axes________
Operating IncomeGross

surplus.

1-

Bal. for period_______

Y.

31— - — Y e a r e n d .
1913-14.
1913.
$99,684
$46,320
11,467
7,324

M o s . en d . D e c.

1914.
$55,126
2,555

TRANSPOR­

30----1912-13.
$209,341
118,452

June

$52,571
5,589

$38,996
5,307

$88,217
10,560

$90,889
9,859

$46,982
3,012

$33,689
274

$77,657
512

$81,030
11,320

$49,994
1,003

$33,963
13,725

$78,169
14,011

$92,350
27,470

$48,991

$20,238

$64,158

$64,880

BALAN CE SHEET DEC.

1914.
A ssets—
$
Land and buildings. 412 ,33 3
6,7 7 9
Tools, mach.,fixt.,&c.
Cap. stock (sub-cos.) C326.936
68
N.Y.Transp.cap.stk
Investments_______ a46 4,1 69
Adv. to sub. cos----- 6735,211
69,279
Cash..........................
Notes A accts. recelv. 11,080
960
Materials A supplies.
175
Unexpired insur.,Ac.
7,559
Accrd. int. on Invest.

N .

31

N . Y . T R A N S P O R T A T IO N CO.

1914.
1913.
1913.
S
S
$
• A s s e t s (c o n i'd )—
405,921 Profit and loss------ 2,681,659 2,774,570
6,217
326,937
T o ta l.................... 4,716,203 4,722,395
L ia b ilitie s —
68
419,281 Capital stock___ ..4,700,000 4,700,000
741,964 Accounts payable. . .
9,043
11,380
1,094
907
34,178 Accrued taxes___ . .
5.073 Advanced rents.. . .
______
108
6,071
10,000
1,004 Reserves________ . .
488
6,694
T o ta l.................... 4,716,208 4.722,395

a “ Investments” as above includes marketable bonds and notes, $437,­
169; real estato mortgage, $27,000, all at cost,
b Includes Fifth A ve.
Coach C o ., $605,711, incl. int., and M etropolitan Express C o ., $129,500.
c Includos cap. stock Fifth A ve. Coach C o ., $326,169; M etrop. E xp. C o ., $1.

THE CHRONICLE

844
IN C O M E A N D P R O F IT A N D

LO SS A C C O U N T F I F T H A V E . C O A C H CO.

30—
1912-13.
$888,453
20,523
26,692

— Y ea r en d g. J u n e

Operation o f stage lines.
Livery calls___________
A dvertising____________

6 M o s . e n d g . D e c . 31
1914
1913.
$628,586
$540,628
9,339
11,723
15,562
13,125

T otal earnings_______
M alnt. o f bldgs. & equip.
T ra ffic & transp’n exp__
General expenses______

$653,487
X135.1581
y3 0 5 ,0 0l}
37,732

$565,476

$1 ,176,510
x278,3021
y550,054>
68.134J

T otal expenses______
N et earnings_________
T a x e s __________________

$477,891
$175,596
38,241

$453,556
$111,920
33,364

$896,490
$280,020
69,568

$719,634
$216,034
54.692

B a la n ce ________________
Other incom o__________

$137,355
9,028

$78,557
5,371

$210,452
11,477

$161,342
5,865

Gross incom o__________
Interest N . Y .
Transportation C o ___
Other interest__________

$146,383

$83,928

$221,929

$167,207

$18,063
375

$18,063
512

$35,831
1,002

$35,831
1,025

P rofit from op er-----------P rofit & loss credits____

$127,945
78

$65,353
129

$185,096
149

$130,352
5,329

Gross surp. for por’d . .
P rofit & loss charges___

$128,023
1,110

$65,482
6,187

$185,245
10,325

$135,681
3,542

B al., surp., for per’d .

$126,913

$59,295

$174,920

$132,139

E a r n in g s —

D e d u ct—

x Includes $25,421 charged
against $53,796 for tho Juno
y Includos $47,125 reserved
against $88,620 for tho Juno
BALAN CE

SHEET

as
30
for
30

1913-14.
$1,127,643
22,117
26,750

(
$453,5561
l

$935,668
$719,634

depreciation o f vehicles for tho 6 m os.,
yoar.
injury and damago claims for tho 6 mos.
yoar.

DEC.

31

1913.
1914.
S
$
Real est., equip.,Ac. z492,910 441,588
Advance payt______ 120,000
Invests, (cost)_____ 176,125
50,742
Materials & supplies. 67,767
Cash........................ - 222,623 192,284
8,026
Miscellaneous______
16,733
5,329
Accts. rec. less res’vo
9,998
3,512
Prep’d Ins., taxes,Ac.
14,914
D eficit...................................... *226,762
A ssets—

OF F IF T H

A V E .

COACH

1913.
S
50,000
606,465

Capital stock--------Due N. Y. Tr. C o—
Real estato mortgago
15,000
payablo_________
Res. for Injury, A c .. 257,700
54,761
Accounts payablo—
Accrd. taxes, int.,Ac. 22,123
15,776

Hawaiian Commercial & Sugar Co.

(Report for Fiscal Year ending Dec. 31 1914.)
Pres. F . P . Baldwin, Feb. 11, wroto in substance:
R e s u l t s .— T ho prospocts for good pricos in'sugar did not look encouraging
during tho early months o f last yoar. llow ovor, duo to tem porary circum ­
stances, 1914 turned out to bo a fairly prosperous yoar. T he crop o f 1914
was estimated at 54,000 tons, but actually yiolded 56,500 tons o f sugar.
On tho crop o f 1915 grinding was started with one m ill on N o v . 12 and
on N o v . 25 the second m ill was started. It is safe to estimate tho crop at
56,000 tons o f sugar.
T he planting o f the crop o f 1916 was started on M ar. 14 and was finishod
on July 30. H illing-up was finished on O ct. 12. W ith this unusually good
start, and with a good com bination o f fields, that aro undor excellent cu l­
tivation, our 1916 crop should be our banner crop if weather conditions aro
favorablo during tho com ing summer. Tho acroago is as follows: Plant
cano, 2,152.8 acres; R atoon cane, 4,473.8 acres; total, 6,626.6 acres.
I m p r o v e m e n t s .— W ith free sugar, it will bo impossible to sot asido any
m oney for im provem ents. It has thoreforo boon decided to spond no less
than $450,000 for this purpose in 1915, for there aro soveral largo improve­
ments that aro absolutely necessary. T ho contem plated improvements
include: (a) In tho sugar fa ctory, tw o shredders, tw o now boilors and tw o
750-k. w. turbine-driven generators. These last will take tho placo o f tho
tw o old dynam os and will supply us power for tho new shredders and to
roplaco tho old Scotch engine; (6) now store, (c) m uch now ditch work,
( d ) purchaso o f about $15,000 worth o f horses and mules, &c.
P R O F IT A N D

LOSS A C C O U N T S

1914.
N ot profit on sugar_____ \$1,347,368
Sundry net p rofits_____ J

FOR

CALEN D AR

1913.
($794,746
t 84,673

YEARS.

1912.
1911.
$2,123,702 $1,776,701
52,889
87,731

T otal not p ro fit______ $1,347,368
$879,419 $2,176,591 $1,864,432
Dividends p a id ..(1 2 .4 % )l,2 4 0 ,0 0 0 (9.6)960,000( 16) 1600,000(16) 1600,000
B al., sur. or d oficit..su r.$1 0 7,3 68 d of .$80,581 sur.$576,591 sur.$264,432

CO.

1914.
$
50,000
605,711

L ia b ilitie s —

[VOL. 101.

20,000
180,533
51,551
19.694

928,243
T o ta l.................... 1,021,071
T o ta l 1,021,071
928,243
....................
z Includes equipm ent, $700,223, including 126 double deck omnibuses,
35 extra omnibus bodies, & c., land and buildings, $112,100; franchises,
rights, & c., $74,802; shop tools, machinery, furniture and fixtures, $38,335;
total, $925,460; less accrued amortization o f capital, $432,550; leaving
balanco as above, $492,910. I A dvanco paym ent on account o f purchase
o f equipment.
T ho balance sheet o f tho M et. E xp. C o. D ec. 31 1914 shows capital stock,
$1,000 (no bonds), and lands and buildings, $150,000. Tho incomo for
tho 6 m os. ending D ec. 31 1914 was $6,663, against $13,325 for tho year
ending June 30 1914. T otal sur. D ec. 31 1914 was $22,275.— V. 98, p . 1160.

B A L A N C E S H E E T D E C . 31.
1914.
1913.
1914.
1913.
A s s e t s (.C on .)—
5
$
J*se(s—
S
S
696,490
Real property___ 3,692,248 3,703,926 Miscellaneous, Ac . *915,064
Ditches & reserv’rs
931,827 906,750 Investment bonds.. 751,000 1,015,000
.
38,818
34,476
Mill ..................
760,000
710,000 Cash______
B uildings..-.........
278,900
275,900
.11,430,176 11,581,326
Pumps & oil tanks.
542,500 552,000
L ia b ilitie s —
RR.A rolling stock
55,000
70,000
.10,009,000 10,000,000
Capital stock .
__
Steam plows, tools,
. 610,894
501,103
&c......................
104,000
114,000
998,000
Shares__________
11,679
- Five per cent bds.. 734,000
Fences, wagons,Ac
30,510
34,305 Maui R R. A SS..
26,911
27,239
C o......................!.
Live stock_______
110,133
99,467
54,984
38,371
Investments____ 1,015,126
956,339 Miscellaneous____.
Growing crop___ 1,788,048 2,016,940
______________
.
.
Ttal liabilities .11,430,176 11,581,326
Inventories______
405,323
395,733
* Includes in 1914 balanco in hands o f agents, $886,750; plantation, & c.,
suspense, $22,876, and personal accounts, $5,438.— V . 100, p , 2089, 1835.

Automatic Electric Co., Chicago.

(14ith Annual Statement— Year ending Dec. 31 1914.)
Pres. Joseph Harris, Jan. 13, wroto in substance:

Chiooutimi Pulp Co. (La Comp, de Pulpe de Chicoutimi)

(Report for Fiscal Year ending Dec. 31 1914.)
This company, controlled by the North American Pulp &
Paper C o. (V . 100, p. 2172, 2090), roported through its
President H on. N . Garneau, on M a y 15, in substance:
T ho not profits o f tho year am ount to $315,113. T o this amount we add
$72,449, m aking a total o f $387,562, which has beon dealt with as follows;
B on d Interest, $117,755; Interest on advances, A c ., $71,577; directors’
fees, $3,500. T ho amount to bo carried forward Is $194,730 [or an Increaso
for the year o f $122,281],
. . . . . . .
During tho past year tho com pany has purchased tho m ills, roal estato,
tim ber licenses and freehold lands o f Ouiatchouan Falls Paper C o ., whoso
m ills aro producing an average o f 55 tons d ally, dry weight. T ho two
C hicoutim i mills also havo an output exceeding our expectations o f last
y o a r such output has boon as high as 285 tons, dry weight, in one day
(24 hours) and It is oxpectod that same will run as high as 300 tons.
N o provision has boon m ado for depreciation on fixed assets, but $38,353
has been charged to rovonuo in respect o f ropalrs and renewals.
T h o present organization o f our com pany and the purchaso o f tho con­
trolling interests o f soveral subsidiary transport com panies, & c., has
enabled our managor to conclude very im portant financial arrangements,
w hich assure',to the shareholders unexpected advantages, (V . 100, p . 2088).
P R O F IT

A N D

LOSS

ACCO U N T

FOR

Trading profits. & c-------------- i? l§ ,1 1 3
B ond interest-------- $117,755
Interest on advances, & c—
71,577

D e d u ct—

B ALAN C E

SH EET

DEC.

31 1914

Assets—

W ater pow er, real estato,
buildings, plant, ma­
chinery ,&c. .appraised. a $ 5 ,284 ,971
Investm ents at co s t------ - - 2,431,067
P ulpw ’d on h ’d at cost.& c
306,948
Pulp unsold, at or below
c o s t ....................................
*10,205
S upp.,A c.,at or below cost
121,070
A ccounts receivable______
448,473
Bills receivable___________
, 21
Cash ......................................
4,004
M iscellaneous____________
26,913

YEAR

D e d u c t—

E N D IN G

D EC.

Directors’ foes____

31 1914.
$3,500

T otal deductions_________ $192,832
Balanco, surplus___________ $122,281
E A C H S I D E , $8,633,672).
L ia b ilitie s —
C om m on stock ___________ $3,650,000
1st M . 5% gold bonds____
202,500
30-yoar 6% consol, rof. M .
sinking fund gold bonds 2,220,000
Accrued interest thereon.
64,367
A ccounts payable_______
220,900
Bills i>ayablo____________
110,505
Bank overdraft, & c______
796,937
D ivs. doclared for 1912___
5,910
P ay-roll......... ........................
17,986
Capital su rp lu s__________ 1,149,837
P rofit and loss___________
194,730

(TOTAL

* As por C hicoutim i P ort C o.
..
,
a Includes water povvor, roal estato, buddings and m achinory appraised,
$3,704,972; unappraisad, $1,583,533; total, $5,288,504; less $3,533 m ort­
gages on houso property used b y employees.
N o t e .— Contingent liability on bills under discount, $191,471.— V . 100,
P. 2088.

Firestone Tire & Rubber Co., Akron, O., and New York.

(Quick Assets and Liabilities, Sept.
Sept. 1 ’ 15.
Assets—
S
Cash for new bigs..
equipment, A c.
800,000
Cash........ ............. 1,103,428
Acc’ts receivable. 5,269,034
Bills receivable__
123,480
Stk. sold employ’s
112,200
M at’ls A supplies- 3,843,478

A ug.

1 ’ 14.
$

1 1915 .)

S e p t.
L ia b ilitie s —

1 T5.

A ug.

1 ’ 14

........
. ....
675,064
354,514
Acc’ts
payable—
Bills payable___ 110,576,556/ 1,360,000
\ 6,926,698
652,925 Net quick assets./
3,345,922
35,883
223,318
4,383,161

T ota l................ 11,251,620 8,641,212
T o ta l................ 11,251,620 8,641,212
Comm on stock, $3,000,000; preferred, $1,000,000.
Sales during tho fiscal year wero $25,187,884, an increase o f $5,937,774,
or 3 1 % , over the preceding year.
President II. S. Firestone says that the com pany Is producing 7,500 pneumatis tires daily and that after tho factory additions now under way aro
com pleted it will turn out 12,000 tires por day, or an Increaso o f 6 0 % .
Tho increaso o f 4,500 tires per day is larger than tho output o f tho original
now Firestone plant, which was erected 4 years ago. 1,100 solid m otor
tires are manufactured daily and arrangements aro bolng mado to largely
increase this production. M r. Firostono says that tho com pany had not
rocoived any orders from any o f the warring nations.— V. 101, p. 776.




W hile tho showing in not profits is smaller than that o f previous yoars,
duo to tho extraordinary conditions which affoctod practically all m anufac­
turing industries, it is gratifying from tho fact that tho profits shown woro
dorived largely from extensions to oxisting plants, showing that our bustnoss
has becom o so thoroughly established in countrios not directly affoctod by
tho war that tho natural growth o f tho exchanges already oporating auto­
m atic equipment is a guaranty o f tho stability o f your com pany. As a re­
sult o f im proving conditions your com pany ontors 1915 with orders on its
books amounting to about $2,000,000. Thoso ordors include full autom atic
equipment for M inneapolis and St. Paul, to roplaco tho manual systom now
operated by the Tri-State C om pany o f St. Paul, as well as full autom atic
for Youngstown amt A lliance, Ohio, for tho Ohio Stato Tolophono C o ., to
roplaco manual equipment in both o f those citios.
I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
1913.
1914.
1912.
1911.
$903,382
$562,909
$855,999
$911,436
Gross p ro fit— -----------303,321
290,363
259.268
254,686
Selling, A c ., exponsos___
N ot earnings________
M a ch ’y & replace, res’vo
Bond intorost__________
Dividends ( 4 % )_______
Patont doproc’n reservo.

$272,546
$48,870
184,368

$600,061
$72,000
50,052
184,368

$596,731
$60,000
54,338
184,368

$656,750
$60,000
58,500

Balanco, surplus--------

$39,308

$293,641

$298,025

$338,250

BALAN CE

1914.

200,000

SH EET

1913.

Assets—
S
S
Property account.. * 5 ,5 5 2 ,6 3 2 *5 ,5 2 6 ,2 2 2
Securs. of other cos. a 70 3,7 06 a 64 4,1 67
783,168
Material A supplies. 607,552
Notes receivable----- 629,509 556,472
Accounts receivable. 711,228 591,183
5,316
Advanced Insurance.
3,713
160,098
Cash______________ 119,433
Unissued cap’l stock. 636,800 640,800
Advanced commis­
sions____________
33,189
Canadian factory__
23,892

DEC.

31.

1914.
1913.
$
S
Capital s to ck .......... 5,250,000 5,250,000
Bonds........................ 784,400 807,800
Accounts payable__ 149,171
73,763
Notes payable.......... 257,832
162,500
Part, pay’ts, Ac., on
uncompl’d contrac b235,321 143,515
Accrued lnt. A taxes. 46,727
39,517
Deposit accounts__
21,033
--------Pat. deprec. reserve. 907,713 1,062,050
Iloplaccm’t reservo.. 159,756 159,750
Equip, exch. susp—
3,240
10,990
Surplus.....................1,200,455 1,197,529
L ia b ilitie s —

...................8,907,426
...........
T o ta l.................... 9,021,054 8,907,426
T o ta......................
l.................... 9,021,654
* Consists o f plant, oquipmont and patonts owned, Including Strowgor
A utom atic Telophono Exchango foreign and dom estic patent rights.
a M arkot value, b Includos in 1914 partial payments on uncompleted
contracts, $228,941, and equipmont duo on uncom pleted contracts, $6,380.
— V . 100, p . 558.

Canada Cement Co., Ltd.

(Report for Fiscal Year ending Dec. 31 1914.)
Pros. William C . Edwards wroto in substanco:
Last year wo stated that wo anticipated selling $913,040 bonds (the bal­
anco o f tho authorized $8,000,000), to roplaco tho working capital which,
during 1913, was used for additions. As expected,.thoso bonds woro sold
early in tho yoar, and our financial position was greatly im proved. Current
assets now exceed current liabilities by $1,931,547.
T ho volume o f business for tho past year was less than for 1913, b ut on
account o f tho com pletion o f construction work and mprovements to plants,
tho com pany was in a better position to distribute its product, and was en­
abled to make a reduction In tho soiling price or cem ent to its customers in
tho Province o f Alberta and tho wostorn part o f Saskatchewan. N ot­
withstanding these reductions in p rice a n d tho decrease in the volum o o f
business, tho surplus carried forward is only $86,226 less than last year,
which we consider satisfactory.
,
. . , ,
.
On account o f business depression and financial stringency, little work
has been done during the year on tho construction o f plant N o. 14, situated
at M edlcino H at, Alberta. This plant w ll not bo com pleted until such timo
as conditions justify it. W ith tho exooption o f plant N o. 14, and tho dock
at plant N o. 1, all construction and Improvements to plants havo boon
com pleted and the com pany is now in a position without further capital
expenditure to d o more than double tho past yoar s business.
Wo regret that during 1915 a further decrease In tho volum o o f business
must bo anticipated, but, notwithstanding this, wo hopo that tho im prove­
ments mado in organization and in tho physical condition o f tho plants will
warrant a further reduciton In somo sections o f tho country in tho soiling
price o f your product.

S e p t , l i 1915.J
RESULTS
C a l. Y e a r —

N et
P r o fits .

FROM

Chicago Milwaukee & St. Paul Ry.— Electrification .—

O P E R A T IO N .

B ond
In te rest.

P r e f. D iv .

B a la n ce,

T o ta l

S u r p lu s .
S u r p lu s .
(7 % )
1914_____ ______ .-$ 1 ,5 1 7,06 0 $459,069 $735,000 $322,991 $1,513,269
1,190,279
1913___________ — 1,536,432
409,217
735,000
392,215
781,062
1912.................... - - 1,394,677
375,418
735,000
284,259
496,803
1911___________ - - 1,382,039
278,809
368,230
735,000
B A L A N C E S H E E T D E C . 31
1913.
1914.
1914.
1913.
A ssets—
$
L ia h llitte s —
S
$
S
Property account 31,579,447 31,811,943 Preferred stock- . . 10,500,000 10.500.000
Investments___
35,234
40,234 Ordinary stock. ..13,500,000 13.500.000
1st M .20-yr. gold. 7,638,707 6,918,560
Inventories of ce­
737,192 1,299,833
ment, coal, A c. ,310,395 3,016,404 Accts. & bills pay.
825,016 1,628,819
Accounts recelv’le. 389,618
614,180 Bank loans______
107,176
Bills receivable__
114,5S0
63,949
27,185 Interest accrued-.
183,750
Pf.dlv.pay.Feb.16
183,750
Deposits on ten­
ders __________
20,475
30,270 Prov. for employ.
1,382
Cash____________
7,649
--------stk. dlstrlb. plan
25,366
330,000
Deferred charges
Reserve funds___ *435,000
to operations__
40,747
94,217 Surplus_________ 1,513,269 1,190,279

T o ta l................ 35,447,514 35,659,799
T o ta l.................35,447,514 35,659,799
* Reserve funds In 1914 includo $75,000 for contingent reserve for ac­
counts receivable, & c., $175,000 for extraordinary repairs and renewals,
$150,000 for cotton sacks outstanding, and $35,000 for industrial accidents.
— V . 100, p . 477.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Albany Southern RR.— Earnings .—

J u n e 30
Y e a r —•

G ross

N e t (a fte r

E a r n in g s . T a x es).
1914-15_________$502,775 $136,692
1913-14_________ 507,048 125,076
— V . 99, p. 1829.

B ond
O th er I n t .
In terest.
& R e n ts ,

R eserves.

B a la n c e ,
S u r p lu s .

$65,100
65,100

$9,255
9,255

$44,973
26,971

$17,364
23,750

Ashland (Wis.) Lt., Power & Street Ry.— Bonds .—
The Wisconsin R R . Commission has authorized tho salo o f $100,000
1st M . 5 % bonds at not loss than 75% to defray tho cost o f building a
1,500-k.w. turbino plant in Ashland. See Ironw ood & Bessomer lty . &
L t. C o. in “ Eloc. R y. Section,” p. 54.— V . 88. p . 1559.

Atchison Topeka & Santa Fe Ry.— Annu al M eeting —

—The shareholders will vote Oct. 28
upon ratifying tho acquisition of tho capital stock and indebt­
edness of tho following companies,and tho lease of tho prop­
erty of oacli, effective Aug. 1 1914, July 1 1915 and May 7
1915, respectively, viz.: Oklahoma Central RR. Co. (V. 99,
p. 199, 408, 467), Rocky Mountain & Santa Fo Ry. Co. and
Oilfields & Santa Fo Ry. Co.—V. 101, p. 613.
Bay State Street Ry., Boston.— Proposed Changes in
Fare, & c. —Application has been mado to tho Mass. P. S.
Commission for authority to make certain changes in faro,
faro limits and transfers, effective (if approved) Nov. 1.
Purchase and Lease.

Data from Letter of Pres. P. F. Sullivan to Public Service Comm.

Tho changes proposed cover a general increaso from 5 to 6 cents as tho
single cash faro over all lines; tho salo for 50 cents o f nino tickets which
shall bo receivable for faro in Lowell, Lawrence, Haverhill, Salem, L ynn,
Saugus, Revere, Chelsea, Malden, Everett. M elroso, Swampscott, Boston,
Quincy, Brockton and Fall River; tho m odification o f faro zones and
transfer privileges; and tho withdrawal o f reduced fare tickets other than
those for school children. (See map on pago 13 o f “ Elec. Railway S ec.” )
G e n e r a l P r i n c i p l e s R e c o g n i z e d i n t h e S c h e d u l e o f F a r e s F i l e d . — (a) Universal
cash faro o f 6 cents; (6) Reduction by means o f tickets in tho urban and a
portion o f tho metropolitan territory, (c) Single faro between centers and
within city and town limits, modified in excessively long hauls through
sparsely settled territory, ( d ) Transfer privilege to city or town limits
from tho centers o f adjoining cities or towns upon additional paym ent o f
2 cents in tho metropolitan and a portion o f tho urban territory, (c) W ith­
drawal o f all workingmen’s and reduced rate tickets including tho Boston
Elevated 8-cent check. (/) Elimination, whero practicable, o f overlaps
and inequalities occasioned b y different collection points.
Tho cost o f transportation, tho com pany states, has increased to such an
extent that it has been for somo time selling transportation below cost, all
o f which will bo exhaustively shown at tho hearings to bo hold later.—
V . 101, p. 693, 46.

Boston & Maine RR-— Allotment to Noteholders.—Presi­
dent James II. Ilustis, in circular of Sopt. 3, says:

Holders who liavo agreed to extend their notes under provisions o f “ plan
N o. 2 ,” and who have subscribed for additional notes o f the M aine Railways
Companies in excess o f thoso which they aro to recclvo as their regular
allotments, aro advised that tho coinpauy will deliver 50% o f the amounts
o f such subscriptions. It should bo understood that in making tho addi­
tional distribution no account will bo taken o f tho fractional interests o f a
$1,000 note unless such a fractional interest shall bo com bined with another
fractional certificate o f interest in M aine Railways Companies’ notes which
tho noteholder m ay now have.— V. 101, p. 772, 693.

Boston Suburban Electric Cos.— Dividend in Doubt .—
An official is quoted as saying that no dlvidond will probably bo paid
in October on tho 32,287 pref. shares, owing to reduced earnings. In Jan.
and April 1915 $1 was disbursed, leaving tho accumulated dividends $10 50
por sharo. In N ov. 1914 tho quarterly distribution was reduced to 50 cts.,
owing to tho award o f increased wages to tho M iddlesex & Boston St. R y.
employees b y tho arbitration board. Tho increaso in fares on N ov. 1 1914,
however. Increased earnings during tho next quarter. Com paro V . 100,
p. 138; V. 99, p. 1365 — V . 100, p. 138.

British Columbia Electric Ry.— W age Reduction .—
Tho arbitration board which has been considering tho dispute between
tho com pany and its employees on Aug. 25 presented a m ajority report
favoring a general reduction o f wages averaging about 7 % . The com pany
> contended that tho wago scale should bo decreased 15% . When tho agree­
ment between tho union and the com pany expired on Juno 30 tho com pany
notified tho men that it desired to make a 10% general cut in wages. The
proposal was rejected by tho union, and the com pany applied to tho Govern­
ment for an arbitration board under the Industrial Disputes Investigation
A ct.— V . 101, p. 526.

Brooklyn Rapid Transit Co.— N ew L in e .—
Seo Rapid Transit in Now York C ity below.— V . 101, p. 772, 447.

Chesapeake & Ohio Ry.— Equipment Trust.— Tho com­
pany lias filed for record an equipment trust agreement for
$640,000 to tho Central Trust Co. of Now York, as trustee,
covering 24 M allett locomotives.
The equipment certificates Issuable under tho aforesaid agreement,
aro 4 H % gold obligations o f $1,000 each, dated Sept. 1 1915 and duo
$32,000 semi-annually beginning on M arch 1 1916. Int. M . & S. at
o ffic o o f trustee. Guaranteed as to principal and interest b y C . & O. R y .C o .
An agreement has also been entered into whereby, on deposit o f collateral,
without tho issuance o f car trusts, tho Central Locoinotlvo & Car Works o f
Chicago is to provido tho com pany with 1,000 steel box cars.— V. 100, p.
2084, 1751.

Chicago & Indiana Coal Ry.— Over 90% Deposited .—
O f tlio $4,626,000 1st M . 5s, over 90% have boon deposited with tho
M abon bondholders’ com m itteo, Central Trust C o ., depositary. Seo
V . 99, p. 269, 1596; V . 100, p. 228.




845

THE CHRONICLE

The electrification of the main line between Three Forks and
Deer Lodge, Mont., 113 miles, which has been proceeding
all summer, is approaching completion.
It is proposed to make tests o f the locom otive equipment early in O ctober
between Lom bard and Three Forks. This part o f tho road has somo o t
tho heaviest grades encountered on the division. A total o f 21 electric
locom otives have been ordered for this service, o f which tho initial order
o f 12 are to bo used between Three Forks and Deer L odge, and the remain­
der on tho parts to be electrified later, embracing 440 miles o f lino, between
Ilarlow ton, M o n t., and A very, Idaho. Each locom otive weighs 260 tons,
and is equipped with 8 m otors, having a rated capacity o f 3,000 h .p . con ­
tinuously, or 3,440 h.p. for ono hour. T hey will operate from an overhead
trolley on 3.000 volts direct current.— V . 101, p. 369, 287.

Chicago Rock Island & Pacific Ry.— Resignation of

—It became known on Wednesday that Arthur
Curtiss James and James McLean of Phelps, Dodge & Co.
had resigned from the directorate.
Directors.

Chairman T . M . Schumacher states that he and his associates presented
their resignations to tho com pany and tho receivers as long ago as June 16,
and that it was the intention o f himself, M r. James and M r. M cL ean to
have it known that they did not wish to have their names com e up for roolection at the annual meeting on O ct. 14. I'hclps, D odge & C o. have
been identified with the com p any’s affairs through the R ock Island C o.
o f New Jersey since 1910, when thoy took over from Kuhn, Loeb & C o. the
holdings o f tho I’ earson-Farquhar syndicate. Geo. G . M cM u rtry . who
was identified with the P helps-Dodge interests, died recently. M r. Schu­
macher says: “ M y self and m y associates in Phelps, D odgo & C o . resigned
from the board o f the railway com pany because, with the road in receiver­
ship, we felt that we could no longer be o f service to it. T he action o f tho
C ourt in April put an end to any obligation wo m ay have felt to remain
on tho board. T he elimination o f the old N ew Jersey holding com pany,
whero our interests were, wiped out our equity in tho property, and we
thought it only just that the present stockholders o f the operating com pany
should have full representation on tho board.
F . L . Ilino and James H . M ooro on Thursday also announced that they
will not stand for re-election at tho annual meeting on O ctober 14. T he
term o f Ogden M ills will also expire. T he board consists o f 13 members.

Debenture Interest.—Judge Carpenter yesterday heard fur­
ther argument on the question of the issuance of receivers’
certificates to pay the coupons due July 15 last on the
$20,000,000 5% debentures. Tho 60 days’ period of grace
expires on Sept. 15.—V. 101, p. 693, 613.

Cincinnati Indianapolis & Western Ry.— Sold.— The
property was bid at foreclosure sale on Sept. 9 by the joint
reorganization committee at the upset prices, aggregating
for the two divisions, $3,500,000. See plan, & c., V . 100, p.
2084; V . 101, p. 47, 129, 369, 448, 527.

Electric Investment Co. (of Dela.), N. Y . — M erger .—
Tho “ Idaho Statesman” of Sept. 2 said:
Am ong tho deeds filed in the office o f the C ounty Recorder W ednesday
was one conveying tho property form erly owned b y various subsidiaries
o f the Idaho I iy ., Light & Power C o. to the Electric Investm ent C o. (o f
D ela.), into which all the large power, light and transportation interests,
except tho Boise R R . C o ., were merged somo m onths ago. Am ong the
properties transferred arc the Boiso Valley R y . C o . properties, the Boise
& Intcrurban C o. properties, the Nampa-Caldwell extension, the Caldwell
offices, station and grounds. All arc subject to a m ortgage or deed o f
trust held b y tho Colonial Trust C o. o f N . Y . and F. F. Brooks.
[Tho E lectric Investm ent C o. was incorporated under Delaware laws in
Jan. 1915 with $50,000 auth. capital stock, all o f which is owned b y tho
N ational Securities C orporation. See the last-named com pany in V . 100,
p. 1168, 1516, 1673, 2010, and Idaho R y ., L t. & Power C o. in V . 100,
p. 2166: V . 101, p. 47.]

Empire United Railways.— Control.—

T ho N ew Y ork P. S. Comm ission has authorized tho com pany to pur­
chase all the outstanding capital stock o f tho M on roo C ounty Electric Belt
Lino C o ., consisting o f 2,500 shares (par $100), at $9 67 a sharo, $1 67
dow n and tho balance in four installments o f $2 a share, 3, 6, 9 and 12
m onths after Sept. 1 1915.— V . 101, p. 448.

Everett (Wash). Ry., Light & Water Co.— City Bonds.—
See “ E verett” in “ State and C ity ” D epartm ent.— V . 101, p. 773, 527.

Ft. Wayne Decatur & Southern Traction Co.—
See F t. W ayne & Springfield T raction C o. below.

Ft. Wayne & Springfield Traction Co.— Sale— N ew Co.
A t receiver’s salo on A ug. 12 the property was bid in for $78,000 b y 2d
V .-P res. M artin Gerko for M rs. Rosetta Dirkson and M rs. Em m a Gerke.
representing the old security holders. Subsequently the purchasers or­
ganized tho Fort W ayne Decatur & Southern T raction C o. in Indiana with
nom inal ($10,000) capital stock to take over tho road. Seo p . 37 o f “ E lec.
R y . S ec.’1 and com paro V . 100, p. 1168.

Galveston-Houston Electric Co.— N o Common Dividend.
— Tho regular semi-annual dividend of 3 % has been declared
on tho $3,000,000 pref stock, payable Sept. 15 to holders of
record Sept. 11, but tho usual dividend on tho common will
bo omitted.
Digest of Official Circular dated Sept. 9 1915.
T h o dividend normally payable on tho com m on stock [$3,988,000.— E d.]
on tho above date has not been declared. Since M arch 1914 seini-annua
dividends o f $3 50 per sharo have been paid on tho com m on stock.
T ho passing o f the dividend on tho com m on stock at this time is duo
chiefly to loss in earnings on account o f tho operation o f “ jitn ey” busses in
H ouston during a period when business conditions have been generally
unsatisfactory. Another burden has been added by tho recent storm ,
which swopt tho Texas G u lf Coast cities, causing an interruption o f service
which also will bo reflected in a temporary reduction o f oarmngs and neces­
sitating unusual expenditures for rehabilitation.
A careful study o f “ jitn ey” operation throughout tho country gives every
indication that such cars, under fair and reasonable regulation, cannot be
operated permanently and profitably in com petition with street railways.
“ Jitney” operation in Galveston has been negligible and a regulatory ordi­
nance is being onforced. In H ouston tho “ jitn e y” has been operating with­
out regulation for about 9 m onths, rapidly increasing in number until
during tho last 3 m onths over 750 automobiles have been in operation.
A regulatory ordinance was passed in June, but was not enforced until
Sept. 1, since which tho number in operation lias decreased materially.
Dam age on account o f the storm was more serious to the interurban than
to tho properties in the cities o f Galveston and H ouston. Servico in Gal­
veston and Houston is now practically normal. On tho Interurban, while
the concrete arched section o f tho Causeway across Galveston Bay remained
intact, about a mile o f that portion constructed o f concrete side walls with
sand filling was destroyed. This caused a suspension o f through service
into Galveston for 16 days; a two-hour schedule is now being maintained
over tem porary trestles, and it is expected that normal hourly servico will
begin shortly. Reconstruction is progressing as rapidly as possible.
T ho com pany is at present in a strong position financially, has a substan­
tial cash balanco and practically no floating debt. W ith the enforcement
o f tho regulatory ordinance in H ouston and tho resumption o f norm 1
through servico on tho Interurban, earnings should show gradual improve­
m ent. Under present conditions, how ever, tho directors feel that th
com pany’s cash resources should bo conserved b y not declaring a dividend
on the com m on stock at this tim o.
P r e v io u s C o m m o n S to c k D iv i d e n d R e c o r d ( P e r C e n t ) .
IV i

1909.
(Sopt.)

1910-11.
3

—V. 98. p. 522.

1912.
4

1913.
5H

1914.
7

1915.

846

THE CHRONICLE

Gary & Interurban (Electric) RR.-— Notice to Holders
o f 6 % Convertible Secured Three-Year Gold Notes of Gary &
Interurban Railway Co.— The noteholders’ committee, in cir­
cular dated at Baltimore, Sept. 2 1915, says:
The Gary & Interurban R R . C o. (successor b y consolidation o f Gary &
Interurban R y . C o.) is unablo to pay the principal and interest duo on the
($350,000) notes o f this issue on Sept. 1 1915. M utual interests require tho
co-operation o f a m ajority, in determining upon a definite plan o f action.
T h e holders o f a largo number o f tho notes have requested tho undersigned
to constitute a noteholders’ protective com m ittee. All holders o f the notes
are now invited to deposit their notes and unpaid coupons without delay at
T he Baltimore Trust C o., depositary, in exchange for negotiable receipts.
Com m ittee: Douglas II. Gordon, Chairman, Summerfield Baldwin,
W . Kennedy Cromwell and Philip L. Poo, with H . Vernon Leitch as Secre­
tary, 25 East Baltimore St., Baltimore.
[Tho com m ittee is empowered to adopt a plan o f reorganization for tho
whole or any part o f the system , and “ m ay in its absolute discretion permit
any depositor to withdraw notes deposited hereunder on such terms as It
m ay deem judicious in the interest o f tho remaining depositors. ’]— V. 101,
p. 773.

Halifax Electric Tramway Co.— Pro-posed M erger.—
See N ova Scotia Tram ways & Power C o. below .— V . 101, p. 124.

Hudson & Manhattan RR.— Bonds.'—

The New Y ork I’ . S. Comm ission, First District, will on Sept. 15 hold
a hearing on tho com p any’s application to issue $615,500 First Lien and
R efunding M . bonds o f 1913 to reimburse tho treasury for expenditures
m ado for additions and betterm ents, $212,000; to retire underlying m ort­
gages, $50,000, and for paym ents on rolling stock, $255,000.— V . 101, p.448.

Lewisburg & Northern RR.— M ortgage.— The com­
pany, a subsidiary of the Louisville & Nashville, has made
a mortgage to the Central Trust Co. of N . Y . , as trustee, to
secure an authorized issue of $15,000,000 50-yr. 5 % bonds.
The com p a n y’s lino extends from M aplew ood to O verton, T cn n ., 10.5
miles; B rentwood, T on n ., to Tenn.-A labam a State line, 78.8 m .; total,
89.3 m. Tho L. & N . on Juno 30 1915 owned the $100,000 outstanding
stock and has made advances for construction. Com pare L. & N. report,
V . 99, p. 1137. O f the bonds, $8,257,000 will be used to pay the floating
debt incurred for construction and the remaining $6,743,000 will bo re­
served for further construction and im provem ents.

Louisville & Nashville RR.— Mortgage Subsidiary C o.—
Seo Lewisburg & N orthern R R . abov e.— V. 101, p. 527.

Maine Central RR.— Lease.—

Seo St. Johnsbury & Lake Champlain R R . below .— V . 101, p. 444, 288.

Massachusetts Eloctric Companies.— Sub. Co. Fares.—
See Bay State Streot R y. above.— V. 100, p. 2167.

Missouri Kansas & Texas Ry.— Readjustment.— J. & W .
Seligman & Co. and Hallgarten & C o ., associated possibly
with St. Louis firms, will, it is reported, become the bankers
for tho company in connection with the plan of readjustment
that is being worked out by a special committee appointed
some timo since, and will probably underwrite the plan.
Representatives of the firms named have recently been over
tho lines with a view to formulating a plan. The company
is not in a position as yet to make official announcement of a
definitive plan but states progress is being, made.— V . 101,
p. 694, 213.

National Securities Corporation.— M erger.—

Pennsylvania Co.— Negotiations .— Tho negotiations for
the issuance of dollar bonds to provide for paying off over half
of the $43,000,000 loan recently made by American bankers
to the French Government have not, it is understood, been
finally concluded.
T h e am ount o f Pennsylvania C o. guaranteed 3 M % French loan bonds
o f 1906 which underlie the Rothschild loan is about 140,000,000 francs, the
face value o f which at a normal rate o f exchange w ould be m ore than
$27,000,000. The remainder o f the American securities underlying tho
loan is made up o f 4% franc debenture bonds o f tho Chicago M ilwaukee
& St. Paul R y. o f 1910, which are secured by general and refunding M .
bonds o f the com pany. T h e increase o f % o f 1% in tho interest rate o f
tho new security will bo considerably m ore than covered b y profit to the
com pany on tho franc-exchange operation.— V . 101, p. 616.

Philadelphia Company.— Earnings .—
Seo United Railways Investm ent C o . below.— V. 101, p. 616.
The operation o f the Liberty A ve. (Brooklyn) elevated extension from
tho city line, Brooklyn, through W oodhavcn and M orris Park to Lefrerts
A v o ., Richm ond Hill, was to bo begun about Sept. 9.— V. 101, p. 528, 371.

St. Johnsbury & Lake Champlain RR.— Lease .— The
stockholders wero to vote on Sept. 9—
On leasing to the M aine Central R R . for a term o f years that part o f the
road extending from St. Johnsbury to the Connecticut River in the town o f
Lunenberg, 23 miles, and the 5-mile Victory branch, tho leaso to bear date
from Jan. 1 1915.— V . 94, p. 69.

Salina Northern RR.'— N ew Enterprise .— This company,
incorporated in 1915 in Kansas, with $1,500,000 capital stock
in $100 shares, now has 20 miles of its line in operation and
80 miles under construction, total projected 80 miles. A
mortgago has been made to tho Kansas Trust Co. of Kansas
C ity, as trustee, to secure $1,500,000 of 1st M . 6 % gold bonds
issuable at $17,500 per mile. Dated July 1 1915 and duo
July 1 1945, but callable in and after 1918 at 105. Donom.
$1,000, $500 and $100. Interest J. & J. at office of trustee.
Tho following is confirmed by Pres. E . A . Tennis:
T ho railroad will bo operated as a standard-gauge steam road; but for
passenger servico will use 40-ton internal com bustion locom otives having
compartments for express, mail and baggage, and drawing ordinary passonger coaches. Tho contracts for the equipment, and for materials for con­
struction havo beon made. Tho railroad will bo 90 miles in length, extend­
ing from Salina through Sallna, Lincoln, M itchell and Osborne counties,
all in Kansas, to Osborne and Downs. T ho track lias beon laid out o f
Salina and grading is practically com pleted between Salina and Lincoln,
35 mil®?- several bridges aro under construction. T he road is being built
b y tho Kcystono Construction C o ., Salina. K an., o f wihch E . A . Tennis is
President. It is hoped to havo tho lino in operation b y Jan. I 1916.
Officers o f railway: Pres., E. A . Tennis; Sec., E. D . Stack; 'lreas..
S. II. Rankin. O ffice, Salina. Kan.

San Francisco-Oakland Terminal Railways.-—Interest
P a ym en t— 11San Francisco Chronicle” says:

See E lectric Investm ent C o. abov e.— V. 100, p. 2010, 1673.

Nova Scotia Tramways & Power Co., Halifax.— Merger
— Capitalization.— This company, incorporated in Juno 1914
by special Act of tho N ova Scotia Legislature, is seeking
authority from tho N ova Scotia P. U . Commission to in­
crease its capital stock from $6,000,000 in $100 shares to
$10,000,000 and to create $5,000,000 of 1st M . 30-year 5 %
bonds, tho present bond issue to be $3,000,000 and the re­
maining $2,000,000 to bo reserved for 8 0 % of future expendi­
tures on capital account.
The com pany desires to apply tho $3,000,000 new bonds, $3,250,000
6 % cum. pref. stock and $6,750,000 ordinary stock or their proceeds as
follows: T o pay for Halifax Electric Tram way shares (total outstanding
issue, $1,400,000. par $100; purchase price supposed to bo 170% . Compare
V. 95. p. 1745, 968; V. 101, p. 124); to retiro tho present $600,000 bond
issue o f Halifax Electric Tram way C o. duo in 1916; for construction o f
hydro-electric plants, and for tho purchaso from tho N ova Scotia Light &
Power C o. o f ail its rights in certain power sites and lands at Gaspereaux
in Kings C ounty, anti for contingencies and working capital.
A report by tho J. G . Whito C o. showed that within 55 miles o f Halifax
on tlie property owned by tho com pany there is a lake area that would
give a storage o f 2,000,000,000 cu. ft. o f water, which will produce about
four times the electric power at present available in Halifax.
T ho act o f incorporation provides that the yearly paym ent to tho city o f
Halifax in respect to taxes, liconso fees, percentages o f gross earnings and
otherwise shall never bo less than that paid In 1913 by the Halifax Tram ­
ways, and that included therein shall bo a sum equal to 2 % o f tho gross
receipts from tho supply o f electric energy, and gas for lighting and power
within the city limits. It is also provided that tho not rates for light and
power shall never bo increased above thoso paid at the present tim o, and
that the fares charged on tho local railway are not to bo increased, whilo,
in addition, workmen's tickets aro to bo sold at a prico o f 8 for 25 c t s .,
good during certaiu hours o f the day.
Incorporators: Edmund Arthur Robert, Hon. Nathaniel Curry, John
W ilson M cConnell, William G . Ross, F. Howard W ilson. Hon. J. M . W ilson
and Henry Almon Lovett, all o f M ontreal; 1’ . J. M cIntosh o f N . Y . C ity ;
Sir Frederick Borden o f Canning; N. S. Edgar N . Rhodes o f Amherst, N . S .,
and Obed E. Smith, William I*. W ebster, Howard II. Smith, John E. W ood
and J. A . Neville, all o f Halifax.

Oklahoma Central RR.— Purchase— Lease .—

Announcement was made on Sept. I that funds had been deposited with
tho Wells Fargo-Nevada National Bank by ttio San Francisco-Oakland
Terminal Railways for the paym ent o f matured coupons on some o f the
original underlying bond issues. T he bonds on which the interest is to bo

Oakland Transit and Oakland San Leandro & Hayward 1st 6s is boing paid
in Now Y ork C ity at N ational Park Bank.]
S ta te m e n t

M ade

bn

th e

C om pany

R e g a r d in g

sa id

P a y m en ts.

These paym ents hfivo been nuulo after providing for State taxes due last
m onth, aggregating $122,000, and it is understood they will be followed by
the payment, from time to timo as funds aro accumulated, o f other matured
coupons
o f tins system in
ord
or their
seniority.
pons on the bonds ot
m the
uiu u
m er
u m
lulu apparent
appa-ient soniority.
ks i:is generally known, tho recent earnings o f this road have been just
As
ut sufficient
charges
and
about
...... to
. ., pay
|,,.j necessary
—— - - .operating
,. and. m aintenance
,
——..■ —
—it on its outstanding obligations. _ bom
Somo
tune ago tho com pany, by
interest
e timo
reason o<f apparently pressing requirements for capital purposes, foil behind
in the accumulation o f funds to meet its semi-annual interest payments,
that time fu n d s to meet this interest have been advanced by various
banks in San*Francisco and Oakland against the agreement on the part o f
the road to repay these advances out o f daily receipts
When it came to
advancing the interest due last July a inajon ty of tho banks felt that some
movement for a permanent o r g a n iz a t io n ot the property was so imminent
and the consequent possibility that tho repaym ent o f any advance made
might be Interrupted was so great that they were not justified in making
such advances. A plan was therefore worked out for the purchase by the
banks o f matured interest coupons from such holders as found it desirable
to realize on the samo w ithuot delay.
1 ho road has now started tho pay­
ment o f these coupons to the banks which purchased t hem and tho holders
who have retained them alike without discrimination.
[Coupons o f the system payable in New 'i orlc arc paid when funds permifc at N ational Park Bank.] feeo V. 101, p. 132, -1 4 , 28J. V. 101,
p. 450, 610.

Seattle (Wash.) Renton & Southern Ry .— D e c is io n .—

T ho Washington State Supremo Court lias modified an order entered some
m onths ago b v Judge Prater in the Superior C ourt, holding that Peabody
H oughteling & C o. o f Chicago aro entitled to interest as well as tho full
amount o f the principal o f the $300,000 6 % collateral notes which matured
on June 1 1912 and are secured by the entire $1,000,000 stock o f tho com ­
pany form erly held b y W m . R. C rawford,
llio lower court declined to
allow interest.— V. 101, p. 51.

Union Traction Co., Santa Cruz, Cal.— B on dh old ers ’

See Atchison Topeka & Santa Fo R R . abov e.— V . 99, p. 407.

Pacific & Eastern Ry.— Gasoline for Passenger Service.
Ore., to
M edford
used for
that will

Pacific & Idaho Northern Ry.— Receivership.— Judge
Dietrich in tho U . S. District Court on Sept. 4 appointed
President E . M . Heigho receiver.
Tho M oyer Rubbor C o. o f N . Y ., a subsidiary o f the U. S. R ubber C o .,
presented a claim on account o f an unsecured loan o f $663,910. M r.
Heigho says: "T h e causes o f tho diminished earnings are stated to bo duo
primarily to tw o causes, the establishment o f the Short Lino branch from
Em m ott to Lakeport, and tho jitney bus. Between 1913 and 1915 the
earnings fell o ff 4 5 % , duo in tho m ain to the Short Line’s building into
Long Valloy from Emmott to Lakeport, which deprived the I*. & 1. N . road
o f a vast area o f territory form erly tribuatry to it, and depriving It o f about
90% o f tho Payette Lakes business.
“ This and the jitney buses betweon Cam bridge and M idvale, Cam ­
bridge and Weiser, and M idvalo and W eiser, cost tho road much o f its
passenger trade. 1 would like to call attention to just a little o f the injus­




tice which theso jitnoys d o to the railroads. T hey can change their rate
every minute; they can refuse to run if thoy have not a paying load, or if
tho weather is bad; they d on ’t have to establish a schedule, and then can’ t
run in tho winter. A railroad has to advertise any change In its tariff for
30 days, and thon tho jitney can drop 5 cents m ore. W o pay for a right
o f way and lay ties and the jitney runs on roads which we havo to pay taxos
for. Our road did a good passonger business in tho summer, but we
maintained the same sehedulo in tho winter, notwithstanding we had almost
no passenger business, in order to accom m odate tho p u b lic.” [Chartered
in Fob. 1899. Operates from Weiser to Now Meadows, Ida., 90 miles.
Capitalization: Stock, $2,929,800; 1st M . 5s, $860,000: 2d M . 5s, $956,­
000. Seo pago 97 o f “ Railway & Industrial Section.” !

Rapid Transit in New York City.— Neiv L ine .—

Idaho Ry., Light & Power Co.— M erger.—
See E lectric Investm ent C o. a bove.— V. 101, p. 47.

T he com pany, which operates a 33-milo road from M ed ford ,
Butte Falls, 33 miles, has established passenger servico between
and Eagle Point, 12 miles, with a gasoline m otor car, form erly
inspection servico, on which has been mounted an om nibus body
accom m odate 8 to 10 persons.—-V. 96, p . 1840.

[V ol . 101.

C om m ittee. — The

following bondholders’
mittee lias been appointed:

protective

com­

Warren R . Porter, W . J. D utton, Fred Beaver o f San Francisco; W . P
N etherton o f San Joso. and J. W . Forgous o f Williams. Seo V. 101. p. 616

United Railways Investment Co.— E a rn in g s — P ossib le
P la n . — As tho company’s annual report and other statements
of earnings take into account only the actual dividends re­
ceived on securities owned, its real earning power is not fully
shown as would bo the case were it an operating, instead of
a holding, corporation. Regarding tho company’s actual
earning capacity, tho following has beon presented:
T ho U nited Railways Investm ent C o. owns tho ontiro oquity in United
Railroads o f San Francisco, but as the latter pays no dividends, Its surplus
earnings do not show In the incom e account o f tho holding com pany.
T ho holding corporation also owns a largo part o f tho equity in Philadelphia
C om pany o f Pittsburgh and Us subsidiaries, but in this caso also there is
shown only tho am ount actually receivod in dividends and not the large
equitv which it has in tho annual surplus o f Philadelphia C om pany remain­
ing after dividends have been paid.

Sept, l l 1915.

THE CHRONICLE

A s Indicating in part this earning power, the following partly estimated
statement has been prepared for the year ended M arch 31 1916. based on
tho oquity o f the United R ailways Investm ent C o. in the surplus earnings
o f Philadelphia C o. and Duuqesno Light C o.:
C o m p a n y ' s P a r i t y E s t i m a t e d I n c o m e A c c o u n t f o r Y e a r s e n d e d M a r c h 31 1916,
lia s id o n I t s E q u ity i n S u r p lu s E a r n s , o f P h ila . C o . a n d D u q u c s n e L t. C o .
1914-15.
In crea se.

Eanrlngs on Phila. C o. sto ck o w n e d - _ S^Hft.o'oO
CRhor d iv s., interest, & c____________
176,510

Total income---------------

E x p e n s e s __________________
Intorest charges_______
Preferred d iv id e n d s .............................

$3,322,510
77,737
1,182,168
800,000

$2,347,400
176,510

$798,600
............

$2,523,910
77,737
1,182,168
800,000

$798,600

B al. for Unitod Rys. Invest. C o . . . $1,262,605
______
_______________
$464,005
8798,600
T h is would show that from its equity in Philadelphia C o. and the lat­
ter s subsidiaries. and|other dividends and interest, tho United Railways In­
vestment C o. should earn on its 820,400,000 com m on stock for tho year end­
ing M ar. 31 1916 m ore than 6 % . as compart'd with 2.2% from tho same
sources for the preceding year. ' T he largo gains shown in the surplus earn­
ings so accruing arise irom the increased revenue due to tho material
im provem ent in tho industrial situation in the Pittsburgh district.
T h e foregoing statement, which does not take into account tho equity
in tho entire annual surplus o f United Railroads o f San Francisco and tho
Sierra & San Francisco Power C o ., amounting to m oro than *1,000,000 a
year, leads those in interest to tho belief that in tim e a plan will bo evolved
which will permit the funding o f tho dividends how in arrears on United
R ailways Investm ent preferred so that it m ay bo placed in position again
to receive regular dividends. T he price o f com m on Shari's has recently ad­
vanced above 23 and tho preferred to 39.— V. 100, p. 1075.

847

see VJ.100, p.5557, 903, 1511.1 It is proposed to redeem tho coal properties,
b u t tho amount required to d o so will bo equivalent to anywhere between
$75 and $100 on each o f the W abasli-Pittsburgh Terminal 1st M . bonds
outstanding.
"A $9,000.000 assessment is facing us, and it must be raised. That means
$300 on each first m ortgage bond, and there is no way out o f it. A $50
assessment is ou t o f the question. W hy, it will take about a $100 assess­
ment to pay the receivers certificates alone, and another $ 10 0 to pay the
claims o f W abash noteholders, and another $100 for other claims.
‘ T ’ vo got 276 o f the first m ortgage bonds myself, and I am going to pay ■
tho assessment. That means about $83,000, but I believe that there is an
equity in the property and I know the only way I can gat it is to pay the
assessment. T he $9,000,000 prior claims on the property must be paid
before it is ours. Unless the bondholders pay the assessment, the holders
or the receivers’ certificates will get the property when it is sold b y the
C ourt, because the m oney to redeem tho com pany’s obligation will not be
in hand.” T he sale on application o f holders o f the receivers’ certificates
is set for O ct. 1 . [Comnaro V. 101, p. 775, 214.]
M r. Ely stated hi reply that should the coal lands bo sold at the rate
o f 10 cents per ton for coal unmtned, and $3,000,009 for the mining plants,
the com pany would receive about $8,000,090 above the 1 st mtgo. on tho
coa.1 lands. This would make necessary an assessment o f approxim ately
f r P?.r bond to make up the total o f the proposed $300 per bond assessment.
M r -E ly also stated that it was the purpose o f the non-asuntlng bondholders
to obtain a proper representation on the directorate o f any new com pany
which m ay be incorporated. Compare V . 101, p. 775, 214.

^ W e s t e r n Pacific Ry.— Reorganization M atters .— E . H .
Rollins & Sons in a circular dated at San Francisco on Aug. 17
1915, say in substance:

The enclosed statement was given out b y A lvin W . Kraeh. President o f
Equitable Trust C o . o f N . Y . and Chairman o f tU9 bondholders’ reorgani­
zation com m ittee, after a recent inspection trip over tho entire road by
daylight, accom panied b y C . M . L evey, the General M anager for tho re­
ceivers and other officials o f the road, and B . II. Dibbleo. Vice-President
o f E. II. Rollins & bons. M r. Krech’s statement, which wo regard as ex­
trem ely favorable for tho bondholders, voices, wo understand, tho ideas o f
the reorganization com m ittee. A bou t $40,000,009 o f the $50,000.000 out­
Wabash RR.— Cash Payment o f $654 82 Required per standing bonds have already boon deposited with the com m ittee. R oughly,
alf o f the undepositod bonds are held in Europe, but it is bolievod that
$1,000 Bond — Time fo r Deposits Extended Till and Including h
practically all those bonds will be deposited as soon as arrangements can
Oct. 8.-— Holders of certificates of deposit issued by the bo made to do so. Over $2,000,000 are held in California.
A large m ajority o f tho California bondholders havo in the past signified
Equitable Trust Co. and Central Trust Co. of N . Y . , repre­ thoir
willingness to be guidod b y our advice in this matter. M r. Kroch
senting First Refunding and Extensions M . 4s aro required states that he rogards tho prom pt foreclosure o f tho property and its pur­
to make payment on or before Oct. 8 1915 of tho sum of chase b y tho reorganization com m ittoo as being o f vital im oortance. As
such procedure is probable wo again em phatically urge ail bondholders
$654 82 in respect of each $1,000 face value of First Refund­ who havo not yet deposited their bonds to d o so at earliest possible moment.
ing & Extensions Mortgago bonds represented thereby, that D igest o f S ta te m e n t D a ted A u g. 1 1 1915 b y A lvin W . K re ch , P re s id e n t
E q u ita b le T ru s t C o. an d C h a irm a n o f R e o r g a n iz a tio n C om m ittee.
being tho pro rata sharo of tho underwriting payments re­
I ho W estern P acific is a modern, up-to-dato transportation machine.
quired under tho plan of reorganization dated April 28 1915. Its grades and alignment, a splondid achievement, should enable it to handle
Holders o f certificates o f deposit may at their option pay 10% o f tho total the coast tonnage between California points and its Eastern connections
amount payable as aforesaid on or before Oct. 8 1915, and the rem aining with a maximum o f efficiency and promptness and at a minimum cost
9 0% thereof on or before Jan. 8 1916, such doferred payments to carry as com pared with any other existing rail route. Its physical condition,
interest at the rato o f 6 % por ann., and to bo secured by tho shares o f stock especially after the program o f renewals and betterments, already author­
o f tho now com pany and any other benefits to which holders o f tho certifi­ ized b y the C ourt, is carriod out, will leave little to bo desired. Its enor­
cates o f doposit would bo entitled on making their payments in full.
mous cost has led to its insolvency as well as to tho financial exhaustion
Holders o f certificates o f deposit discharging tho above underwriting o f its chief corporate prom oter, just as it was ready to enter upon tho para­
obligation will bo entitled to receive at tho Equitable T r. C'o., 37 W all St., m ount stage o f its developm ent.
upon the consummation o f the plan, the now securities issuable in rospoct
That work must now be undertaken b y a new com pany o f which tho pres­
o f oach $1,000 o f First Refunding and Extensions M ortgago bonds repre­
ent bond ho! d< rs will logically and unavoidably becom e the realowners.
sented by such certificates o f dopasit, nam ely:
In this connection I may say there is no foundation whatosovor for tho vari­
$1,091 38 in profit-sharing prof, stock A;
ous rumors and gossip concerning control o f the destinies o f the Western
1,2 0 0 in convertible pref. stock II, and
P acific, now or in tho future, b y any other interest than that o f the present
1,027 59 par value in com m on stock: and in addition,
holders o f its 1 st M . bonds. Tho bondholders’ com m ittoo bolieve that the
$20 (with int.) In cash for coupon duo Jan. 1 1912, if not already advanced. best interests o f the property lie in its administration and management
T ho tlmo within which further deposits o f First Refunding & Extensions b y a strong local organization right hero in San Francisco. It is essentially
M . bonds may bo m ado under tho plan o f reorganization has boon oxtonded a California road, built to servo California business. It seems o f vital
to and including Oct. 8 1915, but at tho tlm o when any bonds aro so do- im portance that foreclosure and sale o f the property to the reorganization
posited and as a condition o f such deposit, paym ent must bo m ado in re­ comi) 1 ttee should be pressed to enable the now com pany to finance its future
spect theroor as provided in the foregoing notice. (Soo plan, V . 100, activities at the earliest possible dato. While only 80% o f the outstanding
p. 1599. 1594, 1511.)
bonds aro now under the control o f tho com m ittee, duo allowance must be
for tho uuavoldable dolay in tho doposit o f bonds held abroad, which
Notice to Holders of $15,950,000 Receivers’ Certificates made
total over 10% o f the entire issue. Banking interests estimate that nearly
Due A u g . 1 1915.— The Joint Reorganization Committee $2,000,000 o f the remaining undeposited bonds aro hold in C alifornia.
I wish I could make these holders realize that thoir failure to deposit, seri­
in circular of Sept. 8 says:
ously delays to their own disadvantage tho working out o f a m ost neces­
Referring to tho notice o f the receivers dated July 28 1915 with refer* sary reorganization.
once to deferring paym ent o f the principal and interest o f their certificates
W hile indulging in jubilation over the com pletion o f tho Panama Canal,
until such time as the proceeds o f sale o f the W abash R R . should be made which has already reduced your transportation cost by over $ 1 0 ,000,000
available, this com m ittee lias, in order to m eet, so far as practicable, the per annum on non-perishable freight, you must not forget what those figures
convenience o f holders o f such certificates, arranged with the Equitable mean to tho rail carriers. Their future will depend largely upon the
Trust C o. o f N . Y ., 37 Wall S t., N . Y . C ity, to Purchase such A ug. 1 1915 developm ent o f now business resulting from a reaajustm nt o f rates, tho
coupons as may bo presented to it between Sept. 10 and 20 1915, b oth dates increase o f wealth and population and the growing need for prom pt rail com ­
inclusive, for the sum o f $30 20 each, nam ely, the face amount o f such m unication, as well as the realignment o f commercial and industrial con­
A ug. 1 1915 coupon, plus intort st thereon at tho rato o f 6 % per annum from ditions hi the M iddle W est. California’s possibilities for tho future aro so
A ug. 1 1915 to Sept. 10 1915. [The income tax is to be deducted from tho great they cannot be measured. I harbor no misgivings as to the future
$30 20.— Etl.]— V . 101, p. 695, 529, 371.
o f the Western P acific.— V . 101, p. 775, 616.

Vera Cruz Terminal Co., "L td.— Postponement.

—

T h e holders o f the 1 .t debenture bonds wero to vote Aug. 26 on (1) post­
poning intorest paym ents duo July 15 until Jan. 15 1916; (2) appointing
roprasontatives o f the holders o f tho 1 st debentures and a representative
o f tho holders or tho 2 d debentures as a com m ltteo to confer w ith tho
directors.—-V. 101, p . 289. 132.

Wabash-Pittsburgh Terminal Ry.— First Installment
Paid on About $11,200,000 Bonds— Tim e Extended.— Tho re­
organization committee, J. N . Wallace, Chairman, announced
on Sept. 8 that approximately $11,200,000 of bonds (there
aro $30,236,000 1st M . bonds) have paid the first installment
of tho amounts payable under tho plan dated Juno 25 1915
(V . 100, p. 48, 44). To meet the convenience of holders of
tho bonds or certificates of deposit representing the same,
many of which are held in Europe, the committeo has ex­
tended the time for payment of the first amounts payablo
under the plan, without penalty, until the close of Sept. 23.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Albany (N. Y.) River Front Co — Bonds Guaranteed by
Hudson Navigation Co.— Liggett, Ilichborn & C o ., N . Y .
and Boston, are placing at par and int. $150,000 (closed issue)
First Lien Serial 6 % gold bonds dated June 1 1915 and due
serially $15,000 each Sept. 1, 1916 to 1925, but callable at
106 and int. on and after June 1 1916. Denom. $1,000 c*.
Interest Q .-M . at Union Trust C o ., Albany, trustee.

D igest o f L e tte r from T rea su rer B. Q . H igley, A u g . 12 1915.
Y . State and is erecting in Albany
C o . a large and handsome passenger
waiting room , freight sheds about 600 ft. in length, and a largo office build­
ing. Buildings concrete, brick and steel, with modern labor-saving equip­
ment, including m oving platforms, & c. The docks and buildings cover
850 ft. o f valuable water front property owned b y tho city o f Albany, on
the Hudson River, adjoining the Delaware & Hudson tracks. Tho city has
Opposition.— A t tho mooting of objecting bondholders in leased this water front to the com pany for 60 years and agrees to accept
tho cost o f the buildings in lieu o f rent for over 20 years. Tho title to the
New York on Sept. 8 it was announced that the new com­ buildings, however, remains with the com pany for the full 60 years. T otal
mittee which will undertake the preparation of a now or cost o f land and buildings over $250,000.
The Hudson N avigation C o. agrees to rent these terminals from the
modified plan will consist of Daniel B . Ely, Chairman, A lbany
River Front C o ., paying m onthly therefor to the m ortgage trustee
C . B . Jacqua and Malcolm Stuart. Parks, M acKinstry & sums equal each year to the interest on these bonds outstanding plus the
installment o f principal. This rental is in effect an operating
Taft have been made counsel to tho committee and tho Em ­ maturing
charge o f the N avigation C o ., being payable before tho interest on their
pire Trust Co. it is oxpeeted will serve as depository.
own bonds. For the year 1914 the net operating revenue o f the Navigation
M r. E ly announced that he was negotiating for tho sale o f tho coal lands C o. was $410,000 gross incom e $1,453,884: oper. ch argos$l,042,973.]
Tho H udson Navigation C o. for 50 years has been operating passenger
“ to a corporation which could writo a $7,000,000 check, in paym ent, with
and freight boats between T roy, A lbany and N . Y . C ity. T he control
great ease.” Samuel Untermyer, representing tho Wallaco com m itteo,
is held b y strong interests in Albany and neighboring territory. The com ­
replied, in substance:
“ It is an easy matter to talk about having a purchaser with $7 ,000,000 to pany owns the entire capital stock o f the River-Front C o. and guarantees
Compare V . 101, p. 134.
buy an equity in coal lands in these days, but that kind o f purchaser rarely tho principal and interest o f those bonds.
A bout $12,000,000 is being spent for tho developm ent o f the water front
materializes. In tho very unlikely ovent that M r. E ly has such a purchaser,
why does ho not produce him to tho W allaco com m ittee? W o will welcome and terminal facilities o f Albany: by city $5,000,000 to $6,000,000: N . Y .
him with open arms. In point o f fact, that property is subject to a first Central R R ., $5,000,000; Del. <fc Hudson li lt ., $2,000,000, Including
m ortgago ot $3,800,000, and it will tako anywhere from $2,250,000 to $3,­ general office building, $ 1 ,0 00,000, thus providing adequate facilities for
000,000 to acquire tho equity. It Is ridiculous to talk about reorgaiilz- her rapid growth as an Interior traffic point in addition to beautifying the
ing this com pany on the basis o f $50 assessment or for anything less than city. Albany has increased in population in last 5 years from 100.000 to
$300 per bond. W e presented an itcmlzod statement showing why this 115,000 people.
am ount is needed, and I have com e here on bohalf o f the com m itteo in tho
American Cotton Oil Co., N. Y . — Notes Sold .— The First
perform ance o f a duty to tho bondholders to prevent if possiblo their being
National Bank of New York has sold privately at 9 9 H
misled into tho loss o f thoir investment.
“ Y ou cannot sell for the Wabash-I’ ittsburgh Terminal R y. C o. what
$5,000,000 2-year 5 % gold notes, the proceeds of which will
this com pany docs not own.
You can’t soil tho coal lands until you
own them. At the present tlmo those coal properties [or tho securities o f be used to retire an equal amount of 4 } 4 % debenture bonds
tho Pittsburgh Terminal R It. & Coal C o. owning tho samo] cannot bo sold, maturing N o v . 1 1915.
inasmuch as they wore pledged as part collateral for an issue o f notes by
Tho notes will bo dated N ov. 1 1915 and due N ov. 1 1917, but subject
tho W abash R R . C o., and have been bid in b y a com m itteo representing to call after N ov. 1 1916 at 101 and int. Interest M . & HT. T hey will not
tho notes [tho oxtonded
% notes o f 1905, due 1913, o f the W abash R R .—
he secured b y collateral.— V . 99, p. 1448, 1463, 1912.
Paym ents should bo made to Central Trust C o .. 54 W all St. Tho com ­
m ittee reserves tho right without further notice to carry through the plan
or any amendment thereof sololy for the benefit o f the holders o f certifi­
cates o f deposit representing bonds in respect o f which the first installment
shall have been paid prior to tho dato aforesaid.




O r g a n i s a t i o n .— Incorporated in N .
f o r tho use o f the Hudson Navigation

848

American Real Estate Co., N. Y .— Authorized.—

Commissioner o f Corporations Carnahan o f California late last m onth
authorized the com pany to continue the sale in that State o f its unsecured
prom issory notes called “ coupon bonds” and its unsecured obligations in
the nature o f prom issory notes called “ cum ulative bonds” (not, however,
for the longer terms m aturing in 15 and 20 years); also, its unsecured promis­
sory notes called “ bearer b on d s.” T he amount now perm itted to bo sold
is limited to $ 10 0 ,00 0 , but without prejudice to further application when
those have been disposed of. T he decision recites that lenders o f m oney
seldom lend more than 50% o f the value o f the pledged or m ortgaged prop­
erty on secured loans. The com p any’s indebtedness and liabilities, excluive o f stock liabilities, are about 80% o f the book or appraised value o f its
ntiro assets and over 96% o f the appraised value o f its real p rop erty. The
perm it states that the com pany has been p rofitably engaged in business
since Jan. 1890, and has hitherto prom ptly paid its obligations both se­
cured and unsecured as they m atured.— V . 101, p . 289, 215.

The Baltimore Dry Docks & Shipbuilding Co.— Bonds
Offered.— Howard R .

Taylor & C o ., the Baltimore Trust
C o ., and John Redwood, all of Baltimore, M d ., are offering
at 95 and int., yielding about 6}^>%, $200,000 1st M . 6 %
sinking fund gold bonds dated June 1 1915 and duo June 1
1935, but redeemable, all or any portion, on any interest
date at 102
and int. Denom . $1,000, $500 and $100 (c*).
In t. J. & D . at Baltimore Trust C o ., trustee. Normal Fed­
eral income tax paid by company.

C a p i t a l i z a t i o n . — 1st M . bonds authorized, $300,000; sold (these bond s),
$200,000; remainder in treasury, $100,000. Pref. stock authorized and
Issued (7 % cu m .), $500,000; com m on stock, $600,000. These bonds aro
a first and onlv m ortgage on the entire property (except a lot valued at
not over $1,000, which forms no part o f the shipbuilding p lan t). Plants
appraised at $1,009,500. Sinking fund, $10,000 per annum from Juno 1
1915 to retire these bonds.
E a r n in g s fo r Y e a r s en d in g
M a r c h 31(" N e t ” is available for int. and d tvs.).
1906-07. 1908-09.
1910-11. 1912-13. 1913-14. *1914-15. A v e r a g e .
G r o s s .$470,195 $458,423 $673,619 $518,095 $636,021 $640,317 8529.036
N et __ 97,129
14,504
28,407
67,647
15,231
*69.846 48,934
A m ount required to pay interest on these $200,000 bonds is only $12,000.
♦Earnings for year 1914-15, were m adounder the now management, which
paid out $40,162 from earnings for repairs and upkeep, before showing
the above net results.

Data from Vice-Pres. & Qen. Mgr. Holden A. Evans, June 1 1915.

P r o p e r t i e s O w n e d . — (1) T w o largo well-equipped ship repair and ship­
building plants advantageously situated on the south side o f Baltimore
H arbor; (2) tlio only largo dry docks in Baltimore (the nearest com peting
d ry docks at N ewport News, V a .), v iz.: (a) Upper Plant at foot o f Belt and
Cross streets; Length over keel blocks, 600 ft.; width on floor. 62 ft ., and
depth o f water over sill, 22 ) 4 ft. Cost in 1902, $422,627, exclusive o f real
estate, ( b ) Lower Plant, at Locust Point; Length, 437 ft.; width, 50 ft.;
depth o f water over sill, 2 2 ) 4 ft.
. „
T he plants during the last year under the management o f the present
owners havo been much Improved. Tho expenditure for repairs and
upkeep during this period was $40,162, which was paid out o f earnings. The
gross business for the year was $640,317, and the net earnings applicable to
upkeep, interest and dividends were $110,008. Deducting the cost o f
repairs and upkeep, tho net earnings applicable to interest and dividends
were $69,846. T he management has every reason to believe that earnings
in com ing years will at least equal, if not exceed, those made during the last
year. T he proceeds from tho sale o f these $200,000 bonds will be used for
im provem ents, tho reorganization o f tho property and working capital.
T ho European war is forcing many foreign ships, which ordinarily dock
and repair abroad, to make repairs in this country. M oreover, every largo
shipyard in the country is filled with orders for now ships and there is great
demand for largo oil barges, tugs and small vessels which tho com pany Is
well equipped to build at good profit.
_
.
O f f i c e r s . — Thom as H . Bowles, Pres.; Holden A . E vans, Vice-Pres. &
Gen. M g r.; William C . Seddon, Treas.; Edwin W . Poo, Sec. Directors:
Thom as II. Bowles, Chairman Baltimore Trust C o.; Holden A . Evans,
Vice-Pres. & Gen. M gr.; George M . Shriver, 2d Vice-Pres. B . & O. H it.;
John R edw ood, Howard R . T aylor.
_ _____
„
[Incorporated In M aryland M a y 13 1915 and issued 5,896 shares o f com .
stock and 4,869 shares o f pref. stock as consideration or part consideration
for the property o f tho Skinner Shipbuilding & D ry D ock C o ., which had
been bid in at foreclosure sale in April b y John Redw ood and Lawrason
Riggs for tho bondholders’ com m ittee. See V . 100, p. 1442, and “ M anufac­
turers’ R ecord” o f Baltimore for A ug. 19 1915.

Blake & Knowles Steam Pump Works.— Purchase of
Pref. Stock Under International Steam Pum p Co. Plan .—
Seo International Steam Pum p C o. below .— V . 99, p. 819.

Boston Cape Cod & New York Canal Co.— Directorate
Reduced.— The membership of the board has been reduced
from 14 to 11 and now includes the following, without, it is
understood, any notable change in the financial backing:
August Belm ont, F. do C. Sullivan, Charles II. Allen, D eW itt C. Flana­
gan, vV. A . Harrlman, Francis R . A ppleton, E . F . Loree, J. W . M iller,
W m . Barclay Parsons, F. I). Underwood and II. P. \\ilson.
Retired: Vice-Pres. Charles H . Slattery, W illard Howland, August Bel­
m ont J r., A dolph Frank, Theodore Schmueckle, E . M . Davison, O. B .
Ludlow , B . Hamburger, G . W . Oldham, Louis Struller, S. Candrian,
A dolph Pons and U. A . M u rd ock.— V . 100, p . 1675.

Brandram-Henderson, Ltd.— N ew President.—
Georgo Henderson, son o f tho late Joseph It. Henderson, who was
Pres, and Gen. M gr. for m any years, has been elected President and Gen.
M anager to fill vacancies.— V . 100, p. 903.

Butte & Superior Copper Co., Ltd.— $5 Extra.—
In addition to the regular quarterly dividend o f 75 cts. a share (7 H % ) .
the rate in effect since June 1914, an extra disbursement o f $5 a share (5 0% )
has been declared, both payablo Sept. 30 to holders o f record Sopt. 16. In
June 1915 $2 50 (2 5 % ) extra was paid .— V . 101, p . 530.

California Wine Assn., San Francisco.— Consolidation.

Secretary John A . C ovick, in circular o f Aug. 26, says in substance: A t
a meeting o f the board held to-day tho [substantially] following resolution
was unanimously adopted: “ W hereas, the Association and its two most im­
portant sub. cos., the Italian Swiss Colon y and Lachman & Jacobi, have been
operating without profit since Jan. 1 1915; and present conditions d o not
give promise o f improvem ent in tho earnings; Therefore, bo it resolved, that
the executive officers, with a view to the greatest possible econom y in
operations, bo directed to take such steps as aro necessary to bring about
such consolidation subject to such limitations as tho legal advisers m ay
deem necessary.” The board, accordingly, stands ready to call a special
m eeting o f the stockholders for said purpose, provided a sufficient number
signify their approval to the Secretary in writing. Compare V. 101, p. 128.

Canadian Cereal & Flour Mills Co., Ltd., Toronto.—

T his com pany was incorporated at T oron to on or about Sept. 1 with
$500,000 auth. capital stock, as successor o f Canadian Coreal & Flour
M ills, L td ., per plan in V . 101, p . 775.— V. 97, p. 1506.

Caney River Gas Co.— Exchange of Slock.—
Seo United Fuel Supply C o. below .— V . 99, p. 1054.

Central Hudson Gas & Electric Co., Poughkeepsie.—
Subscription for Debenture Bonds (Issue of 1915.)—
Holders o f tho $1,727,500 capital stock o f record as o f A ug. 1 are offered
till and incl. Sept. 15 tho right o f subscribing at par for tho $500,000 10-year
6 % gold convertible debenture coupon bonds In amounts equal to 10% o f
stock held and additional amounts subject to allotm ent. T h o initial pay­
m ent o f 60% o f tho said subscription was payablo forthwith and tho final
paym ent must be mado at tho office (Poughkeepsie) on Jan. 1 1916, together
with int. from O ct. 1 1915 to Jan. 1 1916, at 6 % p. a. on thodoforred p a ym ’t.
Theso dobontures aro dated O ct. 1 1915 and will mature O ct. 1 1925.
D en om . $1,000, $500 and $100 c .* .
Interest A . & O.
T he holders o f
any one o f tho bonds will havo the option on O ct. 1 1918, or on any Intorest
date thereafter, during tho term o f this dobonturo bond, “ o f converting
this debenture bond, upon surrender thereof with all unmatured coupons




[Vol. 101

THE CHRONICLE

attached, into capital stock o f tho com pany at par” , upon 30 days notice
in writing, at tho office in Poughkeepsie. Such right, how over, is subject
to tho right o f tho com pany on 30 days’ notice, to redeem the bonds upon
any interest day on or aftor April 1 1921 (if not previously so converted)
at 105 and int. In case this dobonturo bond shall not havo been con­
verted into stock as horoin provided and that there shall bo a distribution
o f tho assets, tho said principal sum and the interest accrued thoreon must
bo paid boforo any paym ent is m ado on tho stock, and this indebtedness
will be a cliargo upon tho assets prior to the capital stock.
T ho m ortgage bonds outstanding as o f July 1 1915 were as follows: First
R e f. M . bonds, due 1941 (V . 93, p. 471). $1,175,000; Newburgh L t., H t.&
Pow er C o. l s t M . 5 % bonds, duo 1921, $700,000, and convertible 8 % deben­
tures, due 1918, $300,000; Poughkeepsie L t ., H t. & Power C o. convertible
6 % debenture bonds, due 1926 (V . 91, p. 1777), $27,800.— V . 101, p . 616.

Continental Can Co.— F irst C om m on D iv id e n d .—
An initial quarterly dividend o f 1 M % has been declared on tho $8,000,000
com m on stock, payablo O ct. 1 to holders o f record Sept. 20. The paym ent
is not announced to covor any special period, but it is generally belioved
that distributions at this rato will bo mado quarterly.— V . 100, p. 1921.

Copper Range Consolidated Co.— D is s o lu tio n , <t’ ec —
T he stockholders o f this N ew Jersey holding com pany will vote on Oct. 8
on dissolving the com pany. It is proposed as soon as tho necessary legal
requirements havo been com plied with to distribute to the stockholders o f
the Consolidated C o. (par o f shares $100), an equal number o f shares (par
$25) o f tho C opper Range C o. o f M ichigan. T he property and assets o f
tho M ichigan C o. will bo identical with those o f tho present N ew Jersoy
holding com pany and tho officers and directors will bo tho same. Stock­
holders o f the C opper Range C o. will then receivo a dividend out o f the
earnings o f tho current year.
,
...
.
For the 6 months ending June 30 earnings were: Profits o f Baltic and
Trim ountain and one-half o f Champion mine, $1,802,791.
1 ho $1,200,000
notes outstanding Jan. 1 1915 have all been paid and the com pany is free
from floating debt. Cash in bank Sept. 1 1915, $612,427; due for coppor
produced to Sept. 1 1915. which has all been sold but not paid for (after
deducting one-half Cham pion m ine), $1,356,041.— V . 101, p. 209.

Coshocton (O.) Light & Heating C o - S a l e . —-1Tho
“ Ohio State Journal” of Columbus on Sept. 6 said:
Columbus stockholders o f tho Coshocton Light & Heating C o. havo^beon
informed
com pany
has been c ---------------------------------- ------ ------------- ,,
,
_
have represented local stockholders in tho consolidation plans. B y terms
o f the agreement holders o f the [$250,000] pref. stock o f the C oshocton C o.
will receive in exchango an equal amount o f tho 6 % cumulative pref. stock
o f the Ohio Servico C o. (V . 100, p. 234). Holders o f tho [$,300,000] com ­
mon stock o f tho C oshocton concern will receive in exchange 40% o f their
holdings in 6 % prof, stock o f tho United Service C o. (V. 101, p. 619),
holding com pany for the Ohio Servico C o. [Tho C oshocton L t. & lltg . C o.
at last accounts had outstanding $76,000 1st M . 6s duo serially, interest
M . & S. at C oshocton.] '

C u b an T elep hon e

C o.— Earnings— Dividends — Outlook.

For the 5 m onths ending M a y 31, tho com pany’s operations show a
net surplus, aftor fixed chargos, o f $142,557 in 1915 against $97,992 in 1914.
T ho last dividend ( 1 ) 4 % quarterly) was paid on tho $2,000,000 6 % cum .
pref. stock in July 1914, and on the $5,000,000 com m on (1 M % ) in A pril
1914. T ho im possibility, owing to tho war, o f soiling bonds in tho English
market as form orly, has for tho past year rendered necessary tho applica­
tion o f earnings to extensions and additions instead o f to dividends. Sinco
tho organization o f tho com pany about $ 1 ,000,000 o f oarnlngs has been thus
applied, and wo understand that a scrip dividend on tho com m on stock is
contem plated on account o f the same. T he question o f rosuming regular
dividends on the pref. and com m on stocks and o f paying tho accumula­
tions on tho preferred will probably bo takon up within a few woeks,
L a tes t E a m i n o s — •
A p r. *15. A p r. ’ 14. Al a y *15. Af a y 14
Gross^earnings
...........................$112,138
$95,282 $ 113,236
$98,463
B al., surp., after fixed ch a rg e s.. $29,174
$19,252 829,71S Q1 ? 2?A?I8
F or tho quarter ending M ar. 31, tho gross oarnlngs wero $315,331 in 1915,
against $184,421 in 1914.
For tho cal. year 1914 tho gross earnings were 81,113,681, not, 8679,950,
other incom e, $69,242; total, net, $749,192. [against $605,862 in 1913].
Deductions; Taxes, $43,260; bond interest, $250,531 other mterost, $42.­
1 1 1 ; depreciation, $168,793; m iscell., $24,123; prof, dividend (3 % ), $60,000;
com m on div. (1 K % ) , $62,500; balance, surplus for year, $97,874. Total
p rofit and loss surplus D ec. 31 1914, $749,165. Dividend record o f com ­
m on stock, 1911. 1 % ; 1912. 4 % ; 1913, 3 ) 4 % : 1914, I K %• There are out­
standing £1,029,580 1 st M . 5s and (on D ec. 31 1914) $1,160,113 notos
payable.— V . 97, p. 1506; V . 98, p. 1159.

D ering Coal C o.— Properties Transferred .—
T he “ Coal Trade Journal” N . Y ., Aug. 25, said: "C on trol o f tho prop­
erties o f the old Dering Coal C o. at W estvillo and W est I rank fort, 111.,
has passed into tho hands o f tho Producers Coal C o ., a recently chartered
Illinois com pany headed b y F . S. P eabody. Last year these mines pro­
duced 714,947 tons o f coal, tho tw o at West Frankfort, in Franklin C ounty,
having a com bined production o f 381,809 tons and two at W estvillo, in
tho Danville district, 333,138 tons. Several weeks ago they wero sold under
foreclosure to llonry Russell Platt; tho Franklin C ounty properties brought,
it was stated at that tim e, $2,000,000. A few days later the Indiana prop­
erties which have not been in operation for some tim e, wore bid in b y tho
same interests for $400,000. It is stated that no disposition has yet been
mado o f theso holdings. It is understood that tho new owners aro nego­
tiating with M r. Dering [or the J. IC. Dering Coal C o.] to continue handling
tho product o f tho recently-acquired m ines.” — V. 100, p . 1596.

D om in ion Steel C orporation .— Payment of N otes. —
T h o $1,500,000 5% debentures, duo N o v . 1, will, it Is stated, be paid
o ff at m aturity. It is said that tho corporation’s finances are in better
shape than for years past, as the large bank loans, which havo amounted
to from $3,000,000 to $5,000,000, are gradually being wiped out. It was
thought some time ago that tho directors would have to issue some o f tho
6 % notos in tho treasury to redeem tho debentures.— V . 100, p. 2007.

(E, I.) du P o n t de N em ours & C o.— Incorporated.— This
company was incorporated at Wilmington, D el., on Sopt. 8 ,
pursuant to tho plan recently announced for an enlargement
of tho E . I. du Pont de Nemours Powder Co. of N . J. (V . 101,
p. 616, 696).
Pa, nn

T ho auth. capital stock consists o f 2,400,000 shares, o f par valuo o f $100,
or a total o f $240,000,000, to consist o f $150,000,000 6 % cum ulative non­
voting, $ 1 0 ,000,000 6 % cum . voting debenture stock and $80,000,000
com . stock. Am ounts now issuable, as officially reported Sept. 10, doben turo stock $59,661,700, and com m on stock $58,854,200.
T ho $58,854,200 now com m on stock will bo distributed as a 200%
stock div. to holders o f the com m on stock o f the old com pany as o f record
Sept. 30; such holders also to retain their old com m on. O f tho 6 % d e ­
benture stock $59,661,700 will bo issued as part o f the purchase price o f
tho property and o f that amount $30,234,600 is reserved for the retirement
o f old com pany’s bonds and pref. stock and $29,427,100 will be held in that
com p a n y’s treasury, form ing a fund which assures tho paym ent o f dividends
at tho rato o f 0 % per annum on the old com pany’s com m on shares.
T ho now com pany will tako possession o f the assots and business as o f
O ct. 1 1915, and will assume and discharge all tho liabilities o f tho old com ­
pany, including the bonus, pension, benefit and welfare plans o f tho old
com pany.— V. 101, p. 616, 696.

E astern Steam ship C orporation .— Payment o f Claims.—
Judgo Putnam in tho U. S. District Court on A ug. 31 ordered tho rqceiver to pay priority claims amounting to $305,000, with interest at 5%
from N o v . 1 1914 to Sept. 1 1915.— V . 100, p. 1755.

E d ison Elec. Illu m in a tin g Co. of B o sto n .— Earnings.—
Y r .e n d .
C ross
J u n e ‘S O . E a r n i n g s .

N et

O th er

In te rest,

D iv id e n d s

B a la n ce,

E a r n in g s . In c o m e . T a x es , & c .
(1 2 % ).
S u r p lu s .
1914-15-$7,429,124 $4,002,292 $118,909 $1,214,925 $2,457,174 $449,102
1913-14- 7,008,288 3,855,016 57,134 1,185,328 2,252,319 474,503
— V . 100, p. 1170.

Erie C o u n ty Electric C o., Erie, P a.— Slock.—
T he stockholders havo form ally authorized tho Incroaso o f tho capital
stock from $500,000 (par $100) to $2,500,000 and this action has boon

Sept . 11 1915.]

" ---- --

' ' f X*'

J

‘J

,

„ ‘„

y z y

THE CHRONICLE

aov

UUD

liJ cisS , 9 i i , u u U r

u u n a u i.

j.vj.

. u s,

uuu

Jail. 119.>9, $797,000 ($1,000,000 auth.; $198,000 reserved to rotlro under­
lying bonds); 2nd M . 0s, $19,000; purchaso m oney m ortgage, $15,000.
Treasurer. Thom as G . O ’D oa.— V . 99, p. 52.

Granby Consolidated Mining, Smelting & Power Co.
T ho com pany In July 1915 turned out 3,889,397 lbs. o f copper from Its
Jjwo Rmcl ters ’ ? now hfeh record, com paring with 3,626,929 Ids. In June,
o ’o £ H ! § lbs> ln M a 7 and 3,071,337 lbs. In A pril. O f tho 3,889,397 lbs.,
2,264,615 were turned out at tho now smelter at Hidden Creek and i , 624,782
at Grand Forks.— V . 100, p . 2089.

(J. M.) Guffey Petroleum Co., Beaumont, Tex.— Stock.

The com pany has filed at Austin, T ex., an amendment to its charter
decreasing tho capital stock from $15,000,000 to $2,500,000 and changing
the name to tho G ulf Production C o .— V. 91, p . 217.

Haynes Automobile Co., Kokomo, Ind.— Dividends.—

The following is confirmed:

Following the m ost prosperous year o f its existence, the com paay has
declared a 2 % cash dividend for the year ended June 30, 2 % cash dividend
for the month o f July and a 100% stock dividend. For Aug. a 1% cash
dividend has been declared on tho increased com m on stock o f $1,200,000.
There is also $200,000 7 % cum . non-voting prof, stock (redeemable at par
A pril 1 1918), but no bonds. Par o f all shares, $ 1 0 . T he capacity o f the
plant , with the additions to be built, will bo 50 cars a day o f ton hours,
double the former output. Officers: Pres., E lw ood Haynes; Sec., S. T u ­
dor; Ireas., A . E. Starbuck; Gen. M a n ., A . G . Seiberling. Address o f
com pany, K okom o, Ind.

Hecla-Winslow Co., Inc.— No Merger.—

T he merger effected under this titlo in 1913 b y the Hecla Iron W orks
and tho Winslow Hros. C o. lias failed to secure the expected economies,
and it has therefore been decided, in a mutual and friendly spirit, to re­
instate tho two companies under their original names, ownership and man­
agement as o f Sept. 1 1915. T hey will hereafter bo known as the Hecla
Iron W orks o f New York and tho W inslow Bros. C o. o f Chicago, b oth
separate concerns.— V . 98, p . 526.

Hercules Powder Co.—4% Extra .—

A n extra dividend o f 2 % has been declared on the $7,150,000 com m on
stock, payablo Sept. 25 to holders o f record Sept. 16. In M arch and Juno
1915 2 % was also paid, but without any extra disbursement; In M arch,
Juno and Sept. 1914, 1 H % . and D ec. 1914, 3 ^ % , making 8 % for 1914
and in Sept, and D ec. 1913, 1 M % — V . 101, p . 373.

Home Tolep. & Teleg. Co., Los Angeles.— Earnings .—
C a le n d a r
.Y e a r —

G ross
E a rn in g s.

O p e r .E x p .
N et
a n d T a xes.
E a r n in g s .

B o n d , & c .,
B a la n ce.
In te rest.
S u r p lu s .

19J4--------------------SL909.834 $398-008 $1,011,626 $230,025 $781,601
— V3 ‘ i 6 6 " p " i 0 8 i 1,720,498
955,373
765,125
249,950
515,175

Hudson Navigation Co.-Guaranteed Bonds —

See A lbany R iver-Front C o. above.— V . 101, p . 134.

International Mercantile Marine Co.— Conference.—
On Wednesday, after a meeting of representatives of the
bondholders’ and stockholders’ committee, tho following
statement was issued by John W . Platten, President of the
United States Mortgage & Trust C o.:
It is denied that Charlos H. Sabin, President o f tho Guaranty T rust C o.,
and John W . Platten, President o f tho U. S. M ortgage & Tru st C o ., have
gono on tho International M ercantile M arino m inority stockholders’ co m ­
m ittee. M r. Sabin and M r. Platten havo, however, at tho request o f
certain stockholders, consented to confer with representatives o f tho bond­
holders’ com m ittoe in rogard to tho plan in an endoavor to reconcile existing
differoncos. The reorganization com m ittee welcom ed tho idea o f such
a conforenco.— V. 101, p. 776, 617.

International Steam Pump Co.— Reorganization Plan

— Opposition by New Committee.— The preferred stockholders
protective committee, McDougall Hawkes, Chairman, has
issued a circular stating seriatim its reasons for objecting to
the plan. The reply of tho Clarke Committee, cited below,
indicates tho nature of these objections. The committee
further calls for deposits (see adv.) saying in brief :
M ailed herewith is a form o f agroomont to bo signed b y the preferred
stockholders, providing for doposit o f stock with this com m ittee. Enclosed
A° P ° used hy tho stockholders who have already deposited stock
with the Colum bia Trust C o., N ow York (or its agent, Old C olony Trust
;;0 .. Boston), notifying that com pany that tho stockholder dissonts from
tno plan and enclosing a check at tho rate o f 54 cts. a sharo for oxpenscs o f
tho old com m ittoe, so that tho stock can bo roloased and deposited with
Ina.smuch as tho time for such releases oxpiros M onday,
..ii ,1 ,
t ho depositors are urged to send their notices and dissents
and checks as aforesaid to tills protective com m ittee, which will act as their
agents in the premises and doposit tho stocks received with tho Farmers’
, °an <& 1 rust C o. o f New York or tho American Trust C o. o f Boston, tho
depositaries under our protective agreement. N o further call will be made
b y us upon those w ho pay this 54 cts. a sharo until tho remaining stock
deposited with this com m ittee shall havo paid 54 cts. a sharo. I f for any
reason stockholders cannot at onco pay tho amount o f 54 cts. a sharo, thon
they m ay sign tho form o f dissent without enclosing check.
Pref. stock protective com m lttoo, M cD ougall Hawkes, Chairman, 32
Nassau St., N . Y . C ity ; R oger F. Sturgis, Amos B ld g., Boston; Thom as J.
C arm ody, H olyoko, M ass.; Charlos K . Beckman, 52 W illiam S t., N . Y .
C ity; Charlos II. W iltsie, Rochester, N . Y . Additions m ay bo m ado to
com m ittee. M erritt Lano, W. \V. H oppin and Lloyd C . Griscom aro
counsel to tho com m lttoo. Offices o f com m ittee, 32 Nassau St.. N . Y ., and
P8 Ames B ldg., Boston. [Depositors who d o not approve any plan adopted
Dy this com m ittoo will bo allowed 30 days in which to withdraw.|

Plan Approved by Stock Committee, Lewis L. Clarke, Chair­

man.— Tho stockholders’ protective committee, of which
Lewis L. Clarke, President of the American Exchango N a­
tional Bank, is Chairman, in an advertisement says:
A notice Is now boing published to tho effect that “ to protoct thoir interrvu,, J k ,nc^ ss;“ 'y that tho proforred stockholders should give notico to tho
Colum bia Trust C o. o f dissent to announced plan on or before Sept. 13.
com m ittee, on tho contrary, advisos the stockholders to assent to
anu approvo said plan and to doposit thoir stock under it.
D ig e st o f C ircu la r I ss u e d S ep t. 8 b y S to c k h o ld e r s ’ P ro te ctiv e C om D„ ...
,
m ittee, L ew is L. C lark e, C h a irm a n .
Jlf C o m m i t t e e . — This com initteo has kept in closo touch with tho
net,,!,, o r ,
com pany and tho receivership and tho investigations o f the
,y, a,Kl business conducted b y tho receivers and b y experts em ployed
bondholders com m ittoo. A t tho time o f the adoption o f the plan
^ ^ ? ? nlzatl,on about 65% o f tho pref. stock had been deposited with tho
com initteo and only about 30% o f the com m on stock. It is understood
ui.ii, over
p ()0 shares o f tho com m on stock, being a substantial m ajority
eU , ,ssuo outstanding, is owned b y the estato o f the lato Benjamin
> r R i n « ’ i, Y olJr com m ittee has at no tim o represented that stock.
* nT,rJ5
, " 2 . «.y adopted was tho result o f prolonged negotiations, in tho
“
o o f which wo obtained for the stockholders tho best terms deemed
J,i ’ considering tho magnitude o f the debt. Tho coinm ittco regards
’I s lair to stockholders and strongly recommends its acccptanco
by both classes o f stock.
„ 2 0P c c ^ i ? n s
B o n d h o l d e r s .— Under tho plan tho bondholders make very
suDstantiai concessions. T hey surrender their m ortgage, their $2,430,000
o f Henry R. W orthington pledged thereunder, and thoir power to
tatco tno entlro property and rcorganizo it solely for thoir own benefit; they
consent to dividends upon their now Class B pref. stock being non-cumulativ o for threo years, and they submit to tho creation o f a 7% prior security
to represent tho now capital wnich tho stockholders aro asked to contribute.




849

In view o f theso concessions, wo believe that the bondholders aro entitled
to a substantial interest in the eq u ity and an increased rate o f return.
D e f a u l t . — Thero is no foundation for tho statement that the receivership
could have boon avoided. On the contrary, the com m ittee is satisfied that
the receivership was assented to b y the board o f directors for tho protection
o f both stockholders and creditors, only after an earnest effort to avert a
receivership had been m ade both b y tho directors and b y representatives
or stockholders and creditors. There is not the slightest ground for tho
hopo held out b y tho Hawkes C om m ittee that the default under the m ort­
gage securing tho $9,347,900 bonds can be cured and the property restored
to the stockholders, inasmuch as tho interest and sinking fund paym ents
in default aggregate about $ 1 ,200,000 and the principal o f tho bonds has
been declared duo— a result which is beyond the power o f tho com pany or
its stockholders to change.
E q u i t y o f P r e f . S l o c k .— It is true that tho aggregate appraised value o f the
property based upmi tho appraisals m ado on behalf o f the bondholders’
com m ittee, is considerably in excess o f the debt o f the old com pany, but
tnose appraisals were m ado upon the basis o f tho com pany being a going
l ° r,1iCor,'l wAtb a(V;rluato working capital. The assets at forced salo would
undoubtedly realize less than tho debt, which, with interest, now aggregates
$10,000,000. A ccordingly, if the creditors should enforce
rights, they would be In a position to abosrb all tho assets, leaving
nothing for stockholders.
C a P i l a l -r ~ T h e bondholders’ com m ittee Insisted that if tho stockl\?idC™ W.Urr0 gl,v ?n A substantial interest in the equity o f the enterprise
F ilin 1 fAlrnlsh ti10, now capital roquired. T he amount o f $3,600,000
m m mltt l af T h lar)efUi consideration and is considered reasonable b y this
d !}°„ baRis, ,o f participation offered to com m on stock was
^ if
and esI,eclally advantageous to the pref. stock,
nerS share
tb ® c1?.mmo.n stock t ? I>ay the same cash assessment
*,Cr> sval,V a? th0 Pr< ‘ • stock, as in several recent reorganizations
P r o b a b l e A m o u n t o f C a s h A s s e s s m e n t u p o n P r e f . S t o c k .— Y our com m ittee
is reasonably assured that tho assessments will be paid b y over 60% o f
S S .C T H o n stock, in which case tho maximum paym ent for which the pref.
would be liable w ould be not over $20 33. That paym ent is likely to be
^ rth e r considerably reduced by paym ents b y other holders o f com m on
stock. I f tho assessments should be paid on all tho com m on stock the
assessment on each sharo o f pref. stock would bo reduced to $ 1 2 50
R e m e d i e s a g a i n s t S t o c k h o l d e r s a n d F o r m e r D i r e c t o r s .— Full investigations
o f tho past transactions or the com pany have been conducted in part by
the receivers and in part b y tho bondholders’ com m itteo, and fn their
opinion no basis lias yet been found for legal proceedings based on such
transactions which would bo sufficiently prom ising to justify the expendi­
ture involved. If further investigations should result in a different con­
clusion, legal proceedings could be instituted. Such proceedings would be
in tho interest, first, o f the stockholders and creditors, and finally o f tho
new com pany.
' ’
R e d u c t i o n m S u r p l u s a n d E a r n i n g s .— The earnings for the 5 V, years pre­
ceding the receivership on which tho reorganization is based are considerably
lower than tho earnings shown b y tho annual reports, because o f recent
corrections and adjustments m ado b y the chartered public accountants.
1 nese Investigations havo rem oved any m ystery as to the causes o f the dis­
appearance o f the apparent surplus shown in the reports. T ho principal
cause is the radical reduction m ado in tho recent investigations in the values
at which the assets wore carried on the books.
urchase o f Blake
Knowles 8 % Pref. Stock.— Since the plan was an­
nounced, tho join t reorganization com m itteo, acting under the authority
£ ?j“ l rred hy.th*? reorganization agreement, have concluded an arrangement
m 1? 11 A practically tho entire issuo o f $460,556 o f 8 % pref.
stock o f the Blake & Knowles Steam Pum p W orks for $114 29 for every
. 1.7? Jl?r v a u o
Rtock- , T his purchaso was deemed advisable in order to
glvo tho now com pany tho direct ownership and control o f tho Blake &
ar«f.e? .factory and, a,s° t0 i?ot rld o f tho fixed charge o f 8 % on this stock.
C o m m o n S t o c k .— 'Ih o $1,500,000 o f new com m on stock set aside In
tho plan to be used in securing aid o f new interests in the management o f
the com pany or otherwise for its b en efit" is not to bo "given aw ay” but is
to no used In tho discrctoin o f the new board o f directors and tho now voting
l.)r, tho benefit o f the new com pany. T he stock m ay never be
used but this com m ittee hopes that it can be used to interest strong business
men in the managem ent o f tho new com pany.
V o t i n g T r u s t e e s .— T h o com m itteo is entirely satisfied with the voting
trustees for tho new stock named in tho plan. M r. C’ larko, our Chairman
TT°a° i°f *he number, and we are confident that the other members, Charles
" , 8 abln, George G . Henry and Percy Jackson, will adequately represent
both classes o f stock in the new com pany.
v
Tills com m ittee strongly recommends to stockholders and to holders o f
Columbia Trust C o. certificates o f deposit representing stock that they
assent to the plan. For tho purpose or such assent, no action is required
b y stockholders who have already deposited their stock with tho Colum bia
trust Go. Stockholders who have not so deposited their stock should do
so on or before M on day, Sept. 13 1915. [Signed: Lewis L. Clarke. Chair­
man; Willard V . K ing, L. T . Haggin, Albert N . Parlin, O tto M arz, stock-

/

T r u s T c o C° S R e d S o p T ^ l T i g n 'r th° dep0Sit a^ eemeat with Colum bia

Judge Hough in the U . S. District Court heard argument
yesterday on the application of tho Hawkes protective com­
mittee for an order permitting the committee to intervene in
tho receivership proceedings and making permanent the tem­
porary stay granted tho day previous to prevent the fore­
closure sale.— V . 101, p. 776, 620.

The Keystone Plaster Co., Philadelphia.— Pref. Stock.
M artin & C o ., Phila., in June last offered 7 % cum. pref.
(p. & d .) stock. Tax-free in Penn. Redeemable, all or
1“ t, at option of company at any time after July 1 1919, at
10 o% and accrued dividends. D iv s .J .& J . Circular shows :
7 „ C(g . H z.^ i ° e n (Funded debt $39,000)—
A u th .
N o w I s s 'd
< /o c u m . Pref. stock (par value $ 50 )........... ..........
$400 000 xsnn non
Comm on Stock (par valuo $50)________________ _ ~ ~ ~ 600 000 600 000
.b u s in e s s established in 1886 at Williamsport. In 1890 rem oved to P h ila de*Pb la a n d subsequently to Chester, for sake o f the superior facilities for
tho «rrn,m!ltPOrFtat ° U‘ Incorporated in Penn, in 1887. M anufactures all
o f 1gyI>sun.1 •the raw material being imported from the quarries
owned or leased from its subsidiary, the Victoria Gypsum M ining & M fg .
inrin 7h i ’ iAV‘ L prof,,rrtlos located in Capo Breton, N . S. Since the year
n F . i i fp eystono lla s te r C o. has manufactured about 700,000 net tons
Oiversifiecl gypsum products, consisting o f crushed gypsum , land plaster,
w T l 2l ^ pSUm’ terra alba, stucco, calcined plaster, paper filler, paint filler,
wall plaster, gypsum block, plaster board and p ip e covering.
* Mf«Tdrv?y companies owned or controlled: ( 1 ) Victoria Gypsum M ining
H nd sfgr,
' ’n r ^ ’ TVA N<? v:,1 Sco,Va) owning or leasing about 3,000 acres o f
=
D, ° r Lak0- ° aP° Breton, containing an inexhaustible
supply or high-grade gypsum , m any o f the leases being for 999 years at
a small royalty per ton mined, and without yearly rental or minimum guar­
anty; also a railroad with 5 miles o f track and a shipping pier capable o f
decking boats o f 5,000 tons. (2 ) Keystone F i r e p r o X g <5o
£PanufacUiring floors (under patents), partitions, furrings. ceilings, ro o f work, & c.
Operates from M aine to Florida, east o f tho Allegheny M tns., and through
subsidiary o f similar name in Canada. For the 12 m onths
ended M arch 31 1909 tho business booked amounted to 200,000 sq. ft. o f
block. During tho year 1914-15 tho total booking o f blocks and floors in
■latm rinnlnusuii0y unsatisfactory business conditions, amounted to abou t
3,850,000 sq. ft. against 5,000,000 sq. ft. in year 1913-14. (3) K eystone
1 1aster C o ., owning in the city o f Chester about 6 acres o f ground situated
on tho water-front, with excellent shipping facilities by boat.
1 ho proceeds o f this pref. stock will increase working capital and pay for
a modern mill, now building, o f steel and concrete construction, cap acity
over 120’00° tons, as against the present 75,000. An additional un it, for
which spaco is provided, would bring the total output close to 300,000 tons.
N et profits for 10 years havo averaged about $38,000; for the last fiscal
«SSrAnnfter Pa7‘ ng interest, taxes and depreciation, amounted to over
$28,000, notwithstanding an unusual business depression. The fixed
charges will bo materially decreased b y means o f tho present financing, and
it is estimated that had the improvements now under way been available
during the past year, $50,000 additional could have been saved, which
would have given net profits o f $78,000. On Jan. 1 1915 tho fireproofing
companies had approxim ately $301,000 worth o f contracts on hand, carry­
ing an estimated gross profit o f $46,000, and in the first two months o f th e

iiTHE CHRONICLE

850

Carl N . M artin (M artin & C o ., bankers, Phila.) James E . Gibson, G .
Lester Williams, H . J. Brown. Up to recent years largely controlled by
tw o or three interests.

Knox Automobile Co., Springfield, Mass.— Decision.

Judge M orton in the U. S. D istrict Court on Aug. 21 affirm ed the deci­
sion o f the referee in bankruptcy, holding valid the claims o f the Alfred N .
M a yo estate against the com pany, aggregating $927,915. T he offsets
claimed (which were disallowed) were:
(1) Paym ents to M r. M ayo as salary as Treasurer, or bonus in excess, it
is contend 'd, o f what ho was entitled to receive, amounting to about $24,7 (i9 - (2 ) stock in the bankrupt com pany im properly transferred to him ,
amounting at par value to $5,300 preferred and $136,400 com m on: (3) com ­
missions taken by M r. M ayo on loans o f 8S00.000 from him to the bankrupt,
aggregating .540,000.— V. 97, p. 53.

[V ol . 101.

Our com pany has issued and outstanding $684,000 o f com m on stock,
which it has sold at par. T ho P. 8 . Commission has also authorized us to
issue and soli at par and int. 5422,800 7% cum . pref. stock, and wo have
accordingly sold $408,000 thereof in ton-share lots or less, principally to
our custom ers or consumers. T he authorizations o f capital to date also
include $2,332,500 5% bonds. T he com pany is now paying b oth the
pref dividend and 6 % on tho com m on stock. Exclusive o f bond and
stock issues, it has written o ff nearly 5100,000 since 1907, sinco which date
practically all the plants and equipment are now, some o f tho plants boing
only tw o and three years old.

Lake Torpedo Boat Co. (of Maine), Bridgeport, Conn.
York, aro
offering at the market price (about$16 per share),a limited
amount of first pref. participating stock, par $10.
Their
circular says in substance:

Condensed Extracts from “ A Profit Sharing Offer” (As Revised).

T he com pany now has harnessed and developed approxim ately 14,000
hydraulic h. p . (together with about 10 ,0 0 0 h. p. undeveloped) and an auxil­
iary steam plant o f 2,500 h. p. in reserve
.
t
W o d o all o f the gas business and also all o f tho power business in W ater­
town and furnish electricity for ligh ta n d power purposes to .W atertown,

— Stock Offered.— Sta tu s — Gwynne B ros., Now

Authorized Capital Slock—
OtdslandJnff.
$1,000,000 7% cum . 1st pref. (p . & d ., full voting pow er), $10 par $150,730
1 .200.000 7 % non-cum . 2 d preferred, 510 par---------------------------- 1 ,200,000
2.800.000 com m on, 510 par--------------------------------------- - — --------2,141,300
W o understand that there are m ortgage notes and bonds outstanding
(V . 98, i>. 240) o f 5106,000 (as reduced by 860.000 in J u ly). T he balance
sheet o f June 30 showed assets o f 86,168,163, in which the patents, good-w dl
& o., are listed at about 52,500,000. All additions and Improvements are
paid for weekly. Gash balance about 5159,000.
Tito old com pany
paid 1 0 % on its stock and this is expected to bo surpassed.
1 ho first pref.
stock pays 7 % dividends (cu m .). and after 1 0 % on the com m on participates
equally in profits. The com m on has sold recently as high as $45, and Is now
dealt in in fair quantities at $15 per share. [The Lake Torpedo Itoat C o.,
incorporated in New Jersey in 1901 (auth. capital stock increased in 1906 to
$ 2 000,000) was succeeded by present corporation in Jan. 1914.— Ed.|
T ho yards are situated at Bridgeport, C onn., on valuable water-front
property and have a capacity in their shop at present for building five sub­
marines at ono tim e, with room for three additional.
1 his plant is being
enlarged to have new ways for six boats and space for ten m ore, making a
total capacity for turning out 24 submarines. Last winter tho com pany
purchased 22 acres adjacent to its plant to provide for these extensions.
Its P acific C oast connection, tho Craig C o ., Long Beach, C al., lias at pres­
ent room for six boats and space for two additional without any structural

M h o Bay and C apo Vihcont. W o own 100 miles o f transmission lines,
ng miles o f which aro on steol towers, 410 miles o f distribution wire and 42
m iles o f gas mains. Wo serve 5,400 gas consumers anil 3,300 electric
consumers. W o serve a population o f about 43,000. [Tho com pany re­
ports its contracts for power as amounting to about 9,000 h. p. in addition
to the m unicipal and commercial lighting in the towns and villages above
mentioned.|
_
„ . .
.
, ,
Wo aro furnishing current for m anufacturing purposes to tho fo l­
lowing- Warren Parchment C o ., Dexter, N . Y ., 400 h . p .; Knowlton B ros.,
400 h p New York Air Brake C o ., 500 h. p .; N . Y. C . & It. R . H R . C o .,
2 ) h- p-: M arcy-B uck C o ., 100 h. p ., G . W . W hite & Son. 100 h. p ; and
tvllml.-r Paper C o .. 225 h. p ., all in W atertown; Carthage Tissue Paper

operating expenses and including depreciation tho not o ^ n ‘ ngs w or
$190,347. Deduct from this all bond interest, $118,620, an l 7 % on at
pref. stock authorized, $29,596. there remains; *4 4,1 28 ^ oqual to 6^4% oi
co m m o ^ s to c k ^ ^ N e t ’ for first six*raontjta"l915,"i 1% m ore than for ^ m o
period in 1914, while Sept. 1 the $75,000 power contract w 1th N ew York
Air Brake C o. will go into effect. C om pare bond offering in V. 100,p. 1083

Ohio Service Co.— Acquisition.—

See C oshocton L t. & Heating C o. abov e.— V . 100, p . 234.
T he com pany in addition to plants and contracts on hand, owns the entiro
stock o f tho Lake T orpedo B oat companies o f England, France, Germany
and Russia, each o f which is capitalized at $1,000,000.
T h o com pany has been building submarines for tho U. S. N a vy and
foreign countries sinco 1901, and it now has contracts to furnish the U .S .
N a v y with the following boats: 4 submarines at $427,000 pach, 2 at$560,000
each anil one for 5535,000. T ho last session o f Congress authorized tho
purchaso o f 16 coast defense and tw o cruising submarines, estimated cost
51,500,000 each, on which bids closo Sept. 29, and a liberal award to this
com pany m ay bo confidently expected. There is a united demand in this
cou ntry, which will bo evinced in Congress this winter, for an adequate
num ber o f submarines to protect us from possible foreign invasion. T ho
latest submarine turned out b y this com pany and delivered this summer
to tho G overnm ent is a com plete success— it can travel 5,500 miles at
11 knots an hour without now fuel supply, and it has passed tests by the
examination board o f 14.7 knots on the surface and 10.7 knots submerged.
Operates under tho patents o f Simon Lake, whose typo o f boat, now in
goncral use in foreign navies, is tho submersible “ oven keel type, as
opposed to the diving submarine. T ho com pany is receiving from our
Governm ent 859,000 for tho privilege fo building ono submarine at tho
Portsm outh navy yard from tho Lake plans and patents.
D irectors.—-Fred B . W hitney, Chairman: Herbert S. M iller, Pres.,
Simon Lake, V .-Prcs.; Frank Miller, Treas.; C . I). W allace, M . D . Blondell
L . B . M iller, II. J. M iller and F .M . Voorhoos. T ho com pany is under the
ablo management o f R . II. M . R obertson, its General M anager, lato naval
constructor o f U. S. N a v y .— V . 98, p . 240.

McCrory Stores Corporation.— Sales for August.-—

1 9 1 5 — A u g u s t — 1914.
5452 309
$424,544
— V . 101, p. 532, 134.

I 1915— 8 M
827,855183,335,325

In crea se.

a s . — '1914.

$2,974,290

In crea se.

$361,035

Marin Water & Power Co., Calif.— Sale.—

See “ M arin M unicipal Water D istrict” in “ State and C ity ” Departm ent.
— V . 88, p. 1133.

Midwest Refining Co., Denver, Colo.— Stock Offered.—
Carl H . Pforzlieimer & C o., Now York, aro offering by
advertisement on another page a limited amount of this
company’s $18,000,000 outstanding capital stock, par $50,
now paying quarterly dividends at tho rate of 4 % per annum.
Tho first distribution, 1 % , was paid in Jan. 1915, tho second,
1 % , in April, and the third, 1 % , on July 20. Tho company
operates a refinery at Casper, W y o ., with a capacity of
17,800 bbls. of crude oil daily, and from March 1 1914,
when it began operating, to Dec. 31 1914, reported net
earnings, before deducting depreciation, amounting to about
$1,200,000. See “ Annual Report” in V . 101, p. 525.

Montana Power Co.— Completion.—

T ho com pletion o f the Great Falls dam on the Missouri River near
Great Falls. M on t., was inform ally cetobratecl Aug. 11, upon tho initial
passage o f water over the crest o f the dam .— V . 100, p. 1514.

New River Coal & Coke Co.— Receiver's Sale.—

Ohio State Telephone Co.— Pref. Stock.— Claude Ashbrook & C o ., Cincinnati, call attention by advertisement on
another page to the preferred stock of this company. Tho
firm says, in part:
This 7% preferred slock is quoted at par to 101 % and is listed on the
stock exchanges in Cincinnati, Cleveland and Columbus. This investment
is not dependent upon any ono locality, but draws its earnings from local
telephono com panies in Cleveland, Colum bus, T oled o. D ayton, Akron,
Youngstown and Canton— seven o f the largest cities in the Stato, and in
addition thereto tho long distance lines known as tho United States Tele­
hone C o ., covering the entire Stato o f Ohio and embracing more than
30,000 miles o f wiro and serving 64 distinct telephone exchanges.
T he com pany has no floating debt, but on tho other hand has a sin plus
o f over $500,000, all o f which is cash. T he record o f earnings established
shows an unusually large surplus over and above all fixed charges, and the
abilhV o f " h o w m paSy to pay its preferred dividends at least twice over.
thereby paving th o way for div idends on tho com m on stock.
T ho financial statement o f the com pany as o f June 30, just Published, Is
a remarkable showing. T he current assets nududo ovci ? 1J)00,0( O '-1. '
In bank and half as much more in accounts receivable, &c. On tho
other hand, the current liabilities o f the com pany are only $245,000, and
its deferred liabilities, reserves for depreciation and its surplus o f nearly
$600,000 are all covered by actual cash or current assets in Its treasury.
E a r n i n '.j s f r o m J u ' j 23 1914 I t June 39 1915.
T otal revenue___________ $2,879,353 Interest on bonds .............. 5486,759
E xp ., incl. tax. & in s u r.. 1 ,813.3491Divs. on prof, stock............
291,408
N et income
.$ 1 ,066.0041 Balanco unassignod------See balance'sheet etc. in V . 101. p. 776, 532.

$287,837

Old Dominion Co. of Maine.— Dividend Increased.—
A quarterly dividend o f $1 50 a sharo (6 % ) has beon declarod on the $7.­
0.000 stock, payable Sept. 30 to holilors o f record Sept. 15. In July 1915
and In Oct. 25 cts.
% ) quar.
i * «v. ...... - ____
_________ ______
. . . . . in April
Vo to and SO* cts) and 50 cts. extra in Jan. 1912, and with 50 cts. (without
any extra) in July and Oct. 1911. Payments in 1911 aggregated $2 25 per
hhThe Old Dom inion Copper M ining & Smelting C o. has declared a divi­
dend o f $1 50 per sharo on tho $4,050,000 stock (par $25), payable at the
samo tim e, comparing with 81 threo mouths and 50 cts. 6 months ago.
Tho United Globo M ines, all o f whoso 23,000 outstanding shares are
owned b y tho Old Dom inion, has declared a dividend o f $6 per sharo, the
same as 3 months ago.— V. 101, p. 532.

Phelps, Dodge & Co.— 3 % Extra Dividend.—

A regular quarterly dividend o f 2 ]A % has beon declared on the $45,000,­
0 S
stock
maintained since M arch 1909); --also
000
l/UUH. (this
VWA13 being
UClilg tho
UUO rate
law Iimmvamuu
l a n extra
lO
distribution o f 3 % , both payable Sept. 30 to holders o f record Sept 18.
An extra dividend o f 3% was also paid in Juno last, 1% in M arch last and
Dec. 1914, and 1>£% in M arch and Juno 1914.
E x t r a D i v i d e n d s A d d i t i o n a l to 10% P e r A n n u m (2 y $ % Q . - M . )
1909.
1910.
1911.
1912.
1913.
1914.
, . VvAS; *
a
2
2
2
5
6 >S
4
M arch, 1; Juno & Sept., 3
— V. 100, p. 2014.

B y docreo o f the Chancery C ourt. Anderson C ounty, T onn ., tho com ­
Popo Mfg. Co.— Dividend— Receivers Discharged .—
pany's property will bo sold at public auction In Clinton, Andorson C o .,
Judge Dodge in tho U. S. District Court at Boston on He^pt. 8 oidcred
T en n ., on Sept. 25. Upset prico, $350,000. Property consists o f about
54,000 acres o f coal land situated in the counties o f Anderson, Cam pbell
and Scott, Tonn.; four or t'ivo seams, threo to seven foot in thteknoss.
Court
“ T ho Tennessee R y. C o. is operating somo 35 miles o f its main lino and
1'■j™; 4(9.9° ,:)n<}
spurs within the boundary o f this proporty, and is extending its lines to also 'consented to tho retirement as receivers or
tho south boundary lino, thus making all parts available for operations. ' Charles A . Persons, retaining Charles A . M o r s e to sottlo throe disputed
claims, amounting to about $20,000.— V . 101, P- 698.
O f the unset prico, $50,000 must bo paid In cash and tho remainder, $300
000 in four equal installments at 6 m onths’ Interval secured by notes o f
Proctor & Gamble Co., Cincinnati.— Earnings.—
tho purchaser with a lien on the property. M ilton T . Do Vault is receivor,
An official circular dated A ug. 14 permits tho following comparison:
K noxvillo.
1914-15*
1
1912-13.
North American Pulp & Paper Companies.— Report.—• T otal voltimo o f business dono by
com pany and constituent c o s ------ $70,790,907 $o5,o22,()80 $55,913,797
Seo Chicoutim i Pulp C o. (controlled) under “ Annual Reports above
N et oar ns. after all reserves & charges
— V . 100, p. 2172. 2090.
for d epr.. losses, advertising & spe7r.„
...
North Coast Water Co.— Sale.—
cial introductory w ork......... - ............. $4,835,993
$4-217,706 $3,813,111
See “ M arin M unicipal Water D istrict” in "Stato and C ity ” Department
Dividends on pref. stock ( 8 % )_____
180.000
180.000
180,000
— V. 79, p. 2151.
Balance for com m on stock _________ $4,655,993
$4,067,706 $3,633,111
Northern New York Utilities, Inc., Watertown, N. Y
Pres. Procter adds: "B o th earnings and volum e o f business liavo shown
Preferred Stock Offered to Consumers. Status.— This com­ a satisfactory increase. W e shall take pleasure in furnishing further in­
form ation to any accredited stockholder.” Com pare V . 99, p. 542.

—

pany recently issued a circular offering to its consumers at
par and int. a limited amount of its pref. stock (7 % cum.) in
ten-sharo lots. Treas. J. B . Taylor, Aug. 27, wroto:

Since wo published this pamphlet our powor contracts have materially
increased. Wo have lately entered into contract, to begin Sept. 1 1915,
amounting to about $75,000 per annum, with New Y ork Air Brake C o ., in
addition to the contracts namod in pamphlet. IV hen this contract was
closed with New York Air Brako C o. they had orders for munitions in
excess o f 810.000,000 (V. 101, p. 619). on which their profits will bo at
least $3,000,000. Sinco the signing o f tho above contract, 1 am Informed
verbally that they have takon 520,000,000 additional coutract for muni­
tions. This means increased consum ption o f power to us, and greatly
increased payrolls to this manufacturing city.




Reo Motor Car Co., Lansing, Mich.— Extra Dividend .—
An extra dividend o f 12 H % has been declared on tho $3,000,000 stock,
in addition to the regular quarterly paym ent o f 2 /^ % , both payablo Oct. 1
to holders o f record Sept. 20. In July 1915 12 % was also paid, in October
and July 1914 12 y 2 % extra, aud in April 1914 2 lA % . Comparo V. 99,
p. 677 — V. 100. p. 2090.
Rubber Good3 Mfg. Co.— N o Common Dividend .—
T ho regular quarterly dividend o f 1 % has been declared on tho $10,­
351,400 preferred, payablo Sept. 15. but no paym ent will bo made on tho $16,­
941.700 com m on stock. Nearly all o f tho latter is owned by tho U. S.
Rubber C o. Recent distributions have beon 1% quarterly. While the
tire business, lt is roportod, showed somo improvem ent in August over July,

Sept, l l 1915.]

THE CHRONICLE

1

it did not com pare favorably with August o f last year, and tho orders for
mechanical goods, which represent tho principal output o f tho R ubber
G oods C o ., continue below norm al.— V . 100, p. 1344.

upon a cash dividend basis, starting with % for 1st quarter.
Tho plan contemplates an issue of 20-year 6 % gold notes
dated Oct. 1 1915, at no time to exceed in the aggregate
815,000,000, whereof $3,750,000 are now offered to the share­
holders at 90 and int. from Oet. 1 to provide for short-term
obligations, floating debt and other capital outlays. The
plan,it is stated, will not be effective unless the shareholders
subscribe for at least $2,000,000 of the notes.

(M.) Rumely Company, La Porte, Ind.— Zin d orsem en t
l lan.-— 1 ouching the plan of reorganization outlined
in this column last week (p. 777), J. H . G uy, Treasurer
to the Receiver, wrote on Aug. 31 to John W . Platten, Chair­
man or tlie Joint Reorganization Committeo, saying in subst.:
oj

r reviewing tho plan the m anagement now in charge
the
o f t l0. com pany bcliovo tiiat for reorganization purposes
In? S
hi
aP7 substantiai and needed bonefits : (1) Sufficient work1)ia-,V ,Vtpl 1,,1s, r0 v K1‘7 * ( 2 ) A bou t $3,500,000 o f farmers’ notes, which had
m n l nn « discounted, are to bo repurchased for the proposed now corauL1): ' u, a j, <! terms; (3) Tho interest which the com pany will receive
rmers notes will excoed all intorost which it will have to pay.
n n U n a , i H f ° u n t Iirf0. r e

O ld C o .

N ew C o.

in ?
D (’o r O d n i z a t i o n -—
Y e a r 1014. C o m i n g Y e a r
T n ^ m w ; f ° f t l 0 ^r ’ (V ’ 1.0 1 ’ p ’ 7 77 )- 52,340,000
*8240,000
incom ing int. on tarmors notes-------- 1,140,000
400,000
_ N e t i n t . account for the y e a r ..

D eb.

Sl.200.000

32,100,000
— 740,000

CrSlGO.OOO + $1,360,000

St. Joseph Lead Co.— Extra Dividend.—
A regular quarterly dividend o f 15 cents per share ( l b j % ) , also a further
payment o f lo cents (1 % ), has been declared on the
594,050 stock
Sept- 20 to holders o f record Sept. 9. From June 1914 to Ju n o
1915 i 2 °J l % ' vas Paldl from Sept. 1913 to M arch 1914, 1 % , and from
1885 to Juno 1913,
100, p. 646.

San Antonio (Tex.) Gas & Electric Co.— Bonds.—
Rodeil & C o., Providence, are placing, to yield over 5 % , 1st M . (closed)
5 % gold bonds o f this subsidiary o f the American Light & Traction C o.
dated Sept. 1 1908, duo Sept. 1 1949, but callablo b y lot at 105 and int.’
upon six weeks notice. Interest M . & S. at N . Y . Trust C o
N Y
trusteo
Outstanding, $984,000. D enom . $500 c*. N o deduction for
normal incomo tax. The bankers report:
101
l p 1Tcxas ln 1900, and supplies without com petition elec­
tricity for light and power and gas in San Antonio, tho largest city in Texas
serving a population o f approximately 115,000, as against 53 321 in 1 ')()()’
° VCl' 115,% ’ T ho?° bonds ar® a first and closed mortgago
upon tho entire property, valued at over three times the amount o f tho
bonds, hollowed b v $1,500,000 capital stock, all, except directors’ quali­
ty ng shares, owned by American bight & Traction C o. o f N . Y
Franchise
extends to 1940. Property consists o f gas plant, holders, A c., and over
io 3 miles o f gas main, electric generating plant and distributing system.
D a r n s , f o r Y e a r s E n d . J u n e 30 T 5 a n d D e c . 31 ’ 14, r r it h r r e s e n t I n t . C h a r g e
rears—
G ross.
N et.
P ond In t
rtn l
Snr
1 9 1 4 -1 5 ............................... $1,006,228
$354,661
$49,200
$305,461
1914-------------------------------962,643
309,386
49,200
260 187
Y e a r — E l e c .M e le r s .
E l .S a l e s ,k .w .h r s . G a s M e t e r s .
G a s S a l e s .c u .f t .
1905 ----------------------- 5,711
4,9947415"
2:336
45,902,000
1912 -----------------------12,415
15,111,232
6 951
197,570,800
1913 ........................ 13,809
16,544,492
8 064
215,730,400
285,172,300
— V\ 98.‘ p:T076."'
'
18'298'901
” ’287

Spanish River Pulp & Paper Mills, Ltd., Toronto.J u n e 30
N et
Y ea r— R even u e.
1911 - 1 5 - -$478,044
1 91 3 -1 4 -- 470,996

A d ju s t-

lio n d

D ip re -

lla la n c e ,

m in ts .
I n t . , <£c.
cia tio n .
S u r p lu s .
cr .$50,808 $.369,479 $6.3,156 *96.817
---------345,303
_____
125.693
L ake S u p erior P a p er C o.
1 9 1 4 -1 5 ..$ 5 4 0,933 d ob .$89,327 $401,160 $40,973
*9,473
19131 4 -. 408,289 ............
376,710
---------31,579
C om b in ed C om p a n ies.
191 4 15 $1,019,577
d eb .$38,519 $770,639 $104,129 $106 290
1913-14
879.285
---------722,013
............ 157,272
— V. 101, p. 452.

T o ta l
S u r p lu s .

$222,510
125,693

$45,820
36,347
$268,330
162,040

Sperry Flour Co., San Francisco, Cal.— R eport __
T ho net profits for the year ending Juno 30 1915 wero *476 i«fi- deduct
dividends amounting to 884.450, leaves, balance, surplus o f $ 3 9 1 728.
BALAN CE
1915.

SH EET

30.

1914.

Rea? « ? ? . , b l d g s . , A c . * 1 , 6 6 6 , 5 4 3

1 ,6 6 8 ,1 5 0
N e w co n s tr. A e q u ip .
3 4 9 ,2 8 8
2 6 7 ,6 4 4
C a s h ....................................... 2 0 ,3 ,5 9 0
4 6 ,0 8 3
S t o c k s ln o t h e r c o s _ .
1 0 ,8 5 9
1 0 ,8 9 6
G r a in A m f d . g o o d s . 1 ,4 0 4 ,7 8 0 1 ,3 0 0 ,1 1 0
B a g s , f u e l , & c ________
1 7 0 ,1 6 6
1 2 5 ,4 5 6
C u s t ’ m ’ r s ’ le d g e r , A c . 1 ,4 2 4 ,9 0 3 1 ,3 1 0 .1 2 0
U n e x p ir e d In su ra n ce
2 4 ,1 6 2
1 7 ,5 7 6
M i s c e l l a n e o u s _________
6 9 ,4 0 3
4 6 ,6 2 7
T o t a l .............................. 5 , 3 2 8 , 7 0 0

JU N E

1915.

L ia b ilitieslT '
19S4,
Urn'}'™0'! stock..........1,689,150 1,689,150
,
r r < 9 ? C k ..............
6 0 0 ,0 0 0
6 0 0 ,0 0 0
m iu
4 9 8 ,0 0 0 4 9 8 ,0 0 0
B ills p a y a b l e ,
. 1 , 5 6 1 , 2 0 8 1 ,3 8 8 ,1 9 1
A ccou n ts p a y a b le ...
6 7 .1 7 9
115,455
A ccru ed b on d I n t ...
4 ,9 8 0
4 ,9 8 0
S k . fd . b d . r e d e m p ’n
79431
5 8 .0 9 4

A c ,.

A c c i d e n t I n s t i r . r e s 'v o
M i s c e l l a n e o u s _____
S u r l > l u s ..............................

4 ,7 9 2 ,6 0 2

1 3 ,6 7 3
10166
8 0 5 ', 2 1 3

4 ,0 6 3
1 2 .1 0 3
4 2 2 .5 6 6

*Aftor deducting $603,495 reserve for dopreciaMon)— v f l i o ^ p n o o t b 02

Standard Gas & Electric Co., Chicago.— E a r n in g s .—

Status— F in a n c ia l P la n — O u tlook .—

See “ Annual R eports” on a preceding pago.

N ew Notes— Dividend Prospects .— As stated under “ Annual
Reports” above, the directors liavo devised a financial plan
which they bcliovo will bo greatly to tho advantage of the
shareholders, if tho latter fall in therewith, and will enablo
tho management to place the preferred stock immediately




H10, P c w notes $3.000.000 are offered at 90% and int. from Oct. 1
ore? p
P reJe r r e d shareholders o f record Sept. 1 in the proportion o f
i r I'nnr fpspoctive holdings o f pref. shares, with tho option to sub­
scribe tor additional amounts subject to allotment. Subscriptions will close
I S 1 5 ’ unless extended by action o f directors.
T he subscriber m ay
P ^ ^ e n t in full on or before Oct. 15 1915, or has the privilege
ln installments as follows: 20% on Oct. 15 1915 and 10% on the
f , i cacl1 succeeding m onth until his subscription is fully paid.
rfL °
6 % l’ 01" annum will be paid by the com pany on all instauments irom the tim e they are received at the c o .’s office until fully paid,
fn/ i v r iC\°c\i\n0n<- shareholders similarly aro offered the right to subscribe
° f F je nAT'
at 90% and int. from Oct. 1 1915; subscripo f each succeeding rn om h "
° nC° ° F 20 % d ° Wn aUd 10% on thG 15lh
V Sie0 0 p mTs*" F1 7 3 1 ° f ncw notcs under “ Annual R eports” above.—

In crea se, or
D ecrea se.

int. on new debentures will bo $210,000; there m ay be a maxi\ J , k V ctlaiF - for seasonal borrowings o f *30,000; total, $240,000.
is pfrnnVoJ A. Ial ? °f,tlon o f this gain o f 81.360,000 in interest account
w n i ) . r o J,, TA'A’ A A .10 conversion under the plan into capital stock o f up*1 0 ..jOO.OOO ot note issues, and through a liko conversion o f the
^
, gonfcA nSUlrs<!lncnt liability incurred by tho old com pany in the sale
or uiscount
ers’ notes
to wobtain
T
now
com
i
,
. oi farm
w
vvzo w
e e n i e working
u u v i u H capital..
± ho
jxvj u
uw b
u m -ilnPSS Will
u n tinoonf ltn
.r
party s business
will fhllu
thus lari
be freed Pnr»i«
from niMr
any cnoli
such n
contingent
liability.
f t 10 piiysical nonunion
o plants is goou.
ounaings
condition ot
of m
the
good. vino
T ho buildings
aro in proper repair and tho machinery equipntont is standard and up to
uato tor economical m anufacturing. T ho capacity is sufficient to take
care o f the futuro growth o f tho buslnoss for m any years to com e.
K u m e l g P r o d u c t s .— The Rum ely products represent a staple and standard
Uno ot hoavy agricultural m achinery, which has been on the market for
poriods o f from 30 to 75 years, and is held in high regard by those who
purchase that class o f m achinery. C om pany manufactures chiefly thresh­
ing machines, steam engines, tractors, plows, clover hullers, onsilago
cuttors and repair parts and supplies.
During tho recoivorship thus far, tho business has been conducted with
a view to its continuance as a going concern, which permitted tho in ­
auguration o f operating m othods, tho bonefits o f which, while available
to a going concern, will bo lost unless reorganization is effected.
O u t l o o k .— - \ V o are firm in the opinion that tho new debentures to be issued
under tho plan will bo a safo investment, tho total o f cash and farmers’ notes
alono, after deduction o f all current liabilities, amounting to over twice
tho authorized issue; and our estimates clearly indicate that the earnings,
after allowing for adequate depreciation and other custom ary reserves
))■, weU exceed tho amount necessary to take caro o f all fixed charges,
m V .^LW 1h .nonm i1 conditions prevailing, thoro should bo a substantial
p!nA<V,!CrK')S ng surplus.
ilio best interests o f all concerned will, wo
Del ovo bo served through reorganization as a going concern, in order to
realizo the greatest return on tho Investment already m ade.
fnlVnw«°-r “ Ti1
• f lom|ng on A ug. 31, endorses 1 the foregoing as
the°hMs'iniI«
upon tll<: investigation mado by m e o f
os o f t » e com pany, that tho statements m ado
»
*t0S ,aro saf9- ,an‘l tho plans for tho futuro can be
izLTinn thn pn,?,ri 0< o u t’ , In m y Judgment, under tho proposed reorgan­
ization, tho now com pany should have good earning pow or.” J— V. 101, p.777

851

dteel Co. of Canada, Ltd.— P r e f. D ivid en d R esu m ed .—

a t e T a r i ^ei57^

4 <K; -urn 7 (yCtA,)LhA\V<A dodared a quarterly dividend o f l 3A % on the $6 ,A,.,;d , 7n f . c
A
st<x* » payable N ov. 1. The last paym ent was on
nrov'erl 19 n,;> dmAn (UtionA b-elng deferred in N ov. 1914 until business im-

C^ovemiFeiCmcetlng o^thoCoard^— vClOl*? p ° ? ^ ^ dcd 011 at tho 0ctobcr

J. Stevens Arms & Tool Co., Chicopee Falls, Mass.—
7 <7 tfref'C tock S s n ? kneCoDlPit,,0n 011
.1, tho entire issue o f $350,000
»
Po , q ] rC „ aL ?,1 A ?
share and <lividends from Juno 1 1915 to
A ug. 31 1915, on which date dividends ceased.— V. 99, i>. 752.

Submarine Boat Corporation.— N e w P r e s id e n t, & c .

H enry R . Carso, \ icc-Prcsidcnt o f the Hanover N at. Bank has been
fornially elected President and will assume his now duties on Oct 1
Over t v , o-thirds o f tho outstanding stock or tho old com nanv (Electric
B oat C o .) , 52,000 shares (consisting o f 16,000 shares o f preferred and 36 000
shares o f com m on have, it is stated, already been turned in for exchange
into the stock o f the new Submarine Boat C orporation. As tie- old com l)an)';s charter provides that if tw o-thirds o f tho outstanding stock vote to
change ofys ? o c k ° f ^ u r c d WOmCS effcctiv e ’ the succoss o f thti p ‘an for ex‘s )°5.k Exchange firm s has appointed Duncan M acG regor
xvith oft ice at N o. 42 Broadway, for a special clcaranco o f contracts
Submarine Boat stock to and including Sept. 16.
( i l l o '0 ” )'?!1
C o .’s plant at G roton, C onn., is, it is
roportod, being fitted rapidly for the largest submarine cnstruction ever
attem pted.
I he com pany is the manufacturer o f Diesel engines, which
was recently acquired l)y the Elect! ic B oat C o. T ho new plans aro being
workod out in co-operation w ith the Fore River Shipvards at Quincy
M ass., and mean, it is said, that tho com bined plants will be equipped for
the turning out o f submarines o f as largo as 10 ,0 0 0 tonnage
T he new plant o f tho Clothel C o ., a subsidiary o f the Car Lighting &
i ower C o ., at R ayonne, N . J ., is, it is stated, to bo used principally in
777n 5 3 ° n With th° submarino w<>rk o f tho E lectric B oat C o .— V . 101, p

United Drug Co. (‘‘Rexall” ), Boston.— Tho company
on Sept. 1 paid the usual quarterly dividends of 2 % on the
common and 1 % % on the pref. stock, and also retired the
2 % scrip dividend with 6 % interest that was declared on the
common stock a year ago (V . 99, p. G77).
T ho com pany is, it is stated, now serving over 7,030 “ R oxa li" storos
throughout, tho country, tho largest on record. Another “ L iggett” storo
was recently opened in B rooklyn, making 50 in operation.— V . 9 9 , p. 1055.

United Fuel Supply Co., Pittsburgh, Pa — O ffe r .—
in circular o f Sept. 1 says in substance: M r.
19* i m n n w 11 t®
/l? ^
stockholders o f this com pany o f record at
beP^* 1 1.H5 the right to exchange till o f their holdings as o f that
o f lb e capital stock o f the C aney River
’ It you elect to make this exchange, please
send you r certificates o f stock to the Oolonial Trust C o ., Pittsburgh Pa.
wishes to acquire all the outstanding
[S5°0 ,00()J stotek, after which the entire property will be sold to tho Canev
Gas C o ., paym ent to be m ade in bonds o f the C aney C o. not to ex­
ceed 8300,000. Com pare V . 99, p. 746.
n

United Service Co.— A c q u is itio n .—
See C oshocton L t.

&

Heating C o. a bove.— V . 101, p . 619.

United States Steel Corporation.— O rders A u g . 3 1 .—
r o ? e0o o T rad0 and T ra ffic M ovem ents” on a previous page.— V. 101
oJ4, 366.

p.

Western Union Teleg. Co.— On 5 % B a s is. — A quarterly
dividend of 1 f i % has been declared on tho $99,786,759 stock,
payable Oct. 15 to holders of record Sept. 20, comparing
with 1 % from April 1914 to July 1915 incl. and Vs oi 1 %
from Jan. 1908 to Jan. 1914.
, o 0o . , n n y P r e v i o u s Ehrideml R e c o r d S i n c e 1893 ( P e r C e n t ) .
1893 t o 1907.
1908.
1909 t o 1913.
1914
.^yeariy.p ^
(incl. stock) divs.
3 yearly.
3 3A

101 ^
ifi '

(F. W.) Woolworth Co.-— E a r n in g s .—

__1315— Aug.— 1914.
S5.880,269
*5 434 058
■V. 101, p. 456, 136.

I 1915— 8 m o s .— 1914
In crea se
$446.2111$43,955.606 $41,161 690 $2 793,916

In crea se.

Worcester (Mass.) Gas Light Co.— N o te s S old.— Kissel,
Km m cutt & C o. have sold $1,000,000 serial 4 y 2 % notes
dated Sept. 1 1915, due yearly on Sept. 1 1917 to 1920.
Basis at which sold b y the bankers: $200,000 duo 1917, 4 U % ; $300,000
duo 1918, 4 H % ; $300,000 due 1919, 4 J * % ; $200,000 due 1920, 5 % .
Interest M . A 8 . Compare V . 101, p. 375.

C U R R E N T N O T IC E .
-M egargel A C o. aro now represented on tho Now York Stock Exchange,
their senior partner, R o y C . M egargel, having been elected to membership.
M r. M . J. M urphy o f Scranton, l ’a ., has been admitted as a general part­
ner. M r. M urphy was form erly Cashier o f tho Traders’ National Bank or
Scranton, and is one o f the best known bank men in Northeastern Penn­
sylvania. He is a director o f the Federal Reserve B oaid representing the
Third D istrict.
Tho firm o f W . N . Color & C o ., 43 Cedar Street, has been incorporated
with a capital stock o f $1,000,000, o f which $500,000 is preferred and
$500,000 com m on stock. Papers o f incorporation wero filed in A lbany on
Aug. 30. Tho officers o f the firm aro: Bird S. Color, President; Walter
Sheppard, Vice-President; L. H . Hole Jr., Treasurer, and E . B. C oler. Sec.
— Extensive alterations have been mado to tho uptown Fifth Avenue
offico o f tho Farmers’ Loan A Trust C o ., at 41st Street. The com pany
now occupies the entire ground floor corner building, giving its increasing
uptown business additional faculties and double the original floor space.

[Vol. 101.

THE CHRONICLE

852

THIRD AVENUE RAILWAY COMPANY
R E P O R T F O R Y E A R E N D E D J U N E 30 1915.

June 30 th 1915.
To the Board o f Directors of the
Third Avenue Railway Company:

Since the date of the last annual report dated July 1st
1914, the Third Avenue Railway System has been further
inoreased by the acquisition of the Pelham Park & City
Island Railway Company, In c., which cost $40,000, and was
paid for in cash pending the result of the application for
bonds. This property is a great convenience and satisfac­
tion to the public, and when it is extended so as to bring tho
peoplo of M ount Vernon and Yonkers down to tho Sound
at City Island it will bo very profitable.
The Third Avenue now owns tho following companies,
which have, respectively, the amount of mileage set opposite
their names:
It
Third Avenue Railway Company.........................- ............................. 27.188
Kirifcsbridgo Railway Company------- ----------- -------------- ---------------- 7.150
42nd St., Man. & St. Nich. Ave. Ry. C o.......................................... 20.291
Rec., Dry Dock, E. B’way & Battery R R . C o--------------------------- 19.158
Belt Lino Railway Corporation.......................'.................................... 24.596
Third Avenue Bridge Company.............................. - ......................... 5.641
Mld-Crosstown Railway Co., Inc--------- --------------*....... ......... ....... 5.254
Union Railway Company of Now York C ity............................ ....... 96.502
Bronx Traction Company— .................................. - ......................... - 22.948
Now York City Interborough Ry. C o-----------------------------------------37.344
Southern Boulevard Railroad Company------------------------------------Westchester Electric Railroad Company............................................ 40.586
Yonkers Railroad Company---------------------- -— ■- ------------------------ 44.004
New York Westchester & Connecticut Traction C o........................... 5.575
Pelham Park & City Island Railway Co., Inc---------------------------- 3.286
T o t a l...............- ......................................... ................................. ........367.559

These companies own large amounts of real estate, of which
a list was contained in Schedule A attached to tho report of
January 1st 1913, to which has been added a largo piece on
Tenth Avenuo between 53rd and 54th Streets belonging to
the Belt Lino Railway Company.
IN C O M E .
Tho Income Account for tho Systom during tho current
year shows, after tho payment of all interest, taxes and de­
preciation, a balance of $694,042 90. A copy of that
report is added hereto and marked Schedule A . The bal­
ance of $694,042 90 is commonly called net earnings or sur­
plus earnings or net revenue. These terms are misleading
in that they permit of tho assumption that tho money can bo
withdrawn from the Company and used for the payment of
dividends to the Stockholders. As a matter of fact, no
such “ surplus” or “ net” earnings would appear in tho in­
come statement were it not for tho system of keoping ac­
counts prescribed by tho public authorities having jurisdic­
tion over our accounts, because it has been necessary to
expend the whole of the money represented by them upon the
property,and if those expenditures had been what I think
properly charged tho so-called net earnings would not have
appeared. A statement of the amount of expenditures made
during tho year is added hereto and marked Schedulo B .
AD JU STM E N T BO ND S.
Tho net earnings for tho last two years have been less than
could have beon reasonably anticipated. First, because in
the last year there was an abnormal series of snow storms,
which cost tho Company at least $300,000, and in tho year
which has just expired there has beon a decrease caused by
the general depression of business and tho necessity which
the people feel for economy. This is further evidenced by
tho fact that tho applications for employment during tho year
wero at least twice as largo as during any previous year in
m y administration and come as a whole from a better class
of men. Nevertheless, tho fact that the earnings should have
reached in these two unpropitious years so large a sum justi­
fies tho conclusion that the interest on the adjustment
bonds may be considered hereafter as certain to bo earned
and paid.
B O N D ISSU E .

BUDGET.
There are also added hereto statements showing the
amount of expenditures which can be immediately foreseen,
nearly the whole of which should theoretically bo expended
during the year 1916. Theso Budget statements are
marked Schedules C and D . The statements are made up
from the examinations of our own engineers and officers,
and so far as the streets and tracks are concerned largely
from tho statements of the city officials in respect to the
work proposed to bo undertaken by the city. They aggre­
gate a very large sum, and only a small part of tho expendi­
tures put down for 1915 havo as yot beon mado, though it
must be added that ultimately all of them must bo made.
An examination of these budgot statements will show that
they embody (a ) tho cost of certain extensions, $560,000
for upper Broadway and $250,000 for an extension of tho
City Island Road, which, if we build them, may bo paid for
out of tho proceeds of now bonds not yet applied for. (b)
Tho cost of certain new cars. W e expected to pay for
these out of tho proceeds of old cars, but owing to the con­
dition of the times wo have lost the sale of most of these
cars, (c) Tho cost of repaving and rolaying tho tracks in
certain streets under which tho City has been building
subways, and tho work is compulsory. (d) The cost of
relaying the traek and repaving part of rl hird Avenuo and
59th Street, which has been or will bo ordered by the Public
Service Commission, and this, like tho provious item, is
compulsory; moreover, it is n e c e s s a r y W o began the
work on Third Avenue last year voluntarily on the promise
of the city that it would pursuo its part of the work cotemporaneously with us, but wo aro six months ahead of
tho C ity. I mention these matters because it is not gener­
ally understood how powerless a street railway company is
to control its own expenses. Tho burden of paving botween
its tracks which was imposed on tho railways when thoy
were horse roads has becomo, with tho changed conditions,
as I said in my last report, almost intolerable, and both
the City and the Public Servico Commission each have the
power to arbitrarily order the spending of very largo amounts
without consultation with tho Company, and without
consideration for tho feelings of our stockholders. State­
ments of budget requirements such as theso, aro not properly
part of our annual report any more than aro other details
of tho management, such as cost of supplies, and will not
hereafter bo ropeated, but this year, becauso of tho views
so often expressed about dividends, I desiro to give the
stockholders all the information in our possession.
D IV ID E N D S .
If those Budget Statements were to be taken literally it
would seem to bo impossible that tho expectations tho
stockholders have entertained in respect to dividends should
not bo disappointed. They are not, however, to bo taken
literally, becauso, as I have said, thoy aro based, in a huge
part, upon tho work proposed to bo done by tho City, ana
what the City Officials say thoy aro giong to do,and what
the City actually does aro found to bo quite different things.
In tho long run tho Company would probably bo bettor oil
if all of these expenditures wero paid out of the earnings
of the Company and if no more monoy was borrowed through
tho issuo of bonds. There is a wide and honest difference
in opinion as to tho wisdom of that course, and it is the tact
that if tho bonds which wo havo applied for permission to
sell aro issued and sold and tho capital expenditures thereby
restored to tho Treasury, and if the payments of tho de­
preciation and contingent fund after January 1st aro stopped,
tho situation will be quito different.
In my last report I said that dividends should only bo
paid when tho money is in tho bank with which to pay
them, and there is no immediate prior claim upon it. I
think that this condition will bo mot within a measurable
time, and I hope and expect that if thero bo no material
decrease in not earnings it will tlioreforo bo possiblo to de­
clare and pay a d i v i d e n d j W i t h m tho next twolvo n ion th ^ ^'

In tho last report I stated that tho Company had made an
application to the Public Service Commission for the issue
of $6,650,000 of tho 4 % bonds to pay for the now proper­
ties, referred to in that report, and to recoup tho Treasury
for other largo oapital expenditures which had beon made.
(N E W F R A N C H IS E S .
Tho application was made on December 24th 1913, and
The'Board
has
authorized tho application for franchises
in February 1914 tho Commission made an interim order
permitting the issue of $4,000,000 of theso bonds, and from for tho Kingsbridge Road to build from Manhattan Street
time to timo the amount originally applied for has been in­ to 169th Street. This, although expensive to build, will
creased to meet other capital expenditures which have been serve a largo population between tho river and Amsterdam
made. I am informed that a final decision may be expected Avenue, who desiro to go northwards and particularly to
„
.
, ^
in the near future. A t some time or other, however, it may Van Cortlandt Park.
They havo also authorized a franchise for tho Pelham
safely be expected that tho Commission will authorize the
issue of theso bonds and with tho proceeds it will bo pos­ Park and City Island Railway Company, Inc., to connect
sible to replace in the Treasury tho million of dollars which with M ount Vernon. And, finally, thoy havo authorized
was provided for under tho reorganization plan to repair the an extension of tho Third Avenue Bridge Company from
tracks, and which has been used for other purposes pending tho end of QucensboroughJBridgo .to tho entrance to Calvary
Cemetery.
the result of this application.




Sept , l l 1915.]

THE CHRONICLE
WEST & FLINT,
Certified Public Accountants,
50 Pine Street,
New York.
William ir. West, A .C .A ., C .P.A . (N. Y.)
John Flint, C .P.A . (N. J.)

The wisdom of building the first of these proposed exten­
sions is not entirely free from doubt, but m y best opinion
is that it will pay. There are no other extensions immedi­
ately contemplated, although from time to time the public
demands new facilities and those demands have to be met.

August 16 1915.
Frederick W . Whitridge, E sq., President Third Avenue Rail­
way Com pany, N ew York.
Dear Sir:— W e have examined the books and accounts

B E N E F IT A S S O C IA T IO N .
This Association has continued its work, and after six
years of existence has to its credit in cash and securities
$86,198 69. During the year ending December 31st 1914
there was paid out to 625 members of the Association for
relief $13,702 50, and during that period the Association
Physician treated upwards of 1,300 cases.
Since tho insurance feature of this work went into effect
on December 25th 1913 there have been 26 deaths, the bene­
ficiary in each case receiving $1,000. It is now proposed
to add to this work a pension to employees who have reached
the ago of 70 years and have been at least 20 years in tho
employ of tho company, or who have reached the age of
65 years and have become incapacitated. In no case will
this pension be less than $20 a month or more than $40 a
month, and the pensions will, in tho first instance, be paid
from the interest of the funds of the Benefit Association,
thereafter from tho Treasury of the Third Avenue Company
whenever that becomes necessary.
P R IN T IN G E S T A B L IS H M E N T .
During the year our Printing Plant for printing transfers
and other printing of the corporation has been put into
operation. The results show that the probable savings
stated in m y last annual report were, in fact, underestimated.
F.

W . W H I T R I D G E , President.

853

of the Third Avenue Railway Company and the followingnamed Controlled Companies for the year ended June 30
1915:
The Forty-second Street Manhattanville & St. Nicholas Avenue Railway
Company,
Tho Dry Dock East Broadway & Battery Railroad Company (Accounts
_ , o f the Receiver and of tho Corporation),
Pylt Lino Railway Corporation,
Mid-Crosstown Railway Company, Inc.,
Union Railway Company of New York City,
Tho Southern Boulevard Railroad Company,
New York City Interborough Railway Company,
X ? nkers Railroad Company,
J h ° Westchester Electric Railroad Company,
The Now York Westchester & Connecticut Traction Company,
Pelham Park & City Island Railway Company, Inc.,
third Avenue Bridge Company,
Kingsbridge Railway Company,
Bronx Traction Company.

W e have verified the securities owned and the cash, by
actual count or by certificates of the depositaries; and
W e hereby certify that, in our opinion, the Consolidated
General Balance Sheet of the Third Avenue Railway Com­
pany and Controlled Companies, submitted herewith,
properly presents the financial condition on June 30 1915,
and is in agreement with the books, and that the accom­
panying Consolidated Income Account correctly states the
result of operations for the fiscal year ended on that date.
Yours very truly,
WEST Sc FLINT.

T H IR D A V E N U E R A I L W A Y S Y S T E M .
CONSOLIDATED GENERAL BALANCE SHEET T H IR D AVENUE RA ILW A Y COM PANY AND CONTROLLED COMPANIES
JUNE 30 1915*
ASSETS.

„
, , „
,
Capital Stock:

LIABILITIES.

Railroads. Plant and Equipment........................................... $82,181,023 09
Third Avenue Railway Company, S t o c k ...$16,590,000 00
Stocks of Controlled Companies in Hands
Special Deposits:
619,000 00
o f Public................ ..................... ...............
Sinking Funds
$66,388 98
Funded Debt:
*17.209.000 00
With Comptroller, City of New York____
83,100 00
With State Workmen’s Compensation Com­
Third Avenue Railway Company, B on d s..$47,506,000 00
mission...................._.................................
95,204 50
Bonds of Controlled Companies in Hands
Other.................
1,104 29
of Public.................................................... .. 7.079,000 00
-----------------245,797 77 . . , ..
.,
--------------------- 54,585,000 00
Notes Payablo:
Current Assets:
Issued for Purchase of Securities__________
166.666 66
$536,156 97
Cash—General________
Current Liabilities:
'
oo
Cash on Deposit for Matured Interest____
594,218 75
Accounts Payable__________________________
$382,86943
Cash and Securities—Fund for Depreciation
Due Employees— For Wages and Deposits.
67,523 37
and Contingencies...... .............. .............. 1,749,689 84
Interest Matured and Unpaid
...............
620.143 75
Accounts Rocolvablo.... ............................... 231,373 67
Interost Accrued, Not Due..........................
671,191 46
Materials and Supplies...... .......................... 473,231 02
Taxes Accrued.................................. .............
407,27856
------------------ 3,584,670 85
--------------------- 2,149.006 57
Reserves:
Deferred Debit Items:
For Adjustments, Depreciation and Contin­
Construction In Process_____ ____________ $158,300 43
gencies and Sinking Funds.......................$10,924,050 45
Insurance Premlims and Rents—Unoxplred
Excess of Par Value over Cost o f Controlled
Proportion---------- ------------- ---------- -----110,51198
Companies’ Securities owned; less. Net
Unamortized Debt Discount and Expense.. 901,640 97
Deficits o f those Companies, relating
Miscellaneous__________________________
99,243 72
prior to Acquisition— Deduct.............
165,383 90
------------------ 1,269,697 10 „
.
10,768,666 55
Surplus:
Balanco at July 1 1914...........$1,906,025 72
Less— Profit and Loss Char­
ges, N et------------------------197,218 69
— ------— -------$1,708,807 03
Net Income for the Year ended June 30 1915
694,042 90
---------------------

Total...................... ....................................................... ..$87,281,189 71

2.402,849 93

Total................................................................................... $87,281,189 71

Jbm a^^°1908.rOSt
^ b °°n accrued on 010 Certificates o f Indebtedness o f tho Dry Dock East Broadway and Battery Railroad Company since
February
2 1908.
No reservo is provided for unsettled injury and damage claims.

“ A”
T H IR D A V E N U E R A I L W A Y S Y S T E M .
CONSOLIDATED STATEM ENT OP INCOME T H IR D AVENUE RA ILW A Y COM PANY AND CONTROLLED COMPANIES YEARS
EN DED JUNE 30 1915 AND 1914.
Operating Rovenuo—
1915.
Transportation_________ $10,565,027
Advertising____________
95,250
Rent o f Equipment_____
16,470
“ “ Tracks and Ter­
minals_______
73,441
*' “ Buildings and
other Property
84,710
Sale o f Power___________
50,959

51
00
76

__
Increase ( + ) or
1914.
Decrease (— ).
* 10’456,705 17 +$108,322 34
1 3,000 00
— 7,750 00
27,280 67 — 10,809 91

38

72,882 56

+558 82

67
07

85,44,7 05
112,900 58

— 736 38
— 61,941 51

Total Operat’g Revenue.$10,885,859 39

$10,858,216 03

+$27,643 36

Operating Expenses—
Maintenance o f Way and
Structures___________
$925,973 89
Maintenance o f Equlpm’ t
678,573 99
Depreciation Accruals—
562.958 80
Power Supply.......... ........
779.458 58
Operation o f Cars---------- 2,914,525 27
Injuries to Persons and
Property--------------------602,798 41
Goneral and Miscellaneous
Expenses------------------511,890 41
Total Operat’g Expenses. $6,976,179 35

$1,612 ,646
713 ,003
511 ,250
779 ,130
2,849 .929

16 — $86,672 27
13 — 34,429 14
00 +$51,708 80
78
+327 80
66
+64,595 61

1914.

Decrease (— ).

$559,652 33 — $11,572 33
681,619 59 +$117,180 41
1,126,800 00
134,173 31 — 124.869 30
14,506 35

— 40 00

14,444 07

+1,138 44

3,947 12
30,000 00
5.163 18

+4.667 41
+3,111 25
+57808 64

614,609 10

— 11,810 69

$2,565,730 47

$2,570,305 95

— $4,575 48

525,466 47

— 13,576 06

$694,042 90

$626,305 81

+$67,737 09

$7,006,035 30 — $29,855 95

Net Operating Revenue------$3,909,680 04
731.034 57
T axes.........................

$3,852. 180 73
730, 784 41

+$57,499 31
+250 16

Operating Income----------------$3,178,645 47
Intorest Revenue_________
81,127 90

3,121 396 32
75 215 44

+$57,249 15
+5,912 46

-Gross Income______________$3,259,773 37

$3,196,611 76

+$63,161 61




Deductions from Gross
Income—
1915.
Interest on First Mort­
gage Bonds___________ ! $548,080 00
Interest on First Refund­
ing Mortgage Bonds__
798.800 00
Interest on Adjustment
Mortgage Income Bondss 1,126,800 00
Intorest on Notes Payablei
9,304 01
Track and Terminal Privi­
leges ________________
14,466 35
Miscellaneous Rent De­
ductions _____________
15,582 51
Amortization of Debt Dis­
count and Expense___
8,614 53
Amortization or Property
and Franchise-----------3,111 25
Sinking Fund Aocurals---30,000 00
10,971 82
Miscellaneous__________

Notes.— Interost on Certificates of Indebtedness of the Dry Dock East
Broadway & Battery Railroad Company has not been included in the
accounts since February 2 1908.
Operations of the Mid-Crosstown Railway Company are included for
tho entire fiscal year ended June 30 1915 and from April 17 to June 30 of
tho year 1914.
Operations of the Pelham Park & City Island Railway Company are
included In the fiscal year of 1915 only.

THE CHRONICLE

854
“ B”

N ew York City Interborouyh Railway Company:

(c)

T H IR D A V E N U E R A IL W A Y S Y S T E M .
E XPE N D ITU R ES DURING Y EA R ENDED JUNE 30 1915 NOT
INCLUDED IN INCOME ACCOUNT.
Items marked (a) aro those on which expenditures were also mado in a
preceding period, and those marked (b) aro thoso on which additional
expenditures will bo made in a subsequent period. The letter (c) indicates
that work has been completed whether all payments have been made or not.
Third Avenue Railway Comvany—•

Purchase of total amount of capital stock o f the
Pelham Park & City Island Railway C o., Inc.,
450 Shares of the par value of $100 each_______ .$40,000 00
Purchase of additional stock o f Southern Boule­
vard Railroad C o., 14 Shares of the par value of
$100 each___________________ ________________
620 00
Purchase of additional stock o f New York City
Interborough Railway Company, 25 Shares of
tho par value of $100 each------------------------------175 00
Payment of one-third of note for $250,000 given
to tho Bondholders’ Committeo o f tho 28th &
29th Streets Crosstown Railroad C o --------------- 83,333 34
Purchase of $88,000 face value of New York City
Exempt Corporate Stock for deposit with Stato
Workmen’s Compensation Commission----------- 89,738 00
(c)Construction and equipment of printing plant
at 133rd Street & Southern Boulevard, in­
cluding experimental work up to date of
first regular production, and offices for
efficiency department------------------------------ 32,569 14
(a)Installation of safety door operating device on
56,588 04
554 cars----------(a)Installation of roller bearings with necessary
changes in axles and journal boxos on 200
cars.................
77,061 87
(c)Furchase of coasting recorders on 1,000 cars
together with necessary terminal clocks,
keys, <Scc--------------------------------------------------- 83,000 00
(a) (6)Purchase of 50 now type low step cars____ 108,595 60
(c)Purchase of 11 Snow Sweepers for underground
electric service exclusive of electric equip­
16,775 75
m ent.------------ -------------------------- ----------- - (c)Purchase of 4 Snow Sweepers for storage bat­
tery lines complete with all electric equip­
ment_____________________________________ 19,492 42
(a) (c)Purchase of 6 Scraper Cars exclusive of
electric equipment.........................................
8,585 12
(c) Purchase of 4 Snow Plows exclusive of electric
equipment_______________________________
4,468 42
(c)Purchase of 3 snow plows (walkaways)-----------735 00
(c) Purchase of one moulding machino for 65th
Street Shop______________________________
1,400 00
(c) Purchaso of one rail grinder________________
490 00
(c) Purchaso of four reciprocating track grinders.
7,000 00
(c) Installation o f one 1,500 k. w. rotary conver­
tor, and three 550 k. v. a. transformers, two
blowors, etc., at 65th Street Sub-station__ 16,472 72
(c) Installation of ono mercury arc roctifyur and
station control battery at Bayard Street
Sub-station______________________________
879 49
(b ) (c) Installation of crossover on Third Avenue,
north of 89th Street______________________
5,824 62
(c) Assessment for paving at 129th Street and
Amsterdam Avonuo______________________
817 98
---------------- $654,622 51
Forty-Second St., Manhaltanville & St. Nicholas
Avenue Railway Company.'

(a) Installation of safety door operating dovico on
75 cars__________________________________
(b) Installation of Hunter destination signs on 31
storage battery cars----------------------------------

13,919 17
48 13
----------------

13,967 30

Dry Dock East Broadway & Battery Railroad Co.:

(a) Installation of Hunter destination signs on 50
storago battery cars------------------147 70
(b) Installation of additional motors on elevator in
Corlears Street Car Houso.............................
1,900 00
(a) (c) Reconstruction with underground electric
system of surfaco tracks on Canal Street
from Bowery to Manhattan Bridge Ap­
proach __________________________________
8,650 27
---------------(c) Installation of transfer tablo and ropair pit in
54th Stroot Car Houso----------------------------3,709 17
(c) Installation of twonty-ton elovator in 54th
19,530 38
Street Car House------------------(aKcl Reconstruction of track on Tenth Avenue,
42d Street to 59th Street--------------------------- 10,942 52
(b ) (c) Reconstruction of entranco tracks 54th
Street Car Houso------------------------------------- 38,072 83
(c) Reconstruction of track on West Street from
17th Street to 23d Street........................ ......
4,170 52
(b ) (c) Installation of additional crossover on 59th
Street east o f Broadway................................
4,328 57
----------------

10,697 97

25,934 6*

Pelham Park & City Island Railway Company, Inc.:

(c) Construction of single-track lino on City
Island Road from City Island Bridgo to tho
Pelham Road, a distance of about 6,788
feet; erection of transformer station and
waiting room, etc----------------------------------- $26,103 23
(b) Installation of additional turnouts to Incroaso
^
capacity of lino--------------------------------------1,222 77
27,326 0 »
Westchester Electric Railroad Company:

(c)
(c)
(c)
(b)

Purchaso of 25 coasting recorders.................. $2,500'l00
Installation of 50 Johnson Faro Boxes--------4,557 32
1,900 00
Purchase of one auto truck----- ------- - ---------Erection of garago on South 1<ifth Avonuo,
1,551 23
Mount Vernon___________________ _______
(a) (c) Reconstruction of track and paving on
Colonial Avenue from W olf’s Lano to Pel100 38
hamdalo Avenue-------------------- --------- ------(b) (c) Paving and reconstruction of track on
White Plains Road in Eastchcster from
Main Street to tho Scarsdalo line-------------- 20,679 29
(b) Construction of track on South Fulton Avo­
366 60
nuo Bridge in Mount Vernon------------------(b) Reconstruction
of track on White
Plains Ave.v. o233rd
q o ...i atManf
f lin rilt.xr
T .1n
r*
nue from
Street ttor\ tho
City Lino
mado necessary by construction of olevated extension of subway._______________
4,164 03

35,818 85

New York Westchester & Connecticut Traction Company:
(a) (c) Reconstruction of track and paving on
East Lincoln Avonuo, M t. Vernon________
$863 53
(b) (c) Paving and reconstruction of track onVVhlte
Plains Road in tho Village of Tuckahoe—
3,672 06

4,535 59

Yonkers Railroad Company:
(b ) (c) Cost of alterations in Main Street Car
House to provido garago facilities for com­
pany autos______________________________ $1,879 14
(c)
Purchaso of ono hydraulic rail bendor------531 25
(a )
(c) Construction of second track and paving
on NVarburton Avonuo----------------------------4,617 57
(b) Construction o f second track and paving on

Now Main Street from Getty Square to
Nepperlian Avenue---------------------------------- 10,525 97
Construction of second track and paving on
Park Avonuo Lino_______________________
42,350 43
(b) Construction of second track and paving on
Yonkers Avenue Lino____________________ 21,295 58
(b)(c) Installation of crossover on Main Stroot
west of Getty Squaro---------- -— --------- -—
2,488 79
(b)(c) Installation of crossover on Palisado Avonuo north of Getty Squaro...........................
961 89
----------------

(b)

■

84,650 62

T otal............................................ - ................................. $1,109,931 49
Deduct:
Unpaid bills for material charged to the above work...............
100,000 00

RESOURCES APPLIED IN PAYM EN T OF ABOVE.
Net Incomo twelve months ended Juno 30 1915------------------- $694,042
Docreaso In balanco of Current Cash---------------------------------62,416
Cash borrowed from Depreciation Fund----------------------------172,738
Proceeds of salo of old cars and other obsolete proporty-----26,082
Material used from storerooms in oxcossof amount purchased
36,986
Other assets decroasod and liabilities Increased.....................
17,665

90
07
00
86
38
28

$1,009,931 49

“ C”
B U D G E T , 1915.
T R A C K DE PA RTM E N T— SUM M ARY.
Capital. Operating.

80,753 99

Union Railway Company o f New York City:

(a) Installation of air brake equipment on two flat
cars and three sprinklers---------------369 34
(c) Purchaso of steam road rollor for use in track
construction-------------------------------------------3,684 44
(c) Purchase of electric track welding machino__
500 00
(c) Purchaso of real property at 133d Street and
Southern Boulevard adjoining property oc­
cupied by company stablo and printing plant
5,100 00
(b) Cost of property owners’ consents and of ad­
vertising in connection with application for
extension across Willis Avenue Bridge.........
2,453 88
(a) (c) Reconstruction of track on Webster Avenue
from 201st Street to the Gun Hill Road----- 47,216 90
(a) (c) Rearrangement of track on 230th Street
from Bailoy Avenuo to Broadway to con­
form to grado of now bridgo over tracks or
New York & Putnam Railroad----------------125 67
(c) Paving on Clason Point Road from Westches­
ter Avenuo to Clason Point---------------------- 32,855 88
(a) (c) Construction of double-track extension on
155th Stroot from Eighth Avenuo to Am­
sterdam Avonuo_________________________
2,979 84
(cl Paving on Bailoy Avenuo from 230th Street to
Kingsbridgo Road_______________________
3,082 19
(cl Paving on Webster Avenuo from 233d Street
to tho Gun Hill Road____________________ 61,073 00
(c) Installation of crossover on 138th Street west
of Walton Avenue_______________________
1,328 15
(b ) (c) Relocating tracks on Jeromo Avenue at
Bainbridgo Avenuo made necessary by con.
struction of olovated extension of subw ay..
2,407 88
(cl Paving on Webster Avenuo from 201st Street
to Bedford Park Bohlovard.................... ......
4,977 64
(bl (cl Installation of crossover on Third Avenue,
north of 170th Street_____________________
1,160 50
(b) Reconstruction of track on White Plains Ave­
nuo from tho Gun IHU Road to 233d Street
mado necessary by construction of olovated
extension of tho subway--------------------------1,996 30
(b) Paving on 167th Stroot from West Farms
Road to Wostchoster Avenuo_____________
113 48
(bl Installation of track drains at various locations
198 94
----------------

Installation of crossover on 149th Stroot west
of St. Ann’s Avenuo-------------------------------1,627 41
Paving on Trcmont Avenue from Rosedale
Avenuo to Westchester Avenue----------------8,042 53
(b) Paving and realigning track on Tremont Ave­
nuo from Wostchoster Avenuo to Ludlow
Avenue _________________________________
9,816 64
(c) Paving on Tremont Avonuo from University
Avenue to Jeromo Avenuo-----------------------4,450 80
(b)(c) Construction of double-track extension on
Tremont Avenue from its present termi­
nus at Chatterton Avenue to Zerejja Avo.
1,910 29
(b) Installation of track drains at various lo­
cations _______________________________
86 96
(c)

Total Expenditures----------------------------------------------- $1,009,931 49

Bell Line Railway Corporation:




[Vol. 101

Third Avenue Railway Company--------------$3,100 $132,700
Dry Dock East Broadway & Battery Rail­
6,100
road Company--------------------------------------5,400
Forty-second Stroot Manhattanvillo & St.
53,100
Nicholas Avenuo Railway Company_____ 49,100
2,600
Beit Lino Railway Corporation----------------- 45.000
18.000
5,000
Mid-Crosstown Railway Company, Inc___
9,400
Third Avenue Bridge Company...... ..............
Brooklyn & North River Railroad Company
(Cost balanced by Salvage)------------------Union Railway Company of New York City- 240,300 381,765
3,700
31,200
Southern Boulevard Railroad Company-----41,800
05,800
Bronx 'fraction Company------------------------New York City Interborough Railway Com­
21,300
2,900
pany __________________________________
57,100
Westchester Electric Railroad Company —
98,200
New York Westchester & Connecticut Trac­
4,800
11,100
tion Company------------------------------- - —
Pelham Park & City Island Railway Com­
pany, Inc_____ ________________________ 250,000
32,000
Yonkers Railroad Company---------------------- 103,200
Rails, Special Work, and Ties on Hand.

Total.

$135,800
11,500
102,200
47,600
23,000
9,400
'022,666
34,000
107,600
24,200
155,300
15,900
250,000
135,200

$852,200 $822,400 $1,674,600
.................................
130,000
$1,544,600

“ D.”
B U D G E T , 1916.
T R AC K D E PA RTM E N T— SUM M ARY.
Capital. Operating.

Third Avenuo Railway C o m p a n y - .- .. .....
$164,200
Forty-second Streut Manhattanvillo & St.
Nicholas Avenuo Railway Company------126,100
Belt Lino Railway Corporation----------------- $2,800
87,500
Kingsbridgo Railway C om p an y..- - - - - - — 560,000
Union Railway Company of New Vork City. 23,050
62,550
19,250
Bronx Traction Company------------------------22,250
Southern Boulevard Railroad Company----3,700
31,200
New York City Interborough Railway Com­
29,800
pany __________________________________ . 76,800
Westchester Electric Railroad Company—
62,750
40,450
2,560
Yonkers Railroad Company---------------------- .
55,940
171.624 03

Total.

$164,200
126,100
90,300
560,000
85,600
41,500
34,900
106,600
103,200
58,500

$750,910 $619,990 $1,370,900

Sept . 11 1915.]

THE CHRONICLE

ISxe (‘bommcraal girocs.

S55

hurts trade. Buffalo pig iron has risen to $16 5 0 @ $ 1 7 at
furnace or $18 75 at tidewater. The output of one of the
largest producers of the Buffalo district for the last quarter
of the year has been sold. That injected noticeable strength
mto the situation. Various stacks are blowing in; there is
more life and snap. Bar iron in good demand. An inter­
esting fact is that some railroad companies are anticipating
their requirements for 1916. Exports are noted of 100,000
k®gs of galvanized nails and 25,000 tons of barbed wire for
tho hrst quarter of 1916. Sales of barbed wire, in fact, are
regulated merely by the power to produce it. The demand
is practicable illimitable. Sales recently reported of enor­
mous quantities of steel blooms, billets and bars, i. e., some­
thing like 250,000 tons. Steel production is said to be mak­
ing new high records.

COMMERCIAL EPt Fo MeT
.
Friday Night, Sept. 10 1915.
Indications are not lacking that confidence is increasing
Uiero aro some drawbacks, such as certain disquieting dev°lopments of late in political relations between this country
and Germany and Austria and tho fact that the foreign ex
change question remains to be solved. B ut the recent Gov­
ernment crop report seems to assuro bountiful yields of wheat
and corn as well as other cereals. M oney continues easy
and the bank clearings are far larger than at this time last
year. Collections are improving. Reports from the dry­
goods markets note improvement. The production of pig
iron ixt tho furnaces during August was tho largest on record
COTTON
lor that month. Footwear manufacturers report a very
satisfactory business. Some of tho cotton goods mills in
mTTTT
Friday Night, Sept. 10 1915.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
Now England are working overtime. Railroads are placing
orders for steel rails more freely. Labor troubles have de­ telegrams from the South to-night, is given below. For tho
evening tho total receipts have reached
veloped in some branches of trade, but taking tho country
as a whole increasing optimism regarding the future is 100,526 bales, against 72,493 bales last week and 24,070
bales
the
previous
week, making tho total receipts since
plainly noticeable.
Aug. 1 191o 263,745 bales, against 116,816 bales for the
. L A R D in moderate demand; prime Western 8.5 0c., re
of 1913-14, showing anincreaso since Aug. 1 1915
fined to tho Continent 9.1 0c., South America 9.30c., Brazil a ! l A t iperiod
non K n i A r .
°
10.30c. Futures declined, partly in sympathy with
prices for grain and heavy liquidation in pork and ribs.
_ Sat.
Mon.
Wed.
Thurs.
Fri. ! Total.
day the market was firmer on an increased cash demand

Galveston. _____
3,818
Texas City_____
2,241
Port Arthur, &c.
New Orleans___
l"216
M o b ile ...............
175
Pensacola______
P O R K quiet; mess, $ 2 0 @ 8 2 1 ,clear, $ 2 0 @ 8 2 2 . Beef, mes 2 Jacksonville, &c.
Savannah ______
4‘,779
$18 5 0 @ $ 1 9 ; packet $ 1 7 @ $ 1 8 ; extra India mess $ 2 9 @ $ 3 0
Brunswick_____
‘ 446
Cut meats slow; pickled hams, 10 to 20 lbs., 1 2 K @ 1 3 ^ c . • Charleston_____
W ilm ington___
107
pickled bellies, 1 2 @ 1 4 % e . Butter, creamery, 213^@ 27c
Norfolk ____
448
N ’port Nows, &c.
Cheeso, State, l l ^ @ 1 4 ^ o .
Eggs, 19 @ 2 9c .
New
York___
D O F F E E dull; N o. 7 Rio,G % c.; N o . 4 San tos,8 % @ 9 c .
Boston_____
28
fair to good Cucuta 934>@10c. Futures advanced on strongei Baltimore______
Brazilian markets and covering of shorts. Receipts have Philadelphia___
been moderate. Tho world’s visible supply increased in Totals this week. 13,258
D A ILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tuns.
Wed.
Thurs.
Fri.
lloli- 8.07 Vi 8.10
8.0.5
8.05
day. 8.15
8.15
8.0IVi 8.07
8.55
8.60
8.55
8.60

September delivery.cts. ____
October delivery_______8.27)4
January delivery........... 8.70

August about as much as expected, 982,000 bags, as against
a decroaso in August last year of 851,817 bags. Tho in­
crease had been to all appearances discounted. It made the
stock 9,515,135 bags against 8,532,583 on July 1 and 10,'
015,634 in 1914. To-day tho market was firmer, with trad
ing quiet.
Heptembercts6.13@6.l4 January _cts6.27@6.28
October.........6.16@fl.17 February__ 6.32 @ 6 .33
November__ 6 . 1 !)@ 6.20 March...........6.36@6.37
December__ 6.23 @6.24

April------cts 6.41 @6.42
M a y .............6.46@6.47
J u n o ...........6.51 @6.52
July...............6.56@6.58

SU G A R irregular; centrifugal, 96 degrees test, 4 .4 5 @
4.77c.;
molasses, 3 .6 8 @ 4 c .;
granulated, 5 .5 0 @ 5 .6 0 c .
Futures advanced a little on covering, but tho trading was
not very large,
rt was rumored that France had bought
15,000 to 20,000 tons of granulated. Tho weather in Cuba
has been generally favorable. Cuban receipts wero lighter
but stocks on tho island aro 369,000 tons against 201,000 a
year ago. Closing pricos wero as follows:
P E T R O L E U M in good demand; rofined in barrels, $7 50
® $S 50; bulk, $ 4 © $ 5 ; cases, $9 7 5 @ $ 1 0 75. Naphtha, 73
to 76 degrees, in 106-gallon drums, 2 5 ^ c .; drums, $8 50
extra. Gasoline, 86 degrees, 25c.; 74 to 76 degrees 2 5 @
27c.; 68 to 70 degrees, 2 2 @ 2 4 c . Tho Standard Oil Co. has
granted 25 000 employees an eight-hour day. According to
Toledo advices, tho advanoe in prices of oil may stop pulling
out wolls to somo extent, but tho majority of those pulled
out aro so small that it would not pay to pump, oven with oil
at double current prices. Closing prices wero as follows:
Pennsylvania dark SI 60 Corning.......................$i 06Somerset, 32 deg . . $1 03

Second sand______1 60
T lon a_____________160
Cabell.....................1 20
Mercer black_____1 20
New Castle______1 20

Wooster______________ l25Ragland___________65c
North Lima_______ l 03 Illinois, above 30
South Lima_______ 1 03
degrees________ I 04
Indiana_________ 98c. Kansas and Okla­
Princeton________ 99c.
homa __________ 75c.

O ILS.— Linseed, quiet; city raw, American seed, 5 4 @
55c.; city boiled, American seed, 5 5 @ 5 6 c .; Calcutta, 75c.
Lard, prime, 8 5 @ 8 8 c . Cocoanut, Cochin, 1 0 ^ ® 1 1 3<ic.;
Coylon, 9 H @ 9 % c . Corn, 5 .5 6 @ 5 .7 5 c . Palm, Lagos, 6J4
© 6 ^ c . Cod, domestic, 4 3 @ 4 4 c . Cottonseed, winter, 6 ®
7c.; summer white, 6 @ 6 .5 0 c . Spirits of turpentine, 39c.
Strained rosin, common to good, $3 25.
TO B A C C O has been quiet but steady, as supplies aro
small. The crop of binder, it is still reported, will bo
smaller than last year’s, owing to bad weather. M anu­
facturers continue plainly reluctant, however, to buy freely
at this time. Sales of Sumatra are smaller. Only an ordi­
nary demand prevails for Cuban. Tho entire market is
devoid of features of striking interest. The U . S. Govern­
ment report of Sept. 8 states tho condition of the American
crop on Sept. 1 at 8 0 .7 % of a normal yield, as against 79.7
on Aug. 1, 71.4 on Sept. 1 last year and 79.4 as tho ten-year
average. Indicated yield per acre, 830.6 lbs., against 845.7
lbs. last year and 815.1 lbs. tho 1909-1913 average. This
year’s indicated crop is 1,120,000,000 lbs. on an acreage of
1,317,000, against 1,034,679,000 lbs. last year on an acreago
of 1,223,000 and 947,399,000 lbs. in 1913 with tho acreago
1,208,900.
C O P P E R dull, with London at times depressed; Lake
17>i3@18c.; olectrolytic 17@17.Hac. Lead 4.82 >£c. and in
air demand. London was easier. Spelter fell to 1 4 ^ c . on
soiling out by speculators; output for 6 months past, 216,532
tons. Tin quiot at 3324c.; depression in foreign exchange




6.873

8,807
2,314

3,825

1*283
242

'o i l
277

3*582
108

5,997

13^565

6,009

"278
74
1,495

‘ 487

‘ 494
141
615

'208
67
—

2,412

11,119 36,854
4,555
' “ 198
198
1,891
1,335 10,218
347
782
1,931

10

896

619
649
.344 37,694
500
500
472 2.3S5
109
508
864 4,318

"266

200

15
468

—

48
468

8,673
22,473 11,914 23,855 100,526
j-ixvj iunu.vuig suuna wutJK & total receipts, m e total since

Aug. 1 1915 and stocks to-night, compared with last year;
1915.

Receipts to
Sept. 10.

This
Week.

1914.

SinceAug

Stock.

This SinceAug
Week.
1 1914.

1 1915

G alveston______ 36.854
Texas C ity___ _ 4,555
Port Arthur, &c.
Aransas Pass, &c_
198
Now Orleans___ 10,218
M ob ile ________
1.931
Pensacola_____
Jacksonville, &c
619
Savannah______
37,691
Brunswick____
500
Charleston____
2,385
Wilmington___
508
Norfolk _ . .........
4,318
N ’port News, &c
New York_____
200
B oston________
48
Baltimore______
468
Philadelphia___

76,444
10,725
163
585
43.066
4,016
963
950
200
84,264 11,468
1,100
623
4,560
1,649
6,483
811
27,615
1,059
319
813

Totals________ 100.526

263.7451 49,127

51,574
2,623

1,349
9,253
2,771

654
124,580
12,389

1,908
48,639
3,601

575
21,287
623
2,963
1,134
3,570
4,904
50
1,156
1,234
50

48
87,048
400
42,512
33,710
38,473

145
19,350
623
3,239
8.074
13,347

214,385
7,909
2,344
2,056

84,780
3,108
3,086
1.370

116.816

716,433

245.467

‘ 140
35

2

1914.

136,408
13,517

200

767
1,523

1915.

64,414
1.483

In order that comparison may be made with other years,
wo give below the totals at leading ports for six seasons:
’
Receipts at—

1915.

Galveston ._
TexasCity,&c
Now Orleans.
M ob ile.........
Savannah __
Brunswick__
Charleston,&c
Wilmington. _
N orfolk ____

36,854
4,753
10,218
1,931
37.694
500
2 ,3S.r
508
4,318

N’portN.,&c.
All others___

1,365

1914.
26,689
1,288
2,527
1,825
11,468
623
1,649
811
1,059
913
275

Total this wk.

100.526

49,121

Sinco Aug. 1.

263.745

116,816

1913.

1912.

1911.

1910.

115,677
10,958
8,352
4,685
50,702
8,400
12,875
3,494
1,028

133,972
6,477
3,812
2,224
26,038
5,500
4,804
5,782
3,937
483
1,476

126,684
278
6,165
4,096
68,462
2,700
9,479
6,512
5,641

114,155
794
4,209
2,291
39.967
950
3.575
2,147

1,512

” '602

1.029

1,202

217,200

194,505| 231,529

169,892

620, i;

539,1171 699,811

465,463

Tho exports for the week ending this evoning reach a total
of 47,826 bales, of which 20,070 were to Great Britain
500 to France and 27,256 to the rest of the Continent.
Exports for tho week and since Aug. 1 1915 are as followsExports
from.—
alveston..
exas City
l’ t. ArthurNew Orl’ns.
Mobile _.
Pensacola
avannah
WUm’ton
New York.
Boston___
Baltimore..
Phila 'phla
San Fran..
Scuttle___
Tacoma . . .

Seek ending Sept. 10 1915.
Exported to—
Great i
Britain.France

Conti- j
ne.nl. \

0,428 ..........
6,423

4,348
127
2,744

Great
Britain.
6,428
6,423

20,796 25,644;
127
2,744
2,850
3,032,
478

From Aug. 1 1915 to Sept. 10 1915.
Exported to—

2,850,
3,032;
478

19,839'
7,713
163!
14,829i
187;
1,639
432!
‘ 7,760'
162
7,401

Conti­
nent.
16,919
1,289
1,760

27,050

2,058

9,765
6,726
57,473
466

7,160

‘ ‘ ‘ 206
8,474
10,203
7,014

Total.
36,758
9,002
163
43,639
187
1,639
12,255
6,726
72,393
628
7,401
200

8,474
10,203
7,014

Total___ 20,070
500 27,256j 47,826
60,125,
10,978 145,579 216,682
Total
1014. 2,056
_______________________
-I 5,3631 7,4191
9.6881
______
20.099! ______
29,792
Note.— New York exports elcno Aug. 1 Include 766 bales Peruvian and 21.West

Indlan.to Liverpool.

n

owing to the German note on the Arabic matter, which was
different from what had been expected; favorable weather
at the South and heavy selling by Wall Street, local traders,
spot interests and commission houses. Middling uplands
closed at 10.10c., showing an advanco for tho week of 25
points.
Tho official quotation for middling upland cotton in tho
New York market each day for the past week has been:

In addition to above exports, our telegrams to-niglit also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
Now York.
On Shipboard, Not Cleared for—•
Ger­

Great
Sept. 10 at—• Britain.

many.

New Orleans. _ 2,811
Galveston------ 15,272 13,050
Savannah -----Charleston —
57
M obile_______
N orfolk ______
400
200
Now York----1,000
Other ports—
Total 1915-­
Total 1914. .
Total 1913. .

19,340

2,319
43,958

13,450
5,000
21,005

Other CaostForeign wise.
20,428
10,774

100
4.000
2.000

100 43,202
838 5,701
30,285 20,352

Total.

293

29,532

2,500

2,500

980

157
980
4.000
3.000

Leaving
Stock.

000 39,090

4,373 80,405
10,813 30,071
7,744 123,944

Sept. 4 to Sept. 10—
Sat.
Middling uplands------------------- Hoi.

95,048
90,712
84,548
42,512
12,233
37,493
209,785
57,038

035,908
214,790

102,020

1915-C.......... 10.10
1914........................
1913________ 13.15
1912.......... -.1 1 .0 5
1911________ 12.00
1910...............14.00
1909________ 12.75
1908_________ 9.50

Tues.
9.80

Wed. Thurs. Fri.
10.00 10.20 10.10

1899 - c ____
1898_______
189 7 ............
1896..............
1895..............
1894_______
1893_______
1892------------

Futures
Market
Closed.

Spot Market
Closed.

6.44
5.81
7.50
8.88
8.38
6.88
8.12
7.19

1891 - C ............ 8.69
1890.......... -.1 0 .6 2
1889________ 11.38
1888...............10.50

1887............. 10.12

1836_________ 9.25

1885..............10.06
1884_______ 10.88

97

500

47
60
500

500

597

F U T U R E S .— The highest, lowest and closing prices at
Thursd'u, Friday,
Saturday, Monday, Tuesday,
Sept. 4. Sept. 6. Sept. 7. Sept. 8. Sept. 9. Sept. 10.
September—

9.69 —
9.72-.75

Closing-----October—

9.75-.85 9.80-.00 9.98-.28 10.09-.28
9.84-.85 9.98-.99 10.18-.21 10.12-.13

Closing-----November—

9.91 —
9.94 — 10.08 —

Closing-----December—

10.09-.20 10.13—35 1O.33-.02 10.43-.04
10.19-.20 10.32-.33 10.54-.55 10.47-.48

Closing___
January—

10.24-.35 10 28-.51 10.53-.82 10.59-.81
10.34-.35 10.49-.50 10.72-.75 10.G3-.04

Closing___
February—

HOLIDAY.

Closing___
March—

HOLIDAY.

10.44 —
10.51-.60 10.55-.77 10.83-.09 10.88-.09 10.51-.09
10.60-.61 10.77-.78 11 .01-.02 10.93-.94

Closing----April—

10.70 —

Closing___

May—

10.75-.83 10.77-.97 11.05-.28 11.15-.32
10.82-.83 10.97-.98 11.23-.25 11.18-.19
11.29-.31
10.90 —■11.05 — 11.31 —
10.89-.93 10.92-.13 11.23-.44 11.35-.48
10.97-99 11.13-.14 ll.30-.39 11.34-.35

Closing___
August—

11.02 — 11.18 — '11.42

Closing-----

y,

47
50
—

T otal____

Closing___
July—

A t one time it was rumored that

Contr'ct Total.

Spot.

HOLIDAY
Saturday__
HOLIDAY
Monday —
Tuesday__ Quiet, 5 pts. dec— Very steady—
Wednesday- Quiet, 20 pts. adv_.
Thursday - - Stoady, 20 pts. adv_ Firm ...............
Quiet, 10 pts. dec __ Steady------------

Closing___
June—

delivery on October contracts. But now it is said that tho
basis at tho South has latterly so much improved that
storage reservations here for tho South aro being canceled.
In any case Southern selling has at no time been largo enough
to militate against the price. Liverpool’s spot sales have
recently been 12,000 to 15,000 bales a clay. Its stocky is
rapidly decreasing. Manchester has been firm. Fall
River’s sales of print cloths last week were 300,000 pieces,
against only 60,000 in tho same week last year, and prices
•
have advanced. Also thero is no talk now^ at ball River
of closing down for curtailment. It is believed that tho
British committee of financiers will in conjunction withl
a committee of American financiers devise some plan1
for stabilizing rates for foreign exchango whereby ex­port trade will bo relieved of a most serious handicap.•
The Government is to lend cotton growers $30,000,­-000 as part of a plan to conserve Southern cotton*
interests menaced by the contraband order of Greatt£
Britain, France and Italy; $15,000,000 will bo sent
once to Richmond, Dallas, &c. Just at present, what with the
earliness of the season, the contraband edict and the de­
moralization in foreign exchange, exports aro far below tho
normal. N ot a few, too, think that believers in a very
small crop, one five or six million bales less than tho last
one are jumping to conclusions a bit too hastily.
I hey
remind tho trade that the size of the crop really depends
very largely upon the date of killing frost, which, following
a “ freak” summer, m ay,after all, turn out to be unusually
lato. In that case, with an abnormally large carryover
from last season, thero might bo more than enough cotton
to supply tho world’s needs this year, and tho trade go into
tho season of 1916-17 with a large surplus. To-day th0
* ' *»•••■*
t*
L /"it* n n x r o n o
market was irregular. A t first there was a further advanc e,
owing to hotter Liverpool cables than expected and loc
and Southern buying, but later on prices reacted sharpl

.13.05
. 9.80
.10.85
.10.90
.12.25
. 8.88
. 8.50
.10.62

1907-C____
1906...........
1905______
1904______
1903______
1902______
1901......... i9 0 0 ......... -

M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in tho following statement.
For tho convenience of tho reader we also add columns which
show at a glance how tho market for spot and futures closed

small crop is inevitable.
Boll \\
Southwestern Georgia. Hedging s
far this season have, moreover, not been largo,




Mon.
Hoi.

N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
The quotations for middling upland at Now York on

Speculation in cotton for future delivery was interrupted
by holidays on last Saturday and M onday, Labor D ay, but
since then the tone of speculation has been more bullish,
owing to bad crop reports and reports of a better spot de­
mand. The Hesperian affair caused only a brief pause.
The first ginning returns of the season issued on Wednesday,
Sept. 8, had no great effect one way or the other. The
smallness of the total to Sept. 1— 461,357 bales, against 480,­
317 bales in the same time last year and 799,099 in 1913—
was by not a few ascribed to bad weather in the last half of
August quite as much as to a falling off in the crop. Tho
smallness of tho total for the same time last year in a season
of the largest crop on record was generally attributed to tho
first effects of tho great war and the sudden slump in tho
price. But it was the bad crop reports that figured most
prominently in the rise of cotton during tho past week. The
weekly Government report which had no small effect said
that from nearly all portions of tho South the weather was
reported as distinctly unfavorable; that over the more
eastern portions rains delayed picking and caused further
shedding and rotting of bolls, while in tho northern districts
tho weather was too cool for rapid growth, and rust and shed­
ding continue; that in portions of Florida and Alabama the
orop was injured by high winds, but in most other portions
of the Central belt the weather was more favorable, and
picking progressed rapidly; that in Texas conditions were
generally unsatisfactory; that the fore part of the week was
too cool to promote rapid growth, and in tho districts
where tho plants wero injured by high winds of a few
weeks previous the bolls are reported dropping or pre­
maturely opening. Picking, it is conceded, made rapid
progress, however, and the warmer weather of tho latter part of
tho week was favorable for growth. In Oklahoma the
is reported as being very late, with few bolls opening
further deterioration is reported from Arkansas. This,
though to a certain extent it seemed to cut both ways, had
the effect of causing increased buying by W all Street houses,
Waldorf-Astoria interests, New Orleans and the S — "
generally. Liverpool has also bought freely. The n<

A ct.

[Vol . 101.

THE CHRONICLE

856

11.50 —
11.40 —

N E W ORLEANS C O N TR ACT M A R K E T .
Friday,
Saturday, Monday, Tuesday, Wed'day. Thursd'y,
Sept. 4. Sept. 6. Sept. 7. Sept. 8. Sept. 9. Sept. 10.
September—•
Rango______
Closing--------October—

9.41-.43 9.59—61 9.80 — 9.72 —
O 59-.67 9.59 -84 9.76-. 10 9.97-.17
9.63-64 9.81—82 10.06—07 9-98-99

Closing___ __
December—■ .

9.88-.03 9.97-.21 10.17—47 10.30-52
10.01-.02 10.18-19 10.41—42 10.33-.31

-- - -

Closing----- --January—
Range_______ HOLI­
Closing--------- DAY.
March—
Rango_______
Closing-. —
M ay—
Rango_______
Closing--------Tone—
S pot________
Options - —

HOLI­ 10.05—21 10.13—37
DA Y . 10.19—20 10.35—36
10.3l-.43 10.40—64
I6.41-.43 i0.62-.63

10.38-65 10.4810.60—61 10.4910.66-.90 10.79-.94
10.85-.86 10.78-.79

10.52-. 64 10.57-.84 10.95-.02 10.9S-.10
10.61 .62 10.83-.84 11.00—07 10.99-.00
Firm
Steady

Steady
Steady

Firm
Firm
Steady Unsettl'd

Q U O T A T IO N S F O R M ID D L I N G C O T T O N A T O T H E R
*
M ARKETS.
Closing Quotations for Middling Colton onWeek ending
Sept. 10.
Galveston------Now Orleans__
M obilo-----------Savannah ------Charleston_____
Wilmington----N orfolk_______
Baltimore------Philadelphia —
Augusta-------Memphis----St. Louis----Houston------Littlo R ock ..

Saturday. Monday. Tuesday.
9.50
9.50
9.13
9H
9
HOLI­
DAY.

HOLI­
DAY.

5:38
9%

10.05
9.00
9.25

9K

9.60
9.00

Wed'day. Thursd'y.\ Friday.
9.75
9.50
9.25
9 'A
9

9.90
9.63
9.38
9 y*

5738

9.50
9H
10.45
9.25
9.63
9M
9.90
9.00

m
10.25
9.00
9.38
9M
9.70
9.00

9K

9@ H

10.00

9.69
9.38
9%

9M

9%
9.75
9%

10.35
9.25
9.63
9H
9.90
9.12

.69
50

Sept . 11 1915.]

THE CHRONICLE

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s roturns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 1 0 Stock at Liverpool___

1914.
867,000
5,000

66,000

1913.
496,000
5,000
25,000

1912.
534,000
5,000

-.1,429,000
938,000
..
* 1,000
*29,000
. . * 11,000 *210,000
. . 218,000 *220,000
at Marseilles__________ .
7,000
3,000
at B arcelona__________ .
46,000
31,000
at G e n o a ____________
31,000
at Trieste_____________
*20,000

526,000
17,000
78,000
55,000
3,000
13,000
5,000
14,000

607,000
9,000
179,000
73,000

544,000

185,000

290,000

Total European stock s____ .1,715.000 1,482,000
India cotton afloat for Europe__.
70,000
130,000
Amor, cotton afloat for E urope.. 141',914
29.943
Egypt ,Brazil,&c. .afloatforEur’po
)0 17,000
12,000
Stock in Alexandria, E g y p t.. . 102,000
*85,000
Stock in Bombay, India________. 557,000
647,000
Stock in U. S. p o r ts ___________. . 716,443
245,467
Stock in U. S. interior towns___. . 432,699
143,836
U. S. exports to-day.........
1,700
3,301

711,000
105,000
280.935
37,000
65,000
499,000
286,564
158,237
4,372

897,000
84,000
211,235
38,000
45,000
408,000
404,903
142,742
11,037

Stock
Stock
Stock
Stock

1915.
■s.1,154,000
..
72,000
..
68,000

Total Continental stocks__

-

421,000

13,000

8,000
6,000

.,3763,347 2,776,946 2,147,108 2,241,917

Of the above, totals of American and other descriptions aro as follows :
American

—

Liverpool stock__________ bales.. _______
900,000
577,000
Manchester stock_______________.
56,000
46,000
Continental stock_______
. *340,000 *425,000
American afloat for Europe____________
29,943
. 149,914149,914
U. S. port stocks_____________- 716.443 245,467
U. S. interior stocks____________. 432,699
143,836
U, S. exports to-day
3,301
1,700

319,000

11,000

142,000
280,935
286,564
158,237
4,372

387,000
51,000
257,000
211,235
404,903
142,742
11,037

Total American .........................2,598,347
-2,598,347 1,468,946 1,202,108 1,464,917
East Indian, brazil, <&c.—
Liverpool stock ...................
- 254,000 290,000
177,000
147,000
72,000
London stock............................... 5,000
5,000
5,000
Manchester stock_____________- 12,000
12,000
20,000
14,000
17,000
Continental sto ck ..........................
81,000
81.000 *119,000
43,000
33,000
India afloat for Europe_______ - 70
000 130,000 105,000
70,000
84,000
Egypt, Brazil, &c., afloat............................
17.00017.000
12,000
37,000
38,000
Stock In Alexandria, Egypt.........- 102,000
102,000 *85,000
65,000
45,000
Stock in Bombay, India...............- 557,000
647,000 499,000 408,000
Total East India, &c_______ -1,165,000
1
1,308,000 945,000 777,000
Total American____________-2.598.347
2
1,468,946 1,202,108 1,464,917
M hhii I J ’ i m 6 SHPPrI7 -------1 -------3.763.347 2,776.946 2,147,108 2,241,917
.0-12(1.
6.00d.
7.39d.
6.75d.
Middling Upland, New York___
10. 10c.
13.15c.
11.90c.
Egypt, Good Brown, Liverpool..
8.65d.
8.60d.
10.60d.
10 ^ d .
Peruvian, Iiough Good, Liverpool 10.90d.
8.75d.
8.75d.
lO.OOd.
Broach,- Fine, Liverpool__________
5 .75 d. 5.35d. 6 9-16d.
6 Ud.
Tinnovelly, Good, Liverpool____
5.87d.
5.35d.
6 ^ d . 6 3-lod.
* Estimated.

Continental imports for past week have been 14,000 bales.
The above figures for 1915 show a decreaso from last week
of 52,386 bales, a gain of 986,401 bales over 1914, an excess
of
over1,016,239
1912. bales over 1913 and a gain of 11,521,430 bales
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding
tail below. period of the previous year—is set out in de­
M o v e m e n t to S e p t.
T ovens.

R e c e ip ts .
W eek.

1

Ala., Eufaula.. 1,095
Montgomery . 5,767
Selma............
2,390
Ark., Helena. 9
Little R ock ..
50
Ga., Albany__
2,027
Athens...........
150
1,152
Atlanta..........
Augusta........
8,429
Colum bus__
1,524
M a con ______ 2,099•
R om o ............
267.
La., Shreveport 1,365
Mlss.,Columbus
132
Greenville . . .
622
Greenwood . .
677
Meridian___
367
Natchez____
1,065
Vicksburg__
400
Yuzoo C ity ..
644
M o., St. Louis. 2,175
N .C ., Raleigh.
65
O., Cincinnati.
280
Okla., H u g o...
S.C., Greenw’d
"*17
Tenn., Memphis 1,064
Nashville___
Tex., Brenham 1,461
Clarksville__
Dallas............
2,017
Honey Grove.
Houston........ 48J93
Paris..............
156

.

S ea so n .

10 1915.

S h ip ­
m en ts.
W eek.

S tocks
S e p t.

10.

2,673
11,451
4,851
18
883
6,168
1,380
2,832
18,444
3,138
3,733
1,551
4,052
235
902
844
774
1,399
579
719
11,136
385
5,127

735 5,556
3,692 53 658
1,236 21,846
659
*368 6,140
1,748 8,526
750 5,742
349 5,370
6,776 67,371
20,025
1*933 3,936
665 2,876
1,646 24,970
2 2,594
4,607
3,840
*369 10,108
548 3,334
13 4.638
5 3,698
3,868 10,037
75
50
1 644 13,219

164
8,550
143
2,811

17 5", 125
3,303 56,902
143
l'.o ii 2,250

*3",440

M o v e m e n t to S ep t.
R e c e ip t s .

11 1914.

> S h ip ­

------------------------ m e n t s .
W e e k . |S ea son .
W eek.

S tocks
S e p t.

11.

1,319
4,027

3.868
290
69

__

__

l’ o i i

l',105

13SL0S7 29,479 78*125
243
243

Total, 33 towns 86,259' 237,0121 60,273432,699!

160,480 47,264143,830

The above totals show that the interior stocks havo in ­
creased, during the week 25,986 bales and are to-night 288,863
bales more than at the same time last year. The receipts at
all towns
last
year. have been 20,778 bales moro than the same week
Q OVERLAND MOVEMENT FOR THE WEEK AND
biJNOE AUU. 1.—Wo give below a statement showing the
overland movement for tho weok and sinco Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years aro as follows:



-1915-

Sept. 10—
Shipped—

-1914----Since
Aug. 1.
16,938
2,501

Week.
3,868
1,152

Aug. 1.
18,943
3,559

Week.
1,164
365

857
245
984
2,582

2,003
2,923
4,553
30,455

*525
168
350

22

" 2*095
472
2,960
999

9,688

62,436

2,594

25,965

716
983
1,314

2,492
3,145
10,268

175
858

688

2,490
5 ,171
13,952

Total to be deducted.................3,013
3,013

15.905

1,721

21,613

6,675

46,531

873

4,352

V ia Ilock Island .

Deduct shipments—

68,000

2,000

85 7

xxiVTv.xxxv.xtu K f j 1 a u

l/U V ^ clIlvlU cl.

The foregoing shows the week’s net overland movement
has been 6,675 bales, against 873 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 42,179 bales.
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Sept. 10......... 100,526
Not overland to Sept. 10________ 6,675
South’n consumption to Sept. 10- 65,000

---------Since
Aug. 1.
263,745
46,531
380,000

LiJXxJ

Total marketed_____________ 127,201
Interior stocks in excess................. 25,986

690,276
al3,263

Came Into sight during week. ..198,187
Total In sight Sept. 10............................

677,013

North’n spin’s takings to Sept. 10 32,641
130.431
* Decrease during week, a Less than . . „ 0 . . .

Week.
49,127
873
60,000

110,000

18,217

128,217
41,040

1A‘±--------- *
Since
Aug. 1.
116,816
4,352
330,000
451,168
23,697
474,865
93,239

Movement into sight in previous years:

.W e e k —
Dales.
Since Sept. 1—
Bales,
1913— Sept. 12...................... 314,668 1913— Sept. 12____________1,013,431
1912— Sept. 13------------------ 275,719 1912— Sept. 13----------------- 957,708
1911— Sept. 15...................... 298,154 1911— Sept. 15..................... 958,205

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 .— Our tele­
graphic advices this evening from the South are on the whole
of a fairly favorable tenor. D ry weather has prevailed over
a considerable section and where rain has fallen the precipi­
tation has been light or moderate as a rule. In consequence,
picking has made good progress. The movement to market[
however, has continued upon a rather restricted scale. Texas
advices are to the effect that weevils continue to be active
and that late planted cotton is not doing as well as expected.
G alveston, T ex. — Little or no improvement has been made
within the week. Late planted cotton is not doing as well
as expected. Weevils continue to bo active. Although
more than a quarter million bales have been ginned, the
movement is comparatively light. There has been rain on
one day during the week, the precipitation being six hun­
dredths of an inch. The thermometer has averaged 81, the
highest being 88 and the lowest 74.
A b ile n e , T ex. — Dry all tho week. The thermometer has
averaged 80, ranging from 62 to 98.
B ren h a m , T ex. — There has been no rain during the week.
The thermometer has ranged from 66 to 92, averaging 79.
C u ero, T e x — W e have had rain on two days of the week,
the precipitation being one inch and twenty-eight hun­
dredths. Average thermometer 80, highest 96, lowest 64.
D a lla s, T ex. — W e have had no rain the past week. Mini­
mum thermometer 66.
H en rietta , T ex . — W e have had no rain during the week.
The thermometer has averaged 77, ranging from 60 to 94.
H u n tsv ille, T ex. W e have had no rain during the week
The thermometer has ranged from 64 to 90, averaging 7 7 ,
K e r r v ille , T ex.
Rain has fallen on one day during the week
the rainfall being four hundredths of an inch. Highest
thermometer 92, lowest 50, average 71.
L a m p a sa s, T ex. — There has been rain on one day during
the week, tho precipitation reaching eight hundredths of an
inch. The thermometer has averaged 74, the highest being
96 and the lowest 52.
L on g view , T ex. — W e have had no rain during the week.
The thermometer has averaged 77, ranging from 66 to 92.
L u tin g , T ex. — There has been rain on three days during
tho week, the precipitation reaching forty-four hundredths
of an inch. The thermometer has ranged from 66 to 94
averaging 80.
N a cog d och es, T ex. — W e have had no rain the past week
Minimum thermometer 62, maximum 90, mean 76 .
P a le stin e, T ex. — There has been no rain during tho week.
1 ho thermometer has averaged 79, the highest being 92 and
the lowest 66.
P a ris, T ex. — There has been no rain the past week. The
thermometer has averaged 79, ranging from 64 to 94.
San A n to n io , T ex. — W e have had no rain during the week
Thermometer has ranged from 68 to 94, averaging 81.
T aylor, T ex. — Wo havo had rain on ono day during the
week, the rainfall being four hundredths of an inch. Mini­
mum thermometer 66.
W ea th erford , T ex. — There has been no rain tho past week.
Tho thermometer has averaged 77, the highest being 92 and
the lowest 62.
A rd m ore, Okla.— There has been no rain the past week.
Tho thermometer has averaged 78, ranging from 61 to 95. ’
M a n g u m , Okla. — It has been dry all the week. The ther­
mometer has ranged from 53 to 99, averaging 76.
T u lsa , O kla. — It has rained on two days during the week,
the rainfall being sixty-two hundredths of an inch. Lowest
thermometer 77, highest 92, average 62.

THE CHRONICLE

85 8

E ld ora d o, A r k . — There has been no rain during the week.
The thermometer has averaged 79, the highest being 97 and
the lowest 61.
Fort S m ith, A r k . — W o havo had no rain during tho week.
Thermometer has averaged 79, ranging from 64 to 92.
L ittle R ock, A r k . — W e have had no rain during the week.
Tho thermometer has ranged from 65 to 89, averaging 77.
A le x a n d r ia , L a . — There has been rain on ono day during
the week, tho rainfall being thirty hundredths of an inch.
Average thermometer 77, highest 93, lowest 60.
N e w O rlea n s, L a . — There has been rain on two days during
the week, the precipitation being one inch and fifty-one hun­
dredths. The thermometer has averaged 82, the highest
being 94 and tho lowest 70.
S h reveport, L a . — There has been no rain the past week.
Tho thermometer has averaged 78, ranging from 66 to 90.
C olu m b u s, M i s s . — W e have had rain on one day during tho
week, tho rainfall reaching ten hundredths of an inch. Ther­
mometer has ranged from 62 to 97, averaging 80.
H o lly S p rin g s, M i s s . — D ry all the week. Lowest ther­
mometer 63, highest 89, averaging 76.
V icksbu rg, M i s s . — There has been no rain during tho week.
The thermometer has averaged 78, the highest being 92 and
the lowest 66.
D e c a tu r , A l a . — W o have had rain on three days during the
week, the rainfall reaching thirty-nino hundredths of an
inch. Thermometer has averaged 75, ranging from 60 to 90.
M o b ile , A l a . — Weather favorablo for picking. Cotton is
opening freely. It has rained on ono day of the week, tho
precipitation being thirty-nino hundredths of an inch. The
thermometer has ranged from 68 to 92, averaging 76.6.
M o n tg o m e r y , A la . — Rain has fallen on three days of the
week, the rainfall being three inches and fifty-four hun­
dredths. Average thermometer 78, highest 94, lowest 63.
S elm a, A l a . — There has been rain on two days during the
week, tho precipitation reaching eighty-fivo hundredths of an
inch. The thermometer has averaged 75 .5, the highest being
90 and the lowest 64.
M a d is o n , F la . — Rain has fallen on ono day of tho week,
the precipitation reaching fifty-eight hundredths of an inch.
The thermometer has averaged 80, ranging from 69 to 93.
T a lla h a ssee, F la . — W e have had no rain during the week.
The thermometer has ranged from 66 to 95, averaging 80.
A lb a n y , G a. — Rain has fallen on ono day of the week, tho
rainfall being twenty-four hundredths of an inch. Average
thermometer 82, highest 99, lowest 65.
A th e n s , G a. — There has been rain on two days of tho past
week, the rainfall being thirty-one hundredths of an inch.
The thermometer has averaged 78, tho highest being 95 and
the lowest 61.
S a vannah, G a. — Rain has fallen on one day of the week,
tho precipitation reaching ninety-three hundredths of an inch.
The thermometer has averaged 80, ranging from 66 to 93.
C h arleston , S. C . — It has rained on three days of tho week,
the precipitation being sixty-six hundredths of an inch.
The thermometer has ranged from 67 to 94, averaging 80.
C h eraw , S. C . — It has rained on two days of tho week, the
precipitation being fifty-six hundredths of an inch. Aver­
age thermometer 80, highest 94, lowest 66.
S p a rta n bu rg, S. C . — W o havo had rain on two days of tho
week, the precipitation reaching sixty-six hundredths of an
inch. The thermometer has averaged 77, the highest being
93 and tho lowest 61.
^ C h arlotte, N . C . — W o have had rain on two days during tho
week, the rainfall reaching one inch and five hundredths.
Tho thermometer has averaged 78, ranging from 67 to 90.
G oldsboro, N . C . — W e havo had rain on two days during
the week, the rainfall being forty-six hundredths of an inch.
Average thermometer 78, highest 96, lowest 60.
W e ld o n , N . C . — There has been rain on two days of tho
week, to tho extent of seventeen hundredths of an inch.
Tho thermometer has averaged 79, the highest being 92 and
the lowest 67.
D yersb u rg , T en n . — W o havo had no rain tho past week.
The thermometer has averaged 77, ranging from 61 to 92.
M e m p h is , T e n n . — Tho weathor has been favorable tho
past week. W e havo had light rain on ono day during tho
week, tho rainfall being ono hundredth of an inch. The
thermometer has ranged from 65 to 90, averaging 78.

C E N SU S B U R E A U R E P O R T ON C O T T O N G IN N IN G
TO S E P T . 1.— The Census Bureau issued on Sept. 8 its
roport on tho amount of cotton ginned up to Sept. 1 from
tho growth of 1915 as follows, round bales counted as half
bales, comparison being made with the roturns for the like
period of 1914, 1913 and 1912:
States—
1915.
1914.
Alabama_____________________ bales. 38,386
46,241
Arkansas___________________________
320
521
5,214
F lorida____________________________ 4,701
Georgia____________________________ 133,161 136,286
Louisiana__________________________ 5,785
3,783
2,689
Mississippi_________________________ 4,615
North Carolina____________________
354
968
238
Oklahoma__________________________
8
South C a ro lin a ____________________ 4,294
14,633
Tennessee__________________________
2
26
Texas______________________________ 269,626 268,485
105
All other States____________________
1,233

C otton Takings.
W eek and Season.

1915.
Week.

Season.

1914.
Week.

Season.

Visible supply Sept. 3_________ 3,815,733
2,811,225
Visible supply Aug. 1-------------4,633.210
3,176.816
677,013 128,217
American in sight to Sept. 10 .- 198.187
474.865
83.000
518,000
Bombay receipts to Sept. 9___
2,000
40.000
6 4,000
22.000
Other India ship’ts to Sopt. 9__
3.000
24.000
6 2,000
5.000
Alexandria receipts to Sept. 8 - .
100
400
14,000
4.000
Other supply to Sept. 8*----------- 6 2,000
31.000
Total supply________________ 4,039,920 5.434,223 2,948,542 3,747,081
Deduct—
Visiblo supply Sept. 10.’_______ 3,763,347 3,763,347 2,776.946 2,776,946
Total takings to Sept. 10a_____
Of which American_________
Of which other_____________

276.573 1.670.876
189.573 1.301.876
87,000
369,000

171,596
131,496
40,100

970,135
685,735
284,400

♦Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces tho total estimated consumption by Southern mills,
380,000 balos In 1915 and 330,000 bales in 1914— takings not being avail­
able— and the aggregate amounts taken by Northorn and foreign spinners,
1,290,876 bales in 1915 and 040,135 bales in 1914, of which 921,876
balos and 355,735 balos American.
b Estimated.




1913.
1912.
44,562
12,824
1,293
81
2,960
1,832
72,352
34,526
7,449
1,724
2,052
442
177
674
5,106
272
7,264
4,260
9
655,871 674,249
4

United States____________________ 461,357 480,317 779,099 730,884
The 1915 figures of the report are subject to slight corrections when
checked against the individual returns of the ginners transmitted by mail.
Tho number of round bales included this year is 8,947, compared with
356 for 1914 and 7,610 for 1913. The number of Sea Island bales included
is 2,099, contrasted with 1,748 bales in 1914 and 436 bales in 1913. Tho
distribution of tho Sea Island cotton for 1915 by States is: Florida, 380
bales: Georgia, 1,718 bales; and South Carolina. 1 balo.

IN D I A

COTTON

M OVEM ENT.
1914.

1915.

Aug. 19.
Receipts at—

Since
Aug. 1.

Week.

Bombay.............................

Week.

G rea t
C o n ti­
B r ita in . n e n t .

Since
Aug. 1.

Week.

30,000

21,000

5,000

Since August 1.

Japan
t& China T o ta l.

1,000
1,000

___

1,00C 1 ,00c 34.00C 36.00C
4,000 3.00C 7.00C
2,000 37,000 19,000 58,000

Japan
& C h in a .

C o n ti­
n e n t.

G rea t
B r it a in .

Bombay—
1915___
1,000 1,000 32.000 34.000
1914___
3,000 3,000
20,000 16.000 36.000
1913___
Calcutta—
1915___
1914___
1913___
2,000 1,000 3.000
Madras—
1915___ ...........
1914___
" 7 ,666
1913___
* 7",666
All others—
2,000 2.000
1915___
4,000
1914 . . .
4.000
1913___
2,000 8.000 2,000 12,000
Total all—
1915___
1914___
1913___

1913.

Since
Aug. 1.

40,000 10,000

17,000

For the Week.

Ex-ports
fr o m —

T o ta l.

1,000
4.000
54,000

48.000
18.000
55,000

50.000
22.000
110,000

1.000
1,000
3.000

2,000

1,000
1,000
5,000

" 7",666

"7,666

2,000
1,000
5,000

3.000
15.000
30.000

7,000

11,000
16,000
42,000

3.00C
1,00C
6,000

5,000
20,000
94,000

54.00C
18.00C
64,000

62,000
39,000
164,000

6,000

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OP
C O T T O N .— The following are tho receipts and shipments for
tho week ending Aug. 18 and for tho corresponding week
of the two provious years:
1915.

Alexandria, Egypt.
August 18.
Receipts (cantars)—
This week_____________
Since Aug. 1___________

1914.

4,234
9,021

To L iverp ool__________
To M anchester________
To Continent and India.
T America_____________

'45 6

Total exports__________

450

1913.

600
1,700

This Since
Week. Aug. 1.

Exports (bales)—

This Since
Week. Aug. 1.

1.000
2,100
This Since
Week. Aug. 1.

2,013
689
1,623
2,637

"300

3,800
3,000
700

6',250 20".666

0,962

300

7.500

8,800 26,550

1,750
800

4.750
1,805

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that thoro is an im­
proved tono and bettor domand in tho cloth market. India
offors, however, aro as a rule unworkable. W o givo prices
for to-day below and leavo thoso for provious weeks of this
1914.

1915.
8 H lb s . S h ir tin u s . com m on
to f i n e s t .

32s

C op
T w is t .

July d.
23 8 X
©
30 8 5- 16 @
Aug.

W O R L D ’S SU P P L Y A N D T A K IN G S OP C O T T O N .

[Vol. 101.

6 8H
13 8 H
20 8<4
27 8 ) 4
Sept
3
10 9 n

8J4

©
©
©

©
©
©

d.

lb s . S h in in g s , co m m o n
to f i n e s t .

C op
T w is t .

Corn
M id .
U p l’s

d.
d. s. (1.
8. d. d.
5.13 9 15-16© 10J* 6 2 ©11 0
7.38
5.31 9 11-16© i o n 6 1M@10 10H 6.66

©7
©7
©7
@7

3
6
9
9

5.53
6.43
5.42
5.63

No
No
No
No

tationa
tations
tationa.
tationa

6.50
6.50
6.20
0.20

©8
@8

0
1H

5.78
6.12

N o QUO tationa.
No QUO tations.

6.00
6.00

d.
3
3

©7

9H 5
OH 6
8H 6
9 6

9
0
6
6

6 9
6 10

OH
OH

9. (1.

8H

32s

6
6

6
6

8H
8H

C o l'n
M id .
U p l's

@7

quo
QUO
QUO
QUO

SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from tho United States tho past week havo
reached 47,826 bales. Tho shipments in detail, as made
up from mail and telegraphic returns, aro as follows:
_

T o ta l b a le s .

NEW Y ORK— To Liverpool— Sept. 4— Georgic, 1 7 7 ...Sept. 7—
Saxonia, 3,700---Sopt. 8— Adriatic, 471...................... ............ 4,348
To Havre— Sept. 4— BeUucia, 5 0 0 - - - . - - - . - . . .
.................__
500
T o Rotterdam— Sept. 3—-Oosterdijk, 1,276— Sept. 4— Voondijk, 4 1 1 --.Sept. 7— Noordam, 2 7 1 --....................................... 1,953
To Gothenburg— Sept. 8— Eh', 1,858------------------------------------- 1,858
To Copenhagen— Sept. 8— Eir, 8,652---------- ■------------------------- 8,652
To Naples— Sept. 9— Cretic, 6 0 1 --- -. — - ----------------------------601
To Genoa— Sept. 3 — Faviguani, 4 ,4 7 7 ..-Sept. 4— Napoli, 400
...S e p t. 9—Crotic, 1,400; Tomaso di Savoia, 1,300________ 7,577
To Venezuela— Sept. 8— Caracas, 150------------------------------------150
GALVESTON— To Liverpool— Sept. 8— Alexandrian, 6,428________ 6,428
TEXAS C IT Y — To Liverpool—Sept. 3— Belgian, 3,326-..Sept. 7—
Alexandrian, 3,097 _________________________________________ 6,120
NEW ORLEANS— To Barcelona— Sept. 4— Calatlna, 100............
403

Sept . 11 1915.]

THE CHRONICLE
T o ta l b a le s .

BOSTON— To Liverpool— Sept. 4— Ktonian, 1 1 7 ---_____________
117
10
To Manchester— Sept. 3— Memphian. 10_____________________
BALTIM ORE—-To Liverpool— Sept. 3— Vedamore, 2,744________ 2,744
SAN FRANCISCO— To Japan— Sept. 4— Shinyo Maru, 2,850_____2,850
SBATTLE— To Japan— Sept. 7— Sado Maru, 3,032_______________3,032
TACOM A— To Japan— Sept. 3— Panama Maru, 478_____________
478
T o ta l................................................................ .............. ..................... 47,826

L IV E R P O O L .— Sales, stocks, & c., for past week:
Aug. 20. Aug. 27.
Sept. 3. Sept. 10,
Sales o f tho w eek............................. „ 45,000
48,000
---------77.000
15.000
O f which speculators to o k ______
1,700
3,700
O f which exporters to o k _______
2,400
1,600
1.000
Sales, A m erican...................
35,000
40,000
64.000
2,000
A ctual export......... ..........................
7,000
7,000
8,000
56,000
F o rw a r d e d ......... .............
67,000
75,000
67.000
....
T otal stock ......... ....................
1,305,000 1,252,000 1,190,000 1,154,000
O f which A m erican ....................1,054,000
998.000 943,000
900,000
T otal imports o f tho week________
31,000
30.000
13,000
22,000
O f which A m orican____________
22,000
10,000
3,000
13,000
A m ount afloa t-----------------------------65,000
55,000
71,000
O f which A m e r ic a n ....................
23,000
22,000
32,000

Tlio tone of the Liverpool markot for spots and futures
each day of the past week and tho daily closing prices of
spot cotton have been as follows:
S p o t.

S a tu r d a y .

Market,
12:15
P. M .

M onday.

T u esd a y.

W ed n esd a y.

T h u rsd a y.

F r id a y .

Moderato
business.

Good
demand.

Good
demand.

Harden­
ing.

Good
demand.

f
Moderate
j business.

Mld.Upl’ds

5.80

5.78

5.78

5.89

5.98

6.12

Spec.&cxp

7,000
1,500

8,000
1,000

12,000
2,000

12,000
2,000

15,000
2,500

15,000
2,000

F u tu res.

Quiet, un- Steady gen. Irregular,
5@7 pts.
pt. adv.
advance.
advance.

f

Steady at
544@744
pts. adv.

opened

[

Market,
4
P. M .

f Quiet at Steady, 44 Very st'dy, Barely st’y, Very st’dy, Barely st’y,
2@2 44 pt. dec. to 344 @644 1 pt. dec.to 1144 @1344 4 @ 7 pts.
advance.
1 pts. dec. 344pts.adv. 4 pts. adv. 4 pts. adv. advance.

Tho prices of futures at Liverpool for eacli day are given
below. Prices aro on tho basis of upland, good ordinary
clauso, unless otherwise stated.
•
S a tu rd a y .
Sept. 3
to
Sept. 10. 12H 1 2 X

Oct.-Nov
Jan.-Feb .
Mar.-Apr.
May-June
July-Aug.

p .m .

p .m .

d.

d.

—

5
5
5
5
5

65
7344
8444
9144
98
6 05

M onday.

T u esd a y.

12 H

12 M

4

d.

d.

4

W e d 'd a y .

T h u rsd ay.

12J4

12 M

4

d.

d.

8144
8644
9844
06
1244
1944

8744
92
0344
1044
1744
2444

4

F r id a y .

12 M

4

d.

d.

96
0044
1044
1744
2344
30

9444
9844
0844
1544
2244
2844

p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m
d.

d.

65
73

64
72
8544
9344 93
00 0044
0844 08

86

70
7644
91
99
0644
14

d.

d.

74
79
91
9844
10 06
1744 13

7444
81
9444
0244

.

BREADSTUFFS
Friday Night, Sept. 10 1915.
Flour has not met with a very ready salo and prices have
had something of a downward tendency, partly in responso
to lower prices for wheat. Buyors aro inclined to pursue a
waiting policy. Tlioy bclievo tho wheat crop is a mammoth
ono and that a logical inference is that prices for flour must
seek a lower level. It is said, too, that considerable of tho
flour received at Chicago from Missouri and Illinois is damp
and undesirable. New flour from tho Southwest, however,
has, on tho whole, improved very noticeably sinco tho open­
ing week of the season. Y o t, old flour has been hotter sus­
tained as a ride than new. Some Chicago mills have sold
their production up to N o v . 1st, and Northwestern mills in
somo cases aro said to have sold their September output.
Wheat declined, owing to good weather and largo receipts.
Everybody believes prices must decline. Tho crop in tho
general judgment transcends anything ever before known.
The visiblo supply increased last week 656,000 bushels,
which looks rather largo in contrast with a decrease in the
samo week last year of 1,516,000 bushels. Tho receipts at
Minneapolis and Duluth have beon so largo as to attract
goneral attention. Premiums liavo fallen 2 to 3 cents on
N o . 2 grades. Liverpool prices have declined as a result
of brilliant weather in tho United Kingdom and private
reports of satisfactory weather in Canada, with free offer­
ings of Canadian wheat and rains in Argentina. Tho world’s
shipments were larger and though tho percentage to tho
United Kingdom was smaller, it is thought that this will bo
overcome by increased native arrivals. In India tho indi­
cations point to an increased acreage; plowing has begun.
Australia has had further rains and its prospects aro excel­
lent. Spain’s crop will bo larger than oxpected and its
importations correspondingly smaller. Some of tho Rus­
sian nows has been good. Yot, as usual, thero liavo been
somo factors in tho situation which have acted as a sort
of brake on tho declino. M any of tho foreign crop reports
aro not good. It looks as though sooner or later Europe
will have to import large quantities of wheat. In tho
United Kingdom offerings of new wheat liavo beon very
moderate. In France, threshing returns aro confirming
a yield below tho average, with tho quality unsatisfactory;
potatoes and all other vegetables aro also short. Nativo
arrivals aro small and reserves of old wheat aro moderato.
As to Germany, Berlin admits that rain has delayed tho
harvest and damaged the quality, but says that supplies
aro sufficient-. In Russia, harvesting and movement aro
dolayed by unfavorable weather. In India, tho Punjab
and otlior parts aro droughty. In Argentina light rain has
fallen, but tho Pampas and Cordoba are very dry. In
Italy rain is delaying harvesting in somo districts while
others aro droughty. But tho United States Government
report of September 8th states the condition of spring wheat
on September 1st as 9 4 .6 % against 9 3 .4 % on August 1st




859

this year and 6 8 % on September 1st last year. The indi­
cated crop of spring wheat is 322,000,000 bushels, against
206.027.000 bushels last year, 239,819,000 in 1913 and
330.348.000 bushels in 1912. Total of spring and winter
wheat 981,000,000 bushels, against 891,000,000 bushels last
year. Nothing like the present crop was ever before rasied
in this country. To-day prices advanced sharply, Septem­
ber at the W est rising more than 4 cents per bushel. This
was due mainly to the strength of the cash position. Stocks
everywhere are light. Chicago reported the sale of 50,000
bushels of N o . 2 red thero, cleaning up tho stock in that
market. Trading was active, with heavy purchasing by
elevator interests.
D A IL Y CLOSING PRICES OF W HEAT FUTURES IN NEW Y O R K .
_

S a t.

M on.

T u es.

W e d . T liu r s .

F ri.

11744
No. 2 r e d ................................ cts-11244 Holi- 1084< 109)4 111
September delivery in elevator___ 102
day. 101 % 102 44 104
108
D A IL Y CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
S a t.

September delivery in elevator.cts. 94
December delivery in elevator___ 9044
M ay delivery in elevator_________ 9444

M on.

T u es.

W ed . T h u rs.

Holi- 92 44 9344
day. 9044 9144
9444 9544

F r i.

9544 99 44
92
94
96
9744

Indian corn declined, but any downward
trend was
measure restricted by the smallness of the country offerings,
predictions of unsettled weather and reports of a certain
amount of damage by recent frosts in Iowa, Minnesota and
South D akota. The receipts liavo been much smaller than
expected. Tho increaso in the visible supply in the United
States last week was only 33,000 bushels, against an actual
decrease in the same week last year of 1,0 8 5 ,0 0 0 bushels.
Tho total supply is only about half as large as it was a year
ago, i. e ., 2,415,000 bushels, against 5,008,000 in 1914.
Shorts have covered freely, fearing a return of bad weather.
Y et it is also true that export demand has continued in abey­
ance and that the domestic cash trade has been rather poor.
Also in Liverpool trade has been quiet and the offerings from
the River Plate liberal. Buenos Aires cabled that corn was
quiot and prices inclined to be lower. There is a deepseated idea that though the movement of the crop has been
retarded by wet weather, the actual yield is large and is
bound to make itself felt later on unless there is a revival of
export trade on a big scale, of which thero is not the slightest
indication just now with Argentina offering oats freely.
The U . S. Government report on Sept. 8 stated the condi­
tion on Sept. 1 as 78 .8, against 79.5 on Aug. 1 and 71.7 on
Sept. 1 last year; yield per acre 27.3 bushels, against 24.6
last year. The crop indicated is 2,985,000,000 bushels,
against 2,672,804,000 last year, 2,446,988,000 in 1913 and
3.124.746.000 in 1912. To-day the market was irregular,
closing firmer with wheat. There was some buying on pre­
dictions of frost.
D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O R K .
S a t.

M on.

T ars.

W ed . T h u rs.

F ri.

No. 2 yellow.............................. cts. 8644 H ’day 8644 8544 86 44 8744
D A ILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
S a t.

M on.

September delivery In elevator.cts. 7044 HoliDecember delivery In elevator___ 5744 day.
May delivery in e lev a tor.............. 5844

T u es.

71 44
5744
5844

W ed .

T h u rs.

70 44 7154
56 44 57
5744 5844

F ri.

72

5744
5944

Oats declined to some extent, owing to good weather and
a certain sympathy with the weakness in other grain. Also
large receipts counted. The stock at Chicago increased for
the week 960,000 bushels. Tho visible supply in the United
States increased 2,872,000 bushels against an increase in the
samo week last year of 1,331,000 bushels. Sample prices at
Chicago have fallen. But after all, thero were sustaining
factors that prevented any very serious decline. For in­
stance, the export demand was good. Early in the week
tho export sales-were reported at as high as 2,000,000 bush­
els. Besides the grading at Chicago is so poor as to at­
tract wido attention. It seems to be tho effect of a wet
harvest. Certainly contract oats are relatively rare in the
current receipts and this circumstance is becoming a more
important factor than most people expected. And the visi­
blo supply in this country, despite tho large receipts, is still
small, i. e., 5,796,000 bushels (Produce Exchange figures),
against 21,455,000 a year ago. This includes only 2,130,000
bushels at Chicago, whereas a year ago it approximated
10.000. 000 bushels. The United States Government crop
report on Sept. 8 gave the probable yield at 1,408,000,000
bushels against 1,141,060,000 last year, 1,121,768,000 in
1913 and 1,418,337,000 in 1912. t h e yield of barley is
223.000. 000 bushels against 194,953,000 last year and 178,­
189,000 in 1913; of rye 44,000,000 bushels against 42,779,000
last year; of buckwheat 18,000,000 bushels against 10,881,­
000 last year; of rice 26,000,000 bushels against 23,649,000
last year; of potatoes 406,000,000 bushels against 40 5,921,­
000 last year; of hay 81,000,000 tons against 70,071,000 last
year, and 64,116,000 in 1913. To-day prices were firmer
with wheat and corn.
.
D A IL Y CLOSING PRICES OF OATS IN NEW Y O R K .
S a t.

M on.

T u es.

W ed .

T h u rs.

F ri.

Standards---------------------cts.55@ 60
Holi- 55@60 55@60 nom. nom.
No. 2 white---------------------- nom.
day. nom.
nom.
nom.
nom
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO. ’
S a t.

September delivery In elevator.cts. 36
December delivery in elevator------ 3544
May delivery in elevator-------------- 38

M o n . T u es.

Holi- 3644
day. 3544
3844

W ed .

36
3544
3744

T h u rs.

36
3544
3844

F ri.

36 44
36 44
3844

Tho following are closing quotations:
GRAIN.
Wheat, per bushel—f. o. b.
Corn, per bushel—
C ts.
N. Sprint?. No. 1, new__ SI 0644
No. 2 mixed_______ f. o. b.
nom .
N. Spring. No. 2 _______________
No. 2 yellow______c. i. f.
84 44
Red winter. No. 2, new__ 1 16
No. 3 yellow____________________
Hard winter. No. 2_______ 1 i744
Argentina in bags______________II
Oats, per bushel, new—
Cts. Rye, per bushel—
Standard________________ Nom.
New York_______________
9844
No. 2, white_____________ Nom.
Western, No. 2, new____________
No. 3, White........................ 40@41 Barley— M a ltin g ...............
54@60

in

[Vol . 101.

THE CHRONICLE

860

FLOUR.
Winter, low grades____54 10®$4 35 Kansas straights, sacks-S5 10@$5 50
60® 5 75 Kansas clears, sacks__ 4 90® 5 1C
Winter patents________ 5 5 60
00® 5 15 City patents__________ __________
Winter straights______ 5 5 00
65® 4 90 Rye flour____________ 5 00® 6 00
Winter clears_________ 4 4 65
90@ 6 75 Buckwheat flour______ __________
Spring patents________ 4 4 90
~ '
■-4 80®
^ 4
Graham nour___
flour_________ 5 65® 5 75
4 y(J
90 uranain
4 65®
® 4 80

A G R IC U L T U R A L D E P A R T M E N T ’S R E P O R T ON
C E R E A L C R O PS, & c., TO S E P T . 1.— The Agricultural
Department issued on the 8th inst. its report on the cereal
crops for the month of August as follows:
The Crop Reporting Board of the Bureau of Statistics of the United States
Department of Agriculture estimates, from the reports of the correspondents
and agents of the Bureau, as follows:
FOR THE UNITED STATES.
C o n d itio n .

1*
1915.

S e p t.

C rop .

Winter wheat____________

Peaches.................... ...........

9*4*6

6*8*0

7*0*8

78.8
91.1
94.2

71.7
75.8
82.4

78.1
78.1
79.7

88.6
82.7
87.5
80.7
87.6
82.3

87.1
75.8
81.8
71.4
72.9
88.9

84.9
76.4
84.4
79.4
79.1
88.6

a69.2
62.7
678.9

a78.0
61.9
663.0

072.8
53.3
654.7

1914.
cl915.
B u sh .

79.5
91.6
93.8
92.6
92.0
85.5
79.7
91.2
90.0
89.0
075.3
01.5
72.3

C1915.

19091913

F in a l. A v e r age.
B u sh . B u sh .

9*3*4

P ercen t
o f 1914.

S ep t.
F oroca st.

A ug.
F oreca st.

1914.
F in a l.

1915.
A cres.

40,169,600
19,248,000
59,417,000
109,273,000
40,193,000

...

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

2,594,000
800,000
3,732,000
660,000
1,317,000
1,881,000
815,000
50,907,000
31,535,000

P r ic e p e r B u .
S ep t . i.

19091913 1915.
A cerage.

1914.

C ts.

CIS.

__

441
685
15.6
d659 d659
19.0
Winter wheat___ (116.4
206
245
322
307
13.3
11.8
16.8
891
686 95.0 93.3
966
981
14.7
16.6
16.5
27.3 25.8 25.9 2,985 2,918 2,673 2,708 77.3 81.5
1,408 1,402 1,141 1,131 38.5 42.3
35.0 29.7 30.6
182 51.9 52.5
217
195
223
30.2 25.8 24.3
43
35 85.5 75.4
d44
d44
16.1
16.8
dl7.0
17 81.4- 79.8
18
17
18
21.9 21.3 20.5
406
357 50.3 74.9
431
406
White potatoes__ 108.8 109.5 97.1
58 84.6 92.8
63
57
65
Sweet potatoes__ 98.9 93.8 92.7
___
996
1,120 1,083 1,035
850.6 845.7 815.1
18
16
20 143.5 139.3
18
7.8
9.7
8.3
24
24 ___
30
26
32.2 34.1 33.3
66 $10.80 $11.9 i
70
75
1.34
d81
1.43
Hay (tame), tons. dl.59
8.7
179.3 209.2 181.1 e5,654 5,741 7,719 6,234 8.5
176
/61.8 / 68.6
253
214
205
—
Apples__________
42 /85.4 /105.0
54
60
64
Peaches................
* Or at tlmo of harvest, a Condition 25th of preceding month. 6 Production,
percentage of full crop, c Interpreted from condition reports, d Preliminary est.
e Equivalent to 11,819,000 bales of 500 lbs., gross. / Price Aug. 15.
Details for spring wheat and corn In principal States follow:
SPRING WHEAT.
C o n d itio n
S e p t. 1.
S ta te .

1915.

Washington____

92
97
96
92

F o r e c a s t,

1915.*

F rom
F rom
A ug. 1
S ep t. 1
T en Y e a r . C o n d it io n C o n d itio n

F in a l E s t i m a t e *

1914.

F iv e -Y e a r
A vera ge

P r ic e p e r
B u sh el
S e p t. 1.

1909-13. 1915. 1914.
C ts .

United States..

O h io .................. .

Arkansas.......... ..
United States..

78
73
74
81

94.6 76.8

86
95
87
84
86
85
78
70
54
52
65
75
75
81
88
90
86
87
78
82
80
95
79

83
82
84
86
84
84
80
82
85
86
82
74
83
72
62
82
83
84
82
81
71
60
78

69,300
116,300
54,000
18,800

42,000
81,592
30,600
16,400

322,000 307,000
CORN.

206,027

72,100
126,600
54,600
19,700

64,100
62,600
59,600
64,900
151,800
193,100
358,600
51,500
40,900
55,700
299,400
207,900
81,900
202,900
159,800
120,100
93,100
71,600
65,500
50,000
167,700
123,100
57,800

63,000
57,100
56,400
64,900
150,200
195,400
381,600
53,700
52,100
60,000
320,400
184,000
76,300
171,400
120,700
113,100
93,700
70,700
67,700
51,400
168,900
106,400
59,100

59,859
90,231
38,768
22,227

100
90
89
85

102
98
92
80

60 lb s.
3.115.000
2.454.000
226,000
128,000
146.000
76.000
49.000
932.000
98.000
1.289.000
306.000

Chicago___
Minneapolis.

159,000

Milwaukee..

*2*4,000

Cleveland . .
St. Louis__

6,000
11,000
85.000
34.000

Kansas City.

89
95
102
103
81
79
78
77
71
68
72
82
65
70
79
91
93
101
93
83
85
77
90

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 I N G
S E P T . 6.— The influences of weather on the crops as sum­
marized in tho weather bulletin issued by the Department
of Agriculture for the week ending Sept. G were as follows:
S p r i n g W h e a t . — Warm and dry weather over the northern tier of States
afforded ideal conditions for the completion of tho spring wheat harvest
and for thrashing, tho latter operation progressing favorably in all dis­
tricts, with yields generally above tho averago and quality excellent.
W i n t e r W h e a t . — In tho winter wheat States further damage occurred to
wheat in portions of the Ohio Valley and lower Lako region on account
of continued rains, but elsewhere thrashing made favorablo progress,
although much of this work remains undono, especially in Kansas, whoro
not moro than half tho crop has been thrashed. Plowing for winter wheat
is progressing in all districts, except where tho soil continues too wot, and
other operations necessary In preparation for seeding are proceeding sat­
isfactorily.
'
. „
.,
,
C o r n . — Tho warm dry weather of tho past week over most Northern and
Central districts greatly favored tho growtli and maturing of corn. Tho
crop continues late, however, over most of these districts and will requiro
several weeks of favorablo weather to maturo sufficiently to prevent
serious injury from frost. In tho southern portions of tho principal corn
belt the crop is maturing and some cutting is reported, while further south
the late crop is making good progress. Later reports indicate that consider­
able damage resulted from tho frost and freeze near tho close of August
In the lowlands of Iowa, Wisconsin and Minnesota.

32 lb s. b u s h .i& lb s .
6,376,000
173.000
477.000
759.000
57.000
283.000
846.000
368.000
328.000
248.000
254.000
1,000
811.000
11,000
749.000
41,000
122.000
203,000

b u sh .

171.000
20,000
25.000
33.000
272.000
224.000
124.000
442.000

R ye.

5616s.
165.000
140.000
217.000
67,000

bu.

26,000
1,000

2.308.000 10,471,000 1.636.000 616,000
5.790.000 8.003.000 2.049.000 1,082,000
4.875.000 6.855.000 2.093.000 523,000

8.819.000
9.980.000
7.981.000

319.000
464.000
377.000

Total wk. ’ 15
Same wk. '14
Same wk. ’ 13

B a r le y .

O a ts .

56 lb s.
965,000
32,000

bush .

Since Aug. 1
1915........ 1.430.000 36.805.000 14.296.000 33.172.000 4.017.000 1.494.000
1914........ 2.106.000 54,294,000 23.440.000 45.340.000 6.011.000 2.413.000
1913____ 1.891.000 47,024,000 15.833.000 35.780.000 6,220,000 1.952.000

tbe week ended Sept. 4 1915 follow:
F lo u r ,
b b ls.

R e c e ip ts at —•

190,000
28,000
29.000
28.000

New York...........
Boston .
Philadelphia___
Baltimore.......... .
Newport N ew s..
M obile................
New Orleans___
Galveston_______
Montreal_______

1,000
2,000

94,000

21*666

W h e a l,
bush .

C orn ,
b u sh .

895.000
77,000
701.000
409.000
401.000

724,000
3.000
34.000

9*28*666

194.000
1,506,000

10.000

"iY,
66o
61.000

O a ts,
b u sh .

B a r le y ,
b u sh .

R ye,
b u sh .

876.000
116.000
343.000
205.000
400.000

94,000

14,000

64,000

10,000

70,000

2.000
1,000

l'es'.ooo

_______

Total week 1915. 393,000
5,111,000 846,000 2,188,000 158,000 130,000
Since Jan 1 1915 17,444,000 67,942,00041,691,000 99,414,000 7303,000 6713,000
Week 1914
...
510,000
6,282,000 694,000 2,896,000
42,000 77,000
Since Jan. 1 1915.14,569,000 147849,000 17,504,000 29,325,000 8610,000 2510,000
•Receipts do not Include grain passing through New Orleans lor foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Sopt. 4 are shown in tho annoxod statement:
W h e a t,

C orn ,

F lo u r ,

400,000
10,000
17,000
-----­
60,000

43,078 179,623
162,221 269,660

887,991
882,767

Total week___ 6,184,578
Week 1914.......... 7,999.279

B a r le y ,
b u sh .

P eas,
b u sh .

......... 203,040
........................
........................

R ye,
bush .

3,071

......... 203,040
......... 30,000

3,071
2,289

O a ts,
bush .

E x p o r ts fr o m —
bush .
b u sh .
b b ls.
New York.............. 1,103,5381,078,000 98.648
2,575
Boston__________ 170,596
Philadelphia_____ 571,000
25,000
----­
Baltimore------------- 554,444
Newport News . . ----- 401,000
1,000
M obile................................
11,000 2,000
New Orleans_____ 513,000 31,006 36,000
Galveston_______ 1,461,000
----Montreal________ 410,000
15,000

117,055
49,986
234,000

The destination of these exports for the week and since
July 1 1915 is as below:
--------- F lour-

78.8 78.1 2,985,000 2,918,000 2,672,804 2,708,334 77.3 81.5




C orn .

W h e a t.

F lo u r .

b b ls .im b s . b u sh .

CIS.

245,479 . . . .

56,524 87
62,178
46,959 97
39,380
57,550 . 47,884 98
53,482 95
56,000
142,715 154,651 78
163,317 186,900 75
300,034 366,883 73
54,829 81
63,000
69,862
50,346 75
76,584 69
91,000
389,424 352,236 71
158,400 200,859 79
60,509 67
78,000
173,950 164,878 66
108,225 129,700 72
91,250
92,543 80
80,400
80,767 86
55,488
49,107 94
58,275
51,103 86
38,600
35,131 89
124,800 120,280 74
50,000
75,412 70
42,000
48,439 86

The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lako and river ports for tho week ending last Saturday and
since Aug. 1 for each of the last three years have been:
R e c e ip ts at —

111.6
109.8
111.0
105.6
104.6
97.7
102.1
101.0
100.6
109.5
107.6
99.8
117.5
103.6
84.3

T o ta l P r o d u c tio n in
M i l l i o n s o f B u s h e ls .

Y ie ld p er A c r e .

C rop .

A crea ge,

1* S e p t. 1* A u g . 1
1914. 10 y r .a v . 1915.

S e p t.

C o l t o n . — From nearly all portions of the South, the weather of tho week
was reported as distinctly unfavorable to the cotton crop. Over tho more
eastorn portions rains delayed picking and caused further shedding and
rotting of bolls, while in the northern disrticts tho weather was too cool
for rapid growth and rust and shedding continue. In portions of Florida
and Alabama tho crop was injured by high winds, but in most other por­
tions of the central belt tho weather was moro favorable, and picking
progressed rapdily. In Texas conditions were generally unsatisfactory;
the foro part of tho week was too cool to promote rapid growth, and in the
districts whore tho plants were injured by the high winds of a fow weeks
previous, tho bolls are reported as dropping or prematurely opening.
Picking inado rapid progress, however, and tho warmer woather of tho
latter part of tho week was favorable for growth. In Oklahoma tho crop
is roportod as being very late, with few bolls opening, and furthor deteriora­
tion is reported from Arkansas.

E x p o r ts f o r w eek a n d
s in c e J u ly 1 to —

W eek.
S e p t . 4.
b b ls.

-W h e a tS in c e
J u ly 1

1915.
b b ls.

W eek.
S ep t. 4.
bush .

-C o rn S in c e
J u ly 1

W eek.
S e p t. 4.
bush .

1915.
b u sh .

S in c e
J u ly 1

1915.
b u sh .

738,688 981.085 11,702,950
468,771 4,196,611 16,680,923
0,882
375,400
265.602
...........
24,800
222,919
3,756
66,445

13,000
29,700

144,917
1,643,497
989,879
568,190
590
2,041

Total................... 177.623 1,766,181 5,184.578 28,784,259
Total 1914............. 269,660 2,060,372 7,999,279 03,781,278

43,078
162,221

3,349,114
932,544

United Kingdom__ 71,985
Continent__________ 54,161
Sou. A Cent. Amer. 30,388
West Indies_______ 22,080
Brit. No. Am. Cols.
575
Other Countries___
428

The world’s shipments of wheat and corn for tho wook
ending Sept. 4 1915 and since July 1 1914 and 1913 aro
shown in the following:
C orn .

W h e a t.

1915.

1914.

1915.

E x p o rts.

1914.

W ee k
S e p t. 4.

S in ce
J u ly 1.

S in ce
J u ly 1.

W eek
S e p t. 4.

S in c e
J u ly 1.

S in ce
J u ly 1.

B u sh els.

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u sh els.

B u s h e ls .

335,000
North Amer* 8,055,000 50,261,000 79.946.000 251,000 3,040,000
1.531.000
32,000 1,238,000 11.922.000
2.304.000
8.355.000
Danube-----Argentina__ 200,000 5,914.000 2.986.000 2,976,000 45,2*2*0,666 27,164,000
5.718.000
Australia__
8,000 11,2*4*4,000 7.816.000
94,000
738,000
43,000
1,240,000
Oth. countr’s 366,000
T o ta l___ 8.661,000 69,897,000 111,730,000 3,270,000 48,354.000 37,385,000
North America.—The Canadian Government has officially prohibited the issu­
ance of both manifests and exports until after ten days. This Is effective during
the continuance of the war.

Tho quantity of wheat and corn afloat for Europo on dates
mentioned was as follows:
C orn .

W h e a t.
U n tie d
K in g d o m .

C o n tin e n t.

B u s h e ls .

B u s h e ls .

T o ta l.

U n ite d
K in g d o m .

C o n tin e n t.

T o ta l.

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u sh els.

22.329.000
20,240,000
Sept. 4 1915..
i a s js non
22.346.000
Aug. 28 1915..
11.137.000
*"*
I 30,322,000
Sept. 5 1914..
Sept. 61913.. 15,208,666 20.864,000 36.072.000 12.954.000 21,582,000 34.530.000

Sept , ll 1915.]

THE CHRONICLE

861

Tho visible supply of grain, comprising tho stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 4 1915 was as follows:
U N IT E D

Amer.
Wheat.
bush.
New York____________
547
3
Boston_______________
Philadelphia..................
539
Baltimore......................
700
New Orleans.......... .......... 1,254
Galveston____________ 1,515
Buffalo______________
196
Toledo____ __________
189
D etroit ....................
73
Chicago..........................
428
“
afloat_______
50
Milwaukee___________
7
D uluth...... ...................
100
147
Newport News________
Minneapolis__________
187
St. Louis........................
355
Kansas City..................
274
Peoria.........................
15
Indianapolis..................
170
Om aha..........................
110
On Lakes......................
792
I n T h o u s a n d s —•

. 4
. 2S
. 5
. c

1915.
1915.
1914.
1913.

. 7 ,7 4 7
. 7 ,0 9 1
.3 0 ,0 1 9
.4 5 ,0 7 4

portions tho'scarcity of dyes will becomo evident. They also
claim that the quality of dyes used in many cases, have not
been up to tho standard of previous years, and that it is
STA TE S
G R A IN
STO C K S.
a question how well these goods will turn out. This is par­
Handed Amer. Amer. Bonded Amer. Amer. Bonded ticularly true as regards women’s serges, demand for which
Wheat, Corn. Oats. Oats.
Rye. Barley. Barley,
Poplins continue to be taken in large
bush. bush. bush. bush. bush. bush. bush. is steadily increasing.
2
31
_____
17
420
yardages and are expected to continue in favor. In men’s
9
_____
125
_____
1
89
100 .................... wear somo revision of earlier purchases of spring lines are
09
270
113
138
..............................
reported, but no cancellations of importance have taken place.
115
263
Tho changes being made represent chiefly reassortment of
8
"2 8 0
223
colors and styles as buyers find that they had booked too
375
45
heavily in certain styles and too lightly in others.
104
42
2 ,1 3 0
448
D O M E S T IC C O T T O N G O O D S .— The exports of cotton
goods from this port for tho week ending Sept. 4 were 10,227
‘ "21 ~ 2 9 3
21
43
100
239
packages, valued at $535,000, their destination being to the
201
50
points specified in the table below :
210
22
4
127

00

14

00
000

7
783
132

23
28
85
255

C A N A D IA N

_____

2 ,4 1 5
2 ,3 8 2
5 ,0 0 8
3 ,2 1 0

100

10
192

5 ,7 9 0
2 ,9 2 4
2 1 ,4 5 5
2 7 ,5 4 2

G R A IN

22
459

575

3
3
140
_____

764
551
1 ,7 1 4
2 ,1 7 2

3
9
36

381

Canadian Bonded
Rye. Barley. Barley.
bush. bush.
_____

02
—

537
328
427
805

STO C K S.

Canadian Bonded
Corn. Oats. Oats.
bush. bush. bush.
3

1

181

88

Canadian Bonded
Wheat. Wheat.
In Thousands—
bush. bush.
Montreal.......... .......... .. 1 , 1 5 4
_____
I't.Wllllam&Pt.Arthur.. 307
___
Other Canadian.......... .. 307
___
. 1 ,8 8 8
. 2 ,3 4 9
. 0 ,0 9 0
. 2 ,5 2 0

292

73

_____

1 ,0 1 8
817
854
5 ,0 3 7

4

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

28

_____

4
14
74
409

SU M M A R Y .

Iii Thousands—
.

Bonded
Wheat. Wheat.
bush. bush.

.

7 ,7 4 7
1 ,8 8 8

T o t a l S e p t . 4 1 9 1 5 . . 9 ,6 3 5
T o t a l A u g . 2 8 1 9 1 5 . . 9 ,4 4 0
T o t a l S e p t . 5 1 9 1 4 . .3 0 ,7 1 5
.4 7 ,5 9 4

23
—
23
28
85
255

Corn.
bush.

Bonded
Bonded
Oats. Oats.
Rye. Barley. Barley.
bush. bush. bush. bush. bush.

2 ,4 1 5
3

5 ,7 9 0
1 ,0 1 8

2 ,4 1 8
2 .3 ,8 5
5 ,1 5 4
3 ,2 1 0

6 ,8 1 4
3 ,1 4 1
2 2 ,3 0 9
3 2 ,5 7 9

—

22
459

537
—

704
4

537
328
427
833

70S
505
1 ,7 8 8
2 ,0 4 1

3
—
3
9
36

THE DRY GOODS TRADE
^
.
N ew York, Friday Night, Sept. 10 1915.
Considerable activity was witnessed in dry goods markets,
despite the fact that tho week was shortened by Labor D ay
and tho Jowish Holiday. Jobbers reported a good accumu­
lation of orders over Labor D ay and are optimistic concern­
ing the outlook. Thoy state that collections are good in all
sections of tho country and that thoro is less credit outstand­
ing at present than was tho case this time a year ago. In
the South conditions are reported as steadily improving, while
tho West is optimistic as a result of the fine crops which are
being harvested. Manufacturing centers are kept unusually
busy on special contracts arising from tho war, and as a re­
sult labor has steady and profitable employment, which is
benefiting the retail drygoods business in these sections.
Manufacturers feel secure regarding the future and are very
firm in their prices on contracts for future delivery. The
steadily advancing cotton market is distinctly favorable to
thorn, as .whether they have covered ahead at previous low
prices for the staple or not, the rising price of cotton forces
buyers to cover their requirements more speedily than other­
wise and enables manufacturers to securo better values. The
weak spot in tho manufacturing situation at present is the
lack of dyestuffs. This is felt in all branches of tho drygoods
trade. Dress goods manufacturers report that a serious short­
age is threatened in tho most desirable colored dress goods.
Staplo colors in dark shades are scarce and unless somo relief
is offered prices will becomo so high as to seriously affect
sales. Lato advices from Washington stated that a com­
mittee representing tho Master Dyers’ Association of Philadelphis had called upon tho Secretary of State and asked tho
assistance of tho Government in securing the release of con­
signments of dyes for this country which are now held up in
German ports. They assured tho Secretary that no now
method had been developed for tho manufacture of the necesgrades of dyes, and that as supplies in tho hands of largo
Philadelphia manufacturers were about exhausted, tho toxtilo industry of the country was seriously threatened. It is
understood that Secretary Lansing promised to do every­
thing possiblo to reliovo tho situation. Export business in
cottons continues dull. The higher prices asked by manu­
facturers has prevented any business resulting from what few
inquiries there were in tho market. Tho slump in sterling
exchange rates also hurts business, as it means that buyers
discounting through London havo to pay a premium for their
£>o°ds. Tho active buying recently noted for account of
Manila has fallen off, and it is feared that purchasers for
that market have over-bought. A fair and steadily improv­
ing business is being dono with South America in sheetings
and cheap cottons. Exports of cotton duck to Great Britain
continue on a liberal scalo.
W O O L E N G O O D S.— Whilo dress goods aro quiet, thoy
display signs of improving from now on. Retail buying is
expected to begin in the near future, at which time it is feared
certain lines of goods will prove to be in short supply. Mills
havo been experiencing difficulties in securing suitable dyes,
particularly in tho darker shades, but until now havo been
Arm
^urn 011^ sufficient goods to meet requirements.
M id agents state that as soon as buying reaches largo pro­




-1915Since
New Yorkto Sept. 4—
Week. Jan. 1.
Groat Britain_________________________2,8il)
57,104
Othor European______________________ 405
16.312
C h in a __________________
__
_ "
1
4,964
In d ia.--------------------------------------- ::::: 2 ,9 2 8
18.686
Arabia_______________________________ ___
35,984
A frica ____________________________” ” " 'I
12,609
West Indies________________________ I 9 1 2
36,206
___
54
Mexico
1.151
CentralAmerica_______________________ 174
12,922
South America_______________________ 982
32,230
Other countries_______________________1,922
58,794
T o t a l . -----

-------

10,227

286.962

1914Since
Jan. 1.
1
2,701
1,889
‘ 54
49,633
15,093
9,412
5,963
433
31,089
17
370
613
15,332
906
38,999
236
45,235
2,260 215,716
Week.

The value of thoso New York exports since Jan. 1 has been
$17,824,938 in 1915, against $15,150,232 in 1914.
Business in staplo cotton goods improved during tho week,
with prices showing a strong upward tendency. The rising
price of tho staplo has brought hesitating buyers into tho
market to cover their futuro requirements at present prices,
and selling agents as well as commission houses have booked
substantial orders over the last quarter. Standard sheetings
have been marked up J^c. to 634c., while three-yard sheet­
ings havo been advanced 34c. to 5 Me. Nine-ounce denims
havo been advanced from 1334 to 14c. per yard. Gray goods
are also up 34c• to 34c. on certain counts. Several standard
brands of colored cottons for next spring havo been opened
at prices about on a parity with last season. This was a sur­
prise to tho trade, as advances were expected in view of the
shortage of dyes. Tho colors are guaranteed to be equal to
those formerly used. It is not likely, however, that these
goods will remain at present low levels when demand becomes
heavier. Print cloths aro firm with a good demand for spots.
Buyers would bo willing to place considerable business if it
wore not for tho fact that manufacturers are asking premiums
of 34c. to 34c. over spot prices for forward deliveries. Gray
goods, 38-inch standard, aro quoted 434c F O R E IG N D R Y G O O D S .— An active business has been
done during tho week in linens for immediate and near-by
requirements and stocks in tho hands of jobbers are being
rapidly cleaned up. Retailers are covering their fall require­
ments of household goods and aro finding only a limited
assortment of goods to cliooso from. M any large retailers
will soon begin to hold their special fall .sales, and are in the
market for spot supplies to complete their stocks. Importers
report satisfactory conditions, so far as the selling end is con­
cerned, but aro disappointed over the poor prospect of se­
curing adequate supplies from abroad. They state that they
could book considerable more business than they are doing
if they could get their requirements covered in foreign mar­
kets. More or less encouragement was derived from cables
during tho week that the Russian Government would per­
mit tho export of flax if it was shown that the exports were
not to bo reshipped into Germany or Austria. Large users
of flax yarns aro now moro at ease, feeling sure that they will
bo ablo to securo sufficient supplies of flax yarns from Eng­
lish spinners. Burlaps aro moro or less unsettled, with tho
demand largely for heavy-weights. Light-weights are
quoted 5.60c. and heavy-weights at 7.75c.
Im p ortation s & W areh ou se W ith d raw als of Dry G oods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Manufactures of—
W ool___________
Silk Flax
Total 1915..............

Week Ending
Sept. 4 1915.
T>Pkgs.
Value.
S
111,33.5
470,642
73.5,212
163,114
. . . 1,885
280,711

. . . 6,244
. . . 6,310

Manufactures of—
W ool.....................
C otton ________
_
Silk..............................................
F la x ------------------------------------Miscellaneous________________

278

558

186
444
239

Total withdrawals_________ 1,705
Entered for consumption_______6,244
Total marketed 1915............. 7,949
Total marketed 1914_______ 9,262

Since Jan. 1 191.'
-­
Pkgs.
Value.
$
23,296
6,114,571
71,431 19,369,880
39,204 18,613,322
30,520
8.111,076
77,297
8,887,877

1,761.014
1,772,3.53

241,748
383,243

61,096,726
92,800,847

96.083
181,311
131,852
126,253
53,243

13,221
19,017
12,256
16,408
49.769

4,194,495
5,744,036
4,693,207
3,736,220
3,826,381

588,742
1,761,014

110,701
241,748

22,194,939
61,096.726

2,349,756
2,516,042

352,449 83,291,605
527.400 120,616.412

Imports Entered for Warehouse During Same Period.

Manufactures of—
W o o l...........................
C otton _____________
S ilk ..............................
F la x ________________

___
410
___
282
___
287
___
167
___ 2,166

118,638
127,734
65,195
70,698

120,202

9,355
1.5,22,5
10,182
14,536
48,571

3.191,044
4,570,394
3,873,085
3,604,301
3,454,114

. . . 3.312
. . . 0,244

502,467
1,761,014

97,869
241,748

18,692,998
61.096,726

. . . 9,556
. . . 8,377

2,263,481
2,488,545

339,617
494.748

79.789,724

[VOL. 101.

THE CHRONICLE

862

P age.

S T A T E ;VNS

CITY

M U N IC IP A L BOND S A L ES I N AUGUST.
During the month of August municipal bonds aggregating
$19,424,498 were disposed of. There were also negotiated
$27,973,575 temporary loans, including $23,849,712 reve­
nue bonds and bills and corporate stock notes of New York
C ity . Sales of debentures by places in the Domionin of
Canada reached a total of $1,364,033. W o give below a
comparison of all the various forms of loans negotiated in
August of the last five years:
1915.

s

1914.

s

N am e.

R a te■

1913.

s

1912.

s

1911.

s

Permanent loans (U. S.)-19,424,49S 10,332,193 19,822,191 15,674,855 22,522,613
•Temporary loans (U .S.) 27,973,575 6,086,608 18.835,758 20,146,851 9,289,806
Canadian loans (perm’t)- 1,364,033
228,000 10,256,006 4,061,151 1,245,243
Bonds of U .S . Possessions
None
None
None
1,500,000
None
Gen. Fund bds. (N .Y.C.)
None
None
None
5,000,000
None
Total.............................. 48,762,106 16,646,801 48,913,955 46,382,857 33,057,662
• Including temporary securities Issued by New York City, S23,849,712 In August
1915, $3,298,40S In 1914, $7,586,558 In 1913, $14,762,232 In 1912 and S7,692,Q24 In

711­ Clinton C ounty, Ind. (6 Issues).
544­ .C ocke C ounty, T e n n .- - - - - - - 544­ .Colchester School D istrict, III-711­ .Colum bus School District, Ohio
711­ .C onw ay, A rk-------------------544-. .Correctionville, Iow a ------634.
544-. Crawford C ounty, I n d - _ - - - - - 790-. Crawfordsville School C ity.Incl.
544­
865 .
544.
544­ Cuyahoga C ounty O ldo544­ Cuyahoga C ounty
Ind. (2 issues
467­ Daviess C ounty , T
(3 issues
711­ Daviess C ounty 3, SInd.
711­ .D ayton U n.Frco .D .N 0 .9 .N A
544­ .D ecatur C oi '
635­ .D eckervillo,
635­
635­
711 - - Ilcfian co C ounty, y m o - - ------ r
7 1 1 --D o K alb C ounty, Ind. (2 issues)
7 1 1 --D c lp h o s , Ohio — -------------------7 9 0 --D en ton , Texas (2 issues)- - - - - 544 D o Soto C ounty Special l a x
S. D . N o. 10, F la.....................
5 4 4 .-D o Soto C ounty, F la ............—
866-.D e tr o it , M i c h ------------------ - - - - 5 4 4 ..D e w itt (T .) Union Free S. D .
N o. 6 , N . Y ------------------------7 1 1 -.D u b o is C ounty, In d ----------;- - - -

M a tu r ity .

--------------(11925-1950

544 C lay School District, C al----------6
7 9 0 .-C la y to n , D e l ___________ _______5
4 'A

5
b
__

1945
1955
1935

5A
4A
4A
4

d!921
a 1923

5A
5

a 1921

5

5
5

4A
4A

5

4A

5
5
5
5

4A

5
5
6
6

a l922
o l0 2 l
al921

1916-1942
al921
1925
1917-1924
1926

d 1925-1955

1945

A m oun’.

P ric e.

$5,000
20,000

102.26
101 to
101.25
100.019

31,280
200,000
7,500 103*386
30,000 zlOO
97.75
5,000 101.50
200,000 100
7,000 100.08
32,500
40,000 101.902
20,000 101.90
9,450 101.396
54,538 102.018
14,203 101.577
8,700 100.036
17,600 100.164
27.000 100.25
15,980 100.128
10,000 102
89,500 100.572
15,450 101.01
37,000 101.391
21,400 100.149
2,012 100
85,000 100
20,000
210,000
105,000

99
95.50
100

1911.
15,000 100.10
nl931
4A
The number of places in the United States selling perma­
32,000 100.259
a l92 6
4A
10,240
~
~ ~
nent bonds and tho number of separate issues made during 711- - • ~
25,000 101.20
5
nl927
-Earlville Sch. D .,
8.115 100.441
1916-1920
August 1915 wero 254 and 519, respectively. This contrasts 635­
4
635­
35,000 104.019
5
a 1928
____________________
with 640 and 812 for July 1915 and with 381 and 441 for 5714 5l__E
60,000 104.019
1916-1929
ast M ilwaukee S .D .N o.4, W is.
125,000 100.427
01932
790-E ast Orange, N . .1--- - - ­ 4 A
August 1914.
38,700 100.26
790 -E ast Rochester, N . Y . (3 is s .)_ . 4 .70
47,000 100.673
1945
For comparative purposes we add tho following table, 6 3 5 -E ast Rutherford S. D ., N .4 JA—
4,000 100
a
1920
6
8 6 6 --E a s t Side Sch. D ist., C alif..........
2,000 100.25
showing tho aggregates for August and tho eight months for 866--E a to n , O h io .......... ....................... 5
a l 9 17
45,500 100.33
4
1925
6
3
5
--E
den,
M
aine.........
.......................
a series of years. In these figures temporary loans and also 0 3 5 --E lb o rto n , G a ---------------------------- c
10,000 110
8,000
791-E llsw orth S. I I., W is---issues by Canadian municipalities arc excluded.
55,000 101.189
Month of
August.
1915..................$19,424,498
1914_________ 10,332,193
1913.......
19,822,191
1912_________ 15,674,855
1911_________ 22,522,613
1910.................. 14,878,122
1909_________ 22,141,716
1908.............
18,518,046
1907__________ 20,075,541
1906_________ 16,391,587
1905__________ 8,595,171
1904_________ 16,124,577

For the
Eight Atos.
$368,179,267
394,666,343
262,178,745
292,443,278
288,016,280
213,557,021
249,387,680
208,709,303
151,775,887
144,171,927
131,196,527
1S7,226,9S6

Month of
For the
August.
Eight Mos.
1903................ $7,737,240 $102,983,914
1902____
8,009,256 108,499,201
1901............ . 15,430,390
84,915,945
93,160,542
1900............ .
7,112,834
87,824,844
1899_______
5,865,510
76,976,894
1898........ .
25,029,784
97,114,772
1897_________ 6,449,536
1896................ 4,045,500
52,535,959
80,830,704
1895_________ 8,404,431
1894_________ 7,525,260
82,205,489
37,089.429
1893................ 2,734,714
57,340,882
1892_________ 4,108,491

In the following table we give a list of August loans to tho
amount of $19,424,498, issued by 254 municipalities. In tho
case of each loan reference is made to tho page in the “ Chron­
icle” where an account of tho sale is given.
A U G U ST B O N D SALES.
P age.

N am e.

R a te.

M a tu r ity .

6 3 4 .-A dam s C ounty, In d ____________ 4 A
916-1925
709-A dam s C o. S. D . N o. 70, W ash.d l 5
789.
-A lb a n y , Oro____________ 5
7 0 9 ..
Allianco, Ohio (5 issuos)-- 5
1934
5 43 -.A m b rid ge, P a ---------------------------- 4 A
7 0 9 ..
Apopka Sch. D ist., F la ---- ------8 6 5 .-Asheville, N o. C aro------------------- 5
(11925-1935
6 3 4 --A shton, Idaho-------------------------- 6
8 6 5 .. Auglaize C ounty, O h io------------- 5
1920
7 8 9 .. Auglaize C ounty, O hio------------- 5
al935
6 3 4 .-A ustin, T e x ------------------------------ 5
710-B allvillo T w o. S. IX , O hio............. 5a 1924
7 1 0 .-B arberton, Ohio (2 issues)-------- 5
6 4 3 ..
Barry Sch. D ist., C alif..
6
7 1 0 -.B a th Sch. D ist., P a ........................4 A
a 1921
6 3 4 .-B ayfield C ounty, W ise------------- 5
7 1 0 ..
B edford, Ohio (3 issues)-- 5
" a l 9 2 5 '"
5 34 ,-B cd ford (T .) S. D . N o. 4, N . Y . 6
(11925-1945
6 4 3 ..
Beevillo, T e x -------------------6
1917-1925
543. .
Bolding, M ich ----------------- 4 A
a 1921
790--B ellairc, O hio__________________ 5
865 --B em en t, 111____________________ 6
7 10 -.B en ton C ounty, Ind. (4 issues). 4 ' A
6 34 -.B ergen Sch. D ist., N . Y ------------5
5 4 3 .-B everly, M ass. (2 issues)----------4
1925
790-_B exley, O hio__________________ 5
5 4 3 .-Bingham C anyon, Utah_______ 6
(11920-1925
a l9 I8
543. .
Binghamton, N . Y ______ 4 A
4 6 6 .-B lackford C ounty, In d ----------------4 ' A
1917710 --B lak ely , G a _______ ___________ 5
1925
790-.B Iooniington , In d ---------------------5
1921-1936
710--B loom ington S. D ., In d ------------4 A
7 1 0 ..
Blue River Sch. T w p ., In d ------------ 4 ' A
(11917-1925
7 10 -.B on n er C o. S. D . N o. 54, I d a .. 6
al920
790.
_Boono C o ., In d ----------------4 ' A
«1918
7 1 0 -.B ow lin g Green T w p. S. D ., Ohio 5 ' A
al927
7 9 0 ..
Brawley Sch. D ist., C alif.6
(11935-1955
7 9 0 .-Brazos C ounty, T e x .................. 5
1935
865--B reckenridgo, M in n ___________ 5
7 1 0 .-B ridgeport, C onn _____________ 5 A
"1944-1945
7 1 0 .-B ridgeport Sch. D ist., O hio------ 5
543.B ristol, C onn____________ 4 A
" o i9 2 6 "
7 90 -.B ristol C ounty, M ass__________ 4
(11916-1925
5 4 3 ..
Broad Oaks, W. V a______ 6
1920-1944
710--I5rockport, N . Y _______________4 A
4 6 6 .-B rockton, M ass________________4
■ '0 1 9 2 1 "
7 10 --B row n Sch. T w p ., In d _________ 4 A
1940
8 6 5 ..
Buffalo, N. Y ____________ 4
6 3 4 .-B uffalo Creek Dr. Dist. N o. 2.
1918N o. C aro-------- ----------------------- 6
al935
8 6 5 .-Burbank School District, C a l . . 5 VtS
a l925
5 4 3 ,-C a d iz, O hio___________________ 5 A
01921
5 4 3 .-C alum et School T w p ., I n d -- 5 - 7 1 0 -.C a m d en Viliago S. D ., O hio— 5
1925
4 6 7 --C an ton , Ohio (2 issues)_______ 5
19184 6 7 --O a n ton , O h io__________________ 5 A
4 6 7 -.C a n ton , O h io------------------------------ 544 19191920
7 1 0 -.C a p o M ay C ounty, N . J ----------5
1945
710-_C apo M a y C ounty, N . J ----------5
1935
6 3 4 ..
Carbon C ounty, M o n t---- 5
7 1 0 --Carroll C o. S. D . N o. 72, 111--- 5
544-C entro School T w p ., In d -------------4 A
7 1 0 -.C e n ter Sch. T w p ., Ind. (2 iss .). 6
710.C enter T w p ., Ohio (2 issues)— 5
8 65 -.C en tra l School District, C a L - - 5
4 67 -.C h a ttan ooga , T cn n. (2 is s u e s ).. 5
1945
7 9 0 ,-C h ecota h , Okla________________ 6
8 6 5 ..
Chicago, I I I _____________ 4
‘1917-1935
7 1 0 ..
Chillicotho, O h io________ 5
711-C ircleville, Ohio (2 issues)-----------5
7 1 1--C lackam as C o. S .II.N o .62, O re. 5 A rfl 920-1935
7 9 0 .-C larem ore, Okla-------------------------6




A m o u n t.

P r ic e .

52,720 100.128
1,000
8,000 lb o'6 8 7
27,741 1/100.108
40.000 101.57
3.000
50.000 100*294
5.000
19,750 lb (L 39 '
13.000 101.769
725,000
20.000 10b'.27'
27,625 100.688
5.000 101.34
30.000
50.000 102'20"
3,092 100
4.000 106.01
15.000
97.50
26.000
16,500 100.75
3.500
33,480 100.116
1,600 100
49.000 100.929
124.000 100.573
17.000
25.000 100.381
13.000 100.156
10.000 100.485
1936
10,000 103.555
10,000 101.62
2.500
1,200 f o b " ' "
7.800 100.163
2.500 100.542
14.000 101.557
400.000 100
25.000
400.000 lb 'l'8 0 1
10.000 101.875
150.000
1 0 2 '0 6 '
20,000
22.500 100.125
30.000 100.05
31.500 100.615
10.000 100.71
15.000 zlOO
19273,100
25.000
6.500
9.000
60.000
52,100
1920
17.000
19202.000
30.0001
25.500
46.000
10.000
47.000
1.800
40.500
20.000
80,000
20.000
150,000
13,250
17.000
20.000
15,000

106.112
104.73
103.144
101.17

101.837
yl01.32

1/101

101.722
100.27
103.40
100
103.652
101.50
100.233

545
711.
635.
791
711
635
791
711

.F a ll River, M ass. (4 is
-Farrell, Pa. (3 i s s .) - ..
.F ayette C ounty, In d .

4
4

4'A
4A
4'A

01922

1945
01925
1925
1945
1935
1918-1927

. Florence Sch. D ., So. C ar-------- 4 A
.F lorin Sch. D ., C alif----------------- 5 As
866 .F orest Sch. D ist., Iow a ............- 5
1945
711 .F o r t M eade, F la----------------------- 5
8
1916-1920
711.
.F
ostoria,
Ohio
(3
iss.)------------711
01931
712 -Fram ingham , M ass----------------- 4
0 1922
515 .Franklin C o ., O h io------------------- 5
.F
ranklin
C
o
.,
Ohio
(5
iss.)-------712
01921
— 5
645 .F rem on t, O hio-------- 468 -F ulton C ounty, Ohio (3 iss.) —
-G
allon,
O
h
io-------------------.-------515
01921
791 -Geauga C ounty, O h io -......... .. . 5
d 1925-1935
545 .G ila C o. S. I). N o. 17, A riz------ 6
,
5
..G
ra
n
d
Haven,
M
ich
----------------712
712 ..G ranger T w p ., O h io----------------1918
791 ..G rant Sch. T w p ., I n d - - ..........- . 6
01918
. 4A
712
712
4 x4
545
01921
. 5
635
791 ..G ru n d y Center Ind. S. I)., I a .. 5
(11925-1955
.G
uadaloupo
C
ounty,
T
e
x
------866
5
1935
468
•4A
712
Illa
m
ilton
C
o
..
Ind.
(3
issues).
.
4
'A
468
712 .H am m on d, N . Y ------------------------ - 635 -H am m onton, N . J --------------------- o A
a lO zl
712 .H a n cock C ounty, In d --------------- 4 y i
1930
545 .Ila n n a T w p ., In d --------------------- o
«1922
545 -H ardw ick M in n -----------------------6 A
1935
.H
arrisburg
P
a
-------------------------4
791
1920-1935
866 .H arris Sch. D ist., I o w a - - - - - - - 5
al921
545 .H arrison C o ., Ind. (2 is s u e s )..- 4 ' A
.H
arrison
C
o
.,
Ohio------------------545
4
635 .H artford , C onn------ 866 .H azleton T w p. S. D . N o. 10,
01923
M ich ................................... - - - - 5
5 4 6 .-H em pstead (T .) Un. Free Sch.
a 1933
Dist. N o. 8. N . Y .................... 4 A
ol920
546. .H en ry C ounty, Oliio----------------- •>
1916-1928
791. .H illsboro S. D ., C a lif.................. 5 .
1945
468. .H oboken N . J ---------------------------- 4 /3
1922
8 6 6 . .H om er Township, O h io. - - - - - Q
8 66 . .H u bbard C ounty, M inn. (3 iss.) ._>A
1916-1920
8 6 6 . -H ubbard C ounty, M in n ------------ o
546. .H u dson, N . Y . (4 issues)............ 4 ' A
867. .Indianapolis, Ind_______________4
01927
468­ -Irvin gton, N . Y --------------------------- • > ,.
01925
791 .Jackson Sch. T w p ., In d ------------4 /a
01921
712­ .Jasper C ounty, In d ------------------- 4 A
712. .Jefferson C o ., I n d ......................... 4 ' A
712­ .Jefferson C o ., In d --------------------- 4 'A
01926
4 hj
t )------------------- .Johnson, rPa546. -JUILIISUII,
01921
636. -Johnson C ounty, Ind. (3 is s .)-- 4 A
a l9 2 l
636. -Johnstown, N. Y ____________ •>
1940
713. -Jones, O kla-------------------------------- o
1916-1925
469. .Junction C ity, O h io----------------- 5 A
o l9 40
546. .K earn y, N . J ................................. 4 'A
1930
469. -Kennebec C ounty, M e _________ 4
01926
469. -Kenosha, W ise_________________ 4 A
01922
469. .K enosha, W ise__________________ 4 ' A
867. -K lickitat C o. S. D . N o. 21,
W ash............................................... 'A ri
713. .K n o x C ounty. In d --------------------- 4 A
1920
469. .K n o x C ounty, In d _____________ j?
791. -K n ox C ounty, Ohio____________ o
546. -K osciusko C ounty, In d------------ 4 A
791. -L acey Consol. S. D ., Iow a -------- o
— - ..........
713. .L akew ood, Ohio (4 Issues)-------- o
713. .L aporto C o ., Ind. (2 issues)------ 4 A
546. -Lassen C o ., Calif. (2 issuos)------ •>
01926
791. -Lawrence, M ass________________ 4
791 .Lawrence C ounty, In d --------------4 'A
713 -L eo C ounty, Fla______________ 6
1916-1918
469 .Leicester, N . Y ________________ '>
01928
469 .Leonia, N . J ___________________ 5
867 -Lewis & Clarke C ounty, M o n t- 6
713 ..Litchfield Twp., Ohio________ J
791 -L ittle Running Water Dr. D ist.,
A r k _________________________ - - 4 6 9 ..L iverpool T w p ., Oliio (2 issuos) - 5
a 1921
7 1 3 --L ock port, N . Y ------------------------ 5
01921
8 67 --L og an , O hio------------------------------•>
8 6 7 ,-L o g a n S ch .D ist.. Iowa,------------- 5
..................
5 16--L oraln, Ohio (2 issues)--------------5
713 -.L ow ell. M ass. (4 issues)_______ 4
546--L o w e ll, M ass---------------------------- 4
7 91--L uan a Consol. Ind. S. D ., I a — —
01921
713 --L u cas C ounty, Ohio----------------- 5
01921
516 --L u cas C ounty, Ohio___________ 5

210,000
60,000
40,000
10,000
180,000
52,000
10,000
80,000
25,000
50,000
16,840
30,000
31,000
121,500
3,600
19,500
18,000
3,250
25,000
15.000
20,000
2,000
5,000
7,425
10,850
60,000
85,000
12,500
15,000
18,480
13,600
5.000
84.000
8,800
20.000
5.000
100,000
55.000
4,200
5.000

10.000

100.538
101.25
103.668
97.01
97

102.11
100
100
102.61
101.90
101.768
100.694
101.491
100.042
102.81
100
100.03
100.525
100

____

101.97
96.40
100.266
100.124
100.145
101.062
fob" I ? "
100

100
100.21

100.681
100
101.46

7,365
35.000
28.300
25.000
60.000

100.16
101.141
101.204
102.131
6.000 100.083
93.000 100.74
47.000 8/100
54.000
540,000 100
28,000
[04.68
5,000 101.85
8,000 100.134
1,900 101.21
1,000 100.03
100.000
26,600 100.187
40,000
10,000
6,975 100.824
33,500 100
20,000 101.14
10 0,0001 100.925
60,000)
3,000
5,700
27,300
15,000
22,240
16,000
58,370
21,600
100,000
100,000
2,400
177,500
2,500
75,000
100,000
10,000

100

40,000
41.200
16,000
• 33,000
26,000
116,000
71,000
200,000
30,000
3,200
80,000

98
100.59
101.713
100.47
100.288

101.849
100.47
100.119
101.027
102.408
100.21
100.504
95
100.90
101.143
100

101.715
100.383
100
101.416

Sept, n 1915.]

THE CHRONICLE

£?/?e- T
^ N am e.
R atCMaturity.
A m o u n t.
§ 4 6 ..L u ca s C ounty, O hio____
5
«1920
53,970
7 9 1 ..
Lucas C ounty, O hio.
5
al921
20,000
" r.
7 1 3 .. L yon s, O hio______
a
1923
14.000
7 1 3 ..
M cA rthur, O h io _____ ____________al927
kig
6 3 6 ..
M acon , M o __________
e™
....1,000
......
30.000
HcJ;,°o1 T 'v p ., i m i : : : :
” 0*1920” "
12 7 0 0
§ 4 6 --M a d R iver T w p . S. D „ O h io .. 6
i '™
--------? o o - - ^ aho? in^ Counfcy- O hio______ 5
al921
9,375
7 92._M anateo C ounty, F la ____
6
1935
50.000
7 13—M anchester, N . Y
.
' ' " i on 1916-1945
35.000
4 6 9 --M ansfield W ater SuppVf)'.;Ma'ss 4
al931
30.000
7 f n ' - ^ a r c o p a ' [ ' S. D „ C
a
l 6
19161930
15.000
4V
I ^ - - ? J ar}o n - o h i o .................... ..
al921
15,500
| 6 9 - M ar on C ounty, In d __________I 4
a l926
600,000
al921
7 ? § ” ™ ar on o ounty. In d ................... 4 y 3
2,300
7 6 o ” ?J ari?n C ounty, O hio_________ 6
a l922
20.000
Z-J9--Mari b oro, M ass. (2 issuos)____ 4
60,000
«Q ft'"?J arsf,a ’ Okla. (2 issues)_____ 6
1940**
25.000
636— M assena, N . Y ___
191719214,500
7 9 2 .-M aum ee, O hio____
k™
1935
56.000
7 9 2 .-M a y w ood , 1 1 1 . . . ............
4 14
a 1924
26.000
7 9 2 ..
M eeker C ounty,
M inn
....1917r,
40.000
1926
r
5 4 7 -M o m p h is , T en n ______
a
1923
575.000
7 1 3 -M ia m ls b u rg , O h io_______
5
a 1923
14.000
^ . 1,1 T o ^vns“ lP' ° hio _______ .1 " 5
a l922
12.000
p q r "iau 5§P’ " ls- <3 issues). . .
4 ]4
400.000
1916-1935
C 36 ..M m d en (T .) U n.Fr.S n 14 w v k *
a l929
70.000
6 3 6 --M in d on (T .)U n.F r.S .'D .'l4,’N.’Y 5
a 1926
10.000
5 4 7 -M n n e a p o ils , M in n _______
1916-1935
105,120
42.000
19181935
I w i i m S S S 0” ! 801100'
k *»1917
75.000
§ 6 7 - -M on roe C ounty, Iow a” ” ” ”
50.000
- ^ onroe T w P- Kural S. D .,O h lo. 5
50.000
4 7 0 ..
M on tclair, ft . J ____
4^
150.000
__________
15’000
X I 4 - - M ° ntg °m ory C o ., Ind. ( 2 issues) 4
70 9 " " ^ n£gom ory C ounty, O h io------ 5
al921
10,000
547 MnnJ£°m ery C ounty, O h io------ 5
a l92 0
15,000
7 1 I at tgoI2,ery C ounty, Tenn . . . 5
..................
50,000
__________
17,289
7 1 ‘ --M o rr o w C ounty, Ohio (2 issues) 5
4 7 n '"A T ?Ui^ta "a!™ S. D ., Now M e x . 5
dl935-1945
12,000
^
Toiuuu,
m
..
i&auus)
ft Vo
7 1 4 ..
M t. Vernon, O hio_______ 5
1925
714— Naples, N . Y _____________
4
1916-1929
6 3 7 ..
Newark, N . .I ......
4 14
1960
6 3 7 ..
N ewburgh, N . Y . .....
4y.
01936
7 1 5 ..
Now Haven Township, O h i o . .. 5 1928
5 4 7 ..
N ew M arshfield R ur. S. D ., O 5 01926
U
5
6 4 7 ..
N ew M ex ico __________
dl935-1945
637— N ew port, K y . (3 i s s u e s ) ...” ” 5
6 3 7 -.N ow p ort, It. I ____
_
4 14
6 3 7 ..
N ew port, It. I ________
_
5 4 7 --N ew R a y m erS . D ., C o l o . . — ” 6
d l 925-1945
5 4 7 --N ew ton C ounty, In d _________ 5
4 7 0 .-N ew ton , M ass____________
. 4
01931
6 3 7 - .N ew Rochelle, N . Y .
4 14
01927
£ 9 2 .-N ow W ashington, O hio_______ 5
01921
8 6 8 __N cw Y ork C itv
1924
714—N iles, O h i o - . .
5
v n o - - S 0biPSA
9? h001 Tow nship, In d ” 4 U
7 9 2 ..
N orth A dam s, M ass
4
01926
«1922
8 fis” £ 0 \ £ hi^aF°TS; D - N o - 63, i l l ” 5
8 6 8 —N orth Plainfield, N . J . .
5
01937
8R8” £ 0nvlch; N -,Y - (-i i s s u e s ) . . : : : 5
868. .
N orw ood, Ohio
5
” o l9 2 f”
470— Oakfield, N . Y
4 14
01932
637— Olean, N . Y
_ ’
48
01945
—Ilrangohurg, So. C ar. (^Issues): 5
d l 935-1955
4 7 0 ..
0 .a n g e C ounty, In d _____ 4 ) 4
01921
7 1 7 .-O ra n geT w p . Cons. S. D .,Iow a _ 5
1922-1934
7 9 2 ..
0.lea n s C ou n ty, N . Y ..... 4 14
01920
714. .P alm etto, Fla
_
1918-1920
4 7 0 ..
Parko C ounty, In d _
4 14
01921
7 1 4 ..
Parkersburg, W . V a _____ 5
1925
6 3 7 .-Pensacola, Fla__
.
_
5
1925
7 1 4 --P ickaw ay C ounty, O. (2” iss'.)” 5
7 1 5 ..
Pike Soli. T w p ., Ind
41.4
1930
471 ..P ittsfie ld , M ass., (2 i s s . ) - ” ” 4

548— Putnam C ounty, Ind. (3 iss.)
4 14
7 1 5 ..
Putnam C ounty, Ind
7 1 5 ..
Quincy, M ass. (3 iss.)__ 4 '
8 6 8 - . R aeford, N o. C ar____________
715— R andolph C o., In d __ :
4 X4
7 1 5 ..
Rawson, O hio________
514
H®°k Un. S .D . N o. 3.N.Y1 5
7 9 3 ..
R edondo Roach, C alif.
5 14
7 9 3 .-R ed w ood C ity, C alif______ ” ' 514
793— Rhodo Island, Stato o f
4
5 4 8 .-R ich m on d , Ind_____ .
_
4
471 ..R ich m on d T w p ., O h i o . . . .
0
548— R idgway, ill__________
‘
471 — R ipley C ounty, In d ______ ” ” 4 14

al921
«1921
.'/1922
1916-1955
19161965
1917a 1921
a 1927
a 1921

M 8 — R o s a m o n d S c h :D ..’ C alifl — I ” t ' A
1922-1935
5481 :sa°cm mem o', c ld ifl I111 1 1 11 1 1 4 ^
19 2 2 ' 19 3 5
715— Sacramento (lo .. Reclamation
..............
Dist. N o. 407, C alif___________ 6
al0.34
9 laI,r C o D - N o -189, 111. 5
nl928
5 4 8 ..
5t. Lucie C ounty, Fla__ 6
1916-1930
715— Salem, Ohio (4 iss .)___________ 5&5J4
”
471 — Sallnevilio, Ohio (3 iss.)_______ 5
5 4 8 --Salix, Iow a _____________
_
471—Sandusky C o ., O hio” — ” — ” 5 "
1918
7 15-Sandusky C o ., Ohio (3 iss.)______ 5
869. . 5an Patricio C o ., T e x . . .
- 6
1955
518— Scarsdalo, N . Y - .
4 u.
1916-1945
548—Seneca Falls, N . Y — — I ” ” ” 5 d
§ 3 8 .-Sheridan C ounty, M o n t______ 5j|
716-Sioux C ounty, N o. D ak..5
1935
9 88--S ou th Charlestown, O hio________5
al931
869. .
50uth San Joaquin Irr. D ist.,
C alif -_
. 5
1937-1938
471— Spjvrta, M ich — — ” ” ” ............
716— Spencer T w p ., O hio....................... 5
” o l9 2 5 ”
471— Springfield, T en n _____
716—Starke C ounty, Irid.......................4 %
716— Stearns C ounty, M in n ..........
6
al921
§ 3 8 — Stockton, C alif......... ................... 5
1916-1955
716—Suffolk C ounty, N . Y ______
414
a 1925
§48—Sullivan C ounty, In d _______
4 l|
«1 9 2l
4>4
§ 4 8 —Sullivan C ounty, I n d ..........
al921
7 1 6 ..
5ummit C ounty, O h io.
5
al918
'1 6 - S w a n Sch. T w p ., I n d . . . ............<;
1916-1919
794 —Sylvania, O h i o . . . ...........
5y,
1940
1935
cm>- - ^ ' lcus0' N - Y - (2 Issues)____: 4 1 4
a 1924
Kio “ papl0CS.c h ^n - N o - 68’ S o- D ak - 544
1925-1929
§ n ? - -S aft Sch- D is t - Dalif.................. 6
-T a rry tow n , N . Y ________________ 4 V ,
a 1922
639—Thom asville, G a . . .
.4 4 4
794 TViU?]”
In d - - - ..............«1921 *
m °t°w
^ e d oa’, 9rhi<?
- - .............................414
1925
§^4o
4 9 ''-_T
N . J __________
5
a 10311
6 3 9 ..
T roy Sch. D ist., Iow a ” : ” ” ”
S - I r? on Grad. Sch. D „ N o. C a r. 6
1935”
^40__Tiilat-o S. D ., C alif____________ 6
1921-1935
649— Uhrichsvillo, O hio_____________ 5
al921
S d g .-U n o n c i t y . l n d --------- ---------Z” 4 1 4
a l921
al921
fl3 9 ” TT?wn S-OUv t^ k I.n d -T .............. - - 4 1 4
a ’ at’ Yr (2 lssucs) - - - ......... 414
..................
716— U tica, N . Y — ...............................4 X
«1919




P r ic e .

100.579
101.508
100.303
100

100.10

101.11

100

105.612
100.30
100.153
103.866
100.14

100
100

101.927
101.17
95
100.444
100.119

100

101.75
100.63
101.50
101.041
101.70

P age.

863
N am e.

R a te

M a tu r ity .

A m o u n t.

$12,000

5 '
7 1 6 ..
Vienna T w p ., O hio___
1928
7 16 — Vigo C ounty, I n d ._
4 1/
01921
7 16 . .
Visalia, C alif_
1916-1941
7 1 6 . . Visalia, C alif................................. «
1916-1940
717 - - W akeman Townshlp, O h io ” : : 5 1 4
n i'.iz i
al921
? l o ' ' w a a )Y^lla Co 4 , Sl C - 31,W ash. 5J4 dl916-1925
5 4 9 - - W alnut G rovo T w p. S. D ., Ill
5
lQ lfi-iq tn
717W arren. Ohio (5 is s u e s ).I * ...:I 5 19 16 - 19 30
549— Warren C ounty, Ind. (2 issues) 4 ) 4
al921
7 1 7 --W a rrick C ounty. Ind. (2 issues) 4 ' A
al921
549-.W a rrick C ounty, In d __________ 4 8
5 4 9 ..
W ashington C . IT., o . (2 issues) ■5 f l ' m i ' "
4 14
4 7 3 -W a te r v h e t, N . Y _______
a 1926
6 4 9 . . W aterloo T w p. S. D . Ohio
6
al916
6 4 9 -W e lls v iile , N . Y . (t is s u e s )” ” S u
al931
5 4 9 ..
W estfield. M a s s . . . .
; -----------4
^
1916-1935
7 l7 ._ W e s t Park. O h io.
” 5
1945
6 4 0 - - WestviU9 School District', Corin: 4 1 4
1945
7 9 5 ..
W est Point, G a . .
\
1934
7 9 5 ..
W est Point, M iss
..........?
§49— W hite R iver School T w jj.,"in d : 5
* "a 191*8
7 9 5 -W h it m a n C o .S .D .N o .l& .W a s h 5 ! 4
1925-1930
o 5 0--W ilm in g ton , Del
A iy
al939
........................ V *
870_-W ilson, N . Y
a!919

2,800
65.000
50.000
4.000
6.000
15.000
80.000
9,600
17.000
13,950
29.000
55.000

1,200

241.500
25.000

10.000

15.000
10.000

10,000

6,000

1.500
50.000
3.500

102.10

101.40

8
: f
7 1 9 -.Y ou n gstow n , Ohio (22 iss u e s ).. f4 H
551 ..Z i n c House School D istrict, Cal. 6

lo o ” ”

100.002

101.80
100.433
101.33
W101.203
L .W i S
.
.
100 983

~

s

a

26.000
f 8.000
lOOj000
105•700
7,000

: :

.........
-1920-1929
--------

P r ic e .

100.091
100.964
108.861
108.59
101.575

100
100

100.957
100.12
100.167
100.09
100.92
100.413
106.666

100

101.58
104.60
103.038
101.50
102:466

100

106.01

100

IOT.309
103.583
100.471
Various
105.527

™ a'h ? n d sales£ 0 5 July 1915 (254 municipalities
coveiin g 519 separate issues) .V . - - - ^ Z - . . „ - f c $ l 9 424,498

R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .
7,300 100.821
14,000 100
500,000 102.08
40,000 101.216
5,000 100.80
12 ,0 0 0 10 2 .2 2
35,000 107
8,850 102.259
100.649
4 42,0001
^
32,000/
16,900
24,251 100
30,000 101.632
25,000 101.072
1 1,0 0 0 100.09
300,000 a:10 0
12 ,0 0 0 100.52
5,000
190,000 10 0 .8 6
2 1,0 0 0
35,000 104.10
13,803
1,655 10 0
35.000 101.542
150,000 101.459
30,000 101.29
2,320 100.56
43,000 102.125
67,935 100.578
75,000
92.25
16,600
200,000 101.695
30.000 102.516
10.300 101.087
17,250 102.443
117.000 101.349
15.000
3.500 102:371
24,600
61.500 101.271
15,880 100.245
4,615 100
21.300 100.451
30.000
5,800 100:437
9.247 100.09
13.500 102.10
121.000 102.609
19307.500
458,000 102.76
1922
60.000 100
5,000 101.30
6,900
.
4,400
100.477
000 100.325
15^|
2.500 101.06
14,000 100
o^.tuu
27,640 100.108
300.000 102.103
60,000
97.791
25,566 101.333
18,700 100.037

10,000
12,000

20,000
75.000
75.000
10,600
130.000

10.000

30.000
25.000
12.000
10,000
15.000
3.000
5.000
550.000
130.000
11,645
2,188
3,225
4.000

22.000

594,500
12.000
60.000
10,000
8,000
3,440
131,000
60,000
17.500
3,000
12.500
25,000
7.500
z20.742
o.
27,,000
o
2,321

T I 10 f o l l o w i n g i t e m s , i n c l u d e d i n o u r t o t a l s f o r p r e v i o u s
m o n t h s , s h o u ld b e e lim in a te d fr o m t h e s a m o .

W e g iv o th e

p a g e n u m b e r o f t h e is s u e o f o u r p a p e r i n w h i c h t h e r e a s o n s
f o r th e s e e lim in a tio n s m a y b e fo u n d .
P age.

N am e.

A m ount

§5?--SHC!lmon«a School District, Cal. (June list}

sf>n nim
...........................- S$20,0
roooo
8 64 . .Ellensburg, W ash. (June l i s t ) . . . . . .
60,’nnR
C
7 1 3 ..M e d ia , Pa. (July list)____
7n
70,0
Z92--wXmpia'
Wash(Juno
list)—
..
...............
90 °°°
000
71
n i.i
r * r __.TIT
718— Wllmlnoffnn
W llm fngton School “d
(strictf rv
Del".' (M
a y list) ” ”-------------------” ” ” ” ”
40 ,[oOO
W o have also learned of the following additional sales for
previous months:
P age.

N am e.

R a te.
- 5 )4

M a tu rity .
d

1916-1925

-

5
dl925-1945
5
01921
4H
1945
5
01925
5
1920-1934
5
: 5
d l 935-1955
. 6
1920-1931
S. 6
dl921-1925
5
. 6
- 4^
- 5
. 6
- 5
- 5

7 1 1 ..E x celsior Springs, M o .

j
.

6"
5
5
5

1935
1945
*"19 4 5 ”
1940
1919-1929
d 1925-1955
dl925-1945
1930
‘ *"1935*"
01919
1916-1945
1930

A m o u n t.

P ric e.

$ 1,0 0 0 10 0
80,000 100
125.000
16,139
...
58.000 xlOO
17,661
...
100.000
...

100,000
15.000
20.000

1,200

18,000
20,000

30.000
20.000
20,000
215,500
40.000
12.000
50.000
17.500
9.000

6.000

30.000
15.000
20.000
13.500
35.000

10 0
10 0
101.294
100
10 0
101".055
fob” ”
95.416

102.20
100.10

10b:57"

. 6
100
- 5
d l 925-1955
-4 > *
1935
100.000 95.75
- 5
1921-1935
39.000 100
. 6
1921-1925
2,500
7 1 2 ..H a yw ood C o ., N o . C aro. (June)' 5
1945
50.000
90.10
5
1945
10.000
90
6
1926-1935
5,000
____________
— *vuuouo
100
8 6 7 ..L a M esa, Lemon G rove & Spring
Valley Irr. D ist.,C al. (A pril). 6
29,700
(M a y )-------------------------------f,
26,800
(June)____________________(j
5,000
713—Lehighton Sch. D ist., P a ___
4 14
1945
100,000
8 67 — Linnton, O r e .. . .
.
5^
19201934
50.000
101.30
867 —M aryvillo, Tenn
5
1945
55.000 100
792— M cD ow ell C o ., W . Va
5
dl935-1945
165.000
7 92 — M ctam ora T w p . II. S. D . , 111.
(J u n e )_____________
k
1935
35.000 101.142
7 92— M idland, Pa. (M a y )____” ” ” 5
01927
15.000 103.22
8 6 7 .-M inneola, T exas___ _
"5
dl925-1955
25.000
100
100.36" 714— Nehalom, O re. .
<;
dl925-1935
8,000 100
100.515 8 6 8 -.N e w Zion S. D . N o. 15, So. C a r '.
101.248
( M a r . ) ______________
g
1935
3.500 100
100.29
8 6 8 -.N orth a m p ton C o ., N . C .(M a yJ (j
1931-1940
16.000 102.30
? 6 8 — Olmstead C o . S. D . N o. 8 ,M inn.
1916-1933
88.000 102.668
10 1.11
8 6 8 - -O regon C ity, Ore” ”
«
1925
16.000 100
101.293 792—
Orenco S. D . N o. 38, O ro.(M a y) d 61925-1935
10,000 100
868Paris, Tenn. (M a y ).
5
1916-1950
35.000
868. .
Peoria C o. S. D . N o . 119, 111
5a 1924
29.000 lbl".034
7 1 5 .-P oca tello, Idaho (M a y ).
5
1925
24,975 100.824
100.10
8 6 8 . . Prospect R luff S. D ., Ark .
6
1921- 1944 12.000
ZI5--S?®¥
J“
d
.C
o
S.D.J40
.3
5
,M
on
t.
6
dl920-1925
1 ,1 0 0 l 'o b '" *
100.05" 8 6 8 . .
5
..
M
a
ry’s
Parish,
La.
(A
pril)____
200,000 100
100
7 1 5 ..
5 .n Francisco, C a d f .
414
1920-1921
76.000 100
104.051 7 9 3 SaniIac C o ., M ich . (M a y )-------------5
____________
80.000 100.79
101.467 7 93. .
5 .n ta Ana, Texas
.
6,000
100.214
' ! § — Sheridan C o. S .D .N o.54, M on t. 6
" ” 1935”
11,500
100.37
716—Sherman,
M
iss_________________
0
1935
10,000 100
100
.
1916-1920
n
6.500
103.025 § 6 9 . .Silver Creek, N . Y ____________
7 i r - a ° M i h FOTTk S mD ” 1>a- (M a y )- 4 'A
1945
15,’" 000 100
103.92
716— Sullivan C o ., T en n _____________ 5
1935-1945 000 100.50
ion
101.097 716—
Sunflower C ounty, M iss........... 6
____
40'wuo
40,000
tROO.50
§
8
9
-U
rbana
S.
D
.,
Ohio
(M
a
y
)____
5
u
iu
>
i
lii’ooo
100.756
102.185
869Vance C ounty, N o. C a r o - . . . . 5 . . .
50 000
10 0
8 6 9 ..
Vinton Sp. S. I )., Ohio (Juno)_____
18,000 100
10 0
869-V olusia C o. Spec. Tax S. D .
100.45
N o. 14, Fla____________________5
12,500
95
100.043 71 / . . W ayncsboro, G a _______
5
1945
19.000 100.59
8 6 9 ..
W heatley Sch. D ist., A rk________1919-1942
6
12.000
870. W iggins, Miss. (M a y ).
0
1925-1932
4,000 100
101.55
7 9 5 .-W illiford S. D ., A r k . . .
'
1919-1940
11,0 0 0
107.864 718— W inder, G a _______________ I ” 5
1945
13,000
100.651
101.30
100.349
100.043

All tho above sales (except as indicated) are for July.
These additional July issues will make the total sales (not
including temporary loans) for that month $31,907,416.

D E B E N T U R E S SOLD B Y C A N A D IA N M U N IC IP A L IT IE S IN
AUGU ST.
Pane

[Vol. 101.

THE CHRONICLE

864
N am e.

H a te.

M a tu rity .

A m o u n t.

P ric e.

870 Bathurst N B
__________ 5
795 BeU Plains A lta ” 11..............
7
5511iB ev erly T w p . , O u t ..
............ 5 X

1955
1916-1925
1916-1945

$75,000
1,200
4,495

9o.50
............
............

7 1 9 --C olchester N o. Twp., O n t......... 5
7 1 9 --G od erich, O n t------ ------------------- 5

1916-1935

14,040

94.078

6 4 0 --H untsville, O n t............................. - - 551--M a rm ora , O n t-------------------------- 6

1916-193o

1f ’nnn
y ’ ron

............
----------

In i
SSt® i7,779
tS i-o
o
.g
i1916-1925
-----

7 95 --O a k v ille, O n t---------------------------- 5
1916-1935
719--O shaw a, O n t ................. - .............5>4
1916-1945
6 40 --P em b rok o, O n t............................. 5
7 9 5 -_ I>onoka, A lta ---------------------------- 7
1916-1925
8 7 0 . -T ilbu ry East Tow nship, O nt— b
1915-1930
6 4 0 --V ancouver, B . C -----------------------—
---------------551--W estrklge S. D ., S a s k ..--------------—
551--W h itb y , Ont. (3 is s u e s )-...........5 K
1945
5 5 1 --Y o r k T w p .,O n t ------------------------- 5
1935
7 9 5 --Y o r k Twp., O n t..............................................- .......... -

30,000
25.090
f ’?nn

94.33
2S’S§
97-82
1 ,5 0 0
-----19,58b 100.224
8 i ’ onn
---------c o ’ ann
ciV78’
62,400
98.73
12,000
---------10.33.5
............

Second__Providing that tho Supremo Court o f this State shall consist
o f a C hief Justico and four Associate Justices, describing their qualifications,
tenure o f office and com pensation 30,957 " fo r ” 98,97? "against ”
T hird— Authorizing tho levy and collection o f a special road tax not to
exceed 50c on the $100 valuation o f property in any county, subdivision
or subdivisions or defined district thereof, wiien same has been authorized
b y a m ajority o f the qualified electors at an election held for that purpose,
Fourth—'A dd?ng° t h e r e in Section 3b authorizing tho Commissioners’
C ourt to create a students’ loan fund, 27,529 for , 102,627 against.
Fifth__Authorizing the issuance o f bonds for levee, drainage, road and
other pubtic improvem ents, and for taxes therefor, 32,772 “ for” , 97,546
" a§ixth— Providing for the separation o f tho University o f tho State o f
Texas and the Agricultural and M edianical College, a n d .a n .eq u ita ble
division o f the University lands, 50,398 for , 8L,bo8 against.

Bond Calls and Redemptions.
D e n v e r S c h o o l D is t r ic t N o . 1 (P . O . D e n v e r ), C o lo .—
Bond Call — Payment will bo made on Sept. 15 at tho office

of the District Treasurer of tho following bonds of formor
Rolinol district N o . 17, in tho County of Arapahoe, Colo.:

T otal debentures sold in A ugust................................... $1,364,033
A D D IT IO N A L SALES OP D E B E N T U R E S FO R P R E V IO U S M O N T H S .
n„.„.
N am e.
H a te.
M a tu r ity .
A m o u n t.
P r ic e .
7 19- Gravenhurst, Ont. ( J u l y ) - - - - - - 8
1916-1930
15.000
qr '^ o
35,000
96.oO
7 9 5 .-S t. Henri Sch. M u n ., Quo. (J ne) 5 > 3 ---------------

News Items.
E lle n s b u r g , W a s h . — Bonds Declared Void.— The $60,000

municipal-light-plan t-impt. bonds awarded to tho State of
Washington in Juno (V . 100, p. 2183) were declared invalid
by tho Supremo Court in a recent decision. Tho court
holds, according to newspaper accounts, that the city erred
in simply referring in tho election notico and in the body of
tho ballots to the terms upon which the bonds were to be
issued and in not repeating tho exact languago of tho ordin­
ance.
M is s o u r i D r a in a g e a n d L ev ee D is t r ic t B o n d 3 .
Bow­
man, Cost & C o ., investment bankers, St. Louis, M o ., have
issued a pamphlet containing an article on Missouri drainage
and lovco district bonds by John H . Nolan, Commissioner,
State Department of Land Reclamation. The author pre­
sents a digest of tho now laws governing the issuance of such
bonds. Copies may be had by addressing Bowman, Cost &
C o.
N e w Y o r k S t a t e .— Work of Constitutional Convention .—
Tho Constitutional Convention last Saturday night (Sept. 4)
ended its consideration of proposed amendments to be
incorporated in tho new constitution, which is to be sub­
mitted to the voters at tho general election in November.
Tho Convention commenced its work of rovising the Con­
stitution on April 6 and while wo have at various times
since that date referred in these columns to the more im­
portant amendments proposed, a brief summary of all that
was accomplished will no doubt prove of interest.
Ihe
statement below regarding the matter appeared in tho New
York “ Times” of Sunday, September 5 :
PR OPOSA LS A D O P T E D .
Short ballot proposal em bodying comprehensive readjustm ent o f the
State departments and leaving tho G overnor, Lieutenant Governor, C om p­
troller and A ttorney General as tho solo electivo State officers.
Budget reforms providing for an executive, instead o f a legislative
budget and for a plan substituting serial bonds for long-term securities In
St Revised hidiciary article providing .am ong other things, for a reorganiza­
tion o f the intermediary courts o f civil and criminal jurisdiction in New
Y ork C ity and abolishing the C ounty Courts in Kings, B ronx, Queens
and Richm ond.
Limited home rule plan for cities.
Increasing s a fa ry '^ C ^ v e rn o r from $10,000 to $20,000 and o f legislators
from $1,500 to S2.500.
..
_
.
Proposal abolishing tho emergency message from tho Governor under
which legislation is "railroaded’ through.
•
Proposal giving tho Legislature power to enact laws to prescribe quali­
fications o f officers o f the National Guard and to inaugurate m oro rigid
^ P ro p o sa l empowering tho Legislature to regulate or abolish manu­
facturing in tenement houses.
Proposal including occupational diseases among tho grounds entitling
industrial workers to compensation under tho W orkm en's Compensation
" Doing away with tho Condem nation Commission in New Y ork C ity.
Abolishing the Peacemakers’ Court o f tho Indian tribes and bringing
tho red mon under tho whlto m an’s law.
,
.
N ow article on taxation prohibiting contractual tax exemptions and
making it possible to provide a workablo system to roach property through
centralized control over local assessments.
PR OPOSA LS D E F E A T E D .
Proposal to abolish capital punishment, and a proposal leaving to a jury,
in murder cases the determination o f whether a murdorer shall be executed
° r P ro p o sa l to provide for tho incorporation and State regulation o f tho
Stock Exchango.
.
Proposal for an appointivo judiciary.
Proposal to abolish exemptions from jury duty.
Four-year term for Governor and Senators and two-yoar term for AsSCIpm posaI to provide a system o f voting in electing officers o f incorpora­
tions, which would better onablo m inority stockholders to p rotect their
Proposal to do away with arrests in civil cases, except for contem pt o f
court.
„
Proposal to establish tho literacy test for voters.
Proposal to establish tho party convention as a nominating medium.
T he Barnes anti-social welfare proposal, which would have prevented
the establishment o f a minimum wage for wom en and children and humani­
tarian legislation o f every description.
, ..
.
Article on education which would have constitutionalized tho present
practice o f tho State in supervising and inspecting private and parochial
schools.

T e x a s . — Vote on Constitutional Am endm ents.— Canvassing
of the returns of the special election held July 24, when six
proposed amendments to the Constitution wero defeated
(V. 101, p. 226) was completed Sept. 4 and tho result an­
nounced as follows:
.
First— Authorizing qualified voters to vote in precincts other than tho
precinct o f their residence under certain conditions, 42,690 "fo r ’ , 90,994
’ against.”




R onds N os 21 22 23, 24. 25, 26, 27 and 28 o f the second issue o f School
District N o. 1 7 . dated M a y 15 1902. and in the denom ination o f $1,000 each

T a k e C o u n t v (P . O . L e a d v ille ), C o lo .— Bond Call.—
Notice has been given that bonds N os 181 to 198 incl of
denoms. $100, $500 and $1,000 and dated N ov . 15 1901,
will bo paid upon presentation at the County Treasurer’s
office after Sept. 1 and will cease to draw interest Oct. 1 1915.
M is s o u r i. — Bond Calls.— Whitaker & C o. of St. Louis
furnish tho following list of municipal bonds which have boon
called for redemption:
Boone C ountv M o ., C olum bia School D istrict 4% high-school bonds
N o* i r e 10 Incdusivo for $100 each; and Ward School Bonds, N os. 1 to
5 inclusive, for $500 each, dated M arch 1 1909, have been called and w 11
b °lbft\erSC ounty S clioo?D istrict N o. 24 (old number 2-25-7). 7 % building
bond n 5 1" f o r $500. dated July 1 1895. has been called and will bo paid
,u j L * A <?inntv School District N o. 70 (old number 4-23-7), 6% building
m d i N os 1 2 3 . 4. 5 and 6, for $100 each, dated July 2 1906, have
bonds
>en called anil will be paid July 15 1915. 9 ami ■>
b CBii 11er ^ o i m t y VSchoolP D is trie t 77, 5 % 'b u ild ln g bonds. N os. 1, 2 and 3
for SICK) e a ch ! elated July 10 1911, have been called and will bo paid A ugUSChristian C ounty School District N o. 79, 1 7 % building bond . N o . 4.
dated Juno 15 1906. has been called and will bo paid June 15 1915.
Elsberrv School District N o. 16, Lincoln C ou n ty, 5 % bonds N os. 1.3, 14
and 1 5 ? fm -$500 each, dated July 1 1904, have boon called and will bo paid
JllTTamll1ton5 5% bonds, N os. 1. 2, 3 and 4, for $500 each, dated Sept. 1
iQ in have heen called and will bo paid Sept. 1 1915.
,
,
o
iinVriinn C ountv School District o f Bethany, 4 % building bond N o. 2,
for Sd 000 dated August, 15 1905, has been called and will bo paid A ug­
ust 15J 9 J ? '„ n t v District 4-8, Township 28, R ange 32-33, 6 % building
bond’s1? n S 9 » n d W , for $500 each dated September 1 1901, have been
called and will bo Paul oxin ^ o n ^ o w n sh S p , 4 H % township bonds. N os.
1 Lafayette C o u n t y w f l f S S d 12, for $1,000 each, dated July 1 1910,
have been'called a n d ’M il b e r r e f u n d i n g
4 14 %
bonds,
N bsa ? r 2 3. 4 Vfand 6 , for $ 1,0 0 0 each, dated July 1 1910, have been
called and win bo p a id .^ Y u s t r ic t N ’o . 42, Lebanon, Board o f Education
4 ^ % b o n d s W s 10 and 1 1. dated N ov. 25 1895, have boon called and will

1945? °

N ew ton Center 4 ^ b o n ^ N ^ ^ 4 to

° aC *’

daOzda r k 1Lhoo®°Dls1trict N o. 26, 8 % building bond N o. 1, dated M a y 20

7

July 2 , l 9°.6.’ b 7 a ’ f,nnlCDistrict Butler C ounty, 4% bonds N os. 1 and 2,
„ 1 y p '7
, sch ool
1 19 0 1 havo been called and will be paid July 1 15.
f o r $ 5 0 0 e ^ , d ^ J u l j r y J U i . n » t 1er County, 4 % bonds N os. 1, 2, 3, 4
and? 5P for $500 !a c h ? dated July 1 1902. have been called and will bo paid

dated Aug. 1 1 9 0 3 , have b

41 /

%

B ara*

waterworks bonds, N os. 11 and

Aug 1 'W O sT to v o boon called and will bo paid

A^ ? .J & fcou n tr

? i,S2.'3KAu^O¥t,101f?. 0
3 »d

each, have

been called

and w lll_b op aW Ju lj.( l i(l .) l fo

Slater,
D ec. 31
StOtt’f
C ounty, 7 % -------will bo paid Juno 1 1915.

N ew

O r le a n s ,

L a .-C e r tific a te

2fJ

-p,

4 . roc WOO

for J5Q0_ llate(1

,

-u

,

C a l l . - Payment will bo

made on Oct. 1 at tho office of tho Commissioner of Public
Finances of tho following public improvement certificates:
Issue of 1913, Series “ A ,” N os. 267 to 379 m cl.; Series “ B ,”
N os 16 to 21 incl., and Series “ C ,” N os. 52 to 86 inch All
prior numbers in each serios previously called.
The o ff icial notice of this certificate call will he found among
the advertisements elsewhere in this Department.
P a r s o n s , L a b e tt e C o u n t y , K a n s .— Bond C a ll— P ay­

ment will be made on October 1 at the Kansas State fiscal
agency in New York City, or at the National City Bank,
New York of the following 5 % bonds issued Sept. 1 1905:
$20,000 Parsons Wichita & W ^ tern lU t. C o.; $20,000
Missouri Kansas & Texas li lt . Co ; $20 0 )0 Parsons Inde­
pendence & Western R R . Co. and $20,000 Parsons Terminal
R R . Co. Each of these issues represent bonds N o . 1 to 40,
incl., for $500 each and duo Sept. 1 lJ3o.

Bond Proposals and Negotiations this week
have been as follows:
a t t f n C O U N T Y (P O. F o rt W a y n e ), I n d . — B O N D O F F E R I N G .—
Bi,D wm hn received until 10 a f m Sept. 13, and from day to day thereafter
uriUl so ld ? b y J. Herman Buoter, County Treasurer, for tho following 4M %
hi'diway-i'niprovemont bonds;
A - 4 ■,
$13,800 Corbin road bonds in Perry ^ w p • O cnom $600.
d QfiO Decker road bonds in'MaumeoJTvvp. giD onom .
J

Sept , n 1915.]

THE CHRONICLE

nn 7\m'<FHJm COUIJTY (P. o . St. Johns), Ariz.— P U R C H A S E R

OF

Purchaser of tho $125,000 5% 10-30-year (opt.) gold coupon
tax-freo road bonds awarded on May 1 at par and Int., less $5,125 commis­
sion, was Powell, Garard & Co. of Chicago.— V. 101, p. 709.
INDEPENDENT SCHOOL DISTRICT (P. O. Apple-

K ' a : , . , , : OUI1.tyi Minn.—B O N D ELECTIO N .—An election will bo
ere
nm 4% ibuilding
t<?iY,oto Pn
tll° Question of issuing to the State of Minnesota
$05,000
bonds.
?mAY.ILL.E,’ ,Bunc?mbe County, No. Caro.— BIDS.—Tho following
‘Y?,,- in? irrm t? received for the $50,000 5% water bonds awarded on
T. Holtz & Co. of Chicago at 100.294 and int.:—V. 101,p.543
Scasongood & Mayer, Cincinnati......................... ................ .$50,256 00
Hambleton & Go., Baltimore.......................
50,135 00
w,?i> o ^ Sa/ , T s Bank & Trust Co., Cincinnati....................... 60,062 50
Weil, Both & Co., Cincinnati....... ........ ..................... ............ 50,000 00
ATTICA, Seneca County, Ohio.— B O N D S A L E . —Tho following bids
'm e p tCe7VtX*V°l'l01*° 19,000 5% 14)3-year average water bonds offered
Lester Sutton & Sons, Attica______
SiO 313 65
Tiffin Savings Bank, Tiffin______ IIII111 III 111111111111111 10 051 26
Commercial National Bank, Tiffin________________________ 10 011 50
Bolger, Mosser & Willaman___________ ZZZZZZZZZZZZZZZZ~ZZ*10010 00
Hoehler, Cummings & Prudden, Toledo___ IZZZZZZZZZZZZZZZZ♦10,008 75
* And printing.
A bid was also received from Spitzor, Rorick & Co. of Toledo,
r A w? UB,-N’ Placer County, Calif.—B O N D E L E C T I O N . — According to
an olection on Sopfc. 14 to voto on tho questions
ci
tipe-truck-purchase, $2,000 firc-alarm-system-installation
ana Mo.UUO saworagt^systom-extension bonds.
AUBURN, Cayuga County, N. Y.—B O N D S A U T H O R I Z E D .—Tho
common Council on Sept. 7 authorized the issuance of $4,580 firo apparatus
purchase bonds, it is stated. Denom. 4 for $1,000, 1 for $580.
AUGLAIZE COUNTY (P. O. Wapakoneta), Ohio.— B O N D

SALE

.—

On Aug. 20 an issue of $19,750 5% 5-year road bonds was awarded, dis­
patches stato, to Davies-Bertram Co. of Cincinnati at 100.390—-a basis
of about 4.90%.
AUGUSTA, Ga.—B O N D O F F E R I N G . — Further details aro at hand
rolativo to tho offering on Oct. 6 of tho $250,000 4)3% 30-yr. coup, taxlreo flood-protection bonds—V. 101, p. 789. Bids for theso bonds will bo
received until 12 m. on that day by Wm. Lyon Martin, Clerk of City Coun­
cil- These bonds may bo registered as to principal or as to principal and
interest. Denom. $1,000. Dato July 1 1914. hit. payable J. & f . at the

865

tiples thereof. D ato O ct. 1 1915. Int. A . & O. at office o f C ity Treas­
urer. C ertified check on a national bank or trust com pany o f Bos­
ton (or cash) for 1% o f bonds bid for, payable to C ity Treasurer, required.
Purchaser to pay accruod interest. Holders o f registered bonds m ay, if
they so dosiro, receive interest b y chock through m ail. B onds will be
ready for delivery O ct. 1.
T E M P O R A R Y L O A N S . — During tho m onth o f August tho follow ing
tem porary loans were negotiated:
mo uni.
D a te .
M a tu rity .
In t.
® }’“ 0,0n0
A ug. 25 1915
N o v . 2 1915
241%
1,000,000
A ug. 27 1915
N o v . 3 1915
2 )3 %
B O O N E C O U N T Y (P. O. L e b a n o n ), I n d .— T E M P O R A R Y L O A N . —
u n oep t. 4 a loan o f $3,000 maturing in ten months and issued for hospital
Eebanon ata5 4 3 ^ ° in t t0d’ 16 “ Sald’ Wlth tho Lexin« ton Life In s- C o . o f
r
? G,E’ A lle g h e n y C o u n t y , P a . — B O N D S A W A R D E D
I A l i i . - —O f the tw o issues o f 5 % bonds, aggregating 845,000, offered
on Sopt. 4, tho $10,000 20-year electric-light bonds were awarded to

D ate1Sep t T T 1915.& t o Z M f s . Urgh^ V ' 101* p ' 710‘ D en om ‘ W .0 0 0,
B R E C K E N R ID G E , W ilk in C o u n ty , M in n .— B O N D S A L E __On
A ug. 23 tho $25,000 5% 20-ycar coupon city-hall and jail bonds were
awarded to Wells & D ick ey C o. o f M inneapolis at par and in t., loss $475
for legal expensos.— V . 101, p . 388.
9
0
BREM EN , F a irfie ld C o u n ty , O h io .— B O N D O F F E R I N G . — Bids w ill
>° " ^ v j d ' m t l l 12 m . Sopt. 13 b y E . L . Ilu fford , Vil. Clerk, for an issuo
A ,,; I 4,m
? ? ucpo.n hZpc?i''U al sess- bonds. D enom . $775. D ate
A ug. 1 1915. Int. 1< . & A . at office o f Vil. Clerk. D ue from 1919 to 1925
‘ ncl. Cert check for 2 % payable to V il. C lerk, r e a r e d
Bonded d ebt
not m cl. this issuo, $o2,000. Floating debt S I ,500. Assess, val. $1,560.B R O C K T O N , P ly m o u th C o u n t y , M ass.— T E M P O R A R Y L O A N __
Reports stato that this city has negotiated a loan o f $50 000 dated Sent" 9
J®1® a.nA maturing M a y 27 1916, with Boring, Tolm an & T u p p e r o f Boston
at 3 .24% discount plus 25 cents premium.
B R O W N W O O D , B r o w n C o u n ty , T e x .— B O N D S A L E . — N . W . H alsey
& Go o f Chicago were awarded at par and int. on Juno 10 the $8 000
septic-tank and crom atpry-construction and 87,000 school-building 5%

M ’S T o iS ^ iL .T W :- 10°- »• 1279- u“ om'

D>“

$76,863 02 bonds for erroneous taxes and playground expenses to G old­
m an, Sachs & C o. o f N . Y . at $90 05 premium. D a to A ug. 2
1915. D uo July 1 1916.
. required,
mua» » » muuu <j, i uiaim loruis nirnisneu o y tuo a oovo
15.000 00 refunding water bonds to tho C ity Com ptroller for the accounts
Clerk. Bonds to bo delivered and paid for within 10 days after notice
o f tho various sinking funds at par. D a to A ug. 2 1915
D uo
or acceptance o f bid. T he purchaser will bo furnished an opinion by
A u g. 2 1940.
8toroy Thorndike, Palmer & D odgo o f Boston favorable to tho legality
or tho bonds. The Clerk o f tho Superior C ourt o f Richm ond C ounty will
B O N D O F F E R I N G . — Bids will be received until 12 m . Sopt. 21 b y John
also certify as to their validity. Tho U. S. M tgo. & Trust C o. o f N . Y . ®3™°™£an°, p i t y Com ptroller, for the following 443 % reg. tax-freo bonds:
H..V « r fL n S,to ‘ J10 genuineness o f tho bonds. Theso bonds aro part o f $200,000 grado-crossing structures improvem ent bonds. D uo $10 000
yearly on O ct. 1 from 1916 to 1935 inclusive.
been sold 000 b ° nds VOted Juno 1 1914' $'r>00,000 o f which has already
50,000 Bird Island pier-wall bonds. Due $2,000 yearly on O ct. 1 from
1916 to 1940 inclusive.
--^.AI^INGER INDEPENDENT SCHOOL DISTRICT (P. O. Ballin150.000 water bonds. Duo Oct. 1 1935.
, , .C outn t y- T e x .— B O N D O F F E R I N G . — Proposals will bo
D enom . $1,000 or m ultiples thereof. Date O ct. 1 1915. Principal and
t h n ^ s n im r.cY ton*?n>y s cott II. M ack, Pros. Board o f Sch. Trustees, for semi-annual
interest— A . & O .— payable at office o f C ity Com ptroller, or
P 1945
°
^9-40-yr. (op t.) building bonds voted M a y 20.— V. 100,
at Hanover N ational Bank, N . Y . C ity. A n unconditional certified check
upon an incorporated bank or trust com pany for 2 % o f bonds bid for,
COUNTY (P. O. Columbus), Ind .— B O N D O F - payablo to C ity Comptroller, required. 'The favorable opinion o f C aldw ell,
I ' E R l N G s — Bids will be received until 2 p. m . Sept. 15 b y John W . Scheldt,
M asshch & Hoed o f N . Y . C ity , certifying as to the legality o f theso bonds,
C ounty Treasurer, for $2,500 4>3% W olmcr road bonds in W ayno T w p . will ho furnished purchaser. Bids must bo unconditional.
D onom . $125. D ato Sept. 15 1915. Int. M . & N .
B U R B A N K S C H O O L D IS T R IC T , L os A n ge le s C o u n ty , C a lif.—
BATAVIA VILLAGE SCHOOL DISTRICT (P. O. Batavia), Cler­ B O N D S A L E . — On Aug. 23 tho $25,000 543% 17-year aver, constr. an
mont County, Ohio.— B O N D S V O T E D . — A t the election held !$ept. 4 equip, bonds were awarded, it is stated, to W m . R . Staats C o. o f Los
the question o f issuing tho $30,000 5 % 8-37-year serial school-site-purehasc Angeles at 106.112.— V . 101, p. 543.
construction and equipment bonds carried, it is stated, b y a voto o f 205 to
f J PA ^ , ? I A r S C H O O L D IS T R IC T , Im p e ria l C o u n ty , C a lif.—
42— V. 101, p. 710. Donom . $1,000. Dato, day o f sale. Interest semi­ Bn O^N D
S N O l S O L I ) . — N o bids were received for the $38,000 6 % 20-yr.
annual. Duo $1,000 yearly from 8 to 37 years inclusive after dato, subject site-purchase,
bldg, and equip, bonds offered on A ug. 16— V. 101, p. 466.
to call any interest-paying period on or after ton years from dato.
these bonds will bo sold at private sale.
ti
s t «>u h e n C o u n ty , N. Y . — B O N D S A L E . — On Sept. 6
*b,000 4 5-6-yr. average cou p, bonds were awarded to Sam M . Strong
o f .Schenectady for $6,007 25 (100.120) and int. for l.SOs.— V. 101, p. 634.
N a t. Bank o f Akron.
o th e r bids were:
P ric e
R a te
1 11 B* i f? n n n T a 2/ 1 V ^ l 630x C o u n t y > M ass . — B O N D S A L E .— On Sept. 9
r ' ti
10 43-year averago coupon sower bonds were awarded
l * - A . Kahler
N ew Y o r k ......... ............ - ..................... 10 0 .0 6
4.80s
100.03
4.80s
R aym ond & C o . o f Boston at 101.49 and int.— a basis o f about John J. H art, A lb a n y______ ______
Isaac W. Sherrill C o ., Poughkeepsie______________ 100.04
4.90s
— v . 101, p. 790.
_
100.07
4.95s
Geo. B. Gibbons & C o ., N ow Y o r k __________
Other bids were:
H anchott B ond C o ., C hicago_________________
100.28
5.00s
E . M . Farnsworth & C o ., B o s. 101.031II. C . Grafton J r.................... .100 81
5.00s
C roploy, M cG araglo & C o .,
|Morrill, Oldham & C o ., H ost. 100.520 Farson, Son & C o ., N ew Y o r k ______ ___________________100.22
First N ational Bank, Canisteo____________________ 100.04
5.00s
B o s t o n -------------------------------- 10 0 .88 [ Estabrook & C o . ,J i pston
iqq ' q [ '
_ C ASC
^ A
***-**-!
v vO/ U
v nN T
A Y
* kSjC
v aH
a vO
j vO
j jL
u x
A JV
C/ T
A N O . A23
O (,JT
J iO
).
DE C
Dj iIuS T
R JL
IC
(P.. UO.. JM
o nI iaa rr CchI l ),
BEMEINT, P ia tt C o u n ty , I lls .— B O N D S A L E . — 'Th™Fh\st N a t. Bank Mont.
Ont. —
— B O N D O fi*
7V7G
^J.—
— Proposals
PrnnAcn lo will
» » , J.-nrl until
i
F fr*
F Ti'f?
E R fI N
will hn
be received
until o2 p. ...
m. c
Sept.
it Is°sTated aS beon awar(lod an issuo o f $3,500 6 % water-works bonds,
16 b y MIrs.
rs. S. A . Sherwood, ____________
___
_
D
ist.
Clerk,
for
$2,850
6%
6-10-vr.
(op
t.)
AAtlilo voted
/wI July
I11I in
I . .. O ct.
i. ”l*19‘
i 1A.l5». F.
.
school bonds
19. IV
Denom . $475. ’ Date”
Int'.
S om erset C o u n t y , P a .— B O N D S A U T H O R I Z E D . — T h i s annually at tho C ounty Treas. offico or at such place as purchaser m ay
i as authorized tho issuance o f $8,000 4 % cou p, tax-freo, street-pavBuyers will satisfy themselves as to tho legality o f the bonds in advance
iinn i?»nSo4o D o5 ? m2 -5500. Int. soml-ann. at First N at. Bank, Berlin,
■m fin Z tin i i ?l*hjoct to call at option o f Council. Bondod debt, $13,000; or tho sale. A properly certified transcript in the bond proceedings will
C l e r k . ' 8 d b t ’ Assess, val. 1911, $373,000. It. B . Phiison is Borough bo furnished on application.
M B g mw m n ^ I 9 / N ’o B r0 0 m 0 C o u n ty , N. Y.— B O N D ~ S A L E .— On Sept. 3
443 /o 8-year averago cou p. (rcg. at option o f holder) bridge
a
Fareon, Son A C o ., o f N . Y . at 101.118 and in t.,
5ai.mZZIf
, 7 ------ «.P^,*2about
. 4.33%'—
/o— vV.• l 101,
u l l u.p. 634. Other bidders were;
Sidney Spitzer & C o ., N . Y . .100.825 H . A . K a h le r& O o ., N . Y ___100.53
Equitable Trust C o ., N . Y . 100.82 Estabrook & C o., N . Y ......... 100.458
S urA
tls *Y,Sii nKer' N - Y ............100.757 Hoehler, Cummings & Prud£*• M - G affney..........................100.666
don, T o icd o ______________ 100.403
Sheldon,
M organ ra
&. V.u------C o _____ lUU.O'lO
100.645 V»U
;—
O. l>,
Geo.
B.Uiooons
Gibbons oC
& t;O.JN.
C o. N . xY_.1U0.4U
100.40
A . B. Leach A C o ., N . Y ------ 100.5791 W m. R . C om pton C o ., N . Y . 100.373
h,
.
A
l a. — B O N D S A U T H O R I Z E D .— Local papers stato
. C lty Commissioners on A ug. 17 authorized tho issaunco o f $55,000
Donas to pay outstanding contractors’ estimates for public improvem ents.
t v B t‘^?<PMIi? ? x T ,? ? ^ X 0 'Y ^ S H IP (P> ° - B lo o m in g to n ), M on ro o C o u n Sont ls ’ hv^rA R R A N T O F F E R I N G . — Bids will bo received until 2 p. innuR o f $2.00(j, it'ifre p o rtcd :
VP" Truste0’ for a « %
tow nshIp . ^
Si n P
I,T,Y ; „ Ada C o u n ty , I d a h o .— B O N D S A L E . — On Sept’. 3 tho
I iittiiinZ?,,9'’ .
°I)t' eoii[)<)n refunding bonds were awarded to the
L um berm ans trust C o. o f Portland for $106,166 65 (100.77) and int. for
whhAMf Vr.ilJP* ° 4'
, urchaser to furnish blank bonds and accept the issue
V Z
opinion o f their attorneys. Other bids were:
i S e ' i s n 9 * Harrison, Cincinnati, $106,853 10, int. and blank bonds.
* * M a y e r o f Cincinnati, $106,489 65, with opinion o f W ood,
c,
C hicago, •Caldwell, Masslich & Reed or D illon, Thom son
& C lay, Now York.
fla y e r o f Cincinnati, $106,005 65, int. and blank bonds.
Oswalrl 7<
aUtj y ’ 1<0,?ter& Go. o f D enver, $105,985 65, int. and blank bonds.
W ilson, Cranmier & C o . , } D on vor’ «105,567 55, int. and blank bonds.
Cummings & Prudden, T oled o, $105,367 40 and blank bonds.
rcKtiveT t °NA M a fsF3 -— ‘V O N D O F F E R I N G .— Further details aro at hand
__ y i Q i p l°7 <)Qfor Ilg on
15 o f the following rcg. tax-freo bonds
S1’nnn'ono
D °rchester tunnol sinking fund bonds. D u o O e t .l 1960.
ouu.uuu 4 % sowerage-works bonds.
Duo $24,000 yearly on Oct 1.
jn o non A m
1916 to 1940 incl.
u.UOO 4 % drainago bonds.
D uo $16,000 yearly on O ct. 1 from
A m oaa A m 1916 to 1940 inch
/rou,000 4 % highway bonds.
D uo $25,000 yearly on O ct. 1 from
onn n n n A m 191b to 1933 inch
*-uu,UU0 4 % playground Ward N o. 19 bonds.
D u o $10,000 yearly on
inn n n n A m S cfc- 1 from 1916 to 1935 inch
1UO.000 4 % Honan Park bonds. D uo $5,000 yearly on O ct. 1 from
1916 to 1935 inch
hv
u S , b5>nd's will bo received until 12 m . on said day (Sept. 15)
o y cn a s . H . Slattery, C ity 'Treasurer.
D en om Y $ 1,000 each, or mul­




a«PE?T,ER,,y,]!;L.?\E' Twiner County, So. Dak.— B O N D

S A L E —

On

. ;4.)t- 7 tho $27,000 5 % sower bonds were awarded to the Bank o f Centervillo at par and int.— V. 101, p. 790. There wero seven other bidders.

nxmrr^?'?;AI' SCHOOL DISTRICT, San Bernardino County, Cal.—

B O N D S A L E . — On A ug. 24 tho $20,000 5% building bonds offered without
success on M a y 25, wero awarded, it is stated, to Perrin, Drako & Riley
o f Los Angelos at 100.27.— V . 100, p. 1945.

CmiCOTAB, McIntosh County, Okla.— P U R C H A S E R

O F B O N D S .—

baser o f tho $20,000 6 % 25-year city-hall, fire-station and jail
'19 *! uu 3uly 26 at 101.055 and int. was It. J. Edwards o f Oklahoma
C ity— V. 101. p. 790. D enom . $ 1 ,00 0 . D ate A ug. 10 1915. Int. F . & A .
<zon mmB mY VILLE,’ Gaston County, No. Caro.— B O N D S A L E . — Tho
p i ,,'
, '(It Y?ar school bonds offered on M ay 12 were awarded to tho
Vro7 nsi^ ational Bank, Gastonia, on July 9 at par for 6s. V . 100, p.
1527. Denom. $500. D ato July 1 1915. Int. J. & J.
■ m -— 1,,(> N I ) S A L E S O V E R T H E C O U N T E R . — W o aro
)Y,,y.YiZ.. » at since July 7 1915 tho C ity Com ptroller has sold over tho
at par and int., $150,000 4 % 2-20-year serial gold suudry im provej l & j ° nds’ D on°m - $100, $500 and $1,000. D ato July 1 1915. Int.

CENTER SCHOOL DISTRICT (P. O. Clay Center), Clay
K a n .-B O iV D S A L E . — T he $30,000 4 )3 % building bonds
voted April 30 havo been awarded to D . E . Dunno & C o. o f W ichita at par
rT ,I- «]>0R5AP - 1 6 f 3 ’ D en om . $1,000. Date July 1 1915. In t. J. & J.
JJuo $2,000 yoarly.

CLEVELAND HEIGHTS, Cuyahoga County, Ohio.— B O N D

SALE.

o n Sept. 7 tho twelve Issues o f 5% cou p, bonds, aggregating $211,917
wero awarded, reports stato, to H ayden, M iller & C o . o f Cleveland.— V.
lU i, p. 54 4 .
*i CRANSTON, Providence County, R. I.— B O N D S A L E . — On Sept 7
nwnwi\0i°*0 0 4^xT? r,°/ul ,an<‘ bridge and $25,000 4 % school bonds wero
awarded to N . W . Harris & C o. o f B oston at 98.533.— V. 101, p . 790
uther bids wero:
C roploy, M cGaraglo & C o ------ 98.0 55 1Blodget & C o ., Boston
97 178

SCHOOL DISTRICT, San Bernardino County, Cal.

, A ?A G S A L E . — On A ug. 24 $20,000 5 )3 % building bonds wero awarded
i
’ Drake * R iley ° f Los Angelos at 104.90. A similar issuo o f
— V lOO8 p r 2026Sly rep0rted so d to B iyth, W itter & C o. o f San Francisco.

CUMMIN G T ° w lfSHIp FRACTIONAL SCHOOL DISTRICT NO. 1,

i n ’, 9.1 &AS<?AC it y )’ 0 ,?er« a w County, Mich.— B O N D S A L E . — On Sept. 3
f ')15 $2,500 10-ycar school bonds wero awarde<l to R. C . M cK a y . Cashier
o f Ogemaw County Bank at par for 5 ' A s . — V . 101, p. 711. Tliero wore
no other bidders. Dato O ct. 1 1915. Int. A . & O. D uo O ct. 1 1925.

r»P,HYAHOGA COUNTY (P. O. Cleveland), Ohio.— B O N D

I N G .—

OFFER­

Bids will bo received until 10 a. m . Sopt. 18 b y E . G . Krause, Clerk

[VOL. 101.

THE CHRONICLE

866

Board o f C ounty Commissioners, for $181,000 5 % coupon refunding.bonds.
A uth. Secs. 5656 to 5659, C on. C ode. D enom . *1-000. D ate Sept. 15
1915. Principal and semi-annual interest— A . & O .— p ayable at o ffice or
C ou n tv Treasurer. D ue each six m onths as follows: $4,000 April 1 1920
to April 1 W 2 9 ta ilu slv e and $5,000 from Oct 1 1929 to O ct. 1 1939 in cl.
A n unconditional certified check on a bank othor than tho ono making the
bid for 1 % o f bonds bid for, payablo to C qunty Treasurer, required. B onds
to be delivered and paid for within ten days from tim e o f aw ard. Purchaser
to p a y accrued Interest.

A & O. at the C ounty Treasurer’s office, Eureka. Certified check for
3 % . payablo to the C ounty Clerk, required.
F R A N K L IN C O U N T Y (P . O. W in c h e s t e r ), T o n n . — B O N D E L E C ­
T I O N .— Reports state that an election will be hold Sopt. 17 to vote $350,000
pike bonds.
_ ...

FRESNO COUNTY RECLAMATION DISTRICT NO. 1606, Calif.—

DAWSON COUNTY SCHOOL DISTRICT NO. 53, Mont.— B O N D

O F F E R I N G .— Bids will bo received until 2 p. m . Sept. 17 b y Ernest John­
son, Clerk B d . o f School Trustees (P. O . B loom field ), for $1,000 6 % 8-10year (op t.) cou pon school bonds.

DEFIANCE COUNTY (P. O. Defiance), Ohio.— B O N D

Y E T S O L D . — U p to A ug. 11 no sale had beon m ade o f the
$600 000 6 % bonds offered without success on Jan. 28— V . 100, p . 12o 1■
D enom . $1,000. Int. Jan. & July 1. D uo $30,000 yoarly July 1 from
1923 to 1942 incl. O ’Brion & Spalding o f Los Angoles are attorneys for
district.
GENEVA, Ottawa County, Ohio.— B O N D S N O T S O L D.— R eports
stato that no bids wero received for the six issues o f 5 % cou p, street-im pt.
bonds aggregating $12,500 offered on A ug. 17. V . 101, p. 468.

BONDS NOT

O F F E R IN G .

— Bids will bo received until 12 m. Sopt. 18 b y R oger D aoust, C ounty
A uditor, for $19,800 6% lj^ -y ea r average d itch bonds. A uth. Secs. 6489
and 6492, Gen. C ode. D onom . 19 for $1,000, 1 for $800. D ate O ct. 1
1915. Prin. and semi-annual- interest— M . & - S .— payable at C ou n ty
Treasury. D ue 6 bonds and 7 bonds on M arch 1 1917 and 1918. Certified
ch eck for $500 on a local bank, payablo to C ounty A uditor, required.
B onds to bo delivered on O ct. 5. Purchaser to pay accrued interest
Blank bonds will bo furnished b y the cou n ty. B ids must be unconditional.
D E T R O I T , M ic h . — B O N D S A L E .— Reports stato that on A ug. 31 tho
W ays and M eans C om m itteo o f the Com m on C ouncil confirmed_the sale
o f $105,000 30-year public-building bonds to John P. and M ichael T . D inan
at par and interest.

DOBBS FERRY, Westchester County, N. Y .— - P A V I N G

GILMER SCHOOL DISTRICT (P. O. Gilmer),. Upshur County,

Texas^ —

LO A N

EAST MOLINE TOWNSHIP SCHOOL DISTRICT^(P. O. East
Moline), Rock Island County, 111.— .B O N D E L E C T I O N . An election
to vote on tho question o f issuing $64,000 budding bonds will b e held

Sept 11, it is stated. These bonds, if voted, will take the place o f tho
$75,000 issue, recently awarded to G eo. M . B e ch te l & C o .o f Davenport,
as that am ount was in excess o f the debt lim it.— V . 101, p . 711.

EAST SIDE SCHOOL DISTRICT, Imperial County, Cal.— B O N D

S A L E . — On A ug. 16 tho S-P.OOO 6% 5 H -year averagei site-purchase, bui ding
and equipm ent bonds were awarded to tho HoltvilleJBank o f H oltville at
par and interest.— V . 101, p . 467.
BONDS

N O T S O L D .—

Reports state that no bids wero received on A ug. 30 for tho
threo issues o f 6 % street-im provem ent assessment bonds, aggregating
$9,167, offered on that day.— V . 101, p . 467.
EATON, Preble County, Ohio.— B O N D S A L E .— On A ug. 30 the
« o nno 5 % 214-year average coupon W est M ain St. (village s share) bonds
were awarded to tho Preble C ounty N at. Bank o f Eaton at 100.25 and in t .,
a basis o f about 4 .89% — V. 101, p . 467. There wore no other bidders.
EL PASO El Paso County, Tex.— B O N D O F F E R I N G .— Proposals will
be received until 10 a. m . Sopt. 30 by J. F . Dawson, C ity Clerk, it is stated,
fo r the $500,000 5 % 20-40-yoar (op t.) site-purchase and school-bldg, bonds
voted M a y 11.— V . 100, p . 1947. In t. somi-ann. Cert, check for $15,000
required.
ENGLEWOOD, Bergen County, N. J .— B O N D S A L E . — On Sept. 7
the $150,000 4)4 % 30-year cou p, (with priv. o f reg.) school bonds were
awarded to Ludw ig & Crane o f N . Y . for $151,366 (100.910) and int.— a
basis o f abou t 4 .4 4 % . V . 101, p . 389. E stabrook & C o. o f N . Y . bid
100.65.
„
ESSEX COUNTY (P. O. Newark), N. J.— B O N D S A L E . — On Sept. 8
the three issues o f 4J4% 20-ycar gold cou p, (with priv. of:reg.)' ta*-freo
bonds, aggregating $615,000, were awarded .rep orts s ta t e ,t o Robert_W inthrop & C o. o f N . Y . at 101.41— a basis o f about 4 .3 9 % — V. 101, p . 711.
EVERETT, Middlesex County, Mass.— B O N D
On Sept. 9
the following two issues o f 4 % cou p, bonds aggregating $2o,000 were
awarded, reports state, to H . C . Grafton Jr. at 100.95.
$15,000 surface drainage bonds. Due $3,000 y r ly .fr o m 1916 to 1920 incl.
10,000 pum ping engine bonds. D uo $2,000 yrly. from 1916 to 1920 incl.
D enom . $1,000. D ate A ug. 1 1915. Prin. and somi-ann. int. F . & A .
__ payablo at Old C olon y T r. C o ., Boston. Theso bonds are tax-free in

R EVERETT, Snohomish County, Wash.— D E S C R I P T I O N

Pow ell, Garard & C o. o f Chicago wero awarded
D enom . $1,000.

GRANTS PASS, Josephine County, Ore.— B O N D O F F E R I N G . This city is offering for sale the $1,674 92 6 % 1-10-yr. (op t.) Improvement
bonds offered without success on April 15.— V . 100, p . 145,3. Denom .
$500 or less
Date M a y 1 1913. In t. M . & N . II. II. Basler is A uditor
and Police Judge.
_____, „

V O T E D .— A t tho election held Sept. 8 the expenditure o f $180,000 to pave
streets carried, it is stated.— -V. 101, p . 790.

EAST VIEW (P. O. Cleveland), Cuyahoga County, Ohio . —

S A L E .—

BOND

on Jan. 20, $35,000 5% 10-40-year (opt.) building bonds.
D ate Jan. 20 1915. Interest annually in January.

GRANTSVILLE, Calhoun County, W. Va .—

B O N D S N O T S O L D .—

U d to Aug 31 no sale had beon mado o f tho $7,500 water-system and
$ 2 !500 sewerage-system 6 % 10-34-year (op t.) coupon bonds offered on
Juno 5-— V . 100, p- 1770.
GRAYMONT, Emanuel County, G a .— B O N D E L E C T I O N . —-An clecHnn will he lield SeDt 14 it is stated, to vote on tho question o f issuing
$5,000 bonds to build and equip an electrlc-light-plant supplying lights
join tly to Summit and G raym ont.
fTnwni iv O Charlotte), Monroe County, N. Y.— B O N D
S A L E . __The following bids wero received for tho $28,500 bonds offered
for sale on Sept. 3 ;
4.55s
...* $*$inn
1 0 0 ,0063
63
W m . R C om pton C o ., N . Y ------------------------ - ...............4.60s
M yron W . Greene, R ochester..............— .................- - - - - fo o .io g
4.70s
Farson Son & C o ., N . Y _ - _ - ----------------------------------- : : : : inn
in
4.70s
1 0 0 .10
Geo. B . Gibbons & C o ., N - Y ------------------------------------------- 100 09
4.70s
IT. A . Kahler & C o ., N . Y - - ................................. - ...............
100
016
4.70s
"
III
100.016
Ilornblower & W eeks, N . Y ---------------------------------------- - in n ’ ris
4.75s
Isaac W . Sherrill C o .. Poughkeepsio-------------------------------jXX’X?
4.90s
____
100.04
Douglas Fenwick & C o ., N . Y . . -----------------------------100
25
5s
.
.
.
100.25
---------------------------i Xl R4
Union Trust C om pany, R ochester.
6s
____ 191
101.64
Hoehler, Cummings & Pruddon, T o le d o --------------------------64
♦This bid is reported as being successful.

B onds were awarded on

' GREENWOOD, Greenwood County, So. Caro.— BOND SALE .— On
Sept. 1 the $100,000 coupon street-improvement bonds were awarded to the
Commercial Bank o f Greenwood at 102.70 and interest for 5s, bonds to
m ature in 30 years.— V . 101, p. 712.
1
GROVE, Delaware County, Okla.— BOND SALE. On Sept. 1
$ 10,000 6 % 10 -year electric-light and water-extension bonds were awarded
to the Citizens Bank o f Grove at par and int. Donom . $o00. Date
A ug 10 1915. Int. semi-annual.
GUADALOUPE COUNTY (P. O. Sequin), T e x . — BOND SA L E .— On
A ug. 10 1915.

Interest annually in A pril.

tration as t o principal) school bonds.
~at L ittle R ock . D ue
Principal and semi-annuM interest^1 102.5 iAcItislvo. T otal dobt, $6,000.
A ssM se^ v ^ u e $49L
o
f
taxable p roperty. $ 1 ,0 0 0 ,0 0 0 .

HA GERM AN

HIGHWAY DISTRICT (P. O. Hagerman), Gooding
r « _ 0 n geDt 3 $18,000 10-20-yoar optional

OF BONDS.

__T ho two issues o f bonds voted A ug. 24 are described as follows (V . 101,
*$600*000 20-year general tax bonds authorized b y vote o f 4,052 to 1,340
’
at said election for tho purpose o f constructing a flow line from
the Sulton River to supply the now privately owned water-distribution-systom o f E verett. Theso bonds will bo a direct obli­
gation o f tho entiro m unicipality. Interest rate not to exceed 5 % .
i i nn nnn fi.uo-voar serial special water revenue bonds authorized b y vote
l.iu u ,
o f 4 075 to 1,323 at said election for the purpose o f acquiring b y
purchase or condem nation tho water system o f tho Everett B y .,
Light & W ater C o. These bonds are to be based wholly on tho
earnings o f tho water system to bo acquired. For tho purpose
o f paying interest and retiring said $100,000 annually out
o f 60% o f the gross earnings o f tho system is specifically sot aside.
T h e earnings o f tho water system which tho m unicipality is
seeking to purchaso was in 1914 $157,000 gross. Interest rate
A uthority Sec.e8005d anTf following section o f Remington & Ballinger’s
C od e
D enom . $500. Principal and semi-annual interest payable in New
Y ork ! B onded debt o f city, $734,900. Floating debt, $40,000. The
ai^regato bonded debt o f tho sovoral local im provem ent districts, about
f l f o 000
slnidng fund, over $66,000. Assessed value 1914. $14,096,432:
estimated valuo, $35,000,000. Official circular states that there is no
controversy or litigation pending or threatened affecting the corjmrato
existence o f tho boundaries o f m unicipality or the title o f its present officials
to their respective offices, and that there has never been any default in tho
paym ent o f any o f the municipality obligations; also that no previous issues
EaVo ever been contested. Tho C ity Clerk advises us under date o f
Sept. 4 that it is impossible at this tim e to state when the bonds will bo
offered for sale although definite steps will bo taken as rapidly as possiblo.
Sealed bidsSwill bo called for in all probability and guarantee deposit re­
quired.

FARMERSVILLE, Montgomery County, Ohio.—

B O N D O F F E R IN G .

__ Proposals will bo recoived until 12 m . Sept. 14 b y A . I . Gilbert. Villago
Cleric for the $16 000 5% 2-33-year sorial water-works-plant bonds voted
M a v '25— V ° lOO p 1947. D enom . $500. Date Sopt. 1 1915. In t.
m " & S.
D ue $500 yearly on Sept. 1 from 1917 to 1948 incl. Certified
check for 2 % o f bonds bid for, payablo to Villago rroasuror, required.
B onds to b e delivered and paid for within 10 days from tim e o f aw ard.
Purchaser to pay accrued interest.

FERGUS COUNTY SCHOOL DISTRICT NO. 13 (P. O. Ross Fork),

M o n t __ B O N D S N O T S O L D .— N o sale was m ade o f the $1,200 6 % coupon
building bonds o ffored on A ug. 7.

FERRELL SCHOOL DISTRICT, Imperial County, Cal.

BONDS

.— N o bids were re c e iv e d for the $6,000 6 /, 10 ' A -year average,
site-purchase, building and equipm ent bonds offered on A ug. 16.— V . 101,
p. 468.
FINDLAY, Hancock County, Ohio . — B O N D S A L E .—-The four issues
Of
eolin bonds abroga tin g $94,648, offered on Sept. 4, wero awarded
o n S e ° p t 7 ' i t i s R ta te d T o l.'id (l, Richards & C o. o f Cincinnati for $95,­
661 75— equal to 101.071.— V . 101, p . 545.

N O T SOLD

FLOYD COUNTY (P. O. Rome), Ga.—

BOND

FOREST CITY INDEPENDENT SCHOOL DISTRICT (P. O.
Forest City), Winnebago County, Iowa . — B O N D S O H E R E D B \

.— 'T ho Continental & Comm ercial trust & Savings Bank o f
C hicago is offering to investors $35,000 o f an issue o f $80,000 5 /0 building
bonds. D enom . $1,000. D a te Sopt. 1 1915. Int. M . & N . in lo re s t
C ity . D u o serially M a y 1 1920 to 1934, inclusive, and Sopt. 1 1935, op t.
M a y 1 1925. T otal bonded debt, this issuo, $80,000. Valuo o f taxable
property 1914, $1,613,758.




1 1915. Interest J. & J.
T he
Council passed an ordinance on Aug. 4 providing for the issuance o f
«$r(j nno 5 % 5-year average coup, flre-equlo.-purchase bonds. D onom .
$50 0
Date A ug? 1 1915. In t. F . & A . D uo $10,000 yearly on A ug. 1

HAMIITON Butler County, Ohio.— BONDS AU TH O R IZED .

^HAMMONTON Atlantic Countv, N. 3 .— BONDS PROPOSED.— A c-

coM hig to re o o rts the T ow n Council has passed on second reading an ordlnance prOTidlngfor the issuance o f $117,000 im pt. bonds.
ttAn.ii.TMAN Roane County, Tenn.— BOND ELECTION. An elec-

b ond sw as a w a r d W n A ug! 3 to Stacy & Braun o f T o l c d o .- V . 101, p. 545.
tta t>t>j <s g r i r n n r . DISTRICT (P . O. H a rris), O sce o la County,
In w a — D F SCRIPT I ON OFB ON D S .— T h e $55,000 building bonds recently
a w a r d ^ G e ^ L ^ B e c h t e l * C o. o f D avenport for $55,375 (10 0 681) and
oYnnnses b°ar Interest at tho rate o f 5 % and dated Aug. 1 1915. Int.
MP & N
D u e sCTkdly A ug. 1 from 1920 to 1935 Inclusive.
HAWKINS COUNTY (P. O. Rogersville), Tenn.— BONDS NOT
S O L D - ^ o sale was mado o f tho $250,000 5 % road bonds offered on Sept. 6
__ V . 101 p . 635. T ho issuo will bo ro-advertisod.

HAYFIELD CONSOLIDATED INDEPENDENT
aPvotcTof^77^o^3O0tho" quest^n”^ M M u h i^ "$ i7 ^ 0 o 6 ^ M g ^ ?o n d ?cS rie d ,

ifc H'AW iRt^ n ' t o 'w n s ^ h I ^ ci^ ol ' D IS T R IC T NO 10 (P. o . New

I.othroo), Shiawassee County, Mi ch. —

bnon awarded

D uo $365 in 1 year and $500 yoarly thereafter.

M ——

HENRY COUNTY

Bids will bo received
A uditor, fo r $9
improvement N o. 1290 bonds.
Cert i fi ed°check w

t e f t

$500' f f e

dr;00B0^ d° d d °b t ’ lnClUd,Ug th‘S

" m C K M A N - F u H o n ' b o u n ty ^ - m N D E L E C T I O N .-A e election
wil?iie h J k ^ e p t 20tOiLsCs°tated! to submit to a vote tho question o f issjdng

$7 500 6%

m o to r-fire -o n g in e -p u rch a se

bonds.

--

...

, ...p

WITT YARD Snokane County, Wash.— NO BONDS TO BE ISSU ED .
— The"C Ry Clerk advises*us thS ; the reports stating that this city proposes
^ I l\ i e f $6^ 0 0 w a t e r -p ^ G installation borulsaro e r r o ~ _ V . 10 p.389
HOBOKEN Hudson County,2 N.

E L E C T I O N .— T h e

proposition to issue $225,000 4 'A % bridge-coM truction bonds will bo submittofl to fi vote on Scut. 14. D onom . 8 l»000. Duto Oct* 1 191o. Int.
™ & J. D u e $5 ,0 0 0 yearly Jan. 1 1916 to 1920 inclusive; $8,000 yearly
Jan. 1 from 1921 to 1945 inclusive.
B AN K E R S

Oct

ment bonds.

^ j I^ ” ltDSt6’
o c ^ °1 1^5.ratPr"n<toaie andPser3;
ff®°0 o f c i t y Treasurer. Certified check

I^ im im Sl ,000.

to G u sta v B a ch . CIty TreMuror. rer^urt.u.
their validity will be
l E S w i o w o f N . Y „ whose opinion
will bo furnished to tho purchaser.
1
ttomer

TOWNSHIP (P. O. Homerville), Medina County, Ohio.—

n n v iil 1 r r
On
Ifi the $16 000 5 % 7-year road bonds were awarded
K
^
t o lh e P ^ p l i N a t. Bank o f L odi at 100.083, a basis o f about

* HlTBBARD COUNTY (P O. Park Rapids), Minn.— BOND SALES.—
Th“ M lo w ffit th?oo i S
of
aggregating $93,000, havo boon awardod to W e lls * Dtckoy C o. o f M inneap
oils for $93,690 (100.74) and interest:
..

Sept ,

n

19 x5 .]

THE CHRONICLE

$19,000 State Rural H ighway N o . 55 bonds. D enom . (18) $1,000, (2)
£ " * , ° 2 S cp t- * as follows; $2,000 1916, $1,500 1917,
5 Ko n '^ ; (^ ° o y a , y,,f,ro1rn 1918 to 1924 Inclusive, $1,500 1925.
o.oUO State Rural Highway N o. 9-A bonds. D enom . (9) $4,500, (1)

l l , ’000‘SeptUV 19 25y0arly Scp t' 1 fr° m 1910 t0 1924 inclusivr° and
68.500 State Rural Highway N o. 9-R bonds. D enom . (67) $1,000, (3)
io ik w
1 as follows: $6,500 1916, $7,000 1917 and
1924\aSn d >?925919’ $7’0001920, 1921, 1922, S6-500 1923> $7,000
a t 1theep h£t ’ l a915- Principal and semi-annual interest (M . & S.) payablo
Tho
& Security N ational Bank, M inneapolis,
and bKnlr
1>ark Rapids has purchased at par, interest
Sent 1 1 0 1 1?0n ^ $ 17.900 5 % refunding bonds. D enom . $1,000. D ate
D uo so ann i r e
at tbe M inneapolis Trust C o. o f M inneapolis.
JJuo 5,9,400 yearly D ec. 1 from 1916 to 1920 inclusive.
t i r o ^ u ^ r A«^ ?n ‘Snn 5
— B 0 P P S A L E .— A ccording to reports, the onh p p n ^ fta S l $540,000 4 % cou p, flood-provention bonds which this city has
° I t r the counter lias been sold.
Up to A ug. 21 $336,000 o f
*neso bonds had been disposed o f. V .101, p . 712.

._Jasper), Newton County, Ark.

P I B A N K E R S . — II. C . Spoor k Sons C o. o f cfiica g o
nrinom it? ignn v?SitorSi®;>,92P
coupon (with privilege o f registration as to
and semi -.nn,?' i ib<ind,n P cn o m . $500. D ate April 16 1915. Principal
A w T f ™ i nw
i f o ) * A .) payable at kittle R ock. D uo $500 yrly.
value nf tn4,V 2G to 1935 PL01- Total debt $5,000. Assess, val. $91,467;
vam o ot taxable property, $250,000.
THIN* — ?
COUNTY (P. O. Beaumont), Te x . — B O N D E L E C ntn.to#r
f
be held Sept. 17 (postponed from A ug. 20), it is
cou nt,; 5?.iV? te on the proposition to issue the $25,000 5 % 10-40-yoar (op t.)

county-jail-insane-building-erection bonds.—V. 101, p. 311.
rn^nFt£E£ SON SCHOOL DISTRICT (P. O. Jefferson), Marion

o f ni4,-y ’ T.o^as-— /iOAUJ.S V O T E D .— B y a vote o f 107 to 8 the question
2 i J S uin5 •$28;° ° 6 5 % 15-30-yr. (opt.) school-building bonds carried at the
election held A ug. 17. P . G. Henderson is C ounty Judge.
JOHNSON CITY, Washington County, Tenn.— B O N D S V O T E D —
1he propositions to issue $37,500 court-house and $25,000 market-house
bonds carried at tho election hold Sept. 2 by a voto o f 302 to 54 and 271 to
o5, respectively.
KANSAS.— B O N D S P U R C H A S E D B Y S T A T E .— During tho m onth o f
“ Uly the following thirty-six issues o f school-building bonds, aggregating
$115,200, were purchased b y tho Stato o f Kansas at par:
P la c e .

$2,000
1.200
1.200
1.500
2.000
1.000
2.000
2.000
9.000

I n i . R a te.

Atcluson C o. Sell. D ist. N o. 3 . .
Cherokee C o. Sch. D ist. N o. 3 4 .
Clay County Sch. D ist. N o. 3 4 . .
Clay County Sch. D ist. N o. 3 6 . .
C lay C ounty Sch. D ist. N o. 4 0 .C lay County Sch. D ist. N o . 7 7 . .
Crawford C o. Sch. D ist. N o. 100
Dickinson C o. Sch. Dist. N o. 3 0 .
Doniphan & Brown C os. Joint

1.200 E

d » : sS »'.D ist:N 6.'33::

12:500 G r e e n w o o d E l k

D a te .

D u e.

5 July 11015
6July
11015
5July
11015
5
July 11915
5
July 11915
5July
119 1 5
5July
1 10 15
5July
5 1915

IJ

® 1 J S S S & iM S lS S f

5 JuIy 1 3

C o t^ o in t

Jan 11017-10
July 1 1916-10
Jan 1 1016-18
Jan! 1 1917-21
July 1 1916-18
Jan 1 1917-20
Jan 1 1 0 1 6 9 9
jn v } m 1 5
y
1 9 1 0 ' 18

1 9 1 5 Jan. 1 1917-23

867

LUBBOCK COUNTY (P. O. Lubbock), Texas.— B O N D E L E C T I O N .
be hc,ld SePfc- 18- ifc is stated, to vote on the proposition
to issuo S100.000 court-house-erection bonds.
, i F N HAVEN, Bay County, Fla — B O N D O F F E R I N G .—Proposals
B9r 000 e ™ untll 4 P- m- Sept. 27 by J. H. Dolstruin, City Treas.. for
11 T 39*yr. internal impt. bonds. Cert, bank check for 2% of
amount Did on, required.
tio^
n™righti County. MO— B O N D S V O T E D — The proposi­
ng!^ Aug24 *b’999 road-constr. bonds carried, it is stated, at an election
B n % ^ I v n T r n IP ^ h ^ P rT E R DISTRICT (Marin County), Calif.—
Aug i s
p u r c J 1 A S E O F W A T E R P L A N T — An election held
Ar?hoWuret
°,fl.t,A0 issuance of $3,000,000 5% 40-year bonds
Vaifev Pimiv,vi^ f tli°iJ>:2rth Coast Water Co., which serves water to Mill
slmnifes the tn^eanrdaTlb^ro? ’ and tho Marin Water & Power Co., which
Madera InS W i f S/}n RMael, San Anselmo, Fairfax, Larkspur, Corte
sahl f?r the
t
The passage of the bonds also provides, it is
tionof the sm thh?se of ?4VrIy al‘ of tbe n«rth and west slopes and a porficialfv as 4 non ?iOPi°oToM%,.nt Tamalpais. Tho vote is reported unofSan Rafael. °° *° 1>072- The directors of the district are located at

»

—B
for the following 4td‘,„
______ _ „ ^
S23 000 Rohirt'r?
efc al.“ road bonds.DenbinV'si.600.“
T o™ j
R.- SIoan et al. road bonds. Denom. $1,150.
s ’enn
ab roacl bonds. Denom. $242 50.
Date Setvt i
?fc, ®L road bonds. Denom. $430.
months from May l5 1916’ to Nov 15 m5°inclb°nd °f
iSSUC each six
F F R R E D ° N i P i ? VtNtT 7 9- Marion), Ohio.—BOND A W A R D D E for Umio^nn 'r,<ytaAer ,OCal PaPers that although 14 bids were received
t h e a w a m w ^ d e ^ ^ V M o T ? ! , ! n g ™ bddK° bonds offerud on Sept‘ 7 -

MARLBORO, Middlesex County, Mass.—

TEM PO RARY

T O A T V __nn

R ai ° DraiS’% V ? ° -R B0f 0n- - - l l F l f e urAIs & San” cr' B o s t o n . . . 6 2 %'
F.’
^
Parker & C o - B o sto n .:.3 .6 8 %

* Plus $1 premium.
MARYVILLE, Blount County, Tenn.__ B O N D s a t e
Rnnu-fo
8r>^ 000 5% 30-year water-works bonds offered vdthoutSuccess on
- W 100T 1772 awardcd to J‘ R' Sutherlin & Co. of iKnsas C?ty S pai
MASSILLON. Stark County, Ohio.— B O N D O F F E R I N G _nidi win
of
o t W o Z
20 by Ri J.Erishor, CHy Aud.forB$25.000
$pritn 1 io%°f ^Q’000 5% coup, park bonds. Denom. .$1,000. Date
«ept. 1 1915. Pnn. and semi-ann. int.—A. & O.—payable at the Stitn
* a000OApril
ApHaTl1025
;°i0fAPrii
S10.000
1 1924S,and
^_o,uuu
l 1J25. IfVrtS
Cert, 1A
check
for 5% 1ofi 924'
bonds
bid forOct.
navahle
tn cif-v
Areas., required. Bonds to be delivered and paid for within 10 davs from
tinio of award. Purchaser to pay accrued interest
y
Chautauqua County, N. Y .— B O N D S V O T E D _Acmmi nT,ti° 0<ia uewspaper reports, tho question of issuing $9,000 electriclight and water-plant improvement bonds carried at a recent election.
MEDFORD, Mass.—B7D S .—Tho other bids received for the $46 000
4% coup, tax-free Hancock Ave. school bonds awarded to Tlornblower k
Weeks
101.04 andmi
int.mon Sept. 3 were
101 ’in_702.TnrlrsnnofRrBoston
PnrflcatTlrtoinn
c_ r,__as follows_V
Ji
. v
*

1,600 Jefferson ( t . 8? h . f e . N o V S "
5 J ® 15 1015 Jufv 1 K
3.500 Jefferson C o. Sch. D ist. N o. 28
5 J ly 1 1915 Jan 1 i
ln
1.800 Jefferson & Atchison C os. Joint
Jan. 1 1916-30
-*
—
. Sch. D ist. N o. 86-4___________
5 July 1 1915 .Tulv 1 1 0 1 6 - 1 8
200 Jewell C o. Sch. D ist. N o. 73____ 5 July 1 1 0 1 5 Julv 1 1 0 1 6 91
Jackson & Curtis, B oston ___101.01
2 3 -000 Johnson C o. Sch. D ist. N o. 1 1 ..
5July
11015 Jan 1 1020-30
Curtis k Sanger, Boston.___Vo6.'628
C ropley, M cGaragle & C o .,
•>•900 Johnson C o. Sch. D ist. N o. 3 8 - .
5JunelO 1915 July 1 1016-25
D ^y ^ ° ° ' B o s t o n ... 100.579
B o s t o n ___________________ 100.937 Estabrook
& C o ., B o s t o n ... 100.55
J ’nRR K owa C o - Sch- D ist. N o. i)------ 5 July 11015 July 1 1917-27
P
.
M
.
Chandler
&
C
o
.,
Bost_100.931
M errill, Oldham & C o .,
1.000 g owa C o. Sch. D ist. N o. 1 2 .. .
5 July 11915 July 1 1921-24
E . M . F arnsw orth& C o., B ostl00.86
B o s t o n __________
100 539
1.500 K iow a C o. Sch. D ist. N o. ! 9 - - .
.5 July
1191.5 Ju y 1 1017-22
B lodget & C o ., B oston_____ 100.688 Blake Bros. & C o ., B o s t o n .. 100.41
1.500 Kiowa C o. Sch. D ist. N o. 4 2 . . .
5 July
119 1 5 J y 1 1016-20
1.500 K iow a C o. Sch. D ist. N o. 5 2 . . . 5 July 11915 July 1 1 9 1 7 - 2 7
MEDINA
COUNTY
(P.
O.
Hondo),
Tex.—
BOND
O F F E R IN G _
1,700 Labetto C o. Sch. Dist. N o. 1 9 .. 51^ July
1 1015
Julv 1 I-urtJierdetails
lOlii 91
are at hand relative to the offering on Sept. 13 o f the $40,000
1.000 Linn C o. Sch. D ist. N o. 1 4 . . . .
5 July 1 1915 July 1 10 6-1o
")' 40,‘ y!I- (UP* ) R oad Dist. N o. 2 improvem ent bonds.— V . 101, p. 713.
600 Lvon C o. Sch. D ist. N o. 8 8 _____
5 July 1 1 0 1 5 t'hi 1 o
91
1 roposals for these bonds will bo received until 2 p. m. on that day by
2.000 M orris C o. Sch. D ist. N o. 4 8 . .
.5 July 10 1015 Julv 1 1 0 1
99
fA n r in m n°tn('i,C ° n Judge' Denom . $500. D ate April 10 191.5. Int. ann
9.800 Ottawa C o. Sch. D ist. N o. 5 0 ..
5 July
1 10 5 A n 1 1 0 1 0 9!
(April 10) at the H anover N at. Bank, New Y ork , or at Austin and Hondo
2.000 R eno C o. Sch. D ist. N o. 1 0 . . . .
5 J1 y
1 1015 Tulv 1
' 9 ? a* option o f holder. Cert, check for $500 required. T otal bonded debt
1.500 Reno C o. Sch. D ist. N o. 117.
- 5 July 1 1 0 1 5
t, v } { o i « 99
noi^rnnV in<i ' ,, 11S. Issue, $.50,000. T otal assess, val. in Dist. 1914
1.500 Reno C o. Sch. D ist. N o. 157
5 July 11015
I
'
$3,094,o90; real val. (est.) $9,000,000. Official circular states that there
1.500 Riley C o. Sch. D ist. N o. 2 1 . : : : 5 July 1 1 9 1 5 Julv 1 IQIfi^n Is J P P t n U o v c r , y o r litigation ponding or threatened, affecting the corpo2»000 Russell C o. Sch. Dist. N o. 3 2 -- 5 July 1 l i ) l 5 ju lv 1 1017-28
u -o r tbe boundaries o f said district or the title o f its present
r ’n^S
C o. Sch. D ist. N o. 71—
5 July 1 1 9 1 5 July 1 1920-25 f4<-v.!Cf s: cn.C
/ hR,5, rcsPcctive offices or the validity o f these bonds ami that
5.000 Washington C o. S. D . N o. 30 . 5 July 1 1 0 1 5 Tniv 1 1 0 1 7 9fi h v '.C u 4
1.000 W oodson C o. Sch. D ist. N o. 4 0 . 5 July 119 1 5 July 1 1916-20 M
r o
f t S
*
neVCr defaulted in th0 paym ent o f principal
« e £ n n n ^ £ T I N ’ Ita .3 ca, .County, Minn.— B O N D S A L E .— On Sept. 1 tho
...........................- .............' • » « « > s o

KENT, Portage County, Ohio.— B O N D S N O T S O L D — R op ortssta to
that no bids were received on A ug. 30 for tho $1,545 .5% 3 1-6-Tr average
Lincoln A vo. (village s portion) bonds offered on that day — V 1 0 1 n 5 16
KITTITAS COUNTY (P. O. Ellensburg), Wash —

B O N D O E W tr V r

— Proposals will be received until 10 a. m. O ct. 4 by’ W GV D a m e r o w ^ ^ i
stated, for $60,000 6 % funding bonds.
y
Dam erow, It is

KLICKITAT COUNTY SCHOOL DISTRICT NO 21 Wish

— On A ug. 21 tho $3,000 building bonds were awarded to
State o f Washington at par for 5 ^ s . There Were no other bidders.‘ d ^
nom . $.j00. Due in 20 yrs., subject to call at any interest-paying period
LA MESA, LEMON G R O V E A N D S P R IN G V A L L E Y TRRTP a t t o m
D I S T R IC T (P. O. La M esa), C a l.-B O N D S A W A R D E D 7N PM
During the months o f April, M a y and Juno $61,500 o f tho $1,232,500 6 %
20-40-year (serial) gold coupon tax-freo water system bonds were disposed
o f at prices ranging from 85 to 100. W o previously reported the sal e o f
about $200,000 o f thoso bonds.— V . 1 0 0 , p. 833.
p
ea la o sa le or
BOND SALE

LA PORTE INDEPENDENT SCHOOL DISTRICT (P O La Porte)
Harris County, Te x — B O N D S V O T E D — Tho question o f i d ling
S e p t^ L b ° ndS carricd’ Ifc is statcd, b y a voto o f 94 to 6

LAREDO, Wobb County, Te x —

J

La

election held

— N o silo
y e t b e e n made o f tho $24,000 storm-sower-constr. and $8 000 Jarv s
w l ( i o 0 /o 2 i(4 r A ye;,1: (op t-) co,,P- bonds offered but not sold on N o A V
V . 9 °. p. 18.50. Denom. $1,000. D ate O ct. 1 1914
lit
a
A . V . W oodm an is C ity Secretary.
nc> A ' ^ ° BONDS NOT

YE T

SOLD

LEWIS AND CLARK COUNTY (P. O. Helena), Mont.—

B O N D SAT E .

— Local papers stato that tho Union Bank & Trust p n Ar i r /i „ „ „ i
chased $100,000 6 % funding bonds.
D enom . (80) $ 1 000 MO? $500
Int. somi-ann. Duo Jan. 1 1921, subject to call on any in torcT p a yin g d i t ?
LINNTON,
Multnomah
County,
Ore.—
B O N D S A L E — s Z ^ r n ‘non
Id % funding b o n d s o f f e r e d m i \ i . , k i , - . . . .
........... ...... ,
Ih e SoO.OOO
^ , u u u iv z u

hi

i m c i u s i v

Llano), Texas.— B O N D S

V O TE D

Rv i

of 434 to 276 the proposition to issuo $34,000 5 % 10-40-ycar font I h r W ^
construction bonds carried at an election held A ug 2
$24,000 will probably bo offered for sale next m onth

s

oo- ot

^ n
lf5SU0

W

»

L O G A N S C H O O L D I S T R I C T ( P . O . Logan)
H a r r is o n C o n n tv
Iowa. - B O N D S A L E — On Aug. 25 $26,000 5 % 5 -y “ refdg bonds were
awarded to the United States N ational Bank o f Oimiha for $26 m V
,

to 100.288.

D enom . $500.

LONSDALE

(P .

O.




ginn oooe s<i V<i o ^ ntl1 1 ? ' m ' A
Sopt' 23 b y F - w - R ow e. C ity Clerk for
$100,000 5% lOM-year (aver.) coupon water-works-plant-purchase bonds
Denom . $1,000. Date O ct. 1 1915. Principal and semi-annual int.
( A . k O.) payable at tho Corn Exchange N at. Bank o f C hicago
Due
$5,000 yearly Oct. 1 from 1916 to 1935, inch
mago. Due
M IAM I. D ade County, F la — B O N D S A L E — On Sept. 2 tho $100,000
W 2
n^~TVr- aver- Kohl funding bonds were awarded to W m . R. Com pton
g p . o f S t , Louis for $101,377 77 and int.— V . 1 0 1 , p. 636. Other bids were"

2
v
J£l
c
« - •.qieveland-^. __. .100.034
Sidney Spitzer * C o ., T o l . . .101.191 Spitzer, R orick k C o ., T o l . . 99.525

Hoeliler, Cummings & Pruddon, T oled o________
_ 100.934
H T H o'tz & C o ., C h ica go. 100.777
M iami B k. & T r. C o .. M iam i 100.611
R - M - Grant k C o ., N . Y . . . 100.380
Bank o f Bay Blscayne. Miami100.157
D avics-B ertram C o.. C in ____100.111

Of

W eil, R oth & C o ., C in ______
C . E. Denison & C o ., C lev e.
Stacy & Braun, T o le d o _____
Bolger, M osser & Willaman,
Chicago __________
John Nuveen & C o ., C h ic.

BOUNTY (P. O. New Brunswick), N. J. —

99.200
99.187
98.530

98.250
98.000
BOND

r°P ^ a ls vvill be received until 2 p. m. Sept. 20 b y Edward
D ato Auir( 2 1 qt1<5r ’ f'\r 8G9 ,0 b ° convertible bridge bonds. D enom . .$1 ,000.
(F & A W
b,
4 K % or U A % . payable prin. and int.
vi . oc A .) at oiiico o f C.ounty C ollector. D ue
000 von.riv nn Auer i
p ^n.1
1936 incl. and S3.000 yearly on A ug. 1 from 1937 to 19 45 incl.
ri?
?
? I? A,n bicorporatcd bank or trust com pany for 2 % o f bonds bid
10 Bounty C ollector, required. Bonds to bo delivered and paid
m, ri
a. m. Sept. 23 unless another dato shall bo m utually agreed upon
P^ 5 ??ruaodAi?.tores.fc' “ ids must be made on forms furnished
b y tho city . The U. S. M tgo. & T r. C o. will certify as to genuineness o f
4bR s t a t u r e s o f the county officials and tho seal impressed tlmreon? and
their legality lull bo approved b y Caldwell, Masslich k Reed o f N Y C
whosofavorab e opinion will be furnished to the purchaser. T otal bonded
debt, inch this issue. $1,268,900. Assess, val. 1914, $77,910 016" 1 9 1 5
approxim ately $83,000,000.
5 ’ U'UW| u t o ,

voTe<
d AAuug.
K t221.
1 Stav\ .d i101,
m r p.
n ' -(92.
n f ’0?Cert,
?
2h°'5i°'pr
bonds
voted
check
forwator-works-system
5 % required.

yearly 1930 to 1934 Inclusive
L L A N O C O U N T Y (P . O .

st^wl^^^bids^ni^b^PMeU'ed until ^ &m? Slep^M^ff^^^empOTarv^loa?
$2(f,00(FAngn4&” 9ffba4*0n of taxes, maturing $30,000 June 22 1916 and
MENOMONIE, Dunn County, Wis.—BO.VD O F F E R I N G . —Proposals

Date O ct. 1 1915.

Knoxvillo), Tenn.—

Int A . & o ! ° 7 5 ’

BONDS

9

P R O P O S E D ___T o r a l

fc— — ^ « i« .o o o -n m d £ S

v r Mi,1^ E AP 01,1? ’
— B O N D S A L E . — On Sept. 8 tho $82,591 1 0 K yr. aver, coupon tax-free special strcct-im pt. bonds were aw-arded to the
M innesota Loan & Trust C o. and Wells & D ickey C o . o f M inneapolis and
C . O. Kalman A C o. o f St. Paul at par for 5s.— V . 101, p. 792.
MINNEOLA, Wood Countv, T e x — B O N D S A L E — T ho $25 000 5%
10-40-yr. (opt.) water bonds offered in D ec. 1914 have been awarded to
Sweet, Causey, Foster k C o. o f Denver at par and int.— v f 99, p 1851.

MONROE COUNTY (P. O. Albia), Iowa.—B O N D

S A L F

_On Aug

d

p o r t3" 8 ° f S50,000 bonds was awarded to Geo. M . Bechtel & C o. o f D avem

MONTGOMERY COUNTY (P. o. Dayton). Ohio_B O N D

o eeet

?-

'linnt.^No1
f!7.it|
h e 53 9to'0?bo
9 offered
6 Kon
-y ear
higliway-lm
pt. Jvo. 1 11674
bonds
Sept.average
21. $40 inter-countv"
000 5 % W year average inter-county-highwav-im pt. N o. 28 bonds will also be offered .
v . lu i, P- 7J2. Denom . $1,000. D ato day o f saic. Prin. and semiann. int. M . k S . payable at office o f C ounty Treasurer. Duo $5,000

yearly on Sept. 21, from 1917 to 1924, incl. Certified check for $2,000,
payable to Ilu go F . Schnotdor, C ounty A uditor, required. Bids must bo
f $ % ° & lE C T I O N P R O P O S E D . — T he question o f whether or not this
cou nty shall issue $460,000 highway-im pt. bonds will bo subm itted to tho
voters at the N ovem bor election, it is reported.
MONTROSE, Susquehanna County, Pa.—B O N D S A L E . — On
SeDt. 1 an issue o f $14,000 5% sower and paving bonds was awarded to tho
First N a t. Bank o f M ontrose for $14,326, equal to 102.328. Fourteen
bids were received from local investors at prices ranging from par to 102.

™

MT. NEBO SPECIAL RURAL SCHOOL DISTRICT NO. 4 (P. O.

Cleves), Hamilton County, Ohio.—B O N D S A L E . — On Sept. 1 tho $3,500
5 % 20-year site-purchase and constr. bonds wore awarded to A aron Simon­
son o f Elizabethtown at par and int.— V . 101, p . 714.
NAPOLEON, Henry County, Ohio.—B O N D S A L E . — O n Sept. 7 an
issuo o f $7,000 5% fire-engine-house bonds was awarded, it is stated, to tho
Com m ercial State Bank o f N apoleon at par and int.
NASHUA, Hillsboro County, N. H.—T E M P O R A R Y L O A N . — I t is
stated that this city has negotiated a loan o f $30,000 maturing D ec. 24
1915, with Loring, Tolm an & Tupper o f B oston at 2.56% discount.
NEW BERN, Dyer County, Tenn.—B O N D S

W IT H D R A W N

FROM

M A R K E T .—

T ho C ity Treasurer advisas us that tho $30,000 6 % 20-year
coupon taxable school bonds offered without success on Sept. 1 1914, will
not bo placed on tho market again. V . 100, p . 247.

P E O R IA C O U N T Y S C H O O L D IS T R IC T N O . 119 (P. O. P e o ria ),
U la,— B O N D S A L E . — It is stated that II. C . Speer & Sons C o . o f Chicago
have been awarded the $29,000 5% 9-year averago school bonds which
were offered for sale on Juno 7.— V . 100, p. 1950. T ho price is reported
as $29,230 (101.034) and furnishing o f blank bonds.
P E R R Y C O U N T Y (P . O. N ew L e x in g to n ), O h io .— B O N D O F F E R r n i n __ proposals will bo received until 12 m . Sept. 27 b y C lyde M . Foraker,
C ounty A uditor, for $87,000 5 % 10-year inter-county-liighway-im provement bonds. D onom . $1,000. Dato Sept. 1 1915. Int. M . & S. Duo
Sent 1 1925. Certified check for 5% o f bonds bid for, payable to C ounty
Treasurer required. Bonds to bo delivered and paid for within 10 days
from time o f award. Purchaser to pay accrued interest.
P H IL L IP S B U R G , W a rre n C o u n ty , N. J .— B O N D S A U T H O R I Z E D . —
T ho T ow n Commissioners on Sept. 7 authorized tho issuance o f $30,400
im provem ent and $5,500 refunding 444 % bonds, it is stated. D uo in 1935
and 1937, respectively.
prwFT T AS C O U N T Y (P. O. C le a rw a te r), F la .— B O N D O F F E R I N G .—
Further details are at hand relativo to the offering on Oct .‘4 o f the $715,000
5 $ road and bridge-building bonds—V . 101, p. 792. Proposals for those
bonds will be received until 2 p. m . on that d ay b y C . W . W iecking, Clerk
o f Board o f C ounty Commissioners. D enom . to b e decided. D ate when
sold ” Principal and semi-annual int. payable at Now York C ity , Chicago
or Clearwater at option o f purchaser. D uo 15 to 30 years, serial, bidders

NEW BERN DRAINAGE DISTRICT (P. O. New Bern), No. Caro.—

Up to Sept. 1 no salo had been mado o f tho
$20 000 6 % 6 44-year (averago) drainage bonds offered on M a y 1.— V . 100,
p . 1284.
NEW YORK CITY.— B O N D S A L E . — During tho m onth o f August
$300 000 3 % bonds for various municipal purposes, duo N ov . 1 1924, were
purchased b y the Sinking Fund at par.
,
T ho follow ing short-term securities, aggregating $23,849,712 32, and
consisting o f revenuo bonds for current expenses, special revenue bonds,
revenue bills and corporate stock notes, wero issued during August:
BONDS N OT

[VOL. 101

THE CHRONICLE

868

YET

S O L D .—

R e v e n u e B o n d s , 1915—
In t.
M a tu r ity .
A m o u n t.
Current expenses_________________ 244 Dec. 1 1915 $9,000,000 00

$9,000,000 00
R ev e n u e B ills , 1 9 1 5 Current expenses----------------------------------*29-8

N o v . 18 1915

R e v e n u e B o n d s , 1915—•
S p e c ia l_______________________________ 3

Feb. 18 1916

$196,975 34

Feb'. 18 1916
Feb. 18 1916

$1,477,315 07
984,S76 71
3,250,093 15

$8,940,452 05
$8,940,452 05

$196,975 34
C o r p o r a t e S to c k N o t e s —
Various municipal purposes--------------- *3
W a t e r _________________________________ *3
R apid transit__________________________ *3

T otal corporate stock notes_______________________________ $5,712,284 93
*R ato o f discount; figures in "A m ou n t” colum n represent procoeds o f
loan after deducting discount.

NEW ZION SCHOOL DISTRICT NO. 15 (P. O. Manning), So. Caro.

O F B O N D S . — Tho purchaser o f the $3,500 6 % 20-year
building bonds sold on M arch 1 at par was Pcrcival Brooks C offin o f C hi­
cago— V. 101, p .7 9 2 . Donom. $500. Date M arch 1 1915. Int. M . & S.

— PURCH ASER

NOCONA, Montague County, Tex.—B O N D S

TO

BE

SOLD

A T

P R I V A T E S A L E .—

T he $3,500 5 % 20-40-yr.(opt.) water-works bonds regis­
tered b y tho Stato Com ptroller on July 6 will be sold at private salo. D cnom . $500. Date Sept, t 1914. Int. M . & S. E . A . Berry is C ity S ec’y.

NORTHAMPTON COUNTY (P. O. Jackson), No. Car.—B O N D

S A L E . — T ho $16,000 6 % Jackson T w p . road bonds offered on M a y 18
wore awarded on that dato to the Security Sav. Bank & Trust C o. o f T oledo
at 102.30, int. and lithographing bonds.— V . 100, p . 1377. D enom . $500.
D ato M a y 18 1915. Int. ann. in M a y. D uo $1,000 yearly from 1931
to 1935, incl.; $2,000 yearly from 1936 to 1939, incl., and $3,000 1940.
NORTH PLAINFIELD (P. O. Plainfield), N. J.—C O R R E C T I O N .— •
In last week's “ C hronicle,” page 792, wo reported tho price paid for tho
$35,000 5% 21 44-year average coupon with prlv. o f reg. collecting-soweragesystem bonds, awarded to the Plainfield Trust C o. o f Plainfield on A ug. 27
as 101.41 and in t., a basis o f about 4 .8 9 % . This should havo been 104.1(
and int., a basis o f about 4 .6 9 % .
NORWOOD, Hamilton County, Ohio.— B O N D S A L E . — On A u g. 9
tho $1 654 61 5% 544-yr. average sidewalk bonds wero awarded, it is stated,
to tho First N at. Bank o f N orwood at par.— V . 101, p. 313.
T ho following bids wore received for the six issues o f 5 % bonds, aggre­
gating $42,082 22, offered on Sept. 7.— V. 101, p . 547:
b
b
$1,608 78 $948 31 $1,525 35 $4,498 78
M a d is o n
A ve.

M on roe
A ve.

J e ffe r s o n
A ve.

T u rrill
A ve.

amount
m o v e d at TYdlalmssee?lP^ t a l
’ assMsed
Floating debt, $70,000. Assessed valuation, 1914, $8,97ei,()()() est. assosseu
valuation, 1915, $9,500,000; est. actual valuo, 1915, $36,000,000.
P IO U A M iam i C o u n ty , O h io .— B O N D S A L E . On Sept. 2 tho fifteen
i s s u e s ^ ’?? so w e r and paving bonds aggregating $36 100.^were awarded
to Seasongood & M ayer o f Cincinnati for $36,302 50 (100.501) ana int.
K 'r f c h S K ;
* o o . . C leveland............SKG.100
Davies-Bertram & C o ., Cin__ 36,1691
.
Bids also provided for paym ent o f accrued interest.
P L A IN F IE L D , U n io n C o u n t y , N . ,J ~ B 0 ^
S 4 \ ^ n ih o A z e d tB W ls a u cording to reports tho Finance Com m ittee on A ug. 30 authorized tho issu
ance o f $145,000 trunk-sewer bonds.
„ „ nnnT
P L Y M O U T H C O N SO L ID A T E D IN D E P E N D E N T ^ H O O L D IS ­
T R I C T (P. O. P ly m o u th ), C erro G o r d o C o u n ty , Io w a . B O N D S A L b .
__Schankc & C o. o f M ason C ity wero recontly awarded an issue o f $15,000
building bonds.
__ __
,,,,r
p h p a t p t To
■Rannnrk C o u n ty , I d a h o .— B O J \ D S I \ O J s u e d
N E W O F F E R I N G .— Because o f the failure to advertise aecorcling to

&
again

£

f

in October. Denom . $1,000. D ato Sept. 2 191o- Int. J. f
&r
"• d
P O M E R O Y , M eigs C o u n t y , O h io . — B O N D
^cA'non
received until 12 m. Sept. 18 b y D . W . H e n n e ry , Village C lerk, for $6,00
5% 10-ycar cou p, refunding bonds. A uth. Secs. 3917,
v ; 5Jf V A
2Q94 Gen Code. Denom . S I,000. D ate Sept. I 1915. Int. M . & S. at
Pom erov N at Bank Pom eroy. Duo Sept. 1 1925. Purchaser to pay acCTu“ < f ° n t £ e s t .B o n d e d debt $83,930; floating debt. $4,025. Assessed
valuation, 1915, $3,035,000.
P O R T C L IN T O N , O tta w a C o u n ty , O h io .— B O N D O I < I 'B R I N G .
Bids will bo received until 12 m . Sept. 20 b y W in. II. Williamson, Village
Clerk for $4 400 544% serial Madison St. improvem ent bonds. A uth.
Sec 3914 Gen Code. D onom . $440. Dato Sept. 1 1915. In t. M . &
S
Duo part yearly
Cert, check for $300, payable to Villago Treasurer.
required.1 Bonds to bo delivered and paid for within 10 days from tiino o f
award. Purchaser to pay accrued interest.
P O R T L A V A C A C a lh o u n C o u n ty , T e x .— B I D S R E J E C T E D N E A V
O F F E R I N G .— All bids received for the $17,000 5 % 5'A°*1
3C?,ar
st^ ‘
improvem ent bonds offered on Sept 1
’ N°W
bids are asked for until Sept. 22. A . A . Am es is C ity becretaiy.
■ D T > n * T > v r T T iTiiFP S C H O O L D IS T R IC T (P. O. J u d s o m a ), W h ite
P R O S P E C T " L U F F SGMUUU
, 'i ? X h K E R S . — I I • C . Speer & Sons

CoU^Ch^agoare^^fbring^to^nv(»tors $12,000 6% coupon (wfth privilege
of registratlon as to pr iudpal) school-bldg, bonds. Denom. $500 Date
$ l% 0 0

S

.

fc * i«
K f d c b w f fiK ;
vai. 1914, $498,555. Real val. o f taxable property,

?1 P U L A S K I C O U N T Y (P . O. W in a m a c), I n d .— B O N D S A L E . — O n
gpnt (i the $6 700 4 44% 5 44-year average road bonds wero awarded, it is
sta te d ?to a M uncie bank for $0,712 35. equal to 100.184, a basis o f about
1 p t t t n a m C O U N T Y (P. O. P a la tk a ), F la . — B O N D E L E C T I O N . — A
v o b ^ ™ lie taken on Sept. 14 on
Pr°P ositj ? ^ ) iSSUInP °scm i) am f0 C<Duo

30 years after date o f issuance.
O U A R R Y V IL I.E SC H O O L D IS T R IC T O ^ O - Q u a rry v ille ), L a n ister C o u n t y ,
B O N D S B E IN G S O M ) L O C A L L Y
J. c . M oy er
& C o ., O b r f n x r t l . . . ------------------------- S 5 J S 5
that °th is°(bstHrt^is offering for salo to focal investors tho $23,000 4 44'
coup b id'', bonds which were offered but not soldjon M a y 25. Denom . $100
oStewwte/r ..
n
R ce ifuu inudui nn yg .
W eil, R oth & C o ., Cincinnati.................................... *$8,721 85 $26,012 50 and 8500. D ate June 1 1915. Int. J. & D . in Quarryvltlo. D uo subject
Iloehler, Cummings & Prudden, T oled o------------25,872 00 to call after 5 yrs. These bonds aro exempt from Stato taxos. N o bonded
Seasongood & M ayer, Cincinnati-------------------------8,688 52
25,877 00 or floating debt. Assess, va l., $454,260.
R A C IN E M eigs C o u n t y , O h io .— B O N D O F F E R I N G . — B i d s will be
First National Bank,
N orw oou---------------------------ood ---------------------------lianK, in
8,521
o.u
zi 99
»»
-------­
A . E . Aub & C o ., Cincinnati-------------------------------_________
25,900 00 received until 12 m. Sept. 20 b y F. E . Philson, V il. Clerk, for $1,945 50
J. C . M ayer & C o ., Cincinnati__________________
8,686 35
25,820 00 6 % 4-yr. average coup, sidewalk bonds. D enom. $389 10. Date. Oct. I.
Int ann. on Oct. 1 at First N at. Bank o f Racine. D uo $389 10
Provident Sav. Bank & Trust C o ., C incinnati-----8,715 90
25,902 50 1015
Brighton German Bank, Cincinnati--------------------8,676 25
2 5 ,8 l0 00 yriV o n O c t f 1 from 1917 to 1921 incl. Cert c h ^ k for 1 0 % o f b id. payFifth-Third National Bank, Cincinnati--------------8,687 85
*26,202 50 Thle to I, E . Sayre, Vil. Treas., required. Bonded debt, incl. this issue,
Tillotson & W olcott C o ., Cleveland......... ...............$43,346 71 for all 6 issues $3,195 50; floating debt, $2,001; assess, val., $384,110.
* These bids wero accepted. All bids provided for payment o f accrued
R A F F O R D Ilo k e C o u n t y , N o. C a r o .— B O N D S A L E . -This town has
interest.
d isp o s e d o f an issue o f $30y 000 water-works and sewerago-system-conNUECES COUNTY DRAINAGE DISTRICT NO. 2 (P. O. Robstown), struction bonds.
_
, , t
„
.
Tex.—B O N D S T O B E O F F E R E D S H O R T L Y . — This district proposes to
A w n m p g S C H O O L D IS T R IC T (P. O. R a n d o lp h ), F re m o n t
offer for sale tho $159,429 25 5% coupon drainage system bonds authorized
Ccm n.tnP^ow ^ . — B O N I I S V O T E D 7— T ho question o f issuing the $30,000
b y vote o f 179 to 13 at an election held Juno 17. D enom. (159) $1,000, boU dln"’ bonds carried at tho election hold Sept. 4 b y a m a jo r it y o f 2 d .
(1) $429 25. D ato Aug. 1 1915. Principal and semi-ann. int. (F. & A .)
V 101 ° p 793- A suit has been filed to test tho validity o f this issuo.
payablo at tho Hanover Nat. Bank o f Now Y ork, or at tho Continental &
R A Y W O O D D R A IN A G E D IS T R IC T N O . 2 (P. O. L ib e r ty ), L ib e rty
Commercial N at. Bank, Chicago, at option o f holder. Duo $5,429 25
County™ T e x . — B O N D S P R O P O S E D . — This district is contemplating tho
A ug. 1 1916; $6,000 yearly from Aug. 1 1917 to 1931 incl. anil $7,000 yearly
issuance’ o f drainage-ditch-construction bonds.
on A ug. 1 thereafter until paid. Tho district has no indebtedness. Assess,
R F n n i N G S h a sta C o u n ty , C a lif .— B O N D S V O T E D .— Tho question
val. equalized 1915. $3,045,000. It. B . Russell is attorney for Drainago
Commissioners, Corpus Christi. W alter F . T im on is C ounty Judge.
o f S n g $5 000 bridge bonds carried b y a vote o f 161 to 10, it is reported,
OAK HARBOR, Ottawa County, Ohio.—B O N D S A L E . — W o learn at an election held A ug. 31.
that on Sept. 7 $9,250 5% 5-year street-impt. bonds wore awardod to tho
R IC E C O U N T Y (P. O. F a r ib a u lt), M in n .— BOND O F F E R I N G . —
Oak Harbor State Bank. Oak Harbor, at par and int.
Proposals will bo received until 1 p. m . Sept. 14 b y Frank M . Kaisersatt,
OAKWOOD (P. O. Dayton), Montgomery County, Ohio.—B O N D C o A n d., for tho $20,000 5 % 10-year county ditch-im pt. bonds.— V . 101.
n 793
D enom . $1,000. Int. semi-annual. C ert, check or cash for 5%
O F F E R I N G . — Bids will bo received until 12 m. Sept. 17 by Geo. E. ICeller,
Villago Clerk, for $28,050 5 % 544-year average coup, street-paving bonds. o f amount o f bid, payablo to tho C o. A u d ., required.
rtptfy
TinD ali C o u n ty , M iss . — B O N D O F F E R I N G . — B i d s will bo
D enom . 27 for $1,000, 1 for $1,050. Dato M a y 1 1915. Int. M . & N .
in Dayton. Duo $3,000 yearly on M a y l from 1916 to 1924 incl. and 81,050 received at any tim e by H. R . Spight. C ity Clerk, for the 813,000 6 % 4 /4 on M a y 1 1925. Certified check for $1,400, payable to Villago Clerk, vear averago school-building bonds voted April 20.— V . 100. _ d .
required. Bonded debt, including this issue, $125,000; no floating debt. Denom $500. Date Juno 1 1915. Interost annually in Juno. D uo $500
Assessed valuation, $1,750,000.
yearly Juno 1 from 1917 to 1942 inclusive.
'
--------OLMSTEAD COUNTY INDEPENDENT SCHOOL DISTRICT
R O C H E S T E R , N. Y . - N O T E O F F E R I N G .--S ea led blds will b e re­
NO. 8 (P. O. Rochester), Minn.—B O N D S A L E . — The $88,000 5% coupon ceived by E . S. Osborne, C ity Comptroller, until 2 p i
J
,
r
site-purchase-gracle-school-building ancl equipment and funding bonds S25 000 Genesee River deepening notes, payablo 8 m onths from
offered on M a y 24 were awarded on that day to tho First National Bank o f and’ $3 333 W est High school land purchase notes, payablo 8 m onths from
Rochester for $90,346— equal to 102.668.— V. 100, p. 1693. p en om . Sent 20 i 915, at tho Union Trust C o. o f New Y ork, will bo drawn with
$500. D ate July 1 1915. Duo $5,000 yearly July 1 irom 1916 to 1932 interest and will bo deliverable at tho Union 1 rust C o. o f N ow Y ork,
80 Broadway, N . Y . C ity , Sept. 15 and Sept. 20, respectively. Bids must
inclusive, and $3,000 July 1 1933.
OREGON CITY, Clackamas County, Ore.— B O N D S A L E . — M orris state rato o r Interest anil dosignato to whom (not bearor) notes shall be
Bros, o f Portland wero awarded on July 15 $16,000 6 % 10-year street-impt. mado payablo and denominations desired.
bonds at par and int. D enom . $500. Dato Juno 1 1915. Int. semi-ann.
ROME F lo v d C o u n t y , G a — B O N D O F F E R I N G .— Further details are
PALM BEACH COUNTY (P. O. West ralm Beach), Fla.—B O N D S at hand relative to the offering on Sept. 10 o f tho $25,000 4 % city-hospital
bonds— V 101, p. 715. Proposals (sealed or verbal) foi theso bonds will
N O T S O L D . — -No salo has yet been mado o f tho $35,000 5 % Special R oad
District N o. 3 bonds offered without success on Juno 2. Geo. O. Butler is bo received until 8 p. m . on that day by Hugh M cC rary, Secretary o f C ity
Commissioners. A uth. Const. 1877, A rt. 7, Sec. i , par. I a n d ^ ; a lw vote
Clerk o f C ounty Commissioners.
f 806 to 125 at an election held Feb. 11. Donom. $1,000.
April 1
PARIS, Henry County, Tenn.— B O N D S A L E . — T ho $35,000 5 % j o1915.
Principal and semi-annual int. (A . & O.) payable at tbe Exehange
1-35-year sor. water-works bonds offered on M a y 17 havo been awarded 1 N at. Bank, R om o, and the N at. C ity Bank o f N ew Y ork . Duo $5,000
to the Commercial Bank o f Paris.— V . 100, p . 1529.




*“ §!! S!:1?’1 1588™

S ept, l i 1915.]

THE CHRONICLE

869

June 1 1925 to 1934 incl. Cert, check on a reputable bank for $50 required.
The town has no indebtedness. Assessed val. 1915, $100,000.
TODD COUNTY SCHOOL DISTRICT NO. 13 (P. O. Gray Eagle),
Minn. — B O N D S V O T E D .—Tho question of issuing $16,500 building bonds
carried, it is stated, by a vote of 115 to 99 at an election held Aug. 21.
TRENTON, N. 3 . — B O N D S P R O P O S E D .—An ordinance providing for
the issuance of municipal hospital-impt. bonds at not exceeding $18,000
will be considered by the City Commission on Sept. 15. Int. rate not to
ROOTSTOWN TOWNSHIP SCHOOL DISTRICT (P. O. Roots- exceed 444%, payable semi-annually. Due in 10 years.
town), Portage County, Ohio.—B O N D O F F E R I N G . — Bids will bo re­
TRYON GRADED SCHOOL DISTRICT (P. O. Tryon), Polk
x. P- m - s °Pt - 18 b y Reed II. Dem ing, Clerk B d. o f E d ., for
$30,000 5 % site-purchase and constr. bonds voted July 20. D enom . $500. County, No. Caro. — B O N D S A L E .—The $3,000 6% 20-yr. coupon re­
D ate O ct. 1 1915. Int. A . & O. Duo $1,000 on A p r. 1 and $500 Oct. 1 funding and school-bldg.-impt. bonds offered on Aug. 10 have been awarded
_____ —
o f each year. Cert, check for $200, payablo to Treas. o f School D is t., to Bumpus & Co. of Detroit at 101.55.—V. 101, p. 393.
required. Purchaser to pay accrued interest.
TYLER COUNTY (P. O. Woodville), Te x . — B O N D S D E F E A T E D . —
ROSEVILLE VILLAGE SCHOOL DISTRICT (P. O. Roseville), According to reports, tho election held in Road Dist. No. 1 on Aug. 28 re­
Muskingum County, Ohio.—B O N D S N O T S O L D . — N o bids were re­ sulted in the defeat of tho proposition to issue the $100,000 road-constr.
ceived on Sept. 4 for the $4,033 5 % 2-5-yr. serial tuition fund bonds offered bonds.—V. 101, p. 639.
on that da y.— V . 101, p . 715.
UNION CITY, Randolph County, Ind.—B I D S .—The following were
ST. JOSEPH SCHOOL DISTRICT (P. O. St. Joseph), Berrien tho other bids received for tho $7,500 444 % 644-yr. average funding bonds
County, Mich.—B O N D O F F E R I N G . — Additional inform ation is at hand awarded to Breed, Elliott & Harrison of Cincinnati at 101.30 and int. on
relative to the offering on Sept. 18 o f tho $100,000 cou p, school-building Aug. 31—V. 101, p. 794:
Fi?,1,0*10!; American Nat. Bank, Indianapolis......... .................... $7,581 75
bonds voted A ug. 16— V . 101, p. 715. Bids for these bonds will bo received Miller
& Co., Indianapolis_______________________________ 7,577 50
until 2 p . m . on that day b y G . IC. Pixloy, Secretary o f Board o f Education. E. M. Campbell’s Son & Co., Indianapolis_______________
7,526 00
7.514 90
D enom . $1,000. Int. rate to bo named in bid. Duo on Sept. 1 as follows: Indiana Trust Co., Indianapolis____________ ______ _____
7,505 00
$5,000 1920, $6,000 1921, $7,000 1922, $8,000 1923, $9,000 1924 and 1925, J. F. Wild & Co., Indianapolis_________________________
Mcycr-Kiser Bank, Indianapolis___________________________ 7,505 00
$10,000 1926 and 1927, $11,000 1928, $12,000 1929 and $13,000 1930.
UNION COUNTY (P. O. Maynardville), Tenn.— B O N D O F F E R I N G .
C ertified check for 2 % o f bonds bid upon, payablo to above Secretary, —Further
details are at hand relative to the offering on Oct. 4 of the
required. Purchaser to p ay accrued interest. Official circular states that $100,000 5% 30-year coupon tax-free road and bridge bonds.—V. 101 p.
this district has never repudiated any o f its financial obligations and no 716. Proposals for these bonds will be received until 12 m. on that day
litigations have been entered against it. N o bonded dob t. Assessed valua­ by Geo. N. Taylor, County Judge. Denom. $1,000. Date Oct. 15 1915.
Int. A. & O. at place to suit purchaser. Certified check for $1,000, payable
tion, $6,643,975. Purchaser will bo furnished freo o f charge, tho opinion to the County Judge, required. Bonded debt, $50,000. No floating debt
o f W o o d & Oakley o f Chicago as to tho validity o f the bonds.
Sinking fund, $8,000.
T h e o f f i c i a l n o t i c e o f th is b o n d o f f e r i n g a p p e a r e d la s t w e e k a m o n g th e a d v e r UNITY TOWNSHIP, Columbiana County, Ohio.— B O N D S A L E _
tis e m e n ts o f th is D e p a r tm e n t.
On Sept. 3 the $40,000 5% 10-yr. average coup, road-impt. bonds were
ST. MARY’S PARISH (P. O. Franklin), La.— B O N D S A L E . — The awarded, it is stated, to Otis & Co. of Cleveland.—V. 101, p. 716
$200,000 road-building bonds mentioned in V . 100, p. 1378, wore awarded „ URBANA CITY SCHOOL DISTRICT (P. O. Urbana), Champaign
In April to the Interstate Bank & Trust C o. o f New Orleans at par.
County, O h i o . — B O N D S A L E .—Tho $16,000 5% 6-yr. average building
SALEM TOWNSHIP, Columbiana County, Ohio.— B O N D S A L E . — impt. bonds offered on May 24 wero awarded on that day to tho National
On Sept. 1 the threo issues o f 5 % road-im provem ent bonds, aggregating ^ Sv ^ in n ^ airntOC $16,121—equal to 100.756—a basis of about 4.85%.
■V• 1UU, p» 1095.
$71,800, were awarded to Iloehler, Cummings & Pruddon o f T oledo for
$72,025 75 (100.314) and int.— V . 101, p . 548. A m ong tho other bids
URBANA TOWNSHIP SCHOOL DISTRICT (P. O. Urbana), Cham­
received were:
paign County, Ohio.— B O N D S A L E .—On Sept. 1 the $30,000 5% bldg,
Breed, E lliott & Harrison,
ISeasongood
&
M ayer,
bonds
were awarded to Otis & Co. of Cleveland at 100.50, it is reported.
C in c in n a ti-------------------$71,934 85
C in c in n a t i____________ $71,810 00
yearly from 1940 to 1944 incl. A deposit o f 2 % required. T otal bonded
dobt (incl. this issue). $617,000. Floating debt, $20,000. Sinking fund
(cash), $10,000. Assessed valuation, 1915, $9,523,799; true val. (a p p ro x .),
$12,000,000. Official circular states that there is n o controversy or liti­
gation pending or threatened affecting the corporate existence o f the
boundaries o f city or tho title o f its present officials to their respective
offices or the validity o f these bonds, and that thero has never been any
default in the paym ent o f any o f tho city's obligations, also that no pre­
vious issues have ever been contested.

.

H ayden,M ilIcr& C o.,C lev. 71,880 0 0 [Otis & C o ., C levelan d____ 71,803 00
SALISBURY, Rowan County, No. Car.—B O N D O F F E R I N G . — F ur­
ther details aro at hand relative to the offering on O ct. 1 o f tho $125,000
water-plant, $55,000 school-building and $20,000 street and sewer 5% 40year bonds.— V . 101, p. 793. Proposals for these bonds will be received
until 12 m . on that day b y W alter If. W oodson, M a yor, D enom . $1,000.
D ato O ct. 1 1915. In t. semi-annually at tho National Park B ank, N . Y .
Cert, check for $1,000 required. A uth. Chapter 153. Private Laws o f
N o . C ar., Session 1915.
SAN FRANCISCO, Cal.— B O N D O F F E R I N G . — 3 . S. Dunnigan, Clerk
o f tho B oard o f Supervisors, will receive sealed bids until 3 p. m . Sept. 20,
it Is stated, for $400,000 444% hospital and Jail bonds. Interest semi­
annual. Certified check for 5 % required.

VANCE COUNTY (P. O. Henderson), No. Car.— B O N D S A L E .—
Reports stato that tho $50,000 5% coupon taxablo road-constr. bonds
offered on Juno 25 have been sold to tho Farmors' & Merchants' Bank of
Henderson.—V. 101, p. 1951.
VEGA SCHOOL DISTRICT, San Benito County, Calif.— B O N D S
V O T E D .—The question of issuing $8,000 building-impt. bonds received a
favorable vote, it is stated, at a recent election.
VERONA, Preble County, Ohio. — B O N D O F F E R I N G .—Proposals
will bo received until 12 m. Sept. 27 by V. J. Shilt, Vil. Clerk, for $3 817 90
6% 3-yr. average Main St. impt. assess, bonds. Auth. Sec. 3914, Gen.
Code. Denom. $381.79. Date May 13 1915. Int. semi-ann. Due
$381 79 each six months from Mar. 1 1916 to Sept. 1 1920 incl. Cert,
check for 5% of bonds bid for, payable to Vil. Treas., required. Purchaser
SAN PATRICIO COUNTY (P. O. Sinton), Texas . — D E S C R I P T I O N to pay accrued interest.
O F B O N D S . — Tho $75,000 6 %
Dist. N o. 3 road-Improvom ont bonds
VINELAND, Cumberland County, N. J. — B O N D S D E F E A T E D .—
awarded on A ug. 9 to E. G Ilod go, Cashior o f tho A ngloton State Bank, Tho
to issue $100,000 paving bonds was defeated at tho elec­
o f Angleton, for $75,937 (101.248) and in t., aro in tho denom . o f $1,000 and tion proposition
held Aug. 17.
dated July 9 1915— V . 101, p . 715. In t. Apr. & Oct. Due 1 to 40 years.
VINTON
SPECIAL
DISTRICT (P. O. Vinton), Gallia
SCHOOLCRAFT AND TORCH LAKE TOWNSHIPS FRACTIONAL County, Ohio.— B O N D SCHOOL
S A L E .—We have just been advised that the
SCHOOL DISTRICT NO. 1 (P. O. Lake Linden), Houghton County, Vinton
Banking
Co.
of
Vinton
was
awarded at par on June 1 an issue of
Mich.— B O N D S A L E . — On Sept. 1 tho $100,000 444% 9 44-year average
cou p, taxable school bonds wero awarded to Bolgor, .M osser & Willaman $18,000 school bonds.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 14
o f Chicago at par.— V . 101, p. 548.
(P. O. Da land), Fla.— B O N D S A L E .—The $12,500 5% coupon taxSEA WALL DISTRICT NO. 1, Jackson County, Miss.—B O N D freo
building bonds offered on May 10 were awarded to Gunter & Sawyers
O F F E R I N G . — Proposals will bo received until 3 p . m . Sept. 20 b y .1. R .
*
W atts, S ecy. B d . o f Com m rs. (P. O. Pascagoula), for $25,000 6 % coupon of Little Rock on July 7 at 95.—V. 100, p. 1530.
WADSWORTH, Medina County, Ohio.— B O N D O F F E R I N G .—Bids
tax-free retaining-wall-construction bonds. A uth. C hap. 275, A ct o f
will
be
received
until
12
m.
Oct.
9
by
H.
E.
Iliors,
Vil.
Clerk,
for
$5
000
M iss. Legislature 1914. D enom . $500. Principal and annual int., pay­
able at any bank or banking house in U. S. as m ay bo agreed upon. 13ue 5% 544-yr. average coup. Highland Ave. impt. assess, bonds. Auth.
Int
$1,000 yearly from 1 to 25. years., incl. C ert, check for $250, payable Secs. 3914-3924, Gen. Code. Denom. $500. Date Oct. 1 1915
to tho S ecy., required. B onded debt, including this issue, $29,179 60. A. & O. Due $500 April 1 1916 and $500 yearly Oct. 1 from 1917 to 1925
incl. Cert, check for 2% of bonds bid for, payablo to Vil. Treas., requred
Floating dobt, none. Assess, val. 1913 $71,850.
Bonds to bo delivered and paid for within 30 days from time of award
SELBY SCHOOL DISTRICT, Contra Costa County, Calif.—B O N D S Purchaser
to pay accrued intorost. Purchaser to furnish at own expense
V O T E D . — Reports state that the question o f issuing $ 1 1,000 building bonds
the blanks upon which.said bonds are to be executed.
carried at an election held A ug. 16.
WALL LAKE, Sac County, Iowa .— B O N D O F F E R I N G .—Proposals
SEYMOUR, Webster C o u n ty , Mo . — B O N D S V O T E D . — The proposi­
tion to issue $15,000 Seym our E ight-M ile Special R oad D ist. road-constr. will be received until 3 p. m. Sept. 15 for the $7,500 5% electric-lightbonds authorized by vote of 188 to 26 at the election held
bonds carried by a voto o f 384 to 161, it is stated, at an election held A ug. 24. system-constr.
Aug. 18.—V. 101, 0. 472. Due Oct. 1 1934.
SHELBY, Shelby C o u n ty , Iowa.— B I D S R E J E C T E D . — All bids re­
WASHINGTON COUNTY (P. O. Greenville), Miss.— B O N D E L E C ­
ceived for tho $12,000 5 % 10-20-yr. (op t.) water-works bonds offered on
T I O N P R O P O S E D .—Reports state that this county is preparing to submit
A ug. 30 wero rejected.— V . 101, p. 716.
to the voters the proposition to issue $750,000 road-construction bonds
SILVER CREEK, Chautauqua County, N. Y .— B O N D S A L E . — W e
WASHINGTON INDEPENDENT SCHOOL DISTRICT (P. O. Wash­
aro advised that this village sold an issue o f $6,500 1-5-yr. serial Dunkirk
ington), Washington County, Iowa.— B O N D E L E C T I O N P R O P O S E D .
St. im pt. bonds on July 5.
—Reports stato that an election has been called to vote on the question of
SKANEATELES, Onondaga County, N.Y.—B O N D S T O B E O F F E R E D issuing $100,000 high-school-bldg, bonds.
S H O R T L Y . — E . C . M iller, Village Clerk, will shortly offer for sale an issue
WAUKESHA, Waukesha County, Wis.— B O N D S P R O P O S E D .—
o f $5,000 reg. taxablo storm-wator-sewer-construction bonds. D enom .
city is contemplating the issuance of $150,000 gold coupon school­
$1,000. Date about Oct. 1915. Int. (rato to bo named in bid) payablo This
J. & J. in Skaneateles. Duo $1,000 yearly from July 1 1916 to 1920 incl. building bonds.
B onded debt, not incl. this issuo, $40,000. No floating dobt. Assessed
WAUSA, Knox County, Neb.— B O N D S V O T E D .—By a vote of 81 to
valuation 1915, $1,350,000.
69 tho question of issuing the $12,000 sewerage-system and disposal-plantSOMERVILLE, Middlesex County, Mass.— B O N D S A L E . — On constr. bonds carried, reports state, at the election held Sept. 3.— v . 101
Sept. 9 tho $38,000 4 % 10-yr. average cou p, (m ay be registered as to prin­ p. 473.
WAYNE TOWNSHIP, Columbiana County, Ohio.—B O N D S A L E .—
cipal) publlc-bldg. bonds wero awarded to M orrill, Oldham & C o. o f Bos­
ton at 101.179— a basis o f about 3 .8 7 % .— V . 101, p .7 9 4 . Other bids were: On Sept. 1 the $14,500 5% 544-year average road-impt. bonds wero awarded
to the Firestone Bank of Lisbon for $14,515 01, equal to 100.103. a basis
of about 4.98%.—V. 101, p. 473. Other bids wore :
Iloehler, Cummings & Pruddcn, Toledo................ _
$14 510
Otis & Company, Cleveland____________________________ 14|500
Curtis & Sanger, B o s t o n . 1 100.841 Blodget & C o .. B o s t o n ._ ." l0 0 H 4
WELLESLEY,
Norfolk
County,
Mass
.— B O N D S A L E .—On Sept. 7
N . W . Harris & C o ., B oston . 100.84 |
tho $20,000 4% 1044-year average coupon water-loan Act of 1913 bonds
.. S9H,TwumOSTON’ Halifa* County, Va. — B O N D S A L E .— On Sept. 1 wore awarded, it is stated, to Geo. A. Fernald & Co. of Boston at 101 46
’
tho $100,000 water and sowor and $25,000 street 544% 34-yr. cou pon a basis of about 3.82%.—V. 101, p. 794. Other bids were :
P. M. Chandler* Co., Bost.101.351M errill, Oldham & C o .......... 100.839
bonds were awarded to Harris, Forbes & C o . , o f N ow Y o r k at 103.08.—
i ^•y.i.P*

4

i* '**

,,

„

.

j

...SOUTH FULTON (P.~OT'FuItont^Lail'derdalo'* County7 Tenn.—

.— The question o f issuing tho $6,000 bridge and
street and $5,000 water 6 % 20-yr. bonds failed to carry at tho election
held Sept. 4 .— V. 101, p. 794. T ho voto was 41 “ for” and 68 “ against."
BONDS

D E FE A T E D

Jackson & Curtis, B oston___101.33
Curtis & Sanger, B o st_______100.806
Cropley M e Garagle & C o . . 101.17 R . L. D ay & C o ., B o st.......... 100.719
E . M . Farnsworth & C o ____101.03
Blodget & C o ., B oston .......... 100.398
All bids provided for paym ent o f accrued interest.

WETHERSFIELD, Hartford County, Conn.—

TO W N

E L E C T IO N

SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P. O. Manteca),
San Joaquin County, Cal.— B O N D S A L E .— On A ug. 31 tho $25,000

— An election will bo held Sept. 13 to vote on authorizing the T ow n T reas­
urer to issuo the following notes and bonds:
$ 19.000 high-school-im pt. notes at not exceeding 5% in t., payable semi-ann.
8,500 funding notes at not exceeding 5 % interest.
70,000
bonds at not exceeding 444% int., payable semi-ann. D en om .
$1,000. D ue at a certain tim e or times not later than 30 years.

SPRINGVILLE INDEPENDENT SCHOOL DISTRICT (P. O.
Springville), Linn County, Iowa.— B O N D O F F E R I N G .— Proposals will

WHEATLEY SCHOOL DISTRICT (P. O. Wheatley), St. Francis
County, .Ark.— B O N D S O F F E R E D B Y B A N K E R S . — II. O . Speer & Sons

5 % reservoir bonds wero awarded t o B . C . Lattin o f Los Angeles and Byrne
& M cD onnell, San Francisco.— V . 101, p. 548. Thero wero no other
Wddera- Donom . $500. D ato July 1 1913. Int. J . & J. D ue part
in HM7 ana iu«58*

1 P-,m - 8 °p t. 17 b y O. L. Burroughs, Sec. B d. o f E d ., for
$12,000 5 % coupon tax-free bldg, bonds. D onom . (2) $800 (2V $ 90 0 m
$1,000, (2) $1,100, (2) $1,200. D ate D ec. I 1915. In t. J . & D at the
SpringviUe Sav. Bank, Springville. Duo part yearly D oc. 1 fronT 1916 to
1925 incl. Cert, check for 2 % , payablo to tho Sec. B d . o f E d ., required,
district has no indebtedness. N o sinking fund. Assess, val. 1915.
.J 1»UOO|0 1Z .

QUARTER, Hyde County, No. Caro.—

B O N D O F F E R I N G .—

Bids will be received at 8 p . m . Sept. 20 b y Leslie E . Jones, M a yor, for
$5,000 6 % Improvement bonds. D onom . $500. Date June 1 1915
Int
payable annually at the Bank of H yde o f Swan Quarter. D u o $500 y r ly '




R ock . Duo $500 yrly. A ug. 1 from 1919 to 1942 incl'. 'T o ta l debt (this
issue o n ly ), $12,000. Assess, val. 1914, $415,947; value o f taxable p rop ­
erty, 1,200,000.
WHITEHALL, Jefferson County, Mont.— B O N D O F F E R I N G __
Proposals will be received until 12 m . Sept. 23 b y F . E . M cC all, T ow n
Clerk, for tho $17,000 municipal water-system and $13,000 municipal
sower-system 6 % 15-20-yr. (op t.) bonds authorized b y vote o f 81 to 14
at tho election held A ug. 16.— V. 101, p. 718. Cert, chock for 5 % o f
am ount o f bid required. Separate bids to be m ado for each issue.

870

THE CHRONICLE

WIGGINS, Harrison County, Miss.—B O N D S A L E . — A n issue of
$4,000 6% town-hall and jail-bldg, bonds was awarded on M a y 1 to R . W .
M illsok o f Jackson at par and int. D enom . $500. D ate Jan. 1 1915. Int.
annually on Feb. 1. D ue serially Feb. 1 from 1925 to 1932 incl.
WILSON, Niagara County, N. Y.—B O N D S A L E . — T ho $3,500 5%
4 -yr. averago street-im pt. bonds offered on A ug. 10 wero awarded on that
d ay to tho W ilson Stato Rank o f W ilson at par.— V . 101, p . 473. There
were no other bidders.
WORCESTER, Mass.— T E M P O R A R Y L O A N . — On Sept. 9 a loan o f
$75,000 m aturing N o v . 15 1915 was negotiated, it is stated, with Salomon
B ros. & Hutzlor o f N . Y . at 1.10% discount.

LONGUEUIL, Que.—D E B E N T U R E O F F E R I N G . — Bids will bo re­
ceived until 5 p . m . Sept. 17 b y J. R . Bournot, T ow n T reas., for an issuo
o f $100,000 5% gold debentures. Denoin. $1,000. Prin. and int. payable
in gold at the R oyal Bank o f Canada, M ontreal or T oron to or at their
agency in N . Y . C ity . D ue M a y 1 1955. A n accepted check for $1,000
is required.

WYANDOT COUNTY (P. O. Upper Sandusky), Ohio.—B O N D

S A L E . — On Sept. 4 the two issues o f 5 % inter-county-high w ay-im pt.
bonds, aggregating $12,500, wore awarded to the Provident Savs. B k. &
T r. C o. o f Cincinnati at 100.66 and int.— V . 101, p. 718. Other bids were:
B reed, E ll’t & H ar., C in_$12,580 88|Spitzer, R orick & C o.,Tol.$12,559 50
F ield, Richards & C o.,C in. 12,571 25 C om m . N at. B k ., T iffin . 12,551 25
Seasongood & M ayer, Cin. 12,563 OOJTillotson & W olc.C o.,C lev. 12,515 8o
H oehler Cunt'gs&Prud. Tol.12,560 00|Otis & C o ., C leveland___ 12,505 0 o
XENIA, Greene County, Ohio.— B O N D S A L E . — On Sept. 7 tho two
issues o f 5 % coupon Third St. paving (city’s portion and assess.) bonds
wero awarded to B reed, E lliott & Harrison o f C in.for $29,415 25(101.438)
and in t.— V . 101, p. 550. Some o f tho other bids wero :
Seasongood & M ayer, C in .$29,363 001 W eil, R oth & C o ., C in __ $29,306 00
D avies-Bertram C o ., C in . 29,345 53| J. C . M a yer& C o ., C in
29,319 60
F ifth -T hird N at. Bk., Cin. 29,327 5 4 1
•

YAVAPAI COUNTY SCHOOL DISTRICT NO. 29 (P. O. Clarkdale),

Ariz.— B O N D O F F E R I N G . — Proposals will bo received until 2 p. m.
S ept. 21 b y It. B elcher, Clerk Board o f C ounty Supervisors, for $45,000
10-20-year optional gold coupon tax-free building bonds at not exceeding
6 % . A uth. Chap. 9, T itle 11, R ov. Stat. 1913. D enom . $1,000. Dato
Sept. 1 1915. Int. M . & S. at the C ounty Treasurers offico. Certified
check for 2% o f bid, payablo to tho Board o f School Trustees, requlrod.
T his district has no indebtedness. Assessed valuo 1915, $3,500,206 42.

Canada, its Provinces and Municipalities.
W BATHURST, N. B.— D E B E N T U R E

S A L E . — During August the remain­
ing $75,000 o f an issue o f $150,000 5 % 40-year water-works debentures
was purchased b y tho Eastern Securities C orp ., L td ., and J. M . Robinson
& Sons o f St. John, join tly , at 95.50.— V . 100, p . 2107.
BOTH WELL, Ont.— B I D S R E J E C T E D . — Reports state that all bids
received for the $8,500 5 K % 15-year town-hall and $5,000 5 % 30-year
hydro-electric debentures offered on A ug. 20, wero rejected.— V . 101, p. 551.
ESTHERHAZY, Sask.—D E B E N T U R E S A U T H O R I Z E D .— Tho Village
C ouncil on A ug. 16 authorized tho issuance o f $1,000 street-im pt. and fireequipm ent debentures, it is reported.

ETOBICOKE TOWNSHIP, Ont.—D E B E N T U R E S

A U T H O R I Z E D .—

A by-law providing for the issuance o f $20,000 school N o . 3 debentures
was passed, it is stated, b y tho C ouncil on A ug. 9.
EXETER, Ont.—D E B E N T U R E S S E L L I N G L O C A L L Y . — W o are
advised that this village is selling to local investors at par an issuo o f $20,000
5 % 25-yr. hydro-electric debentures.
LITTLE CURRENT, Ont . — D E B E N T U R E S A U T H O R I Z E D . — News­
paper dispatches state that the Council passed a by-law on A u g. 9 authoriz­
ing the issuance o f $25,000 school-im pt. debentures.

BOND CALL

PUBLIC IMPROVEMENT
CERTIFICATES CALLED
of

th e

C o m m is s io n e r o f
C ih j H a l l .

MARKHAM, Ont.— D E B E N T U R E E L E C T I O N .— A ccording to reports
a proposition to issuo $20,000 water-works-constr. debentures will bo
subm itted to a vote on O ct. 2.
ORANGEVILLE, Ont.— D E B E N T U R E S V O T E D .— A t tho election
held Sept. 4 tho question o f issuing the $33,000 5% 20-year power-plantpurchaso debentures carried, b y a voto o f 214 to 191.— V. 101, p. 719.
OTTAWA, Ont.— D E B E N T U R E S A L E . — This city has sold to W o o d ,
G u nd y & C o ., T oron to, and N . W . Harris & C o ., Boston and M on treal,
$2,181,000 5 % debentures, particulars o f which are as follows:
$44,000 due July 1 1919.
$51,000 due July 1 1928.
1920.
46,000
“
53.000
”
“
1929.
50,000
“
1921.
56,000
”
“
1930.
1922.
51,000
“
11,000
“
"
1931.
54,000
“
1923.
12,000
“
“
1932.
57,000
“
1924.
12,000
"
"
1933.
13,000
”
“
260,000
“
1925.
1934.
217,000
“
"
46,000
"
1926.
1935.
1,100,000
“
“
48,000
’’
1927.
1945.
The bonds are being offered to yield 5 % % .
PRINCE RUPERT, B. C.— D E B E N T U R E O F F E R I N G . — Ernest A
W ood s, C ity Clerk, is offering for sale tho $10,500 and $4,500 6 % 4-year
gold coupon road debentures recently voted .— V . 101, p. 795. D en om .
n o t less than $100. D ato A ug. 1 1915. In t. F . & A . at any placo in
Canada, U . S. or England to suit purchaser. D uo A ug. 1 1919. D eben­
ture debt incl. these issues, $2,609,838. Floating debt, $5,000. Assessed
val. 1915 $25,846,672.
ROSTHERN, Ont . — D E B E N T U R E E L E C T I O N . — T ho question o f
issuing $7,000 firo-equipment and water-impt. debentures will bo sub­
m itted to a voto to-d ay (Sept. 11), it is reported.
SARNIA, Ont.—D E B E N T U R E S A U T H O R I Z E D .— On A ug. 17 a b y ­
law was passed b y tho C ouncil, it is stated, providing for tho issuance o f
$9,650 school debentures.
TILBURY

EAST

P u b lic

F in a n c e s ,

WILBERFORCE TOWNSHIP (P. O. Eganville),

NEW YORK
CHICAGO
TACOMA
Trinity Bldg. Cont. & Comm. Washington
Bank Bldg.

Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop­
erties.
Examinations and Reports
Utility Securities Bought and Sold

M E L L O N N A T IO N A L B A N K
PA.

STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT. 2, 1915
RESOURCES

Loans and Investment Securities______________ $49,101,453 30
Overdrafts________________________________________
46
Due from Banks------------------------------------------------------ 11,269,062 94
C a s h -------------5,592,067 67
$65,962,584 37
LIABILITIES
C a p ita l---------------------------------------------------------------------- $6,000,000 00
Surplus and Undivided Profits_________________
3,048,626 35
Reserved for Depreciation, & c__________________
106,652 14
Circulating Notes_________________________________ 3,360,697 50
Deposits------------------------------------------------------------------- 53,446,608 38
______________________________________________________$65,962,584 37

Interest allowed
on deposits.




S A L E .—

O n t .— D E B E N ­

T U R E S A U T H O R I Z E D . — It is stated that the Council passed a by-law
on August 9 providing for tho issuance o f $2,900 school N o . 2 debentures.
YELLOW GRASS, Sask. — D E B E N T U R E S O F F E R I N G . — II. C . D u
p on t, Secy-Treas., will recoivo bids until Sept. 20 for $2,500 and $3,500
7 % 20-annual installment debentures. D ated day o f issue.

H. M. Byllesby & Co.

P IT T S B U R G H ,

Ont.—D E B E N T U R E

A ccording to reports M acN eill & Y ou n g o f T oron to have been awarded an
issuo o f $19,586 27 6 % debentures for $19,631 27, equal to 100.224. D u e
from 1915 to 1930.
TORONTO, Ont.— B I D REJECTED.— R eports stato that only one
offer was received for tho two issues o f 4 14 % local im pt. debentures aggro­
gating $3,905,959 23 offered on Sept. 9.— V . 101, p . 795. This bid was
rejected.
TRENTON, Ont.— D E B E N T U R E E L E C T I O N . — An election will bo
held Sept. 14, it is stated, to vote on tho question o f issuing $40,000 bridge
debentures.

Incorporated

Now Orleans, L a ., September 1, 1915.
P U B L IC N O T IC E is horoby given, under tho
provisions o f A ct 56 o f 1908 and A ct 159 o f 1912,
o f tho A cts o f Louisiana, that tho following de­
scribed P U B L IC IM P R O V E M E N T C E R T IF I­
C A T E S o f the C ity o f N ow Orleans will bo paid
at this offico, on tho first day o f O ctober, 1915,
with interest to said dato:
Issuo o f 1913, Serios A , N os. 267 to379
Issuo o f 1913, Sories B , N os. 16 to 21
Issuo o f 1913, Series C , N os. 52 to 86
A ll numbers inclusive.
A ll prior numbers in each sories previously
called.
A . G . R IC K S ,
Commissioner o f Public Finance.

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.

TOWNSHIP,

NEW LOANS.

ENGINEERS •

CITY 0 F NE W 0 R LEA NS, LA.

O ffic e

[Vol. 101

G ir a r d T r u s t C om p a n y
PHILADELPHIA
Chartered 1836

$8,200

THE TOWN OF CHINOOK,
BLAINE COUNTY, MONTANA
W ATER SUPPLY (6%) BONDS
S T A T E OF M O N T A N A . 1
C O U N T Y OF B L A IN E , SS.
T O W N OF C H IN O OK.J
Pursuant to tho authority o f Ordinanco N o. 128
o f tho T ow n o f Chinook, o f Blaino C ounty, M on ­
tana, passed and approved August 30, A . D . 1915,
authorizing and directing tho advertisement and
salo o f cortaln bonds o f said town, namely:
Water supply bonds aggregating tho principal
sum o f Eight Thousand T w o Hundred Dollars
($8,200).
„
,
Said Issue o f bonds shall bo numbored consecu­
tively from 1 to 9, both inclusive, N os. 1 to 8
to bo o f tho denomination o f $t,000 oach, and
bond N o. 9 o f tho denomination o f $200, all dated
July 1, A . D . 1914. duo July 1, A . D . 1934. rodeomablo at tho ploasuro o f said town aftor
July 1, A . D . 1924. boaring interost from thoir
dato until paid at tho rato o f six (6) por centum
per annum, payablo somi-annually on tho first
days o f January and July, respectively, in oach
year, both principal thereof and intorost thoroon
payablo at tho National Bank o f Com m orco,
in tho C ity and Stato o f Now Y ork, U. S. A .
P U B L IC N O T IC E IS H E R E B Y G IV E N that
said bonds aforosaid will, at tho offico o f tho undorsigned M a yor, at tho town hall, in said town, on
Saturday, to wit, tho 2ND D A Y O F O C T O B E R .
A D 1915, at tho hour o f 10 o clock a. m ., at
public auction, bo sold to tho blddor offering the
highest prico therefor.
A t said public auction only tho bids o f such o f
thoso who havo deposited with the undorsignod’
M ayor a certified check payablo to his order for
an amount equal to tho par valuo o f tho bonds bid
for will bo considered. 4 he chocks o f all unsuc­
cessful biddors will bo roturnod forthwith, whereas
tho check o f tho successful hiddor, or bidders,
shall bo hold by tho town and forfeited to It should
tho purchaser fail to take up and pay for said
boncls whon presonted to him.
Said bonds aforesaid will be availablo for deliv­
ery at tho timo o f thoir salo, nam oiy, tho da y.
dato and hour aforesaid.
B y order o f tho Council o f tho Town o f Chinook,
o f Blaino C ounty, M ontana, mado this 30th d a y
o f August, A . D . 1915.
(Seal) B . F . O’N E A L , M ayor.
Attost:
C IIA S . F . E A S B E Y , Clerk.

MINING ENGINEERS
H. M . CHAN CE & CO.

C A P IT A L an d SURPLUS, $10,000,000

Mining Engineers and Geologists

E. B. Morris, President.

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
D rexel B ld g .

P H IL A D E L P H IA

.